AGM Details

  • Meeting Date: Wednesday, September 30, 2026 at 1:00 PM IST
  • Mode: Video Conferencing/Other Audio Visual Means
  • Cut-off Date: Wednesday, September 23, 2026 for determining voting eligibility
  • Remote e-Voting Period: September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
  • Scrutinizer: Dr. Ronak Jhuthawat (Certificate of Practice No. 12094) of M/s Ronak Jhuthawat & Co.

Ordinary Business

1. Adoption of Financial Statements

  • To consider and adopt audited Standalone Financial Statements for FY26:
  • Balance Sheet as at March 31, 2026
  • Statement of Profit and Loss
  • Cash Flow Statement
  • Statement of Changes in Equity
  • Reports of Board of Directors and Auditors
  • To consider and adopt audited Consolidated Financial Statements for FY26 with same components.

2. Re-appointment of Director

  • Re-appointment of Mr. Devendra Sharma (DIN: 00921174) as Director liable to retire by rotation
  • Designated as Managing Director

Special Business

3. Reappointment of Mrs. Aruna Doshi as Whole-time Director

  • Special resolution for reappointment of Mrs. Aruna Doshi (DIN: 00949220) as Whole-time Director
  • Tenure: 3 years effective from April 01, 2027
  • Current age: 71 years (requires special resolution under Section 196(3) of Companies Act, 2013)
  • Remuneration terms:
  • Basic Salary: ₹50,000 per month
  • Performance Bonus/Incentive: As approved by Board based on performance criteria
  • Perquisites & Allowances:
  • Medical/Personal Accident Insurance: Premium up to ₹50,000 per annum
  • Medical Expenses Reimbursement: Equal to one month salary
  • Provident Fund/Superannuation Fund: As per company rules
  • Gratuity: As per company rules
  • Company car with driver for business use
  • Telephone at residence (including local and long-distance calls)
  • Justification: Rich experience in strategic planning, risk management, leadership, and corporate governance
  • FY26 Remuneration: ₹6.5 lakh
  • Shareholding: 12,46,123 equity shares

4. Approval of Material Related Party Transactions

  • Ordinary resolution for material related party transactions with Madhav Surfaces FZC LLC
  • Relationship: Common Director (Mr. Madhav Doshi)
  • Nature of Transactions: Sale of Quartz grit, powder and consumables on commission basis
  • Aggregate Limit: Not to exceed ₹5 crores at any point
  • Previous Transactions:
  • FY26: ₹57.38 lakh
  • Q1 FY27 (until June 30, 2026): ₹29.63 lakh
  • Related Party Financials (FY26):
  • Turnover: ₹6,737.18 lakh
  • Net Loss: ₹685.26 lakh
  • Value as % of Company's turnover: 514.19%
  • Tenure: 12 months
  • Pricing: Arm's length basis

5. Continuation of Mr. Devendra Sharma as Managing Director

  • Special resolution for continuation of Mr. Devendra Sharma as Managing Director after attaining age 70
  • Current term: 5 years effective from February 01, 2026 (approved in AGM September 30, 2025)
  • Qualifications: M.Com (Business Administration)
  • Experience: Associated with company since 1989 in leadership capacity
  • Board Attendance: 6 out of 6 meetings in FY26
  • Other Directorships: Rajdarshan Hotel P Ltd.
  • Terms: No change in terms and conditions from previously approved appointment

Financial Performance (Standalone FY26)

  • Gross Turnover and Other Income: ₹97.24 lakh
  • Net Profit/Loss: (₹17.31) lakh (loss)
  • Net Worth: ₹2,042.61 lakh
  • Previous Year Comparison: Revenue declined from ₹209.93 lakh in FY25, turned from profit of ₹23.45 lakh to loss

Reasons for Loss & Improvement Measures

  • Reasons: Challenging global trade environment, elevated freight costs, geopolitical tensions, rising interest rates, tariff structures, forex volatility
  • Improvement Steps: Diversifying supplier/customer base, improving procurement efficiency, cost control, market expansion

Voting Arrangements

  • Remote e-voting through CDSL platform
  • E-voting during AGM for those not voting remotely
  • Physical attendance dispensed with, no proxy facility available
  • Results to be posted on company website and stock exchanges