AGM Details

The 39th Annual General Meeting will be held on Wednesday, 23rd September, 2026 at 12:00 Noon (IST) through Video Conferencing/Other Audio-Visual Means (OAVM).

Business to be Transacted

Ordinary Business:

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

Special Business:

2. Re-appointment of Mr. Dilip Pawar (DIN: 09279715) as Non-Executive Independent Director for second term of 5 years from August 13, 2026 to August 12, 2031

3. Re-appointment of Mr. Danny Hansotia (DIN: 00203497) as Managing Director for 3 years from December 1, 2026 to November 30, 2029 with remuneration up to ₹30 lakhs per annum

4. Appointment of Mr. Anil Krushnadas Parekh (DIN: 07032496) as Director (regularization of Additional Director)

5. Appointment of Mr. Anil Krushnadas Parekh as Wholetime Director for 3 years from August 14, 2026 to August 13, 2029 with remuneration up to ₹12 lakhs per annum

Financial Performance Highlights (FY 2025-26)

  • Total Income: ₹4,276.85 lakhs (Previous year: ₹4,867.95 lakhs)
  • Revenue from Operations: ₹4,126.04 lakhs (Previous year: ₹4,763.84 lakhs)
  • Other Income: ₹150.81 lakhs (Previous year: ₹104.11 lakhs)
  • Total Expenses: ₹4,413.81 lakhs (Previous year: ₹4,714.52 lakhs)
  • Profit Before Tax: Loss of ₹136.96 lakhs (Previous year: Profit of ₹153.43 lakhs)
  • Profit After Tax: Loss of ₹130.48 lakhs (Previous year: Profit of ₹121.49 lakhs)
  • Total Comprehensive Income: Loss of ₹105.43 lakhs (Previous year: Profit of ₹125.72 lakhs)

Dividend Information

  • Final dividend of ₹1.00 per equity share (10%) was declared and paid for FY 2024-25 amounting to ₹27.64 lakhs
  • No dividend recommended for FY 2025-26 due to losses
  • Unclaimed dividend for FY 2017-18 amounting to ₹3.59 lakhs transferred to Investor Education and Protection Fund (IEPF)

Share Capital

  • Authorized Share Capital: ₹350.00 lakhs (35,00,000 equity shares of ₹10 each)
  • Paid-up Equity Share Capital: ₹276.43 lakhs (27,64,326 equity shares of ₹10 each)
  • No change in share capital during the financial year

Director Changes and Appointments

  • Ms. Priti Ashok Shukla resigned as Company Secretary and Compliance Officer effective June 30, 2026
  • Mrs. Payal Bohra appointed as Company Secretary and Compliance Officer effective August 17, 2026
  • Mr. Anil Krushnadas Parekh appointed as Additional Director effective August 14, 2026
  • Mr. Dilip Pawar re-appointed as Non-Executive Independent Director for second term effective August 13, 2026

Board Composition

As on March 31, 2026, the Board comprised:

  • Mr. Sanjay Gadodia: Chairman, Whole Time Director cum Chief Executive Officer
  • Mr. Danny Hansotia: Managing Director cum Chief Financial Officer
  • Mrs. Anita Koti: Independent Non-Executive Director
  • Mr. Sashikant Newatia: Independent Non-Executive Director
  • Mr. Dilip Pawar: Independent Non-Executive Director

Board Meetings

11 Board meetings held during FY 2025-26 with 100% attendance by all directors

Auditor Information

  • Statutory Auditors: A K Kocchar & Associates, Chartered Accountants (re-appointed for 5 years till 42nd AGM)
  • Secretarial Auditors: HSPN & Associates LLP (appointed for 5 years from FY 2025-26 to FY 2029-30)
  • Internal Auditors: B. G. Dolar & Co.
  • No qualifications or adverse remarks in audit reports

Key Financial Ratios

  • Debtors Turnover Ratio: 3.85 (Previous year: 4.31)
  • Inventory Turnover Ratio: 2.57 (Previous year: 1.63)
  • Interest Coverage Ratio: 0.70 (Previous year: 2.26)
  • Current Ratio: 1.67 (Previous year: 1.74)
  • Debt Equity Ratio: 0.77 (Previous year: 0.77)
  • Operating Profit Margin: 0.89% (Previous year: 7.33%)
  • Net Profit Margin: -3.16% (Previous year: 2.55%)
  • Return on Net Worth: -4.70% (Previous year: 4.17%)

Shareholding Pattern

  • Promoters: 49.24% (Mr. Danny Hansotia: 24.97%, Mr. Sanjay Gadodia: 23.27%)
  • IEPF Authority: 6.92%
  • Public: 26.68%
  • 96.88% shares held in dematerialized form

Corporate Governance

Company has complied with mandatory requirements of SEBI Listing Regulations

All committees (Audit, Nomination & Remuneration, Stakeholders' Relationship) functioning properly

Risk Factors

  • Intense competition in textile industry
  • Fluctuating raw material prices
  • Rising production costs (wages, power, overheads)
  • Economic uncertainties affecting consumer demand

Future Outlook

Company plans to optimize production, improve product quality, strengthen marketing strategies, and reduce production costs to improve profitability

Voting Arrangements

  • E-voting period: September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM)
  • Cut-off date for voting: September 16, 2026
  • Register of Members and Share Transfer Books will remain closed from September 17, 2026 to September 23, 2026

Other Disclosures

  • Company has not accepted any deposits from public
  • No material orders passed by regulators/courts impacting going concern status
  • No fraud reported by auditors
  • Related party transactions at arm's length basis
  • CSR provisions not applicable as company below triggering limits