| Scrip Code | 535467 |
|---|---|
| NSE Symbol | AIFL |
| MSEI Symbol | NOTLISTED |
| ISIN | INE428O01016 |
| Name of company | Ashapura Intimates Fashion Ltd |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 16-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 11-05-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Fourth quarter |
| Nature of report standalone or consolidated | Standalone |
| Whether results are audited or unaudited for the quarter ended | Audited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Audited |
| Segment Reporting | Single segment |
| Description of single segment | Trading |
| Start date and time of board meeting | 16-05-2026 13:15:00 |
| End date and time of board meeting | 16-05-2026 14:40:00 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Whether the company has any related party? | No |
| Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? | No |
| (I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public | NA |
| (II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. | NA |
| Whether the company is a high value debt listed entity according to regulation 15 (1A)? | No |
| (a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication? | |
| (b) If answer to above question is No, please explain the reason for not complying. | |
| Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? | No |
| Latest Date on which RPT policy is updated | |
| Indicate Company website link for updated RPT policy of the Company | |
| Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? | No |
| No. of times funds raised during the quarter | |
| Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? | No |
| NA | |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 1 | Income | ||
| Revenue from operations | 0.00 | 0.00 | |
| Other income | 0.00 | 2.31 | |
| Total income | 0.00 | 2.31 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 0.00 | 0.00 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 |
| (d) | Employee benefit expense | 0.00 | 0.00 |
| (e) | Finance costs | 0.00 | 0.00 |
| (f) | Depreciation, depletion and amortisation expense | 8.59 | 34.37 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 1.00 | 52.50 |
| Total other expenses | 1.00 | 52.50 | |
| Total expenses | 9.59 | 86.87 | |
| 3 | Total profit before exceptional items and tax | (9.59) | (84.56) |
| 4 | Exceptional items | (30,131.14) | 89.43 |
| 5 | Total profit before tax | (30,140.73) | 4.87 |
| 6 | Tax expense | ||
| 7 | Current tax | 0.00 | 0.00 |
| 8 | Deferred tax | 0.00 | 0.00 |
| 9 | Total tax expenses | 0.00 | 0.00 |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0.00 | 0.00 |
| 11 | Net Profit Loss for the period from continuing operations | (30,140.73) | 4.87 |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0.00 | 0.00 |
| 16 | Total profit (loss) for period | (30,140.73) | 4.87 |
| 17 | Other comprehensive income net of taxes | 0.00 | 0.00 |
| 18 | Total Comprehensive Income for the period | (30,140.73) | 4.87 |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | |||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | |||
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 2,521.14 | 2,521.14 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | 0.00 | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -119.55 | 0.02 | |
| Diluted earnings (loss) per share from continuing operations | -119.55 | 0.02 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | -119.55 | 0.02 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -119.55 | 0.02 | |
| 24 | Debt equity ratio | 0 | 0 |
| 25 | Debt service coverage ratio | 0 | 0 |
| 26 | Interest service coverage ratio | 0 | 0 |
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | (1) Pursuant to the application filed by IDFC First Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 as amended from time to time (IBC/ Code), the Corporate Insolvency Resolution Process was initiated against the Company, by the Hon'ble NCLT vide its order dated 28th June 2019 wherein Mr. Kashyap Vaidya was appointed as the Interim Resolution Professional (IRP) of the Company. The Committee of Creditor in its 2nd COC meeting held on 26th August 2019 had appointed Mr. Kashyap Vaidya (IP Registration No. IBBI/IPA-001/IP-P01204/2018-19/11971] as Resolution Professional (RP) of the company. Two prospective Resolution Applicants had submitted expression of interest for submitting resolution but, no Resolution Plan was submitted by them and since no Resolution Plan was received, the Company had been admitted under liquidation vide order dated 05.10.2020 passed by Hon'ble NCLT Mumbai and Mr. Bhavesh Rathod (IP Registration No IBBI/IPA-001/IPP01200/2018-19/11910) has been appointed as liquidator of the Company. The Liquidator had conducted e-auction on 21st December, 2024 to sale the Company as a whole on “as is where is basis”. Under the e-auction process conducted on 21st December, 