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VXL Instruments Ltd. Interim / Quarterly Report 2026
63929_rns_2026-05-29_33c9942c-c54c-4620-a6b4-91b9a69386cd.pdf
Interim / Quarterly Report
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VXL Instruments Limited
Regd. & Corporate Office: VO-838, We work Vaswani Chambers,
2nd Floor, 264-265, Dr. Annie Besant Road, Shivaji Nagar,
Municipal Colony, Worli, Mumbai – 400025/30.
Mobile: 9320015747, E-mail: [email protected], website: http://www.vxli.net
CIN: L85110MH1986PLC272426
Company under Corporate Insolvency Resolution Process vide order of Hon’ble NCLT, Mumbai Bench passed on 26th Nov 2024
May 29, 2026
To,
The Manager,
Listing Department,
BSE Ltd.
P J Towers, Dalal Street,
Mumbai - 400 001
BSE Scrip Code: 517399
Subject: - Post Facto Intimation of the Resolution Professional (RP) Committee meeting (in lieu of suspended Board of Directors) Under Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Dear Sir/ Madam,
This is with reference to the Corporate Insolvency Resolution Process (“CIRP”) of VXL Instruments Limited (CIN: L85110MH1986PLC272426) having its registered office at VO-838, We work Vaswani Chambers, 2nd Floor, 264-265, Dr. Annie Besant Road, Shivaji Nagar, Municipal Colony, Worli, Mumbai-400 025/30, Maharashtra, India (hereinafter referred as “Corporate Debtor”) under the Insolvency and Bankruptcy Code, 2016 (“Code”) commenced pursuant to order no. CP (IB) No. 570 (MB) 2024 dated November 26, 2024 (date of receipt of order by IRP is December 02, 2024) passed by the Hon’ble National Company Law Tribunal, Mumbai Bench - V (“Admission Order”).
In terms of the Admission Order, the undersigned has been appointed as the Interim Resolution Professional (“IRP”) and Moratorium has been declared. Further, the first meeting of the Committee of Creditors was duly convened and concluded on December 30, 2024, and based on the voting held on mentioned date, the IRP was appointed as the Resolution Professional (“RP”).
Pursuant to the Admission Order and in consonance with the provisions of regulation 15(2A) of the SEBI (LODR) Regulations, 2015, the provisions of Regulation 17 of the SEBI (LODR) Regulations, 2015 (“Board of Directors”) shall not be applicable during the insolvency resolution process period in respect of a listed entity which is undergoing corporate insolvency resolution process under the Code. Further, the roles and responsibilities of the board of directors as specified under Regulation 17 shall be fulfilled by the IRP or RP in accordance with sections 17 and 23 of the Code.
VXL Instruments Limited
Regd. & Corporate Office: VO-838, We work Vaswani Chambers,
2nd Floor, 264-265, Dr. Annie Besant Road, Shivaji Nagar,
Municipal Colony, Worli, Mumbai – 400025/30.
Mobile: 9320015747, E-mail: [email protected], website: http://www.vxli.net
CIN: L85110MH1986PLC272426
Company under Corporate Insolvency Resolution Process vide order of Hon'ble NCLT, Mumbai Bench passed on 26th Nov 2024
Additionally, Regulation 15 (2B) of the SEBI (LODR) Regulations, 2015 states that the provisions as specified in regulations 18 (“Audit Committee”), 19 (“Nomination and Remuneration Committee”), 20 (“Stakeholders Relationship Committee”) and 21 (“Risk Management Committee”) shall not be applicable during the insolvency resolution process under the Code and the roles and responsibilities of the committees specified in the respective regulations shall be fulfilled by the IRP or RP.
This is to inform you that the Audited Financial Results on standalone basis for the year ended on March 31, 2026 along with Statutory Auditors’ Report thereon, were taken on record at the Resolution Professional (RP) Committee meeting (in lieu of suspended Board of Directors) held on Friday, May 29, 2026.
The meeting commenced at 02.00 p.m. and concluded at 4:30 p.m.
The copy of the Audited financial results along with the Report by Statutory Auditors of the Corporate Debtor are enclosed herewith.
You are requested to kindly take the above information on record.
Thanking You.
