Financial Results for Quarter Ended June 30, 2026

Income Statement Highlights (% in Lakhs):

  • Revenue from Operations: ₹0 (previous quarter: ₹0, year-ago quarter: ₹0)
  • Other Income: ₹94 (previous quarter: ₹504, year-ago quarter: ₹511)
  • Total Income: ₹94 (previous quarter: ₹504, year-ago quarter: ₹511)
  • Total Expenses: ₹67 (previous quarter: ₹114, year-ago quarter: ₹95)
  • Employee Benefits Expense: ₹34
  • Professional Fee: ₹17
  • Membership Fees & Subscription: ₹8
  • Other Expenses: ₹8
  • Finance Costs: ₹0
  • Depreciation: ₹0
  • Rates & Taxes: ₹0
  • Legal Expenses: ₹0
  • Profit before Exceptional Items & Tax: ₹27 (previous quarter: ₹390, year-ago quarter: ₹416)
  • Exceptional Items: None (previous quarter: ₹(835) loss from Uttarpara land write-off)
  • Profit before Tax: ₹27 (previous quarter: ₹(445) loss, year-ago quarter: ₹416)
  • Tax Expenses: ₹5 (Current Tax)
  • Net Profit after tax: ₹22 (previous quarter: ₹(429) loss, year-ago quarter: ₹416)
  • Other Comprehensive Income: ₹20
  • Total Comprehensive Income: ₹42 (previous quarter: ₹(400) loss, year-ago quarter: ₹407)

Capital Structure & Per Share Data:

  • Paid-up Equity Share Capital: ₹10,433 lakhs (Face value: ₹5, unchanged)
  • Basic EPS: ₹0.01 (previous quarter: ₹(0.20), year-ago quarter: ₹0.20)
  • Diluted EPS: ₹0.01 (previous quarter: ₹(0.20), year-ago quarter: ₹0.20)

Management Appointments

Mrs. Moneera Anjum appointed as Company Secretary and Compliance Officer (KMP) effective August 06, 2026. She is an Associate Member of ICSI with 1 year post-qualification experience in corporate secretarial, compliance and regulatory functions. Holds Bachelor of Commerce degree in Finance.

Mr. Mahesh Kumar Kejriwal reappointed as Chief Financial Officer for 2 years effective August 06, 2026. He has 46 years of experience in Finance, Accounts, Direct & Indirect Taxation & Auditing in the automobile sector.

Operational and Legal Context

  • Company declared "Suspension of work" at Uttarpara Plant effective May 24, 2014 due to low productivity, indiscipline, shortage of funds and lack of demand
  • Government of West Bengal resumed and took possession of Uttarpara factory land in November 2022
  • Company challenged resumption order through WBLRTT, Calcutta High Court, and Supreme Court
  • Supreme Court rejected petition on July 16, 2025
  • Company will file review petition before Supreme Court seeking partial land retention under Section 6(1)(c) of West Bengal Estates Acquisition Act, 1953
  • Company exploring new business avenues and seeking technology partners for non-West Bengal assets

Financial Position Highlights

  • Accumulated losses: ₹10,059.45 lakhs as of March 31, 2026 (reduced from ₹25,218.07 lakhs in March 2017)
  • Net worth: ₹3,186.19 lakhs as of March 31, 2026 (improved from negative ₹1,632.50 lakhs in March 2023)
  • Company currently debt-free (financial debt) with current assets exceeding current liabilities
  • Accounts prepared on going concern basis despite operational suspension

Auditor's Qualified Opinion

K AMG & Associates issued qualified limited review report citing material uncertainty about company's ability to continue as going concern due to:

  • Long-term operational suspension
  • Uttarpara land resumption by Government of West Bengal
  • No business operations since long time

Auditors noted company continues to prepare financial statements on going concern basis for stated reasons including reduced accumulated losses, improved net worth, debt-free status, and ongoing legal/business efforts.