Financial Analyst Summary

Date and Nature of Communication

Premier Limited's Resolution Professional, Kanak Jani, responded to the National Stock Exchange of India Ltd's email dated 11th February 2026 regarding deficiencies in the submission of financial results for the period ended March 31, 2023. The communication date is 12th February 2026.

Company's Clarification on Queries

Query 1: Segment details not submitted

  • Company operates exclusively within a single business segment: Engineering
  • Segment-wise reporting not applicable under current reporting standards

Query 2: Statement of Modified Opinion not submitted

  • Corporate Insolvency Resolution Process (CIRP) initiated against Premier Limited vide NCLT order dated January 29, 2021 (C.P. (IB) No. 1224/MB/2020)
  • Kanak Jani appointed as Interim Resolution Professional and subsequently confirmed as Resolution Professional
  • Statement of Impact of Audit Qualification already attached in financials

Query 3: Consolidated Reconciliation of profit and loss not submitted

  • Two pages missed during earlier scanning process
  • Complete document uploaded on BSE portal on 14th June 2023

Query 4: Financial results not signed by authorized signatory

  • Financial results duly signed by Kanak Jani, Resolution Professional of the Corporate Debtor
  • Management powers vested with Resolution Professional since CIRP initiation

Financial Results Details

Consolidated Financial Results for Year Ended 31st March 2023 (in ₹ Lakhs):

  • Revenue from operations: 39
  • Other Income: 35
  • Total Income: 35
  • Total Expenses: 1,401
  • Finance Costs: 180
  • Depreciation and Amortisation: 1,023
  • Other Expenses: 197
  • Loss before tax: (1,365)
  • Net Loss for the period: (1,365)
  • Total Comprehensive income: (1,365)
  • Paid-up Equity Share Capital: 3,037
  • Basic and Diluted EPS: (4.49)

Balance Sheet Position as at 31st March 2023 (in ₹ Lakhs):

  • Total Assets: 19,837
  • Total Equity: (31,937) - completely eroded
  • Total Liabilities: 51,775

Key Financial Ratios:

  • Net Worth completely eroded
  • Liabilities exceed realizable value of assets

Audit Qualifications and Concerns

Qualified Opinion Basis:

1. Going Concern Uncertainty: Net worth completely eroded with ₹1,365 lakhs loss for FY23. Operations suspended since 3rd March 2020 due to lack of working capital

2. Asset Impairment: Company has not assessed impairment of carrying value of tangible assets, capital work in progress and intangible assets in accordance with Ind AS 36

3. Claims Admission: Amount of claim admitted by RP may differ from financial statements due to CIRP process

4. Employee Benefits: Employee dues calculated only till initiation of CIRP. Actuarial valuation conducted only till 31st December 2020

5. Expense Approval: Records of CoC meeting approvals for expenses/payments not provided to auditors

6. Governance Issues: No whole-time Company Secretary appointed for over 6 months; no internal auditor appointed during the year

Disclaimer of Opinion: Unable to opine on adequacy of internal financial controls due to non-availability of process owners

CIRP Status Update

  • Committee of Creditors approved resolution plan submitted by Fab Metals Pvt. Ltd. with 92.47% assent on 22nd January 2022
  • Approval from NCLT, Mumbai Bench pending
  • CIRP period continues until resolution plan approval

Other Material Information

  • Unclaimed matured fixed deposits of ₹25.84 lakhs due for transfer to IEPF
  • Manufacturing activities at Chakan plant remain suspended since 3rd March 2020
  • Investment in associate company PAL Credit & Capital Limited (net worth eroded)

Topic Tags: Regulatory Response, Financial Results Clarification, Corporate Insolvency, Audit Qualifications, Going Concern Uncertainty, NCLT Proceedings, SEBI Compliance