Key Quantitative Figures

Financial Performance (Consolidated FY26):

  • Revenue from Operations: ₹22,42,633.88 lakhs
  • Other Income: ₹0.91 lakhs
  • Total Income: ₹22,42,634.79 lakhs
  • Total Expenses: ₹21,97,607.05 lakhs
  • Profit before exceptional items: ₹45,027.74 lakhs
  • Profit before tax: ₹45,027.74 lakhs
  • Net profit after tax: ₹45,027.74 lakhs
  • Other Comprehensive Income: ₹10,349.19 lakhs
  • Total Comprehensive Income: ₹55,376.93 lakhs
  • Earnings Per Share (Basic & Diluted): ₹138.63

Financial Performance (Standalone FY26):

  • Revenue from Operations: Nil
  • Other Income: ₹0.91 lakhs
  • Total Income: ₹0.91 lakhs
  • Total Expenses: ₹118.51 lakhs
  • Loss before tax: ₹117.60 lakhs
  • Net loss after tax: ₹117.60 lakhs

Balance Sheet Highlights (Consolidated as at March 31, 2026):

  • Total Assets: ₹296,559.10 lakhs
  • Equity Share Capital: ₹1,997.25 lakhs
  • Other Equity: ₹205,229.13 lakhs
  • Total Equity: ₹207,226.38 lakhs
  • Non-Current Liabilities: ₹253.10 lakhs
  • Current Liabilities: ₹89,079.62 lakhs

Share Capital Structure:

  • Authorized Capital: ₹20 crore (4,00,00,000 equity shares of ₹5 each)
  • Paid-up Capital as on March 31, 2026: ₹19.97 crore (3,99,45,065 equity shares of ₹5 each fully paid-up)
  • Promoter holding: 92.82% (Metal Industrial Pte Limited)
  • Public holding: 7.18%

Dates of Action

  • AGM Date: September 28, 2026 at 5:00 PM IST through VC/OAVM
  • Record Date for E-voting: September 21, 2026
  • Remote E-voting Period: September 24, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
  • CIRP Implementation Date: December 23, 2024
  • New Board Constitution Date: September 19, 2024
  • Registered Office Change Effective: January 2, 2026

Parties Involved

Board of Directors:

  • Mr. Laxman Medudula (Chairperson, Non-Executive Independent Director)
  • Mr. Shiv Kumar Pasi (Managing Director)
  • Mr. Amarjit Kumar Shrivastav (Non-Executive, Non-Independent Director)
  • Mr. Krishnan (Non-Executive, Independent Director - appointed June 29, 2026)

Key Managerial Personnel:

  • Mr. Santosh Doke (Chief Financial Officer - appointed July 24, 2026)

Auditors:

  • Statutory Auditors: M/s. BNK & Associates (FRN: 133082W)
  • Secretarial Auditor: M/s. BYG & Associates
  • Internal Auditors: M/s. V. G. Kamat & Associates (appointed June 29, 2026)

Registrar and Transfer Agent:

  • MUFG Intime India Pvt Ltd (formerly Link Intime India Private Limited)

Bankers:

  • HDFC Bank, Nariman Point Branch
  • AXIS Bank, Nariman Point Branch

Corporate Actions Implemented

CIRP Resolution Plan Implementation:

  • Cancellation and extinguishment of all equity shares held by promoter and promoter group
  • Cancellation of shares held by public shareholders holding more than 1,000 shares
  • Allotment of 8,71,740 fresh equity shares to public shareholders holding 1,000 or fewer shares
  • Allotment of 3,90,73,325 fresh equity shares to Metal Industrial Pte Limited at premium of ₹453 per share
  • Share swap arrangement making PP Metallix Limited a 100% subsidiary
  • Transfer of 5% promoter shareholding to Identified Operational Creditors to meet MPS requirements

Registered Office Change:

  • From: Office No. 5, Floor-5, Plot-239, Hari Leela House, Mint Road, GPO, Fort, Mumbai - 400001
  • To: Suchita Business Park, Ground Floor, Office No. UG-50, Y. G. Seth Marg, Ghatkopar - East, Mumbai - 400075