Yours Faithfully,
For VXL Instruments Limited (Undergoing CIRP)
JAYANTI LAL JAIN
Jayanti Lal Jain
Resolution Professional for VXL Instruments Limited
Registration No: IBBI/IPA-001/IP-P-01792/2019-2020/12845
AFA Valid till 30th June 2027
Address: 708, 7th Floor, Raheja Centre,
Nariman Point, Mumbai City, Maharashtra, 400021
Email: [email protected] ; [email protected]
CA
YCRJ & Associates
INDIA
Chartered Accountants
Independent Auditors’ Report on the Audited Financial Results of VXL Instruments Limited for the quarter and year ended March 31, 2026, Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
To
The Resolution Professional of VXL Instruments Limited
Disclaimer of Opinion
We were engaged to audit the accompanying financial results of VXL Instruments Limited (“The Company”), for the quarter ended 31st March, 2026 and the year-to-date results for the period from April 01, 2025 to March 31, 2026 (“Statement”) attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
We do not express an opinion on the accompanying Statement of the company. Because of the significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these Statement.
Basis for Disclaimer of Opinion
We conducted our audit of in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the “Auditor’s Responsibilities for the Audit of the Statement” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Statement for the quarter and year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. Because of the significance of the matter described below in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.
- We are neither provided with account statements, nor we were able to obtain direct balance confirmations for one bank account included under “Cash and Cash Equivalents” having carrying value amounting to Rs.95,733/- as on 31.03.2026. Consequently, we could not perform alternative audit procedures to verify the existence, accuracy, and completeness of the balance reported as of the reporting date. Additionally, in the absence of complete and verified bank statement, there is a risk of mis-statement or omissions. Any mis-recorded/unrecorded transactions may require adjustments to the Statement, which we are currently unable to quantify. Accordingly, we are unable to comment on the accuracy and completeness of this balance and any potential impact on the Statement.
236, 3rd Floor, 14th Main, F' Block, Sahakaranagar, Bengaluru - 560 092.
Phone : +91 80 2362 3395 / 4371 3396
Web : www.ycrjca.com
E-mail : [email protected]
Offices at : ● Bengaluru ● Chennai ● Hyderabad ● Mumbai ● Dharwad ● Mangaluru
Page 1 of 3
CA
YCRJ & Associates
INDIA
Chartered Accountants
II. We draw attention to the fact that the Company has incurred losses during the current and previous years and is facing challenges in meeting its obligations, including servicing current liabilities, employee dues, and statutory dues. Further, a majority of the employees, including Key Managerial Personnel, have left the Company. The Company is presently undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
The Statement, however, have been prepared on a going concern basis based on the expectation of a successful resolution process. We further note that the resolution plan has been approved by the Committee of Creditors and is presently pending approval before the National Company Law Tribunal (NCLT). Since the detailed resolution plan has not been made available to us, the consequential financial impact and implications thereof on the statement are presently not ascertainable.
Management’s Responsibilities for the Statement
The company is currently under the Corporate Insolvency Resolution Process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”). As per the order of the Hon’ble National Company Law Tribunal (NCLT), the powers of the Board of Directors have been suspended and are being exercised by the Resolution Professional (RP) appointed under the IBC.
This Statement have been prepared by the Resolution Professional based on the annual financial statements. The Resolution Professional is responsible for the preparation and presentation of these Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls.
In preparing these Statement, the Resolution Professional is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Resolution Professional either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Statement
Our responsibility is to conduct an audit of the company’s financial results in accordance with Standards on Auditing and to issue an auditor’s report. However, because of the matter described in the “Basis for Disclaimer of Opinion” section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these Statement. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the Statement and we have fulfilled our other ethical responsibilities in accordance with these requirements.
236, 3rd Floor, 14th Main, F’ Block, Sahakaranagar, Bengaluru - 560 092.
Phone : +91 80 2362 3395 / 4371 3396
Web : www.ycrjca.com
E-mail : [email protected]
Offices at : ● Bengaluru ● Chennai ● Hyderabad ● Mumbai ● Dharwad ● Mangaluru
Page 2 of 3
CA
INDIA
YCRJ & Associates
Chartered Accountants
Other Matters
The Statement include the results for the quarter ended 31 March 2026 being the balancing figure between the audited figures in respect of the full financial year ended 31 March 2026 and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review as required under the Listing Regulations.
Place: Bangalore
Date: 29.05.2026
For YCRJ & Associates
Chartered Accountants
FRN:0069275
S. Miran
CA. Kiran Kumar S
Partner
Membership No: 235252
UDIN: 26235252VBGTUH3519
236, 3rd Floor, 14th Main, F' Block, Sahakaranagar, Bengaluru - 560 092.
