Board Meeting Decisions
The Board of Directors meeting held on 6 August 2026 (5:00 PM to 6:00 PM) decided the following matters:
- Approved unaudited standalone and consolidated financial results for Q1 ended 30 June 2026 with limited review report under Regulation 33
- Approved convening 52nd Annual General Meeting on Wednesday, 9 September 2026 at 4:30 PM through video conferencing
- Approved Board's Report with annexures for FY ended 31 March 2026
- Approved 52nd Annual Report for FY 2025-26
- Fixed cut-off date for e-voting eligibility as 2 September 2026
- Decided to close register of members and transfer books from 3 September 2026 to 9 September 2026 (both inclusive) for AGM voting eligibility
- Approved appointment of Mrs. Poonam Somani (proprietor of M/S Somani & Associates, practicing company secretary COP No. 8642) as scrutinizer for e-voting
Financial Results - Standalone (Q1 FY27)
Income:
- Total Income: ₹1.29 lakh (compared to ₹0.41 lakh in Q4 FY26 and ₹0.00 lakh in Q1 FY25)
Expenses:
- Employee Benefit Expense: ₹0.85 lakh
- Finance Costs: ₹0.01 lakh
- Other Expenses: ₹8.11 lakh
- Total Expenses: ₹19.91 lakh
Profit/Loss:
- Loss before tax: ₹(18.62) lakh
- Total tax expense: ₹0.00
- Profit for the period: ₹(18.62) lakh
Share Capital and EPS:
- Paid-up equity share capital: ₹615.72 lakh
- Face value per share: ₹10.00
- Basic EPS: ₹(0.30)
- Diluted EPS: ₹(0.30)
Financial Results - Consolidated (Q1 FY27)
Income:
- Total Income: ₹1.29 lakh
Expenses:
- Employee Benefit Expense: ₹0.85 lakh
- Finance Costs: ₹0.01 lakh
- Other Expenses: ₹8.11 lakh
- Total Expenses: ₹19.91 lakh
Profit/Loss:
- Loss before tax: ₹(18.62) lakh
- Total tax expense: ₹0.00
- Profit for the period: ₹(18.62) lakh
Share Capital and EPS:
- Paid-up equity share capital: ₹615.72 lakh
- Face value per share: ₹10.00
- Basic EPS: ₹(0.30)
- Diluted EPS: ₹(0.30)
Acquisition and Subsidiary Information
The Company acquired Micron Calcite Private Limited as its wholly owned subsidiary with effect from 12 May 2026. The consolidated results include financial results of this subsidiary for the period from 12 May 2026 to 30 June 2026. Comparative figures for previous periods represent standalone results only as no subsidiary existed during those periods.
Micron Calcite Private Limited contributed net loss of ₹14.23 lakh for the quarter ended 30 June 2026.
Audit Qualifications and Emphasis of Matter
Auditors MAARK & Associates highlighted two key matters:
Note 3 - Interest Provision:
- Company has not made provision for interest on borrowing from a related party since 1 April 2001
- Loss for Q1 FY27 understated by ₹2.87 lakh due to non-provision
- Aggregate interest not provided on such loan up to 30 June 2026 is ₹289.55 lakh
- Company owes aggregate amount of ₹328.67 lakh as on 30.06.2026 to parties, including:
- Borrowings from companies: ₹102.05 lakh
- Accrued interest provided up to 31.03.2001: ₹226.61 lakh
- Accrued interest not provided from 01.04.2001 to 30.06.2026: ₹289.55 lakh
Note 4 - Going Concern:
- Accumulated losses exceed paid-up share capital and free reserves
- Company not carrying on any manufacturing activity since plant closure in 1995
- Accounts prepared on going concern basis as management is exploring revival and fresh business opportunities
Other Audit Matters:
- Balances of trade receivables, trade payables, advances and deposits are subject to confirmations and reconciliation
- The Company had only one segment while in operation, but no manufacturing activity since 1995
Fund Utilization Disclosure
The Company filed statements on deviation/variation for proceeds of preferential issues:
Equity Shares Preferential Issue (16 February 2026):
- Amount raised: ₹4,00,00,000/-
- Funds utilized: ₹79,20,000 towards advance given to creditors
- No deviation/variation in fund utilization
- Audit Committee: No comments
- Auditors: Nil comments
Warrants Preferential Issue (17 February 2026):
- Amount raised: ₹1,71,00,000/-
- Funds utilized: ₹45,40,000 towards investment in wholly owned subsidiary
- Funds utilized: ₹1,23,00,000 towards advance given to creditors
- No deviation/variation in fund utilization
- Audit Committee: No comments
- Auditors: Nil comments