| Scrip Code | 500540 |
|---|---|
| NSE Symbol | PREMIER |
| MSEI Symbol | NOTLISTED |
| ISIN | INE342A01018 |
| Name of company | Premier Limited |
| 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 | 27-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 21-05-2026 |
| 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 | Consolidated |
| 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 | ENGINEERING |
| Start date and time of board meeting | 27-05-2026 14:30:00 |
| End date and time of board meeting | 27-05-2026 17:00:00 |
| 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 |
| 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 | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | 0.00 | 0.00 | |
| Other income | 30.00 | 280.00 | |
| Total income | 30.00 | 280.00 | |
| 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 | 28.00 | 122.00 |
| (f) | Depreciation, depletion and amortisation expense | 131.00 | 534.00 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 47.00 | 211.00 |
| Total other expenses | 47.00 | 211.00 | |
| Total expenses | 206.00 | 867.00 | |
| 3 | Total profit before exceptional items and tax | (176.00) | (587.00) |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | (176.00) | (587.00) |
| 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 | (176.00) | (587.00) |
| 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 | (176.00) | (587.00) |
| 17 | Other comprehensive income net of taxes | 0.00 | 0.00 |
| 18 | Total Comprehensive Income for the period | (176.00) | (587.00) |
| 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 | 3,037.00 | 3,037.00 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | (44,545.00) | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -0.58 | -1.93 | |
| Diluted earnings (loss) per share from continuing operations | -0.58 | -1.93 | |
| 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 | -0.58 | -1.93 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -0.58 | -1.93 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | The Company is undergoing Corporate Insolvency Resolution Process (“CIRP”) vide order no. C.P. (IB) 1224/MB/2020 pronounced on January 29, 2021 by The Hon’ble National Company Law Tribunal (“NCLT”), Mumbai Bench under the provisions of the Insolvency and Bankruptcy Code, 2016 (the Code). Pursuant to the order, the management of affairs of the Company and powers of the Board of Directors of the Company are now vested with the Resolution Professional (“RP”) who is appointed by the Hon'ble National Company Law Tribunal and reconfirmed by COC in first COC meeting. As the powers of the Board of Diretors are suspended since CIRP initiation, and erstwhile Management has resigned, these financial results have been prepared by the company and have been signed by the Resolution Professional Ms. Kanak Jani [IP Registration no.IBBI/IPA-001/IP-P-01757/2019-2020/12685]. These audited consolidated financial results for the quarter and year ended March 31, 2026 have been prepared in accordance with the Indian Accounting Standards (Ind-AS) as specified under Section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and the provisions of the Companies Act, 2013. The above audited consolidated financial results for the quarter & year ended March 31, 2026 were audited by the Statutory Auditor of the Company, under Regulation 33 of Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. A qualified report was issued by them thereon. The Committee of Creditors (COC), in its 17th meeting held on January 22, 2022, discussed the Resolution plans submitted by the seven prospective resolution applicants (PRA) and had approved the resolution plan submitted by Fab Metals Pvt. Ltd. with 92.47% assent through e-voting. The same has already been disclosed to the Stock Exchanges on January 26, 2022. Accordingly, the further approval from the Hon’able NCLT, Mumbai Bench is in progress currently. The Company is being managed as a going concern during the CIRP. As mentioned in note no. 2 above the CIRP period shall continue till the Resolution Plan accepted by the CoC is approved by Hon’able NCLT, Mumbai Bench. The future prospects of the Company would be determined on the completion of CIRP. Therefore, the financial results have been prepared on a going concern basis. The manufacturing activities at Company's plant at Chakan remain suspended since March 3, 2020 due to lack of working capital as reported during the previous quarters/year end. Further, the operations remain affected due to the inability of the Company to function normally and continuing suspension of production post mid March 2020. There has been a delay in transferring unclaimed matured fixed deposits & interest thereon amounting to Rs. 46.55 lakhs to the Investor Education & Protection Fund (“IEPF”) in compliance with the provisions of section 125 of the Companies Act, 2013, which was due for transfer as at March 31, 2026. However, the entire amount is already funded by the Company and maintained in designated bank accounts. We are in the process of transferring the said amount to the IEPF as per Section 125 of the Companies Act, 2013. The Company has sold a land parcel situated at Village Usarghar to Horizon Limited on 31.12.2012. A portion of land, measuring 860 sq meters was acquired by Dedicated Freight Corridor Corporation (DFCC), and the matter was under hearing before the Sub-Divisional Officer (SDO). As per the written understanding between the the Company and M/s. Horizon Limited, the compensation receivable from the governement would accrue and be credited to Premier Limited. Pursuant to the proceedings, compensation of Rs 164 Lakhs (including interest thereon) was awarded and finally released to te Company on July 14, 2025. This amount has been treated as other income in these consolidated financial results for the year ended March 31, 2026. The figures of the quarter ended March 31, 2026 and the corresponding quarter ended in the previous year as reported in this financial results are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. Previous period/year figures have been regrouped / restated and / or rearranged wherever necessary. |
