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RUSSEL INDIA LIMITEDMain BoardEquity2024-04-012025-03-312025-05-292025-05-23INRLakhsQuarterlyFourth quarterSingle segmentTea Manufacturing Company2025-05-2915:00:002025-05-2918:55:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2025-02-13https://www.mcleodrussel.com/pdf/investor/policies/related-party-transaction-policy.pdffalsetrue2025-01-012025-03-31AuditedStandalone127890000077000001286600000-9300000081870000013558000006518000001285000003369000003282400000-19958000000-19958000000-301400000-3014000000-16944000000000-169440000010200000-16842000005223000005-16.22-16.2200-16.22-16.222024-04-012025-03-31AuditedStandalone102436000002310000010266700000-85000000-2700000069770000002101200000503400000308160000012627700000-23610000000-23610000000-397400000-3974000000-19636000000000-196360000041300000-19223000005223000005-3417400000-18.8-18.800-18.8-18.8Other Expenses336900000Other Expenses308160000089519000003624000001596700000010000015500000583500000018501100000392400000194770000004467000001397000003099000000068710000003619000004980000031000005720000011870000059070000082400000615300000197550000032965500000522300000-1018200000-495900000-49590000000112380000036700000116050000017660700000152600000745900000898500000104678000002902700000022963000008755000001021000003230090000033461400000329655000002101200000-213200000459000000-6840000000-1635000000152000000532500000050340000000-4950000000-900000000258000000-1950000057500000002766500000405500000-17000000-220000011250000002891000000000000016400000228400000-120000000000000000000000170000022000000-600000-220700000000000000000434000000-200000-43600000248000000248000002500000049800000Remeasurments of post-employment defined benefit plan272100000Change in Fair Value of Equity instruments through other compensive income-174900000Income tax relating to items that will not be reclassified to profit or loss-8700000010200000Remeasurments of post-employment defined benefit plan120200000Change in Fair Value of Equity instruments through other compensive income-40500000Income tax relating to items that will not be reclassified to profit or loss-3840000041300000001020000041300000McLEOD RUSSEL INDIA LIMITED******Mr. Aditya Khaitan******Chairman and Managing DirectorRemunerationApproved1843000049070006810000McLEOD RUSSEL INDIA LIMITED******Mr. Pradip Bhar******Chief Financial OfficerRemunerationApproved526600000McLEOD RUSSEL INDIA LIMITED******Mr. Alok Kumar Samant******Company Secretary and Compliance OfficerRemunerationApproved138700000McLEOD RUSSEL INDIA LIMITED******Ms. Kavita Khaitan******Wife of Aditya KhaitanRemunerationApproved1522000282000499000McLEOD RUSSEL INDIA LIMITED******Mr. Akhil Khaitan******Son of Aditya KhaitanRemunerationApproved899000146000294000McLEOD RUSSEL INDIA LIMITED******Ms. Apurvi Jalan******Daughter of Aditya KhaitanRemunerationApproved13860000568000McLEOD RUSSEL INDIA LIMITED******McLeod Russel Middle East DMCC******Step Down Subsidiary (Foreign)Sale of goods or servicesNot Applicable - Exempted985400063510009722000McLEOD RUSSEL INDIA LIMITED******Borelli Tea Holdings Limited******Wholly Owned Subsidiary (Foreign)InvestmentNot Applicable - Exempted015967180001596718000McLEOD RUSSEL INDIA LIMITED******D1 Williamson Magor Bio Fuel Limited******Associate due to shareholdingLoanApproved200000000551420000751420000McLEOD RUSSEL INDIA LIMITED******Ichamati Investments Limited******Promoter GroupLoanApproved0556519000556519000McLEOD RUSSEL INDIA LIMITED******Soom Stud Farm Private Limited******KMP have significant influence or controlLoanApproved01000000010000000McLEOD RUSSEL INDIA LIMITED******UNITED MACHINE CO. LTD.******Pomoter GroupLoanApproved-8000000015000000070000000McLEOD RUSSEL INDIA LIMITED******Mr. Amritanshu Khaitan******Non - Executive DirectorAny other transactionSitting FeeApproved20000000McLEOD RUSSEL INDIA LIMITED******Mr. Sanjay Ginodia******Non - Executive Independent DirectorAny other transactionSitting FeeApproved28000000McLEOD RUSSEL INDIA LIMITED******Ms. Rupanjana De******Non - Executive Independent DirectorAny other transactionSitting FeeApproved40000000McLEOD RUSSEL INDIA LIMITED******Mr. Amar Nath Dhar******Non - Executive Independent DirectorAny other transactionSitting FeeApproved36000000McLEOD RUSSEL INDIA LIMITED******Mr. Indrajit Sengupta******Non - Executive Independent DirectorAny other transactionSitting FeeApproved36000000McLEOD RUSSEL INDIA LIMITED******Borelli Tea Holdings Limited******Wholly Owned Subsidiary (Foreign)LoanApproved0192066000192066000McLEOD RUSSEL INDIA LIMITED******Dufflaghur Investments Limited******Promoter GroupLoanApproved10000000010000000Loan of UMC assignedMcLEOD RUSSEL INDIA LIMITED******Bishnauth Investments Limited******Promoter GroupLoanApproved70000000070000000Loan of UMC assignedMcLEOD RUSSEL INDIA LIMITED******Seajuli Investments Private Limited******Promoter GroupLoanApproved1000000000100000000For fulfiling repayment obligations340344000AuditedAdverse opinionM/S LODHA & CO. LLPtrue2027-03-3110266700000102667000001262770000013873100000-1963600000-3209000000-18.8-30.7232965500000329655000003346140000034706800000-495900000-1741300000Note 4 dealing with Inter Corporate Deposits (ICD) aggregating to Rs. 2,86,050 lakhs (including interest accrued till March 31, 2019) as on March 31, 2025 given to promoter group and certain other entities which are doubtful of recovery and considering recoverability etc. are prejudicial to the interest of the company. Provision of Rs. 1,01,039 lakhs had been made thereagainst in earlier years. In absence of ascertainment of the shortfall and provision against the remaining amount, the loss for the period is understated to that extent. Impact in