Sintex Plastic

Forward looking statement
The statement(s) made in this Annual Report describing the Company’s objective, expectations
and predictions may be forward looking statement within the meaning of applicable securities
laws and regulations. These statements and expectations envisaged by the management are
only estimates and actual results may differ from such expectations due to known and unknown
risks, uncertainties and other factors including, but not limited to, changes in economic
conditions, government policies, technology changes and exposure to market risks and other
external and internal factors, which are beyond the control of the Company.
CORPORATE INFORMATION
BOARD OF DIRECTORS :
1 Mr. Arun P. Patel – Chairman
2 Mr. Dinesh B. Patel
3 Mr. Rahul A. Patel
4 Mr. Amit D. Patel
5 Mr. Pravin Kanubhai Laheri
6 Mr. Desh Raj Dogra
7 Mr. Kiritbhai Chimanlal Shah
8 Ms. Namita Rashesh Shah
9. Mr. Sandeep M. Singhi
10. Dr. Gauri S. Trivedi
AUDITORS :
M/s. R. Choudhary and Associates
Chartered Accountants
Ahmedabad
REGISTRAR & SHARE TRANSFER AGENT :

Link Intime India Pvt. Ltd.
5th Floor, 506 to 508, Amarnath Business Center-1 (ABC-1),
Besides Gala Business Center, Opp.
01
Annual Report 2016-17

Wagh Bakri Tea Lounge, Off C.G. Road,
Ellisbridge,
Ahmedabad – 380 006.
COMPANY SECRETARY & COMPLIANCE OFFICER

Ankit Somani
REGISTERED OFFICE :
In the premises of Sintex-BAPL Ltd.,
Near Seven Garnala, Kalol (N.G.) – 382 721
Tel (91-2764) 253500
CONTENTS
E-mail : info@sintex-plastics.com
Website: www.sintex-plastics.com
CIN: U74120GJ2015PLC084071
Corporate Information 01
Directors Report 02
Management Discussion and Analysis 17
Report on Corporate Governance 27
Standalone Financial Statements 36
Consolidated Financial Statements 65
Form AOC-1 109
SINTEX PLASTICS TECHNOLOGY LIMITED
(Formerly Known as Neev Educare Limited)
DIRECTORS’ REPORT
Your Directors have immense pleasure in presenting the Second Key Highlights of the Scheme
Annual Report of the Company highlighting the business and • the Demerger of the Custom Moulding Undertaking (which
operations of the Company and the accounts for the financial year includes the Company’s strategic investment in its wholly
ended 31st March, 2017. owned subsidiary, namely, Sintex Holdings B.V.) on a going
concern basis, together with all its assets and liabilities
FINANCIAL PERFORMANCE–STANDALONE & and the Prefab Undertaking of Sintex Industries Limited
CONSOLIDATED and vesting of the same to Sintex-BAPL Limited and Sintex
Prefab and Infra Limited, respectively, the Wholly-owned
(B in Crores)
Subsidiaries of the Company;
Particulars Standalone Consolidated
• sub-division of the equity share capital of the Company from
2016-17 Previous Year 2016-17
(04-08-2015 B10/- to B1/-;
to • Issuance and allotment of equity shares by the Company to
31-03-2016) the equity shareholders of the Sintex Industries Limited;
Gross turnover 0.24 - 6041.04 •
Reduction of the paid-up equity share capital of the
Gross profit (0.79) * 784.92 Company pursuant to the cancellation of the equity shares
Less : Depreciation - 230.30
02 Profit before tax (0.79) * 554.62
held by Sintex Industries Limited in the Company;
Less: Provision for - 76.62 FINANCIAL PERFORMANCE - CONSOLIDATED

taxation — current
tax Your Company has registered a topline of B6029.68 crores in 2016-
Deferred tax - 58.39 17 owing to the accurate execution of strategic initiatives and
Profit/(loss) after (0.79) * 419.61 growing awareness and acceptability of its products. In addition,
tax new product launches also made an important contribution to
* (B4000/-) business growth.
Note: During the year ended 31st March, 2016, the Company had As the Company scaled its product basket from commodity
no subsidiary(ies). Accordingly, consolidated financial statements products to niche solutions, business profitability improved. As
were not made for the year ended 31st March, 2016. a result, Gross Profit stood at B784.92 crores and the profit after
tax of B419.61 crores. Consequently, the earnings per share (face
The Composite Scheme of Arrangement value or B1) stood at B7.56 (basic & diluted) for 2016-17.
The Board of Directors of your Company at its Meeting held
on 29th September, 2016 approved the Composite Scheme DIVIDEND
of Arrangement between the Company and Sintex Industries
In terms of Provisions of IND AS - 109, as amended, the Dividend
Limited and Sintex-BAPL Limited and Sintex Prefab and Infra
is recognized in Profit & Loss only when the right to receive
Limited (Formerly known as Sintex Infra Projects Limited) and
payment of dividend is established. In view of above, the dividend
their respective shareholders and creditors (‘Scheme’), pursuant
income from subsidiary companies has to be recognized in the
to the provisions of the Companies Act, 2013. The Scheme has
succeeding financial year. Accordingly, the Board of Directors of
been approved by the Hon’ble National Company Law Tribunal,
the Company has been constraint to recommend dividend for the
Bench, at Ahmedabad, vide its Order dated 23rd March, 2017. The
F.Y. 2016-17.
Scheme having the appointed date of 1st April, 2016, has become
effective on 12th May, 2017, consequent upon receiving requisite
statutory approvals. SHARE CAPITAL
During the year under review, the Authorised Share Capital
of the Company was increased from B1,00,000/- divided into
10,000 Equity Shares of B10/- each to B65,00,00,000 divided into
6,50,00,000 Equity Shares of B10/- each vide resolution passed by Custom-moulded components are made from new-age
the members at the Extra Ordinary General Meeting of Members composites (combining plastics and fibers with glass, carbon,
of the Company held on 21st September, 2016. and other materials). Key customers comprise aerospace,
transportation, renewable energy and defence sector players.
During the year under review, the Paid-up Share Capital of the
These products enjoy steady demand because of their strength,
Company was increased from B1,00,000 divided into 10,000
tenacity, thermal and electrical conductivity and corrosion
Equity Shares of B10/- to B20,00,00,000 divided into 2,00,00,000
resistance. Also, because composites are lightweight, they have
Equity Shares of B10/- each due to allotment of equity shares witnessed an enormous surge in demand especially in the
made in the Rights issue to Sintex Industries Limited, the Holding aerospace and transportation verticals.
Company on 28th September, 2016.
Sintex-BAPL Limited: The Company’s custom moulding operations
Pursuant to the Order dated 23rd March, 2017 passed by Hon’ble can be classified into two segments 1) develops application-
National Company Law Tribunal, Ahmedabad Bench, sanctioning specific standard products catering to diverse sectors and 2)
the Composite Scheme of Arrangement, the existing authorized develops customer-specific products primarily catering to the
capital of the Company has been subdivided into 65,00,00,000 automotive sector.
Equity Shares of B1/- each amounting to B65,00,00,000/-.
Application-based custom moulding: This is the flagship vertical
As per the Composite Scheme of Arrangement, the Paid-up Equity accounting for more than 66% of the Company’s revenue.
Share Capital of the Company of B20,00,00,000/- stands cancelled Under this vertical, the Company has developed niche solutions
and the Board of Directors of the Company at its Meeting held for critical applications which are high on the Government’s
on 30th May, 2017, had allotted 55,49,41,700 Equity Shares of B1/- priority list namely water management, sewerage management
each of the Company to equity shareholders of Sintex Industries warehousing and power theft, among others. As such majority
Limited held on record date. i.e. 26th May, 2017. The Shareholders of the orders come from government agencies and government
of Sintex Industries Limited have been issued and allotted 1(one) authorities. Increasing awareness and growing acceptability of the
fully paid up equity share of INR 1/- each of the Company for Company’s products across states is driving business volumes. In
every 1(one) equity share of INR 1/- each fully paid up and held addition, the Company is focused on expanding its presence with
by such equity shareholder in Sintex Industries Limited as on the India Inc. with considerably success. As a result, new customer
said record date. addition and strengthening business relations with existing
corporate is also making a heartening contribution to business 03
FIXED DEPOSITS

growth. Revenue from this segment stood at B3941.83 crs. in F.Y.
2016-17.
During the year under review, your Company has not accepted
any deposits within the meaning of Section 73 of the Companies Customer-specific custom moulding: The Company’s growth
Act, 2013 and the rules made there under. remained subdued as the topline grew by about 13% while
EBIDTA increased by about 6.5%. This was owing to a largely
depressed automotive sector where growth in all its product
STATE OF COMPANY’S AFFAIRS verticals remained lesser than estimates. The growth was
Sintex is a globally-respected conglomerate with a large and further dampened by short-term policy disruption namely
growing presence in plastic processing. The Company enjoys a demonetization which significantly impacted sales in the second
strong presence across diverse sectors and has earned respect for half of the year under review.
its ability in developing unique solutions that address emerging Even as the business environment remained sluggish, the
trends. Company implemented important strategic initiatives – capacity
It has a global presence through its subsidiaries Sintex NP SAS enhancement and capability addition - which will widen the
(Europe) and Sintex Wausaukee Composites Inc. (the US). Its Company’s opportunity canvass and promises to sustain profitable
Indian subsidiaries include Sintex-BAPL Ltd. for custom moulding growth over the medium term.
and Sintex Prefab and Infra Ltd. which undertakes EPC contracts Sintex NP: In 2016, the group activity has been quite strong in
for various infrastructure projects across the nation. most of the companies, driven by the dynamic market of both
automotive and aeronautics sectors and the slight recovery of
PERFORMANCE OF SUBSIDIARIES the construction market. While the topline improved by about
4% over the previous year, net profit leapfrogged by more than
Sintex has established a strong presence in the custom moulding 40% - an outcome of improved operational efficiency and man-
space in India and across the globe through its subsidiaries Sintex machine productivity.
NP Group (Europe), Sintex Wausaukee Composites Inc. (US)
and Sintex-BAPL Limited (India) (formerly Bright Autoplast Ltd.). Sintex Wausaukee Composites, Inc.: The Company registered a
These companies provide highly-engineered custom moulding heartening performance with a growth in topline and bottomline
solutions to large global and Indian brands with a presence in – catalysed by a healthy growth in the fourth quarter of the year.
diverse sectors. The Group has a global manufacturing presence This was due to the successful implementation of a near term
with facilities across 9 nations in 4 continents that house cutting- strategic blueprint - the benefits of these measures are likely to
edge technology. cascade into robust growth in business and profitability over the
medium term.
Sintex Prefab and Infra Limited: Revenue from this segment stood • The accuracy and completeness of the accounting records
at B2052.85 crs. in F.Y. 2016-17. This increase was owing to the and
completion of the Ujjain Kumbh Mela Project. • The timely preparation of reliable financial information.
During the year, the Company has received various projects for A formal documented IFC framework has been implemented
constructions and supply of prefab toilets under the “Swachh by the Company. The Board regularly reviews the effectiveness
Bharat Mission”. of controls and takes necessary corrective actions where
During the year, the Company also received the prestigious project weaknesses are identified as a result of such reviews. This review
for the commissioning of Phase –II of the spinning project of cover sentity level controls, process level controls, fraud risk
Sintex Industries Limited. In addition, the Company has a healthy controls and Information Technology environment. Based on this
order book of prefab solutions to be executed during the current evaluation,there is nothing that has come to the attention of the
year. These promise healthy business growth in the coming year. Directors to indicate any material break down in the functioning of
thesecontrols, procedures or systems during the year. There have
been no significant events during the year that have materially
CHANGES IN SUBSIDIARIES, ASSOCIATES affected, or are reasonably likely to materially affect, our internal
AND JOINT VENTURES/WHOLLY OWNED financial controls. The management has also come to a conclusion
SUBSIDIARIES that the IFC and other financial reporting was effective during the
During the year under review, Sintex-BAPL Limited became the year and is adequate considering the business operations of the
Wholly Owned Subsidiary of the Company due to divestment of Company.
shareholding by Sintex Industries Limited.
Indian Accounting Standards (IND AS) – IFRS Converged
Further, during the year under review, Sintex Prefab and Infra Standards
Limited (formerly known as “Sintex Infra Projects Limited”) became In accordance with the notification issued by the Ministry of
the Wholly Owned subsidiary of the Company on account of Corporate Affairs (MCA), your Company is required to prepare
acquisition by the Company of the shareholding held by BVM financial statements under Indian Accounting Standards (Ind-AS)
Overseas Limited. prescribed under section 133 of the Companies Act 2013 read
with rule 3 of the Companies (Indian Accounting Standards) Rules,
REGISTERED OFFICE 2015 with effect from 1st April 2016. The Ind-AS has replaced the
existing Indian GAAP and accordingly the Company has adopted
04 During the year under review, the registered office of the
Company has been shifted from “Abhijeet, 7th Floor, Mithakhali
Ind-AS with effect from 1st April 2016 with the transition date of
1st April 2015 and the financial Statements for the year ended
Six Road,Ellisbridge, Ahmedabad, Gujarat – 380006” to “In the 31st March 2017 has been prepared in accordance with Ind-AS.
premises of Sintex-BAPL Limited, Near Seven Garnala Kalol, The financial statements for the year ended 31st March 2016 have
Gandhinagar – 382721”w.e.f. 10th May, 2017. been restated to comply with Ind AS to make them comparable.
The effect of the transition from IGAAP to Ind-AS has been
DETAILS OF POLICY DEVELOPED AND explained by way of a reconciliation in the Standalone Financial
IMPLEMENTED BY THE COMPANY ON ITS Statements and Consolidated Financial Statements.
CORPORATE SOCIAL RESPONSIBILITY
INITIATIVES AUDITORS AND AUDITORS’ REPORT
During the year under review, the provisions for Corporate Social Your Directors recommend to appoint M/s. R. Choudhary and
Responsibility under Section 135(1) of the Companies Act, 2013 Associates, Chartered Accountants, (Registration No. 101928W),
were not applicable to the Company. as the Statutory Auditors of the Company for a term of five
consecutive years in the ensuing Annual General Meeting to
INTERNAL FINANCIAL CONTROLS AND THEIR hold the office from the conclusion of second Annual General
ADEQUACY Meeting to conclusion of 7th Annual General Meeting pursuant
to provision of Section 139(1) of the Companies Act, 2013. Their
As per the provisions of the Companies Act, 2013, the Directors
appointment is subject to ratification by the members at each
have the responsibility for ensuring that the company has
Annual General Meeting of the Company.
implemented robust system / framework for IFCs to provide them
with reasonable assurance regarding the adequacy and operating The notes on financial statement referred to in the Auditor’s Report
effectiveness of controls to enable the Directors to meet with their are self-explanatory and do not call for any further comments.
responsibility.
The Company has in place a sound financial control system and SECRETARIAL AUDIT REPORT
framework in place to ensure: During the year under review, the provisions for Secretarial Audit
• The orderly and efficient conduct of its business, under Companies Act, 2013 were not applicable to the Company.
• Safeguarding of its assets,
• The prevention and detection of frauds and errors,
DIRECTORS AND KEY MANAGERIAL DIRECTORS’ AND OFFICERS’ LIABILITY
PERSONNEL INSURANCE:
Mr. Rahul A. Patel, the Director is due to retire by rotation at The Company has taken Directors’ and Officers’ Liability Policy to
this Annual General Meeting in terms of Section 152(6) of the provide coverage against the liabilities arising on them.
Companies Act, 2013 and is eligible for reappointment. The Board
recommends the reappointment of Mr. Rahul A. Patel as the DIRECTORS’ RESPONSIBILITY STATEMENT
Director of the Company.
To the best of knowledge and belief and according to the
During the period under review, Mr. Kirit C. Shah and Ms. Namita information and explanations obtained, your Directors make
R. Shah were appointed as an additional Independent Directors the following statements in terms of Section 134(3)(c) of the
of the Company w.e.f. 5thDecember, 2016 and Mr. Pravin K. Laheri Companies Act, 2013 that:
and Mr. Desh Raj Dogra were appointed as additional Directors
in the category of Independent Directors of the Company w.e.f. (a) in the preparation of the annual accounts, the applicable
30th May, 2017. Mr. Sandeep Singhi and Dr. Gauri Trivedi were accounting standards had been followed along with proper
appointed as Additional Directors in the category of Independent explanation relating to material departures;
Directors w.e.f. 9th August 2017. All Independent Directors have (b) the Directors had selected such accounting policies and
given declarations that they meet the criteria of Independence as applied them consistently and made judgments and
laid down under Section 149(6) of the Companies Act, 2013. estimates that are reasonable and prudent so as to give a true
The above Directors hold the office up to the ensuing Annual and fair view of the state of affairs of the Company at the end
General Meeting. The Board considers it desirable to avail their of the financial year and of the profit and loss of the Company
services. The Company has received notices from members for that period;
pursuant to the provisions of Section 160 of the Companies Act, (c) the Directors had taken proper and sufficient care for the
2013 proposing the appointment of all such Directors of the maintenance of adequate accounting records in accordance
Company. with the provisions of this Act for safeguarding the assets of
The Board of Directors of the Company has recommended existing the Company and for preventing and detecting fraud and
Independent Directors Mr. Kirit C. Shah and Ms. Namita R. Shah as other irregularities;
Independent Directors under the Companies Act, 2013, each for a (d) the Directors had prepared the annual accounts on a going
term of 1 year upto the conclusion of 3rd Annual General Meeting
of the Company in the calendar year 2018 and Mr. Pravin K. Laheri,
concern basis; and
05
Mr. Sandeep Singhi and Dr. Gauri Trivedi, Mr. Desh Raj Dogra as (e) the Directors had laid down internal financial controls to be

Independent Directors under the Companies Act, 2013, each followed by the Company and that such internal financial
for a term of 3 years upto the conclusion of 5th Annual General controls are adequate and were operating effectively;
Meeting of the Company in the calendar year 2020.
(f ) the systems to ensure compliance with the provisions of all
During the year under review, Mr. Ankit Somani, Mr. Jaimin applicable laws were in place and that such systems were
Damani and Ms. Nimisha Modi were appointed as Company adequate and operating effectively.
Secretary, Chief Financial Officer and Manager, respectively w.e.f.
5th December, 2016.They were also designated as Key Managerial MEETINGS OF THE BOARD OF DIRECTORS
Personnel pursuant to Section 203 of the Companies Act, 2013.
Regular meetings of the Board are held to discuss and decide on
various business strategies, policies and other issues. During the
CORPORATE GOVERNANCE
year, 7 Board Meetings were convened and held on 13th May,
The Company got its equity shares listed on 08.08.2017 and it has 2016, 16th May, 2016, 22nd August, 2016, 28th September, 2016,
tried to create its Board structure and various Committees in such 29th September, 2016, 5th December, 2016 and 18th January,
a manner as would be compliant with Securities and Exchange 2017. The intervening gap between the meetings was within the
Board of India (Listing Obligations and Disclosure Requirements) period prescribed under the Companies Act, 2013.
Regulations,2015 in addition to applicable provisions of the
Companies Act, 2013 and Rules related thereto. Accordingly, a
COMMITTEE OF BOARD OF DIRECTORS
report on Corporate Governance forms part of the Annual Report.
In compliance with the requirements of applicable laws and as
The Management Discussion and Analysis as required under the
part of the best governance practice, the Company has following
Securities and Exchange Board of India (Listing Obligations and
Committees of the Board as on 9th August, 2017:
Disclosure Requirements) Regulations, 2015 also forms part of the
Annual Report. i. Audit Committee
ii. Stakeholders Relationship Committee
iii. Nomination and Remuneration Committee
AUDIT COMMITTEE Remuneration policy

