Borosil LTD

Borosil imited
BOROSIL: ON : L35r(J{MH201Cl'lC292T.l2
Regstere:! ~ Corpcrate Of&e'
1101, Geooerm, G-l3loa, Q:,p. MCAQ:b, 3an6,, KidaCo...-..pex.
B;,raa{E}.~ --4W 051, h:t,a_
- +91 22 f :-40 6300
F +9122 6:l40 6514
E !xro,J li'lx:rosi.c:,rn
w~
June 21, 2022
BSE Limited National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block- G,
Dalal Street, Sandra Kurla Complex,
Mumbai - 400 001 Sandra (East), Mumbai - 400 051
Scrip Code: 543212 Symbol: BOROLTD
Sub: Annual Report for the financial year 2021-22 including Notice of Annual General
Meeting
Dear Sirs,
The Annual Report of the Company for the financial year 2021-22 including the Notice of the
Annual General Meeting ("AGM") to be held on July 13, 2022 at 3.00 p.m. (1ST) through Video
Conference ("VC"), being sent to the shareholders electronically, is attached. The said Annual
Report including Notice of the AGM is also uploaded on the Company's website and can be
accessed at Annual Report for FY 2021-22 including Notice of AGM.
Please take the above intimation on record and acknowledge.
Thanking you,
Yours faithfully,
For Borosil Limited
~
~
Anshu Agarwal
Company Secretary & Compliance Officer
FCS-9921
Encl: as above
Copy to:
1. National Securities Depository Limited
2. Central Depository Services (India) Limited
3. Universal Capital Securities Private Limited (Registrar and Transfer Agent)
NOTICE
th
Notice is hereby given that the 12 Annual General Meeting of the Shareholders of Borosil Limited (“Company”) will be held on
Wednesday, July 13, 2022 at 3:00 p.m. (IST) through Video Conference (“VC”), to transact the following business:
ORDINARY BUSINESS:
1. 7RFRQVLGHUDQGDGRSWD WKHDXGLWHGVWDQGDORQH¿QDQFLDOVWDWHPHQWRIWKH&RPSDQ\IRUWKH¿QDQFLDO\HDUHQGHG0DUFK
WKHUHSRUWVRIWKH%RDUGRI'LUHFWRUVDQG6WDWXWRU\$XGLWRUWKHUHRQDQGE WKHDXGLWHGFRQVROLGDWHG¿QDQFLDOVWDWHPHQW
RIWKH&RPSDQ\IRUWKH¿QDQFLDO\HDUHQGHG0DUFKDQGUHSRUWRI6WDWXWRU\$XGLWRUWKHUHRQDQGLQWKLVUHJDUGWR
FRQVLGHUDQGLIWKRXJKW¿WWRSDVVZLWKRUZLWKRXWPRGL¿FDWLRQ V WKHIROORZLQJUHVROXWLRQVDVOrdinary Resolutions:
a) “RESOLVED THATWKHDXGLWHG¿QDQFLDOVWDWHPHQWRIWKH&RPSDQ\IRUWKH¿QDQFLDO\HDUHQGHG0DUFKDQG
the reports of the Board of Directors and Statutory Auditor thereon, as circulated to the shareholders, be and are hereby
considered and adopted.”
b) “RESOLVED THATWKHDXGLWHGFRQVROLGDWHG¿QDQFLDOVWDWHPHQWRIWKH&RPSDQ\IRUWKH¿QDQFLDO\HDUHQGHG0DUFK
2022 and the report of Statutory Auditor thereon, as circulated to the shareholders, be and are hereby considered and
adopted.”
2. To approve re-appointment of Mr. Rajesh Kumar Chaudhary ',1 ZKRUHWLUHVE\URWDWLRQDQGEHLQJHOLJLEOHRႇHUV
KLPVHOIIRUUHDSSRLQWPHQWDQGLQWKLVUHJDUGWRFRQVLGHUDQGLIWKRXJKW¿WWRSDVVZLWKRUZLWKRXWPRGL¿FDWLRQ V WKHIROORZLQJ
resolution as an Ordinary Resolution:
“RESOLVED THAT LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI 6HFWLRQ DQG RWKHU DSSOLFDEOH SURYLVLRQV RI WKH &RPSDQLHV
$FW 0U 5DMHVK .XPDU &KDXGKDU\ ',1 ZKR UHWLUHV E\ URWDWLRQ DW WKLV PHHWLQJ DQG EHLQJ HOLJLEOH IRU
re-appointment, be and is hereby re-appointed as a Director of the Company.”
SPECIAL BUSINESS:
3. To approve revision in terms of remuneration of Mr. Shreevar Kheruka (DIN: 01802416), Managing Director & Chief
([HFXWLYH2ႈFHUDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\
7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVZLWKRUZLWKRXWPRGL¿FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDSpecial Resolution:
“RESOLVED THAT LQ SDUWLDO PRGL¿FDWLRQ RI WKH VSHFLDO UHVROXWLRQ SDVVHG E\ WKH VKDUHKROGHUV DW WKHLU PHHWLQJ KHOG RQ
6HSWHPEHU DQG LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI 6HFWLRQV UHDG ZLWK 6FKHGXOH 9 DQG RWKHU
DSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV$FWWKHUXOHVPDGHWKHUHXQGHUDQGWKHDSSOLFDEOHSURYLVLRQVRI6(%, /LVWLQJ
2EOLJDWLRQV DQG 'LVFORVXUH 5HTXLUHPHQWV 5HJXODWLRQV LQFOXGLQJ DQ\ VWDWXWRU\ PRGL¿FDWLRQ V RU UHHQDFWPHQW V
thereof, for the time being in force), DSSURYDORIWKHVKDUHKROGHUVEHDQGLVKHUHE\DFFRUGHGIRULQFUHDVHLQWKH¿[HGPRQWKO\
VDODU\RI0U6KUHHYDU.KHUXND ',1 0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHUDQG.H\0DQDJHULDO3HUVRQQHO
RIWKH&RPSDQ\IURPWKHH[LVWLQJ` 5XSHHV7HQ/DNKV SHUPRQWKWR` 40,00,000 (Rupees Forty Lakhs) per month,
ZLWKHႇHFWIURP$SULO
RESOLVED FURTHER THAT all other terms as approved by the shareholders of the Company at their meeting held on
6HSWHPEHUVKDOOFRQWLQXHWRUHPDLQWKHVDPHWLOOKLVEDODQFHWHQXUHLHXSWR)HEUXDU\
RESOLVED FURTHER THAT approval of the shareholders be and is hereby accorded for payment of revised remuneration in
WKH¿QDQFLDO\HDU L QRWZLWKVWDQGLQJLQDGHTXDF\RISUR¿WVRUORVVLQWKHVDLG¿QDQFLDO\HDURU LL HYHQLIWKHUHYLVHG
UHPXQHUDWLRQ RU DJJUHJDWH PDQDJHULDO UHPXQHUDWLRQ RI ([HFXWLYH 'LUHFWRUV RU DJJUHJDWH PDQDJHULDO UHPXQHUDWLRQ RI DOO
GLUHFWRUVH[FHHGVWKHOLPLWVDVVSHFL¿HGLQ6HFWLRQ RIWKH&RPSDQLHV$FWDQGRUWKHVHFRQGSURYLVRWKHUHXQGHU
RU LLL HYHQLIWKHUHYLVHGUHPXQHUDWLRQH[FHHGVWKHOLPLWVVSHFL¿HGLQ5HJXODWLRQ H RI6(%, /LVWLQJ2EOLJDWLRQVDQG
'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV
RESOLVED FURTHER THAT the Board of Directors be and is hereby authorized to do all such acts, deeds, matters and things,
DVLWPD\LQLWVDEVROXWHGLVFUHWLRQFRQVLGHUQHFHVVDU\H[SHGLHQWRUGHVLUDEOHIRUJLYLQJHႇHFWWRWKHIRUHJRLQJUHVROXWLRQDQG
to settle any question, or doubt that may arise in relation thereto.”
4. 7RDSSURYHUHDSSRLQWPHQWRI0U6KUHHYDU.KHUXND ',1 DV0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHU
and Key Managerial Personnel of the Company
“RESOLVED THATSXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQVUHDGZLWK6FKHGXOH9DQGRWKHUDSSOLFDEOHSURYLVLRQVLI
DQ\RIWKH&RPSDQLHV$FWWKHUXOHVPDGHWKHUHXQGHUDQGWKHDSSOLFDEOHSURYLVLRQVRIWKH6(%, /LVWLQJ2EOLJDWLRQVDQG
'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV LQFOXGLQJDQ\VWDWXWRU\PRGL¿FDWLRQ V RUUHHQDFWPHQW V WKHUHRIIRUWKHWLPH
being in force), approval of the shareholders be and is hereby accorded to the re-appointment of Mr. Shreevar Kheruka (DIN:
DV0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHUDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\QRWOLDEOHWRUHWLUH
Annual Report 2021 - 2022 31

E\URWDWLRQIRUDSHULRGRI ¿YH \HDUVZLWKHႇHFWIURP)HEUXDU\ZLWKOLEHUW\WRWKH%RDUGRI'LUHFWRUV KHUHLQDIWHU
UHIHUUHGWRDV³WKH%RDUG´ WRDOWHUDQGYDU\WKHWHUPVDQGFRQGLWLRQVRIWKHVDLGUHDSSRLQWPHQWDVLWPD\GHHP¿W
RESOLVED FURTHER THAT Mr. Shreevar Kheruka shall, subject to superintendence, control and directions of the Board,
KDYHVXEVWDQWLDOSRZHUVRIPDQDJHPHQWRIWKHDႇDLUVRIWKH&RPSDQ\DQGVKDOOSHUIRUPVXFKGXWLHVDQGH[HUFLVHVXFKSRZHUV
as have been or may from time to time be entrusted to or conferred upon him by the Board.
RESOLVED FURTHER THAT the Board be and is hereby authorized to do all such acts, deeds, matters and things as, it may,
LQLWVDEVROXWHGLVFUHWLRQFRQVLGHUQHFHVVDU\H[SHGLHQWRUGHVLUDEOHIRUJLYLQJHႇHFWWRWKHIRUHJRLQJUHVROXWLRQDQGWRVHWWOH
any question, or doubt that may arise in relation thereto.”
5. To approve payment of remuneration to Mr. Shreevar Kheruka (DIN: 01802416) as Managing Director & Chief Executive
2ႈFHUDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\
“RESOLVED THATSXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQVUHDGZLWK6FKHGXOH9DQGRWKHUDSSOLFDEOHSURYLVLRQV
LIDQ\RIWKH&RPSDQLHV$FWWKHUXOHVPDGHWKHUHXQGHUDQGWKHDSSOLFDEOHSURYLVLRQVRIWKH6(%, /LVWLQJ2EOLJDWLRQV
DQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV LQFOXGLQJDQ\VWDWXWRU\PRGL¿FDWLRQ V RUUHHQDFWPHQW V WKHUHRIIRUWKH
time being in force), approval of the shareholders be and is hereby accorded for payment of remuneration to Mr. Shreevar
.KHUXND ',1 DV0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHUDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\IRU
DSHULRGRI ¿YH \HDUVZLWKHႇHFWIURP)HEUXDU\DVSHUWKHWHUPVDQGFRQGLWLRQVDVVHWRXWLQWKHH[SODQDWRU\
VWDWHPHQWDQQH[HGWRWKH1RWLFHZLWKOLEHUW\WRWKH%RDUGRI'LUHFWRUV KHUHLQDIWHUUHIHUUHGWRDV³WKH%RDUG´ WRDOWHUDQGYDU\
WKHWHUPVDQGFRQGLWLRQVRIWKHVDLGUHPXQHUDWLRQDVLWPD\GHHP¿WZLWKLQWKHOLPLWVDSSURYHGE\WKHVKDUHKROGHUV
RESOLVED FURTHER THAT approval of the shareholders be and is hereby accorded for payment of remuneration as set out
LQWKHH[SODQDWRU\VWDWHPHQWIRUDQ\¿QDQFLDO\HDUGXULQJWKHWHQXUHRIKLVRႈFH L QRWZLWKVWDQGLQJLQDGHTXDF\RISUR¿WVRUORVV
LQWKHUHVSHFWLYH¿QDQFLDO\HDURU LL HYHQLIWKHDERYHSD\PHQWRUDJJUHJDWHPDQDJHULDOUHPXQHUDWLRQRI([HFXWLYH'LUHFWRUV
RUDJJUHJDWHPDQDJHULDOUHPXQHUDWLRQRIDOOGLUHFWRUVH[FHHGVWKHOLPLWVDVVSHFL¿HGLQ6HFWLRQ RIWKH&RPSDQLHV$FW
DQGRUWKHVHFRQGSURYLVRWKHUHXQGHURU LLL HYHQLIWKHDERYHSD\PHQWH[FHHGVWKHOLPLWVVSHFL¿HGLQ5HJXODWLRQ
H RI6(%, /LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV
6. To approve re-appointment of Mr. Rajesh Kumar Chaudhary (DIN: 07425111) as Whole-Time Director and Key
Managerial Personnel of the Company
“RESOLVED THATSXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQVUHDGZLWK6FKHGXOH9DQGRWKHUDSSOLFDEOHSURYLVLRQVLI
DQ\RIWKH&RPSDQLHV$FWWKHUXOHVPDGHWKHUHXQGHUDQGWKHDSSOLFDEOHSURYLVLRQVRIWKH6(%, /LVWLQJ2EOLJDWLRQVDQG
'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV LQFOXGLQJDQ\VWDWXWRU\PRGL¿FDWLRQ V RUUHHQDFWPHQW V WKHUHRIIRUWKHWLPH
being in force), approval of the shareholders be and is hereby accorded to the re-appointment of Mr. Rajesh Kumar Chaudhary
',1 DV:KROHWLPH'LUHFWRUDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\OLDEOHWRUHWLUHE\URWDWLRQIRUDSHULRG
RI WKUHH \HDUVZLWKHႇHFWIURP)HEUXDU\ZLWKOLEHUW\WRWKH%RDUGRI'LUHFWRUV KHUHLQDIWHUUHIHUUHGWRDV³WKH
%RDUG´ WRDOWHUDQGYDU\WKHWHUPVDQGFRQGLWLRQVRIWKHVDLGUHDSSRLQWPHQWDVLWPD\GHHP¿W
7. To approve payment of remuneration to Mr. Rajesh Kumar Chaudhary (DIN: 07425111) as Whole-time Director and Key
Managerial Personnel of the Company
“RESOLVED THATSXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQVUHDGZLWK6FKHGXOH9DQGRWKHUDSSOLFDEOHSURYLVLRQV
LIDQ\RIWKH&RPSDQLHV$FWWKHUXOHVPDGHWKHUHXQGHUDQGWKHDSSOLFDEOHSURYLVLRQVRIWKH6(%, /LVWLQJ2EOLJDWLRQV
DQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV LQFOXGLQJDQ\VWDWXWRU\PRGL¿FDWLRQ V RUUHHQDFWPHQW V WKHUHRIIRUWKH
time being in force), approval of the shareholders be and is hereby accorded for payment of remuneration to Mr. Rajesh Kumar
&KDXGKDU\ ',1 DV:KROH7LPH'LUHFWRUDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\IRUDSHULRGRI WKUHH
\HDUVZLWKHႇHFWIURP)HEUXDU\RQWKHWHUPVDQGFRQGLWLRQVDVVHWRXWLQWKHH[SODQDWRU\VWDWHPHQWDQQH[HGWRWKH
Notice, with liberty to the Board of Directors (hereinafter referred to as “the Board”) to alter and vary the terms and conditions
RIWKHVDLGUHPXQHUDWLRQDVLWPD\GHHP¿WZLWKLQWKHOLPLWVDSSURYHGE\WKHVKDUHKROGHUV
32 Annual Report 2021 - 2022

RESOLVED FURTHER THAT approval of the shareholders be and is hereby accorded for payment of remuneration as set out
LQWKHH[SODQDWRU\VWDWHPHQWIRUDQ\¿QDQFLDO\HDUGXULQJWKHWHQXUHRIKLVRႈFH L QRWZLWKVWDQGLQJLQDGHTXDF\RISUR¿WVRUORVV
in the UHVSHFWLYH¿QDQFLDO\HDURU LL HYHQLIWKHDERYHSD\PHQWRUDJJUHJDWHPDQDJHULDOUHPXQHUDWLRQRI([HFXWLYH'LUHFWRUV
RUDJJUHJDWHPDQDJHULDOUHPXQHUDWLRQRIDOOGLUHFWRUVH[FHHGVWKHOLPLWVDVVSHFL¿HGLQ6HFWLRQ RIWKH&RPSDQLHV$FW
DQGRUWKHVHFRQGSURYLVRWKHUHXQGHU
By order of the Board of Directors
Anshu Agarwal
Place: Mumbai &RPSDQ\6HFUHWDU\ &RPSOLDQFH2ႈFHU
Date: June 20, 2022 Membership No. FCS-9921
5HJLVWHUHG2ႈFH
th Floor, Crescenzo, G-Block,
2SS0&$&OXE%DQGUD.XUOD&RPSOH[
%DQGUD (DVW 0XPEDL±
7HO
)D[
:HEVLWHwww.borosil.com
(PDLOinvestor.relations@borosil.com
NOTES:
,QFRPSOLDQFHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FW ³$FW´ UHDGZLWKUXOHVFLUFXODUVLVVXHGWKHUHXQGHUDQGWKH
SURYLVLRQV RI 6(%, /LVWLQJ 2EOLJDWLRQV DQG 'LVFORVXUH 5HTXLUHPHQWV 5HJXODWLRQV ³/LVWLQJ 5HJXODWLRQV´ UHDG ZLWK
circulars issued thereunder, the Annual General Meeting (“AGM”) of the Company is being held through Video Conference
(“VC´ ZLWKRXWWKHSK\VLFDOSUHVHQFHRIWKHVKDUHKROGHUVDWDFRPPRQYHQXH7KHUHJLVWHUHGRႈFHRIWKH&RPSDQ\VKDOOEH
deemed to be the venue of meeting for the purpose of recording of the minutes of the proceedings of the AGM.
,QFRPSOLDQFHZLWKSURYLVLRQVRIWKH$FWUHDGZLWKUXOHVFLUFXODUVLVVXHGWKHUHXQGHUDQGWKHSURYLVLRQVRI/LVWLQJ5HJXODWLRQV
UHDGZLWKFLUFXODUVLVVXHGWKHUHXQGHUWKH&RPSDQ\LVSURYLGLQJWRWKHVKDUHKROGHUVWKHIDFLOLW\WRH[HUFLVHWKHLUULJKWWRYRWHDW
WKHth AGM by electronic means, i.e. remote e-voting and e-voting during the AGM (“e-voting”).
7KHDWWHQGDQFHRIWKHVKDUHKROGHUVDWWHQGLQJWKH$*0WKURXJK9&ZLOOEHFRXQWHGIRUWKHSXUSRVHRIUHFNRQLQJWKHTXRUXP
XQGHU6HFWLRQRIWKH$FW
4. 6LQFHWKLV$*0LVEHLQJKHOGWKURXJK9&SXUVXDQWWRWKHFLUFXODUVLVVXHGE\0LQLVWU\RI&RUSRUDWH$ႇDLUV 0&$
physical attendance of shareholders has been dispensed with. Accordingly, the facility for appointment of proxies
by the shareholders will not be available for the AGM. Further, the Route Map, Proxy Form and Attendance Slip
are not annexed hereto. However, Body Corporates / Institutional shareholders are entitled to appoint authorised
representatives to attend the AGM through VC and cast their votes by electronic means.
,QFRPSOLDQFHZLWKWKH0&$&LUFXODUVDQG6(%,FLUFXODUV1RWLFHRIWKH$*0DORQJZLWKWKH$QQXDO5HSRUWIRUWKH¿QDQFLDO
\HDU LV EHLQJ VHQW RQO\ WKURXJK HOHFWURQLF PRGH WR WKRVH VKDUHKROGHUV DV RQ -XQH ZKRVH HPDLO
DGGUHVV LV UHJLVWHUHG ZLWK WKH 5HJLVWUDU DQG7UDQVIHU$JHQW ³57$´ 'HSRVLWRU\ 3DUWLFLSDQWV 6KDUHKROGHUV PD\ QRWH WKDW
the Notice and Annual Report will also be available on the Company’s website www.borosil.com, websites of the Stock
([FKDQJHVWKDWLV%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHGDWwww.bseindia.com and www.nseindia.com
respectively. The Notice of the AGM is also available on the website of Central Depository Services (India) Limited (“CDSL”) at
www.evotingindia.com. Any shareholder desirous of receiving hard copy of the annual report may send a request to the
Company at investor.relations@borosil.com.
$VWDWHPHQWSXUVXDQWWR6HFWLRQ RIWKH$FWUHODWLQJWRWKH6SHFLDO%XVLQHVVWREHWUDQVDFWHGDWWKH$*0LVDQQH[HG
hereto.
,QWHUPVRIWKHSURYLVLRQVRI6HFWLRQRIWKH$FW0U5DMHVK.XPDU&KDXGKDU\'LUHFWRUUHWLUHVE\URWDWLRQDWWKH$*0DQG
being eligible for appointment, the Board of Directors of the Company have recommend his re-appointment to the shareholders
for their approval. Mr. Rajesh Kumar Chaudhary is interested in the Item No. 2 of the Notice with regard to his re-appointment.
7KHUHODWLYHVRI0U5DMHVK.XPDU&KDXGKDU\PD\EHGHHPHGWREHLQWHUHVWHGLQWKH,WHP1RRIWKH1RWLFHWRWKHH[WHQWRI
WKHLUVKDUHKROGLQJLIDQ\LQWKH&RPSDQ\6DYHDQGH[FHSWWKHDERYHQRQHRIWKHRWKHU'LUHFWRUV.H\0DQDJHULDO3HUVRQQHO
RIWKH&RPSDQ\WKHLUUHODWLYHVDUHLQDQ\ZD\FRQFHUQHGRULQWHUHVWHG¿QDQFLDOO\RURWKHUZLVHLQWKH2UGLQDU\%XVLQHVVVHW
RXWXQGHU,WHP1RVDQGRIWKH1RWLFH

7KHGHWDLOVRI'LUHFWRUVUHWLULQJE\URWDWLRQVHHNLQJUHDSSRLQWPHQWDWWKH$*0DVUHTXLUHGXQGHU/LVWLQJ5HJXODWLRQVWKH$FW
DQG6HFUHWDULDO6WDQGDUG±LVVXHGE\WKH,QVWLWXWHRI&RPSDQ\6HFUHWDULHVRI,QGLDIRUPVSDUWRIWKLV1RWLFH
7KH5HJLVWHURI'LUHFWRUVDQG.H\0DQDJHULDO3HUVRQQHODQGWKHLUVKDUHKROGLQJ5HJLVWHURI&RQWUDFWVRU$UUDQJHPHQWVLQ
which Directors are interested and the documents referred to in the Notice will be available for inspection electronically by the
shareholders during the AGM. The documents referred to in the Notice will also be available for inspection without any fee
by the shareholders from the date of circulation of this Notice up to the date of AGM. Shareholders seeking to inspect such
documents can send an email to investor.relations@borosil.com.
0U'KUXPLO06KDKRI0V'KUXPLO06KDK &R3UDFWLFLQJ&RPSDQ\6HFUHWDU\KROGLQJ&HUWL¿FDWHRI3UDFWLFH1R
has been appointed as the Scrutinizer to scrutinize the e-voting process in a fair and transparent manner.
7KH 6FUXWLQL]HU DIWHU WKH FRQFOXVLRQ RI HYRWLQJ DW WKH $*0 ZLOO VFUXWLQL]H WKH YRWHV FDVW DW WKH $*0 DQG YRWHV FDVW
through remote e-voting and make a consolidated Scrutinizer’s Report and submit the same to the Chairman. The result of
e-voting will be declared within two working days of the conclusion of the AGM and the same, along with the consolidated
Scrutinizer’s Report, will be placed on the website of the Company at www.borosil.com and on the website of CDSL at
www.evotingindia.com. The result along with the consolidated Scrutinizer’s Report will simultaneously be communicated to the
6WRFN([FKDQJHVDQGGLVSOD\HGDWWKH5HJLVWHUHG&RUSRUDWH+HDGRႈFHRIWKH&RPSDQ\
6XEMHFW WR UHFHLSW RI UHTXLVLWH QXPEHU RI YRWHV WKH UHVROXWLRQV VKDOO EH GHHPHG WR EH SDVVHG RQ WKH GDWH RI WKH $*0
LH-XO\
7KH GHWDLOV RI XQSDLG DQG XQFODLPHG GLYLGHQGV DUH XSORDGHG RQ WKH ZHEVLWH RI WKH &RPSDQ\ DW KWWSVZZZERURVLOFRP
VLWHDVVHWV¿OHVEOXQSDLGBGLYLGHQGBI\BSGI. Shareholders are requested to note that the dividends that are
not claimed within seven years from the date of transfer to the Company’s Unpaid Account, will be transferred to Investor
(GXFDWLRQDQG3URWHFWLRQ)XQG ,(3) $VKDUHKROGHUFDQFODLPIURP,(3)$XWKRULW\WKHVKDUHVWUDQVIHUUHGWR,(3)$FFRXQW
E\PDNLQJDQDSSOLFDWLRQLQ)RUP,(3)RQOLQHRQWKHZHEVLWHKWWSVZZZLHSIJRYLQ,(3)FRUSRUDWHVKWPO and by complying
with requisite procedure.
,QDFFRUGDQFHZLWK5HJXODWLRQ UHDGZLWK6FKHGXOH9,RI/LVWLQJ5HJXODWLRQVHTXLW\VKDUHVUHPDLQLQJXQFODLPHG
DVRQ-DQXDU\ZLWKWKH&RPSDQ\57$ZHUHWUDQVIHUUHGWRµ%RURVLO/LPLWHG8QFODLPHG6KDUHV6XVSHQVH$FFRXQW¶
7KHVHVKDUHVSHUWDLQWRWKHSK\VLFDOVKDUHFHUWL¿FDWHVWKDWZHUHVHQWWRWKHVKDUHKROGHUVKROGLQJVKDUHVLQSK\VLFDOIRUPLQ
WHUPVRI&RPSRVLWH6FKHPHRI$PDOJDPDWLRQDQG$UUDQJHPHQWDSSURYHGE\WKH+RQ¶EOH1DWLRQDO&RPSDQ\/DZ7ULEXQDOYLGH
LWVRUGHUGDWHG-DQXDU\DQGZHUHUHWXUQHGXQGHOLYHUHG7KHOLVWRIVKDUHKROGHUVZKRVHVKDUHVDUHWUDQVIHUUHGDV
above is placed on the website of the Company at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVOLVWBRIBVKDUHVBWUDQVIHUUHGB
WRBXQFODLPHGBVKDUHVBVXVSHQVHBDFFRXQWSGI. To know the procedure for claiming the shares transferred to Unclaimed Shares
Suspense Account of the Company, please send an email to RTA at bl@unisec.in or write a letter to RTA, Universal Capital
6HFXULWLHV3YW/WG 8QLW%RURVLO/LPLWHG DW&3DUN/%65RDG9LNKUROL:HVW0XPEDL±
,QWHUPVRIWKH/LVWLQJ5HJXODWLRQVWUDQVIHUWUDQVPLVVLRQDQGWUDQVSRVLWLRQRIVHFXULWLHVRIOLVWHGFRPSDQLHVKHOGLQSK\VLFDO
IRUPVKDOOEHHႇHFWHGRQO\LQGHPDWPRGH)XUWKHU6(%,KDVDOVRPDQGDWHGWKDWOLVWHGFRPSDQLHVVKDOOZKLOHSURFHVVLQJ
LQYHVWRUVHUYLFHUHTXHVWVSHUWDLQLQJWRLVVXHRIGXSOLFDWHVKDUHFHUWL¿FDWHFODLPIURP8QFODLPHG6XVSHQVH$FFRXQWUHQHZDO
H[FKDQJH RI VKDUH FHUWL¿FDWH HQGRUVHPHQW VXEGLYLVLRQ VSOLWWLQJ FRQVROLGDWLRQ RI VKDUH FHUWL¿FDWHV WUDQVPLVVLRQ
transposition etc. issue securities only in demat mode. In view of this as also to eliminate all risks associated with physical
VKDUHVDQGWRJHWLQKHUHQWEHQH¿WVRIGHPDWHULDOL]DWLRQVKDUHKROGHUVKROGLQJVKDUHVLQSK\VLFDOIRUPDUHDGYLVHGWRDYDLORI
the facility of dematerialization.
6(%, YLGH LWV FLUFXODU GDWHG $SULO KDV PDQGDWHG UHJLVWUDWLRQ RI 3HUPDQHQW $FFRXQW 1XPEHU ³3$1´ DQG %DQN
$FFRXQW GHWDLOV IRU VKDUHKROGHUV KROGLQJ VHFXULWLHV LQ SK\VLFDO IRUP )XUWKHU 6(%, YLGH LWV FLUFXODU GDWHG 1RYHPEHU
DQG 'HFHPEHU KDV PDQGDWHG VKDUHKROGHUV KROGLQJ VHFXULWLHV LQ SK\VLFDO IRUP WR IXUQLVK 3$1 1RPLQDWLRQ
'HWDLOV&RQWDFWGHWDLOV $GGUHVVZLWK3,1Mobile number and Email address), Bank account details (bank name, branch
name, account number and IFS code) and Specimen signature before they could avail any investor service. Folios wherein
DQ\RQHRIWKHDERYHPHQWLRQHGGHWDLOVDUHQRWDYDLODEOHE\$SULOVKDOOEHIUR]HQ7KHUHOHYDQWIRUPVSUHVFULEHG
E\ 6(%, IRU IXUQLVKLQJ WKH DERYH GHWDLOV DUH DYDLODEOH RQ WKH ZHEVLWH RI WKH &RPSDQ\ 7KH FRQFHUQHG VKDUHKROGHUV DUH
UHTXHVWHG WR UHJLVWHU XSGDWH WKH DERYH PHQWLRQHG GHWDLOV E\ VXEPLWWLQJ WKH SUHVFULEHG IRUPV GXO\ ¿OOHG DQG VLJQHG E\
the registered holders, by e-mail from their registered e-mail address to bl@unisec.in or by submitting a physical copy
WKHUHRI WR WKH 57$ 8QLYHUVDO &DSLWDO 6HFXULWLHV 3YW /WG 8QLW %RURVLO /LPLWHG & 3DUN /%6 5RDG 9LNKUROL :HVW
0XPEDL±
6KDUHKROGHUVKROGLQJVKDUHVLQGHPDWHULDOLVHGPRGHDUHUHTXHVWHGWRUHJLVWHUXSGDWHWKHLU3$11RPLQDWLRQ'HWDLOV&RQWDFW
GHWDLOV $GGUHVVZLWK3,1Mobile number and Email address), Bank account details (bank name, branch name, account
QXPEHUDQG,)6FRGH DQG6SHFLPHQVLJQDWXUHZLWKWKHUHOHYDQW'HSRVLWRU\3DUWLFLSDQW

Remote E-voting / AGM through VC / E-voting at the AGM
7KH IDFLOLW\ RI DWWHQGLQJ$*0 WKURXJK 9& LV EHLQJ SURYLGHG E\ &'6/7KH IDFLOLW\ RI FDVWLQJ YRWHV E\ D VKDUHKROGHU XVLQJ
µUHPRWHHYRWLQJ¶DQGµHYRWLQJGXULQJWKH$*0¶ ³HYRWLQJ´ LVDOVREHLQJSURYLGHGE\&'6/7KHSURFHGXUHIRUDWWHQGLQJWKH
AGM through VC and for e-voting is given in the Notes below.
$SHUVRQZKRVHQDPHLVUHFRUGHGLQWKH5HJLVWHURI0HPEHUVRULQWKH5HJLVWHURI%HQH¿FLDO2ZQHUVPDLQWDLQHGE\WKH57$
'HSRVLWRULHVDVRQWKH&XWRႇ'DWHLH:HGQHVGD\-XO\RQO\VKDOOEHHQWLWOHGWRDYDLOWKHIDFLOLW\RIHYRWLQJA person
ZKRLVQRWDVKDUHKROGHUDVRQWKH&XWRႇ'DWHVKRXOGWUHDWWKH1RWLFHIRULQIRUPDWLRQSXUSRVHRQO\ Voting rights of a
VKDUHKROGHUVKDOOEHLQSURSRUWLRQWRKLVKHULWVVKDUHKROGLQJLQWKHSDLGXSHTXLW\VKDUHFDSLWDORIWKH&RPSDQ\DVRQWKH&XW
RႇGDWH$Q\SHUVRQZKREHFRPHVDVKDUHKROGHURIWKH&RPSDQ\DIWHU-XQHDQGKROGVVKDUHVRQWKH&XWRႇ'DWH
PD\H[HUFLVHKLVYRWLQJULJKWVWKURXJKHYRWLQJDQGDWWHQGWKH$*0E\IROORZLQJWKHSURFHGXUHJLYHQEHORZ
20. The remote e-voting period will commence at 9:00 a.m. (IST) on Sunday, July 10, 2022 and ends at 5:00 p.m. (IST) on
Tuesday, July 12, 2022. The e-voting module shall be disabled by CDSL for remote e-voting thereafter. During the remote
HYRWLQJSHULRGVKDUHKROGHUVRIWKH&RPSDQ\KROGLQJVKDUHVHLWKHULQSK\VLFDOIRUPRUGHPDWHULDOL]HGIRUPDVRQWKH&XWRႇ
date may cast their vote electronically.
6KDUHKROGHUVDWWHQGLQJWKH$*0ZKRKDYHQRWDOUHDG\FDVWWKHLUYRWHE\UHPRWHHYRWLQJVKDOOEHDEOHWRH[HUFLVHWKHLUYRWHDW
the AGM. The shareholders who have cast their vote by remote e-voting prior to the AGM may also attend the AGM but shall
not be entitled to cast their vote again.
22. Only those shareholders, who are present in the AGM through VC and have not cast their vote through remote e-voting and
are otherwise not barred from doing so, shall be eligible to vote through e-voting system available during the AGM.
,IDQ\YRWHVDUHFDVWE\WKHVKDUHKROGHUVWKURXJKWKHHYRWLQJDYDLODEOHGXULQJWKH$*0DQGLIWKHVDPHVKDUHKROGHUVKDYH
not participated in the AGM through VC, then the votes cast by such shareholders shall be considered invalid as the facility of
e-voting during the AGM is available only to the shareholders attending AGM.
24. Once the vote on a resolution is cast by the shareholder, the shareholder shall not be allowed to change it subsequently.
%RG\&RUSRUDWHV,QVWLWXWLRQDOVKDUHKROGHUVDUHHQWLWOHGWRDSSRLQWDXWKRULVHGUHSUHVHQWDWLYHVWRDWWHQGWKH$*0WKURXJK9&
DQGFDVWWKHLUYRWHVWKURXJKHYRWLQJ%RG\&RUSRUDWHV,QVWLWXWLRQDOVKDUHKROGHUVLQWHQGLQJWRDWWHQGWKH$*0WKURXJKWKHLU
DXWKRULVHGUHSUHVHQWDWLYHVDQGFDVWWKHLUYRWHVWKURXJKHYRWLQJDUHUHTXHVWHGWRVHQGD&HUWL¿HG7UXH&RS\RIWKH%RDUG
5HVROXWLRQ3RZHURI$WWRUQH\$XWKRULW\OHWWHUHWF 3')-3*)RUPDW WR6FUXWLQL]HUDWdhrumil@dmshah.inDQGRU57$DW
bl@unisec.inDQGRU&RPSDQ\DWinvestor.relations@borosil.com with a copy marked to helpdesk.evoting@cdslindia.com.
6KDUHKROGHUVZKRZRXOGOLNHWRH[SUHVVWKHLUYLHZVDVNTXHVWLRQVGXULQJWKH$*0PD\UHJLVWHUWKHPVHOYHVDVVSHDNHUE\
VHQGLQJWKHLUUHTXHVWRQRUEHIRUH-XO\PHQWLRQLQJWKHLUQDPHGHPDWDFFRXQWQXPEHUIROLRQXPEHUHPDLOLGDQG
mobile number at investor.relations@borosil.com. The shareholders who do not wish to speak during the AGM but have queries
PD\VHQGWKHLUTXHULHVRQRUEHIRUH-XO\PHQWLRQLQJWKHLUQDPHGHPDWDFFRXQWQXPEHUIROLRQXPEHUHPDLOLGDQG
mobile number at investor.relations@borosil.com. These queries will be addressed by the Company suitably. The Company
reserves the right to restrict number of questions and number of speakers, as appropriate for smooth conduct of AGM.
7KRVHVKDUHKROGHUVZKRKDYHUHJLVWHUHGWKHPVHOYHVDVVSHDNHUZLOORQO\EHDOORZHGWRH[SUHVVWKHLUYLHZVDVNTXHVWLRQV
during the AGM.
6KDUHKROGHUVRIWKH&RPSDQ\XQGHUWKHFDWHJRU\RIµ,QVWLWXWLRQDO,QYHVWRUV¶DUHHQFRXUDJHGWRDWWHQGWKH$*0DQGWRYRWH
)RULQGLYLGXDOVKDUHKROGHUVKROGLQJVKDUHVLQGHPDWHULDOLVHGPRGHSOHDVHXSGDWH\RXU(PDLO,'DQGPRELOHQXPEHUZLWK\RXU
UHVSHFWLYH'HSRVLWRU\3DUWLFLSDQW '3 ZKLFKLVPDQGDWRU\ZKLOHHYRWLQJDQGDWWHQGLQJ$*0WKURXJK'HSRVLWRU\
Procedure for remote e-voting
$FFHVVWKURXJK'HSRVLWRULHVLH&'6/16'/HYRWLQJV\VWHPLQFDVHRILQGLYLGXDOVKDUHKROGHUVKROGLQJVKDUHVLQGHPDW
mode.
,QWHUPVRI6(%,FLUFXODUQR6(%,+2&)'&0'&,53GDWHG'HFHPEHULQGLYLGXDOVKDUHKROGHUVKROGLQJ
securities in demat mode are allowed to cast their vote through their demat account maintained with Depositories and Depository
3DUWLFLSDQWV6KDUHKROGHUVDUHDGYLVHGWRXSGDWHWKHLUPRELOHQXPEHUDQGHPDLOLGLQWKHLUGHPDWDFFRXQWVLQRUGHUWRDFFHVV
HYRWLQJIDFLOLW\3XUVXDQWWRDIRUHVDLG6(%,&LUFXODUORJLQPHWKRGIRUHYRWLQJDQGDWWHQGLQJ$*0WKURXJK9&IRU,QGLYLGXDO
VKDUHKROGHUVKROGLQJVHFXULWLHVLQGHPDWPRGH &'6/16'/ LVJLYHQEHORZ

Type of Login Method
shareholders
Individual 8VHUVZKRKDYHRSWHGIRU&'6/(DVL(DVLHVWIDFLOLW\FDQORJLQWKURXJKWKHLUH[LVWLQJ8VHU
Shareholders ID and password. Option will be made available to reach e-voting page without any further
holding securities DXWKHQWLFDWLRQ 7KH 85/ IRU XVHUV WR ORJLQ WR (DVL (DVLHVW DUH KWWSVZHEFGVOLQGLDFRP
in dematerialised P\HDVLKRPHORJLQ or visit www.cdslindia.com and click on login icon and select New System
(demat) mode with Myeasi.
CDSL
$IWHUVXFFHVVIXOORJLQWKH(DVL(DVLHVWXVHUZLOOEHDEOHWRVHHWKHHYRWLQJRSWLRQIRUHOLJLEOH
companies where the e-voting is in progress. On clicking the e-voting option, the user will be
able to see e-voting page of the e-voting service provider for casting the vote during the remote
e-voting period or joining AGM through VC and e-voting at the AGM. Additionally, there are also
OLQNVSURYLGHGWRDFFHVVWKHV\VWHPRIDOOH9RWLQJVHUYLFHSURYLGHUVLH&'6/16'/.$59<
/,1.,17,0(VRWKDWWKHXVHUFDQYLVLWWKHHYRWLQJVHUYLFHSURYLGHUV¶ZHEVLWHGLUHFWO\
,I WKH XVHU LV QRW UHJLVWHUHG IRU (DVL (DVLHVW RSWLRQ WR UHJLVWHU LV DYDLODEOH DW
KWWSVZHEFGVOLQGLDFRPP\HDVL5HJLVWUDWLRQ(DVL5HJLVWUDWLRQ
4) Alternatively, the user can directly access e-voting page by providing Demat Account Number
DQG 3$1 1R IURP D HYRWLQJ OLQN DYDLODEOH RQ www.cdslindia.com home page or click on
KWWSVHYRWLQJFGVOLQGLDFRP(YRWLQJ(YRWLQJ/RJLQ. The system will authenticate the user by
VHQGLQJ273RQUHJLVWHUHG0RELOH (PDLODVUHFRUGHGLQWKH'HPDW$FFRXQW$IWHUVXFFHVVIXO
authentication, user will be able to see the e-voting option where the e-voting is in progress and
also able to directly access the system of all e-voting service providers.
Individual ,I \RX DUH DOUHDG\ UHJLVWHUHG IRU 16'/ ,'H$6 IDFLOLW\ SOHDVH YLVLW WKH H6HUYLFHV ZHEVLWH RI
Shareholders NSDL. Open web browser by typing the following URL: KWWSVHVHUYLFHVQVGOFRP either on a
holding securities 3HUVRQDO&RPSXWHURURQDPRELOH2QFHWKHKRPHSDJHRIH6HUYLFHVLVODXQFKHGFOLFNRQWKH
in dematerialised ³%HQH¿FLDO2ZQHU´LFRQXQGHU³/RJLQ´ZKLFKLVDYDLODEOHXQGHUµ,'H$6¶VHFWLRQ$QHZVFUHHQ
(demat) mode with ZLOORSHQ<RXZLOOKDYHWRHQWHU\RXU8VHU,'DQG3DVVZRUG$IWHUVXFFHVVIXODXWKHQWLFDWLRQ
NSDL you will be able to see e-voting services. Click on “Access to e-Voting” under e-voting services
and you will be able to see e-voting page. Click on company name or e-voting service provider
name and you will be re-directed to e-voting service provider website for casting your vote
during the remote e-voting period or joining AGM through VC and e-voting at the AGM.
2) If the user is not registered for IDeAS e-Services, option to register is available at
KWWSVHVHUYLFHVQVGOFRP6HOHFW³5HJLVWHU2QOLQHIRU,'H$6³3RUWDORUFOLFNDWKWWSVHVHUYLFHV
QVGOFRP6HFXUH:HE,GHDV'LUHFW5HJMVS
9LVLW WKH HYRWLQJ ZHEVLWH RI 16'/ 2SHQ ZHE EURZVHU E\ W\SLQJ WKH IROORZLQJ 85/
KWWSVZZZHYRWLQJQVGOFRP HLWKHU RQ D 3HUVRQDO &RPSXWHU RU RQ D PRELOH 2QFH WKH
home page of e-voting system is launched, click on the icon “Login” which is available under
µ6KDUHKROGHU0HPEHU¶VHFWLRQ$QHZVFUHHQZLOORSHQ<RXZLOOKDYHWRHQWHU\RXU8VHU,' LH
\RXUVL[WHHQGLJLWGHPDWDFFRXQWQXPEHUKHOGZLWK16'/ 3DVVZRUG273DQGD9HUL¿FDWLRQ
Code as shown on the screen. After successful authentication, you will be redirected to NSDL
Depository site wherein you can see e-voting page. Click on company name or e-voting service
provider name and you will be redirected to e-voting service provider website for casting your
vote during the remote e-voting period or joining AGM through VC and e-voting at the AGM.
Individual <RX FDQ DOVR ORJLQ XVLQJ WKH ORJLQ FUHGHQWLDOV RI \RXU GHPDW DFFRXQW WKURXJK \RXU 'HSRVLWRU\
Shareholders 3DUWLFLSDQW UHJLVWHUHG ZLWK 16'/&'6/ IRU HYRWLQJ IDFLOLW\ DWWHQGLQJ $*0 WKURXJK 9& $IWHU
holding securities successful login, you will be able to see e-voting option. Once you click on e-voting option, you will
in dematerialised EHUHGLUHFWHGWR16'/&'6/'HSRVLWRU\VLWHDIWHUVXFFHVVIXODXWKHQWLFDWLRQZKHUHLQ\RXFDQVHH
(demat) mode, can e-voting feature. Click on company name or e-voting service provider name and you will be redirected
also login through to e-voting service provider website for casting your vote during the remote e-voting period or joining
their Depository AGM through VC and e-voting at the AGM.
Participants
Important note:6KDUHKROGHUVZKRDUHXQDEOHWRUHWULHYH8VHU,'3DVVZRUGDUHDGYLVHGWRXVH)RUJHW8VHU,'DQG)RUJHW
3DVVZRUGRSWLRQDYDLODEOHDWDERYHPHQWLRQHGZHEVLWH
+HOSGHVN IRU LQGLYLGXDO VKDUHKROGHUV KROGLQJ VHFXULWLHV LQ GHPDW PRGH IRU DQ\ WHFKQLFDO LVVXHV UHODWHG WR ORJLQ WKURXJK
'HSRVLWRU\LH&'6/16'/

Login type Helpdesk details
Individual Shareholders holding securities in Shareholders facing any technical issue in login can contact CDSL helpdesk
Demat mode with CDSL by sending a request at helpdesk.evoting@cdslindia.com or contact on the
WROOIUHHQR
Individual Shareholders holding securities in Shareholders facing any technical issue in login can contact NSDL
Demat mode with NSDL helpdesk by sending a request at evoting@nsdl.co.in or call at toll free no.:
DQG
$FFHVVWKURXJK&'6/HYRWLQJV\VWHPLQFDVHRIVKDUHKROGHUVKROGLQJVKDUHVLQSK\VLFDOPRGH SK\VLFDOVKDUHKROGHUV DQG
non-individual shareholders holding shares in demat mode.
Login method for e-Voting and attending AGM through VC for physical shareholders and shareholders other than individual
shareholders holding in Demat form.
i. The shareholders should log on to the e-voting website www.evotingindia.com.
ii. Click on “Shareholders” module.
iii. Now enter your User ID
D )RU&'6/GLJLWVEHQH¿FLDU\,'
E )RU16'/&KDUDFWHU'3,'IROORZHGE\'LJLWV&OLHQW,'
F 6KDUHKROGHUVKROGLQJVKDUHVLQ3K\VLFDO)RUPVKRXOGHQWHU)ROLR1XPEHUUHJLVWHUHGZLWKWKH&RPSDQ\
LY 1H[WHQWHUWKH,PDJH9HUL¿FDWLRQDVGLVSOD\HGDQG&OLFNRQ/RJLQ
v. If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier e-voting of
DQ\FRPSDQ\WKHQ\RXUH[LVWLQJSDVVZRUGLVWREHXVHG
YL ,I\RXDUHD¿UVWWLPHXVHUIROORZWKHVWHSVJLYHQEHORZ
For Physical shareholders and other than individual shareholders holding shares in Demat
3$1 (QWHU \RXU GLJLW DOSKDQXPHULF 3$1 LVVXHG E\ ,QFRPH7D[ 'HSDUWPHQW $SSOLFDEOH IRU ERWK
demat shareholders as well as physical shareholders)
6KDUHKROGHUV ZKR KDYH QRW XSGDWHG WKHLU 3$1 ZLWK WKH &RPSDQ\ 'HSRVLWRU\ 3DUWLFLSDQW DUH
UHTXHVWHGWRXVHWKHVHTXHQFHQXPEHUVHQWE\&RPSDQ\57$LQWKHHPDLOFRPPXQLFDWLRQRU
contact RTA at bl@unisec.in
Dividend Bank (QWHUWKH'LYLGHQG%DQN'HWDLOVRU'DWHRI%LUWK LQGGPP\\\\IRUPDW DVUHFRUGHGLQ\RXUGHPDW
Details account or in the company records in order to login.
OR Date of Birth ,IERWKWKHGHWDLOVDUHQRWUHFRUGHGZLWKWKHGHSRVLWRU\RUFRPSDQ\SOHDVHHQWHUWKHPHPEHULG
(DOB) IROLRQXPEHULQWKH'LYLGHQG%DQNGHWDLOV¿HOG LLL
vii. After entering these details appropriately, click on “SUBMIT” tab.

YLLL 6KDUHKROGHUV KROGLQJ VKDUHV LQ SK\VLFDO IRUP ZLOO WKHQ GLUHFWO\ UHDFK WKH &RPSDQ\ VHOHFWLRQ VFUHHQ +RZHYHU
VKDUHKROGHUV KROGLQJ VKDUHV LQ GHPDW IRUP ZLOO QRZ UHDFK µ3DVVZRUG &UHDWLRQ¶ PHQX ZKHUHLQ WKH\ DUH UHTXLUHG WR
PDQGDWRULO\HQWHUWKHLUORJLQSDVVZRUGLQWKHQHZSDVVZRUG¿HOG.LQGO\QRWHWKDWWKLVSDVVZRUGLVWREHDOVRXVHGE\WKH
demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company
opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person
DQGWDNHXWPRVWFDUHWRNHHS\RXUSDVVZRUGFRQ¿GHQWLDO
L[ )RUVKDUHKROGHUVKROGLQJVKDUHVLQSK\VLFDOIRUPWKHGHWDLOVFDQEHXVHGRQO\IRUHYRWLQJRQWKHUHVROXWLRQVFRQWDLQHG
in this Notice.
[ &OLFNRQWKH(961IRUWKHUHOHYDQW%RURVLO/LPLWHG!RQZKLFK\RXFKRRVHWRYRWH
[L 2QWKHYRWLQJSDJH\RXZLOOVHH³5(62/87,21'(6&5,37,21´DQGDJDLQVWWKHVDPHWKHRSWLRQ³<(612ÍRUYRWLQJ
6HOHFWWKHRSWLRQ<(6RU12DVGHVLUHG7KHRSWLRQ<(6LPSOLHVWKDW\RXDVVHQWWRWKH5HVROXWLRQDQGRSWLRQ12LPSOLHV
that you dissent to the Resolution.
[LL &OLFNRQWKH³5(62/87,216),/(/,1.´LI\RXZLVKWRYLHZWKHHQWLUH5HVROXWLRQGHWDLOV
[LLL $IWHUVHOHFWLQJWKHUHVROXWLRQ\RXKDYHGHFLGHGWRYRWHRQFOLFNRQ³68%0,7´$FRQ¿UPDWLRQER[ZLOOEHGLVSOD\HG,I\RX
ZLVKWRFRQ¿UP\RXUYRWHFOLFNRQ³2.´HOVHWRFKDQJH\RXUYRWHFOLFNRQ³&$1&(/´DQGDFFRUGLQJO\PRGLI\\RXUYRWH

[LY 2QFH\RX³&21),50´\RXUYRWHRQWKHUHVROXWLRQ\RXZLOOQRWEHDOORZHGWRPRGLI\\RXUYRWH
[Y <RXFDQDOVRWDNHDSULQWRIWKHYRWHVFDVWE\FOLFNLQJRQ³&OLFNKHUHWRSULQW´RSWLRQRQWKH9RWLQJSDJH
[YL ,IDGHPDWDFFRXQWKROGHUKDVIRUJRWWHQWKHORJLQSDVVZRUGWKHQ(QWHUWKH8VHU,'DQGWKHLPDJHYHUL¿FDWLRQFRGHDQG
FOLFNRQ)RUJRW3DVVZRUG HQWHUWKHGHWDLOVDVSURPSWHGE\WKHV\VWHP
[YLL Additional Facility for Non – Individual Shareholders and Custodians – For Remote e-voting only.
Õ 1RQ,QGLYLGXDOVKDUHKROGHUV LHRWKHUWKDQ,QGLYLGXDOV+8)15,HWF DQG&XVWRGLDQVDUHUHTXLUHGWRORJRQWR
www.evotingindia.com and register themselves in the “Corporates” module.
Õ A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to helpdesk.
evoting@cdslindia.com
Õ After receiving the login details a Compliance User should be created using the admin login and password. The
Compliance User would be able to link the account(s) for which they wish to vote on.
Õ The list of accounts linked in the login should be mailed to helpdesk.evoting@cdslindia.com and on approval of the
accounts they would be able to cast their vote.
Õ $VFDQQHGFRS\RIWKH%RDUG5HVROXWLRQDQG3RZHURI$WWRUQH\ 32$ ZKLFKWKH\KDYHLVVXHGLQIDYRXURIWKH
&XVWRGLDQLIDQ\VKRXOGEHXSORDGHGLQ3')IRUPDWLQWKHV\VWHPIRUWKHVFUXWLQL]HUWRYHULI\WKHVDPH$OWHUQDWLYHO\
1RQ ,QGLYLGXDO VKDUHKROGHUV DUH UHTXLUHG WR VHQG WKH UHOHYDQW &HUWL¿HG 7UXH &RS\ RI WKH %RDUG 5HVROXWLRQ
3RZHURI$WWRUQH\$XWKRULW\OHWWHUHWF 3')-3*)RUPDW WR6FUXWLQL]HUDWdhrumil@dmshah.inDQGRU57$DW
bl@unisec.in DQG RU &RPSDQ\ DW investor.relations@borosil.com with a copy marked to helpdesk.evoting@
cdslindia.comLIWKH\KDYHYRWHGIURPLQGLYLGXDOWDE QRWXSORDGHGVDPHLQWKH&'6/HYRWLQJV\VWHPIRUWKH
scrutinizer to verify the same.
Procedure for attending AGM through VC and E-voting at the AGM
7KHSURFHGXUHIRUDWWHQGLQJ$*0WKURXJK9&DQGHYRWLQJRQWKHGD\RIWKH$*0LVVDPHDVWKHLQVWUXFWLRQVPHQWLRQHGDERYH
for remote e-voting.
7KHOLQNIRU9&WRDWWHQG$*0ZLOOEHDYDLODEOHZKHUHWKH(961RI&RPSDQ\ZLOOEHGLVSOD\HGDIWHUVXFFHVVIXOORJLQDVSHUWKH
instructions mentioned above for remote e-voting.
)DFLOLW\WRMRLQ$*0WKURXJK9&VKDOORSHQPLQXWHVEHIRUHWKHVFKHGXOHGWLPHRIFRPPHQFHPHQWRI$*07KHIDFLOLW\RI
SDUWLFLSDWLRQLQWKH$*0WKURXJK9&ZLOOEHPDGHDYDLODEOHWRDWOHDVWVKDUHKROGHUVRQ¿UVWFRPH¿UVWVHUYHGEDVLV
7KLVZLOOQRWLQFOXGHODUJHVKDUHKROGHUV VKDUHKROGHUVKROGLQJRUPRUHVKDUHKROGLQJ 3URPRWHUV,QVWLWXWLRQDO,QYHVWRUV
'LUHFWRUV.H\0DQDJHULDO3HUVRQQHOWKH&KDLUSHUVRQVRIWKH$XGLW&RPPLWWHH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHDQG
6WDNHKROGHUV5HODWLRQVKLS&RPPLWWHH$XGLWRUVHWFZKRDUHDOORZHGWRDWWHQGWKH$*0ZLWKRXWUHVWULFWLRQRQDFFRXQWRI¿UVW
FRPH¿UVWVHUYHGEDVLV
6KDUHKROGHUVDUHHQFRXUDJHGWRMRLQWKH0HHWLQJWKURXJK/DSWRSV,3DGVIRUEHWWHUH[SHULHQFH
6KDUHKROGHUVZLOOEHUHTXLUHGWRDOORZ&DPHUDDQGXVH,QWHUQHWZLWKDJRRGVSHHGWRDYRLGDQ\GLVWXUEDQFHGXULQJWKHPHHWLQJ
3OHDVHQRWHWKDWSDUWLFLSDQWVFRQQHFWLQJIURP0RELOH'HYLFHVRU7DEOHWVRUWKURXJK/DSWRSFRQQHFWLQJYLD0RELOH+RWVSRWPD\
H[SHULHQFH$XGLR9LGHRORVVGXHWRÀXFWXDWLRQLQWKHLUUHVSHFWLYHQHWZRUN,WLVWKHUHIRUHUHFRPPHQGHGWRXVHVWDEOH:L)LRU
LAN connection to mitigate any kind of aforesaid glitches.
For assistance / queries for e-voting, attending AGM through VC:
If you have any queries or issues regarding attending AGM and e-voting (remote e-voting and e-voting at the AGM) from the CDSL
e-voting system, you can write an email to helpdesk.evoting@cdslindia.com RU FRQWDFW RQ WKH WROO IUHH QR . All
grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh Dalvi, Sr. Manager, (CDSL)
&HQWUDO'HSRVLWRU\6HUYLFHV ,QGLD /LPLWHG$:LQJth)ORRU0DUDWKRQ)XWXUH[0DIDWODO0LOO&RPSRXQGV10-RVKL0DUJ/RZHU
3DUHO (DVW 0XPEDLRUVHQGDQHPDLOWRhelpdesk.evoting@cdslindia.comRUFDOORQWKHWROOIUHHQR

Explanatory Statement pursuant to Section 102 (1) of the Companies Act, 2013
ITEM NO. 3:
6KDUHKROGHUV RI WKH &RPSDQ\ DW WKH th Annual General Meeting held on September 29, 2020 had approved appointment of
0U 6KUHHYDU .KHUXND ',1 DV 0DQDJLQJ 'LUHFWRU &KLHI ([HFXWLYH 2ႈFHU DQG .H\ 0DQDJHULDO 3HUVRQQHO RI WKH
&RPSDQ\IRUDSHULRGRI WKUHH \HDUVIURP)HEUXDU\XSWR)HEUXDU\+LVWHUPVDQGFRQGLWLRQVRIDSSRLQWPHQW
LQFOXGLQJ UHPXQHUDWLRQ ZHUH DOVR DSSURYHG E\ WKH VKDUHKROGHUV LQ WKH DIRUHVDLG PHHWLQJ +LV ¿[HG VDODU\ ZDV DSSURYHG LQ WKH
VFDOHUDQJHRI`SHUPRQWKWR`SHUPRQWKZLWKVXFKLQFUHPHQWDVPD\EHGHFLGHGE\WKH1RPLQDWLRQDQG
5HPXQHUDWLRQ&RPPLWWHH%RDUGRI'LUHFWRUV ³%RDUG¶ $FFRUGLQJO\KHLVSUHVHQWO\EHLQJSDLG¿[HGPRQWKO\VDODU\RI`
per month. In addition, he is also entitled to incentive or commission as may be decided by the Nomination and Remuneration
&RPPLWWHH%RDUGQRWH[FHHGLQJÌRUHDFK¿QDQFLDO\HDURUSDUWWKHUHRI,QFHQWLYHRI`ZDVSDLGWRKLP
IRUWKH¿QDQFLDO\HDU
:LWKDYLHZWRNHHSDEDODQFHEHWZHHQWKH¿[HGDQGYDULDEOHSRUWLRQRI0U6KUHHYDU.KHUXND¶VUHPXQHUDWLRQ FRQVLGHULQJ¿[HG
SRUWLRQLVYHU\ORZDVFRPSDUHGWRWKHYDULDEOHSRUWLRQ DQGORRNLQJDW0U6KUHHYDU¶VFRQWULEXWLRQWRZDUGVSHUIRUPDQFH JURZWKRI
WKH&RPSDQ\ZKLFKLVHYLGHQWWKURXJKWKH¿QDQFLDOSHUIRUPDQFHRIWKH&RPSDQ\WKH%RDUGRQUHFRPPHQGDWLRQRIWKH1RPLQDWLRQ
DQG 5HPXQHUDWLRQ &RPPLWWHH KDV DSSURYHG LQFUHDVH LQ KLV ¿[HG PRQWKO\ VDODU\ IURP WKH H[LVWLQJ ` SHU PRQWK WR
`SHUPRQWKZLWKHႇHFWIURP$SULO$OORWKHUWHUPVDVDSSURYHGE\WKHVKDUHKROGHUVRIWKH&RPSDQ\LQWKHLU
PHHWLQJKHOGRQ6HSWHPEHUVKDOOFRQWLQXHWRUHPDLQVDPHWLOOKLVEDODQFHWHQXUHLHXSWR)HEUXDU\
Shareholders’ approval is sought for revision in remuneration of Mr. Shreevar Kheruka, in terms of the applicable provisions of
WKH &RPSDQLHV $FW ³WKH $FW´ DQG 6(%, /LVWLQJ 2EOLJDWLRQV DQG 'LVFORVXUH 5HTXLUHPHQWV 5HJXODWLRQV ³/LVWLQJ
Regulations”).
7KHUHYLVHGWHUPVRIUHPXQHUDWLRQRI0U6KUHHYDU.KHUXNDZLWKHႇHFWIURP$SULOVKDOOEHDVXQGHU
Remuneration
a. Salary ` 5XSHHV)RUW\/DNKV SHUPRQWK
b. Commission or Incentive $VPD\EHGHFLGHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH%RDUGQRWH[FHHGLQJ
(No change is proposed in ` 5XSHHV7HQ&URUH IRUHDFK¿QDQFLDO\HDURUSDUWWKHUHRI
this limit).
7KHDIRUHVDLGFRPPLVVLRQLQFHQWLYHDPRXQWLVPD[LPXPSHUPLWWHGOLPLWDQGWKHDFWXDODPRXQW
RI FRPPLVVLRQ LQFHQWLYH WR EH SDLG VKDOO EH GHFLGHG E\ WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ
&RPPLWWHH %RDUG FRQVLGHULQJ WKH SHUIRUPDQFH JURZWK RI WKH &RPSDQ\ DQG YDULRXV RWKHU
factors.
c. 3HUTXLVLWHV 1RFKDQJH i. 0HGLFDO([SHQVHV
+RVSLWDOLVDWLRQ 0U 6KUHHYDU .KHUXND DQG KLV GHSHQGHQWV ZLOO EH FRYHUHG E\ WKH
Company’s medical insurance scheme.
ii. Club Fees
5HLPEXUVHPHQWRIPHPEHUVKLSIHHIRUXSWRFOXEVLQ,QGLDLQFOXGLQJVXEVFULSWLRQIHH
iii. 3HUVRQDO$FFLGHQW,QVXUDQFH
+H ZLOO EH FRYHUHG E\ *URXS 3HUVRQDO$FFLGHQW 3ROLF\ RI WKH &RPSDQ\ IRU D VXLWDEOH
amount.
iv. Mr. Shreevar Kheruka will be provided with a Company maintained car with Driver.
Y 3KRQHUHQWDODQGFDOOFKDUJHVDQGEURDGEDQGFKDUJHVZLOOEHSDLGE\WKH&RPSDQ\DW
DFWXDOVIRUWHOHSKRQHPRELOHSKRQH V
YL &RPSDQ\¶VFRQWULEXWLRQWR3URYLGHQW)XQG*UDWXLW\DQGHQFDVKPHQWRIOHDYHSD\DEOHDV
per rules of the Company. These shall not be included in the computation of limits for the
remuneration or perquisites aforesaid.
vii. Leave
Leave with full pay or encashment thereof as per the Rules of the Company.
viii. Mr. Shreevar Kheruka will further be entitled to reimbursement of actual entertainment
DQGWUDYHOOLQJH[SHQVHVLQFXUUHGE\KLPIRUEXVLQHVVSXUSRVHV
3XUVXDQWWR6HFWLRQ RIWKH$FWWKHWRWDOPDQDJHULDOUHPXQHUDWLRQSD\DEOHE\DSXEOLFFRPSDQ\WRLWVGLUHFWRUVLQFOXGLQJ
PDQDJLQJGLUHFWRUDQGZKROHWLPHGLUHFWRUDQGLWVPDQDJHULQUHVSHFWRIDQ\¿QDQFLDO\HDUVKDOOQRWH[FHHGHOHYHQSHUFHQWRIWKHQHW
SUR¿WVRIWKHFRPSDQ\IRUWKDW¿QDQFLDO\HDUFRPSXWHGLQWKHPDQQHUODLGGRZQLQ6HFWLRQRIWKH$FW+RZHYHUSXUVXDQWWR¿UVW
SURYLVRWR6HFWLRQ RIWKH$FWWKHFRPSDQ\LQJHQHUDOPHHWLQJPD\DXWKRULVHWKHSD\PHQWRIUHPXQHUDWLRQH[FHHGLQJHOHYHQ
SHUFHQWRIWKHQHWSUR¿WVRIWKHFRPSDQ\VXEMHFWWRWKHSURYLVLRQVRI6FKHGXOH9WRWKH$FW

)XUWKHUSXUVXDQWWRVHFRQGSURYLVRWR6HFWLRQ RIWKH$FWH[FHSWZLWKWKHDSSURYDORIWKHFRPSDQ\LQJHQHUDOPHHWLQJE\D
VSHFLDOUHVROXWLRQWKHUHPXQHUDWLRQSD\DEOHWRDQ\RQHPDQDJLQJGLUHFWRURUZKROHWLPHGLUHFWRURUPDQDJHUVKDOOQRWH[FHHG¿YH
SHUFHQWRIWKHQHWSUR¿WVRIWKHFRPSDQ\DQGLIWKHUHLVPRUHWKDQRQHVXFKGLUHFWRUUHPXQHUDWLRQVKDOOQRWH[FHHGWHQSHUFHQWRIWKH
QHWSUR¿WVWRDOOVXFKGLUHFWRUVDQGPDQDJHUWDNHQWRJHWKHU
)XUWKHUSXUVXDQWWR5HJXODWLRQ H RI/LVWLQJ5HJXODWLRQVDSSURYDORIWKHVKDUHKROGHUVRIWKHFRPSDQ\E\ZD\RIDVSHFLDO
UHVROXWLRQLVUHTXLUHGIRU L SD\PHQWRIDQQXDOUHPXQHUDWLRQWRH[HFXWLYHGLUHFWRUZKRLVDSURPRWHURUPHPEHURIWKHSURPRWHU
JURXSRIWKHFRPSDQ\H[FHHGLQJUXSHHVFURUHRUSHUFHQWRIWKHQHWSUR¿WV FRPSXWHGDVSHUWKHSURYLVLRQVRI6HFWLRQ
of the Act) of the company, whichever is higher; or (ii) where there is more than one such director, payment of aggregate annual
UHPXQHUDWLRQWRVXFKGLUHFWRUVH[FHHGLQJSHUFHQWRIWKHQHWSUR¿WV FRPSXWHGDVSHUWKHSURYLVLRQVRI6HFWLRQRIWKH$FW RI
the company.
,QWKHHYHQWRILQDGHTXDF\RISUR¿WVRUORVVGXULQJWKH¿QDQFLDO\HDUWKHSD\PHQWRIWKHDIRUHVDLGUHYLVHGUHPXQHUDWLRQVKDOO
be made in terms of the provisions of Schedule V to the Act.
The Board has considered the parameters given under Section 200 of the Act and the rules made thereunder read with Schedule
V to the Act for the above revision in remuneration. Details of Mr. Shreevar Kheruka in terms of provisions of (i) Listing Regulations
(ii) Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India (iii) Schedule V to the Act are
JLYHQDV$QQH[XUHWRWKH([SODQDWRU\6WDWHPHQW7KHDERYHPD\EHWUHDWHGDVDZULWWHQPHPRUDQGXP DGGHQGXP VHWWLQJRXWWKH
WHUPVRIUHPXQHUDWLRQRI0U6KUHHYDU.KHUXNDXQGHU6HFWLRQRIWKH$FW
0U6KUHHYDU.KHUXNDLVLQWHUHVWHGLQWKHUHVROXWLRQVHWRXWDW,WHP1RRIWKH1RWLFH0U3UDGHHS.XPDU.KHUXND&KDLUPDQEHLQJ
related to Mr. Shreevar Kheruka, may be deemed to be interested in the aforesaid resolution. The other relatives of Mr. Shreevar
.KHUXNDDQG0U3UDGHHS.XPDU.KHUXNDPD\DOVREHGHHPHGWREHLQWHUHVWHGLQWKHDIRUHVDLGUHVROXWLRQWRWKHH[WHQWRIWKHLU
VKDUHKROGLQJLIDQ\LQWKH&RPSDQ\6DYHDQGH[FHSWWKHDERYHQRQHRIWKHRWKHU'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH
&RPSDQ\WKHLUUHODWLYHVDUHLQDQ\ZD\FRQFHUQHGRULQWHUHVWHG¿QDQFLDOO\RURWKHUZLVHLQWKHDIRUHVDLGUHVROXWLRQ
7KH%RDUGUHFRPPHQGVWKH6SHFLDO5HVROXWLRQVHWRXWDW,WHP1RRIWKH1RWLFHIRUDSSURYDOE\WKHVKDUHKROGHUV
ITEM NO. 4:
Based on the strong performance of the Company and increase in shareholder value achieved under the leadership of Mr. Shreevar
Kheruka, and other key factors as elaborated below, the Board of Directors of the Company (“the Board”), at its meeting held on May
KDVVXEMHFWWRDSSURYDORIVKDUHKROGHUVUHDSSRLQWHG0U6KUHHYDU.KHUXND ',1 DV0DQDJLQJ'LUHFWRU
&KLHI([HFXWLYH2ႈFHUDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\IRUDSHULRGRI ¿YH \HDUVIURPWKHH[SLU\RIKLVSUHVHQW
WHUPLHZLWKHႇHFWIURP)HEUXDU\RQWHUPVDQGFRQGLWLRQVLQFOXGLQJUHPXQHUDWLRQDVUHFRPPHQGHGE\WKH1RPLQDWLRQ
DQG5HPXQHUDWLRQ&RPPLWWHH µ15&¶ RIWKH%RDUG
7KHNH\IDFWRUVWKDWZHUHFRQVLGHUHGE\WKH15&%RDUGZKLOHUHFRPPHQGLQJWKHUHDSSRLQWPHQWDQGUHPXQHUDWLRQRI0U6KUHHYDU
Kheruka are given below:
L 7KH &RPSDQ\¶V UHYHQXH IURP RSHUDWLRQV GHVSLWH WKH &RYLG VLWXDWLRQ KDV LQFUHDVHG WR ` FURUH DV FRPSDUHG WR
`FURUHIRUWKH¿QDQFLDO\HDUDQLQFUHDVHRI
LL 3UR¿WEHIRUH7D[ EHIRUHH[FHSWLRQDOLWHPV LQFUHDVHGWR`FURUHDVFRPSDUHGWR`FURUHIRUWKH¿QDQFLDO\HDU
DQLQFUHDVHRI
LLL 5HWXUQRQHTXLW\UDWLRRIWKH&RPSDQ\KDVLQFUHDVHGWRIURPLQFUHDVHRIDVFRPSDUHGWR¿QDQFLDO\HDU
DQGUHWXUQRQFDSLWDOHPSOR\HGKDVLQFUHDVHGWRIURPLQFUHDVHRIDVFRPSDUHGWR¿QDQFLDO\HDU

iv. Company’s market capitalisation during the last two years has increased from `FURUHWR`FURUHDQLQFUHDVHRI
59.49%.
ShareholderV¶DSSURYDOLVVRXJKWIRUUHDSSRLQWPHQWRI0U6KUHHYDU.KHUXNDDV0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHUDQG
.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\LQWHUPVRIWKHDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV$FW ³WKH$FW´ DQG6(%,
/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV ³/LVWLQJ5HJXODWLRQV´
3DUWLFXODUVRIWKHWHUPVRIUHDSSRLQWPHQWRI0U6KUHHYDU.KHUXNDDUHDVXQGHU
a) (ႇHFWLYHGDWHRI )HEUXDU\
appointment
b) Tenure 5 years
c) Other Terms Unless otherwise agreed, his appointment may be terminated by either party by giving the other
SDUW\VL[PRQWKV¶QRWLFHLQZULWLQJ+HZLOOQRWEHOLDEOHWRUHWLUHPHQWE\URWDWLRQ

0U6KUHHYDU.KHUXNDLVQRWGHEDUUHGIURPEHLQJUHDSSRLQWHGSXUVXDQWWRDQ\RUGHURI6(%,RUDQ\RWKHUDXWKRULW\+HVDWLV¿HVDOO
WKHFRQGLWLRQVVHWRXWLQ3DUW,RI6FKHGXOH9WRWKH$FWDVDOVRFRQGLWLRQVVHWRXWXQGHUVXEVHFWLRQ RI6HFWLRQRIWKH$FW
IRUEHLQJHOLJLEOHIRUKLVUHDSSRLQWPHQW+HLVQRWGLVTXDOL¿HGIURPEHLQJDSSRLQWHGDVD'LUHFWRULQWHUPVRI6HFWLRQRIWKH$FW
The Board has considered the parameters given under Section 200 of the Act, and the rules made thereunder read with Schedule V
to the Act for recommending the above re-appointment.
Details of Mr. Shreevar Kheruka pursuant to the provisions of (i) Listing Regulations (ii) Secretarial Standard on General Meetings
LVVXHGE\WKH,QVWLWXWHRI&RPSDQ\6HFUHWDULHVRI,QGLD LLL 6FKHGXOH9WRWKH$FWDUHJLYHQDV$QQH[XUHWRWKH([SODQDWRU\6WDWHPHQW
The above may be treated as a written memorandum setting out the terms of re-appointment of Mr. Shreevar Kheruka under Section
RIWKH$FW
The Board recommends the Special Resolution set out at Item No. 4 of the Notice for approval by the shareholders.
ITEM NO. 5:
The Board of Directors of the Company (“the Board”), at its meeting held on May 09, 2022, has, subject to approval of shareholders,
UHDSSRLQWHG0U6KUHHYDU.KHUXND ',1 DV0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHUDQG.H\0DQDJHULDO3HUVRQQHO
RI WKH &RPSDQ\ QRW OLDEOH WR UHWLUH E\ URWDWLRQ IRU D SHULRG RI ¿YH \HDUV IURP WKH H[SLU\ RI KLV SUHVHQW WHUP LH ZLWK HႇHFW
IURP)HEUXDU\RQWHUPVDQGFRQGLWLRQVLQFOXGLQJUHPXQHUDWLRQDVUHFRPPHQGHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ
&RPPLWWHH µ15&¶ RIWKH%RDUG
6KDUHKROGHUV¶DSSURYDOLVVRXJKWIRUUHPXQHUDWLRQSD\DEOHWR0U6KUHHYDU.KHUXNDDV0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHU
DQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\LQWHUPVRIWKHDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV$FW ³WKH$FW´ DQG6(%,
3DUWLFXODUVRIWKHWHUPVRIUHPXQHUDWLRQSD\DEOHWR0U6KUHHYDU.KHUXNDDUHDVXQGHU
Remuneration
a) Salary `SHUPRQWKLQWKHVFDOHUDQJHRI` 5XSHHV)RUW\/DNKV SHUPRQWKWR
` 5XSHHV(LJKW\/DNKV SHUPRQWKZLWKVXFKLQFUHPHQWDVPD\EHGHFLGHGE\WKH
Board on recommendation of the Nomination and Remuneration Committee, from time to time.
b) Commission or Incentive Such amount as may be decided by the Board on recommendation of the Nomination and
5HPXQHUDWLRQ&RPPLWWHHFRQVLGHULQJWKHSHUIRUPDQFHJURZWKRIWKH&RPSDQ\DQGYDULRXV
RWKHUIDFWRUVVXEMHFWWRWKHVDPHQRWH[FHHGLQJ` 5XSHHV7HQ&URUH IRUHDFK
¿QDQFLDO\HDURUSDUWWKHUHRI
c) 3HUTXLVLWHV2WKHUEHQH¿WV 6XFKSHUTXLVLWHVRWKHUEHQH¿WVDVPD\EHGHFLGHGE\WKH%RDUGRQUHFRPPHQGDWLRQRIWKH
Nomination and Remuneration Committee from time to time, including but not limited to the
following:
i. 0HGLFDO([SHQVHV Mr. Shreevar Kheruka and his dependents will be covered by the Company’s medical insurance
+RVSLWDOLVDWLRQ scheme
ii. Club Fees 5HLPEXUVHPHQWRIPHPEHUVKLSIHHIRUXSWRFOXEVLQ,QGLDLQFOXGLQJVXEVFULSWLRQIHH
iii. 3HUVRQDO$FFLGHQW &RYHUDJHXQGHU*URXS3HUVRQDO$FFLGHQW3ROLF\RIWKH&RPSDQ\IRUDVXLWDEOHDPRXQW
Insurance
iv. Conveyance &RPSDQ\PDLQWDLQHGFDUZLWK'ULYHUIRURႈFLDOSXUSRVH
v. Telephone 3KRQHUHQWDODQG&DOOFKDUJHVDQG%URDG%DQGFKDUJHVZLOOEHSDLGE\WKH&RPSDQ\DWDFWXDOV
IRUWHOHSKRQHPRELOHSKRQH V
vi. Company’s contribution to &RPSDQ\¶V FRQWULEXWLRQ WR 3URYLGHQW )XQG *UDWXLW\ DQG HQFDVKPHQW RI OHDYH DV SHU WKH
3URYLGHQW)XQG*UDWXLW\ Company’s policy.
and encashment of leave
These shall not be included in the computation of limits for the remuneration or perquisites
aforesaid.
vii. Leave Leave with full pay or encashment thereof as per the Company’s policy

viii. (QWHUWDLQPHQW7UDYHOOLQJ $OO H[SHQVHV LQFXUUHG IRU EXVLQHVV SXUSRVH LQFOXGLQJ IRU WUDYHO VWD\ DQG HQWHUWDLQPHQW
H[SHQVHV H[SHQVHVHWF ZLOOEHSDLGE\WKH&RPSDQ\DWDFWXDOVDVSHUWKH&RPSDQ\¶VSROLF\
L[ Other perquisites As applicable to other senior management as per the Company’s policy.
[ Other terms +HVKDOOQRWEHHQWLWOHGWRDQ\VLWWLQJIHHIRUDWWHQGLQJPHHWLQJVRIWKH%RDUGDQGRU&RPPLWWHH V
thereof.
QHWSUR¿WVWRDOOVXFKGLUHFWRUVDQGPDQDJHUWDNHQWRJHWKHU.
)XUWKHUSXUVXDQWWR5HJXODWLRQ H RI/LVWLQJ5HJXODWLRQVDSSURYDORIWKHVKDUHKROGHUVRIWKHFRPSDQ\E\ZD\RIDVSHFLDO
UHVROXWLRQLVUHTXLUHGIRU L SD\PHQWRIDQQXDOUHPXQHUDWLRQWRH[HFXWLYHGLUHFWRUZKRLVDSURPRWHURUPHPEHURIWKHSURPRWHU
JURXSRIWKHFRPSDQ\H[FHHGLQJUXSHHVFURUHRUSHUFHQWRIWKHQHWSUR¿WV FRPSXWHGDVSHUWKHSURYLVLRQVRI6HFWLRQ
of the Act) of the company, whichever is higher; or (ii) where there is more than one such director, payment of aggregate annual
UHPXQHUDWLRQWRVXFKGLUHFWRUVH[FHHGLQJSHUFHQWRIWKHQHWSUR¿WV FRPSXWHGDVSHUWKHSURYLVLRQVRI6HFWLRQRIWKH$FW RI
the company.
,QWKHHYHQWRILQDGHTXDF\RISUR¿WVRUORVVHVLQWKHUHVSHFWLYH¿QDQFLDO\HDUWKHSD\PHQWRIDIRUHVDLGUHPXQHUDWLRQVKDOOEHPDGH
LQWHUPVRIWKHSURYLVLRQVRI6FKHGXOH9WRWKH$FWIRUDSHULRGRIWKUHH\HDUVIURP)HEUXDU\WR)HEUXDU\
The Board has considered the parameters given under Section 200 of the Act and the rules made thereunder read with Schedule
V to the Act for recommending the above remuneration. Details of Mr. Shreevar Kheruka pursuant to the provisions of (i) Listing
Regulations (ii) Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India (iii) Schedule V
WRWKH$FWDUHJLYHQDV$QQH[XUHWRWKH([SODQDWRU\6WDWHPHQW7KHDERYHPD\EHWUHDWHGDVDZULWWHQPHPRUDQGXPVHWWLQJRXWWKH
WHUPVRIUHPXQHUDWLRQRI0U6KUHHYDU.KHUXNDXQGHU6HFWLRQRIWKH$FW
ITEM NO. 6:
Based on the contribution of Mr. Rajesh Kumar Chaudhary towards the business of the Company, the Board of Directors of the
Company (“the Board”), at its meeting held on May 09, 2022, has, subject to approval of shareholders, re-appointed Mr. Rajesh
.XPDU &KDXGKDU\ ',1 DV :KROHWLPH 'LUHFWRU DQG .H\ 0DQDJHULDO 3HUVRQQHO RI WKH &RPSDQ\ OLDEOH WR UHWLUH E\
URWDWLRQIRUDSHULRGRI WKUHH \HDUVIURPWKHH[SLU\RIKLVSUHVHQWWHUPLHZLWKHႇHFWIURP)HEUXDU\RQWHUPVDQG
FRQGLWLRQVLQFOXGLQJUHPXQHUDWLRQDVUHFRPPHQGHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH µ15&¶ RIWKH%RDUG
6KDUHKROGHUV¶DSSURYDOLVVRXJKWIRUUHDSSRLQWPHQWRI0U5DMHVK.XPDU&KDXGKDU\DV:KROHWLPH'LUHFWRUDQG.H\0DQDJHULDO
3HUVRQQHORIWKH&RPSDQ\LQWHUPVRIWKHDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV$FW ³WKH$FW´ DQG6(%, /LVWLQJ2EOLJDWLRQV
DQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV ³/LVWLQJ5HJXODWLRQV´
3DUWLFXODUVRIWKHWHUPVRIUHDSSRLQWPHQWRI0U5DMHVK.XPDU&KDXGKDU\DUHDVXQGHU
a) (ႇHFWLYHGDWHRIDSSRLQWPHQW )HEUXDU\
b) Tenure \HDUV
c) Other Terms +LVDSSRLQWPHQWPD\EHWHUPLQDWHGE\HLWKHUSDUW\E\JLYLQJWKHRWKHUSDUW\WKUHHPRQWKV¶
QRWLFHLQZULWLQJ+HZLOOEHVXEMHFWWRUHWLUHPHQWE\URWDWLRQ

0U 5DMHVK .XPDU &KDXGKDU\ LV QRW GHEDUUHG IURP EHLQJ UHDSSRLQWHG SXUVXDQW WR DQ\ RUGHU RI 6(%, RU DQ\ RWKHU DXWKRULW\ +H
VDWLV¿HVDOOWKHFRQGLWLRQVVHWRXWLQ3DUW,RI6FKHGXOH9WRWKH$FWDVDOVRFRQGLWLRQVVHWRXWXQGHUVXEVHFWLRQ RI6HFWLRQ
RIWKH$FWIRUEHLQJHOLJLEOHIRUKLVUHDSSRLQWPHQW+HLVQRWGLVTXDOL¿HGIURPEHLQJDSSRLQWHGDVD'LUHFWRULQWHUPVRI6HFWLRQ
of the Act. The Board has considered the parameters given under Section 200 of the Act and the rules made thereunder read with
Schedule V to the Act for recommending the above re-appointment.
Details of Mr. Rajesh Kumar Chaudhary pursuant to the provisions of (i) Listing Regulations (ii) Secretarial Standard on General
0HHWLQJVLVVXHGE\WKH,QVWLWXWHRI&RPSDQ\6HFUHWDULHVRI,QGLD LLL 6FKHGXOH9WRWKH$FWDUHJLYHQDV$QQH[XUHWRWKH([SODQDWRU\
Statement. The above may be treated as a written memorandum setting out the terms of re-appointment of Mr. Rajesh Kumar
&KDXGKDU\XQGHU6HFWLRQRIWKH$FW
0U5DMHVK.XPDU&KDXGKDU\LVLQWHUHVWHGLQWKHUHVROXWLRQVHWRXWDW,WHP1RRIWKH1RWLFH7KHRWKHUUHODWLYHVRI0U5DMHVK
.XPDU &KDXGKDU\ PD\ EH GHHPHG WR EH LQWHUHVWHG LQ WKH DIRUHVDLG UHVROXWLRQ WR WKH H[WHQW RI WKHLU VKDUHKROGLQJ LI DQ\ LQ WKH
&RPSDQ\6DYHDQGH[FHSWWKHDERYHQRQHRIWKHRWKHU'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\WKHLUUHODWLYHVDUH
LQDQ\ZD\FRQFHUQHGRULQWHUHVWHG¿QDQFLDOO\RURWKHUZLVHLQWKHDIRUHVDLGUHVROXWLRQ
7KH%RDUGUHFRPPHQGVWKH6SHFLDO5HVROXWLRQVHWRXWDW,WHP1RRIWKH1RWLFHIRUDSSURYDOE\WKHVKDUHKROGHUV
ITEM NO. 7:
The Board of Directors of the Company (“the Board”), at its meeting held on May 09, 2022, has, subject to approval of shareholders,
UHDSSRLQWHG0U5DMHVK.XPDU&KDXGKDU\ ',1 DV:KROHWLPH'LUHFWRUDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\
OLDEOHWRUHWLUHE\URWDWLRQIRUDSHULRGRI WKUHH \HDUVIURPWKHH[SLU\RIKLVSUHVHQWWHUPLHZLWKHႇHFWIURP)HEUXDU\
RQWHUPVDQGFRQGLWLRQVLQFOXGLQJUHPXQHUDWLRQDVUHFRPPHQGHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH µ15&¶ RIWKH
Board.
6KDUHKROGHUV¶ DSSURYDO LV VRXJKW IRU UHPXQHUDWLRQ SD\DEOH WR 0U 5DMHVK .XPDU &KDXGKDU\ DV :KROHWLPH 'LUHFWRU DQG .H\
0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\LQWHUPVRIWKHDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV$FW ³WKH$FW´
3DUWLFXODUVRIWKHWHUPVRIUHPXQHUDWLRQSD\DEOHWR0U5DMHVK.XPDU&KDXGKDU\DUHDVXQGHU
Remuneration
a) Salary ` SHU PRQWK LQ WKH VFDOH UDQJH RI ` 5XSHHV 6HYHQ /DNKV SHU
month to ` 5XSHHV)LIWHHQ/DNKV SHUPRQWKZLWK such increment as may
be decided by the Board on recommendation of the Nomination and Remuneration
Committee from time to time.
b) Incentive Such amount as may be decided by the Board on recommendation of the Nomination
and Remuneration Committee considering performance of Mr. Chaudhary and of the
&RPSDQ\VXEMHFWWRWKHVDPHQRWH[FHHGLQJ` 5XSHHV6L[W\/DNKV IRUHDFK
¿QDQFLDO\HDURUSDUWWKHUHRI
c) 3HUTXLVLWHV2WKHUEHQH¿WV 6XFKSHUTXLVLWHVDQGRWKHUEHQH¿WVDVPD\EHGHFLGHGE\WKH%RDUGRQUHFRPPHQGDWLRQ
of the Nomination and Remuneration Committee from time to time, including but not limited
to the following:
i. 0HGLFDO([SHQVHV Mr. Chaudhary and his dependents will be covered by the Company’s medical insurance
+RVSLWDOLVDWLRQ scheme
ii. 3HUVRQDO$FFLGHQW,QVXUDQFH &RYHUDJHXQGHU*URXS3HUVRQDO$FFLGHQW,QVXUDQFH3ROLF\RIWKH&RPSDQ\IRUDVXLWDEOH
amount
iii. Leave travel assistance For Mr. Chaudhary and his family, once in a year, incurred in accordance with the
Company’s policy
iv. Conveyance &RPSDQ\PDLQWDLQHGFDUZLWK'ULYHUIRURႈFLDOSXUSRVH
v. Telephone &DOOFKDUJHVDQG%URDG%DQGFKDUJHVZLOOEHSDLGE\WKH&RPSDQ\DWDFWXDOVIRUUHVLGHQFH
mobile phone(s).
vi. Company’s contribution to &RPSDQ\¶VFRQWULEXWLRQWR3URYLGHQW)XQG*UDWXLW\DQGHQFDVKPHQWRIOHDYHSD\DEOHDV
3URYLGHQW )XQG *UDWXLW\ DQG per the Company’s policy or at the end of his tenure.
encashment of leave
These shall not be included in the computation of limits for the remuneration or perquisites
aforesaid.
,QVRIDUDV0U&KDXGKDU\¶VJUDWXLW\EHQH¿WVDUHFRQFHUQHGKLVHDUOLHUWHQXUHZLWK%RURVLO
*ODVV:RUNV/LPLWHGIURPWKH2ULJLQDO-RLQLQJ'DWHLH6HSWHPEHUWR0DUFK
DQGZLWK*XMDUDW%RURVLO/LPLWHGIURP0DUFKWR0DUFKVKDOOEH
taken into account.

vii. Leave Leave with full pay or encashment thereof as per the Company’s policy.
viii. (QWHUWDLQPHQW7UDYHOOLQJ $OOH[SHQVHVLQFXUUHGIRUEXVLQHVVSXUSRVH LQFOXGLQJIRUWUDYHOVWD\DQGHQWHUWDLQPHQW
H[SHQVHV H[SHQVHVHWF ZLOOEHSDLGE\WKH&RPSDQ\DWDFWXDOVDVSHUWKH&RPSDQ\¶VSROLF\
L[ (PSOR\HH6WRFN2SWLRQ6FKHPH In addition to his present holding of grants, Mr. Chaudhary shall also be entitled to options
JUDQWHGXQGHUWKH&RPSDQ\¶V(PSOR\HH6WRFN2SWLRQ6FKHPHVDVPD\EHGHFLGHGE\
the Nomination and Remuneration Committee.
[ Other perquisites As applicable to other senior management as per the Company’s policy.
[L Other terms +H VKDOO QRW EH HQWLWOHG WR DQ\ VLWWLQJ IHH IRU DWWHQGLQJ PHHWLQJV RI WKH %RDUG DQGRU
Committee(s) thereof.
QHWSUR¿WVWRDOOVXFKGLUHFWRUVDQGPDQDJHUWDNHQWRJHWKHU
,QWKHHYHQWRILQDGHTXDF\RISUR¿WVRUORVVHVLQWKHUHVSHFWLYH¿QDQFLDO\HDUWKHSD\PHQWRIDIRUHVDLGUHPXQHUDWLRQVKDOOEHPDGH
in terms of the provisions of Schedule V to the Act.
The Board has considered the parameters given under Section 200 of the Act and the rules made thereunder read with Schedule V
to the Act for recommending the above remuneration.
Details of Mr. Rajesh Kumar Chaudhary pursuant to the provisions of (i) Listing Regulations (ii) Secretarial Standard on General
0HHWLQJVLVVXHGE\WKH,QVWLWXWHRI&RPSDQ\6HFUHWDULHVRI,QGLD LLL 6FKHGXOH9WRWKH$FWDUHJLYHQDV$QQH[XUHWRWKH([SODQDWRU\
Statement. The above may be treated as a written memorandum setting out the terms of remuneration of Mr. Rajesh Kumar
&KDXGKDU\XQGHU6HFWLRQRIWKH$FW
Mr. Rajesh Kumar Chaudhary is interested in the resolution set out at Item No. 7 of the Notice. The other relatives of Mr. Rajesh
.XPDU &KDXGKDU\ PD\ EH GHHPHG WR EH LQWHUHVWHG LQ WKH DIRUHVDLG UHVROXWLRQ WR WKH H[WHQW RI WKHLU VKDUHKROGLQJ LI DQ\ LQ WKH
&RPSDQ\6DYHDQGH[FHSWWKHDERYHQRQHRIWKHRWKHU'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\WKHLUUHODWLYHVDUH
LQDQ\ZD\FRQFHUQHGRULQWHUHVWHG¿QDQFLDOO\RURWKHUZLVHLQWKHDIRUHVDLGUHVROXWLRQ
By order of the Board of Directors
Anshu Agarwal
Place: Mumbai &RPSDQ\6HFUHWDU\ &RPSOLDQFH2ႈFHU
Date: June 20, 2022 Membership No. FCS-9921
5HJLVWHUHG2ႈFH
2SS0&$&OXE%DQGUD.XUOD&RPSOH[
%DQGUD (DVW 0XPEDL±
7HO
)D[
:HEVLWHwww.borosil.com
(PDLOinvestor.relations@borosil.com

ANNEXURE
Details pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Secretarial Standards issued by the Institute of Company Secretaries of India for Mr. Shreevar Kheruka and Mr. Rajesh
Kumar Chaudhary are as under:-
Name of Director Mr. Shreevar Kheruka Mr. Rajesh Kumar Chaudhary

DIN
Date of birth and Age \HDUV \HDUV
'DWHRI¿UVWDSSRLQWPHQW DV'LUHFWRUDQGDV0DQDJLQJ
on the Board Director
5HVXPH([SHULHQFH 0U 6KUHHYDU .KHUXND KDV PRUH WKDQ \HDUV Mr. Rajesh Kumar Chaudhary has around 24
DQG([SHUWLVHLQVSHFL¿F RI FRUSRUDWH H[SHULHQFH LQ WKH DUHDV RI *HQHUDO \HDUVRIULFKH[SHULHQFHLQ&RUSRUDWH6HFWRU
functional areas 0DQDJHPHQW 6WUDWHJ\ %XVLQHVV *RYHUQDQFH PDLQO\ LQ DUHDV RI ¿QDQFH FRPPHUFLDO
)LQDQFH 5LVN management and general management.
4XDOL¿FDWLRQV %DFKHORURI6FLHQFHLQ(FRQRPLFVZLWKFRQFHQWUDWLRQV Commerce graduate and a Chartered
LQ )LQDQFH DQG (QWUHSUHQHXUVKLS IURP WKH :KDUWRQ Accountant
School and a Bachelor of Arts in International
Relations from the College of Arts and Sciences from
WKH8QLYHUVLW\RI3HQQV\OYDQLDLQ3KLODGHOSKLD
Terms and conditions $VJLYHQLQLWHPQRDQGDERYH $VJLYHQLQLWHPQRDQGDERYH
RIDSSRLQWPHQWUH
appointment
Remuneration last drawn ÒDNKVIRU)< ÒDNKVIRU)<
Remuneration proposed to $VJLYHQLQLWHPQRDQGDERYH As given in item no. 7 above.
be paid
Number of Shares held in (TXLW\6KDUHV 6HOI(TXLW\VKDUHV
the Company as on March 7KURXJK+8)(TXLW\VKDUHV

Relationship between 0U 6KUHHYDU .KHUXND LV VRQ RI 0U 3UDGHHS .XPDU +HLVQRWUHODWHGWRDQ\'LUHFWRU.03
'LUHFWRUVLQWHUVH .KHUXND&KDLUPDQ([FHSWDVVWDWHGDERYHKHLVQRW
Relationship with other UHODWHGWRDQ\RWKHU'LUHFWRU.03
Directors and other Key
0DQDJHULDO3HUVRQQHO
.03 RIWKH&RPSDQ\
Number of Meetings of the 05 05
Board attended during the
)<
List of other Directorships %RURVLO5HQHZDEOHV/LPLWHG OLVWHGFRPSDQ\ %RURVLO7HFKQRORJLHV/LPLWHG
DVRQ0DUFK .ODVV3DFN/LPLWHG 2) Acalypha Realty Limited
:LQGRZ*ODVV/LPLWHG OLVWHGFRPSDQ\
&URWRQ7UDGLQJ3ULYDWH/LPLWHG
0HGLDQ0DUNHWLQJ3ULYDWH/LPLWHG
Listed companies from Gujarat Borosil Limited
which Director has (Mr. Shreevar ceased to be a Director of Gujarat Borosil Renewables Limited
UHVLJQHGLQWKHSDVW Borosil Ltd. on account of Composite Scheme of
years amalgamation and arrangement)
LH)<

0HPEHUVKLS&KDLUPDQVKLS Borosil Renewables Limited (listed company) NIL
of Committees of other Chairman of Stakeholders Relationship Committee
%RDUGVDVRQ0DUFK
2022 Member of Nomination and Remuneration Committee,
Corporate Social Responsibility Committee, Share
Transfer Committee, Borrowing Committee, Risk
0DQDJHPHQW &RPPLWWHH (623 6KDUH $OORWPHQW
&RPPLWWHH 3RVWDO %DOORW &RPPLWWHH (QYLURQPHQW
6RFLDODQG*RYHUQDQFH (6* &RPPLWWHH6HFXULWLHV
Issue Committee, Rights Issue Committee and
Acquisition Oversight Committee

Details required to be given pursuant to Schedule V to the Companies Act, 2013 are given hereunder:
I GENERAL INFORMATION
Nature of Industry 0DQXIDFWXULQJ DQG PDUNHWLQJ RI 6FLHQWL¿F ,QGXVWULDO 3URGXFWV DQG
&RQVXPHU:DUH3URGXFWV
2. 'DWH RU H[SHFWHG GDWH RI FRPPHQFHPHQW RI 7KH &RPSDQ\ LV DQ H[LVWLQJ FRPSDQ\ LQFRUSRUDWHG RQ 1RYHPEHU
commercial production ZLWKZHOOHVWDEOLVKHGRSHUDWLRQV
3XUVXDQW WR WKH &RPSRVLWH 6FKHPH RI$PDOJDPDWLRQ DQG$UUDQJHPHQW
µ6FKHPH¶ DSSURYHG E\ WKH 1DWLRQDO &RPSDQ\ /DZ 7ULEXQDO 0XPEDL
%HQFK RQ -DQXDU\ 6FLHQWL¿F DQG ,QGXVWULDO SURGXFWV DQG
&RQVXPHU SURGXFWV EXVLQHVV RI %RURVLO *ODVV :RUNV /WG UHQDPHG DV
%RURVLO5HQHZDEOHV/WG ZDVGHPHUJHGLQWRWKH&RPSDQ\7KHHႇHFWLYH
GDWHRIWKH6FKHPHZDV)HEUXDU\
,Q FDVH RI QHZ FRPSDQLHV H[SHFWHG GDWH RI N.A.

commencement of activities as per project
DSSURYHG E\ ¿QDQFLDO LQVWLWXWLRQV DSSHDULQJ LQ
the prospectus
4. Financial performance based on given indicators For the year ended March 31, 2022 ` in lakhs
(Standalone):
Revenue from operations
3UR¿WEHIRUHWD[
3UR¿WDIWHUWD[
Net-worth
5. Foreign Investment or collaborations, if any. None
II INFORMATION ABOUT THE APPOINTEE(S)

Mr. Shreevar Kheruka Mr. Rajesh Kumar Chaudhary
Background Details Mr. Shreevar Kheruka is a Bachelor of Science Mr. Rajesh Kumar Chaudhary is a Commerce
LQ(FRQRPLFVZLWKFRQFHQWUDWLRQVLQ)LQDQFHDQG JUDGXDWH DQG D &KDUWHUHG $FFRXQWDQW +H KDV
(QWUHSUHQHXUVKLS IURP WKH :KDUWRQ 6FKRRO DQG ULFK DQG YDULHG H[SHULHQFH RI DURXQG \HDUV
a Bachelor of Arts in International Relations from in Corporate Sector, mainly in areas of Finance,
College of Arts and Sciences from the University Commercial and General Management.
RI3HQQV\OYDQLDLQ3KLODGHOSKLD
Mr. Shreevar Kheruka has been with the Company
VLQFH DQG KDV OHG LW WKURXJK D SHULRG RI
substantial growth. Leveraging a business crisis,
Mr. Shreevar introduced a new business model
that relied on Borosil’s brand equity, strong
GLVWULEXWLRQ QHWZRUN FXVWRPHU FHQWULFLW\ $
4th generation member of the Kheruka family, Mr.
Shreevar invests a majority of his time in building
DVWURQJRUJDQL]DWLRQDOFXOWXUH+HEHOLHYHVWKDWD
performance-oriented culture with empowerment
across the team eventually leads to a sync with
the company’s vision and deliverables.

2. 3DVW5HPXQHUDWLRQ The details of remuneration for the last two The details of remuneration for the last two
¿QDQFLDO\HDUVDUHDVXQGHU ¿QDQFLDO\HDUVDUHDVXQGHU
FY 2021-22 FY 2021-22
Particulars Amount Particulars Amount
(` In lakhs) (` In lakhs)
Salary Salary (including Allowances)
3HUTXLVLWHV 3HUTXLVLWHV
Contribution to provident fund Contribution to provident fund
3HUIRUPDQFHOLQNHG,QFHQWLYH 500.00 3HUIRUPDQFHOLQNHG,QFHQWLYH
Total 641.68 Total 119.53
FY 2020-21 FY 2020-21
Particulars Amount Particulars Amount
(` In lakhs) (` In lakhs)
Salary Salary (including Allowances)
3HUTXLVLWHV - 3HUTXLVLWHV
Contribution to provident fund Contribution to provident fund 7.24
3HUIRUPDQFHOLQNHG,QFHQWLYH 3HUIRUPDQFHOLQNHG,QFHQWLYH
Total 403.76 Total 179.34
LQFOXGHV WKH SHUTXLVLWH YDOXH FDOFXODWHG DV SHU
WKHSURYLVLRQVRI,QFRPH7D[$FWRQH[HUFLVHRI
options in Borosil Renewables Limited (formerly
%RURVLO *ODVV :RUNV /LPLWHG JUDQWHG DV XQGHU
%RURVLO(PSOR\HH6WRFN2SWLRQ6FKHPH
Recognition or awards 0U6KUHHYDU.KHUXNDZDVQRPLQDWHGDVD<RXQJ -
*OREDO /HDGHU <*/ E\ WKH :RUOG (FRQRPLF
Forum in Davos and has also been awarded by
WKH (FRQRPLF 7LPHV DV D µ XQGHU )RUW\¶ WRS
business leader in India.
4. -RESUR¿OHDQGKLV Mr. Shreevar Kheruka is a Director of the Company 0U 5DMHVK .XPDU &KDXGKDU\ LV D :KROHWLPH
suitability VLQFH-DQXDU\+HKDVEHHQDSSRLQWHG 'LUHFWRU DQG .H\ 0DQDJHULDO 3HUVRQQHO RI
DV0DQDJLQJ'LUHFWRU &(2DQG.H\0DQDJHULDO WKH &RPSDQ\ ZHI )HEUXDU\ 8S WR
3HUVRQQHO RI WKH &RPSDQ\ ZHI )HEUXDU\ )HEUXDU\KHZDVD:KROHWLPH'LUHFWRU
8SWR)HEUXDU\KHZDV0DQDJLQJ RI %RURVLO *ODVV :RUNV /LPLWHG UHQDPHG DV
'LUHFWRU &(2DQG.H\0DQDJHULDO3HUVRQQHORI Borosil Renewables Limited).
%RURVLO*ODVV:RUNV/LPLWHG UHQDPHGDV%RURVLO Mr. Rajesh Kumar Chaudhary shall be responsible
Renewables Limited). IRU ¿QDQFH DFFRXQWV ULVN PDQDJHPHQW DQG
Mr. Shreevar Kheruka shall, subject to general management functions of the Company.
superintendence, control and directions of the In addition, he shall also perform such functions
Board, have substantial powers of management and duties as may be decided by the Board from
RIWKHDႇDLUVRIWKH&RPSDQ\DQGVKDOOSHUIRUP time to time.
VXFK GXWLHV DQG H[HUFLVH VXFK SRZHUV DV KDYH ,Q WKH YLHZ RI KLV H[WHQVLYH H[SHULHQFH DQG WKH
been or may from time to time be entrusted to or contribution made by him in Company’s growth
conferred upon him by the Board. since his association, the Board is of the view that
Mr. Shreevar Kheruka has led the Company Mr. Rajesh Kumar Chaudhary is suitable for the
through a period of substantial growth. Leveraging SRVLWLRQRI:KROHWLPH'LUHFWRURIWKH&RPSDQ\
a business crisis, Mr. Shreevar introduced a new The Board has accordingly recommended his re-
business model that relied on Borosil’s brand appointment and remuneration as set out in this
HTXLW\ VWURQJ GLVWULEXWLRQ QHWZRUN FXVWRPHU Notice for approval of the shareholders.
centricity. Under Mr. Shreevar’s leadership, the
Company is evolving from a single product and
single brand organization to a multi-product, multi
brand, multi-channel and international consumer
centric organization.

Mr. Shreevar is a member of the Mumbai
FKDSWHU RI WKH <RXQJ 3UHVLGHQWV 2UJDQL]DWLRQ
<32 &RQVLGHULQJ 0U 6KUHHYDU¶V H[SHULHQFH
DQG VLJQL¿FDQW JURZWK LQ WKH RSHUDWLRQV RI WKH
Company under his leadership, the Board is of
the view that Mr. Shreevar Kheruka is suitable
IRU WKH SRVLWLRQ RI 0DQDJLQJ 'LUHFWRU &(2 RI
the Company and has accordingly recommended
his re-appointment and remuneration (including
revision in remuneration) as set out in this Notice
for approval of the shareholders.
5. Remuneration $VJLYHQLQLWHPQRDQGDERYH As given in item no. 7 above.
proposed
Comparative The remuneration proposed for Mr. Shreevar The remuneration proposed for Mr. Rajesh
UHPXQHUDWLRQSUR¿OH .KHUXNDDV0DQDJLQJ'LUHFWRU &(2LVDVSHU .XPDU &KDXGKDU\ DV :KROHWLPH 'LUHFWRU LV DV
with respect to industry standards considering the nature of per industry standards considering the nature of
industry, size of the &RPSDQ\¶VEXVLQHVVKLVSUR¿OHH[SHULHQFHDQG &RPSDQ\¶VEXVLQHVVKLVSUR¿OHH[SHULHQFHDQG
FRPSDQ\SUR¿OHRIWKH contribution made by him in Company’s growth. contribution made by him in Company’s growth.
position and person (in
FDVHRIH[SDWULDWHVWKH
relevant details would
be with respect to the
country of his origin)
7. 3HFXQLDU\UHODWLRQVKLS 0U 6KUHHYDU .KHUXND KROGV HTXLW\ 0U 5DMHVK .XPDU &KDXGKDU\ KROGV HTXLW\
directly or indirectly VKDUHV DV RQ 0DUFK $SDUW IURP shares in his name and 25,900 equity shares
with the company, receiving remuneration as Director and dividend WKURXJK+8)DVRQ0DUFK$SDUWIURP
or relationship with as shareholder, Mr. Shreevar Kheruka has no receiving remuneration as Director and dividend
the managerial as shareholder, Mr. Rajesh Kumar Chaudhary
other pecuniary relationship, directly or indirectly,
personnel or other with the Company. has no other pecuniary relationship, directly or
director, if any 0U 6KUHHYDU .KHUXND LV VRQ RI 0U 3UDGHHS indirectly, with the Company.
Kumar Kheruka, Chairman of the Company. Mr. Rajesh Kumar Chaudhary is not related to
([FHSWDVVWDWHGDERYHKHLVQRWUHODWHGWRDQ\ any other Director or managerial personnel of the
other Director or managerial personnel of the Company.
Company.
III OTHER INFORMATION

5HDVRQVRIORVVRULQDGHTXDWHSUR¿WV 'XULQJWKHSUHFHGLQJ¿QDQFLDO\HDULHWKH&RPSDQ\KDGDGHTXDWHSUR¿WV
2. Steps taken or proposed to be taken for to pay managerial remuneration within the limits prescribed under the Companies
improvement $FW7KHPDQDJHPHQWLVQRWDQWLFLSDWLQJLQDGHTXDF\RISUR¿WVRUORVVGXULQJ
([SHFWHG LQFUHDVH LQ SURGXFWLYLW\ DQG WKHWHQXUHRI0U6KUHHYDU.KHUXNDDQG0U5DMHVK.XPDU&KDXGKDU\+RZHYHU
SUR¿WVLQPHDVXUDEOHWHUPV in the unlikely event of major disruption in production or marketing or pandemic or
RWKHUH[FHSWLRQDOFLUFXPVWDQFHVWKHUHFRXOGEHLQDGHTXDWHSUR¿WVRUORVVGXULQJ
their tenure. In such a scenario all adequate steps, as may be necessary, will be
WDNHQE\WKH&RPSDQ\IRULPSURYLQJSURGXFWLYLW\DQGSUR¿WVEULQJLQJHႈFLHQF\LQ
operations, reduction of costs, etc.
The Company is very conscious about improvement in productivity and undertakes
FRQVWDQW PHDVXUHV WR LPSURYH LW +RZHYHU LW LV H[WUHPHO\ GLႈFXOW LQ WKH SUHVHQW
VFHQDULRRIWKHHFRQRP\WRSUHGLFWSUR¿WLQWKHPHDVXUDEOHWHUPV
The Company has not committed any default in payment of dues to any Bank or any of its secured creditors. The Company has not
DYDLOHGDQ\¿QDQFLDOIDFLOLWLHVIURPDQ\SXEOLF¿QDQFLDOLQVWLWXWLRQVDQGGRHVQRWKDYHDQ\GHSRVLWKROGHURUGHEHQWXUHKROGHU7KH
GLVFORVXUHVUHODWLQJWR L DOOHOHPHQWVRIUHPXQHUDWLRQSDFNDJHVXFKDVVDODU\EHQH¿WVERQXVHVVWRFNRSWLRQVSHQVLRQHWFRI
DOOWKHGLUHFWRUV LL GHWDLOVRI¿[HGFRPSRQHQWDQGSHUIRUPDQFHOLQNHGLQFHQWLYHVDORQJZLWKWKHSHUIRUPDQFHFULWHULD LLL VHUYLFH
contracts, notice period, severance fees; and (iv) stock option details are given in the Corporate Governance Report.

BOARD’S REPORT
To
The Members,
BOROSIL LIMITED
<RXU'LUHFWRUVKDYHLPPHQVHSOHDVXUHLQSUHVHQWLQJWKHth (Twelfth) Annual Report on the business and operations of the Company
WRJHWKHUZLWKWKH$XGLWHG6WDQGDORQHDQG&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUWKH¿QDQFLDO\HDUHQGHG0DUFK
FINANCIAL RESULTS
7KH&RPSDQ\¶V¿QDQFLDOSHUIRUPDQFH 6WDQGDORQHDQG&RQVROLGDWHG IRUWKH¿QDQFLDO\HDULVVXPPDULVHGEHORZ
(` In Lakhs)
Particulars Standalone Consolidated

Year ended Year ended Year ended Year ended
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Revenue from Operations 52,722.94
Other Income
3UR¿W IRU WKH \HDU EHIRUH )LQDQFH FRVW 'HSUHFLDWLRQ DQG
H[FHSWLRQDOLWHPV
Less: Finance Cost
/HVV'HSUHFLDWLRQDQG$PRUWL]DWLRQ([SHQVHV
3UR¿WEHIRUH([FHSWLRQDO,WHPV
/HVV([FHSWLRQDO,WHP 0.00 0.00
3UR¿W%HIRUH7D[
/HVV7D[H[SHQVHV
3UR¿WIRUWKH\HDU
Other Comprehensive Income
Total Comprehensive Income for the year
7KHDERYH¿JXUHVDUHH[WUDFWHGIURPWKH6WDQGDORQHDQG&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVSUHSDUHGLQDFFRUGDQFHZLWKDFFRXQWLQJ
SULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDDVVSHFL¿HGXQGHU6HFWLRQVDQGRIWKH&RPSDQLHV$FW ³WKH$FW´ UHDGZLWKWKH
&RPSDQLHV $FFRXQWV 5XOHVDVDPHQGHGDQGRWKHUUHOHYDQWSURYLVLRQVRIWKH$FWDQGJXLGHOLQHVLVVXHGE\WKH6HFXULWLHV
DQG([FKDQJH%RDUGRI,QGLD
The Financial Statements as stated above are available on the Company’s website at www.borosil.com.
DIVIDEND
In order to conserve the resources for future growth of the Company, the Board of Directors have not declared any dividend for the
year under review.
7KH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\KDYHDSSURYHGD'LYLGHQG'LVWULEXWLRQ3ROLF\LQOLQHZLWK5HJXODWLRQ$RI6(%, /LVWLQJ
2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV ³/LVWLQJ5HJXODWLRQV´ 7KLVKDVEHHQXSORDGHGRQWKH&RPSDQ\¶V
website at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVGLYLGHQGBGLVWULEXWLRQBSROLF\SGI
RESERVES
During the year under review, no amount was transferred to any reserve.
COMPOSITE SCHEME OF ARRANGEMENT
The Board of Directors of the Company at their meeting held on February 7, 2022, have subject to the requisite approvals and
FRQVHQWV DSSURYHG D &RPSRVLWH 6FKHPH RI$UUDQJHPHQW ³WKH 6FKHPH´ DV SHU ZKLFK 6FLHQWL¿F DQG ,QGXVWULDO 3URGXFWV 6,3
'LYLVLRQRIWKH&RPSDQ\LVSURSRVHGWREHGHPHUJHGLQWR.ODVV3DFN/WG ³5HVXOWLQJ&RPSDQ\´ RQDJRLQJFRQFHUQEDVLVDQG
%RURVLO7HFKQRORJLHV/WGDZKROO\RZQHGVXEVLGLDU\RIWKH&RPSDQ\ZLOOJHWPHUJHGLQWR.ODVV3DFN/WG7KHDSSRLQWHGGDWHRIWKH
6FKHPHLV$SULO
$VDSDUWRIWKH6FKHPHWKHH[LVWLQJSDLGXSHTXLW\VKDUHFDSLWDORI.ODVV3DFN/WGWKH5HVXOWLQJ&RPSDQ\KHOGE\WKH&RPSDQ\
ZLOOJHWFDQFHOOHGDQG5HVXOWLQJ&RPSDQ\ZLOOLVVXH 7KUHH IXOO\SDLGXSHTXLW\VKDUHRI`HDFK SRVWSURSRVHGUHRUJDQLVDWLRQ
of share capital as detailed in the Scheme) credited as fully paid up, for every 4 (Four) fully paid up equity share of `HDFKRIWKH
Company.
.ODVV3DFN/WGWKH5HVXOWLQJ&RPSDQ\VKDOODSSO\IRUOLVWLQJRILWVHTXLW\VKDUHVRQWKH6WRFN([FKDQJHV

SHARE CAPITAL
7KHSDLGXSHTXLW\VKDUHFDSLWDORIWKH&RPSDQ\DWWKHEHJLQQLQJRIWKH¿QDQFLDO\HDUZDV`'XULQJWKH\HDUWKH
&RPSDQ\LVVXHGQHZHTXLW\VKDUHVWRWKHHPSOR\HHVRIWKH&RPSDQ\XQGHU%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH
6WRFN2SWLRQ3ODQ$VDUHVXOWWKHSDLGXSFDSLWDORIWKH&RPSDQ\VWRRGLQFUHDVHGWR`
COVID-19 PANDEMIC
&RYLGUHVXUIDFHGLQ,QGLDRYHUWZRZDYHVGXULQJ)<'XULQJ4)<WKH'HOWDYDULDQWKDGDVHYHUHLPSDFWRQVRPHSDUWVRI
WKHFRXQWU\(YHQWKRXJKORFNGRZQVZHUHQRWDVVWULQJHQWDVGXULQJ4)<WKH'HOWDYDULDQWVWUXFNZLWKGHYDVWDWLQJIRUFHDQG
large number of people were hospitalised with severe symptoms, with many succumbing to this deadly virus. The company’s top
management was acutely cognizant of the uncertainty faced by its employees and their families, as their breadwinner left home for
work each morning. At the peak of the pandemic in April last year, Mr. Shreevar Kheruka announced some initiatives in an open
KRXVHZLWKDOOHPSOR\HHVZKLFKZHUHWKDWLQWKHHYHQWRIGHDWKGXHWR&RYLGRIDSHUVRQZRUNLQJLQWKHFRPSDQ\WKHQH[WRI
kin would continue to receive the last drawn salary for two years, and the company would fund the education of the children of such
GHFHDVHGSHUVRQVWLOOWKH\DSSHDUIRUD%DFKHORUV¶GHJUHHH[DPLQDWLRQ7KLVLQLWLDWLYHZDVKDLOHGDFURVVWKHFRXQWU\DVDODQGPDUN
DQG D JURXQGEUHDNLQJ LQLWLDWLYH :LWKLQ ZHHNV WKH ODUJHVW FRUSRUDWLRQV DFURVV WKH FRXQWU\ DGRSWHG WKLV SROLF\ LQ VRPH IRUP RU
another.
'XULQJWKHFRXUVHRIWKH\HDUWKHFRXQWU\XQGHUWRRNDPDVVLYHYDFFLQDWLRQGULYHDQGE\WKHWLPHRIWKHWKLUGZDYHLQ4DQG4)<
DODUJHSURSRUWLRQRIWKHSRSXODWLRQKDGDOUHDG\UHFHLYHGWKH&RYLGYDFFLQH:KLOHWKH2PLFURQYDULDQWVHHPHGWRVSUHDGPXFK
faster, its impact on patients was fortunately milder, partly on account of the vaccine administered.
)DFWRULHVDQGSURGXFWLRQIDFLOLWLHVZHUHNHSWRSHUDWLRQDOGXULQJ)<+RZHYHUHGXFDWLRQDOLQVWLWXWLRQVUHPDLQHGVKXWGXULQJWKH¿UVW
KDOIRIWKH\HDU2ႈFHVRSHQHGSDUWLDOO\DQGVHYHUDORUJDQL]DWLRQVKDYHQRZPRYHGSHUPDQHQWO\WRDK\EULGPRGHOZLWKHPSOR\HHV
FRPLQJWRRႈFHE\URWDWLRQDQGZRUNLQJUHPRWHO\RQRWKHUGD\V
6RPH VHJPHQWV RI %RURVLO¶V EXVLQHVV FRQWLQXHG WR IDFH WKH QHJDWLYH LPSDFW RI &RYLG GXULQJ )< (GXFDWLRQDO LQVWLWXWLRQV
UHPDLQLQJFORVHGIRULQVWDQFHUHVXOWHGLQDGURSLQWKHGHPDQGIRUODERUDWRU\JODVVZDUHIURPWKLVVRXUFH6LPLODUO\JODVVOXQFKER[HV
IRURႈFHJRHUVIDFHGDVORZGRZQLQGHPDQG&RQYHUVHO\RWKHUEXVLQHVVVHJPHQWVUHFHLYHGDERRVW$VKRPHFRRNLQJLQFUHDVHG
WKHGHPDQGIRUNLWFKHQDSSOLDQFHVDQGWKHQHHGWRFDUU\RQH¶VRZQGULQNLQJZDWHUSURYLGHGD¿OOLSWRK\GUDVWHHOERWWOHV
:KLOH&RYLGLVQRWIXOO\EHKLQGXVDQGFLWL]HQVDUHDGYLVHGWRUHPDLQFDXWLRXVWKHDQ[LHW\OHYHOVKDYHUHGXFHGVLJQL¿FDQWO\DQG
OLIHLVUHYHUWLQJWRQRUPDO2ႈFHVVFKRROVSXEOLFSODFHVDQGVKRSSLQJPDOOVDUHQRZRSHQ3HRSOHDUHYLVLWLQJWKHPZLWKRXWIHDU
partly on account of having been vaccinated.
STATE OF AFFAIRS/ REVIEW OF OPERATIONS (STANDALONE)
'XULQJ)<WKH&RPSDQ\DFKLHYHG5HYHQXHIURP2SHUDWLRQVRI`FURUHDVDJDLQVW`FURUHLQ)<DJURZWKRI
7KHSHUIRUPDQFHUHFRYHUHGIURPWKHVHYHUH&RYLGUHODWHGORFNGRZQVLQ)<7KRXJK)<DOVRVXႇHUHGIURPZDYH
DQGZDYHRI&RYLGWKHORFNGRZQVZHUHQRWDVVHYHUHDVLQ4)<
7KH3UR¿W%HIRUH)LQDQFH&RVW'HSUHFLDWLRQDQG([FHSWLRQDO,WHPVGXULQJWKH\HDUVWRRGDW`FURUHUHSUHVHQWLQJPDUJLQWR
VDOHVRI7KLVZDVDQLPSURYHPHQWIURPDPDUJLQE\GXULQJWKHSUHYLRXV\HDU7KH&RPSDQ\¶V2SHUDWLRQDO3UR¿W%HIRUH
7D[ZDV`FURUHLQ)<DVFRPSDUHGWR`FURUHLQ)<7KH&RPSDQ\HDUQHG2WKHU,QFRPHRI`FURUHGXULQJ
)<DVFRPSDUHGWR`FURUHLQ)< PDLQO\IURPLQYHVWPHQWV 7KH&RPSDQ\UHFRUGHG3UR¿W%HIRUH7D[RI`FURUHLQ
)<DVFRPSDUHGWR`FURUHLQ)<
3UR¿W$IWHU7D[ 3$7 GXULQJ)<ZDV`FURUHDVDJDLQVW`FURUHLQWKHSUHYLRXV\HDUDJURZWKRI7KHHႇHFWLYH

WD[UDWHIRU)<LQFOXGLQJSURYLVLRQVIRUGHIHUUHGWD[ZDVDVFRPSDUHGWRDQHႇHFWLYHWD[UDWHRIGXULQJ)<
STATE OF AFFAIRS/ REVIEW OF OPERATIONS (CONSOLIDATED)
'XULQJ)<WKH&RPSDQ\DFKLHYHG5HYHQXHIURP2SHUDWLRQVRI`FURUHDVDJDLQVW`FURUHLQ)<DJURZWKRI

The Company earned Other Income of `FURUHGXULQJ)<DVFRPSDUHGWR`FURUHLQ)<7KLVZDVSULPDULO\IURP

LQYHVWPHQWV$VRIst March 2022, the Company has net cash of about `FURUH,QOLQHZLWKLWVWUHDVXU\SROLF\DOOLQFUHPHQWDO
IXQGVDUHLQYHVWHGLQKLJKFUHGLWTXDOLW\VHFXUHGGHEWLQVWUXPHQWVDQGWKLVFRPSULVHVDERXWRIWKHFDVKVXUSOXV
7KH&RPSDQ\KDVEHHQOLTXLGDWLQJOHJDF\LQYHVWPHQWLQUHDOHVWDWHVDQGH[SRVXUHWRUHDOHVWDWHIXQGV7KHRYHUDOOUHDOHVWDWHIXQGV
H[SRVXUHQRZVWDQGVDWDERXWRQO\RIWKHWRWDOLQYHVWPHQWV7KHVXUSOXVFDVKZLOOEHXWLOL]HGIRUWKHRQJRLQJH[SDQVLRQSURMHFWV
IRUWKHFRQVXPHUDQGVFLHQWL¿FEXVLQHVVRIWKH&RPSDQ\

7KH&RPSDQ\KDVLQFUHDVHGLWVIRFXVRQLPSURYLQJLWVUHWXUQRQFDSLWDOHPSOR\HG 52&( 'XULQJ)<WKH52&(ZDV
(considering surplus funds of `FURUHDQGZLWKRXWJRRGZLOODQGGHIHUUHGWD[RI`FURUH
+RZHYHU WKH RSHUDWLQJ 52&( ZDV ZLWKRXW FRQVLGHULQJ VXUSOXV IXQGV RI ` FURUH GHIHUUHG WD[ RI ` FURUH DQG
goodwill of `FURUHFUHDWHGGXHWRWKH&RPSRVLWH6FKHPHRI$PDOJDPDWLRQDQG$UUDQJHPHQW 7KHFORVLQJFDSLWDOHPSOR\HGIRU
the business was `FURUHZKLFKFRPSULVHV`FURUHIRUWKH&RQVXPHUEXVLQHVVDQG`FURUHIRUWKHVFLHQWL¿FEXVLQHVV
ZLWKRYHUDOO(DUQLQJVEHIRUH,QWHUHVWDQG7D[ (%,7 RI`FURUH7KH(%,7PDUJLQRIWKH&RPSDQ\GXULQJ)<ZDV
7KH&RPSDQ\UHFRUGHGD3UR¿W%HIRUH7D[RI`FURUHLQ)<DVFRPSDUHGWR`FURUHLQ)<DJURZWKRI7KH
&RPSDQ\¶V)LQDQFLDO5HVXOWVIRU)<LQFOXGHVSURYLVLRQRI`FURUHWRZDUGVH[FHSWLRQDOLWHPVGHWDLOHGLQWKHQRWHQRRI
WKHDFFRPSDQLHG¿QDQFLDOVWDWHPHQW
3UR¿W$IWHU7D[ 3$7 GXULQJ)<ZDV`FURUHDVDJDLQVW`FURUHLQWKHSUHYLRXV\HDUDJURZWKRI7KHHႇHFWLYH
WD[UDWHIRU)<ZDVDVDJDLQVWLQWKHSUHYLRXV\HDU
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as stipulated under Listing Regulations, is forming part of
this Report as Annexure - A
BUSINESS RESPONSIBILITY REPORT
,QWHUPVRI5HJXODWLRQ I RI/LVWLQJ5HJXODWLRQV%XVLQHVV5HVSRQVLELOLW\5HSRUW %55 IRUPVSDUWRIWKH$QQXDO5HSRUW
CORPORATE GOVERNANCE REPORT
A Report on Corporate Governance along ZLWKWKH&RPSOLDQFH&HUWL¿FDWHIURPWKH$XGLWRUVIRUPVSDUWRIWKH$QQXDO5HSRUW.
The Board of Directors of the Company has adopted a Code of Conduct and the same has been hosted on the Company’s website
at KWWSVZZZERURVLOFRPLQYHVWRUVERURVLOOLPLWHG (under the policies section). The Directors and senior management personnel
KDYHDႈUPHGWKHLUFRPSOLDQFHZLWKWKH&RGHIRUWKH\HDUHQGHG0DUFK
BOROSIL LIMITED - SPECIAL PURPOSE EMPLOYEE STOCK OPTION PLAN 2020 (‘ESOP 2020’)
7KH &RPSDQ\ KDV REWDLQHG D FHUWL¿FDWH IURP 0V 'KUXPLO 0 6KDK &R 6HFUHWDULDO DXGLWRU RI WKH &RPSDQ\ FRQ¿UPLQJ WKDW
(623KDVEHHQLPSOHPHQWHGLQDFFRUGDQFHZLWK6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WV
5HJXODWLRQV6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WVDQG6ZHDW(TXLW\ 5HJXODWLRQV
DQG LQ DFFRUGDQFH ZLWK WKH UHVROXWLRQ SDVVHG E\ %RDUG RI 'LUHFWRUV ZKR ZHUH DXWKRULVHG LQ WKLV EHKDOI 7KLV FHUWL¿FDWH ZLOO EH
available for inspection by members at the ensuing Annual General Meeting.
'XULQJWKH\HDUXQGHUUHYLHZ(623ZDVDPHQGHGWRDOLJQWKHVDPHZLWKWKHSURYLVLRQVRI6HFXULWLHVDQG([FKDQJH%RDUGRI
,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WVDQG6ZHDW(TXLW\ 5HJXODWLRQV
BOROSIL LIMITED - EMPLOYEE STOCK OPTION SCHEME, 2020 (“NEW ESOS 2020”)
7KH&RPSDQ\KDVREWDLQHGDFHUWL¿FDWHIURP0V'KUXPLO06KDK &R6HFUHWDULDODXGLWRURIWKH&RPSDQ\FRQ¿UPLQJWKDW1(:
(626KDVEHHQLPSOHPHQWHGLQDFFRUGDQFHZLWK6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WV
5HJXODWLRQV6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WVDQG6ZHDW(TXLW\ 5HJXODWLRQV
DQGLQDFFRUGDQFHZLWKWKHUHVROXWLRQSDVVHGE\WKHVKDUHKROGHUVRIWKHFRPSDQ\LQWKHJHQHUDOPHHWLQJ7KLVFHUWL¿FDWHZLOOEH
available for inspection by members at the ensuing Annual General Meeting.
'XULQJWKH\HDUXQGHUUHYLHZZLWKDSSURYDORIVKDUHKROGHUVDWWKH$QQXDO*HQHUDO0HHWLQJKHOGRQ$XJXVWWKHPD[LPXP
YHVWLQJSHULRGRIRSWLRQVIRUIXWXUHJUDQWVZDVUHYLVHGIURP\HDUVWR\HDUVDQGFODXVHRIWKH1(:(626ZDVDPHQGHG
DFFRUGLQJO\$SDUWIURPWKHDERYH1(:(626ZDVDPHQGHGWRDOLJQWKHVDPHZLWKWKHSURYLVLRQVRI6HFXULWLHVDQG([FKDQJH
%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WVDQG6ZHDW(TXLW\ 5HJXODWLRQV
7KH GHWDLOV DV UHTXLUHG WR EH GLVFORVHG XQGHU 5HJXODWLRQ RI WKH 6(%, 6KDUH %DVHG (PSOR\HH %HQH¿WV DQG 6ZHDW (TXLW\
5HJXODWLRQV DUH SODFHG RQ WKH &RPSDQ\¶V ZHEVLWH IRU ERWK WKH 6FKHPHV DW KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHV
GLVFORVXUHBSXUVXDQWBWRBUHJXODWLRQBBRIBVHELBVKDUHBEDVHGBHPSOR\HHBEHQH¿WVBVZHDWBHTXLW\BUHJXODWLRQVBSGI
SUBSIDIARY COMPANIES
$VRQ0DUFKWKH&RPSDQ\KDGWKUHHVXEVLGLDULHV namely:
Klass Pack Limited (KPL)7KH&RPSDQ\KROGVVKDUHKROGLQJRI.3/ZKLFKLVHQJDJHGLQWKHPDQXIDFWXUHDQGVXSSO\RI
SKDUPDFHXWLFDOYLDOVDQGDPSRXOHVWRWKHSKDUPDFHXWLFDOLQGXVWU\IRURYHU\HDUVDQGKDVLWVPDQXIDFWXULQJIDFLOLWLHVDW1DVKLN
0DKDUDVKWUD'XULQJWKH\HDUXQGHUUHYLHZ.3/EHFDPHPDWHULDOVXEVLGLDU\RIWKH&RPSDQ\LQWHUPVRI5HJXODWLRQ F RI/LVWLQJ
Regulations.

Borosil Technologies Limited (BTL), a wholly owned subsidiary, is engaged in theEXVLQHVVRIPDQXIDFWXULQJ6FLHQWL¿F,QVWUXPHQWV
Acalypha Realty Limited (ARL), a wholly owned subsidiary, intends to venture in real estate business and is contemplating to
develop one slum land parcel in Mumbai.
During the year under review, there has been no change in the subsidiary companies of the Company. The Company does not have
DQ\DVVRFLDWH-RLQWYHQWXUHFRPSDQ\
%RURVLO$IUDVLD)=(D:KROO\2ZQHG6XEVLGLDU\ :26 RIWKH&RPSDQ\KDV¿OHGLWVOLTXLGDWLRQUHSRUWGDWHG)HEUXDU\ZLWK
-HEHO$OL)UHH=RQH -$)=$ DQGUHFHLYHGWKHFOHDUDQFHOHWWHUGDWHG-DQXDU\IURP-$)=$1HFHVVDU\UHWXUQVDQGIRUPV
KDYHEHHQ¿OHGZLWKWKH5HVHUYH%DQNRI,QGLD 5%, DQGWKHLUDSSURYDOLVDZDLWHG
The Company hasIRUPXODWHGD3ROLF\RQPDWHULDOVXEVLGLDULHVRIWKH&RPSDQ\7KH said policy is available on the website of the
Company at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVSROLF\BIRUBGHWHUPLQLQJBPDWHULDOBVXEVLGLDULHVBBBSGI.
PERFORMANCE OF SUBSIDIARY COMPANIES:
Klass Pack Limited (KPL):
'XULQJ)<.3/DFKLHYHG5HYHQXHIURP2SHUDWLRQVRI`FURUHDVDJDLQVW`FURUHLQ)<UHJLVWHULQJDJURZWKRI
.3/¶V3UR¿WDIWHUWD[ZDV`FURUHLQ)<DJDLQVW`FURUHLQ)<
Borosil Technologies Limited (BTL):
'XULQJ)<%7/¶VUHYHQXHIURPRSHUDWLRQVZDV`FURUHDVDJDLQVW`FURUHLQ)<%7/LVLQWKHLQLWLDOVWDJHRIVFDOLQJ
up its production facilities and accordingly incurred higher overheads on account of manpower and DGPLQLVWUDWLYHH[SHQVHVZKLFK
resulted in a loss of `FURUHDVDJDLQVWloss of `FURUHGXULQJWKHSUHYLRXV\HDU
Acalypha Realty Limited (ARL):
$5/KDVQRWVWDUWHGLWVEXVLQHVVRSHUDWLRQVGXULQJWKH\HDUXQGHUUHYLHZ'XULQJWKH\HDUHQGHG0DUFK$5/PDGHDORVV
of ` 0.52 lakhs as compared to loss of ÒDNKVGXULQJWKHSUHYLRXV\HDUHQGHG0DUFK
CONSOLIDATED FINANCIAL STATEMENTS
,QDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWDQG/LVWLQJ5HJXODWLRQVUHDGZLWK,QG$6&RQVROLGDWHG)LQDQFLDO6WDWHPHQWWKH
Consolidated Audited Financial Statement forms part of the Annual Report.
A statement providing details of performance, contribution to the overall performance of the Company and salient features of the
¿QDQFLDOVWDWHPHQWVRIWKH6XEVLGLDU\&RPSDQLHVLVSURYLGHGDV$QQH[XUHWRWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWDQGWKHUHIRUHQRW
repeated in this Report to avoid duplication.
The Audited Financial Statement including the Consolidated Financial Statement of the Company and the individual Standalone
)LQDQFLDO 6WDWHPHQW RI DOO VXEVLGLDULHV KDYH EHHQ XSORDGHG RQ WKH ZHEVLWH RI WKH &RPSDQ\ DV SHU 6HFWLRQ RI WKH $FW DW
KWWSVZZZERURVLOFRPLQYHVWRUVERURVLOOLPLWHG (under general meeting compliances section).
A copy of separate Audited Financial Statements in respect of the subsidiaries will be provided to any shareholder of the Company
who requests for it and the said annual accounts of the Company and subsidiaries will also be kept open for inspection at the
5HJLVWHUHG2ႈFHRIWKH&RPSDQ\
BOARD OF DIRECTORS, ITS MEETINGS, EVALUATION ETC.
Board Meetings
The Board of Directors of the Company met ¿YH WLPHV GXULQJ WKH \HDU RQ 0D\ -XO\ $XJXVW
1RYHPEHUDQG)HEUXDU\
Formal Annual Evaluation
,QFRPSOLDQFHZLWKWKH$FWDQG5HJXODWLRQDQG other applicable provisions of the Listing Regulations, the performance evaluation
of the Board, its Committees and of the Directors was carried out during the year under review.
0DQQHURIHႇHFWLYHHYDOXDWLRQ
The Company has laid down evaluation criteria separately for the Board, its Committees and the Directors in the form of questionnaire.
Evaluation of Directors
The criteria for evaluation of Directors include parameters such as attendance, acquaintance with business, communication inter se
EHWZHHQERDUGPHPEHUVHႇHFWLYHSDUWLFLSDWLRQGRPDLQNQRZOHGJHFRPSOLDQFHZLWKFRGHRIFRQGXFWIRFXVRQFRUHYDOXHVYLVLRQ
and mission etc.

