Key Financial Figures (₹ in lakhs)

  • Total Revenue (including other income): 2,735.33 (Previous year: 2,933.24)
  • Total Expenditure (Excluding Finance Cost, Depreciation & Tax): 2,676.46 (Previous year: 2,932.25)
  • EBITDA: 58.87 (Previous year: 0.99)
  • Finance Cost: 67.29 (Previous year: 87.72)
  • Depreciation: 103.35 (Previous year: 98.38)
  • Loss Before Tax: (111.77) (Previous year: (185.11))
  • Deferred Tax: (8.64) (Previous year: 5.36)
  • Net Loss After Tax: (103.13) (Previous year: (190.47))
  • Balance Carried Forward: (95.67) (Previous year: 7.46)
  • Paid-up Capital: 615.30 (unchanged from previous year)
  • Market Capitalization (as at March 31, 2026): 896.51 lakhs (Previous year: 884.20 lakhs)

Annual General Meeting Details

  • Date: Thursday, 24th September, 2026
  • Time: 11:30 A.M.
  • Mode: Video Conferencing (VC)/Other Audio-Visual Means (OAVM)
  • Business to be transacted:

1. Adoption of audited financial statements for FY 2025-26

2. Reappointment of Ms. Toshi Mehta (DIN: 08438628) as Director who retires by rotation

3. Reappointment of M/s GMCA & Co., Chartered Accountants (FRN 109850W) as Statutory Auditors for 5 years

Corporate Structure and Committees

Board of Directors:

  • Mr. Nirav K. Shah - Director & CEO (DIN: 00397336)
  • Mr. Rajan P. Parikh - Independent Director (DIN: 00198383)
  • Mr. Premal R. Joshi - Independent Director
  • Ms. Toshi B. Mehta - Non-executive Director

Key Managerial Personnel:

  • Mr. Mayank C. Thaker - Chief Financial Officer
  • Ms. Ziral Soni - Company Secretary & Compliance Officer (Resigned from 3rd July, 2026)

Committee Composition:

  • Audit Committee: Mr. Rajan P. Parikh (Chairman), Mr. Nirav K. Shah, Mr. Premal R. Joshi
  • Nomination & Remuneration Committee: Mr. Rajan P. Parikh (Chairman), Mr. Nirav K. Shah, Mr. Premal R. Joshi
  • Stakeholder Relationship Committee: Mr. Rajan P. Parikh (Chairman), Mr. Nirav K. Shah, Mr. Premal R. Joshi

Operational and Business Highlights

  • The company did not change its nature of business but added technical textiles as an activity
  • No dividends were recommended due to losses incurred
  • No deposits were accepted from the public during the year
  • No subsidiaries, joint ventures or associate companies
  • The company is exempt from Corporate Governance Report requirements under Regulation 27(2) of SEBI LODR due to paid-up capital below ₹10 crore and net worth below ₹25 crore

Auditor Appointments

  • Statutory Auditors: M/s. GMCA & Co., Chartered Accountants (FRN: 109850W) - reappointed for 5 years from FY 2026-27
  • Secretarial Auditor: Mr. Chintan K. Patel, Practicing Company Secretary - appointed for 5 years from FY 2025-26 to FY 2029-30
  • Both auditors reported no qualifications, reservations, or adverse remarks

Capital Structure and Shareholding

  • Total paid-up capital: ₹6,15,30,000
  • No shares issued during the year
  • Major shareholders (holding >5%):
  • Nirav Kalyanbhai Shah (23.43%)
  • Dharini Kalyan Shah (8.77%)
  • Apurva Kalyanbhai Shah (6.82%)
  • Infinium Natural Resources Investments Pvt Ltd. (11.11%)

Borrowings and Financial Position

  • Non-current borrowings: ₹1,265.53 lakhs (Previous year: ₹1,271.85 lakhs)
  • Current borrowings: ₹842.87 lakhs (Previous year: ₹662.53 lakhs)
  • Deferred tax liability: ₹66.11 lakhs (Previous year: ₹74.74 lakhs)
  • Inventory: ₹1,331.17 lakhs (Previous year: ₹1,449.54 lakhs)
  • Trade receivables: ₹992.36 lakhs (Previous year: ₹400.41 lakhs)
  • Cash and cash equivalents: ₹88.80 lakhs (Previous year: ₹76.18 lakhs)

Contingent Liabilities

  • Sales tax disputes amounting to ₹18.71 lakhs (₹9.57 + ₹9.14) relating to FY 2006-07 pending before Sales Tax Tribunal

Corporate Governance and Compliance

  • Four Board meetings held during the year (26.05.2025, 14.08.2025, 14.11.2025, 28.01.2026)
  • Independent Directors meeting held on 20th March, 2026
  • Vigil Mechanism/Whistle Blower Policy in place
  • No incidents of sexual harassment reported
  • No significant material orders passed by regulators/courts impacting going concern status

Other Disclosures

  • Company registered office: 4th Floor, 1 Laxminagar, Besides Naranpura Post Office, Naranpura, Ahmedabad 380013, Gujarat
  • Registrars & Share Transfer Agents: Purva Sharegistry (India) Pvt. Ltd.
  • Bankers: Union Bank of India, Nutan Nagarik Sahakari Bank, Punjab National Bank, State Bank of India
  • Shares listed on BSE Limited; annual listing fees paid up to 2026-2027