Cash Flow Statement for Year Ended March 31, 2024 (₹ in Lakhs)
Net Cash from Operating Activities: ₹(452.22)
Net Cash used in Investing Activities: ₹2,765.78
Net Cash from Financing Activities: ₹(2,436.20)
Net Decrease in Cash and Cash Equivalents: ₹(122.64)
Cash and Cash Equivalents Opening Balance: ₹3,197.42
Cash and Cash Equivalents Closing Balance: ₹3,074.78
Corporate Background and Significant Events
The company underwent Corporate Insolvency Resolution Process (CIRP) initiated on January 11, 2021, pursuant to NCLT order on application filed by Axis Bank Limited.
Mr. Saurabh Kumar Tikmani was appointed as Resolution Professional.
No resolution plan was received, leading to liquidation proceedings ordered by NCLT on April 28, 2022.
Mr. Gajesh Labhchand Jain was appointed as Liquidator.
The company was sold as a going concern via e-auction on August 16, 2024.
Sale Certificate was issued on January 23, 2025, confirming transfer of ownership to Successful Bidder on November 7, 2024 (Transfer Date).
All pre-transfer dues and liabilities were permanently extinguished and existing equity share capital stands cancelled pursuant to NCLT Order dated February 26, 2026.
The company has adopted Fresh Start Accounting effective from Transfer Date of November 7, 2024.
Basis for Auditor's Disclaimer of Conclusion
The current management prepared financial results on "best-effort basis" without access to complete books of accounts, original vouchers, and underlying servers.
Operational activities were suspended during the period under review, managed by erstwhile management, Resolution Professional, and subsequently Liquidator.
Auditor unable to conduct physical verification of fixed assets and inventories or ascertain potential impairment under Ind AS 36.
Unable to verify historical balances of trade receivables, cash and bank balances, loans and advances, trade payables, borrowings, and statutory dues.
Could not evaluate financial impact of shifting bases of accounting during CIRP and Liquidation phases.
Unable to ascertain completeness and accuracy of provisions for taxation, employee benefits, contingent liabilities, related party transactions, and reconstructed prior-period comparatives.
Capital Structure Impact
Equity share capital of ₹3,100.49 lakhs as per last audited financial statements has been cancelled/extinguished without any payment pursuant to Sale Certificate and NCLT Relief Order.
Financial and Operational Impact
Company was not on going concern basis during CIRP and liquidation periods (January 2021 to November 2024).
Post Transfer Date, going concern assumption is appropriate given clear title, extinguishment of liabilities, and legal protections from NCLT Relief Order.
Financial impact of historical operations cannot be reliably determined due to scope limitations.
