Steelco Gujarat Ltd

Fund utilisation status

• Mode: Rights Issue of equity shares.
• Proceeds: 1,489.66 Lacs; utilised: 1,284.22 Lacs; unutilised: 205.44 Lacs.
• Deviation: None; Monitoring Agency reports no deviation.
• Audit committee comments: No comments; Auditors: No deviations.
• Monitoring agency: Infomerics; confirms adherence to objects and ongoing monitoring.
• Objects monitored: Working capital and General Corporate Purpose; no material deviation observed.
• Unutilised proceeds placed in a monitoring account.

Appointment details

• Change type: Appointment of Additional Director and Non-Executive Independent Director.
• Person: Mr. Sudeep Saxena appointed as Additional Director and Non-Executive Independent Director.
• Effective 13 August 2026 for a two-year term, till next AGM or within three months, whichever earlier.
• Reason: Approved by Board on recommendation of Nomination and Remuneration Committee.
• Profile: Senior banking professional with 37+ years; Axis Bank leadership; current Principal Consultant.
• Education and qualifications: B.Sc., LL.B.; CAIIB; Certified Independent Director.
• Relationships: Not Related to other directors.
• Board/Committee impact: Appointment to be recorded; no other changes stated.

Financial highlights

• Revenue from operations ₹5,217.86 lakh; total revenue ₹5,257.15 lakh for Q1 FY2027.
• Net loss for the quarter ₹1,498.07 lakh.
• Rights issue: 13,30,060 shares allotted at ₹12; listing on 8 Jun 2026.
• Auditors' limited review completed; no material misstatement observed.
• Mortgage on leasehold land proposed; awaiting GIDC approval.

Rights issue proceeds & deployment

• Net proceeds available ₹14.59 crore; utilised ₹12.54 crore; unutilised ₹2.05 crore.
• Working capital funding ₹11.59 crore; general corporate ₹3.00 crore.

Security cover & debt

• Debt outstanding ₹15,116.91 lakh; total security value ₹35,170.33 lakh.
• Security cover ratio 2.33x as of 30 Jun 2026.

Business model & segment

• Single operating segment: steel products including cold rolled, galvanised, and pre-painted steel.

Financial results

• Unaudited standalone results for the quarter ended 30 June 2026 approved; Limited Review Report attached.

Auditors

• M Sahu & Co. resign as statutory auditors; effective 14 August 2026.
• TR Chadha & Co. LLP appointed as statutory auditors until next AGM.

Directors

• Mr. Sudeep Saxena appointed Additional Director and Independent Director for two years from 13 August 2026.

Rights issue

• Rights issue: 13,30,060 shares allotted at Rs 12; listed 8 June 2026.
• Gross proceeds Rs 14.89 crore; net proceeds Rs 14.59 crore; no deviation in use.
• Date of raising funds: 06/06/2026.

Utilisation & monitoring

• Monitoring agency: no deviation reported; balance Rs 2.05 crore in monitoring account.
• Utilisation: working capital Rs 11.59 crore; general corporate Rs 0.95 crore; remaining Rs 2.05 crore.

Security & compliance

• Emphasis of Matter: mortgage over leasehold land not yet created; awaiting GIDC approval.
• Independent auditor's limited assurance: no material misstatement observed.

Operating segment

• Company operates a single operating segment; no separate segment information disclosed.

Dematerialisation status

• RTA MUFG Intime India Pvt Ltd processed dematerialisation requests for quarter ended 30 June 2026.
• Securities dematerialised have been listed on the stock exchanges where the earlier issued securities are listed.
• Physical certificates for dematerialisation were mutilated and cancelled; depository name substituted as registered owner within prescribed timelines.