AGM Details

  • Date: Wednesday, September 30, 2026
  • Time: 04:30 PM (IST)
  • Mode: Video Conferencing/Other Audio-Visual Means
  • Record Date: Wednesday, September 23, 2026
  • e-Voting Period: September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
  • Scrutinizer: Mr. Jay Pandya & Associates, Practising Company Secretary

Business Items to be Transacted

Ordinary Business

1. Adoption of Financial Statements: To receive, consider and adopt Audited Financial Statements for FY ended March 31, 2026 with reports of Board of Directors and Auditors

2. Re-appointment of Director: To re-appoint Mr. Naresh B. Shah (DIN: 01212428) as Director liable to retire by rotation

  • Initial appointment: May 13, 2013
  • Shareholding: 140,000 equity shares as of March 31, 2026
  • Educational qualification: B.Com.
  • No remuneration drawn
  • No other directorships in listed companies

3. Appointment of Statutory Auditors: To appoint M/s. Mukeshkumar Jain & Co., Chartered Accountants (Firm Registration No. 106619W) as Statutory Auditors

  • Term: Five consecutive years from conclusion of 31st AGM until conclusion of 36th AGM in 2031
  • Remuneration: ₹30,000 for FY 2026-27 plus applicable taxes and out-of-pocket expenses
  • Replaces M/s. Nikhil D Gupta & Associates whose term concludes at this AGM
  • Firm established in 2010, holds valid Peer Review Certificate from ICAI

Financial Performance (FY 2025-26)

Key Financial Metrics (₹ lakhs)

| Particulars | FY 2025-26 | FY 2024-25 |

| Revenue from Operations | 0.00 | 0.00 |

| Other Income | 0.00 | 7.83 |

| Total Income | 0.00 | 7.83 |

| Total Expenses | 33.69 | 31.20 |

| Loss Before Tax | (33.69) | (23.37) |

| Net Loss | (33.69) | (23.37) |

| Basic EPS (₹) | -1.20 | -0.83 |

| Diluted EPS (₹) | -1.20 | -0.83 |

Capital Structure
  • Authorized Share Capital: ₹11.00 crores (1,10,00,000 equity shares of ₹10 each)
  • Paid-up Share Capital: ₹2.80 crores (28,00,000 equity shares of ₹10 each)
  • No change in capital structure during the year
Key Balance Sheet Items (as of March 31, 2026)
  • Non-current Assets: ₹392.88 lakhs (primarily loans of ₹392.88 lakhs)
  • Current Assets: ₹164.62 lakhs
  • Trade Receivables: ₹115.84 lakhs
  • Cash & Cash Equivalents: ₹0.06 lakhs
  • Other Current Assets: ₹48.72 lakhs
  • Total Assets: ₹557.50 lakhs
  • Equity: ₹195.51 lakhs (Negative other equity of ₹84.49 lakhs)
  • Non-current Liabilities: ₹75.22 lakhs (unsecured loans)
  • Current Liabilities: ₹286.77 lakhs
  • Trade Payables: ₹278.37 lakhs
  • Other Current Liabilities: ₹4.44 lakhs
  • Short-term Provisions: ₹3.96 lakhs

Operational Highlights

  • Revenue: Zero revenue from operations for second consecutive year
  • Business Status: Trading suspension, operational stagnation, and cash flow constraints
  • Subsidiary: Shaurya Casting Private Limited (subsidiary) dissolved effective August 4, 2025
  • No employees on payroll during the financial year
  • No dividend declared for FY 2025-26
Basis for Qualified Opinion

1. Audit Trail Compliance: Company has not maintained accounting software with audit trail (edit log) feature as required under Rule 3(1) of Companies (Accounts) Rules, 2014

2. Verification Limitations:

  • Balances with Union Bank of India could not be verified due to absence of bank statements
  • Trade Receivables (₹96.96 lakh), Unsecured Loans (₹75.22 lakh), and Trade Payables (₹278.37 lakh) subject to confirmation and reconciliation
  • Unable to obtain sufficient audit evidence for existence, completeness, accuracy and valuation

3. Previous Year Figures: Relied on report of previous auditors M/s. GMCA & Co. for corresponding figures

Emphasis of Matter
  • Equity shares delisted from stock exchange
  • Relisting application pending before Securities Appellate Tribunal (SAT)
  • Relisting subject to compliance with all pending regulatory compliances

Key Events During FY 2025-26

1. Auditor Resignation: M/s. G M C A & Co. resigned as Statutory Auditors on January 9, 2026

2. New Auditor Appointment: M/s. Nikhil D Gupta & Associates appointed on February 6, 2026 to fill casual vacancy

3. Subsidiary Dissolution: Shaurya Casting Private Limited dissolved effective August 4, 2025

4. Company Secretary: Ms. Arti Ram Gopal Khetan appointed June 27, 2025 and resigned October 1, 2025

Related Party Transactions

  • Transaction with Mukta Automation Private Limited: Sales of ₹18.88 lakhs at arm's length basis
  • Loan Settlement: Settled ₹226.10 lakhs payable to Mukta Industries Private Limited through transfer/allotment of Shaurya Casting Private Limited shares

Forward-Looking Statements

  • Management exploring new avenues for future growth
  • Efforts initiated to identify business opportunities, strengthen internal controls, and explore funding options
  • Expects to gradually recommence operations after revocation of suspension and regulatory compliance