Muzali Arts Ltd

Meeting Details

• Board meeting on 14 August 2026 at the Registered Office of Muzali Arts, Nagpur.

Key Agenda Items

• Consider and approve unaudited standalone financial results for quarter ended 30th June 2026, with Limited Review Report.
• Any other business with the permission of the Chair.

Other Notes

• Trading window closed from 01 July 2026 until 48 hours after results declaration, both days inclusive.

Dematerialisation status

• The securities in the certificate have been listed on stock exchanges.
• Physical certificates, after verification, were mutilated and cancelled; depository name substituted as registered owner.
• No physical certificates were received for demat during the quarter ended 30 June 2026.

Financial Performance 📊

• Total income was Rs 9.43 lakh in Q3 Dec 2025, down from Rs 10.69 lakh YoY.
• Profit before tax was Rs 5.72 lakh in Q3 Dec 2025 versus Rs 9.10 lakh in Q3 Dec 2024.
• Profit after tax was Rs 16.41 lakh in Q3 Dec 2025 compared to Rs 6.43 lakh in Q3 Dec 2024.
• Nine months ended Dec 2025 showed total income of Rs 30.48 lakh and profit after tax of Rs 24.45 lakh.
• Nine months ended Dec 2024 had total income of Rs 36.47 lakh and loss after tax of Rs 278.37 lakh.
• Employee expenses were Rs 0.60 lakh and other expenses Rs 3.11 lakh in Q3 Dec 2025, both lower than Q2 Sep 2025.

Corporate & Regulatory 🗒️⚠️

• Jalan & Jalan Collection Inc. (80% owned) reclassified from subsidiary to investment; recorded at zero value.
• Consolidated financials not prepared due to loss of control over Jalan & Jalan and lack of subsidiary data.
• Company meets RBI NBFC criteria but is not registered; prudential NBFC norms not fully followed.
• Auditor’s review report is qualified due to NBFC registration and inability to verify Rs 6.62 crore loans.
• Investment in Jalan & Jalan derecognized per Ind AS 109; fair value negative Rs 76,736.87 recorded as zero.

Other Information 🗓️

• Board approved results on February 9, 2026.
• Financial results prepared under Ind AS; single business segment reported.
• Company has no active operations since October 2022.

Financial Performance

• Approved unaudited standalone financial results for quarter and nine months ended December 31, 2025.
• Total income for nine months ended December 31, 2025 was Rs. 30.48 lakhs; profit before tax Rs. 16.59 lakhs.
• Profit for nine months ended December 31, 2025 was Rs. 24.45 lakhs; basic EPS Rs. 0.04.
• Audited loss for year ended March 31, 2025 was Rs. 293.72 lakhs; basic EPS negative Rs. 0.50.

Corporate Structure and Investments

• Company has no active operations since October 2022.
• Jalan & Jalan Collection Inc. is not a subsidiary; investment classified as financial instrument at fair value through P&L.
• Investment in Jalan & Jalan Collection Inc. recorded at zero value based on fair valuation.
• No consolidated financial statements prepared due to lack of control and unavailability of subsidiary data.

Auditor Remarks and Compliance ️

• Company meets RBI criteria as NBFC but is not registered as NBFC.
• Prudential norms for NBFCs, including income recognition and NPA provisioning, not adequately followed.
• Auditor unable to verify carrying value of loans and advances totaling Rs. 6.62 crores due to lack of independent confirmations.
• Auditor’s review opinion modified but no material misstatement found in financial results disclosure.

Governance and Other Information ️

• Company operates in a single business segment; no segment reporting provided.
• Board approved results on February 9, 2026.