2024 , M/s. Grow House Agro Limited has been declared as Successful Bidder for Asset Category 1 i.e. NSE & BSE Listed Company wherein the successful bidder agreed with the Terms and Conditions mentioned under the Auction Process information document and participated in the e-auction with the Earnest Money Deposit of Rs.2,13,00,000/-. Thereafter, pursuant to the culmination of the e-auction process, and the bids/financial proposal received from various participants in the said auction process, the Liquidator declared the Buyer i.e., M/s. Grow House Agro Limited as the Successful Bidder on 23.12.2024 in terms of the Auction Process Document dated 23rd November, 2024. Liquidator after confirming the receipt of the entire Total Consideration including interest from the Successful Bidder issued Sale certificate dated 01st March, 2025. As per the Sale Certificate dated 01st March, 2025 the successful bidder had nominated new Board of Directors of the Company. As per the Triparty MOU between M/s. Grow House Agro Ltd., M/s. Pervasive Commodities Ltd., and M/s. Ashapura Intimates Fashion Ltd., the parties agreed to pay a total consideration of INR 21,30,00,000 to M/s. Ashapura Intimates Fashion Ltd. Out of this amount, INR 16,83,57,000 has been contributed by M/s. Grow House Agro Ltd., while the balance amount will be funded by M/s. Pervasive Commodities Ltd. Further we would like to let you know that M/s Grow House Agro Ltd is participating in the transaction only as a facilitator/mediator and that the beneficial ownership, control and economic interest in the Corporate Debtor shall vest with Pervasive and/or its nominated shareholders/SPV. (2) There are various claims submitted by the financial creditors whether secured and unsecured, operational creditors, employees and other creditors to the RP. The overall obligations and Liabilities including interest on loans and the principal amount of loans shall be determined upon completion of insolvency proceedings. Pending Final Outcome of the insolvency proceedings, no accounting Impact in the books of accounts has been made in respect of excess, short or non-receipts of Claims for operational and financial creditors (3) The company has been referred to National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 as amended, and there is considerable decline in level of operations of the Company and Net worth of the company as on the reporting date is eroded and it continue to incur losses. On the Reporting date, the Company was undergoing CIRP proceedings and in pursuance of the said IB Code and regulations made thereunder, the company is being run as a going concern. (4) As per the honorable NCLT's order, all payable and receivable have been settled, and adjustments have been made in accordance with the provisions outlined by the Honorable NCLT. However, the same could not be independently verified due to absence of supporting documentation. (5) Operational activities of the Company has been suspended since the Q3 of FY 2018-19. However, the Company has not assessed or reviewed the condition and/or operation ability of plant and machineries and other fixed assets for the impairment and the impairment loss, if any, has not been ascertained. The consequent effect of the same is not ascertainable at this stage. (6) As per the NCLT order, all assets have been listed according to their liquidation value, as provided by the Liquidator. Also, during FY 2025–26, Fixed Assets are being sold to M/s. Namharatna Infra LLP, which will impact the assets of the Company in the financial statements, and the profit arising from such sale has been recognized in the Statement of Profit and Loss. (7) There are no Reportable segments, which signify or in the aggregate qualify for the separate disclosure as per provision of the relevant Ind AS. The management does not believe that the information about segments which are not reportable under Ind AS, would be useful to the user of these financial statement. (8) Provisions for current tax has not been recognized in view of the suspension of the operations of the company and continuing losses. Deferred tax has not been recognized owing to uncurtaining as regards to the availability of the sufficient future taxable profits in foreseeable future. (10)The above results have been audited by the Statutory Auditor as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. (11)The figures of previous period/ year have been regrouped/ reclassified wherever necessary to make them comparable with those of the current period / year. (12)The figures of the quarter ended March 31, 2026 and March 31, 2025 are the balancing figure between audited figures in respect of full financial year and the published year to date figures up to the end of the third quarter of the year. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | |
|---|---|---|
| Date of start of reporting period | 01-04-2025 | |
