Board Meeting Details
- Meeting Date: November 13, 2026
- Commencement Time: 4:00 PM
- Conclusion Time: 9:40 PM
- Approved unaudited standalone financial results for Q2 and half year ended September 30, 2026
- Approved unaudited consolidated financial results for Q2 and half year ended September 30, 2026
- Results reviewed and recommended by Audit Committee
- Results include Limited Review Report of Statutory Auditors
Financial Results Overview
Standalone Performance (Rs. in Lakhs)
Half Year Ended September 30, 2026:
- Total Income: ₹1.53
- Employee Benefit Expenses: ₹6.26
- Finance Cost: ₹0.01
- Other Expenses: ₹13.22
- Total Expenses: ₹19.49
- Loss Before Tax: ₹(17.96)
- Other Comprehensive Income: ₹0.31
- Total Comprehensive Loss: ₹(17.65)
- EPS (Basic & Diluted): ₹(0.02)
Quarter Ended September 30, 2026:
- Loss Before Tax: ₹(6.83)
- Total Comprehensive Loss: ₹(6.52)
- EPS (Basic & Diluted): ₹(0.01)
Consolidated Performance (Rs. in Lakhs)
Half Year Ended September 30, 2026:
- Revenue from Operations: ₹1.79
- Total Income: ₹1.79
- Employee Benefit Expenses: ₹8.26
- Finance Cost: ₹(10.78) [negative due to reversal/adjustment]
- Other Expenses: ₹17.97
- Total Expenses: ₹15.45
- Loss Before Tax: ₹(13.65)
- Other Comprehensive Income: ₹99.55
- Total Comprehensive Income: ₹85.90
- EPS (Basic & Diluted): ₹0.12
Quarter Ended September 30, 2026:
- Profit Before Tax: ₹0.20
- Total Comprehensive Income: ₹95.66
- EPS (Basic & Diluted): ₹0.13
Financial Position
Standalone Balance Sheet (as at September 30, 2026, Rs. in Lakhs)
- Total Assets: ₹1,371.79
- Property, Plant and Equipment: ₹266.69
- Investments: ₹150.01
- Trade Receivables: ₹530.40
- Deferred Tax Assets: ₹132.28
- Inventories: ₹25.32
- Cash and Cash Equivalents: ₹1.36
- Total Equity: ₹(47.60) [negative]
- Borrowings (Non-current): ₹630.56
- Trade Payables: ₹759.08 (₹2.87 to MSME, ₹756.21 to others)
- Current Liabilities: ₹1,419.39
Consolidated Balance Sheet (as at September 30, 2026, Rs. in Lakhs)
- Total Assets: ₹36,041.97
- Property, Plant and Equipment: ₹6,083.32
- Financial Assets: ₹28,565.17
- Trade Receivables: ₹366.41
- Deferred Tax Assets: ₹92.53
- Inventories: ₹25.32
- Cash and Cash Equivalents: ₹57.79
- Total Equity: ₹(23,873.69) [negative]
- Borrowings (Non-current): ₹761.81
- Borrowings (Current): ₹55,606.52
- Trade Payables: ₹818.33 (₹2.87 to MSME, ₹815.46 to others)
- Current Liabilities: ₹59,142.02
Auditor's Qualified Conclusions
Standalone Financials
Basis for Qualified Conclusion:
- No impairment testing conducted on fixed assets despite no manufacturing activity since FY 2017-18
- No depreciation charged on property, plant and equipment for quarter ending September 30, 2026
- Trade receivables of ₹530.40 lakhs outstanding long overdue without provision for expected credit loss
- No confirmation of debtor balances obtained
- Non-compliance with Ind AS 19 for employee benefit costs recognition
Material Uncertainty Related to Going Concern:
- Accumulated losses and eroding net worth
- Current liabilities exceed current assets
- No business activity undertaken throughout the year and earlier years
- Financial statements prepared on going concern basis despite uncertainty
Emphasis of Matter:
- Corporate guarantee of ₹807.46 crores given for subsidiary SSA International Limited's secured loans classified as NPA
- Received notice u/s 13(2) of SARFAESI Act 2002 from consortium of banks for guarantee revocation
- Received notice from IDBI Bank regarding potential wilful defaulter classification
- Consortium bankers filed recovery petition before Debt Restructuring Tribunal-II, Delhi (O.A 530/18 dated 24/05/2018)
- IDBI Bank declared main borrower SSA International Ltd, its directors and guarantors (including Samtex Fashions) as wilful defaulters
- Subsidiary SSA International received demand notice on 30.10.2026 from DRT-3 Delhi for ₹437.57 crore
- No physical verification evidence for fixed assets and inventory
- Loans and advances outstanding long time without recovery confirmation
- Inventories of ₹25.32 lakhs not used for long period without obsolescence provision
- Deferred tax assets of ₹132.28 lakhs carried forward without probable certainty of future taxable income
- No confirmation of balances for loans, advances, trade payables, security deposits, government balances, bank balances, FDRs with interest, and bank loans
- MSME classification based on management knowledge without verification
- Bank accounts under debit freeze by EPF department
- ₹118.67 lakhs deposited under protest for Income Tax litigations without current status details
Consolidated Financials
Additional Qualified Points:
- Subsidiary SSA International Ltd defaulted in repayment obligations to banking institutions
- Management unable to estimate interest payable on bank debts due to lack of account statements
- Non-recognition of interest expenses not in accordance with Ind AS on borrowing costs
- Subsidiary assets auctioned by banks without recording the transactions in financial results
- Samalkha plant assets sold by IDBI Bank and consortium members
- Industrial Plot at Mandideep, Madhya Pradesh sold by consortium banks and NARCL
- No information on asset sale details, transaction values, or bank utilization of sale proceeds
- Assets of directors/guarantors also sold by consortium bankers with adjustments to owed amounts not recorded
Subsidiary Information
Consolidated results include:
- M/s SSA International Ltd (wholly owned subsidiary)
- M/s Lina Global INC (wholly owned subsidiary of SSA International Ltd)
- M/s Arlin Foods Ltd
Cash Flow Information
Standalone Cash Flows (Half Year Ended September 30, 2026, Rs. in Lakhs)
- Net cash from operating activities: ₹0.07
- Net cash from investing activities: ₹(0.12)
- Net cash from financing activities: ₹(0.01)
- Net decrease in cash: ₹(0.05)
Consolidated Cash Flows (Half Year Ended September 30, 2026, Rs. in Lakhs)
- Net cash from operating activities: ₹(55.91)
- Net cash from investing activities: ₹0.14
- Net cash from financing activities: ₹53.14
- Net decrease in cash: ₹(2.61)
Additional Notes
- Paid-up equity share capital: ₹1,491.80 lakhs (1,490.00 lakh shares of ₹2.00 face value)
- No exceptional items reported during the period
- No tax expenses recognized during the period
- Limited review report signed by Mohit Kakkar (Partner) of Kapil Kumar & Co, Chartered Accountants
- Company represented by Rinki Rani, Company Secretary & Compliance Officer (M. No.: A51516)
- Board representation includes Atal Tal, Chairman & Managing Director (DIN: 00223366)