AGM Details

The 43rd Annual General Meeting will be held on Tuesday, 29th September 2026 at 12:00 noon at the registered office at Office 304, 305, Scarlet Gateway, B/H Ashwaraj Bunglows, Prahladnagar Corporate Road, Manekbag, Ahmedabad, Gujarat, India, 380015.

Business to be Transacted

Ordinary Business:

1. Item No. 1: To receive, consider and adopt Audited Standalone and Consolidated Financial Statements for FY ended March 31, 2026 with Reports of Board of Directors and Auditors

2. Item No. 2: To reappoint Mr. Ravindra Ashokbhai Joshi (DIN: 10112296) as Managing Director

3. Item No. 3: To appoint M/s. Chandabhoy & Jassoobhoy, Chartered Accountants (FRN: 101648W) as Statutory Auditors for 5 years from conclusion of this AGM until 48th AGM, with proposed remuneration of ₹3,00,000 for FY 2026-27

Special Business:

4. Item No. 4: To increase Authorized Share Capital from ₹35,00,00,000 divided into 3,47,00,000 Equity Shares of ₹10 each and 3,00,000 Preference Shares of ₹10 each to ₹50,00,00,000 divided into 4,97,00,000 Equity Shares of ₹10 each and 3,00,000 Preference Shares of ₹10 each, with corresponding alteration to Clause V of Memorandum of Association

Financial Performance Summary (Standalone)

FY 2025-26 vs FY 2024-25 (₹ in Lakhs):

  • Revenue from Operations: ₹9,410.75 (vs ₹5,867.10)
  • Other Income: ₹548.84 (vs ₹70.56)
  • Total Revenue: ₹9,959.59 (vs ₹5,937.66)
  • Total Expenditure: ₹9,442.12 (vs ₹5,892.01)
  • Profit Before Tax: ₹517.47 (vs ₹45.65)
  • Tax Expense: ₹153.67 (vs ₹11.94)
  • Profit After Tax: ₹363.80 (vs ₹33.72)
  • Basic & Diluted EPS: ₹4.33 (vs ₹0.40)

Consolidated Financials (₹ in Lakhs):

  • Revenue from Operations: ₹13,126.91
  • Other Income: ₹5,488.42
  • Total Revenue: ₹13,6751.33
  • Expenditure: ₹13,9867.57
  • Loss Before Tax: ₹(3,116.24)
  • Tax Expense: ₹1,514.60
  • Loss After Tax: ₹(4,630.84)

Capital Structure Changes

Preferential Issue of Convertible Warrants:

  • Allotted 2,04,04,372 Convertible Warrants at issue price of ₹21.02 per warrant (including premium of ₹11.02)
  • BSE granted in-principle approval on 19th December 2025
  • Warrants allotted on 12th January 2026
  • Each warrant convertible to one equity share within 18 months from allotment date

Share Capital as on March 31, 2026:

  • Authorized Equity Share Capital: ₹34,70,00,000 divided into 3,47,00,000 equity shares of ₹10 each
  • Authorized Preference Share Capital: ₹30,00,000 divided into 3,00,000 preference shares of ₹10 each
  • Paid-up Equity Share Capital: ₹19,60,89,380 divided into 1,96,08,938 equity shares of ₹10 each
  • Paid-up Preference Share Capital: ₹26,00,000 divided into 2,60,000 preference shares of ₹10 each

Subsidiaries and Associates

  • Subsidiaries: Eklingji Tradelink Private Limited, Satvat Agro LLP
  • Associate: Aarsha International Limited

Board and Management Changes

Key Managerial Personnel Changes during FY 2025-26:

  • Ms. Julee Akash Shah appointed as Company Secretary & Compliance Officer on 05/09/2025, resigned on 03/11/2025
  • Mr. Aakash Chaturvedi appointed as Company Secretary & Compliance Officer on 01/04/2025, resigned on 06/06/2025
  • Mr. Mubshara Kachhot appointed as CFO on 02/07/2025, resigned on 06/01/2026
  • Ms. Neha Rishabh Bardia appointed as Company Secretary & Compliance Officer on 06/01/2026
  • Mr. Nikhil Kumar Gupta appointed as CFO on 07/01/2026

Statutory Auditors: M/s. Chandabhoy & Jassoobhoy, Chartered Accountants (FRN: 101648W)

Disclaimer of Opinion Issued Due To:

  • Inadequate maintenance of prior period records by previous management
  • Lack of proper documentation for sales, purchases, inventory, trade receivables/payables
  • Absence of balance confirmations from debtors and creditors
  • Unsecured loans granted/received without formal agreements
  • Inability to identify MSME creditors as per MSMED Act requirements
  • Uncertainty regarding recoverability of aged trade receivables

Material Weaknesses in Internal Financial Controls:

  • Unsecured loans obtained without charging interest and without supporting documentation
  • Inability to verify accuracy of outstanding balances and interest-free nature of loans

Key Financial Ratios (Significant Changes >25%)

  • Current Ratio: 1.01 (from 1.07) - 5.17% decrease
  • Debt Equity Ratio: 0.18 (from 0.59) - 69.76% decrease
  • Return on Equity: 11.88% (from 5.11%) - 132.28% increase
  • Inventory Turnover Ratio: 2.84 (from 1.77) - 60.40% increase
  • Trade Receivables Turnover Ratio: 1.47 (from 5.61) - 73.74% decrease
  • Trade Payables Turnover Ratio: 0.28 (from 2.84) - 90.09% decrease
  • Net Profit Ratio: 3.87% (from 0.57%) - 572.71% increase
  • Return on Capital Employed: 9.14% (from 2.18%) - 319.12% increase

Dividend and Reserves

  • No dividend recommended for FY 2025-26 (same as previous year)
  • No amount transferred to reserves

Related Party Transactions

Transactions during FY 2025-26 at arm's length basis:

  • Loan to Nikhil Kumar Gupta (CFO): ₹5,00,000
  • Investment in Eklingji Tradelink Private Limited: ₹14,70,00,000
  • Investment in Aarsha International Limited: ₹1,50,00,000
  • Investment in Satvat Agro LLP: ₹11,00,00,000
  • Sitting fees to directors: ₹33,000-36,000

Voting Arrangements

  • Remote e-voting through NSDL from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
  • Cut-off date for determining voting rights: September 22, 2026
  • Mrs. Shubhangi Rajkumar Agarwal appointed as Scrutinizer