TO THE MEMBERS OF VALSON INDUSTRIES LIMITED
The Directors take pleasure in presenting the Forty Second Annual Report together with the Audited Annual Financial Statements for the financial year ended 31st March, 2026. The Management Discussion and Analysis has also been incorporated into this report.
1. FINANCIAL RESULTS:
Key highlights of Financial Results for Valson Industries Limited for the financial year 2025 - 2026 are tabulated below:
| (Rs. in Lakhs | ||
| Particulars | Year ending 31.03.26 | Year ending 31.03.25 |
| Revenue from operations | 11,208.78 | 13,038.04 |
| Operating Profit (PBOIDT) before other income and Interest and Depreciation and Tax | 361.64 | 400.90 |
| Finance Cost | 111.97 | 135.37 |
| Depreciation | 253.79 | 260.39 |
| Operating Profit / (Loss) before other income and extra ordinary activity | (4.13) | 5.15 |
| Other Income | 42.73 | 45.94 |
| Profit / (Loss) before Tax | 38.61 | 51.09 |
| Taxation | (9.79) | (9.53) |
| Profit / (Loss) after Tax | 48.40 | 60.62 |
| Other Comprehensive Income (Net) | 6.57 | 15.57 |
| Total Comprehensive Income | 54.97 | 76.19 |
| Balance of Profit brought forward | 1476.05 | 1399.86 |
Amount available for appropriations |
1531.02 | 1476.05 |
Appropriations: Balance carried forward to Balance Sheet |
1531.02 | 1476.05 |
Total |
1531.02 | 1476.05 |
EPS (Basic & Diluted) |
0.63 | 0.79 |
There was no revision in the Financial Statements.
2. DIVIDEND:
There is no dividend in financial year 2025 - 26. (Nil in financial year 2024 - 25)
3. BUSINESS OPERATIONS & HIGHLIGHTS OF PERFORMANCE:
Your Company is a leading manufacturer of polyester texturised dyed yarn and processor of cotton and other fancy yarns with customers having diverse uses. Quality Products and Services has been the top-most priority and after continuous research and efforts, your Company has ventured into the dyeing of various qualities of yarns. Today, your Company has wide range of polyester dyed yarn with a strong market acceptance and niche position for exclusive shades and grades.
During the year 2025-2026 the company has procured the need base machinery and ancillaries of Rs. 113.49 Lakhs including Capital WIP out of internal accruals; the details are as under:
| Rs. in Lakhs | |
| Sr. No. Assets | Cost |
| 1 Plant & Machinery (Indigenous) Errection, Installation charges | 35.63 |
| 2 Electrical Installation | 3.32 |
| 3 Utility Equipment | 22.06 |
| 4 Factory Building | 11.45 |
| 5 Office | 4.05 |
| 6 Furniture | 1.32 |
| 7 Computers | 1.49 |
| 8 Capital Work in Progress - Plant & Machinery | 34.17 |
Total CAPEX during the year |
113.49 |
During the year 2025-2026, the companys topline was decrease 14.22%. The Company has successfully reduce the power cost and Finance cost.
The highlights financial performances of your Company during the financial year 2025-2026:
1) There is a reduction of 12.1% in Texturising production (5137 MT) compared to last year (5844 MT).
2) There is an increase of 4.07% in Twisting production (2474 MT) compared to last year (2377 MT).
3) There is a reduction of 7.18% in Dyeing production (4378 MT) compared to last year (4716 MT).
4) There is an increase of 12.14% in Job work quantity (1694 MT) compared to last year (1512 MT).
5) There is a reduction of 14.12% in terms of Revenue from operations (Rs. 11,208.78 Lakhs) compared to last year (Rs. 13,038.04 Lakhs).
6) The company has managed its funds well resulting into reduction in finance cost to Rs. 111.97 Lakhs from (Rs. 135.37 Lakhs).
7) The staff cost has increased 6.04% to Rs. 1,374.64 lakhs compare to last year (Rs. 1,296.38 Lakhs).
