INDEPENDENT AUDITORS EXAMINATION REPORT ON CONSOLIDATED RESTATED FINANCIAL
STATEMENT
To,
The Board of Directors, Clay Craft India Limited,
(Formerly known as Clay Craft India Private Limited) F-766 & F-766 A, Road No. 1-D, Vishwakarma Industrial Area, Jaipur, Rajasthan, India, 302013
Dear Sir,
Reference : Proposed public issue of Equity Shares of Clay Craft India Limited
1. We have examined the attached Consolidated Restated Financial Statements of Clay Craft India Limited (Formerly known as Clay Craft India Private Limited) comprising the Consolidated Restated Statement of Assets and Liabilities as at March 31, 2026, March 31, 2025 and standalone restated Statement of Assets and Liabilities) as at March 31, 2024, the Consolidated Restated Statements of Profit and Loss, the Consolidated Restated Cash Flow Statement for the period ended March 31, 2026, March 31, 2025 and the standalone Restated Statements of Profit and Loss, the standalone Restated Cash Flow Statement for the year ended March 31, 2024,the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Consolidated Restated Financial Statements (collectively, the Consolidated Restated Financial Statement), as approved by the Board of Directors of the Company at their meeting held on June 05, 2026 for the purpose of inclusion in the Red Herring Prospectus/ Prospectus (Red Herring Prospectus/Prospectus) prepared by the group in connection with its proposed SME Initial Public Offer of equity shares (SME IPO) prepared in terms of the requirements of:
a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the Act);
b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (ICDR Regulations); and
c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI), as amended from time to time (the Guidance Note).
Managements Responsibility for the Restated Summary Statement
2. The groups Management is responsible for the preparation of the Consolidated Restated Financial Statement for the purpose of inclusion in the Red Herring Prospectus/ Prospectus to be filed with, relevant stock exchange, Securities and Exchange Board of India (SEBI) and Registrar of Companies, Jaipur in connection with the proposed SME IPO. The Consolidated Restated Financial Statement has been prepared by the management of the group on the basis of preparation stated in Note 1 of the Consolidated Restated Financial Statement. The managements responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Consolidated Restated Financial Statement. The management is also responsible for identifying and ensuring that the group complies with the Companies Act, (ICDR) Regulations and the Guidance Note.
Auditors Responsibility
3. We have examined such Consolidated Restated Financial Statement taking into consideration:
a) The terms of reference and terms of our engagement agreed upon with you vide our engagement letter dated April 23 rd , 2026 in connection with the proposed SME-IPO of the group;
b) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;
c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Consolidated Restated Financial Statement; and d) The requirements of Section 26 and 32 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibility in relation to your compliance with the Act, the SEBI ICDR Regulations and the Guidance Note in Connection with the SME-IPO.
4. These Consolidated Restated Financial Statement have been compiled by the management from the Audited Financial Statements of the group for the period ended March 31, 2026, March 31, 2025, March 31, 2024 which has been approved by the Board of Directors.
5. For the purpose of our examination, we have relied on:
a) Auditors reports issued by statutory auditor dated 05.06.2026, 11.08.2025 on the consolidated financial statements of the group as at and for the year ended March 31,2026, March 31,2025 and by Temani & Associates (Statutory Auditor) dated 02-09-2024 on the standalone financial statements of the Company as at and for the year ended March 31,2024 as referred in Paragraph 4 above.
6. Based on our examination and according to the information and explanations given to us, we report that the Consolidated Restated Financial Statement have been prepared:
a) after incorporating adjustments for the changes in accounting policies and regrouping/reclassifications retrospectively, if any in the period ended March 31, 2026, March 31, 2025, March 31, 2024 to reflect the same accounting treatment as per the accounting policies and grouping/classifications; and
b) in accordance with the Act, ICDR Regulations and the Guidance Note.
We state that, no qualification was there in statutory auditors report, thereof no modification in restated financial were carried out.
(a) For the purpose of the consolidated restated financial, the Audited financial were prepared on the basis of the schedule III requirement and as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended;
(b) The Consolidated Restated Financial Statement have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;
(c) The Consolidated Restated Financial Statement have been made after incorporating adjustments for prior period and other material amounts, if any, in the respective financial year to which they relate;
(d) Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;
(e) Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Note 1 to this report;
(f) Adjustments in Consolidated Restated Financial Statement have been made in accordance with the correct accounting policies,
(g) There was no change in accounting policies, which needs to be adjusted in the Consolidated Restated Financial Statement, except:
i. Accounting of retirement benefits was not accounted during the period ended March 31, 2024 as per AS-15 (Revised) Employee Benefits, however during the restatement Company has accounted such retirement benefits basis actuarial valuation certificate.
ii. Deferred Tax assets/liabilities has been recorded in the books earlier as per the timing difference of depreciation calculated as per the Income Tax Act 1961 and the Companies Act 2013, but in Consolidated Restated Financial Statement the same has been calculated as the timing difference of WDV of Property, Plants and Equipment as per the Income Tax Act 1961 and the Companies Act 2013 and the effect of restatement of adjustments of employee benefits as stated above.
(h) There are no revaluation reserves, which need to be disclosed separately in the Consolidated Restated Financial Statement,
(i) The company has not paid any dividend during the financial years.
In accordance with the requirements of Part I of Chapter III of Act including rules made there under, ICDR Regulations, Guidance Note and Engagement Letter, we report that 194
(a) The Consolidated Restated Statement of Assets and Liabilities as set out in Annexure I to this report, of the Company as at March 31, 2026, March 31 2025 and the standalone Restated Statement of Assets and Liabilities as set out in Annexure I to this report, of the Company as at March 31 2024 is prepared by the Company and approved by the Board of Directors. These Consolidated Restated Statement of Assets and Liabilities, have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Note 1 to this Report.
(b) The Consolidated Restated Statement of Profit and Loss as set out in Annexure II to this report, of the Company for the period ended March 31, 2026, March 31 2025 and the standalone Restated Statement of Profit and Loss as set out in Annexure II to this report, of the Company for the period ended March 31 2024 is prepared by the Company and approved by the Board of Directors. These Consolidated Restated Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Note 1 to this Report.
(c) The Consolidated Restated Statement of Cash Flow as set out in Annexure III to this report, of the Company for financial period ended March 31, 2026, March 31 2025 and the standalone Restated Statement of Cash Flow as set out in Annexure III to this report, of the Company for financial period ended March 31 2024 is prepared by the Company and approved by the Board of Directors. These Statement of Cash Flow, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Note 1 to this Report.
7. We have also examined the following Notes to the Consolidated Restated Financial Statement of the group set out in the Annexure IV, prepared by the management and approved by the Board of Directors on June 05, 2026 for the period ended March 31, 2026, March 31, 2025, March 31 2024.
Annexure IV - Notes to the Restated Summary Financial Statement;
a) Restated Statement of Share Capital, Reserves and Surplus as appearing in Note 2 to this report; b) Restated Statement of Long-Term Borrowings as appearing in Note 3 to this report; c) Restated Statement of principal terms of Secured Loans and Assets charged as security as appearing in Note 3(A) to this report; d) Statement of terms & conditions of unsecured loans as appearing in Note 3(B) to this report; e) Restated statement of Long-Term Provisions as appearing in Note 6 to this report f) Restated Statement of Deferred Tax Liabilities (Net) as appearing in Note 4 to this report; g) Restated Statement of Other Long-Term Liabilities as appearing in Note 5 to this report; h) Restated Statement of Short-term borrowings as appearing in Note 7 to this report; i) Restated statement of principal terms of cash credits and overdraft as appearing in Note 7(A) to this report; j) Restated Statement of Trade Payables as appearing in Note 8 to this report; k) Restated Statement of Other Current Liabilities as appearing in Note 9 to this report; l) Restated Statement of Short-Term Provisions as appearing in Note 10 to this report; m) Restated Statement of Property plant and Equipment as appearing in Note 11 to this report; n) Restated Statement Non-Current Investment as appearing in Note 12 to this report; o) Restated Statement of Long-Term Loans and Advances as appearing in Note 13 to this report; p) Restated Statement of Other Non-Current Assets as appearing in Note 14 to this report; q) Restated Statement of Trade Receivables as appearing in Note 16 to this report; r) Restated Statement of Cash and Bank Balances as appearing in Note 17 to this report; s) Restated Statement of Inventories as appearing in Note 15 to this report; t) Restated Statement of Short-term Loans and Advances as restated as appearing in Note 18 to this report; u) Restated Statement of Other Current Assets as appearing in Note 19 to this report; v) Restated Statement of Revenue from Operations as appearing in Note 20 to this report; w) Restated Statement of Other Income as appearing in Note 21 to this report; x) Restated Statement of Cost of Material Consumed as appearing in Note 22 to this report; y) Restated Statement of Purchase of Stock in Trade as appearing in Note 23 to this report; z) Restated Statement of Change in Inventories as appearing in Note 24 to this report; aa) Restated Statement of Employee Benefit Expenses as appearing in Note 25 to this report; bb) Restated Statement of Finance Cost as appearing in Note 26 to this report; cc) Restated Statement of Depreciation & Amortization as appearing in Note 27 to this report; dd) Restated Statement of Other Expenses as appearing in Note 28 to this report; ee) Restated Statement of Related Party Transactions as appearing in Note 29 to this report; ff) Restated Statement of Contingent Liabilities as appearing in Note 30 to this report; gg) Restated Statement of Tax Shelter as appearing in Note 31 to this report; hh) Capitalisation Statement as appearing in Note 32 to this report; ii) Restated Statement of Mandatory Accounting Ratios as appearing in Note 33-34 to this report; 195 jj) Restated Statement of Other Accounting Ratios as appearing in Note 35 to this report; kk) Restated Statement of Other Disclosures as appearing in Note 36 to this report;
8. The Consolidated Restated Financial Statement do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph 4 above.
9. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us, nor should this report be construed as a new opinion on any of the financial statements referred to herein.
10. We have no responsibility to update our report for events and circumstances occurring after the date of the report.
11. Our report is intended solely for use of the Board of Directors for inclusion in the Red Herring Prospectus/ Prospectus to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Jaipur in connection with the proposed SME-IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.
12. In our opinion, the above financial Statement contained in Annexure I to Note 1 of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure IV are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.
| PLACE: JAIPUR | For R Sogani & Associates LLP |
| DATE: - JUNE 05, 2026 | Chartered Accountants |
| FRN:- 018755C |
| (Bharat Sonkhiya) | |
| Partner | |
| UDIN:26403023IWJDXS8433 | M. No.:- 403023 |
#ARCEnd#
#NACStart#
Note No. 1 - Share Capital
| Particulars | As at 31st March, 2026 | As at 31st March, 2025 | ||
| Number | Rs. in Lacs | Number | Rs. in Lacs | |
| AUTHORISED CAPITAL | ||||
| Equity Shares of Rs.100/- each at the beginning of year | 650,000 | 650.00 | 500,000 | 500.00 |
| Add:- Increased on account of Merger (Authorised Capital of Transferer Company) * | ||||
| 1,50,000 Equity Shares of Rs.100/- each | - | - | 150,000 | 150.00 |
| Sub-division of 6,50,000 Equity Shares of Rs. 100/- each to 65,00,000 Equity Shares of Rs. 10/-each ** | 6,500,000 | 650.00 | - | - |
| Add:- Increase in Authorised Share Capital during the period *** | ||||
| 1,55,00,000 Equity Shares of Rs.10/- each | 15.500.000 | 1,550.00 | - | - |
| Total | 22,000,000 | 2,200.00 | 650,000 | 650.00 |
Authorised Capital of the Transferer Company (M/s Ekling Ji Industries Private Limited) was transferred to the Transferee Company (M/s Clay Craft India Ltd.) on account of Merger vide Order passed by Honble NCLT, Jaipur Bench on 23.05.2025, which is effective from 01.04.2024
** Each Equity Share of Rs. 100/- each sub-divided into 10 Equity Shares of Rs. 10/- each on 14.06.2025, Hence total Equity Shares became 65,00,000 of Rs. 10/- each.
* Authonsed Capital increased from 65,00,000 Equity Shares of Rs. 10/- each to 2,10,00,000 Equity Shares of Rs. 10/- each on 17.06.2025 and from 2,10,00,000 Equity Shares of Rs. 10/- each to 2,20,00,000 Equity Shares of Rs. 10/- each on 21.07.2025.
| As at 31st March, 2026 | As at 31st March, 2025 | |||
| Issued subscribed, called up & paid up | Number | Rs. In Lacs | Number | Rs. In Lacs |
| Equity Shares of Rs. 100/- each fully called up & paid up at the beginning of year | 324,210 | 324.21 | 489,220 | 489.22 |
| Less:- Cancellation of Shares held by Transferer Company on account of Merger * | ||||
| 1,65,010 Equity Shares of Rs. 100/- each fully called up & paid up | - | - | 165.010 | 165.01 |
| Add:-1.80,666 Equity Shares of Rs. 100/- each issued on account of Merger | 180.666 | 180.67 | - | - |
| Sub-division of 5,04,876 Equity Shares of Rs 100 each to 50,48,760 Equity Shares of Rs. 10/- each ** | 5,048,760 | 504.88 | - | - |
| Add:- 1,00,97,520 Equity Shares of Rs. 10/- each issued as Bonus Shares | 10.097,520 | 1,009.75 | - | - |
| Total | 15,146,280 | 1,514.63 | 324,210 | 324.21 |
* Equity Shares of Transferee Company (M/s Clay Craft India Ltd.) held by Transferer Company (M/s Ekling Ji Industries Private Limited) as an Investment was cancelled on account of Merger vide Order passed by Honble NCLT, Jaipur Bench on 23.05.2025, which is effective from 01 04.2024
Each Equity Share of Rs. 100/- each sub-divided into 10 Equity Shares of Rs. 10/- each on 14.06.2025. Hence total Equity Shares became 50,48,760 of Rs. 10/- each.
| Shares Outstanding:- | As at 31st March, 2026 | As at 31st March, 2025 | ||
| Equity Shares:- | Number | Rs. In Lacs | Number | Rs. In Lacs |
| Shares having the face value of Rs. 10/- each, outstanding at the beginning of the year | 324,210 | 324.21 | 489,220 | 489.22 |
| Less:- Shares having the face value of Rs. 100/- each, cancelled on account of Merger | - | - | 165,010 | 165.01 |
| Add - Shares having the face value of Rs. 100/- each, issued on account of Merger | 180,666 | 180.67 | - | - |
| Sub-division of 5,04,876 Equity Shares of Rs. 100 each to 50,48,760 Equity Shares of Rs. 10/- each * | 5,048,760 | 504.88 | - | - |
| Add:- Shares having the face value of Rs. 10/- each, issued as Bonus Shares | 10,097,520 | 1,009,75 | - | - |
| Shares outstanding at the end of the year | 15,146,280 | 1,514.63 | 324,210 | 324.21 |
* Each Equity Share of Rs. 100/- each sub-divided into 10 Equity Shares of Rs. 10/- each on 14.06.2025, Hence total Equity Shares became 50,48,760 of Rs. 10/- each.
(b) Details of Equity Shares Holding Pattern:-
| s. No Name of share Holder | As at 31st March, 2026 | As at 31st March, 2025 | ||
| No of Shares | % of Holding | No of Shares | % of Holding | |
| (i) Rajesh Narain Agarwal | 7,096,320 | 46.85 | 158,370 | 48.85 |
| (ii) Bharat Agarwal | 2,546,190 | 16.81 | 54,400 | 16.78 |
| (iii) Vikas Agarwal | 2,549,640 | 16.83 | 54,500 | 16.81 |
| (iv) Deepak Agarwal | 2,549,040 | 16.83 | 54,480 | 16.80 |
| (V) Padam Narain Agarawal | - | 0.00 | 2,000 | 0.62 |
| (Vi) Usha Rani Agarwal | 398,790 | 2.63 | 250 | 0.08 |
| (vii) Ruchi Agarwal | 6,000 | 0.04 | 200 | 0.06 |
| (viii) Crown Craft (India) Pvt. Ltd | 300 | 0.00 | 10 | 0.00 |
| Total | 15,146,280 | 100.00 | 324,210 | 100.00 |
(c) Terms / right and restrictions attached to equity shares:- The Company has only one class of equity shares having the face value of Rs. 10/- each (previous year - Shares having the face value of Rs. 100/- each). Each shareholder is eligible for one vote per share held.
In the event of liquidation of the Company, the holders of equity will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders.
(d) Shares held by holding / ultimate holding company and / or their subsidiaries / associates :-
| Particular | As at 31st March, 2026 | As at 31st March, 2025 |
| Shares held by holding / ultimate holding company and / or their subsidiaries / associates | 0 | 0 |
(e) The details of Equity Shares allotted as fully paid-up Bonus Shares in preceeding five financial years :-
| Particular | Aggregate No. of Shares | Class of Shares |
| During the year ended March 31, 2026 (Fully paid-up Bonus Shares allotted in the ratio of 2:1) | 10,097,520 | Equity Shares |
| (f) Shareholder(s) holding more than 5% shares | As at 31st March, 2026 | As at 31st March, 2025 | ||
| No.of shares held | % of holding | No.of shares held | % of holding | |
| Rajesh Narain Agarwal | 7,096,320 | 46.85 | 158,370 | 48.85 |
| Bharat Agarwal | 2,546,190 | 16.81 | 54,400 | 16.78 |
| Vikas Agarwal | 2,549,640 | 16.83 | 54,500 | 16.81 |
| Deepak Agarwal | 2,549,040 | 16.83 | 54,480 | 16.80 |
(g) Equity Shares held by the promoters at the end of the period / year
| Sr No. Promoter Name | As at 31st March, 2026 | As at 31st March, 2025 | ||||
| No. of Shares | % of Total shares | % changes during the year | No. of Shares | % of Total shares | % changes during the year | |
| 1 Padam Narain Agarwal | - | 0.00 | -100.00% | 2,000 | 0.62 | Nil |
| 2 Rajesh Narain Agarwal | 7,096,320 | 46.85 | -4.09% | 158,370 | 48.85 | Nil |
| 4 Bharat Agarwal | 2,546,190 | 16.81 | 0.19% | 54,400 | 16.78 | Nil |
| 3 Vikas Agarwal | 2,549,640 | 16.83 | 0.14% | 54,500 | 16.81 | Nil |
| 5 Deepak Agarwal | 2,549,040 | 16.83 | 0.15% | 54,480 | 16.80 | Nil |
Note No. 2 - Share Capital Pending For allotment Pursuant to Merger
| s. No Particular | 31st March, 2026 | 31st March, 2025 |
| (Rs. In Lacs) | (Rs. In Lacs) | |
| (i) Equity Share Capital pending for allotment pursuant to Merger (1,80,666 Equity Shares of Rs. 100/- Each) | 180.67 | |
| Total of Share Capital pending for allotment pursuant to Merger Account | - | 180.67 |
During the previous year ended 31st March, 2025, there were addition in Assets and Liabilities due to amalgamation with commonly controlled entity M/s Ekling Ji Industries Private Limited and Equity Shares to the Share Holders of M/s Ekling Ji Industries Private Limited as per the Scheme of merger has been discharge through allotment of 1,80,666 Equity Shares of Rs. 100/- each of Transferee Company (M/s Clay Craft India Ltd.) in the following manner:-
| S. Name of Share Holder No | No of Equity Shares |
| (i) Rajesh Narain Agarwal | 78,174 |
| (ii) Bharat Agarwal | 28,246 |
| (iii) Vikas Agarwal | 28.261 |
| (iv) Deepak Agarwal | 28,261 |
| (v) Padam Narain Aqarwal | 4,681 |
| (vi) Usha Rani Aqarwal | 13,043 |
| Total | 180,666 |
Note No. 3 - Reserve & Surplus
| S. Particulars No. | As at 31 March, 2026 | As at 31 March, 2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| a Capital Reserve | ||
| Capital Subsidy as per the last standalone financial statements | 9.94 | - |
| Add : Addition in pursuant to the merger | 9.94 | |
| Closing Balance (Total-a) | 9.94 | 9.94 |
| b General Reserve | ||
| Net General Reserve as per last standalone financial statements | 15.00 | 15.00 |
| Less: Transfer to Profit & Loss Account | (15.00) | |
| Closing Balance (Total-b) | - | 15.00 |
| c Surplus from Statement of Profit & Loss | ||
| Opening Balance | 13,466.88 | 11,415.13 |
| Add : Addition in pursuant to the merger | - | 102.63 |
| Add: Transferred from General Reserve | 15.00 | - |
| Less: Provision for Gratuity (Net of Deferred Tax Impact) | - | (300.70) |
| Less: Provision for Leave Encashment (Net of Deferred Tax Impact) | - | (11.29) |
| Less:- Bonus Equity Shares 1,00,97,520 @ 10/- each issued | (1,009.75) | - |
| Add: Net Profit for the year | 2,690.86 | 2,275.10 |
| Less: Opening Retained Earnings | - | (13.99) |
| Closing Balance (Total-c) | 15,162.99 | 13,466.88 |
| Total Reserve and Surplus (Total a+b+c) | 15,172.93 | 13,491.82 |
Note No. 4 - Long-term Borrowings
| s. Particulars | Non-Current | |
| No. | 31.03.2026 (Rs. in Lacs) | 31.03.2025 (Rs. in Lacs) |
| (i) Term Loans from Banks (Secured) | ||
| a BOB TERM LOAN A/C NO. 07100600003506 | 391.14 | 503.34 |
| First charge by way of hypothecation of Plant & Machinery & other Fixed Assets of the company. Equitable mortgage of Factory Land and Building Situated at A-424 to A-427 and B-420 to B-423, at Manda II, RIICO Industrial Area, Near Chomu, Dist. Jaipur and personal guarantee of Mr. Vikas Agarwal, Mr. Rajesh Narain Agarwal, Mr. Bharat Agarwal, Mr. Deepak Agarwal (Repayable in 78 Monthly installments from July-2023 and First 9 installments of Rs.2.22 Lacs plus interest and Next 12 installments of Rs.7.79 Lacs plus interest and Next 36 installments of Rs. 9.35 Lacs plus interest and Next 21 installments of Rs. 13.29 Lacs plus interest and rate of interest is 7.90% as on 31.03.2026) | ||
| b BOB Term Loan A/c No. 07100600001960 | ||
| First charge by way of hypothecation of Plant & Machinery & other Fixed Assets of the company. Equitable mortgage of Factory Land and Building Situated at F-766 and F-766-A, Road No. 1-D, V.K.I. Area, Jaipur and G-633A, Road No.6, V.K.I. Area, Jaipur and personal guarantee of Mr. Vikas Agarwal, Mr Rajesh Narain Agarwal, Mr. Bharat Agarwal, Mr. Deepak Agarwal (Repayable in 59 Monthly installments of Rs. 10.00 Lacs plus interest and installment Rs.8.42 Lacs plus interest wef April-2020 and rate of interest is not applicable as on 31.03.2026 due to loan Balance become zero.) | ||
| c BOB Car Loan A/c No. 07100600003674 | . | - |
| (Secured by way of first charge over the Hypothecation of car of the company and also personal guarantee of Director) ( Repayable in 36 monthly installments of Rs. 140185/- including interest wef June-2022 and rate of interest is not applicable as on 31.03.2026 due to loan Balance become zero.) | ||
| d BOB Car Loan A/c No. 07100600003830 | - | - |
| (Secured by way of first charge over the Hypothecation of car of the company and also personal guarantee of Director) ( Repayable in 36 monthly installments of Rs. 109355/- including interest wef Aug-2022 and rate of interest is not applicable as on 31.03.2026 due to loan Balance become zero.) | ||
| e BOB Term Loan A/c No. 07100600003737 | 975.00 | 1,194.10 |
| First charge by way of hypothecation of Plant & Machinery & other Fixed Assets of the company. Equitable mortgage of Factory Land and Building Situated at A-424 to A-427 and B-420 to B-423, at Manda II, RIICO Industrial Area, Near Chomu, Dist. Jaipur and personal guarantee of Mr. Vikas Agarwal, Mr. Rajesh Narain Agarwal, Mr. Bharat Agarwal, Mr. Deepak Agarwal (Repayable in 78 Monthly installments from July-2023 and First 9 installments of Rs.2.22 Lacs plus interest and Next 12 installments of Rs.10.00 Lacs plus interest and Next 36 installments of Rs. 19.91 Lacs plus interest and Next 12 installments of Rs. 30.30 Lacs plus interest and Next 9 installments of Rs. 36.96 Lacs plus interest and rate of interest is 7.90% as on 31.03.2026) | ||
| S. Particulars | Non-Current | |
| No. | 31.03.2026 (Rs. in Lacs) | 31.03.2025 (Rs. in Lacs) |
| f BOB TERM LOAN A/C NO. 07100600004215 | 150.00 | 250.00 |
| First charge by way of hypothecation of Plant & Machinery & other Fixed Assets of the company. Equitable mortgage of Factory Land and Building Situated at F-766 and F-766-A, Road No. 1-D, V.K.I. Area, Jaipur and G-633A, Road No.6, V.K.I. Area, Jaipur and personal guarantee of Mr. Vikas Agarwal, Mr. Rajesh Narain Agarwal, Mr. Bharat Agarwal, Mr. Deepak Agarwal (Repayable in 60 Monthly installments of Rs.833333.00 plus interest wef Oct-2023 and rate of interest is 7.75% as on 31.03.2026 ) | ||
| 9 SIDBI TERM LOAN A/C NO. D000G2NE | 266.26 | - |
| Assets hypothecated by way of first charge of movable properties of the company pertaining to the project of the company as described in the Agreement for Term Loan cum Hypothecation. | ||
| (Repayable in 53 Monthly installments of Rs.554000.00 plus interest and last installment Rs. 588000 plus interest wef Oct-2026 and rate of interest is 8.85% as on 31.03.2026 ) | ||
| Total-i (a to g) | 1782.40 | 1947.44 |
| (ii) Other Lonq-term Borrowings (Unsecured) | ||
| Unsecured Loans from Related Parties | 463.00 | 638.00 |
| (Repayable after 12 months, bearing rate of interest @ 9.00% p.a.) (Refer Point No. 34(a) of Note No. 29) | ||
| Total-ii | 463.00 | 638.00 |
| Total (i + ii) | 2.245.40 | 2.585.44 |
Note No. 5 ¦ Deferred Tax Liabilities (Net)
| S. Particulars | Non-Current | |
| No. | 31.03.2026 (Rs.in Lacs) | 31.03.2025 (Rs. in Lacs) |
| (i) Deferred Tax Liability (Net) | ||
| On account of Timing Difference - - Depreciation & Amortisation | 662.85 | 617.42 |
| (ii) Deferred Tax Assets (Net) | ||
| Expenses to be allowed on actual payment basis in Income Tax Act, 1961 - | ||
| - Bonus Payable | (43.45) | (41.55) |
| - Delay payment to Micro & Small Suppliers | (5.05) | (25.45) |
| - Provision for Leave Encashment | (25.83) | (16.71) |
| - Provision for Gratuity | (129.19) | (122.01) |
| Expenses to be allowed in 5 equal annual installments as per Income Tax Act, 1961 - | ||
| - Merger Expenses | (3.57) | (1.09) |
| - ROC Filing Fee | (2.77) | - |
| Expenses to be allowed on Deduction & Payment of TDS - | ||
| - Disallowance u/s 40(a)(ia) | (0.23) | (0.06) |
| Closing Balance of Deferred Tax Liability | 452.76 | 410.54 |
| (iii) Opening Balance of Deferred Tax Liability | 410.54 | 661.90 |
| Add:- Addition in pursuant of merger | - | 1.51 |
| Add:- Effect of Provision for Gratuity adjusted with opening Retained Earnings. | - | (101.26) |
| Add:- Effect of Provision for Leave Encashment adjusted with opening Retained | (14 68) | |
| Earnings. | ||
| Transferred to Statement of Profit & Loss | 42.21 | (136.92) |
Note No. 6 - Other Long-term Liabilities
| S. Particulars | Non-Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| a Security Deposits \u25a0 | ||
| Security Deposit from Agents | 1.11 | 1.11 |
| Security Deposit from Others | 0.42 | 0.42 |
| Total (a+b) | 1.53 | 1.53 |
Note No. 7 - Long-term Provisions
| S. Particulars | Non-Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Provision for Gratuity | 376.87 | 343.03 |
| Provision for Leave Encashment | 70.53 | 42.16 |
| Total | 447.40 | 385.19 |
Note No. 8 - Short-term Borrowings
| S. Particulars | Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| i Bank of Baroda Cash Credit Loan (Secured) | 2,238.98 | 1,684.35 |
| First charge by way of hypothecation of all stock of Raw material, Semi Finished and Finished goods, Stock in process, Packing material, Consumables goods, stores, spares, all present and future book debts, outstanding monies, receivables claims, bills, engagements, all present and future movable plant, machinery and current & fixed assets of the company. Equitable mortgage of leasehold rights factory land and building Situated at F-766 and F-766-A, Road No. 1-D, V.K.I. Area, Jaipur and Plot No. A-424 to A-427 and B-420 to B-423, Manda II, RIICO Industrial Area, Near Chomu, Dist. Jaipur Further secured by personal guarantee of Mr. Rajesh Narain Agarwal, Mr. Vikas Agarwal, Mr. Bharat Agarwal, Mr. Deepak Agarwal and rate of interest is 7.75% as on 31.03.2026. | ||
| ii Unsecured Loans from Related Parties | 29.00 | 44.00 |
| (Repayable on demand, bearing rate of interest @ 9.00% p.a.) (Refer Point No. 34(b) of Note No. 29) | ||
| iii Current Maturity of long term debt | ||
| (For terms & conditions see long term borrowings - Note no. 4(i)) | ||
| a BOB Term Loan A/C NO. 07100600003506 | 112.20 | 112.20 |
| b BOB Term Loan A/C NO. 07100600001960 | - | 0.49 |
| c BOB Car Loan A/C NO. 07100600003674 | - | 4.10 |
| d BOB Car Loan A/C NO. 07100600003830 | - | 5.05 |
| e BOB Term Loan A/c No. 07100600003737 | 238.92 | 238.92 |
| f BOB Term Loan A/C NO. 07100600004215 | 100.00 | 100.00 |
| q SIDBI Term Loan A/C NO. D000G2NE | 33.24 | - |
| Total-iii (a to f) | 484.36 | 460.75 |
| Total (i to iii) | 2,752.34 | , 2,189.10 |
Note No. - 9 - Trade Payables
| S. Particulars | Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| (i) Total outstanding dues of micro and small enterprises; and | 308.40 | 161.70 |
| (ii) Total outstanding dues of other than micro and small enterprises | 85.71 | 121.09 |
| Total | 394.11 | 282.79 |
Trade payables ageing schedule for the year ended as on March 31, 2026
| S. No. Particulars | Outstanding | for following periods from due date of payment | (Rs. in Lacs) | ||
| Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total | |
| MSME | 308.40 | - | - | - | 308.40 |
| (ii) Others | 85.71 | - | - | - | 85.71 |
| (iii) Disputed dues - MSME | - | - | - | - | . |
| (iv) Disputed dues - Others | - | - | - | - | - |
Trade payables ageing schedule for the year ended as on March 31, 2025 : ¦
| S. No. Particulars | Outstanding | for following periods from due date of payment | (Rs. in Lacs) | ||
| Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total | |
| (i) MSME | 161.70 | - | - | - | 161.70 |
| (ii) Others | 121.09 | - | - | - | 121.09 |
| (iii) Disputed dues - MSME | - | - | - | - | - |
| (iv) Disputed dues - Others | - | - | - | - | - |
Note No. 10 ¦ Other Current Liabilities
| S. Particulars | Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Statutory Liabilties payable within 12 months | 252.60 | 299.73 |
| Advance from Customers | 223.45 | 86.61 |
| Creditors for Expenses | 76.49 | 47.60 |
| Other Payable | 89.34 | 58.93 |
| Salary and Wages Payable | 231.79 | 189.17 |
| Payable to Directors | 207.61 | 254.39 |
| Total | 1,081.28 | 936.43 |
Note No. 11 - Short-term Provisions
| S. Particulars | Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| a Provision for Employee Benefits:- | ||
| Bonus Payable | 172.65 | 165.10 |
| Gratuity Payable | 136.42 | 141.77 |
| Leave Encashment Payable | 32.10 | 24.25 |
| Total-(a) | 341.16 | 331.12 |
| b Provision for Income Tax:- | ||
| Provision for Income Tax as per last Balance Sheet | 712.13 | 457.81 |
| Less:- Transferred during the year | 712.13 | 457.81 |
| Add : Provision for the year | 872.48 | 712.13 |
| Total-(b) | 872.48 | 712.13 |
| Total (a+b) | 1,213.65 | 1,043.25 |
Note No. 12 : Property. Plant and Equipment & Intangible Assets
(RS. IN LACS)
| GROSS BLOCK | DEPRECIATION | NET BLOCK | ||||||||
| S.NO. DESCRIPTION OF ASSETS | GROSS CARRYING AMOUNT AS AT 1st APRIL 2025 | ADDITIONS DURING THE YEAR | DEDUCTIONS DURING THE YEAR | BALANCE AS AT 31st MARCH 2026 | ACCUMULATED DEPRECIATION AND AMORTISATION 1st APRIL 2025 | CHARGE FOR THE YEAR | DEDUCTIONS DURING THE YEAR | BALANCE AS AT 31st MARCH 2026 | BALANCE AS AT 31.03.2026 | BALANCE AS AT 31.03.2025 |
| A TANGIBLE ASSTES | ||||||||||
| 1 LAND | 2,796.07 | - | - | 2,796.07 | - | - | - | - | 2,796.07 | 2,796.07 |
| 2 BUILDINGS | 3,261.08 | 11.70 | - | 3,272.78 | 627.09 | 126.69 | - | 753.78 | 2,519.00 | 2,633.99 |
| 3 PLANT AND EQUIPMENT | 7,513.23 | 353.42 | - | 7,866.65 | 3,017.13 | 398.64 | - | 3,415.78 | 4,450.87 | 4,496.09 |
| 4 FURNITURE & FIXTURES | 222.50 | 7.75 | - | 230.25 | 89.42 | 16.46 | - | 105.87 | 124.37 | 133.08 |
| 5 VEHICLES | 716.45 | 8.50 | 61.61 | 663.33 | 308.21 | 68.33 | 58.53 | 318.01 | 345.32 | 408.24 |
| 6 OFFICE EQUIPMENT | 52.89 | 4.01 | - | 56.89 | 36.39 | 4.69 | - | 41.08 | 15.82 | 16.50 |
| 7 OTHERS | ||||||||||
| (a) AIR CONDITIONER | 30.67 | 1.55 | - | 32.22 | 20.47 | 3.08 | - | 23.55 | 8.66 | 10.20 |
| (b) COMPUTER | 93.35 | 9.87 | - | 103.22 | 83.59 | 2.96 | - | 86.55 | 16.67 | 9.76 |
| (c) CYCLE STAND | 5.16 | - | - | 5.16 | 0.93 | 0.33 | - | 1.25 | 3.91 | 4.23 |
| (d) EMPTY CONTAINER | 3.07 | - | - | 3.07 | 0.86 | 0.25 | - | 1.11 | 1.96 | 2.21 |
| (e) ETP PLANT | 33.47 | - | - | 33.47 | 10.71 | 2.55 | - | 13.27 | 20.21 | 22.76 |
| (f) FIRE EXTINGUISHER | 2.24 | - | - | 2.24 | 0.33 | 0.21 | . | 0.54 | 1.70 | 1.91 |
| (f) HOOTER (ALARM) | 0.43 | - | - | 0.43 | 0.09 | 0.04 | - | 0.13 | 0.29 | 0.33 |
| (g) PARKING LOT | 6.28 | - | - | 6.28 | 0.31 | 0.60 | - | 0.90 | 5.37 | 5.97 |
| (h) R.O. PLANT | 7.19 | - | - | 7.19 | 3.18 | 1.36 | - | 4.54 | 2.64 | 4.01 |
| (i) SCANNER | 1.30 | - | - | 1.30 | 1.30 | . | . | 1.30 | - | - |
| (i) SEWAGE TREATMENT PLANT | 42.76 | - | - | 42.76 | 8.57 | 3.17 | . | 11.74 | 31.02 | 34.19 |
| (k) WATER DRIPPING SYSTEM | 3.57 | - | - | 3.57 | 1.51 | 0.68 | - | 2.19 | 1.38 | 2.06 |
| (I) IRON STAIRS | - | 1.19 | - | 1.19 | - | 0.00 | - | 0.00 | 1.19 | - |
| Total-A (1 to 7 ) | 14,791.68 | 397.98 | 61.61 | 15,128.05 | 4,210.07 | 630.05 | 58.53 | 4,781.59 | 10,346.46 | 10,581.61 |
| PREVIOUS YEAR | 14,161.95 | 668.90 | 39.17 | 14,791.68 | 3,642.51 | 600.93 | 33.36 | 4,210.07 | 10,581.61 | 10,519.44 |
| B INTANGIBLE ASSETS | ||||||||||
| 1 TRADEMARK BRAND | 15.00 | - | - | 15.00 | 5.23 | 0.47 | . | 5.70 | 9.30 | 9.78 |
| 2 COMPUTER SOFTWARE - SAP | 12.22 | 9.35 | - | 21.57 | 0.01 | 5.00 | - | 5.01 | 16.56 | 12.21 |
| Total-B(1) | 27.22 | 9.35 | - | 36.57 | 5.24 | 5.48 | . | 10.71 | 25.86 | 21.98 |
| PREVIOUS YEAR | 15.00 | 12.22 | 27.22 | 4.75 | 0.49 | - | 5.24 | 21.98 | 10.73 | |
| C Total - (A+B) | 14,818.90 | 407.33 | 61.61 | 5,164.62 | 4,215.31 | 635.53 | 58.53 | 4,792.30 | 10,372.32 | 10,603.59 |
| PREVIOUS YEAR | 14,176.95 | 39,t7 | 14.818.90 | 3,647.26 | 33.36 | 4,215.31 | 10,603.59 | 10,529.69 | ||
NOTE NO. 12 ¦ CAPITAL WORK IN PROGRESS
(RS. IN LACS)
| S. NO. PARTICULARS | OPENING BALANCE AS ON 01.04.2025 | ADDITION DURING THE YEAR | TOTAL | ASSETS CAPTILISED & TRANSFERRED DURING THE YEAR | CLOSING BALANE AS ON 31.03.2026 |
| A JAIPUR PLANT | |||||
| PLANT AND EQUIPMENT | - | 103.02 | 103.02 | 48.49 | 54.53 |
| BUILDING | 2.97 | 8.73 | 11.70 | 11.70 | - |
| FURNITURE & FIXTURE MOVABLE & DETACHABLE | 0.59 | 0.55 | 1.14 | 1.14 | - |
| COMPUTER SOFTWARE SAP | - | 9.35 | 9.35 | 9.35 | - |
| VEHICLE PICK UP NO.RJ-14-GV-4500 | - | 8.50 | 8.50 | 8.50 | - |
| TOTAL (A) | 3.56 | 130.15 | 133.71 | 79.18 | 54.53 |
| B MANDA PLANT | |||||
| PLANT AND EQUIPMENT | 0.95 | 350.92 | 351.86 | 199.99 | 151.88 |
| FURNITURE & FIXTURE MOVABLE & DETACHABLE | 0.44 | 0.08 | 0.52 | 0.52 | * |
| TOTAL (B) | 1.39 | 351.00 | 352.39 | 200.51 | 151.88 |
| TOTAL (A+B) | 4.95 | 481.15 | 486.10 | 279.69 | 206.41 |
| PREVIOUS YEAR | 162.02 | 331.45 | 493.47 | 488.52 | 4.95 |
For CWIP age schedule, refer to Point No. 35(xv) of Note No. 29
Note No. 13 ¦ Non-Current Investments
| S. Particulars | Non-Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Quoted Investments (Non-Trade Investment):- | ||
| Investments in Equity Instruments (Refer to Annexure-1) | 306.32 | 306.32 |
| Investment in Gold Bond & Mutual Fund (Refer to Annexure-1) | 35.45 | 35.45 |
| Unquoted Investments (Trade Investment):- | ||
| Investment in Equity Shares of Group Concerns (Refer to Annexure -1) | 98.18 | 98.18 |
| Total | 439.94 | 439.94 |
Note No. 14 - Long-term Loans & Advances
| S. Particulars | Non-Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Capital Advances | 64.96 | 2.50 |
| Other Advances | 0.16 | 0.47 |
| Total | 65.12 | 2.97 |
Note No. 15 - Other Non-Current Assets
| S. Particulars | Non-Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Prepaid Expenses | 8.78 | 11.72 |
| Security Deposits | 68.90 | 61.57 |
| Other Bank Balances:- | ||
| Fixed Deposit Receipt with Bank (Free from any encumbrance) | 1,959.03 | 350.00 |
| Interest Accrued on above FDRs | 64.59 | 14.32 |
| Fixed Deposit Receipt with Bank for BG Margin | 2.60 | 63.21 |
| Interest Accrued on above FDRs for BG Margin | 0.09 | 2.59 |
| Fixed Deposit Receipt with SIDBI | 75.00 | - |
| Interest Accrued on FDR with SIDBI | 0.03 | |
| Total | 2179.01 | 503.40 |
Note No. 16 - Inventories
| S. Particulars | Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| (i) Inventories | ||
| Raw Materials and Components | 1,292.18 | 1,195.86 |
| Work in Progress | 831.21 | 445.64 |
