Key Decisions and Quantitative Figures

The Board of Directors made the following decisions and approvals:

1. Approval of Financial Results: Approved the Standalone Unaudited Financial Results for the quarter ended June 30, 2026 (Q1 FY27). The results, which were reviewed by the Audit Committee, show:

  • Revenue from Operations: Rs 166.77 lakh
  • Other Income: Rs 0.03 lakh
  • Total Income: Rs 166.77 lakh
  • Total Expenses: Rs 182.87 lakh
  • Loss before tax: Rs (16.10) lakh
  • Tax Expense: Rs 0.04 lakh
  • Net Loss for the period: Rs (16.10) lakh
  • Total Comprehensive Income for the period: Rs (16.06) lakh
  • Earnings per equity share (Basic and Diluted): Rs (0.02)
  • Paid-up Equity Share Capital: Rs 9,827.92 lakh (Face value Rs 10 per share)

2. Appointment of Internal Auditor: Approved the appointment of M/s. R K Doshi & Co LLP as the Internal Auditor of the Company for the financial year 2026-27. The appointment is effective from July 24, 2026. The firm consists of Chartered Accountants with experience in accounts and audit.

3. Adoption of New Articles of Association: Approved the adoption of a new set of Articles of Association (AOA) to bring them in line with the Companies Act, 2013, replacing the existing AOA based on the Companies Act, 1956. This adoption is subject to the approval of the company's shareholders.

4. Other Business: Considered and approved other businesses as per the circulated agenda.

Financial and Operational Impact

  • The financial results indicate a net loss of Rs 16.10 lakh for the quarter.
  • The auditors, M.S. Krishnaswami & Rajan, issued a qualified conclusion on the financial results. The basis for this qualification is that the company has generated negative operating cash flows, incurred substantial operating losses, and seen a significant deterioration in the value of assets used to generate cash flows. These factors indicate a material uncertainty regarding the company's ability to continue as a going concern for a reasonable period. The financial statements do not include any adjustments that might result from this uncertainty.
  • The company notes that the issues of negative cash flows and operating losses are being addressed through a proposed restructuring of operations.
  • The appointment of the new internal auditor represents a change in service provider for the FY 2026-27 audit.
  • The adoption of the new AOA will modernize the company's corporate governance framework upon shareholder approval.

Dates and Timelines

  • Board Meeting: Held on July 24, 2026, from 04:00 P.M. to 07:45 P.M.
  • Trading Window: The trading window for dealing in the company's securities will open on July 26, 2026.
  • Auditor's Report Date: The limited review report by the statutory auditors is dated July 24, 2026, from Chennai.

Parties Involved

  • Statutory Auditors: M.S. Krishnaswami & Rajan, Chartered Accountants
  • New Internal Auditor: M/s. R K Doshi & Co LLP
  • Stock Exchange: BSE Limited

Additional Notes from Financials

  • The company operates in a single segment: vitrified tiles.
  • As a matter of prudence, the accrual of deferred tax asset as of June 30, 2026, has been restricted to the amount of deferred tax liability.
  • The figures for the quarter ended March 31, 2026 (Q4 FY26), are a balancing figure between the audited annual figures and the previously published year-to-date figures up to December 31, 2025.