Evaluation of Board and its Committees
The criteria for evaluation of Board include whether Board meetings were held in time, all items which were required as per law
to be placed before the Board were placed or not, whether the same have been discussed and appropriate decisions were taken,
DGKHUHQFHWROHJDOO\SUHVFULEHGFRPSRVLWLRQDQGSURFHGXUHVWLPHO\LQGXFWLRQRIDGGLWLRQDOZRPHQ'LUHFWRUVDQGUHSODFHPHQWRI
%RDUGPHPEHUV&RPPLWWHHPHPEHUVZKHQHYHUUHTXLUHGDQGZKHWKHUWKH%RDUGIDFLOLWDWHVWKHLQGHSHQGHQWGLUHFWRUVWRSHUIRUP
WKHLUUROHHႇHFWLYHO\
The criteria for evaluation of Committee include taking up roles and functions as per its terms of reference, independence of the
&RPPLWWHHZKHWKHUWKH&RPPLWWHHKDVVRXJKWQHFHVVDU\FODUL¿FDWLRQVLQIRUPDWLRQDQGH[SODQDWLRQVIURPPDQDJHPHQWLQWHUQDO
DQGH[WHUQDODXGLWRUVHWF
Based on such criteria, the evaluation was done for each director, Committees and the Board of Directors and the observations of the
directors were discussed and presented to the Chairman of the Board. The performance evaluation of Non-Independent Directors,
QDPHO\0U3..KHUXND0U6KUHHYDU.KHUXND and Mr. Rajesh Kumar Chaudhary and the entire Board was carried out.
The evaluation of performance of the Independent Directors, namely, Mr. Naveen Kumar Kshatriya, Ms. Anupa Rajiv Sahney,
0U.HZDO.XQGDQODO+DQGDDQG0U.DQZDU%LU6LQJK$QDQGZDVGRQH
7KH'LUHFWRUVH[SUHVVHGWKHLUVDWLVIDFWLRQZLWKWKHHYDOXDWLRQSURFHVV3HUIRUPDQFHHYDOXDWLRQRIWKH%RDUGLWVYDULRXV&RPPLWWHHV
and directors including Independent Directors was found satisfactory.
BOARD OF DIRECTORS
There was no change in the composition of the Board of Directors during the year under review.
In accordance with the provisions of the Act and the Articles of Association of the Company, Mr. Rajesh Kumar Chaudhary, retires by
rotation at the ensuing annual general meeting. The Board of Directors, on the recommendation of the Nomination and Remuneration
Committee have recommended his re-appointment to the Shareholders for their approval.
The Board of Directors have, subject to the approval of the Shareholders, approved the re-appointment of:
0U6KUHHYDU.KHUXNDDVD0DQDJLQJ'LUHFWRUDQG&(2DQG.H\0DQDJHULDO3HUVRQQHOIRUDIXUWKHUSHULRGRI\HDUVZLWK
HႇHFWIURP)HEUXDU\DQG
0U5DMHVK.XPDU&KDXGKDU\DVD:KROH7LPH'LUHFWRUDQG.H\0DQDJHULDO3HUVRQQHOIRUDIXUWKHUSHULRGRI\HDUVZLWK
HႇHFWIURP)HEUXDU\
Independent Directors
The Company has 4 (four) Independent Directors, namely, Mr. Naveen Kumar Kshatriya, Ms. Anupa Rajiv Sahney, Mr. Kewal
.XQGDQODO+DQGDDQG0U.DQZDU%LU6LQJK$QDQG
Declaration by Independent Directors
7KH &RPSDQ\ KDV UHFHLYHG GHFODUDWLRQ RI LQGHSHQGHQFH LQ WHUPV RI 6HFWLRQ DQG RI WKH$FW DQG DOVR DV SHU /LVWLQJ
Regulations from the above-mentioned Independent Directors.
Company’s Policy on Directors’ Appointment and Remuneration etc.
7KH&RPSDQ\KDVGHYLVHGLQWHUDOLDDSROLF\RQ'LUHFWRU¶VDSSRLQWPHQWDQG5HPXQHUDWLRQLQFOXGLQJ.H\0DQDJHULDO3HUVRQQHO
and other employees. This policy sets out the guiding principles for the Nomination and Remuneration Committee for identifying
SHUVRQVZKRDUHTXDOL¿HGWREHFRPH'LUHFWRUVDQGWRGHWHUPLQHWKHLQGHSHQGHQFHRI'LUHFWRUVZKLOHFRQVLGHULQJWKHLUDSSRLQWPHQW
as Directors of the Company and that remuneration is directed towards rewarding performance based on Individual as well as
Organizational achievements and Industry benchmark.
There has been no change in the policy during the year under review.
The aforesaid policy is available on the website of the Company at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVSROLF\BUHODWLQJBWRB

UHPXQHUDWLRQBIRUBWKHBGLUHFWRUVBNH\BPDQDJHULDOBSHUVRQQHOBDQGBRWKHUBHPSOR\HHVSGI
Familiarization Programme for Independent Directors
$IDPLOLDUL]DWLRQSURJUDPPHJLYLQJXSGDWHVRQEXVLQHVVRI&RQVXPHU'LYLVLRQDQG6FLHQWL¿FDQG,QGXVWULDO3URGXFWV'LYLVLRQZDV
SUHVHQWHG WR ,QGHSHQGHQW 'LUHFWRUV RQ 0DUFK )XUWKHU D YLVLW WR 1DVKLN 3ODQW RI .ODVV 3DFN /WG D VXEVLGLDU\ RI WKH
&RPSDQ\ ZDV DOVR RUJDQLVHG 7KH GHWDLOV RI IDPLOLDUL]DWLRQ SURJUDPPH LPSDUWHG WR ,QGHSHQGHQW 'LUHFWRUV GXULQJ WKH ¿QDQFLDO
\HDULVDYDLODEOHRQ&RPSDQ\¶VZHEVLWHDWKWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVIDPLOLDUL]DWLRQBSURJUDPPHBIRUB
LQGHSHQGHQWBGLUHFWRUVBI\BSGI

KEY MANAGERIAL PERSONNEL
During the year under review, Mr. Manoj Dere, resigned as the Company Secretary of the Company and Ms. Anshu Agarwal has been
DSSRLQWHGLQKLVSODFHDVD&RPSDQ\6HFUHWDU\ZLWKHႇHFWIURP1RYHPEHU
AUDIT COMMITTEE
The Audit Committee comprises Ms. Anupa Rajiv 6DKQH\ &KDLUSHUVRQ 0U 3 . .KHUXND 0U 1DYHHQ .XPDU .VKDWUL\D DQG
0U.HZDO.XQGDQODO+DQGD'XULQJWKH\HDUXQGHUUHYLHZDOOUHFRPPHQGDWLRQVPDGHE\WKH$XGLW&RPPLWWHHZHUHDFFHSWHGE\
the Board.
DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT PLAN
Risk taking is an integral part of the business. The Company is committed to proactively identify and manage business risks to
facilitate achievement of business objectives.
:LWK WKLV FRQWH[W LQ PLQG WKH &RPSDQ\ KDV GHYHORSHG DQG LPSOHPHQWHG (QWHUSULVH 5LVN 0DQDJHPHQW (50 IUDPHZRUN
EHQFKPDUNHGZLWKOHDGLQJLQWHUQDWLRQDOULVNPDQDJHPHQWVWDQGDUGVVXFKDV,62DQG&RPPLWWHHRI6SRQVRULQJ2UJDQLVDWLRQ
RIWKH7UHDGZD\&RPPLVVLRQ µ&262¶ (50)UDPHZRUNIDFLOLWDWHVDFRRUGLQDWHGDQGLQWHJUDWHGDSSURDFKIRUPDQDJLQJ5LVNV
Opportunities across the organization.
The management teams across businesses and functions analyse risks in their operations and related to their strategic objectives,
DWOHDVWDQQXDOO\FRQVLGHULQJERWWRPXSULVNDVVHVVPHQWDQH[WHUQDORXWORRNDQGWRSPDQDJHPHQWLQSXW
In accordance with the provisions of Listing Regulations, the Board has formed a Risk Management Committee. The Risk
0DQDJHPHQW&RPPLWWHHFRQGXFWVLQWHJUDWHGULVNDQGSHUIRUPDQFHUHYLHZVDORQJZLWKWKH6HQLRU([HFXWLYHVHQJDJHGLQGLႇHUHQW
EXVLQHVVGLYLVLRQVDQGIXQFWLRQV7KH&RPPLWWHHUHYLHZVLGHQWL¿HGULVNVDQGWKHHႇHFWLYHQHVVRIWKHGHYHORSHGPLWLJDWLRQSODQVWR
provide feedback and guidance on emerging risks.
7KHRYHUDOO(50SURJUDPGHYHORSHGE\WKH&RPSDQ\UHVWVRQWKHIRXQGDWLRQRIFRQWLQXRXVWUDLQLQJDQGGHYHORSPHQWRIHPSOR\HHV
RQULVNPDQDJHPHQWWRHQKDQFHWKHDZDUHQHVVRI(50IUDPHZRUNDQGVWUHQJWKHQULVNLQIRUPHGGHFLVLRQPDNLQJFXOWXUH
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
7KH&RPSDQ\KDVHQWHUHGLQWRYDULRXV5HODWHG3DUW\7UDQVDFWLRQVGXULQJWKH¿QDQFLDO\HDUZKLFKZHUHLQWKHRUGLQDU\FRXUVHRI
business and made on terms equivalent to those that prevail in arm’s length transactions.
'XULQJ WKH \HDU WKH &RPSDQ\ KDG QRW HQWHUHG LQWR DQ\ FRQWUDFW DUUDQJHPHQW WUDQVDFWLRQ ZLWK UHODWHG SDUWLHV ZKLFK FRXOG EH
considered material in accordance with the policy of the Company on materiality of related party transactions or which is required
WREHUHSRUWHGLQ)RUP1R$2&LQWHUPVRI6HFWLRQ K UHDGZLWK6HFWLRQRIWKH$FWDQG5XOH RIWKH&RPSDQLHV
$FFRXQWV 5XOHV
7KH&RPSDQ\KDVIRUPXODWHGDSROLF\RQGHDOLQJZLWK5HODWHG3DUW\7UDQVDFWLRQV7KHVDPHLVDYDLODEOHRQWKH&RPSDQ\¶VZHEVLWH
at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVUHODWHGBSDUW\BWUDQVDFWLRQBSROLF\SGI.
The details of DOOWKHWUDQVDFWLRQVZLWK5HODWHG3DUWLHVDUHSURYLGHGLQWKHDFFRPSDQ\LQJ¿QDQFLDOVWDWHPHQWV
CORPORATE SOCIAL RESPONSIBILITY (CSR)
As part of its CSR initiatives, during the year under review, the Company made contribution towards the following:
Sr. CSR Project or activity Amount Spent

No. during the year
(` In lakhs)
,QÀXHQFHU3URMHFW$:RPHQ(PSRZHUPHQW,QLWLDWLYHE\(GHO*LYH)RXQGDWLRQLQVWDWHVDQGLWV 25
districts
2 Inspire Institute of Sport, a training centre for supporting Indian athletes for participating in international 50
competitions like Olympic.
6HYD <DJQD 6DPLWL SXUFKDVH DQG GLVWULEXWLRQ RI PLON DPRQJVW WKH SRRU DQG QHHG\ SDWLHQWV DV D
healthy diet food.
4 3URMHFW µ6SDUN¶ RI ,QGLDQ &DQFHU 6RFLHW\ IRU FUHDWLQJ KLJKHU 2UDO &DQFHU DZDUHQHVV DPRQJ XVHUV 25
chewing tobacco and encouraging them to quit, thereby reducing India’s Oral Cancer burden
Total 106
'XULQJWKH\HDUWKH&RPSDQ\VSHQWDURXQGRIWKHDYHUDJHQHWSUR¿WVRIODVWWKUHH¿QDQFLDO\HDUVRQ&65DFWLYLWLHV
&65FRPPLWWHHFRPSULVHV0U3..KHUXND &KDLUPDQ 0U6KUHHYDU.KHUXND0U1DYHHQ.XPDU.VKDWUL\D0V$QXSD5DMLY
6DKQH\DQG0U.HZDO.XQGDQODO+DQGD

COMPANY’S CSR POLICY
The Company considers CSR as a process by which an organization thinks about and evolves its relationships with stakeholders for
the common good, and demonstrates its commitment in this regard.
The CSR policy formulated by the CSR Committee and approved by the Board, remains unchanged. This has been uploaded on the
Company’s website at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVFVUBSROLF\BSGI
$Q$QQXDO5HSRUWRQ&65DFWLYLWLHVLQWHUPVRI6HFWLRQ R RIWKH$FWUHDGZLWKWKH&RPSDQLHV &RUSRUDWH6RFLDO5HVSRQVLELOLW\
5XOHVLVDWWDFKHGKHUHZLWKDVDQµAnnexure B’ to this Report.
ANNUAL RETURN
3XUVXDQWWR6HFWLRQ RIWKH$FWDVDPHQGHGGUDIWDQQXDOUHWXUQLQ)RUP0*7LVSODFHGRQWKHZHEVLWHRIWKH&RPSDQ\DW
KWWSVZZZERURVLOFRPLQYHVWRUVERURVLOOLPLWHG (under General Meeting Compliances section)
WHISTLE BLOWER POLICY/ VIGIL MECHANISM
7KH &RPSDQ\ KDV HVWDEOLVKHG D :KLVWOH %ORZHU 9LJLO 0HFKDQLVP DQG IRUPXODWHG D :KLVWOH %ORZHU 9LJLO 0HFKDQLVP 3ROLF\ WR
deal with instances of fraud and mismanagement. The details of WKH3ROLF\LVH[SODLQHGLQWKH&RUSRUDWH*RYHUQDQFH5HSRUWZKLFK
forms part of this Annual Report and also hosted on the website of the Company at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHV
ZKLVWOHBEORZHUBSROLF\BQRYBBSGI
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
7KHUH DUH QR VLJQL¿FDQW PDWHULDO RUGHUV SDVVHG E\ WKH 5HJXODWRUV&RXUWV ZKLFK ZRXOG LPSDFW WKH JRLQJ FRQFHUQ VWDWXV RI WKH
Company and its future operations.
AUDITORS
0V &KDWXUYHGL 6KDK //3 &KDUWHUHG $FFRXQWDQWV )LUP 5HJLVWUDWLRQ QR: : ZHUH DSSRLQWHG DV 6WDWXWRU\
$XGLWRUVRIWKH&RPSDQ\DWWKHDQQXDOJHQHUDOPHHWLQJKHOGRQ$XJXVWIRUDWHUPRI ¿YH FRQVHFXWLYH\HDUVIURPWKH
FRQFOXVLRQRIth $QQXDO*HQHUDO0HHWLQJWLOOWKHFRQFOXVLRQRIWKHth Annual General Meeting of the Company. The Auditors have
FRQ¿UPHGWKDWWKH\DUHQRWGLVTXDOL¿HGIURPFRQWLQXLQJDV$XGLWRUVRIWKH&RPSDQ\
AUDITORS’ REPORT
7KH1RWHVRQ¿QDQFLDOVWDWHPHQWUHIHUUHGWRLQWKH$XGLWRUV¶5HSRUWDUHVHOIH[SODQDWRU\DQGGRQRWFDOOIRUDQ\IXUWKHUFRPPHQWV
7KH6WDWXWRU\$XGLWRU¶V5HSRUWIRUWKH¿QDQFLDO\HDUGRHVQRWFRQWDLQDQ\TXDOL¿FDWLRQVUHVHUYDWLRQVDGYHUVHUHPDUNVRU
GLVFODLPHUDQGQRIUDXGVZHUHUHSRUWHGE\WKH$XGLWRUVWRWKH$XGLW&RPPLWWHHRUWKH%RDUGXQGHUVXEVHFWLRQ RI6HFWLRQ
of the Act.
COST RECORDS AND AUDIT
8QGHU6HFWLRQRIWKH$FWWKH&HQWUDO*RYHUQPHQWKDVSUHVFULEHGPDLQWHQDQFHDQGDXGLWRIFRVWUHFRUGVYLGHWKH&RPSDQLHV
&RVW5HFRUGVDQG$XGLW 5XOHVWRVXFKFODVVRIFRPSDQLHVDVPHQWLRQHGLQWKH7DEOHDSSHQGHGWR5XOHRIWKHVDLG5XOHV
&(7$KHDGLQJVXQGHUZKLFK&RPSDQ\¶VSURGXFWVDUHFRYHUHGDUHQRWLQFOXGHGLQWKHVDLG7DEOH+HQFHGXULQJWKH\HDUXQGHUUHYLHZ
maintenance of cost records and cost audit provisions were not applicable to the Company.
SECRETARIAL AUDIT
Secretarial Audit Report dated May 9, 2022 issued by Mr. Dhrumil M. Shah, Secretarial Auditor, is attached KHUHWRDVDQµAnnexure
C¶WRWKLV5HSRUW7KH6HFUHWDULDO$XGLW5HSRUWGRHVQRWFRQWDLQDQ\TXDOL¿FDWLRQUHVHUYDWLRQVDGYHUVHUHPDUNRUGLVFODLPHUE\WKH
6HFUHWDULDO$XGLWRU+HQFHWKHUHLVQRQHHGRIDQ\H[SODQDWLRQIURPWKH%RDUGRI'LUHFWRUV
ANNUAL SECRETARIAL COMPLIANCE REPORT
7KH&RPSDQ\KDVXQGHUWDNHQDQDXGLWIRUWKH)LQDQFLDO<HDUIRUDOODSSOLFDEOHFRPSOLDQFHVDVSHU6HFXULWLHVDQG([FKDQJH
%RDUGRI,QGLDDQGFLUFXODUVJXLGHOLQHVLVVXHGWKHUHXQGHU7KH$QQXDO6HFUHWDULDO&RPSOLDQFH5HSRUWSXUVXDQWWR6(%,&LUFXODU1R
&,5&)'&0'GDWHG)HEUXDU\KDVEHHQWDNHQIURP0U'KUXPLO06KDK6HFUHWDULDO$XGLWRURIWKH&RPSDQ\
DIRECTORS’ RESPONSIBILITY STATEMENT
On the basis of the disclosures given in the Annual Accounts and on further discussion with the Statutory Auditors of the Company
from time to time, the Board of Directors state as under:
(a) that in the preparation of the annual accounts, the applicable accounting standards read with requirements set out under
Schedule III to the Act have been followed and there are no material departures from the same;
(b) that we have selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true DQGIDLUYLHZRIWKHVWDWHRIDႇDLUVRIWKH&RPSDQ\DWWKHHQGRIWKH¿QDQFLDO\HDU
and of WKHSUR¿WRIWKH&RPSDQ\IRUWKDWSHULRG

F WKDWZHKDYHWDNHQSURSHUDQGVXႈFLHQWFDUHIRUWKHPDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFHZLWKWKH
provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) that we have prepared the annual accounts on a going concern basis;
(e) that we have laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are
DGHTXDWHDQGDUHRSHUDWLQJHႇHFWLYHO\DQG
(f) that we have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems
DUHDGHTXDWHDQGRSHUDWLQJHႇHFWLYHO\
INTERNAL FINANCIAL CONTROLS
The Company has adequate Internal Financial Control Systems commensurate with its size and nature of business. The internal
FRQWUROV\VWHPVDUHGHVLJQHGWRHQVXUHWKDWWKH¿QDQFLDOVWDWHPHQWVDUHSUHSDUHGEDVHGRQUHOLDEOHLQIRUPDWLRQ,QWHUQDO$XGLWVDUH
continuously conducted by an in-house Internal Audit department of the Company and Internal Audit Reports are reviewed by the
Audit Committee on quarterly basis.
PARTICULARS OF LOANS GIVEN, GUARANTEES/SECURITIES PROVIDED AND INVESTMENTS MADE
3DUWLFXODUVRIORDQVJLYHQDQGLQYHVWPHQWVPDGHDUHSURYLGHGLQAnnexure – ‘D¶WRWKLVUHSRUWUHDGZLWKQRWHDQGWRWKH
6WDQGDORQH)LQDQFLDO6WDWHPHQW7KH&RPSDQ\KDVQRWJLYHQDQ\JXDUDQWHHVHFXULW\GXULQJWKH\HDUXQGHUUHYLHZ
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013
7KH&RPSDQ\KDVLQSODFHD3ROLF\IRU3UHYHQWLRQ3URKLELWLRQDQG5HGUHVVDORI6H[XDO+DUDVVPHQWDWZRUNSODFHwhich is in line
ZLWK WKH UHTXLUHPHQWV RI WKH 6H[XDO +DUDVVPHQW RI ZRPHQ DW WKH :RUNSODFH 3UHYHQWLRQ 3URKLELWLRQ DQG 5HGUHVVDO $FW
and Rules made thereunder. All employees (permanent, contractual, temporary and WUDLQHHV DUHFRYHUHGXQGHUWKLV3ROLF\7KH
Company has constituted DQ ,QWHUQDO &RPSODLQW &RPPLWWHH IRU LWV +HDG 2ႈFH DQG EUDQFKVDOHV RႈFHV XQGHU 6HFWLRQ RI WKH
FDSWLRQHG$FW1RFRPSODLQWKDVEHHQUHFHLYHGE\WKHVHFRPPLWWHHVWLOOGDWH7KH&RPSDQ\KDV¿OHGDQ$QQXDO5HSRUWZLWKWKH
concerned Authority in the matter.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
7KHSUHVFULEHGSDUWLFXODUVRIHPSOR\HHVUHTXLUHGXQGHU6HFWLRQ RIWKH$FWUHDGZLWK5XOH RIWKH&RPSDQLHV $SSRLQWPHQW
DQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO 5XOHVDUHDWWDFKHGDVµAnnexure - E’ and forms a part of this report.
The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required
XQGHU 6HFWLRQ RI WKH$FW UHDG ZLWK 5XOH DQG RI WKH &RPSDQLHV $SSRLQWPHQW DQG Remuneration of Managerial
3HUVRQQHO 5XOHVLVSURYLGHGLQDVHSDUDWHDQQH[XUHIRUPLQJSDUWRIWKLVUHSRUW+DYLQJUHJDUGWRWKHSURYLVLRQVRIWKHVHFRQG
SURYLVR WR 6HFWLRQ RI WKH$FW WKH$QQXDO 5HSRUW H[FOXGLQJ WKH DIRUHVDLG LQIRUPDWLRQ LV EHLQJ VHQW WR WKH PHPEHUV RI WKH
Company. Any member interested in obtaining such information may write to investor.relations@borosil.com
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
7KH LQIRUPDWLRQ SHUWDLQLQJ WR FRQVHUYDWLRQ RI HQHUJ\ WHFKQRORJ\ DEVRUSWLRQ )RUHLJQ ([FKDQJH (DUQLQJV DQG RXWJR DV UHTXLUHG
XQGHU6HFWLRQ P RIWKH$FWUHDGZLWKWKH5XOH RIWKH&RPSDQLHV $FFRXQWV 5XOHVLVIXUQLVKHGLQµAnnexure - F’
to this Report.
COMPLIANCE WITH SECRETARIAL STANDARDS
7KH&RPSDQ\KDVIROORZHGWKHDSSOLFDEOH6HFUHWDULDO6WDQGDUGVLH66DQG66UHODWLQJWRµ0HHWLQJVRIWKH%RDUGRI'LUHFWRUV¶
DQGµ*HQHUDO0HHWLQJV¶UHVSHFWLYHO\
OTHER DISCLOSURES
o There has been no change in the nature of business of the Company during the year under review.
o No Director of the Company is in receipt of any remuneration or commission from any of its subsidiaries.
o The Company does not have any scheme or provision of money for the purchase of its own shares by employees or by trustees
IRUWKHEHQH¿WRIHPSOR\HHV
o The Company has not accepted any public deposit during the year under review.
o There has been no issue of shares (including sweat equity shares) to employees of the Company under any scheme save and
H[FHSW(PSOR\HHV¶6WRFN2SWLRQV6FKHPHVUHIHUUHGWRLQWKLV5HSRUW
R 7KHUHLVQRSURFHHGLQJSHQGLQJXQGHUWKH,QVROYHQF\DQG%DQNUXSWF\&RGH
o There was no instance of onetime settlement with any Bank or Financial Institution.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY, WHICH HAVE
OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENT RELATES AND THE
DATE OF THE REPORT
7KHUHZHUHQRPDWHULDOFKDQJHVDQGFRPPLWPHQWVZKLFKDႇHFWHGWKH&RPSDQ\¶V¿QDQFLDOSRVLWLRQEHWZHHQWKHHQGRIWKH¿QDQFLDO
year and the date of this Report.
ACKNOWLEDGEMENT
<RXU'LUHFWRUVZLVKWRSODFHRQUHFRUGWKHLUGHHSVHQVHRIDSSUHFLDWLRQIRUWKHFRRSHUDWLRQUHFHLYHGIURPWKH(PSOR\HHV&XVWRPHUV
Government, Regulatory authorities, Vendors, Banks and last but not least the shareholders for their unstinted support, during the
year under review.
For and on behalf of the Board of Directors
P. K. Kheruka
Chairman
DIN: 00016909
Place : Mumbai
Date : May 9, 2022

Annexure A
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
7KLVGLVFXVVLRQFRYHUVWKH¿QDQFLDOUHVXOWVDQGRWKHUGHYHORSPHQWVGXULQJWKH¿QDQFLDO\HDULQUHVSHFWRI%RURVLO/LPLWHG
DQGLWVVXEVLGLDULHVQDPHO\.ODVV3DFN/LPLWHG VXEVLGLDU\ %RURVLO7HFKQRORJLHV/LPLWHG ZKROO\RZQHGVXEVLGLDU\ DQG
Acalypha Realty Limited (wholly owned subsidiary).
7KH¿QDQFLDOVRIthe Company have been prepared in accordance with Indian Accounting Standards (IND AS).
6RPH VWDWHPHQWV LQ WKLV GLVFXVVLRQ SHUWDLQLQJ WR SURMHFWLRQV HVWLPDWHV H[SHFWDWLRQV or outlook may be forward looking. Actual
UHVXOWVPD\KRZHYHUGLႇHUPDWHULDOO\IURPWKRVHVWDWHGRQDFFRXQWRIYDULRXVIDFWRUVVXFKDVFKDQJHVLQJRYHUQPHQWUHJXODWLRQVWD[
UHJLPHVHFRQRPLFGHYHORSPHQWVFXUUHQF\H[FKDQJHUDWHVDQGLQWHUHVWUDWHPRYHPHQWVLPSDFWRIFRPSHWLQJSURGXFWVDQGWKHLU
SULFLQJSURGXFWGHPDQGDQGVXSSO\FRQVWUDLQWVZLWKLQ,QGLDDQGRWKHUFRXQWULHVZKHUHWKH&RPSDQ\FRQGXFWVEXVLQHVV(VWLPDWHV
made with regard to market size of various segments and their respective rates of growth are internal estimates made by the
management.
INDUSTRY STRUCTURE AND DEVELOPMENT:
,QGLDLVFXUUHQWO\WKHZRUOG¶VVL[WKODUJHVWHFRQRP\DQGRQHRIWKHIDVWHVWJURZLQJODUJHFRXQWULHVZLWKDQDQQXDO*URVV'RPHVWLF
3URGXFW *'3 JURZWKUDWHRIPLGWRKLJKVLQJOHGLJLWSHUFHQWDJHDPRPHQWXPWKDWLVH[SHFWHGWRVXVWDLQRYHUWKHQH[W¿YHWRWHQ
years. In purchasing power parity terms, India ranks third behind the United States and China.
Positive demographics and growing purchasing capacity
India enjoys positive demographics and relatively lower per capita levels to support growth in markets, especially when compared
WRRWKHUODUJHPDUNHWVVXFKDVWKH86DQG&KLQD:KLOHWKHVNHZLQ,QGLD¶VGHPRJUDSKLFVWRZDUGVD\RXQJHUSRSXODWLRQLVZHOO
XQGHUVWRRG WKH DVSLUDWLRQ OHYHOV RI WKLV \RXQJHU FRKRUW KDV DOVR HVFDODWHG VLJQL¿FDQWO\ IHG E\ HDV\ HOHFWURQLF DFFHVV WR JOREDO
trends, leading to strong purchase patterns across several categories. Such purchase patterns coupled with a large market create
VXVWDLQDEOHRSSRUWXQLWLHVIRUPDUNHWH[SDQVLRQWKURXJKDFFHOHUDWLQJJURZWKLQFXUUHQWSURGXFWDQGVHUYLFHPDUNHWVQHZH[WHQVLRQV
DQGFRPSOHWHO\ZKLWHVSDFHRSSRUWXQLWLHVWRJHWKHUZLWKDQHHGWRDGGUHVVGLႇHUHQWLDWLRQDFURVVDFRQWLQXXPRISULFHDQGSURGXFW
attributes.
Emerging scale in key focus sectors
Such an evolution presents an attractive opportunity to scale businesses across well-understood as well as new dimensions. India
VWLOOSUHVHQWVDQH[SDQVLRQRSSRUWXQLW\WKURXJKVFDOHLQGLVWULEXWLRQVLQFHVLJQL¿FDQWUHJLRQVRIWKHFRXQWU\UHPDLQXQGHUSHQHWUDWHG
even as nominal purchasing capacity increases across markets. In addition, given the scale in population, there is a need and
RSSRUWXQLW\WRGLႇHUHQWLDWHDFURVVSULFLQJDQGIHDWXUHFRPELQDWLRQVWRJHWKHUZLWKEUDQGLQJRSSRUWXQLWLHVWKDWDGGUHVVDYDU\LQJVHW
of aspirations and associated needs.
Digitization trends are accelerating
In addition, the dramatic penetration of mobile internet access is enabling digitization of consumer habits, distribution and supply
FKDLQVDQGSURYLGHQHZFKDQQHOVWRDFFHVVDQGSURYLGHIRUDZLGHUDQJHRIQHHGV&RXSOHGZLWKDUDSLGLPSURYHPHQWRIHႈFLHQW
GLVWULEXWLRQ DQG ORJLVWLFV V\VWHPV DQG GLJLWDO SD\PHQW V\VWHPV WKHVH WUHQGV SURYLGH D FRPSOH[ DQG FRPSHWLWLYH RSSRUWXQLW\
environment for accessing these markets and for new innovations in business models.
$IWHUDVKDUSGHPDQGDQGVXSSO\GLVUXSWLRQGXHWR&RYLGWKHUHLVHPHUJLQJFODULW\DERXWUHVLOLHQWEXVLQHVVHVDQGWUDQVIRUPDWLRQV
OHGE\GLJLWDO7KHUHKDVEHHQD\HDUOHDSIRUGLJLWDODGRSWLRQGXHWR&RYLG
Stable and predictable macro management frameworks
6XSSRUWLQJWKHVHWUHQGVLVDSUXGHQWPDFURHFRQRPLFSROLF\HQYLURQPHQWEDVHGRQLQÀDWLRQFRQWUROSROLF\UHIRUPVWRLPSURYHHႈFLHQF\
and reduce friction in the economy and a predictable regulatory and investment environment. Since the formation of the Government
E\ WKH FXUUHQW UXOLQJ SDUW\ LQ VWURQJ LQÀDWLRQ PDQDJHPHQW PHDVXUHV KDYH UHGXFHG LQÀDWLRQ DQG LQÀDWLRQDU\ H[SHFWDWLRQV
leading to real income improvement and sustainable consumer spending patterns. Focused reforms such as the implementation of
WKHQHZ*67UXOHVHQDEOHDPRUHXQLIRUPDQGFRPPRQPDUNHWZLWKVWURQJLPSOLFDWLRQVIRUHႈFLHQWPDQXIDFWXULQJDQGGLVWULEXWLRQ
0RUHHႈFLHQWGHOLYHU\RIHQWLWOHPHQWVSHQGLQJHVSHFLDOO\WKURXJKDQDWLRQDOGLJLWDOLQIUDVWUXFWXUHDQGEHWWHUWDUJHWLQJRIVXEVLGLHVKDV
HQDEOHGOHVVZDVWDJHDQGDUHH[SHFWHGWRGULYHPRUHFRQVXPHUVSHQGLQJSRZHULQUXUDODUHDV)XUWKHUDPRUHSHUIRUPDQFHIRFXVHG
HOHFWRUDWHKDVHQDEOHGVWURQJHUSROLF\DQGHႈFLHQF\IRFXVHGJRYHUQPHQWVLQVHYHUDOVWDWHVWKDWKDVWKHSRWHQWLDOWRFRPSRXQGWKH
HႇHFWRIQDWLRQDOLQLWLDWLYHVDVVWDWHVQRZSXUVXHFRPSHWLWLYHDJHQGDVWRDWWUDFWEXVLQHVVHVDQGHPSOR\PHQW
Large consumption market
India has a booming domestic consumption market, fueled by its young population (more than half of India’s population is under age
7KH,QGLDQHFRQRP\LVPRYLQJIURPVDYLQJVOHGJURZWKWRFRQVXPSWLRQOHGJURZWKUHÀHFWHGLQPRVWRIWKHUHFHQWVXUYH\V)RU
H[DPSOH,QGLDLVQRZRQHRIWKHODUJHVWPDUNHWVIRUPRELOHWHOHSKRQ\DXWRPRWLYHVHFWRUFRQVXPHUSURGXFWVDQG¿QDQFLDOVHUYLFHV

Attractive workforce trends, entrepreneurial activity
India is consolidating its advantage of low-cost human resources in sectors such as drug research and discovery, technology
VHUYLFHV EDFN RႈFH VHUYLFHV FXVWRPHU VXSSRUW DQG KHDOWKFDUH DQG H[SDQGLQJ LQWR RWKHU VHFWRUV FUHDWLQJ JOREDO RSSRUWXQLWLHV
in leveraging competencies tied to India. A globally linked and technologically sophisticated workforce is also leading to a deep
entrepreneurial movement among professionals, leading to disruptive start-ups and availability of capable managers to help scale
mid-size enterprises.
Near Term Headwinds
:KLOHWKHORQJWHUPRXWORRNRQFRQVXPSWLRQOHGJURZWKLQ,QGLDDSSHDUVVWURQJWKHQHDUWHUPPD\EHFKDOOHQJLQJ7KH5XVVLD
8NUDLQHFRQÀLFWKDVOHGWRDVSLNHLQFUXGHRLOSULFHV5XVVLDDOVRKDVDVLJQL¿FDQWJOREDOVKDUHLQVHYHUDOFRPPRGLWLHVZKLOH8NUDLQH
LVDODUJHH[SRUWHURIDJULFXOWXUDOSURGXFWV7KHGLVUXSWLRQVFUHDWHGE\WKHZDUDUHERXQGWRDGGWRJOREDOLQÀDWLRQDU\SUHVVXUHVWKDW
were already rising. The Coronavirus accelerated digitization and formalization of businesses. It has resulted in a lop-sided boom,
now popularly termed as a K-Shaped recovery. Several small businesses have not yet recovered from the impact of the lockdown
UHODWHGVORZGRZQV7KLVFRXSOHGZLWKWKHHQVXLQJLQÀDWLRQPD\OHDGFRQVXPHUVWREHFRQVHUYDWLYHZLWKWKHLUFRQVXPSWLRQVSHQGV
%XVLQHVVHVPD\¿QGLWGLႈFXOWWRSDVVRQWKHHQWLUHLQÀDWLRQWRWKHLUFXVWRPHUVOHDGLQJWRSUHVVXUHRQERWKYROXPHVDQGPDUJLQV
The Company conducts its operations inWZREXVLQHVVVHJPHQWVQDPHO\&RQVXPHU3URGXFWV'LYLVLRQDQG6FLHQWL¿FDQG,QGXVWULDO
3URGXFWV'LYLVLRQ
7KH EUDQG %RURVLO KDV EHHQ D KRXVHKROG QDPH LQ ,QGLD IRU RYHU ¿YH GHFDGHV EHLQJ ZHOO NQRZQ IRU KLJK TXDOLW\ PLFURZDYHDEOH
glassware products and vision glass products such as tumblers. Borosil’s vision is to become the most consumer centric Company in
,QGLD7KLVYLVLRQGULYHVRXUGHFLVLRQPDNLQJHYHU\GD\DQGIURP\HDUWR\HDU:HKDYHH[SDQGHGRXUUDQJHRISURGXFWVDQGVROXWLRQV
to best serve the evolving needs of our consumers. Over the ODVWGHFDGHWKH&RPSDQ\¶VUDQJHRIRႇHULQJVWRLWVFRQVXPHUVKDYH
grown to encompass various aspects that are part of the cycle of a kitchen in Indian homes. These include kitchen storage products,
small kitchen appliances for preparing and cooking food, heating, in-home serving and dining ware and on-the-go storage products.
7KH &RQVXPHU 3URGXFWV %XVLQHVV KDV WUDQVIRUPHG IURP PDUNHWLQJ D VLQJOH EUDQG LQ WZR FDWHJRULHV PLFURZDYDEOH DQG YLVLRQ
glass) retailed primarily through the general trade to two brands, serving multiple needs brought to its consumers through general
WUDGHODUJHIRUPDWVWRUHVDQGHFRPPHUFH:KLOHUHWDLQLQJLWVFRUHVWUHQJWKVLQJODVVSURGXFWVWKH&RPSDQ\KDVLQWURGXFHGQRQ
glassware products such as in high grade steel, keeping the consumers’ needs as its central focus.
%RURVLO KDV EHHQ WKH EUDQG RI FKRLFH IRU ODERUDWRU\ JODVVZDUH SURGXFWV XVHG E\ WKH 3KDUPDFHXWLFDO 5HVHDUFK 'HYHORSPHQW
(GXFDWLRQ DQG +HDOWK FDUH VHJPHQWV RI WKH PDUNHW7KHVH LQGXVWULHV DUH VHHLQJ D UDSLG PRYH WRZDUGV DXWRPDWLRQ7KLV VKLIW LV
improving productivity multifold DQGH[SRQHQWLDOO\LQFUHDVLQJWKHYROXPHVRIWHVWVDQGDQDO\VHVEHLQJconducted. New methodologies
are being developed for sample preparation enabling multiple analyses. Consequently, there is a large market emerging for new
HTXLSPHQW DQG RWKHU SURGXFWV :KLOH WUDGLWLRQDOO\ WKH &RPSDQ\ XVHG WR PDUNHW laboratory glassware including a wide variety of
VFLHQWL¿FLQGXVWULDODQG pharmaceutical items sourced from both international and domestic markets, it is now seeing itself evolve
from a glassware manufacturer to a provider of solutions to its customers for their laboratory and product needs. Borosil Technologies
/LPLWHG GHVLJQV DQG GHYHORSV D UDQJH RI EHQFK WRS LQVWUXPHQWV DQG HTXLSPHQW XQGHU WKH EUDQG µ/DE 4XHVW E\ %RURVLO¶ ZKLFK
provides a viableDOWHUQDWLYHWRH[SHQVLYHLPSRUWV%XLOGLQJRQLWVH[LVWLQJFXVWRPHUUHODWLRQVKLSVLQ the pharmaceuticals industry, the
&RPSDQ\FDWHUVWRWKHLUSULPDU\SDFNDJLQJQHHGVRIYLDOVDQGDPSRXOHVWKURXJK.ODVV3DFN7KH&RPSDQ\FRQWLQXHVWRLQYHVWLQ
DQGGHYHORSDPDUNHWIRULWVODERUDWRU\JODVVZDUHSURGXFWVLQ$IULFDWKH0LGGOH(DVW6RXWK(DVW$VLDDQG1RUWK$PHULFD
RISKS AND CONCERNS:
D 0DFUR(FRQRPLF)DFWRUV,QVLWXDWLRQVRIHFRQRPLFFRQVWUDLQWVLWHPVWKDWDUHLQWKHQDWXUHRIGLVFUHWLRQDU\VSHQGLQJDUHWKH
¿UVWWREHFXUWDLOHG)DFWRUVVXFKDVORZ*'3JURZWKDQGKLJKIRRGLQÀDWLRQFDQUHVXOWLQSRVWSRQHPHQWRISXUFKDVHRUGRZQ
trading from premium to mass market products.
(b) Changing Customer 3UHIHUHQFHV'HPDQGFDQEHDGYHUVHO\LPSDFWHGE\DVKLIWLQcustomer and consumer preferences. The
&RPSDQ\NHHSVDFORVHZDWFKRQFKDQJLQJWUHQGVDQGLGHQWL¿HVQHZSURGXFWOLQHVWKDWLWFDQRႇHUWRLWVFXVWRPHUV
(c) Changing Geo-political situation: Our relationship with China has been strained in recent times. Its known that China is the
factory of the world, and in our case too some of our domestic small appliances as well as considerable number of SKUs of the
+\GUDUDQJHDUHVRXUFHGIURPVXSSOLHUVLQ&KLQD,QWKHOLJKWRIUHFHQWGHYHORSPHQWVWKLVFRXOGSRVHDFRQVLGHUDEOHULVNIRU
the consumer business.
(d) Competition: Due to stress on consumer disposable income, customers will look for low priced goods. This may create disruption
in the market due to counter and aggressive pricing by competitors (including e-commerce sales through heavy discounting).
(e) Acquisitions: Acquisitions entail deployment of capital and may increase the challenge of improving returns on investment,
SDUWLFXODUO\LQWKHVKRUWUXQ,QWHJUDWLRQRIRSHUDWLRQVPD\WDNHWLPHWKHUHE\GHIHUULQJEHQH¿WVRIV\QHUJLHVRIXQL¿FDWLRQ7KH
&RPSDQ\FRQWHPSODWHVDFTXLVLWLRQVZLWKDKLJKVWUDWHJLF¿WZKHUHLWHQYLVDJHVDFOHDUSRWHQWLDOWRGHULYHV\QHUJLVWLFEHQH¿WV
I ,QSXW &RVWV 8QH[SHFWHG FKDQJHV LQ FRPPRGLW\ SULFHV UHVXOWLQJ IURP JOREDO GHPDQG DQG VXSSO\ ÀXFWXDWLRQV DV ZHOO DV
variations in the value of the Indian Rupee versus foreign currencies could lead to an increased cost base with a consequent
pressure on margins in the short run.

J *OREDO6XSSO\&KDLQV7KHUHPD\EHGLVUXSWLRQVLQJOREDOVXSSO\FKDLQVOHDGLQJWRGHOD\VLQSURFXULQJUDZPDWHULDOV¿QLVKHG
SURGXFWVRUFDSLWDOJRRGVJDSVLQIXO¿OPHQWRIGHPDQGLQFUHDVHVLQLQYHQWRULHVDQGSURMHFWLPSOHPHQWDWLRQGHOD\V
K &RXQWHUIHLWV&RXQWHUIHLWVSDVVRႇVDQGORRNDOLNHVare a constant source of unfair competition for leadership brands.
(i) Volatility in Financial Markets: Investments in debt and real estate markets DUHDOZD\VVXEMHFWWRPDUNHWÀXFWXDWLRQULVNV7KH
&RPSDQ\KDVEHHQUHGXFLQJLWVH[SRVXUHWRUHDOHVWDWH,QFUHPHQWDOLQYHVWPHQWVDUHEHLQJPDGHLQKLJKFUHGLWTXDOLW\GHEW
instruments that are liquid.
M 7KH&RYLGSDQGHPLFKDVFRPHLQZDYHVDQG,QGLDKDVEHHQWKURXJKWKUHH$VLJQL¿FDQWSURSRUWLRQRIWKHSRSXODWLRQLQ
,QGLD KDV EHHQ YDFFLQDWHG DQG WKH JRYHUQPHQW LV PRUH SUHSDUHG DQG OLIH LV UHWXUQLQJ WR QRUPDO +RZHYHU LW LV QRW FHUWDLQ
WKDW&RYLGLVEHKLQGXVDQGDQRWKHUZDYHFRXOGDJDLQUHVXOWLQVXEGXHGFRQVXPHUVHQWLPHQWDQGUHVWULFWLRQVRQRႉLQH
VKRSSLQJ7KH&RPSDQ\KDVDGLYHUVL¿HGJRWRPDUNHWVWUDWHJ\ZKLFKLQFOXGHVDKHDOWK\FRPSRQHQWRIRQOLQHVDOHV
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The Company has adequate Internal Control Systems commensurate with its size and nature of business. The internal control systems
DUHGHVLJQHGWRHQVXUHWKDWWKH¿QDQFLDOVWDWHPHQWVDUHSUHSDUHGEDVHGRQUHOLDEOHLQIRUPDWLRQ,QWHUQDO$XGLWVDUHFRQWLQXRXVO\
conducted by an in-house Internal Audit department of the Company and Internal Audit Reports are reviewed by the Audit Committee
on quarterly basis.
CORPORATE DEVELOPMENT
The Board has proposed to restructure the business of the Company into two separate listed entities by a Composite Scheme
of Arrangement. Borosil operates two distinct businesses. The consumer business comprises glassware, non-glassware and
2SDOZDUHSURGXFWUDQJHVZKLOHWKHVFLHQWL¿FDQGLQGXVWULDOEXVLQHVVLVPDGHXSRIODEJODVVZDUHODELQVWUXPHQWDWLRQDQGSULPDU\
SKDUPDSDFNDJLQJ%RWKWKHEXVLQHVVHVKDYHEHHQIXQFWLRQLQJDVVHSDUDWHSUR¿WFHQWUHVZLWKVHSDUDWHEXVLQHVVKHDGVDQGODUJHO\
LQGHSHQGHQWWHDPV(DFKLVUHVSRQVLEOHIRUGHOLYHULQJRQWKHLURZQSUR¿WDELOLW\DQGWKLVKDVEHHQWKHFDVHIRUTXLWHDIHZ\HDUV
Going forward each of these businesses have distinct capital and operating requirements. The growth path through organic and
LQRUJDQLFJURZWKSRWHQWLDOLVGLႇHUHQWZKLFKHQWDLOVGLႇHUHQWFDSLWDOUDLVLQJUHTXLUHPHQWV
7KH&RPSDQ\¶VFRQYHUVDWLRQVZLWKYDULRXVLQYHVWRUVDOVRVXJJHVWWKDWWKHWZREXVLQHVVHVDUHVXLWHGWRWZRGLႇHUHQWLQYHVWRUSUR¿OHV
Consequently, the Board has approved a scheme to segregate the two businesses with each business being listed independently
RQWKHVWRFNH[FKDQJHV7KH6FKHPHHQYLVDJHVGHPHUJLQJWKH6FLHQWL¿FDQG,QGXVWULDO%XVLQHVVRI%RURVLO/LPLWHGLQWR.ODVV3DFN
Limited. In addition, Borosil Technologies Limited which is a wholly owned subsidiary of Borosil Limited and under which the LabQuest
UDQJHRISURGXFWVDUHGHYHORSHGZLOODOVRJHWPHUJHGZLWK.ODVV3DFN7KXV.ODVV3DFNZLOOKRXVHWKHHQWLUHVFLHQWL¿FDQGLQGXVWULDO
EXVLQHVVLQFOXGLQJLWVH[LVWLQJSKDUPDSDFNDJLQJEXVLQHVV,WLVSURSRVHGWRUHQDPH.ODVV3DFN/LPLWHGWR%RURVLO6FLHQWL¿F/LPLWHG
DQGOLVWLWRQWKH6WRFN([FKDQJHVLH%6(DVZHOODV16(8SRQWKHLPSOHPHQWDWLRQRIWKH6FKHPH%RURVLO/LPLWHGZLOOKRXVHWKH
FRQVXPHUEXVLQHVVRIWKH&RPSDQ\ZKLFKLV*ODVVZDUHQRQJODVVZDUHDQG2SDOZDUHDQG%RURVLO6FLHQWL¿F/LPLWHGZLOOKRXVHWKH
VFLHQWL¿F DQG LQGXVWULDO SURGXFWV EXVLQHVV RI WKH &RPSDQ\ ZKLFK LV /DE JODVVZDUH /DE LQVWUXPHQWDWLRQ DQG SKDUPD SDFNDJLQJ
7KHUHZRXOGEHDIHZFRPPRQVHUYLFHVVXFKDVOHJDOVHFUHWDULDODQG+5ZKLFKZLOOEHVKDUHGVHUYLFHVIRUERWKWKHFRPSDQLHV
/LVWLQJRI%RURVLO6FLHQWL¿F/LPLWHGRQWKHVWRFNH[FKDQJHVZLOOKHOSWRXQORFNYDOXHRIWKHEXVLQHVVIRUWKHLQYHVWRUVDQGWKH\FDQ
choose to be invested in one or the other or both the businesses. The implementation of the said Scheme is subject to necessary
VWDWXWRU\UHJXODWRU\DSSURYDOVXQGHUDSSOLFDEOHODZVLQFOXGLQJDSSURYDORI+RQ¶EOH1DWLRQDO&RPSDQ\/DZ7ULEXQDO,WLVDQWLFLSDWHG
WKDWWKHHQWLUHSURFHVVZLOOEHFRPSOHWHGLQWRPRQWKV+RZHYHUWKH&RPSDQ\LVFRJQL]DQWRIWKHIDFWWKDWVRPHRIWKHWLPHOLQHV
are outside its control and hence this time estimate can only be indicative and the actual time taken could be longer.
ANALYSIS OF SEGMENT WISE PERFORMANCE
Consumer Products:
7KH&RPSDQ\¶V&RQVXPHU3URGXFWVVHJPHQWPDUNHWVDUDQJHRISURGXFWVWKDWFDWHUWRWKHFRRNLQJVHUYLQJKHDWLQJIRRGVWRUDJH
and dining needs of a modern Indian home. These include microwaveable glassware products, glass tumblers, storage containers,
VWDLQOHVVVWHHOFRRNZDUHRSDOGLQLQJZDUHNLWFKHQDSSOLDQFHVOXQFKER[HVDQGVWDLQOHVVVWHHOÀDVNV
7KHPRGHUQKRPHPDNHULVORRNLQJIRUFRQYHQLHQFHLQWKHNLWFKHQDQGLVDOVRPRUHFRQVFLRXVDERXWKRZKHVKHSUHVHQWVVHUYHV
PHDOVDWKRPH0LFURZDYDEOHJODVVSURGXFWVIDFHGWKHOLPLWDWLRQRILQIUHTXHQWXVH%RURVLO¶VH[SDQGHGUDQJHRISURGXFWVDLPVDW
everyday usage. The Company has introduced a range of products that cover the entire process of storage, preparation, cooking and
VHUYLQJWKDWHPSRZHULWVFRQVXPHUVWRSHUIRUPPRUHHႈFLHQWO\7KHVHODXQFKHVKDYHH[SDQGHGWKH¿HOGRISOD\IRUWKH&RPSDQ\
increasing its addressable market size.

%RURVLOKDVEHHQDPDUNHWOHDGHUZLWKRYHUaVKDUHLQPLFURZDYDEOHDQGKHDWUHVLVWDQWJODVVZDUHSURGXFWVRYHUWKHODVWVHYHUDO
\HDUV%RURVLOKDVKDGWKH¿UVWPRYHUDGYDQWDJHLQWKHVHJPHQWRIDERXW`FURUHDQGHVWDEOLVKHGIRULWVHOIXQDVVDLODEOHEUDQG
HTXLW\RYHU¿YHGHFDGHV7KHUHLVDQRSSRUWXQLW\WRJURZWKHPDUNHWRIPLFURZDYDEOHSURGXFWVE\LQFUHDVLQJXVDJHIURPUHKHDWLQJ
to cooking, baking, storage and serving. Similarly, the Company will take initiatives to promote vision glass (cups, tumblers etc.) for
everyday use to provide an impetus to this ` 440 crore market.
The Indian kitchen storage is still dominated by plastic and steel containers. Glass storage products currently have very low penetration.
+RZHYHUWKHUHLVDJURZLQJDZDUHQHVVDERXWWKHKHDOWKKD]DUGVRIVWRULQJIRRGVLQPRVWW\SHVRISODVWLFV:KLOHVWDLQOHVVVWHHOLV
safe it has the disadvantage of being opaque. Borosil has introduced a range of dry and wet glass storage products keeping in mind
WKHUHTXLUHPHQWVRIWKH,QGLDQNLWFKHQ:LWKWKHGXDOPRWLYDWLRQVRIKHDOWKFRQVFLRXVQHVVDQGFRQFHUQIRUWKHHQYLURQPHQWWKHUHLV
DQRWLFHDEOHVKLIWIURPSODVWLF%RURVLOVHHVDVLJQL¿FDQWKHDGURRPIRUJURZWKLQWKLV` 700 crore market by increasing the penetration
of glass storage containers.
,Q WKH SRVW&RYLG ZRUOG WKH QHHG IRU D VDIH HQYLURQPHQW DQG KHDOWK\ IRRG KDV LQFUHDVHG 3HRSOH SUHIHU KRPH FRRNLQJ UDWKHU
than dining-out. Borosil’s Kitchen appliances reduce the chores of cutting, chopping, steaming, toasting and make cooking more
FRQYHQLHQWHႈFLHQWDQGHQMR\DEOH%RURVLOKDVSRVLWLRQHGLWVKLJKTXDOLW\NLWFKHQDSSOLDQFHVDWWKHPDVVSUHPLXPHQGRIWKH` 9000
crore market backed-up with impeccable after-sales service.
$VWKHORFNGRZQRSHQHGDQGRႈFHVFROOHJHVDQGVFKRROVUHWXUQHGWRQRUPDOWKH+\GUDÀDVNVDQGERWWOHVZLWQHVVHGDQXQSUHFHGHQWHG
VXUJHLQGHPDQGDQGUHYHQXH3RVWSDQGHPLFFXVWRPHUVDUHPRUHKHDOWKFRQVFLRXVDQGSUHIHUFDUU\LQJWKHLUEHYHUDJHVZKLOHRQWKH
JR7KH+\GUDERWWOHV¶WRXJKVHDOHQVXUHVQRVSLOOVRUOHDNDJHVWKHUHE\DOVRDYRLGLQJFRQWDPLQDWLRQ+\JLHQHLVQRZDWRSSULRULW\D
QHHGZHOOVHUYHGE\+\GUDÀDVNVDQGERWWOHV7KLV`FURUHPDUNHWLVH[SHFWHGWRVKRZKHDOWK\JURZWK
,QWKHVHUYLQJZDUHFDWHJRU\WKH&RPSDQ\¶VWKUXVWKDVEHHQPDUNHWH[SDQVLRQRIRSDOZDUH2SDOLQWULQVLFDOO\KDVVHYHUDOSURSHUWLHV
that make it an ideal choice for everyday usage by the consumer. Opal is made of toughened glass that is chip and break-resistant
while being lightweight making it amenable for daily use. The products are bone-ash free, making them vegetarian friendly. It is easy
to clean, dishwasher-proof, and can be used in the microwave for reheating. It also retains a whiteness that does not stain or fade.
It lends itself to elegant designs and can be used for serving everyday meals at home. Moreover, it can be made available at an
DႇRUGDEOHSULFHSRLQWSURYLGLQJWKHRSSRUWXQLW\WRFRQYHUWXVHUVIURPPHODPLQHERQHFKLQDDQGVWHHO%RURVLOH[SHFWVWKH` 900 crore
RSDOZDUHFDWHJRU\WRFRQWLQXHWRJURZDWLQWKHPHGLXPWHUP
&RQVXPHU SURGXFWV GLG ZHOO GHVSLWH WKH UHVXUJHQFH RI &RYLG ± D VHYHUH VHFRQG ZDYH GXULQJ 4)< ZKLFK QHFHVVLWDWHG
ORFNGRZQVDQGDOHVVVHYHUHWKLUGZDYHLQWKHWKLUGDQGIRXUWKTXDUWHUVRIWKH\HDU1HW6DOHVGXULQJ)<ZHUHKLJKHUWKDQWKH
SUH&RYLG\HDURI)<E\&RQVXPHU3URGXFWVDFKLHYHGDUHYHQXHRI`FURUHLQ)<DQLQFUHDVHRIRYHU)<
6DOHVRI&RQVXPHU3URGXFWVFRPSULVHGVDOHVRI*ODVVZDUHRI`FURUH DJURZWKRIRYHU)< 1RQ*ODVVZDUH` 207.4
FURUH DQLQFUHDVHRIRYHU)< DQG2SDOZDUHRI`FURUH DJURZWKRIRYHU)< *ODVVZDUHFRPSULVHVRXU
PLFURZDYDEOH UDQJH WKH YLVLRQ JODVV UDQJH DV ZHOO DV JODVV NLWFKHQ VWRUDJH OXQFK ER[HV JODVV ERWWOHV HWF7KH QRQJODVVZDUH
SRUWIROLRLQFOXGHV6WHHO6HUYH)UHVKWKH+\GUDUDQJHDQGNLWFKHQDSSOLDQFHV2SDOZDUHLVWKHVHUYLQJZDUHUDQJHXQGHUWKHEUDQG
Larah.

+DYLQJHVWDEOLVKHGLWVHOILQWKHFDWHJRULHVRIVWRUDJHNLWFKHQDSSOLDQFHVDQGRSDOZDUH%RURVLOKDVGHULVNHGLWV&RQVXPHU3URGXFWV
portfolio from the erstwhile microwaveable and vision glass business. The dependence on these has reduced to about 25% of
revenue. As part of its strategy Borosil will continue to introduce new products and SKUs each year. As new SKUs get added, the
Company follows a discipline of culling SKUs from the long tail.
Sales Channels
%RURVLOKDVHVWDEOLVKHGDVWURQJQDWLRQDOGLVWULEXWLRQQHWZRUNIRULWV&RQVXPHU3URGXFWVGLYLVLRQ7KH&RPSDQ\VHOOVSURGXFWVWR
DERXW GLVWULEXWRUV ZKR LQ WXUQ VHUYLFH DERXW UHWDLOHUV LQ RYHU FLWLHV7KH &RPSDQ\¶V SURGXFWV DUH DYDLODEOH LQ DOO
PDMRU/DUJH)RUPDW6WRUHFKDLQV%RWKWKHVHFKDQQHOVDUHVHUYLFHGE\RYHUVDOHVSHUVRQQHORQWKHJURXQG7KLVVDOHVIRUFH
WDNHVRUGHUVRYHUVHHVGLVSOD\VDQGDOVRJHWVIHHGEDFNDQGQHZSURGXFWLGHDVIURPWKHPDUNHWSODFH:LWKDGGLWLRQVWRWKHSURGXFW
UDQJHWKHWKURXJKSXWSHUVWRUHDQGWKHSURGXFWLYLW\RIWKHVDOHVIRUFHLVLQFUHDVLQJ7KH7UDGHZHOFRPHVWKHH[SDQVLRQLQWKHUDQJH
RI SURGXFWV ZKLFK KHOSV WKHP WR RႇHU D ZLGHU FKRLFH RI SURGXFWV WR FRQVXPHUV ZKR YLVLW WKHLU VWRUHV7KH &RPSDQ\¶V QHZ 6.8
LQWURGXFWLRQVIXO¿OWKHDVVRUWPHQWQHHGVRILWVODUJHIRUPDWVWRUHFXVWRPHUVDQGWKHWHDPLVIRFXVHGRQLQFUHDVLQJWKHGHSWKE\OLVWLQJ
PRUHSURGXFWVIURPLWVUDQJH+LJKHUVDOHVSHUVWRUHLVOHDGLQJWRVWUHQJWKHQLQJRIWKHUHODWLRQVKLSZLWKWKHWUDGH0RUHRYHU%RURVLO¶V
obsession with quality ensures that its trade partners have to deal with minimal consumer complaints.
The Company services its consumers from the armed forces and the police through central procurement organizations such as
the Canteen Stores Department (CSD). An additional channel is Business-to-Business where customers purchase the Company’s
EUDQGVWRRႇHUDVVFKHPHVDORQJZLWKWKHLUSURGXFWVWKURXJKWKHLUGLVWULEXWLRQSDUWQHUVRUXVHWKHPLQFRUSRUDWHJLIWLQJ
2YHUWKHSDVWIHZ\HDUVWKH&RPSDQ\KDVIRFXVHGRQEXLOGLQJDUREXVWRQOLQHFKDQQHOWRFRPSOHPHQWLWVWUDGLWLRQDORႉLQHVDOHV
channels. The Company’s brands are listed on popular marketplaces such as Amazon and Flipkart. It also markets its range of
products on its brand website www.myborosil.com. The online channel has provided access to Brand Borosil to consumers in Tier-2
DQG7LHUWRZQVLQWKHFRXQWU\7KH&RPSDQ\ also aims at introducing unique SKUs for the e-commerce channel, to avoid potential
FRQÀLFWZLWKWKH/DUJHIRUPDWVWRUHVDQG*HQHUDO7UDGHFKDQQHOV
The Company’s website www.myborosil.comKDVEHHQGHVLJQHGIRUVHDPOHVVQDYLJDWLRQHYHQIRUWKH¿UVWWLPHRQOLQHVKRSSHUV
5HFHQWO\WKHEDFNHQGSODWIRUPZDVVKLIWHGWR6KRSLI\WRHQKDQFHWKHFXVWRPHUV¶EX\LQJH[SHULHQFH³0\ERURVLOFRP´QRZRSHQV
XSLQVHFRQGV6KRSLI\RႇHUVPDQ\RWKHUDGYDQWDJHVOLNHLWVPRELOHFXVWRPLVDWLRQVEHLQJHDV\WRLQVWDOODQGGRHVQ¶WQHHGDQ\
KHDY\LQWHUQDOWHFKVXSSRUWZKLOHEHLQJ6(2IULHQGO\7KHEDFNHQGLVÀH[LEOHDQGVFDODEOH7KH&RPSDQ\DLPVWRVFDOHWKHRUGHUV
per day and improve the conversion rates.
:LWKWKHGHSOR\PHQWRIVPDUWPDUNHWLQJWRROVDJJUHVVLYHHPDLOHUSURJUDPVGLႇHUHQWLDWHGSURGXFWODXQFKHVDQGRSWLPL]HGPHGLD
campaigns on Google and you-tube, www.myborosil.comKDVVHHQD;LQFUHDVHLQWUDႈFDQGDLPVWRUHDFKDWDUJHWRIPLOOLRQ
MAU on the website.
%RURVLOKDVVRXJKWWRLQFUHDVHEUDQGHQJDJHPHQWWKURXJK&HOHEULW\LQÀXHQFHUVOLNH&KHI+DUSDO6RNKLDQG&KHI6KLYHVK%KDWLDDV
ZHOODVEUDQGPHQWLRQVDQGSRVWVWKURXJKDKRVWRIPDFURDQGQDQRLQÀXHQFHUVDFURVVSURGXFWFDWHJRULHV
Customer relationship management (CRM)
,Q)<WKH&RPSDQ\LQYHVWHGLQ6DOHVIRUFH&50IRUFRQVXPHUSURGXFWV6DOHVIRUFH&50SURYLGHVDFRPSOHWHYLHZRIWKHFXVWRPHU
wherever they interact with the brand. Salesforce CRM provides storage of customer data, knowledge management, pre-sales

enquires, after-sales service queries, auto-assignment of service queries, and Social studio for online response management. The
project implementation is in progress and will be completed by June 2022.
7KH&RPSDQ\ZLOOFRQWLQXHWRH[HFXWHDPXOWLFKDQQHOGLVWULEXWLRQVWUDWHJ\WKURXJKZKLFKLWFDQUHDFKLWVFRQVXPHUV,WZLOOVHHNWR
strengthen each of these distribution channels through increased reach, depth of SKU range within each outlet and increased sales
IRUFHSURGXFWLYLW\IRUWKHRႉLQHFKDQQHOV%RURVLOZLOOOHYHUDJHWKHRQOLQHFKDQQHOVWRUHDFK new consumers, engage with them every
GD\DQGUHDFKWKHPHYHQLQWLHUDQGWLHUFLWLHVDWDORZHUFRVWWRVHUYH7KH&RPSDQ\GRHVQRWFDWHUVLJQL¿FDQWO\WRWKH+R5H&D
channel which is a commodity play with low margins.
Sales Automation Transformation:
,Q)<%RURVLO&RQVXPHU3URGXFWVXQGHUZHQWD6DOHV7UDQVIRUPDWLRQMRXUQH\E\LPSOHPHQWLQJD'LVWULEXWRU0DQDJHPHQW6\VWHP
'06 WKDWLVLQWHJUDWHGWR6$37KLVSURYLGHVWKH6DOHV/HDGHUVKLSZLWKPHDQLQJIXODQGUHVXOWRULHQWHGGDWDDW'HDOHU5HJLRQ
District, Town, Division, Sub-Category and Category level. All discussions are based on DMS data and the Business Intelligence tool
KHOSVLQ¿QGLQJRSSRUWXQLWLHVWRLQFUHDVHUHYHQXHWKURXJKYDULRXVUHSRUWVVXFKDVGHDOHUOHYHO&URVV6HOOLQJUHSRUWV,QIRUPDWLRQ
RQXQLTXHFRYHUHGRXWOHWVXQLTXHSURGXFWLYHRXWOHWVDQGRUGHU¿OOHGVXPPDULHVDUHHDVLO\DFFHVVLEOH6DOHV)RUFH$XWRPDWLRQLV
enabling better manpower management and improved sales productivity.
3UR¿WDELOLW\
'XULQJ)<WKH&RPSDQ\H[SHULHQFHGLQÀDWLRQLQLQSXWFRVWV7KHUHZDVDVXUJHLQSRZHUDQGIXHOZKLFKFRPSULVHDVLJQL¿FDQW
FRPSRQHQWRIPDQXIDFWXULQJFRVWV)UHLJKWFRVWVDQGSULFHVRIUDZPDWHULDOVDQGSDFNLQJPDWHULDOVDOVRVDZVLJQL¿FDQWLQFUHDVHV
The Company has cautiously chosen to pass on these increased costs in a phased manner with some lags hoping for commodity
SULFHVWRVHWWOHRYHUWKHQH[WIHZPRQWKV$WWKHVDPHWLPHWKH&RPSDQ\FRQWLQXHGWRLQYHVWLQDGYHUWLVLQJDQGEUDQGEXLOGLQJIRUWKH
ORQJWHUP$GYHUWLVLQJ 6DOHVSURPRWLRQH[SHQVHVRIWKHFRQVXPHUSURGXFWVGLYLVLRQZHUHRIFRQVXPHUSURGXFWUHYHQXHV
7KHGLYLVLRQHDUQHGDQ(%,7'$RI`FURUH DIWHUDQH[FHSWLRQDOFRVWRI`FURUH WUDQVODWLQJWRDQ(%,7'$PDUJLQRI
DVDJDLQVWDQ(%,7'$PDUJLQRIGXULQJ)<
Expansion Plan
3RVWFRYLGWKHUHKDVEHHQDWDLOZLQGWRZDUGVFXVWRPHUVEHLQJDZDUHRIWKHLOOHႇHFWRISODVWLFVLQWKHLUGDLO\OLIHDQGKHQFHDVZLWFK
towards more healthier alternatives like glass serving and storage solutions. Increased usage of glass in daily life will result in market
H[SDQVLRQ
:LWKWKHERURVLOLFDWHSUHVVZDUHSURGXFWVVKRZLQJJRRGWUDFWLRQWKH&RPSDQ\KDVUHDFKHGDVFDOHWRMXVWLI\LWVRZQPDQXIDFWXULQJ
IDFLOLWLHVWRUHGXFHGHSHQGHQFHRQJURZLQJXQFHUWDLQW\LQJOREDOVXSSO\FKDLQDQGWREHQH¿WIURPFRVWVVDYHG7KH&RPSDQ\KDV
FRPPHQFHGVHWWLQJXS,QGLD¶V¿UVWERURVLOLFDWHSUHVVZDUHFDSDFLW\RIWRQQHVSHUGD\DW-DLSXUDWDQHVWLPDWHGSURMHFWFRVWRI
`FURUH7KLVFDSDFLW\LVH[SHFWHGWRJRRQVWHDPE\WKHEHJLQQLQJRI)<DQGPHHWWKH&RPSDQ\¶VVDOHVUHTXLUHPHQWVRYHUWKH
QH[W\HDUV
7KH&RPSDQ\¶VRSDOZDUHSODQWDW-DLSXUFXUUHQWO\RSHUDWHVDWIXOOFDSDFLW\WRPHHWWKHGHPDQGRI/DUDK/DUDK¶VH[LVWLQJIXUQDFH
IRU3UHVVZDUHLVJHWWLQJVROGRXWIRUWKHSDVW\HDUVDQG6SLQQLQJZDUHLVJHWWLQJVROGRXWVLQFH6HSWHPEHU2YHUWKHSDVW
PRQWKVRUGHULQÀRZKDVEHHQPRUHWKDQWKHFXUUHQWSURGXFWLRQFDSDFLW\:LWKUREXVWPDUNHWJURZWKDQGLQFUHDVLQJPDUNHWVKDUH
VDOHVRI/DUDKDUHH[SHFWHGWRFRQWLQXHWRVKRZKHDOWK\JURZWK7KH&RPSDQ\LVGRXEOLQJWKHFDSDFLW\DWLWV-DLSXUIDFLOLW\IURP
73'WR73'WKURXJKDEURZQ¿HOGH[SDQVLRQ7KHLQYHVWPHQWLVHVWLPDWHGWREHDERXW`FURUHDQGWKHSURMHFWFRPPLVVLRQHG
E\4)<7KHHQKDQFHGFDSDFLW\LVH[SHFWHGWRFDWHUWRWKHGHPDQGIRU/DUDKRYHUWKHQH[W\HDUV
Supply Chain:
7KH&RPSDQ\KDVDKHDOWK\PL[ of own manufacturing and procurement of products from third parties. Vision Glass products are
PDQXIDFWXUHGDWWKH&RPSDQ\¶VPDQXIDFWXULQJIDFLOLWLHVDW%KDUXFK*XMDUDW$OOJODVVZDUHSDVVHVWKURXJKGHFRUDWLQJ DQQHDOLQJ
lehrs incorporating advanced technology where the¿ULQJ DQQHDOLQJWDNHVSODFH6WUHVVHVDUHHOLPLQDWHGXQGHUFRQWUROOHG heating
and cooling cycle which ensures long-lasting printing quality. For its ranges in microwaveable products, glass and stainless-steel
storage products and kitchen appliances, the Company has chosen to source these from third parties predominantly. Borosil’s design
WHDPZRUNVFORVHO\ZLWKWKLUGSDUW\PDQXIDFWXUHUVSURYLGLQJWKHPZLWKSURGXFWVSHFL¿FDWLRQVIRURSWLPDOIXQFWLRQDOLW\DQGDHVWKHWLFV
DWWKHULJKWFRVW3URGXFWVDUHVRXUFHGGRPHVWLFDOO\DQGIURPRWKHUSDUWVRIWKHZRUOG$VWURQJTXDOLW\FRQWUROSURFHVVKDVEHHQSXW
in place. For imported purchases, the Company also engages the services of a specialist agency to check the bill of material before
shipment as compared to the agreed bill of materials.
The Company has in-house manufacturing facilities for its opal ware products under its brand Larah at its plant at Jaipur. The current
SODQW EHIRUHH[SDQVLRQ FDQFDWHUWRVDOHVRIDSSUR[LPDWHO\` 220 crore.
7KH&RPSDQ\KDVVKLIWHGWRD3/VWUDWHJ\IRULWVVXSSO\FKDLQDQGORJLVWLFVVWDUWLQJZLWKRSHUDWLRQVRILWV%KLZDQGLZDUHKRXVHLQWKH
:HVW)DUXNKQDJDULQWKH1RUWKDQGLWV%DQJDORUHZDUHKRXVHLQWKH6RXWK7KHFXUUHQW(DVWHUQUHJLRQZDUHKRXVHLQ.RONDWDLVLQWKH
SURFHVVRIVKLIWLQJ3/KDVSURYLGHGWKH&RPSDQ\6WDWHRIWKHDUW:DUHKRXVH0DQDJHPHQW6\VWHP :06 DWDORZFRVWZLWKUDSLG
deployment. It is also highly scalable and suitable to Borosil’s plans of rapid growth across its sales channels and product categories.

Capital Employed:
$VRQ0DUFKWKH&RQVXPHU3URGXFWVEXVLQHVVKDGRSHUDWLQJFDSLWDOHPSOR\HG ZLWKRXWFRQVLGHULQJVXUSOXVIXQGVDQG
goodwill created due to the Composite Scheme of Amalgamation and Arrangement) of about `FURUH DVFRPSDUHGWR`
FURUHRQ0DUFK 7KHFRQVXPHUEXVLQHVVPDLQWDLQVDQDYHUDJHZRUNLQJFDSLWDORIGD\VRIVDOHV7KH¿[HGDVVHWVDV
RI 0DUFK LQFOXGLQJ FDSLWDO ZRUN LQ SURJUHVV DQG FDSLWDO DGYDQFH ZHUH ` FURUH$IWHU WKH LPSOHPHQWDWLRQ RI WKH
%RURVLOLFDWHIDFLOLW\DQGWKHH[SDQVLRQRIWKH/DUDKFDSDFLW\WKHPDLQWHQDQFHDQGSODQWXSJUDGDWLRQLQFOXGLQJIXUQDFHVUHEXLOGFDSH[
in the business is anticipated to be about ` 25 crore each year.
OUTLOOK:
7KH&RPSDQ\EHOLHYHVWKDWWKHKRXVHKROGSHQHWUDWLRQLQ,QGLDIRULWVSURGXFWVUHPDLQVORZZLWKVLJQL¿FDQWKHDGURRPIRUJURZWK
available. Consumer products aims at touching the consumers’ life at all stages of the cycle of a kitchen through storage, preparation,
FRRNLQJKHDWLQJDQGVHUYLQJ$FURVVPRVWRIWKHVHFDWHJRULHV JODVVZDUHRSDOZDUH+\GUDÀDVNVDQGERWWOHV WKH&RPSDQ\ZLOO
IRFXVRQPDUNHWH[SDQVLRQ,QWKHNLWFKHQDSSOLDQFHVPDUNHWLWDLPVWRLQFUHDVHVKDUHLQWKHPDVVSUHPLXPVHJPHQW
,QWKHFRQVXPHUSURGXFWVEXVLQHVVWKH&RPSDQ\H[SHFWVWRH[SDQGWKHJODVVZDUHPDUNHWPDLQWDLQLQJTXDOLW\DQGSULFHOHDGHUVKLS
7KH JODVVZDUH PDUNHW KDV D &$*5 RI :LWK LWV IRFXV RQ LQFUHDVLQJ WKH RFFDVLRQV IRU XVH DQG GDLO\ XVH DQG EHLQJ
VXSSRUWHGE\DVKLIWDZD\IURPSODVWLFVWRZDUGVJODVVWKH&RPSDQ\H[SHFWVWRJURZLWVJODVVZDUHUDQJHE\DERXWHDFK\HDU
RYHUWKHPHGLXPWHUP7KH2SDOZDUHPDUNHWLVJURZLQJDW/DUDKKDVJURZQDWDIDVWHU&$*5RYHUWKHODVWIHZ\HDUV
:LWKQHZFDSDFLW\FRPLQJRQVWUHDPDQGWKHDELOLW\WRRႇHUDZLGHUUDQJHRISURGXFWGHVLJQVWKH&RPSDQ\H[SHFWV/DUDKWRFORFN
a medium-term growth rate of about 25%.
7KHQRQJODVVZDUHPDUNHWVHJPHQW DSSOLDQFHVDQG+\GUDÀDVNVDQGERWWOHV LVJURZLQJDWDERXWHDFK\HDU%RURVLO¶VSURGXFWV
have delivered a much higher rate of growth albeit on a small base. Focus on high product and after-sales service quality and the
LQWURGXFWLRQ RI WKRXJKWIXO LQQRYDWLRQV LQ SURGXFW GHVLJQ DUH H[SHFWHG WR JURZ WKH QRQJODVVZDUH VHJPHQW E\ DERXW LQ WKH
medium-term.
7KH &RPSDQ\ H[SHFWV WR DFKLHYH LWV SODQV WKURXJK PDUNHWLQJ LQYHVWPHQWV FRQWLQXDO HQKDQFHPHQW RI &XVWRPHU ([SHULHQFH WR
LQFUHDVHFRQVXPHUPLQGVKDUHDXWRPDWLRQRIWKHV\VWHPVDQGSURFHVVHVWRLPSURYHHႈFLHQF\DQGSURGXFWLYLW\DQGLQYHVWPHQWVLQ
FDSDFLW\DQGLPSURYLVDWLRQRIVXSSO\FKDLQHႈFDF\WRHQVXUHVHUYLFLQJRIGHPDQG
6FLHQWL¿FDQG,QGXVWULDO3URGXFWV
7KH %RURVLO EUDQG KDV EHHQ D JHQHULF QDPH IRU ORZ H[SDQVLRQ ODERUDWRU\ JODVVZDUH LQ ,QGLD IRU GHFDGHV DQG UHPDLQV WKH
XQGLVSXWHG PDUNHW OHDGHU ZLWK RYHU PDUNHW VKDUH ,Q WKH ODERUDWRU\ LQGXVWU\ %RURVLO VWDQGV IRU TXDOLW\ UHOLDELOLW\ DQG WUXVW
This leadership position has been achieved and sustained by working closely with customers and providing them with products and
VROXWLRQVWKDWPHHWWKHVSHFL¿FQHHGVRIWKHLUODERUDWRU\DSSOLFDWLRQV7KH%RURVLO/DE*ODVVZDUHFDWDORJOLVWVRYHU6.8V
Continual upgrading of manufacturing technologies
and backend processes has made Borosil’s Lab
Glassware manufacturing one of the most modern
IDFLOLWLHV LQ WKH ZRUOG :LWK DQ HYROYHG VXSSO\
chain, a laboratory technician in India is able to
order and receive laboratory glassware on almost
the same day.
Analytical laboratories in the pharmaceutical
industry are a prime user of Borosil calibrated
glassware. Calibrated glassware is used for
precise sample preparation before analysis
XVLQJ FRPSOH[ DQDO\WLFDO WHFKQLTXHV OLNH OLTXLG
FKURPDWRJUDSK\ RU PDVV VSHFWURVFRS\ :LWK
India being a key supplier of generic drugs to the
regulated markets, pharmaceutical laboratories
use Borosil calibrated glassware for stress free
audits by regulatory bodies.
2YHU WKH ODVW IHZ \HDUV 6FLHQWL¿F DQG ,QGXVWULDO
3URGXFWV EXVLQHVV KDV EHHQ EXLOGLQJ QHZ
avenues for growth to reduce its dependence on
the `FURUHODERUDWRU\JODVVZDUHPDUNHWwhich
is growing at a modest mid-single digit per year.
,W KDV LGHQWL¿HG WKUHH QHZ SLOODUV RI JURZWK YL]

bench top instruments under the brand LabQuest by Borosil, primary packaging glass vials and ampoules for the pharmaceutical
LQGXVWU\XQGHU.ODVV3DFNDQGHVWDEOLVKLQJH[SRUWPDUNHWVIRUODERUDWRU\JODVVZDUH,QDGGLWLRQWRWKLVWKH&RPSDQ\KDVHQWHUHG
LQWRWKH¿OWHUSDSHUSURGXFWFDWHJRU\ZKLFKLVXVHGE\LWVH[LVWLQJODERUDWRU\FXVWRPHUV
7KH)<ZDVDJRRG\HDUZLWKWKHVHFRQGKDOIFRPSULVLQJRIVDOHV7KHGLYLVLRQUHJLVWHUHGDWXUQRYHURI`FURUHDV
compared to `FURUHVLQ)<DJURZWKRI
In Laboratory Glassware, Borosil achieved Net Sales of `FURUHGXULQJ)<DJURZWKRIRYHU)<$VHGXFDWLRQDO
LQVWLWXWLRQVZHUHFORVHGIRUDVLJQL¿FDQWSDUWRIWKH\HDURZLQJWR&RYLGUHODWHGORFNGRZQVWKHHGXFDWLRQVHJPHQWIRUODERUDWRU\
glassware had a tepid year. Similarly, government funded research institutions which were faced with budgetary constraints during
)<DVIXQGVZHUHSULRULWLVHGE\WKHJRYHUQPHQWWRRWKHUDUHDVZKLOHFRPEDWLQJ&RYLGGLGQRWKDYHDQHQFRXUDJLQJ\HDU7KHVH
shortfalls were however more than made up by robust demand in the pharmaceutical sector.
7KH&RPSDQ\KDVEHHQEXLOGLQJH[SRUWVRIODERUDWRU\JODVVZDUHDVDQDGGLWLRQDOYHFWRURIJURZWK7KH&RPSDQ\KDVQRZHVWDEOLVKHG
GLVWULEXWRUVKLSVLQDQXPEHURIFRXQWULHVLQ$VLD$IULFDDQG1RUWK$PHULFD%HVLGHVLWKDVDOVRGHYHORSHG2(0FXVWRPHUVZKLFK
FRXOGSURYLGHDVWHDG\GHPDQG'XULQJ)<H[SRUWVRIODERUDWRU\JODVVZDUHZHUH`FURUH
The Lab Instrumentation business under Labquest has been gaining traction and grew from `FURUHLQ)<WR`FURUHLQ
)<DJURZWKRI6DOHVLQ/DE4XHVWZHUHLPSDFWHGGXULQJWKH\HDURZLQJWRFORVXUHRIPDQ\LQVWLWXWHVGXHWR&RYLG3RVW
opening-up, most of the research institutes, schools and colleges have resumed and this facilitates bringing business back to normal
OHYHOV:LWK/DETXHVWRXUVWUDWHJ\ZDVWRGHHSHQRXUVDOHVZLWKH[LVWLQJFXVWRPHUVRI/DE*ODVVZDUH:LWKRYHUPDUNHWVKDUH
LQ/DE*ODVVZDUH%RURVLOKDVDZLGHFXVWRPHUEDVHDFURVVLQGXVWULHVDQGLQVWLWXWHVZKHUHDODEH[LVWVDSSUR[LPDWLQJDERXW
customers. This gives the Company low customer concentration risk as also a large network of customers for the LabQuest team to
WDSLQWR7KH&RPSDQ\H[SHFWVWRDFFHOHUDWHJURZWKWRRYHULQWKHPHGLXPWHUPDQGZLOODLPWRJDUQHUVKDUHLQWKH` 570 crore
PDUNHWZLWKDIRFXVRQ1XWULWLRQ(QYLURQPHQWDQG3URFHVV6FLHQFHV
7KHSKDUPDSDFNDJLQJEXVLQHVVRIJODVVYLDOVDQGDPSRXOHVXQGHU.ODVV3DFNDFKLHYHG1HW6DOHVRI`FURUHDVWHOODUJURZWKRI
55.5%. It caters to packaging for injectable formulation, ophthalmic and dental products and sample carrier for analytical instruments.
It provides Borosil’s pharmaceutical customers in the `FURUHPDUNHWDVHFRQGFUHGLEOHDOWHUQDWLYHIRUWKHLUSDFNDJLQJQHHGV
7KHSURGXFWLRQIDFLOLW\DQGRXWSXWKDVSDVVHGVWULQJHQWDXGLWVE\LWVFXVWRPHUV2QFHRQERDUGHGWKLVSURYHVWREHDVLJQL¿FDQWHQWU\
EDUULHUWRFRPSHWLWLRQ.ODVV3DFNLVH[SORULQJQHZRSSRUWXQLWLHVLQSUH¿OOHGV\ULQJHVFDUWULGJHVDQGVLOLFRQL]HGYLDOV,QDGGLWLRQWKH
&RPSDQ\VHHVDQRSSRUWXQLW\WRH[SRUWSDUWLFXODUO\WRPDUNHWVLQ$VLDDQG(XURSH
3UR¿WDELOLW\
'XULQJ)<WKH6FLHQWL¿FDQG,QGXVWULDO3URGXFWV'LYLVLRQHDUQHGDQ(%,7'$RI`FURUH DIWHUDQH[FHSWLRQDOFRVWRI`
FURUH DJURZWKRIRYHU)<7KH(%,7'$PDUJLQIRUWKH\HDUZDVDVFRPSDUHGWRLQWKHSUHYLRXV\HDU
Supply Chain:
7KH&RPSDQ\PDQXIDFWXUHVDOPRVWLWVHQWLUHUHTXLUHPHQWRIVFLHQWL¿FSURGXFWVLQKRXVH)RULWV/DEJODVVZDUHUDQJHRISURGXFWVLW
purchases glass tubes conforming to ISO standards. The Company’s manufacturing facilities are equipped with the latest technology
DQGKLJKO\DGYDQFHGSURFHVVHVIRUGHOLYHULQJHUURUIUHHRXWSXWFRQIRUPLQJWR,62$670VWDQGDUGV:HDOVRKDYHDQ1$%/DFFUHGLWHG
FDOLEUDWLRQODERUDWRU\LQKRXVHDQGVRRXUFXVWRPHUVJHWSURGXFWVVXFKDV%XUHWWHV3LSHWWHV&\OLQGHUV 9ROXPHWULFÀDVNVFHUWL¿HG
µ$¶FODVVVDYLQJDFRQVLGHUDEOHDPRXQWRIWLPH FRVW,QRUGHUWRUHGXFHWKHXQFHUWDLQWLHVDURXQGJOREDOVXSSO\FKDLQVDVZHOODVWKH
FRVWRILPSRUWLQJWXEHVWKH&RPSDQ\KDVREWDLQHGDQDSSURYDOWRFUHDWHDOWHUQDWLYHVRXUFHVIRU%RURVLOLFDWHH[SDQVLRQWXELQJ
The instrumentation range under the brand LabQuest began by getting products manufactured through third parties. Based on the
growing demand for these products, the Company commenced its own manufacturing for some of these products through its wholly
owned subsidiary, Borosil Technologies Ltd.
The pharma packagingUDQJHXQGHUWKHEUDQG.ODVV3DFNLVSURGXFHGDW%RURVLO.ODVV3DFN¶VRZQ facilities at Nashik. In order
WRPHHWWKHJURZLQJGHPDQGIRU.ODVV3DFNSURGXFWVWKH&RPSDQ\KDVGHFLGHGWRH[SDQGWKHFDSDFLW\DWLWV1DVKLNSODQWIURP
PLOOLRQYLDOVDQGPLOOLRQDPSRXOHVSHUDQQXPWRPLOOLRQYLDOVDQGPLOOLRQDPSRXOHVSHUDQQXP7KLVZRXOGHQWDLOD
FDSLWDOH[SHQGLWXUHRIDERXW`FURUH7KHFDSDFLW\H[SDQVLRQSURMHFWZLOOEHFRPPLVVLRQHGLQDSKDVHGPDQQHUWLOO)<DQGDWIXOO
capacity could generate annualized revenue of about ` 200 crore.
([SDQVLRQLQWKHJODVVZDUHPDQXIDFWXULQJIDFLOLWLHVZLOOFRQWLQXHZLWKWKHJRDORILPSURYLQJWKHWXUQDURXQGWLPHDQGEHLQJDEOHWR
respond to custom requirements of scientists swiftly.
%RURVLO7HFKQRORJLHVLVPRYLQJWRDQHZIDFWRU\RIVTIWIURPWKHH[LVWLQJIDFLOLW\RIVTIW7KLVZLOOKHOSRUJDQL]HWKH
RSHUDWLRQVWRLPSURYHHႈFLHQF\DQGWKHTXDOLW\RIWKHSURGXFWV7KHIDFLOLW\ZLOODOVRLQFOXGHDQ1$%/FHUWL¿HGFDOLEUDWLRQODEDQG
DQDQDO\WLFDOODE(OHFWURQLFVPDQXIDFWXULQJZLOOEHPRYHGLQKRXVHWRKDYHDJUHDWHUFRQWURORQTXDOLW\DQGUHOLDELOLW\DORQJZLWK
component testing laboratories. A clean room facility for manufacturing of liquid handling products has also been planned. The
LQYHVWPHQWVKDYHEHHQSODQQHGWRWDNHXSSURMHFWVLQWKHIRRGDQGQXWULWLRQSRUWIROLRIRUWKHH[SRUWPDUNHW

Capital Employed:
$VRQ0DUFKWKH6FLHQWL¿FDQG,QGXVWULDO3URGXFWVEXVLQHVVKDGRSHUDWLQJFDSLWDOHPSOR\HG ZLWKRXWFRQVLGHULQJVXUSOXV
funds and goodwill created due to the Composite Scheme of Amalgamation and Arrangement) of `FURUH DVFRPSDUHGWR`
FURUHRQ0DUFK
7KH6FLHQWL¿FDQG,QGXVWULDO3URGXFWVEXVLQHVVPDLQWDLQVDQDYHUDJHZRUNLQJFDSLWDORIGD\VRIVDOHV7KH¿[HGDVVHWV LQFOXGLQJ
capital work in progress and advances) asRI0DUFKZHUH`FURUH$IWHUWKHLPSOHPHQWDWLRQRIWKHH[SDQVLRQSURMHFWV
maintenance and plant upgradationFDSH[LQWKHEXVLQHVVLVDQWLFLSDWHGWREHDERXW` 5 crore each year.
OUTLOOK:
,Q WKH 6FLHQWL¿F DQG ,QGXVWULDO 3URGXFWV EXVLQHVV WKH &RPSDQ\ H[SHFWV WR PDLQWDLQ LWV GRPLQDQW PDUNHW OHDGHUVKLS LQ WKH ODE
JODVVZDUHVHJPHQWLQ,QGLD7KHPDUNHWLVH[SHFWHGWRJURZDWWR7KH&RPSDQ\KDVDOVREHJXQWRJURZDQLQWHUQDWLRQDO
IUDQFKLVHDQGZLOOIRFXVRQWKH0LGGOH(DVW$IULFD6RXWK(DVW$VLDDQG86$,QWKH([SRUWPDUNHWWKH&RPSDQ\LVIRFXVLQJRQ2(0
GHYHORSPHQWVDQGLVEXLOGLQJDEDVHWKDWLVH[SHFWHGWR\LHOGVWURQJUHYHQXHLQWKHFRPLQJ\HDUV/DE4XHVWIRUODELQVWUXPHQWDWLRQ
DQGSKDUPD SDFNDJLQJ ZLWK .ODVV 3DFNSURYLGH WZRDGGLWLRQDO DYHQXHVRIJURZWK2YHUDOOWKH6FLHQWL¿FDQG,QGXVWULDO3URGXFWV
EXVLQHVVLVH[SHFWHGWRJURZE\WR\R\IRUWKHQH[WWKUHH\HDUV
In the current post Covid pandemic situation, businesses are normalizing and their demand is returning. Further, funding and
IXQFWLRQLQJRI*RYHUQPHQW5HVHDUFK,QVWLWXWHV6FKRRODQG&ROOHJHVLVLPSURYLQJDQGWKLVZLOOKDYHDSRVLWLYHLPSDFW.ODVV3DFN
EHLQJDSULPDU\SDFNDJLQJVXSSOLHUWR3KDUPDLQMHFWDEOHPDQXIDFWXUHUVLVH[SHFWHGWRVHHDVXUJHLQGHPDQGLQWKHQHDUWHUP,QWKH
PHGLXPWRORQJWHUPZHH[SHFWJUHDWHULQYHVWPHQWVE\SKDUPDFRPSDQLHVDQGJRYHUQPHQWLQVWLWXWLRQVLQUHVHDUFKDQGGHYHORSPHQW
globally which deepens the demand for the lab glassware and lab instrumentation businesses.
MATERIAL DEVELOPMENT IN HUMAN RESOURCES, INDUSTRIAL RELATIONS AND NUMBER OF PEOPLE EMPLOYED:
$IWHUJHWWLQJEDFNWRZRUNSRVWSDQGHPLFRXU+XPDQ5HVRXUFHVIXQFWLRQKDVHQVXUHGWKDWHPSOR\HHV¶ZHOOEHLQJUHPDLQVWKHWRSPRVW
SULRULW\LQEXVLQHVVVXVWHQDQFH0XOWLSOHYDFFLQDWLRQGULYHVDWSODQWV RႈFHVZHUHFRQGXFWHGWRHQVXUHWKDWWKHHPSOR\HHV WKHLU
IDPLO\PHPEHUVDUHVDIH$OOVDIHW\SURWRFROVZHUHVWULFWO\IROORZHG7KH+5WHDPH[WHQGHGH[WHQVLYHVXSSRUWLQKRVSLWDOL]DWLRQDQG
RWKHUPHGLFDOIDFLOLWLHVWRRXUHPSOR\HHVDQGWKHLUIDPLO\PHPEHUV)LQDQFLDOKHOSZDVDOVRH[WHQGHGWRPRUHWKDQHPSOR\HHV
7KH&RPSDQ\KDGRႈFHVWDႇPDQDJHULDOSHUVRQQHOHPSOR\HGDVRQ0DUFKLQYDULRXVRႈFHVORFDWLRQV
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
7KHRSHUDWLRQDOSHUIRUPDQFHLPSURYHGVLJQL¿FDQWO\GXULQJWKH\HDUZLWK1HW6DOHVJURZLQJE\RQDFRQVROLGDWHGEDVLV7KH
&RPSDQ\DFKLHYHGKHDOWK\JURZWKDFURVVDOOLWVEXVLQHVVOLQHV5REXVWVDOHVSHUIRUPDQFHOHGWRDQ(%,7'$ EHIRUHH[FHSWLRQDO
LWHPV H[SDQVLRQWRRQDFRQVROLGDWHGEDVLV3UR¿WDIWHUWD[IRUWKH\HDUHQGHG0DUFKPRUHWKDQGRXEOHGRYHUWKDWRI
the previous year.
DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS, ALONG-WITH DETAILED EXPLANATIONS:
Ratios (Based on Standalone 2021-22 2020-21 Change (%) Explanation where changes is more than
Financials) 25%
Debtors Turnover Ratio 3ULPDULO\GXHWRLQFUHDVHLQ5HYHQXH
Inventory Turnover Ratio 4.97 3ULPDULO\GXHWRLQFUHDVHLQ5HYHQXH
Interest Coverage Ratio 3ULPDULO\GXHWRLQFUHDVHLQ(DUQLQJV
Current Ratio 2.5% -
Debt equity Ratio - - - -
2SHUDWLQJ3UR¿W0DUJLQ 27.2% 3ULPDULO\GXHWRLQFUHDVHLQ(DUQLQJV
1HW3UR¿W0DUJLQ 3ULPDULO\GXHWRLQFUHDVHLQ(DUQLQJV
5HWXUQRQ1HW:RUWK 75.4% 3ULPDULO\GXHWRLQFUHDVHLQ(DUQLQJV
P. K. Kheruka
Chairman
DIN: 00016909
Place : Mumbai
Date : May 9, 2022

Annexure B
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES FOR THE FINANCIAL YEAR 2021-22:
1. Brief outline on Corporate Social Responsibility (CSR) Policy of the Company:

&653ROLF\RIWKH&RPSDQ\KDVEHHQGHYHORSHGLQDFFRUGDQFHZLWK6HFWLRQRIWKH&RPSDQLHV$FW ³WKH$FW´ DQG
WKH&RPSDQLHV &RUSRUDWH6RFLDO5HVSRQVLELOLW\3ROLF\ 5XOHV
The Company considers CSR as a process by which an organization thinks about and evolves its relationships with stakeholders
for the common good, and demonstrates its commitment in this regard.
The Company undertakes one or more CSR activities, as mentioned in Schedule VII to the Act and as may be decided by the
Board of Directors from time to time depending on the suitable opportunities available and need of the area concerned.
2. Composition of CSR Committee:
Sl. Name of Director Designation/ Nature of Number of meetings Number of meetings

No. Directorship of CSR Committee of CSR Committee
held during the year attended during the year
0U3..KHUXND &KDLUPDQ 1RQ([HFXWLYH
Director)
2 Mr. Shreevar Kheruka 0HPEHU 0DQDJLQJ'LUHFWRU
&(2
Ms. Anupa Rajiv Sahaney Member (Independent Director)
4 Mr. Naveen Kumar Kshatriya Member (Independent Director)
5 0U.HZDO.XQGDQODO+DQGD Member (Independent Director)
3. The web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed
on the website of the company:
Composition of CSR Committee - KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVFRPSRVLWLRQBRIBFVUBFRPPLWWHHBSGI
&653ROLF\KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVFVUBSROLF\BSGI
&653URMHFWVDSSURYHGE\WKH%RDUG±KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVFVUBSURMHFWVBDSSURYHGBE\BWKHBERDUGB
RIBGLUHFWRUVBBI\BSGI
4. The details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social responsibility Policy) Rules, 2014: Not Applicable
'HWDLOVRIWKHDPRXQWDYDLODEOHIRUVHWRႇLQSXUVXDQFHRIVXEUXOH RIUXOHRIWKH&RPSDQLHV &RUSRUDWH6RFLDO
UHVSRQVLELOLW\3ROLF\ 5XOHVDQGDPRXQWUHTXLUHGIRUVHWRႇIRUWKH¿QDQFLDO\HDULIDQ\
Sl. Financial $PRXQWDYDLODEOHIRUVHWRႇIURPSUHFHGLQJ $PRXQWUHTXLUHGWREHVHWRႇIRUWKH)LQDQFLDO

No. Year Financial Years (` In Lakhs) Year, if any
-
6. Average QHWSUR¿WRIWKH&RPSDQ\IRUODVWWKUHH¿QDQFLDO\HDUVDVSHUVHFWLRQ ÒDNKV

$ 7ZRSHUFHQWRIDYHUDJHQHWSUR¿WRIWKHFRPSDQ\DVSHUVHFWLRQ ` 94.70 lakhs
% 6XUSOXVDULVLQJRXWRIWKH&65SURMHFWVRUSURJUDPPHVRUDFWLYLWLHVRIWKHSUHYLRXV¿QDQFLDO\HDUV±NIL
& $PRXQWUHTXLUHGWREHVHWRႇIRUWKH¿QDQFLDO\HDULIDQ\±NIL
' 7RWDO&65REOLJDWLRQIRUWKH¿QDQFLDO\HDU $%& ` 94.70 lakhs

$ &65DPRXQWVSHQWRUXQVSHQWIRUWKH¿QDQFLDO\HDU
Total Amount Amount Unspent (in `)

Spent for the Total Amount transferred to $PRXQWWUDQVIHUUHGWRDQ\IXQGVSHFL¿HGXQGHU
Financial Year (` Unspent CSR Account as per Schedule VII as per second proviso to section 135(5)
In Lakhs) section 135(6)
Amount Date of transfer Name of the Amount Date of transfer
Fund
Not Applicable
% 'HWDLOVRI&65DPRXQWVSHQWDJDLQVWRQJRLQJSURMHFWVIRUWKH¿QDQFLDO\HDU
1 2 3 4 5 6 7 8 9 10 11
Sl. Name Item from Local Location of the Project Amount Amount Amount Mode of Mode of Implementation
No. of the the list of area project. duration allocated spent transferred to Implementation - - Through Implementing
Project activities in (Yes/ for the in the Unspent CSR Direct (Yes/ Agency
Schedule No) State District project current Account for No) Name CSR
VII to the (in `) ¿QDQFLDO the project as Registration
Act Year (in `) per Section number
135(6) (in `)
Not Applicable
& 'HWDLOVRI&65DPRXQWVSHQWDJDLQVWRWKHUWKDQRQJRLQJSURMHFWVIRUWKH¿QDQFLDO\HDU
1 2 3 4 5 6 7 8
Sl. Name of the Project Item from the Local Location of the project. Amount Mode of Mode of Implementation -
No. list of activities area spent for Implementation - Through Implementing Agency
in Schedule VII (Yes/No) State District the project Direct (Yes/No) Name CSR
to the Act (` In Lakhs) Registration
number
Inspire Institute of Clause (vii) No Karnataka Vidyanagar 50 No Inspire Institute &65
Sport, a training (Bellary) of Sport
training to
center for supporting
promote
Indian athletes
Olympic sports
for participating
in international
competitions like
Olympic.
2 ,QÀXHQFHU3URMHFW$ Clause (iii) No Maharashtra Beed, Latur, 25 No (GHO*LYH &65
:RPHQ(PSRZHUPHQW Osmanabad Foundation
promoting
,QLWLDWLYHE\(GHO*LYH and Nanded
gender equality,
)RXQGDWLRQLQVWDWHV
empowering
and its 77 districts
women
6HYD<DJQD6DPLWL Clause (i) <HV Gujarat Bharuch No 6HYD<DJQD CSR00004525
±3XUFKDVHDQG Samiti
(UDGLFDWLQJ
distribution of milk
hunger, poverty
amongst the poor and
and malnutrition
needy patients as a
healthy diet food.
4 3URMHFWµ6SDUN¶RI,QGLDQ Clause (i) <HV 3$1,QGLD 25 No Indian Cancer CSR00000792
Cancer Society for Society
promoting
creating higher Oral
health care
Cancer awareness
including
among users
preventive
Chewing Tobacco and
health care
encouraging them to
quit, thereby reducing
India’s Oral Cancer
burden.
Total 106

Details of Implementing Agencies
Inspire Institute of Sport - The Inspire Institute of Sport (IIS), is a cutting-edge environment founded to breed champions in
,QGLDZLWKDQH\HRQVXFFHVVDQGSRGLXP¿QLVKHVDWWKH2O\PSLF*DPHV/RFDWHGLQ9LMD\DQDJDU.DUQDWDNDWKH,,6KDVEHHQ
VWLWFKHGWRJHWKHUZLWKVWDWHRIWKHDUWIDFLOLWLHVDQGVSRUWVVFLHQFHDQGKDVVRPHRIWKH¿QHVWFRDFKLQJPLQGVIURPDFURVVWKH
world to help our athletes chase the Indian Olympic dream.
2. EdelGive Foundation -(GHO*LYH)RXQGDWLRQLVDJUDQWPDNLQJRUJDQL]DWLRQKHOSLQJEXLOGDQGH[SDQGSKLODQWKURS\LQ,QGLD
by funding and supporting the growth of small to mid-sized grassroots NGOs committed to empowering vulnerable children,
women, and communities. This approach has enabled the foundation to be a go-to partner of choice for Indian and foreign
funders wanting to engage with the Indian development ecosystem.
Seva Yagna Samiti -6HYD<DJQDVDPLWLLVD1*2VHUYLQJVLQFHWKURXJK6HOI(ႇRUWVWR3RRU1HHG\3DWLHQWV RUSKDQ
in Medical services, Ambulance and food supply.
4. Indian Cancer Society -,QGLDQ&DQFHU6RFLHW\HVWDEOLVKHGLQLV,QGLD¶V¿UVWYROXQWDU\QRQSUR¿W1DWLRQDO2UJDQL]DWLRQ
IRU$ZDUHQHVV'HWHFWLRQ&XUHDQG6XUYLYRUVKLSRIWKRVHDႇHFWHGZLWKWKLVGLVHDVH,QGLDQ&DQFHU6RFLHW\KDVEHHQGRLQJ
VWHUOLQJZRUNLQ¿JKWLQJFDQFHUDFURVV,QGLD,WKDVEHHQDQGFRQWLQXHVWREHWKHEHDFRQRIKRSHIRUWKRXVDQGVRIXQGHUSULYLOHJHG
cancer patients.
D) Amount spent in Administrative Overheads: NIL
E) Amount spent on Impact Assessment: Not Applicable
) 7RWDODPRXQWVSHQWIRUWKH)LQDQFLDO<HDU %&'( ÒDNKV
* ([FHVVDPRXQWIRUVHWRႇLIDQ\
Sl. Particular Amount

No. (` In lakhs)
7ZRSHUFHQWRIDYHUDJHQHWSUR¿WRIWKHFRPSDQ\DVSHUVHFWLRQ 94.70
2 7RWDODPRXQWVSHQWIRUWKH)LQDQFLDO<HDU
([FHVVDPRXQWVSHQWIRUWKH¿QDQFLDO\HDU> @
4 6XUSOXVDULVLQJRXWRIWKH&65SURMHFWVRUSURJUDPPHVRUDFWLYLWLHVRIWKHSUHYLRXV¿QDQFLDO\HDUV NIL
if any
5 $PRXQWDYDLODEOHIRUVHWRႇLQVXFFHHGLQJ¿QDQFLDO\HDUV> @
2XWRIÒDNKVH[FHVV&65VSHQWPDGHE\WKH&RPSDQ\GXULQJWKH¿QDQFLDO\HDUWKH%RDUGRI'LUHFWRUV
have decided to carry forward ÒDNKVIRUVHWRႇGXULQJWKHQH[WWKUHH¿QDQFLDO\HDUV
$ 'HWDLOVRI8QVSHQW&65DPRXQWIRUWKHSUHFHGLQJWKUHH¿QDQFLDO\HDUV
Sl. Preceding Amount transferred to Amount spent $PRXQWWUDQVIHUUHGWRDQ\IXQGVSHFL¿HGXQGHU6FKHGXOH9,, Amount remaining to

No. Financial unspent CSR account in the reporting as per section 135(6), if any. be spent in succeeding
Year under section 135(6) Financial Year Name of the Fund Amount (in `) Date of transfer ¿QDQFLDO\HDUV LQ`)
(in `) (in `)
Not Applicable
% 'HWDLOVRI&65DPRXQWVSHQWLQWKH)LQDQFLDO<HDUIRURQJRLQJSURMHFWVRIWKHSUHFHGLQJ¿QDQFLDO\HDU V
Sl. Project ID Name of the Financial Year in Project Total amount Amount spent on the Cumulative amount Status of
No. Project which the project duration allocated for project in the reporting spent at the end of the project -
was commenced the project Financial Year reporting Financial Year Completed /
(in `) (in `) (in `) Ongoing
Not Applicable
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
WKURXJK&65VSHQWLQWKH¿QDQFLDO\HDU
a. Date of creation or acquisition of the capital asset(s) Not applicable

b. Amount of CSR spent for creation or acquisition of capital asset Not applicable
c. 'HWDLOVRIWKHHQWLW\RUSXEOLFDXWKRULW\RUEHQH¿FLDU\XQGHUZKRVHQDPHVXFKFDSLWDODVVHWLVUHJLVWHUHGWKHLUDGGUHVVHWF Not applicable
d. 3URYLGHGHWDLOVRIWKHFDSLWDODVVHW V FUHDWHGRUDFTXLUHG LQFOXGLQJFRPSOHWHDGGUHVVDQGORFDWLRQRIWKHFDSLWDODVVHW Not applicable
6SHFLI\WKHUHDVRQ V LIWKHFRPSDQ\KDVIDLOHGWRVSHQGWZRSHUFHQWRIWKHDYHUDJHQHWSUR¿WDVSHUVHFWLRQ
Not Applicable
P. K. Kheruka Shreevar Kheruka
(Chairman, CSR Committee) (Managing Director & CEO)
Place: Mumbai
Date: May 9, 2022

Annexure – C
FORM NO MR-3
SECRETARIAL AUDIT REPORT
)257+(),1$1&,$/<($5(1'('0$5&+
>3XUVXDQWWR6HFWLRQ RIWKH&RPSDQLHV$FWDQG5XOHRIWKH&RPSDQLHV $SSRLQWPHQWDQG5HPXQHUDWLRQRI
0DQDJHULDO3HUVRQQHO 5XOHV@
To,
The Members,
BOROSIL LIMITED
th)ORRU&UHVFHQ]R*%ORFN3ORW1R&
2SS0&$&OXE%DQGUD.XUOD&RPSOH[%DQGUD (DVW
0XPEDL±0DKDUDVKWUD,QGLD
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by BOROSIL LIMITED (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided me
DUHDVRQDEOHEDVLVIRUHYDOXDWLQJWKHFRUSRUDWHFRQGXFWVVWDWXWRU\FRPSOLDQFHVDQGH[SUHVVLQJP\RSLQLRQWKHUHRQ
%DVHGRQP\YHUL¿FDWLRQRIWKH&RPSDQ\¶VERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH
&RPSDQ\DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRႈFHUVDJHQWVDQGDXWKRUL]HGUHSUHVHQWDWLYHVGXULQJWKHFRQGXFW
RI6HFUHWDULDO$XGLW,KHUHE\UHSRUWWKDWLQP\RSLQLRQWKHFRPSDQ\KDVGXULQJWKHSHULRGFRYHULQJWKH¿QDQFLDO\HDUHQGHGRQMarch
31, 2022 (“audit period”) complied with the statutory provisions listed hereunder and has proper Board-processes and compliance-
PHFKDQLVPLQSODFHWRWKHH[WHQWLQWKHPDQQHUDQGVXEMHFWWRWKHUHSRUWLQJPDGHKHUHLQDIWHU
,KDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\IRUWKH
¿QDQFLDO\HDUHQGHGMarch 31, 2022 according to the provisions of:
L 7KH&RPSDQLHV$FW WKH$FW DQGWKHUXOHVPDGHWKHUHXQGHU
LL 7KH6HFXULWLHV&RQWUDFWV 5HJXODWLRQ $FW µ6&5$¶ DQGWKH5XOHVPDGHWKHUHXQGHU
LLL 7KH'HSRVLWRULHV$FWDQGWKH5HJXODWLRQVDQG%\HODZVIUDPHGWKHUHXQGHU
LY )RUHLJQ([FKDQJH0DQDJHPHQW$FW ³)(0$´ DQGWKHUXOHVDQGUHJXODWLRQVPDGHWKHUHXQGHUWRWKHH[WHQWRIForeign
'LUHFW,QYHVWPHQWDQGRYHUVHDV'LUHFW,QYHVWPHQWDQG([WHUQDO&RPPHUFLDO%RUURZLQJV
Y 7KHIROORZLQJ5HJXODWLRQVDQG*XLGHOLQHVSUHVFULEHGXQGHUWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD$FW µ6(%,$FW¶
D 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6XEVWDQWLDO$FTXLVLWLRQRI6KDUHVDQG7DNHRYHUV 5HJXODWLRQV
E 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 3URKLELWLRQRI,QVLGHU7UDGLQJ 5HJXODWLRQV
F 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD ,VVXHRI&DSLWDODQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQVNot
Applicable to the Company during the audit period;
G 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WV 5HJXODWLRQVDQG7KH6HFXULWLHV
DQG([FKDQJH%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WVDQG6ZHDW(TXLW\ 5HJXODWLRQV
H 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD ,VVXHDQG/LVWLQJRI'HEW6HFXULWLHV 5HJXODWLRQV7KH6HFXULWLHVDQG
([FKDQJH%RDUGRI,QGLD ,VVXHDQG/LVWLQJRI1RQ&RQYHUWLEOH5HGHHPDEOH3UHIHUHQFH6KDUHV 5HJXODWLRQVDQG
7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD ,VVXHDQG/LVWLQJRI1RQ&RQYHUWLEOH6HFXULWLHV 5HJXODWLRQVNot
Applicable to the Company during the audit period;
I 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD 5HJLVWUDUV WR DQ ,VVXH DQG 6KDUH 7UDQVIHU$JHQWV 5HJXODWLRQV
regarding the Companies Act and dealing with client - Not Applicable to the Company during the audit period;
J 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD 'HOLVWLQJ RI (TXLW\ 6KDUHV 5HJXODWLRQV DQG7KH 6HFXULWLHV DQG
([FKDQJH%RDUGRI,QGLD 'HOLVWLQJRI(TXLW\6KDUHV 5HJXODWLRQVNot Applicable to the Company during the
audit period;
K 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD %X\EDFN RI 6HFXULWLHV 5HJXODWLRQV Not Applicable to the
Company during the audit period;
L 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD /LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQVDQG
M 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 'HSRVLWRULHVDQG3DUWLFLSDQWV 5HJXODWLRQV

YL 7KH&RPSDQ\KDVLQIRUPHGWKDWWKHUHDUHQRODZVZKLFKDUHVSHFL¿FDOO\DSSOLFDEOHWRWKH&RPSDQ\
,KDYHDOVRH[DPLQHGFRPSOLDQFHZLWKWKHDSSOLFDEOHFODXVHVUHJXODWLRQVRIWKHIROORZLQJ
L 6HFUHWDULDO6WDQGDUGV 66DQG66 LVVXHGE\7KH,QVWLWXWHRI&RPSDQ\6HFUHWDULHVRI,QGLD
ii. 7KH/LVWLQJ$JUHHPHQWVHQWHUHGLQWRE\WKH&RPSDQ\ZLWK%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHGUHDGZLWK
6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD /LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV
During the period under review the Company has complied with the provisions of the Act, rules, regulations, guidelines, standards,
etc. as mentioned above.
I further report that:
7KH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\LVGXO\FRQVWLWXWHGZLWKSURSHUEDODQFHRI([HFXWLYH'LUHFWRUV1RQ([HFXWLYH'LUHFWRUV
and Independent Directors. No changes in the composition of the Board of Directors took place during the audit period;
$GHTXDWHQRWLFHLVJLYHQWRDOOGLUHFWRUVWRVFKHGXOHWKHPHHWLQJVRIWKH%RDUGDQG&RPPLWWHHVRIWKH%RDUG([FHSWZKHUH
consent of the directors was received for scheduling meeting at a shorter notice, agenda and detailed notes on agenda were
VHQWDWOHDVWVHYHQGD\VLQDGYDQFHDQGDV\VWHPH[LVWVIRUVHHNLQJDQGREWDLQLQJIXUWKHULQIRUPDWLRQDQGFODUL¿FDWLRQVRQWKH
agenda items before the meeting and for meaningful participation at the meeting;
$OO GHFLVLRQV DW %RDUG 0HHWLQJV DQG &RPPLWWHH 0HHWLQJVZHUH FDUULHG RXWXQDQLPRXVO\ DVUHFRUGHG LQWKHPLQXWHV RIWKH
meetings of the Board of Directors or Committees of the Board, as the case may be.
7KHUHDUHDGHTXDWHV\VWHPVDQGSURFHVVHVLQWKH&RPSDQ\FRPPHQVXUDWHZLWKWKHVL]HDQG2SHUDWLRQVRIWKH&RPSDQ\WR
monitor and ensure compliance with all the applicable laws, rules, regulations and guidelines;
,IXUWKHUUHSRUWWKDWGXULQJWKHDXGLWSHULRG
L .ODVV3DFN/LPLWHGEHFDPHPDWHULDOVXEVLGLDU\LQWHUPVRI5HJXODWLRQ F RI6(%, /LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH
5HTXLUHPHQWV 5HJXODWLRQV
LL 7KH&RPSDQ\KDVDOORWWHGHTXLW\VKDUHVRI`HDFKDJDLQVWVWRFNRSWLRQVH[HUFLVHGXQGHU%RURVLO/LPLWHG
6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ
LLL 7KH&RPSDQ\JUDQWHGRSWLRQVWRWKHHOLJLEOHHPSOR\HHVXQGHU%RURVLO/LPLWHG(PSOR\HH6WRFN2SWLRQ6FKHPH
2020.
iv. The Board of Directors at its meeting held on 7th February, 2022, has approved a Composite Scheme of Arrangement
EHWZHHQWKH&RPSDQ\DQG.ODVV3DFN/WG ³.3/´ DVXEVLGLDU\RIWKH&RPSDQ\DQG%RURVLO7HFKQRORJLHV/WG ³%7/´
DZKROO\RZQHGVXEVLGLDU\RIWKH&RPSDQ\ µ6FKHPH¶ LQWHUDOLDIRU D UHGXFWLRQDQGUHRUJDQLVDWLRQRIVKDUHFDSLWDO
RI.3/ E GHPHUJHURI6FLHQWL¿FDQG,QGXVWULDO3URGXFW%XVLQHVVIURPWKH&RPSDQ\LQWR.3/DQGFRQVHTXHQWLVVXH
RIVKDUHVE\.3/DQG F DPDOJDPDWLRQRI%7/ZLWK.3/7KH6FKHPHLVVXEMHFWWRQHFHVVDU\VWDWXWRU\UHJXODWRU\
approvals under applicable laws including approval of the National Company Law Tribunal.
For Dhrumil M Shah & Co.

UDIN: F008021D000281371
Dhrumil M Shah
Practising Company Secretary
Place: Mumbai C.P. No. 8978 & FCS No. 8021
Date: 09th May, 2022 PR No. 995/2020
This Report is to be read with my letter of even date which is annexed and forms an integral part of this report.

Annexure
To,
The Members,
BOROSIL LIMITED
th)ORRU&UHVFHQ]R*%ORFN3ORW1R&
My report of even date is to be read along with this letter:

0DLQWHQDQFHRI6HFUHWDULDOUHFRUGLVWKHUHVSRQVLELOLW\RIWKHPDQDJHPHQWRIWKH&RPSDQ\0\UHVSRQVLELOLW\LVWRH[SUHVVDQ
opinion on these Secretarial Records based on my audit.
2) I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness
RIWKHFRQWHQWVRIWKH6HFUHWDULDOUHFRUGV7KHYHUL¿FDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWVDUHUHÀHFWHGLQ
the Secretarial records. I believe that the processes and practices, I followed provide a reasonable basis for my opinion.
,KDYHQRWYHUL¿HGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRI¿QDQFLDOUHFRUGVDQG%RRNVRI$FFRXQWVRIWKH&RPSDQ\
:KHUHYHUUHTXLUHG,KDYHREWDLQHGWKH0DQDJHPHQWUHSUHVHQWDWLRQDERXWWKHFRPSOLDQFHRIODZVUXOHVDQGUHJXODWLRQVDQG
happening of events etc.
5) The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of
WKH0DQDJHPHQW0\H[DPLQDWLRQZDVOLPLWHGWRWKHYHUL¿FDWLRQRISURFHGXUHVRQWHVWEDVLV
7KH6HFUHWDULDO$XGLWUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHႈFLHQF\RUHႇHFWLYHQHVV
ZLWKZKLFKWKH0DQDJHPHQWKDVFRQGXFWHGWKHDႇDLUVRIWKH&RPSDQ\

UDIN: F008021D000281371
Dhrumil M Shah
Date: 09th May, 2022 PR No. 995/2020

Annexure – D
PARTICULARS OF LOANS AND INVESTMENTS MADE BY THE COMPANY
During the year under review, the Company has made following loans and investments in compliance with the provisions of Section
RIWKH&RPSDQLHV$FW
Sr. Name of the Entity Relation ` in Lakhs Nature of transaction

No.
.ODVV3DFN/LPLWHG .3/ Subsidiary Company 2000.00 ,QYHVWPHQWLQHTXLW\VKDUHVRI.3/
2 Borosil Technologies Limited (BTL) :KROO\2ZQHG Investment in equity shares of BTL
Subsidiary Company
Borosil Technologies Limited :KROO\2ZQHG Inter Corporate Deposits
8WLOLVHGIRU%XVLQHVV([SDQVLRQWKURXJK Subsidiary Company
&DSLWDO([SHQGLWXUHDQGJHQHUDO
corporate purpose)
,QDGGLWLRQWRWKHDERYHWKH&RPSDQ\KDVJLYHQDGYDQFHDJDLQVWVDODU\ORDQWRHPSOR\HHVRIWKH&RPSDQ\DVSHUWKHWHUPVRI
DSSRLQWPHQWDQGORDQSROLF\RIWKH&RPSDQ\LQWHUPVRIFLUFXODULVVXHGE\0LQLVWU\RI&RUSRUDWH$ႇDLUVQRGDWHG

P. K. Kheruka
Place: Mumbai Chairman
Date: May 9, 2022 DIN: 00016909
Annexure – E
DISCLOSURE UNDER RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014
1. The ratio of remuneration of each director to the median remuneration of the employee and percentage increase in
remuneration of Director, CFO and CS
Sr. Name Designation Remuneration paid Remuneration paid % increase in Ratio/ Times
No. for FY 2021-22 for FY 2020-21 remuneration in the per median
(` in lakhs) (` in lakhs) FY 2021-22 of employee
remuneration
0U3..KHUXND &KDLUPDQ1RQ([HFXWLYH'LUHFWRU
2. Mr. Shreevar Kheruka Vice Chairman,
0DQDJLQJ'LUHFWRU &(2
Mr. Naveen Kumar Kshatriya Independent Director
4. Ms. Anupa Rajiv Sahney Independent Director
5. 0U.HZDO.XQGDQODO+DQGD Independent Director
Mr. Kanwar Bir Singh Anand Independent Director 25.00
7. Mr. Rajesh Kumar Chaudhary :KROH7LPH'LUHFWRU (47.44)
Mr. Anand Sultania &KLHI)LQDQFLDO2ႈFHU -
9. Mr. Manoj Dere^ Company Secretary 20.44 Not comparable being -
for part of the year.
Ms. Anshu Agarwal^^ Company Secretary - - -
LQFOXGHV WKH SHUTXLVLWH YDOXH FDOFXODWHG DV SHU WKH SURYLVLRQV RI ,QFRPH7D[$FW RQ H[HUFLVH RI RSWLRQV LQ %RURVLO 5HQHZDEOHV
/LPLWHGJUDQWHGDVXQGHU%RURVLO(PSOR\HH6WRFN2SWLRQ6FKHPH
AXSWR1RYHPEHU
AADSSRLQWHGDVFRPSDQ\VHFUHWDU\ZHI1RYHPEHU

2. Percentage increase in median remuneration of employees
Median remuneration of employees Median remuneration of employees Percentage increase/ (decrease)

in FY 2021-22 – in ` in FY 2020-21 - in `

3. No. of permanent employees as on March 31, 2022:

4. Comparison between average percentile increase in salaries of employees (excluding managerial personnel) and
percentile increase in managerial remuneration.
Average percentile increase Percentile increase -XVWL¿FDWLRQ

in salaries of employees in managerial
other than managerial remuneration in FY
personnel in FY 2021-22 2021-22
The increment given to each individual employee is based on the
HPSOR\HHV¶SRWHQWLDOH[SHULHQFHSHUIRUPDQFHDQGFRQWULEXWLRQWR
the Company’s growth over a period of time and also benchmarked
against industry standard.
Under the leadership of managerial personnel, the business of
WKH &RPSDQ\ KDV JURZQ DQG ¿QDQFLDO SRVLWLRQ KDV LPSURYHG
VLJQL¿FDQWO\GHVSLWHVHYHUDOFKDOOHQJHV+HQFHWKH\QHHGHGWREH
UHZDUGHGDGHTXDWHO\7KHUHZHUHQRH[FHSWLRQDOFLUFXPVWDQFHVIRU
increase in the managerial remuneration.
5. This isWRDႈUPWKDWWKHDERYHUHPXQHUDWLRQLVSDLGDVSHU the Remuneration Policy of the Company.
P. K. Kheruka
Chairman
DIN: 00016909
Place : Mumbai
Date : May 9, 2022

Annexure - F
Details of conservation of energy, technology absorption and Foreign Exchange Earnings & Outgo
(a) Conservation of energy
(i) The steps taken or impact on Bharuch Plant:

conservation of energy. 0RWLRQVHQVRUVLQVWDOOHGDWYDULRXVORFDWLRQWRVWRSFRQWUROXQZDQWHG(OHFWULFLW\
FRQVXPSWLRQXSWR
2. New Gas SOV (Solenoid Valve) installed at all the internal scoring machine to
VDYHWKHQDWXUDOJDVFRQVXPSWLRQE\aGXULQJFXWWLQJSURFHVV
+HDWUHVLVWDQWSDLQWLQDOOVL[RYHQRI6OLQHSURFHVVGRQHDVSLORWSURMHFWDQG
WKHUHE\DFKLHYHGHOHFWULFLW\VDYLQJRI.:SHUKRXUHTXLYDOHQWWRXQLW
per month.
:RUNLQ3URFHVV6HPL¿QLVKJRRGVVWRUHDUHD1RV:/('OLJKWVUHSODFHG
DJDLQVWWKH:1RVÀXRUHVFHQWOLJKWVUHVXOWLQJLQWRHQHUJ\VDYLQJXSWR
.:KU
Jaipur Plant:
(QHUJ\ (ႈFLHQW $LU &KLOOHU ZLWK VFUHZ FRPSUHVVRU UHSODFHG LQ SODFH RI OHVV
HႈFLHQWVFUROOFRPSUHVVRUDLUFKLOOHUOHDGLQJWR$YHUDJH'DLO\3RZHUVDYLQJRI
.:KGD\
3UHKHDWLQJ RI FRPEXVWLRQ DLU LQ %HOW 7HPSHULQJ /LQH GXULQJ ZLQWHU VHDVRQ
UHVXOWLQJLQUHGXFWLRQRI/3*RI.J'D\
6WDUWHGXVLQJPPZLGWK/3*%XUQHULQ)LUHSROLVKHUWRUHGXFHWKHFRQVXPSWLRQ
RI/3* 2[\JHQ
(ii) The steps taken by the Bharuch Plant: 6OLQH)RUPLQJ3URFHVV)XHOFKDQJHGIURP/3* /LTXH¿HGSHWUROHXP

company for utilizing Gas) to Natural Gas and thereby achieved saving of ÒDNKV\HDU
alternate sources of energy.
(iii) The capital investment Jaipur Plant:
on energy conservation $LU&KLOOHU&DSLWDO&RVWÒDNKV
equipments.
PP/3*%XUQHUFDSLWDO,QYHVWPHQW` 2.0 lakhs
(b) Technology absorption
(i) 7KHHႇRUWVPDGHWRZDUGV Bharuch Plant:

technology absorption ,QKRXVH'HVLJQHG 'HYHORSHG9HUWLFDO%ORZLQJPDFKLQHIRU-XJV
8VKDSHFRQYH\RU,QVWDOODWLRQDWH[LWRIYLVLRQOHKU $QQHDOLQJ/HKU1XPEHU
to ease online packing process and control handling rejection
,QKRXVHGHVLJQ GHYHORSPHQWRI+DQGOH%HQGLQJ +DQGOH6HDOLQJPDFKLQH
IRU0XJVZLWKWDUJHWWRDGGFDSDFLW\RI/DNKSFPRQWK
89/DVHUUHORFDWLRQWRIDFLOLWDWHRQOLQHSDFNLQJRI89ODVHU45FRGHGXQLTXH
QRFRGHGYROXPHWULFZDUHV IDFLOLW\LQVWDOODWLRQIRU2QOLQH%FODVVSDFNLQJ
0HUJLQJSURFHVVÀRZ*ULQGLQJ :DVKLQJSURFHVVLQFRPPRQDUHDWRVDYH
PDQSRZHUDQGLPSURYHÀRZRIWKHSURFHVV
,QVWDOOHGEDFNXSODVHUVHWXSIRU4XLFN5HVSRQVH 45 8QLTXHFRGHPDUNLQJ
RQYROZDUHV 9ROXPHWULF*ODVV:DUHV
&RQFHSWGHVLJQ¿QDOL]DWLRQDQGVWDUWDVVHPEO\RIPDFKLQHIRUYROXPHSURGXFWLRQ
of centrifuges
1HZ³3URWHFWLRQUHOHDVH´XVHGLQ'*6HW$&%EUHDNHU 'LHVHO*HQHUDWRUVHW$LU
&LUFXLW%UHDNHU WRLPSURYHWKHUHOLDELOLW\RI3RZHUSURWHFWLRQV\VWHP
1HZ)LUHDODUPV\VWHPLQVWDOOHGDW(OHFWULFDOURRPSDQHO([LVWLQJ.9$836
SDQHOSODQW3DQHOURRPWRSUHYHQWWKH¿UHDQGKD]DUGV

1HZ *DV OHDNDJH PRQLWRULQJ DQG FRQWUROOLQJ V\VWHP LQVWDOOHG LQ /3* \DUG WR
alert the /3*OHDNDJHGXULQJRSHUDWLRQ
)LUHUHWDUGDQWFRDWLQJDQG¿UHVHDOLQJFRPSRXQGDSSOLHGDW3RZHUDQGFRQWURO
cable at plant
(OHFWULFDO SDQHO 7KHUPRJUDSK\ WHVW SHUIRUPHG DW (OHFWULFDO SDQHO DQG FDEOH
termination
3HUIRUPHGWKH$UF)ODVK$QDO\VLVDVVHVVPHQWDW3ODQWWRLPSURYHWKHUHOLDELOLW\
SURWHFWLRQRI(OHFWULFDODSSOLDQFHVDQGGH¿QHGWKHVDIHZRUNLQJDUHDWRFRQWURO
WKH(OHFWULFDOLQFLGHQWDW3ODQW
,QVWDOOHG36$ 3UHVVXUH6ZLQJ$EVRUSWLRQ R[\JHQJHQHUDWLRQXQLWVRIP
hrs each as a backup resource in emergency situation.
Tarapur Plant:
,QVWDOOHG36$ 3UHVVXUH6ZLQJ$EVRUSWLRQ R[\JHQJHQHUDWLRQXQLWV PKUV DVD
backup resource in emergency situation
Jaipur Plant:
,QVWDOOHG:DUHVLGHVHDOLQJPDFKLQH1RVWRUHGXFH3RO\HWK\OHQHFRQVXPSWLRQ
SDFNLQJFRVWUHGXFWLRQ
,QVWDOODWLRQ36$2[\JHQ3ODQWWREHXVHGLQHPHUJHQF\DVDEDFNXSRI/2;,W
UDQVXFFHVVIXOO\IRUPRUHWKDQ0RQWK
8SJUDGDWLRQRI$LUFKLOOHUWR+DQEHOO0DNH6FUHZ7\SHFRPSUHVVRUZLWK9DULDEOH
speed control as per the varying loads
4. Laser engraving machine installed for Logo engraving on mould
'3ULQWHU,QVWDOOHGWRGHYHORSQHZDUWLFOHGHVLJQLQKRXVH
(ii) 7KHEHQH¿WVGHULYHGOLNH Bharuch Plant:
product improvement, ,QKRXVH'HVLJQHG 'HYHORSHG9HUWLFDO%ORZLQJPDFKLQHIRU-XJV
cost reduction, product
development or import 2. Installation of conveying system from vision lehr 5 (Annealing Lehr Number 5)
substitution H[LWSRLQWKDVLPSURYHGPDWHULDOHႈFLHQF\DQGLWVFRQVLVWHQF\E\a
,QKRXVHGHVLJQ GHYHORSPHQWRI+DQGOH%HQGLQJ +DQGOHVHDOLQJPDFKLQH
IRU0XJVKDVDGGHGDGGLWLRQDOFDSDFLW\/DNKSFPRQWKDQGDOVRUHGXFWLRQLQ
PDFKLQHFRVWE\ard
0HUJLQJ SURFHVV ÀRZ *ULQGLQJ :DVKLQJ SURFHVV 6DYHV PDQSRZHU
QXPEHUV DQGLPSURYHGÀRZRIWKHSURFHVV
/RFDOVHWXS,QVWDOOHGDVEDFNXSIRU45 8QLTXHFRGHPDUNLQJRQYROZDUHV
5HGXFWLRQFDSH[E\PRUHWKDQKDOIDQGGHULVNYROZDUHVSURGXFWLRQ
1HZ373 3UH7UHDWPHQWSODQW LQVWDOOHGDWIURQWOLQHRI*ULQGLQJDUHDZDWHUDW
./'673WRPDLQWDLQWKHS+ 3RWHQWLDORI+\GURJHQ YDOXHRI*ULQGLQJZDWHU
EHIRUHPL[HGDWPDLQWDQNRI./'673 6HZDJHWUHDWPHQW3ODQW
7. New Drive panel installed at S-line forming machine to improve forming machine
performance and also measure the power consumption record.
Jaipur Plant:
:DUH VKULQN ZUDS TXDOLW\ LPSURYHG 3URGXFWLYLW\ LPSURYHG GXH WR F\FOH WLPH
UHGXFWLRQ3DFNLQJ0DWHULDO 6KULQN¿OP FRQVXPSWLRQUHGXFWLRQ
3UHVVXUH 6ZLQJ $EVRUSWLRQ 36$ R[\JHQ SODQW LV D EDFNXS SODQ LQ FDVH RI
R[\JHQFULVLVDVVHHQGXULQJ&29,'7KLVLQVWDOODWLRQRIXQLWSUHYHQWHG3UHVV
PDFKLQHVKXWGRZQGXHWRR[\JHQFULVLVIRURQH KDOIPRQWK
+DQEHOO0DNH6FUHZ7\SHFRPSUHVVRUUHGXFHVSRZHUFRQVXPSWLRQ .:K
day) and no failure of the compressor
/DVHU HQJUDYLQJ PDFKLQH LQFUHDVHG SURGXFWLYLW\ H[LVWLQJ 90& QRZ PRUH
available for mould production
)DVWUROORXWRI1HZSURGXFWGHYHORSPHQW'SULQWGHVLJQRXWVRXUFLQJVWRSSHG
which saved time and money.

