Financial Performance Summary

Profit & Loss Statement (₹ in lakhs):

  • Revenue from operations: ₹5,053.51
  • Other income: ₹1.35
  • Total income: ₹5,054.86
  • Total expenses: ₹5,553.93
  • Loss before tax: ₹(499.06)
  • Tax expense: ₹6.04
  • Net loss for the period: ₹(493.02)
  • Basic & diluted EPS: ₹(3.23)

Balance Sheet Position (as at 30th September 2026, ₹ in lakhs):

  • Total assets: ₹5,947.54
  • Total equity: ₹3,904.34
  • Equity share capital: ₹1,525.51
  • Other equity: ₹2,378.84
  • Total liabilities: ₹2,043.20
  • Non-current liabilities: ₹362.08
  • Current liabilities: ₹1,861.66

Key Financial Figures

Assets Breakdown (₹ in lakhs):

  • Property, plant and equipment: ₹837.62
  • Right to use asset: ₹43.33
  • Inventories: ₹1,491.60
  • Trade receivables: ₹2,614.19
  • Cash and cash equivalents: ₹117.46
  • Other current assets: ₹440.84
  • Other non-current assets: ₹321.36
  • Deferred tax assets: ₹81.15

Liabilities Breakdown (₹ in lakhs):

  • Long-term borrowings: ₹118.39
  • Long-term lease liability: ₹30.08
  • Short-term borrowings: ₹638.23
  • Short-term lease liability: ₹24.85
  • Trade payables: ₹970.26
  • MSME dues: ₹290.07
  • Other trade payables: ₹680.18
  • Other current liabilities: ₹82.27
  • Provisions: ₹179.12

Auditor's Qualified Opinion

The independent auditors, Jain Chowdhary & Co., issued a qualified limited review report highlighting several material concerns:

1. Debt Settlement and Interest Liability:

  • The Company had defaulted in repayment of dues to financial creditors and accounts were classified as NPAs
  • Entered into settlement agreements through IRP proceedings
  • Balance two instalments payable on 15.11.2026 (₹1,18,38,542) and 15.01.2027
  • Waiver of remaining outstanding dues conditional upon timely payment
  • Company remains liable for entire outstanding dues with applicable future interest until conditions fulfilled
  • No provision made for interest liability; financial impact not ascertained

2. Property Title Issues:

  • Title deeds of immovable properties aggregating ₹5.76 Crores not in Company's name
  • Properties include residential house at Kailashpuri, Tonk Road, Jaipur (₹1.29 Cr), land at Govindgarh, Chomu, Sikar Road, Jaipur (₹3.74 Cr), and Plot No. 73, Sindhu Nagar, NH-11, Sikar Road, Jaipur (₹0.73 Cr)
  • Legal title not vested in Company; only ₹0.16 Cr immovable assets in Company's name
  • Recoverability of carrying value uncertain

3. CSR Non-Compliance:

  • Unspent CSR amount of ₹5,61,651 for year ended 31st March 2026 not transferred as required by Section 135 of Companies Act, 2013
  • No provision made for related penalty
  • Company appears to be in default under Section 135

4. Balance Confirmations:

  • Balances of loans, sundry debtors, loans and advances, and current liabilities subject to confirmation and reconciliation
  • Effects on finance cost, results, liabilities, provisions, and asset carrying values not quantified

5. Income Tax Compliance Limitations:

  • Company's Income Tax portal inaccessible due to restrictions from IRP proceedings
  • Tax audit submission pending on Income Tax portal
  • Unable to verify status of income-tax returns, statutory compliances, outstanding demands, or other liabilities

Corporate Insolvency Resolution Process (CIRP) Details

The Company underwent CIRP proceedings during the period. Various creditors submitted claims before the Interim Resolution Professional:

| Creditor | Amount Claimed (₹) | Amount Admitted (₹) |

| Amarnath Milk Foods Pvt. Ltd. | 5,42,92,320 | 2,61,02,077 |

| BSE Limited | 2,829 | 2,829 |

| Central Depository Services (India) Limited | 97,374 | 97,374 |

| Param Dairy Limited | 5,50,19,217 | 3,08,07,213 |

| Shiv Health Foods LLP | 2,20,23,590 | 1,76,09,402 |

| Employees' Provident Fund Organisation | 60,126 | 60,126 |

| Total | 13,14,95,456 | 7,46,79,021 |

Director of the Company has furnished undertaking for repayment of admitted amounts. Difference between admitted amounts and book balances to be adjusted upon completion of payments and receipt of NOCs from creditors.

Cash Flow Statement (₹ in lakhs)

  • Net cash from operating activities: ₹411.81
  • Net cash used in investing activities: ₹(16.92)
  • Net cash used in financing activities: ₹(376.06)
  • Net increase in cash and equivalents: ₹18.83
  • Cash and equivalents opening balance: ₹98.63
  • Cash and equivalents closing balance: ₹117.46

Share Capital Details

  • Authorized capital: ₹2,500.00 lakhs (250,000,000 equity shares of ₹10 each)
  • Issued, subscribed, and fully paid-up: ₹1,525.51 lakhs (15,255,070 equity shares of ₹10 each)
  • Weighted average number of equity shares: 152.55 lakhs

Significant Accounting Policies and Notes

Inventory Valuation (₹ in lakhs):

  • Raw materials: ₹1,180.32
  • Finished goods: ₹232.55
  • Work-in-progress: ₹78.72
  • Total: ₹1,491.60

Trade Receivables (₹ in lakhs):

  • Unsecured considered good: ₹2,603.54
  • Unsecured considered doubtful: ₹384.01
  • Less: Allowance for expected credit loss: ₹(373.37)
  • Total: ₹2,614.19

Related Party Transactions:

  • Loans and advances from Raakesh B Kulwal and Harinarayan Gyarsilal