AGM Details

  • Date: Wednesday, 30th September, 2026
  • Time: 03:00 p.m. (IST)
  • Venue: Imperial Lounge (NSCI), The National Sports Club of India, Lotus Colony, Worli, Mumbai 400018
  • Cut-off date for e-voting: Wednesday, 23rd September, 2026

Business to be Transacted

Ordinary Business:

1. To receive, consider and adopt the Audited Financial Statement of the Company for the financial year ended March 31st, 2026 together with the report of the Board of Directors and Auditors thereon.

2. To elect a director in place of Mr. Wasim Nisar Rizvi (DIN:08651434), who retires by rotation and being eligible, offers himself for reappointment.

Key Financial Highlights (FY 2025-26 vs FY 2024-25)

| Particulars | FY 2025-26 (₹) | FY 2024-25 (₹) | Change |

| Net Sales/Income from Operation | 9,47,82,071 | 18,69,53,623 | -49.3% |

| Other Income | 6,00,23,621 | 36,03,93,440 | -83.3% |

| Total Income | 15,48,05,692 | 54,73,47,063 | -71.7% |

| Profit before interest, Depreciation & Tax | 2,01,82,309 | 1,97,59,699 | +2.1% |

| Profit Before Tax | 1,37,42,130 | 1,66,28,519 | -17.4% |

| Net Profit after tax | 1,00,14,177 | 1,22,87,130 | -18.5% |

| EPS (Basic & Diluted) | 1.47 | 2.26 | -35.0% |

Dividend and Reserves

  • No dividend recommended for FY 2025-26 to preserve financial resources
  • Entire profit of ₹1,00,14,177 transferred to General Reserve
  • Reserve and Surplus balance: ₹14,30,05,595 as at March 31, 2026

Share Capital

  • Authorized Share Capital: ₹7,50,00,000 (75,00,000 Equity Shares of ₹10/- each)
  • Issued, Subscribed and Paid-Up Capital: ₹6,80,00,000 (68,00,000 Equity Shares of ₹10/- each)
  • No change in share capital during the year

Director Reappointment Details

Mr. Wasim Nisar Rizvi (DIN: 08651434)

  • Date of Birth: 26/11/1983
  • Age: 42 years
  • Date of Appointment: 01/04/2021
  • Experience: More than 5 years in sourcing and supply of organic, inorganic and specialty chemicals
  • Qualification: Under Graduate
  • Current remuneration: Nil
  • Terms of appointment: Non-Executive Director
  • Number of Board meetings attended: 5 out of 5 during FY 2025-26

Board Composition and Key Managerial Personnel

Directors:

1. Mr. Arif Esmail Merchant - Managing Director (DIN:00500363)

2. Mr. Hashim Arif Merchant - Director (DIN:03015945)

3. Mr. Wasim Nisar Rizvi - Non-Executive Director (DIN:08651434)

4. Ms. Valentina Priyanka Ekberth Creado - Independent Director

5. Mr. Vijay Kumar Bhatt - Independent Director

Key Managerial Personnel:

1. Ms. Farheen Ansari - Chief Financial Officer

2. Ms. Khyati Palash Sheth - Company Secretary and Compliance Officer (appointed 10th April, 2025)

Committee Details

Audit Committee:

  • Chairman: Mr. Vijay Kumar Bhatt
  • Members: Ms. Valentina Priyanka Creado, Mr. Wasim Nisar Rizvi
  • Meetings held: 2 during FY 2025-26 (30/05/2025, 14/11/2025)

Stakeholders' Relationship Committee:

  • Chairman: Mr. Vijay Kumar Bhatt
  • Members: Ms. Valentina Priyanka Creado, Mr. Wasim Nisar Rizvi
  • Meetings held: 2 during FY 2025-26 (10/04/2025, 21/01/2026)
  • No complaints received during the year

Nomination and Remuneration Committee:

  • Chairman: Mr. Vijay Kumar Bhatt
  • Members: Ms. Valentina Priyanka Creado, Mr. Wasim Nisar Rizvi
  • Meetings held: 3 during FY 2025-26 (10/04/2025, 06/09/2025, 14/11/2025)

Statutory Auditors:

  • M/s. NGST & Associates, Chartered Accountants (Firm Reg. No. 135159W)
  • Appointed for 5 years until conclusion of 36th AGM in 2028
  • Audit Report: Unmodified opinion without qualifications

Secretarial Auditor:

  • Mrs. Kalpana Srinivasan, Practising Company Secretary
  • Secretarial Audit Report: No qualifications, reservations or adverse remarks

Contingent Liabilities and Legal Proceedings

Income Tax Disputes: ₹396.24 crore

1. AY 2020-21: ₹11.05 lakh - Reassessment proceedings u/s 147/148A

2. AY 2021-22: ₹9.41 crore - Appeal dismissed by CIT(A), to be filed with ITAT

3. AY 2022-23: ₹244.68 crore - Appeal dismissed by CIT(A), to be filed with ITAT

4. AY 2023-24: ₹27.87 crore - First appeal filed with CIT(A)

5. AY 2024-25: ₹29.56 crore - Assessment completed, provisioning being reassessed

6. AY 2025-26: ₹46.97 lakh - Shortfall in self-assessment tax

GST Disputes: ₹1,810.94 crore

1. FY 2020-21: ₹3.02 crore - Appeal pending before Joint Commissioner (Appeals-II)

  • Pre-deposit of ₹27.40 lakh paid under protest

2. FY 2018-19 to 2022-23: ₹1,783.51 crore - Writ Petition filed before Bombay High Court

  • Consolidated demand challenged on jurisdictional grounds

IPO Fund Utilization

  • Company raised funds through IPO in January 2025
  • Part proceeds utilized as per objects of issue
  • Remaining unutilized amount parked in Fixed Deposits (₹7.49 crore as at March 31, 2026)

Internal Financial Controls

  • Company maintains adequate internal financial controls framework
  • Statutory auditors confirmed controls were operating effectively as at March 31, 2026
  • No material weaknesses observed in design or operation

Other Significant Disclosures

  • No material changes in nature of business
  • No subsidiary, associate or joint venture companies
  • No related party transactions requiring disclosure under Section 188 of Companies Act, 2013
  • No fraud reported by auditors under section 143(12) of the Act
  • No CSR activities undertaken (not mandatorily required)
  • Whistle Blower Policy implemented and operational
  • No sexual harassment complaints received during the year

E-Voting Procedures

  • Remote e-voting period: September 27, 2026 (9:00 a.m.) to September 29, 2026 (5:00 p.m.)
  • E-voting service provider: KFin Technologies Limited
  • Scrutinizer: Mr. Krishna Shyam Sunder Rathi, Practicing Company Secretary
  • Results to be declared to stock exchanges after AGM