Dear Members,
Goblin India Limited
Your Directors hereby present the 36thAnnual Report of your company together with the Audited Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2025.
1. FINANCIAL HIGHLIGHTS
| STANDALONE | CONSOLIDATED | |||
| PARTICULARS | 2024-25 | 2023-2024 | 2024-25 | 2023-2024 |
| Revenue from Operations | 37,29,36,000 | 30,79,90,000 | 55,32,35,000 | 44,42,80,000 |
| Profit before Interest, Depreciation / Amortization and Taxes | 4,79,90,000 | 4,85,70,000 | 5,82,59,000 | 5,63,88,000 |
| Finance Cost | 2,12,21,000 | 2,61,59,000 | 2,12,94,000 | 2,61,68,000 |
| Depreciation & Amortization | 65,18,000 | 70,74,000 | 65,23,000 | 70,80,000 |
| PROFIT BEFORE TAX | 2,02,51,000 | 1,53,37,000 | 3,04,42,000 | 2,31,40,000 |
| (i) Provision for Taxation (Current) | (43,06,000) | - | (43,06,000) | - |
| (ii) Provision for Taxation (Deferred) | (18,97,000) | 19,31,000 | (19,07,000) | 16,12,000 |
| Total Tax | (62,02,000) | 19,31,000 | (62,12,000) | 16,12,000 |
| PROFIT AFTER TAX | 1,40,48,000 | 1,72,68,000 | 2,42,30,000 | 2,47,52,000 |
| Earnings per share (Basic) | 1.02 | 1.25 | 1.75 | 1.79 |
| Earnings per share (Diluted) | 1.02 | 1.25 | 1.75 | 1.79 |
2. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS
During the financial year under review (F.Y. 2024-25), your company has earned a net revenue from operations on a Standalone basis of Rs. 37,29,36,000/- as compared to net revenue of Rs. 30,79,90,000/- during the previous financial year 2023-24.
Further, your company has earned net profit amounting to Rs. 1,40,48,000/- for the financial year under review (F.Y. 2024-25) as compared to profit amounting to Rs. 1,72,68,000/- for the financial year 2023-24.
Moreover, your company has earned a net revenue from operations on a Consolidated basis of Rs. 55,32,35,000/- for the financial year 2024-25 as compared to net revenue of Rs. 44,42,80,000/- during the previous financial year. Further, your company has earned profit amounting to Rs. 2,42,30,000/- for 2024-25 as compared to profit amounting to Rs.
2,47,52,000/- in the previous year on consolidated basis. The operations of the company have improved during the current year as compared to the decline during the previous year. Moreover, your directors are continuously looking for new avenues for future growth of the company and expect growth with introduction of better and varied product lines and accessories.
3. RESERVES AND SURPLUS:
The company has reserves and surplus of Rs. 25,93,15,000 /- in the present financial year (FY 2024-25) as against the Reserve and Surplus of Rs. 24,42,21,000/- during the previous financial year (FY 2023-24).
4. DIVIDEND
In order to conserve resources; your directors have not recommended any dividend for the Financial Year 2024-25.
5. TRANSFER OF UNCLAIMED DIVIDENDTO INVESTOR EDUCATION AND PROTECTION
FUND
During the year under review, there is no unclaimed/unpaid dividend within the meaning of the provisions of Section 125 of the Companies Act, 2013.
6. SHARE CAPITAL
During the financial year under review; there was no change in the share capital of the company except for increase in authorise share capital of the company as detailed in the below table.
