Key Quantitative Figures

  • Net Loss after Tax for FY26: ₹(4,031.19) thousand (compared to net profit of ₹4,725.92 thousand in FY25)
  • Total Income for FY26: ₹25,371.92 thousand (compared to ₹27,298.70 thousand in FY25)
  • Loss Before Tax for FY26: ₹(3,520.50) thousand (compared to profit before tax of ₹6,329.77 thousand in FY25)
  • Paid-Up Equity Share Capital: ₹28,774.42 thousand comprising 14,387,212 equity shares of ₹2 each
  • Managing Director's Proposed Salary: ₹180,000 per month basic salary
  • Total Assets as of March 31, 2026: ₹184,565.73 thousand
  • Total Equity as of March 31, 2026: ₹130,886.42 thousand

Dates of Action

  • AGM Date: Tuesday, 29th September, 2026 at 02:30 p.m. (IST)
  • Record Date Closure: From Tuesday, 22nd September, 2026 to Tuesday, 29th September 2026 (both days inclusive)
  • Remote E-voting Period: Saturday, 26th September, 2026 at 09:00 a.m. to Monday, 28th September, 2026 at 05:00 p.m.
  • Results Declaration: On or before Thursday, 01st October, 2026
  • Board Meeting Dates: 24th May 2024, 21st June 2024, 09th August 2024, 14th November 2024, 11th February 2025

Parties Involved

  • Registrar & Transfer Agent: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
  • Statutory Auditors: Banka & Banka, Chartered Accountants (Firm Registration No. 100979W)
  • Secretarial Auditor: Hemanshu Kapadia & Associates, Practicing Company Secretaries
  • Scrutinizer: M/s. Hemanshu Kapadia and Associates for e-voting process

AGM Agenda Items

Ordinary Business:

1. Adoption of Audited Financial Statements for FY ended March 31, 2026 with Reports of Board of Directors and Statutory Auditors

2. Appointment of director in place of Ms. Archana Makar Soi (DIN: 02215664) who retires by rotation

Special Business:

3. Re-appointment of Mr. Jayesh Vinodchandra Thakkar (DIN: 03474967) as Managing Director for 3 years w.e.f. 24th May, 2027 to 23rd May, 2030 at a basic salary of ₹180,000 per month plus perquisites as per Schedule V of Companies Act, 2013

Corporate Governance Details

Board of Directors:

  • Mr. Puneet Yogiraj Makar (DIN: 00364000)
  • Ms. Archana Makar Soi (DIN: 02215664)
  • Mr. Ajit Pandurang Walwaikar (DIN: 00022123)
  • Mr. Navin Chandramani Sharma (DIN: 09555459)
  • Mr. Sanjay Rajaram Posam (DIN: 09542601)
  • Mr. Jayesh V. Thakkar (DIN: 03474967)

Committee Composition:

  • Audit Committee: Mr. Ajit Pandurang Walwaikar (Chairman), Mr. Sanjay Rajaram Posam (Member), Mr. Navin Chandramani Sharma (Member)
  • Nomination & Remuneration Committee: Mr. Sanjay Rajaram Posam (Chairman), Mr. Ajit Pandurang Walwaikar (Member), Mr. Navin Chandramani Sharma (Member)
  • Stakeholders' Relationship Committee: Mr. Ajit Pandurang Walwaikar (Chairman), Mr. Sanjay Rajaram Posam (Member), Mr. Navin Chandramani Sharma (Member)

Financial Performance Review

FY26 vs FY25 Comparison (₹ in thousands):

  • Other Income: ₹25,371.92 (FY26) vs ₹27,298.70 (FY25)
  • Profit/(Loss) before Depreciation & Amortisation: ₹(716.33) (FY26) vs ₹10,871.95 (FY25)
  • Depreciation & Amortization: ₹2,804.17 (FY26) vs ₹4,542.18 (FY25)
  • Provision for Income Tax: ₹600.00 (FY26) vs ₹410.00 (FY25)
  • Deferred Tax (Net): ₹(89.31) (FY26) vs ₹1,193.85 (FY25)

Key Balance Sheet Items as of March 31, 2026 (₹ in thousands):

  • Property, Plant and Equipment: ₹13,424.12
  • Right of Use Assets: ₹8,309.85
  • Investment Property: ₹31,837.26
  • Investments: ₹57,615.39
  • Loans and Advances: ₹35,000.00
  • Cash and Cash Equivalents: ₹3,057.50
  • Borrowings (Non-current): ₹16,678.65
  • Other Non-current Liabilities: ₹21,629.60

Dividend Declaration

No dividend recommended for FY 2025-26 due to loss incurred by the Company.

Capital Structure Impact

No change in share capital during the year. Paid-up equity share capital remains at ₹28,774.42 thousand comprising 14,387,212 equity shares of ₹2 each.

Voting Instructions

Detailed remote e-voting instructions provided for:

  • Individual shareholders holding securities in demat mode with NSDL and CDSL
  • Shareholders holding securities in physical mode
  • Non-Individual shareholders
  • Institutional shareholders (Custodian/Corporate Body/Mutual Fund)

VC/OAVM Meeting Instructions

Comprehensive guidelines provided for attending the AGM through InstaMeet facility, including registration process, speaking requests, and voting during the meeting.

Auditor Reports

Statutory Auditors (Banka & Banka):

  • Unqualified opinion on financial statements
  • No fraud reported under Section 143(12) of Companies Act, 2013
  • No material misstatement in financial statements
  • Adequate internal financial controls system in place

Secretarial Auditor (Hemanshu Kapadia & Associates):

  • Company generally complied with applicable statutory provisions
  • Proper Board processes and compliance mechanism in place
  • No instances of public/rights/preferential issue of shares, redemption/buy-back of securities, merger/amalgamation/reconstruction

Related Party Transactions

  • Rent expenses of ₹120,000 paid to Makar Estate (entity having common management)
  • Inter-corporate deposit of ₹2,000,000 received from Viniyog Investment and Trading Company Private Limited (entity having common director)
  • Interest expense of ₹852,000 on inter-corporate deposits

Key Management Personnel Remuneration

  • Mr. Jayesh Thakkar (Managing Director): ₹1,750,560
  • Mr. Balasubramanian M. Konar (CFO): ₹270,000
  • Ms. Bhavana Shah (Company Secretary): ₹240,000
  • Independent Directors: Sitting fees of ₹35,500 each

Contingent Liabilities (₹ in thousands)

  • Excise Duty demands under appeal: ₹46,524
  • Sales Tax demands under appeal: ₹13,167
  • Disputed Income Tax Demand: ₹3,908.96
  • Claims not acknowledged as debt: ₹11.32