Board Meeting Details
The Board of Directors meeting was held on May 25, 2026, at the Registered Office of the Company in Vadodara. The meeting commenced at 04:00 PM and concluded at 04:50 PM.
Key Decisions
The Board considered, approved, and took on record the Audited Standalone Financial Results for the quarter and year ended March 31, 2026, along with Auditor's Reports (Qualified Opinion) and Statement on Impact of Audit Qualifications.
Financial Results Overview (₹ in lakhs, except per share data)
Quarter Ended March 31, 2026 (Audited):
- Total Income: Not separately quantified (Revenue from operations: ₹0; Other Income: ₹0)
- Total Expenses: ₹1.87
- Profit before tax: (₹1.87)
- Tax Expense: (₹23.02) [primarily reversal of excess tax provision of earlier years]
- Profit after tax: ₹21.15
- Basic and Diluted EPS: ₹0.49
Financial Year Ended March 31, 2026 (Audited):
- Revenue from operations: ₹326.06
- Other Income: ₹1,032.76
- Total Income: ₹1,358.82
- Total Expenses: ₹586.36
- Profit before tax: ₹772.46
- Tax Expense: ₹73.12
- Profit after tax: ₹699.34
- Basic and Diluted EPS: ₹16.23
Comparative Period Data:
- Quarter Ended December 31, 2025 (Unaudited): Profit after tax (₹1.83), EPS (₹0.04)
- Quarter Ended March 31, 2025 (Audited): Profit after tax (₹106.59), EPS (₹2.47)
- Financial Year Ended March 31, 2025 (Audited): Profit after tax ₹699.34, EPS ₹16.23
Balance Sheet Position as at March 31, 2026 (Standalone)
- Paid-up equity share capital (Face value ₹10 each): ₹430.86 lakhs
- Reserves/Other Equity: (₹772.25) lakhs
- Total Assets: ₹138.62 lakhs
- Total Liabilities: ₹480.01 lakhs
- Net Worth: (₹341.39) lakhs
Cash Flow Statement for Year Ended March 31, 2026
- Net cash outflow from operating activities: (₹35.91) lakhs
- Net cash inflow from investing activities: ₹0
- Net cash outflow from financing activities: (₹0.48) lakhs
- Net change in cash and cash equivalents: (₹36.39) lakhs
- Closing cash and cash equivalents: ₹0.53 lakhs
Audit Qualification Details
The Statutory Auditors, M A A K & Associates (FRN: 135024W), issued a qualified opinion on the financial results. The qualification arises because:
- The auditors were not provided with balance confirmations or other details for trade payables, loans, and advances receivable/payable shown in the books of accounts.
- In the absence of these confirmations, auditors are unable to confirm the balance and nature of these transactions.
- This is a repetitive qualification from previous years.
Management's View on Audit Qualification
Management states that the company is in the process of getting balance confirmations from trade parties but believes this will not affect the financials of the company.
Auditors' Response to Management's View
Auditors disagree with management's assertion and state:
- This is a repetitive qualification with no concrete resolution demonstrated.
- Without independent third-party confirmations, they cannot satisfy themselves about the existence, completeness, and accuracy of reported balances.
- Any misstatement in these balances could have a direct and potentially material impact on the financial position.
- They recommend implementing a formal process for periodic balance confirmation from all parties.
Statement on Impact of Audit Qualifications
The company provided a statement showing that all financial figures (turnover, total expenditure, net profit, EPS, total assets, total liabilities, net worth) remain unchanged after adjusting for qualifications, as the impact could not be quantified.
Additional Notes
- Current tax expense includes reversal of excess tax provision of earlier years amounting to ₹23.02 lakhs consequent to finalization of income tax computation.
- The company has only one reportable segment as per Ind-AS 108.
- Figures for corresponding previous periods have been restated/regrouped wherever necessary for comparability.