PAE Ltd. — Quarter and year ended March 31, 2026
| Particulars | 3 months ended (31/03/2026) (Audited) | Preceding 3 months ended (31/12/2025) (Unaudited) | Corresponding 3 months ended in previous year (31/03/2025) (Audited) | Year to date figures for current period ended (31/03/2026) (Audited) | Previous year ended (31/03/2025) (Audited) |
|---|---|---|---|---|---|
| 1. Revenue from Operation | 253.13 | 0.00 | 0.00 | 253.13 | 0.00 |
| Other income | 0.51 | 0.00 | 61,421.91 | 0.51 | 61,422.24 |
| Total Revenue (I + II) | 253.64 | 0.00 | 61,421.91 | 253.64 | 61,422.24 |
| 2. Expenses | |||||
| (a) Cost of materials consumed | 126.56 | 0.00 | 0.00 | 126.56 | 0.00 |
| (b) Purchase of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| (d) Employee benefits expense | 4.09 | 4.35 | 0.00 | 17.14 | 0.00 |
| (e) Finance Cost | 0.00 | 0.00 | 0.00 | 0.00 | 1.21 |
| (f) Depreciation and amortisation expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| (g) Other expenses | 44.49 | 10.85 | 60,046.41 | 76.80 | 60,072.89 |
| Total expenses | 175.14 | 15.20 | 60,046.41 | 220.50 | 60,074.10 |
| 3. Profit / (Loss) before exceptional and tax | 78.50 | (15.20) | 1,375.50 | 33.14 | 1,348.14 |
| 4. Exceptional items | |||||
| 5. Profit / (Loss) before tax | 78.50 | (15.20) | 1,375.50 | 33.14 | 1,348.14 |
| 6. Tax expense | |||||
| Current Tax – Provision for taxation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Deferred Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 7. Net Profit / (Loss) for the period | 78.50 | (15.20) | 1,375.50 | 33.14 | 1,348.14 |
| 8. Other Comprehensive Income/(Loss) (net of tax) (Refer Not No. 5) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 9. Total Comprehensive Income/(Loss) for the period | 78.50 | (15.20) | 1,375.50 | 33.14 | 1,348.14 |
| 10. Paid up Equity Share Capital (Face value of Re. 10/- each) | 100.00 | 100.00 | 1,041.96 | 100.00 | 1,041.96 |
| 11. Other Equity | 0.00 | ||||
| 12. Earnings per equity share: | |||||
| (1) Basic | 7.85 | -1.52 | 13.20 | 3.31 | 12.94 |
| (2) Diluted | 7.85 | -1.52 | 13.20 | 3.31 | 12.94 |
| Particulars | Standalone (Rs. in Lakh) | |
|---|---|---|
| As at 31st Mar. 2026 Audited | As at 31st Mar. 2025 Audited | |
| A) Assets | ||
| Non Current Assets | ||
| Property Plant and Equipment | ||
| Capital Work In Progress | ||
| Other Intangible Assets | ||
| Intangible assets under Development | ||
| Financial Assets | ||
| i) Investment | ||
| ii) Loan | ||
| iii) Other Financial Assets | ||
| Deferred Tax Assets (net) | ||
| Other non current Assets | ||
| Total Non Current Assets | 0.00 | 0.00 |
| Current Assets | ||
| Inventories | ||
| Financial Assets | ||
| i) Trade Receivable | 253.13 | 0.00 |
| ii) Cash and Cash Equivalents | 0.61 | 1.89 |
| iii) Bank Balance other than (ii) above | 4.74 | 4.74 |
| iv) Other Financial Assets | ||
| Other Current Assets | 15.38 | 10.92 |
| Total Current Assets | 273.85 | 17.55 |
| Total Assets | 273.85 | 17.55 |
| B) Equity and Liabilities | ||
| Equity Share Capital | 100.00 | 1,041.96 |
| Other Equity | 33.14 | -2,519.99 |
| Total Equity | 133.14 | -1,478.03 |
| Non Current Liabilities | ||
| Financial Liabilities | ||
| i) Borrowings | ||
| ii) Other Financial Liabilities | 0.00 | 910.00 |
| iii) Deferred Tax Liabilities | ||
| Total Non Current Liabilities | 0.00 | 910.00 |
| Current Liabilities | ||
| Financial Liabilities | ||
| i) Borrowings | ||
| ii) Trade Payables | 126.56 | 0.00 |
| iii) Other Financial Liabilities | 0.00 | 0.00 |
| Provisions | 2.00 | 0.00 |
| Other Current Liabilities | 12.15 | 585.58 |
| Total Current Liabilities | 140.71 | 585.58 |
| Total Equity and Liabilities | 273.85 | 17.55 |
| Particulars | Period ended 31.03.2026 Audited | Period ended 31.03.2025 Audited |
|---|---|---|
| (A) Cash Flow from operating Activities | ||
| Profit for the financial year (Profit Before Tax) | 33.14 | 1,348.14 |
| Adjustments for: | ||
| Tax on profit | ||
| Depreciation and amortisation investment | ||
| Loss on write off of Fixed Assets | ||
| Increase in provisions | ||
