Key Quantitative Figures

Financial Performance (FY 2025-26 vs FY 2024-25):

  • Sales Revenue: ₹92.51 Crores (lower than previous year)
  • Profit before Depreciation & Taxation: ₹444.31 lakh (₹466.81 lakh previous year)
  • Net Profit after Tax: ₹270.25 lakh (₹272.36 lakh previous year)
  • Depreciation: ₹93.42 lakh (₹113.83 lakh previous year)
  • Provision for Taxation: ₹80.64 lakh (₹81.98 lakh previous year)
  • Proposed Dividend: ₹90.00 lakh (same as previous year)
  • Transfer to General Reserve: ₹50.00 lakh (same as previous year)

Dividend Information:

  • Final dividend recommended: ₹1.50 per equity share of ₹10 each (15%)
  • Dividend payment subject to shareholder approval at AGM
  • Record Date: 11th September, 2026
  • Payment within 30 days from AGM conclusion

Capital Structure:

  • Equity Share Capital: ₹600.00 lakh (60,00,000 shares of ₹10 each)
  • Securities Premium Reserve: ₹300.00 lakh
  • General Reserve: ₹1027.14 lakh
  • Retained Earnings: ₹1149.36 lakh

Key Balance Sheet Figures (as at 31st March, 2026):

  • Total Assets: ₹4171.49 lakh
  • Current Assets: ₹3307.45 lakh (including inventories ₹1837.02 lakh)
  • Non-Current Assets: ₹864.04 lakh
  • Total Equity: ₹3095.33 lakh
  • Current Liabilities: ₹623.67 lakh
  • Non-Current Liabilities: ₹452.49 lakh

Dates of Action and Events

AGM Schedule:

  • 45th Annual General Meeting: 18th September, 2026 at 11:30 AM
  • Conducted through Video Conferencing/Other Audio Visual Means
  • Book Closure: 12th September to 18th September, 2026
  • Remote E-voting period: 15th September to 17th September, 2026

Dividend Transfer Dates to IEPF:

  • FY 2018-19: Due 18th October, 2026
  • FY 2019-20: Due 11th October, 2027
  • FY 2020-21: Due 21st October, 2028
  • FY 2021-22: Due 7th July, 2029
  • FY 2022-23: Due 7th July, 2030
  • FY 2023-24: Held in abeyance due to NCLT order
  • FY 2024-25: Due 30th October, 2032

Parties Involved

Board of Directors:

  • Sudip B. Patel (Executive Director, DIN: 00226676)
  • Rasesh H. Patel (Managing Director, DIN: 00226388)
  • Alpesh B. Patel (Non-Executive Director, DIN: 00226723)
  • Rajendra Desai (Independent Director, DIN: 08197675)
  • Yogen B. Patel (Independent Director, DIN: 00621755)
  • Parul P. Parikh (Woman Independent Director, DIN: 10764205)

Auditors and Professional Appointees:

  • Statutory Auditors: Krutesh Patel & Associates, Chartered Accountants
  • Cost Auditors: M/s. R J & Associates, Cost Accountants (remuneration ₹55,000 + taxes for FY 2026-27)
  • Internal Auditor: Darshit Oza & Associates, Chartered Accountants
  • Secretarial Auditor: Jolly Krutesh Patel, Practising Company Secretary
  • Scrutinizer for E-voting: CS Jolly Krutesh Patel

Banking Relationships:

  • Union Bank of India (Navrangpura Branch)
  • The Ahmedabad Mercantile Co-operative Bank Ltd.
  • HDFC Bank Ltd. (Navrangpura Branch)

Registrar & Share Transfer Agent:

  • MUFG Intime India Private Limited

Financial and Operational Impact

Business Performance:

  • Sales revenue decreased compared to previous year
  • HDPE Pipes sector sales dropped significantly due to curtailed government projects
  • Profit margins maintained despite revenue decline
  • Inventory levels increased to ₹1837.02 lakh from ₹1141.99 lakh

Energy Conservation Measures:

  • Installation of LED lighting across production units
  • Retrofitting of heating systems with advanced ceramic/infrared heaters
  • Installation of Variable Frequency Drives (VFDs) on motors
  • Barrel insulation jackets on extruders
  • Electricity consumption: 48,85,381 kWh (₹410.33 lakh)

Foreign Exchange Transactions:

  • Foreign Exchange Outgo: ₹1125.38 lakh (₹823.54 lakh previous year)
  • Foreign Exchange Earnings: ₹125.41 lakh (₹44.42 lakh previous year)

Capital Structure Impact

  • No change in share capital during the year
  • Dividend payment of ₹90.00 lakh will reduce retained earnings
  • Promoter holding remains largely unchanged
  • 52,05,095 shares (86.75%) held in dematerialized form

Regulatory Compliance Issues

SEBI Non-Compliances:

  • Delay in filing Secretarial Compliance Report (Regulation 24A) - penalty ₹63,720
  • Delay in submission of voting results (Regulation 44(3)) - penalty ₹11,800
  • Non-submission of compliance certificate (Regulation 7(3)) - administrative warning
  • Continuation of Independent Director beyond maximum tenure (Regulation 25(2)) - warning
  • Non-classification of promoter shares (Regulation 31(4)(e)) - warning

Ongoing Legal Proceedings:

  • NCLT proceedings under Sections 241-242 of Companies Act, 2013 ongoing
  • Petition filed by Mr. Sudip Patel & Others regarding management and governance matters
  • FY 2023-24 dividend held in abeyance due to NCLT order
  • SEBI inquiry initiated based on complaints

Corporate Governance Disclosures

Board Meetings:

  • 6 Board meetings held during FY 2025-26
  • All directors attended majority of meetings except Rajendra Desai and Parul Parikh (3 out of 6 each)

Committee Composition:

  • Audit Committee: Yogen Patel (Chairman), Rajendra Desai, Rasesh Patel
  • Nomination and Remuneration Committee: Parul Parikh (Chairperson), Alpesh Patel, Rajendra Desai
  • Stakeholder Relationship Committee: Yogen Patel (Chairman), Rajendra Desai, Rasesh Patel

Director Remuneration:

  • Executive Directors: ₹9,00,000 salary + ₹24,000 PF contribution each
  • Non-Executive Directors: No remuneration or sitting fees paid

Related Party Transactions

All related party transactions were in ordinary course of business at arm's length basis:

  • Purchase from related parties: ₹266.50 lakh
  • Sales to related parties: ₹260.60 lakh
  • Rent received: ₹14.40 lakh
  • Interest paid to directors: ₹34.44 lakh

Forward-looking Statements

The Management Discussion & Analysis contains forward-looking statements subject to uncertainties including regulatory changes, economic conditions, and geopolitical factors. The company anticipates good revenue growth in FY 2026-27.