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was Polycab India’sVXFFHVVIXOVKDUH,32LQ$SULO
For long, Polycab has dominated India’s cables and wires
market for retail and institutional buyers. In recent years,
we have enlarged our product bouquet to become India’s
fastest growing brand in fast-moving electrical goods.
So what drives Polycab’s value proposition? It’s our
relentless focus, sharpened over decades of investing
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chains for demanding customers in the world’s
fastest-growing large economy.
Disclaimer: The information and opinions contained in this document do not constitute an offer to buy any of Polycab
India Ltd’s securities, businesses, products, or services. The document might contain forward-looking statements
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be true at the time of the preparation of the document. The actual events may differ from those anticipated in
these statements because of risk, and uncertainty of the validity of our assumptions. Polycab India Ltd does not take
on any obligation to publicly update any forward-looking statement, whether as a result of new information, future
events or otherwise.
Key
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(` million, consolidated)
YoY
Year to 31 March 2019 Change 2018 2017 2016 2015** CAGR
Revenue from operations 79,560 18% n 67,703* 54,940* 52,075* 47,081* 14% n
Earnings per share (INR) 35.39 40% n 25.35 16.99 13.19 11.35 33% n
Return on equity (%) 18% 15% n 15% 12% 11% 10% 15% n
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YoY
On 31 March 2019 Change 2018 2017 2016 2015** CAGR
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***Capital employed = Equity (including non-controling interest) + non-current borrowings + short-term borrowings + current maturities of non-current borrowings
Broad strategy
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build the brand and make it highly visible; enhance distribution; and thereby create value for stakeholders.
Our strategy:
Consolidate our leadership position in wires and cables by targeting key growth domestic and
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research and development capabilities to develop new and innovative products.
Continue to expand our FMEG business in India and abroad by leveraging our brand, distribution
network, diverse customer base and manufacturing capabilities. The focus will be to broaden our
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Strengthen brand recognition by increasing brand awareness and customer loyalty through creative
promotions and new-age marketing using both digital and traditional channels and increased
one-to-one interactions with distributors, dealers and end-consumers.
Underpinning our strategy will be our 24 manufacturing facilities; our 3100 plus strong pan-India network
of authorized dealers and distributors; and the 100,000 retail outlets—these will grow as we invest to stay
ahead of the curve.
To sharpen our competitive edge, we not only manufacture our products in-house but have also integrated
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WKDWJRLQWRRXU)0(*VDQGZLUHVDQGFDEOHV7KHVHLQFOXGHDOXPLQLXPDQGDOXPLQLXPURGVVHYHUDOJUDGHV
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UHOLDEOHVXSSO\FKDLQSDUWQHUSURYLGHVXVDSUHPLXPSRVLWLRQLQJWKDWRXULQGXVWU\SHHUVZLOOˋQGKDUGWR
emulate.
Polycab’s sustained success over several decades is grounded in our core values of simplicity, teamwork,
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values has given us a unique standing and respectability in our industry and with customers. They play a
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their changing needs.
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Polycab assure you of our commitment and service to all. Thank you so much for your overwhelming
support. Together, we shall build the Polycab of tomorrow.
Inder T Jaisinghani
Chairman & Managing Director
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and subsequently appointed 5DMDVWKDQ8QLYHUVLW\
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leadership role. include Director-Finance
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Pradeep Poddar
Independent Director
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Our engineering, The design, engineering,
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procurement and commissioning of power
construction (EPC) business distribution and rural
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provides project-based
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` million, consolidated
TRENDS
Management Discussion and Analysis Annual Report 2018-19 13
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20 3,100+ 1,00,000+
FVERGLSJƙGIW authorized dealers and retail outlets
in India distributors
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Final quality testing on all our manufactured products ensures that they comply with
customer requirements and national and international standards. Products are tested for
voltage, partial discharge, conductor resistance, insulation and other quality requirements.
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Type Test Reports 1 kV to 220 kV power and control cables CPRI, Bangalore, India
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Type Test Reports 1 kV to 33 kV power and control cables Bangalore, India
Type Test Reports 1 kV to 33 kV power and control cables IPH, Berlin
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capabilities to help the company conform to the highest quality standards
and thus be self-reliant and customer-centred.
The company’s R&D centre, located at Halol, has nearly 90 engineers and
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We also conduct R&D on PVC compounds, switchgears, electric fans, and
LED lightings at our manufacturing facilities.
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innovative products such as environmentally friendly power cables, rubber
(elastomeric) cables and electron-beam irradiated cables to serve the needs of the
automobile, ship-building industry, mining, solar energy, and rolling stock sector.
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to be the copper analysis centre for both incoming and out-going raw materials—this
ensures that our copper rods meet high quality standards.
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which is an automated sensor based system for recording the actual consumption
of raw materials in production, and also enterprise resource planning (ERP) systems.
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productivity and optimize capacity utilization.
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Number of customers that account for under ` 10 mn annual revenue 3313 3724 3821
Number of customers that account for over ` 10 mn annual revenue 729 644 557
Number of customers that account for over ` 50 mn annual revenue 217 205 158
Number of customers that account for over ` 100 mn annual revenue 141 115 92
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more than ` 10 million. At the same time, because Polycab is not dependent
on a few large customers, concentration risk is not a source of worry.
Strengths
Polycab’s market dominance and sustained growth Strong backward integration
Our backward integration in
are driven by these attributes:
manufacturing assures us of a dependable
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enables us to maintain control of the
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supply chain, lower the cost of operations,
institutional and retail investors in different industries, supported by
and offer products at competitive prices.
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customer base.
wire rods—a key input for the wire and
Strong brand FDEOHVEXVLQHVVDQG)0(*7KHIDFLOLW\
Our long-standing reputation comes from our unrelenting focus on will meet a substantial part of Polycab’s
quality and reliability, and on the continuous development and supply requirement.
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Our strong brand name and the high visibility from our advertising manufacturing facilities, other key
FDPSDLJQVHQDEOHWKHFURVVVHOOLQJRI)0(*WRZLUHVDQGFDEOHV raw materials that we then use in the
customers. manufacturing of our wires and cables
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Experienced promoters and management higher size of copper rods, various grades
Our leadership is a blend of entrepreneurial and professional RI39&UXEEHU;/3(FRPSRXQGVDQG*,
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knowledge of the market, and an intensive understanding of
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operations, pricing strategies, business development and industry
trends. Polycab has a long, consistent record
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Wide distribution network H[DPSOHLQHDFKRIWKHODVWˋYH\HDUV
Polycab’s distribution network across India consists of 3,300 3RO\FDEȢVUHYHQXHDQGSURˋWKDVLPSURYHG
authorised dealers and distributors and 29 warehouses across 20 RYHUWKHSUHYLRXV\HDUȢVˋJXUHVZLWK
states through which we reach our products to 100,000 plus retail continuing all-round improvement in the
outlets. Our company has introduced several initiatives to strengthen UDWLRVUHODWHGWROLTXLGLW\DVVHWOLDELOLW\
the distribution network and distribution management systems. PDQDJHPHQWSURˋWDELOLW\DQGOHYHUDJH
ORDINARY BUSINESS
1 Adoption of Financial Statements
To receive, considHUDQGDGRSWWKH$XGLWHG6WDQGDORQH &RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUWKHˋQDQFLDO\HDUHQGHG
31st March 2019, together with the reports of the Board of Directors and Auditors thereon.
2 Declaration of Dividend
To declare a Dividend @ ` 3/- (30%) per Equity Share on 14,86,45,905 fully paid-up Equity Shares of face value of ` 10/-
HDFKIRUWKHˋQDQFLal year ended 31st March 2019.
4 Appointment of M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration No: 101248W/
W-100022) as the Statutory Auditors of the Company
7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 139 and other applicable provisions, if any, of the Companies Act,
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for the time being in force, M/s. B S R & Co. LLP, Chartered Accountants, (Firm Registration No: 101248W/W-100022) be
and are hereby appointed as the Statutory Auditors of the Company for a term of 5 (Five) consecutive years in place of the
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from the conclusion of this 23rd Annual General Meeting till the conclusion of 28th Annual General Meeting of the Company
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DQ\DWDFWXDOSHUˋQDQFLDO\HDURQWKHEDVLVRIWKHUHFRPPHQGDWLRQRIWKH$XGLW&RPPLWWHHDQGDSSURYHGE\WKH%RDUG
RI'LUHFWRUVIRUHDFKˋQDQFLDO\HDUDVSHUIHHSURSRVDOUHFHLYHGIURP0V%65 &R//3ZLWKOLEHUW\WRUHYLVHWKHVDLG
remuneration as may be mutually agreed to between the Board of Directors and the Statutory Auditors of the Company.”
SPECIAL BUSINESS
5 Re-appointment of Inder T. Jaisinghani (DIN:00309108), as the Managing Director of the Company for
a further period of 5 (Five) years
7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
“RESOLVED THAT in accordance with the provisions of Sections 196, 197 and 203 read with Schedule V and all other
applicable provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial
3HUVRQQHO5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHDQG
subject to such consents and permissions, as may be required, the approval of the Members of the Company be and is
hereby accorded for the proposed re-appointment of Inder T. Jaisinghani (DIN: 00309108), as the Managing Director of the
Company, for a further period of 5 (Five) years commencing from 28th August 2019 to 27th August 2024, on such terms and
FRQGLWLRQVDVVHWRXWLQWKH([SODQDWRU\6WDWHPHQWDQQH[HGKHUHWRZLWKOLEHUW\WRWKH%RDUGRI'LUHFWRUVWRYDU\DPHQGRU
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of Directors and Inder T. Jaisinghani.
RESOLVED FURTHER THAT the Board of Directors or a duly constituted Committee or any Director of the Company be and is
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Annual Report 2018-19 29
6 Re-appointment of Ajay T. Jaisinghani (DIN: 00276588), as the Whole-Time Director of the Company
for a further period of 5 (Five) years.
7RFRQVLGHUDQGLIWKRXJKWˋWWo pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT in accordance with the provisions of Sections 196 and 197 read with Schedule V and all other applicable
provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial
3HUVRQQHO5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHDQG
subject to such consents and permissions, as may be required, approval of the Members of the Company be and is hereby
accorded for the proposed re-appointment of Ajay T. Jaisinghani (DIN: 00276588), as the Whole-Time Director, for a further
period of 5 (Five) years with effect from 28th August 2019 to 27th August 2024, on such terms and conditions as set out
LQ WKLV UHVROXWLRQ DQG WKH ([SODQDWRU\ 6WDWHPHQW DQQH[HG KHUHWR ZLWK OLEHUW\ WR WKH %RDUG RI 'LUHFWRUV WRYDU\ DPHQG
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Board of Directors and Ajay T. Jaisinghani.
RESOLVED FURTHER THAT the Board of Directors or a duly constituted Committee or any Director of the Company, be and
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7 Re-appointment of Ramesh T. Jaisinghani (DIN: 00309314), as the Whole-Time Director for a further
period of 5 (Five) years
7RFRQVLGHUDQGLIWKRXJKWˋW to pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT in accordance with the provisions of Sections 196 and 197 read with Schedule V and all other applicable
provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel)
5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHDQGVXEMHFWWRVXFK
consents and permissions, as may be required, the approval of the Members of the Company be and is hereby accorded for
the proposed re-appointment of Ramesh T. Jaisinghani (DIN: 00309314), as the Whole-Time Director, for a further period
of 5 (Five) years with effect from 28th August 2019 to 27th August 2024, on such terms and conditions, as set out in this
UHVROXWLRQDQGWKH([SODQDWRU\6WDWHPHQWDQQH[HGKHUHWRZLWKOLEHUW\WRWKH%RDUGRI'LUHFWRUVWRYDU\DPHQGRUUHYLVHWKH
UHPXQHUDWLRQZLWKLQWKHPD[LPXPFHLOLQJVSHFLˋHGXQGHUWKH$FWDQGDVPD\EHDJUHHGWREHWZHHQWKH%RDUGRI'LUHFWRUV
and Ramesh T. Jaisinghani.
RESOLVED FURTHER THAT the Board of Directors or a duly constituted Committee or any Director of the Company be and is
hereby authorised to take all such sWHSVDVPD\EHQHFHVVDU\SURSHURUH[SHGLHQWWRJLYHHIIHFWWRWKLVUHVROXWLRQȥ
8 Revision of remuneration to Shyam Lal Bajaj (DIN: 02734730), Chief Financial Offer & Whole-Time
Director of the Company for the remaining tenure of his appointment
7RFRQVLGHUDQGLIWKRXJKWˋWWo pass, the following resolution as an Ordinary Resolution:
“RESOLVED THAT in accordance with the provisions of Sections 196 and 197 read with Schedule V and all other applicable
provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel)
5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHDQGVXEMHFWWRVXFK
consents and permissions, as may be required, the approval of the Members of the Company be and is hereby accorded
for revision in remuneration to Shyam Lal Bajaj (DIN: 02734730), Chief Financial Offer & Whole-Time Director for
the remaining tenure of his appointment i.e., upto 14th December 2021, on such terms and conditions as set out in the
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ZLWKLQWKHPD[LPXPFHLOLQJLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWDQGDVPD\EHDJUHHGWREHWZHHQWKH%RDUGRI
Directors and Shyam Lal Bajaj.
RESOLVED FURTHER THAT the Board of Directors or a duly constituted Committee or any Director of the Company be and is
hereby authorised to take all such steSVDVPD\EHQHFHVVDU\SURSHURUH[SHGLHQWWRJLYHHIIHFWWRWKLVUHVROXWLRQȥ
9 Appointment of T. P. Ostwal (DIN: 00821268), as an Independent Director of the Company
To consider and if thougKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of the Act, and the
rules framed there under read with Schedule IV to the Act, as amended from time to time, and other applicable Regulations
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, T. P. Ostwal (DIN:00821268), who was
DSSRLQWHGDVDQ$GGLWLRQDO'LUHFWRU1RQH[HFXWLYH,QGHSHQGHQWE\WKH%RDUGRI'LUHFWRUVZHIth September 2018 and
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19th September 2023.”
30 Polycab India Limited
10 Appointment of R. S. Sharma (DIN: 00013208) as an Independent Director of the Company
7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXtion as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of the Act, and the
rules framed there under, read with Schedule IV to the Act, as amended from time to time, and other applicable Regulations
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, R. S. Sharma (DIN: 00013208) who was
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19th September 2023.”
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7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQ as an Ordinary Resolution:
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the remuneration of `5XSHHV7KUHH/DNK7KLUW\7KRXVDQG2QO\SOXVDSSOLFDEOHWD[HVDQGRXWRISRFNHWH[SHQVHV
at actuals, if any, payable to M/s. N. Ritesh & Associates, Mumbai, (Firm Registration No.: M/26963), Cost Accountants who
have been appointed by the Board of Directors on the recommendation of the Audit Committee, as the Cost Auditors of the
Company to conduct the Audit of the Cost Records maintained by the Company as prescribed under the Companies (Cost
Record and Audit ) Rules , 2014, as amended, for the Financial Year ending 31th March 2020.
Place : Mumbai
Date : 14th May 2019
5HJLVWHUHG2IˋFH(*UHDWHU.DLODVK,,
New Delhi - 110048, India
Phone no. 011-29228574
Website : www.polycab.com
The Members
Polycab India Limited
(Formerly Polycab Wires Limited)
Your Directors take pleasure in submitting the 23rd Annual Report of the business and operations of your Company
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A. COMPANY
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To,
The Members,
POLYCAB INDIA LIMITED
(Formerly known as Polycab Wires Limited)
E- 554, Greater Kailash II, New Delhi South, Delhi 110048
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by POLYCAB INDIA LIMITED (hereinafter called “the Company”). Secretarial Audit was conducted in a manner
that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion
thereon.
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DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRIˋFHUVDJHQWVDQGDXWKRUL]HGUHSUHVHQWDWLYHVGXULQJWKHFRQGXFWRI
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ended on 31st March 2019 complied with the statutory provisions listed hereunder and also that the Company has proper
Board-processes and compliance-mechanisms in place to the extent, in the manner and subject to the reporting made hereinafter:
:HKDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVˋOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\DV
JLYHQLQ$QQH[XUH,IRUWKHˋQDQFLDO\HDUHQGHGRQst March, 2019 according to the provisions of:
i The Companies Act, 2013 (“the Act”) and the Companies Amendment Act, 2017 as amended from time to time and the rules
made thereunder;
ii The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the rules made thereunder; to the extent applicable to the
Company during the audit period;
iii The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; to the extent applicable to the Company
during the audit period;
iv The Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings;
v The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (“SEBI
Act”) were not applicable to the Company during the audit period:-
a. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”);
b. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
c. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,2015;
d. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
e. The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999;
f. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
g. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client and
h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.
We have also examined compliance with the applicable clauses of the Secretarial Standards issued by The Institute of
Company Secretaries of India.
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Guidelines, Standards, etc. mentioned above.
Annual Report 2018-19 67
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. 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.
Adequate notice is given to all the Directors to schedule the Board and Committee Meetings. Agenda and detailed
notes on agenda were sent in advance and a system exists for convening the Board Meeting and committee meeting
at a shorter notice with due consent form the Board of Directors. A system also exists for seeking and obtaining further
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All decisions at the Board and Committee Meetings are carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committees of the Board, as the case may be.
We further report that based on review of compliance mechanism established by the Company and on basis of the
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Board at their meeting(s), we are of the opinion that there are adequate systems and processes in place in the Company
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laws, rules, regulations and guidelines to the Company.
We further report that, during the year under review:
i Members of the Company in the Extra Ordinary General Meeting dated 09.10.2018 approved the resolution for Change
of Name of the Company from Polycab Wires Limited to Polycab India Limited, to which the Company received the
&HUWLˋFDWHRI&KDQJHRI1DPHIURPWKH5HJLVWUDURI&RPSDQLHVGDWHG
ii Subsequent to the year end, the Company successfully made its Initial Public Offer (‘IPO’) of 25,022,067 equity shares,
which include a fresh issue of 7,440,067 Equity Shares of ` 10/- each for raising funds for the Company to the tune of
` 4,000,000,000/- (Rupees Four Hundred Crore only) and an offer for sale of 17,582,000 Equity Shares of face value of
`10/- each of the Company. Subsequent to the completion of the IPO, the paid up Equity Share capital of the Company
got increased from ` 1,412,058,380/- to ` 1,486,459,050/-. The Company’s Equity shares got listed on BSE and NSE on
16th April 2019 and are currently available for trading.
)RU',/,3%+$5$',<$ $662&,$7(6
DILIP BHARADIYA
Proprietor
FCS No.: 7956, C P No.: 6740
Place : Mumbai
Date : 14th May 2019
To,
The Members,
POLYCAB INDIA LIMITED
DELHI
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DILIP BHARADIYA
Proprietor
FCS No.: 7956, C P No.: 6740
Place : Mumbai
Date : 14th May 2019
Note: Appropriate approvals have been taken for related party transactions.
Inder T. Jaisinghani
&KDLUPDQ 0DQDJLQJ'LUHFWRU
DIN No : 00309108
Place : Mumbai
Date : 14th May 2019
$YHUDJHQHWSURˋWRIWKH&RPSDQ\IRUWKHODVWWKUHHˋQDQFLDO\HDUVLV` 4557.37
million
4 Prescribed CSR Expenditure (two per cent of the amount as in item 3 above) ` 91.15
million
5 Details of CSR spent during the year 2018-19
a Total amount spent for the year 2018-19 : ` 34.94 million
b Amount unspent, if any: ` 56.21 million
F 0DQQHULQZKLFKWKHDPRXQWVSHQWGXULQJWKHˋQDQFLDO\HDULVGHWDLOHGEHORZ
Sr. No. Activity Amount in ` Million
1 Rural development programmes 11.53
2 Social empowerment 1.32
3 Promotion of education 15.19
4 +HDOWKFDUHIDFLOLW\ DZDUHQHVV 3.42
5 Environmental awareness 2.95
6 Others 0.53
Total 34.94
Responsibility Statement
The implementation and monitoring of Corporate Social Responsibility Policy, is in compliance with CSR objectives and
policy of the Company.
Inder T. Jaisinghani
&0' &KDLUPDQRI&65&RPPLWWHH
Place : Mumbai
Date : 14th May 2019
i The ratio of the remuneration of each director to the median remuneration of the employees of the
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Name of Director Designation Ratio to median remuneration of the employees*
Inder T. Jaisinghani &KDLUPDQ 0DQDJLQJ'LUHFWRU 374.68
Ajay T. Jaisinghani Whole Time Director 122.78
Ramesh T. Jaisinghani Whole Time Director 122.78
Shyam Lal Bajaj &)2 :KROH7LPH'LUHFWRU 138.06
T. P. Ostwal Independent Director 09.83
R. S. Sharma Independent Director 09.83
Hiroo Mirchandani Independent Director 09.48
Pradeep Poddar Independent Director 07.65
* Employees for the above purpose includes all employees excluding employees governed under collective bargaining.
