Integrated Filing — IndAS



General information about company
Scrip Code 533189
NSE Symbol GOENKA
MSEI Symbol NOTLISTED
ISIN INE516K01024
Name of company GOENKA DIAMOND AND JEWELS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 30-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 23-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 30-May-2025   14:00:00
End date and time of board meeting 30-May-2025   19:00:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 4688000 13630000
Other income 37000 148000
Total income 4725000 13778000
2 Expenses
(a) Cost of materials consumed 4011000 11987000
(b) Purchases of stock-in-trade 0 0
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade -827000 2464000
(d) Employee benefit expense 1306000 4572000
(e) Finance costs 1389000 5533000
(f) Depreciation, depletion and amortisation expense 1145000 4580000
(f) Other Expenses
1 Other Expenses 1243000 5647000
Total other expenses 1243000 5647000
Total expenses 8267000 34783000
3 Total profit before exceptional items and tax -3542000 -21005000
4 Exceptional items 0 0
5 Total profit before tax -3542000 -21005000
6 Tax expense
7 Current tax 0 0
8 Deferred tax -33000 14000
9 Total tax expenses -33000 14000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations -3509000 -21019000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0 0
16 Total profit (loss) for period -3509000 -21019000
17 Other comprehensive income net of taxes -2601000 -293000
18 Total Comprehensive Income for the period -6110000 -21312000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 317000000 317000000
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve 2022788000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -0.01 -0.07
Diluted earnings (loss) per share from continuing operations -0.01 -0.07
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -0.01 -0.07
Diluted earnings (loss) per share from continuing and discontinued operations -0.01 -0.07
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 60036000
Capital work-in-progress 0
Investment property 0
Goodwill 0
Other intangible assets 0
Intangible assets under development 0
Biological assets other than bearer plants 0
Investments accounted for using equity method 0
Non-current financial assets
Non-current investments 0
Trade receivables, non-current 0
Loans, non-current 0
Other non-current financial assets 1374000
Total non-current financial assets 1374000
Deferred tax assets (net) 3107000
Other non-current assets 0
Total non-current assets 64517000
2 Current assets
Inventories 76692000
Current financial asset
Current investments 0
Trade receivables, current 7628976000
Cash and cash equivalents 6139000
Bank balance other than cash and cash equivalents 0
Loans, current 0
Other current financial assets 140786000
Total current financial assets 7775901000
Current tax assets (net) 0
Other current assets 4865000
Total current assets 7857458000
3 Non-current assets classified as held for sale 0
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 7921975000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 317000000
Other equity 2022788000
Total equity attributable to owners of parent 2339788000
Non controlling interest 660000
Total equity 2340448000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 0
Other non-current financial liabilities 0
Total non-current financial liabilities 0
Provisions, non-current 1115000
Deferred tax liabilities (net) 0
Deferred government grants, Non-current 0
Other non-current liabilities 0
Total non-current liabilities 1115000
Current liabilities
Current financial liabilities
Borrowings, current 1812058000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 3657741000
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 3657741000
Other current financial liabilities 25590000
Total current financial liabilities 5495389000
Other current liabilities 14797000
Provisions, current 375000
Current tax liabilities (Net) 69851000
Deferred government grants, Current 0
Total current liabilities 5580412000
3 Liabilities directly associated with assets in disposal group classified as held for sale 0
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 5581527000
Total equity and liabilites 7921975000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Diamond 4688000 13630000
2 Jewellery 0 0
Total Segment Revenue 4688000 13630000
Less: Inter segment revenue 0 0
Revenue from operations 4688000 13630000
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Diamond 3881000 4590000
2 Jewellery -6580000 -16513000
Total Profit before tax -2699000 -11923000
i. Finance cost 1389000 1389000
ii. Other Unallocable Expenditure net off Unallocable income 544000 544000
Profit before tax -4632000 -21006000
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Diamond 7063817000 7063817000
2 Jewellery 528846000 528846000
Total Segment Asset 7592663000 7592663000
Un-allocable Assets 329312000 329312000
Net Segment Asset 7921975000 7921975000
4 Segment Liabilities
Segment Liabilities
1 Diamond 3631737000 3631737000
2 Jewellery 26947000 26947000
Total Segment Liabilities 3658684000 3658684000
Un-allocable Liabilities 4263290000 4263290000
Net Segment Liabilities 7921974000 7921974000
Disclosure of notes on segments



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 ITEMS THAT WILL NOT BE RECLASSIFIED TO PNL 40000 40000
Total Amount of items that will not be reclassified to profit and loss 40000 40000
2 Income tax relating to items that will not be reclassified to profit or loss 10000 10000
3 Amount of items that will be reclassified to profit and loss
1 ITEMS THAT WILL BE RECLASSIFIED TO PNL -2631000 -323000
Total Amount of items that will be reclassified to profit and loss -2631000 -323000
4 Income tax relating to items that will be reclassified to profit or loss 0 0