| Date of end of reporting period | 31-03-2026 | |
| Whether results are audited or unaudited | Audited | |
| Nature of report standalone or consolidated | Standalone | |
| Assets | ||
| 1 | Non-current assets | |
| Property, plant and equipment | 44.17 | |
| Capital work-in-progress | 0.00 | |
| Investment property | 0.00 | |
| Goodwill | 0.00 | |
| Other intangible assets | 0.00 | |
| Intangible assets under development | 0.00 | |
| Biological assets other than bearer plants | 0.00 | |
| Investments accounted for using equity method | 0.00 | |
| Non-current financial assets | ||
| Non-current investments | 0.00 | |
| Trade receivables, non-current | 0.00 | |
| Loans, non-current | 0.00 | |
| Other non-current financial assets | ||
| Total of other non-current financial assets | ||
| Total non-current financial assets | 0.00 | |
| Deferred tax assets (net) | 0.00 | |
| Other non-current assets | ||
| Total of other non-current assets | ||
| Total non-current assets | 44.17 | |
| 2 | Current assets | |
| Inventories | 0.00 | |
| Current financial asset | ||
| Current investments | 0.00 | |
| Trade receivables, current | 0.00 | |
| Cash and cash equivalents | 0.00 | |
| Bank balance other than cash and cash equivalents | 0.00 | |
| Loans, current | 0.00 | |
| Other current financial assets | ||
| Total of other current financial assets | ||
| Total current financial assets | 0.00 | |
| Current tax assets (net) | 0.00 | |
| Other current assets | ||
| 1 | Other current assets | 473.82 |
| Total of other current assets | 473.82 | |
| Total current assets | 473.82 | |
| 3 | Non-current assets classified as held for sale | 0.00 |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | 0.00 |
| Total assets | 517.99 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 2,521.14 | |
| Other equity | (2,466.27) | |
| Total equity attributable to owners of parent | 54.87 | |
| Non controlling interest | ||
| Total equity | 54.87 | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 0.00 | |
| Trade payables, non-current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 0.00 | |
| Total Trade payable | 0.00 | |
| Other non-current financial liabilities | ||
| Total of other non-current financial liabilities | ||
| Total non-current financial liabilities | 0.00 | |
| Provisions, non-current | 0.00 | |
| Deferred tax liabilities (net) | 0.00 | |
| Deferred government grants, Non-current | 0.00 | |
| Other non-current liabilities | ||
| Total of other non-current liabilities | ||
| Total non-current liabilities | 0.00 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 0.00 | |
| Trade payables, current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 5.23 | |
| Total Trade payable | 5.23 | |
| Other current financial liabilities | ||
| Total of other current financial liabilities | ||
| Total current financial liabilities | 5.23 | |
| Other current liabilities | 456.89 | |
| 1 | Other current liabilities | 456.89 |
| Total of other current liabilities | 456.89 | |
| Provisions, current | 1.00 | |
| Current tax liabilities (Net) | ||
| Deferred government grants, Current | ||
| Total current liabilities | 463.12 | |
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | |
| Total liabilities | 463.12 | |
| Total equity and liabilites | 517.99 | |
| Disclosure of notes on assets and liabilities | ||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|---|
| Date of start of reporting period | 01-01-2026 | 01-04-2025 | |||||
| Date of end of reporting period | 31-03-2026 | 31-03-2026 | |||||
| Whether results are audited or unaudited | Audited | Audited | |||||
| Nature of report standalone or consolidated | Standalone | Standalone | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| Total Segment Revenue | |||||||
| Less: Inter segment revenue | |||||||
| Revenue from operations | |||||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| Total Profit before tax | |||||||
| i. Finance cost | |||||||
| ii. Other Unallocable Expenditure net off Unallocable income | |||||||
| Profit before tax | |||||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| Total Segment Asset | |||||||
| Un-allocable Assets | null | null | |||||
| Net Segment Asset | null | null | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| Total Segment Liabilities | |||||||
| Un-allocable Liabilities | null | null | |||||
| Net Segment Liabilities | null | null | |||||
| Disclosure of notes on segments | |||||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| Total Amount of items that will not be reclassified to profit and loss | |||
| 2 | Income tax relating to items that will not be reclassified to profit or loss | ||
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | ||
| 5 | Total Other comprehensive income | ||
| Particulars | Year ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|
| A | Date of start of reporting period | 01-04-2025 | ||||
