Manraj Housing Finance Ltd

Director appointment

• Type of change: Appointment of Additional Independent Director.
• Appointee: Ajitsingh Bansilal Behra, Additional Independent Director.
• Effective date: 12 August 2026; term not specified.
• Profile: 55-year-old B.Sc. Physics; expertise in business management, procurement, operations.
• Relationships: No related-party relationships with other directors disclosed.
• Reason: Appointment to the board as Additional Independent Director.

Independent Director resignation

• Subhashchand Champalal Bohara, Independent Director, resignation effective 12 Aug 2026; pre-occupation with other commitments; NIL listed directorships.

Q1 FY27 results and auditor qualifications

• Board approved unaudited Q1 FY27 results for quarter ended 30/06/2026; Limited Review report attached.
• Total income 1.02 lakh; expenses 5.09; PBT -4.07; PAT -4.07; EPS -0.08.
• LR-adjusted: total income 1.02; expenses 43.89; net loss -42.87; EPS -0.86.
• Auditors issued adverse conclusion; basis includes related-party advances >99% of assets.
• Going concern uncertainty; operations paused for more than three years; losses accrued.
• Bank default: 687.03 lakhs; debt moved to ASREC; uncharged interest and penalties 442.75.
• Management view: asset liquidation may restore solvency; no provision for accrued interest due to ED.
• Balance sheet: assets 1,953.98 lakhs; liabilities 2,033.01; net worth -79.03.
• Cash flow: operating -5.20; financing +5.59; net change +0.43; closing cash 1.59.
• Date of board meeting: 12 August 2026.

Financial results and LR

• Unaudited standalone results for quarter ended 30/06/2026 approved; Limited Review Report attached.

Board changes

• Ajitsingh Bansilal Behra appointed as Additional Independent Director, effective 12 August 2026.
• Subhashchand Champalal Bohara resigns as Independent Director, effective 12 August 2026.

Auditor remarks and going concern

• LR includes adverse qualification due to related-party advances and ED investigations; going concern risk.

Dematerialisation processing and listing

• Dematerialisation requests received were confirmed to depositories.
• Securities dematerialised have been listed on the stock exchange where earlier issues are listed.
• Certificates for dematerialisation were mutilated and cancelled; depository's name updated as registered owner within 15 days.

KPI and balance sheet

• Cash and cash equivalents were ₹1.16 lakh at 31 March 2026.
• Total assets were ₹1,950.63 lakh, broadly flat versus ₹1,953.92 lakh last year.
• Borrowings from banks were ₹687.03 lakh and loans from related parties were ₹1,317.64 lakh.
• Equity remained negative at ₹74.96 lakh, driven by accumulated losses.
• Inventories stood at ₹88.71 lakh, and trade receivables were nil at year-end.

Cash flow

• Operating cash flow was negative ₹52.73 lakh in FY26.
• Investing cash flow was positive ₹52.02 lakh in FY26.
• Financing cash flow was positive ₹51.10 lakh in FY26.
• Net cash decreased by ₹1.95 lakh during FY26.

Board actions

• The board approved the audited FY26 results on 25 May 2026.
• The board did not recommend a dividend.
• Statutory auditors completed the audit for the year ended 31 March 2026.

Business model

• Manraj Housing Finance Limited is a standalone housing finance company.
• The balance sheet shows lending-related borrowings and related-party funding.
• Operations appear minimal, with income largely from other income.

Financial Performance 📊

• Board approved unaudited standalone financial results for quarter and nine months ended 31 Dec 2025.
• Total income for nine months ended 31 Dec 2025 was INR 3.06 lakhs; net loss before tax was INR 43.58 lakhs.
• Earnings per share were negative at INR -0.08 (basic and diluted) for the quarter ended 31 Dec 2025.
• Total assets stood at INR 1953.12 lakhs; equity was negative at INR -70.57 lakhs as of 31 Dec 2025.
• Cash and cash equivalents decreased to INR 0.75 lakhs as of 31 Dec 2025.

Borrowings and Liabilities

• Bank borrowings amounted to INR 687.03 lakhs; unsecured loans from related parties increased to INR 1315.45 lakhs.

Auditor Remarks ⚠️

• Auditor issued adverse opinion citing advances to related parties under ED investigation with attached assets.
• 65% of liabilities are unsecured loans from related parties with potential conflicts of interest.
• Default on bank loan of INR 687.03 lakhs since Feb 2020; unprovided interest and penalties total INR 674.92 lakhs.
• Negative net worth and prolonged non-operation raise significant doubt on company’s ability to continue as a going concern.
• Auditor concluded financial statements do not present a true and fair view due to material uncertainties.