THE OUTCOME OF THE BOARD MEETING IS TO CONSIDER AND APPROVE THE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND FINANCIAL YEAR ENDED ON MARCH 31, 2025, AND TAKE NOTE OF THE AUDITOR''S REPORT THEREON.
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Awaiting price reaction for this filing.
Mayur Leather Products Ltd's board approved its audited standalone and consolidated financial results for FY25 on May 30, 2025. Revenue from operations stood at zero for the full year (vs Rs 24.22 lakhs in FY24), with the only income being Rs 154.23 lakhs from other sources, mainly sale of old fixed assets. The company reported a net profit of Rs 9.05 lakhs for FY25 (vs a loss of Rs 59.13 lakhs in FY24), driven largely by an exceptional item of Rs 8.66 lakhs, while continuing to post negative operating cash flow of Rs (75.02) lakhs. The statutory auditor issued an Adverse Opinion, flagging 12 separate qualifications including going concern uncertainty, missing bank statements, non-transfer of unpaid dividends to IEPF, non-filing of income tax returns since FY23, and the fact that Canara Bank declared the company an NPA in Feb 2023 and auctioned its land. Net worth has shrunk to Rs 84.33 lakhs with negative other equity of Rs (413.27) lakhs, and the company has unpaid statutory dues (PF, TDS, ESI).
This is a deeply distressed filing. The auditor's adverse opinion, going concern doubt, zero operating revenue, NPA status, and tax non-compliance signal serious financial and operational trouble for shareholders. The stock is extremely risky and investors should expect heightened scrutiny, possible regulatory action, and significant value erosion risk.