Appointment of Internal Auditors
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
E-Land Apparel Ltd reported a net loss of Rs. 4,730.98 lakhs for FY26 compared to a profit of Rs. 1,366.39 lakhs in FY25, a dramatic reversal. Revenue declined 13.1% to Rs. 26,099.70 lakhs from Rs. 30,039.21 lakhs. The company appointed M/s. MK Bagrecha & Associates as internal auditor for FY26-27. The auditor gave an unmodified (clean) opinion, but flagged that accumulated losses exceed paid-up capital and other equity (total equity is negative at Rs. 53,228.97 lakhs). A related party transaction with holding company E-Land Asia Holdings Pte. Ltd. (Singapore) shows the company failed to supply goods worth USD 2.39 million against a USD 45 million advance received, with the agreement under revision. Holding company confirmed financial support for going concern status.
The company swung from profit to heavy losses with negative equity and failed related party obligations. While auditors gave clean opinion and holding company support is stated, the significant turnaround from profit to loss and negative equity position are concerning for shareholders. The internal auditor change adds to governance concerns.