Key Financial Figures

  • Revenue from Operations: ₹0.00 (FY23 and FY22)
  • Other Income: ₹0.00 (FY23 and FY22)
  • Total Income: ₹0.00 (FY23 and FY22)
  • Loss Before Tax: ₹(2,53,931) in FY23 vs ₹(2,28,802) in FY22
  • Net Loss After Tax: ₹(2,53,931) in FY23 vs ₹(2,28,802) in FY22
  • Earnings Per Share (Basic & Diluted): ₹(0.06) in FY23 vs ₹(0.05) in FY22
  • Paid-up Share Capital: ₹4,61,32,000 (unchanged from previous year)
  • Total Borrowings (Unsecured): ₹1,93,36,000 as of March 31, 2023 (₹1,92,46,000 in FY22)
  • Cash & Cash Equivalents: ₹37,515 as of March 31, 2023 (₹30,146 in FY22)
  • Current Liabilities Exceed Current Assets: By ₹2,02,86,885 as of March 31, 2023

Operational Status

The company has been non-operational since October 29, 1998, with no revenue from operations. Management is seeking viable business options to venture into profit and wealth maximization.

Listing Status

The company's shares are listed on BSE Limited (Scrip Code: 514306) but trading has been suspended. Management is making efforts to get the suspension revoked on priority basis after clearing all dues to BSE.

Corporate Governance

Board of Directors:

  • Mr. Vishal Garg (Managing Director & CFO, DIN: 00792099)
  • Mr. Vivek Garg (Whole Time Director, DIN: 00792169)
  • Mr. Brij Raj Kumar (Non-Executive Independent Director, DIN: 02069498)
  • Mr. Rajiv Garg (Non-Executive Independent Director, DIN: 02069480)

Key Managerial Personnel:

  • Mr. Vishal Garg (Managing Director & CFO)
  • Mr. Vivek Garg (Whole Time Director)
  • Ms. Sushil Kumar Gupta (Company Secretary)

Board Meetings:

7 meetings held during FY23 on: May 30, 2022; August 8, 2022; September 2, 2022; October 5, 2022; November 14, 2022; February 10, 2023; March 31, 2023.

Committees:

  • Audit Committee: Mr. Rajiv Garg (Chairperson), Mr. Brij Raj Kumar (Member), Mr. Vivek Garg (Member)
  • Stakeholders Relationship Committee: Mr. Rajiv Garg (Chairperson), Mr. Brij Raj Kumar (Member), Mr. Vivek Garg (Member)
  • Nomination and Remuneration Committee: Mr. Rajiv Garg (Chairperson), Mr. Brij Raj Kumar (Member), Mr. Vivek Garg (Member)

Auditors

  • Statutory Auditors: M/s. P.D. Agrawal and Company, Chartered Accountants (Firm Regn No: 001049C)
  • Audit Fee: ₹23,600 for FY23
  • Secretarial Auditors: M/s. K.N. Shridhar & Associates, Company Secretaries

Annual General Meeting

The 32nd Annual General Meeting will be held on September 30, 2023, at 11:00 AM at the registered office in Kanpur.

Agenda:

1. Adoption of audited financial statements for FY23

2. Reappointment of Mr. Brij Raj Kumar as director retiring by rotation

Record Date:

Book closure from September 24, 2023 to September 30, 2023 (both days inclusive).

Shareholding Pattern (as of March 31, 2023)

  • Promoters & Promoter Group: 22.64% (10,44,300 shares)
  • Public: 79.67% (36,75,400 shares)
  • Total Shares: 46,13,200 equity shares of ₹10 each

Top Promoter Shareholders:

  • Shri Dinesh Narain Garg: 6.31% (2,91,300 shares)
  • M/s Garlon Finance & Leasing Pvt. Ltd.: 5.84% (2,69,500 shares)
  • Vishal Garg: 4.63% (2,13,650 shares)

Borrowings

The company has unsecured loans of ₹1,93,36,000 comprising:

  • ₹1,74,18,000 from SVPL Developers Pvt. Ltd.
  • ₹15,28,000 from Vishal Garg (Director)
  • ₹3,90,000 from Vivek Garg (Director)

Related Party Transactions

Transactions with related parties were at arm's length:

  • Unsecured loans from directors: ₹19,18,000 (₹18,28,000 in previous year)
  • No remuneration paid to directors during FY23

Auditor Qualifications

Auditors emphasized several matters:

1. Outstanding balances not confirmed/reconciled

2. No provision for listing fees and other liabilities

3. Non-operational status since 1998 raises going concern issues

4. No information on MSME suppliers

5. All fixed assets were written off/sold in FY17

6. Material uncertainty exists about company's ability to continue as going concern

Corporate Actions

  • No dividend recommended for FY23
  • No change in share capital during FY23
  • No bonus issues, stock splits, or other corporate actions

Risk Factors

  • Accumulated losses and eroded net worth
  • Current liabilities exceed current assets
  • Non-operational status since 1998
  • Trading suspension on BSE
  • Material uncertainty about going concern status

Future Outlook

The company is exploring viable business options for revenue generation and profit maximization. Management is prioritizing revocation of trading suspension on BSE.