| B | Date of end of reporting period | 31-03-2026 | ||||
| C | Whether results are audited or unaudited | Audited | ||||
| D | Nature of report standalone or consolidated | Standalone | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | 4.87 | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 0.00 | |||||
| Adjustments for decrease (increase) in inventories | 0.00 | |||||
| Adjustments for decrease (increase) in trade receivables, current | 0.00 | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | (200.75) | |||||
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |||||
| Adjustments for other financial assets, non-current | 0.00 | |||||
| Adjustments for other financial assets, current | 0.00 | |||||
| Adjustments for other bank balances | 8.30 | |||||
| Adjustments for increase (decrease) in trade payables, current | (4,517.11) | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | (318.24) | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 34.37 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | (26.30) | |||||
| Adjustments for provisions, non-current | 0.00 | |||||
| Adjustments for other financial liabilities, current | 0.00 | |||||
| Adjustments for other financial liabilities, non-current | (7,104.73) | |||||
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 0.00 | |||||
| Adjustments for share-based payments | 0.00 | |||||
| Adjustments for fair value losses (gains) | 0.00 | |||||
| Adjustments for undistributed profits of associates | 0.00 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |||||
| Other adjustments to reconcile profit (loss) | 31,239.14 | |||||
| Other adjustments for non-cash items | (1,618.02) | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 17,496.66 | |||||
| Net cash flows from (used in) operations | 17,501.53 | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | (2.32) | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | (14.16) | |||||
| Net cash flows from (used in) operating activities | 17,485.05 | |||||
| Cash flows from used in investing activities | ||||||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |||||
| Cash flows used in obtaining control of subsidiaries or other businesses | 0.00 | |||||
| Other cash receipts from sales of equity or debt instruments of other entities | 0.00 | |||||
| Other cash payments to acquire equity or debt instruments of other entities | 0.00 | |||||
| Other cash receipts from sales of interests in joint ventures | 0.00 | |||||
| Other cash payments to acquire interests in joint ventures | 0.00 | |||||
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Proceeds from sales of property, plant and equipment | 1,091.00 | |||||
| Purchase of property, plant and equipment | 0.00 | |||||
| Proceeds from sales of investment property | 0.00 | |||||
| Purchase of investment property | 0.00 | |||||
| Proceeds from sales of intangible assets | 0.00 | |||||
| Purchase of intangible assets | 0.00 | |||||
| Proceeds from sales of intangible assets under development | 0.00 | |||||
| Purchase of intangible assets under development | 0.00 | |||||
| Proceeds from sales of goodwill | 0.00 | |||||
| Purchase of goodwill | 0.00 | |||||
| Proceeds from biological assets other than bearer plants | 0.00 | |||||
| Purchase of biological assets other than bearer plants | 0.00 | |||||
| Proceeds from government grants | 0.00 | |||||
| Proceeds from sales of other long-term assets | 0.00 | |||||
| Purchase of other long-term assets | 0.00 | |||||
| Cash advances and loans made to other parties | 0.00 | |||||
| Cash receipts from repayment of advances and loans made to other parties | 0.00 | |||||
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Dividends received | 2.31 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) investing activities | 1,093.31 | |||||
| Cash flows from used in financing activities | ||||||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |||||
| Payments from changes in ownership interests in subsidiaries | 0.00 | |||||
| Proceeds from issuing shares | 0.00 | |||||
| Proceeds from issuing other equity instruments | 0.00 | |||||
| Payments to acquire or redeem entity's shares | 0.00 | |||||
| Payments of other equity instruments | 0.00 | |||||
| Proceeds from exercise of stock options | 0.00 | |||||
| Proceeds from issuing debentures notes bonds etc | 0.00 | |||||
| Proceeds from borrowings | 0.00 | |||||
| Repayments of borrowings | 18,622.73 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | (18,622.73) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (44.37) | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 0.00 | |||||
| Net increase (decrease) in cash and cash equivalents | (44.37) | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 44.37 | |||||
| Cash and cash equivalents cash flow statement at end of period | 0.00 | |||||
