Appointment of Internal Auditor
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mrugesh Trading Ltd's Board meeting on 29 May 2026 approved appointment of M/s. Sarang Shivajirao Chavan & Associates as Internal Auditor for FY 2026-27. The company reported audited standalone results with a qualified opinion from statutory auditors DDS & Associates. For FY 2026, total income was Rs 1241.40 lakhs (down from Rs 2024.29 lakhs), with a net loss of Rs 23.51 lakhs versus profit of Rs 40.61 lakhs in prior year. The auditors raised 5 qualifications covering unpaid TDS, inadequate inventory controls at third-party locations, missing documentation for bill-to-ship-to transactions, and Rs 1215 lakhs in trade advances plus Rs 238.96 lakhs in loans without proper agreements. The company raised Rs 72 crore via preferential warrants in May 2024 and reported deploying Rs 3700 lakhs for business purposes, with Rs 3500 lakhs temporarily parked in fixed deposits. Total assets grew significantly to Rs 7477.93 lakhs, driven by equity infusion that increased share capital from Rs 24.50 lakhs to Rs 7224.50 lakhs.
The qualified audit opinion with multiple material concerns about inventory controls, undocumented transactions, and doubtful advances signals elevated governance risk. The sharp revenue decline and operating loss, combined with weak internal controls, may concern investors despite the capital raise strengthening the balance sheet.