Pearl Green Clubs and Resorts’ record is thin on disclosure and heavy on turnover: five audit firms in five years, a blank CARO annexure, and a halving of revenue and a halving of promoter holding sit beside trade payables aged beyond three years. The statutory opinions are unqualified, but the secretarial audit is qualified on scope limitation and the audit trail has not operated for two consecutive years.
Key findings
- Revenue halved while receivables stretched to 191 days and trade payables aged beyond three years
Major- Revenue from operations dropped from ₹9.57 crore in FY23 to ₹5.91 crore in FY26, a 38% decline, while receivable days rose from 118 to 191 over the same period. Trade receivables stood at ₹3.09 crore against revenue of ₹5.91 crore, meaning over half the year’s revenue remained uncollected at year-end. Trade payables ageing as at 31 March 2025 shows ₹35.81 lacs outstanding for more than three years from the due date. - Five statutory auditors in five years, with three mid-term resignations
Major- The company has had five different statutory audit firms across five consecutive financial years: M/s Kishan Joshi & Associates (resigned), M/s Kapish Jain & Associates (resigned 1 July 2024), M/s KPSJ & Associates LLP (resigned 28 July 2025), M/s Rawka & Associates (resigned 4 June 2026, before signing the FY26 annual report), and M/s Hiral Prajapati & Co LLP (appointed 5 June 2026). The internal auditor, M/s K B Pandya & Associates, resigned effective 10 December 2024 and did not carry out the internal audit for FY2024-25. - Operating cash flows are deeply negative cumulatively while ₹10.65cr sits in ageing CWIP with no completion visibility
Major- Cumulative CFO over the six years FY21-FY26 was negative ₹13 crore against cumulative operating profit of ₹0 crore. Capital work-in-progress stood at ₹10.65 crore as at FY26, representing 106,500% of net PP&E of ₹0.01 crore. CWIP ageing as at 31 March 2024 was ₹5.74 crore, all in the “1-2 years” bucket with a completion schedule of “2-3 years”; no dividend was recommended for FY26 and FY25. - BSE fined the company ₹1.06 lakh for failing to appoint a qualified company secretary as compliance officer
Minor- BSE Limited imposed a fine of ₹1,06,200 on 20 May 2026 for non-compliance with Regulation 6(1) of SEBI (LODR) Regulations, 2015, relating to non-appointment of a qualified company secretary as compliance officer for the quarter ended March 2025. The FY2025-26 annual report states no significant or material orders were passed by regulators or courts impacting the going concern status and Company’s operations in future.
What to watch
- Trade receivables and aged payables. Collection of ₹3.09 crore in trade receivables as of FY26 and resolution of ₹35.81 lacs in trade payables outstanding for more than three years, monitor in the FY27 annual report.
- FY27 CARO annexure. Whether the FY27 annual report includes a completed CARO annexure with clause responses, given the FY26 CARO annexure was entirely blank.
- Audit trail operation. Whether the audit trail operates throughout FY27 for all relevant transactions, given the same exception appeared in both FY26 and FY25.
Bottom line: This is a record where the statutory opinions are clean but the governance infrastructure around them, the CARO report, the secretarial audit, the audit trail, and the auditor relationship itself, has been hollowed out. Five statutory auditors in five years, with three mid-term resignations, sit at the centre of that tension. Watch whether the FY27 annual report restores the missing disclosures and whether the advance and receivables are resolved.