Microse Reports Q1 Loss, Approves Key Corporate Actions

Microse Limited, a company operating in a single business segment, has announced its unaudited financial results for the quarter ended June 30, along with several important corporate decisions. The company's board meeting, held on August 12, revealed significant changes in financial reporting methods and upcoming corporate events.

Financial Performance

The company reported a negative revenue from operations for the quarter ended June 30. This unusual result was attributed to losses incurred in futures and options trading. In a notable shift, Microse has changed its method of recognizing the value of shares held under investment and inventory. The company has moved from a cost-based valuation to fair market value, with the effects of this change reflected in the quarterly results.

Corporate Actions

Several key corporate actions were approved during the board meeting:

1. Annual General Meeting (AGM): Scheduled for September 25, at 4:00 PM.
2. Book Closure: Set from September 18 to September 24 (both days inclusive).
3. Director Re-appointment: Mr. Saurabh Garg (DIN: 00376890) will be up for re-appointment at the AGM, as he retires by rotation and has offered himself for re-election.
4. E-voting Scrutinizer: M/s. Pramod S Shah & Associates, Practicing Company Secretaries, have been appointed as scrutinizers for the e-voting process at the AGM.
5. Directors' Report: The Draft Directors Report for the Financial Year 2024-25 has been approved.

Audit and Compliance

The financial results for the quarter were reviewed by the Audit Committee and subsequently approved by the Board of Directors. Todarwal & Todarwal LLP, Chartered Accountants, conducted a limited review of the unaudited standalone financial results, as required by SEBI regulations.

Regulatory Compliance

In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has submitted these results and corporate actions to the Bombay Stock Exchange (BSE). The board meeting, which commenced at 4:00 PM, concluded at 6:15 PM.

Microse continues to operate in a single business segment, and the company assures that all financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013.

Investors and stakeholders are advised to take note of these developments, particularly the change in valuation method for investments and inventory, which may impact future financial statements.