| Finished Goods | 1,782.85 | 1,848.13 |
| Stores and Spares | 985.67 | 908.64 |
| (ii) Others (specify nature) | ||
| HSD, C-9 & L.P.GAS, Coal | 56.89 | 98.61 |
| Packinq Material | 208.47 | 122.53 |
| Machinery Components | 35.61 | 26.00 |
| Stock of Scrap | 0.11 | 2.09 |
| Total | 5,192.98 | 4,647.51 |
Note No. 17 - Trade Receivables
| s. Particulars | Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| (i) a Trade receivables shall be sub-classified as Undisputed Trade receivables - considered good (unsecured) (Refer to Annexure-2 for ageing disclosures) | 1,726.71 | 1,341.78 |
| b Undisputed Trade receivables - considered doubtful (unsecured) (Refer to Annexure-2 for ageing disclosures) | - | - |
| c Disputed Trade receivables - considered good (unsecured) (Refer to Annexure-2 for ageing disclosures) | 4.06 | - |
| Total | 1,730.77 | 1,341.78 |
Note No. 18 - Cash & Bank Balances
| S. Particulars | Current | |
| No. | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| (i) Cash and Cash Equivalents- | ||
| Bank of Baroda C/D A/C 07100200003794 | 0.23 | 0.25 |
| Bank of Baroda V.K.I. Area, Jaipur (in pursuant to merger) | - | 4.50 |
| BOB Term Loan A/C No.07100600001960 | 2.67 | - |
| Fixed Deposit Receipt with Bank (Free from any encumbrance) | 400.00 | 26.54 |
| Interest Accrued on FDR | 13.19 | 1.09 |
| Cheque, drafts in hand | 0.68 | 0.68 |
| Cash in hand | 9.61 | 8.47 |
| (ii) Other Bank Balances- Fixed Deposit Receipt with Bank (Free from any encumbrance) | 2,693.67 | 2,739.83 |
| Interest Accrued on FDR | 88.81 | 112.08 |
| Fixed Deposit Receipt with Bank for BG Margin | 110.91 | 9.30 |
| Interest Accrued on FDR for BG Margin | 3.66 | 0.38 |
| Total | 3,323.42 | 2,903.11 |
Note No. 19 - Short-Term Loans & Advances
| S. Particulars | Current | |
| 31.03.2026 | 31.03.2025 | |
| No. | (Rs. in Lacs) | (Rs. in Lacs) |
| Advances to Suppliers of Raw Material | 287.50 | 156.41 |
| Other Advances | 115.50 | 96.13 |
| Total | 403.00 | 252.54 |
Note No. 20 - Other Current Assets
| S. Particulars | Current | |
| 31.03.2026 | 31.03.2025 | |
| No. | (Rs. in Lacs) | (Rs. in Lacs) |
| Prepaid Expenses | 55.66 | 42.22 |
| Balance with Statutory Authorities | 900.24 | 843.74 |
| Duties & Taxes | 345.45 | 230.27 |
| Interest Accrued on Gold Bond | 0.04 | 0.03 |
| Interest Accrued on Security Deposit | 2.71 | 2.43 |
| IPO / Listing Expenditures | 58.97 | 12.49 |
| Total | 1,363.06 | . 1,131.19 |
| S. Particulars No. | Year Ended 31 March, 2026 | Year Ended 31 March, 2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Note No. 21 | ||
| Revenue from Operations | ||
| a Sale of products (Net) | 17,716.20 | 14,950.03 |
| b Other operating revenues: | ||
| Raw Material Sales | 2.14 | 18.36 |
| Packing Material Sales | 2.96 | 0.73 |
| Scrap Sales | 23.47 | 19.10 |
| Fuel-By Product Sale | 235.43 | 206.00 |
| Other Misc. Operating Revenue | 8.47 | |
| Total | 17,988.67 | 15,194.22 |
| Note No. 22 | ||
| Other Income | ||
| a Interest Income | 289.87 | 148.98 |
| b Dividend Income | 7.50 | 6.56 |
| c Other Income (specify nature) :- | ||
| Custom Duty Refund Received | 3.15 | - |
| Design Development Charges Received | 17.61 | 2.71 |
| Discount Received | - | 0.05 |
| Drawback Incentive Received | 0.42 | 0.87 |
| Exchange Rate Difference | 25.87 | - |
| Freight Charge Received | 20.54 | 20.33 |
| Insurance Charges Received | 40.74 | 33.62 |
| Kanta / Loading Charges Received | 0.21 | 0.04 |
| Liabilities No Longer Required Written off | 37.90 | 10.79 |
| Packing Charges Received | 4.80 | 6.20 |
| Prior Period Income | 0.18 | 0.32 |
| Profit on sale of Vehicle | 1.42 | 7.32 |
| Profit on sale of Store item | - | 1.72 |
| Profit on Sale of Quoted Shares | - | 0.64 |
| Rodtep Scrip Received | 3.11 | - |
| Sales Marketing Services | - | 0.84 |
| Transportation Charges Received | 7.85 | 8.77 |
| Total | 461.16 | 249.76 |
| Total Incomes (21+22) | 18,449.83 | 15,443.98 |
| S. Particulars No. | Year Ended 31 March, 2026 | Year Ended 31 March, 2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Note No. 23 | ||
| Cost of Raw Material Consumed | ||
| Opening Stock | 1,195.86 | 1,181.73 |
| Add:-Purchase of Raw Material (incl. Freight) | 3,974.61 | 3,481.35 |
| Total | 5,170.47 | 4,663.08 |
| Less:- Closing Stock | 1,292.18 | 1,195.86 |
| Less:- Cost of Sale | 1.39 | 17.54 |
| Less:-Trial Run Cost | ||
| Net Raw Material Consumed | 3,876.90 | 3,449.68 |
| Note No. 24 | ||
| (lncrease)/decrease in Inventories of Finished Goods and Stock in Trade | ||
| Closing Stock | ||
| Finished Goods | 1,782.85 | 1,848.13 |
| Stock of Scrap | 0.11 | 2.09 |
| Total | 1,782.96 | 1,850.23 |
| Less:- Opening Stock | ||
| Finished Goods | 1,848.13 | 1,962.00 |
| Stock of Scrap | 2.09 | 4.60 |
| Total | 1,850.23 | 1,966.61 |
| Change in Inventories | 67.27 | 116.38 |
| Note No. 25 | ||
| (lncrease)/decrease in Inventories of Work in Progress | ||
| Closing Stock | ||
| W.I.P. | 831.21 | 445.64 |
| Total | 831.21 | 445.64 |
| Less:- Opening Stock | ||
| W.I.P. | 445.64 | 381.81 |
| Total | 445.64 | 381.81 |
| Change in Inventories | (385.57) | (63.82) |
| Note No. 26 | ||
| Employee Benefit Expenses | ||
| Salaries, Wages and Bonus | 3,438.21 | 2,847.61 |
| Employer Contribution to ESI & PF Funds | 256.28 | 227.23 |
| Defined Benefit Plan - Gratuity | 62.72 | 101.00 |
| Defined Benefit Plan - Leave Encashment | 70.34 | 32.51 |
| Sale based Commission to Employees | 298.64 | 311.00 |
| Welfare Expenses | 44.77 | 33.04 |
| Total | 4,170.96 | 3,552.40 |
| S. Particulars No. | Year Ended 31 March, 2026 | Year Ended 31 March, 2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Note No. 27 | ||
| Financial Costs | ||
| Interest Expenses | 412.33 | 427.88 |
| Total | 412.33 | 427.88 |
| Note No. 28 | ||
| Other Expenses | ||
| A Manufacturinq Expenses | ||
| Consumption of Stores & Spares Parts | 434.92 | 353.60 |
| Design & Development Expenses | 2.53 | 2.18 |
| Power & Fuel | 2,222.29 | 1,698.15 |
| Packing Material Consumed | 1,707.25 | 1,147.97 |
| Repairs to Buildings | 8.88 | 1.00 |
| Repairs to Plant & Machinery | 133.30 | 115.45 |
| Total-A | 4,509.17 | 3,318.36 |
| B Administrative Expenses | ||
| Advance / Balance Written Off | 1.84 | 0.41 |
| Audit Fee | 8.34 | 6.97 |
| Bad Debts | 6.59 | 11.31 |
| Bank Commission & Charges | 21.40 | 20.49 |
| Club Membership Expenses | 0.39 | 0.38 |
| Donation Paid | 3.95 | 3.00 |
| Exchange Rate Difference | - | 0.62 |
| Fees & Subscription | 15.98 | 12.67 |
| Filing Fees | 14.13 | 0.07 |
| Insurance Expenses | 31.36 | 28.98 |
| Legal & Professional Expenses | 84.61 | 77.32 |
| Loading / Unloading / Kanta Charges | 14.06 | 10.37 |
| Merger Expenses | 13.67 | 4.31 |
| Misc. Expenses | 13.89 | 14.74 |
| Office Maintenance Expenses | 29.43 | 16.95 |
| Penalty Paid | 0.58 | 22.69 |
| Postage & Courier | 19.08 | 16.33 |
| Prior Period Expenses | 0.54 | 0.17 |
| Rates & Taxes | 12.59 | 12.36 |
| Rent Paid | 3.00 | 3.00 |
| Repairs to Others | 19.46 | 15.27 |
| Retail Outlet Maintenance Expenses | 22.20 | 22.20 |
| Travelling Expenses | 96.22 | 72.78 |
| Vehicle Maintenance Expenses | 55.17 | 46.24 |
| Total-B | 488.48 | 419.64 |
1
| S. Particulars No. | Year Ended 31 March, 2026 | Year Ended 31 March, 2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| C Selling & Distribution Expenses | ||
| Advertisement Expenses | 94.86 | 45.95 |
| Commission paid on Sales | 180.37 | 142.87 |
| Discount Allowed | 113.95 | 75.99 |
| Exhibition Expenses | 136.56 | 101.14 |
| Royalty Expenses | 46.07 | 26.91 |
| Sales Forwarding Expenses | 374.68 | 275.23 |
| Sales Promotion & Marketing Expenses | 60.76 | 37.54 |
| Total-C | 1,007.24 | 705.62 |
| Total (A to C) | 6,004.89 | 4,443.62 |
| 28.1 (Pavmentto Auditors):- | ||
| For Audit Fees | 4.25 | 4.00 |
| For Other Services | 12.34 | 0.17 |
| Total | 16.59 | 4.17 |
29 Significant accounting policies and practices adopted by the company & financial notes are disclosed in the statement annexed to these standalone financial statements as Note No. 29.
As per our report of even date For Kuldeep Kumar Gupta & Co. (Chartered Accountants)
ICAI Firm Reg. No. - 002703C
For and on behalf of the Board Clay Craft India Ltd
(CA Kuldeep Kumar Gupta) Partner
M. No.-071794 Place: Jaipur
Date: OS /^-O 2-6
| (CsAml KumarSharma) | (DeepaRvgarwal) |
| Company Secretary | Executive Director & CFO |
| M. No.- F9382 | DIN- 03311393 |
| (Rajesh Narain Agarwal) | (Vikas AgeWval) |
| Executive Director | Managing Director |
| DIN- 00492137 | DIN - 00985596 |
CLAY CRAFT INDIA LTD
(Formerly known as CLAY CRAFT (INDIA) PRIVATE LIMITED)
Notes on Standalone Financial Statements for the year ended 31st March, 2026
Note No. 29
Statement of significant accounting policies and financial notes on account annexed to & forming part of the standalone financial statements for the year ended 31.03.2026
A) SIGNIFICANT ACCOUNTING POLICIES
1) GENERAL
The standalone financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP) under the historical cost convention on the accrual basis. The Company has prepared these standalone financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act. 2013, read together with paragraph 7 of the Companies (accounts) Rules, 2014 Accounting policies have been consistently applied by the Company and are consistent with those used in the previous year except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard required a change in the accounting policy hither to in use.
2) BASIS OF ACCOUNTING
The standalone financial statement are prepared in accordance with the relevant prevention requirement of the Companies Act, 2013 under the historical cost conversion on the basis of going concern and accrual concept unless otherwise stated
3) FUNCTIONAL AND PRESENTATION CURRENCY
These standalone financial statements are prepared in Indian Rupees (INR), which is the Companys functional currency. All amounts disclosed in these standalone financial statements and notes have been rounded off to the nearest Lakh (with two places of decimal) as per the requirement of Schedule III. unless otherwise stated.
4) PROPERTY. PLANT AND EQUIPMENT
An item of property, plant and Equipment recognized as an asset if and only if it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably Items of property, plant and equipment are initially recognized at cost. Subsequent measurement is done at cost less accumulated depreciation/amortization (other than freehold land) and accumulated impairment losses. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition, inclusive of non-refundable taxes & duties, necessary for it to be capable of operating in the manner intended by management When parts of an item of property, plant and equipment have different useful lives, they are recognized separately. Items of spare parts, stand-by equipment and servicing equipment which meet the definition of property, plant and equipment are capitalized Other spare parts are carried as inventory and recognized in the statement of profit and loss on consumption,
5) DEPRECIATION / AMORTIZATION
The depreciation on property, plant and equipment has been provided on the straight line method as per the useful life prescribed in Schedule II of the Companies Act, 2013 Depreciation on the property, plant and equipment added/disposed-off/discarded during the year has been provided on pro-rata basis with reference to the date of addition/disposition/discardation. The residual value, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if applicable
6) CAPITAL WORK-IN-PROGRESS
The cost of self-constructed assets includes the cost of materials, direct labour and any other costs directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management and borrowing costs. Expenses directly attributable to construction of property, plant and equipment incurred till they are ready for their intended use are identified and allocated on a systematic basis on the cost of related assets. Depreciation is not recorded on capital work-in- progress until construction and installation is complete and the asset is ready for its intended use
7) INTANGIBLE ASSETS
An intangible asset is recognized if and only if it is probable that the expected future economic benefits that are attributable to the asset will flow to the company and the cost of the asset can be measured reliably, Intangible assets that are acquired by the company, which have finite useful lives, are recognized at cost. Subsequent measurement is done at cost less accumulated amortization and accumulated impairment losses. Cost includes and directly attributable incidental expenses necessary to make the assets ready for its intended use. Intangible assets are amortized over a period of estimated useful life as determined by the management
8) CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the cash flow statement comprise cash at bank and cash in hand, cheques on hand, remittances in transit, short term Fixed Deposit with an original maturity of three months or less and stamping and franking balances.
9) INVENTORIES
a) Inventories of Raw Materials, Work-in-Progress, Stores and spares. Finished Goods, Stock-in-trade are stated at moving average cost or net realisable value, whichever is lower Goods-in-Transit are stated at moving average cost. Cost comprise all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost formula used are Moving Weighted Average Cost.
b) Valuation of Finished Goods and Work-in-Process Goods of Jaipur Unit and Manda Unit have been carried out after clubbing both units cost of Raw Materials and other direct cost since the both units are producing the same product and are under same management. Moreover, some finished work on goods related to Manda Unit are carried out at Jaipur Unit.
c) The closing stock of finished goods and work in progress is quantified based on the average weight of the products manufactured, as the extensive variety of articles renders exact item-wise quantification impracticable
10) INVESTMENTS
Long-term investments will be stated at Cost and any permanent decline will be adjusted in the carrying amount of Long-term investments. Short-term investments are stated at Cost or Market Value, whichever is lower.
11) EMPLOYEE BENEFITS
a) Employee benefits such as salaries, wages, short-term compensated absences, expected cost of bonus and performance linked rewards falling due wholly within twelve months of rendering the services are classified as short-term employee benefits and are expensed in the period in which the employee renders the related services.
b) The Companys state governed provident fund scheme and employee state insurance scheme are defined contribution plans. The contribution paid/payable under such schemes is recognised in the Statement of Profit & Loss during the period in which the employee renders the related services
c) Liabilities in respect of defined benefit plans such as Gratuity and Leave Encashment are determined based on Actuarial Valuation made by an independent actuary as at the balance sheet date and expenses are recognised based on the actuarial valuation The actuarial gains or losses arising during the period are recognised in the Statement of Profit & Loss of the year
12) BORROWING COST
Borrowing costs which are significant in nature and attributable to the acquisition or construction of qualifying assets are capitalized at part of the cost of such assets A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use All other borrowing costs are charged to the Statement of Profit and Loss as incurred
13) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION
Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction or at the rates covered by the forward contracts. Monetary assets & liabilities denominated in foreign currency are translated into INR at the rate of exchange prevailing at the balance sheet date. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rate at the date of transaction. Exchange difference arising at the settlement of monetary items or on reporting the companys monetary items at the rate different from those at which they were initially recorded during the period or reported in previous standalone financial statement are recognized as exchange gain / loss in the period in which they arise
14) REVENUE RECOGNITION
The Company recognizes revenue from sale of goods when the goods are delivered and titles have been passed at which a ) time all the following conditions are satisfied:-
i) The Company has transferred to the buyer the significant risks and rewards of ownership of the goods,
ii) The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
iii) The amount of revenue can be measured reliably;
iv) It is probable that the economic benefits associated with the transaction will flow to the company; and
v) The cost incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from service is recognized as the service is performed. The performance of service is measured by two methods as under: -
i) Completed service contract method - Revenue is recognized when service is about to be completed and no significant uncertainties exist about the collection of amounts of service charges;
ii) Proportionate Completion Method - Revenue is recognized by reference to the performance of each Act. The revenue recognized under this method would be determined on the basis of contract value, associated costs, number of Acts or other suitable basis. Further, no significant uncertainty exists about the collection of amounts of service charges of performed Acts.
i) Revenue in respect of other income is recognized when no significant uncertainty as to its determination or realization
c ) exits;
ii) All other Revenue/lncome and costs/expenditure are generally accounted on accrual basis, as they are earned or incurred, except below which are accounted for on actual payment basis:
- Liability if any for sales tax, income tax, ESI & PF, excise duty and GST
15) IMPAIRMENT OF ASSETS
The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/ external factors. An asset is impaired when the carrying amount of asset exceeds the recoverable amount An impairment loss is charged to the profit and loss account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting period is reversed if there has been changed in the estimate of the recoverable amount.
16) TAX EXPENSES
Provision for current tax is made, which is likely to arise on the results for the year at the current rate of tax in accordance with the provisions of the Income Tax Act, 1961. The deferred tax for timing differences between the book and tax profits for the year is accounted for, using the tax rates and laws that have been substantively enacted as of the balance sheet date Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that these would be realized in future Deferred tax is computed in accordance with Accounting Standard 22- Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India
17) ACCOUNTING ESTIMATES
The preparation of standalone financial statements requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of standalone financial statements and the reported amounts of revenue and expenses during the reporting period Difference between the actual results and the estimates are recognized in the period in which the results are known / materialized.
18) PROVISIONS & CONTINGENCIES
The company will recognize a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the obligation. A disclosure for a contingent liability will be made when there is a possible obligation that may, but probably will not. requires an outflow of resources. Where there will possible obligation or a present obligation but the likelihood of outflow of resources is remote, no provision or disclosure is made, as required by Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets issued by the ICAI
19) EARNING PER SHARE
The Company reports basic and diluted earnings per share in accordance with the Accounting standard -20 Earning per Share issued by ICAI Basic earnings per share are computed by dividing the net profit or loss for the year by the number of equity share outstanding during the year.
20) OPERATING CYCLE
Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their realization in cash or cash equivalent, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
B) NOTES ON ACCOUNTING POLICIES
21) Contingent Liabilities:-
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly whithin the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is termed as a contingent liability.
(i) Bank Guarantee of Rs. 60.00 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs 60.00 Lacs as a margin money The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 31.07 2024 to 31.07.2026 for the supply of crockeryware.
(ii) Bank Guarantee of Rs. 119.35 Lacs issued by Bank of Baroda. Jaipur after keeping FDR of Rs 50.00 Lacs as a margin money The Bank Guarantee is provided to Torrent Gas Jaipur Pvt. Ltd., Jaipur for the period 01.11.2025 to 30.10.2026 for the supply of Natural Gas
(iii) Bank Guarantee of Rs. 6.08 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. 0.61 Lacs as a margin money The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 21.11.2023 to 19.11.2026 for the supply of crockeryware.
(iv) Bank Guarantee of Rs. 9.98 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. Nil as a margin money. The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 11.04.2023 to 10.04.2026 for the supply of crockeryware.
(v) Bank Guarantee of Rs. 9.50 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. 0.95 Lacs as a margin money. The Bank Guarantee is provided to Canteen Store Department (CSD). Mumbai for the period 03.07 2024 to 01.07.2027 for the supply of crockeryware.
(vi) Bank Guarantee of Rs 16.50 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs 1.65 Lacs as a margin money The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 01 08.2024 to 31.07.2027 for the supply of crockeryware.
(vii) The Company has a contingent liability of Rs. 125.46 Lacs pertaining to a customs classification dispute regarding the import of Natural Calcium Phosphate, which the Company declared as Apatite Calcium Phosphate under Tariff Sub-Heading No. 25102030. The Customs Authorities contested this classification, and the Commissioner of Customs (Preventive), Jodhpur, Hqrs. Jaipur, vide Order-in-Original No. 01/2023 dated January 30, 2023 issued a demand for differential duty of Rs 62.73 Lacs along with an equivalent penalty of Rs. 62.73 Lacs. The Companys subsequent appeal against this order before CESTAT, Delhi was dismissed vide Order Nos 50777, 50780 & 50778/2026 dated April 27, 2026 In another similar matter / case, the Company has got the order in favour of Clay Craft India Ltd via appeal order number C.No. APPL/JPR/CUS/JP/16/IV/2024/1871 dated 11.06 2024 In the same matter, other manufacturer also got the CESTAT (Customs Excise and Service Tax Appellate Tribunal) order in their favour Based on independent legal opinions, the merits of the documentary proofs, submissions made during the hearing before Honble CESTAT and favourable decisions mentioned herein, there is a very high probability that this case would be successful and appeal by the company would be accepted. Accordingly, the demand and penalties in this case would be set aside. Additionally, an appeal has been filed before the Honble High Court of Rajasthan on 02.06.2026 contesting the same Hence, no provision has been made in the books of account of Rs. 125.46 Lacs, though the same has been declared under contingent liabilities.
(viii) The scheme of Arrangement under section 230-232 of the Companies Act 2013 for merger of erstwhile M/s Ekling Ji Industries Private Limited with M/s Clay Craft India Ltd has been sanctioned and approved by the Honble NCLT, Jaipur Bench vide their Order dated 23/05/2025 effective from 1st April, 2024 In terms of the Scheme of Arrangement, 1 equity share of Rs 100/- each of M/s Clay Craft India Ltd has to be alloted to the shareholders of M/s Ekling Ji Industries Private Limited for every 0.69 equity share of Rs 100/- each held by the shareholders of M/s Ekling Ji Industries Private Limited The Company is liable for Stamp Duty to be paid under the Rajasthan Stamp Act, 1998 on account of this Merger The estimated amount of said Stamp Duty during the previous year was Rs. 4.16 Lacs. As per the Stamp Duty Order dated 18/12/2025, the company is liable to pay the Stamp Duty of Rs. 6.75 Lacs which the company has paid on 26/12/2025
(ix) TDS Defaults of Rs 0.01 Lacs is appearing at Traces Portal w.r.t. Delay Filing Fee for the FY 2025-26.
(x) SUMMARY OF CONTINGENT LIABILITIES & COMMITMENTS
| Particulars | Current Year | Previous Year |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Income Tax / TDS / TCS Demands | 0.01 | 0 12 |
| Disputed Excise, Custom, Service Tax, VAT, CST | 125.46 | 125.46 |
| Bank Guarantee | 221.41 | 190.80 |
| Export Obligation | - | - |
| Stamp Duty on account of Merger | - | 4.16 |
| Total | 346.88 | 320.54 |
Total Capital Commitments as on 31.03.2026 is Rs. 0.00 Lacs
22) CIF value of Imports:-
| Current Year | Previous Year | |
| Particulars | (Rs. in Lacs) | (Rs. in Lacs) |
| 1. Raw Materials Imported | 1,608.46 | 1,634.09 |
| 2. Stores & Spares & Kiln Furniture Import | 188.36 | 394.83 |
| 3. Advertisement Exp. (Imported) | 2.79 | 1.66 |
| 4. Exhibition Exp. (Imported) | 54.89 | 2345 |
| 5. Fees & Subscription Exp. (Imported) | - | 0.60 |
| 6 Sample Exp. Imported | - | - |
| 7 Legal & Professional Exp. (Out of India) | - | - |
| 8 Repair To P&M- Imported | 6.52 | 5.03 |
| 9. Office Maintenance Exp. Imported | 1.42 | 0.50 |
| 10. Design Development Exp. Imported | 1.36 | 1.40 |
| 11. Travelling Exp. Imported | 30.16 | 18.30 |
| 12. Plant & Machinery Imported (incl.WIP) | 412.34 | 222 26 |
| Total | 2,306.31 | 2,302.13 |
23) FOB Value of Exports:-
| Current Year | Previous Year | |
| Particulars | (Rs. in Lacs) | (Rs. in Lacs) |
| Export Sale (B/C) | 29.33 | 71.39 |
| Export Sale (Transfer Sheet) | - | 063 |
| Export Sale (Deemed Export) | - | 3.15 |
| Packing Charges Received on Export Sale | 0.38 | 1.25 |
| Design Development Charges Received Export | 8.38 | 1.59 |
| Freight Charges Received on Export Sale | - | 1.59 |
| Total | 38.10 | 79.60 |
24) In the opinion of Board, the current assets and advances are approximately of the same value as stated if realised in the ordinary course of business.
25) Statement of Change in equity shares As per Note No.1 of the Notes on Standalone Financial Statements.
26) Prior Period Items:-
The nature and amount of prior period items and extra-ordinary items are separately disclosed in the Statement of Profit & Loss in a manner that their impact on the Profit & Loss can be perceived.
27) The Company has taken the Club Mahindra Holidays Membership from Mahindra Holidays and Resorts India Limited for the Cost of Rs. 2.66 Lakh (total cost Rs 2.86 Lakh Less club travel reimbursement Rs 0 20 Lakh) for 25 years from October, 2003 to September 2028 Hence, Rs. 0.11 Lacs is transferred to Club Membership Expenses Account.
28) DUES TO MICRO AND SMALL ENTERPRISES: The Company has certain dues to suppliers registered under Micro and Small Enterprises Development Act, 2006 (MSMED Act). The disclosures pursuant to the said MSMED Act are as follows:-
| 31.03.2026 | 31.03.2025 | |
| Sr. No. Particulars | (Rs. in Lacs) | (Rs. in Lacs) |
| i The principal amount remaining unpaid to any supplier at the end of the year | 320.23 | 161.70 |
| ii Interest due remaining unpaid to any supplier at the end of the year | 0.14 | 0.48 |
| iii The amount of interest paid by the buyer in terms of section 16 of the MSMED Act. 2006 along with the amount of the payment made to the supplier beyond the appointed day during the year | - | 0.01 |
| iv The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the MSMED Act, 2006 | - | |
| V The amount of interest accrued and remaining unpaid at the end of each accounting year | 0.62 | 0.48 |
| vi The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprises, for the purpose of disallowance of a deductible expenditure under section 23 of the MSMED Act, 2006 | - | - |
(II) The Company has identified all the micro and small enterprises as per MSMED Act. 2006 and have made payments to them generally within the time limits specified in section 15 of the MSMED Act, 2006 except few cases Out of the total Trade payables at the year ended of Rs. 394 11 Lacs, only Rs 308 40 Lacs is payable to Micro and Small enterprises at the year end. Out of the total Creditors of Expenses at the year ended of Rs 77.15 Lacs, only Rs. 11.83 Lacs is payable to Micro and Small enterprises at the year end. Further, the entity has provided interest as per requirement of section 22 of MSMED Act. 2006. However, the company has no impact on taxable income as the interest u/s 16 of MSMED Act, 2006 is not allowed as deduction under income tax act, 1961. Further, the payment of interest has not been made in the current year before the date of Balance Sheet.
29) Events occuring after the Balance Sheet date:-
Assets and Liabilities are adjusted for significant events occurring, if any, after the Balance Sheet date that provide additional evidences to assist the estimation of accounts relating to conditions / circumtances existing at the Balance Sheet date There are no events that occured after the Balance Sheet date in the current reporting period.
30) Cost of Transfer Sheet manufactured of Rs. 940.99 Lacs (Previous Year Rs. 788.04 Lacs) is used for captive consumption therefore the same has not been booked as sale in the current financial year.
31) Earning per share (EPS)
The following reflects the profit and share data used in the basic and diluted EPS computations:
| Particulars | 31.03.2026 | 31.03.2025 |
| (Rs. in Lacs) | (Rs. in Lacs) | |
| Net Profit/(loss) for the period attributable to Equity Shareholder | 2690.86 | 2275.10 |
| Net profit/(loss) for calculation of basic / diluted EPS | 2690.86 | 2275.10 |
| Weighted average number of equity shares outstanding during the year | 15146280 | 15146280 |
| Basic Earning per equity share of face value Rs. 10/- (In Rs.) | 17.77 | 15.02 |
| Diluted Earning per equity share of face value Rs. 10/- (In Rs.) | 17.77 | 15.02 |
| Nominal Value per share (in Rs.) | 10/- | 10/- |
a) Calculation of Weighted average number of equity shares outstanding during the period :
| Particulars | 31-March-26 | 31-March-25 |
| (No. of Shares | (No. of Shares | |
| No of Equity Shares outstanding at the beginning of the period i.e. 01.04.2025 | 504876 | 489220 |
| Less:- Cancellation of Equity Shares held by Transforer Company on account of Merger | 0 | 165010 |
| Add - Equity Shares to be issued on account of Merger | 0 | 180666 |
| No. of Equity Shares outstanding at the ending of the period i.e. 31.03.2026 | 504876 | 504876 |
| Revised No of Equity Shares on account of spiltting of the Equity Shares having the face value of Rs. 100/- each to Rs. 10/- each (vide members / shareholders resolution passed in EGM held on 14 06.2025) | 5048760 | 5048760 |
| Add - Bonus shares issued in the ratio of 2:1 (2 bonus shares for 1 original share held) (vide members / shareholders resolution passed in the EGM held on 26 06.2025) | 10097520 | 10097520 |
| Weighted average number of equity shares outstanding during the year | 15146280 | 15146280 |
32) Total value of all imported raw materials, spare parts and components consumed during the financial year and the total value of all indigenous raw materials, spare parts and components similarly consumed and the percentage of each to the total consumption:-
| Particulars | Year ended 31 March 2026 | Year ended 31 March 2025 | ||
| Percentage | (Rs. in Lacs) | Percentage | (Rs. in Lacs) | |
| A. Raw Materials and Components | ||||
| (i) Imported | 44.19 | 1,713.38 | 50.06 | 1,727.00 |
| (ii) Indigenous | 55.81 | 2,163.52 | 49.94 | 1,722.68 |
| 100.00 | 3,876.90 | 100.00 | 3,449.68 | |
| B. Stores & Spares, Kiln Furniture, Refractory | ||||
| (i) Imported | 55.70 | 242 26 | 54.62 | 193.14 |
| (ii) Indigenous | 44.30 | 192 66 | 45 38 | 160 46 |
| 100.00 | 434.92 | 100.00 | 353.60 | |
33) Total value of all imported raw materials, spare parts and components, manufacturing machine purchased during the financial year and the total value of all indigenous raw materials, spare parts and components, manufacturing machine similarly purchased and the percentage of each to the total purchased:-
| Particulars | Year ended 31 March 2026 | Year ended 31 March 2025 | ||
| Percentage | (Rs. in Lacs) | Percentage | (Rs. in Lacs) | |
| A. Raw Materials and Components | ||||
| (i) Imported | 40.47 | 1,608.46 | 46 94 | 1,634.09 |
| (ii) Indigenous | 59.53 | 2,366.15 | 53.06 | 1,847.25 |
| 100.00 | 3,974.61 | 100.00 | 3,481.35 | |
| B. Stores & Spares, Kiln Furniture, Refractory | ||||
| (i) Imported | 46.09 | 506.36 | 56.42 | 619.51 |
| (ii) Indigenous | 53.91 | 592.26 | 43.58 | 478.52 |
| 100.00 | 1,098.62 | 100.00 | 1,098.03 | |
34) Unsecured Loans and advances from related parties:
a) Long-term Unsecured Loans, being Repayable after 12 months-
| Particulars | As at 31 March 2026 (Rs. in Lacs) | As at 31 March 2025 (Rs. in Lacs) |
| Anjali Agarwal (Loan) | 0.00 | 71.00 |
| Bharat Agarwal (Loan) | 236.00 | 236.00 |
| Deepak Agarwal (Loan) | 147.00 | 147.00 |
| Padam Narain Agarwal (Loan) | 0.00 | 40.00 |
| Ruchi Agarwal (Loan) | 0.00 | 28.00 |
| Vijaya Agarwal (Loan) | 0.00 | 36.00 |
| Vikas Agarwal (Loan) | 80.00 | 80.00 |
| Total | 463.00 | 638.00 |
| b) Short-term Unsecured Loans, being Repayable on demand- | As at 31 March 2026 (Rs. in Lacs) | As at 31 March 2025 (Rs. in Lacs) |
| Particulars | ||
| Bharat Agarwal (Loan) | 12.00 | 12.00 |
| Deepak Agarwal (Loan) | 7.00 | 7.00 |
| Padam Narain Agarwal (Loan) | 0.00 | 15.00 |
| Vikas Agarwal (Loan) | 10.00 | 10.00 |
| Total | 29.00 | 44.00 |
35) Additional Regulatory Information:-
(i) Undisclosed Income:
During the year, the company has not surrendered or disclosed any undisclosed income in the tax assessment under the applicable provisions of the Income Tax Act. 1961.
(ii) Details of Crypto Currency or Virtual Currency:
During the year, the company has not traded or invested in crypto currency or virtual currency.
(iii) Corporate Social Responsibility (CSR):
During the year, the company is covered under the provisions of section 135 of the Act in F.Y. 2025-26 as profit of the company exceeds Rs 500.00 Lacs
| Corporate Social Responsibility (CSR) | March 31, 2026 (Rs. In Lacs) | March 31, 2025 (Rs. In Lacs) |
| Amount required to be spent on CSR expenditure in accordance with Section 135 of the Companies Act. 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014 | 51.16 | 48.02 |
| Amount unspent / (excess spent) carried forward from earlier years | 0.00 | 0.00 |
| Amount actually spent during the year | 51.16 | 48.02 |
| (Excess amount spent carried forward) / Short fall as at Balance Sheet date | 0.00 | 0.00 |
Nature of CSR Activities: Eradicating hunger and promoting health care, Promoting healthcare and awareness, Promoting gender equality and empowering women and Promoting education and awareness.
(iv) Title deeds of all the Immovable Properties of the Company are held in name of the Company.
(v) The Company has not revalued its Property, Plant and Equipment during the current reporting period
(vi) The Company has not made any Loans or Advances in the nature of loans are granted to promoters, Directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person.
(vii) The Company is not declared wilful defaulter by any bank or financial institution or other lender.
(viii) The Company has not made any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
(ix) Registration of charges or satisfaction with Registrar of Companies:
There is no any charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period
(x) Compliance with number of layers of companies:
The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
(xi) Compliance with approved Scheme(s) of Arrangements:
The scheme of Arrangement under section 230-232 of the Companies Act 2013 for merger of erstwhile M/s Ekling Ji Industries Private Limited with M/s Clay Craft India Ltd was sanctioned and approved by the Honble NCLT, Jaipur Bench vide their Order dated 23/05/2025 effective from 1st April, 2024 The Company has made the adequate effect of such scheme of Arrangements in its books of account in accordance with the approved Scheme and in accordance with the Accounting Standards, without any deviation
(xii) The company has not holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder
(xiii) The Company has borrowed the funds from banks or financial institutions on the basis of security of current assets. The Company has submitted the statement of stock and books debts which are in agreement with books of account except some immaterial discrepancies. The Further details are as follow
| Month / Quarter | Name of Bank | Particulars of Security Provided | Amount as per books of accounts (Rs. in Lacs) | Amount as reported in statement submitted to bank (Rs. in Lacs) | Amount of Difference (Rs. in Lacs) | Percentage (%) of Discrepancies |
| Mar-26 | Bank of Baroda | Total Stock | 5192.98 | 5172.50 | 20 48 | 0.39% |
| Trade Receivables * | 1730.77 | 1102.13 | 628.64 | 36.32% | ||
| Trade Payables ** | 394.11 | 430.56 | -36.45 | -9.25% |
The stock records & its valuation are duly reconciled based on day to day books of account maintained by the Company * The variance in Trade Receivables is due to the ageing of debtors that are taken for only 90 days in the Stock Statement as per the Sanction Letter.