Phone : +91 80 2362 3395 / 4371 3396
Web : www.ycrjca.com
E-mail : [email protected]
Offices at : ● Bengaluru ● Chennai ● Hyderabad ● Mumbai ● Dharwad ● Mangaluru
Page 3 of 3
| VXL INSTRUMENTS LIMITED
CIN: L85110MH1986PLC272426
VO-838, We work Vaswani Chambers, 2nd Floor, 264-265, Dr. Annie Besant Road, Shivaji Nagar, Municipal Colony, Worli, Mumbai –
FINANCIAL RESULTS FOR THE QUARTER ENDED and YEAR ENDED 31st MARCH,2026 | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Sl.No. | Particulars | (Rupees in lakhs except earning per share) | | | | |
| | | 3 months ended | Preceding 3 months ended | Corresponding 3 months ended in the previous year | Year to date figures for current period ended | Previous year ended |
| | | 31.03.2026 | 31.12.2025 | 31.03.2025 | 31.03.2026 | 31.03.2025 |
| | | (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) |
| I | Revenue from operations | 0.00 | 0 | 0.00 | 7.55 | 66.37 |
| II | Other Income | 3.52 | 4.79 | 8.21 | 16.24 | 15.67 |
| III | Total Revenue (I+II) | 3.52 | 4.79 | 8.21 | 23.79 | 82.04 |
| IV | Expenses | | | | | |
| a | Cost of materials | 0.00 | 0.00 | 26.19 | - | 48.00 |
| b | Purchase of stock in trade | 0.00 | 0.00 | - | - | 0.00 |
| c | Changes in inventories of finished goods | 0.00 | 0.00 | 1.60 | 7.55 | 1.60 |
| | Changes in inventories of work in progress and stock in trade | 0.00 | 0.00 | - | - | - |
| d | Employee benefit expenses | 0.00 | 0.00 | (102.88) | - | - |
| e | Finance Costs | 0.02 | 0.02 | 17.57 | 0.06 | 25.62 |
| f | Depreciation and amortization | 0.00 | 0.00 | 0.75 | 1.28 | 29.84 |
| g | Other expenses | 8.38 | 8.67 | 25.43 | 41.45 | 74.79 |
| | Total Expenses | 8.40 | 8.69 | (31.34) | 50.34 | 179.86 |
| V | Profit/(loss) before exceptional items and tax (III-IV) | (4.88) | (3.90) | 39.54 | (26.54) | (97.82) |
| VI | Exceptional items | (11.15) | (10.60) | (554.69) | (21.75) | (554.69) |
| VII | Profit/(loss) before tax (V-VI) | (16.02) | (14.51) | (515.15) | (48.29) | (652.51) |
| VIII | Tax expense | | | | | |
| | Current tax | | | | | |
| | MAT credit | | | | | |
| IX | Profit/(loss) for the period from continuing operations (VII-VIII) | (16.02) | (14.51) | (515.15) | (48.29) | (652.51) |
| X | Profit and loss from discontinuing operations | | | | | |
| XI | Tax expense of discontinuing operations | | | | | |
| XII | Profit/(loss) from Discontinuing operations (after tax) (X-XI) | | | | | |
| XIII | Profit/(loss) for the period (IX+XII) | (16.02) | (14.51) | (515.15) | (48.29) | (652.51) |
| XIV | Other Comprehensive Income : | | | | | |
| A. | Items that will not be reclassified to profit or loss (net of tax) | | - | - | | |
| B. | Fair Value Adjustment through Other Comprehensive Income | | - | - | | |
| XV | Total Comprehensive Income for the period (XIII+XIV) | (16.02) | (14.51) | (515.15) | (48.29) | (652.51) |
| XVI | Paid up Equity Share Capital (face value Rs. 10/- each) | 1332.48 | 1332.48 | 1332.48 | 1332.48 | 1332.48 |
| XVII | Earnings per equity share (for continuing operation) | | | | | |
| | (a) Basic | (0.12) | (0.05) | (3.87) | (0.04) | (4.90) |
| | (b) Diluted | (0.12) | (0.05) | (3.87) | (0.04) | (4.90) |
| XVIII | Earnings per equity share (for discontinuing operation) | | | | | |
| | (a) Basic | | | | | |
| | (b) Diluted | | | | | |
| XIX | Earnings per equity share (for continuing and discontinuing operation) | | | | | |
| | (a) Basic | (0.12) | (0.05) | (3.87) | (0.04) | (4.90) |
| | (b) Diluted | (0.12) | (0.05) | (3.87) | (0.04) | (4.90) |
BRIMPA-0017
IP-P-01792
2019-2020
12845
S. S. SALPAN
Notes :
-
The Company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016, pursuant to the order passed by the Hon'ble National Company Law Tribunal, Mumbai Bench (Court-V) in CP(IB)/570(MB)/2024 dated 26th November 2024. A copy of the said order was received on 2nd December 2024.
