Modella Woollens Limited

Key Quantitative Figures

  • Net Loss for FY 2025-26: ₹19.95 lakh (compared to ₹17.22 lakh loss in FY 2024-25)
  • Other Income: ₹6.88 lakh (primarily from professional fees and commission)
  • Total Expenses: ₹26.82 lakh (including employee benefits of ₹7.67 lakh)
  • Cash and Cash Equivalents: ₹0.50 lakh as of March 31, 2026 (down from ₹17.61 lakh)
  • Equity Share Capital: ₹91.00 lakh (unchanged from previous year)
  • Negative Net Worth: ₹(53.28) lakh as of March 31, 2026
  • Current Liabilities Exceed Current Assets: Current liabilities ₹57.85 lakh vs. current assets ₹2.11 lakh
  • Investments: Mutual funds valued at ₹1.62 lakh (cost ₹1.57 lakh)

Dates of Action

  • AGM Date: September 30, 2026 at 5:00 PM IST
  • Record Date for AGM: September 23, 2026
  • Remote E-Voting Period: September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
  • Financial Year End: March 31, 2026
  • Auditor's Report Date: April 29, 2026

Parties Involved

  • Statutory Auditors: Kochar & Associates (FRN: 105256W)
  • Internal Auditor: Ms. Bhavna Pandya, Chartered Accountant
  • Secretarial Auditor: M/s. DDB & Company, Practicing Company Secretaries
  • Share Transfer Agent: Purva Sharegistry (India) Pvt. Ltd.
  • Bankers: Union Bank of India
  • Key Management Personnel:
  • Mr. Devang Jasvant Parikh (CEO)
  • Ms. Chaitali Viral Shah (CFO)
  • Miss Sneha Shukla (Company Secretary until November 7, 2025)
  • Miss Nikita Mendpara (Company Secretary from November 17, 2025)

Financial and Operational Impact

  • Material Uncertainty: Auditors highlighted going concern issues due to accumulated losses, negative net worth, and current liabilities exceeding current assets
  • No Business Operations: Company earned no revenue from operations, only other income from fees and commission
  • Minimal Staff: Only three employees during the year (CEO, CFO, and Company Secretary)
  • No Dividend Declared: Directors did not recommend any dividend for the year

Capital Structure Impact

  • No change in share capital during the year (91,000 equity shares of ₹10 each)
  • Promoter holding: Sunder Suvidha LLP holds 45.83% shares
  • LIC holds 16.87% shares

Cash Flow Implications

  • Net cash outflow from operating activities: ₹15.55 lakh
  • Net cash used in investing activities: ₹1.56 lakh (primarily investment in mutual funds)
  • Significant decrease in cash balance from ₹17.61 lakh to ₹0.50 lakh

Director Reappointment

  • Mr. Sandeep P. Shah (DIN: 00368350) retires by rotation and offers himself for reappointment
  • Brief profile provided in Annexure-1 to the notice

Auditor's Qualifications

  • Unmodified opinion with emphasis of matter regarding going concern uncertainty
  • No fraud reported during the year
  • No pending litigations impacting financial position
  • Adequate internal financial controls in place

Other Disclosures

  • No subsidiaries, associates, or joint ventures
  • No loans, guarantees, or investments given during the year
  • No deposits accepted from public
  • Related party transactions: Demat charges paid to SPS Stock Brokers Pvt. Ltd. (₹500)
  • No sexual harassment complaints received during the year
  • No amounts required to be transferred to Investor Education and Protection Fund