| Whether results are audited or unaudited | Audited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Auditor's opinion | Disclaimer of opinion |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | N K SARRAF & ASSOCIATES | Yes | 31-12-2027 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 2.31 | 2.31 |
| 2 | Total Expenditure | 86.87 | 86.87 |
| 3 | Net Profit/(Loss) | 4.87 | 4.87 |
| 4 | Earnings Per Share | 0.02 | 0.02 |
| 5 | Total Assets | 517.99 | 517.99 |
| 6 | Total Liabilities | 517.99 | 517.99 |
| 7 | Net Worth | 54.87 | 54.87 |
| Sr. | Details of Audit Qualification | Type of Audit Qualification | Frequency of qualification | For Audit Qualification(s) where the impact is quantified by the auditor | For Audit Qualification(s) where the impact is not quantified by the auditor | ||
|---|---|---|---|---|---|---|---|
| Management's Views | (i) Management's estimation on the impact of audit qualification | (ii) If management is unable to estimate the impact, reasons for the same | Auditors' Comments on (i) or (ii) above | ||||
| 1 | Textual Information(1) | Disclaimer of opinion | Since how long continuing | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| Textual Information(1) | 1. We are unable to obtain sufficient appropriate audit evidence regarding the opening balances of 01.04.2025 due to unavailability of the relevant supporting documents/information of last year. 2. Multiple irregularities and suspected fraudulent transactions were noted during the year ended 31st March, 2018 on the basis of preliminary assessment done by Liquidator /RP during the CIRP process and provided to us. We are unable to comment on the consequential impact, if any, on the financial statements of the outcome of any investigations/enquiry by law enforcement agencies and outcome of related litigation and claims. 3. We are unable to comment on the necessary adjustments/disclosures in these financial statements in relation to the following items, in view of non-availability of certain necessary information/documentation/satisfactory explanations relevant to the current year audit Reconciliation of trade payables and other payables outstanding as on 31.03.2026 in the absence of confirmations from the parties Non reconciliation of various other receivables outstanding as on 31.03.2026 in the absence of necessary information/ documentation. 4. The Company has not deposited various statutory dues (PF, ESIC, GST, TDS, and Income Tax) with the respective government authorities and has also failed to comply with the filing requirements under multiple statutory enactments during the financial years 20172018, 20182019, 2019-2020, 2020-2021, 2021-2022 2022-23, 2023-24, 2024-25. No provision has been made in the books for interest and penalties that may arise on account of such non- compliances. Also, for the FY 2025-26 generally all the statutory dues are been settled. However, in the absence of sufficient and appropriate supporting data and documentation, we are unable to comment on the accuracy, completeness, and adequacy of the statutory liabilities and related provisions recognized in the financial statements As per the honorable NCLT's order, all payable and receivable have been settled, and adjustments have been made in accordance with the provisions outlined by the Honorable NCLT. However, the same could not be independently verified due to absence of supporting documentation. 5. During the course of our review, we observed that key financial documents, including bank statements including the cash credit account, loan account statements, and fixed deposit schedules, were not made available for our verification. In the absence of these records, we are unable to comment on the accuracy, completeness, or presentation of these balances in the financial statements. As per the honorable NCLT's order, all payable and receivable have been settled, and adjustments have been made in accordance with the provisions outlined by the Honorable NCLT. 6. The Secretarial audit report for F.Y 25-26 & previous years has not been provided to us. Further, due to no availability of Signed Board minutes, Audit committee minutes. Stakeholder relationship committee minutes and minutes of other committees of the board, as applicable to the company, we are unable to comment on the compliances of various provisions of Companies Act, 2013. 7. We have not been provided with any supporting data or records in respect of the closing inventory as at 31st March 2026. Further, no physical verification of inventory was conducted by the management during the year, in the absence of inventory records, supporting documentation, and physical verification, we are unable to comment on the existence, accuracy, and completeness of the inventory as reflected in the standalone financial statements. 8. Due to non-availability of relevant supporting documentation / evidence, we are unable to comment on the contravention of Sec 177 and 188 of the Companies Act, 2013 with respect to related party transactions and requirements of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015. 