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The face value of equity share capital is Rs. 10/- only (Rupees Ten Only). <BR> <BR> 2. Other equity excluding revaluation reserve for the FY 2024-25 is Rs.(5,54,406.42).2024-04-012025-03-31AuditedConsolidated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emeasurement of the defined benefit plans5873500058735000Remeasurement of the defined benefit plans5873500058735000005873500058735000AuditedQualified opinionP V A R & ASSOCIATEStrue2028-02-29125088000012444086000500307000119988570007505730004452290005.17.4223613063000348017520006963947500081138025000-54840642000-55145986000i. Refer to Note No.4(a) of Consolidated Financial Statements, non-availability of title deeds in the name of the Group in respect of following properties namely: <br></br> a) Leasehold Building <br></br> i. Leasehold land at Jawahar Vyapar Bhawan valued at Rs. 55,929 lacs <br></br> ii. Leasehold land at Housing Colony at Aurobindo Marg valued at Rs. 12,394 lacs <br></br> iii. Plot at Mallet Bunder, Mumbai Port Trust valued at Rs. 11.67 lacs <br></br> b) Freehold Building <br></br> i. 8 Residential Flats at Asian Games Village Complex, allotted by DDA amounting to Rs. 2720 lacs <br></br> ii. 7 apartments in different locations of Mumbai amounting to Rs. 1918 lacs <br></br> Further, lease period for plot at Mallet Bunder, Mumbai Port Trust has already expired and the land has been handed over to Mumbai Port Trust. Surrender certificate has been executed on 12.11.2021. But this still continues to be shown as non current assets held for sale. Thus, non current assets held for sale has been overstated by Rs. 11.67 lacs. It will also have consequential impact on the Statement of Profit and Loss account resulting into overstatement of profit by Rs. 11.67 lacs. <br></br> Further the farm tanks installed at Mallet Bunder amounting to Rs. 14.84 lacs have also been handed over on as is where is basis. The State Trading Corporation of India Limited has not raised any debit note for the same and thus non current assets are being overstated by Rs. 14.84 lacs. Further to this, the auction of the STC assets was conducted by MBPT on 11.06.2024 and <br></br> the assets were ultimately sold for Rs. 355 lacs, with the previously forfeited EMD of Rs. 25 <br></br> Lacs. STC calculated its total receivables from MBPT at Rs. 418 lacs which includes the sale <br></br> proceeds, EMD and deposits. STC to set off this amount against the Rs. 257 lacs Lease rent <br></br> payable, amount yet to be reconciled with MBPT resulting in a net receivable of Rs. 161 lacs <br></br> from MBPT. Refer Note 57. <br></br> Further, Group has not amortized the value of the leasehold properties according to the IND AS 116 for the period expired till 31.03.2025 resulting into overstatement of non current assets held for sale and consequential impact on profit of the Group, the amount whereof could not be quantified in absence of complete data from the Group. Qualified opinionRepetitiveTitle or Lease deed in respect of following properties is pending for execution <br></br> i. Leasehold Land <br></br> Lease hold land includes land measuring 2.599 acres allotted by L and DO vide Memorandum of Agreement for Lease dated 05.12.1975 for construction of office building i.e. Jawahar Vyapar Bhawan at Janpath, New Delhi for which lease deed is not yet executed in the name of the Company. <br></br> <br></br> Leasehold land includes a plot at Mallet Bunder, Mumbai Port Trust where STC has a Tank Farm Installation for which lease period has expired and the surrender certificate has been executed on 12.11.2021.The tanks installed at Mallet Bunder has been surveyed by the MbPT and assets handed over on as is where is basis with an understanding that the value of the same shall be adjusted and paid to STC. Hence, appropriate treatment will be effected upon arrival of such valuation. <br></br> ii. Freehold Building <br></br> Freehold Building includes house building at Asian Games Village Complex allotted by DDA vide allotment letter dated 30.05.1984, which is earmarked for settlement under OTS on as is where is basis. The valuation of the properties is underway. <br></br> Free hold building includes 7 apartments in Mumbai Located 2 at Wallace Apartment Grant Road , 3 at Mandar Apartment, 1 at Shyamsadan at Khar West and 1 at Las Palmas, Malabar hills, which is earmarked for settlement under OTS on as is where is basis.NANANAii. Refer Note No. 4, for non-adjustment of value or area