AGM Details

  • AGM Date: 29th September, 2026 at 12:30 PM IST
  • Mode: Video Conference/Other Audio Visual Means (OAVM)
  • Cut-off date for voting: 22nd September, 2026
  • Remote e-voting period: 26th September 2026 (9:00 AM) to 28th September 2026 (5:00 PM)
  • Scrutinizer: Mr. Kamlesh Ojha or Mr. S.G. Kankani from M/s. S.G. Kankani & Associates

Business to be Transacted

Ordinary Business

1. Adoption of audited financial statements for year ended 31st March 2026

2. Appointment of Mr. Prawin Somani (DIN: 01143972) as Whole-Time Director liable to retire by rotation

3. Appointment of Mr. Rajesh Somani (DIN: 01719930) as Whole-Time Director liable to retire by rotation

4. Appointment of Mrs. Padma Somani (DIN: 01719952) as Whole-Time Director liable to retire by rotation

Special Business

5. Re-appointment of Mr. Prawin Somani as Whole-Time Director for another term of 5 years with effect from 1st April, 2027 (Special Resolution)

6. Re-appointment of Mr. Rajesh Somani as Whole-Time Director for another term of 5 years with effect from 1st September, 2027 (Special Resolution)

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

  • Revenue (Net): ₹6,159.01 lakh (₹7,277.64 lakh)
  • EBIDTA: (₹187.09) lakh (₹447.84 lakh)
  • Depreciation: ₹313.06 lakh (₹258.73 lakh)
  • Finance cost (Net): ₹156.61 lakh (₹113.89 lakh)
  • Profit/(Loss) before tax: (₹656.76) lakh (₹75.22 lakh)
  • Tax Expense: (₹166.96) lakh (₹21.85 lakh)
  • Profit after tax: (₹489.80) lakh (₹53.37 lakh)
  • Basic EPS: (₹4.00) (₹0.44)

Operational Highlights

  • Production CI Lumps: 13,850 MT (14,631 MT)
  • Production Pipe Fittings: 653 MT (1,100 MT)
  • Average price realization CI Lumps: ₹31,800 per MT (₹34,800 per MT)
  • Average price realization DI fittings: ₹1,17,000 per MT (₹1,27,000 per MT)
  • Export of pipe fittings: ₹8.19 lakh
  • Total employees: 112 as on 31st March 2026

Capital Structure

  • Authorized Share Capital: ₹1,500.00 lakh (1,50,00,000 equity shares of ₹10 each)
  • Issued, Subscribed & Paid-up: ₹1,224.00 lakh (1,22,40,000 equity shares of ₹10 each)
  • No change in capital structure during the year

Significant Developments

  • Shut down one of two furnaces from November 2025 due to unfavorable market conditions
  • Reduced contract demand of power by 50% to minimize losses
  • Power cost rebate restored from 40 paisa per unit to 50 paisa per unit from July 2026
  • Resignation of Mr. Akshat Sharma as Company Secretary & Compliance Officer effective 30th January, 2026
  • Appointment of Mr. Ankit Kumar Dewangan as Company Secretary & Compliance Officer effective 1st May, 2026

Director Remuneration Proposal

For Mr. Prawin Somani (effective 1st April, 2027)

  • Basic Salary: ₹50,000 to ₹2,00,000 per month
  • Variable Allowance: Up to ₹9,00,000 per annum
  • Perquisites: Up to 100% of annual salary
  • Commission: As determined by Board with reference to net profits
  • Minimum Remuneration: Payable even in case of loss/inadequate profits

For Mr. Rajesh Somani (effective 1st September, 2027)

  • Basic Salary: ₹50,000 to ₹2,00,000 per month
  • Variable Allowance: Up to ₹9,00,000 per annum
  • Perquisites: Up to 100% of annual salary
  • Commission: As determined by Board with reference to net profits
  • Minimum Remuneration: Payable even in case of loss/inadequate profits

Corporate Governance

  • Board Meetings: 5 meetings held during FY 2025-26
  • Audit Committee: Chairman - Mr. Surendra Kumar Jain, Members - Mr. Vinod Kumar Arora, Mr. Prawin Somani
  • Nomination & Remuneration Committee: Chairman - Mr. Vinod Kumar Arora, Members - Mr. Surendra Kumar Jain, Mr. Ravi Thakurdasji Laddha
  • Internal Financial Controls: Adequate and operating effectively
  • Whistle Blower Policy: Implemented and operational

Related Party Transactions

  • Unsecured loans from related parties: ₹497.21 lakh outstanding as on 31st March 2026
  • All transactions at arm's length and in ordinary course of business
  • No material related party contracts under Section 188(1) of Companies Act, 2013

Key Ratios

  • Debt-Equity Ratio: 0.46 (0.49)
  • Inventory Turnover Ratio: 4.56 (5.51)
  • Current Ratio: 0.85 (0.97)
  • Return on Net Worth: -13.99% (1.44%)
  • Net Profit Margin: -7.95% (0.74%)

Contingent Liabilities

  • GST demand: ₹4.57 lakh (pending with appellate authority)
  • Income tax addition for FY 2013-14: ₹25.00 lakh (appeal pending with CIT(Appeals))
  • No material orders from courts/tribunals impacting going concern status

Other Material Information

  • IPO proceeds utilization: Fully utilized as per objects stated in prospectus
  • No frauds reported under Section 143(12) of Companies Act, 2013
  • No deposits accepted from public during the year
  • No loans, guarantees or investments covered under Section 186 of Companies Act, 2013
  • CSR provisions not applicable to the company