Key Quantitative Figures

Financial Position (as at 31 March 2026, in ₹ Lakhs)

  • Total Assets: 557.50 (Previous Year: 797.94)
  • Total Liabilities: 361.99 (Previous Year: 584.21)
  • Total Equity: 195.51 (Previous Year: 213.73)
  • Equity Share Capital: 280.00 (Unchanged from PY)
  • Other Equity: (84.49) (Previous Year: (66.27))
  • Non-current Financial Assets (Loans): 392.88
  • Trade Receivables: 115.84
  • Cash and Cash Equivalents: 0.06
  • Trade Payables: 278.37
  • Unsecured Loans (Borrowings - Non-current): 75.22

Financial Performance (Year Ended 31 March 2026, in ₹ Lakhs)

  • Total Income: 16.00
  • Total Expenses: 34.22
  • Net Loss before Tax: (18.22)
  • Tax Expense: 0.00
  • Net Loss for the year: (18.22)
  • Earnings Per Share (Basic & Diluted): (0.65)

Statement of Impact of Audit Qualifications (Adjustments, in ₹ Lakhs)

The company provided a table showing the hypothetical impact if audit qualifications were adjusted:

  • Turnover/Total Income (Adjusted): 272.63 (Reported: 16.00)
  • Net Profit/(Loss) (Adjusted): 238.41 (Reported: (18.22))
  • Earnings Per Share (Adjusted): 8.51 (Reported: (0.65))
  • Total Assets (Adjusted): 456.10 (Reported: 557.50)
  • Total Liabilities (Adjusted): 3.96 (Reported: 361.99)
  • Net Worth (Adjusted): 452.14 (Reported: 195.51)

Dates of Action

  • Subsidiary Dissolution: Saurya Casting Private Limited was dissolved with effect from 4th August 2025.
  • Board Approval of Results: The financial results were approved by the board of directors at its meeting held on Saturday, 30th May 2026.
  • Auditor's Report Date: 30th May 2026
  • Clarification Letter Date: 23rd June 2026
  • Statement of Impact Signing Date: 22nd June 2026

Parties Involved

  • Regulator: BSE Limited
  • Stock Exchange: BSE (Scrip Code: 531343)
  • Subsidiary: Saurya Casting Private Limited (Dissolved)
  • Current Statutory Auditors: M/s. Nikhil D Gupta & Associates, Chartered Accountants (FRN-162383W)
  • Previous Statutory Auditors: M/s GMCA & Co., Chartered Accountants
  • Company Representatives: Chetan Rajendra Anand (Managing Director, DIN:10713057), Naresh Babulal Shah (Audit Committee Chairman, DIN:01212428)
  • Auditor Representative: Nikhil Gupta (Proprietor, Membership No: 176163)
  • Bank: Union Bank of India
  • Judicial Body: Securities Appellate Tribunal (SAT)

Purpose and Rationale

The primary purpose of this disclosure is to clarify to BSE why only standalone (and not consolidated) financial results were submitted for FY26 and to provide the Statement of Impact of Audit Qualifications as required by SEBI circular due to the qualified audit opinion.

Financial and Operational Impact

Explicitly Disclosed Impacts:

1. Subsidiary Dissolution: The dissolution of Saurya Casting Private Limited made consolidated financial statements not applicable for FY26.

2. Audit Qualifications: The qualified opinion highlights several issues:

  • Non-maintenance of accounting software with an audit trail feature.
  • Inability to verify balances with Union Bank of India due to absence of bank statements.
  • Reliance on the previous auditor's report for corresponding figures (FY25).
  • Inability to obtain sufficient audit evidence for Trade Receivables (₹96.96 Lakh), Unsecured Loans (₹75.22 Lakh), and Trade Payables (₹278.37 Lakh) due to lack of confirmation and reconciliation.

3. Delisting Status: The equity shares of the Company have been delisted. An application for relisting is pending before SAT, contingent on the company complying with all pending regulatory compliances.

Management's View on Impact (from Statement of Impact):

  • The management states the impact of the audit qualifications is "Non-ascertainable".
  • The reason provided is: "The company has not obtained confirmation of balances of other liabilities, Trade Receivables, Trade Payables and advance against Suppliers. The Company has made best of its efforts to obtain the same before signing the accounts for current financial year."

Capital Structure Impact

  • The Equity Share Capital remained unchanged at ₹280.00 Lakh.
  • Other Equity decreased to (84.49) from (66.27) in the previous year, reflecting the accumulated losses.
  • No dilution or change in share capital structure was reported.

Forward-Looking Information

  • The only forward-looking information is regarding the relisting application filed with SAT, which is pending and subject to the company complying with all regulatory requirements.
  • No financial guidance or management commentary on future performance is provided.

#Tags: #IndiaInfraspace #QualifiedAudit #SEBIDisclosure #RegulatoryCompliance #FinancialResults #Negative