AGM Details

  • 50th AGM Date: Wednesday, 30th September 2026 at 01:00 PM IST
  • Mode: Video Conferencing (VC)/Other Audio-Visual Means (OAVM)
  • Remote e-Voting Period: Commences 27-Sep-2026 (09:00 AM) to 29-Sep-2026 (05:00 PM)
  • Cut-off Date: 23-Sep-2026 for determining voting eligibility
  • Business Items:
  • Ordinary Business: Adoption of audited financial statements and re-appointment of Mr. Rakesh Kolla (retiring by rotation)
  • Special Business: Special resolution to authorize borrowing up to ₹2 crores under Section 180(1)(c)

Financial Performance (Standalone)

(Amount in ₹ '00)

| Particulars | FY 2025-26 (31.03.2026) | FY 2024-25 (31.03.2025) |

| Revenue from Operations | 0 | 0 |

| Other Income | 0 | 0 |

| Profit before depreciation, finance cost and tax | (11,61,154) | (18,56,021) |

| Finance Cost | 0 | 0 |

| Depreciation | 0 | 0 |

| Profit before Tax | (11,61,154) | (18,56,021) |

| Tax Expense | 0 | 0 |

| Profit after Tax | (11,61,154) | (18,56,021) |

| Other Comprehensive Income | 0 | 0 |

| Profit/(Loss) carried to Balance Sheet | (11,61,154) | (18,56,021) |

Key Financial Metrics:

  • EPS (Basic & Diluted): (₹0.22) for FY26 vs (₹0.36) for FY25
  • Current Ratio: 0.1512 (FY26) vs 0.1526 (FY25)
  • Debt Equity Ratio: (0.5748) (FY26) vs (0.4818) (FY25)
  • Cash & Cash Equivalents: ₹1,556.04 (₹1.56 lakh) vs ₹82.49 (₹0.08 lakh)
  • Other Current Assets: ₹14,652.99 (₹14.65 lakh) primarily GST Input credit

Share Capital & Ownership

  • Issued, Subscribed & Paid-up Capital: ₹5,18,15,000 consisting of 51,81,500 equity shares of ₹10 each
  • No change in share capital during FY26
  • Promoter Holding: Buildox Private Limited held 25.40% (13,16,207 shares)
  • No buybacks, ESOPs, sweat equity, or preferential allotments during the year

Loans & Borrowings

  • Borrowings - Current (Unsecured from Directors): ₹52,29,161 (FY26) vs ₹38,24,161 (FY25)
  • Loan from Director: Ms. Shanti Tunk provided loan of ₹14,05,000 during the year
  • Special Resolution: Seeking shareholder approval to borrow up to ₹2 crores under Section 180(1)(c)

Key Management Changes

  • CFO Resignation: Ms. Nandhi Sowmya resigned effective 20-Nov-2025
  • CFO Appointment: Ms. Mothe Rani appointed effective 06-Dec-2025
  • Board Composition: 5 directors (1 Whole-time, 2 Independent, 2 Non-Executive)
  • Board Meetings: 7 meetings held during FY26 with full attendance

Key Audit Matters & Findings

  • Audit Opinion: Unmodified opinion with emphasis on going concern basis despite accumulated losses
  • Key Audit Matter: None identified
  • Internal Financial Controls: Adequate and operating effectively
  • Default Identified: Undisputed customs duty of ₹36,32,884 for FY 2018-19 overdue for more than 6 months

Contingent Liabilities & Commitments

  • No significant material orders from regulators/courts impacting going concern status
  • No contingent liabilities as of 31-Mar-2026
  • No proceedings under Insolvency and Bankruptcy Code, 2016

Related Party Transactions

  • All transactions conducted at arm's length in ordinary course of business
  • Key Management Personnel Remuneration: ₹3,00,000 (FY26) vs ₹5,96,008 (FY25)
  • Loan from Directors Outstanding: ₹52,29,161 (FY26) vs ₹38,24,161 (FY25)

Corporate Governance & Compliance

  • Corporate Governance Report: Not applicable due to paid-up capital below ₹10 crore and net worth below ₹25 crore
  • CSR Provisions: Not applicable
  • Vigil Mechanism: Established whistleblower policy with no complaints during the year
  • Sexual Harassment Policy: No complaints received
  • Board Evaluation: Conducted for board, committees, and individual directors

Operational Highlights

  • Revenue from Operations: Nil for both FY26 and FY25
  • Employee Strength: 2 permanent employees (CFO and Company Secretary)
  • Business Segment: Single segment - footwear, footwear components and allied products
  • Fixed Deposits: None accepted or renewed
  • Energy Conservation: No power consumption during the year
  • Foreign Exchange: No earnings or outgo

Management Discussion & Analysis

  • Industry Outlook: Indian leather and footwear industry continues to offer long-term growth opportunities
  • Risks: Volatility in raw material prices, competition, regulatory changes, and working capital availability
  • Future Plans: Focus on strengthening financial position, managing liabilities, and exploring revival opportunities

Other Disclosures

  • Investor Education and Protection Fund: No funds required to be transferred
  • Micro, Small and Medium Enterprises: No information received from vendors regarding their status
  • Previous Year Figures: Regrouped/rearranged wherever necessary

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