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Note: The above Independent Directors were appointed w.e.f. 20th September 2018, % increase in remuneration is not
applicable.
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Since the employee joined on 15th May 2018, not eligible for Increment.
iv The number of permanent employees on the rolls of the Company was 4659.
v Average percentile increase already made in the salaries of employees other than the managerial
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increase in the managerial remuneration:
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Average increase in remuneration of employees other than the Managerial Personnel is not applicable, as the median
employee joined the Company on 15th May 2018.
The remuneration paid to Managerial personnel is as per Company’s policy and there are no exceptional circumstances for
increase in the managerial remuneration
YLL ,WLVKHUHE\DIˋUPHGWKDWWKHUHPXQHUDWLRQLVDVSHUWKH5HPXQHUDWLRQ3ROLF\RIWKH&RPSDQ\
Inder T. Jaisinghani
Chairman and Managing Director
DIN No.: 00309108
1 Development of single core Suitable for use ISO 6722; Dr. N Mongal 2019 12 For Automotive
automotive cables suitable in road vehicle Class D application
for wide temperature ranges application
from -40° to 150°C application
where the system voltage is up
to 60 Volt DC or 25 Volt AC
2 Development of thin walled, The cables are to EED-50-12 Dr. N Mongal 2019 12 For Defense
Electron Beam Cross-linked be used on board application
NES 525
KDORJHQIUHHSRO\ROHˋQ surface ships and
Insulated single core/Multi crafts for power, NES 526
pair/ Multicore/Unscreened/ control, lighting
NES 527
individually screened/ purpose. Also for
collectively screened cable communication
VXLWDEOHIRU9 9 and
(for single core) operation at instrumentation
an operating temperature of circuits in
-65° to 120°C submarines
3 Development of thin walled The cable will be EED-50-12 Dr. N Mongal 2019 12 For Defense
Electron Beam Cross-linked used for Power application
EED-50-13
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temperature resistant single and
NES 526
core/multicore/multipair, Instrumentation
individually or collectively Circuits in NES 527
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suitable for 440 V operation at Submarines.
an operating temperature of
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4 Development of High oil The cable is BS EN Dr. N Mongal 2019 12 High oil
resistance thermoplastic to be used for 50290 resistance
39&VKHDWKHGˌH[LEOH communication ˌH[LEOH39&
communication cable suitable purpose where communication
for use at 70°C application it can come in cable
contact with
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linkable halogen sheathing of cables
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Inder T. Jaisinghani
Chairman and Managing Director
DIN No.: 00309108
2 BOARD OF DIRECTORS
The Board of Directors has an optimum combination of Executive and Non-Executive Directors with one woman independent
GLUHFWRUˋIW\SHUFHQWRIWKH%RDUGRI'LUHFWRUVFRPSULVHVRIQRQH[HFXWLYHLQGHSHQGHQWGLUHFWRUV7KH&KDLUPDQRIWKH
Board is an executive director.
a Composition and category of Directors (e.g. Promoter, Executive, Non-Executive Independent, Nominee
Director- institution represented and whether as lender or as equity investor)
As on 31st March 2019, the composition of the Board of Directors of the Company was as follows:
b Attendance of each Director at the meeting of the Board of Directors and the last Annual General Meeting:
Directors Board Meeting Board Meeting Whether Remarks
held during attended attended Last
the tenure of during the AGM held on
Director year. 09th August 2018
Inder T. Jaisinghani 11 11 Yes -
Ajay T. Jaisinghani 11 11 Yes -
Ramesh T. Jaisinghani 11 9 Yes -
Shyam Lal Bajaj 11 11 NA -
T. P. Ostwal 7 7 NA Appointed as an Additional Director
(Independent Director) w.e.f.
20th September 2018
R. S. Sharma 7 7 NA Appointed as an Additional Director
(Independent Director) w.e.f.
20th September 2018
Hiroo Mirchandani 7 6 NA Appointed as an Additional Director
(Independent Director) w.e.f.
20th September 2018
Pradeep Poddar 7 7 NA Appointed as an Additional Director
(Independent Director) w.e.f.
20th September 2018
R. Ramakrishnan 1 1 NA Resigned as Joint Managing Director
w.e.f. 23rd May 2018
Michel Lemaire 3 - NA Resigned as Director w.e.f.
21st August 2018
80 Polycab India Limited
c Number of other Board of Directors or committees in which a director is a member or chairperson as on
31st March 2019
Sr. Name of the Director Directorship in Membership of Chairmanship Name of the other
No. Other Board of Committees of of Committees listed entities holding
Directors including Other Boards of Other Boards Directorship / Designation
Polycab India including Polycab including
Limited # India Limited @ Polycab India
Limited @
1 Inder T. Jaisinghani 1 0 0 0
2 Ajay T. Jaisinghani 1 0 0 0
3 Ramesh T. Jaisinghani 1 0 0 0
4 Shyam Lal Bajaj 1 2 0 0
5 T. P. Ostwal 5 6 5 Oberoi Realty Limited
ȟ1RQH[HFXWLYH
Independent Director
Incline Realty Private
Limited (Debt Listed)
- Non-executive,
Independent Director
3 AUDIT COMMITTEE
a Brief description of terms of reference
The terms of reference of the Audit Committee are as per the governing provisions of the Companies Act, 2013
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Schedule II).
The Role of the Audit Committee includes the following:
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ˋQDQFLDOVWDWHPHQWVDUHFRUUHFWVXIˋFLHQWDQGFUHGLEOH
2 Recommending to the Board the appointment, remuneration and terms of appointment of the statutory auditor of
the Company;
3 Reviewing and monitoring the statutory auditor’s independence and performance, and effectiveness of audit process;
4 Approving payments to statutory auditors for any other services rendered by the statutory auditors;
5HYLHZLQJZLWKWKHPDQDJHPHQWWKHDQQXDOˋQDQFLDOVWDWHPHQWVDQGDXGLWRUȢVUHSRUWWKHUHRQEHIRUHVXEPLVVLRQWR
the 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 3 of Section 134 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 exercise of judgment by management;
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H &RPSOLDQFHZLWKOLVWLQJDQGRWKHUOHJDOUHTXLUHPHQWVUHODWLQJWRˋQDQFLDOVWDWHPHQWV
The Company Secretary of the Company acts as Secretary to the Nomination and Remuneration Committee.
c Meetings and attendance during the year
5 REMUNERATION OF DIRECTORS
a All pecuniary relationship or transactions of the Non-Executive Directors vis-à-vis the listed entity shall be disclosed in
the annual report.
There are no pecuniary relationship or transactions, except sitting fees and commission paid to Non-Executive
Independent Directors.
Criteria of making payments to Non-Executive Directors
The Company has adopted a Nomination and Remuneration Policy for Directors, Key Managerial Personnel and other
Employees; regulated by the Nomination and Remuneration Committee of the Board.
The Policy is also available on the website of the Company www.polycab.com under the heading “Policies” section in
the investor relations tab.
The Non-Executive Independent Directors, are entitled to Sitting fees for attending meetings of the Board, and its
Committees.
b Disclosures with respect to remuneration
(i) Details of remuneration/sitting fees paid to Directors during the Financial Year 2018-19 are given below:
(` in million)
Sr. No. of Sitting Salary & Perks Commission Total
No. Name of Director Service Term shares held Fee (A) (B) (C) (A+B+C) Remarks
1 Inder T. Jaisinghani 01.04.2018 to 2,08,54,029 0 36.54 49.65 86.19 Commission of
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
2 Ajay T. Jaisinghani 01.04.2018 to 2,06,78,635 0 28.25 0 28.25 Variable pay of FY
31.03.2019 2015-16 i.e. ` 4.66
9DULDEOHSD\RI
FY 2017-18 i.e. `
5.82 paid in FY
2018-19.
3 Ramesh T. 01.04.2018 to 2,06,76,093 0 28.25 0 28.25 Variable pay of FY
Jaisinghani 31.03.2019 2015-16 i.e. ` 4.66
9DULDEOHSD\RI
FY 2017-18 i.e. `
5.82 paid in FY
2018-19.
4 Shyam Lal Bajaj 01.04.2018 to 0 0 25.76 0 25.76 Variable pay of FY
31.03.2019 2017-18 i.e. ` 5.00
paid in FY 2018-
19 and
1,00,000 stock
options granted
for value ` 5.99
5 T. P. Ostwal 20.09.2018 to 0 1.26 0 1.00 2.26 Commission for
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
6 R. S. Sharma 20.09.2018 to 0 1.26 0 1.00 2.26 Commission for
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
7 Hiroo Mirchandani 20.09.2018 to 0 0.76 0 1.00 1.76 Commission for
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
8 Pradeep Poddar 20.09.2018 to 0 1.18 0 1.00 2.18 Commission for
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
Annual Report 2018-19 85
(ii) Service contracts, notice period, severance fees
The appointment of the Executive Directors is governed by resolutions passed by the Shareholders of the Company,
which cover the terms and conditions of such appointment, read with the service rules of the Company. A separate
letter of employment issued by the company to the Executive Directors.
(iii) Stock option details, if any and whether issued at a discount as well as the period over which accrued and over
which exercisable
Under the ESOP Plan 2018, the NRC Committee is authorised to grant not exceeding 35,30,000 options on a consolidated
basis under ESOP Performance Scheme and ESOP Privilege Scheme, to the eligible employees in one or more branches,
from time to time, which in aggregate are exercisable into not more than 35,30,000 Equity Shares, with each such option
conferring a right upon the eligible employees to apply for one Equity Share in accordance with the terms and conditions
as may be decided under this Plan.
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&RPSDQ\KDVUHFHLYHGDFHUWLˋFDWHIURPWKH$XGLWRUVRIWKH&RPSDQ\WKDWWKHVFKHPHVDUHLPSOHPHQWHGLQDFFRUGDQFH
with the SBEB Regulations and the resolutions passed by the members. The details as required to be disclosed under the
6%(%5HJXODWLRQVDQGFHUWLˋFDWHIURPWKH$XGLWRUVDUHSODFHGRQWKHZHEVLWHRIWKH&RPSDQ\LHwww.polycab.com.
b Whether any special resolutions passed in the previous three annual general meetings
Date of AGM Details of Special resolutions passed, if any
th
09 August 2018 Conversion of Polycab Wires Pvt. Ltd to Polycab Wires Ltd and Adoption of new set of Memorandum of
Association and Articles of Association (and change of name of the Company from Polycab Wires Ltd to
Polycab India Ltd.
28th September 2017 NIL
15th December 2016 NIL
c During the year the Extra - Ordinary General Meetings were held on 30th August 2018,
20th September 2018, 25th September 2018 and 09th October 2018.
11 MEANS OF COMMUNICATION
a Quarterly results
The Company got itself listed on stock exchanges on 16th April, 2019.
In respect of the fourth quarter ended 31st0DUFKWKH&RPSDQ\KDGSXEOLVKHGWKHDXGLWHGˋQDQFLDOUHVXOWVIRU
the quarter and year ended 31st March, 2019.
b Newspapers wherein results normally published
The Company publishes its results in one English daily newspaper (Financial Express) and one Hindi Newspaper
(Jansatta) within 48 hours of approval thereof.
c Website, where displayed
www.polycab.com
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releases in the investor relations section of its website.
e Presentations made to institutional investors or to the analysts
The Company holds analysts meet and make investors calls to apprise the public regarding Company’s working and
future outlook.
f Market price data - high, low during each month in last Financial Year
The Company got listed on 16th April, 2019, hence, the provision of the above data is not applicable.
g In case the securities are suspended from trading, the Director’s Report shall explain the reason there
of
Not Applicable
h Registrar and Share Transfer Agent
Karvy Fintech Private Limited
Karvy Selenium, Tower B,
Plot 31-32, Gachibowli, Financial Ditrict,
1DQDNUDPJXGD+\GHUDEDGȟ
Telephone No. +91 40 6716 2222
Fax No. +91 40 2343 1551
Email: einward.risk@karvy.com
Website: https://karisma.karvy.com
i Share transfer system
7UDGLQJLQHTXLW\VKDUHVRIWKH&RPSDQ\WKURXJKUHFRJQL]HG6WRFN([FKDQJHVFDQEHGRQHRQO\LQGHPDWHULDOLVHGIRUP
j Shareholding Pattern as on 31st March 2019
Holder’s Name No. of Shares
Polycab India Limited - Escrow Account (Transferred for IPO Purpose) 2,18,17,870
Inder T. Jaisinghani 2,08,54,029
Girdhari T. Jaisinghani 20,750,212
Ajay T. Jaisinghani 2,06,78,635
Ramesh T. Jaisinghani 2,06,76,093
International Finance Corporation 1,27,04,096
Kunal Inder Jaisinghani 58,20,263
Bharat Jaisinghani 53,21,330
Nikhil Ramesh Jaisinghani 53,21,230
Anil Hariram Hariani 51,60,774
Rama krishnan Ramamurthi 21,00,006
Inder T. Jaisinghani/MeenaInder Jaisinghani (Inder Kunal Trust) 100
Inder T. Jaisinghani/MeenaInder Jaisinghani (Inder Shikha Trust) 100
Ajay T. Jaisinghani/Aarti Ajay Jaisinghani (Bharat Jaisinghani Family Trust) 100
Ramesh T. Jaisinghani/Reina R. Jaisinghani (Deepika Sehgal Family Trust) 100
Girdhari T. Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Reshma Trust ) 100
Girdhari T. Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Karina Trust) 100
Girdhari T. Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Juhi Trust) 100
Kunal Inder Jaisinghani/Inder T. Jaisinghani) (Kunal Trust) 100
Ajay T. Jaisinghani/Aarti Ajay Jaisinghani (Kiara Duhlani Family Trust) 100
Ramesh T. Jaisinghani/Reina R. Jaisinghani (Nikhil Jaisinghani Family Trust) 100
Nikhil Ramesh Jaisinghani (Ritika Bharwani Family Trust) 100
Ramesh T. Jaisinghani (Mrinalini Jaisinghani Family Trust) 100
Ajay T. Jaisinghani (Akansha Punjabi Family Trust) 100
Total 14,12,05,838
13 OTHER DISCLOSURES
D 'LVFORVXUHVRQPDWHULDOO\VLJQLˋFDQWUHODWHGSDUW\WUDQVDFWLRQVWKDWPD\KDYHSRWHQWLDOFRQˌLFWZLWKWKHLQWHUHVWVRI
listed entity at large
'XULQJWKHˋQDQFLDO\HDUWKHUHZDVQRPDWHULDOO\VLJQLˋFDQWUHODWHGSDUW\WUDQVDFWLRQWKDWPD\KDYHSRWHQWLDO
FRQˌLFWZLWKWKHLQWHUHVWVRIWKH&RPSDQ\DWODUJH)RUUHIHUHQFHWKHGHWDLOVRIUHODWHGSDUW\WUDQVDFWLRQLQDFFRUGDQFH
ZLWK,1'$6ȟDUHJLYHQLQ1RWH1RRI1RWHVWR$FFRXQWVRIWKH$QQXDO5HSRUW
b Details of non-compliance by the listed entity ,penalties, strictures imposed on the listed entity by stock exchange(s) or
the board or any statutory authority, on any matter related to capital markets, during the last three years
Not Applicable, as the Company got listed on 16th April 2019.
F 'HWDLOVRIHVWDEOLVKPHQWRIYLJLOPHFKDQLVPZKLVWOHEORZHUSROLF\DQGDIˋUPDWLRQWKDWQRSHUVRQQHOKDVEHHQGHQLHG
access to the audit committee
7KH&RPSDQ\KDVDGRSWHGD:KLVWOH%ORZHU3ROLF\WRˋOHDJULHYDQFHLIKHVKHQRWLFHVDQ\LUUHJXODULW\
No person has been denied access to the Audit Committee for any grievance.
d Details of compliance with mandatory requirements and adoption of the non-mandatory requirements
The Company has complied with all the mandatory requirements of SEBI (LODR) Regulations, 2015 to the extent
applicable and will ensure to comply with non-mandatory requirements in coming years.
e Web link where policy for determining ‘material’ subsidiaries is disclosed
The policy for determining‘ material’ subsidiaries is available on the website of the Company under the heading
“policies” in the investor relations tab which can be accessed from www.polycab.com.
f Web link where policy on dealing with related party transactions is disclosed
The policy on dealing with related party transactions is available on the website of the Company under the heading
“policies” in the investor relations tab which can be accessed from www.polycab.com.
22 DEMATERIALISATION OF SHARES
Equity Shares of the Company are under compulsory demat trading segment. Considering the advantages of scripless
WUDGLQJPHPEHUVDUHDGYLVHGWRFRQVLGHUGHPDWHULDOL]DWLRQRIWKHLUVKDUHKROGLQJVRDVWRDYRLGLQFRQYHQLHQFHLQYROYHG
in the physical shares such as mutilation, possibility of loss/misplacement, delay in transit etc. and also to ensure safe and
speedy transaction in securities.
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ZKRKDYHQRW\HWGHPDWHULDOLVHGWKHLUSK\VLFDOVKDUHFHUWLˋFDWHVRXWOLQLQJWKHSURFHGXUHIRUGHPDWHULDOLVDWLRQDQGEHQHˋWV
thereof.
25 NOMINATION FACILITY
Provision of Section 72 of the Companies Act, 2013 read with rule 19(1) of the rules made thereunder extends nomination
facility to individuals holding shares in the physical form. To help the legal heirs/ successors get the shares transmitted
in their favour, shareholder(s) are requested to furnish the particulars of their nomination in the prescribed Nomination
Form. Shareholder(s) holding shares in Dematerialised form are requested to register their nominations directly with their
respective DPs.
Inder T. Jaisinghani
Chairman and Managing Director
DIN No: 00309108
To
The Members of
Polycab India Limited
(formerly known as Polycab Wires Limited)
E-554, Greater Kailash-II
New Delhi 110048, India
1 The accompanying Corporate Governance Report prepared by Polycab India Limited (Polycab Wires Limited) (here in after
the “Company”), contains details as required by the provisions of Chapter IV of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”) (‘Applicable
criteria’) with respect to Corporate Governance for the year ended March 31, 2019. This report is required by the Company
for annual submission to the Stock Exchange and to be sent to the Shareholders of the Company.
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.
3 The Management along with the Board of Directors are also responsible for ensuring that the Company complies with the
conditions of Corporate Governance as stipulated in the Listing Regulations, issued by the Securities and Exchange Board
of India.
Auditor’s Responsibility
4 Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in the form
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paragraph 1 above.
5 We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on Reports
RU&HUWLˋFDWHVIRU6SHFLDO3XUSRVHVDQGWKH*XLGDQFH1RWHRQ&HUWLˋFDWLRQRI&RUSRUDWH*RYHUQDQFHERWKLVVXHGE\WKH
,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI ,QGLD Ȥ,&$,ȥ 7KH *XLGDQFH 1RWH RQ 5HSRUWV RU &HUWLˋFDWHV IRU 6SHFLDO 3XUSRVHV
requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants
of India.
6 We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
7 The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in compliance
of the Corporate Governance Report with the applicable criteria. Summary of key procedures performed include:
i Reading and understanding of the information prepared by the Company and included in its Corporate
Governance Report;
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been met through out the reporting period;
iii Obtained and read the Directors’ Register as on 31st0DUFKDQGYHULˋHGWKDWDWOHDVWRQHZRPDQGLUHFWRUZDV
on the Board during the year;
iv Obtained and read the minutes of the following meetings held through the period from 01st April 2018 to 31st March
YL]
(a) Board of Directors Meeting;
(b) Audit Committee Meeting;
(c) Annual General Meeting;
(d) Extra-Ordinary General Meeting;
v Obtained necessary representations and declarations from directors of the Company including the independent
directors; and
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management.
The above-mentioned procedures include examining evidence supporting the particulars in the Corporate Governance
Report on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the
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statements of the Company taken as a whole.
Opinion
8 Based on the procedures performed by us as referred in paragraph 7 above, and according to the information and explanations
given to us, we are of the opinion that the Company has complied with the conditions of Corporate Governance as stipulated
in the Listing Regulations, as applicable for the year ended 31st March 2019, referred to in paragraph 1 above.
)RU65%& &2//3
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
______________________________
per Sudhir Soni
Partner
Membership Number: 41870
Opinion
We have audited the accompanyinJVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVRI3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQDV
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Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in
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and other explanatory information which includes one Joint Operation.
In our opinion and to the best of our information and according to the explanations given to us and based on the
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2013, as amended (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting
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FRPSUHKHQVLYHLQFRPHLWVFDVKˌRZVDQGWKe changes in equity for the year ended on that date.
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thereon.
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form of assurance conclusion thereon.
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statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on work we
have performed, we conclude that there is material misstatement of this other information, we are required to report the
fact. We have nothing to report in this regard.