** Major part of variance in Trade Payables is due to Creditors for Expenses, which were inadvertently included in the Stock Statement.
(xiv) Utilisation of Borrowed funds and share premium:
(A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise).
(xv) CAPITAL WORK IN PROGRESS (CWIP - AGE SCHEDULE)
(a) For Capital-work-in-progress, ageing schedule is as follow :-
(Rs. in Lacs)
| Amount in CWIP for a period of | Total* | ||||
| Sr No Projects in progress | Less than 1 year | 1-2 years | 2-3 years | More than 3 years | |
| 1 JAIPUR PLANT PLANT AND EQUIPMENT | 54.53 | 0.00 | 0.00 | 0.00 | 54.53 |
| TOTAL -1 | 54.53 | 0.00 | 0.00 | 0.00 | 54.53 |
| 2 MANDA PUNT PUNT AND EQUIPMENT | 151.88 | 0.00 | 0.00 | 0.00 | 151.88 |
| TOTAL-2 | 151.88 | 0.00 | 0.00 | 0.00 | 151.88 |
| TOTAL (1 TO 2) | 206.41 | 0.00 | 0.00 | 0.00 | 206.41 |
(b) There is no capital-work-in-progress, whose completion is overdue or has exceeded its cost compared to its original plan. Therefore, further disclosure is not required.
(xvi) INTANGIBLE ASSETS UNDER DEVELOPMENT (AGE SCHEDULE)
(a) For Intangible Assets under Development, ageing schedule is as follow :-
(Rs. in Lacs)
| Amount in CWIP for a period of | Total* | ||||
| Sr No Projects in progress | Less than 1 year | 1-2 years | 2-3 years | More than 3 years | |
| 1 JAIPUR PUNT COMPUTER SOFTWARE (SAP) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| TOTAL (1) | 0.00 | 0.00 | (TOO | (Tool | 0.00 |
(b) There is no Intangible Assets under Development, whose completion is overdue or has exceeded its cost compared to its original plan. Therefore, further disclosure is not required.
(xvii) Following Ratios to be disclosed:-
| Sr No. Ratio | Numerator (Rs. in Lacs) | Denominator (Rs. in Lacs) | Current Period | Previous Period | % Variance | Reason for Variance (if more than 25%) |
| 1 Current Ratio | 12013.23 | 5441.38 | 2.21 | 2.31 | -4.36% | NA |
| 2 Debt - Equity Ratio | 4997.74 | 16687.56 | 0.30 | 0.34 | -12.20% | NA |
| 3 Debt Service Coverage Ratio | 3737.29 | 896.69 | 4.17 | 3.71 | 12.33% | NA |
| 4 Return on Equity (ROE) | 2690.86 | 15342.13 | 17 54% | 17.45% | 0.54% | NA |
| 5 Inventory Turnover Ratio | 17988.67 | 4920.24 | 3.66 | 338 | 8.24% | NA |
| 6 Trade receivables turnover ratio | 17988.67 | 1536.28 | 11.71 | 11.80 | -0.77% | NA |
| 7 Trade payables turnover ratio | 8518.98 | 338.45 | 25.17 | 37.37 | -32.65% | Due to increase in payment period |
| 8 Net capital turnover ratio | 17988.67 | 6198.20 | 2.90 | 3.18 | -8.61% | NA |
| 9 Net profit ratio | 2690.86 | 17988.67 | 14.96% | 14.97% | -0.10% | NA |
| 10 Return on capital employed (ROCE) | 4017.88 | 21685.30 | 18.53% | 17.46% | 6.09% | NA |
| 11 Return on investment | 293.91 | 4654.98 | 6.31% | 5.88% | 7.33% | NA |
36) Disclosure of details of Gratuity and Leave Encashment pursuant to Accounting Standard-15 Employee Benefits are given in the separate statement, marked as Annexure-3.
37) The main business of the Company is of manufacturing and sale of Crockery and Ceramic Tableware Products All other activities of the Company revolve around the main business Therefore, there is only one reportable segment and there is no geographical segmant. Hence, disclosures pursuant to the AS-17 Segment Reporting are not applicable.
38) Disclosure of transactions in respect of Related Parties pursuant to Accounting Standard-18 Related Party Disclosure are given in the separate statement, marked as Annexure-4
39) The Duties & Taxes as mentioned in Note No 20 of the Notes on Standalone Financial Statements, includes an accumulated Input Tax Credit (ITC) of GST Compensation Cess amounting to Rs 139 30 Lacs. Following the removal of this cess effective September, 2025, there is currently no formal mechanism for its refund or utilization against other tax liabilities except for export- related refund Based on formal legal advice, management has elected to maintain this balance intact to ensure alignment with the official GST portal and to avoid accounting anomalies The company is awaiting further government clarification and the outcome of various petitions currently before the Honbe Supreme Court, while also exploring potential recovery through future export-related refund claims
40) Previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current year presentation.
As per our report of even date For Kuldeep Kumar Gupta & Co.
| (CSlMiifKumar Sharma) | (Deepak Agatwa^ |
| Company Secretary | Executive Director & CFO |
| M. No.- F9382 | DIN-03311393 |
For and on behalf of the Board Clay Craft India Ltd
| (Rajesh Narain Agarwal) | (Vikas Aganiy^l)) |
| Executive Director | Managing Director |
| DIN-00492137 | DIN - 00985596 |
(CA Kuldeep Kumar Gupta) Partner
M. No. - 071794
Place: Jaipur
Date: OS / O (,)
ANNEXURE -1 LONG-TERM INVESTMENTS
A- (I) Statement of Quoted Investment (Non-Trade) as at 31 March, 2026 Stated at Cost
| Sr. No. Name of Company | No. of Fully Paid Equity Shares | Addition of Bonus & Split Shares Received During The Year | Total No. of Fully Paid Equity Shares | At Cost (Rs. in Lacs) | Market Value (Rs. in Lacs) |
| 1 ADANI GREEN ENERGY LTD. | 1,000 | - | 1,000 | 1.60 | 8.32 |
| 2 ADANI POWER LTD. | 6,100 | 24.400 | 30,500 | 4.03 | 46.92 |
| 3 ARVIND FASHIONS LTD. | 2,890 | - | 2,890 | 5.03 | 11.06 |
| 4 ASIAN PAINTS LTD. | 500 | - | 500 | 10.04 | 11.04 |
| 5 AUROBINDO PHARMA LTD. | 580 | - | 580 | 4.95 | 7.62 |
| 6 AVENUE SUPER MARTS | 617 | - | 617 | 16.74 | 24.12 |
| 7 BAJAJ AUTO LTD. | 130 | - | 130 | 4.98 | 11.57 |
| 8 BAJAJ ELECTRICALS LTD. | 485 | - | 485 | 5.02 | 1.71 |
| 9 BAJEL PROJECTS LTD | 485 | - | 485 | - | 0.70 |
| 10 BERGER PAINTS INDIA LTD | 2,724 | - | 2,724 | 13.03 | 11.30 |
| 11 DABUR INDIA LTD. | 770 | - | 770 | 3.99 | 3.23 |
| 12 DR. LAL PATHLABS LTD. | 1.000 | 1,000 | 2,000 | 19.17 | 2649 |
| 13 EICHER MOTORS LTD | 200 | - | 200 | 5.02 | 13.62 |
| 14 GUJARAT GAS LTD | 1,105 | - | 1,105 | 6.97 | 3.51 |
| 15 HAWKINS COOKER LTD. | 70 | - | 70 | 3.99 | 5.32 |
| 16 HDFC BANK LIMITED | 1,590 | 1,590 | 3,180 | 20.01 | 24.05 |
| 17 HDFC LIFE INSURANCE COMPANY LTD. | 1,554 | - | 1,554 | 10.17 | 9.48 |
| 18 HERO MOTOCORP LTD. | 550 | - | 550 | 14.96 | 28.30 |
| 19 HINDUSTAN COPPER LTD. | 3,541 | - | 3,541 | 5.01 | 17.42 |
| 20 ICICI BANK LIMITED | 1,000 | - | 1,000 | 5.33 | 12.34 |
| 21 INDIGO PAINTS LTD. | 196 | - | 196 | 4.97 | 1.43 |
| 22 INFOSYS TECHNOLOGIES LTD. | 1,000 | - | 1,000 | 7.35 | 12.70 |
| 23 JK CEMENT LTD. | 317 | - | 317 | 11.00 | 16.13 |
| 24 JINDAL STEEL & POWER LTD. | 1,400 | - | 1,400 | 4.97 | 15.83 |
| 25 JIO FINANCIAL SERVICES | 2,482 | - | 2,482 | - | 5.77 |
| 26 OIL & NATURAL GAS CO. (ONGC) | 6,330 | - | 6,330 | 6.84 | 17.85 |
| 27 ORIENT CEMENT LTD. | 4,030 | - | 4,030 | 4.00 | 5.10 |
| 28 PFIZER LTD. | 300 | - | 300 | 14.79 | 14.06 |
| 29 POWER FINANCE CORPORATION LTD. | 6.637 | - | 6,637 | 7.98 | 26.28 |
| 30 PRAKASH INDUSTRIES LTD | 4,000 | - | 4,000 | 1.77 | 4.69 |
| 31 RELIANCE INDUSTRIES LIMITED (Right Issue) | 82 | - | 82 | 1.03 | 1.11 |
| 32 RELIANCE INDUSTRIES LIMITED | 4,882 | - | 4,882 | 43.03 | 65.82 |
| 33 SHIPPING CORPORATION OF INDIA (SCI) | 1,000 | - | 1,000 | 0.62 | 2.29 |
| 34 SHIPPING CORPORATION OF INDIA LAND AND ASSETS LTD | 1,000 | - | 1,000 | - | 0.38 |
| 35 STATE BANK OF INDIA | 1,000 | - | 1,000 | 3.32 | 10.20 |
| 36 TATA CONSULTANCY SERVICES LTD. (TCS) | 500 | - | 500 | 10.38 | 11.95 |
ANNEXURE - 1 LONG-TERM INVESTMENTS
A- (I) Statement of Quoted Investment (Non-Trade) as at 31 March, 2026 Stated at Cost
| Sr. No. Name of Company | No. of Fully Paid Equity Shares | Addition of Bonus & Split Shares Received During The Year | Total No. of Fully Paid Equity Shares | At Cost (Rs. in Lacs) | Market Value (Rs. in Lacs) |
| 37 TATA CONSUMER PRODUCT LTD. | 800 | - | 800 | 4.95 | 8.38 |
| 38 TATA STEEL LTD. | 2,000 | - | 2,000 | 0.76 | 3.87 |
| 39 TORRENT PHARMACEUTICALS LTD | 700 | - | 700 | 8.51 | 29.86 |
| 40 TORRENT POWER LTD. | 962 | - | 962 | 4.99 | 13.02 |
| 41 TVS MOTOR COMPANY LTD. | 855 | - | 855 | 5.02 | 29.44 |
| 42 TVSMCL PREF. | 0 | 3420 | 3420 | 0.00 | 0.35 |
| TOTAL-I | 67,364 | 30,410 | 97,774 | 306.32 | 574.63 |
A- (II) Statement of Quoted Investment (Non-Trade) as at 31 March, 2026 Stated at Cost
| Sr. No. Name of Company | No. of Fully Paid Gold Bond | Addition of Bonus & Split Gold Bond Received During The Year | Total No. of Fully Paid Gold Bond | At Cost (Rs. in Lacs) | Market Value (Rs. in Lacs) |
| 1 GOI SOVEREIGN GOLD BOND ( GRAM ) | 200 | - | 200 | 10.57 | 27.2: |
| 2 HDFC MUTUAL FUND ETF ( UNIT ) | 50,000 | - | 50,000 | 2487 | 60.7: |
| TOTAL-II | 50,200 | - | 50,200 | 35.44 | 87.9. |
| TOTAL (I TO II) | 117,564 | 30,410 | 147,974 | 341.76 | 662.5 |
(III) The aggregate amount of quoted investment is Rs. 341.76 Lacs & market value of this investment is Rs. 662.57 Lacs
(IV) Further no accounting effect has been taken on the equity shares received as Bonus equity shares.
(V) Appreciation / Diminution in the value of Investments have not been taken in accounts as the same is temporary in nature.
(B) Statement of Un-quoted Shares (Trade Investment) of Group Concerns : (at cost)
| Sr. Name of Company | No. of | At Cost |
| Paid | (Rs. in | |
| Equity | Lacs) | |
| Shares | ||
| (1) 98,000 Equity shares of Rs. 100/- each of Crown Craft (India) Pvt. Ltd | 98,000 | 98.00 |
| (2) 500 Equity shares of Rs. 35/- each of Crown Craft (India) Pvt. Ltd | 500 | 0.18 |
| TOTAL | 98,500 | 98.18 |
ANNEXURE - 2 of Note No. 17
Trade Receivables Ageing Schedule as on 31.03.2026
(Rs. in Lacs)
| Particulars | Outstanding for following periods from due date of payment | TOTAL | ||||
| LESS THAN 6 MONTHS | 6 MONTHS - 1 YEAR | 1-2 YEARS | 2-3 YEARS | MORE THAN 3 YEARS | ||
| (A) Undisputed Trade receivables considered good (unsecured) | 1,690.82 | 20.23 | 7.41 | 0.06 | 8.18 | 1,726.71 |
| (B) Undisputed Trade Receivables - considered doubtful (unsecured) | ||||||
| (C) Disputed Trade receivables considered good (unsecured) | 4.06 | 4.06 | ||||
| (D) Disputed Trade Receivables - considered doubtful (unsecured) | - | |||||
| Total | 1,690.82 | 20.23 | 11.47 | 0.06 | 8.18 | 1,730.77 |
Trade Receivables Ageing Schedule as on 31.03.2025
(Rs. in Lacs)
| Particulars | Outstanding for following periods from due date of payment | TOTAL | ||||
| LESS THAN 6 MONTH | 6 MONTHS - 1 YEAR | 1-2 YEARS | 2-3 YEARS | MORE THAN 3 YEARS | ||
| (A) Undisputed Trade receivables considered good (unsecured) | 1,291.83 | 23.05 | 6.45 | 17.40 | 3.05 | 1,341.78 |
| (B) Undisputed Trade Receivables - considered doubtful (unsecured) | ||||||
| (C) Disputed Trade receivables considered good (unsecured) | ||||||
| (D) Disputed Trade Receivables - considered doubtful (unsecured) | ||||||
| Total | 1,291.83 | 23.05 | 05 | 17.40 | 3.05 | 1,341.78 |
Annexure - 3
Disclosure of details regarding Employees Benefits as per AS-15:-
A) Defined Contribution Plans :-
The Company has defined contribution plan for its employees retirement benefits comprising Provident Fund and Employees State Insurance Fund. The Company and its eligible employees make monthly contribution to the above mentioned funds at a specified percentage of the covered employees salary. The obligation of the Company is limited to the amount contributed and it has no further contractual or any constructive obligation.
B) Defined Benefit Plans :- 1) Gratuity:-
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement / termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The liability in respect of Gratuity has been determined using Projected Unit Credit Method by an Independent Actuary. The further details regarding Grauity are as follows
| 1.1: Table Showing Changes in Present Value of Obligations: | (Value in INR) | |
| Period | From: 01-04-2025 To: | From: 01-04-2024 To: |
| 31-03-2026 | 31-03-2025 | |
| Present value of the obligation at the beginning of the period | 48,480,102 | 40,234,980 |
| Interest cost | 3,272,407 | 2,917,036 |
| Current service cost | 6,373,078 | 5,843,107 |
| Past Service Cost | 0 | 0 |
| Benefits paid (if any) | -3,423,318 | -1,855,278 |
| Actuarial (gain)/loss | -3,373,089 | 1,340,257 |
| Present value of the obligation at the end of the period | 51,329,180 | 48,480,102 |
| 1.2: Key results (The amount to be recognized in the Balance Sheet): | (Value in INR) | |
| Period | As on: 31-03-2026 | As on: 31-03-2025 |
| Present value of the obligation at the end of the period | 51,329,180 | 48,480,102 |
| Fair value of plan assets at end of period | 0 | 0 |
| Net liability/(asset) recognized in Balance Sheet and related analysis | 51,329,180 | 48,480,102 |
| Funded Status - Surplus/ (Deficit) | -51,329,180 | -48,480,102 |
| 1.3: Expense recognized in the statement of Profit and Loss: | (Value in INR) | |
| Period | From: 01-04-2025 To: | From: 01-04-2024 To: |
| 31-03-2026 | 31-03-2025 | |
| Interest cost | 3,272,407 | 2,917,036 |
| Current service cost | 6,373,078 | 5,843,107 |
| Past Service Cost | 0 | 0 |
| Expected return on plan asset | 0 | 0 |
| Net actuarial (gain)/loss recognized in the period | -3,373,089 | 1,340,257 |
| Expenses to be recognized in P&L | 6,272,396 | 10,100,400 |
| 1.4: Actuarial assumptions provided by the company and employed for the calculations are tabulated: | (Value in INR) | |
| Discount rate | 7.25 % per annum | 6.75 % per annum |
| Salary Growth Rate | 5.00 % per annum | 5.00 % per annum |
| Mortality | IALM 2012-14 | IALM 2012-14 |
| Expected rate of return | 0 | 0 |
| Attrition / Withdrawal Rate (per Annum) | 10.00% p.a. | 10.00% p.a. |
1.5: Benefits valued: (Value in INR)
| Normal Retirement Age | 60 Years | 60 Years |
| Salary | Last drawn qualifying salary | Last drawn qualifying salary |
| Vesting Period | 5 Years of service | 5 Years of service |
| Benefits on Normal Retirement | 15/26SalaryPast Service (yr). | 15/26SalaryPast Service (yr). |
| Benefit on early exit due to death and disability | As above except that no vesting conditions apply | As above except that no vesting conditions apply |
| Limit | 2000000 | 2000000 |
| 1.6: Current Liability (Expected payout in next year as per schedule III of the Companies Act, 2013): | (Value in INR) | |
| Period | As on: 31-03-2026 | As on: 31-03-2025 |
| Current Liability (Short Term)* | 13,641,705 | 14,177,020 |
| Non Current Liability (Long Term) | 37,687,475 | 34,303,082 |
| Total Liability | 51,329,180 | 48,480,102 |
| 1.7: Reconciliation of liability in balance sheet | (Value in INR) | |
| Period | From: 01-04-2025 To: 31-03-2026 | From: 01-04-2024 To: 31-03-2025 |
| Opening gross defined benefit liability/ (asset) | 48,480,102 | 40,234,980 |
| Expenses to be recognized in P&L | 6,272,396 | 10,100,400 |
| Benefits paid (if any) | -3,423,318 | -1,855,278 |
| Closing gross defined benefit liability/ (asset) | 51,329,180 | 48,480,102 |
2) Leave Encashment :-
The Company provides for leave encashment for employees in India. The liability in respect of Leave Encashment has been determined using Projected Unit Credit Method by an Independent Actuary. The further details regarding Leave Encashment are as follow :-
2.1: Table Showing Changes in Present Value of Obligations: (Value in INR)
| Period | From: 01-04-2025 To: 31-03-2026 | From: 01-04-2024 To: 31-03-2025 |
| Present value of the obligation at the beginning of the period | 6,640,816 | 5,834,392 |
| Interest cost | 448,255 | 422,993 |
| Current service cost | 2,059,957 | 1,309,068 |
| Benefits paid (if any) | -3,412,393 | -2,444.905 |
| Actuarial (gain)/loss | 4,526,023 | 1,519,268 |
| Present value of the obligation at the end of the period | 10,262,658 | 6,640,816 |
2.2: Key results (The amount to be recognized in the Balance Sheet): (Value in INR)
| Period | As on: 31-03-2026 | As on: 31-03-2025 |
| Present value of the obligation at the end of the period | 10,262,658 | 6,640,816 |
| Fair value of plan assets at end of period | 0 | 0 |
| Net liability/(asset) recognized in Balance Sheet and related analysis | 10,262,658 | 6,640,816 |
| Funded Status - Surplus/ (Deficit) | -10,262,658 | -6,640,816 |
CLAY CRAFT INDIA LTD
(Formerly known as CLAY CRAFT (INDIA) PRIVATE LIMITED)
Notes on Standalone Financial Statements for the year ended 31st March, 2026
2.3: Expense recognized in the statement of Profit and Loss: (Value in INR)
| Period | From: 01-04-2025 To: | From: 01-04-2024 To: |
| 31-03-2026 | 31-03-2025 | |
| Interest cost | 448,255 | 422,993 |
| Current service cost | 2,059,957 | 1,309,068 |
| Expected return on plan asset | 0 | 0 |
| Net actuarial (gain)/loss recognized in the period | 4,526,023 | 1,519,268 |
| Expenses to be recognized in P&L | 7,034,235 | 3,251,329 |
| 2.4: Actuarial assumptions provided by the company and employed for the calculations are tabulated: | (Value in INR) | |
| Discount rate | 7.25 % per annum | 6.75 % per annum |
| Salary Growth Rate | 5.00 % per annum | 5.00 % per annum |
| Mortality | IALM 2012-14 | IALM 2012-14 |
| Expected rate of return | 0 | 0 |
| Attrition / Withdrawal Rate (per Annum) | 10.00% pa | 10.00% p.a. |
| 2.5: Benefits valued: | (Value in INR) | |
| Normal Retirement Age | 60 Years | 60 Years |
| Salary | As per rules of the company | As per rules of the company |
| Benefits on Normal Retirement | 1/30 * Salary * Number of leaves. | 1/30 * Salary * Number of leaves. |
| Benefit on early exit | As above, subject to rules of the company. | As above, subject to rules of the company. |
| Benefit on death | As above, subject to rules of the company. | As above, subject to rules of the company. |
| 2.6: Current Liability (Expected payout in next year as per schedule III of the Companies Act, 2013): | (Value in INR) | |
| Period | As on: 31-03-2026 | As on: 31-03-2025 |
| Current Liability (Short Term)* | 3,209,865 | 2.424,679 |
| Non Current Liability (Long Term) | 7,052,793 | 4,216,137 |
| Total Liability | 10,262,658 | 6,640,816 |
| 2.7: Reconciliation of liability in balance sheet | (Value in INR) | |
| Period | From: 01-04-2025 To: 31-03-2026 | From: 01-04-2024 To: 31-03-2025 |
| Opening gross defined benefit liability/ (asset) | 6,640,816 | 5,834,392 |
| Expenses to be recognized in P&L | 7,034,234 | 3,251,329 |
| Benefits paid (if any) | -3,412,393 | -2,444,905 |
| Closing gross defined benefit liability/ (asset) | 10,262,657 | 6,640,816 |
ANNEXURE-4
RELATED PARTY DISCLOSURE:- (A) Name of related parties and description of relationship: 1 Key Management Personnel
| Sr No | Name of Personnel | Designation |
| 1 | Vikas Aqarwal | Manaqinq Director |
| 2 | Raiesh Narain Aqarwal | Executive Director |
| 3 | Bharat Aqarwal | Executive Director |
| 4 | Deepak Aqarwal | Executive Director and Chief Financial Officer |
| 5 | Padam Narain Aqarwal | Director (ceases to be w.e.f 6th June 2025) |
| 6 | Ashok Kumar Bharqava | Independent Director (w.e.f 22nd Auqust 2025) |
| 7 | Nirmal Badri Prasad Joshi | Independent Director (w.e.f 22nd Auqust 2025) |
| 8 | Kanan Shah | Independent Director (w.e.f 22nd Auqust 2025) |
| 9 | Prakash Danqayach | Independent Director (w.e.f 22nd Auqust 2025) |
| 10 | Anil Kumar Sharma | Company Secretary (w.e.f 11th April 2025) |
2 Relatives of Key Management personnel
| Sr No | Name of Personnel | Relationship |
| 1 | ANJALIAGARWAL | Wife of Vikas Aqarwal |
| 2 | RUCHI AGARWAL | Wife of Bharat Aqarwal |
| 3 | VIJAYA AGARWAL | Wife of Deepak Aqarwal |
| 4 | USHA RANI AGARWAL | Wife of Raiesh Narain Aqarwal |
3 Enterprises over which key management personnel and relative of such personnel have significant influence
| Sr No Name of Enterprises |
| 1 BHARAT AGENCIES |
| 2 B. CERAMICS PVT. LTD. |
| 3 BHARAT FARMS |
| 4 CERAMIC TABLEWARE PVT. LTD. |
| 5 COLOUR CRAFT |
| 6 CROWN CRAFT INDIA PVT. LTD |
| 7 SHARP MINCHEM PVT. LTD. |
(A) Details of Transactions during the year with related parties:
| Sr No. Name of Related party | Nature of Transaction | Amount in Lacs | |
| 2025-26 | 2024-25 | ||
| 1 ANJALI AGARWAL | INTEREST ON LOAN | 1.35 | 6.39 |
| 2 ANJALI AGARWAL | LOAN REPAID | 71.00 | - |
| 3 BHARAT AGARWAL | DIRECTORS REMUNERATION (INCL.PF) | 93.72 | 85.20 |
| 4 BHARAT AGARWAL | BONUS AND COMMISSION | 78.29 | 66.75 |
| 5 BHARAT AGARWAL | INTEREST ON LOAN | 22.32 | 22.32 |
| 6 BHARAT AGENCIES | OFFICE MAINTENANCE | 0.26 | 0.90 |
| 7 BHARAT AGENCIES (EKLINGJI) | OFFICE MAINTENANCE | - | 0.30 |
| 8 BHARAT FARMS | GUEST HOUSE EXP. | 3.00 | 3.00 |
| 9 COLOUR CRAFT | SALE OF BONE CHINA CROCKERY, STORE ITEMS AND PACKING BOX | 46.23 | 46.31 |
| 10 COLOUR CRAFT | RETAIL OUTLET MAINTENANCE EXP. (UNDER FRANCHISEE) | 22.20 | 22.20 |
| 11 COLOUR CRAFT | PURCHASE OF RAW MATERIAL AND DESIGN DEVELOPMENT EXP. | 4.65 | 1.81 |
| 12 CROWN CRAFT INDIA PVT. LTD | SALE OF BONE CHINA CROCKERY, COAL CHURI, PACKING BOX AND TRANSPORTATION CHARGES RECEIVED | 6.99 | 15.28 |
| 13 CROWN CRAFT INDIA PVT. LTD | PURCHASE OF PACKING BOX, RAW MATERIAL, STORE ITEMS AND DESIGN DEVELOPMENT EXP. | 131.61 | 315.07 |
| 14 CROWN CRAFT INDIA PVT. LTD | INTEREST ON SECURITY RECEIVED | 0.75 | 0.75 |
| 15 CERAMIC TABLEWARE PVT. LTD. | PURCHASE OF STORE ITMES | .. 1.35 | 0.43 |
| 16 CERAMIC TABLEWARE PVT. LTD. | SALE OF STORE ITM&S, | 1.53 | |
ANNEXURE-4
RELATED PARTY DISCLOSURE:- (A) Details of Transactions during the year with related parties:
| Sr No. Name of Related party | Nature of Transaction | Amount in Lacs | |
| 2025-26 | 2024-25 | ||
| 17 DEEPAKAGARWAL | DIRECTORS REMUNERATION (INCL.PF) | 93.72 | 85.20 |
| 18 DEEPAKAGARWAL | BONUS AND COMMISSION | 78.29 | 66.75 |
| 19 DEEPAKAGARWAL | INTEREST ON LOAN | 13.86 | 13.86 |
| 20 PADAM NARAIN AGARWAL | DIRECTORS REMUNERATION (INCL.PF) | 20.43 | 101.70 |
| 21 PADAM NARAIN AGARWAL | BONUS, COMMISSION, GRATUITY AND LEAVE ENCASHMENT PAID | 35.99 | 69.07 |
| 22 PADAM NARAIN AGARWAL | INTEREST ON LOAN | 0.83 | 4.95 |
| 23 PADAM NARAIN AGARWAL | LOAN REPAID | 55.00 | - |
| 24 RAJESH NARAIN AGARWAL | DIRECTORS REMUNERATION (INCL.PF) | 122.58 | 111.44 |
| 25 RAJESH NARAIN AGARWAL | BONUS AND COMMISSION | 80.24 | 69.07 |
| 26 RUCHI AGARWAL | INTEREST ON LOAN | 0.53 | 2.52 |
| 27 RUCHI AGARWAL | LOAN REPAID | 28.00 | - |
| 28 SHARP MINCHEM PVT. LTD. | PURCHASE OF PACKING BOX, PACKING SPACER, GUM PAPER | 1,437.62 | 1,009.52 |
| 29 VIJAYA AGARWAL | INTEREST ON LOAN | 0.68 | 3.24 |
| 30 VtJAYA AGARWAL | LOAN REPAID | 36.00 | - |
| 31 VIKAS AGARWAL | DIRECTORS REMUNERATION (INCL.PF) | 81.94 | 48.33 |
| 32 VIKAS AGARWAL | BONUS AND COMMISSION | 75.55 | 64.17 |
| 33 VIKAS AGARWAL | INTEREST ON LOAN | 8.10 | 8.12 |
| 34 VIKAS AGARWAL | LOAN TAKEN | - | - |
| 35 VIKAS AGARWAL | LOAN REPAID | - | 5.00 |
| 36 ANIL KUMAR SHARMA | SALARY PAID (INCL. PF) | 14.25 | - |
| 37 ANIL KUMAR SHARMA | BONUS | 0.71 | - |
| 38 ASHOK KUMAR BHARGAVA | SITTING FEE PAID TO DIRECTOR | 0.62 | - |
| 39 NIRMAL BADRI PRASAD JOSHI | SITTING FEE PAID TO DIRECTOR | 0.62 | - |
| 40 KANAN SHAH | SITTING FEE PAID TO DIRECTOR | 0.44 | - |
| 41 PRAKASH DANGAYACH | SITTING FEE PAID TO DIRECTOR | 0.62 | - |
(B) Balances at the year end
| Sr No. Name of Related party | Nature of Transaction | Amount in Lacs | |
| 2025-26 | 2024-25 | ||
| 1 ANJALI AGARWAL | Creditor for Expense | - | 5.75 |
| 2 ANJALI AGARWAL | Unsecured Loan | - | 71.00 |
| 3 BHARAT AGARWAL | Outstanding liability of Director | 54.13 | 62.11 |
| 4 BHARAT AGARWAL | Unsecured Loan | 248.00 | 248.00 |
| 5 BHARAT AGARWAL | Advance Recoverable | - | 1.18 |
| 6 BHARAT AGARWAL | Advance from Employee | 0.35 | - |
| 7 COLOUR CRAFT | Trade Receivable | 2.89 | - |
| 8 COLOUR CRAFT | Creditor for Expense | 2.00 | 2.00 |
| 9 CROWN CRAFT INDIA PVT. LTD | Trade Payable | 0.67 | - |
| 10 CROWN CRAFT INDIA PVT. LTD | Trade Receivable | - | 1.41 |
| 11 CROWN CRAFT INDIA PVT. LTD | Security Deposits | 10.00 | 10.00 |
| 12 DEEPAK AGARWAL | Outstanding liability of Director | 52.26 | 54.50 |
| 13 DEEPAKAGARWAL | Unsecured Loan | 154.00 | 154.00 |
| 14 DEEPAKAGARWAL | Creditor for Expense | 2.01 | 0.61 |
| 15 DEEPAKAGARWAL | Advance Recoverable | 0.68 | - |
| 16 PADAM NARAIN AGARWAL | Outstanding liability of Director | - | 47.11 |
| 17 PADAM NARAIN AGARWAL | Unsecured Loan | - | 55.00 |
| 18 RAJESH NARAIN AGARWAL | Outstanding liability of Director | 49.10 | 42.08 |
| 19 RUCHI AGARWAL | Creditor for Expense | - | 2.27 |
| 20 RUCHI AGARWAL | Unsecured Loan | - | 28.00 |
| 21 SHARP MINCHEM PVT. LTD. | Trade Payable | 105.82 | 62.24 |
| 22 VIJAYA AGARWAL | Creditor for Expense | - | 2.92 |
| 23 VIJAYA AGARWAL | Unsecured | 36.00 | |
ANNEXURE-4
RELATED PARTY DISCLOSURE:- (A) Details of Transactions during the year with related parties:
| Sr No. Name of Related party | Nature of Transaction | Amount in Lacs | |
| 2025-26 | 2024-25 | ||
| 24 VIKAS AGARWAL | Unsecured Loan | 90.00 | 90.00 |
| 25 VIKAS AGARWAL | Outstanding liability of Director | 51.45 | 48.59 |
| 26 VIKAS AGARWAL | Advance Recoverable | . | 3.06 |
| 27 ANIL KUMAR SHARMA | Outstanding liability of employee | 1.82 | - |
| 28 ASHOK KUMAR BHARGAVA | Outstanding liability of Director | 0.18 | - |
| 29 NIRMAL BADRI PRASAD JOSHI | Outstanding liability of Director | 0.18 | - |
| 30 KANAN SHAH | Outstanding liability of Director | 0.13 | - |
| 31 PRAKASH DANGAYACH | Outstanding liability of Director | 0.18 | - |
#NAEnd#
#NACStart#
NOTE 1
SUMMARY STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES & NOTES TO RESTATED FINANCIAL
INFORMATION
1. COMPANY INFORMATION
CLAY CRAFT INDIA LTD (the Company) which is incorporated as on 31 st October, 1988. The Registered Office of the Company is located at F-766 & F-766 A, Road No. 1-D, Vishwakarma Industrial Area, Jaipur, Rajasthan, India, 302013. The Company is engaged in manufacturing and dealing of wide range of Ceramic Tableware products such as dinner sets, tea sets, mugs, and other table top items for both household and hospitality use.
2. SIGNIFICANT ACCOUNTING POLICIES
A) BASIS OF PREPARATION OF FINANCIAL STATEMENT
The Consolidated restated Statement of Assets and Liabilities (Annexure I) of the group as at March 31, 2026, March 31, 2025 and standalone restated Statement of Assets and Liabilities (Annexure I) of the group as at March 31, 2024 the Consolidated Restated Statements of Profit and Loss (Annexure II), the Consolidated Restated Cash Flow Statement (Annexure III) for the financial period ended March 31,2026, March 31,2025 and standalone Restated Statements of Profit and Loss (Annexure II), the standalone Restated Cash Flow Statement (Annexure III) for the financial year ended March 31, 2024 hereinafter collectively referred to as
Consolidated Restated Financial Statement of Assets and Liabilities (Annexure I) of the group as at March 31, 2026, March 31, 2025 and standalone Restated Financial Statement of Assets and Liabilities (Annexure I) of the group as at March 31, 2024 have been extracted by the management from the audited financial statements for the financial period ended March 31, 2026, March 31, 2025 March 31, 2024 approved by the respective Board of Directors of the companies.
These financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 (the Act) read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act. The accounting policies adopted in the preparation of financial statements have been consistently applied. All assets and liabilities have been classified as current or non-current as per the groups normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of operations and time difference between the provision of services and realization of cash and cash equivalents, the group has ascertained its operating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities.
B) USE OF ESTIMATES
The preparation of financial statements is in conformity with GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Although these estimates are based on the managements best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets, liabilities, revenue and expenses in future periods
C) Accounting Convention
The Consolidated financial statement are prepared in accordance with the relevant prevention requirement of the Companies Act, 2013 under the historical cost conversion on the basis of going concern and accrual concept unless otherwise stated.
The following significant accounting policies are adopted in the preparation and presentation of these financial statements:
1.Revenue recognition
The group recognizes revenue from sale of goods when the goods are delivered and titles have been passed at which time all the following conditions are satisfied: - i) The group has transferred to the buyer the significant risks and rewards of ownership of the goods; ii) The group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; iii) The amount of revenue can be measured reliably; iv) It is probable that the economic benefits associated with the transaction will flow to the group; and v) The cost incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from service is recognized as the service is performed. The performance of service is measured by two methods as under: - i) Completed service contract method Revenue is recognized when service is about to be completed and no significant uncertainties exist about the collection of amounts of service charges; ii) Proportionate Completion Method Revenue is recognized by reference to the performance of each Act. The revenue recognized under this method would be determined on the basis of contract value, associated costs, number of Acts or other suitable basis. Further, no significant uncertainty exists about the collection of amounts of service charges of performed Acts.
Sale of goods
Revenue is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer except exports. Export sales has been recognised at the time of removal of goods from factory at invoice value (whether FOB or CIF) on the basis of exchange rates declared by Custom Department in the shipping bills. Sales are disclosed net of GST, trade discounts and returns, as applicable.
Revenue in respect of price-variation clauses is recognized on reasonable certainty of its ultimate collection.
Interest Income
Interest income is recognised on accrual basis at applicable interest rate on time proportion basis.
Other Income
Other incomes are recognised on the basis of certainty its ultimate collection.
2. Property, Plant and Equipment
Property, Plant & Equipment are stated at cost net of recoverable taxes, trade discounts and rebates and include amounts added on revaluation, less accumulated depreciation and impairment loss, if any. The cost of property, plant & equipment comprises its purchase value and any directly attributable cost of bringing the asset to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets in accordance with AS- 10 Property, Plant and Equipment.
Subsequent expenditures related to an item of Property, Plant and Equipment are added to its book value if they increase the future benefits from the existing asset beyond its previously assessed standard of performance. In respect of additions or extensions forming an integral part of existing assets depreciation is provided as aforesaid over the useful life of respective assets.
Significant component of assets having a life shorter than the main assets, if any is depreciated over the shorter life.
Projects under which assets are not ready for their intended use are disclosed under Capital Work-in-progress. Property, Plant and Equipment under construction or installation, included in capital work-in-progress are not depreciated.
All expenditure actually incurred for supply and installation of plant & machinery and other capital assets, pre-operative expenses, including interest during construction are accumulated and shown as capital work-in-progress until the completion of expansion programme.
The gain and loss arising on the disposal or retirement of an item of property plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the statement of profit and loss on the date of disposal or retirement.
