Annual General Meeting Details

  • Meeting Date: Wednesday, 30th September, 2026 at 11:30 a.m.
  • Venue: Registered office at N.H.8, Village-Palsana, Tal-Palsana, Dist-Surat 394315
  • Cut-off Date: Wednesday, 23rd September, 2026 for determining eligibility to vote
  • e-Voting Period: Commences 27th September, 2026 (9:00 am) to 29th September, 2026 (5:00 pm)
  • e-Voting Service Provider: Central Depository Services (India) Limited (CDSL)
  • Scrutinizer: Mr. Kunjal Dalal, Proprietor K. Dalal & Co., Practicing Company Secretaries

Business to be Transacted

Ordinary Business

1. Adoption of Audited Financial Statements for FY ended 31st March, 2026 together with Reports of Board of Directors and Auditors

2. Re-appointment of Shri Chetankumar Mohanbhai Desai (DIN: 00051541) who retires by rotation

Special Business

3. Ratification of remuneration of ₹25,000/- (plus applicable taxes) payable to M/s. Bhanwarlal Gurjar & Co., Cost Accountants (Firm Registration No.: 101540) for verification of cost records for FY 2026-27

Corporate Structure

Board of Directors
  • Whole-time Directors: Vijaybhai Dolatrai Vashi, Hemal Rajeshbhai Desai, Chetankumar Mohanbhai Desai
  • Non-Executive Non-Independent Director: Yugma Urvesh Naik
  • Independent Directors: Dipakbhai Manubhai Patel, Nilesh Morarji Desai
Key Managerial Personnel
  • Chief Financial Officer: Mihir M. Mehta
  • Chief Executive Officer: Dhwanil C. Desai
  • Company Secretary: Akshay A. Jain
Auditors
  • Statutory Auditors: SNK & Co., Surat
  • Secretarial Auditors: K. Dalal & Co., Surat

Financial Performance Highlights (₹ in Lakhs)

| Particulars | FY 2025-26 | FY 2024-25 | Change |

| Turnover | 4,555.59 | 3,903.62 | +16.71% |

| Other Income | 0.91 | 1.57 | -42.04% |

| Total Income | 4,556.50 | 3,905.18 | +16.68% |

| Finance Cost | 40.57 | 43.45 | -6.63% |

| Depreciation | 21.47 | 19.27 | +11.42% |

| Profit Before Tax | 20.42 | 12.43 | +64.28% |

| Current Tax | 3.19 | 16.70 | -80.90% |

| Deferred Tax | 2.64 | (28.15) | N/A |

| Net Profit After Tax | 14.60 | 23.88 | -38.86% |

Key Financial Position (as at 31st March, 2026)

  • Equity Share Capital: ₹570.65 lakhs (54,13,300 shares of ₹10 each)
  • Other Equity: ₹340.14 lakhs
  • Total Equity: ₹910.79 lakhs
  • Total Assets: ₹2,263.96 lakhs
  • Inventories: ₹522.30 lakhs
  • Trade Receivables: ₹1,378.41 lakhs
  • Cash & Cash Equivalents: ₹0.49 lakhs
  • Borrowings (Non-current): ₹43.86 lakhs
  • Borrowings (Current): ₹397.37 lakhs
  • Trade Payables: ₹818.31 lakhs

Key Financial Ratios

| Ratio | FY 2025-26 | FY 2024-25 | Change |

| Net Profit Ratio | 0.32% | 0.61% | -0.29% |

| Inventory Turnover | 9.46 | 8.87 | +6.65% |

| Current Ratio | 1.54 | 1.58 | -2.53% |

| Debtors Turnover | 3.25 | 3.19 | +1.88% |

| Debt Equity Ratio | 1.49 | 1.44 | +3.47% |

| Return on Equity | 1.63% | 2.75% | -1.12% |

| Return on Capital Employed | 4.36% | 3.85% | +13.25% |

Operational Highlights

  • Business: Manufacturing filled and reinforced thermoplastic compounds and masterbatches
  • Employee Strength: 28 permanent employees as of 31st March, 2026
  • Energy Conservation: Steps taken include use of energy-efficient lighting, monitoring energy utilization, and plans to install 1MW Solar Plant
  • Technology Absorption: Adoption of advanced systems for monitoring and processing, process improvements
  • Foreign Exchange: No foreign exchange earnings or outgo during the year

Auditor Qualifications and Key Audit Matters

Key Audit Matters Identified by Statutory Auditors

1. Trade Receivables: Balance confirmation from trade receivables having non-moving balances worth ₹34.92 lakhs not obtained

2. Contingent Liability: Show cause notice from tax authority regarding clandestine sale and purchase of raw material which may result in additional GST liability of ₹118.51 lakhs, penalty and interest

Secretarial Audit Qualifications

1. Entire shareholding of Promoter(s) and Promoter Group not in dematerialized form as required under Regulation 31(2) of SEBI LODR

2. Company did not timely submit Audited Financial Results for quarter and year ended 31st March, 2025 to stock exchange (submitted on 03/06/2025 against due date of 30/05/2025)

Contingent Liabilities

  • GST Liability: ₹118.51 lakhs arising from show cause notice issued by office of DGGSTI dated 06/08/2024 regarding alleged clandestine sale and purchase of raw material

Related Party Transactions

Material transactions at arm's length basis:

  • Multiplast INC (Associate Concern): Job work worth ₹42.71 lakhs
  • Bhikhubhai M Desai (Director's Relative): Salary ₹42.00 lakhs
  • Kreta H Desai (Director's Relative): Salary ₹19.20 lakhs

Dividend Recommendation

No dividend recommended for FY 2025-26. Profit retained in retained earnings.

Corporate Governance

  • Board Meetings: 7 meetings held during FY 2025-26
  • Audit Committee: Comprises Nilesh Morarji Desai (Chairman), Dipakbhai Manubhai Patel, and Chetankumar Mohanbhai Desai
  • Vigil Mechanism: Whistle Blower Policy in place, no complaints received during the year
  • CSR: Not applicable as net worth, turnover, and net profit below prescribed thresholds

Capital Structure Impact

No change in share capital during the year. No shares issued or bought back.

Registration Details

  • Corporate Identity Number: L17110GJ1994PLC023540
  • Listed at: BSE Limited
  • Registrar and Share Transfer Agent: Purva Sharegistry (I) Private Limited, Mumbai
  • Bankers: HDFC Bank Ltd.