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IUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUDQGWRLVVXHDQDXGLWRUȢVUHSRUWWKDWLQFOXGHVRXURSLQLRQ
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
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As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
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to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
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from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
ȩ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
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ȩ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
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DXGLWHYLGHQFHREWDLQHGZKHWKHUDPDWHULDOXQFHUWDLQW\H[LVWVUHODWHGWRHYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQLˋFDQW
GRXEWRQWKH&RPSDQ\ȢVDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQ,IZHFRQFOXGHWKDWDPDWHULDOXQFHUWDLQW\H[LVWVZH
DUHUHTXLUHGWRGUDZDWWHQWLRQLQRXUDXGLWRUȢVUHSRUWWRWKHUHODWHGGLVFORVXUHVLQWKHˋQDQFLDOVWDWHPHQWVRULIVXFK
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
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going concern.
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in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
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audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
Other Matters
7KHˋQDQFLDOVWDWHPHQWVDQGˋQDQFLDOLQIRUPDWLRQLQFOXGHWKH&RPSDQ\ȢVVKDUHRIWRWDODVVHWVRI` 782.78 million as at
March 31, 2019, and revenues of `PLOOLRQDQGQHWFDVKLQˌRZVRI` 376.12 million. In respect of a joint operation, for
WKH\HDUHQGHG0DUFK7KH,QG$6ˋQDQFLDOVWDWHPHQWVDQGRWKHUˋQDQFLDOLQIRUPDWLRQRIWKHVDLGMRLQWRSHUDWLRQ
KDYHEHHQDXGLWHGE\RWKHUDXGLWRUVZKRVHˋQDQFLDOVWDWHPHQWVRWKHUˋQDQFLDOLQIRUPDWLRQDQGDXGLWRUȢVUHSRUWVKDYH
EHHQIXUQLVKHGWRXVE\WKHPDQDJHPHQW2XUUHSRUWRQWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\LQVR
far as it relates to the amounts and disclosures included in respect of the said joint operation, is based solely on the reports
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Report on Other Legal and Regulatory Requirements
1 $VUHTXLUHGE\WKH&RPSDQLHV$XGLWRUȢV5HSRUW2UGHUȤWKH2UGHUȥLVVXHGE\WKH&HQWUDO*RYHUQPHQWRI,QGLDLQ
WHUPVRIVXEVHFWLRQRIVHFWLRQRIWKH$FWEDVHGRQRXUDXGLWZHJLYHLQWKHȤ$QQH[XUHȥDVWDWHPHQWRQWKH
PDWWHUVVSHFLˋHGLQSDUDJUDSKVDQGRIWKH2UGHU
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(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books;
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(c) According to the information and explanations given by the management, the title deeds of immovable properties
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i) title deeds of freehold land amounting to `PLOOLRQDUHQRWLQWKHQDPHRIWKH&RPSDQ\7KH&RPSDQ\
has initiated the process of transferring these properties in its name;
ii) title deeds of freehold land amounting to `PLOOLRQDUHQRWDYDLODEOH
iii) title deeds of freehold land amounting to `PLOOLRQLVLQGLVSXWHDQGLVSHQGLQJUHVROXWLRQZLWKWKH
JRYHUQPHQWDXWKRULW\LQ*XMDUDW
(ii) 7KHPDQDJHPHQWKDVFRQGXFWHGSK\VLFDOYHULˋFDWLRQRILQYHQWRU\H[FHSWIRULQYHQWRU\O\LQJZLWKWKLUGSDUWLHV
aggregating to `PLOOLRQDVDW\HDUHQGZKLFKKDYHQRWEHHQYHULˋHGGXULQJRUDWWKHHQGRIWKH\HDU,Q
RXURSLQLRQWKHIUHTXHQF\RIYHULˋFDWLRQLVUHDVRQDEOH,QYHQWRULHVO\LQJZLWKWKLUGSDUWLHVKDYHEHHQFRQˋUPHG
E\WKHPDVDW\HDUHQG1RPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQVXFKSK\VLFDOYHULˋFDWLRQ
(iii) (a) The Company has granted loans to three companies covered in the register maintained under section 189 of the
Companies Act, 2013. In our opinion and according to the information and explanations given to us, the terms and
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(b) The schedule of repayment of principal and payment of interest has been stipulated for the loans granted and the
repayment/receipts are regular.
(c) There are no amounts of loans granted to Companies listed in the register maintained under Section 189 of the
Companies Act, 2013 which are overdue for more than ninety days.
(iv) ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVSURYLVLRQVRIVHFWLRQDQG
of the Companies Act 2013 in respect of loans to directors including entities in which they are interested and in
respect of loans and advances given, investments made and, guarantees, and securities given have been complied
with by the Company.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies
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applicable.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by
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related to the manufacture of electric wires and cables, electric appliances, and are of the opinion that prima
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examination of the same.
(vii) 8QGLVSXWHGVWDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGHPSOR\HHVȢVWDWHLQVXUDQFHLQFRPHWD[FXVWRPVGXW\JRRGV
and service tax, cess and other statutory dues have been regularly deposited with the appropriate authorities
though there has been a slight delay in a few cases of professional tax.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident
IXQGHPSOR\HHVȢVWDWHLQVXUDQFHLQFRPHWD[VHUYLFHWD[VDOHVWD[GXW\RIFXVWRPGXW\RIH[FLVHYDOXHDGGHGWD[
goods and service tax, cess and other statutory dues were outstanding, at the year end, for a period of more than
six months from the date they became payable.
State & Central Sales Tax, Interest 2000-01, 2007-08, 2008-09, $VVW&RPP&RPP'\
7D[ & Penalty Comm Appeal / Jt Comm
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/Comm Tax Inspector/ Asst.
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3.90 West Bengal Appellant and
Revision Board
2010-11 Tribunal
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(viii) In our opinion and according to the information and explanations given by the management, the Company has
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government or dues to debenture holders.
(ix) According to the information and explanations given by the management, the Company has not raised any money
by way of initial public offer during the year ended March 31, 2019. Accordingly, we have not commented on the
utilisation of the same. The Company has not raised any money through debt instruments and term loans, hence,
reporting under clause (ix) is not applicable to the Company and hence not commented upon.
(x) %DVHGXSRQWKHDXGLWSURFHGXUHVSHUIRUPHGIRUWKHSXUSRVHRIUHSRUWLQJWKHWUXHDQGIDLUYLHZRIWKHˋQDQFLDO
statements and according to the information and explanations given by the management, we report that no fraud
E\WKH&RPSDQ\RUQRIUDXGRQWKH&RPSDQ\E\WKHRIˋFHUVDQGHPSOR\HHVRIWKH&RPSDQ\KDVEHHQQRWLFHGRU
reported during the year.
(xi) According to the information and explanations given by the management, the managerial remuneration has been
paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with
Schedule V to the Companies Act, 2013.
(xii) ,QRXURSLQLRQWKH&RPSDQ\LVQRWD1LGKLFRPSDQ\7KHUHIRUHWKHSURYLVLRQVRIFODXVH[LLRIWKHRUGHUDUHQRW
applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties
are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been
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(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet,
the Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable
to the company and, not commented upon.
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Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance
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EXVLQHVVLQFOXGLQJDGKHUHQFHWRWKH&RPSDQ\ȢVSROLFLHVWKHVDIHJXDUGLQJRILWVDVVHWVWKHSUHYHQWLRQDQGGHWHFWLRQRI
IUDXGVDQGHUURUVWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRIUHOLDEOHˋQDQFLDO
information, as required under the Companies Act, 2013.
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RQ$XGLWLQJDVVSHFLˋHGXQGHUVHFWLRQRIWKH&RPSDQLHV$FWWRWKHH[WHQWDSSOLFDEOHWRDQDXGLWRILQWHUQDO
ˋQDQFLDOFRQWUROVDQGERWKLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD7KRVH6WDQGDUGVDQGWKH*XLGDQFH
1RWHUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFH
DERXWZKHWKHUDGHTXDWHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDO
statements was established and maintained and if such controls operated effectively in all material respects.
2XUDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDGHTXDF\RIWKHLQWHUQDOˋQDQFLDOFRQWUROV
RYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVDQGWKHLURSHUDWLQJHIIHFWLYHQHVV2XUDXGLW
RILQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJDQXQGHUVWDQGLQJRILQWHUQDOˋQDQFLDOFRQWUROVRYHU
ˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVDVVHVVLQJWKHULVNWKDWDPDWHULDOZHDNQHVV
exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The
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:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIˋFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQ
RQWKHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWV
Opinion
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ZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVDQGVXFKLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWK
UHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVZHUHRSHUDWLQJHIIHFWLYHO\DVDW0DUFKEDVHGRQWKHLQWHUQDO
FRQWURO RYHU ˋQDQFLDO UHSRUWLQJ FULWHULD HVWDEOLVKHG E\ WKH &RPSDQ\ FRQVLGHULQJ WKH HVVHQWLDO FRPSRQHQWV RI LQWHUQDO
FRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\WKH,QVWLWXWH
of Chartered Accountants of India.
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(48,7<$1'/,$%,/,7,(6
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Equity Share Capital 12 1,412.06
Other Equity 13 27,077.38
28,489.44
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Financial liabilities
- Borrowings 785.83
Provisions 161.90
'HIHUUHGWD[OLDELOLWLHVQHW 16 227.80
Other non-current liabilities 17 257.04 182.19
1,432.57
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Financial liabilities 18
a) Borrowings 1,023.47
b) Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises 103.88 77.70
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 14,995.12 9,067.11
F2WKHUFXUUHQWˋQDQFLDOOLDELOLWLHV 1,774.20
Other current liabilities 19 6,256.79 1,037.06
Provisions 20 208.23
Current tax liabilities (net) 21 1,670.47 823.20
26,032.16
727$/(48,7<$1'/,$%,/,7,(6 55,954.17
&RUSRUDWHLQIRUPDWLRQDQGVXPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHV 1&2
Contingent liabilities and commitments 33
Other notes to accounts WR
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$VSHURXUUHSRUWRIHYHQGDWH )RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUVRI
For 65%& &2//3 Chartered Accountants 3RO\FDE,QGLD/LPLWHG )RUPHUO\NQRZQDVȡ3RO\FDE:LUHV/LPLWHGȢ
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per Sudhir Soni Partner ,QGHU7-DLVLQJKDQLChairman & Managing Director 5DPHVK7-DLVLQJKDQLWhole Time Director
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(;3(16(6
Cost of materials consumed 54,634.21
Purchases of traded goods 3,237.14
&KDQJHVLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV 26 (1,056.84) 702.08
Excise duty -
Project bought outs and other cost 27 2,543.04
(PSOR\HHEHQHˋWVH[SHQVH 28 2,969.87
Finance cost 29 1,157.72 921.70
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV 30 1,400.71 1,319.70
Other expenses 31 7,589.02
727$/(;3(16(6 72,474.87
,1&20(7$;(;3(16(6 16
Current tax 2,947.07
Adjustment of tax relating to earlier periods (73.55) (320.63)
'HIHUUHGWD[FUHGLWFKDUJH (322.03)
727$/7$;(;3(16( 2,551.49
3URˋWIRUWKH\HDU 5,014.39
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5HPHDVXUHPHQWJDLQVORVVHVRQGHˋQHGEHQHˋWSODQV (6.75)
Income tax related to above item (refer note - 16 (B)) 2.36 (9.20)
Other comprehensive income for the year, net of tax (4.39) 17.30
($51,1*63(56+$5( 32
Basic earnings per share (`) 35.51
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Contingent liabilities and commitments 33
Other notes to accounts WR
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As per our report of even date )RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUVRI
For 65%& &2//3 3RO\FDE,QGLD/LPLWHG
Chartered Accountants (Formerly known as 'Polycab Wires Limited')
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per Sudhir Soni ,QGHU7-DLVLQJKDQL 5DPHVK7-DLVLQJKDQL
Partner Chairman & Managing Director Whole Time Director
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B)27+(5(48,7< b b b b b (` Million)
Reserves & Surplus
Capital Securities *HQHUDO ESOP Retained Total other
Reserve Premium Reserve outstanding Earnings equity
As at 1 April 2017 0.13 3,205.60 650.69 - 14,778.52 18,634.94
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Other comprehensive income for the year, b b b b 17.30 17.30
net of tax
7RWDOFRPSUHKHQVLYHLQFRPH - - - - 3,601.17 3,601.17
Dividends
Interim equity dividend
Tax on interim equity dividend
$VDW0DUFK 0.13 - 18,209.73
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Share issue expense (refer note 12(D))
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Impairment allowance for trade receivable considered doubtful 548.50
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Unrealised foreign exchange (gain)/loss 186.75 213.28
Fair value of written put options (6.10)
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2SHUDWLQJSURˋWEHIRUHZRUNLQJFDSLWDOFKDQJHV 11,017.76
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and intangible assets
Proceeds from sale of mutual funds 1.40 -
Investment in equity shares of subsidiaries (39.64)
Proceeds/(Repayment) of loan from/to related parties 31.05
Maturity/(Investment) made in bank deposits (having original maturity of more (1,354.87)
than 3 months)
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also in the business of Engineering, Procurement and Construction (EPC) projects, Manufacturing and trading of Electrical
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The Standalone Financial Information for the year ended 31 March 2019 and year ended 31 March 2018 has been prepared
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statements have been prepared in ` in Millions herein.
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Standalone Financial Statements. The Company has adopted following accounting policy for revenue recognition.
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A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
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an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the
parties sharing control.
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to determine control over the subsidiaries.
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Annual Report 2018-19 111
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whether it is necessary to recognise an impairment loss on its investment in its subsidiary or joint venture. At each
reporting date, the Company determines whether there is objective evidence that the investment in the subsidiary
or joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the
difference between the recoverable amount of the subsidiary or joint venture and its carrying value and recognises
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The Company being a joint operator has recognised its share of assets, liabilities, income and expenses of these joint
operations incurred jointly with other partner, along with its share of income from the sale of the output and any
assets, liabilities and expenses that it has incurred in relation to joint operation.
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The Company presents assets and liabilities in the Standalone Balance sheet based on current / non-current
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Property, plant and equipment are stated at cost, net of accumulated depreciation and impairment losses, if any.
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other expenses on existing property, plant and equipment, including day-to-day repair and maintenance expenditure
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end of reporting period and are carried at cost comprising direct costs, related incidental expenses, other directly
attributable costs and borrowing costs.
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management assessed useful lives of the assets which is in line with the manner prescribed in Schedule II of the
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through a sale rather than through continuing use. Actions required to complete the sale should indicate that it is
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packing materials, and stores and spares is determined on a First In-First Out (FIFO) basis and includes all applicable
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materials as aforesaid,direct labour cost and a proportion of manufacturing overheads based on total manufacturing
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has as an enforceable right to payment for performance completed to date.
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the Company performs.
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agent. Taxes collected on behalf of the government are excluded from revenue.
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the percentage of completion method by reference to the stage of completion of the contract activity. The stage of
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services with each segment representing a strategic business unit that offers different products & serves different
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and these are recognised as Acceptances under Trade and other payables.
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by changes in LME prices in future. Such transactions are entered into to protect against the risk of price movement
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derivative.
Hedge Accounting: Fair Value Hedges
The Company designates the copper and aluminum price risk in such instruments as hedging instruments, with
copper and aluminum inventory considered to be the hedged item. The hedged risk is copper and aluminum spot
prices. At the inception of a hedge relationship, with effect from 1 April 2016, The Company formally designates and
documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management
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objective and strategy for undertaking hedge, the hedging/ economic relationship, the hedged item or transaction,
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the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value and
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reporting periods for which they were designated.
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carrying amount, the only adjustments that are made are to harmonise accounting policies.
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the business combination had occurred from the beginning of the preceding period in the Standalone Financial
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that date, the prior period information is restated from that date.
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form of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve and
presented separately from other capital reserves with disclosures of its nature and purposes in the notes.
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attached conditions will be complied with.
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related costs, for which it is intended to compensate, are expensed.
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The Company has chosen to present grants received to income as other income in the statement of Standalone
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estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
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revision and future period, if the revision affects current and future period.
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The Company has entered into land lease arrangement at various locations. Terms of such lease ranges from 30-90
years. In case of lease of land for 90 years and above, it is likely that such leases meet the criteria that at the inception
of the lease the present value of the minimum lease payments amounts to at least substantially all of the fair value
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leases.
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available when the Standalone Financial Statements were prepared. Existing circumstances and assumptions about
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recognition and recognition of anticipated losses of the projects, if any. In the process of calculating the cost
to complete, Management conducts regular and systematic reviews of actual results and future projections
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controls and identifying major risks facing the Company and developing and implementing initiative to manage
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future market conditions and other parameters that affect the operations of these entities.
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recognition requires application of judgement to existing facts and circumstances which may be subject to
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(v) Fair value measurements
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models are taken from observable markets where possible, but where this is not feasible, a degree of judgment
is required in establishing fair values. Judgements include consideration of inputs such as liquidity risk, credit
risk and volatility.
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determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level
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The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If
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Annual Report 2018-19 123
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less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not
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written down to its recoverable amount.
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using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from
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reporting date.
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tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity
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a) Service cost comprising current service costs, past service costs, gains and losses on curtailments and
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Balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they
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The Company has applied the Companies (Indian Accounting Standards), Amendment Rules 2018 which is effective from
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Accordingly, the Company has applied the standards and interpretations issued which are not effective to the reporting
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Private Limited of ` 10 each fully paid up
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determination of their fair values.
2. The fair value of corporate guarantee `0LOOLRQ0DUFK` 10.30 Million) has been included in carrying cost of
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$GG*XDUDQWHHSURYLGHGRQFUHGLWIDFLOLW\ 13.35 10.30
273.45
3. Joint Venture partner of the Ryker base Private Limited has the option to put their entire shareholding to the company at any
time after a lock in period i.e. earlier of
(a) Fifth anniversary of the date on which the Plant commences production;
E7KHGDWHIDLOLQJVL[\HDUVDQGVL[PRQWKVDIWHUWKHFRPSOHWLRQGDWHDWDSULFHEHLQJKLJKHURI
ȩ)DLUPDUNHWYDOXHRIWKHVKDUHVRUVXPRI
ȩ6XEVFULSWLRQSULFHSDLGE\-RLQW9HQWXUHSDUWQHUDQG
ȩ$GGLWLRQDO)LQDQFHDPRXQWVFRQWULEXWHGE\-RLQW9HQWXUHSDUWQHUIURPWLPHWRWLPH
(B)75$'(5(&(,9$%/(6($7$0257,6('&267)
Trade receivables (Unsecured, considered good) 1,351.27 880.00
7RWDO7UDGHUHFHLYDEOHV 1,351.27 880.00
(C)27+(5),1$1&,$/$66(76($7$0257,6('&267)
Earnest money deposits and Security deposits 49.59
'HSRVLWVZLWKEDQNKDYLQJPDWXULW\SHULRGRIPRUHWKDQPRQWKV -
7RWDORWKHUˋQDQFLDODVVHWV 49.59
b b
b b
(ii) The above includes inventories held by third parties amouting to ` 1787.77 million (31 March 2018 - ` 29.80 million)
LLL'XULQJ WKH \HDU HQGHG 0DUFK ` PLOOLRQ 0DUFK ` 13.00 million ) was recognised as an expense for
inventories carried at net realisable value.
(iv) Inventories are hypothecated with the bankers against working capital limits. (Refer note - 18(A))
Y7KH &RPSDQ\ HQWHUV LQWR SXUFKDVH FRQWUDFW RI FRSSHU DQG DOXPLQLXP LQ ZKLFK WKH DPRXQW SD\DEOH LV QRW ˋ[HG RQ WKH GDWH
of purchase and the same is affected by changes in LME prices in future. Such transactions are entered into to protect the
Company against the risk of price movement in the purchased copper and aluminium. This is designated as a fair value hedge as
it is taken to hedge the exposure to changes in fair value due to commodity price risks. The open hedge exposures are valued
at the fair value and the impact is adjusted to the value of the inventory to the extent the hedged is considered effective.
5HIHU1RWH$LLL
Notes
ȩ 7UDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGDUHJHQHUDOO\RQFUHGLWWHUPVXSWRGD\VH[FHSW(3&EXVLQHVV
ȩ )RU(3&EXVLQHVVWUDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGFUHGLWWHUPVDUHVSHFLˋFWRFRQWUDFWV
ȩ )RUH[SODQDWLRQVRQWKH&RPSDQ\ȢVFUHGLWULVNPDQDJHPHQWSURFHVVHVUHIHUQRWH%
ȩ 7KH&RPSDQ\IROORZVOLIHWLPHH[SHFWHGFUHGLWORVVPRGHO$FFRUGLQJO\GHWHULRUDWLRQLQFUHGLWULVNLVQRWUHTXLUHGWREHHYDOXDWHG
annually.