| Prior Period Adjustments | ||
| Operating cash flows before movements in working capital | 33.14 | 1,348.14 |
| (Increase)/Decrease in Inventories | ||
| (Increase)/Decrease in short term loan and advances | 3.76 | |
| Increase/(Decrease) in Other Financial Liabilities, Non-Current | (910.00) | |
| Increase/(Decrease) in Other Current Liabilities | (257.79) | |
| (Increase)/Decrease in Long Term Advances | 55.89 | |
| (Increase)/Decrease in Financial Assets | 3.21 | |
| (Increase)/Decrease in other current assets | (4.46) | |
| Decrease/(Increase) in Trade Receivables | (253.13) | |
| Increase in assets (misc. assets) | ||
| Increase/(Decrease) in Short Term Borrowing | (1,067.81) | |
| Increase / (decrease) in provisions | 2.00 | (42.66) |
| Increase/(Decrease) in trade payables | (446.87) | (250.84) |
| Cash generated by operation | (1,612.46) | (1,556.24) |
| Taxes paid | ||
| Net cash inflow from operating activities (A) | (1,579.32) | (208.10) |
| (B) Cash Flow from Investing activities | ||
| Proceeds of disposal of fixed assets | ||
| Proceeds of disposal of Investments | ||
| (Purchase)/Sale of fixed assets | ||
| Interest received | ||
| (Purchase)/Sale of investments | ||
| Net cash used in investing activities (B) | ||
| (C) Cash Flow from Financing activities | ||
| Proceeds from issue of share capital (Including Premium) | 1,578.04 | 209.53 |
| Proceeds from long term borrowings | ||
| Dividend paid | ||
| Net cash used in investing activities (C) | 1,578.04 | 209.53 |
| (D) Net (decrease)/increase in cash and cash equivalents | (1.28) | 1.43 |
| Cash and cash equivalents at beginning of year | 1.89 | 0.46 |
| Cash and cash equivalents at end of year | 0.61 | 1.89 |
| Cash and cash equivalents | ||
| Cash in Hand | 0.61 | 1.89 |
| Balances with banks |
| I. | Sl. No. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|---|
| 1. | Turnover / Total income | 253.64 | 253.64 | |
| 2. | Total Expenditure | 220.50 | 220.50 | |
| 3. | Net Profit/(Loss) | 33.14 | 33.14 | |
| 4. | Earnings Per Share | 3.31 | 3.31 | |
| 5. | Total Assets | 273.85 | 273.85 | |
| 6. | Total Liabilities | 140.71 | 140.71 | |
| 7. | Net Worth | 133.14 | 133.14 | |
| 8. | Any other financial item(s) (as felt appropriate by the management) | – | – |
| Subsection | Description | Details |
|---|---|---|
| a. | Details of Audit Qualification: | Refer Annexure 1 |
| b. | Type of Audit Qualification: | ~~Qualified Opinion~~ / Disclaimer of Opinion / ~~Adverse Opinion~~ |
| c. | Frequency of qualification: | Whether appeared first time / ~~repetitive~~ / ~~since how long continuing~~ |
| d. | For Audit Qualification(s) where the impact is quantified by the auditor, Management’s Views: | NA |
| e. | For Audit Qualification(s) where the impact is not quantified by the auditor: | |
| (i) | Management’s estimation on the impact of audit qualification: | NA |
| (ii) | If management is unable to estimate the impact, reasons for the same: | Refer Annexure 1 |
| (iii) | Auditors’ Comments on (i) or (ii) above: | Refer Annexure 1 |
| Role | Name and Signature |
|---|---|
| • Managing Director: | Name: Nimeshkumar Ganpatbhai Patel (Signature depicted) |
| • CFO: | Name: Patel Pinalkumar Kalidas (Signature depicted) |
| Sr No. | Audit Qualification | Type of Audit Qualification | Frequency of Audit Qualification | Management’s view where impact of Audit Qualification is quantified by the Auditors | Impact not quantified by Auditor, Management’s estimation on the impact of audit qualification (I) | If Management is unable to estimate the impact, reasons for the same (II) | Auditor’s Comment on (I) and (II) |
|---|---|---|---|---|---|---|---|
| 1 | Write-off of Quasi-Equity cum Deposit against Accumulated Losses | Disclaimer of Opinion | Appeared for first time | NA | NA | The Company has written off ₹5,38,84,446/- pertaining to quasi-equity cum deposit received from Mr. Jatinbhai R. Patel in accordance with the NCLT-approved resolution plan. The amount, being in the nature of quasi-equity, was adjusted against accumulated losses. | The Company has written off Rs. 5,38,84,446/-, representing the quasi-equity cum deposit received from Mr. Jatinbhai R. Patel, against old carried-forward accumulated losses. This adjustment was purportedly made as per an NCLT resolution order and as confirmed by Mr. Jatinbhai R. Patel. |
