We hereby submit that the revised limited review report for the consolidated financials results has been reuploaded incorporating point no. 4 in accordance with the prescribed format as ....
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mayur Leather Products has re-uploaded its consolidated limited review report for the quarter ended December 2025, after the BSE pointed out a format issue (missing Point No. 4). No financial numbers have changed from the original February 14 filing. The auditor, Jain Paras Bilala & Co, has issued an adverse remark, stating the financials are not prepared in line with Ind AS due to the significance of issues listed in Annexure-A. Revenue from operations for the quarter and nine months is zero — the company has had no manufacturing or operational activity. The auditor has flagged serious material concerns: no bank statements available, unpaid dividends not transferred to IEPF since FY 2014, unfiled income tax returns for FY 2022-23 and 2023-24, missing impairment assessment of PPE (Rs. 115.96 lakhs), non-compliance with Ind AS 19 (employee benefits), and no Expected Credit Loss policy. Most importantly, the auditor explicitly states there is 'material uncertainty on going concern' — the company has been incurring operating losses, its land was auctioned by Canara Bank over a Rs. 320 lakh loan default, and all plant and machinery has been disposed of.
This is an extremely negative filing for shareholders. The auditor has flagged an explicit going concern risk — meaning there is real doubt about whether the company can continue operating. With zero revenue from operations, mounting losses, loss of core assets through bank auction, and pending DRT litigation, the stock is highly risky. Investors should treat this as a strong warning sign; the positive quarterly PAT (Rs. 27.69 lakhs standalone) is entirely driven by an exceptional gain on sale of fixed assets, not from any real business activity.