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Nilachal Refractories Ltd. has announced a board meeting on the audited financial results for the quarter and half-year. The company reported a net loss of Rs. 22.02 Cr for the year, widening from Rs. 6.50 Cr the previous year, with revenue at Rs. 10.65 Cr. Key concerns include a significant impairment loss of Rs. 19.34 Cr on Capital Work in Progress (CWIP), which has remained uncapitalized for over thirteen years, and unresolved employee benefit obligations due to lack of actuarial valuation. The company has substantial preference share liabilities with unpaid redemption premiums, impacting equity and losses. Current liabilities exceed current assets by Rs. 12.57 Cr, and net worth is negative at Rs. 27.94 Cr, raising material uncertainty about its ability to continue as a going concern. Management plans to engage strategic investors, diversify and expand product lines, and has received encouraging interest from foreign buyers.