Annual Report 2025
Awaiting price reaction for this filing.
Muzali Arts Limited has filed its Annual Report for FY2024-25 along with the Notice of AGM, scheduled for Tuesday, 30th September 2025 at 3 PM via video conferencing. The company's total revenue fell to Rs. 46.32 lakhs from Rs. 61.68 lakhs in FY24, while total expenses surged to Rs. 327.99 lakhs from Rs. 168.63 lakhs, widening the loss after tax sharply to Rs. (293.72) lakhs from Rs. (106.95) lakhs in the previous year. The Board has not recommended any dividend. The statutory auditor (M/s Bilimoria Mehta & Co) has issued a disclaimer of opinion on the FY25 standalone financials, citing lack of documentation around write-offs (debtors of Rs. 14.49 lakhs, other balances of Rs. 25.26 lakhs) and inability to verify loans and advances of Rs. 6.55 crore. The previous auditor Gupta Ravi & Associates had similarly issued a disclaimer for FY24 over unverifiable loans, missing GST records, and unrecorded expenses. Resolutions include re-appointment of Mr. Mansoorbhai Murtuza (Director & CFO, holding 91.94 lakh shares) via retirement by rotation, and appointment of M/s Nuren Lodaya & Associates as Secretarial Auditor for 5 years at a fee not exceeding Rs. 35,000 per annum.
Negative for shareholders — losses have nearly tripled, revenue continues to decline, and a qualified audit opinion with disclaimers raises serious concerns about the reliability of financial statements and internal controls. No dividend is being paid, and the going-concern picture looks weak given mounting losses against a small revenue base.