AVAvenique530701Auditor qualification or

Board approves un-audited September 2026 results; auditor issues qualified conclusion

Board meeting outcome — October 15, 2026.

By ScoutQuest · Thu 15 Oct 2026, 6:34 PM IST · 4 min read

Revenue from operations, quarter ended Sep 30, 2026 (Lakhs)

133.20

Net profit for the quarter / EPS

11.98; EPS: 2.40

Unverified investments flagged by auditor

₹8,92,96,000

Board meeting outcome — October 15, 2026

The Board of Directors met on Thursday, October 15, 2026, from 03.30 P.M. to 04.30 P.M.

What was approved

• The Standalone & Consolidated Un-Audited financial results for the quarter and half year ended September 30, 2026, as recommended by the Audit Committee.
• The Limited Review Report from the Statutory Auditors, M/s. J M Patel & Bros., Chartered Accountants, along with the Statement on Impact of Audit Qualification, was taken on record.

Quarter performance (figures in Lakhs)

• Revenue from operations: 133.20
• Total income: 133.20
• Total expenses: 121.22
• Net profit for the period: 11.98
• Basic and diluted EPS: 2.40

For reference, the quarter ended June 30, 2026 showed revenue from operations of 73.00, total expenses of 64.81 and net profit of 8.19 (EPS 1.64). The quarter ended September 30, 2025 recorded total expenses of 12.02 and a net loss of (12.02), with EPS of (2.40).

Half year and full year (in Lakhs)

• Half year ended September 30, 2026: total income 206.20, total expenses 186.03, net profit 20.18, EPS 4.04
• Half year ended September 30, 2025: net loss (23.23), EPS (4.65)
• Year ended March 31, 2026 (audited): net loss (35.10), EPS (7.02)

Balance sheet as at September 30, 2026 (in Lakhs)

• Total assets 1,164.92; total equity 877.98
• Non-current investments 892.96; trade receivables 206.20; cash and cash equivalents 2.24
• Non-current borrowings 91.64; trade payables 144.18; total current liabilities 195.30
• Paid-up equity share capital 10.00; face value 2.00 per share

Cash flow for the half year ended September 30, 2026 (in Lakhs)

• Net cash used in operating activities: (43.19)
• Net cash from financing activities: 43.13
• Net decrease in cash and cash equivalents: (0.06)

Auditor's qualified conclusion

• The auditor stated it had not been able to obtain sufficient appropriate evidence to provide a basis for a review conclusion, and did not express a conclusion on the Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026.
• Three matters were flagged in the basis for the qualified conclusion:
• Unverified Current Liabilities — Financial Creditors and Resolution Professional: current liabilities include amounts received from Financial Creditors of ₹7,51,873 and amounts payable to the Resolution Professional of ₹37,99,574. No adequate supporting documentary evidence, third-party confirmations, reconciliations or underlying details were made available for verification.
• Unverified Investments of ₹8,92,96,000: reflected in the financial statements, but no adequate documentary evidence, investment statements or certificates, underlying records or other supporting information was available to verify existence, ownership, valuation, classification and recoverability.
• Unsubstantiated Deferred Tax Assets of ₹52.09 Lakhs: detailed workings, assessment of the probability of future taxable profits and supporting documentation were not made available for verification.

In the Statement on Impact of Audit Qualifications for the quarter ended September 30, 2026 (in Lakhs), turnover/total income 133.20, total expenditure 121.22, net profit 11.98, EPS 2.40, total assets 1,164.92, total liabilities 286.94 and net worth 877.98 appear the same in the un-audited column and the adjusted column. The qualification is described as repetitive, and the company was admitted into the Corporate Insolvency Resolution Process pursuant to an application shared under Section 7 of the Insolvency and Bankruptcy Code, 2016 by TJSB Sahakari Bank Limited.

Emphasis of Matter

• The name of the company has been officially changed from "KDJ Holidayscapes & Resorts Limited" to "AVENIQUE LIMITED" vide a fresh Certificate of Incorporation issued by the Registrar of Companies dated July 10, 2026.
• Shareholders at the AGM held on May 21, 2026 approved the alteration of Clause III(A) (Main Object Clause) of the Memorandum of Association to enable business diversification into agriculture, agro-processing, and clean energy/renewable fuels sectors; the approval was registered by ROC on June 22, 2026.
• Pursuant to the NCLT-approved Resolution Plan, capital reduction and fresh equity allotment to the new promoter group were executed.
• Listing Approval was granted by BSE Limited on January 20, 2026, and the company's trading approval remains pending with the exchange.

Other matters noted

• M/s. J M Patel & Bros. were appointed as Statutory Auditors to fill the casual vacancy caused by the resignation of the outgoing auditor, M/s D D Shah Patel & Co., Chartered Accountants, effective July 15, 2026, subject to ratification/approval by the members in the ensuing General Meeting.
• The standalone financial results for the corresponding quarter and half year ended September 30, 2025 were reviewed/audited by the predecessor statutory auditor, who expressed a modified opinion / disclaimer of opinion.
• A note on financial results states that, in implementation of the Resolution Plan, the Board resolution passed on April 18, 2025 provided for cancellation and extinguishment of 5,46,54,000 equity shares of Rs. 2 each held by existing shareholders and allotment of 75,00,000 equity shares of Rs. 2 each in the ratio of 1:998 as on the record date of 30th April, 2025. The shares are lying in temporary ISIN and the company is awaiting trading approval.

What this means for an investor

• The quarter and half year show a profit at the net level, with revenue from operations of 133.20 Lakhs for the quarter and 206.20 Lakhs for the half year.
• The auditor's qualified conclusion means a conclusion was not expressed on the standalone results; the flagged items relate to unverified creditor balances, unverified investments and unsubstantiated deferred tax assets.
• The company's trading approval from the exchange remains pending, and the shares are lying in a temporary ISIN.

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