Vinayak Polycon International Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Vinayak Polycon International’s record is clean on its face: seven consecutive years of unqualified audit opinions with no Key Audit Matters, and clean CARO responses across every clause. The concerns are all minor and disclosed, inconsistent terms for the same bank facility within one annual report, a family-controlled board with flat promoter salaries against falling median pay, and two small SEBI compliance breaches flagged in the FY2024-25 secretarial audit.

Key findings

  1. The same Bank of Baroda facility is disclosed with different rates and guarantors within one report Minor - The cash credit facility from Bank of Baroda, Park Street Branch, Jaipur is stated at 9.1% p.a. with two directors’ personal guarantee in Note 17, but at 10.25% p.a. with three directors’ guarantee in Note 32 of the same FY2024-25 annual report. The same inconsistency appears in FY2023-24 and FY2021-22.
  2. Promoter family holds all board seats; median pay fell while promoter salaries stayed flat Minor - Mr. Bharat Kumar Baid (Managing Director), Mr. Vikram Baid (Executive Director & CFO), and Mrs. Samta Baid (Non-Executive Director) are father, son, and wife/daughter-in-law, together holding 6,45,260 shares. Median employee pay fell 11.96% to ₹1,82,760 in FY2025-26, while Mr. Vikram Baid drew ₹23,40,000, unchanged for three years. All reappointment resolutions passed with 100% votes in favour.
  3. Two SEBI compliance breaches disclosed in the FY2024-25 secretarial audit Minor - The company did not make timely entries in the Structured Digital Database for financial results shared with auditors for two quarters, with delayed entries made up to September 30, 2024. It also missed disclosing the internal auditor’s resignation to the stock exchange, which the Board attributed to “unintentional oversight”. No regulator action has been initiated, and the Board’s Report for each year from FY2019-20 through FY2025-26 stated no material regulator orders.
  4. Operating cash flow swings between positive and negative while profits stay small Minor - CFO was ₹2.31 crore in FY25 and ₹2.16 crore in FY24, but swung to -₹0.32 crore in FY26 and -₹0.09 crore in FY23, while PAT ranged only from ₹0.04 crore to ₹0.29 crore across FY22-FY26. No dividend was recommended for FY2023-24, with the Board citing reinvestment in technology and mould upgradation. FY2022-23 ratio changes were attributed to the new term loan, new machine sales, and better inventory management.
  5. Trade receivables swing year to year while revenue declines for three straight years Minor - Trade receivables rose to ₹2.88 crore as at March 31, 2026 from ₹2.36 crore a year earlier, after falling from ₹3.84 crore in FY2024. Revenue declined from ₹21.80 crore (FY23) to ₹19.90 crore (FY26), with receivables days moving from 65.14 to 40.70 to 52.85. The FY25 reduction was attributed to “better debtor realisation”.
  6. Statutory auditor rotated at term end; internal auditors churned three years running Minor - M/s Tambi Ashok & Associates completed its first term at the 15th AGM on September 21, 2024, replaced by M/s A Natani & Co for five years, approved with 100% votes in favour. Internal Auditor Mr. Praveen Maharwal resigned effective 31 July 2024, and his successor CS Deepa Garg resigned effective May 29, 2025, both citing pre-occupation. The secretarial auditor has served continuously since FY2019-20 with no adverse remarks.
  7. No contingent liabilities or commitments disclosed for six consecutive years Minor - The company reported “no contingent liabilities or commitments” in every annual report from FY2020-21 through FY2025-26. The FY2022-23 auditor noted under Rule 11(g) that pending litigations impact was disclosed, while the FY2020-21 auditor stated no pending litigations would impact financial position. No IBC proceeding was pending in FY2024-25 or FY2023-24.
  8. Profit has been shaped by write-offs of disputed liabilities and demerger items Minor - Net profit ratio improvements in FY2024 and FY2022 were explained as due to “write-off of disputed liabilities” and increased sales. The FY2018-19 exceptional item was a demerger-related liability no longer required to be paid, which drove the 94.84% PAT fall in FY2019-20. Depreciation is consistently on the written down value method with no revaluation.
  9. Seven years of unqualified opinions with clean CARO responses on every clause Clean - Statutory auditors issued unqualified opinions for FY2019-20 through FY2025-26, with no Key Audit Matters or Emphasis of Matter paragraphs in any year. The FY2025-26 CARO report states the company is not a wilful defaulter, has no benami property proceedings, no undisclosed income, and no unpaid statutory dues under dispute. No fraud was reported by any auditor under Section 143(12) in FY2025-26.
  10. No non-arm's-length related-party transactions for seven years Clean - The company reported no loans, guarantees, or securities under Section 186 in every year from FY2019-20 through FY2025-26. Form AOC-2 for each year declared NIL non-arm's-length transactions. The company stated in FY2025-26 that no loans or advances were granted to promoters, directors, or KMPs.

What to watch

Bottom line: This is a disclosed, audited record with a genuinely clean core, seven years of unqualified opinions, no related-party transactions, and no regulator findings. The risk sits in the small, recurring inconsistencies: the same bank facility described differently within one report, a board fully controlled by one family, and a profit line shaped by write-offs. Read the notes carefully, and watch whether the FY2026-27 report resolves the facility terms and the cash flow swing.