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MAGOR & COMPANY LIMITEDMain BoardEquity2024-04-012025-03-312025-05-282025-05-20INRLakhsQuarterlyFourth quarterSingle segmentInvestment & Lending2025-05-2813:00:002025-05-2818:35:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2025-02-14wmtea.comfalsetrue2025-01-012025-03-31AuditedStandalone400000000048950004899000446879000451778000000819000161900040000000156353000158795000292983000029298300001389670001389670001540160000000154016000-225793000-717770001095640001014.0614.060014.0614.062024-04-012025-03-31AuditedStandalone324000864500000000195800002854900044692000047546900000033430001289700016000000027579090002774165000-22986960000-22986960000-484798000-484798000-18138980000000-1813898000224791000-158910700010956400010-2330897000-165.56-165.5600-165.56-165.56Legal and Professional charges581000Claims against Guarantees34401000Provision for Doubtful Assets created/(Written back)120320000Other Expenses1051000Legal and Professional charges3598000Claims against Guarantees34401000Provision for Doubtful Assets created/(Written back)2715341000Other Expenses456900096600000897270006156430000184277500071440002556255000015660001403564000006690000000109800014068970003963152000109564000-2330897000-2221333000-22213330000003559500066430005242000335091000520722600046760000576830000617130300003545000096370001318200061844850003963152000Changes in fairvalue of FVOCI Equity Instruments-318421000Remeasurement of post-employement benefit obligations4000-318417000Changes in fairvalue of FVOCI Equity Instruments207348000Remeasurement of post-employement benefit obligations4000207352000-92624000-17439000-225793000224791000101780000-198540000-31000000-4000838300069130000115600047207900016000022685400000-35498000000000000344010000274600000044730400000084000004464640000000000000000000000000000000000000000000044824900000000-448249000-17850000-17850002751000966000Williamson Magor & Co. Ltd.******D1 Williamson Magor Bio Fuel Limited******Joint VentureAny other transactionOther ReceivableApproved044360004436000Williamson Magor & Co. Ltd.******Williamson Financial Services Ltd.******AssociateInvestmentApproved05393000053930000Williamson Magor & Co. Ltd.******Williamson Financial Services Ltd.******AssociateAny other transactionInter Corporate BorrowingApproved360000003600000Williamson Magor & Co. Ltd.******Williamson Financial Services Ltd.******AssociateAny other transactionOther ReceivableApproved0162124000162124000Williamson Magor & Co. Ltd.******Majerhat Estate & Developers Limited******AssociateInvestmentApproved099620009962000Williamson Magor & Co. Ltd.******Majerhat Estate & Developers Limited******AssociateInter-corporate depositApproved05741500057415000Williamson Magor & Co. Ltd.******Majerhat Estate & Developers Limited******AssociateAny other transactionInterest Receivable on Inter-Corporate Loan givenApproved03292700032927000Williamson Magor & Co. Ltd.******Majerhat Estate & Developers Limited******AssociateAny other transactionProvision for doubtful advancesApproved05741500057415000Williamson Magor & Co. Ltd.******Majerhat Estate & Developers Limited******AssociateAny other transactionProvision for other current assetsApproved03292700032927000Williamson Magor & Co. Ltd.******Sudipto Chakraborty******Manager & CFORemunerationApproved93600000Williamson Magor & Co. Ltd.******Sk Javed Akhtar******Company SecretaryRemunerationApproved53600000Williamson Magor & Co. Ltd.******Chandan Mitra******DirectorAny other transactionSitting FeeApproved6000000Williamson Magor & Co. Ltd.******Lakshman Singh******DirectorAny other transactionSitting FeeApproved2000000Williamson Magor & Co. Ltd.******Debasish Lahiri******DirectorAny other transactionSitting FeeApproved4000000Williamson Magor & Co. Ltd.******Lyla Cherian******DirectorAny other transactionSitting FeeApproved8000000Williamson Magor & Co. Ltd.******Tapas Guha******DirectorAny other transactionSitting FeeApproved6000000Williamson Magor & Co. Ltd.******Suvra Kanta Mukhopadhyay******DirectorAny other transactionSitting FeeApproved2000000Williamson Magor & Co. Ltd.******Bishnauth Investments Limited******PromoterAny other transactionInter Corporate BorrowingApproved16200000016200000Williamson Magor & Co. Ltd.******United Machine Co. Limited******PromoterAny other transactionOther PayableApproved0100000100000Williamson Magor & Co. Ltd.******Ichamati Investments Limited******PromoterAny other transactionOther PayableApproved07500075000Williamson Magor & Co. Ltd.******Dufflaghur Investments Limited******Promoter GroupAny other transactionInter Corporate BorrowingApproved30533000032753000022201000Williamson Magor & Co. Ltd.******Seajuli Developers & Finance Limited******Promoter GroupInter-corporate depositApproved20261800019192620001716645000Williamson Magor & Co. Ltd.******Seajuli Developers & Finance Limited******Promoter GroupAny other transactionProvision for other current assetsApproved20261800019192620001716645000Williamson Magor & Co. Ltd.******Woodside Parks Limited******Promoter GroupInter-corporate depositApproved1961610001052484000856322000Williamson Magor & Co. Ltd.******Woodside Parks Limited******Promoter GroupAny other transactionProvision for other current assetsApproved1961610001052484000856322000Williamson Magor & Co. Ltd.******Babcock Borsig Limited******Promoter GroupAny other transactionInter Corporate BorrowingApproved16100003274100031131000Williamson Magor & Co. Ltd.******Babcock Borsig Limited******Promoter GroupAny other transactionOther PayableApproved125000218000343000Williamson Magor & Co. Ltd.******Babcock Borsig Limited******Promoter GroupAny other transactionOther ReceivableApproved0205865000205865000Williamson Magor & Co. Ltd.******McLeod Russel India Ltd******Promoter GroupAny other transactionInter Corporate BorrowingApproved019221420001922142000Williamson Magor & Co. Ltd.