3. IMPAIRMENT
The management periodically assesses using, external and internal sources, whether there is an indication that an asset may be impaired. An impairment loss is recognized wherever the carrying value of an asset exceeds its recoverable amount. The recoverable amount is higher of the assets net selling price and value in use, which means the present value of future cash flows expected to arise from the continuing use of the assets and its eventual disposal. An impairment loss for an asset is reversed if, and only if, the reversal can be related objectively to an event occurring after the impairment loss was recognized. The carrying amount of an asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.
4. INVENTORIES
a) Inventories of Raw Materials, Work-in-Progress, Stores and spares, Finished Goods, Stock-in-trade are stated at moving average cost or net realisable value, whichever is lower. Cost comprise all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost formula used are Moving Weighted Average Cost.
b) Valuation of Finished Goods and Work-in-Process Goods of Jaipur Unit and Manda Unit have been carried out after clubbing both units cost of Raw Materials and other direct cost since the both units are producing the same product and are under same management. Moreover, some finished work on goods related to Manda Unit are carried out at Jaipur Unit.
c) The quantity of closing stock of finished goods determined on the basis of average weight of product so produced as it is difficult to find out exact quantity of different kind of finished products, due to very large number of articles.
5. FOREIGN EXCHANGE TRANSACTIONS
Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction or at the rates covered by the forward contracts. Monetary assets & liabilities denominated in foreign currency are translated into INR at the rate of exchange prevailing at the balance sheet date. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rate at the date of transaction. Exchange difference arising at the settlement of monetary items or on reporting the groups monetary items at the rate different from those at which they were initially recorded during the period or reported in previous Consolidated financial statement are recognized as income or as expenses in the period in which they arise except in case of Long-Term liabilities.
6. CASH FLOW STATEMENT
Cash flows are reported using the indirect method as prescribed in Accounting Standard 3 Cash Flow Statement whereby profit before tax is adjusted for the effects of transactions of a non- cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
7. BORROWING COSTS
Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost of that asset till such time the asset is ready for its intended use. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Costs incurred in raising funds are amortized equally over the period for which the funds are acquired. All other borrowing costs are charged to Statement profit and loss account.
Capitalization of interest on borrowings related to construction or development project is ceased when substantially all the activities that are necessary to make the assets ready for their intended use are complete or when delays occur outside of the normal course of business.
8. INCOME TAX
Provision for current tax is made, which is likely to arise on the results for the year at the current rate of tax in accordance with the provisions of the Income Tax Act, 1961. The deferred tax for timing differences between the book and tax profits for the year is accounted for, using the tax rates and laws that have been substantively enacted as of the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that these would be realized in future. Deferred tax is computed in accordance with Accounting Standard 22- Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India.
9. EARNINGS PER SHARE
The group reports basic and diluted earnings per share in accordance with the Accounting standard 20 Earning per Share issued by ICAI. Basic earnings per share are computed by dividing the net profit or loss for the year by the number of equity share outstanding during the year. Diluted earnings per equity share have been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding as at end of the year, unless anti-dilutive.
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The assessments undertaken in recognizing provisions and contingencies have been made in accordance with the AS 29. Provisions represent liabilities for which the amount or timing is uncertain. Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the group or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in 205 extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably and are disclosed by way of notes. Contingent assets are neither provided nor disclosed in the financial statements.
Provisions, contingent liabilities and contingent asset are reviewed at each balance sheet date.
11. CASH & BANK BALANCES
Cash and bank balance comprise cash and deposit with banks. The group considers all highly liquid investments with an original maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash and bank balances. Other deposits with bank includes deposits with bank having maturity of less than twelve months.
12. EXTRAORDINARY, EXCEPTIONAL, PRIOR PERIOD ITEMS AND CHANGES IN ACCOUNTING POLICIES
a) Income or expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the group are classified as extraordinary items. Specific disclosure of such events/transactions is made in the financial statements. Similarly, any external event beyond the control of the group, significantly impacting income or expense, is also treated as extraordinary item and disclosed as such. b) On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the group, is such that its disclosure improves an understanding of the performance of the group. Such income or expense is classified as an exceptional item and accordingly disclosed in the notes to accounts.
13. GOVERNMENT GRANTS
a) In case of depreciable assets, the cost of asset is shown at gross value and grant thereon is treated as Capital Grants which are amortized over the period and in the proportion in which depreciation is charged. Grant is recognised at the time of submitting claim to the authority. b) Export incentive under Duty Drawback Scheme is accounted in the year of export at FOB value. The group is eligible for Rodtep Scheme. Income under RODTEP scheme is accounted on allotment basis. Other Government Grants are recognised on the basis certainty of ultimate collection.
14. INVESTMENTS
Long-term investments will be stated at Cost and any permanent decline will be adjusted in the carrying amount of Long-term investments. Short-term investments are stated at Cost or Market Value, whichever is low.
15. INTANGIBLE ASSETS
An intangible asset is recognized if and only if it is probable that the expected future economic benefits that are attributable to the asset will flow to the group and the cost of the asset can be measured reliably. Intangible assets that are acquired by the group, which have finite useful lives, are recognized at cost. Subsequent measurement is done at cost less accumulated amortization and accumulated impairment losses. Cost includes and directly attributable incidental expenses necessary to make the assets ready for its intended use. Intangible assets are amortized over a period of estimated useful life as determined by the management.
16. EMPLOYEE BENEFITS
a) Employee benefits such as salaries, wages, short-term compensated absences, expected cost of bonus and performance linked rewards falling due wholly within twelve months of rendering the services are classified as short-term employee benefits and are expensed in the period in which the employee renders the related services. b) The group s state governed provident fund scheme and employee state insurance scheme are defined contribution plans. The contribution paid/payable under such schemes is recognised in the Statement of Profit & Loss during the period in which the employee renders the related services. c) Liabilities in respect of defined benefit plans such as Gratuity and Leave Encashment are determined based on Actuarial Valuation made by an independent actuary as at the balance sheet date and expenses are recognised based on the actuarial valuation. The actuarial gains or losses arising during the period are recognised in the Statement of Profit & Loss of the year.
Defined-contribution plans:
All short-term employee benefits are accounted on undiscounted basis during the accounting period based on services rendered by employees.
The groups contribution to Provident Fund and Employees State Insurance Scheme is determined based on a fixed percentage of the eligible employees salary and charged to the Statement of Profit and Loss on accrual basis.
In the Consolidated restated financial statements, the group has made provision for payment of Gratuity to its employees, based on the actuarial valuation report obtained from actuarial.
17. LEASES
Operating Lease -
Lease payments under operating leases are recognised as an expense in the Statement of Profit and Loss on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern of the users benefit.
I. NOTES TO RESTATED SUMMARY STATEMENTS:
The financial statements for the period ended March 31, 2026, on March 31, 2025, March 31, 2024 is prepared as per Schedule III of the Companies Act, 2013: -
1. Contingent liabilities and commitments
1. Disclosure for a contingent liability is usually reported in the notes to Consolidated restated financial restatements when there is a possible obligation that may, require an outflow of the group s resources. Refer Note 30 of Consolidated Restated Financial Statements.
2. Related party transactions are already reported as per AS-18 of Companies (Accounting Standards) Rules, 2006, as amended, in the Note 29 of the enclosed financial statements.
3. Deferred Tax liability/Asset in view of Accounting Standard 22: Accounting for Taxes on Income as at the end of the year is as under:
| (Amount in Rs. Lakhs) | |||
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Opening Balance (A) | Rs. | Rs. | |
| Opening Balance of Deferred Tax (Asset) / Liability | 410.80 | 437.89 | 317.74 |
| Deferred Tax Liability on account of merger | - | 1.51 | - |
| Closing Balances (B) | |||
| (DTA) / DTL on Timing Difference in Depreciation as per Companies Act and | 662.84 | 617.38 | 617.06 |
| Income Tax Act. | |||
| (DTA) / DTL on account of Section 43B | (210.09) | (206.58) | (179.17) |
| Closing Balance of Deferred Tax (Asset) / Liability (B) | 452.75 | 410.80 | 437.89 |
| On account of merger | |||
| Closing Balance of Deferred Tax (Asset) / Liability after merger (C) | 452.75 | 410.80 | - |
| Current Year Provision (B-A) | 41.95 | (28.60) | 120.15 |
4. Directors Remuneration:
| (Amount in Rs. Lakhs) | |||
| For the period Ended | For the year Ended | For the year ended | |
| Particulars | 31-03-26 | 31-03-2025 | 31-03-2024 |
| (Consolidated) | (Consolidated) | (Standalone) | |
| Directors Remuneration | 368.20 | 385.59 | 383.23 |
| Total | 368.20 | 385.59 | 383.23 |
5. Auditors Remuneration:
| (Amount in Rs. Lakhs) | |||
| For the Year ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| For Statutory Audit | 3.25 | 3.00 | 1.65 |
| For Tax Audit | 1.00 | 1.00 | 1.50 |
| For others | 12.34 | 0.17 | - |
| Total | 16.59 | 4.17 | 3.15 |
6. Earnings per Share:
| Particulars | As At March 31, 2026 | As At March 31, 2025 | As At March 31, 2024 |
| (Consolidated) | (Consolidated) | (Standalone) | |
| Adjusted Earnings Per Share (Rs.) | |||
| Calculation of weighted average number of face value of equity shares of Rs. 100 each | |||
| No. of shares at the beginning of the year. | 5,04,876.00 | 4,89,220.00 | 4,89,220.00 |
| (Less): Cancellation of equity shares held by Transferor Company on account of Merger | 1,65,010.00 | - | |
| Add: Equity shares issued on account of merger | 1,80,666.00 | - | |
| No. of equity shares outstanding at the ending of the period i.e. 31-03- 2026 | 5,04,876.00 | 5,04,876.00 | 4,89,220.00 |
| Revised No. of Equity Shares on account of splitting of the Equity | |||
| Shares having the face value of Rs. 100/- each to Rs. 10/- each (vide members / shareholders resolution passed in EGM held on | 50,48,760.00 | 50,48,760.00 | 48,92,200.00 |
| 14.06.2025) | |||
| Add: Bonus shares issued in the ratio of 2:1 (vide members / shareholders resolution passed in the EGM held on 26.06.2025) | 1,00,97,520.00 | 1,00,97,520.00 | 97,84,400.00 |
| Weighted average no of equity shares outstanding during the year after adjustment (if any) | 1,51,46,280.00 | 1,51,46,280.00 | 1,46,76,600.00 |
| Net Profit after Tax available for equity shares holders (Rs. Lacs) | 2,701.49 | 2,075.74 | 1,350.20 |
| Adjusted Basic and diluted earnings per shares (Rs.) | 17.84 | 13.70 | 9.20 |
| Nominal value of equity shares (Rs. ) | 10.00 | 10.00 | 10.00 |
7. Figures have been rearranged and regrouped wherever practicable and considered necessary.
8. The management has confirmed that adequate provisions have been made for all the known and determined liabilities and the same is not in excess of the amounts reasonably required to be provided for.
9. Realizations
In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets and loans and advances are approximately of the same value as stated.
10. Contractual liabilities
All other contractual liabilities connected with business operations of the group have been appropriately provided for.
11. Amounts in the financial statements
Amounts in the financial statements are rounded off to nearest lacs. Figures in brackets indicate negative values.
12. Impact of Audit Qualifications/Observations in Statutory Auditors Report on Financial Statements
There have been no audit qualifications/observations in Statutory Auditors Report for financial period ended March 31 2026, March 31 2025, March 31, 2024 which requires adjustments in Consolidated restated financial statements.
13. Material Adjustments
Appropriate adjustments have been made in the Consolidated restated financial statements, whenever required, by reclassification of the corresponding items of assets, liabilities and cash flow statement, in order to ensure consistency and compliance with requirement of Schedule III and Accounting Standards.
Reconciliation for Restated Profits
| Particulars | For the period Ended 31-03-2026 | For the year Ended 31-03-2025 | For the year ended 31-03-2024 |
| (Consolidated) | (Consolidated) | (Standalone) | |
| Net profit/(Loss) after Tax as per Audited Profit & Loss | |||
| 2,701.01 | 2176.92 | 1370.89 | |
| Account | |||
| Adjustments for: | |||
| Provision for Leave Encashment | - | -0.07 | |
| Provision for Gratuity | - | -59.97 | |
| Provision for Tax | -0.35 | 0.04 | 0.26 |
| Previous year tax | 0.38 | -0.26 | 4.21 |
| Prior Period Expense | 0.36 | -0.15 | 1.96 |
| Short/excess DTA/DTL | 0.26 | -108.32 | 32.93 |
| Profit/Loss of associate | -.17 | 7.51 | |
| Net Profit/(Loss) After Tax as Restated | 2,701.49 | 2075.74 | 1350.20 |
1. There is difference of Provision created as per signed financials and Consolidated Restated financials.
2. Previous year tax has been adjusted in the tax expense.
3. Some prior period expenses were charged which have been adjusted in respective financial years.
4. Due to changes in provision for leave encashment, Gratuity and WDV as per IT Act, provision the deferred tax component on the same has also undergone change.
RECONCILIATION OF EQUITY AND RESERVES:
| For the period Ended 31-03-2026 | For the year Ended 31-03-2025 | For the year ended 31-03-2024 | |
| Particular | (Consolidated) | (Consolidated) | (Standalone) |
| Equity and Reserves as per Audited Balance Sheet | 16599.53 | 13898.52 | 11905.36 |
| Adjustments for: | |||
| Difference Due to Change in P&L | 0.48 | -101.18 | -20.68 |
| Prior period Adjustments (Refer Note-1) | 6.40 | 107.95 | -183.51 |
| Equity and Reserves as per Re-stated Balance Sheet | 16606.41 | 13905.29 | 11701.17 |
Amounts relating to the prior period have been adjusted in the year to which the same relates to and the same amount is arrived on account of change in Opening Balance of Reserve and Surplus due to the restated effect on the profit / (loss) of prior period.
Appropriate adjustments have been made in the Consolidated restated financial statements, wherever required, by reclassification of the corresponding items of Income, expenses, assets and liabilities, in order to bring them in line with the groupings as per the audited financial of the group for all the years and requirements of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018.
| For R Sogani & Associates LLP | For and on behalf of the Board of Directors of Clay Craft India Ltd. |
| Chartered Accountants | |
| FRN:- 018755C |
| (Bharat Sonkhiya) | (Rajesh Narain Agarwal) | (Vikas Agarwal) |
| Partner | Executive Director | Managing Director |
| M. No.:- 403023 | DIN - 00492137 | DIN: 00985596 |
| PLACE: JAIPUR | ||
| (Deepak Agarwal) | (Anil Kumar Sharma) | |
| DATE: - JUNE 05, 2026 | ||
| Executive Director & CFO | Company Secretary | |
| UDIN: 26403023IWJDXS8433 | ||
| DIN - 03311393 | M. No.- F9382 |
NOTE 2
RESTATED STATEMENT OF SHARE CAPITAL, RESERVES AND SURPLUS
The previous year figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Accordingly amounts and other disclosure for the preceding years are included as an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosure relating to the current year.
All the Figures are rounded off to nearest Lacs, except otherwise stated.
Absolute amounts less than 500 are appearing in the financial statements as 0 due to presentation in lakhs.
(Amount in Rs. Lakhs, Except Share Data)
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Share Capital | |||
| Authorised Share Capital | |||
| Number of Equity shares of Rs.100 each ** | 2,20,00,000 | 6,50,000 | 5,00,000 |
| Equity Share Capital | 2,200.00 | 650.00 | 500.00 |
| Issued, Subscribed and Paid up Share Capital | |||
| Number of Equity Shares of Rs. 100 each fully paid up * | 5,04,876 | 4,89,220 | 4,89,220 |
| Less: - Cancellation of Shares held by Transferor Company | |||
| - | 1,65,010 | - | |
| On account of Merger | |||
| Add:- Equity Shares issued pursuant to Merger | - | 1,80,666 | - |
| Sub-division of 5,04,876 Equity Shares of Rs. 100 each to | |||
| 50,48,760 | - | - | |
| 50,48,760 Equity Shares of Rs. 10/- each *** | |||
| Add: - 1,00,97,520 Equity Shares of Rs. 10/- each issued as Bonus Shares | 1,00,97,520 | - | - |
| Share Capital | 1,514.63 | 504.88 | 489.22 |
| Total | 1,514.63 | 504.88 | 489.22 |
* Equity Shares of Transferee Company (M/s Clay Craft (India) Pvt. Ltd.) held by Transferor Company (M/s Ekling Ji Industries Private Limited) as an Investment has been cancelled on account of Merger vide Order passed by Honble NCLT, Jaipur Bench on 23.05.2025 effective from 01.04.2024.
** Authorised Capital of the Transferor Company (M/s Ekling Ji Industries Private Limited) has been transferred to the Transferee Company (M/s Clay Craft (India) Pvt. Ltd.) on account of Merger vide Order passed by Honble NCLT, Jaipur Bench on 23.05.2025 effective from 01.04.2024.
Each Equity Share of Rs. 100/- each sub-divided into 10 Equity Shares of Rs. 10/- each on 14.06.2025, Hence total Equity Shares became 65,00,000 of Rs. 10/- each.
Authorised Capital increased from 65,00,000 Equity Shares of Rs. 10/- each to 2,10,00,000 Equity Shares of Rs. 10/- each on 17.06.2025 and from 2,10,00,000 Equity Shares of Rs. 10/- each to 2,20,00,000 Equity Shares of Rs. 10/- each on 21.07.2025. *** Each Equity Share of Rs. 100/- each sub-divided into 10 Equity Shares of Rs. 10/- each on 14.06.2025, Hence total Equity Shares became 50,48,760 of Rs. 10/- each.
1. Terms/rights attached to equity shares: i) The Company has only one class of shares referred to as equity shares having a par value of Rs.100/-. Each holder of equity shares is entitled to one vote per share. ii) In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders.
2. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company.
3. There are no calls unpaid by the Directors or officers of the Company.
4. There is no fresh issue or buyback of shares during the period / year, except the cancellation of equity shares on account of merger as stated above. Further, M/s Ekling Ji Industries Private Limited has been merged with M/s Clay Craft (India) Pvt. Ltd. vide Merger Order passed by Honble NCLT, Jaipur Bench on 23.05.2025, which is effective from 01.04.2024. However as per the scheme of merger, the transferee Company (M/s Clay Craft (India) Pvt. Ltd.) needs to issue 1,80,666 Equity Shares having the face value of Rs. 100/- which are not issued till 31st March, 2025 due to NCLT Order received on 23/05/2025.
5. There has been no buy back of share in company from the period of incorporation.
6. Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts- No shares are reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts.
7. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date is as follows
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| (A) Aggregate number and class of shares allotted as fully paid-up pursuant to contract(s) without payment being received in cash | - | 1,80,666 | - |
| (B)Aggregate number and class of shares allotted as fully paid-up by way of bonus shares | 1,00,97,520 | - | - |
| (C) Aggregate number and class of shares bought back | - | - | - |
8. The reconciliation of the number of Equity shares outstanding as at: -
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Number of shares at the beginning | 5,04,876 | 4,89,220 | 4,89,220 |
| Sub-division of 5,04,876 Equity Shares of Rs. 100 each to | |||
| 50,48,760 | - | - | |
| 50,48,760 Equity Shares of Rs. 10/- each | |||
| Add: Bonus Share Issued | 1,00,97,520 | - | - |
| Less: Shares cancelled on account of merger | - | 1,65,010 | - |
| Add: Equity Shares issued pursuant to Merger | - | 1,80,666 | - |
| Number of shares at the end of the period/year | 1,51,46,280 | 5,04,876 | 4,89,220 |
9. The detail of shareholders holding more than 5% of Shares: -
| As at (No. of Shares) | |||
| Name of Shareholders | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Rajesh Narain Agarwal | 70,96,320 | 2,36,544 | 1,58,370 |
| % of total Shares | 46.85% | 46.85% | 32.37% |
| % Change | 0.00% | 49.36% | 0.00% |
| Eklingji Industries Pvt. Ltd. (Merged in M/s Clay Craft | |||
| - | - | 1,65,010 | |
| (India) Pvt. Ltd. as per NCLT Order) | |||
| % of total Shares | 0.00% | 0.00% | 33.73% |
| % Change | -100.00% | 0.00% | |
| Bharat Agarwal | 25,46,190 | 82,646 | 54,400 |
| % of total Shares | 16.81% | 16.37% | 11.12% |
| % Change | 2.69% | 51.92% | 0.00% |
| Vikas Agarwal | 25,49,640 | 82,761 | 54,500 |
| % of total Shares | 16.83% | 16.39% | 11.14% |
| % Change | 2.69% | 51.86% | 0.00% |
| Deepak Agarwal | 25,49,040 | 82,741 | 54,480 |
| % of total Shares | 16.83% | 16.39% | 11.14% |
| % Change | 2.69% | 51.87% | 0.00% |
| Total | 1,47,41,190 | 4,84,692 | 4,86,760 |
10. Promotors Shareholding
| Shares held at the end of the period 31.03.2026 | |||
| Name | No. of Shares | % of total Shares | % Change during the year |
| Rajesh Narain Agarwal | 70,96,320 | 46.85% | 0.00% |
| Vikas Agarwal | 25,49,640 | 16.83% | 2.69% |
| Bharat Agarwal | 25,46,190 | 16.81% | 2.69% |
| Deepak Agarwal | 25,49,040 | 16.83% | 2.69% |
| 1,47,41,190 | 97.33% | ||
| Shares held at the end of the period 31.03.2025 | |||
| Name | No. of Shares | % of total Shares | % Change during the year |
| Rajesh Narain Agarwal | 2,36,544 | 46.85% | 49.36% |
| Vikas Agarwal | 82,761 | 16.39% | 51.86% |
| Bharat Agarwal | 82,646 | 16.37% | 51.92% |
| Deepak Agarwal | 82,741 | 16.39% | 51.87% |
| 4,84,692 | 96.00% | ||
| Shares held at the end of the year 31.03.2024 | |||
| Name | No. of Shares | % of total Shares | % Change during the year |
| Padam Narain Agarwal | 2,000 | 0.41% | 0% |
| Rajesh Narain Agarwal | 1,58,370 | 32.37% | 0% |
| Vikas Agarwal | 54,500 | 11.14% | 0% |
| Bharat Agarwal | 54,400 | 11.12% | 0% |
| Deepak Agarwal | 54,480 | 11.14% | 0% |
| 3,23,750 | 66.18% | ||
11. No Shares in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate.
Reserves and Surplus
(Amount in Rs. Lakhs)
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| a. Capital Reserve | |||
| Capital Subsidy as per the last financial Statements | 9.94 | - | 15.00 |
| Less: Transfer to Statement of Reserves & Surplus Add : Addition in pursuant to the merger | - | - 9.94 | 15.00 - |
| Total (a) | 9.94 | 9.94 | - |
| b. (i) General Reserve | |||
| Net General Reserve as per last financial statements | 15.00 | 15.00 | - |
| Add: Transfer from capital subsidy | - | 15.00 | |
| Less: Transfer to Statement of Reserves & Surplus | 15.00 | ||
| Total [b (i)] | - | 15.00 | 15.00 |
| (ii) Surplus/(Deficit) in statement of Reserve & Surplus | |||
| Net profit as per last financial statements | 13,375.47 | 11,196.95 | 9,848.70 |
| Less: Prior Period Expense | 0.54 | 0.17 | 1.96 |
| Add: Prior Period Income | 0.18 | 0.32 | - |
| Add: Transfer from General Reserve | 15.00 | ||
| Less: Income Tax Adjustment of Previous Period | - | - | - |
| Add: Profit for the period / year | 2,701.49 | 2,075.74 | 1,350.20 |
| Less: Opening retained earning | - | - | |
| Less: Gratuity (Net of Deferred Tax) | - | - | - |
| Less: Leave Encashment (Net of Deferred Tax) | - | - | - |
| Less:- Bonus Equity Shares 10097520 @ 10/- each issued | 1,009.75 | - | - |
| Deferred tax on Bonus | - | - | - |
| Add : Addition in pursuant to the merger | - | 102.63 | - |
| Total | 15,081.85 | 13,375.47 | 11,196.95 |
| Total [b (ii)] | 15,081.85 | 13,375.47 | 11,196.95 |
| TOTAL (b) | 15,081.85 | 13,390.47 | 11,211.95 |
| Total Reserve and Surplus (a + b) | 15,091.79 | 13,400.41 | 11,211.95 |
1. Company does not have any Revaluation Reserve.
2. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1 .
NOTE 3
RESTATED STATEMENT OF LONG TERM BORROWINGS
(Amount in Rs. Lakhs)
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Secured Loan | |||
| (a) Term loans | |||
| From Banks | 2,266.76 | 2,408.20 | 2,983.74 |
| Sub-total (a) | 2,266.76 | 2,408.20 | 2,983.74 |
| Unsecured | |||
| (b) Other Loans and advances | |||
| From Directors and their relatives | 463.00 | 638.00 | 638.00 |
| Sub-total (b) | 463.00 | 638.00 | 638.00 |
| Total (a+b) | 2,729.76 | 3,046.20 | 3,621.74 |
| Less: Current Maturities (From bank Loans) | 484.36 | 460.76 | 575.58 |
| Total | 2,245.40 | 2,585.44 | 3,046.16 |
Notes:
1. The terms and conditions and other information in respect of Secured Loans and Unsecured Loans are given in NOTE-3 (A) and NOTE 3 (B)
2. The Company does not have any continuing default in repayment of loans and interest as on the reporting date.
3. The Company has not taken any loan from financial institution or banks for any specified purpose for which it is not utilised.
4. The company has not been declared as wilful defaulter by any bank or financial Institution or other lender.
5. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 3 (A) RESTATED STATEMENT OF PRINCIPAL TERMS OF SECURED LOANS AND ASSETS CHARGED AS SECURITY
(Amount in Rs. Lakhs)
| Sr. No. Name of Lender | Purpose | Sanction amount (Rs. In Lacs ) | Applicable Rate of interest | Primary & Collateral Security | Re-Payment Schedule | Outstanding amount as on | ||
| 31.03.2026 | 31.03.2025 | 31.03.2024 | ||||||
| BOB Term Loan A/c No. 1 07100600001896 | For purchase of plant and machinery and misc. fixed assets under MSME Capex Card | 150.00 | 11.40% | Refer Note 1 | EMI : 1.73 Lacs Term : 60 months | - | - | 10.50 |
| BOB Term Loan A/c No. 2 07100600003382 | For purchase of factory land | 937.00 | 11.25% | Refer Note 1 | EMI : 93.70 Lacs Term 10 Quarter | - | - | 93.52 |
| BOB Term Loan A/c No. 3 07100600003506 | For construction of factory building | 729.00 | *10.4% | Refer Note 1 | Term: 78 months, EMI: First 9 instalments of Rs.2.22 Lacs plus interest and Next 12 instalments of Rs.7.79 Lacs plus interest and Next 36 instalments of Rs. 9.35 Lacs plus interest and Next 20 instalments of Rs. 13.29 Lacs plus interest and Next 1 instalment of Rs. 13.14 Lacs | 503.34 | 615.54 | 709.02 |
| BOB Term Loan A/c No. 5 07100600001960 | For Purchase of plant and machinery and civil construction. | 692.00 | 11.40% | Refer Note 1 | Term: 59 months, Monthly instalments of Rs. 10.00 Lacs plus interest and instalment Rs.8.42 Lacs plus interest | 0.49 | 118.91 | |
| BOB Term Loan A/c No. 4 07100600003674 | Car Loan | 45.00 | 7.60% | Car | Term: 36 months, EMI of Rs. 1.4 lacs each | - | 4.10 | 19.71 |
| BOB Term Loan A/c No. 6 07100600003830 | Car Loan | 35.00 | 7.80% | Car | Term: 36 months, EMI of Rs. 1.09 Lacs each | - | 5.05 | 17.07 |
| BOB Term Loan A/c No. 5 07100600003737 | For Purchase of plant and machinery. | 1,553.00 | *10.4% | Refer Note 1 | Term: 78 months, EMI: First 9 instalments of Rs.2.22 Lacs plus interest and Next 12 instalments of Rs.10.00 Lacs and Next 36 | 1213.92 | 1,433.02 | 1,537.46 |
| instalments of Rs. 19.91 Lacs and Next 12 instalments of Rs. 30.30 Lacs and Next 9 instalment of Rs. 36.96 Lacs | ||||||||
| BOB Term Loan A/c No. 07100600004215 | For purchase of plant and machinery and misc. fixed assets under MSME Capex Card | 500.00 | *10.4% | Refer Note 1 | Term : 60 months, EMI of Rs 8.33 Lacs each | 250.00 | 350.00 | 450.00 |
| 8 ICICI Bank (Car Loan EV) | Car Loan | 30.00 | 9.10% | Car | Term: 36 instalments, EMI of Rs 0.95 Lacs each | - | - | 27.55 |
| SIDBI TERM LOAN A/C 9 NO. D000G2NE (INR) | To finance the purchase of plant and machinery and other fixed assets under SIDBIs MSME Capex Card Scheme. | 299.50 | 8.85% | Refer Note 3 | Term : 53 months, EMI: Monthly Instalments of 5.54 L plus interest, Last Instalment of 5.88 L plus interest. | 299.50 | - | - |
| Total | 2,266.76 | 2,408.20 | 2,983.74 | |||||
*The Concessional Rate of Interest is 8% p.a. for Term Loan A/c No. 07100600004215, and 8.15% for Term Loan A/c No. 07100600003506 and 07100600003737 which will continue till the next review of Credit Facilities in Bank of Baroda.
Note 1
Primary Security:
1. Hypothecation of Stock & Book Debts net of creditors of the Company. 2. Exclusive 1st charge by way of Hypothecation of entire Plant & Machinery, Electrical Installation, Electric & Lab Equipment, Office Equipment, Furniture & Fixtures, (excluding Vehicles & Solar Panel financed by other Banks / FIs) & other Moveable Fixed Assets in the name of the Company, both present & future. 3. Equitable mortgage of Factory Land and Building at Plot Nos. B-420 to B-423 and A-424 to 427, Manda II, RIICO Industrial Area, near Chomu, Dist. Jaipur, admeasuring 72000 sq. mtrs. in the name of the Company through its authorized director. 4. Cash Margin on BG facility @10% of Rs. 8.00 Crs.
Collateral Security:
1. Equitable Mortgage of Factory Land & Building situated at F-766 & F-766 (A), Road No. 1-D, VKI Area, Jaipur admeasuring 13007.00 sq. meters in the name of the Company. 2. Equitable Mortgage of Factory Land & Building situated at G 633(A), Road No. 06, VKI Area, Jaipur admeasuring 1878.12 sq. meters in the name of the Company. 3. Negative lien over Industrial Land situated at F-772, D-2A-1, Road No. 1-D, VKI Area, Jaipur admeasuring 586.92 sq. meters in the name of the Company the said Plot.
The facility is additionally secured by the personal guarantees of Mr. Padam Narain Agarwal, Mr. Vikas Agarwal, Mr. Rajesh Narain Agarwal, Mr. Bharat Agarwal, and Mr. Deepak Agarwal. (Release of personal guarantee of Mr. Padam Narain Agarwal from dated 30-12-2025)
Note 2
Interest is paid over and above instalment amount wherever applicable.
Note 3
The Companys term loans are secured by a first pari passu charge by way of hypothecation over all movable assets of the Company, both present and future, including plant and machinery, machinery spares, tools and accessories, office equipment, computers, furniture and fixtures, and other movable assets located at the Companys manufacturing units situated at:
a) Unit I: Industrial Plot No. G-766 and F-766A, Road No. 1D, VKI Area, Jaipur, Rajasthan 302013; and b) Unit II: Plot No. A-421 to A-427, RIICO Industrial Area, Phase II, Manda, Chomu, Jaipur, Rajasthan 303712.
The charged assets include, inter alia, the Companys solar power plant (299.52 KW), iron separator machines, automatic ceramic forming plant, polishing machines, and related accessories. The charge also extends to all such movable assets whether installed or not, including assets in transit, under storage, or acquired in substitution or addition thereto.
NOTE 3 (B) RESTATED STATEMENT OF TERMS & CONDITIONS OF UNSECURED LOANS
| Name of Lender | Purpose | Rate of Interest | Re-Payment Schedule | 31-03-2026 | 31-03-2025 | 31-03-2024 | |||
| From Directors & their Relatives | Non-Current | Current | Non-Current | Current | Non-Current | Current | |||
| Anjali Agarwal | Business Purpose | 9.00% | Payable on demand for current portion | - | - | 71.00 | - | 71.00 | - |
| Bharat Agarwal | Business Purpose | 9.00% | Payable on demand for current portion | 236.00 | 12.00 | 236.00 | 12.00 | 236.00 | 12.00 |
| Deepak Agarwal | Business Purpose | 9.00% | Payable on demand for current portion | 147.00 | 7.00 | 147.00 | 7.00 | 147.00 | 7.00 |
| Padam Narain Agarwal | Business Purpose | 9.00% | Payable on demand for current portion | - | - | 40.00 | 15.00 | 40.00 | 15.00 |
| Ruchi Agarwal | Business Purpose | 9.00% | Payable on demand for current portion | - | - | 28.00 | - | 28.00 | - |
| Vijaya Agarwal | Business Purpose | 9.00% | Payable on demand for current portion | - | - | 36.00 | 36.00 | - | |
| Vikas Agarwal | Business Purpose | 9.00% | Payable on demand for current portion | 80.00 | 10.00 | 80.00 | 10.00 | 80.00 | 15.00 |
| 463.00 | 29.00 | 638.00 | 44.00 | 638.00 | 49.00 | ||||
| GRAND TOTAL | 492.00 | 682.00 | 687.00 | ||||||
NOTE- 4
RESTATED STATEMENT OF DEFERRED TAX LIABILITIES (NET)
| (Amount in Rs. Lakhs) | |||
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Opening Balance (A) | Rs. | Rs. | |
| Opening Balance of Deferred Tax (Asset) / Liability | 410.80 | 437.89 | 317.74 |
| Deferred Tax Liability on account of merger | - | 1.51 | - |
| Closing Balances (B) | |||
| (DTA) / DTL on Timing Difference in Depreciation as per Companies Act and | |||
| 662.84 | 617.38 | 617.06 | |
| Income Tax Act. | |||
| (DTA) / DTL on account of Section 43B | (210.09) | (206.58) | (179.17) |
| Closing Balance of Deferred Tax (Asset) / Liability (B) | 452.75 | 410.80 | 437.89 |
| On account of merger | |||
| Closing Balance of Deferred Tax (Asset) / Liability after merger (C) | 452.75 | 410.80 | - |
| Current Year Provision (B-A) | 41.95 | (28.60) | 120.15 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1. 2. The Company has created/reversed DTA/DTL as per AS-22 issued by ICAI.
3. Rate adopted for creation of DTA/DTL as at 31st March 2026 is 25.168%, which is assumed to be in existence at the time of reversal of temporary differences.
NOTE 5
RESTATED STATEMENT OF OTHER LONG TERM LIABILITIES
(Amount in Rs. Lakhs)
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Security Deposit from Agents | 1.11 | 1.11 | 1.11 |
| Security Deposit from Others | 0.42 | 0.42 | 0.42 |
| Creditors for Capital Goods | - | - | 2.18 |
| Other Payable | - | - | 0.01 |
| Total | 1.53 | 1.53 | 3.72 |
Notes: 1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 6
RESTATED STATEMENT OF LONG TERM PROVISIONS
(Amount in Rs. Lakhs)
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Provision for Employee Benefit Expense | |||
| Provision for Leave Encashment | 70.53 | 42.16 | 35.76 |
| Provision for Gratuity | 376.87 | 343.03 | 279.96 |
| Total | 447.40 | 385.19 | 315.72 |
(a) As per Accounting Standard 15 - Employee Benefits, the disclosure of Employee Benefits as defined in the accounting standard are given below: Defined Benefit Plan: Present value of gratuity is determined based on actuarial valuation using the projected unit credit method. Provision for gratuity has not been created for directors.
(b) The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
Actuarial Valuation- Gratuity
| For the year ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| PV of Past Service Benefit | - | - | - |
| Current Service Cost | 63.73 | 58.43 | 44.42 |
Actuarial Assumption
| For the year ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Mortality Rate | IALM 2012-14 | IALM 2012-14 | IALM 2012-14 |
| Withdrawal Rate | 10.00% p.a. | 10.00% p.a. | 10.00% p.a. |
| Discount Rate | 7.25 % per annum | 6.75 % per annum | 7.25 % per annum |
| Salary Escalation | 5.00 % per annum | 5.00 % per annum | 5.00 % per annum |
Actuarial Valuation- Leave Encashment
(Amount in Rs. Lakhs)
| For the year ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| PV of Past Service Benefit | - | - | - |
| Current Service Cost | 20.60 | 13.09 | 10.57 |
Actuarial Assumption
| For the year ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Mortality Rate | IALM 2012-14 | IALM 2012-14 | IALM 2012-14 |
| Withdrawal Rate | 10.00% p.a. | 10.00% p.a. | 10.00% p.a. |
| Discount Rate | 7.25 % p.a. | 6.75% p.a. | 7.25% p.a. |
| Salary Escalation | 5.00 % p.a. | 5.00% p.a. | 5.00% p.a. |
NOTE 7
RESTATED STATEMENT OF SHORT TERM BORROWINGS
(Amount in Rs. Lakhs)
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Secured | |||
| Current Maturity of Long Term Borrowings | 484.36 | 460.76 | 575.58 |
| Loans Repayable on Demand | |||
| From Bank | 2,238.98 | 1,684.35 | 1,008.80 |
| Unsecured | |||
| From Directors and their relatives | 29.00 | 44.00 | 49.00 |
| Total | 2,752.34 | 2,189.11 | 1,633.38 |
Note:
1. The terms and conditions and other information in respect of Secured Loans and Unsecured Loans are given in NOTE-7 (A) and Note-3(B) respectively.
2. The Company does not have any default in repayment of loans and interest as on the reporting date.
3. The company is not declared as wilful defaulter by any bank or financial Institution or other lender as on the reporting date.
4. The Company has borrowed the funds from Banks / Financial Institutions on the basis of security of current assets. The Company has submitted the statement of stock and books debts which are in agreement with books of account, except immaterial discrepancies on monthly basis except as disclosed in Point No. 7 below.
