LIBAS2025-01-012025-03-31LIBAS2025-03-31LIBAS2024-03-31LIBAS2024-04-012025-03-31LIBAS2025-01-012025-03-31in-capmkt:OtherExpenses1MemberLIBAS2024-04-012025-03-31in-capmkt:OtherExpenses1MemberLIBAS2025-01-012025-03-31in-capmkt:ReportableSegments1MemberLIBAS2025-01-012025-03-31in-capmkt:ReportableSegments2MemberLIBAS2024-04-012025-03-31in-capmkt:ReportableSegments1MemberLIBAS2024-04-012025-03-31in-capmkt:ReportableSegments2MemberLIBAS2025-01-012025-03-31in-capmkt:ReportableSegments1MemberLIBAS2025-01-012025-03-31in-capmkt:ReportableSegments2MemberLIBAS2024-04-012025-03-31in-capmkt:ReportableSegments1MemberLIBAS2024-04-012025-03-31in-capmkt:ReportableSegments2MemberLIBAS2025-01-012025-03-31in-capmkt:ReportableSegments1MemberLIBAS2025-03-31in-capmkt:ReportableSegments1MemberLIBAS2025-01-012025-03-31in-capmkt:ReportableSegments2MemberLIBAS2025-03-31in-capmkt:ReportableSegments2MemberLIBAS2025-01-012025-03-31in-capmkt:ReportableSegments1MemberLIBAS2025-03-31in-capmkt:ReportableSegments1MemberLIBAS2025-01-012025-03-31in-capmkt:ReportableSegments2MemberLIBAS2025-03-31in-capmkt:ReportableSegments2MemberLIBAS2025-01-012025-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1LIBAS2024-04-012025-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1LIBAS2025-01-012025-03-31AuditorDomain1LIBAS2025-01-012025-03-31in-capmkt:AuditedMemberLIBAS2025-03-31in-capmkt:AuditedMemberLIBAS2025-01-012025-03-31in-capmkt:AdjustedMemberLIBAS2025-03-31in-capmkt:AdjustedMemberLIBAS2025-01-012025-03-31AuditQualification1LIBAS2025-01-012025-03-31AuditQualification2LIBAS2025-01-012025-03-31AuditQualification3LIBAS2025-01-012025-03-31AuditQualification4LIBAS2025-01-012025-03-31AuditQualification5LIBAS2025-01-012025-03-31AuditQualification6LIBAS2025-01-012025-03-31AuditQualification7iso4217:INRiso4217:INRxbrli:shares000000LIBASNOTLISTEDINE908V01012Libas Consumer Products LimitedMain BoardEquity2024-04-012025-03-312025-06-132025-06-05INRLakhsQuarterlyFourth quarterMulti segment2025-06-1319:30:002025-06-1321:59:00trueCash Flow IndirectStatement on impact of audit qualification2025-01-012025-03-31AuditedConsolidated313350000285000031620000029259000000134280003499000334000-3778000306073000101270000101270000276200027620000736500000007365000-152400058410007365000000263446000100.220.22000.220.222024-04-012025-03-31AuditedConsolidated919101000285300092195400077624800000217080001424500014020007900000089260300029351000029351000029080002908000026443000000026443000-60910002035200026443000000263446000105536320001.231.23001.231.23Other Expenses-3778000Other Expenses790000001048400000000001000000016975400016985400095700058360001871310003112660000416556000152989000004443500061398000000925246000001112377000263446000553632000817078000081707800000001186300011863000000251800014381000138085000793000013229800014022800014090002797220001196000000280918000002952990001112377000Garment196452000Rock Salt116898000Garment605204000Rock Salt31389800031335000091910200000313350000919102000Garment1538000Rock Salt9237000Garment-710000Rock Salt414550001077500040745000349900014245000-2850000-28530001012600029353000Garment765888000Rock Salt1886260009545140001578630001112377000Garment140229000Rock Salt01402290001550710002953000000-35475000-1888400008983000-1933600042920000099672000097500001402000000-509000060910000191200000005200000045819000751700000-142450000-149700009091200000000000037600000000000000000000019120000015360000000000009290000001424500000-235350006891300006891300084074000152987000Foreign Currency Translation Reserve-1524000-1524000Foreign Currency Translation Reserve-6091000-609100000-1524000-6091000AuditedQualified opinionChoudhary Choudhary & Co.true2025-05-31921955000940890000892603000103114400026445000-1230200001.23-4.441112377000945248000295300000277636000817078000667613000Significant deficiencies in lnventory Management: During the course of our audit, we observed significant deficiencies in the Company's inventory management system. In our opinion, the inventory is overstated by 1,187.30 lakhs, comprising obsolete stock of 700.84 lakhs, overvaluation of 167.94 lakhs, and stock shortages of R318.52 lakhs. Consequently, the profit for the period is also overstated by the same amountQualified opinionSince how long continuingDuring last 2 financial year management Is aware of mismanagement of inventory due to closure of Delhi Branch, Juhu Branch and Borivali Branch and return of goods without barcoding. The management is refurbishing all the stock for further utilizations. The management has tie-ups with various TV serial directors to use the old refurbished cloths for costume in the serials. The impact of arrangomant will be visible from July month onwards. <br></br> Te hdndgement will not obsolete the goods instead utilized the same for furtherance of business.Not ApplicableNot ApplicableNot ApplicableLoan agreement not obtained: Loan agreements for Short Term Loans and Advances given to Various parties (Asset) for a total amount of Rs 884.27 lakhs were not provided. Out of these loans gjven, certain parties' amounting Rs, 298.59 lakhs, there have been no receipts from these parties in last 2 financial years. In the absence of any agreement and balance confirmations from these parties and in view of no receipts from these parties in past 2 years, we are of the opinion that loans and advances aggregating Rs 298.59 lakhs