Key Financial Figures (in ₹ lakhs)

  • Turnover/Total Income: 0 (both before and after qualification adjustment)
  • Total Expenditure: 51.03 (both before and after qualification adjustment)
  • Net Loss: (52.18) (both before and after qualification adjustment)
  • Earnings Per Share: -0.22 (both before and after qualification adjustment)
  • Total Assets: 131.73
  • Total Liabilities: 131.73
  • Net Worth: 47.64

Audit Qualifications Details

Type: Qualified Opinion

Frequency: Repetitive

Specific Qualifications:

1. Non-holding of Annual General Meeting, Audit Committee Meeting and Board meeting within prescribed time

2. Non-filing/delay in filing statutory returns and financial statements with Registrar of Companies and SEBI due to delisting from BSE Limited

3. Non-compliance with various SEBI LODR requirements relating to timely submission of quarterly results, corporate governance reporting, and publication of notices

4. Inability to obtain sufficient audit evidence regarding:

  • Opening balances as at 1 April 2015 (Ind AS transition date) and as at 1 April 2017 (comparative year)
  • Completeness, accuracy, and existence of certain prior period transactions and balances carried forward

Management's Response and Rationale

  • Board and Audit Committee meetings could not proceed due to inability to adopt accounts because books of accounts, laptop, files, and financial records were unavailable
  • Bank had initiated proceedings under SARFAESI Act and restricted company's access to financial records
  • Company could not hold AGM within prescribed time due to these circumstances
  • Company has been regularly submitting all pending compliances to BSE via email
  • Relisting matter is pending before Securities Appellate Tribunal (SAT)
  • Company plans to file pending statutory statements under Companies Compliance Facilitation Scheme 2026 (CCFS-2026) by August 31, 2026

Impact Assessment

  • No quantitative impact on financial figures from audit qualifications (all figures identical before and after adjustment)
  • Management unable to estimate impact for unquantified qualifications