Submission of Reg 30 for Appointment and Resignation of Secretarial Auditor.
Awaiting price reaction for this filing.
Ramasigns Industries announced the outcome of its May 27, 2025 board meeting. The board approved audited standalone financial results for Q4 and FY ended March 31, 2025, along with a change in secretarial auditor: M/s Pooja Gandhi & Co was appointed as the new secretarial auditor, replacing M/s SG & Associates who resigned. FY25 total income crashed to Rs 1,048.64 lakhs from Rs 2,508.01 lakhs in FY24, a roughly 58% year-on-year decline. The net loss narrowed to Rs 375.84 lakhs from Rs 516.11 lakhs in FY24, with EPS at negative Rs 1.32. The statutory auditor (R Mehta & Associates) issued a qualified opinion, flagging inability to independently confirm debtors/creditors balances, a Bhiwandi godown sealed by a government department (preventing physical inventory verification), and absence of a proper fixed asset register. The auditor also gave a modified qualified opinion on internal financial controls, citing weak inventory management and statutory dues monitoring.
Negative for shareholders: the steep revenue decline, continuing losses, qualified audit opinion, and weak internal controls raise serious concerns. Investors should also note the auditor flagged outstanding statutory dues (income tax, GST, PF, ESIC) and non-compliance with deposit regulations, signaling broader governance and compliance risks.