Financial Performance Summary

Quarter Ended June 30, 2026:

  • Revenue from Operations: ₹0.00 lakh (nil)
  • Other Income: ₹13.70 lakh
  • Total Income: ₹13.70 lakh
  • Total Expenses: ₹46.38 lakh
  • Loss Before Tax: ₹(32.68) lakh
  • Loss After Tax: ₹(32.68) lakh
  • Basic EPS: ₹(0.16)
  • Diluted EPS: ₹(0.16)

Comparative Performance:

  • Previous Quarter (Q4 FY26): Loss of ₹(10.68) lakh
  • Same Quarter Previous Year (Q1 FY26): Loss of ₹(203.35) lakh
  • Full Year FY26: Loss of ₹(496.82) lakh

Financial Position (as of June 30, 2026)

  • Total Assets: ₹5,780.56 lakh
  • Equity Share Capital: ₹2,043.00 lakh
  • Other Equity: ₹(5,545.40) lakh
  • Total Equity: ₹(3,502.40) lakh (negative net worth)
  • Non-current Liabilities: ₹7,261.16 lakh
  • Current Liabilities: ₹2,021.79 lakh
  • Total Liabilities: ₹9,282.95 lakh

Key Financial Metrics

Cash Flow (Quarter Ended June 30, 2026):

  • Net Cash from Operating Activities: ₹3.47 lakh
  • Net Cash Used in Investing Activities: ₹(230.00) lakh
  • Net Cash from Financing Activities: ₹0.00 lakh
  • Net Decrease in Cash: ₹(226.53) lakh
  • Cash and Cash Equivalents at End: ₹28.81 lakh

Expense Breakdown (Quarter):

  • Depreciation and Amortization: ₹29.46 lakh
  • Other Expenses (primarily CIRP costs): ₹16.92 lakh
  • Finance Costs: ₹0.00 lakh (not accrued due to NPA status)

Corporate Insolvency Resolution Process (CIRP) Status

  • CIRP commenced: October 7, 2025, by NCLT Allahabad Bench order
  • Resolution Professional: Mr. Anish Agarwal (IBBI Reg. No. IBBI/IPA-001/IP-P-01497/2018-2019/12256)
  • Initial EOIs received: 11 Prospective Resolution Applicants (PRAs)
  • Current PRAs: 9 (2 withdrew with EMD refunded)
  • Republication of Form G: July 18, 2026
  • New submission deadline: September 19, 2026
  • Withdrawal option for existing PRAs: August 25, 2026
  • Additional EOIs received post-republication

Asset and Liability Issues

Property, Plant and Equipment:

  • Five land and building properties remain with company (plant premises)
  • Other properties sold by banks under SARFAESI Act prior to CIRP
  • Sale proceeds appropriated against loans but not accounted in books
  • Assets continue to be carried at suspended management's values
  • No impairment testing conducted during CIRP

Vehicles:

  • 12 vehicles in books, 9 sold pre-CIRP
  • 3 vehicles remain, 2 given on rent to Agrim Food LLP (related party)
  • From May 2026, only 1 vehicle on rent with proportionate revision

Loans and Advances Issues:

  • Advances for two residential flats at Yamuna Expressway (₹146 lakh)
  • Application filed u/s 60(5) of IBC against Gaursons Realtech for possession
  • Matter pending before NCLT regarding outstanding maintenance charges
  • Security deposit of ₹3.55 crore with related party for trademark license
  • Advances to Verifresh Dairies Limited for industrial plots (cancelled by UPSIDA)
  • Recoverability uncertain for multiple advances and deposits

Litigations and Claims

  • Multiple proceedings: Labour cases, arbitration, DRT, SARFAESI/CMM
  • All proceedings under moratorium since CIRP commencement
  • Claims received from creditors collated but admission/settlement pending
  • EPF claim received, other statutory liabilities as per books
  • Complete litigation records not available from suspended management

Related Party Transactions

  • Rental income from Agrim Food LLP: ₹13.70 lakh for quarter
  • Arrangement for use of plant machinery and vehicles on commercial terms
  • Transaction duly disclosed as related party transaction

Auditor Qualifications and Limitations

Basis for Qualified Conclusion:

1. Material uncertainty regarding going concern due to accumulated losses and eroded net worth

2. Inability to assess completeness of litigation disclosures and financial impact

3. Non-recognition of SARFAESI asset sales in books (assets still carried, proceeds classified as liabilities)

4. No impairment testing of tangible assets during CIRP

5. Non-recoverability of trade receivables, loans, and advances not adjusted

6. Balances remain unconfirmed and unreconciled

Emphasis of Matter:

  • Company under CIRP, board powers suspended
  • Financial statements prepared based on available records with limitations
  • Complete supporting documents, confirmations, and title records not available
  • Carrying values subject to change based on CIRP outcome

Capital Structure Impact

  • Equity shares: 2,043.00 lakh shares of ₹10 each
  • PNB invoked pledge on 6,129,000 shares (approximately 30% of equity) in March 2024
  • PNB currently holds approximately 27.02% of equity share capital
  • OCPS (Optionally Convertible Preference Shares) classified under financial liabilities, not converted to equity

Subsequent Events

  • Republication of Form G on July 18, 2026
  • Receipt of additional Expressions of Interest
  • Ongoing CIRP process with 9 existing PRAs under consideration