5. There is no such borrowing from banks and financial institutions taken by company for specific purpose but not used for same purpose
6. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
7. Quarterly returns or statements of current assets filed by the company with banks or financial institutions are as under: (a) Quarterly returns or statement of current assets filed by the Company with banks or financial institutions for Mar 26
| Name of Bank/ Financial Institution | Particulars of Security Provided | Amount as per books of accounts | Amount as per reported in quarterly return/ statement with bank/financial institution | Amount of Difference (Rs.) | Reasons for Material Discrepancies |
| Bank of Baroda | Raw Material & Fuel | 2,578.82 | 2,535.05 | 43.77 | The stock records and its valuation and trade receivable and duly reconciled based on the day to day books of accounts maintained. |
| Work in Process | 831.21 | 851.92 | (20.71) | ||
| Finished Goods | 1,782.96 | 1,785.53 | (2.57) | ||
| Total Stock | 5,192.99 | 5,172.50 | 20.49 | ||
| Debtors | 1,730.77 | 1,102.13 | 628.64 | ||
| Creditors | 394.11 | 430.56 | (36.45) |
(b) Quarterly returns or statement of current assets filed by the Company with banks or financial institutions for Mar 25
| Name of Bank/ Financial Institution | Particulars of Security Provided | Amount as per books of accounts | Amount as per reported in quarterly return/ statement with bank/financial institution | Amount of Difference (Rs.) | Reasons for Material Discrepancies |
| Bank of Baroda | Raw Material & Fuel | 2,351.63 | 2,309.76 | 41.87 | The stock records and its valuation and trade receivable and duly reconciled based on the day to day books of accounts maintained. |
| Work in Process | 445.64 | 444.70 | 0.94 | ||
| Finished Goods | 1,850.23 | 1,874.50 | (24.27) | ||
| Total Stock | 4,647.50 | 4,628.96 | 18.54 | ||
| Debtors | 1,219.26 | 1,159.50 | 59.76 | ||
| Creditors | 282.68 | 367.41 | (84.73) |
(c)
Quarterly returns or statement of current assets filed by the Company with banks or financial institutions for Mar 24
| Name of Bank/ Financial Institution | Particulars of Security Provided | Amount as per books of accounts | Amount as per reported in quarterly return/ statement with bank/financial institution | Amount of Difference (Rs.) | Reasons for Material Discrepancies |
| Bank of Baroda | Raw Material & Fuel | 2,000.38 | 1,974.97 | 25.41 | The stock records and its valuation and trade receivable and duly reconciled based on the day to day books of accounts maintained. |
| Work in Process | 381.81 | 370.47 | 11.34 | ||
| Finished Goods | 1,966.61 | 1,938.94 | 27.67 | ||
| Total Stock | 4,348.80 | 4,284.38 | 64.42 | ||
| Debtors | 1,233.40 | 984.05 | 249.35 | ||
| Creditors | 62.96 | 106.15 | (43.19) |
(Amount in Rs. Lakhs)
NOTE 7 (A) RESTATED STATEMENT OF PRINCIPAL TERMS OF CASH CREDITS AND OVERDRAFT
(Amount in Rs. Lakhs)
Clay Craft India Limited
| Name Sr. of No. Lender | Purpose | Sanction amount (Rs. In Lacs ) | Rate of interest | Re- Payment Schedule | Outstanding amount as on 31.03.2026 | Outstanding amount as on 31.03.2025 | Outstanding amount as on 31.03.2024 |
| Bank 1 of Baroda | Cash Credit Loan | 3000 | 2.00% + BRLLR (8.15%) + SP 0.25% i.e. 10.40% p.a. with monthly rests at present. | Payable on Demand | 2,238.98 | 1,684.35 | 1,008.80 |
| TOTAL | 2,238.98 | 1,684.35 | 1,008.80 |
*The Concessional Rate of Interest is 8% p.a. for Cash Credit Loan which will continue till the next review of Credit Facilities in Bank of Baroda.
Note 1
Primary Security:
1. Hypothecation of Stock & Book Debts net of creditors of the Company.
2. Exclusive 1st charge by way of Hypothecation of entire Plant & Machinery, Electrical Installation, Electric & Lab Equipment, Office Equipment, Furniture & Fixtures, (excluding Vehicles & Solar Panel financed by other Banks / FIs) & other Moveable Fixed Assets in the name of the Company, both present & future.
3. Equitable mortgage of Factory Land and Building at Plot Nos. B-420 to B-423 and A-424 to 427, Manda II, RIICO Industrial Area, near Chomu, Dist. Jaipur, admeasuring 72000 sq. mtrs. in the name of the Company through its authorized director.
4. Cash Margin on BG facility @10% of Rs. 8.00 Crs.
Collateral Security:
1. Equitable Mortgage of Factory Land & Building situated at F-766 & F-766 (A), Road No. 1-D, VKI Area, Jaipur admeasuring 13007.00 sq. meters in the name of the Company.
2. Equitable Mortgage of Factory Land & Building situated at G 633(A), Road No. 06, VKI Area, Jaipur admeasuring 1878.12 sq. meters in the name of the Company.
3. Negative lien over Industrial Land situated at F-772, D-2A-1, Road No. 1-D, VKI Area, Jaipur admeasuring 586.92 sq. meters in the name of the Company the said Plot.
The facility is additionally secured by the personal guarantees of Mr. Padam Narain Agarwal, Mr. Vikas Agarwal, Mr. Rajesh Narain Agarwal, Mr. Bharat Agarwal, and Mr. Deepak Agarwal. (Release of personal guarantee of Mr. Padam Narain Agarwal from dated 30-12-2025).
NOTE 8
RESTATED STATEMENT OF TRADE PAYABLES
(Amount in Rs. Lakhs)
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Trade Payables | |||
| For Goods & Services | |||
| Micro and Small Enterprises | 308.40 | 161.71 | 46.59 |
| Other than Micro, Small Enterprises | 85.71 | 120.97 | 16.37 |
| Total | 394.11 | 282.68 | 62.96 |
(Amount in Rs. Lakhs)
| As at | |||
| Particulars | 31-03- 2026 | 31-03- 2025 | 31-03- 2024 |
| Consoli dated | Consoli dated | Standa lone | |
| The principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier at the end of each accounting year | 308.40 | 161.71 | 46.59 |
| Clay Craft India Limited | |||
| The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and | |||
| Medium Enterprises Development Act, 2006 (27 of 2006), along with the amount of the payment made to the supplier beyond the appointed day during each accounting year | 0.14 | 0.01 | - |
| The amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006 | - | - | - |
| The amount of interest accrued and remaining unpaid at the end of each accounting year | |||
| 0.62 | 0.48 | 0.01 | |
| Interest accrued and remaining unpaid | |||
| The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 | - | - | - |
Notes:
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
2. Amount due to entities covered under Micro, Small and Medium Enterprises as defined in the Micro, Small, Medium Enterprises Development Act, 2006, have been identified on the basis of information available with the Company.
3. Ageing of supplier, along with any amount involve in dispute as required by Schedule III of Companies Act, 2013, is disclosed below. After it becomes payable for payment in case of no credit term defined the breakup of age wise supplier. Balance is given below after considering from the date of transactions.
4. There are no secured trade payables for the period mentioned below.
5. There are no disputed trade payables for the period mentioned below.
Trade Payable Ageing as at 31.03.2026
| Outstanding from the due date of payment | MSME* | Others | Disputed dues- MSME | Disputed dues- Others | Total |
| Unbilled | - | - | - | - | - |
| Not Due | - | - | - | - | - |
| Less than 1 year | 308.40 | 85.71 | - | - | 394.11 |
| 1-2 years | - | - | - | - | - |
| 2-3 years | - | - | - | - | - |
| More than 3 years | - | - | - | - | - |
| Total | 308.40 | 85.71 | - | - | 394.11 |
Trade Payable Ageing as at 31.03.2025
(Amount in Rs. Lakhs)
| Outstanding from the due date of payment | MSME* | Others | Disputed dues- MSME | Disputed dues- Others | Total |
| Unbilled | - | - | - | - | - |
| Not Due | - | - | - | - | |
| Less than 1 year | 161.71 | 120.97 | - | - | 282.68 |
| 1-2 years | - | - | - | - | - |
| 2-3 years | - | - | - | - | - |
| More than 3 years | - | - | - | - | - |
| Total | 161.71 | 120.97 | - | - | 282.68 |
Trade Payable Ageing as at 31.03.2024
(Amount in Rs. Lakhs)
| Outstanding from the due date of payment | MSME* | Others | Disputed dues- MSME | Disputed dues- Others | Total |
| Unbilled | - | - | - | - | - |
| Not Due | - | - | - | - | - |
| Less than 1 year | 46.59 | 16.27 | - | - | 62.86 |
| 1-2 years | - | - | - | - | - |
| 2-3 years | - | - | - | - | - |
| More than 3 years | - | 0.10 | - | - | 0.10 |
| Total | 46.59 | 16.37 | - | - | 62.96 |
* MSME includes balances due to Micro and Small Enterprises.
NOTE 9
RESTATED STATEMENT OF OTHER CURRENT LIABILITIES
| (Amount in Rs. Lakhs) | |||
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Other Current Liabilities | |||
| Statutory liabilities payable | 252.72 | 299.74 | 286.33 |
| Advance from Customer | 223.45 | 86.89 | 165.05 |
| Creditors for Expenses | 76.49 | 47.12 | 79.66 |
| Other payable* | 89.34 | 58.93 | - |
| Salary and Wages Payable | 231.79 | 189.17 | 167.97 |
| Amount Payable to Directors | 207.61 | 254.39 | 210.83 |
| Total | 1,081.40 | 936.24 | 909.85 |
*Other Payable includes outstanding expenses payable. Notes:
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 10
RESTATED STATEMENT OF SHORT TERM PROVISIONS
(Amount in Rs. Lakhs)
| As At | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Provision for employee benefits | |||
| -Provision for Bonus | 172.65 | 165.10 | 153.98 |
| -Gratuity Payable | 136.42 | 141.77 | 122.39 |
| -Leave Encashment Payable | 32.10 | 24.25 | 22.58 |
| Others | |||
| -Provisions for Income Tax | 872.83 | 712.09 | 457.55 |
| Total | 1,214.00 | 1,043.21 | 756.49 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1 .
NOTE 11
RESTATED STATEMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS FY 2023-24
(Amount in Rs. Lakhs)
| Gross Block | Depreciation | Net Block | |||||||||
| Particulars | As at 1.04.2023 | Additions during the year | Capitalised During the Year | Deletions during the year | As at 31.03.2024 | Upto 01.04.2023 | During the Period | Deletion during the period | Total upto 31.03.2024 | As at 31.03.2024 | As at 31.03.2023 |
| Tangible Asset | |||||||||||
| 1. Land | 2795.38 | 0.70 | 0.00 | 0.00 | 2796.08 | 0.00 | 0.00 | 0.00 | 0.00 | 2796.08 | 2795.38 |
| 2. Building | 2729.51 | 0.00 | 361.09 | 0.00 | 3090.60 | 415.34 | 87.12 | 0.00 | 502.46 | 2588.14 | 2314.17 |
| 3. Plant & equipment | 6609.39 | 16.05 | 603.24 | 35.68 | 7193.00 | 2238.44 | 429.71 | 32.06 | 2636.09 | 4556.91 | 4370.95 |
| 4. Furniture & Fixture | 93.04 | 16.88 | 111.45 | 0.00 | 221.37 | 61.27 | 10.08 | 0.00 | 71.35 | 150.02 | 31.77 |
| 5. Vehicles | 519.32 | 90.58 | 0.00 | 0.00 | 609.90 | 228.32 | 53.60 | 0.00 | 281.92 | 327.98 | 291.00 |
| 6. Office Equipment | 38.62 | 3.08 | 9.19 | 0.31 | 50.58 | 28.62 | 3.24 | 0.00 | 31.86 | 18.72 | 10.00 |
| 7. Others | 0.00 | 0.00 | 0.00 | ||||||||
| (a) Scanners | 1.30 | 0.00 | 0.00 | 0.00 | 1.30 | 1.30 | 0.00 | 0.00 | 1.30 | 0.00 | 0.00 |
| (b) Air Conditioner | 17.60 | 9.03 | 3.65 | 0.00 | 30.28 | 14.96 | 2.57 | 0.00 | 17.53 | 12.75 | 2.64 |
| (c) Computer | 85.20 | 2.24 | 0.00 | 0.00 | 87.44 | 77.68 | 2.84 | 0.00 | 80.52 | 6.92 | 7.52 |
| (d) Sewage Treatment Plant | 26.27 | 0.00 | 0.00 | 0.00 | 26.27 | 5.08 | 1.66 | 0.00 | 6.74 | 19.53 | 21.19 |
| (e) Empty Container | 3.07 | 0.00 | 0.00 | 0.00 | 3.07 | 0.47 | 0.19 | 0.00 | 0.66 | 2.41 | 2.60 |
| (f) ETP Plant | 33.47 | 0.00 | 0.00 | 0.00 | 33.47 | 6.48 | 2.11 | 0.00 | 8.59 | 24.88 | 26.99 |
| (g) Cycle Stand | 5.16 | 0.00 | 0.00 | 0.00 | 5.16 | 0.28 | 0.33 | 0.00 | 0.61 | 4.55 | 4.88 |
| (h) Fire Extinguisher | 2.23 | 0.00 | 0.00 | 0.00 | 2.23 | 0.04 | 0.14 | 0.00 | 0.18 | 2.05 | 2.19 |
| (i) Hooter (Alarm) | 0.43 | 0.00 | 0.00 | 0.00 | 0.43 | 0.01 | 0.04 | 0.00 | 0.05 | 0.38 | 0.42 |
| (j) R.O. Plant | 7.19 | 0.00 | 0.00 | 0.00 | 7.19 | 0.45 | 1.37 | 0.00 | 1.82 | 5.37 | 6.74 |
| (k) Water Dripping System | 3.45 | 0.13 | 0.00 | 0.00 | 3.58 | 0.16 | 0.67 | 0.00 | 0.83 | 2.75 | 3.29 |
| Sub-total | 12970.63 | 138.69 | 1088.62 | 35.99 | 14161.95 | 3078.90 | 595.67 | 32.06 | 3642.51 | 10519.44 | 9891.73 |
| (ii) Intangible | |||||||||||
| Trademark | 15.00 | 0.00 | 0.00 | 0.00 | 15.00 | 4.28 | 0.47 | 0.00 | 4.75 | 10.25 | 10.73 |
| Sub-total | 15.00 | 0.00 | 0.00 | 0.00 | 15.00 | 4.28 | 0.47 | 0.00 | 4.75 | 10.25 | 10.73 |
| Amount in CWIP for a period of | |||||
| CWIP | Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| (iii) CWIP | |||||
| Jaipur plant | |||||
| Clay Craft India Limited | |||||
| 1. Building | 57.30 | 9.17 | 66.47 | 0.00 | 0.00 |
| 2. Plant and Equipment | 3.17 | 515.58 | 518.75 | 0.00 | 0.00 |
| 3. Furniture & Fixture | 15.27 | 49.67 | 64.94 | 0.00 | 0.00 |
| 4. Air Conditioner | 1.37 | 2.28 | 3.65 | 0.00 | 0.00 |
| Manda Plant | 77.11 | 576.70 | 653.81 | 0.00 | 0.00 |
| 5. Buildings | 186.89 | 269.61 | 294.62 | 0.00 | 161.88 |
| 6. Plant and Equipment | 28.72 | 24.87 | 53.59 | 0.00 | 0.00 |
| 7. Electric Installation | 15.63 | 15.42 | 30.90 | 0.00 | 0.15 |
| 8. Furniture & Fixture | 7.92 | 38.59 | 46.51 | 0.00 | 0.00 |
| 9. Office Equipment | 0.00 | 9.19 | 9.19 | 0.00 | 0.00 |
| 239.16 | 357.68 | 434.81 | 0.00 | 162.03 | |
| Sub-total | 316.27 | 934.38 | 1088.62 | 0.00 | 162.03 |
(iv) Intangible asset under development
| Gross Block | Depreciation | Net Block | |||||||||
| Particulars | As at 1.04.2023 | Additions during the year | Capitalised During the Year | Deletions during the year | As at 31.03.2024 | Upto 01.04.2023 | During the Period | Deletion during the period | Total upto 31.03.2024 | As at 31.03.2024 | As at 31.03.2023 |
| (iv) Intangible asset under development | |||||||||||
| Total | 13301.90 | 1073.07 | 2177.24 | 35.99 | 14338.98 | 3083.18 | 596.14 | 32.06 | 3647.26 | 10529.69 | 9902.46 |
| Previous Year | 0.00 | 0.00 | 0.00 | 13301.90 | 0.00 | 0.00 | 0.00 | 3083.18 | 9902.46 | 0.00 |
(FY 2024-25)
(Amount in Rs. Lakhs)
| Gross Block | Depreciation | Net Block | |||||||||
| Particulars | As at 01.04.202 4 | Addition s during the year | Capitalise d During the Year | Deletions during the year | As at 31.03.202 5 | Upto 01.04.202 4 | During the Period | Deletion during the period | Total upto 31.03.202 5 | As at 31.03.202 5 | As at 31.03.202 4 |
| Tangible Asset | |||||||||||
| 1. Land | 2796.08 | - | 2,796.08 | - | - | - | - | 2,796.08 | 2,796.08 | ||
| 2. Building | 3090.60 | 170.48 | - | 3,261.08 | 502.46 | 124.62 | 627.08 | 2,634.00 | 2,588.14 | ||
| 3. Plant & equipment | 7193.00 | 320.22 | - | 7,513.22 | 2,636.10 | 381.03 | - | 3,017.13 | 4,496.09 | 4,556.90 | |
| 4. Furniture & Fixture | 221.37 | 1.11 | - | 222.48 | 71.35 | 18.05 | - | 89.40 | 133.08 | 150.02 | |
| 5. Vehicles | 609.90 | 145.72 | - | 39.17 | 716.45 | 281.92 | 59.65 | 33.36 | 308.21 | 408.24 | 327.98 |
| 6. Office Equipment | 50.58 | 2.30 | - | - | 52.88 | 31.86 | 4.55 | - | 36.41 | 16.47 | 18.74 |
| 7. Others | 0.00 | - | - | - | - | ||||||
| (a) Scanners | 1.30 | - | - | 1.30 | 1.30 | - | - | 1.30 | - | - | |
| Clay Craft India Limited | |||||||||||
| (b) Air Conditioner | 30.28 | 0.39 | - | - | 30.67 | 17.53 | 2.94 | - | 20.47 | 10.20 | 12.75 |
| (c) Computer | 87.44 | 5.91 | - | - | 93.35 | 80.52 | 3.07 | - | 83.59 | 9.76 | 6.92 |
| (d) Sewage Treatment Plant | 26.27 | 16.49 | - | - | 42.76 | 6.74 | 1.83 | - | 8.57 | 34.19 | 19.53 |
| (e) Empty Container | 3.07 | - | - | 3.07 | 0.66 | 0.19 | - | 0.85 | 2.22 | 2.40 | |
| (f) ETP Plant | 33.47 | - | - | 33.47 | 8.59 | 2.12 | - | 10.71 | 22.76 | 24.88 | |
| (g) Cycle Stand | 5.16 | - | - | 5.16 | 0.60 | 0.33 | - | 0.93 | 4.23 | 4.56 | |
| (h) Fire Extinguisher | 2.23 | - | - | 2.23 | 0.18 | 0.14 | - | 0.32 | 1.91 | 2.05 | |
| (i) Hooter (Alarm) | 0.43 | - | - | 0.43 | 0.05 | 0.04 | - | 0.09 | 0.34 | 0.38 | |
| (j) R.O. Plant | 7.19 | - | - | 7.19 | 1.82 | 1.37 | - | 3.19 | 4.00 | 5.37 | |
| (k) Water Dripping System | 3.58 | - | - | 3.58 | 0.83 | 0.68 | - | 1.51 | 2.07 | 2.74 | |
| (l) Parking lot | 0.00 | 6.28 | - | - | 6.28 | - | 0.31 | - | 0.31 | 5.97 | - |
| Sub-total | 14,161.95 | 668.90 | - | 39.17 | 14,791.68 | 3,642.51 | 600.92 | 33.36 | 4,210.07 | 10,581.61 | 10,519.44 |
| (ii) Intangible | |||||||||||
| Trademark | 15.00 | - | - | - | 15.00 | 4.75 | 0.48 | 0.00 | 5.23 | 9.77 | 10.25 |
| Computer software - SAP | 0.00 | 12.22 | 0.00 | 0.00 | 12.22 | 0.00 | 0.01 | 0.00 | 0.01 | 12.21 | 0.00 |
| Sub-total | 15.00 | 12.22 | - | - | 27.22 | 4.75 | 0.49 | - | 5.24 | 21.98 | 10.25 |
| (iii) CWIP | - | - | - | - | |||||||
| Jaipur plant | |||||||||||
| 1. Building | - | 2.97 | - | 2.97 | |||||||
| 2. Plant and Equipment | - | 97.33 | 97.33 | - | - | ||||||
| 3.SEWAGE TREATMENT PLANT | - | 15.67 | 15.67 | - | - | ||||||
| 4. Furniture & fixture moveable and detachable | - | 0.59 | - | 0.59 | |||||||
| Manda Plant | - | 116.56 | 113.00 | - | 3.56 | - | - | - | - | - | - |
| 5. Buildings | 161.88 | 1.89 | 163.77 | - | - | ||||||
| 6. Plant and Equipment | 0.14 | 212.56 | 211.75 | - | 0.95 | ||||||
| 7. Furniture & Fixture | - | 0.44 | - | 0.44 | |||||||
| 8. Office Equipment | - 162.02 | 214.89 | 375.52 | - | 1.39 | ||||||
| Sub-total | 162.02 | 331.45 | 488.52 | - | 4.95 | ||||||
| (iv) Intangible asset under development | - | 12.22 | 12.22 | - | - | - | |||||
| Sub-total | - | 12.22 | 12.22 | - | - | - | - | - | - | - | - |
| Total | 14,338.97 | 1,024.79 | 500.74 | 39.17 | 14,823.85 | 3,647.26 | 601.41 | 33.36 | 4,215.31 | 10,603.59 | 10,529.69 |
| Previous Year | - |
01-04-2025 to 31-03-2026
(Amount in Rs. Lakhs)
| Gross Block | Depreciation | Net Block | |||||||||
| Particulars | As at 1.04.2025 | Additions during the period | Capitalised During the Year | Deletions during the period | As at 31.03.2026 | Upto 01.04.2025 | During the Period | Deletion during the period | Total upto 31.03.2026 | As at 31.03.2026 | As at 31.03.2025 |
| Tangible Asset | |||||||||||
| 1. Land | 2796.08 | - | - | - | 2,796.08 | - | - | - | - | 2,796.08 | 2,796.08 |
| 2. Building | 3261.08 | 11.70 | - | 3,272.78 | 627.08 | 126.69 | 753.78 | 2,519.00 | 2,634.00 | ||
| 3. Plant & equipment | 7513.22 | 353.42 | 7,866.64 | 3,017.13 | 398.64 | 3,415.77 | 4,450.87 | 4,496.09 | |||
| 4. Furniture & Fixture | 222.48 | 7.75 | 230.23 | 89.40 | 16.46 | 105.86 | 124.37 | 133.08 | |||
| 5. Vehicles | 716.45 | 8.50 | 61.61 | 663.33 | 308.21 | 68.33 | 58.53 | 318.01 | 345.33 | 408.24 | |
| 6. Office Equipment | 52.88 | 4.01 | 56.89 | 36.41 | 4.69 | 41.10 | 15.79 | 16.47 | |||
| 7. Others | 0.00 | - | - | - | - | - | |||||
| (a) Scanners | 1.30 | - | 1.30 | 1.30 | - | 1.30 | - | - | |||
| (b) Air Conditioner | 30.67 | 1.55 | 32.22 | 20.47 | 3.08 | 23.55 | 8.66 | 10.20 | |||
| (c) Computer | 93.35 | 9.87 | 103.22 | 83.59 | 2.96 | 86.55 | 16.67 | 9.76 | |||
| (d) Sewage Treatment Plant | 42.76 | - | 42.76 | 8.57 | 3.17 | 11.74 | 31.02 | 34.19 | |||
| (e) Empty Container | 3.07 | - | 3.07 | 0.85 | 0.25 | 1.10 | 1.97 | 2.22 | |||
| (f) ETP Plant | 33.47 | 33.47 | 10.71 | 2.55 | 13.26 | 20.21 | 22.76 | ||||
| (g) Cycle Stand | 5.16 | 5.16 | 0.93 | 0.33 | 1.26 | 3.90 | 4.23 | ||||
| (h) Fire Extinguisher | 2.23 | 2.23 | 0.32 | 0.21 | 0.53 | 1.70 | 1.91 | ||||
| (i) Hooter (Alarm) | 0.43 | 0.43 | 0.09 | 0.04 | 0.13 | 0.30 | 0.34 | ||||
| (j) R.O. Plant | 7.19 | 7.19 | 3.19 | 1.36 | 4.55 | 2.64 | 4.00 | ||||
| (k) Water Dripping System | 3.58 | 3.58 | 1.51 | 0.68 | 2.19 | 1.39 | 2.07 | ||||
| (l) Parking lot | 6.28 | 6.28 | 0.31 | 0.60 | 0.90 | 5.38 | 5.97 | ||||
| (m) Iron Stairs | 1.19 | 1.19 | 0.00 | 0.00 | 1.19 | ||||||
| Sub-total | 14,791.68 | 397.98 | - | 61.61 | 15,128.05 | 4,210.07 | 630.05 | 58.53 | 4,781.59 | 10,346.45 | 10,581.61 |
| (ii) Intangible | |||||||||||
| Trademark | 15.00 | 15.00 | 5.23 | 0.47 | 5.70 | 9.30 | 9.77 | ||||
| Computer software - SAP | 12.22 | 9.35 | 21.57 | 0.01 | 5.00 | 5.01 | 16.56 | 12.21 | |||
| Sub-total | 27.22 | 9.35 | - | - | 36.57 | 5.24 | 5.48 | - | 10.71 | 25.85 | 21.98 |
| (iii) CWIP | |||||||||||
| Jaipur plant | |||||||||||
| 1. Building | 2.97 | 8.73 | 11.70 | (0.00) | |||||||
| 2. Plant and Equipment | - | 103.02 | 48.49 | 54.53 | |||||||
| 3. Computer software SAP | |||||||||||
| - | 9.35 | 9.35 | - | ||||||||
| WIP (VKI) | |||||||||||
| Clay Craft India Limited | |||||||||||
| 4.Vehicle pick-up No. | |||||||||||
| - | 8.50 | 8.50 | - | ||||||||
| RJ-14-GV-4500 WIP | |||||||||||
| 5. Furniture & fixture moveable and detachable | 0.59 | 0.55 | 1.14 | 0.00 | |||||||
| Manda Plant | 3.56 | 130.15 | 79.18 | - | 54.53 | - | - | - | - | - | - |
| 7. Buildings | - | - | |||||||||
| 8. Plant and Equipment | 0.95 | 350.92 | 199.99 | 151.88 | |||||||
| 9. Furniture & Fixture | 0.44 | 0.08 | 0.52 | (0.00) | |||||||
| 10. Office Equipment | - | ||||||||||
| 1.39 | 351.00 | 200.51 | - | 151.88 | |||||||
| Sub-total | 4.95 | 481.15 | 279.69 | - | 206.41 | ||||||
| (iv) Intangible asset under development | - | ||||||||||
| Sub-total | - | - | - | - | - | - | - | - | - | - | - |
| Total | 14,823.85 | 888.48 | 279.69 | 61.61 | 15,371.03 | 4,215.31 | 635.53 | 58.53 | 4,792.30 | 10,372.32 | 10,603.59 |
| Previous Year | 14,338.97 | 1,024.79 | 500.74 | 39.17 | 14,823.85 | 3,647.26 | 601.41 | 33.36 | 4,215.31 | 10,603.59 | 10,529.69 |
Notes:
1.1 The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1 . 1.2 The Company has not revalued its Property plant & Equipment.
2. Title deeds of all the immovable property
The title deeds of all the immovable property are held in the name of the company
3. Details of Ageing Schedule of Capital Work-in Progress
CWIP Ageing Schedule as at 31.03.2026
| Amount in CWIP for a period of | |||||
| CWIP | Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| Jaipur Plant (Project in Progress) | |||||
| 1. Building | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2. Furniture & fixture moveable and detachable | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3. Plant and Equipment | 54.53 | 0.00 | 0.00 | 0.00 | 54.53 |
| TOTAL (1 TO 2) | 54.53 | 0.00 | 0.00 | 0.00 | 54.53 |
| MANDA PLANT (Project in Progress) | |||||
| 1. Plant and Equipment | 151.88 | 0.00 | 0.00 | 0.00 | 151.88 |
| Clay Craft India Limited | |||||
| 2. Office Equipment | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| TOTAL-3 | 151.88 | 0.00 | 0.00 | 0.00 | 151.88 |
| TOTAL (1 TO 3) | 206.41 | 0.00 | 0.00 | 0.00 | 206.41 |
| PREVIOUS YEAR | 4.95 | 0.00 | 0.00 | 0.00 | 4.95 |
CWIP Ageing Schedule as at 31.03.2025
(Amount in Rs. Lakhs)
| Amount in CWIP for a period of | |||||
| CWIP | Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| Jaipur Plant (Project in Progress) | |||||
| 1. Building | 2.97 | 0.00 | 0.00 | 0.00 | 2.97 |
| 2. Furniture & fixture moveable and detachable | 0.59 | 0.00 | 0.00 | 0.00 | 0.59 |
| TOTAL (1 TO 2) | 3.56 | 0.00 | 0.00 | 0.00 | 3.56 |
| MANDA PLANT (Project in Progress) | |||||
| 3. Furniture & Fixture | 0.95 | 0.00 | 0.00 | 0.00 | 0.95 |
| 4. Office Equipment | 0.44 | 0.00 | 0.00 | 0.00 | 0.44 |
| TOTAL-3 | 1.39 | 0.00 | 0.00 | 0.00 | 1.39 |
| TOTAL (1 TO 3) | 4.95 | 0.00 | 0.00 | 0.00 | 4.95 |
| PREVIOUS YEAR | 162.03 | 0.00 | 0.00 | 0.00 | 162.03 |
CWIP Ageing Schedule as at 31.03.2024
(Amount in Rs. Lakhs)
| Amount in CWIP for a period of | |||||
| CWIP | Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| Jaipur Plant (Project in Progress) | - | - | - | - | - |
| MANDA PLANT (Project in Progress) | |||||
| 1. Buildings | 70.91 | 90.97 | - | - | 161.88 |
| 2. Plant and Equipment | - | - | - | - | - |
| 3. Electric Installation | 0.15 | - | - | - | 0.15 |
| 4. Furniture & Fixture | - | - | - | - | - |
| 5. Office Equipment | - | - | - | - | - |
| 71.06 | 90.97 | - | - | 162.03 | |
| TOTAL | 71.06 | 90.97 | - | - | 162.03 |
4. Details of Ageing Schedule of Intangible Assets under Development
| Amount in CWIP for a period of | |||||
| Particulars | Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| 1. Computer Software | - | - | - | - | - |
5. No proceedings have been initiated or pending against the company for holding any benami property under the Prohibition of Benami Property Transaction Act, 1988 and the Rules made thereunder and as amended from time to time.
6. The Company does not have any capital work in progress/intangible asset under development whose completion is overdue or has exceeded its cost compared to original plan. The
Company does not have any project which is temporary suspended.
7. Management is verifying the assets physically on regular intervals.
NOTE 12
RESTATED STATEMENT OF NON-CURRENT INVESTMENT
| (Amount in Rs. Lakhs) | |||
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Non-Trade Investments | |||
| Quoted Investments | |||
| Investments in Equity Instruments | 306.32 | 306.32 | 306.32 |
| Investments in Gold Bond and ETF | 35.45 | 35.45 | 35.45 |
| Unquoted Investments | |||
| Investment in Equity Shares of Group Companies (Un-quoted) | 7.51 | 98.18 | 0.01 |
| Less: Profit/(Loss) for the year | 9.98 | (90.67) | |
| Net Investment in Equity Shares of Associate Concern (Un-quoted) | 17.49 | 7.51 | |
| Total | 359.26 | 349.28 | 341.77 |
1. Refer Significant Accounting policy note no. 14
2. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
3. Investment are in compliance of section 186 of the Companies Act, 2013
4. Investments are valued at cost as per AS 13
*The Company has consolidated its investment in Crown Craft (India) Private Limited (27.93%) as an associate concern using the equity method in accordance with Accounting Standard 23 Accounting for Investments in Associates in Consolidated Financial Statements till 19th July 2025. On 19th July 2025, the holding percentage got reduced to 19.67% and from that date it ceases to be an associate concern and hence the consolidation using equity method got discontinued.
| (Amount in Rs. Lakhs) | |||
| As at | |||
| 5 Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| a. Aggregate amount of quoted investments | 341.77 | 341.77 | 341.77 |
| b. Market value of the above investments | 662.58 | 595.28 | 598.04 |
| c. Aggregate amount of unquoted investments | 17.49 | 7.51 | 0.01 |
| d. Aggregate provision for diminution in value of investments | - | - | |
Note - 12.1
(a) Quoted Investments
(Amount in Rs. Lakhs)
| Sr. Name of Company No. | No. of Fully Paid Equity Shares | Addition of Bonus & Split Shares Received During | Total No. of Fully Paid Equity | At Cost (Rs. in Lacs) | Market Value (Rs. in Lacs) | Market Value (Rs. in Lacs) | Market Value (Rs. in Lacs) |
| The Year | Shares | 31-03-2026 | 2024-25 | 2023-24 | |||
| 1 Adani Green Energy Ltd. | 1,000.00 | - | 1,000.00 | 1.60 | 8.32 | 9.49 | 18.34 |
| 2 Adani Power Ltd. | 6,100.00 | 24,400.00 | 30,500.00 | 4.03 | 46.92 | 31.06 | 32.56 |
| 3 Arvind Fashions Ltd. | 2,890.00 | - | 2,890.00 | 5.03 | 11.06 | 10.79 | 13.09 |
| 4 Asian Paints Ltd. | 500.00 | - | 500.00 | 10.04 | 11.04 | 11.69 | 14.23 |
| 5 Aurobindo Pharma Ltd. | 580.00 | - | 580.00 | 4.95 | 7.62 | 6.73 | 6.32 |
| 6 Avenue Super Marts | 617.00 | - | 617.00 | 16.74 | 24.12 | 25.16 | 27.95 |
| 7 Bajaj Auto Ltd. | 130.00 | - | 130.00 | 4.98 | 11.57 | 10.24 | 11.89 |
| 8 Bajaj Electricals Ltd. | 485.00 | - | 485.00 | 5.02 | 1.71 | 2.65 | 4.39 |
| 9 Bajel Projects Ltd | 485.00 | - | 485.00 | - | 0.70 | 0.79 | 1.04 |
| 10 Berger Paints India Ltd. | 2,724.00 | - | 2,724.00 | 13.03 | 11.30 | 13.61 | 13.01 |
| 11 Berger Paints India Ltd. | - | 485 | - | - | - | - | 2.60 |
| 12 Dabur India Ltd. | 770.00 | - | 770.00 | 3.99 | 3.23 | 3.90 | 4.03 |
| 13 Dr. Lal Pathlabs Ltd. | 1,000.00 | 1,000.00 | 2,000.00 | 19.17 | 26.49 | 24.78 | 22.63 |
| 14 Eicher Motors Ltd. | 200.00 | - | 200.00 | 5.02 | 13.62 | 10.70 | 8.04 |
| 15 Gujarat Gas Ltd. | 1,105.00 | - | 1,105.00 | 6.97 | 3.51 | 4.56 | 6.01 |
| 16 Hawkins Cooker Ltd. | 70.00 | - | 70.00 | 3.99 | 5.32 | 5.05 | 4.25 |
| 17 HDFC Bank Limited | 1,590.00 | 1,590.00 | 3,180.00 | 20.01 | 24.05 | 29.07 | 23.03 |
| 18 HDFC Life Insurance Company Ltd. | 1,554.00 | - | 1,554.00 | 10.17 | 9.48 | 10.65 | 9.84 |
| 19 Hero Motocorp Ltd. | 550.00 | - | 550.00 | 14.96 | 28.30 | 20.47 | 25.94 |
| 20 Hindustan Copper Ltd. | 3,541.00 | - | 3,541.00 | 5.01 | 17.42 | 7.81 | 9.85 |
| 21 ICICI Bank Limited | 1,000.00 | - | 1,000.00 | 5.33 | 12.34 | 13.48 | 10.96 |
| 22 Indigo Paints Ltd. | 196.00 | - | 196.00 | 4.97 | 1.43 | 1.85 | 2.46 |
| 23 Infosys Technologies Ltd. | 1,000.00 | - | 1,000.00 | 7.35 | 12.70 | 15.70 | 14.99 |
| 24 JK Cement Ltd. | 317.00 | - | 317.00 | 11.00 | 16.13 | 15.63 | 12.92 |
| 25 Jindal Steel & Power Ltd. | 1,400.00 | - | 1,400.00 | 4.97 | 15.83 | 12.77 | 11.89 |
| 26 Jio Financial Services | 2,482.00 | - | 2,482.00 | - | 5.77 | 5.64 | 8.78 |
| 27 Oil & Natural Gas Co. (ONGC) | 6,330.00 | - | 6,330.00 | 6.84 | 17.85 | 15.60 | 16.95 |
| 28 Orient Cement Ltd. | 4,030.00 | - | 4,030.00 | 4.00 | 5.10 | 13.70 | 7.91 |
| 29 Pfizer Ltd. | 300.00 | - | 300.00 | 14.79 | 14.06 | 12.01 | 12.58 |
| 30 Power Finance Corporation Ltd. | 5,310.00 | - | 5,310.00 | 7.98 | 26.28 | 27.50 | 20.72 |
| Clay Craft India Limited | |||||||
| 31 Power Finance Corporation Ltd. | - | 1,327.00 | 1,327.00 | - | - | 5.18 | |
| 32 Prakash Industries Ltd. | 4,000.00 | - | 4,000.00 | 1.77 | 4.69 | 6.37 | 6.64 |
| 33 Reliance Industries Limited (Right Issue) | 82.00 | - | 82.00 | 1.03 | 1.05 | 2.44 | |
| 66.93 | |||||||
| 34 Reliance Industries Limited | 2,400.00 | 2,482.00 | 4,882.00 | 43.03 | 62.25 | 71.44 | |
| 35 Shipping Corporation Of India (SCI) | 1,000.00 | - | 1,000.00 | 0.62 | 10.20 | 1.65 | 2.09 |
| 36 Shipping Corporation of India Land and Assets Ltd | 1,000.00 | - | 1,000.00 | - | 2.29 | 0.46 | 0.40 |
| 37 State Bank of India | 1,000.00 | - | 1,000.00 | 3.32 | 0.38 | 7.72 | 7.53 |
| 38 Tata Consultancy Services Ltd. (TCS) | 500.00 | - | 500.00 | 10.38 | 11.95 | 18.02 | 19.42 |
| 39 Tata Consumer Product Ltd. | 800.00 | - | 800.00 | 4.95 | 8.38 | 8.01 | 8.76 |
| 40 Tata Steel Ltd. | 2,000.00 | - | 2,000.00 | 0.76 | 3.87 | 3.09 | 3.12 |
| 41 Torrent Pharmaceuticals Ltd. | 700.00 | - | 700.00 | 8.51 | 29.86 | 22.64 | 18.21 |
| 42 Torrent Power Ltd. | 962.00 | - | 962.00 | 4.99 | 13.02 | 14.31 | 13.03 |
| 43 TVS Motor Company Ltd. | 855.00 | - | 855.00 | 5.02 | 29.44 | 20.70 | 18.39 |
| 44 TVSMCL Pref. | - | 3,420.00 | 3,420.00 | - | 0.35 | - | - |
| 45 GOI Sovereign Gold Bond ( GRAM ) | 200.00 | - | 200.00 | 10.57 | 27.22 | 17.50 | 13.04 |
| 46 HDFC Mutual Fund ETF ( unit ) | 50,000.00 | - | 50,000.00 | 24.87 | 60.72 | 38.43 | 29.15 |
| TOTAL | 341.77 | 662.58 | 595.28 | 598.04 |
NOTE 13
RESTATED STATEMENT OF LONG TERM LOANS AND ADVANCES
| (Amount in Rs. Lakhs) | |||
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Capital Advances | 64.96 | 2.50 | 71.98 |
| Loans and advances to related parties | |||
| Secured, considered good; | - | - | - |
| Unsecured, considered good; | - | - | - |
| Doubtful. | - | - | - |
| Loans and advances to other than related parties | |||
| Secured, considered good; | |||
| Unsecured, considered good; | |||
| (a) Advance against Security | - | - | - |
| (b) Other advances | 0.16 | 0.47 | 1.56 |
| Doubtful. | - | - | - |
| Total | 65.12 | 2.97 | 73.54 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of
Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 14
RESTATED STATEMENT OF OTHER NON-CURRENT ASSETS
(Amount in Rs. Lakhs)
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Security Deposits | 68.90 | 61.57 | 61.21 |
| Other Bank Balances ( FD maturity more than 12 months) | 2,034.03 | 350.00 | 671.33 |
| Prepaid expenses | 8.78 | 11.72 | 6.15 |
| Accrued Interest on FDR | 64.61 | 14.32 | 15.81 |
| Total | 2,176.32 | 437.61 | 754.51 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
2. Fixed Deposit classified as other non-current asset is based on FD maturity and intention of the management to hold such investment for a period of more than 12 months.