this respect as stated in the said note have not been ascertained by the management and recognised in these financial results.Adverse opinionRepetitiveIn respect of Inter Corporate Deposits (ICDs) given to Promoter group and certain other entities (borrowing companies), the amount outstanding aggregates to Rs. 2,76,109 Lakhs as at March 31, 2025. Further, interest of Rs.9,941 lakhs on these amounts accrued upto March 31, 2019 are also outstanding as on this date. Interest on such ICDs considering the waiver sought by borrower companies and uncertainties involved with respect to recovery and determination of amount thereof, have not been accrued since April 01, 2019. These borrowing companies in turn advanced the amount so taken by them to Promoter Group and other entities mainly to provide financial support to one of the promoter group company against which Corporate Insolvency and Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code, 2016 (IBC) was subsequently initiated and the Resolution Plan as approved by the Honble National Company Law Tribunal (NCLT), Kolkata is currently under implementation. The company has filed legal suit before Honble Calcutta High Court for recovery of ICD from a promoter group entity and is in the process of initiating such proceedings against other entities as well for recovery of the amounts being overdue from them. Provision of Rs. 1,01,039 lakhs (including interest of Rs. 9,941 lakhs accrued upto March 31, 2019) made in earlier years on lumpsum basis without prejudice to the companys legal right to recover the amounts given by it has been carried forward during the period and adjustments considering the amount finally recoverable against outstanding amounts of ICDs is pending determination as on this date. Pending this and the resolution with respect to the companys borrowing as dealt with in Note 6 of the financial results, impact with respect to the shortfall in this respect have not been ascertained and given effect to in these financial results for the year ended March 31, 2025.Not ApplicableThe outstanding dues, net of provision thereagainst, as mentioned above, shall be adjusted and/or restructured on completion of the resolution with respect to companys borrowing by the lenders as dealt with in Note no. 6 of the financial results. Impacts if any in this respect will be given effect to on determination of the amount in this respect and no further provision/adjustment has been considered at this stage.In absence of ascertainment and provision against the remaining amount, the loss for the period is understated to that extent.Note 9(b) regarding non-recognition of Interest on loans, Inter Corporate Deposits and other amounts taken by the company and thereby the loss for the period is understated to the extent indicated in said note and non-determination of interest and other consequential adjustments/disclosures in absence of relevant terms and conditions in respect of certain advances being so claimed by customers as stated therein. Further, as stated in Notes 9(a) and 9(b), penal/compound interest and other adjustments in respect of borrowings from Asset Reconstruction Companies (ARCs), a Bank and ICDs etc. have not been recognised and amount payable to lenders and other parties as recognised in this respect are subject to confirmation from respective parties and consequential reconciliation. Pending final determination of amount with respect to these, adjustments and impacts arising therefrom have not been ascertained and as such cannot be commented upon by us.Adverse opinionRepetitiveNot QuantifiedNot QuantifiableThe company submits that pending resolution by the lenders with respect to the borrowings of the company as dealt with in Note 6 of the financial results and consequential adjustment in this respect, Interest on borrowings from ARCs and a bank have been continued to be provided on simple interest basis based on the rates specified in term sheet or otherwise stipulated/ advised from time to time and penal/ compound interest if any has not been considered. Further, amount repaid to lenders and/or recovered by them including by invoking securities and cut back payments from the sale proceeds of the tea etc., in earlier years have been adjusted against principal amount outstanding. The amount payable to the lenders in respect of outstanding amounts of borrowing including interest thereagainst is subject to confirmation and determination and consequential reconciliation and resolution to be arrived at as dealt with in Note 6 and will accordingly be dealt with on determination thereof. <br></br> <br></br> Penal interest / compound interest has not yet been confirmed by lenders. Further, the amount of interest would be finalised as agreed upon by the lenders on approval of the resolution plan and amount payable will then be ascertained and given effect to in the accounts. <br></br> Pending final determination of amount with respect to these, adjustments and impacts arising therefrom have not been ascertained and as such cannot be commented upon by us.Note 10 regarding non reconciliation/disclosure of certain debit and credit balances with individual details and confirmations etc. including borrowings and interest thereupon as dealt with in Note 9. Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us.Adverse opinionRepetitiveNot QuantifiedNot quantifiableThe Company submits that it has 33 tea estates/ factories and 2 offices and therefore it is practically not feasible to reconcile the entire balances and such reconciliation is an ongoing process. Impact will thus become ascertainable only upon reconciliations and confirmations. However, during the year certain account balances which were under reconciliation have been reconciled and required adjustments thereof have been given effect to in this year.Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us.Note 9(c) regarding non-determination and recognition of amount payable in respect of lease rent for office premises. Pending final determination of amount payable, adjustments and impacts arising therefrom as stated in the said note have not been ascertained and as such cannot be commented upon by us.Adverse opinionRepetitiveNot quantifiedNot quantifiableLease Agreement in respect of premises having registered and corporate office of the company has expired on August 31, 2022 and terms thereof are yet to be finalised with the lessor. Pending this, the amount of rent payable by the company including the adjustments towards the cost of maintenance etc. of the premises currently being undertaken by the company being non-determinable as such has not been recognised in these financial results.Pending final determination of amount payable, adjustments and impacts arising therefrom as stated in the said note have not been ascertained and as such cannot be commented upon by usNote 7 regarding non-determination of fair value of the Property, Plant and Equipment, Capital Work in Progress and Investment in subsidiary and impairment if any to be recognized thereagainst for the reasons stated in the said note. Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us.Adverse opinionRepetitiveNot quantifiedNot quantifiableAs stated in Note no. 6 of the financial results, the Company has been incurring significant amount of losses and its current liabilities are in excess of the current assets. Considering these indicators and circumstances stated in the said note, fair Value of Property, Plant and Equipment and Capital Work in progress (CGU) are required to be assessed for testing of Impairment thereagainst. Further, the company has investment of Rs. 15,967 lakhs in Borelli Tea Holdings Limited (BTHL) which are also required to be tested for impairment as on March 31, 2025. BTHL has substantial investment in its wholly owned subsidiary Mcleod Russel Uganda Limited (MRUL) which has been incurring cash losses and it's current liabilities is in excess of current assets. Certain loans taken by MRUL has currently been restructured so that to rebuild the value of business on completion of the tenure as specified for the restructuring. Pending resolution with respect to companys borrowing as stated in Note no. 6 of the financial results, impairment if any in the value of CGU and Investments as such, have not been determined and recognised in these financial results.Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us.Note 9(d) dealing with statutory liabilities outstanding as at the end of the period and non-determination of adjustments to be given effect to in this respect if any including interest as stated in the said note. Pending final determination of amount, adjustments and impacts arising therefrom as stated in the said note have not been ascertained and as such cannot be commented upon by us.Adverse opinionWhether appeared first timeNot quantifiedNot quantifiableThe company has statutory liabilities lying unpaid as on March 31, 2025 and in certain cases demands have been received from the authorities. Necessary representations including for settling the arrear amount over a period of time have been made to the authorities explaining the financial stringencies currently being faced by it and the resolution plan under consideration of NARCL (as stated in Note 6 of the financial results) and the amount of interest etc. thereagainst has not been recognised in these financial results. The amounts as demanded are also subject to reconciliation with the books of accounts of the respective tea estates and adjustments/ impact in this respect are therefore currently not ascertainable.Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us.As stated in Note 8, the predecessor auditor pertaining to the financial year ended March 31, 2019 in respect of the loans included under Qualification 1 above have reported that it includes amounts given to group companies whereby applicability of Section 185 of the Companies Act, 2013 could not be ascertained and commented upon by them. They were not able to ascertain if the aforesaid promoter companies could, in substance, be deemed to be related parties to the Company in accordance with paragraph 10 of Ind AS-24 Related Party Disclosures. Further, certain ICDs as reported were in the nature of book entries and/or are prejudicial to the interest of the company. Moreover, in case of advance of Rs. 1,400 lakhs to a body corporate which had subsequently been fully provided for, appropriate audit evidences as stated were not made available. These amounts are outstanding as on this date and status thereof have remained unchanged and uncertainty and related concerns including utilisation thereof and being prejudicial to the interest of the company are valid for periods subsequent to March 31, 2019 including current period also. The matter as reported is under examination and pending before regulatory authorities. Pending final outcome of the matter under examination we are unable to ascertain the impact of non-compliances and comment on the same.Adverse opinionRepetitiveNot quantifiedNot quantifiableThe matter as reported is pending before regulatory authorities.Pending final outcome of the matter under examination we are unable to ascertain the impact of non-compliances and comment on the same.MR. ADITYA KHAITANMR. PRADIP BHARMR. AMAR NATH DHARMR. VIKRAM MATTA, PARTNER M/S LODHA & CO. LLP, CHARTERED ACCOUNTANTSKOLKATA2025-05-2914610700014610700000176607000