|---|
| 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 | Consolidated | |
| Assets | ||
| 1 | Non-current assets | |
| Property, plant and equipment | 2,407.43 | |
| Capital work-in-progress | 351.95 | |
| Investment property | 8,597.22 | |
| Goodwill | 0.00 | |
| Other intangible assets | 0.00 | |
| Intangible assets under development | ||
| Biological assets other than bearer plants | ||
| Investments accounted for using equity method | ||
| Non-current financial assets | ||
| Non-current investments | 0.25 | |
| Trade receivables, non-current | 0.00 | |
| Loans, non-current | 194.75 | |
| Other non-current financial assets | ||
| 1 | Other Financial Assets | 285.10 |
| Total of other non-current financial assets | 285.10 | |
| Total non-current financial assets | 480.10 | |
| Deferred tax assets (net) | ||
| Other non-current assets | ||
| 1 | Other Non-Current assets | 3,718.73 |
| Total of other non-current assets | 3,718.73 | |
| Total non-current assets | 15,555.43 | |
| 2 | Current assets | |
| Inventories | 0.00 | |
| Current financial asset | ||
| Current investments | 0.00 | |
| Trade receivables, current | 0.00 | |
| Cash and cash equivalents | 1,555.04 | |
| Bank balance other than cash and cash equivalents | 58.80 | |
| Loans, current | 648.38 | |
| Other current financial assets | ||
| Total of other current financial assets | 1.14 | |
| Total current financial assets | 2,263.36 | |
| Current tax assets (net) | 25.57 | |
| Other current assets | ||
| 1 | Other current assets | 42.34 |
| Total of other current assets | 42.34 | |
| Total current assets | 2,331.27 | |
| 3 | Non-current assets classified as held for sale | |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | |
| Total assets | 17,886.70 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 3,039.95 | |
| Other equity | (37,419.17) | |
| Total equity attributable to owners of parent | (34,379.22) | |
| Non controlling interest | ||
| Total equity | (34,379.22) | |
| 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 | ||
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | ||
| Total Trade payable | ||
| Other non-current financial liabilities | ||
| Total of other non-current financial liabilities | ||
| Total non-current financial liabilities | 0.00 | |
| Provisions, non-current | 510.55 | |
| Deferred tax liabilities (net) | ||
| Deferred government grants, Non-current | ||
| Other non-current liabilities | ||
| 1 | Other non-current liabilities | 550.67 |
| Total of other non-current liabilities | 550.67 | |
| Total non-current liabilities | 1,061.22 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 16,711.03 | |
| 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 | 1,510.23 | |
| Total Trade payable | 1,510.23 | |
| Other current financial liabilities | ||
| 1 | Other financial liabilities | 28,078.35 |
| Total of other current financial liabilities | 28,078.35 | |
| Total current financial liabilities | 46,299.61 | |
| Other current liabilities | 4,825.23 | |
| 1 | Other current liabilities | 4,825.23 |
| Total of other current liabilities | 4,825.23 | |
| Provisions, current | 79.86 | |
| Current tax liabilities (Net) | ||
| Deferred government grants, Current | ||
| Total current liabilities | 51,204.70 | |
| 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 | 52,265.92 | |
| Total equity and liabilites | 17,886.70 | |
| 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 | Consolidated | Consolidated | |||||
| 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 | Consolidated | Consolidated |
| 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 | Consolidated | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | (587.00) | |||||
| 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 | 0.00 | |||||
| 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 | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | 9.36 | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | 0.00 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 534.18 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | 0.00 | |||||
| Adjustments for provisions, non-current | 0.00 | |||||
| Adjustments for other financial liabilities, current | 0.00 | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | 4.63 | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 116.03 | |||||
| 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) | 0.00 | |||||
| Other adjustments for non-cash items | 125.20 | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 557.34 | |||||
| Net cash flows from (used in) operations | (29.66) | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 121.84 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 2.46 | |||||
| Other inflows (outflows) of cash | (6.73) | |||||
| Net cash flows from (used in) operating activities | (160.69) | |||||
| 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 | 0.00 | |||||
| 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 | 0.00 | |||||
| Interest received | 181.11 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 93.50 | |||||
| Net cash flows from (used in) investing activities | 274.61 | |||||
| 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 | 0.00 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 0.20 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | (0.20) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 113.72 | |||||
| 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 | 113.72 | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 1,441.33 | |||||