******McLeod Russel India Ltd******Promoter GroupAny other transactionInterest Payable on Inter Corporate Loan takenApproved02572400025724000Williamson Magor & Co. Ltd.******McLeod Russel India Ltd******Promoter GroupAny other transactionOther ReceivableApproved0581300058130001126175000AuditedQualified opinionV. SINGHI & ASSOCIATEStrue2027-02-2847546900047546900027741650003238353000-2298696000-2762884000-165.56-207.923963152000396315200061844850006648673000-2330897000-2795086000Going Concern Assumption in preparation of the Statement <br></br> <br></br> The Company has defaulted in repayment of borrowings to its financial institutional lenders and others. In view of the Management, the Company would be able to improve its net working capital position to discharge its current and non-current financial obligations. However, in view of the uncertainties involved, these events and conditions indicate a material uncertainty which may cast a significant doubt on the Companys ability to continue as a going concern. Accordingly, the use of going concern assumption of accounting in preparation of this Statement is not adequately and appropriately supported as per the requirements of Indian Accounting Standard 1 Presentation of Financial Statements.Qualified opinionRepetitiveNot quantifiedEstimation not possibleEstimation not possibleNot able to comment on impact of going concern assumption at present (Refer (a) Basis for Qualified Opinion).Non-recognition of Interest Expense <br></br> <br></br> We draw attention to Note No. 5 of the Statement relating to non-recognition of interest expense on secured borrowings from financial institutions and unsecured inter-corporate borrowings. As the matter is under dispute / negotiation, the Company has neither recognized nor ascertained any finance cost on such secured borrowings for the period given hereunder: <br></br> 1. InCred Financial Services Limited (formerly KKR India Financial Services Private Limited): From August, 2019 upto March, 2025 <br></br> 2. HDFC Bank Limited (merged with Housing Development Finance Corporation Limited): From April, 2021 upto March, 2025 <br></br> <br></br> Interest expense on inter-corporate borrowings amounting to Rs. 4,64,243 thousand for Inter-corporate borrowings for the year ended 31st March, 2025 including Rs. 1,06,821 thousand for the quarter ended 31st March, 2025 has not been recognised by the Company. As a result, finance cost and liability on account of interest to that extent are understated and Total Comprehensive Income is overstated. <br></br> This constitutes a departure from the requirements of Indian Accounting Standard 109 Financial Instruments. <br></br> Qualified opinionRepetitiveThe Company has disagreement with lenders regarding the steep interest rates hence nothing is provided nor paid by the company. <br></br> As the matter is under dispute, the Board of Directors has decided not to recognize interest expense on its borrowings for the current period in the Audited Financial Results as the same is unascertainable at present.Not ApplicableNot ApplicableNot ApplicableRecognition of Deferred Tax Assets <br></br> <br></br> We draw attention to Note No. 14 of the Statement relating to reversal of Deferred Tax Assets amounting to Rs. 14,03,322 thousand as at 31st March, 2025. Considering the managements assessment of going concern assumption in the Statement, the threshold of reasonable certainty for recognizing the deferred tax assets as per Indian Accounting Standard 12 Income Taxes has not been met. Consequently, deferred tax assets are overstated and total comprehensive income for the year ended 31st March, 2025 is understated by that extent. <br></br> Qualified opinionRepetitiveNot quantifiedEstimation not possibleEstimation not possibleNot able to comment on impact at present. (Refer (e) Basis for Qualified Opinion).Balances with secured and unsecured loan creditor and balance confirmation <br></br> <br></br> We draw attention to Note 13 with respect to certain balances, including non-reconciliation of balances with secured and unsecured loan creditor and balance confirmation thereof. Adjustments/impacts in this respect are currently not ascertainable and as such cannot be commented upon by us. <br></br> Qualified opinionRepetitiveNot quantifiedEstimation not possibleEstimation not possibleThe Management need to take confirmation and do reconciliation to calculate the impact of Borrowings and Loans and Advances. (Refer (d) Basis for Qualified Opinion).Default in repayment of Interest and Principal of Debt Securities <br></br> <br></br> We draw attention to Note No. 6 of the Statement with respect to default in repayment of Principal and Interest on Non-Convertible Debentures issued to IL&FS Financial Services Limited. The Company has entered into a one-time settlement agreement with the lender. All the payments have been recorded except for the sale of Neemrana Land under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The sale has not been materialised yet. <br></br> Moreover, security provided by the Company by way of mortgage/pledge of certain properties with the Debenture Trustee against issue of above debentures have been invoked by the Debenture Trustee. The Management has ascertained and decided to adjust disposal proceeds from the outstanding value of debentures and estimated interest as per the repayment schedule. <br></br> Qualified opinionRepetitiveNot quantifiedEstimation not possibleEstimation not possibleThe Management need to take confirmation and do reconciliation to calculate the impact on Debt Securities. (Refer (c) Basis for Qualified Opinion).Sudipta ChakrabortySudipta ChakrabortyAshim Kumar MookherjeeV. SINGHI & ASSOCIATESA. Sengupta (Partner of VSA)Kolkata2025-05-2816478000001647800000005542317000