The Board made the following decisions and approvals:

  • Scheduled the 37th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 2:00 PM IST to be held through Video Conferencing or Other Audio Visual Means (VC/OAVM).
  • Fixed the closure period for the Register of Members and Share Transfer Books from Wednesday, September 23, 2026, to Wednesday, September 30, 2026 (both days inclusive) for the purpose of the AGM.
  • Considered and approved the Standalone Unaudited Financial Results for the quarter ended June 30, 2026.
  • Noted the Limited Review Report on the Standalone Un-audited Financial Results for the quarter ended June 30, 2026.
  • Approved the Board's Report of the Company.
  • Appointed Mr. Devesh R. Desai as the Scrutinizer for the E-voting facility for the ensuing 37th AGM.

Financial Results for the Quarter Ended June 30, 2026 (Amt. in ₹ lakhs)

The company reported zero operational activity and minimal expenses.

Income:

  • Revenue from operations: ₹0.00
  • Other Income: ₹0.00
  • Total Income: ₹0.00

Expenses:

  • Employee benefit expenses: ₹0.00
  • Finance Costs: ₹0.00
  • Depreciation and amortisation expense: ₹0.00
  • Other expenses: ₹1.00
  • Total Expenses: ₹1.00

Profit/(Loss):

  • Loss from operations before tax: (₹1.00)
  • Tax expense: ₹0.00
  • Profit/(loss) for the period: (₹1.00)
  • Total Comprehensive Income for the period: (₹1.00)

Capital and Per Share Data:

  • Paid-up Equity Share Capital (Face Value of ₹10 Each): ₹1,109.71 lakhs
  • Basic Earnings Per Share (Non-Annualised): (₹0.01)
  • Diluted Earnings Per Share (Non-Annualised): (₹0.01)

Notes to the Financial Results

1. The financial results were reviewed by the Audit Committee and approved by the Board on August 14, 2026.

2. The company notes that its business activity is closed and, as such, it has not followed Indian Accounting Standards (Ind AS).

3. The company has been categorized as a Non-Performing Asset (NPA) by its lender banks and financial institutions. They have stopped charging interest on outstanding debts per RBI prudential norms. The company has not recognized interest expense on these borrowings, and the balances are subject to reconciliation.

4. As per details from Axis Bank, the bank has sold all the company's Fixed Assets and Stock attached under the SARFAESI Act, 2002. The assets were sold as follows:

  • Land & Buildings: Book Value ₹123.00 lakhs; Received ₹454.00 lakhs.
  • Plant, Equipment, F&F & Inventory: Book Value ₹2,181.50 lakhs; Received ₹66.00 lakhs.

Accordingly, the Fixed Assets block is now zero.

5. Management is required to make a 100% provision for non-recoverable trade receivables as per Ind AS 109 but has provided only partly.

6. Cash and Cash Equivalents include ₹7.39 lakhs, subject to bank confirmation.

7. As there are no employees, management has written back Gratuity Provision and written off various employee advances.

8. Balances of Trade receivables, Trade payables, and lenders are subject to reconciliation/confirmation.

9. Unpaid dividend of ₹20,265/- was required to be transferred to the Investor Education and Protection Fund (IEPF) on August 3, 2025. An email was sent to the bank on September 2, 2025, but other formalities are yet to be completed.

Limited Review Report by Auditors (VRAJM & Associates)

The auditors, VRAJM & Associates (Firm Reg. No. 121458W), issued a report with an adverse opinion dated August 14, 2026.

Basis for Adverse Conclusion:

  • The company does not follow Ind AS as business activities are closed and the 'Going Concern' assumption is not sustainable.
  • The company has defaulted on loan repayments, is classified as an NPA, and has not recognized interest expense on borrowings.
  • The sale of fixed assets by the lender bank (Axis Bank) resulted in entries being made in the books, but complete information was not provided, meaning the books do not give a true and fair view.
  • Management has not made a 100% provision for non-recoverable trade receivables as required by Ind AS 109, understating the loss.
  • The unpaid dividend of ₹20,265/- has not been transferred to the IEPF.
  • Accounts of trade receivables, payables, and advances are subject to reconciliation and confirmation. Management has not initiated legal action for old receivables or provided for them, so the auditors cannot quantify the required impairment.

Emphasis of Matter:

The auditors drew attention to:

  • Continued losses, negative net worth, and severe liquidity constraints.
  • The company cannot be categorized as a going concern.
  • Accounts subject to reconciliation/confirmation/impairment.
  • Lenders have not charged interest as the account is an NPA; the company has not provided for accrued interest, and the amount is unquantifiable due to a lack of balance confirmation.
  • The need to immediately transfer unpaid dividend to the IEPF.

Declaration to Exchange

In a separate communication to BSE, the company declared that the statutory auditors had submitted the Limited Review Report for the quarter ended June 30, 2026, with an unmodified opinion, pursuant to Regulation 33(3)(d). This declaration appears to be inconsistent with the adverse opinion clearly stated in the attached auditor's report.

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