Board Meeting Details

The Board of Directors meeting was held on Thursday, November 12, 2026, commencing at 4:00 PM and concluding at 4:30 PM at the Registered Office of the Company at Raikar chambers Office no. 605, 6th Floor, Govandi East, suburban deonar kurla, Mumbai, Maharashtra, India, 400088.

Agenda Items Approved

1. Un-Audited Quarterly Financial Results with Limited Review Report

The Board approved the Un-Audited Quarterly Financial Results of the Company for the quarter ended September 30, 2026, along with the Limited Review Report thereon, pursuant to Regulation 33 of SEBI Listing Regulations.

2. Application for Revocation of Trading Suspension

The Board considered the status of pending compliances and outstanding payments required for seeking revocation of the suspension of trading in the equity shares of the Company. The Board approved making necessary applications to BSE Limited and/or any other regulatory authority for revocation of suspension. The Board authorized the Company to complete and regularize all pending compliances and take necessary steps for obtaining revocation.

Financial Results Analysis

Quarterly Performance (Amount in ₹ Lakhs)

Quarter Ended September 2026:

  • Revenue from Operations: ₹13.25
  • Total Income: ₹13.25
  • Employee Benefits Expense: ₹4.01
  • Finance Costs: ₹9.75
  • Depreciation and amortization expense: ₹58.44
  • Other expenses: ₹2.45
  • Total expenses: ₹74.65
  • Loss before exceptional items and tax: ₹(61.40)
  • Exceptional Items: ₹(130.32)
  • Loss before tax: ₹(191.72)
  • Profit/(Loss) for the period: ₹(191.72)
  • Earnings per share (Basic & Diluted): ₹(0.47)

Comparative Quarterly Performance:

  • June 2026: Loss ₹(61.76) lakh, EPS ₹(0.15)
  • September 2025: Loss ₹(62.45) lakh, EPS ₹(0.15)

Half-Yearly Performance (Amount in ₹ Lakhs)

Half Year Ended September 2026:

  • Revenue from Operations: ₹26.90
  • Total Income: ₹26.90
  • Employee Benefits Expense: ₹8.16
  • Finance Costs: ₹19.87
  • Depreciation and amortization expense: ₹116.88
  • Other expenses: ₹5.15
  • Total expenses: ₹150.06
  • Loss before exceptional items and tax: ₹(123.16)
  • Loss before tax: ₹(123.16)
  • Profit/(Loss) for the period: ₹(123.16)
  • Earnings per share (Basic & Diluted): ₹(0.30)

Comparative Half-Yearly Performance:

  • September 2025: Loss ₹(126.57) lakh, EPS ₹(0.31)
  • Full Year March 2026: Loss ₹(249.15) lakh, EPS ₹(0.61)

Balance Sheet Position (Amount in ₹ Lakhs)

As of September 30, 2026:

  • Property, Plant and Equipment: ₹5.49 (vs ₹27.09 on Mar 31, 2026)
  • Intangible Assets: ₹293.47 (vs ₹388.75 on Mar 31, 2026)
  • Investments: ₹1.56
  • Other Financial Assets: ₹761.58
  • Deferred Tax Assets (Net): ₹47.59
  • Total Non-Current Assets: ₹1,109.70 (vs ₹1,226.58 on Mar 31, 2026)
  • Inventories: ₹1,363.56
  • Trade Receivables: ₹2,311.54 (vs ₹2,456.54 on Mar 31, 2026)
  • Cash and Cash Equivalents: ₹0.24 (vs ₹0.78 on Mar 31, 2026)
  • Loans: ₹796.30
  • Other Current Assets: ₹15.96
  • Total Current Assets: ₹4,487.59 (vs ₹4,633.13 on Mar 31, 2026)
  • Total Assets: ₹5,597.29 (vs ₹5,859.71 on Mar 31, 2026)
  • Equity Share Capital: ₹4,106.28
  • Other Equity: ₹(1,147.73) (vs ₹(894.25) on Mar 31, 2026)
  • Total Equity: ₹2,958.55 (vs ₹3,212.03 on Mar 31, 2026)
  • Non-Current Borrowings: ₹664.39 (vs ₹678.25 on Mar 31, 2026)
  • Lease Liability: ₹1.50
  • Provisions: ₹42.29 (vs ₹31.56 on Mar 31, 2026)
  • Total Non-Current Liabilities: ₹708.18 (vs ₹711.31 on Mar 31, 2026)
  • Current Borrowings: ₹987.91 (vs ₹993.73 on Mar 31, 2026)
  • Trade Payables: ₹538.83
  • Other Financial Liabilities: ₹403.80
  • Total Current Liabilities: ₹1,930.54 (vs ₹1,936.36 on Mar 31, 2026)

Cash Flow Statement (Amount in ₹ Lakhs)

Half Year Ended September 2026:

  • Profit before tax: ₹(253.48)
  • Depreciation and amortization: ₹116.88
  • Bad debts, provision for trade receivables and advances, net: ₹145.00
  • Finance Cost: ₹19.87
  • Operating profit before working capital changes: ₹28.27
  • Changes in provisions: ₹10.73
  • Cash generated from operations: ₹39.01
  • Income tax paid: ₹0.00
  • Net cash from operating activities: ₹39.01
  • Net cash from investing activities: ₹0.00
  • Changes in Long Term Borrowings: ₹(13.86)
  • Changes in Short Term Borrowings: ₹(5.82)
  • Interest Paid: ₹(19.87)
  • Net cash used in financing activities: ₹(39.55)
  • Net decrease in cash and cash equivalents: ₹(0.54)
  • Cash and cash equivalents at beginning: ₹0.78
  • Cash and cash equivalents at end: ₹0.23

Limited Review Report Qualifications

Nahar V & Company, Chartered Accountants (Firm Registration Number-010443C) issued a limited review report with the following significant qualifications:

1. Website Compliance: Company website was not updated as on review date, preventing verification of statutory disclosure requirements

2. GST Compliance: GST returns, reconciliation statements, and supporting records were not made available for verification

3. Inventory Issues: Inventory disclosed was not found to exist during physical verification, indicating possible overstatement in prior periods (impact not quantified)

4. Deferred Tax Assets: Company has not recognized Deferred Tax Assets on carried forward losses due to uncertainty regarding future taxable profits

5. Statutory Dues: Provident Fund and ESIC challans, returns, and reconciliation statements were not produced for verification

6. Unpaid Dues: Statutory dues outstanding as per opening balances remain unpaid as of September 30, 2026

7. Gratuity Provision: Provision for gratuity has not been recognized, non-compliant with Ind AS 19

8. Actuarial Valuation: Company has not obtained actuarial valuation for gratuity liability as required under Ind AS 19

9. Borrowing Disclosure: Current maturities of long-term borrowings not disclosed due to non-availability of repayment schedules

10. Confirmation Issues: Trade receivables and trade payables subject to confirmation, considered as certified by management without independent verification

11. ECL Provision: Expected Credit Loss provision not made as required by Ind AS 109

Additional Information

  • Paid up Equity Share Capital: ₹4,106.28 lakh (Face value ₹10 each)
  • The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors
  • Financial results prepared in accordance with Indian Accounting Standards (Ind AS)
  • Previous periods figures regrouped and rearranged for comparability
  • Investors can view results on www.bseindia.com and nseindia.com