| PARTICULARS | AS ON 31ST MARCH 2025 |
| Authorized Share Capital | From Rs. 14,20,00,000/- divided into 1,42,00,000 equity shares of Rs. 10 /- each to Rs. 24,50,00,000/- divided into 2,45,00,000 equity shares of Rs. 10 /- each. |
| Issued, Subscribed and Paid-up Share Capital | Rs. 13,81,88,760/- divided into 1,38,18,876 equity shares of Rs. 10/- each. |
However, during the year under review, the company had vide its board meeting dated 10th May, 2024 approved the following;
i. To increase the authorised share capital of the company from Rs. 14,20,00,000/- divided into 1,42,00,000 equity shares of Rs. 10 /- each to Rs. 24,50,00,000/- divided into 2,45,00,000 equity shares of Rs. 10 /- each and amend the capital clause in the Memorandum of Association of the company. ii. Preferential issue of upto 6,00,000 (Six Lakhs) Convertible Equity Warrants
("Warrants") with each warrant convertible into 1 (one) fully paid-up equity share of the company of Face Value of Rs. 10/- (Rupee Ten Only) each at price of Rs. 68/- each payable in cash aggregating upto Rs. 4,10,00,000/- on a private placement basis. iii. The Board had considered and approved raising of funds by way of a further public offering (FPO) through a fresh issue of Equity Shares by the Company aggregating up to Rs. 25,00,00,000/- (Rupees Twenty-Five Crores);
The resolutions with regard to the above mentioned agenda items, were duly approved by the shareholders vide an Extraordinary General Meeting (EGM) dated 8th June, 2024. Moreover, the company had also received in-principle approval from the stock exchange (BSE Ltd.) for preferential issue of convertible equity warrants ("Warrants") on 5th June, 2024.
However, due to circumstantial events, purely belonging to the internal matter of investors, they had requested the company for further time; accordingly, the board had decided to consider the said issue once requisite approvals from appropriate authorities were received by the company or at a future date. Additionally, the company was unable to come up with fresh issue of equity shares by way of Further Public Offering (FPO), and the same was as a result of its continuous efforts in requesting the stock exchange for adherence of maintaining standard 30 days timeline to file reply. The exchange has closed the window on or before 30 days suddenly and hence it became a matter of discussion with exchange and hence as a result the issue could not succeed.
7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
/COURTS / TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS
OPERATIONS IN FUTURE
During the financial year under review, there were no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future.
8. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS
During the year under review, your company has appointed A.D. Brahmbhatt & Co., Chartered Accountants as the Internal Auditors of the Company for the Financial Year 2024-25 to evaluate and manage the efficacy and adequacy of Internal Controls and to ensure that adequate systems which are placed in the company, are adhered with time to time checks and to ensure that the compliance procedures and policies are adhered. Moreover, during the year, such controls were tested and accordingly, no reportable material weaknesses in the operations of the company were observed.
9. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEARTO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
The Board wishes to inform its members that between the end of the Financial Year 2024-25 and the date of this report the following material changes and commitments affecting the financial position of your company took place:
a) The company had received a work order for manufacture of 50,000 pieces of Crimson Duffle Bags from Just Jute Products, Bangalore having contract value of Rs. 2.50 Crores; leading to a boost in sales of company.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Pursuant to provisions of Section 134 of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 the details of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are attached as Annexure "A" which forms part of this report.
11. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY
The risk management process is followed by the company to ensure timely identification, categorization and prioritization of operational, financial and strategic business risks. Teams are authorized for managing such risks and updating to senior management.
12. SECRETARIAL STANDARDS
The Company has complied with applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).
13. LISTING WITH STOCK EXCHANGE
The equity shares of the Company are traded on SME exchange of Bombay Stock Exchange (BSE SME) post listing of equity shares on 15th October 2019.
14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
Details of loans given, guarantees issued or investments made to which provisions of Section 186 as applicable are given in the notes to the Financial Statements and are in compliance with the provisions of the Companies Act, 2013.
15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
With reference to Section 134 (3) (h) of the Companies Act, 2013, all contracts and arrangements with related parties under Section 188(1) of the Act, entered by the company during the financial year, were in the ordinary course of business and on an arms length basis. The details of transactions with the company and related parties are given as information under Notes to Accounts and Form AOC-2 as Annexure "B" which forms part of this Report.
16. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS
The Auditors Report does not contain any observations / qualifications / disclaimers except for certain matter of emphasis made by the Statutory Auditors in their report for the financial year ended on 31st March, 2025 read with the explanatory notes therein are self- explanatory and therefore, do not call for any further explanation or comments from the Board under Section 134(3) of the Companies Act,2013.
However, the Secretarial Auditors have notified certain comments in their Secretarial Audit Report for F.Y. 2024-25 for non-complying in timely manner on certain SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015; compliances.
