reference to the query raised vide e-mail dated 10th June 2025 with respect to filing Limited Review Report instead of filing Auditor's Report on the Audited Financial Statements for Year ....
Awaiting price reaction for this filing.
Mackinnon Mackenzie & Company submitted a corrected Auditor's Report to BSE after the exchange flagged that the original filing mistakenly read 'review report' instead of 'audit report' due to a typographical error. The company clarified that all documents were filed within the prescribed timeline under SEBI LODR Regulations 30 and 33. The attached audited report, however, reveals serious financial distress: accumulated losses of Rs 87,137.02 lakhs and a negative net worth. A lending company (which took over the company's bank debts) is owed Rs 86,109.08 lakhs, and the Bombay High Court has passed a decree allowing it to sell the company's properties to recover dues. The auditor issued a qualified opinion and flagged material uncertainty about the company's ability to continue as a going concern, though a support letter from the lending company provides some reassurance.
This is primarily a procedural correction and unlikely to move the stock. However, the underlying audit disclosures paint a very weak picture — the company is loss-making with deeply negative net worth, faces potential asset seizure by creditors, and depends entirely on its creditor's continued financial support to stay afloat, making this a high-risk micro-cap.