the Board of Directors (Board) of Mayur Leather Products Limited (Company) at its meeting held today i.e. Thursday, May 28, 2026, has, inter-alia, considered and approved the following:- 1. ....
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Mayur Leather Products Ltd reported an adverse opinion from its statutory auditor for FY 2025-26 ending March 31, 2026. The company posted a net profit of Rs. 127.37 lakhs (vs loss of Rs. 5.05 lakhs in FY 2024-25), but this profit came entirely from other income (Rs. 97.24 lakhs) with zero revenue from operations for the second consecutive year. No manufacturing activities were carried out during either year. The auditor flagged 10 major qualifications including: inability to verify bank accounts, continued recognition of auctioned land worth Rs. 155.16 lakhs (already sold by Canara Bank), non-compliance with Ind AS-19 (no actuarial valuation for employee benefits), unpaid dividends not transferred to IEPF, and unverified trade receivables, loans, and inventory. The company has accumulated losses of Rs. 616.41 lakhs and borrowings classified as NPA since FY 2022-23. The company has disposed of substantially all fixed assets and plans to diversify into new business opportunities.
This is a highly concerning filing. The adverse audit opinion, going concern doubts, zero operating revenue, and multiple material qualifications indicate severe financial distress. Shareholders should be aware that the reported profit is non-operational, the balance sheet may require significant adjustments pending DRT proceedings, and the company's ability to continue as a going concern depends entirely on promoter support and future business diversification plans.