7KHIROORZLQJWDEOHVXPPDUL]HVWKHFKDQJHLQLPSDLUPHQWDOORZDQFHPHDVXUHGXVLQJWKHOLIHWLPHH[SHFWHGFUHGLWORVVPRGHO
At the beginning of period 1,215.50
Provision during the period/year 540.94
Bad debts written off (306.58)
At the end of the period/year 1,449.86
(B)&$6+$1'&$6+(48,9$/(176($7$0257,6('&267)
Balances with banks
In current accounts 1,281.37 62.67
'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV 494.50 -
Cash in hand 1.57 0.89
Cheques in hand -
1,777.44
b
(C)%$1.%$/$1&(27+(57+$1&$6+$1'&$6+(48,9$/(176($7$0257,6('&267)
'HSRVLWVZLWKRULJLQDOPDWXULW\IRUPRUHWKDQPRQWKV 3.67 8.10
'HSRVLWVZLWKRULJLQDOPDWXULW\IRUPRUHWKDQPRQWKVEXWOHVVWKDQPRQWKV 1,375.00 16.00
Margin money deposit 0.80 -
1,379.47
(')/2$16($7$0257,6('&267)
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHGRWKHUZLVH
Loans to employees 12.79 11.20
Loans to related party
&RQVLGHUHG*RRG8QVHFXUHG 126.55
Credit Impaired 30.17
7RWDO/RDQV*URVV 169.51 199.30
/HVV,PSDLUPHQWDOORZDQFHIRUORDQUHFRYHUDEOHIRUP3RO\FDE:LUHV,WDO\65/ (30.17)
5HIHU1RWH
139.34 168.80
&XUUHQWˋQDQFLDODVVHWV (`0LOOLRQb
0DUFK 31 March 2018
(E)27+(5),1$1&,$/$66(76
At amortised cost
Earnest money deposits and Security deposits# 28.90 33.00
Contract asset 260.51
Insurance claim receivables 35.43
Interest accrued on bank deposits 11.25
Public issue expense recoverable from selling shareholders 388.77 -
$WIDLUYDOXHWKURXJKSURˋWRUORVV
'HULYDWLYHLQVWUXPHQWV
Interest rate and cross currency swap 7.40 3.30
732.26
/HVV,PSDLUPHQWDOORZDQFHIRU&RQWUDFW$VVHWVFRQVLGHUHGGRXEWIXO (7.58) -
724.68
,QFOXGHVGHSRVLWVJLYHQWR5HODWHG3DUWLHV5HIHU1RWH$ 6.17 6.17
b b
b b
$VVHWVFODVVLˋHGDVKHOGIRUGLVSRVDO (` Million)
0DUFK 31 March 2018
Assets held for disposal 0.22 2.70
0.22 2.70
(B),668('68%6&5,%('$1')8//<3$,'-836+$5(6b
(TXLW\VKDUHVRI` 10 each) 1XPEHUV (` Million)
At 1 April 2017
Changes during the year - -
$W0DUFK
Changes during the year - -
$W0DUFK 141,205,838 1,412.06
(C)7(5065,*+76$77$&+('72(48,7<6+$5(6
The Company has only one class of equity shares having par value of ` 10 per share. Each holder of equity shares is entitled to one
YRWHSHUVKDUH7KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFW
WRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
6XEMHFW WR WKH DSSURYDO RI WKH VKDUHKROGHUV LQ WKH HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ RI WKH &RPSDQ\ WKH %RDUG RI 'LUHFWRUV KDV
UHFRPPHQGHGDˋQDOGLYLGHQGRI` 3/- per equity share of `HDFKIRUWKHˋQDQFLDO\HDU'XULQJWKH\HDUHQGHG
0DUFKWKHDPRXQWRISHUVKDUHLQWHULPGLYLGHQGUHFRJQL]HGDQGSDLGWRHTXLW\VKDUHKROGHUV` 1 per share.
(')'(7$,/62)6+$5(+2/'(56+2/',1*025(7+$16+$5(6,17+(&203$1<
'XULQJWKH\HDUHQGHG0DUFKHTXLW\VKDUHVZHUHWUDQVIHUUHGWRDQHVFURZDFFRXQWE\WKHVKDUHKROGHUVLQD
3UH,QLWLDO3XEOLF2IIHU,32VDOHLQWKHSURSRUWLRQPHQWLRQHGEHORZ7KHVHVKDUHKROGHUVFRQWLQXHWREHWKHEHQHˋFLDORZQHUVRIWKH
shares until the completion of the IPO process.
$VDW0DUFK
1DPHRIWKHVKDUHKROGHU
1RRI6KDUHV % holding
Mr. Inder T. Jaisinghani 1.90%
0U*LUGKDUL7-DLVLQJKDQL 2,663,871 1.89%
Mr. Ajay T. Jaisinghani 2,663,871 1.89%
Mr. Ramesh T. Jaisinghani 2,673,321 1.89%
Mr. Bharat A Jaisinghani 680,662
0U1LNKLO5-DLVLQJKDQL 680,662
Mr. R.Ramakrishnan
0U$QLO+DULDQL
International Finance Corporation (IFC) 6.00%
21,817,870
Annual Report 2018-19 131
1RWHVWR6WDQGDORQH)LQDQFLDO6WDWHPHQWVIRUWKH\HDUHQGHG0DUFK
($JJUHJDWHQXPEHURIERQXVVKDUHLVVXHGDQGVKDUHLVVXHGIRUFRQVLGHUDWLRQRWKHUWKDQFDVKGXULQJWKHSHULRGRI\HDUVLPPHGLDWHO\
SUHFHGLQJWKHUHSRUWLQJGDWH
b b b b
(B)6(&85,7,(635(0,80
Opening balance 3,205.60
/HVV6KDUHLVVXHH[SHQVHV (148.28) -
3,057.32
(')(62328767$1',1* 149.51 -
(E)5(7$,1('($51,1*6
Opening balance 18,209.73
$GG3URˋWGXULQJWKHSHULRG 5,010.00 3,601.17
/HVV,QWHULPHTXLW\GLYLGHQG -
/HVV7D[RQLQWHULPHTXLW\GLYLGHQG -
23,219.73 18,209.73
6HFXULWLHV SUHPLXP UHSUHVHQWV WKH VXUSOXV RI SURFHHGV UHFHLYHG RYHU WKH IDFHYDOXH RI VKDUH DW WKH WLPH RI LVVXH RI VKDUHV7KH
&RPSDQ\ȢVVKDUHRI,32H[SHQVHVKDVEHHQDGMXVWHGZLWKVHFXULWLHVSUHPLXPDFFRXQWFRQVLGHULQJWKHVXFFHVVIXOFRPSOHWLRQRI,32
process on 16 April 2019.
*HQHUDO5HVHUYHLVXVHGIURPWLPHWRWLPHWRWUDQVIHUSURˋWVIURPUHWDLQHGHDUQLQJVIRUDSSURSULDWLRQSXUSRVHV$VWKH*HQHUDO
Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
LQFOXGHGLQWKH*HQHUDO5HVHUYHZLOOQRWEHUHFODVVLˋHGVXEVHTXHQWO\WRVWDWHPHQWRISURˋWRUORVV
7KH&RPSDQ\KDVWZRVWRFNRSWLRQVFKHPHVXQGHUZKLFKRSWLRQVWRVXEVFULEHIRUWKH&RPSDQ\ȢVVKDUHVKDYHEHHQJUDQWHGWRFHUWDLQ
employees. The ESOP Outstanding is used to recognise the value of equity-settled share-based payments provided to employees,
LQFOXGLQJNH\PDQDJHPHQWSHUVRQQHODVSDUWRIWKHLUUHPXQHUDWLRQ5HIHUWR1RWH&IRUIXUWKHUGHWDLOVRIWKHVHSODQV
1RQFXUUHQWˋQDQFLDOOLDELOLWLHV (`0LOOLRQb
0DUFK 31 March 2018
Borrowings (at amortised cost)
([WHUQDOFRPPHUFLDOERUURZLQJVHFXUHG
)RUHLJQFXUUHQF\ORDQIURP+6%&%DQN0DXULWLXV/WG 691.71
Rupee loan (secured)
,QGLDQUXSHHORDQIURP&LWLEDQN1$ 867.30 1,137.30
1,559.01
/HVV&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJV5HIHU1RWH& (773.18) (703.70)
785.83
7KHDERYHORDQVDUHVHFXUHGE\ZD\RI
L)LUVWSDULSDVVXFKDUJHE\ZD\RIUHJLVWHUHGPRUWJDJHRQVSHFLˋFLPPRYDEOHˋ[HGDVVHWVDW+DORODQGK\SRWKHFDWLRQRIDOOPRYDEOH
ˋ[HGDVVHWVDFTXLUHGRQRUDIWHU$SULO
LL6HFRQGSDULSDVVXFKDUJHE\ZD\RIK\SRWKHFDWLRQRIDOOPRYDEOHˋ[HGDVVHWVDSSHDULQJLQEDODQFHVKHHWDVRQ0DUFKDQG
on all current assets of the Company.
LLL&KDUJHVZLWKUHVSHFWWRDERYHERUURZLQJKDVEHHQFUHDWHGLQIDYRURIOHDGEDQNHULQWKHFRQVRUWLXP1RVHSDUDWHFKDUJHFUHDWHG
for each of the borrowing.
0DWXULW\SURˋOHRIQRQFXUUHQWERUURZLQJV (` Million)
1RQ&XUUHQWSURYLVLRQV (`0LOOLRQb
0DUFK 31 March 2018
3URYLVLRQIRUHPSOR\HHEHQHˋWV
*UDWXLW\5HIHU1RWH$ 95.19
Compensated absences 66.71 -
161.90
( B )2&,6(&7,21-'()(55('7$;5(/$7('72,7(065(&2*1,6(',12&,'85,1*,17+(<($5
1HWORVVJDLQRQUHPHDVXUHPHQWVRIGHˋQHGEHQHˋWSODQV (2.36) 9.20
,QFRPHWD[H[SHQVHFKDUJHGWR2&, (2.36) 9.20
b b
( C )5(&21&,/,$7,212)7$;(;3(16($1'7+($&&2817,1*352),708/7,3/,('%<&203$1<Ȣ6'20(67,&7$;5$7(bb
3URˋWEHIRUHWD[ 7,565.88
Applicable tax rate 34.94%
Tax using applicable tax rate 2,643.82
Effect of:
Expense not allowed for tax purpose 48.83
Income not considered for tax purpose (35.88) (32.90)
Tax exempt income (31.73)
Adjustments of tax relating to earlier years (73.55) (320.63)
,QFRPHWD[FKDUJHGWRVWDWHPHQWRISURˋWDQGORVVDFFRXQW 2,551.49
''()(55('7$;/,$%,/,7,(6&2035,6(6 b b b
Balance Sheet 6WDWHPHQWRISURˋWDQGORVV
b b 0DUFK 31 March 2018 0DUFK 31 March 2018
'HIHUUHGWD[OLDELOLW\
3URSHUW\3ODQW (TXLSPHQW,PSDFWRIGLIIHUHQFHEHWZHHQ 833.53 889.39 (55.86)
WD[GHSUHFLDWLRQDQGGHSUHFLDWLRQDPRUWL]DWLRQFKDUJHGIRU
WKHˋQDQFLDOUHSRUWLQJ
'XWLHVDQGWD[HVDOORZDEOHXQGHU,QFRPH7D[$FWRQ 133.08 318.00 (184.92) 318.00
payment basis
*URVVGHIHUUHGWD[OLDELOLW\ 966.61 1,207.39 (240.78) 366.70
b b b b b
b b b b b
&XUUHQWˋQDQFLDOOLDELOLWLHV (` Million)
0DUFK 31 March 2018
(A) %2552:,1*6( $7$0257,6('&267 )
/RDQUHSD\DEOHRQGHPDQGIURPEDQNV
%X\HUȢV&UHGLW6HFXUHG 516.49
Cash Credit from banks (Secured) -
Short-term loan from banks (Secured) 436.16 1,087.03
Packing Credit (Secured) -
Packing Credit (Unsecured) 70.82 33.80
1,023.47
Note
L6HFXUHGERUURZLQJVIURPEDQNVDUHVHFXUHGDJDLQVWSDULSDVVXˋUVWFKDUJHE\ZD\RIK\SRWKHFDWLRQRILQYHQWRULHVDQGUHFHLYDEOHV
LL3DULSDVVXˋUVWFKDUJHRQVSHFLˋFSURSHUWLHVSODQWDQGHTXLSPHQWȢVRIWKH&RPSDQ\VXFKDV'DPDQVWDIITXDUWHUV'DPDQJRGRZQ
SUHPLVHVIDFWRU\ODQGDQGEXLOGLQJDW+DORODQG'DPDQDQGRIˋFHEXLOGLQJDW0XPEDL
LLL3DULSDVVXˋUVWFKDUJHE\ZD\RIK\SRWKHFDWLRQRIDOOPRYDEOHˋ[HGDVVHWVDSSHDULQJLQEDODQFHVKHHWDVRQ0DUFK
LY3DULSDVVXVHFRQGFKDUJHE\ZD\RIUHJLVWHUHGPRUWJDJHRQDOOPRYDEOHDVVHWVDFTXLUHGRQRUDIWHU$SULO
Y&KDUJHVZLWKUHVSHFWWRDERYHERUURZLQJKDVEHHQFUHDWHGLQIDYRXURIOHDGEDQNHULQWKHFRQVRUWLXP1RVHSDUDWHFKDUJHKDVEHHQFUHDWHG
for each of the borrowing.
& 27+(5&855(17),1$1&,$//,$%,/,7,(6
(` Million)
0DUFK 31 March 2018
At amortised cost
&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJVUHIHUQRWH 773.18 703.70
Security deposit 40.13
Interest accrued but not due on borrowings 24.03
Interest accrued and due on borrowings 5.37
Creditors for capital expenditure 340.65 219.66
$WIDLUYDOXHWKURXJKSURˋWDQGORVV)973/
'HULYDWLYHOLDELOLW\ 221.38
Refund liability 318.33
'HIHUUHGOLDELOLW\ 38.15
Other (refer note below) 12.98 10.30
1,774.20
Note
Company has provided a guarantee for credit facility availed by the Ryker Base Private Limited and Tirupati Reels Private Limited,
amounting to `0LOOLRQ0DUFK`0LOOLRQDQG`0LOOLRQ0DUFK`0LOOLRQUHVSHFWLYHO\
The fair value of corporate guarantee `0LOOLRQ0DUFK` 10.30 Million) has been included in carrying cost of investment.
b b b b b
&XUUHQWWD[OLDELOLWLHV1HW (` Million)
0DUFK 31 March 2018
3URYLVLRQIRU&XUUHQW7D[1HWRIDGYDQFHWD[ 1,670.47 823.20
1,670.47 823.20
7\SHRI*RRGVRU6HUYLFHV
Wires & Cables 68,841.65 62,039.62
)DVW0RYLQJ(OHFWULFDO*RRGV)0(* 6,416.06
Revenue from construction contracts 3,795.50
Reconciliation of the revenue from contracts with customers with the amounts
disclosed in the segment information
7RWDOUHYHQXHIURPFRQWUDFWVZLWKFXVWRPHUV 79,053.21
Export incentives 52.32
2WKHULQFRPHH[FOXGLQJˋQDQFHLQFRPH 806.48
Total income as per segment
79,912.01
ii) Revenue from contracts with customers includes excise duty collected of ` 1LO 0DUFK ` 0LOOLRQ 5HYHQXH
from contracts with customers net of applicable taxes is ` 0LOOLRQ0DUFK` PLOOLRQ5HYHQXHIURP
operations for previous periods up to 30 June 2017 includes excise duty. From 1 July 2017 onwards the excise duty and most indirect
WD[HVLQ,QGLDKDYHEHHQUHSODFHG*RRGVDQG6HUYLFH7D[*677KH&RPSDQ\FROOHFWV*67RQEHKDOIRIWKH*RYHUQPHQW+HQFH*67
is not included in Revenue from operations. In view of the aforesaid change in indirect taxes, Revenue from operations for the year
ended 31 March 2019 is not comparable with 31 March 2018.
v) Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. In 31 March 2019, `
0LOOLRQ 0DUFK ` 0LOOLRQ ZDV UHFRJQLVHG DV SURYLVLRQ IRU H[SHFWHG FUHGLW ORVVHV RQ WUDGH UHFHLYDEOHV
7KH&RPSDQ\KDVFKDQQHOˋQDQFHDUUDQJHPHQWIRUSURYLGLQJFUHGLWWRLWVGHDOHUV(YDOXDWLRQLVPDGHDVSHUWKHWHUPVRIWKH
FRQWUDFWLHLIWKH&RPSDQ\GRHVQRWUHWDLQDQ\ULVNDQGUHZDUGVRUFRQWURORYHUWKHˋQDQFLDODVVHWVWKHQWKHHQWLW\GHUHFRJQLVHV
VXFKDVVHWVXSRQWUDQVIHURIˋQDQFLDODVVHWVXQGHUVXFKDUUDQJHPHQWZLWKWKHEDQNV
vi) Contract assets are initially recognised for revenue earned from installation services as receipt of consideration is conditional on
VXFFHVVIXOFRPSOHWLRQRILQVWDOODWLRQ8SRQFRPSOHWLRQRILQVWDOODWLRQDQGDFFHSWDQFHFHUWLˋFDWLRQVE\WKHFXVWRPHUWKHDPRXQWV
UHFRJQLVHGDVFRQWUDFWDVVHWVDUHUHFODVVLˋHGWRWUDGHUHFHLYDEOHV7KHLQFUHDVHLQFRQWUDFWDVVHWVLQ0DUFKLVWKHUHVXOWRI
the increase in ongoing installation services at the end of the year. In March 2019, `0LOOLRQ0DUFK1LOZDVUHFRJQLVHG
as provision for expected credit losses on contract assets.
vii) Contract liabilities include advances received towards EPC projects as well as transaction price allocated to unexpired service
FRQWUDFWV7KHRXWVWDQGLQJEDODQFHVRIWKHVHDFFRXQWVLQFUHDVHGLQGXHWRWKHFRQWLQXRXVLQFUHDVHLQWKH&RPSDQ\ȢV
customer base and contracts where billing is in excess of revenue.
(` Million)
Amounts included in contract liabilities at the beginning of the year 390.75 286.06
x) Performance obligation
Aggregate amount of the transaction price (net of tax) allocated to long-term construction contracts that are partially or fully
XQVDWLVˋHGDVDW0DUFK`0LOOLRQ0DUFK`0LOOLRQ7KHXQVDWLVˋHGSHUIRUPDQFHREOLJDWLRQ
LVH[SHFWHGWREHUHFRJQLVHGZLWKLQPRQWKV%DVHGRQWKHJHQHUDOWUHQGRISHULRGRIFRQWUDFWDQGLWVSHULRGRIH[HFXWLRQ
DSSUR[LPDWHO\RIWKHXQVDWLVˋHGSHUIRUPDQFHREOLJDWLRQDPRXQWLVH[SHFWHGWREHVDWLVˋHGZLWKLQRQH\HDU7KHUHPDLQLQJ
DPRXQWLVH[SHFWHGWREHUHDOLVHGZLWKLQWKHQH[WPRQWKV,QFHUWDLQFRQWUDFWZKHUHWKHFRPSDQ\KDVH[WHQGHGZDUUDQW\
PDLQWHQDQFHVHUYLFHVREOLJDWLRQDVHSDUDWHSHUIRUPDQFHREOLJDWLRQLVLGHQWLˋHGDQGWKHWUDQVDFWLRQSULFHLVDOORFDWHGDFFRUGLQJO\
xii) 'LVFORVXUHLQWHUPVRI,QG$6RQWKHDFFRXQWLQJRI-RLQWRSHUDWLRQ
7KH&RPSDQ\KDVLQWHUHVWLQDMRLQWRSHUDWLRQZLWK*73/KDWKZD\/LPLWHGIRUDQ(3&SURMHFWRI`PLOOLRQZKLFK
KDVEHHQDZDUGHGE\*XMDUDW)LEUH*ULG1HWZRUN/LPLWHG*)*1/GXULQJWKH)<7KHSULQFLSOHSODFHRI-RLQWRSHUDWLRQ
is in India.
7KHDUUDQJHPHQWVUHTXLUHXQDQLPRXVFRQVHQWIURPDOOSDUWLHVIRUDOOUHOHYDQWDFWLYLWLHVDQGKHQFHLWLVFODVVLˋHGDVMRLQWRSHUDWLRQ
The partners to the agreement have direct right to the assets and are jointly and severally liable for the liabilities incurred by the
XQLQFRUSRUDWHGMRLQWRSHUDWLRQ,QDFFRUGDQFHZLWK,QG$6RQȤ-RLQW$UUDQJHPHQWVȥWKHˋQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
LQFOXGHVWKH&RPSDQ\ȢVVKDUHLQWKHDVVHWVOLDELOLWLHVLQFRPHVDQGH[SHQVHVUHODWLQJWRMRLQWRSHUDWLRQVEDVHGRQWKHˋQDQFLDO
statements received from the respective operators. The income, expenditure, assets and liabilities of the joint operations are
merged on line by line basis according to the participating interest with the similar items in the Financial Statements of the
Company.
7KHWDEOHEHORZSURYLGHVVXPPDUL]HGˋQDQFLDOLQIRUPDWLRQRIWKHFRPSDQ\ȢVVKDUHRIDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVLQ
the joint operations.
