MINAL INDUSTRIES LIMITED

Board Meeting Details

  • Meeting Date: Thursday, 04th June, 2026
  • Commencement Time: 03:30 PM
  • Conclusion Time: 03:38 PM
  • Venue: Registered Office of the Company and through Video Conferencing

Key Decisions Approved

1. Audited Financial Results: Approved audited standalone and consolidated financial results for the quarter and financial year ended 31st March, 2026 along with Auditor's Report issued by Statutory Auditors.

  • Declaration of Unmodified opinion on Auditor's Report under Regulation 33(3)(d) enclosed

2. Internal Auditor Appointment: Approved appointment of M/s. MMY & Associates, Chartered Accountants (Firm Registration Number: 105673W) as Internal Auditors for FY 2026-2027

3. Management Change: Took on record resignation of Mr. Piyush Harish Talyani as Company Secretary and Compliance Officer effective 11th May, 2026

Financial Results Highlights

Standalone Financial Results (₹ in Lakhs):

  • Total Income: ₹771.02 for FY2026 (₹99.58 for FY2025)
  • Total Expenses: ₹797.43 for FY2026 (₹211.57 for FY2025)
  • Net Loss: ₹69.40 for FY2026 (₹111.53 for FY2025)
  • EPS: ₹(0.04) for FY2026 (₹(0.06) for FY2025)
  • Paid-up Equity Share Capital: ₹3,838.01 lakhs (Face Value ₹2 per share)
  • Other Equity: ₹(130.87) lakhs as at March 31, 2026

Consolidated Financial Results (₹ in Lakhs):

  • Total Comprehensive Income: ₹73.27 profit for FY2026 (₹414.43 loss for FY2025)
  • EPS: ₹0.03 for FY2026 (₹0.22 for FY2025)
  • Attributable to Owners: ₹(10.27) loss for FY2026 (₹151.35 profit for FY2025)

Auditor's Emphasis of Matter

Standalone Financial Statements:

1. Going Concern: Company incurred total accumulated loss of ₹2216.82 lakhs for year ended March 31, 2026 (₹2147.43 lakhs for previous year). Financial results prepared on going concern basis subject to company strengthening strategy, expanding market, increasing sales, and availability of promoter financial support.

2. Subsidiary Interest Income: Interest income not accrued for loan given to subsidiary Minal Infojewels Limited due to uncertainty regarding interest realization. Aggregate interest and loan amount outstanding as at March 31, 2026 pending realization.

3. Subsidiary Write-off: Wholly-owned overseas subsidiary Minal International FZE wound up business on February 10, 2025. Company wrote off full investment of ₹18.37 lakhs and loan receivable (including interest) of ₹390.61 lakhs during FY2025, total write-off ₹408.99 lakhs.

4. NCLT Petition: Managing Director Shri Shrikant Parikh filed petition before NCLT under Section 59 against Mr. Mahendra Shah, Mr. Champaklal Mehta and MCS Share Transfer Agent Limited regarding ownership dispute of equity shares. No final order passed as of reporting date. No financial implication expected.

Consolidated Financial Statements:

Similar emphasis matters as standalone statements regarding going concern, subsidiary interest income, subsidiary write-off, and NCLT petition.

Key Audit Matters

Valuation of Inventories: Company held ₹631.92 lakhs of inventories as on March 31, 2026. Audit focused on valuation at lower of cost or net realizable value, requiring management judgment on write-down requirements.

Annexure A Findings (Standalone)

  • Fixed Assets: No proper records maintained showing full particulars of fixed assets. No physical verification conducted during year.
  • Inventory: Physical verification conducted at reasonable intervals. Discrepancies not material.
  • Loans: Overdue amount of ₹1,464.95 lakhs (principal ₹1,187.96 lakhs + interest ₹276.99 lakhs) for more than ninety days. Reasonable steps not taken to recover overdue amounts.
  • Statutory Dues: Generally regular in depositing undisputed statutory dues. Disputed income tax of ₹30.74 lakhs for AY 2012-13 pending with Commissioner of Income Tax (Appeal)
  • Cash Losses: Incurred cash losses of ₹22.71 lakhs during current year (₹61.38 lakhs in previous year)

Internal Financial Controls

Auditors issued disclaimer of opinion on adequacy and operating effectiveness of company's internal financial controls over financial reporting as company has not established internal financial control system based on essential components stated in ICAI Guidance Note.

Corporate Actions

  • Financial results to be published in newspapers as per Regulation 47 of Listing Regulations
  • Digital signatures by Shrikant J. Parikh (Managing Director, DIN: 00112642) and Rajendra Harkisondas Modi (Auditor)