(iii) LQFDVHRILPSRUWHGWHFKQRORJ\ LPSRUWHGGXULQJWKHODVWWKUHH\HDUVUHFNRQHGIURPWKHEHJLQQLQJRIWKH¿QDQFLDO\HDU
(a) the details of technology Bharuch Plant:
imported /DVHU FRGLQJ PDFKLQH IRU 8QLTXH 45 FRGH RQ 9ROXPHWULF ZDUH $FFXUDWH
9LVLELOLW\ 3DSHUOHVVFHUWL¿FDWHWKURXJKPRELOH$SSIRUHQGFXVWRPHU
:DWHUOHVVPHDVXULQJPDFKLQHZLWKLQFUHDVHLQ3URGXFWLYLW\ $FFXUDF\
'HFRUDWLQJFXPDQQHDOLQJOHKUIRUGLႇHUHQWFRORU¿ULQJRQ6,33URGXFWV
7KUHDGW\SHJODVVVWRUDJH-DUERWWOHVIRUPLQJPDFKLQHV
36$2[\JHQJHQHUDWLRQXQLW
,QVWDOOHG36$R[\JHQJHQHUDWLRQXQLWVRIPKUVHDFKDVDEDFNXS
resource in emergency situation.
Tarapur Plant:
,QVWDOOHG36$R[\JHQJHQHUDWLRQXQLWV PKUV DVDEDFNXSUHVRXUFHLQHPHUJHQF\
situation.
Jaipur Plant:
Replaced the Funnel cylinder in SGMT Spinning Machine-2 with upgraded Imported
Funnel cylinder. This eliminated the vibration of Funnel thus the reduction of De-shape
rejection of articles.
(b) the year of import; Bharuch Plant: )< IRUSRLQWQR )< IRUSRLQWQRDERYH36$
8QLWIRU%KDUXFK3ODQW
Tarapur Plant: )<
Jaipur Plant: )<
(c) whether the technology <HV
been fully absorbed
(d) if not fully absorbed, NA
areas where absorption
has not taken place,
and the reasons thereof
(iv) WKHH[SHQGLWXUHLQFXUUHGRQ Bharuch Plant:
Research and Development Development of in-house machine: ÒDNKV 1HWRI*67
Jaipur Plant:
ÒDNKVIRU5 'RIFKHPLFDOWHPSHULQJ
(c) Foreign Exchange Earnings & Outgo:

3DUWLFXODUVZLWKUHJDUGWRIRUHLJQH[FKDQJHHDUQLQJVDQGRXWJRGXULQJWKH\HDUDUHDVXQGHU
(` in Lakhs)
)RUHLJQH[FKDQJHLQÀRZ
)RUHLJQH[FKDQJHRXWÀRZ
P. K. Kheruka
Place : Mumbai Chairman
Date : May 9, 2022 DIN: 00016909

REPORT ON CORPORATE GOVERNANCE
7KLVUHSRUWRQ&RUSRUDWH*RYHUQDQFHLVSUHSDUHGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD
1. Company’s philosophy on Code of Governance
<RXU &RPSDQ\¶V SKLORVRSK\ RQ &RUSRUDWH *RYHUQDQFH RYHUVHHV EXVLQHVV DႇDLUV DQG VWUDWHJLHV DQG HQVXUHV ¿VFDO
accountability, ethical corporate behaviour and fairness to all stakeholders comprising of customers, vendors, investors,
shareholders, employees and the society DW ODUJH <RXU &RPSDQ\ HQYLVDJHV RQ DWWDLQLQJ KLJKHU OHYHO RI WUDQVSDUHQF\ DQG
DFFRXQWDELOLW\IRUHႈFLHQWDQGHWKLFDOFRQGXFWRIEXVLQHVV
The Company believes in adopting the best practices in the area of Corporate Governance. The Company has a legacy of fair,
transparent and ethical governance practices.
2. Board of Directors
7KH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\KDVDQRSWLPXPFRPELQDWLRQRI([HFXWLYHDQG1RQ([HFXWLYH'LUHFWRUV$VRQ0DUFK
WKH&RPSDQ\KDVVHYHQ'LUHFWRUVFRPSULVLQJRIWZR([HFXWLYH'LUHFWRUVKROGLQJRႈFHVRI0DQDJLQJ'LUHFWRU &(2
DQG:KROHWLPH'LUHFWRUUHVSHFWLYHO\DQG¿YH1RQ([HFXWLYH'LUHFWRUVRXWRIZKLFKIRXUDUH,QGHSHQGHQW'LUHFWRUVLQFOXGLQJ
D:RPDQ'LUHFWRU7KH&RPSRVLWLRQRIWKH%RDUGLVLQFRQIRUPLW\ZLWK5HJXODWLRQRI/LVWLQJ5HJXODWLRQVUHDGZLWKVHFWLRQ
RIWKH&RPSDQLHV$FW ³$FW´
1HFHVVDU\ GLVFORVXUHV UHJDUGLQJ &RPPLWWHH SRVLWLRQV LQ RWKHU SXEOLF FRPSDQLHV DV RQ 0DUFK KDYH EHHQ PDGH E\ WKH
Directors.
The names and categories of the Directors on the Board, their attendance at Board Meetings held during the year under
review and at the last Annual General Meeting (“AGM”), the names of other listed entities in which each Director is a
director and the number of Directorships and Committee Chairmanships/Memberships held by them in other public limited
companies as on March 31, 2022 are given herein below:
Name of Category No. of Board Whether No. of other No. of Committee Directorship in other listed
the Director Meetings attended last Director- Positions held in other company(ies) and category of
and Director attended AGM held on ships as on Indian Public Limited directorship as on March 31, 2022
,GHQWL¿FDWLRQ during the FY August 26, March 31, Companies
Number (DIN) 2021-22 2021 2022 Chairman Member
0U3..KHUXND A Chairman, 5 <HV - %RURVLO5HQHZDEOHV/LPLWHG±([HFXWLYH
',1 1RQ([HFXWLYH Director, Chairman
Director :LQGRZ*ODVV/LPLWHG±1RQ([HFXWLYH
Director
Mr. Shreevar Vice Chairman, 5 <HV %RURVLO 5HQHZDEOHV /LPLWHG ±
.KHUXND A Managing Director 1RQ([HFXWLYH'LUHFWRU9LFH&KDLUPDQ
',1 &(2 :LQGRZ*ODVV/LPLWHG±1RQ([HFXWLYH
Director
Mr. Rajesh Kumar :KROH7LPH 5 <HV 2 - - Nil
Chaudhary Director
',1
Mr. Naveen Kumar 1RQ([HFXWLYH 5 <HV - - Nil
Kshatriya Independent Director
',1
Ms. Anupa Rajiv 1RQ([HFXWLYH 5 <HV - - - Nil
Sahney Independent Director
',1
Mr. Kewal 1RQ([HFXWLYH 5 <HV 5 Clariant Chemicals (India) Limited -
.XQGDQODO+DQGD Independent Director 1RQ([HFXWLYH ,QGHSHQGHQW 'LUHFWRU
',1 Chairman
R M Drip and Sprinklers Systems Limited
1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRU
0XNWD $UWV /LPLWHG 1RQ([HFXWLYH
Independent Director
*UHDYHV&RWWRQ/LPLWHG1RQ([HFXWLYH
Mr. Kanwar Bir 1RQ([HFXWLYH 5 <HV 2 2 7DWD&KHPLFDOV/LPLWHG±1RQ([HFXWLYH
Singh Anand Independent Director Independent Director
',1 /XSLQ /LPLWHG 1RQ([HFXWLYH
3URPRWHU'LUHFWRU
A0U6KUHHYDU.KHUXNDLVWKHVRQRI0U3..KHUXND&KDLUPDQ1RQHRIWKHRWKHU'LUHFWRUVDUHUHODWHGWRDQ\RWKHU'LUHFWRURQWKH%RDUG

The Directorships, held by the Directors as mentioned above, do not include Directorship(s) in private companies, foreign
FRPSDQLHVDQG6HFWLRQFRPSDQLHVXQGHUWKH$FW
,QDFFRUGDQFHZLWK5HJXODWLRQRIWKH/LVWLQJ5HJXODWLRQV0HPEHUVKLS V &KDLUPDQVKLS V RIRQO\$XGLW&RPPLWWHHDQG
Stakeholders’ Relationship Committee in all public limited companies have been considered.
7KHQXPEHURI'LUHFWRUVKLS V DQG&RPPLWWHH0HPEHUVKLS V &KDLUPDQVKLS V RIDOO'LUHFWRUVLVDUHZLWKLQWKHUHVSHFWLYH
limits prescribed under the Listing Regulations and the Act.
Core Skills/Expertise/Competencies available with the Board:
7KH%RDUGFRPSULVHVRITXDOL¿HGPHPEHUVZKRSRVVHVVUHTXLUHGVNLOOVH[SHUWLVHDQGFRPSHWHQFLHVWKDWDOORZWKHPWRPDNH
HႇHFWLYHFRQWULEXWLRQVWRWKH%RDUGDQGLWV&RPPLWWHHV
7KH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHDQG%RDUGRI'LUHFWRUVDWWKHLUUHVSHFWLYHPHHWLQJVKDGUHYLHZHGDQGLGHQWL¿HG
WKHIROORZLQJFRUHVNLOOVH[SHUWLVHFRPSHWHQFLHVDYDLODEOHZLWKWKH'LUHFWRUVDQGDUHLQOLQHZLWKWKHEXVLQHVVUHTXLUHPHQWVRI
the Company:
Sr. Name of Director Core Skills / Expertise / Competencies

No.
0U3..KHUXND *HQHUDO 0DQDJHPHQW 6WUDWHJ\ %XVLQHVV ,QGXVWU\ ([SHUWLVH 0DUNHW ([SHUWLVH
*RYHUQDQFH)LQDQFH 5LVN
2 Mr. Shreevar Kheruka *HQHUDO 0DQDJHPHQW 6WUDWHJ\ %XVLQHVV ,QGXVWU\ ([SHUWLVH 0DUNHW ([SHUWLVH
*RYHUQDQFH)LQDQFH 5LVN
Mr. Rajesh Kumar Chaudhary General Management and Finance
4 Mr. Naveen Kumar Kshatriya General Management and Marketing
5 Ms. Anupa Rajiv Sahney General management and Finance
0U.HZDO.XQGDQODO+DQGD General Management and Finance
7 Mr. Kanwar Bir Singh Anand General Management and Marketing
Board Meetings:
Five Board Meetings were held during the ¿QDQFLDO year DQGWKHJDSbetween two meetings did not H[FHHG
days. The said meetings were held on 0D\July August November and February 7,
2022.
The minimum information as VSHFL¿HG in 3DUW A of Schedule II of the Listing Regulations was placed before the Board for its
consideration.
The Board periodically reviews the compliance reports of laws applicable to the Company.
Detail of equity shares of the Company held by the Directors as on March 31, 2022 is given below:
Name of Director Category No. of equity

shares
0U3..KHUXND &KDLUPDQ1RQ([HFXWLYH'LUHFWRU
Mr. Shreevar Kheruka 9LFH&KDLUPDQ0DQDJLQJ'LUHFWRU &(2
Mr. Rajesh Kumar Chaudhary :KROH7LPH'LUHFWRU
Mr. Naveen Kumar Kshatriya 1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRU -
Ms. Anupa Rajiv Sahney 1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRU -
0U.HZDO.XQGDQODO+DQGD 1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRU -
Mr. Kanwar Bir Singh Anand 1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRU -
*,QFOXGHV+8)KROGLQJ
The Company has not issued any convertible instruments.
Familiarization programme for Independent Directors:
The details of familiarization programme imparted to Independent Directors during the ¿QDQFLDO year is available on
Company’s website at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVIDPLOLDUL]DWLRQBSURJUDPPHBIRUBLQGHSHQGHQWBGLUHFWRUVB
I\BSGI

(YHU\,QGHSHQGHQW'LUHFWRUDWWKH¿UVWPHHWLQJRIWKH%RDUGLQZKLFKKHVKHSDUWLFLSDWHVDVD'LUHFWRUDQGWKHUHDIWHUDW
WKH¿UVWPHHWLQJRIWKH%RDUGLQHYHU\¿QDQFLDO\HDUJLYHVDGHFODUDWLRQWKDWKHVKHPHHWVWKHFULWHULDRILQGHSHQGHQFHDV
SURYLGHGXQGHUWKHODZDQGWKDWKHVKHLVQRWDZDUHRIDQ\FLUFXPVWDQFHRUVLWXDWLRQZKLFKH[LVWVRUPD\EHUHDVRQDEO\
DQWLFLSDWHGWKDWFRXOGLPSDLURULPSDFWKLVKHUDELOLW\WRGLVFKDUJHKLVKHUGXWLHVZLWKDQREMHFWLYHLQGHSHQGHQWMXGJHPHQW
DQGZLWKRXWDQ\H[WHUQDOLQÀXHQFH
,Q WKH RSLQLRQ RI WKH %RDUG WKH ,QGHSHQGHQW 'LUHFWRUV IXO¿O WKH FRQGLWLRQV VSHFL¿HG LQ WKH /LVWLQJ 5HJXODWLRQV DQG DUH
independent of the management.
3. Audit Committee
The terms of reference of the Committee inter alia include the following:
i. Oversight of the Company’s ¿QDQFLDO reporting process and the disclosure of its ¿QDQFLDO information to ensure that the
¿QDQFLDO VWDWHPHQWLVFRUUHFWVXႈFLHQWDQGFUHGLEOH
ii. To recommend to the Board, the appointment, remuneration and terms of appointment of auditors of the Company;
iii. To approve payment to statutory auditors for any other services rendered by the statutory auditors;
LY 7RUHYLHZZLWKWKHPDQDJHPHQWWKHDQQXDO¿QDQFLDOVWDWHPHQWVDQGDXGLWRU¶VUHSRUWWKHUHRQEHIRUHVXEPLVVLRQWRWKH
Board for approval, with particular reference to:
a. Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s report in
terms of clause (c) of sub-section of Section of the Companies Act,
b. Changes, if any, in accounting policies and practices and reasons for the same;
c. Major accounting entries involving estimates based on the H[HUFLVH of judgment by management;
G 6LJQL¿FDQW adjustments made in the ¿QDQFLDO statements arising out of audit ¿QGLQJV
e. Compliance with listing and other legal requirements relating to ¿QDQFLDO statements;
f. Disclosure of any related party transactions; and
J 0RGL¿HG Opinion(s) in the draft audit report, if any.
v. To review with the management, the quarterly ¿QDQFLDO statements before submission to the Board for approval;
YL 7RUHYLHZZLWKWKHPDQDJHPHQWWKHVWDWHPHQWRIXVHVDSSOLFDWLRQRIIXQGVUDLVHGWKURXJKDQLVVXH SXEOLFLVVXHULJKWV
LVVXHSUHIHUHQWLDOLVVXHHWF WKHVWDWHPHQWRIIXQGVXWLOL]HGIRUSXUSRVHVRWKHUWKDQWKRVHVWDWHGLQWKHRႇHUGRFXPHQW
SURVSHFWXVQRWLFHDQGWKHUHSRUWVXEPLWWHGE\WKHPRQLWRULQJDJHQF\PRQLWRULQJWKHXWLOL]DWLRQRISURFHHGVRIDSXEOLFRU
rights issue and making appropriate recommendations to the Board to take up steps in this matter;
vii. To review and monitor the auditor’s independence and performance and HႇHFWLYHQHVV of audit process;
viii. To approve or any subsequent PRGL¿FDWLRQ of transactions of the Company with related parties;
L[ 6FUXWLQ\ of inter-corporate loans and investments;
[ 9DOXDWLRQ of undertakings or assets of the Company, wherever it is necessary;
[L (YDOXDWLRQ of internal ¿QDQFLDOFRQWUROVDQG risk management systems;
[LL 7R review, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
[LLL 7RUHYLHZWKHDGHTXDF\RILQWHUQDODXGLWIXQFWLRQLIDQ\LQFOXGLQJWKHVWUXFWXUHRIWKHLQWHUQDODXGLWGHSDUWPHQWVWDႈQJ
DQGVHQLRULW\RIWKHRႈFLDOKHDGLQJWKHGHSDUWPHQWUHSRUWLQJVWUXFWXUHFRYHUDJHDQGIUHTXHQF\RILQWHUQDODXGLW
[LY 7R discuss with internal auditors any VLJQL¿FDQW ¿QGLQJV and follow up there on;
[Y 7RUHYLHZWKH¿QGLQJVRIDQ\LQWHUQDOLQYHVWLJDWLRQVE\WKHLQWHUQDODXGLWRUVLQWRPDWWHUVZKHUHWKHUHLVVXVSHFWHGIUDXG
or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;
[YL 7RGLVFXVVZLWKVWDWXWRU\DXGLWRUVEHIRUHWKHDXGLWFRPPHQFHVDERXWWKHQDWXUHDQGVFRSHRIDXGLWDVZHOODVSRVWDXGLW
discussion to ascertain any area of concern;
[YLL 7RORRNLQWRWKHUHDVRQVIRUVXEVWDQWLDOGHIDXOWVLQWKHSD\PHQWWRWKHGHSRVLWRUVGHEHQWXUHKROGHUVVKDUHKROGHUV LQ
case of non-payment of declared dividends) and creditors;
[YLLL To review the functioning of the :KLVWOH Blower Mechanism;
[L[ 7RJUDQWRPQLEXVDSSURYDOIRUUHODWHGSDUW\WUDQVDFWLRQVSURSRVHGWREHHQWHUHGLQWRE\WKHFRPSDQ\VXEMHFWWRFRQGLWLRQV
as prescribed in the Act;

[[ $SSURYDO of appointment of Chief Financial 2ႈFHU after assessing the TXDOL¿FDWLRQV H[SHULHQFH and background etc. of
the candidate;
[[L &DUU\LQJ out any other function as is mentioned in the terms of reference of the audit committee;
[[LL 7RFDOOIRUFRPPHQWVRIWKHDXGLWRUVDERXWLQWHUQDOFRQWUROV\VWHPVWKHVFRSHDWDXGLWLQFOXGLQJREVHUYDWLRQVRIWKH
DXGLWRUVDQGUHYLHZRI¿QDQFLDO statements before their submission to the Board and to discuss any related issue with the
internal and statutory auditors and the management of the Company;
[[LLL 7RLQYHVWLJDWHLQWRDQ\PDWWHULQUHODWLRQWRWKHLWHPVVSHFL¿HGLQVHFWLRQ RIWKH$FWRUUHIHUUHGWRLWE\WKH%RDUG
DQG IRU WKLV SXUSRVH VKDOO KDYH SRZHU WR REWDLQ SURIHVVLRQDO DGYLFH IURP H[WHUQDO VRXUFHV DQG KDYH IXOO DFFHVV WR
information contained in the records of the company;
[[LY Reviewing the utilization of loans DQGRU advances from investment by the holding company in subsidiary H[FHHGLQJ
Rupees FURUHVRURIDVVHWVL]HRIVXEVLGLDU\ZKLFKHYHULVORZHULQFOXGLQJH[LVWLQJORDQVDGYDQFHVLQYHVWPHQWV
and
[[Y &RQVLGHUDQGFRPPHQWRQUDWLRQDOHFRVWEHQH¿WVDQGLPSDFWRIVFKHPHVLQYROYLQJPHUJHUGHPHUJHUDPDOJDPDWLRQ
etc., on the Company and its shareholders.
Review of information by Audit Committee:
The Audit Committee mandatorily reviews the following information:
i. Management discussion and analysis of ¿QDQFLDO condition and results of operations;
ii. Statement of VLJQL¿FDQW related party transactions (as GH¿QHG by the audit committee), submitted by management;
iii. 0DQDJHPHQWOHWWHUVOHWWHUVRI internal control weaknesses issued by the statutory auditors;
iv. Internal audit reports relating to internal control weaknesses;
v. The appointment, removal and terms of remuneration of the Chief internal auditor shall be subject to review by the Audit
Committee; and
vi. Statement of deviations:
(a) quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock
H[FKDQJH V LQWHUPVRI5HJXODWLRQ
(b) annual statement of funds utilized for purposes other than those stated in the RႇHU GRFXPHQWSURVSHFWXV
notice in terms RI5HJXODWLRQ
,WPD\EHFODUL¿HGWKDWWKHSRZHUUROHDQGUHYLHZRIWKH$XGLW&RPPLWWHHLQFOXGHVPDWWHUVVSHFL¿HGXQGHU3DUW&
of Schedule II of Listing Regulations as amended from time to time, as applicable to the Company.
Composition, membership, meetings and attendance during the year:
The Audit Committee of Board of Directors acts as a link between the Management, the Statutory and Internal Auditors and the
%RDUGRI'LUHFWRUVDQGIXUWKHURYHUVHHVWKH¿QDQFLDOUHSRUWLQJSURFHVV
Four meetings of the Audit Committee were held during the ¿QDQFLDO year and the gap between two meetings did
not H[FHHG days. The said meetings were held on0D\ August November and February 7,
2022.
The Audit Committee of the Company comprises of four members. The composition of the Committee along with attendance
of the members at the Audit Committee meetings is furnished hereunder:
Sr. Name of the Member No. of meetings No. of meetings

No. held attended
Ms. Anupa Rajiv Sahney (Chairperson of the Committee) 4 4
2 0U3..KHUXND 4 4
Mr. Naveen Kumar Kshatriya 4 4
4 0U.HZDO.XQGDQODO+DQGD 4 4
0HPEHUVRIWKH$XGLW&RPPLWWHHSRVVHVVUHTXLVLWHTXDOL¿FDWLRQV7KH&RPPLWWHHLQYLWHVVXFKRIWKHH[HFXWLYHVDVLWFRQVLGHUV
appropriate, representatives of the statutory auditors and internal auditors, to be present at its meetings.
7KH&KDLUSHUVRQRIWKH&RPPLWWHHZDVSUHVHQWDWWKHODVW$QQXDO*HQHUDO0HHWLQJRIWKH&RPSDQ\KHOGRQ$XJXVW

4. Nomination and Remuneration Committee
L )RUPXODWLRQ RI WKH FULWHULD IRU GHWHUPLQLQJ TXDOL¿FDWLRQV SRVLWLYH DWWULEXWHV DQG LQGHSHQGHQFH RI D GLUHFWRU DQG
recommend to the Board of Directors a policy relating to, the remuneration of the directors, key managerial personnel
and other employees;
ii. Formulation of criteria for evaluation of performance of independent directors and the Board of Directors;
iii. Devising a policy on diversity of Board of Directors;
iv. Identifying persons who are TXDOL¿HG to become Directors and who may be appointed in senior management position
in accordance with the criteria laid down and recommend to the Board of Directors their appointment and removal;
Y :KHWKHU WR H[WHQG RU FRQWLQXH WKH WHUP RI DSSRLQWPHQW RI WKH ,QGHSHQGHQW 'LUHFWRU RQ WKH EDVLV RI WKH UHSRUW RI
performance evaluation of independent directors; and
vi. Recommend to the Board, all remuneration, in whatever form, payable to senior management.
Three meetings of the Nomination and Remuneration Committee were held during the ¿QDQFLDO year . The said
meetings were held on0D\ August DQG November
The Nomination and Remuneration Committee of the Company comprises of four members. The composition of the Committee
along with attendance of the members at the Nomination and Remuneration Committee meetings is furnished hereunder:
Sr. Name of the Member No. of. Meetings No. of Meetings

No. held attended
Ms. Anupa Rajiv Sahney (Chairperson of the Committee)
2. 0U3..KHUXND
0U.HZDO.XQGDQODO+DQGD
4. Mr. Kanwar Bir Singh Anand
Performance Evaluation Criteria for Independent Directors
The performance evaluation criteria for independent directors is determined by the Nomination and Remuneration Committee.
An indicative list of factors on which evaluation was carried out includes attendance, participation and contribution by a director,
FRPPLWPHQW DFTXDLQWDQFH ZLWK EXVLQHVV HႇHFWLYH GHSOR\PHQW RI NQRZOHGJH DQG H[SHUWLVH LQWHJULW\ DQG PDLQWHQDQFH RI
FRQ¿GHQWLDOLW\DQGLQGHSHQGHQFHRIMXGJHPHQW
5. Remuneration of Directors:
Remuneration Policy 7KH &RPSDQ\¶V 5HPXQHUDWLRQ 3ROLF\ IRU 'LUHFWRUV LQFOXGLQJ FULWHULD IRU PDNLQJ SD\PHQWV WR 1RQ
([HFXWLYH 'LUHFWRUV LV DYDLODEOH RQ WKH ZHEVLWH RI WKH &RPSDQ\ DW KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVSROLF\B
UHODWLQJBWRBUHPXQHUDWLRQBIRUBWKHBGLUHFWRUVBNH\BPDQDJHULDOBSHUVRQQHOBDQGBRWKHUBHPSOR\HHVSGI.
'HWDLOVRIWKH5HPXQHUDWLRQIRUWKH¿QDQFLDO\HDUHQGHG0DUFK:
I) Non-Executive Directors:
(` in Lakhs)
Name of Director Sitting fee for Board / Commission Total

Committee Meetings
0U3..KHUXND 5.70
Mr. Naveen Kumar Kshatriya 4.90
Ms. Anupa Rajiv Sahney 5.50
0U.HZDO.XQGDQODO+DQGD 5.70
Mr. Kanwar Bir Singh Anand
(I) Total 25.30 60.00 85.30

II) Executive Directors:
(` in Lakhs)
Name of Director Remuneration

A) Mr. Shreevar Kheruka - Vice Chairman, Managing Director & CEO
Salary
3HUTXLVLWHV
Contribution to provident fund
3HUIRUPDQFHOLQNHG,QFHQWLYH 500.00
Total 641.68
B) Mr. Rajesh Kumar Chaudhary - Whole-time Director
Salary (including Allowances)
3HUTXLVLWHV
Contribution to provident fund
3HUIRUPDQFHOLQNHG,QFHQWLYH
Total 119.53
,, 7RWDO $% 761.21
*5$1'727$/ , ,, 846.51
(a) The 1RQ([HFXWLYH Directors were paid sitting fees of ` for attending each Board and Audit Committee Meetings
and ` IRU attending each meeting of Nomination and Remuneration Committee, Corporate Social Responsibility
Committee, Stakeholders’ Relationship Committee and Risk Management Committee.
(b) Commission of ÒDNKVHDFKLVSD\DEOHWR0U1DYHHQ.XPDU.VKDWUL\D0V$QXSD5DMLY6DKQH\0U.HZDO.XQGDQODO
+DQGD Mr. Kanwar Bir Singh Anand and Mr. 3 K. Kheruka for the ¿QDQFLDO year .
(c) 'XULQJWKH\HDUWKHUHZHUHQRSHFXQLDU\UHODWLRQVKLSRUWUDQVDFWLRQVEHWZHHQWKH&RPSDQ\ DQ\RILWV1RQ([HFXWLYH
Director apart from payment of sitting fees and commission.
(d) 3HUIRUPDQFH OLQNHG ,QFHQWLYH RI ` 500 lakhs is payable to Mr. Shreevar Kheruka, Vice Chairman, Managing Director
DQG&(2DQGÒDNKVDVLQFHQWLYHLVSD\DEOHWR0U5DMHVK.XPDU&KDXGKDU\:KROHWLPH'LUHFWRUEDVHGRQ
SHUIRUPDQFHFULWHULDODLGGRZQDQGDVDSSURYHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH%RDUGIURPWLPHWR
time.
(e) 1RVWRFNRSWLRQVZHUHJUDQWHGWRDQ\RIWKH'LUHFWRUVRIWKH&RPSDQ\GXULQJWKH¿QDQFLDO\HDU
(f) 7KHSUHVHQWWHQXUHRIRႈFHRIWKH0DQDJLQJ'LUHFWRU &(2DQG:KROHWLPH'LUHFWRULVIRU\HDUVIURPUHVSHFWLYHGDWH
of their appointment and can be terminated by either party by giving three months’ notice in writing. There is no separate
provision for payment of severance fees.
(g) Performance Evaluation Criteria for Directors
The performance evaluation criteria for Directors inter alia include their attendance, acquaintance with business,
communication inter se EHWZHHQERDUGPHPEHUVHႇHFWLYHSDUWLFLSDWLRQGRPDLQNQRZOHGJHFRPSOLDQFHZLWKFRGHRI
conduct, focus on core values, vision and mission. The Board annually evaluates performance of the Directors based on
the aforesaid parameters.
6. Stakeholders’ Relationship Committee
i. To resolve the grievances of security holders of the Company including complaints related to WUDQVIHUWUDQVPLVVLRQ of
shares, QRQUHFHLSW RI DQQXDO UHSRUW QRQUHFHLSW RI GHFODUHG GLYLGHQGV UHYLHZ RI QHZGXSOLFDWH FHUWL¿FDWHV JHQHUDO
meetings, etc.;
ii. To review the measures taken for HႇHFWLYH H[HUFLVH of voting rights by shareholders;
iii. To review the adherence to the service standards adopted by the Company in respect of various services being
rendered by WKH5HJLVWUDU 6KDUH7UDQVIHU$JHQW
iv. To review various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and
HQVXULQJWLPHO\UHFHLSWRIGLYLGHQGZDUUDQWVDQQXDOUHSRUWVVWDWXWRU\QRWLFHVE\WKHVKDUHKROGHUVRIWKH&RPSDQ\DQG
v. To look into various aspects of interest of shareholders and other security holders.

$VRQ0DUFK6WDNHKROGHUV¶ Relationship Committee comprises of following four members:
Sr. Name of the Member

No.
Mr. Naveen Kumar Kshatriya (Chairman of the Committee)
2. 0U3..KHUXND
Mr. Shreevar Kheruka
4. Ms. Anupa Rajiv Sahney
0U1DYHHQ.XPDU.VKDWUL\DZDVHOHFWHGDV&KDLUPDQRI6WDNHKROGHUV¶5HODWLRQVKLS&RPPLWWHHRQ0D\
Compliance 2ႈFHU
0V$QVKX$JDUZDOZDVDSSRLQWHGDV&RPSDQ\6HFUHWDU\ &RPSOLDQFH2ႈFHURIWKH&RPSDQ\ZLWKHႇHFWIURP1RYHPEHU
LQSODFHRI0U0DQRM'HUH WKHHUVWZKLOH&RPSDQ\ Secretary Compliance 2ႈFHU
The Company Secretary acts as the Secretary to all the Committees of the Board.
Details of investor complaints received and redressed during FY 2021-22 are as follows:
2SHQLQJEDODQFH 00
Complaints received during the year 22
Complaints resolved during the year 22
&ORVLQJEDODQFH 00
Meetings and attendance during the year:
One meeting of the Stakeholders’ Relationship Committee was held during the ¿QDQFLDO year RQ0D\$OOWKH
Committee members were present at the meeting.
7. Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee comprises of ¿YH members as on March 2022, the composition of which
is furnished hereunder:
Sr. Name of the Member

No.
0U3..KHUXND &KDLUPDQRIWKH&RPPLWWHH
2. Mr. Shreevar Kheruka
Ms. Anupa Rajiv Sahney
4. Mr. Naveen Kumar Kshatriya
5. 0U.HZDO.XQGDQODO+DQGD
L IRUPXODWHDQGUHFRPPHQGWRWKH%RDUGD&RUSRUDWH6RFLDO5HVSRQVLELOLW\3ROLF\ZKLFKVKDOOLQGLFDWHWKHDFWLYLWLHVWREH
XQGHUWDNHQE\WKHFRPSDQ\DVVSHFL¿HGLQ6FKHGXOH9,,RIWKH&RPSDQLHV$FW
ii. recommend the amount of H[SHQGLWXUH to be incurred on the activities referred to in Clause i above;
iii. monitor the Corporate Social 5HVSRQVLELOLW\3ROLF\ of the company from time to time; and
iv. To formulate and recommend to the Board, an annual action plan in pursuance of the Company’s CSR policy.
Meetings and attendance during the year:
One meeting of the Corporate Social Responsibility Committee was held during the ¿QDQFLDO year RQ0D\
All the Committee members were present at the meeting.
8. Risk Management Committee
,Q DFFRUGDQFH ZLWK SURYLVLRQV RI 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD /LVWLQJ 2EOLJDWLRQV DQG 'LVFORVXUH 5HTXLUHPHQWV
6HFRQG$PHQGPHQW 5HJXODWLRQVGDWHG0D\DQGDPHQGHG5HJXODWLRQRI/LVWLQJ5HJXODWLRQVWRSOLVWHG
HQWLWLHVEDVHGRQPDUNHWFDSLWDOL]DWLRQDVDWWKHHQGRIWKHLPPHGLDWHSUHYLRXV¿QDQFLDO\HDUZHUHUHTXLUHGWRFRQVWLWXWHWKH5LVN
Management Committee.

$FFRUGLQJO\5LVN0DQDJHPHQW&RPPLWWHHZDVFRQVWLWXWHGRQ0D\7KHterms of reference of the Committee inter alia
include the following:
i. To formulate a detailed risk management policy which shall include:
a. $IUDPHZRUNIRULGHQWL¿FDWLRQRILQWHUQDODQGH[WHUQDOULVNVVSHFL¿FDOO\IDFHGE\WKHOLVWHGHQWLW\LQSDUWLFXODULQFOXGLQJ
¿QDQFLDORSHUDWLRQDOVHFWRUDOVXVWDLQDELOLW\ SDUWLFXODUO\(6*UHODWHGULVNV LQIRUPDWLRQF\EHUVHFXULW\ULVNVRUDQ\
other risk as may be determined by the Committee;
b. 0HDVXUHVIRUULVNPLWLJDWLRQLQFOXGLQJV\VWHPVDQGSURFHVVHVIRULQWHUQDOFRQWURORILGHQWL¿HGULVNVDQG
c. Business continuity plan.
ii. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with
the business of the Company;
iii. To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management
systems;
iv. To periodically review the risk management policy, at least once in two years, including by considering the changing industry
G\QDPLFVDQGHYROYLQJFRPSOH[LW\
v. To keep the board of directors informed about the nature and content of its discussions, recommendations and actions to
be taken;
vi. 7KHDSSRLQWPHQWUHPRYDODQGWHUPVRIUHPXQHUDWLRQRIWKH&KLHI5LVN2ႈFHU LIDQ\ VKDOOEHVXEMHFWWRUHYLHZE\WKH5LVN
Management Committee; and
vii. To co-ordinate its activities with other Committees, in instances where there is any overlap with activities of such Committees,
as per the framework laid down by the Board of Directors.
Two meeting of the Risk Management Committee were held during the ¿QDQFLDO year DQG WKH JDS between two
meetings did not H[FHHG days. The said meetings were held on August DQG January 24, 2022.
The Risk Management Committee of the Company comprises of VL[ members. The composition of the Committee along with
attendance of the members at the Risk Management Committee meetings is furnished hereunder:
Sr. Name of the Member No. of. Meetings No. of Meetings

No. held attended
0U.HZDO.XQGDQODO+DQGD &KDLUPDQRIWKH&RPPLWWHH 2 2
2 0U3..KHUXND 2
Mr. Shreevar Kheruka 2 2
4 Mr. Rajesh Kumar Chaudhary 2 2
5 Mr. Kanwar Bir Singh Anand 2 2
Mr. Jeevan Kumar Dogra 2 2
9. Meetings of the Independent Directors

7KH&RPSDQ\¶V,QGHSHQGHQW'LUHFWRUVPHWWZLFHGXULQJWKH¿QDQFLDO\HDU7KHVDLGPHHWLQJVZHUHKHOGRQ)HEUXDU\
7, 0DUFK$OOIndependent Directors were present at the meetings.
At the PHHWLQJKHOGRQ0DUFKWKH,QGHSHQGHQW'LUHFWRUVUHYLHZHGWKH performance of the Non-Independent Directors,
the Board as a whole and Chairman of the Company and assessed the quality, quantity and timeliness of ÀRZ of information
between the Management and the Board and its Committees which is necessary to HႇHFWLYHO\ and reasonably perform their
duties.

10. General Body Meetings
a) Annual General Meetings (AGM):
Financial Date Time Location Special Resolution(s) Passed

Year
$XJXVW +HOGWKURXJK9LGHR L $PHQGPHQW WR WKH µ%RURVLO /LPLWHG
p.m. Conference. Deemed venue (PSOR\HH6WRFN2SWLRQ6FKHPH¶
ZDV&UHVFHQ]R and
G-Block, Opp. MCA Club, ii. Alteration in the Articles of Association
%DQGUD.XUOD&RPSOH[ E\VXEVWLWXWLQJWKH$UWLFOHRI$UWLFOHV
%DQGUD(DVW of Association.
0XPEDL
September 29, 02:00 +HOGWKURXJK9LGHR i. Appoint Mr. Shreevar Kheruka (DIN
2020 p.m. Conference. Deemed venue DV 0DQDJLQJ 'LUHFWRU
ZDV&UHVFHQ]R DQG &KLHI ([HFXWLYH 2ႈFHU DQG .H\
G-Block, Opp. MCA Club, 0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\
%DQGUD.XUOD&RPSOH[ and payment of remuneration to him;
%DQGUD(DVW ii. Appoint Mr. Rajesh Kumar Chaudhary
0XPEDL ',1 DV:KROH7LPH'LUHFWRU
DQG .H\ 0DQDJHULDO 3HUVRQQHO RI WKH
Company and payment of remuneration
to him;
iii. Appoint Mr. Naveen Kumar Kshatriya
',1 DV DQ ,QGHSHQGHQW
Director;
iv. Authorize the Board of Directors to
create charge over the assets of the
FRPSDQ\ LQ IDYRXU RI %DQNV DQGRU
Financial Institutions for loans to be
borrowed by the company pursuant to
VHFWLRQ D RIWKHFRPSDQLHVDFW
XSWR` 250 Crores;
v. Approve the payment of remuneration
WR1RQ([HFXWLYH'LUHFWRUV
YL $SSURYHWKH%RURVLO/LPLWHG(PSOR\HH
Stock Option Scheme 2020; and
YLL $SSURYH JUDQW RI (PSOR\HH 6WRFN
2SWLRQVWRWKH(PSOR\HHVRI6XEVLGLDU\
Companies of the Company under
%RURVLO/LPLWHG(PSOR\HH6WRFN2SWLRQ
Scheme 2020.
'HFHPEHU &UHVFHQ]R*%ORFN No special resolution was passed.
a.m. Opp. MCA Club, Bandra
.XUOD&RPSOH[%DQGUD(DVW
0XPEDL
7KH&RPSDQ\KDGREWDLQHGH[WHQVLRQRIWLPHIURP5HJLVWUDURI&RPSDQLHV0XPEDLIRUKROGLQJ$*0RIWKH&RPSDQ\
for the ¿QDQFLDO\HDUHQGHG0DUFK
Tribunal Convened Meetings
$V SHU WKH GLUHFWLRQV RI 0XPEDL %HQFK RI WKH +RQ¶EOH 1DWLRQDO &RPSDQ\ /DZ 7ULEXQDO 1&/7 WKH &RPSDQ\ KDG
FRQYHQHGPHHWLQJVRILWV(TXLW\6KDUHKROGHUV6HFXUHG&UHGLWRUVDQG8QVHFXUHG&UHGLWRUVWRFRQVLGHUDQGDSSURYHWKH
&RPSRVLWH6FKHPHRI$PDOJDPDWLRQDQG$UUDQJHPHQWEHWZHHQ9\OLQH*ODVV:RUNV/LPLWHG µWKH7UDQVIHURU&RPSDQ\
¶ DQG)HQQHO,QYHVWPHQWDQG)LQDQFH3ULYDWH/LPLWHG µWKH7UDQVIHURU&RPSDQ\¶ DQG*XMDUDW%RURVLO/LPLWHG µWKH
7UDQVIHURU&RPSDQ\¶ DQG%RURVLO*ODVV:RUNV/LPLWHG µWKH7UDQVIHUHH&RPSDQ\RUWKH'HPHUJHG&RPSDQ\¶ DQG
%RURVLO/LPLWHG µWKH5HVXOWLQJ&RPSDQ\¶ DQGWKHLUUHVSHFWLYH6KDUHKROGHUV
3XUVXDQW WR WKH VDLG 2UGHU WKH PHHWLQJ RI 8QVHFXUHG &UHGLWRUV ZDV KHOG RQ 0D\ DQG WKDW RI WKH (TXLW\
6KDUHKROGHUVDQG6HFXUHG&UHGLWRUVZDVKHOGRQ0D\

b) Resolutions passed through postal ballots
1R SRVWDO EDOORW ZDV FRQGXFWHG GXULQJ WKH ¿QDQFLDO \HDU 7KHUH LV QR LPPHGLDWH SURSRVDO IRU SDVVLQJ DQ\
resolution through postal ballot.
11. Means of Communication
7KH&RPSDQ\¶VTXDUWHUO\KDOI\HDUO\DQQXDO¿QDQFLDOUHVXOWVDUHVHQWWRWKH6WRFN([FKDQJHVDQGSXEOLVKHGLQµ%XVLQHVV
6WDQGDUG¶LQ(QJOLVKDQGµ/RN6DWWD¶LQ0DUDWKL UHJLRQDOODQJXDJH 7KH\DUHDOVRDYDLODEOHRQWKHZHEVLWHRIWKH&RPSDQ\
3UHVHQWDWLRQVPDGHWRWKH$QDO\VWDQG,QVWLWXWLRQDO,QYHVWRUVRQWKH&RPSDQ\¶VTXDUWHUO\KDOI\HDUO\DVZHOODVDQQXDO¿QDQFLDO
UHVXOWV WUDQVFULSWRIWKHVHPHHWLQJVDUHVHQWWRWKH6WRFN([FKDQJHVDQGDUHDOVRDYDLODEOHRQWKHZHEVLWHRIWKH&RPSDQ\
2ႈFLDOQHZVUHOHDVHVDUHVHQWWRWKH6WRFN([FKDQJHVDQGDUHDOVRDYDLODEOHRQWKHZHEVLWHRIWKH&RPSDQ\
The Annual Report is being circulated to members and others entitled thereto and will be available on the website of the
&RPSDQ\DQGDOVR¿OHGZLWKWKH6WRFN([FKDQJHV
12. General Shareholder Information:
Annual General Meeting
Day and Date : :HGQHVGD\-XO\

Time : SP ,67
Venue : Meeting is being conducted through Video Conference. Deemed venue of the
meeting will be &UHVFHQ]R*%ORFN2SS0&$&OXE%DQGUD.XUOD&RPSOH[
%DQGUD(DVW0XPEDL
Financial year : April to March
Financial Calendar (tentative) results : -XQH±)LUVWZHHNRI$XJXVW
for the quarter ending 6HSWHPEHU±)LUVWZHHNRI1RYHPEHU
'HFHPEHU±)LUVWZHHNRI)HEUXDU\
0DUFK±6HFRQGZHHNRI0D\
'LYLGHQG3D\PHQW'DWH : Not applicable
/LVWLQJRQ6WRFN([FKDQJHV : BSE Limited
VW)ORRU1HZ7UDGLQJ5LQJ5RWXQGD%XLOGLQJ
3-7RZHUV'DODO6WUHHW0XPEDL
6FULS&RGH
: National Stock Exchange of India Limited
([FKDQJH3OD]D&*%ORFN%DQGUD.XUOD&RPSOH[%DQGUD (DVW
0XPEDL±
Symbol - BOROLTD
ISIN : ,1(3<
Corporate Identity Number : /0+3/&
3D\PHQWRI/LVWLQJ)HHV : The Company has made payment of Annual Listing Fees to the Stock
([FKDQJHVIRUWKH¿QDQFLDO\HDU
3D\PHQWRI'HSRVLWRU\)HHV : $QQXDO&XVWRG\,VVXHUIHHVLVEHLQJSDLGE\WKH&RPSDQ\EDVHGRQLQYRLFHV
received from the Depositories.

Market price data:
7KHPRQWKO\KLJKDQGORZSULFHDQGWKHYROXPHRIVKDUHVWUDGHGRQ%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG
DVRQ0DUFKDUHDVXQGHU
Month BSE Limited (BSE) National Stock Exchange of India Limited (NSE)
High Price Low Price (`) Volume High Price Low Price (`) Volume
(`) (`)
$SULO
0D\
-XQH
-XO\
$XJXVW
6HSWHPEHU
2FWREHU
1RYHPEHU
'HFHPEHU
January, 2022 429.50 429.70
February, 2022
March, 2022
>6RXUFH7KLVLQIRUPDWLRQLVFRPSLOHGIURPWKHGDWDDYDLODEOHRQWKHZHEVLWHVRI%6( 16(@
Performance in comparison to broad-based indices:
BSE SENSEX VS BOROSIL SHARE PRICE
BSE SENSEX VS BOROSIL SHARE PRICE

60000 450
58000 400
56000 350
BOROSIL
BSE
54000 300
52000 250
50000 200
48000 150
Sensex Close Borosil Close

NSE NIFTY VS BOROSIL SHARE PRICE
NSE NIFTY VS BOROSIL SHARE PRICE

18000 450
17500 400
17000 350
300
16500
BOROSIL
250
NSE
16000
200
15500
150
15000 100
14500 50
14000 0
NIFTY Close Borosil Close
Registrars and Transfer Agents:

Universal Capital Securities Private Limited
Unit: Borosil Limited
&3DUN/%65RDG
9LNKUROL:HVW0XPEDL±
7HO
)D[
(PDLOinfo@unisec.in
:HEVLWH±KWWSVZZZXQLVHFLQ'HIDXOWKWPO
Share Transfer System:
$VPDQGDWHGE\6(%,VHFXULWLHVRIWKH&RPSDQ\FDQEHWUDQVIHUUHGRQO\LQGHPDWHULDOLVHGIRUP6KDUHKROGHUVKROGLQJVKDUHV
in physical form are advised to avail the facility of dematerialisation.
Shareholding as on March 31, 2022:
i. Distribution of shareholding as at March 31, 2022
No. of equity shares held Shareholders Shares

Number Percent (%) Number Percent (%)
Upto 500 92.42 4.54
WR
WR
WR 0.77
WR
WR
WR
DERYH 0.45
Total 74,162 100.00 11,41,62,667 100.00

ii. Categories of shareholding as on March 31, 2022:
Particulars No. of folios* No. of shares Percentage

Individuals
+8)
Mutual Funds
,QGLDQ3URPRWHUV 70.44
)RUHLJQ3URPRWHU - - -
'LUHFWRUV 5HODWLYHV
Banks, Financial Institutions, Insurance Companies, 4
&HQWUDO6WDWH*RYW,QVWLWXWLRQV1RQ*RYW
Institutions
Bodies Corporate
Non Resident Individuals
Alternate Investment Funds 2
)RUHLJQ3RUWIROLR,QYHVWRUV
Clearing Members 52
NBFC 50 0.00
//33DUWQHUVKLS)LUP
Trust 2 0.00
Foreign Nationals 29,250
,(3) 2.44
Unclaimed Share Suspense Account
Total 72,907 11,41,62,667 100.00
7RWDOQXPEHURIVKDUHKROGHUVPHQWLRQHGDERYHDUHDIWHUFRQVROLGDWLRQRIVKDUHKROGLQJRQWKHEDVLVRI3$1QXPEHURI¿UVW
shareholder
Dematerialisation of shares and liquidity
Mode of holding No. of equity shares % of total issued share capital
NSDL
CDSL
3K\VLFDO
Total 11,41,62,667 100.00
7KH&RPSDQ\¶VVKDUHVDUHWUDGHGRQERWKWKH6WRFN([FKDQJHVLH%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI,QGLD
Limited.
Outstanding global depository receipts or American depository receipts or warrants or any convertible instruments,
conversion date and likely impact on equity: Not applicable
Commodity price risk or foreign exchange risk and hedging activities:
7KH&RPSDQ\LVH[SRVHGWRWKHULVNVDVVRFLDWHGZLWKYRODWLOLW\LQIRUHLJQH[FKDQJHUDWHVPDLQO\RQDFFRXQWRILPSRUW
RIUDZPDWHULDOVVWRUHV VSDUHVDQG&$3(;SD\PHQWV$UREXVWSODQQLQJDQGVWUDWHJ\HQVXUHVWKDWWKH&RPSDQ\¶V
LQWHUHVW LV SURWHFWHG GHVSLWH YRODWLOLW\ LQ IRUHLJQ H[FKDQJH UDWHVDQGFRPPRGLW\SULFHV7KH&RPSDQ\ GRHVQRWHQWHU
into any derivative instruments for trading or speculative purposes. The Company has not entered into any hedging
DFWLYLWLHV 7KH GHWDLOV RI XQKHGJHG IRUHLJQ FXUUHQF\ H[SRVXUH DV RQ 0DUFK DUH GLVFORVHG LQ WKH 1RWH 1R
WR WKH 6WDQGDORQH )LQDQFLDO 6WDWHPHQWV 7KH GLVFORVXUHV LQ WHUPV RI 6(%, &LUFXODU 1R 6(%,+2&)'&02
&,53GDWHG1RYHPEHULVQRWDSSOLFDEOH
Zonal Sales 2ႈFHV
i. Kanakia=LOOLRQ%:LQJ8QLW1R/%60DUJ.XUOD :HVW 0XPEDL
ii. Dabriwala+RXVHthÀRRU&0LGGOHWRQ5RZ.RONDWD:HVW%HQJDO±
LLL st Floor, New no.20, Old No. 9, Brahadammal Road, Behind Taj Coromendal, Nungambakkam, Chennai, Tamil
1DGX
LY &RQQDXJKW&LUFXV0DGUDV+RWHO%ORFN1HZ'HOKL±
Y 9LMD\D%XLOGLQJ%DUDNKDPED5RDG1HZ'HOKL

Factories / plant locations:
a) Village Balekhan, 36$QDWSXUD Near Govindgarh, 1+ Sikar Road, Chomu, Jaipur -
b) % MIDC, Tarapur, Boisar, District 3DOJKDU Maharashtra.
c) 3ORW1R$QNOHVKZDU Rajpipla Road, Village-Dumala Boridra, 3RVW ± Kharchi, Tal. Jhagadia, Dist. Bharuch
- Gujarat.
Address for Correspondence:
Borosil Limited Universal Capital Securities Private Limited

&UHVFHQ]R ÀRRU
th
Unit: Borosil Limited
G-Block, Opposite MCA Club, &3DUN/%65RDG
%DQGUD.XUOD&RPSOH[ 9LNKUROL:HVW0XPEDL±
%DQGUD (DVW 0XPEDL± 7HO
7HO1R )D[
)D[± (PDLOinfo@unisec.in
(PDLO±borosil@borosil.com :HEVLWH±KWWSVZZZXQLVHFLQ'HIDXOWKWPO
:HEVLWH±www.borosil.com
&RPSODLQWVJULHYDQFHV may also be addressed to µbl.secretarial@borosil.com’

Credit rating obtained by the Company for all its rated bank facilities
i. The Company has obtained rating from ICRA Limited for its fund based and non-fund based limits.
ii. The facility wise rating of various limits is given below:
Details of Bank Limits Rated by ICRA (Rated on Long-Term and Short-Term Scale)
FACILITY Bank (` in crore) Rating

Cash Credit ICICI Bank 25.00 >,&5$@$
1RQIXQGEDVHGOLPLWV± ICICI Bank 5.00 >,&5$@$ >,&5$@$
/HWWHURIFUHGLW%DQN*XDUDQWHH
)XQGEDVHGOLPLWV Kotak Mahindra Bank >,&5$@$ >,&5$@$
Non-fund based limits Kotak Mahindra Bank >,&5$@$ >,&5$@$
Total Limits on Long-term and 91.00
Short-Term Scale
*CC, WCDL, EPC/PCFC, Overdraft interchangeable limits up to a maximum of ` 60 crore
&= Rating placed on watch with developing implications.
iii. The Rating Committee of ICRA after due consideration based on Company’s disclosure about the Composite
6FKHPHRI$UUDQJHPHQWEHWZHHQWKH&RPSDQ\DQGLWVVXEVLGLDULHVKDVSODFHGWKHUDWLQJRI>,&5$@$>,&5$@$
on watch with developing implications.
13. Other Disclosures
Related Party Transactions:
1R PDWHULDO WUDQVDFWLRQ KDV EHHQ HQWHUHG LQWR E\ WKH &RPSDQ\ ZLWK UHODWHG SDUWLHV WKDW PD\ KDYH D SRWHQWLDO FRQÀLFW ZLWK
LQWHUHVWRIWKH&RPSDQ\3OHDVHUHIHU¿QDQFLDOVWDWHPHQWVVHFWLRQIRUGHWDLOVRIUHODWHGSDUW\WUDQVDFWLRQV
The Company has formulated a policy on dealing with related party transactions and has been uploaded on the website of the
Company at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVUHODWHGBSDUW\BWUDQVDFWLRQBSROLF\SGI.
Non-compliance/strictures/penalties imposed:
1RVWULFWXUHVSHQDOWLHVKDYHEHHQLPSRVHGRQWKH&RPSDQ\E\6WRFN([FKDQJH V RUWKH6(%,RUDQ\VWDWXWRU\DXWKRULW\RQ
any matters related to capital markets.
Whistle Blower Policy:
The Company believes in conducting its business and working with all its stakeholders, including employees, customers, suppliers,
shareholders and business associates in an ethical and lawful manner by adopting highest standards of professionalism, honesty,

integrity and ethical behavior. The Company encourages its employees and Business Associates, who know or suspect any
discrimination, harassment, victimization or any unfair practices, which is not in line with the Company’s Code of Conduct or law
of the land, to come forward and raise it through 9LJLO0HFKDQLVP:KLVWOH%ORZHU3ROLF\
(PSOR\HHV PD\ DOVR UHSRUW YLRODWLRQV WR WKH &KDLUSHUVRQ RI WKH $XGLW &RPPLWWHH DQG WKHUH ZDV QR LQVWDQFH RI GHQLDO RI
DFFHVVWRWKH$XGLW&RPPLWWHH7KH9LJLO0HFKDQLVPDQG:KLVWOHEORZHU3ROLF\LVDYDLODEOHRQWKHZHEVLWHRIWKH&RPSDQ\DW
KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVZKLVWOHBEORZHUBSROLF\BQRYBBSGI
Prevention of Sexual Harassment of Women at Workplace:
The Company is committed to provide a work environment which ensures that every employee is treated with dignity, respect
DQGDႇRUGHGHTXDOWUHDWPHQW
7KH&RPSDQ\KDVLQSODFHD3ROLF\IRU3UHYHQWLRQ3URKLELWLRQDQG5HGUHVVDORI6H[XDO+DUDVVPHQWDWZRUNSODFHZKLFKLV
LQOLQHZLWKWKHUHTXLUHPHQWVRIWKH6H[XDO+DUDVVPHQWRIZRPHQDWWKH:RUNSODFH 3UHYHQWLRQ3URKLELWLRQDQG5HGUHVVDO
$FWDQG5XOHVPDGHWKHUHXQGHU$OOHPSOR\HHV SHUPDQHQWFRQWUDFWXDOWHPSRUDU\DQGWUDLQHHV DUHFRYHUHGXQGHU
WKLV3ROLF\7KH&RPSDQ\KDVFRQVWLWXWHGDQ,QWHUQDO&RPSODLQW&RPPLWWHHIRULWV+HDG2ႈFHDQGEUDQFKVDOHVRႈFHVXQGHU
6HFWLRQ RI WKH FDSWLRQHG$FW 1R FRPSODLQW KDV EHHQ UHFHLYHG E\ WKHVH FRPPLWWHHV WLOO GDWH7KH &RPSDQ\ KDV ¿OHG DQ
Annual Report with the concerned Authority in the matter.
Policy for determining material subsidiary:
7KH&RPSDQ\KDVIRUPXODWHGDSROLF\IRUGHWHUPLQLQJµPDWHULDO¶VXEVLGLDULHVDQGWKHVDPHKDVEHHQXSORDGHGRQWKHZHEVLWH
of the Company at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVSROLF\BIRUBGHWHUPLQLQJBPDWHULDOBVXEVLGLDULHVBBB
pdf
Secretarial audit report of material subsidiary:
6HFUHWDULDO$XGLW 5HSRUW RI .ODVV 3DFN /LPLWHG DQ XQOLVWHG PDWHULDO VXEVLGLDU\ LVVXHG E\ 0V$PLW *XSWD $VVRFLDWHV
3UDFWLFLQJ &RPSDQ\ 6HFUHWDULHV LV DQQH[HG KHUHWR DV $QQH[XUH $ 7KH 6HFUHWDULDO $XGLW 5HSRUW GRHV QRW FRQWDLQ DQ\
TXDOL¿FDWLRQUHVHUYDWLRQVREVHUYDWLRQVRUDGYHUVHUHPDUNE\WKH6HFUHWDULDO$XGLWRUV
Code of Conduct:
$VUHTXLUHGXQGHU5HJXODWLRQRI/LVWLQJ5HJXODWLRQVWKH&RPSDQ\KDVODLGGRZQ Code of Conduct for Directors and Senior
Management 3HUVRQQHO of the Company and the same is available on website of the Company at KWWSVZZZERURVLOFRPVLWH
DVVHWV¿OHVFRGHBRIBFRQGXFWSGI
During the year, all recommendations of the Committees of the Board have been accepted by the Board.
Details of utilization of funds raised through preferential allotment or TXDOL¿HG institutions placement as VSHFL¿HG
under Regulation 32 (7A) : Not Applicable
Total fees for all services paid by the listed entity and its subsidiaries, on a consolidated basis, to the statutory auditor
and all HQWLWLHVLQWKHQHWZRUN¿UPQHWZRUNHQWLW\RIZKLFKWKHVWDWXWRU\DXGLWRULVDSDUW
'HWDLOVUHODWLQJWRIHHVSDLGWRWKH6WDWXWRU\$XGLWRUVDUHJLYHQLQ1RWHWRWKH6WDQGDORQH)LQDQFLDO6WDWHPHQWVDQG1RWH
WRWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
0V &KDWXUYHGL 6KDK //3 &KDUWHUHG$FFRXQWDQWV 6WDWXWRU\$XGLWRUV RI WKH &RPSDQ\ GR QRW KDYH DQ\ QHWZRUN ¿UP
network entity.
'LVFORVXUHRI/RDQVDQGDGYDQFHVLQWKHQDWXUHRIORDQVWR¿UPVFRPSDQLHVLQZKLFK'LUHFWRUVDUHLQWHUHVWHG
3OHDVHUHIHU$QQH[XUH'RI%RDUGV5HSRUWIRUWKHGHWDLOVLQWKLVUHJDUG
7KH&RPSDQ\KDVQRWJLYHQDQ\ORDQVDGYDQFHVWRDQ\¿UPFRPSDQ\LQZKLFK'LUHFWRUVDUHLQWHUHVWHG
14. Adoption of Mandatory and Discretionary requirements:
The Company has complied with all mandatory requirements of the Listing Regulations and has adopted the following
discretionary requirements:
i. The Board:
7KH1RQH[HFXWLYH&KDLUPDQKDVEHHQSURYLGHGRႈFHE\WKH&RPSDQ\
ii. $XGLWTXDOL¿FDWLRQV
7KH&RPSDQ\LVLQWKHUHJLPHRIXQPRGL¿HGRSLQLRQVRQ¿QDQFLDOVWDWHPHQWV
iii. Reporting of Internal Auditor:
The Internal Auditor reports directly to the Audit Committee.

15. &RPSOLDQFHRI&RUSRUDWH*RYHUQDQFHUHTXLUHPHQWVVSHFL¿HGLQ5HJXODWLRQVWRDQG5HJXODWLRQ E WR L RI
the Listing Regulations:
Sr. Particulars Regulation Compliance Key Compliance observed

No. Status
(Yes /No /
N.A.)
a) Board of Directors <HV &RPSRVLWLRQDQG$SSRLQWPHQWRI'LUHFWRUV
0HHWLQJVDQGTXRUXP
5HYLHZRIFRPSOLDQFHUHSRUWV
3ODQVIRURUGHUO\VXFFHVVLRQ
&RGHRI&RQGXFW
)HHVFRPSHQVDWLRQWR1RQ([HFXWLYH'LUHFWRUV
0LQLPXPLQIRUPDWLRQWREHSODFHGEHIRUHWKH%RDUG
&RPSOLDQFH&HUWL¿FDWHE\&KLHI([HFXWLYH2ႈFHUDQG&KLHI
)LQDQFLDO2ႈFHU
5LVN PDQDJHPHQW SODQ ULVN DVVHVVPHQW DQG PLQLPLVDWLRQ
procedures
3HUIRUPDQFHHYDOXDWLRQRI,QGHSHQGHQW'LUHFWRUV
5HFRPPHQGDWLRQRI%RDUGIRUHDFKLWHPRIVSHFLDOEXVLQHVV
b) 0D[LPXP1XPEHURI $ <HV 'LUHFWRUVKLSVLQOLVWHGHQWLWLHV
Directorships
c) Audit Committee <HV &RPSRVLWLRQ
0HHWLQJVDQGTXRUXP
&KDLUSHUVRQSUHVHQWDW$QQXDO*HQHUDO0HHWLQJ
5ROHRIWKH&RPPLWWHH
d) Nomination and <HV &RPSRVLWLRQ
Remuneration 0HHWLQJVDQGTXRUXP
Committee
5ROHRIWKH&RPPLWWHH
e) Stakeholders 20 <HV &RPSRVLWLRQ
Relationship Committee 0HHWLQJV
5ROHRIWKH&RPPLWWHH
f) Risk Management <HV &RPSRVLWLRQ
Committee 0HHWLQJVDQGTXRUXP
5ROHRIWKH&RPPLWWHH
g) Vigil Mechanism 22 <HV 9LJLO 0HFKDQLVP :KLVWOH%ORZHU 3ROLF\ IRU 'LUHFWRUV DQG
employees
$GHTXDWHVDIHJXDUGVDJDLQVWYLFWLPLVDWLRQ
'LUHFWDFFHVVWRWKH&KDLUSHUVRQRI$XGLW&RPPLWWHH
h) Related party <HV 3ROLF\RQ0DWHULDOLW\RIUHODWHGSDUW\WUDQVDFWLRQVDQGGHDOLQJ
transactions with related party transactions
3ULRU DSSURYDO RI $XGLW &RPPLWWHH IRU UHODWHG SDUW\
transactions
'LVFORVXUHRQUHODWHGSDUW\WUDQVDFWLRQV

Sr. Particulars Regulation Compliance Key Compliance observed
No. Status
(Yes /No /
N.A.)
i) Subsidiaries of the 24 <HV 5HYLHZRI¿QDQFLDOVWDWHPHQWVDQGLQYHVWPHQWVRIXQOLVWHG
Company subsidiaries by the Audit Committee
0LQXWHVRIWKH%RDUGRI'LUHFWRUVRIWKHXQOLVWHGVXEVLGLDULHV
are placed at the meeting of the Board of Directors
6LJQL¿FDQW WUDQVDFWLRQV DQG DUUDQJHPHQWV RI XQOLVWHG
subsidiaries are placed at the meeting of the Board of
Directors
j) Secretarial Audit 24A <HV 6HFUHWDULDO$XGLWRIWKH&RPSDQ\
6HFUHWDULDO$XGLWRIPDWHULDOXQOLVWHGVXEVLGLDU\
$QQXDO6HFUHWDULDO&RPSOLDQFH5HSRUWRIWKH&RPSDQ\
k) Obligations with respect 25 <HV 7HQXUHRI,QGHSHQGHQW'LUHFWRUV
to Independent Directors 0HHWLQJVRI,QGHSHQGHQW'LUHFWRUV
$SSRLQWPHQWRI,QGHSHQGHQW'LUHFWRUV
)DPLOLDULVDWLRQRI,QGHSHQGHQW'LUHFWRUV
'HFODUDWLRQ IURP ,QGHSHQGHQW 'LUHFWRU WKDW KH VKH PHHWV
the criteria of independence are placed at the meeting of
Board of Directors
'LUHFWRUV DQG 2ႈFHUV LQVXUDQFH IRU DOO WKH ,QGHSHQGHQW
Directors
l) Obligations with respect <HV 0HPEHUVKLSV&KDLUPDQVKLSVLQ&RPPLWWHHV
to employees including 'LVFORVXUHE\'LUHFWRUVUHJDUGLQJFRPPLWWHHSRVLWLRQV
Senior Management,
$ႈUPDWLRQRQFRPSOLDQFHZLWK&RGHRI&RQGXFWE\'LUHFWRUV
Key Managerial
and Senior Management
3HUVRQV'LUHFWRUVDQG
3URPRWHUV 'LVFORVXUHVE\6HQLRU0DQDJHPHQWDERXWSRWHQWLDOFRQÀLFWV
of interest
1RDJUHHPHQWZLWKUHJDUGWRFRPSHQVDWLRQRUSUR¿WVKDULQJ
in connection with dealings in securities of the Company by
.H\0DQDJHULDO3HUVRQQHO'LUHFWRUDQG3URPRWHU
m) Other Corporate 27 <HV &RPSOLDQFHZLWKGLVFUHWLRQDU\UHTXLUHPHQWV
Governance )LOLQJ RITXDUWHUO\KDOI\HDUO\DQG\HDUO\FRPSOLDQFHUHSRUW
requirements on Corporate Governance
n) :HEVLWH E <HV 7HUPV DQG FRQGLWLRQV RI DSSRLQWPHQW RI ,QGHSHQGHQW
to (i) Directors
&RPSRVLWLRQRIYDULRXV&RPPLWWHHVRIWKH%RDUGRI'LUHFWRUV
&RGH RI &RQGXFW RI %RDUG RI 'LUHFWRUV DQG 6HQLRU
0DQDJHPHQW3HUVRQQHO
'HWDLOVRIHVWDEOLVKPHQWRI9LJLO0HFKDQLVP:KLVWOHEORZHU
policy
&ULWHULDRIPDNLQJSD\PHQWVWR1RQ([HFXWLYH'LUHFWRUV
3ROLF\RQGHDOLQJZLWKUHODWHGSDUW\WUDQVDFWLRQV
3ROLF\IRUGHWHUPLQLQJPDWHULDOVXEVLGLDULHV
'HWDLOV RI IDPLOLDULVDWLRQ SURJUDPPHV LPSDUWHG WR
Independent Directors

Equity Shares in the Unclaimed Suspense Account:
In terms of Listing Regulations, details of the equity shares lying in the Unclaimed Shares Suspense Account are as follows:
Particulars No. of No. of equity

shareholders shares
Aggregate number of shareholders and the outstanding shares in the suspense account - -
O\LQJDVRQ$SULO
Aggregate number of shareholders and in respect of whom, equity shares transferred to
the suspense account during the year
Shareholders who approached the Company for transfer of shares from suspense
DFFRXQWGXULQJWKH\HDU
Shareholders to whom shares were transferred from the suspense account during the - -
year
Aggregate number of shareholders and the outstanding shares in the suspense account 2,953 12,17,104
O\LQJDVRQ0DUFK
7UDQVIHULVXQGHUSURFHVVDQGZLOOEHGRQHLQGXHFRXUVHRQUHFHLSWRIFRPSOHWHVHWRIGRFXPHQWV
The voting rights on the shares outstanding in the suspense account shall remain frozen till the rightful owner of such shares claims
the shares.
&HUWL¿FDWH from Practicing Company Secretary pertaining to QRQGLVTXDOL¿FDWLRQ status of directors on the Board
$ FHUWL¿FDWH IURP 0U 'KUXPLO 0 6KDK RI 0V 'KUXPLO 0 6KDK &R 3UDFWLFLQJ &RPSDQ\ 6HFUHWDU\ FRQ¿UPLQJ WKDW QRQH RI
WKHGLUHFWRUVRQWKH%RDUGRIWKHFRPSDQ\KDYHEHHQGHEDUUHGRUGLVTXDOL¿HGIURPEHLQJDSSRLQWHGRUFRQWLQXLQJDV'LUHFWRUVRI
FRPSDQLHVE\WKH%RDUG0LQLVWU\RI&RUSRUDWH$ႇDLUVRUDQ\VXFKVWDWXWRU\DXWKRULW\KDVEHHQREWDLQHGDQGLVDQQH[HGKHUHWR
&HUWL¿FDWHIURP$XGLWRUV
$&HUWL¿FDWHIURPWKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\UHJDUGLQJFRPSOLDQFH of conditions of corporate governance for the year
ended on0DUFKDVVWLSXODWHGLQFKDSWHU,9RIWKH/LVWLQJ5HJXODWLRQVKDVEHHQREWDLQHGDQGLVDQQH[HGKHUHWR
&HUWL¿FDWH on Compliance with Code of Conduct
To,
The Members
BOROSIL LIMITED
,KHUHE\FRQ¿UPWKDWDOO'LUHFWRUVDQGPHPEHUVRI6HQLRU0DQDJHPHQW3HUVRQQHORIWKH&RPSDQ\KDYHDႈUPHGFRPSOLDQFHZLWK
WKH&RGHRI&RQGXFWRIWKH&RPSDQ\IRUWKH\HDUHQGHG0DUFK
For Borosil Limited
Shreevar Kheruka
Vice Chairman, Managing Director & CEO
DIN: 01802416
Place : Mumbai
Date : May 9, 2022

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
>3XUVXDQWWR5HJXODWLRQ DQG6FKHGXOH93DUD&&ODXVH L RIWKH6(%, /LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV
5HJXODWLRQV@
To,
The Members
BOROSIL LIMITED
,KDYHH[DPLQHGWKHUHOHYDQWUHJLVWHUVUHFRUGVIRUPVUHWXUQVDQGGLVFORVXUHVUHFHLYHGIURPWKH'LUHFWRUVRIBorosil Limited having
CIN L36100MH2010PLC292722DQGKDYLQJUHJLVWHUHGRႈFHDWth Floor, Crescenzo, G-Block, Opp. MCA Club, Bandra Kurla
&RPSOH[%DQGUD (DVW 0XPEDL± KHUHLQDIWHUUHIHUUHGWRDVµWKH&RPSDQ\¶ SURGXFHGEHIRUHPHE\WKH&RPSDQ\IRUWKH
SXUSRVHRILVVXLQJWKLV&HUWL¿FDWHLQDFFRUGDQFHZLWK5HJXODWLRQ UHDGZLWK6FKHGXOH93DUD&FODXVH L RIWKH6HFXULWLHV
DQG([FKDQJH%RDUGRI,QGLD /LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV
,QP\RSLQLRQDQGWRWKHEHVWRIP\LQIRUPDWLRQDQGDFFRUGLQJWRWKHYHUL¿FDWLRQV>LQFOXGLQJ'LUHFWRUV,GHQWL¿FDWLRQ1XPEHU ',1
status at the portal www.mca.gov.in] DV FRQVLGHUHG QHFHVVDU\ DQG H[SODQDWLRQV IXUQLVKHG WR PH E\ WKH &RPSDQ\ LWV RႈFHUV
,KHUHE\FHUWLI\WKDWQRQHRIWKH'LUHFWRUVRQWKH%RDUGRIWKH&RPSDQ\DVVWDWHGEHORZIRUWKH)LQDQFLDO<HDUHQGHG0DUFK
KDYHEHHQGHEDUUHGRUGLVTXDOL¿HGIURPEHLQJDSSRLQWHGRUFRQWLQXLQJDV'LUHFWRUVRIWKH&RPSDQLHVE\WKH6HFXULWLHVDQG
([FKDQJH%RDUGRI,QGLD0LQLVWU\RI&RUSRUDWH$ႇDLUVRUDQ\VXFKRWKHU6WDWXWRU\$XWKRULW\
Sr. Names of Directors DIN Date of appointment in

No. Company
0U3UDGHHS.XPDU.KHUXND
2. Mr. Shreevar Kheruka
Mr. Rajesh Kumar Chaudhary
4. Mr. Naveen Kumar Kshatriya
5. Ms. Anupa Rajiv Sahney
0U.HZDO.XQGDQODO+DQGD
7. Mr. Kanwar Bir Singh Anand
(QVXULQJWKHHOLJLELOLW\RIWKHDSSRLQWPHQWFRQWLQXLW\RIHYHU\'LUHFWRURQWKH%RDUGLVWKHUHVSRQVLELOLW\RIWKHPDQDJHPHQWRIWKH
&RPSDQ\0\UHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHEDVHGRQP\YHUL¿FDWLRQ7KLVFHUWL¿FDWHLVQHLWKHUDQDVVXUDQFHDV
WRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRURIWKHHႈFLHQF\RUHႇHFWLYHQHVVZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDႇDLUVRI
the Company.

UDIN - F008021D000281461
Dhrumil M Shah
Date: May 9, 2022 PR No. 995/2020

,QGHSHQGHQW$XGLWRU¶V&HUWL¿FDWHRQ&RPSOLDQFHZLWKWKH&RQGLWLRQVRI&RUSRUDWH*RYHUQDQFHDVSHU3URYLVLRQVRI&KDSWHU,9
of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
To,
The Members,
Borosil Limited
7KH&RUSRUDWH*RYHUQDQFH5HSRUWSUHSDUHGE\Borosil Limited ³WKH&RPSDQ\´ FRQWDLQVGHWDLOVDVVWLSXODWHGLQ5HJXODWLRQV
WRDQGFODXVHV E WR L RIUHJXODWLRQ DQGSDUD&DQG'RI6FKHGXOH9RI6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD /LVWLQJ
2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQVDVDPHQGHG ³WKH/LVWLQJ5HJXODWLRQV´ ZLWKUHVSHFWWR&RUSRUDWH
*RYHUQDQFHIRUWKH\HDUHQGHGst0DUFK7KLVFHUWL¿FDWHLVUHTXLUHGE\WKH&RPSDQ\IRUDQQXDOVXEPLVVLRQWRWKH6WRFN
H[FKDQJHVDQGWREHVHQWWRWKHVKDUHKROGHUVRIWKH&RPSDQ\
MANAGEMENT’S RESPONSIBILITY
2. The preparation of the Corporate Governance Report is the responsibility of the Management of the Company including the
preparation and maintenance of all relevant supporting records and documents. This responsibility also includes the design,
implementation and maintenance of internal control relevant to the preparation and presentation of the Corporate Governance
Report.
7KH0DQDJHPHQWDORQJZLWKWKH%RDUGRI'LUHFWRUVDUHDOVRUHVSRQVLEOHIRUHQVXULQJWKDWWKH&RPSDQ\FRPSOLHVZLWKWKHFRQGLWLRQV
RI&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGLQWKH/LVWLQJ5HJXODWLRQVLVVXHGE\WKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD
AUDITOR’S RESPONSIBILITY
4. Our responsibility is to provide a reasonable assurance in the form of an opinion whether the Company has complied with the
FRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGLQWKH/LVWLQJ5HJXODWLRQVUHIHUUHGWRLQSDUDJUDSKDERYH
:H FRQGXFWHG RXU H[DPLQDWLRQ RI WKH &RUSRUDWH *RYHUQDQFH 5HSRUW LQ DFFRUGDQFH ZLWK WKH *XLGDQFH 1RWH RQ 5HSRUWV RU
&HUWL¿FDWHVIRU6SHFLDO3XUSRVHV 5HYLVHG DQGWKH*XLGDQFH1RWHRQ&HUWL¿FDWLRQRI&RUSRUDWH*RYHUQDQFHERWKLVVXHG
E\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD ³,&$,´ 7KH*XLGDQFH1RWHRQ5HSRUWVRU&HUWL¿FDWHVIRU6SHFLDO3XUSRVHV
5HYLVHG UHTXLUHVWKDWZHFRPSO\ZLWKWKHHWKLFDOUHTXLUHPHQWVRIWKH&RGHRI(WKLFVLVVXHGE\,&$,
:HKDYHFRPSOLHGZLWKWKHUHOHYDQWDSSOLFDEOHUHTXLUHPHQWVRIWKH6WDQGDUGRQ4XDOLW\&RQWURO 64& 4XDOLW\&RQWUROIRU)LUPV
WKDW3HUIRUP$XGLWVDQG5HYLHZVRI+LVWRULFDO)LQDQFLDO,QIRUPDWLRQDQG2WKHU$VVXUDQFHDQG5HODWHG6HUYLFHV(QJDJHPHQWV
7. The procedures selected depend on the auditors’ judgement, including the assessment of the risks associated in compliance of
WKH&RUSRUDWH*RYHUQDQFH5HSRUWZLWKWKHDSSOLFDEOHFULWHULD7KHSURFHGXUHLQFOXGHVEXWQRWOLPLWHGWRYHUL¿FDWLRQRIVHFUHWDULDO
UHFRUGVDQG¿QDQFLDOLQIRUPDWLRQRIWKH&RPSDQ\DQGREWDLQHGQHFHVVDU\UHSUHVHQWDWLRQVDQGGHFODUDWLRQVIURPGLUHFWRUVLQFOXGLQJ
independent directors of the Company.
7KHSURFHGXUHVDOVRLQFOXGHH[DPLQLQJHYLGHQFHVXSSRUWLQJWKHSDUWLFXODUVLQWKH&RUSRUDWH*RYHUQDQFH5HSRUWRQDWHVWEDVLV
)XUWKHURXUVFRSHRIZRUNXQGHUWKLVFHUWL¿FDWHGLGQRWLQYROYHXVSHUIRUPLQJDXGLWWHVWVIRUWKHSXUSRVHVRIH[SUHVVLQJDQRSLQLRQ
RQWKHIDLUQHVVRUDFFXUDF\RIDQ\RIWKH¿QDQFLDOLQIRUPDWLRQRUWKH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\WDNHQDVDZKROH
OPINION
%DVHGRQWKHSURFHGXUHVSHUIRUPHGE\XVDVUHIHUUHGLQSDUDJUDSKDQGDERYHDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQV
given to us, we are of the opinion that the Company has complied with the conditions of Corporate Governance as stipulated in the
/LVWLQJ5HJXODWLRQVDVDSSOLFDEOHIRUWKH\HDUHQGHGst0DUFKUHIHUUHGWRLQSDUDJUDSKDERYH
OTHER MATTERS AND RESTRICTION ON USE
7KLVFHUWL¿FDWHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHႈFLHQF\RUHႇHFWLYHQHVVZLWKZKLFKWKH
PDQDJHPHQWKDVFRQGXFWHGWKHDႇDLUVRIWKH&RPSDQ\
7KLVFHUWL¿FDWHLVDGGUHVVHGWRDQGSURYLGHGWRWKHPHPEHUVRIWKH&RPSDQ\VROHO\IRUWKHSXUSRVHRIHQDEOLQJLWWRFRPSO\ZLWK
its obligations under the Listing Regulations and should not be used by any other person or for any other purpose. Accordingly, we
do not accept or assume any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into
ZKRVHKDQGVLWPD\FRPHZLWKRXWRXUSULRUFRQVHQWLQZULWLQJ:HKDYHQRUHVSRQVLELOLW\WRXSGDWHWKLVFHUWL¿FDWHIRUHYHQWVDQG
FLUFXPVWDQFHVRFFXUULQJDIWHUWKHGDWHRIWKLVFHUWL¿FDWH
For Chaturvedi & Shah LLP

Chartered Accountants
)LUP5HJ1R::
R.Koria
3DUWQHU
0HPEHUVKLS1R
8',11R$,7=<0
3ODFH0XPEDL
Date: 9th May, 2022

Annexure A
FORM NO. MR.3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014]
To,
The Members,
Klass Pack Limited
3ORW1R&2SS0&$&OXE
%DQGUD.XUOD&RPSOH[%DQGUD (DVW
0XPEDL±
:HKDYHFRQGXFWHGWKHVHFUHWDULDODXGLWRIWKHFRPSOLDQFHRIDSSOLFDEOHVWDWXWRU\SURYLVLRQVDQGWKHDGKHUHQFHWRJRRGFRUSRUDWH
practices by Klass Pack Limited (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided us
DUHDVRQDEOHEDVLVIRUHYDOXDWLQJWKHFRUSRUDWHFRQGXFWVVWDWXWRU\FRPSOLDQFHVDQGH[SUHVVLQJP\RSLQLRQWKHUHRQ
%DVHGRQRXUYHUL¿FDWLRQRIWKH&RPSDQ\¶VERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH
&RPSDQ\DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRႈFHUVDJHQWVDQGDXWKRUL]HGUHSUHVHQWDWLYHVGXULQJWKHFRQGXFW
of secretarial audit,
:HKHUHE\UHSRUWWKDWLQRXURSLQLRQWKDW
L WKH&RPSDQ\KDVGXULQJWKHDXGLWSHULRGFRYHULQJWKH¿QDQFLDO\HDUHQGHGRQst0DUFK $XGLW3HULRG FRPSOLHGZLWK
the statutory provisions listed hereunder; and also
LL WKH&RPSDQ\KDVSURSHU%RDUGSURFHVVHVDQGFRPSOLDQFHPHFKDQLVPLQSODFHWRWKHH[WHQWLQWKHPDQQHUDQGVXEMHFWWRWKH
reporting made hereinafter.
:HKDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\IRUWKH
¿QDQFLDO\HDUHQGHGRQst March, 2022 according to the provisions of:
L 7KH&RPSDQLHV$FW WKH$FW DQGWKHUXOHVPDGHWKHUHXQGHU
LL 7KH6HFXULWLHV&RQWUDFWV 5HJXODWLRQ $FW µ6&5$¶ DQGWKHUXOHVPDGHWKHUHXQGHU (Not Applicable to the Company
during the Audit Period);
LLL 7KH'HSRVLWRULHV$FWDQGWKH5HJXODWLRQVDQG%\HODZVIUDPHGWKHUHXQGHU;
LY )RUHLJQ ([FKDQJH 0DQDJHPHQW$FW DQG WKH UXOHV DQG UHJXODWLRQV PDGH WKHUH XQGHU WR WKH H[WHQW RI )RUHLJQ 'LUHFW
,QYHVWPHQW2YHUVHDV'LUHFW,QYHVWPHQWDQG([WHUQDO&RPPHUFLDO%RUURZLQJVZKHUHYHUDSSOLFDEOH(Not applicable to the
Company during the Audit Period);
Y 7KHIROORZLQJ5HJXODWLRQVDQG*XLGHOLQHVSUHVFULEHGXQGHUWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD$FW µ6(%,$FW¶
(Not applicable to the Company during the Audit Period);
D 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6XEVWDQWLDO$FTXLVLWLRQRI6KDUHVDQG7DNHRYHUV 5HJXODWLRQV;
E 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 3URKLELWLRQRI,QVLGHU7UDGLQJ 5HJXODWLRQV;
F 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD ,VVXHRI&DSLWDODQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV;
G 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WV 5HJXODWLRQVDQG7KH6HFXULWLHV
DQG([FKDQJH%RDUGRI,QGLD 6KDUH%DVHG(PSOR\HH%HQH¿WV 5HJXODWLRQV>ZHI@
H 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD ,VVXHDQG/LVWLQJRI'HEW6HFXULWLHV 5HJXODWLRQVDQGWKH6HFXULWLHV
DQG([FKDQJH%RDUGRI,QGLD ,VVXHDQG/LVWLQJRI1RQ&RQYHUWLEOH6HFXULWLHV 5HJXODWLRQV>ZHI@
I 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD 5HJLVWUDUV WR DQ ,VVXH DQG 6KDUH 7UDQVIHU$JHQWV 5HJXODWLRQV
regarding the Companies Act and dealing with client;
J 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD 'HOLVWLQJ RI (TXLW\ 6KDUHV 5HJXODWLRQV DQG7KH 6HFXULWLHV DQG
([FKDQJH%RDUGRI,QGLD 'HOLVWLQJRI(TXLW\6KDUHV 5HJXODWLRQV>ZHI@;
K 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD %X\EDFNRI6HFXULWLHV 5HJXODWLRQV.

:HKDYHDOVRH[DPLQHGFRPSOLDQFHZLWKWKHDSSOLFDEOHFODXVHVRIWKHIROORZLQJ
L 6HFUHWDULDO6WDQGDUGV 66DQG66 LVVXHGE\7KH,QVWLWXWHRI&RPSDQ\6HFUHWDULHVRI,QGLDDQG
LL /LVWLQJ$JUHHPHQWVHQWHUHGLQWRE\WKH&RPSDQ\ZLWKWKH6WRFN([FKDQJH V LIDSSOLFDEOH(Not applicable to the Company
during the Audit Period).
During the Audit period, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, and Standards,
as mentioned above:
7KHVWDWXWRU\IRUPVDQGUHWXUQVZKLFKZHUHUHTXLUHGWREHVXEPLWWHGXQGHUWKH$FWZHUH¿OHGE\WKHFRPSDQ\ZLWKLQWKHWLPH
prescribed under the Act.
2. Notices, forms, returns, registers and other document(s) required to be maintained either in physical form or in electronic form
in accordance with the Act, are properly maintained in the prescribed manner.
7KHUHPXQHUDWLRQSDLGE\WKH&RPSDQ\WRLWVGLUHFWRUVGXULQJWKH\HDULVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIVHFWLRQ
UHDGZLWK6FKHGXOH9WRWKH$FW+RZHYHUUHPXQHUDWLRQSDLGWR0DQDJLQJ'LUHFWRUDPRXQWLQJWRÒDNKLVVXEMHFWWRWKH
shareholder’s approval.
:HIXUWKHUUHSRUWWKDWGXULQJWKH$XGLW3HULRG
The Board of Directors of the Company is duly constituted in compliance of the provisions of the Act. The changes in the composition
of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.
$GHTXDWHQRWLFHZDVJLYHQWRDOOGLUHFWRUVWRVFKHGXOHWKH%RDUG0HHWLQJVDQGDV\VWHPH[LVWVIRUVHHNLQJDQGREWDLQLQJIXUWKHU
LQIRUPDWLRQDQGFODUL¿FDWLRQVRQWKHDJHQGDLWHPVEHIRUHWKHPHHWLQJDQGIRUPHDQLQJIXOSDUWLFLSDWLRQDWWKHPHHWLQJ
All decisions at Board Meetings were carried out unanimously as recorded in the minutes of the meetings of the Board of Directors.
:HIXUWKHUUHSRUWWKDWEDVHGRQFRPSOLDQFHPHFKDQLVPHVWDEOLVKHGE\WKH&RPSDQ\ZHDUHRIWKHRSLQLRQWKDWWKHUHDUHDGHTXDWH
systems and processes in the Company commensurate with the size and operations of the company to monitor and ensure compliance
with applicable laws, rules, regulations and guidelines.
:HIXUWKHUUHSRUWWKDWGXULQJWKHDXGLWSHULRG
7KH 6KDUHKROGHUV $JUHHPHQW GDWHG -XQH HQWHUHG LQWR DPRQJVW 0U *DQJDGKDU .RUJDSSD $PLQ 0U 3UDVKDQW
*DQJDGKDU$PLQ0V3UDPLOD*DQJDGKDU$PLQ0V6KZHWD3UDVKDQW$PLQDQG6KLY*DQJD&DWHUHUV3ULYDWH/LPLWHGDQG
Borosil Limited, has been terminated.
7KHVKDUHKROGHUVRIWKH&RPSDQ\LQWKHLUH[WUDRUGLQDU\JHQHUDOPHHWLQJKHOGRQ2FWREHUKDVLQFUHDVHGWKHDXWKRUL]HG
share capital of the Company from `FUWR` 20 cr.
7KH &RPSDQ\ KDV UDLVHG WKH SDLG XS VKDUH FDSLWDO RI WKH &RPSDQ\ IURP ` WR ` E\ LVVXH RI
HTXLW\VKDUHVRI`HDFKDWSUHPLXPRI`SHUVKDUHRQULJKWVEDVLVLQWHUPVRIWKHSURYLVLRQVRIVHFWLRQ
D RIWKH&RPSDQLHV$FW
7KH&RPSDQ\EHFDPHDPDWHULDOVXEVLGLDU\LQWHUPVRIWKHSURYLVLRQVRI5HJXODWLRQ F RI6HFXULWLHVDQG([FKDQJH%RDUG
RI,QGLD /LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQVDVWKHWXUQRYHURIWKH&RPSDQ\IRU)<
ZDV LHPRUHWKDQ RIFRQVROLGDWHGWXUQRYHURI%RURVLO/LPLWHG
7KHVKDUHKROGHUVRIWKH&RPSDQ\LQWKHLUH[WUDRUGLQDU\JHQHUDOPHHWLQJKHOGRQ)HEUXDU\KDGDSSURYHGWKHLQFUHDVH
LQ WKH ERUURZLQJ OLPLWV LQFOXGLQJ FUHDWLRQ RI FKDUJH RQ DVVHWV RI WKH &RPSDQ\ IURP H[LVWLQJ ` &URUHV 5XSHHV 2QH
+XQGUHG&URUHVRQO\ WR`&URUHVLQWHUPVRIWKHSURYLVLRQVRI6HFWLRQ D F RIWKH&RPSDQLHV$FW
7KH&RPSDQ\KDVVKLIWHGWKHUHJLVWHUHGRႈFHRIWKH&RPSDQ\IURP³+0,'&$UHD$PEDG1DVLN0DKDUDVKWUD,QGLD
´ H[LVWLQJDGGUHVV WR³th)ORRU&UHVFHQ]R*%ORFN3ORW1R&2SS0&$&OXE%DQGUD.XUOD&RPSOH[
%DQGUD (DVW 0XPEDL ,QGLD ´ 1HZ DGGUHVV LQ WHUPV RI WKH SURYLVLRQV RI VXEVHFWLRQ RI VHFWLRQ RI WKH
&RPSDQLHV$FWUHDGZLWKWKH&RPSDQLHV ,QFRUSRUDWLRQ 5XOHVDQGWKHRWKHUDSSOLFDEOHSURYLVLRQVLIDQ\
7KHVKDUHKROGHUVRIWKH&RPSDQ\LQWKHLUH[WUDRUGLQDU\JHQHUDOPHHWLQJKHOGRQ)HEUXDU\KDGDSSURYHGWKHDOWHUDWLRQ
in the objects clause of the Memorandum of Association of the Company by way of:
D GHOHWLRQRIWKHH[LVWLQJ0DLQ2EMHFWVRI&ODXVH,,, $ RIWKH0HPRUDQGXPRI$VVRFLDWLRQRIWKH&RPSDQ\DQGUHSODFHPHQW
thereof with the new Clause III(A);
E GHOHWLRQRIWKHH[LVWLQJ&ODXVH,,, % RIWKH0HPRUDQGXPRI$VVRFLDWLRQRIWKH&RPSDQ\DQGUHSODFHPHQWWKHUHRIZLWK
the new Clause III(B);
F GHOHWLRQRIWKHH[LVWLQJ&ODXVH,,, & ³2WKHU2EMHFWV´FRQWDLQLQJVXEFODXVHWR
G GHOHWLRQRILQWHUSUHWDWLRQFODXVH D WR H DIWHUH[LVWLQJVXEFODXVHRIWKHREMHFWFODXVH

7KHVKDUHKROGHUVRIWKH&RPSDQ\LQWKHLUH[WUDRUGLQDU\JHQHUDOPHHWLQJKHOGRQ)HEUXDU\KDGDSSURYHGWKHDGRSWLRQ
RI QHZ$UWLFOHV RI$VVRFLDWLRQ RI WKH &RPSDQ\ LQ WRWDO H[FOXVLRQ VXEVWLWXWLRQ DQG VXSHUVHVVLRQ RI WKH H[LVWLQJ$UWLFOHV RI
Association of the Company.
9. The Board of Directors of the Company in their meeting held on February 07, 2022 had subject to the requisite approval of the
VKDUHKROGHUVDQGRUFUHGLWRUVRIWKH&RPSDQ\DQGVXEMHFWWRWKHUHTXLVLWHDSSURYDOFRQVHQWVVDQFWLRQVDQGSHUPLVVLRQVRI
WKH&HQWUDO*RYHUQPHQWDQGWKHUHTXLVLWHVDQFWLRQRIWKH1DWLRQDO&RPSDQ\/DZ7ULEXQDO0XPEDL%HQFK µWKH1&/7¶ DQG
RUVXFKRWKHUFRPSHWHQWDXWKRULW\DVPD\EHDSSOLFDEOHDQGEDVHGRQWKHUHFRPPHQGDWLRQRIWKH$XGLW&RPPLWWHHRIWKH
Company, approved the draft Composite Scheme of Arrangement amongst Borosil Limited (“BL” or “Demerged Company”)
DQG.ODVV3DFN/LPLWHG ³.3/´RU³WKH&RPSDQ\´RU³5HVXOWLQJ&RPSDQ\´RU³7UDQVIHUHH&RPSDQ\´ DQG%RURVLO7HFKQRORJLHV
/LPLWHG ³%7/´ RU ³7UDQVIHURU &RPSDQ\´ DQG WKHLU UHVSHFWLYH VKDUHKROGHUV DQG FUHGLWRUV µ6FKHPH¶ DV SHU WHUPV DQG
conditions mentioned therein.
For Amit Gupta & Associates

Company Secretaries
Amit Gupta
0HPEHUVKLS1R)
&31R
8',1)'
Date: May 02, 2022

Note: This report should be read with the letter of even date by the Secretarial Auditors.
To,
The Members,
Klass Pack Limited
3ORW1R&2SS0&$&OXE
%DQGUD.XUOD&RPSOH[%DQGUD (DVW
0XPEDL±
Our Report of even date is to be read along with this letter.
0DLQWHQDQFHRIVHFUHWDULDOUHFRUGLVWKHUHVSRQVLELOLW\RIWKHPDQDJHPHQWRIWKH&RPSDQ\2XUUHVSRQVLELOLW\LVWRH[SUHVVDQ
opinion on these secretarial records based on our audit.
:HKDYHIROORZHGWKHDXGLWSUDFWLFHVDQGSURFHVVDVZHUHDSSURSULDWHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWWKHFRUUHFWQHVV
RIWKHFRQWHQWVRIWKHVHFUHWDULDOUHFRUGV7KHYHUL¿FDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWVDUHUHÀHFWHGLQ
VHFUHWDULDOUHFRUGV:HEHOLHYHWKDWWKHSURFHVVHVDQGSUDFWLFHVZHIROORZHGSURYLGHDUHDVRQDEOHEDVLVIRURXURSLQLRQ
:HKDYHQRWYHUL¿HGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRI¿QDQFLDOUHFRUGVDQGERRNVRIDFFRXQWRIWKH&RPSDQ\
:HKDYHREWDLQHGWKHPDQDJHPHQWUHSUHVHQWDWLRQZKHUHHYHUUHTXLUHGDERXWWKHFRPSOLDQFHRIODZVUXOHVDQGUHJXODWLRQV
and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of
PDQDJHPHQW2XUH[DPLQDWLRQZDVOLPLWHGWRWKHYHUL¿FDWLRQRISURFHGXUHRQWHVWEDVLV
7KH6HFUHWDULDO$XGLW5HSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRURIWKHHႈFDF\RUHႇHFWLYHQHVV
ZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDႇDLUVRIWKH&RPSDQ\
For Amit Gupta & Associates

Company Secretaries
Amit Gupta
0HPEHUVKLS1R)
&31R
8',1)'
Date: May 02, 2022

BUSINESS RESPONSIBILITY REPORT
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY
Corporate Identity Number (CIN) of the Company /0+3/&

2 Name of the Company Borosil Limited
Registered address th ÀRRU &UHVFHQ]R *%ORFN 2SS 0&$ &OXE %DQGUD .XUOD
&RPSOH[%DQGUD (DVW 0XPEDL±
4 :HEVLWH www.borosil.com
5 (PDLOLG investor.relations@borosil.com
)LQDQFLDO<HDUUHSRUWHG $SULO±0DUFK
7 Sector(s) that the Company is engaged in Manufacture of laboratory or pharmaceutical glassware. (NIC Code -
(industrial activity code-wise) 0DQXIDFWXUHRIWDEOHRUNLWFKHQJODVVZDUH 1,&&RGH
/LVWWKUHHNH\SURGXFWVVHUYLFHVWKDWWKH&RPSDQ\ Manufacturing of and Trading in:
PDQXIDFWXUHVSURYLGHV DVLQEDODQFHVKHHW 6FLHQWL¿FDQG,QGXVWULDO3URGXFWV 6,3
&RQVXPHU3URGXFWV &3
9 Total number of locations where business activity 5HJLVWHUHGDQGFRUSRUDWHRႈFH±
is undertaken by the Company th ÀRRU &UHVFHQ]R *%ORFN 2SS 0&$ &OXE %DQGUD .XUOD
&RPSOH[%DQGUD (DVW 0XPEDL±
Factories at:
D 9LOODJH %DOHNKDQ 36$QDWSXUD 1HDU *RYLQGJDUK 1+ 6LNDU
5RDG&KRPX-DLSXU
E %0,'&7DUDSXU%RLVDU'LVWULFW3DOJKDU0DKDUDVKWUD
F $QNOHVKZDU5DMSLSOD5RDG9LOODJH'XPDOD%RULGUD
3RVW±.KDUFKL7DO-KDJDGLD'LVW%KDUXFK*XMDUDW
=RQDO6DOHV2ႈFHV
L .DQDNLD =LOOLRQ % :LQJ 8QLW 1R /%6 0DUJ .XUOD
:HVW 0XPEDL
LL 'DEULZDOD +RXVH th ÀRRU & 0LGGOHWRQ 5RZ .RONDWD :HVW
%HQJDO±
LLL st Floor, New no.20, Old No. 9, Brahadammal Road, Behind Taj
&RURPHQGDO1XQJDPEDNNDP&KHQQDL7DPLO1DGX
LY &RQQDXJKW &LUFXV 0DGUDV +RWHO %ORFN 1HZ 'HOKL ±

Y 9LMD\D%XLOGLQJ%DUDNKDPED5RDG1HZ'HOKL±
Markets served by the Company 'RPHVWLFDQG([SRUWV
SECTION B: FINANCIAL DETAILS OF THE COMPANY
Sr. Particulars Financial year

no. 2021-2022 (Amount)
3DLGXS&DSLWDO DVRQ0DUFK ÒDNKV
2 Total Turnover ÒDNKV
7RWDOSUR¿WDIWHUWD[HV ÒDNKV
4 7RWDO6SHQGLQJRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\ &65 DVSHUFHQWDJHRISUR¿WDIWHUWD[ ÒDNKV
5. List of activities in which expenditure in 4 above has been incurred: -
The Company has incurred ` ODNKV LQ DUHDV RI L 7UDLQLQJ WR SURPRWH 2O\PSLF 6SRUWV LL 3URPRWLQJ JHQGHU HTXDOLW\
HPSRZHULQJ ZRPHQ LLL 3URPRWLQJ KHDOWKFDUH LQFOXGLQJ SUHYHQWLYH KHDOWKFDUH DQG LY (UDGLFDWLQJ KXQJHU SRYHUW\ DQG
malnutrition.

SECTION C: OTHER DETAILS
'RHVWKH&RPSDQ\KDYHDQ\6XEVLGLDU\&RPSDQ\&RPSDQLHV" <HV
2 'RWKH6XEVLGLDU\&RPSDQ\&RPSDQLHVSDUWLFLSDWHLQWKH%5,QLWLDWLYHVRIWKHSDUHQWFRPSDQ\" No
'RDQ\RWKHUHQWLW\HQWLWLHV HJVXSSOLHUVGLVWULEXWRUVHWF WKDWWKH&RPSDQ\GRHVEXVLQHVVZLWKSDUWLFLSDWH No
LQWKH%5LQLWLDWLYHVRIWKH&RPSDQ\"
SECTION D: BUSINESS RESPONSIBILITY (BR) INFORMATION
1. Details of Director/Directors responsible for BR

a) Details of the 'LUHFWRU'LUHFWRUV responsible for implementation of the BR SROLF\SROLFLHV
$OO&RUSRUDWH3ROLFLHVLQFOXGLQJWKH%XVLQHVV5HVSRQVLELOLW\3ROLFLHVRIWKH&RPSDQ\DUHLQJUDLQHGLQGD\WRGD\EXVLQHVV
operations of the Company and are implemented by Management at all levels. The responsibility for implementation of
%53ROLFLHVRIWKH&RPSDQ\LVXOWLPDWHO\VKRXOGHUHGE\0U3..KHUXND ',1 1RQ([HFXWLYH&KDLUPDQRI
the Company.
b) Details of the BR head
Sr. Particulars Details

No.
DIN Number (if applicable)
2 Name 0U3..KHUXND
Designation 1RQ([HFXWLYH&KDLUPDQ
4 Telephone number
5 (PDLO,G investor.relations@borosil.com
2. Principle-wise (as per National Voluntary Guidelines) BR Policy/policies:
3 - Businesses should conduct and govern themselves with (WKLFV Transparency and Accountability;
3 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle;
3 Businesses should promote the wellbeing of all employees;
3 Businesses should respect the interests of, and be responsive to the needs of all stakeholders, especially those who are
disadvantaged, vulnerable and marginalized;
3 Businesses should respect and promote human rights;
3 Businesses should respect, protect and make HႇRUWV to restore the environment;
3 %XVLQHVVHVZKHQHQJDJHGLQLQÀXHQFLQJSXEOLFDQGUHJXODWRU\SROLF\VKRXOGGRVRLQDUHVSRQVLEOHPDQQHU
3 Businesses should support inclusive growth and equitable development;
3 Businesses should engage with and provide value to their customers and consumers in a responsible manner;
(a) Details of compliance (Reply in <1
Sr. Questions P P P P P P P P P
No. 1 2 3 4 5 6 7 8 9
'R\RXKDYHDSROLF\SROLFLHVIRU < < < < < < < < <
2 +DVWKHSROLF\EHLQJIRUPXODWHGLQFRQVXOWDWLRQZLWKWKHUHOHYDQW < < < < < < < < <
VWDNHKROGHUV"
'RHVWKHSROLF\FRQIRUPWRDQ\QDWLRQDOLQWHUQDWLRQDOVWDQGDUGV" < < < < < < < < <
,I\HVVSHFLI\" ZRUGV
4 +DVWKHSROLF\EHLQJDSSURYHGE\WKH%RDUG",I\HVKDVLWEHHQ < < < < < < < < <
VLJQHGE\0'RZQHU&(2DSSURSULDWH%RDUG'LUHFWRU"
5 'RHV WKH FRPSDQ\ KDYH D VSHFL¿HG FRPPLWWHH RI WKH %RDUG < < < < < < < < <
'LUHFWRU2ႈFLDOWRRYHUVHHWKHLPSOHPHQWDWLRQRIWKHSROLF\"

No. 1 2 3 4 5 6 7 8 9
,QGLFDWHWKHOLQNIRUWKHSROLF\WREHYLHZHGRQOLQH" KWWSVZZZERURVLOFRPLQYHVWRUVERURVLO
OLPLWHG
7 +DV WKH SROLF\ EHHQ IRUPDOO\ FRPPXQLFDWHG WR DOO UHOHYDQW < < < < < < < < <
LQWHUQDODQGH[WHUQDOVWDNHKROGHUV"
Does the company have in-house structure to implement the < < < < < < < < <
SROLF\SROLFLHV"
9 Does the Company have a grievance redressal mechanism < < < < < < < < <
UHODWHGWRWKHSROLF\SROLFLHVWRDGGUHVVVWDNHKROGHUV¶JULHYDQFHV
UHODWHGWRWKHSROLF\SROLFLHV"
+DV WKH FRPSDQ\ FDUULHG RXW LQGHSHQGHQW DXGLW HYDOXDWLRQ RI < < < < < < < < <
WKHZRUNLQJRIWKLVSROLF\E\DQLQWHUQDORUH[WHUQDODJHQF\"
The policies have been developed on the lines of the µ1DWLRQDO Voluntary Guidelines on Social, (QYLURQPHQW and
(FRQRPLF UHVSRQVLELOLWLHVRIEXVLQHVVHV¶HVWDEOLVKHGE\WKH0LQLVWU\RI&RUSRUDWH$ႇDLUV*RYHUQPHQWRI,QGLDLQ
() - The policies are currently evaluated internally and would be subjected to H[WHUQDO audits as applicable.
(b) If answer to the question at serial number against any principle, is µ1R¶ please H[SODLQ why: (Tick up to 2 options) ± Not
Applicable
No. 1 2 3 4 5 6 7 8 9
7KHFRPSDQ\KDVQRWXQGHUVWRRGWKH3ULQFLSOHV Not Applicable
2 7KHFRPSDQ\LVQRWDWDVWDJHZKHUHLW¿QGVLWVHOILQDSRVLWLRQ Not Applicable
WRIRUPXODWHDQGLPSOHPHQWWKHSROLFLHVRQVSHFL¿HGSULQFLSOHV
7KH FRPSDQ\ GRHV QRW KDYH ¿QDQFLDO RU PDQSRZHU UHVRXUFHV Not Applicable
available for the task
4 ,WLVSODQQHGWREHGRQHZLWKLQQH[W0RQWKV Not Applicable
5 ,WLVSODQQHGWREHGRQHZLWKLQWKHQH[W\HDU Not Applicable
Any other reason (please specify) Not Applicable
The policies of the Company are based on its guiding principles and core values and are mapped to each of the
principles hereunder:
Principle Applicable Policies

Businesses should conduct and govern themselves with &RGHRI%XVLQHVV(WKLFV
(WKLFV7UDQVSDUHQF\DQG$FFRXQWDELOLW\ - Code of Conduct for Board of Directors and Senior
Management.
:KLVWOH%ORZHU3ROLF\
Businesses should provide goods and services that are safe (QYLURQPHQW+HDOWK 6DIHW\3ROLF\
and contribute to sustainability throughout their life cycle 6XVWDLQDEOH'HYHORSPHQW3ROLF\
Businesses should promote the wellbeing of all employees (QYLURQPHQW+HDOWK 6DIHW\3ROLF\
(PSOR\HH:HOIDUH3ROLF\
3UHYHQWLRQRI6H[XDO+DUDVVPHQW3ROLF\
Businesses should respect the interests of, and be 6WDNHKROGHUV3ROLF\
responsive to the needs of all stakeholders, especially those &RUSRUDWH6RFLDO5HVSRQVLELOLW\3ROLF\
who are disadvantage, vulnerable and marginalized
Businesses should respect and promote human rights +XPDQ5LJKWV3ROLF\
%XVLQHVVHV VKRXOG UHVSHFW SURWHFW DQG PDNH HႇRUWV WR (QYLURQPHQW+HDOWK 6DIHW\3ROLF\
restore the environment 6XVWDLQDEOH'HYHORSPHQW3ROLF\
%XVLQHVVHV ZKHQ HQJDJHG LQ LQÀXHQFLQJ SXEOLF DQG 6WDNHKROGHUV3ROLF\
regulatory policy, should do so in a responsible manner

Principle Applicable Policies
Businesses should support inclusive growth and equitable &RUSRUDWH6RFLDO5HVSRQVLELOLW\3ROLF\
development 6WDNHKROGHUV3ROLF\
Businesses should engage with and provide value to their 5HVSRQVLEOH0DUNHWLQJ3ROLF\
customers and consumers in a responsible manner
3. Governance related to BR
(a) Indicate the frequency with which the Board of Directors, Committee of the Board RU&(2WRDVVHVVWKH%5SHUIRUPDQFH
RIWKH&RPSDQ\:LWKLQPRQWKVPRQWKV$QQXDOO\0RUHWKDQ\HDUAnnually.
(b) Does the Company publish a BR or a Sustainability5HSRUW":KDWLVWKHK\SHUOLQNIRUYLHZLQJWKLVUHSRUW"+RZ frequently
LWLVSXEOLVKHG"
The Business Responsibility Report is published annually. It can be accessed from Company’s website at KWWSVZZZERURVLO
FRPLQYHVWRUVERURVLOOLPLWHG
SECTION E: PRINCIPLE-WISE PERFORMANCE
Principle 1 - Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
'RHVWKHSROLF\UHODWLQJWRHWKLFVEULEHU\DQGFRUUXSWLRQFRYHURQO\WKHFRPSDQ\"<HV1R'RHVLWH[WHQGWRWKH*URXS-RLQW
9HQWXUHV6XSSOLHUV&RQWUDFWRUV1*2V2WKHUV"
<HV,WFRYHUVRQO\WKH&RPSDQ\7KH&RPSDQ\FRQVLGHUV&RUSRUDWH*RYHUQDQFHDVDQLQWHJUDOSDUWRIPDQDJHPHQW7KH
&RPSDQ\KDV&RGHRI%XVLQHVV(WKLFVZKLFKLVDSSOLFDEOHWRWKHHPSOR\HHVRIWKH&RPSDQ\7KLV&RGHRXWOLQHVVWDQGDUGV
RISHUVRQDODQGSURIHVVLRQDOFRQGXFWWKDWLVDSSOLFDEOHWRDOOHPSOR\HHV7KH&RPSDQ\SURPRWHVLWVH[WHUQDOVWDNHKROGHUV
LQFOXGLQJ VXSSOLHUV FRQWUDFWRUV HWF WR IROORZ WKH VSLULW RI WKH &RGH :KLOH WKH &RGH FDQQRW EH HQIRUFHG XSRQ H[WHUQDO
stakeholders including suppliers, contractors, etc., there is zero tolerance for any acts of bribery, corruption etc. by such
DJHQFLHVGXULQJGHDOLQJVZLWKWKH&RPSDQ\DQGRUZLWKDQ\RILWVHPSOR\HHV
+RZ PDQ\ VWDNHKROGHU FRPSODLQWV KDYH EHHQ UHFHLYHG LQ WKH SDVW ¿QDQFLDO year and what percentage was satisfactorily
UHVROYHGE\WKHPDQDJHPHQW",IVRSURYLGHGHWDLOVWKHUHRILQDERXWZRUGVRUVR
As mentioned in the Corporate Governance Report, 22 complaints were received from LQYHVWRUV GXULQJ WKH \HDU )<
DQG DOO KDYH EHHQ UHVROYHG &RPSODLQWVJULHYDQFHV IURP RWKHU VWDNHKROGHUV DUH GHDOW ZLWK RQ DQ RQJRLQJ EDVLV E\ WKH
respective departments of the Company.
Principle 2 - Businesses should provide goods and services that are safe and contribute to sustainability throughout their
life cycle
/LVW XS WR RI \RXU SURGXFWV RU VHUYLFHV ZKRVH GHVLJQ KDV LQFRUSRUDWHG VRFLDO RU HQYLURQPHQWDO FRQFHUQV ULVNV DQGRU
opportunities.
The following are the various products, which incorporate social and environmental concerns:
a) The Company has launched QR coded volumetric glassware, which has substantially reduced the requirement for paper
FHUWL¿FDWLRQ7KLVUHGXFHVWKHSDSHUZDVWHDWWKHFRQVXPHUHQGDVZHOODVSURWHFWVWUHHVE\UHGXFLQJWKHUHTXLUHPHQWRI
paper as a raw material.
E 7KH &RPSDQ\ XVHV FRUUXJDWHG ER[HV IRU SDFNDJLQJ LQ PDQ\ RI LWV SURGXFWV WKHUHE\ UHGXFLQJ WKH GHSHQGHQFH RQ
thermocol for packaging products. Thermocol is harmful to the environment due to its physical properties (non-
ELRGHJUDGDEOHDQGGLႈFXOWWRGLVSRVH 7KH&RPSDQ\DOVRSODQVWRLQFUHDVHWKHSHUFHQWDJHRIFRUUXJDWHGSDFNDJLQJLQ
the overall packaging products.
c) The opal ware design line employs only women workforce during the morning shift. This promotes local women
HPSOR\PHQWDQGHPSRZHUVWKHPZLWK¿QDQFLDOLQGHSHQGHQFH7KHZRPHQDUHWUDLQHGRQWKHQHFHVVDU\VNLOOVDQGDUH
employed within the plant.
2. For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of
product (optional):
D 5HGXFWLRQGXULQJVRXUFLQJSURGXFWLRQGLVWULEXWLRQDFKLHYHGVLQFHWKHSUHYLRXV\HDUWKURXJKRXWWKHYDOXHFKDLQ"
E 5HGXFWLRQGXULQJXVDJHE\FRQVXPHUV HQHUJ\ZDWHU KDVEHHQDFKLHYHGVLQFHWKHSUHYLRXV\HDU"

(QYLURQPHQWDO%HQH¿WV 5HGXFHGXVDJHRISDSHUDVUDZPDWHULDOIRUFHUWL¿FDWLRQSXUSRVH
5HGXFHGXVDJHRIWKHUPRFROLQSDFNDJLQJWKHUHE\UHGXFLQJWKHUHTXLUHPHQW
IRUVWRUDJHDQGKDQGOLQJRIWKHUDZPDWHULDODVFRUUXJDWHGER[HVUHTXLUHOHVV
space and easier transportation.
6RFLDOEHQH¿WV 7KHHPSOR\PHQWRIZRPHQZLWKLQWKHEXVLQHVVKDVVKRZFDVHGLPSURYHPHQW
LQWKHSURGXFWLYLW\GXULQJWKHGHVLJQSKDVH:HKDYHDOVRVHHQDUHGXFWLRQLQ
wastage of raw material.
:HDUHFXUUHQWO\ZRUNLQJRQZD\VWRSURSHUO\TXDQWLI\UHVRXUFHXWLOLVDWLRQIRUWKHSURGXFWDQGVHUYLFHV
'RHV the company have procedures in place for sustainable sourcing (includingWUDQVSRUWDWLRQ "
(a) If yes, what percentage of your inputs was VRXUFHGVXVWDLQDEO\"$OVRSURYLGHGHWDLOVWKHUHRILQDERXWZRUGVor so.
7KHPDMRUUDZPDWHULDOVUHTXLUHGE\WKH&RPSDQ\IRU&3DQG6,3SURGXFWV DW%KDUXFKSODQW LQFOXGH%RURVLOLFDWHJODVV
WXELQJVHPL¿QLVKHGPDWHULDOVDQGVRGDOLPHVKHHWJODVV*ODVVWXELQJVUHTXLUHPHQWVDUHPHWWKURXJKLPSRUWVZKHUHDVVHPL
¿QLVKHGPDWHULDOVDQGVRGDOLPHVKHHWJODVVUHTXLUHPHQWVDUHPHWSDUWLDOO\WKURXJKLPSRUWVDQGSDUWLDOO\WKURXJKORFDOVRXUFHV
The Opal glass is made with materials like Silica Sand, Soda Ash, Feldspar and so on, which is sourced domestically.
The following measures are undertaken to ensure sustainable sourcing of the raw materials:
o The imports are only done through registered vendors and through long term contracts. Arrangements are in place for
LQVSHFWLRQRISURGXFWVDWWKHRULJLQRIGLVSDWFKWRHQVXUHWKH\PHHWWKHVSHFL¿FDWLRQVVHWRXWLQWKHFRQWUDFW$GGLWLRQDOO\
inspection is also undertaken upon arrival of products at the plant.
o To ensure we are not heavily dependent on imports; we have also set up a local procurement supply chain which
ensures that raw materials are coming from local sources and we promote the Indian manufacturers as well. Through our
contracts and quality inspection, we ensure we get the desired quality standards of the products. The Company is also
ORRNLQJWRVHWXSLWVRZQSODQWDW%KDUXFKIRUORFDOPDQXIDFWXULQJRI%RURVLOLFDWHJODVVWXELQJ
R 2XU WUDQVSRUWDWLRQ RI WKH PDWHULDO LV HႇHFWLYHO\ PDQDJHG WKURXJK LQYHQWRUL]DWLRQ RI WKH UDZ PDWHULDOV :H HQVXUH WR
reduce out transportation footprint by preferential procurement.
o Our contracts and COC ensure that there is no child labour, forced labour or other human rights violations in the supply
chain.
+DV WKH FRPSDQ\ WDNHQ DQ\ VWHSV WR SURFXUH JRRGV DQG VHUYLFHV IURP ORFDO VPDOO SURGXFHUV LQFOXGLQJ FRPPXQLWLHV
VXUURXQGLQJWKHLUSODFHRIZRUN"
(a) If yes, what steps have been taken to improve their capacity and capability of localDQGVPDOOYHQGRUV"
<HVWKHFRPSDQ\KDVWDNHQVWHSVWRSURFXUHJRRGVDQGVHUYLFHVORFDOO\
i) More than 94% of the manpower required by the Company is from surrounding areas. Suitable skill development
training is provided to the workforce in our factories at Bharuch, Jaipur and Tarapur.
ii) The Company also develops entrepreneurship by providing opportunities to local population to ferry our workmen
RQWKHLUYHKLFOHVWRFDUU\RXWPLQRUUHSDLUVDQGPDLQWHQDQFHZRUNLQWKHSODQWDQGDVVHPEOLQJRISDFNLQJER[HVLQ
the Jaipur plant.
LLL 7KHDOWHUQDWHORFDOYHQGRUIRUWKHVRGDOLPHVKHHWJODVVUHTXLUHGIRU6,3DQG&3SURGXFWVLVGHYHORSHGWRPLQLPL]H
the risk of dependency on imports.
LY 7KH&RPSDQ\KDVVWDUWHGGHYHORSPHQWRIPDFKLQHVLQKRXVHORFDOLQVWHDGRIEX\LQJLWIURPRWKHUFRXQWULHVHJ
KDQGOHEHQGLQJ PXJVHDOLQJPDFKLQHLVGHYHORSHGLQKRXVHZLWKLQWKH%KDUXFKSODQW7KLVKDVOHGWRVXEVWDQWLDO
UHGXFWLRQLQGHSHQGHQFHRQWKHH[WHUQDOYHQGRUVDQGUHGXFHGWLPHIRUUHSDLUDQGRWKHUZRUNV.
5. Does the company have a mechanism to recycle productsDQGZDVWH",I\HVZKDWLVWKHSHUFHQWDJHRIUHF\FOLQJ of products
DQGZDVWH VHSDUDWHO\DV! $OVRSURYLGHGHWDLOVWKHUHRILQDERXWZRUGVRUVR
<HVWKH&RPSDQ\KDVDYHU\ well-established mechanism to recycle waste generated. Details of some of the waste management
initiatives are mentioned below:
R 2XU-DLSXUSODQWKDVXWLOL]DWLRQRIWKHEURNHQZDVWHJODVV FXOOHWV LQWRWKHPDQXIDFWXULQJSURFHVVWKHUHE\PDNLQJ
it a zero-waste glass manufacturing facility.
R :DVWHJHQHUDWHGDFURVVDOORXUSODQWVDUHVROGWRWKHUHJLVWHUHGUHF\FOHUVZKLFKDUHDSSURYHGE\WKHJRYHUQPHQW
R 'XULQJ)<DURXQG./ZDWHUZDVUHF\FOHGLQ%KDUXFKSODQWDQG./ZDWHUZDVUHF\FOHGLQ-DLSXU
SODQWDQGWKHVDPHZDVXVHGIRUJDUGHQLQJDQGÀRRUFOHDQLQJ.

Principle 3 - Businesses should promote the wellbeing of all employees
3OHDVHLQGLFDWHWKH7RWDOQXPEHURIHPSOR\HHV
3OHDVHLQGLFDWHWKH7RWDOQXPEHURIHPSOR\HHVKLUHGRQWHPSRUDU\FRQWUDFWXDOFDVXDOEDVLV
3OHDVHLQGLFDWHWKH1XPEHURISHUPDQHQWZRPHQHPSOR\HHV
3OHDVHLQGLFDWH the Number of permanent employees with disabilities: Nil
5. Do you have an employee association that is recognized by management: No
:KDWSHUFHQWDJHRI\RXUSHUPDQHQWHPSOR\HHVDUHPHPEHUVRIWKLVUHFRJQL]HGHPSOR\HHDVVRFLDWLRQ"1LO(PSOR\HHV
3OHDVHLQGLFDWHWKH1XPEHURIFRPSODLQWVUHODWLQJWRFKLOGODERXUIRUFHGODERXULQYROXQWDU\ODERXUVH[XDOKDUDVVPHQWLQWKH
ODVW¿QDQFLDO\HDUDQGSHQGLQJDVRQWKHHQGRIWKH¿QDQFLDO\HDU
Sr. Category 1RRIFRPSODLQWV¿OHGGXULQJ No of complaints pending as

No. WKH¿QDQFLDO\HDU RQHQGRIWKH¿QDQFLDO\HDU
&KLOGODERXUIRUFHGODERXULQYROXQWDU\ODERXU Nil Nil
2 6H[XDOKDUDVVPHQW Nil Nil
Discriminatory employment Nil Nil
:KDWSHUFHQWDJHRI\RXUXQGHUPHQWLRQHGHPSOR\HHVZHUHJLYHQVDIHW\ VNLOOXSJUDGDWLRQWUDLQLQJLQWKHODVW\HDU"

6DIHW\7UDLQLQJVHVVLRQVDUHRUJDQLVHGRQDQRQJRLQJEDVLVWKURXJKRXWWKH\HDUIRULGHQWL¿HGHPSOR\HHV6NLOO8SJUDGDWLRQ
WUDLQLQJLVXQGHUWDNHQRQQHHGEDVLV$FURVV%RURVLO/LPLWHGHPSOR\HHVZHUHJLYHQVDIHW\DQGVNLOOXSJUDGDWLRQWUDLQLQJ
Principle 4 - Businesses should respect the interests of, and be responsive to the needs of all stakeholders, especially
those who are disadvantaged, vulnerable, and marginalized;
+DVWKHFRPSDQ\PDSSHGLWVLQWHUQDODQGH[WHUQDOVWDNHKROGHUV"<HV1R
<HVWKH&RPSDQ\KDVLGHQWL¿HGYDULRXVLQWHUQDODQGH[WHUQDOVWDNHKROGHUV
,QWHUQDOVWDNHKROGHUV±HPSOR\HHVDQGOHDGHUVKLS
([WHUQDOVWDNHKROGHUV±FXVWRPHUVYHQGRUVLQYHVWRUVUHJXODWRUVDQGORFDOFRPPXQLWLHV
These stakeholders are key to our decision making and drive our strategy for long term business sustainability.
2. OutRIWKHDERYHKDVWKHFRPSDQ\LGHQWL¿HGWKHGLVDGYDQWDJHGYXOQHUDEOH PDUJLQDOL]HGVWDNHKROGHUV
<HV7KH&RPSDQ\KDVLGHQWL¿HGWKHGLVDGYDQWDJHGYXOQHUDEOHVWDNHKROGHUV7KHZRPHQZRUNIRUFHIURPWKHORFDOFRPPXQLW\
are recognised as disadvantaged, vulnerable and marginalised.
$UH WKHUH DQ\ VSHFLDO LQLWLDWLYHV taken by the company to engage with the disadvantaged, vulnerable and marginalized
stakeholders. If so, provide details thereof, in about 50 words or so.
7KH&RPSDQ\SURPRWHVORFDOZRPHQHPSOR\PHQWDQGHPSRZHUVWKHPZLWK¿QDQFLDOLQGHSHQGHQFH7KHRSDOZDUHGHVLJQOLQH
within the Company, employs only women workforce during the morning shift. The women are trained on the necessary skills
IRUHPSOR\PHQWZLWKLQWKHSODQW)ROORZLQJLQLWLDWLYHVKDYHEHHQWDNHQE\WKH&RPSDQ\DWLWV%KDUXFK3ODQW L LQVWDOOHGWKH
52ZDWHUSODQWIRUGULQNLQJZDWHULQWKHQHDUE\YLOODJH %RULGUD LL 9DFFLQDWLRQRI&29,'WRDOOWKHZRUNPHQIUHHRIFRVW
LLL (QJDJHPHQWRIZRPHQZRUNIRUFHLQWKHSODQW LY 7UDQVSRUWDWLRQIRUFRPPXWLQJSURYLGHGE\WKHFRPSDQ\ Y 6XEVLGLVHG
FDQWHHQ IRU HPSOR\HHV YL &29,' GHDWK SROLF\ IRU ¿QDQFLDO DVVLVWDQFH WR WKH GHSHQGHQW RI HPSOR\HH YLL ,QWURGXFHG
Mediclaim policy for workmen category.
The CSR initiatives of the Company also include engaging with disadvantaged, vulnerable and marginalized stakeholders. The
PDLQ&65LQLWLDWLYHVWDNHQDUHLQWKHDUHDVRI L 7UDLQLQJWRSURPRWH2O\PSLF6SRUWV LL 3URPRWLQJJHQGHUHTXDOLW\HPSRZHULQJ
ZRPHQ LLL 3URPRWLQJKHDOWKFDUHLQFOXGLQJSUHYHQWLYHKHDOWKFDUHDQG LY (UDGLFDWLQJKXQJHUSRYHUW\DQGPDOQXWULWLRQ)RU
details on CSR initiatives, please refer the Annual Report on CSR forming part of the Board’s Report.
Principle 5 - Businesses should respect and promote human rights
'RHVWKHSROLF\RIWKHFRPSDQ\RQKXPDQULJKWVFRYHURQO\WKHFRPSDQ\RUH[WHQGWRWKH*URXS-RLQW9HQWXUHV6XSSOLHUV
&RQWUDFWRUV1*2V2WKHUV"
The Company abides by the principle of respect and support for human rights and adheres to the spirit of fundamental rights
in its policies and systems. The Company ensures that all individuals impacted by its business shall have access to grievance
redressal mechanisms. The Company conducts business in a manner that respects the rights and dignity of all people,
complying with all legal requirements.
+RZPDQ\VWDNHKROGHUFRPSODLQWVKDYHEHHQUHFHLYHGLQWKHSDVW¿QDQFLDO\HDUDQGZKDWSHUFHQWZDVVDWLVIDFWRULO\UHVROYHG
by WKHPDQDJHPHQW"
The Company has not received any complaints from any stakeholders pertaining to human rights.

Principle 6 - Businesses should respect, protect,DQGPDNHHႇRUWVWRUHVWRUHWKHHQYLURQPHQW
'RHVWKHSROLF\UHODWHGWR3ULQFLSOHFRYHURQO\WKHFRPSDQ\RUH[WHQGVWRWKH*URXS-RLQW9HQWXUHV6XSSOLHUV&RQWUDFWRUV
1*2VRWKHUV
7KH(QYLURQPHQW+HDOWK 6DIHW\3ROLF\FRYHUVWKHSHUPDQHQWHPSOR\HHVFRQWUDFWXDOHPSOR\HHVDQGLWVH[WHUQDOEXVLQHVV
associates.
'RHVWKHFRPSDQ\KDYHVWUDWHJLHVLQLWLDWLYHVWRDGGUHVVJOREDOHQYLURQPHQWDOLVVXHVVXFKDVFOLPDWHFKDQJHJOREDOZDUPLQJ
HWF"<1,I\HVSOHDVHJLYHK\SHUOLQNIRUZHESDJHHWF
<HV3OHDVHUHIHUWRWKHµ(QYLURQPHQW¶VHFWLRQRIWKH(QYLURQPHQW6RFLDODQG*RYHUQDQFH5HSRUWIRUPLQJSDUWRIWKH$QQXDO
Report.
'RHVWKH&RPSDQ\LGHQWLI\DQGDVVHVVSRWHQWLDOHQYLURQPHQWDOULVNV"<1<HV
<HV WKH &RPSDQ\ LGHQWL¿HV DQG DVVHVVHV SRWHQWLDO HQYLURQPHQWDO ULVNV 3OHDVH UHIHU WR WKH µ(QYLURQPHQW¶ VHFWLRQ RI WKH
(QYLURQPHQW6RFLDODQG*RYHUQDQFH5HSRUWIRUPLQJSDUWRIWKH$QQXDO5HSRUW
'RHV WKH FRPSDQ\ KDYH DQ\ SURMHFW UHODWHG WR &OHDQ 'HYHORSPHQW 0HFKDQLVP" ,I VR SURYLGH GHWDLOV WKHUHRI LQ DERXW
ZRUGVRUVR$OVRLI<HVZKHWKHUDQ\HQYLURQPHQWDOFRPSOLDQFHUHSRUWLV¿OHG"
$W RXU %KDUXFK SODQW WKH &RPSDQ\ LV XVLQJ DQQHDOLQJ GHFRUDWLQJ OHKUV IRU JODVVZDUH DQQHDOLQJ DQG FRORXU ¿ULQJ 7KH
(QJLQHHULQJ7HDPKDVGRQHVRPHPRGL¿FDWLRQVLQWKHVHOHKUVIRUHQHUJ\VDYLQJ$URXQG.:XQLWVZHUHVDYHGGXULQJ
)<6RLQGLUHFWO\LWKDVUHGXFHGWKHHPLVVLRQGXHWRIXHOEXUQLQJDWSRZHUVWDWLRQV$WRXU-DLSXUSODQWWKHUHLV0:
5RRIWRS6RODU3RZHUJHQHUDWLRQSODQWZKLFKZLOOLQGLUHFWO\UHGXFHWKH07RI&DUERQGLR[LGH
+DVWKHFRPSDQ\XQGHUWDNHQDQ\RWKHULQLWLDWLYHVRQ±FOHDQWHFKQRORJ\HQHUJ\HႈFLHQF\UHQHZDEOHHQHUJ\HWF<1,I\HV
please give hyperlink for web page etc.
Following are the initiatives taken by the Company:
Bharuch plant:
0RWLRQVHQVRULQVWDOOHGDWYDULRXVORFDWLRQWRVWRSFRQWUROXQZDQWHG(OHFWULFLW\FRQVXPSWLRQXSWR
1HZ*$6629LQVWDOOHGDWDOOWKHLQWHUQDOVFRULQJPDFKLQHWRVDYHWKHQDWXUDOJDVFRQVXPSWLRQE\aGXULQJFXWWLQJ
process.
+HDWUHVLVWDQWSDLQWLQDOOVL[RYHQRI6OLQHSURFHVVGRQHDVSLORWSURMHFWDQGWKHUHE\DFKLHYHGHOHFWULFLW\VDYLQJRI
.ZSHUKRXUHTXLYDOHQWWRXQLWSHUPRQWK
:,3VWRUHDUHD1RV:/('OLJKWVUHSODFHDJDLQVWWKH:QRVÀXRUHVFHQWOLJKWVDQGHQHUJ\VDYLQJXSWR
Kw per hour.
,QKRXVHR[\JHQJHQHUDWLRQXVHGDJDLQVWWKHH[WHUQDOOLTXLGR[\JHQLQHPHUJHQF\VLWXDWLRQ
1HZ*DVOHDNDJHPRQLWRULQJDQGFRQWUROOLQJV\VWHPLQVWDOOHG/3*\DUGWRDOHUWWKH/3*OHDNDJHGXULQJRSHUDWLRQ
Jaipur plant:
)RU 5HQHZDEOH (QHUJ\ XWLOL]DWLRQ 0: 5RRIWRS 6RODU SRZHU JHQHUDWLRQ SODQW LV LQVWDOOHG 7KLV KHOSHG XV DFKLHYH
FDUERQGLR[LGHUHGXFWLRQRI07LQWKHODVW\HDU
)RUIXUWKHUGHWDLOVSOHDVHUHIHUWR³&RQVHUYDWLRQRIHQHUJ\7HFKQRORJ\$EVRUSWLRQDQG)RUHLJQ([FKDQJH(DUQLQJV 2XWJR´
section of the Board’s Report.
$UHWKH(PLVVLRQV:DVWHJHQHUDWHGE\WKHFRPSDQ\ZLWKLQWKHSHUPLVVLEOHOLPLWVJLYHQE\&3&%63&%IRUWKH¿QDQFLDO\HDU
EHLQJUHSRUWHG"
<HV
1XPEHURIVKRZFDXVHOHJDOQRWLFHVUHFHLYHGIURP&3&%63&%ZKLFKDUHSHQGLQJ LHQRWUHVROYHGWRVDWLVIDFWLRQ DVRQHQG
RI)LQDQFLDO<HDU1LO
3ULQFLSOH%XVLQHVVHVZKHQHQJDJHGLQLQÀXHQFLQJSXEOLFDQGUHJXODWRU\SROLF\VKRXOGGRVRLQDUHVSRQVLEOHPDQQHU
,V\RXUFRPSDQ\DPHPEHURIDQ\WUDGHDQGFKDPEHURUDVVRFLDWLRQ",I<HV1DPHRQO\WKRVHPDMRURQHVWKDW\RXUEXVLQHVV
GHDOVZLWK<HVWKH&RPSDQ\LVDPHPEHURIWKHIROORZLQJPDMRUDVVRFLDWLRQVERGLHV
a. All India Glass Manufacturers’ Federation
E $662&+$0
F &$3(;,/

+DYH \RX DGYRFDWHGOREELHG WKURXJK DERYH DVVRFLDWLRQV IRU WKH DGYDQFHPHQW RU LPSURYHPHQW RI SXEOLF JRRG" <HV1R LI
\HVVSHFLI\WKHEURDGDUHDV GURSER[*RYHUQDQFHDQG$GPLQLVWUDWLRQ(FRQRPLF5HIRUPV,QFOXVLYH'HYHORSPHQW3ROLFLHV
(QHUJ\VHFXULW\:DWHU)RRG6HFXULW\6XVWDLQDEOH%XVLQHVV3ULQFLSOHV2WKHUV
<HV7KH1RQ([HFXWLYH&KDLUPDQRIWKH&RPSDQ\LVDPHPEHURI&RPPLWWHHRI$GPLQLVWUDWLRQRI&$3(;,/,QWKDWFDSDFLW\
he raises many issues faced by the glass industry.
Principle 8 - Businesses should support inclusive growth and equitable development
'RHVWKHFRPSDQ\KDYHVSHFL¿HGSURJUDPPHVLQLWLDWLYHVSURMHFWVLQSXUVXLWRIWKHSROLF\UHODWHGWR3ULQFLSOH",I\HVGHWDLOV
thereof.
<HVWKHVHinitiatives of the Company are provided under the CSR policy of the Company and are governed by applicable laws.
For details on CSR initiatives, please refer the Annual Report on CSR forming part of the Board’s Report.
$UHWKHSURJUDPPHVSURMHFWVXQGHUWDNHQWKURXJKLQKRXVHWHDPRZQIRXQGDWLRQH[WHUQDO1*2JRYHUQPHQWVWUXFWXUHVDQ\
RWKHURUJDQL]DWLRQ"
&65LQLWLDWLYHVIRUWKH)<ZHUHFDUULHGRXWWKURXJKLPSOHPHQWLQJDJHQFLHV)RUGHWDLOVSOHDVHUHIHUWKH$QQXDO5HSRUW
on CSR forming part of the Board’s Report.
+DYH\RXGRQHDQ\LPSDFWDVVHVVPHQWRI\RXULQLWLDWLYH"
TheLPSDFWDVVHVVPHQWLVQRWDSSOLFDEOHWRWKH&RPSDQ\DVSHU&65SURYLVLRQVRI&RPSDQLHV$FW
:KDW is your company’s direct contribution to community development projects- Amount in ` and the details of the projects
XQGHUWDNHQ"
The Company has spent ` ODNKV WRZDUGV &65 H[SHQGLWXUH GXULQJ WKH ¿QDQFLDO \HDU . For details on CSR
initiatives, please refer the Annual Report on CSR forming part of the Board’s Report.
+DYH\RXWDNHQVWHSVWRHQVXUHWKDWWKLVFRPPXQLW\GHYHORSPHQWLQLWLDWLYHLVVXFFHVVIXOO\DGRSWHGE\WKHFRPPXQLW\"3OHDVH
H[SODLQLQZRUGVRUVR
The Company through its engagement team, engages with the local community to understand the needs of the community
DQGWRFDSWXUHDQ\JULHYDQFHV:KHUHYHUSRVVLEOHZHWU\WRPHHWWKHUHTXLUHPHQWRIWKHFRPPXQLW\7KURXJKRXUYDULRXV
community development programs, we ensure the community is engaged and updated on the programs which we launch.
Principle 9 - Businesses should engage with and provide value to their customers and consumers in a responsible manner
:KDWSHUFHQWDJHRIFXVWRPHUFRPSODLQWVFRQVXPHUFDVHVDUHSHQGLQJDVRQWKHHQGRI¿QDQFLDO\HDU"
Customer Complaints are dealt with on an ongoing basis by the respective departments within the Company.
'RHVWKHFRPSDQ\GLVSOD\SURGXFWLQIRUPDWLRQRQWKHSURGXFWODEHORYHUDQGDERYHZKDWLVPDQGDWHGDVSHUORFDOODZV"<HV
1R1$5HPDUNV DGGLWLRQDOLQIRUPDWLRQ
The Company provides the information as required under the provisions of Legal Metrology Act and rules. The Company also
provides additional information like model name, product code, net weight, Bar Code and product picture. In case of electronic
DSSOLDQFHVWKH&RPSDQ\DOVRJLYHV,6,PDUNDQGHQHUJ\VSHFL¿FDWLRQGHWDLOV
,VWKHUHDQ\FDVH¿OHGE\DQ\VWDNHKROGHUDJDLQVWWKHFRPSDQ\UHJDUGLQJXQIDLUWUDGHSUDFWLFHVLUUHVSRQVLEOHDGYHUWLVLQJDQG
RUDQWLFRPSHWLWLYHEHKDYLRXUGXULQJWKHODVW¿YH\HDUVDQGSHQGLQJDVRQHQGRI¿QDQFLDO\HDU,IVR provide details thereof,
in about 50 words or so: No.
'LG\RXUFRPSDQ\FDUU\RXWDQ\FRQVXPHUVXUYH\FRQVXPHUVDWLVIDFWLRQWUHQGV"
)RU FRQVXPHU SURGXFWV WKH &RPSDQ\ GRHV 1HW 3URPRWHU 6FRUH 136 VXUYH\ DQG KDSS\ FDOOLQJ IRU VXUYH\V RQ FXVWRPHU
VDWLVIDFWLRQWKURXJK&XVWRPHU5HODWLRQVKLS0DQDJHPHQW &50 WHDP,Q136WKHconsumers are asked to rate for satisfaction
RQDVFDOHRIWREHLQJWKHORZHVWVDWLVIDFWLRQDQGEHLQJWKHKLJKHVW$IWHUHYHU\FRPSODLQWLVUHVROYHGFDOOFHQWUH
team pro-actively calls customers and gets feedback on satisfaction. Apart from that, we have dashboards developed to track
consumer ratings on Amazon for our products. This dashboard gives us insights on products that are high on ratings and
measures are taken for products that are losing its ratings.
)RUVFLHQWL¿FDQGLQGXVWULDOSURGXFWVWKH&RPSDQ\VHHNVIHHGEDFNIURPLWVGHDOHUV7KHVDOHVVWDႇRIWKH&RPSDQ\FRRUGLQDWHV
with the clients and tries to resolve issues, if any, to meet their requirements.

INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF BOROSIL LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJVWDQGDORQH¿QDQFLDOVWDWHPHQWVRIBOROSIL LIMITED (“the Company”), which comprise the
balance sheet as at 31st0DUFKDQGWKHVWDWHPHQWRISUR¿WDQGORVV LQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPH VWDWHPHQWRI
FKDQJHVLQHTXLW\DQGVWDWHPHQWRIFDVKÀRZVIRUWKH\HDUWKHQHQGHGDQGQRWHVWRWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVLQFOXGLQJ
D VXPPDU\ RI VLJQL¿FDQW DFFRXQWLQJ SROLFLHV DQG RWKHU H[SODQDWRU\ LQIRUPDWLRQ KHUHLQDIWHU UHIHUUHG WR DV ³VWDQGDORQH ¿QDQFLDO
statements”).
,QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVWKHDIRUHVDLGVWDQGDORQH¿QDQFLDO
VWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\&RPSDQLHV$FW ³WKH$FW´ LQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZ
LQFRQIRUPLW\ZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDRIWKHVWDWHRIDႇDLUVRIWKH&RPSDQ\DVDWst March 2022,
DQGLWVSUR¿WLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHFKDQJHVLQHTXLW\DQGLWVFDVKÀRZVIRUWKH\HDUHQGHGRQWKDWGDWH
Basis for Opinion
:H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH 6WDQGDUGV RQ $XGLWLQJ 6$V VSHFL¿HG XQGHU VHFWLRQ RI WKH $FW 2XU
UHVSRQVLELOLWLHVXQGHUWKRVH6WDQGDUGVDUHIXUWKHUGHVFULEHGLQWKH$XGLWRU¶V5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH6WDQGDORQH¿QDQFLDO
VWDWHPHQWVVHFWLRQRIRXUUHSRUW:HDUHLQGHSHQGHQWRIWKH&RPSDQ\LQDFFRUGDQFHZLWKWKH&RGHRI(WKLFVLVVXHGE\WKH,QVWLWXWH
RI &KDUWHUHG$FFRXQWDQWV RI ,QGLD ,&$, WRJHWKHU ZLWK WKH HWKLFDO UHTXLUHPHQWV WKDW DUH UHOHYDQW WR RXU DXGLW RI WKH VWDQGDORQH
¿QDQFLDOVWDWHPHQWVXQGHUWKHSURYLVLRQVRIWKH$FWDQGWKH5XOHVWKHUHXQGHUDQGZHKDYHIXO¿OOHGRXURWKHUHWKLFDOUHVSRQVLELOLWLHVLQ
DFFRUGDQFHZLWKWKHVHUHTXLUHPHQWVDQGWKH,&$,¶V&RGHRI(WKLFV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXႈFLHQW
DQGDSSURSULDWHWRSURYLGHDEDVLVIRURXURSLQLRQRQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWV
Emphasis of Matter
:H GUDZ DWWHQWLRQ WR 1RWH WR WKH 6WDQGDORQH )LQDQFLDO 6WDWHPHQWV LQ UHVSHFW RI ORVV RI SURSHUW\ LQFOXGLQJ ¿[HG DVVHWV
LQYHQWRULHVGXHWR¿UHDW&RPSDQ\¶VZDUHKRXVHVLWXDWHGDW%KDUXFK*XMUDWDQGORVVRILQYHQWRULHVGXHWRKHDY\UDLQDWWKH&RPSDQ\¶V
ZDUHKRXVHVLWXDWHGDW%KLZDQGL0DKDUDVKWUD3HQGLQJ¿QDOL]DWLRQRIEDODQFH,QVXUDQFHFODLPORVVRIÒDNKVIRUWKH\HDU
ended 31st0DUFKKDVEHHQUHFRJQLVHGDVSHU&RPSDQ\¶VHVWLPDWHV2XURSLQLRQLVQRWPRGL¿HGLQUHVSHFWRIWKLVPDWWHU
Key Audit Matters
.H\ DXGLW PDWWHUV DUH WKRVH PDWWHUV WKDW LQ RXU SURIHVVLRQDO MXGJPHQW ZHUH RI PRVW VLJQL¿FDQFH LQ RXU DXGLW RI WKH VWDQGDORQH
¿QDQFLDO VWDWHPHQWV RI WKH FXUUHQW \HDU 7KHVH PDWWHUV ZHUH DGGUHVVHG LQ WKH FRQWH[W RI RXU DXGLW RI WKH VWDQGDORQH ¿QDQFLDO
VWDWHPHQWVDVDZKROHDQGLQIRUPLQJRXURSLQLRQWKHUHRQDQGZHGRQRWSURYLGHDVHSDUDWHRSLQLRQRQWKHVHPDWWHUV)RUWKHPDWWHU
EHORZRXUGHVFULSWLRQRIKRZRXUDXGLWDGGUHVVHGWKHPDWWHULVSURYLGHGLQWKDWFRQWH[W
:H KDYH GHWHUPLQHG WKH PDWWHU GHVFULEHG EHORZ WR EH WKH NH\ DXGLW PDWWHU WR EH FRPPXQLFDWHG LQ RXU UHSRUW :H KDYH IXO¿OOHG
WKH UHVSRQVLELOLWLHV GHVFULEHG LQ WKH$XGLWRUV¶ UHVSRQVLELOLWLHV IRU WKH DXGLW RI WKH VWDQGDORQH ¿QDQFLDO VWDWHPHQWV VHFWLRQ RI RXU
UHSRUWLQFOXGLQJLQUHODWLRQWRWKDWPDWWHU$FFRUGLQJO\RXUDXGLWLQFOXGHGWKHSHUIRUPDQFHRISURFHGXUHVGHVLJQHGWRUHVSRQGWR
RXUDVVHVVPHQWRIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWV7KHUHVXOWVRIRXUDXGLWSURFHGXUHV
LQFOXGLQJ WKH SURFHGXUHV SHUIRUPHG WR DGGUHVV WKH PDWWHU EHORZ SURYLGH WKH EDVLV IRU RXU DXGLW RSLQLRQ RQ WKH DFFRPSDQ\LQJ
VWDQGDORQH¿QDQFLDOVWDWHPHQWV
Key Audit Matters How our audit addressed the key audit matter
Revenue
5HYHQXHLVUHFRJQL]HGQHWRIGLVFRXQWV UHEDWHVHDUQHGE\WKH :H DVVHVVHG WKH &RPSDQ\¶V SURFHVVHV DQG FRQWUROV IRU
FXVWRPHUV RQ WKH &RPSDQ\¶V VDOHV 7KH GLVFRXQWV UHEDWHV UHFRJQL]LQJUHYHQXHDVSDUWRIRXUDXGLW2XUDXGLWSURFHGXUHV
UHFRJQL]HGEDVHGRQVDOHVPDGHGXULQJWKH\HDU LQFOXGHGWKHIROORZLQJ
5HYHQXH LV UHFRJQL]HG ZKHQ FRQWURO RI WKH XQGHUO\LQJ $VVHVVLQJ WKH HQYLURQPHQW RI WKH ,7 V\VWHPV UHODWHG WR
SURGXFWV KDYH EHHQ WUDQVIHUUHG DORQJ ZLWK VDWLVIDFWLRQ RI invoicing and measurement as well as other relevant
SHUIRUPDQFH REOLJDWLRQ 7KH WHUPV RI VDOHV DUUDQJHPHQWV V\VWHPVVXSSRUWLQJWKHDFFRXQWLQJRIUHYHQXH
LQFOXGLQJ WKH WLPLQJ RI WUDQVIHU RI FRQWURO WKH QDWXUH RI 3HUIRUPHGVDPSOHWHVWVRILQGLYLGXDOVDOHVWUDQVDFWLRQDQG
discount and rebates arrangements and delivery traced to sales invoices, sales orders shipping documents
VSHFL¿FDWLRQV FUHDWH FRPSOH[LW\ DQG MXGJPHQW LQ DQGRWKHUUHODWHGGRFXPHQWV,QUHVSHFWRIWKHVDPSOHV
determining sales revenues. VHOHFWHGWHVWHGWKDWWKHUHYHQXHKDVEHHQUHFRJQL]HGDV
)XUWKHU FXVWRPHU¶V UHEDWHGLVFRXQWV UHSUHVHQW D PDWHULDO per the sales orders;
UHGXFWLRQLQVDOHVDQGSURFHVVIRUFDOFXODWLQJDQGUHFRUGLQJWKH :H SHUIRUPHG SURFHGXUHV WR LGHQWLI\ DQ\ VLJQL¿FDQW
DERYHLQYROYHVVLJQL¿FDQWPDQXDOSURFHVV transactions recorded manually and obtained evidence
5LVNH[LVWVWKDWUHYHQXHLVUHFRJQLVHGZLWKRXWVXEVWDQWLDOWUDQVIHU WR VXSSRUW WKH UHFRJQLWLRQ DQG WLPLQJ RI UHEDWHGLVFRXQW
RIFRQWURODQGLVQRWLQDFFRUGDQFHZLWK,QG$6µ5HYHQXHIURP amounts based on the documents.
FRQWUDFWVZLWKFXVWRPHUV¶UHVXOWLQJLQWRUHFRJQLWLRQRIUHYHQXHLQ 9HULI\LQJ WKH FRPSOHWHQHVV RI GLVFORVXUH LQ WKH ¿QDQFLDO
incorrect period. VWDWHPHQWVDVSHU,QG$6

,QIRUPDWLRQ2WKHUWKDQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVDQG$XGLWRU¶V5HSRUW7KHUHRQ
7KH&RPSDQ\¶V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHRWKHULQIRUPDWLRQ7KHRWKHULQIRUPDWLRQFRPSULVHVWKHLQIRUPDWLRQLQFOXGHG
LQWKH$QQXDO5HSRUWEXWGRHVQRWLQFOXGHWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVDQGRXUDXGLWRU¶VUHSRUWWKHUHRQ
2XURSLQLRQRQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVGRHVQRWFRYHUWKHRWKHULQIRUPDWLRQDQGZHGRQRWH[SUHVVDQ\IRUPRIDVVXUDQFH
conclusion thereon.
,QFRQQHFWLRQZLWKRXUDXGLWRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVRXUUHVSRQVLELOLW\LVWRUHDGWKHRWKHULQIRUPDWLRQLGHQWL¿HGDERYH
DQGLQGRLQJVRFRQVLGHUZKHWKHUWKHRWKHULQIRUPDWLRQLVPDWHULDOO\LQFRQVLVWHQWZLWKWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVRURXU
NQRZOHGJHREWDLQHGLQWKHDXGLWRURWKHUZLVHDSSHDUVWREHPDWHULDOO\PLVVWDWHG
,IEDVHGRQWKHZRUNZHKDYHSHUIRUPHGZHFRQFOXGHWKDWWKHUHLVDPDWHULDOPLVVWDWHPHQWRIWKLVRWKHULQIRUPDWLRQZHDUHUHTXLUHG
to communicate the matter to those charged with governance. We have nothing to report in this regard.
5HVSRQVLELOLWLHVRI0DQDJHPHQWDQG7KRVH&KDUJHGZLWK*RYHUQDQFHIRUWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWV
7KH&RPSDQ\¶V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHGLQVHFWLRQ RIWKH$FWZLWKUHVSHFWWRWKHSUHSDUDWLRQ
RIWKHVHVWDQGDORQH¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRIWKH¿QDQFLDOSRVLWLRQ¿QDQFLDOSHUIRUPDQFHLQFOXGLQJRWKHU
FRPSUHKHQVLYHLQFRPHFKDQJHVLQHTXLW\DQGFDVKÀRZVRIWKH&RPSDQ\LQDFFRUGDQFHZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\
DFFHSWHG LQ ,QGLD LQFOXGLQJ WKH DFFRXQWLQJ 6WDQGDUGV VSHFL¿HG XQGHU VHFWLRQ RI WKH$FW UHDG ZLWK WKH &RPSDQLHV ,QGLDQ
$FFRXQWLQJ6WDQGDUGV 5XOHVDVDPHQGHG
7KLV UHVSRQVLELOLW\ DOVR LQFOXGHV PDLQWHQDQFH RI DGHTXDWH DFFRXQWLQJ UHFRUGV LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI WKH $FW IRU
VDIHJXDUGLQJRIWKHDVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHULUUHJXODULWLHVVHOHFWLRQDQGDSSOLFDWLRQ
RIDSSURSULDWHLPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDFFRXQWLQJSROLFLHVPDNLQJMXGJPHQWVDQGHVWLPDWHVWKDWDUHUHDVRQDEOHDQG
SUXGHQW DQG GHVLJQ LPSOHPHQWDWLRQ DQG PDLQWHQDQFH RI DGHTXDWH LQWHUQDO ¿QDQFLDO FRQWUROV WKDW ZHUH RSHUDWLQJ HႇHFWLYHO\ IRU
HQVXULQJWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVUHOHYDQWWRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHVWDQGDORQH
¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
,QSUHSDULQJWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVPDQDJHPHQWLVUHVSRQVLEOHIRUDVVHVVLQJWKH&RPSDQ\¶VDELOLW\WRFRQWLQXHDVD
JRLQJFRQFHUQGLVFORVLQJDVDSSOLFDEOHPDWWHUVUHODWHGWRJRLQJFRQFHUQDQGXVLQJWKHJRLQJFRQFHUQEDVLVRIDFFRXQWLQJXQOHVV
PDQDJHPHQWHLWKHULQWHQGVWROLTXLGDWHWKH&RPSDQ\RUWRFHDVHRSHUDWLRQVRUKDVQRUHDOLVWLFDOWHUQDWLYHEXWWRGRVR7KRVH%RDUG
RI'LUHFWRUVDUHDOVRUHVSRQVLEOHIRURYHUVHHLQJWKH&RPSDQ\¶V¿QDQFLDOUHSRUWLQJSURFHVV
$XGLWRU¶V5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH6WDQGDORQH¿QDQFLDOVWDWHPHQWV
2XU REMHFWLYHV DUH WR REWDLQ UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU WKH VWDQGDORQH ¿QDQFLDO VWDWHPHQWV DV D ZKROH DUH IUHH IURP
PDWHULDO PLVVWDWHPHQW ZKHWKHU GXH WR IUDXG RU HUURU DQG WR LVVXH DQ DXGLWRU¶V UHSRUW WKDW LQFOXGHV RXU RSLQLRQ 5HDVRQDEOH
DVVXUDQFHLVDKLJKOHYHORIDVVXUDQFHEXWLVQRWDJXDUDQWHHWKDWDQDXGLWFRQGXFWHGLQDFFRUGDQFHZLWK6$VZLOODOZD\VGHWHFWD
PDWHULDOPLVVWDWHPHQWZKHQLWH[LVWV0LVVWDWHPHQWVFDQDULVHIURPIUDXGRUHUURUDQGDUHFRQVLGHUHGPDWHULDOLILQGLYLGXDOO\RULQWKH
DJJUHJDWHWKH\FRXOGUHDVRQDEO\EHH[SHFWHGWRLQÀXHQFHWKHHFRQRPLFGHFLVLRQVRIXVHUVWDNHQRQWKHEDVLVRIWKHVHVWDQGDORQH
¿QDQFLDOVWDWHPHQWV
$VSDUWRIDQDXGLWLQDFFRUGDQFHZLWK6$VZHH[HUFLVHSURIHVVLRQDOMXGJPHQWDQGPDLQWDLQSURIHVVLRQDOVFHSWLFLVPWKURXJKRXWWKH
DXGLW:HDOVR
,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU
GHVLJQDQGSHUIRUPDXGLWSURFHGXUHVUHVSRQVLYHWRWKRVHULVNVDQGREWDLQDXGLWHYLGHQFHWKDWLVVXႈFLHQWDQGDSSURSULDWH
WRSURYLGH D EDVLV IRURXU RSLQLRQ7KH ULVN RIQRW GHWHFWLQJ D PDWHULDO PLVVWDWHPHQW UHVXOWLQJ IURPIUDXG LV KLJKHU WKDQ IRU
RQHUHVXOWLQJIURPHUURUDVIUDXGPD\LQYROYHFROOXVLRQIRUJHU\LQWHQWLRQDORPLVVLRQVPLVUHSUHVHQWDWLRQVRUWKHRYHUULGHRI
internal control.
2EWDLQ DQ XQGHUVWDQGLQJ RI LQWHUQDO ¿QDQFLDO FRQWUROV UHOHYDQW WR WKH DXGLW LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH
DSSURSULDWHLQWKHFLUFXPVWDQFHV8QGHUVHFWLRQ L RIWKH$FWZHDUHDOVRUHVSRQVLEOHIRUH[SUHVVLQJRXURSLQLRQRQ
ZKHWKHUWKH&RPSDQ\KDVDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVLQSODFHDQG
WKHRSHUDWLQJHႇHFWLYHQHVVRIVXFKFRQWUROV
(YDOXDWH WKH DSSURSULDWHQHVV RI DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV DQG UHODWHG
disclosures made by management.
&RQFOXGH RQ WKH DSSURSULDWHQHVV RI PDQDJHPHQW¶V XVH RI WKH JRLQJ FRQFHUQ EDVLV RI DFFRXQWLQJ DQG EDVHG RQ WKH DXGLW
HYLGHQFHREWDLQHGZKHWKHUDPDWHULDOXQFHUWDLQW\H[LVWVUHODWHGWRHYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQL¿FDQWGRXEWRQWKH
DELOLW\RIWKH&RPSDQ\WRFRQWLQXHDVDJRLQJFRQFHUQ,IZHFRQFOXGHWKDWDPDWHULDOXQFHUWDLQW\H[LVWVZHDUHUHTXLUHGWR
GUDZDWWHQWLRQLQRXUDXGLWRU¶VUHSRUWWRWKHUHODWHGGLVFORVXUHVLQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVRULIVXFKGLVFORVXUHVDUH
LQDGHTXDWHWRPRGLI\RXURSLQLRQ2XUFRQFOXVLRQVDUHEDVHGRQWKHDXGLWHYLGHQFHREWDLQHGXSWRWKHGDWHRIRXUDXGLWRU¶V
UHSRUW+RZHYHUIXWXUHHYHQWVRUFRQGLWLRQVPD\FDXVHWKH&RPSDQ\WRFHDVHWRFRQWLQXHDVDJRLQJFRQFHUQ

(YDOXDWHWKHRYHUDOOSUHVHQWDWLRQVWUXFWXUHDQGFRQWHQWRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVLQFOXGLQJWKHGLVFORVXUHVDQG
ZKHWKHUWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVUHSUHVHQWWKHXQGHUO\LQJWUDQVDFWLRQVDQGHYHQWVLQDPDQQHUWKDWDFKLHYHVIDLU
presentation.
:HFRPPXQLFDWHZLWKWKRVHFKDUJHGZLWKJRYHUQDQFHUHJDUGLQJDPRQJRWKHUPDWWHUVWKHSODQQHGVFRSHDQGWLPLQJRIWKHDXGLWDQG
VLJQL¿FDQWDXGLW¿QGLQJVLQFOXGLQJDQ\VLJQL¿FDQWGH¿FLHQFLHVLQLQWHUQDOFRQWUROWKDWZHLGHQWLI\GXULQJRXUDXGLW
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
LQGHSHQGHQFHDQGZKHUHDSSOLFDEOHUHODWHGVDIHJXDUGV
)URPWKHPDWWHUVFRPPXQLFDWHGZLWKWKRVHFKDUJHGZLWKJRYHUQDQFHZHGHWHUPLQHWKRVHPDWWHUVWKDWZHUHRIPRVWVLJQL¿FDQFH
LQWKHDXGLWRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVRIWKHFXUUHQW\HDUDQGDUHWKHUHIRUHWKHNH\DXGLWPDWWHUV:HGHVFULEHWKHVH
PDWWHUV LQ RXU DXGLWRU¶V UHSRUW XQOHVV ODZ RU UHJXODWLRQ SUHFOXGHV SXEOLF GLVFORVXUH DERXW WKH PDWWHU RU ZKHQ LQ H[WUHPHO\ UDUH
FLUFXPVWDQFHVZHGHWHUPLQHWKDWDPDWWHUVKRXOGQRWEHFRPPXQLFDWHGLQRXUUHSRUWEHFDXVHWKHDGYHUVHFRQVHTXHQFHVRIGRLQJ
VRZRXOGUHDVRQDEO\EHH[SHFWHGWRRXWZHLJKWKHSXEOLFLQWHUHVWEHQH¿WVRIVXFKFRPPXQLFDWLRQ
Report on Other Legal and Regulatory Requirements
$VUHTXLUHGE\WKH&RPSDQLHV $XGLWRU¶V5HSRUW 2UGHU ³WKH2UGHU´ LVVXHGE\WKH&HQWUDO*RYHUQPHQWRI,QGLDLQWHUPV
RIVXEVHFWLRQ RIVHFWLRQRIWKH&RPSDQLHV$FWZHJLYHLQWKH³$QQH[XUH%´DVWDWHPHQWRQWKHPDWWHUVVSHFL¿HG
LQSDUDJUDSKVDQGRIWKH2UGHUWRWKHH[WHQWDSSOLFDEOH
$VUHTXLUHGE\6HFWLRQ RIWKH$FWZHUHSRUWWKDW
D :HKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQGH[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIZHUH
QHFHVVDU\IRUWKHSXUSRVHVRIRXUDXGLW
E ,QRXURSLQLRQSURSHUERRNVRIDFFRXQWDVUHTXLUHGE\ODZKDYHEHHQNHSWE\WKH&RPSDQ\VRIDUDVLWDSSHDUVIURPRXU
H[DPLQDWLRQRIWKRVHERRNV
F 7KH%DODQFH6KHHWWKH6WDWHPHQWRI3UR¿WDQG/RVV LQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPH WKHVWDWHPHQWRI&KDQJHV
LQ(TXLW\DQGWKH6WDWHPHQWRI&DVK)ORZVGHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQWZLWKWKHERRNVRIDFFRXQW
G ,Q RXU RSLQLRQ WKH DIRUHVDLG VWDQGDORQH ¿QDQFLDO VWDWHPHQWV FRPSO\ ZLWK WKH ,QGLDQ$FFRXQWLQJ 6WDQGDUGV VSHFL¿HG
XQGHU6HFWLRQRIWKH$FWUHDGZLWKWKH&RPSDQLHV ,QGLDQ$FFRXQWLQJ6WDQGDUGV 5XOHV
H 2QWKHEDVLVRIWKHZULWWHQUHSUHVHQWDWLRQVUHFHLYHGIURPWKHGLUHFWRUVDVRQst0DUFKWDNHQRQUHFRUGE\WKH
%RDUGRI'LUHFWRUVQRQHRIWKHGLUHFWRUVLVGLVTXDOL¿HGDVRQst0DUFKIURPEHLQJDSSRLQWHGDVDGLUHFWRULQWHUPV
RI6HFWLRQ RIWKH$FW
I :LWKUHVSHFWWRWKHDGHTXDF\RIWKHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVRIWKH
&RPSDQ\DQGWKHRSHUDWLQJHႇHFWLYHQHVVRIVXFKFRQWUROVUHIHUWRRXUVHSDUDWH5HSRUWLQ³$QQH[XUH$´
J :LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRU¶V5HSRUWLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIVHFWLRQ
RIWKH$FWDVDPHQGHG
,QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVWKHUHPXQHUDWLRQSDLGRU
SURYLGHGE\WKH&RPSDQ\WRLWVGLUHFWRUVGXULQJWKH\HDULVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIVHFWLRQUHDGZLWK
6FKHGXOH9WRWKH$FW
K :LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRU¶V5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH&RPSDQLHV
$XGLWDQG$XGLWRUV 5XOHVLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQV
JLYHQWRXV
L 7KH&RPSDQ\KDVGLVFORVHGWKHLPSDFWRISHQGLQJOLWLJDWLRQVRQLWV¿QDQFLDOSRVLWLRQLQLWVVWDQGDORQH¿QDQFLDO
VWDWHPHQWV5HIHU1RWHWRWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWV
LL 7KH&RPSDQ\GLGQRWKDYHDQ\ORQJWHUPFRQWUDFWVLQFOXGLQJGHULYDWLYHFRQWUDFWVIRUZKLFKWKHUHZHUHDQ\PDWHULDO
IRUHVHHDEOHORVVHV
LLL 7KHUHZHUHQRDPRXQWVZKLFKZHUHUHTXLUHGWREHWUDQVIHUUHGWRWKH,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGE\
the Company.
LY D 0DQDJHPHQWKDVUHSUHVHQWHGWRXVWKDWWRWKHEHVWRILW¶VNQRZOHGJHDQGEHOLHIDVGLVFORVHGLQWKHQRWHV
WR WKH VWDQGDORQH ¿QDQFLDO VWDWHPHQWV QR IXQGV KDYH EHHQ DGYDQFHG RU ORDQHG RU LQYHVWHG HLWKHU IURP
ERUURZHGIXQGVRUVKDUHSUHPLXPRUDQ\RWKHUVRXUFHVRUNLQGRIIXQGV E\WKH&RPSDQ\WRRULQDQ\RWKHU
SHUVRQVRUHQWLWLHVLQFOXGLQJIRUHLJQHQWLWLHV ³,QWHUPHGLDULHV´ ZLWKWKHXQGHUVWDQGLQJZKHWKHUUHFRUGHGLQ
writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons
RUHQWLWLHVLGHQWL¿HGLQDQ\PDQQHUZKDWVRHYHUE\RURQEHKDOIRIWKH&RPSDQ\ ³8OWLPDWH%HQH¿FLDULHV´ RU
SURYLGHDQ\JXDUDQWHHVHFXULW\RUWKHOLNHRQEHKDOIRIWKH8OWLPDWH%HQH¿FLDULHV

E 0DQDJHPHQWKDVUHSUHVHQWHGWRXVWKDWWRWKHEHVWRILW¶VNQRZOHGJHDQGEHOLHIDVGLVFORVHGLQWKHQRWHV
WRWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVQRIXQGVKDYHEHHQUHFHLYHGE\WKH&RPSDQ\IURPDQ\SHUVRQ V RU
HQWLW\ LHV LQFOXGLQJIRUHLJQHQWLWLHV ³)XQGLQJ3DUWLHV´ ZLWKWKHXQGHUVWDQGLQJZKHWKHUUHFRUGHGLQZULWLQJ
or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities
LGHQWL¿HGLQDQ\PDQQHUZKDWVRHYHUE\RURQEHKDOIRIWKH)XQGLQJ3DUW\ ³8OWLPDWH%HQH¿FLDULHV´ RUSURYLGH
DQ\JXDUDQWHHVHFXULW\RUWKHOLNHRQEHKDOIRIWKH8OWLPDWH%HQH¿FLDULHV
F %DVHG RQ RXU DXGLW SURFHGXUH SHUIRUPHG WKDW ZHUH FRQVLGHUHG UHDVRQDEOH DQG DSSURSULDWH LQ WKH
circumstances, nothing has come to our attention that cause us to believe that the representation given by
WKHPDQDJHPHQWXQGHUSDUDJUDSK K LY D E FRQWDLQDQ\PDWHULDOPLVVWDWHPHQW
Y 7KH GLYLGHQG SDLG E\ WKH &RPSDQ\ GXULQJ WKH \HDU LV LQ DFFRUGDQFH ZLWK VHFWLRQ RI WKH$FW WR WKH H[WHQW
applicable.
Other Matter
$WWHQWLRQLVGUDZQWRWKHIDFWWKDWWKH¿JXUHVIRUWKH\HDUHQGHGst0DUFKDUHEDVHGRQSUHYLRXVO\LVVXHGVWDQGDORQH¿QDQFLDO
statements that were audited by predecessor auditor, whose report dated 27th 0D\ H[SUHVVHG DQ XQPRGL¿HG RSLQLRQ 2XU
RSLQLRQLVQRWPRGL¿HGLQUHVSHFWRIDERYHPDWWHU
For CHATURVEDI & SHAH LLP

&KDUWHUHG$FFRXQWDQWV
)LUP5HJ1R::
R. Koria
3DUWQHU
(Membership No. 35629)
8',11R$,8$2*
3ODFH 0XPEDL
'DWHGth May, 2022

ANNEXURE A” TO INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 (f) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date to the
PHPEHUVRI%2526,//,0,7('RQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHGst March, 2022)
5HSRUWRQWKH,QWHUQDO)LQDQFLDO&RQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVXQGHU&ODXVH L RI6XEVHFWLRQ
3 of Section 143 of the Companies Act, 2013 (“the Act”)
:H KDYH DXGLWHG WKH LQWHUQDO ¿QDQFLDO FRQWUROV ZLWK UHIHUHQFH WR VWDQGDORQH ¿QDQFLDO VWDWHPHQWV RI BOROSIL LIMITED (“the
&RPSDQ\´ DVRIst0DUFKLQFRQMXQFWLRQZLWKRXUDXGLWRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDU
ended on that date.
Management’s Responsibility for Internal Financial Controls
7KH&RPSDQ\¶VPDQDJHPHQWLVUHVSRQVLEOHIRUHVWDEOLVKLQJDQGPDLQWDLQLQJLQWHUQDO¿QDQFLDOFRQWUROVEDVHGRQWKHLQWHUQDOFRQWURO
ZLWK UHIHUHQFH WR VWDQGDORQH ¿QDQFLDO VWDWHPHQWV FULWHULD HVWDEOLVKHG E\ WKH &RPSDQ\ FRQVLGHULQJ WKH HVVHQWLDO FRPSRQHQWV RI
LQWHUQDOFRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROVRYHU¿QDQFLDOUHSRUWLQJ WKH³*XLGDQFH1RWH´
LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI ,QGLD ,&$, 7KHVH UHVSRQVLELOLWLHV LQFOXGH WKH GHVLJQ LPSOHPHQWDWLRQ DQG
PDLQWHQDQFHRIDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHႇHFWLYHO\IRUHQVXULQJWKHRUGHUO\DQGHႈFLHQWFRQGXFWRI
LWVEXVLQHVVLQFOXGLQJDGKHUHQFHWR&RPSDQ\¶VSROLFLHVWKHVDIHJXDUGLQJRILWVDVVHWVWKHSUHYHQWLRQDQGGHWHFWLRQRIIUDXGVDQG
HUURUV WKH DFFXUDF\ DQG FRPSOHWHQHVV RI WKH DFFRXQWLQJ UHFRUGV DQG WKH WLPHO\ SUHSDUDWLRQ RI UHOLDEOH ¿QDQFLDO LQIRUPDWLRQ DV
UHTXLUHGXQGHUWKH$FW
Auditor’s Responsibility
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKH &RPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWUROV ZLWK UHIHUHQFH WR VWDQGDORQH ¿QDQFLDO
VWDWHPHQWV EDVHG RQ RXU DXGLW :H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH *XLGDQFH 1RWH DQG WKH 6WDQGDUGV RQ$XGLWLQJ
SUHVFULEHGXQGHU6HFWLRQ RIWKH$FWWRWKHH[WHQWDSSOLFDEOHWRDQDXGLWRILQWHUQDO¿QDQFLDOFRQWUROV7KRVH6WDQGDUGVDQG
WKH*XLGDQFH1RWHUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFH
DERXWZKHWKHUDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVZDVHVWDEOLVKHGDQGPDLQWDLQHG
DQGLIVXFKFRQWUROVRSHUDWHGHႇHFWLYHO\LQDOOPDWHULDOUHVSHFWV
2XU DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH DERXW WKH DGHTXDF\ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV ZLWK
UHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVDQGWKHLURSHUDWLQJHႇHFWLYHQHVV2XUDXGLWRILQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFH
WRVWDQGDORQH¿QDQFLDOVWDWHPHQWVLQFOXGHGREWDLQLQJDQXQGHUVWDQGLQJRILQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWRVWDQGDORQH
¿QDQFLDO VWDWHPHQWV DVVHVVLQJ WKH ULVN WKDW D PDWHULDO ZHDNQHVV H[LVWV DQG WHVWLQJ DQG HYDOXDWLQJ WKH GHVLJQ DQG RSHUDWLQJ
HႇHFWLYHQHVVRILQWHUQDOFRQWUROEDVHGRQWKHDVVHVVHGULVN7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRU¶VMXGJPHQWLQFOXGLQJ
WKHDVVHVVPHQWRIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXႈFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKH
&RPSDQ\¶VLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWV
0HDQLQJRI,QWHUQDO)LQDQFLDO&RQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWV
$&RPSDQ\¶VLQWHUQDO¿QDQFLDOFRQWUROZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVLVDSURFHVVGHVLJQHGWRSURYLGHUHDVRQDEOH
DVVXUDQFHUHJDUGLQJWKHUHOLDELOLW\RI¿QDQFLDOUHSRUWLQJDQGWKHSUHSDUDWLRQRIVWDQGDORQH¿QDQFLDOVWDWHPHQWVIRUH[WHUQDOSXUSRVHV
LQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHV$&RPSDQ\¶VLQWHUQDO¿QDQFLDOFRQWUROZLWKUHIHUHQFHWRVWDQGDORQH
¿QDQFLDOVWDWHPHQWVLQFOXGHVWKRVHSROLFLHVDQGSURFHGXUHVWKDW SHUWDLQWRWKHPDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOHGHWDLO
DFFXUDWHO\ DQG IDLUO\ UHÀHFW WKH WUDQVDFWLRQV DQG GLVSRVLWLRQV RI WKH DVVHWV RI WKH &RPSDQ\ SURYLGH UHDVRQDEOH DVVXUDQFH
WKDWWUDQVDFWLRQVDUHUHFRUGHGDVQHFHVVDU\WRSHUPLWSUHSDUDWLRQRIVWDQGDORQH¿QDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWKJHQHUDOO\
DFFHSWHG DFFRXQWLQJ SULQFLSOHV DQG WKDW UHFHLSWV DQG H[SHQGLWXUHV RI WKH &RPSDQ\ DUH EHLQJ PDGH RQO\ LQ DFFRUGDQFH ZLWK
DXWKRULVDWLRQVRIPDQDJHPHQWDQGGLUHFWRUVRIWKH&RPSDQ\DQG SURYLGHUHDVRQDEOHDVVXUDQFHUHJDUGLQJSUHYHQWLRQRUWLPHO\
GHWHFWLRQRIXQDXWKRULVHGDFTXLVLWLRQXVHRUGLVSRVLWLRQRIWKH&RPSDQ\¶VDVVHWVWKDWFRXOGKDYHDPDWHULDOHႇHFWRQWKHVWDQGDORQH
¿QDQFLDOVWDWHPHQWV

,QKHUHQW/LPLWDWLRQVRI,QWHUQDO)LQDQFLDO&RQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWV
%HFDXVH RI WKH LQKHUHQW OLPLWDWLRQV RI LQWHUQDO ¿QDQFLDO FRQWUROV ZLWK UHIHUHQFH WR VWDQGDORQH ¿QDQFLDO VWDWHPHQWV LQFOXGLQJ WKH
SRVVLELOLW\RIFROOXVLRQRULPSURSHUPDQDJHPHQWRYHUULGHRIFRQWUROVPDWHULDOPLVVWDWHPHQWVGXHWRHUURURUIUDXGPD\RFFXUDQGQRW
EHGHWHFWHG$OVRSURMHFWLRQVRIDQ\HYDOXDWLRQRIWKHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVWR
IXWXUHSHULRGVDUHVXEMHFWWRWKHULVNWKDWWKHLQWHUQDO¿QDQFLDOFRQWUROZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVPD\EHFRPH
LQDGHTXDWHEHFDXVHRIFKDQJHVLQFRQGLWLRQVRUWKDWWKHGHJUHHRIFRPSOLDQFHZLWKWKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH
Opinion
,QRXURSLQLRQWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVLQDOOPDWHULDOUHVSHFWV
DQDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVDQGVXFKLQWHUQDO¿QDQFLDOFRQWUROVZLWK
UHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVZHUHRSHUDWLQJHႇHFWLYHO\DVDWst March, 2022 based on the internal control with
UHIHUHQFHWRVWDQGDORQH¿QDQFLDOVWDWHPHQWVFULWHULDRYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\FRQVLGHULQJWKH
HVVHQWLDOFRPSRQHQWVRILQWHUQDOFRQWUROVWDWHGLQWKH*XLGDQFH1RWHLVVXHGE\,&$,

)LUP5HJ1R::
R. Koria
3DUWQHU
8',11R$,8$2*
3ODFH 0XPEDL
'DWHGth May, 2022

ANNEXURE B” TO INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1 under the heading “Report on Other Legal and Regulatory Requirements” of our report of even
GDWHWRWKHPHPEHUVRI%2526,//,0,7('RQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHGst March, 2022)
L ,QUHVSHFWRILWV3URSHUW\3ODQWDQG(TXLSPHQWDQG,QWDQJLEOH$VVHWV
D $ 7KH&RPSDQ\KDVPDLQWDLQHGSURSHUUHFRUGVVKRZLQJIXOOSDUWLFXODUVLQFOXGLQJTXDQWLWDWLYHGHWDLOVDQGVLWXDWLRQ
RI3URSHUW\3ODQWDQG(TXLSPHQWRQWKHEDVLVRIDYDLODEOHLQIRUPDWLRQ
% 7KH&RPSDQ\KDVPDLQWDLQHGSURSHUUHFRUGVVKRZLQJIXOOSDUWLFXODUVRI,QWDQJLEOH$VVHWVRQWKHEDVLVRIDYDLODEOH
LQIRUPDWLRQ
E $V H[SODLQHG WR XV 3URSHUW\ 3ODQW DQG (TXLSPHQW KDYH EHHQ SK\VLFDOO\ YHUL¿HG E\ WKH PDQDJHPHQW H[FHSW VRPH
PRXOGVZKLFKDUHDWWKHPDQXIDFWXULQJIDFLOLWLHVRIWKHYHQGRUVIRUZKLFKFRQ¿UPDWLRQKDVEHHQUHFHLYHGLQDSKDVHG
SURJUDPRIYHUL¿FDWLRQZKLFKLQRXURSLQLRQLVUHDVRQDEOHKDYLQJUHJDUGWRWKHVL]HRIWKH&RPSDQ\DQGQDWXUHRILWV
DVVHWV1RPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQVXFKSK\VLFDOYHUL¿FDWLRQDVFRPSDUHGZLWKWKHDYDLODEOHUHFRUGV
F $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV SURYLGHG WR XV DQG WKH UHFRUGV H[DPLQHG E\ XV DQG EDVHG RQ WKH
H[DPLQDWLRQ RI WKH UHJLVWHUHG VDOH GHHG FRQYH\DQFH GHHG RWKHU WKDQ SURSHUWLHV ZKHUH WKH FRPSDQ\ LV WKH OHVVHH
DQG WKH OHDVH DJUHHPHQWV DUH GXO\ H[HFXWHG LQ IDYRXU RI WKH OHVVHH ZH UHSRUW WKDW WKH WLWOH GHHGV FRPSULVLQJ WKH
LPPRYDEOHSURSHUWLHVRIODQGDQGEXLOGLQJVZKLFKDUHIUHHKROGDUHKHOGLQWKHQDPHRIWKH&RPSDQ\DVDWWKHEDODQFH
VKHHWGDWHH[FHSWWKHIROORZLQJ
Description of Gross Held in the name Whether Period held Reason for not being held in
Property Carrying of promoter, – indicate the name of company
value director or range,
(` in their relative where
lakhs) or employee appropriate
Free Hold land at 1555.26 %RURVLO No Since 7KHWLWOHGHHGVDUHLQWKH
*RYLQGJDUK'LVW 5HQHZDEOHV 12.02.2020 QDPHRIGHPHUJHG&RPSDQ\
Jaipur /WG )RUPHUO\ WKDW\HWWREHWUDQVIHUUHGLQWKH
Free Hold land 110.86* NQRZQDV%RURVLO QDPHRIUHVXOWLQJ&RPSDQ\
DW5RRUNHH'LVW *ODVV:RUNV pursuant to the Composite
Haridwar /WG 'HPHUJHG 6FKHPHRI$PDOJDPDWLRQDQG
Company $UUDQJHPHQWZLWKHႇHFWLYH
IURPth February, 2020.
&RPSDQ\LVLQWKHSURFHVVRI
DGMXGLFDWLRQ
3URYLVLRQIRU,PSDLUPHQW 5HIHU1RWHWRWKH6WDQGDORQH¿QDQFLDOVWDWHPHQWV
G $FFRUGLQJWRLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGERRNVRIDFFRXQWDQGRWKHUUHFRUGVH[DPLQHGE\XV&RPSDQ\
KDVQRWUHYDOXHGLWV3URSHUW\3ODQWDQG(TXLSPHQWRULQWDQJLEOHDVVHWVRUERWKGXULQJWKH\HDU
H $FFRUGLQJ WR LQIRUPDWLRQ H[SODQDWLRQV DQG UHSUHVHQWDWLRQ JLYHQ WR XV E\ WKH PDQDJHPHQW QR SURFHHGLQJV KDYH
EHHQ LQLWLDWHG RU DUH SHQGLQJ DJDLQVW WKH &RPSDQ\ IRU KROGLQJ DQ\ EHQDPL SURSHUW\ XQGHU WKH %HQDPL7UDQVDFWLRQV
3URKLELWLRQ $FW RI DQGUXOHVPDGHWKHUHXQGHU
LL D $VH[SODLQHGWRXVDQGRQWKHEDVLVRIWKHUHFRUGVH[DPLQHGE\XVLQRXURSLQLRQSK\VLFDOYHUL¿FDWLRQRIWKHLQYHQWRULHV
KDYHEHHQFRQGXFWHGDWUHDVRQDEOHLQWHUYDOVE\WKHPDQDJHPHQWDQGKDYLQJUHJDUGWRWKHVL]HDQGQDWXUHRIEXVLQHVV
RIWKH&RPSDQ\DQGQDWXUHRILWVLQYHQWRU\H[FHSWIRULQYHQWRULHVLQWUDQVLWIRUZKLFKPDQDJHPHQWFRQ¿UPDWLRQKDVEHHQ
UHFHLYHGWKHFRYHUDJHDQGSURFHGXUHVRIVXFKYHUL¿FDWLRQE\WKHPDQDJHPHQWLVDSSURSULDWH$VH[SODLQHGWRXVDQGRQ
WKHEDVLVRIWKHUHFRUGVH[DPLQHGE\XVWKHYDOXHRIWKHGLVFUHSDQFLHVQRWLFHGRQSK\VLFDOYHUL¿FDWLRQE\PDQDJHPHQW
GLGQRWH[FHHGRUPRUHLQDJJUHJDWHRIHDFKFODVVRILQYHQWRU\
E $VSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGH[DPLQDWLRQRIERRNVRIDFFRXQWDQGRWKHUUHFRUGVSURGXFHG
EHIRUHXVLQRXURSLQLRQTXDUWHUO\UHWXUQVRUVWDWHPHQWVLQFOXGLQJUHYLVHG¿OHGE\WKH&RPSDQ\ZLWKEDQNVSXUVXDQWWR
WHUPVRIVDQFWLRQOHWWHUVIRUZRUNLQJFDSLWDOOLPLWVVHFXUHGE\FXUUHQWDVVHWVDUHLQDJUHHPHQWZLWKWKHERRNVRIDFFRXQW
RIWKH&RPSDQ\
LLL :LWKUHVSHFWWRLQYHVWPHQWVPDGHLQRUDQ\JXDUDQWHHRUVHFXULW\SURYLGHGRUDQ\ORDQVRUDGYDQFHVLQWKHQDWXUHRIORDQV
VHFXUHGRUXQVHFXUHGJUDQWHGGXULQJWKH\HDUE\WKH&RPSDQ\WR&RPSDQLHV)LUPV/LPLWHG/LDELOLW\3DUWQHUVKLSVRUDQ\
RWKHUSDUWLHV
D $V SHU WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV DQG ERRNV RI DFFRXQW DQG UHFRUGV H[DPLQHG E\ XV GXULQJ WKH
\HDU&RPSDQ\KDVQRWSURYLGHGDQ\JXDUDQWHHRUVHFXULW\RUKDVQRWJUDQWHGDQ\DGYDQFHVLQWKHQDWXUHRIORDQVWR
&RPSDQLHV)LUPV/LPLWHG/LDELOLW\3DUWQHUVKLSVRUDQ\RWKHUHQWLWLHV7KHGHWDLOVRIORDQVJUDQWHGGXULQJWKH\HDUDUH
DVXQGHU

(` in lakhs)
Particulars Loans
$ $JJUHJDWHDPRXQWJUDQWHGGXULQJWKH\HDU
6XEVLGLDU\FRPSDQ\ 167.00
2WKHUV 1558.88
% %DODQFHRXWVWDQGLQJDVDWEDODQFHVKHHWGDWHLQUHVSHFWRIDERYHFDVHVLQFOXGLQJJLYHQLQHDUOLHU
years
6XEVLGLDU\FRPSDQ\
2WKHUV 1561.37
E ,QRXURSLQLRQDQGDFFRUGLQJWRLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGRQWKHEDVLVRIRXUDXGLWSURFHGXUHVWKH
LQYHVWPHQWVPDGHDQGWKHWHUPVDQGFRQGLWLRQVRIDOOORDQVDUHSULPDIDFLHQRWSUHMXGLFLDOWR&RPSDQ\¶VLQWHUHVW
F $FFRUGLQJWRWKHERRNVRIDFFRXQWDQGUHFRUGVH[DPLQHGE\XVLQUHVSHFWRIWKHORDQVZKHUHWKHVFKHGXOHRIUHSD\PHQW
RISULQFLSDODQGSD\PHQWRILQWHUHVWKDVEHHQVWLSXODWHGWKHUHSD\PHQWVRUUHFHLSWVDUHJHQHUDOO\UHJXODU
G $FFRUGLQJWRWKHERRNVRIDFFRXQWDQGUHFRUGVH[DPLQHGE\XVLQUHVSHFWRIWKHORDQWKHUHLVQRDPRXQWRYHUGXHIRU
more than ninety days.
H ,QRXURSLQLRQDQGDFFRUGLQJWRLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQDQGWKHERRNVRIDFFRXQWDQGUHFRUGVH[DPLQHGE\
XVORDQVJUDQWHGZKLFKKDYHIDOOHQGXHGXULQJWKH\HDUKDYHQRWEHHQUHQHZHGRUH[WHQGHGDQGQRIUHVKORDQVKDYH
EHHQJUDQWHGWRVHWWOHWKHRYHUGXHVRIH[LVWLQJORDQVJLYHQWRWKHVDPHSDUWLHV
I ,QRXURSLQLRQDQGDFFRUGLQJWRLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQDQGUHFRUGVH[DPLQHGE\XVWKH&RPSDQ\KDVQRW
JUDQWHGDQ\ORDQVHLWKHUUHSD\DEOHRQGHPDQGRUZLWKRXWVSHFLI\LQJDQ\WHUPVRUSHULRGRIUHSD\PHQW
LY ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVFRPSOLHGZLWKWKHSURYLVLRQVRI
VHFWLRQV RIWKH$FWDVDSSOLFDEOHLQUHVSHFWRIJUDQWRIORDQVDQGPDNLQJLQYHVWPHQWVGXULQJWKH\HDU
Y $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWRUDPRXQWVZKLFKDUH
GHHPHGWREHGHSRVLWZLWKLQWKHPHDQLQJRISURYLVLRQVRIVHFWLRQVWRRUDQ\RWKHUUHOHYDQWSURYLVLRQVRIWKH$FWDQGWKH
UXOHVIUDPHGWKHUHXQGHU7KHUHIRUHWKHFODXVH Y RISDUDJUDSKRIWKH2UGHULVQRWDSSOLFDEOHWRWKH&RPSDQ\
YL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXV&HQWUDO*RYHUQPHQWKDVQRWSUHVFULEHGPDLQWHQDQFHRIFRVWUHFRUGV
XQGHUVXE6HFWLRQ RI6HFWLRQRIWKH$FWLQUHVSHFWRIDFWLYLWLHVFDUULHGRQE\WKH&RPSDQ\7KHUHIRUHWKHSURYLVLRQVRI
FODXVH YL RISDUDJUDSKRIWKH2UGHUDUHQRWDSSOLFDEOHWRWKH&RPSDQ\
YLL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVLQUHVSHFWRIVWDWXWRU\GXHV
D 7KH&RPSDQ\KDVJHQHUDOO\EHHQUHJXODULQGHSRVLWLQJXQGLVSXWHGVWDWXWRU\GXHVLQFOXGLQJ3URYLGHQW)XQG,QFRPH7D[
&XVWRPV'XW\&HVV*RRGVDQG6HUYLFH7D[DQGDQ\RWKHUVWDWXWRU\GXHVZLWKWKHDSSURSULDWHDXWKRULWLHV$FFRUGLQJ
WRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVQRXQGLVSXWHGDPRXQWVSD\DEOHLQUHVSHFWRIVXFKVWDWXWRU\GXHVZHUH
outstanding as at 31st0DUFKIRUDSHULRGRIPRUHWKDQVL[PRQWKVIURPWKHGDWHWKH\EHFDPHSD\DEOH
E 7KHUHDUHQRVWDWXWRU\GXHVUHIHUUHGLQVXEFODXVH D DERYHZKLFKKDYHQRWEHHQGHSRVLWHGRQDFFRXQWRIGLVSXWHVDV
on 31st March, 2022.
YLLL $FFRUGLQJ WRWKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WRXVDQG UHSUHVHQWDWLRQ JLYHQ WRXVE\WKHPDQDJHPHQW WKHUH ZHUH
QR WUDQVDFWLRQV UHODWLQJ WR SUHYLRXVO\ XQUHFRUGHG LQFRPH WKDW KDYH EHHQ VXUUHQGHUHG RU GLVFORVHG DV LQFRPH LQ WKH WD[
DVVHVVPHQWVXQGHUWKH,QFRPH7D[$FW RI GXULQJWKH\HDU
L[ D ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQDQGERRNVRIDFFRXQWDQGUHFRUGVH[DPLQHGE\
XVWKH&RPSDQ\KDVQRWGHIDXOWHGLQUHSD\PHQWRIGXHVWREDQNV7KH&RPSDQ\GRHVQRWKDYHDQ\ERUURZLQJVIURP
¿QDQFLDOLQVWLWXWLRQVJRYHUQPHQWDQGGHEHQWXUHKROGHUV
E ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWEHHQGHFODUHGZLOIXO
GHIDXOWHUE\DQ\EDQNRU¿QDQFLDOLQVWLWXWLRQRUJRYHUQPHQWRUDQ\JRYHUQPHQWDXWKRULW\
F ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQDQGUHFRUGVH[DPLQHGE\XVWKH&RPSDQ\KDV
QRWWDNHQDQ\WHUPORDQGXULQJWKH\HDUDQGWKHUHDUHQRRXWVWDQGLQJWHUPORDQVDWWKHEHJLQQLQJRIWKH\HDUDQGKHQFH
UHSRUWLQJXQGHUFODXVH L[ F RIWKHSDUDJUDSKRIWKH2UGHULVQRWDSSOLFDEOHWRWKH&RPSDQ\
G $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV DQG WKH SURFHGXUHV SHUIRUPHG E\ XV DQG RQ DQ RYHUDOO
H[DPLQDWLRQRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\ZHUHSRUWWKDWSULPDIDFLHQRIXQGVUDLVHGRQVKRUW
WHUPEDVLVKDYHEHHQXVHGGXULQJWKH\HDUIRUORQJWHUPSXUSRVHVE\WKH&RPSDQ\
H $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV DQG EDVHG RQ DQ RYHUDOO H[DPLQDWLRQ RI WKH VWDQGDORQH
¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\WKH&RPSDQ\KDVQRWWDNHQDQ\IXQGVIURPDQ\HQWLW\RUSHUVRQRQDFFRXQWRIRU
WRPHHWWKHREOLJDWLRQVRILWVVXEVLGLDULHV&RPSDQ\GRHVQRWKDYHDQ\DVVRFLDWHRUMRLQWYHQWXUH
I $FFRUGLQJ WRLQIRUPDWLRQ DQG H[SODQDWLRQ JLYHQ WRXVWKH&RPSDQ\ KDV QRWUDLVHG ORDQV GXULQJ WKH\HDU DQG KHQFH
UHSRUWLQJRQFODXVH L[ I RISDUDJUDSKRIWKH2UGHULVQRWDSSOLFDEOHWRWKH&RPSDQ\
[ D 7KH&RPSDQ\KDVQRWUDLVHGPRQH\E\ZD\RILQLWLDOSXEOLFRႇHURUIXUWKHUSXEOLFRႇHU LQFOXGLQJGHEWLQVWUXPHQWV DQG
KHQFHFODXVH [ D RISDUDJUDSKRIWKH2UGHULVQRWDSSOLFDEOHWRWKH&RPSDQ\
E 'XULQJWKH\HDUWKH&RPSDQ\KDVQRWPDGHDQ\SUHIHUHQWLDODOORWPHQWRUSULYDWHSODFHPHQWRIVKDUHVRUFRQYHUWLEOH
GHEHQWXUHV IXOO\RUSDUWO\RURSWLRQDOO\ DQGKHQFHFODXVH [ E RISDUDJUDSKRIWKH2UGHULVQRWDSSOLFDEOHWRWKH
Company.

[L D %DVHGRQWKHDXGLWSURFHGXUHVSHUIRUPHGIRUWKHSXUSRVHRIUHSRUWLQJWKHWUXHDQGIDLUYLHZRIWKHVWDQGDORQH¿QDQFLDO
VWDWHPHQWVDQGDVSHULQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVQRIUDXGE\WKH&RPSDQ\RURQWKH&RPSDQ\KDVEHHQ
noticed or reported during the year.
E $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVQRUHSRUWXQGHUVXEVHFWLRQ RIVHFWLRQRIWKH$FWKDV
EHHQ¿OHGE\DXGLWRUVLQ)RUP$'7DVSUHVFULEHGXQGHU5XOHRI&RPSDQLHV $XGLWDQG$XGLWRUV 5XOHVZLWK
WKH&HQWUDO*RYHUQPHQWGXULQJWKH\HDUDQGXSWRWKHGDWHRIWKLVUHSRUW
F $VUHSUHVHQWHGWRXVE\WKHPDQDJHPHQWWKHUHDUHQRZKLVWOHEORZHUFRPSODLQWVUHFHLYHGE\WKH&RPSDQ\GXULQJWKH
year.
[LL ,QRXURSLQLRQ&RPSDQ\LVQRWDQLGKLFRPSDQ\7KHUHIRUHWKHSURYLVLRQVRIFODXVH [LL RISDUDJUDSKRIWKH2UGHUDUHQRW
applicable to the Company.
[LLL ,Q RXU RSLQLRQ DQG DFFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV DOO WUDQVDFWLRQV ZLWK UHODWHG SDUWLHV DUH LQ
FRPSOLDQFHZLWKVHFWLRQVDQGRIWKH$FWDQGWKHLUGHWDLOVKDYHEHHQGLVFORVHGLQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWV
etc., as required by the applicable accounting standards.
[LY D ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVDQLQWHUQDODXGLWV\VWHP
FRPPHQVXUDWHZLWKWKHVL]HDQGQDWXUHRILWVEXVLQHVV
E :HKDYHFRQVLGHUHGWKHLQWHUQDODXGLWUHSRUWVRIWKH&RPSDQ\LVVXHGWLOOGDWHIRUWKH\HDUXQGHUDXGLW
[Y $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVSURYLGHGE\WKHPDQDJHPHQWWKH&RPSDQ\KDVQRWHQWHUHGLQWRDQ\QRQFDVK
WUDQVDFWLRQZLWKGLUHFWRUVRUSHUVRQVFRQQHFWHGZLWKKLPDVUHIHUUHGWRLQ6HFWLRQRIWKH$FW
[YL D 7RWKHEHVWRIRXUNQRZOHGJHDQGDVH[SODLQHGWKH&RPSDQ\LVQRWUHTXLUHGWREHUHJLVWHUHGXQGHUVHFWLRQ,$RIWKH
5HVHUYH%DQNRI,QGLD$FW
E ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVSURYLGHGWRXVDQGRQWKHEDVLVRIRXUDXGLWSURFHGXUHV
WKH&RPSDQ\KDVQRWFRQGXFWHGDQ\1RQ%DQNLQJ)LQDQFLDORU+RXVLQJ)LQDQFHDFWLYLWLHVGXULQJWKH\HDUDVSHUWKH
5HVHUYHEDQNRI,QGLD$FW
F ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVSURYLGHGWRXVWKH&RPSDQ\LVQRWD&RUH,QYHVWPHQW
&RPSDQ\ &,& DVGH¿QHGLQWKHUHJXODWLRQVPDGHE\WKH5HVHUYH%DQNRI,QGLD
G ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVSURYLGHGWRXVWKH*URXSGRHVQRWKDYHDQ\&RUH
Investment Company (CIC).
[YLL ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVSURYLGHGWRXV&RPSDQ\KDVQRWLQFXUUHGDQ\FDVKORVVHV
LQWKH¿QDQFLDO\HDUDQGLQWKHLPPHGLDWHO\SUHFHGLQJ¿QDQFLDO\HDU
[YLLL 7KHUHKDVEHHQQRUHVLJQDWLRQRIWKHVWDWXWRU\DXGLWRUVGXULQJWKH\HDU7KHUHIRUHSURYLVLRQVRIFODXVH [YLLL RISDUDJUDSK
RIWKH2UGHUDUHQRWDSSOLFDEOHWRWKH&RPSDQ\
[L[ $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGRQWKHEDVLVRIWKH¿QDQFLDOUDWLRVDJHLQJDQGH[SHFWHGGDWHV
RIUHDOLVDWLRQRI¿QDQFLDODVVHWVDQGSD\PHQWRI¿QDQFLDOOLDELOLWLHVRWKHULQIRUPDWLRQDFFRPSDQ\LQJWKHVWDQGDORQH¿QDQFLDO
VWDWHPHQWVRXUNQRZOHGJHRIWKH%RDUGRI'LUHFWRUVDQGPDQDJHPHQWSODQVDQGEDVHGRQRXUH[DPLQDWLRQRIWKHHYLGHQFH
VXSSRUWLQJWKHDVVXPSWLRQVQRWKLQJKDVFRPHWRRXUDWWHQWLRQZKLFKFDXVHVXVWREHOLHYHWKDWDQ\PDWHULDOXQFHUWDLQW\H[LVWV
DVRQWKHGDWHRIWKHDXGLWUHSRUWWKDW&RPSDQ\LVQRWFDSDEOHRIPHHWLQJLWVOLDELOLWLHVH[LVWLQJDWWKHGDWHRIEDODQFHVKHHWDV
DQGZKHQWKH\IDOOGXHZLWKLQDSHULRGRIRQH\HDUIURPWKHEDODQFHVKHHWGDWH:HKRZHYHUVWDWHWKDWWKLVLVQRWDQDVVXUDQFH
DVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\:HIXUWKHUVWDWHWKDWRXUUHSRUWLQJLVEDVHGRQWKHIDFWVXSWRWKHGDWHRIWKHDXGLW
UHSRUWDQGZHQHLWKHUJLYHDQ\JXDUDQWHHQRUDQ\DVVXUDQFHWKDWDOOOLDELOLWLHVIDOOLQJGXHZLWKLQDSHULRGRIRQH\HDUIURPWKH
EDODQFHVKHHWGDWHZLOOJHWGLVFKDUJHGE\WKH&RPSDQ\DVDQGZKHQWKH\IDOOGXH
[[ :LWKUHVSHFWWR&65FRQWULEXWLRQXQGHUVHFWLRQRIWKH$FW
D $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGRQWKHEDVLVRIRXUDXGLWSURFHGXUHVWKH&RPSDQ\KDV
IXOO\ VSHQW WKH UHTXLUHG DPRXQW WRZDUGV &65 DQG WKHUH LV QR XQVSHQW DPRXQW IRU WKH \HDU WKDW ZHUH UHTXLUHG WR EH
WUDQVIHUUHGWRD)XQGVSHFL¿HGLQ6FKHGXOH9,,LQFRPSOLDQFHZLWKVHFRQGSURYLVRWRVXEVHFWLRQ RIVHFWLRQRIWKH
$FW
E $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKHFRPSDQ\GRHVQRWKDYHDQ\RQJRLQJSURMHFWVDQGKHQFH
FODVXH [[ E RISDUDJUDSKRIWKH2UGHULVQRWDSSOLFDEOHWRWKH&RPSDQ\

)LUP5HJ1R::
R. Koria
3DUWQHU
8',11R$,8$2*
3ODFH 0XPEDL
'DWHGth May, 2022

BOROSIL LIMITED
BALANCE SHEET AS AT 31ST MARCH, 2022
(` in lakhs)
Particulars Note As at As at
No. 31st March, 2022 31st March, 2021
I. ASSETS
1 1RQFXUUHQW$VVHWV
(a) 3URSHUW\3ODQWDQG(TXLSPHQW 5 22,108.97
(b) &DSLWDO:RUNLQ3URJUHVV 5 2,231.85 1,165.57
(c) ,QYHVWPHQW3URSHUW\ 6 105.59 167.63
(d) *RRGZLOORQ$PDOJDPDWLRQ
(e) 2WKHU,QWDQJLEOH$VVHWV 7 22.25
I )LQDQFLDO$VVHWV
(i) Investments 8 13,121.86 11,373.93
(ii) /RDQV 9 22.90 235.28
(iii) 2WKHU)LQDQFLDO$VVHWV 10
(g) $UW:RUNV
(h) 1RQFXUUHQW7D[$VVHWV QHW
(i) 2WKHU1RQFXUUHQW$VVHWV 11 3,735.75 41,311.83 32.12 42,430.12
2 Current Assets
(a) Inventories 12 17,211.11 12,976.62
(b) )LQDQFLDO$VVHWV
(i) Investments 13
(ii) 7UDGH5HFHLYDEOHV 6,032.63
(iii) &DVKDQG&DVK(TXLYDOHQWV 15 2,235.83
(iv) %DQN%DODQFHVRWKHUWKDQ LLL DERYH 16 529.12 29.70
(v) /RDQV 17
(vi) 2WKHU)LQDQFLDO$VVHWV 18 281.05
(c) 2WKHU&XUUHQW$VVHWV 19 1,962.29
44,731.10 40,055.52
(d) $VVHWVKHOGIRU6DOH 6,137.50 50,868.60 40,055.52
TOTAL ASSETS 92,180.43 82,485.64
II. EQUITY AND LIABILITIES
EQUITY
(a) (TXLW\6KDUH&DSLWDO 20
(b) 2WKHU(TXLW\ 21 75,610.31 76,751.94 68,831.60 69,972.79
LIABILITIES
1 1RQFXUUHQW/LDELOLWLHV
(a) )LQDQFLDO/LDELOLWLHV
(i) /HDVH/LDELOLWLHV 119.05
(b) 3URYLVLRQV 22 219.10
(c) 'HIHUUHG7D[/LDELOLWLHV QHW 23 2,088.65 2,207.06 1,503.23 1,841.38
2 Current Liabilities
(i) /HDVH/LDELOLWLHV 0.65 0.59
(ii) 7UDGH3D\DEOHV
$ 'XHWR0LFURDQG6PDOO(QWHUSULVHV 1,339.77
% 'XHWRRWKHUWKDQ0LFURDQG6PDOO(QWHUSULVHV 3,392.55
4,883.69 3,836.47
(iii) 2WKHU)LQDQFLDO/LDELOLWLHV 25 5,002.19
(b) 2WKHU&XUUHQW/LDELOLWLHV 26
(c) 3URYLVLRQV 27 785.10 666.83
(d) &XUUHQW7D[/LDELOLWLHV QHW 13,221.43 319.08 10,671.47
TOTAL EQUITY AND LIABILITIES 92,180.43 82,485.64
6LJQL¿FDQW$FFRXQWLQJ3ROLFLHVDQG1RWHVWR6WDQGDORQH)LQDQFLDO 1 to 55
Statements
$VSHURXU5HSRUWRIHYHQGDWH )RUDQGRQEHKDOIRI%RDUGRI'LUHFWRUV
&KDUWHUHG$FFRXQWDQWV Rajesh Kumar Chaudhary Shreevar Kheruka
)LUP5HJLVWUDWLRQ1R:: :KROHWLPH'LUHFWRU 0DQDJLQJ'LUHFWRU &(2
',1 ',1
R. Koria
3DUWQHU
(Membership No. 35629) Anand Sultania Anshu Agarwal
&KLHI)LQDQFLDO2ႈFHU Company Secretary
3ODFH0XPEDL 0HPEHUVKLS1R)&6
'DWH

BOROSIL LIMITED
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in lakhs)
Particulars Note For the For the
No. Year Ended Year Ended
31st March, 2022 31st March, 2021
I. Income
5HYHQXHIURP2SHUDWLRQV 28
2WKHU,QFRPH 29 2,368.90
Total Income (I) 77,410.35 54,361.37
II. Expenses:
&RVWRI0DWHULDOV&RQVXPHG 7,928.11 5,139.10
3XUFKDVHVRI6WRFNLQ7UDGH 25,613.96
&KDQJHVLQ,QYHQWRULHVRI:RUNLQ3URJUHVV)LQLVKHG*RRGVDQG6WRFNLQ 30 (5,202.28)
7UDGH
(PSOR\HH%HQH¿WV([SHQVH 31 8,686.36
Finance Costs 32 80.52 176.18
'HSUHFLDWLRQDQG$PRUWLVDWLRQ([SHQVH 33
2WKHU([SHQVHV 25,302.17 15,377.15
Total Expenses (II) 65,122.33 48,327.16
III. 3UR¿W%HIRUH([FHSWLRQDO,WHPVDQG7D[ ,,, 12,288.02 6,034.21
,9 ([FHSWLRQDO,WHPV 35 1,121.17
V. 3UR¿W%HIRUH7D[ ,,,,9 11,166.85 6,034.21
VI. Tax Expense: 23
&XUUHQW7D[ 2,827.57
'HIHUUHG7D[ 591.67 897.63
Total Tax Expenses 3,419.24 1,957.05
VII. 3UR¿WIRUWKH<HDU 99, 7,747.61 4,077.16
VIII. Other Comprehensive Income (OCI)
,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWRSUR¿WRUORVV
5HPHDVXUHPHQWJDLQV ORVVHV RQ'H¿QHG%HQH¿W3ODQV 38.06
,QFRPH7D[HႇHFWRQDERYH 6.25 (11.08)
Total Other Comprehensive Income (18.58) 26.98
IX. Total Comprehensive Income for the Year (VII + VIII) 7,729.03 4,104.14
X. Earnings per Equity Share of `HDFK LQ`) 36
%DVLF 6.79 3.57
'LOXWHG 6.79 3.57
6LJQL¿FDQW$FFRXQWLQJ3ROLFLHVDQG1RWHVWR6WDQGDORQH)LQDQFLDO6WDWHPHQWV 1 to 55
',1 ',1
R. Koria
3DUWQHU
'DWH

BOROSIL LIMITED
120
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2022
A. Equity Share Capital (` in lakhs)
Particulars As at Changes As at 31st Changes As at 31st
1st April, during March, during March,
2020 2021 2022
(TXLW\6KDUH&DSLWDO 5HIHU1RWH 1,140.60 0.59 1,141.19 1,141.63
B. Other Equity (` in lakhs)

Particulars Reserves and Surplus Items of Other Total
Comprehensive Other
Income Equity
Capital Capital General Share Securities Retained Remeasurements
Reserve Reserve on Reserve Based Premium Earnings RI'H¿QHG%HQH¿W
Amalgamation Payment Plans
Reserve
Balance as at 1st April, 2020 15.00 8,881.07 500.00 55,026.03 (133.84) 64,288.26
7RWDO&RPSUHKHQVLYH,QFRPH 26.98 4,104.14
6KDUHEDVHGSD\PHQW 5HIHU1RWH 363.24
([HUFLVHRI(PSOR\HH6WRFNRSWLRQ 5HIHU 75.96
Note 20.2)
Balance as at 31st March, 2021 15.00 8,881.07 500.00 321.46 117.74 59,103.19 (106.86) 68,831.60
Balance as at 1st April, 2021 15.00 8,881.07 500.00 321.46 117.74 59,103.19 (106.86) 68,831.60
7RWDO&RPSUHKHQVLYH,QFRPH (18.58) 7,729.03
'LYLGHQG3DLG (1,141.19)
6KDUHEDVHGSD\PHQW 5HIHU1RWH 136.11 136.11
([HUFLVHRI(PSOR\HH6WRFNRSWLRQ 5HIHU (29.71) 54.76
Note 20.2)
Balance as at 31st March, 2022 15.00 8,881.07 500.00 427.86 202.21 65,709.61 (125.44) 75,610.31
',1 ',1
R. Koria
3DUWQHU
'DWH
Annual Report 2021 - 2022

BOROSIL LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in lakhs)
Particulars For the For the
Year Ended Year Ended
A. Cash Flow from Operating Activities
3UR¿W%HIRUH7D[DVSHU6WDWHPHQWRI3UR¿WDQG/RVV 11,166.85 6,034.21
Adjusted for:
'HSUHFLDWLRQDQG$PRUWLVDWLRQ([SHQVH
/RVV *DLQ RQ)RUHLJQ&XUUHQF\7UDQVDFWLRQV QHW 1.76
*DLQRQ)LQDQFLDO,QVWUXPHQWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿W
or loss (net)
/RVV *DLQ RQ6DOHRI,QYHVWPHQWV QHW (322.73)
'LYLGHQG,QFRPH (0.07)
Interest Income (196.96)
/RVV *DLQ RQ6DOHGLVFDUGLQJRI3URSHUW\3ODQWDQG(TXLSPHQW 3.30
(net)
,QYHVWPHQW$GYLVRU\&KDUJHV 32.17 1.37
6KDUH%DVHG3D\PHQW([SHQVH 387.76
Finance Costs 80.52 176.18
6XQGU\%DODQFHV([FHVV3URYLVLRQ:ULWWHQ%DFN QHW (222.35) (171.83)
/RVVGXHWR)LUH UHODWHGWR3URSHUW\3ODQWDQG(TXLSPHQWV 92.13
3URYLVLRQIRU,PSDLUPHQWRI1RQ&XUUHQW$VVHWV
%DG'HEWV 23.57 61.63
3URYLVLRQIRU&UHGLW,PSDLUHG'RXEWIXO$GYDQFHV QHW 1,852.95 136.37 2,487.86
2SHUDWLQJ3UR¿WEHIRUH:RUNLQJ&DSLWDO&KDQJHV 13,019.80 8,522.07
Adjusted for:
7UDGHDQG2WKHU5HFHLYDEOHV (1,757.85) 5,671.01
Inventories
7UDGHDQG2WKHU3D\DEOHV 659.52
Cash generated from Operations 9,505.48 18,933.18
'LUHFW7D[HV3DLG QHW (2,663.29) (896.26)
Net Cash from Operating Activities 6,842.19 18,036.92
B. Cash Flow from Investing Activities

3XUFKDVHRI3URSHUW\3ODQWDQG(TXLSPHQW (7,210.28) (1,519.13)
6DOHRI3URSHUW\3ODQWDQG(TXLSPHQW 131.20
Investments in Subsidiaries
3XUFKDVHRI,QYHVWPHQWV (21,525.97)
6DOHRI,QYHVWPHQWV 28,616.02 3,009.67
0RYHPHQWLQ/RDQV QHW (1,285.23)
,QYHVWPHQW$GYLVRU\&KDUJHV3DLG (1.37)
,QWHUHVWRQ,QYHVWPHQW/RDQV
'LYLGHQG5HFHLYHG 0.07
Net Cash (used in) Investing Activities (3,583.54) (13,275.26)

BOROSIL LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in lakhs)
Particulars For the For the
Year Ended Year Ended
C. Cash Flow from Financing Activities
3URFHHGVIURP,VVXHRI6KDUH&DSLWDO 55.20 76.55
0RYHPHQWLQ&XUUHQW%RUURZLQJV QHW
/HDVH3D\PHQWV (3.58)
Margin Money (net)
'LYLGHQG3DLG
,QWHUHVW3DLG (78.85)
Net Cash (used in) Financing Activities (1,587.55) (4,419.07)
Net Increase/ (Decrease) in Cash and Cash Equivalents (A+B+C) 1,671.10 342.59
Opening Balance of Cash and Cash Equivalents 564.72 222.16

8QUHDOLVHG*DLQ ORVV RQ)RUHLJQ&XUUHQF\7UDQVDFWLRQV QHW (0.03)
Closing Balance of Cash and Cash Equivalents 2,235.83 564.72

8QUHDOLVHG*DLQ ORVV RQ)RUHLJQ&XUUHQF\7UDQVDFWLRQV QHW (0.02) (0.03)
Notes:
1 &KDQJHVLQOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHVRQDFFRXQWRI&XUUHQW%RUURZLQJV
(` in lakhs)
Particulars For the Year Ended For the Year Ended
2SHQLQJEDODQFHRIOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHV
$GG&KDQJHVIURP¿QDQFLQJFDVKÀRZV
&ORVLQJEDODQFHRIOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHV
2 %UDFNHWLQGLFDWHVFDVKRXWÀRZ
3 3UHYLRXV<HDU¿JXUHVKDYHEHHQUHJURXSHGDQGUHDUUDQJHGZKHUHYHUQHFHVVDU\
7KHDERYHVWDWHPHQWRIFDVKÀRZKDVEHHQSUHSDUHGXQGHUWKH³,QGLUHFW0HWKRG´DVVHWRXWLQ,QG$6³6WDWHPHQWRI&DVK
Flow”.
',1 ',1
R. Koria
3DUWQHU
'DWH

NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022
Note 1 CORPORATE INFORMATION:
%RURVLO/LPLWHG ³WKH&RPSDQ\´ LVDSXEOLFOLPLWHGFRPSDQ\GRPLFLOHGDQGLQFRUSRUDWHGLQ,QGLD,WVVKDUHVDUHSXEOLFO\WUDGHG
RQWKH%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHGLQ,QGLD7KHUHJLVWHUHGRႈFHRIWKH&RPSDQ\LVVLWXDWHGDW
1101,11th)ORRU&UHVFHQ]R*%ORFN2SS0&$&OXE%DQGUD.XUOD&RPSOH[%DQGUD (DVW 0XPEDL
&RPSDQ\LVHQJDJHGLQWKHEXVLQHVVRIPDQXIDFWXULQJDQGWUDGLQJRI6FLHQWL¿FDQG,QGXVWULDO3URGXFWV 6,3 DQG&RQVXPHU
3URGXFWV &3 6,3FRQVLVWRIODERUDWRU\JODVVZDUHLQVWUXPHQWVGLVSRVDEOHSODVWLFVOLTXLGKDQGOLQJV\VWHPVDQGH[SORVLRQ
SURRIOLJKWLQJJODVVZDUH&3FRQVLVWRIPLFURZDYDEOHDQGÀDPHSURRINLWFKHQZDUHJODVVWXPEOHUVK\GUDERWWOHVWDEOHZDUHDQG
GLQQHUZDUHDSSOLDQFHVVWRUDJHSURGXFWVDQGVWHHOVHUYHIUHVK
7KH)LQDQFLDO6WDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDUHQGHGst0DUFKZHUHDSSURYHGDQGDGRSWHGE\WKH%RDUGRI
'LUHFWRUVLQWKHLUPHHWLQJKHOGRQth May, 2022.
Note 2 BASIS OF PREPARATION:
7KH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\KDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWK,QGLDQ$FFRXQWLQJ6WDQGDUGV ,QG$6 DV
QRWL¿HGXQGHUVHFWLRQRIWKH&RPSDQLHV$FWUHDGZLWKWKH&RPSDQLHV ,QGLDQ$FFRXQWLQJ6WDQGDUGV 5XOHV
7KH¿QDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGDQGSUHVHQWHGRQJRLQJFRQFHUQEDVLVDQGDWKLVWRULFDOFRVWEDVLVH[FHSWIRUWKH
IROORZLQJDVVHWVDQGOLDELOLWLHVZKLFKKDYHEHHQPHDVXUHGDVLQGLFDWHGEHORZ
&HUWDLQ¿QDQFLDODVVHWVDQGOLDELOLWLHVDWIDLUYDOXH UHIHUDFFRXQWLQJSROLF\UHJDUGLQJ¿QDQFLDOLQVWUXPHQWV
$VVHWVKHOGIRUGLVSRVDOLVPHDVXUHGDWWKHORZHURILWVFDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWWRVHOO
(PSOR\HH¶V'H¿QHG%HQH¿W3ODQVPHDVXUHGDVSHUDFWXDULDOYDOXDWLRQ
(PSOR\HH6WRFN2SWLRQ3ODQVPHDVXUHGDWIDLUYDOXH
7KH¿QDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ,QGLDQ5XSHHV ` ZKLFKLVWKH&RPSDQ\¶VIXQFWLRQDODQGSUHVHQWDWLRQFXUUHQF\DQG
DOOYDOXHVDUHURXQGHGWRWKHQHDUHVWODNKVH[FHSWZKHQRWKHUZLVHLQGLFDWHG
Note 3 SIGNIFICANT ACCOUNTING POLICIES:
3.1 Business Combination and Goodwill/Capital Reserve:

7KH&RPSDQ\XVHVWKHSRROLQJRILQWHUHVWPHWKRGRIDFFRXQWLQJWRDFFRXQWIRUFRPPRQFRQWUROEXVLQHVVFRPELQDWLRQDQG
DFTXLVLWLRQPHWKRGRIDFFRXQWLQJWRDFFRXQWIRURWKHUEXVLQHVVFRPELQDWLRQV
-XGJHPHQW LV DSSOLHG LQ GHWHUPLQLQJ WKH DFTXLVLWLRQ GDWH DQG GHWHUPLQLQJ ZKHWKHU FRQWURO LV WUDQVIHUUHG IURP RQH SDUW\ WR
DQRWKHU &RQWURO H[LVWV ZKHQ WKH &RPSDQ\ LV H[SRVHG WR RU KDV ULJKWV WR YDULDEOH UHWXUQV IURP LWV LQYROYHPHQW ZLWK WKH
HQWLW\DQGKDVWKHDELOLW\WRDႇHFWWKRVHUHWXUQVWKURXJKSRZHURYHUWKHHQWLW\,QDVVHVVLQJFRQWUROSRWHQWLDOYRWLQJULJKWVDUH
FRQVLGHUHGRQO\LIWKHULJKWVDUHVXEVWDQWLYH
*RRGZLOO LV LQLWLDOO\ PHDVXUHG DW FRVW EHLQJ WKH H[FHVV RI WKH DJJUHJDWH RI WKH FRQVLGHUDWLRQ WUDQVIHUUHG DQG WKH DPRXQW
UHFRJQLVHGIRUQRQFRQWUROOLQJLQWHUHVWVDQGDQ\SUHYLRXVLQWHUHVWKHOGRYHUWKHQHWLGHQWL¿DEOHDVVHWVDFTXLUHGDQGOLDELOLWLHV
DVVXPHG,IWKHIDLUYDOXHRIWKHQHWDVVHWVDFTXLUHGLVLQH[FHVVRIWKHDJJUHJDWHFRQVLGHUDWLRQWUDQVIHUUHGWKH&RPSDQ\
UHDVVHVVHV ZKHWKHU LW KDV FRUUHFWO\ LGHQWL¿HG DOO RI WKH DVVHWV DFTXLUHG DQG DOO RI WKH OLDELOLWLHV DVVXPHG DQG UHYLHZV WKH
SURFHGXUHV XVHG WR PHDVXUH WKH DPRXQWV WR EH UHFRJQLVHG DW WKH DFTXLVLWLRQ GDWH ,I WKH UHDVVHVVPHQW VWLOO UHVXOWV LQ DQ
H[FHVVRIWKHIDLUYDOXHRIQHWDVVHWVDFTXLUHGRYHUWKHDJJUHJDWHFRQVLGHUDWLRQWUDQVIHUUHGWKHQWKHJDLQLVUHFRJQLVHGLQ
2WKHU&RPSUHKHQVLYH,QFRPH 2&, DQGDFFXPXODWHGLQRWKHUHTXLW\DVFDSLWDOUHVHUYH+RZHYHULIWKHUHLVQRFOHDUHYLGHQFH
RIEDUJDLQSXUFKDVHWKHHQWLW\UHFRJQLVHVWKHJDLQGLUHFWO\LQRWKHUHTXLW\DVFDSLWDOUHVHUYHZLWKRXWURXWLQJWKHVDPHWKURXJK
2&,
&RQVLGHUDWLRQWUDQVIHUUHGLQFOXGHVWKHIDLUYDOXHVRIWKHDVVHWVWUDQVIHUUHGOLDELOLWLHVLQFXUUHGE\WKH&RPSDQ\WRWKHSUHYLRXV
RZQHUVRIWKHDFTXLUHHDQGHTXLW\LQWHUHVWVLVVXHGE\WKH&RPSDQ\&RQVLGHUDWLRQWUDQVIHUUHGDOVRLQFOXGHVWKHIDLUYDOXH
RIDQ\FRQWLQJHQWFRQVLGHUDWLRQ&RQVLGHUDWLRQWUDQVIHUUHGGRHVQRWLQFOXGHDPRXQWVUHODWHGWRWKHVHWWOHPHQWRISUHH[LVWLQJ
UHODWLRQVKLSV$Q\JRRGZLOOWKDWDULVHVRQDFFRXQWRIVXFKEXVLQHVVFRPELQDWLRQLVWHVWHGDQQXDOO\IRULPSDLUPHQW
$Q\FRQWLQJHQWFRQVLGHUDWLRQLVPHDVXUHGDWIDLUYDOXHDWWKHGDWHRIDFTXLVLWLRQ,IDQREOLJDWLRQWRSD\FRQWLQJHQWFRQVLGHUDWLRQ
WKDW PHHWV WKH GH¿QLWLRQ RI D ¿QDQFLDO LQVWUXPHQW LV FODVVL¿HG DV HTXLW\ WKHQ LW LV QRW UHPHDVXUHG DQG WKH VHWWOHPHQW LV
DFFRXQWHGIRUZLWKLQRWKHUHTXLW\2WKHUZLVHRWKHUFRQWLQJHQWFRQVLGHUDWLRQLVUHPHDVXUHGDWIDLUYDOXHDWHDFKUHSRUWLQJGDWH
DQGVXEVHTXHQWFKDQJHVLQWKHIDLUYDOXHRIWKHFRQWLQJHQWFRQVLGHUDWLRQDUHUHFRUGHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
$FRQWLQJHQWOLDELOLW\RIWKHDFTXLUHHLVDVVXPHGLQDEXVLQHVVFRPELQDWLRQRQO\LIVXFKDOLDELOLW\UHSUHVHQWVDSUHVHQWREOLJDWLRQ
DQGDULVHVIURPDSDVWHYHQWDQGLWVIDLUYDOXHFDQEHPHDVXUHGUHOLDEO\2QDQDFTXLVLWLRQE\DFTXLVLWLRQEDVLVWKH&RPSDQ\
UHFRJQLVHVDQ\QRQFRQWUROOLQJLQWHUHVWLQWKHDFTXLUHHHLWKHUDWIDLUYDOXHRUDWWKHQRQFRQWUROOLQJLQWHUHVW¶VSURSRUWLRQDWHVKDUH
RIWKHDFTXLUHH¶VLGHQWL¿DEOHQHWDVVHWV7UDQVDFWLRQFRVWVWKDWWKH&RPSDQ\LQFXUVLQFRQQHFWLRQZLWKDEXVLQHVVFRPELQDWLRQ
VXFK DV 6WDPS 'XW\ IRU WLWOH WUDQVIHU LQ WKH QDPH RI WKH &RPSDQ\ ¿QGHU¶V IHHV OHJDO IHHV GXH GLOLJHQFH IHHV DQG RWKHU
SURIHVVLRQDODQGFRQVXOWLQJIHHVDUHH[SHQVHGDVLQFXUUHG

,Q FDVH RI 3RROLQJ RI LQWHUHVW PHWKRG RI DFFRXQWLQJ WKH DVVHWV DQG OLDELOLWLHV RI WKH FRPELQLQJ HQWLWLHV UHFRJQLVHV DW WKHLU
FDUU\LQJDPRXQWV1RDGMXVWPHQWLVPDGHWRUHÀHFWWKHIDLUYDOXHRUUHFRJQLVHDQ\QHZDVVHWVDQGOLDELOLWLHV7KH¿QDQFLDO
LQIRUPDWLRQLQWKH¿QDQFLDOVWDWHPHQWVLQUHVSHFWRISULRUSHULRGVUHVWDWHVDVLIWKHEXVLQHVVFRPELQDWLRQKDGRFFXUUHGIURP
WKHEHJLQQLQJRIWKHSUHFHGLQJSHULRG7KHGLႇHUHQFHLIDQ\EHWZHHQWKHDPRXQWUHFRUGHGDVVKDUHFDSLWDOLVVXHGSOXVDQ\
DGGLWLRQDOFRQVLGHUDWLRQLQWKHIRUPRIFDVKRURWKHUDVVHWVDQGWKHDPRXQWRIVKDUHFDSLWDORIWKHWUDQVIHURULVWUDQVIHUUHGWR
FDSLWDOUHVHUYHDQGSUHVHQWHGVHSDUDWHO\IURPRWKHUFDSLWDOUHVHUYHV
7UDQVDFWLRQFRVWVWKDWWKH&RPSDQ\LQFXUVLQFRQQHFWLRQZLWKDEXVLQHVVFRPELQDWLRQVXFKDV¿QGHUV¶IHHVOHJDOIHHVGXH
GLOLJHQFHIHHVDQGRWKHUSURIHVVLRQDODQGFRQVXOWLQJIHHVDUHH[SHQVHGDVLQFXUUHG$QGLIWKH&RPSDQ\DFTXLUHVDVVHWVWKDW
GRHVQRWFRQVWLWXWHDEXVLQHVVFRPELQDWLRQWUDQVDFWLRQFRVWVLVDOORFDWHGWRWKDWDVVHWVDFTXLUHGEDVHGRQWKHLUUHODWLYHIDLU
value.
3.2 Property, Plant and Equipment:
3URSHUW\ SODQW DQG HTXLSPHQW DUH FDUULHG DW FRVW QHW RI UHFRYHUDEOH WD[HV WUDGH GLVFRXQW DQG UHEDWHV OHVV DFFXPXODWHG
GHSUHFLDWLRQDPRUWLVDWLRQDQGLPSDLUPHQWORVVHVLIDQ\&RVWLQFOXGHVSXUFKDVHSULFHERUURZLQJFRVWDQGDQ\FRVWGLUHFWO\
DWWULEXWDEOHWRWKHEULQJLQJWKHDVVHWVWRLWVZRUNLQJFRQGLWLRQIRULWVLQWHQGHGXVH,QFDVHRI3URSHUW\3ODQWDQG(TXLSPHQW
WKH&RPSDQ\KDVDYDLOHGWKHFDUU\LQJYDOXHDVGHHPHGFRVWRQWKHGDWHRIWUDQVLWLRQLHst$SULO
'HSUHFLDWLRQ RQ WKH SURSHUW\ SODQW DQG HTXLSPHQW LV SURYLGHG XVLQJ VWUDLJKW OLQH PHWKRG RYHU WKH XVHIXO OLIH RI DVVHWV DV
VSHFL¿HGLQVFKHGXOH,,WRWKH&RPSDQLHV$FWH[FHSWLQFDVHRI3URSHUW\3ODQWDQG(TXLSPHQWVDVGHVFULEHGEHORZ
Particulars Useful life considered for depreciation

&HUWDLQ%XLOGLQJV <HDUV
&HUWDLQ3ODQWDQG(TXLSPHQW <HDUV
Furnace <HDUV
Moulds <HDUV
3ODVWLF3DOOHW <HDUV
'HSUHFLDWLRQRQSURSHUW\SODQWDQGHTXLSPHQWZKLFKDUHDGGHGGLVSRVHGRႇGXULQJWKH\HDULVSURYLGHGRQSURUDWDEDVLV
ZLWKUHIHUHQFHWRWKHGDWHRIDGGLWLRQGHOHWLRQ)UHHKROGODQGLVQRWGHSUHFLDWHG
7KHDVVHWV¶UHVLGXDOYDOXHVXVHIXOOLYHVDQGPHWKRGRIGHSUHFLDWLRQDUHUHYLHZHGDWHDFK¿QDQFLDO\HDUHQGDQGDUHDGMXVWHG
SURVSHFWLYHO\LIDSSURSULDWH7KHHႇHFWVRIDQ\UHYLVLRQDUHLQFOXGHGLQWKHVWDWHPHQWRISUR¿WDQGORVVZKHQWKHFKDQJHV
arises.
&DSLWDO ZRUNLQSURJUHVV LQFOXGHV FRVW RI SURSHUW\ SODQW DQG HTXLSPHQW XQGHU LQVWDOODWLRQ XQGHU GHYHORSPHQW DV DW WKH
balance sheet date.
3URSHUW\ SODQW DQG HTXLSPHQW DUH HOLPLQDWHG IURP ¿QDQFLDO VWDWHPHQW HLWKHU RQ GLVSRVDO RU ZKHQ UHWLUHG IURP DFWLYH XVH
3UR¿WVORVVHVDULVLQJLQWKHFDVHRIUHWLUHPHQWGLVSRVDORISURSHUW\SODQWDQGHTXLSPHQWDUHUHFRJQLVHGLQWKHVWDWHPHQWRI
SUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
/HDVHKROGODQGLVDPRUWLVHGRYHUWKHSHULRGRIOHDVH%XLOGLQJVFRQVWUXFWHGRQOHDVHKROGODQGDUHGHSUHFLDWHGEDVHGRQWKH
XVHIXOOLIHVSHFL¿HGLQVFKHGXOH,,WRWKH&RPSDQLHV$FWZKHUHWKHOHDVHSHULRGRIODQGLVEH\RQGWKHOLIHRIWKHEXLOGLQJ
,QRWKHUFDVHVEXLOGLQJVFRQVWUXFWHGRQOHDVHKROGODQGLVDPRUWLVHGRYHUWKHSULPDU\OHDVHSHULRGRIWKHODQG
3.3 Investment Properties:
,QYHVWPHQWSURSHUWLHVDUHPHDVXUHGLQLWLDOO\DWFRVWLQFOXGLQJWUDQVDFWLRQFRVWVDQGQHWRIUHFRYHUDEOHWD[HVWUDGHGLVFRXQWV
and rebates. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and
LPSDLUPHQWORVVHVLIDQ\,QFDVHRI,QYHVWPHQWSURSHUWLHVWKHFRPSDQ\KDVDYDLOHGWKHFDUU\LQJYDOXHDVGHHPHGFRVWRQWKH
GDWHRIWUDQVLWLRQLHst$SULO
'HSUHFLDWLRQRQLQYHVWPHQWSURSHUWLHVLVSURYLGHGXVLQJVWUDLJKWOLQHPHWKRGRYHUWKHHVWLPDWHGXVHIXOOLYHVDVVSHFL¿HGLQ
6FKHGXOH,,WRWKH&RPSDQLHV$FW5HVLGXDOYDOXHVXVHIXOOLYHVDQGPHWKRGRIGHSUHFLDWLRQRILQYHVWPHQWSURSHUWLHVDUH
UHYLHZHGDWHDFK¿QDQFLDO\HDUHQGDQGDUHDGMXVWHGSURVSHFWLYHO\LIDSSURSULDWH7KHHႇHFWVRIDQ\UHYLVLRQDUHLQFOXGHGLQ
WKHVWDWHPHQWRISUR¿WDQGORVVZKHQWKHFKDQJHVDULVHV
7KRXJKWKH&RPSDQ\PHDVXUHVLQYHVWPHQWSURSHUWLHVXVLQJFRVWEDVHGPHDVXUHPHQWWKHIDLUYDOXHRILQYHVWPHQWSURSHUW\LV
disclosed in the notes.
,QYHVWPHQWSURSHUWLHVDUHGHUHFRJQLVHGHLWKHUZKHQWKH\KDYHEHHQGLVSRVHGRႇRUZKHQWKH\DUHSHUPDQHQWO\ZLWKGUDZQ
IURPXVHDQGQRIXWXUHHFRQRPLFEHQH¿WLVH[SHFWHGIURPWKHLUGLVSRVDO7KHGLႇHUHQFHEHWZHHQWKHQHWGLVSRVDOSURFHHGV
DQGWKHFDUU\LQJDPRXQWRIWKHDVVHWLVUHFRJQLVHGLQVWDWHPHQWRISUR¿WDQGORVVLQWKHSHULRGRIGHUHFRJQLWLRQ

3.4 Intangible Assets:
,QWDQJLEOHDVVHWVDUHFDUULHGDWFRVWQHWRIUHFRYHUDEOHWD[HVWUDGHGLVFRXQWDQGUHEDWHVOHVVDFFXPXODWHGDPRUWLVDWLRQDQG
LPSDLUPHQWORVVHVLIDQ\&RVWLQFOXGHVH[SHQGLWXUHWKDWLVGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKHLQWDQJLEOHDVVHWV,Q
FDVHRI,QWDQJLEOH$VVHWVWKH&RPSDQ\KDVDYDLOHGWKHFDUU\LQJYDOXHDVGHHPHGFRVWRQWKHGDWHRIWUDQVLWLRQLHst$SULO
2015.
,GHQWL¿DEOHLQWDQJLEOHDVVHWVDUHUHFRJQLVHGZKHQLWLVSUREDEOHWKDWIXWXUHHFRQRPLFEHQH¿WVDWWULEXWHGWRWKHDVVHWZLOOÀRZ
WRWKH&RPSDQ\DQGWKHFRVWRIWKHDVVHWFDQEHUHOLDEO\PHDVXUHG
&RPSXWHU VRIWZDUHV DUH FDSLWDOLVHG DW WKH DPRXQWV SDLG WR DFTXLUH WKH UHVSHFWLYH OLFHQVH IRU XVH DQG DUH DPRUWLVHG RYHU
WKHSHULRGRIXVHIXOOLYHVRUSHULRGRIWKUHH\HDUVZKLFKHYHULVOHVV7KHDVVHWV¶XVHIXOOLYHVDQGPHWKRGRIDPRUWLVDWLRQDUH
UHYLHZHGDWHDFK¿QDQFLDO\HDUHQGDQGDGMXVWHGSURVSHFWLYHO\LIDSSURSULDWH
*DLQVRUORVVHVDULVLQJIURPGHUHFRJQLWLRQRIDQLQWDQJLEOHDVVHWDUHPHDVXUHGDVWKHGLႇHUHQFHEHWZHHQWKHQHWGLVSRVDO
SURFHHGV DQG WKH FDUU\LQJ DPRXQW RI WKH DVVHW DQG DUH UHFRJQLVHG LQ WKH VWDWHPHQW RI SUR¿W DQG ORVV ZKHQ WKH DVVHW LV
derecognised.
3.5 Art Works:
$UW :RUNV DUH FDUULHG DW FRVW QHW RI UHFRYHUDEOH WD[HV WUDGH GLVFRXQWV DQG UHEDWHV OHVV LPSDLUPHQW ORVVHV LI DQ\ &RVW
LQFOXGHVH[SHQGLWXUHWKDWLVGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKHLWHPV3UR¿WORVVDULVLQJIURPUHWLUHPHQWGLVSRVDORI
$UW:RUNVDUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
3.6 Leases:
7KH&RPSDQ\HYDOXDWHVLIDQDUUDQJHPHQWTXDOL¿HVWREHDOHDVHDVSHUWKHUHTXLUHPHQWVRI,QG$6,GHQWL¿FDWLRQRIDOHDVH
UHTXLUHVVLJQL¿FDQWMXGJHPHQW7KH&RPSDQ\XVHVVLJQL¿FDQWMXGJHPHQWLQDVVHVVLQJWKHOHDVHWHUP LQFOXGLQJDQWLFLSDWHG
UHQHZDOV DQGWKHDSSOLFDEOHGLVFRXQWUDWH7KH&RPSDQ\GHWHUPLQHVWKHOHDVHWHUPDVWKHQRQFDQFHOODEOHSHULRGRIDOHDVH
WRJHWKHUZLWKERWKSHULRGVFRYHUHGE\DQRSWLRQVWRH[WHQGWKHOHDVHLIWKH&RPSDQ\LVUHDVRQDEO\FHUWDLQWRH[HUFLVHWKDW
RSWLRQVDQGSHULRGVFRYHUHGE\DQRSWLRQWRWHUPLQDWHWKHOHDVHLIWKH&RPSDQ\LVUHDVRQDEO\FHUWDLQQRWWRH[HUFLVHWKDW
RSWLRQV,QDVVHVVLQJZKHWKHUWKHFRPSDQ\LVUHDVRQDEO\FHUWDLQWRH[HUFLVHDQRSWLRQWRH[WHQGDOHDVHRUQRWWRH[HUFLVHDQ
RSWLRQWRWHUPLQDWHDOHDVHLWFRQVLGHUVDOOUHOHYDQWIDFWVDQGFLUFXPVWDQFHVWKDWFUHDWHDQHFRQRPLFLQFHQWLYHIRUWKH&RPSDQ\
WRH[HUFLVHWKHRSWLRQWRH[WHQGWKHOHDVHRUQRWWRH[HUFLVHWKHRSWLRQWRWHUPLQDWHWKHOHDVH7KH&RPSDQ\UHYLVHVWKHOHDVH
WHUPLIWKHUHLVDFKDQJHLQWKHQRQFDQFHOODEOHSHULRGRIDOHDVH7KHGLVFRXQWUDWHLVJHQHUDOO\EDVHGRQWKHLQFUHPHQWDO
ERUURZLQJUDWHVSHFL¿FWRWKHOHDVHEHLQJHYDOXDWHGRUIRUDSRUWIROLRRIOHDVHVZLWKVLPLODUFKDUDFWHULVWLFV
The Company as a lessee
7KH &RPSDQ\¶V OHDVH DVVHW FODVVHV SULPDULO\ FRQVLVW RI OHDVHV IRU ODQG DQG EXLOGLQJV7KH &RPSDQ\ DVVHVVHV ZKHWKHU D
FRQWUDFWFRQWDLQVDOHDVHDWLQFHSWLRQRIDFRQWUDFW$FRQWUDFWLVRUFRQWDLQVDOHDVHLIWKHFRQWUDFWFRQYH\VWKHULJKWWRFRQWURO
WKHXVHRIDQLGHQWL¿HGDVVHWIRUDSHULRGRIWLPHLQH[FKDQJHIRUFRQVLGHUDWLRQ7RDVVHVVZKHWKHUDFRQWUDFWFRQYH\VWKHULJKW
WRFRQWUROWKHXVHRIDQLGHQWL¿HGDVVHWWKH&RPSDQ\DVVHVVHVZKHWKHU L WKHFRQWUDFWLQYROYHVWKHXVHRIDQLGHQWL¿HGDVVHW
LL WKH&RPSDQ\KDVVXEVWDQWLDOO\DOORIWKHHFRQRPLFEHQH¿WVIURPXVHRIWKHDVVHWWKURXJKWKHSHULRGRIWKHOHDVHDQG LLL WKH
&RPSDQ\KDVWKHULJKWWRGLUHFWWKHXVHRIWKHDVVHW
$WWKHGDWHRIFRPPHQFHPHQWRIWKHOHDVHWKH&RPSDQ\UHFRJQL]HVDULJKWRIXVHDVVHW ´528´ DQGDFRUUHVSRQGLQJOHDVH
OLDELOLW\IRUDOOOHDVHDUUDQJHPHQWVLQZKLFKLWLVDOHVVHHH[FHSWIRUOHDVHVZLWKDWHUPRIWZHOYHPRQWKVRUOHVV VKRUWWHUP
OHDVHV DQGORZYDOXHOHDVHV)RUWKHVHVKRUWWHUPDQGORZYDOXHOHDVHVWKH&RPSDQ\UHFRJQL]HVWKHOHDVHSD\PHQWVDVDQ
RSHUDWLQJH[SHQVHRQDVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHOHDVH
&HUWDLQOHDVHDUUDQJHPHQWVLQFOXGHVWKHRSWLRQVWRH[WHQGRUWHUPLQDWHWKHOHDVHEHIRUHWKHHQGRIWKHOHDVHWHUP528DVVHWV
DQGOHDVHOLDELOLWLHVLQFOXGHVWKHVHRSWLRQVZKHQLWLVUHDVRQDEO\FHUWDLQWKDWWKH\ZLOOEHH[HUFLVHG
7KHULJKWRIXVHDVVHWVDUHLQLWLDOO\UHFRJQL]HGDWFRVWZKLFKFRPSULVHVWKHLQLWLDODPRXQWRIWKHOHDVHOLDELOLW\DGMXVWHGIRUDQ\
OHDVHSD\PHQWVPDGHDWRUSULRUWRWKHFRPPHQFHPHQWGDWHRIWKHOHDVHSOXVDQ\LQLWLDOGLUHFWFRVWVOHVVDQ\OHDVHLQFHQWLYHV
7KH\DUHVXEVHTXHQWO\PHDVXUHGDWFRVWOHVVDFFXPXODWHGGHSUHFLDWLRQDQGLPSDLUPHQWORVVHV
5LJKWRIXVHDVVHWVDUHGHSUHFLDWHGIURPWKHFRPPHQFHPHQWGDWHRQDVWUDLJKWOLQHEDVLVRYHUWKHVKRUWHURIWKHOHDVHWHUP
DQG XVHIXO OLIH RI WKH XQGHUO\LQJ DVVHW 5LJKW RI XVH DVVHWV DUH HYDOXDWHG IRU UHFRYHUDELOLW\ ZKHQHYHU HYHQWV RU FKDQJHV
LQ FLUFXPVWDQFHV LQGLFDWH WKDW WKHLU FDUU\LQJ DPRXQWV PD\ QRW EH UHFRYHUDEOH )RU WKH SXUSRVH RI LPSDLUPHQW WHVWLQJ WKH
UHFRYHUDEOHDPRXQW LHWKHKLJKHURIWKHIDLUYDOXHOHVVFRVWWRVHOODQGWKHYDOXHLQXVH LVGHWHUPLQHGRQDQLQGLYLGXDODVVHW
EDVLVXQOHVVWKHDVVHWGRHVQRWJHQHUDWHFDVKÀRZVWKDWDUHODUJHO\LQGHSHQGHQWRIWKRVHIURPRWKHUDVVHWV,QVXFKFDVHV
WKHUHFRYHUDEOHDPRXQWLVGHWHUPLQHGIRUWKH&DVK*HQHUDWLQJ8QLW &*8 WRZKLFKWKHDVVHWEHORQJV

7KHOHDVHOLDELOLW\LVLQLWLDOO\PHDVXUHGDWDPRUWL]HGFRVWDWWKHSUHVHQWYDOXHRIWKHIXWXUHOHDVHSD\PHQWV7KHOHDVHSD\PHQWV
DUHGLVFRXQWHGXVLQJWKHLQWHUHVWUDWHLPSOLFLWLQWKHOHDVHRULIQRWUHDGLO\GHWHUPLQDEOHXVLQJWKHLQFUHPHQWDOERUURZLQJUDWHV
LQWKHFRXQWU\RIGRPLFLOHRIWKHVHOHDVHV/HDVHOLDELOLWLHVDUHUHPHDVXUHGZLWKDFRUUHVSRQGLQJDGMXVWPHQWWRWKHUHODWHGULJKW
RIXVHDVVHWLIWKH&RPSDQ\FKDQJHVLWVDVVHVVPHQWLIZKHWKHULWZLOOH[HUFLVHDQH[WHQVLRQRUDWHUPLQDWLRQRSWLRQ
7KHGLVFRXQWUDWHLVJHQHUDOO\EDVHGRQWKHLQFUHPHQWDOERUURZLQJUDWHVSHFL¿FWRWKHOHDVHEHLQJHYDOXDWHGRUIRUDSRUWIROLR
RIOHDVHVZLWKVLPLODUFKDUDFWHULVWLFV
/HDVHOLDELOLW\DQG528DVVHWKDYHEHHQVHSDUDWHO\SUHVHQWHGLQWKH%DODQFH6KHHWDQGOHDVHSD\PHQWVKDYHEHHQFODVVL¿HG
DV¿QDQFLQJFDVKÀRZV
The Company as a lessor
/HDVHVIRUZKLFKWKH&RPSDQ\LVDOHVVRULVFODVVL¿HGDVD¿QDQFHRURSHUDWLQJOHDVH:KHQHYHUWKHWHUPVRIWKHOHDVHWUDQVIHU
VXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLSWRWKHOHVVHHWKHFRQWUDFWLVFODVVL¿HGDVD¿QDQFHOHDVH$OORWKHUOHDVHV
DUHFODVVL¿HGDVRSHUDWLQJOHDVHV
:KHQWKH&RPSDQ\LVDQLQWHUPHGLDWHOHVVRULWDFFRXQWVIRULWVLQWHUHVWVLQWKHKHDGOHDVHDQGWKHVXEOHDVHVHSDUDWHO\7KH
VXEOHDVHLVFODVVL¿HGDVD¿QDQFHRURSHUDWLQJOHDVHE\UHIHUHQFHWRWKHULJKWRIXVHDVVHWDULVLQJIURPWKHKHDGOHDVH
)RURSHUDWLQJOHDVHVUHQWDOLQFRPHLVUHFRJQL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHUHOHYDQWOHDVH
3.7 Inventories:
,QYHQWRULHVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOL]DEOHYDOXHH[FHSWVFUDS FXOOHW ZKLFKLVYDOXHGDWUDZPDWHULDOFRVW

ZKHUHLWLVUHXVDEOHRWKHUZLVHDWQHWUHDOLVDEOHYDOXH1HWUHDOLVDEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKHRUGLQDU\FRXUVH
RIEXVLQHVVOHVVHVWLPDWHGFRVWVRIFRPSOHWLRQDQGWKHHVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH7KHFRVWRILQYHQWRULHV
FRPSULVHVRIFRVWRISXUFKDVHFRVWRIFRQYHUVLRQDQGRWKHUFRVWVLQFXUUHGLQEULQJLQJWKHLQYHQWRULHVWRWKHLUUHVSHFWLYHSUHVHQW
ORFDWLRQDQGFRQGLWLRQ&RVWRISDFNLQJPDWHULDOVDQGVWRUHVVSDUHVDQGFRQVXPDEOHVDUHFRPSXWHGRQWKHZHLJKWHGDYHUDJH
EDVLV&RVWRIZRUNLQSURJUHVV¿QLVKHGJRRGVDQG6WRFNLQWUDGHLVGHWHUPLQHGRQDEVRUSWLRQFRVWLQJPHWKRG
3.8 Cash and cash equivalents:
&DVKDQGFDVKHTXLYDOHQWLQWKHEDODQFHVKHHWFRPSULVHFDVKDWEDQNVFDVKRQKDQGDQGVKRUWWHUPGHSRVLWVZLWKDQRULJLQDO
PDWXULW\RIWKUHHPRQWKVRUOHVVZKLFKDUHVXEMHFWWRDQLQVLJQL¿FDQWULVNRIFKDQJHVLQYDOXH
)RUWKHSXUSRVHRIWKHVWDWHPHQWRIFDVKÀRZVFDVKDQGFDVKHTXLYDOHQWVFRQVLVWRIFDVKDQGVKRUWWHUPGHSRVLWVDVGH¿QHG
DERYHQHWRIRXWVWDQGLQJEDQNRYHUGUDIWVDVWKH\DUHFRQVLGHUHGDQLQWHJUDOSDUWRIWKH&RPSDQ\¶VFDVKPDQDJHPHQW
,PSDLUPHQWRIQRQ¿QDQFLDODVVHWVSURSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWV
7KH&RPSDQ\DVVHVVHVDWHDFKUHSRUWLQJGDWHDVWRZKHWKHUWKHUHLVDQ\LQGLFDWLRQWKDWDQ\SURSHUW\SODQWDQGHTXLSPHQW
DQGLQWDQJLEOHDVVHWVRUJURXSRIDVVHWVFDOOHGFDVKJHQHUDWLQJXQLWV &*8 PD\EHLPSDLUHG,IDQ\VXFKLQGLFDWLRQH[LVWVWKH
UHFRYHUDEOHDPRXQWRIDQDVVHWRU&*8LVHVWLPDWHGWRGHWHUPLQHWKHH[WHQWRILPSDLUPHQWLIDQ\:KHQLWLVQRWSRVVLEOHWR
HVWLPDWHWKHUHFRYHUDEOHDPRXQWRIDQLQGLYLGXDODVVHWWKH&RPSDQ\HVWLPDWHVWKHUHFRYHUDEOHDPRXQWRIWKH&*8WRZKLFK
the asset belongs.
$Q LPSDLUPHQW ORVV LV UHFRJQLVHG LQ WKH VWDWHPHQW RI SUR¿W DQG ORVV WR WKH H[WHQW DVVHW¶V FDUU\LQJ DPRXQW H[FHHGV LWV
UHFRYHUDEOHDPRXQW7KHUHFRYHUDEOHDPRXQWLVKLJKHURIDQDVVHW¶VIDLUYDOXHOHVVFRVWRIGLVSRVDODQGYDOXHLQXVH9DOXH
LQXVHLVEDVHGRQWKHHVWLPDWHGIXWXUHFDVKÀRZVGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJSUHWD[GLVFRXQWUDWHWKDWUHÀHFWV
FXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGULVNVSHFL¿FWRWKHDVVHWV
7KHLPSDLUPHQWORVVUHFRJQLVHGLQSULRUDFFRXQWLQJSHULRGLVUHYHUVHGLIWKHUHKDVEHHQDFKDQJHLQWKHHVWLPDWHRIUHFRYHUDEOH
amount.
3.10 Impairment of Goodwill:
*RRGZLOO LV WHVWHG IRU LPSDLUPHQW RQ DQ DQQXDO EDVLV DQG ZKHQHYHU WKHUH LV DQ LQGLFDWLRQ WKDW JRRGZLOO PD\ EH LPSDLUHG
UHO\LQJRQDQXPEHURIIDFWRUVLQFOXGLQJRSHUDWLQJUHVXOWVEXVLQHVVSODQVDQGIXWXUHFDVKÀRZV)RUWKHSXUSRVHRILPSDLUPHQW
WHVWLQJJRRGZLOODFTXLUHGLQDEXVLQHVVFRPELQDWLRQLVDOORFDWHGWRWKH&RPSDQ\¶VFDVKJHQHUDWLQJXQLWV &*8 RUJURXSVRI
&*8¶VH[SHFWHGWREHQH¿WIURPWKHV\QHUJLHVDULVLQJIURPWKHEXVLQHVVFRPELQDWLRQ$&*8LVWKHVPDOOHVWLGHQWL¿DEOHJURXS
RIDVVHWVWKDWJHQHUDWHVFDVKLQÀRZVWKDWDUHODUJHO\LQGHSHQGHQWRIWKHFDVKLQÀRZVIURPRWKHUDVVHWVRUJURXSRIDVVHWV
,PSDLUPHQWRFFXUVZKHQWKHFDUU\LQJDPRXQWRID&*8LQFOXGLQJWKHJRRGZLOOH[FHHGVWKHHVWLPDWHGUHFRYHUDEOHDPRXQWRI
WKH&*87KHUHFRYHUDEOHDPRXQWRID&*8LVWKHKLJKHURILWVIDLUYDOXHOHVVFRVWWRVHOODQGLWVYDOXHLQXVH9DOXHLQXVHLV
WKHSUHVHQWYDOXHRIIXWXUHFDVKÀRZVH[SHFWHGWREHGHULYHGIURPWKH&*87RWDOLPSDLUPHQWORVVRID&*8LVDOORFDWHG¿UVW
WRUHGXFHWKHFDUU\LQJDPRXQWRIJRRGZLOODOORFDWHGWRWKH&*8DQGWKHQWRWKHRWKHUDVVHWVRIWKH&*8SURUDWDRQWKHEDVLV
RIWKHFDUU\LQJDPRXQWRIHDFKDVVHWLQWKH&*8$QLPSDLUPHQWORVVRQJRRGZLOOLVUHFRJQL]HGLQQHWSUR¿WLQWKHVWDWHPHQWRI
comprehensive income and is not reversed in the subsequent period.

'LVFRQWLQXHGRSHUDWLRQDQGQRQFXUUHQWDVVHWV RUGLVSRVDOJURXSV KHOGIRUVDOH
Discontinued operation:
$GLVFRQWLQXHGRSHUDWLRQLVDFRPSRQHQWRIWKH&RPSDQ\WKDWKDVEHHQGLVSRVHGRႇRULVFODVVL¿HGDVKHOGIRUVDOHDQGWKDW
UHSUHVHQWVDVHSDUDWHPDMRUOLQHRIEXVLQHVVRUJHRJUDSKLFDODUHDRIRSHUDWLRQVLVSDUWRIDVLQJOHFRRUGLQDWHGSODQWRGLVSRVH
RႇVXFKDOLQHRIEXVLQHVVRUDUHDRIRSHUDWLRQVRULVDVXEVLGLDU\DFTXLUHGH[FOXVLYHO\ZLWKDYLHZWRUHVDOH7KHUHVXOWVRI
GLVFRQWLQXHGRSHUDWLRQVDUHSUHVHQWHGVHSDUDWHO\LQWKHVWDWHPHQWRISUR¿WRUORVV
1RQFXUUHQWDVVHWV RUGLVSRVDOJURXSV KHOGIRUVDOH
1RQFXUUHQWDVVHWVDUHFODVVL¿HGDVKHOGIRUVDOHLIWKHLUFDUU\LQJDPRXQWZLOOEHUHFRYHUHGSULQFLSDOO\WKURXJKDVDOHWUDQVDFWLRQ
UDWKHUWKDQWKURXJKFRQWLQXLQJXVH7KLVFRQGLWLRQLVUHJDUGHGDVPHWRQO\ZKHQDVDOHLVKLJKO\SUREDEOHIURPWKHGDWHRI
FODVVL¿FDWLRQPDQDJHPHQWDUHFRPPLWWHGWRWKHVDOHDQGWKHDVVHWLVDYDLODEOHIRULPPHGLDWHVDOHLQLWVSUHVHQWFRQGLWLRQ
1RQFXUUHQWDVVHWVDUHFODVVL¿HGDVKHOGIRUVDOHIURPWKHGDWHWKHVHFRQGLWLRQVDUHPHWDQGDUHPHDVXUHGDWWKHORZHURI
FDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWWRVHOO$Q\UHVXOWLQJLPSDLUPHQWORVVLVUHFRJQLVHGLQWKH6WDWHPHQWVRI3UR¿WDQG/RVV
DVDVHSDUDWHOLQHLWHP2QFODVVL¿FDWLRQDVKHOGIRUVDOHWKHDVVHWVDUHQRORQJHUGHSUHFLDWHG$VVHWVDQGOLDELOLWLHVFODVVL¿HG
DVKHOGIRUVDOHDUHSUHVHQWHGVHSDUDWHO\DVFXUUHQWLWHPVLQWKH%DODQFH6KHHW
3.12 Financial instruments – initial recognition, subsequent measurement and impairment:
$¿QDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRD¿QDQFLDODVVHWRIRQHHQWLW\DQGD¿QDQFLDOOLDELOLW\RUHTXLW\LQVWUXPHQW
RIDQRWKHUHQWLW\
, )LQDQFLDODVVHWV,QLWLDOUHFRJQLWLRQDQGPHDVXUHPHQW
$OO¿QDQFLDODVVHWVDUHLQLWLDOO\UHFRJQL]HGDWIDLUYDOXH7UDQVDFWLRQFRVWVWKDWDUHGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQ
RU LVVXH RI ¿QDQFLDO DVVHWV ZKLFK DUH QRW DW IDLU YDOXH WKURXJK SUR¿W RU ORVV DUH DGMXVWHG WR WKH IDLU YDOXH RQ LQLWLDO
UHFRJQLWLRQ)LQDQFLDODVVHWVDUHFODVVL¿HGDWLQLWLDOUHFRJQLWLRQDV¿QDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHRUDV¿QDQFLDO
assets measured at amortised cost.
)LQDQFLDODVVHWV6XEVHTXHQWPHDVXUHPHQW
)RUWKHSXUSRVHRIVXEVHTXHQWPHDVXUHPHQW¿QDQFLDODVVHWVDUHFODVVL¿HGLQWZREURDGFDWHJRULHV
D )LQDQFLDODVVHWVDWIDLUYDOXH
b) Financial assets at amortised cost
:KHUHDVVHWVDUHPHDVXUHGDWIDLUYDOXHJDLQVDQGORVVHVDUHHLWKHUUHFRJQLVHGHQWLUHO\LQWKHVWDWHPHQWRISUR¿WDQG
ORVV LHIDLUYDOXHWKURXJKSUR¿WRUORVV RUUHFRJQLVHGLQRWKHUFRPSUHKHQVLYHLQFRPH LHIDLUYDOXHWKURXJKRWKHU
comprehensive income).
$ ¿QDQFLDO DVVHW WKDW PHHWV WKH IROORZLQJ WZR FRQGLWLRQV LV PHDVXUHG at amortised cost QHW RI DQ\ ZULWH GRZQ IRU
LPSDLUPHQW XQOHVVWKHDVVHWLVGHVLJQDWHGDWIDLUYDOXHWKURXJKSUR¿WRUORVVXQGHUWKHIDLUYDOXHRSWLRQ
a) Business model test: 7KHREMHFWLYHRIWKH&RPSDQ\¶VEXVLQHVVPRGHOLVWRKROGWKH¿QDQFLDODVVHWWRFROOHFWWKH
FRQWUDFWXDOFDVKÀRZ
E &DVKÀRZFKDUDFWHULVWLFVWHVW7KHFRQWUDFWXDOWHUPVRIWKH¿QDQFLDODVVHWJLYHULVHRQVSHFL¿HGGDWHVWRFDVK
ÀRZWKDWDUHVROHO\SD\PHQWVRISULQFLSDODQGLQWHUHVWRQWKHSULQFLSDODPRXQWRXWVWDQGLQJ
$ ¿QDQFLDO DVVHW WKDW PHHWV WKH IROORZLQJ WZR FRQGLWLRQV LV PHDVXUHG DW fair value through other comprehensive
incomeXQOHVVWKHDVVHWLVGHVLJQDWHGDWIDLUYDOXHWKURXJKSUR¿WRUORVVXQGHUWKHIDLUYDOXHRSWLRQ
a) Business model test: 7KH¿QDQFLDODVVHWLVKHOGZLWKLQDEXVLQHVVPRGHOZKRVHREMHFWLYHLVDFKLHYHGE\ERWK
FROOHFWLQJFRQWUDFWXDOFDVKÀRZDQGVHOOLQJ¿QDQFLDODVVHWV
$OORWKHU¿QDQFLDODVVHWLVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV
)LQDQFLDODVVHWV(TXLW\,QYHVWPHQWLQVXEVLGLDULHVDVVRFLDWHVDQGMRLQWYHQWXUH
7KH&RPSDQ\KDVDFFRXQWHGIRULWVHTXLW\LQYHVWPHQWLQVXEVLGLDULHVDVVRFLDWHVDQGMRLQWYHQWXUHDWFRVW

)LQDQFLDODVVHWV'HUHFRJQLWLRQ
$¿QDQFLDODVVHWV RUZKHUHDSSOLFDEOHDSDUWRID¿QDQFLDODVVHWRUSDUWRIDJURXSRIVLPLODU¿QDQFLDODVVHWV LVSULPDULO\
GHUHFRJQLVHG LHUHPRYHGIRUPWKH&RPSDQ\¶VVWDWHPHQWRI¿QDQFLDOSRVLWLRQ ZKHQ
D 7KHULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHWKDYHH[SLUHGRU
E 7KH&RPSDQ\KDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKÀRZIURPWKHDVVHW
,PSDLUPHQWRI¿QDQFLDODVVHWV
,QDFFRUGDQFHZLWK,QG$6WKH&RPSDQ\XVHVµ([SHFWHG&UHGLW/RVV¶ (&/ PRGHOIRUHYDOXDWLQJLPSDLUPHQWRI
¿QDQFLDODVVHWVRWKHUWKDQWKRVHPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV )973/
([SHFWHGFUHGLWORVVHVDUHPHDVXUHGWKURXJKDORVVDOORZDQFHDWDQDPRXQWHTXDOWR
D 7KHPRQWKVH[SHFWHGFUHGLWORVVHV H[SHFWHGFUHGLWORVVHVWKDWUHVXOWIURPWKRVHGHIDXOWHYHQWVRQWKH¿QDQFLDO
LQVWUXPHQWWKDWDUHSRVVLEOHZLWKLQPRQWKVDIWHUWKHUHSRUWLQJGDWH RU
E )XOOOLIHWLPHH[SHFWHGFUHGLWORVVHV H[SHFWHGFUHGLWORVVHVWKDWUHVXOWIURPDOOSRVVLEOHGHIDXOWHYHQWVRYHUWKHOLIH
RIWKH¿QDQFLDOLQVWUXPHQW
)RUWUDGHUHFHLYDEOHV&RPSDQ\DSSOLHVµVLPSOL¿HGDSSURDFK¶ZKLFKUHTXLUHVH[SHFWHGOLIHWLPHORVVHVWREHUHFRJQLVHG
IURPLQLWLDOUHFRJQLWLRQRIWKHUHFHLYDEOHV7KH&RPSDQ\XVHVKLVWRULFDOGHIDXOWUDWHVWRGHWHUPLQHLPSDLUPHQWORVVRQ
WKHSRUWIROLRRIWUDGHUHFHLYDEOHV$WHYHU\UHSRUWLQJGDWHWKHVHKLVWRULFDOGHIDXOWUDWHVDUHUHYLHZHGDQGFKDQJHVLQWKH
IRUZDUGORRNLQJHVWLPDWHVDUHDQDO\VHG
)RURWKHUDVVHWVWKH&RPSDQ\XVHVPRQWK(&/WRSURYLGHIRULPSDLUPHQWORVVZKHUHWKHUHLVQRVLJQL¿FDQWLQFUHDVH
LQFUHGLWULVN,IWKHUHLVVLJQL¿FDQWLQFUHDVHLQFUHGLWULVNIXOOOLIHWLPH(&/LVXVHG
,, )LQDQFLDOOLDELOLWLHV,QLWLDOUHFRJQLWLRQDQGPHDVXUHPHQW
7KH¿QDQFLDOOLDELOLWLHVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHDQGLQWKHFDVHRIORDQVDQGERUURZLQJVDQGSD\DEOHVQHWRI
directly attributable transaction costs.
)LQDQFLDOOLDELOLWLHV6XEVHTXHQWPHDVXUHPHQW
)LQDQFLDOOLDELOLWLHVDUHVXEVHTXHQWO\FDUULHGDWDPRUWL]HGFRVWXVLQJWKHHႇHFWLYHLQWHUHVWPHWKRG)RUWUDGHDQGRWKHU
SD\DEOHVPDWXULQJZLWKLQRQH\HDUIURPWKHEDODQFHVKHHWGDWHWKHFDUU\LQJDPRXQWVDUHDSSUR[LPDWHDWWKHLUIDLUYDOXH
GXHWRWKHVKRUWPDWXULW\RIWKHVHLQVWUXPHQWV
)LQDQFLDO/LDELOLWLHV)LQDQFLDOJXDUDQWHHFRQWUDFWV
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse
WKHKROGHUIRUDORVVLWLQFXUVEHFDXVHWKHVSHFL¿HGGHEWRUIDLOVWRPDNHDSD\PHQWZKHQGXHLQDFFRUGDQFHZLWKWKH
WHUPVRIDGHEWLQVWUXPHQW)LQDQFLDOJXDUDQWHHFRQWUDFWVDUHUHFRJQLVHGLQLWLDOO\DVDOLDELOLW\DWIDLUYDOXHDGMXVWHGIRU
WUDQVDFWLRQFRVWVWKDWDUHGLUHFWO\DWWULEXWDEOHWRWKHLVVXDQFHRIWKHJXDUDQWHH6XEVHTXHQWO\WKHOLDELOLW\LVPHDVXUHGDW
WKHKLJKHURIWKHDPRXQWRIORVVDOORZDQFHGHWHUPLQHGDQGWKHDPRXQWUHFRJQLVHGOHVVFXPXODWLYHDPRUWLVDWLRQ
)LQDQFLDO/LDELOLWLHV'HUHFRJQLWLRQ
$¿QDQFLDOOLDELOLW\LVGHUHFRJQLVHGZKHQWKHREOLJDWLRQXQGHUWKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHV:KHQ
DQH[LVWLQJ¿QDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLႇHUHQWWHUPVRUWKHWHUPV
RIDQH[LVWLQJOLDELOLW\DUHVXEVWDQWLDOO\PRGL¿HGVXFKDQH[FKDQJHRUPRGL¿FDWLRQLVWUHDWHGDVWKHGHUHFRJQLWLRQRIWKH
RULJLQDOOLDELOLW\DQGWKHUHFRJQLWLRQRIDQHZOLDELOLW\7KHGLႇHUHQFHLQWKHUHVSHFWLYHFDUU\LQJDPRXQWVLVUHFRJQLVHGLQ
WKHVWDWHPHQWRISUR¿WDQGORVV
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse
3.13 Provisions, Contingent Liabilities, Contingent Assets and Commitments:
3URYLVLRQV DUH UHFRJQLVHG ZKHQ WKH &RPSDQ\ KDV D SUHVHQW REOLJDWLRQ OHJDO RU FRQVWUXFWLYH DV D UHVXOW RI D SDVW
HYHQW,WLVSUREDEOHWKDWDQRXWÀRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQH¿WVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQ
DQGDUHOLDEOHHVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ,IWKHHႇHFWRIWKHWLPHYDOXHRIPRQH\LVPDWHULDO
SURYLVLRQV DUH GLVFRXQWHG XVLQJ HTXLYDOHQW SHULRG JRYHUQPHQW VHFXULWLHV LQWHUHVW UDWH 8QZLQGLQJ RI WKH GLVFRXQW LV
UHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WDQGORVVDVD¿QDQFHFRVW3URYLVLRQVDUHUHYLHZHGDWHDFKEDODQFHVKHHWGDWHDQG
DUHDGMXVWHGWRUHÀHFWWKHFXUUHQWEHVWHVWLPDWH

&RQWLQJHQWOLDELOLWLHVDUHGLVFORVHGZKHQWKHUHLVDSRVVLEOHREOLJDWLRQDULVLQJIURPSDVWHYHQWVWKHH[LVWHQFHRIZKLFK
ZLOOEHFRQ¿UPHGRQO\E\WKHRFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVQRWZKROO\ZLWKLQWKH
FRQWURORIWKH&RPSDQ\RUDSUHVHQWREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWVZKHUHLWLVHLWKHUQRWSUREDEOHWKDWDQRXWÀRZ
RIUHVRXUFHVZLOOEHUHTXLUHGWRVHWWOHRUDUHOLDEOHHVWLPDWHRIWKHDPRXQWFDQQRWEHPDGH,QIRUPDWLRQRQFRQWLQJHQW
liability is disclosed in the Notes to the Financial Statements. Contingent assets are not recognised. However, when the
UHDOLVDWLRQRILQFRPHLVYLUWXDOO\FHUWDLQWKHQWKHUHODWHGDVVHWLVQRORQJHUDFRQWLQJHQWDVVHWEXWLWLVUHFRJQLVHGDVDQ
asset.
3.14 Dividend Distribution:
$QQXDO GLYLGHQG GLVWULEXWLRQ WR WKH VKDUHKROGHUV LV UHFRJQLVHG DV D OLDELOLW\ LQ WKH SHULRG LQ ZKLFK WKH GLYLGHQGV DUH
DSSURYHG E\ WKH VKDUHKROGHUV$Q\ LQWHULP GLYLGHQG SDLG LV UHFRJQLVHG RQ DSSURYDO E\ %RDUG RI 'LUHFWRUV 'LYLGHQG
payable is recognised directly in other equity.
3.15 Revenue recognition and other income:
Sale of goods and Services:
7KH&RPSDQ\GHULYHVUHYHQXHVSULPDULO\IURPVDOHRISURGXFWVFRPSULVLQJRI6FLHQWL¿FDQG,QGXVWULDO3URGXFWV 6,3 DQG
&RQVXPHU3URGXFWV &3
5HYHQXH IURP FRQWUDFWV ZLWK FXVWRPHUV LV UHFRJQLVHG ZKHQ FRQWURO RI WKH JRRGV RU VHUYLFHV DUH WUDQVIHUUHG WR WKH
FXVWRPHUDWDQDPRXQWWKDWUHÀHFWVWKHFRQVLGHUDWLRQHQWLWOHGLQH[FKDQJHIRUWKRVHJRRGVRUVHUYLFHV*HQHUDOO\FRQWURO
LVWUDQVIHUUHGXSRQVKLSPHQWRIJRRGVWRWKHFXVWRPHURUZKHQWKHJRRGVLVPDGHDYDLODEOHWRWKHFXVWRPHUSURYLGHG
WUDQVIHURIWLWOHWRWKHFXVWRPHURFFXUVDQGWKH&RPSDQ\KDVQRWUHWDLQHGDQ\VLJQL¿FDQWULVNVRIRZQHUVKLSRUIXWXUH
obligations with respect to the goods shipped.
5HYHQXHIURPUHQGHULQJRIVHUYLFHVLVUHFRJQLVHGRYHUWKHWLPHE\PHDVXULQJWKHSURJUHVVWRZDUGVFRPSOHWHVDWLVIDFWLRQ
RISHUIRUPDQFHREOLJDWLRQVDWWKHUHSRUWLQJSHULRG
5HYHQXH LV PHDVXUHG DW WKH DPRXQW RI FRQVLGHUDWLRQ ZKLFK WKH &RPSDQ\ H[SHFWV WR EH HQWLWOHG WR LQ H[FKDQJH IRU
WUDQVIHUULQJGLVWLQFWJRRGVRUVHUYLFHVWRDFXVWRPHUDVVSHFL¿HGLQWKHFRQWUDFWH[FOXGLQJDPRXQWVFROOHFWHGRQEHKDOI
RIWKLUGSDUWLHV IRUH[DPSOHWD[HVDQGGXWLHVFROOHFWHGRQEHKDOIRIWKHJRYHUQPHQW &RQVLGHUDWLRQLVJHQHUDOO\GXHXSRQ
VDWLVIDFWLRQRISHUIRUPDQFHREOLJDWLRQVDQGDUHFHLYDEOHLVUHFRJQL]HGZKHQLWEHFRPHVXQFRQGLWLRQDO
7KH&RPSDQ\GRHVQRWKDYHDQ\FRQWUDFWVZKHUHWKHSHULRGEHWZHHQWKHWUDQVIHURIWKHSURPLVHGJRRGVRUVHUYLFHV
WR WKH FXVWRPHU DQG SD\PHQW E\ WKH FXVWRPHU H[FHHGV RQH \HDU$V D FRQVHTXHQFH LW GRHV QRW DGMXVW DQ\ RI WKH
WUDQVDFWLRQSULFHVIRUWKHWLPHYDOXHRIPRQH\
5HYHQXHLVPHDVXUHGEDVHGRQWKHWUDQVDFWLRQSULFHZKLFKLVWKHFRQVLGHUDWLRQDGMXVWHGIRUYROXPHGLVFRXQWVVFKHPH
GLVFRXQW DQG SULFH FRQFHVVLRQV LI DQ\ DV VSHFL¿HG LQ WKH FRQWUDFW ZLWK WKH FXVWRPHU 5HYHQXH DOVR H[FOXGHV WD[HV
FROOHFWHGIURPFXVWRPHUV
Contract balances:
Trade receivables:
$UHFHLYDEOHUHSUHVHQWVWKH&RPSDQ\¶VULJKWWRDQDPRXQWRIFRQVLGHUDWLRQWKDWLVXQFRQGLWLRQDO
Contract liabilities:
$ FRQWUDFW OLDELOLW\ LV WKH REOLJDWLRQ WR WUDQVIHU JRRGV RU VHUYLFHV WR D FXVWRPHU IRU ZKLFK WKH &RPSDQ\ KDV UHFHLYHG
FRQVLGHUDWLRQ RUDQDPRXQWRIFRQVLGHUDWLRQLVGXH IURPWKHFXVWRPHU,IDFXVWRPHUSD\VFRQVLGHUDWLRQEHIRUHWKH
&RPSDQ\ WUDQVIHUV JRRGV RU VHUYLFHV WR WKH FXVWRPHU D FRQWUDFW OLDELOLW\ LV UHFRJQLVHG ZKHQ WKH SD\PHQW LV PDGH
&RQWUDFWOLDELOLWLHVDUHUHFRJQLVHGDVUHYHQXHZKHQWKH&RPSDQ\SHUIRUPVXQGHUWKHFRQWUDFW
Other Income:
,QFHQWLYHVRQH[SRUWVDQGRWKHU*RYHUQPHQWLQFHQWLYHVUHODWHGWRRSHUDWLRQVDUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿W
DQGORVVDIWHUGXHFRQVLGHUDWLRQRIFHUWDLQW\RIXWLOL]DWLRQUHFHLSWRIVXFKLQFHQWLYHV
Interest Income:
,QWHUHVWLQFRPHIURPD¿QDQFLDODVVHWLVUHFRJQLVHGZKHQLWLVSUREDEOHWKDWWKHHFRQRPLFEHQH¿WVZLOOÀRZWRWKH&RPSDQ\
DQGWKHDPRXQWRILQFRPHFDQEHPHDVXUHGUHOLDEO\,QWHUHVWLQFRPHLVDFFUXHGRQDWLPHEDVLVE\UHIHUHQFHWRWKH
SULQFLSDORXWVWDQGLQJDQGDWWKHHႇHFWLYHLQWHUHVWUDWHDSSOLFDEOHZKLFKLVWKHUDWHWKDWH[DFWO\GLVFRXQWVHVWLPDWHGIXWXUH
FDVKUHFHLSWVWKURXJKWKHH[SHFWHGOLIHRIWKH¿QDQFLDODVVHWWRWKDWDVVHW¶VQHWFDUU\LQJDPRXQWRQLQLWLDOUHFRJQLWLRQ

Dividend Income:
'LYLGHQG,QFRPHLVUHFRJQLVHGZKHQWKHULJKWWRUHFHLYHWKHSD\PHQWLVHVWDEOLVKHG
Rental income:
5HQWDOLQFRPHDULVLQJIURPRSHUDWLQJOHDVHVLVDFFRXQWHGIRURQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUPVDQGLVLQFOXGHG
DVRWKHULQFRPHLQWKHVWDWHPHQWRISUR¿WRUORVV
3.16 Foreign currency reinstatement and translation:
7UDQVDFWLRQVLQIRUHLJQFXUUHQFLHVDUHUHFRUGHGDWWKHH[FKDQJHUDWHSUHYDLOLQJRQWKHGDWHRIWUDQVDFWLRQ0RQHWDU\
DVVHWVDQGOLDELOLWLHVGHQRPLQDWHGLQIRUHLJQFXUUHQFLHVDUHWUDQVODWHGDWWKHIXQFWLRQDOFXUUHQF\FORVLQJUDWHVRIH[FKDQJH
at the reporting date.
([FKDQJHGLႇHUHQFHVDULVLQJRQVHWWOHPHQWRUWUDQVODWLRQRIPRQHWDU\LWHPVDUHUHFRJQLVHGLQVWDWHPHQWRISUR¿WDQG
ORVV H[FHSW WR WKH H[WHQW RI H[FKDQJH GLႇHUHQFHV ZKLFK DUH UHJDUGHG DV DQ DGMXVWPHQW WR LQWHUHVW FRVWV RQ IRUHLJQ
FXUUHQF\ERUURZLQJVWKDWDUHGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQRUFRQVWUXFWLRQRITXDOLI\LQJDVVHWVDUHFDSLWDOL]HGDV
FRVWRIDVVHWV
1RQPRQHWDU\LWHPVWKDWDUHPHDVXUHGLQWHUPVRIKLVWRULFDOFRVWLQDIRUHLJQFXUUHQF\DUHWUDQVODWHGXVLQJWKHH[FKDQJH
UDWHVDWWKHGDWHVRIWKHWUDQVDFWLRQ1RQPRQHWDU\LWHPVFDUULHGDWIDLUYDOXHWKDWDUHGHQRPLQDWHGLQIRUHLJQFXUUHQFLHV
DUHWUDQVODWHGDWWKHH[FKDQJHUDWHVSUHYDLOLQJDWWKHGDWHZKHQWKHIDLUYDOXHZDVGHWHUPLQHG7KHJDLQRUORVVDULVLQJ
RQWUDQVODWLRQRIQRQPRQHWDU\LWHPVPHDVXUHGDWIDLUYDOXHLVWUHDWHGLQOLQHZLWKWKHUHFRJQLWLRQRIWKHJDLQRUORVVRQ
WKHFKDQJHLQIDLUYDOXHRIWKHLWHP LHWUDQVODWLRQGLႇHUHQFHVRQLWHPVZKRVHIDLUYDOXHJDLQRUORVVLVUHFRJQLVHGLQ
2&,RUSUR¿WRUORVVDUHDOVRUHFRJQLVHGLQ2&,RUSUR¿WRUORVVUHVSHFWLYHO\
)RUHLJQH[FKDQJHGLႇHUHQFHVUHJDUGHGDVDQDGMXVWPHQWWRERUURZLQJFRVWVDUHSUHVHQWHGLQWKHVWDWHPHQWRISUR¿WDQG
ORVVZLWKLQ¿QDQFHFRVWV$OORWKHU¿QDQFHJDLQVORVVHVDUHSUHVHQWHGLQWKHVWDWHPHQWRISUR¿WDQGORVVRQDQHWEDVLV
,QFDVHRIDQDVVHWH[SHQVHRULQFRPHZKHUHDQRQPRQHWDU\DGYDQFHLVSDLGUHFHLYHGWKHGDWHRIWUDQVDFWLRQLVWKH
GDWHRQZKLFKWKHDGYDQFHZDVLQLWLDOO\UHFRJQL]HG,IWKHUHZHUHPXOWLSOHSD\PHQWVRUUHFHLSWVLQDGYDQFHPXOWLSOHGDWHV
RIWUDQVDFWLRQVDUHGHWHUPLQHGIRUHDFKSD\PHQWRUUHFHLSWRIDGYDQFHFRQVLGHUDWLRQ
(PSOR\HH%HQH¿WV
6KRUWWHUPHPSOR\HHEHQH¿WVDUHUHFRJQL]HGDVDQH[SHQVHLQWKHVWDWHPHQWRISUR¿WDQGORVVRIWKH\HDULQZKLFKWKH
related services are rendered.
/HDYH HQFDVKPHQW LV DFFRXQWHG DV 6KRUWWHUP HPSOR\HH EHQH¿WV DQG LV GHWHUPLQHG EDVHG RQ SURMHFWHG XQLW FUHGLW
PHWKRGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQVFDUULHGRXWE\WKLUGSDUW\DFWXDULHVDWHDFK%DODQFH6KHHWGDWH
&RQWULEXWLRQWR3URYLGHQW)XQGDGH¿QHGFRQWULEXWLRQSODQLVPDGHLQDFFRUGDQFHZLWKWKHVWDWXWHDQGLVUHFRJQLVHGDV
DQH[SHQVHLQWKH\HDULQZKLFKHPSOR\HHVKDYHUHQGHUHGVHUYLFHV
&RQWULEXWLRQWR6XSHUDQQXDWLRQIXQGDGH¿QHGFRQWULEXWLRQSODQLVPDGHLQDFFRUGDQFHZLWKWKH&RPSDQ\SROLF\DQG
LVUHFRJQLVHGDVDQH[SHQVHLQWKH\HDULQZKLFKHPSOR\HHVKDYHUHQGHUHGVHUYLFHV
7KHFRVWRISURYLGLQJJUDWXLW\DGH¿QHGEHQH¿WSODQVLVGHWHUPLQHGEDVHGRQ3URMHFWHG8QLW&UHGLW0HWKRGRQWKHEDVLV
RIDFWXDULDOYDOXDWLRQVFDUULHGRXWE\WKLUGSDUW\DFWXDULHVDWHDFK%DODQFH6KHHWGDWH$FWXDULDOJDLQVDQGORVVHVDULVLQJ
IURP H[SHULHQFH DGMXVWPHQWV DQG FKDQJHV LQ DFWXDULDO DVVXPSWLRQV DUH FKDUJHG RU FUHGLWHG WR RWKHU FRPSUHKHQVLYH
LQFRPHLQWKHSHULRGLQZKLFKWKH\DULVH2WKHUFRVWVDUHDFFRXQWHGLQVWDWHPHQWRISUR¿WDQGORVV
5HPHDVXUHPHQWVRIGH¿QHGEHQH¿WSODQLQUHVSHFWRISRVWHPSOR\PHQWDQGRWKHUORQJWHUPEHQH¿WVDUHFKDUJHGWRWKH
RWKHUFRPSUHKHQVLYHLQFRPHLQWKH\HDULQZKLFKWKH\RFFXU5HPHDVXUHPHQWVDUHQRWUHFODVVL¿HGWRVWDWHPHQWRISUR¿W
and loss in subsequent periods.
6KDUHEDVHGSD\PHQWV
7KHFRVWRIHTXLW\VHWWOHGWUDQVDFWLRQVZLWKHPSOR\HHVLVPHDVXUHGDWIDLUYDOXHDWWKHGDWHDWZKLFKWKH\DUHJUDQWHG
7KHIDLUYDOXHRIVKDUHDZDUGVDUHGHWHUPLQHGZLWKWKHDVVLVWDQFHRIDQH[WHUQDOYDOXHUDQGWKHIDLUYDOXHDWWKHJUDQW
GDWH LV H[SHQVHG RQ D SURSRUWLRQDWH EDVLV RYHU WKH YHVWLQJ SHULRG EDVHG RQ WKH &RPSDQ\¶V HVWLPDWH RI VKDUHV WKDW
ZLOOHYHQWXDOO\YHVW7KHHVWLPDWHRIWKHQXPEHURIVWRFNRSWLRQVOLNHO\WRYHVWLVUHYLHZHGDWHDFKEDODQFHVKHHWGDWH
XSWRWKHYHVWLQJGDWHDWZKLFKSRLQWWKHHVWLPDWHLVDGMXVWHGWRUHÀHFWWKHFXUUHQWH[SHFWDWLRQV$PRXQWVFKDUJHGWR
VXEVLGLDULHVLIDQ\LQUHVSHFWRIDZDUGVJUDQWHGWRHPSOR\HHVRIVXEVLGLDULHVDUHUHFRJQLVHGDVUHFHLYDEOHXQGHUFXUUHQW
¿QDQFLDODVVHWVRWKHUVXQWLOSDLGE\VXEVLGLDULHV

3.19 Taxes on Income:
,QFRPHWD[H[SHQVHUHSUHVHQWVWKHVXPRIFXUUHQWWD[ LQFOXGLQJLQFRPHWD[IRUHDUOLHU\HDUV DQGGHIHUUHGWD[7D[LV
UHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WDQGORVVH[FHSWWRWKHH[WHQWWKDWLWUHODWHVWRLWHPVUHFRJQLVHGGLUHFWO\LQHTXLW\
RURWKHUFRPSUHKHQVLYHLQFRPHLQVXFKFDVHVWKHWD[LVDOVRUHFRJQLVHGGLUHFWO\LQHTXLW\RULQRWKHUFRPSUHKHQVLYH
LQFRPH$Q\VXEVHTXHQWFKDQJHLQGLUHFWWD[RQLWHPVLQLWLDOO\UHFRJQLVHGLQHTXLW\RURWKHUFRPSUHKHQVLYHLQFRPHLV
also recognised in equity or other comprehensive income.
&XUUHQW WD[ SURYLVLRQ LV FRPSXWHG IRU LQFRPH FDOFXODWHG DIWHU FRQVLGHULQJ DOORZDQFHV DQG H[HPSWLRQV XQGHU WKH
SURYLVLRQVRIWKHDSSOLFDEOH,QFRPH7D[/DZV&XUUHQWWD[DVVHWVDQGFXUUHQWWD[OLDELOLWLHVDUHRႇVHWDQGSUHVHQWHGDV
net.
'HIHUUHGWD[LVUHFRJQLVHGRQGLႇHUHQFHVEHWZHHQWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVLQWKH%DODQFHVKHHWDQG
WKHFRUUHVSRQGLQJWD[EDVHVXVHGLQWKHFRPSXWDWLRQRIWD[DEOHSUR¿W'HIHUUHGWD[OLDELOLWLHVDUHJHQHUDOO\UHFRJQLVHG
IRU DOO WD[DEOH WHPSRUDU\ GLႇHUHQFHV DQG GHIHUUHG WD[ DVVHWV DUH JHQHUDOO\ UHFRJQLVHG IRU DOO GHGXFWLEOH WHPSRUDU\
GLႇHUHQFHVFDUU\IRUZDUGWD[ORVVHVXQXWLOLVHGWD[FUHGLWVDQGDOORZDQFHVWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWIXWXUH
WD[DEOHSUR¿WVZLOOEHDYDLODEOHDJDLQVWZKLFKWKRVHGHGXFWLEOHWHPSRUDU\GLႇHUHQFHVFDUU\IRUZDUGWD[ORVVHVXQXWLOLVHG
WD[ FUHGLWV DQG DOORZDQFHV FDQ EH XWLOLVHG 'HIHUUHG WD[ OLDELOLWLHV DQG DVVHWV DUH PHDVXUHG DW WKH WD[ UDWHV WKDW DUH
H[SHFWHGWRDSSO\LQWKHSHULRGLQZKLFKWKHOLDELOLW\LVVHWWOHGRUWKHDVVHWUHDOLVHGEDVHGRQWD[UDWHVWKDWKDYHEHHQ
HQDFWHGRUVXEVWDQWLYHO\HQDFWHGE\WKHHQGRIWKHUHSRUWLQJSHULRG7KHFDUU\LQJDPRXQWRI'HIHUUHGWD[OLDELOLWLHVDQG
DVVHWVDUHUHYLHZHGDWWKHHQGRIHDFKUHSRUWLQJSHULRG
3.20 Borrowing Costs:
%RUURZLQJ FRVWV VSHFL¿FDOO\ UHODWLQJ WR WKH DFTXLVLWLRQ RU FRQVWUXFWLRQ RI TXDOLI\LQJ DVVHWV WKDW QHFHVVDULO\ WDNHV D
VXEVWDQWLDOSHULRGRIWLPHWRJHWUHDG\IRULWVLQWHQGHGXVHDUHFDSLWDOL]HG QHWRILQFRPHRQWHPSRUDULO\GHSOR\PHQWRI
IXQGV DVSDUWRIWKHFRVWRIVXFKDVVHWV%RUURZLQJFRVWVFRQVLVWRILQWHUHVWDQGRWKHUFRVWVWKDWWKH&RPSDQ\LQFXUVLQ
FRQQHFWLRQZLWKWKHERUURZLQJRIIXQGV)RUJHQHUDOERUURZLQJXVHGIRUWKHSXUSRVHRIREWDLQLQJDTXDOLI\LQJDVVHWWKH
DPRXQWRIERUURZLQJFRVWVHOLJLEOHIRUFDSLWDOL]DWLRQLVGHWHUPLQHGE\DSSO\LQJDFDSLWDOL]DWLRQUDWHWRWKHH[SHQGLWXUHV
RQWKDWDVVHW7KHFDSLWDOL]DWLRQUDWHLVWKHZHLJKWHGDYHUDJHRIWKHERUURZLQJFRVWVDSSOLFDEOHWRWKHERUURZLQJVRIWKH
&RPSDQ\WKDWDUHRXWVWDQGLQJGXULQJWKHSHULRGRWKHUWKDQERUURZLQJVPDGHVSHFL¿FDOO\IRUWKHSXUSRVHRIREWDLQLQJD
TXDOLI\LQJDVVHW7KHDPRXQWRIERUURZLQJFRVWVFDSLWDOL]HGGXULQJDSHULRGGRHVQRWH[FHHGWKHDPRXQWRIERUURZLQJ
FRVWLQFXUUHGGXULQJWKDWSHULRG$OORWKHUERUURZLQJFRVWVDUHH[SHQVHGLQWKHSHULRGLQZKLFKWKH\RFFXU
3.21 Earnings per share:
%DVLF HDUQLQJV SHU VKDUH LV FRPSXWHG XVLQJ WKH QHW SUR¿W RU ORVV IRU WKH \HDU DWWULEXWDEOH WR WKH VKDUHKROGHUV¶ DQG
ZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU
'LOXWHG HDUQLQJV SHU VKDUH LV FRPSXWHG XVLQJ WKH QHW SUR¿W RU ORVV IRU WKH \HDU DWWULEXWDEOH WR WKH VKDUHKROGHUV¶ DQG
ZHLJKWHG DYHUDJH QXPEHU RI HTXLW\ DQG SRWHQWLDO HTXLW\ VKDUHV RXWVWDQGLQJ GXULQJ WKH \HDU LQFOXGLQJ VKDUH RSWLRQV
FRQYHUWLEOHSUHIHUHQFHVKDUHVDQGGHEHQWXUHVH[FHSWZKHUHWKHUHVXOWZRXOGEHDQWLGLOXWLYH3RWHQWLDOHTXLW\VKDUHV
WKDWDUHFRQYHUWHGGXULQJWKH\HDUDUHLQFOXGHGLQWKHFDOFXODWLRQRIGLOXWHGHDUQLQJVSHUVKDUHIURPWKHEHJLQQLQJRIWKH
\HDURUGDWHRILVVXDQFHRIVXFKSRWHQWLDOHTXLW\VKDUHVWRWKHGDWHRIFRQYHUVLRQ
&XUUHQWDQGQRQFXUUHQWFODVVL¿FDWLRQ
7KH&RPSDQ\SUHVHQWVDVVHWVDQGOLDELOLWLHVLQVWDWHPHQWRI¿QDQFLDOSRVLWLRQEDVHGRQFXUUHQWQRQFXUUHQWFODVVL¿FDWLRQ
7KH &RPSDQ\ KDV SUHVHQWHG QRQFXUUHQW DVVHWV DQG FXUUHQW DVVHWV EHIRUH HTXLW\ QRQFXUUHQW OLDELOLWLHV DQG FXUUHQW
OLDELOLWLHVLQDFFRUGDQFHZLWK6FKHGXOH,,,'LYLVLRQ,,RI&RPSDQLHV$FWQRWL¿HGE\0&$
$QDVVHWLVFODVVL¿HGDVFXUUHQWZKHQLWLV
D ([SHFWHGWREHUHDOLVHGRULQWHQGHGWREHVROGRUFRQVXPHGLQQRUPDORSHUDWLQJF\FOH
E +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
F ([SHFWHGWREHUHDOLVHGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
G &DVK RU FDVK HTXLYDOHQW XQOHVV UHVWULFWHG IURP EHLQJ H[FKDQJHG RU XVHG WR VHWWOH D OLDELOLW\ IRU DW OHDVW WZHOYH
PRQWKVDIWHUWKHUHSRUWLQJSHULRG
$OORWKHUDVVHWVDUHFODVVL¿HGDVQRQFXUUHQW

$OLDELOLW\LVFODVVL¿HGDVFXUUHQWZKHQLWLV
D ([SHFWHGWREHVHWWOHGLQQRUPDORSHUDWLQJF\FOH
F 'XHWREHVHWWOHGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
G 7KHUHLVQRXQFRQGLWLRQDOULJKWWRGHIHUWKHVHWWOHPHQWRIWKHOLDELOLW\IRUDWOHDVWWZHOYHPRQWKVDIWHUWKHUHSRUWLQJ
period.
$OORWKHUOLDELOLWLHVDUHFODVVL¿HGDVQRQFXUUHQW
7KHRSHUDWLQJF\FOHLVWKHWLPHEHWZHHQWKHDFTXLVLWLRQRIDVVHWVIRUSURFHVVLQJDQGWKHLUUHDOLVDWLRQLQFDVKRUFDVK
HTXLYDOHQWV'HIHUUHGWD[DVVHWVOLDELOLWLHVDUHFODVVL¿HGDVQRQFXUUHQWDVVHWVOLDELOLWLHV7KH&RPSDQ\KDVLGHQWL¿HG
twelve months as its normal operating cycle.
3.23 Fair value measurement:
7KH&RPSDQ\PHDVXUHV¿QDQFLDOLQVWUXPHQWVDWIDLUYDOXHDWHDFKEDODQFHVKHHWGDWH
)DLU YDOXH LV WKH SULFH WKDW ZRXOG EH UHFHLYHG WR VHOO DQ DVVHW RU SDLG WR WUDQVIHU D OLDELOLW\ LQ DQ RUGHUO\ WUDQVDFWLRQ
EHWZHHQPDUNHWSDUWLFLSDQWVDWWKHPHDVXUHPHQWGDWH7KHIDLUYDOXHPHDVXUHPHQWLVEDVHGRQWKHSUHVXPSWLRQWKDWWKH
WUDQVDFWLRQWRVHOOWKHDVVHWRUWUDQVIHUWKHOLDELOLW\WDNHVSODFHHLWKHU
D ,QWKHSULQFLSDOPDUNHWIRUWKHDVVHWRUOLDELOLW\RU
E ,QWKHDEVHQFHRIDSULQFLSDOPDUNHWLQWKHPRVWDGYDQWDJHRXVPDUNHWIRUWKHDVVHWRUOLDELOLW\
$IDLUYDOXHPHDVXUHPHQWRIDQRQ¿QDQFLDODVVHWWDNHVLQWRDFFRXQWDPDUNHWSDUWLFLSDQW¶VDELOLW\WRJHQHUDWHHFRQRPLF
EHQH¿WVE\XVLQJWKHDVVHWLQLWVKLJKHVWDQGEHVWXVHRUE\VHOOLQJLWWRDQRWKHUPDUNHWSDUWLFLSDQWWKDWZRXOGXVHWKH
asset in its highest and best use.
7KH &RPSDQ\ XVHV YDOXDWLRQ WHFKQLTXHV WKDW DUH DSSURSULDWH LQ WKH FLUFXPVWDQFHV DQG IRU ZKLFK VXႈFLHQW GDWD DUH
DYDLODEOHWRPHDVXUHIDLUYDOXHPD[LPLVLQJWKHXVHRIUHOHYDQWREVHUYDEOHLQSXWVDQGPLQLPLVLQJWKHXVHRIXQREVHUYDEOH
inputs.
$OODVVHWVDQGOLDELOLWLHVIRUZKLFKIDLUYDOXHLVPHDVXUHGRUGLVFORVHGLQWKH¿QDQFLDOVWDWHPHQWVDUHFDWHJRULVHGZLWKLQ
WKHIDLUYDOXHKLHUDUFK\
3.24 Government Grant:
*RYHUQPHQWJUDQWVDUHUHFRJQL]HGRQO\LIWKHUHLVUHDVRQDEOHDVVXUDQFHDVWRLWVUHFHLSWDQGWKDWWKHFRQGLWLRQVDWWDFKHG
WKHUHWRVKDOOEHFRPSOLHGZLWKDQGDUHUHFRJQLVHGDQGVKRZQXQGHUWKHKHDG³2WKHU,QFRPH´
2ႇVHWWLQJ¿QDQFLDO,QVWUXPHQW
)LQDQFLDODVVHWVDQGOLDELOLWLHVDUHRႇVHWDQGWKHQHWDPRXQWLVUHSRUWHGLQWKHEDODQFHVKHHWZKHUHWKHUHLVDOHJDOO\
HQIRUFHDEOHULJKWVWRRႇVHWWKHUHFRJQLVHGDPRXQWVDQGWKHUHLVDQLQWHQWLRQWRVHWWOHRQDQHWEDVLVRUUHDOLVHWKHDVVHW
DQGVHWWOHWKHOLDELOLW\VLPXOWDQHRXVO\7KHOHJDOO\HQIRUFHDEOHULJKWVPXVWQRWEHFRQWLQJHQWRQIXWXUHHYHQWVDQGPXVW
EHHQIRUFHDEOHLQWKHQRUPDOFRXUVHRIEXVLQHVVDQGLQWKHHYHQWRIGHIDXOWLQVROYHQF\RUEDQNUXSWF\RIWKH&RPSDQ\RU
counterparty.
3.26 Recent Accounting pronouncements:
2Qrd0DUFKWKH0LQLVWU\RI&RUSRUDWH$ႇDLUV 0&$ KDVQRWL¿HGFHUWDLQDPHQGPHQWWRH[LVWLQJ,QG$67KHVH
DPHQGPHQWVVKDOOEHDSSOLFDEOHWRWKH&RPSDQ\IURPst$SULO
$PHQGPHQWWR([LVWLQJLVVXHG,QG$6
7KH0&$KDVFDUULHGRXWDPHQGPHQWVRIWKHIROORZLQJDFFRXQWLQJVWDQGDUGV
L ,QG$6)LUVWWLPHDGRSWLRQRI,QGLDQ$FFRXQWLQJ6WDQGDUGV
LL ,QG$6±%XVLQHVV&RPELQDWLRQV
LLL ,QG$6)LQDQFLDO,QVWUXPHQWV
LY ,QG$6±3URSHUW\3ODQWDQG(TXLSPHQW
Y ,QG$6±3URYLVLRQV&RQWLQJHQW/LDELOLWLHVDQG&RQWLQJHQW$VVHWV
YL ,QG$6$JULFXOWXUH
7KH DERYH DPHQGPHQWV RI VWDQGDUGV DUH QRW H[SHFWHG WR KDYH DQ\ VLJQL¿FDQW LPSDFW RQ WKH &RPSDQ\¶V ¿QDQFLDO
statements.

