Key Financial Figures

  • Net loss for FY 2025-26: ₹14.51 lakhs (Previous year: ₹10.65 lakhs loss)
  • No income from operations or other income during FY26 (same as previous year)
  • Current liabilities exceed current assets by ₹47.50 lakhs as of March 31, 2026
  • Paid-up share capital: ₹1,350 lakhs (13,500,000 equity shares of ₹10 each)
  • Cash and cash equivalents: ₹4.88 lakhs
  • Investments in unquoted shares: ₹285.12 lakhs (81,000 equity shares of Rruchi Food Plaza Pvt. Ltd.)
  • Loans and advances: ₹1,211.09 lakhs (fully provided with impairment loss allowance)
  • Trade payables: ₹16.92 lakhs
  • Borrowings: ₹29.12 lakhs (unsecured loans from director Mr. Arvind Mulji Kariya)

AGM Details

The 40th Annual General Meeting will be held on September 30, 2026, at 3:00 PM IST through Video Conferencing/Other Audio Visual Means to transact both ordinary and special business.

Ordinary Business Items

1. Adoption of audited standalone financial statements for FY 2025-26

2. Reappointment of Mrs. Jegna Arvind Kariya (DIN: 02376901) as Non-Executive Non-Independent Director retiring by rotation

Special Business Items

3. Reappointment of Mrs. Heena Gurmukhdas Kukreja (DIN: 09703418) as Independent Director for second term of 5 years (August 13, 2027 to August 12, 2032)

4. Reappointment of Mrs. Deepa Kunal Bhambhani (DIN: 09698600) as Independent Director for second term of 5 years (August 13, 2027 to August 12, 2032)

5. Reappointment of Mr. Kapil Purohit (DIN: 09452936) as Independent Director for second term of 5 years (August 13, 2027 to August 12, 2032)

6. Reappointment of Mr. Arvind Mulji Kariya (DIN: 00216112) as Whole-Time Director for 5 years (April 1, 2026 to March 31, 2031)

Operational Impact

The cancellation of the NBFC license has significantly impacted operations. The company reported nil income and is exploring new business opportunities and diversification avenues to utilize resources effectively.

Governance Updates

Board Composition as of March 31, 2026:

  • Mr. Arvind Mulji Kariya: Whole Time Director and CFO
  • Mrs. Jegna Arvind Kariya: Director
  • Mr. Kapil Purohit: Independent Director
  • Mrs. Deepa Jayramdas Lakhwani: Independent Director
  • Mrs. Heena Gurmukhdas Kukreja: Independent Director

Changes During FY26:

  • Mr. Anandkumar Labhshankar Trivedi appointed as Additional Director (November 14, 2025)
  • Mrs. Anju Surajsingh Chauhan resigned as Company Secretary and Compliance Officer (March 10, 2026)

Changes After FY26:

  • Mr. Abhijeet Prasad appointed as Company Secretary and Compliance Officer (April 14, 2026)
  • Mr. Anandkumar Labhshankar Trivedi resigned (April 24, 2026)
  • Mr. Abhijeet Prasad resigned (August 14, 2026)

Auditor Qualifications

Statutory auditors highlighted three key emphasis of matter points:

1. Valuation of unquoted investments subject to independent valuer assessment (IND AS 109)

2. Non-compliance with IND AS 19 for employee benefits (company had only one employee who hadn't completed 5 years)

3. Material uncertainty regarding going concern due to losses and current liabilities exceeding current assets

Secretarial Audit Observations

Key observations from secretarial audit report:

  • Delay in various regulatory filings with BSE
  • NBFC license cancellation by RBI
  • Non-payment of annual listing fees to BSE
  • Website not updated

Related Party Transactions

The company accepted unsecured loans of ₹8,33,507 from Mr. Arvind Mulji Kariya (Director) during FY26, which qualifies as exempted deposit under Companies (Acceptance of Deposits) Rules, 2014.

Capital Structure Impact

No change in share capital structure during the year. The paid-up capital remains at ₹1,350 lakhs.

Cash Flow Implications

The company incurred net cash outflow of ₹6.73 lakhs from operating activities, primarily due to the net loss position.

Dividend Declaration

No dividend recommended for FY 2025-26 to conserve resources for future projects.

Forward-looking Statements

The company is exploring and evaluating new business opportunities and diversification avenues to make effective use of its resources and generate sustainable business volumes in coming years.