Board Meeting Details

The Board Meeting commenced at 07:00 PM and ended at 07:30 PM on May 29, 2026.

Key Decisions Approved

1. Audited Financial Results: Approved the Audited Financial Results for the quarter and year ended March 31, 2026.

2. Internal Auditor Appointment: Approved the appointment of M/s. Sundararajan and Harish, Chartered Accountants (Firm Registration Number 004218S) as Internal Auditor for FY 2026-27.

Financial Results Highlights

Income Statement (Year Ended March 31, 2026):

  • Revenue from operations: ₹332.87 lakh (FY25: ₹482.64 lakh)
  • Other Income: ₹0.31 lakh (FY25: ₹0.61 lakh)
  • Total Income: ₹333.17 lakh (FY25: ₹483.26 lakh)
  • Total Expenses: ₹541.75 lakh (FY25: ₹857.53 lakh)
  • Net Loss: ₹(208.58) lakh (FY25: ₹(374.27) lakh)
  • Basic and Diluted EPS: ₹(5.21) (FY25: ₹(9.36))

Balance Sheet (as at March 31, 2026):

  • Total Assets: ₹1,147.88 lakh
  • Total Liabilities: ₹3,997.14 lakh
  • Net Worth: ₹(2,849.26) lakh
  • Equity Share Capital: ₹400.00 lakh
  • Other Equity: ₹(3,249.25) lakh

Cash Flow Statement (Year Ended March 31, 2026):

  • Net cash from operating activities: ₹(202.51) lakh
  • Net cash from investing activities: ₹(40.89) lakh
  • Net cash from financing activities: ₹236.44 lakh
  • Net decrease in cash and cash equivalents: ₹(6.96) lakh
  • Cash and cash equivalents at end: ₹13.86 lakh

Audit Qualification

Statutory Auditors M/s. S K SV M & Co., Chartered Accountants (Firm Registration Number 002045S) issued a qualified audit opinion due to:

  • Ind AS 116 'Leases': Inability to compute Right-of-Use assets and lease liabilities due to incomplete lease documentation and discount rate computation inputs
  • Ind AS 109 'Financial Instruments': Classification and measurement performed based on previous GAAP due to lack of historical credit risk and effective interest rate data for ECL modeling
  • Ind AS 115 'Revenue from Contracts': Inability to segregate and assess sales returns and contract modifications due to data limitations

The auditors stated that the financial impact of these non-compliances cannot be quantified with available data.

Internal Auditor Appointment Details

M/s. Sundararajan and Harish appointed effective May 29, 2026 for FY 2026-27:

  • Firm Registration Number: 004218S
  • Office Address: 29/1, "HM Strafford" Ground Floor, 7th Cross, Vasanth Nagar, Bangalore-560052
  • Team size: 40 members
  • Field of Experience: Internal Audit & Assurance; Taxation & Regulatory Services
  • No relationships between directors and the appointed auditors (Not Applicable)

Key Management Personnel

  • Managing Director: Gullu Gellaram Talreja (DIN: 01740145)
  • CFO: Rajesh Manoharlal Talreja
  • Audit Committee Chairman: Nitesh Nanik Rohera
  • Statutory Auditor: Cashivakumar CV (Partner, M/s. S K SV M & Co.)

Additional Information

  • Company CIN: L00309KA1982PLC004960
  • Factory: #168, Peenya Industrial Area Phase-1, Pipeline Road, Peenya 2nd Phase, Bengaluru, Karnataka 560058
  • The company faced constraints in system readiness, data availability, and resource limitations affecting Ind AS compliance
  • Management committed to addressing compliance gaps in the coming financial year