| Cash and cash equivalents cash flow statement at end of period | 1,555.05 | |||||
| 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 | Qualified 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 | Jayesh Dadia & Associates LLP | Yes | 30-04-2028 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 280.00 | 280.00 |
| 2 | Total Expenditure | 867.00 | 867.00 |
| 3 | Net Profit/(Loss) | (587.00) | (587.00) |
| 4 | Earnings Per Share | -1.93 | -1.93 |
| 5 | Total Assets | 17,887.00 | 17,887.00 |
| 6 | Total Liabilities | 52,266.00 | 52,266.00 |
| 7 | Net Worth | (34,379.00) | (34,379.00) |
| 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) | Qualified opinion | Repetitive | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Qualified opinion | Repetitive | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| 3 | Textual Information(11) | Qualified opinion | Repetitive | Textual Information(12) | Textual Information(13) | Textual Information(14) | Textual Information(15) |
| 4 | Textual Information(16) | Qualified opinion | Repetitive | Textual Information(17) | Textual Information(18) | Textual Information(19) | Textual Information(20) |
| 5 | Textual Information(21) | Qualified opinion | Repetitive | Textual Information(22) | Textual Information(23) | Textual Information(24) | Textual Information(25) |
| Textual Information(1) | Erosion of Networth due to losses incurred & liabilities exceeding the realizable value of assets |
|---|---|
| Textual Information(2) | NA |
| Textual Information(3) | NA |
| Textual Information(4) | The Company has incurred losses, its liabilities exceed total assets and its net worth has been fully eroded as at March 31, 2026. The Honable NCLT, Mumbai Bench has admitted a petition to initiate insolvency proceeding against the Company under the Code. As per the Code, it is required that the Company be managed as a going concern during the CIRP. Further, the CIRP period continues to be in effect till the CoC approved Resolution Plan of the Company is approved by the NCLT. The future prospects of the Company would be determined on the completion of CIRP. Hence, in view of the above facts and considering the smooth progress of the CIRP with submission of Resolution Plans is underway currently, the financial statements have been prepared on a going concern basis. |
| Textual Information(5) | Erosoin of networth casts significant doubts on the entities ability to continue as a going concern. |
| Textual Information(6) | No provision made for impairmnet of assets |
| Textual Information(7) | NA |
| Textual Information(8) | NA |
| Textual Information(9) | The Company is under CIRP, and the resolution plan has been submitted by the RP to the Honorable NCLT, Mumbai bench for their approval of the same. Pending the approval of the plan, the same is a confidential document and accordingly no adjustments to the value of the assets has been made in these financial statements. |
| Textual Information(10) | Not providing for impairment loss affects the true and fair view of the financial statements |
| Textual Information(11) | Non Compliance with Ind-As 19 |
| Textual Information(12) | NA |
| Textual Information(13) | NA |
| Textual Information(14) | Company had suspended its operation effective 03.03.2020 and the workmen union appealed before the industrial court, Pune followed by an appeal before the Honble Bombay High Court against non-payment of wages arising out of the said suspension of operations. The Company has made provision for workmen wages and dues at 50% of their monthly wages till CIRP commencement date. Accordingly an amount of Rs.329.62 Lakhs would be contingent upon the outcome of the petition of the union under hearing before the Bombay High Court. While this matter is in progress, workmen union has also filed another application for the same matter before the NCLT, Mumbai during the current year which is pending for hearing. However, the workmen in their application filed before the NCLT, Mumbai have claimed full wages even for the CIRP period. Since, the Company is under CIRP, quantifying the amount of payment contingent on the order of the NCLT, Mumbai bench is not possible. |
| Textual Information(15) | Not making provision for employee benfits in accrodance with Ind-As affects the true and fair view of the financial statements |
| Textual Information(16) | Non-compliance with provision of section 138 of the Companies Act, 2013 |
| Textual Information(17) | NA |
| Textual Information(18) | NA |
| Textual Information(19) | Owing to the fact that the Company is under CIRP and the resultant lack of liquidity faced by the Company, the company has been unable to make payments towards various services that the appointment of an internal auditor would entail. |
| Textual Information(20) | The Company should endeavour to appoint an external agency as an internal auditor to ensure compliance with the mandatory provisions of the Companies Act, 2013. |
| Textual Information(21) | Non-compliance with provision of section 203 of the Companies Act, 2013 |
| Textual Information(22) | NA |
| Textual Information(23) | NA |
| Textual Information(24) | Owing to the fact that the Company is under CIRP and the resultant lack of liquidity faced by the Company, the company has been unable to make payments towards various services that the appointment of an company secretary would entail. |
| Textual Information(25) | The Company should endeavour to appoint a whole time company secretary in compliance with the mandatory provisions of the Companies Act, 2013. |
| Name of CEO / Managing director | Kanak Jani, Resoution Professional |
|---|---|
| Name of CFO | NA |
| Name of audit committee chairman | NA |
| Name of statutory auditor | Jayesh Dadia |
| Name of other signatory, if any, with designation | NA |
| Place | Mumbai |
| Date | 27-05-2026 |