Note 4 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS:
7KHSUHSDUDWLRQRIWKH¿QDQFLDOVWDWHPHQWVUHTXLUHVPDQDJHPHQWWRPDNHMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQVWKDWDႇHFW
WKHUHSRUWHGDPRXQWVRIUHYHQXHVH[SHQVHVDVVHWVOLDELOLWLHVWKHDFFRPSDQ\LQJGLVFORVXUHVDQGWKHGLVFORVXUHRIFRQWLQJHQW
OLDELOLWLHV8QFHUWDLQW\DERXWWKHVHDVVXPSWLRQVDQGHVWLPDWHVFRXOGUHVXOWLQRXWFRPHVWKDWUHTXLUHDPDWHULDODGMXVWPHQWWR
WKHFDUU\LQJDPRXQWRIDVVHWVRUOLDELOLWLHVDႇHFWHGLQIXWXUHSHULRGV7KHNH\DVVXPSWLRQVFRQFHUQLQJWKHIXWXUHDQGRWKHU
NH\ VRXUFHV RI HVWLPDWLRQ XQFHUWDLQW\ DW WKH UHSRUWLQJ GDWH WKDW KDYH D VLJQL¿FDQW ULVN RI FDXVLQJ D PDWHULDO DGMXVWPHQW
WR WKH FDUU\LQJ DPRXQWV RI DVVHWV DQG OLDELOLWLHV ZLWKLQ WKH QH[W ¿QDQFLDO \HDU DUH GHVFULEHG EHORZ 7KH &RPSDQ\ EDVHG
RQLWVDVVXPSWLRQVDQGHVWLPDWHVRQSDUDPHWHUVDYDLODEOHZKHQWKH¿QDQFLDOVWDWHPHQWVZHUHSUHSDUHG+RZHYHUH[LVWLQJ
FLUFXPVWDQFHVDQGDVVXPSWLRQVDERXWIXWXUHGHYHORSPHQWVPD\FKDQJHGXHWRPDUNHWFKDQJHVRUFLUFXPVWDQFHVDULVLQJWKDW
DUHEH\RQGWKHFRQWURORIWKH&RPSDQ\6XFKFKDQJHVDUHUHÀHFWHGLQWKHDVVXPSWLRQVZKHQWKH\RFFXU
4.1 Property, Plant and Equipment, Investment Properties and Other Intangible Assets:
0DQDJHPHQWUHYLHZVWKHHVWLPDWHGXVHIXOOLYHVDQGUHVLGXDOYDOXHVRIWKHDVVHWVDQQXDOO\LQRUGHUWRGHWHUPLQHWKH
DPRXQWRIGHSUHFLDWLRQWREHUHFRUGHGGXULQJDQ\UHSRUWLQJSHULRG7KHXVHIXOOLYHVDQGUHVLGXDOYDOXHVDVSHUVFKHGXOH
,,RIWKH&RPSDQLHV$FWRUDUHEDVHGRQWKH&RPSDQ\¶VKLVWRULFDOH[SHULHQFHZLWKVLPLODUDVVHWVDQGWDNLQJLQWR
account anticipated technological changes, whichever is more appropriate.
4.2 Income Tax:
&RPSDQ\UHYLHZVDWHDFKEDODQFHVKHHWGDWHWKHFDUU\LQJDPRXQWRIGHIHUUHGWD[DVVHWV7KHIDFWRUVXVHGLQHVWLPDWHV
PD\GLႇHUIURPDFWXDORXWFRPHZKLFKFRXOGOHDGWRDQDGMXVWPHQWWRWKHDPRXQWVUHSRUWHGLQWKH¿QDQFLDOVWDWHPHQWV
7KH&RPSDQ\KDVFDUU\IRUZDUGWD[ORVVHVWKDWDUHDYDLODEOHIRURႇVHWDJDLQVWIXWXUHWD[DEOHSUR¿W'HIHUUHGWD[DVVHWV
DUHUHFRJQLVHGRQO\WRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSUR¿WZLOOEHDYDLODEOHDJDLQVWZKLFKWKHXQXVHGWD[ORVVHV
RUWD[FUHGLWVFDQEHXWLOLVHG7KLVLQYROYHVDQDVVHVVPHQWRIZKHQWKRVHDVVHWVDUHOLNHO\WRUHYHUVHDQGDMXGJHPHQWDV
WRZKHWKHURUQRWWKHUHZLOOEHVXႈFLHQWWD[DEOHSUR¿WVDYDLODEOHWRRႇVHWWKHDVVHWV7KLVUHTXLUHVDVVXPSWLRQVUHJDUGLQJ
IXWXUHSUR¿WDELOLW\ZKLFKLVLQKHUHQWO\XQFHUWDLQ7RWKHH[WHQWDVVXPSWLRQVUHJDUGLQJIXWXUHSUR¿WDELOLW\FKDQJHWKHUHFDQ
EHDQLQFUHDVHRUGHFUHDVHLQWKHDPRXQWVUHFRJQLVHGLQUHVSHFWRIGHIHUUHGWD[DVVHWVDQGFRQVHTXHQWLDOLPSDFWLQWKH
VWDWHPHQWRISUR¿WDQGORVV
4.3 Contingencies:
0DQDJHPHQWKDVHVWLPDWHGWKHSRVVLEOHRXWÀRZRIUHVRXUFHVDWWKHHQGRIHDFKDQQXDOUHSRUWLQJ¿QDQFLDO\HDULIDQ\
LQUHVSHFWRIFRQWLQJHQFLHVFODLPOLWLJDWLRQVDJDLQVWWKH&RPSDQ\DVLWLVQRWSRVVLEOHWRSUHGLFWWKHRXWFRPHRISHQGLQJ
matters with accuracy.
7KHLPSDLUPHQWSURYLVLRQVIRU¿QDQFLDODVVHWVDUHEDVHGRQDVVXPSWLRQVDERXWULVNRIGHIDXOWDQGH[SHFWHGFDVKORVV
7KH &RPSDQ\ XVHV MXGJHPHQW LQ PDNLQJ WKHVH DVVXPSWLRQV DQG VHOHFWLQJ WKH LQSXWV WR WKH LPSDLUPHQW FDOFXODWLRQ
EDVHGRQ&RPSDQ\¶VSDVWKLVWRU\H[LVWLQJPDUNHWFRQGLWLRQVDVZHOODVIRUZDUGORRNLQJHVWLPDWHVDWWKHHQGRIHDFK
reporting period.
,PSDLUPHQWRIQRQ¿QDQFLDODVVHWV
7KH &RPSDQ\ DVVHVVHV DW HDFK UHSRUWLQJ GDWH ZKHWKHU WKHUH LV DQ LQGLFDWLRQ WKDW DQ DVVHW PD\ EH LPSDLUHG ,I DQ\
LQGLFDWLRQ H[LVWV RU ZKHQ DQQXDO LPSDLUPHQW WHVWLQJ IRU DQ DVVHW LV UHTXLUHG WKH &RPSDQ\ HVWLPDWHV WKH DVVHW¶V
UHFRYHUDEOHDPRXQW$QDVVHW¶VUHFRYHUDEOHDPRXQWLVWKHKLJKHURIDQDVVHW¶VRU&DVK*HQHUDWLQJ8QLWV &*8 IDLU
YDOXH OHVV FRVWV RI GLVSRVDO DQG LWV YDOXH LQ XVH ,W LV GHWHUPLQHG IRU DQ LQGLYLGXDO DVVHW XQOHVV WKH DVVHW GRHV QRW
JHQHUDWHFDVKLQÀRZVWKDWDUHODUJHO\LQGHSHQGHQWWRWKRVHIURPRWKHUDVVHWVRUJURXSVRIDVVHWV:KHUHWKHFDUU\LQJ
DPRXQWRIDQDVVHWRU&*8H[FHHGVLWVUHFRYHUDEOHDPRXQWWKHDVVHWLVFRQVLGHUHGLPSDLUHGDQGLVZULWWHQGRZQWRLWV
recoverable amount.
,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKÀRZVDUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJDSUHWD[GLVFRXQW
UDWHWKDWUHÀHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFL¿FWRWKHDVVHW,QGHWHUPLQLQJ
IDLUYDOXHOHVVFRVWRIGLVSRVDOUHFHQWPDUNHWWUDQVDFWLRQVDUHWDNHQLQWRDFFRXQW,IQRVXFKWUDQVDFWLRQVFDQEHLGHQWL¿HG
DQDSSURSULDWHYDOXDWLRQPRGHOLVXVHG7KHVHFDOFXODWLRQVDUHFRUURERUDWHGE\YDOXDWLRQPXOWLSOHVRURWKHUDYDLODEOHIDLU
value indicators.
'H¿QHGEHQH¿WVSODQV
7KH&RVWRIWKHGH¿QHGEHQH¿WSODQDQGRWKHUSRVWHPSOR\PHQWEHQH¿WVDQGWKHSUHVHQWYDOXHRIVXFKREOLJDWLRQDUH
GHWHUPLQHGXVLQJDFWXDULDOYDOXDWLRQV$QDFWXDULDOYDOXDWLRQLQYROYHVPDNLQJYDULRXVDVVXPSWLRQVWKDWPD\GLႇHUIURP
DFWXDOGHYHORSPHQWVLQWKHIXWXUH7KHVHLQFOXGHWKHGHWHUPLQDWLRQRIWKHGLVFRXQWUDWHIXWXUHVDODU\LQFUHDVHVPRUWDOLW\
UDWHV DQG DWWULWLRQ UDWH 'XH WR WKH FRPSOH[LWLHV LQYROYHG LQ WKH YDOXDWLRQ DQG LWV ORQJWHUP QDWXUH D GH¿QHG EHQH¿W
REOLJDWLRQLVKLJKO\VHQVLWLYHWRFKDQJHVLQWKHVHDVVXPSWLRQV$OODVVXPSWLRQVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH

4.7 Recoverability of trade receivable:
-XGJHPHQWV DUH UHTXLUHG LQ DVVHVVLQJ WKH UHFRYHUDELOLW\ RI RYHUGXH WUDGH UHFHLYDEOHV DQG GHWHUPLQLQJ ZKHWKHU D
SURYLVLRQ DJDLQVW WKRVH UHFHLYDEOHV LV UHTXLUHG )DFWRUV FRQVLGHUHG LQFOXGH WKH FUHGLW UDWLQJ RI WKH FRXQWHUSDUW\ WKH
DPRXQWDQGWLPLQJRIDQWLFLSDWHGIXWXUHSD\PHQWVDQGDQ\SRVVLEOHDFWLRQVWKDWFDQEHWDNHQWRPLWLJDWHWKHULVNRIQRQ
payment.
4.8 Revenue Recognition:
7KH&RPSDQ\¶VFRQWUDFWVZLWKFXVWRPHUVFRXOGLQFOXGHSURPLVHVWRWUDQVIHUPXOWLSOHSURGXFWVDQGVHUYLFHVWRDFXVWRPHU
7KH&RPSDQ\DVVHVVHVWKHSURGXFWVVHUYLFHVSURPLVHGLQDFRQWUDFWDQGLGHQWLI\GLVWLQFWSHUIRUPDQFHREOLJDWLRQVLQWKH
FRQWUDFW,GHQWL¿FDWLRQRIGLVWLQFWSHUIRUPDQFHREOLJDWLRQLQYROYHVMXGJHPHQWWRGHWHUPLQHWKHGHOLYHUDEOHVDQGWKHDELOLW\
RIWKHFXVWRPHUWREHQH¿WLQGHSHQGHQWO\IURPVXFKGHOLYHUDEOHV
-XGJHPHQW LV DOVR UHTXLUHG WR GHWHUPLQH WKH WUDQVDFWLRQ SULFH IRU WKH FRQWUDFW7KH WUDQVDFWLRQ SULFH FRXOG EH HLWKHU
D ¿[HG DPRXQW RI FXVWRPHU FRQVLGHUDWLRQ RU YDULDEOH FRQVLGHUDWLRQ ZLWK HOHPHQWV VXFK DV YROXPH GLVFRXQWV SULFH
FRQFHVVLRQVDQGLQFHQWLYHV$Q\FRQVLGHUDWLRQSD\DEOHWRWKHFXVWRPHULVDGMXVWHGWRWKHWUDQVDFWLRQSULFHXQOHVVLWLVD
SD\PHQWIRUDGLVWLQFWSURGXFWRUVHUYLFHIURPWKHFXVWRPHU7KHHVWLPDWHGDPRXQWRIYDULDEOHFRQVLGHUDWLRQLVDGMXVWHG
LQWKHWUDQVDFWLRQSULFHRQO\WRWKHH[WHQWWKDWLWLVKLJKO\SUREDEOHWKDWDVLJQL¿FDQWUHYHUVDOLQWKHDPRXQWRIFXPXODWLYH
UHYHQXHUHFRJQLVHGZLOOQRWRFFXUDQGLVUHDVVHVVHGDWWKHHQGRIHDFKUHSRUWLQJSHULRG7KH&RPSDQ\DOORFDWHVWKH
HOHPHQWVRIYDULDEOHFRQVLGHUDWLRQVWRDOOWKHSHUIRUPDQFHREOLJDWLRQVRIWKHFRQWUDFWXQOHVVWKHUHLVREVHUYDEOHHYLGHQFH
WKDWWKH\SHUWDLQWRRQHRUPRUHGLVWLQFWSHUIRUPDQFHREOLJDWLRQV
7KH&RPSDQ\XVHVMXGJHPHQWWRGHWHUPLQHDQDSSURSULDWHVWDQGDORQHVHOOLQJSULFHIRUDSHUIRUPDQFHREOLJDWLRQ7KH
&RPSDQ\DOORFDWHVWKHWUDQVDFWLRQSULFHWRHDFKSHUIRUPDQFHREOLJDWLRQRQWKHEDVLVRIWKHUHODWLYHVWDQGDORQHVHOOLQJ
SULFHRIHDFKGLVWLQFWSURGXFWRUVHUYLFHSURPLVHGLQWKHFRQWUDFW:KHUHVWDQGDORQHVHOOLQJSULFHLVQRWREVHUYDEOHWKH
&RPSDQ\XVHVWKHH[SHFWHGFRVWSOXVPDUJLQDSSURDFKWRDOORFDWHWKHWUDQVDFWLRQSULFHWRHDFKGLVWLQFWSHUIRUPDQFH
obligation.
4.9 Provisions:
3URYLVLRQVDQGOLDELOLWLHVDUHUHFRJQL]HGLQWKHSHULRGZKHQLWEHFRPHVSUREDEOHWKDWWKHUHZLOOEHDIXWXUHRXWÀRZRI
IXQGVUHVXOWLQJIURPSDVWRSHUDWLRQVRUHYHQWVDQGWKHDPRXQWRIFDVKRXWÀRZFDQEHUHOLDEO\HVWLPDWHG7KHWLPLQJRI
UHFRJQLWLRQDQGTXDQWL¿FDWLRQRIWKHOLDELOLW\UHTXLUHWKHDSSOLFDWLRQRIMXGJHPHQWWRH[LVWLQJIDFWVDQGFLUFXPVWDQFHV
ZKLFKFDQEHVXEMHFWWRFKDQJH6LQFHWKHFDVKRXWÀRZVFDQWDNHSODFHPDQ\\HDUVLQWKHIXWXUHWKHFDUU\LQJDPRXQWV
RISURYLVLRQVDQGOLDELOLWLHVDUHUHYLHZHGUHJXODUO\DQGDGMXVWHGWRWDNHDFFRXQWRIFKDQJLQJIDFWVDQGFLUFXPVWDQFHV
)DLUYDOXHPHDVXUHPHQWRI¿QDQFLDOLQVWUXPHQWV
:KHQWKHIDLUYDOXHRI¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVUHFRUGHGLQWKHEDODQFHVKHHWFDQQRWEHPHDVXUHGEDVHG
RQTXRWHGSULFHVLQDFWLYHPDUNHWVWKHLUIDLUYDOXHLVPHDVXUHGXVLQJYDOXDWLRQWHFKQLTXHVLQFOXGLQJWKH'LVFRXQWHG&DVK
)ORZ '&) PRGHO7KHLQSXWVWRWKHVHPRGHOVDUHWDNHQIURPREVHUYDEOHPDUNHWVZKHUHSRVVLEOHEXWZKHUHWKLVLVQRW
IHDVLEOHDGHJUHHRIMXGJHPHQWLVUHTXLUHGLQHVWDEOLVKLQJIDLUYDOXHV-XGJHPHQWVLQFOXGHFRQVLGHUDWLRQVRILQSXWVVXFK
DVOLTXLGLW\ULVNFUHGLWULVNDQGYRODWLOLW\&KDQJHVLQDVVXPSWLRQVDERXWWKHVHIDFWRUVFRXOGDႇHFWWKHUHSRUWHGIDLUYDOXH
RI¿QDQFLDOLQVWUXPHQWV
&ODVVL¿FDWLRQRI/HDVHV
7KH&RPSDQ\HYDOXDWHVLIDQDUUDQJHPHQWTXDOL¿HVWREHDOHDVHDVSHUWKHUHTXLUHPHQWVRI,QG$6,GHQWL¿FDWLRQRI
DOHDVHUHTXLUHVVLJQL¿FDQWMXGJHPHQW7KH&RPSDQ\XVHVVLJQL¿FDQWMXGJHPHQWLQDVVHVVLQJWKHOHDVHWHUP LQFOXGLQJ
DQWLFLSDWHGUHQHZDOV DQGWKHDSSOLFDEOHGLVFRXQWUDWH7KH&RPSDQ\GHWHUPLQHVWKHOHDVHWHUPDVWKHQRQFDQFHOODEOH
SHULRGRIDOHDVHWRJHWKHUZLWKERWKSHULRGVFRYHUHGE\DQRSWLRQVWRH[WHQGWKHOHDVHLIWKH&RPSDQ\LVUHDVRQDEO\
FHUWDLQWRH[HUFLVHWKDWRSWLRQVDQGSHULRGVFRYHUHGE\DQRSWLRQWRWHUPLQDWHWKHOHDVHLIWKH&RPSDQ\LVUHDVRQDEO\
FHUWDLQQRWWRH[HUFLVHWKDWRSWLRQV,QDVVHVVLQJZKHWKHUWKHFRPSDQ\LVUHDVRQDEO\FHUWDLQWRH[HUFLVHDQRSWLRQWR
H[WHQGDOHDVHRUQRWWRH[HUFLVHDQRSWLRQWRWHUPLQDWHDOHDVHLWFRQVLGHUVDOOUHOHYDQWIDFWVDQGFLUFXPVWDQFHVWKDW
FUHDWHDQHFRQRPLFLQFHQWLYHIRUWKH&RPSDQ\WRH[HUFLVHWKHRSWLRQWRH[WHQGWKHOHDVHRUQRWWRH[HUFLVHWKHRSWLRQWR
WHUPLQDWHWKHOHDVH7KH&RPSDQ\UHYLVHVWKHOHDVHWHUPLIWKHUHLVDFKDQJHLQWKHQRQFDQFHOODEOHSHULRGRIDOHDVH
7KHGLVFRXQWUDWHLVJHQHUDOO\EDVHGRQWKHLQFUHPHQWDOERUURZLQJUDWHVSHFL¿FWRWKHOHDVHEHLQJHYDOXDWHGRUIRUD
SRUWIROLRRIOHDVHVZLWKVLPLODUFKDUDFWHULVWLFV

1RWH3URSHUW\3ODQWDQG(TXLSPHQWDQG&DSLWDO:RUNLQ3URJUHVV
(` in lakhs)
Particulars Leasehold Right Leasehold Freehold Buildings Plant and Furniture Vehicles 2ႈFH Total Capital
Improvements RI8VH Land Land Equipment and Equipments Work in
Building Fixtures Progress
GROSS BLOCK:
As at 1st April, 2020 366.19 363.91 3,370.29 8,377.83 12,496.96 1,120.47 750.47 959.23 27,805.35
$GGLWLRQV 1,570.25 2,718.67 9.95 15.36 61.96
'LVSRVDOV
As at 31st March, 2021 381.11 124.92 363.91 3,370.29 9,948.08 15,215.63 1,130.42 723.90 1,020.05 32,278.31
$GGLWLRQV 10.10 388.58 1,003.85 3.57 219.38 162.56 1,931.70
7UDQVIHUWR$VVHWVKHOG 363.91 1,095.73
IRU6DOH 5HIHU1RWH
'LVSRVDOV$GMXVWPHQWV 185.87 288.28 120.88 165.22 1,223.99
As at 31st March, 2022 391.21 124.92 2,418.22 4,706.33 15,755.74 845.71 822.40 1,017.39 26,081.92
DEPRECIATION AND AMORTISATION:
As at 1st April, 2020 110.64 30.05 970.53 4,724.69 560.40 298.84 602.22 7,297.37
'HSUHFLDWLRQ$PRUWLVDWLRQ 123.21 2.08 6.01 228.13 129.98 86.71 2,910.03
'LVSRVDOV 37.02 38.06
As at 31st March, 2021 233.85 2.08 36.06 1,198.66 6,915.33 690.38 348.53 744.45 10,169.34
'HSUHFLDWLRQ$PRUWLVDWLRQ 6.25 3.70 207.90 2,056.00 131.38
7UDQVIHUWR$VVHWVKHOG 39.76 766.60
IRU6DOH 5HIHU1RWH
'LVSRVDOV$GMXVWPHQWV 37.30 189.72 67.17 802.80
As at 31st March, 2022 351.33 8.33 642.42 8,605.99 572.14 371.85 732.56 11,284.62
NET BLOCK:
As at 31st March, 2021 147.26 122.84 327.85 3,370.29 8,749.42 8,300.30 440.04 375.37 275.60 22,108.97 1,165.57
As at 31st March, 2022 39.88 116.59 2,418.22 4,063.91 7,149.75 273.57 450.55 284.83 14,797.30 2,231.85
5.1 Details of Capital work in Progress (CWIP) as at 31st March, 2022 and 31st March, 2021 are as below:
$ &:,3DJHLQJVFKHGXOHDVDWst March, 2022
(` in lakhs)
Capital Work in Progress Amount in CWIP for a period of
Less than 1 \HDUV <HDUV More than 3 Total
year years
3URMHFWLQ3URJUHVV 2,231.85 2,231.85
3URMHFW7HPSRUDULO\6XVSHQGHG
/HVV3URYLVLRQIRU,PSDLUPHQW 5HIHU
Note 35.2)
Total 2,231.85 2,231.85

B) &:,3DJHLQJVFKHGXOHDVDWst March, 2021
(` in lakhs)
Less than 1 \HDUV <HDUV More than 3 Total
year years
3URMHFWLQ3URJUHVV 10.90 752.67
Total 494.96 246.81 10.90 412.91 1,165.57
5.2. Title deeds of Immovable Properties not held in name of the Company as at 31st March, 2022 and 31st March, 2021
$ 7LWOHGHHGVRI,PPRYDEOH3URSHUWLHVQRWKHOGLQQDPHRIWKH&RPSDQ\DVDWst March, 2022
Relevant line item Description Gross Title deeds held Whether title deed Property Reason for not
in the Balance of item of carrying in the name of holder is a promoter, held since being held in
sheet property value director or relative which date the name of the
(` in lakhs) of promoter/director company
of employee of
promoter/director
3URSHUW\3ODQWDQG Freehold 1,555.26 %RURVLO No 12.02.2020 7KHVDLGWUDQVIHU

(TXLSPHQWV /DQGDW 5HQHZDEOHV/WG was pursuant to the
*RYLQGJDUK )RUPHUO\NQRZQ Composite Scheme
'LVW-DLSXU DV%RURVLO*ODVV RI$PDOJDPDWLRQ
:RUNV/WG DQG$UUDQJHPHQW
Investment Freehold 110.86 * %RURVLO No 12.02.2020 as approved by the
3URSHUWLHV /DQGDW 5HQHZDEOHV/WG +RQ¶EOH1DWLRQDO
5RRUNHH'LVW )RUPHUO\NQRZQ &RPSDQ\/DZ
+DULGZDU DV%RURVLO*ODVV 7ULEXQDO9LGHLWV
:RUNV/WG order dated 15th
January, 2020,
which has became
HႇHFWLYHIURPth
February, 2020
and the same is
LQWKHSURFHVVRI
DGMXGLFDWLRQ
3URYLVLRQIRU,PSDLUPHQW/RVVKDVEHHQSURYLGHG 5HIHU1RWH

% 7LWOHGHHGVRI,PPRYDEOH3URSHUWLHVQRWKHOGLQQDPHRIWKH&RPSDQ\DVDWst March, 2021
Relevant line Description of Gross Title deeds held Whether title Property Reason for not
item in the item of property carrying value in the name of deed holder is a held since being held in
Balance sheet (` in lakhs) promoter,director or which date the name of the
relative of promoter/ company
director of employee
of promoter/director
3URSHUW\3ODQW )UHHKROG/DQGDW 1,555.26 %RURVLO No 12.02.2020 7KH VDLG WUDQVIHU
DQG(TXLSPHQWV *RYLQGJDUK 5HQHZDEOHV/WG was pursuant to the
'LVW-DLSXU )RUPHUO\NQRZQ Composite Scheme
DV%RURVLO*ODVV RI $PDOJDPDWLRQ
:RUNV/WG DQG $UUDQJHPHQW
Investment )UHHKROG/DQGDW 110.86 %RURVLO No 12.02.2020 as approved by the
3URSHUWLHV 5RRUNHH 5HQHZDEOHV/WG +RQ¶EOH 1DWLRQDO
'LVW+DULGZDU )RUPHUO\NQRZQ &RPSDQ\ /DZ
DV%RURVLO*ODVV 7ULEXQDO 9LGH LWV
:RUNV/WG order dated 15th
3URSHUW\3ODQW )UHHKROG/DQG %RURVLO No 12.02.2020 January, 2020,
DQG(TXLSPHQWV %KDUXFK 5HQHZDEOHV/WG which has became
)RUPHUO\NQRZQ HႇHFWLYH IURP th
DV%RURVLO*ODVV February, 2020
:RUNV/WG and the same is
LQ WKH SURFHVV RI
Investment )UHHKROG/DQG %RURVLO No 12.02.2020
DGMXGLFDWLRQ
3URSHUWLHV %KDUXFK 5HQHZDEOHV/WG
)RUPHUO\NQRZQ
DV%RURVLO*ODVV
:RUNV/WG
5.3 ,QDFFRUGDQFHZLWKWKH,QGLDQ$FFRXQWLQJ6WDQGDUG ,QG$6 ³,PSDLUPHQWRI$VVHWV´WKHPDQDJHPHQWGXULQJWKH\HDU
FDUULHGRXWDQH[HUFLVHRILGHQWLI\LQJWKHDVVHWVWKDWPD\KDYHEHHQLPSDLUHGLQDFFRUGDQFHZLWKWKHVDLG,QG$62QWKHEDVLV
RIWKLVUHYLHZFDUULHGRXWE\WKHPDQDJHPHQWWKHUHZDVQRLPSDLUPHQWORVVRQSURSHUW\SODQWDQGHTXLSPHQWGXULQJWKH\HDU
ended 31st0DUFKH[FHSWDVGLVFORVHGLQQRWH
5.4 *URVV%ORFNRI3ODQWDQG(TXLSPHQWVLQFOXGHVÒDNKV 3UHYLRXV\HDUÒDNKV EHLQJWKHDPRXQWVSHQWIRUOD\LQJ
3RZHU/LQHWKHRZQHUVKLSRIZKLFKYHVWVZLWKWKH*RYHUQPHQW$XWKRULWLHV
5.5 'HWDLOVRISUHRSHUDWLYHH[SHQGLWXUHLQFOXGHGLQFDSLWDOZRUNLQSURJUHVVDQGLWVFDSLWDOLVDWLRQGXULQJWKH\HDU
(` in lakhs)
Particulars 31st March 31st March
2022 2021
3UHRSHUDWLYH([SHQGLWXUHFDUULHGIRUZDUGIURPSUHYLRXV\HDU 52.38
6DODULHV:DJHV $OORZDQFHV
%DQN&KDUJHV
3URIHVVLRQDO)HHV
0LVFHOODQHRXV([SHQVHV 5.70
Total 104.18 90.36
Capitalised during the year 90.36
%DODQFHSUHRSHUDWLYHH[SHQVHVLQFOXGHGLQ&DSLWDOZRUNLQ3URJUHVV 104.18
5.6 7KHUH DUH QR SURFHHGLQJV LQLWLDWHG RU SHQGLQJ DJDLQVW WKH FRPSDQ\ IRU KROGLQJ DQ\ %HQDPL 3URSHUW\ XQGHU WKH %HQDPL
7UDQVDFWLRQV 3URKLELWLRQ $FW RI DQGWKHUXOHVPDGHWKHUHXQGHU
5.7 7KH &RPSDQ\ GRHV QRW KDYH DQ\ FDSLWDO ZRUN LQ SURJUHVV RU ,QWDQJLEOH DVVHWV XQGHU GHYHORSPHQW ZKRVH FRPSOHWLRQ LV
RYHUGXHRUKDVH[FHHGHGLWVFRVWFRPSDUHGWRRULJLQDOSODQ

1RWH,QYHVWPHQW3URSHUW\
(` in lakhs)
Particulars Investment
Properties
GROSS BLOCK:
As at 1st April, 2020 158.52
$GGLWLRQV7UDQVIHU 5HIHUQRWH 9.11
'LVSRVDOV
As at 31st March, 2021 167.63
$GGLWLRQV
'LVSRVDOV
As at 31st March, 2022 167.63
As at 1st April, 2020
'HSUHFLDWLRQ
'LVSRVDOV
st
As at 31 March, 2021
'HSUHFLDWLRQ 0.27
3URYLVLRQIRU,PSDLUPHQW 5HIHU1RWH 61.77
'LVSRVDOV
st
As at 31 March, 2022 62.04
NET BLOCK:
As at 31st March, 2021 167.63
As at 31st March, 2022 105.59
6.1 Information regarding income and expenditure of investment properties:

7KHUHLVQR,QFRPHGHULYHG([SHQVHVLQFXUUHGE\WKH&RPSDQ\IURPLQYHVWPHQWSURSHUWLHV
6.2 7KH&RPSDQ\¶VLQYHVWPHQWSURSHUWLHVDVDWst0DUFKFRQVLVWVRIODQGDQGEXLOGLQJKHOGIRUXQGHWHUPLQHGIXWXUHXVH
6.3 7KHIDLUYDOXHVRIWKHSURSHUWLHVDUHÒDNKV 3UHYLRXV<HDUÒDNKV 7KHVHYDOXDWLRQVDUHEDVHGRQYDOXDWLRQV
SHUIRUPHGE\DQDFFUHGLWHGLQGHSHQGHQWYDOXHUZKRLVDVSHFLDOLVWLQYDOXLQJWKHVHW\SHVRISURSHUWLHV7KHIDLUYDOXHRIWKH
DVVHWVLVGHWHUPLQHGXVLQJ&RPSDULVRQ0HWKRGXQGHUWKH0DUNHW$SSURDFK7KHIDLUYDOXHPHDVXUHPHQWLVFDWHJRULVHGLQ
/HYHOIDLUYDOXHKLHUDUFK\)RUWKHSXUSRVHRIWKHYDOXDWLRQXQGHUFRPSDULVRQPHWKRGDFRPSDULVRQLVPDGHZLWKVLPLODU
SURSHUWLHVWKDWKDYHUHFHQWO\EHHQVROGLQWKHPDUNHW7KHVLJQL¿FDQWXQREVHUYDEOHLQSXWVDUH L PRQWKO\PDUNHWUHQWWDNLQJ
LQWR DFFRXQW WKH GLႇHUHQFH LQ ORFDWLRQ DQG LQGLYLGXDO IDFWRUV VXFK DV IURQWDJH DQG VL]H EHWZHHQ WKH FRPSDUDEOH DQG WKH
SURSHUWLHV LL &DSLWDOLVDWLRQUDWHWDNLQJLQWRDFFRXQWWKHFDSLWDOLVDWLRQRIUHQWDOLQFRPHSRWHQWLDOQDWXUHRISURSHUW\DQGWKH
SUHYDLOLQJPDUNHWFRQGLWLRQ
6.4 7KH IDLU YDOXHV RI WKH SURSHUWLHV DV DW st 0DUFK DUH SHUIRUPHG E\ DQ DFFUHGLWHG LQGHSHQGHQW UHJLVWHUHG YDOXHU DV
GH¿QHGXQGHUUXOHRIWKH&RPSDQLHV 5HJLVWHUHG9DOXHUVDQG9DOXDWLRQ 5XOHVZKRLVDVSHFLDOLVWLQYDOXLQJWKHVH
W\SHVRISURSHUWLHV
6.5 7KH&RPSDQ\KDVQRUHVWULFWLRQVRQWKHUHDOLVDELOLW\RILWVLQYHVWPHQWSURSHUWLHVDQGQRFRQWUDFWXDOREOLJDWLRQVWRSXUFKDVH
FRQVWUXFWRUGHYHORSLQYHVWPHQWSURSHUWLHVRUIRUUHSDLUVPDLQWHQDQFHDQGHQKDQFHPHQWV

1RWH2WKHU,QWDQJLEOH$VVHWV
(` in lakhs)
Particulars Other Intangible
assets
GROSS BLOCK:
As at 1st April, 2020 379.32
$GGLWLRQV 7.21
'LVSRVDOV
As at 31st March, 2021 386.53
$GGLWLRQV 8.18
'LVSRVDOV 1.00
As at 31st March, 2022 393.71
AMORTISATION:
As at 1st April, 2020 292.91
$PRUWLVDWLRQ 51.01
'LVSRVDOV
st
As at 31 March, 2021 343.92
$PRUWLVDWLRQ
'LVSRVDOV 1.00
As at 31st March, 2022 371.46
NET BLOCK:
As at 31st March, 2021 42.61
As at 31st March, 2022 22.25

7.1 2WKHULQWDQJLEOHDVVHWVUHSUHVHQWV&RPSXWHU6RIWZDUHVRWKHUWKDQVHOIJHQHUDWHG

1RWH1RQ&XUUHQW,QYHVWPHQWV
Particulars As at 31st March, 2022 As at 31st March, 2021

No. of Face ` in lakhs No. of Face ` in lakhs
Shares/ Value Shares/ Value
Units (in `) Units (in `)
(a) In Equity Instruments:
8QTXRWHG)XOO\3DLG8S
Subsidiary Company
Carried at cost
%RURVLO 7HFKQRORJLHV /WG ,QFOXGLQJ VKDUHV KHOG 10 10
MRLQWO\ZLWKQRPLQHHV
$FDO\SKD5HDOW\/WG ,QFOXGLQJVKDUHVKHOGMRLQWO\ 1,00,000 10 1,00,000 10
with nominees)
.ODVV3DFN/WG 100 8,196.77 11,10,756 100 6,196.77
Others
&DUULHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV
=RURDVWULDQ&RRSHUDWLYH%DQN/WG 25 2.59 25
Total Equity Instruments (a) 9,159.61 6,696.16
(b) In Others:
1. Venture Capital Fund
8QTXRWHG)XOO\3DLG8S
19,QGLD5HDO(VWDWH)XQG 1,18,095 100
2. Alternative Investment Fund
8QTXRWHG)XOO\3DLG8S
$6.5HDO(VWDWH6SHFLDO2SSRUWXQLWLHV)XQG,,&ODVV% 1,360 1,00,000 1,932.01 1,500 1,00,000 1,929.69
(GHOZHLVV6WUHVVHGDQG7URXEOHG$VVHWV5HYLYDO)XQG 10,000 68.09 10,000 60.08
,,)/,QFRPH2SSRUWXQLWLHV)XQG6HULHV6SHFLDO
6LWXDWLRQV $&DWHJRU\,,
)LUHVLGH9HQWXUHV,QYHVWPHQW)XQG&ODVV$ 1,00,000 1,962.15 1,00,000 1,150.88
Total Others (b) 3,962.25 4,677.77
Total Non Current Investments (a) + (b) 13,121.86 11,373.93

8.1 $JJUHJDWHDPRXQWRI,QYHVWPHQWVDQG0DUNHWYDOXHWKHUHRI
(` in lakhs)
st st
Particulars As at 31 March, 2022 As at 31 March, 2021
Book Value Market Value Book Value Market Value
Unquoted Investments 13,121.86 11,373.93
Total 13,121.86 11,373.93
8.2 &DWHJRU\ZLVH1RQFXUUHQW,QYHVWPHQW
(` in lakhs)
Particulars As at As at
Financial assets measured at cost 9,157.02 6,693.62
)LQDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHWKURXJK3UR¿WDQG/RVV
Total 13,121.86 11,373.93
1RWH1RQFXUUHQW)LQDQFLDO$VVHWV/RDQV
(` in lakhs)
Unsecured, Considered Good :
,QWHU&RUSRUDWH'HSRVLWWRD5HODWHG3DUW\ 5HIHU1RWH
/RDQWR(PSOR\HHV 22.90 20.51
Total 22.90 235.28
9.1 ,QWHU&RUSRUDWH'HSRVLWWRD5HODWHG3DUW\ZDVJLYHQWRPHHWLWV%XVLQHVV([SDQVLRQWKURXJK&DSLWDO([SHQGLWXUHDQGJHQHUDO
corporate purpose.
1RWH1RQFXUUHQW)LQDQFLDO$VVHWV2WKHUV
(` in lakhs)
Unsecured, Considered Good :
)L[HGGHSRVLWZLWK%DQNVKDYLQJPDWXULW\PRUHWKDQPRQWKV 90.99
6HFXULW\'HSRVLWV 397.70
Total 456.67 488.69
10.1 )L[HG'HSRVLWZLWK%DQNVSOHGJHGIRU(3&*OLFHQVH

1RWH2WKHU1RQFXUUHQWDVVHWV
(` in lakhs)
Unsecured, Considered Good:
&DSLWDO$GYDQFHV 11.61
2WKHUV 13.01 20.51
Total 3,735.75 32.12
11.1 2WKHUVLQFOXGHPDLQO\3UHSDLG([SHQVHVHWF
1RWH,QYHQWRULHV
(` in lakhs)
Raw Materials
*RRGVLQ7UDQVLW 172.05
2WKHUV 2,656.07 3,111.07
:RUNLQ3URJUHVV 873.78 1,119.29
Finished Goods:
*RRGVLQ7UDQVLW 569.11
2WKHUV 2,509.51 3,078.62
6WRFNLQ7UDGH
*RRGVLQ7UDQVLW 2,072.16 905.76
2WKHUV 8,826.83 5,158.25
Stores, Spares and Consumables 626.52
3DFNLQJ0DWHULDO 658.19 527.65
Scrap(Cullet) 36.10 27.62
Total 17,211.11 12,976.62
12.1 7KHUHYHUVDORIZULWHGRZQRILQYHQWRULHV QHW IRUWKH\HDULVÒDNKV ,QSUHYLRXV\HDUWKHZULWHGRZQRILQYHQWRULHV

QHW LV RI ` ODNKV 7KHVH DUH LQFOXGHG LQ &KDQJHV LQ ,QYHQWRULHV RI :RUNLQ3URJUHVV )LQLVKHG *RRGV DQG
6WRFNLQ7UDGHLQ3DFNLQJ0DWHULDOV&RQVXPHGDQG&RQVXPSWLRQ6WRUHVDQG6SDUHVLQWKHVWDWHPHQWRISUR¿WDQGORVV
12.2 )RUPRGHRIYDOXDWLRQRILQYHQWRULHVUHIHUQRWHQR

1RWH&XUUHQW,QYHVWPHQWV

No. of Face ` in lakhs No. of Face ` in lakhs
Shares/ Value Shares/ Value
Units (in `) Units (in `)
(a) In Debentures:
4XRWHG)XOO\3DLG8S
8QVHFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI 81 1,00,000 81.00 81 1,00,000 88.69
0LUD\D5HDOW\3YW/WG6HULHV,,
6HFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI 1,00,000 1,00,000
6WHUOLQJ+DELWDWV3YW/WG6HULHV,,
6HFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI 116 116 62,985 135.81
*HQLH&RPPHUFLDO9HQWXUHV3YW/WG7UDQFKH,
6HFXUHG5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI 100 10,00,000 1,053.32
+'%)LQDQFLDO6HUYLFHV/WG6HULHV$ =&
6HFXUHG5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI 100 10,00,000
$[LV)LQDQFH/WG6HULHV
6HFXUHG5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI 110 10,00,000
$GLW\D%LUOD)LQDQFH/WG6HULHV&
6HFXUHG5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI 100 10,00,000 1,370.65
%DMDM)LQDQFH/WG6HULHV ,,
6HFXUHG5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI 88 10,00,000 759.36
7DWD&DSLWDO+RXVLQJ)LQDQFH/WG6HULHV&)<
Unquoted Fully Paid Up
8QVHFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI 76 523 11.69
6KULSURS'ZHOOHUV3YW/WG6HULHV,,
8QVHFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI 1,00,000 1,00,000
0LUD\D5HDOW\3YW/WG)LUVW'HEHQWXUHV
6HFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI 15.28
6WHUOLQJ+DELWDWV3YW/WG6HULHV,%
Total Debentures (a) 5,676.93 512.78
(b) Mutual Funds:
Quoted Fully Paid Up
+')&)03'0DUFK 'LUHFW2SWLRQ*URZWK$ 1,00,00,000 10 1,278.79
8QTXRWHG)XOO\3DLG8S
+')&/LTXLG)XQG'LUHFW3ODQ*URZWK2SWLRQ@ 36,578 1,000 1,530.69 75,527 1,000
,&,&,3UXGHQWLDO/LTXLG)XQG'LUHFW3ODQ*URZWK 2,91,117 100 917.76 22,01,780 100 6,709.62
+')&2YHUQLJKW)XQG'LUHFW3ODQ*URZWKRSWLRQ 100 8.01 100 3,398.25
,&,&,3UXGHQWLDO2YHUQLJKW)XQG'LUHFW3ODQ*URZWK 100 100
(GHOZHLVV$UELWUDJH)XQG'LUHFW3ODQ*URZWK 10 1,563.02
,')&$UELWUDJH)XQG*URZWK'LUHFW3ODQ 55,81,968 10 1,558.11
1LSSRQ ,QGLD$UELWUDJH )XQG 'LUHFW *URZWK 3ODQ *URZWK 10 1,561.65
2SWLRQ
$GLW\D %LUOD 6XQ /LIH )ORDWLQJ 5DWH )XQG *URZWK 'LUHFW 10 1,026.00
3ODQ
@1LOXQLWV 3UHYLRXV\HDUXQLWV SOHGJHGDVVHFXULW\ZLWKDEDQNIRUFUHGLWIDFLOLW\DYDLOHGE\WKH&RPSDQ\
$ZDVSOHGJHGDVDVHFXULW\ZLWKDEDQNIRUWKHFUHGLWIDFLOLW\DYDLOHGE\UHODWHGSDUW\
Total Mutual Funds (b) 9,136.48 19,324.71
Total Current Investments = (a) + (b) 14,813.41 19,837.49

13.1 $JJUHJDWHDPRXQWRI&XUUHQW,QYHVWPHQWVDQG0DUNHWYDOXHWKHUHRI
(` in lakhs)
Quoted Investments 5,523.21 5,523.21
Unquoted Investments 9,290.20 18,252.96
Total 14,813.41 19,837.49
13.2 &DWHJRU\ZLVH&XUUHQW,QYHVWPHQW
(` in lakhs)
Total 14,813.41 19,837.49
1RWH&XUUHQW)LQDQFLDO$VVHWV7UDGH5HFHLYDEOHV
(` in lakhs)
Unsecured, Considered Good, unless otherwise stated:
&RQVLGHUHG*RRG 6,032.63
Credit Impaired 379.10
5,763.81
/HVV3URYLVLRQIRU&UHGLW,PSDLUHG 6,032.63 379.10
5HIHU1RWHDQG
Total 6,032.63 5,384.71
14.1 7UDGH5HFHLYDEOHV$JHLQJ6FKHGXOHDUHDVEHORZ
(` in lakhs)
Particulars Not Due Outstanding from due date of payment as at
31st March, 2022
Upto 6 6 More Total
Months Months Years Years than 3
<HDU years
8QGLVSXWHG WUDGH UHFHLYDEOHV ± FRQVLGHUHG 3,127.87 2,801.90 102.86 6,032.63
good
8QGLVSXWHGWUDGHUHFHLYDEOHV±ZKLFKKDYH
VLJQL¿FDQWLQFUHDVHLQFUHGLWULVN
8QGLVSXWHGWUDGHUHFHLYDEOHV±FUHGLWLPSDLUHG 190.53 16.12 215.36
'LVSXWHGWUDGHUHFHLYDEOHV±FRQVLGHUHGJRRG
'LVSXWHGWUDGHUHFHLYDEOHV±ZKLFKKDYH
'LVSXWHGWUDGHUHFHLYDEOHV±FUHGLWLPSDLUHG 0.53 5.25 7.93 191.19
Sub Total 3,127.87 2,801.90 107.63 195.78 24.05 195.66 6,452.89
/HVV$OORZDQFHIRUFUHGLWLPSDLUHG 195.78 195.66
Total 3,127.87 2,801.90 102.86 6,032.63

(` in lakhs)
31st March, 2021
Upto 6 6 More Total
<HDU years
8QGLVSXWHG WUDGH UHFHLYDEOHV ± FRQVLGHUHG 1,273.90 3,937.72 83.69 7.63 17.20
good
8QGLVSXWHGWUDGHUHFHLYDEOHV±FUHGLWLPSDLUHG 7.69
'LVSXWHGWUDGHUHFHLYDEOHV±FUHGLWLPSDLUHG 6.01 16.88 66.68
Sub Total 1,273.90 3,937.72 207.53 108.26 74.31 162.10 5,763.81
/HVV$OORZDQFHIRUFUHGLWLPSDLUHG 66.68 379.10
Total 1,273.90 3,937.72 64.58 83.69 7.63 17.20 5,384.71
1RWH&DVKDQG&DVK(TXLYDOHQWV
(` in lakhs)
%DODQFHVZLWK%DQNVLQFXUUHQWDFFRXQWV 1,102.59
)L[HGGHSRVLWVZLWK%DQNV+DYLQJPDWXULW\OHVVWKDQPRQWKV 8.00
Cash on Hand 8.89
Total 2,235.83 564.72
15.1 )RUWKHSXUSRVHRIWKHVWDWHPHQWRIFDVKÀRZFDVKDQGFDVKHTXLYDOHQWVFRPSULVHWKHIROORZLQJV
(` in lakhs)
%DODQFHVZLWK%DQNVLQFXUUHQWDFFRXQWV 1,102.59
)L[HGGHSRVLWZLWK%DQNV+DYLQJPDWXULW\OHVVWKDQPRQWKV 8.00
Cash on Hand 8.89
Total 2,235.83 564.72
1RWH%DQNEDODQFHV2WKHUWKDQ&DVKDQG&DVK(TXLYDOHQWV
(` in lakhs)
Earmarked Balances with bank :

8QSDLG'LYLGHQG$FFRXQWV 20.77
)L[HGGHSRVLWZLWK%DQNV+DYLQJPDWXULW\OHVVWKDQPRQWKV 508.35 29.70
Total 529.12 29.70
16.1 )L[HGGHSRVLWZLWK%DQNVLQFOXGHV¿[HGGHSRVLWVSOHGJHGIRUOHWWHURIFUHGLWIDFLOLW\IURPDEDQNUDWHFRQWUDFWZLWKFXVWRPHUV
VDOHVWD[GHSRVLWDQGIRU(3&*OLFHQVH

1RWH&XUUHQW)LQDQFLDO$VVHWV/RDQV
(` in lakhs)
&RUSRUDWHGHSRVLWVZLWK1RQ%DQNLQJ)LQDQFLDO&RPSDQ\ 1%)& 1,500.00
/RDQWR(PSOR\HHV
Total 1,538.47 46.86
1RWH&XUUHQW)LQDQFLDO$VVHWV2WKHUV
(` in lakhs)
,QWHUHVW5HFHLYDEOHV 186.59 126.58
Security Deposits:
&RQVLGHUHG*RRG 59.37
&RQVLGHUHG'RXEWIXO 11.83 11.83
71.20 71.25
/HVV3URYLVLRQIRU'RXEWIXO'HSRVLWV 5HIHU1RWH (11.83) 59.37 (11.83)
Others
&RQVLGHUHG*RRG 162.28 95.05
317.83 250.60
/HVV3URYLVLRQIRU'RXEWIXO 5HIHU1RWH (155.55) 162.28 (155.55) 95.05
Total 408.24 281.05
18.1 2WKHUV LQFOXGHV VKDUH EDVHG SD\PHQW UHFHLYDEOH IURP VXEVLGLDULHV IURP SRUWIROLR PDQDJHUV LQVXUDQFH FODLP DQG RWKHU
receivables etc.
18.2 ,QWHUHVW5HFHLYDEOHVLQFOXGHV`1LO 3UHYLRXV<HDUÒDNKV UHFHLYDEOHIURPRQHRIUHODWHGSDUW\ 5HIHU1RWH
1RWH2WKHU&XUUHQW$VVHWV
(` in lakhs)
Advances against supplies
&RQVLGHUHG*RRG 586.10 373.20
386.59
/HVV3URYLVLRQIRU'RXEWIXO$GYDQFHV 5HIHU1RWH (12.36) 586.10 (13.39) 373.20
([SRUW,QFHQWLYHV5HFHLYDEOH 81.08 66.15
$PRXQWSDLGXQGHU3URWHVW 5HIHU1RWH
%DODQFHZLWK*RRGVDQG6HUYLFH7D[$XWKRULWLHV 503.21
2WKHUV
Total 1,962.29 934.37
19.1 2WKHUVLQFOXGHVSUHSDLGH[SHQVHV9$7UHIXQGVDOHVWD[LQFHQWLYHUHFHLYDEOHOLFHQVHVLQKDQGVRWKHUUHFHLYDEOHHWF

1RWH(TXLW\6KDUH&DSLWDO
(` in lakhs)
Authorised
Equity Share Capital
3UHYLRXV<HDU (TXLW\6KDUHVRI`HDFK 2,700.00 2,700.00
Preference Share Capital
3UHYLRXV<HDU 3UHIHUHQFH6KDUHVRI`HDFK 2,800.00 2,800.00
Total 5,500.00 5,500.00
Issued, Subscribed & Fully Paid up
3UHYLRXV<HDU (TXLW\6KDUHVRI`HDFK 5HIHU1RWH
Total 1,141.63 1,141.19
20.1 Reconciliation of number of Equity Shares outstanding at the beginning and at the end of the year:

(in Nos.) (` in lakhs) (in Nos.) (` in lakhs)
6KDUHVRXWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDU
$GG 6KDUHV LVVXHG RQ ([HUFLVH RI (PSOR\HH 6WRFN 59,930 0.59
2SWLRQ 5HIHU1RWHDQG
Shares outstanding at the end of the year 11,41,62,667 1,141.63 11,41,19,467 1,141.19
20.2 'XULQJWKH\HDUSXUVXDQWWRH[HUFLVHRIWKHRSWLRQVXQGHU³%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ´WKH
&RPSDQ\KDVPDGHDOORWPHQWRI(TXLW\6KDUHV 3UHYLRXV<HDU(TXLW\6KDUHV RIWKHIDFHYDOXHRI`HDFKZKLFK
KDVUHVXOWHGLQWRLQFUHDVHRISDLGXS(TXLW\6KDUH&DSLWDOE\ÒDNKV 3UHYLRXV<HDUÒDNKV DQG6HFXULWLHV3UHPLXPE\
ÒDNKV 3UHYLRXV<HDUÒDNKV
20.3 Terms/Rights attached to Equity Shares:
7KH&RPSDQ\KDVRQO\RQHFODVVRIVKDUHVUHIHUUHGWRDVHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH+ROGHUVRIHTXLW\
VKDUHVDUHHQWLWOHGWRRQHYRWHSHUVKDUH7KHFRPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHG
E\WKH%RDUGRI'LUHFWRUVLIDQ\LVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHDQQXDOJHQHUDOPHHWLQJH[FHSWLQFDVH
RILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQRIWKH&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHDQ\RIWKH
UHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWV7KHGLVWULEXWLRQZLOOEHLQWKHVDPHSURSRUWLRQ
DVWKHFDSLWDOSDLGXSRQWKHHTXLW\VKDUHVKHOGE\WKHPEHDUVWRWKHWRWDOSDLGXSHTXLW\VKDUHFDSLWDORIWKH&RPSDQ\
20.4 Details of Shareholder holding more than 5% of Equity Share Capital:
Name of Shareholder As at 31st March, 2022 As at 31st March, 2021

No. of Shares % of Holding No. of Shares % of Holding
5HNKD.KHUXND
.LUDQ.KHUXND
/DWH%DMUDQJ/DO.KHUXND 1,38,68,050
3..KHUXND 1,32,33,662 1,32,33,662
&URWRQ7UDGLQJ3YW/WG 1,30,87,339 1,30,87,339
([SLUHGRQ 'HFHPEHU
th

20.5 Details of shares held by promoters and Promoter Group in the Company:
Name of Promoters As at 31st March, 2022 As at 31st March, 2021

No. of % of No. of % of % Change
Shares Holding Shares Holding from 31st
March,
2021 to 31st
March, 2022
/DWH%DMUDQJ/DO.KHUXND 3URPRWHU 1,38,68,050
6KUHHYDU.KHUXND 3URPRWHU
3..KHUXND 3URPRWHU 1,32,33,662 1,32,33,662
.LUDQ.KHUXND 3URPRWHU*URXS
5HNKD.KHUXND 3URPRWHU*URXS
&URWRQ7UDGLQJ3ULYDWH/LPLWHG 3URPRWHU*URXS 1,30,87,339 1,30,87,339
*XMDUDW)XVLRQ*ODVV//3 3URPRWHU*URXS
6RQDUJDRQ3URSHUWLHV//3 3URPRWHU*URXS 18 18
%RURVLO+ROGLQJV//3 3URPRWHU*URXS 9,18,179 9,18,179
6SDUWDQ7UDGH+ROGLQJV//3 3URPRWHU*URXS
$VVRFLDWHG)DEULFDWRUV//3 3URPRWHU*URXS
([SLUHGRQth'HFHPEHU
20.6 8QGHU%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ¶ ³(623´ RSWLRQVZHUHUHVHUYHG
DQGRXWRIWKLVDVDWst0DUFK DVDWst0DUFK RSWLRQVKDYHEHHQJUDQWHG 5HIHU1RWH1R
)XUWKHUXQGHU%RURVLO/LPLWHG±(PSOR\HHV6WRFN2SWLRQ6FKHPH¶ ³1(:(626´ RSWLRQVDUH
UHVHUYHGDQGRXWRIWKLVGXULQJWKH\HDU DVDWst0DUFK1LO RSWLRQVKDYHEHHQJUDQWHG 5HIHU1RWH1R
20.7 'LYLGHQGSDLGDQGSURSRVHG
(` in lakhs)
Proposed Dividends
'LYLGHQGSURSRVHGIRUWKH\HDUHQGHGRQst March, 2021 at `SHUVKDUH
)DFH9DOXHRI`HDFK
Dividend Paid
'LYLGHQGSDLGIRUWKH\HDUHQGHGRQst March, 2021 at `SHUVKDUH
)DFH9DOXHRI`HDFK
3URSRVHGGLYLGHQGVRQHTXLW\VKDUHVDUHVXEMHFWWRDSSURYDODWWKHDQQXDOJHQHUDOPHHWLQJDQGDUHQRWUHFRJQLVHGDVDOLDELOLW\
as at 31st March.

1RWH2WKHU(TXLW\
(` in lakhs)
Capital Reserve
$VSHU/DVW%DODQFH6KHHW 15.00 15.00
Capital Reserve On Scheme of Amalgamation
$VSHU/DVW%DODQFH6KHHW 8,881.07 8,881.07
General Reserve
$VSHU/DVW%DODQFH6KHHW 500.00 500.00
Share Based Payment Reserve
$VSHU/DVW%DODQFH6KHHW
$GG6KDUHEDVHGSD\PHQW 5HIHU1RWH 136.11
/HVV([HUFLVHRI(PSOR\HH6WRFNRSWLRQ 5HIHU1RWH (29.71)
Securities Premium
$GG([HUFLVHRI(PSOR\HH6WRFNRSWLRQ 5HIHU1RWH 202.21
Retained Earnings
$VSHU/DVW%DODQFH6KHHW 59,103.19 55,026.03
$GG3UR¿WIRUWKH\HDU
/HVV'LYLGHQG3DLG 65,709.61 59,103.19
Other Comprehensive Income (OCI)
$VSHU/DVW%DODQFH6KHHW (106.86)
0RYHPHQWVLQ2&, QHW GXULQJWKH\HDU (18.58) 26.98 (106.86)
Total 75,610.31 68,831.60
21.1 Nature and Purpose of Reserve

1. Capital Reserve:
&DSLWDOUHVHUYHZDVFUHDWHGE\ZD\RIVXEVLG\UHFHLYHGIURP6WDWH,QGXVWULHV3URPRWLRQ&RUSRUDWLRQRI7DPLOQDGX7KH
UHVHUYHZLOOEHXWLOLVHGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FW
2. Capital Reserve On Scheme of Amalgamation:
&DSLWDO5HVHUYHLVFUHDWHGRQDFFRXQWRI6FKHPHRI$PDOJDPDWLRQ7KHUHVHUYHZLOOEHXWLOLVHGLQDFFRUGDQFHZLWKWKH
SURYLVLRQVRIWKH&RPSDQLHV$FW
3. General Reserve:
*HQHUDO 5HVHUYH LV FUHDWHG IURP WLPH WR WLPH E\ ZD\ RI WUDQVIHU RI SUR¿WV IURP UHWDLQHG HDUQLQJV IRU DSSURSULDWLRQ
SXUSRVH7KLVUHVHUYHLVDGLVWULEXWDEOHUHVHUYH
4. Securities Premium:
6HFXULWLHV SUHPLXP LV FUHDWHG ZKHQ VKDUHV LVVXHG DW SUHPLXP 7KH UHVHUYH ZLOO EH XWLOLVHG LQ DFFRUGDQFH ZLWK WKH
5. Share Based Payment Reserve:
6KDUHEDVHGSD\PHQWUHVHUYHLVFUHDWHGDJDLQVWµ%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ¶
³(623´ DQGDJDLQVWµ%RURVLO/LPLWHG(PSOR\HH6WRFN2SWLRQ6FKHPH¶ ³1(:(626´ DQGZLOOEH
XWLOLVHGDJDLQVWH[HUFLVHRIWKHRSWLRQRQLVVXDQFHRIWKHHTXLW\VKDUHVRIWKH&RPSDQ\
6. Retained Earnings:
5HWDLQHGHDUQLQJVUHSUHVHQWVWKHDFFXPXODWHGSUR¿WV ORVVHV PDGHE\WKH&RPSDQ\RYHUWKH\HDUV
7. Other Comprehensive Income (OCI):
2WKHU&RPSUHKHQVLYH,QFRPH 2&, LQFOXGHVUHPHDVXUHPHQWVRIGH¿QHGEHQH¿WSODQV

1RWH1RQFXUUHQW3URYLVLRQV
(` in lakhs)
3URYLVLRQVIRU(PSOR\HH%HQH¿WV
*UDWXLW\ 5HIHU1RWH 219.10
Total 219.10
1RWH,QFRPH7D[
23.1 Current Tax
(` in lakhs)
Particulars For the Year For the Year
Ended Ended
&XUUHQW,QFRPH7D[ 1,126.93
,QFRPH7D[RIHDUOLHU\HDUV 3.35 (67.51)
Total 2,827.57 1,059.42
23.2 7KHPDMRUFRPSRQHQWVRI,QFRPH7D[([SHQVHVIRUWKH\HDUHQGHGst March, 2022 and 31st0DUFKDUHDVIROORZV

(` in lakhs)
Ended Ended
5HFRJQLVHGLQ6WDWHPHQWRI3UR¿WDQG/RVV
&XUUHQW,QFRPH7D[ 5HIHU1RWH 2,827.57
'HIHUUHG7D[5HODWLQJWRRULJLQDWLRQDQGUHYHUVDORIWHPSRUDU\GLႇHUHQFHV 591.67 897.63
23.3 5HFRQFLOLDWLRQEHWZHHQWD[H[SHQVHVDQGDFFRXQWLQJSUR¿WPXOWLSOLHGE\WD[UDWHIRUWKH\HDUHQGHGst March, 2022 and 31st

0DUFK
(` in lakhs)
Ended Ended
$FFRXQWLQJ3UR¿WEHIRUHWD[ 11,166.85
$SSOLFDEOHWD[UDWH 5HIHU1RWH
Computed Tax Expenses 2,810.47 1,757.16
7D[HႇHFWRQDFFRXQWRI
/RZHUWD[UDWHLQGH[DWLRQDQGIDLUYDOXHFKDQJHVHWF (125.21)
'LVFRQWLQXDWLRQRI'HSUHFLDWLRQDOORZDQFHRQ*RRGZLOO 5HIHUQRWH 839.77
([SHQVHVQRWDOORZHG 19.21
8WLOLVDWLRQRI/7&*/RVVRQZKLFK'HIHUUHG7D[QRWUHFRJQLVHG (78.62)
$OORZDQFHRI([SHQVHVRQSD\PHQWEDVLV (22.31)
&KDQJHVLQUDWHVRI,QFRPH7D[ 320.86
'XHWR1HZ7D[5HJLPH 5HIHUQRWH (55.53)
2WKHUGHGXFWLRQVDOORZDQFHV 2.75 (5.26)
,QFRPHWD[IRUHDUOLHU\HDUV 3.35 (67.51)
,QFRPHWD[H[SHQVHVUHFRJQLVHGLQVWDWHPHQWRISUR¿WDQGORVV 3,419.24 1,957.05

23.4 'HIHUUHGWD[/LDELOLWLHVUHODWHVWRWKHIROORZLQJ
(` in lakhs)
Particulars Balance Sheet 6WDWHPHQWRI3UR¿WDQG/RVV
and Other Comprehensive
Income
As at As at For the Year For the Year
31st March, 31st March, Ended 31st Ended 31st
2022 2021 March, 2022 March, 2021
3URSHUW\3ODQWDQG(TXLSPHQWLQFOXGLQJDVVHWV 887.32 (761.56) 367.38
KHOGIRUVDOH
,QYHVWPHQW3URSHUW\ (61.05) (17.56)
*RRGZLOORQ$PDOJDPDWLRQ 906.86 586.07
Investments 755.67 (173.27) 351.16
7UDGH5HFHLYDEOH (23.06) (328.27)
Inventories 155.50 (17.87) 173.37 66.77
2WKHU$VVHWV (12.10) (29.35) 17.25 (5.12)
2WKHU/LDELOLWLHV 3URYLVLRQ (306.26)
8QXWLOLVHG0$7&UHGLW(QWLWOHPHQW
'HGXFWLRQXV''RI,QFRPH7D[$FW (85.68) (237.93) 60.33
Total 2,088.65 1,503.23 585.42 901.64
23.5 5HFRQFLOLDWLRQRIGHIHUUHGWD[/LDELOLWLHV QHW

(` in lakhs)
Opening balance as at 1st April 1,503.23 601.59
'HIHUUHG7D[UHFRJQLVHGLQ6WDWHPHQWRI3UR¿WDQG/RVV 591.67 897.63
'HIHUUHG7D[UHFRJQLVHGLQ2&, (6.25) 11.08
,QFRPH7D[IRUHDUOLHU\HDUV (7.07)
Closing balance as at 31st March 2,088.65 1,503.23
23.6 Amount and expiry date of unused tax losses for which no deferred tax asset is recognised
(` in lakhs)
8QXVHGWD[ORVVHVIRUZKLFKQRGHIHUUHGWD[DVVHWVKDVEHHQUHFRJQLVHG
1RWH&XUUHQW)LQDQFLDO/LDELOLWLHV7UDGH3D\DEOHV
(` in lakhs)
0LFUR6PDOODQG0HGLXP(QWHUSULVHV 1,683.39
2WKHUV 3,200.30 2,366.59
Total 4,883.69 3,836.47

24.1 0LFUR6PDOODQG0HGLXP(QWHUSULVHVXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW 060('
KDYHEHHQGHWHUPLQHGEDVHGRQWKHLQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\DQGWKHGHWDLOVRIDPRXQWRXWVWDQGLQJGXHWRWKHP
DUHDVJLYHQEHORZ
(` in lakhs)
a) the principal amount and the interest due thereon (to be shown separately)
UHPDLQLQJXQSDLGWRDQ\VXSSOLHUDWWKHHQGRIHDFKDFFRXQWLQJ\HDU
L 3ULQFLSDODPRXQWRXWVWDQGLQJ 1,683.39
ii) Interest thereon 1.82 2.07
b) WKHDPRXQWRILQWHUHVWSDLGE\WKHEX\HULQWHUPVRIVHFWLRQRIWKH0LFUR
6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW RI DORQJZLWK
WKH DPRXQW RI WKH SD\PHQW PDGH WR WKH VXSSOLHU EH\RQG WKH DSSRLQWHG GD\
during each accounting year;
c) WKH DPRXQW RI LQWHUHVW GXH DQG SD\DEOH IRU WKH SHULRG RI GHOD\ LQ PDNLQJ
payment (which has been paid but beyond the appointed day during the year)
EXWZLWKRXWDGGLQJWKHLQWHUHVWVSHFL¿HGXQGHUWKH0LFUR6PDOODQG0HGLXP
(QWHUSULVHV'HYHORSPHQW$FW
d) WKH DPRXQW RI LQWHUHVW DFFUXHG DQG UHPDLQLQJ XQSDLG DW WKH HQG RI HDFK 1.82 2.07
accounting year;
e) WKHDPRXQWRIIXUWKHULQWHUHVWUHPDLQLQJGXHDQGSD\DEOHHYHQLQWKHVXFFHHGLQJ
years, until such date when the interest dues above are actually paid to the
VPDOOHQWHUSULVHIRUWKHSXUSRVHRIGLVDOORZDQFHRIDGHGXFWLEOHH[SHQGLWXUH
XQGHU VHFWLRQ RI WKH 0LFUR 6PDOO DQG 0HGLXP (QWHUSULVHV 'HYHORSPHQW
$FW
24.2 7UDGH3D\DEOHV$JHLQJ6FKHGXOHDUHDVEHORZ
(` in lakhs)
Particulars Outstanding from due date of payment as at 31st March, 2022
Not Due Upto 1 More than Total
Year Years Years 3 years
7RWDO RXWVWDQGLQJ GXHV RI PLFUR VPDOO PHGLXP 1,328.51 1,683.39
enterprises
7RWDO RXWVWDQGLQJ GXHV RI FUHGLWRUV RWKHU WKDQ 505.73 3,200.30
PLFURVPDOO PHGLXPHQWHUSULVHV
'LVSXWHGGXHVRIPLFURVPDOODQGPHGLXPHQWHUSULVHV
'LVSXWHGGXHVRIFUHGLWRUVRWKHUWKDQPLFURVPDOODQG
medium enterprises
Total 4,023.08 860.60 4,883.69
(` in lakhs)
st
Particulars Outstanding from due date of payment as at 31 March, 2021
Not Due Upto 1 More than Total
Year Years Years 3 years
7RWDORXWVWDQGLQJGXHVRIPLFURVPDOO PHGLXP 1,172.78 293.28 3.63 0.20
enterprises
7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQ 1,928.62 15.31 7.95 2.72 2,366.59
medium enterprises
Total 3,101.40 705.27 18.94 8.15 2.72 3,836.47

1RWH&XUUHQW)LQDQFLDO/LDELOLWLHV2WKHUV
(` in lakhs)
,QWHUHVWDFFUXHGEXWQRWGXHRQ'HDOHU'HSRVLWV 32.68
,QWHUHVWDFFUXHGEXWQRWGXHRQ2WKHUV 1.82 2.07
'HDOHU'HSRVLWV 368.08
8QFODLPHG'LYLGHQGV 20.77
&UHGLWRUVIRU&DSLWDO([SHQGLWXUH 179.13 256.90
'HSRVLWV 19.07 19.76
2WKHU3D\DEOHV 5,795.71
6,425.92 5,002.19
25.1 8QFODLPHGGLYLGHQGVGRHVQRWLQFOXGHDQ\DPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ
Fund.
25.2 2WKHU3D\DEOHVLQFOXGHVRXWVWDQGLQJOLDELOLWLHVIRUH[SHQVHVVDODU\ZDJHVERQXVGLVFRXQWUHEDWHVHWF
1RWH2WKHU&XUUHQW/LDELOLWLHV
(` in lakhs)
$GYDQFHIURP&XVWRPHUV 321.61
Statutory liabilities 355.52
Total 640.37 846.31
1RWH&XUUHQW3URYLVLRQV
(` in lakhs)
Superannuation (Funded)
*UDWXLW\ )XQGHG 5HIHU1RWH
/HDYH(QFDVKPHQW 8QIXQGHG 570.37
Total 785.10 666.83
1RWH5HYHQXHVIURP2SHUDWLRQV
(` in lakhs)
Ended Ended
6DOHRI3URGXFWV
Revenue from Operations 75,041.45 52,722.94

28.1 Disaggregated Revenue:
(i) Revenue based on Geography:
(` in lakhs)
Ended Ended
'RPHVWLFV 71,332.85
([SRUW 3,708.60 2,615.10
(ii) Revenue by Business Segment

(` in lakhs)
Ended Ended
6FLHQWL¿FZDUH
Consumerware 57,300.15
(iii) Reconciliation of Revenue from Operation with contract price:

(` in lakhs)
Ended Ended
&RQWUDFW3ULFH 76,656.78
5HGXFWLRQWRZDUGVYDULDEOHVFRQVLGHUDWLRQVFRPSRQHQWV (1,615.33) (758.56)
7KHUHGXFWLRQWRZDUGVYDULDEOHFRQVLGHUDWLRQFRPSULVHVRIYROXPHGLVFRXQWVVFKHPHGLVFRXQWVSULFHFRQFHVVLRQVHWF
1RWH2WKHU,QFRPH
(` in lakhs)
Ended Ended
,QWHUHVW,QFRPHIURP)LQDQFLDO$VVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV
1RQFXUUHQW,QYHVWPHQWV 65.19 127.17
&XUUHQW,QYHVWPHQWV 7.36
,QWHUHVW,QFRPHIURP)LQDQFLDO$VVHWVPHDVXUHGDWDPRUWLVHGFRVW
,QWHU&RUSRUDWH'HSRVLWV 9.12 6.72
)L[HG'HSRVLWVZLWK%DQNV 96.57
&XVWRPHUV 67.76 58.78
2WKHUV 18.72
'LYLGHQG,QFRPHIURP)LQDQFLDO$VVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV
1RQFXUUHQW,QYHVWPHQWV 0.07
*DLQRQ6DOHRI,QYHVWPHQWV QHW
1RQFXUUHQW,QYHVWPHQWV 321.17
&XUUHQW,QYHVWPHQWV 1.56
*DLQRQ)LQDQFLDO,QVWUXPHQWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV QHW
5HQW,QFRPH
*DLQRQ)RUHLJQ&XUUHQF\7UDQVDFWLRQV QHW
([SRUW,QFHQWLYHV 109.91 71.95
6XQGU\&UHGLW%DODQFH:ULWWHQ%DFN QHW 171.83
,QVXUDQFH&ODLP5HFHLYHG
Miscellaneous Income * 100.61
Total 2,368.90 1,638.43
,QFOXGHVJRYHUQPHQWVXEVLG\XQGHU5DMDVWKDQ,QYHVWPHQW3URPRWLRQ6FKHPHRI`1LO 3UHYLRXV<HDUÒDNKV

1RWH&KDQJHVLQ,QYHQWRULHVRI:RUNLQ3URJUHVV)LQLVKHG*RRGVDQG6WRFNLQ7UDGH
(` in lakhs)
Ended Ended
At the end of the Year
:RUNLQ3URJUHVV 873.78 1,119.29
)LQLVKHG*RRGV 3,078.62
6WRFNLQ7UDGH 8,826.83 5,158.25
Scrap (Cullet) 13.28 12.50
12,792.51 10,038.22
Inventory lost due to Fire / heavy Rain
:RUNLQ3URJUHVV 76.17
)LQLVKHG*RRGV
6WRFNLQ7UDGH 906.60
2,447.99
At the beginning of the Year
:RUNLQ3URJUHVV 1,119.29
)LQLVKHG*RRGV 6,082.10
6WRFNLQ7UDGH 5,158.25 6,178.76
Scrap (Cullet) 12.50 13.77
10,038.22 13,819.63
&KDQJHV LQ ,QYHQWRULHV RI :RUNLQ3URJUHVV )LQLVKHG *RRGV DQG 6WRFNLQ (5,202.28) 3,781.41
Trade
1RWH(PSOR\HH%HQH¿WV([SHQVH
(` in lakhs)
Ended Ended
6DODULHV:DJHV $OORZDQFHV 7,776.79

&RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGV 5HIHU1RWH
6KDUH%DVHG3D\PHQWV 5HIHU1RWH 387.76
6WDႇ:HOIDUH([SHQVHV 366.12 176.80
Total 8,686.36 7,216.44
1RWH)LQDQFH&RVW
(` in lakhs)
Ended Ended
,QWHUHVW([SHQVHVRQ¿QDQFLDOOLDELOLWLHVPHDVXUHGDWDPRUWLVHGFRVW 70.36 172.79
,QWHUHVW([SHQVHVRQ¿QDQFHOHDVHOLDELOLWLHV 10.16 3.39
Total 80.52 176.18
,QFOXGHVLQWHUHVWRQLQFRPHWD[RIÒDNKV 3UHYLRXV<HDUÒDNKV

1RWH'HSUHFLDWLRQDQGDPRUWLVDWLRQ([SHQVHV
(` in lakhs)
Ended Ended
'HSUHFLDWLRQRI3URSHUW\3ODQWDQG(TXLSPHQW 5HIHUQRWH 2,910.03
'HSUHFLDWLRQRI,QYHVWPHQW3URSHUWLHV 5HIHUQRWH 0.27
$PRUWLVDWLRQRI,QWDQJLEOH$VVHWV 5HIHUQRWH 51.01
Total 2,713.49 2,961.04
1RWH2WKHU([SHQVHV
(` in lakhs)
Ended Ended
Manufacturing and Other Expenses
&RQVXPSWLRQRI6WRUHVDQG6SDUHV
3RZHU )XHO 2,007.29
3DFNLQJ0DWHULDOV&RQVXPHG 2,570.50
3URFHVVLQJ&KDUJHV 100.81 56.82
&RQWUDFW/DERXU([SHQVHV 1,631.57
5HSDLUVWR0DFKLQHU\ 173.82 112.03
5HSDLUVWR%XLOGLQJV 22.11 6.98
Selling and Distribution Expenses

6DOHV3URPRWLRQDQG$GYHUWLVHPHQW([SHQVHV 3,966.16 2,307.20
'LVFRXQWDQG&RPPLVVLRQ 1,186.16
)UHLJKW2XWZDUG 3,126.93 2,211.68
:DUHKRXVLQJ([SHQVHV
Administrative and General Expenses

5HQW 255.83
5DWHVDQG7D[HV 56.22
2WKHU5HSDLUV 310.31
Insurance
/HJDODQG3URIHVVLRQDO)HHV 767.90 782.35
7UDYHOOLQJ 657.53 322.25
%DG'HEWV 23.57 61.63
/HVV 5HYHUVDO RI 3URYLVLRQ IRU &UHGLW ,PSDLUHG 'RXEWIXO (21.05) 2.52 (58.31) 3.32
$GYDQFHV 5HIHU1RWH
3URYLVLRQ IRU &UHGLW ,PSDLUHG 'RXEWIXO $GYDQFHV QHW 5HIHU 61.17
1RWH
/RVVRQ6DOH'LVFDUGLQJRI3URSHUW\3ODQWDQG(TXLSPHQW QHW 3.30
,QYHVWPHQW$GYLVRU\&KDUJHV 32.17 1.37
&RPPLVVLRQWR'LUHFWRUV 60.00 50.00
'LUHFWRUV6LWWLQJ)HHV 25.30 21.00
3D\PHQWWR$XGLWRUV 5HIHU1RWH
&RUSRUDWH6RFLDO5HVSRQVLELOLW\([SHQGLWXUH 5HIHU1RWH 95.00 63.92
'RQDWLRQ
/RVVRQ6DOHRI1RQFXUUHQW,QYHVWPHQWV QHW
0LVFHOODQHRXV([SHQVHV 529.81
Total 25,302.17 15,377.15
,QFOXGHV/RVVRQ6DOHRI$VVHWVKHOGIRU6DOHRI`1LO 3UHYLRXV<HDUÒDNKV

34.1 Details of Payment to Auditors
(` in lakhs)
Ended Ended
Payment to Auditors as:
)RU6WDWXWRU\$XGLW 39.50
)RU4XDUWHUO\5HYLHZ 12.00 9.00
)RU7D[$XGLW 16.00 15.00
)RU7D[DWLRQ0DWWHUV
)RU&RPSDQ\/DZ0DWWHUV
)RU&HUWL¿FDWLRQ 8.90
)RU2WKHU6HUYLFH
)RU5HLPEXUVHPHQWRI([SHQVHV
Total 70.40 72.40
34.2 Notes related to Corporate Social Responsibility expenditure (CSR):

(a) &65DPRXQWUHTXLUHGWREHVSHQWDVSHU6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK6FKHGXOH9,,WKHUHRIE\WKH
company during the year is ÒDNKV 3UHYLRXV<HDUÒDNKV
(b) ([SHQGLWXUHUHODWHGWR&RUSRUDWH6RFLDO5HVSRQVLELOLW\LVÒDNKV 3UHYLRXV\HDUÒDNKV DQG`1LO 3UHYLRXV
year ` Nil) remained unspent
'HWDLOVRIH[SHQGLWXUHWRZDUGV&65JLYHQEHORZ
(` in lakhs)
Ended Ended
3URPRWLRQ RI KHDWK FDUH LQFOXGLQJ SUHYHQWLYH KHDOWK FDUH DQG VDQLWDWLRQ DQG 13.92
GLVDVWHUPDQDJHPHQWLQFRQQHFWLRQZLWK&RYLGSDQGHPLF
3URPRWLRQRIKHDWKFDUHLQFOXGLQJSUHYHQWLYHKHDOWKFDUH 25.00
7UDLQLQJWRSURPRWH2O\PSLF6SRUWV 50.00 50.00
3URPRWLQJJHQGHUHTXDOLW\HPSRZHULQJZRPHQ 25.00
(UDGLFDWLQJKXQJHUSRYHUW\DQGPDOQXWULWLRQ 6.00
106.00 63.92
/HVV([FHVV&65VSHQWWRRႇVHWDJDLQVWIXWXUHREOLJDWLRQV 11.00
95.00 63.92
7KH&RPSDQ\KDVGHFLGHGWRFDUU\IRUZDUGH[FHVV&65VSHQWRIÒDNKVWRRႇVHWLQDQ\RIWKUHHLPPHGLDWHO\
VXFFHHGLQJ¿QDQFLDO\HDUVDQGKDVUHFRJQLVHGWKHVDPHDVDQDVVHWLQWKHEDODQFHVKHHW
1RWH([FHSWLRQDO,WHPV
(` in lakhs)
Ended Ended
/RVVGXHWR)LUHDQG+HDY\5DLQ 5HIHU1RWH
3URYLVLRQIRU,PSDLUPHQW 5HIHU1RWH
Total 1,121.17

35.1 7KHUHLVD¿UHDWWKH&RPSDQ\¶VZDUHKRXVHVLWXDWHGDW%KDUXFK*XMDUDWUHVXOWLQJLQORVVRISURSHUW\ LQFOXGLQJ¿[HGDVVHWV
DQGLQYHQWRULHV RIÒDNKV7KH,QVXUDQFH&RPSDQ\KDV¿QDOL]HGWKHSDUWVHWWOHPHQWRIWKHFODLPDQGDFFRUGLQJO\
the Company has received ÒDNKV)XUWKHUWKHUHLVORVVRISURSHUW\RIÒDNKVGXHWRKHDY\UDLQUHVXOWLQJ
LQRYHUÀRZRI.DPYDULULYHULQ%KLZDQGL0DKDUDVKWUDZKLFKFDXVHGZDWHUORJJLQJOHDGLQJWRVSRLODJHRILQYHQWRULHVDWWKH
&RPSDQ\¶V ZDUHKRXVH VLWXDWHG WKHUH7KH ,QVXUDQFH &RPSDQ\ KDV ¿QDOL]HG WKH FODLP DQG DFFRUGLQJO\ WKH &RPSDQ\ KDV
received ÒDNKVWLOOGDWH&RPSDQ\KDVUHFRJQL]HGQHWORVVRIÒDNKVIRUWKH\HDUHQGHGst March, 2022.
$Q\GLႇHUHQFHEHWZHHQSHQGLQJFODLPDPRXQWDVHVWLPDWHGDQGFODLPVHWWOHPHQWDPRXQWZLOOEHUHFRJQL]HGXSRQWKH¿QDO
VHWWOHPHQWRIVXFKFODLP
35.2 7KH&RPSDQ\KDGSXUFKDVHGUHVLGHQWLDOÀDWVIRULWVJXHVWKRXVHUHTXLUHPHQWLQDUHVLGHQWLDOSURMHFWDW0XPEDL7KHGHYHORSHU
LVXQGHULQVROYHQF\SURFHHGLQJGXHWR¿QDQFLDOGLႈFXOWLHVDQGLQRUGLQDWHGHOD\DQGDVVXFKWKH&RPSDQ\FDQQRWDVFHUWDLQ
WKHWLPHOLQHVIRUSURMHFWFRPSOHWLRQRUUHFRYHU\RIDGYDQFHV7KHUHIRUHGXULQJWKH\HDUHQGHGst March, 2022, as prudence,
WKH&RPSDQ\KDVPDGHDSURYLVLRQIRULPSDLUPHQWRIÒDNKVRQVXFKSURSHUWLHVO\LQJDV&DSLWDOZRUNLQSURJUHVV
7KH&RPSDQ\KDVDQRWKHUSURSHUW\VLWXDWHGLQ8WWDUDNKDQGIRUZKLFKWKH&RPSDQ\KDVFDUULHGRXWLPSDLUPHQWWHVWLQJDQG
DFFRUGLQJO\PDGHDSURYLVLRQIRULPSDLUPHQWRIÒDNKVRQWKHVDPHO\LQJDVLQYHVWPHQWSURSHUWLHV
1RWH(DUQLQJV3HU(TXLW\VKDUH (36

Ended Ended
1HWSUR¿WIRUWKH\HDUDWWULEXWDEOHWR(TXLW\6KDUHKROGHUVIRU%DVLF(36 `LQODNKV
$GG6KDUH%DVHG3D\PHQWV QHWRIWD[ `LQODNKV 92.37
1HW3UR¿WIRUWKH\HDUDWWULEXWDEOHWR(TXLW\6KDUHKROGHUVIRU'LOXWHG(36 `LQODNKV 7,839.98
:HLJKWHG DYHUDJH QXPEHU RI HTXLW\ VKDUHV RXWVWDQGLQJ GXULQJ WKH \HDU IRU %DVLF
(36 LQ1RV
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDUIRU'LOXWHG
(36 LQ1RV
(DUQLQJVSHUVKDUHRI`HDFK LQ`)
%DVLF 6.79 3.57
'LOXWHG 6.79 3.57
)DFH9DOXHSHU(TXLW\6KDUH LQ`) 1.00 1.00
$VWKH'LOXWHG(DUQLQJSHUVKDUHLVDQWLGLOXWLYH%DVLF(DUQLQJSHUVKDUHKDVEHHQFRQVLGHUHGDV'LOXWHG(DUQLQJSHUVKDUH
1RWH&RQWLQJHQW/LDELOLWLHVDQG&RPPLWPHQWV
37.1 Contingent Liabilities (To the extent not provided for) Claims against the Company not acknowledged as debts
(` in lakhs)
31st March 2022 31st March 2021
'LVSXWHG/LDELOLWLHVLQ$SSHDO 1R&DVKRXWÀRZLVH[SHFWHGLQWKHQHDUIXWXUH
6DOHV7D[ $PRXQWSDLGXQGHUSURWHVWRIÒDNKV 3UHYLRXV<HDUÒDNKV
Guarantees
%DQN*XDUDQWHHV 58.22 111.22
Others
,QYHVWPHQWV3OHGJHGZLWKD%DQNDJDLQVW&UHGLWIDFLOLW\DYDLOHGE\UHODWHGSDUW\ 1,278.79
/HWWHURI&UHGLWV 2,705.21

37.2 0DQDJHPHQWLVRIWKHYLHZWKDWDERYHOLWLJDWLRQZLOOQRWLPSDFWWKH¿QDQFLDOSRVLWLRQRIWKHFRPSDQ\
37.3 Commitments
(` in lakhs)
(VWLPDWHG DPRXQW RI &RQWUDFWV UHPDLQLQJ WR EH H[HFXWHG RQ &DSLWDO$FFRXQW QRW
SURYLGHGIRU FDVKRXWÀRZLVH[SHFWHGRQH[HFXWLRQRIVXFKFDSLWDOFRQWUDFWV
5HODWHGWR3URSHUW\SODQWDQGHTXLSPHQW 16,195.71
&RPPLWPHQWVWRZDUGV,QYHVWPHQWV FDVKRXWÀRZLVH[SHFWHGRQH[HFXWLRQRIVXFK 32.50 57.50
commitments)
&RPPLWPHQWWRZDUGV(3&*/LFHQVH 1RFDVKRXWÀRZLVH[SHFWHG 217.92
1RWH(PSOR\HH%HQH¿WV
$VSHU,QG$6µ(PSOR\HH%HQH¿WV¶WKHGLVFORVXUHRI(PSOR\HHEHQH¿WVDVGH¿QHGLQWKH,QG$6DUHJLYHQEHORZ
D 'H¿QHG&RQWULEXWLRQ3ODQ
&RQWULEXWLRQWR'H¿QHG&RQWULEXWLRQ3ODQUHFRJQL]HGDVH[SHQVHIRUWKH\HDUVDUHDVXQGHU
(` in lakhs)
Particulars
(PSOR\HU¶V&RQWULEXWLRQWR3URYLGHQW)XQG 201.17
(PSOR\HU¶V&RQWULEXWLRQWR3HQVLRQ6FKHPH 88.68
(PSOR\HU¶V&RQWULEXWLRQWR6XSHUDQQXDWLRQ)XQG
(PSOR\HU¶V&RQWULEXWLRQWR(6,& 2.77 3.50
(PSOR\HU¶V&RQWULEXWLRQWR0/:) */:) 0.08 0.08
7KHFRQWULEXWLRQWRSURYLGHQWIXQGDQGSHQVLRQVFKHPHLVPDGHWR(PSOR\HHV¶3URYLGHQW)XQGPDQDJHGE\3URYLGHQW
)XQG &RPPLVVLRQHU (PSOR\HHV¶ 6XSHUDQQXDWLRQ )XQG LV PDQDJHG E\ /LIH ,QVXUDQFH &RUSRUDWLRQ RI ,QGLD 7KH
FRQWULEXWLRQWRZDUGV(6,&PDGHWR(PSOR\HHV¶6WDWH,QVXUDQFH&RUSRUDWLRQ7KHFRQWULEXWLRQWRZDUGV0/:)LVPDGHWR
0DKDUDVKWUD/DERXUZHOIDUH)XQGDQG*/:)LVPDGHWR*XMDUDW/DERXUZHOIDUH)XQG7KHREOLJDWLRQRIWKH&RPSDQ\LV
OLPLWHGWRWKHDPRXQWFRQWULEXWHGDQGLWKDVQRIXUWKHUFRQWUDFWXDOQRUDQ\FRQVWUXFWLYHREOLJDWLRQ
E 'H¿QHG%HQH¿W3ODQ
7KH*UDWXLW\EHQH¿WVRIWKH&RPSDQ\LVIXQGHG
7KHHPSOR\HHV¶*UDWXLW\)XQGLVPDQDJHGE\WKH/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLDDVZHOODV$GLW\D%LUOD6XQ/LIH
,QVXUDQFH&RPSDQ\/WG7KHSUHVHQWYDOXHRIREOLJDWLRQLVGHWHUPLQHGEDVHGRQDFWXDULDOYDOXDWLRQXVLQJWKH3URMHFWHG
8QLW &UHGLW 0HWKRG ZKLFK UHFRJQL]HV HDFK SHULRG RI VHUYLFH DV JLYLQJ ULVH WR DGGLWLRQDO XQLW RI HPSOR\HH EHQH¿W
HQWLWOHPHQWDQGPHDVXUHVHDFKXQLWVHSDUDWHO\WREXLOGXSWKH¿QDOREOLJDWLRQ
Particulars Gratuity
As at 31st March, 2022 As at 31st March, 2021
Actuarial assumptions
0RUWDOLW\7DEOH ,QGLDQ$VVXUHG/LYHV0RUWDOLW\ ,QGLDQ$VVXUHG/LYHV0RUWDOLW\ 8OW
8OW
Salary growth SD SDIRUQH[W\HDUV SD
WKHUHDIWHU
'LVFRXQWUDWH SD SD
([SHFWHGUHWXUQVRQSODQDVVHWV SD SD
:LWKGUDZDO5DWHV SDDW\RXQJHUDJHV SDDW\RXQJHUDJHVUHGXFLQJWR
UHGXFLQJWRSDDWROGHUDJHV SDDWROGHUDJHV

(` in lakhs)

0RYHPHQWLQSUHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQ
2EOLJDWLRQDWWKHEHJLQQLQJRIWKH\HDU 631.53
Current service cost 96.95
Interest cost 38.12
%HQH¿WVSDLG (26.73) (26.81)
$FWXDULDO *DLQ /RVVRQREOLJDWLRQ 27.80
Obligation at the end of the year 771.22 631.53
Movement in fair value of plan assets

)DLUYDOXHDWWKHEHJLQQLQJRIWKH\HDU 315.97
Interest Income 23.98 23.66
([SHFWHG5HWXUQRQ3ODQ$VVHWV 2.97 (3.10)
Contribution 1.00
%HQH¿WVSDLG (12.80)
Fair value at the end of the year 636.66 315.97
$PRXQWUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WDQGORVV
Current service cost 96.95
Interest cost 18.18
Total 114.64 111.41
Amount recognised in the other comprehensive income Components of

actuarial (gains) / losses on obligations:
'XHWR&KDQJHLQ¿QDQFLDODVVXPSWLRQV (13.89) 6.77
'XHWRH[SHULHQFHDGMXVWPHQWV
5HWXUQRQSODQDVVHWVH[FOXGLQJDPRXQWVLQFOXGHGLQLQWHUHVWLQFRPH (2.97) 3.10
Total 24.83 (38.06)
(c) Fair Value of plan assets

(` in lakhs)
Class of assets Fair Value of Plan Asset

/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD 222.79 207.18
$GLW\D%LUOD6XQOLIH,QVXUDQFH&R/WG 108.01
%DQN%DODQFH 2.32 0.78
Total 636.66 315.97
(d) Net Liability Recognised in the Balance Sheet

(` in lakhs)
3UHVHQWYDOXHRIREOLJDWLRQVDWWKHHQGRIWKH\HDU 771.22 631.53
/HVV)DLUYDOXHRISODQDVVHWVDWWKHHQGRIWKH\HDU 636.66 315.97
Net liability recognized in the balance sheet 134.56 315.56
&XUUHQW3URYLVLRQV )XQGHG

1RQFXUUHQW3URYLVLRQV )XQGHG 219.10
(e) 7KH HVWLPDWH RI UDWH RI HVFDODWLRQ LQ 6DODU\ FRQVLGHUHG LQ DFWXDULDO YDOXDWLRQ WDNHV LQWR DFFRXQW LQÀDWLRQ VHQLRULW\
SURPRWLRQDQGRWKHUUHWLUHPHQWIDFWRUVLQFOXGLQJVXSSO\ GHPDQGLQWKHHPSOR\PHQWPDUNHW7KHDERYHLQIRUPDWLRQLV
FHUWL¿HGE\WKHDFWXDU\

38.2 Sensitivity analysis:
(` in lakhs)
Particulars Changes in (ႇHFWRQ*UDWXLW\REOLJDWLRQ
assumptions (Increase / (Decrease))
For the year ended 31st March, 2022
Salary growth rate 26.02
(25.70)
'LVFRXQWUDWH

:LWKGUDZDOUDWH :5 :5[ 0.99
:5[
Salary growth rate
(23.13)
'LVFRXQWUDWH (37.27)

:LWKGUDZDOUDWH :5 :5[
:5[ (0.78)
7KHDERYHVHQVLWLYLW\DQDO\VLVLVEDVHGRQDFKDQJHLQDQDVVXPSWLRQZKLOHKROGLQJDOORWKHUDVVXPSWLRQVFRQVWDQW,QSUDFWLFH
WKLV LV XQOLNHO\ WR RFFXU DQG FKDQJHV LQ VRPH RI WKH DVVXPSWLRQV PD\ EH FRUUHODWHG ,Q SUHVHQWLQJ WKH DERYH VHQVLWLYLW\
DQDO\VLVWKHSUHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQKDVEHHQFDOFXODWHGXVLQJWKHSURMHFWHGXQLWFUHGLWPHWKRGDWWKHHQG
RIUHSRUWLQJSHULRGZKLFKLVWKHVDPHDVWKDWDSSOLHGLQFDOFXODWLQJWKHGH¿QHGREOLJDWLRQOLDELOLW\UHFRJQL]HGLQWKHEDODQFH
sheet.
38.3 Risk exposures
A. Actuarial Risk:
,WLVWKHULVNWKDWEHQH¿WVZLOOFRVWPRUHWKDQH[SHFWHG7KLVFDQDULVHGXHWRRQHRIWKHIROORZLQJUHDVRQV
Adverse Salary Growth Experience:6DODU\KLNHVWKDWDUHKLJKHUWKDQWKHDVVXPHGVDODU\HVFDODWLRQZLOOUHVXOWLQWRDQ
LQFUHDVHLQREOLJDWLRQDWDUDWHWKDWLVKLJKHUWKDQH[SHFWHG
Variability in mortality rates:,IDFWXDOPRUWDOLW\UDWHVDUHKLJKHUWKDQDVVXPHGPRUWDOLW\UDWHWKHQWKH*UDWXLW\EHQH¿WV
ZLOOEHSDLGHDUOLHUWKDQH[SHFWHG6LQFHWKHUHLVQRFRQGLWLRQRIYHVWLQJRQWKHGHDWKEHQH¿WWKHDFFHOHUDWLRQRIFDVKÀRZ
ZLOOOHDGWRDQDFWXDULDOORVVRUJDLQGHSHQGLQJRQWKHUHODWLYHYDOXHVRIWKHDVVXPHGVDODU\JURZWKDQGGLVFRXQWUDWH
Variability in withdrawal rates:,IDFWXDOZLWKGUDZDOUDWHVDUHKLJKHUWKDQDVVXPHGZLWKGUDZDOUDWHWKHQWKH*UDWXLW\
EHQH¿WVZLOOEHSDLGHDUOLHUWKDQH[SHFWHG7KHLPSDFWRIWKLVZLOOGHSHQGRQZKHWKHUWKHEHQH¿WVDUHYHVWHGDVDWWKH
resignation date.
B. Investment Risk:
)RUIXQGHGSODQVWKDWUHO\RQLQVXUHUVIRUPDQDJLQJWKHDVVHWVWKHYDOXHRIDVVHWVFHUWL¿HGE\WKHLQVXUHUPD\QRWEHWKH
IDLUYDOXHRILQVWUXPHQWVEDFNLQJWKHOLDELOLW\,QVXFKFDVHVWKHSUHVHQWYDOXHRIWKHDVVHWVLVLQGHSHQGHQWRIWKHIXWXUH
GLVFRXQWUDWH7KLVFDQUHVXOWLQZLGHÀXFWXDWLRQVLQWKHQHWOLDELOLW\RUWKHIXQGHGVWDWXVLIWKHUHDUHVLJQL¿FDQWFKDQJHVLQ
WKHGLVFRXQWUDWHGXULQJWKHLQWHUYDOXDWLRQSHULRG
C. Liquidity Risk:
(PSOR\HHVZLWKKLJKVDODULHVDQGORQJGXUDWLRQVRUWKRVHKLJKHULQKLHUDUFK\DFFXPXODWHVLJQL¿FDQWOHYHORIEHQH¿WV,I
VRPHRIVXFKHPSOR\HHVUHVLJQUHWLUHIURPWKHFRPSDQ\WKHUHFDQEHVWUDLQRQWKHFDVKÀRZV
D. Market Risk:
0DUNHWULVNLVDFROOHFWLYHWHUPIRUULVNVWKDWDUHUHODWHGWRWKHFKDQJHVDQGÀXFWXDWLRQVRIWKH¿QDQFLDOPDUNHWV2QH
DFWXDULDODVVXPSWLRQWKDWKDVDPDWHULDOHႇHFWLVWKHGLVFRXQWUDWH7KHGLVFRXQWUDWHUHÀHFWVWKHWLPHYDOXHRIPRQH\
$Q LQFUHDVH LQ GLVFRXQW UDWH OHDGV WR GHFUHDVH LQ 'H¿QHG %HQH¿W 2EOLJDWLRQ RI WKH SODQ EHQH¿WV YLFH YHUVD 7KLV
DVVXPSWLRQGHSHQGVRQWKH\LHOGVRQWKHFRUSRUDWHJRYHUQPHQWERQGVDQGKHQFHWKHYDOXDWLRQRIOLDELOLW\LVH[SRVHGWR
ÀXFWXDWLRQVLQWKH\LHOGVDVDWWKHYDOXDWLRQGDWH

E. Legislative Risk:
/HJLVODWLYHULVNLVWKHULVNRILQFUHDVHLQWKHSODQOLDELOLWLHVRUUHGXFWLRQLQWKHSODQDVVHWVGXHWRFKDQJHLQWKHOHJLVODWLRQ
UHJXODWLRQ7KHJRYHUQPHQWPD\DPHQGWKH3D\PHQWRI*UDWXLW\$FWWKXVUHTXLULQJWKHFRPSDQLHVWRSD\KLJKHUEHQH¿WV
WRWKHHPSOR\HHV7KLVZLOOGLUHFWO\DႇHFWWKHSUHVHQWYDOXHRIWKH'H¿QHG%HQH¿W2EOLJDWLRQDQGWKHVDPHZLOOKDYHWR
EHUHFRJQL]HGLPPHGLDWHO\LQWKH\HDUZKHQDQ\VXFKDPHQGPHQWLVHႇHFWLYH
'HWDLOVRI$VVHW/LDELOLW\0DWFKLQJ6WUDWHJ\
*UDWXLW\EHQH¿WVOLDELOLWLHVRIWKHFRPSDQ\DUH)XQGHG7KHUHDUHQRPLQLPXPIXQGLQJUHTXLUHPHQWVIRUD*UDWXLW\EHQH¿WVSODQ
LQ,QGLDDQGWKHUHLVQRFRPSXOVLRQRQWKHSDUWRIWKH&RPSDQ\WRIXOO\RUSDUWLDOO\SUHIXQGWKHOLDELOLWLHVXQGHUWKH3ODQ7KH
WUXVWHHVRIWKHSODQKDYHRXWVRXUFHGWKHLQYHVWPHQWPDQDJHPHQWRIWKHIXQGWRLQVXUDQFHFRPSDQLHVZKLFKDUHUHJXODWHGE\
,5'$'XHWRWKHUHVWULFWLRQVLQWKHW\SHRILQYHVWPHQWVWKDWFDQEHKHOGE\WKHIXQGLWPD\QRWEHSRVVLEOHWRH[SOLFLWO\IROORZ
DQDVVHWOLDELOLW\PDWFKLQJVWUDWHJ\WRPDQDJHULVNDFWLYHO\LQDFRQYHQWLRQDOIXQG
38.5 7KHH[SHFWHGSD\PHQWVWRZDUGVFRQWULEXWLRQVWRWKHGH¿QHGEHQH¿WSODQZLWKLQRQH\HDULVÒDNKV
38.6 The following payments are expected towards Gratuity in future years:
(` in lakhs)
Year ended &DVKÀRZ
31st March, 2023 23.71
31 0DUFK
st

31st March, 2025
st
31 March, 2026
st
31 March, 2027 39.65
31st March, 2028 to 31st March, 2032
38.7 7KHDYHUDJHGXUDWLRQRIWKHGH¿QHGEHQH¿WSODQREOLJDWLRQDWWKHHQGRIWKHUHSRUWLQJSHULRGLV\HDUV 3UHYLRXV<HDU
12.95 years).
1RWH6KDUH%DVHG3D\PHQWV
Employee Stock Option Scheme of Borosil Limited (BL)
7KH&RPSDQ\RႇHUVHTXLW\EDVHGDZDUGSODQWRLWVHPSOR\HHVWKURXJKWKH&RPSDQ\¶VVWRFNRSWLRQSODQ
µ%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ¶ ³(623´
3XUVXDQWWRWKH&RPSRVLWH6FKHPHRI$PDOJDPDWLRQDQG$UUDQJHPHQW ³WKH&RPSRVLWH6FKHPH´ DSSURYHGE\WKH+RQ¶EOH
1DWLRQDO&RPSDQ\/DZ7ULEXQDO0XPEDL%HQFK ³1&/7´ RQth-DQXDU\(PSOR\HHVRI%RURVLO5HQHZDEOHV/LPLWHG
ZKRZHUHJUDQWHGRSWLRQVXQGHU³%RURVLO(PSOR\HH6WRFN2SWLRQ3ODQ´ ³(623´ ZHUHLVVXHGHTXDOQXPEHURI
RSWLRQVLQWKH&RPSDQ\LUUHVSHFWLYHRIWKHVHRSWLRQVZHUHYHVWHGRUQRWXQGHU(623
$FFRUGLQJO\ZLWKDYLHZWRUHVWRUHWKHYDOXHRIWKHHPSOR\HHVWRFNRSWLRQV ³2SWLRQV´ SUHDQGSRVWGHPHUJHUE\SURYLGLQJIDLU
DGMXVWPHQWLQUHVSHFWRI2SWLRQVJUDQWHGXQGHU(623WKH&RPSDQ\KDGDGRSWHGDQGLPSOHPHQWHGDQHZ(PSOR\HH
6WRFN2SWLRQ3ODQQDPHO\µ%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ¶ ³(623´
The details of options granted under ESOP 2020 for the year ended 31st March 2022 is as under:
Particulars ESOP 2020

st
31 March, 2022 31st March, 2021
Options as at 1st April 3,83,458
2SWLRQVJUDQWHGGXULQJWKH\HDUSXUVXDQWWRWKH&RPSRVLWH6FKHPH
2SWLRQVJUDQWHGGXULQJWKH\HDU
2SWLRQVIRUIHLWHGGXULQJWKH\HDU
2SWLRQVH[HUFLVHGGXULQJWKH\HDU (59,930)
st
Options outstanding as at 31 March 3,40,258 3,83,458
Number of option exercisable at the end of the year 3,40,258 3,83,458

7KHIDLUYDOXHRIRSWLRQVKDVEHHQGHWHUPLQHGDWWKHGDWHRIJUDQWRIWKHRSWLRQV7KLVIDLUYDOXHDGMXVWHGE\WKH&RPSDQ\¶V
HVWLPDWHRIWKHQXPEHURIRSWLRQVWKDWZLOOHYHQWXDOO\YHVWLVH[SHQVHGRYHUWKHYHVWLQJSHULRG
7KH IDLU YDOXHV ZHUH FDOFXODWHG XVLQJ WKH %ODFN6FKROHV 0RGHO IRU WHQXUH EDVHG DZDUGV7KH LQSXWV WR WKH PRGHO LQFOXGH
WKHVKDUHSULFHDWGDWHRIJUDQWH[HUFLVHSULFHH[SHFWHGOLIHH[SHFWHGYRODWLOLW\H[SHFWHGGLYLGHQGVDQGWKHULVNIUHHUDWHRI
LQWHUHVW([SHFWHGYRODWLOLW\KDVEHHQFDOFXODWHGXVLQJKLVWRULFDOUHWXUQRQVKDUHSULFH$OORSWLRQVDUHDVVXPHGWREHH[HUFLVHG
ZLWKLQVL[PRQWKVIURPWKHGDWHRIUHVSHFWLYHYHVWLQJ
Basic features of ESOP 2020

'DWHRI6KDUHKROGHU¶V$SSURYDO 7KH&RPSRVLWH6FKHPHRI$PDOJDPDWLRQDQG$UUDQJHPHQW &RPSRVLWH6FKHPH
LQFOXGLQJ SURYLVLRQV IRU IRUPLQJ RI WKH (623 VFKHPH ZDV DSSURYHG E\ WKH
Shareholders on 15th 0D\ DQG E\ YLUWXH RI WKH &RPSRVLWH 6FKHPH WKH
DXWKRULW\ WR IRUPXODWH WKH (623 6FKHPH ZDV JLYHQ WR WKH %RDUG RI 'LUHFWRUV
$FFRUGLQJO\WKH%RDUGRI'LUHFWRUVKDGDSSURYHGWKHµ%RURVLO/LPLWHG6SHFLDO
3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ¶RQrd February, 2020.
7RWDO1XPEHURI2SWLRQVDSSURYHG
9HVWLQJ5HTXLUHPHQWV 7LPHEDVHGYHVWLQJGHSHQGLQJRQFRPSOHWLRQRI6HUYLFHSHULRGVWDUWLQJIURPst
\HDUDIWHUWKHGDWHRIWKHRULJLQDOJUDQW3XUVXDQWWRWKH&RPSRVLWH6FKHPHDQG
WRSURYLGHIDLUDQGUHDVRQDEOHDGMXVWPHQWWKHFRPSOHWHGYHVWLQJSHULRGXQGHUWKH
(623KDVEHHQFRQVLGHUHGZKLOHFDOFXODWLQJVXFKYHVWLQJSHULRG
7KHSULFLQJ)RUPXOD 7KH([HUFLVHSULFHZDVGHFLGHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
DIWHUFRQVLGHULQJWKHIDLUDGMXVWPHQWVUHTXLUHGSXUVXDQWWRWKH&RPSRVLWH6FKHPH
0D[LPXP7HUPRIRSWLRQVJUDQWHG \HDUV 9HVWLQJSHULRG([HUFLVH3HULRG
0HWKRGRI6HWWOHPHQWV (TXLW\6HWWOHG
6RXUFHVRI6KDUHV 3ULPDU\LVVXDQFHRIVKDUHV
9DULDWLRQLQWHUPVRI(623 ([HUFLVHSULFHKDVEHHQDGMXVWHGLQHႇHFWWRWKH&RUSRUDWH$FWLRQ
0HWKRGRI$FFRXQWLQJ )DLU9DOXH0HWKRG
7KHDVVXPSWLRQVXVHGLQWKHFDOFXODWLRQRIIDLUYDOXHDVRQWKHJUDQWGDWHRIWKHRSWLRQVDUHVHWRXWEHORZ
Particulars (623 *UDQWGDWH (623 *UDQWGDWH

1XPEHURI2SWLRQVJUDQWHG 3,63,708 79,680
([HUFLVH3ULFH ` 127.75 ` 162.25
6KDUH3ULFHDWWKHGDWHRIJUDQW ` `
9HVWLQJ3HULRG RIWKHRSWLRQRQFRPSOHWLRQRI RIWKHRSWLRQRQFRPSOHWLRQRI
\HDUIURPRULJLQDOJUDQWGDWHLH \HDUIURPRULJLQDOJUDQWGDWHLH
02.11.2017
RIWKHRSWLRQRQFRPSOHWLRQRI RIWKHRSWLRQRQFRPSOHWLRQRI
\HDUIURPRULJLQDOJUDQWGDWHLH \HDUIURPRULJLQDOJUDQWGDWHLH
02.11.2017
RIWKHRSWLRQRQFRPSOHWLRQRI
\HDUIURPRULJLQDOJUDQWGDWHLH
02.11.2017
([SHFWHG9RODWLOLW\
([SHFWHGRSWLRQOLIH 6 months 6 months
([SHFWHGGLYLGHQGV
5LVNIUHHLQWHUHVWUDWH
Fair value per option granted 1) ÌRUYHVWLQJRIVKDUHVRQ 1) ÌRUYHVWLQJRIVKDUHVRQ
FRPSOHWLRQRI\HDUIURPJUDQW FRPSOHWLRQRI\HDUIURPJUDQWGDWH
date
2) ÌRUYHVWLQJRIVKDUHVRQ 2) ÌRUYHVWLQJRIVKDUHVRQ
FRPSOHWLRQRI\HDUIURPJUDQW FRPSOHWLRQRI\HDUIURPJUDQWGDWH
date
3) ÌRUYHVWLQJRIVKDUHVRQ
FRPSOHWLRQRI\HDUIURPJUDQW
date

7KH&RPSDQ\KDVUHFRJQL]HGWRWDOH[SHQVHVRI`1LO 3UHYLRXV\HDUÒDNKV UHODWHGWRDERYHHTXLW\VHWWOHGVKDUH
EDVHG SD\PHQW WUDQVDFWLRQV IRU WKH \HDU HQGHG st 0DUFK RXW RI WKH DERYH ` 1LO 3UHYLRXV \HDU ` ODNKV DUH
FKDUJHGWR%RURVLO5HQHZDEOHV/LPLWHG %5/ RQDFFRXQWRIHPSOR\HHWUDQVIHUUHGIURPWKH&RPSDQ\WR%5/
39.2 Borosil Limited Employee Stock Option Scheme 2020 (“NEW ESOS 2020”)
,Q RUGHU WR SURYLGH HTXLW\ VHWWOHG LQFHQWLYH WR VSHFL¿F HPSOR\HHV RI WKH &RPSDQ\ DQG LWV 6XEVLGLDULHV WKH &RPSDQ\ KDV
LQWURGXFHG1(:(6267KH1(:(626LQFOXGHVWHQXUHEDVHGVWRFNRSWLRQV7KHVSHFL¿FHPSOR\HHVWRZKRP
WKHVH2SWLRQVDUHJUDQWHGDQGWKHLUHOLJLELOLW\FULWHULDDUHGHWHUPLQHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
'XULQJWKH\HDURQth0D\2SWLRQVZHUHJUDQWHGWRWKHHOLJLEOHHPSOR\HHVDWDQH[HUFLVHSULFHRI` 221 per
RSWLRQ([HUFLVHSHULRGLV\HDUVIURPWKHGDWHRIYHVWLQJRIWKHUHVSHFWLYHRSWLRQV
The details of options granted under NEW ESOS 2020 for the year ended 31st March 2022 is as under:
Particulars NEW ESOS 2020

st
31 March, 2022 31st March, 2021
Options as at 1st April
2SWLRQVH[HUFLVHGGXULQJWKH\HDU
Options outstanding as at 31 Marchst
4,62,000
Number of option exercisable at the end of the year
7KH IDLU YDOXHV ZHUH FDOFXODWHG XVLQJ WKH %ODFN6FKROHV 0RGHO IRU WHQXUHEDVHG DZDUGV 7KH LQSXWV WR WKH PRGHO LQFOXGH
ZLWKLQ\HDUVIURPWKHGDWHRIUHVSHFWLYHYHVWLQJ
Basic features of NEW ESOS 2020

'DWHRI6KDUHKROGHU¶V$SSURYDO 29th September, 2020
1XPEHURI2SWLRQVJUDQWHG
9HVWLQJ5HTXLUHPHQWV 2SWLRQV XQGHU 1(: (626 ZRXOG YHVW ZLWKLQ PD[LPXP RI ¿YH \HDUV
IURPWKHGDWHRIJUDQWRIRSWLRQV9HVWLQJRI2SWLRQVZRXOGEHVXEMHFWWRFRQWLQXHG
employment with the Company, its Holding Company or Subsidiary Company, as the
FDVHPD\EHDQGWKXVWKH2SWLRQVZRXOGYHVWHVVHQWLDOO\RQSDVVDJHRIWLPH
7KHSULFLQJ)RUPXOD 7KHH[HUFLVHSULFHVKDOOEHPDUNHWSULFHRIVKDUHRUGLVFRXQWXSWRRUSUHPLXP
XSWRWRWKHPDUNHWSULFHDVPD\EHGHFLGHGE\1RPLQDWLRQDQG5HPXQHUDWLRQ
&RPPLWWHHIURPWLPHWRWLPH
³0DUNHW3ULFH´PHDQVWKHODWHVWDYDLODEOHFORVLQJSULFHRQWKH6WRFN([FKDQJHKDYLQJ
KLJKHUWUDGLQJYROXPHLQWKHHTXLW\VKDUHVRIWKH&RPSDQ\RQWKHGDWHLPPHGLDWHO\
SULRUWRWKHGDWHRIJUDQW
9DULDWLRQLQWHUPVRI(623 6KDUHKROGHUV RI WKH &RPSDQ\ DW WKHLU ODVW $*0 KHOG RQ th $XJXVW KDG
DSSURYHGPRGL¿FDWLRQWRWKH1(:(626SXUVXDQWWRZKLFKPD[LPXPYHVWLQJ
SHULRGKDVEHHQUHYLVHGIURP\HDUVWR\HDUV2SWLRQVJUDQWHGXQGHU1(:(626
ZRXOG YHVW DIWHU RQH \HDU EXW QRW ODWHU WKDQ ¿YH \HDUV IURP WKH GDWH
RI JUDQW RI RSWLRQV DV PD\ EH GHWHUPLQHG E\ WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ
Committee.

