Key Financial Figures (FY 2025-26 vs. FY 2024-25)

  • Revenue from Operations: ₹0 lakh (vs. ₹0 lakh)
  • Interest Income: ₹484.21 lakh (90% increase from ₹255.22 lakh)
  • Other Income: ₹1.40 lakh (vs. ₹1.73 lakh)
  • Total Income: ₹485.62 lakh (89% increase from ₹256.95 lakh)
  • Finance Costs: ₹337.49 lakh (110% increase from ₹161.11 lakh)
  • Employee Benefits Expenses: ₹26.49 lakh (45% decrease from ₹48.15 lakh)
  • Depreciation: ₹1.10 lakh (vs. ₹0.86 lakh)
  • Other Expenses: ₹28.92 lakh (40% decrease from ₹48.24 lakh)
  • Total Expenses: ₹394.00 lakh (52% increase from ₹258.36 lakh)
  • Profit/(Loss) Before Tax: ₹91.62 lakh (vs. loss of ₹1.41 lakh)
  • Tax Expenses: ₹0 lakh (vs. ₹0 lakh)
  • Profit/(Loss) After Tax: ₹91.62 lakh (vs. loss of ₹1.41 lakh)
  • Earnings Per Share (Basic & Diluted): ₹1.23 (vs. loss of ₹0.02)
  • Paid-up Equity Share Capital: ₹747.74 lakh (unchanged)
  • Total Assets: ₹4,570.66 lakh (15% increase from ₹3,973.16 lakh)
  • Loans (Gross): ₹4,073.78 lakh (10% increase from ₹3,709.50 lakh)
  • Borrowings: ₹3,599.75 lakh (10% increase from ₹3,269.25 lakh)

State of Affairs & Future Outlook

The company is registered with the RBI as a Non-Deposit Taking Non-Banking Financial Company (NBFC-ND-ICC) classified in the Base Layer. Its main activity is lending funds, primarily through inter-corporate deposits and short-term loans to group companies. The total asset size as of 31st March 2026 was ₹4,570.66 lakh. The company intends to continue the same line of business.

Dividend & Reserves

No dividend was recommended for the financial year. No amount was transferred to the General Reserve due to accumulated losses from previous years, though a transfer of ₹18.32 lakh was made to the Reserve Fund under Section 45-IC of the RBI Act, 1934.

Share Capital & Listing

  • Authorized Capital: ₹750 lakh (75,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹747.74 lakh (74,77,390 equity shares of ₹10 each); no change during the year.
  • Listing: Shares are listed on BSE Limited (Scrip Code: 512265, ISIN: INE471D01019). Trading suspension was revoked on 03rd July 2025. Shares were voluntarily delisted from the Calcutta Stock Exchange effective 10th June 2025.

Key Managerial Personnel (KMP) & Board Changes

Appointments:

  • Mr. Gaurav Aggarwal as Chief Financial Officer (CFO) w.e.f. 30.10.2025
  • Ms. Himanshi Dhakad as Company Secretary & Compliance Officer w.e.f. 30.10.2025
  • Ms. Nikita Sehrawat as Manager w.e.f. 22.01.2026

Resignations:

  • Mr. Ajay Singh as CFO w.e.f. 31.07.2025
  • Ms. Disha Soni as Company Secretary w.e.f. 16.09.2025
  • Mr. Gaurav Aggarwal as Manager w.e.f. 29.10.2025

Board of Directors (as on 31.03.2026):

  • Mr. Gurvinder Pal Singh (Non-Executive Non-Independent Director, DIN:05207077)
  • Mr. Siddheshwar Kumar Upadhyay (Non-Executive Independent Director, DIN:07871728)
  • Ms. Himani Aneja (Non-Executive Independent Director, DIN:09009974)

All independent directors confirmed their independence under Section 149(6) of the Companies Act, 2013.