(` Million)
Expenses 134.43*
Income 134.43*
1RPDUJLQKDVEHHQUHFRJQLVHGRQWKHSURMHFWDVWKHSHUFHQWDJHRIFRPSOHWLRQLVOHVVWKDQ
935.22 671.30
*DLQRQIDLUYDOXDWLRQRIˋQDQFLDOLQVWUXPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVVUHODWHVWRIRUHLJQH[FKDQJHˌXFWXDWLRQRQIRUZDUG
FRQWUDFWVWKDWGLGQRWTXDOLI\IRUKHGJHDFFRXQWLQJDQGRQHPEHGGHGGHULYDWLYHVZKLFKKDYHEHHQVHSDUDWHG1RLQHIIHFWLYHQHVVKDV
been recognised on foreign exchange and interest rate hedges.
&RVWRIPDWHULDOVFRQVXPHG (` Million)
Year ended Year ended
0DUFK 31 March 2018
Copper 30,643.89 27,090.10
Aluminium 9,386.00 8,703.30
Steel 2,813.05 2,268.30
39&&RPSRXQG+'3(/'3(;/3(5HVLQ 7,491.96
Packing Materials 1,305.96
Others 2,993.35 2,026.26
54,634.21
3XUFKDVHVRIWUDGHGJRRGV (` Million)
Year ended Year ended
0DUFK 31 March 2018
Electrical wiring accessories 362.20
Electrical appliances 2,838.40
Others 36.54
3,237.14
&KDQJHVLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV
(` Million)
Year ended Year ended
0DUFK 31 March 2018
,QYHQWRU\DWWKHEHJLQQLQJRIWKH\HDU
Work-in-progress 1,031.50
Finished goods 6,447.30
Traded goods 458.70
Scrap materials 134.70 112.80
8,072.20
,QYHQWRU\DWWKHHQGRIWKH\HDU
Work-in-progress 1,401.85
Finished goods 6,611.88
Traded goods 918.02
Scrap materials 197.29
9,129.04 8,072.20
(PSOR\HHEHQHˋWVH[SHQVH (` Million)
Year ended Year ended
0DUFK 31 March 2018
2,969.87
1,157.72 921.70
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH (` Million)
1,400.71 1,319.70
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FRQWUDFWVWKDWGLGQRWTXDOLI\IRUKHGJHDFFRXQWLQJDQGRQHPEHGGHGGHULYDWLYHVZKLFKKDYHEHHQVHSDUDWHG1RLQHIIHFWLYHQHVVKDV
been recognised on foreign exchange and interest rate hedges.
Note
3D\PHQWVWRWKHDXGLWRU (excluding applicable taxes)
As auditor
Audit fee 11.95
&HUWLˋFDWLRQIHHV 0.75 0.93
12.70
Other services 9.00 -
21.70
(` Million)
7KHIROORZLQJUHˌHFWVWKHLQFRPHDQGVKDUHGDWDXVHGLQWKH Year ended Year ended
EDVLFDQGGLOXWHG(36FRPSXWDWLRQV 0DUFK 31 March 2018
3URˋWDWWULEXWDEOHWRHTXLW\KROGHUVIRUEDVLFHDUQLQJV (A) 5,014.39
Weighted average number of equity shares for basic EPS (B) 14,12,05,838
(IIHFWRIGLOXWLRQ
Share options (C) 6,575 -
Weighted average number of Equity shares adjusted for the ' %& 14,12,12,413
effect of dilution
Basic earnings per share (`) (A/B) 35.51
'LOXWHGHDUQLQJVSHUVKDUH`) $' 35.51
(PSOR\HH6WRFN2SWLRQ3ODQ
Pursuant to the resolutions passed by our Board on August 30, 2018 and our Shareholders on August 30, 2018, the Company approved
the Employee Stock Option Plan 2018 for issue of options to eligible employees which may result in issue of Equity Shares of not
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VXFKQXPEHUVRIVKDUHVDVLWGHHPVˋW
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(PSOR\HH6WRFN2SWLRQ3HUIRUPDQFH6FKHPHDQG(PSOR\HH6WRFN2SWLRQ3ULYLOHJH6FKHPH
The Company also approved Employee Stock Option Performance Scheme 2018 and Employee Stock Option Privilege Scheme 2018
under which the maximum number of options granted to any grantee under “Performance Scheme” together with options granted in
any other scheme shall not exceed 1 percent of the total share capital at the time of grant.
Future minimum rentals payable under non-cancellable Year ended Year ended
RSHUDWLQJOHDVHVDUHDVIROORZV 0DUFK 31 March 2018
Expense for the year 175.88
Within one year 37.33
$IWHURQH\HDUEXWQRWPRUHWKDQˋYH\HDUV 78.55
0RUHWKDQˋYH\HDUV b 62.56 108.10
(B) &$3,7$/$1'27+(5&200,70(176 b
Estimated amounts of contracts remaining to be executed on 1,880.28 1,177.30
account of capital commitments and not provided for (net of b b
advances)
b b
(C) &217,1*(17/,$%,/,7,(6( 727+((;7(171273529,'(')25 )
D*XDUDQWHHVJLYHQ 12,942.31
E2WKHUPDWWHUVIRUZKLFKWKH&RPSDQ\LVFRQWLQJHQWO\OLDEOH Period to which
relates
i) Taxation matters
D'LVSXWHGOLDELOLW\LQUHVSHFWRIVDOHVWD[9$7GHPDQG 2007-08 to
2016-17 370.56
& pending sales tax/VAT forms
2007-08 to
E'LVSXWHGOLDELOLW\LQUHVSHFWRIH[FLVHGXW\GHPDQG 45.55
2010-11 and
F'LVSXWHGOLDELOLW\LQUHVSHFWRIFXVWRPGXW\GHPDQG 21.67
2016-17
(ii) Claims made against the Company, not acknowledged
2018-19 634.21 -
as debts
There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. The
company will update its provision, on receiving further clarity on the subject.
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(` Million)
b Year ended Year ended
0DUFK 31 March 2018
b
D &RQWUDFWUHYHQXHUHFRJQLVHGIRUWKH\HDU1HWRIWD[ 3,795.50
b) Contract that are in progress as on reporting date
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LL$PRXQWRIUHWHQWLRQV
1,240.14 792.20
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Contract Asset 260.51
Contract Liability 1,415.23 777.02
5HWHQWLRQVDUHVSHFLˋFWRSURMHFWVDQGDUHJHQHUDOO\UHFHLYDEOHZLWKLQ
6 months from completion of project.
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(A) '(),1('%(1(),73/$1 -$63(5$&78$5,$/9$/8$7,21
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FRPSOHWHGDWOHDVWˋYH\HDUVRIVHUYLFHJHWVDJUDWXLW\RQGHSDUWXUH#GD\VRIODVWGUDZQVDODU\IRUHDFKFRPSOHWHG\HDURI
service. The scheme is funded with an insurance company in the form of qualifying insurance policy.
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IXQGHGVWDWXVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHWIRUJUDWXLW\
67$7(0(172)352),7$1'/266
1HWHPSOR\HHEHQHˋWVH[SHQVHUHFRJQLVHGLQSURˋWRUORVV (` Million)
b Year ended Year ended
0DUFK 31 March 2018
bb
Current service cost 45.57
1HWLQWHUHVWFRVW 14.27 11.90
Past service cost - 21.18
1HWEHQHˋWVH[SHQVH 59.84
1HWUHPHDVXUHPHQWJDLQORVVRQGHˋQHGEHQHˋWSODQVUHFRJQLVHGLQ2WKHU
FRPSUHKHQVLYHLQFRPHIRUWKH\HDUb
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHˋQHGEHQHˋWREOLJDWLRQDUHDVIROORZVb
2SHQLQJGHˋQHGEHQHˋWREOLJDWLRQ 352.94
Interest cost 27.53 22.81
Current service cost 45.57
Past service cost - 21.17
%HQHˋWVSDLG (22.61)
Actuarial (gains)/losses on obligations -
'XHWRFKDQJHLQˋQDQFLDODVVXPSWLRQV 4.57
'XHWRH[SHULHQFH 1.38
&ORVLQJGHˋQHGEHQHˋWREOLJDWLRQ b 409.38
&KDQJHVLQWKHIDLUYDOXHRISODQDVVHWVDUHDVIROORZVb
Opening fair value of plan assets 170.02
Interest Income 13.27 10.92
Contribution by employer 54.01 33.98
%HQHˋWVSDLG (22.61) (16.06)
Actuarial gains (0.80)
Closing fair value of plan assets 213.89 170.02
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(` Million)
b Year ended Year ended
0DUFK 31 March 2018
The average expected future service as at 31 March 2019 is 8 years(31 March 2018 - 8 years).
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other relevant factors, such as supply and demand in the employment market.
The overall expected rate of return on plan assets is determined based on the market prices prevailing on that date, applicable
to the period over which the obligation is to be settled.
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Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not proved to be true on
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the parameters of the sensitivity analysis.
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3URMHFWHGEHQHˋWVSD\DEOHLQIXWXUH\HDUVIURPWKHGDWHRIUHSRUWLQJ
1st following year 58.27
2nd following year 30.36 27.73
3rd following year 33.72 28.00
WKIROORZLQJ\HDU 35.49
WKIROORZLQJ\HDU 36.96 30.67
Sum of years 6 to 10 176.49 30.67
Sum of years 11 years and above 461.45
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(B) '(),1('&2175,%87,213/$1
7KH&RPSDQ\KDVUHFRJQLVHGH[SHQVHVWRZDUGVGHˋQHGFRQWULEXWLRQSODQDVXQGHU (` Million)
b Year ended Year ended
0DUFK 31 March 2018
Contribution to provident and other funds 92.29
(C) 6+$5( - %$6('3$<0(176
Employee stock option plan
'XULQJWKH\HDUHQGHG0DUFKWKH&RPSDQ\KDGLQVWLWXWHGDQ(6233ODQ(6233HUIRUPDQFH6FKHPHDQG(623
3ULYLOHJH6FKHPHDVDSSURYHGE\WKH%RDUGRI'LUHFWRUVDQG6KDUHKROGHUVGDWHG$XJXVWIRULVVXDQFHRIVWRFNRSWLRQWR
eligible employees of the Company.
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the employee performance criteria laid down in the scheme. This shall be monitored annually as per the performance evaluation
cycle of the company and options shall vest based on the achieved rating to the employee.
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service condition.
Expected volatility is based on historical stock volatility of comparable Companies operating within the same industry. The
historical stock prices of comparable Companies has been observed for a period commensurate to the Life of option.
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\HDU 1,/ DQG HTXLW\ VKDUHVYLGH (623 3ULYLOHJH 6FKHPH 3UHYLRXV\HDU 1,/ RI ` 10 each were granted to eligible
employee at an exercise price of `
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Performance Privilege
Scheme Scheme
, ,, ,,,
1RRIRSWLRQV
Method of accounting Fair value Fair value Fair value
\HDUVJUDGHG \HDUVJUDGHG 1 year
Vesting period
vesting vesting
*UDQWGDWH 30 Aug 18 18 Oct 18 30 Aug 18
Exercise/Expiry date 29 Aug 26 17 Oct 26 29 Aug 23
8 years from the 8 years from the \HDUVIURPWKH
Exercise period
date of grant date of grant date of grant
Weighted average share price ` ` `
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Method of settlement Equity - settled Equity - settled Equity - settled
Weighted average remaining contractual life of options (in days) 1612 1612
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Performance Privilege
Scheme Scheme
Inputs
Year 1 Year 2 Year 3 <HDU <HDU Year 1
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151
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37 Related party disclosures
.(<0$1$*(0(173(56211(/
Mr. Inder T. Jaisinghani &KDLUPDQDQG0DQDJLQJ'LUHFWRU
Mr. R. Ramakrishnan &KLHI([HFXWLYH
Mr. Ramesh T. Jaisinghani :KROHWLPH'LUHFWRU
Mr. Ajay T. Jaisinghani :KROHWLPH'LUHFWRU
Mr. Shyam Lal Bajaj &KLHI)LQDQFLDORIˋFHUZHI6HSWHPEHUDQG:KROHWLPH
'LUHFWRU)LQDQFHZHI'HFHPEHU
Mr. Radhey Shyam Sharma ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
Mr. Tilokchand Punamchand Ostwal ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
Mr. Pradeep Poddar ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
0UV+LURR0LUFKDQGDQL ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
0U6XEUDPDQLDP6DL1DUD\DQD &RPSDQ\6HFUHWDU\DQGFRPSOLDQFHRIˋFHU
0U55DPDNULVKQDQZDV.H\0DQDJHPHQWSHUVRQQHODQG-RLQW0DQDJLQJ'LUHFWRURIWKH&RPSDQ\WLOO0D\
5HODWLYHVRI.H\PDQDJHPHQWSHUVRQQHO
( B )5(081(5$7,213$,' b (` Million)
Year ended 31 Outstanding at the Year ended 31 Outstanding at the year
1DPHRIWKHGLUHFWRUUHODWLYH March 2019 year 31 March 2019 March 2018 ended 31 March 2018
0U*LUGKDUL7-DLVLQJKDQL 2.17 2.07
Mr. Bharat A. Jaisinghani 11.68 10.83
0U1LNKLO5-DLVLQJKDQL 11.68 10.83
0U.XQDO-DLVLQJKDQL 1.27 - 1.20 -
b b b
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Outstanding balances at the period-end are unsecured and interest free and settlement occurs in cash. For the year 31 March 2019,
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DVVHVVPHQWLVXQGHUWDNHQHDFKˋQDQFLDO\HDUWKURXJKH[DPLQLQJWKHˋQDQFLDOSRVLWLRQRIWKHUHODWHGSDUW\DQGWKHPDUNHWLQZKLFK
the related party operates.
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GLVFORVHGWLOOKHFRQWLQXHGDV.03
-As the liabilities for gratuity and leave encashment are provided on actuarial basis for the Company as a whole, the amounts pertaining
to the directors are not included above.
'5(&29(5<2)6+$5(,668((;3(16()520.03$1'5(/$7,9(62).03 (` Million)
Particularsb 0DUFK
Mr.Inder T. Jaisinghani b 46.21
Mr.Ramesh T. Jaisinghani b 45.82
Mr.Ajay T. Jaisinghani b 45.82
0U*LUGKDUL7-DLVLQJKDQL b 45.98
Mr.Bharat A. Jaisinghani b 11.71
0U1LNKLO5-DLVLQJKDQL b 11.71
Total b b 207.25
H[FOXVLYHRI*67VLQFHWKHVHDUHSURYLVLRQDODPRXQWV
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(` Million)
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Mr. Shyam Lal Bajaj 5.99
0U6XEUDPDQLDP6DL1DUD\DQD 0.75
5HSUHVHQWVH[SHQVHE\ZD\RIVKDUHEDVHGSD\PHQWVDWWULEXWDEOHWRGLUHFWRUVDQG.03
154
39 Segment information
Basis for segmentation
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PRYLQJHOHFWULFDOJRRGV RWKHUVEXVLQHVV$OORSHUDWLQJVHJPHQWVȢRSHUDWLQJUHVXOWVDUHUHYLHZHGUHJXODUO\E\WKH&RPSDQ\ȢVVHQLRUPDQDJHPHQWWRPDNHGHFLVLRQVDERXWUHVRXUFHVWREHDOORFDWHGWRWKHVHJPHQWV
and assess their performance.
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WKH\UHTXLUHGLIIHUHQWWHFKQRORJ\DQGPDUNHWLQJVWUDWHJLHV)RUHDFKRIWKHEXVLQHVVXQLWVWKH&RPSDQ\ȢVVHQLRUPDQDJHPHQWWHDPUHYLHZVLQWHUQDOPDQDJHPHQWUHSRUWVRQSHULRGLFDOEDVLV
7KHIROORZLQJVXPPDU\GHVFULEHVWKHRSHUDWLRQVLQHDFKRIWKH&RPSDQ\ȢVUHSRUWDEOHVHJPHQWV
'HSUHFLDWLRQ $PRUWLVDWLRQ 1,319.27 80.70 0.73 - 1,400.70 0.60 - 1,319.70
expenses
Total cost incurred during the year to 2,364.10 350.04 - - 2,714.14 - - 1,703.80
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39 Segment information
Other Information (` Million)
0DUFK 0DUFK
Particulars
:LUHV &DEOHV )0(* 2WKHUV Eliminations 7RWDO Wires & Cables )0(* Others Eliminations Total
Segment assets 41,288.37 4,993.78 5,984.02 - 52,266.17 -
Un-allocated assets - - - - 3,688.00 - - - -
Total assets 55,954.17
Segment liabilities 16,682.52 1,002.51 5,013.06 - 22,698.09 -
Un-allocated liabilities & provisions - - - - 4,766.64 - - - -
Total liabilities 27,464.73
( B )6(&21'$5<6(*0(17,1)250$7,21
Secondary segmental reporting is based on the geographical location of customer. The geographical segments have been disclosed based on revenues within India (sales to customers in India) and
revenues outside India (sales to customer located outside India)
(` Million)
0DUFK 31 March 2018
Particulars :LWKLQ,QGLD 2XWVLGH 7RWDO Within India Outside Total
,QGLD India
Segment revenue 77,429.53 2,482.48 79,912.01 66,076.72
Segment assets 55,578.77 375.40 55,954.17 689.72
Capital expenditure incurred 2,714.14 - 2,714.14 1,703.80 - 1,703.80
)DLUYDOXHPHDVXUHPHQWV
6HWRXWEHORZLVDFRPSDULVRQE\FODVVRIWKHFDUU\LQJDPRXQWVDQGIDLUYDOXHRIWKH&RPSDQ\ȢVˋQDQFLDOLQVWUXPHQWVRWKHUWKDQ
WKRVHZLWKFDUU\LQJDPRXQWVWKDWDUHUHDVRQDEOHDSSUR[LPDWLRQVRIIDLUYDOXHV
(` Million)
Interest rate and cross currency swap 7.40 3.30 7.40 3.30
)LQDQFLDOOLDELOLWLHV
%RUURZLQJV([WHUQDO&RPPHUFLDO%RUURZLQJVIURP+6%& 691.71 691.71
Borrowings - Rupee loan from Citi bank 867.30 1,137.30 867.30 1,137.30
(PEHGGHG'HULYDWLYH 54.60 278.87 54.60 278.87
'HULYDWLYHVQRWGHVLJQDWHGDVKHGJHV
Foreign exchange forward contracts 172.48 172.48
Fair value of written put options 48.90 48.90
Interest rate swaps, foreign exchange forward contracts and embedded commodity derivative are valued using valuation techniques,
which employ the use of market observable inputs( closing rates of foreign currency and commodities).
Embedded foreign currency and commodity derivatives are measured similarly to the foreign currency forward contracts and commodity
derivatives. The embedded derivatives are commodity and foreign currency forward contracts which are separated from purchase contracts .
The management assessed that cash and cash equivalents, trade receivables, trade payables, short-term borrowings, loans to related
party, loans to employees, short term security deposit and other current liabilities approximate their carrying amounts largely due to
the short-term maturities of these instruments.
7KHIDLUYDOXHRIWKHˋQDQFLDODVVHWVDQGOLDELOLWLHVLVLQFOXGHGDWWKHDPRXQWDWZKLFKWKHLQVWUXPHQWFRXOGEHH[FKDQJHGLQDFXUUHQW
transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to
estimate the fair values.
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factors, individual creditworthiness of the customer. Based on this evaluation, allowances are taken into account for the expected credit
losses of these receivables.
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UHˌHFWVWKHLVVXHUȢVERUURZLQJUDWHDVDWWKHHQGRIWKHUHSRUWLQJSHULRG7KHQRQSHUIRUPDQFHULVNDVDW0DUFKZDVDVVHVVHG
WREHLQVLJQLˋFDQW
7KHIDLUYDOXHVRIWKHPXWXDOIXQGVDUHEDVHGRQ1$9DWWKHUHSRUWLQJGDWH
The fair value of interest rate swaps are based on MTM bank rates as on reporting date.
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grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employs the use of market
observable inputs. The most frequently applied valuation techniques include forward pricing and swap models, using present value
calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward
rates, yield curves of the respective currencies, currency basis spreads between the respective currencies, interest rate curves. All
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risk. Mark-to-market value of derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty
default risk. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives
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(` Million)
b Fair value measurement using
b Quoted prices in 6LJQLˋFDQW 6LJQLˋFDQW
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active markets REVHUYDEOHLQSXWV XQREVHUYDEOHLQSXWV
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Assets measured at fair value b b b b b
Interest rate swap 31 March 2019 - -
b b b b b b
/LDELOLWLHVPHDVXUHGDWIDLUYDOXH b b b b b
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Foreign exchange forward contracts 31 March 2019 - -
Fair value of written put options 31 March 2019 - -
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b Fair value measurement using
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active markets REVHUYDEOHLQSXWV XQREVHUYDEOHLQSXWV
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Assets measured at fair value b b b b b
Units of mutual funds 31 March 2018 - -
Interest rate swap 31 March 2018 3.30 - 3.30 -
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Fair value of written put options 31 March 2018 - -
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instruments.
