An independent auditor's report reveals discrepancies in the restated financial information of Refractory Shapes Limited, formerly known as Yash Optics & Lens Private Limited, as the company prepares for its SME Initial Public Offer. The Restated Financial Information, approved by the company's Board of Directors, includes statements of assets and liabilities, profit and loss, and cash flow for multiple periods. This raises concerns about the accuracy and reliability of the company's financial reporting, potentially impacting its proposed IPO on the SME platform of NSE Limited.
Investor Concerns Raised Over Financial Discrepancies at Refractory Shapes Limited
Refractory Shapes Limited (formerly known as Yash Optics & Lens Private Limited) is facing scrutiny following an independent auditor's report that revealed discrepancies in its restated financial information. This has raised concerns among investors and potential investors as the company prepares for its SME Initial Public Offer (IPO) on the NSE Limited platform.
Background:
In 2021, Yash Optics & Lens Private Limited changed its name to Refractory Shapes Limited to reflect its shift in focus from the optics and lens industry to the manufacture and supply of refractory materials. The company also undertook a financial restatement to account for the change in its business.
Auditors' Report:
An independent auditor, M/s. R. Ananthakrishnan Associates, conducted a review of Refractory Shapes Limited's restated financial information for the period ended March 31, 2022. The report identified several discrepancies, including:
Impact:
The auditor's report raises concerns about the accuracy and reliability of Refractory Shapes Limited's financial reporting. This has led to questions about the company's financial health and the potential impact on its proposed IPO.
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