5 Total Other comprehensive income -2601000 -293000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax -21005000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 5533000
Adjustments for decrease (increase) in inventories 12256000
Adjustments for decrease (increase) in trade receivables, current -936000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 0
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current -665000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities 0
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 4580000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 0
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 346000
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains 0
Adjustments for dividend income 0
Adjustments for interest income 28000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow 0
Other adjustments to reconcile profit (loss) 0
Other adjustments for non-cash items -285000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 20801000
Net cash flows from (used in) operations -204000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities -204000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 0
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 0
Purchase of property, plant and equipment 0
Proceeds from sales of investment property 0
Purchase of investment property 0
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 0
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 0
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 0
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 0
Interest received 0
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) investing activities 0
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 75000
Repayments of borrowings 0
Payments of lease liabilities 0
Dividends paid 0
Interest paid 0
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities 75000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -129000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0
Net increase (decrease) in cash and cash equivalents -129000
Cash and cash equivalents cash flow statement at beginning of period 6109000
Cash and cash equivalents cash flow statement at end of period 5980000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 UMMED JAIN AND CO Yes 31-Jul-2025


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 13778000 154708000
2 Total Expenditure 34784000 34784000
3 Net Profit/(Loss) -21006000 119924000
4 Earnings Per Share -0.07 0.38
5 Total Assets 7921974000 10336017000
6 Total Liabilities 5581526000 9654312000
7 Net Worth 2340448000 681705000


Audit qualification
Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Disclaimer of opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)
2 Textual Information(6) Disclaimer of opinion Repetitive Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Disclaimer of opinion Repetitive Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)
4 Textual Information(16) Disclaimer of opinion Repetitive Textual Information(17) Textual Information(18) Textual Information(19) Textual Information(20)
5 Textual Information(21) Disclaimer of opinion Repetitive Textual Information(22) Textual Information(23) Textual Information(24) Textual Information(25)
6 Textual Information(26) Disclaimer of opinion Repetitive Textual Information(27) Textual Information(28) Textual Information(29) Textual Information(30)
7 Textual Information(31) Disclaimer of opinion Repetitive Textual Information(32) Textual Information(33) Textual Information(34) Textual Information(35)
8 Textual Information(36) Disclaimer of opinion Repetitive Textual Information(37) Textual Information(38) Textual Information(39) Textual Information(40)
9 Textual Information(41) Disclaimer of opinion Repetitive Textual Information(42) Textual Information(43) Textual Information(44) Textual Information(45)
10 Textual Information(46) Disclaimer of opinion Repetitive Textual Information(47) Textual Information(48) Textual Information(49) Textual Information(50)
11 Textual Information(51) Disclaimer of opinion Repetitive Textual Information(52) Textual Information(53) Textual Information(54) Textual Information(55)


Text Block
Textual Information(1) The Group has not translated following monetary items denominated in foreign currency as at year ended closing rate which is not in accordance with Ind-AS -21 The Effect of changes in Foreign Exchange Rates and accounting policy followed by the Company. n nTrade receivable amounting to Rs. 76209.56 lacs n nTrade payables and other payable amounting to Rs. 36456.46 lacs n nThe Group has not provided for cumulative exchange gain (net) on the above items amounting to Rs. 15,078.13 lacs including exchange gain of Rs. 12.99 lacs pertaining to the quarter ended March 31, 2025 and Rs. 1,409.30 lacs pertaining to year ended on March 31, 2025. Accordingly, exchange gain is understated and loss is overstated for the quarter ended and year ended March 31, 2025 by Rs. 12.99 lacs and by Rs. 1,409.30 lacs respectively. Quantified by the Auditor n n
Textual Information(2) It was deemed prudent not to take cognizance of unrealised exchange difference on notional basis due to uncertainties with regard to expected time frame for realisation of Trade Receivables, Consequently, the payment to creditors is also dependent on recovery from these Trade receivables. The company shall account for the actual exchange difference at the time of realization of these trade receivables, Loans and advances and at the time of payment to trade creditors/ other payables. The company shall account for the actual exchange difference and deferred tax liability at the time of actual occurrence. At present the matter is with IRP appointed by NCLT and will be treated accordingly
Textual Information(3) Since impact was quantified by the auditor, management is of the view that impact will be quantified once NCLT final order received.
