Katare Spinning Mills Ltd

AGM details

• AGM held on 26 September 2026 at 11:00 IST, physical meeting with remote e-voting.
• Record date for voting: 18 September 2026.

Resolutions and outcomes

• Resolution 1: Adoption of audited financial statements for year ended 31 March 2026 — Passed.
• Resolution 2: Re-appointment of Umakant Mahindrakar as director by rotation — Passed.
• Resolution 3: Appointment of Hiremath Patil Udgiri & Associates as Statutory Auditors — Passed.
• Resolution 4: Appointment to fill casual vacancy of Statutory Auditors — Passed.
• Resolution 5: Additions in Main Objects Clause of MOA — Passed.
• Resolution 6: Continuation of Kishore Katare as Chairman and MD beyond age 70 — Passed.
• Note: 14,08,449 promoter votes were invalid for Resolution 6.

Directors and management changes

• Re-appointment by rotation of Umakant Mahindrakar as director.
• Continuation of Kishore Katare as Chairman and MD after age 70.

Auditors

• Appointment of Hiremath Patil Udgiri & Associates as Statutory Auditors.
• Appointment to fill casual vacancy of Statutory Auditors (same firm).

Dividend and related party transactions

• Dividend: No dividend proposed or declared.
• Material related party transactions: None disclosed.

AGM Details

• AGM held on 26 September 2026 at 11:00 IST, physical at Solapur registered office.
• Remote e-voting facility provided; ballot voting conducted for attendees.
• Quorum present; meeting chaired by Kishore T. Katare.
• Meeting concluded at 12:45 P.M. IST.

Resolutions and voting outcomes

• Adoption of Audited Standalone Financial Statements for year ended 31 March 2026; outcome pending.
• Appointment of M/s Hiremath Patil Udgiri as Statutory Auditors to fill casual vacancy; outcome pending.
• Re-appointment of Mr. Umakant Mahindrakar as Director liable to retire by rotation; outcome pending.
• Additions in Main Objects Clause of Memorandum of Association; outcome pending.

Governance changes

• Continuation of Kishore T. Katare as Chairman and Managing Director after attaining age 70; outcome pending.

Financial performance

• Total revenue from operations 27,859 thousand; down from 51,198 thousand prior year.
• Total income 36,304 thousand; down from 53,642 thousand.
• Net loss for the year 21,643 thousand; prior year 17,304 thousand.
• Earnings per share: -7.59; prior year -6.07.
• Depreciation 13,065 thousand; finance costs 3,866 thousand.
• Spinning revenue 23,069 thousand; solar revenue 4,790 thousand.
• Cash flow: operating -1,831 thousand; investing +8,326 thousand; financing -6,449 thousand; closing cash 800 thousand.
• No dividend proposed for FY2025-26.

Segment performance

• Spinning revenue 23,069 thousand; solar 4,790 thousand; total 27,859 thousand.
• Spinning segment loss before tax 14,060.69 thousand; solar loss 1,675.62 thousand; total loss 15,736.31 thousand before interest.
• Interest expense allocated: spinning 3,866 thousand; solar 3,353 thousand.
• Net operating income: spinning -14,060.69; solar -1,675.62; total -15,736.31.

Energy project and sustainability

• 1 MW solar plant for captive use with net metering to the grid.
• Solar output: 14,91,913 units; value about Rs 47.90 lakh.
• Energy policy changes in MERC may affect energy banking benefits.
• Company aims to optimize solar utilization and expand renewable capacity.

Audit, governance and risk flags

• Auditors resigned; Hiremath Patil Udgiri appointed to fill casual vacancy.
• Appointment subject to AGM approval for five-year term 2026-2031.
• Secretarial audit flagged ROC filing delays and promoter demat shares pending.
• Going concern and material weaknesses in internal controls noted by auditors.

Related party transactions and governance

• MD Kishore Katare unsecured loan to the company; outstanding 39,708 thousand.
• Directors and relatives remuneration largely non-remuneration; loans disclosed.
• Common directors’ entities Kamal Marketing Pvt Ltd; yarn purchases 19,355; sales 19,323.
• Katare Co-Op Bank facilities and related party balances disclosed.

Capital structure and liquidity

• Equity share capital 28,500 thousand; total equity 11,36,906 thousand; negative retained earnings.
• Reserves total 11,08,406 thousand; accumulated losses -28,955 thousand.
• Short-term borrowings 40,368 thousand; current liabilities 41,476 thousand; long-term borrowings 0.
• Dematerialization: 93.85% of shares dematerialized; no dividend declared.

Outlook and strategic initiatives

• Management aims to restart spinning when market viability improves.
• Board plans to add main object for Battery Energy Storage Systems (BESS) manufacturing.
• Special resolutions proposed to expand MOA and continuation of MD beyond 70 years.
• Emphasis on cost control, asset utilization and renewable energy expansion as growth levers.

Key dates

• Book closure from 19 September 2026 to 26 September 2026 (inclusive).
• AGM scheduled for 26 September 2026.
• Record date for e-voting rights: 18 September 2026.
• E-voting period: 23 September 2026 9:00 AM to 25 September 2026 5:00 PM.
• Security type: equity shares.

AGM details

• Date and time: 26 September 2026, 11:00 IST.
• Venue: Katare Complex, Gandhinagar, Solapur.
• Remote e-voting: 23–25 September 2026; cut-off 18 September 2026.
• Register/Transfer closure: 19–26 September 2026.

Key resolutions

• Adopt audited financial statements and reports.
• Re-appoint Umakant Mahindrakar as Director (retiring by rotation).
• Appoint Hiremath Patil Udgiri and Associates as Statutory Auditors for five-year term.
• Appoint Hiremath Patil Udgiri and Associates to fill casual statutory auditor vacancy.
• Additions to MOA: main object expanded to include BESS and energy storage.
• Continuation of Kishore T. Katare as Chairman and MD after age 70 till June 30, 2028.

Voting status

• Voting results not provided in this filing chunk.

Dividend

• No dividend information disclosed in this chunk.

Directors / management changes

• Umakant Mahindrakar to be re-appointed; retire-by-rotation.
• Continuation of Kishore T. Katare as Chairman and MD after age 70 till June 30, 2028.

Auditors

• G M Pawle and Associates resigned; casual vacancy filled by Hiremath Patil Udgiri and Associates.
• New statutory auditor to hold office from this AGM to 2031.

Material related party transactions

• No material RPT disclosed in this chunk.

Other material approvals

• MOA alteration to enable BESS-related activities, EPC and energy storage services.
• Special resolution for alteration; requires member approval.

Key Decisions

• Appointed M/s Hiremath Patil Udgiri and Associates as Statutory Auditors to fill casual vacancy, effective 21 Aug 2026.
• Auditors to hold office until the conclusion of the ensuing AGM.
• Proposed five-year term for the new auditors from AGM 2026 to AGM 2031.
• Resignation of previous Statutory Auditor M/s G M Pawle and Associates.
• Alter MOA to include Battery Energy Storage Systems, enabling diversification; subject to member approval.
• Approval via Special Resolution at forthcoming AGM.