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rate interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 March 2019, after taking into account
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The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
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( ` Million)
b Exposure to interest
rate risk (Principal Increase/decrease (IIHFWRQSURˋW
amount of loan) in basis points before tax
0DUFK 717.68 b b
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b b b b
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To some extent the Company manages its foreign currency risk by hedging transactions.
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Currency -2% -2%
86' (122.83) 122.83 (89.10) 89.10
Euro (0.61) 0.61
*%3 1.05 (1.05) 0.22 (0.22)
&+) (0.01) 0.01 - -
$8' 0.24 (0.24) - -
Figures shown in bracket represent payable
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losses in value of inventory of copper and aluminium held by the Company. With effect from 1 April 2016, the Company applies fair value
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b Exposure in Exposure in Exposure in Exposure in
0HWULF7RQQH `0LOOLRQ Metric Tonne ` Million
Copper 16.00 7.64 310.19
Aluminium 6,750.66 1,001.50 - -
b b b b b
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Credit risk has always been managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness
of customers to which the Companygrants credit terms in the normal course of business.On account of adoption of IndAS 109,the Companyuses
expected credit loss model to assess the impairment loss or gain.The Companyhas applied Expected Credit Loss (ECL) model for measurement
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Company closely monitors its liquidity position and maintains adequate source of funding.
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(` Million)
b b b \HDU !HTXDOWR\HDU 7RWDO
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Borrowings b 1,023.47 785.83 1,809.30
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Trade and other payables b 15,099.00 - 15,099.00
b b b 17,896.67 785.83 18,682.50
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based on LME price of copper and aluminium during a stipulated time period. Accordingly, these contracts are considered to have
an embedded derivative that is required to be separated. Such feature is kept to hedge against exposure in the value of inventory
of copper and aluminium due to volatility in copper and aluminium prices. The Company designates the embedded derivative in the
payable for such purchases as the hedging instrument in fair value hedging of inventory. The Company designates only the spot-to-
spot movement of the copper and aluminium inventory as the hedged risk. The carrying value of inventory is accordingly adjusted for
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To test the hedge effectiveness between embedded derivatives and LME prices of Copper and Aluminium, the Company uses the said
prices during a stipulated time period and compares the fair value of embedded derivative against the changes in fair value of LME
price of copper and aluminium attributable to the hedged risk.
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the LME price of Copper and Aluminium. The hedge ineffectiveness can arise from the difference in timing of embedded derivative and
LME strike price of Copper and Aluminium.
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(` Million)
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Hedged item - 21.71 - - - Range Inventory
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aluminium months
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and aluminium
Figures shown in bracket represent payable
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the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
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return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by
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debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.
(` Million)
b b b b b b b31 March 2019 31 March 2018
%RUURZLQJV5HIHUQRWH $ 1,809.30 7,186.70
Trade payables ( Refer note- 18B) 15,099.00
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1HWGHEW 16,905.06
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Equity 28,489.44
Total capital 28,489.44
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ended 31 March 2018.
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Ȥ$VDW0DUFKWKH&RPSDQ\KDVLQYHVWPHQWRI(XUR` 10.89 million) and loan of Euro 388,276.11 (` 30.17
million) in Polycab Italy SRL (PWISRL), a wholly owned subsidiary company situated in Italy.
3:,65/LQLWVˋQDQFLDOVWDWHPHQWKDGDSSURSULDWHGDQDPRXQWRI(XUR` 2.80 million) from Share Capital and Euro
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Reserve to comply with the applicable Italian accounting requirements in an earlier year.
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company to comply with alternatives. Currently, the company is in the process of evaluating the alternatives directed by RBI and
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31 March 2019.”
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The Company has completed initial public offering (IPO) including fresh issue of `PLOOLRQFRPSULVLQJRIHTXLW\
shares of ` 10/- each at an issue price `SHUVKDUHDQGHTXLW\VKDUHVRI` 10/- each at an issue price `SHU
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BSE Limited (BSE) w.e.f. 16 April 2019.
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statement are disclosed below. The Company intends to adopt these standards if applicable, when they become effective. The
Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Second Amendment Rules, 2019
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(i) Impact of Ind AS 116 - Leases
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leases Standard, Ind AS 17 Leases, and related Interpretations. The Standard sets out the principles for the recognition,
measurement, presentation and disclosure of leases for both parties to a contract i.e., the lessee and the lessor. Ind AS 116
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a term of more than twelve months, unless the underlying asset is of low value. Currently, operating lease expenses are
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116 substantially carries forward the lessor accounting requirements in Ind AS 17
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Accounting Estimates and Errors
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present value of the remaining lease payments, discounted at the incremental borrowing rate and the right of use
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incremental borrowing rate at the date of initial application or
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are available under both the methods.
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of initial application (April1,2019). Accordingly, comparatives for the year ended 31 March 2019 will not be retrospectively
adjusted.”
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(ii) Amendment to existing issued Ind AS
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(e) Annual improvement to Ind AS (2018)
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Partner Chairman & Managing Director Whole Time Director
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Opinion
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as Polycab Wires Limited) which includes one joint operation (hereinafter referred to as “the Parent Company”), its
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comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes in Equity for the
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In our opinion and to the best of our information and according to the explanations given to us and based on the
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required by the Companies Act, 2013, as amended (“the Act”) in the manner so required and give a true and fair view in
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joint ventures as at March 31, 2019, their consolidated loss including other comprehensive income,their consolidated cash
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any form of assurance conclusion thereon.
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information and, in doing so, consider whether such other information is materially inconsistent with the Consolidated
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work we have performed, we conclude that there is material misstatement of this other information, we are required to
report the fact. We have nothing to report in this regard.
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Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
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As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
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to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
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from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
ȩ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
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controls.
ȩ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
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events in a manner that achieves fair presentation.
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audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the
audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Parent Company and such other entities included in the
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control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
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of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate
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information, as required under the Act.
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that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
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established and maintained and if such controls operated effectively in all material respects.
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exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The
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We believe that the audit evidence we have obtainedand the audit evidence obtained by the other auditors in terms of
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Opinion
In our opinion, the Parent Company, its subsidiary companies, and joint ventures, which are companies incorporated in
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Chartered Accountants of India.
Other Matters
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relates to these two subsidiary companies and two joint ventures, which are companies incorporated in India, is based on
the corresponding reports of the auditors of such subsidiaries and joint ventures incorporated in India.
(48,7<$1'/,$%,/,7,(6
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Equity Share Capital 13 1,412.06
Other Equity 27,057.49
28,469.55
1RQFRQWUROOLQJLQWHUHVWV 84.25
28,553.80
/LDELOLWLHV
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Financial liabilities
- Borrowings 889.25
Provisions 16 162.42
'HIHUUHGWD[OLDELOLWLHVQHW 17 231.02
Other non-current liabilities 18 257.04 182.20
1,539.73
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Financial liabilities 19
a) Borrowings 1,030.71
b) Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises 158.41 77.70
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 15,043.41
F 2WKHUFXUUHQWˋQDQFLDOOLDELOLWLHV 1,813.64
Other current liabilities 20 6,262.63
Provisions 21 208.71 376.33
Current tax liabilities (net) 22 1,671.91 823.76
26,189.42
727$/(48,7<$1'/,$%,/,7,(6 56,282.95
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Contingent liabilities and commitments
Other notes to accounts WR
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170 Polycab India Limited
&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVVfor the year ended 31 March 2019
( ` Million)
Year ended Year ended
1RWHV 0DUFK 31 March 2018
,1&20(
Revenue from operations 23 79,559.83
Other income 933.49
727$/,1&20( 80,493.32 69,793.89
(;3(16(6
Cost of materials consumed 54,823.19
Purchases of traded goods 26 3,370.41
&KDQJHVLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV 27 (1,076.98)
Excise duty -
Project bought outs and other cost 28 2,543.04
(PSOR\HHEHQHˋWVH[SHQVH 29 3,002.48
Finance cost 30 1,167.06 936.80
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV 31 1,414.45
Other expenses 32 7,665.77
727$/(;3(16(6 72,909.42
3URˋWEHIRUHVKDUHRISURˋWORVVRIMRLQWYHQWXUHV 7,583.90
6KDUHRISURˋWORVVRIMRLQWYHQWXUHV1HWRIWD[ (23.26)
3URˋWEHIRUHWD[ 7,560.64
,1&20(7$;(;3(16(6 17
Current tax 2,951.12
'HIHUUHGWD[FUHGLWFKDUJH (319.99) 226.86
Adjustment of tax relating to earlier periods (73.55) (320.63)
727$/7$;(;3(16( 2,557.58 2,082.28
3URˋWIRUWKH\HDU 5,003.06
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Equity shareholders of parent company 4,997.03
1RQFRQWUROOLQJLQWHUHVWV 6.03
5,003.06
27+(5&2035(+(16,9(,1&20(
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Exchange difference on translation of foreign operations (0.51)
1HWRWKHUFRPSUHKHQVLYHLQFRPHWREHUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV (0.51)
%,WHPVWKDWZLOOQRWEHUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV
5HPHDVXUHPHQWJDLQVORVVHVRQGHˋQHGEHQHˋWSODQV (6.75)
,QFRPHWD[UHODWHGWRDERYHLWHP5HIHUQRWH% 2.36 (9.20)
1HWRWKHUFRPSUHKHQVLYHLQFRPHQRWWREHUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV (4.39) 17.30
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As per our report of even date )RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUVRI
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Chartered Accountants (Formerly known as 'Polycab Wires Limited')
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172 Polycab India Limited
Consolidated Statement of Cash Flows for the year ended 31 March 2019
( ` Million)
Year ended Year ended
0DUFK 31 March 2018
$&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
3URˋWEHIRUHWD[ 7,560.64
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'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVH 1,414.45
6KDUHRISURˋWORVVRI-RLQW9HQWXUH 23.26
*DLQ/RVVRQGLVSRVDORISURSHUW\SODQWDQGHTXLSPHQW (21.01)
Finance income (127.90)
Finance costs 1,167.06 936.80
ESOP Compensation Expense 149.51 -
Fair valuation of Financial asset 136.32 (8.60)
Public Issue Expenditure 17.05 -
Liabilities / provisions no longer required written back (13.67)
Impairment allowance for trade receivable considered doubtful 548.62
Unrealised foreign exchange (gain)/loss 186.76 213.38
Fair value of written put options (6.10)
Sundry advances written-off 24.95 8.01
2SHUDWLQJSURˋWEHIRUHZRUNLQJFDSLWDOFKDQJHV 11,059.94
Movements in working capital
(Increase)/decrease in trade receivables (1,450.16)
,QFUHDVHGHFUHDVHLQRWKHUˋQDQFLDODQGQRQˋQDQFLDODVVHWV 180.61 1,089.27
(Increase)/decrease in inventories (6,300.87)
,QFUHDVHGHFUHDVHLQWUDGHSD\DEOHVRWKHUˋQDQFLDODQGQRQˋQDQFLDOOLDELOLWLHV 10,622.90
and provisions
&DVKJHQHUDWHGIURPRSHUDWLRQV 14,112.42
,QFRPHWD[SDLGLQFOXGLQJ7'6QHW (1,813.59)
1HWFDVKˌRZVIURPRSHUDWLQJDFWLYLWLHV$ 12,298.83
%&$6+)/2:6)520,19(67,1*$&7,9,7,(6
Proceeds from sale of property, plant and equipment including assets held for disposal 47.15
Purchase of property, plant and equipment (including Capital work in progress) (2,860.68) (1,988.38)
and Intangible assets
Proceeds/(Repayment) of loan from/to related parties (23.97)
Proceeds from sale of Mutual funds 1.40 -
Maturity/ (Investment) made in bank deposits (having original maturity of more (1,358.34)
than 3 months)
,QWHUHVWUHFHLYHGˋQDQFHLQFRPH 117.89
1HWFDVKˌRZVIURPXVHGLQLQYHVWLQJDFWLYLWLHV% (4,076.55) (1,878.33)
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1 Corporate information
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Company is also in the business of Engineering, Procurement and Construction (EPC) projects, Manufacturing and trading
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and Bombay Stock Exchange (BSE) on 16 April 2019.
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recognition in the Consolidated Financial Statements. Ind AS 12 Income Taxes applies to temporary differences that
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consolidation.
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services with each segment representing a strategic business unit that offers different products & serves different
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assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
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years. In case of lease of land for 90 years and above, it is likely that such leases meet the criteria that at the inception
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when the Consolidated Financial Statements were prepared. Existing circumstances and assumptions about future
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recognition and recognition of anticipated losses of the projects, if any. In the process of calculating
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fairly estimated.
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the future market conditions and other parameters that affect the operations of these entities.
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recognition requires application of judgement to existing facts and circumstances which may be subject
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In the normal course of business, contingent liabilities may arise from litigation and other claims against the
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(v) Fair value measurements
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inputs to these models are taken from observable markets where possible, but where this is not feasible, a
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as liquidity risk, credit risk and volatility.
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presented. Thus, all the Ind AS applicable till date have been applied, and there are no standards which are issued but not
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At 01 April 2017 1,007.21 96.63 139.88 80.19
$W0DUFK b b 34.98
At 31 March 2018 b b
,QYHVWPHQWLQ-RLQW9HQWXUH (` Million)
0DUFK 31 March 2018
,QYHVWPHQWLQ(TXLW\,QVWUXPHQWVRI-RLQW9HQWXUH
0DUFK(TXLW\VKDUHVRI5\NHU%DVH3ULYDWH 239.36
Limited of `10 each fully paid up
$GG&RUSRUDWHJXDUDQWHHJLYHQGXULQJWKH\HDU 3.80 10.30
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205.39 239.36
Note:
Joint Venture partner of the Ryker base Private Limited have the option to put their entire shareholding to the company at any time
after a lock in period i.e. earlier of
(a) Fifth anniversary of the date on which the Plant commences production;
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Fair market value of the shares or
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Additional Finance amounts contributed by Joint Venture partner from time to time.
Annual Report 2018-19 191
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0DUFK 31 March 2018
(A),19(670(176
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Investment in Mutual Funds -
Total FVTPL Investments -
Aggregate market value of unquoted mutual fund investment -
1RWH
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(B)75$'(5(&(,9$%/(6($7$0257,6('&267)
b b
(ii) The above includes inventories held by third parties amouting to ` 1787.77 million (31 March 2018 - ` 29.80 million)
LLL'XULQJWKH\HDUHQGHG0DUFK`PLOOLRQ0DUFK` 13.00 million ) was recognised as an expense for inventories carried at
net realisable value.
(iv) Inventories are hypothecated with the bankers against working capital limits. (Refer note - 19(A))
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LVDIIHFWHGE\FKDQJHVLQ/RQGRQ0HWDO([FKDQJH/0(SULFHVLQIXWXUH6XFKWUDQVDFWLRQVDUHHQWHUHGLQWRWRSURWHFWWKH*URXSDJDLQVWWKHULVNRI
price movement in the purchased copper and aluminium. This is designated as a fair value hedge as it is taken to hedge the exposure to changes
in fair value due to commodity price risks. The open hedge exposures are valued at the fair value and the impact is adjusted to the value of the
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0DUFK 31 March 2018
(A)75$'(5(&(,9$%/(6($7$0257,6('&267)
(B)&$6+$1'&$6+(48,9$/(176($7$0257,6('&267)
Balances with banks
In current accounts 1,294.42 76.68
'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV 494.50 -
Cash in hand 1.67
Cheques in hand - 3.90
1,790.59 82.32
b Annual Report 2018-19 193
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0DUFK 31 March 2018
(C)%$1.%$/$1&(27+(57+$1&$6+$1'&$6+(48,9$/(176($7$0257,6('&267)
'HSRVLWVZLWKRULJLQDOPDWXULW\IRUPRUHWKDQPRQWKV 9.38 8.10
'HSRVLWVZLWKRULJLQDOPDWXULW\IRUPRUHWKDQPRQWKVEXWOHVVWKDQPRQWKV 1,375.00 16.00
Margin money deposit 0.90 -
1,385.28
(')/2$16($7$0257,6('&267)
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHGRWKHUZLVH
Loans to employees 12.83 11.20
Loans to related party
&RQVLGHUHG*RRG8QVHFXUHG 165.51
7RWDO/RDQV*URVV 178.34
(E)27+(5),1$1&,$/$66(76
At amortised cost
Earnest money deposits and Security deposits# 29.06 39.67
Contract asset 260.51
Insurance claim receivables 35.43 -
Interest accrued on bank deposits 11.28 1.27
Public issue expense recoverable from selling shareholders 388.77 -
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Interest rate and cross currency swap 7.40 3.30
732.45
/HVV,PSDLUPHQWDOORZDQFHIRU&RQWUDFW$VVHWVFRQVLGHUHGGRXEWIXO (7.58) -
724.87
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b b
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0DUFK 31 March 2018
Assets held for disposal 0.22 2.70
0.22 2.70
(B),668('68%6&5,%('$1')8//<3$,'-836+$5(6b
(TXLW\VKDUHVRI` 10 each) 1XPEHUV (` Million)
At 1 April 2017
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$W0DUFK
Changes during the year - -
$W0DUFK 141,205,838 1,412.06
(C)7(5065,*+76$77$&+('72(48,7<6+$5(6
7KH*URXSKDVRQO\RQHFODVVRIHTXLW\VKDUHVKDYLQJSDUYDOXHRI` 10 per share. Each holder of equity shares is entitled to one vote
SHUVKDUH7KH*URXSGHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKH
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distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
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shareholders ` 1/-.
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No. of Shares % holding
Mr. Inder T. Jaisinghani 26,86,550 1.90%
0U*LUGKDUL7-DLVLQJKDQL 26,63,871 1.89%
Mr. Ajay T. Jaisinghani 26,63,871 1.89%
Mr. Ramesh T. Jaisinghani 26,73,321 1.89%
Mr. Bharat A Jaisinghani 6,80,662 0.48%
0U1LNKLO5-DLVLQJKDQL 6,80,662 0.48%
Mr. R.Ramakrishnan 6,36,994 0.45%
0U$QLO+DULDQL 6,59,589 0.47%
International Finance Corporation (IFC) 84,72,350 6.00%
2,18,17,870 15.45%
$WWKHWLPHRIˋOLQJRISURVSHFWXVVKDUHVRYHUDQGDERYH2)6ZHUHWUDQVIHUUHGWRUHVSHFWLYHVHOOLQJVKDUHKROGHUVGHPDWDFFRXQWV
which stands in excess as at reporting period.
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The Parent Company has estimated ` PLOOLRQ DV ,32 UHODWHG H[SHQVHV DQG DOORFDWHG VXFK H[SHQVHV EHWZHHQ WKH 3DUHQW
Company ` PLOOLRQ DQG VHOOLQJ VKDUHKROGHUV ` 388.77 million in proportion to the equity shares allotted to the public as
fresh issue by the Parent Company and under offer for sale by selling shareholders respectively. As at 31 March 2019, the total
amount attributable to the Parent Company amounting to ` PLOOLRQ KDV EHHQ DGMXVWHG WR VHFXULWLHV SUHPLXP DQG EDODQFH
amount `PLOOLRQFKDUJHGRIIWR3URˋWDQG/RVVDFFRXQW
$JJUHJDWH QXPEHU RI ERQXV VKDUH LVVXHG DQG VKDUH LVVXHG IRU FRQVLGHUDWLRQ RWKHU WKDQ FDVK GXULQJ WKH SHULRG RI \HDUV
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70,602,919 equity shares of `HDFKIXOO\SDLGXSLVVXHGDV%RQXVVKDUHVLQWKHUDWLRRIE\FDSLWDOL]DWLRQRI6HFXULWLHVSUHPLXP
GXULQJWKH\HDUHQGHG0DUFK
b b b b
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b b b 0DUFK 31 March 2018
(A)6(&85,7,(635(0,80
Opening balance 3,205.60
/HVV6KDUHLVVXHH[SHQVHV (148.28) -
3,057.32
(C)(62328767$1',1* 149.51 -
('))25(,*1&855(1&<75$16/$7,215(6(59(
Opening Balance 1.94
$GG([FKDQJH'LIIHUHQFHGXULQJWKH\HDURQQHWLQYHVWPHQW (0.51)
in non-integral foreign operations
1.43
(E)5(7$,1('($51,1*6
Opening balance 18,242.59
$GG3URˋWGXULQJWKHSHULRG 4,992.64
/HVV,QWHULPHTXLW\GLYLGHQG -
/HVV7D[RQLQWHULPHTXLW\GLYLGHQG -
23,235.23
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process on 16 April 2019.
