Board Meeting Outcomes

The Board of Directors meeting commenced at 16:00 and concluded at 17:20 on September 4, 2026. The Board approved:

  • Notice of the ensuing 40th Annual General Meeting scheduled for September 28, 2026
  • Annual Report of the Company for Financial Year 2025-26
  • Appointment of M/s S. Bhattbhatt & Co. (C.O.P. No: 10427) as Scrutinizer for e-voting process
  • Appointment of M/s. Akash Thakker & Associates (FRN: 153162W) as Internal Auditor

Financial Performance FY 2025-26

Income Statement:

  • Total Income: ₹39.13 lakhs (Previous Year: ₹29.37 lakhs)
  • Total Expenses: ₹41.49 lakhs (Previous Year: ₹30.16 lakhs)
  • Loss before Finance Cost and Depreciation: ₹(1.97) lakhs (Previous Year: ₹(0.79) lakhs)
  • Depreciation: ₹0.39 lakhs (Previous Year: ₹0.15 lakhs)
  • Net Loss: ₹(2.36) lakhs (Previous Year: ₹(0.79) lakhs)
  • Earnings per share (Basic): ₹(0.05) (Previous Year: ₹(0.02))

Balance Sheet Position (as at March 31, 2026):

  • Total Assets: ₹942.39 lakhs (Previous Year: ₹576.71 lakhs)
  • Current Assets: ₹894.55 lakhs (including Trade Receivables: ₹571.26 lakhs, Cash: ₹41.29 lakhs)
  • Equity: ₹508.87 lakhs (Previous Year: ₹113.78 lakhs)
  • Paid-up Equity Share Capital: ₹432.49 lakhs (43,249,000 shares of ₹10 each)
  • Other Equity: ₹76.38 lakhs (Previous Year: ₹(318.71) lakhs)
  • Current Liabilities: ₹431.21 lakhs (including Trade Payables: ₹418.15 lakhs)

Fund Raising Activities

The Company allotted 1,01,50,000 Convertible Warrants on preferential basis at an issue price of ₹15 per warrant:

  • 41,50,000 warrants allotted on March 7, 2026
  • 60,00,000 warrants allotted on March 12, 2026
  • Total amount raised: ₹15,22,50,000 (₹3.75 per warrant received on allotment date)
  • Each warrant convertible into one Equity Share of ₹10 each within 18 months from date of allotment

Capital Structure Changes

The Board approved increase in Authorised Share Capital from ₹5,00,00,000 (50,00,000 equity shares of ₹10 each) to ₹15,10,00,000 (1,51,00,000 equity shares of ₹10 each), subject to member approval.

Dividend and Reserves

No dividend recommended for FY 2025-26. No transfer to General Reserve due to accumulated losses.

Director Changes and Composition

Current Board Composition:

  • Kiran Vishwakarma - Whole Time Director (DIN: 10526319)
  • Meet Ratilal Khant - Non-Executive Independent Director
  • Parth Mehta - Non-Executive Independent Director
  • Mr. Pritesh Ashvinbhai Patel - Non-Executive Non-Independent (w.e.f 01.06.2025)
  • Mr. Satishkumar Suthar - Non-Executive Non-Independent (w.e.f 01.06.2025)

Changes during FY 2025-26:

  • Ms. Mahima Ahuja ceased as Non-Executive Non-Independent Woman Director on August 10, 2026
  • Ms. Sayali Patil appointed as Company Secretary & Compliance Officer w.e.f May 15, 2025

Key Managerial Personnel:

  • Dhipendra Rathod - Chief Financial Officer
  • Ms. Sayali Nagnath Patil - Company Secretary & Compliance Officer

AGM Details

The 40th Annual General Meeting will be held on Monday, September 28, 2026 at 1:30 PM through Video Conferencing/OAVM to transact:

Ordinary Business:

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

2. Re-appointment of Mr. Satishkumar Suthar (DIN: 11128670) who retires by rotation

E-voting Schedule:

  • Remote e-voting: September 24, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
  • Cut-off date for voting rights: September 21, 2026
  • Scrutinizer: Mr. Suhas Bhattbhatt of M/s. S bhattbhatt & Co.

Auditor Appointments

  • Statutory Auditors: M/s. H. G. Sarvaiya & Co., Chartered Accountants (Firm Registration No: 115705W)
  • Secretarial Auditor: M/s. S Bhattbhatt & Co., Practicing Company Secretary
  • No Cost Auditor appointed (not applicable)

Registered Offices

  • Corporate Office: 109, 1st Floor, Arista, Bokaddev, Ahmedabad, 380054, Gujarat

Share Transfer Agent

M/s. Satellite Corporate Services Private Limited, Mumbai

Key Financial Ratios

  • Current Ratio: 2.07 (Previous Year: 1.16)
  • Net Profit Margin: (6.06%) (Previous Year: (2.69%))
  • Return on Net Worth: (0.46%) (Previous Year: (0.69%))
  • Debt-Equity Ratio: Not applicable (no outstanding borrowings)

Compliance Matters

The Secretarial Audit Report noted the following non-compliances:

  • Non-adherence to Regulation 47 of SEBI LODR Regulations
  • Delay in filing event-based E-Forms with ROC
  • Delay in disclosure to Stock Exchange regarding General Meeting proceedings
  • Non-payment of Annual Listing Fees to BSE

Corporate Governance

The company is exempt from certain corporate governance requirements under SEBI LODR Regulations due to its size (paid-up equity share capital not exceeding ₹10 crore and net worth not exceeding ₹25 crore).

Related Party Transactions

No material related party transactions during the financial year. No contracts or arrangements requiring disclosure under Section 188 of Companies Act, 2013.

Internal Financial Controls

The company maintains adequate internal financial controls which were operating effectively during the year, as confirmed by the statutory auditors.

Other Disclosures

  • No subsidiary, associate or joint venture companies
  • No deposits accepted from public
  • No sexual harassment complaints received during the year
  • No CSR activities undertaken (not applicable)
  • Register of Members and Share Transfer books will remain closed from September 22 to September 28, 2026

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