Key Quantitative Figures

  • Sales & Other Income: ₹78,793 (FY26) vs ₹63,863 (FY25)
  • Total Expenditure: ₹1,56,15,967 (FY26) vs ₹1,27,49,553 (FY25)
  • Loss Before Tax: ₹1,55,37,174 (FY26) vs ₹1,26,85,690 (FY25)
  • Net Loss: ₹1,55,37,174 (FY26) vs ₹1,26,85,690 (FY25)
  • Total Comprehensive Loss: ₹1,55,37,174 (FY26) vs ₹1,26,85,690 (FY25)
  • Earnings Per Share: -₹15.15 (FY26) vs -₹13.69 (FY25)
  • Borrowings: ₹13,62,82,093 (FY26) vs ₹8,27,46,760 (FY25)
  • Trade Receivables: ₹24,45,169 (under litigation)
  • Cash & Cash Equivalents: ₹1,82,509 (FY26) vs ₹1,98,330 (FY25)
  • Equity Share Capital: ₹1,02,55,320 (10,25,532 shares of ₹10 each)
  • Other Equity: Negative ₹2,85,99,602 (FY26) vs Negative ₹1,30,62,428 (FY25)

Dates of Action

  • AGM Date: September 29, 2026 at 11:00 AM through VC/OAVM
  • Record Date: September 22, 2026
  • Remote E-voting Period: September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
  • Board Meetings Held: 6 meetings on April 4, 2025; May 13, 2025; July 21, 2025; November 11, 2025; January 30, 2026; March 31, 2026

Parties Involved

  • Statutory Auditors: A. Patwari & Co., Chartered Accountants
  • Secretarial Auditor: M S Pitroda & Co., Practicing Company Secretaries
  • Registrar & Share Transfer Agent: MUFG Intime India Private Limited
  • E-voting Agency: Central Depository Services (India) Limited
  • Scrutinizer: Mr. Mehul Pitroda

AGM Business Items

Ordinary Business

1. Adoption of financial statements for FY 2025-2026

2. Re-appointment of Mr. Padmanabh Jajodia (DIN: 00086099) who retires by rotation

Special Business

3. Appointment of Mr. Sunil Surve (DIN: 00065166) as Non-Executive Independent Director for 5 years

4. Appointment of Ms. Arti Hiralal Jain (DIN: 11708763) as Non-Executive Independent Director for 5 years

5. Creation of mortgage/charge on assets to secure borrowing up to ₹25 crore

6. Borrowing limits authorization up to ₹25 crore

7. Investments and loans authorization up to ₹15 crore

Director Changes

  • Ms. Zankhana Karan Bhansali resigned effective January 30, 2026
  • Ms. Tejal Nirav Shah resigned effective April 1, 2026
  • Mr. Sunil Surve appointed additional Independent Director effective May 8, 2026
  • Ms. Arti Hiralal Jain appointed additional Independent Director effective May 15, 2026

Auditor Qualifications

Statutory auditors issued a qualified opinion noting:

  • Trade receivables of ₹24,45,169 are old and under litigation
  • Includes ₹21,34,761 from a debtor where the company lost a suit and was ordered to pay ₹29,38,735 plus interest
  • Company has filed an appeal in Bombay High Court
  • No provision made for doubtful debts; auditors believe provision of ₹21,34,761 is required
  • This overstates trade receivables and understates loss by ₹21,34,761

Financial Impact

  • No dividend recommended due to losses
  • No amount transferred to reserves
  • Carried forward loss of ₹4,98,79,244 to next year
  • Borrowings increased by ₹5,35,35,333 during the year
  • Current ratio improved due to increase in current assets

Capital Structure Impact

  • No change in share capital during FY26 (previous year: issued 4,25,532 shares)
  • Promoter holding: Pradyumna Jajodia (15.73%), Padmanabh Jajodia (15.74%), Devang Jajodia (30.21%)

Cash Flow Implications

  • Net cash used in operating activities: ₹5,36,13,424
  • Net cash from investing activities: ₹62,270
  • Net cash from financing activities: ₹5,35,35,333
  • Net decrease in cash: ₹15,820

Key Risk Factors

  • Ongoing litigation regarding trade receivables of ₹24,45,169
  • Significant borrowing from directors and related parties
  • Continued operational losses for multiple years
  • Negative net worth position