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Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
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to certain employees. The ESOP Outstanding is used to recognise the value of equity-settled share-based payments provided to
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1RQFXUUHQWˋQDQFLDOOLDELOLWLHV (`0LOOLRQb
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Borrowings (at amortised cost)
([WHUQDOFRPPHUFLDOERUURZLQJVHFXUHG
)RUHLJQFXUUHQF\ORDQIURP+6%&%DQN0DXULWLXV/WG 691.71
Rupee loan (secured)
,QGLDQUXSHHORDQIURP+')&%DQN 134.47
,QGLDQUXSHHORDQIURP&LWLEDQN1$ 867.30 1,137.30
1,693.48
/HVV&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJV5HIHU1RWH& (804.23) (726.10)
889.25
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DQGRQDOOFXUUHQWDVVHWVRIWKH*URXS
LLL&KDUJHVZLWKUHVSHFWWRDERYHERUURZLQJKDVEHHQFUHDWHGLQIDYRURIOHDGEDQNHULQWKHFRQVRUWLXP1RVHSDUDWHFKDUJHFUHDWHG
for each of the borrowing.
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3URYLVLRQIRUHPSOR\HHEHQHˋWV
*UDWXLW\5HIHU1RWH$ 95.71
Compensated absences 66.71 -
162.42
17 Income taxes
( B )2 &,6(&7,21-'()(55('7$;5(/$7('72,7(065(&2*1,6(',12&,
'85,1*,17+(<($5 (` Million)
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1HWORVVJDLQRQUHPHDVXUHPHQWVRIGHˋQHGEHQHˋWSODQV (2.36) 9.20
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b b
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3URˋWEHIRUHWD[ 7,560.64
Applicable Tax rate 34.94%
Tax using applicable tax rate 2,641.99
Effect of:
Expense not allowed for tax purpose 56.75
Income not considered for tax purpose (35.88) (32.90)
Additional allowances for tax purpose (31.73)
Adjustments of tax relating to earlier years (73.55) (320.63)
,QFRPHWD[FKDUJHGWRVWDWHPHQWRISURˋWDQGORVVDFFRXQW 2,557.58 2,082.28
( E )'()(55('7$;$66(7&2035,6(6
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On account of carry forward of business loss 3.36 1.60 (1.76)
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payment basis
*URVVGHIHUUHGWD[DVVHWOLDELOLW\ (1.55) 0.10
'HIHUUHGWD[H[SHQVHLQFRPH 1.65 0.60
Deferred tax asset (net) (1.55) 0.10
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( B )75$'(3$<$%/(( $7$0257,6('&267 )
Total outstanding dues of micro and small enterprises - (Refer note below (iii))
Trade payables - Others 106.00 77.70
7UDGHSD\DEOHVWRUHODWHGSDUWLHV5HIHU1RWH$ 52.41 -
Total outstanding dues of creditors other than micro and small enterprises 158.41 77.70
Acceptances - (Refer note below (i)) 8,032.85
Other than acceptances
Trade payables - Others 6,910.92
7UDGHSD\DEOHVWRUHODWHGSDUWLHV5HIHU1RWH$ 99.64 31.89
15,043.41
(i) Acceptances represent amount payable to banks on due date as per usance period of Letter of Credit (LCs) issued to raw material
vendors under non-fund based working capital facility approved by Banks for the group. These letter of credit are discounted
by the vendors with their banks and the payments are made on due date to Banks by the group along with interest payable
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Company.
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(iii) ,QIRUPDWLRQDVUHTXLUHGWREHIXUQLVKHGDVSHUVHFWLRQRIWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW
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( C ) 27+(5&855(17),1$1&,$//,$%,/,7,(6
At amortised cost
&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJVUHIHUQRWH 804.23 726.10
Security deposit 40.37
Interest accrued but not due on borrowings 24.71
Interest accrued and due on borrowings 6.52
Creditors for capital expenditure 346.97 222.71
$WIDLUYDOXHWKURXJKSURˋWDQGORVV)973/
'HULYDWLYHOLDELOLW\ 221.38
Refund liability 318.33
'HIHUUHGOLDELOLW\ 38.15
Other (refer note below) 12.98 10.30
1,813.64
Note
Parent Company has provided a guarantee for credit facility availed by the Ryker Base Private Limited amounting to `0LOOLRQ
(31 March 2018 `0LOOLRQ7KHIDLUYDOXHRIFRUSRUDWHJXDUDQWHH`0LOOLRQ0DUFK` 10.30 Million) has been
included in carrying cost of investment.
Reconciliation of the revenue from contracts with customers with the amounts
disclosed in the segment information
7RWDOUHYHQXHIURPFRQWUDFWVZLWKFXVWRPHUV 79,507.51 69,081.22
Export incentives 52.32 68.30
2WKHULQFRPHH[FOXGLQJˋQDQFHLQFRPH 805.59 616.97
Total income as per Segment 80,365.42
ii) Revenue from contracts with customers includes excise duty collected of `1LO0DUFK`0LOOLRQ5HYHQXH
from contracts with customers net of applicable taxes is `0LOOLRQ0DUFK`PLOOLRQ5HYHQXH
from operations for previous periods up to 30 June 2017 includes excise duty. From 1 July 2017 onwards the excise duty
DQG PRVW LQGLUHFW WD[HV LQ ,QGLD KDYH EHHQ UHSODFHG *RRGV DQG 6HUYLFH7D[ *677KH JURXS FROOHFWV *67 RQ EHKDOI RI WKH
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from operations for the year ended 31 March 2019 is not comparable with 31 March 2018.
ix) 5HIXQGDVVHWVDQGUHIXQGOLDELOLWLHV As at As at
0DUFK 31 March 2018
Refund assets 242.34
Refund liabilities 318.33
x) 3HUIRUPDQFHREOLJDWLRQV
Aggregate amount of the transaction price (net of tax) allocated to long-term construction contracts that are partially or fully
XQVDWLVˋHGDVDW0DUFK`0LOOLRQ0DUFK`0LOOLRQ7KHXQVDWLVˋHGSHUIRUPDQFHREOLJDWLRQ
LV H[SHFWHG WR EH UHFRJQLVHG ZLWKLQ PRQWKV %DVHG RQ JHQHUDO WUHQG RI SHULRG RI FRQWUDFW DQG LWV SHULRG RI H[HFXWLRQ
DSSUR[LPDWHO\ RI WKH XQVDWLVˋHG SHUIRUPDQFH REOLJDWLRQ LV H[SHFWHG WR EH VDWLVˋHG ZLWKLQ RQH \HDU 7KH UHPDLQLQJ LV
H[SHFWHGWREHUHFRJQLVHGZLWKLQWRPRQWKV,QFHUWDLQFRQWUDFWVZKHUHWKHFRPSDQ\KDVH[WHQGHGZDUUDQW\PDLQWHQDQFH
VHUYLFHVREOLJDWLRQDVHSDUDWHSHUIRUPDQFHREOLJDWLRQLVLGHQWLˋHGDQGWKHWUDQVDFWLRQSULFHLVDOORFDWHGDFFRUGLQJO\
xi) ,PSDFWRI,QG$6
OQG$6Ȥ5HYHQXHIURP&RQWUDFWVZLWK&XVWRPHUVȥLVPDQGDWRU\IRUUHSRUWLQJSHULRGVEHJLQQLQJRQRUDIWHU$SULODQG
KDVUHSODFHGH[LVWLQJOQG$6UHODWHGWKHUHWR7KH&RPSDQ\KDVDGRSWHGWKHPRGLˋHGUHWURVSHFWLYHDSSURDFKXQGHUWKHVWDQGDUG
Under this approach, no adjustments were required to be made to the retained earning as at 1 April 2018. Also the application
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results for the year 31 March 2019.
xii) 'LVFORVXUHLQWHUPVRI,QG$6RQWKHDFFRXQWLQJRI-RLQWRSHUDWLRQ
7KH&RPSDQ\KDVLQWHUHVWLQDMRLQWRSHUDWLRQZLWK*73/KDWKZD\/LPLWHGIRUDQ(3&SURMHFWRI`PLOOLRQZKLFK
KDVEHHQDZDUGHGE\*XMDUDW)LEUH*ULG1HWZRUN/LPLWHG*)*1/GXULQJWKH)<7KHSULQFLSOHSODFHRI-RLQWRSHUDWLRQ
is in India.
7KH DUUDQJHPHQWV UHTXLUH XQDQLPRXV FRQVHQW IURP DOO SDUWLHV IRU DOO UHOHYDQW DFWLYLWLHV DQG KHQFH LW LV FODVVLˋHG DV MRLQW
operations. The partners to the agreement have direct right to the assets and are jointly and severally liable for the liabilities
LQFXUUHGE\WKHXQLQFRUSRUDWHGMRLQWRSHUDWLRQ,QDFFRUGDQFHZLWK,QG$6RQȤ-RLQW$UUDQJHPHQWVȥWKHˋQDQFLDOVWDWHPHQWV
RIWKH&RPSDQ\LQFOXGHVWKH&RPSDQ\ȢVVKDUHLQWKHDVVHWVOLDELOLWLHVLQFRPHVDQGH[SHQVHVUHODWLQJWRMRLQWRSHUDWLRQVEDVHG
RQWKHˋQDQFLDOVWDWHPHQWVUHFHLYHGIURPWKHUHVSHFWLYHRSHUDWRUV7KHLQFRPHH[SHQGLWXUHDVVHWVDQGOLDELOLWLHVRIWKHMRLQW
operations are merged on line by line basis according to the participating interest with the similar items in the Financial
Statements of the Company.
The joint operation does not recognise margin on revenue until the contract achieves completion percentage in line with
internally set threshold.
7KHWDEOHEHORZSURYLGHVVXPPDUL]HGˋQDQFLDOLQIRUPDWLRQRIWKHFRPSDQ\ȢVVKDUHRIDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHV
in the joint operations.
(` Million)
Particulars Year ended
0DUFK
Property, plant and equipment 0.08
Current Assets 406.58
Cash and Bank Balances 376.12
&XUUHQW 1RQ&XUUHQW/LDELOLWLHV3URYLVLRQV 782.78
Expenses 134.43*
Income 134.43*
1RPDUJLQKDVEHHQUHFRJQLVHGRQWKHSURMHFWDVWKHSHUFHQWDJHRIFRPSOHWLRQLVOHVVWKDQ
2WKHULQFRPH (` Million)
Year ended Year ended
0DUFK 31 March 2018
Interest income on
Bank deposits 28.33
Others 99.57 22.93
Sundry balances written back 60.48
Miscellaneous income 37.10 27.63
*DLQRQVDOHRISURSHUW\SODQWDQGHTXLSPHQW 21.01
*RYHUQPHQW*UDQW 295.69 128.20
Exchange differences (net) 385.21
Fair value of put option 6.10 -
)DLUYDOXDWLRQJDLQRQˋQDQFLDODVVHW
- 8.60
933.49
*DLQRQIDLUYDOXDWLRQRIˋQDQFLDOLQVWUXPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVVUHODWHVWRIRUHLJQH[FKDQJHˌXFWXDWLRQRQIRUZDUG
FRQWUDFWVWKDWGLGQRWTXDOLI\IRUKHGJHDFFRXQWLQJDQGRQHPEHGGHGGHULYDWLYHVZKLFKKDYHEHHQVHSDUDWHG1RLQHIIHFWLYHQHVVKDV
been recognised on foreign exchange and interest rate hedges.
&RVWRIPDWHULDOVFRQVXPHG (` Million)
Year ended Year ended
0DUFK 31 March 2018
Copper 30,701.55
Aluminium 9,400.74 8,722.21
Steel 2,813.05 2,268.30
39&&RPSRXQG+'3(/'3(;/3(5HVLQ 7,491.96
Packing Materials 920.95
Others 3,494.94 2,109.00
54,823.19
,QYHQWRU\DWWKHEHJLQQLQJRIWKH\HDU
Work-in-progress 1,055.78
Finished goods 6,452.22
Traded goods 480.03
Scrap materials 134.70 112.80
8,122.73 8,780.67
,QYHQWRU\DWWKHHQGRIWKH\HDU
Work-in-progress 1,416.42
Finished goods 6,643.47
Traded goods 939.18
Scrap materials 200.64
9,199.71 8,122.73
&KDQJHVLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV (1,076.98)
(PSOR\HHEHQHˋWVH[SHQVH (` Million)
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH (` Million)
Year ended Year ended
0DUFK 31 March 2018
'HSUHFLDWLRQRIWDQJLEOHDVVHWV5HIHUQRWH 1,396.24 1,288.33
$PRUWL]DWLRQRILQWDQJLEOHDVVHWV5HIHUQRWH 18.21
1,414.45
(` Million)
7KHIROORZLQJUHˌHFWVWKHLQFRPHDQGVKDUHGDWDXVHGLQWKH Year ended Year ended
EDVLFDQGGLOXWHG(36FRPSXWDWLRQV 0DUFK 31 March 2018
3URˋWDWWULEXWDEOHWRHTXLW\KROGHUVIRUEDVLFHDUQLQJV (A) 4,997.03
Weighted average number of equity shares for basic EPS (B) 141,205,838
(IIHFWRIGLOXWLRQ
Share options (C) 6,575 -
Weighted average number of Equity shares adjusted for the ' %& 141,212,413
effect of dilution
Basic earnings per share (`) (A/B) 35.39
'LOXWHGHDUQLQJVSHUVKDUH`) $' 35.39
(PSOR\HH6WRFN2SWLRQ3ODQ
Pursuant to the resolutions passed by our Board on August 30, 2018 and our Shareholders on August 30, 2018, the Parent company
approved the Employee Stock Option Plan 2018 for issue of options to eligible employees which may result in issue of Equity Shares of
QRWPRUHWKDQ(TXLW\6KDUHV7KHSDUHQWFRPSDQ\UHVHUYHVWKHULJKWWRLQFUHDVHVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUV
RUUHGXFHVXFKQXPEHUVRIVKDUHVDVLWGHHPVˋW
7KHH[HUFLVHRIWKHYHVWHGRSWLRQVKDOOEHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHQRWLˋHGVFKHPHXQGHUWKHSODQ
(PSOR\HH6WRFN2SWLRQ3HUIRUPDQFH6FKHPHDQG(PSOR\HH6WRFN2SWLRQ3ULYLOHJH6FKHPH
The company also approved Employee Stock Option Performance Scheme 2018 and Employee Stock Option Privilege Scheme 2018
under which the maximum number of options granted to any grantee under "Performance Scheme" together with options granted in
any other scheme shall not exceed 1 percent of the total share capital at the time of grant.
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(A) LEASES
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The Company has taken industrial premises, residential building, land (space for godowns) under various lease agreements. There
are no restrictions placed upon the Company by entering into these leases. There are no clauses on contingent rent.
(` Million)
Future minimum rentals payable under non-cancellable Year ended Year ended
RSHUDWLQJOHDVHVDUHDVIROORZV 0DUFK 31 March 2018
Expense for the year 177.45
Within one year 43.69
$IWHURQH\HDUEXWQRWPRUHWKDQˋYH\HDUV 79.08
0RUHWKDQˋYH\HDUV b 62.56 108.10
(B) &$3,7$/$1'27+(5&200,70(176 b
Estimated amounts of contracts remaining to be executed on 1,880.28
account of capital commitments and not provided for (net of b b
advances)
b b
(C) &217,1*(17/,$%,/,7,(6( 727+((;7(171273529,'(')25 )
D*XDUDQWHHV
L*XDUDQWHHVJLYHQE\WKH*URXSȢVEDQNHUVWR*URXS 12,950.17
E2WKHUPDWWHUVIRUZKLFKWKH*URXSLVFRQWLQJHQWO\OLDEOH Period to which
relates
i) Taxation matters
D'LVSXWHGOLDELOLW\LQUHVSHFWRIVDOHVWD[9$7GHPDQG 2007-08 to
2016-17 370.56
& pending sales tax/VAT forms
2007-08 to
E'LVSXWHGOLDELOLW\LQUHVSHFWRIH[FLVHGXW\GHPDQG 45.55
2010-11 and
F'LVSXWHGOLDELOLW\LQUHVSHFWRIFXVWRPGXW\GHPDQG 21.67
2016-17
(ii) Claims made against the Company, not acknowledged
2018-19 634.21 -
as debts
There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. The
company will update its provision, on receiving further clarity on the subject
,Q UHVSHFW RI WKH LWHPV DERYH IXWXUH FDVK RXWˌRZV LQ UHVSHFW RI FRQWLQJHQW OLDELOLWLHV DUH GHWHUPLQDEOH RQO\ RQ UHFHLSW RI
MXGJHPHQWVGHFLVLRQVSHQGLQJDWYDULRXVIRUXPVDXWKRULW\7KH*URXSGRHVQȢWH[SHFWWKHRXWFRPHRIPDWWHUVVWDWHGDERYHWRKDYH
DPDWHULDODGYHUVHHIIHFWRQWKH*URXSȢVˋQDQFLDOFRQGLWLRQVUHVXOWRIRSHUDWLRQVRUFDVKˌRZV
'LVFORVXUHLQWHUPVRI,QG$6RQWKHDFFRXQWLQJRIFRQVWUXFWLRQFRQWUDFWLVDVXQGHUb
(` Million)
b Year ended Year ended
0DUFK 31 March 2018
b
D &RQWUDFWUHYHQXHUHFRJQLVHGIRUWKH\HDU1HWRIWD[ 3,795.50
b) Contract that are in progress as on reporting date
L&RQWUDFWFRVWVLQFXUUHGDQGUHFRJQLVHGSURˋWVOHVVUHFRJQLVHGORVVHV 3,795.50
LL$PRXQWRIUHWHQWLRQV
1,240.14 792.20
LLL5HFRJQLVHGDQGLQFOXGHGLQˋQDQFLDOVWDWHPHQWDV
Contract Asset 260.51
Contract Liability 1,415.23 777.02
5HWHQWLRQVDUHVSHFLˋFWRSURMHFWVDQGDUHJHQHUDOO\UHFHLYDEOHZLWKLQ
6 months from completion of project.
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(A) '(),1('%(1(),73/$1 -$63(5$&78$5,$/9$/8$7,21
7KH*URXSRSHUDWHVRQHGHˋQHGSODQYL]JUDWXLW\IRULWVHPSOR\HHV8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HHZKRKDVFRPSOHWHG
DWOHDVWˋYH\HDUVRIVHUYLFHJHWVDJUDWXLW\RQGHSDUWXUH#GD\VRIODVWGUDZQVDODU\IRUHDFKFRPSOHWHG\HDURIVHUYLFH7KH
scheme is funded with an insurance company in the form of qualifying insurance policy.
7KHIROORZLQJWDEOHVVXPPDULVHWKHFRPSRQHQWVRIQHWEHQHˋWH[SHQVHVUHFRJQLVHGLQWKHVWDWHPHQWRISURˋWDQGORVVDQGWKH
IXQGHGVWDWXVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHWIRUJUDWXLW\
67$7(0(172)352),7$1'/266
1HWHPSOR\HHEHQHˋWVH[SHQVHUHFRJQLVHGLQSURˋWRUORVV (` Million)
bbb 0DUFK 31 March 2018
Current service cost 46.09
1HWLQWHUHVWFRVW 14.27 11.90
Past service cost - 21.20
1HWEHQHˋWVH[SHQVH 60.36
1HWDFWXDULDOJDLQORVVUHFRJQLVHGLQ2WKHUFRPSUHKHQVLYHLQFRPHIRUWKHSHULRG
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHILQHGEHQHILWREOLJDWLRQDUHDVIROORZV
2SHQLQJGHˋQHGEHQHˋWREOLJDWLRQ 352.94
Interest cost 27.53 22.80
Current service cost 46.09
Past service cost - 21.19
%HQHˋWVSDLG (22.61)
Actuarial (gains)/losses on obligations
'XHWRFKDQJHLQˋQDQFLDODVVXPSWLRQV 4.57
'XHWRH[SHULHQFH 1.38
&ORVLQJGHˋQHGEHQHˋWREOLJDWLRQ 409.90
&KDQJHVLQWKHIDLUYDOXHRISODQDVVHWVDUHDVIROORZVb
Opening fair value of plan assets 170.02
Interest Income 13.27 10.90
Contribution by employer 54.01
%HQHˋWVSDLG (22.61) (16.10)
Actuarial gains (0.80) (9.80)
Closing fair value of plan assets 213.89 170.02
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(` Million)
b 0DUFK 31 March 2018
7KHSULQFLSDODVVXPSWLRQVXVHGLQGHWHUPLQLQJJUDWXLW\IRUWKH*URXSȢVSODQVDUHVKRZQEHORZ
'LVFRXQWUDWH b 7.64% 7.80%
Expected rate of return on plan 7.64% 7.80%
assets
Employee turnover 10.00% 10.00%
Salary escalation 11.00% 11.00%
The average expected future service as at 31 March 2019 is 8 years (31 March 2018 - 8 years).
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHVDFFRXQWRILQˌDWLRQVHQLRULW\SURPRWLRQDQG
other relevant factors, such as supply and demand in the employment market.
The overall expected rate of return on plan assets is determined based on the market prices prevailing on that date, applicable
to the period over which the obligation is to be settled.
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6HQVLWLYLW\DQDO\VLV
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Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not proved to be true on
GLIIHUHQWFRXQW7KLVRQO\VLJQLˋHVWKHFKDQJHLQWKHOLDELOLW\LIWKHGLIIHUHQFHEHWZHHQDVVXPHGDQGWKHDFWXDOLVQRWIROORZLQJ
the parameters of the sensitivity analysis.
