Appointment of Internal Auditor for the financial year 2025-2026
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Royal Cushion Vinyl Products Ltd announced the outcome of its board meeting held on June 4, 2025. The board approved the audited standalone financial results for Q4 and FY ended March 31, 2025, with revenue from operations rising to Rs. 6,390.56 lakhs (vs Rs. 5,470.69 lakhs last year). Profit after tax for FY25 stood at Rs. 229.34 lakhs, sharply lower than the prior year's Rs. 29,420.86 lakhs, which had been boosted by one-time write-backs of loans and customs duty provisions. The board also appointed M/s. Shah and Kadam as Internal Auditor for FY 2025-26 and M/s. Loya & Shariff as Secretarial Auditor for five years (FY 2025-26 to FY 2029-30), subject to shareholder approval. The statutory auditor issued an unmodified opinion but flagged a material uncertainty related to going concern, noting the company's negative net worth of Rs. 2,866.92 lakhs. The company also recognized Rs. 736.51 lakhs as government incentive income in Q4 FY25.
Despite revenue growth and a clean audit opinion, the negative net worth and auditor-flagged going concern uncertainty are red flags for shareholders. The sharp drop in FY25 profit reflects the absence of last year's exceptional write-backs, making year-on-year comparison less meaningful. Investors should note the ongoing merger scheme with Natroyal Industries and watch for resolution of the going concern issue.