Please find enclosed file.
Awaiting price reaction for this filing.
Muzali Arts Ltd has submitted its audited financial results and board resolution for FY24 to BSE. The auditor (Gupta Ravi & Associates) issued a 'Disclaimer of Opinion' due to missing documentation, unauthorized write-offs, and unrecorded expenses including electricity, rent and PF. The auditor flagged a severe going concern doubt, noting the company has had no employees since October 2023, liquidated its entire inventory at a loss, and has not taken steps to lift the BSE trading suspension. Cash losses stood at Rs. 118.53 lakh in FY24 and Rs. 328.09 lakh in FY23. Internal financial controls were also disclaimed as inadequate, and the company has no compliance officer for two years.
Highly negative for shareholders. The disclaimer of opinion and going concern warning indicate serious doubts about the company's survival, with the auditor unable to verify the fairness of the financial statements. Combined with the existing BSE trading suspension, this signals a near-shell entity with severe operational and governance issues, posing high risk to any remaining investor value.