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3URMHFWHGEHQHˋWVSD\DEOHLQIXWXUH\HDUVIURPWKHGDWHRIUHSRUWLQJ
1st following year 58.27
2nd following year 30.37 27.73
3rd following year 33.73 28.00
WKIROORZLQJ\HDU 35.50
WKIROORZLQJ\HDU 36.98 30.67
Sum of years 6 to 10 176.59 30.67
Sum of years 11 years and above 463.77
*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHˋWSODQV
(B) '(),1('&2175,%87,213/$1
7KH*URXSKDVUHFRJQLVHGH[SHQVHVWRZDUGVGHˋQHGFRQWULEXWLRQSODQDVXQGHU (` Million)
b 0DUFK 31 March 2018
Contribution to provident fund and other funds 94.74
(C) 6+$5( - %$6('3$<0(176
(PSOR\HHVWRFNRSWLRQSODQ
'XULQJWKH\HDUHQGHG0DUFKWKHFRPSDQ\KDGLQVWLWXWHGDQ(6233ODQ(6233HUIRUPDQFH6FKHPHDQG(623
3ULYLOHJH6FKHPHDVDSSURYHGE\WKH%RDUGRI'LUHFWRUVDQG6KDUHKROGHUVGDWHG$XJXVWIRULVVXDQFHRIVWRFNRSWLRQWR
eligible employees of the company.
8QGHU(PSOR\HH6WRFN2SWLRQV3HUIRUPDQFH6FKHPHWKHRSWLRQVZLOOEHYHVWHGLQWKHVSHFLˋHGUDWLRVXEMHFWWRIXOˋOOPHQWRI
the employee performance criteria laid down in the scheme. This shall be monitored annually as per the performance evaluation
cycle of the company and options shall vest based on the achieved rating to the employee.
8QGHU(PSOR\HH6WRFN2SWLRQV3ULYLOHJH6FKHPHWKHRSWLRQVDUHYHVWHGRYHUDSHULRGRIRQH\HDUVXEMHFWWRIXOˋOOPHQWRI
service condition.
Expected volatility is based on historical stock volatility of comparable companies operating within the same industry. The
historical stock prices of comparable companies has been observed for a period commensurate to the Life of option.
3XUVXDQWWRWKHVDLGVFKHPH6WRFNRSWLRQVFRQYHUWLEOHLQWRHTXLW\VKDUHVYLGH(6233HUIRUPDQFH6FKHPH3UHYLRXV
\HDU 1,/ DQG HTXLW\ VKDUHVYLGH (623 3ULYLOHJH 6FKHPH 3UHYLRXV\HDU 1,/ RI ` 10 each were granted to eligible
employee at an exercise price of `
6XEMHFWWRWHUPVDQGFRQGLWLRQRIWKHVFKHPHRSWLRQVDUHFODVVLˋHGLQWRWKUHHFDWHJRULHV
Performance Privilege
Scheme Scheme
1RRIRSWLRQV
Method of accounting Fair value Fair value Fair value
\HDUVJUDGHG \HDUVJUDGHG 1 year
Vesting period
vesting vesting
*UDQWGDWH 30 Aug 18 18 Oct 18 30 Aug 18
Exercise/ Expiry date 29 Aug 26 17 Oct 26 29 Aug 23
8 years from the 8 years from the \HDUVIURPWKH
Exercise period
date of grant date of grant date of grant
Weighted average share price ` 0 ` `
*UDQW([HUFLVHSULFH ` ` `
Method of settlement Equity - settled Equity - settled Equity - settled
Weighted average remaining contractual life of options (in days) 1702
0RYHPHQWRIRSWLRQVJUDQWHG
0DUFK 31 March 2018
*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHˋWSODQV
7KHPRGHOLQSXWVIRUIDLUYDOXHRIRSWLRQJUDQWHGDVRQWKHJUDQWGDWH
Performance Privilege
Scheme Scheme
Inputs
Year 1 Year 2 Year 3 <HDU <HDU Year 1
YHVWLQJ YHVWLQJ 20% vesting 20% vesting 30% vesting 100% vesting
6XPPDULVHGEDODQFHVKHHWDVDW0DUFK b b b (` million)
7(3/ 5\NHU
0DUFK 31 March 2018 0DUFK 31 March 2018
Current assets, including cash and cash equivalents 570.91 660.44
1RQFXUUHQWDVVHWV 400.82 2,487.69
Current liabilities, including tax payable (526.59) (170.18)
1RQFXUUHQWOLDELOLWLHVLQFOXGLQJGHIHUUHGWD[OLDELOLWLHV (264.43) (288.82) (2,506.99)
Equity 180.71 470.96
5HFRQFLOLDWLRQRIVXPPDULVHGEDODQFHVKHHWWRWKHFDUU\LQJDPRXQWRILQWHUHVWLQ5\NHUEDVH3ULYDWHOLPLWHGUHFRJQLVHGLQWKH
consolidated Balance Sheet:
0DUFK 31 March 2018
1HW$VVHWVRI5\NHU%DVH3ULYDWH/LPLWHG 470.96
3URSRUWLRQRIWKH*URXSȢV2ZQHUVKLSLQWHUHVWLQ5\NHU%DVH3ULYDWHOLPLWHG 50%
235.48 263.69
(OLPLQDWLRQRIXQUHDOLVHGSURˋWRQVDOHRIˋ[HGDVVHWVQHWRIWD[ (24.33)
(5.76) -
&DUU\LQJDPRXQWRI*URXSȢVLQWHUHVWLQ5\NHU%DVH3ULYDWH/LPLWHG 205.39 239.36
The Parent Company had no contingent liabilities or capital commitments relating to its interest in joint ventures as at 31 March 2019
except the corporate guarantee provided to bank against the borrowing by Ryker base pvt. ltd (Refer note - 19(C). Joint ventures can not
GLVWULEXWHWKLVSURˋWVXQWLOWKH\REWDLQFRQVHQWIURPWKHYHQWXUHSDUWQHUV
215
Note:- Company has provided a shortfall undertaking for credit facility availed by the Ryker Base Private Limited amounting to `0LOOLRQ0DUFK`0LOOLRQ7KHIDLUYDOXHRIFRUSRUDWHJXDUDQWHH
`0LOOLRQ0DUFK` 10.30 Million) has been included in carrying cost of investment.
1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUWKH\HDUHQGHG0DUFK
39 Related party disclosures
.H\PDQDJHPHQWSHUVRQQHO
Mr. Inder T. Jaisinghani &KDLUPDQDQG0DQDJLQJ'LUHFWRU
Mr. R. Ramakrishnan &KLHI([HFXWLYH
XSWR0D\
Mr. Ramesh T. Jaisinghani :KROHWLPH'LUHFWRU
Mr. Ajay T. Jaisinghani :KROHWLPH'LUHFWRU
Mr. Shyam Lal Bajaj &KLHI)LQDQFLDORIˋFHUZHI6HSWHPEHUDQG:KROHWLPH'LUHFWRU
)LQDQFHZHI'HFHPEHU
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0U6XEUDPDQLDP6DL1DUD\DQD Company Secretary
Mr. Jayantibhai S. Patel (JSP) 0DQDJLQJ'LUHFWRU'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG
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Mr. Rishikesh Suresh Rajurkar 'LUHFWRU7LUXSDWL5HHOV3ULYDWH/LPLWHG
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Mr. Bharat A. Jaisinghani Son of Mr. Ajay T. Jaisinghani
0U*LUGKDUL7-DLVLQJKDQL Brother of Mr. Inder T. Jaisinghani
0U.XQDO,-DLVLQJKDQL Son of Mr. Inder T. Jaisinghani
0U1LNKLO5-DLVLQJKDQL Son of Mr. Ramesh T. Jaisinghani
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( B )5(081(5$7,213$,' (` Million)
2XWVWDQGLQJDW Outstanding at
1DPHRIWKHGLUHFWRUUHODWLYH Year ended 31 the period ended Year ended 31 the period ended
0DUFK 0DUFK March 2018 31 March 2018
0U*LUGKDUL7-DLVLQJKDQL 9.40 2.17 2.07
Mr. Bharat A. Jaisinghani 11.68 2.58 10.83
0U1LNKLO5-DLVLQJKDQL 11.68 2.58 10.83
0U.XQDO-DLVLQJKDQL 1.27 - 1.20 -
0U1LNKLO-DMRGLD 0.96 - 0.96 -
( C )5(173$,' b (` Million)
Year ended 31 Year ended 31
1DPHRIWKHGLUHFWRUUHODWLYH
0DUFK March 2018
0V$QLWD'HYL-DMRGLD 0.44
0U1LNKLO-DMRGLD 0.24
Mr. Pratik Suresh Jajodia 0.13 0.13
0U6XUHVK.XPDU-DMRGLD 0.23 0.23
( F )&2175,%87,215(&(,9(')5200,125,7<,17(5(67)255,*+7,668(b
(` Million)
Year ended 31 Year ended 31
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Outstanding balances at the period-end are unsecured and interest free and settlement occurs in cash. For the period ended 31 March
2019, the Parent Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March
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market in which the related party operates.
( * )5(081(5$7,212).(<0$1$*(0(173(56211(/( .03 )
5HPXQHUDWLRQSDLGIRUWKHSHULRGHQGHGDQGRXWVWDQGLQJDVRQ0DUFKWRNH\PDQDJHULDOSHUVRQQHOV (` Million)
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to the directors are not included above.
Total b b 207.25
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( I )3$<$%/(6725(/$7('3$57,(6 (` Million)
0DUFK March 31, 2018
Mr. Jayantibhai S. Patel 1.27
0U1LNKLO-DMRGLD 0.05 0.07
0U6XUHVK.XPDU-DMRGLD - 0.02
0V$QLWD'HYL-DMRGLD - 0.03
Mr. Pratik Suresh Jajodia 0.29 -
( J )5(&(,9$%/()5205(/$7('3$57,(6 (` Million)
0DUFK March 31, 2018
Mr. Jayantibhai S. Patel 50.40
( . )6+$5(%$6('3$<0(17672.03 (` Million)
Particularsb 0DUFK
Mr. Shyam Lal Bajaj 5.99
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Set out below is the list of subsidiaries and joint ventures
b Ownership interest (%)
Country of
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incorporation 0DUFK 31 March 2018
Polycab Wires Italy SRL Subsidiary Italy 100.00% 100.00%
Tirupati Reels Private Limited Subsidiary India 55.00%
'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG Subsidiary India 51.00%
The principal place of business of all the entities listed above is the same as the respective country of incorporation.
(a ) # Joint venture w.e.f. 31 March 2017.
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Other Information (` Million)
0DUFK 0DUFK
Particulars
:LUHV &DEOHV )0(* 2WKHUV Eliminations 7RWDO Wires & Cables )0(* Others Eliminations Total
Segment assets 41,044.74 4,993.78 6,689.52 - 52,728.04 -
Un-allocated assets - - - - 3,261.06 - - - - 681.90
( B )6(&21'$5<6(*0(17,1)250$7,21
Secondary segmental reporting is based on the geographical location of customer. The geographical segments have been disclosed based on revenues within India (sales to customers in India) and
revenues outside India (sales to customer located outside India)
(` Million)
0DUFK 31 March 2018
Particulars :LWKLQ,QGLD 2XWVLGH 7RWDO Within India Outside Total
,QGLD India
Segment revenue 77,882.94 2,482.48 80,365.42
Segment assets 55,853.70 429.25 56,282.95 689.72
Capital expenditure incurred 2,813.53 - 2,813.53 -
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(` Million)
Carrying value Fair value
0DUFK 31 March 2018 0DUFK 31 March 2018
)LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURˋWRU b b b b
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Units of mutual funds - -
Financial assets at amortised cost
Trade receivables 1,351.27 880.00 1,351.27 880.00
2WKHUˋQDQFLDODVVHWV 50.88 61.16 50.88 61.16
Derivatives not designated as hedges b b b b
Interest rate and cross currency swap 7.40 3.30 7.40 3.30
7RWDO 1,409.55 1,409.55
)LQDQFLDOOLDELOLWLHV
%RUURZLQJV(&%IURP+6%& 691.71 691.71
Borrowings - Term loan from Citi bank 867.30 1,137.30 867.30 1,137.30
,QGLDQUXSHHORDQIURP+')&%DQN 134.47 134.47
(PEHGGHG'HULYDWLYH 65.53 278.87 65.53 278.87
Derivatives not designated as hedges
Foreign exchange forward contracts 172.48 172.48
Fair value of written put options 48.90 48.90
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(` Million)
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active markets REVHUYDEOHLQSXWV XQREVHUYDEOHLQSXWV
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Assets measured at fair value b b b b b
Interest rate and cross currency swap 31 March 2019 - -
'HULYDWLYHˋQDQFLDODVVHWV b b b b b
Foreign exchange forward contracts 31 March 2019 - - - -
/LDELOLWLHVPHDVXUHGDWIDLUYDOXH b b b b b
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Foreign exchange forward contracts 31 March 2019 - -
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Assets measured at fair value b b b b b
Units of mutual funds 31 March 2018 - -
Interest rate and cross currency swap 31 March 2018 3.30 - 3.30 -
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instruments.
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interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 March 2019, after taking into account
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b Exposure to interest
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0DUFK 717.68 b b
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b b b b
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86' (122.83) 122.83 (89.10) 89.10
Euro (0.61) 0.61
*%3 1.05 (1.05) 0.22 (0.22)
&+) (0.01) 0.01 - -
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([SRVXUHRI*URXSLQUHVSHFWLYHFRPPRGLWLHV b b (` Million)
b 0DUFK 31 March 2018
b Exposure in Exposure in Exposure in Exposure in
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Copper 16.00 7.64 310.19
Aluminium 6,750.66 1,001.50 - -
b b b b b
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model for measurement and recognition of impairment losses on trade receivables. ECL has been computed as a percentage of revenue
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closely monitors its liquidity position and maintains adequate source of funding.
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b b b \HDU !HTXDOWR\HDU 7RWDO
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Borrowings b 1,030.71 889.25 1,919.96
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Trade and other payables b 15,201.82 - 15,201.82
b b b 18,046.17 889.25 18,935.42
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LME price of copper and aluminium during a stipulated time period. Accordingly, these contracts are considered to have an embedded
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movement of the copper and aluminium inventory as the hedged risk. The carrying value of inventory is accordingly adjusted for the
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(` Million)
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shareholder value.
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bearing loans and borrowings, trade and other payables, less cash and cash equivalents.
(` Million)
b b b b b b b31 March 2019 31 March 2018
%RUURZLQJV5HIHUQRWH D 1,919.96
Trade payables ( Refer note- 19b) 15,201.82 9,220.87
2WKHUSD\DEOHV5HIHU1RWHF 1,813.64
/HVVFDVKDQGFDVKHTXLYDOHQWV5HIHU1RWHE (1,790.59) (82.32)
1HWGHEW 17,144.83 17,801.33
b b
Equity 28,469.55
Total capital 28,469.55
&DSLWDODQGQHWGHEW 45,614.38
*HDULQJUDWLR b b b b b 38% 43%
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FRYHQDQWVDWWDFKHGWRWKHLQWHUHVWEHDULQJORDQVDQGERUURZLQJVWKDWGHˋQHFDSLWDOVWUXFWXUHUHTXLUHPHQWV%UHDFKHVLQPHHWLQJWKH
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covenants of any interest-bearing loans and borrowing in the current period.
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31 March 2018.
Particulars As % of
As % of As % of As % of consolidated Total
consolidated net consolidated consolidated comprehensive
assets Amount SURˋWRUORVV Amount OCI Amount income Amount
Parent
Polycab India Limited 98.26% 28,061.60 100.20% 100.20%
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Indian
Tirupati Reels Private Limited 0.13% 0.00% -
'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG 0.20% 0.09% 0.00% - 0.09%
Foreign
Polycab Wires Italy SRL 0.07% 20.90 0.02% 1.19 0.01% 0.68
-RLQW9HQWXUH
Techno Electromech Private Limited 0.31% 0.28% 13.76 0.00% - 0.28% 13.76
Ryker Base Private Limited 0.72% (37.02) 0.00% - (37.02)
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Tirupati Reels Private Limited 0.10% 1.93 0.00% - 1.93
'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG 0.19% 0.07% 0.00% - 0.07%
727$/ 100.00% 100.00% 100.00% 100.00%
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$V DW 0DUFK WKH 3DUHQW &RPSDQ\ KDV LQYHVWPHQW RI (XUR ` 10.89 million) and loan of Euro 388,276.11
(` 30.17 million) in Polycab Italy SRL (PWISRL), a wholly owned subsidiary company situated in Italy.
3:,65/LQLWVˋQDQFLDOVWDWHPHQWKDGDSSURSULDWHGDQDPRXQWRI(XUR` 2.80 million) from Share Capital and Euro
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Reserve to comply with the applicable Italian accounting requirements in an earlier year.
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our Parent Company to comply with alternatives. Currently, the company is in the process of evaluating the alternatives directed
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year ended 31 March 2019.
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The Parent Company has completed initial public offering (IPO) including fresh issue of `PLOOLRQFRPSULVLQJRI
equity shares of ` 10/- each at an issue price `SHUVKDUHDQGHTXLW\VKDUHVRI` 10/- each at an issue price `
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Limited (BSE) w.e.f. 16 April 2019.
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statement are disclosed below. The Company intends to adopt these standards if applicable, when they become effective. The
Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Second Amendment Rules, 2019
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(i) Impact of Ind AS 116 - Leases
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leases Standard, Ind AS 17 Leases, and related Interpretations. The Standard sets out the principles for the recognition,
measurement, presentation and disclosure of leases for both parties to a contract i.e., the lessee and the lessor. Ind
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leases with a term of more than twelve months, unless the underlying asset is of low value. Currently, operating
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requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting requirements in Ind AS 17
The effective date for adoption of Ind AS 116 is annual periods beginning on or after April 1, 2019. The standard permits
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Accounting Estimates and Errors
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present value of the remaining lease payments, discounted at the incremental borrowing rate and the right of use
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incremental borrowing rate at the date of initial application or
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expedients are available under both the methods.
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of initial application (April1,2019). Accordingly, comparatives for the year ended 31 March 2019 will not be retrospectively
adjusted.
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Figures in balance sheet relating to previous years have been regrouped wherever necessary to make them comparable with the
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Rules, 2014]
CIN: U31300DL1996PLC266483
Name of the Company: Polycab India Limited
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Registered address:
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I/We, being the member (s) of shares of the above named Company, hereby appoint
1 Name:
Address:
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2 Name:
Address:
(PDLO,G
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at 23rd$QQXDO*HQHUDO0HHWLQJRIPHPEHUVRI
the Company, to be held on Wednesday, 26th-XQHDWDPDW$LU)RUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKLDQG
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Ordinary Business
Special Business
5 5HDSSRLQWPHQWRI,QGHU7-DLVLQJKDQL
(DIN:00309108), as Managing Director of the
Company for a further period of 5 (Five) years.
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',1DV:KROH7LPH'LUHFWRUIRU
a further period of 5 (Five) years.
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',1DV:KROH7LPH'LUHFWRUIRUD
further period of 5 (Five) years.
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as an Independent Director of the Company.
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__________________________ __________________________
Signature of Shareholder Signature of Proxy holder(s)
Note: 7KLVIRUPRISUR[\LQRUGHUWREHHIIHFWLYHVKRXOGEHGXO\FRPSOHWHGDQGGHSRVLWHGDWWKH5HJLVWHUHG2IˋFHRIWKH&RPSDQ\
not less then 48 hours before the commencement of the Meeting.
ATTENDANCE SLIP
TWENTY-THIRD ANNUAL GENERAL MEETING
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______________________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________________
, ZH KHUHE\ UHFRUG P\ RXU SUHVHQFH DW WKH 7ZHQW\ 7KLUG $QQXDO *HQHUDO 0HHWLQJ RI WKH &RPSDQ\ EHLQJ KHOG RQ
Wednesday, 26th-XQHDWDPDW$LU)RUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL,QGLD
3OHDVHɗLQWKHER[
Member / Proxy
__________________________
Signature of Member / Proxy
*Applicable for member holding shares in physical form.
Route Map
Venue:$LU)RUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL,QGLD
Day: Wednesday
Date: 26th June 2019
Time: 09:00 a.m.
Venue:$LU)RUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL
Notes
Notes
The Polycab Proposition
India’s dominant leader in wires & cables
Pan-India distribution
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5HJLVWHUHGRIˋFH E-554 Greater Kailash II, New Delhi 110048 | Voice +91 11 2922 8574 | Fax +91 11 4105 4838 | investor.relations@polycab.com; shares@polycab.com
&RUSRUDWH2IˋFH Polycab House, 771 Mogul Lane, Mahim (West), Mumbai 400016 | Voice +91 22 24327074, 67351400 | Fax +91 22 24327075
www.polycab.com
crafted by Ubiquus printed at Uchitha