| No. | Issue | Auditor’s Opinion | Occurrence Period | Impact on Financial Position | Impact on Profit and Loss | Details | Management Response |
|---|---|---|---|---|---|---|---|
| 2. | Unverified Book Profit and Revenue (Rice Trading) | Disclaimer of Opinion | Appeared for first time | N/A | N/A | The Company’s object clause was modified on March 07, 2026, pursuant to approval of shareholders in their 75th Annual General Meeting. Subsequent to this change, purchase and sale transactions were executed on a credit basis with agreed terms of 30–45 days, and the Company recognized an operating income of Rs. 2,53,12,750/- from the “sale of rice” against a purchase value of Rs. 1,26,56,375/-, resulting in a reported net profit of Rs. 33,14,125/-. However, these transactions have been recorded entirely through book entries. | During the last quarter, the Company recognized an operating income of Rs. 2,53,12,750/- from the “sale of rice” against a purchase value of Rs. 1,26,56,375/-, resulting in a reported net profit of Rs. 33,14,125/-. However, we observed that these transactions have been recorded entirely through book entries. |
| Company has obtained written confirmation from Mr. Jatinbhai R. Patel consenting to such write-off. Accordingly, the management believes that the accounting treatment is appropriate and in line with the approved resolution plan, and does not have any adverse impact on the financial statements. |
| Matter | Opinion | Appeared for first time | Previous year | Previous year | Comments | Comments on Internal Control Systems and other mentioned information |
|---|---|---|---|---|---|---|
| accordingly, no bank movements arose during the period. Further, the goods traded fall under exempt categories, and hence, no E-way Bill requirement was applicable. The management affirms that these transactions are genuine and undertaken in the ordinary course of business. | (Journal Vouchers). There are no corresponding banking transactions reflecting actual cash inflows or outflows. Management failed to provide any supporting documentary evidence such as GST returns, E-way bills, or transport receipts. Consequently, we are entirely unable to verify the genuineness, occurrence, completeness, and accuracy of these transactions | |||||
| 3. | Appropriateness of Dividend Provision | Disclaimer of Opinion | Appeared for first time | NA | Following its successful resolution under CIRP, the Company has resolved to distribute dividends from the initial profits earned from its operations, with the intention of rewarding its existing shareholders. | Based solely on the unverified book profits mentioned in Point 2 above, the Company has made a provision and recommendation for a dividend of Rs.0.20 per fully paid-up equity share of Rs. 10/- each. In the absence of substantiated profits or underlying liquid cash flows, the validity, |
| No. | Issue | Type of Opinion | Occurrence | CMA Para Reference | Company Law Reference | Auditor’s Comments | Management’s Reply |
|---|---|---|---|---|---|---|---|
| 4. | Unverified Bank Balances | Disclaimer of Opinion | Appeared for first time | NA | NA | These bank accounts are no longer in use, and the company will proceed with the application of closure of bank account in Kotak Mahindra Bank in due course of time. The balances lying in these accounts will be transferred to the Company’s primary operating account with HDFC Bank. | The Company has not provided any details, bank statements, or independent bank balance confirmations for the balances purportedly held with various banks, with the exception of HDFC Bank and Kotak Mahindra Bank, as of March 31, 2026. Due to the absence of external confirmations (as required under SA 505 – External |