Board Meeting Outcomes

The Board of Directors meeting held on 05 August 2026 at the Registered Office approved:

  • Audited Financial Results for Q4 and FY ended 31st March 2025 with Audit Committee recommendation and Auditor's Report
  • Notice of 24th Annual General Meeting to be held through Video Conferencing/Other Audio Visual Means
  • Director's Report for Financial Year 2024-25 under Section 134(3) of Companies Act, 2013 and SEBI LODR Regulations
  • Appointment of Ms. Prachi Bansal (CoP: 23670), Practicing Company Secretary as Scrutinizer for Remote e-voting/E-Voting Process during AGM
  • Shifting of registered office from "Mastermind 4, Royal Palms Estate, Office No 428, Aarey Milk Colony, Goregaon East, Mumbai, Maharashtra, 400065" to "Raikar chambers officer no. 605, 6th Floor Govandi East, Suburban, Deonar Kurla Mumbai 400088" effective from 05-08-2026

Financial Results Highlights

Quarter Ended March 2025 (Audited):

  • Revenue From Operations: ₹59.14 lakhs
  • Other Income: ₹5.35 lakhs
  • Total Income: ₹64.49 lakhs
  • Total Expenses: ₹137.05 lakhs
  • Loss before tax: ₹(72.56) lakhs
  • Loss for the period: ₹(72.56) lakhs
  • EPS: ₹(0.18)

Year Ended March 2025 (Audited):

  • Revenue From Operations: ₹55.25 lakhs
  • Other Income: ₹26.02 lakhs
  • Total Income: ₹81.27 lakhs
  • Total Expenses: ₹885.40 lakhs
  • Loss before tax: ₹(804.13) lakhs
  • Loss for the period: ₹(804.13) lakhs
  • EPS: ₹(1.96)

Balance Sheet Position (as at 31st March 2025)

Assets:

  • Total Assets: ₹6,590.77 lakhs
  • Non-current Assets: ₹1,461.68 lakhs (including Property, Plant & Equipment: ₹70.27 lakhs, Right of Use Assets: ₹1.35 lakhs, Intangible Assets: ₹579.33 lakhs, Financial Assets: ₹1.56 lakhs investments, ₹761.58 lakhs other financial assets, Deferred Tax Assets: ₹47.59 lakhs)
  • Current Assets: ₹5,129.09 lakhs (including Unbilled Revenue: ₹1,363.56 lakhs, Trade Receivables: ₹2,746.53 lakhs, Cash & Cash Equivalents: ₹1.79 lakhs, Bank Balances: ₹204.95 lakhs, Loans: ₹796.30 lakhs, Other Current Assets: ₹15.96 lakhs)

Liabilities and Equity:

  • Equity Share Capital: ₹4,106.28 lakhs
  • Other Equity: ₹(645.10) lakhs
  • Total Equity: ₹3,461.18 lakhs
  • Non-current Liabilities: ₹721.18 lakhs (Borrowings: ₹678.25 lakhs)
  • Current Liabilities: ₹2,408.40 lakhs (Borrowings: ₹1,122.74 lakhs, Trade Payables: ₹887.67 lakhs, Other Financial Liabilities: ₹397.99 lakhs)

Audit Qualifications

JPMD & Associates issued a Qualified Opinion with 11 specific qualifications:

1. Debit balance of ₹116.12 lakhs in director's ledger account without supporting documentation, creating uncertainty about existence and recoverability

2. Unbilled revenue balance without invoices raised, preventing verification under Ind AS 115

3. No interest collected on loans advanced and advances outstanding as at 31st March 2025

4. Reconciliation and verification of statutory dues not possible due to missing details

5. Advance payment of ₹559.70 lakhs for immovable property acquisition standing for many years without acquisition

6. Expected Credit Loss Provision not provided on advances, violating Ind AS 109

7. Documentation for major expenditures unavailable; third-party confirmations for trade payables, receivables, advances, and unsecured loans not provided

8. MSME and Non-MSME bifurcation of debtors and creditors not made, violating Schedule III requirements

9. SEBI interim order regarding alleged fictitious transactions with Varanium Cloud Ltd. and its director Harshvardhan Samble; sales reversed through credit notes amounting to ₹[AMOUNT] lakhs without supporting documentation

10. Bank of Baroda borrowing repaid but "No due certificate" not provided for verification

11. Business promotion expenses paid through credit card could not be verified due to non-availability of statements

Management Response to Audit Qualifications

Management stated that financial impact of qualifications cannot be reasonably quantified due to:

  • Non-availability of supporting documents
  • Pending reconciliations and confirmations
  • Regulatory matters with Varanium Cloud Ltd. subject to ongoing legal proceedings
  • Accounting assessments requiring detailed evaluation

Management is in process of obtaining requisite records and will make appropriate adjustments upon completion of verification.

Cash Flow Statement

For year ended 31st March 2025:

  • Net cash generated by operating activities: ₹81.96 lakhs
  • Net cash used in investing activities: ₹120.98 lakhs
  • Net cash used in financing activities: ₹(269.56) lakhs
  • Net decrease in cash and cash equivalents: ₹(66.62) lakhs
  • Cash and cash equivalents at end of year: ₹206.74 lakhs