Board Meeting Details
The Board of Directors meeting was held on Tuesday, 26th May 2026, commencing at 03:30 PM IST and concluding at 04:30 PM IST.
Key Matters Approved
1. Audited Financial Results
The Board approved the Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Financial Year ended on 31st March 2026 along with the Auditors' Report issued by the Statutory Auditors M/s Manoj Acharya & Associates, Chartered Accountants (FRN-114984W).
The Statutory Auditors issued an unmodified opinion on both standalone and consolidated financial results.
2. Appointment of Internal Auditor
The Board appointed M/s Agarwal Akshay & Associates, Chartered Accountants (FRN: 015592C) as Internal Auditor of the Company for the Financial Year ending 31st March 2027 based on the recommendation from the Audit Committee.
Appointment Details:
- Date of Appointment: 26th May 2026
- Term: Financial Year ending 31st March 2027
- Address: B-907, Atma house, Opp. Old RBI, Ashram Road, Ahmedabad-380009
- Not related to any of the Directors of the Company
Financial Results Overview
Standalone Financial Position (as at 31st March 2026)
- Total Assets: ₹13,615.76 lakhs (Previous year: ₹11,780.05 lakhs)
- Equity Share Capital: ₹7,105.20 lakhs (Previous year: ₹3,552.60 lakhs)
- Other Equity: ₹51.43 lakhs (Previous year: ₹(1,485.77) lakhs)
- Trade Receivables: ₹13,137.12 lakhs (Previous year: ₹9,655.87 lakhs)
- Cash and Cash Equivalents: ₹1.77 lakhs (Previous year: ₹213.46 lakhs)
- Borrowings: ₹1,721.70 lakhs (Previous year: ₹3,317.88 lakhs)
- Trade Payables: ₹4,517.49 lakhs (Previous year: ₹6,155.83 lakhs)
Consolidated Financial Position (as at 31st March 2026)
- Total Assets: ₹13,889.93 lakhs
- Equity Share Capital: ₹7,105.20 lakhs
- Other Equity: ₹92.43 lakhs
- Non-Controlling Interest: ₹24.50 lakhs
- Trade Receivables: ₹13,289.18 lakhs
- Cash and Cash Equivalents: ₹3.87 lakhs
- Borrowings: ₹1,742.20 lakhs
- Trade Payables: ₹4,700.39 lakhs
Cash Flow Statements
Standalone Cash Flows (Year ended 31st March 2026)
- Net cash used in operating activities: ₹(5,105.09) lakhs
- Net cash from investing activities: ₹1,728.64 lakhs
- Net cash from financing activities: ₹3,164.75 lakhs
- Net decrease in cash and cash equivalents: ₹(211.69) lakhs
Consolidated Cash Flows (Year ended 31st March 2026)
- Net cash used in operating activities: ₹(5,206.46) lakhs
- Net cash from investing activities: ₹1,724.42 lakhs
- Net cash from financing activities: ₹3,272.45 lakhs
- Net decrease in cash and cash equivalents: ₹(209.59) lakhs
Emphasis of Matter by Auditors
The Statutory Auditors highlighted several key matters in their report:
1. Income Tax Assessment Order: An assessment order dated 12th March 2026 was passed under Section 143(3) read with Section 144B of the Income Tax Act, 1961 for Financial Year 2023-24, whereby certain long outstanding trade receivables and trade payables have been proposed to be added to the taxable income of the Company. Penalty proceedings under various sections of the Income Tax Act have also been initiated.
2. Appeal Filed: The Company has filed an appeal against the said order and penalty proceedings before the appropriate appellate authority and is pursuing the matter based on legal advice.
3. Financial Impact: Pending the final outcome of the proceedings, the impact on the financial results is presently not ascertainable. The ultimate outcome may have an impact on the financial position and cash flows of the Company.
4. March Sales Increase: Significant increase in sales recorded during March 2026 compared to earlier months. Management represented that such sales are supported by underlying documents.
5. Trade Debtor Confirmations: The Company is in continuous process of obtaining balance confirmations from certain trade debtors. Several confirmations are still pending, affecting the ability to verify recoverability and accuracy of outstanding balances.
Additional Information
- The Company operates in one segment: Trading of Goods
- The figures for the quarter ended 31st March 2026 are the balancing figure between audited full year figures and published unaudited year-to-date figures up to the third quarter
- The financial results are available on the company's website (www.tihil.co.in) and BSE website (www.bseindia.com)
- The consolidated financial results include subsidiary TIHIL IDA Group Private Limited