9. The Company has not obtained an actuarial valuation as required under Indian Accounting Standard (IND AS) 19 Employee Benefits for its defined benefit obligations and long-term employee benefit liabilities as at 31st March 2026. We have been informed that the provisions for such employee benefits have been estimated and increased based on the managements best knowledge and the information and explanations provided to us. However, in the absence of an actuarial valuation by an independent qualified actuary, we are unable to comment on the accuracy, adequacy, and completeness of the provisions made in respect of such obligations, and the consequential impact, if any, on the standalone financial statements. 10. The Company has not provided us with complete details or documentation pertaining to pending litigations, claims, or proceedings instituted against the Company by regulatory authorities, vendors, customers, employees, or other third parties. In the absence of such information and records, we are unable to assess the nature, extent, or financial impact of such litigations and claims, and accordingly, we are unable to comment on the adequacy of related disclosures or provisions in the standalone financial statements 11. In the absence of necessary information/documentation, the necessary compliances as per applicable Indian Accounting Standards (IND AS) could not be verified and we are unable to comment upon the consequential impact of the same, if any, on the financial statements 12. The shareholding as on 31.03.2026 was made available to us and consequently, we are unable to comment on the impact, if any, of the same on the financial statements. 13. The Company has filed its financial results for the periods ended June 30, 2025, September 30, 2025, and December 31, 2025 & March 31, 2026 as prescribed under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 14. The provisions of deferred tax liability / Assets could not be ascertained as on 31.03.2026 due to non-availability of necessary information. Consequently, we are unable to comment on the impact, if any, of the same on the financial statements. 15. The assets have been valued based on the liquidation value determined through independent valuation reports obtained by the Company. The following reports were considered for the valuation: Land and Building: Valuation report by Mr. Rajendra Tithe dated 7th February 2023 Valuation report by Mr. A.V. Shetty dated 9th February 2023 Plant and Machinery: Valuation report by Mr. Kunal Vikamsey dated 14th February 2023 The values derived from these reports represent the estimated liquidation value as of the respective dates. These values have been depreciated on a straight-line basis (or other applicable method) for FY 202324 and FY 202425, to reflect expected usage and aging during the intervening period. No depreciation was charged for FY 202223, as it is assumed that the liquidation values provided in the valuation reports already account for the asset condition and usage up to that date. For FY 2025-26 the assets have been valued and recorded in the books of account based on the liquidation values determined in the above reports. 16. In the absence of reconciliations of trade receivables / trade payables / payables / receivables in foreign currency and non-availability of information in respect of quantum of foreign currency of foreign trade receivables / trade payables / payables / receivables, the restatements required as on 31.03.2026 as per IND AS 21 The Effects of Changes in Foreign Exchange Rates could not be effected in the financial statements as on 31.03.2026. Consequently, we are unable to comment on the impact, if any, of the same on the financial statements. 17. The Company has not provided us with the necessary data and supporting documentation in respect of secured loans, including working capital loans and letters of credit, as well as unsecured borrowings such as bills of exchange. Consequently, the closing balances of such borrowings and the related interest expenses and penalties have been recorded in the financial statements based solely on the information and explanations provided by the Management. In the absence of sufficient and appropriate audit evidence, we are unable to comment on the accuracy, completeness, and classification of the aforesaid borrowings and the consequential impact, if any, on the standalone financial statements. As per the honorable NCLT's order, all payable and receivable have been settled, and adjustments have been made in accordance with the provisions outlined by the Honorable NCLT. However, the same could not be independently verified due to absence of supporting documentation. 