Company Overview
Business Description: The company operates in the textiles sector, originally incorporated as Aastha Spintex Private Limited on August 12, 2013. It was converted to a public limited company with a fresh certificate of incorporation dated February 12, 2025.
Registered and Corporate Office: Survey No. 1441, 1442, 1448/1, 1449, 1450/2 & 1443/P2, Halvad Maliya Highway, Halvad, Surendra Nagar- 363 330, Gujarat, India
Corporate Identification Number: U17120GJ2013PLC076361
Offer Details
Offer Type: Initial Public Offering (IPO)
Offer Size: ₹17,000 lakhs (₹170 crore) comprising a fresh issue of equity shares
Price Band: ₹[●] per equity share of face value of ₹10 each (including a share premium of ₹[●] per equity share)
Objects of the Issue: The purpose is not explicitly stated in this addendum document
Financials
Key Financials:
- Net tangible assets: ₹11,999.30 lakhs (March 31, 2025), ₹7,587.70 lakhs (March 31, 2024), ₹5,974.08 lakhs (March 31, 2023)
- Operating profit: ₹4,180.91 lakhs (FY2025), ₹3,092.68 lakhs (FY2024), ₹826.58 lakhs (FY2023)
- Net worth: ₹12,105.21 lakhs (March 31, 2025), ₹7,637.83 lakhs (March 31, 2024), ₹6,000.94 lakhs (March 31, 2023)
- Monetary assets: ₹1,112.40 lakhs (March 31, 2025), ₹648.42 lakhs (March 31, 2024), ₹614.68 lakhs (March 31, 2023)
Use of Proceeds
Fund Utilization Breakdown: Not specified in this addendum document
Risk Factors
Business Risks: Not detailed in this addendum
Market Risks: Not detailed in this addendum
Regulatory Risks: The company faces tax litigation proceedings with 7 direct tax cases involving ₹3.90 lakhs and 3 indirect tax cases involving ₹34.13 lakhs
Management & Promoters
Promoter Background: Promoters include Patel Divyang Jashwantbhai, Rasiklal Valjibhai Patel, Gothi Vivek Rasiklal, and Jashwantbhai Valjibhai Patel
Shareholding Pattern: Not specified in this addendum
Management Team: Tushar Dhirubhai Devera serves as Company Secretary and Compliance Officer
Market & Industry
Industry Overview: Not detailed in this addendum
Competitors: Not listed in this addendum
Market Growth Prospects: Not detailed in this addendum
Legal & Compliance
Ongoing Legal Proceedings:
- Promoters: 9 direct tax cases (₹1,886.21 lakhs)
- Directors: 8 direct tax cases (₹1,885.96 lakhs)
- The company has filed appeals of ₹32.45 lakhs for FY 2019-20 and ₹1.68 lakhs for FY 2020-21
- Promoter and Whole-time Director Mr. Vivek Rasiklal Gothi has filed an appeal against income tax demand of ₹1,878.58 lakhs for Assessment Year 2017-18
Regulatory Approvals: The offering is being made in compliance with Chapter II of the SEBI ICDR Regulations, 2018, as amended
Additional Information
Contingent Liabilities: Bank guarantees given to PGVCL from Bank of Baroda: ₹239.31 lakhs as of December 31, 2025
Related Party Transactions: Extensive transactions with key management personnel and related parties including managerial remuneration, purchases, loans, and outstanding balances across financial periods from March 31, 2023 to December 31, 2025
Eligibility Criteria: The company meets SEBI ICDR Regulation 6(1) eligibility criteria with:
- Net tangible assets exceeding ₹300 lakhs for three consecutive years
- Average operating profit of ₹1,500 lakhs over three years
- Net worth exceeding ₹100 lakhs for three consecutive years
- Monetary assets below 50% of net tangible assets (9.27%, 8.55%, 10.29% for respective years)
- No name change in the immediately preceding year except for conversion to public limited company
Auditor Certification: All financial information certified by SN Shah & Associates, Statutory Auditors with various UDIN numbers dated June 4, 2026