Kandal M Venture Limited files foreign-private-issuer reports that document its leather-goods manufacturing business, interim financial results and public-company governance. The company’s Form 6-K disclosures include unaudited condensed consolidated financial statements, management discussion and analysis, guidance releases and press-release exhibits related to customer orders and operating performance.
FMFC filings also cover material agreements, ordinary-share offering activity, related-party transactions, a completed minority equity investment in Dumaine International Ltd, and executive leadership changes. The records describe capital structure events such as the IPO over-allotment of ordinary shares, subsidiary-level arrangements and board or audit committee approval of related-party matters.
Kandal M Venture Limited reports changes involving its directors or certain officers. The company thanks Mr. Kwok for his contributions and introduces Mr. Lam, who brings over 15 years of senior financial management experience across manufacturing and retail sectors in multinational corporations.
Mr. Lam previously served as senior finance manager at Grand Nice Development Limited, a subsidiary of Texwinca Holdings Limited, from August 2023 to May 2026. He holds a Bachelor of Business Administration from the University of Hong Kong and has no family ties or material related-party transactions with the company.
Kandal M Venture Limited issued general guidance for the fiscal year ended March 31, 2026, indicating that both revenue and net income are expected to increase versus the prior year. For fiscal 2025, the company reported revenue of about $17.2 million and net income of roughly $210,000, or $0.01 per share.
For the first six months of fiscal 2026 ended September 30, 2025, Kandal generated revenue of about $7.9 million and net income of approximately $169,000, also $0.01 per share. The company highlighted a zero-debt balance sheet and adequate cash, and outlined a strategy to diversify sales toward markets such as the U.K., Japan, Asia, the Middle East and Europe to lessen U.S. tariff pressures and support growth.
Kandal M Venture Limited, through its wholly owned subsidiary Padachi M Venture Limited, will enter into a convertible bond purchase agreement with Dumaine International Ltd to acquire $2.5 million of newly issued senior unsecured convertible bonds. The bonds bear 6% annual interest, payable in cash semi-annually, and mature five years from issuance unless earlier converted or repaid.
Padachi M already owns 15% of Dumaine’s issued share capital, while 38.25% is owned by Director and chairman Mr. Miao Duncan and 46.75% by Mr. Miao Tai Wai, David. The deal is a related party transaction and has been approved by the Company’s board of Directors and audit committee.
Kandal M Venture Limited, parent of Cambodian leather goods manufacturer FMF and listed on Nasdaq as FMFC, reported unaudited results for the six months ended September 30, 2025. Revenue fell to US$7.9M from US$9.5M, mainly due to higher U.S. import tariffs and related discounts.
Gross profit declined to US$1.5M, with margin contracting from about 23.8% to 18.7% as materials and labor costs rose. Net income dropped to US$168,855 from US$651,621, while basic and diluted EPS decreased from US$0.04 to US$0.01.
Following its June–July 2025 IPO, total equity increased to US$8.0M and all US$5.1M of short-term borrowings were repaid, lifting cash and cash equivalents to US$1.66M. The company also made an US$3.9M loan to a third party, later fully collected in March 2026.
On December 22, 2025, FMFC received a Nasdaq notice for non-compliance with the US$1.00 minimum bid price requirement but retained its listing and was granted an initial 180-day cure period. In March 2026, a subsidiary agreed to acquire 15% of Dumaine International Limited for US$2.5M.
Kandal M Venture Limited reports that its previously announced sales and purchase agreement to acquire 15% of the issued share capital of Dumaine International Ltd has been completed on March 11, 2026. The transaction is classified as a related party transaction.
Before completion, Dumaine was owned 45% by Mr. Miao Duncan and 55% by Mr. Miao Tai Wai, David. After completion, Dumaine’s issued share capital is owned 15% by Padachi M, 38.25% by Mr. Miao Duncan and 46.75% by Mr. Miao Tai Wai, David. Mr. Miao Duncan is the Company’s director and chairman, and the controlling shareholder DMD Venture Limited is owned 45% by him and 55% by Mr. Miao Tai Wai, David. A copy of the acquisition agreement is included as Exhibit 10.1.
Kandal M Venture Limited reported weaker results for the six months ended September 30, 2025, with revenue down about 17.0% to US$7,903,629 from US$9,523,465 a year earlier. Higher U.S. import tariffs and rising material and labor costs pressured performance.
Gross profit fell to US$1,479,542, and gross margin declined from about 23.8% to 18.7%. Net income dropped sharply to US$168,855 from US$651,621, with EPS down to US$0.01 from US$0.04.
Operating cash flow swung to an outflow of US$2,118,963, while net cash from financing was US$7,811,814, mainly from IPO proceeds of US$8,014,981 and repayment of related-party loans and borrowings. The balance sheet strengthened as borrowings fell to zero and total equity rose to US$7,982,494 as of September 30, 2025.
Strategically, Kandal agreed to invest US$2.5 million in a 15% stake in Dumaine International Ltd to expand manufacturing into the Philippines and appointed Mr. Fok Yui Kwong as Executive Director and CEO effective February 1, 2026. The company also highlighted total new orders of about US$17.2 million for the Trans 2026 season.
Kandal M Venture Ltd, a more than ten percent owner of FMFC, filed an initial Form 3 reporting its existing indirect holdings. The filing shows it indirectly holds 3,608,000 A shares and 1,650,000 B shares of Kandal M Venture Limited through DMD Venture Limited as of June 25, 2025. This Form 3 records beneficial ownership positions and does not report any new share purchases or sales.
Kandal M Venture Ltd filed an initial insider ownership report for FMFC. The filing shows that the firm, identified as a director and more than 10% owner with the role of Chairman, holds its stake indirectly through DMD Venture Limited.
The report lists beneficial ownership of 2,952,000 Kandal M Venture Limited A shares and 1,350,000 Kandal M Venture Limited B shares, both held indirectly. These entries reflect existing holdings rather than new buy or sell transactions.
Kandal M Venture Ltd filed an initial insider ownership report (Form 3) for FMFC. The filing identifies Kandal M Venture Ltd as an independent director–level reporting person and, in the provided data, shows no reported transactions, exercises, gifts, or other changes in share ownership.
Kandal M Venture Ltd, listed as an Independent Director of FMFC, has filed an initial insider ownership report on Form 3. The structured data shows no reported transactions, no buy or sell activity, and no derivative positions or holding entries associated with this reporting person.