Corporate Insolvency Resolution Process Status

The company has been under Corporate Insolvency Resolution Process (CIRP) since March 11, 2024, as per NCLT Order No. C.P. (IB) 314/MB/2023. Management vests with Resolution Professional Mr. Ashok Kumar Golechha (IBBI/IPA-002/IP-N000932/2019-2020/12973). The application for approval of Resolution Plan was heard and reserved for orders on May 7, 2026, with order awaited.

Financial Results (Amounts in ₹ Lakh, except EPS)

Quarter Ended March 31, 2026 (Audited):

  • Total Revenue from Operations: ₹40.855
  • Net Profit/(Loss) before Tax: ₹40.855
  • Net Profit/(Loss) after Tax: ₹9.451
  • Total Comprehensive Income: ₹9.451
  • Basic EPS: ₹0.261
  • Diluted EPS: ₹0.261

Year Ended March 31, 2026 (Audited):

  • Total Revenue from Operations: ₹33.918
  • Net Profit/(Loss) before Tax: ₹33.918
  • Net Profit/(Loss) after Tax: ₹32.514
  • Total Comprehensive Income: ₹32.514
  • Basic EPS: ₹0.215
  • Diluted EPS: ₹0.215

Comparative Figures (Year Ended March 31, 2025):

  • Total Revenue from Operations: ₹(49.347)
  • Net Profit/(Loss) before Tax: ₹(49.347)
  • Net Profit/(Loss) after Tax: ₹(50.457)
  • Total Comprehensive Income: ₹(52.877)
  • Basic EPS: ₹(0.334)
  • Diluted EPS: ₹(0.334)

Capital Structure

  • Equity Share Capital: ₹1,512.940 lakh (unchanged from previous year)
  • Other Equity: ₹(27,435.308) lakh (improved from ₹(27,467.823) lakh in FY25)
  • Total Equity: ₹(25,922.368) lakh

Balance Sheet Highlights as at March 31, 2026

  • Total Assets: ₹15,591.85 lakh
  • Non-Current Assets: ₹8,462.933 lakh (mainly Investments ₹8,462.291 lakh)
  • Current Assets: ₹7,128.913 lakh (mainly Inventories ₹5,314.467 lakh and Bank balances ₹1,713.148 lakh)
  • Total Liabilities: ₹41,514.215 lakh
  • Non-Current Liabilities: ₹10,944.031 lakh (mainly Borrowings ₹10,831.301 lakh)
  • Current Liabilities: ₹30,570.184 lakh (mainly Other Financial Liabilities ₹27,479.518 lakh)

Cash Flow Statement for Year Ended March 31, 2026

  • Cash from Operations: ₹1,386.28 lakh
  • Cash from Investing: ₹89.04 lakh (mainly Rent Received)
  • Cash from Financing: ₹(0.00) lakh
  • Net Increase in Cash: ₹1,473.92 lakh
  • Closing Cash Balance: ₹1,724.63 lakh

Audit Qualifications

The statutory auditors, Satya Prakash Natani & Co., issued a qualified opinion citing:

1. Inability to verify various account balances due to ongoing CIRP process and lack of documentation

2. Canara Bank classified the company's loan as "Fraud" on February 17, 2026

3. Inability to assess expected credit loss/impairment of assets

4. Uncertainty about completeness of liabilities and contingent liabilities

5. Claims submitted to Resolution Professional not fully reconciled

6. Going concern assumption uncertainty

Impact of Audit Qualifications

Management stated the impact of all qualifications is "not quantifiable" due to:

  • Ongoing CIRP process with final outcome pending
  • Lack of sufficient data from suspended management
  • Pending reconciliations and confirmations
  • Uncertainty regarding recoverability of assets
  • Final NCLT order awaited

Other Corporate Actions

  • 31st Annual General Meeting scheduled for September 23, 2026 via video conferencing
  • Trading window was closed from April 1, 2026 until 48 hours after results declaration
  • No complaints pending, received, or disposed during the year