-
The affairs of the Company have been under the supervision of the Resolution Professional (RP) only from the CIRP commencement date, i.e., 26th November 2024. The financial results relate to the quarter ended 31st March,2026 under the Corporate Insolvency Resolution Process (CIRP). Accordingly, the suspended Directors have signed these financial statements with the express consent of the Resolution Professional (RP).
-
These financial results have been prepared in accordance with Indian Accounting Standards (“IND AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and SEBI Circular dated 5 July, 2016.
-
Pursuant to review and reconciliation of records, Property, Plant and Equipment, cash balances and deposits have been written off/adjusted during the financial year and the resultant impact has been recognized in the Statement of Profit and Loss.
-
Previous period figures regrouped, wherever necessary.
For and on behalf of the Board
Mr. Sushil Sakpar
(Suspended Director)
DIN:10754218
Date:29.05.2026
Place: Mumbai
Reg.No. 1BBI/IPA-001/IP-P01792/2019-2020
| VXL INSTRUMENTS LIMITED
CIN: L85110MH1986PLC272426
VO-838, We work Vaswani Chambers, 2nd Floor, 264-265, Dr. Annie Besant Road, Shivaji Nagar,
Municipal Colony, Worli, Mumbai – 400025/30. | | | |
| --- | --- | --- | --- |
| | Statement of Assets and Liabilities | | |
| | Particulars | (Amount Rs.in Lakhs) | |
| | | As at March 31, 2026 | As at March 31,2025 |
| | | Audited | Audited |
| A | ASSETS | | |
| 1 | Non-current Assets | | |
| | (a) Property, plant and equipment | 0.00 | 11.88 |
| | (b) Other Intangible assets | 0.00 | 0.01 |
| | (c) Right of Use Asset | 0.00 | 0.00 |
| | (d) Financial assets | 0.00 | 0.00 |
| | (i) Investments | 0.00 | 0.00 |
| | (ii) Loans | 0.00 | 0.00 |
| | (iii) Other financial assets | 0.25 | 10.98 |
| | (e) Other non-current assets | 26.41 | 26.41 |
| | Total Non-current Assets | 26.66 | 49.27 |
| | | | |
| 2 | Current Assets | | |
| | (a) Inventories | 0.00 | 7.55 |
| | (b) Financial assets | 0.00 | 0.00 |
| | (i) Trade receivables | 3.67 | 3.67 |
| | (ii) Cash and cash equivalents | 4.44 | 35.81 |
| | (iii) Other bank balance | 200.08 | 904.75 |
| | (iv) Other financial assets | 0.00 | 0.38 |
| | (c) Current tax assets (Net) | 0.00 | 0.00 |
| | (d) Other current assets | 115.74 | 105.12 |
| | Total Current Assets | 323.93 | 1057.27 |
| | | | |
| | Total Assets | 350.59 | 1106.55 |
| | | | |
| | | | |
VXL INSTRUMENTS LIMITED
CIN: L85110MH1986PLC272426
VO-838, We work Vaswani Chambers, 2nd Floor, 264-265, Dr. Annie Besant Road, Shivaji Nagar,
Municipal Colony, Worli, Mumbai – 400025/30.
