Outcome of Board Meeting for the quarter ended March 2025
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The board approved audited standalone financial results for Q4 and FY ended March 31, 2025, showing total income of Rs. 435.62 lakh, total expenditure of Rs. 347.54 lakh, and net profit of Rs. 14.24 lakh for the year. Total assets stood at Rs. 2,125.46 lakh with net worth of Rs. 1,469.02 lakh. The statutory auditor (Jain Paras Bilala & Co.) issued a Qualified Opinion flagging five unresolved issues, including Rs. 305.6 lakh of doubtful advances with no Expected Credit Loss provision, missing bank statements, a Rs. 235.23 lakh disputed machinery payable from 1994, missing balance confirmations, and unreconciled income tax receivables of Rs. 48.35 lakh. The auditor also highlighted the full write-off of accumulated MAT credit after the company shifted to the Section 115BAA tax regime, and noted an Emphasis of Matter regarding income from an arbitration claim under the Vivad Se Vishwas II scheme. The board appointed Ms. Nidhi Babar as Company Secretary, M/s ATCS & Associates as Secretarial Auditor for 5 years, and re-appointed M/s MNG & Associates as Internal Auditor. The company's equity shares were delisted from BSE effective May 11, 2018.
Multiple auditor qualifications, unresolved compliance issues (unpaid statutory dues, TDS/GST non-compliance, MSME classification gaps), and a delisted status since 2018 signal weak governance and limited liquidity for shareholders. The MAT credit write-off is a one-time impact but highlights tax regime transition effects on prior years' deferred assets.