Board Meeting Details

The Board of Directors meeting was held on Saturday, 30th May, 2026, commencing at 10:30 PM (IST) and concluding at 11:10 PM.

Key Matters Approved

1. Financial Results Approval

The Board approved the Standalone Audited Financial Results for the Fourth Quarter and Financial Year ended 31st March, 2026.

2. Internal Auditor Appointment

The Board appointed Devam J. Jayaswal, Chartered Accountant (Membership Number: 184987) as Internal Auditors of the Company for the Financial Year 2026-2027. The appointment is effective from 30th May, 2026 to conduct Internal Audit for FY2026-27, made in terms of Section 138 of The Companies Act, 2013 read with Rule 13 of The Companies (Accounts) Rules, 2014 on recommendation of Audit Committee.

Financial Results Summary (Standalone)

Quarterly Performance (₹ in Lakhs):

  • Q4 FY26 (Audited): Revenue from operations: 4045.10; Other Income: 75.63; Total Income: 4120.73; Profit before tax: 242.99; Profit for the period: 298.87
  • Q3 FY25 (Unaudited): Revenue from operations: 11664.72; Other Income: 104.42; Total Income: 11769.14; Loss before tax: (63.33); Loss for the period: (60.24)
  • Q4 FY25 (Audited): Revenue from operations: 3914.08; Other Income: 6.00; Total Income: 3920.09; Profit before tax: 27.04; Profit for the period: 67.74

Annual Performance (₹ in Lakhs):

  • FY26 (Audited): Revenue from operations: 23773.12; Other Income: 225.33; Total Income: 23998.44; Profit before tax: 69.90; Profit for the period: 131.07
  • FY25 (Audited): Revenue from operations: 9277.90; Other Income: 112.48; Total Income: 9390.38; Loss before tax: (1386.15); Loss for the period: (1368.64)

Key Financial Metrics:

  • Paid up Equity Share Capital: 2571.40 lakh shares (Face Value: ₹1 each)
  • Earnings per share (Basic) for continuing operations: FY26 - ₹0.05; FY25 - (₹0.53)
  • Earnings per share (Diluted) for continuing operations: FY26 - ₹0.05; FY25 - (₹0.53)

Audit Report Details

M/s. Mahesh Udhwani & Associates, Chartered Accountants issued a Qualified Opinion on the Standalone Audited Financial Results.

Basis for Qualified Opinion:

1. Other Current Non-Financial Asset: Includes outstanding advances amounting to ₹760 lakhs classified under Current Assets, subject to assessment of recoverability. Company has not recognized any impairment provision against these balances.

2. Other Current Financial Asset: Includes ₹108 lakhs classified under Current Assets on which the Company has not recognized any Expected Credit Loss provision.

Emphasis of Matter:

  • Borrowings include balance of ₹2,941.99 lakhs payable to Indian Credit Co-operative Society
  • Related balance confirmation and loan statements were not made available to auditors
  • Unable to independently verify outstanding borrowing balance and related interest amount of ₹328.07 lakhs

Other Matters:

  • Internal Audit Report for Quarter-4 not considered as it was not made available
  • Current quarter figures are balancing figures between audited annual figures and published nine-month figures

Management Response to Audit Qualifications

Qualification No. 1 (Advances of ₹760 Lakhs):

  • Advances represent amounts given in ordinary course of business
  • Management does not consider these advances doubtful of recovery
  • No event indicates amounts have become irrecoverable requiring impairment
  • Making sustained recovery efforts through regular follow-ups
  • Impact on Financial Statements: NIL as assessed by management

Qualification No. 2 (Other Financial Assets of ₹108 Lakhs):

  • Assets considered recoverable by management
  • No material adverse circumstances or default events observed
  • No Expected Credit Loss provision considered necessary
  • Actively pursuing recovery through continuous follow-ups
  • Impact on Financial Statements: No impact identified

Internal Auditor Profile

Devam J. Jayaswal is a Chartered Accountant with over 11 years of professional experience, including:

  • Three years Articleship with Anil A. Shah & Co.
  • 1.5 years with Amar Shah & Associates heading Assessment Department
  • Seven years in independent practice

Expertise includes: statutory audits, tax audits, internal audits, bank audits, internal financial control reviews, project financing, transfer pricing audits, GST and TDS compliance, formation of Section 8 companies, income tax registrations, labor law audits, stock verification, cost analysis, and implementation of internal control systems.

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