Board approves Q2 results; auditor gives qualified opinion on Rs. 7,41,13,473 write-off against director's deposit
Board meeting on November 03, 2026 ran from 03:30 PM to 04:15 PM.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | Prev qtr | QoQ |
|---|---|---|---|---|
| Revenue from operations | 328.15 | 0.00 | 98.60 | +233% |
| Total income | 328.15 | 0.00 | 98.60 | +233% |
| Profit before tax | 10.42 | (11.23) | 4.34 | +140% |
| Profit after tax | 10.42 | (11.23) | 4.34 | +140% |
| Total comprehensive income | 10.42 | (11.23) | 4.34 | +140% |
| Basic EPS | 0.16 | (0.22) | 0.07 | +129% |
- Profit after tax prev qtr
- 4.34 (+140%)
- Period
- 30-09-2026
Auditor's review
Conclusion: Qualified
- Write-off of investment in subsidiary Vintage FZE India Pvt Ltd, loans/advances and GST balances aggregating Rs. 7,41,13,473/- adjusted against director's quasi-equity instead of P&L.
- Consequently loss for the quarter is understated and Reserves & Surplus / Equity overstated by Rs. 7,41,13,473/-.
- Emphasis of matter: name change to AUDROC Limited, shift to agro-commodity trading, GST compliance, and NCLT resolution plan statutory dues.
- Emphasis of matter: preferential issue proceeds of ₹70,39,35,000 stated used for working capital; Toyota Fortuner ₹54,40,000 bought in director's name booked by Company.
Notes to the results
- During the quarter ended September 30, 2026, the company allotted 20,00,00,000 warrants convertible into equity shares of Re. 1/- each, after in-principle approval dated August 07, 2026.
- The statutory auditor carried out limited review and issued a modified report (Qualified Opinion) on these results.
What the board approved
The board met on November 03, 2026 from 03:30 PM to 04:15 PM and approved the unaudited standalone financial results for the second quarter and half year ended September 30, 2026, along with the Limited Review Report.
Results snapshot (standalone, figures as printed in Rs. Lakhs):
- Revenue from operations: 328.15 for the quarter ended September 30, 2026.
- Net Profit for the period: 10.42 for the quarter and 14.76 for the half year.
- The Statement on Impact of Audit Qualifications lists the same figures before and after adjusting for the qualification for turnover/total income, total expenditure, net profit, earnings per share, total assets, total liabilities and net worth.
Auditor's qualified opinion
- The limited review report carries a Qualified Opinion.
- The company wrote off investment in its subsidiary (M/s Vintage PZE India Private Limited), outstanding loans/advances and statutory tax balances (CGST, SGST, IGST) aggregating to Rs. 7,41,13,473/-.
- These amounts were directly adjusted against the "Quasi-Equity"/"Deposit" account of Director Mr. Jatinbhai R. Patel.
- In the auditor's opinion, this treatment departs from Ind AS 109 and Ind AS 1, and consequently the loss for the quarter is understated and the Reserves & Surplus/Equity is overstated by Rs. 7,41,13,473/-.
Emphasis of matter (stated without modifying the qualified conclusion)
- The company's name changed from Alka India Limited to AUDROC Limited with effect from 21 April 2026, and its primary business focus changed from the textile sector to the agro-commodity sector.
- The registered office shifted from the State of Maharashtra to Gujarat, moving the jurisdiction from ROC Mumbai to ROC Ahmedabad.
- Agro-commodity trading: 1121 Basmati Rice in the quarter ended 30 June 2026 and potatoes in the quarter ended 30 September 2026.
- The company's management was handed over to the Resolution Applicant under an approved NCLT resolution plan.
- A preferential issue of ₹70,39,35,000 was reported as received, and stated to be fully utilised towards working capital requirements.
- A Toyota Fortuner recorded under Fixed Assets at ₹54,40,000, purchased on 15 September 2026 in the name of Mr. Jatinbhai Ramabhai Patel while accounted for in the company's books, together with an SBI Bank Fortuner Car Loan of ₹47,65,000.
Other points from the notes
- During the quarter the company allotted 20,00,00,000 warrants convertible into equity shares, following in-principle approval from the exchange dated August 07, 2026 and a shareholder resolution passed at the Extra-Ordinary General Meeting held on June 27, 2026.
The takeaway for a retail reader
A qualified review opinion means the auditor is flagging a specific accounting treatment it disagrees with, even though the results themselves are unaudited interim numbers. Here the flagged item is a write-off adjusted against a director-linked account rather than routed through the profit and loss statement, and the auditor quantifies the effect on the reported loss and on equity. The emphasis-of-matter points on the change of business, the resolution plan, the preferential issue and the vehicle recorded in a director's name are the other items that shape how these results should be read.
Also from Audroc
Monitoring agency report shows no deviation in use of preferential issue proceeds
3 Nov 2026
Board meeting on 3 November 2026 to consider and approve Q2 and half-year unaudited results
29 Oct 2026
Board approves allotment of 20,00,00,000 equity shares on conversion of Fully Convertible Equity Warrants
14 Oct 2026
More numbers
- Net Profit for the period, half year ended 30-09-2026 (Rs. Lakhs)14.76
- Write-off of subsidiary investment, loans and tax balances adjusted against Director's depositRs. 7,41,13,473/-
- Preferential issue proceeds reported as received₹70,39,35,000
- Warrants convertible into equity shares allotted during the quarter20,00,00,000
- Toyota Fortuner recorded under Fixed Assets₹54,40,000
- SBI Bank Fortuner Car Loan₹47,65,000
- Total income, latest quarter328.15 (Rs. in Lakhs)
- Total income, year-ago quarter0.00 (Rs. in Lakhs)
- Total income, previous quarter98.60 (Rs. in Lakhs)
- Total comprehensive income, latest quarter10.42 (Rs. in Lakhs)
- Total comprehensive income, year-ago quarter(11.23) (Rs. in Lakhs)
- Total comprehensive income, previous quarter4.34 (Rs. in Lakhs)
- Profit after tax, latest quarter10.42 (Rs. in Lakhs)
- Profit after tax, year-ago quarter(11.23) (Rs. in Lakhs)
- Profit after tax, previous quarter4.34 (Rs. in Lakhs)
- Revenue from operations, latest quarter328.15 (Rs. in Lakhs)
- Revenue from operations, year-ago quarter0.00 (Rs. in Lakhs)
- Revenue from operations, previous quarter98.60 (Rs. in Lakhs)
- Profit before tax, latest quarter10.42 (Rs. in Lakhs)
- Profit before tax, year-ago quarter(11.23) (Rs. in Lakhs)
- Profit before tax, previous quarter4.34 (Rs. in Lakhs)
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