Key Financial Figures

  • Gross Income: ₹251.74 lakhs (FY 2025-26) vs ₹534.85 lakhs (FY 2024-25)
  • Profit Before Interest and Depreciation: ₹36.04 lakhs (FY 2025-26) vs ₹45.28 lakhs (FY 2024-25)
  • Finance Cost: ₹30.17 lakhs (FY 2025-26) vs ₹33.76 lakhs (FY 2024-25)
  • Net Profit Before Tax: ₹66.21 lakhs (FY 2025-26) vs ₹79.43 lakhs (FY 2024-25)
  • Tax Expenses: ₹0 (FY 2025-26) vs ₹20.01 lakhs (FY 2024-25)
  • Net Profit After Tax: ₹66.21 lakhs (FY 2025-26) vs ₹59.42 lakhs (FY 2024-25)
  • Earnings Per Share: ₹0.03 (FY 2025-26) vs ₹0.02 (FY 2024-25)

Capital Structure

  • Authorized Share Capital: ₹51,00,00,000 divided into 25,50,00,000 equity shares of ₹2 each
  • Paid-up Share Capital: ₹51,00,00,000 (25,50,00,000 equity shares of ₹2 each) - unchanged during the year
  • Retained Earnings: Negative ₹1,366.37 lakhs (FY 2025-26) vs negative ₹1,432.58 lakhs (FY 2024-25)

Significant Assets and Liabilities (as at 31.03.2026)

  • Investments: ₹533.26 lakhs (includes ₹200 lakhs in debentures of Artemis Electricals Limited that auditors could not verify)
  • Loans Given: ₹3,953.59 lakhs outstanding
  • Cash & Cash Equivalents: ₹36.10 lakhs
  • Borrowings (Unsecured Loans): ₹599.89 lakhs
  • Trade Payables: ₹1.96 lakhs

Corporate Actions and Appointments

  • Mr. Ramesh Salvi (DIN: 11839076) appointed as Whole-Time Director & CFO effective July 21, 2026, for a period of 3 years on nil remuneration
  • Mr. Harshad Rathod resigned as CFO on July 21, 2026
  • Board consists of 7 directors including 5 independent directors
  • No dividend declared due to carry forward losses

AGM Details

  • 29th Annual General Meeting to be held on Tuesday, September 29, 2026 at 03:00 PM
  • Venue: Registered office at 3rd Floor, Chinubhai House, 7-B Amrutbaug Colony, Opp. Sardar Patel Stadium, NR Hindu Colony, Navrangpura, Ahmedabad-380014
  • Business: Adoption of financial statements and special resolution for Mr. Ramesh Salvi's appointment
  • Book Closure: September 22, 2026 to September 29, 2026 (both days inclusive)
  • E-voting Period: September 26, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)

Regulatory and Compliance Matters

  • Secretarial Audit Qualifications:
  • Company failed to appoint Internal Auditor as required under Section 138 of Companies Act, 2013
  • Non-compliance with certain SEBI LODR regulations regarding publication of AGM notice and quarterly results
  • Statutory Auditor: M/s Goenka Mehta & Associates, Chartered Accountants (FRN: 129445W)
  • Auditor's Opinion: Qualified opinion due to inability to verify investment in debentures worth ₹200 lakhs (original certificates not produced)
  • Secretarial Auditor: M/s Daksha Negi & Associates, Company Secretaries

Operational Status

  • Company is not engaged in any significant business activity and management is looking for right opportunities
  • No manufacturing activities conducted during the year
  • No subsidiaries, joint ventures or associate companies
  • No deposits accepted within meaning of Section 73 of Companies Act, 2013

Other Material Information

  • Shareholding Pattern (as on 31.03.2026):
  • Promoters: 4.29%
  • Resident Individuals: 66.02%
  • Bodies Corporate: 16.51%
  • LLP: 11.79%
  • Others: 1.39%
  • Registrar & Transfer Agent: Satellite Corporate Services Private Limited, Mumbai
  • Bankers: HDFC Bank Limited
  • Corporate Identity Number: L51909GJ1997PLC03156

Forward-looking Statements

The Management Discussion & Analysis states that the company's future development depends on commencement of operational activities, and several cost-cutting measures have been undertaken due to scarcity of working capital funds.