Key Financial Figures (Standalone)

Income Statement (₹ Lakhs)

  • Total Income: ₹2,945.84 for year ended March 31, 2026
  • Total Expenditure: ₹3,706.86 for year ended March 31, 2026
  • Net Loss After Tax: ₹(772.23) for year ended March 31, 2026
  • Earnings Per Share: ₹(3.09) basic and diluted before exceptional items; ₹(8.41) after exceptional items

Exceptional Items (Net): ₹1,329.37 lakhs for year ended March 31, 2026

Breakdown of exceptional items:

  • Inventory revaluation difference: ₹1,353.73 lakhs (devaluation)
  • GST write-off: ₹347.28 lakhs
  • Write-off of sundry debtors: ₹23.93 lakhs
  • Deferred revenue expenditure write-off: ₹1,670.25 lakhs
  • CWIP write-off: ₹892.47 lakhs
  • Provision for doubtful assets: ₹2,780.81 lakhs
  • Investment write-off (subsidiary): ₹488.84 lakhs
  • Provision for investment (subsidiary): ₹220.00 lakhs

Balance Sheet (Standalone as at March 31, 2026)

  • Total Assets: ₹4,822.06 lakhs
  • Total Liabilities: ₹2,761.47 lakhs
  • Net Worth: ₹2,060.59 lakhs
  • Paid-up Equity Capital: ₹2,500.00 lakhs (2,50,00,000 shares of ₹10 each)
  • Other Equity (Reserves): ₹(439.41) lakhs

Key Financial Figures (Consolidated)

  • Total Income: ₹2,946.87 lakhs for year ended March 31, 2026
  • Total Expenditure: ₹5,288.86 lakhs for year ended March 31, 2026
  • Net Loss After Tax: ₹(999.47) lakhs for year ended March 31, 2026
  • Earnings Per Share: ₹(4.00) basic and diluted before exceptional items; ₹(9.32) after exceptional items

Resolution Plan Implementation

NCLT Approval

  • Hon'ble NCLT Mumbai Bench approved resolution plan on December 18, 2025
  • Resolution plan amount: ₹37,30,13,553
  • Successful Resolution Applicant: Pradeep Kumar Jain
  • Plan approved by CoC with 100% voting share
  • Implementation effective from February 1, 2026

Capital Restructuring

  • Existing equity share capital cancelled entirely
  • Fresh equity issued: ₹25,00,00,000 divided into 2,50,00,000 equity shares of ₹10 each
  • New shareholding pattern:
  • Pradeep Kumar Jain (SRA): 19.00% (4,75,00,000 shares)
  • Rajesh Jain: 21.00% (5,25,00,000 shares)
  • Ananta Medicare Limited: 55.00% (13,75,00,000 shares)
  • Public Shareholders: 5.00% (1,25,00,000 shares)

Unsecured Loans from New Promoters

  • Total unsecured loans: ₹13,55,30,000
  • Pradeep Kumar Jain: ₹4,30,00,000
  • Rajesh Jain: ₹2,55,67,500
  • Ananta Medicare Limited: ₹6,69,62,500
  • Interest rate: 7.3% p.a. simple interest
  • Repayable within 2 years from disbursement date

Claims Settlement

  • Total admitted claims: ₹74,49,63,965
  • Settlement under resolution plan: ₹37,30,13,553
  • Capital reserve created: ₹37,19,50,412 (gain from liability extinguishment)

Audit Qualifications and Management Response

Qualified Opinion Basis

Statutory auditors M/s S SR CA & Co. issued qualified opinion due to:

1. Trade receivables, advances, and deposits subject to confirmation - impact not quantified

2. Property, plant and equipment and CWIP - physical verification reports not obtained

3. GST balance of ₹347.28 lakhs written off without proper reconciliation

4. Foreign exchange gain/loss computed on year-end balances instead of transaction-wise

5. Expected credit loss provision of ₹2,780.81 lakhs without sufficient supporting evidence

6. Internal financial controls documentation not made available

7. Audit trail integrity could not be verified

8. Investment in subsidiary undergoing CIRP - eventual impact uncertain

Subsidiary Status

  • Dr. Smith's Biotech Private Limited (wholly-owned subsidiary) under CIRP since April 28, 2025
  • Investment of ₹708.84 lakhs partially provided (₹220.00 lakhs) and written off (₹488.84 lakhs)
  • Subsidiary's operations halted since August 2024
  • Subsidiary's auditor issued disclaimer of opinion

Dates of Significance

  • Board meeting: May 30, 2026 (2:00 PM to 3:35 PM IST)
  • Financial year end: March 31, 2026
  • NCLT approval date: December 18, 2025
  • Resolution plan implementation date: February 1, 2026
  • Audit report date: May 30, 2026

Parties Involved

  • Resolution Professional: Roshen Chordiya (during CIRP)
  • Statutory Auditors: M/s S SR CA & Co.
  • Successful Resolution Applicant: Pradeep Kumar Jain
  • New Promoters: Rajesh Jain, Ananta Medicare Limited
  • Subsidiary Resolution Professional: Megha Agrawal

Financial Impact Disclosure

Management unable to quantify financial impact of most audit qualifications due to recent takeover and ongoing reconciliation processes. Provisions have been made for doubtful assets, and management believes adjustments would not have material impact on future profitability.

Investor Complaints

No investor complaints pending at beginning, received during, or remaining at end of the period.

Segment Reporting

Company operates in single reportable segment - Pharmaceuticals.

Accounting Standards

Financial results prepared under Accounting Standards notified under Companies Act, 2013 (exempt from Ind AS as SME exchange listed company).