Southern Latex Limited has scheduled its 37th Annual General Meeting (AGM) for September 10, 2026, to transact ordinary and special business items, including the adoption of financial results for FY26 and a significant strategic shift in its corporate identity. The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM) in compliance with Ministry of Corporate Affairs (MCA) General Circular No. 03/2025.

Strategic Name Change and Business Diversification

The Board of Directors has proposed changing the company’s name from Southern Latex Limited to Shirdi Engineering Limited. This resolution is linked to an alteration in the Memorandum of Association to include new main object clauses pertaining to the electrical engineering industry. The Board stated that the existing name is intrinsically associated with the rubber industry and does not reflect the proposed business profile, which could adversely impact market perception and brand positioning.

The new main objects will enable the company to manufacture and deal in:

• Electrical power transmission and distribution equipment, including power transformers and voltage regulators.
• Conductors such as AAC, ACSR, copper, and aluminium wires.
• Electrical instruments, switchgears, control panels, and solar components.
• Aluminium rods manufactured from billets or ingots.

Additionally, the company seeks to remove the 'Other Objects' clause from its Memorandum of Association to align with Section 4(1)(c) of the Companies Act, 2013, which prohibits such clauses.

Director Reappointment

As part of the ordinary business, shareholders will vote on the reappointment of Mr. Neelakanda Pillai Namasivayam as a director liable to retire by rotation. Mr. Namasivayam, who holds a Bachelor of Science degree and has experience in mechanical engineering, was initially appointed on November 5, 2003. He currently serves as Managing Director and holds directorships in Rajalakshmi Education Services Private Limited, Shirdi Conductors Private Limited, and Norton Polymers Limited.

Voting and Meeting Logistics

Shareholders holding shares as on September 3, 2026, are eligible to vote. Remote e-voting will be facilitated by Central Depository Services (India) Limited (CDSL) from September 7, 2026, to September 9, 2026. The register of members and share transfer books will remain closed from September 4, 2026, to September 10, 2026, to determine voting eligibility.

Individual demat shareholders can vote via their depository participant (CDSL/NSDL) platforms, while physical shareholders must use the CDSL e-voting portal. Corporate shareholders are required to upload board resolutions and powers of attorney for verification. The company emphasized that votes cast via remote e-voting cannot be modified, and shareholders who have voted remotely will not be eligible to vote during the live VC session.

Southern Latex Limited reported a net profit of ₹27.5 lakh for the financial year ended March 31, 2026 (FY26), an increase from ₹23.15 lakh in FY25. The company, which has no active commercial operations, generated total income of ₹53.96 lakh, primarily derived from interest earned on retained earnings and rental income.

The Board of Directors did not recommend a dividend for the year, opting to conserve resources. The company continues to explore strategic partnerships and product developments to revive its business operations, which have been dormant due to market demand shifts for rubberized coir products.

Financial Performance

Total income remained relatively stable at ₹53.96 lakh compared to ₹53.90 lakh in the prior year. Expenses decreased significantly to ₹21.38 lakh from ₹26.47 lakh, contributing to the improvement in profitability. Earnings per share (EPS) rose to ₹0.37 from ₹0.31 in FY25.

What the Numbers Show

The company’s financial profile is dominated by non-operational assets. As of March 31, 2026, Southern Latex held ₹638.6 lakh in loans and advances, constituting the vast majority of its current assets. This contrasts with cash and cash equivalents of just ₹3.11 lakh. The reliance on interest income from these advances and retained earnings underscores the absence of core business revenue, with rental income contributing ₹24 lakh to the total income.

Balance Sheet and Governance

Total assets stood at ₹708.82 lakh, up from ₹690.40 lakh in the previous year. The company has no borrowings or trade payables exceeding minor amounts. Promoter holding increased to 65.57% from 60.81%, with Klassic Industries Private Limited and Nortan Electricals Private Limited being the major shareholders.

The secretarial audit report noted that the company failed to intimate the stock exchange regarding the vacancy arising from the completion of the tenure of Woman Independent Director Mrs. Santhi. However, the Board appointed Mrs. K. Ashitha as a replacement Independent Director effective August 12, 2025, approved by shareholders in September 2025.