The Board at its meeting held today. 1 Approved the Financial Results for the quarter ended March 31 2026. 2. Approve the appointment of Cost Auditor
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The Board of Mohite Industries Ltd approved the audited standalone and consolidated financial results for Q4 and year ended March 31, 2026. The auditors issued an Unmodified Opinion (clean audit). Key findings from the audit report reveal: (1) The company has not met its financial obligations due to recession in the textile industry, raising going concern issues; (2) The company has defaulted on bank loans including Cash Credit (Rs 3.24 crore) and Term Loans (Rs 6.94 crore) with Bank of Baroda, and a Loan against Property (Rs 3.94 crore) with LIC Housing Finance; (3) TDS/TCS dues of Rs 7.95 lakh are outstanding for more than 6 months; (4) The company has advanced Rs 8.79 crore (53.18% of total loans) to its subsidiary Solitaire Constructions Pvt. Ltd. as a related party transaction. The Board also appointed M/s S.V. Vhatte & Associates as Cost Auditor for FY2026-27.
The company faces financial stress from textile industry recession with loan defaults exceeding Rs 14 crore. While auditors gave a clean opinion, the going concern flag and related party loan exposures are risk factors for shareholders.