Financial Performance Highlights (H1 FY27 vs H1 FY26)
- Revenue from Operations: ₹2614.61 lakh (H1 FY27) vs ₹17.00 lakh (H1 FY26)
- Other Income: ₹0.00 lakh (H1 FY27) vs not reported (H1 FY26)
- Total Revenue: ₹2614.61 lakh (H1 FY27) vs ₹17.00 lakh (H1 FY26)
- Total Expenses: ₹2566.69 lakh (H1 FY27) vs ₹14.80 lakh (H1 FY26)
- Profit Before Tax: ₹47.92 lakh (H1 FY27) vs ₹2.20 lakh (H1 FY26)
- Current Tax Expense: ₹12.45 lakh (H1 FY27) vs not reported (H1 FY26)
- Profit After Tax: ₹35.47 lakh (H1 FY27) vs ₹2.20 lakh (H1 FY26)
- Basic EPS: ₹0.17 (H1 FY27) vs ₹0.01 (H1 FY26)
- Diluted EPS: ₹0.17 (H1 FY27) vs ₹0.01 (H1 FY26)
Balance Sheet Position (as of September 30, 2026)
- Share Capital: ₹2134.96 lakh (unchanged from March 31, 2026)
- Reserves and Surplus: ₹1321.18 lakh (vs ₹1285.71 lakh as of March 31, 2026)
- Trade Payables: ₹2732.96 lakh (vs ₹854.76 lakh as of March 31, 2026)
- Short-Term Provisions: ₹63.29 lakh (vs ₹50.84 lakh as of March 31, 2026)
- Tangible Assets: ₹7.13 lakh (vs ₹5.77 lakh as of March 31, 2026)
- Intangible Assets: ₹251.00 lakh (unchanged from March 31, 2026)
- Intangible Assets under Development: ₹675.06 lakh (vs ₹855.06 lakh as of March 31, 2026)
- Inventories: ₹519.22 lakh (vs ₹499.46 lakh as of March 31, 2026)
- Trade Receivables: ₹2527.89 lakh (vs ₹814.53 lakh as of March 31, 2026)
- Cash and Cash Equivalents: ₹3.86 lakh (vs ₹0.40 lakh as of March 31, 2026)
- Short-Term Loans and Advances: ₹2264.37 lakh (vs ₹1898.22 lakh as of March 31, 2026)
Cash Flow Statement (H1 FY27)
- Cash from Operating Activities: ₹1175.18 lakh
- Cash Used in Investing Activities: ₹178.64 lakh
- Cash from Financing Activities: ₹0.00 lakh
- Net Increase in Cash: ₹3.46 lakh
- Cash at Beginning: ₹0.40 lakh
- Cash at End: ₹3.86 lakh
Auditor's Qualified Review Opinion
J. M. PATEL & BROS., Chartered Accountants, issued a qualified limited review report citing 16 unresolved matters requiring attention:
1. Accounting Software and Audit Trail: Company has not implemented accounting software with non-disable audit trail as required under Section 128(5) of Companies Act, 2013
2. Advances to Suppliers and Creditor Balances: Outstanding supplier advances of ₹25.79 lakh from previous period and current creditor balances including NuraTrade Multibiz Limited (₹2202.35 lakh) and Releak Agriventures Limited (₹363.09 lakh) require confirmation and reconciliation
3. Outstanding Income-Tax Dues: Previous outstanding income-tax dues of ₹10.84 lakh including ₹8.59 lakh relating to earlier years; current income-tax provision of ₹63.29 lakh requires reconciliation
4. Loans and Advances to Related Parties: Short-term loans and advances of ₹2264.37 lakh include balances with Narendrakumar G Patel HUF (₹976.49 lakh), Shashikant Sharma HUF (₹450.54 lakh), BNP HUF (₹343.42 lakh), and OTP Advisory LLP (₹211.18 lakh); concerns about compliance with Sections 177, 185, 186, 188 and 189 of Companies Act, 2013
5. Inventory Valuation and Verification: Inventories of ₹519.22 lakh require physical verification reports and net realizable value assessment
6. Investments in Related Parties: Investments of ₹675.06 lakh with Gopinath Developers (₹166.65 lakh), Sagar Empire (₹273.41 lakh), Shree Prabhuji Developers (₹35.00 lakh), Shree Prabhuji Infra (₹110.00 lakh), and VRS Associates-Sarkhej (₹90.00 lakh) require recoverability assessment
7. Goodwill Accounting Policy: Goodwill of ₹251.00 lakh lacks impairment assessment and proper accounting policy
8. Nature of Business Activity: Company's main object was infrastructure projects but currently reports revenue from agro commodity trading; requires evidence of business authorization
9. Journal Entries: Journal entries aggregating ₹239.02 lakh involving Spazio Formulations Limited and Vijay & Company require substantiation
10. Trade Receivables: Significant increase to ₹2527.89 lakh from ₹814.53 lakh requires aging analysis and recoverability assessment
11. Trade Payables: Significant increase to ₹2732.96 lakh from ₹854.76 lakh requires supplier confirmations and reconciliation
12. GST and Revenue Reconciliation: Apparent difference of ₹34.65 lakh between nil-rated sales in books (₹220.40 lakh) and GSTR-3B returns (₹185.75 lakh) for August 2026
13. Bank Transactions and Fund Flows: Multiple high-value receipts and transfers involving related parties require explanation and documentation
14. Statutory Dues Reconciliation: Requires reconciliation of GST, TDS/TCS, income tax and other statutory dues
15. Going Concern Assessment: Substantial short-term balances require cash-flow projections and working-capital assessment
16. Status of Previous Auditor's Qualifications: Company must provide action taken on all matters from previous auditor's report