Financial Results (₹ Lakhs)

| Particulars | FY 2025-26 | FY 2024-25 | Change |

| Profit/(Loss) before interest, Depreciation & Taxes | (43.34) | 249.43 | (292.77) |

| Depreciation & Amortization Expenses | (1.27) | (3.20) | 1.93 |

| Profit/(Loss) for the year | (42.07) | 246.23 | (288.30) |

| Balance Brought Forward | (1,224.00) | (463.54) | (760.46) |

| Loss carried to Balance Sheet | (42.07) | 145.23 | (187.30) |

Key Financial Position (as of 31st March 2026)

  • Total Assets: ₹457.84 lakh (Previous: ₹382.99 lakh)
  • Total Equity: Negative ₹665.14 lakh (Previous: Negative ₹623.08 lakh)
  • Current Ratio: 0.07 (Previous: 0.86)
  • Borrowings: ₹580.15 lakh (Previous: ₹526.02 lakh)
  • Cash & Cash Equivalents: ₹51.93 lakh (Previous: ₹105.36 lakh)
  • Fixed Deposits: ₹383.96 lakh (Previous: ₹201.07 lakh)

Dividend Declaration

No dividend recommended due to accumulated losses.

Operational Status

Production has been suspended since 2008. Management is exploring possibilities to enter new product lines by relocating the unit after transfer of leasehold rights of land situated at Plot No. 6, 7 & 8 Industrial Area, Bhilai.

Share Capital

No change in Authorized, Issued, Subscribed & Paid-up capital during the year:

  • Equity Share Capital: ₹697.96 lakh
  • Preference Share Capital: ₹234.04 lakh
  • Total Paid-up Capital: ₹700.92 lakh

Related Party Transactions

  • Company has taken office space on rent from Bhubneswari Investment Pvt Ltd (where one director is also director) at monthly rental of ₹5,000
  • Loan transactions with related parties: Received ₹12.90 lakh, repaid ₹0.53 lakh
  • Remuneration paid to key management personnel: ₹33.17 lakh

Litigations and Contingent Liabilities

Pending Litigations totaling ₹793.19 lakh:

  • Sales Tax/Entry Tax: ₹654.95 lakh (Various years from 1983-84 to 2005-06)
  • Custom Duty: ₹5.81 lakh (1980-81)
  • ESI Authorities: ₹132.43 lakh (1991-98)

Specific Cases:

  • Raw material case: SLP dismissed at Supreme Court on 20/02/2026
  • Jaspal Singh matter: Arguments concluded at Delhi Court on 10/03/2026, judgment reserved
  • Matter against DIC: Pending at Chhattisgarh High Court
  • Pollution issue: Case restored on 27/03/2026
  • MOU for land sale: Extended up to 30/06/2026 with Jaishree Shyam and Associates

Management Changes

  • Ms. Soma Chakraborty inducted as Independent Director
  • Shri Malay Sengupta resigned as Independent Director on health grounds
  • Mr. Ranjan Sen appointed as CFO replacing Mr. Shyam Sunder Niyogi (deceased)

Remuneration Details

Directors' Remuneration:

  • Sunil Khetawat (MD & CEO): ₹14.04 lakh (3.69% increase)
  • Sandeep Khetawat (Whole Time Director): ₹13.28 lakh (5.98% increase)

Employee Statistics:

  • Median remuneration: ₹48.50 lakh (23.08% increase)
  • Total permanent employees: 3 (Previous: 2)
  • All employees in Executive/Manager cadre

Audit Qualifications

Auditors issued qualified opinion with emphasis on:

1. Non-provision of gratuity as per actuarial computation

2. Operation suspended for long period but accounts maintained under going concern basis

3. Physical verification of fixed assets and inventories not made available by management

Compliance Issues

Noted in Secretarial Audit Report:

  • Securities still held in physical mode despite SEBI mandate for dematerialization
  • Non-publication of quarterly financial results
  • Non-compliance with Regulation 47(3) of SEBI (LODR) Regulations, 2015
  • Failure to implement e-voting due to non-availability of shareholder contact details
  • Paid additional fees for filing MGT-14 (SRN AB8514395 on 24.10.2025)

Internal Financial Controls

Auditors noted that despite meager activity level due to prolonged suspension of work, IFC mechanism is sound enough to ensure true and fairness of financial statements in limited context of company's functioning.

Key Ratios

| Ratio | FY 2025-26 | FY 2024-25 | Variance |

| Debt Equity Ratio | -0.87 | -0.84 | 3.32% |

| Return on Equity | 0.06% | -0.40% | -116.00% |

| Return on Capital Employed | 0.49% | -2.54% | -119.51% |

| Net Profit Ratio | -1.06% | 0.73% | -246.08% |

Other Significant Disclosures

  • Company does not fall under CSR provisions (Section 135 of Companies Act, 2013)
  • No fraud reported during the year
  • No deposits taken from public
  • No women employees in the company
  • Whistle-blower policy (Direct Touch initiative) established
  • Code for Prevention of Insider Trading in place