The Board has, on the recommendation of the Nomination &
During the year under review, the Audit Committee of the
Remuneration Committee framed a policy for selection and
Company was constituted by the Board of Directors on 5th
appointment of the Directors, the senior management and
December, 2016, comprising following members:
their remuneration. The Board on the recommendation of
1. Kirit C. Shah, Chairman, the Nomination and Remuneration Committee approves the
2. Namita R. Shah, Member, and annual increments. The Board fixes a ceiling on perquisites and
allowances as a percentage of salary. Within the prescribed ceiling,
3. Amit D. Patel, Member.
the perquisite package is recommended by the Nomination and
Remuneration Committee.
NOMINATION AND REMUNERATION
COMMITTEE Vigil Mechanism for Directors and Employees of the Company
The Company has adopted a Vigil Mechanism Policy through
During the year under review, the Nomination And Remuneration
which, the Company encourages its employees to bring
Committee of the Company was constituted by the Board of
to the attention of Senior Management, including Audit
Directors on 5th December, 2016, comprising following members:
Committee, any unethical behaviour and improper practices
1. Kirit C. Shah, Chairman, and wrongful conduct taking place in the Company. The
2. Namita R. Shah, Member, and Policy is posted on the website of the Company at the link
http://www.sintex-plastics.com/documents/.
3. Amit D. Patel, Member.
Particulars of loans given, investments made, guarantees
STAKEHOLDERS RELATIONSHIP COMMITTEE given and securities provided
Particulars of loans given, investments made, guarantees given
During the year under review, the Stakeholders Relationship and securities provided under section 186 of the Companies Act,
Committee of the Company was constituted by the Board of 2013 are provided in the financial statement (Please refer to Note
Directors on 15th May, 2017, comprising following members: 7, 8, 13 & 45 to the Consolidated financial statement), which are
1. Kirit C. Shah, Chairman, proposed to be utilized for the general business purpose of the
2. Namita R. Shah, Member, and recipient.
06 3. Amit D. Patel, Member. Contracts and arrangements with related parties

No transactions have been entered into by your Company with
EXTRA ORDINARY GENERAL MEETINGS any related parties during the F. Y. 2016-17.
During the year under review, 3 Extra Ordinary General Meetings Significant and Material Orders impacting going concern basis
were held on 16th May, 2016, 21st September, 2016 and 10th passed by the regulators or courts or tribunals
January, 2017, for the purpose of Change of Name of the Company, No significant or material orders impacting going concern basis
Increase in authorized capital of the Company and approval under were passed by the regulators or courts or tribunals which impact
section 186 of the Companies Act, 2013, Appointment of Manager the going concern status and Company’s operations in future.
of the Company and other requisite matters of the Company.
Risk Management
Consolidated financial statements
The Company recognizes that risk is an integral part of business
The Board reviewed the affairs of the Company’s subsidiaries and is committed to managing the risks in a proactive and efficient
during the year at regular intervals. In accordance with section manner. During the year, the Board of Directors has reviewed the
129(3) of the Companies Act, 2013, the Company has prepared risks associated with the business of the Company, its root causes
Consolidated Financial Statements of the Company and all and the efficacy of the measures taken to mitigate the same.
its subsidiaries, which form part of this Annual Report. The There are no risks which in the opinion of the Board threaten the
consolidated Financial Statement have been prepared on the existence of the Company.
basis of audited financial statements of the Company and its
subsidiaries, as approved by their respective Board of Directors. Particulars of employees
Further a statement containing salient features of the Financial The Company has not paid any remuneration attracting the
Statements of each subsidiary in Form AOC-1 forms part of the provisions of the Companies Act, 2013 read with Rule 5 of the
Consolidated Financial Statements. The statement also provides Companies (Appointment and Remuneration of Managerial
the details of performance and financial position of each Personnel) Rules, 2014. Hence, no information is required to be
subsidiary. appended to this report in this regard.
CONSERVATION OF ENERGY, TECHNOLOGY Your Directors further state that during the year under review,
ABSORPTION AND FOREIGN EXCHANGE there were no cases filed pursuant to the Sexual Harassment of
EARNINGS AND OUTGO Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013.
During the year, since the Company was not engaged in
manufacturing business. Hence, there is no such information
which is required to be appended pursuant to Section 134(3)
ACKNOWLEDGEMENT
(m) of the Companies Act, 2013 read with Companies (Accounts) Your Directors would like to express their appreciation for the
Rules, 2014. assistance and co-operation received from the Banks, Members,
Esteemed Customers and Suppliers & Buyers during the year
EXTRACT OF THE ANNUAL RETURN under review. Your Directors also wish to place on record their
deep sense of appreciation for the committed services by the
The details forming part of the extract of the annual return in form Employees of the Company.
MGT 9 is annexed herewith as ‘Annexure A’.
GENERAL by order of the Board of Directors
Your Directors state that no disclosure or reporting is required in Date: 9th August, 2017 Arun P. Patel
respect of the following items as there were no transactions on Place: Ahmedabad Chairman
these items during the year under review: DIN: 00830809
1. Details relating to deposits covered under Chapter V of the
Act.
2. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees
of the Company under any scheme save and except ESOPs
referred to in this Report.
07

Annexure –A To Directors’ Report

Form No. MGT-9
EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31st March, 2017 [Pursuant to section 92(3)
of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:

i) CIN:- U74120GJ2015PLC084071
ii) Registration Date: 04/08/2015
iii) Name of the Company: Sintex Plastics Technology Limited
iv) Category / Sub-Category of the Company: Public Company/Limited by shares
v) Address of the Registered office and contact details: In the premises of Sintex-BAPL Limited,
Near Seven Garnala, Kalol
Gandhinagar-382 721
Tel: +91- 2764-253500
08 vi) Whether listed company Yes / No : Yes. Equity shares of the Company got listed on 08.08.2017
vii) Name, Address and Contact details of Registrar and Transfer Link Intime India Pvt. Ltd.
Agent, if any : 5th Floor, 506 TO 508, Amarnath Business Centre – 1 ( ABC-1),
Beside Gala Business Centre,
Nr. St. Xavier’s College Corner,
Off C G Road, Ellisbridge,
Ahmedabad - 380006.
Tel :079 - 2646 5179
Email :ahmedabad@linkintime.co.in
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sl. Name and Description of main products / services NIC Code of the Product/ service* % to total turnover of the
No. company#
1. Dealing And Trading of Plastic products 222 100
As per National Industrial Classification- Ministry of Statistics and Programme Implementation

# On the basis of Gross Turnover
lll. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES –
Sr. Name of the Company Address of the CIN/GLN Holding/ % of shares Applicable
No. Company Subsidiary/ held Section
Associate
1 Sintex-BAPL Limited Abhijeet – I, 7th Floor, U25199GJ2007PLC051364 Subsidiary 100.00 2(87)(ii)
(Earlier known as Bright Mithakhali Six Roads,
Autoplast Limited) Ellisbridge,
Ahmedabad – 380 006
2 Sintex Prefab and Infra Abhijeet – I, 7th Floor, U45201GJ2009PLC058702 Subsidiary 100.00 2(87)(ii)
Limited (Earlier known Mithakhali Six Roads,
as Sintex Infra Projects Ellisbridge,
Limited) Ahmedabad – 380 006
3 BAPL Rototech Private 506, Abhijeet - 1, 5th U25200GJ2015PTC084272 Subsidiary 70.00 2(87)(ii)
Limited Floor, Nr. Mithakhali
Six Roads, EllisBridge,
Ahmedabad - 380006
4 Sintex Holdings B.V. Haaksbergweg 71, 1101 NA Subsidiary 100.00 2(87)(ii)
BR Amsterdam, The
Netherlands
5 Sintex Austria B.V. Haaksbergweg 71, 1101 NA Subsidiary 100.00 2(87)(ii)
BR Amsterdam, The
Netherlands
6 Southgate Business Corp. Vanterpool Plaza, NA Subsidiary 100.00 2(87)(ii)
Wickhams Cay 1, 2nd
Floor, Road Town,
Torotola, British Virgin
Islands 09
7 Sintex Wausaukee 837 Cedar Street, NA Subsidiary 100.00 2(87)(ii)

Composites Inc. Wausaukee, Wi 54177,
USA
8 Sintex France SAS 10 Rue Jean Rostand NA Subsidiary 100.00 2(87)(ii)
69740 GENAS - FRANCE
9 Sintex NP SAS (previously 10 Rue Jean Rostand NA Subsidiary 100.00 2(87)(ii)
known as Nief Plastic 69740 GENAS - FRANCE
SAS)
10 NP HungariaKft 5440 Kunszentmarton - NA Subsidiary 100.00 2(87)(ii)
Hungaria
11 NP Nord SAS 1 & 3, rue Gustave NA Subsidiary 100.00 2(87)(ii)
Delory 59540 CAUDRY
- France
12 NP Slovakia SRO Bojnicka 3 - 831 04 NA Subsidiary 100.00 2(87)(ii)
Bratislava - Slovakia
13 NP Savoie SAS Parc D’activités Val NA Subsidiary 100.00 2(87)(ii)
Guiers 520, Route
De Tramonet 73330
BELMONT TRAMONET
- France
14 NP Tunisia SARL Lot N°3 LotissementAfi, NA Subsidiary 100.00 2(87)(ii)
ZiM’ghiraIii - 2082
Fouchana - Gouvernorat
De Ben Arous -Tunisia
15 NP Vosges SAS 10, Rue Jean Prouve –BP NA Subsidiary 100.00 2(87)(ii)
220 88100 St Die
Sr. Name of the Company Address of the CIN/GLN Holding/ % of shares Applicable
No. Company Subsidiary/ held Section
Associate
16 NP Morocco SARL Lotissement N° NA Subsidiary 100.00 2(87)(ii)
(previously known as 24 ZI Sud-ouest,
SegaplastMaroc SA) MOHAMMEDIA 20800,
Morocco
17 NP Germany GMBH Zur Heide 33 - 59929 NA Subsidiary 100.00 2(87)(ii)
(previously known as NP Brilon - Germany
Poschmann)
18 Siroco SAS 10 Rue Jean Rostand NA Subsidiary 100.00 2(87)(ii)
69740 Genas - France
19 SICMO SAS 42 Grande Rue 39100 NA Subsidiary 100.00 2(87)(ii)
Villette Les Dole
20 NP Jura 101 Rue Des Equevillons NA Subsidiary 100.00 2(87)(ii)
39100 Dole
21 AIP SAS 6 Rue Jean Perrin - NA Subsidiary 100.00 2(87)(ii)
69680 Chassieu - France
22 NP Sud SAS (previously Za De L’ileBlaud - 07800 NA Subsidiary 100.00 2(87)(ii)
known as Segaplast SAS) Beauchastel - France
23 NP Polska Ul. Strefowa - 43-109 NA Subsidiary 100.00 2(87)(ii)
Tychy - Poland
24 Simonin SAS 1 Chemin Des Romains NA Subsidiary 100.00 2(87)(ii)
25720 Beure - France
25 Capelec SAS 2 Rue Du Grand Murin NA Subsidiary 100.00 2(87)(ii)
10 35540 Miniac-Morvan -
France
26 Amarange Inc. Pasea Estate, P.O. Box NA Subsidiary 100.00 2(87)(ii)
958, Road Town, Tortola,
British Virgin Islands
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Share Holding
CATEGORY OF No. of the shares held at the beginning No. of shares held at the end of the year %
SHAREHOLDER of the year 01/04/2016 31/03/2017 change
Demat Physical Total % of Demat Physical Total % of during
total total the year
shares shares
A. PROMOTERS
(1) INDIAN
a) Individual/HUF 0 60 60 0.60 0 60 60 0.00 0.00
b) Central Govt. 0 0 0 0.00 0 0 0 0.00 0.00
c) State Govt(s) 0 0 0 0.00 0 0 0 0.00 0.00
d) Bodies Corporate 0 9940 9940 99.40 0 19999940 19999940 100.00 0.00
e) Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00
f ) Any other. 0 0 0 0.00 0 0 0 0.00 0.00
SUB-TOTAL A(1) 0 10000 10000 100.00 0 20000000 20000000 100.00 0.00
(2) FOREIGN
a) NRIs - Individuals 0 0 0 0.00 0 0 0 0.00 0.00
b) Other – Individuals 0 0 0 0.00 0 0 0 0.00 0.00
c) Bodies Corporate 0 0 0 0.00 0 0 0 0.00 0.00
d) Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00
e) Any other.. 0 0 0 0.00 0 0 0 0.00 0.00
SUB-TOTAL A(2) 0 0 0 0.00 0 0 0 0.00 0.00
TOTAL SHAREHOLDING OF 0 10000 10000 100.00 0 20000000 20000000 100.00 0.00
PROMOTER(A)=A(1)+A(2)
B. PUBLIC SHAREHOLDING
11

1 INSTITUTIONS
a) Mutual Funds 0 0 0 0.00 0 0 0 0.00 0.00
b) Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00
c) Central Govt 0 0 0 0.00 0 0 0 0.00 0.00
d) State Govt(s) 0 0 0 0.00 0 0 0 0.00 0.00
e) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
f ) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00
g) FIIs 0 0 0 0.00 0 0 0 0.00 0.00
h) Foreign Venture Capital 0 0 0 0.00 0 0 0 0.00 0.00
Funds
i) Others 0 0 0 0.00 0 0 0 0.00 0.00
SUB-TOTAL B(1) 0 0 0 0.00 0 0 0 0.00 0.00
2 NON-INSTITUTIONS
a) Bodies Corporate
i) Indian 0 0 0 0.00 0 0 0 0.00 0.00
ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00
b) Individuals
i) Individual shareholders 0 0 0.00 0 0 0 0.00 0.00
holding nominal share capital
upto B1 lakh
ii) Individual shareholders 0 0 0 0.00 0 0 0 0.00 0.00
holding nominal share capital
in excess of B1 lakh
c) Others
CATEGORY OF No. of the shares held at the beginning No. of shares held at the end of the year %
SHAREHOLDER of the year 01/04/2016 31/03/2017 change
Demat Physical Total % of Demat Physical Total % of during
total total the year
shares shares
(c-i) Qualified Foreign 0 0 0 0.00 0 0 0 0.00 0.00
Investor
(c-ii) NRIs 0 0 0 0.00 0 0 0 0.00 0.00
(c-iii) Trusts 0 0 0 0.00 0 0 0 0.00 0.00
(c-iv) Clearing Members 0 0 0 0.00 0 0 0 0.00 0.00
SUB-TOTAL B(2)
TOTAL PUBLIC 0 0 0 0.00 0 0 0 0.00 0.00
SHAREHOLDING
(B)=B(1)+B(2)
C. SHARES HELD BY 0 0 0 0.00 0 0 0 0.00 0.00
CUSTODIANS FOR GDRS &
ADRS
GRAND TOTAL (A+B+C) 0 10000 10000 100.00 0 20000000 20000000 100.00 0
Change in% shareholding due to Right issue made by the Company during the year.
ii) Shareholding of Promoters

Sl Shareholder’s Name Shareholding at the beginning of the Shareholding at the end of the year % change
No. year 01-04-2016 31-03-2017 in share
No. of Shares % of total %of Shares No. of % of total %of Shares holding
Shares Pledged / Shares Shares Pledged / during
of the encumbered of the encumbered the year
12 company to total company to total
shares shares
1. Sintex Industries 9940 99.40 - 19999940 100.00 0 -
Limited
2. Mr. Amit D. Patel J/W 10 0.10 - 10 0.00 0 -
Sintex Industries
Limited
3. Mr. Rahul A. Patel 10 0.10 - 10 0.00 0 -
J/W Sintex Industries
Limited
4. Mr. Arun P. Patel J/W 10 0.10 - 10 0.00 0 -
Sintex Industries
Limited
5. Mr. Dinesh B. Patel 10 0.10 - 10 0.00 0 -
J/W Sintex Industries
Limited
6. Mr. Satyanarayan B. 10 0.10 - 10 0.00 0 -
Dangayach J/W Sintex
Industries Limited
7. Mr. Ashoke Kumar 10 0.10 - 10 0.00 0 -
Maitra J/W Sintex
Industries Limited
Total 10000 100.00 20000000 100.00
Note :Change in Promoters shareholding due to Right issue made by the Company during the year.
(iii) Change in Promoters’ Shareholding (please specify, if there is no change)
Sl Shareholding at the Date Increase/ Reason Cumulative

No. beginning of the year Decrease Shareholding during the
in share- year (01-04-2016 to 31-
holding 03-2017)
No. of % of total No. of shares % of total
shares at the shares shares
beginning of the of the
(01-04- company company
2016)/end of
the year(31-
03-2017)
At the beginning of the year 10000 100
28-09-2016 19990000 Issue of 20000000 100
Shares
At the end of the year 20000000 100
Note :Change in Promoters shareholding due to Right issue made by the Company during the year.
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sl Shareholding at the Date Increase/ Reason Cumulative

No. beginning of the year Decrease Shareholding during the
in share- year (01-04-2016 to 31-
holding 03-2017)
No. of % of total No. of shares % of total
shares at the shares shares
beginning
(01-04-
of the
company
of the
company
13

2016)/end of
the year(31-
03-2017)
N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
(v) Shareholding of Directors and Key Managerial Personnel:

Sl. For Each of the Shareholding at the beginning of the Shareholding at the end of the year -
No. Directors and KMP year - 01-04-2016 31-03-2017
No. of shares % of total shares of No. of shares % of total shares
the Company of the Company
A Directors:
1 Mr. Arun P. Patel, Chairman 10 0.1 10 0.0
2 Mr. Dinesh B. Patel 10 0.1 10 0.0
3 Mr. Rahul A. Patel 10 0.1 10 0.0
4 Mr. Amit D. Patel 10 0.1 10 0.0
5 Mr. Kirit C. Shah* N.A. N.A. 0 0.00
6 Ms. Namita R. Shah* N.A. N.A. 0 0.00
B Key Managerial Personnel(KMP’s):
1 Mr. Ankit Somani, Company Secretary# N.A. N.A. 0 0.00
2 Mr. Jaimin Damani, CFO# N.A. N.A. 0 0.00
3 MS. Nimisha Modi, Manager# N.A. N.A. 0 0.00
*Appointed as Non-Executive Directors w.e.f. 05.12.2016.

#Appointed w.e.f. 05.12.2016.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(Amount in INR
Secured Loans Unsecured Deposits Total
excluding deposits loans Indebtedness
Indebtedness as on 01-04-2016
(i) Principal Amount 0 0 0 0
(ii) Interest due but not paid 0 0 0 0
(iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 0 0 0
Change in Indebtedness during the financial
year 2016-17
Addition 0 0 0 0
Reduction 0 0 0 0
Net Change 0 0 0 0
Indebtedness as on 31-03-2017
i) Principal Amount 0 0 0 0
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 0 0 0
14 VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(B In Lacs)
Sl. Particulars of Remuneration Ms. Nimisha Modi, Manager# Total
No. Amount
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax
Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -
(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -
2 Stock Option -
3 Sweat Equity -
4 Commission -
- as % of profit
- others specify
Others, please specify -
Total (A)
Overall Ceiling as per Act As per Section 197 of the Companies Act, 2013
# Appointed as Managerw.e.f. 5th December, 2016.

B. Remuneration to other directors:
(B lacs)
Sl. Particulars of Remuneration Name of Directors Total
No. Mr. Arun P. Mr. Mr. Rahul Mr. Mr. Ms. Amount
Patel Dinesh B. A. Patel Amit D. Kirit C. Namita R.
Patel Patel Shah* Shah*
Independent Directors
Fee for attending board / committee - - - - - - -
meetings
Commission - - - - - -
Others, please specify - - - - - -
Total (1) - - - - - -
Other Non-Executive Directors
Fee for attending Board / committee - - - - - - -
meetings
Commission - - - - - -
Others, please specify - - - - - -
Total (2) - - - - - -
Total (B)=(1+2) - - - - - - -
Total Managerial Remuneration
Overall Ceiling as per the Act -
* Appointed as Non-Executive Independent Directors w.e.f. 5th December, 2016.
C. Remuneration to key managerial personnel other than MD/manager/WTD

15

(B In Lacs)
Sr. Name of KMPs and Particulars of Remuneration Mr. Ankit Somani, Mr. Jaimin - Total
No. Company Damani, CFO#
Secretary#
1 Gross salary
a) Salary as per provisions contained in section 17(1) of the
Income-tax Act, 1961
b) Value of perquisites u/s 17(2) Income-tax Act, 1961
c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission - - -
- as % of profit - - -
- others, specify - - -
5 Others, please specify - - -
Total (A)
# Appointed as CS and CFO respectively w.e.f. 5th December, 2016.