Textual Information(4) NOT APPLICABLE
Textual Information(5) FACTUAL STATUS IMPACT NOT QUANTIFIABLE
Textual Information(6) Had the claims of financial creditors, referred to in Para 1, exchange difference referred in para 3 and deferred tax referred to in para 6 above has been accounted for, consequential overstatement and understatement of assets and liabilities are as under- n n1.Trade Receivables Rs. 24128.10 lacs (Understatement) n2. Trade Payables Rs. 9048.22 lacs (Understatement) n n3. Current financial liabilities Rs. 1.75 lacs (Understatement) n4. Deferred Tax Liability Rs. 12.33 lacs (Understatement) n5. Borrowing (Understatement) Rs. 31677.89 n6. Other Equity Rs. 16587.43 (Overstatement) n nDue to uncertainties with respect to settlement of bank dues and interest, adjustments of trade receivables and payables and its consequential impact on taxation thereof, we are unable to ascertain the tax impact and liability, on the financial results. Quantified by the Auditor n n
Textual Information(7) The Management is taking all possible steps to revive the business operations and has approached consortium bankers for one-time settlement (OTS) of entire loan dues and assumes that Company will have adequate cash flow from export realization to defray its entire debt obligation in phased manner. Further, four lender banks have transferred and assigned its outstanding dues against company to an Asset Reconstruction Company and State Bank of India accepted the One Time Settlement (OTS) proposal submitted by the Company. However, OTS proposals submitted by the company to other banks are still under consideration. nAt present the matter is with IRP appointed by NCLT and will be treated accordingly n n n n
Textual Information(8) Since impact was quantified by the auditor, management is of the view that impact will be quantified once NCLT final order received.
Textual Information(9) NOT APPLICABLE
Textual Information(10) FACTUAL STATUS IMPACT NOT QUANTIFIABLE
Textual Information(11) The Company has recognized loss of Rs. 49.00 lacs on current investment designated through FVTPL. No deferred tax assets thereon amounting to Rs. 12.33 lacs have been recognized which is not in accordance with Ind AS-12 Income Taxes Quantified by the Auditor n n n n
Textual Information(12) The management has decided on basis of prudent not to recognize deferred tax asset. At present the matter is with IRP appointed by NCLT and will be treated accordingly
Textual Information(13) Since impact was quantified by the auditor, management is of the view that impact will be quantified once NCLT final order received.
Textual Information(14) NOT APPLICABLE
Textual Information(15) FACTUAL STATUS IMPACT NOT QUANTIFIABLE
Textual Information(16) We draw attention to Note No. 4(b) of financial results regarding the Holding Companys default in repayment of loans and interest to banks (including ARC) owing to which the banks have classified the account as NPA and recalled its loans and has initiated various legal actions for recovery of its dues including legal action initiated under Insolvency and Bankruptcy Act, 2016, SARFESI Act, The Recovery of Debts due to Banks and Financial Institution Act, 1993. The outstanding loans, credit balances and interest due to banks (including ARC) amounting to Rs. 17,730.38 lacs and adhoc / repayment of loan amount to an asset reconstruction company (ARC) of Rs. 1,405.61 lacs for which no confirmation/ statements have been provided to us are subject to reconciliation and subsequent adjustments.