8) The companys power cost has decreased 3.20% to Rs. 1,293.38 Lakhs compared to (Rs. 1,336.18 Lakhs).
9) Depreciation has reduced to Rs. 253.79 Lakhs compare to last year (Rs. 260.39 Lakhs).
10) The Operating Profit/(Loss) (P/(L)BOIDT) before other income and Interest and Depreciation and Tax has reduced by 9.79% Rs. 361.14 Lakhs as compared to last year amount of (Rs. 260.39 Lakhs).
There is no change in the nature of Companys business.
4. TRANSFER TO RESERVES:
The Board of Directors has not recommended transfer of any amount to reserves.
5. DISCLOSURES UNDER SECTION 134 (3) (l) OF THE COMPANIES ACT, 2013:
No material changes and commitments which could affect your Companys financial position have occurred between the end of the financial year of your Company i.e. 31st March, 2026 and date of this report i.e. 30th May, 2026.
6. SHARE CAPITAL:
The paid up Equity Share Capital as on 31st March, 2026 is Rs. 766.08 Lakhs. During the year under review, your Company has not issued shares with differential voting rights nor granted stock options nor sweat equity. There was no change in your Companys share capital during the year under review. The Promoter and Promoter Group are holding 51,89,834 shares equivalent to 67.75% of the total Issued and Paid-up Share Capital.
7. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION & PROTECTION FUND:
During the financial year 2025 - 26, unclaimed Dividend of Rs. 1,01,653/- was transferred to the Investor Education and Protection Fund established by the Central Government, in compliance with Section 125 of the Companies Act, 2013 read with the Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016. The said amount represents Final Dividend for the financial year 2017 - 18, which remained unclaimed for a period of 7 years from its due date for payment.
8. TRANSFER OF EQUITY SHARES ON UNCLAIMED DIVIDEND TO THE INVESTOR EDUCATION AND PROTECTION FUND:
In line with the statutory requirements, your Company has transferred to the credit of the Investor Education and Protection Fund Authority (IEPFA) set up by the Government of India, equity shares in respect of which dividend had remained unpaid / unclaimed for a period of seven (7) consecutive years.
9. DIRECTORS:
9.1 Changes in Directors:
During the financial year, there were no change in the composition of the Board of Directors.
9.2 Retirement by Rotation:
Pursuant to Section 152 (6) of the Companies Act, 2013 and in terms of the Articles of Association of your Company, Mr. Ankit Mutreja (DIN: 07022852), Director, retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment.
9.3 Declaration by Independent Directors:
Your Company has received declarations from all the Independent Directors of your Company confirming that they meet with the criteria of independence as prescribed both, under Sub-Section 6 of Section 149 of the Companies Act, 2013 and under Regulation 16 (1) (b) of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 and pursuant to Regulation 25 of the said Regulations that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence.
The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience and expertise in the fields of finance, people management, strategy, audit, tax advisory service and they hold highest standards of integrity.
Regarding proficiency, the Company has adopted requisite steps towards the inclusion of the names of all Independent Directors in the data bank maintained with the Indian Institute of Corporate Affairs, Manesar (‘IICA). Accordingly, the Independent Directors of the Company have registered themselves with the IICA for the said purpose. In terms of Section 150 of the Act read with Rule 6 (4) of the Companies (Appointment & Qualification of Directors) Rules, 2014, certain Independent Directors are exempted from undertaking online proficiency self-assessment test conducted by the IICA while certain Independent Directors are required to undertake the said test within a period of two (2) years from the date of inclusion of their names in the data bank. Those Independent Directors who have to undertake online proficiency self-assessment test will appear for the same.
9.4 Familiarization Program for Independent Directors:
The Program intends to provide insights into your Company so that the Independent Directors can understand your Companys business in depth and the roles, rights, responsibility that they are expected to perform / enjoy in your Company to keep them updated on the operations and business of your Company thereby facilitating their active participation in managing the affairs of your Company. In addition to the above, Directors are periodically advised about the changes effected in the Corporate Law, SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 with regards to their roles, rights and responsibilities as Directors of your Company.
