Key Quantitative Figures

Financial Performance (Figures in ₹ thousands)

  • Revenue from Operations: ₹0.00 (FY26) vs ₹0.00 (FY25)
  • Other Income: ₹0.00 (FY26) vs ₹0.00 (FY25)
  • Total Expenses: ₹2,234.70 (FY26) vs ₹2,494.41 (FY25)
  • Employee Benefits: ₹133.00 (FY26) vs ₹326.56 (FY25)
  • Finance Costs: ₹0.64 (FY26) vs ₹1.33 (FY25)
  • Depreciation: ₹5.36 (FY26) vs ₹3.84 (FY25)
  • Administrative & Other Expenses: ₹2,095.69 (FY26) vs ₹2,162.67 (FY25)
  • Net Loss: ₹(2,234.70) (FY26) vs ₹(1,188.28) (FY25)
  • Earnings Per Share: ₹(0.78) (FY26) vs ₹(0.42) (FY25)
  • Total Comprehensive Income: ₹0.00 (FY26) vs ₹1,306.13 (FY25)

Balance Sheet Position (as at 31st March, 2026)

  • Share Capital: ₹2,85,40,000 (28,54,000 equity shares of ₹10 each)
  • Other Equity: ₹(2,58,667.25) (negative)
  • Non-Current Assets: ₹41,652.12 (including Investments ₹41,000.00)
  • Current Assets: ₹36,15,269.34
  • Trade Receivables: ₹31,65,199.19 (considered doubtful)
  • Cash & Cash Equivalents: ₹3,134.87
  • Other Financial Assets: ₹4,45,548.22 (loans to related parties considered doubtful)
  • Current Liabilities: ₹38,85,202.80
  • Short-Term Borrowings: ₹10,72,183.24 (from banks and related parties)
  • Trade Payables: ₹20,89,145.47
  • Other Current Liabilities: ₹7,23,874.09

Key Financial Ratios

  • Current Ratio: 0.93 (FY26) vs 0.93 (FY25)
  • Debt-Equity Ratio: (4.66) (FY26) vs (4.70) (FY25)
  • Return on Equity: Not meaningful due to negative net worth

Dates of Action

  • Financial Year: 1st April, 2025 to 31st March, 2026
  • AGM Date: 30th September, 2026 at 3:00 PM through VC/OAVM
  • Remote e-Voting Period: 27th September, 2026 (9:00 AM) to 29th September, 2026 (5:00 PM)
  • Record Date: 23rd September, 2026
  • Board Meeting Dates: 30th May 2025, 14th August 2025, 14th November 2025, 13th February 2026

Parties Involved

Board of Directors

  • Mr. Nipun Verma (DIN: 02923423) - Whole Time Director (retiring by rotation)
  • Mr. Arvind Srivastava (DIN: 01957831) - Director
  • Mrs. Poonam Singh (DIN: 07099937) - Independent Director

Key Managerial Personnel

  • Mansi Bajpai - Company Secretary & Compliance Officer (upto 1st September, 2025)
  • Vacant - Chief Financial Officer (throughout FY26)
  • Vacant - Company Secretary (from 1st September, 2025)

Regulatory & Service Providers

  • Statutory Auditors: M/s. Bhatter & Associates, Chartered Accountants
  • Secretarial Auditor: M/s. Gopesh Sahu, Practicing Company Secretary
  • RTA: MUFG Intime India Pvt Ltd (formerly Link Intime India Private Limited)
  • Scrutinizer: Mr. Jinesh Dedhia, Practicing Company Secretary

Financial & Operational Impact

Explicitly Disclosed Impacts

  • No business operations since FY 2019-20
  • Net worth fully eroded due to finance costs
  • Bank loans of ₹68.75 crore classified as NPA since 2018 (Indian Overseas Bank and Punjab National Bank)
  • No interest provided on bank borrowings since August 2018
  • Trade receivables of ₹316.52 crore considered doubtful with no provision
  • Investments in Frost International Limited of ₹41 crore considered doubtful with no provision
  • Loans to related parties of ₹40.68 crore considered doubtful with no provision
  • No dividend recommended due to losses
  • No amount transferred to reserves due to losses

Capital Structure Impact

  • No change in share capital during the year
  • 93.11% of equity shares held in dematerialized form

Governance & Compliance Issues

Statutory Auditor's Qualified Opinion

Basis for qualified opinion relates to:

  • Sundry debtors of ₹316.52 crore includes over dues receivable due to credit impaired
  • Non-current investment & loan to related parties of ₹4.10 crore & ₹40.68 crore respectively considered doubtful
  • Absence of sufficient appropriate audit evidence for carrying value and recoverability

Emphasis of Matter

  • Credit facilities from banks became non-performance account with forensic audit conducted
  • Net worth fully eroded with no business operations since FY20, but accounts prepared on going concern basis
  • Default in repayment of principal and interest to bankers indicating liquidity stress

Secretarial Audit Exceptions

  • Non-compliance with Section 138: Not appointed Internal Auditor
  • Audit Committee and NRC Committee not duly constituted
  • Not conducted separate meeting of Independent Directors as per Schedule IV
  • Not appointed CFO and Company Secretary as per Section 203
  • Not filed Form MGT-15 and Form DPT-3 with ROC

Legal & Regulatory Proceedings

  • SFIO Enquiries: Seeking information about company affairs, company cooperating
  • CBI Proceedings: Pending before Trial Court at Lucknow at preliminary stage
  • Bank Proceedings: Declared wilful defaulter by Indian Overseas Bank and Oriental Bank of Commerce
  • High Court Order: Delhi High Court vide order dated 12.05.2023 set aside declaration of fraud against company
  • Stay on Proceedings: Received stay on wilful defaulter proceedings initiated by banks
  • Frost International Matter: Outstanding advance of ₹38.47 crore to Frost International written off based on NCLT resolution plan order dated 5th June, 2026

Forward-looking Statements

Management is hopeful to meet company's financial obligations and continue business operations in future. Accounts prepared on going concern basis despite material uncertainty.