Independent Auditor's Report on Quarterly and Annual Financial Results

Qualified Opinion

Auditors issued a qualified opinion based on the company's failure to provide for interest expenditure on inter-company loans. If provided, finance cost and other financial liabilities would have increased by INR 2.81 lakhs for the quarter ended 31st March 2026, and total comprehensive income and other equity would have reduced by the same amount.

Material Uncertainty Regarding Going Concern

The audited financial results indicate:

  • The company is incurring losses
  • Total outside liabilities of INR 629.19 lakhs exceed total assets of INR 33.51 lakhs
  • Complete erosion of net worth
  • No tangible Plant, Property and Equipment
  • No inventory as of the reporting date

Auditors note that these conditions indicate a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

Emphasis of Matter

Auditors drew attention to:

  • Note 4(b): Write back of certain liabilities by the company
  • Note 4(c): Write off of assets by the company

Financial Results Summary (INR lakhs)

Quarter Ended 31st March 2026:

  • Revenue from Operations: 17.10
  • Other Income: 7.59
  • Total Revenue: 24.69
  • Total Expenses: 21.83
  • Profit before tax: 2.86
  • Net Profit: 2.86
  • Basic and Diluted EPS: ₹0.10

Year Ended 31st March 2026:

  • Revenue from Operations: 17.10
  • Other Income: 7.59
  • Total Revenue: 24.69
  • Total Expenses: 68.62
  • Loss before tax: (43.93)
  • Net Loss: (43.93)
  • Basic and Diluted EPS: ₹(1.46)

Comparative Figures (Year Ended 31st March 2025):

  • Total Revenue: 11.55
  • Net Loss: (61.31)
  • Basic and Diluted EPS: ₹(2.04)

Balance Sheet Position as at 31st March 2026 (INR lakhs)

  • Total Assets: 33.51
  • Paid-up Equity Share Capital: 300.35
  • Other Equity: (896.02) [negative]
  • Total Liabilities: 629.19

Cash Flow Statement for Year Ended 31st March 2026 (INR lakhs)

  • Cash used in Operating Activities: (68.11)
  • Cash flow from Financing Activities: 67.30
  • Net decrease in Cash and Cash Equivalents: (0.81)
  • Cash and Cash Equivalents at year end: 0.72

Notes to Financial Results

Note 4(a): The company has not provided for interest payable on inter-corporate borrowing from Miven Mayfran Conveyors Pvt Ltd amounting to INR 28.10 lakhs cumulatively, as management is negotiating with the lender for waiver of loan and accumulated interest.

Note 4(b): Other non-operating income of INR 7.59 lakhs relates to gratuity provision amount for former Managing Director Mr. Vikram Ragavesh Sirur written back, with corresponding NOC obtained.

Note 4(c): Other expenses include assets written off of INR 2.26 lakhs representing sundry debtors considered unrecoverable.

Note 5: Management responds to going concern uncertainty by citing change in management, business plans, and support from new promoters as basis for expecting recovery from losses. The company is engaged in manufacturing heavy-duty water dispensers and proprietary Digital Water Banks.

Note 7: Figures for quarters ended 31.03.2026 and 31.03.2025 are balancing figures between audited full-year figures and published year-to-date figures up to the third quarter.

Approval Information

The results were reviewed and recommended by the Audit Committee on 30th May 2026 and subsequently approved by the Board of Directors on the same date.