$FFRUGLQJO\WKHDVVXPSWLRQVXVHGLQWKHFDOFXODWLRQVRIRULJLQDOJUDQWGDWHIDLUYDOXHRIWKHRSWLRQVDUHVHWRXWEHORZ
Particulars 1HZ(626 *UDQWGDWH

([HUFLVH3ULFH ` 221.00
6KDUH3ULFHDWWKHGDWHRIJUDQW `
9HVWLQJ3HULRG RIWKHRSWLRQRQFRPSOHWLRQRI\HDUIURPWKHJUDQWGDWHLH
RIWKHRSWLRQRQFRPSOHWLRQRI\HDUIURPWKHJUDQWGDWHLH
RIWKHRSWLRQRQFRPSOHWLRQRI\HDUIURPWKHJUDQWGDWHLH
([SHFWHG9RODWLOLW\
([SHFWHGRSWLRQOLIH 2.51 years
([SHFWHGGLYLGHQGV
Fair value per option granted 1) ÌRUYHVWLQJRIVKDUHVRQFRPSOHWLRQRI\HDUIURPJUDQWGDWH
2) ÌRUYHVWLQJRIVKDUHVRQFRPSOHWLRQRI\HDUIURPJUDQWGDWH
3) ÌRUYHVWLQJRIVKDUHVRQFRPSOHWLRQRI\HDUIURPJUDQWGDWH
7KH &RPSDQ\ KDV UHFRJQL]HG WRWDO H[SHQVHV RI ` ODNKV 3UHYLRXV \HDU ` Nil) related to above equity settled
VKDUHEDVHG SD\PHQW WUDQVDFWLRQV IRU WKH \HDU HQGHG st 0DUFK 'XULQJ WKH \HDU RXW RI RSWLRQV JUDQWHG
RSWLRQVZHUHJUDQWHGWRWKHHPSOR\HHVRIWKH.ODVV3DFN/LPLWHG µ.3/6XEVLGLDU\&RPSDQ\¶ 2XWRIWKHWRWDO6KDUH
based payment reserve, ÒDNKV 3UHYLRXV<HDU`1LO UHODWHWR.3/IRUWKH\HDUHQGHGst0DUFK7KHDVVHWV
UHFRJQLVHGRQDFFRXQWRIWKLVZLOOEHUHFHLYDEOHIURP.3/XSRQH[HUFLVHRIWKHRSWLRQVE\WKHVXFKHPSOR\HHV
39.3 Employee Stock Option Scheme of Borosil Renewables Limited (BRL)
7KH&RPSDQ\UHFRJQL]HGWRWDOH[SHQVHVRI`1LO 3UHYLRXV<HDUÒDNKV UHODWHGWRHTXLW\VHWWOHGVKDUHEDVHGSD\PHQW
WUDQVDFWLRQV IRU WKH \HDU HQGHG st 0DUFK ZLWK UHVSHFW WR VWRFN RSWLRQV JUDQWHG E\ %5/ WR WKH HPSOR\HHV RI WKH
&RPSDQ\ZKRZHUHWUDQVIHUUHGIURP%5/WRWKH&RPSDQ\SXUVXDQWWRWKH&RPSRVLWH6FKHPHDVDSSURYHGE\WKH+RQ¶EOH
1&/7YLGHLWVRUGHUGDWHGth-DQXDU\7KHOLDELOLW\UHFRJQLVHGRQDFFRXQWRIWKLVZLOOEHSDLGWR%5/XSRQH[HUFLVHRI
WKHRSWLRQVE\VXFKHPSOR\HHV7RWDORXWVWDQGLQJDPRXQWWREHSD\DEOHRQDFFRXQWRISHQGLQJH[HUFLVHLVÒDNKVDVDW
31st March, 2022.
1RWH3URYLVLRQV
Disclosures as required by Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets:
Movement in provisions:
(` in lakhs)
Nature of provision Provision Provision for Total
for Doubtful Credit Impaired
Deposits and
Advances
As at 1st April, 2020 179.74 243.77 423.51
3URYLVLRQGXULQJWKH\HDU 1.03 193.65
5HYHUVDORISURYLVLRQGXULQJWKH\HDU (58.32) (58.32)
As at 31st March, 2021 180.77 379.10 559.87
3URYLVLRQGXULQJWKH\HDU 61.17 61.17
5HYHUVDORISURYLVLRQGXULQJWKH\HDU (1.03) (20.01)
As at 31st March, 2022 179.74 420.26 600.00

1RWH6HJPHQWUHSRUWLQJ
,Q DFFRUGDQFH ZLWK ,QG $6 µ2SHUDWLQJ 6HJPHQW¶ VHJPHQW LQIRUPDWLRQ KDV EHHQ JLYHQ LQ WKH FRQVROLGDWHG ¿QDQFLDO
VWDWHPHQWVDQGWKHUHIRUHQRVHSDUDWHGLVFORVXUHRQVHJPHQWLQIRUPDWLRQLVJLYHQLQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWV
1RWH5HODWHGSDUW\GLVFORVXUH
,Q DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV RI ,QG $6 ³5HODWHG 3DUW\ 'LVFORVXUHV´ QDPH RI WKH UHODWHG SDUW\ UHODWHG SDUW\
UHODWLRQVKLSWUDQVDFWLRQVDQGRXWVWDQGLQJEDODQFHVLQFOXGLQJFRPPLWPHQWVZKHUHFRQWUROH[LWVDQGZLWKZKRPWUDQVDFWLRQV
KDYHWDNHQSODFHGXULQJUHSRUWHGSHULRGVDUHDVGHWDLOEHORZ
42.1 List of Related Parties:
Name of the related party Country of % of equity interest
incorporation
As at As at
(a) Subsidiary Companies
.ODVV3DFN/LPLWHG India
%RURVLO7HFKQRORJLHV/LPLWHG India
$FDO\SKD5HDOW\/LPLWHG India
(b) Key Management Personnel
0U6KUHHYDU.KHUXND±0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHU
0U5DMHVK.XPDU&KDXGKDU\:KROHWLPH'LUHFWRU
0U$QDQG6XOWDQLD&KLHI)LQDQFLDO2ႈFHU
0U0DQRM'HUH&RPSDQ\6HFUHWDU\ XSWR
0UV$QVKX$JDUZDO&RPSDQ\6HFUHWDU\ ZHI
(c) Relative of Key Management Personnel
/DWH0U%/.KHUXND ([SLUHGRQth'HFHPEHU 5HODWLYHRI0U6KUHHYDU.KHUXND
0U3..KHUXND5HODWLYHRI0U6KUHHYDU.KHUXND
0UV3UL\DQND.KHUXND5HODWLYHRI0U6KUHHYDU.KHUXND
0UV.LUDQ.KHUXND5HODWLYHRI0U6KUHHYDU.KHUXND
0UV5HNKD.KHUXND5HODWLYHRI0U6KUHHYDU.KHUXND
G (QWHUSULVHVRYHUZKLFKSHUVRQVGHVFULEHGLQ E F DERYHDUHDEOHWRH[HUFLVHVLJQL¿FDQWLQÀXHQFH 2WKHU
Related Parties) with whom transactions have taken place:
6RQDUJDRQ3URSHUWLHV//3
:LQGRZ*ODVV/LPLWHG
%RURVLO5HQHZDEOHV/LPLWHG
&\FDV7UDGLQJ//3
*XMDUDW)XVLRQ*ODVV//3
6SDUWDQ7UDGH+ROGLQJV//3
$VVRFLDWHG)DEULFDWRUV//3
%RURVLO+ROGLQJV//3
(e) Trust under Common control
Name of the entity Country of Principal Activities

incorporation
%RURVLO/LPLWHG(PSOR\HHV*UDWXLW\)XQG India &RPSDQ\¶VHPSOR\HHJUDWXLW\WUXVW
%RURVLO/LPLWHG0DQDJHPHQW(PSOR\HHV3HQVLRQ)XQG India &RPSDQ\¶VHPSOR\HHVXSHUDQQXDWLRQWUXVW

42.2 Transactions with Related Parties:
(` in lakhs)
Name of Transactions Name of the Related Party
Transactions with subsidiary Companies
6DOHRI*RRGV .ODVV3DFN/LPLWHG 105.25
%RURVLO7HFKQRORJLHV/LPLWHG 0.55
6DOHRI&DSLWDO$VVHWV .ODVV3DFN/LPLWHG 2.25
5HQW,QFRPH %RURVLO7HFKQRORJLHV/LPLWHG 1.32 1.32
Interest Income %RURVLO7HFKQRORJLHV/LPLWHG 9.12 6.72
*XDUDQWHH&RPPLVVLRQ,QFRPH .ODVV3DFN/LPLWHG 2.17 3.11
3XUFKDVHRI*RRGV .ODVV3DFN/LPLWHG 1,525.91
%RURVLO7HFKQRORJLHV/LPLWHG 1,321.01
5HQW([SHQVHV %RURVLO7HFKQRORJLHV/LPLWHG 1.60 1.60
5HLPEXUVHPHQWRIH[SHQVHVIURP .ODVV3DFN/LPLWHG 35.08 10.08
%RURVLO7HFKQRORJLHV/LPLWHG
/RDQ*LYHQ1RQ&XUUHQW %RURVLO7HFKQRORJLHV/LPLWHG 167.00
/RDQUHFRYHUHG1RQ&XUUHQW %RURVLO7HFKQRORJLHV/LPLWHG 381.77
Investment in Subsidiaries .ODVV3DFN/LPLWHG 2,000.00
Transactions with other related parties:
6DOHRI*RRGV %RURVLO5HQHZDEOHV/LPLWHG 11.62 15.81
5HQW,QFRPH %RURVLO5HQHZDEOHV/LPLWHG 13.20 13.20
:LQGRZ*ODVV/LPLWHG 0.95 0.16
5HQW([SHQVHV 6RQDUJDRQ3URSHUWLHV//3 15.28
&\FDV7UDGLQJ//3
3URIHVVLRQDOIHHV3DLG 0UV3UL\DQND.KHUXND 28.80
5HLPEXUVHPHQWRIH[SHQVHVWR %RURVLO5HQHZDEOHV/LPLWHG
5HLPEXUVHPHQWRIH[SHQVHVIURP %RURVLO5HQHZDEOHV/LPLWHG 30.29 5.58
5HPXQHUDWLRQRI.H\0DQDJHPHQW3HUVRQQHO 0U6KUHHYDU.KHUXND
0U5DMHVK.XPDU&KDXGKDU\ 119.53 103.29
0U0DQRM'HUH 31.50
0U$QDQG6XOWDQLD 29.86
0UV$QVKX$JDUZDO 23.80
'LYLGHQG3DLG 0U3..KHUXND
0UV.LUDQ.KHUXND
0U6KUHHYDU.KHUXND 19.52
0UV5HNKD.KHUXND
/DWH0U%DMUDQJ/DO.KHUXND 138.68
&URWRQ7UDGLQJ3ULYDWH/LPLWHG 130.87
*XMDUDW)XVLRQ*ODVV//3 31.36
%RURVLO+ROGLQJV//3 9.18
6RQDUJDRQ3URSHUWLHV//3 ` 18) 0.00

(` in lakhs)
Name of Transactions Name of the Related Party
6KDUH%DVHG3D\PHQW 0U5DMHVK.XPDU&KDXGKDU\ 76.05
0U$QDQG6XOWDQLD 6.78
'LUHFWRUV6LWWLQJ)HHV 0U3..KHUXND 5.70 5.00
&RPPLVVLRQWR1RQ([HFXWLYH'LUHFWRU 0U3..KHUXND 12.00 10.00
&RQWULEXWLRQWRZDUGV*UDWXLW\)XQG %RURVLO/LPLWHG(PSOR\HHV*UDWXLW\)XQG 1.00
Contribution towards Superannuation Fund %RURVLO /LPLWHG 0DQDJHPHQW (PSOR\HHV 3.25
3HQVLRQ)XQG
(` in lakhs)
Name of Transactions Name of the Related Party As at As at
Balances with subsidiaries
,QYHVWPHQWVDVRQEDODQFHVKHHWGDWH
(TXLW\6KDUHV .ODVV3DFN/LPLWHG 8,196.77 6,196.77
(TXLW\6KDUHV %RURVLO7HFKQRORJLHV/LPLWHG
(TXLW\6KDUHV $FDO\SKD5HDOW\/LPLWHG
7UDGH3D\DEOH .ODVV3DFN/LPLWHG 12.12
,QWHU&RUSRUDWH'HSRVLWV %RURVLO7HFKQRORJLHV/LPLWHG
&XUUHQW)LQDQFLDO$VVHWV2WKHUV .ODVV3DFN/LPLWHG 12.67 13.28
,QWHUHVW5HFHLYDEOHV %RURVLO7HFKQRORJLHV/LPLWHG 6.22
Balances with Other related Parties
7UDGH5HFHLYDEOH %RURVLO5HQHZDEOHV/LPLWHG 1.55
&XUUHQW)LQDQFLDO$VVHWV2WKHUV %RURVLO5HQHZDEOHV/LPLWHG 2.29 2.29
&XUUHQW)LQDQFLDO/LDELOLWLHV2WKHUV %RURVLO5HQHZDEOHV/LPLWHG 23.58
42.3 Compensation to key management personnel of the Company
(` in lakhs)
Nature of transaction
6KRUWWHUPHPSOR\HHEHQH¿WV 860.87 653.86
3RVWHPSOR\PHQWEHQH¿WV 3.17
Total compensation paid to key management personnel 862.29 657.03
42.4 Details of guarantee given:

(` in lakhs)
Nature of Transactions Name of the Related Party As at As at
,QYHVWPHQWVSOHGJHGZLWKD%DQNWRJUDQWIRU .ODVV3DFN/LPLWHG 1,278.79
&UHGLWIDFLOLW\
42.5 7KHWUDQVDFWLRQVZLWKUHODWHGSDUWLHVDUHPDGHRQWHUPVHTXLYDOHQWWRWKRVHWKDWSUHYDLOLQDUP¶VOHQJWKWUDQVDFWLRQV2XWVWDQGLQJ
EDODQFHVDW\HDUHQGDUHXQVHFXUHGXQOHVVVSHFL¿HGDQGVHWWOHPHQWRFFXUVLQFDVK7KLVDVVHVVPHQWLVXQGHUWDNHQHDFK
¿QDQFLDO\HDUWKURXJKH[DPLQLQJWKH¿QDQFLDOSRVLWLRQRIWKHUHODWHGSDUW\DQGWKHPDUNHWLQZKLFKWKHUHODWHGSDUW\RSHUDWHV

42.6 In accordance with the Clause 34(3) of Securities and Exchange Board of India (Listing Obligations & Disclosure
Requirements) Regulations, 2015, the details of loans given by the Company are as under:
(` in lakhs)
Name of Company Outstanding as at Outstanding as at Maximum amount
31st March, 2022 31st March, 2021 outstanding during the
year
L 1RQHRIWKH/RDQHHVKDYHLQYHVWHGLQWKHVKDUHVRIWKH&RPSDQ\
LL /RDQVWRHPSOR\HHVDVSHU&RPSDQ\¶V3ROLF\DUHQRWFRQVLGHUHGIRUWKLVSXUSRVH
1RWH)DLU9DOXHV
43.1 Financial Instruments by category:
6HWRXWEHORZLVDFRPSDULVRQE\FODVVRIWKHFDUU\LQJDPRXQWVDQGIDLUYDOXHRIWKH&RPSDQ\¶V¿QDQFLDODVVHWVDQGOLDELOLWLHV
WKDWDUHUHFRJQLVHGLQWKH¿QDQFLDOVWDWHPHQWV
a) Financial Assets measured at fair value:
(` in lakhs)
Financial Assets :
)LQDQFLDO$VVHWVGHVLJQDWHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV
,QYHVWPHQWV 18,778.25
b) Financial Assets / Liabilities measured at amortised cost:
(` in lakhs)
st st
Carrying Fair Value Carrying Fair Value
Value Value
Financial Assets designated at amortised cost:
7UDGH5HFHLYDEOH 6,032.63 6,032.63
&DVKDQGFDVKHTXLYDOHQWV 2,235.83 2,235.83
%DQN%DODQFHRWKHUWKDQFDVKDQGFDVKHTXLYDOHQWV 529.12 529.12 29.70 29.70
/RDQV 1,561.37 1,561.37
2WKHUV
Total 11,223.86 11,223.86 7,031.01 7,031.01
(` in lakhs)
Value Value
Financial Liabilities designated at amortised cost:
/HDVH/LDELOLWLHV 119.06 119.06
7UDGH3D\DEOH
2WKHU)LQDQFLDO/LDELOLWLHV 5002.19 5002.19
Total 11,428.67 11,428.67 8,958.30 8,958.30
43.2 Fair Valuation techniques used to determine fair value

7KH &RPSDQ\ PDLQWDLQV SURFHGXUHV WR YDOXH ¿QDQFLDO DVVHWV RU ¿QDQFLDO OLDELOLWLHV XVLQJ WKH EHVW DQG PRVW UHOHYDQW GDWD
DYDLODEOH7KHIDLUYDOXHVRIWKH¿QDQFLDODVVHWVDQGOLDELOLWLHVDUHLQFOXGHGDWWKHDPRXQWWKDWZRXOGEHUHFHLYHGWRVHOODQDVVHW
RUSDLGWRWUDQVIHUDOLDELOLW\LQDQRUGHUO\WUDQVDFWLRQEHWZHHQPDUNHWSDUWLFLSDQWVDWWKHPHDVXUHPHQWGDWH

7KHIROORZLQJPHWKRGVDQGDVVXPSWLRQVZHUHXVHGWRHVWLPDWHWKHIDLUYDOXHV
L )DLU YDOXH RI WUDGH UHFHLYDEOH FDVK DQG FDVK HTXLYDOHQWV RWKHU EDQN EDODQFHV WUDGH SD\DEOHV ORDQV ERUURZLQJV
GHSRVLWVDQGRWKHU¿QDQFLDODVVHWVDQGOLDELOLWLHVDUHDSSUR[LPDWHDWWKHLUFDUU\LQJDPRXQWVODUJHO\GXHWRWKHVKRUWWHUP
PDWXULWLHVRIWKHVHLQVWUXPHQWV
LL 7KHIDLUYDOXHVRIQRQFXUUHQWORDQV¿[HGGHSRVLWVDQGVHFXULW\GHSRVLWVDUHDSSUR[LPDWHDWWKHLUFDUU\LQJDPRXQWGXH
WRLQWHUHVWEHDULQJIHDWXUHVRIWKHVHLQVWUXPHQWV
LLL 7KH &RPSDQ\ XVHV YDOXDWLRQ WHFKQLTXHV WKDW DUH DSSURSULDWH LQ WKH FLUFXPVWDQFHV DQG IRU ZKLFK VXႈFLHQW GDWD DUH
DYDLODEOHWRPHDVXUHIDLUYDOXHPD[LPLVLQJWKHXVHRIUHOHYDQWREVHUYDEOHLQSXWVDQGPLQLPLVLQJWKHXVHRIXQREVHUYDEOH
inputs.
LY )DLUYDOXHVRITXRWHG¿QDQFLDOLQVWUXPHQWVDUHGHULYHGIURPTXRWHGPDUNHWSULFHVLQDFWLYHPDUNHWV
Y 7KHIDLUYDOXHIRUOHYHOLQVWUXPHQWVLVYDOXHGXVLQJLQSXWVEDVHGRQLQIRUPDWLRQDERXWPDUNHWSDUWLFLSDQWVDVVXPSWLRQV
and other data that are available.
YL 7KHIDLUYDOXHRIWKHUHPDLQLQJ¿QDQFLDOLQVWUXPHQWVLVGHWHUPLQHGXVLQJGLVFRXQWHGFDVKÀRZDQDO\VLVDQGRUGLUHFW
sales comparison approach.
YLL (TXLW\,QYHVWPHQWVLQVXEVLGLDULHVDUHVWDWHGDWFRVW
43.3 Fair value hierarchy
7KH&RPSDQ\XVHVWKHIROORZLQJKLHUDUFK\IRUGHWHUPLQLQJDQGGLVFORVLQJWKHIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWVE\YDOXDWLRQ
WHFKQLTXHV
i) /HYHO4XRWHGSULFHVSXEOLVKHG1$9 XQDGMXVWHG LQDFWLYHPDUNHWVIRULGHQWLFDODVVHWVRUOLDELOLWLHV,WLQFOXGHVIDLU
YDOXHRI¿QDQFLDOLQVWUXPHQWVWUDGHGLQDFWLYHPDUNHWVDQGDUHEDVHGRQTXRWHGPDUNHWSULFHVDWWKHEDODQFHVKHHWGDWH
DQG¿QDQFLDOLQVWUXPHQWVOLNHPXWXDOIXQGVIRUZKLFKQHWDVVHWVYDOXH 1$9 LVSXEOLVKHGE\PXWXDOIXQGRSHUDWRUVDWWKH
balance sheet date.
ii) /HYHO,QSXWVRWKHUWKDQTXRWHGSULFHVLQFOXGHGZLWKLQOHYHOWKDWDUHREVHUYDEOHIRUWKHDVVHWRUOLDELOLW\HLWKHU
GLUHFWO\ WKDWLVDVSULFHV RULQGLUHFWO\ WKDWLVGHULYHGIURPSULFHV ,WLQFOXGHVIDLUYDOXHRIWKH¿QDQFLDOLQVWUXPHQWV
WKDW DUH QRW WUDGHG LQ DQ DFWLYH PDUNHW IRU H[DPSOH RYHUWKHFRXQWHU GHULYDWLYHV LV GHWHUPLQHG E\ XVLQJ YDOXDWLRQ
WHFKQLTXHV 7KHVH YDOXDWLRQ WHFKQLTXHV PD[LPLVH WKH XVH RI REVHUYDEOH PDUNHW GDWD ZKHUH LW LV DYDLODEOH DQG UHO\
DVOLWWOHDVSRVVLEOHRQWKH&RPSDQ\VSHFL¿FHVWLPDWHV,IDOOVLJQL¿FDQWLQSXWVUHTXLUHGWRIDLUYDOXHDQLQVWUXPHQWDUH
observable then instrument is included in level 2.
iii) /HYHO,QSXWVIRUWKHDVVHWRUOLDELOLW\WKDWDUHQRWEDVHGRQREVHUYDEOHPDUNHWGDWD WKDWLVXQREVHUYDEOHLQSXWV ,I
RQHRUPRUHRIWKHVLJQL¿FDQWLQSXWVLVQRWEDVHGRQREVHUYDEOHPDUNHWGDWDWKHLQVWUXPHQWLVLQFOXGHGLQOHYHO
7KHIROORZLQJWDEOHSURYLGHVKLHUDUFK\RIWKHIDLUYDOXHPHDVXUHPHQWRI&RPSDQ\¶VDVVHWDQGOLDELOLWLHVJURXSHGLQWR
/HYHO 4XRWHGSULFHVLQDFWLYHPDUNHWV /HYHO 6LJQL¿FDQWREVHUYDEOHLQSXWV DQG/HYHO 6LJQL¿FDQWXQREVHUYDEOH
LQSXWV DVGHVFULEHGEHORZ
(` in lakhs)
st
Particulars 31 March, 2022
Level 1 Level 2 Level 3
/LVWHGGHEHQWXUHV 5,523.21
0XWXDOIXQGV
$OWHUQDWLYH,QYHVWPHQW)XQGV 3,962.25
8QOLVWHGHTXLW\LQYHVWPHQWV 2.59
8QOLVWHGERQGVDQGGHEHQWXUHV 153.72
Total 9,136.48 9,639.18 2.59

(` in lakhs)
st
/LVWHGGHEHQWXUHV
0XWXDOIXQGV
$OWHUQDWLYH,QYHVWPHQW)XQGV 3,335.10
9HQWXUH&DSLWDO)XQGV
8QOLVWHGHTXLW\LQYHVWPHQWV
8QOLVWHGERQGVDQGGHEHQWXUHV
Total 19,324.71 5,190.55 2.54
/LVWHGGHEHQWXUHVDUHFODVVL¿HGDVOHYHOLQWKHDEVHQFHRIDFWLYHPDUNHWIRUVXFKLQYHVWPHQWV
&RPSDQ\LQYHVWVLQYDULRXVYHQWXUHFDSLWDOIXQGVDQGDOWHUQDWLYHLQYHVWPHQWIXQGVDQGWKHVHIXQGVIXUWKHULQYHVWVLQWR
YDULRXVFRPSDQLHV&RPSDQ\KDVFRQVLGHUHGWKHIDLUYDOXHRQWKHEDVLVRIYDOXDWLRQSURYLGHGE\UHVSHFWLYHIXQGV
7KHUHZHUHQRWUDQVIHUVEHWZHHQ/HYHODQG/HYHOGXULQJWKH\HDU
43.4 Description of the inputs used in the fair value measurement:
)ROORZLQJWDEOHGHVFULEHVWKHYDOXDWLRQWHFKQLTXHVXVHGDQGNH\LQSXWVWRYDOXDWLRQIRUOHYHORIWKHIDLUYDOXHKLHUDUFK\DVDW
31st March, 2022, 31st0DUFKUHVSHFWLYHO\
(` in lakhs)
Particulars As at 31st Valuation Inputs used Sensitivity
March, 2022 Technique
Financial Assets designated at fair value through
SUR¿WRUORVV
8QOLVWHGHTXLW\LQYHVWPHQWV 2.59 %RRN9DOXH Financial No material
statements LPSDFWRQIDLU
valuation
(` in lakhs)
st
Particulars As at 31 Valuation Inputs used Sensitivity
SUR¿WRUORVV
8QOLVWHGHTXLW\LQYHVWPHQWV %RRN9DOXH Financial No material
valuation
43.5 Reconciliation of fair value measurement categorised within level 3 of the fair value hierarchy:
)LQDQFLDO$VVHWVGHVLJQDWHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV,QYHVWPHQWV
Particulars (` in lakhs)
st
Fair value as at 1 April, 2020 2.51
*DLQRQ¿QDQFLDOLQVWUXPHQWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV QHW 0.03
3XUFKDVH 6DOH RI¿QDQFLDOLQVWUXPHQWV
$PRXQWWUDQVIHUUHGWR IURP /HYHO
Fair value as at 31st March, 2021 2.54
*DLQRQ¿QDQFLDOLQVWUXPHQWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV QHW 0.05
st
Fair value as at 31 March, 2022 2.59

43.6 Description of the valuation processes used by the Company for fair value measurement categorised within level 3:
$W HDFK UHSRUWLQJ GDWH WKH &RPSDQ\ DQDO\VHV WKH PRYHPHQWV LQ WKH YDOXHV RI ¿QDQFLDO DVVHWV DQG OLDELOLWLHV ZKLFK DUH
UHTXLUHGWREHUHPHDVXUHGRUUHDVVHVVHGDVSHUWKHDFFRXQWLQJSROLFLHV)RUWKLVDQDO\VLVWKH&RPSDQ\YHUL¿HVWKHPDMRU
LQSXWVDSSOLHGLQWKHODWHVWYDOXDWLRQE\DJUHHLQJWKHLQIRUPDWLRQLQWKHYDOXDWLRQFRPSXWDWLRQWRFRQWUDFWVDQGRWKHUUHOHYDQW
documents.
7KH&RPSDQ\DOVRFRPSDUHVWKHFKDQJHLQWKHIDLUYDOXHRIHDFK¿QDQFLDODVVHWDQGOLDELOLW\ZLWKUHOHYDQWH[WHUQDOVRXUFHVWR
GHWHUPLQHZKHWKHUWKHFKDQJHLVUHDVRQDEOH7KH&RPSDQ\DOVRGLVFXVVHVRIWKHPDMRUDVVXPSWLRQVXVHGLQWKHYDOXDWLRQV
)RUWKHSXUSRVHRIIDLUYDOXHGLVFORVXUHVWKH&RPSDQ\KDVGHWHUPLQHGFODVVHVRI¿QDQFLDODVVHWVDQGOLDELOLWLHVRQWKHEDVLV
RIWKHQDWXUHFKDUDFWHULVWLFVDQGULVNVRIWKHDVVHWRUOLDELOLW\DQGWKHOHYHORIWKHIDLUYDOXHKLHUDUFK\DVH[SODLQHGDERYH
1RWH)LQDQFLDO5LVN0DQDJHPHQW2EMHFWLYHVDQG3ROLFLHV
7KH&RPSDQ\LVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVN5LVNPDQDJHPHQWLVFDUULHGRXWE\WKHFRPSDQ\XQGHU
SROLFLHVDSSURYHGE\WKHERDUGRIGLUHFWRUV7KLV5LVNPDQDJHPHQWSODQGH¿QHVKRZULVNVDVVRFLDWHGZLWKWKH&RPSDQ\ZLOO
EHLGHQWL¿HGDQDO\VHGDQGPDQDJHG,WRXWOLQHVKRZULVNPDQDJHPHQWDFWLYLWLHVZLOOEHSHUIRUPHGUHFRUGHGDQGPRQLWRUHG
E\WKH&RPSDQ\7KHEDVLFREMHFWLYHRIULVNPDQDJHPHQWSODQLVWRLPSOHPHQWDQLQWHJUDWHGULVNPDQDJHPHQWDSSURDFKWR
HQVXUH DOO VLJQL¿FDQW DUHDV RI ULVNV DUH LGHQWL¿HG XQGHUVWRRG DQG HႇHFWLYHO\ PDQDJHG WR SURPRWH D VKDUHG YLVLRQ RI ULVN
PDQDJHPHQWDQGHQFRXUDJHGLVFXVVLRQRQULVNVDWDOOOHYHOVRIWKHRUJDQL]DWLRQWRSURYLGHDFOHDUXQGHUVWDQGLQJRIULVNEHQH¿W
WUDGHRႇVWRGHSOR\DSSURSULDWHULVNPDQDJHPHQWPHWKRGRORJLHVDQGWRROVIRUXVHLQLGHQWLI\LQJDVVHVVLQJPDQDJLQJDQG
UHSRUWLQJRQULVNVDQGWRGHWHUPLQHWKHDSSURSULDWHEDODQFHEHWZHHQFRVWDQGFRQWURORIULVNDQGGHSOR\DSSURSULDWHUHVRXUFHV
WRPDQDJHRSWLPL]HNH\ULVNV$FWLYLWLHVDUHGHYHORSHGWRSURYLGHIHHGEDFNWRPDQDJHPHQWDQGRWKHULQWHUHVWHGSDUWLHV HJ
$XGLWFRPPLWWHH%RDUGHWF 7KHUHVXOWVRIWKHVHDFWLYLWLHVHQVXUHWKDWULVNPDQDJHPHQWSODQLVHႇHFWLYHLQWKHORQJWHUP
44.1 Market risk
0DUNHWULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKÀRZVRID¿QDQFLDOLQVWUXPHQWZLOOÀXFWXDWHEHFDXVHRIFKDQJHVLQPDUNHW
SULFHV0DUNHWSULFHVFRPSULVHRIWKUHHW\SHVRIULVNIRUHLJQFXUUHQF\UDWHULVNLQWHUHVWUDWHULVNDQGRWKHUSULFHULVNVVXFKDV
HTXLW\SULFHULVNDQGFRPPRGLW\ULVN
7KHVHQVLWLYLW\DQDO\VLVLVJLYHQUHODWHWRWKHSRVLWLRQDVDWst March 2022 and 31st March 2021.
7KH VHQVLWLYLW\ DQDO\VLV H[FOXGHV WKH LPSDFW RI PRYHPHQWV LQ PDUNHW YDULDEOHV RQ WKH FDUU\LQJ YDOXH RI SRVWHPSOR\PHQW
EHQH¿WREOLJDWLRQVSURYLVLRQVDQGRQWKHQRQ¿QDQFLDODVVHWVDQGOLDELOLWLHV7KHVHQVLWLYLW\RIWKHUHOHYDQWVWDWHPHQWRISUR¿W
DQGORVVLWHPLVWKHHႇHFWRIWKHDVVXPHGFKDQJHVLQWKHUHVSHFWLYHPDUNHWULVNV7KH&RPSDQ\¶VDFWLYLWLHVH[SRVHLWWRD
YDULHW\RI¿QDQFLDOULVNVLQFOXGLQJWKHHႇHFWVRIFKDQJHVLQIRUHLJQFXUUHQF\H[FKDQJHUDWHVDQGLQWHUHVWUDWHV7KLVLVEDVHG
RQWKH¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVKHOGDVDWst March, 2022 and as at 31st March, 2021.
(a) Foreign exchange risk and sensitivity
)RUHLJQFXUUHQF\ULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKÀRZVRID¿QDQFLDOLQVWUXPHQWZLOOÀXFWXDWHEHFDXVHRI
FKDQJHVLQIRUHLJQH[FKDQJHUDWHV7KH&RPSDQ\¶VH[SRVXUHWRWKHULVNRIFKDQJHVLQIRUHLJQH[FKDQJHUDWHVUHODWHV
SULPDULO\WRWKH&RPSDQ\¶VRSHUDWLQJDFWLYLWLHV7KH&RPSDQ\WUDQVDFWVEXVLQHVVSULPDULO\LQ86'(852DQG$('
7KH&RPSDQ\KDVIRUHLJQFXUUHQF\WUDGHSD\DEOHVWUDGHUHFHLYDEOHVDQGRWKHUFXUUHQW¿QDQFLDODVVHWVDQGLVWKHUHIRUH
H[SRVHGWRIRUHLJQH[FKDQJHULVN7KH&RPSDQ\UHJXODUO\UHYLHZVDQGHYDOXDWHVH[FKDQJHUDWHH[SRVXUHDULVLQJIURP
IRUHLJQFXUUHQF\WUDQVDFWLRQV
7KHIROORZLQJWDEOHGHPRQVWUDWHVWKHVHQVLWLYLW\LQWKH86'(852DQG$('WRWKH,QGLDQ5XSHHZLWKDOORWKHUYDULDEOHV
KHOGFRQVWDQW7KHLPSDFWRQWKH&RPSDQ\¶VSUR¿WEHIRUHWD[GXHWRFKDQJHVLQWKHIDLUYDOXHVRIPRQHWDU\DVVHWVDQG
OLDELOLWLHVLVJLYHQEHORZ
Unhedged Foreign currency exposure as at Currency Amount in FC ` in lakhs
31st March, 2022
7UDGH5HFHLYDEOHV 86' 187.12
7UDGHDQG2WKHU3D\DEOHV 86' 21,85,289 1,666.72
7UDGHDQG2WKHU3D\DEOHV (852
2WKHU&XUUHQW)LQDQFLDO$VVHWV $(' 8.62
2WKHU&XUUHQW)LQDQFLDO$VVHWV 86' 600
2WKHU&XUUHQW)LQDQFLDO$VVHWV (852 730 0.61
2WKHU&XUUHQW)LQDQFLDO$VVHWV 2WKHUV&1<+.' &1<+.'


31st March, 2021
7UDGH5HFHLYDEOHV 86' 2,23,630 163.71
7UDGHDQG2WKHU3D\DEOHV 86'
7UDGHDQG2WKHU3D\DEOHV (852 390.55
7UDGHDQG2WKHU3D\DEOHV $(' 0.96
2WKHU&XUUHQW)LQDQFLDO$VVHWV $(' 51,338
2WKHU&XUUHQW)LQDQFLDO$VVHWV 86' 1,795 1.32
2WKHU&XUUHQW)LQDQFLDO$VVHWV (852 799 0.68
2WKHU&XUUHQW)LQDQFLDO$VVHWV 2WKHUV&1<+.' &1<+.'
%+$7 %+$7
LQFUHDVHRUGHFUHDVHLQIRUHLJQH[FKDQJHUDWHVZLOOKDYHWKHIROORZLQJLPSDFWRQSUR¿WEHIRUHWD[ 3%7
(` in lakhs)
Particulars
1% Increase 1% Decrease 1% Increase 1% Decrease
86' (3.90) 3.90
(852 (3.90) 3.90
$(' 0.09 (0.09) 0.09 (0.09)
2WKHUV 0.00 (0.00) 0.01 (0.01)
,QFUHDVH 'HFUHDVH LQSUR¿WEHIRUHWD[ (18.71) 18.71 (7.70) 7.70
b) Interest rate risk and sensitivity:
,QWHUHVW UDWH ULVN LV WKH ULVN WKDW WKH IDLU YDOXH RU IXWXUH FDVK ÀRZV RI D ¿QDQFLDO LQVWUXPHQW ZLOO ÀXFWXDWH EHFDXVH RI
FKDQJHVLQPDUNHWLQWHUHVWUDWHV7KH&RPSDQ\GRQRWKDYHDQ\ORQJWHUPERUURZLQJVDVZHOODV:RUNLQJ&DSLWDO/RDQ
7KH&RPSDQ\KDVQRH[SRVXUHWRZDUGVLQWHUHVWUDWHULVN
c) Commodity price risk:
7KH&RPSDQ\LVH[SRVHGWRWKHPRYHPHQWLQSULFHRINH\WUDGHGPDWHULDOVLQGRPHVWLFDQGLQWHUQDWLRQDOPDUNHWV7KH
&RPSDQ\KDVDUREXVWIUDPHZRUNDQGJRYHUQDQFHPHFKDQLVPLQSODFHWRHQVXUHWKDWWKHRUJDQLVDWLRQLVDGHTXDWHO\
SURWHFWHGIURPWKHPDUNHWYRODELOLW\LQWHUPVRISULFHVDQGDYDLODELOLW\
d) Equity price risk:
7KH &RPSDQ\ GRHV QRW KDYH DQ\ H[SRVXUH WRZDUGV HTXLW\ VHFXULWLHV SULFH ULVN DULVHV IURP LQYHVWPHQWV KHOG E\ WKH
company.
44.2 Credit risk
&UHGLWULVNLVWKHULVNWKDWDFRXQWHUSDUW\ZLOOQRWPHHWLWVREOLJDWLRQVXQGHUD¿QDQFLDOLQVWUXPHQWRUFXVWRPHUFRQWUDFWOHDGLQJ
WRD¿QDQFLDOORVV7KH&RPSDQ\LVH[SRVHGWRFUHGLWULVNIURPLWVRSHUDWLQJDFWLYLWLHV SULPDULO\WUDGHUHFHLYDEOHV DQGIURPLWV
¿QDQFLQJDFWLYLWLHVLQFOXGLQJGHSRVLWVZLWKEDQNVIRUHLJQH[FKDQJHWUDQVDFWLRQVDQGRWKHU¿QDQFLDOLQVWUXPHQWV
7KH&RPSDQ\FRQVLGHUVWKHSUREDELOLW\RIGHIDXOWXSRQLQLWLDOUHFRJQLWLRQRIDVVHWDQGDOVRFRQVLGHUVZKHWKHUWKHUHKDVEHHQ
DVLJQL¿FDQWLQFUHDVHLQFUHGLWULVNRQDQRQJRLQJEDVLVWKURXJKHDFKUHSRUWLQJSHULRG7RDVVHVVZKHWKHUWKHUHLVDVLJQL¿FDQW
LQFUHDVHLQFUHGLWULVNWKH&RPSDQ\FRPSDUHVWKHULVNRIGHIDXOWRFFXUULQJRQDVVHWDVDWWKHUHSRUWLQJGDWHZLWKWKHULVNRI
GHIDXOWDVDWWKHGDWHRILQLWLDOUHFRJQLWLRQ,WFRQVLGHUVUHDVRQDEOHDQGVXSSRUWLYHIRUZDUGLQJORRNLQJLQIRUPDWLRQVXFKDV
L $FWXDORUH[SHFWHGVLJQL¿FDQWDGYHUVHFKDQJHVLQEXVLQHVV
LL $FWXDORUH[SHFWHGVLJQL¿FDQWFKDQJHVLQWKHRSHUDWLQJUHVXOWVRIWKHFRXQWHUSDUW\
LLL )LQDQFLDORUHFRQRPLFFRQGLWLRQVWKDWDUHH[SHFWHGWRFDXVHDVLJQL¿FDQWFKDQJHWRWKHFRXQWHUSDUW\¶VDELOLW\WRPHHWLWV
obligations,
LY 6LJQL¿FDQWLQFUHDVHLQFUHGLWULVNRQRWKHU¿QDQFLDOLQVWUXPHQWVRIWKHVDPHFRXQWHUSDUW\
Y 6LJQL¿FDQWFKDQJHVLQWKHYDOXHRIWKHFROODWHUDOVXSSRUWLQJWKHREOLJDWLRQRULQWKHTXDOLW\RIWKHWKLUGSDUW\JXDUDQWHHV
or credit enhancements.

)LQDQFLDODVVHWVDUHZULWWHQRႇZKHQWKHUHLVQRUHDVRQDEOHH[SHFWDWLRQRIUHFRYHU\VXFKDVDGHEWRUIDLOLQJWRHQJDJHLQD
UHSD\PHQWSODQZLWKWKH&RPSDQ\:KHUHORDQVRUUHFHLYDEOHVKDYHEHHQZULWWHQRႇWKH&RPSDQ\FRQWLQXHVWRHQJDJHLQ
HQIRUFHPHQWDFWLYLW\WRDWWHPSWWRUHFRYHUWKHUHFHLYDEOHGXH:KHUHUHFRYHULHVDUHPDGHWKHVHDUHUHFRJQL]HGDVLQFRPH
LQWKHVWDWHPHQWRISUR¿WDQGORVV7KH&RPSDQ\PHDVXUHVWKHH[SHFWHGFUHGLWORVVRIWUDGHUHFHLYDEOHVEDVHGRQKLVWRULFDO
WUHQGLQGXVWU\SUDFWLFHVDQGWKHEXVLQHVVHQYLURQPHQWLQZKLFKWKHHQWLW\RSHUDWHV/RVVUDWHVDUHEDVHGRQDFWXDOFUHGLWORVV
H[SHULHQFHDQGSDVWWUHQGV%DVHGRQWKHKLVWRULFDOGDWDORVVRQFROOHFWLRQRIUHFHLYDEOHLVQRWPDWHULDOKHQFHQRDGGLWLRQDO
provision considered.
a) Trade Receivables:
7KH&RPSDQ\H[WHQGVFUHGLWWRFXVWRPHUVLQQRUPDOFRXUVHRIEXVLQHVV7KH&RPSDQ\FRQVLGHUVIDFWRUVVXFKDVFUHGLW
WUDFN UHFRUG LQ WKH PDUNHW DQG SDVW GHDOLQJV ZLWK WKH &RPSDQ\ IRU H[WHQVLRQ RI FUHGLW WR FXVWRPHUV 7KH &RPSDQ\
PRQLWRUVWKHSD\PHQWWUDFNUHFRUGRIWKHFXVWRPHUV2XWVWDQGLQJFXVWRPHUUHFHLYDEOHVDUHUHJXODUO\PRQLWRUHG7KH
&RPSDQ\HYDOXDWHVWKHFRQFHQWUDWLRQRIULVNZLWKUHVSHFWWRWUDGHUHFHLYDEOHVDVORZDVLWVFXVWRPHUVDUHORFDWHGLQ
VHYHUDOMXULVGLFWLRQVDQGLQGXVWULHVDUHRSHUDWHLQODUJHO\LQGHSHQGHQWPDUNHWV7KH&RPSDQ\KDVDOVRWDNHQVHFXULW\
GHSRVLWVLQFHUWDLQFDVHVIURPLWVFXVWRPHUVZKLFKPLWLJDWHWKHFUHGLWULVNWRVRPHH[WHQW)XUWKHUWKH&RPSDQ\KDV
SROLF\RISURYLVLRQIRUGRXEWIXOGHEWV5HYHQXHRI`1LO 3UHYLRXV\HDUÒDNKV IURPDFXVWRPHUUHSUHVHQWVPRUH
WKDQRIWKHFRPSDQ\UHYHQXHIRUWKH\HDUHQGHGst0DUFK7KH&RPSDQ\GRHVQRWH[SHFWDQ\PDWHULDOULVN
RQDFFRXQWRIQRQSHUIRUPDQFHE\&RPSDQ\¶VFRXQWHUSDUWLHV
7KH&RPSDQ\KDVXVHGSUDFWLFDOH[SHGLHQWE\FRPSXWLQJWKHH[SHFWHGFUHGLWORVVDOORZDQFHIRUWUDGHUHFHLYDEOHVEDVHG
RQSURYLVLRQPDWUL[7KHSURYLVLRQPDWUL[WDNHQLQWRDFFRXQWKLVWRULFDOFUHGLWORVVH[SHULHQFHDQGDGMXVWHGIRUIRUZDUG
ORRNLQJLQIRUPDWLRQ7KHH[SHFWHGFUHGLWORVVDOORZDQFHLVEDVHGRQDJHLQJRIWKHGD\VWKHUHFHLYDEOHVDUHGXH
7KHIROORZLQJWDEOHVXPPDUL]HVWKH*URVVFDUU\LQJDPRXQWRIWKHWUDGHUHFHLYDEOHDQGSURYLVLRQPDGH
(` in lakhs)
st st
Gross Loss Gross Loss
Carrying Allowance Carrying Allowance
Amount Amount
7UDGH5HFHLYDEOH 5,763.81 379.10
b) Financial instruments and cash deposits:
7KH&RPSDQ\FRQVLGHUVIDFWRUVVXFKDVWUDFNUHFRUGVL]HRIWKHLQVWLWXWLRQPDUNHWUHSXWDWLRQDQGVHUYLFHVWDQGDUGVWR
VHOHFWWKHEDQNVZLWKZKLFKEDODQFHVDUHPDLQWDLQHG&UHGLWULVNIURPEDODQFHVZLWKEDQNLVPDQDJHGE\WKH&RPSDQ\¶V
¿QDQFH GHSDUWPHQW ,QYHVWPHQW RI VXUSOXV IXQGV DUH DOVR PDQDJHG E\ ¿QDQFH GHSDUWPHQW 7KH &RPSDQ\ GRHV QRW
PDLQWDLQ VLJQL¿FDQW FDVK LQ KDQG ([FHVV EDODQFH RI FDVK RWKHU WKDQ WKRVH UHTXLUHG IRU LWV GD\ WR GD\ RSHUDWLRQV LV
GHSRVLWHGLQWRWKHEDQN
)RURWKHU¿QDQFLDOLQVWUXPHQWVWKH¿QDQFHGHSDUWPHQWDVVHVVHVDQGPDQDJHFUHGLWULVNEDVHGRQLQWHUQDODVVHVVPHQW
,QWHUQDODVVHVVPHQWLVSHUIRUPHGIRUHDFKFODVVRI¿QDQFLDOLQVWUXPHQWZLWKGLႇHUHQWFKDUDFWHULVWLFV
44.3 Liquidity risk
/LTXLGLW\ULVNLVWKHULVNWKDWWKH&RPSDQ\PD\QRWEHDEOHWRPHHWLWVSUHVHQWDQGIXWXUHFDVKDQGFROODWHUDOREOLJDWLRQVZLWKRXW
LQFXUULQJ XQDFFHSWDEOH ORVVHV7KH &RPSDQ\¶V REMHFWLYH LV WR DW DOO WLPHV PDLQWDLQ RSWLPXP OHYHOV RI OLTXLGLW\ WR PHHW LWV
FDVKDQGFROODWHUDOUHTXLUHPHQWV7KH&RPSDQ\UHOLHVRSHUDWLQJFDVKÀRZVDQGVKRUWWHUPERUURZLQJVLQWKHIRUPRIZRUNLQJ
FDSLWDOORDQWRPHHWLWVQHHGVIRUIXQGV&RPSDQ\GRHVQRWEUHDFKDQ\FRYHQDQWV ZKHUHDSSOLFDEOH RQDQ\RILWVERUURZLQJ
IDFLOLWLHV7KH&RPSDQ\KDVDFFHVVWRDVXႈFLHQWYDULHW\RIVRXUFHVRIIXQGLQJDVSHUUHTXLUHPHQW7KH&RPSDQ\KDVDOVRWKH
VDQFWLRQHGOLPLWIURPWKHEDQNV

7KHWDEOHEHORZSURYLGHVXQGLVFRXQWHGFDVKÀRZVWRZDUGV¿QDQFLDOOLDELOLWLHVLQWRUHOHYDQWPDWXULW\EDVHGRQWKHUHPDLQLQJ
period at the balance sheet to the contractual maturity date.
(` in lakhs)
Particulars Maturity Total
On Demand 0RQWKV 0RQWKV More than 1
months year
As at 31st March, 2022
/HDVH/LDELOLWLHV 0.16 0.16 0.33 119.06
7UDGH3D\DEOH
2WKHU)LQDQFLDO/LDELOLWLHV 6,253.86 172.06
Total 11,137.71 0.16 172.39 118.41 11,428.67
st
As at 31 March, 2021
/HDVH/LDELOLWLHV 0.15 0.30 119.05
7UDGH3D\DEOH
2WKHU)LQDQFLDO/LDELOLWLHV 380.00 83.82 5,002.19
Total 8,374.98 380.15 84.12 119.05 8,958.30
44.4 Competition and price risk
7KH&RPSDQ\IDFHVFRPSHWLWLRQIURPORFDODQGIRUHLJQFRPSHWLWRUV1HYHUWKHOHVVLWEHOLHYHVWKDWLWKDVFRPSHWLWLYHDGYDQWDJH
LQWHUPVRIKLJKTXDOLW\SURGXFWVDQGE\FRQWLQXRXVO\XSJUDGLQJLWVH[SHUWLVHDQGUDQJHRISURGXFWVWRPHHWWKHQHHGVRILWV
customers.
1RWH,PSDLUPHQWWHVWLQJRI*RRGZLOO
45.1 *RRGZLOOLVWHVWHGIRULPSDLUPHQWRQDQQXDOEDVLVDQGZKHQHYHUWKHUHLVDQLQGLFDWLRQWKDWWKHUHFRYHUDEOHDPRXQWRIDFDVK
JHQHUDWLQJXQLW &*8 LVOHVVWKDQLWVFDUU\LQJDPRXQWEDVHGRQDQXPEHURIIDFWRUVLQFOXGLQJEXVLQHVVSODQRSHUDWLQJUHVXOWV
IXWXUHFDVKÀRZVDQGHFRQRPLFFRQGLWLRQV7KHUHFRYHUDEOHDPRXQWRIFDVKJHQHUDWLQJXQLWVLVGHWHUPLQHGEDVHGRQ+LJKHURI
YDOXHLQXVHDQGIDLUYDOXHOHVVFRVWWRVHOO)RUWKHSXUSRVHRILPSDLUPHQWWHVWLQJJRRGZLOOLVDOORFDWHGWRD&*8UHSUHVHQWLQJ
WKHORZHVWOHYHOZLWKLQWKH&RPSDQ\DWZKLFK*RRGZLOOLVPRQLWRUHGIRULQWHUQDOPDQDJHPHQWSXUSRVHVDQGZKLFKLVQRWKLJKHU
than the Companies operating segment.
45.2 Goodwill is allocated to the following CGU for impairment testing purpose
(` In lakhs)
*RRGZLOOUHODWLQJWR&RQVXPHUZDUH
*RRGZLOOUHODWLQJWR6FLHQWL¿FZDUH
Total 5,931.84 5,931.84
45.3 7KH &RPSDQ\ XVHV GLVFRXQWHG FDVK ÀRZ PHWKRGV WR GHWHUPLQH WKH UHFRYHUDEOH DPRXQW 7KHVH GLVFRXQWHG FDVK ÀRZ
FDOFXODWLRQV XVH ¿YH \HDU SURMHFWLRQV WKDW DUH EDVHG RQ ¿QDQFLDO IRUHFDVWV &DVK ÀRZ SURMHFWLRQV WDNH LQWR DFFRXQW SDVW
H[SHULHQFHDQGUHSUHVHQWPDQDJHPHQW¶VEHVWHVWLPDWHDERXWIXWXUHGHYHORSPHQWV
45.4 0DQDJHPHQW HVWLPDWHV GLVFRXQW UDWHV XVLQJ SUHWD[ UDWHV WKDW UHÀHFW FXUUHQW PDUNHW DVVHVVPHQWV RI WKH ULVNV VSHFL¿F WR
WKH&*8WDNLQJLQWRFRQVLGHUDWLRQWKHWLPHYDOXHRIPRQH\DQGLQGLYLGXDOULVNVRIWKHXQGHUO\LQJDVVHWVWKDWKDYHQRWEHHQ
LQFRUSRUDWHGLQWKHFDVKÀRZHVWLPDWHV7KHGLVFRXQWUDWHFDOFXODWLRQLVEDVHGRQWKHVSHFL¿FFLUFXPVWDQFHVRIWKH&RPSDQ\
DQGLWVRSHUDWLQJVHJPHQWVDQGLVGHULYHGIURPLWVZHLJKWHGDYHUDJHFRVWRIFDSLWDO :$&&
1RWH&DSLWDO0DQDJHPHQW
)RU WKH SXUSRVH RI &RPSDQ\¶V FDSLWDO PDQDJHPHQW FDSLWDO LQFOXGHV LVVXHG FDSLWDO RWKHU HTXLW\ DQG GHEWV 7KH SULPDU\
REMHFWLYHRIWKH&RPSDQ\¶VFDSLWDOPDQDJHPHQWLVWRPD[LPLVHVKDUHKROGHUVYDOXH7KH&RPSDQ\PDQDJHVLWVFDSLWDOVWUXFWXUH
DQGPDNHVDGMXVWPHQWVLQWKHOLJKWRIFKDQJHVLQHFRQRPLFHQYLURQPHQWDQGWKHUHTXLUHPHQWVRIWKH¿QDQFLDOFRYHQDQWV
7KH&RPSDQ\PRQLWRUVFDSLWDOXVLQJJHDULQJUDWLRZKLFKLVQHWGHEWGLYLGHGE\WRWDOFDSLWDO HTXLW\SOXVQHWGHEW 1HWGHEW
DUHQRQFXUUHQWDQGFXUUHQWGHEWVDVUHGXFHGE\FDVKDQGFDVKHTXLYDOHQWVDQGFXUUHQWLQYHVWPHQWV(TXLW\FRPSULVHVDOO
components including other comprehensive income.

(` in lakhs)
7RWDO'HEW
/HVV&DVKDQGFDVKHTXLYDOHQW 2,235.83
/HVV&XUUHQW,QYHVWPHQWV
Net Debt
Total Equity (Equity Share Capital plus Other Equity) 76,751.94 69,972.79
Total Capital (Total Equity plus net debt) 76,751.94 69,972.79
Gearing ratio NA NA
1RWH$VVHWVKHOGIRU6DOH
(` in lakhs)
47.1 Description of the assets held for sale As at As at
3URSHUW\3ODQWDQG(TXLSPHQW/DQG
3URSHUW\3ODQWDQG(TXLSPHQW%XLOGLQJ
Total 6,137.50
47.2 2Q 1RYHPEHUWKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\KDVGHFLGHGWRVHOODERYHPHQWLRQHGDVVHWVDQGDFFRUGLQJO\
th
WKHVHDVVHWVDUHFODVVL¿HGDVDVVHWVKHOGIRUVDOH7KH&RPSDQ\H[SHFWVWRGLVSRVHRႇWKHPZLWKLQDSHULRGRIQH[WRQH\HDU
DQGKHQFHWKHVDPHKDYHEHHQGLVFORVHGDVDVVHWVKHOGIRUVDOH
47.3 'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\KDGGHFLGHGWRUHWUDQVIHUDVVHWVÒDNKVIURPDVVHWVKHOGIRUVDOHWR,QYHVWPHQW
SURSHUW\FRQVLGHULQJWKHSUHVHQWPDUNHWFRQGLWLRQRIUHDOHVWDWHDIWHUPDNLQJWKHEHVWHႇRUWVWRGLVSRVHRIWKHVDPH
1RWH/HDVHV
$VSHU,QG$6µ/HDVHV¶WKHGLVFORVXUHVRIOHDVHDUHJLYHQEHORZ
(i) )ROORZLQJDUHWKHDPRXQWVUHFRJQLVHGLQ6WDWHPHQWRI3UR¿W /RVV
(` in lakhs)
Ended Ended
'HSUHFLDWLRQH[SHQVHIRUULJKWRIXVHDVVHWV 6.25 2.08

,QWHUHVWH[SHQVHRQOHDVHOLDELOLWLHV 10.16 3.39
Total amount recognised 16.41 5.47
(ii) 7KHIROORZLQJLVWKHPRYHPHQWLQOHDVHOLDELOLWLHVGXULQJWKH\HDU
(` in lakhs)
Ended Ended
2SHQLQJ%DODQFH
$GGLWLRQGXULQJWKH\HDU RQDGRSWLRQRI,QG$6 119.83
Finance cost accrued during the year 10.16 3.39
3D\PHQWRIOHDVHOLDELOLWLHV (3.58)
Closing Balance 119.06 119.64

(iii) 7KHIROORZLQJLVWKHFRQWUDFWXDOPDWXULW\SUR¿OHRIOHDVHOLDELOLWLHV
(` in lakhs)
Ended Ended
/HVVWKDQRQH\HDU 0.65 0.59
2QH\HDUWR¿YH\HDUV 6.13
0RUHWKDQ¿YH\HDUV 110.07 112.92
(iv) /HDVHOLDELOLWLHVFDUU\DQHႇHFWLYHLQWHUHVWUDWHLV7KHDYHUDJHOHDVHWHUPLV\HDUV
1RWH'HWDLOVRI/RDQJLYHQ,QYHVWPHQWPDGHDQG*XDUDQWHHJLYHQFRYHUHGXV RIWKH&RPSDQLHV$FW
49.1 /RDQVJLYHQDQG,QYHVWPHQWPDGHDUHJLYHQXQGHUWKHUHVSHFWLYHKHDGV
49.2 Details of Guarantee given by the Company:
(` in lakhs)
Nature of Transaction As at As at
,QYHVWPHQWV SOHGJHG ZLWK D %DQN IRU &UHGLW IDFLOLWLHV RI .ODVV 3DFN /LPLWHG D 1,278.79
subsidiary company
1RWH5DWLR$QDO\VLVDQGLWVFRPSRQHQWV
Ratio
Particulars 31st March, 31st March, % change from Reasons for deviations
2022 2021 31st March,
2021 to 31st
March, 2022
Current ratio 3.85 3.75
'HEW(TXLW\5DWLR
'HEW6HUYLFH&RYHUDJH5DWLR 3ULPDULO\ GXH WR LQFUHDVH LQ
(DUQLQJV
5HWXUQRQ(TXLW\5DWLR 3ULPDULO\ GXH WR LQFUHDVH LQ
(DUQLQJV
,QYHQWRU\7XUQRYHU5DWLR 3.51 3ULPDULO\ GXH WR LQFUHDVH LQ
5HYHQXH
7UDGH 5HFHLYDEOH 7XUQRYHU 13.15 3ULPDULO\ GXH WR LQFUHDVH LQ
5DWLR 5HYHQXH
7UDGH3D\DEOH7XUQRYHU5DWLR 7.69 5.16 3ULPDULO\GXHWRLQFUHDVHLQ&RVWRI
Materials consumed.
1HW&DSLWDO7XUQRYHU5DWLR 1.99 1.79
1HW3UR¿W5DWLR 3ULPDULO\ GXH WR LQFUHDVH LQ
(DUQLQJV
5HWXUQRQ&DSLWDO(PSOR\HG 3ULPDULO\ GXH WR LQFUHDVH LQ
(DUQLQJV
5HWXUQRQ,QYHVWPHQW 3ULPDULO\GXHWRLQFUHDVHLQ5HWXUQ
on Investments.

Components of Ratio
Ratios Numerator Denominator

Current ratio &XUUHQW$VVHWV &XUUHQW/LDELOLWLHV
'HEW(TXLW\5DWLR 7RWDO'HEWV 7RWDO (TXLW\ (TXLW\ 6KDUH FDSLWDO 2WKHU
equity)
'HEW6HUYLFH&RYHUDJH5DWLR (DUQLQJV DYDLODEOH IRU GHEW VHUYLFH )LQDQFH FRVW SULQFLSOH UHSD\PHQW RI ORQJ
1HW SUR¿W DIWHU WD[HV GHSUHFLDWLRQ term borrowings during the year
DPRUWL]DWLRQ )LQDQFH FRVW 1RQ FDVK
RSHUDWLQJLWHPVRWKHUDGMXVWPHQW
5HWXUQRQ(TXLW\5DWLR 1HWSUR¿WDIWHUWD[ $YHUDJH7RWDO(TXLW\> 2SHQLQJ(TXLW\6KDUH
FDSLWDO2SHQLQJ2WKHUHTXLW\&ORVLQJ(TXLW\
6KDUH&DSLWDO&ORVLQJ2WKHU(TXLW\ @
,QYHQWRU\7XUQRYHU5DWLR 5HYHQXHIURPRSHUDWLRQV $YHUDJH,QYHQWRU\ RSHQLQJEDODQFHFORVLQJ
EDODQFH
7UDGH 5HFHLYDEOH 7XUQRYHU 5HYHQXHIURPRSHUDWLRQV $YHUDJHWUDGHUHFHLYDEOH 2SHQLQJEDODQFH
5DWLR FORVLQJEDODQFH
7UDGH3D\DEOH7XUQRYHU5DWLR &RVWRI0DWHULDO&RQVXPHGDQG3XUFKDVH $YHUDJH WUDGH SD\DEOH 2SHQLQJ EDODQFH
RI6WRFNLQ7UDGH FORVLQJEDODQFH
1HW&DSLWDO7XUQRYHU5DWLR 5HYHQXHIURPRSHUDWLRQV :RUNLQJ FDSLWDO &XUUHQW DVVHW FXUUHQW
liabilities)
1HW3UR¿W5DWLR 1HWSUR¿WDIWHUWD[ 5HYHQXHIURPRSHUDWLRQV
5HWXUQRQ&DSLWDO(PSOR\HG 3UR¿W %HIRUH ,QWHUHVW 7D[ %HIRUH 7RWDO (TXLW\ 7RWDO 'HEWV 'HIHUUHG 7D[
([FHSWLRQDO,WHPV /LDELOLWLHV
5HWXUQRQ,QYHVWPHQW ,QWHUHVW ,QFRPH RQ ¿[HG GHSRVLWV Current investments + Non current
3UR¿W RQ VDOH RI LQYHVWPHQWV ,QFRPH ,QYHVWPHQWV)L[HGGHSRVLWVZLWKEDQN
RI LQYHVWPHQW LPSDLUPHQW RQ YDOXH RI
investment
1RWH'LVFORVXUHRQ%DQN)LQDQFLDOLQVWLWXWLRQVFRPSOLDQFHV
7KH TXDUWHUO\ VWDWHPHQWV LQFOXGLQJ UHYLVLRQ WKHUHRQ RI LQYHQWRULHV DQG WUDGH UHFHLYDEOH ¿OHG E\ WKH &RPSDQ\ ZLWK EDQNV
¿QDQFLDOLQVWLWXWLRQVDUHLQDJUHHPHQWZLWKWKHERRNVRIDFFRXQWV
6XPPDU\RIUHFRQFLOLDWLRQRITXDUWHUO\VWDWHPHQWVRIFXUUHQWDVVHWV¿OHGE\WKH&RPSDQ\ZLWK%DQNVDUHDVEHORZ
(` in lakhs)
Particulars For the quarter Amount as Amount as Amount of
ended per books of reported to Banks GLႇHUHQFH
account
,QYHQWRULHV 7UDGH5HFHLYDEOHV 31.03.2022
31.12.2021
30.09.2021 23,668.23 23,668.23
30.06.2021
(` in lakhs)
Particulars For the quarter Amount as Amount as Amount of
ended per books of reported to Banks GLႇHUHQFH
account
,QYHQWRULHV 7UDGH5HFHLYDEOHV 31.03.2021 18,361.33 18,361.33

31.12.2020 19,927.20 19,927.20
30.09.2020 21,589.91 21,589.91
30.06.2020

1RWH2WKHU6WDWXWRU\,QIRUPDWLRQV
L 7KHUH DUH QR EDODQFH RXWVWDQGLQJ RQ DFFRXQW RI DQ\ WUDQVDFWLRQ ZLWK FRPSDQLHV VWUXFN Rႇ XQGHU VHFWLRQ RI WKH
&RPSDQLHV$FWRUVHFWLRQRI&RPSDQLHV$FW
LL 7KH&RPSDQ\GRHVQRWKDYHPRUHWKDQWZROD\HUVRIVXEVLGLDU\DVSUHVFULEHGXQGHU6HFWLRQ RIWKH&RPSDQLHV
$FWUHDGZLWK&RPSDQLHV 5HVWULFWLRQRQQXPEHURIOD\HUV 5XOHV
LLL 7KH&RPSDQ\KDVQRWDGYDQFHGRUORDQHGRULQYHVWHGIXQGWRDQ\RWKHUSHUVRQVRUHQWLWLHVLQFOXGLQJIRUHLJQHQWLWLHV
LQWHUPHGLDU\ ZLWKWKHXQGHUVWDQGLQJ ZKHWKHUUHFRUGHGLQZULWLQJRURWKHUZLVH WKDWLQWHUPHGLDU\VKDOO
D GLUHFWO\RULQGLUHFWO\OHQGRULQYHVWLQRWKHUSHUVRQVRUHQWLWLHVLGHQWL¿HGLQDQ\PDQQHUZKDWVRHYHUE\RURQEHKDOI
RIWKH&RPSDQ\ XOWLPDWHEHQH¿FLDU\ RU
E SURYLGHGDQ\JXDUDQWHHVHFXULW\RUWKHOLNHWRRURQEHKDOIRIWKHXOWLPDWHEHQH¿FLDULHV
LY 7KH&RPSDQ\KDVQRWUHFHLYHGDQ\IXQGIURPDQ\SHUVRQRUHQWLWLHVLQFOXGLQJIRUHLJQHQWLWLHV IXQGLQJSDUW\ ZLWKWKH
XQGHUVWDQGLQJ ZKHWKHUUHFRUGHGLQZULWLQJRURWKHUZLVH WKDWWKH&RPSDQ\VKDOO
RIWKHIXQGLQJSDUW\ XOWLPDWHEHQH¿FLDULHV RU
E SURYLGHDQ\JXDUDQWHHVHFXULW\RUWKHOLNHRQEHKDOIRIWKHXOWLPDWHEHQH¿FLDULHV
Y 7KH &RPSDQ\ GRHV QRW KDYH DQ\ VXFK WUDQVDFWLRQ ZKLFK LV QRW UHFRUGHG LQ WKH ERRNV RI DFFRXQWV WKDW KDV EHHQ
VXUUHQGHUHGRUGLVFORVHGDVLQFRPHGXULQJWKH\HDULQWKHWD[DVVHVVPHQWVXQGHUWKH,QFRPHWD[$FW
YL 7KH&RPSDQ\LVQRWGHFODUHGDVZLOIXOGHIDXOWHUE\DQ\EDQNRU¿QDQFLDOLQVWLWXWLRQRURWKHUOHQGHU
YLL 7KHUHDUHQRFKDUJHVRUVDWLVIDFWLRQWKHUHRIZKLFKDUH\HWWREHUHJLVWHUHGZLWK52&EH\RQGWKHVWDWXWRU\SHULRG
1RWH'LVFORVXUHRQ&RPSRVLWH6FKHPHRI$UUDQJHPHQWDQGDFFRXQWLQJDVSHU,QG$6
7KH%RDUGRI'LUHFWRUVDWLWVPHHWLQJKHOGRQth)HEUXDU\KDVDSSURYHGD&RPSRVLWH6FKHPHRI$UUDQJHPHQWEHWZHHQ
WKH&RPSDQ\DQG.ODVV3DFN/WG ³.3/´ DVXEVLGLDU\RIWKH&RPSDQ\DQG%RURVLO7HFKQRORJLHV/WG ³%7/´ DZKROO\RZQHG
VXEVLGLDU\RIWKH&RPSDQ\ µ6FKHPH¶ LQWHUDOLDIRU D UHGXFWLRQDQGUHRUJDQLVDWLRQRIVKDUHFDSLWDORI.3/ E GHPHUJHU
RI 6FLHQWL¿F DQG ,QGXVWULDO 3URGXFW %XVLQHVV IURP WKH &RPSDQ\ LQWR .3/ DQG FRQVHTXHQW LVVXH RI VKDUHV E\ .3/ DQG
F DPDOJDPDWLRQRI%7/ZLWK.3/7KH$SSRLQWHG'DWHIRUWKH6FKHPHLVst$SULO7KH6FKHPHLVVXEMHFWWRQHFHVVDU\
VWDWXWRU\UHJXODWRU\DSSURYDOVXQGHUDSSOLFDEOHODZVLQFOXGLQJDSSURYDORIWKH1DWLRQDO&RPSDQ\/DZ7ULEXQDO
Note 54
54.1 7KH&RPSDQ\KDVGHFLGHGWRH[HUFLVHWKHRSWLRQSHUPLWWHGXQGHU6HFWLRQ%$$RIWKH,QFRPHWD[$FWDVLQWURGXFHG
E\WKH7D[DWLRQ/DZV $PHQGPHQW 2UGLQDQFHDQGDFFRUGLQJO\WKH&RPSDQ\KDVUHFRJQLVHGWKHWD[SURYLVLRQIRUWKH
year ended 31st0DUFKDQGUHPHDVXUHGWKHGHIHUUHGWD[DVVHWVOLDELOLWLHVEDVHGRQWKHUDWHVSUHVFULEHGLQWKDWVHFWLRQ
7KHLPSDFWRIWKLVFKDQJHKDVEHHQUHFRJQLVHGDVWD[H[SHQVH
54.2 7KH)LQDQFH$FWKDVGLVFRQWLQXHGWKHGHSUHFLDWLRQDOORZDQFHRQJRRGZLOOIURP)LQDQFLDO<HDURQZDUGV7KLVKDV
UHVXOWHGLQWRRQHWLPHLQFUHPHQWDOGHIHUUHGWD[H[SHQVHRIÒDNKVIRUWKH\HDUHQGHGst March, 2022.
Note 55
3UHYLRXV<HDU¿JXUHVKDYHEHHQUHJURXSHGDQGUHDUUDQJHGZKHUHYHUQHFHVVDU\
',1 ',1
R. Koria
3DUWQHU
'DWH

INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF BOROSIL LIMITED
Report on the Audit of Consolidated Financial Statements
Opinion
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVRIBOROSIL LIMITED KHUHLQDIWHUUHIHUUHGWRDVWKHµ+ROGLQJ
&RPSDQ\3DUHQW´ DQGLWVVXEVLGLDULHV +ROGLQJ&RPSDQ\DQGLWVVXEVLGLDULHVWRJHWKHUUHIHUUHGWRDV³WKH*URXS´ ZKLFKFRPSULVH
the consolidated Balance Sheet as at 31st0DUFKWKHFRQVROLGDWHGVWDWHPHQWRI3UR¿WDQG/RVVLQFOXGLQJRWKHUFRPSUHKHQVLYH
LQFRPHWKHFRQVROLGDWHGVWDWHPHQWRIFKDQJHVLQHTXLW\DQGWKHFRQVROLGDWHGFDVKÀRZV6WDWHPHQWIRUWKH\HDUWKHQHQGHGDQG
QRWHVWRWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVLQFOXGLQJDVXPPDU\RIVLJQL¿FDQWDFFRXQWLQJSROLFLHV KHUHLQDIWHUUHIHUUHGWRDV³WKH
FRQVROLGDWHG¿QDQFLDOVWDWHPHQWV´
,QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVWKHDIRUHVDLGFRQVROLGDWHG¿QDQFLDO
VWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH&RPSDQLHV$FW ³WKH$FW´ LQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLU
YLHZLQFRQIRUPLW\ZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDRIWKHFRQVROLGDWHGVWDWHRIDႇDLUVRIWKH*URXSDVDW
31st0DUFKWKHLUFRQVROLGDWHGSUR¿WLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHWKHFRQVROLGDWHGVWDWHPHQWRIFKDQJHVLQHTXLW\
DQGWKHLUFRQVROLGDWHGFDVKÀRZVIRUWKH\HDUWKHQHQGHG
Basis for Opinion
:H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH 6WDQGDUGV RQ $XGLWLQJ 6$V VSHFL¿HG XQGHU VHFWLRQ RI WKH $FW 2XU
UHVSRQVLELOLWLHV XQGHU WKRVH 6WDQGDUGV DUH IXUWKHU GHVFULEHG LQ WKH $XGLWRU¶V 5HVSRQVLELOLWLHV IRU WKH $XGLW RI WKH &RQVROLGDWHG
Financial Statements VHFWLRQ RI RXU UHSRUW :H DUH LQGHSHQGHQW RI WKH *URXS LQ DFFRUGDQFH ZLWK WKH &RGH RI (WKLFV LVVXHG E\
,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD ³,&$,´ WRJHWKHUZLWKWKHHWKLFDOUHTXLUHPHQWVWKDWDUHUHOHYDQWWRRXUDXGLWRIWKH¿QDQFLDO
VWDWHPHQWVXQGHUWKHSURYLVLRQRIWKHDFWDQGUXOHVWKHUHXQGHUDQGZHKDYHIXO¿OOHGRXURWKHUHWKLFDOUHVSRQVLELOLWLHVLQDFFRUGDQFH
ZLWKWKHVHUHTXLUHPHQWVDQG,&$,&RGHRI(WKLFV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXႈFLHQWDQGDSSURSULDWH
WRSURYLGHDEDVLVIRURXURSLQLRQRQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV
Emphasis of Matter
:H GUDZ DWWHQWLRQ WR 1RWH WR WKH &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV LQ UHVSHFW RI ORVV RI SURSHUW\ LQFOXGLQJ ¿[HG DVVHWV
LQYHQWRULHV GXH WR ¿UH DW &RPSDQ\¶V ZDUHKRXVH VLWXDWHG DW %KDUXFK *XMDUDW DQG ORVV RI LQYHQWRULHV GXH WR KHDY\ UDLQ DW WKH
&RPSDQ\¶VZDUHKRXVHVLWXDWHGDW%KLZDQGL0DKDUDVKWUD3HQGLQJ¿QDOL]DWLRQRIEDODQFH,QVXUDQFHFODLPORVVRIÒDNKV
IRUWKH\HDUHQGHGst0DUFKKDVEHHQUHFRJQLVHGDVSHU&RPSDQ\¶VHVWLPDWHV2XURSLQLRQLVQRWPRGL¿HGLQUHVSHFWRIWKLV
PDWWHU
Key Audit Matters
.H\DXGLWPDWWHUVDUHWKRVHPDWWHUVWKDWLQRXUSURIHVVLRQDOMXGJPHQWZHUHRIPRVWVLJQL¿FDQFHLQRXUDXGLWRIWKHFRQVROLGDWHG
¿QDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHGst0DUFK7KHVHPDWWHUVZHUHDGGUHVVHGLQWKHFRQWH[WRIRXUDXGLWRIWKHFRQVROLGDWHG
¿QDQFLDOVWDWHPHQWVDVDZKROHDQGLQIRUPLQJRXURSLQLRQWKHUHRQDQGZHGRQRWSURYLGHDVHSDUDWHRSLQLRQRQWKHVHPDWWHUV)RU
WKHPDWWHUEHORZRXUGHVFULSWLRQRIKRZRXUDXGLWDGGUHVVHGWKHPDWWHULVSURYLGHGLQWKDWFRQWH[W
:H KDYH GHWHUPLQHG WKH PDWWHU GHVFULEHG EHORZ WR EH WKH NH\ DXGLW PDWWHU WR EH FRPPXQLFDWHG LQ RXU UHSRUW :H KDYH IXO¿OOHG
WKHUHVSRQVLELOLWLHVGHVFULEHGLQWKH$XGLWRUV¶UHVSRQVLELOLWLHVIRUWKHDXGLWRIWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVVHFWLRQRIRXU
UHSRUWLQFOXGLQJLQUHODWLRQWRWKDWPDWWHU$FFRUGLQJO\RXUDXGLWLQFOXGHGWKHSHUIRUPDQFHRISURFHGXUHVGHVLJQHGWRUHVSRQGWRRXU
DVVHVVPHQWRIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV7KHUHVXOWVRIRXUDXGLWSURFHGXUHV
LQFOXGLQJ WKH SURFHGXUHV SHUIRUPHG WR DGGUHVV WKH PDWWHU EHORZ SURYLGH WKH EDVLV IRU RXU DXGLW RSLQLRQ RQ WKH DFFRPSDQ\LQJ
&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
Key Audit Matters How our audit addressed the key audit matter
Revenue
5HYHQXHLVUHFRJQL]HGQHWRIGLVFRXQWV UHEDWHVHDUQHGE\WKH :H DVVHVVHG WKH &RPSDQ\¶V SURFHVVHV DQG FRQWUROV IRU
FXVWRPHUV RQ WKH &RPSDQ\¶V VDOHV 7KH GLVFRXQWV UHEDWHV UHFRJQL]LQJUHYHQXHDVSDUWRIRXUDXGLW2XUDXGLWSURFHGXUHV
UHFRJQL]HGEDVHGRQVDOHVPDGHGXULQJWKH\HDU LQFOXGHGWKHIROORZLQJ
$VVHVVLQJ WKH HQYLURQPHQW RI WKH ,7 V\VWHPV UHODWHG WR
5HYHQXHLVUHFRJQL]HGZKHQFRQWURORIWKHXQGHUO\LQJSURGXFWV
LQYRLFLQJ DQG PHDVXUHPHQW DV ZHOO DV RWKHU UHOHYDQW
KDYH EHHQ WUDQVIHUUHG DORQJ ZLWK VDWLVIDFWLRQ RI SHUIRUPDQFH
V\VWHPVVXSSRUWLQJWKHDFFRXQWLQJRIUHYHQXH
REOLJDWLRQ 7KH WHUPV RI VDOHV DUUDQJHPHQWV LQFOXGLQJ WKH
WLPLQJRIWUDQVIHURIFRQWUROWKHQDWXUHRIGLVFRXQWDQGUHEDWHV 3HUIRUPHG VDPSOH WHVWV RI LQGLYLGXDO VDOHV WUDQVDFWLRQ
DUUDQJHPHQWVDQGGHOLYHU\VSHFL¿FDWLRQVFUHDWHFRPSOH[LW\DQG DQG WUDFHG WR VDOHV LQYRLFHV VDOHV RUGHUV VKLSSLQJ
MXGJPHQWLQGHWHUPLQLQJVDOHVUHYHQXHV GRFXPHQWV DQG RWKHU UHODWHG GRFXPHQWV ,Q UHVSHFW RI
WKHVDPSOHVVHOHFWHGWHVWHGWKDWWKHUHYHQXHKDVEHHQ
)XUWKHU FXVWRPHU¶V UHEDWHGLVFRXQWV UHSUHVHQW D PDWHULDO UHFRJQL]HGDVSHUWKHVDOHVRUGHUV
UHGXFWLRQLQVDOHVDQGSURFHVVIRUFDOFXODWLQJDQGUHFRUGLQJWKH :H SHUIRUPHG SURFHGXUHV WR LGHQWLI\ DQ\ VLJQL¿FDQW
DERYHLQYROYHVVLJQL¿FDQWPDQXDOSURFHVV transactions recorded manually and obtained evidence
WR VXSSRUW WKH UHFRJQLWLRQ DQG WLPLQJ RI UHEDWHGLVFRXQW
5LVNH[LVWVWKDWUHYHQXHLVUHFRJQLVHGZLWKRXWVXEVWDQWLDOWUDQVIHU
DPRXQWVEDVHGRQWKHGRFXPHQWV
RIFRQWURODQGLVQRWLQDFFRUGDQFHZLWK,QG$6µ5HYHQXHIURP
FRQWUDFWVZLWKFXVWRPHUV¶UHVXOWLQJLQWRUHFRJQLWLRQRIUHYHQXHLQ 9HULI\LQJ WKH FRPSOHWHQHVV RI GLVFORVXUH LQ WKH ¿QDQFLDO
LQFRUUHFWSHULRG VWDWHPHQWVDVSHU,QG$6

Information Other than the Consolidated Financial Statements and Auditor’s Report Thereon
7KH+ROGLQJ&RPSDQ\¶V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHRWKHULQIRUPDWLRQ7KHRWKHULQIRUPDWLRQFRPSULVHVWKHLQIRUPDWLRQ
LQFOXGHGLQWKH$QQXDO5HSRUWEXWGRHVQRWLQFOXGHWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVDQGRXUDXGLWRU¶VUHSRUWWKHUHRQ
2XU RSLQLRQ RQ WKH FRQVROLGDWHG ¿QDQFLDO VWDWHPHQWV GRHV QRW FRYHU WKH RWKHU LQIRUPDWLRQ DQG ZH GR QRW H[SUHVV DQ\ IRUP RI
DVVXUDQFHFRQFOXVLRQWKHUHRQ
,Q FRQQHFWLRQ ZLWK RXU DXGLW RI WKH FRQVROLGDWHG ¿QDQFLDO VWDWHPHQWV RXU UHVSRQVLELOLW\ LV WR UHDG WKH RWKHU LQIRUPDWLRQ LGHQWL¿HG
DERYHDQGLQGRLQJVRFRQVLGHUZKHWKHUWKHRWKHULQIRUPDWLRQLVPDWHULDOO\LQFRQVLVWHQWZLWKWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV
RURXUNQRZOHGJHREWDLQHGLQWKHDXGLWRURWKHUZLVHDSSHDUVWREHPDWHULDOO\PLVVWDWHG2WKHULQIRUPDWLRQVRIDUDVLWUHODWHVWRWKH
VXEVLGLDU\FRPSDQLHVQRWDXGLWHGE\XVLVWUDFHGIURPWKHLU¿QDQFLDOVWDWHPHQWVDXGLWHGE\WKHRWKHUDXGLWRU
,IEDVHGRQWKHZRUNZHKDYHSHUIRUPHGZHFRQFOXGHWKDWWKHUHLVDPDWHULDOPLVVWDWHPHQWRIWKLVRWKHULQIRUPDWLRQZHDUHUHTXLUHG
WRFRPPXQLFDWHWKHPDWWHUWRWKRVHFKDUJHGZLWKJRYHUQDQFH:HKDYHQRWKLQJWRUHSRUWLQWKLVUHJDUG
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
7KH +ROGLQJ &RPSDQ\¶V %RDUG RI 'LUHFWRUV LV UHVSRQVLEOH IRU WKH SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKHVH FRQVROLGDWHG ¿QDQFLDO
VWDWHPHQWVLQWHUPRIWKHUHTXLUHPHQWVRIWKH$FWWKDWJLYHDWUXHDQGIDLUYLHZRIWKHFRQVROLGDWHG¿QDQFLDOSRVLWLRQFRQVROLGDWHG
¿QDQFLDOSHUIRUPDQFHLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHFRQVROLGDWHGVWDWHPHQWRIFKDQJHVLQHTXLW\DQGFRQVROLGDWHGFDVK
ÀRZVRIWKH*URXSLQDFFRUGDQFHZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDLQFOXGLQJWKH,QGLDQ$FFRXQWLQJ6WDQGDUGV
VSHFL¿HGXQGHUVHFWLRQRIWKH$FWUHDGZLWKWKH&RPSDQLHV ,QGLDQ$FFRXQWLQJ6WDQGDUGV 5XOHV7KHUHVSHFWLYH%RDUG
RI'LUHFWRUVRIWKHFRPSDQLHVLQFOXGHGLQWKH*URXSDUHUHVSRQVLEOHIRUPDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFH
ZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJWKHDVVHWVRIWKH*URXSDQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHULUUHJXODULWLHV
VHOHFWLRQDQGDSSOLFDWLRQRIDSSURSULDWHLPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDFFRXQWLQJSROLFLHVPDNLQJMXGJPHQWVDQGHVWLPDWHV
WKDWDUHUHDVRQDEOHDQGSUXGHQWDQGWKHGHVLJQLPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVWKDWZHUH
RSHUDWLQJHႇHFWLYHO\IRUHQVXULQJDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVUHOHYDQWWRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQ
RIWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXG
RUHUURUZKLFKKDYHEHHQXVHGIRUWKHSXUSRVHRISUHSDUDWLRQRIWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVE\WKH'LUHFWRUVRIWKH+ROGLQJ
&RPSDQ\DVDIRUHVDLG
,QSUHSDULQJWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVWKHUHVSHFWLYH%RDUGRI'LUHFWRUVRIWKHFRPSDQLHVLQFOXGHGLQWKH*URXSDUH
UHVSRQVLEOHIRUDVVHVVLQJWKHDELOLW\RIWKH*URXSWRFRQWLQXHDVDJRLQJFRQFHUQGLVFORVLQJDVDSSOLFDEOHPDWWHUVUHODWHGWRJRLQJ
FRQFHUQ DQG XVLQJ WKH JRLQJ FRQFHUQ EDVLV RI DFFRXQWLQJ XQOHVV PDQDJHPHQW HLWKHU LQWHQGV WR OLTXLGDWH WKH *URXS RU WR FHDVH
RSHUDWLRQVRUKDVQRUHDOLVWLFDOWHUQDWLYHEXWWRGRVR
7KRVHUHVSHFWLYH%RDUGVRI'LUHFWRUVRIWKHFRPSDQLHVLQFOXGHGLQWKH*URXSDUHUHVSRQVLEOHIRURYHUVHHLQJWKH¿QDQFLDOUHSRUWLQJ
SURFHVVRIWKH*URXS
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
2XU REMHFWLYHV DUH WR REWDLQ UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU WKH FRQVROLGDWHG ¿QDQFLDO VWDWHPHQWV DV D ZKROH DUH IUHH
IURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUDQGWRLVVXHDQDXGLWRU¶VUHSRUWWKDWLQFOXGHVRXURSLQLRQ5HDVRQDEOH
DVVXUDQFHLVDKLJKOHYHORIDVVXUDQFHEXWLVQRWDJXDUDQWHHWKDWDQDXGLWFRQGXFWHGLQDFFRUGDQFHZLWK6$VZLOODOZD\VGHWHFWD
PDWHULDOPLVVWDWHPHQWZKHQLWH[LVWV0LVVWDWHPHQWVFDQDULVHIURPIUDXGRUHUURUDQGDUHFRQVLGHUHGPDWHULDOLILQGLYLGXDOO\RULQWKH
DJJUHJDWHWKH\FRXOGUHDVRQDEO\EHH[SHFWHGWRLQÀXHQFHWKHHFRQRPLFGHFLVLRQVRIXVHUVWDNHQRQWKHEDVLVRIWKHVHFRQVROLGDWHG
¿QDQFLDOVWDWHPHQWV
$VSDUWRIDQDXGLWLQDFFRUGDQFHZLWK6$VZHH[HUFLVHSURIHVVLRQDOMXGJPHQWDQGPDLQWDLQSURIHVVLRQDOVNHSWLFLVPWKURXJKRXWWKH
DXGLW:HDOVR
,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU
GHVLJQDQGSHUIRUPDXGLWSURFHGXUHVUHVSRQVLYHWRWKRVHULVNVDQGREWDLQDXGLWHYLGHQFHWKDWLVVXႈFLHQWDQGDSSURSULDWH
WRSURYLGH D EDVLV IRURXU RSLQLRQ7KH ULVN RIQRW GHWHFWLQJ D PDWHULDO PLVVWDWHPHQW UHVXOWLQJ IURPIUDXG LV KLJKHU WKDQ IRU
RQHUHVXOWLQJIURPHUURUDVIUDXGPD\LQYROYHFROOXVLRQIRUJHU\LQWHQWLRQDORPLVVLRQVPLVUHSUHVHQWDWLRQVRUWKHRYHUULGHRI
LQWHUQDOFRQWURO
2EWDLQDQXQGHUVWDQGLQJRILQWHUQDOFRQWUROUHOHYDQWWRWKHDXGLWLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWHLQWKH
FLUFXPVWDQFHV8QGHUVHFWLRQ L RIWKH&RPSDQLHV$FWZHDUHDOVRUHVSRQVLEOHIRUH[SUHVVLQJRXURSLQLRQRQ
ZKHWKHUWKH+ROGLQJ&RPSDQ\KDVDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWVLQSODFHDQGWKH
RSHUDWLQJHႇHFWLYHQHVVRIVXFKFRQWUROV
(YDOXDWH WKH DSSURSULDWHQHVV RI DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV DQG UHODWHG
GLVFORVXUHVPDGHE\PDQDJHPHQW
&RQFOXGH RQ WKH DSSURSULDWHQHVV RI PDQDJHPHQW¶V XVH RI WKH JRLQJ FRQFHUQ EDVLV RI DFFRXQWLQJ DQG EDVHG RQ WKH DXGLW
HYLGHQFHREWDLQHGZKHWKHUDPDWHULDOXQFHUWDLQW\H[LVWVUHODWHGWRHYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQL¿FDQWGRXEWRQWKH
DELOLW\RIWKH*URXSWRFRQWLQXHDVDJRLQJFRQFHUQ,IZHFRQFOXGHWKDWDPDWHULDOXQFHUWDLQW\H[LVWVZHDUHUHTXLUHGWRGUDZ
DWWHQWLRQLQRXUDXGLWRU¶VUHSRUWWRWKHUHODWHGGLVFORVXUHVLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVRULIVXFKGLVFORVXUHVDUH
LQDGHTXDWHWRPRGLI\RXURSLQLRQ2XUFRQFOXVLRQVDUHEDVHGRQWKHDXGLWHYLGHQFHREWDLQHGXSWRWKHGDWHRIRXUDXGLWRU¶V
UHSRUW+RZHYHUIXWXUHHYHQWVRUFRQGLWLRQVPD\FDXVHWKH*URXSWRFHDVHWRFRQWLQXHDVDJRLQJFRQFHUQ

(YDOXDWHWKHRYHUDOOSUHVHQWDWLRQVWUXFWXUHDQGFRQWHQWRIWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVLQFOXGLQJWKHGLVFORVXUHVDQG
ZKHWKHUWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVUHSUHVHQWWKHXQGHUO\LQJWUDQVDFWLRQVDQGHYHQWVLQDPDQQHUWKDWDFKLHYHVIDLU
SUHVHQWDWLRQ
2EWDLQVXႈFLHQWDSSURSULDWHDXGLWHYLGHQFHUHJDUGLQJWKH¿QDQFLDOLQIRUPDWLRQRIWKHHQWLWLHVRUEXVLQHVVDFWLYLWLHVZLWKLQWKH
*URXSRIZKLFKZHDUHWKHLQGHSHQGHQWDXGLWRUVDQGZKRVH¿QDQFLDOLQIRUPDWLRQZHKDYHDXGLWHGWRH[SUHVVDQRSLQLRQRQ
WKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV:HDUHUHVSRQVLEOHIRUWKHGLUHFWLRQVXSHUYLVLRQDQGSHUIRUPDQFHRIWKHDXGLWRIWKH
¿QDQFLDOVWDWHPHQWVRIVXFKHQWLWLHVLQFOXGHGLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVRIZKLFKZHDUHWKHLQGHSHQGHQWDXGLWRUV
)RUWKHRWKHUHQWLWLHVLQFOXGHGLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVZKLFKKDYHEHHQDXGLWHGE\RWKHUDXGLWRUVXFKRWKHU
DXGLWRUUHPDLQVUHVSRQVLEOHIRUWKHGLUHFWLRQVXSHUYLVLRQDQGSHUIRUPDQFHRIWKHDXGLWFDUULHGRXWE\KLP:HUHPDLQVROHO\
UHVSRQVLEOHIRURXUDXGLWRSLQLRQ
:HFRPPXQLFDWHZLWKWKRVHFKDUJHGZLWKJRYHUQDQFHRIWKH+ROGLQJ&RPSDQ\DQGVXFKRWKHUHQWLWLHVLQFOXGHGLQWKHFRQVROLGDWHG
¿QDQFLDOVWDWHPHQWVRIZKLFKZHDUHWKHLQGHSHQGHQWDXGLWRUVUHJDUGLQJDPRQJRWKHUPDWWHUVWKHSODQQHGVFRSHDQGWLPLQJRIWKH
DXGLWDQGVLJQL¿FDQWDXGLW¿QGLQJVLQFOXGLQJDQ\VLJQL¿FDQWGH¿FLHQFLHVLQLQWHUQDOFRQWUROWKDWZHLGHQWLI\GXULQJRXUDXGLW
:HDOVRSURYLGHWKRVHFKDUJHGZLWKJRYHUQDQFHZLWKDVWDWHPHQWWKDWZHKDYHFRPSOLHGZLWKUHOHYDQWHWKLFDOUHTXLUHPHQWVUHJDUGLQJ
LQGHSHQGHQFHDQGWRFRPPXQLFDWHZLWKWKHPDOOUHODWLRQVKLSVDQGRWKHUPDWWHUVWKDWPD\UHDVRQDEO\EHWKRXJKWWREHDURQRXU
LQGHSHQGHQFHDQGZKHUHDSSOLFDEOHUHODWHGVDIHJXDUGV
)URPWKHPDWWHUVFRPPXQLFDWHGZLWKWKRVHFKDUJHGZLWKJRYHUQDQFHZHGHWHUPLQHWKRVHPDWWHUVWKDWZHUHRIPRVWVLJQL¿FDQFH
LQWKHDXGLWRIWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHGst0DUFKDQGDUHWKHUHIRUHWKHNH\DXGLWPDWWHUV
:HGHVFULEHWKHVHPDWWHUVLQRXUDXGLWRU¶VUHSRUWXQOHVVODZRUUHJXODWLRQSUHFOXGHVSXEOLFGLVFORVXUHDERXWWKHPDWWHURUZKHQ
LQ H[WUHPHO\ UDUH FLUFXPVWDQFHV ZH GHWHUPLQH WKDW D PDWWHU VKRXOG QRW EH FRPPXQLFDWHG LQ RXU UHSRUW EHFDXVH WKH DGYHUVH
FRQVHTXHQFHVRIGRLQJVRZRXOGUHDVRQDEO\EHH[SHFWHGWRRXWZHLJKWKHSXEOLFLQWHUHVWEHQH¿WVRIVXFKFRPPXQLFDWLRQ
Other Matters
L :HGLGQRWDXGLWWKH¿QDQFLDOVWDWHPHQWV¿QDQFLDOLQIRUPDWLRQRIVXEVLGLDULHVZKRVH¿QDQFLDOVWDWHPHQWV¿QDQFLDOLQIRUPDWLRQ
UHÀHFWWRWDODVVHWVRIÒDNKVDVDWst0DUFKWRWDOUHYHQXHVRIÒDNKVDQGQHWFDVKRXWÀRZV
amounting to ÒDNKVIRUWKH\HDUHQGHGRQWKDWGDWHDVFRQVLGHUHGLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV7KHVH
¿QDQFLDOVWDWHPHQWV¿QDQFLDOLQIRUPDWLRQKDYHQRWEHHQDXGLWHGE\XV7KHVH¿QDQFLDOVWDWHPHQWV¿QDQFLDOLQIRUPDWLRQKDYH
EHHQDXGLWHGE\RWKHUDXGLWRUVZKRVHUHSRUWVKDYHEHHQIXUQLVKHGWRXVE\WKH0DQDJHPHQWDQGRXURSLQLRQRQWKHFRQVROLGDWHG
¿QDQFLDOVWDWHPHQWVLQVRIDUDVLWUHODWHVWRWKHDPRXQWVDQGGLVFORVXUHVLQFOXGHGLQUHVSHFWRIWKHVHVXEVLGLDULHVDQGRXU
UHSRUWLQWHUPVRIVXEVHFWLRQ RI6HFWLRQRIWKH$FWLQVRIDUDVLWUHODWHVWRWKHDIRUHVDLGVXEVLGLDULHVLVEDVHGVROHO\
RQWKHUHSRUWVRIWKHRWKHUDXGLWRUV
2XURSLQLRQRQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVDVDERYHDQGRXUUHSRUWRQ2WKHU/HJDODQG5HJXODWRU\5HTXLUHPHQWVEHORZ
LVQRWPRGL¿HGLQUHVSHFWRIWKHDERYHPDWWHUZLWKUHVSHFWWRRXUUHOLDQFHRQWKHZRUNGRQHDQGWKHUHSRUWVRIWKHRWKHUDXGLWRUV
LL $WWHQWLRQLVGUDZQWRWKHIDFWWKDWWKH¿JXUHVIRUWKH\HDUHQGHGst0DUFKDUHEDVHGRQSUHYLRXVO\LVVXHGFRQVROLGDWHG
¿QDQFLDOVWDWHPHQWVWKDWZHUHDXGLWHGE\SUHGHFHVVRUDXGLWRUZKRVHUHSRUWGDWHGth0D\H[SUHVVHGDQXQPRGL¿HG
RSLQLRQ2XURSLQLRQLVQRWPRGL¿HGLQUHVSHFWRIDERYHPDWWHU
Report on Other Legal and Regulatory Requirements
$VUHTXLUHGE\6HFWLRQ RIWKH$FWEDVHGRQRXUDXGLWDQGRQWKHFRQVLGHUDWLRQRIWKHUHSRUWRIWKHRWKHUDXGLWRURQWKHVHSDUDWH
¿QDQFLDOVWDWHPHQWVUHIHUUHGLQWKH2WKHU0DWWHUVSDUDJUDSKDERYHZHUHSRUWWRWKHH[WHQWDSSOLFDEOHWKDWZHUHSRUWWKDW
D :HWKHRWKHUDXGLWRUVZKRVHUHSRUWVZHKDYHUHOLHGXSRQKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQGH[SODQDWLRQVZKLFK
WRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIZHUHQHFHVVDU\IRUWKHSXUSRVHVRIRXUDXGLWRIWKHDIRUHVDLGFRQVROLGDWHG¿QDQFLDO
VWDWHPHQWV
E ,Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV UHTXLUHG E\ ODZ UHODWLQJ WR SUHSDUDWLRQ RI WKH DIRUHVDLG FRQVROLGDWHG ¿QDQFLDO
VWDWHPHQWVKDYHEHHQNHSWVRIDUDVLWDSSHDUVIURPRXUH[DPLQDWLRQRIWKRVHERRNVDQGWKHUHSRUWVRIRWKHUDXGLWRUV
F 7KH&RQVROLGDWHG%DODQFH6KHHWWKH&RQVROLGDWHG6WDWHPHQWRI3UR¿WDQG/RVV LQFOXGLQJ2WKHU&RPSUHKHQVLYH,QFRPH WKH
&RQVROLGDWHG&DVK)ORZ6WDWHPHQWDQG&RQVROLGDWHG6WDWHPHQWRI&KDQJHVLQ(TXLW\GHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQW
ZLWKWKHUHOHYDQWERRNVRIDFFRXQWPDLQWDLQHGIRUWKHSXUSRVHRISUHSDUDWLRQRIWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV
G ,QRXURSLQLRQWKHDIRUHVDLGFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVFRPSO\ZLWKWKH,QGLDQ$FFRXQWLQJ6WDQGDUGVSUHVFULEHGXQGHU
6HFWLRQRIWKH$FWUHDGZLWKWKH&RPSDQLHV ,QGLDQ$FFRXQWLQJ6WDQGDUGV 5XOHV
H 2QWKHEDVLVRIWKHZULWWHQUHSUHVHQWDWLRQVUHFHLYHGIURPWKHGLUHFWRUVRIWKH3DUHQWDVRQst0DUFKDQGWDNHQRQUHFRUG
E\WKH%RDUGRI'LUHFWRUVRIWKH3DUHQWDQGWKHUHSRUWVRIWKHVWDWXWRU\DXGLWRUVRILWVVXEVLGLDULHVFRPSDQLHVLQFRUSRUDWHGLQ
,QGLDQRQHRIWKHGLUHFWRUVRIWKH*URXSFRPSDQLHVLQFRUSRUDWHGLQ,QGLDLVGLVTXDOL¿HGDVRQst0DUFKIURPEHLQJ
DSSRLQWHGDVDGLUHFWRULQWHUPVRI6HFWLRQ RIWKH$FW
I :LWK UHVSHFW WR WKH DGHTXDF\ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV ZLWK UHIHUHQFH WR ¿QDQFLDO VWDWHPHQWV DQG WKH RSHUDWLQJ
HႇHFWLYHQHVV RI VXFK FRQWUROV UHIHU WR RXU VHSDUDWH 5HSRUW LQ ³$11(;85($´ ZKLFK LV EDVHG RQ WKH DXGLWRU¶V UHSRUWV RI
WKH3DUHQWDQGVXEVLGLDULHVFRPSDQLHVLQFRUSRUDWHGLQ,QGLDWRZKRPLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDO
VWDWHPHQWVLVDSSOLFDEOH

J :LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRU¶V5HSRUWLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIVHFWLRQ
RIWKH$FWDVDPHQGHG
,QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVDQGEDVHGRQWKHFRQVLGHUDWLRQ
RIUHSRUWVRIRWKHUVWDWXWRU\DXGLWRURIWKHVXEVLGLDULHVLQFRUSRUDWHGLQ,QGLDWKHPDQDJHULDOUHPXQHUDWLRQIRUWKH\HDUHQGHG
31st0DUFKKDVEHHQSDLGRUSURYLGHGE\WKH+ROGLQJ&RPSDQ\DQGLWVVXEVLGLDULHVLQFRUSRUDWHGLQ,QGLDWRWKHLUGLUHFWRUV
LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI VHFWLRQ UHDG ZLWK 6FKHGXOH 9 WR WKH$FW +RZHYHU UHPXQHUDWLRQ SDLG E\ RQH RI
WKH VXEVLGLDU\ FRPSDQLHV WR 0DQDJLQJ 'LUHFWRU RI WKDW VXEVLGLDU\ FRPSDQ\ DPRXQWLQJ WR ` ODNKV LV VXEMHFW WR WKH
VKDUHKROGHU¶VDSSURYDO
K :LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRU¶V5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH&RPSDQLHV $XGLWDQG
$XGLWRU¶V 5XOHVDVDPHQGHGLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQ
WRXV
L 7KHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVGLVFORVHWKHLPSDFWRISHQGLQJOLWLJDWLRQVRQWKHFRQVROLGDWHG¿QDQFLDOSRVLWLRQRI
WKH*URXS5HIHU1RWHWRWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV
LL 7KH*URXSGLGQRWKDYHDQ\PDWHULDOIRUHVHHDEOHORVVHVRQORQJWHUPFRQWUDFWVLQFOXGLQJGHULYDWLYHFRQWUDFWV
LLL 7KHUHZHUHQRDPRXQWVZKLFKZHUHUHTXLUHGWREHWUDQVIHUUHGWRWKH,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGE\WKH
*URXS
LY D 7KH UHVSHFWLYH 0DQDJHPHQWV RI WKH &RPSDQ\ DQG LWV VXEVLGLDULHV ZKLFK DUH FRPSDQLHV LQFRUSRUDWHG LQ ,QGLD
ZKRVH¿QDQFLDOVWDWHPHQWVKDYHEHHQDXGLWHGXQGHUWKH$FWKDYHUHSUHVHQWHGWRXVDQGWKHRWKHUDXGLWRUVRIVXFK
VXEVLGLDULHVWKDWWRWKHEHVWRIWKHLUNQRZOHGJHDQGEHOLHIDVGLVFORVHGLQWKHQRWHVWRWKHFRQVROLGDWHG¿QDQFLDO
VWDWHPHQWVQRIXQGVKDYHEHHQDGYDQFHGRUORDQHGRULQYHVWHG HLWKHUIURPERUURZHGIXQGVRUVKDUHSUHPLXP
RUDQ\RWKHUVRXUFHVRUNLQGRIIXQGV E\WKH&RPSDQ\RUDQ\RIVXFKVXEVLGLDULHVWRRULQDQ\RWKHUSHUVRQ V
RUHQWLW\ LHV LQFOXGLQJIRUHLJQHQWLWLHV ³,QWHUPHGLDULHV´ ZLWKWKHXQGHUVWDQGLQJZKHWKHUUHFRUGHGLQZULWLQJRU
RWKHUZLVHWKDWWKH,QWHUPHGLDU\VKDOOGLUHFWO\RULQGLUHFWO\OHQGRULQYHVWLQRWKHUSHUVRQVRUHQWLWLHVLGHQWL¿HGLQ
DQ\PDQQHUZKDWVRHYHUE\RURQEHKDOIRIWKH&RPSDQ\RUDQ\RIVXFKVXEVLGLDULHV ³8OWLPDWH%HQH¿FLDULHV´ RU
SURYLGHDQ\JXDUDQWHHVHFXULW\RUWKHOLNHRQEHKDOIRIWKH8OWLPDWH%HQH¿FLDULHV
E 7KH UHVSHFWLYH 0DQDJHPHQWV RI WKH &RPSDQ\ DQG LWV VXEVLGLDULHV ZKLFK DUH FRPSDQLHV LQFRUSRUDWHG LQ ,QGLD
ZKRVH¿QDQFLDOVWDWHPHQWVKDYHEHHQDXGLWHGXQGHUWKH$FWKDYHUHSUHVHQWHGWRXVDQGWKHRWKHUDXGLWRUVRIVXFK
VXEVLGLDULHVWKDWWRWKHEHVWRIWKHLUNQRZOHGJHDQGEHOLHIDVGLVFORVHGLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVQR
IXQGVKDYHEHHQUHFHLYHGE\WKH&RPSDQ\RUDQ\RIVXFKVXEVLGLDULHVIURPDQ\SHUVRQ V RUHQWLW\ LHV LQFOXGLQJ
IRUHLJQ HQWLWLHV ³)XQGLQJ 3DUWLHV´ ZLWK WKH XQGHUVWDQGLQJ ZKHWKHU UHFRUGHG LQ ZULWLQJ RU RWKHUZLVH WKDW WKH
&RPSDQ\RUDQ\RIVXFKVXEVLGLDULHVVKDOOGLUHFWO\RULQGLUHFWO\OHQGRULQYHVWLQRWKHUSHUVRQVRUHQWLWLHVLGHQWL¿HG
LQDQ\PDQQHUZKDWVRHYHUE\RURQEHKDOIRIWKH)XQGLQJ3DUW\ ³8OWLPDWH%HQH¿FLDULHV´ RUSURYLGHDQ\JXDUDQWHH
VHFXULW\RUWKHOLNHRQEHKDOIRIWKH8OWLPDWH%HQH¿FLDULHV
c) Based on the audit procedures that has been considered reasonable and appropriate in the circumstances
SHUIRUPHGE\XVDQGWKRVHSHUIRUPHGE\WKHDXGLWRUVRIWKHVXEVLGLDULHVZKLFKDUHFRPSDQLHVLQFRUSRUDWHGLQ
,QGLD ZKRVH ¿QDQFLDO VWDWHPHQWV KDYH EHHQ DXGLWHG XQGHU WKH$FW QRWKLQJ KDV FRPH WR RXU RU RWKHU DXGLWRU¶V
QRWLFHWKDWKDYHFDXVHGXVRUWKHRWKHUDXGLWRUVWREHOLHYHWKDWWKHUHSUHVHQWDWLRQVXQGHUSDUDJUDSK K LY D
DQG E DERYHFRQWDLQDQ\PDWHULDOPLVVWDWHPHQW
Y 7KHGLYLGHQGSDLGE\WKH3DUHQW&RPSDQ\GXULQJWKH\HDULVLQDFFRUGDQFHZLWKVHFWLRQRIWKH$FWWRWKHH[WHQW
DSSOLFDEOH7KHVXEVLGLDU\FRPSDQLHVLQFRUSRUDWHGLQ,QGLDKDVQRWGHFODUHGRUSDLGDQ\GLYLGHQGGXULQJWKH\HDU
YL :LWK UHVSHFW WR WKH PDWWHUV VSHFL¿HG LQ SDUDJUDSKV [[L DQG RI WKH &RPSDQLHV $XGLWRU¶V 5HSRUW 2UGHU
³WKH2UGHU´RU³&$52´ LVVXHGE\WKH&HQWUDO*RYHUQPHQWLQWHUPVRI6HFWLRQ RIWKH$FWWREHLQFOXGHGLQWKH
$XGLWRU¶VUHSRUWDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGEDVHGRQWKH&$52UHSRUWVLVVXHGE\
XVDQGWKHDXGLWRUVRIUHVSHFWLYHFRPSDQLHVLQFOXGHGLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\WRZKLFK
UHSRUWLQJXQGHU&$52LVDSSOLFDEOHSURYLGHGWRXVE\WKH0DQDJHPHQWRIWKH&RPSDQ\ZHUHSRUWWKDWWKHUHDUHQR
TXDOL¿FDWLRQRUDGYHUVHUHPDUNVE\WKHUHVSHFWLYHDXGLWRUVLQWKH&$52UHSRUWRIWKHVDLGFRPSDQLHVLQFOXGHGLQWKH
FRQVROLGDWHG¿QDQFLDOVWDWHPHQWV

)LUP5HJ1R::
R. Koria
Partner
0HPEHUVKLS1R
8',11R$,8$+$
3ODFH 0XPEDL
'DWHGth0D\

ANNEXURE A” TO INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Report on the Internal Financial Controls with reference to Financial Statements under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”)
,QFRQMXQFWLRQZLWKRXUDXGLWRIWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DVRIDQGIRUWKH\HDUHQGHGst0DUFK
ZHKDYHDXGLWHGWKHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWVRIBOROSIL LIMITED KHUHLQDIWHUUHIHUUHGWR
DV³WKH+ROGLQJ&RPSDQ\´³3DUHQW´ DQGLWVVXEVLGLDU\FRPSDQLHVZKLFKDUHFRPSDQLHVLQFRUSRUDWHGLQ,QGLDDVRIWKDWGDWH
Management’s Responsibility for Internal Financial Controls
7KH UHVSHFWLYH %RDUG RI 'LUHFWRUV RI WKH 3DUHQW DQG LWV VXEVLGLDU\ FRPSDQLHV ZKLFK DUH FRPSDQLHV LQFRUSRUDWHG LQ ,QGLD DUH
UHVSRQVLEOH IRU HVWDEOLVKLQJ DQG PDLQWDLQLQJ LQWHUQDO ¿QDQFLDO FRQWUROV EDVHG RQ WKH LQWHUQDO FRQWURO ZLWK UHIHUHQFH WR ¿QDQFLDO
VWDWHPHQWVFULWHULDHVWDEOLVKHGE\WKHUHVSHFWLYHFRPSDQLHVFRQVLGHULQJWKHHVVHQWLDOFRPSRQHQWVRILQWHUQDOFRQWUROVWDWHGLQWKH
*XLGDQFH 1RWH RQ$XGLW RI ,QWHUQDO )LQDQFLDO &RQWUROV 2YHU )LQDQFLDO 5HSRUWLQJ WKH ³*XLGDQFH 1RWH´ LVVXHG E\ WKH ,QVWLWXWH RI
&KDUWHUHG$FFRXQWDQWV RI ,QGLD ,&$, 7KHVH UHVSRQVLELOLWLHV LQFOXGH WKH GHVLJQ LPSOHPHQWDWLRQ DQG PDLQWHQDQFH RI DGHTXDWH
LQWHUQDO ¿QDQFLDO FRQWUROV WKDW ZHUH RSHUDWLQJ HႇHFWLYHO\ IRU HQVXULQJ WKH RUGHUO\ DQG HႈFLHQW FRQGXFW RI LWV EXVLQHVV LQFOXGLQJ
DGKHUHQFHWRWKHUHVSHFWLYHFRPSDQ\¶VSROLFLHVWKHVDIHJXDUGLQJRILWVDVVHWVWKHSUHYHQWLRQDQGGHWHFWLRQRIIUDXGVDQGHUURUV
WKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRIUHOLDEOH¿QDQFLDOLQIRUPDWLRQDVUHTXLUHG
XQGHUWKH$FW
Auditor’s Responsibility
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWVRIWKH3DUHQWDQG
LWVVXEVLGLDU\FRPSDQLHVZKLFKDUHFRPSDQLHVLQFRUSRUDWHGLQ,QGLDEDVHGRQRXUDXGLW:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWK
WKH*XLGDQFH1RWHDQGWKH6WDQGDUGVRQ$XGLWLQJSUHVFULEHGXQGHU6HFWLRQ RIWKH$FWWRWKHH[WHQWDSSOLFDEOHWRDQDXGLW
RILQWHUQDO¿QDQFLDOFRQWUROV7KRVH6WDQGDUGVDQGWKH*XLGDQFH1RWHUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQ
DQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDO
VWDWHPHQWVZDVHVWDEOLVKHGDQGPDLQWDLQHGDQGLIVXFKFRQWUROVRSHUDWHGHႇHFWLYHO\LQDOOPDWHULDOUHVSHFWV
2XUDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDGHTXDF\RIWKHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFH
WR¿QDQFLDOVWDWHPHQWVDQGWKHLURSHUDWLQJHႇHFWLYHQHVV2XUDXGLWRILQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWV
LQFOXGHGREWDLQLQJDQXQGHUVWDQGLQJRILQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWVDVVHVVLQJWKHULVNWKDWD
PDWHULDOZHDNQHVVH[LVWVDQGWHVWLQJDQGHYDOXDWLQJWKHGHVLJQDQGRSHUDWLQJHႇHFWLYHQHVVRILQWHUQDOFRQWUROEDVHGRQWKHDVVHVVHG
ULVN7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRU¶VMXGJHPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRI
WKH¿QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGDQGWKHDXGLWHYLGHQFHREWDLQHGE\WKHRWKHUDXGLWRURIWKHVXEVLGLDU\FRPSDQLHV
ZKLFKDUHFRPSDQLHVLQFRUSRUDWHGLQ,QGLDLQWHUPVRIKLVUHSRUWUHIHUUHGWRLQWKH2WKHU0DWWHUVSDUDJUDSKEHORZLVVXႈFLHQWDQG
DSSURSULDWH WR SURYLGH D EDVLV IRU RXU DXGLW RSLQLRQ RQ WKH LQWHUQDO ¿QDQFLDO FRQWUROV ZLWK UHIHUHQFH WR WKH FRQVROLGDWHG ¿QDQFLDO
VWDWHPHQWVRIWKH3DUHQW&RPSDQ\
Meaning of Internal Financial Controls With reference to Financial Statements
$FRPSDQ\¶VLQWHUQDO¿QDQFLDOFRQWUROZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWVLVDSURFHVVGHVLJQHGWRSURYLGHUHDVRQDEOHDVVXUDQFH
UHJDUGLQJWKHUHOLDELOLW\RI¿QDQFLDOUHSRUWLQJDQGWKHSUHSDUDWLRQRI¿QDQFLDOVWDWHPHQWVIRUH[WHUQDOSXUSRVHVLQDFFRUGDQFHZLWK
JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV $ FRPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWURO ZLWK UHIHUHQFH WR ¿QDQFLDO VWDWHPHQWV LQFOXGHV
WKRVHSROLFLHVDQGSURFHGXUHVWKDW SHUWDLQWRWKHPDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOHGHWDLODFFXUDWHO\DQGIDLUO\UHÀHFW
WKHWUDQVDFWLRQVDQGGLVSRVLWLRQVRIWKHDVVHWVRIWKHFRPSDQ\ SURYLGHUHDVRQDEOHDVVXUDQFHWKDWWUDQVDFWLRQVDUHUHFRUGHG
DVQHFHVVDU\WRSHUPLWSUHSDUDWLRQRI¿QDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVDQGWKDW
UHFHLSWVDQGH[SHQGLWXUHVRIWKHFRPSDQ\DUHEHLQJPDGHRQO\LQDFFRUGDQFHZLWKDXWKRULVDWLRQVRIPDQDJHPHQWDQGGLUHFWRUVRI
WKHFRPSDQ\DQG SURYLGHUHDVRQDEOHDVVXUDQFHUHJDUGLQJSUHYHQWLRQRUWLPHO\GHWHFWLRQRIXQDXWKRULVHGDFTXLVLWLRQXVHRU
GLVSRVLWLRQRIWKHFRPSDQ\¶VDVVHWVWKDWFRXOGKDYHDPDWHULDOHႇHFWRQWKH¿QDQFLDOVWDWHPHQWV

Inherent Limitations of Internal Financial Controls With reference to Financial Statements
%HFDXVHRIWKHLQKHUHQWOLPLWDWLRQVRILQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWVLQFOXGLQJWKHSRVVLELOLW\RI
FROOXVLRQRULPSURSHUPDQDJHPHQWRYHUULGHRIFRQWUROVPDWHULDOPLVVWDWHPHQWVGXHWRHUURURUIUDXGPD\RFFXUDQGQRWEHGHWHFWHG
$OVRSURMHFWLRQVRIDQ\HYDOXDWLRQRIWKHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWVWRIXWXUHSHULRGVDUHVXEMHFW
WRWKHULVNWKDWWKHLQWHUQDO¿QDQFLDOFRQWUROZLWKUHIHUHQFHWR¿QDQFLDOVWDWHPHQWVPD\EHFRPHLQDGHTXDWHEHFDXVHRIFKDQJHVLQ
FRQGLWLRQVRUWKDWWKHGHJUHHRIFRPSOLDQFHZLWKWKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH
Opinion
,QRXURSLQLRQWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVDQGEDVHGRQWKHFRQVLGHUDWLRQRIWKH
UHSRUWVRIWKHRWKHUDXGLWRUVUHIHUUHGWRLQWKH2WKHU0DWWHUVSDUDJUDSKEHORZWKH3DUHQWDQGLWVVXEVLGLDU\FRPSDQLHVZKLFKDUH
FRPSDQLHVLQFRUSRUDWHGLQ,QGLDKDYHLQDOOPDWHULDOUHVSHFWVDQDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWR&RQVROLGDWHG
)LQDQFLDO6WDWHPHQWVDQGVXFKLQWHUQDO¿QDQFLDOFRQWUROVZHUHRSHUDWLQJHႇHFWLYHO\DVDWst0DUFKEDVHGRQWKHFULWHULDIRU
LQWHUQDO¿QDQFLDOFRQWUROZLWKUHIHUHQFHWRFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVHVWDEOLVKHGE\WKHUHVSHFWLYHFRPSDQLHVFRQVLGHULQJWKH
HVVHQWLDOFRPSRQHQWVRILQWHUQDOFRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJ
LVVXHGE\WKH,&$,
Other Matters
2XU DIRUHVDLG UHSRUW XQGHU 6HFWLRQ L RI WKH $FW RQ WKH DGHTXDF\ DQG RSHUDWLQJ HႇHFWLYHQHVV RI WKH LQWHUQDO ¿QDQFLDO
FRQWUROVZLWKUHIHUHQFHWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVLQVRIDUDVLWUHODWHVWRVXEVLGLDU\FRPSDQLHVZKLFKDUHFRPSDQLHV
LQFRUSRUDWHG LQ ,QGLD LV EDVHG VROHO\ RQ WKH FRUUHVSRQGLQJ UHSRUWV RI WKH DXGLWRUV RI VXFK FRPSDQLHV LQFRUSRUDWHG LQ ,QGLD 2XU
RSLQLRQLVQRWPRGL¿HGLQUHVSHFWRIWKHDERYHPDWWHUV

)LUP5HJ1R::
R. Koria
Partner
0HPEHUVKLS1R
8',11R$,8$+$
3ODFH 0XPEDL
'DWHGth MD\

BOROSIL LIMITED
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2022
(` in lakhs)
Particulars Note As at As at
No. 31st March, 2022 31st March, 2021
I. ASSETS
1 Non-current Assets:
(a) 3URSHUW\3ODQWDQG(TXLSPHQW 6
(b) &DSLWDO:RUNLQ3URJUHVV 6
(c) Investment Property
(d) *RRGZLOO
(e) 2WKHU,QWDQJLEOH$VVHWV
I )LQDQFLDO$VVHWV
(i) Investments
(ii) /RDQV
(iii) 2WKHU)LQDQFLDO$VVHWV 11
(g) 'HIHUUHG7D[$VVHWV QHW
(h) $UW:RUNV
(i) 1RQFXUUHQW7D[$VVHWV QHW
M 2WKHU1RQFXUUHQW$VVHWV 39,922.56 42,599.35
2 Current Assets:
(a) Inventories 13
(b) )LQDQFLDO$VVHWV
(i) Investments
(ii) 7UDGH5HFHLYDEOHV
(iii) &DVKDQG&DVK(TXLYDOHQWV 16
(iv) %DQN%DODQFHV2WKHUWKDQ LLL DERYH
(v) /RDQV
(vi) 2WKHU)LQDQFLDO$VVHWV
(c) 2WKHU&XUUHQW$VVHWV
(d) $VVHWVKHOGIRU6DOH 55,766.95 43,660.85
TOTAL ASSETS 95,689.51 86,260.20
II. EQUITY AND LIABILITIES
EQUITY:
(a) (TXLW\6KDUH&DSLWDO
(b) 2WKHU(TXLW\
Equity attributable to the Owners 76,722.80 69,475.31
1RQFRQWUROOLQJ,QWHUHVW
Total Equity 78,325.06 70,761.62
LIABILITIES
1 Non-current Liabilities:
(i) %RUURZLQJV
(ii) /HDVH/LDELOLWLHV
(b) Provisions
(c) 'HIHUUHG7D[/LDELOLWLHV QHW 2,487.41 2,164.21
2 Current Liabilities:
(i) %RUURZLQJV
(ii) /HDVH/LDELOLWLHV
(iii) 7UDGH3D\DEOHV
$ 'XHWR0LFURDQG6PDOO(QWHUSULVHV
% 'XHWR2WKHUWKDQ0LFURDQG6PDOO(QWHUSULVHV
5,709.78 5,163.55
(iv) 2WKHU)LQDQFLDO/LDELOLWLHV
(b) 2WKHU&XUUHQW/LDELOLWLHV
(c) Provisions
(d) &XUUHQW7D[/LDELOLWLHV QHW 14,877.04 13,334.37
TOTAL EQUITY AND LIABILITIES 95,689.51 86,260.20
6LJQL¿FDQW $FFRXQWLQJ 3ROLFLHV DQG 1RWHV WR &RQVROLGDWHG )LQDQFLDO WR
Statements
',1 ',1
R. Koria
Partner
0HPEHUVKLS1R Anand Sultania Anshu Agarwal
'DWH

BOROSIL LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in lakhs)
Particulars Note For the For the
No. Year Ended Year Ended
I. Income
5HYHQXHIURP2SHUDWLRQV 31
2WKHU,QFRPH
Total Income (I) 86,443.64 60,161.22
II. Expenses:
&RVWRI0DWHULDOV&RQVXPHG
3XUFKDVHVRI6WRFNLQ7UDGH
&KDQJHVLQ,QYHQWRULHVRI:RUNLQ3URJUHVV)LQLVKHG*RRGVDQG6WRFNLQ7UDGH 33
(PSOR\HH%HQH¿WV([SHQVH
Finance Costs
'HSUHFLDWLRQDQG$PRUWLVDWLRQ([SHQVH 36
2WKHU([SHQVHV
Total Expenses (II) 73,121.19 54,037.28
III. 3UR¿W%HIRUH6KDUHLQ3UR¿WRI$VVRFLDWH([FHSWLRQDO,WHPVDQG7D[ ,,, 13,322.45 6,123.94
,9 6KDUHLQ3UR¿WRI$VVRFLDWHV
V. 3UR¿W%HIRUH([FHSWLRQDO,WHPVDQG7D[ ,,,,9 13,322.45 6,123.94
9, ([FHSWLRQDO,WHPV
VII. 3UR¿W%HIRUH7D[ 99, 12,201.28 6,123.94
VIII. Tax Expense:
&XUUHQW7D[
'HIHUUHG7D[([SHQVHV
IX. 3UR¿WIRUWKH<HDU 9,,9,,, 8,523.05 4,235.55
X. Other Comprehensive Income (OCI)
,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWRSUR¿WRUORVV
5HPHDVXUHPHQWJDLQV ORVVHV RQ'H¿QHG%HQH¿W3ODQV
,QFRPH7D[HႇHFWRQDERYH
Total Other Comprehensive Income (9.73) 28.59
XI. 7RWDO&RPSUHKHQVLYH,QFRPHIRUWKH<HDU ,;; 8,513.32 4,264.14

XII. 3UR¿WDWWULEXWDEOHWR
2ZQHUVRIWKH&RPSDQ\
8,523.05 4,235.55
XIII. Other Comprehensive Income attributable to
2ZQHUVRIWKH&RPSDQ\
(9.73) 28.59
XIV. Total Comprehensive Income attributable to
2ZQHUVRIWKH&RPSDQ\
8,513.32 4,264.14
XV. Earnings per Equity Share of ` 1/- each (in `)
%DVLF
'LOXWHG
6LJQL¿FDQW$FFRXQWLQJ3ROLFLHVDQG1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV WR
',1 ',1
R. Koria
Partner
'DWH

BOROSIL LIMITED
188
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2022
A. Equity Share Capital (` in lakhs)
Particulars As at 1st Changes As at 31st Changes As at 31st

April, 2020 during 2020-21 March, 2021 during 2021-22 March, 2022
(TXLW\6KDUH&DSLWDO 5HIHU1RWH 1,140.60 1,141.19 1,141.63
B. Other Equity (` in lakhs)
Particulars Attributable to equity owners Non- Total

Reserves and Surplus Items of Other Total Other controlling
Comprehensive Equity Interest
Capital Capital General Securities Share Retained
Reserve Reserve on Reserve premium Based Earnings Income
Business Payment Remeasurement
Combination Reserve RI'H¿QHG%HQH¿W
Plans
Balance as at 1st April, 2020 15.00 8,597.08 500.00 - 0.65 54,674.37 (134.52) 63,652.58 1,260.87 64,913.45
7RWDO&RPSUHKHQVLYH,QFRPH 4,238.70 4,264.14
([HUFLVHRI(PSOR\HH6WRFNRSWLRQ 5HIHU1RWH 75.96 75.96
st
Balance as at 31 March, 2021 15.00 8,597.08 500.00 117.74 325.75 58,884.80 (106.25) 68,334.12 1,286.31 69,620.43
7RWDO&RPSUHKHQVLYH,QFRPH 8,361.58 8,513.32
'LYLGHQG3DLG (1,141.19) (1,141.19)
2SWLRQFDQFHOOHGGXULQJWKH\HDU 5HIHU1RWH
([HUFLVHRI(PSOR\HH6WRFNRSWLRQ 5HIHU1RWH 54.76 54.76
7UDQVIHUUHGWR1RQFRQWUROOLQJ,QWHUHVW 1&, RQ (164.21) -
DFFRXQWRIFKDQJHVLQ2ZQHUVKLS,QWHUHVW
Balance as at 31st March, 2022 15.00 8,597.08 500.00 202.21 427.86 65,956.72 (117.70) 75,581.17 1,602.26 77,183.43
',1 ',1
R. Koria
Partner Anand Sultania Anshu Agarwal
0HPEHUVKLS1R &KLHI)LQDQFLDO2ႈFHU Company Secretary
0HPEHUVKLS1R)&6
3ODFH0XPEDL
'DWH
Annual Report 2021 - 2022

BOROSIL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH, 2022
(` in lakhs)
A. Cash Flow from Operating Activities
3UR¿W%HIRUH7D[DVSHU&RQVROLGDWHG6WDWHPHQWRI3UR¿WDQG/RVV 12,201.28 6,123.94
Adjusted for:
'HSUHFLDWLRQDQG$PRUWLVDWLRQ([SHQVH
/RVV *DLQ RQ)RUHLJQ&XUUHQF\7UDQVDFWLRQVDQG7UDQVODWLRQV QHW
'LYLGHQG,QFRPH
Interest Income
*DLQRQ)LQDQFLDO,QVWUXPHQWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRU
loss (net)
/RVV *DLQ RQ 6DOH GLVFDUGLQJ RI 3URSHUW\ 3ODQW DQG (TXLSPHQW
(net)
,QYHVWPHQW$GYLVRU\&KDUJHV
6KDUH%DVHG3D\PHQW([SHQVH
Finance Costs
6XQGU\%DODQFHV([FHVV3URYLVLRQ:ULWWHQ%DFN QHW
/RVVGXHWR)LUH UHODWHGWR3URSHUW\3ODQWDQG(TXLSPHQWV
3URYLVLRQIRU,PSDLUPHQWRI1RQ&XUUHQW$VVHWV
%DG'HEWV
3URYLVLRQIRU&UHGLW,PSDLUHG'RXEWIXO$GYDQFHV QHW
2SHUDWLQJ3UR¿WEHIRUH:RUNLQJ&DSLWDO&KDQJHV 14,762.77 9,280.46
Adjusted for:
7UDGHDQG2WKHU5HFHLYDEOHV
Inventories
7UDGHDQG2WKHU3D\DEOHV (4,304.24) 10,182.32
Cash generated from Operations 10,458.53 19,462.78
'LUHFW7D[HV3DLG QHW
Net Cash from Operating Activities 7,656.75 18,568.71
B. Cash Flow from Investing Activities

3XUFKDVHRI3URSHUW\3ODQWDQG(TXLSPHQW
6DOHRI3URSHUW\3ODQWDQG(TXLSPHQW
3XUFKDVHRI,QYHVWPHQWV
6DOHRI,QYHVWPHQWV
0RYHPHQWLQ/RDQV QHW
,QYHVWPHQW$GYLVRU\&KDUJHV3DLG
,QFRPH,QWHUHVWRQ,QYHVWPHQW/RDQV
'LYLGHQG5HFHLYHG
Net Cash (Used in) Investing Activities (3,699.06) (13,669.42)

BOROSIL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH, 2022
(` in lakhs)
C. Cash Flow from Financing Activities
3URFHHGVIURPLVVXHRI6KDUH&DSLWDO
5HSD\PHQWRI1RQFXUUHQW%RUURZLQJV
0RYHPHQWLQ&XUUHQW%RUURZLQJV QHW
Margin Money (net)
/HDVH3D\PHQWV
'LYLGHQG3DLG
Interest Paid
Net Cash (used in) Financing Activities (2,355.97) (4,507.64)
1HW,QFUHDVH 'HFUHDVH LQ&DVKDQG&DVK(TXLYDOHQWV $%& 1,601.72 391.65

8QUHDOLVHG*DLQ ORVV RQ)RUHLJQ&XUUHQF\7UDQVDFWLRQV QHW

8QUHDOLVHG*DLQ ORVV RQ)RUHLJQ&XUUHQF\7UDQVDFWLRQV QHW
Notes:
1 &KDQJHVLQOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHVRQDFFRXQWRI1RQFXUUHQWDQG&XUUHQW%RUURZLQJV
(` in lakhs)
2SHQLQJEDODQFHRIOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHV
$GG&KDQJHVIURP¿QDQFLQJFDVKÀRZV
&ORVLQJEDODQFHRIOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHV
%UDFNHWLQGLFDWHVFDVKRXWÀRZ
3 3UHYLRXV<HDU¿JXUHVKDYHEHHQUHJURXSHGDQGUHDUUDQJHGZKHUHYHUQHFHVVDU\
7KHDERYHFRQVROLGDWHGVWDWHPHQWRIFDVKÀRZKDVEHHQSUHSDUHGXQGHUWKH³,QGLUHFW0HWKRG´DVVHWRXWLQ,QG$6³6WDWHPHQW
RI&DVK)ORZ´
',1 ',1
R. Koria
Partner
'DWH

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022
Note 1 CORPORATE INFORMATION:
7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVFRPSULVH¿QDQFLDOVWDWHPHQWVRI%RURVLO/LPLWHG ³%/´ ³WKHFRPSDQ\´ DQGLWVVXEVLGLDULHV
QDPHO\.ODVV3DFN/LPLWHG ³.3/´ %RURVLO7HFKQRORJLHV/LPLWHG ³%7/´ DQG$FDO\SKD5HDOW\/LPLWHG ³$5/´ FROOHFWLYHO\
³WKH*URXS´ IRUWKH\HDUHQGHGst0DUFK7KH&RPSDQ\LVDSXEOLFOLPLWHGFRPSDQ\GRPLFLOHGDQGLQFRUSRUDWHGLQ,QGLD
,WVVKDUHVDUHSXEOLFO\WUDGHGRQWKH%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHGLQ,QGLD7KHUHJLVWHUHGRႈFH
RIWKH&RPSDQ\LVVLWXDWHGDWth)ORRU&UHVFHQ]R*%ORFN2SS0&$&OXE%DQGUD.XUOD&RPSOH[%DQGUD (DVW
0XPEDL
*URXS LV HQJDJHG LQ WKH EXVLQHVV RI PDQXIDFWXULQJ DQG WUDGLQJ RI 6FLHQWL¿F ,QGXVWULDO 3URGXFWV 6,3 DQG &RQVXPHU
3URGXFWV &3 6,3FRQVLVWRIODERUDWRU\JODVVZDUHLQVWUXPHQWVGLVSRVDEOHSODVWLFVOLTXLGKDQGOLQJV\VWHPVH[SORVLRQSURRI
OLJKWLQJJODVVZDUHJODVVDPSRXOHVDQGWDEXODUJODVVYLDOV&3FRQVLVWRIPLFURZDYDEOHDQGÀDPHSURRINLWFKHQZDUHJODVV
WXPEOHUVK\GUDERWWOHVWDEOHZDUHDQGGLQQHUZDUHDSSOLDQFHVVWRUDJHSURGXFWVDQGVWHHOVHUYHIUHVK
7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUWKH\HDUHQGHGst0DUFKZHUHDSSURYHGDQGDGRSWHGE\%RDUGRI'LUHFWRUV
LQWKHLUPHHWLQJKHOGRQth0D\
Note 2 BASIS OF PREPARATION:
7KHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVRIWKH*URXSKDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWK,QGLDQ$FFRXQWLQJ6WDQGDUGV ,QG
$6 DVQRWL¿HGXQGHUVHFWLRQRIWKH&RPSDQLHV$FWUHDGZLWKWKH&RPSDQLHV ,QGLDQ$FFRXQWLQJ6WDQGDUGV 5XOHV

7KHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGDQGSUHVHQWHGRQJRLQJFRQFHUQEDVLVDQGDWKLVWRULFDOFRVWEDVLV
H[FHSWIRUWKHIROORZLQJDVVHWVDQGOLDELOLWLHVZKLFKKDYHEHHQPHDVXUHGDVLQGLFDWHGEHORZ
&HUWDLQ¿QDQFLDODVVHWVDQGOLDELOLWLHVDWIDLUYDOXH UHIHUDFFRXQWLQJSROLF\UHJDUGLQJ¿QDQFLDOLQVWUXPHQWV
$VVHWVKHOGIRUGLVSRVDOLVPHDVXUHGDWWKHORZHURILWVFDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWWRVHOO
(PSOR\HH¶V'H¿QHG%HQH¿W3ODQVPHDVXUHGDVSHUDFWXDULDOYDOXDWLRQ
(PSOR\HH6WRFN2SWLRQ3ODQVPHDVXUHGDWIDLUYDOXH
7KHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ,QGLDQ5XSHHV ` ZKLFKLVWKH&RPSDQ\¶VIXQFWLRQDODQGSUHVHQWDWLRQ
FXUUHQF\DQGDOOYDOXHVDUHURXQGHGWRWKHQHDUHVWODNKVH[FHSWZKHQRWKHUZLVHLQGLFDWHG
Note 3 BASIS OF CONSOLIDATION:
7KHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVFRPSULVHWKH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHVDVDWst0DUFK
&RQWUROLVDFKLHYHGZKHQWKH*URXSLVH[SRVHGRUKDVULJKWVWRYDULDEOHUHWXUQVIURPLWVLQYROYHPHQWZLWKWKHLQYHVWHH
DQGKDVWKHDELOLW\WRDႇHFWWKRVHUHWXUQVWKURXJKLWVSRZHURYHUWKHLQYHVWHH
*HQHUDOO\ WKHUH LV D SUHVXPSWLRQ WKDW D PDMRULW\ RI YRWLQJ ULJKWV UHVXOW LQ FRQWURO 7R VXSSRUW WKLV SUHVXPSWLRQ DQG ZKHQ
WKH*URXSKDVOHVVWKDQDPDMRULW\RIWKHYRWLQJRUVLPLODUULJKWVRIDQLQYHVWHHWKH*URXSFRQVLGHUVDOOUHOHYDQWIDFWVDQG
FLUFXPVWDQFHVLQDVVHVVLQJZKHWKHULWKDVSRZHURYHUDQLQYHVWHHLQFOXGLQJWKHFRQWUDFWXDODUUDQJHPHQWZLWKWKHRWKHUYRWH
KROGHUVRIWKHLQYHVWHHULJKWVDULVLQJIURPRWKHUFRQWUDFWXDODUUDQJHPHQWVWKH*URXS¶VYRWLQJULJKWVDQGSRWHQWLDOYRWLQJULJKWV
DQGWKHVL]HRIWKH*URXS¶VKROGLQJRIYRWLQJULJKWVUHODWLYHWRWKHVL]HDQGGLVSHUVLRQRIWKHKROGLQJVRIWKHRWKHUYRWLQJULJKWV
KROGHUV
7KH*URXSUHDVVHVVHVZKHWKHURUQRWLWFRQWUROVDQLQYHVWHHLIIDFWVDQGFLUFXPVWDQFHVLQGLFDWHWKDWWKHUHDUHFKDQJHVWR
RQHRUPRUHRIWKHWKUHHHOHPHQWVRIFRQWURO&RQVROLGDWLRQRIDVXEVLGLDU\EHJLQVZKHQWKH*URXSREWDLQVFRQWURORYHUWKH
VXEVLGLDU\DQGFHDVHVZKHQWKH*URXSORVHVFRQWURORIWKHVXEVLGLDU\$VVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVRIDVXEVLGLDU\
DFTXLUHGGXULQJWKH\HDUDUHLQFOXGHGLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVIURPWKHGDWHWKH*URXSREWDLQVFRQWURODQG
DVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVRIDVXEVLGLDU\GLVSRVHGRႇGXULQJWKH\HDUDUHLQFOXGHGLQWKHFRQVROLGDWHG¿QDQFLDO
VWDWHPHQWVWLOOWKHGDWHWKH*URXSFHDVHVWRFRQWUROWKHVXEVLGLDU\
$QDVVRFLDWHLVDQHQWLW\RYHUZKLFKWKH*URXSKDVVLJQL¿FDQWLQÀXHQFH6LJQL¿FDQWLQÀXHQFHLVWKHSRZHUWRSDUWLFLSDWHLQWKH
¿QDQFLDODQGRSHUDWLQJSROLF\GHFLVLRQVRIWKHLQYHVWHHEXWKDVQRFRQWURORUMRLQWFRQWURORYHUWKRVHSROLFLHV
Consolidation procedure:
D &RPELQH OLNH LWHPV RI DVVHWV OLDELOLWLHV HTXLW\ LQFRPH H[SHQVHV DQG FDVK ÀRZV RI WKH SDUHQW ZLWK WKRVH RI LWV
VXEVLGLDULHV )RU WKLV SXUSRVH LQFRPH DQG H[SHQVHV RI WKH VXEVLGLDU\ DUH EDVHG RQ WKH DPRXQWV RI WKH DVVHWV DQG
OLDELOLWLHVUHFRJQLVHGLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVDWWKHDFTXLVLWLRQGDWH

