Key Financial Figures (Quarter Ended June 30, 2026)

  • Revenue from Operations: ₹4.25 Lakhs
  • Total Income: ₹4.35 Lakhs
  • Total Expenses: ₹23.01 Lakhs
  • Loss before tax: ₹(18.66) Lakhs
  • Net Loss for the period: ₹(18.66) Lakhs
  • Earnings Per Share (EPS): ₹(7.55)
  • Paid-up Equity Share Capital: ₹24.72 Lakhs (Face Value ₹10 per share)
  • Reserves: ₹0.00 Lakhs (Excluding revaluation reserves)

Comparative Financials

  • Previous Quarter (Q4 FY26): Net Loss of ₹(31.86) Lakhs
  • Year-to-Date (YTD) Period: April 1, 2026, to June 30, 2026. The YTD results are the same as the quarterly results as it is the first quarter of the financial year.
  • Corresponding Quarter (Q1 FY26): Net Loss of ₹(27.09) Lakhs
  • Full Year FY26: Net Loss of ₹(29.89) Lakhs

Audit Status & Report

The financial results are unaudited and have been reviewed by the auditor, J M & Associates. The auditor has issued a Qualified Limited Review Report.

Basis for Qualified Opinion

The auditor's report lists nine specific qualifications:

1. Debt Decree: A "Lending Company" holds a decree from the Hon. Bombay High Court to sell company property to recover dues. The total amount due, including interest, is ₹87,272.08 Lakhs as of June 30, 2026 (₹2.32 Lakhs interest for the quarter).

2. Loans & Advances: Old balances of ₹8.19 Lakhs have no provision for doubtfulness, overstating assets and understating loss.

3. Trade Payables: Old balances of ₹26.51 Lakhs due for over 20 years and not claimed by creditors have not been written back, overstating liabilities and loss.

4. Other Liabilities: Old credit balances of ₹148.53 Lakhs have not been written back, overstating liabilities and loss.

5. Investments: Investments in debentures/bonds of ₹0.09 Lakhs, destroyed in a fire in 1998, have not been written off.

6. Balance Confirmations: Non-availability of confirmations for secured/unsecured loans, debtors, certain bank balances, deposits, and creditors. The auditor cannot ascertain the correctness of these balances.

7. Lease Renewal Dispute: The company's lease expired on May 22, 2017. A demand notice for arrears of compensation/lease fees totaling ₹3,054.33 Lakhs (₹85.10 Lakhs for the quarter) has been received and contested. The company has accounted for rent from its tenants based on a legal opinion.

8. Property Tax Dispute: The company has provided property tax at the old rate plus 50% of the differential as per a Bombay High Court interim order. An amount of ₹153.47 Lakhs (₹3.54 Lakhs for the quarter) representing the remaining 50% differential has not been provided, pending the outcome of an BMC SLP in the Supreme Court.

9. Employee Benefits: Provision for gratuity and long-term compensated absences is made on an arithmetical basis annually, not quarterly based on an actuarial valuation as required by Ind AS 19.

Material Uncertainty Related to Going Concern

The auditor highlights a material uncertainty regarding the company's ability to continue as a going concern due to an accumulated loss of ₹87,185.57 Lakhs, resulting in a negative net worth. This is mitigated by a support letter from the "Lending Company" to provide financial support for the foreseeable future, on which basis management believes the going concern assumption is appropriate.

Other Operational Highlights

  • The company's shares have been suspended from trading on stock exchanges since 2005, inter alia due to non-payment of listing fees.
  • The company is in the process of restructuring its debts following a one-time settlement with bankers and the assignment of debts to a private company.
  • The company operates in one segment.

Governance and Approval

  • The Board meeting was held on August 10, 2026, from 3:30 PM to 5:00 PM.
  • The results were approved based on the recommendation of the Audit Committee.
  • The statement was signed by Mr. Nandkishor Yashwant Joshi (DIN: 09324612), an Independent Director.
  • The company secretary is Hrishita Bajaj (Membership No.: A75692).