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Company Information

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GOCL CORPORATION LTD.

01 August 2025 | 12:00

Industry >> Industrial Explosives

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ISIN No INE077F01035 BSE Code / NSE Code 506480 / GOCLCORP Book Value (Rs.) 291.32 Face Value 2.00
Bookclosure 25/07/2025 52Week High 517 EPS 31.71 P/E 11.04
Market Cap. 1736.03 Cr. 52Week Low 245 P/BV / Div Yield (%) 1.20 / 2.86 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2025-03 

We have audited the accompanying standalone financial
statements of GOCL Corporation Limited (“the Company”),
which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year then ended, and notes
to the standalone financial statements including a summary
of material accounting policy information and other
explanatory information (hereinafter referred to as “standalone
financial statements”).

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 including the Indian
Accounting Standards (“Ind AS”) prescribed under section
133 of the Act, read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, of the state of affairs of
the Company as at March 31, 2025, its profit (including other
comprehensive income), its changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in
the Auditor's Responsibilities for the Audit of the Standalone
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 Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the 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.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current year. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters. We have determined the matters described below
to be the key audit matters to be communicated in our report.

Sr.

No.

Key audit matter(s)

How our audit addressed the key audit matter

1.

Revenue Recognition

(Refer note 25 and 45 to the standalone financial
statements)

The Company's revenue is primarily derived from sale of
energetics products, commercial explosives and special
products manufactured for Defense and Space and sale
of products related to electronics business.

Revenue is an important measure of the Company's
success. Due to various factors like investor expectations
and performance incentives, there can be pressure
to meet revenue targets within a specific time frame.
However, there is a risk of fraud when revenue is
overstated by recognizing it in the wrong period or before
it is actually earned from a genuine customer.

Our audit procedures included:

a) Test of Design and Implementation of internal financial
controls -

We have done the process understanding of the revenue
streams to identify the risks and controls associated with
the process. Basis the process understanding, we have done
a walkthrough procedure to understand and evaluate the
control design and implementation as established by the
management over revenue recognition.

b) Validation of Accounting Policy -

We compared the Company's revenue recognition accounting
policy with relevant accounting standards to assess its
appropriateness.

c) Test of operating effectiveness of Controls -

We have identified the list of key controls from the walkthrough
procedures to be verified for further control testing. We have
tested the key controls to evaluate and verify the operating
effectiveness of the controls placed in the process.

Sr.

No.

Key audit matter(s)

How our audit addressed the key audit matter

d) Test of details -

• Verified the revenue recognised in respect of each
of the revenue streams on sample basis along with
invoices raised and relevant supporting documents
such as underlying agreement/contract entered into
with the customers. We have assessed and ensured
that the revenue recognition is in accordance with the
requirements of Ind AS 115.

• Verified the judgment and estimates made by the
management in revenue recognition.

• Performed the cut-off procedures with respect to revenue.

2.

Litigations and Contingent Liabilities

(Refer note 37 to the standalone financial statements)

During its regular operations, the Company encounters
various tax challenges from local tax authorities in
multiple jurisdictions. These challenges encompass a
wide range of tax matters, both direct and indirect in
nature.

The complexities present involve considerable
uncertainty, resolution timelines, and potential financial
impact of taxation and litigation exposures have led to
their identification as key audit matters. Consequently, the
litigations directly affect the accounting and disclosures
presented in the standalone financial statements. These
matters require significant management judgment to
assess the associated risks, including the possibility of
inadequate provision or disclosure for each case.

Our audit procedures included:

• Gained an understanding of the process of identification of
claims, litigations and contingent liabilities;

• Obtained the summary of Company's legal and tax cases
and assessed management's position through discussions
with the in-house legal compliance officer, Head of Tax and
operational management, on both the probability of success
in significant cases, and the magnitude of any potential loss;

• Reviewed and analyzed relevant key correspondence,
orders, appeals documents, and external legal opinions/
consultations obtained by the Company;

• Evaluated the Company's estimation of potential outcomes for
the disputed cases by taking into account legal precedence,
along with other relevant judicial rulings; and

• Assessed the relevant disclosures made within the financial
statements to address whether they reflect the facts and
circumstances of the respective tax and legal exposures and
the requirements of relevant accounting standards.

3.

Recoverability of loan granted to Other Company
(Refer note 15 to the standalone financial statements)

The Company has extended a loan to another company,
with an outstanding balance of Rs. 71,720 Lakhs as of
March 31,2025.

Assessing the recoverability of loans involves making
significant judgments,particularly in cases where the
loan may become unrecoverable due to an event or the
recoverable amount may be less than the recorded value.
Considering these factors, the Company faces a risk
related to the recoverability of the loan. As a result, we
have identified this as a key audit matter

Our audit procedures included:

• Obtained an understanding of the loan granting process,
including the necessary approvals and the established limits
for granting loans.

• Verified the purpose of the loan and ensured that it aligns
with the designated maximum loan amount permitted.

• Examined the terms of repayment and the security
arrangements associated with the loan.

• Verified the loan transactions by comparing them with the
corresponding entries in the bank statements.

• Independently recalculated the interest income generated
from the loans to ensure accuracy.

• Obtained the financial statements of the borrower and
verified its net worth.

• Requested and verified balance confirmations as of March
31, 2025, to validate the loan balance.

