Union Quality Plastics Limited will hold a Board of Directors meeting on Monday, August 31, 2026. The primary agenda is to consider an application for extending the Annual General Meeting for FY26.

The company intends to submit this request to the Registrar of Companies in Mumbai. This procedural step allows the firm additional time to convene its shareholders for the financial year ending March 31, 2026.

Regulatory Compliance

The intimation was issued under Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was communicated to BSE Limited from its offices at PJ Towers, Dalal Street, Mumbai.

G. Jethw & Co., acting as the compliance consultant, issued the formal notification on behalf of Union Quality Plastics Limited. The scrip code for the company on the exchange is 526799.

Union Quality Plastics Limited reported a net loss of ₹3.20 lakh for the financial year ended March 31, 2026, as its net worth turned negative due to accumulated losses. The company's current liabilities exceeded its current assets, prompting statutory auditors to flag a material uncertainty regarding its ability to continue as a going concern. Sagar & Associates issued a qualified opinion on the audited financial results, citing significant lapses in financial reporting and asset recoverability.

The auditors identified Rs. 274.83 lakhs in sundry debtors outstanding for over three years, with a net provision of Rs. 55.57 lakhs. The report states that no additional Expected Credit Loss was provided for non-moving debtors, and the recoverability of these receivables could not be confirmed. Additionally, Rs. 158.06 lakhs in closing stock, classified as slow-moving for more than two years, lacked a determined Net Realisable Value (NRV), raising concerns about its appropriateness.

Further qualifications include Rs. 364.33 lakhs in sundry creditors outstanding for over three years without confirmations, and Rs. 429.75 lakhs in other current assets. This category includes Rs. 419.25 lakhs advanced to related party Ikon Associates without documented terms, and Rs. 10.50 lakhs receivable from Gopinath Enterprise Private Limited with no record of receipt terms. The auditors also noted they were unable to verify Rs. 1.38 lakhs held across six bank accounts due to missing statements.

The company's financial position shows total assets of Rs. 815.09 lakhs against total liabilities of Rs. 815.09 lakhs for the year ended March 31, 2026. Equity share capital remained constant at Rs. 692.64 lakhs, while other equity stood at a negative Rs. 859.49 lakhs. The management attributed the financial decline to reduced demand for products like HDPE Tarpaulins and changes in government scheme priorities post-Covid-19.

Financial Results for FY26

Statement of Assets and Liabilities