Board Meeting Details

The Board of Directors meeting was originally held on May 28, 2026 and adjourned to May 29, 2026. The meeting commenced at 12:30 PM (IST) and concluded. The Board reviewed and approved the audited standalone financial results for the quarter and year ended March 31, 2026.

Financial Results Summary (Year Ended March 31, 2026)

  • Total Revenue: ₹40.33 lakh (₹40.12 lakh from operations + ₹0.21 lakh other income)
  • Total Expenses: ₹85.93 lakh
  • Net Loss Before Tax: ₹45.60 lakh
  • Tax Expenses: ₹0.00
  • Net Loss After Tax: ₹45.60 lakh
  • Earnings Per Share (Basic & Diluted): -₹0.91
  • Total Assets: ₹675.56 lakh
  • Total Liabilities: ₹956.82 lakh
  • Net Worth: -₹281.26 lakh
  • Paid-up Equity Share Capital: ₹500.00 lakh (Face Value ₹10 each, Fully Paid)

Quarterly Performance (Q4 FY26)

  • Total Revenue: ₹9.96 lakh (₹9.75 lakh from operations + ₹0.21 lakh other income)
  • Total Expenses: ₹22.64 lakh
  • Net Loss Before Tax: ₹12.68 lakh
  • Net Loss After Tax: ₹12.68 lakh
  • Earnings Per Share (Basic & Diluted): -₹0.25

Segment-wise Results

The company operates in two segments:

1. Fishery (Segment A): Revenue of ₹9.75 lakh for Q4 FY26, segment loss of ₹0.89 lakh

2. Shipyard (Segment B): Revenue of ₹0.00 for Q4 FY26, segment profit of ₹9.09 lakh

For the full year FY26:

  • Fishery: Revenue of ₹40.12 lakh, segment loss of ₹2.26 lakh
  • Shipyard: Revenue of ₹0.00, segment profit of ₹10.18 lakh

Assets and Liabilities Position (as of March 31, 2026)

Assets:

  • Cash and cash equivalents: ₹10.85 lakh
  • Trade receivables: ₹9.37 lakh
  • Other financial assets: ₹37.55 lakh
  • Deferred tax: ₹85.45 lakh
  • Property, plant and equipment: ₹532.34 lakh

Liabilities:

  • Trade payables: ₹21.16 lakh
  • Borrowings: ₹890.75 lakh
  • Other financial liabilities: ₹42.28 lakh
  • Provisions: ₹2.63 lakh

Cash Flow Statement (FY26)

  • Cash from Operating Activities: ₹16.55 lakh
  • Cash from Investing Activities: ₹0.00
  • Cash from Financing Activities: Not clearly quantified but shows decrease in unsecured loans of ₹27.19 lakh
  • Net Increase in Cash: ₹10.31 lakh
  • Opening Cash Balance: ₹0.54 lakh
  • Closing Cash Balance: ₹10.85 lakh

Audit Qualifications

The statutory auditors, Palsule and Associates, issued a qualified opinion with one specific qualification:

Qualification 1: The company used accounting software with audit trail (edit log) facility but did not enable and operate it throughout the financial year for all relevant transactions. This is the second consecutive year for this qualification.

Management's Response: The board stated this was inadvertent and believes it has no financial impact due to the company's meagre turnover.

Impact of Qualification: The statement on impact of audit qualifications shows minimal adjustments between audited figures and adjusted figures after accounting for qualifications:

  • Turnover/Total Income: ₹40.33 lakh vs ₹43.73 lakh (adjusted)
  • Total Expenditure: ₹82.93 lakh vs ₹89.31 lakh (adjusted)
  • Net Loss: ₹45.60 lakh vs ₹45.58 lakh (adjusted)
  • Total Assets: ₹675.56 lakh vs ₹673.13 lakh (adjusted)
  • Total Liabilities: ₹956.82 lakh vs ₹908.79 lakh (adjusted)
  • Net Worth: -₹281.26 lakh vs -₹235.66 lakh (adjusted)

Compliance Statements

1. Deviation in Fund Utilization: Not applicable as company has not raised any funds by public issue, rights issue, preferential issue, etc.

2. Loan Defaults: Company confirmed no defaults in payment of interest/repayment of principal on loans as it has no borrowings from banks/financial institutions. The company also has no unlisted debt securities.

3. Related Party Transactions: Provisions of Regulation 23(9) of SEBI LODR are not applicable as paid-up capital (₹500.00 lakh) does not exceed ₹10 crore and net worth (negative ₹281.26 lakh) does not exceed ₹25 crore as on March 31, 2025.

Additional Information

  • The company does not have any subsidiary or associate company, hence no consolidated financial statements are required.
  • Figures have been regrouped/rearranged/reclassified/reworked wherever necessary.
  • The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS).
  • The company has no pending litigations that would impact its financial position.
  • The company did not declare or pay any dividend during the year.