• Assessed the borrower's credibility in terms of loan
recoverability by discussing with management and reviewing
the repayment history.

Sr.

No.

Key audit matter(s)

How our audit addressed the key audit matter

4.

Accounting and Disclosure of the cessation of
detonators and other blasting devices (Energetics
Business) manufacturing operations at Kukatpally,
Hyderabad resulting into classification of said business
as discontinued operations as per Ind AS 105 “Non¬
current Assets Held for Sale and Discontinued
Operations”.

Refer Note No. 45 to Standalone Financial Statements

We have identified the accounting and disclosure of
discontinued operations as a key audit matter because of
the significance of detonators and other blasting devices
manufacturing operations at Kukatpally, Hyderabad to
the overall business operations of the Company.

Our audit procedures included:

• Inspected the approval of the Board of Directors and the
Shareholders for the cessation of the energetics business.

• Verified the assets classified as held for sale.

• Verified the liabilities associated with the assets held for sale.

• Verified the provisions created for the financial assets of the
discontinued business.

• Evaluated the appropriateness of the disclosure of the
discontinued operations in the financial statements in
compliance with Ind AS 105 “Non-Current Assets Held
for Sale and Discontinued Operations” and tested the
classification of amounts included in discontinued operations
including assumptions used and estimates made with regard
to the determination of income and expenses pertaining to
the Energetics Business.

Other Information

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Report of Board of Directors, Management
Discussion and Analysis, Business Responsibility and
Sustainability Report, Corporate Governance Report, but does
not include the standalone financial statements, consolidated
financial statements and our auditor's report thereon. The
aforesaid other information is expected to be made available to
us after the date of this auditor's report.

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
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the standalone financial statements or our
knowledge obtained in the audit or otherwise appears to be
materially misstated.

When we read the aforesaid other information, if we conclude
that there is a material misstament therein, we are required
communicate the matter to those charged with governance and
take necessary actions, as applicable under the relevant laws
and regulations.

Responsibilities of Management and Those Charged
with Governance for the Standalone Financial
Statements

The Company's Board of Directors is 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 (including other comprehensive income), changes

in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including
Ind AS prescribed under section 133 of the Act, read with the
Companies (Indian Accounting Standards) Rules, 2015, as
amended. 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 statements 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, Board of
Directors is responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis
of accounting unless the Board of Directors either intends
to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

Those Board of Directors is also responsible for overseeing the
Company's financial reporting process.

Auditor’s 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 auditor's 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 this 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 control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)

(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal
financial controls with reference to financial statements 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 management's 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 auditor's
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 auditor's
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.

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 year and are therefore the key audit 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 (Auditor's Report) Order,

2020 (“the Order”) issued by the Central Government of

India in terms of section 143(11) of the Act, we report

in “Annexure 1”, 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, 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 except
for certain matters in respect of audit trail (edit log
facility) as described in paragraph 2(i)(vi) below;

c. The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement
of Changes in Equity and the Standalone Statement
of Cash Flows dealt with by this report are in
agreement with the books of account;

d. In our opinion, the aforesaid standalone financial
statements comply with the Ind AS prescribed
under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules,
2015, as amended;

e. On the basis of the written representations received
from the directors as on March 31,2025, and taken on
record by the Board of Directors, none of the directors is
disqualified as on March 31,2025 from being appointed
as a director in terms of section 164(2) of the Act;

f. The observations relating to the maintenance of
accounts and other matters connected therewith are
as stated in the paragraph 2(b) above on reporting
under Section 143(3)(b) of the Act and paragraph
2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014;

g. With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
report in “Annexure 2”;

h. With respect to the other matter to be included in the
Auditor's 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/ provided by the Company to its
directors during the year is in accordance with the
provisions of section 197 of the Act;

i. With respect to the other matters to be included
in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014, as amended, 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 Note
37 on Contingent Liabilities to the standalone
financial statements;

(ii) The Company did not have any long¬
term contracts including derivative
contracts for which there were any material
foreseeable losses.

(iii) There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund
by the Company;

(iv) (a) 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 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 persons or entities, 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;

(iv) (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 persons or entities,
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;

(iv) (c) Based on the audit procedures that are

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) As stated in Note 46 to the standalone
financial statements:

(a) The final dividend proposed in the
previous year, declared and paid by the
Company during the year is in compliance
with section 123 of the Act, as applicable.

(b) The Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount
of dividend proposed is in compliance with
section 123 of the Act, as applicable.

(vi) Based on our examination which included
test checks, the company has used an
accounting software for maintaining its books
of account for the financial year ended March
31, 2025, which has a feature of recording
audit trail (edit log) facility and the same has
operated throughout the year for all relevant
transactions recorded in the software except
that audit trail was not enabled at database
level for accounting software to log any direct
data changes. Further, the Payroll Application
does not have any audit trail feature. Further,
during the course of our audit we did not come
across any instance of audit trail feature being
tampered with and the audit trail has been
preserved by the Company as per the statutory
requirements for record retention.

For Haribhakti & Co. LLP

Chartered Accountants
ICAI Firm Registration No.103523W / W100048

Snehal Shah

Partner

Membership No.048539
UDIN: 25048539BMLBRF5044

Place: Mumbai
Date: May 22, 2025