Key Financial Figures

Financial Performance (Amounts in ₹ Lakhs):

  • Total Revenues: 1173.00 (Previous Year: 860.49)
  • Total Expenses: 1176.75 (Previous Year: 858.73)
  • Profit before Tax: 1.46 (Previous Year: 7.28)
  • Current Tax Expense: 0.23 (Previous Year: 1.14)
  • Deferred Tax Assets/(Liabilities): 7.03 (Previous Year: 3.66)
  • Net Loss for the period: (5.80) (Previous Year: Profit 2.48)
  • Net Worth: 2394.03

Balance Sheet Position (as at 31.03.2026):

  • Total Assets: ₹3,742.42 lakhs (Previous Year: ₹3,264.35 lakhs)
  • Trade Receivables: ₹1,960.50 lakhs (including ₹774.37 lakhs credit impaired)
  • Inventories: ₹946.39 lakhs
  • Cash and Cash Equivalents: ₹82.16 lakhs
  • Total Equity: ₹2,394.02 lakhs
  • Total Borrowings: ₹411.76 lakhs (Current: ₹252.20 lakhs, Non-current: ₹159.55 lakhs)
  • Trade Payables: ₹848.81 lakhs (including ₹214.24 lakhs to MSMEs)

Dates of Action

  • AGM Date: 30th September, 2026 at 11:30 AM
  • Record Date for AGM: Register of Members closed from 24th September to 30th September, 2026
  • E-voting Period: 27th September, 2026 (9:00 AM) to 29th September, 2026 (5:00 PM)
  • Auditor Appointment Period: Proposed for 2 years from 01/04/2026 to 31/03/2028

Parties Involved

Board of Directors:

  • Mr. Abhinav Upadhyay (Managing Director, DIN: 01858391)
  • Mrs. Rachna Upadhyaya (Director, DIN: 07617468) - Retiring by rotation
  • Mrs. Krati Maheshwari (Independent Director appointed w.e.f. 11.08.2026, DIN: 09611183)
  • Mrs. Rekha Panwar (Independent Director appointed w.e.f. 11.08.2026, DIN: 10063180)

Key Managerial Personnel:

  • Mr. Abhishek Upadhyay (Chief Financial Officer)
  • Mr. Praveen Lakshkar (Company Secretary appointed w.e.f. 22.05.2025)
  • Mrs. Chandani Lohar (Company Secretary ceased w.e.f. 01.05.2025)

Auditors:

  • Statutory Auditor: M/s Ankit Suresh Jain & Co (FRN: 023180C) - appointed after resignation of M/s Nenawati & Associates w.e.f. 28.07.2026
  • Secretarial Auditor: M/s. Mohit Vanawat & Associates

Other Parties:

  • Banker: Bank of Baroda, Town Hall, Udaipur
  • RTA: Bigshare Services Private Limited, Mumbai
  • Listing: BSE SME Platform

Financial and Operational Impact

Auditor Qualifications:

The statutory auditors issued a qualified opinion with four key matters:

1. Expected Credit Loss: No provision made for expected credit loss on trade receivables of ₹774.37 lakhs, which would decrease profit before tax by the same amount if provided

2. Inventory Valuation: Appropriate valuation not provided due to non-availability of required stock records and valuation reports

3. MSME Interest: No provision for interest payable to micro and small enterprises on delayed payments as required under MSMED Act, 2006

4. Gratuity Liability: No provision made for gratuity liability in accordance with Ind AS 19

Capital Structure Impact:

  • Share Capital: Remained unchanged at ₹1,321.50 lakhs (13,215,050 shares)
  • Money Received Against Share Warrants: ₹895.25 lakhs (including ₹73.75 lakhs received during the year)
  • No dilution occurred during the year as warrant conversion pending

Cash Flow Implications:

  • Financial impact not quantified for most auditor qualifications
  • Tax demands outstanding: ₹53.74 lakhs for AY 2017-18 to 2025-26
  • GST demands: ₹66.73 lakhs under appeal

Board and Committee Changes

Director Changes during FY26:

  • Mrs. Chandani Lohar (CS) resigned w.e.f. 01.05.2025
  • Mr. Vishal Jain (Independent Director) resigned w.e.f. 28.05.2025
  • Mr. Satish Heda appointed as Additional Independent Director w.e.f. 01.09.2025 and regularized in AGM on 30.09.2025
  • Mr. Chanchal Nuwal (Independent Director) resigned w.e.f. 12.11.2025
  • Mr. Satish Heda (Independent Director) resigned w.e.f. 10.03.2026
  • Mrs. Krati Maheshwari and Mrs. Rekha Panwar appointed as Independent Directors w.e.f. 11.08.2026

Committee Composition:

  • Audit Committee: Mrs. Rekha Panwar (Chairperson), Mrs. Krati Maheshwari, Mrs. Rachana Upadhyay
  • Stakeholders' Relationship Committee: Mrs. Rekha Panwar (Chairperson), Mrs. Krati Maheshwari, Mrs. Rachana Upadhyay
  • Nomination & Remuneration Committee: Mrs. Rekha Panwar (Chairperson), Mrs. Krati Maheshwari, Mrs. Rachana Upadhyay

Business Operations

  • Nature of Business: Manufacturing of Engineered Quartz Stone Slabs, Resins, Quartz Powder and Statues
  • Export Status: Products are CE Certified (European Standards)
  • Manufacturing Unit: Vill. Vana Near Mangalwad, Udaipur-Dabok Road, Udaipur
  • Performance: Turnover increased from ₹860.49 lakhs to ₹1173.00 lakhs YoY

Related Party Transactions

All transactions with related parties claimed to be at arm's length and in ordinary course of business:

  • Material Purchases: ₹936.09 lakhs from M/s Shree Kalika Minerals & Chemicals
  • Material Sales: ₹187.76 lakhs to M/s Shree Kalika Minerals & Chemicals
  • Rent Paid: ₹1.44 lakhs to Mr. Suresh Upadhyay (relative of director)
  • Loans to Directors: ₹3.90 lakhs to Mrs. Rachna Upadhyay

Compliance Issues

  • BSE Penalties: Imposed for delay in filing quarterly and annual compliances
  • Board Composition: Not in compliance during parts of the year due to independent director resignations
  • Tax Defaults: Outstanding income tax demands of ₹53.74 lakhs for AY 2017-18 to 2025-26
  • GST Demands: ₹66.73 lakhs under appeal

Dividend and Reserves

  • No dividend recommended for FY26
  • No amount transferred to reserves (loss carried forward in balance sheet)

Forward-looking Statements

  • Management committed to growth and hopes to improve performance in coming years
  • Company in process of obtaining confirmations and undertaking recovery actions for overdue receivables
  • Management will address auditor qualifications in future periods