Board Meeting Details

The Board of Directors meeting was held on Saturday, 30th May 2026, commencing at 3:00 PM and concluding at 4:15 PM. The board discussed and approved four key matters:

  • Approval of Audited Financial results for quarter and year ended 31st March, 2026
  • Resignation of Statutory Auditor of the Company
  • Appointment of Statutory Auditor of the Company
  • Review of other business activities

Auditor Resignation Details

NKSC & Co (Firm Registration No. 020076N) resigned as statutory auditor. They were appointed on 26th June 2025 with term scheduled to expire at the conclusion of the 42nd Annual General Meeting in 2029. The auditor had submitted Audit Reports for years ended 31st March 2025 and 31st March 2026, and Limited Review Reports for quarters ended 30th June 2025, 30th September 2025, and 31st December 2025. Detailed reasons for resignation were referenced in an attached resignation letter. The auditor confirmed no other material reasons for resignation and that no concerns were raised with Audit Committee/Board prior to resignation.

New Auditor Appointment

The Board appointed M/s Sarang Shivajirao Chavan and Associates, Chartered Accountants (Firm Registration No. 159649W) as statutory auditor effective 1st June 2026 for financial year 2026-2027. The firm is headquartered at 35, 4th Floor, Shree Krishna Tower, Near Navrangpura Jain Derasar, Navrangpura, Ahmedabad - 380009. The disclosure confirms the new auditor is not related to any director of the Company.

Financial Results Overview

For the year ended March 31, 2026:

  • Total Income: ₹1,725.73 lakh
  • Total Expenses: ₹2,362.69 lakh
  • Loss before tax: ₹(636.96) lakh
  • Total Tax Expenses: ₹(0.01) lakh (including income tax for earlier years of ₹(0.01) lakh and deferred tax charge/benefit of ₹(0.01) lakh)
  • Loss for the period: ₹(636.95) lakh
  • Basic and Diluted EPS: (₹3.32) per share
  • Paid-up Equity Share Capital: ₹1,920.00 lakh (face value ₹10 each)

Quarterly Performance

Q4 FY26 (March 31, 2026): Revenue from operations ₹294.77 lakh, Other income ₹6.89 lakh, Total Income ₹301.66 lakh, Total Expenses ₹918.94 lakh, Loss before tax ₹(617.28) lakh, Loss for the period ₹(617.28) lakh, EPS (₹3.22)

Balance Sheet Position (as at March 31, 2026)

  • Total Non-current assets: ₹440.76 lakh
  • Total Current assets: ₹1,393.90 lakh (including Cash and cash equivalents ₹582.96 lakh)
  • Total Assets: ₹1,834.66 lakh
  • Total Equity: ₹481.25 lakh (Equity share capital ₹1,920.00 lakh, Other equity ₹(1,438.75) lakh)
  • Total Current liabilities: ₹1,353.41 lakh
  • Total Equity and Liabilities: ₹1,834.66 lakh

Cash Flow Statement

For year ended March 31, 2026:

  • Net cash flow from operating activities: ₹201.18 lakh
  • Net cash flow used in investing activities: ₹(440.76) lakh
  • Net cash flow from financing activities: ₹144.63 lakh
  • Net decrease in cash and cash equivalents: ₹(94.95) lakh
  • Cash and cash equivalents at year end: ₹0.58 lakh

Auditor's Disclaimer Opinion

NKSC & Co issued a disclaimer of opinion on the annual financial results, stating they were unable to obtain sufficient appropriate audit evidence. The management did not provide necessary records including loan agreements, trade receivables and payables confirmations, and invoices/supporting vouchers for sales and purchases. Consequently, the auditor could not verify the state of affairs, loss, or cash flows for the year ended March 31, 2026.

Notes to Financial Results

Key disclosures include:

  • The financial results were reviewed by Audit Committee and approved by Board on May 30, 2026
  • Due to resignation of managing director in FY2024-25, the Company could not reapply for TAN in new company name initially but submitted application in FY2025-26
  • The Company did not have a Company Secretary as required under section 203 of Companies Act, 2013 at the date of approval
  • Segment reporting under IND AS 108 not applicable as company operates in single segment
  • No fund raising during the quarter, so statement of deviation not applicable