Committees of the Board

  • Audit Committee: Mr. Siddheshwar Kumar Upadhyay (Chairman), Ms. Himani Aneja, Mr. Gurvinder Pal Singh
  • Nomination & Remuneration Committee: Ms. Himani Aneja (Chairman), Mr. Gurvinder Pal Singh, Mr. Siddheshwar Kumar Upadhyay
  • Stakeholders' Relationship Committee: Mr. Gurvinder Pal Singh (Chairman), Mr. Siddheshwar Kumar Upadhyay, Ms. Himani Aneja
  • Risk Management Committee: Mr. Gurvinder Pal Singh (Chairman), Mr. Gaurav Aggarwal (Vice Chairman), Mr. Siddheshwar Kumar Upadhyay
  • Credit Committee: Constituted for analyzing and sanctioning loans

Auditors & Reports

  • Statutory Auditors: M/s Gupta Garg & Agrawal, Chartered Accountants (FRN: 505762C). Appointed until the conclusion of the AGM in 2027. Their report contained no qualifications or adverse remarks.
  • Internal Auditor: M/s Garg Gagan & Associates, Chartered Accountants
  • Secretarial Auditor: M/s Roni Soni & Associates, Company Secretaries (CP No. 21854). The Secretarial Audit Report (Form MR-3) noted a few compliance observations:
  • The Board lacks an Executive Director (non-compliance with SEBI LODR Reg. 17).
  • One Board resolution (13.08.2025) was inadvertently not filed with ROC (Form MGT-14).
  • Delay in filing disclosures related to KMP resignations/appointments with BSE.
  • 7 out of 9 promoters are untraceable; their physical shares are under lock-in/stop transfer restrictions per BSE directions.
  • The auditors confirmed adequate internal financial controls.

Corporate Governance

As the paid-up capital (₹7.48 crore) and net worth (₹6.04 crore) are below the thresholds specified in SEBI LODR Regulation 15(2), corporate governance provisions (Regulations 17 to 27, etc.) are not applicable. A certificate of non-applicability was obtained from the secretarial auditor.

Related Party Transactions

No related party transactions were entered into during the year that were not at arm's length. Transactions with Key Managerial Personnel (KMP) involved payment of salaries and sitting fees.

Loans, Investments, and Borrowings

  • Loans Given: Gross loans stood at ₹4,073.78 lakh, primarily secured loans to group companies like Modipur Realty Pvt Ltd, Beyond 100 Rishikesh Pvt Ltd, Modipur Devices Pvt Ltd, and Modi Studios Pvt Ltd.
  • Investments: Carrying value of investment in Modikem Private Limited (27,60,000 shares) was fully provided for at ₹278.08 lakh.
  • Borrowings: Total borrowings were ₹3,599.75 lakh, comprising unsecured term loans from related parties:
  • Smart Bharat Pvt Ltd (₹1,528.50 lakh, ROI 9.5%, due 25.03.2027)
  • Global Mobile Infrastructure Pvt Ltd (₹162.55 lakh, ROI 9.5%, due 31.03.2027)
  • Bougainvillea Multiplex & Entertainment Center Pvt Ltd (₹2,055.00 lakh, ROI 10%, due 23.01.2028)

Other Key Disclosures

  • AGM Details: The 41st AGM is scheduled for 29th September 2026 at 1:00 PM through Video Conferencing/Other Audio-Visual Means (VC/OAVM).
  • Unclaimed Dividend: Not applicable as no dividend has been declared since FY 2018-19.
  • Deposits: The company does not accept public deposits.
  • Internal Financial Controls: deemed adequate and operating effectively.
  • Vigil Mechanism: A Whistle Blower Policy is in place and uploaded on the company's website.
  • Sexual Harassment: No complaints were filed during the year under the POSH Act.
  • CSR Initiatives: Not applicable to the company.
  • Insolvency Proceedings: No applications or proceedings were pending under the IBC, 2016.
  • Material Changes/Orders: No material changes or significant orders from regulators/cours occurred between the year-end and the report date.

Financial Ratios (Significant Changes >25%)

  • Interest Coverage Ratio: 1.27 (vs. 0.99 in FY25) - 28.27% increase due to improved margins.
  • Debt-Equity Ratio: 5.96 (vs. 6.38 in FY25) - 6.59% decrease.
  • Net Profit Margin (%): 0.19 (vs. -0.01 in FY25) - significant improvement.
  • Return on Net Worth (%): 15.17 (vs. -0.28 in FY25) - significant improvement.