Financial Results (₹ in Lakhs)

Fourth Quarter (Q4 FY26):

  • Total Revenue: ₹0.01 (Other Income only)
  • Total Expenses: ₹28.50
  • Loss before tax: ₹(28.49)
  • Net Loss: ₹(28.58)
  • Basic & Diluted EPS: ₹(0.58)

Full Year (FY26):

  • Total Revenue: ₹0.03 (Other Income only)
  • Total Expenses: ₹117.02
  • Loss before tax: ₹(116.99)
  • Net Loss: ₹(116.90)
  • Basic & Diluted EPS: ₹(2.36)

Comparative Figures (FY25):

  • Total Revenue: ₹0.03
  • Total Expenses: ₹142.53
  • Loss before tax: ₹(142.50)
  • Net Loss: ₹(141.43)
  • Basic & Diluted EPS: ₹(2.86)

Key Financial Position (as at March 31, 2026)

Assets: ₹2,331.65 Lakhs

  • Non-current assets: ₹1,234.00 Lakhs
  • Current assets: ₹1,097.65 Lakhs
  • Inventories: ₹49.75 Lakhs
  • Trade receivables: ₹185.39 Lakhs
  • Cash and cash equivalents: ₹2.29 Lakhs
  • Other bank balances: ₹0.24 Lakhs
  • Other current assets: ₹33.42 Lakhs

Liabilities and Equity:

  • Equity share capital: ₹495.00 Lakhs
  • Other equity: ₹(2,819.42) Lakhs (negative)
  • Non-current liabilities: ₹(53.79) Lakhs
  • Current liabilities: ₹4,126.84 Lakhs
  • Borrowings (current): ₹4,060.73 Lakhs
  • Trade payables: ₹13.32 Lakhs
  • Other current liabilities: ₹52.79 Lakhs

Auditor's Qualified Opinion

Statutory auditors KR Aggarwal & Associates issued a qualified opinion citing eight key issues:

1. Trade Receivables: No provision made as per IND AS-109 for expected credit loss method

2. Inventory Valuation: Unable to verify valuation, ageing, obsolescence, and impairment due to absence of appropriate stock records

3. Going Concern: No assessment of material uncertainty regarding company's ability to continue as going concern

4. Employee Benefits: Actuarial valuation report not provided (non-compliance with IND AS-19)

5. Property, Plant & Equipment: No impairment assessment done as required by IND AS-36

6. Liabilities Subject to Confirmation: Short-term borrowings, long-term borrowings, trade payables, other current liabilities

7. Assets Subject to Confirmation: Trade receivables, non-current assets, FDRs, bank balances, loans and advances

8. NPA Status: Accounts categorized as NPA, all bank balances subject to confirmation

Cash Flow Statement (FY26)

  • Net cash from operating activities: ₹0.08 Lakhs
  • No cash flows from investing or financing activities
  • Cash and cash equivalents at year-end: ₹2.29 Lakhs

Impact of Audit Qualifications

Management stated that the company is not operational and therefore unable to quantify the impact of any audit qualifications. All eight qualifications are noted as repetitive from previous years.

Additional Information

  • The company has only one reportable operating segment (steel products manufacturing)
  • Updated policy for determination of materiality of events approved by the Board
  • The financial results were signed by Ms. Neelam Sharma, Director (DIN: 07656064)
  • Company Secretary: Charanjit Kaur
  • CFO: Mr. Ajit Kumar Jha
  • Audit Committee Chairman: Mr. Suman Jain
  • Statutory Auditor: CA Vivek Aneja