in Fixed Assets Register against areas acquired by Delhi Metro Rail Corporation for construction of Metro Station and by L and DO for widening of the Road during Asian Games, as well as the flats or area of land sold by the Group to The Handicrafts and Handloom Exports Corporation of India Limited for its Housing colony. Management is in correspondence with DMRC and concerned departments. <br></br> This has resulted into overstatement of non current assets held for sale and consequential impact on profit of the Group, the amount whereof could not be quantified in absence of complete data from the Group.Qualified opinionRepetitive325.685 square meters taken by NDMC for widening of roads during Asian Games and 388.91 square meters taken by DMRC for construction of Metro or Metro Station out of the total leasehold land allotted by L and DO to STC for construction of office building at Jawahar Vyapar Bhawan Tolstoy Marg, Janpath, New Delhi. The Company has taken up the matter with L and DO for reduction of both the area and the records will be updated in Fixed Assets register or Schedule in respect of its area and value once the final outcome in the matter is arrived at. The efforts are being made with L and DO in this regard on regular basis. <br></br> NANANAAll trade receivables amounting to 1,72,533.71 lacs as per Note No. 9 have been outstanding for more than 3 years. The Group has made provision for bad and doubtful debts amounting to Rs. 65,551.17 lacs and another sum of Rs. 1,06,982.54 lacs have been shown as Having Significant increase in credit risk since the same is under litigation. As per Note No.9, it is explained that no provision has been made for the same since the relevant creditors will be paid only after recovery of these trade receivables, though in most of the cases agreements are not tripartite. <br></br> Further there has been no recovery during the Financial Year 2023 24 and there is no major update of legal cases which are pending at various forums. Thus trade receivable are not stated at realizable value less cost to be incurred to recover these trade receivables. There is also no balance confirmation available for these trade receivables as on 31.03.2024 and hence we are unable to comment upon the genuineness and effect of the same on the financial statements, if any. <br></br> We are of the view that all trade receivables amounting to 1,72,533.71 lacs are considered doubtful of recovery resulting into short provision for doubtful debts amounting to Rs. 1,06,982.54 lacs. Thus the provision for bad and doubtful debts has been understated by Rs. 1,06,982.54 lacs and consequential impact on the statement of profit and Loss account resulting into overstatement of profit by Rs. 1,06,982.54 lacs. <br></br> Further in case of Rajat Pharmaceuticals Ltd, under note no.39.4, Pt.No.4, who drew bills of exchange on STC which were accepted upon receipt of overseas buyers pre acceptance to STCs bills of exchange. However, the foreign buyers defaulted in making payments against the export bills and have gone into liquidation. A sum of Rs.52786 lacs has been admitted by the liquidator of one of the foreign buyers i.e. Loben Trading Co. Pte. Ltd, Singapore. A Decree of Rs 6247 lacs approx. has been passed by Honble Bombay High Court in favour of STC against the dues from another foreign buyer i.e Sweetland Trading Pte Ltd., Singapore. As of current date, RPL has gone into liquidation and official liquidator is appointed by Honble High Court of Bombay. The matter is also under investigation by CBI. Banks and Financial institutions have filed legal suit against RPL before DRT or High Court Mumbai, making STC also a party to the case claiming Rs. 47647 lacs. STC has filed non money claim suit before different Courts at Delhi and Mumbai for declaring Bills of Exchanges <br></br> of STC as null and void and unenforceable against STC which were conditionally accepted by STC on backtoback basis i.e. STC will make payment to Rajat or Banks only upon receipt of export proceeds from the foreign <br></br> buyers. <br></br> STC had filed 272 Criminal Complaints us 138 of N.I Act in New Delhi in 2009 which were transferred <br></br> from MM Court, Patiala House District Court, New Delhi to the 33rd MM Court, Ballard Pier, Mumbai. <br></br> Now the matters have been again transferred to M.M. Court, Mazgaon, Bombay. STC is claiming an amount <br></br> or Rs.45,635 lacs from Rajat towards cheque bounce. Cases are at the stage of issuing of <br></br> summons