Key Financial Figures (FY 2025-26)

  • Revenue from Operations: ₹813.20 lakhs (Previous year: ₹582.02 lakhs)
  • Other Income: ₹4.54 lakhs (Previous year: ₹566.40 lakhs)
  • Total Revenue: ₹817.74 lakhs (Previous year: ₹588.15 lakhs)
  • Loss before tax: ₹28.06 lakhs (Previous year: ₹117.81 lakhs loss)
  • Loss after tax: ₹28.06 lakhs (Previous year: ₹123.75 lakhs loss)
  • EPS: -₹0.28 (Previous year: -₹1.24)
  • Paid-up Share Capital: ₹9,92,57,500 (unchanged from previous year)
  • Negative Net Worth: ₹15,14,81,679 (Previous year: ₹14,86,75,228)
  • Total Borrowings: ₹21,53,52,791 (including ₹18,51,21,796 unsecured loans)
  • Inventory: ₹3,98,43,158 (Previous year: ₹4,12,81,207)
  • Trade Receivables: ₹1,17,40,440 (Previous year: ₹1,40,88,711)
  • Cash & Cash Equivalents: ₹2,15,866 (Previous year: ₹3,97,668)

Board of Directors

  • Mr. Vimal Shah (DIN: 01506655) – Executive Director
  • Mr. A. Vadivel (DIN: 10581538) - Independent Director
  • Mr. Praveen Bafna (DIN: 06538685) - Non-Executive Director
  • Ms. Sathya Venkatachalam (DIN: 06970735) - Independent Director (Resigned w.e.f. 12th December, 2025)

Key Managerial Personnel

  • Mr. Iqubal Patel - Chief Financial Officer (resigned and reappointed during the year)
  • CS Priyanka Lohiya (ACS 70191) - Company Secretary

35th Annual General Meeting Details

Date: 29th September, 2026 at 02:30 PM through Video Conferencing

Ordinary Business

1. Adoption of audited financial statements for year ended 31st March, 2026

2. Re-appointment of Mr. Praveen J. Bafna who retires by rotation

Special Business

3. Appointment of Mr. Vimal D. Shah as Managing Director for 3 years from 1st September, 2026 to 31st August, 2029 with remuneration not exceeding ₹24,00,000 per annum

4. Increase in borrowing limits to ₹50 crores (exceeding paid-up capital and free reserves)

5. Authorization for sale/lease/disposal of company undertaking up to ₹50 crores

6. Enhancement of limits under Section 186 for loans/investments/guarantees to ₹50 crores

Auditor Reports

Statutory Auditors: BAHEDIA & ASSOCIATES (Firm Reg. No. 103801W)

  • Issued qualified opinion due to:
  • Non-provision of gratuity liability as per Ind AS 19
  • Non-payment of matured gratuity dues to former employees
  • Material uncertainty regarding going concern due to net losses and negative working capital
  • Key audit matters: Going concern, revenue recognition, inventory valuation

Secretarial Auditors: HSPN & ASSOCIATES LLP

  • Observations include:
  • BSE penalty of ₹24,780 for delay in submitting investor complaints
  • Unpaid annual listing fees for 2026-27 and arrears from previous years
  • Delay in publication of financial results in newspapers
  • Non-maintenance of audit trail in accounting software

Operational Highlights

  • Company engaged in pharmaceutical contract manufacturing and loan license manufacturing
  • Two WHO GMP approved plants at GIDC, Ankleshwar, Gujarat
  • Sterile injectable plant renovated to international standards
  • Export income: ₹9.69 lakhs (Previous year: ₹113.97 lakhs)
  • Number of employees: 18 as on 31.03.2026 (Previous year: 33)

Compliance Issues

  • Irregular in depositing undisputed statutory dues
  • BSE penalty imposed for delayed submissions
  • Annual listing fees unpaid for current and previous years
  • Delay in publishing financial results in newspapers

Legal Matters

  • Criminal Appeal No. 89 of 2020 pending in Bombay High Court regarding MPID Act matter involving ₹1,32,92,359
  • Central Excise cases pending at Tribunal involving ₹49,53,931 (duty + penalty)

Other Disclosures

  • No dividend declared for the year due to accumulated losses
  • No material related party transactions
  • No fraud reported by auditors
  • No deposits accepted from public
  • No application under Insolvency and Bankruptcy Code, 2016

Registrars and Transfer Agents

Purva Sharegistry (India) Pvt. Ltd., Mumbai

#Tags: #NorrisMedicines #AnnualReport #SEBIDisclosure #RegulatoryCompliance #FinancialResults #QualifiedAudit #GoingConcern #AGMNotice