Further, the below table provides a brief on clarification provided by the management in respect of observations made by Secretarial Auditor in the Secretarial Audit for the year ended 31st March, 2025:
| Reference No. Secretarial Auditors Observations | Companys Reply |
| 1. Delay in submission of EGM proceedings for Extraordinary General Meeting held on 7th August, 2023 | The management has clarified that the delay had occurred due to some technical glitch in receiving the recordings of meeting and other related details from our Depository. |
| Therefore, the said delay was due to inadvertence. | |
| As a result of such unforeseen situation, there was a delay in submission of EGM proceedings. | |
| Moreover, the company has assured to more diligent in adhering with all the applicable SEBI listing regulations from time to time and further ensures timely compliance in future too. | |
| 2. The Company has taken Loan from LLP that is considered as deposit as per section 73 of the Companies Act, 2013. | The management has informed that they shall repay the loan taken from LLP and shall conclude the same in the ensuing financial year. |
| 3. Pursuant to the FEMA Regulations, the Company has a subsidiary in France, named Goblin France SARL, it is required to file an Annual Performance Report (APR) with the Reserve Bank of India (RBI) by 31st December each year. However, the APR for the relevant period was not filed. | The management has informed that is under process of filing the said return. |
| 4. Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015; Non- Intimation of return of Draft Offer Document for Further Public Issue, as event based disclosure within the prescribed time period as required Listing Regulations. | The management has inadvertently failed to intimate, the return of the Draft Offer Document for the Further Public Issue from BSE and the same was as a result of its continuous efforts in requesting the stock exchange for adherence of maintaining standard 30 days timeline to file reply. |
| The exchange has closed the window on or before 30 days suddenly and hence it became a matter of discussion with exchange and hence the matter got skipped due to lack of clarity on our request from the exchange. | |
| However, the company has assured that, it shall intimate in a timely manner all material events and information within the stipulated timelines under the SEBI Listing Regulations, 2015 as may be amended from time to time. | |
| 5. Pursuant to SEBI (SAST) Regulations, the company had failed to inform the stock exchange regarding invocation of pledge in securities of Mrs. Sonam Choukhany, promoter of the company. | The management herewith clarifies that the company had inadvertently skipped to inform the stock exchange the invocation of pledge in securities of Mrs. Sonam Choukhany; |
| However, the company has assured to be more vigilant on compliance under SEBI SAST Regulations in future. |
17. POLICIES
A. VIGIL MECHANISM/ WHISTLE BLOWER POLICY
In compliance with Section 177 of the Companies Act, 2013 and other applicable provisions, the company has formulated a Vigil Mechanism / Whistle Blower Policy (Mechanism) for its Stakeholders, Directors and Employees in order to promote ethical behaviour in all its business activities and in line with the best governance practices and he company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations.
Vigil Mechanism provides a channel to report to the management concerns about unethical behavior, actual or suspected fraud or violation of the code of conduct or policy. It provides adequate safeguards against victimization of directors, employees and all stakeholders. It also provides direct access to the Chairman of the Audit Committee.
The policy is available on the website of the company www.goblinindia.com
B. PROTECTION OF WOMEN AGAINST SEXUAL HARASSMENT
Your company believes in providing a healthy, safe and harassment-free workplace for all its employees. Further company ensures that every women employee is treated with dignity and respect.
The Company has in place an Anti-Sexual Harassment Policy as per the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. During the year under review, no complaints of sexual harassment have been received by the company.
| Number of Sexual Harassment Complaints received | Nil |
| number of Sexual Harassment Complaints disposed off | Nil |
| Number of Sexual Harassment Complaints pending beyond 90 | Nil |
| Days |
C. CODE OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDERS
Your company has in place the code of conduct to regulate, monitor and report trading by
Directors and Designated Employees in order to protect the investors interest as per Securities and Exchange of Board of India (Prohibition of Insider Trading) regulations, 2015. As per the code periodical disclosures and pre-clearances for trading in securities by the Directors, Designated Employees and Connected Persons is regulated and monitored.
18. DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
The present Board of Directors consists of half of Non-executive/ Independent directors. As on date the board comprises of one (1) Managing Director, one (1) Whole-time Director, one (1) Executive Director, one (1) Non-Executive Director and two (2) Independent Directors (Non-Executive). The company has an executive chairman and the number of non-executive/independent directors is 50% of the total number of directors. The Company, therefore, meets with the requirements relating to the composition of the Board of Directors.
During the year under review there was no change in the composition of Board of Directors and Key Managerial Personnel, thus, as on 31st March, 2025, the board comprises as follows:
| CATEGORY | NAME OF DIRECTORS & KEY MANAGERIAL |
| PERSONNEL ALONGWITH THEIR DESIGNATION | |
| Promoter & Executive | Mr. Manojkumar Jagdishprasad Choukhany |
| Directors | (Chairman & Managing Director) |
| Mrs. Sonam Choukhany | |
| (Whole-time Director) | |
| Mr. Yatin Hasmukhlal Doshi | |
| (Executive Director) | |
| Non - Executive Director | Mr. Manish Agrawal |
| (Non - Executive Director) | |
| Independent Directors | Ms. Harshita Singhal |
| (Non - Executive Independent Director - Resigned w.e.f | |
| 02nd April, 2025) | |
| Mrs. Nidhi Jain | |
| (Non - Executive Independent Director - Resigned w.e.f. | |
| 16th April, 2025) | |
| Key Managerial Personnel | Ms. Farhat Mohanif Patel |
| (Company Secretary and Compliance Officer) | |
| Mr. Ajay Singhania | |
| ( Chief Financial Officer) |
However, after the end of financial year under review and as on date of this report, the following changes took place in the board of the company:
| Sr. No. Name of Director | DIN | Designation | Date of Appointment | Date of Cessation |
| 1 Ms. Nidhi Jain | 09184058 | Independent Director | 28th 2021 | May, 16th April, 2025 |
| 2 Ms. Harshita Singhal | 09592544 | (Non- Executive) | 02nd 2022 | May, 02nd April, 2025 |
| 3 Mr. Vimal Laljibhai Kalaria | 00029395 | Additional Independent | Not Applicable | |
| 4 Mr. Deepakkumar Kushalchandra Chaubisa | 09629889 | Director (Non- Executive) | 29th 2025 | May, Not Applicable |
Thus, as on date of this report, the composition and category of Directors & KMP are as follows:
| CATEGORY | NAME OF DIRECTORS & KEY MANAGERIAL |
| PERSONNEL ALONGWITH THEIR DESIGNATION | |
| Promoter & Executive | Mr. Manojkumar Jagdishprasad Choukhany |
| Directors | (Chairman & Managing Director) |
| Mrs. Sonam Choukhany | |
| (Whole-time Director) | |
| Mr. Yatin Hasmukhlal Doshi | |
| (Executive Director) | |
| Non - Executive Director | Mr. Manish Agrawal |
| (Non - Executive Director) | |
| Independent Directors | Ms. Harshita Singhal |
| (Non - Executive Independent Director - Resigned w.e.f 02nd | |
| April, 2025) | |
| Mrs. Nidhi Jain | |
| (Non - Executive Independent Director - Resigned w.e.f. 16th | |
| April, 2025) | |
| Mr. Vimal Laljibhai Kalaria | |
| (Additional Non - Executive Independent Director | |
| Appointed w.e.f. 29th May, 2025) | |
| Mr. Deepakkumar Kushalchandra Chaubisa | |
| (Additional Non - Executive Independent Director | |
| Appointed w.e.f. 29th May, 2025) | |
| Key Managerial | Ms. Farhat Mohanif Patel |
| Personnel | (Company Secretary and Compliance Officer) |
| Mr. Ajay Singhania | |
| ( Chief Financial Officer) |
All independent directors have given declarations confirming that they meet the criteria of independence as prescribed both under Section 149 of the Companies Act, 2013 and Regulation 16(1) (b) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock Exchanges.
Independent Directors Meeting:
The Independent Directors met on 4th September, 2024 and reviewed the performance of non- independent directors and the Board as a whole; the performance of the Chairman of the company, taking into account the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity, and timeliness of the flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform the duties.
