Mayur Leather Products531680Auditor qualification or

Board approves shifting of registered office to Mansarovar, Jaipur from Nov 15, 2026; Q2 results approved

Board meeting on November 04, 2026 approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, and the shifting of the registered office to Mansarovar, Jaipur from November 15, 2026.

By ScoutQuest · Wed 4 Nov 2026, 11:07 PM IST · 4 min read

Auditor Limited Review Conclusion: adverse conclusion; statement not prepared in accordance with Indian Accounting Standards
Accumulated Losses (as at Sep 30, 2026): Rs. 629.44 lakhs
Revenue from Operations: no revenue from operations during the quarter and half year ended September 30, 2026 and previous financial year

What the board approved

The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
Shifting of the registered office from G-6 Ground Floor, S-25, Central Spine Balaji Majestic Heights, Jagatpura, Jaipur-302025 to Plot No. 199, 1st Floor, Giriraj Nagar, Iskcon Road, Mansarovar, Jaipur, Rajasthan, 302020, with effect from November 15, 2026.

The meeting commenced at 02:00 P.M. and concluded at 08:25 P.M.

Auditor's limited review

The results were reviewed by M/s YG & Associates, Chartered Accountants (FRN 025444C). The auditor states the accompanying statement has not been prepared in accordance with Indian Accounting Standards and other accounting principles generally accepted in India, because of the significance of the matters described in Annexure-A. The report on the standalone financial results for the quarter ended June 30, 2026 also contained an adverse conclusion. The comparative results for the quarter and half year ended September 30, 2025 were reviewed by the predecessor auditor, who had expressed an adverse conclusion, and the financial statements for the year ended March 31, 2026 carried an adverse opinion from the predecessor auditor.

Going concern observation

The company has not generated any revenue from operations during the quarter and half year ended September 30, 2026 as well as the previous financial year.
No manufacturing activities were carried out during the current quarter as well as the previous financial year.
Accumulated losses as at September 30, 2026 amount to Rs. 629.44 lakhs.

The auditor says these conditions indicate material uncertainties that may cast significant doubt about the company's ability to continue as a going concern. Management, based on future business projections and mitigating factors, is of the view that the going concern basis is appropriate; this depends on improvement in operations, settlement with vendors and additional fund infusion by the promoters. The auditor's conclusion is not modified on this matter.

Matters in the annexure to the review report

Bank statements and confirmation of current status were not provided for four accounts: PNB New Delhi Rs. 553, SBBJ ICD Jaipur Rs. 71,684, MLP Gratuity Fund Rs. 10,000, and the Unpaid Dividend account (various accounts) Rs. 4,26,622. The auditor is unable to verify existence, completeness and accuracy of these accounts.
Borrowings from Canara Bank were classified as Non-Performing Assets by the bank in February 2023. The bank auctioned the collateral securities and adjusted the sale proceeds against outstanding borrowings. The company has challenged the auction before the Debt Recovery Tribunal and continues to recognise the adjusted amount as a liability under Non-current Borrowings, and continues to recognise Land & Building (including right of use asset) of Rs. 154.08 lakhs with depreciation/amortisation charged on it.
During the financial year ended March 31, 2026, the company disposed of substantially all of its fixed assets for an aggregate sale consideration of Rs. 166.73 lakhs; the auditor could not comment on the validity and implications of the disposal.

Land transaction note

The holding company had transferred Rs. 213.60 lakhs to the subsidiary during the financial year ended March 31, 2026, towards provisional adjustment in respect of the sale of its land executed by Canara Bank following the holding company's default in repayment of loan obligations in 2022-23, and the consequential sale in August 2024 of land belonging to subsidiary Mayur Global Private Limited for Rs. 226 lakhs. The matter is pending before the Debt Recovery Tribunal; the final outcome and financial impact cannot presently be determined, and the final settlement between the company and its subsidiary remains pending.

Board change

Ms. Jyoti Soni (DIN: 10710046) resigned as Independent Director with effect from the closure of business hours on November 04, 2026. She also ceases to be Chairperson of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, and the board reconstituted these committees. The company has received her confirmation that there are no material reasons for the resignation other than those mentioned in her resignation letter dated November 04, 2026.

Other points

The trading window for designated persons and their immediate relatives opens from Friday, November 06, 2026.
An extract of the results will be published in newspapers along with a QR code and webpage link where the complete results can be accessed.

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