9.5 Annual Performance Evaluation:
The annual performance evaluation of the Independent Directors and Board Committees i.e. Audit, Stakeholders Relationship and Nomination & Remuneration Committees was carried by the entire Board and the annual performance evaluation of the Chairman, Board as a whole, Non - Independent Directors was carried out by the Independent Directors.
The annual performance evaluation was carried out in accordance with the criteria laid down by the Nomination and Remuneration Committee of your Company and as mandated under the Companies Act, 2013 and the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, as amended from time to time.
9.6 Key Managerial Personnel:
The following persons are Key Managerial Personnel of your Company pursuant to Section 2 (51) and Section 203 of the Companies Act, 2013, read with Rule 8 (5) (iii) of the Companies (Accounts) Rules, 2014 framed there under:
1. Mr. Suresh Mutreja, Chairman - Managing Director
2. Mr. Varun Mutreja, Whole Time Director - CFO
3. Mr. Kunal Mutreja, Whole Time Director - CEO
4. Mr. Ankit Mutreja - Whole Time Director
5. Mrs. Neeti Alwani, Company Secretary and Compliance Officer
No Key Managerial Personnel have resigned during the year under review.
None of the Non Executive Directors have attained the age of 75 years.
9.7 Remuneration Policy:
The Board has in accordance with the provisions of Sub-Section (3) of Section 178 of the Companies Act, 2013, formulated the policy setting out the criteria for determining qualifications, positive attributes, independence of a Director and policy relating to remuneration for Directors, Key Managerial Personnel and Senior Management Employees. The detail of the same has been disclosed in the Corporate Governance Report.
9.8 Board Meetings:
During the financial year, your Company has held 6 (Six) Board Meetings which were held on 22nd April, 2025, 28th May, 2025, 13th August, 2025, 27th September, 2025, 13th November, 2025 and 13th February, 2026. The maximum interval between any two meetings did not exceed 120 days. As per Section 167 (1) (b), all the directors have attended atleast one Board Meeting held during the financial year.
10. PARTICULARS OF EMPLOYEES:
During the year, there was no employee in receipt of remuneration as prescribed in the Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The prescribed particulars of Employees as required under Section 197 (12) of the Act read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as “Annexure A” and form part of this Report.
EMPLOYEES HEADCOUNT:
The total no. of employees as on 31st March, 2026 is as follows:
| Female | 49 |
| Male | 485 |
| Transgender | 0 |
Total |
534 |
11. DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:
a) that in the preparation of the Annual Financial Statements for the year ended 31st March, 2026, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b) that such accounting policies have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit and loss of the company for that period;
c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;
d) that the Annual Financial Statements have been prepared on a going concern basis;
e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;
f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
12. INTERNAL FINANCIAL CONTROL SYSTEM:
Your Company maintains an adequate and effective Internal Control System commensurate with its size and complexity. We believe that these internal control systems provide, among other things, a reasonable assurance that transactions are executed with Management authorization and that they are recorded in all material respects to permit preparation of financial statements in conformity with established accounting principles and that the assets of your Company are adequately safeguarded against significant misuse or loss.
13. COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES:
There are no companies, which have become or ceased to be its Subsidiaries, Joint Venture or Associate Companies during the financial year 2025 - 26.
14. DEPOSITS:
Your Company has not accepted deposits from the public. Your Company has accepted deposit from the members and relatives of directors falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014. The details relating to Deposits from directors covered under Chapter V of the Companies Act, 2013 are tabled below:
(Rs. In Lakhs
Sr. No. Particulars |
Amount |
| 1. Accepted / renewed during the year | 58.00 |
| 2. Repaid / renewed during the year | 148.00 |
| 3. Remained outstanding but not due as at the end of the year | 108.00 |
| 4. Whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so, number of such cases and the total amount involved: - (i) at the beginning of the year (ii) maximum during the year (iii) at the end of the year | NIL |
| 5. Details of deposits which are not in compliance with the requirements of Chapter V of the Companies Act. | NIL |
Your Company has also accepted exempted deposits. The closing balance as on 31st March, 2026 are given below:
(Rs. In Lakhs)
Particulars
Your Company has filed form DPT-3 being Return of Deposits for the financial year ended 31st March, 2026.
15. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The details of loans given and investments made which are covered under the provisions of Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 are given in the Notes to the Audited Annual Financial Statements. The Company has not given any guarantees or security against loan given to any person under the provisions of Section 186 of the Companies Act, 2013.
16. RELATED PARTY TRANSACTIONS:
A Related Party Transaction (RPT) Policy has been adopted by the Board of Directors for determining the materiality of transactions with related parties and dealings with them. The said policy may be referred to, at your Companys website at the web link,
https://valsonindia.com/wp-content/uploads/2016/08/Related-Party-Transactions-Policy.pdf.
All transactions with related parties are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained for the RPTs, which are foreseeable and repetitive. A statement giving details of all RPTs are placed before the Audit Committee and the Board of Directors on a quarterly basis.
Further the members may note that your Company has not entered into the following kinds of related party transactions:
- Contracts/arrangement/transactions, which are not at arms length basis or in the ordinary course of business.
- Any Material contracts/arrangement/transactions [as per Regulation 23 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015]
17. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
The criteria prescribed for the applicability of Corporate Social Responsibility under Section 135 of the Companies Act, 2013 is not applicable to your Company.
18. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as “Annexure B”.
19. DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY:
In line with the regulatory requirements, your Company has framed a Risk Management Policy to identify and access the key business risk areas and a risk mitigation process. A detailed exercise is being carried out at regular intervals to identify, evaluate, manage and monitor all business risks. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework.
The inherent risks to the business of your Company are as follows:
a) Foreign Exchange Risk
b) Yarn Price Risk
c) Stiff Global Competition
d) Government Policy on incentives for exports
e) Risk elements in business transactions
f) Success of Cotton Crop
All the above risk has been discussed in the Management Discussion and Analysis Report. The Chairman and Managing Director, CEO & CFO mitigate the risk with the help of their depth of knowledge of market, assistance of senior management and forecast based on various data available with your Company. Your Company has developed the analysis of market data which helps in decision making and to ensure the mitigation of the risk. In the opinion of the Board, there are no risks which threaten the existence of the Company.
Your Company has not formed Risk Management Committee as it is not applicable as per Regulation 21 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015.
20. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
Over the years, your Company has established a reputation for doing business with integrity and displays zero tolerance for any form of unethical behaviour. Whistle Blower Policy is the vigil mechanism instituted by your Company to report concerns about unethical behaviour in compliance with the requirements of the Companies Act, 2013 and the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015. The Boards Audit Committee oversees the functioning of this policy. Protected disclosures can be made by a whistle blower through several channels to report actual or suspected frauds and violation of your Companys Code of Conduct and / or Whistle Blower Policy. Details of the Whistle Blower Policy have been disclosed on your Companys website at
https://valsonindia.com/wp-content/uploads/2016/08/whistle-blower-Policy-Valson.pdf.
21. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant material orders passed by the Regulators / Courts, which would impact the going concern status of your Company and its future operations.
22. AUDITORS:
22.1 Statutory Auditors:
The members of the Company at its 39th Annual General Meeting held on 23rd September, 2023 had approved the appointment of M/s. Bastawala & Associates., Chartered Accountants as the statutory auditors of the Company for a term of 5 years. They shall hold the office of statutory auditors from the conclusion of 39th Annual General Meeting until the conclusion of the 44th Annual General Meeting.
In view of the amendment to Section 139 of the Companies Act, 2013, the Company is not required to ratify the re-appointment of the Statutory Auditor at every Annual General Meeting. Hence, the item of ratification of re-appointment of Statutory Auditor is not considered in this Annual General Meeting. In view of the same, M/s Bastawala & Associates., Chartered Accountants will continue to act as Statutory Auditors of the Company for Financial Year 2026 - 27.
22.2 Statutory Auditors Observations:
The audit report given by the statutory auditors on the financial statements of your Company is part of the Annual Report. There are no qualification, reservations or adverse remark made by the statutory auditors in their Audit Report.
