Procal Electronics Clarifies Audit Qualification Impact
Procal Electronics India Ltd has submitted a corrected Statement on Impact of Audit Qualifications. The company attributes the previous discrepancy to a clerical error where figures were based on quarterly results instead of audited yearly results for FY26. The statutory auditors have issued an unmodified opinion on the audited financial results for the year ended March 31, 2026. The filing details significant audit qualifications related to going concern, citing eroded net worth, continuous losses, lack of operations, and substantial current liabilities exceeding current assets. It also mentions the sale of assets and inventories by Canara Bank under SARFAESI Act proceedings, with incomplete supporting documents for verification.
Key Highlights
- Company corrects previous audit qualification statement due to clerical error.
- Auditors issued an unmodified opinion on FY26 audited financial results.
- Significant going concern risks identified due to eroded net worth and losses.
- Asset sale by Canara Bank lacks complete supporting documentation for verification.
Price Impact
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