NOTE 15
RESTATED STATEMENT OF INVENTORIES
| (Amount in Rs. Lakhs) | |||
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| (i) Inventories | |||
| a. Raw Materials and components | 1,292.18 | 1,195.86 | 1,181.73 |
| b. Work in Progress | 831.21 | 445.64 | 381.81 |
| c. Finished Goods | 1,782.85 | 1,848.13 | 1,962.00 |
| d. Stores and spares | 985.67 | 908.64 | 634.14 |
| e. Other (specify nature) | |||
| 1. HSD. C-9 & L.P. Gas, Coal | 56.89 | 98.61 | 39.00 |
| 2. Packing Material | 208.47 | 122.53 | 120.12 |
| 3. Machinery components | 35.61 | 26.00 | 25.40 |
| Clay Craft India Limited | |||
| 4. Stock of Scrap | 0.11 | 2.09 | 4.60 |
| Total | 5,192.99 | 4,647.50 | 4,348.80 |
2. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
3. Inventory has been physically verified by the management of the Company at the end of respective year. Also the management has identified all the goods as moving in the normal course of business.
4. Inventories of Raw Materials, Work-in-Progress, Stores and spares, Finished Goods, Stock-in-trade are stated at moving average cost or net realisable value, whichever is lower.
NOTE 16
RESTATED STATEMENT OF TRADE RECEIVABLES
| (Amount in Rs. Lakhs) | |||
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Trade Receivables | |||
| Unsecured and Considered Good | 1,730.77 | 1,341.24 | 1,233.40 |
| Secured & Considered Good | - | - | |
| Doubtful | - | - | - |
| Total | 1,730.77 | 1,341.24 | 1,233.40 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
2. There are no unbilled trade receivables.
3. Ageing of trade receivable along with any amount involved in dispute, if any as required by Schedule III of Companies Act, 2013 is disclosed as below. Ageing of debtors is based on the date of transaction in case there is no credit period agreed at the time of supply.
4. List of persons/entities classified as Promoters and Group Companies has been determined by the Management and relied upon by the Auditors. The Auditors have not performed any procedure to determine whether the list is accurate and complete.
Trade Receivables ageing schedule as at 31 March, 2026
(Amount in Rs. Lakhs)
| Outstanding for following periods from due date of transaction | |||||||
| Particulars | Not Due | Less than 6 months | 6 months- 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| Undisputed Trade receivables- considered good | - | 1,690.82 | 20.23 | 7.41 | 0.06 | 8.18 | 1,726.71 |
| Undisputed Trade Receivables- considered doubtful | - | - | - | - | - | - | - |
| Disputed Trade Receivables considered good | - | - | 4.06 | - | 4.06 | ||
| Disputed Trade Receivables considered doubtful | - | - | - | - | - | - | - |
| Total | - | 1,690.82 | 20.23 | 11.47 | 0.06 | 8.18 | 1,730.77 |
Trade Receivables ageing schedule as at 31 March, 2025
(Amount in Rs. Lakhs)
| Outstanding for following periods from due date of transaction | |||||||
| Particulars | Not Due | Less than 6 months | 6 months- 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| Undisputed Trade receivables- considered good | - | 1,291.29 | 23.05 | 6.45 | 17.40 | 3.05 | 1,341.24 |
| Undisputed Trade Receivables- considered doubtful | - | - | - | - | - | - | - |
| Clay Craft India Limited | |||||||
| Disputed Trade Receivables considered good | - | - | - | - | - | - | - |
| Disputed Trade Receivables considered doubtful | - | - | - | - | - | - | - |
| Total | - | 1,291.29 | 23.05 | 6.45 | 17.40 | 3.05 | 1,341.24 |
Trade Receivables ageing schedule as at 31 March, 2024
(Amount in Rs. Lakhs)
| Outstanding for following periods from due date of transaction | |||||||
| Particulars | Not Due | Less than 6 months | 6 months- 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| Undisputed Trade receivables- considered good | - | 1,194.21 | 10.93 | 24.38 | 3.89 | - | 1,233.40 |
| Undisputed Trade Receivables- considered doubtful | - | - | - | - | - | - | - |
| Disputed Trade Receivables considered good | - | - | - | - | - | - | - |
| Disputed Trade Receivables considered doubtful | - | - | - | - | - | - | - |
| Total | - | 1,194.21 | 10.93 | 24.38 | 3.89 | - | 1,233.40 |
Debts due by directors or other officers of the company or any of them either severally or jointly with any other person or debts due by firms or private companies in which any director is a partner or a director or a member.
(Amount in Rs. Lakhs)
| Particular | March 31, 2026 | March 31, 2025 | March 31, 2024 |
| Trade receivables related to debts due by: | |||
| Directors | - | - | - |
| Other officers of the Company | - | - | - |
| Firm in which director is a partner | |||
| (a) Colour Craft | 2.89 | - | 1.36 |
| Private Company in which director is a member | - | - | - |
| Total | 2.89 | - | 1.36 |
NOTE 17
RESTATED STATEMENT OF CASH & BANK BALANCES
(Amount in Rs. Lakhs)
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| (I) Cash and Cash Equivalents | |||
| (a) Balances with Banks in Current Accounts | 3.57 | 5.43 | 0.92 |
| (b) Cash on Hand | 9.61 | 8.47 | 6.72 |
| (c) Fixed Deposits | 400.00 | 26.54 | - |
| Other Bank Balances | |||
| (a) Fixed Deposits | 2,693.67 | 2,739.83 | 458.70 |
| (b) Balances with the bank to the extent held as margin money | 113.51 | 72.51 | 69.91 |
| Total | 3,220.36 | 2,852.78 | 536.25 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
2. Deposits are renewed by the banks automatically. The above amount is a fair estimate of the value of deposits with bank.
3. Fixed Deposits with banks are pledged against LC/BG margin only, according to the management these FD are having maturity of below 3 months and can be converted in cash at any point of time.
NOTE 18
RESTATED STATEMENT OF SHORT TERM LOANS AND ADVANCES
(Amount in Rs. Lakhs)
| As at | |||
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| Consolidated | Consolidated | Standalone | |
| Loans and advances to related parties | |||
| Secured, considered good; | - | - | - |
| Unsecured, considered good; | - | - | - |
| Doubtful. | - | - | - |
| Loans and advances to other than related parties | |||
| Secured, considered good; | - | - | - |
| Unsecured, considered good; | |||
| Advance to supplier | 287.50 | 156.42 | 77.96 |
| Other Advances | 115.50 | 95.83 | 37.94 |
| Doubtful. | - | - | |
| Total | 403.00 | 252.25 | 115.91 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
2. The Company has not granted any loans or advances in the nature of Loan to promoters, directors, KMPs and the related parties either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment
NOTE 19
RESTATED STATEMENT OF OTHER CURRENT ASSETS
(Amount in Rs. Lakhs)
| As at | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Prepaid Expenses | 55.66 | 42.22 | 33.69 |
| Balance with statutory government authorities (Advance tax & TDS) | 900.24 | 843.75 | 526.45 |
| IPO listing expenditure | 58.97 | 12.49 | - |
| Accrued Interest on FDR | 105.74 | 116.13 | 12.40 |
| Accrued Interest on Security | 2.71 | 2.43 | - |
| Accrued Interest on Gold Bond | 0.04 | 0.03 | - |
| Duties and Taxes* | 345.45 | 230.27 | 198.90 |
| Total | 1,468.81 | 1,247.32 | 771.44 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1. * The Duties & Taxes includes an accumulated Input Tax Credit (ITC) of GST Compensation Cess amounting to Rs. 139.30 Lacs. Following the removal of this cess effective September, 2025, there is currently no formal mechanism for its refund or utilization against other tax liabilities except for export-related refund. Based on formal legal advice, management has elected to maintain this balance intact to ensure alignment with the official GST portal and to avoid accounting anomalies. The company is awaiting further government clarification and the outcome of various petitions currently before the Apex Court, while also exploring potential recovery through future export-related refund claims.
NOTE 20
RESTATED STATEMENT OF REVENUE FROM OPERATIONS
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Clay Craft India Limited | |||
| (i) Sale of Goods * | |||
| Sales of Products | 17,716.20 | 14,948.64 | 14,248.45 |
| Total | 17,716.20 | 14,948.64 | 14,248.45 |
| (ii) Other Operating Revenue | |||
| Other division product sales | 243.90 | 206.00 | 231.50 |
| Scrap Sales | 23.47 | 20.49 | 25.58 |
| Packing Material Sales | 2.96 | 0.73 | 1.45 |
| Raw Material Sales | 2.14 | 18.36 | 35.57 |
| Total | 272.47 | 245.58 | 294.10 |
| Total (A+B) | 17,988.67 | 15,194.22 | 14,542.55 |
* Sale of product doesnt include the GST amount
1. Earning in Foreign Currency
(Amount in Rs. Lakhs)
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Export Sales | 29.33 | 72.02 | 227.58 |
| Others | 8.76 | 7.58 | 0.35 |
| TOTAL | 38.10 | 79.60 | 227.93 |
The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 21
RESTATED STATEMENT OF OTHER INCOME
| (Amount in Rs. Lakhs) | |||
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Interest Income | 289.87 | 148.99 | 63.70 |
| Dividend Income | 7.50 | 6.55 | 5.65 |
| Profit on Sale of Quoted Equity Shares | - | 0.64 | - |
| Profit on sale of fixed asset | 1.42 | 7.32 | 7.77 |
| Other Income* | 169.40 | 85.98 | 79.15 |
| Total | 468.19 | 249.48 | 156.27 |
*Other Income includes freight charges, transportation charges and other charges received on sales.
1. The classification of other income as recurring/not-recurring, related/not-related to business activity is based on the current operations and business activity of the Company as determined by the management. 2. There is no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). 3. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 22
RESTATED STATEMENT OF COST OF MATERIAL CONSUMED
| (Amount in Rs. Lakhs) | |||
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Opening Stock | 1,195.86 | 1,181.73 | 1,290.34 |
| Clay Craft India Limited | |||
| Add: Purchase | 3,974.61 | 3,481.35 | 3,534.10 |
| 5,170.47 | 4,663.08 | 4,824.44 | |
| Less: Closing Stock | 1,292.18 | 1,195.86 | 1,181.73 |
| Less: Sales | 1.39 | 17.54 | 36.99 |
| Less: Trial Run Cost | - | - | 1.31 |
| 3,876.90 | 3,449.68 | 3,604.40 |
1. Value of Purchases of Raw Materials
(Amount in Rs. Lakhs)
| For the Period ended | ||||||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 | |||
| Percentage | Consolidated | Percentage | Consolidated | Percentage | Standalone | |
| Imported | 40% | 1,608.46 | 47% | 1,634.09 | 51% | 1,784.76 |
| Indigenous | 60% | 2,366.15 | 53% | 1,847.25 | 49% | 1,749.34 |
| Total | 100.00% | 3,974.61 | 100.00% | 3,481.34 | 100.00% | 3,534.10 |
2. Value of Consumption of Raw Materials
| (Amount in Rs. Lakhs) | ||||||
| For the Period ended | ||||||
| Particulars | Percentage | 31-03-2026 | 31-03-2025 | 31-03-2024 | ||
| Consolidated | Percentage | Consolidated | Percentage | Standalone | ||
| Imported | 44% | 1,713.38 | 50% | 1,727.00 | 45% | 1,638.26 |
| Indigenous | 56% | 2,163.52 | 50% | 1,722.68 | 55% | 1,966.13 |
| Total | 100.00% | 3,876.90 | 100.00% | 3,449.68 | 100.00% | 3,604.39 |
3. Value of Imports on CIF basis
(Amount in Rs. Lakhs)
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Raw Material | 1,608.46 | 1,634.09 | 1,784.76 |
| Capital Goods | 412.34 | 222.26 | 484.05 |
| Stores and Spares | 188.36 | 394.83 | 265.33 |
| Total | 2,209.17 | 2,251.18 | 2,534.14 |
The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 23
RESTATED STATEMENT OF PURCHASE OF STOCK IN TRADE
(Amount in Rs. Lakhs)
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Total Purchases | 10.45 | 18.37 | 38.75 |
| Less: Inter Branch Transfer | - | - | - |
| Purchase from outsiders | 10.45 | 18.37 | 38.75 |
| Total | 10.45 | 18.37 | 38.75 |
The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 24
RESTATED STATEMENT OF CHANGE IN INVENTORIES OF WORK IN PROGRESS AND FINISHED GOODS
(Amount in Rs. Lakhs)
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Opening Balance (A) | 2,295.86 | 2,348.42 | 2,134.52 |
| Finished Goods | 1,848.13 | 1,962.00 | 1,496.52 |
| Stock of Scrap | 2.09 | 4.60 | 4.33 |
| WIP | 445.64 | 381.81 | 633.67 |
| Closing Balance(B) | 2,614.17 | 2,295.86 | 2,348.42 |
| Finished Goods | 1782.85 | 1,848.13 | 1,962.00 |
| Stock of Scrap | 0.11 | 2.09 | 4.60 |
| WIP | 831.21 | 445.64 | 381.81 |
| Increase/(Decrease) in Stock (A-B) | (318.30) | 52.56 | (213.90) |
The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 25
RESTATED STATEMENT OF EMPLOYEE BENEFITS EXPENSES
| (Amount in Rs. Lakhs) | |||
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Salaries and wages | |||
| -Directors remuneration | 368.20 | 385.59 | 383.23 |
| -Employees Salary Expenses | 2,919.13 | 2,330.47 | 2,265.44 |
| Contribution to provident and other funds | |||
| -ESIC | 56.11 | 48.31 | 48.70 |
| -Provident fund | 200.17 | 178.90 | 178.31 |
| Leave Encashment | 70.34 | 32.51 | 26.21 |
| Gratuity | 62.72 | 101.00 | 69.73 |
| Staff welfare expenses | 44.77 | 33.04 | 28.61 |
| Bonus | 150.88 | 131.56 | 129.26 |
| Commission to employees | 298.64 | 311.00 | 292.95 |
| Total | 4,170.96 | 3,552.38 | 3,422.44 |
The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 26
RESTATED STATEMENT OF FINANCE COST
(Amount in Rs. Lakhs)
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Interest expense | |||
| -Interest on Working capital Loan | 187.18 | 122.78 | 132.08 |
| -Interest on Loan to Directors and Other Parties | 44.73 | 61.94 | 65.56 |
| -Interest on Term Loan | 180.42 | 243.18 | 299.53 |
| Total | 412.33 | 427.90 | 497.18 |
1. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
2. Interest cost incurred for qualifying asset has been capitalised as per AS - 16 Borrowing Cost
NOTE 27
RESTATED STATEMENT OF DEPRECIATION & AMORTISATION
(Amount in Rs. Lakhs)
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Depreciation and Amortisation Expenses | 635.53 | 601.41 | 596.14 |
| Total | 635.53 | 601.41 | 596.14 |
The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 28
RESTATED STATEMENT OF OTHER EXPENSES
(Amount in Rs. Lakhs)
| For the Period ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| Manufacturing Expense | |||
| Consumption Stores & Spares | 434.92 | 353.60 | 441.40 |
| Power and fuel | 2,222.29 | 1,698.15 | 1,951.69 |
| Repair & Maintenance | 133.30 | 115.47 | 300.74 |
| Packing Material Consumed | 1,707.25 | 1,147.96 | 1,171.79 |
| Design and Development expense | 2.53 | 2.18 | 2.87 |
| Repairs to Building | 8.88 | 1.00 | 20.56 |
| Total(A) | 4,509.17 | 3,318.36 | 3,889.04 |
| Administrative & Other Expense | |||
| CSR Expenses | 51.16 | 48.02 | 43.21 |
| Bank Charges | 21.40 | 20.49 | 12.72 |
| Rent | 3.00 | 3.00 | 3.00 |
| Insurance Exp. | 31.36 | 28.98 | 32.85 |
| Rates and Taxes | 12.59 | 12.37 | 3.40 |
| Bad Debts | 6.59 | 11.31 | 4.62 |
| Travelling Expense | 96.22 | 72.78 | 66.90 |
| Miscellaneous Expense | 127.57 | 102.58 | 63.87 |
| Vehicle Maintenance Expense | 55.17 | 46.23 | 46.46 |
| Repairs and Maintenance Exp. | 41.66 | 37.49 | 32.54 |
| Legal & Professional Exp. | 87.97 | 80.12 | 94.26 |
| Payment to Auditors | 11.45 | 4.17 | 3.15 |
| Total(B) | 546.15 | 467.54 | 406.98 |
| Selling Expense | |||
| Sales Promotion & Marketing Expenses | 60.76 | 37.54 | 30.20 |
| Royalty Exp. | 46.07 | 26.91 | 30.06 |
| Sales Forwarding expenses | 374.68 | 275.22 | 154.64 |
| Commission paid on sales | 180.37 | 142.87 | 139.08 |
| Advertisement Expense | 95.01 | 45.94 | 50.12 |
| Exhibition expenses | 136.56 | 101.14 | 50.27 |
| Discount Allowed | 113.95 | 75.99 | 75.52 |
| Total(C) | 1,007.40 | 705.61 | 529.90 |
| Total(A+B+C) | 6,062.72 | 4,491.51 | 4,825.92 |
The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1 .
1. Payment to Auditors
(Amount in Rs. Lakhs)
| For the Year ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| For Statutory Audit | 3.25 | 3.00 | 1.65 |
| For Tax Audit | 1.00 | 1.00 | 1.50 |
| For others | 12.34 | 0.17 | - |
| Total | 16.59 | 4.17 | 3.15 |
Payment to auditors includes the total fees incurred during the year, including Rs.5.14 Lakhs disclosed under Other Current Assets as IPO listing expenditure.
2. CSR Expenditure
(Amount in Rs. Lakhs)
| For the Year ended | |||
| Particulars | 31-03-2026 | 31-03-2025 | 31-03-2024 |
| Consolidated | Consolidated | Standalone | |
| a) Amount required to be spent during the year | 51.16 | 48.02 | 43.21 |
| b) Amount of expenditure incurred | |||
| - Ongoing Project | |||
| - Other | 51.16 | 48.02 | 43.21 |
| c) (Excess)/Short at the end of the year | - | - | - |
| d) Total of previous years shortfall | - | - | |
| e) Reason for shortfall | N/A | N/A | N/A |
| f) Nature of CSR activities | Eradicating hunger and promoting health care, Promoting healthcare and awareness, Promoting gender equality and empowering women and Promoting education and awareness | Eradicating hunger and promoting health care, Promoting healthcare and awareness, Promoting gender equality and empowering women and Promoting education and awareness | Eradicating hunger and promoting health care, Promoting healthcare and awareness, Promoting gender equality and empowering women and Promoting education and awareness |
NOTE 29
RESTATED STATEMENT OF RELATED PARTY TRANSACTIONS RELATED PARTY DISCLOSURE (a) RELATED PARTY DISCLOSURE Names of the related parties and description of relationship:
| Sr. No. Name of the Person / Entity | Relation |
| 1 Anjali Agarwal | Wife of Vikas Agarwal |
| 2 Bharat Agarwal | Director (Executive Director w.e.f. 16-07-2025) |
| 3 Bharat Agencies | Director is a Proprietor |
| 4 Bharat Farms | Director is a Partner |
| 5 Ceramic Tableware Pvt. Ltd. | Directors Brother is having significant influence |
| 6 B. Ceramics Pvt. Ltd. | Director is Promoter & Director |
| 7 Ashok Kumar Bhargava | Independent Director (w.e.f 22nd August 2025) |
| 8 Nirmal Badri Prasad Joshi | Independent Director (w.e.f 22nd August 2025) |
| 9 Kanan Shah | Independent Director (w.e.f 22nd August 2025) |
| 10 Prakash Dangayach | Independent Director (w.e.f 22nd August 2025) |
| 11 Colour craft | Director is a Partner |
| 12 Crown Craft India Pvt. Ltd. | Directors are relative of directors |
| 13 Deepak Agarwal | Director (Executive Director & CFO w.e.f. 16-07-2025) |
| 14 Eklingji Industries Pvt. Ltd. | Directors are relative of directors |
| 15 Padam Narain Agarwal | Director (ceases to be w.e.f 6th June, 2025) |
| 16 Rajesh Narain Agarwal | Director (Executive Director w.e.f. 16-07-2025) |
| 17 Ruchi Agarwal | Wife of Bharat Agarwal |
| 18 Sharp Minchem Pvt. Ltd. | Directors are relative of directors |
| 19 Usha Rani Agarwal | Wife of Rajesh Narain Agarwal |
| 20 Vijaya Agarwal | Wife of Deepak Agarwal |
| 21 Vikas Agarwal | Director (Managing Director w.e.f. 16-07-2025) |
| 22 Anil Kumar Sharma | Company Secretary (w.e.f 11th April 2025) |
| Sr Name No. | Nature of Transaction | 31-03-2026 | 2024-25 | 2023-24 |
| 1 Anjali Agarwal | Interest on Loan | 1.35 | 6.39 | 6.09 |
| Loan Repaid | 71.00 | - | 30.00 | |
| Salary, Bonus, P.F. and commission | 172.01 | 151.95 | 143.59 | |
| Interest on Loan | 22.32 | 22.32 | 24.14 | |
| 2 Bharat Agarwal | Interest on late payment of commission | - | - | - |
| Loan Taken | - | - | 90.00 | |
| Loan Repaid | - | - | 25.00 | |
| 3 Bharat Agencies | Office Maintenance | 0.26 | 0.90 | 0.90 |
| 4 Bharat Farms | Guest House Exp. | 3.00 | 3.00 | 3.00 |
| Sale of Bone China Crockery, Store items and Packing Box | 46.23 | 46.31 | 36.14 | |
| 5 Colour craft | Retail Outlet Maintenance Exp. (under franchisee) | 22.20 | 22.20 | 22.20 |
| Purchase of Raw Material and Design Development Exp. | 4.65 | 1.81 | 2.70 | |
| Sale of Bone China Crockery, Coal Churi, Packing Box and transportation Charges received | 6.99 | 15.28 | 21.72 | |
| 6 Crown Craft India Pvt. Ltd. | Purchase of Packing box, Raw material. Store and design development Exp. | 131.61 | 315.07 | 292.30 |
| Interest on security received | 0.75 | 0.75 | 0.75 | |
| 7 Ceramic Tableware Pvt. Ltd. | Purchase of store items | 1.35 | 0.43 | - |
| Sale of store items | 0.00 | 1.53 | 2.18 | |
| Salary, Bonus, P.F. and commission | 172.01 | 151.95 | 143.24 | |
| 8 Deepak Agarwal | Interest on Loan | 13.86 | 13.86 | 13.86 |
| Interest on late payment of commission | - | - | - | |
| 9 Eklingji Industries Pvt. Ltd. | Commission on corporate guarantee | - | - | - |
| Salary, Bonus, P.F. and commission | 56.42 | 170.77 | 176.67 | |
| 10 Padam Narain Agarwal | Interest on Loan | 0.83 | 4.95 | 5.25 |
| Loan Taken | - | - | - | |
| Loan Repaid | 55.00 | - | 30.00 | |
| Salary, Bonus, P.F. and commission | 202.82 | 180.50 | 176.66 | |
| 11 Rajesh Narain Agarwal | Interest on Loan | - | - | 0.04 |
| Loan Repaid | - | - | 5.00 | |
| 12 Ruchi Agarwal | Loan Repaid | 28.00 | ||
| Interest on Loan | 0.53 | 2.52 | 2.52 | |
| 13 Sharp Minchem Pvt. Ltd. | Purchase of Packing box, Packing spacer, gum paper | 1437.62 | 1,009.52 | 1,117.34 |
| 14 Usha Rani Agarwal | Interest on Loan | - | - | - |
| Loan Repaid | - | - | - | |
| 15 Vijaya Agarwal | Loan Repaid | 36.00 | ||
| Interest on Loan | 0.68 | 3.24 | 3.24 |
Details of Loan from Related Parties as at 31-03-2024
(Amount in Rs. Lakhs)
| Sr. Name No. | Opening Balance | Loan Received | Loan Paid | Closing Balance |
| 1 Anjali Agarwal ( Loan ) | 41.00 | 30.00 | - | 71.00 |
| 2 Bharat Agarwal ( Loan ) | 183.00 | 90.00 | 25.00 | 248.00 |
| 3 Deepak Agarwal ( Loan ) | 154.00 | - | - | 154.00 |
| 4 Padam Narain Agarwal ( Loan ) | 85.00 | - | 30.00 | 55.00 |
| 5 Rajesh Narain Agarwal ( Loan ) | 5.00 | - | 5.00 | - |
| 6 Ruchi Agarwal ( Loan ) | 28.00 | - | - | 28.00 |
| 7 Vijaya Agarwal ( Loan ) | 36.00 | - | - | 36.00 |
| 8 Vikas Agarwal ( Loan ) | 80.00 | 50.00 | 35.00 | 95.00 |
Details of Loan from Related Parties as at 31-03-2025
(Amount in Rs. Lakhs)
| Sr. Name No. | Opening Balance | Loan Received | Loan Paid | Closing Balance |
| 1 Anjali Agarwal ( Loan ) | 71.00 | - | - | 71.00 |
| 2 Bharat Agarwal ( Loan ) | 248.00 | - | - | 248.00 |
| 3 Deepak Agarwal ( Loan ) | 154.00 | - | - | 154.00 |
| 4 Padam Narain Agarwal ( Loan ) | 55.00 | - | - | 55.00 |
| 5 Rajesh Narain Agarwal ( Loan ) | - | - | - | - |
| 6 Ruchi Agarwal ( Loan ) | 28.00 | - | - | 28.00 |
| 7 Vijaya Agarwal ( Loan ) | 36.00 | - | - | 36.00 |
| 8 Vikas Agarwal ( Loan ) | 95.00 | - | 5.00 | 90.00 |
Details of Loan from Related Parties as at 31-03-2026
(Amount in Rs. Lakhs)
| Sr. Name No. | Opening Balance | Loan Received | Loan Paid | Closing Balance |
| 1 Anjali Agarwal ( Loan ) | 71.00 | - | 71.00 | - |
| 2 Bharat Agarwal ( Loan ) | 248.00 | - | - | 248.00 |
| 3 Deepak Agarwal ( Loan ) | 154.00 | - | - | 154.00 |
| 4 Padam Narain Agarwal ( Loan ) | 55.00 | 55.00 | - | |
| 5 Rajesh Narain Agarwal ( Loan ) | - | - | - | - |
| 6 Ruchi Agarwal ( Loan ) | 28.00 | - | 28.00 | - |
| 7 Vijaya Agarwal ( Loan ) | 36.00 | - | 36.00 | - |
| 8 Vikas Agarwal ( Loan ) | 90.00 | - | - | 90.00 |
Outstanding Balance of Related Parties as at 31-03-2024
(Amount in Rs. Lakhs)
| Sr. No. Name of the Person / Entity | Receivable | Payable |
| 1 Bharat Agarwal (Salary, Interest and Commission) | - | 45.45 |
| 1 Anjali Agarwal (Interest) | - | 1.43 |
| 2 Colour craft (Debtor) | 1.36 | - |
| 3 Colour craft (Creditor for expense) | - | 2.00 |
| 4 Crown Craft India Pvt. Ltd. (Creditor) | - | 0.51 |
| 5 Crown Craft India Pvt. Ltd. (Security Deposit) | 10.00 | - |
| 6 Deepak Agarwal (Salary, Interest and Commission) | - | 43.20 |
| 7 Eklingji Industries Pvt. Ltd. (Investment) | 0.10 | - |
| 8 Padam Narain Agarwal (Salary, Interest and Commission) | - | 41.09 |
| 8 Ruchi Agarwal (Interest) | - | 0.56 |
| 9 Rajesh Narain Agarwal (Salary, Interest and Commission) | - | 39.98 |
| 10 Sharp Minchem Pvt. Ltd. (Creditor) | - | 14.96 |
| 10 Vijaya Agarwal (Interest) | - | 0.73 |
| 11 Vikas Agarwal (Salary, Interest and Commission) | - | 3.91 |
Outstanding Balance of Related Parties as at 31-03-2025
(Amount in Rs. Lakhs)
| Sr. No. Name of the Person / Entity | Receivable | Payable |
| 1 Anjali Agarwal (Interest) | - | 5.75 |
| 2 Bharat Agarwal (Advance) | 1.18 | - |
| 3 Bharat Agarwal (Salary, Interest and Commission) | - | 38.59 |
| 4 Colour craft (Creditor for expense) | - | 2.00 |
| 5 Crown Craft India Pvt. Ltd. (Debtor) | 1.41 | - |
| 6 Crown Craft India Pvt. Ltd. (Security Deposit) | 10.00 | - |
| 7 Deepak Agarwal (Reimbursement of expense) | 0.61 | - |
| 8 Deepak Agarwal (Salary, Interest and Commission) | - | 54.50 |
| 9 Padam Narain Agarwal (Salary, Interest and Commission) | - | 47.11 |
| 10 Ruchi Agarwal (Interest) | 2.27 | |
| 11 Rajesh Narain Agarwal (Salary, Interest and Commission) | - | 42.09 |
| 12 Sharp Minchem Pvt. Ltd.(Creditor) | - | 62.24 |
| 13 Vijaya Agarwal (Interest) | - | 2.92 |
| 14 Vikas Agarwal (Salary, Interest and Commission) | - | 48.59 |
| 15 Vikas Agarwal (Advance) | 3.06 | - |
Outstanding Balance of Related Parties as at 31-03-2026
(Amount in Rs. Lakhs)
| Sr. No. Name of the Person / Entity | Receivable | Payable |
| 1 Bharat Agarwal (Salary, Interest and Commission) | - | 54.13 |
| 2 Bharat Agarwal (Advance From Employee) | - | 0.35 |
| 3 Colour craft (Debtor) | 2.89 | - |
| 4 Colour craft (Creditor for expense) | - | 2.00 |
| 5 Crown Craft India Pvt. Ltd. (Creditor) | - | 0.67 |
| 6 Crown Craft India Pvt. Ltd. (Security Deposit) | 10.00 | - |
| 7 Deepak Agarwal (Reimbursement of expense) | - | 2.01 |
| 8 Deepak Agarwal (Salary, Interest and Commission) | - | 52.26 |
| 9 Deepak Agarwal (Advance Recoverable) | 0.68 | - |
| 10 Rajesh Narain Agarwal (Salary, Interest and Commission) | - | 49.10 |
| 11 Sharp Minchem Pvt. Ltd.(Creditor) | - | 105.82 |
| 12 Vikas Agarwal (Salary, Interest and Commission) | 51.45 | |
| 13 Ashok Kumar Bhargava (Creditor for expense) | - | 0.18 |
| 14 Nirmal Badri Prasad Joshi (Creditor for expense) | - | 0.18 |
| 15 Kanan Shah (Creditor for expense) | - | 0.13 |
| 16 Prakash Dangayach (Creditor for expense) | - | 0.18 |
| 17 Anil Kumar Sharma | - | 1.82 |
NOTE 30
RESTATED SUMMARY STATEMENT OF CONTINGENT LIABILITIES
(Amount in Rs. Lakhs)
1. Contingent Liabilities
| As At 31th March | As At 31st March | As At 31st March | |
| Particulars | 2026 | 2025 | 2024 |
| (Consolidated) | (Consolidated) | (Standalone) | |
| Claims against the company not acknowledged as debts | - | - | - |
| Guarantees/Security given on behalf of the Company | 221.41 | 190.80 | 165.45 |
| Disputed Customs Duty (Refer SCN on raw material classification) | 125.46 | 125.46 | 62.73 |
| EPCG Obligation refund disputed by DGFT | - | - | 68.65 |
| Estimated Stamp Duty on Merger (Approved by NCLT) | - | 4.16 | - |
| TDS Defaults w.r.t. Delay filing fee, Short Deduction and | 0.01 | 0.12 | - |
| Interest thereon | |||
| Estimated amount of contracts remaining to be executed on capital account and not provided for | - | - | - |
| Commitments | - | - | - |
| Others | - | - | - |
| Total | 346.88 | 320.54 | 296.83 |
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is termed as a contingent liability.
(i) Bank Guarantee of Rs. 60.00 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. 60.00 Lacs as a margin money. The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 31.07.2024 to 31.07.2026 for the supply of crockery ware. (ii) Bank Guarantee of Rs. 119.35 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. 50.00 Lacs as a margin money. The Bank Guarantee is provided to Torrent Gas Jaipur Pvt. Ltd., Jaipur for the period 01.11.2025 to 31.10.2026 for the supply of Natural Gas. (iii) Bank Guarantee of Rs. 6.08 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. 0.61 Lacs as a margin money. The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 21.11.2023 to 19.11.2026 for the supply of crockery ware. (iv) Bank Guarantee of Rs. 9.98 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. Nil as a margin money. The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 11.04.2023 to 10.04.2026 for the supply of crockery ware. (v) Bank Guarantee of Rs. 9.50 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. 0.95 Lacs as a margin money. The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 03.07.2024 to 01.07.2027 for the supply of crockery ware. (vi) Bank Guarantee of Rs. 16.50 Lacs issued by Bank of Baroda, Jaipur after keeping FDR of Rs. 1.65 Lacs as a margin money. The Bank Guarantee is provided to Canteen Store Department (CSD), Mumbai for the period 01.08.2024 to 31.07.2027 for the supply of crockery ware. (vii) The Company has disclosed a contingent liability of Rs. 125.46 Lacs pertaining to a customs classification dispute regarding the import of Natural Calcium Phosphate, which the Company declared as Apatite Calcium Phosphate under Tariff SubHeading No. 25102030. The Customs Authorities contested this classification, and the Commissioner of Customs (Preventive), Jodhpur, Hqrs. Jaipur, vide Order-in-Original No. 01/2023 dated January 30, 2023 issued a demand for differential duty of Rs. 62.73 Lacs along with an equivalent penalty of Rs. 62.73 Lacs. The Companys subsequent appeal against this order before CESTAT,
Delhi was dismissed vide Order Nos. 50777, 50780 & 50778/2026 dated April 27, 2026. In another similar matter / case, the Company has got the order in favour of Clay Craft India Ltd. via appeal order number C.No. APPL/JPR/CUS/JP/16/IV/2024/1871 dated 11.06.2024. In the same matter, other manufacturer also got the CESTAT (Customs Excise and Service Tax Appellate Tribunal) order in their favour. Based on independent legal opinions, the merits of the documentary proofs, submissions made during the hearing before Honble CESTAT and favourable decisions mentioned herein, there is a very high probability that this case would be successful and appeal by the company would be accepted. Accordingly, the demand and penalties in this case would be set aside. Additionally, an appeal has been filed before the Honble High Court of Rajasthan on 2.06.2026 contesting the same. Hence, no provision has been made in the books of account of Rs. 125.46 Lacs, though the same has been declared under contingent liabilities.