Business Operations

Post-CIRP Business Focus:

  • Metals trading with presence in ferrous and non-ferrous scrap metals
  • Industrial solutions, sustainable recycling, and value-added metal processing
  • Large-scale infrastructure projects in mining and recycling sectors
  • Strategic merger with PP Metallix Ltd effective December 19, 2024

Projects Under Development:

  • Iron Ore Conveyor Belt Project in southern India (7.0 MTPA capacity, 639 hectares, 5.5 km conveyor system)
  • Scrap Shredding Facility in Maharashtra (1500 sqm leased land, 300 MT/8-hour shift capacity)

Audit Qualifications and Observations

Statutory Auditor Qualifications:

1. Investment in Optionally Convertible Debentures: Qualification on valuation of ₹75.10 lakhs investment in Ultravolt Power Private Limited without independent valuation

2. Internal Financial Controls: Material weakness due to absence of internal auditor and audit committee during reporting period

3. Compliance Issues: Non-compliance with Sections 203 and 138 of Companies Act regarding timely appointment of Company Secretary and Internal Auditors

4. Audit Trail: Accounting software (Tally Prime) did not maintain effective audit trail feature as required under Rule 3(1) of Companies (Accounts) Rules, 2014

5. Security Deposits: ₹86.85 lakhs received under long-term supply contracts, mostly refunded post-year end

Secretarial Audit Disclaimer:

  • Disclaimer of opinion due to unavailability of complete statutory records during CIRP transition
  • Multiple non-compliances identified including delayed AGMs, non-appointment of key personnel, and filing delays

Voting Items for AGM

Ordinary Business:

1. Adoption of Audited Standalone & Consolidated Financial Statements for FY ended March 31, 2026

2. Re-appointment of Mr. Amarjit Kumar Shrivastav (DIN: 10773544) as Director retiring by rotation

3. Appointment of M/s. BNK & Associates as Statutory Auditors to fill casual vacancy caused by resignation of M/s. R.B. Jain & Associates

4. Re-appointment of M/s. BNK & Associates as Statutory Auditors for 5 years from conclusion of 33rd AGM until 38th AGM

Special Business:

5. Regularization of appointment of Mr. Krishnan (DIN: 07034128) as Independent Director for 5 years from June 29, 2026 to June 29, 2031

Capital Structure Impact

  • Post-CIRP share capital restructuring resulted in significant change in ownership pattern
  • Metal Industrial Pte Limited holds 92.82% stake post-implementation
  • Public shareholding increased to 10.00% after transfer of 2.82% shares to meet MPS requirements

Cash Flow Implications

Standalone Cash Flows (FY26):

  • Net Cash from Operating Activities: ₹8.45 lakhs
  • Net Cash used in Investing Activities: ₹(84.13) lakhs
  • Net Cash from Financing Activities: ₹97.47 lakhs
  • Net Increase in Cash: ₹21.78 lakhs

Consolidated Cash Flows (FY26):

  • Net Cash from Operating Activities: ₹21,052.45 lakhs
  • Net Cash used in Investing Activities: ₹(0.35) lakhs
  • Net Cash from Financing Activities: ₹(20,992.88) lakhs
  • Net Increase in Cash: ₹59.22 lakhs

Material Contracts and Arrangements

  • Assignment Agreement dated June 30, 2025 with GVFL Trustee Company for acquisition of OCDs in Ultravolt Power Private Limited
  • Pledge Agreement dated July 7, 2025 for security over 1,10,000 equity shares of Hurricane Windfarms Private Limited
  • Corporate guarantees from Ushdev Windpark Private Limited and Hurricane Windfarm Private Limited (aggregating ₹71.46 crore)

Forward-looking Statements

  • Management focused on stabilizing operations post-CIRP implementation
  • Exploring business opportunities in metal trading and infrastructure projects
  • Strengthening compliance framework and internal controls
  • No dividend recommended for FY26 due to inadequacy of profits