Key Quantitative Figures
- Net Profit for Year Ended 31.03.2025: ₹3.70 crore (compared to loss of ₹0.49 crore in previous year)
- Total Income for Year Ended 31.03.2025: ₹3.87 lakh (compared to ₹16.55 lakh in previous year)
- Revenue from Operations: ₹3.84 lakh for year ended 31.03.2025
- Other Income: ₹2.64 lakh for year ended 31.03.2025
- Total Expenses: ₹0.17 lakh for year ended 31.03.2025
- Earnings Per Share (Basic & Diluted): ₹0.53 for year ended 31.03.2025
- Paid-up Equity Share Capital: ₹699.51 lakh (69,951,325 equity shares of ₹10 each)
- Cash and Cash Equivalents: ₹2.00 lakh as at 31.03.2025
Dates of Action
- Board Meeting Date: 12th September 2026 (commenced at 12:05 PM, concluded at 12:50 PM)
- NCLT Approval Date: 18th August 2025
- Trading Suspension Revocation Application Date: 16th April 2025
- Financial Results Approval Date: 13th December 2025 (approved by board), 12th September 2026 (reviewed by audit committee and adopted by board)
Parties Involved
- Stock Exchange: BSE Limited (Scrip Code: 539833)
- Regulator: SEBI, NCLT Mumbai Bench-IV
- Auditor: S Parth & Co (Firm Registration Number: 154463W), CA Parth Shah
- Directors: Prashant Ghanshyambhai Ukani (Director & CFO, DIN: 03406521), Ravi Dhirajlal Vagadiya (Managing Director, DIN: 09187005)
Capital Structure Impact
Pursuant to the NCLT-approved Resolution Plan dated 18.08.2025:
- Existing paid-up equity share capital of 6,99,51,325 equity shares of ₹10 each stands cancelled
- Existing public shareholders to receive 1 equity share for every 1,000 equity shares held
- 3,00,000 equity shares to be allotted to unsecured financial creditors
- 60,00,000 fresh equity shares to be subscribed by Resolution Applicant/promoter group
- Resolution Applicant/promoter group shall hold approximately 94.99% of post-resolution paid-up equity share capital
- 0% Compulsorily Convertible Debentures (CCDs) of face value ₹1,00,000 each aggregating to ₹21.46 crore to be issued to unsecured financial creditors
Current Status
- ISIN not yet allotted for new shares - shares held in physical form
- Application for revocation of trading suspension filed with Stock Exchange on 16.04.2025 - under process as of report date
- Company proposed to start business in "manufacturing of metal & metal based products" but no such business started till 31-03-2026
Auditor's Opinion
- Unmodified opinion issued on standalone financial results
- Key audit matter: Implementation of Resolution Plan under IBC with capital restructuring
- Financial statements prepared in accordance with IND AS
Financial Impact
Financial results show improved performance with net profit of ₹3.70 crore for FY25 compared to loss of ₹0.49 crore in FY24. The capital restructuring will significantly dilute existing shareholders and transfer control to the Resolution Applicant group.