NOTE 31
RESTATED STATEMENT OF TAX SHELTER
(Amount in Rs. Lakhs)
| As at | |||
| Particulars | March 31, | March 31, | March 31, |
| 2026 | 2025 | 2024 | |
| Restated Profit before tax as per books (A) | 3,606.29 | 2,849.90 | 1,927.90 |
| Tax Rates | |||
| Income Tax Rate (%) Adjustments : | 22% | 22% | 25% |
| Disallowed (B) | 387.76 | 446.54 | 269.85 |
| Disallowance in CY | |||
| a. Bonus | 149.39 | 129.84 | 128.19 |
| b. Leave salary | 70.34 | 32.51 | 32.44 |
| c. Gratuity | 62.72 | 101.00 | 60.34 |
| d. Loss on Sale of Asset | - | - | |
| e. Disallowance under section 37 | 15.11 | 30.33 | 2.10 |
| g. Donation | 53.80 | 51.02 | 44.71 |
| h. MSME | 20.22 | 101.62 | 0.97 |
| i. Disallowance under section 40(a)(ia) | 0.91 | 0.23 | - |
| j. Disallowance under section 36 | - | - | |
| k. Expense under section 35DD | - | 1.10 | |
| l. Gift paid | 1.31 | - | - |
| m. Disallowance under Section 35D | 13.78 | - | - |
| n. Prior period income | 0.18 | ||
| Allowance under Income Tax (C) | 319.56 | 171.08 | 112.25 |
| a. Gratuity | 34.23 | 18.55 | - |
| b. Leave salary | 34.12 | 24.45 | - |
| c. Bonus | 141.85 | 118.71 | 104.48 |
| d. Allowance under income tax | - | - | |
| e. Provision written back | - | - | |
| f. Profit on sale of share | - | - | |
| g. MSME allowance | 101.13 | 0.97 | - |
| h. Merger expense allowed | 3.82 | 1.08 | - |
| i. Section 35D allowance | 2.76 | - | - |
| j. Allowance under section 40(a)(ia) | 0.23 | ||
| Amount credited to P&L | |||
| a. Profit on sale of asset | 1.42 | 7.32 | 7.77 |
| Timing Difference | |||
| Book Depreciation | 635.53 | 601.41 | 596.14 |
| Income Tax Depreciation allowed | 815.57 | 928.27 | 1,090.35 |
| Total Timing Difference (D) | (180.04) | (326.87) | (494.21) |
| Net Adjustment E= (B-C+D) | (111.85) | (51.40) | (336.61) |
| B/F loss set-off | - | - | |
| Deduction under chapter VI (A) | 50.57 | - | 21.61 |
| Allowances u/s 80JJAA | 50.57 | ||
| 80G | - | - | 21.61 |
| Taxable Income/(Loss) (A+D-E) | 3,443.88 | 2,798.50 | 1,569.69 |
| Income Tax on Above | 757.65 | 615.67 | 392.42 |
| SC 10% / 12% | 75.77 | 61.57 | 47.09 |
| Health & ED cess 4% | 33.34 | 27.09 | 17.58 |
| Tax Payable | 866.76 | 704.33 | 457.09 |
| Interest Payable | 6.07 | 7.76 | 0.46 |
| Total Provision for Tax | 872.83 | 712.09 | 457.55 |
NOTE 32
CAPITALISATION STATEMENT
(Amount in Rs. Lakhs)
| Particulars | Pre Issue | Post Issue |
| Borrowings | ||
| Short term debt (A) | 2,752.34 | * |
| Clay Craft India Limited | ||
| Long Term Debt (B) | 2,245.40 | * |
| Total debts (C) | 4,997.74 | |
| Shareholders funds | ||
| Equity share capital | 1,514.63 | * |
| Reserve and surplus - as restated | 15,091.79 | * |
| Total shareholders funds | 16,606.41 | |
| Long term debt / shareholders funds | 0.14 | * |
| Total debt / shareholders funds | 0.30 | * |
(*) The corresponding post issue figures are not determinable at this stage pending the completion of public issue and hence have not been furnished.
Notes:
1. Short term Debts represent which are expected to be paid/payable within 12 months.
2. The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
NOTE 33
RESTATED STATEMENT OF MANDATORY ACCOUNTING RATIOS
| Particulars | As At 31th March 2026 (Consolidated) | As At 31st March 2025 (Consolidated) | As At 31st March 2024 (Standalone) |
| Adjusted Earnings Per Share (Rs.) | |||
| Calculation of weighted average number of face value of equity shares of Rs. 100 each | |||
| No. of shares at the beginning of the year. | 5,04,876.00 | 4,89,220.00 | 4,89,220.00 |
| (Less): Cancellation of equity shares held by Transferor Company on account of Merger | 1,65,010.00 | - | |
| Add: Equity shares issued on account of merger | 1,80,666.00 | - | |
| No. of equity shares outstanding at the ending of the period i.e. 31-03-2026 | 5,04,876.00 | 5,04,876.00 | 4,89,220.00 |
| Revised No. of Equity Shares on account of splitting of the Equity Shares having the face value of Rs. 100/- each to Rs. 10/- each (vide members / shareholders resolution passed in EGM held on 14.06.2025) | 50,48,760.00 | 50,48,760.00 | 48,92,200.00 |
| Add: Bonus shares issued in the ratio of 2:1 (vide members / shareholders resolution passed in the EGM held on 26.06.2025) | 1,00,97,520.00 | 1,00,97,520.00 | 97,84,400.00 |
| Weighted average no of equity shares outstanding during the year after adjustment (if any) | 1,51,46,280.00 | 1,51,46,280.00 | 1,46,76,600.00 |
| Net Profit after Tax available for equity shares holders (Rs. Lacs) | 2,701.49 | 2,075.74 | 1,350.20 |
| Adjusted Basic and diluted earnings per shares (Rs.) | 17.84 | 13.70 | 9.20 |
| Nominal value of equity shares (Rs. ) | 10.00 | 10.00 | 10.00 |
NOTE 34
RESTATED STATEMENT OF MANDATORY ACCOUNTING RATIOS
(In Rs. Lakhs Except Per Share Data)
| As At | |||
| Particulars | 31th March 2026 | 31st March 2025 | 31st March 2024 |
| (Consolidated) | (Consolidated) | (Standalone) | |
| Net Worth (A) | 16,606.41 | 13,905.28 | 11701.17 |
| Adjusted Profit after Tax (B) | 2,701.49 | 2,075.74 | 1350.20 |
| Number of Equity Share outstanding as on the End of Year ( c) | 1,51,46,280 | 5,04,876 | 4,89,220 |
| Weighted average no. of Equity shares at the time of end of the year (D) * | 1,51,46,280 | 1,51,46,280 | 1,46,76,600 |
| Restated Basic and Diluted Earnings Per Share (Rs.) (B/D)* | 17.84 | 13.70 | 9.20 |
| Return on Net worth (%) (B/A) | 16.27% | 14.93% | 11.54% |
| Net asset value per share (A/C) (Face Value of Rs. 10 Each) (Based on Actual Number of Shares) | 109.64 | 2,754.20 | 2391.80 |
| Net asset value per share (A/C) (Face Value of Rs. 10 Each) | |||
| 109.64 | 91.81 | 79.73 | |
| (Based on Weighted Average Number of Shares) | |||
| EBITDA | 4,195.94 | 3,539.06 | 2864.95 |
Notes:
1) The ratios have been computed as below:
(a) Basic earnings per share (Rs.) : - Net profit after tax as restated for calculating basic EPS / Weighted average number of equity shares outstanding at the end of the period or year. (b) Diluted earnings per share (Rs.) : - Net profit after tax as restated for calculating diluted EPS / Weighted average number of equity shares outstanding at the end of the period or year for diluted EPS. (c) Return on net worth (%): - Net profit after tax (as restated) / Net worth at the end of the period or year. (d) Net assets value per share: - Net Worth at the end of the period or year / Total number of equity shares outstanding at the end of the period or year.
2) Net worth = Equity share capital + Reserves and surplus
3) The figures disclosed above are based on the restated summary statement of assets and liabilities of the Company, Statement of Profit and Loss, Statement of Cash Flow and Significant Accounting policies as appearing in Annexure I, II, III and Note 1.
4) EBITDA has been calculated as Profit before tax + Depreciation + Interest Expenses - Other Income
NOTE 35
RESTATED STATEMENT OF OTHER ACCOUNTING RATIOS
Analytical Ratios for F.Y. 2025-26 and F.Y. 2024-25
| Particulars | Numerator/Denominator | F.Y. 2025-26 | F.Y. 2024-25 | Variations | Reasons for change more than 25% |
| (a) Current Ratio | Current Assets Current Liabilities | 2.21 | 2.32 | -5.0% | |
| (b) Debt-Equity Ratio | Total Debts Equity | 0.30 | 0.34 | -12.4% | |
| (c) Debt Service Coverage Ratio | Earnings available for Debt Service Interest + Installments | 4.18 | 3.49 | 19.9% | |
| (d) Return on Equity Ratio | Profit after Tax Average Shareholders Equity | 17.71% | 16.21% | 9.2% | |
| (e) Inventory turnover ratio | Total Turnover Average Inventories | 3.66 | 3.38 | 8.2% | |
| (f) Trade receivables turnover ratio | Total Turnover Average Account Receivable | 11.71 | 11.80 | -0.8% | |
| (g) Trade payables turnover ratio | Total Purchases Average Account Payable | 25.17 | 38.03 | -33.8% | Due to increase in payment period |
| (h) Net capital turnover ratio | Total Turnover Average Working Capital | 2.89 | 3.19 | -9.4% | |
| (i) Net profit ratio | Net Profit Total Turnover | 15.02% | 13.66% | 9.9% | |
| (j) Return on Capital employed | EBIT Capital Employed | 18.26% | 16.69% | 9.40% | |
| (k) Return on investment | Investment Income Average Investment | 6.43% | 5.99% | 7.4% |
Analytical Ratios for F.Y. 2024-25 and F.Y. 2023-24
| Particulars | Numerator/Denominator | F.Y. 2024-25 | F.Y. 2023-24 | Variations | Reasons for change more than 25% |
| (a) Current Ratio | Current Assets Current Liabilities | 2.32 | 2.08 | 11.5% | |
| (b) Debt-Equity Ratio | Total Debts Equity | 0.34 | 0.40 | -14.1% | |
| (c) Debt Service Coverage Ratio | Earnings available for Debt Service Interest + Installments | 3.49 | 2.27 | 53.5% | Due to increase in the profits and Decrease in the Current Maturity of the Borrowings |
| (d) Return on Equity Ratio | Profit after Tax | 16.21% | 12.24% | 32.4% | Due to increase in the profit |
| Average Shareholders Equity |
Clay Craft India Limited
| (e) Inventory turnover ratio | Total Turnover | 3.38 | 3.33 | 1.5% | |
| Average Inventories | |||||
| (f) Trade receivables turnover ratio | Total Turnover | 11.80 | 10.35 | 14.0% | |
| Average Account Receivable | |||||
| (g) Trade payables turnover ratio | Total Purchases | 38.03 | 35.04 | 8.5% | |
| Average Account Payable | |||||
| (h) Net capital turnover ratio | Total Turnover | 3.19 | 4.22 | -24.4% | Due to increase in the working capital requirement and decrease in the Revenue |
| Average Working Capital | |||||
| (i) Net profit ratio | Net Profit | 13.66% | 9.28% | 47.1% | Profits increased due to lower other expenses |
| Total Turnover | |||||
| (j) Return on Capital employed | EBIT | 17.69% | 14.42% | 15.8% | |
| Capital Employed | |||||
| (k) Return on investment | Investment Income | 5.99% | 4.41% | 35.9% | |
| Average Investment | Due to increase in the profit |
Analytical Ratios for Financial Year 2023-24 ^ and 2022-23
| Particulars | Numerator/Denominator | 31-03-2024 | 31-03-2023 | Variations | Reasons for change more than 25% |
| (a) Current Ratio | Current Assets | 2.08 | 1.54 | 35.4% | Due to decrease in Trade receivables and cash and bank balances |
| Current Liabilities | |||||
| (b) Debt-Equity Ratio | Total Debts | 0.40 | 0.64 | -37.2% | Due to decrease in borrowings |
| Equity | |||||
| (c) Debt Service Coverage Ratio | Earnings available for Debt Service | 2.27 | 3.32 | -31.5% | Due to increase in Instalments and Interest |
| Interest + Instalments | |||||
| (d) Return on Equity Ratio | Profit after Tax | 12.24% | 20.92% | -41.5% | Due to decrease in profits in FY 2023-24 |
| Average Shareholders Equity | |||||
| (e) Inventory turnover ratio | Total Turnover | 3.33 | 4.26 | -21.9% | |
| Average Inventories | |||||
| (f) Trade receivables turnover ratio | Total Turnover | 10.35 | 9.66 | 7.2% | |
| Average Account Receivable | |||||
| (g) Trade payables turnover ratio | Total Purchases | 35.04 | 35.91 | -2.4% | |
| Average Account Payable | |||||
| (h) Net capital turnover ratio | Total Turnover | 4.22 | 4.28 | -1.4% | |
| Average Working Capital | |||||
| (i) Net profit ratio | Net Profit | 9.28% | 13.60% | -31.7% | Due to decrease in profits in FY 2023-24 |
| Total Turnover | |||||
| (j) Return on Capital employed | EBIT | 14.42% | 17.92% | -19.50% | |
| Capital Employed | |||||
| (k) Return on investment | Investment Income | 4.41% | 4.62% | -4.7% | Due to decrease in profits in FY 2023-24 |
| Average Investment |
NOTE 36 OTHER DISCLOSURE
1. Normal Operating Cycle and Classification of Assets and Liabilities into Current and Non- Current i) In accordance with the requirement of Schedule III, Normal Operating Cycle of the Companys business is determined and duly approved by the Board of Directors. ii) Assets and Liabilities of the above Business have been classified into Current and Non-Current using the above Normal Operating Cycle and applying other criteria prescribed in Schedule III.
2. Transaction with Struck Off Companies
The company has not transacted with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
3. Other Information i) The Company have not traded or invested in Crypto currency during the financial year. ii) The Company have not advanced or loaned or invested fund to any other person or entity, including foreign entities (intermediaries) with the understanding that the intermediaries shall; a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) b) Provide any guarantee, security or the like to or on behalf of Ultimate Beneficiaries iii) The Company have not received any fund from any person or entity, including foreign entities (Funding Parties) with the understanding (whether recorded in writing or otherwise) that The Company shall;
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) (b) Provide any guarantee, security or the like to or on behalf of Ultimate Beneficiaries iv) The Company is primarily engaged in the business of manufacturing and trading of consumer ware products, which is a single segment hence segment reporting is not applicable. v) The Company does not have more than two layers of subsidiary as prescribed under Section 2 (87) of the Companies Act, 2013 read with Companies (Restriction on number of layers) Rules, 2017. vi) There are no amounts that are due to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act 2013.
4. Disclosure for Merger of M/s Ekling Ji Industries Private Limited
i). Pursuant to the scheme of Arrangement under section 230-232 of the Companies Act 2013 for merger of erstwhile M/s Ekling Ji Industries Private Limited with M/s Clay Craft (India) Pvt. Ltd. as sanctioned by the Honble NCLT, Jaipur Bench, All the Assets, Liabilities and Reserves of M/s Ekling Ji Industries Private Limited were transferred to and vested in M/s Clay Craft (India) Pvt. Ltd. with effect from 1st April, 2024. The scheme has accordingly been given effect to in these standalone financial statements of the Company. ii). The amalgamation has been accounted for under the Pooling of Interest Method as prescribed under Accounting Standard 14-Accounting for Amalgamation issued by the Institute of Chartered Accountant of India and as Notified under Section 133 of the Companies Act 2013 read with Rule 7 of the Companies Accounts Rules 2015. Accordingly, and giving effect in compliance of the Scheme of Arrangement, All the Assets, Liabilities and Reserves of M/s Ekling Ji Industries Private Limited, now considered as a part of the Company, are recorded in the books of the Company at their carrying amounts and in the same form as at the appointed date (i.e. 01/04/2024) in the books of M/s Ekling Ji Industries Private Limited. iii). On 01st April, 2024, in terms of the Scheme of Arrangement, 1 equity share of Rs 100/- each of M/s Clay Craft (India) Pvt. Ltd. has to be allotted to the shareholders of M/s Ekling Ji Industries Private Limited for every 0.69 equity share of Rs. 100/- each held by the shareholders of M/s Ekling Ji Industries Private Limited. Further, the Equity Shares of Transferee Company (M/s Clay Craft (India) Pvt. Ltd.) held by Transferor Company (M/s Ekling Ji Industries Private Limited) as an Investment has been cancelled on account of Merger. These equity shares have been considered for the purpose of calculation of earnings per share appropriately. iv). The further disclosure is as follow: -
| Particulars | No. of Shares | Amount in |
| Lakhs | ||
| Equity Shareholding Pattern of M/s Ekling Ji Industries Pvt. Ltd. as on 01.04.2024 Less :- Cancellation of Equity Shares already held by M/s Clay Craft (India) Pvt. Ltd. | 124670 10 | 124.67 0.01 |
| Net Shareholding Pattern taken for issuance of Shares of M/s Clay Craft (India) Pvt. Ltd. on account of Merger | 124660 | 124.66 |
| Exchange Ratio | 0.69 | - |
| Equity Shares to be issued to the shareholder of M/s Ekling JI Industries Pvt. Ltd. | 180666 | 180.67 |
| Less :- Cancellation of Equity Shares of M/s Clay Craft (India) Pvt. Ltd., held as Investment by M/s Ekling Ji Industries Private Limited | 165010 | 165.01 |
| Net Increase in Share Capital of M/s Clay Craft (India) Pvt. Ltd. after Merger effect | 15656 | 15.66 |
(a) Value of Consideration Transferred: -
| Particular | Amount (in Rs. Lakhs) |
| Value of 180666 Equity shares to be issued having the face value of Rs. 100 each | 180.67 |
| Total consideration for Business Combination | 180.67 |
b) Value of identifiable assets, liabilities and reserves acquired as on date of acquisition-
Amount in Lakhs
| Particulars | Amount |
| Investments | 263.20 |
| Bank Deposits | 26.54 |
| Cash and Bank Balances | 4.57 |
| Short Term Loan and Advances | 0.50 |
| Other Current Assets | 0.27 |
| Total Assets (a) | 295.07 |
| Deferred Tax Liabilities | 1.51 |
| Current Liabilities | 0.10 |
| Short Term Provisions | 0.21 |
| Capital Reserve | 9.94 |
| Reserve & Surplus | 158.64 |
| Total Liabilities (b) | 170.40 |
| Value of Net Assets Acquired | 124.67 |
| (c) Amount Recognised as Goodwill:- | (Rs in Lacs) |
| Total Consideration for Business Combination (refer A above) | 180.67 |
| Less: Value of Assets Acquired | 124.67 |
| To be reduced from Reserve and Surplus | 56.00 |
5. Expenditure in Foreign Currency:
Amount in Lakhs
| Sr Particulars No | Year ended March 31, 2026 | Year ended March 31, 2025 | Year ended March 31, 2024 |
| In respect of Business Promotion, Repair & Maintenance & | |||
| 1 Profession Consultancy & Other Misc. Expenses | 66.98 | 32.64 | 16.45 |
| 2 In respect of Foreign Travelling. | 30.16 | 18.30 | 29.71 |
6. Leases
Amount in Lakhs
| Sr Particulars No | Year ended March 31, 2026 | Year ended March 31, 2025 | Year ended March 31, 2024 |
| Interest paid on Finance Lease recognized in the Statement of | |||
| 1 Profit and Loss | - | - | - |
| Depreciation charged on Leasehold Asset recognized in the | |||
| 2 Statement of Profit and Loss | - | - | - |
Rent on assets taken on operating leases have been charged directly to Profit & loss account.
7. DERIVATIVE INSTRUMENTS: -
Amount in Lakhs
| Particulars | Year ended March 31, 2026 | Year ended March 31, 2025 | Year ended March 31, 2024 |
| Outstanding Forward Contract | - | - | - |
| Clay Craft India Limited | |||
| (Hedge against Imports and Buyers Credit) | - | - | - |
| TOTAL | - | - | - |
8. IMPAIRMENT OF ASSETS: -
In absence of any indications, external or internal, as to any probable impairment of assets, no provision has been made for the same during the year under report, in accordance with the requirement of Accounting Standard 28 on Impairment of Assets.
9. Others: -
In the opinion of the Board, all assets which are considered good (other than Property Plant and Equipment and Non- Current Investments) are expected to realise at least the amount at which they are stated, if realised in the ordinary course of business. Further in the opinion of the Board, provision for all known liabilities has been adequately made in the accounts and as per management experience and estimates, no additional provisions are required.
Pending registration / satisfaction of charges with ROC
There is no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.
10. Director Personal Expenses:
There are no direct personal expenses debited to the profit and loss account. However, personal expenditure if included in expenses like telephone, etc. are not identifiable or separable.
11. Material Regroupings:
Appropriate adjustments have been made in the restated summary statements of Assets and Liabilities Profits and Losses and Cash flows wherever required by reclassification of the corresponding items of income expenses assets and liabilities in order to bring them in line with the requirements of the SEBI Regulations.
12. Foreign Currency Translations: Following are the amount of exchange gain included in the other income:
| Particulars | Year ended March 31, 2026 | Year ended March 31, 2025 | Year ended March 31, 2024 |
| Gain/(Loss) on account of Exchange Rate Difference | 25.87 | (0.62) | 2.47 |
13. Events occurring after the Balance Sheet date : -
There are no events that occurred after the Balance Sheet date in the current reporting period.
| As per our separate report of even date | |
| For and on behalf of the Board of Directors of Clay Craft India Ltd. | |
| For R Sogani & Associates LLP | |
| Chartered Accountants | |
| FRN: - 018755C |
| (Bharat Sonkhiya) | (Rajesh Narain Agarwal) | (Vikas Agarwal) |
| Partner | Executive Director | Managing Director |
| M. No.: - 403023 | DIN 00492137 | DIN: 00985596 |
| PLACE: JAIPUR | (Deepak Agarwal) | (Anil Kumar Sharma) |
| DATE: - JUNE 05, 2026 | Executive Director & CFO | Company Secretary |
| UDIN: 26403023IWJDXS8433 | DIN 03311393 | M. No.- F9382 |
OTHER FINANCIAL INFORMATION
The Audited Financial Statements of our Company as at financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 and their respective Audit reports thereon (Audited Financial Statements) are available at https://www.claycraftindia.com/
Our Company is providing a link to this website solely to comply with the requirements specified in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018. The Audited Financial Statements do not constitute, (i) a part of the Draft Red Herring Prospectus; or (ii) Red Herring Prospectus; or (iii) prospectus, a statement in lieu of a prospectus, an advertisement, an offer or a solicitation of any offer or an offer document to purchase or sell any securities under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018, or any other applicable law in India or elsewhere in the world. The Audited Financial Statements should not be considered as part of information that any investor should consider subscribing for or purchase any securities of our Company and should not be relied upon or used as a basis for any investment decision. Neither our Company, nor BRLM, nor any of their respective Employees, Directors, Affiliates, Agents or representatives accept any liability whatsoever for any loss, direct or indirect, arising from any information presented or contained in the Audited Financial Statements, or the opinions expressed therein.
The accounting ratios required under Clause 11 of Part A of Schedule VI of the SEBI (ICDR) Regulations are given below:
( In Lakhs except percentages and ratios)
| For the Year ended | |||
| Particulars | March 31, 2026 | March 31, 2025 | March 31, 2024 |
| Consolidated | Standalone | ||
| Profit After Tax ( In Lakhs) | 2,701.49 | 2,075.74 | 1,350.20 |
| Basic & Diluted Earnings per Share | 17.84 | 13.70 | 9.20 |
| Return on Net Worth (%) | 16.27% | 14.93% | 11.54% |
| NAV per Equity Shares (Based on Actual Number of Shares) | 109.64 | 2754.20 | 2391.80 |
| NAV per Equity Shares (based on Weighted Average Number of Shares - With Bonus issue effect) | 109.64 | 91.81 | 79.73 |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 4,195.94 | 3,539.06 | 2864.95 |
STATEMENT OF FINANCIAL INDEBTEDNESS
To,
The Board of Directors, Clay Craft India Limited
F-766 & F-766 A, Road No. 1-D, Vishwakarma Industrial Area Jaipur, Rajasthan India, 302013
And
Hem Securities Limited
904, A Wing, 9 th Floor, Naman Midtown Senapati Bapat Marg, Prabhadevi Station, Lower Parel, Mumbai-400013
( Hem Securities Limited referred to as the Book Running Lead Manager or the BRLM )
Dear Sirs,
Re: Proposed initial public offering of equity shares of face value of Rs. 10 each (Equity Shares and such initial public offer, an IPO or Issue) of Clay Craft India Limited (the Company).
We, Kuldeep Kumar Gupta & Co., Chartered Accountants, are the present statutory auditors of the Company, have reviewed the restated financial statements, of the Company for the financial years ending March 31, 2026, March, 31 2025 and March 31, 2024 prepared in accordance with the Companies Act, 2013, as amended (the Companies Act ) and the Indian GAAP and restated in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ( SEBI ICDR Regulations ) and the reports issued thereon (the Restated Audited Financial Statements ). We have received a request from the Company to verify and certify the financial indebtedness of the Company as on the fiscal year ended March 31, 2026.
Based on the independent examination of Books of Accounts, Restated Financial Statements and other documents of Clay Craft India Limited and further explanations and information provided by the management of the Company, which we believe to be true and correct to the best of our information and belief, the sanction amount of financial indebtedness, principal terms of security for loan and other related details as on March 31, 2026, are mentioned below.
A. SECURED LOANS
STATEMENT OF PRINCIPAL TERMS OF SECURED LOANS AND ASSETS CHARGED AS SECURITY
| Name of Lender (with Loan Ac No.) | Fund / Non Fund Based | Purpose | Sanctione d Amount (Rs. In Lakhs) | Rate of interest* | Primary & Collateral Security | Re-Payment Schedule | Outstanding amount as on 31.03.2026 (Rs. In Lakhs) |
| Bank of Baroda Term Loan A/c No. 07100600003506 | Fund Based | For construction of factory building | 729.00 | 10.40% * | Refer Note 1 | Term: 78 months, EMI: First 9 instalments of Rs.2.22 Lacs plus interest and Next 12 instalments of Rs.7.79 Lacs plus interest and Next 36 instalments of Rs. 9.35 Lacs plus interest and Next 20 instalments of Rs. 13.29 Lacs plus interest and Next 1 instalment of Rs. 13.14 Lacs | 503.34 |
| Bank of Baroda Term Loan A/c No. 07100600003737 | Fund Based | For Purchase of plant and machinery. | 1,553.00 | 10.40% * | Refer Note 1 | Term: 78 months, EMI: First 9 instalments of Rs.2.22 Lacs plus interest and Next 12 instalments of Rs.10.00 Lacs and Next 36 instalments of Rs. 19.91 Lacs and Next 12 instalments of Rs. 30.30 Lacs and Next 9 instalment of Rs. 36.96 Lacs | 1213.92 |
| Bank of Baroda Term Loan A/c No. 07100600004215 | Fund Based | For purchase of plant and machinery and misc. fixed assets under MSME Capex scheme | 500.00 | 10.40% * | Refer Note 1 | Term : 60 months, EMI of Rs 8.33 Lacs each | 250.00 |
| SIDBI Term Loan A/c No. D000G2NE | Fund Based | To finance the purchase of plant and machinery and other fixed assets under SIDBIs MSME Capex Card Scheme. | 299.50 | 8.85% | Refer Note 2 | Term : 53 months, EMI: Monthly Instalments of 5.54 Lacs plus interest, Last Instalment of 5.88 Lacs plus interest. | 299.50 |
| Bank of Baroda | Fund Based | Cash Credit Loan | 3000.00 | 10.40% * | Refer Note 1 | Payable on Demand | 2238.98 |
| Bank of Baroda | Non-Fund Based | Bank Guarantee | 800.00 | N.A. | Refer Note 1 | - | 221.41 |
| TOTAL (Fund Based) | 4505.74 | ||||||
| TOTAL (Non-Fund Based) | 221.41 | ||||||
| GRAND TOTAL (Fund and Non-fund Based) | 4727.15 | ||||||
* The Concessional Rate of Interest is 8% p.a. for Cash Credit Loan and Term Loan A/c No. 07100600004215, and 8.15% for Term Loan A/c No. 07100600003506 and 07100600003737 which will continue till the next review of Credit Facilities in Bank of Baroda.
Note 1:
Primary Security :
1. Hypothecation of Stock & Book Debts net of creditors of the Company.
2. Exclusive 1st charge by way of Hypothecation of entire Plant & Machinery, Electrical Installation, Electric & Lab Equipment, Office Equipment, Furniture & Fixtures, (excluding Vehicles & Solar Panel financed by other Banks / FIs) & other Moveable Fixed Assets in the name of the Company, both present & future. 3. Equitable mortgage of Factory Land and Building at Plot Nos. B-420 to B-423 and A-424 to 427, Manda II, RIICO Industrial Area, near Chomu, Dist. Jaipur, admeasuring 72000 sq. mtrs. in the name of the Company through its authorized director. 4. Cash Margin on BG facility @10% of Rs. 8.00 Crs.
Collateral Security :
1. Equitable Mortgage of Factory Land & Building situated at F-766 & F-766 (A), Road No. 1-D, VKI Area, Jaipur admeasuring 13007.00 sq. meters in the name of the Company. 2. Equitable Mortgage of Factory Land & Building situated at G 633(A), Road No. 06, VKI Area, Jaipur admeasuring 1878.12 sq. meters in the name of the Company. 3. Negative lien over Industrial Land situated at F-772, D-2A-1, Road No. 1-D, VKI Area, Jaipur admeasuring 586.92 sq. meters in the name of the Company the said Plot.
The facility is additionally secured by the personal guarantees of Mr. Vikas Agarwal, Mr. Rajesh Narain Agarwal, Mr. Bharat Agarwal, and Mr. Deepak Agarwal.
Note 2:
The Companys term loans are secured by a first pari passu charge by way of hypothecation over all movable assets of the Company, both present and future, including plant and machinery, machinery spares, tools and accessories, office equipment, computers, furniture and fixtures, and other movable assets located at the Companys manufacturing units situated at:
a) Unit I: Industrial Plot No. G-766 and F-766A, Road No. 1D, VKI Area, Jaipur, Rajasthan 302013; and b) Unit II: Plot No. A-421 to A-427, RIICO Industrial Area, Phase II, Manda, Chomu, Jaipur, Rajasthan 303712.
The charged assets include, inter alia, the Companys solar power plant (299.52 KW), iron separator machines, automatic ceramic forming plant, polishing machines, and related accessories. The charge also extends to all such movable assets whether installed or not, including assets in transit, under storage, or acquired in substitution or addition thereto.
B. UNSECURED LOANS- FROM OTHERS
| Name of Lender | Fund / Non Fund Based | Purpose | Sanctioned Amount | Rate of Interest | Re-Payment Schedule | Outstanding amount as on 31.03.2026 |
| (Rs. In Lakhs) | (Rs. In Lakhs) | |||||
| Bharat Agarwal | Fund Based | Business Purpose Business | 248.00 | 9.00% | Payable on demand for current portion | 248.00 |
| Deepak Agarwal | Fund Based | Purpose Business | 154.00 | 9.00% | Payable on demand for current portion | 154.00 |
| Vikas Agarwal | Fund Based | Purpose | 90.00 | 9.00% | Payable on demand for current portion | 90.00 |
| TOTAL | 492.00 |
We have conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) ( Guidance Note ) issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. We have also complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial information, and Other Assurance and Related Services Engagements.
We confirm that the information above is true, fair, correct, accurate, not misleading and without omission of any matter that is likely to mislead, and adequate to enable investors to make a well informed decision.
This certificate is issued for the sole purpose of the Issue and this certificate or any extracts or annexures thereof, can be used, in full or part, for inclusion in the draft offer document, offer document and any other material used in connection with the Issue, and for the submission of this certificate as may be necessary, to any regulatory / statutory authority, stock exchanges, any other authority as may be required and/or for the records to be maintained by the BRLM in connection with the Issue and in accordance with applicable law, and for the purpose of any defense the BRLM may wish to advance in any claim or proceeding in connection with the contents of the Offer documents.
This certificate may be relied on by the Book Running Lead Manager and their affiliates in relation to the Issue.
We undertake to update you in writing of any changes in the abovementioned position, until the date the Equity Shares issued pursuant to the Issue commence trading on the stock exchanges. In the absence of any communication from us till the Equity Shares commence trading on the stock exchanges, you may assume that there is no change in respect of the matters covered in this certificate
Yours faithfully,
M/s Kuldeep Kumar Gupta & Co. (Chartered Accountants) ICAI Firm Reg. No.: 002703C Peer Review Certificate No. : 017773
Partner: CA Kuldeep Kumar Gupta Membership No.: 071794
Place: Jaipur
Date: June 05, 2026
UDIN: 26071794BHAYEM2601
#NACEnd#
#MDStart#
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF
OPERATIONS
You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled Financial Information of the Company beginning on page 193. You should also read the section titled Risk Factors on page 21 and the section titled Forward Looking Statements on page 19 of this Red Herring Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Financial Statements.
Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor dated June 05, 2026 which is included in this Red Herring Prospectus under Financial Statements. The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.
BUSINESS OVERVIEW
We are a manufacturer and distributor of ceramic tableware products in India, engaged in the design, development, production and sale of a wide range of ceramic tableware including dinner sets, tea and coffee serving sets, mugs, tumblers, platters, bowls, and table top accessories. Our product portfolio addresses the diverse requirements of retail consumers, institutional buyers, and the hospitality industry. We market our products under our in-house brands, Clay Craft and JCPL, in addition to our proprietary brands, we have entered into arrangements with various customers for whom we undertake design, development, and manufacturing activities.
We also offer customized ceramic solutions for corporate and institutional clients based on specific requirements and have developed a product range for the HoReCa (Hotel, Restaurant, and Catering) segment to meet the operational needs of the industry. Our capability to serve both broad-based and specialized demand segments, supported by our design and manufacturing infrastructure, enables us to operate across domestic and select international markets. As of March 31, 2026, we offer approximately 5,770 stock-keeping units (SKUs) across various product categories under different brands. The table below presents the brands and the range of products offered under each category -
| Product Category | ||||||
| Brand | Dinnerware | Mugs | Platters & accessories | Tea & coffee service sets | Others* | Total |
| Clay Craft | 1113 | 2016 | 295 | 642 | 153 | 4219 |
| JCPL | 490 | 585 | 163 | 229 | 20 | 1487 |
| Others* | 2 | 25 | 0 | 1 | 36 | 64 |
| Total | 1605 | 2626 | 458 | 872 | 209 | 5770 |
*these include products like bowls, pasta plates, soup sets, tumblers, table top accessories etc.
The demand in the industry in which we operate is influenced by consumer preferences that are shaped by both functional needs and lifestyle choices. Additionally, factors such as disposable income, lifestyle upgrades, growth in the hospitality and food service sectors, and increasing awareness of sustainability and health considerations also impact product demand. We maintain a consistent focus on brand development and allocate significant resources toward enhancing brand visibility and market outreach. We have established an in-house design team comprising product designers, graphic designers, surface pattern designers, and packaging designers. This team is engaged in the ongoing development and innovation of new designs and concepts across various shapes, sizes, colours, and combinations, with the objective of aligning with evolving customer preferences. We have also developed an in-house laboratory and testing team to ensure that the raw materials used meet required quality standards. Both of our manufacturing facilities are certified under ISO 9001:2015 for quality management systems. We believe that our focus on design and development, product quality, and customer satisfaction has positively contributed to the perception and acceptance of our brands in the market.
We have expanded our product portfolio to include tableware products like Dinner Sets, Tea & Coffee Serving Sets, Mugs, Tumblers, Vaccum Bottle, Platters, Bowls, Table top Accessories etc. The product wise revenue in the last three years is as per the below table: -
( Rs. in lakhs )
| FY | % to Total | FY | % to Total | FY | % to Total | |
| Product Name | ||||||
| 2025-26 | Sales | 2024-25 | Sales | 2023-24 | Sales | |
| Mugs | 7116.76 | 39.56 % | 6070.62 | 39.95 % | 5915.68 | 40.68 % |
| Dinnerware | 6535.63 | 36.33 % | 5723.89 | 37.67 % | 5047.90 | 34.71 % |
| Tea & Coffee Service Sets | 3092.53 | 17.19 % | 2428.84 | 15.99 % | 2686.60 | 18.47 % |
| Platters & Accessories | 700.93 | 3.90 % | 384.12 | 2.53 % | 357.77 | 2.46 % |
| Clay Craft India Limited | ||||||
| Others | 542.82 | 3.02 % | 586.75 | 3.86 % | 534.60 | 3.68 % |
| Total | 17988.67 | 100 % | 15194.22 | 100 % | 14542.55 | 100 % |
*Others include bowls, vacuum bottles, table top accessories, Gift items etc.
We primarily operate on a business-to-business (B2B) model, supplying the majority of our products through our own distribution network, large format retail chains and using different retail channels. Our Company is committed to offering quality ceramic tableware at competitive prices and aims to foster long-term relationships with customers by adhering to industry standards and meeting specific business requirements. As of March 31, 2026, our distribution network includes approximately 132 distributors across major states and union territories in India, supported by a dedicated sales and marketing team of 47 personnel. Over the years, we have developed and maintained long-standing relationships with our distributors, large format retail chains and retailers, which has contributed to consistent market access and customer loyalty. In addition to traditional distribution, our products are available through other trade channels like, e-commerce marketplaces, and our own websites. We have also entered into commercial arrangements with large-format retail chains for the sale of our products through their outlets across India and with e-commerce platforms for online sales.
We cater to bulk orders from corporate clients and government departments, offering customized solutions as per their procurement needs. We also market our products through Griha, a retail store operated by our promoter group, further expanding our customer touchpoints. Our branding and marketing initiatives are managed by our in-house marketing team. We have developed a strong brand identity through sustained marketing efforts and long-term customer relationships, particularly under our in-house brands such as Clay Craft, JCPL, and other licensed global brands. Our geography-wise revenue from majority of the states for the last three years is as per the below table: -
(In Lakhs)
| State | FY 25-26 | % | FY 24-25 | % | FY 23-24 | % |
| Karnataka | 2205.86 | 12.26 | 1306.85 | 8.60 | 1431.55 | 9.84 |
| Rajasthan | 2109.15 | 11.72 | 1800.34 | 11.85 | 1603.55 | 11.03 |
| Haryana | 1929.26 | 10.72 | 1948.14 | 12.82 | 1583.75 | 10.89 |
| Delhi | 1871.61 | 10.40 | 1681.72 | 11.07 | 1464.47 | 10.07 |
| Tamil Nadu | 1650.59 | 9.18 | 923.19 | 6.08 | 717.84 | 4.94 |
| Maharashtra | 1543.38 | 8.58 | 1641.81 | 10.81 | 1791.96 | 12.32 |
| Uttar Pradesh | 1423.43 | 7.91 | 1086.53 | 7.15 | 921.87 | 6.34 |
| Punjab | 1422.36 | 7.91 | 1088.72 | 7.17 | 1235.4 | 8.50 |
| West Bengal | 557.42 | 3.10 | 438.52 | 2.89 | 435.78 | 3.00 |
| Gujarat | 511.06 | 2.84 | 586.41 | 3.86 | 581.17 | 4.00 |
| Madhya Pradesh | 440.22 | 2.45 | 496.96 | 3.27 | 400.23 | 2.75 |
| Chandigarh | 439.18 | 2.44 | 408.97 | 2.69 | 495.01 | 3.40 |
| Telangana | 329.18 | 1.83 | 448.22 | 2.95 | 555.06 | 3.82 |
| Others | 1526.64 | 8.50 | 1265.81 | 8.33 | 1097.33 | 7.55 |
| Export | 29.33 | 0.16 | 72.02 | 0.47 | 227.58 | 1.56 |
| Total | 17,988.67 | 100.00 | 15,194.22 | 100.00% | 14,542.55 | 100.00% |
*Others include states and union territories such as Jammu & Kashmir, Assam, Kerala, Odisha, Bihar, Jharkhand, Chhattisgarh etc.
