Board Meeting Details

The Board Meeting commenced at 2:30 PM and concluded at 5:30 PM on November 13, 2026.

The following businesses were approved:

1. Approved the Un-Audited Standalone Financial Results for the quarter and half year ended September 30, 2026, along with the Limited Review Report of the Statutory Auditor.

2. Took note of the Listing Compliances for the quarter and half year ended September 30, 2026.

3. Took note of the resignation of Ms. Yogeeta Rajkumar Shivhare from the post of Director, effective close of business hours on November 6, 2026. The Board placed on record its appreciation for her contributions.

4. Any other item with the permission of the chair.

Financial Results Highlights (Unaudited Standalone)

Period: Quarter and Half Year Ended September 30, 2026 (Figures in ₹ Millions, except per share data)

Income Statement:

  • Q2 FY27 (Sep 2026): Total Income from Operations: ₹0.14; Net Loss: ₹(2.84)
  • H1 FY27 (Sep 2026): Total Income from Operations: ₹0.46; Net Loss: ₹(2.61)
  • Q2 FY26 (Sep 2025): Total Income from Operations: ₹0.004; Net Loss: ₹(1.00)
  • H1 FY26 (Sep 2025): Total Income from Operations: ₹0.005; Net Loss: ₹(1.91)
  • Full Year FY26 (Mar 2026): Total Income from Operations: ₹1.38; Net Loss: ₹(6.15)

Earnings Per Share (EPS):

  • Q2 FY27: Basic and Diluted EPS: ₹(0.35)
  • H1 FY27: Basic and Diluted EPS: ₹(0.32)

Balance Sheet (Standalone) as at September 30, 2026:

  • Total Assets: ₹78.42 Million (vs. ₹100.46 Million as at Mar 31, 2026)
  • Equity Share Capital: ₹81.20 Million (unchanged)
  • Other Equity: ₹(36.31) Million (vs. ₹(33.69) Million)
  • Total Shareholders' Funds: ₹44.89 Million (vs. ₹47.51 Million)
  • Total Liabilities: ₹78.42 Million (vs. ₹100.45 Million)

Key Balance Sheet Changes:

  • Investments decreased to ₹21.12 Million from ₹42.24 Million.
  • Trade receivables increased to ₹27.25 Million from ₹25.10 Million.
  • Cash & Cash equivalents decreased to ₹0.42 Million from ₹2.04 Million.
  • Trade payables to creditors (other than micro/small enterprises) stood at ₹29.41 Million (vs. ₹44.63 Million).

Cash Flow (Standalone) for H1 FY27:

  • Net Cash from Operating Activities: ₹0.88 Million
  • Net Cash used in Financing Activities: ₹(2.50) Million
  • Net Decrease in Cash: ₹(1.62) Million
  • Cash & Cash Equivalents at period end: ₹0.42 Million

Critical Notes from Financial Statements

1. Segment Information: The entire operation relates to only one segment: supply of construction and real estate related materials.

2. Trade Receivables: ₹13.38 million were outstanding for more than 12 months as of September 30, 2026. Balance confirmations were unavailable. Management is following up for recovery.

3. Trade Payables: ₹28.81 million remained outstanding for a substantial period. Balance confirmations were unavailable. Management is engaged in reconciliation and plans a phased settlement.

4. Legal Proceedings: Five creditors have filed recovery suits for dues totaling ₹29.90 Million as per books. The company has entered into full and final settlement agreements with two creditors for an aggregate of ₹11.19 million. Against this, ₹9.52 million has been paid, and the balance ₹1.67 million waived by creditors has been recognized as 'Other Income'.

5. Going Concern: The financial statements are prepared on a going concern basis despite accumulated losses and a negative net current asset position. Management is optimistic about revival citing "exits of residential projects and a reduction in debt."

Auditor's Limited Review Report (Qualified Conclusion)

Statutory Auditors, AMS & COLLP, issued a limited review report with qualifications highlighting:

  • Inability to verify recoverability of trade receivables (₹13.38M) due to lack of confirmations.
  • Inability to ascertain the impact of unconfirmed trade payables (₹28.81M).
  • Inability to ascertain the purpose or obtain confirmation for advances to suppliers of ₹25.89 million given prior to December 2022.
  • The company remains suspended from trading on the Calcutta Stock Exchange (CSE).

Emphasis of Matter: The auditor noted the settlement with two creditors and the recognition of the waived amount (₹1.67M) as other income.

Management Change

Resignation of Director: Ms. Yogeeta Rajkumar Shivhare (DIN: 08436055) resigned as an Executive Director effective close of business on November 6, 2026, to dedicate more time to family and personal pursuits. She confirmed no material reasons other than those stated.

Compliance