PAE Limited — quarter ended March 31, 2026 (audited standalone)
| Particulars | 3 months ended (31/03/2026) Audited | Preceding 3 months ended (31/12/2025) Unaudited | Corresponding 3 months ended in the 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 Note 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 | 33.14 | (2,519.99) | |||
| 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 | |
| Proceeds from long term borrowings | 209.53 | |
| 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) | – | – |
| Item | Description | Details |
|---|---|---|
| a. | Details of Audit Qualification: | Refer Annexure 1 |
| b. | Type of Audit Qualification: ~Qualified Opinion~ / Disclaimer of Opinion / ~Adverse Opinion~ | Disclaimer of Opinion (only) |
| c. | Frequency of qualification: Whether appeared first time / ~repetitive~ / ~since how long continuing~ | Not specified |
| 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 |
| Designation | Name and Signature |
|---|---|
| Managing Director: | NIMESHKUM AR GANPATBHAI PATEL (signature and stamp present) |
| CFO: | PATEL PINALKUMA R KALIDAS (signature and stamp present) |
| 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 | 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 | Audit Report Impact | Occurrence Timing | Info. Missing (Y/N) | Info. Missing (Y/N) | Comments | Management Response |
|---|---|---|---|---|---|---|---|
| 2. | Unverified Book Profit and Revenue (Rice Trading) | Disclaimer of Opinion | Appeared for first time | NA | NA | 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 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 |
| 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 | 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, |
| 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 Confirmations), we are unable to verify the existence, accuracy, and completeness of the reported cash and bank balances. |
| 5. | Shift in Business Focus (Alteration of Object Clause) | Disclaimer of Opinion | Appeared for first time | NA | NA | Pursuant to the change in management, the Company has amended its | Pursuant to the Special Resolution passed in the Annual General Meeting held on March 7, |
| Sr.No | Particulars | Details |
|---|---|---|
| 1 | Whether bonus is out of free reserves created out of profits or share premium account | The issuance of bonus shares shall be from capitalization of free reserves subject to the approval of the Shareholders. |
| 2 | Bonus Ratio | 6:1 i.e 6(six) new fully paid-up Equity Shares of Rs. 10/- (Rupees Ten Only) each for every 1 (One) existing fully paid-up Equity Share of Rs. 10/- (Rupees Ten Only) to the eligible public shareholders other than promoter and promoter group of the Company as on |