18. The Company has not provided us with adequate data, records, or confirmations in respect of certain liabilities including term loans, vehicle loans, employee benefits payable, capital creditors, security deposits, and other payables as reflected in the financial statements. In the absence of such supporting information and independent confirmations, we are unable to verify the accuracy, completeness, and classification of these liabilities, and accordingly, we are unable to comment on their impact, if any, on the standalone financial statements of the Company As per the honorable NCLT's order, all payable and receivable have been settled, and adjustments have been made in accordance with the provisions outlined by the Honorable NCLT. However, the same could not be independently verified due to absence of supporting documentation. 19. The revenue from operations for the financial year ended 31st March 2026 has been primarily derived from and based upon the Limited information made available by the management. Accordingly, we have placed reliance on the work of those auditors to the extent of such information. We have been informed that following the filing of a petition for initiation of Corporate Insolvency Resolution Process (CIRP) on 29th November 2018, there were no significant operational activities and revenues reported thereafter. In the absence of sufficient and appropriate audit evidence pertaining to revenue transactions for entire financial year, we have relied on the data and explanations provided by the Management, and are therefore unable to comment on the accuracy, completeness, and presentation of revenue from operations in the standalone financial statements 20. Interest income reported under Other Income have been recognized based on information provided by the Management. In the absence of supporting agreements, calculations, or confirmations, we are unable to comment on the accuracy, completeness, and the consequential impact of the same on the financial statements. 21. We have not been provided with detailed records or supporting documentation in respect of purchases, cost of materials consumed, employee benefit expenses, and other operating expenses for the financial year ended 31st March 2026. We have also been informed that, following the initiation of the Corporate Insolvency Resolution Process (CIRP) on 29th November 2018, there were no significant business operations in the subsequent quarters. In the absence of sufficient and appropriate audit evidence, we are unable to comment on the accuracy, completeness, and the impact of the aforementioned items on the standalone financial statements. 22. In the absence of the complete details of rental agreements entered into by the Company, the compliance of the requirements of IND AS 17 "Leases" could not be verified. Consequently, we are unable to comment on the impact, if any, of the same on the financial statements. 23. The completeness of related party transactions could not be verified and hence the disclosure for related party transaction as required by IND AS 24 "Related Party Disclosures" has been verified on the basis of books of accounts and available information/documentation. Consequently, we are unable to comment on the impact, if any, of the same on the financial statements. 24. Subsequent to the initiation of the Corporate Insolvency Resolution Process (CIRP), the Company has provided for impairment and diminution in the value of investments in subsidiaries, advances, inventories, trade receivables, and balances due from statutory authorities, based on the information and explanations provided by the Management. The amounts written off have been presented under 'Exceptional Items' in the Statement of Profit and Loss. In the absence of sufficient and appropriate audit evidence to substantiate the basis of such assessments, we are unable to comment on the accuracy, completeness, and the consequential impact of these adjustments on the standalone financial statements 25. The Company has been sold in its entirety to Grow House Agro Limited during the financial year 202425 for a total consideration of Rs 21.30 Crores However, we were unable to obtain and verify adequate supporting documents and confirmations with respect to the terms of sale, transaction details, and the basis of interest computation due to the nonavailability of requisite documentation and management representation. Accordingly, we are unable to comment on the accuracy, completeness, and presentation of the said transaction and related interest income in the financial statements. Since the Company has not yet issued shares to Grow House Agro Limited, the sum received amounting to Rs 21.30 Crores has been grouped under Current Liabilities Advance Received Against Sale of Entire Shareholding Shares Allotment Pending." As per the MOU between M/s. Grow House Agro Ltd., M/s. Pervasive Commodities Ltd., and M/s. Ashapura Intimates Fashion Ltd., the parties agreed to pay a total consideration of INR 21,30,00,000 to M/s. Ashapura Intimates Fashion Ltd. Out of this amount, INR 16,83,57,000 has been contributed by M/s. Grow House Agro Ltd., while the balance amount will be funded by M/s. Pervasive Commodities Ltd. 26. Cash & Cash Equivalents have been considered as Nil, as there are no operative bank accounts or cash balances as on date, based on verbal representations received from the management. 