Intimation in relation to appointment of Internal Auditor and Secretarial Auditor
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Awaiting price reaction for this filing.
AMS Polymers (formerly Sai Moh Auto Links) announced audited FY25 results with total income of Rs 10,096.36 lakh (up from Rs 8,371.46 lakh in FY24) and net profit of Rs 101.59 lakh (vs Rs 82.18 lakh). The board appointed A Saini & Associates as Internal Auditor for FY 2025-26 and Kundan Agarwal & Associates as Secretarial Auditor for five years (FY 2025-26 to FY 2029-30). Significantly, statutory auditor KVA & Company issued an ADVERSE OPINION on the financial statements, citing non-maintenance of fixed asset register, no inventory verification, missing ageing schedules for receivables/payables, no provision for doubtful debts or gratuity (Ind AS 19), and non-compliance with Sections 177, 188, 189 of the Companies Act regarding related party transactions. Short-term borrowings more than doubled to Rs 5,178.59 lakh, and trade receivables ballooned to Rs 5,579.14 lakh.
This is a serious red flag for shareholders. The adverse audit opinion—issued for material and pervasive issues including related party transaction violations and weak internal controls—raises significant governance and financial reporting concerns. Combined with surging debt and receivables, the stock is likely to face negative sentiment and possible regulatory scrutiny, despite higher reported profits.