Key Quantitative Figures

  • Audited FY25 Results (ended 31-Mar-2025):
  • Total Income: ₹387.02 lakhs
  • Net Profit: ₹370.18 lakhs
  • EPS: ₹0.53 (basic and diluted)
  • Share Capital: ₹699.513 lakhs (69,951,325 equity shares of ₹10 each)
  • Reserves: Negative ₹584.073 lakhs
  • Long-term Borrowings: ₹302.394 lakhs
  • Unaudited Q1 FY26 Results (ended 30-Jun-2025):
  • Total Income: ₹84.68 lakhs
  • Net Profit: ₹78.64 lakhs
  • EPS: ₹0.11 (basic and diluted)
  • Cash Flow (FY25):
  • Net cash from operations: ₹0.00
  • Net cash from investing: ₹21.74 lakhs
  • Cash balance as of 31-Mar-2025: ₹21.85 lakhs

Dates of Action

  • Board Meeting: 12th September, 2026 (commenced 12:05 PM, concluded 12:50 PM)
  • NCLT Approval of Resolution Plan: 18th August, 2025
  • CIRP Admission Date: 7th February, 2024
  • Trading Suspension Revocation Application Filed: 16th April, 2025

Parties Involved

  • Regulators: SEBI, NCLT Mumbai Bench-IV, BSE Limited
  • Resolution Professional: Mr. Nimai Gautam Shah [IBBI/IPA-001/IP-P00154/2017-2018/10323]
  • Auditors: S Parth & Co (Firm Registration Number: 154463W)
  • Key Personnel: Prashant Ghanshyambhai Ukani (Director & CFO, DIN: 03406521), Ravi Dhirajlal Vagadiya (Managing Director, DIN: 09187005)

Capital Restructuring under Resolution Plan

Pursuant to NCLT-approved Resolution Plan dated 18-Aug-2025:

  • Existing paid-up equity share capital of 6,99,51,325 shares of ₹10 each stands cancelled
  • Existing public shareholders to receive 1 equity share for every 1,000 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 to hold approximately 94.99% of post-resolution paid-up capital
  • 0% Compulsorily Convertible Debentures (CCDs) of face value ₹1,00,000 each aggregating ₹21.46 crore to be issued to unsecured financial creditors

Current Status

  • Shares currently held in physical form (no ISIN allotted yet)
  • Trading suspension revocation application pending with Stock Exchange as of report date
  • Company proposed to start manufacturing of metal & metal based products post-CIRP, but no business commenced till 31-Mar-2026

Financial Impact

Capital restructuring will significantly dilute existing shareholders and transfer control to new promoter group. Financial impact of resolution plan implementation includes settlement of creditors through cash, CCDs, and equity instruments.

Auditor's Opinion

Unmodified audit opinion issued for FY25 financial results. Key audit matter highlighted regarding implementation of resolution plan and capital restructuring.