B. MEETINGS OF THE BOARD
During the year under review, 7 (seven) board meetings were convened. The intervening gap between the meetings were within the period prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosures Requirements) 2015, as amended from time to time.
Furthermore, during the year under review; the company had held 1 (One) Extraordinary General Meeting of members which is as detailed below:
| SR. NO. | PARTICULARS |
| 1. | Extraordinary General Meeting dated 8th June, 2024 |
C. COMMITTEES OF THE BOARD OF DIRECTORS
In compliance with the requirement of applicable laws and as part of the best governance practice, the Board has constituted various Committees of its members. These Committees hold meetings at such frequencies as is deemed necessary by them to effectively undertake and deliver upon the responsibilities and tasks assigned to them. Minutes of the meetings of each of these Committees are tabled regularly at the Board Meetings. Your Company currently has 3 (Three) Committees viz.: as per changes in board members during the year.
(a) Audit Committee
The Audit Committee comprises of the following members as on 31st March, 2025: -
| SR. NO. NAME | CATEGORY | DESIGNATION |
| 1) *Ms. Nidhi Jain | Independent Director | Chairman |
| 2) *Ms. Harshita Singhal | Independent Director | Member |
| 3) Mr. Manojkumar Choukhany | Managing Director | Member |
* During the year under review, there was no change in the constitution of Audit Committee. However, after the end of financial year, Ms. Harshita Singhal had resigned as an Independent Director of the company w.e.f 2nd April, 2025 and Ms. Nidhi Jain had resigned as an Independent Director of the company w.e.f. 16th April, 2025; As result the committee was re-constituted.
Moreover, as on date of this report, the re-constituted Audit Committee is as follows:
| SR. NO. NAME | CATEGORY | DESIGNATION |
| 1) Mr. Deepakkumar Kushalchandra Chaubisa | Additional Independent Director | Chairman |
| 2) Mr.Vimal Laljibhai Kalaria | Additional Independent Director | Member |
| 3) Mr. Manojkumar Choukhany | Managing Director | Member |
During the year under review, the Audit Committee convened 5 (Five) times.
Composition
The Company has a qualified and Independent Audit Committee which acts as a link between the Statutory and Internal Auditors and the Board of Directors. The terms of reference of the Audit Committee cover the matters specified for Audit Committee in the SEBI LODR Regulations and Section 177 of the Companies Act, 2013 as may be amended from time to time.
(b) Stakeholders Relationship Committee
The Stakeholders Relationship Committee comprises of the following members as on 31st March, 2025: -
| SR. NO. NAME | CATEGORY | DESIGNATION |
| 1) Mr. Manish Agarwal | Non-Executive Director | Chairman |
| 2) *Ms. Nidhi Jain | Independent Director | Member |
| 3) Mr. Manojkumar Choukhany | Managing Director | Member |
* During the year under review, there was no change in the constitution of Stakeholders Relationship Committee. However, after the end of financial year, Ms. Nidhi Jain had resigned as an Independent Director of the company w.e.f. 16th April, 2025; As result the committee was re-constituted.
Moreover, as on date of this report, the Re-Constituted Stakeholders Relationship Committee is as follows:
| SR. NO. NAME | CATEGORY | DESIGNATION |
| 1) Mr. Manish Agarwal | Non-Executive Director | Chairman |
| 2) Mr. Vimal Laljibhai Kalaria | Additional Independent Director | Member |
| 3) Mr. Manojkumar Choukhany | Managing Director | Member |
(Three) times.
Composition
The Stakeholders Relationship Committee is constituted according to Section 178 of the Companies Act, 2013 and SEBI LODR Regulations, as may be amended from time to time. The Committee ensures cordial investor relations and oversees the mechanism for redressal of investor grievances. The Committee specifically looks into redressing shareholders and investor complaints/ grievances pertaining to share transfers, non-receipts of annual reports, non- receipt of dividend and other allied complaints.
