Key Financial Figures - Standalone (₹ in Lakhs)

For Year Ended 31st March 2026:

  • Total Income: ₹771.02
  • Revenue from Operations: ₹726.12
  • Other Income: ₹44.90
  • Total Expenses: ₹797.43
  • Purchase of Stock-in-Trade: ₹358.35
  • Changes in Inventories: ₹312.86
  • Employee Benefits Expense: ₹93.23
  • Finance Costs: ₹0.01
  • Depreciation: ₹3.71
  • Other Expenses: ₹29.27
  • Loss Before Tax: ₹(26.41)
  • Tax Expense: ₹42.92
  • Deferred Tax: ₹0.94
  • Excess/Short Provision for Tax: ₹42.08
  • Net Loss for the Year: ₹(69.43)
  • Other Comprehensive Income: ₹0.04
  • Total Comprehensive Loss: ₹(69.40)
  • Earnings Per Share (Basic & Diluted): ₹(0.04)
  • Paid-up Equity Share Capital: ₹3,838.01
  • Other Equity: ₹(130.87)

Balance Sheet Position as at 31st March 2026:

  • Total Assets: ₹3,733.48
  • Current Assets: ₹2,783.84
  • Inventories: ₹631.92
  • Trade Receivables: ₹40.84
  • Cash & Cash Equivalents: ₹424.71
  • Loans: ₹155.00
  • Other Financial Assets: ₹1,187.96
  • Current Tax Assets: ₹303.14
  • Other Current Assets: ₹29.91
  • Total Equity: ₹3,707.14
  • Equity Share Capital: ₹3,838.01
  • Other Equity: ₹(130.87)
  • Total Liabilities: ₹26.34
  • Non-current Liabilities: ₹1.90
  • Current Liabilities: ₹24.44

Key Financial Figures - Consolidated (₹ in Lakhs)

For Year Ended 31st March 2026:

  • Total Income: ₹4,512.68
  • Revenue from Operations: ₹4,416.07
  • Other Income: ₹96.61
  • Total Expenses: ₹4,416.07
  • Purchase of Stock-in-Trade: ₹1,824.90
  • Changes in Inventories: ₹602.34
  • Employee Benefits Expense: ₹477.36
  • Finance Costs: ₹369.87
  • Depreciation: ₹17.45
  • Other Expenses: ₹54.70
  • Profit Before Tax: ₹96.61
  • Tax Expense: ₹36.79
  • Current Tax: ₹38.84
  • Deferred Tax: ₹(2.06)
  • Net Profit for the Year: ₹59.82
  • Other Comprehensive Income: ₹13.45
  • Total Comprehensive Income: ₹73.27
  • Earnings Per Share (Basic & Diluted): ₹0.03
  • Paid-up Equity Share Capital: ₹3,838.01
  • Other Equity: ₹1,482.01

Consolidated Balance Sheet as at 31st March 2026:

  • Total Assets: ₹8,773.07
  • Non-current Assets: ₹653.66
  • Property, Plant & Equipment: ₹294.34
  • Right of Use Assets: ₹51.63
  • Other Intangibles: ₹16.25
  • Investments: ₹0.01
  • Other Financial Assets: ₹272.95
  • Deferred Tax Assets: ₹18.48
  • Current Assets: ₹8,119.42
  • Inventories: ₹5,662.80
  • Trade Receivables: ₹1,673.46
  • Cash & Cash Equivalents: ₹479.80
  • Bank Balances: ₹155.00
  • Loans: ₹26.10
  • Other Financial Assets: ₹45.44
  • Other Current Assets: ₹66.45
  • Total Equity: ₹6,414.91
  • Equity Attributable to Owners: ₹5,320.02
  • Non-Controlling Interest: ₹1,094.89
  • Total Liabilities: ₹2,358.16
  • Non-current Liabilities: ₹649.28
  • Current Liabilities: ₹1,708.89

Audit Qualifications and Emphasis of Matters

Standalone Financial Statements:

1. Material Uncertainty Related to Going Concern: The Company has incurred total accumulated losses of ₹2,216.82 lakhs as at 31st March 2026 (₹2,147.43 lakhs as at 31st March 2025). The financial results are prepared on a going concern basis subject to the Company's efforts to strengthen its strategy, expand markets, increase sales, and availability of financial support from promoters.

2. Non-Accrual of Interest Income: Interest income has not been accrued for loans given to subsidiary Minal Infojewels Limited due to uncertainty of realization. The subsidiary has accumulated losses and expressed inability to pay interest until its financial condition improves. Management is identifying growth opportunities for the subsidiary.

3. Write-off of Overseas Subsidiary: During previous financial year, wholly-owned overseas subsidiary Minal International FZE wound up its business on 10th February 2025. The Company wrote off the full amount of investment (₹18.37 lakhs) and loan receivable including interest (₹390.61 lakhs), totaling ₹408.99 lakhs.

4. NCLT Petition: The Managing Director, Shri Shrikant Parikh, filed a petition before NCLT under Section 59 of Companies Act, 2013 against Mr. Mahendra Shah, Mr. Champaklal Mehta and MCS Share Transfer Agent Limited regarding ownership of equity shares. Proceedings are ongoing with no final order as of reporting date. No financial implication expected.

5. Inventory Valuation: Inventories of ₹631.92 lakhs held at lower of cost or net realizable value. Management exercises judgment in determining write-down requirements using aging reports and line-by-line analysis.

Internal Financial Controls:

Auditors issued a disclaimer of opinion on the adequacy and operating effectiveness of the Company's internal financial controls over financial reporting as the Company has not established internal financial controls based on essential components stated in the Guidance Note issued by ICAI.

Other Audit Qualifications (Annexure A):

  • The Company has not maintained proper records showing full particulars of fixed assets
  • No physical verification of fixed assets conducted during the year or recent past
  • Overdue loans exceeding 90 days aggregating to ₹1,464.95 lakhs (principal ₹1,187.96 lakhs + interest ₹276.99 lakhs)
  • Disputed income tax demand of ₹30.74 lakhs for AY 2012-13 pending before Commissioner of Income Tax (Appeals)
  • Cash losses of ₹22.71 lakhs during current year and ₹61.38 lakhs in previous year

Subsidiary Information

The consolidated financial results include:

  • Minal Infojewels Limited (India)
  • RSBL Jewels (Firm - India)
  • Minal International FZE (wound up on 10th February 2025)

The holding company has created provision of ₹600 lakhs for impairment in value of investments and ₹1,200 lakhs for impairment in loans given to Minal Infojewels Limited for the year ended 31st March 2026.