Key Financial Figures (FY 2025-26 vs FY 2024-25)

  • Income: ₹19.68 lakhs (Previous Year: ₹21.06 lakhs)
  • Expenses: ₹20.16 lakhs (Previous Year: ₹18.48 lakhs)
  • Profit/(Loss) Before Tax: (₹0.48) lakhs (Previous Year: ₹2.58 lakhs)
  • Tax Expenses: ₹4.96 lakhs (Current Tax: ₹4.97 lakhs, Deferred Tax: Nil, Prior Year Adjustment: (₹0.01) lakhs) (Previous Year Total Tax: ₹5.31 lakhs)
  • Net Loss After Tax: (₹5.44) lakhs (Previous Year: (₹2.73) lakhs)
  • Net Worth: ₹281.90 lakhs as of March 31, 2026 (Previous Year: ₹287.34 lakhs)
  • Earnings Per Share (Basic & Diluted): (₹0.24) per share (Previous Year: (₹0.12) per share)
  • Cash and Cash Equivalents: ₹5.52 lakhs (Previous Year: ₹2.65 lakhs)
  • Other Financial Assets (mainly bank deposits): ₹287.49 lakhs (Previous Year: ₹282.11 lakhs)
  • Current Liabilities: ₹14.12 lakhs (Previous Year: ₹0.43 lakhs)
  • Share Capital: ₹224.10 lakhs (22,41,000 equity shares of ₹10 each, unchanged from previous year)

AGM Details

  • 41st Annual General Meeting to be held on Wednesday, September 30, 2026, at 11:45 AM at the Registered Office: 147, 14th Floor, Atlanta, Nariman Point, Mumbai 400 021.
  • Cut-off Date for determining members entitled to vote: Wednesday, September 23, 2026.
  • Remote e-voting period: From 09:00 AM IST on Saturday, September 26, 2026, to 05:00 PM IST on Tuesday, September 29, 2026.
  • Scrutinizer Appointed: Shri Devesh C Vasavada, Practising Chartered Accountant, Mumbai.
  • AGM Agenda (Ordinary Business):

1. To consider and adopt the audited financial statements for FY 2025-26 and reports of Board of Directors and Auditors.

2. To appoint Shri Udaykumar C. Damani (DIN: 00094367), who retires by rotation, as a Director.

Director Reappointment Details

  • Shri Udaykumar C. Damani: Age 69 years, B.Com qualification, vast experience in Audit, Taxation, and Secretarial fields.
  • First appointed on May 19, 2003.
  • Holds nil shares in the company as of March 31, 2026.
  • Attended 7 out of 7 Board meetings during FY 2025-26.
  • Draws nil remuneration; proposed remuneration is nil.
  • Not related to any other Director/Key Managerial Personnel.
  • Holds no directorships in other companies as of March 31, 2026.

Corporate Governance and Compliance

  • The company is exempt from compliance with corporate governance provisions under Regulation 15 of SEBI Listing Regulations due to its paid-up equity share capital and net worth not exceeding ₹10 crore and ₹25 crore, respectively.
  • Seven Board meetings were held during FY 2025-26, with 100% attendance by all directors.
  • Audit Committee comprises Shri Mehul R. Shah (Chairman), Ms. Jyothi A. Menon, and Shri Miten A. Raja. Six meetings were held with 100% attendance.
  • Nomination and Remuneration Committee comprises Ms. Jyothi A. Menon (Chairperson), Shri Mehul R. Shah, and Shri Miten A. Raja. Two meetings were held with 100% attendance.
  • The company has adopted policies for selection of directors, remuneration, vigil mechanism, and whistle-blower.
  • No fraud was reported by the auditors to the Audit Committee or Board.
  • No material orders were passed by regulators/courts impacting going concern status.
  • No CSR activities undertaken as provisions of Section 135 of Companies Act, 2013, are not applicable.

Auditors

  • Statutory Auditors: M/s. N J Karia & Associates, Chartered Accountants (FRN: 106742W), appointed for five years from September 29, 2023. Their report for FY 2025-26 contains no qualifications, reservations, or adverse remarks.
  • Secretarial Auditor: Ms. Rakhi Jethlia, Practising Company Secretary. Her report for FY 2025-26 contains no qualifications, reservations, or adverse remarks.

Key Management Personnel

  • Shri Bhavin S. Mehta, Company Secretary: Remuneration ₹0.60 lakh
  • Shri Rupin V. Patel, Chief Financial Officer (on secondment): Remuneration ₹1.14 lakh (inclusive of GST)
  • Shri Rajesh G. Patel, Manager (on secondment): Remuneration ₹12.92 lakh (inclusive of GST)
  • The company has no permanent employees on its rolls.

Other Significant Information

  • Register of Members and Transfer Books will be closed from September 18, 2026, to September 21, 2026 (both days inclusive).
  • The company continues its business of trading in general commodities. No change in the nature of business.
  • No loans, investments, guarantees, or securities were provided during the year.
  • No subsidiary, associate, or joint venture companies.
  • No dividend recommended for FY 2025-26.
  • No amounts transferred to reserves.
  • No material changes and commitments affecting the financial position occurred between March 31, 2026, and the date of the report.
  • No pending litigations impacting financial position.
  • No deposits accepted from the public.
  • The company incurred cash losses of ₹5.44 lakhs in FY 2025-26 and ₹2.73 lakhs in FY 2024-25.
  • The company has adequate internal financial controls systems operating effectively.

Capital Structure Impact

No change in share capital during the year. The paid-up equity share capital remains ₹224.10 lakhs (22,41,000 equity shares of ₹10 each).

Cash Flow Implications

As disclosed in the cash flow statement:

  • Net cash used in operating activities: (₹16.81) lakhs
  • Net cash from investing activities: ₹19.68 lakhs (primarily interest income)
  • Net cash from financing activities: Nil
  • Net increase in cash and cash equivalents: ₹2.87 lakhs

Forward-Looking Statements

Management's Discussion and Analysis indicates optimism about long-term growth prospects in the trading business despite challenges such as access to finance, material availability, and logistics delays. The company follows a conservative financial profile and prudent business practices.