Statement of Assets and Liabilities
| B | Particulars | (Amount Rs.in Lakhs) | |
|---|---|---|---|
| As at March 31, 2026 | As at March 31,2025 | ||
| EQUITY AND LIABILITIES | |||
| 1 | Equity | ||
| (a) Equity share capital | 1333.59 | 1333.59 | |
| (b) Other Equity | -1864.39 | -1816.10 | |
| Total Equity | -530.80 | -482.51 | |
| 2 | LIABILITIES | ||
| Non-current Liabilities | |||
| (a) Financial Liabilities | |||
| (i) Borrowings | 263.06 | 263.06 | |
| (ii) Lease liabilities | 0.00 | 0.00 | |
| (b) Provisions | 0.00 | 0.00 | |
| Total Non-current Liabilities | 263.06 | 263.06 | |
| Current liabilities | |||
| (a) Financial liabilities | |||
| (i) Borrowings | 20.19 | 20.19 | |
| (ii) Lease liabilities | 0.00 | 0.00 | |
| (ii) Trade payables | 157.04 | 107.87 | |
| (iii) Other financial liabilities | 283.72 | 1042.72 | |
| (b) Provisions | 89.97 | 89.16 | |
| (c) Contract Liabilities | 0.00 | 0.00 | |
| (d) Current Tax Liabilities | 0.00 | 0.00 | |
| Other current liabilities | 67.41 | 66.06 | |
| Total Current Liabilities | 618.32 | 1325.99 | |
| Total Liabilities | 881.39 | 1589.06 | |
| Total Equity and Liabilities | 350.59 | 1106.55 | |
| Notes: | |||
| Previous period figures regrouped, wherever necessary. |
For and on behalf of the Board
Date: 29.05.2026
Place: Mumbai
| VXL INSTRUMENTS LIMITED
CIN: L85110MH1986PLC272426
VO-838, We work Vaswani Chambers, 2nd Floor, 264-265, Dr. Annie Besant Road, Shivaji Nagar Municipal Colony, Worli, Mumbai – 400025/30.
Statement of Cash flows for the year ended March 31,2026
(Rupees in Lakhs) | | | |
| --- | --- | --- | --- |
| S. No. | Particulars | 2025-26 | 2024-25 |
| | | (Rupees in Lakhs) | |
| A | Net profit / (loss) before tax | (48.29) | (652.51) |
| | Adjustment for : | | |
| | Interest income | (15.83) | (12.83) |
| | Depreciation and Amortisation | 1.28 | 29.84 |
| | Forex gain | - | - |
| | Interest expense | - | 19.46 |
| | Net written off | 21.34 | 554.69 |
| | Other Non-Operating Incomes/Expenses | (0.42) | (2.84) |
| | Operating profit before working capital changes | (41.92) | (58.21) |
| | Adjustments for: | | |
| | Increase / (Decrease) in long term provisions | - | (58.79) |
| | Increase / (Decrease) in Trade payables | 49.17 | 14.05 |
| | Increase / (Decrease) in other current financial liabilities | (758.58) | 825.13 |
| | Increase / (Decrease) in short term provisions | 0.81 | 63.09 |
| | Increase / (Decrease) in other current liabilities | 1.35 | (1.36) |
| | (Increase) / Decrease in other non-current financial assets | - | 15.58 |
| | (Increase) / Decrease in Inventories | 7.55 | 27.80 |
| | (Increase) / Decrease in Trade receivables & Contract Assets | - | 31.08 |
| | (Increase) / Decrease in Other bank balance | 704.67 | (865.69) |
| | (Increase) / Decrease in Loans-Current | - | - |
| | (Increase) / Decrease in other current financial asset | 0.38 | 11.17 |
| | (Increase) / Decrease in other current assets | (10.62) | 4.02 |
| Net cash generated from/(used in) operating activities | (47.20) | 7.87 | |
| Direct taxes paid | | | |
| Net Cash(used in)/generated from Operating Activities | (47.20) | 7.87 | |
| | | | |
| B | Cash flow from investing activities | | |
| | Interest received | 15.83 | 12.83 |
| | Purchase of Property, plant and equipment | - | (0.51) |
| | Proceeds from sale of fixed assets | - | - |
| | Net cash (used in)/generated from investing activities | 15.83 | 12.32 |
| C | Cash flow from financing activities
Proceeds/(Repayment) from long term borrowings | (0.00) | 45.21 |
| --- | --- | --- | --- |
| | Interest Expense | - | (25.45) |
| | Lease payments | - | (9.73) |
| | Net cash (used in)/generated from financing activities | (0.00) | 10.04 |
| | Net increase / (decrease) in cash and cash equivalents (A+B+C) | (31.37) | 30.23 |
| | Cash and cash equivalents as at the beginning of the year | 35.81 | 5.58 |
| | Cash and cash equivalents as at the end of the year | 4.44 | 35.81 |
| | | | |
Notes:
- Cash flow statement has been prepared under the 'Indirect Method' as set out in the Ind AS 7 - Cash Flow statements.
- Cash and cash equivalents represent cash and bank balances.
