QFR Q1, FY26

A V.K.Tulsyan & Co.LLP EN.DEA CHARTERED ACCOUNTANTS 6, Jawaharlal Nehru Road, Siddha Esplanade, 14'" Floor, Unit #1607, Kolkata-700013; 0O -033-68288860; E - info@vktulsyan.com; Web: www.vktllp.com INDEPENDENT AUDITOR’S LIMITED REVIEW REPORT ON UNAUDITED FINANCIAL RESULTS THE RESOLUTION PROFESSIONAL IMPEX FERRO TECH LIMITED (A company under Corporate Insolvency Resolution Process vide NCLT Order) Limited Review Report of the Unaudited Financial Results for the Quarter ended 30t June, 2026. 1. We have reviewed accompanying unaudited financial results of IMPEX FERRO TECH LIMITED (‘the Company”) for the quarter ended 30% June, 2026, being submitted by the company pursuant to the requirement of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”). The Hon'ble National Company Law Tribunal (‘“NCLT"), Kolkata Bench, admitted the Corporate Insolvency Resolution Process (“CIRP”) application filed by a Operational Creditor of Impex Ferro Tech Limited (‘the Company”) and appointed Mr. Rajiv Kumar Agarwala as Interim Resolution Professional (IRP), in terms of the Insolvency and Bankruptcy Code, 2016 (The code) vide order dated 2nd May, 2024. Subsequently Mr. Ashok Kumar Sarawagi was appointed as Resolution Professional (RP) by the Committee of Creditors (COC) in its 2nd COC meeting held on 14th June, 2024 as approved by virtue of e - voting by the COC members and further vide order dated 12 July, 2024 by the Hon’ble court of NCLT, Kolkata. 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34, "Interim Financial Reporting" (“Ind AS 34") prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. In view of pendency of CIRP, the management of the affairs of the company and power of the Board of Directors are now vested with RP. These financial results have been prepared under the supervision of the RP and approved by the RP. CAX V.K.Tulsyan & Co.LLP INDIA CHARTERED ACCOUNTANTS 6, Jawaharlal Nehru Road, Siddha Esplanade, 14" Floor, Unit #1607, Kolkata-700013; 0 -033-68288860; E - info@vktulsyan.com; Web: www.vktlip.com 3. We conducted our review in accordance with Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India (ICAl). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Qualified Conclusion Based on our review, and to the best of our information and according to the explanations given to us, except for the possible effect of the matter described in the basis for qualified conclusion section of our report the aforesaid financial results: (i) nothing has come to our attention that causes us to believe that it is not presented in accordance with the requirements of Regulation 33 of the Listing Regulations.in this regard; and (i) nothing has come to our attention that causes us to believe that the accompanying interim financial information does not give a true and fair view in conformity with the recognition and measurement principles laid down in Indian Accounting Standard 34, "Interim Financial Reporting" ("Ind AS 34"), the applicable accounting standards and other accounting principles generally accepted in India of the net loss and other comprehensive loss and other financial information for the quarter ended 30™ June,2026. Basis for Qualified Conclusion i) We draw your attention to Note 2 of the financial results, as a part of CIRP, creditors were called upon to submit their claims. In aggregate the claims submitted by the financial creditors as well as operational creditors exceeded the amount as appearing in the books of account. List of creditors (published on 20.09.2025), includes admitted claims and also claims under verification and reconciliation by RP with amount as appearing in books. No accounting impact in the books of account has been made in respect of excess, shortage, non-receipt of claims from operational and financial creditors. Hence, consequential impact if any on the reported financial results is currently not taken into account. CAX V.K.Tulsyan & Co.LLP INDIA CHARTERED ACCOUNTANTS 6, Jawaharlal Nehru Road, Siddha Esplanade, 14'" Floor, Unit #1607, Kolkata-700013; 0 -033-68288860; E - info@vktulsyan.com; Web: www.vktlip.com ii) We draw your attention to Note 4 of the financial results regarding non provision of Cumulative interest expense of Rs.63,020.22 on the borrowings of the company which is not in accordance with the requirements of IND AS 109: Financial Instruments. The aforesaid Cumulative interest amount has been admitted by RP in the submitted list of claims dated 20.09.2025, for the CIRP initiated on 02.05.2024. iii)As referred in Note 6 of the financial results, the balance of "Trade Payables", “Advances from Customer”, “Other Payables”, etc. includes balances remaining outstanding for a substantial period. The balances are subject to confirmation/reconciliation. In the absence of other corroborative evidence, we are unable to comment on the extent to which such balances shall be payable. The reported Financials might have consequential impact which remains unascertained. Refer Note 2, for list of claims for liabilities (including statutory dues) which were admitted by RP (dated 20.09.2025). iv)With reference to Note 7 of the financial results the Company has recognized provision towards Expected Credit Losses (ECL) aggregating to Rs. 804.52 lakhs, comprising Rs. 23.10 lakhs against Capital Advances under Other Non-Current Assets, Rs. 411.00 lakhs against Trade Receivables, and Rs. 370.43 lakhs against Advances Recoverable in Cash or Kind under Other Current Assets, considering non - realization for long time, the management has made 100% provision in respect of balances outstanding for more than one year, which, according to the management, is considered prudent. In the absence of corroborative evidence supporting the recoverability of such balances, we are unable to comment on carrying amount of such receivable on which ECL has been provided in the FY 23-24 and the extent to which such balances shall be recoverable. v) We have been informed that certain information including minutes of COC meeting and the outcome of certain procedures carried out as part of CIRP process are confidential in nature and could not be shared with anyone other than Committee of Creditors and NCLT. Accordingly, we are unable to comment on the possible financial impact, presentation and disclosures, if any on aforesaid information not provided to us. vi) We draw attention to Note 8 to the financial results the Company’s Input Tax Credit (ITC) as per books of account amounts to Rs. 19.39 lakhs whereas the ITC as per the Electronic Credit Ledger on the GST portal amounts to Rs. 387.82 lakhs, resulting in a significant unreconciled differe [Showing first 8,000 characters — download PDF for full document]