Key Financial Figures (FY2026)
- Turnover/Total Income: ₹12,261.90 lakh (unaudited), ₹12,261.90 lakh (adjusted)
- Total Expenditure: ₹3,058.70 lakh (unaudited), ₹3,958.70 lakh (adjusted)
- Net Profit/(Loss): ₹149.80 lakh (unaudited), ₹149.80 lakh (adjusted)
- Earnings Per Share: ₹0.00
- Total Assets: ₹55,245.40 lakh (unaudited), ₹56,245.40 lakh (adjusted)
- Total Liabilities: ₹56,245.40 lakh (unaudited), ₹55,045.40 lakh (adjusted)
- Net Worth: ₹32,053.70 lakh (unaudited), ₹32,053.10 lakh (adjusted)
Audit Qualification Details
- Type: Qualified Opinion
- Nature: Material uncertainty about company's ability to continue as going concern (Refer to Note 40)
- Frequency: Appeared for the first time
- Impact: Not quantified by auditor
Management's Response to Qualification
Management states there is no impact quantification and provides reasons for preparing accounts on going concern basis:
- Company will file review petition to grant portion of land under Section 6(1)(c) of West Bengal Estates Acquisition Act, 1953
- Exploring new avenues of business growth
- Accumulated losses reduced to ₹10,059.45 lakh in March 2026 from ₹25,218.07 lakh in March 2017
- No external borrowings
- Net worth improved from ₹(1,632.50) lakh in March 2023 to ₹3,205.37 lakh in March 2026
Detailed Financial Results (Year ended March 31, 2026)
Income Statement
- Other Income: ₹504 lakh (Q4), ₹1,226 lakh (FY26)
- Total Expenses: ₹114 lakh (Q4), ₹399 lakh (FY26)
- Employee Benefits: ₹36 lakh (Q4), ₹137 lakh (FY26)
- Exceptional Items: ₹(835) lakh (write-off of Uttarpara property)
- Net Loss after tax: ₹(29) lakh (Q4), ₹(5) lakh (FY26)
- EPS: ₹(0.20) (Q4 basic and diluted)
Balance Sheet Position (as at March 31, 2026)
- Property, Plant & Equipment: ₹15.92 lakh
- Investments: ₹10.84 lakh
- Total Non-current Assets: ₹89.78 lakh
- Current Assets: ₹5,434.76 lakh
- Total Assets: ₹5,524.54 lakh
- Equity Share Capital: ₹10,441.44 lakh
- Other Equity: ₹(7,236.07) lakh
- Total Equity: ₹3,205.37 lakh
- Current Liabilities: ₹2,208.50 lakh
Cash Flow Statement
- Cash from Operating Activities: ₹2,387.05 lakh
- Cash from Investing Activities: ₹(1,850.17) lakh
- Cash from Financing Activities: ₹(1.68) lakh
- Net increase in cash: ₹512.46 lakh
- Cash equivalents at year-end: ₹552.50 lakh
Significant Events
1. Land Resumption: Government of West Bengal resumed and took possession of Uttarpara factory land during the year, resulting in ₹835 lakh exceptional item write-off
2. Suspension of Work: Uttarpara plant suspended since May 24, 2014 due to low productivity, indiscipline, fund shortage, and lack of demand
3. Legal Proceedings: Company filed petitions with WBLRTT, Calcutta High Court, and Supreme Court against land resumption order. Supreme Court rejected petition on July 16, 2025
4. Review Petition: Company plans to file review petition before Supreme Court for land retention under Section 6(1)(c)
Operational Status
- No operations since long back
- Continuously rationalizing costs post suspension of work
- Reduced employee liability significantly
- Exploring new business partnerships/technology partners for assets outside West Bengal
- Currently debt-free (financial debt) except employee-related liabilities
Contingent Liabilities
Substantial disputed claims including taxes pending under appeals:
- Central Excise: ₹3,827.09 lakh (1984-2015)
- Sales Tax: ₹509.06 lakh (1995-2014)
- West Bengal VAT: ₹2,422.86 lakh (2007-2015)
- Customs Duty: ₹40.87 lakh (1990-2006)
- Various other tax disputes totaling approximately ₹8,000+ lakh
Key Management Personnel
- CEO/Managing Director: Prakash Sahu
- CFO: Mahesh Kumar Kejriwal
- Audit Committee Chairman: Sourav Daspatnaik
- Statutory Auditor: Anjan Sircar (KAMG & Associates)
- Director: Uttam Bose (DIN: 02340000)
Auditor's Key Audit Matters
1. Evaluation of various disputed claims including taxes against the Company pending under appeals
2. Material uncertainty about going concern status