27. As per the NCLT order, all assets have been listed according to their liquidation value, as provided by the Liquidator. Also, during FY 202526, Fixed Assets are being sold to M/s. Namharatna Infra LLP, which will impact the assets of the Company in the financial statements, and the profit arising from such sale has been recognized in the Statement of Profit and Loss. 28. As per the Tri Party MOU between M/s. Grow House Agro Ltd., M/s. Pervasive Commodities Ltd., and M/s. Ashapura Intimates Fashion Ltd., the parties agreed to pay a total consideration of INR 21,30,00,000 to M/s. Ashapura Intimates Fashion Ltd. Out of this amount, INR 16,83,57,000 has been contributed by M/s. Grow House Agro Ltd., while the balance amount will be funded by M/s. Pervasive Commodities Ltd. Further we would like to let you know that M/s Grow House Agro Ltd is participating in the transaction only as a facilitator/mediator and that the beneficial ownership, control and economic interest in the Corporate Debtor shall vest with Pervasive and/or its nominated shareholders/SPV. |
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| Textual Information(2) | The Company was admitted into the Corporate Insolvency Resolution Process (CIRP) on 28th June, 2019 under the provisions of the Insolvency and Bankruptcy Code, 2016. Subsequently, the liquidation application was filed, and a liquidation order was passed on 5th October 2020. As per the Liquidation provisions, the liquidator conducted 10 auctions and the last e- auction was held on 21 December, 2024, wherein Grow House Agro Limited was declared as the successful bidder on 23rd December 2024 for the sale of the Corporate Debtor as a whole on "as is where is basis" The liquidator accordingly executed a sale certificate in favour of Grow House Agro Limited as on 1st March, 2025. Additionally, a relief and concession petition was filed by the successful bidder, and the Honble National Company Law Tribunal (NCLT) passed the Order on 10th June 2025 (Certified copy of order received on 23.06.2025) Also, closure application has been filed by Liquidator for the same. Pursuant to the acquisition, a new management has been appointed. The handover process from the previous management/Liquidator is currently underway. As a result, the Company is presently unable to provide certain information and documentation required for reconciliation as on 31st March 2026. The current management is committed to rebuilding the necessary records and internal systems in due course and is making continuous efforts to retrieve historical data to the extent possible. |
| Textual Information(3) | The Company was admitted into the Corporate Insolvency Resolution Process (CIRP) on 28th June, 2019 under the provisions of the Insolvency and Bankruptcy Code, 2016. Subsequently, the liquidation application was filed, and a liquidation order was passed on 5th October 2020. As per the Liquidation provisions, the liquidator conducted 10 auctions and the last e- auction was held on 21 December, 2024, wherein Grow House Agro Limited was declared as the successful bidder on 23rd December 2024 for the sale of the Corporate Debtor as a whole on "as is where is basis" The liquidator accordingly executed a sale certificate in favour of Grow House Agro Limited as on 1st March, 2025. Additionally, a relief and concession petition was filed by the successful bidder, and the Honble National Company Law Tribunal (NCLT) passed the Order on 10th June 2025 (Certified copy of order received on 23.06.2025) Also, closure application has been filed by Liquidator for the same. Pursuant to the acquisition, a new management has been appointed. The handover process from the previous management/Liquidator is currently underway. As a result, the Company is presently unable to provide certain information and documentation required for reconciliation as on 31st March 2026. The current management is committed to rebuilding the necessary records and internal systems in due course and is making continuous efforts to retrieve historical data to the extent possible. |
| Textual Information(4) | NA |
| Textual Information(5) | No other comments have been made by the Auditors. |
| Name of CEO / Managing director | Nikunj S. Shah |
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| Name of CFO | Nikunj S. Shah |
| Name of audit committee chairman | Het Thakkar |
| Name of statutory auditor | DEEPAK RADHESH SINGHANIA |
| Name of other signatory, if any, with designation | |
| Place | Ahmedabad |
| Date | 16-05-2026 |