Board Meeting Details

The Board of Directors meeting was held on Thursday, November 20, 2025, commencing at 04:30 PM and concluding at 05:00 PM at the company's registered office in Jaipur, Rajasthan.

Financial Results Approval

The Board considered, approved, and took on record:

  • Unaudited Financial Results of the company for the quarter ended 30th September, 2025
  • Limited review report of the auditors (H. Rajen & Co., Chartered Accountants)

Financial Performance (Half Year Ended 30th September 2025)

  • Revenue from Operations: ₹0.00 (compared to ₹1,338.64 lakhs in H1 FY25)
  • Other Income: ₹0.15 lakhs (compared to ₹0.91 lakhs in H1 FY25)
  • Total Income: ₹0.15 lakhs (compared to ₹1,338.79 lakhs in H1 FY25)
  • Total Expenses: ₹19.55 lakhs (compared to ₹1,289.48 lakhs in H1 FY25)
  • Employee benefits expense: ₹8.35 lakhs
  • Finance costs: ₹4.31 lakhs
  • Depreciation and amortization expense: ₹0.00
  • Other expenses: ₹6.89 lakhs
  • Loss before tax: ₹(19.55) lakhs (compared to profit of ₹49.31 lakhs in H1 FY25)
  • Tax Expenses: ₹0.00
  • Net Loss for the period: ₹(19.55) lakhs (compared to profit of ₹49.31 lakhs in H1 FY25)
  • Basic/Diluted EPS: ₹(0.10) per share (compared to ₹0.26 per share in H1 FY25)

Balance Sheet Position (as at 30th September 2025)

  • Total Assets: ₹8,258.32 lakhs
  • Non-current assets: ₹186.06 lakhs
  • Current assets: ₹8,072.26 lakhs
  • Inventories: ₹1,065.08 lakhs
  • Trade receivables: ₹1,467.58 lakhs
  • Loans and advances: ₹5,522.07 lakhs
  • Cash and cash equivalents: ₹4.52 lakhs
  • Total Equity: ₹3,686.60 lakhs
  • Equity share capital: ₹1,886.47 lakhs
  • Other equity: ₹1,800.13 lakhs
  • Total Liabilities: ₹4,571.72 lakhs
  • Non-current liabilities: ₹92.25 lakhs (borrowings)
  • Current liabilities: ₹4,479.47 lakhs
  • Borrowings: ₹729.97 lakhs
  • Trade payables: ₹2,554.33 lakhs
  • Other current liabilities: ₹1,067.01 lakhs
  • Provisions: ₹128.16 lakhs

Cash Flow Statement (Half Year Ended 30th September 2025)

  • Net cash from operating activities: ₹21.03 lakhs
  • Net cash from investing activities: ₹0.00
  • Net cash from financing activities: ₹(25.80) lakhs
  • Net decrease in cash: ₹(4.77) lakhs
  • Cash and cash equivalents at end: ₹4.52 lakhs

Auditor's Qualified Review Report

H. Rajen & Co., Chartered Accountants (FRN: 108351W) issued a limited review report with qualified conclusion dated 28/11/2025, highlighting several material concerns:

Basis for Qualified Conclusion

1. Loans and Advances Contravention: Company granted loans and advances totaling ₹5,522.07 lakhs to various parties as of 30.09.2025, which contravenes Sections 185 and 186 of Companies Act, 2013. No resolutions, underlying documents, or shareholders' approval were obtained. Recoverability and impact on profit & loss are unascertainable.

2. Borrowings Contravention: Company accepted borrowings of ₹729.97 lakhs from various parties (other than directors and relatives) as of 30.09.2025, contravening Sections 73 to 76 of Companies Act, 2013. No counterparty ledger confirmations provided.

3. Inventory Verification: Stock of ₹1,065.08 lakhs as of 30.09.2025 lacks physical verification report, creating uncertainty about existence and fair valuation.

Emphasis of Matter Paragraph

4. Tax Accounting Concerns: Absence of proper accounting entries for tax obligations raises concerns about accuracy and completeness of financial records. Outstanding tax liabilities could not be ascertained.

5. Statutory Dues Outstanding: TDS and TCS of ₹10.88 lakhs remain unpaid as of 30.09.2025, creating significant financial obligation and potential legal repercussions.

6. Accounting Software Deficiency: Company not maintaining books of accounts in software having edit log feature as prescribed under Rule 3(1) of Companies (Accounts) Rules, 2014.

7. Trade Receivables Uncertainty: Recoverability uncertainty from trade receivables of ₹1,467.58 lakhs due to no direct confirmation received from debtors.

8. Loans and Advances Provisioning: No interest income/other income booked against loans to others. No provision for doubtful debts against recoverability of loans and advances.

9. Inventory Valuation Non-compliance: Inventory valued only at cost, non-compliant with Ind AS-2 requirement to value at lower of cost or NRV.

10. Balance Confirmations: Closing balances relied upon as per books of account where confirmations from debtors and creditors are not available.

Additional Notes to Financial Results

1. Financial results prepared in accordance with Indian Accounting Standards (Ind AS) and Regulation 33 of SEBI LODR Regulations, 2015.

2. No investor complaints received during the quarter.

3. Company engaged in trading of agriculture equipment with only one reportable segment.

4. No trading activities were carried out during the quarter.

5. Zero revenue generated during the quarter.

6. Provision for taxation, if any, will be considered at year end.

7. Previous period/year figures have been regrouped/rearranged wherever necessary.

Authorization

Ms. Jyoti Choudhary, Director (DIN: 07927458), authorized to sign and submit the financial results to BSE Limited, Stock Exchange(s), Registrar of Companies, and other statutory authorities.