SELMC2024-01-012024-03-31 SELMC2024-01-012024-03-31 SELMC2024-01-012024-03-31in-bse-fin:OneOperatingExpenses01Member SELMC2024-01-012024-03-31in-bse-fin:OneOperatingExpenses02Member SELMC2024-01-012024-03-31in-bse-fin:OneOperatingExpenses03Member SELMC2024-01-012024-03-31in-bse-fin:OneOperatingExpenses04Member SELMC2024-01-012024-03-31in-bse-fin:OneOperatingExpenses05Member SELMC2024-01-012024-03-31in-bse-fin:FourOperatingExpenses01Member SELMC2024-01-012024-03-31in-bse-fin:FourOperatingExpenses02Member SELMC2024-01-012024-03-31in-bse-fin:FourOperatingExpenses03Member SELMC2024-01-012024-03-31in-bse-fin:FourOperatingExpenses04Member SELMC2024-01-012024-03-31in-bse-fin:FourOperatingExpenses05Member SELMC2024-03-31 SELMC2024-01-012024-03-31in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member SELMC2024-01-012024-03-31in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss01Member SELMC2024-01-012024-03-31in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member SELMC2024-01-012024-03-31in-bse-fin:FourItemsThatWillBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 532886 SELMC NOTLISTED SEL Manufacturing Company Limited Equity 2023-04-01 2024-03-31 2024-05-30 2024-05-24 INR Lakhs Yearly 15:15:00 16:45:00 2024-05-30 2024-05-30 true Cash Flow Indirect Declaration of unmodified opinion Single segment Textile 2024-01-01 2024-03-31 Audited Consolidated 280091000.00 -25606000.00 254485000.00 243141000.00 158000.00 34235000.00 17355000.00 151868000.00 234776000.00 23092000.00 704625000.00 -450140000.00 34879000.00 -415261000.00 0.00 0.00 0.00 0.00 -415261000.00 0.00 0.00 0.00 0.00 -415261000.00 13288000.00 -401973000.00 0.00 0.00 331347000.00 10 -12.53 -12.53 0.00 0.00 -12.53 -12.53 1.The audited consolidated financial statements for the quarter and year ended March 31,2024 have been taken on record by the Board of Directors at its meeting held on 30th May,2024.The information presented above is extracted from the audited consolidated financial statements.The audited consolidated financial statements are prepared in accordance with the Indian Accounting Standards as prescribed under Section133 of the Companies Act,2013 read with Rule 3 of the Companies Rules,2015 and Companies Amendment Rules,2016. 2.The Parent Company underwent a corporate insolvency resolution process under section 31 of the insolvency and Bankruptcy Code, 2016.A Resolution Plan was approved by the Hon'ble National Company Law Tribunal, Chandigarh Bench {Approved Plan}, vide their orders dated 10th February,2021 and the implementation of the Approved Resolution Plan was concluded in the year 2020-21 with the re-constitution of the Board of Directors.2 (a) Pursuant to the Corporate Insolvency Resolution Process, the Banks and financial institutions have not taken appropriate action regarding the declassification of the parent company under the list of Defaulters in the records of RBI, rating agencies, Central Fraud Registry, ECGC, non-cooperative borrower, etc.The same was stipulated to be done within 30 days from the effective date as per the approved resolution plan.The Company filed an application before the Hon‘ble National Company Law Tribunal Chandigarh Bench regarding not taking appropriate action by the banks & financial institutions within specific time period in this matter.2(b)As per resolution plan approved and implemented in financial year 2020-21, the parent company was stipulated to bring Rs.6,500 lakhs for working capital and operational needs within first year of operation against which the parent company brought only Rs. 2,500 lakhs. Post implementation of the resolution plan the interest and instalments of the Parent Company were being served without any delay till the period ended 30th June,2023. However,the Parent Company is unable to infuse working capital amounting to Rs, 4,000 lakhs. 2(c) Consequently, the Company's performance is sub-optimal and falls short of expectations. Specifically, the Company is facing a multitude of intricacies hindering the successful pursuit of its business operations in a profitable and economically advantageous manner. An analysis of the performance of the Parent Company reveals that the Parent Company has not been able to fully harness its operational capacity to its fullest potential. The Parent Company is currently operating at a deficit and experiencing severe liquidity stress. All the plants of the company were remain shut down for most of the period in the quarter under consideration. This dire financial predicament has rendered the Company incapable of fulfilling its various financial obligations, i.e. the payment of interest, and servicing outstanding loans.2(d) The Parent Company has not repaid the quarterly instalment due on 30th September, 2023, 31st December,2023 and March,2024 amounting to Rs.2,756 lakhs and also has not paid the monthly interest due for the period July,2023 to March,2024 amounting to Rs.4,467.16 lakhs. The Parent Company filed an application before the Hon‘ble National Company Law Tribunal, Chandigarh Bench regarding the issue of declassification etc. as mentioned in para 2(a). The Hon'ble National Company Law Tribunal, Chandigarh Bench has passed an interim ex parte order vide dated 16th August, 2023 with direction, granting a complete moratorium to the parent company in the payment of amounts as per the plan Including payment of deferred amount and interest of Term Loan and all other payments to the banks, till the next date of hearing. As per said order the Parent Company is also directed to infuse the necessary funds as provided for in the approved resolution plan within a reasonable period Single segment 2023-04-01 2024-03-31 Audited Consolidated 3742731000.00 54743000.00 3797474000.00 2988313000.00 951000.00 339567000.00 