E 2ႇVHW HOLPLQDWH WKHFDUU\LQJDPRXQWRIWKHSDUHQW¶VLQYHVWPHQWLQHDFKVXEVLGLDU\DQGWKHSDUHQW¶VSRUWLRQRIHTXLW\RI
HDFKVXEVLGLDU\7KHGLႇHUHQFHEHWZHHQWKHFRVWRILQYHVWPHQWLQWKHVXEVLGLDULHVDQGWKH3DUHQW¶VVKDUHRIQHWDVVHWV
DWWKHWLPHRIDFTXLVLWLRQRIFRQWUROLQWKHVXEVLGLDULHVLVUHFRJQLVHGLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWDVJRRGZLOO
+RZHYHUUHVXOWDQWJDLQ EDUJDLQSXUFKDVH LVUHFRJQL]HGLQRWKHUFRPSUHKHQVLYHLQFRPHRQWKHDFTXLVLWLRQGDWHDQG
DFFXPXODWHGWRFDSLWDOUHVHUYHLQHTXLW\
F ,QWUD*URXSEDODQFHVDQGWUDQVDFWLRQVDQGDQ\XQUHDOL]HGLQFRPHDQGH[SHQVHVDULVLQJIURPLQWUD*URXSWUDQVDFWLRQV
DUHHOLPLQDWHGLQSUHSDULQJWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV
G ,QWKHFDVHRIIRUHLJQVXEVLGLDULHVEHLQJQRQLQWHJUDOIRUHLJQRSHUDWLRQVUHYHQXHLWHPVDUHFRQVROLGDWHGDWWKHDYHUDJH
H[FKDQJHUDWHVSUHYDLOLQJGXULQJWKH\HDU$OODVVHWVDQGOLDELOLWLHVDUHFRQYHUWHGDWUDWHVSUHYDLOLQJDWWKHHQGRIWKH\HDU
&RPSRQHQWVRIHTXLW\DUHWUDQVODWHGDWFORVLQJUDWH$Q\JDLQ ORVV RQH[FKDQJHGLႇHUHQFHDULVLQJRQFRQVROLGDWLRQLV
UHFRJQL]HGLQWKH)RUHLJQ&XUUHQF\7UDQVODWLRQ5HVHUYH )&75 WKURXJK2&,
H &RQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVDQGHDFKFRPSRQHQWRI2&,DUHDWWULEXWHGWRWKHHTXLW\KROGHUVRIWKHSDUHQWRI
WKH*URXSDQGWRWKHQRQFRQWUROOLQJLQWHUHVWVHYHQLIWKLVUHVXOWVLQWKHQRQFRQWUROOLQJLQWHUHVWVKDYLQJDGH¿FLWEDODQFH
I )RUWKHDFTXLVLWLRQVRIDGGLWLRQDOLQWHUHVWVLQVXEVLGLDULHVZKHUHWKHUHLVQRFKDQJHLQWKHFRQWUROWKH*URXSUHFRJQLVHV
DUHGXFWLRQWRWKHQRQFRQWUROOLQJLQWHUHVWRIWKHUHVSHFWLYHVXEVLGLDU\ZLWKWKHGLႇHUHQFHEHWZHHQWKLV¿JXUHDQGWKH
FDVKSDLGLQFOXVLYHRIWUDQVDFWLRQIHHVEHLQJUHFRJQLVHGLQHTXLW\,QDGGLWLRQXSRQGLOXWLRQRIFRQWUROOLQJLQWHUHVWVWKH
GLႇHUHQFHEHWZHHQWKHFDVKUHFHLYHGIURPVDOHRUOLVWLQJRIWKHVXEVLGLDU\VKDUHVDQGWKHLQFUHDVHWRQRQFRQWUROOLQJ
LQWHUHVW LV DOVR UHFRJQLVHG LQ HTXLW\ ,I WKH *URXS ORVHV FRQWURO RYHU D VXEVLGLDU\ LW GHUHFRJQLVHV WKH UHODWHG DVVHWV
LQFOXGLQJJRRGZLOO OLDELOLWLHVQRQFRQWUROOLQJLQWHUHVWDQGRWKHUFRPSRQHQWVRIHTXLW\ZKLOHDQ\UHVXOWDQWJDLQRUORVVLV
UHFRJQLVHGLQFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV$Q\LQYHVWPHQWUHWDLQHGLVUHFRJQLVHGDWIDLUYDOXH7KHUHVXOWV
RIVXEVLGLDULHVDFTXLUHGRUGLVSRVHGRႇGXULQJWKH\HDUDUHLQFOXGHGLQWKHFRQVROLGDWHGVWDWHPHQWRI3UR¿WDQG/RVVIURP
WKHHႇHFWLYHGDWHRIDFTXLVLWLRQRUXSWRWKHHႇHFWLYHGDWHRIGLVSRVDODVDSSURSULDWH
J ,QWHUHVW LQ DVVRFLDWHV DUH FRQVROLGDWHG XVLQJ HTXLW\ PHWKRG DV SHU ,QG$6 ± µ,QYHVWPHQW LQ$VVRFLDWHV DQG -RLQW
9HQWXUHV¶7KH LQYHVWPHQW LQ DVVRFLDWHV LV LQLWLDOO\ UHFRJQLVHG DW FRVW 6XEVHTXHQWO\ XQGHU WKH HTXLW\ PHWKRG SRVW
DFTXLVLWLRQDWWULEXWDEOHSUR¿WORVVHVDQGRWKHUFRPSUHKHQVLYHLQFRPHDUHDGMXVWHGLQWKHFDUU\LQJYDOXHRILQYHVWPHQW
WRWKHH[WHQWRIWKH*URXS¶VLQYHVWPHQWLQWKHDVVRFLDWHV*RRGZLOOUHODWLQJWRWKHDVVRFLDWHLVLQFOXGHGLQWKHFDUU\LQJ
DPRXQWRIWKHLQYHVWPHQWDQGLVQRWWHVWHGIRULPSDLUPHQWLQGLYLGXDOO\
K &RQVROLGDWHG¿QDQFLDOVWDWHPHQWVDUHSUHSDUHGXVLQJXQLIRUPDFFRXQWLQJSROLFLHVIRUOLNHWUDQVDFWLRQVDQGRWKHUHYHQWV
LQVLPLODUFLUFXPVWDQFHV,IDQHQWLW\RIWKHJURXSXVHVDFFRXQWLQJSROLFLHVRWKHUWKDQWKRVHDGRSWHGLQWKHFRQVROLGDWHG
¿QDQFLDOVWDWHPHQWVIRUOLNHWUDQVDFWLRQVDQGHYHQWVLQVLPLODUFLUFXPVWDQFHVDSSURSULDWHDGMXVWPHQWVDUHPDGHWRWKDW
*URXSPHPEHU¶V¿QDQFLDOVWDWHPHQWVLQSUHSDULQJWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVWRHQVXUHFRQIRUPLW\ZLWKWKH
*URXS¶VDFFRXQWLQJSROLFLHV
L &RQVROLGDWHG¿QDQFLDOVWDWHPHQWVRIDOOHQWLWLHVXVHGIRUWKHSXUSRVHRIFRQVROLGDWLRQDUHGUDZQXSWRVDPHUHSRUWLQJ
GDWH DV WKDW RI WKH SDUHQW FRPSDQ\ :KHQ WKH HQG RI WKH UHSRUWLQJ SHULRG RI WKH SDUHQW LV GLႇHUHQW IURP WKDW RI D
VXEVLGLDU\LIDQ\WKHVXEVLGLDU\SUHSDUHVIRUFRQVROLGDWLRQSXUSRVHVDGGLWLRQDO¿QDQFLDOLQIRUPDWLRQDVRIWKHVDPHGDWH
DVWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVRIWKHSDUHQWWRHQDEOHWKHSDUHQWWRFRQVROLGDWHWKH¿QDQFLDOLQIRUPDWLRQRIWKH
VXEVLGLDU\XQOHVVLWLVLPSUDFWLFDEOHWRGRVR
Note 4 SIGNIFICANT ACCOUNTING POLICIES:
4.1 Business Combination and Goodwill/Capital Reserve:

7KH *URXS XVHV WKH SRROLQJ RI LQWHUHVW PHWKRG RI DFFRXQWLQJ WR DFFRXQW IRU FRPPRQ FRQWURO EXVLQHVV FRPELQDWLRQ DQG
DFTXLVLWLRQPHWKRGRIDFFRXQWLQJWRDFFRXQWIRURWKHUEXVLQHVVFRPELQDWLRQV
7KH DFTXLVLWLRQ GDWH LV WKH GDWH RQ ZKLFK FRQWURO LV WUDQVIHUUHG WR WKH DFTXLUHU -XGJHPHQW LV DSSOLHG LQ GHWHUPLQLQJ WKH
DFTXLVLWLRQ GDWH DQG GHWHUPLQLQJ ZKHWKHU FRQWURO LV WUDQVIHUUHG IURP RQH SDUW\ WR DQRWKHU &RQWURO H[LVWV ZKHQ WKH *URXS
LVH[SRVHGWRRUKDVULJKWVWRYDULDEOHUHWXUQVIURPLWVLQYROYHPHQWZLWKWKHHQWLW\DQGKDVWKHDELOLW\WRDႇHFWWKRVHUHWXUQV
WKURXJKSRZHURYHUWKHHQWLW\,QDVVHVVLQJFRQWUROSRWHQWLDOYRWLQJULJKWVDUHFRQVLGHUHGRQO\LIWKHULJKWVDUHVXEVWDQWLYH
*RRGZLOO LV LQLWLDOO\ PHDVXUHG DW FRVW EHLQJ WKH H[FHVV RI WKH DJJUHJDWH RI WKH FRQVLGHUDWLRQ WUDQVIHUUHG DQG WKH DPRXQW
UHFRJQLVHGIRUQRQFRQWUROOLQJLQWHUHVWVDQGDQ\SUHYLRXVLQWHUHVWKHOGRYHUWKHQHWLGHQWL¿DEOHDVVHWVDFTXLUHGDQGOLDELOLWLHV
DVVXPHG ,I WKH IDLU YDOXH RI WKH QHW DVVHWV DFTXLUHG LV LQ H[FHVV RI WKH DJJUHJDWH FRQVLGHUDWLRQ WUDQVIHUUHG WKH *URXS
UHDVVHVVHV ZKHWKHU LW KDV FRUUHFWO\ LGHQWL¿HG DOO RI WKH DVVHWV DFTXLUHG DQG DOO RI WKH OLDELOLWLHV DVVXPHG DQG UHYLHZV WKH
SURFHGXUHV XVHG WR PHDVXUH WKH DPRXQWV WR EH UHFRJQLVHG DW WKH DFTXLVLWLRQ GDWH ,I WKH UHDVVHVVPHQW VWLOO UHVXOWV LQ DQ
H[FHVVRIWKHIDLUYDOXHRIQHWDVVHWVDFTXLUHGRYHUWKHDJJUHJDWHFRQVLGHUDWLRQWUDQVIHUUHGWKHQWKHJDLQLVUHFRJQLVHGLQ
2WKHU&RPSUHKHQVLYH,QFRPH 2&, DQGDFFXPXODWHGLQRWKHUHTXLW\DVFDSLWDOUHVHUYH+RZHYHULIWKHUHLVQRFOHDUHYLGHQFH
RIEDUJDLQSXUFKDVHWKHHQWLW\UHFRJQLVHVWKHJDLQGLUHFWO\LQRWKHUHTXLW\DVFDSLWDOUHVHUYHZLWKRXWURXWLQJWKHVDPHWKURXJK
2&,

&RQVLGHUDWLRQWUDQVIHUUHGLQFOXGHVWKHIDLUYDOXHVRIWKHDVVHWVWUDQVIHUUHGOLDELOLWLHVLQFXUUHGE\WKH*URXSWRWKHSUHYLRXV
RZQHUVRIWKHDFTXLUHHDQGHTXLW\LQWHUHVWVLVVXHGE\WKH*URXS&RQVLGHUDWLRQWUDQVIHUUHGDOVRLQFOXGHVWKHIDLUYDOXHRI
DQ\ FRQWLQJHQW FRQVLGHUDWLRQ &RQVLGHUDWLRQ WUDQVIHUUHG GRHV QRW LQFOXGH DPRXQWV UHODWHG WR WKH VHWWOHPHQW RI SUHH[LVWLQJ
UHODWLRQVKLSV$Q\JRRGZLOOWKDWDULVHVRQDFFRXQWRIVXFKEXVLQHVVFRPELQDWLRQLVWHVWHGDQQXDOO\IRULPSDLUPHQW
$Q\FRQWLQJHQWFRQVLGHUDWLRQLVPHDVXUHGDWIDLUYDOXHDWWKHGDWHRIDFTXLVLWLRQ,IDQREOLJDWLRQWRSD\FRQWLQJHQWFRQVLGHUDWLRQ
WKDW PHHWV WKH GH¿QLWLRQ RI D ¿QDQFLDO LQVWUXPHQW LV FODVVL¿HG DV HTXLW\ WKHQ LW LV QRW UHPHDVXUHG DQG WKH VHWWOHPHQW LV
DFFRXQWHGIRUZLWKLQRWKHUHTXLW\2WKHUZLVHRWKHUFRQWLQJHQWFRQVLGHUDWLRQLVUHPHDVXUHGDWIDLUYDOXHDWHDFKUHSRUWLQJGDWH
DQGVXEVHTXHQWFKDQJHVLQWKHIDLUYDOXHRIWKHFRQWLQJHQWFRQVLGHUDWLRQDUHUHFRUGHGLQWKH&RQVROLGDWHG6WDWHPHQWRI3UR¿W
DQG/RVV
$FRQWLQJHQWOLDELOLW\RIWKHDFTXLUHHLVDVVXPHGLQDEXVLQHVVFRPELQDWLRQRQO\LIVXFKDOLDELOLW\UHSUHVHQWVDSUHVHQWREOLJDWLRQ
DQGDULVHVIURPDSDVWHYHQWDQGLWVIDLUYDOXHFDQEHPHDVXUHGUHOLDEO\2QDQDFTXLVLWLRQE\DFTXLVLWLRQEDVLVWKH*URXS
UHFRJQLVHVDQ\QRQFRQWUROOLQJLQWHUHVWLQWKHDFTXLUHHHLWKHUDWIDLUYDOXHRUDWWKHQRQFRQWUROOLQJLQWHUHVW¶VSURSRUWLRQDWHVKDUH
RIWKHDFTXLUHH¶VLGHQWL¿DEOHQHWDVVHWV7UDQVDFWLRQFRVWVWKDWWKH*URXSLQFXUVLQFRQQHFWLRQZLWKDEXVLQHVVFRPELQDWLRQ
VXFKDV6WDPS'XW\IRUWLWOHWUDQVIHULQWKHQDPHRIWKH*URXS¿QGHU¶VIHHVOHJDOIHHVGXHGLOLJHQFHIHHVDQGRWKHUSURIHVVLRQDO
DQGFRQVXOWLQJIHHVDUHH[SHQVHGDVLQFXUUHG
,Q FDVH RI 3RROLQJ RI LQWHUHVW PHWKRG RI DFFRXQWLQJ WKH DVVHWV DQG OLDELOLWLHV RI WKH FRPELQLQJ HQWLWLHV UHFRJQLVHV DW WKHLU
FDUU\LQJDPRXQWV1RDGMXVWPHQWLVPDGHWRUHÀHFWWKHIDLUYDOXHRUUHFRJQLVHDQ\QHZDVVHWVDQGOLDELOLWLHV7KH¿QDQFLDO
LQIRUPDWLRQLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVLQUHVSHFWRISULRUSHULRGVUHVWDWHVDVLIWKHEXVLQHVVFRPELQDWLRQKDG
RFFXUUHGIURPWKHEHJLQQLQJRIWKHSUHFHGLQJSHULRG7KHGLႇHUHQFHLIDQ\EHWZHHQWKHDPRXQWUHFRUGHGDVVKDUHFDSLWDO
LVVXHGSOXVDQ\DGGLWLRQDOFRQVLGHUDWLRQLQWKHIRUPRIFDVKRURWKHUDVVHWVDQGWKHDPRXQWRIVKDUHFDSLWDORIWKHWUDQVIHURULV
WUDQVIHUUHGWRFDSLWDOUHVHUYHDQGSUHVHQWHGVHSDUDWHO\IURPRWKHUFDSLWDOUHVHUYHV
7UDQVDFWLRQ FRVWV WKDW WKH *URXS LQFXUV LQ FRQQHFWLRQ ZLWK D EXVLQHVV FRPELQDWLRQ VXFK DV ¿QGHUV¶ IHHV OHJDO IHHV GXH
GLOLJHQFHIHHVDQGRWKHUSURIHVVLRQDODQGFRQVXOWLQJIHHVDUHH[SHQVHGDVLQFXUUHG
4.2 Property, Plant and Equipment:
3URSHUW\ SODQW DQG HTXLSPHQW DUH FDUULHG DW FRVW QHW RI UHFRYHUDEOH WD[HV WUDGH GLVFRXQW DQG UHEDWHV OHVV DFFXPXODWHG
GHSUHFLDWLRQDPRUWLVDWLRQDQGLPSDLUPHQWORVVHVLIDQ\&RVWLQFOXGHVSXUFKDVHSULFHERUURZLQJFRVWDQGDQ\FRVWGLUHFWO\
DWWULEXWDEOHWRWKHEULQJLQJWKHDVVHWVWRLWVZRUNLQJFRQGLWLRQIRULWVLQWHQGHGXVH,QFDVHRI3URSHUW\3ODQWDQG(TXLSPHQW
WKH*URXSKDVDYDLOHGWKHFDUU\LQJYDOXHDVGHHPHGFRVWRQWKHGDWHRIWUDQVLWLRQLHst$SULO
'HSUHFLDWLRQ RQ WKH SURSHUW\ SODQW DQG HTXLSPHQW LV SURYLGHG XVLQJ VWUDLJKW OLQH PHWKRG RYHU WKH XVHIXO OLIH RI DVVHWV DV
VSHFL¿HGLQVFKHGXOH,,WRWKH&RPSDQLHV$FWH[FHSWLQUHVSHFWRIGHSUHFLDWLRQRIIROORZLQJDVVHWVZKHUHWKHXVHIXOOLIH
LVGLႇHUHQWDVSHUWHFKQLFDOHYDOXDWLRQWKDQWKRVHSUHVFULEHGLQ6FKHGXOH,,
Particulars Useful life considered for depreciation

Certain Buildings <HDUV
&HUWDLQ3ODQWDQG(TXLSPHQW 3 Years
Furnace <HDUV
Moulds <HDUV
Plastic Pallet 3 Years
'HSUHFLDWLRQRQSURSHUW\SODQWDQGHTXLSPHQWZKLFKDUHDGGHGGLVSRVHGRႇGXULQJWKH\HDULVSURYLGHGRQSURUDWDEDVLVZLWK
UHIHUHQFHWRWKHGDWHRIDGGLWLRQGHOHWLRQ)UHHKROGODQGLVQRWGHSUHFLDWHG
7KHDVVHWV¶UHVLGXDOYDOXHVXVHIXOOLYHVDQGPHWKRGRIGHSUHFLDWLRQDUHUHYLHZHGDWHDFK¿QDQFLDO\HDUHQGDQGDUHDGMXVWHG
SURVSHFWLYHO\LIDSSURSULDWH
&DSLWDO ZRUNLQSURJUHVV LQFOXGHV FRVW RI SURSHUW\ SODQW DQG HTXLSPHQW XQGHU LQVWDOODWLRQ XQGHU GHYHORSPHQW DV DW WKH
EDODQFHVKHHWGDWH
3URSHUW\SODQWDQGHTXLSPHQWDUHHOLPLQDWHGIURPFRQVROLGDWHG¿QDQFLDOVWDWHPHQWHLWKHURQGLVSRVDORUZKHQUHWLUHGIURP
DFWLYHXVH3UR¿WVORVVHVDULVLQJLQWKHFDVHRIUHWLUHPHQWGLVSRVDORISURSHUW\SODQWDQGHTXLSPHQWDUHUHFRJQLVHGLQWKH
FRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
/HDVHKROGODQGLVDPRUWLVHGRYHUWKHSHULRGRIOHDVH%XLOGLQJVFRQVWUXFWHGRQOHDVHKROGODQGDUHGHSUHFLDWHGEDVHGRQWKH
XVHIXOOLIHVSHFL¿HGLQVFKHGXOH,,WRWKH&RPSDQLHV$FWZKHUHWKHOHDVHSHULRGRIODQGLVEH\RQGWKHOLIHRIWKHEXLOGLQJ
,QRWKHUFDVHVEXLOGLQJVFRQVWUXFWHGRQOHDVHKROGODQGVLVDPRUWLVHGRYHUWKHSULPDU\OHDVHSHULRGRIWKHODQG

4.3 Investment Properties:
,QYHVWPHQWSURSHUWLHVDUHPHDVXUHGLQLWLDOO\DWFRVWLQFOXGLQJWUDQVDFWLRQFRVWVDQGQHWRIUHFRYHUDEOHWD[HVWUDGHGLVFRXQWV
DQG UHEDWHV 6XEVHTXHQW WR LQLWLDO UHFRJQLWLRQ LQYHVWPHQW SURSHUWLHV DUH VWDWHG DW FRVW OHVV DFFXPXODWHG GHSUHFLDWLRQ DQG
LPSDLUPHQWORVVHVLIDQ\,QFDVHRI,QYHVWPHQWSURSHUWLHVWKH*URXSKDVDYDLOHGWKHFDUU\LQJYDOXHDVGHHPHGFRVWRQWKH
GDWHRIWUDQVLWLRQLHst$SULO
'HSUHFLDWLRQRQLQYHVWPHQWSURSHUWLHVLVSURYLGHGXVLQJVWUDLJKWOLQHPHWKRGRYHUWKHHVWLPDWHGXVHIXOOLYHVDVVSHFL¿HGLQ
6FKHGXOH,,WRWKH&RPSDQLHV$FW5HVLGXDOYDOXHVXVHIXOOLYHVDQGPHWKRGRIGHSUHFLDWLRQRILQYHVWPHQWSURSHUWLHVDUH
UHYLHZHGDWHDFK¿QDQFLDO\HDUHQGDQGDUHDGMXVWHGSURVSHFWLYHO\LIDSSURSULDWH7KHHႇHFWVRIDQ\UHYLVLRQDUHLQFOXGHGLQ
WKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVZKHQWKHFKDQJHVDULVHV
7KRXJKWKH*URXSPHDVXUHVLQYHVWPHQWSURSHUWLHVXVLQJFRVWEDVHGPHDVXUHPHQWWKHIDLUYDOXHRILQYHVWPHQWSURSHUW\LV
GLVFORVHGLQWKHQRWHV
,QYHVWPHQWSURSHUWLHVDUHGHUHFRJQLVHGHLWKHUZKHQWKH\KDYHEHHQGLVSRVHGRIRUZKHQWKH\DUHSHUPDQHQWO\ZLWKGUDZQIURP
XVHDQGQRIXWXUHHFRQRPLFEHQH¿WLVH[SHFWHGIURPWKHLUGLVSRVDO7KHGLႇHUHQFHEHWZHHQWKHQHWGLVSRVDOSURFHHGVDQGWKH
FDUU\LQJDPRXQWRIWKHDVVHWLVUHFRJQLVHGLQFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVLQWKHSHULRGRIGHUHFRJQLWLRQ
4.4 Intangible Assets :
,QWDQJLEOHDVVHWVDUHFDUULHGDWFRVWQHWRIUHFRYHUDEOHWD[HVWUDGHGLVFRXQWDQGUHEDWHVOHVVDFFXPXODWHGDPRUWLVDWLRQDQG
LPSDLUPHQWORVVHVLIDQ\&RVWLQFOXGHVH[SHQGLWXUHWKDWLVGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKHLQWDQJLEOHDVVHWV,Q
FDVHRI,QWDQJLEOH$VVHWVWKH*URXSKDVDYDLOHGWKHFDUU\LQJYDOXHDVGHHPHGFRVWRQWKHGDWHRIWUDQVLWLRQLHst$SULO
,GHQWL¿DEOHLQWDQJLEOHDVVHWVDUHUHFRJQLVHGZKHQLWLVSUREDEOHWKDWIXWXUHHFRQRPLFEHQH¿WVDWWULEXWHGWRWKHDVVHWZLOOÀRZ
WRWKH*URXSDQGWKHFRVWRIWKHDVVHWFDQEHUHOLDEO\PHDVXUHG
&RPSXWHUVRIWZDUHVDUHFDSLWDOLVHGDWWKHDPRXQWVSDLGWRDFTXLUHWKHUHVSHFWLYHOLFHQVHIRUXVHDQGDUHDPRUWLVHGRYHUWKH
SHULRGRIXVHIXOOLYHVRUSHULRGRIWKUHH\HDUVZKLFKHYHULVOHVV7KHDVVHWV¶XVHIXOOLYHVDUHUHYLHZHGDWHDFK¿QDQFLDO\HDU
HQG
*DLQVRUORVVHVDULVLQJIURPGHUHFRJQLWLRQRIDQLQWDQJLEOHDVVHWDUHPHDVXUHGDVWKHGLႇHUHQFHEHWZHHQWKHQHWGLVSRVDO
SURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVZKHQWKH
DVVHWLVGHUHFRJQLVHG
4.5 Art Works:
$UW :RUNV DUH FDUULHG DW FRVW QHW RI UHFRYHUDEOH WD[HV WUDGH GLVFRXQWV DQG UHEDWHV OHVV LPSDLUPHQW ORVVHV LI DQ\ &RVW
LQFOXGHVH[SHQGLWXUHWKDWLVGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKHLWHPV3UR¿WORVVDULVLQJIURPUHWLUHPHQWGLVSRVDORI
$UW:RUNVDUHUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
4.6 Leases:
*URXS HYDOXDWHV LIDQ DUUDQJHPHQW TXDOL¿HV WREHDOHDVHDVSHUWKHUHTXLUHPHQWV RI,QG$6,GHQWL¿FDWLRQ RIDOHDVH

UHTXLUHVVLJQL¿FDQWMXGJHPHQW*URXSXVHVVLJQL¿FDQWMXGJHPHQWLQDVVHVVLQJWKHOHDVHWHUP LQFOXGLQJDQWLFLSDWHGUHQHZDOV
DQG WKH DSSOLFDEOH GLVFRXQW UDWH*URXS GHWHUPLQHV WKHOHDVH WHUPDVWKHQRQFDQFHOODEOH SHULRG RIDOHDVH WRJHWKHU ZLWK
ERWKSHULRGVFRYHUHGE\DQRSWLRQVWRH[WHQGWKHOHDVHLIWKH*URXSLVUHDVRQDEO\FHUWDLQWRH[HUFLVHWKDWRSWLRQVDQGSHULRGV
FRYHUHGE\DQRSWLRQWRWHUPLQDWHWKHOHDVHLI*URXSLVUHDVRQDEO\FHUWDLQQRWWRH[HUFLVHWKDWRSWLRQV,QDVVHVVLQJZKHWKHU
WKHJURXSLVUHDVRQDEO\FHUWDLQWRH[HUFLVHDQRSWLRQWRH[WHQGDOHDVHRUQRWWRH[HUFLVHDQRSWLRQWRWHUPLQDWHDOHDVHLW
FRQVLGHUVDOOUHOHYDQWIDFWVDQGFLUFXPVWDQFHVWKDWFUHDWHDQHFRQRPLFLQFHQWLYHIRU*URXSWRH[HUFLVHWKHRSWLRQWRH[WHQG
WKHOHDVHRUQRWWRH[HUFLVHWKHRSWLRQWRWHUPLQDWHWKHOHDVH*URXSUHYLVHVWKHOHDVHWHUPLIWKHUHLVDFKDQJHLQWKHQRQ
FDQFHOODEOHSHULRGRIDOHDVH7KHGLVFRXQWUDWHLVJHQHUDOO\EDVHGRQWKHLQFUHPHQWDOERUURZLQJUDWHVSHFL¿FWRWKHOHDVHEHLQJ
HYDOXDWHGRUIRUDSRUWIROLRRIOHDVHVZLWKVLPLODUFKDUDFWHULVWLFV
Group as a lessee
*URXS¶VOHDVHDVVHWFODVVHVSULPDULO\FRQVLVWRIOHDVHVIRUODQGDQGEXLOGLQJV*URXSDVVHVVHVZKHWKHUDFRQWUDFWFRQWDLQV
DOHDVHDWLQFHSWLRQRIDFRQWUDFW$FRQWUDFWLVRUFRQWDLQVDOHDVHLIWKHFRQWUDFWFRQYH\VWKHULJKWWRFRQWUROWKHXVHRIDQ
LGHQWL¿HGDVVHWIRUDSHULRGRIWLPHLQH[FKDQJHIRUFRQVLGHUDWLRQ7RDVVHVVZKHWKHUDFRQWUDFWFRQYH\VWKHULJKWWRFRQWURO
WKHXVHRIDQLGHQWL¿HGDVVHW*URXSDVVHVVHVZKHWKHU L WKHFRQWUDFWLQYROYHVWKHXVHRIDQLGHQWL¿HGDVVHW LL *URXSKDV
VXEVWDQWLDOO\DOORIWKHHFRQRPLFEHQH¿WVIURPXVHRIWKHDVVHWWKURXJKWKHSHULRGRIWKHOHDVHDQG LLL *URXSKDVWKHULJKWWR
GLUHFWWKHXVHRIWKHDVVHW

$WWKHGDWHRIFRPPHQFHPHQWRIWKHOHDVH*URXSUHFRJQL]HVDULJKWRIXVHDVVHW ´528´ DQGDFRUUHVSRQGLQJOHDVHOLDELOLW\
IRUDOOOHDVHDUUDQJHPHQWVLQZKLFKLWLVDOHVVHHH[FHSWIRUOHDVHVZLWKDWHUPRIWZHOYHPRQWKVRUOHVV VKRUWWHUPOHDVHV DQG
ORZYDOXHOHDVHV)RUWKHVHVKRUWWHUPDQGORZYDOXHOHDVHV*URXSUHFRJQL]HVWKHOHDVHSD\PHQWVDVDQRSHUDWLQJH[SHQVH
RQDVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHOHDVH
&HUWDLQOHDVHDUUDQJHPHQWVLQFOXGHVWKHRSWLRQVWRH[WHQGRUWHUPLQDWHWKHOHDVHEHIRUHWKHHQGRIWKHOHDVHWHUP528DVVHWV
DQGOHDVHOLDELOLWLHVLQFOXGHVWKHVHRSWLRQVZKHQLWLVUHDVRQDEO\FHUWDLQWKDWWKH\ZLOOEHH[HUFLVHG
7KHULJKWRIXVHDVVHWVDUHLQLWLDOO\UHFRJQL]HGDWFRVWZKLFKFRPSULVHVWKHLQLWLDODPRXQWRIWKHOHDVHOLDELOLW\DGMXVWHGIRUDQ\
OHDVHSD\PHQWVPDGHDWRUSULRUWRWKHFRPPHQFHPHQWGDWHRIWKHOHDVHSOXVDQ\LQLWLDOGLUHFWFRVWVOHVVDQ\OHDVHLQFHQWLYHV
7KH\DUHVXEVHTXHQWO\PHDVXUHGDWFRVWOHVVDFFXPXODWHGGHSUHFLDWLRQDQGLPSDLUPHQWORVVHV
5LJKWRIXVHDVVHWVDUHGHSUHFLDWHGIURPWKHFRPPHQFHPHQWGDWHRQDVWUDLJKWOLQHEDVLVRYHUWKHVKRUWHURIWKHOHDVHWHUP
DQG XVHIXO OLIH RI WKH XQGHUO\LQJ DVVHW 5LJKW RI XVH DVVHWV DUH HYDOXDWHG IRU UHFRYHUDELOLW\ ZKHQHYHU HYHQWV RU FKDQJHV
LQ FLUFXPVWDQFHV LQGLFDWH WKDW WKHLU FDUU\LQJ DPRXQWV PD\ QRW EH UHFRYHUDEOH )RU WKH SXUSRVH RI LPSDLUPHQW WHVWLQJ WKH
UHFRYHUDEOHDPRXQW LHWKHKLJKHURIWKHIDLUYDOXHOHVVFRVWWRVHOODQGWKHYDOXHLQXVH LVGHWHUPLQHGRQDQLQGLYLGXDODVVHW
EDVLVXQOHVVWKHDVVHWGRHVQRWJHQHUDWHFDVKÀRZVWKDWDUHODUJHO\LQGHSHQGHQWRIWKRVHIURPRWKHUDVVHWV,QVXFKFDVHV
WKHUHFRYHUDEOHDPRXQWLVGHWHUPLQHGIRUWKH&DVK*HQHUDWLQJ8QLW &*8 WRZKLFKWKHDVVHWEHORQJV
7KHOHDVHOLDELOLW\LVLQLWLDOO\PHDVXUHGDWDPRUWL]HGFRVWDWWKHSUHVHQWYDOXHRIWKHIXWXUHOHDVHSD\PHQWV7KHOHDVHSD\PHQWV
DUHGLVFRXQWHGXVLQJWKHLQWHUHVWUDWHLPSOLFLWLQWKHOHDVHRULIQRWUHDGLO\GHWHUPLQDEOHXVLQJWKHLQFUHPHQWDOERUURZLQJUDWHV
LQWKHFRXQWU\RIGRPLFLOHRIWKHVHOHDVHV/HDVHOLDELOLWLHVDUHUHPHDVXUHGZLWKDFRUUHVSRQGLQJDGMXVWPHQWWRWKHUHODWHGULJKW
RIXVHDVVHWLIWKH*URXSFKDQJHVLWVDVVHVVPHQWLIZKHWKHULWZLOOH[HUFLVHDQH[WHQVLRQRUDWHUPLQDWLRQRSWLRQ
7KHGLVFRXQWUDWHLVJHQHUDOO\EDVHGRQWKHLQFUHPHQWDOERUURZLQJUDWHVSHFL¿FWRWKHOHDVHEHLQJHYDOXDWHGRUIRUDSRUWIROLR
RIOHDVHVZLWKVLPLODUFKDUDFWHULVWLFV
/HDVHOLDELOLW\DQG528DVVHWKDYHEHHQVHSDUDWHO\SUHVHQWHGLQWKH%DODQFH6KHHWDQGOHDVHSD\PHQWVKDYHEHHQFODVVL¿HG
DV¿QDQFLQJFDVKÀRZV
Group as a lessor
/HDVHVIRUZKLFKWKH*URXSLVDOHVVRULVFODVVL¿HGDVD¿QDQFHRURSHUDWLQJOHDVH:KHQHYHUWKHWHUPVRIWKHOHDVHWUDQVIHU
VXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLSWRWKHOHVVHHWKHFRQWUDFWLVFODVVL¿HGDVD¿QDQFHOHDVH$OORWKHUOHDVHV
DUHFODVVL¿HGDVRSHUDWLQJOHDVHV
:KHQWKH*URXSLVDQLQWHUPHGLDWHOHVVRULWDFFRXQWVIRULWVLQWHUHVWVLQWKHKHDGOHDVHDQGWKHVXEOHDVHVHSDUDWHO\7KH
VXEOHDVHLVFODVVL¿HGDVD¿QDQFHRURSHUDWLQJOHDVHE\UHIHUHQFHWRWKHULJKWRIXVHDVVHWDULVLQJIURPWKHKHDGOHDVH
)RURSHUDWLQJOHDVHVUHQWDOLQFRPHLVUHFRJQL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHUHOHYDQWOHDVH
4.7 Inventories:
,QYHQWRULHVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOL]DEOHYDOXHH[FHSWVFUDS FXOOHW ZKLFKLVYDOXHGDWUDZPDWHULDOFRVW

ZKHUHLWLVUHXVDEOHRWKHUZLVHDWQHWUHDOLVDEOHYDOXH1HWUHDOLVDEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKHRUGLQDU\FRXUVH
RIEXVLQHVVOHVVHVWLPDWHGFRVWVRIFRPSOHWLRQDQGWKHHVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH7KHFRVWRILQYHQWRULHV
FRPSULVHVRIFRVWRISXUFKDVHFRVWRIFRQYHUVLRQDQGRWKHUFRVWVLQFXUUHGLQEULQJLQJWKHLQYHQWRULHVWRWKHLUUHVSHFWLYHSUHVHQW
ORFDWLRQDQGFRQGLWLRQ&RVWRISDFNLQJPDWHULDOVDQGVWRUHVVSDUHVDQGFRQVXPDEOHVDUHFRPSXWHGRQWKHZHLJKWHGDYHUDJH
EDVLV&RVWRIZRUNLQSURJUHVV¿QLVKHGJRRGVDQG6WRFNLQWUDGHLVGHWHUPLQHGRQDEVRUSWLRQFRVWLQJPHWKRG
4.8 Cash and cash equivalents:
&DVKDQGFDVKHTXLYDOHQWLQWKHEDODQFHVKHHWFRPSULVHFDVKDWEDQNVFDVKRQKDQGDQGVKRUWWHUPGHSRVLWVZLWKDQRULJLQDO
PDWXULW\RIWKUHHPRQWKVRUOHVVZKLFKDUHVXEMHFWWRDQLQVLJQL¿FDQWULVNRIFKDQJHVLQYDOXH
)RUWKHSXUSRVHRIWKHVWDWHPHQWRIFDVKÀRZVFDVKDQGFDVKHTXLYDOHQWVFRQVLVWRIFDVKDQGVKRUWWHUPGHSRVLWVDVGH¿QHG
DERYHQHWRIRXWVWDQGLQJEDQNRYHUGUDIWVDVWKH\DUHFRQVLGHUHGDQLQWHJUDOSDUWRIWKH*URXS¶VFDVKPDQDJHPHQW
,PSDLUPHQWRIQRQ¿QDQFLDODVVHWVSURSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWV
7KH*URXSDVVHVVHVDWHDFKUHSRUWLQJGDWHDVWRZKHWKHUWKHUHLVDQ\LQGLFDWLRQWKDWDQ\SURSHUW\SODQWDQGHTXLSPHQWDQG
LQWDQJLEOHDVVHWVRUJURXSRIDVVHWVFDOOHGFDVKJHQHUDWLQJXQLWV &*8 PD\EHLPSDLUHG,IDQ\VXFKLQGLFDWLRQH[LVWVWKH
UHFRYHUDEOHDPRXQWRIDQDVVHWRU&*8LVHVWLPDWHGWRGHWHUPLQHWKHH[WHQWRILPSDLUPHQWLIDQ\:KHQLWLVQRWSRVVLEOHWR
HVWLPDWHWKHUHFRYHUDEOHDPRXQWRIDQLQGLYLGXDODVVHWWKH*URXSHVWLPDWHVWKHUHFRYHUDEOHDPRXQWRIWKH&*8WRZKLFKWKH
DVVHWEHORQJV

$Q LPSDLUPHQW ORVV LV UHFRJQLVHG LQ WKH FRQVROLGDWHG 6WDWHPHQW RI 3UR¿W DQG /RVV WR WKH H[WHQW DVVHW¶V FDUU\LQJ DPRXQW
H[FHHGVLWVUHFRYHUDEOHDPRXQW7KHUHFRYHUDEOHDPRXQWLVKLJKHURIDQDVVHW¶VIDLUYDOXHOHVVFRVWRIGLVSRVDODQGYDOXHLQ
XVH9DOXHLQXVHLVEDVHGRQWKHHVWLPDWHGIXWXUHFDVKÀRZVGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJSUHWD[GLVFRXQWUDWHWKDW
UHÀHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGULVNVSHFL¿FWRWKHDVVHWV
7KHLPSDLUPHQWORVVUHFRJQLVHGLQSULRUDFFRXQWLQJSHULRGLVUHYHUVHGLIWKHUHKDVEHHQDFKDQJHLQWKHHVWLPDWHRIUHFRYHUDEOH
DPRXQW
4.10 Impairment of Goodwill:
*RRGZLOO LV WHVWHG IRU LPSDLUPHQW RQ DQ DQQXDO EDVLV DQG ZKHQHYHU WKHUH LV DQ LQGLFDWLRQ WKDW JRRGZLOO PD\ EH LPSDLUHG
UHO\LQJRQDQXPEHURIIDFWRUVLQFOXGLQJRSHUDWLQJUHVXOWVEXVLQHVVSODQVDQGIXWXUHFDVKÀRZV)RUWKHSXUSRVHRILPSDLUPHQW
WHVWLQJ JRRGZLOO DFTXLUHG LQ D EXVLQHVV FRPELQDWLRQ LV DOORFDWHG WR WKH *URXS¶V FDVK JHQHUDWLQJ XQLWV &*8 RU JURXSV RI
&*8¶VH[SHFWHGWREHQH¿WIURPWKHV\QHUJLHVDULVLQJIURPWKHEXVLQHVVFRPELQDWLRQ$&*8LVWKHVPDOOHVWLGHQWL¿DEOHJURXS
RIDVVHWVWKDWJHQHUDWHVFDVKLQÀRZVWKDWDUHODUJHO\LQGHSHQGHQWRIWKHFDVKLQÀRZVIURPRWKHUDVVHWVRUJURXSRIDVVHWV
,PSDLUPHQWRFFXUVZKHQWKHFDUU\LQJDPRXQWRID&*8LQFOXGLQJWKHJRRGZLOOH[FHHGVWKHHVWLPDWHGUHFRYHUDEOHDPRXQWRI
WKH&*87KHUHFRYHUDEOHDPRXQWRID&*8LVWKHKLJKHURILWVIDLUYDOXHOHVVFRVWWRVHOODQGLWVYDOXHLQXVH9DOXHLQXVHLV
WKHSUHVHQWYDOXHRIIXWXUHFDVKÀRZVH[SHFWHGWREHGHULYHGIURPWKH&*87RWDOLPSDLUPHQWORVVRID&*8LVDOORFDWHG¿UVW
WRUHGXFHWKHFDUU\LQJDPRXQWRIJRRGZLOODOORFDWHGWRWKH&*8DQGWKHQWRWKHRWKHUDVVHWVRIWKH&*8SURUDWDRQWKHEDVLV
RIWKHFDUU\LQJDPRXQWRIHDFKDVVHWLQWKH&*8$QLPSDLUPHQWORVVRQJRRGZLOOLVUHFRJQL]HGLQQHWSUR¿WLQWKHVWDWHPHQWRI
FRPSUHKHQVLYHLQFRPHDQGLVQRWUHYHUVHGLQWKHVXEVHTXHQWSHULRG
4.11 Discontinued operation and non-current assets (or disposal groups) held for sale:
Discontinued operation:
$ GLVFRQWLQXHG RSHUDWLRQ LV D FRPSRQHQW RI WKH *URXS WKDW KDV EHHQ GLVSRVHG RI RU LV FODVVL¿HG DV KHOG IRU VDOH DQG WKDW
UHSUHVHQWVDVHSDUDWHPDMRUOLQHRIEXVLQHVVRUJHRJUDSKLFDODUHDRIRSHUDWLRQVLVSDUWRIDVLQJOHFRRUGLQDWHGSODQWRGLVSRVH
RIVXFKDOLQHRIEXVLQHVVRUDUHDRIRSHUDWLRQVRULVDVXEVLGLDU\DFTXLUHGH[FOXVLYHO\ZLWKDYLHZWRUHVDOH7KHUHVXOWVRI
GLVFRQWLQXHGRSHUDWLRQVDUHSUHVHQWHGVHSDUDWHO\LQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV
Non-current assets (or disposal groups) held for sale
1RQFXUUHQWDVVHWVDUHFODVVL¿HGDVKHOGIRUVDOHLIWKHLUFDUU\LQJDPRXQWZLOOEHUHFRYHUHGSULQFLSDOO\WKURXJKDVDOHWUDQVDFWLRQ
UDWKHUWKDQWKURXJKFRQWLQXLQJXVH7KLVFRQGLWLRQLVUHJDUGHGDVPHWRQO\ZKHQDVDOHLVKLJKO\SUREDEOHIURPWKHGDWHRI
FODVVL¿FDWLRQPDQDJHPHQWDUHFRPPLWWHGWRWKHVDOHDQGWKHDVVHWLVDYDLODEOHIRULPPHGLDWHVDOHLQLWVSUHVHQWFRQGLWLRQ
1RQFXUUHQWDVVHWVDUHFODVVL¿HGDVKHOGIRUVDOHIURPWKHGDWHWKHVHFRQGLWLRQVDUHPHWDQGDUHPHDVXUHGDWWKHORZHURI
FDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWWRVHOO$Q\UHVXOWLQJLPSDLUPHQWORVVLVUHFRJQLVHGLQWKH&RQVROLGDWHG6WDWHPHQWV
RI3UR¿WDQG/RVVDVDVHSDUDWHOLQHLWHP2QFODVVL¿FDWLRQDVKHOGIRUVDOHWKHDVVHWVDUHQRORQJHUGHSUHFLDWHG$VVHWVDQG
OLDELOLWLHVFODVVL¿HGDVKHOGIRUVDOHDUHSUHVHQWHGVHSDUDWHO\DVFXUUHQWLWHPVLQWKHEDODQFHVKHHW
4.12 Financial instruments – initial recognition, subsequent measurement and impairment:
$¿QDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRD¿QDQFLDODVVHWRIRQHHQWLW\DQGD¿QDQFLDOOLDELOLW\RUHTXLW\LQVWUXPHQW
RIDQRWKHUHQWLW\
I) Financial assets -Initial recognition and measurement:
$OO¿QDQFLDODVVHWVDUHLQLWLDOO\UHFRJQL]HGDWIDLUYDOXH7UDQVDFWLRQFRVWVWKDWDUHGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQ
RU LVVXH RI ¿QDQFLDO DVVHWV ZKLFK DUH QRW DW IDLU YDOXH WKURXJK SUR¿W RU ORVV DUH DGMXVWHG WR WKH IDLU YDOXH RQ LQLWLDO
UHFRJQLWLRQ)LQDQFLDODVVHWVDUHFODVVL¿HGDWLQLWLDOUHFRJQLWLRQDV¿QDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHRUDV¿QDQFLDO
DVVHWVPHDVXUHGDWDPRUWLVHGFRVW
Financial assets - Subsequent measurement:
)RUWKHSXUSRVHRIVXEVHTXHQWPHDVXUHPHQW¿QDQFLDODVVHWVDUHFODVVL¿HGLQWZREURDGFDWHJRULHV
D )LQDQFLDODVVHWVDWIDLUYDOXH
b) Financial assets at amortised cost
:KHUHDVVHWVDUHPHDVXUHGDWIDLUYDOXHJDLQVDQGORVVHVDUHHLWKHUUHFRJQLVHGHQWLUHO\LQWKHFRQVROLGDWHGVWDWHPHQWRI
SUR¿WDQGORVV LHIDLUYDOXHWKURXJKSUR¿WRUORVV RUUHFRJQLVHGLQRWKHUFRPSUHKHQVLYHLQFRPH LHIDLUYDOXHWKURXJK
RWKHUFRPSUHKHQVLYHLQFRPH

$ ¿QDQFLDO DVVHW WKDW PHHWV WKH IROORZLQJ WZR FRQGLWLRQV LV PHDVXUHG DW amortised cost QHW RI DQ\ ZULWH GRZQ IRU
LPSDLUPHQW XQOHVVWKHDVVHWLVGHVLJQDWHGDWIDLUYDOXHWKURXJKSUR¿WRUORVVXQGHUWKHIDLUYDOXHRSWLRQ
a) Business model test: 7KHREMHFWLYHRIWKH*URXS¶VEXVLQHVVPRGHOLVWRKROGWKH¿QDQFLDODVVHWWRFROOHFWWKH
FRQWUDFWXDOFDVKÀRZ
$ ¿QDQFLDO DVVHW WKDW PHHWV WKH IROORZLQJ WZR FRQGLWLRQV LV PHDVXUHG DW fair value through other comprehensive
income XQOHVVWKHDVVHWLVGHVLJQDWHGDWIDLUYDOXHWKURXJKSUR¿WRUORVVXQGHUWKHIDLUYDOXHRSWLRQ
a) Business model test: 7KH¿QDQFLDODVVHWLVKHOGZLWKLQDEXVLQHVVPRGHOZKRVHREMHFWLYHLVDFKLHYHGE\ERWK
FROOHFWLQJFRQWUDFWXDOFDVKÀRZDQGVHOOLQJ¿QDQFLDODVVHWV
$OORWKHU¿QDQFLDODVVHWLVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV
Financial assets - Derecognition:
$¿QDQFLDODVVHWV RUZKHUHDSSOLFDEOHDSDUWRID¿QDQFLDODVVHWRUSDUWRIDJURXSRIVLPLODU¿QDQFLDODVVHWV LVSULPDULO\
GHUHFRJQLVHG LHUHPRYHGIRUPWKH*URXS¶VFRQVROLGDWHGVWDWHPHQWRI¿QDQFLDOSRVLWLRQ ZKHQ
D 7KHULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHWKDYHH[SLUHGRU
E 7KH*URXSKDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKÀRZIURPWKHDVVHW
,Q DFFRUGDQFH ZLWK ,QG $6 WKH *URXS XVHV µ([SHFWHG &UHGLW /RVV¶ (&/ PRGHO IRU HYDOXDWLQJ LPSDLUPHQW RI
¿QDQFLDODVVHWVRWKHUWKDQWKRVHPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV )973/
([SHFWHGFUHGLWORVVHVDUHPHDVXUHGWKURXJKDORVVDOORZDQFHDWDQDPRXQWHTXDOWR
D 7KHPRQWKVH[SHFWHGFUHGLWORVVHV H[SHFWHGFUHGLWORVVHVWKDWUHVXOWIURPWKRVHGHIDXOWHYHQWVRQWKH¿QDQFLDO
LQVWUXPHQWWKDWDUHSRVVLEOHZLWKLQPRQWKVDIWHUWKHUHSRUWLQJGDWH RU
E )XOOOLIHWLPHH[SHFWHGFUHGLWORVVHV H[SHFWHGFUHGLWORVVHVWKDWUHVXOWIURPDOOSRVVLEOHGHIDXOWHYHQWVRYHUWKHOLIH
RIWKH¿QDQFLDOLQVWUXPHQW
)RUWUDGHUHFHLYDEOHV*URXSDSSOLHVµVLPSOL¿HGDSSURDFK¶ZKLFKUHTXLUHVH[SHFWHGOLIHWLPHORVVHVWREHUHFRJQLVHGIURP
LQLWLDOUHFRJQLWLRQRIWKHUHFHLYDEOHV7KH*URXSXVHVKLVWRULFDOGHIDXOWUDWHVWRGHWHUPLQHLPSDLUPHQWORVVRQWKHSRUWIROLR
RI WUDGH UHFHLYDEOHV$W HYHU\ UHSRUWLQJ GDWH WKHVH KLVWRULFDO GHIDXOW UDWHV DUH UHYLHZHG DQG FKDQJHV LQ WKH IRUZDUG
ORRNLQJHVWLPDWHVDUHDQDO\VHG
)RU RWKHU DVVHWV WKH *URXS XVHV PRQWK (&/ WR SURYLGH IRU LPSDLUPHQW ORVV ZKHUH WKHUH LV QR VLJQL¿FDQW
LQFUHDVHLQFUHGLWULVN,IWKHUHLVVLJQL¿FDQWLQFUHDVHLQFUHGLWULVNIXOOOLIHWLPH(&/LVXVHG
II) Financial liabilities - Initial recognition and measurement:
7KH¿QDQFLDOOLDELOLWLHVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHDQGLQWKHFDVHRIORDQVDQGERUURZLQJVDQGSD\DEOHVQHWRI
GLUHFWO\DWWULEXWDEOHWUDQVDFWLRQFRVWV
Financial liabilities - Subsequent measurement:
)LQDQFLDOOLDELOLWLHVDUHVXEVHTXHQWO\FDUULHGDWDPRUWL]HGFRVWXVLQJWKHHႇHFWLYHLQWHUHVWPHWKRG)RUWUDGHDQGRWKHU
SD\DEOHVPDWXULQJZLWKLQRQH\HDUIURPWKHEDODQFHVKHHWGDWHWKHFDUU\LQJDPRXQWVDSSUR[LPDWHDWWKHLUIDLUYDOXHGXH
WRWKHVKRUWPDWXULW\RIWKHVHLQVWUXPHQWV
Financial Liabilities - Financial guarantee contracts:
)LQDQFLDOJXDUDQWHHFRQWUDFWVLVVXHGE\WKH*URXSDUHWKRVHFRQWUDFWVWKDWUHTXLUHDSD\PHQWWREHPDGHWRUHLPEXUVH

Financial Liabilities - Derecognition:
$¿QDQFLDOOLDELOLW\LVGHUHFRJQLVHGZKHQWKHREOLJDWLRQXQGHUWKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHV:KHQ
DQH[LVWLQJ¿QDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLႇHUHQWWHUPVRUWKHWHUPV
RIDQH[LVWLQJOLDELOLW\DUHVXEVWDQWLDOO\PRGL¿HGVXFKDQH[FKDQJHRUPRGL¿FDWLRQLVWUHDWHGDVWKHGHUHFRJQLWLRQRIWKH
RULJLQDOOLDELOLW\DQGWKHUHFRJQLWLRQRIDQHZOLDELOLW\7KHGLႇHUHQFHLQWKHUHVSHFWLYHFDUU\LQJDPRXQWVLVUHFRJQLVHGLQ
WKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV
4.13 Provisions, Contingent Liabilities, Contingent Assets and Commitments:
3URYLVLRQVDUHUHFRJQLVHGZKHQWKH*URXSKDVDSUHVHQWREOLJDWLRQ OHJDORUFRQVWUXFWLYH DVDUHVXOWRIDSDVWHYHQWLWLV
SUREDEOHWKDWDQRXWÀRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQH¿WVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOH
HVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ,IWKHHႇHFWRIWKHWLPHYDOXHRIPRQH\LVPDWHULDOSURYLVLRQVDUH
GLVFRXQWHGXVLQJHTXLYDOHQWSHULRGJRYHUQPHQWVHFXULWLHVLQWHUHVWUDWH8QZLQGLQJRIWKHGLVFRXQWLVUHFRJQLVHGLQWKH
FRQVROLGDWHGVWDWHPHQWRISUR¿WDQG/RVVDVD¿QDQFHFRVW3URYLVLRQVDUHUHYLHZHGDWHDFKEDODQFHVKHHWGDWHDQGDUH
DGMXVWHGWRUHÀHFWWKHFXUUHQWEHVWHVWLPDWH
&RQWLQJHQWOLDELOLWLHVDUHGLVFORVHGZKHQWKHUHLVDSRVVLEOHREOLJDWLRQDULVLQJIURPSDVWHYHQWVWKHH[LVWHQFHRIZKLFK
ZLOOEHFRQ¿UPHGRQO\E\WKHRFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVQRWZKROO\ZLWKLQWKH
FRQWURORIWKH*URXSRUDSUHVHQWREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWVZKHUHLWLVHLWKHUQRWSUREDEOHWKDWDQRXWÀRZRI
UHVRXUFHVZLOOEHUHTXLUHGWRVHWWOHRUDUHOLDEOHHVWLPDWHRIWKHDPRXQWFDQQRWEHPDGH,QIRUPDWLRQRQFRQWLQJHQWOLDELOLW\
LVGLVFORVHGLQWKH1RWHVWRWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV&RQWLQJHQWDVVHWVDUHQRWUHFRJQLVHG+RZHYHUZKHQ
WKHUHDOLVDWLRQRILQFRPHLVYLUWXDOO\FHUWDLQWKHQWKHUHODWHGDVVHWLVQRORQJHUDFRQWLQJHQWDVVHWEXWLWLVUHFRJQLVHGDV
DQDVVHW
4.14 Dividend Distribution:
$QQXDO GLYLGHQG GLVWULEXWLRQ WR WKH VKDUHKROGHUV LV UHFRJQLVHG DV D OLDELOLW\ LQ WKH SHULRG LQ ZKLFK WKH GLYLGHQGV DUH
DSSURYHG E\ WKH VKDUHKROGHUV$Q\ LQWHULP GLYLGHQG SDLG LV UHFRJQLVHG RQ DSSURYDO E\ %RDUG RI 'LUHFWRUV 'LYLGHQG
SD\DEOHLVUHFRJQLVHGGLUHFWO\LQRWKHUHTXLW\
4.15 Revenue recognition and other income:
Sale of goods and Services:
7KH*URXSGHULYHVUHYHQXHVSULPDULO\IURPVDOHRISURGXFWVFRPSULVLQJRI6FLHQWL¿FDQG,QGXVWULDO3URGXFWV 6,3 DQG
&RQVXPHU3URGXFWV &3
5HYHQXH IURP FRQWUDFWV ZLWK FXVWRPHUV LV UHFRJQLVHG ZKHQ FRQWURO RI WKH JRRGV RU VHUYLFHV DUH WUDQVIHUUHG WR WKH
FXVWRPHUDWDQDPRXQWWKDWUHÀHFWVWKHFRQVLGHUDWLRQHQWLWOHGLQH[FKDQJHIRUWKRVHJRRGVRUVHUYLFHV*HQHUDOO\FRQWURO
LVWUDQVIHUUHGXSRQVKLSPHQWRIJRRGVWRWKHFXVWRPHURUZKHQWKHJRRGVLVPDGHDYDLODEOHWRWKHFXVWRPHUSURYLGHG
WUDQVIHU RI WLWOH WR WKH FXVWRPHU RFFXUV DQG WKH *URXS KDV QRW UHWDLQHG DQ\ VLJQL¿FDQW ULVNV RI RZQHUVKLS RU IXWXUH
REOLJDWLRQVZLWKUHVSHFWWRWKHJRRGVVKLSSHG
5HYHQXHIURPUHQGHULQJRIVHUYLFHVLVUHFRJQLVHGRYHUWKHWLPHE\PHDVXULQJWKHSURJUHVVWRZDUGVFRPSOHWHVDWLVIDFWLRQ
RISHUIRUPDQFHREOLJDWLRQVDWWKHUHSRUWLQJSHULRG
5HYHQXH LV PHDVXUHG DW WKH DPRXQW RI FRQVLGHUDWLRQ ZKLFK WKH *URXS H[SHFWV WR EH HQWLWOHG WR LQ H[FKDQJH IRU
WUDQVIHUULQJGLVWLQFWJRRGVRUVHUYLFHVWRDFXVWRPHUDVVSHFL¿HGLQWKHFRQWUDFWH[FOXGLQJDPRXQWVFROOHFWHGRQEHKDOI
RIWKLUGSDUWLHV IRUH[DPSOHWD[HVDQGGXWLHVFROOHFWHGRQEHKDOIRIWKHJRYHUQPHQW &RQVLGHUDWLRQLVJHQHUDOO\GXHXSRQ
VDWLVIDFWLRQRISHUIRUPDQFHREOLJDWLRQVDQGDUHFHLYDEOHLVUHFRJQL]HGZKHQLWEHFRPHVXQFRQGLWLRQDO
7KH*URXSGRHVQRWKDYHDQ\FRQWUDFWVZKHUHWKHSHULRGEHWZHHQWKHWUDQVIHURIWKHSURPLVHGJRRGVRUVHUYLFHVWRWKH
FXVWRPHUDQGSD\PHQWE\WKHFXVWRPHUH[FHHGVRQH\HDU$VDFRQVHTXHQFHLWGRHVQRWDGMXVWDQ\RIWKHWUDQVDFWLRQ
SULFHVIRUWKHWLPHYDOXHRIPRQH\
5HYHQXHLVPHDVXUHGEDVHGRQWKHWUDQVDFWLRQSULFHZKLFKLVWKHFRQVLGHUDWLRQDGMXVWHGIRUYROXPHGLVFRXQWVVFKHPH
GLVFRXQWDQGSULFHFRQFHVVLRQVLIDQ\DVVSHFL¿HGLQWKHFRQWUDFWZLWKWKHFXVWRPHU5HYHQXHDOVRH[FOXGHVWD[HV
FROOHFWHGIURPFXVWRPHUV

Contract balances:
Trade receivables:
$UHFHLYDEOHUHSUHVHQWVWKH*URXS¶VULJKWWRDQDPRXQWRIFRQVLGHUDWLRQWKDWLVXQFRQGLWLRQDO
Contract liabilities:
$ FRQWUDFW OLDELOLW\ LV WKH REOLJDWLRQ WR WUDQVIHU JRRGV RU VHUYLFHV WR D FXVWRPHU IRU ZKLFK WKH *URXS KDV UHFHLYHG
FRQVLGHUDWLRQ RUDQDPRXQWRIFRQVLGHUDWLRQLVGXH IURPWKHFXVWRPHU,IDFXVWRPHUSD\VFRQVLGHUDWLRQEHIRUHWKH
*URXSWUDQVIHUVJRRGVRUVHUYLFHVWRWKHFXVWRPHUDFRQWUDFWOLDELOLW\LVUHFRJQLVHGZKHQWKHSD\PHQWLVPDGH&RQWUDFW
OLDELOLWLHVDUHUHFRJQLVHGDVUHYHQXHZKHQWKH*URXSSHUIRUPVXQGHUWKHFRQWUDFW
Other Income:
,QFHQWLYHV RQ H[SRUWV DQG RWKHU *RYHUQPHQW LQFHQWLYHV UHODWHG WR RSHUDWLRQV DUH UHFRJQLVHG LQ WKH FRQVROLGDWHG
VWDWHPHQWRISUR¿WDQGORVVDIWHUGXHFRQVLGHUDWLRQRIFHUWDLQW\RIXWLOL]DWLRQUHFHLSWRIVXFKLQFHQWLYHV
Interest Income:
,QWHUHVWLQFRPHIURPD¿QDQFLDODVVHWLVUHFRJQLVHGZKHQLWLVSUREDEOHWKDWWKHHFRQRPLFEHQH¿WVZLOOÀRZWRWKH*URXS
DQGWKHDPRXQWRILQFRPHFDQEHPHDVXUHGUHOLDEO\,QWHUHVWLQFRPHLVDFFUXHGRQDWLPHEDVLVE\UHIHUHQFHWRWKH
SULQFLSDORXWVWDQGLQJDQGDWWKHHႇHFWLYHLQWHUHVWUDWHDSSOLFDEOHZKLFKLVWKHUDWHWKDWH[DFWO\GLVFRXQWVHVWLPDWHGIXWXUH
FDVKUHFHLSWVWKURXJKWKHH[SHFWHGOLIHRIWKH¿QDQFLDODVVHWWRWKDWDVVHW¶VQHWFDUU\LQJDPRXQWRQLQLWLDOUHFRJQLWLRQ
Dividend Income:
'LYLGHQG,QFRPHLVUHFRJQLVHGZKHQWKHULJKWWRUHFHLYHWKHSD\PHQWLVHVWDEOLVKHG
Rental income:
5HQWDOLQFRPHDULVLQJIURPRSHUDWLQJOHDVHVLVDFFRXQWHGIRURQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUPVDQGLVLQFOXGHG
DVRWKHULQFRPHLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WRUORVV
4.16 Foreign currency reinstatement and translation:
7UDQVDFWLRQVLQIRUHLJQFXUUHQFLHVDUHUHFRUGHGDWWKHH[FKDQJHUDWHSUHYDLOLQJRQWKHGDWHRIWUDQVDFWLRQ0RQHWDU\
DVVHWVDQGOLDELOLWLHVGHQRPLQDWHGLQIRUHLJQFXUUHQFLHVDUHWUDQVODWHGDWWKHIXQFWLRQDOFXUUHQF\FORVLQJUDWHVRIH[FKDQJH
DWWKHUHSRUWLQJGDWH
([FKDQJHGLႇHUHQFHVDULVLQJRQVHWWOHPHQWRUWUDQVODWLRQRIPRQHWDU\LWHPVDUHUHFRJQLVHGLQFRQVROLGDWHGVWDWHPHQW
RISUR¿WDQGORVVH[FHSWWRWKHH[WHQWRIH[FKDQJHGLႇHUHQFHVZKLFKDUHUHJDUGHGDVDQDGMXVWPHQWWRLQWHUHVWFRVWV
RQIRUHLJQFXUUHQF\ERUURZLQJVWKDWDUHGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQRUFRQVWUXFWLRQRITXDOLI\LQJDVVHWVDUH
FDSLWDOL]HGDVFRVWRIDVVHWV
1RQPRQHWDU\LWHPVWKDWDUHPHDVXUHGLQWHUPVRIKLVWRULFDOFRVWLQDIRUHLJQFXUUHQF\DUHWUDQVODWHGXVLQJWKHH[FKDQJH
UDWHVDWWKHGDWHVRIWKHWUDQVDFWLRQ1RQPRQHWDU\LWHPVFDUULHGDWIDLUYDOXHWKDWDUHGHQRPLQDWHGLQIRUHLJQFXUUHQFLHV
DUHWUDQVODWHGDWWKHH[FKDQJHUDWHVSUHYDLOLQJDWWKHGDWHZKHQWKHIDLUYDOXHZDVGHWHUPLQHG7KHJDLQRUORVVDULVLQJ
RQWUDQVODWLRQRIQRQPRQHWDU\LWHPVPHDVXUHGDWIDLUYDOXHLVWUHDWHGLQOLQHZLWKWKHUHFRJQLWLRQRIWKHJDLQRUORVVRQ
WKHFKDQJHLQIDLUYDOXHRIWKHLWHP LHWUDQVODWLRQGLႇHUHQFHVRQLWHPVZKRVHIDLUYDOXHJDLQRUORVVLVUHFRJQLVHGLQ
2&,RUSUR¿WRUORVVDUHDOVRUHFRJQLVHGLQ2&,RUSUR¿WRUORVVUHVSHFWLYHO\
)RUHLJQH[FKDQJHGLႇHUHQFHVUHJDUGHGDVDQDGMXVWPHQWWRERUURZLQJFRVWVDUHSUHVHQWHGLQWKHFRQVROLGDWHGVWDWHPHQW
RISUR¿WDQGORVVZLWKLQ¿QDQFHFRVWV$OORWKHU¿QDQFHJDLQVORVVHVDUHSUHVHQWHGLQWKHFRQVROLGDWHGVWDWHPHQWRI
SUR¿WDQGORVVRQDQHWEDVLV
,QFDVHRIDQDVVHWH[SHQVHRULQFRPHZKHUHDQRQPRQHWDU\DGYDQFHLVSDLGUHFHLYHGWKHGDWHRIWUDQVDFWLRQLVWKH
GDWHRQZKLFKWKHDGYDQFHZDVLQLWLDOO\UHFRJQL]HG,IWKHUHZHUHPXOWLSOHSD\PHQWVRUUHFHLSWVLQDGYDQFHPXOWLSOHGDWHV
RIWUDQVDFWLRQVDUHGHWHUPLQHGIRUHDFKSD\PHQWRUUHFHLSWRIDGYDQFHFRQVLGHUDWLRQ
(PSOR\HH%HQH¿WV
6KRUWWHUPHPSOR\HHEHQH¿WVDUHUHFRJQL]HGDVDQH[SHQVHLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVRIWKH\HDU
LQZKLFKWKHUHODWHGVHUYLFHVDUHUHQGHUHG
/HDYH HQFDVKPHQW LV DFFRXQWHG DV 6KRUWWHUP HPSOR\HH EHQH¿WV DQG LV GHWHUPLQHG EDVHG RQ SURMHFWHG XQLW FUHGLW
PHWKRGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQVFDUULHGRXWE\WKLUGSDUW\DFWXDULHVDWHDFK%DODQFH6KHHWGDWH
&RQWULEXWLRQWR3URYLGHQW)XQGDGH¿QHGFRQWULEXWLRQSODQLVPDGHLQDFFRUGDQFHZLWKWKHVWDWXWHDQGLVUHFRJQLVHGDV
DQH[SHQVHLQWKH\HDULQZKLFKHPSOR\HHVKDYHUHQGHUHGVHUYLFHV

&RQWULEXWLRQWR6XSHUDQQXDWLRQIXQGDGH¿QHGFRQWULEXWLRQSODQLVPDGHLQDFFRUGDQFHZLWKWKHUHVSHFWLYH&RPSDQ\¶V
SROLF\DQGLVUHFRJQLVHGDVDQH[SHQVHLQWKH\HDULQZKLFKHPSOR\HHVKDYHUHQGHUHGVHUYLFHV
7KHFRVWRISURYLGLQJJUDWXLW\DGH¿QHGEHQH¿WSODQVLVGHWHUPLQHGXVLQJWKH3URMHFWHG8QLW&UHGLW0HWKRGRQWKHEDVLV
RIDFWXDULDOYDOXDWLRQVFDUULHGRXWE\WKLUGSDUW\DFWXDULHVDWHDFK%DODQFH6KHHWGDWH$FWXDULDOJDLQVDQGORVVHVDULVLQJ
IURP H[SHULHQFH DGMXVWPHQWV DQG FKDQJHV LQ DFWXDULDO DVVXPSWLRQV DUH FKDUJHG RU FUHGLWHG WR RWKHU FRPSUHKHQVLYH
LQFRPHLQWKHSHULRGLQZKLFKWKH\DULVH2WKHUFRVWVDUHDFFRXQWHGLQFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV
5HPHDVXUHPHQWVRIGH¿QHGEHQH¿WSODQLQUHVSHFWRISRVWHPSOR\PHQWDQGRWKHUORQJWHUPEHQH¿WVDUHFKDUJHGWR
WKHRWKHUFRPSUHKHQVLYHLQFRPHLQWKH\HDULQZKLFKWKH\RFFXU5HPHDVXUHPHQWVDUHQRWUHFODVVL¿HGWRFRQVROLGDWHG
VWDWHPHQWRISUR¿WDQGORVVLQVXEVHTXHQWSHULRGV
4.18 Share-based payments:
7KHFRVWRIHTXLW\VHWWOHGWUDQVDFWLRQVZLWKHPSOR\HHVLVPHDVXUHGDWIDLUYDOXHDWWKHGDWHDWZKLFKWKH\DUHJUDQWHG
7KHIDLUYDOXHRIVKDUHDZDUGVDUHGHWHUPLQHGZLWKWKHDVVLVWDQFHRIDQH[WHUQDOYDOXHUDQGWKHIDLUYDOXHDWWKHJUDQW
GDWHLVH[SHQVHGRQDSURSRUWLRQDWHEDVLVRYHUWKHYHVWLQJSHULRGEDVHGRQWKH*URXS¶VHVWLPDWHRIVKDUHVWKDWZLOO
HYHQWXDOO\YHVW7KHHVWLPDWHRIWKHQXPEHURIVWRFNRSWLRQVOLNHO\WRYHVWLVUHYLHZHGDWHDFKEDODQFHVKHHWGDWHXSWR
WKHYHVWLQJGDWHDWZKLFKSRLQWWKHHVWLPDWHLVDGMXVWHGWRUHÀHFWWKHFXUUHQWH[SHFWDWLRQV
4.19 Taxes on Income:
,QFRPH WD[ H[SHQVH UHSUHVHQWV WKH VXP RI FXUUHQW WD[ LQFOXGLQJ LQFRPH WD[ IRU HDUOLHU \HDUV DQG GHIHUUHG WD[7D[
LVUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVH[FHSWWRWKHH[WHQWWKDWLWUHODWHVWRLWHPVUHFRJQLVHG
GLUHFWO\LQHTXLW\RURWKHUFRPSUHKHQVLYHLQFRPHLQVXFKFDVHVWKHWD[LVDOVRUHFRJQLVHGGLUHFWO\LQHTXLW\RULQRWKHU
FRPSUHKHQVLYHLQFRPH$Q\VXEVHTXHQWFKDQJHLQGLUHFWWD[RQLWHPVLQLWLDOO\UHFRJQLVHGLQHTXLW\RURWKHUFRPSUHKHQVLYH
LQFRPHLVDOVRUHFRJQLVHGLQHTXLW\RURWKHUFRPSUHKHQVLYHLQFRPH
&XUUHQW WD[ SURYLVLRQ LV FRPSXWHG IRU ,QFRPH FDOFXODWHG DIWHU FRQVLGHULQJ DOORZDQFHV DQG H[HPSWLRQV XQGHU WKH
SURYLVLRQVRIWKHDSSOLFDEOH,QFRPH7D[/DZV&XUUHQWWD[DVVHWVDQGFXUUHQWWD[OLDELOLWLHVDUHRႇVHWDQGSUHVHQWHGDV
QHW
'HIHUUHGWD[LVUHFRJQLVHGRQGLႇHUHQFHVEHWZHHQWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVLQWKH%DODQFHVKHHWDQG
WKHFRUUHVSRQGLQJWD[EDVHVXVHGLQWKHFRPSXWDWLRQRIWD[DEOHSUR¿W'HIHUUHGWD[OLDELOLWLHVDUHJHQHUDOO\UHFRJQLVHG
IRU DOO WD[DEOH WHPSRUDU\ GLႇHUHQFHV DQG GHIHUUHG WD[ DVVHWV DUH JHQHUDOO\ UHFRJQLVHG IRU DOO GHGXFWLEOH WHPSRUDU\
GLႇHUHQFHVFDUU\IRUZDUGWD[ORVVHVXQXWLOLVHGWD[FUHGLWVDQGDOORZDQFHVWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWIXWXUH
WD[DEOHSUR¿WVZLOOEHDYDLODEOHDJDLQVWZKLFKWKRVHGHGXFWLEOHWHPSRUDU\GLႇHUHQFHVFDUU\IRUZDUGWD[ORVVHVXQXWLOLVHG
WD[ FUHGLWV DQG DOORZDQFHV FDQ EH XWLOLVHG 'HIHUUHG WD[ OLDELOLWLHV DQG DVVHWV DUH PHDVXUHG DW WKH WD[ UDWHV WKDW DUH
H[SHFWHGWRDSSO\LQWKHSHULRGLQZKLFKWKHOLDELOLW\LVVHWWOHGRUWKHDVVHWUHDOLVHGEDVHGRQWD[UDWHVWKDWKDYHEHHQ
HQDFWHGRUVXEVWDQWLYHO\HQDFWHGE\WKHHQGRIWKHUHSRUWLQJSHULRG7KHFDUU\LQJDPRXQWRI'HIHUUHGWD[OLDELOLWLHVDQG
DVVHWVDUHUHYLHZHGDWWKHHQGRIHDFKUHSRUWLQJSHULRG
4.20 Borrowing Costs:
%RUURZLQJ FRVWV VSHFL¿FDOO\ UHODWLQJ WR WKH DFTXLVLWLRQ RU FRQVWUXFWLRQ RI TXDOLI\LQJ DVVHWV WKDW QHFHVVDULO\ WDNHV D
VXEVWDQWLDOSHULRGRIWLPHWRJHWUHDG\IRULWVLQWHQGHGXVHDUHFDSLWDOL]HG QHWRILQFRPHRQWHPSRUDULO\GHSOR\PHQWRI
IXQGV DVSDUWRIWKHFRVWRIVXFKDVVHWV%RUURZLQJFRVWVFRQVLVWRILQWHUHVWDQGRWKHUFRVWVWKDWWKH*URXSLQFXUVLQ
FRQQHFWLRQZLWKWKHERUURZLQJRIIXQGV)RUJHQHUDOERUURZLQJXVHGIRUWKHSXUSRVHRIREWDLQLQJDTXDOLI\LQJDVVHWWKH
DPRXQWRIERUURZLQJFRVWVHOLJLEOHIRUFDSLWDOL]DWLRQLVGHWHUPLQHGE\DSSO\LQJDFDSLWDOL]DWLRQUDWHWRWKHH[SHQGLWXUHV
RQWKDWDVVHW7KHFDSLWDOL]DWLRQUDWHLVWKHZHLJKWHGDYHUDJHRIWKHERUURZLQJFRVWVDSSOLFDEOHWRWKHERUURZLQJVRIWKH
*URXSWKDWDUHRXWVWDQGLQJGXULQJWKHSHULRGRWKHUWKDQERUURZLQJVPDGHVSHFL¿FDOO\IRUWKHSXUSRVHRIREWDLQLQJD
TXDOLI\LQJDVVHW7KHDPRXQWRIERUURZLQJFRVWVFDSLWDOL]HGGXULQJDSHULRGGRHVQRWH[FHHGWKHDPRXQWRIERUURZLQJ
FRVWLQFXUUHGGXULQJWKDWSHULRG$OORWKHUERUURZLQJFRVWVDUHH[SHQVHGLQWKHSHULRGLQZKLFKWKH\RFFXU
4.21 Earnings per share:
%DVLF HDUQLQJV SHU VKDUH LV FRPSXWHG XVLQJ WKH QHW SUR¿W RU ORVV IRU WKH \HDU DWWULEXWDEOH WR WKH VKDUHKROGHUV¶ DQG
ZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU
'LOXWHG HDUQLQJV SHU VKDUH LV FRPSXWHG XVLQJ WKH QHW SUR¿W RU ORVV IRU WKH \HDU DWWULEXWDEOH WR WKH VKDUHKROGHU¶ DQG
ZHLJKWHG DYHUDJH QXPEHU RI HTXLW\ DQG SRWHQWLDO HTXLW\ VKDUHV RXWVWDQGLQJ GXULQJ WKH \HDU LQFOXGLQJ VKDUH RSWLRQV
FRQYHUWLEOHSUHIHUHQFHVKDUHVDQGGHEHQWXUHVH[FHSWZKHUHWKHUHVXOWZRXOGEHDQWLGLOXWLYH3RWHQWLDOHTXLW\VKDUHV
WKDWDUHFRQYHUWHGGXULQJWKH\HDUDUHLQFOXGHGLQWKHFDOFXODWLRQRIGLOXWHGHDUQLQJVSHUVKDUHIURPWKHEHJLQQLQJRIWKH
\HDURUGDWHRILVVXDQFHRIVXFKSRWHQWLDOHTXLW\VKDUHVWRWKHGDWHRIFRQYHUVLRQ

&XUUHQWDQGQRQFXUUHQWFODVVL¿FDWLRQ
7KH*URXSSUHVHQWVDVVHWVDQGOLDELOLWLHVLQVWDWHPHQWRI¿QDQFLDOSRVLWLRQEDVHGRQFXUUHQWQRQFXUUHQWFODVVL¿FDWLRQ
7KH*URXSKDVSUHVHQWHGQRQFXUUHQWDVVHWVDQGFXUUHQWDVVHWVEHIRUHHTXLW\QRQFXUUHQWOLDELOLWLHVDQGFXUUHQWOLDELOLWLHV
LQDFFRUGDQFHZLWK6FKHGXOH,,,'LYLVLRQ,,RI&RPSDQLHV$FWQRWL¿HGE\0&$
$QDVVHWLVFODVVL¿HGDVFXUUHQWZKHQLWLV
D ([SHFWHGWREHUHDOLVHGRULQWHQGHGWREHVROGRUFRQVXPHGLQQRUPDORSHUDWLQJF\FOH
F ([SHFWHGWREHUHDOLVHGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
G &DVK RU FDVK HTXLYDOHQW XQOHVV UHVWULFWHG IURP EHLQJ H[FKDQJHG RU XVHG WR VHWWOH D OLDELOLW\ IRU DW OHDVW WZHOYH
PRQWKVDIWHUWKHUHSRUWLQJSHULRG
$OORWKHUDVVHWVDUHFODVVL¿HGDVQRQFXUUHQW
$OLDELOLW\LVFODVVL¿HGDVFXUUHQWZKHQLWLV
D ([SHFWHGWREHVHWWOHGLQQRUPDORSHUDWLQJF\FOH
F 'XHWREHVHWWOHGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
G 7KHUHLVQRXQFRQGLWLRQDOULJKWWRGHIHUWKHVHWWOHPHQWRIWKHOLDELOLW\IRUDWOHDVWWZHOYHPRQWKVDIWHUWKHUHSRUWLQJ
SHULRG
$OORWKHUOLDELOLWLHVDUHFODVVL¿HGDVQRQFXUUHQW
7KHRSHUDWLQJF\FOHLVWKHWLPHEHWZHHQWKHDFTXLVLWLRQRIDVVHWVIRUSURFHVVLQJDQGWKHLUUHDOLVDWLRQLQFDVKRUFDVK
HTXLYDOHQWV 'HIHUUHG WD[ DVVHWV OLDELOLWLHV DUH FODVVL¿HG DV QRQFXUUHQW DVVHWV OLDELOLWLHV7KH *URXS KDV LGHQWL¿HG
WZHOYHPRQWKVDVLWVQRUPDORSHUDWLQJF\FOH
4.23 Fair value measurement:
7KH*URXSPHDVXUHV¿QDQFLDOLQVWUXPHQWVDWIDLUYDOXHDWHDFKEDODQFHVKHHWGDWH
)DLU YDOXH LV WKH SULFH WKDW ZRXOG EH UHFHLYHG WR VHOO DQ DVVHW RU SDLG WR WUDQVIHU D OLDELOLW\ LQ DQ RUGHUO\ WUDQVDFWLRQ
EHWZHHQPDUNHWSDUWLFLSDQWVDWWKHPHDVXUHPHQWGDWH7KHIDLUYDOXHPHDVXUHPHQWLVEDVHGRQWKHSUHVXPSWLRQWKDWWKH
WUDQVDFWLRQWRVHOOWKHDVVHWRUWUDQVIHUWKHOLDELOLW\WDNHVSODFHHLWKHU
D ,QWKHSULQFLSDOPDUNHWIRUWKHDVVHWRUOLDELOLW\RU
E ,QWKHDEVHQFHRIDSULQFLSDOPDUNHWLQWKHPRVWDGYDQWDJHRXVPDUNHWIRUWKHDVVHWRUOLDELOLW\
$IDLUYDOXHPHDVXUHPHQWRIDQRQ¿QDQFLDODVVHWWDNHVLQWRDFFRXQWDPDUNHWSDUWLFLSDQW¶VDELOLW\WRJHQHUDWHHFRQRPLF
EHQH¿WVE\XVLQJWKHDVVHWLQLWVKLJKHVWDQGEHVWXVHRUE\VHOOLQJLWWRDQRWKHUPDUNHWSDUWLFLSDQWWKDWZRXOGXVHWKH
DVVHWLQLWVKLJKHVWDQGEHVWXVH
7KH*URXSXVHVYDOXDWLRQWHFKQLTXHVWKDWDUHDSSURSULDWHLQWKHFLUFXPVWDQFHVDQGIRUZKLFKVXႈFLHQWGDWDDUHDYDLODEOH
WRPHDVXUHIDLUYDOXHPD[LPLVLQJWKHXVHRIUHOHYDQWREVHUYDEOHLQSXWVDQGPLQLPLVLQJWKHXVHRIXQREVHUYDEOHLQSXWV
$OO DVVHWV DQG OLDELOLWLHV IRU ZKLFK IDLU YDOXH LV PHDVXUHG RU GLVFORVHG LQ WKH FRQVROLGDWHG ¿QDQFLDO VWDWHPHQWV DUH
FDWHJRULVHGZLWKLQWKHIDLUYDOXHKLHUDUFK\
4.24 Government Grant:
*RYHUQPHQWJUDQWVDUHUHFRJQL]HGRQO\LIWKHUHLVUHDVRQDEOHDVVXUDQFHDVWRLWVUHFHLSWDQGWKDWWKHFRQGLWLRQVDWWDFKHG
WKHUHWRVKDOOEHFRPSOLHGZLWKDQGDUHUHFRJQLVHGDQGVKRZQXQGHUWKHKHDG³2WKHU,QFRPH´
2ႇVHWWLQJ¿QDQFLDO,QVWUXPHQW
)LQDQFLDODVVHWVDQGOLDELOLWLHVDUHRႇVHWDQGWKHQHWDPRXQWLVUHSRUWHGLQWKHEDODQFHVKHHWZKHUHWKHUHLVDOHJDOO\
HQIRUFHDEOHULJKWVWRRႇVHWWKHUHFRJQLVHGDPRXQWVDQGWKHUHLVDQLQWHQWLRQWRVHWWOHRQDQHWEDVLVRUUHDOLVHWKHDVVHW
DQGVHWWOHWKHOLDELOLW\VLPXOWDQHRXVO\7KHOHJDOO\HQIRUFHDEOHULJKWVPXVWQRWEHFRQWLQJHQWRQIXWXUHHYHQWVDQGPXVW
EHHQIRUFHDEOHLQWKHQRUPDOFRXUVHRIEXVLQHVVDQGLQWKHHYHQWRIGHIDXOWLQVROYHQF\RUEDQNUXSWF\RIWKH&RPSDQ\RU
FRXQWHUSDUW\

4.26 Recent Accounting pronouncements:
2Qrd0DUFKWKH0LQLVWU\RI&RUSRUDWH$ႇDLUV 0&$ KDVQRWL¿HGFHUWDLQDPHQGPHQWWRH[LVWLQJ,QG$67KHVH
DPHQGPHQWVVKDOOEHDSSOLFDEOHWRWKH&RPSDQ\IURPst$SULO
$PHQGPHQWWR([LVWLQJLVVXHG,QG$6
7KH0&$KDVFDUULHGRXWDPHQGPHQWVRIWKHIROORZLQJDFFRXQWLQJVWDQGDUGV
L ,QG$6)LUVWWLPHDGRSWLRQRI,QGLDQ$FFRXQWLQJ6WDQGDUGV
LL ,QG$6±%XVLQHVV&RPELQDWLRQV
LLL ,QG$6)LQDQFLDO,QVWUXPHQWV
LY ,QG$6±3URSHUW\3ODQWDQG(TXLSPHQW
Y ,QG$6±3URYLVLRQV&RQWLQJHQW/LDELOLWLHVDQG&RQWLQJHQW$VVHWV
YL ,QG$6$JULFXOWXUH
7KH DERYH DPHQGPHQWV RI VWDQGDUGV DUH QRW H[SHFWHG WR KDYH DQ\ VLJQL¿FDQW LPSDFW RQ WKH &RPSDQ\¶V ¿QDQFLDO
VWDWHPHQWV
Note 5 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS:
7KHSUHSDUDWLRQRIWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVUHTXLUHVPDQDJHPHQWWRPDNHMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQV
WKDWDႇHFWWKHUHSRUWHGDPRXQWVRIUHYHQXHVH[SHQVHVDVVHWVOLDELOLWLHVWKHDFFRPSDQ\LQJGLVFORVXUHVDQGWKHGLVFORVXUH
RIFRQWLQJHQWOLDELOLWLHV8QFHUWDLQW\DERXWWKHVHDVVXPSWLRQVDQGHVWLPDWHVFRXOGUHVXOWLQRXWFRPHVWKDWUHTXLUHDPDWHULDO
DGMXVWPHQW WR WKH FDUU\LQJ DPRXQW RI DVVHWV RU OLDELOLWLHV DႇHFWHG LQ IXWXUH SHULRGV 7KH NH\ DVVXPSWLRQV FRQFHUQLQJ WKH
IXWXUHDQGRWKHUNH\VRXUFHVRIHVWLPDWLRQXQFHUWDLQW\DWWKHUHSRUWLQJGDWHWKDWKDYHDVLJQL¿FDQWULVNRIFDXVLQJDPDWHULDO
DGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQWKHQH[W¿QDQFLDO\HDUDUHGHVFULEHGEHORZ7KH*URXSEDVHG
LWVDVVXPSWLRQVDQGHVWLPDWHVRQSDUDPHWHUVDYDLODEOHZKHQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVZHUHSUHSDUHG+RZHYHU
H[LVWLQJFLUFXPVWDQFHVDQGDVVXPSWLRQVDERXWIXWXUHGHYHORSPHQWVPD\FKDQJHGXHWRPDUNHWFKDQJHVRUFLUFXPVWDQFHV
DULVLQJWKDWDUHEH\RQGWKHFRQWURORIWKH*URXS6XFKFKDQJHVDUHUHÀHFWHGLQWKHDVVXPSWLRQVZKHQWKH\RFFXU
5.1 Property, Plant and Equipment, Investment Properties and Other Intangible Assets:
0DQDJHPHQWUHYLHZVWKHHVWLPDWHGXVHIXOOLYHVDQGUHVLGXDOYDOXHVRIWKHDVVHWVDQQXDOO\LQRUGHUWRGHWHUPLQHWKH
DPRXQWRIGHSUHFLDWLRQWREHUHFRUGHGGXULQJDQ\UHSRUWLQJSHULRG7KHXVHIXOOLYHVDQGUHVLGXDOYDOXHVDVSHUVFKHGXOH,,
RIWKH&RPSDQLHV$FWRUDUHEDVHGRQWKH*URXS¶VKLVWRULFDOH[SHULHQFHZLWKVLPLODUDVVHWVDQGWDNLQJLQWRDFFRXQW
DQWLFLSDWHGWHFKQRORJLFDOFKDQJHVZKLFKHYHULVPRUHDSSURSULDWH
5.2 Income Tax:
*URXSUHYLHZVDWHDFKEDODQFHVKHHWGDWHWKHFDUU\LQJDPRXQWRIGHIHUUHGWD[DVVHWV7KHIDFWRUVXVHGLQHVWLPDWHV
PD\GLႇHUIURPDFWXDORXWFRPHZKLFKFRXOGOHDGWRDQDGMXVWPHQWWRWKHDPRXQWVUHSRUWHGLQWKH¿QDQFLDOVWDWHPHQWV
7KH*URXSKDVFDUU\IRUZDUGWD[ORVVHVWKDWDUHDYDLODEOHIRURႇVHWDJDLQVWIXWXUHWD[DEOHSUR¿W'HIHUUHGWD[DVVHWVDUH
UHFRJQLVHGRQO\WRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSUR¿WZLOOEHDYDLODEOHDJDLQVWZKLFKWKHXQXVHGWD[ORVVHVRU
WD[FUHGLWVFDQEHXWLOLVHG7KLVLQYROYHVDQDVVHVVPHQWRIZKHQWKRVHDVVHWVDUHOLNHO\WRUHYHUVHDQGDMXGJHPHQWDV
WRZKHWKHURUQRWWKHUHZLOOEHVXႈFLHQWWD[DEOHSUR¿WVDYDLODEOHWRRႇVHWWKHDVVHWV7KLVUHTXLUHVDVVXPSWLRQVUHJDUGLQJ
IXWXUHSUR¿WDELOLW\ZKLFKLVLQKHUHQWO\XQFHUWDLQ7RWKHH[WHQWDVVXPSWLRQVUHJDUGLQJIXWXUHSUR¿WDELOLW\FKDQJHWKHUHFDQ
EHDQLQFUHDVHRUGHFUHDVHLQWKHDPRXQWVUHFRJQLVHGLQUHVSHFWRIGHIHUUHGWD[DVVHWVDQGFRQVHTXHQWLDOLPSDFWLQWKH
FRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV
5.3 Contingencies:
0DQDJHPHQWKDVHVWLPDWHGWKHSRVVLEOHRXWÀRZRIUHVRXUFHVDWWKHHQGRIHDFKDQQXDOUHSRUWLQJ¿QDQFLDO\HDULIDQ\LQ
UHVSHFWRIFRQWLQJHQFLHVFODLPOLWLJDWLRQVDJDLQVWWKH*URXSDVLWLVQRWSRVVLEOHWRSUHGLFWWKHRXWFRPHRISHQGLQJPDWWHUV
ZLWKDFFXUDF\
7KHLPSDLUPHQWSURYLVLRQVIRU¿QDQFLDODVVHWVDUHEDVHGRQDVVXPSWLRQVDERXWULVNRIGHIDXOWDQGH[SHFWHGFDVKORVV
7KH*URXSXVHVMXGJHPHQWLQPDNLQJWKHVHDVVXPSWLRQVDQGVHOHFWLQJWKHLQSXWVWRWKHLPSDLUPHQWFDOFXODWLRQEDVHG
RQ*URXS¶VSDVWKLVWRU\H[LVWLQJPDUNHWFRQGLWLRQVDVZHOODVIRUZDUGORRNLQJHVWLPDWHVDWWKHHQGRIHDFKUHSRUWLQJ
SHULRG

,PSDLUPHQWRIQRQ¿QDQFLDODVVHWV
7KH*URXSDVVHVVHVDWHDFKUHSRUWLQJGDWHZKHWKHUWKHUHLVDQLQGLFDWLRQWKDWDQDVVHWPD\EHLPSDLUHG,IDQ\LQGLFDWLRQ
H[LVWVRUZKHQDQQXDOLPSDLUPHQWWHVWLQJIRUDQDVVHWLVUHTXLUHGWKH*URXSHVWLPDWHVWKHDVVHW¶VUHFRYHUDEOHDPRXQW
$Q DVVHW¶V UHFRYHUDEOH DPRXQW LV WKH KLJKHU RI DQ DVVHW¶V RU &DVK *HQHUDWLQJ 8QLWV &*8 IDLU YDOXH OHVV FRVWV RI
GLVSRVDODQGLWVYDOXHLQXVH,WLVGHWHUPLQHGIRUDQLQGLYLGXDODVVHWXQOHVVWKHDVVHWGRHVQRWJHQHUDWHFDVKLQÀRZV
WKDWDUHODUJHO\LQGHSHQGHQWWRWKRVHIURPRWKHUDVVHWVRUJURXSVRIDVVHWV:KHUHWKHFDUU\LQJDPRXQWRIDQDVVHWRU
&*8H[FHHGVLWVUHFRYHUDEOHDPRXQWWKHDVVHWLVFRQVLGHUHGLPSDLUHGDQGLVZULWWHQGRZQWRLWVUHFRYHUDEOHDPRXQW
,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKÀRZVDUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJDSUHWD[GLVFRXQW
UDWHWKDWUHÀHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFL¿FWRWKHDVVHW,QGHWHUPLQLQJ
IDLUYDOXHOHVVFRVWRIGLVSRVDOUHFHQWPDUNHWWUDQVDFWLRQVDUHWDNHQLQWRDFFRXQW,IQRVXFKWUDQVDFWLRQVFDQEHLGHQWL¿HG
DQDSSURSULDWHYDOXDWLRQPRGHOLVXVHG7KHVHFDOFXODWLRQVDUHFRUURERUDWHGE\YDOXDWLRQPXOWLSOHVRURWKHUDYDLODEOHIDLU
YDOXHLQGLFDWRUV
'H¿QHGEHQH¿WVSODQV
7KH&RVWRIWKHGH¿QHGEHQH¿WSODQDQGRWKHUSRVWHPSOR\PHQWEHQH¿WVDQGWKHSUHVHQWYDOXHRIVXFKREOLJDWLRQDUH
GHWHUPLQHGXVLQJDFWXDULDOYDOXDWLRQV$QDFWXDULDOYDOXDWLRQLQYROYHVPDNLQJYDULRXVDVVXPSWLRQVWKDWPD\GLႇHUIURP
DFWXDOGHYHORSPHQWVLQWKHIXWXUH7KHVHLQFOXGHWKHGHWHUPLQDWLRQRIWKHGLVFRXQWUDWHIXWXUHVDODU\LQFUHDVHVPRUWDOLW\
UDWHV DQG DWWULWLRQ UDWH 'XH WR WKH FRPSOH[LWLHV LQYROYHG LQ WKH YDOXDWLRQ DQG LWV ORQJWHUP QDWXUH D GH¿QHG EHQH¿W
REOLJDWLRQLVKLJKO\VHQVLWLYHWRFKDQJHVLQWKHVHDVVXPSWLRQV$OODVVXPSWLRQVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH
5.7 Recoverability of trade receivable:
-XGJHPHQWV DUH UHTXLUHG LQ DVVHVVLQJ WKH UHFRYHUDELOLW\ RI RYHUGXH WUDGH UHFHLYDEOHV DQG GHWHUPLQLQJ ZKHWKHU D
SURYLVLRQ DJDLQVW WKRVH UHFHLYDEOHV LV UHTXLUHG )DFWRUV FRQVLGHUHG LQFOXGH WKH FUHGLW UDWLQJ RI WKH FRXQWHUSDUW\ WKH
DPRXQWDQGWLPLQJRIDQWLFLSDWHGIXWXUHSD\PHQWVDQGDQ\SRVVLEOHDFWLRQVWKDWFDQEHWDNHQWRPLWLJDWHWKHULVNRIQRQ
SD\PHQW
5.8 Revenue Recognition:
7KH*URXS¶VFRQWUDFWVZLWKFXVWRPHUVFRXOGLQFOXGHSURPLVHVWRWUDQVIHUPXOWLSOHSURGXFWVDQGVHUYLFHVWRDFXVWRPHU
7KH*URXSDVVHVVHVWKHSURGXFWVVHUYLFHVSURPLVHGLQDFRQWUDFWDQGLGHQWLI\GLVWLQFWSHUIRUPDQFHREOLJDWLRQVLQWKH
FRQWUDFW,GHQWL¿FDWLRQRIGLVWLQFWSHUIRUPDQFHREOLJDWLRQLQYROYHVMXGJHPHQWWRGHWHUPLQHWKHGHOLYHUDEOHVDQGWKHDELOLW\
RIWKHFXVWRPHUWREHQH¿WLQGHSHQGHQWO\IURPVXFKGHOLYHUDEOHV
-XGJHPHQW LV DOVR UHTXLUHG WR GHWHUPLQH WKH WUDQVDFWLRQ SULFH IRU WKH FRQWUDFW7KH WUDQVDFWLRQ SULFH FRXOG EH HLWKHU
D ¿[HG DPRXQW RI FXVWRPHU FRQVLGHUDWLRQ RU YDULDEOH FRQVLGHUDWLRQ ZLWK HOHPHQWV VXFK DV YROXPH GLVFRXQWV SULFH
FRQFHVVLRQVDQGLQFHQWLYHV$Q\FRQVLGHUDWLRQSD\DEOHWRWKHFXVWRPHULVDGMXVWHGWRWKHWUDQVDFWLRQSULFHXQOHVVLWLVD
SD\PHQWIRUDGLVWLQFWSURGXFWRUVHUYLFHIURPWKHFXVWRPHU7KHHVWLPDWHGDPRXQWRIYDULDEOHFRQVLGHUDWLRQLVDGMXVWHG
LQWKHWUDQVDFWLRQSULFHRQO\WRWKHH[WHQWWKDWLWLVKLJKO\SUREDEOHWKDWDVLJQL¿FDQWUHYHUVDOLQWKHDPRXQWRIFXPXODWLYH
UHYHQXH UHFRJQLVHG ZLOO QRW RFFXU DQG LV UHDVVHVVHG DW WKH HQG RI HDFK UHSRUWLQJ SHULRG 7KH *URXS DOORFDWHV WKH
HOHPHQWVRIYDULDEOHFRQVLGHUDWLRQVWRDOOWKHSHUIRUPDQFHREOLJDWLRQVRIWKHFRQWUDFWXQOHVVWKHUHLVREVHUYDEOHHYLGHQFH
WKDWWKH\SHUWDLQWRRQHRUPRUHGLVWLQFWSHUIRUPDQFHREOLJDWLRQV
7KH*URXSXVHVMXGJHPHQWWRGHWHUPLQHDQDSSURSULDWHVWDQGDORQHVHOOLQJSULFHIRUDSHUIRUPDQFHREOLJDWLRQ7KH*URXS
DOORFDWHVWKHWUDQVDFWLRQSULFHWRHDFKSHUIRUPDQFHREOLJDWLRQRQWKHEDVLVRIWKHUHODWLYHVWDQGDORQHVHOOLQJSULFHRIHDFK
GLVWLQFWSURGXFWRUVHUYLFHSURPLVHGLQWKHFRQWUDFW:KHUHVWDQGDORQHVHOOLQJSULFHLVQRWREVHUYDEOHWKH*URXSXVHVWKH
H[SHFWHGFRVWSOXVPDUJLQDSSURDFKWRDOORFDWHWKHWUDQVDFWLRQSULFHWRHDFKGLVWLQFWSHUIRUPDQFHREOLJDWLRQ
5.9 Provisions:
3URYLVLRQVDQGOLDELOLWLHVDUHUHFRJQL]HGLQWKHSHULRGZKHQLWEHFRPHVSUREDEOHWKDWWKHUHZLOOEHDIXWXUHRXWÀRZRI
IXQGVUHVXOWLQJIURPSDVWRSHUDWLRQVRUHYHQWVDQGWKHDPRXQWRIFDVKRXWÀRZFDQEHUHOLDEO\HVWLPDWHG7KHWLPLQJRI
UHFRJQLWLRQDQGTXDQWL¿FDWLRQRIWKHOLDELOLW\UHTXLUHWKHDSSOLFDWLRQRIMXGJHPHQWWRH[LVWLQJIDFWVDQGFLUFXPVWDQFHV
ZKLFKFDQEHVXEMHFWWRFKDQJH6LQFHWKHFDVKRXWÀRZVFDQWDNHSODFHPDQ\\HDUVLQWKHIXWXUHWKHFDUU\LQJDPRXQWV
RISURYLVLRQVDQGOLDELOLWLHVDUHUHYLHZHGUHJXODUO\DQGDGMXVWHGWRWDNHDFFRXQWRIFKDQJLQJIDFWVDQGFLUFXPVWDQFHV
)DLUYDOXHPHDVXUHPHQWRI¿QDQFLDOLQVWUXPHQWV
:KHQWKHIDLUYDOXHRI¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVUHFRUGHGLQWKHEDODQFHVKHHWFDQQRWEHPHDVXUHGEDVHG
RQTXRWHGSULFHVLQDFWLYHPDUNHWVWKHLUIDLUYDOXHLVPHDVXUHGXVLQJYDOXDWLRQWHFKQLTXHVLQFOXGLQJWKH'LVFRXQWHG&DVK
)ORZ '&) PRGHO7KHLQSXWVWRWKHVHPRGHOVDUHWDNHQIURPREVHUYDEOHPDUNHWVZKHUHSRVVLEOHEXWZKHUHWKLVLVQRW
IHDVLEOHDGHJUHHRIMXGJHPHQWLVUHTXLUHGLQHVWDEOLVKLQJIDLUYDOXHV-XGJHPHQWVLQFOXGHFRQVLGHUDWLRQVRILQSXWVVXFK
DVOLTXLGLW\ULVNFUHGLWULVNDQGYRODWLOLW\&KDQJHVLQDVVXPSWLRQVDERXWWKHVHIDFWRUVFRXOGDႇHFWWKHUHSRUWHGIDLUYDOXH
RI¿QDQFLDOLQVWUXPHQWV

&ODVVL¿FDWLRQRI/HDVHV
7KH*URXSHYDOXDWHVLIDQDUUDQJHPHQWTXDOL¿HVWREHDOHDVHDVSHUWKHUHTXLUHPHQWVRI,QG$6,GHQWL¿FDWLRQRI
D OHDVH UHTXLUHV VLJQL¿FDQW MXGJHPHQW7KH *URXS XVHV VLJQL¿FDQW MXGJHPHQW LQ DVVHVVLQJ WKH OHDVH WHUP LQFOXGLQJ
DQWLFLSDWHGUHQHZDOV DQGWKHDSSOLFDEOHGLVFRXQWUDWH7KH*URXSGHWHUPLQHVWKHOHDVHWHUPDVWKHQRQFDQFHOODEOH
SHULRGRIDOHDVHWRJHWKHUZLWKERWKSHULRGVFRYHUHGE\DQRSWLRQVWRH[WHQGWKHOHDVHLIWKH*URXSLVUHDVRQDEO\FHUWDLQ
WRH[HUFLVHWKDWRSWLRQVDQGSHULRGVFRYHUHGE\DQRSWLRQWRWHUPLQDWHWKHOHDVHLIWKH*URXSLVUHDVRQDEO\FHUWDLQQRW
WRH[HUFLVHWKDWRSWLRQV,QDVVHVVLQJZKHWKHUWKH*URXSLVUHDVRQDEO\FHUWDLQWRH[HUFLVHDQRSWLRQWRH[WHQGDOHDVHRU
QRWWRH[HUFLVHDQRSWLRQWRWHUPLQDWHDOHDVHLWFRQVLGHUVDOOUHOHYDQWIDFWVDQGFLUFXPVWDQFHVWKDWFUHDWHDQHFRQRPLF
LQFHQWLYHIRUWKH*URXSWRH[HUFLVHWKHRSWLRQWRH[WHQGWKHOHDVHRUQRWWRH[HUFLVHWKHRSWLRQWRWHUPLQDWHWKHOHDVH7KH
*URXSUHYLVHVWKHOHDVHWHUPLIWKHUHLVDFKDQJHLQWKHQRQFDQFHOODEOHSHULRGRIDOHDVH7KHGLVFRXQWUDWHLVJHQHUDOO\
EDVHGRQWKHLQFUHPHQWDOERUURZLQJUDWHVSHFL¿FWRWKHOHDVHEHLQJHYDOXDWHGRUIRUDSRUWIROLRRIOHDVHVZLWKVLPLODU
FKDUDFWHULVWLFV

Note 6 - Property, Plant and Equipment and Capital Work-in-Progress
(` in lakhs)
Particulars Leasehold Right Leasehold Freehold Buildings Plant and Furniture Vehicles 2ႈFH Total Capital
Improvements of Use - Land Land Equipment and Equipments Work in
Building Fixtures Progress
GROSS BLOCK:
As at 1st April, 2020 417.14 55.42 363.91 4,524.24 9,319.95 16,809.34 1,202.08 802.72 1,046.70 34,541.50
$GGLWLRQV
'LVSRVDOV
As at 31st March, 2021 432.06 180.34 363.91 4,524.24 10,890.20 20,587.27 1,230.32 776.15 1,119.60 40,104.09
$GGLWLRQV
7UDQVIHUWR$VVHWVKHOG
IRU6DOH 5HIHU1RWH
'LVSRVDOV$GMXVWPHQWV
As at 31st March, 2022 442.16 180.34 - 3,572.17 5,648.45 21,913.93 950.88 922.80 1,138.84 34,769.57
As at 1st April, 2020 128.49 25.58 30.05 - 1,055.70 6,035.35 599.03 329.83 640.07 8,844.10
'HSUHFLDWLRQ$PRUWLVDWLRQ
'LVSRVDOV
As at 31st March, 2021 262.82 53.24 36.06 - 1,299.40 8,720.26 739.43 382.90 798.51 12,292.62
'HSUHFLDWLRQ$PRUWLVDWLRQ
7UDQVIHUWR$VVHWVKHOG
IRU6DOH 5HIHU1RWH
'LVSRVDOV$GMXVWPHQWV
As at 31st March, 2022 391.42 63.75 - - 758.73 11,006.15 630.24 412.74 807.33 14,070.36
NET BLOCK:
As at 31st March, 2021 169.24 127.10 327.85 4,524.24 9,590.80 11,867.01 490.89 393.25 321.09 27,811.47 1,266.13
As at 31st March, 2022 50.74 116.59 - 3,572.17 4,889.72 10,907.78 320.64 510.06 331.51 20,699.21 2,497.76
6.1 ,QDFFRUGDQFHZLWKWKH,QGLDQ$FFRXQWLQJ6WDQGDUG ,QG$6 ³,PSDLUPHQWRI$VVHWV´WKHPDQDJHPHQWGXULQJWKH\HDU
FDUULHGRXWDQH[HUFLVHRILGHQWLI\LQJWKHDVVHWVWKDWPD\KDYHEHHQLPSDLUHGLQDFFRUGDQFHZLWKWKHVDLG,QG$62QWKHEDVLV
RIWKLVUHYLHZFDUULHGRXWE\WKHPDQDJHPHQWWKHUHZDVQRLPSDLUPHQWORVVRQSURSHUW\SODQWDQGHTXLSPHQWGXULQJWKH\HDU
ended 31st0DUFKH[FHSWDVGLVFORVHGLQ1RWH
6.2 &HUWDLQSURSHUW\SODQWDQGHTXLSPHQWZHUHSOHGJHGDVFROODWHUDODJDLQVWERUURZLQJVWKHGHWDLOVUHODWHGWRZKLFKKDYHEHHQ
GHVFULEHGLQQRWH
6.3 *URVV%ORFNRI3ODQWDQG(TXLSPHQWVLQFOXGHVÒDNKV 3UHYLRXV\HDUÒDNKV EHLQJWKHDPRXQWVSHQWIRUOD\LQJ
3RZHU/LQHWKHRZQHUVKLSRIZKLFKYHVWVZLWKWKH*RYHUQPHQW$XWKRULWLHV

6.4 Details of Capital work in Progress (CWIP) aging and completion schedule as at 31st March, 2022 and 31st March, 2021
are as below:
$ &:,3DJHLQJVFKHGXOHDVDWst0DUFK
(` in lakhs)
Less than 1 1-2 years 2-3 Years More than Total
year 3 years
3URMHFWLQ3URJUHVV
/HVV3URYLVLRQIRU,PSDLUPHQW
5HIHU1RWH
Total 2,436.60 - - 61.16 2,497.76
B) CWIP ageing schedule as at 31st0DUFK

(` in lakhs)
Less than 1 1-2 years 2-3 Years More than Total
year 3 years
3URMHFWLQ3URJUHVV
Total 534.36 246.81 72.06 412.91 1,266.13
6.5 Title deeds of Immovable Properties not held in name of the Company as at 31st March, 2022 and 31st March, 2021
$ 7LWOHGHHGVRI,PPRYDEOH3URSHUWLHVQRWKHOGLQQDPHRIWKH&RPSDQ\DVDWst0DUFK
Relevant line item Description Gross Title deeds held Whether title deed Property Reason for not
in the Balance of item of carrying in the name of holder is a promoter, held since being held in
sheet property value director or relative which date the name of the
(` in lakhs) of promoter/director company
of employee of
promoter/director
3URSHUW\3ODQWDQG Freehold Borosil 1R 7KH VDLG WUDQVIHU

(TXLSPHQWV /DQGDW 5HQHZDEOHV/WG ZDVSXUVXDQWWRWKH
*RYLQGJDUK )RUPHUO\NQRZQ Composite Scheme
'LVW-DLSXU DV%RURVLO*ODVV RI $PDOJDPDWLRQ
Investment )UHHKROG/DQG Borosil 1R as approved by the
Properties DW5RRUNHH 5HQHZDEOHV/WG +RQ¶EOH 1DWLRQDO
:RUNV/WG RUGHU GDWHG th
-DQXDU\
ZKLFK KDV EHFDPH
HႇHFWLYH IURP th
)HEUXDU\
and the same is
LQ WKH SURFHVV RI
DGMXGLFDWLRQ
3URYLVLRQIRU,PSDLUPHQW/RVVKDVEHHQSURYLGHG 5HIHU1RWH

% 7LWOHGHHGVRI,PPRYDEOH3URSHUWLHVQRWKHOGLQQDPHRIWKH&RPSDQ\DVDWst0DUFK
Relevant line Description Gross Title deeds Whether title Property Reason for not
item in the of item of carrying held in the deed holder is a held being held in
Balance sheet property value (` in name of promoter,director since the name of the
lakhs) or relative of which company
promoter/director date
of employee of
promoter/director
3URSHUW\3ODQWDQG )UHHKROG/DQG Borosil 1R 7KH VDLG WUDQVIHU
(TXLSPHQWV DW*RYLQGJDUK 5HQHZDEOHV/WG ZDVSXUVXDQWWRWKH
'LVW-DLSXU )RUPHUO\NQRZQ Composite Scheme
DV%RURVLO*ODVV RI $PDOJDPDWLRQ
Investment )UHHKROG/DQG Borosil 1R as approved by the
Properties DW5RRUNHH 5HQHZDEOHV/WG +RQ¶EOH 1DWLRQDO
:RUNV/WG RUGHU GDWHG th
-DQXDU\
3URSHUW\3ODQWDQG )UHHKROG/DQG Borosil 1R ZKLFK KDV EHFDPH
(TXLSPHQWV %KDUXFK 5HQHZDEOHV/WG HႇHFWLYH IURP th
)RUPHUO\NQRZQ )HEUXDU\
DV%RURVLO*ODVV and the same is
:RUNV/WG LQ WKH SURFHVV RI
Investment )UHHKROG/DQG Borosil 1R DGMXGLFDWLRQ
Properties %KDUXFK 5HQHZDEOHV/WG
)RUPHUO\NQRZQ
DV%RURVLO*ODVV
:RUNV/WG
6.6 'HWDLOVRISUHRSHUDWLYHH[SHQGLWXUHLQFOXGHGLQFDSLWDOZRUNLQSURJUHVVDQGLWVFDSLWDOLVDWLRQGXULQJWKH\HDU
(` in lakhs)
st
Particulars 31 March 31st March
2022 2021
Pre-operative Expenditure carried forward from previous year - 52.38
6DODULHV:DJHV $OORZDQFHV
%DQN&KDUJHV
3URIHVVLRQDO)HHV
3RZHUDQG)XHO
0LVFHOODQHRXV([SHQVHV
Total 104.18 90.36
Capitalised during the year - 90.36
Balance pre-operative expenses included in Capital work in Progress 104.18 -
6.7 7KHUH DUH QR SURFHHGLQJV LQLWLDWHG RU SHQGLQJ DJDLQVW WKH FRPSDQ\ IRU KROGLQJ DQ\ %HQDPL 3URSHUW\ XQGHU WKH %HQDPL
7UDQVDFWLRQV 3URKLELWLRQ $FW RI DQGWKHUXOHVPDGHWKHUHXQGHU
6.8 7KH &RPSDQ\ GRHV QRW KDYH DQ\ FDSLWDO ZRUN LQ SURJUHVV RU ,QWDQJLEOH DVVHWV XQGHU GHYHORSPHQW ZKRVH FRPSOHWLRQ LV
RYHUGXHRUKDVH[FHHGHGLWVFRVWFRPSDUHGWRRULJLQDOSODQ

Note 7 - Investment Property
(` in lakhs)
Particulars Investment
Properties
GROSS BLOCK:
As at 1st April, 2020 158.52
$GGLWLRQV7UDQVIHU 5HIHUQRWH
'LVSRVDOV
As at 31st March, 2021 167.63
$GGLWLRQV
'LVSRVDOV
As at 31st March, 2022 167.63
As at 1st April, 2020 -
'HSUHFLDWLRQ
'LVSRVDOV
st
As at 31 March, 2021 -
'HSUHFLDWLRQ
3URYLVLRQIRU,PSDLUPHQW 5HIHUQRWH
'LVSRVDOV
st
As at 31 March, 2022 62.04
NET BLOCK:
As at 31st March, 2021 167.63
As at 31st March, 2022 105.59
7.1 Information regarding income and expenditure of investment properties.

7KHUHLVQR,QFRPHGHULYHG([SHQVHVLQFXUUHGE\WKH&RPSDQ\IURPLQYHVWPHQWSURSHUWLHV
7.2 7KH&RPSDQ\¶VLQYHVWPHQWSURSHUWLHVDVDWst0DUFKFRQVLVWVRIODQGDQGEXLOGLQJKHOGIRUXQGHWHUPLQHGIXWXUHXVH
7.3 7KHIDLUYDOXHVRIWKHSURSHUWLHVDUHÒDNKV 3UHYLRXV<HDUÒDNKV 7KHVHYDOXDWLRQVDUHEDVHGRQYDOXDWLRQV
SHUIRUPHGE\DQDFFUHGLWHGLQGHSHQGHQWYDOXHUZKRLVDVSHFLDOLVWLQYDOXLQJWKHVHW\SHVRISURSHUWLHV7KHIDLUYDOXHRIWKH
DVVHWVLVGHWHUPLQHGXVLQJ&RPSDULVRQ0HWKRGXQGHUWKH0DUNHW$SSURDFK7KHIDLUYDOXHPHDVXUHPHQWLVFDWHJRULVHGLQ
/HYHOIDLUYDOXHKLHUDUFK\)RUWKHSXUSRVHRIWKHYDOXDWLRQXQGHUFRPSDULVRQPHWKRGDFRPSDULVRQLVPDGHZLWKVLPLODU
SURSHUWLHVWKDWKDYHUHFHQWO\EHHQVROGLQWKHPDUNHW7KHVLJQL¿FDQWXQREVHUYDEOHLQSXWVDUH L PRQWKO\PDUNHWUHQWWDNLQJ
LQWR DFFRXQW WKH GLႇHUHQFH LQ ORFDWLRQ DQG LQGLYLGXDO IDFWRUV VXFK DV IURQWDJH DQG VL]H EHWZHHQ WKH FRPSDUDEOH DQG WKH
SURSHUWLHV LL &DSLWDOLVDWLRQUDWHWDNLQJLQWRDFFRXQWWKHFDSLWDOLVDWLRQRIUHQWDOLQFRPHSRWHQWLDOQDWXUHRISURSHUW\DQGWKH
SUHYDLOLQJPDUNHWFRQGLWLRQ
7.4 7KH IDLU YDOXHV RI WKH SURSHUWLHV DV DW st 0DUFK DUH SHUIRUPHG E\ DQ DFFUHGLWHG LQGHSHQGHQW UHJLVWHUHG YDOXHU DV
GH¿QHGXQGHUUXOHRIWKH&RPSDQLHV 5HJLVWHUHG9DOXHUVDQG9DOXDWLRQ 5XOHVZKRLVDVSHFLDOLVWLQYDOXLQJWKHVH
W\SHVRISURSHUWLHV
7.5 7KH&RPSDQ\KDVQRUHVWULFWLRQVRQWKHUHDOLVDELOLW\RILWVLQYHVWPHQWSURSHUWLHVDQGQRFRQWUDFWXDOREOLJDWLRQVWRSXUFKDVH
FRQVWUXFWRUGHYHORSLQYHVWPHQWSURSHUWLHVRUIRUUHSDLUVPDLQWHQDQFHDQGHQKDQFHPHQWV

Note 8 - Other Intangible Assets
(` in lakhs)
Particulars Other Intangible
assets
GROSS BLOCK:
As at 1st April, 2020 406.76
$GGLWLRQV
'LVSRVDOV
As at 31st March, 2021 418.94
$GGLWLRQV
'LVSRVDOV
As at 31st March, 2022 439.81
AMORTISATION:
As at 1st April, 2020 306.32
$PRUWLVDWLRQ
'LVSRVDOV
st
As at 31 March, 2021 367.55
$PRUWLVDWLRQ
'LVSRVDOV
As at 31st March, 2022 402.61
NET BLOCK:
As at 31st March, 2021 51.39
As at 31st March, 2022 37.20

8.1 2WKHULQWDQJLEOHDVVHWVUHSUHVHQWV&RPSXWHU6RIWZDUHVRWKHUWKDQVHOIJHQHUDWHG

Note 9 - Non-Current Investments

No. of Face Value ` in lakhs No. of Face Value ` in lakhs
Shares/ (in `) Shares/ (in `)
Units Units
(a) In Equity Instruments:
Unquoted Partly Paid-Up
Others
=RURDVWULDQ&RRSHUDWLYH%DQN/WG
%KDUDW&RRSHUDWLYH%DQN/WG
Total Equity Instruments (a) 3.70 3.72
(b) In Others:
1. Venture Capital Fund
Unquoted Fully Paid-Up
19,QGLD5HDO(VWDWH)XQG
2. Alternative Investment Fund
$6.5HDO(VWDWH6SHFLDO2SSRUWXQLWLHV)XQG,,&ODVV%
(GHOZHLVV6WUHVVHGDQG7URXEOHG$VVHWV5HYLYDO)XQG
,,)/,QFRPH2SSRUWXQLWLHV)XQG6HULHV6SHFLDO6LWXDWLRQV
$&DWHJRU\,,
)LUHVLGH9HQWXUHV,QYHVWPHQW)XQG&ODVV$
Total Others (b) 3,962.25 4,677.77
7RWDO1RQ&XUUHQW,QYHVWPHQWV D E 3,965.95 4,681.49
9.1 $JJUHJDWHDPRXQWRI,QYHVWPHQWVDQG0DUNHWYDOXHWKHUHRI
(` in lakhs)
st st
8QTXRWHG,QYHVWPHQWV
3,965.95 4,681.49
9.2 &DWHJRU\ZLVH1RQFXUUHQW,QYHVWPHQW
(` in lakhs)
Total 3,965.95 4,681.49

Note 10 - Non-current Financial Assets - Loans
(` in lakhs)
/RDQWR(PSOR\HHV
Total 23.44 23.10
Note 11 - Non-current Financial Assets - Others

(` in lakhs)
)L[HGGHSRVLWZLWK%DQNVKDYLQJPDWXULW\PRUHWKDQPRQWKV
6HFXULW\'HSRVLWV
Total 508.66 528.71
11.1 )L[HG'HSRVLWZLWK%DQNVSOHGJHGIRU(3&*OLFHQVH
Note 12 - Other Non-current Assets

(` in lakhs)
&DSLWDO$GYDQFHV
2WKHUV
Total 4,199.30 62.38
12.1 2WKHUVLQFOXGHPDLQO\3UHSDLG([SHQVHVHWF
Note 13 - Inventories
(` in lakhs)
Raw Materials:
*RRGVLQ7UDQVLW
2WKHUV
:RUNLQ3URJUHVV
Finished Goods:
*RRGVLQ7UDQVLW
2WKHUV
Stock-in-Trade:
*RRGVLQ7UDQVLW
2WKHUV
6WRUHV6SDUHVDQG&RQVXPDEOHV
3DFNLQJ0DWHULDO
Scrap(Cullet)
Total 19,333.50 14,760.95
13.1 7KHUHYHUVDORIZULWHGRZQRILQYHQWRULHV QHW IRUWKH\HDULVÒDNKV ,QSUHYLRXV\HDUWKHZULWHGRZQRILQYHQWRULHV

QHW LVRIÒDNKV 7KHVHDUHLQFOXGHGLQ&KDQJHVLQ,QYHQWRULHVRI:RUNLQ3URJUHVV)LQLVKHG*RRGVDQG6WRFNLQ
7UDGHLQ3DFNLQJ0DWHULDOV&RQVXPHGDQG&RQVXPSWLRQ6WRUHVDQG6SDUHVLQWKHVWDWHPHQWRISUR¿WDQGORVV
13.2 )RUPRGHRIYDOXDWLRQRILQYHQWRULHVUHIHUQRWHQR

Note 14 - Current Investments

No. of Face Value ` in lakhs No. of Face Value ` in lakhs
Shares/ (in `) Shares/ (in `)
Units Units
(a) In Debentures:
Quoted Fully Paid-Up
8QVHFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI
0LUD\D5HDOW\3YW/WG6HULHV,,
6HFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI
6WHUOLQJ+DELWDWV3YW/WG6HULHV,,
6HFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI 116 116
*HQLH&RPPHUFLDO9HQWXUHV3YW/WG7UDQFKH,
6HFXUHG5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI
+'%)LQDQFLDO6HUYLFHV/WG6HULHV$ =&
$[LV)LQDQFH/WG6HULHV
$GLW\D%LUOD)LQDQFH/WG6HULHV&
%DMDM)LQDQFH/WG6HULHV ,,
7DWD&DSLWDO+RXVLQJ)LQDQFH/WG6HULHV&)<
Unquoted Fully Paid Up
6KULSURS'ZHOOHUV3YW/WG6HULHV,,
0LUD\D5HDOW\3YW/WG)LUVW'HEHQWXUHV
6HFXUHG 1RQ &RQYHUWLEOH 5HGHHPDEOH 'HEHQWXUHV RI
6WHUOLQJ+DELWDWV3YW/WG6HULHV,%
Total Debentures (a) 5,676.93 512.78
(b) Mutual Funds:
Quoted Fully Paid Up
+')&)03'0DUFK 'LUHFW2SWLRQ*URZWK$
+')&/LTXLG)XQG'LUHFW3ODQ*URZWK2SWLRQ#
,&,&,3UXGHQWLDO/LTXLG)XQG'LUHFW3ODQ*URZWK
+')&2YHUQLJKW)XQG'LUHFW3ODQ*URZWKRSWLRQ
,&,&,3UXGHQWLDO2YHUQLJKW)XQG'LUHFW3ODQ*URZWK
(GHOZHLVV$UELWUDJH)XQG'LUHFW3ODQ*URZWK
,')&$UELWUDJH)XQG*URZWK'LUHFW3ODQ
1LSSRQ ,QGLD$UELWUDJH )XQG 'LUHFW *URZWK 3ODQ *URZWK
2SWLRQ
$GLW\D %LUOD 6XQ /LIH )ORDWLQJ 5DWH )XQG *URZWK 'LUHFW
Plan
@1LOXQLWV 3UHYLRXV\HDUXQLWV SOHGJHGDVVHFXULW\ZLWKDEDQNIRUFUHGLWIDFLOLW\DYDLOHGE\WKH*URXS
$ZDVSOHGJHGDVDVHFXULW\ZLWKDEDQNIRUWKHFUHGLWIDFLOLW\DYDLOHGE\*URXS
Total Mutual Funds (b) 10,049.62 19,324.71
7RWDO&XUUHQW,QYHVWPHQWV D E 15,726.55 19,837.49

14.1 $JJUHJDWHDPRXQWRI&XUUHQW,QYHVWPHQWVDQG0DUNHWYDOXHWKHUHRI
(` in lakhs)
st st
Quoted Investments
8QTXRWHG,QYHVWPHQWV
Total 15,726.55 19,837.49
14.2 &DWHJRU\ZLVH&XUUHQW,QYHVWPHQW
(` in lakhs)
Total 15,726.55 19,837.49
Note 15 - Current Financial Assets - Trade Receivables

(` in lakhs)
&RQVLGHUHG*RRG
Credit Impaired

/HVV3URYLVLRQIRU&UHGLW,PSDLUHG
5HIHU1RWHDQG
Total 7,430.91 6,636.38
15.1 Trade Receivable Aging Schedule are as below:

(` in lakhs)
31st March, 2022
Upto 6 6 1-2 2-3 More Total
- 1 Year years
8QGLVSXWHG WUDGH UHFHLYDEOHV ± FRQVLGHUHG
good
8QGLVSXWHGWUDGHUHFHLYDEOHV±FUHGLWLPSDLUHG
'LVSXWHGWUDGHUHFHLYDEOHV±FUHGLWLPSDLUHG
Sub Total 4,170.35 3,152.71 112.62 195.78 24.05 232.93 7,888.44
/HVV$OORZDQFHIRUFUHGLWLPSDLUHG
Total 4,170.35 3,152.71 107.85 - - - 7,430.91

(` in lakhs)
31st March, 2021
Upto 6 6 1-2 2-3 More Total
- 1 Year years
8QGLVSXWHGWUDGHUHFHLYDEOHV±FRQVLGHUHGJRRG
8QGLVSXWHGWUDGHUHFHLYDEOHV±FUHGLWLPSDLUHG
'LVSXWHGWUDGHUHFHLYDEOHV±FUHGLWLPSDLUHG
Sub Total 2,153.67 4,305.53 208.78 118.14 95.35 195.85 7,077.31
/HVV$OORZDQFHIRUFUHGLWLPSDLUHG
Total 2,153.67 4,305.53 65.83 84.23 9.83 17.30 6,636.38
Note 16 - Cash and Cash Equivalents

(` in lakhs)
%DODQFHVZLWK%DQNVLQFXUUHQWDFFRXQWV
)L[HGGHSRVLWVZLWK%DQNV+DYLQJPDWXULW\OHVVWKDQPRQWKV
&DVKRQ+DQG
Total 2,254.07 652.30
16.1 )RUWKHSXUSRVHRIWKHVWDWHPHQWRIFDVKÀRZFDVKDQGFDVKHTXLYDOHQWVFRPSULVHWKHIROORZLQJV
(` in lakhs)
%DODQFHVZLWK%DQNVLQFXUUHQWDFFRXQWV
)L[HGGHSRVLWZLWK%DQNV+DYLQJPDWXULW\OHVVWKDQPRQWKV
&DVKRQ+DQG
Total 2,254.07 652.30
Note 17 - Bank balances Other than Cash and Cash Equivalents

(` in lakhs)
Earmarked Balances with bank:

8QSDLG'LYLGHQG$FFRXQWV
)L[HGGHSRVLWZLWK%DQNV+DYLQJPDWXULW\OHVVWKDQPRQWKV
Total 609.80 107.09
17.1 )L[HGGHSRVLWZLWK%DQNVLQFOXGHV¿[HGGHSRVLWVSOHGJHGIRUOHWWHURIFUHGLWIDFLOLW\IURPDEDQNUDWHFRQWUDFWZLWKFXVWRPHUV
VDOHVWD[GHSRVLWDQGIRU(3&*OLFHQVH

Note 18 - Current Financial Assets - Loans
(` in lakhs)
&RUSRUDWHGHSRVLWVZLWK1RQ%DQNLQJ)LQDQFLDO&RPSDQ\ 1%)&
/RDQWR(PSOR\HHV
Total 1,547.99 54.50
Note 19 - Current Financial Assets - Others

(` in lakhs)
,QWHUHVW5HFHLYDEOHV
Security Deposits:
&RQVLGHUHG*RRG
&RQVLGHUHG'RXEWIXO

/HVV3URYLVLRQIRU'RXEWIXO'HSRVLWV 5HIHU1RWH
Others
&RQVLGHUHG*RRG
&RQVLGHUHG'RXEWIXO

/HVV3URYLVLRQIRU'RXEWIXO 5HIHU1RWH
Total 585.91 381.89
19.1 2WKHUVLQFOXGHVIURPSRUWIROLRPDQDJHUVDQGLQVXUDQFHFODLPVDQGRWKHUUHFHLYDEOHVHWF
Note 20 - Other Current Assets
(` in lakhs)
Advances against supplies
&RQVLGHUHG*RRG
&RQVLGHUHG'RXEWIXO

/HVV3URYLVLRQIRU'RXEWIXO$GYDQFHV 5HIHU1RWH
([SRUW,QFHQWLYHV5HFHLYDEOH
%DODQFHZLWK*RRGVDQG6HUYLFH7D[$XWKRULWLHV
$PRXQWSDLGXQGHU3URWHVW 5HIHU1RWH
2WKHUV
Total 2,140.72 1,230.25
20.1 2WKHUVLQFOXGHVSUHSDLGH[SHQVHV9$7UHIXQGVDOHVWD[LQFHQWLYHUHFHLYDEOHOLFHQVHVLQKDQGVRWKHUUHFHLYDEOHHWF

Note 21 - Equity Share Capital
(` in lakhs)
Authorised
Equity Share Capital
3UHYLRXV<HDU (TXLW\6KDUHVRI`HDFK
Preference Share Capital
3UHYLRXV<HDU 3UHIHUHQFH6KDUHVRI`HDFK
Total 5,500.00 5,500.00
Issued, Subscribed & Fully Paid up
3UHYLRXV<HDU (TXLW\6KDUHVRI`HDFK
5HIHU1RWH
Total 1,141.63 1,141.19
21.1 Reconciliation of number of Equity Shares outstanding at the beginning and at the end of the year:

(in Nos.) (` in lakhs) (in Nos.) (` in lakhs)
6KDUHVRXWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDU
$GG6KDUHVLVVXHGRQ([HUFLVHRI(PSOR\HH6WRFN2SWLRQ
5HIHU1RWHDQG
Shares outstanding at the end of the year 11,41,62,667 1,141.63 11,41,19,467 1,141.19
21.2 'XULQJ WKH \HDU SXUVXDQW WR H[HUFLVH RI WKH RSWLRQV XQGHU ³%RURVLO /LPLWHG 6SHFLDO 3XUSRVH (PSOR\HH 6WRFN 2SWLRQ 3ODQ
´WKH&RPSDQ\KDVPDGHDOORWPHQWRI(TXLW\6KDUHV 3UHYLRXV<HDU(TXLW\6KDUHV RIWKHIDFHYDOXHRI
`HDFKZKLFKKDVUHVXOWHGLQWRLQFUHDVHRISDLGXS(TXLW\6KDUH&DSLWDOE\ÒDNKV 3UHYLRXV<HDUÒDNKV DQG
Securities Premium by ÒDNKV 3UHYLRXV<HDUÒDNKV
21.3 Terms/Rights attached to Equity Shares:
7KH&RPSDQ\KDVRQO\RQHFODVVRIVKDUHVUHIHUUHGWRDVHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH+ROGHUVRIHTXLW\
VKDUHVDUHHQWLWOHGWRRQHYRWHSHUVKDUH7KHFRPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHG
E\WKH%RDUGRI'LUHFWRUVLIDQ\LVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHDQQXDOJHQHUDOPHHWLQJH[FHSWLQFDVH
RILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQRIWKH&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHDQ\RIWKH
UHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWV7KHGLVWULEXWLRQZLOOEHLQWKHVDPHSURSRUWLRQ
DVWKHFDSLWDOSDLGXSRQWKHHTXLW\VKDUHVKHOGE\WKHPEHDUVWRWKHWRWDOSDLGXSHTXLW\VKDUHFDSLWDORIWKH&RPSDQ\
21.4 Details of Shareholder holding more than 5% of Equity Share Capital:
Name of Shareholder As at 31st March, 2022 As at 31st March, 2021

No. of % of No. of % of
Shares Holding Shares Holding
5HNKD.KHUXND
.LUDQ.KHUXND
/DWH%DMUDQJ/DO.KHUXND
3..KHUXND
&URWRQ7UDGLQJ3YW/WG
([SLUHGRQ 'HFHPEHU
th

21.5 Details of shares held by promoters and promoter group in the Company
Name of Promoters As at 31st March, 2022 As at 31st March, 2021 % Change from
No. of % of No. of % of 31st March, 2021 to
Shares Holding Shares Holding 31st March, 2022
/DWH%DMUDQJ/DO.KHUXND 3URPRWHU

6KUHHYDU.KHUXND 3URPRWHU
3..KHUXND 3URPRWHU
.LUDQ.KHUXND 3URPRWHU*URXS
5HNKD.KHUXND 3URPRWHU*URXS
3URPRWHU*URXS
*XMDUDW)XVLRQ*ODVV//3 3URPRWHU
*URXS
6RQDUJDRQ3URSHUWLHV//3 3URPRWHU
*URXS
%RURVLO+ROGLQJV//3 3URPRWHU*URXS
6SDUWDQ7UDGH+ROGLQJV//3 3URPRWHU
*URXS
$VVRFLDWHG)DEULFDWRUV//3 3URPRWHU
*URXS
([SLUHGRQth'HFHPEHU
21.6 8QGHU%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ¶ ³(623´ RSWLRQVZHUHUHVHUYHG
DQGRXWRIWKLVDVDWst0DUFK DVDWst0DUFK RSWLRQVKDYHEHHQJUDQWHG 5HIHU1RWH1R
)XUWKHUXQGHU%RURVLO/LPLWHG±(PSOR\HHV6WRFN2SWLRQ6FKHPH¶ ³1(:(626´ RSWLRQVDUH
UHVHUYHGDQGRXWRIWKLVGXULQJWKH\HDU DVDWst0DUFK1LO RSWLRQVKDYHEHHQJUDQWHG 5HIHU1RWH1R
21.7 'LYLGHQGSDLGDQGSURSRVHG
(` in lakhs)
Proposed Dividends
'LYLGHQGSURSRVHGIRUWKH\HDUHQGHGRQst0DUFKDW`SHUVKDUH
)DFH9DOXHRI`HDFK
Dividend Paid
'LYLGHQGSDLGIRUWKH\HDUHQGHGRQst0DUFKDW`SHUVKDUH
)DFH9DOXHRI`HDFK
3URSRVHGGLYLGHQGVRQHTXLW\VKDUHVDUHVXEMHFWWRDSSURYDODWWKHDQQXDOJHQHUDOPHHWLQJDQGDUHQRWUHFRJQLVHGDVDOLDELOLW\
as at 31st0DUFK

Note 22 - Other Equity
(` in lakhs)
Capital Reserve
Capital Reserve on Business Combination
General Reserve
Securities Premium
$GG([HUFLVHRI(PSOR\HH6WRFNRSWLRQ 5HIHU1RWH
Share Based Payment Reserve
$GG6KDUHEDVHGSD\PHQW 5HIHU1RWH
/HVV2SWLRQVFDQFHOOHGGXULQJWKH\HDU 5HIHUQRWH
/HVV([HUFLVHRI(PSOR\HH6WRFNRSWLRQ 5HIHU1RWH
Retained Earnings
$GG3UR¿WIRUWKH\HDU
$GG2SWLRQVFDQFHOOHGGXULQJWKH\HDU 5HIHU1RWH
/HVV'LYLGHQG3DLG
/HVV7UDQVIHUUHG WR 1RQFRQWUROOLQJ ,QWHUHVW 1&, RQ
DFFRXQWRIFKDQJHVLQRZQHUVKLS,QWHUHVW
Other Comprehensive Income (OCI)
0RYHPHQWVLQ2&, QHW GXULQJWKH\HDU
Total 75,581.17 68,334.12
22.1 Nature and Purpose of Reserve