22.3 Secretarial Auditors:
In terms of the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the members of the Company at its 41st Annual General Meeting held on 20th September, 2025 has appointed M/s. P. C. Shah & Co., Practicing Company Secretaries as Secretarial Auditors for conducting Secretarial Audit of your Company for a term of 5 years. They shall hold the office of statutory auditors from the conclusion of 41st Annual General Meeting until the conclusion of the 46th Annual General Meeting.
In view of the same, M/s. P. C. Shah & Co., Chartered Accountants will continue to act as Statutory Auditors of the Company for Financial Year 2026 - 27.
22.4 Secretarial Auditors Observations:
The report of the Secretarial Auditor is attached as “Annexure C”. The Secretarial Audit Report does not contain any qualification, observation or adverse remark.
22.5 Internal Auditors:
Pursuant to the provisions of Section 138 of the Companies Act, 2013 and the Companies (Accounts) Rules, 2014, your Company has appointed M/s. Mehta Chokshi Shah LLP., Chartered Accountant as Internal Auditors of your Company.
22.6 Cost Audit:
In terms of the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Amendment Rules, 2014, your Company is required to maintain cost records and accordingly, such accounts are made and records have been maintained for the financial year 2025 - 2026.
The Company is required to audit its cost records for the financial year ending 31st March, 2027. The Board of Directors, on the recommendation of the Audit Committee, has appointed M/s. ABK & Associates Cost Accountants (FRN: 000036) as the Cost Auditors of the Company, for the financial year ending 31st March, 2027, at a remuneration as mentioned in the Notice convening the 42nd Annual General Meeting of the Company.
A resolution seeking ratification by the members for the remuneration payable to Cost Auditor for the financial year ending 31st March, 2027 has been proposed at item no. 3 of the Notice of the 42nd Annual General Meeting of the Company and same is recommended for your consideration and approval.
23. REPORTING OF FRAUDS BY AUDITORS:
During the financial year under review, neither the statutory auditors nor the secretarial auditors and cost auditors have reported to the Audit Committee of the Board, under Section 143 (12) of the Act, any instances of fraud committed against your Company by its officers or employees, the details of which would need to be mentioned in this Report.
24. COMPLIANCE OF SECRETARIAL STANDARDS:
The Board of Directors affirms that your Company has complied with the applicable Secretarial Standards (SS) issued by the Institute of Companies Secretaries of India (SS1 and SS2), respectively relating to Meetings of the Board, its Committees and General Meeting, which have mandatory application during the year under review.
25. ANNUAL RETURN:
Pursuant to sub-section 3 (a) of section 134 and sub-section (3) of section 92 of the Companies Act, 2013 the Annual Return for the financial year ended 31st March, 2026 in Form MGT 7 is available on the Companys website at https://valsonindia.com/investor-relations.
26. CORPORATE GOVERNANCE:
The Board of Directors affirm their continued commitment to good corporate governance practices. During the year under review, your Company has complied with the provisions relating to corporate governance as provided under the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015. The compliance report together with a certificate from the Companys Secretarial Auditor, M/s. P. C. Shah & Co., Practicing Company Secretaries confirming the compliance is provided in the Report on Corporate Governance, which forms part of the Annual Report.
27. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
Your Company firmly believes in providing a safe, supportive and friendly workplace environment - a workplace where our values come to life through the supporting behaviors. Positive workplace environment and a great employee experience are integral part of our culture. Your Company believes in providing and ensuring a workplace free from discrimination and harassment based on gender.
Your Company educates its employees as to what may constitute sexual harassment and in the event of any occurrence of an incident constituting sexual harassment, your Company provides the mechanism to seek recourse and redressal to the concerned individual subjected to sexual harassment.
