Auditor's Opinion

S K Bhavsar & Co., Chartered Accountants (FRN: 145880W) issued an unmodified opinion stating the financial results:

  • Are presented in accordance with Regulation 33 of LODR Regulations
  • Give a true and fair view in conformity with Ind AS recognition and measurement principles

Emphasis of Matter

The auditor highlighted four key matters:

1. NCLT Relief Order & Extinguishment of Liabilities

The Hon'ble NCLT, Mumbai Bench (Court-IV) pronounced its Relief Order on February 26, 2026 (in I.A. No. 840 of 2025) during the quarter under audit. The order granted:

  • Permanent extinguishment of all pre-transfer dues and liabilities (Financial Creditors, Operational Creditors, and Statutory Authorities)
  • Cancellation of existing equity share capital without payout
  • Absolute immunity under Section 32A of IBC, 2016 for pre-transfer non-compliances
  • Board reconstitution from Sale Certificate date (January 23, 2025)
  • Regularization of all non-compliances under Companies Act and Stock Exchange regulations

2. Execution of Fresh Start Accounting

The Company executed Fresh Start Accounting during the year:

  • Extinguished pre-transfer liabilities formally written back and transferred to Capital Reserve
  • Transferred assets recorded at management-determined values
  • No current or deferred tax provisions recognized regarding these write-backs

3. Impairment of Fixed Assets & Balances

Management has not yet fully assessed:

  • Physical condition and operational viability of transferred plant and machineries
  • Residual historical balances remain subject to confirmation
  • Impairment loss under Ind AS 36 and exact realizability of balances not ascertained

4. Material Uncertainty Related to Going Concern

Financial results prepared on going concern basis despite material uncertainty regarding:

  • Successful completion of pending SEBI approvals
  • Lifting of BSE/NSE trading suspension necessary for resumption of normal corporate operations

Financial Results Summary (₹ in Lakhs)

Quarter Ended March 31, 2026

  • Total Revenue: 14.29 (Other Income only)
  • Total Expenses: 390.04
  • Changes in inventories: 27.90
  • Depreciation: 269.85
  • Liquidation Expenses: 92.29
  • Loss before exceptional items: (375.74)
  • Exceptional Items: (7,553.00)
  • Net Loss: (7,928.74)
  • Basic EPS: (₹2.56)

Year Ended March 31, 2026

  • Total Revenue: 14.29 (Other Income only)
  • Total Expenses: 1,199.59
  • Changes in inventories: 27.90
  • Depreciation: 1,079.40
  • Liquidation Expenses: 92.29
  • Loss before exceptional items: (1,185.29)
  • Exceptional Items: (7,553.00)
  • Net Loss: (8,738.29)
  • Basic EPS: (₹2.82)

Balance Sheet Position as at March 31, 2026 (₹ in Lakhs)

Assets

  • Total Assets: 15,384.13
  • Non-Current Assets: 14,713.75
  • Property, Plant and Equipment: 4,355.91
  • Capital work-in-progress: 2,268.10
  • Loans: 7,286.44
  • Other non-current assets: 803.30
  • Current Assets: 670.38
  • Trade receivables: 556.00
  • Cash and cash equivalents: 0.25
  • Other current assets: 114.13

Equity and Liabilities

  • Total Equity: 14,384.13
  • Equity Share Capital: 3,100.49 (Face value ₹10.00)
  • Other Equity: 11,283.64
  • Current Liabilities: 1,000.00
  • Borrowings: 1,000.00
  • Non-Current Liabilities: 0.00

Cash Flow Statement for Year Ended March 31, 2026 (₹ in Lakhs)

  • Net Cash from Operating Activities: 7,103.69
  • Net Cash used in Investing Activities: 7,667.19
  • Net Cash from Financing Activities: (17,827.06)
  • Net decrease in Cash: (3,056.17)
  • Cash opening balance: 3,056.42
  • Cash closing balance: 0.25

Additional Notes

Corporate History

The Corporate Insolvency Resolution Process (CIRP) was initiated on January 11, 2021, and the Company was ordered into liquidation on April 28, 2022. The Company was sold as a "going concern" during liquidation and currently operates under newly reconstituted Board of Directors.

Capital Structure and Listing Status

Pursuant to NCLT Relief Order, existing equity share capital will be cancelled. Company is seeking approvals to allot 1,00,00,000 new equity shares (95% to New Promoters/Acquirer & Nominees, 5% to public/strategic investors). Trading remains suspended on BSE and NSE as of March 31, 2026.

Comparative Figures

Comparative figures for previous periods were reconstructed from fragmented records during liquidation period. The auditor had expressed a Disclaimer of Opinion on these comparative statements due to pervasive scope limitations.