1. Capital Reserve:
&DSLWDOUHVHUYHZDVFUHDWHGE\ZD\RIVXEVLG\UHFHLYHGIURP6WDWH,QGXVWULHV3URPRWLRQ&RUSRUDWLRQRI7DPLOQDGX7KH
UHVHUYHZLOOEHXWLOLVHGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FW
2. Capital Reserve On Business Combination:
&DSLWDO 5HVHUYH LV FUHDWHG RQ DFFRXQW RI %XVLQHVV &RPELQDWLRQ7KH UHVHUYH ZLOO EH XWLOLVHG LQ DFFRUGDQFH ZLWK WKH
3. General Reserve:
*HQHUDO 5HVHUYH LV FUHDWHG IURP WLPH WR WLPH E\ ZD\ RI WUDQVIHU RI SUR¿WV IURP UHWDLQHG HDUQLQJV IRU DSSURSULDWLRQ
SXUSRVH7KLVUHVHUYHLVDGLVWULEXWDEOHUHVHUYH
4. Securities Premium:
6HFXULWLHV SUHPLXP LV FUHDWHG ZKHQ VKDUHV LVVXHG DW SUHPLXP 7KH UHVHUYH ZLOO EH XWLOLVHG LQ DFFRUGDQFH ZLWK WKH
5. Share Based Payment Reserve:
6KDUHEDVHGSD\PHQWUHVHUYHLVFUHDWHGDJDLQVWµ%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ¶
³(623´ DQGDJDLQVWµ%RURVLO/LPLWHG(PSOR\HH6WRFN2SWLRQ6FKHPH¶ ³1(:(626´ DQGZLOOEH
XWLOLVHGDJDLQVWH[HUFLVHRIWKHRSWLRQRQLVVXDQFHRIWKHHTXLW\VKDUHVRIWKH&RPSDQ\
6. Retained Earnings:
5HWDLQHGHDUQLQJVUHSUHVHQWVWKHDFFXPXODWHGSUR¿WV ORVVHV PDGHE\WKH&RPSDQ\RYHUWKH\HDUV
7. Other Comprehensive Income (OCI):
2WKHU&RPSUHKHQVLYH,QFRPH 2&, LQFOXGHVUHPHDVXUHPHQWVRIGH¿QHGEHQH¿WSODQV

Note 23 - Non-current Financial Liabilities - Borrowings
(` in lakhs)
Secured Loan:
7HUPORDQIURPDEDQNV
Total - 59.94
23.1 7HUP /RDQ LQFOXGLQJ FXUUHQW PDWXULWLHV RI ORQJWHUP ERUURZLQJV 5HIHU QRWH ZDV SULPDULO\ VHFXUHG E\ UHVSHFWLYH
PDFKLQHULHVDQGFROODWHUDOVHFXUHGE\DOOSLHFHDQGSDUFHORIODQGO\LQJDW9LOODJH*RQGH'XPDODZLWKLQWKHOLPLWRI1DVKLN
=LOOD3DULVKDG7DOXND,JDWSXUL 'LVWULFW1DVKLNDQGIXUWKHUK\SRWKHFDWLRQFKDUJHRYHUH[LVWLQJDOOPDFKLQHULHV7KHVDPHZDV
FDUU\LQJLQWHUHVWUDWH#SD
Note 24 - Non-current Financial Liabilities - Provisions

(` in lakhs)
3URYLVLRQIRU*UDWXLW\ 8QIXQGHG 5HIHU1RWH
3URYLVLRQIRU*UDWXLW\ )XQGHG 5HIHU1RWH
Total 280.35 481.99
Note 25 - Income Tax

25.1 Current Tax
(` in lakhs)
Ended Ended
&XUUHQW,QFRPH7D[
,QFRPH7D[RIHDUOLHU\HDUV
Total 2,962.06 1,059.42
25.2 7KHPDMRUFRPSRQHQWVRI,QFRPH7D[([SHQVHVIRUWKH\HDUHQGHGst0DUFKDQGst0DUFKDUHDVIROORZV
(` in lakhs)
Ended Ended
5HFRJQLVHGLQFRQVROLGDWHGVWDWHPHQWRI3UR¿WDQG/RVV
&XUUHQW,QFRPH7D[ 5HIHU1RWH
'HIHUUHG7D[5HODWLQJWRRULJLQDWLRQDQGUHYHUVDORIWHPSRUDU\GLႇHUHQFHV

25.3 5HFRQFLOLDWLRQEHWZHHQWD[H[SHQVHVDQGDFFRXQWLQJSUR¿WPXOWLSOLHGE\WD[UDWHIRUWKH\HDUHQGHGst0DUFKDQGst
0DUFK
(` in lakhs)
Ended Ended
$FFRXQWLQJSUR¿WEHIRUHWD[DQGVKDUHLQSUR¿WRIDVVRFLDWH
$SSOLFDEOHWD[UDWH 5HIHU1RWH
Computed Tax Expenses 3,070.82 1,783.29
7D[HႇHFWRQDFFRXQWRI
/RZHUWD[UDWHLQGH[DWLRQDQGIDLUYDOXHFKDQJHVHWF
'LVFRQWLQXDWLRQRI'HSUHFLDWLRQDOORZDQFHRQ*RRGZLOO 5HIHU1RWH
([SHQVHVQRWDOORZHG
8WLOLVDWLRQRI/7&*/RVVRQZKLFK'HIHUUHG7D[QRWUHFRJQLVHG
$OORZDQFHVRI([SHQVHVRQSD\PHQWEDVLV
7D[ORVVHVIRUZKLFKQRGHIHUUHGWD[UHFRJQLVHG
'LႇHUHQWWD[UDWHVRIVXEVLGLDULHV
'XHWR1HZ7D[5HJLPH 5HIHUQRWH
&KDQJHVLQUDWHVRI,QFRPH7D[
2WKHUGHGXFWLRQVDOORZDQFHV
,QFRPHWD[IRUHDUOLHU\HDUV
,QFRPHWD[H[SHQVHVUHFRJQLVHGLQFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV 3,678.23 1,888.39
25.4 'HIHUUHGWD[/LDELOLWLHVUHODWHVWRWKHIROORZLQJ
(` in lakhs)
Particulars Balance Sheet Consolidated Statement of
3UR¿WDQG/RVVDQG2WKHU
Comprehensive Income
As at 31st As at 31st For the Year For the Year
March, 2022 March, 2021 Ended Ended
A) Deferred Tax Assets
3URSHUW\3ODQWDQG(TXLSPHQW
Investments
Inventories
7UDGH5HFHLYDEOH
2WKHU$VVHWV
2WKHU/LDELOLWLHV 3URYLVLRQ
/HDVH/LDELOLWLHV
0$7&UHGLW(QWLWOHPHQW
8QDEVRUEHG'HSUHFLDWLRQ
Total 226.11 354.05 (127.94) (12.56)
B) Deferred Tax Liabilities
3URSHUW\ 3ODQW DQG (TXLSPHQW LQFOXGLQJ
DVVHWVKHOGIRUVDOH
Investment Property
*RRGZLOORQ$PDOJDPDWLRQ
Investments
Inventories
7UDGH5HFHLYDEOH
2WKHU$VVHWV
2WKHU/LDELOLWLHV 3URYLVLRQ
0$7&UHGLW(QWLWOHPHQW
'HGXFWLRQ XV '' RI ,QFRPH 7D[ $FW

Total 2,088.65 1,503.23 585.42 820.98

25.5 5HFRQFLOLDWLRQRIGHIHUUHGWD[OLDELOLWLHV DVVHWV QHW
(` in lakhs)
Opening balance as at 1st April 1,149.18 315.64
'HIHUUHG7D[([SHQVHV &UHGLW UHFRJQLVHGLQSUR¿WRUORVV
'HIHUUHG7D[([SHQVHV ,QFRPH UHFRJQLVHGLQ2&,
,QFRPH7D[IRUHDUOLHU\HDUV
Closing balance as at 31st March 1,862.54 1,149.18
Deferred Tax Assets 226.11 354.05

Deferred Tax Liabilities 2,088.65 1,503.23
25.6 $PRXQWDQGH[SLU\GDWHRIXQXVHGWD[ORVVHVIRUZKLFKQRGHIHUUHGWD[DVVHWLVUHFRJQLVHG
(` in lakhs)
8QXVHGWD[ORVVHVIRUZKLFKQRGHIHUUHGWD[DVVHWVKDVEHHQUHFRJQLVHG
25.7 7KH*URXSKDVQRWUHFRJQLVHGDQ\GHIHUUHGWD[OLDELOLWLHVIRUWD[HVWKDWZRXOGEHSD\DEOHRQWKH*URXS¶VVKDUHLQXQUHPLWWHG
HDUQLQJVRIFHUWDLQRILWVVXEVLGLDULHVEHFDXVHWKH*URXSFRQWUROVZKHQWKHOLDELOLW\ZLOOEHLQFXUUHGDQGLWLVSUREDEOHWKDWWKH
OLDELOLW\ZLOOQRWEHLQFXUUHGLQWKHIRUHVHHDEOHIXWXUH
Note 26 - Current Financial Liabilities - Borrowings

(` in lakhs)
Secured Loan:
:RUNLQJ&DSLWDO/RDQIURPD%DQN
&XUUHQWPDWXULW\RIORQJWHUP%RUURZLQJV
Total - 667.02
26.1 :RUNLQJ&DSLWDO/RDQIURPDEDQNZDVVHFXUHGE\ZD\RISOHGJHRI'HEW0XWXDO)XQGXQLWV )03 )L[HGGHSRVLWV7KH5DWH

RI,QWHUHVWRI:RUNLQJFDSLWDO/RDQLV0&/56SUHDG &XUUHQWO\#SD
Note 27 - Current Financial Liabilities - Trade Payables

(` in lakhs)
0LFUR6PDOODQG0HGLXP(QWHUSULVHV
2WKHUV
Total 5,709.78 5,163.55

27.1 0LFUR6PDOODQG0HGLXP(QWHUSULVHVXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW 060('
KDYHEHHQGHWHUPLQHGEDVHGRQWKHLQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\DQGWKHGHWDLOVRIDPRXQWRXWVWDQGLQJGXHWRWKHP
DUHDVJLYHQEHORZ
(` in lakhs)
a) WKH SULQFLSDO DPRXQW DQG WKH LQWHUHVW GXH WKHUHRQ WR EH VKRZQ VHSDUDWHO\
UHPDLQLQJXQSDLGWRDQ\VXSSOLHUDWWKHHQGRIHDFKDFFRXQWLQJ\HDU
i) Principal amount outstanding
ii) Interest thereon
b) WKHDPRXQWRILQWHUHVWSDLGE\WKHEX\HULQWHUPVRIVHFWLRQRIWKH0LFUR
6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW RI DORQJZLWK
WKH DPRXQW RI WKH SD\PHQW PDGH WR WKH VXSSOLHU EH\RQG WKH DSSRLQWHG GD\
GXULQJHDFKDFFRXQWLQJ\HDU
c) WKH DPRXQW RI LQWHUHVW GXH DQG SD\DEOH IRU WKH SHULRG RI GHOD\ LQ PDNLQJ
SD\PHQW ZKLFKKDVEHHQSDLGEXWEH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDU
EXWZLWKRXWDGGLQJWKHLQWHUHVWVSHFL¿HGXQGHUWKH0LFUR6PDOODQG0HGLXP
(QWHUSULVHV'HYHORSPHQW$FW
d) WKH DPRXQW RI LQWHUHVW DFFUXHG DQG UHPDLQLQJ XQSDLG DW WKH HQG RI HDFK
DFFRXQWLQJ\HDU
e) WKHDPRXQWRIIXUWKHULQWHUHVWUHPDLQLQJGXHDQGSD\DEOHHYHQLQWKHVXFFHHGLQJ
\HDUV XQWLO VXFK GDWH ZKHQ WKH LQWHUHVW GXHV DERYH DUH DFWXDOO\ SDLG WR WKH
VPDOOHQWHUSULVHIRUWKHSXUSRVHRIGLVDOORZDQFHRIDGHGXFWLEOHH[SHQGLWXUH
XQGHU VHFWLRQ RI WKH 0LFUR 6PDOO DQG 0HGLXP (QWHUSULVHV 'HYHORSPHQW
$FW
27.2 7UDGH3D\DEOHV$JHLQJ6FKHGXOHDUHDVEHORZ
(` in lakhs)
Particulars Outstanding from due date of payment as at 31st March, 2022
Not Due Upto 1 1-2 2-3 More Total
Year Years Years than 3
years
7RWDO RXWVWDQGLQJ GXHV RI PLFURVPDOO PHGLXP
enterprises
7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURVPDOO
& medium enterprises
'LVSXWHG GXHV RI FUHGLWRUV RWKHU WKDQ PLFUR VPDOO DQG
medium enterprises
Total 5034.08 675.64 0.06 - - 5,709.78

(` in lakhs)
st
Particulars Outstanding from due date of payment as at 31 March, 2021
Not Due Upto 1 1-2 2-3 More Total
Year Years Years than 3
years
7RWDORXWVWDQGLQJGXHVRIPLFURVPDOO PHGLXP
enterprises
7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQ
medium enterprises
Total 4,453.91 679.18 18.94 8.43 3.09 5,163.55
Note 28 - Current Financial Liabilities - Others

(` in lakhs)
,QWHUHVWDFFUXHGEXWQRWGXHRQ%RUURZLQJ
,QWHUHVWDFFUXHGEXWQRWGXHRQ'HDOHU'HSRVLWV
,QWHUHVWDFFUXHGEXWQRWGXHRQ2WKHUV
'HDOHU'HSRVLWV
8QFODLPHG'LYLGHQGV
&UHGLWRUVIRU&DSLWDO([SHQGLWXUH
'HSRVLWV
2WKHU3D\DEOHV
Total 6,951.45 5,463.40
28.1 8QFODLPHGGLYLGHQGVGRHVQRWLQFOXGHDQ\DPRXQWVGXHDQGRXWVWDQGLQJVWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ
)XQG
28.2 2WKHU3D\DEOHVLQFOXGHVRXWVWDQGLQJOLDELOLWLHVIRUH[SHQVHVVDODU\ZDJHVERQXVGLVFRXQWUHEDWHVHWF
Note 29 - Other Current Liabilities

(` in lakhs)
$GYDQFHIURP&XVWRPHUV
Statutory liabilities
Total 796.14 970.66

Note 30 - Current Provisions
(` in lakhs)
Superannuation (Funded)
*UDWXLW\ )XQGHG 5HIHU1RWH
*UDWXLW\ 8QIXQGHG 5HIHU1RWH
/HDYH(QFDVKPHQW 8QIXQGHG
Total 933.32 745.23
Note 31 - Revenues from Operations

(` in lakhs)
Ended Ended
6DOHRI3URGXFWV
31.1 Disaggregated Revenue:
(i) Revenue based on Geography:

(` in lakhs)
Ended Ended
'RPHVWLFV
([SRUW
(ii) Revenue by Business Segment

(` in lakhs)
Ended Ended
6FLHQWL¿FZDUH
&RQVXPHUZDUH
(iii) Reconciliation of Revenue from Operation with contract price:

(` in lakhs)
Ended Ended
Contract Price
5HGXFWLRQWRZDUGVYDULDEOHVFRQVLGHUDWLRQVFRPSRQHQWV
7KHUHGXFWLRQWRZDUGVYDULDEOHFRQVLGHUDWLRQFRPSULVHVRIYROXPHGLVFRXQWVVFKHPHGLVFRXQWVSULFHFRQFHVVLRQVHWF

Note 32 - Other Income
(` in lakhs)
Ended Ended
,QWHUHVW,QFRPHIURP)LQDQFLDO$VVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV
1RQFXUUHQW,QYHVWPHQWV
&XUUHQW,QYHVWPHQWV
,QWHUHVW,QFRPHIURP)LQDQFLDO$VVHWVPHDVXUHGDWDPRUWLVHGFRVW
)L[HG'HSRVLWVZLWK%DQNV
&XVWRPHUV
2WKHUV
'LYLGHQG,QFRPHIURP)LQDQFLDO$VVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV
&XUUHQW,QYHVWPHQWV
*DLQRQ)LQDQFLDO,QVWUXPHQWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV QHW
5HQW,QFRPH
*DLQRQ)RUHLJQ&XUUHQF\7UDQVDFWLRQV QHW
6XQGU\&UHGLW%DODQFH:ULWWHQ%DFN QHW
([SRUW,QFHQWLYHV
,QVXUDQFH&ODLP5HFHLYHG
0LVFHOODQHRXV,QFRPH
Total 2,457.48 1,684.29
,QFOXGHVJRYHUQPHQWVXEVLG\XQGHU0DKDUDVKWUD,QGXVWULDO3ROLF\DQG3DFNDJH6FKHPHDQG5DMDVWKDQ,QYHVWPHQW3URPRWLRQ
6FKHPHRIÒDNKV 3UHYLRXV<HDUÒDNKV DQG`1LO 3UHYLRXV<HDUÒDNKV UHVSHFWLYHO\
Note 33 - Changes in Inventories of Work-in-Progress, Finished Goods and Stock-in-Trade

(` in lakhs)
Ended Ended
At the end of the Year
:RUNLQ3URJUHVV
)LQLVKHG*RRGV
6WRFNLQ7UDGH
Scrap (Cullet)
13,433.28 10,678.93
Inventory lost due to Fire / heavy Rain
:RUNLQ3URJUHVV
)LQLVKHG*RRGV
6WRFNLQ7UDGH
2,447.99 -

(` in lakhs)
Ended Ended
At the beginning of the Year
:RUNLQ3URJUHVV
)LQLVKHG*RRGV
6WRFNLQ7UDGH
Scrap (Cullet)
10,678.92 14,417.99
Changes in Inventories of Work-in-Progress, Finished Goods and Stock-in- (5,202.35) 3,739.06
Trade
1RWH(PSOR\HH%HQH¿WV([SHQVH
(` in lakhs)
Ended Ended
6DODULHV:DJHVDQG$OORZDQFHV

&RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGV 5HIHU1RWH
6KDUH%DVHG3D\PHQWV 5HIHU1RWH
6WDႇ:HOIDUH([SHQVHV
*UDWXLW\ 8QIXQGHG 5HIHU1RWH
Total 10,277.36 8,423.70
Note 35 - Finance Cost

(` in lakhs)
Ended Ended
,QWHUHVW([SHQVHVRQ¿QDQFLDOOLDELOLWLHVPHDVXUHGDWDPRUWLVHGFRVW
,QWHUHVW([SHQVHVRQ¿QDQFHOHDVHOLDELOLWLHV
Total 111.63 241.69
,QFOXGHVLQWHUHVWRQ,QFRPH7D[RIÒDNKV 3UHYLRXV<HDUÒDNKV
Note 36 - Depreciation and amortisation Expenses

(` in lakhs)
Ended Ended
'HSUHFLDWLRQRI3URSHUW\3ODQWDQG(TXLSPHQW 5HIHUQRWH
'HSUHFLDWLRQRI,QYHVWPHQW3URSHUWLHV 5HIHUQRWH
$PRUWLVDWLRQRI,QWDQJLEOH$VVHWV 5HIHUQRWH
Total 3,383.47 3,547.81

Note 37 - Other Expenses
(` in lakhs)
Manufacturing and Other Expenses
6WRUHV6SDUHVDQG&RQVXPDEOHV
3RZHUDQG)XHO
3DFNLQJ0DWHULDOV&RQVXPHG
Processing Charges
&RQWUDFW/DERXU([SHQVHV
5HSDLUVWR3ODQWDQG0DFKLQHU\
5HSDLUVWR%XLOGLQJV
Selling and Distribution Expenses

6DOHV3URPRWLRQDQG$GYHUWLVHPHQW([SHQVHV
'LVFRXQWDQG&RPPLVVLRQ
)UHLJKW2XWZDUG
:DUHKRXVLQJ([SHQVHV
Administrative and General Expenses

5HQW
5DWHVDQG7D[HV
2WKHU5HSDLUV
Insurance
/HJDODQG3URIHVVLRQDO)HHV
7UDYHOOLQJ
%DG'HEWV
/HVV 5HYHUVDO RI 3URYLVLRQ IRU &UHGLW ,PSDLUHG 'RXEWIXO
$GYDQFHV 5HIHU1RWH
3URYLVLRQ IRU &UHGLW ,PSDLUHG 'RXEWIXO $GYDQFHV QHW 5HIHU
1RWH
/RVVRQ6DOH'LVFDUGLQJRI3URSHUW\3ODQWDQG(TXLSPHQW QHW
,QYHVWPHQW$GYLVRU\&KDUJHV
&RPPLVVLRQWR'LUHFWRUV
'LUHFWRUV6LWWLQJ)HHV
3D\PHQWWR$XGLWRUV 5HIHU1RWH
&RUSRUDWH6RFLDO5HVSRQVLELOLW\([SHQGLWXUH 5HIHU1RWH
'RQDWLRQ
/RVVRQ6DOHRI1RQFXUUHQW,QYHVWPHQWV QHW
0LVFHOODQHRXV([SHQVHV
Total 28,556.57 17,492.86
,QFOXGHVORVVRQVDOHRI$VVHWVKHOGIRU6DOHRI`1LO 3UHYLRXV<HDUÒDNKV

37.1 Details of Payment to Auditors
(` in lakhs)
Ended Ended
Payment to Auditors as:
)RU6WDWXWRU\$XGLW
)RU4XDUWHUO\5HYLHZ
)RU7D[$XGLW
)RU7D[DWLRQ0DWWHUV
)RU&RPSDQ\/DZ0DWWHUV
)RU&HUWL¿FDWLRQ
)RU2WKHU6HUYLFH
)RU5HLPEXUVHPHQWRI([SHQVHV
Total 81.80 81.80
37.2 Notes related to Corporate Social Responsibility expenditure (CSR):

(a) &65DPRXQWUHTXLUHGWREHVSHQWDVSHU6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK6FKHGXOH9,,WKHUHRIE\WKH
company during the year is ÒDNKV 3UHYLRXV<HDUÒDNKV
(b) ([SHQGLWXUHUHODWHGWR&RUSRUDWH6RFLDO5HVSRQVLELOLW\LVÒDNKV 3UHYLRXV\HDUÒDNKV DQG`1LO 3UHYLRXV
year `1LO UHPDLQHGXQVSHQW
'HWDLOVRIH[SHQGLWXUHWRZDUGV&65JLYHQEHORZ
(` in lakhs)
Ended Ended
3URPRWLRQ RI KHDWK FDUH LQFOXGLQJ SUHYHQWLYH KHDOWK FDUH DQG VDQLWDWLRQ DQG
GLVDVWHUPDQDJHPHQWLQFRQQHFWLRQZLWK&RYLGSDQGHPLF
3URPRWLRQRIKHDWKFDUHLQFOXGLQJSUHYHQWLYHKHDOWKFDUH
7UDLQLQJWRSURPRWH2O\PSLF6SRUWV
3URPRWLQJJHQGHUHTXDOLW\HPSRZHULQJZRPHQ
(UDGLFDWLQJKXQJHUSRYHUW\DQGPDOQXWULWLRQ
106.00 63.92
/HVV([FHVV&65VSHQWIRURႇVHWDJDLQVWIXWXUHREOLJDWLRQV
95.00 63.92
7KH&RPSDQ\KDVGHFLGHGWRFDUU\IRUZDUGH[FHVV&65VSHQWRIÒDNKVWRRႇVHWDJDLQVWIXWXUHREOLJDWLRQVDQG
KDVUHFRJQLVHGWKHVDPHDVDQDVVHWLQWKHEDODQFHVKHHW
Note 38 - Exceptional Items
(` in lakhs)
Ended Ended
/RVVGXHWR)LUHDQG+HDY\5DLQ 5HIHU1RWH
3URYLVLRQIRU,PSDLUPHQW 5HIHU1RWH
Total 1,121.17 -

38.1 7KHUHLVD¿UHDWWKH&RPSDQ\¶VZDUHKRXVHVLWXDWHGDW%KDUXFK*XMDUDWUHVXOWLQJLQORVVRISURSHUW\ LQFOXGLQJ¿[HGDVVHWV
DQGLQYHQWRULHV RIÒDNKV7KH,QVXUDQFH&RPSDQ\KDV¿QDOL]HGWKHSDUWVHWWOHPHQWRIWKHFODLPDQGDFFRUGLQJO\
the Company has received ÒDNKV)XUWKHUWKHUHLVORVVRISURSHUW\RIÒDNKVGXHWRKHDY\UDLQUHVXOWLQJ
LQRYHUÀRZRI.DPYDULULYHULQ%KLZDQGL0DKDUDVKWUDZKLFKFDXVHGZDWHUORJJLQJOHDGLQJWRVSRLODJHRILQYHQWRULHVDWWKH
&RPSDQ\¶V ZDUHKRXVH VLWXDWHG WKHUH7KH ,QVXUDQFH &RPSDQ\ KDV ¿QDOL]HG WKH FODLP DQG DFFRUGLQJO\ WKH &RPSDQ\ KDV
received ÒDNKVWLOOGDWH&RPSDQ\KDVUHFRJQL]HGQHWORVVRIÒDNKVIRUWKH\HDUHQGHGst0DUFK
$Q\GLႇHUHQFHEHWZHHQSHQGLQJFODLPDPRXQWDVHVWLPDWHGDQGFODLPVHWWOHPHQWDPRXQWZLOOEHUHFRJQL]HGXSRQWKH¿QDO
VHWWOHPHQWRIVXFKFODLP
38.2 7KH&RPSDQ\KDGSXUFKDVHGUHVLGHQWLDOÀDWVIRULWVJXHVWKRXVHUHTXLUHPHQWLQDUHVLGHQWLDOSURMHFWDW0XPEDL7KHGHYHORSHU
LVXQGHULQVROYHQF\SURFHHGLQJGXHWR¿QDQFLDOGLႈFXOWLHVDQGLQRUGLQDWHGHOD\DQGDVVXFKWKH&RPSDQ\FDQQRWDVFHUWDLQ
WKHWLPHOLQHVIRUSURMHFWFRPSOHWLRQRUUHFRYHU\RIDGYDQFHV7KHUHIRUHGXULQJWKH\HDUHQGHGst0DUFKDVSUXGHQFH
WKH&RPSDQ\KDVPDGHDSURYLVLRQIRULPSDLUPHQWRIÒDNKVRQVXFKSURSHUWLHVO\LQJDV&DSLWDOZRUNLQSURJUHVV
7KH&RPSDQ\KDVDQRWKHUSURSHUW\VLWXDWHGLQ8WWDUDNKDQGIRUZKLFKWKH&RPSDQ\KDVFDUULHGRXWLPSDLUPHQWWHVWLQJDQG
DFFRUGLQJO\PDGHDSURYLVLRQIRULPSDLUPHQWRIÒDNKVRQWKHVDPHO\LQJDVLQYHVWPHQWSURSHUWLHV
Note 39 - Earnings Per Equity share (EPS)

Ended Ended
1HWSUR¿WIRUWKH\HDUDWWULEXWDEOHWR(TXLW\6KDUHKROGHUVIRU%DVLF(36 `LQODNKV
$GG6KDUH%DVHG3D\PHQWV QHWRIWD[ `LQODNKV
1HW3UR¿WIRUWKH\HDUDWWULEXWDEOHWR(TXLW\6KDUHKROGHUVIRU'LOXWHG(36 `LQODNKV
:HLJKWHG DYHUDJH QXPEHU RI HTXLW\ VKDUHV RXWVWDQGLQJ GXULQJ WKH \HDU IRU %DVLF
(36 LQ1RV
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDUIRU'LOXWHG
(36 LQ1RV
(DUQLQJVSHUVKDUHRI`HDFK LQ`)
%DVLF
'LOXWHG
)DFH9DOXHSHU(TXLW\6KDUH LQ`)
$VWKH'LOXWHG(DUQLQJSHUVKDUHLVDQWLGLOXWLYH%DVLF(DUQLQJSHUVKDUHKDVEHHQFRQVLGHUHGDV'LOXWHG(DUQLQJSHUVKDUH
Note 40 - Contingent Liabilities and Commitments
40.1 Contingent Liabilities (To the extent not provided for) Claims against the Group not acknowledged as debts
(` in lakhs)
'LVSXWHG/LDELOLWLHVLQ$SSHDO 1R&DVKRXWÀRZLVH[SHFWHGLQWKHQHDUIXWXUH
6DOHV7D[ $PRXQWSDLGXQGHUSURWHVWRIÒDNKV 3UHYLRXV<HDUÒDNKV
Guarantees
%DQN*XDUDQWHHV
Others
/HWWHURI&UHGLWV
40.2 0DQDJHPHQWLVRIWKHYLHZWKDWDERYHOLWLJDWLRQVZLOOQRWLPSDFWWKH¿QDQFLDOSRVLWLRQRIWKH*URXS

40.3 Commitments
(` in lakhs)
(VWLPDWHG DPRXQW RI &RQWUDFWV UHPDLQLQJ WR EH H[HFXWHG RQ &DSLWDO$FFRXQW QRW
SURYLGHGIRU FDVKRXWÀRZLVH[SHFWHGRQH[HFXWLRQRIVXFKFDSLWDOFRQWUDFWV
5HODWHGWR3URSHUW\SODQWDQGHTXLSPHQW
5HODWHGWR,QWDQJLEOH$VVHWV
&RPPLWPHQWVWRZDUGV,QYHVWPHQWV FDVKRXWÀRZLVH[SHFWHGRQH[HFXWLRQRIVXFK
commitments)
&RPPLWPHQWVWRZDUGV(3&*/LFHQVH 1RFDVKRXWÀRZLVH[SHFWHG
1RWH(PSOR\HH%HQH¿WV
$VSHU,QG$6µ(PSOR\HH%HQH¿WV¶WKHGLVFORVXUHRI(PSOR\HHEHQH¿WVDVGH¿QHGLQWKH,QG$6DUHJLYHQEHORZ
D 'H¿QHG&RQWULEXWLRQ3ODQ
&RQWULEXWLRQWR'H¿QHG&RQWULEXWLRQ3ODQUHFRJQL]HGDVH[SHQVHIRUWKH\HDUVDUHDVXQGHU
(` in lakhs)
Particulars 2021-22 2020-21
(PSOR\HU¶V&RQWULEXWLRQWR3URYLGHQW)XQG
(PSOR\HU¶V&RQWULEXWLRQWR3HQVLRQ6FKHPH
(PSOR\HU¶V&RQWULEXWLRQWR6XSHUDQQXDWLRQ)XQG
(PSOR\HU¶V&RQWULEXWLRQWR(6,&
(PSOR\HU¶V&RQWULEXWLRQWR0/:) */:)
7KHFRQWULEXWLRQWRSURYLGHQWIXQGDQGSHQVLRQVFKHPHLVPDGHWR(PSOR\HHV¶3URYLGHQW)XQGPDQDJHGE\3URYLGHQW
)XQG &RPPLVVLRQHU (PSOR\HHV¶ 6XSHUDQQXDWLRQ )XQG LV PDQDJHG E\ /LIH ,QVXUDQFH &RUSRUDWLRQ RI ,QGLD 7KH
FRQWULEXWLRQWRZDUGV(6,&PDGHWR(PSOR\HHV¶6WDWH,QVXUDQFH&RUSRUDWLRQ7KHFRQWULEXWLRQWRZDUGV0/:)LVPDGH
WR0DKDUDVKWUD/DERXUZHOIDUH)XQGDQG*/:)LVPDGHWR*XMDUDW/DERXUZHOIDUH)XQG7KHREOLJDWLRQRIWKH*URXSLV
OLPLWHGWRWKHDPRXQWFRQWULEXWHGDQGLWKDVQRIXUWKHUFRQWUDFWXDOQRUDQ\FRQVWUXFWLYHREOLJDWLRQ
E 'H¿QHG%HQH¿W3ODQ
7KH*UDWXLW\EHQH¿WVRIWKH*URXSDUHIXQGHGDVZHOODVXQIXQGHG
7KHHPSOR\HHV¶*UDWXLW\)XQGRIWKH&RPSDQ\LVPDQDJHGE\WKH/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLDDVZHOODV$GLW\D
%LUOD6XQ/LIH,QVXUDQFH&RPSDQ\/WG7KHSUHVHQWYDOXHRIREOLJDWLRQLVGHWHUPLQHGEDVHGRQDFWXDULDOYDOXDWLRQXVLQJ
WKH3URMHFWHG8QLW&UHGLW0HWKRGZKLFKUHFRJQL]HVHDFKSHULRGRIVHUYLFHDVJLYLQJULVHWRDGGLWLRQDOXQLWRIHPSOR\HH
EHQH¿WHQWLWOHPHQWDQGPHDVXUHVHDFKXQLWVHSDUDWHO\WREXLOGXSWKH¿QDOREOLJDWLRQ
As at As at
Actuarial assumptions
0RUWDOLW\7DEOH ,QGLDQ$VVXUHG/LYHV ,QGLDQ$VVXUHG/LYHV
0RUWDOLW\ 0RUWDOLW\
7DEOH 7DEOH
6DODU\JURZWK WR WR
'LVFRXQWUDWH WR
([SHFWHGUHWXUQVRQSODQDVVHWV
:LWKGUDZDO5DWHV WR WR

(` in lakhs)
2021-22 2020-21
0RYHPHQWLQSUHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQ
2EOLJDWLRQDWWKHEHJLQQLQJRIWKH\HDU
Current service cost
Interest cost
%HQH¿WVSDLG
$FWXDULDO JDLQV ORVVHVRQREOLJDWLRQ
Obligation at the end of the year 1,070.99 910.05
Movement in fair value of plan assets

)DLUYDOXHDWWKHEHJLQQLQJRIWKH\HDU
Interest Income
([SHFWHG5HWXUQRQ3ODQ$VVHWV
Contribution
%HQH¿WVSDLG
Fair value at the end of the year 636.66 315.97
$PRXQWUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV
Current service cost
Interest cost
Total 157.63 149.79
$PRXQWUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV)XQGHG
$PRXQWUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV8QIXQGHG
Amount recognised in the consolidated other comprehensive income

Components of actuarial (gains) or losses on obligations:
'XHWR&KDQJHLQ¿QDQFLDODVVXPSWLRQV
'XHWRFKDQJHLQGHPRJUDSKLFDVVXPSWLRQ
'XHWRH[SHULHQFHDGMXVWPHQWV
5HWXUQRQSODQDVVHWVH[FOXGLQJDPRXQWVLQFOXGHGLQLQWHUHVWLQFRPH
Total 12.54 (40.24)
$PRXQWUHFRJQLVHGLQWKHFRQVROLGDWHGRWKHUFRPSUHKHQVLYHLQFRPH)XQGHG
$PRXQWUHFRJQLVHGLQWKHFRQVROLGDWHGRWKHUFRPSUHKHQVLYHLQFRPH8QIXQGHG
(c) Fair Value of plan assets

(` in lakhs)
Class of assets Fair value of plan asset
2021-22 2020-21
/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD
$GLW\D%LUOD6XQOLIH,QVXUDQFH&R/WG
%DQN%DODQFH
Total 636.66 315.97

(d) Net Liability Recognised in the Balance Sheet
(` in lakhs)
3UHVHQWYDOXHRIREOLJDWLRQVDWWKHHQGRIWKH\HDU
/HVV)DLUYDOXHRISODQDVVHWVDWWKHHQGRIWKH\HDU
Net liability recognized in the balance sheet 434.33 594.08
Current Provisions (Funded)
1RQFXUUHQW3URYLVLRQV )XQGHG
&XUUHQW3URYLVLRQV 8QIXQGHG
1RQFXUUHQW3URYLVLRQV 8QIXQGHG
(e) 7KH HVWLPDWH RI UDWH RI HVFDODWLRQ LQ 6DODU\ FRQVLGHUHG LQ DFWXDULDO YDOXDWLRQ WDNHV LQWR DFFRXQW LQÀDWLRQ VHQLRULW\
SURPRWLRQDQGRWKHUUHWLUHPHQWIDFWRUVLQFOXGLQJVXSSO\ GHPDQGLQWKHHPSOR\PHQWPDUNHW7KHDERYHLQIRUPDWLRQLV
FHUWL¿HGE\WKHDFWXDU\
41.2 Sensitivity analysis:
(` in lakhs)
Particulars Changes in (ႇHFWRQ*UDWXLW\
assumptions obligation
(Increase /
(Decrease))
6DODU\JURZWKUDWH

'LVFRXQWUDWH

:LWKGUDZDOUDWH :5 :5;
:5;
6DODU\JURZWKUDWH

'LVFRXQWUDWH

:LWKGUDZDOUDWH :5 :5;
:5;
7KHDERYHVHQVLWLYLW\DQDO\VLVLVEDVHGRQDFKDQJHLQDQDVVXPSWLRQZKLOHKROGLQJDOORWKHUDVVXPSWLRQVFRQVWDQW,QSUDFWLFH
WKLV LV XQOLNHO\ WR RFFXU DQG FKDQJHV LQ VRPH RI WKH DVVXPSWLRQV PD\ EH FRUUHODWHG ,Q SUHVHQWLQJ WKH DERYH VHQVLWLYLW\
DQDO\VLVWKHSUHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQKDVEHHQFDOFXODWHGXVLQJWKHSURMHFWHGXQLWFUHGLWPHWKRGDWWKHHQG
RIUHSRUWLQJSHULRGZKLFKLVWKHVDPHDVWKDWDSSOLHGLQFDOFXODWLQJWKHGH¿QHGREOLJDWLRQOLDELOLW\UHFRJQL]HGLQWKHFRQVROLGDWHG
EDODQFHVKHHW
41.3 Risk exposures
A. Actuarial Risk:
,WLVWKHULVNWKDWEHQH¿WVZLOOFRVWPRUHWKDQH[SHFWHG7KLVFDQDULVHGXHWRRQHRIWKHIROORZLQJUHDVRQV
Adverse Salary Growth Experience:6DODU\KLNHVWKDWDUHKLJKHUWKDQWKHDVVXPHGVDODU\HVFDODWLRQZLOOUHVXOWLQWRDQ
LQFUHDVHLQ2EOLJDWLRQDWDUDWHWKDWLVKLJKHUWKDQH[SHFWHG

Variability in mortality rates:,IDFWXDOPRUWDOLW\UDWHVDUHKLJKHUWKDQDVVXPHGPRUWDOLW\UDWHWKHQ*UDWXLW\EHQH¿WVZLOO
EHSDLGHDUOLHUWKDQH[SHFWHG6LQFHWKHUHLVQRFRQGLWLRQRIYHVWLQJRQWKHGHDWKEHQH¿WWKHDFFHOHUDWLRQRIFDVKÀRZ
ZLOOOHDGWRDQDFWXDULDOORVVRUJDLQGHSHQGLQJRQWKHUHODWLYHYDOXHVRIWKHDVVXPHGVDODU\JURZWKDQGGLVFRXQWUDWH
Variability in withdrawal rates:,IDFWXDOZLWKGUDZDOUDWHVDUHKLJKHUWKDQDVVXPHGZLWKGUDZDOUDWHWKHQWKH*UDWXLW\
EHQH¿WVZLOOEHSDLGHDUOLHUWKDQH[SHFWHG7KHLPSDFWRIWKLVZLOOGHSHQGRQZKHWKHUWKHEHQH¿WVDUHYHVWHGDVDWWKH
UHVLJQDWLRQGDWH
B. Investment Risk:
)RUIXQGHGSODQVWKDWUHO\RQLQVXUHUVIRUPDQDJLQJWKHDVVHWVWKHYDOXHRIDVVHWVFHUWL¿HGE\WKHLQVXUHUPD\QRWEHWKH
IDLUYDOXHRILQVWUXPHQWVEDFNLQJWKHOLDELOLW\,QVXFKFDVHVWKHSUHVHQWYDOXHRIWKHDVVHWVLVLQGHSHQGHQWRIWKHIXWXUH
GLVFRXQWUDWH7KLVFDQUHVXOWLQZLGHÀXFWXDWLRQVLQWKHQHWOLDELOLW\RUWKHIXQGHGVWDWXVLIWKHUHDUHVLJQL¿FDQWFKDQJHVLQ
WKHGLVFRXQWUDWHGXULQJWKHLQWHUYDOXDWLRQSHULRG
C. Liquidity Risk:
(PSOR\HHVZLWKKLJKVDODULHVDQGORQJGXUDWLRQVRUWKRVHKLJKHULQKLHUDUFK\DFFXPXODWHVLJQL¿FDQWOHYHORI
EHQH¿WV,IVRPHRIVXFKHPSOR\HHVUHVLJQUHWLUHIURPWKH*URXSWKHUHFDQEHVWUDLQRQWKHFDVKÀRZV
D. Market Risk:
0DUNHWULVNLVDFROOHFWLYHWHUPIRUULVNVWKDWDUHUHODWHGWRWKHFKDQJHVDQGÀXFWXDWLRQVRIWKH¿QDQFLDOPDUNHWV
2QH DFWXDULDO DVVXPSWLRQ WKDW KDV D PDWHULDO HႇHFW LV WKH GLVFRXQW UDWH7KH GLVFRXQW UDWH UHÀHFWV WKH WLPH YDOXH RI
PRQH\$QLQFUHDVHLQGLVFRXQWUDWHOHDGVWRGHFUHDVHLQ'H¿QHG%HQH¿W2EOLJDWLRQRIWKHSODQEHQH¿WV YLFHYHUVD
7KLVDVVXPSWLRQGHSHQGVRQWKH\LHOGVRQWKHFRUSRUDWHJRYHUQPHQWERQGVDQGKHQFHWKHYDOXDWLRQRIOLDELOLW\LV
H[SRVHGWRÀXFWXDWLRQVLQWKH\LHOGVDVDWWKHYDOXDWLRQGDWH
E. Legislative Risk:
/HJLVODWLYHULVNLVWKHULVNRILQFUHDVHLQWKHSODQOLDELOLWLHVRUUHGXFWLRQLQWKHSODQDVVHWVGXHWRFKDQJHLQWKHOHJLVODWLRQ
UHJXODWLRQ7KHJRYHUQPHQWPD\DPHQGWKH3D\PHQWRI*UDWXLW\$FWWKXVUHTXLULQJWKHFRPSDQLHVWRSD\KLJKHUEHQH¿WV
WRWKHHPSOR\HHV7KLVZLOOGLUHFWO\DႇHFWWKHSUHVHQWYDOXHRIWKH'H¿QHG%HQH¿W2EOLJDWLRQDQGWKHVDPHZLOOKDYHWR
EHUHFRJQL]HGLPPHGLDWHO\LQWKH\HDUZKHQDQ\VXFKDPHQGPHQWLVHႇHFWLYH
41.4 Details of Asset-Liability Matching Strategy:
*UDWXLW\EHQH¿WVOLDELOLWLHVRIWKH*URXSDUH)XQGHGDVZHOODVXQIXQGHG
,QFDVHZKHUHJUDWXLW\LVIXQGHGWKHUHDUHQRPLQLPXPIXQGLQJUHTXLUHPHQWVIRUD*UDWXLW\EHQH¿WVSODQLQ,QGLDDQGWKHUHLV
QRFRPSXOVLRQRQWKHSDUWRIWKH&RPSDQ\WRIXOO\RUSDUWLDOO\SUHIXQGWKHOLDELOLWLHVXQGHUWKH3ODQ7KHWUXVWHHVRIWKHSODQ
KDYHRXWVRXUFHGWKHLQYHVWPHQWPDQDJHPHQWRIWKHIXQGWRLQVXUDQFHFRPSDQLHVZKLFKDUHUHJXODWHGE\,5'$'XHWRWKH
UHVWULFWLRQVLQWKHW\SHRILQYHVWPHQWVWKDWFDQEHKHOGE\WKHIXQGLWPD\QRWEHSRVVLEOHWRH[SOLFLWO\IROORZDQDVVHWOLDELOLW\
PDWFKLQJVWUDWHJ\WRPDQDJHULVNDFWLYHO\LQDFRQYHQWLRQDOIXQG
,QFDVHZKHUHJUDWXLW\LVXQIXQGHGWKHUHLVQR$VVHW/LDELOLW\0DWFKLQJVWUDWHJ\GHYLFHGIRUWKHSODQ
41.5 7KHH[SHFWHGSD\PHQWVWRZDUGVFRQWULEXWLRQVWRWKHGH¿QHGEHQH¿WSODQZLWKLQRQH\HDULVÒDNKV
41.6 The following payments are expected towards Gratuity in future years:
(` in lakhs)
Year Ended &DVKÀRZ
31 0DUFK
st

31st0DUFK
31 0DUFK
st

31 0DUFK
st

31st0DUFK
31 0DUFKWR 0DUFK
st st

41.7 7KHDYHUDJHGXUDWLRQUDQJHRIWKHGH¿QHGEHQH¿WSODQREOLJDWLRQDWWKHHQGRIWKHUHSRUWLQJSHULRGLV\HDUVWR\HDUV
3UHYLRXV\HDU\HDUVWR\HDUV

Note 42 - Share Based Payments
Employee Stock Option Scheme of Borosil Limited (BL)
7KH&RPSDQ\RႇHUVHTXLW\EDVHGDZDUGSODQWRLWVHPSOR\HHVWKURXJKWKH&RPSDQ\¶VVWRFNRSWLRQSODQ
42.1 ‘Borosil Limited - Special Purpose Employee Stock Option Plan 2020’ (“ESOP 2020”)
3XUVXDQWWRWKH&RPSRVLWH6FKHPHRI$PDOJDPDWLRQDQG$UUDQJHPHQW ³WKH&RPSRVLWH6FKHPH´ DSSURYHGE\WKH+RQ¶EOH
1DWLRQDO&RPSDQ\/DZ7ULEXQDOV0XPEDL%HQFK ³1&/7´ RQth-DQXDU\(PSOR\HHVRI%RURVLO5HQHZDEOHV/LPLWHG
ZKRZHUHJUDQWHGRSWLRQVXQGHU³%RURVLO(PSOR\HH6WRFN2SWLRQ6FKHPH´ ³(626´ ZHUHLVVXHGHTXDOQXPEHU
RIRSWLRQVLQWKH&RPSDQ\LUUHVSHFWLYHRIWKHVHRSWLRQVZHUHYHVWHGRUQRWXQGHU(623
$FFRUGLQJO\ZLWKDYLHZWRUHVWRUHWKHYDOXHRIWKHHPSOR\HHVWRFNRSWLRQV ³2SWLRQV´ SUHDQGSRVWGHPHUJHUE\SURYLGLQJIDLU
DGMXVWPHQWLQUHVSHFWRI2SWLRQVJUDQWHGXQGHU(626WKH&RPSDQ\KDGDGRSWHGDQGLPSOHPHQWHGDQHZ(PSOR\HH
6WRFN2SWLRQ3ODQQDPHO\µ%RURVLO/LPLWHG6SHFLDO3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ¶ ³(623´
The details of options granted under ESOP 2020 for the year ended 31st March 2022 is as under:

31st March, 31st March,
2022 2021
Options as at 1st April 3,83,458 -
2SWLRQVJUDQWHGGXULQJWKH\HDUSXUVXDQWWRWKH&RPSRVLWH6FKHPH
Options outstanding as at 31st March 3,40,258 3,83,458
Number of option exercisable at the end of the year 3,40,258 3,83,458
ZLWKLQVL[PRQWKVIURPWKHGDWHRIUHVSHFWLYHYHVWLQJ
Basic features of ESOP 2020

'DWHRI6KDUHKROGHU V$SSURYDO 7KH&RPSRVLWH6FKHPHRI$PDOJDPDWLRQDQG$UUDQJHPHQW &RPSRVLWH6FKHPH
LQFOXGLQJ SURYLVLRQV IRU IRUPLQJ RI WKH (623 VFKHPH ZDV DSSURYHG E\ WKH
6KDUHKROGHUV RQ th 0D\ DQG E\ YLUWXH RI WKH &RPSRVLWH 6FKHPH WKH
DXWKRULW\ WR IRUPXODWH WKH (623 6FKHPH ZDV JLYHQ WR WKH %RDUG RI 'LUHFWRUV
$FFRUGLQJO\WKH%RDUGRI'LUHFWRUVKDGDSSURYHGWKHµ%RURVLO/LPLWHG6SHFLDO
3XUSRVH(PSOR\HH6WRFN2SWLRQ3ODQ RQrd)HEUXDU\
7RWDO1XPEHURI2SWLRQVDSSURYHG
9HVWLQJ5HTXLUHPHQWV 7LPH EDVHG YHVWLQJ GHSHQGLQJ RQ FRPSOHWLRQ RI 6HUYLFH SHULRG VWDUWLQJ IURP
1st\HDUDIWHUWKHGDWHRIRULJLQDOJUDQW3XUVXDQWWRWKH&RPSRVLWH6FKHPHDQG
WRSURYLGHIDLUDQGUHDVRQDEOHDGMXVWPHQWWKHFRPSOHWHGYHVWLQJSHULRGXQGHUWKH
(626KDVEHHQFRQVLGHUHGZKLOHFDOFXODWLQJVXFKYHVWLQJSHULRG
7KHSULFLQJ)RUPXOD 7KH([HUFLVHSULFHZDVGHFLGHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
DIWHUFRQVLGHULQJWKHIDLUDGMXVWPHQWVUHTXLUHGSXUVXDQWWRWKH&RPSRVLWH6FKHPH
9DULDWLRQLQWHUPVRI(623 ([HUFLVHSULFHKDVEHHQDGMXVWHGLQHႇHFWWRWKH&RUSRUDWH$FWLRQ

7KHDVVXPSWLRQVXVHGLQWKHFDOFXODWLRQRIIDLUYDOXHDVRQWKHJUDQWGDWHRIWKHRSWLRQVDUHVHWRXWEHORZ
Particulars ESOP 2020 (Grant date - 06.06.2020) ESOP 2020 (Grant date - 06.06.2020)
([HUFLVH3ULFH ` `
6KDUH3ULFHDWWKHGDWHRIJUDQW ` `
9HVWLQJ3HULRG RIWKHRSWLRQRQFRPSOHWLRQRI RIWKHRSWLRQRQFRPSOHWLRQRI
\HDUVIURPRULJLQDOJUDQWGDWHLH \HDUIURPRULJLQDOJUDQWGDWHLH

RIWKHRSWLRQRQFRPSOHWLRQRI RIWKHRSWLRQRQFRPSOHWLRQRI
\HDUVIURPRULJLQDOJUDQWGDWHLH \HDUIURPRULJLQDOJUDQWGDWHLH

RIWKHRSWLRQRQFRPSOHWLRQRI
\HDUVIURPRULJLQDOJUDQWGDWHLH

([SHFWHG9RODWLOLW\
([SHFWHGRSWLRQOLIH 6 months 6 months
([SHFWHGGLYLGHQGV
Fair value per option granted 1) ÌRUYHVWLQJRIVKDUHVRQ 1) ÌRUYHVWLQJRIVKDUHVRQ
FRPSOHWLRQRI\HDUVIURPJUDQW FRPSOHWLRQRI\HDUIURPJUDQWGDWH
date
ÌRUYHVWLQJRIVKDUHVRQ ÌRUYHVWLQJRIVKDUHVRQ
FRPSOHWLRQRI\HDUVIURPJUDQW FRPSOHWLRQRI\HDUVIURPJUDQWGDWH
date
3) ÌRUYHVWLQJRIVKDUHVRQ
FRPSOHWLRQRI\HDUVIURPJUDQW
date
7KH&RPSDQ\KDVUHFRJQL]HGWRWDOH[SHQVHVRI`1LO 3UHYLRXV\HDUÒDNKV UHODWHGWRDERYHHTXLW\VHWWOHGVKDUH
EDVHG SD\PHQW WUDQVDFWLRQV IRU WKH \HDU HQGHG st 0DUFK RXW RI WKH DERYH ` 1LO 3UHYLRXV \HDU ` ODNKV DUH
FKDUJHGWR%RURVLO5HQHZDEOHV/LPLWHG %5/ RQDFFRXQWRIHPSOR\HHWUDQVIHUUHGIURPWKH&RPSDQ\WR%5/
42.2 Borosil Limited Employee Stock Option Scheme 2020 (“NEW ESOS 2020”)
,QRUGHUWRSURYLGHHTXLW\VHWWOHGLQFHQWLYHWRVSHFL¿FHPSOR\HHVRIWKH*URXS7KH&RPSDQ\KDVLQWURGXFHG1(:(626
7KH1(:(626LQFOXGHVWHQXUHEDVHGVWRFNRSWLRQV7KHVSHFL¿FHPSOR\HHVWRZKRPWKHVH2SWLRQVDUHJUDQWHGDQG
WKHLUHOLJLELOLW\FULWHULDDUHGHWHUPLQHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
'XULQJWKH\HDURQth0D\2SWLRQVZHUHJUDQWHGWRWKHHOLJLEOHHPSOR\HHVDWDQH[HUFLVHSULFHRI`SHU
RSWLRQ([HUFLVHSHULRGLV\HDUVIURPWKHGDWHRIYHVWLQJRIWKHUHVSHFWLYHRSWLRQV
The details of options granted under NEW ESOS 2020 for the year ended 31st March 2022 is as under:

31st March, 31st March,
2022 2021
Options as at 1st April - -
Options outstanding as at 31st March 4,62,000 -
Number of option exercisable at the end of the year - -

ZLWKLQ\HDUVIURPWKHGDWHRIUHVSHFWLYHYHVWLQJ
Basic features of NEW ESOS 2020

'DWHRI6KDUHKROGHU¶V$SSURYDO th6HSWHPEHU
9HVWLQJ5HTXLUHPHQWV 2SWLRQVXQGHU1(:(626ZRXOG9HVWZLWKLQPD[LPXPRI ¿YH \HDUVIURP
WKH GDWH RI JUDQW RI 2SWLRQV 9HVWLQJ RI 2SWLRQV ZRXOG EH VXEMHFW WR FRQWLQXHG
HPSOR\PHQWZLWKWKH&RPSDQ\LWV+ROGLQJ&RPSDQ\RU6XEVLGLDU\&RPSDQ\DVWKH
FDVHPD\EHDQGWKXVWKH2SWLRQVZRXOGYHVWHVVHQWLDOO\RQSDVVDJHRIWLPH
7KHSULFLQJ)RUPXOD 7KHH[HUFLVHSULFHVKDOOEHPDUNHWSULFHRIVKDUHRUGLVFRXQWXSWRRUSUHPLXP
XSWRWRWKHPDUNHWSULFHDVPD\EHGHFLGHGE\1RPLQDWLRQDQG5HPXQHUDWLRQ
&RPPLWWHHIURPWLPHWRWLPH
³0DUNHW3ULFH´PHDQVWKHODWHVWDYDLODEOHFORVLQJSULFHRQWKH6WRFN([FKDQJHKDYLQJ
KLJKHUWUDGLQJYROXPHLQWKHHTXLW\VKDUHVRIWKH&RPSDQ\RQWKHGDWHLPPHGLDWHO\
SULRUWRWKHGDWHRIJUDQW
9DULDWLRQLQWHUPVRI(623 6KDUHKROGHUV RI WKH &RPSDQ\ DW WKHLU ODVW $*0 KHOG RQ th $XJXVW KDG
DSSURYHGPRGL¿FDWLRQWRWKH1(:(626SXUVXDQWWRZKLFKPD[LPXPYHVWLQJ
SHULRGKDVEHHQUHYLVHGIURP\HDUVWR\HDUV2SWLRQVJUDQWHGXQGHU1(:(626
ZRXOG YHVW DIWHU RQH \HDU EXW QRW ODWHU WKDQ ¿YH \HDUV IURP WKH GDWH
RI JUDQW RI RSWLRQV DV PD\ EH GHWHUPLQHG E\ WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ
&RPPLWWHH
$FFRUGLQJO\WKHDVVXPSWLRQVXVHGLQWKHFDOFXODWLRQVRIRULJLQDOJUDQWGDWHIDLUYDOXHRIWKHRSWLRQVDUHVHWRXWEHORZ
Particulars New ESOS 2020 (Grant date - 27.05.2021)

([HUFLVH3ULFH `
6KDUH3ULFHDWWKHGDWHRIJUDQW `
9HVWLQJ3HULRG RIWKHRSWLRQRQFRPSOHWLRQRI\HDUIURPWKHJUDQWGDWHLH
RIWKHRSWLRQRQFRPSOHWLRQRI\HDUVIURPWKHJUDQWGDWHLH
RIWKHRSWLRQRQFRPSOHWLRQRI\HDUVIURPWKHJUDQWGDWHLH
([SHFWHG9RODWLOLW\
([SHFWHGRSWLRQOLIH \HDUV
([SHFWHGGLYLGHQGV
Fair value per option granted 1) ÌRUYHVWLQJRIVKDUHVRQFRPSOHWLRQRI\HDUIURPJUDQWGDWH
ÌRUYHVWLQJRIVKDUHVRQFRPSOHWLRQRI\HDUVIURPJUDQWGDWH
3) ÌRUYHVWLQJRIVKDUHVRQFRPSOHWLRQRI\HDUVIURPJUDQWGDWH
7KH &RPSDQ\ KDV UHFRJQL]HG WRWDO H[SHQVHV RI ` ODNKV 3UHYLRXV \HDU ` 1LO UHODWHG WR DERYH HTXLW\ VHWWOHG
VKDUHEDVHG SD\PHQW WUDQVDFWLRQV IRU WKH \HDU HQGHG st 0DUFK 'XULQJ WKH \HDU RXW RI RSWLRQV JUDQWHG
RSWLRQVZHUHJUDQWHGWRWKHHPSOR\HHVRIWKH.ODVV3DFN/LPLWHG µ.3/6XEVLGLDU\&RPSDQ\¶

42.3 Employee Stock Option Scheme of Borosil Renewables Limited (BRL)
7KH&RPSDQ\UHFRJQL]HGWRWDOH[SHQVHVRI`1LO 3UHYLRXV<HDUÒDNKV UHODWHWRHTXLW\VHWWOHGVKDUHEDVHGSD\PHQW

WUDQVDFWLRQV IRU WKH \HDU HQGHG st 0DUFK ZLWK UHVSHFW WR VWRFN RSWLRQV JUDQWHG E\ %5/ WR WKH HPSOR\HHV RI WKH
&RPSDQ\ZKRZHUHWUDQVIHUUHGIURP%5/WRWKH&RPSDQ\SXUVXDQWWRWKH&RPSRVLWH6FKHPHDVDSSURYHGE\WKH+RQ¶EOH
1&/7YLGHLWVRUGHUGDWHGth-DQXDU\7KHOLDELOLW\UHFRJQLVHGRQDFFRXQWRIWKLVZLOOEHSDLGWR%5/XSRQH[HUFLVHRIWKH
RSWLRQVE\VXFKHPSOR\HHV7RWDORXWVWDQGLQJDPRXQWWREHSD\DEOHRQDFFRXQWRISHQGLQJH[HUFLVHLVÒDNKVDVDWst
0DUFK
42.4 Borosil Technologies Limited (BTL) - Employee Stock Option Scheme 2019 (“ESOS 2019”)
%7/KDGLQWURGXFHGD%RURVLO7HFKQRORJLHV/LPLWHG(PSOR\HH6WRFN2SWLRQ6FKHPH ³(626´ ZKLFKZDVDSSURYHG

E\WKHVKDUHKROGHUVRI%7/LQWKHLUPHHWLQJKHOGRQth1RYHPEHUWRSURYLGHHTXLW\VHWWOHGWHQXUHEDVHGVWRFNRSWLRQV
WRLWVVSHFL¿FHPSOR\HHV7KH%RDUGRI'LUHFWRUVRI%7/KDGJUDQWHGRSWLRQVWRDQHPSOR\HHVRQst-DQXDU\
7KHH[HUFLVHSULFHRIWKHRSWLRQZDV`SHUVKDUHDQGWKHH[HUFLVHSHULRGZDV\HDUVIURPWKHGDWHRIYHVWLQJRIUHVSHFWLYH
RSWLRQV7KHYHVWLQJVFKHGXOHRIWKHRSWLRQVJUDQWHGZDVDQGRIWKHJUDQWHGRSWLRQVDIWHUFRPSOHWLRQRIst\HDU
nd year and 3rd\HDUUHVSHFWLYHO\IURPWKHGDWHRIJUDQWRIRSWLRQV
'XULQJWKHFXUUHQW\HDUWKHVDLGHPSOR\HHKDVVXUUHQGHUHGWKHRSWLRQJUDQWHGWRKLPDQG%7/KDVZLWKGUDZQWKHVFKHPH
$FFRUGLQJO\%7/KDVUHYHUVHGWKHHQWLUHVKDUHEDVHGSD\PHQWUHVHUYHRIÒDNKVDQGWUDQVIHUUHGLWWRUHWDLQHGHDUQLQJV
during the year ended 31st0DUFK
The details of stock options for the year ended 31st March 2022 and 31st March 2021 is presented below:
Particulars ESOS 2019

st
31 March 2022 31st March 2021
st
Options as at 1 April 3,15,957 3,15,957
2SWLRQVZLWKGUDZQGXULQJWKH\HDU
Options outstanding as at 31st March - 3,15,957
Number of option exercisable at the end of the year - 1,05,308
Note 43 - Provisions
Disclosures as required by Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets:
Movement in provisions:
(` in lakhs)
Nature of provision Provision Provision for Total
for Doubtful Credit Impaired
Deposits and
Advances
As at 1st April, 2020 179.74 285.90 465.64
Provision during the year 214.38
5HYHUVDORI3URYLVLRQ (58.32)
As at 1st April, 2021 180.77 440.93 621.70
Provision during the year 67.17
5HYHUVDORI3URYLVLRQ (45.62)
As at 31st March, 2022 185.74 457.51 643.25

Note 44 - Segment reporting
44.1 Information about primary segment:
7KH*URXSKDVLGHQWL¿HGIROORZLQJWKUHHUHSRUWDEOHVHJPHQWVDVSULPDU\VHJPHQW6HJPHQWVKDYHEHHQLGHQWL¿HGDQGUHSRUWHG
WDNLQJLQWRDFFRXQWQDWXUHRISURGXFWVDQGVHUYLFHVWKHGLႇHULQJULVNVDQGUHWXUQVDQGWKHLQWHUQDOEXVLQHVVUHSRUWLQJV\VWHPV
a) 6FLHQWL¿FZDUH&RPSULVLQJRIPDQXIDFWXULQJDQGWUDGLQJRILWHPVXVHGLQODERUDWRULHVVFLHQWL¿FZDUHDQGSKDUPDFHXWLFDO
SDFNDJLQJ
b) Consumerware: &RPSULVLQJRIPDQXIDFWXULQJDQGWUDGLQJRILWHPVIRUGRPHVWLFXVH
c) Investments: &RPSULVLQJRILQYHVWPHQWDFWLYLWLHV$VWKHLQYHVWPHQWVDUHQRWKHOGDVVWRFNLQWUDGHWKHLQFRPHIURP
LQYHVWPHQWDFWLYLWLHVKDVQRWEHHQFRQVLGHUHGDVVHJPHQWUHYHQXHDQGDFFRUGLQJO\QRWGLVFORVHG
44.2 Segment revenue, results, assets and liabilities:
5HYHQXHDQGUHVXOWVKDYHEHHQLGHQWL¿HGWRDVHJPHQWRQWKHEDVLVRIUHODWLRQVKLSWRRSHUDWLQJDFWLYLWLHVRIWKHVHJPHQW
5HYHQXHDQGH[SHQVHVZKLFKLVUHODWHGWRHQWHUSULVHDVDZKROHDQGDUHQRWDOORFDEOHWRDVHJPHQWRQUHDVRQDEOHEDVLVKDYH
EHHQGLVFORVHGDV³8QDOORFDEOH´
6HJPHQWDVVHWVDQGVHJPHQWOLDELOLWLHVUHSUHVHQWDVVHWVDQGOLDELOLWLHVLQUHVSHFWLYHVHJPHQWV6HJPHQWDVVHWVLQFOXGHDOO
RSHUDWLQJ DVVHWV XVHG E\ WKH RSHUDWLQJ VHJPHQW DQG PDLQO\ LQFOXGHV WUDGH UHFHLYDEOH LQYHQWRULHV DQG RWKHU UHFHLYDEOHV
6HJPHQWOLDELOLWLHVSULPDULO\LQFOXGHWUDGHSD\DEOHVDQGRWKHUOLDELOLWLHV&RPPRQDVVHWVDQGOLDELOLWLHVZKLFKFDQQRWEHDOORFDWHG
WRDQ\RIWKHVHJPHQWVDUHVKRZQDVDSDUWRIXQDOORFDEOHDVVHWVDQGOLDELOLWLHV
44.3 7KHFKLHIRSHUDWLRQDOGHFLVLRQPDNHUPRQLWRUVWKHRSHUDWLQJUHVXOWVRILWV%XVLQHVV6HJPHQWVVHSDUDWHO\IRUWKHSXUSRVHRI
PDNLQJGHFLVLRQVDERXWUHVRXUFHDOORFDWLRQDQGSHUIRUPDQFHDVVHVVPHQW6HJPHQWSHUIRUPDQFHLVHYDOXDWHGEDVHGRQSUR¿W
RUORVVDQGLVPHDVXUHGFRQVLVWHQWO\ZLWKSUR¿WRUORVVLQWKH¿QDQFLDOVWDWHPHQWV2SHUDWLQJVHJPHQWKDYHEHHQLGHQWL¿HGRQ
WKHEDVLVRIWKHQDWXUHRISURGXFWVVHUYLFHVDQGKDYHEHHQLGHQWL¿HGDVSHUWKHTXDQWLWDWLYHFULWHULDVSHFL¿HGLQ,QG$6
44.4 Segmental Information as at and for the year ended 31st March, 2022 is as follows:
(` in lakhs)
Particulars 6FLHQWL¿FZDUH Consumerware Investments Unallocated Grand Total
Revenue from operation
5HYHQXHIURPH[WHUQDOVDOHV 83,986.16
Inter segment sales -
Total Revenue from operation 26,686.01 57,300.15 - - 83,986.16
Segment Results 5,053.50 7,290.61 1,365.40 - 13,709.51

'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV (323.71)
Finance costs (111.63)
([FHSWLRQDO,WHPV 5HIHU1RWH (1,121.17)
2WKHUXQDOORFDEOH,QFRPH QHW 48.28
3UR¿WEHIRUHWD[ 5,053.50 7,290.61 1,365.40 (1,508.23) 12,201.28
,QFRPHWD[DQGGHIHUUHGWD[ 3,678.23
1HW3UR¿WIRUWKH<HDU 5,053.50 7,290.61 1,365.40 (5,186.46) 8,523.05

(` in lakhs)
Segment Assets 22,264.00 33,547.02 20,354.69 - 76,165.71
&RUSRUDWHSURSHUW\SODQWDQGHTXLSPHQW 8,907.92
LQFOXGLQJDVVHWKHOGIRUVDOH
$UWZRUNV 240.80
,QFRPHWD[DQGGHIHUUHGWD[ 877.58
*RRGZLOO 6,767.07
2WKHUXQDOORFDWHGFRUSRUDWHDVVHWV 2,730.43
Total Assets 22,264.00 33,547.02 20,354.69 19,523.80 95,689.51
Segment Liabilities 5,432.12 9,163.08 54.92 - 14,650.12

2WKHUXQDOORFDWHGFRUSRUDWHOLDELOLWLHV 139.98
Total Liabilities 5,432.12 9,163.08 54.92 2,714.33 17,364.45
Other Disclosures
&DSLWDOH[SHQGLWXUH 8,249.79
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV 3,383.47
2WKHU1RQFDVKH[SHQGLWXUH 584.09
44.5 6HJPHQWDO,QIRUPDWLRQDVDWDQGIRUWKH\HDUHQGHGst0DUFKLVDVIROORZV
(` in lakhs)
Revenue from operation
5HYHQXHIURPH[WHUQDOVDOHV 58,476.93
Inter segment sales -
Total Revenue from operation 19,997.88 38,479.05 - - 58,476.93
Segment Results 3,175.78 2,776.56 930.63 - 6,882.97

'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV (453.47)
Finance costs (241.69)
2WKHUXQDOORFDEOHH[SHQVHV (63.87)
3UR¿WEHIRUHWD[ 3,175.78 2,776.56 930.63 (759.03) 6,123.94
1HW3UR¿WIRUWKH<HDU 3,175.78 2,776.56 930.63 (2,647.42) 4,235.55

(` in lakhs)
Segment Assets 19,029.49 25,779.09 24,548.22 - 69,356.80
&RUSRUDWHSURSHUW\SODQWDQGHTXLSPHQW 8,324.40
$UWZRUNV 240.80
,QFRPHWD[DQGGHIHUUHGWD[ 999.18
*RRGZLOO 6,767.07
2WKHUXQDOORFDWHGFRUSRUDWHDVVHWV 571.95
Total Assets 19,029.49 25,779.09 24,548.22 16,903.40 86,260.20
Segment Liabilities 5,194.26 7,166.13 85.41 12,445.80

%RUURZLQJV 726.96
2WKHUXQDOORFDWHGFRUSRUDWHOLDELOLWLHV 503.51
Total Liabilities 5,194.26 7,166.13 85.41 3,052.78 15,498.58
Other Disclosures
&DSLWDOH[SHQGLWXUH 2,285.36
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV 3,547.81
2WKHU1RQFDVKH[SHQGLWXUH 214.38
44.6 Revenue from external sales

(` in lakhs)
Ended 31st Ended 31st
March, 2022 March, 2021
India
2XWVLGH,QGLD
7RWDO5HYHQXHDVSHUFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV 83,986.16 58,476.93
44.7 Non-current assets:

7KHIROORZLQJLVGHWDLOVRIWKHFDUU\LQJDPRXQWRIQRQFXUUHQWDVVHWVZKLFKGRQRWLQFOXGHGHIHUUHGWD[DVVHWVLQFRPHWD[
DVVHWV¿QDQFLDODVVHWVDQG*RRGZLOOE\WKHJHRJUDSKLFDODUHDLQZKLFKWKHDVVHWVDUHORFDWHG
(` in lakhs)
Particulars As at 31st As at 31st
India
2XWVLGH,QGLD
Total 27,779.86 29,599.80
44.8 5HYHQXHRI`1LO 3UHYLRXV\HDUÒDNKV IURPDFXVWRPHUUHSUHVHQWVPRUHWKDQRIWKH*URXS¶VUHYHQXHIRUWKH

year ended 31st0DUFK
Note 45 - Related party disclosure
,Q DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV RI ,QG $6 ³5HODWHG 3DUW\ 'LVFORVXUHV´ QDPH RI WKH UHODWHG SDUW\ UHODWHG SDUW\
UHODWLRQVKLSWUDQVDFWLRQVDQGRXWVWDQGLQJEDODQFHVLQFOXGLQJFRPPLWPHQWVZKHUHFRQWUROH[LWVDQGZLWKZKRPWUDQVDFWLRQV
KDYHWDNHQSODFHGXULQJUHSRUWHGSHULRGVDUHDVGHWDLOEHORZ

45.1 List of Related Parties:
(a) Key Management Personnel
0U6KUHHYDU.KHUXND±0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2ႈFHU
0U5DMHVK.XPDU&KDXGKDU\:KROHWLPH'LUHFWRU
0U$QDQG6XOWDQLD&KLHI)LQDQFLDO2ႈFHU
0U0DQRM'HUH&RPSDQ\6HFUHWDU\ XSWR
0UV$QVKX$JDUZDO&RPSDQ\6HFUHWDU\ ZHI
(b) Relative of Key Management Personnel
/DWH0U%/.KHUXND ([SLUHGRQth'HFHPEHU 5HODWLYHRI0U6KUHHYDU.KHUXND
0U3..KHUXND5HODWLYHRI0U6KUHHYDU.KHUXND
0UV3UL\DQND.KHUXND5HODWLYHRI0U6KUHHYDU.KHUXND
0UV.LUDQ.KHUXND5HODWLYHRI0U6KUHHYDU.KHUXND
0UV5HNKD.KHUXND5HODWLYHRI0U6KUHHYDU.KHUXND
F (QWHUSULVHVRYHUZKLFKSHUVRQVGHVFULEHGLQ D E DERYHDUHDEOHWRH[HUFLVHVLJQL¿FDQWLQÀXHQFH 2WKHU5HODWHG
Parties) with whom transactions have taken place:
6RQDUJDRQ3URSHUWLHV//3
:LQGRZV*ODVV/LPLWHG
%RURVLO5HQHZDEOHV/LPLWHG
&\FDV7UDGLQJ//3
%RURVLO+ROGLQJV//3
(d) Trust under Common control
Name of the entity Country of Principal Activities

incorporation
%RURVLO/LPLWHG(PSOR\HHV*UDWXLW\)XQG India &RPSDQ\¶VHPSOR\HHJUDWXLW\WUXVW
%RURVLO /LPLWHG 0DQDJHPHQW (PSOR\HHV 3HQVLRQ India &RPSDQ\¶VHPSOR\HHVXSHUDQQXDWLRQWUXVW
Fund
45.2 Transactions with Related Parties:

(` in lakhs)
Name of Transactions Name of the Related Party 2021-22 2020-21
6DOHRI*RRGV %RURVLO5HQHZDEOHV/LPLWHG
3XUFKDVHRI*RRGV %RURVLO5HQHZDEOHV/LPLWHG
5HQW,QFRPH %RURVLO5HQHZDEOHV/LPLWHG
:LQGRZ*ODVV/LPLWHG
5HQW([SHQVHV 6RQDUJDRQ3URSHUWLHV//3
&\FDV7UDGLQJ//3
5HLPEXUVHPHQWRIH[SHQVHVWR %RURVLO5HQHZDEOHV/LPLWHG
5HLPEXUVHPHQWRIH[SHQVHVIURP %RURVLO5HQHZDEOHV/LPLWHG

(` in lakhs)
Name of Transactions Name of the Related Party 2021-22 2020-21
3URIHVVLRQDO)HHV3DLG 0UV3UL\DQND.KHUXND
'LUHFWRUV6LWWLQJ)HHV 0U3..KHUXND
&RPPLVVLRQWR1RQ([HFXWLYH'LUHFWRUV 0U3..KHUXND
5HPXQHUDWLRQRI.H\0DQDJHPHQW3HUVRQQHO 0U6KUHHYDU.KHUXND
0U5DMHVK.XPDU&KDXGKDU\
0V0DQRM'HUH
0U$QDQG6XOWDQLD
0UV$QVKX$JDUZDO
'LYLGHQG3DLG 0U3..KHUXND
0UV.LUDQ.KHUXND
0U6KUHHYDU.KHUXND
0UV5HNKD.KHUXND
/DWH0U%DMUDQJ/DO.KHUXND
%RURVLO+ROGLQJV//3
6RQDUJDRQ3URSHUWLHV//3 `
Share Based Payment 0U5DMHVK.XPDU&KDXGKDU\
0U$QDQG6XOWDQLD
&RQWULEXWLRQWRZDUGV*UDWXLW\)XQG %RURVLO/LPLWHG(PSOR\HHV*UDWXLW\)XQG
&RQWULEXWLRQWRZDUGV6XSHUDQQXDWLRQ)XQG %RURVLO /LPLWHG 0DQDJHPHQW (PSOR\HHV
Pension Fund
(` in lakhs)
Name of Transactions Name of the Related Party As at 31st As at 31st
7UDGH5HFHLYDEOH %RURVLO5HQHZDEOHV/LPLWHG
&XUUHQW)LQDQFLDO$VVHWV2WKHUV %RURVLO5HQHZDEOHV/LPLWHG
&XUUHQW)LQDQFLDO/LDELOLWLHV2WKHUV %RURVLO5HQHZDEOHV/LPLWHG
45.3 Compensation to key management personnel of the Group

(` in lakhs)
Nature of transaction 2021-22 2020-21
6KRUWWHUPHPSOR\HHEHQH¿WV
3RVWHPSOR\PHQWEHQH¿WV
Total compensation paid to key management personnel 862.29 657.03
45.4 7KHWUDQVDFWLRQVZLWKUHODWHGSDUWLHVDUHPDGHRQWHUPVHTXLYDOHQWWRWKRVHWKDWSUHYDLOLQDUP¶VOHQJWKWUDQVDFWLRQV2XWVWDQGLQJ
EDODQFHVDW\HDUHQGDUHXQVHFXUHGXQOHVVVSHFL¿HGDQGVHWWOHPHQWRFFXUVLQFDVK7KLVDVVHVVPHQWLVXQGHUWDNHQHDFK
¿QDQFLDO\HDUWKURXJKH[DPLQLQJWKH¿QDQFLDOSRVLWLRQRIWKHUHODWHGSDUW\DQGWKHPDUNHWLQZKLFKWKHUHODWHGSDUW\RSHUDWHV

Note 46 - Fair Values
46.1 Financial Instruments by category:
6HWRXWEHORZLVDFRPSDULVRQE\FODVVRIWKHFDUU\LQJDPRXQWVDQGIDLUYDOXHRIWKH*URXS¶V¿QDQFLDODVVHWVDQGOLDELOLWLHVWKDW
DUHUHFRJQLVHGLQWKH¿QDQFLDOVWDWHPHQWV
a) Financial Assets measured at fair value:
(` in lakhs)
,QYHVWPHQWV
b) Financial Assets / Liabilities measured at amortised cost:

(` in lakhs)
st st
Value Value
Financial Assets designated at amortised cost:
7UDGH5HFHLYDEOH
&DVKDQGFDVKHTXLYDOHQWV
%DQN%DODQFHRWKHUWKDQFDVKDQGFDVKHTXLYDOHQWV
/RDQV
2WKHUV
Total 12,960.78 12,960.78 8,383.97 8,383.97
Financial Liabilities designated at amortised cost:

%RUURZLQJV
/HDVH/LDELOLWLHV
7UDGH3D\DEOHV
2WKHU)LQDQFLDO/LDELOLWLHV
Total 12,780.29 12,780.29 11,478.39 11,478.39
46.2 Fair Valuation techniques used to determine fair value

7KH*URXSPDLQWDLQVSURFHGXUHVWRYDOXH¿QDQFLDODVVHWVRU¿QDQFLDOOLDELOLWLHVXVLQJWKHEHVWDQGPRVWUHOHYDQWGDWDDYDLODEOH
7KHIDLUYDOXHVRIWKH¿QDQFLDODVVHWVDQGOLDELOLWLHVDUHLQFOXGHGDWWKHDPRXQWWKDWZRXOGEHUHFHLYHGWRVHOODQDVVHWRUSDLG
WRWUDQVIHUDOLDELOLW\LQDQRUGHUO\WUDQVDFWLRQEHWZHHQPDUNHWSDUWLFLSDQWVDWWKHPHDVXUHPHQWGDWH
7KHIROORZLQJPHWKRGVDQGDVVXPSWLRQVZHUHXVHGWRHVWLPDWHWKHIDLUYDOXHV
L )DLU YDOXH RI WUDGH UHFHLYDEOH FDVK DQG FDVK HTXLYDOHQWV RWKHU EDQN EDODQFHV WUDGH SD\DEOHV ORDQV ERUURZLQJV
GHSRVLWVDQGRWKHU¿QDQFLDODVVHWVDQGOLDELOLWLHVDUHDSSUR[LPDWHDWWKHLUFDUU\LQJDPRXQWVODUJHO\GXHWRWKHVKRUWWHUP
PDWXULWLHVRIWKHVHLQVWUXPHQWV
LL 7KHIDLUYDOXHVRIQRQFXUUHQWORDQERUURZLQJV¿[HGGHSRVLWVVHFXULW\GHSRVLWVDUHDSSUR[LPDWHDWWKHLUFDUU\LQJDPRXQW
GXHWRLQWHUHVWEHDULQJIHDWXUHVRIWKHVHLQVWUXPHQWV
LLL 7KH*URXSXVHVYDOXDWLRQWHFKQLTXHVWKDWDUHDSSURSULDWHLQWKHFLUFXPVWDQFHVDQGIRUZKLFKVXႈFLHQWGDWDDUHDYDLODEOH
WRPHDVXUHIDLUYDOXHPD[LPLVLQJWKHXVHRIUHOHYDQWREVHUYDEOHLQSXWVDQGPLQLPLVLQJWKHXVHRIXQREVHUYDEOHLQSXWV
LY )DLUYDOXHVRITXRWHG¿QDQFLDOLQVWUXPHQWVDUHGHULYHGIURPTXRWHGPDUNHWSULFHVLQDFWLYHPDUNHWV
Y 7KHIDLUYDOXHIRUOHYHOLQVWUXPHQWVLVYDOXHGXVLQJLQSXWVEDVHGRQLQIRUPDWLRQDERXWPDUNHWSDUWLFLSDQWVDVVXPSWLRQV
DQGRWKHUGDWDWKDWDUHDYDLODEOH
YL 7KHIDLUYDOXHRIWKHUHPDLQLQJ¿QDQFLDOLQVWUXPHQWVLVGHWHUPLQHGXVLQJGLVFRXQWHGFDVKÀRZDQDO\VLVDQGRUGLUHFW
VDOHVFRPSDULVRQDSSURDFK

46.3 Fair value hierarchy
7KH *URXS XVHV WKH IROORZLQJ KLHUDUFK\ IRU GHWHUPLQLQJ DQG GLVFORVLQJ WKH IDLU YDOXH RI ¿QDQFLDO LQVWUXPHQWV E\ YDOXDWLRQ
WHFKQLTXHV
i) Level 1:-4XRWHGSULFHVSXEOLVKHG1$9 XQDGMXVWHG LQDFWLYHPDUNHWVIRULGHQWLFDODVVHWVRUOLDELOLWLHV,WLQFOXGHVIDLU
YDOXHRI¿QDQFLDOLQVWUXPHQWVWUDGHGLQDFWLYHPDUNHWVDQGDUHEDVHGRQTXRWHGPDUNHWSULFHVDWWKHEDODQFHVKHHWGDWH
DQG¿QDQFLDOLQVWUXPHQWVOLNHPXWXDOIXQGVIRUZKLFKQHWDVVHWVYDOXH 1$9 LVSXEOLVKHGE\PXWXDOIXQGRSHUDWRUVDWWKH
EDODQFHVKHHWGDWH
ii) Level 2:-,QSXWVRWKHUWKDQTXRWHGSULFHVLQFOXGHGZLWKLQOHYHOWKDWDUHREVHUYDEOHIRUWKHDVVHWRUOLDELOLW\HLWKHUGLUHFWO\
WKDWLVDVSULFHV RULQGLUHFWO\ WKDWLVGHULYHGIURPSULFHV ,WLQFOXGHVIDLUYDOXHRIWKH¿QDQFLDOLQVWUXPHQWVWKDWDUHQRWWUDGHG
LQDQDFWLYHPDUNHW IRUH[DPSOHRYHUWKHFRXQWHUGHULYDWLYHV LVGHWHUPLQHGE\XVLQJYDOXDWLRQWHFKQLTXHV7KHVHYDOXDWLRQ
WHFKQLTXHVPD[LPLVHWKHXVHRIREVHUYDEOHPDUNHWGDWDZKHUHLWLVDYDLODEOHDQGUHO\DVOLWWOHDVSRVVLEOHRQWKH&RPSDQ\
VSHFL¿FHVWLPDWHV,IDOOVLJQL¿FDQWLQSXWVUHTXLUHGWRIDLUYDOXHDQLQVWUXPHQWDUHREVHUYDEOHWKHQLQVWUXPHQWLVLQFOXGHGLQ
OHYHO
iii) Level 3:-,QSXWVIRUWKHDVVHWRUOLDELOLW\WKDWDUHQRWEDVHGRQREVHUYDEOHPDUNHWGDWD WKDWLVXQREVHUYDEOHLQSXWV ,I
RQHRUPRUHRIWKHVLJQL¿FDQWLQSXWVLVQRWEDVHGRQREVHUYDEOHPDUNHWGDWDWKHLQVWUXPHQWLVLQFOXGHGLQOHYHO
7KHIROORZLQJWDEOHSURYLGHVKLHUDUFK\RIWKHIDLUYDOXHPHDVXUHPHQWRI*URXS¶VDVVHWDQGOLDELOLWLHVJURXSHGLQWR/HYHO
4XRWHGSULFHVLQDFWLYHPDUNHWV /HYHO 6LJQL¿FDQWREVHUYDEOHLQSXWV DQG/HYHO 6LJQL¿FDQWXQREVHUYDEOHLQSXWV
DVGHVFULEHGEHORZ
(` in lakhs)
st
/LVWHGGHEHQWXUHV
0XWXDOIXQGV
$OWHUQDWLYH,QYHVWPHQW)XQGV
Total 10,049.61 9,639.19 3.70
(` in lakhs)
st
/LVWHGGHEHQWXUHV
0XWXDOIXQGV
$OWHUQDWLYH,QYHVWPHQW)XQGV
9HQWXUH&DSLWDO)XQGV
Total 19,324.71 5,190.55 3.72
/LVWHGGHEHQWXUHVDUHFODVVL¿HGDV/HYHOLQWKHDEVHQFHRIDFWLYHPDUNHWIRUVXFKLQYHVWPHQWV
7KH*URXSLQYHVWVLQYDULRXVYHQWXUHFDSLWDOIXQGVDQGDOWHUQDWLYHLQYHVWPHQWIXQGVDQGWKHVHIXQGVIXUWKHULQYHVWV
LQWRYDULRXVFRPSDQLHV*URXSKDVFRQVLGHUHGWKHIDLUYDOXHRQWKHEDVLVRIYDOXDWLRQSURYLGHGE\UHVSHFWLYHIXQGV
7KHUHZHUHQRWUDQVIHUVEHWZHHQ/HYHODQG/HYHOGXULQJWKH\HDU

46.4 Description of the inputs used in the fair value measurement:
)ROORZLQJWDEOHGHVFULEHVWKHYDOXDWLRQWHFKQLTXHVXVHGDQGNH\LQSXWVWRYDOXDWLRQIRUOHYHORIWKHIDLUYDOXHKLHUDUFK\DVDW
31st0DUFKDQGst0DUFKUHVSHFWLYHO\
(` in lakhs)
Particulars As at 31st Valuation Inputs used Sensitivity
SUR¿WRUORVV
8QOLVWHGHTXLW\LQYHVWPHQWV %RRN9DOXH Financial 1RPDWHULDO
valuation
(` in lakhs)
st
Particulars As at 31 Valuation Inputs used Sensitivity
SUR¿WRUORVV
8QOLVWHGHTXLW\LQYHVWPHQWV %RRN9DOXH Financial 1RPDWHULDO
valuation
46.5 Reconciliation of fair value measurement categorised within level 3 of the fair value hierarchy:
)LQDQFLDO$VVHWVGHVLJQDWHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV,QYHVWPHQWV
Particulars (` in lakhs)
st
Fair value as at 1 April, 2020 3.82
*DLQ /RVV RQ¿QDQFLDOLQVWUXPHQWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV QHW
st
*DLQ /RVV RQ¿QDQFLDOLQVWUXPHQWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV QHW
st
46.6 Description of the valuation processes used by the Group for fair value measurement categorised within level 3:
$WHDFKUHSRUWLQJGDWHWKH*URXSDQDO\VHVWKHPRYHPHQWVLQWKHYDOXHVRI¿QDQFLDODVVHWVDQGOLDELOLWLHVZKLFKDUHUHTXLUHG
WREHUHPHDVXUHGRUUHDVVHVVHGDVSHUWKHDFFRXQWLQJSROLFLHV)RUWKLVDQDO\VLVWKH*URXSYHUL¿HVWKHPDMRULQSXWVDSSOLHG
LQWKHODWHVWYDOXDWLRQE\DJUHHLQJWKHLQIRUPDWLRQLQWKHYDOXDWLRQFRPSXWDWLRQWRFRQWUDFWVDQGRWKHUUHOHYDQWGRFXPHQWV
7KH*URXSDOVRFRPSDUHVWKHFKDQJHLQWKHIDLUYDOXHRIHDFK¿QDQFLDODVVHWDQGOLDELOLW\ZLWKUHOHYDQWH[WHUQDOVRXUFHVWR
GHWHUPLQHZKHWKHUWKHFKDQJHLVUHDVRQDEOH7KH*URXSDOVRGLVFXVVHVRIWKHPDMRUDVVXPSWLRQVXVHGLQWKHYDOXDWLRQV
)RUWKHSXUSRVHRIIDLUYDOXHGLVFORVXUHVWKH*URXSKDVGHWHUPLQHGFODVVHVRI¿QDQFLDODVVHWVDQGOLDELOLWLHVRQWKHEDVLVRI
WKHQDWXUHFKDUDFWHULVWLFVDQGULVNVRIWKHDVVHWRUOLDELOLW\DQGWKHOHYHORIWKHIDLUYDOXHKLHUDUFK\DVH[SODLQHGDERYH
Note 47 - Financial Risk Management - Objectives and Policies:
7KH*URXSLVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVN5LVNPDQDJHPHQWLVFDUULHGRXWE\WKH*URXSXQGHUSROLFLHV
DSSURYHGE\WKHERDUGRIGLUHFWRUVRIUHVSHFWLYH&RPSDQ\7KLV5LVNPDQDJHPHQWSODQGH¿QHVKRZULVNVDVVRFLDWHGZLWK
WKH*URXSZLOOEHLGHQWL¿HGDQDO\VHGDQGPDQDJHG,WRXWOLQHVKRZULVNPDQDJHPHQWDFWLYLWLHVZLOOEHSHUIRUPHGUHFRUGHG
DQGPRQLWRUHGE\WKHUHVSHFWLYH&RPSDQ\LQWKH*URXSDQGSURYLGHVWHPSODWHVDQGSUDFWLFHVIRUUHFRUGLQJDQGSULRULWLVLQJ
ULVNV7KHEDVLFREMHFWLYHRIULVNPDQDJHPHQWSODQLVWRLPSOHPHQWDQLQWHJUDWHGULVNPDQDJHPHQWDSSURDFKWRHQVXUHDOO
VLJQL¿FDQWDUHDVRIULVNVDUHLGHQWL¿HGXQGHUVWRRGDQGHႇHFWLYHO\PDQDJHGWRSURPRWHDVKDUHGYLVLRQRIULVNPDQDJHPHQW

DQGHQFRXUDJHGLVFXVVLRQRQULVNVDWDOOOHYHOVRIWKHRUJDQL]DWLRQWRSURYLGHDFOHDUXQGHUVWDQGLQJRIULVNEHQH¿WWUDGHRႇV
WR GHSOR\ DSSURSULDWH ULVN PDQDJHPHQW PHWKRGRORJLHV DQG WRROV IRU XVH LQ LGHQWLI\LQJ DVVHVVLQJ PDQDJLQJ DQG UHSRUWLQJ
RQ ULVNV DQG WR GHWHUPLQH WKH DSSURSULDWH EDODQFH EHWZHHQ FRVW DQG FRQWURO RI ULVN DQG GHSOR\ DSSURSULDWH UHVRXUFHV WR
PDQDJHRSWLPL]H NH\ ULVNV$FWLYLWLHV DUH GHYHORSHG WR SURYLGH IHHGEDFN WR PDQDJHPHQW DQG RWKHU LQWHUHVWHG SDUWLHV HJ
$XGLWFRPPLWWHH%RDUGHWF 7KHUHVXOWVRIWKHVHDFWLYLWLHVHQVXUHWKDWULVNPDQDJHPHQWSODQLVHႇHFWLYHLQWKHORQJWHUP
47.1 Market risk
0DUNHWULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKÀRZVRID¿QDQFLDOLQVWUXPHQWZLOOÀXFWXDWHEHFDXVHRIFKDQJHVLQPDUNHW
SULFHV0DUNHWSULFHVFRPSULVHWKUHHW\SHVRIULVNIRUHLJQFXUUHQF\UDWHULVNLQWHUHVWUDWHULVNDQGRWKHUSULFHULVNVVXFKDV
HTXLW\SULFHULVNDQGFRPPRGLW\ULVN)LQDQFLDOLQVWUXPHQWVDႇHFWHGE\PDUNHWULVNLQFOXGHORDQVDQGERUURZLQJVGHSRVLWVDQG
LQYHVWPHQWV
7KHVHQVLWLYLW\DQDO\VLVLVJLYHQUHODWHWRWKHSRVLWLRQDVDWst0DUFKDQGst0DUFK
7KH VHQVLWLYLW\ DQDO\VLV H[FOXGHV WKH LPSDFW RI PRYHPHQWV LQ PDUNHW YDULDEOHV RQ WKH FDUU\LQJ YDOXH RI SRVWHPSOR\PHQW
EHQH¿WREOLJDWLRQVSURYLVLRQVDQGRQWKHQRQ¿QDQFLDODVVHWVDQGOLDELOLWLHV7KHVHQVLWLYLW\RIWKHUHOHYDQWVWDWHPHQWRISUR¿W
DQGORVVLWHPLVWKHHႇHFWRIWKHDVVXPHGFKDQJHVLQWKHUHVSHFWLYHPDUNHWULVNV7KH*URXS¶VDFWLYLWLHVH[SRVHLWWRDYDULHW\
RI¿QDQFLDOULVNVLQFOXGLQJWKHHႇHFWVRIFKDQJHVLQIRUHLJQFXUUHQF\H[FKDQJHUDWHVDQGLQWHUHVWUDWHV7KLVLVEDVHGRQWKH
¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVKHOGDVDWst0DUFKDQGst0DUFK
(a) Foreign exchange risk and sensitivity
)RUHLJQFXUUHQF\ULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKÀRZVRID¿QDQFLDOLQVWUXPHQWZLOOÀXFWXDWHEHFDXVH
RIFKDQJHVLQIRUHLJQH[FKDQJHUDWHV7KH*URXS¶VH[SRVXUHWRWKHULVNRIFKDQJHVLQIRUHLJQH[FKDQJHUDWHVUHODWHV
SULPDULO\WRWKH*URXS¶VRSHUDWLQJDFWLYLWLHV7KH*URXSWUDQVDFWVEXVLQHVVSULPDULO\LQ86'(852DQG$('7KH*URXS
KDVIRUHLJQFXUUHQF\WUDGHSD\DEOHVWUDGHUHFHLYDEOHVDQGRWKHUFXUUHQW¿QDQFLDODVVHWVDQGLVWKHUHIRUHH[SRVHGWR
IRUHLJQH[FKDQJHULVN7KH*URXSUHJXODUO\UHYLHZVDQGHYDOXDWHVH[FKDQJHUDWHH[SRVXUHDULVLQJIURPIRUHLJQFXUUHQF\
WUDQVDFWLRQV
7KHIROORZLQJWDEOHGHPRQVWUDWHVWKHVHQVLWLYLW\PDLQO\LQWKH86'(852DQG$('WRWKH,QGLDQ5XSHHZLWKDOORWKHU
YDULDEOHVKHOGFRQVWDQW7KHLPSDFWRQWKH*URXS¶VSUR¿WEHIRUHWD[GXHWRFKDQJHVLQWKHIDLUYDOXHVRIPRQHWDU\DVVHWV
DQGOLDELOLWLHVLVJLYHQEHORZ

31st March, 2022
7UDGH5HFHLYDEOHV 86'
2WKHU&XUUHQW)LQDQFLDO/LDELOLWLHV (852
2WKHU&XUUHQW)LQDQFLDO$VVHWV $('
2WKHU&XUUHQW)LQDQFLDO$VVHWV 86'
2WKHU&XUUHQW)LQDQFLDO$VVHWV (852
2WKHU&XUUHQW)LQDQFLDO$VVHWV 2WKHUV &1<
&1<+.' +.'

31st March, 2021
7UDGH5HFHLYDEOHV 86'
7UDGH5HFHLYDEOHV (852
7UDGHDQG2WKHU3D\DEOHV $('
2WKHU&XUUHQW)LQDQFLDO$VVHWV $('
2WKHU&XUUHQW)LQDQFLDO$VVHWV 86'
2WKHU&XUUHQW)LQDQFLDO$VVHWV (852
2WKHU&XUUHQW)LQDQFLDO$VVHWV 2WKHUV &1<
&1<+.'%+$7 +.'
%+$7

LQFUHDVHRUGHFUHDVHLQIRUHLJQH[FKDQJHUDWHVZLOOKDYHWKHIROORZLQJLPSDFWRQSUR¿WEHIRUHWD[ 3%7
(` in lakhs)
86'
(852
$('
2WKHUV
,QFUHDVH 'HFUHDVH LQSUR¿WEHIRUHWD[ (18.13) 18.13 (9.29) 9.29
b) Interest rate risk and sensitivity:
,QWHUHVW UDWH ULVN LV WKH ULVN WKDW WKH IDLU YDOXH RU IXWXUH FDVK ÀRZV RI D ¿QDQFLDO LQVWUXPHQW ZLOO ÀXFWXDWH EHFDXVH RI
FKDQJHVLQPDUNHWLQWHUHVWUDWHV7KH*URXSKDGORQJWHUPERUURZLQJVLQWKHIRUPRIWHUPORDQ$OVRWKH*URXSKDG
VKRUWWHUPERUURZLQJVLQWKHIRUPRIZRUNLQJFDSLWDOORDQ7KH*URXSZDVH[SRVHGWRLQWHUHVWUDWHULVNDVVRFLDWHGZLWK
WHUPORDQDQGZRUNLQJFDSLWDOORDQGXHWRÀRDWLQJUDWHRILQWHUHVW+RZHYHUWKHUHLVQRLQWHUHVWUDWHULVNDWWKHHQGRIWKH
¿QDQFLDO\HDUVLQFH*URXSKDVUHSDLGWKHHQWLUHORDQ
7KHWDEOHEHORZLOOXVWUDWHVWKHLPSDFWRIDLQFUHDVHLQLQWHUHVWUDWHVRQLQWHUHVWRQ¿QDQFLDOOLDELOLWLHVDVVXPLQJWKDW
WKHFKDQJHVRFFXUDWWKHUHSRUWLQJGDWHDQGKDVEHHQFDOFXODWHGEDVHGRQULVNH[SRVXUHRXWVWDQGLQJDVRIGDWH7KH
\HDUHQGEDODQFHVDUHQRWQHFHVVDULO\UHSUHVHQWDWLYHRIWKHDYHUDJHGHEWRXWVWDQGLQJGXULQJWKH\HDU7KLVDQDO\VLVDOVR
DVVXPHVWKDWDOORWKHUYDULDEOHVLQSDUWLFXODUIRUHLJQFXUUHQF\UDWHVUHPDLQFRQVWDQW
(` in lakhs)
7HUP/RDQ
:RUNLQJFDSLWDOORDQ
,QFUHDVH 'HFUHDVH LQSUR¿WEHIRUHWD[ - - (14.54) 14.54
7KHDVVXPHGPRYHPHQWLQEDVLVSRLQWVIRULQWHUHVWUDWHVHQVLWLYLW\DQDO\VLVLVEDVHGRQWKHFXUUHQWO\REVHUYDEOHPDUNHW
HQYLURQPHQWDWWKDWWLPH
c) Commodity price risk:
7KH*URXSLVH[SRVHGWRWKHPRYHPHQWLQSULFHRINH\WUDGHGPDWHULDOVLQGRPHVWLFDQGLQWHUQDWLRQDOPDUNHWV7KH*URXS
KDVDUREXVWIUDPHZRUNDQGJRYHUQDQFHPHFKDQLVPLQSODFHWRHQVXUHWKDWWKHRUJDQLVDWLRQLVDGHTXDWHO\SURWHFWHG
IURPWKHPDUNHWYRODWLOLW\LQWHUPVRISULFHVDQGDYDLODELOLW\
d) Equity price risk:
7KH &RPSDQ\ GRHV QRW KDYH DQ\ H[SRVXUH WRZDUGV HTXLW\ VHFXULWLHV SULFH ULVN DULVHV IURP LQYHVWPHQWV KHOG E\ WKH
FRPSDQ\
47.2 Credit risk
&UHGLWULVNLVWKHULVNWKDWDFRXQWHUSDUW\ZLOOQRWPHHWLWVREOLJDWLRQVXQGHUD¿QDQFLDOLQVWUXPHQWRUFXVWRPHUFRQWUDFWOHDGLQJ
WRD¿QDQFLDOORVV7KH*URXSLVH[SRVHGWRFUHGLWULVNIURPLWVRSHUDWLQJDFWLYLWLHV SULPDULO\WUDGHUHFHLYDEOHV DQGIURPLWV
¿QDQFLQJDFWLYLWLHVLQFOXGLQJGHSRVLWVZLWKEDQNVDQGRWKHU¿QDQFLDOLQVWUXPHQWV
7KH *URXS FRQVLGHUV WKH SUREDELOLW\ RI GHIDXOW XSRQ LQLWLDO UHFRJQLWLRQ RI DVVHW DQG ZKHWKHU WKHUH KDV EHHQ D VLJQL¿FDQW
LQFUHDVHLQFUHGLWULVNRQDQRQJRLQJEDVLVWKURXJKHDFKUHSRUWLQJSHULRG7RDVVHVVZKHWKHUWKHUHLVDVLJQL¿FDQWLQFUHDVHLQ
FUHGLWULVNWKH*URXSFRPSDUHVWKHULVNRIGHIDXOWRFFXUULQJRQDVVHWDVDWWKHUHSRUWLQJGDWHZLWKWKHULVNRIGHIDXOWDVDWWKH
GDWHRILQLWLDOUHFRJQLWLRQ,WFRQVLGHUVUHDVRQDEOHDQGVXSSRUWLYHIRUZDUGLQJORRNLQJLQIRUPDWLRQVXFKDV
L $FWXDORUH[SHFWHGVLJQL¿FDQWDGYHUVHFKDQJHVLQEXVLQHVV
LL $FWXDORUH[SHFWHGVLJQL¿FDQWFKDQJHVLQWKHRSHUDWLQJUHVXOWVRIWKHFRXQWHUSDUW\
LLL )LQDQFLDORUHFRQRPLFFRQGLWLRQVWKDWDUHH[SHFWHGWRFDXVHDVLJQL¿FDQWFKDQJHWRWKHFRXQWHUSDUW\¶VDELOLW\WRPHHWLWV
REOLJDWLRQV

LY 6LJQL¿FDQWLQFUHDVHLQFUHGLWULVNRQRWKHU¿QDQFLDOLQVWUXPHQWVRIWKHVDPHFRXQWHUSDUW\
Y 6LJQL¿FDQWFKDQJHVLQWKHYDOXHRIWKHFROODWHUDOVXSSRUWLQJWKHREOLJDWLRQRULQWKHTXDOLW\RIWKHWKLUGSDUW\JXDUDQWHHV
RUFUHGLWHQKDQFHPHQWV
)LQDQFLDO DVVHWV DUH ZULWWHQ Rႇ ZKHQ WKHUH LV QR UHDVRQDEOH H[SHFWDWLRQ RI UHFRYHU\ VXFK DV D GHEWRU IDLOLQJ WR HQJDJH
LQ D UHSD\PHQW SODQ ZLWK WKH *URXS :KHUH ORDQV RU UHFHLYDEOHV KDYH EHHQ ZULWWHQ Rႇ WKH *URXS FRQWLQXHV WR HQJDJH LQ
HQIRUFHPHQWDFWLYLW\WRDWWHPSWWRUHFRYHUWKHUHFHLYDEOHGXH:KHUHUHFRYHULHVDUHPDGHWKHVHDUHUHFRJQL]HGDVLQFRPH
LQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVV7KH*URXSPHDVXUHVWKHH[SHFWHGFUHGLWORVVRIWUDGHUHFHLYDEOHVEDVHGRQ
KLVWRULFDOWUHQGLQGXVWU\SUDFWLFHVDQGWKHEXVLQHVVHQYLURQPHQWLQZKLFKWKHHQWLW\RSHUDWHV/RVVUDWHVDUHEDVHGRQDFWXDO
FUHGLWORVVH[SHULHQFHDQGSDVWWUHQGV%DVHGRQWKHKLVWRULFDOGDWDORVVRQFROOHFWLRQRIUHFHLYDEOHLVQRWPDWHULDOKHQFHQR
DGGLWLRQDOSURYLVLRQFRQVLGHUHG
a) Trade Receivables:
7KH*URXSH[WHQGVFUHGLWWRFXVWRPHUVLQQRUPDOFRXUVHRIEXVLQHVV7KH*URXSFRQVLGHUVIDFWRUVVXFKDVFUHGLWWUDFN
UHFRUG LQ WKH PDUNHW DQG SDVW GHDOLQJV ZLWK WKH *URXS IRU H[WHQVLRQ RI FUHGLW WR FXVWRPHUV7KH *URXS PRQLWRUV WKH
SD\PHQWWUDFNUHFRUGRIWKHFXVWRPHUV2XWVWDQGLQJFXVWRPHUUHFHLYDEOHVDUHUHJXODUO\PRQLWRUHG7KH*URXSHYDOXDWHV
WKHFRQFHQWUDWLRQRIULVNZLWKUHVSHFWWRWUDGHUHFHLYDEOHVDVORZDVLWVFXVWRPHUVDUHORFDWHGLQVHYHUDOMXULVGLFWLRQVDQG
LQGXVWULHVDQGRSHUDWHLQODUJHO\LQGHSHQGHQWPDUNHWV7KH*URXSKDVDOVRWDNHQVHFXULW\GHSRVLWVLQFHUWDLQFDVHVIURP
LWVFXVWRPHUVZKLFKPLWLJDWHWKHFUHGLWULVNWRVRPHH[WHQW)XUWKHUWKH*URXSKDVSROLF\RISURYLVLRQIRUGRXEWIXOGHEWV
5HYHQXHRI`1LO 3UHYLRXV\HDUÒDNKV IURPDFXVWRPHUUHSUHVHQWVPRUHWKDQRIWKH*URXSUHYHQXHIRU
the year ended 31st0DUFK7KH*URXSGRHVQRWH[SHFWDQ\PDWHULDOULVNRQDFFRXQWRIQRQSHUIRUPDQFHE\DQ\RI
WKH*URXS¶VFRXQWHUSDUWLHV
7KH*URXSKDVXVHGSUDFWLFDOH[SHGLHQWE\FRPSXWLQJWKHH[SHFWHGFUHGLWORVVDOORZDQFHIRUWUDGHUHFHLYDEOHVEDVHG
RQSURYLVLRQPDWUL[7KHSURYLVLRQPDWUL[WDNHQLQWRDFFRXQWKLVWRULFDOFUHGLWORVVH[SHULHQFHDQGDGMXVWHGIRUIRUZDUG
ORRNLQJLQIRUPDWLRQ7KHH[SHFWHGFUHGLWORVVDOORZDQFHLVEDVHGRQDJHLQJRIWKHGD\VWKHUHFHLYDEOHVDUHGXH
7KHIROORZLQJWDEOHVXPPDUL]HVWKH*URVVFDUU\LQJDPRXQWRIWKHWUDGHUHFHLYDEOHDQGSURYLVLRQPDGH
(` in lakhs)
Gross Loss Gross Loss
Carrying Allowance Carrying Allowance
Amount Amount
7UDGH5HFHLYDEOH
b) Financial instruments and cash deposits:
7KH*URXSFRQVLGHUVIDFWRUVVXFKDVWUDFNUHFRUGVL]HRIWKHLQVWLWXWLRQPDUNHWUHSXWDWLRQDQGVHUYLFHVWDQGDUGVWR
VHOHFWWKHEDQNVZLWKZKLFKEDODQFHVDUHPDLQWDLQHG&UHGLWULVNIURPEDODQFHVZLWKEDQNLVPDQDJHGE\WKHUHVSHFWLYH
&RPSDQ\¶V¿QDQFHGHSDUWPHQW,QYHVWPHQWRIVXUSOXVIXQGVDUHDOVRPDQDJHGE\¿QDQFHGHSDUWPHQW7KH*URXSGRHV
QRWPDLQWDLQVLJQL¿FDQWFDVKLQKDQG([FHVVEDODQFHRIFDVKRWKHUWKDQWKRVHUHTXLUHGIRULWVGD\WRGD\RSHUDWLRQVLV
GHSRVLWHGLQWRWKHEDQN
)RURWKHU¿QDQFLDOLQVWUXPHQWVWKH¿QDQFHGHSDUWPHQWDVVHVVHVDQGPDQDJHFUHGLWULVNEDVHGRQLQWHUQDODVVHVVPHQW
,QWHUQDODVVHVVPHQWLVSHUIRUPHGIRUHDFKFODVVRI¿QDQFLDOLQVWUXPHQWZLWKGLႇHUHQWFKDUDFWHULVWLFV
47.3 Liquidity risk
/LTXLGLW\ULVNLVWKHULVNWKDWWKH*URXSPD\QRWEHDEOHWRPHHWLWVSUHVHQWDQGIXWXUHFDVKDQGFROODWHUDOREOLJDWLRQVZLWKRXW
LQFXUULQJXQDFFHSWDEOHORVVHV7KH*URXS¶VREMHFWLYHLVWRDWDOOWLPHVPDLQWDLQRSWLPXPOHYHOVRIOLTXLGLW\WRPHHWLWVFDVKDQG
FROODWHUDOUHTXLUHPHQWV7KH*URXSUHOLHVRSHUDWLQJFDVKÀRZVDQGVKRUWWHUPERUURZLQJVLQWKHIRUPRIZRUNLQJFDSLWDOORDQWR
PHHWLWVQHHGVIRUIXQGV*URXSGRHVQRWEUHDFKDQ\FRYHQDQWV ZKHUHDSSOLFDEOH RQDQ\RILWVERUURZLQJIDFLOLWLHV7KH*URXS
KDVDFFHVVWRDVXႈFLHQWYDULHW\RIVRXUFHVRIIXQGLQJDVSHUUHTXLUHPHQW7KH&RPSDQ\KDVDOVRWKHVDQFWLRQHGOLPLWIURP
WKHEDQNV

7KHWDEOHEHORZSURYLGHVXQGLVFRXQWHGFDVKÀRZVWRZDUGV¿QDQFLDOOLDELOLWLHVLQWRUHOHYDQWPDWXULW\EDVHGRQWKHUHPDLQLQJ
SHULRGDWWKHEDODQFHVKHHWWRWKHFRQWUDFWXDOPDWXULW\GDWH
(` in lakhs)
Particulars Maturity Total
On Demand 0 - 3 Months 3 - 6 Months 6 - 12 More than 1
months year
/HDVH/LDELOLWLHV 119.06
7UDGH3D\DEOH 5,709.78
2WKHU)LQDQFLDO/LDELOLWLHV 6,951.45
Total - 12,453.69 0.16 208.03 118.41 12,780.29
1RQFXUUHQW%RUURZLQJV 59.94
/HDVH/LDELOLWLHV 124.48
&XUUHQWERUURZLQJV 667.02
7UDGH3D\DEOH 5,163.55
2WKHU)LQDQFLDO/LDELOLWLHV 5,463.40
Total 600.00 10,149.70 396.89 152.81 178.99 11,478.39
47.4 Competition and price risk

7KH*URXSIDFHVFRPSHWLWLRQIURPORFDODQGIRUHLJQFRPSHWLWRUV1HYHUWKHOHVVLWEHOLHYHVWKDWLWKDVFRPSHWLWLYHDGYDQWDJH
LQWHUPVRIKLJKTXDOLW\SURGXFWVDQGE\FRQWLQXRXVO\XSJUDGLQJLWVH[SHUWLVHDQGUDQJHRISURGXFWVWRPHHWWKHQHHGVRILWV
FXVWRPHUV
Note 48 - Impairment testing of Goodwill

48.1 *RRGZLOORIÒDNKVLVUHFRJQLVHGRQDFFRXQWRIVFKHPHRIDPDOJDPDWLRQDQGDUUDQJHPHQWDQGÒDNKVLV
UHFRJQLVHGRQDFFRXQWRI¿UVWWLPHFRQVROLGDWLRQ
48.2 *RRGZLOOLVWHVWHGIRULPSDLUPHQWRQDQQXDOEDVLVDQGZKHQHYHUWKHUHLVDQLQGLFDWLRQWKDWWKHUHFRYHUDEOHDPRXQWRIDFDVK
JHQHUDWLQJXQLW &*8 LVOHVVWKDQLWVFDUU\LQJDPRXQWEDVHGRQDQXPEHURIIDFWRUVLQFOXGLQJEXVLQHVVSODQRSHUDWLQJUHVXOWV
IXWXUHFDVKÀRZVDQGHFRQRPLFFRQGLWLRQV7KHUHFRYHUDEOHDPRXQWRIFDVKJHQHUDWLQJXQLWVLVGHWHUPLQHGEDVHGRQKLJKHURI
YDOXHLQXVHDQGIDLUYDOXHOHVVFRVWWRVHOO)RUWKHSXUSRVHRILPSDLUPHQWWHVWLQJJRRGZLOOLVDOORFDWHGWRD&*8UHSUHVHQWLQJ
WKHORZHVWOHYHOZLWKLQWKH*URXSDWZKLFK*RRGZLOOLVPRQLWRUHGIRULQWHUQDOPDQDJHPHQWSXUSRVHVDQGZKLFKLVQRWKLJKHU
WKDQWKH*URXS¶VRSHUDWLQJVHJPHQW
48.2 Goodwill is allocated to the following CGU for impairment testing purpose
(` in lakhs)
*RRGZLOOUHODWLQJWR&RQVXPHUZDUH
*RRGZLOOUHODWLQJWR6FLHQWL¿FZDUH
Total 6,767.07 6,767.07
48.4 7KH*URXSXVHVGLVFRXQWHGFDVKÀRZPHWKRGVWRGHWHUPLQHWKHUHFRYHUDEOHDPRXQW7KHVHGLVFRXQWHGFDVKÀRZFDOFXODWLRQV
XVH¿YH\HDUSURMHFWLRQVWKDWDUHEDVHGRQ¿QDQFLDOIRUHFDVWV&DVKÀRZSURMHFWLRQVWDNHLQWRDFFRXQWSDVWH[SHULHQFHDQG
UHSUHVHQWPDQDJHPHQW¶VEHVWHVWLPDWHDERXWIXWXUHGHYHORSPHQWV
48.5 0DQDJHPHQW HVWLPDWHV GLVFRXQW UDWHV XVLQJ SUHWD[ UDWHV WKDW UHÀHFW FXUUHQW PDUNHW DVVHVVPHQWV RI WKH ULVNV VSHFL¿F WR
WKH&*8WDNLQJLQWRFRQVLGHUDWLRQWKHWLPHYDOXHRIPRQH\DQGLQGLYLGXDOULVNVRIWKHXQGHUO\LQJDVVHWVWKDWKDYHQRWEHHQ
LQFRUSRUDWHGLQWKHFDVKÀRZHVWLPDWHV7KHGLVFRXQWUDWHFDOFXODWLRQLVEDVHGRQWKHVSHFL¿FFLUFXPVWDQFHVRIWKH&RPSDQ\
DQGLWVRSHUDWLQJVHJPHQWVDQGLVGHULYHGIURPLWVZHLJKWHGDYHUDJHFRVWRIFDSLWDO :$&&

Note 49 - Leases
$VSHU,QG$6µ/HDVHV¶WKHGLVFORVXUHVRIOHDVHDUHJLYHQEHORZ
(i) )ROORZLQJDUHWKHDPRXQWVUHFRJQLVHGLQ&RQVROLGDWHG6WDWHPHQWRI3UR¿W /RVV
(` in lakhs)
Ended Ended
'HSUHFLDWLRQH[SHQVHIRUULJKWRIXVHDVVHWV
,QWHUHVWH[SHQVHRQOHDVHOLDELOLWLHV
Total amount recognised 20.73 33.04
(ii) 7KHIROORZLQJLVWKHPRYHPHQWLQOHDVHOLDELOLWLHVGXULQJWKH\HDU
(` in lakhs)
Ended Ended
2SHQLQJ%DODQFH
$GGLWLRQGXULQJWKH\HDU RQDGRSWLRQRI,QG$6
Finance cost accrued during the year
Interest on security deposit
3D\PHQWRIOHDVHOLDELOLWLHV
(iii) 7KHIROORZLQJLVWKHFRQWUDFWXDOPDWXULW\SUR¿OHRIOHDVHOLDELOLWLHV
(` in lakhs)
Ended Ended
/HVVWKDQRQH\HDU
2QH\HDUWR¿YH\HDUV
0RUHWKDQ¿YH\HDUV
(iv) /HDVHOLDELOLWLHVFDUU\DQHႇHFWLYHLQWHUHVWUDWHLVLQWKHUDQJHRI7KHDYHUDJHOHDVHWHUPLVLQWKHUDQJHRI
\HDUV
Note 50 - Capital Management
)RUWKHSXUSRVHRI*URXS¶VFDSLWDOPDQDJHPHQWFDSLWDOLQFOXGHVLVVXHGFDSLWDODOORWKHUHTXLW\UHVHUYHVDQGGHEWV7KHSULPDU\
REMHFWLYHRIWKH*URXS¶VFDSLWDOPDQDJHPHQWLVWRPD[LPLVHVKDUHKROGHUVYDOXH7KH*URXSPDQDJHVLWVFDSLWDOVWUXFWXUHDQG
PDNHVDGMXVWPHQWVLQWKHOLJKWRIFKDQJHVLQHFRQRPLFHQYLURQPHQWDQGWKHUHTXLUHPHQWVRIWKH¿QDQFLDOFRYHQDQWV
7KH *URXS PRQLWRUV FDSLWDO XVLQJ JHDULQJ UDWLR ZKLFK LV QHW GHEW GLYLGHG E\ WRWDO FDSLWDO HTXLW\ SOXV QHW GHEW 1HW GHEW
DUHQRQFXUUHQWDQGFXUUHQWGHEWVDVUHGXFHGE\FDVKDQGFDVKHTXLYDOHQWVDQGFXUUHQWLQYHVWPHQWV(TXLW\FRPSULVHVDOO
FRPSRQHQWVLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPH

(` in lakhs)
7RWDO'HEW
/HVV&DVKDQGFDVKHTXLYDOHQW
/HVV&XUUHQW,QYHVWPHQWV
Net Debt - -
Total Equity (Equity Share Capital plus Other Equity) 76,722.80 69,475.31
Total Capital (Total Equity plus net debt) 76,722.80 69,475.31
Gearing ratio NA NA
Note 51 - Assets held for Sale

(` in lakhs)
As at As at
51.1 Description of the assets held for sale
3URSHUW\3ODQWDQG(TXLSPHQW/DQG -
3URSHUW\3ODQWDQG(TXLSPHQW%XLOGLQJ
Total 6,137.50 -
51.2 2Qth1RYHPEHUWKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\KDVGHFLGHGWRVHOODERYHPHQWLRQHGDVVHWVDQGDFFRUGLQJO\
WKHVHDVVHWVDUHFODVVL¿HGDVDVVHWVKHOGIRUVDOH7KH&RPSDQ\H[SHFWVWRGLVSRVHRႇWKHPZLWKLQDSHULRGRIQH[WRQH\HDU
DQGKHQFHWKHVDPHKDYHEHHQGLVFORVHGDVDVVHWVKHOGIRUVDOH
51.3 'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\KDGGHFLGHGWRUHWUDQVIHUDVVHWVÒDNKVIURPDVVHWVKHOGIRUVDOHWR,QYHVWPHQW
SURSHUW\FRQVLGHULQJWKHSUHVHQWPDUNHWFRQGLWLRQRIUHDOHVWDWHDIWHUPDNLQJWKHEHVWHႇRUWVWRGLVSRVHRIWKHVDPH
Note 52 - Interests in other entities
52.1 7KHFRQVROLGDWLRQRI¿QDQFLDOVWDWHPHQWVRIWKH*URXSLQFOXGHVVXEVLGLDULHVOLVWHGLQWKHWDEOHEHORZ
Name Principal Activities Country of % equity interest

Incorporation As at As at
.ODVV3DFN/LPLWHG 0DQXIDFWXUHURI*ODVV$PSRXOHV India
DQG7DEXODU*ODVV9LDOV
%RURVLO7HFKQRORJLHV/LPLWHG 0DQXIDFWXUHURI6FLHQWL¿F India
Instruments
$FDO\SKD5HDOW\/LPLWHG 5HDOHVWDWHEXVLQHVV India
52.2 Non-controlling interests (NCI)
)LQDQFLDOLQIRUPDWLRQRIVXEVLGLDULHVWKDWKDYHPDWHULDOQRQFRQWUROOLQJLQWHUHVWVLVSURYLGHGEHORZ
Proportion of equity interest held by non-controlling interests:
Name Country of % equity interest

Incorporation As at As at
.ODVV3DFN/LPLWHG India
6XPPDULVHG¿QDQFLDO,QIRUPDWLRQ
6XPPDULVHG ¿QDQFLDO ,QIRUPDWLRQ IRU HDFK VXEVLGLDU\ WKDW KDV QRQFRQWUROOLQJ LQWHUHVW WKDW DUH PDWHULDO WR WKH *URXS 7KH
DPRXQWVGLVFORVHGIRUHDFKVXEVLGLDU\DUHEHIRUHLQWHUFRPSDQ\HOLPLQDWLRQV

(` in lakhs)
Summarised Balance Sheet Klass Pack Limited
As at As at
Current assets
&XUUHQW/LDELOLWLHV
Net current assets 2,868.76 641.48
1RQFXUUHQWDVVHWV
1RQFXUUHQWOLDELOLWLHV
Net non-current assets 6,281.79 5,642.49
Net assets 9,150.55 6,283.97
Accumulated NCI 1,602.26 1,286.31
(` in lakhs)
6XPPDULVHG6WDWHPHQWRISUR¿WDQGORVV Klass Pack Limited
For the Year For the Year
Ended Ended
5HYHQXHIURPRSHUDWLRQV
3UR¿W /RVV IRUWKH\HDU
2WKHU&RPSUHKHQVLYHLQFRPH
Total comprehensive income 866.58 124.31
3UR¿W /RVV DOORFDWHGWR1&, 151.74 25.44
'LYLGHQGVSDLGWR1&,
(` in lakhs)
6XPPDULVHG6WDWHPHQWRIFDVKÀRZ Klass Pack Limited
For the Year For the Year
Ended Ended
&DVKÀRZIURP XVHGLQ RSHUDWLQJDFWLYLWLHV
&DVKÀRZIURP XVHGLQ LQYHVWLQJDFWLYLWLHV
&DVKÀRZIURP XVHGLQ ¿QDQFLQJDFWLYLWLHV
Net increase / (decrease) in cash and cash equivalents (60.16) 58.70
Note 53 - Other Statutory Informations:

L 7KHUH DUH QR EDODQFH RXWVWDQGLQJ RQ DFFRXQW RI DQ\ WUDQVDFWLRQ ZLWK FRPSDQLHV VWUXFN Rႇ XQGHU VHFWLRQ RI WKH
&RPSDQLHV$FWRUVHFWLRQRI&RPSDQLHV$FW
LL 7KH *URXS KDV QRW DGYDQFHG RU ORDQHG RU LQYHVWHG IXQG WR DQ\ RWKHU SHUVRQV RU HQWLWLHV LQFOXGLQJ IRUHLJQ HQWLWLHV
LQWHUPHGLDU\ ZLWKWKHXQGHUVWDQGLQJ ZKHWKHUUHFRUGHGLQZULWLQJRURWKHUZLVH WKDWLQWHUPHGLDU\VKDOO
RIWKH&RPSDQ\ XOWLPDWHEHQH¿FLDU\ RU
E SURYLGHGDQ\JXDUDQWHHVHFXULW\RUWKHOLNHWRRURQEHKDOIRIWKHXOWLPDWHEHQH¿FLDULHV
LLL 7KH *URXS KDV QRW UHFHLYHG DQ\ IXQG IURP DQ\ SHUVRQ RU HQWLWLHV LQFOXGLQJ IRUHLJQ HQWLWLHV IXQGLQJ SDUW\ ZLWK WKH
XQGHUVWDQGLQJ ZKHWKHUUHFRUGHGLQZULWLQJRURWKHUZLVH WKDWWKH&RPSDQ\VKDOO
RIWKHIXQGLQJSDUW\ XOWLPDWHEHQH¿FLDULHV RU
E SURYLGHDQ\JXDUDQWHHVHFXULW\RUWKHOLNHRQEHKDOIRIWKHXOWLPDWHEHQH¿FLDULHV
LY 7KH*URXSGRHVQRWKDYHDQ\VXFKWUDQVDFWLRQZKLFKLVQRWUHFRUGHGLQWKHERRNVRIDFFRXQWVWKDWKDVEHHQVXUUHQGHUHG
RUGLVFORVHGDVLQFRPHGXULQJWKH\HDULQWKHWD[DVVHVVPHQWVXQGHUWKH,QFRPHWD[$FW

Y 7KH*URXSLVQRWGHFODUHGZLOIXOGHIDXOWHUE\DQ\EDQNRU¿QDQFLDOLQVWLWXWLRQRURWKHUOHQGHU
YL 7KHUHDUHQRDQ\FKDUJHVRUVDWLVIDFWLRQWKHUHRIZKLFKDUH\HWWREHUHJLVWHUHGZLWK52&EH\RQGWKHVWDWXWRU\SHULRG
Note 54 - Disclosure on Composite Scheme of Arrangement and accounting as per Ind AS 103
7KH%RDUGRI'LUHFWRUVDWLWVPHHWLQJKHOGRQth)HEUXDU\KDVDSSURYHGD&RPSRVLWH6FKHPHRI$UUDQJHPHQWEHWZHHQ
WKH&RPSDQ\DQG.ODVV3DFN/WG ³.3/´ DVXEVLGLDU\RIWKH&RPSDQ\DQG%RURVLO7HFKQRORJLHV/WG ³%7/´ DZKROO\RZQHG
VXEVLGLDU\RIWKH&RPSDQ\ µ6FKHPH¶ LQWHUDOLDIRU D UHGXFWLRQDQGUHRUJDQLVDWLRQRIVKDUHFDSLWDORI.3/ E GHPHUJHU
RI6FLHQWL¿FDQG,QGXVWULDO3URGXFW%XVLQHVVIURPWKH&RPSDQ\LQWR.3/DQGFRQVHTXHQWLVVXHRIVKDUHVE\.3/DQG F
DPDOJDPDWLRQRI%7/ZLWK.3/7KH$SSRLQWHG'DWHIRUWKH6FKHPHLVst$SULO7KH6FKHPHLVVXEMHFWWRQHFHVVDU\
VWDWXWRU\UHJXODWRU\DSSURYDOVXQGHUDSSOLFDEOHODZVLQFOXGLQJDSSURYDORIWKH+RQ¶EOH1DWLRQDO&RPSDQ\/DZ7ULEXQDO
Note 55
55.1 7KH&RPSDQ\KDVGHFLGHGWRH[HUFLVHWKHRSWLRQSHUPLWWHGXQGHU6HFWLRQ%$$RIWKH,QFRPHWD[$FWDVLQWURGXFHG
E\WKH7D[DWLRQ/DZV $PHQGPHQW 2UGLQDQFHDQGDFFRUGLQJO\WKH&RPSDQ\KDVUHFRJQLVHGWKHWD[SURYLVLRQIRUWKH
year ended 31st0DUFKDQGUHPHDVXUHGWKHGHIHUUHGWD[DVVHWVOLDELOLWLHVEDVHGRQWKHUDWHVSUHVFULEHGLQWKDWVHFWLRQ
7KHLPSDFWRIWKLVFKDQJHKDVEHHQUHFRJQLVHGDVWD[H[SHQVH
55.2 7KH)LQDQFH$FWKDVGLVFRQWLQXHGWKHGHSUHFLDWLRQDOORZDQFHRQJRRGZLOOIURP)LQDQFLDO<HDURQZDUGV7KLVKDV
UHVXOWHGLQWRRQHWLPHLQFUHPHQWDOGHIHUUHGWD[H[SHQVHRIÒDNKVIRUWKH\HDUHQGHGst0DUFK
Note 56
3UHYLRXV<HDU¿JXUHVKDYHEHHQUHJURXSHGDQGUHDUUDQJHGZKHUHYHUQHFHVVDU\
Note 57 - Additional Information, as required under Schedule III to the Companies Act, 2013, of entity consolidated as
Subsidiary
Name of the entity in the Net Assets i.e. Total 6KDUHLQ3UR¿WRU/RVV Share in Other Share in Total
Group Assets minus Total Comprehensive Income Comprehensive Income
Liabilities
As % of ` in As % of ` in As % of ` in As % of ` in
Consolidated lakhs Consolidated lakhs Consolidated lakhs Consolidated lakhs
Net Assets Statement Other Total
RI3UR¿WDQG Comprehensive Comprehensive
Loss Income Income
Parent
%RURVLO/LPLWHG
Indian Subsidiaries
.ODVV3DFN/LPLWHG
$FDO\SKD5HDOW\/LPLWHG
Non controlling Interest
Consolidation
Adjustments / Elimination
Total 100.00% 78,325.06 100.00% 8,373.03 100.00% (11.45) 100.00% 8,361.58
',1 ',1
R. Koria
Partner
'DWH

BOROSIL LIMITED
Form No. AOC-1
A. Salient Features of Financial Statements of Subsidiary as per Companies Act, 2013
A-1. Subsidiary Company
Sl. Particulars Subsidiary Companies

No. Klass Pack Borosil Technologies Acalypha
Limited Limited Realty Limited
1 7KHGDWHVLQFHZKHQVXEVLGLDU\ZDVDFTXLUHG
5HSRUWLQJSHULRGIRUWKHVXEVLGLDU\FRQFHUQHGLIGLႇHUHQW 1$ 1$ 1$
IURPWKHKROGLQJFRPSDQ\¶VUHSRUWLQJSHULRG
3 5HSRUWLQJ &XUUHQF\ DQG ([FKDQJH UDWH DV RQ WKH ODVW 1$ 1$ 1$
GDWH RI WKH UHOHYDQW )LQDQFLDO \HDU LQ WKH FDVH RI IRUHLJQ
subsidiaries
Share Capital (`LQODNKV
2WKHU(TXLW\ `LQODNKV
6 7RWDO$VVHWV `LQODNKV
7RWDO/LDELOLWLHV `LQODNKV
Investments (`LQODNKV
5HYHQXH)URP2SHUDWLRQV `LQODNKV
3UR¿W /RVV EHIRUH7D[ `LQODNKV
11 3URYLVLRQIRU7D[DWLRQ `LQODNKV
3UR¿W /RVV $IWHU7D[DWLRQ `LQODNKV
13 3URSRVHG'LYLGHQG
RIVKDUHKROGLQJ
Country India India India
% 7KHDERYHVWDWHPHQWDOVRLQGLFDWHVSHUIRUPDQFHDQG¿QDQFLDOSRVLWLRQRIHDFKRIWKHVXEVLGLDULHV
& $FDO\SKD5HDOW\/LPLWHGLV\HWWRFRPPHQFHLWVRSHUDWLRQ
' 2WKHUWKDQDERYHWKHUHDUHQR6XEVLGLDULHVZKLFKDUH\HWWRFRPPHQFHRSHUDWLRQV
( 7KHUHDUHQR6XEVLGLDULHVZKLFKKDYHEHHQOLTXLGDWHGRUVROGGXULQJWKH\HDU
)RUDQGRQEHKDOIRI%RDUGRI'LUHFWRUV
Rajesh Kumar Chaudhary Shreevar Kheruka

:KROHWLPH'LUHFWRU 0DQDJLQJ'LUHFWRU &(2
',1 ',1
Anand Sultania Anshu Agarwal

'DWH

Borosil LTD

Uploaded by

Copyright:

Available Formats

You might also like

Borosil LTD

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Borosil LTD

Uploaded by

Copyright:

Available Formats

Borosil imited

BSE Limited National Stock Exchange of India Limited

Please take the above intimation on record and acknowledge.

Annual Report 2021 - 2022 31

32 Annual Report 2021 - 2022

Annual Report 2021 - 2022 33

34 Annual Report 2021 - 2022

Annual Report 2021 - 2022 35

36 Annual Report 2021 - 2022

vii. After entering these details appropriately, click on “SUBMIT” tab.

Annual Report 2021 - 2022 37

38 Annual Report 2021 - 2022

Annual Report 2021 - 2022 39

40 Annual Report 2021 - 2022

Annual Report 2021 - 2022 41

42 Annual Report 2021 - 2022

Annual Report 2021 - 2022 43

By order of the Board of Directors

44 Annual Report 2021 - 2022

Name of Director Mr. Shreevar Kheruka Mr. Rajesh Kumar Chaudhary

Annual Report 2021 - 2022 45

 ,Q FDVH RI QHZ FRPSDQLHV H[SHFWHG GDWH RI N.A.

II INFORMATION ABOUT THE APPOINTEE(S)

46 Annual Report 2021 - 2022

Annual Report 2021 - 2022 47

III OTHER INFORMATION

48 Annual Report 2021 - 2022

Particulars Standalone Consolidated

Annual Report 2021 - 2022 49

STATE OF AFFAIRS/ REVIEW OF OPERATIONS (STANDALONE)

3UR¿W$IWHU7D[ 3$7 GXULQJ)<ZDV`FURUHDVDJDLQVW`FURUHLQWKHSUHYLRXV\HDUDJURZWKRI7KHHႇHFWLYH

STATE OF AFFAIRS/ REVIEW OF OPERATIONS (CONSOLIDATED)

The Company earned Other Income of `FURUHGXULQJ)<DVFRPSDUHGWR`FURUHLQ)<7KLVZDVSULPDULO\IURP

50 Annual Report 2021 - 2022

Annual Report 2021 - 2022 51

52 Annual Report 2021 - 2022

Declaration by Independent Directors

Company’s Policy on Directors’ Appointment and Remuneration etc.

The aforesaid policy is available on the website of the Company at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVSROLF\BUHODWLQJBWRB

Familiarization Programme for Independent Directors

Annual Report 2021 - 2022 53

Sr. CSR Project or activity Amount Spent

54 Annual Report 2021 - 2022

Annual Report 2021 - 2022 55

56 Annual Report 2021 - 2022

Annual Report 2021 - 2022 57

58 Annual Report 2021 - 2022

Annual Report 2021 - 2022 59

K &RXQWHUIHLWV&RXQWHUIHLWVSDVVRႇVDQGORRNDOLNHVare a constant source of unfair competition for leadership brands.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

ANALYSIS OF SEGMENT WISE PERFORMANCE

60 Annual Report 2021 - 2022

Annual Report 2021 - 2022 61

62 Annual Report 2021 - 2022

Annual Report 2021 - 2022 63

64 Annual Report 2021 - 2022

Annual Report 2021 - 2022 65

,Q FDVH RI QHZ FRPSDQLHV H[SHFWHG GDWH RI N.A.

3UR¿W$IWHU7D[ 3$7 GXULQJ)<ZDV`FURUHDVDJDLQVW`FURUHLQWKHSUHYLRXV\HDUDJURZWKRI7KHHႇHFWLYH

The Company earned Other Income of `FURUHGXULQJ)<DVFRPSDUHGWR`FURUHLQ)<7KLVZDVSULPDULO\IURP

The aforesaid policy is available on the website of the Company at KWWSVZZZERURVLOFRPVLWHDVVHWV¿OHVSROLF\BUHODWLQJBWRB

K &RXQWHUIHLWV&RXQWHUIHLWVSDVVRႇVDQGORRNDOLNHVare a constant source of unfair competition for leadership brands.

6. Average QHWSUR¿WRIWKH&RPSDQ\IRUODVWWKUHH¿QDQFLDO\HDUVDVSHUVHFWLRQ `ODNKV

.ODVV3DFN/LPLWHG .3/ Subsidiary Company 2000.00 ,QYHVWPHQWLQHTXLW\VKDUHVRI.3/

3. No. of permanent employees as on March 31, 2022:

Day and Date : :HGQHVGD\-XO\

&RPSODLQWVJULHYDQFHV may also be addressed to µbl.secretarial@borosil.com’