or arguments on issuing of summons. <br></br> In the case of ICICI Bank Ltd. Bank of Rajasthan Ltd. v. The State Trading Corporation of India Ltd. and <br></br> Ors related to Rajat Pharmaceuticals Ltd., as per the final order dated 11.06.2025 passed by the Honble <br></br> Debts Recovery Tribunal-II, Delhi, STC has been directed to deposit a sum of Rs. 2,655 lacs within 30 days <br></br> from the date of order. However, STC has challenged the DRT, Delhi Award and has filed an appeal before <br></br> DRAT, Delhi on 25.07.2025. STC is hopeful of getting relief, hence no provision being of contingent nature <br></br> has been made. Profit of the company is overstated and the liabilities are understated by the same amount.Also refer to Note No. 39, for matters other than RPL, as all these matters are sub-judice and or under investigation of CBI and we are unable to comment upon the genuineness and effect of the same on the Financial Statements. Qualified opinionRepetitiveOut of the total trade receivable of Rs. 1,72,533.71 lacs includes Rs. 1,06,982.54 lacs having significant increase in credit risk being under dispute or litigation for details of major legal cases refer note no. 39. Trade receivables against which dispute or legal proceedings are under process, have been considered as Having Significant increase in credit risk. The company feels that even if no amount would eventually be recovered, no credit impairment is required for the credit risk since the creditor will be paid by the company only to the extent the amount is realized from the debtors. <br></br> Trade receivables include 56,844 Lacs approx. on account of export of pharma products to foreign buyers purchase from Rajat Pharmaceuticals Ltd. RPL drew bills of exchange on STC which were also accepted upon receipt of overseas buyers pre acceptance to STCs bills of exchange. The foreign buyers i.e. Loben Trading and Sweetland defaulted in making payment against the export bills. A claim of 52,786 Lacs has been admitted by the liquidator of one of the foreign buyer i.e. Loben Trading Co.Pte Ltd, Singapore. A Decree of 6,247 Lacs has been passed by Honble Mumbai High Court in favour of STC against the dues from foreign buyer i.e. Sweetland Trading Pte Ltd. As of current date, RPL has gone into liquidation and official liquidator is appointed by Honble High Court Mumbai. The matter is also under investigation by CBI. No provision is required against the same. Banks and Financial institutions have filed legal suit against RPL before DRT or High Court Mumbai making STC also a party to the case claiming 47,647 Lacs. <br></br> STC has filed non-money claim suit before different Courts at Delhi and Mumbai for declaring Bills of Exchanges of STC as null and void and unenforceable against STC which were conditionally accepted by STC on back to back basis i.e STC will make payment to Rajat or Banks only upon receipt of export proceeds from the foreign buyers. <br></br> STC had filed 272 Criminal Complaints us 138 of N.I Act in New Delhi in 2009 which were transferred from MM Court, Patiala House District Court, New Delhi to the 33rd MM Court, Ballard Pier, Mumbai. Now the matters have been again transferred to M.M. Court, Mazgaon, Bombay. STC is claiming an amount or Rs.45,635 lacs from Rajat towards cheque bounce. Cases are at the stage of issuing of summons/arguments on issuing of summons. <br></br> NANANACurrently, as per books of accounts, USD 3,149.35 lacs and Euros 20.90 lacs is receivable from its foreign buyers and USD 41.49 lacs and Pound 0.04 lacs is payable to its foreign suppliers. In nutshell, there are foreign buyers and creditors standing in the financials of STC which have not been revalued in the FY 2023-24. <br></br> Thus, the Group has not complied with Ind AS 21 (regarding Effects of Changes in Foreign Exchange) by not revaluing the carrying amounts, in most cases, of foreign currency receivables and payables, which are under litigation/disputed. <br></br> Therefore, we are unable to ascertain the potential impact on the financial statements, if any.Qualified opinionRepetitiveMatters are subjudice considering materiality concept.NANANAi. Refer Note No. 14 -Other Current Assets for non-provisioning in respect of Duties and taxes recoverable , CST (coal ) amounting to Rs. 6.89 lacs which is non recoverable and still not written off. <br></br> <br></br> ii. Refer Note No. 11- Other Financial Assets -Claims Recoverable: For non-provisioning in respect of Claims Recoverable o/s