Textual Information(17) Factual description of status of legal cases. Since, the banks are not allowing any operation and no statements/ confirmations are being issued by the banks. However, the Management to the best of its knowledge and belief has recorded all the transactions. nThe Company has received letters from ARC and Banks for assignment of debts of UCO Bank, Karnataka Bank, AXIS Bank and Central Bank of India in favour of ARC. The company has made payment of Rs. 1405.61 to ARC to adjust loans of above four banks debts assigned to ARC n
Textual Information(18) NOT APPLICABLE
Textual Information(19) NOT APPLICABLE
Textual Information(20) NOT APPLICABLE
Textual Information(21) No provision for expected credit loss/ impairment relating to overdue Trade Receivables of Rs. 76,280.19 Lacs as per the requirement of Ind- AS 109 Financial Instruments. In view of defaults in payment obligations by the Trade Receivables on due date, non-recoveries from Trade Receivables, non-receipt of confirmations/ reconciliation from Trade receivables, initiation of legal action/ suits against Trade Receivables by the group, notices/ summon to the Holding Company from Enforcement Directorate, Reserve Bank of India, Development Commissioner of Surat SEZ and in absence of clear forward looking information regarding outcome of pending legal actions initiated and time frame and quantum of realisability of these Trade receivables, we are unable to determine the amount of expected credit loss/ impairment based on provision matrix as per the requirements of Ind-AS 109 Financial Instruments and its consequential impact, on the financial results. Not Quantified by the Auditor
Textual Information(22) The Management is of the view that due to certain unfavorable developments and sluggish market in earlier periods, the recovery from trade receivables is slow and there is a mismatch in the cash flow. The Management is hopeful that these trade receivables shall be recovered as the company has initiated legal action by way of sending legal notices and filing court cases. The company has filed legal suits in Mumbai High Court against majority of debtors. Therefore, the company has not made provision for the expected credit loss/ impairment relating to overdue Trade Receivables, At present the matter is with IRP appointed by NCLT and will be treated accordingly
Textual Information(23) NOT APPLICABLE
Textual Information(24) NOT APPLICABLE
Textual Information(25) NOT APPLICABLE
Textual Information(26) Trade payables and other payables amounting to Rs. 36,456.46 lacs of the Group are outstanding since long for which neither any confirmation have been provided nor are we aware of any legal action initiated by the vendors against the Group. In absence of current status and relevant details, we are unable to comment on the payment obligation in this regard and its consequential impact on the financial results. Not Quantified by the Auditor
Textual Information(27) The company has filed legal suits in Mumbai High Court against majority of debtors and is in process of filing legal suits against other major debtors for recovery of dues. n nDue to delay in realization of debtors, there is a delay in payment to creditors. n nHowever, the Management to the best of its knowledge and belief has recorded all the transactions.x n
Textual Information(28) NOT APPLICABLE
Textual Information(29) NOT APPLICABLE
Textual Information(30) NOT APPLICABLE
Textual Information(31) The Inventory has been taken on the basis of physical verification carried out by the management of holding company (including inventory lying with franchisees on approval basis) as at the year end and its valuation is based on determination of estimated net realizable value and specific identification which involves technical judgment of management. In the absence of any valuation by an independent expert, we have relied upon by the physical verification and valuation of the Inventory as certified and determined by the management. Not Quantified by the Auditor
Textual Information(32) Management has physically verified the inventory as at year end and has properly valued the inventory based on determination of estimated net realizable value and specific identification
Textual Information(33) NOT APPLICABLE
Textual Information(34) NOT APPLICABLE
Textual Information(35) NOT APPLICABLE
Textual Information(36) Balances with Banks amounting to Rs. 1.58 lacs (debit balances), Other non-current deposits amounting to Rs. 13.23 lacs, other current assets (balance with government authorities) amounting to Rs. 32.48 lacs, Other Current Assets and Liabilities are subject to confirmations and consequential adjustment thereof. Not Quantified by the Auditor
Textual Information(37) The management is of the opinion that all the transactions have been recorded on the books properly. Efforts are being made regularly for obtaining confirmation statements.
Textual Information(38) NOT APPLICABLE
Textual Information(39) NOT APPLICABLE
Textual Information(40) NOT APPLICABLE
Textual Information(41) The Holding Companys operating results have been materially affected due to various factors including non-realization of unconfirmed Trade receivables, defaults in repayment of loans and interest to banks, non-availability of finance due to recall of loans by banks in consortium, legal actions/ insolvency proceedings initiated by banks against the holding company for recovery of its dues, notices/ summon to holding company/director(s) from Enforcement Directorate, Reserve Bank of India, Development Commissioner of Surat SEZ and from other regulatory authorities, commencement of CIRP proceedings against holding company as stated in Note No. 1, Debt Recovery Tribunals and other courts for recovery of banks dues and possession/attachment/sale of holding companys properties, assignment and transfer of dues in favor of an asset reconstruction company (ARC), pending income tax demands and consequent attachment of bank accounts by Income tax department, reliance on occasional sales for meeting out expenses, overall substantial decrease in volume of business and sales, non-payment of statutory dues and taxes, overdue unconfirmed trade payable, non-realization of loan and interest thereon from a subsidiary etc. We are also unable to determine the impact of actions and forthcoming actions that may be taken by various legal and statutory authorities due to various factors mentioned herein above. These events cause significant doubts on the ability of the group to continue as a going concern. The appropriateness of the going concern assumption is dependent on the groups ability to raise adequate finance from alternative means, settlement of its due from banks and ARC, outcome of CIRP process and recoveries from overseas Trade Receivables to meet its short term and long term obligations as well as to establish consistent business operation. The above situation indicates that material uncertainty exist that cast significant doubt on groups ability to continue as a going concern. Not Quantified by the Auditor
