PATRON EXIM LIMITED - H1 FY27 FINANCIAL RESULTS FILING

Financial Results Performance

Income Statement Highlights (₹ in Lakhs):

  • Revenue from Operations: ₹0.00 (compared to ₹2,372.11 in H1 FY26 and ₹2,420.85 in FY26)
  • Other Income: ₹0.00 (compared to ₹4.33 in H1 FY26 and ₹8.67 in FY26)
  • Total Revenue: ₹0.00 (compared to ₹2,376.44 in H1 FY26 and ₹2,429.52 in FY26)
  • Total Expenses: ₹8.54 (including depreciation of ₹0.75, other expenses of ₹7.79)
  • Profit Before Tax: (₹8.54) loss (compared to ₹1.99 profit in H1 FY26 and (₹108.46) loss in FY26)
  • Tax Expense: ₹0.00
  • Net Loss for Period: (₹8.54) (compared to ₹1.49 profit in H1 FY26 and (₹108.96) loss in FY26)
  • Earnings Per Share (Basic & Diluted): Not quantified (compared to ₹0.01 in H1 FY26 and ₹0.03 in FY25)

Balance Sheet Position as at September 30, 2026 (₹ in Lakhs):

  • Share Capital: ₹2,318.00 (unchanged)
  • Reserves and Surplus: ₹1,485.28 (decreased from ₹1,493.82)
  • Short-Term Borrowings: ₹208.81 (unchanged)
  • Trade Payables: ₹720.43 (increased from ₹716.81)
  • Other Current Liabilities: ₹82.64 (decreased from ₹83.04)
  • Short-Term Provisions: ₹49.88 (unchanged)
  • Fixed Assets: ₹3.21
  • Current Investments: ₹884.34
  • Inventories: ₹102.12 (unchanged)
  • Trade Receivables: ₹420.23
  • Cash and Cash Equivalents: ₹4.00 (unchanged)
  • Short-Term Loans and Advances: ₹2,878.37
  • Other Current Assets: ₹572.77 (includes advance to supplier of ₹560.79)

Cash Flow Statement for H1 FY27 (₹ in Lakhs):

  • Profit Before Taxation: (₹8.54)
  • Cash Generated from Operations: (₹0.00)
  • Net Cash from Operating Activities: (₹0.00)
  • Net Cash from Investing Activities: ₹0.00
  • Net Cash from Financing Activities: ₹0.00
  • Cash and Cash Equivalents at End: ₹4.00 (unchanged from beginning)

Auditor's Limited Review Report

J.M. Patel & Bros., Chartered Accountants, issued a qualified limited review conclusion noting 15 matters requiring attention:

1. Continuation of previous year qualifications regarding loans and advances of ₹2,878.37 lakh, advances to creditors of ₹560.79 lakh, and investments of ₹884.34 lakh without adequate verification of party-wise confirmations, agreements, purpose, terms, and recoverability.

2. No revenue in current half year with requirement for complete documentary explanation including business activity details, purchase/sales registers, GST returns, e-way bills, and bank transactions.

3. Inventory concerns regarding existence, valuation, storage and insurance of ₹102.12 lakh inventory which was not independently verified.

4. Accounting software and audit trail non-compliance with Section 128(5) of Companies Act, 2013 regarding non-disable audit trail feature.

5. Advances to creditors of ₹560.79 lakh requiring supplier-wise confirmations and evidence of recoverability.

6. TDS payable of approximately ₹34.45 lakh and statutory dues aggregating to ₹82.64 lakh requiring reconciliation and evidence of payment.

7. Internal audit non-conduct despite appointment for FY 2025-26.

8. Related-party transactions concerns regarding compliance with Sections 177, 185, 186, 188 and 189 of Companies Act, 2013.

9. Income-tax and GST demands including online income-tax demand of approximately ₹15.37 crore plus interest of ₹2.61 crore for AY 2023-24, and GST demand of approximately ₹21.98 crore for FY 2017-18 in the name of Arvind Traders (erstwhile firm).

10. Investments of ₹884.34 lakh requiring details, confirmations, agreements, and impairment assessment.

11. Cash flow, liquidity and going concern concerns with negative cash flow, significant deployment in loans and advances, and bank accounts being inoperative.

12. Inconsistency in disclosure of advance to suppliers between financial statements and notes.

13. No revenue and business continuity issues requiring explanation of suspended operations.

14. Expenses accounting treatment requiring supporting documents for preliminary/IPO expenses write-off of ₹4.56 lakh.

15. Other balances confirmation needed for trade receivables of ₹420.23 lakh, trade payables of ₹720.43 lakh, and other current assets of ₹572.77 lakh.

IPO Fund Utilization

Funds Raised: ₹16.68 Crores (including issue expenses of ₹141.60 Lakhs) on 01-03-2023

Utilization Status: No deviation reported

  • Working capital requirements: Allocated ₹11.47 Lakh, Utilized ₹11.47 Lakh
  • General corporate purposes: Allocated ₹3.80 Lakh, Utilized ₹3.80 Lakh
  • Public issue related expenses: Allocated ₹1.42 Lakh, Utilized ₹1.18 Lakh

Related Party Transactions

Outstanding Loans to Directors:

  • Bhumishth Patel (Director): ₹145.35 Lakh
  • Narendrakumar Patel (Director): ₹20.41 Lakh

Total outstanding loans to directors: ₹165.76 Lakh