Appointment of Internal Auditor of the Company
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The company reported audited financial results for FY ended March 2026 with a DISCLAIMER of opinion from statutory auditors M Sahu & Co. Revenue declined significantly to Rs. 27.23 Lakhs from Rs. 44.47 Lakhs in the previous year, a drop of about 39%. The company posted a net loss of Rs. 1.62 Lakhs, though this was an improvement from the Rs. 3.82 Lakhs loss in FY 2025. Auditors raised serious concerns including: non-moving inventories worth Rs. 1641.62 Lakhs (92.74% of total assets) creating material uncertainty about the company's ability to continue as a going concern; missing documentation for investments of Rs. 113.67 Lakhs; and an outstanding income tax demand of Rs. 357.63 Lakhs for AY 2017-18. Additionally, inventory was valued using an outdated 2023 report. The company appointed M/s. Lookman Mansuri & Associates as internal auditor for FY 2026-27.
The disclaimer of opinion, going concern warnings, and revenue decline are significant red flags for investors. The company faces existential risks due to non-moving inventories and undisclosed tax liabilities, making the stock high-risk.