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCEs

Type Section of Brief Details of penalty/ Authority Appeal made, if
Companies Act description punishment/ [RD/ NCLT/ any give details
Compounding fees Court]
imposed
A. COMPANY
Penalty Nil
Punishment
Compounding
B. DIRECTORS
Penalty Nil
Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty Nil
Punishment
Compounding
by order of the Board of Directors
Date: 9th August, 2017 Arun P. Patel

16 Place: Ahmedabad Chairman
DIN: 00830809
MANAGEMENT DISCUSSION AND ANALYSIS
Economic Overview proved resilient in the aftermath of the June 2016 referendum in
favor of leaving the European Union (Brexit). Activity surprised on
Global economy: the upside in Japan thanks to strong net exports, as well as in euro
Global GDP growth slowed marginally to 3.1% year-on-year, area countries, such as Germany and Spain, as a result of strong
as deceleration in key emerging and developing economies domestic demand.
overshadowed a modest recovery in major developed countries.
Challenges: Recent political developments highlight a fraying
This deceleration was accompanied by modest increase in
consensus about the benefits of cross-border economic
commodity prices, subdued global trade, bouts of financial
integration. A potential widening of global imbalances coupled
market volatility, and weakening capital flows. Global industrial
with sharp exchange rate movements, should those occur in
production (IP) growth slowed to 1.5% year-on-year in 2016, after
response to major policy shifts, could further intensify protectionist
growing by 1.8% in 2015. IP in OECD (Organisation for Economic
pressures. Increased restrictions on global trade and migration
Co-operation and Development) countries eased to 0.3% year-
would hurt productivity and incomes, and take an immediate toll
on-year in 2016, after growing by 0.8% in 2015.
on market sentiment.
This could have been worse had it not been for a healthy uptick
Promise: Consistently good economic news since the summer of
in global economy during the second half of 2016 especially in
2016 is starting to add up to a brightening global outlook. With
advanced economies. Growth picked up in the United States as
buoyant financial markets and a long-awaited cyclical recovery in
firms grew more confident about future demand, and inventories
manufacturing and trade under way, world growth is projected
started contributing positively to growth (after five quarters of
to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6
drag). Growth also remained robust in the UK, where spending
percent in 2018.
GDP growth (%)

17

5 4.8
4.5
4.1 4.1
4
3.6
3.4
3.2
3.1
3
2.1 2.0 2.0

2
1.7
0
2015 2016 2017(P) 2018(P)
Global, Advance economies, EMDE

(Source: IMF)
Indian economy: of the movement of goods and services. This critical fiscal
The Indian economy has been growing at an accelerated pace policy could make an important contribution to raise India’s
since 2014, supported by favorable government reforms and medium-term GDP growth momentum (Source: IMF).
stringent fiscal regime that reigned in inflation. India emerged as • The Union Budget 2017-18, puts an unprecedented thrust
a ‘bright spot’ in an otherwise subdued world economy when it on infrastructure development which will have a multi-
overtook China in 2015-16 as the fastest-growing major economy sector cascading impact. This initiative promises to make an
in the world. important contribution to India’s economic resurgence.
Despite prevailing headwinds in India and across the globe,
India managed to sustain its 7%-plus GDP growth momentum
Indian plastics industry
registered over the last three years. India’s strong fundamentals The Indian plastics industry made a promising beginning in
enabled it to clock a 7.1% GDP growth in 2016-17, a marginal 1957 with the production of polystyrene. Thereafter, significant
slip from 7.9% in 2015-16 – primarily owing to policy initiatives progress has resulted in rapid diversification and growth of the
like demonetization that curbed liquidity in a cash-based, industry. The industry spans the country and hosts more than
consumption economy. 2,000 exporters. It employs about 4 million people and comprises
more than 30,000 processing units, 85-90% of which are small and
Growth in the agriculture sector was pegged at 4.15% in 2016-17,
medium-sized enterprises.
significantly higher than the 0.76% in 2015-16 primarily owing to
a better monsoon. Also, growth in the industrial sector moderated The Indian plastics industry produces and exports a wide range
to 5.0% in 2016-17 from about 8% the previous financial year. of raw materials, plastic-moulded extruded goods, polyester
Gross value added (GVA) growth was 6.6% for 2016-17 compared films, moulded / soft luggage items, writing instruments, plastic
with 7.9% in 2015-16. woven sacks and bags, polyvinyl chloride (PVC), leather cloth and
sheeting, packaging, consumer goods, sanitary fittings, electrical
Despite this moderation, the Indian economy sustained a
accessories, laboratory / medical surgical ware, tarpaulins,
macro-economic environment of relatively lower inflation, fiscal
laminates, fishnets, travel ware, and others.
discipline and moderate current account deficit coupled with a
broadly stable rupee-dollar exchange rate. The Indian plastics industry offers excellent potential in terms
of capacity, infrastructure and skilled manpower. It is supported
Challenges: A key concern for the country is the health of the
by a large number of polymer producers, and plastic process
banking system, which continues to battle with rising bad loans
machinery and mould manufacturers in the country.
18 and heightened corporate vulnerabilities in certain key sectors of
the economy. Also, with crude oil prices on the climb, pressure Among the industry’s major strengths is the availability of raw
from higher government wages and Fed rates expected to rise, materials in the country. Thus, plastic processors do not have to
the space for rate cuts is quickly dwindling. depend on imports. These raw materials, including polypropylene,
high-density polyethylene, low-density polyethylene and PVC, are
Promise: India’s economic growth is expected to improve in
manufactured domestically.
2017-18. This optimism is based on two critical realities.
(Source, IBEF, January 2017)
• The adoption of the Goods and Service Tax (GST) promises to
create a single national market which will enhance efficiency
Total export of plastic products stood at
US$ 7.64 billion in FY 2015-16
India’s plastic processing space A snapshot

• Per capita consumption of virgin 11 kg and recycled 3.8 kg
Global economic growth is generally interlinked to petrochemical
consumption where plastic is an important partner. Plastic • Virgin Polymer consumption in 2014-15 - 14 MMT
processing is the pillar of economy in most of the advanced • Number of converting/processing units –30,000-plus
economies. Per capita consumption of the world is 28 kg whereas (organised sector) and 20,000-plus (unorganized sector)
India’s 11 kg (lowest in Asia) and China 38 kg, Brazil 32 kgs. The • Number of processing machines - 113,000-plus
per capita consumption for The US, Germany, The UK, Italy, Spain,
• Processing capacity - 30 MMT
Australia, Japan, Korea and Taiwan is more than 100 kg. This clearly
showcases India’s large growth potential. • Processing capacity growth - 13% (5-year CAGR)
• Approximate size of the plastic and polymer industry – By 2020, plastics consumption of India is set to increase from the
B1,44,000 crore current 12 million metric tonnes per annum to 20 million metric
tonnes per annum. India is expected to deploy 180,000 machines
The Indian plastics processing industry is expected to grow at a
by 2020 as compared to the current fleet of 113,000 machines.
healthy pace propelled by an increased growth among end-user
Exports of Plastics finished goods are set to nearly double from
industries, greater penetration of plastics via various existing and
US$7.9 billion currently to about US$15 billion in next 5 years.
an ever-growing range.
The industry is determined to play a significant role in executing
Given the increasing consumption of plastic products, plastic government’s vision of raising exports to US$900 billion by 2020
manufacturers are bullish about the growth prospects of the
With plastic products becoming increasingly ubiquitous across
sector in FY18. According to industry sources, the polymers sector
household and industrial applications, the per capita consumption
is expected to grow by 10-12 per cent in FY18 and generate as
of plastic in India is expected to touch 20 kilos by 2020 from about
many as 5 lakh new jobs. This growth is expected to be catalysed
11 kgs currently.
with the development and absorption of new technologies which
are expected to widen the application of plastic products in
newer areas like construction, agriculture, health and others there
by increasing the demand for plastic products,
Technology and product application
Extrusion Injection moulding Blow moulding Rotomoulding

*Films and sheets *Industrial injection moulding *Bottles *Large circular tanks for varied applications
*Fibres and filament pipes *Household injection moulding *Containers
*Conduits and profiles *Thermoware/Moulded Luggage *Toys
*Miscellaneous applications *Houseware
Composites Indian composites market:

Custom-moulded components are made from new-age
composites (combining plastics and fibers with glass, carbon,
India produces 3% of the global volume of composites but this
is expected to double over the next five years propelled by an 19

and other materials). Key customers comprise aerospace, increasing demand for automobiles (both four and two-wheelers),
transportation, renewable energy and defence sector players. electronic goods and other consumer durables. The demand
These products enjoy steady demand because of their strength, for electrical and electronics in the Indian composites market is
tenacity, thermal and electrical conductivity and corrosion expected to experience the highest growth over the next five
resistance. Also, because composites are lightweight, they have years supported by increasing number of governmental projects
witnessed an enormous surge in demand especially in the in the realm of infrastructural development.
aerospace and transportation verticals.
Moreover, with the Indian Government laying a keen emphasis on
Global composites market: improving its infrastructure quotient (automobiles, railways, roads,
The global composites market generated revenues worth airports, sewage treatment, housing and electricity transmission
~US$69.50 billion in 2015 and is projected to generate revenues and distribution), growth in this vertical shows no signs of abating
worth >US$106 billion in 2022 at a CAGR of 7.11%. A growing over the medium-term. Case in point: the Indian composites
preference for lightweight materials and increasing wind energy market is expected to reach the US$2 billion-mark by 2021
demand have allowed these composites to be marketed globally. growing at a CAGR of 14.1% between 2016 and 2021.
Composites are resistant to high temperatures, offer a high
strength-to-weight ratio, increase fuel efficiency and provide Sintex Plastics Technology Limited
enhanced structural stability.
About the Company
The high demand for composites emerging from the automotive Sintex Plastics Technology Limited (headquartered in Kalol,
industry has helped brighten prospects for these products. They Gujarat) is a globally-respected conglomerate with a large and
play a pivotal role in reducing the overall vehicle weight as they growing presence in plastic processing.
are ~60% lighter than steel or iron and but offer similar levels of
tensile strength. However, the products face challenges stemming The Company has two business operations – custom moulding
from high manufacturing and processing costs and issues related (under its subsidiary Sintex-BAPL Ltd.) and EPC contracts for
to recycling. Demand-wise, the Asia Pacific region is the largest various infrastructure projects (under its subsidiary Sintex Prefab
market, followed by North America. They are expected to hold and Infra Ltd.). The custom moulding is further segregated into
onto their positions till 2022. The increasing demand for electronic global operations (through its subsidiaries Sintex NP SAS (Europe)
products, construction materials and vehicles has catalysed and Sintex Wausaukee Composites Inc. (the US)) and Indian
offtake of composites in these regions. India and China enjoy the operations being managed by Sintex-BAPL Ltd.
bulk of the market share in the Asia-Pacific region.
The Group’s operations are managed by experienced professionals. The Company registered a topline of B6029.68 crores, gross
The Group enjoys a strong presence across diverse sectors and profit of B784.92 crores, the profit after tax of B419.61 crores and
has earned respect for its ability in developing niche solutions that earnings per share (face value or B1) of B7.56 (basic & diluted) for
address emerging trends. Its plastic-based products have gained 2016-17 (on consolidation basis).
currency across fast-growing user segments.
Corporate structure
Sintex Plastics Technology Limited
Sintex-BAPL Sintex Prefab and

Limited Infra Limited
Custom Moulding Prefab/Monolithic

Infra Business
Business Business
Custom moulding – domestic operations addition and strengthening business relations with existing
20 Since the launch of the water tanks that revolutionised water

storage in India, The Group has traversed a long journey. Having
corporate is also making a heartening contribution to business
growth.
established a respectable position in pioneering cost effective, Customer-specific custom moulding: This business largely is a
plastic-based solutions that replace conventional metallic customer centric operation where the Company designs and
variants, in hitherto uncharted territories, Group had emerged as develops components as per the customer requirement. While
a ‘Superbrand’ in India’s plastics processing space. product development and approval take considerable time,
Leveraging this innovation zeal and qualitative excellence, Group once approved customer stickiness is high (due to prohibitive
has extended its presence to diverse India-critical sectors namely switch-over costs) leading to long revenue visibility and high
power distribution, automobiles, electrical products, sanitation, profitability. The Indian operations are primarily concentrated on
building interiors, warehousing and a host of other verticals. The developing components for the automobile sector, the Company
Group enjoys a pan-India presence with 16 cutting-edge plastic is diversifying its sectoral exposure to other high-grow business
processing facilities. spaces – electrical being a case in point. The global custom
moulding operations of the Company are completely customer-
The business specific.
The Company’s custom moulding operations can be classified
While this segment accounts for about 25-30% of the Company’s
into two segments 1) develops application-specific standard
topline, its contribution to the profits and profitability is more
products catering to diverse sectors and 2) develops customer-
significant.
specific products primarily catering to the automotive sector.
Application-based custom moulding: This is the flagship vertical 1) Application-based custom moulding
accounting for more than 70% of the Company’s revenue.
Under this vertical, the Company has developed niche solutions Water storage solution
for critical applications which are high on the Government’s With black tanks increasingly dotting the Indian skyline, the Sintex
priority list namely water management, sewerage management brand has become synonymous with water storage tanks. Having
warehousing and power theft, among others. As such majority pioneered the concept of plastic water storage solution more
of the orders come from government agencies and government than three decades ago, the Group occupies the pole position in
authorities. Increasing awareness and growing acceptability of the this space with more than a 60% market share.
Company’s products across states is driving business volumes. In
The huge product range comprising water tanks for every
addition, the Company is focused on expanding its presence with
conceivable application – loft tanks in individual apartments to
India Inc. with considerably success. As a result, new customer
water storage solutions for building complexes or even entire
pin codes as well as underground storage tanks in various sizes – Sub-ground structures
positions it as a one-stop-shop. The Group leveraged its expertise in the liquid storage solutions
Having gained a dominant share of the water storage market space to create these products which are becoming increasingly
space with its black tanks, the Group successfully implemented relevant considering the rapid rates of urbanisation across India
some path-breaking improvements: and the inability of legacy sewage management solutions to
handle growing volumes of waste. The Group’s product basket
• The Group leveraged the blow-moulding technology for comprises septic tanks, packaged treatment solutions and biogas
manufacturing tanks for catering to the market needs at the holders.
lower end of the spectrum. This initiative enabled the Group
to manufacture value-for-money tank variants launched Septic tanks: The Group developed underground septic tanks for
under the ‘Renotuf’ brand facilitated in effectively managing storage of liquid waste (for about 50-500 people). The space-
competitive pressure and meet low and mid market saving USP of these septic tanks has enabled the Group secure
customer expectations. approvals from numerous municipalities and governmental
agencies. Case in point: In 2015-16, the Group closed a deal for
• The Group developed the white-walled Triple layer tank – a
providing septic tanks to the Ministry of Non-Renewable Energy.
premium product – with the internal and external walls being
This landmark achievement promises to increase sales volumes
white and an inner black layer for preventing the penetration
and allows the Group to market its products without the need for
of UV rays inside the tank. This variant has emerged as an
any additional state-wise approvals.
important business with high acceptance and popularity
among consumers pan-India. It commands 37% of the total Packaged waste water treatment solution: The Group has developed
water tank business and is expected to sustain its growth the decentralised packaged waste water treatment solution in
momentum over the medium term. collaboration with Aqua Nishihara, Japan – global leaders in this
• In keeping with this trend, the Group launched a triple-walled space. In addition to large capacity solutions for institutional
white tank, a mid-priced water storage solution leveraging applications, the Group has developed smaller capacity Packaged
the Blow-moulding technology, marketed under the Titus solutions for the retail market being marketed through its large
brand which was eagerly embraced by the target customer distribution network.
segment. This unique solution reduces BOD levels by 75-95% depending
Currently, the Group markets its products under four brands on the product. The 2015-16 fiscal was eventful. One, the product
Sintex (premium tanks which includes the recently launched was accepted as a part of the Clean Ganga Action Plan as well as
white triple wall water tanks), Reno (standard tanks) and Renotuf by the Bill and Melinda Gates Foundation for managing sewerage 21
(value-for money tanks) and Titus (white triple wall water tanks for levels. Two, it was connected to important drainage lines in Centre

the mid-segment). of Ahmedabad and the treated water was used for gardening
– a case study which demonstrates the effectiveness of this
The Group also developed an in-house shrink-wrap solution for solution. Three, it received approvals from the Ministry of Urban
superior product packaging which eliminated in-transit damage Development as an effective solution for managing liquid waste.
to premium tanks. The solution also received mention in the CPHEO manual which
In addition, the Group strengthened its connect with its distribution showcases the Central Government’s intent to clean up India.
channel. For this it implemented a number of initiatives: More recently, the Group received MES approval from ENC office
• Introduced a channel financing scheme for dealers to avail for MBBR technology. This approval is expected to be an inflection
low-cost loans point for this revenue vertical as the MBBR technology is widely
accepted all over the country. This approval will allow the Group
• Introduced attractive schemes for the benefit of the retailer
to participate in large government projects initiated by MES,
community,
CPWD, Railway, ONGC, Police Housing, Housing Boards and other
• Held communication forums to better understand their Government and private sector institutions.
challenges, increase awareness regarding the Group’s
strategies and goals and facilitate a demand pull. In addition, the Group has created a retail business plan for small
sewage treatment plants catering to individual houses, residential
• Created a dedicated web portal for tracking consignments at
bungalows and propagated awareness of the product and its
the retail level and thus preventing inventory pileups
effectiveness by participating in seminars and by organising
Further, the Group rolled out a Dealer Management System for its contractor work-shops. For retail usage the Group has created
channel partners and retailers which enabled accurate mapping customised variants in which the treated water can be used for
of and intelligent decision-making for the retail market. Several gardening, toilet flushing, floor washing, cooling tower and in
new initiatives such as order booking through Mobile App, construction activities. The Group has created a dedicated cell
compliance through Quality App and a strong focus on secondary comprising consisting of service managers, technicians for after-
sales alongwith a call centre strengthened the Group’s customer sales services (including AMCs) to ensure the product performs
commitment. upto client expectations.
These realities have brightened prospects of healthy business requirements of various State Discoms and Central Government
growth over the coming years. agencies. This segment is the key revenue generator accounting
for more than 70% of the revenue for SMC business.
Biogas holders: The product was developed to address fuel and
sanitation needs of the rural India. The biogas plant uses livestock The key products in the EB business are DTC/LTCT Meter Boxes,
excreta, as well as leftover food to generate biogas which is used Service Connection Boxes, Consumer Meter Boxes, LT Distribution
to fuel rural kitchens. The remnants can thereafter be used as a Boxes, BPL Kits and V-Cross Arms.
fertiliser.
The Group is an approved supplier under government’s key
Having pioneered the concept of portable, prefabricated and power reform programs namely Deen Dayal Upadhyaya Gram
moulded biogas plants in India, the Group has made a significant Jyoti Yojana and the Integrated Power Development Scheme
headway in successfully marketing this concept to governmental which aim to provide 24X7 quality power to urban and rural India.
agencies. In 2015-16, the product received the all-important Over the years, the Group has developed products that address
approval from the Ministry of Non-Renewable Energy. This allows NGT/CPCB, REC related issues.
the Group to market this unique solution pan-India without
Majority of the business accrues from Gujarat, Uttar Pradesh,
securing any further state-specific approvals. The Group continued
Andhra Pradesh, Chhattisgarh and Kerala. The team continues
to cement its foothold in states like Gujarat, Maharashtra,
to focus on way of increasing business from other states namely
Karnataka and Bihar. The Group successfully marketed its biogas
Tamil Nadu, West Bengal, Odisha and Uttarakhand. In addition, it
solutions to dairy farms across different states.
is also looking to widen its footprint across other states namely
Environment-friendly products Jharkhand, Haryana and Punjab over the next few years. .
Increasing awareness of the Group’s Euroline range of dustbins In keeping with its efforts in aligning with the nation’s
and containers has resulted in growing its acceptance across requirements, the Group created a new product (‘the BPL kit’) that
states. Large volume orders continue to flow in from governmental is a mandatory requirement under the Electricity for All initiative,
agencies, NGOs and PSUs. The Group widened and modified its comprising electricity board with basic fitments (MCBs, switches,
product mix in line with customer feedback. a bulb holder and a plug point) and raked in sizeable volumes
SMC products from various governmental agencies in South India as well as
Bihar and Uttar Pradesh.
This revenue vertical is the result of Sintex’s desire to address
the longstanding problem of power theft. Sintex introduced Going forward, the Group is focused on capitalising on
22 tamper-proof meter boxes, manufactured using sheet moulded
compounds. Being shockproof, SMCs provide insulation against
opportunities from two key Government initiatives:
• Energy Efficient Street Lighting (EESL) Programme promises
electricity and are used as cast iron and aluminium alternatives.
a big opportunity as it gives reduction of more than 10%
They are also rust-proof, durable and possess zero-resale value,
on the energy consumption. This model was launched on
protecting them from theft.
5th January 2015 for 100 cities which holds the potential
The Group is one of the largest manufacturers of electrical to reduce load by about 390 MW. Under the EESL scheme
enclosures, catering to state electricity boards and circle offices conventional street lights will be replaced with energy
pan-India. Besides, the Group’s product basket comprises loop- efficient LED street lights. In addition, strong SLA will ensure
in/loop-out boxes, polymeric insulators, insulator boxes, cross maintenance and replacement over the project period will
arms and service connection boxes, among others, with special ensure light levels as per the National Lighting Code.
features and other accessories used in national electrification. The
• Another scheme of importance is AGDSM in which farmers
Group operates in the mid- (440-1,200 volts) and high-voltage (up
would be provided for free, Energy efficient BEE Star rated
to 11 kilovolt-amperes) segments.
pump sets of HP equal to their sanctioned load, through
In the recent past, the Group graduated from supplying multiple distribution desks in the project area.
empty boxes to fully-fitted, ready-to-use enclosures for diverse
Non-EB business: This is a flanking vertical to de-risk against an
applications, strengthening its reputation as a preferred business
excessive dependence on the Government business under
partner. Sintex also started a retail distribution channel for catering
which the Group caters to the requirement of power distribution
to small-ticket businesses, kick-starting revenues.
companies in the private sector. The key products in this segment
The huge increase in business volumes in this vertical has include cable trays, junction boxes, RTU, SMC Sheet/CHQ, IP, LED,
mandated further investments towards increasing manufacturing MCB/RCCB and Plug & Socket, among others.
capacities which are to be implemented in the current year.
In the Non-EB business, the Group has established a presence
Recently, the Group has compartmentalized its business into in the Telecom sector by developing specialised enclosure for
three segments for focused efforts in growing each segment energy saving equipments. In addition, there has been a steady
individually and the revenue vertical collectively. The three demand for cable trays from this user segment.
segments are – 1) Business from Electricity Boards (EB), 2) Non- EB
The Group has also developed specialised enclosures for ACCL
business and 3) the retail segment.
Panel – 1/3 ph, APFCR Panel, CCTV and Distribution Box/Panel.
Business from Electricity Boards: As the name suggests, this is In addition, the Group is focusing on developing customised
segment functions on a B-G model with the Group catering to the enclosures for housing specialised equipment namely Starter
Panel, Relay Panel, Telecom Power Solutions, Demand Controller Sandwich Panel
Panel and Control Panel for Highmast. Sandwich panel has emerged as a modern building material
The team has also developed important stand-alone products replacing the traditional brick and mortar structures for numerous
which will enable it to cater to a wider spectrum of user sectors – applications.
expanding its opportunity canvass over the coming years. Sandwich panels are cost-efficient building materials comprising
Retail segment: The Group is working on setting up a retail an inner insulation core (generally Polyurethene based) between
channel for this product vertical to cater to small volume business two colour-coated steel sheets. The core is usually of low density
mushrooming pan-India. As a first step towards this end, the which allows the structure to perform without becoming heavy.
Group set up a retail outlet for electrical products in Pune; plans Sandwich panels are a preferred construction material for cold
are afoot to set up more such outlets across key markets. storages and warehouses, primarily in high-temperature zones
Industrial containers and FRP tanks (hence highly suited in India). These panels also find application
as walls, roofs and partitions in buildings and prefabs.
Industrial containers are specially moulded tanks to store dyes,
colours and chemicals for industrial uses. These are mainly Sintex’s PUF-packed sandwich panels come in varying thicknesses
large but come in multiple sizes to suit diverse uses. Growing (20-150 mm) with different structural designs and colours (external
industrialisation and increasing scale of operations in key user sheets being pre-painted, colour-coated galvalume sheets). The
sectors is driving the demand for industrial containers. The Group Group markets sandwich panels to government agencies for
introduced large-sized roto-moulded tanks (1000 ltrs and above) warehousing and cold storage infrastructure.
especially targeting the chemicals and textile sectors.
The product is finding increasing acceptance with corporates
The Group has developed high-strength, non-reactant FRP tanks for commissioning factories, warehouses and other ancillary
for storing corrosive chemicals and fuels in dispensing stations as structures. The Group’s prefab unit is a large consumer of sandwich
a cost-effective and fail-safe alternative to RCC and metal variants. panels manufactured at its Kalol facilities.
The Group has received approvals from leading oil marketing
The Group created a retail arm comprising dedicated fabricators
companies namely IOC, HPCL and BPCL for installation in new
and franchisees to capitalise on thesmall-volume demand for
dispensing stations, pan-India. Recently, the Group marketed
diverse applications (house, shop and establishment extensions,
these niche storage solutions to Shell outlets. The Group also
sheds, rooftop houses and prefab, among others).
successfully marketed its underground FRP tanks to large malls
and commercial complexes for storage purposes (generator fuel,
fire fighting, water, sewerage, among others).
The Group has positioned its sandwich panels as an essential part
of the cold chain which is an area of high priority for the Indian
23