# Export includes revenue from sales to countries like Nepal, Norway, United Kingdom, Sri Lanka, Argentina, Hong Kong, Singapore and United Arab Emirates.
Our Company was founded in 1988, in response to growing market demand, we established our first manufacturing facility at F-766, F-766A, F-769, F-772, Road No. 1-D, VKIA, Jaipur spread over an area of approx 17431.04 square meters. Subsequently, driven by market response and increased product demand, we established a second manufacturing facility at A-424 to A-427 and B-420 to B-423 RIICO, Manda-2 Industrial Area, Near Kaladera, Jaipur 303712 in 2022 spread across approximately 72,000 square meters. As of the date of this Red Herring Prospectus, we own and operate two manufacturing facilities located in Rajasthan, with a combined installed capacity of approximately 6,000 metric tonnes (MT) per annum.
Over the years, we have undertaken capital expenditure to enhance production capacity and modernize our manufacturing infrastructure. Our capital expenditure towards installation and upgradation of plant and machinery stood at approximately Rs. 397.98 lakhs, Rs. 668.90 lakhs and Rs. 1227.31 lakhs for Fiscal 2026, 2025 and 2024, respectively. We are conscious of our environmental responsibilities and have adopted practices such as waste-water recycling and use of solar enery. Both of our factories have rooftop Solar Plant fulfilling the major power consumption needs at locations and have established ETP and STP Plants. As global demand increases for eco-conscious products, our commitment to sustainability enhances our appeal to modern consumers and institutional buyers.
We are currently led by our Promoters and Directors, Rajesh Narain Agarwal, Vikas Agarwal, Bharat Agarwal & Deepak Agarwal who, together with our Key Managerial Personnel (KMPs) and senior management team, bring industry-specific experience that has contributed meaningfully to the growth and operational development of our Company. Our Promoter, Vikas Agarwal, is the
Managing Director of the Company has approximately 26 years of experience in the industry, Rajesh Narain Agarwal, Whole-time Director has an experience of approximately 35 years, Bharat Agarwal, Whole Time Director of our Company has a work experience of over 24 years and Deepak Agarwal, Whole Time Director & Chief Financial Officer of our Company has an experience of over 15 years in Ceramic Tableware Industry. The experience of our Promoters in the sector has enabled the Company to gain a deeper understanding of consumer preferences in the Indian market. This has contributed to the development of a wide-ranging product portfolio that caters to diverse consumer needs, offering contemporary designs across multiple material types, product categories, and price points.
Key Financial Performance
( In Lakhs except percentages and ratios)
| Key Financial | FY 2025-26 | FY 2024-25 | FY 2023-24 |
| Performance | (Consolidated) | (Consolidated) | (Standalone) |
| Revenue from operations (1) | 17988.67 | 15194.22 | 14542.55 |
| EBITDA (2) | 4195.94 | 3539.06 | 2864.95 |
| EBITDA Margin (3) | 23.33 % | 23.29 % | 19.70 % |
| PAT (4) | 2701.49 | 2075.74 | 1350.20 |
| PAT Margin (5) | 15.02 % | 13.66 % | 9.28 % |
| RoE(%) (6) | 17.71 % | 16.21 % | 12.24 % |
| RoCE (%) (7) | 18.26 % | 16.69 % | 14.42 % |
Notes:
(1) Revenue from operation means revenue from sales and other operating revenues
(2) EBITDA is calculated as Profit after tax (incl. Share of Profit/(Loss) in Associate) + Tax + Depreciation + Interest Expenses - Other Income (3) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations (4 PAT is calculated as Profit after tax (incl. Share of Profit/(Loss) in Associate) (5) PAT Margin is calculated as PAT for the year divided by revenue from operations.
(6) Return on Equity is ratio of Profit after Tax (incl. Share of Profit/(Loss) in Associate) and Average Shareholder Equity
(7) Return on Capital Employed is calculated as EBIT (incl. Share of Profit/(Loss) in Associate) divided by capital employed, which is which is defined as shareholders equity plus total borrowings {current & non-current} plus deferred tax liabilities less Deferred Tax assets
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
For details in respect of Statement of Significant Accounting Policies, please refer to Restated Financial Statements beginning on page 193 of this Red Herring Prospectus.
1. Changes in focus, laws and regulations or change in Government Policies towards Ceramic Tableware Industry;
2. Any change in the customer preferences and design requirement;
3. Any adverse developments affecting our operations in the state of Rajasthan where our manufacturing facilities are located;
4. Loss of any of our top customers;
5. Any adverse development in the HORECA Sector (Hotel, Restaurant and Catering Sector);
6. Interruptions in the supply of raw materials;
7. Our ability to retain our key managements persons and other employees;
8. Our failure to keep pace with rapid changes in technology;
9. Our ability to make interest and principal payments on our existing debt obligations and satisfy the other covenants contained in our existing debt agreements; 10. Companys ability to successfully implement its growth strategy and expansion plans; 11. Inability to successfully obtain registrations in a timely manner or at all; 12. Occurrence of Environmental Problems & Uninsured Losses; 13. Conflicts of interest with affiliated companies, the promoter group and other related parties; 14. Any adverse legal proceedings initiated against our company or its promoters, directors and KMPs; and 15. Macroeconomic factors such as level of economic activity in the regions and cities in which we operate, general economic, business and political conditions in the industry, inflation, deflation, interest rate fluctuations and emergence of alternative destinations, impacting our growth.
Discussion on Result of Operations
The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the years ended on March 31, 2026, March 31, 2025 and March 31, 2024,
( In Lakhs)
| For the year/period ended | ||||||
| 2026 | % of | 2025 | % of | 2024 | % of | |
| Particulars | Consolidated | Total Income | Consolidated | Total Income | Standalone | Total Income |
| Revenue from Operations | 17988.67 | 97.46% | 15,194.22 | 98.38% | 14,542.55 | 98.94% |
| Other Income | 468.19 | 2.54% | 249.48 | 1.62% | 156.27 | 1.06% |
| Total Income (I+II) | 18456.86 | 100.00% | 15,443.70 | 100.00% | 14,698.82 | 100.00% |
| Expenses: | ||||||
| Cost of Material Consumed | 3,876.90 | 21.01% | 3,449.68 | 22.34% | 3,604.40 | 24.52% |
| Purchase of Stock in Trade | 10.45 | 0.06% | 18.37 | 0.12% | 38.75 | 0.26% |
| Change in Inventories of Work in progress and finished goods | -318.30 | -1.72% | 52.56 | 0.34% | -213.9 | -1.46% |
| Employee Benefits Expense | 4,170.96 | 22.60% | 3,552.38 | 23.00% | 3,422.44 | 23.28% |
| Finance Costs | 412.33 | 2.23% | 427.9 | 2.77% | 497.18 | 3.38% |
| Depreciation and Amortization Expense | 635.53 | 3.44% | 601.41 | 3.89% | 596.14 | 4.06% |
| Other Expenses | 6,062.72 | 32.85% | 4,491.51 | 29.08% | 4,825.92 | 32.83% |
| Total Expenses | 14,850.57 | 80.46% | 12,593.81 | 81.55% | 12,770.92 | 86.88% |
| Profit before Exceptional and Extraordinary Items and Tax (III-IV) | 3,606.29 | 19.54% | 2,849.89 | 18.45% | 1,927.90 | 13.12% |
| Exceptional Items | 0 | 0.00% | - | - | 0 | - |
| Profit before Extraordinary Items and Tax (V-VI) | 3,606.29 | 19.54% | 2,849.89 | 18.45% | 1,927.90 | 13.12% |
| Extraordinary Items | 0 | 0.00% | - | - | 0 | - |
| Profit before Tax (VII-VIII) | 3,606.29 | 19.54% | 2,849.89 | 18.45% | 1,927.90 | 13.12% |
| Tax expense: | ||||||
| - Current Tax | 872.83 | 4.73% | 712.09 | 4.61% | 457.55 | 3.11% |
| - Deferred Tax | 41.95 | 0.23% | -28.6 | -0.19% | 120.15 | 0.82% |
| Total tax expenses | 914.78 | 4.96% | 683.49 | 4.43% | 577.7 | 3.93% |
| Profit for the period from continuing operations (IX-X) | 2,691.51 | 14.58% | 2,166.41 | 14.03% | 1,350.20 | 9.19% |
| Profit/(Loss) for the period from discontinuing operations | 0 | 0.00% | - | - | - | - |
| Tax expense of discontinuing operations | 0 | 0.00% | - | - | - | - |
| Profit/(Loss) from discontinuing operations (after tax) (XII-XIII) | 0 | 0.00% | - | - | - | - |
| Profit for the period (XI+XIV) | 2,691.51 | 14.58% | 2,166.41 | 14.03% | 1,350.20 | 9.19% |
| Loss of Associate (Crown Craft (India) Private Limited) | 9.98 | 0.05% | -90.67 | -0.59% | 0 | - |
| Profit for the Year | 2,701.49 | 14.64% | 2,075.74 | 13.44% | 1,350.20 | 9.19% |
Revenue from Operations
Revenue from operations comprises revenue from design, development, production and sale of a wide range of ceramic tableware including dinner sets, tea and coffee serving sets, mugs, tumblers, Vaccum Bottles, platters, bowls, and table top accessories to customer across different industries in both domestic market and customers located in different countries internationally.
Other Income
Other income includes (i) Interest income on Fixed deposit; (ii) Dividend Income; (iii) Profit on sale of fixed assets etc.
Expenses
Our expenses comprise (i) Cost of Material consumed; (ii) employee benefits expense; (iii)finance costs; (iv) depreciation and amortisation expense; and (v) other expenses.
Employee Benefit Expense
Employee benefit expenses primarily include (i) salaries wages and other expenses; (ii) director remuneration (iii) contributions to statutory fund; and (iv) staff welfare expenses (v) gratuity and leave encashment expenses.
Depreciation and Amortization expenses
Depreciation and amortization expenses primarily include depreciation expenses on our office Plant & machinery, Building, furniture and computers etc.
Other Expenses
Other expenses comprise (i) Consumption Stores & Spares; (ii) Power and fuel; (iii) Repair & Maintenance expenses; (iv) Packing Material Consumed expenses; (v) CSR Expenses; (vi) Travelling Expense; (vii) Vehicle Maintenance Expense; (viii) Royalty Exp.; (ix) legal and professional expenses; (x) Sales Forwarding expenses; (xi) Commission paid on sales; (xii) Bad debts; (xiii) Exhibition expenses; (xv) Discount Allowed;
(xvi) other miscellaneous expenses;
Financial Performance Highlights for the Year Ended on March 31, 2026 (Based on Restated Financial Statements)
Total Income
Total income for the period ended on March 31, 2026 stood at 18456.86 Lakhs, which includes revenue from operation amounting to 17988.67 lakhs and other income of 468.19 lakhs.
Revenue from Operations
During the year ended on March 31, 2026 revenue from operations stood at 17988.67 Lakhs. The revenue from operations includes the revenue from design, development, production and sale of a wide range of ceramic tableware including dinner sets, tea and coffee serving sets, mugs, tumblers, Vaccum Bottles, platters, bowls, and table top accessories
Other Income
During the year ended on March 31, 2026, other income was 468.19 Lakhs. Major portion of the other income includes interest income on FDR.
Cost of Material consumed
During the year ended on March 31, 2026, cost of material consumed stood at 3876.90 lakhs. This is the major portion of the total expenses of the company representing 21.01% of the total income of the Company.
Employee benefits expenses
Our Company has incurred 4170.96 Lakhs as employee benefits expense for the year ended on March 31, 2026.
Depreciation and amortization expenses
Depreciation for the Year ended March 31, 2026 was 635.53 Lakhs.
Other expenses
Other Expenses for the year ended March 31, 2026 stood at 6062.72 Lakhs.
Restated Profit before tax:
The Company reported Restated profit before tax for year ended March 31, 2026 of 3606.29 Lakhs.
Restated profit after tax:
The Company reported Restated profit after tax for Year ended March 31, 2026 of 2701.49 Lakhs.
Comparison of Financial Year 2026 with Financial Year 2025 (Based on Restated Financial Statements)
Total Income
Our total income has increased by 19.51% to 18456.86 lakhs in fiscal 2026 from 15443.70 lakhs in Fiscal 2025. The revenue from operations has increased as the revenue earned from existing customers increased from total income has increased as the revenue from the operations has increased due to the increased business from the existing and new customers by 18.39%, the revenue from operations increased compared to earlier years due to the demand of the product across the industry.
Revenue from Operations
Our revenue from operations has increased by 18.39% to 17988.67 lakhs in Fiscal 2026 from 15194.22 lakhs in Fiscal 2025. The total revenue has increased as the revenue from the operations earned from existing customers has increased to 16155.28 lakhs in Fiscal 2026 from 13202.70 lakhs in Fiscal 2025 i.e. an increase of 22.36% as compared to earlier years. Further, the overall market demand for our product also increased from Corporate customers, Direct HORECA customers and Distributor which has resulted into the increase in the revenue. The combined revenue earned from these three sectors increased to 13434.85 lakhs in Fiscal 2026 from 10413.9 lakhs in Fiscal 2025, i.e. an increase of 29.01% as compared to earlier years.
(Amt in lakhs except percentage)
| Particulars | 2025-26 | % | 2024-25 | % | 2023-24 | % |
| Existing Customers | 16155.28 | 89.81% | 13202.7 | 86.89% | 13454.2 | 92.52% |
| New Customers | 1833.39 | 10.19% | 1991.52 | 13.11% | 1088.32 | 7.48% |
| Total | 17988.67 | 100.00% | 15194.2 | 100.00% | 14542.6 | 100.00% |
Detailed bifurcation of sales on channel wise basis -
(Amt in Rs. Lakhs)
| Particulars | 2025-26 | % | 2024-25 | % | 2023-24 | % |
| Corporate | 2047.20 | 11.38 | 1269.43 | 8.35 | 920.92 | 6.33 |
| Direct HORECA | 1475.53 | 8.20 | 978.60 | 6.44 | 673.42 | 4.63 |
| Distributor | 9912.12 | 55.10 | 8165.87 | 53.74 | 8354.59 | 57.45 |
| Export | 29.33 | 0.16 | 72.02 | 0.47 | 227.58 | 1.56 |
| Government Supply # | 374.86 | 2.08 | 385.95 | 2.54 | 248.48 | 1.71 |
| Modern Retail* | 2828.50 | 15.72 | 2976.05 | 19.59 | 2628.45 | 18.07 |
| Online Retail | 813.68 | 4.52 | 807.37 | 5.31 | 928.59 | 6.39 |
| Others** | 507.44 | 2.82 | 538.92 | 3.55 | 560.51 | 3.85 |
| Total | 17988.67 | 100 | 15194.22 | 100 | 14542.55 | 100 |
# Government supply means supplies to the Government owned entities
* Modern Retail includes supplies to retailers or chain stores which sell products through e-commerce, supermarkets, and Omni-channel platforms. ** Others include miscellaneous corporate bodies, which primarily includes transactions relating to the sale of machinery and parts, scrap materials, and small retail supplies.
Other Income
Our other income was 249.48 lakhs in Fiscal 2025, which has increased by 87.67% to 468.19 lakhs in Fiscal 2026. The main reason for such increase is the increase in the interest income on fixed deposits which increased to 289.87 lakhs in Fiscal 2026 from 148.99 lakhs in Fiscal 2025.
Expenses
Our total expenses have increased by 17.92% to 14850.57 lakhs in Fiscal 2026 from 12593.81 lakhs in Fiscal 2025. The main reason for increase is the business efficiency on account of increase in the revenue which resulted into stabilized expenses in comparison to the total income of the company.
Cost of Goods sold
The cost of goods sold increased from 3520.61 lakhs to 3569.04 lakhs representing an increase of approximately 1.38%. The cost of goods sold increased in absolute values however, the COGS to revenue ratio improved from 23.17% to 19.84% due to change in product mix, reduction in wastage, reduction in the cost of raw material such calcium phosphate and New Zealand Premium China Clay during the year.
Employee benefits expenses
Employee benefit expenses increased by 17.41% from 3552.38 lakhs in Fiscal 2025 to 4170.96 lakhs in Fiscal 2026. Such increase was due to new employees hired in the different departments and increments of the continuing employees.
Depreciation and amortization expenses
Depreciation, and amortization expenses increased by 5.67% from 601.41 lakhs in Fiscal 2025 to 635.53 lakhs in Fiscal 2026. The company works on high capex model which requires company to invest regularly in the fixed assets, pursuant to which the expenses of the company has increased for depreciation and amortization.
Other expenses
Other expenses increased by 34.98%, from 4,491.51 lakhs in Fiscal 2025 to 6,062.72 lakhs in Fiscal 2026. The primary driver of this increase was the change in the Companys product mix, which was aligned with the growth in revenue during the year. Further, the major contribution to the increase in the other expenses were due to the increase in the power and fuel expenses which increased by 30.87%, from 1698.15 lakhs in Fiscal 2025 to 2222.29 lakhs in Fiscal 2026, also the cost of packaging material consumed increased by 48.72%, from 1147.96 lakhs in Fiscal 2025 to 1707.25 lakhs in Fiscal 2026, which was attributable to the demand of specific packaging requirements of the customers.
Tax Expenses
Increase in the tax expenses is on account of increase in the revenue and resulting profits of the company.
Profit after Tax
During Fiscal 2026, the Company reported improved operational and financial performance, with EBITDA increasing from 3,539.06 lakhs in Fiscal 2025 to 4,195.94 lakhs in Fiscal 2026. Revenue from operations increased by 18.39%, rising from 15,194.22 lakhs in Fiscal 2025 to 17,988.67 lakhs in Fiscal 2026. During the same period, the cost of goods sold (COGS) increased marginally by 1.38%, from 3,520.61 lakhs to 3,569.04 lakhs. Consequently, the COGS-to-revenue ratio improved significantly from 23.17% in Fiscal 2025 to 19.84% in Fiscal 2026, due to reduction in raw material prices, operational efficiency and favourable product mix. Employee Benefits Expense increased by 17.41% during the year, primarily due to the recruitment of additional personnel to support the Companys growth initiatives. Further, finance costs and depreciation and amortisation expenses remained largely stable despite the increase in revenue from operations, adding to the PAT margins. Other expenses increased by 34.98%, from 4,491.51 lakhs in Fiscal 2025 to 6,062.72 lakhs in Fiscal 2026, mainly on account of higher power and fuel costs, as well as increased consumption of packaging materials. Consequently, the profitability improved, with PAT margin increasing from 13.66% in Fiscal 2025 to 15.02% in Fiscal 2026.
Comparison of Financial Year 2025 with Financial Year 2024 (Based on Restated Financial Statements)
Total Income
Our total income has increased by 5.07% to 15443.70 lakhs in fiscal 2025 from 14698.82 lakhs in Fiscal 2024. The total income has increased as the revenue from the operations has increased due to the increased business from the existing and new customers by 4.48%, the revenue is marginally better than last year due to the demand of the product across the industry.
Revenue from Operations
Our revenue from operations has increased by 4.48% to 15194.22 lakhs in Fiscal 2025 from 14542.55 lakhs in Fiscal 2024. The total revenue has increased as the revenue from the operations has increased marginally due to the increased business from the existing and new customers, overall market demand for our product has resulted into the increase in the revenue.
(Amt in lakhs except percentage)
| Particulars | 2024-25 | % | 2023-24 | % | 2022-23 | % |
| Existing Customers | 13202.7 | 86.89% | 13454.2 | 92.52% | 12673.3 | 87.21% |
| New Customers | 1991.52 | 13.11% | 1088.32 | 7.48% | 1859.28 | 12.79% |
| Total | 15194.2 | 100.00% | 14542.6 | 100.00% | 14532.6 | 100.00% |
Detailed bifurcation of sales on channel wise basis -
(Amt in Rs. Lakhs)
| Particulars | 2024-25 | % | 2023-24 | % | 2022-23 | % |
| Corporate | 1269.43 | 8.35 | 920.92 | 6.33 | 626.59 | 4.31 |
| Direct HORECA | 978.60 | 6.44 | 673.42 | 4.63 | 554.25 | 3.81 |
| Distributor | 8165.87 | 53.74 | 8354.59 | 57.45 | 8179.68 | 56.29 |
| Export | 72.02 | 0.47 | 227.58 | 1.56 | 322.48 | 2.22 |
| Government Supply # | 385.95 | 2.54 | 248.48 | 1.71 | 158.76 | 1.09 |
| Modern Retail* | 2976.05 | 19.59 | 2628.45 | 18.07 | 3117.27 | 21.45 |
| Online Retail | 807.37 | 5.31 | 928.59 | 6.39 | 708.13 | 4.87 |
| Others** | 538.92 | 3.55 | 560.51 | 3.85 | 865.39 | 5.95 |
| Total | 15194.22 | 100 | 14542.55 | 100 | 14532.55 | 100 |
# Government supply means supplies to the Government owned entities
* Modern Retail includes supplies to retailers or chain stores which sell products through e-commerce, supermarkets, and Omni channel platforms. ** Others include miscellaneous corporate bodies, which primarily includes transactions relating to the sale of machinery and parts, scrap materials, and small retail supplies.
Other Income
Our other income was 156.27 lakhs in Fiscal 2024, which has increased by 59.65% to 249.48 lakhs in Fiscal 2025. The main reason for such increase is the increase in the interest income on fixed deposits.
Expenses
Our total expenses have decreased by 1.39% to 12593.81 lakhs in Fiscal 2025 from 12770.93 lakhs in Fiscal 2024. The main reason for decrease is the business efficiency on account of increase in the revenue which resulted into stabilized expenses in comparison to the total income of the company.
Cost of Goods sold
The cost of goods sold decreased from 3429.25 lakhs to 3520.61 lakhs representing an increase of approximately 2.66%. The main reason for increase in the cost of goods sold was due to increase in the Revenue. The cost to service ration change in the portion of product mix of the company.
Employee benefits expenses
Employee benefit expenses increased by 3.80% from 3422.44 lakhs in Fiscal 2024 to 3552.38 lakhs in Fiscal 2025. Such increase was due to new employees hired in the different departments.
Depreciation and amortization expenses
Depreciation, and amortization expenses increased by 0.88% from 596.14 lakhs in Fiscal 2024 to 601.41 lakhs in Fiscal 2025. The company works on high capex model which requires company to invest regularly in the fixed assets, that is why the expenses of the company has increased for dep and amortization.
Other expenses
Other expenses decreased by 6.93% from 4825.92 lakhs in Fiscal 2024 to 4491.51 lakhs in Fiscal 2025. The main reason for decrease in the other expenses is the business efficiency and product mix of the company on account of increase in the revenue, the company was able to achieve higher sales target by keeping the other expenses portion little low. There are certain expenses which are of fixed nature as well which remains approximate to same irrespective of the increase in the revenue. For details of other expenses refer to
Tax Expenses
Increase in the tax expenses is on account of increase in the revenue and resulting profits of the company.
Profit after Tax
During FY 2024-25, the Company reported an improvement in its operational performance, with EBIDTA increasing by 4.19% as against a decline of 2.76% in the previous year. The Cost of Material Consumed remained largely stable at 23.17% in FY2025 against 23.59% during FY2024, pursuant to raw material rate stabilization, efficient material procurement, consumption and economies of scale. Employee Benefit Expenses decreased marginally by 0.15%, manufacturing Expenses decreased by 4.77%, due to decrease in consumption of stores & spares, power and fuel and repair & maintenance cost. Administrative and Other Expenses rose slightly by 0.11%, while Selling Expenses increased by 1.03%, due to higher marketing and distribution efforts to enhance revenue growth. This lead to the rise in EBIDTA margin FY 2024-25.
Information required as per Item (II)(C)(iv) of Part A of Schedule VI to the SEBI Regulations:
An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:
1. Unusual or infrequent events or transactions
There has not been any unusual trend on account of our business activity. Except as disclosed in this Red Herring Prospectus, there are no unusual or infrequent events or transactions in our Company.
2. Significant economic changes that materially affected or are likely to affect income from continuing operations.
There are no significant economic changes that may materially affect or likely to affect income from continuing operations.
3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.
Apart from the risks as disclosed under Section Risk Factors beginning on page 21 of the Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.
4. Future changes in relationship between costs and revenues
Other than as described in the sections Risk Factors , Our Business and Managements Discussion and Analysis of Financial Condition and Results of Operations on pages 21, 137 and 259 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.
5. Segment Reporting
Our business activity primarily falls within a single business and geographical segment, other than as disclosed in Restated Financial Statements on page 193 we do not follow any other segment reporting
6. Status of any publicly announced New Products or Business Segment
Except as disclosed in the Chapter Our Business , our Company has not announced any new product or service.
7. Seasonality of business
Our business and revenue from operations are subject to higher demand during festival season. For further information, see Industry Overview and Our Business on pages 110 and 137, respectively of this Red Herring Prospectus.
8. Dependence on single or few customers
Given the nature of our business operations, we do not believe our business is dependent on any single or a few customers. However, the concentration of our revenue is depended on our top customers. In Fiscals 2026, 2025 and 2024, our top 3 clients contributed 16.17%, 15.59% and 19.72%, respectively, to the total revenue from operations. In Fiscals 2026, 2025 and 2024, our top 5 clients contributed 26.07%, 20.85% and 22.58%, respectively, to the total revenue from operations. Further, for the
Fiscals 2024, 2025 and 2026, our top 10 clients contributed 36.84%, 34.44% and 33.73% respectively, to the total revenue from operations.
9. Competitive conditions
Competitive conditions are as described under the Chapters Industry Overview and Our Business beginning on pages 110 and 137, respectively of this Red Herring Prospectus.
10. Details of material developments after the date of last balance sheet i.e. March 31, 2026.
Except as mentioned below, there is no material development that has taken effect after the date of last Balance sheet i.e. March 31, 2026-
Started construction of new manufacturing facility at Manda, Rajasthan on April 24, 2026.
CAPITALISATION STATEMENT
( in Lakhs)
| Pre Issue | ||
| Particulars | As on 31 st March, 2026 | Post Issue* |
| Borrowings | ||
| Short Term Debt | 2,752.34 | - |
| Long Term Debt | 2,245.40 | - |
| Total Debts | 4,997.74 | - |
| Shareholders funds | ||
| Equity share capital | 1,514.63 | * |
| Reserve and surplus | 15,091.79 | * |
| Total shareholders funds | 16,606.41 | * |
| Long Term Debt / Shareholders funds | 0.14 | * |
| Total Debt / Shareholders funds | 0.30 | * |
* The corresponding post issue figures are not determinable at this stage.
Notes:
1. Short term Debts represent which are expected to be paid/payable within 12 months and includes installment of term loans repayable within 12 months.
2. Long term Debts represent debts other than Short Term Debts as defined above but excludes installment of term loans repayable within 12 months grouped under other current liabilities.
3. The figures disclosed above are based on restated statement of Assets and Liabilities of the Company as at March 31, 2026.
#MDEnd#
#ARStart#
To the Members of CLAY CRAFT INDIA LTD
(Formerly known as Clay Craft (India) Pvt Ltd)
Report on the Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of CLAY CRAFT INDIA LTD (Formerly known as Clay Craft (India) Pvt Ltd) (the Company), which comprise the Standalone Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss and Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India specified under section 133 of the Act, of the state of affairs of the Company as at March 31, 2026, its standalone Profits and its standalone cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
Emphasis of Matters
There is no matter which is required to be reported under this head.
Information other than the Standalone Financial Statements and Auditors Report thereon
The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Board s Report including Annexures to Board s Report, Business Responsibility Report, Management Discussions, Shareholders Information and Analysis Reports but does not include the standalone financial statements and our auditor s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
The Companys board of directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The board of directors are also responsible for overseeing the Company s financial reporting process.
Auditors Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the emphasis of matters. We describe these matters in our auditor s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 (the Order) issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in
the Annexure-l , a statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement, dealt with by this Report are in agreement with the relevant books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards (AS) specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of the written representations received from the directors as on 31 st March, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2026 from being appointed as a director in terms of Section 164(2) of the Act;
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure-2. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting;
g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended :
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer clause 21 of Note No. 29 to the standalone financial statements.
ii. The Company did not have any long-term contracts including derivatives contracts for which there would any material foreseeable losses.
iii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund. Hence commenting on the delay in transferring any amount is not applicable.
iv. (a) The management has represented that, to the best of it s knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (Intermediaries ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. No dividend has been declared or paid during the year by the company.
vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tempered with and the audit trail has been preserved by the Company as per the statutory requirements.
| Place: Jaipur | For Kuldeep Kumar Gupta & Co |
| Date: 05>/o6/ } - 0 2- C | (Chartered Accountants) |
| UDIN: VQL&IMO | ICAI Firm Reg. No: 002703C |
(Kuldeep Kumar Gupta) Partner
Membership. No. 071794
Annexure-1 to the Independent Auditors Report of CLAY CRAFT INDIA LTD (Formerly known as Clay Craft (India) Pvt Ltd)
(Referred to in Paragraph 1 under Report on other legal and regulatory requirements of our report of even date)
To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we report that:
(i) In respect of the Companys Property, Plant and Equipment and Intangible Assets:
(a) (A) As explained to us, the Company has maintained proper records showing full
particulars, including quantitative details and situation of Property, Plant and Equipment;
(B) As explained to us, the Company has maintained proper records showing full particulars of intangible assets;
(b) According to the information and explanation given to us and on the basis of our examination of records of the company, the Company has a regular program of physical verification of all its Property, Plant and Equipment periodically, which in our opinion is reasonable having regard to the size of the Company and the nature of its Property, Plant and Equipment. According to the information and explanation given to us, no material discrepancies were noticed on such verification;
(c) According to the information and explanations given to us and on the basis of our examination of the records, the title deeds of all the immovable properties (other than properties where the Company is the lessee of and the lease agreements are duly executed in favour of the lessee) disclosed in the standalone financial statements are held in the name of the Company. Accordingly, further reporting under this clause of the Order is not required;
(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or Intangible Assets or Both during the year.
(e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, no proceedings have been initiated or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(ii) In respect of Company s Inventory:
(a) During the year, the inventories of the Company have been physically verified by the management in phase-wise manner. In our opinion, the frequency together with coverage and procedure of verification are reasonable. Further the management has not found discrepancies of more than 10% or more in the aggregate for each class of inventory.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has been sanctioned the working capital limits in excess of five crore rupees, in aggregate, from banks on the basis of security of current assets. We have broadly reviewed the quarterly returns or statements filed by the Company with the banks and the books of accounts of the company and no material discrepancies were observed. The further details are as follow
| Month / Quarter | Name of Bank | Particulars of Security Provided | As per Books of Accounts (Rs. in Lacs) | Amount as reported in statement submitted to bank (Rs. in Lacs) | Amount of Difference (Rs. in Lacs) |
| Mar-26 | Bank of Baroda | Total Stock | 5192.98 | 5172.50 | 20.48 |
| Trade Receivables * | 1730.77 | 1102.13 | 628.64 | ||
| Trade Payables ** | 394.11 | 430.56 | -36.445 |
The stock records & its valuation and trade receivables are duly reconciled based on day to day books of account maintained by the Company.
* The variance in Trade Receivables is due to the ageing of debtors that are taken for only 90 days in the Stock Statement as per the Sanction Letter.
** The major part of variance in Trade Payables is due to Creditors for Expenses, which were inadvertently included in the Stock Statement of March, 2026.
(iii) In respect of whether during the year the Company has made any investments in, provided
any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties According to the information and explanations given to us and on the basis of examination of books and records by us:
(a) (A) Since, during the year, the Company has not provided any loan or not provided & any advance in the nature of loans, or stood no guarantee, or not provided any (B) security to any other entity. Accordingly, further reporting under these clauses
of the Order is not required.
(b) The Company has merged M/s Ekling Ji Industries Private Limited within itself as per the scheme of amalgamation approved by the Hon ble NCLT, Jaipur Bench vide its order dated 23/05/2025 effective from 01/04/2024 and by virtue of this, M/s Crown Craft (India) Private Limited became its associate with effect from 01/04/2024 and this investment is not prejudicial to the interest of the Company. However, M/s Crown Craft (India) Private Limited later ceased to be its associate w.e.f 19/07/2025. Further, the Company has not provided any guarantee, not given any security and not granted any loans and advances in the nature of loans to any party. Accordingly, further reporting under this clauses of the Order is not required.
(c) Since, the Company has not provided any guarantee or not given any security or not
to granted any loans or advances in the nature of loans, secured or unsecured, to
(f) companies, firms, limited liability partnerships or any other parties during the current
financial year. Accordingly, further reporting under sub-clause (c) to sub-clause (f) of clause (iii) of the Order is not required.
(iv) As explained to us, the Company has complied with the provisions of section 186 of the Companies Act, 2023 in respect of the investment made in its associate i.e. Crown Craft (India) Private Limited by virtue of Merger. However, M/s Crown Craft (India) Private Limited later ceased to be its associate w.e.f 19/07/2025. Further, the Company has not provided any guarantee or not given any security or not granted any loans or advances in the nature of loans, secured or unsecured, to any party during the current financial year. Accordingly, provisions of section 185 of the Companies Act, 2013 are not required to be complied with.
(v) The Company has not accepted any deposits under the provisions of section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, and as such the question of compliance under the Companies Act or any other directives or orders does notarise.
(vi) As explained to us, the provisions of section 148(1) in respect of maintenance of cost records are not applicable to the Company for the current financial year. Accordingly, reporting under this clause of the Order is not applicable.
(vii) In respect of statutory dues:-
(a) According to information and explanations given to us and on the basis of our examination of books of account and relevant records, the Company has been regular in depositing undisputed statutory dues including goods and service tax, provident fund, employee s state insurance, income-tax, sales-tax, service tax, value added tax, duty of customs, duty of excise and any other statutory dues with the appropriate authority. According to the information and explanation given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2026 for a period of more than six months from the date on when they become payable.
(b) According to the information and explanations given to us, there are dues, which have not been deposited on account of dispute. The details of the same are as under
| Name of the Statue | Nature of Dues | Amount (INRin lakh) | Period of which amount relates | Forum where dispute is pending |
| Custom Act, 1962 | Custom Duty | 125.46 | FY 2019-20 | Hon ble High Court of Rajasthan |
(viii) According to the explanations and information given to us by the management and as verified by us, there are no transactions which were not recorded in the books of account and have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
(ix) (a) The Company has not made default in repayment of any loans or other borrowings
including interest thereon, as taken from any lender. Accordingly, reporting under this
clause of the Order is not applicable;
(b) According to the information provided to us, the Company has not been declared as a wilful defaulter by any bank or financial institution or any other lender;
(c) According to the explanations and information given to us, the term loans have been applied by the Company for the purposes for which the loans were obtained;
(d) According to the explanations and information given to us, the funds raised on short term basis have not been utilized for long term purposes by the Company;
(e) According to the explanations and information given to us, the Company has not taken funds to meet obligations of its associate company M/s Crown Craft India Pvt Ltd. Accordingly, reporting under this clause of the Order is not applicable. However, M/s Crown Craft (India) Private Limited later ceased to be its associate w.e.f 19/07/2025.
(f) According to the explanations and information given to us, the Company has not raised loans on pledge of securities held in its associate M/s Crown Craft India Pvt Ltd. Accordingly, reporting under this clause of the Order is not applicable. However, M/s Crown Craft (India) Private Limited later ceased to be its associate w.e.f 19/07/2025.
(x) (a) The Company did not raise any money by way of initial public offer or further public
offer (including debt instruments) during the year. Accordingly, reporting under this clause of the Order is not applicable.
(b) The Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. However, the Company has issued the equity shares on account of approved scheme of merger and thereafter issued the bonus shares, without receiving of any fund. Accordingly, further reporting under this clause of the Order is not applicable.
(xi) (a) During the conduct of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instances of fraud by the Company noticed or reported during the year, nor have we been informed of any such cases on the Company, by the management.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed by auditor in Form ADT-4 as prescribed under rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) As per our information and according to the explanations given to us, no whistle blower complaints were received by the Company during the year.
(xii) As the Company is not NIDHI Company. Accordingly, reporting under clause 3(xii)(a), (xii)(b) and (xii)(c) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 177 and 188 of the Act and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) (a) According to the information and explanation given to us and based on our
examination of the records and reports of the Company, the Company has an internal audit system which is commensurate with the size and nature of its business.
(b) The Internal Audit Reports of the company which are issued till date, for the period under audit have been duly considered.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transaction with directors or persons connected with him as referred to in section 192 of the Act.
(xvi) (a) According to the information and explanations given to us by the management, the
Company is not required to be registered u/s 45-IA of the Reserve Bank of India Act, 1934.
(b) According to the information and explanations given to us by the management, the Company has not conducted any Non-Banking Financial or Housing Finance activities during the year.
(c) According to the information and explanations given to us by the management, the Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.
(d) According to the information and explanations given to us by the management, the Company is not a part of any group. Accordingly, this clause of the Order is not applicable to the Company.
(xvii) The Company has not incurred any cash loss in the current financial year as well as in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors of the Company during the year.
(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial statement, in our knowledge of the Board of Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report that Company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year form the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling dues within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
(xx) [a] According to the information and explanations given to us by the management, in respect of other
than ongoing projects, Since, the Company does not have any unspent amount of CSR for the current financial year, which require to be transferred to a fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act, Therefore, further reporting under this clause of the Order isnot required to be made.
(b) According to the information and explanations given to us by the management, there is no ongoing project with the Company. Accordingly, further reporting under this clause of the Order is not required.
(xxi) According to the information and explanations given to us by the management, the Company is not a part of any group. Since this report is being issued in respect of standalone financial statements of the Company. Accordingly, clause 3(xxi) of the Order is not applicable.
| Place: Jaipur | For Kuldeep Kumar Gupta & Co. |
| Date: Os/o^/ioZg | (Chartered Accountants) ICAI Firm Reg. No: 002703C |
| UDIN: 260ir7SMP( r 5VL&i- D | . rv |
(Kuldeep Kumar Gupta) Partner
Membership No. 071794
Annexure 2 to the INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2(f) under Report on other legal and regulatory requirements section of our report to the members of CLAY CRAFT INDIA LTD (Formerly known as Clay Craft (India) Pvt Ltd) of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act )
We have audited the internal financial controls over financial reporting of CLAY CRAFT INDIA LTD (Formerly known as Clay Craft (India) Pvt Ltd) (the Company ) as of March 31, 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management s Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that-
1. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2. provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
3. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the standalone financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Kuldeep Kumar Gupta & Co. (Chartered Accountants)
ICAI Firm Reg. No: 002703C
(Kuldeep Kumar Gupta) VfA Partner
Membership No. 071794
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