Appointment of Internal Auditor for the F.Y 2026-27
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Bazel International Ltd, a registered NBFC, held its Board meeting on May 28, 2026, approving standalone and consolidated audited financial results for FY2025-26. Standalone revenue from operations grew 38% to Rs. 439.89 lakh from Rs. 319.68 lakh, though net profit declined 30% to Rs. 101.26 lakh from Rs. 144.55 lakh. Consolidated revenue stood at Rs. 441.39 lakh with net profit of Rs. 42.42 lakh (down from Rs. 57.91 lakh). The Board also appointed Mr. Narender Singh as Internal Auditor for FY 2026-27. Additionally, the company approved partial conversion of its inter-corporate loan to Sagar Portfolio Services Limited into equity shares, representing restructuring of existing financial exposure without fresh fund infusion. The auditors flagged non-receipt of interest income from one company to whom advances were made, with no sub-standard asset classification despite management representation that amounts shall be recovered in FY 2026-27.
Revenue growth is positive but declining profitability and the auditors' emphasis on matter regarding unreceived interest income from advances could raise concerns about asset quality. The appointment of an internal auditor indicates strengthening of internal controls. The loan-to-equity conversion partially reduces financial exposure to the borrower.