MRUGESH TRADING LTD.

Engages in agricultural commodity trading, executing bill-to-ship-to sales and holding inventory at third-party locations rather than owned warehouses. Revenue from operations was Rs 1,133.37 lakhs in FY26, down from Rs 2,024.29 lakhs in FY25, with total income of Rs 1,241.40 lakhs for the year. The company posted a net loss of Rs 23.51 lakhs in FY26 against a profit of Rs 34.60 lakhs in FY25, and operating cash flow was deeply negative at Rs -5,638.24 lakhs. Beyond trading, the balance sheet carries Rs 1,215 lakhs of trade advances where no goods were received and Rs 238.96 lakhs of unsecured loans without formal agreements, alongside Rs 35 crore parked in fixed deposits. In May 2024 it raised Rs 72 crore through a preferential issue of convertible warrants, and equity share capital subsequently jumped from Rs 24.50 lakhs to Rs 7,224.50 lakhs on warrant conversions. The statutory auditor issued a qualified opinion flagging unpaid TDS, weak custody controls over third-party agricultural inventory, and missing documentation across bill-to-ship-to transactions, loans and trade advances.