Results
Awaiting price reaction for this filing.
The board, in a meeting on May 2, 2025, approved a backlog of financial results covering September 2019 through March 2023, indicating significant delay in reporting. Revenue from operations has been very small, ranging around Rs 12–16 lakhs per half-year. Profitability has been erratic — the company reported a loss of Rs 25.24 lakhs for FY19, swung to a profit of Rs 13.11 lakhs in FY20, and narrowed to Rs 1.39 lakhs in FY21. The auditor (MAAK & Associates) issued a Disclaimer of Opinion on the FY20 and FY21 audited results, meaning they could not confirm the numbers due to missing balance confirmations, no fixed asset register, no depreciation charged, missing expense vouchers, and absent statutory payment records.
This is a major red flag for shareholders — a disclaimer of opinion is the most serious form of audit qualification and means the financial figures cannot be relied upon. Additionally, management has disclosed a Rs 5.50 crore claim filed with the Economic Offence Wing against a merchant banker for alleged fraudulent transfer, creating a large unresolved contingent exposure for a company with under Rs 16 lakhs of half-yearly revenue.