Board Meeting Details

The Board of Directors meeting was held on Wednesday, 12th August, 2026 from 2:00 p.m. to 4:00 p.m. at Hotel Suncity Premiere, A-1, MIDC Central Road, SEEPZ, Andheri (East), Mumbai-400093.

Business Transacted

1. Considered and approved the Un-Audited Financial Results of the Company for the first quarter ended 30th June, 2026 as prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

2. Took note of the Limited Review Report for the first quarter ended 30th June, 2026.

Financial Results for Quarter Ended June 30, 2026

Revenue & Income:

  • Revenue from operations (Gross): ₹(0.00)
  • Other Income: ₹(0.00)
  • Total Revenue: ₹0.00

Expenses:

  • Employee benefits expenses: ₹0.40 lakh (comparative figure)
  • Finance costs: ₹1.89 lakh
  • Depreciation and amortisation expense: ₹0.07 lakh
  • Other expenses: ₹2.65 lakh
  • Total Expenses: Not quantifiable from table due to formatting issues

Profitability:

  • Profit before Exceptional and Extraordinary Items and Tax: ₹(2.65) lakh
  • Exceptional Items: Not applicable
  • Extraordinary Items: Not applicable
  • Profit before Tax: ₹(2.65) lakh
  • Tax expense: Not provided
  • Net Profit for the period: ₹(2.65) lakh

Capital Structure:

  • Paid-Up Equity Share Capital (Face Value of Equity Share ₹10/- Per Share): ₹817.20 lakh
  • Earnings Per Share (EPS):
  • Basic and Diluted EPS before Extra-ordinary items: Not quantifiable
  • Basic and Diluted EPS after Extra-Ordinary Items: Not quantifiable

Notes to Financial Statements

1. The financial results were reviewed by the Audit Committee and approved by the Board of Directors on August 12, 2026.

2. The company has only one business segment: manufacturing and sale of Gems & Jewellery.

3. The company stopped manufacturing activities since January 1, 2018 and is in the process of restructuring/revival of its business.

4. The company incurred a loss of ₹2,64,752.72 during the quarter ended June 30, 2026.

5. The company has a negative net worth of ₹35,95,76,005.

6. If provision for unrealized sundry debtors outstanding for more than three years (amounting to ₹41,10,67,159) is made, current liabilities would exceed current assets.

7. The company has availed working capital (secured) loans: ₹10 crore from Punjab National Bank and ₹5 crore from Bank of India.

8. Accounts were classified as non-performing assets in FY 2015-2016 effective March 31, 2016 due to non-service of interest.

9. Punjab National Bank has initiated action under section 13(4) of the SARFAESI Act 2002.

10. The company has not provided for interest payable since March 31, 2016 as it is not quantifiable, resulting in understated losses.

11. Bank/cash balances are unconfirmed and frozen except balance with NKGSB Bank.

12. Provision for expenses of ₹1,92,25,366 relates to rental charges outstanding for more than three years, unconfirmed by parties.

Auditor's Review Report (Ashok Bairagra & Associates)

Basis of Adverse Opinion:

  • The company is unable to repay its liabilities (current & non-current) as of June 30, 2026
  • Material uncertainty exists regarding the company's ability to continue as a going concern
  • Financial statements do not disclose this fact

Adverse Opinion:

The financial statements do not give a true and fair view in conformity with accounting principles generally accepted in India.

Emphasis of Matter:

Multiple financial significance issues highlighted:

1. Manufacturing stopped since January 1, 2018 with no detailed revival plans

2. Loss of ₹2,64,753 during the quarter and negative net worth of ₹35,95,76,005

3. Unprovided interest on NPA loans from PNB (₹10 crore) and BOI (₹5 crore) since March 31, 2016

4. Doubtful trade receivables of ₹41,10,67,159 outstanding for more than three years, unconfirmed

5. Creditors payable of ₹15,92,70,999 outstanding for more than three years, unconfirmed

6. Bank balances frozen and availability doubtful

7. Unconfirmed rental expense provisions of ₹1,92,25,366 outstanding for more than three years

Disclaimer of Opinion:

Due to the significance of the matters described, the auditors were unable to obtain moderate assurance to provide a basis for a review opinion.

Financial Impact

The financial impact of unprovided interest and doubtful debts is not quantified in the disclosure, but after making provisions for all mentioned items, the net worth of the company would be fully eroded.