Key Dates

  • Financial period: Quarter and year ended March 31, 2026
  • Board approval date: June 30, 2026
  • Prescribed submission deadline: May 30, 2026
  • Actual submission date: July 30, 2026
  • Board meeting timing: 2:00 PM to 2:30 PM

Reason for Delay

The delay occurred due to certain internal audit queries that needed resolution before finalizing the financial results.

Financial Results (Standalone)

Income Statement (₹ in lakhs)

Quarter Ended March 31, 2026 (Audited):

  • Revenue from operations: ₹114.50
  • Other income: ₹0.22
  • Total income: ₹114.72
  • Total expenses: ₹111.81
  • Profit before tax: ₹2.91
  • Tax expense: ₹1.24 (short/excess provision of income tax for earlier years)
  • Profit for the period: ₹1.67
  • Total comprehensive income: ₹1.67

Year Ended March 31, 2026 (Audited):

  • Revenue from operations: ₹293.70
  • Other income: ₹0.22
  • Total income: ₹293.92
  • Total expenses: ₹291.90
  • Profit before tax: ₹2.02
  • Tax expense: ₹1.24 (short/excess provision of income tax for earlier years)
  • Profit for the period: ₹0.77
  • Total comprehensive income: ₹0.77

Comparative Figures (Year Ended March 31, 2025):

  • Revenue from operations: ₹49.92
  • Other income: ₹21.90
  • Total income: ₹71.82
  • Total expenses: ₹67.47
  • Profit before tax: ₹4.35
  • Tax expense: ₹0.00
  • Profit for the period: ₹4.35
  • Total comprehensive income: ₹4.35

Balance Sheet (₹ in lakhs)

As of March 31, 2026:

  • Tangible assets: ₹0.07
  • Non-current investments: ₹100.00
  • Long-term loans and advances: ₹533.08
  • Inventories: ₹215.00
  • Trade receivables: ₹157.20
  • Cash and cash equivalents: ₹35.78
  • Other current assets: ₹4.44
  • Total assets: ₹1,045.58
  • Share capital: ₹590.11
  • Reserves and surplus: ₹52.82
  • Long-term borrowings: ₹25.00
  • Trade payables: ₹373.83
  • Other current liabilities: ₹3.13
  • Short-term provisions: ₹0.70
  • Total equity and liabilities: ₹1,045.58

Cash Flow Statement (₹ in lakhs)

Year Ended March 31, 2026:

  • Cash flow from operating activities: ₹96.35
  • Cash flow from investing activities: ₹0.00
  • Cash flow from financing activities: ₹0.00
  • Net increase in cash: ₹96.35
  • Opening cash balance: ₹36.07
  • Closing cash balance: ₹132.42

Basis for Disclaimer of Opinion

Auditors issued a disclaimer opinion due to inability to obtain sufficient appropriate audit evidence for:

1. Unconfirmed Balances: Sundry creditors, debtors, loans and advances, deposits, current liabilities, and unsecured loans not confirmed by parties (₹5.33 crore in long-term loans and advances, ₹2.52 crore in trade payable)

2. Investment in Plot and Premises: No documentation received for investment in Plot at Sanand (₹1.00 crore)

3. Inventory: No documentation received for valuation or quantity verification (₹2.15 crore)

4. Bank Balances: No documentation received for Tamilnad Mercantile Bank Ltd account verification

5. Previous Years Balances: No data available to verify opening balances pertaining to loan and advance

Key Audit Matters

  • Previous years' balances including current assets, loans and advances, current liabilities, unsecured loans etc. as at March 31, 2019
  • Reliance on previous year's auditor's report for FY2019 financial statements

Internal Financial Controls

Auditors reported material weaknesses in internal financial controls:

  • Company lacks appropriate controls for "existence" assertion of assets and liabilities
  • Unable to provide vendor-wise information for:
  • Non-current investment: ₹1,00,00,000
  • Long-term loans and advances: ₹5,33,08,204
  • Inventories: ₹2,15,00,480
  • Trade payable: ₹2,52,30,620

Regulatory Compliance Issues

Annexure B Findings:

1. Fixed Assets: No proper records maintained for Property, Plant and Equipment or intangible assets

2. Inventory: Physical verification procedures not appropriate, discrepancies of 10% or more noticed

3. Deposits: Company accepted deposits from public against RBI directives and Sections 73-76 of Companies Act

4. Statutory Dues: Disputed income tax dues:

  • AY 2009-10: ₹87,14,360 (Section 147)
  • AY 2010-11: ₹10,54,530 (Section 154)
  • AY 2010-11: ₹5,87,100 (Section 271(1)(C))
  • AY 2009-10: ₹27,19,200 (Section 271(1)(C))
  • Professional Tax 2020-21: Amount not specified

5. Related Party Transactions: Absence of adequate internal controls over identification, approval and recording

6. Accounting Software: Company used software without audit trail (edit log) facility enabled

Declaration

Company submitted declaration pursuant to Regulation 33(3)(d) of SEBI LODR stating that auditors issued an "unmodified Opinion" on Audited IND AS Financial Results, though the actual audit report contains a disclaimer opinion.

Financial Impact

Financial impact of the qualification matters cannot be quantified as the auditors were unable to verify recoverability/payability of significant asset/liability balances.