Please find the enclosed file.
Awaiting price reaction for this filing.
Muzali Arts Ltd announced audited standalone and consolidated financial results for FY24 (ended March 31, 2024) at a board meeting on December 7, 2024. The company reported total revenue of Rs. 61.68 lakhs, sharply down from Rs. 143.96 lakhs in FY23, and a net loss of Rs. (106.94) lakhs versus Rs. (319.11) lakhs in the previous year. Net worth stands at Rs. 1,199.69 lakhs against total assets of Rs. 1,223.28 lakhs, with EPS at Rs. (0.18). The statutory auditor (Gupta Ravi & Associates) issued a Disclaimer of Opinion, citing 12 separate qualifications including undocumented write-offs of creditors/advances, unrecognized interest income of ~Rs. 34 lakhs, missing Q4 sales documentation, no GST reconciliations, unrecorded expenses, lack of trade receivable/payable confirmations, loans given of Rs. 5.08 crore without confirmations, incomplete MSME disclosures, undocumented cash balances, non-compliance with secretarial requirements for two years (no compliance officer), and inability to obtain subsidiary (Jalan & Jalan Collection Inc) financials — leading consolidated results to be prepared using old data from FY22.
This is a deeply negative filing for shareholders: the auditor could not verify large portions of the financials, the company has had no active operations since October 2022, revenue collapsed by over 50%, and the loss-making streak continues with negative operating cash flow. Investors should expect heightened governance, compliance, and going-concern concerns, which could weigh significantly on the stock.