Your Company has a Sexual Harassment Prevention and Grievance Handling Policy in place to provide clarity around the process to raise such a grievance and how the grievance will be investigated and resolved. An Internal Complaints Committee has been constituted in line with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The status of no. of complaints of sexual harassment are shown below:
| No. complaint raised and pending as on 1st April, 2025 | 0 |
| No. of complaints of sexual harassment received in the year | 0 |
| No. of complaints disposed off during the year | 0 |
| No. of complaints pending at the end of the financial year ended 31st March, 2026 | 0 |
| No. of cases pending for more than 90 days | 0 |
28. COMPLIANCE OF MATERNITY BENEFIT ACT, 1961:
During the financial year 2025 - 26, the Company has complied with respect to the compliance of the provisions relating to the Maternity Benefit Act, 1961.
29. CEO AND CFO CERTIFICATION:
A certificate from Mr. Kunal Mutreja, Whole Time Director & CEO and Mr. Varun Mutreja, Whole Time Director & CFO, pursuant to provisions of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, for the financial year under review was placed before the Board of Directors of your Company at its meeting held on 30th May, 2026. The certificate is attached and forms part of this Report.
30. CERTIFICATION FROM COMPANY SECRETARY IN PRACTICE:
M/s. P C. Shah & Co., Practicing Company Secretaries, has issued a certificate as required under the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, confirming that none of the Directors on the Board of your Company have been debarred or disqualified from being appointed or continuing as Director of companies by the SEBI / Ministry of Corporate Affairs or any such statutory Authority. The certificate is attached and form part of this Report.
31. ANNUAL SECRETARIAL COMPLIANCE REPORT:
M/s. P C. Shah & Co., Practicing Company Secretaries, has issued Annual Secretarial Compliance Report for the financial year ended 31st March, 2026 pursuant to Regulation 24A of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 which covers a broad check on compliance with the applicable SEBI Regulations and circulars / guidelines issued thereunder on an annual basis. The said Report has been filed with BSE Limited.
32. INSOLVENCY AND BANKRUPTCY CODE:
No application has ever been filed against the Company under the Insolvency and Bankruptcy Code, 2016.
33. ONE TIME SETTLEMENT WITH BANKS:
The Company has not made one-time settlement with the banks or financial institutions.
34. CAPITAL EXPENDITURE:
During the year 2025-2026 the company has procured the need base machinery and ancillaries of Rs. 113.49 Lakhs including Capital WIP out of internal accruals; the details are as under:
Rs. in Lakhs
Sr. No. Assets |
Cost |
| 1 Plant & Machinery (Indigenous) Errection, Installation charges | 35.63 |
| 2 Electrical Installation | 3.32 |
| 3 Utility Equipment | 22.06 |
| 4 Factory Building | 11.45 |
| 5 Office | 4.05 |
| 6 Furniture | 1.32 |
| 7 Computers | 1.49 |
| 8 Capital Work in Progress - Plant & Machinery | 34.17 |
Total CAPEX during the year |
113.49 |
35. MANAGEMENT DISCUSSION AND ANALYSIS:
As required under the Schedule V (B) of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, report on “Management Discussion and Analysis” is attached and forms part of this Annual Report.
36. LISTING WITH STOCK EXCHANGES:
Your Company is listed with one Stock Exchange i.e. BSE Limited. Your Company has duly paid the listing fees to BSE Limited.
37. ACKNOWLEDGEMENTS:
Your Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of your Company viz. customers, members, dealers, vendors, banks and other business partners for the excellent support received from them during the year. The Directors place on record their sincere appreciation to all employees of your Company for their unstinted commitment and continued contribution to your Company.
38. CAUTIONARY STATEMENT:
Statements in the Boards Report and the Management Discussion & Analysis describing your Companys objectives, expectations or forecasts may be forward-looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement.
| For and on behalf of the Board | |
| Suresh Mutreja | |
| Chairman & Managing Director | |
| DIN: 00052046 | |
| Kunal Mutreja | |
| Whole Time Director - CEO | |
| DIN: 07022857 | |
| Varun Mutreja | |
| Whole Time Director - CFO | |
| DIN: 07022832 | |
| Ankit Mutreja | |
Place: Mumbai |
Whole Time Director |
Date: 30th May, 2026 |
DIN: 07022852 |
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