government. The Government thrust on creating warehouses and
In 2016-17, the Group received sizeable orders for its fuel
cold storages across India (subsidies and other sops) for proper
underground storage tanks from HPCL, IOCL, Reliance and other
storage of fruits vegetables and other perishables is expected to
oil marketing majors. The Group was also successful in receiving
provide significant demand for the Group’s sandwich panels. The
bulk business from Britannia Industries, Rajasthan Medical
Group also developed special panels and specialised leak-proof
Services, Tamil Nadu Civil Supply Corporation, and ITC, among
doors and windows to offer a holistic solution for cold storage
other renowned corporates.
applications. In addition, the Group also developed small capacity
Plastic pallets modular cold storage as walk-in coolers.
Growing focus on creating a state-of-the-art warehousing In 2016-17, special panels were developed for dairy application
infrastructure across India is driving the demand for pallets. The which enabled the Group to received business from private sector
Group’s plastic pallets cater to industries like pharmaceuticals, dairies namely Sabar Dairy, Prabhat Dairy and Namaste Dairy –
automotive, electrical, warehousing, transportation, among creating a new opportunity window for the coming years.
others.
Further, the Group focused on creating a retail channel for this
Insulated boxes product to address small ticket business. For this, the team
The Group continued to export these products to Australia and developed a range of roofing material (20mm to 50 mm) and wall
the Middle East. Furthermore, the Group secured heartening material (30mm to 50mm) which received a heartening response
volumes from the West Bengal Fisheries Department even as it from the retail market.
continued to explore opportunities in the coastal belts of India in
The Group appointed dealers in South and West India; the team
order to bolster revenues.
undertook interesting branding and advertisement initiatives in
In 2016-17, the Group developed a new range of containers for these regions and participated in exhibitions and seminars for
the Government’s Mid-Day meal Programme which was well creating product awareness.
accepted by various government agencies. The Group was also
Sandwich panels were also exported to Bhutan, South Africa and
successful in securing several bulk orders from multiple nations
Bangladesh – a trend which is expected to gain momentum over
for its ice boxes. In addition, the Group also developed boxes
the coming years.
which could address the requirement of several government
programmes such as Dudh Sanjeevani Yojana and cater to the
stringent e-commerce requirements (to manage the supply of
perishables).
Doors & Windows (Chennai, Sohna, Pune, Pithampur and Nasik) allow it to service
Sintex capitalised on its plastic processing expertise to offer a leading automotive OEMs promptly. The Group’s product basket
prudent mix of ready-to-use and do-it-yourself products. The comprises exterior systems, interior systems, under-the-hood
Group’s extruded product basket comprises doors, kitchen systems and plastic components.
cabinets and non-load bearing partitions, among others. Sintex-BAPL Limited specialises in manufacturing injection-
The Group positions these products as environment-friendly moulded plastic components for the auto industry. It employs
alternatives over wooden/aluminium variants in addition to being cutting-edge technologies like vacuum forming, PU foaming,
cost-efficient, zero-maintenance, easy-to-clean as well as water- ultrasonic and hotplate welding, spray painting, decorative
and termite-proof. painting and assembly to manufacture best-in-class products.
For focused marketing, the Group has compartmentalised its Capability-enhancing alliances in the area of product design
extruded products in two categories – interior panels and Ready- (HIVEC, Japan), interior and exterior design and engineering (Daeji
Made doors. Metal Corp, Korea), design and manufacture of air induction
systems and DFT design and development (Kautex) has served
Doors: Factory-Made Doors (ready for installation) are the flagship Sintex-BAPL well. It also entered into a technical consultancy
product within this vertical being marketed under the ‘Indian’ and MoU for fabricating blow-moulded, under-the-hood parts and
‘Micra; brands which have received healthy customer acceptance. projectile injection moulding components. The Group recently
To strengthen its product offering, the Grouplaunched the ‘Sierra’ entered into a joint venture with Rototech for developing diesel
brand, a premium range of doors with stylish designs and superior tanks, special ducts and body panel components/sub-assemblies.
finish. The Group also received orders for its Factory-Made Doors Its technology capabilities, niche alliances and focused quality-
from various affordable housing projects in Delhi, Gujarat, Andhra centric operations have facilitated in growing its customer base in
Pradesh, Tamil Nadu etc. To extend its presence from the bathroom each year over the last five years.
to other parts of the home, the team is developing internal doors
which should be launched over the coming years. In 2016-17, the Group made considerable headway in
strengthening business relations with leading global automotive
Panels: Till now, the Group manufactured hollow profiles used in OEMs operating in India.
kitchen and bathroom furniture and non-load bearing panels.
The Group continued to introduce new sections and shades in • Initiated supplies started to Ford Motors (through Faurecia)
line with customer aspiration and market trends. Recently, the and TVS two-wheeler parts from the recently commissioned
state-of-the-art paint shop at Chennai Oragadam plant. The
24 Group launched a superior-grade panelling material resembling
timber which received good customer response. In addition Group is exploring opportunities to paint airbag covers for
to hollow profiles, the Group launched Plastoboards (6mm to Ford and interior/exterior parts for Hyundai.
30mm thickness), which are solid PVC boards to be used in many • Commenced supplies of thermosets to Socomec from
applications for kitchen shutters. These can be subjected to recently commissioned thermoset compression moulding
nailing, sawing, drilling, pasting and other types of processing. It unit at the Pithampur plant
is also suited to heat bending, folding and thermoforming. It is • Achieved our first success in the full-system solution strategy;
also an easy material for fabrication and therefore the acceptance received business from HYUNDAI Motors for in-house Design
of this product has been good with channel partners. The Group and supply of Cover Fender and Wheel Arc Assembly on AH2
has also plans to add colour PVC form sheet and other decorative Program
panels for increasing the range of products.
As a part of long term strategy, the Group is expanding its offerings
to customers by undertaking challenging projects – the team
2) Customer-specific custom moulding converted various customer designs from conventional metals
Domestic business and alloys to polymeric materials and composites. Below are a few
Sintex-BAPL Ltd. capitalises on Sintex’s entrenched presence in examples of such projects.
the highly lucrative Indian automobile sector. The Group has for 1. TAFE -- PTO cap
the past three decades serviced all automobile majors operating
2. John Deere -- Rocker Arm Cover
in India.
3. Daimler -- Trims
BAPL’s seven manufacturing facilities have improved its customer
4. Hero -- Plastic Fuel Tank
servicing credentials thereby fostering long and healthy business
relationships. Recently, it forayed into the precision parts Going forward, this strategy is expected to open expansive growth
space in partnership with Nief, Sintex’s European subsidiary opportunities over the coming years.
for Schneider Electric’s Indian operations (Schneider is one of
The Group continued to focus on customer addition to sustain
Nief’s key customers in Europe) and the off-highway space with
its growth momentum. In 2016-17, the Group added number of
technological assistance from its subsidiary Sintex Wausaukee Inc.
globally-respected brands to its customer list.
Automotive components: This is the largest business vertical
• Alstom – Mass Transport Global Organization
and accounts for majority of the overall revenues. The Group
strategically-located facilities in India’s automotive corridors • Reva cars – Electric vehicles from Mahindra & Mahindra
• Socomec – Electrical Switch Gear Global Organization International operations
• Hero Motocorp – World No. 1 Two wheeler manufacturer
Europe-centric operations: The Sintex NP Group operates in
• TAFE – Agriculture Equipments France, Germany, Eastern Europe (Poland, Hungary and Slovakia)
Precision parts: The Group forayed into the precision parts and North Africa (Tunisia and Morocco). It caters to players present
space in leveraging its association with Nief and addressed the in the car manufacturing, electrical/electromechanical equipment
requirements of electrical, auto-electrical and aerospace corporate manufacturing, aeronautics/defense, household appliances,
through its expansive product basket comprising small/very small medical, construction, sport and leisure sectors, among others.
high precision parts. In addition to its key customer Schneider, the The Group’s core business involves transforming thermosets
Group also added TRW and BorgWarner to its client list. by compression and injection, transforming all thermoplastic
grades (P/E to PEEK), stamping thermoplastic composite grades
The Group’s focus on business from Borgwarner and TRW facilitated commonly used in aeronautics, precision-cutting ferrous and non-
in improving business profitability. The acquisition of GM and ferrous metals, forming steel-stainless steel-non-ferrous wires,
M&M programs at Borgwarner is further expected to improve manufacturing tension-compressiontorsion springs, electronic
business profitability over the coming years. The Groupalso won circuit boards using SMD or TH technology and wiring harnesses.
Schneider’s Vision program and will get full leverage of Schneider’s The Group’s key clients include globally-renowned brands like
strategy of consolidating its vendor base by 40% in coming three Faurecia, Schneider, Legrand, ABB, Areva, EADS, Siemens, Snecma,
to four years. The Group plans to add capacity in 80T and 120T ThyssenKrupp Automotive, Valeo, Visteon, Alstom and General
machines to meet demand visibility, (consequent to new business Motors, and among others.
addition) in 2017-18.
US-based operations: Sintex Wausaukee is a preferred supplier
Off-highway components: The Group entered the off-highway to globally recognised OEMs in the US (majority Fortune 500
products space following the commissioning of a new composite companies) on account of its expertise in manufacturing highly
manufacturing facility equipped with LRTM (light resin transfer engineered composite and fibre-glass components addressing
moulding) capabilities at Pune – the first of its kind composites diverse user sectors (construction equipment, agriculture,
unite in India. This unit bagged the prestigious order for medical injecting and mass transit). The Group’s key clients
developing and supplying components to Siemens USA for an comprise Caterpillar, Siemens, Alstom, Phillips Medical Systems,
upcoming metro railway line in Calgary, Canada. Recently, the G.E. Medical Systems, Rail Plan International Inc., Acciona, Hitachi,
Group enhanced the capability of its LRTM facility by adding a NY City Subway (Metropolitan Transportation Authority), Toshiba
new paint booth capable of painting large railway parts.
In 2016-17, the Group successfully received orders to supply
and Harley-Davidson, among others. Over the past two years, the
Group has consolidated its business to focus on niche high-value 25

Front End and Driver desk assembly to Alstom’s Lucknow metro – business segments, added customers and streamlined its business
making it a first-time supply for the Group to any metro program operations to shore up its financial performance. In 2016-17, the
in India. This success paved the way for the Group to bid for Group developed a blueprint for ensuring profitable business
component supplies to Alstom’s other metro projects in India and growth and implemented important steps in this direction 1.) Sold
abroad e.g. Lyon Metro (France), Mecca Metro and tram project at its Owosso, Michigan facility and consolidated the production
La Rochelle (France). The Group was also awarded the business of operations into the Wausaukee and Gillett, Wisconsin facilities;
roof and rear tub supply to Mahindra Reva’s 4DR car. The Group sold the vacant Cuba City facility 2.) Strengthened the marketing
will continue to focus on the railways segment in India and across team and on-boarded key executives to catalyse business growth
the globe with new entrants e.g. CAF, TALGO and Stadler likely to These initiatives are expected to yield significant improvement in
win future multi train/metro programs in coming two-three years. the business growth and profitability going forward.
The Group has strategised to move close to its key customers
namely Maruti Suzuki, Hyundai Motors and TVS Motors. For this, Infrastructure & EPC contracts
the Group is planning to set up a manufacturing unit proximate
Sintex Prefab and Infra Ltd. provides prefabricated solutions and
to Suzuki Motors Gujarat plant in Becharaji – this will facilitate
undertakes EPC contracts for various infrastructure projects across
in supporting Baleno production. This unit will also facilitate in
India.
securing business from and servicing other automobile OEMs in
this region namely Ford Motors, Tata Motors, Hero Motocorp, SAIC Infrastructure projects: In less than six years of business operation,
(M.G.Motors). the Group has completed large important projects strengthening
its expertise in civil and mechanical construction. They include;
In addition, the Group is also setting up a manufacturing facility
at Hosur, Tamil Nadu which will facilitate in catering to increased • Completion of a 432-apartment affordable housing project
business volumes from TVS Motors. This unit will also strengthen for the Rajasthan Government under the PPP model. Erection
our ability in securing business from other OEMs namely Honda of two check-posts in Madhya Pradesh comprising road,
Scooters & Motorcycles, Toyota , Ashok Leyland and TAFE. building and fabrication from IL&FS.
• Contract from the UP Jal Nigam a project for laying sewerage
pipelines and erecting and commissioning pumping station
in Lucknow
In 2016-17, the Group completed the Ujjain Kumbh Mela project Risk management
(Construction of toilets, urinals and Bathrooms in Various Sites of The Company has formulated a risk management framework
Ujjain and their upkeep during the Kumbh Mela period) – these which lays the procedure for risk assessment and mitigation.
strengthened the Group’s financial performance during the The Group leverages its deep domain knowledge to undertake
period under review. proactive measures that strengthen viability across projects,
Prefabs: These are completely knocked-down plastic kits suitable geographies and market cycles. A combination of centrally-
for enclosures (large and small), which can be assembled within issued policies and divisionally-evolved procedures ensures that
a week – making it the one of the fastest and most cost-effective business risks are being effectively addressed.
construction solutions on offer. The product consists of plastic Human resources
sheets filled with concrete and steel rods which enhance the
The Group believes that its intellectual capital represents its most
endurance of the structure. Moreover, prefabricated structures
valuable asset – from the top floor to the shopfloor. In line with
are assembled at the shopfloor by trained professionals thereby
this, the Group has positioned employee engagement as a key
minimising wastage and improving their cost effectiveness.
priority. Even as the Group increased its presence across various
The multifarious benefits of prefabs position them as the business segments, its stringent HR goals have helped create an
preferred solutions in India’s efforts towards strengthening organisation which is recognised as a ‘centre of excellence’. The
social infrastructure (classrooms, healthcare centres, public Group’s endeavour was not just to increase its workforce in simple
toilets, community centres) in rural India with speed. These basic numerical terms, but to ensure that competences are enhanced
amenities have remained largely overlooked during the previous in line with changing business needs. Consequently, different
two decades. As a result, the demand for these products is largely teams have collaborated with each other to create an optimal
driven by governmental policies and budgetary allocations. In working culture, inculcate industry-best practicesand foster an
recent times, the corporate mandate to invest a portion of their ethically-motivated culture. The Group comprised a 7482-strong
profits towards social upliftment initiatives is also driving the workforce as on March 31, 2017.
demand for prefabs. Governmental initiatives like the Swachh
Internal control systems
Bharat Abhiyan, Sarva Shiksha Abhiyan and the Clean Ganga
Mission are key drivers for this vertical. Sintex’s Prefab portfolio At Sintex Plastics, rigorous internal control systems and procedures
comprises toilet blocks, kitchens, health centres, classrooms and have facilitated optimal resource utilisation. The Company has put
hostels, police chowkis, site offices, among others. in place a seamless system of checks and balances at every stage
of the production and dispatch cycle, ensured strict operational
26 In 2016-17, Sintex Prefab and Infra Limited received various
projects for constructions and supply of prefab toilets under
and quality compliance and removed procedural bottlenecks.
An Audit Committee, headed by a Non-Executive Independent
“Swachh Bharat Mission” across locations in the country. Director, reviews audit observations on a periodic basis.
Monolithic construction: The Group pioneered the MCC technology Cautionary statement
in India – typically suited for affordable housing projects for use
This document contains statements about expected events, and
by economically weaker sections and hence critical in addressing
financial and operational results of Sintex Plastics Technology
the national housing shortage. And continues to remain as the
Limited and the Group, which are forward-looking. By their
undisputed leader with a presence across eight states. The
nature, forward-looking statements require the Group to make
Group manufactures the formwork in-house, which facilitates an
assumptions and are subject to inherent risks and uncertainties.
assured resource availability and product customisaton, an edge
There is a significant chance that the assumptions, predictions
over those who need to import the formwork. Besides, product
and other forward-looking statements may not prove to be
bundling (packaged water treatment plant, doors, electrical and
accurate. Readers are cautioned not to place undue reliance on
kitchen solutions) enhances returns.
forward-looking statements as a number of factors could cause
Revenue from Custom Moulding segment stood at B3941.83 crs. assumptions, and actual results and events to differ materially
in F.Y. 2016-17 accounting for 66% of the total revenue. Revenue from those expressed here.
from Prefab segment stood at B2052.85 crs. in F.Y. 2016-17
accounting for 34% of the total revenue.
REPORT ON CORPORATE GOVERNANCE
Company’s philosophy on Corporate Governance violation of the Company’s code of conduct and ethical business
Your Company consistently followed the principles of good practices. This Policy inter-alia provides a direct access to a Whistle
corporate governance and strives to enhance the stakeholders’ Blower to the Chairperson of Audit Committee.
relationship, e-governance initiatives, while upholding the core Composition of The Board
values of integrity, transparency, fairness, responsibility and
The information on composition of the Board, Category and their
accountability.
Directorships/Committee Membership across all the Companies,
Your Company, in line with the above has taken various initiatives in which they were Directors, as on 9th August, 2017 is as under:
to further strengthen the corporate governance practices and
adopted various codes / policies pursuant to the Companies I. Board of Directors:
Act, 2013 (‘the Act’), and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended from time to time • Composition:
(‘Listing Regulations’). The Board comprises of 10 Directors drawn from diverse
Code of Conduct fields/professions as on 9th August, 2017. The Board has been
reconstituted post the Composite Scheme of Arrangement
The Company has laid down a Code of Conduct (“Code”) for
becoming effective on 12th May, 2017. The Chairman of the Board
the Board Members and Senior Management Personnel of the
is Promoter, Non-executive Director. The Company has all Non-
Company. The Company has also adopted code of conduct for
Executive Directors, out of which 6 are Independent Directors.
Independent Directors as prescribed under Schedule IV of the Act.
The composition of the Board of Directors is in conformity with
The Code aims at ensuring consistent standards of conduct and
the SEBI Regulations. All the Directors other than Independent
ethical business practices across the Company.
Directors are liable to retirement by rotation.
Establishment of Whistle Blower Policy/Vigil Mechanism
The total number of Directorships held by the Directors and the
The Company has established a whistle blower policy/vigil position of Membership / Chairmanship on Committees is given
mechanism. This policy aims to provide an avenue for Directors
and employees to raise genuine concerns of any violations of
below. All the Directors are compliant with the provisions of the 27
Act and SEBI Regulations.