since more than 3 years amounting to Rs.3152.94 lacs where no present status is ascertained by the management of the Group and still not written off. <br></br> This is non-compliance of IND AS -36 as no provision has been made for impaired assets. <br></br> All these current assets are being reflected at their carrying amounts instead of on Realization values. <br></br> This has resulted into overstatement of Current assets by Rs.3152.94 lacs and overstatement of profit by Rs.3152.94 lacs. Qualified opinionRepetitivePending with various department and authoritiesNANANARefer Note No. 38, for non-provision of a demand of Rs. 4,743 lacs out of total demand received from Land and Development Office - New Delhi amounting to Rs. 13,283 lacs (for the period March,2004 to July, 2018) which has resulted in overstatement of profit by Rs 4,743 lacs and understatement of liabilities. However, it has been shown as contingent liability. Also, company has not provided for interest accruing on the said demand amount (to be calculated at the rate of 10%) approx. Profits are overstated and liabilities are understated by the amount yet to be ascertained by Management. Director General of Audit has intimated short provision of Rs.75.92 cr towards interest (calculated 10% p.a. on Rs.132.83 cr from 14th July 2018 upto 31st March 2024) which will further cumulate till final payment to L and DO. Further, STC vide letter dated 20.05.2025 requested L and DO to provide outstanding dues as on date and the reply is still awaited. Profits are overstated and liabilities are understated by the amount yet to be ascertained by Management. <br></br> Further, Company has not ascertained liability/ provisional liability for Non-compliance of the various conditions of the Lease deed (including non-deposit of 25% of the gross rent received by STC from its tenants) payable to L and DO for the period August 2018 to March 2025, and the interest thereon. Amount is unascertained by the management. Profits are overstated and liabilities are understated by the amount yet to be ascertained by Management.Qualified opinionRepetitiveDemand of Rs. 132.83 Crore was raised by L and DO vide its letter no. L and DDO/LS2A/9225/133 dated 26th March 2018 from 2004-05 onwards for non-compliance of various conditions of the Lease Deed (including non-deposits of 25% of the gross rent received by STC from its tenants). However, the company has disputed the demand and the matter is yet to be resolved. On the observation of CAG audit, the firm liability of Rs. 8,540 lacs has been created in the books of accounts for the F.Y. 2021-22. Further, STC through its various letters has been regularly following up with L and DO for providing details of outstanding dues and the latest reminder letter dated 20.05.2025 has been issued by STC requesting L and DO to provide details of outstanding dues, as on date and the reply is still awaited. NANANARefer Note No.21, All the trade payables amounting to Rs. 1,11,886.89 lacs are without any balance confirmation and are outstanding for more than 3 financial years. No amount is payable to these parties as these are suppliers who have entered into legal agreement with STC wherein no amount is payable to them until and unless the amount is recovered from the buyer. Thus, the management has not accorded any treatment to these trade payables and to that extent, liabilities are overstated. Qualified opinionRepetitiveMatters are subjudiceNANANAGST <br></br> Refer Note No.14, The GST input receivable and payable balances are not reconciled by the Group as on March 31,2024. GST input Rs 64.73 lacs - non claimable but no provision has been made. Profit of the Group is overstated by the same amount. <br></br> <br></br> Tax Deducted at Source <br></br> TDS deducted will be reconciled with form 26AS at the time of submitting Income Tax return, as on the date of report the complete information is not available. <br></br> No provision has been made for TDS default of Rs 8.89 lacs pending, submission of correction statements. Qualified opinionRepetitiveGST matter will be taken up and default of TDS will be paid in FY-2025-26NANANARefer Note No. 24, customer at credit includes amount payable to U.P. Government amounting to Rs <br></br> 603 lacs. As informed by the management, the The State Trading Corporation of India Limited has <br></br> made various other claims on U.P Government and accordingly dues of Rs. 3382.23 lacs is recoverable <br></br> from U.P. Government for which debit note