Textual Information(42) The management is of the view that due to certain unfavorable developments and sluggish market in earlier periods, the recovery from trade receivables are slow and there is a mismatch in the cash flow resulting in default in payment to creditors, payment of statutory dues and repayment of banks owing which banks have classified the account as NPA and recalled their loans. The management is hopeful that these trade receivables shall be recovered as the company has initiated legal action by way of sending legal notices and filing court cases. The company has filed legal suits in Mumbai High Court against majority of debtors and is in process of filing legal suits against other major debtors. Further, the management is taking all possible steps to revive the business operations and has approached consortium bankers for one-time settlement of entire loan dues and assumes that Company will have adequate cash flow from export realisation to defray its entire debt obligation and payment to creditors in phased manner. At the same time, management is hopeful that it will be able to raise adequate finance from internal accruals and alternate means to meet its short term and long-term obligations. Hence, the accounts of the Company are prepared on going concern basis. n nAt present the matter is with IRP appointed by NCLT and will be treated accordingly n
Textual Information(43) NOT APPLICABLE
Textual Information(44) NOT APPLICABLE
Textual Information(45) NOT APPLICABLE n
Textual Information(46) In absence of any sufficient appropriate audit evidences regarding certainty, quantum and time frame for recovery from Trade receivable, outcome of pending legal action initiated against Trade receivables and undergoing legal cases/ insolvency proceedings by banks against holding company for recovery of loans and possession of Holding Companys properties, commencement of Corporate Insolvency Resolution Process CIRP proceedings and appointment of Insolvency Resolution Professional (IRP) in Holding Company, transfer of banks dues in favor of ARC, other factors such as non-availability of confirmations of Trade Receivables, Trade payables, Borrowings, balances with ARC, Loans and Advances and bank accounts, non-payment of Trade payables and other liabilities including statutory dues, non-availability of finance due to recalling of the bank finance and attachment of bank accounts by Income tax department against its dues, impact of actions and forthcoming actions that may be taken by various legal and statutory authorities due to various factors mentioned herein etc and in view of multiple uncertainties and other factors as stated above we are unable to determine the possible effect on the financial result and ability of the group to continue as a going concern n nBecause of the significance of the matters described in the Basis of Disclaimer of Opinion section of our report, absence of sufficient appropriate audit evidences and Material uncertainty related to Going Concern paragraph below, it is not possible to form an opinion on the consolidated financial results due to the potential interaction of the uncertainties and their possible cumulative effect on the consolidated financial results. Accordingly, we do not express an opinion on the consolidated financial results. Not Quantified by the Auditor n n
Textual Information(47) Auditor have not expressed an opinion on the financial statement due to the reason has mentioned the auditors comments.
Textual Information(48) NOT APPLICABLE
Textual Information(49) NOT APPLICBALE
Textual Information(50) NOT APPLICABLE
Textual Information(51) We draw attention to Note No.1 of the financial results regarding commencement of Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Act, 2016 and appointment of Interim Resolution Professional (IRP) to carry function as mentioned under the Code. Consequently, the powers of Board stand suspended and are exercised by the IRP in line with the provisions of the Code. Subsequent to issue of public announcement by IRP, the claims submitted by the financial creditors, operational creditors and operational creditors (Govt. Dues) have been collated and admitted by the IRP. Attention is invited to Note No. 1(B) wherein the secured financial creditors have filed claims amounting to Rs. 49,408.27 lakhs against the outstanding amount of Rs. 17,730.38 lakhs as appearing in the books of accounts of the Holding Company. The differential amount of Rs. 31,677.89 lakhs has which is pertaining to interest and other adjustments have not been accounted for and to that extent interest and liability has not been provided by the Holding Company. Also, no accounting adjustment has been carried out of any short and/or excess claims received by the IRP in respect of operation creditors (Govt. Dues) amounting to Rs. 5,070.17 lakhs and other operational creditors of Rs. 29.77 lakhs. Quantified by the Auditor n. n
Textual Information(52) Corporation bank had filed petition with NCLT and the same has been admitted by the NCLT in December 2022 and the IRP has been appointed by the NCLT. At present the matter is with IRP appointed by NCLT and will be treated accordingly. n n
Textual Information(53) NOT APPLICABLE
Textual Information(54) NOT APPLICABLE
Textual Information(55) NOT APPLICABLE


Signatories detail
Name of CEO / Managing director NAVNEET GOENKA
Name of CFO NAVNEET GOENKJA
Name of audit committee chairman BHAU DHURE
Name of statutory auditor UMMED JAIN AND CO
Name of other signatory, if any, with designation UMMED JAIN
Place MUMBAI
Date 30-May-2025