Appointment of Secretarial Auditor & Internal Auditor of the Company
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The board approved the audited financial results for FY24-25. Total revenue rose to ₹44.47 lakhs from ₹36.25 lakhs last year, while the net loss narrowed to ₹3.82 lakhs from ₹9.85 lakhs. Total expenses stood at ₹48.30 lakhs against ₹46.10 lakhs previously. Total assets are ₹1,770.94 lakhs, of which ₹1,643.24 lakhs is inventory (about 93% of assets). The statutory auditor M Sahu & Co. issued a Disclaimer of Opinion, flagging missing documents for ₹113.67 lakhs of investments, an unprovided income-tax demand of ₹357.63 lakhs for AY 2017-18, and reliance on a May 2023 inventory valuation report. The auditor also highlighted material uncertainty on the company's ability to continue as a going concern due to 92% of inventory being non-moving. The board also regularized three additional directors (Nikhil Kapoor, Divya Batra, Tanmaya Arora) and appointed Mr. Kuldip Thakkar as Secretarial Auditor for 5 years and Lookman Mansuri & Associates as Internal Auditor for FY25-26.
For shareholders: the loss narrowed, but the auditor's Disclaimer of Opinion and going-concern warning are significant red flags. With most of the company's assets tied up in slow-moving inventory and no provision made for a large tax demand, the stock carries meaningful risk despite the modest top-line improvement.