Board Meeting Details

The Board of Directors meeting was held on 2nd November, 2026, at the company's Registered Office (A-1106, Empire Business Hub, Science City Road, Sola, Ahmedabad, Gujarat, 380060). The meeting commenced at 04:00 P.M. and concluded at 06:00 P.M.

Matters Approved

The Board inter-alia considered and approved:

1. The Unaudited Financial Results of the Company for the Half Year ended on 30th September, 2026 along with Limited Review Report.

2. Statement of Deviations/Variations for the proceeds of the Initial Public Offering ("IPO") for the Half Year ended on 30th September, 2026 as per Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Results Highlights (Half Year Ended September 30, 2026)

Profit & Loss Statement (₹ in Lakhs)

  • Revenue from Operations: ₹0.00 (Unaudited)
  • Other Income: ₹0.00 (Unaudited)
  • Total Revenue: ₹0.00 (Unaudited)
  • Total Expenses: ₹8.54 (Unaudited)
  • Depreciation and Amortization expense: ₹0.75
  • Other Expenses: ₹7.79
  • Profit before tax: (₹8.54) (Loss)
  • Tax expense: ₹0.00
  • Profit (Loss) for the period: (₹8.54) (Loss)
  • Paid Up Equity Share Capital: ₹2,318.00 Lakhs
  • Face Value of equity share: ₹10
  • Earnings per equity share (Basic): Not quantifiably provided (shown as symbols)
  • Earnings per equity share (Diluted): Not quantifiably provided

Comparative Figures (₹ in Lakhs)

  • Half Year Ended Sept 30, 2025: Revenue from Operations: ₹2,372.11; Profit for period: ₹1.49
  • Year Ended March 31, 2026 (Audited): Revenue from Operations: ₹2,420.85; Profit for period: (₹108.96) (Loss)
  • Year Ended March 31, 2025 (Audited): Revenue from Operations: ₹2,436.42; Profit for period: ₹7.10

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

  • Total Shareholders Funds: ₹3,803.28 (Unaudited)
  • Share Capital: ₹2,318.00
  • Reserves and Surplus: ₹1,485.28
  • Current Liabilities: ₹1,061.76 (Unaudited)
  • Short-Term Borrowings: ₹208.81
  • Trade Payables: ₹720.43
  • Other Current Liabilities: ₹82.64
  • Short-Term Provisions: ₹49.88
  • Total Liabilities: ₹4,865.04 (Unaudited)
  • Non-Current Assets: ₹3.21 (Unaudited) [Tangible Assets]
  • Current Assets: ₹4,861.83 (Unaudited)
  • Current Investments: ₹884.34
  • Inventories: ₹102.12
  • Trade Receivables: ₹420.23
  • Cash and Cash Equivalents: ₹4.00
  • Short-Term Loans and Advances: ₹2,878.37
  • Other Current Assets: ₹572.77
  • Total Assets: ₹4,865.04 (Unaudited)

Cash Flow Statement (Half Year Ended September 30, 2026) (₹ in Lakhs)

  • Profit before taxation: (₹8.54)
  • Adjustments for Depreciation: ₹0.75
  • Cash generated from operations: ₹(0.00)
  • Net cash from operating activities: ₹(0.00)
  • Net cash used in investing activities: Not quantifiably provided (shown as symbols)
  • Net cash used in financing activities: Not quantifiably provided (shown as symbols)
  • Net increase in cash and cash equivalents: ₹(0.00)
  • Cash and cash equivalents at beginning of period: ₹4.00
  • Cash and cash equivalents at end of period: ₹4.00

Limited Review Report by Auditor (J. M. PATEL & BROS., Chartered Accountants)

The independent auditor issued a qualified limited review report (Ref. No.: 080/2026-27, Date: 02/11/2026) with a conclusion subject to the possible effects of 15 unresolved matters detailed in Annexure 1. The report states that based on their review, nothing has come to their attention that causes them to believe the Statement contains any material misstatement, but this is subject to the matters described.

Key Matters from Auditor's Annexure 1:

1. Continuation of prior issues: Loans and advances of ₹2,878.37 Lakhs (approx. ₹28.78 crore), advances to creditors of ₹560.79 Lakhs (approx. ₹5.61 crore), and investments of ₹884.34 Lakhs (approx. ₹8.84 crore) remain unverified regarding confirmations, agreements, purpose, terms, and recoverability.

2. No revenue in current half year: Absence of business turnover (NIL revenue and NIL purchases) requires complete documentary explanation including GST returns, e-way bills, and business activity details.

3. Inventory: Inventory of ₹102.12 Lakhs lacks independent verification, godown details, insurance, and net realisable value assessment.

4. Accounting software and audit trail: Non-compliance concern regarding audit trail requirement under Companies Act rules persists.

5. Advances to creditors: ₹560.79 Lakhs advance requires supplier-wise confirmations and recoverability assessment.

6. Statutory dues: TDS payable of ~₹34.45 Lakhs and other duties/taxes of ₹82.64 Lakhs require reconciliation and evidence of payment.

7. Internal audit: No internal audit activities were conducted, requiring evaluation of non-compliance.

8. Related-party transactions: Concerns regarding compliance with Companies Act sections 177, 185, 186, 188, and 189 for loans and advances.

9. Contingent liabilities: Income-tax demand of ~₹15.37 crore + interest for AY 2023-24 and GST demand of ~₹21.98 crore for FY 2017-18 (in name of Arvind Traders) require status update and liability assessment.

10. Investments: ₹884.34 Lakhs investments require details, confirmations, and impairment assessment.

11. Going concern: Negative cash flow, cash balance of only ₹4.00 Lakhs, and significant deployment in loans/advances raise concerns; bank accounts are inoperative.

12. Classification inconsistency: Advance to suppliers of ₹560.79 Lakhs is presented inconsistently between notes and balance sheet.

13. No revenue and business operations: Management must explain suspended/dormant operations and compliance status.

14. Expenses accounting: Write-off of preliminary expenses (₹4.56 Lakhs) and treatment of IPO expenses (₹11.67 Lakhs) require supporting evidence and policy justification.

15. Other balances: Trade receivables (₹420.23 Lakhs), trade payables (₹720.43 Lakhs), unsecured loans (₹208.81 Lakhs) require confirmations and recoverability assessment.

Additional Notes from Company

  • The results are published pursuant to Regulation 33 of SEBI LODR Regulations.
  • The company is exempt from adopting IND AS as it is listed on an SME Exchange.
  • No investor complaints were received/pending as on September 30, 2026.
  • Previous figures have been regrouped/reclassified where necessary.
  • The company has only one reportable business segment: Trading of Agro Commodity.
  • These results will be filed with BSE Limited.