dated March 10, 2014 was raised. However, the said claim <br></br> was not recognized in the Consolidated financial statements of the Group till date, as its ultimate <br></br> collection was not certain. In absence of information on acceptability of the said claim by the UP <br></br> Government, we are unable to ascertain its possible impact, if any, on the Consolidated financial <br></br> statements of the Group.Qualified opinionRepetitiveIncludes an amount payable of Rs. 603 lacs to U.P. Government is adjustable against claims of interest and carrying charges amounting to Rs 3,382.23 lacs is outstanding from UPGEWC on account of (i) differential of import price and amount realised on risk sale of 9555.285 MTs Lemon Tur and (ii) Interest and carrying charges, and STC has been continuously following up the recovery matter with Govt of UP and filed its petition dtd 28.01.2022 for resolution of dispute through AMRCD mechanism. Last AMRCD meeting was held on 14.11.2025 wherein AMRCD committee had directed to carry out the reconciliation between STC and UPGEWC. Accordingly, STC vide letter dated 28.02.2025 has sent the documents/information in support of our claim to UPGEWC. Further, a reminder dated 13.05.2025 is also sent to UPGEWC by STC.NANANAPenalty Provisions (Refer Note No.7): STC could not comply with Regulation 17,18,19,20 and 21 of <br></br> SEBI (LODR), 2015 due to non-appointment of Independent Directors on the Board of STC and Regulation <br></br> 33 due to non-submission of consolidated annual financial results for FY 2024-25 due to non-receipt of financial statement from STCL Limited i.e. wholly owned subsidiary company of STC Limited. Consequently, both the stock exchanges i.e BSE and NSE levied a cumulative fine of Rs.45.17 Lakhs (approx.) on STC for noncompliance of Reg 17,18,19,20,21 and 33 of SEBI (LODR) Regulation, 2015. and STC has taken up the <br></br> matter with regarding the said non-compliances with its Administrative Ministry and also with the Stock <br></br> Exchanges to avoid/waive off the penalties imposed in this regard. Based on precedence, STC is hopeful of getting waiver, hence no provision (being of contingent nature) has been made. Profit of the company is overstated and the liabilities are understated by the same amount.Qualified opinionWhether appeared first timeDivision is hopeful to get the waiver.NANANAInvestments (Refer Note No.8) <br></br> NSS Satpura Agro Development Company Ltd. (Joint Venture) : The company has <br></br> been strike off as per MCA site. However, still it is appearing in the books of accounts of STC India <br></br> Limited. The availability/recovery of asset and/or write off could not be ascertained by the management. <br></br> Sea Lac Agro Ventures Limited: The latest financials of the JV are not available for verification. <br></br> The availability/recovery of asset and/or write off could not be ascertained by the management. <br></br> Maharashtra Small Scale Industries Development: The latest financials of the JV are not <br></br> available for verification. The availability/recovery of asset and/or write off could not be ascertained by <br></br> the management. <br></br> Andhra Pradesh Trade Promotion Corporation Limited: The latest financials of the JV <br></br> are not available for verification. The availability/recovery of asset and/or write off could not be <br></br> ascertained by the management. <br></br> Sindhu Resetttlement: The latest financials of the JV are not available for verification. The availability/recovery of asset and/or write off could not be ascertained by the management.Qualified opinionWhether appeared first timeEffective treatment w.r.t NSS Satpura Agro Development Company Ltd. shall be given in F.Y. 2025-26. <br></br> Investment in Sindhu Resetttlement has been shown at a nominal value of 0.04 lacs. <br></br> Rest all the investments have been fully provided for.NANANAOther Equity (Refer Note No.19): An amount of Exchange Fluctuation Reserves: Rs.649.53 lacs and <br></br> Bonus Reserve: Rs.0.33 lacs are appearing in the books of accounts since long. As confirmed by management, these reserves are created long back and details shall be provided in next financial year. We are unable to ascertain its possible impact, if any, on the Consolidated financial statements of the GroupQualified opinionRepetitiveEarmarked reserves created in previous years. The same shall be reviewed in F.Y. 2025-26.NANANANitin Kumar YadavB S raoVacantPVAR & AssociatesNew Delhi2025-09-17