legal or regulatory requirements, actual or suspected fraud or
Directorships and Membership on Committees:

Sr. Name of the Director Category (1) Board Meetings Attendance No. of No. of committee
No during the at the last
Director- position held
FY 2016-17 AGM ships in in other Public
other Public Companies (2)
Held Attended AGM held on Companies Chairman Member
30.09.2016
1. Arun P. Patel, Chairman Promoter & N.E.D. 7 7 Yes 2 - 1
2. Dinesh B. Patel Promoter & N.E.D. 7 7 Yes 2 - -
3. Rahul A. Patel Promoter & N.E.D. 7 7 Yes 4 - 1
4. Amit D. Patel Promoter & N.E.D. 7 7 Yes 5 2 2
5. Pravin Kanubhai Laheri# I & N.E.D. 7 N.A. N.A. 5 1 -
6. Desh Raj Dogra# I & N.E.D. 7 N.A. N.A. 8 1 5
7. Kiritbhai Chimanlal Shah* I & N.E.D. 7 2 N.A. 1 - -
8. Namita Rashesh Shah* I & N.E.D. 7 2 N.A. 2 - 2
9. Mr. Sandeep M. Singhi ** I & NED NA NA NA 2 - 2
10. Dr. Gauri S. Trivedi ** I & NED NA NA NA 3 - 2
#
Appointed as Independent and Non-Executive Directors w.e.f. 30th May, 2017
Appointed as Independent and Non-executive Directors w.e.f. 5th December, 2016.
*
** Appointed as Independent and Non-Executive Directors w.e.f. 9th August, 2017 .

Notes: During the financial year 2016-17, the Meeting of Members of the
(1) Category: Audit Committee was held on 18th January, 2017, in which all the
members of the Audit Committee were present.
I & N.E.D. – Independent and Non-executive Director
N.E.D. – Non-executive Director The Company Secretary acts as the Secretary to the Committee.
(2) Includes only Audit Committee and Stakeholder Relationship Terms of Reference:
Committee of public limited companies. The terms of reference of the Audit Committee are broadly as
under:
(3) Mr. Dinesh B. Patel and Mr. Amit D. Patel are related to each
other. Mr. Arun P. Patel and Mr. Rahul A. Patel are also related 1. Oversight of the Company’s financial reporting process and
to each other. the disclosure of its financial information to ensure that the
financial statement is correct, sufficient and credible;
The Details of shares held by the present Directors in the Company
as on May 30, 2017 are as follows: 2. Recommendation for appointment, remuneration and terms
of appointment of auditors of the Company;
Particulars No. of shares
3. Approval of payment to Statutory Auditors for any other
Arun P. Patel 3,27,710
services rendered by the Statutory Auditors;
Dinesh B. Patel 2,90,536
4. Reviewing, with the management, the annual financial
Rahul A. Patel 4,97,090 statements and auditor’s report thereon before submission
Amit D. Patel 3,98,425 to the Board for approval, with particular reference to:
Pravin K Laheri Nil a) Matters required to be included in the Director’s
Desh Raj Dogra 50,000 Responsibility Statement to be included in the Board’s
report in terms of clause (c) of sub-section 3 of Section
Kirit C. Shah Nil 134 of the Companies Act, 2013.
Namita R Shah Nil b) Changes, if any, in accounting policies and practices and
reasons for the same.
• Board Meetings:
c) Major accounting entries involving estimates based on
Seven Board Meetings were held during the year under
28 review and the gap between two meetings did not exceed

the exercise of judgment by the management.
d) Significant adjustments made in the financial statements
120 days. The dates on which the Board Meetings were held
during the Financial Year and attendance on the same are as arising out of audit findings.
follows: e) Compliance with listing and other legal requirements
relating to financial statements.
Sr. Date Board No. of
f ) Disclosure of any related party transactions.
No. Strength Directors
present g) Qualifications in the draft audit report.
1 13th May, 2016 4 4 5. Reviewing, with the management, the quarterly financial
statements before submission to the Board for approval;
2 16th May, 2016 4 4
3 22nd August, 2016 4 4 6. Reviewing, with the management, the statement of uses /
application of funds raised through an issue (public issue,
4 28th September, 2016 4 4 rights issue, preferential issue, etc.), the statement of funds
5 29th September, 2016 4 4 utilized for purposes other than those stated in the offer
6 5th December, 2016 6 6 document / prospectus / notice and the report submitted
by the monitoring agency, monitoring the utilisation of
7 18th January, 2017 6 6 proceeds of a public or rights issue, and making appropriate
recommendations to the Board to take up steps in this
II. Audit Committee: matter;
As on 31st March, 2017, the Audit Committee of the Company
7. Review and monitor the Auditor’s independence and
comprised of three Directors viz. Mr. Kirit C. Shah, Ms. Namita R.
performance, and effectiveness of audit process;
Shah and Mr. Amit D. Patel. The Committee’s composition meets
the regulatory requirements mandated by the Act and SEBI 8. Approval or any subsequent modification of transactions of
Regulations. All the members of the Committee are Non-Executive the Company with related parties;
Directors with Independent Directors forming majority. Mr. Kirit C.
9. Scrutiny of inter-corporate loans and investments;
Shah, the Chairman of the Audit Committee is a Non-executive
and Independent Director. 10. Valuation of undertakings or assets of the Company, wherever
it is necessary;
11. Evaluation of internal financial controls and risk management Nomination and Remuneration Committee is a Non-executive
systems; and Independent Director.
12. Reviewing, with the management, the performance of The Company Secretary acts as the Secretary to the Committee.
statutory and internal auditors, adequacy of the internal
The constitution and terms of reference of Nomination and
control systems;
Remuneration Committee of the Company are explained herein.
13. Reviewing the adequacy of internal audit function, if any,
(i) Term of Reference:
including the structure of the internal audit department,
staffing and seniority of the official heading the department, The broad terms of reference of Nomination and
reporting structure coverage and frequency of internal audit; Remuneration Committee are as under:
14. Discussion with internal auditors of any significant findings (a) Formulation of the criteria for determining qualifications,
and follow up there on; positive attributes and independence of a director
and recommend to the Board a policy, relating to the
15. Reviewing the findings of any internal investigations by the remuneration of the directors, key managerial personnel
internal auditors into matters where there is suspected fraud and other employees;
or irregularity or a failure of internal control systems of a
(b) Formulation of criteria for evaluation of Independent
material nature and reporting the matter to the Board;
Directors and the Board;
16. Discussion with Statutory Auditors before the audit (c) Devising a policy on Board diversity;
commences, about the nature and scope of audit as well as
(d) Identifying persons who are qualified to become
post-audit discussion to ascertain any area of concern;
directors and who may be appointed in senior
17. To look into the reasons for substantial defaults, if any, in the management in accordance with the criteria laid down,
payment to the depositors, debenture holders, shareholders and recommend to the Board their appointment and
(in case of non-payment of declared dividends) and creditors; removal and shall carry out evaluation of every director’s
performance.
18. To review the functioning of the Whistle Blower mechanism;
(e) To carry out any other function as is mandated by
19. Approval of appointment of CFO after assessing the the Board from time to time and / or enforced by any
qualifications, experience and background, etc. of the statutory notification, amendment or modification, as
candidate;
20. Carrying out any other function as is mentioned in the terms
may be applicable.
(f ) To perform such other functions as may be necessary or
29

of reference of the Audit Committee. appropriate for the performance of its duties.
21. Reviewing financial statements, in particular the investments Remuneration Policy
made by the Company’s unlisted subsidiaries. The Company believes that human resource is the key for the
Review of Information by Audit Committee: continuous growth and development of the Company. The
Company’s remuneration policy is designed to attract, retain
1. The Management discussion and analysis of financial
and motivate employees by offering appropriate remuneration
condition and results of operations.
packages and retiral benefits to contribute and participate in the
2. Statement of significant related party transactions submitted overall corporate growth, profitability and financial success of the
by management. Organization. The remuneration policy is in consonance with the
existing industry practice.
3. Management letters / letters of internal control weaknesses
issued by the Statutory Auditors.
IV. Stakeholders’ Relationship Committee:
4. Internal audit reports relating to internal control weaknesses
and As on 9th August, 2017, the Stakeholders’ Relationship Committee
of the Company comprised of three Directors viz. Mr. Kirit C.
5. The appointment, removal and terms of remuneration of the Shah, Ms. Namita R. Shah and Mr. Amit D. Patel. The Committee’s
Chief internal auditor. composition meets the regulatory requirements mandated by
6. Statement of deviations the Act and SEBI Regulations. All the members of the Committee
are Non-Executive Directors with Independent Directors forming
majority. Mr. Kirit C. Shah, the Chairman of the Stakeholders’
III. Nomination and Remuneration Relationship Committee is a Non-executive and Independent
Committee: Director.
As on 31st March, 2017, the Nomination and Remuneration The constitution and terms of reference of Stakeholders’
Committee of the Company comprised of three Directors viz. Relationship Committee of the Company are explained herein.
Mr. Kirit C. Shah, Ms. Namita R. Shah and Mr. Amit D. Patel. The
Committee’s composition meets the regulatory requirements Terms of Reference:
mandated by the Act and SEBI Regulations. All the members of (a) Oversee and review all matters connected with the transfer
the Committee are Non-Executive Directors with Independent of the Company’s securities.
Directors forming majority. Mr. Kirit C. Shah, the Chairman of the
(b) Monitor redressal of investors’ / shareholders’ / security redressal cell. For the purpose of registering complaints by
holders’ grievances. investors, the Company has designated an e-mail ID - share@
sintex-plastics.com
(c) Oversee the performance of the Company’s Registrar and
Transfer Agents.
V. Share Transfer Committee:
(d) Recommend methods to upgrade the standard of services to
investors. The Board of Directors has delegated the power of
approving transfer/transmission of shares/dematerialization /
(e) Carry out any other function as is referred by the Board rematerialisation of shares /issue of duplicate certificates and other
from time to time or enforced by any statutory notification / related formalities to the Share Transfer Committee comprising of
amendment or modification as may be applicable. Mr. Rahul A. Patel, Chairman and Mr. Amit D. Patel, as member of
Investors’ Grievance Redressal Cell: the Committee. Mr. Ankit Somani, Company Secretary acts as the
Secretary of the Committee.
The Company has designated Mr. Ankit Somani, Company
Secretary as the compliance officer of the investors’ grievance
VI. General Body Meetings:

Annual General Meeting
F.Y. Meeting and Venue Day, Date and Time Special Resolutions passed
2015-16 1st Annual General Meeting Monday • Approval under Section 180(1)(c) of the Companies Act,
At Registered office: 30th September, 2016 2013 for borrowing power upto B500 Crores
Abhijeet, 7th Floor, 10.00 a.m.
• Approval under Section 180 (1)(a) of the Companies Act,
Mithakhali Six Road,
2013 for creation of charge, mortgage etc. on assets of the
Ahmedabad – 380 009
Company upto B500 Crores
No resolution was passed through Postal Ballot during the VIII. Other Disclosures:
30 Financial Year 2016-17.
(i) Disclosure on materially significant related party transactions:
Whether any resolutions are proposed to be conducted through
postal ballot: No transactions have been entered into by your Company
with any related parties during the F. Y. 2016-17.
There is no immediate proposal for passing any resolution through
Postal Ballot. None of the businesses proposed to be transacted at (ii) Details of non-compliance by the Company:
the ensuing Annual General Meeting require passing a resolution There were no instances of non-compliance by the Company
through Postal Ballot. on any matters relate to various capital markets or penalties
imposed on the Company by the Stock Exchange or SEBI or
VII. Subsidiary Companies: any statutory authority during the last 3 financial years.
The Company has two material listed Indian subsidiary companies (iii) Code of Conduct:
and therefore, the requirement of inducting an Independent
The Company has formulated and implemented a Code
Director of Holding Company on the Board of Directors of the
of Conduct for Board Members and Senior Management
subsidiary company does not arise.
Personnel of the Company which is also posted on the
The financial statements, in particular the investments made by website of the Company.
the unlisted subsidiary companies are reviewed quarterly by the
(V) Code of Conduct for Prevention of Insider Trading:
Audit Committee of the Company, the minutes of the meetings of
unlisted subsidiary companies are placed before the Company’s Code of Conduct for Prevention of Insider Trading, as
Board regularly. approved by the Board of Directors, inter alia, prohibits
purchase / sale of securities of the Company by Directors
The Board of Directors also reviews statement containing all
and employees while in possession of unpublished price
significant transactions and arrangements entered into by the
sensitive information in relation to the Company.
unlisted subsidiary companies.
(Vii) Whistle Blower Policy:
The policy for determining Material Subsidiary as approved by
the Board may be accessed on the Company’s website at the link: The Company has adopted a Whistle Blower Policy and has
www.sintex-plastics.com/documents/ established the necessary vigil mechanism in line with the
requirements under the Act and the SEBI Regulations:
• For employees to report concerns about unethical behavior; (x) Others:
• To establish a mechanism to report to the management, The Company has a comprehensive and integrated risk
concerns about unethical behavior, actual or suspected fraud management framework to effectively deal with uncertainty
or violation of the Integrity Policy; and and associated risks and enhances the organisation’s capacity
to build value. The Risk Management framework of the
• To ensure that adequate safeguards shall be provided to Company has been designed with an objective to develop a
the whistle blowers against any victimization or vindictive risk culture that encourages identifying risks and responding
practices like retaliation, threat or any adverse (direct or to them with appropriate actions.
indirect) action on their employment and direct access to the
Chairperson of the Audit Committee in exceptional cases. The
Policy also ensures that strict confidentiality is maintained
IX. Means Of Communication:
whilst dealing with concerns and also that no discrimination The Annual Report of the Company is posted on website of the
will be meted out to any person for a genuinely raised Company.
concern.
As the Company had single shareholder (with its nominees) and
No personnel/ person has been denied access to the Audit unlisted during the year under review, there was no need of
Committee. During the year under review, there were no cases publication of quarterly/annual financial results. The Company
pertaining to Whistle Blower Policy. proposes to initiate the process of publication of quarterly/annual
financial result for the Financial Year 2017-18.
(viii) The Related Party Policy approved by the Board of
Directors is uploaded on the Company’s website at the link
www.sintex-plastics.com/documents/ X. General Shareholder Information:
(ix) The Company has not engaged in any activity involving Date, Time and Venue of the 2nd Annual General Meeting
commodity price risks or foreign exchange risk and hedging. 14th September, 2017 at 11:30 a.m. at In the premises of Sintex-
BAPL Limited, Near Seven Garnala Kalol, Gandhinagar-382 721.
1. Financial Calendar
The Company follows the period of 1st April to 31st March, as the Financial Year. For the Financial year 2017-18, Financial Results will be
announced as per the following tentative schedule:
31

1st quarter ending on 30th June, 2017 Not Applicable
2nd quarter ending on 30th September, 2017 2nd week of October, 2017
3rd quarter ending on 31st December, 2017 2nd week of January, 2018
Year ending on 31st March, 2018 1st week of May, 2018
Listing on Stock Exchanges:

Stock Exchanges /Type of Instruments/ Stock Code Address Telephone No.
BSE Limited (BSE) 25th Floor, P.J. Towers, 022 – 22721233/34
EquityShares Dalal Street, Mumbai – 400 001
*Equity-540653
National Stock Exchange of India Ltd. (NSE) Exchange Plaza, 022 – 26598235/36
Equity Shares Bandra Kurla Complex, 022 - 26598346
* Equity-SPTL Bandra (East),
Mumbai – 400 051
*Stock Code
International Securities Identification Number (ISIN)

ISIN is an identification number for traded shares. This number needs to be quoted in each transaction relating to the dematerialized
equity shares of the Company. Your Company’s ISIN number for its equity shares is INE501W01021.
Payment of Listing Fees and Depository Fees
Listing Fees, as prescribed, is being paid to both the Stock Exchanges.
2. Location of the depositories

Depository Address Telephone No.
National Securities Depository Ltd. (NSDL) Trade World, 4th Floor, Kamala Mills Compound, 022 – 24994200
Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
Central Depository Services (India) Limited Phiroze Jeejeebhoy Towers, 17th Floor, Dalal Street, 022 - 2272 3333
(CDSL) Mumbai – 400 001
3. Distribution of Shareholding as on May 30, 2017:

No. of Shares held (Face Shareholders Shares
Value of D1/- each) Number % of total Number % of total
Up to 500 170373 80.03 26,041,920 4.69
501 – 1000 19939 9.37 15,950,112 2.88
1001 – 2000 10960 5.15 16,444,461 2.96
2001 – 3000 3824 1.80 9,829,442 1.77
3001 – 4000 1776 0.83 6,382,932 1.15
4001 – 5000 1451 0.68 6,842,983 1.23
5001-10000 2380 1.12 17,400,183 3.14
10001 & Above 2167 1.02 456,049,667 82.18
Total 212870 100.00 554,941,700 100.00
4. Categories of Shareholders as on May 30, 2017:

32 Category No. of Shares held % of Shares held No. of % of Share
Shareholders Holders
Promoters Holding 16,99,81,127 30.63 15 0.01
Residential Individuals & HUF 15,37,97,342 27.71 207284 97.38
Financial Institutions/Banks 62,55,353 1.13 23 0.01
Mutual Funds/UTI 1,19,27,866 2.15 8 0.00
NRIs / OCBs/QFI 1,76,39,347 3.18 3340 1.57
FIIS 12,92,67,285 23.29 131 0.06
Domestic Companies/Bodies Corporate 3,88,45,922 7.00 1530 0.72
Trusts/Clearing Members/Others 2,72,27,458 4.91 539 0.25
Total 55,49,41,700 100.00 212870 100.00
5. Dematerialization of Shares:
The Shares of Sintex Plastics Technology Ltd are compulsorily traded in dematerialized form. A total number of 551734551 Equity
Shares of the Company constituting about 99.42% of the subscribed and paid-up share capital have been dematerialized as on May
30, 2017. Entire shareholding of Promoters and Promoter Group is in dematerialised form.
6. Outstanding GDRs/ADRs/Warrants or any Convertible Instruments, conversion date and

likely impact on equity:
(a) Issue of Foreign Currency Convertible Bonds (FCCBs):
The Company has applied to the BSE Limited and National Stock Exchange of India Limited for its in-principle approval for listing
4,90,33,232 nos of Equity Shares underlying outstanding FCCBs.
7. Registrar and Share Transfer Agent (RTA):
Share transfers, dividend payment and all other investor related matters are attended to and processed by our Registrar and Share
Transfer Agent viz. M/s. Link Intime India Pvt Ltd.
Link Intime India Pvt Limited
506-508,Amarnath Business Centre-1
(ABC-1), Besides Gala Business Centre
Near XT Xavier’s College Corner
Off C G Road , Ellisebridge
Ahmedabad 380006
Tel: +91 79 26465179 /86 / 87,
E-mail: ahmedabad@linkintime.co.in
8. Share Transfer System:

Pursuant to Regulation 39(2) of SEBI Regulations, Share transfer requests received in physical form will be registered and certificate
delivered within 15 days from the date of receipt, subject to documents being valid and complete in all respect and Demat requests
will be normally confirmed within an average of 10 days from the date of receipt. With a view to expedite the process of share
transfers, necessary authority has been delegated to the Share Transfer Committee to approve the transfers of equity shares of the
Company. The Share Transfer Committee meet as and when required to consider the transfer proposals.
XI. Address for Correspondence

All Communications may be sent to Mr. Ankit Somani, Company Secretary at the following address:
Near Seven Garnala,
Kalol (N.G.) – 382 721
Phone: +91 2764 253500
E-mail: info@sintex-plastics.com
33

Discretionary requirements
Not Applicable - As the Company was not listed entity during the year under review.
Date: 9th August, 2017 Arun P. Patel

Place: Ahmedabad Chairman
DIN: 00830809
CERTIFICATE ON CORPORATE GOVERNANCE
To
The Members
We have examined the compliance of conditions of Corporate Governance by Sintex Plastics Technology Limited for the financial
year ended March 31, 2017, relevant records and documents maintained by the Company and the report of Corporate Governance as
approved by the Board of Directors, have been furnished to us.
The Company, is not a listed company as on March 31, 2017, however, in a pursuit to ensure compliance of a good corporate governance,
they have approached us to conduct examination of various records and papers maintained by the Company.
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examinations were limited to
procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate
Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us we certify that the Company has
complied with the conditions of Corporate Governance such as:
1. Proper composition of the Board of Directors with the right mixture of Executive, Non-executive and Independent Directors
2. Composition of various Committees of the Board
34 3. Number of meetings of the Board and its Committees

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the Management has conducted the affairs of the Company.
For R Choudhary & Associates

Chartered Accountants
(FRN 101928W)
Ramchandra Choudhary
Partner
Membership No: 043979
Place: Ahmedabad
Date: 9th August, 2017
FINANCIAL
STATEMENTS
INDEPENDENT AUDITOR’S REPORT
To, We have conducted our audit in accordance with the Standards

The Members of on Auditing specified under Section 143(10) of the Act. Those
M/s. Sintex Plastics Technology Limited Standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about
Report on the Standalone Ind AS Financial Statements whether the standalone Ind AS financial statements are free from
material misstatement.
We have audited the accompanying standalone Ind AS financial
statements of M/s. Sintex Plastics Technology Limited An audit involves performing procedures to obtain audit evidence
(Formerly Known As NEEV Educare Limited) (“the Company”), about the amounts and the disclosures in the standalone Ind AS
which comprise the Balance Sheet as at 31 March, 2017, the financial statements. The procedures selected depend on the
Statement of Profit and Loss for the year ended March 31, 2017 auditor’s judgment, including the assessment of the risks of material
(including other comprehensive income), the Statement of Cash misstatement of the standalone Ind AS financial statements,
Flows and the Statement of Changes in Equity for the year ended whether due to fraud or error. In making those risk assessments,
on that date and a summary of the significant accounting policies the auditor considers internal financial control relevant to the
and other explanatory information (herein after referred to as Company’s preparation of the standalone Ind AS financial
“standalone Ind AS financial statements.”). statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit
Management’s Responsibility for the Standalone Ind AS
also includes evaluating the appropriateness of the accounting
Financial Statements
policies used and the reasonableness of the accounting estimates
The Company’s Board of Directors is responsible for the matters made by the Company’s Directors, as well as evaluating the overall
stated in Section 134(5) of the Companies Act, 2013 (“the Act”) presentation of the standalone Ind AS financial statements.
with respect to the preparation of these standalone Ind AS
financial statements that give a true and fair view of the financial We believe that the audit evidence we have obtained is sufficient
position, financial performance including other comprehensive and appropriate to provide a basis for our audit opinion on the
standalone Ind AS financial statements.
36
Income and cash flows and changes in equity of the Company
in accordance with the accounting principles generally accepted Opinion
in India, including the Indian Accounting Standards (Ind AS)
In our opinion and to the best of our information and according
prescribed under section 133 of the act read with relevant rules
to the explanations given to us, the aforesaid standalone Ind AS
issued thereunder.
financial statements give the information required by the Act in
This responsibility also includes maintenance of adequate the manner so required and give a true and fair view in conformity
accounting records in accordance with the provisions of the Act with the accounting principles generally accepted in India, of the
for safeguarding the assets of the Company and for preventing State of affairs of the company as at 31st March, 2017, and its
and detecting frauds and other irregularities; selection and financial performance including other comprehensive income, its
application of appropriate accounting policies; making judgments cash flows and the changes in equity for the year ended on that
and estimates that are reasonable and prudent; and design, date.
implementation and maintenance of adequate internal financial
Report on Other Legal and Regulatory Requirements
controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the 1. As required by the Companies (Auditors’ Report) Order, 2016
preparation and presentation of the Standalone Ind AS financial (“the Order”) issued by the Central Government of India in
statements that give a true and fair view and are free from material exercise of powers conferred in terms of Section 143(11) of
misstatement, whether due to fraud or error. the Companies Act, 2013 we give in the Annexure - A to
statement on the matters specified in paragraphs 3 and 4 of
Auditors’ Responsibility the Order.
Our responsibility is to express an opinion on these standalone
2. As required by Section 143 (3) of the Act, we report that:
Ind AS financial statements based on our audit.
(a) We have sought and obtained all the information and
We have taken into account the provisions of the Act, the
explanations which to the best of our knowledge and
accounting and auditing standards and matters which are
belief were necessary for the purposes of our audit;
required to be included in the audit report under the provisions of
the Act and the Rules made thereunder.
(b) In our opinion, proper books of account as required by ii. The Company did not have any long-term contracts
law have been kept by the Company so far as it appears including derivative contracts for which there were
from our examination of those books; any material foreseeable losses;
(c) The Balance Sheet, the Statement of Profit and Loss iii. There were no amounts which were required to be
including other comprehensive income, and the transferred to the Investor Education and Protection
Cash Flow Statement dealt with by this Report are in Fund by the Company and
agreement with the books of account; iv. The Company has provided requisite disclosure
(d) In our opinion, the aforesaid standalone Ind AS financial in its standalone Ind AS financial statements as to
statements comply with the Accounting Standards holding as well as dealing in Specified Bank Notes
specified under Section 133 of the Act, read with during the period from 8 November, 2016 to 30
relevant Rules issued thereunder; December, 2016 and these are in accordance with
(e) On the basis of the written representations received the books of accounts maintained by the company.
from the directors as on 31 March, 2017 and taken on
record by the Board of Directors, none of the directors is
disqualified as on 31 March, 2017 from being appointed Place: Ahmedabad For, R Choudhary and Associates
as a director in terms of Section 164 (2) of the Act; Date: 30th May, 2017 Chartered Accountants
(f ) With respect to the adequacy of the internal financial (Registration No. 101928W)
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to our
separate Report in “Annexure B” and Ramchandra choudhary
(g) With respect to the other matters to be included in Partner
the Auditor’s Report in accordance with Rule 11 of M. No. 043979
the Companies (Audit and Auditors) Rules, 2O14, in
our opinion and to the best of our information and 37
according to the explanations given to us:

i. The Company does not have any pending litigations
which would impact its standalone Ind AS financial
statements;
“Annexure A” to Independent Auditors’ Report

for the period ended March 2017
(Referred to in Paragraph 1 under the Heading of “Report on (ix) The Company has not raised money by way of initial public
Other Legal and Regulatory Requirements” of our Report of offer or further public offer (including debt instrument)
even date) or any term loans during the period under audit therefore,
paragraph 3 (ix) of the order is not applicable to the company.
(i) The Company does not have any fixed assets, hence
paragraph 3(i) of the order is not applicable to the company. (x) To the best of our knowledge and according to the
information and explanations given to us, no fraud by the
(ii) As explained to us, the inventories were physically verified
Company and no fraud on the Company by its officers or
during the year by the Management at reasonable intervals
employees has been noticed or reported during the year.
and no material discrepancies were noticed on physical
verification. (xi) In our opinion and acording to information and explanations
given to us, the Company has complied with the requisite
(iii) The Company has not granted any Secured or unsecured
approvals mandated by the provisions of section 197 read
loan to companies, firms, Limited Liability Partnerships or
with Schedule V of the Companies Act, 2013.
other parties covered in the register maintained under
Section 189 of the Companies Act, 2013. Hence paragraph 3 (xii) In our opinion, the company is not a Nidhi Company.
(iii) of the order is not applicable to the company. Therefore paragraph 3 (xii) of the order is not applicable to
the company.
(iv) In our opinion and according to the information and
explanations given to us, the Company has complied with (xiii) In our opinion and according to the information and
the provisions of Sections 185 and 186 of the Companies Act, explanations given to us the Company has complied with
2013 in respect of grant of loans, making investments and section 188 and 177 of the Companies Act, 2013, where
providing guarantees and securities, as applicable. appicable, for all transactions with the related parties and the
details of related party transactions have been disclosed in
(v) During the year, the company has not accepted any deposits
the standalone Ind AS financial statements etc., as required
from the public, therefore, paragraph 3 (v) of the order is not
38 applicable.
by the applicable accounting standards.
(xiv) The Company has not made any preferential allotment or
(vi) The company is not required to maintain the cost records as
private placement of shares or fully or partly convertible
prescribed by the Central Government under sub section (1)
debentures during the year parsuant to Sec. 42 of the
of the section 148 of the Act.
companies Act, 2013
(vii) a) According to the information and explanations given
(xv) In our opinion and according to the information and
to us and on the basis of our examination of the books
explanations given to us, during the year the Company has
of account, the Company has generally been regular
not entered into any non-cash transactions with its directors
in depositing its undisputed statutory dues including
or persons connected with him and covered under section
income-tax, Sales-Tax, Wealth Tax, Service tax, value
192 of the Companies Act, 2013. Accordingly, paragraph
added tax, cess and Entertainment Tax etc. There are no
3(xv) of the order is not applicable to the Company.
undisputed dues payable in respect of aforesaid dues,
were outstanding as on 31st March, 2017 for a period (xvi) The Company is not required to be registered under Section
of more than six months from the date they became 45-I of the Reserve Bank of India Act,1934.
payable.
b) According to the information and explanations given
to us, there are no amounts in respect of income tax, Place: Ahmedabad For, R Choudhary and Associates
sales tax, wealth tax, Value added tax, Cess, service tax Date: 30th May, 2017 Chartered Accountants
etc. that have not been deposited with the appropriate (Registration No. 101928W)
authorities on account of any dispute.
(viii) The Company does not have any loans or borrowings from
any financial institution or bank or government, nor it has Ramchandra choudhary
issued any debentures, as at the balance sheet date so the Partner
provision of paragraph 3(viii) of the order is not applicable to M. No. 043979
the company.
“Annexure-B” to the independent Auditor’s Report
(Referred to in our report of even date) Company’s internal financial controls system over financial
reporting.
Report on the Internal Financial Controls under Clause (i)
of Sub-section 3 of Section 143 of the Companies Act, 2013 Meaning of Internal Financial Controls Over Financial
(“the Act”) Reporting
We have audited the internal financial controls over financial A company’s internal financial control over financial reporting is a
reporting of M/s. Sintex Plastics Technology Limited (Formerly process designed to provide reasonable assurance regarding the
Known as NEEV Educare Limited) (“the Company”) as of 31 reliability of financial reporting and the preparation of financial
March, 2017 in conjunction with our audit of the standalone Ind statements for external purposes in accordance with generally
AS financial statements of the Company for the year ended on accepted accounting principles. A company’s internal financial
that date. control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that,
Management’s Responsibility for Internal Financial Controls in reasonable detail, accurately and fairly reflect the transactions
The Company’s management is responsible for establishing and and dispositions of the assets of the company; (2) provide
maintaining internal financial controls based on the internal reasonable assurance that transactions are recorded as necessary
control over financial reporting criteria established by the to permit preparation of financial statements in accordance with
Company considering the essential components of internal generally accepted accounting principles, and that receipts and
control stated in the Guidance Note on Audit of Internal Financial expenditures of the company are being made only in accordance
Controls Over Financial Reporting issued by the Institute of with authorisations of management and directors of the company;
Chartered Accountants of India. These responsibilities include the and (3) provide reasonable assurance regarding prevention or
design, implementation and maintenance of adequate internal timely detection of unauthorised acquisition, use, or disposition
financial controls that were operating effectively for ensuring of the company’s assets that could have a material effect on the
the orderly and efficient conduct of its business, including financial statements.
adherence to company’s policies, the safeguarding of its assets,
Inherent Limitations of Internal Financial Controls Over
the prevention and detection of frauds and errors, the accuracy
Financial Reporting
and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Because of the inherent limitations of internal financial controls
39
Companies Act, 2013. over financial reporting, including the possibility of collusion
or improper management override of controls, material
Auditors’ Responsibility misstatements due to error or fraud may occur and not be

Our responsibility is to express an opinion on the Company’s detected. Also, projections of any evaluation of the internal
internal financial controls over financial reporting based on our financial controls over financial reporting to future periods are
audit. We conducted our audit in accordance with the Guidance subject to the risk that the internal financial control over financial
Note on Audit of Internal Financial Controls Over Financial reporting may become inadequate because of changes in
Reporting (the “Guidance Note”) and the Standards on Auditing, conditions, or that the degree of compliance with the policies or
issued by ICAI and deemed to be prescribed under section procedures may deteriorate.
143(10) of the Companies Act, 2013, to the extent applicable to
Opinion
an audit of internal financial controls, both applicable to an audit
of Internal Financial Controls and, both issued by the Institute In our opinion, the Company has, in all material respects, an
of Chartered Accountants of India. Those Standards and the adequate internal financial controls system over financial
Guidance Note require that we comply with ethical requirements reporting and such internal financial controls over financial
and plan and perform the audit to obtain reasonable assurance reporting were operating effectively as at 31 March, 2017, based
about whether adequate internal financial controls over financial on the internal control over financial reporting criteria established
reporting was established and maintained and if such controls by the Company considering the essential components of
operated effectively in all material respects. internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute
Our audit involves performing procedures to obtain audit of Chartered Accountants of India.
evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial Place: Ahmedabad For, R Choudhary and Associates
controls over financial reporting, assessing the risk that a material Date: 30th May, 2017 Chartered Accountants
weakness exists, and testing and evaluating the design and (Registration No. 101928W)
operating effectiveness of internal control based on the assessed
risk. The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement of Ramchandra choudhary
the financial statements, whether due to fraud or error. Partner
M. No. 0439799
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
Balance Sheet as at March 31, 2017 (C in crores)

Particulars Notes As at As at
March 31, 2017 March 31, 2016
I ASSETS
Non-current assets
(a) Financial assets
(i) Investments 4 459.61 -
(ii) Loans 5 0.00 -
Total non-current assets 459.61 -
Current assets
(a) Financial assets
(i) Trade receivables 6 0.26 -
(ii) Cash and cash equivalents 7 0.03 0.01
Total current assets 0.29 0.01
Total assets 459.90 0.01
II EQUITY AND LIABILITIES
Equity
(a) Equity share capital 8 - 0.01
(b) Share suspense account (Refer Note. 16) 55.49 -
(c) Other equity 9 358.71 (0.00)
Total equity 414.20 0.01
Liabilities
Non-current liabilities
Deferred tax liabilities (net) 10 44.53 -
40 Total non-current liabilities

Current liabilities
44.53 -
(a) Financial liabilities

(i) Trade payables 11 1.17 0.00
(b) Other current liabilities 12 0.00 -
Total current liabilities 1.17 0.00
Total liabilities 45.70 0.00
Total equity and liabilities 459.90 0.01
In terms of our Report attached For and on behalf of Board of Directors

For R Choudhary & Associates Arun P. Patel, Chairman
Chartered Accountants (DIN : 00830809) Ankit Somani
(FRN 101928W) Dinesh B. Patel, Director Company Secretary
(DIN : 00171089) Jaimin Damani
Rahul A. Patel, Director CFO
Ramchandra Choudhary (DIN : 00171198)
Partner
Place: Ahmedabad Place: Ahmedabad

Date : May 30, 2017 Date : May 30, 2017
Statement of Profit and Loss for the year ended March 31, 2017 (C in crores)
Particulars Notes For the year ended For the period of
March 31, 2017 August 04, 2015 to
March 31, 2016
I Revenue from operations 13 0.24 -
II Other income - -
III Total Income (I + II) 0.24 -
Expenses:
a) Purchases of stock-in-trade 14 0.24 -
b) Other expenses 15 0.79 0.00
IV Total expenses 1.03 0.00
V Profit/(loss) before tax (III-IV) (0.79) (0.00)
VI Tax expense: 20 - -
VII Profit/(loss) for the period (V-VI) (0.79) (0.00)
VIII Other comprehensive income/(loss): - -
IX Total comprehensive income/(loss) for the period (VII+VIII) (0.79) (0.00)
X Earnings per equity share 22
a) Basic (in C) (0.01) (0.04)
b) Diluted (in C) (0.01) (0.04)

(FRN 101928W) Dinesh B. Patel, Director Company Secretary 41

Partner

Date : May 30, 2017 Date : May 30, 2017
Statement of cash flows for the year ended March 31, 2017 (C in crores)
Particulars For the year ended For the period of
March 31, 2017 August 04, 2015 to
March 31, 2016
A. Cash flow from operating activities
Net profit/(loss) before tax (0.79) (0.00)
Adjustments for:
Finance cost - -
- -
Operating profit before working capital changes (0.79) (0.00)
Adjustments for increase/decrease in Operating Assets/ Liabilities:
Trade receivables, loans and other assets (0.26) -
Trade payables, other liabilities and provisions 1.17 -
0.91 -
Cash generated from/(used in) operations 0.12 (0.00)
Direct taxes paid (net) 0.00 -
Net cash generated from/(used in) operations (A) 0.12 (0.00)
B. Cash flow from investing activities
(Purchase)/sale of non-current investments (200.00) -
Net cash used in investing activities (B) (200.00) -
C. Cash flow from financing activities
Proceeds from issue of shares 199.90 0.01
Finance cost - -
Net cash generated from financing activities (C ) 199.90 0.01
Net increase in cash and cash equivalents (A+B+C) 0.02 0.01
42 Cash and cash equivalents at the beginning of the year 0.01 -
Cash and cash equivalents at the end of the year 0.03 0.01

Partner

Date : May 30, 2017 Date : May 30, 2017
Statement of changes in equity for the year ended March 31, 2017 (C in crores)
Other Comprehensive
Reserves and surplus
income
Particulars Securities Fair Acturial Total
Capital General Retained
premium valuation valuation
reserve reserve earnings
reserve reserve reserve
Balance as at August 04, 2015 - - - - - - -
Profit for the period (0.00) - - (0.00)
Other comprehensive income/(loss) for -
the period, net of income tax
Total comprehensive income/ (loss) - - - (0.00) - - (0.00)
for the period
Other adjustments - - - - - - -
Balance as at March 31, 2016 - - - (0.00) - - (0.00)
Profit/(loss) for the year - - - (0.79) - - (0.79)
Other comprehensive income/(loss) for - - - - -
the year, net of income tax
Total comprehensive income/ (loss) - - - (0.79) - - (0.79)
for the year
Recognition on investment in equity 208.30 - - (48.71) - - 159.59
instruments
Premium on issue of shares - 179.91 - - - - 179.91
Transfer to reserves pursuant to - - 20.00 - - 20.00
Scheme
Balance as at March 31, 2017 208.30 179.91 20.00 (49.50) - - 358.71
43

Partner

Date : May 30, 2017 Date : May 30, 2017
Notes to the Financial Statements for the year ended 31 st