may not be <br></br> recoveratble by the company. Assets are over stated in the balance sheet to this extent.Qualified opinionSince how long continuingLoans given to Employees and third parties are fully recoverable, the management has take initiative to collect the old loans and advance Management is quite sure to collect the total amount in near future. The above advance given to various parties prior to Covid period and they were facing financial issues and therefore the collection was delayed. Management was able to recover around 8 Crores during FY 2024-25.Not ApplicableNot ApplicableNot ApplicableInterest on Loans given not recognized; Interest income on the loans aggregating to Rs 632.92 lacs, given by the company has not been recognized in the books. In the absence of any loan agreement, we are unable to quantify the interest income not booked by the company. Interest income of Rs 12.71 lacs has been booked against loans amounting to 172.35 lacs, however there has not been any realization of this interest during the year and basis of income booked is not provided.Qualified opinionSince how long continuingThe advance given to various parties for material bance no agreements were prepared. Few COVid affected parties were unpaid. We can not charge interest on advance for material still we are negotiating with parties to collect the interest on overdue advance.Not ApplicableNot ApplicableNot ApplicableDoubtful Recoverability of Lone-Outstandinp Irade Receivables: As at the balance sheet date, the Company is carrying trade receivables aggregating to 198.11 lakhs which have remained outstanding without any recovery or movement for a period exceeding two financial years. In the absence of subsequent collections, corroborative evldence, or adequate impairment assessment, we are unable to obtain sufficient appropriate audit evidence regarding the recoverability of these receivables. In our view, the recoverability of these balances is doubtful, and no provision has been recognized in the financial statements. Consequently, the carrying value of trade <br></br> receivables and the profit for the year are overstated to this extent.Qualified opinionSince how long continuingThe Long outstanding Debtors include receivable from various parties of different branches.Due to closure of branches the collections were delaved. Management is putting all efforts to collect the amount.Not ApplicableNot ApplicableNot ApplicableUnsubstantiated Trade Payables: The Company has reported trade payables amounting to 176.64 lakhs, which have not cxhibitcd any movement or sctlemcnt for over two financial years. We were not provided with sufficient documentation, including confirmations or other supporting cvidence, to validate the existence and completeness of these liabilities. As a result, we are unable to delermine the accuracy and compleleness of thc trade payablcs reported in the financial statcments.Qualified opinionSince how long continuingAs far as Trade Payable is concern, it is highly impractical to get confirmation from each party. The Auditor has received confirmation from some parties directly in to their mails. The Amount is coming from previous years and hence fully substantiated by audited financials. Company delayed the payment on account of certain issues in the product supplied by those parties. It is the duty of management to approve payment for supply which meet the quality standards. Hence the argument of Auditor towards non payment is very general and not acceptable to Management.Not ApplicableNot ApplicableNot ApplicableInternal Control Processes are not commensurate with the size of the business.Qualified opinionSince how long continuingNot ApplicableAs far as internal control process is concern, each payment from the bank account is <br></br> personally verified by the concerned Director and properly under control of management. As <br></br> far as stock is concern, we already accepted the loopholes and took remedial action to control <br></br> the same.Not ApplicableNot ApplicableDiscrepancy in Inventory Valuation between Financial Records and Stock Statement Submitted to Bank: During the coursc of audit, it was notcd that the valuc of inventory reported in the financial statements as on 31st March 2025 amounts to 22196.99 Lacs as per the company's books (Tally and Iinancials). Howcver, the stock statement submitted lo the bank for tlhe same date reflects a valuce of 2028.00 lacs. This results in a <br></br> discrepancy of 168.99 lacs between the two reportcd figures. In the absence of reconciliatorv documentation or justification for the differential valuation, we are unable to verify the accuracy and completeness of the inventory records. Such a significant difference raises concerns over the reliability of the inventory valuation prcsented in the financial statements and may impact the true and fair view of the financial position of the <br></br> company.Qualified opinionWhether appeared first timeAs far as Inventory submission to bank is concern, the statement submitted to bank is as per <br></br> the agreed loan terms and conditions after removing the old stock and hence the difference is <br></br> there in both the statement.Not ApplicableNot ApplicableNot ApplicableRiyaz GanjiMohammed Shabbir SakerwalaAshish DubeyChoudhary Choudhary & Co.Mumbai2025-06-13