(c) Nomination and Remuneration Committee
The Nomination and Remuneration Committee comprises of the following members as at 31st March, 2025: -
| SR. NO. NAME | CATEGORY | DESIGNATION |
| 1) *Ms. Nidhi Jain | Independent Director | Chairman |
| 2) Mr. Manish Agarwal | Non-Executive Director | Member |
| 3) *Ms. Harshita Singhal | Independent Director | Member |
* During the year under review, there was no change in the constitution of Nomination and Remuneration Committee, however, after the end of financial year, Ms. Harshita Singhal had resigned as an Independent Director of the company w.e.f 2nd April, 2025 and Ms. Nidhi Jain had resigned as an Independent Director of the company w.e.f. 16th April, 2025; As result the committee was re-constituted.
| SR. NO. NAME | CATEGORY | DESIGNATION |
| 1) Mr.Vimal Laljibhai Kalaria | Additional Independent Director | Chairman |
| 2) Mr. Deepakkumar Kushalchandra Chaubisa | Additional Independent Director | Member |
| 3) Mr. Manish Agarwal | Independent Director | Member |
During the year under review, the Nomination and Remuneration Committee, convened 2 (Two) times.
BOARD EVALUATION
The Board adopted a formal mechanism for evaluating its performance as well as that of its Committees and individual Directors, including the Chairman of the Board. The exercise was carried out through a structured evaluation process covering various aspects of the Boards functioning such as composition of the Board & committees, experience & competencies, performance of specific duties & obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.
D. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions under Section 134(5) of the Companies Act, 2013, with respect to Directors Responsibility Statement, the Directors confirm:
(a) That in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed and no material departures have been made from the same;
(b) That they had selected such accounting policies and applied them consistently, and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;
(c) That they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) That they had prepared the Annual Accounts on a going concern basis; (e) That they had laid down Internal Financial Controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and (f) That they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
19. AUDITORS
(i) STATUTORY AUDITORS
The Statutory Auditors of the company M/s. O.R. Maloo & Co, Chartered Accountants, Ahmedabad having ICAI Firm Registration No. 135561W, have presented the statutory audit report for the financial year ended 31st March, 2025.
Moreover, M/s. O.R. Maloo & Co, Chartered Accountants, were re-appointed at the 31st Annual General Meeting (AGM) of the company i.e. 15th September, 2020 for a second term of five years and accordingly, will complete their second term on conclusion of the ensuing 36th Annual General Meeting (AGM) of the company.
The Board, based on the recommendation of Audit Committee and subject to approval of shareholders at the ensuing Annual General Meeting (AGM); have approved the appointment of M/s. Chandabhoy & Jassoobhoy, Chartered Accountants (Firm Registration No. 101648W/ PRC No. 018221), as new Statutory Auditors of the Company, for a term of five years from the conclusion of the ensuing 36th Annual General Meeting till the conclusion of the 40th Annual General Meeting of the Company.
In addition, M/s. Chandabhoy & Jassoobhoy, Chartered Accountants; have confirmed their eligibility and qualification required under the Act for holding the office as Statutory Auditors of the Company.
(ii) SECRETARIAL AUDITORS
Pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors have appointed M/s. Mukesh J. & Associates, Company Secretaries for conducting secretarial audit of the company for the year ended 31st March, 2025. Secretarial Audit Report shall be issued by Mr. Mukesh Jiwnani, Practicing Company Secretary in Form MR -3 ("Annexure - F") forms part of this report.
20. FINANCE & ACCOUNTS
Your Company prepares its financial statements (Standalone and Consolidated) in compliances with the requirements of the Companies Act, 2013 and the Generally Accepted Accounting Principles (GAAP) in India.
Cash and Cash Equivalents on Standalone basis as at 31st March, 2025 were Rs. 48,36,000/- Cash and Cash Equivalents on Consolidated basis as at 31st March, 2025 were Rs. 92,81,000/-
The company continues to focus on its working capital; receivables and other parameters were kept under check through continuous monitoring.
21. PUBLIC DEPOSITS
Your company has not invited, accepted, received or renewed any deposits from public falling within the meaning of Section 73 and 76 of the Companies Act, 2013 and the Companies (Acceptance of Deposit) Rules, 2014, as amended from time to time during the year under review and accordingly, there were no deposits which were due for repayment on or before 31st March, 2025.
22. SHARES
a. BUY BACK OF SECURITIES
The Company has not bought back any of its securities during the year under review.
b. SWEAT EQUITY
The Company has not issued any sweat equity shares during the year under review.
c. BONUS SHARES
The Company has not issued bonus shares during the year under review.
d. EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees during the year under review.
23. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
Your company has two subsidiary companies during the year under review; namely Goblin France SARL and Goblin Industries (India) Private Limited but does not have any Joint Venture or Associate Companies. The Report on the performance and financial position of subsidiaries in Form AOC-1 pursuant to first proviso to sub-section (3) of Section 129 of the Act and Rule 5 of Companies (Accounts) Rules, 2014 is annexed to this Report as Annexure"C".
24. CORPORATE GOVERNANCE
In line with the Companys commitment to good Corporate Governance Practices, your Company has complied with all the mandatory provisions as prescribed in SEBI Listing Regulations and other applicable provisions.
25. LITIGATIONS
There were no litigations outstanding as on 31st March, 2025 except for litigations filed with statutory authorities as stated in the Audit report for the financial year ended 31st March, 2025.
26. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY
AND BANKRUPTCY CODE 2016:
During the year under the review, there were no applications made or proceedings pending in the name of the company under the Insolvency and Bankruptcy Code, 2016.
27. NUMBER OF COMPLAINTS RELATING TO CHILD LABOUR, FORCED LABOUR,
INVOLUNTARY LABOUR
During the year under review, no cases of child labour, forced labour, involuntary labour and discriminatory employment were reported.
28. EXTRACT OF ANNUAL RETURN
The Annual Return of the Company will be placed on the website of the company pursuant to the provisions of Section 92(3) read with Rule 12 of the Companies (Management and Administration) Rules 2014, the web link of the same is at www.goblinindia.com
29. MANAGEMENT DISCUSSION AND ANALYSIS (MDA)
The Management Discussion and Analysis Report, highlighting the important aspects of the business of the company for the year under review is given as a separate statement as Annexure - "E", which forms part of this Annual Report.
30. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
Your company has in place a structured induction and familiarization programme for the Independent Directors of the company. Your company through such programmes, familiarizes the Independent Directors with a brief background of your company, their roles, rights, responsibilities, nature of the industry in which it operates, business model operations, ongoing events, etc. They are also informed of the important policies of your company including the Code of Conduct for Directors and Senior Management Personnel and the Code of Conduct for Prevention of Insider Trading. Brief details of the familiarization programme are uploaded on the website of your company (www.goblinindia.com).
31. PARTICULARS OF EMPLOYEES
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure "D" which forms a part of this report.
32. STATEMENT OF COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961
Your Company is committed to upholding the rights and welfare of its employees, particularly in relation to maternity benefits. In accordance with the Maternity Benefit Act, 1961, the Company has established a comprehensive formal policy that outlines the provisions and entitlements available to our employees during maternity leave. The policy aims to ensure that all eligible employees receive the benefits mandated by the Act, including paid maternity leave, medical benefits, and job security upon their return to work. The Company regularly review and update our policy to ensure compliance with any amendments to the Act and to reflect best practices in supporting our employees.
33. HUMAN RESOURCE MANAGEMENT
At Goblin India Limited, we believe that human resources are precious assets of the company. The motto during the year has been to enhance the morale and capabilities of the employees. We strongly believe in favorable work environment that encourages innovation and creativity. Your Company has established an organization structure that is agile and focused on delivering business results, stimulating performance culture and motivating employees to develop themselves personally and professionally.
34. FRAUD REPORTING
There have been no instances of fraud reported by the Statutory Auditors under Section 143(12) of the Act and Rules framed thereunder either to the Company or to the Central Government.
35. CAUTIONARY STATEMENT
Statements in the Boards Report describing the companys objective, expectations or forecasts may be forward looking within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed in the statement.
36. ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation for the assistance, cooperation, and support received from all the clients, vendors, bankers, Registrar of Companies, auditors, suppliers, Government bodies, shareholders and other business associates.
The Directors also acknowledge the hard work, dedication and commitment of the employees. Their enthusiasm and unstinting efforts have enabled the company to grow during the year under review.
The Board deeply acknowledges the trust and confidence placed by the clients of the company and all its shareholders. Your Directors look forward to the long term future confidently.
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