Company Overview

AGM Details

  • AGM Date: Wednesday, 30th September 2026 at 05:30 PM
  • Mode: Video Conferencing/Other Audio-Visual Means (VC/OAVM)
  • E-voting Period: 27th September 2026 (9:00 AM) to 29th September 2026 (5:00 PM)
  • Cut-off Date: 23rd September 2026
  • E-voting Agency: Central Depository Services Limited (CDSL)
  • EVSN: 260907080
  • Scrutinizer: Mr. Vivek Surana, Practicing Company Secretary

Agenda Items

Ordinary Business

1. Adoption of Financial Statements: To receive, consider and adopt audited financial statements for FY ended 31st March 2026 with reports of Directors and Auditors.

2. Director Re-appointment: Re-appointment of Smt. Sushila Kabra (DIN: 01432698) who retires by rotation.

Special Business

3. Regularization of Director: Appointment of Mr. Vemula Jalaprasad (DIN: 11358329) as Wholetime Executive Director for 3 years from 23rd March 2026 to 22nd March 2029.

  • Remuneration: Basic salary in range of ₹50,000 per month plus commission up to 5% of net profits
  • Minimum Remuneration: Payable even in absence/inadequacy of profits as per Schedule V of Companies Act

4. Scheme of Capital Reduction: Special resolution for reduction of share capital under Section 66 of Companies Act 2013:

  • Current Capital: ₹5,35,00,000 divided into 53,50,000 equity shares of ₹10 each
  • Proposed Capital: ₹26,75,000 divided into 2,67,500 equity shares of ₹10 each
  • Reduction Method: Cancellation of 50,82,500 equity shares (95% reduction)
  • Purpose: Write off accumulated losses of ₹5,08,25,000
  • Share Exchange Ratio: 1 new share for every 20 existing shares
  • Fractional Treatment: Fractions rounded up to nearest higher integer
  • Promoter Contribution: Mr. Aditya Chachan will forgo shares arising from rounding to maintain capital at ₹26.75 lakh
  • Exemption Sought: From adding "And Reduced" to company name
  • Approvals Required: NCLT Hyderabad Bench confirmation, other regulatory approvals

Financial Performance (FY 2025-26)

  • Total Revenue: ₹3,280.82 lakhs (Previous year: ₹4,768.59 lakhs)
  • Profit Before Tax: Loss of ₹968.38 lakhs (Previous year: Loss of ₹142.30 lakhs)
  • Net Loss After Tax: ₹855.70 lakhs (Previous year: Loss of ₹74.74 lakhs)
  • Accumulated Losses: ₹6,75,52,144 as on 31st March 2026
  • Earnings Per Share: Negative ₹16.03 (Previous year: Negative ₹1.46)

Operational Highlights

  • Production: 1,199.78 MT of bright bars and wires (Previous year: 1,819.15 MT)
  • Business Transition: Executed Business Transfer Agreement with Jai Bapji Ispat Private Limited for sale of manufacturing and trading business of Non-Alloy Steel for ₹367.63 lakhs effective 01-03-2026
  • Future Focus: Trading activity of Alloy steel

Capital Structure Impact

  • Pre-reduction: 53,50,000 equity shares of ₹10 each, totaling ₹5,35,00,000
  • Post-reduction: 2,67,500 equity shares of ₹10 each, totaling ₹26,75,000
  • Reduction Amount: ₹5,08,25,000 utilized to write off accumulated losses

Corporate Governance

  • Board Composition: 6 Directors (4 non-executive including women directors, 3 independent)
  • Board Meetings: 9 meetings held during FY 2025-26
  • Key Managerial Personnel:
  • Mr. Aditya Chachan (Managing Director)
  • Smt. Alphonsa Domingo (CFO)
  • Smt. Varsha Pandey (Company Secretary)
  • Auditors: M/s. Dagliya & Co., Chartered Accountants (FRN: 00671S)
  • Secretarial Auditor: M/s. A J Sharma and Associates
  • Internal Auditor: M/s. R Bengani and Associates appointed for FY 2026-27

Liquidity and Borrowings

  • Current Ratio: 0.98 (Previous year: 0.93)
  • Long-term Borrowings: ₹Nil (Previous year: ₹1,241.01 lakhs)
  • Short-term Borrowings: ₹1,125.63 lakhs (Previous year: ₹1,326.44 lakhs)
  • Working Capital: Secured by first charge on current assets and personal guarantee of Managing Director

Other Material Information

  • Listing: BSE Limited (Scrip code: 513513)
  • Registrar & Share Transfer Agent: M/s. XL Softech Systems Limited
  • Bankers: Central Bank of India and City Union Bank Ltd.
  • Compliance: Secretarial Audit Report shows no qualifications or adverse remarks
  • Going Concern: Financial statements prepared on going concern basis
  • COVID-19 Impact: AGM to be held through VC/OAVM following MCA circulars