March, 2017
1. General Information
Sintex Plastics Technology Limited (“the Company”) (formerly known as “Neev Educare Limited) is a holding Company of entities
engaged in the manufacture of plastic products in India, USA and Europe. The registered office of the Company is in the premises of
Sintex-BAPL Limited, near seven garnala, Kalol (North Gujarat) and the headquarters of the Company is situated in Kalol (Gujarat).
The Company was incorporated on 4th August 2015 as a wholly owned subsidiary of Sintex Industries Limited (“SIL”). However,
pursuant to a Composite Scheme of Arrangement under the relevant provisions of the Companies Act, 2013, which became
effective on May 12, 2017, the Company ceased to be a subsidiary of SIL (Refer Note 16).
The principal activities of the Company are to be in the business of Custom Moulding and Prefab products.
2. Significant Accounting policies

I. Statement of compliance
The financial statements have been prepared in accordance with Ind AS as notified under the Companies (Indian Accounting
Standards) Rules, 2015.
Up to the year ended March 31, 2016, the Company prepared its financial statements in accordance with the requirements of previous
GAAP, which includes Standards notified under the Companies (Accounting Standards) Rules, 2006. These are the Company’s first
Ind AS financial statements (refer note 17). Since, the Company was incorporated on August 4, 2015 as a wholly owned subsidiary of
SIL which is a Phase I Company from the view point of Ind AS adoption, the transition date for the Company is August 4, 2015. Refer
the Basis of preparation and presentation below for the details of first-time adoption exemptions availed by the Company.
II. Basis of preparation and presentation
The financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured
at fair values at the end of each reporting period, as explained in the accounting policies below.
44 Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the Company takes in to account the characteristics of the asset or
liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement
date.
In addition, for financial reporting purposes, fair value measurements are categorized into level1, 2, or 3 based on the degree to
which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurements in
its entirety, which are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
• Level 2 inputs are inputs, that are quoted prices included within level 1, that are observable for the asset or liability, either
directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
III. Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for the estimated customer
returns, rebates and other similar allowances.
Sale of goods
Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time all the following
conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective
control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company; and
• costs incurred or to be incurred in respect of the transaction can be measured reliably.
March, 2017
The Company recognizes revenues on sale of products, net of discounts, sales incentives, rebates granted, returns, sales taxes and
duties when the products are delivered to customer or when delivered to a carrier for export sale, which is when title and risk and
rewards of ownership pass to the customer. Sale of products is presented gross of manufacturing taxes like excise duty wherever
applicable.
Export sales includes export benefits received as per the Import and Export Policy in respect of exports made under the said schemes
as notified by government and recognised when there is reasonable assurance that the entity will comply with the conditions
attached to them and that the benefit is received.
The Company provides warranty (refer to accounting policy on provisions) on certain products based on customer requirements for
which liability is recognised at the time the product is sold.
Sale of services
Income from service rendered is recognised on accrual basis based on the terms of agreements and when services are rendered.
Dividend and interest income
Dividend income from investments is recognised when the shareholder’s right to receive payment has been established (provided
that it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably).
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the
amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding
and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to that asset’s net carrying amount on initial recognition.
IV. Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to
the lessee. All other leases are classified as operating leases.
The Company as a lessor
Amount due from the lessees under finance leases are recognised as receivables at the amount of the Company’s net investment 45

in the leases. Finance lease income is allocated to the accounting periods so as to reflect a constant periodic rate of return on the
Company’s net investment outstanding in respect of the leases.
Rental income from operating leases is recognised on straight-line basis over the term of the relevant lease. Initial direct cost incurred
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on straight-
line basis over the lease term.
The Company as a lessee
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if
lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet
as a finance lease obligation.
Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate
of interest on the remaining balance of the liability. Finance expenses are recognised immediately in Statement of Profit and Loss,
unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company’s general
policy on borrowing costs. Contingent rentals are recognised as expenses in the periods in which they are incurred.
Lease payments under an operating lease shall be recognised as an expense on a straight-line basis over the lease term unless either:
a. another systematic basis is more representative of the time pattern of the user’s benefit even if the payments to the lessors are
not on that basis; or
b. the payments to the lessor are structured to increase in line with expected general inflation to compensate for the lessor’s
expected inflationary cost increases. If payments to the lessor vary because of factors other than general inflation, then this
condition is not met.
V. Foreign currency translations
The functional currency of the Company has been determined on the basis of the primary economic environment in which it
operates. The functional currency of the Company is INR.

March, 2017
In preparing the financial statements of each individual Company entity, transactions in currencies other than the entity’s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of
each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-
monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date
when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated.
Exchange differences on monetary items are recognised in Statement of Profit and Loss in the period in which they arise except for:
• exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which
are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency
borrowings;
• exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither
planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially
in other comprehensive income and reclassified from equity to Statement of Profit and Loss on repayment of the monetary
items.
VI. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until
such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in the Statement of Profit and Loss in the period in which they are incurred.
VII. Employee Benefits
Retirement benefit costs and termination benefits
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service
46 entitling them to the contributions. For defined benefit retirement benefit plans, the cost of providing benefits is determined
using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period.
Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return
on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised
in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is
reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognised in profit or loss
in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset. Defined benefit costs are categorised as follows:
• service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
• net interest expense or income; and
• remeasurement
The Company presents the first two components of defined benefit costs in profit or loss in the line item employee benefits expenses.
Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognised in the statement
of financial position represents the actual deficit or surplus in the Company’s defined benefit plans. Any surplus resulting from this
calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in
future contributions to the plans. A liability for a termination benefit is recognised at the earlier of when the entity can no longer
withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period
the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected
to be paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future
cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date.
VIII. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
March, 2017
Current tax
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the applicable tax
rates and the provisions of the Income Tax Act, 1961 and other applicable tax laws in the countries where the Company operates
and generates taxable income.
Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all
taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent
that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In
addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates,
and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is
probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible
temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there
will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse
in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled
or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting

period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which
47

the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
For the purposes of measuring deferred tax liabilities and deferred tax assets on non-depreciable assets the carrying amounts of
such properties are presumed to be recovered entirely through sale.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current
tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment
to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax.
Accordingly, MAT is recognised as a deferred tax asset in the Balance Sheet when it is highly probable that future economic benefit
associated with it will flow to the Company.
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when they are relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive
income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business
combination, the tax effect is included in the accounting for the business combination.
IX. Property, plant and equipment
The cost of property, plant and equipment comprises its purchase price net of any trade discounts and rebates, any import duties
and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on
making the asset ready for its intended use, including relevant borrowing costs for qualifying assets. Expenditure incurred after
the property, plant and equipment have been put into operation, such as repairs and maintenance, are charged to the Statement
of Profit and Loss in the period in which the costs are incurred. Major shut-down and overhaul expenditure is capitalised as the
activities undertaken improves the economic benefits expected to arise from the asset.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and

March, 2017
equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in
Statement of Profit and Loss.
Assets in the course of construction are capitalised in the assets under construction account. At the point when an asset is operating
at management’s intended use, the cost of construction is transferred to the appropriate category of property, plant and equipment
and depreciation commences. Costs associated with the commissioning of an asset and any obligatory decommissioning costs are
capitalised where the asset is available for use but incapable of operating at normal levels until a period of commissioning has been
completed. Revenue generated from production during the trial period is capitalised.
X. Depreciation and amortisation
Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation
is provided on buildings and plant & machinery on a straight-line method and in case of other tangible assets, on written-down
value method over the estimated useful lives of the assets as per the useful life prescribed in Schedule II to the Companies Act,
2013 except for plant and machinery. In respect of plant and machinery, the life of the assets has been assessed as under based on
technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset,
past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc. The useful
lives of plant and machinery has been estimated as 22 years and 30 years for different categories as technically determined.
When significant parts of plant and equipment are required to be replaced at intervals, the Company depreciates them separately
based on their specific useful lives.
Intangible assets are amortised over their estimated useful lives on straight line method. The amortization rates used for various
intangible assets are as under:
Class of assets Years

Technical knowhow 5 to 20 years
Software 5 years
48 Acquired Goodwill 5 to 15 years
Freehold land is not depreciated. Leasehold land is amortized over the period of the lease, except where the lease is convertible to
freehold land under lease agreements at future dates at no additional cost.
The Company reviews the residual value, useful lives and depreciation method annually and, if expectations differ from previous
estimates, the change is accounted for as a change in accounting estimate on a prospective basis.
Depreciation on the tangible fixed assets of the Company’s assets has been provided on straight-line method as per the estimated
useful life of such assets as follows:

Buildings 15 to 60 years
Plant and machinery 11 to 30 years
Furniture and fixtures 3 to 10 years
Vehicles and aircrafts 5 to 10 years
Office equipment 3 to 10 years
XI. Intangible assets
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and
accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated
useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate
being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at
cost less accumulated impairment losses.
Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or
losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the
carrying amount of the asset are recognised in the Statement of Profit and Loss when the asset is derecognised.
March, 2017
XII. Impairment of non-current assets

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate
the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to
which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated
to individual cash-generating units, or otherwise they are allocated to the smallest Company of cash-generating units for which a
reasonable and consistent allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually,
and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount
of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the
Statement of Profit and Loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated
as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the
revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognised immediately in the Statement of Profit and Loss, unless the relevant asset is carried at a
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
XIII. Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of inventories comprises of cost of purchase, cost of 49
conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and

condition. Cost of raw materials, traded goods and stores and spares are ascertained on weighted average basis. Net realisable value
represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.
XIV. Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive), as a result of past events, and it is
probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
balance sheet date, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using
the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the
effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable
is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be
measured reliably.
XV. Financial Instruments
Financial assets and financial liabilities are recognised when a Company entity becomes a party to the contractual provisions of the
instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through
Statement of Profit and Loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value
through Profit and Loss are recognised immediately in Statement of Profit and Loss.
A. Financial assets
a) Recognition and initial measurement
i) The Company initially recognises loans and advances, deposits, debt securities issues and subordinated liabilities on the
date on which they originate. All other financial instruments (including regular way purchases and sales of financial assets)
are recognised on the trade date, which is the date on which the Company a party to the contractual provisions of the

March, 2017
instrument. A financial asset or liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that
are directly attributable to its acquisition or issue.
ii) In case of investments in subsidiaries, joint ventures and associates the Company has chosen to measure its investments
at deemed cost.
iii) The Company has elected to apply the requirements pertaining to Level III financial instruments of deferring the difference
between the fair value at initial recognition and the transaction price prospectively to transactions entered into on or after
the date of transition to Ind AS.
b) Classification
On initial recognition, a financial asset is classified as measured at; amortised cost, FVOCI or FVTPL
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated at FVTPL:
• The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding
This category is the most relevant to the Company. After initial measurement, such financial assets are subsequently measured
at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance
income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category generally
applies to trade and other receivables. For more information on receivables, refer to Note 14. A debt instrument is classified as
FVOCI only if it meets both the of the following conditions and is not recognised at FVTPL;
• The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets; and
50
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value.
Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest
income, impairment losses & reversals and foreign exchange gain or loss in the P&L. On derecognition of the asset, cumulative
gain or loss previously recognised in OCI is reclassified from the equity to P&L. Interest earned whilst holding FVTOCI debt
instrument is reported as interest income using the EIR method.
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading and
contingent consideration recognised by an acquirer in a business combination to which Ind AS 103 applies are classified as
at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive
income subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The
classification is made on initial recognition and is irrevocable.
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding
dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However,
the Company may transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.
All other financial assets are classified as measured at FVTPL.
In addition, on initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements
to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces accounting mismatch
that would otherwise arise.
c) Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a similar financial assets) is primarily derecognised (i.e.
removed from the Company’s balance sheet) when:
• The rights to receive cash flows from the asset have expired, or
• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the
Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor
retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
March, 2017
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise
the transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognises
an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.
d) Impairment
Impairment of financial assets
In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of
impairment loss on the following financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade
receivables and bank balance
b) Financial assets that are debt instruments and are measured as at FVTOCI
c) Lease receivables under Ind AS 17
d) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are
within the scope of Ind AS 11 and Ind AS 18 (referred to as ‘contractual revenue receivables’ in these illustrative financial
statements)
e) Loan commitments which are not measured as at FVTPL
f ) Financial guarantee contracts which are not measured as at FVTPL
The Company follows ‘simplified approach’ for recognition of impairment loss allowance on:
I) Trade receivables or contract revenue receivables; and 51

II) All lease receivables resulting from transactions within the scope of Ind AS 17
The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has
been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL
is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent
period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial
recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial
instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12
months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all
the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash
flows, an entity is required to consider:
i) All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the
expected life of the financial instrument. However, in rare cases when the expected life of the financial instrument cannot
be estimated reliably, then the entity is required to use the remaining contractual term of the financial instrument
ii) Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement
of profit and loss (P&L). This amount is reflected under the head ‘other expenses’ in the P&L. The balance sheet presentation for
various financial instruments is described below:
i) Financial assets measured as at amortised cost, contractual revenue receivables and lease receivables: ECL is presented as
an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the
net carrying amount. Until the asset meets write-off criteria, the Company does not reduce impairment allowance from
the gross carrying amount.

March, 2017
ii) Loan commitments and financial guarantee contracts: ECL is presented as a provision in the balance sheet, i.e. as a liability.
iii) Debt instruments measured at FVTOCI: Since financial assets are already reflected at fair value, impairment allowance is not
further reduced from its value. Rather, ECL amount is presented as ‘accumulated impairment amount’ in the OCI.
For assessing increase in credit risk and impairment loss, the Company combines financial instruments on the basis of shared
credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk
to be identified on a timely basis.
The Company does not have any purchased or originated credit-impaired (POCI) financial assets, i.e., financial assets which are
credit impaired on purchase/ origination.
e) Effective interest method
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest
income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts
(including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net
carrying amount on initial recognition.
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL.
B. Financial liabilities and equity instruments
a) Classification as debt or equity
Debt and equity instruments issued by a Company entity are classified as either financial liabilities or as equity in accordance
with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
b) Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.
52 Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised
in Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments.
c) Financial liabilities
Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities’.
Financial liabilities at FVTPL:
Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is designated as at FVTPL.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in Statement
of Profit and Loss. The net gain or loss recognised in Statement of Profit and Loss incorporates any interest paid on the financial
liability and is included in the ‘other gains and losses’ line item in the [statement of comprehensive income/Statement of Profit
and Loss].
The Company derecognises financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or
they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and
payable is recognised in Statement of Profit and Loss.
d) Derivative financial instruments
The Company has entered into forward exchange contracts or principal only swap which are in substance of forward exchange
contracts to manage its exposure to foreign currency cash flows.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of each reporting period
e) Reclassification of financial assets
The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are
debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes
to the business model are expected to be infrequent. The Company’s senior management determines change in the business
model as a result of external or internal changes which are significant to the Company’s operations. Such changes are evident
March, 2017
to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity
that is significant to its operations. If the Company reclassifies financial assets, it applies the reclassification prospectively from
the reclassification date which is the first day of the immediately next reporting period following the change in business model.
The Company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
The following table shows various reclassification and how they are accounted for:
Original classification Revised classification Accounting treatment

Amortised cost FVTPL Fair value is measured at reclassification date. Difference between
previous amortized cost and fair value is recognised in P&L.
FVTPL Amortised Cost Fair value at reclassification date becomes its new gross carrying
amount. EIR is calculated based on the new gross carrying amount.
Amortised cost FVTOCI Fair value is measured at reclassification date. Difference between
previous amortised cost and fair value is recognised in OCI. No change
in EIR due to reclassification.
FVTOCI Amortised cost Fair value at reclassification date becomes its new amortised cost
carrying amount. However, cumulative gain or loss in OCI is adjusted
against fair value. Consequently, the asset is measured as if it had always
been measured at amortised cost.
FVTPL FVTOCI Fair value at reclassification date becomes its new carrying amount. No
other adjustment is required.
FVTOCI FVTPL Assets continue to be measured at fair value. Cumulative gain or loss
previously recognized in OCI is reclassified to P&L at the reclassification
date.
XVI. First time adoption – mandatory exceptions, optional exemptions

a. Overall principle 53
The Company has prepared the balance sheet as per Ind AS as on the transition date by recognising all assets and liabilities

whose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind AS, by
reclassifying items from previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognised
assets and liabilities. However, this principle is subject to certain exception and certain optional exemptions availed by the
Company as detailed below.
b. Derecognition of financial assets and financial liabilities
The Company has applied the derecognition requirements of financial assets and financial liabilities prospectively for
transactions occurring on or after the transition date.
c. Classification of debt instruments
The Company has determined the classification of debt instruments in terms of whether they meet the amortised cost criteria
or the FVTOCI criteria based on the facts and circumstances that existed as of the transition date.
d. Impairment of financial assets
The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101,
it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk
at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date.
Further, the Company has not undertaken an exhaustive search for information when determining, at the date of transition to
Ind ASs, whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101.
e. Assessment of embedded derivatives
The Company has assessed whether an embedded derivative is required to be separated from the host contract and accounted
for as a derivative on the basis of the conditions that existed at the later of the date it first became a party to the contract and
the date when there has been a change in the terms of the contract that significantly modifies the cash flows that otherwise
would be required under the contract.

March, 2017
f. Deemed cost for property, plant and equipment, investment property, and intangible assets
The Company has elected to continue with the carrying value of all of its plant and equipment and intangible assets recognised
as of transition date measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.
g. Cumulative translation differences on foreign operations
The Company has not elected the option to reset the cumulative translation differences on foreign operations that exist as of
the transition date to zero.
h. Equity investments at FVTOCI
The Company has designated certain investments in equity shares at FVTOCI on the basis of facts and circumstances that
existed at the transition date.
3. Critical Judgements in applying accounting policies and key sources of estimation

uncertainty
3.1 Critical judgements in applying accounting policies
In the course of applying the policies outlined in all notes under section 2 above, the directors of the Company are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period,
if the revision affects current and future period.
3.2 Key sources of estimation uncertainty
i) Useful lives and residual value of property, plant and equipment
54 Company reviews the useful lives and residual values of property, plant and equipment at least once a year. Such lives are
dependent upon an assessment of both the technical lives of the assets and also their likely economic lives based on various
internal and external factors including relative efficiency and operating costs. Accordingly useful lives are reviewed annually
using the best information available to the Management.
ii) Fair value measurements and valuation process
Management uses its judgement in selecting an appropriate valuation technique for financial instruments not quoted in an
active market. Valuation techniques commonly used by market participants are applied. Other financial instruments are valued
using a discounted cash flow method based on assumptions supported, where possible, by observable market prices or rates.
Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are
disclosed in note 19.
March, 2017
4. Investments (non-current)
(C in crores)
Particulars As at As at
March 31, 2017 March 31, 2016
At deemed cost
Investment in unquoted equity instruments of subsidiaries
Sintex - BAPL Limited 177.75 -
1,60,32,000 (as at March 31, 2016: Nil) shares of C10 each fully paid
Sintex Infra Projects Limited 236.05 -
24,50,000 (as at March 31, 2016: Nil) shares of C10 each fully paid
Total investments at deemed cost (I) 413.79 -
At fair value through other profit and loss (FVTPL)
Investment in unquoted preference instruments of subsidiaries
Sintex - BAPL Limited 45.82 -
50,00,000 (as at March 31, 2016: Nil) shares of C100 each fully paid
Total investments at fair value through other profit and loss (II) 45.82 -
Total (I + II) 459.61 -
Aggregate carrying value of unquoted investments 459.61 -
5. Loans
(C in crores)
March 31, 2017 March 31, 2016
Unsecured, considered good 55
Security deposits 0.00 -

Total 0.00 -
6. Trade receivables*
(C in crores)
March 31, 2017 March 31, 2016
Unsecured, considered good 0.26 -
Total 0.26 -
* Note:
The average credit period on sales of goods is 0 to 120 days. No interest is charged on trade receivables for the first 120 days from the
date of the invoice. Thereafter. Interest is charged at 18-24% per annum on the outstanding balance.
Before accepting any new customer, the Company assesses the potential customer’s credit quality and defines credit limits of each
customer. Limits and scoring attributed to customers are reviewed twice a year.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables. The expected credit
loss allowance takes into account historical credit loss experience and adjusted for forward- looking information. The expected credit loss
allowance for the current year is derived at 0.45% based on average of past trend of the receivables.
Age of receivables
(C in crores)
March 31, 2017 March 31, 2016
< 180 days 0.26 -
Total 0.26 -
The concentration of credit risk is limited due to the fact that the customer base is large and unrelated.

