Financial Results Overview

Income Statement (Year Ended 31 March 2026, in ₹ lakhs)

  • Revenue from Operations: 17.10
  • Other Income: 7.59
  • Total Revenue: 24.69
  • Employee Benefits Expense: 24.96
  • Operating Expense: 43.66
  • Total Expenses: 68.62
  • Loss Before Tax: (43.93)
  • Loss After Tax: (43.93)
  • Total Comprehensive Income: (43.93)
  • Basic and Diluted EPS: (₹1.46)

Balance Sheet Position (as at 31 March 2026, in ₹ lakhs)

  • Paid-up Equity Share Capital: 300.35
  • Other Equity: (896.02)
  • Total Assets: 33.51
  • Total Liabilities: 629.19
  • Net Worth: (595.68)
  • Current Assets: 21.95 (including Cash & Cash Equivalents: 0.72)
  • Financial Liabilities: 124.44

Cash Flow Statement (Year Ended 31 March 2026, in ₹ lakhs)

  • Cash Flow from Operating Activities: (68.11)
  • Cash Flow from Financing Activities: 67.30
  • Net Decrease in Cash: (0.81)
  • Cash at Beginning: 1.53
  • Cash at End: 0.72

Auditor's Qualifications

Qualified Opinion Basis

Auditors issued qualified opinion because the company has not provided for interest expenditure on inter-corporate borrowing from Miven Mayfran Conveyors Pvt Ltd. If interest was provided for:

  • Finance cost and other financial liabilities would increase by ₹2.81 lakhs for the quarter ended 31 March 2026
  • Total comprehensive income and other equity would reduce by ₹2.81 lakhs
  • Accumulated interest under negotiation amounts to ₹28.10 lakhs

Material Uncertainty - Going Concern

Auditors highlighted material uncertainty regarding going concern basis due to:

  • Total outside liabilities of ₹629.19 lakhs exceeding total assets of ₹33.51 lakhs
  • Complete erosion of net worth
  • Company incurring losses
  • No tangible Plant, Property and Equipment
  • No inventory as of reporting date

Emphasis of Matter

Auditors drew attention to:

  • Write-back of certain liabilities (Note 4b)
  • Write-off of assets (Note 4c)

Management's Response and Explanations

Interest Provision Omission

Management stated interest was not provided because they are in discussion with lender Miven Mayfran Conveyors Pvt Ltd for waiver of loan and accumulated interest amounting to ₹28.10 lakhs.

Other Income Explanation

Other income of ₹7.59 lakhs relates to gratuity provision write-back for former Managing Director Mr. Vikram Ragavesh Sirur, with corresponding NOC obtained.

Assets Written Off

Other expenses include ₹2.26 lakhs assets written off representing sundry debtors considered unrecoverable.

Going Concern Assessment

Management asserts going concern assumption is valid despite net worth erosion due to:

  • Change in management
  • New business plans
  • Support from new promoters
  • Expectation to recover from losses

Statement of Impact of Audit Qualifications

Financial Impact Quantification (in ₹ lakhs)

| Particulars | As Reported | Adjusted Figures |

| Turnover/Total Income | 24.69 | 24.69 |

| Total Expenditure | 68.82 | 71.63 |

| Net Profit/(Loss) | (43.93) | (46.94) |

| Earnings Per Share | (1.46) | (1.56) |

| Total Assets | 33.51 | 33.51 |

| Total Liabilities | 629.19 | 632.00 |

| Net Worth | (595.68) | (598.49) |

Qualification Details

  • Type: Qualified Opinion
  • Frequency: Appeared for 3rd time
  • Management's View: For interest expenditure - impact quantified at ₹2.81 lakhs; For going concern - expects new business plans to mitigate uncertainty

Additional Information

  • Business: Manufacturing heavy-duty water dispensers and proprietary Digital Water Banks
  • Single reportable segment as per Ind AS 108
  • All sales and assets in India
  • No single major customers during reporting periods
  • Figures for quarters are balancing figures between audited full-year and published year-to-date figures
  • Results prepared in accordance with Indian Accounting Standards (Ind AS)