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MARBLES AND GRANITES LIMITEDMain BoardEquity2024-04-012025-03-312025-05-302025-05-22INRLakhsQuarterlyFourth quarterMulti segment2025-05-3019:00:002025-05-3023:00:00trueCash Flow IndirectStatement on impact of audit qualification2025-01-012025-03-31AuditedConsolidated767160001208600088802000279140005678000378000021029000254300082380002683300096015000-72130000-72130003960002540006500000-786300000080410001780000178000000089470000100.020.02000.020.022024-04-012025-03-31AuditedConsolidated3105740002966900034024300010638200026432000-4057000795570001454200025647000103216000351719000-114760000-11476000310800025400033620000-148380000008041000-67970000-6797000000089470000101153706000-0.76-0.7600-0.76-0.76MANUFACTURING EXPENSES12363000OTHER EXPENSES14470000MANUFACTURING EXPENSES55133000OTHER EXPENSES4808300025274000028145000003300000013470001449300020627400019225600041437000001489480008442360002627480000109154000388700040200011440002925000117512000185800001477140005465540000013907900008947000011537060001243176000-606560001182520000127250000368000368000013093000440000215660000169680005206700010442800003604200036042000343000140813000153900000001562030002082700001390790000GRANITE AND STONE DIVISION76716000REALTY DIVISION0POWER GENERATION UNIT4001000UNALLOCATED0GRANITE AND STONE DIVISION310574000REALTY DIVISION0POWER GENERATION UNIT13559000UNALLOCATED08071700032413300040010001355900076716000310574000GRANITE AND STONE DIVISION-1660000REALTY DIVISION0POWER GENERATION UNIT-3058000UNALLOCATED48000GRANITE AND STONE DIVISION-737000REALTY DIVISION0POWER GENERATION UNIT3609000UNALLOCATED192000-4670000306400025430001454200000-7213000-11478000GRANITE AND STONE DIVISION955695000REALTY DIVISION29599000POWER GENERATION UNIT242966000UNALLOCATED162530000139079000001390790000GRANITE AND STONE DIVISION119896000REALTY DIVISION0POWER GENERATION UNIT36308000UNALLOCATED01562040000156204000145420001467200038914000265400016674000-72422000321900000350000021000-299700013515000256470000047000-3780000-6266000015801000000-1176000-1163000-30000331990002172300000015180000202050000000000002633000000000000001239000000000162560000157140003057600000000000033569000001454200000-4811100026700000267000012170003887000000000AuditedQualified opinionNyati and Associatestrue2026-07-31340243000340243000351719000351719000-14839000-14839000-0.76-0.761390789000139078900020826900020826900011825200001182520000In one of the subsidiaries of the Holding Company, the other auditor who audited the financial statements / financial information of the subsidiary has reported that the subsidiary company viz: Madhav Ashok Ventures Private Limited has made investments amounting to Rs. 10,15,24,304 and has extended loans, including interest, amounting to Rs.7,64,89,721/- to its associate company, Madhav Surfaces FZC LLC as at 31st March 2025. The report of the other auditor states that the net worth of the associate company has been fully eroded, which constitutes an indicator of impairment as per the requirements of Indian Accounting Standard (Ind AS) 36 Impairment of Assets. However, the Company has not performed an impairment assessment in respect of the above investments and loans, nor has it recognised any impairment loss in the financial statements for the year ended 31st March 2025. In the absence of such an assessment, we are unable to determine whether any adjustments are required to the carrying values of the investments and loans. Had such impairment been assessed and recognised, the carrying value of these financial assets, the profit or loss for the year, and the related disclosures in the financial statements could have been materially impacted.Qualified opinionWhether appeared first timeIn response to the audit qualification, the management is optimistic about the future performance of its subsidiary, Madhav Ashok Ventures Private Limited, and its associate, Madhav Surfaces FZC LLC, Oman, in the current financial year. <br></br> This confidence is underpinned by the anticipated imposition of tariffs by the US on quartz products, which is expected to enhance the competitive advantage of the Oman-based operations over other countries, including India. This development is likely to improve the product demand in Middle East, India, US and European markets, thus improving profitability of the associate, thereby indirectly strengthening the financial position of the subsidiary. <br></br> Additionally, the Company anticipates improved cash flows in the current year, supported by increased working capital availability and ongoing production and dispatches aligned with the projected targets. <br></br> The promoters have also reiterated their commitment to the long-term stability of the subsidiary and are willing to infuse additional funds if necessary to support its increased operations. These developments, combined with focused efforts to enhance operational efficiency and market positioning, provide a strong basis for managements belief that the business outlook for both the subsidiary and its associate is expected to improve in the near term. <br></br> NAManagement is confident that the Subsidiary will recover from its current financial situation and return to a path of stability and growth.NANAS PANNEERSELVAMDEVENDRA MANCHANDASURESH NYATIRIDDHIMA DOSHI, WHOLE TIME DIRECTORUDAIPUR2025-05-30