For and on behalf of the Board
Mr. Sushil Sakpal
(Suspended Director)
DIN:10754218
Mr. Jayantilal Jain
(Resolution Professional)
Reg.No. 1BBI/IPA-001/IP- P01792/2020
32/12845
Date: 29.05.2026
Place: Mumbai
Annexure I
STATEMENT OF IMPACT OF AUDIT QUALIFICATIONS:
A. Statement on Impact of Audit Qualifications for the quarter and year ended March 31, 2026 (See regulation 33 of the SEBI (LODR) Regulations, 2015)
| Particulars | Audited Fig. (as reported before adjusting for qualifications) (In Lakhs) | Adjusted Figures (Audited Fig. after adjusting for qualifications) (In Lakhs) |
|---|---|---|
| Turnover / Total Income | 7.55 | 7.55 |
| Total Expenditure | 50.34 | 50.34 |
| Profit / Loss from ordinary activities before Exceptional items & Tax Expenses | (26.54) | (26.54) |
| Exceptional Item | (21.75) | (21.75) |
| Tax Expenses | - | - |
| Net Profit/Loss | (48.29) | (48.29) |
| EPS | (0.04) | (0.04) |
| Total Assets | 350.59 | 350.59 |
| Total Liabilities | 881.39 | 881.39 |
| Net worth | (530.80) | (530.80) |
| Any Other Financial Item(s) (as felt appropriate by the management) | - | - |
B. Audit Qualification (each audit qualification separately):
Details of Audit Qualification:
-
We are neither provided with account statements, nor we were able to obtain direct balance confirmations for one bank account included under “Cash and Cash Equivalents” having carrying value amounting to Rs.95,733/- as on 31.03.2026. Consequently, we could not perform alternative audit procedures to verify the existence, accuracy, and completeness of the balance reported as of the reporting date. Additionally, in the absence of complete and verified bank statement, there is a risk of mis-statement or omissions. Any mis-recorded/unrecorded transactions may require adjustments to the Statement, which we are currently unable to quantify. Accordingly, we are unable to comment on the accuracy and completeness of this balance and any potential impact on the Statement.
-
We draw attention to the fact that the Company has incurred losses during the current and previous years and is facing challenges in meeting its obligations, including servicing current liabilities, employee dues, and statutory dues. Further, a majority of the employees, including Key Managerial Personnel, have left the Company. The Company is presently undergoing Corporate Insolvency
BRIARA-001
IP-P-01792/
2019-2020/
12845
Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. The Statement, however, have been prepared on a going concern basis based on the expectation of a successful resolution process. We further note that the resolution plan has been approved by the Committee of Creditors and is presently pending approval before the National Company Law Tribunal (NCLT). Since the detailed resolution plan has not been made available to us, the consequential financial impact and implications thereof on the statement are presently not ascertainable.
Type Of Audit Qualification: Disclaimer of Opinion
Frequency of Qualification: Since March 2025
C. For Audit Qualification(s) where the impact is quantified by the auditor, Management’s Views: Not Quantified
D. For Audit Qualification(s) where the impact is not quantified by the auditor:
-
Resolution Professional acknowledge that the bank statement and balance confirmation for one bank account included under “Cash and Cash Equivalents” having carrying value amounting to Rs.95,733/- as on 31.03.2026 was not shared during the audit. We are in the process of obtaining these documents and will provide them during next audit/review. Upon receipt, necessary reconciliations and adjustments, if any will be made. We remain committed to accurate financial reporting and will take steps to improve documentation going forward.
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Resolution Professional acknowledge that the Company has incurred losses in the current and previous and is facing challenges in meeting its financial and statutory obligations. The Company is presently under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Despite these conditions, the financial statements have been prepared on a going concern basis, considering the ongoing CIRP and with the expectation of a successful resolution plan that would enable revival of operations. Also further note that the resolution plan has been approved by the Committee of Creditors and is presently pending approval before the National Company Law Tribunal (NCLT).
(i) Management’s estimation on the impact of audit qualification: NA
(ii) If management is unable to estimate the impact, reasons for the same: NA
| Signatories | ||
|---|---|---|
| 1. | Mr. Jayantilal Jain | |
| (Resolution Professional) | _______ | |
| 2. | Mr. Kiran Kumar S | |
| (Statutory Auditor) | S. Kiran K. S. | |
| Place: Bangaluru | ||
| Date: 29-05-2026 |