Summary of Key Information:

Reporting Period (Quarter/Year): Quarters ended 30th June 2025, 30th September 2025, 31st December 2025

Nature of Filing / Announcement: Outcome of Monitoring Committee Meeting under Regulation 30 of SEBI (LODR) Regulations, 2015

Audit Opinion:

Qualified Conclusion. The Statutory Auditors, R. R. Tibrewala & Co., issued a limited review report with a qualified conclusion for all three quarters.

Auditor’s Comment:

The basis for the qualified conclusion includes:

  • The Company was under Corporate Insolvency Resolution Process (CIRP) during the period.
  • Financial results for the first three quarters of FY 2024-25 were not prepared, so comparative quarterly figures are unavailable.
  • The Company incurred losses during the quarters, and its net worth is negative, indicating a material uncertainty related to going concern. However, financial results were prepared on a going concern basis due to the subsequent approval of the resolution plan.

An Emphasis of Matter paragraph draws attention to the approval of the Resolution Plan by the NCLT on July 31, 2025, after the reporting period.

Key Financial Highlights [Amount in INR Lakhs]:

Standalone Results:

For the quarter ended 30 June 2025:
  • Revenue from Operations: ₹0.00
  • Other Income: ₹0.86
  • Total Income: ₹0.86
  • Total Expenses: ₹41.84
  • Employee Benefits Expense: ₹0.44
  • Depreciation and amortisation expense: ₹22.31
  • Other expenses: ₹19.10
  • Loss before tax: ₹(40.98)
  • Loss for the period: ₹(40.98)
  • EPS: ₹(0.20) [Basic and Diluted]
  • Paid-up Equity Share Capital: ₹2,057.80
  • Other Equity: ₹(37,749.24)
For the quarter ended 30 September 2025:
  • Revenue from Operations: ₹0.00
  • Other Income: ₹7.71
  • Total Income: ₹7.71
  • Total Expenses: ₹59.50
  • Employee Benefits Expense: ₹0.20
  • Depreciation and amortisation expense: ₹22.52
  • Other expenses: ₹36.77
  • Loss before tax: ₹(51.79)
  • Loss for the period: ₹(51.79)
  • EPS: ₹(0.25) [Basic and Diluted]
  • Paid-up Equity Share Capital: ₹2,057.80
  • Other Equity: ₹(119.22)
For the quarter ended 31 December 2025:
  • Revenue from Operations: ₹0.00
  • Other Income: ₹9.38
  • Total Income: ₹9.38
  • Total Expenses: ₹135.00
  • Employee Benefits Expense: ₹0.94
  • Depreciation and amortisation expense: ₹67.35
  • Other expenses: ₹66.72
  • Loss before tax: ₹(125.62)
  • Loss for the period: ₹(125.62)
  • EPS: ₹(0.61) [Basic and Diluted]
  • Paid-up Equity Share Capital: ₹2,057.80
  • Other Equity: ₹(277.68)
Consolidated Results:

Not Specified. Only standalone results are provided.

Assets and Liabilities as of 30 September 2025:
  • Total Assets: ₹4,622.79 Lakhs
  • Property, Plant and Equipment: ₹1,951.00
  • Capital work-in-progress: ₹20.17
  • Investments: ₹7.04
  • Loans: ₹16.45
  • Deferred tax assets (net): ₹612.53
  • Other non-current assets: ₹744.09
  • Inventories: ₹1.47
  • Cash and cash equivalents: ₹39.30
  • Bank balances other than above: ₹226.62
  • Loans and advances: ₹0.82
  • Other financial assets: ₹1,003.29
  • Total Equity and Liabilities: ₹4,622.79 Lakhs
  • Equity share capital: ₹2,057.80
  • Other Equity: ₹(119.22)
  • Other financial liabilities (non-current): ₹973.40
  • Borrowings (current): ₹1,678.55
  • Trade payables: ₹6.40
  • Other financial liabilities (current): ₹4.96
  • Other current liabilities: ₹14.71
  • Provisions (current): ₹6.19
Cash Flow Statement (Half Year ended 30.09.2025):
  • Net cash from operating activities: ₹(138.66)
  • Net cash used in investing activities: ₹(34.59)
  • Net cash from financing activities: ₹(5.57)
  • Net decrease in cash and cash equivalents: ₹(177.19)
  • Cash and cash equivalents at beginning of period: ₹216.49
  • Cash and cash equivalents at end of period: ₹39.30

Segment-wise Performance:

The Company operates in a single segment; hence, segment reporting under Ind AS 108 is not applicable.

Corporate Actions:

Not Specified. No dividends, buybacks, or other capital structure changes were announced.

Committee Formations:

  • Audit Committee: Constituted with Mr. Bhupeshkumar Jain (Independent Director) as Chairperson, Ms. Muskaan Pherwani (Independent Director) as Member, and Mr. Mahendra Kumar Jain (Executive Director) as Member.
  • Stakeholder's Relationship Committee: Constituted with Ms. Muskaan Pherwani (Non-Executive Director) as Chairperson, Mr. Bhupeshkumar Jain (Independent Director) as Member, and Mr. Mahendra Kumar Jain (Executive Director) as Member.

Appointments:

  • Independent Director: Mr. Ruhini Kumar Chakraborty (DIN: 08124270) was appointed effective May 27, 2026.
  • Chief Executive Officer (CEO): Mr. Dipak Kumar Shaw (PAN: CCYPS8421F) was appointed effective May 27, 2026.
  • Statutory Auditors: M/s. R. R. Tibrewala & Co., Chartered Accountants (Firm Registration No. 112387W), were appointed for FY 2025-26.
  • Secretarial Auditor: M/s. Aabid & Co, Company Secretaries, were appointed for FY 2025-26.

Other Disclosures:

  • The company was admitted into Corporate Insolvency Resolution Process (CIRP) vide NCLT Mumbai order dated December 5, 2022 (IA 1521/2022 In C.P. (IB)/1738(MB)2017).
  • A Resolution Plan submitted by Kshitij Polyline Limited was approved by the Committee of Creditors (CoC) and thereafter by the NCLT on July 31, 2025.
  • Key features of the Resolution Plan:
  • Total resolution amount: ₹2,665 lakhs
  • Payment towards creditors: ₹2,314 lakhs
  • Capex & working capital: ₹351 lakhs
  • The Resolution Applicant infused funds amounting to ₹973.40 lakhs up to September 2025 and ₹1,508.16 lakhs up to December 2025.
  • The Monitoring Committee discussed CIRP costs and the refund/release of a 10% Performance Bank Guarantee furnished by the Successful Resolution Applicant.
  • Approval was given to open a current Bank Account with ICICI Bank to facilitate smooth day-to-day business operations.

Other Significant Information:

  • The company generated no revenue from operations in any of the reported quarters.
  • There were no exceptional items during any period.
  • The financial results for the first three quarters of FY 2024-25 were not prepared, so year-ended figures for 31 March 2025 are provided as the only comparison.