257372000.00 596149000.00 951564000.00 707714000.00 5841630000.00 -2044156000.00 114623000.00 -1929533000.00 0.00 0.00 0.00 0.00 -1929533000.00 0.00 0.00 0.00 0.00 -1929533000.00 -118551000.00 -2048084000.00 0.00 0.00 331347000.00 10 -895238000.00 -58.23 -58.23 0.00 0.00 -58.23 -58.23 Consumables & Repair Maintenance 3355000.00 Fees & Taxes 3829000.00 Legal & Professional Charges 590000.00 Other Expenses 14768000.00 Statutory Auditors' Remuneration 550000.00 Consumables & Repair Maintenance 23250000.00 Fees & Taxes 7976000.00 Legal & Professional Charges 4278000.00 Other Expenses 671460000.00 Statutory Auditors' Remuneration 750000.00 9773824000.00 424600000.00 0.00 0.00 12951000.00 0.00 314000.00 13265000.00 48223000.00 10259912000.00 171575000.00 0.00 8126000.00 29734000.00 4188000.00 0.00 113000.00 42161000.00 22146000.00 54699000.00 290581000.00 0.00 10550493000.00 331347000.00 -895238000.00 -563891000.00 -563891000.00 8186432000.00 8186432000.00 5769000.00 8192201000.00 1212876000.00 953515000.00 732626000.00 2899017000.00 19705000.00 3461000.00 2922183000.00 11114384000.00 10550493000.00 after the Banks have complied with direction to declassify the company from various lists as mentioned in paragraph 2{a).3 The shareholders of the Parent Company have passed the resolution regarding the Initiation of Corporate insolvency Resolution Process under Section 10 of the Insolvency and Bankruptcy Code, 2016 In its Extra Ordinary General Meeting held on 13th October,2023. 4.As part of the Resolution Plan, the non-interest bearing secured loan shall be repaid to the financial creditors from the proceeds of the sale of the Identified Assets. All of the Identified Assets have been sold and the loan has been repaid. 5 The Company has only one Reportable Segment i.e. Textiles, hence Segment Reporting is not applicable. 6 The Directorate of Enforcement carried out search & seizure action at the registered office of the parent company on 12th January 24 under section 17 of the Prevention of Money Laundering Act, 2002. Based on the inquiry during the search proceedings, further no notice has been received nor any information called for. 7 As of 30 November 23, the Company Secretary had resigned from the company. According to Section 203 of the Companies Act 2013, the company is in the process of filling the vacant position within the stipulated timeframe. 8.During the year, the subsidiary of the Company has been struck off by the Registrar of Companies based on the application filed under section 248(5) of the Companies Act, 2013. 9 The Code on Social Security, 2020 relating to employee benefits during employment and post employment benefits received Presidential assent In September 20. The Code has been published in the Gazette of India, However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. 10 Figures relating to the previous period/year have been regrouped/rearranged, wherever considered necessary, to correspond with the current period/year's disclosures. 11 The company has received a notice for imposition of fine amounting to Rs 4.01 lakhs from the NSE Limited and BSE Limited regarding non-compliance with SEBI (LODR} Regulations, 2015 and/or Regulation 76 of SEBI (D&P) Regulations, 2018 (Depository Regulations). However, the company has suitably filed the reply for the said notices. 12.The figures for quarter ended March 31,24 are the balancing figures between audited figures in respect of the full financial year ended on those dates and the reviewed year-to-date figures upto the third quarter of the respective financial year 13.The parent company has netted off sale rate difference (relating to the financial year 2018-19) amounting to Rs. 225 Lakhs from sate of goods. 14 Bank of Maharashtra had declared company (under old / previous management prior to liquidation) as willful defaulter on 16.11.2022 in respect of outstanding loan of Rs. 7,285 lakhs. Similarly, the Company has also received a notice from India Exim Bank for appearance before “Willful Defaulter Committee” in earlier year for replying on the willful defaulter notice. 15.Due to the default in payment of electricity dues of plant located at Village Mehatwara, Sehore, MP amounting to Rs, 2244.63 lakhs. MPMPKVV, Bhopal has discontinued the electricity supply. Accordinglying the company has adjusted the security deposit amounting to Rs. 892.60 lakhs against the amount payable in its financial statements. Also due to the default in payment of electricity dues of plant located at Village Lal Kalan, Ludhiana amounting to Rs. 85.18 lakhs. PSPCL has discontinued the electricity supply. However, the company has not adjusted the security deposit against the amount payable in its financial statements. The Company has only one reportable segment i.e. Textiles, hence Segment Reporting is not applicable. 595569000.00 355221000.00 61198000.00 0.00 168203000.00 0.00 0.00 76784000.00 -208000.00 113424000.00 0.00 242078000.00 0.00 951564000.00 0.00 -1555000.00 0.00 0.00 0.00 0.00 0.00 10428000.00 0.00 0.00 0.00 0.00 -250411000.00 0.00 0.00 2301439000.00 371906000.00 0.00 0.00 0.00 0.00 0.00 371906000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 37664000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10428000.00 0.00 103252000.00 0.00 151344000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 84178000.00 0.00 0.00 0.00 595569000.00 0.00 156800000.00 -522947000.00 303000.00 0.00 303000.00 29431000.00 29734000.00 Items that will not be reclassified to Profit or Loss 31794000.00 Items that will not be reclassified to Profit or Loss 45339000.00 31794000.00 45339000.00 0.00 0.00 Items that will be reclassified to Profit or Loss -18506000.00 Items that will be reclassified to Profit or Loss -163890000.00 -18506000.00 -163890000.00 0.00 0.00