Appointment of Secretarial Auditor
Price
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Awaiting price reaction for this filing.
Royal Cushion Vinyl Products' board, at its June 4, 2025 meeting, approved the standalone audited financial results for Q4 and FY ended March 31, 2025. Revenue from operations rose to Rs. 6,390.56 lakhs (vs Rs. 5,470.69 lakhs in FY24), with total income at Rs. 7,433.63 lakhs. Profit after tax for FY25 was Rs. 229.34 lakhs, sharply lower than FY24's Rs. 29,420.86 lakhs, which was inflated by large one-time write-backs of old loans and customs duty provisions. The statutory auditor (Manek & Associates) issued an unmodified opinion but flagged a 'Material Uncertainty Related to Going Concern' because the company's net worth is negative at Rs. (2,866.92) lakhs. Separately, the board appointed M/s. Loya & Shariff as Secretarial Auditor for five years (FY26–FY30) and M/s. Shah and Kadam as Internal Auditor for FY26, both subject to shareholder approval.
The negative net worth and going-concern flag are serious red flags for shareholders, even though FY25 revenue grew and operational profit (excluding last year's exceptional items) is modest but positive. The stock remains a high-risk, small-cap name; investors should weigh the weak balance sheet against the order book and pending government incentive claims cited by management.