Auditors K.K. Mankeshwar & Co. issued a Disclaimer of Opinion on the consolidated financial results
Basis: Unable to obtain sufficient audit evidence regarding financial results of one overseas subsidiary excluded from consolidation due to non-availability of complete and reliable financial data following change in management
Qualification is repetitive from previous periods
Management concluded financial impact of non-consolidation is not material based on legal advice
Financial Results Overview (Consolidated, Year Ended 31st March 2026)
Total Income: ₹188.78 lakhs (before and after audit qualifications)
Total Expenditure: ₹2554.70 lakhs
Net Loss After Tax: ₹(1479.68) lakhs
Earnings Per Share: ₹(0.76)
Total Assets: ₹19234.48 lakhs
Total Liabilities: ₹19234.48 lakhs
Net Worth: ₹8609.64 lakhs
Quarterly Performance (Q4 FY26)
Revenue from Operations: ₹13.33 lakhs
Other Income: ₹14.04 lakhs
Total Income: ₹27.37 lakhs
Total Expenses: ₹406.19 lakhs
Net Loss: ₹(210.21) lakhs attributable to shareholders
Material Going Concern Uncertainty
Parent company's manufacturing operations suspended since 31st October 2023
Minimal revenue from operations reported for quarter and year ended March 2026
Continuous losses incurred for last 3 years
These conditions indicate material uncertainty about Group's ability to continue as going concern
Exceptional Items
Profit on Sale/Discard of Fixed Asset: ₹266.52 lakhs (FY26)
Profit on Sale of Excess Inventory: ₹50.09 lakhs (FY26) - related to identified excess anthracite coal from production floor
Sundry Balance Written Off: ₹79.86 lakhs (FY26)
Diminish in value of Raw Material: ₹(14.57) lakhs (FY26)
Subsidiary Information
Consolidated results include one domestic subsidiary (total assets: ₹747.96 lakhs, profit/(loss): ₹(0.01) lakhs)
Financial statements of foreign subsidiaries not made available to Holding Company
Opening consolidated balance sheet balances of foreign subsidiaries (₹146.89 lakhs) continue in closing figures
No current year revenue, profit/(loss), or cash flows included for foreign subsidiaries
Legal and Regulatory Matters
Company filed formal complaint with Economic Offences Wing (EOW) regarding overseas subsidiary matter
CJM directed EOW, Delhi Police to submit action taken report on preliminary investigation
Report filed and part arguments heard - matter listed for further hearing
Significant Transactions
Voluntary Retirement Scheme: Employee benefits expense included ₹834.32 lakhs voluntary compensation paid to separated employees
Plant and Machinery Sale: Shareholders' approval obtained through postal ballot on 10th July 2025 for proposed sale
Advance received: ₹27.97 crore from prospective purchaser disclosed as advance from customer/purchaser
No sale transaction recognized as definitive agreement not executed by reporting date
Additional Information
Financial results prepared in accordance with Indian Accounting Standards (Ind AS)
Figures reviewed by Audit Committee and approved by Board of Directors on 25th May 2026
Company does not have more than one reportable segment
Previous period figures regrouped/rearranged where necessary
