Mardia Samyoung Capillary Tubes Company Ltd began in 1992 as an Indo-Korean joint venture making precision copper capillary tubes and brass components for industry, but after its factory fell silent and the founding family sold out in late 2024, it is now a completely different animal - a trading house controlled by a Gujarat-based pulses trader that has dismantled its manufacturing past, sold the machinery, and rewritten its charter to pursue agriculture, precious metals, and e-commerce. The recurring approach is a clean break: the new owners acquire a listed shell, erase the old business, and load it with fresh objects and capital, using the public-company platform as a vehicle for whatever comes next. # Business segments A single operating engine - agricultural commodity trading - sits inside a shell that has been legally re-wired for jewellery, bullion, pest-control products, and online retail, but those remain objects on paper, not businesses with revenue. ## 1. Agricultural commodity trading: the only engine that is actually running **The company buys and sells agricultural produce - an extension of the acquirer's existing pulses-trading business - and by May 2026 it was the sole segment generating revenue.** - **Born from the acquirer's day job** - Torextron Ventures Private Limited, the Gujarat entity that bought 69.4% of the company in December 2024, was already trading pulses, with income of about ₹15.3 crore in FY24. The listed company was steered into the same activity, so the new management is doing what it already knows. - **The legal charter caught up in September 2025** - the Board approved adding objects to the Memorandum of Association to carry on business as agriculturists, farmers, and gardeners; to cultivate, grow, produce, harvest, and deal in agricultural produce, fruits, vegetables, seeds, and organic products; and to set up processing units, subject to shareholder and other approvals. That gave formal cover for what was already underway. - **Consultancy is bolted on as a side offering** - the company can now advise farmers on obtaining finance from institutions like NABARD and on organic production, future price trends, and even hydroponics and aeroponics farming. It is a services wrapper around the core trading relationship. - **The man running it comes from agro-industry** - Managing Director Dhaval Dharmendrabhai Joshi, appointed in February 2025 for five years and also serving as CFO, had been a team leader and marketing hand in agro-industries since April 2020. The business is led by someone who grew up in the trade. ## 2. Jewellery, bullion and precious stones: a permission slip, not a business **The company has given itself the legal right to operate across the entire precious-metals and gems value chain - from cutting rough diamonds to selling finished jewellery online - but there is no evidence of any activity yet.** - **The objects clause reads like a directory of the trade** - in September 2025 the Board approved adding main objects to act as goldsmiths, silversmiths, jewellers, gem and diamond merchants, and to manufacture, process, cut, polish, grade, import, export, and deal in every conceivable precious and semi-precious stone, from diamonds and rubies to moonstone and amber. It is an exhaustive list designed to leave no future move off-limits. - **E-commerce is baked in from the start** - the objects authorise online shopping, e-retail trading, net marketing, multi-level marketing, virtual malls, and secured payment processing for business-to-business and business-to-consumer transactions in jewellery, watches, sunglasses, and other consumer goods. The company wants the option to sell direct to consumers through digital channels. - **No revenue, no operations, no timeline** - the filings describe objects and authorisations, not a live business. The segment exists as a legal and strategic option, funded by the capital raised through warrant conversions in early 2026, but it has not yet translated into buying or selling a single gram of gold. ## 3. Public health and agricultural products: a small bet on pest control and sprayers **Alongside the jewellery push, the company added objects to manufacture pest-control products and agricultural sprayers - a narrow industrial sideline that connects to its farming ambitions.** - **Two specific manufacturing lines were authorised** - the Board approved objects to carry on business as manufacturers of public health products for pest control and general insect control, and as manufacturers of all kinds of sprayers for agricultural purposes. It is a targeted addition, not a broad chemical or engineering play. - **It piggybacks on the agricultural trading story** - the same September 2025 board resolution that expanded the company into farming, organic produce, and agricultural consultancy also added these manufacturing objects. The logic appears to be that a company trading in agricultural produce might also sell the tools and products farmers use. # Group structure and partners **The company is a listed shell that changed hands from one promoter group to another in a single transaction, then raised capital by issuing warrants to a roster of individual investors - there is no operating group, just a controlling entity and a widened shareholder base.** - **The Mardia family exited completely** - fourteen selling promoter shareholders, including several Mardia-family individuals, HUFs, and private limited companies with interests in finance, leasing, and trading, sold their entire 69.41% stake to Torextron Ventures Private Limited in December 2024 at ₹5 per share and walked away. - **Torextron Ventures is the new controlling entity** - a Gujarat-registered private company (CIN U51909GJ2021PTC120004) that trades pulses, owned 60.4% by Dhaval Joshi and 39.6% by Keyur Saxsena, with no property, plant, or equipment on its books as of November 2024. Post-acquisition it held 69.42% of the listed company, and after converting warrants in February 2026 its holding rose to about 1.79 crore shares. - **Sixteen non-promoter investors bought warrants in early 2026** - between February 4 and February 6, 2026, the company allotted 7.25 crore fully convertible equity warrants at ₹13.50 apiece to individuals, and by mid-February substantially all had been converted into equity, pushing the paid-up capital from roughly ₹6.9 crore to about ₹67.7 crore. The allottees are a diverse set of individual investors with no disclosed operational role. - **The Korean connection is a historical echo** - the "Samyoung" in the company's name points to a technical collaboration or joint venture with a Korean partner at its 1992 founding, but the current status and details of that relationship are not disclosed in any available filing.