March, 2017
7. Cash and cash equivalents

(C in crores)
March 31, 2017 March 31, 2016
(a) Balances with banks 0.03 -
(b) Cash on hand - 0.01
Total 0.03 0.01
8. Equity share capital

(C in crores)
March 31, 2017 March 31, 2016
Authorised share capital
65,00,00,000 (as at March 31, 2016: 100,000) Equity Shares of C1 each 65.00 0.01
Total 65.00 0.01
Issued capital
Nil (Refer Note No. 16) (as at March 31, 2016: 100,000) Equity Shares of C1 each - 0.01
Total - 0.01
Subscribed and fully paid up
Nil (Refer Note No. 16) (as at March 31, 2016: 100,000) Equity Shares of C1 each - 0.01
Total - 0.01
56 9. Other equity
(C in crores)
March 31, 2017 March 31, 2016
(a) Securities premium reserve 179.91 -
(b) General reserve 20.00 -
(c) Capital reserve 208.30 -
(d) Retained earnings (49.50) (0.00)
Total 358.71 (0.00)
(i) General reserve
The general reserve is used from time to time to transfer profits from retained earnings for appropriate purposes. As the general reserve
is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in
the general reserve will not be reclassified subsequently to statement of profit and loss.
(ii) Surplus in Statement of Profit and Loss
The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the balance in this
reserve and also considering the requirements of the Companies Act, 2013. Thus the amounts reported above are not distributable in
entirely.
March, 2017
10. Deferred tax liabiities (net)

(C in crores)
March 31, 2017 March 31, 2016
(a) Deferred tax liabilities
(i) Investments in equity instruments of subsidiaries 44.53 -
44.53 -
(b) Deferred tax assets - -
Deferred tax liabilities (net) 44.53 -
11. Trade payables

(C in crores)
March 31, 2017 March 31, 2016
Trade payables 1.17 0.00
Total 1.17 0.00
The average credit period on purchases of certain goods is 0 days to 120 days. No interest is charged on the trade payables for the first
0 to 120 days from the date of invoice. Thereafter, interest at the rate of 18.5% is charged on the outstanding balance. The Company has
financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.
12. Other current liabilities

(C in crores)
Particulars As at
March 31, 2017
As at
March 31, 2016 57

Statutory remittances 0.00 -
Total 0.00 -
13. Revenue from operations

(C in crores)
Particulars For the year For the period of
ended August 04, 2015 to
March 31, 2017 March 31, 2016
Sale of products 0.24 -
Total 0.24 -
14. Purchases of stock-in-trade

(C in crores)
March 31, 2017 March 31, 2016
Purchases of products 0.24 -
Total 0.24 -

March, 2017
15. Other expenses

(C in crores)
March 31, 2017 March 31, 2016
(a) Printing and Stationery 0.00 -
(b) Legal and professional charges 0.76 -
(c) Payments to auditors (refer note below) 0.03 0.00
(d) General expenses 0.00 0.00
Total 0.79 0.00
Payments to auditors
(a) For audit 0.03 0.00
(b) For out of pocket expenses - -
Total 0.03 0.00
16. The Composite Scheme of Arrangement (‘the Scheme’) between Sintex Industries Limited and Sintex Plastics Technology Limited
(“the Company”) and Sintex-BAPL Limited (wholly owned subsidiary of the Company) and Sintex Infra Projects Limited (wholly
owned subsidiary of the Company, now renamed as Sintex Prefab and Infra Limited) and their respective shareholders and creditors
was sanctioned by the Hon’ble NCLT, Bench at Ahmedabad on 23rd March 2017. The certified copy of the Order sanctioning the
Scheme has been filed with the Registrar of the Companies, Gujarat, on 13th April 2017 and the Company has received the approval
of the Reserve Bank of India (RBI) vide its letter dated 12th May 2017. On giving effect of the Scheme, with effect from the appointed
date of the Scheme i.e. 1st April 2016, all the assets and liabilities of Custom Moulding business (including strategic investments in
Sintex Holdings B.V., wholly owned subsidiary) and the Prefab business of Sintex Industries Limited stands transferred and vested in
Sintex-BAPL Limited and Sintex Infra Projects Limited respectively. Pursuant to the Scheme, the Company shall issue 55,49,41,700
58 equity shares of INR 1 each to the equity shareholders of Sintex Industries Limited which has been credited to Share Capital Suspense
Account. Further, the existing share capital of the Company held by Sintex Industries Limited were cancelled and credited to General
Reserve of the Company.
17. During previous year ended March 31, 2016, the Company was wholly owned subsidiary of Sintex Industries Limited and did not
have any subsidiary.
18. The company operates in Custom Moulding Business which is the only reportable Segment in accordance with the requirement of
Ind-AS-108 “ Operating Segments”
March, 2017
19. Financial instruments

1 Capital management
The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the
return to stakeholders through the optimisation of the debt and equity balance.
The capital structure of the Company consists of net debt and total equity of the Company.
1.1 Gearing ratio
The gearing ratio at the end of the reporting period was as follows.
(C in crores)
March 31, 2017 March 31, 2016
Debt - -
Cash and cash equivalents (Refer note 7) 0.03 0.01
Net debt (0.03) (0.01)
Total equity 414.20 0.01
Net debt to equity ratio -0.01% -102.60%
1.2 Categories of financial instruments

(C in crores)
Particulars As at March 31, 2017 As at March 31, 2016
Carrying values Fair values Carrying values Fair values
Financial assets
Measured at amortised cost
Loans
Trade receivables
0.00
0.26
0.00
0.26
-
-
-
-
59

Cash and cash equivalents 0.03 0.03 0.01 0.01
Total financial assets measured at amortised cost 0.29 0.29 0.01 0.01
(A)
Measured at fair value through profit and loss
Investments in preference shares 45.82 45.82 - -
Total financial assets measured at fair value 45.82 45.82 - -
through profit and loss (B)
Measured at deemed cost
Investments in equity instruments 413.79 413.79 - -
Total financial assets measured at deemed cost (C) 413.79 413.79 - -
Total financial assets (A+B+C) 459.90 459.90 0.01 0.01
Financial liabilities
Trade payables 1.17 1.17 0.00 0.00
Total financial liabilities measured at amortised 1.17 1.17 0.00 0.00
cost
Total financial liabilities 1.17 1.17 0.00 0.00
2 Financial risk management objectives
The Company’s Corporate finance department provides services to business, co-ordinates access to domestic and international
financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports

March, 2017
19. Financial instruments (contd.)

which analyse the exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate
risk and other price risk), credit risk and liquidity risk.
The Company seeks to minimize the effects of these risks by using derivative financial instruments to hedge risk exposures. The use
of financial derivatives is governed by the Company’s policies approved by the Board of Directors, which provide written principles
on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and
the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Management on a continuous
basis. The Company does not enter into or trade financial instruments, including derivatives for speculative purposes.
3 Market risk
The Company’s activities is not exposed to the financial risks of changes in foreign currency exchange rates and interest rates on
foreign currency borrowings and variable interest loans. The Company has not entered into any foreign transactions and has not
borrowed any funds during the reporting period.
4 Foreign currency risk management
All transactions of the Company are in INR only.
5 Interest rate risk management
The Company is not exposed to interest rate risk because the Company has not borrowed funds during the reporting period.
6 Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company.
Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration
risks. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where
appropriate, as a means of mitigating the risk of financial loss from defaults. The Company uses publicly available financial information
60 and its own trading records to rate its major customers. The Company’s exposure and the credit ratings of its counterparties are
continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties.
Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit
evaluation is performed on the financial condition of accounts receivable.
The Company does not have significant credit risk exposure to any single counterparty. Concentration of credit risk related to the
above mentioned Company did not exceed 10% of gross monetary assets at any time during the year. Concentration of credit risk
to any other counterparty did not exceed 10% of gross monetary assets at any time during the year.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-
ratings assigned by international credit-rating agencies.
6.1 Collateral held as security and other credit enhancements
The Company does not hold any collateral or other credit enhancements to cover its credit risk associated with its financial
assets.
7 Liquidity risk management
Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in
a situation where business conditions unexpectedly deteriorate and requiring financing. Ultimate responsibility for liquidity risk
management rests with the board of directors, which has established an appropriate liquidity risk management framework for the
management of the Company’s short, medium and long-term funding and liquidity management requirements. The Company
manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously
monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods and its non-derivative financial assets. The tables have been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the Company can be required to pay.
March, 2017
19. Financial instruments (contd.)

7.1
(C in crores)
Particulars As at March 31, 2017 As at March 31, 2016
< 1year 1-5 years > 5 years Total < 1year 1-5 years > 5 years Total
Financial assets
Non-current
Investments - - 459.61 459.61 - - - -
Loans 0.00 0.00 - - - -
Total non-current financial - 0.00 459.61 459.61 - - - -
assets
Current
Trade receivables 0.26 - - 0.26 - - - -
Cash and cash equivalents 0.03 - - 0.03 0.01 - - 0.01
Total current financial assets 0.29 - - 0.29 0.01 - - 0.01
Total financial assets 0.29 0.00 459.61 459.90 0.01 - - 0.01
Current
Trade payables 1.17 - - 1.17 0.00 - - 0.00
Total current financial 1.17 - - 1.17 0.00 - - 0.00
liabilities
Total financial liabilities 1.17 - - 1.17 0.00 - - 0.00
8
Fair value measurements
This note provides information about how the Company determines fair values of various financial assets and liabilities. Some of the
61

Company’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table
gives information about how the fair values of these financial assets are determined (in particular, the valuation technique(s) and
inputs used).
Particulars Level* Fair values as at Fair values as at Valuation technique

March 31, 2017 March 31, 2016 and key inputs
(I in Crores) (I in Crores)
Investment in preference
shares
Sintex - BAPL Limited 3 45.82 - Net assets method was used to capture
the present value of the expected future
economic benefits that will flow to the
entity due to the investments.
*There were no transfers between Level 1 and Level 2 in the period
20. Income Taxes

Income taxes recognised in Statement of profit and loss
(C in crores)
March 31, 2017 March 31, 2016
Current tax
In respect of the current year/period - -
Deferred tax
In respect of the current year/period - -
Total income tax recognised in the current year/period - -

March, 2017
20. Income Taxes (contd.)

Tax Reconciliation
The income tax expense for the year/period can be reconciled to the accounting profit/(loss) as follows:
(C in crores)
March 31, 2017 March 31, 2016
Profit/(loss) before taxes (0.79) (0.00)
Enacted tax rate in India 30.90% 30.90%
Expected income tax benefit/(expense) at statutory tax rate 0.24 0.00
Effect of:
Permanent difference in nature of Assets/Demerger effect -
Others
Income taxes recognised in the statement of income - -
The tax rate used for the above reconciliation is the corproate tax rate of 30.90% payable by corporate entities in India on taxable profits
under the Indian tax laws.
Components of deferred tax assets and liabilities

(C in crores)
March 31, 2017 March 31, 2016
(i) Difference between book and tax depreciation - -
(ii) Investments in equity instruments of subsidiaries 44.53 -
62 (iii) Others - -
44.53 -
(b) Deferred tax assets - -
Deferred tax liabilities (net) 44.53 -
21. Related Party Transactions

a. Names of the related parties and description of relationship
Sr. No. Nature of relationship Name of Related Parties

1 Key Management Personnel Shri Amit D. Patel
Shri Rahul D. Patel
2 Enterprises over which Key Managerial Personnel are able to exercise Som Shiva Impex Limited
significant influence /control Healwell International Limited
Prominent Plastics Limited
There are no transactions done during the year with related parties.
March, 2017
22. Earnings per share

Basic earnings per share
The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

March 31, 2017 March 31, 2016
Profit/(loss) for the year attributable to owners of the Company (C in Crores) (0.79) (0.00)
Weighted average number of equity shares for the purposes of basic earnings per 55,49,41,700 1,00,000
share (Refer table below)
Earnings per share - Basic and diluted (C) (0.01) (0.04)
Diluted earnings per share

The weighted average number of ordinary shares for the purpose of diluted earnings per share reconciles to the weighted average
number of equity shares used in the calculation of basic earnings per share as follows:

March 31, 2017 March 31, 2016
Actual shares issues - 1,00,000
Shares deemed to be issued 55,49,41,700 -
Weighted average number of equity shares used in the calculation of basic and 55,49,41,700 1,00,000
Diluted EPS
Note: The amount disclosed under share suspense account has been considered as shares deemed to be issued. There are no potential
equity share issued by the Company which are anti-dilutive in its nature.
63

23. Contingent liabilities
(C in crores)
March 31, 2017 March 31, 2016
The company's liability with respect to the FCCB of USD 110 million
(outstanding of USD 81 million)
issued by Sintex Industries Limited is contingent upon the non 525.19 -
honouring of payment obligations
of FCCB liability by Sintex Industries Limited under FCCB document.
525.19 -

March, 2017
24. Additional disclosure with respect to Cash and Bank
(C in crores)
Particulars SBNs Other Total
Denomination
Notes
Closing cash in hand as on 08.11.2016 - 0.01 0.01
(+) Permitted receipts - - -
(-) Permitted payments - - -
(-) Amount deposited in Banks - - -
Explanation : For the purposes of this clause, the term ‘Specified Bank Notes’(SBN) shall have the same meaning provided in
the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407 (E),
dated the 8th November, 2016.
25. Approval of financial statements

The financial statements were approved for issue by the board of directors on May 30, 2017.
Signature to Notes forming part of the Financial Statements
64 In terms of our Report attached For and on behalf of Board of Directors

Partner

Date : May 30, 2017 Date : May 30, 2017
INDEPENDENT AUDITOR’S REPORT
To, required to be included in the audit report under the provisions of
The Members of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards
on Auditing specified under Section 143(10) of the Act. Those
Report on the Consolidated Ind AS Financial Statements Standards require that we comply with ethical requirements and
We have audited the accompanying consolidated Ind AS financial plan and perform the audit to obtain reasonable assurance about
statements of SINTEX PLASTICS TECHNOLOGY LIMITED whether the consolidated Ind AS financial statements are free
(hereinafter referred to as “the Parent”) and its subsidiaries (the from material misstatement.
Parent and its subsidiaries together referred to as “the Group”)
An audit involves performing procedures to obtain audit evidence
comprising the Consolidated Balance Sheet as at 31st March,
about the amounts and the disclosures in the consolidated Ind
2017, the Consolidated Statement of Profit and Loss including
AS financial statements. The procedures selected depend on
other comprehensive income, the Consolidated Cash Flow
the auditor’s judgment, including the assessment of the risks
Statement, the Consolidated Statement of Changes in Equity, for
of material misstatement of the consolidated Ind AS financial
the year then ended, and a summary of the significant accounting
statements, whether due to fraud or error. In making those risk
policies and other explanatory information (hereinafter referred to
assessments, the auditor considers internal financial control
as “the consolidated Ind AS financial statements”).
relevant to the Parent’s preparation of the consolidated Ind AS
Management’s Responsibility for the Consolidated Ind AS financial statements that give a true and fair view in order to
Financial Statements design audit procedures that are appropriate in the circumstances.
The Parent’s Board of Directors is responsible for the preparation An audit also includes evaluating the appropriateness of
of these consolidated Ind AS financial statements in terms of the the accounting policies used and the reasonableness of the
requirements of the Companies Act, 2013 (hereinafter referred accounting estimates made by the Parent’s Board of Directors, as
to as “the Act”) that give a true and fair view of the consolidated well as evaluating the overall presentation of the consolidated Ind
financial position, consolidated financial performance including AS financial statements.
other comprehensive income, consolidated cash flows and
statement of changes in equity of the Group in accordance
We believe that the audit evidence obtained by us and other 65
auditors in terms of their reports referred to in the Other Matters

with the accounting principles generally accepted in India, paragraph below, is sufficient and appropriate to provide a
including the Indian Accounting Standards (Ind AS) prescribed basis for our audit opinion on the consolidated Ind AS financial
under Section 133 of the Act. The respective Board of Directors statements.
of the companies included in the Group are responsible for
maintenance of adequate accounting records in accordance with Opinion
the provisions of the Act for safeguarding the assets of the Group In our opinion and to the best of our information and according
and for preventing and detecting frauds and other irregularities; to the explanations given to us and other auditors on separate
the selection and application of appropriate accounting policies; financial statements of the subsidiaries referred to below in
making judgments and estimates that are reasonable and the Other Matters paragraph, the aforesaid consolidated Ind AS
prudent; and the design, implementation and maintenance financial statements give the information required by the Act in
of adequate internal financial controls, that were operating the manner so required and give a true and fair view in conformity
effectively for ensuring the accuracy and completeness of the with the accounting principles generally accepted in India, of the
accounting records, relevant to the preparation and presentation consolidated state of affairs of the Group as at 31st March, 2017,
of the financial statements that give a true and fair view and are and their consolidated profit, consolidated total comprehensive
free from material misstatement, whether due to fraud or error, income, their consolidated cash flows and consolidated statement
which have been used for the purpose of preparation of the of changes in equity for the year ended on that date.
consolidated Ind AS financial statements by the Directors of the
Other Matters
Parent, as aforesaid.
We did not audit the financial statements of a subsidiary and its
Auditor’s Responsibility step-down subsidiaries, whose financial statements reflect total
Our responsibility is to express an opinion on these consolidated assets of C5790.88 crore as at 31st March, 2017, total revenues of
Ind AS financial statements based on our audit. In conducting C3941.83 crore and net cash outflows amounting to C16.87 crore
our audit, we have taken into account the provisions of the Act, for the year ended on that date, as considered in the consolidated
the accounting and auditing standards and matters which are Ind AS financial statements. These financial statements have been
audited by other auditors whose reports have been furnished (f ) With respect to the adequacy of the internal financial controls
to us by the Management and our opinion on the consolidated over financial reporting and the operating effectiveness of
Ind AS financial statements, in so far as it relates to the amounts such controls, refer to our separate Report in “Annexure A”,
and disclosures included in respect of these subsidiaries, and our which is based on the auditors’ reports of the Parent company
report in terms of sub-section (3) of Section 143 of the Act, in so and subsidiary companies incorporated in India. Our report
far as it relates to the aforesaid subsidiaries is based solely on the expresses an unmodified opinion on the adequacy and
reports of the other auditors. operating effectiveness of the Parent’s/ subsidiary company’s
incorporated in India for internal financial controls over
Our opinion on the consolidated Ind AS financial statements
financial reporting.
above, and our report on Other Legal and Regulatory
Requirements below, is not modified in respect of the above (g) With respect to the other matters to be included in the
matters with respect to our reliance on the work done and the Auditor’s Report in accordance with Rule 11 of the Companies
reports of other auditors. (Audit and Auditor’s) Rules, 2014, as amended, in our opinion
and to the best of our information and according to the
Report on Other Legal and Regulatory Requirements
explanations given to us:
As required by Section 143(3) of the Act, based on our audit and
on the consideration of the report of the auditors on financial i. There were no pending litigations which would impact
statements of subsidiaries companies, referred in the Other the consolidated financial position of the Group.
Matters paragraph above we report, to the extent applicable, that: ii. The Group did not have any material foreseeable losses
(a) We have sought and obtained all the information and on long-term contracts including derivative contracts.
explanations which to the best of our knowledge and belief iii. There were no amounts which were required to be
were necessary for the purposes of our audit of the aforesaid transferred to the Investor Education and Protection
consolidated Ind AS financial statements. Fund by the Parent and its subsidiary companies
(b) In our opinion, proper books of account as required by law incorporated in India.
relating to preparation of the aforesaid consolidated Ind AS
66 financial statements have been kept so far as it appears from
iv. The Parent has provided requisite disclosures in the
consolidated Ind AS financial statements as regards
our examination of those books and the reports of the other the holding and dealings in Specified Bank Notes as
auditors. defined in the Notification S.O. 3407(E) dated the 8th
(c) The Consolidated Balance Sheet, the Consolidated Statement November, 2016 of the Ministry of Finance, during the
of Profit and Loss (including Other Comprehensive Income), period from 8th November, 2016 to 30th December,
the Consolidated Cash Flow Statement and Consolidated 2016 of the Group entities as applicable. Based on
Statement of Changes in Equity dealt with by this Report are audit procedures performed and the representations
in agreement with the relevant books of account maintained provided to us by the management we report that the
for the purpose of preparation of the consolidated Ind AS disclosures are in accordance with the relevant books of
financial statements. accounts maintained by those entities for the purpose
of preparation of the consolidated Ind AS financial
(d) In our opinion, the aforesaid consolidated Ind AS financial statements and as produced to us by the Management
statements comply with the Indian Accounting Standards of the respective Group entities.
prescribed under Section 133 of the Act.
(e) On the basis of the written representations received from the
directors of the Parent as on 31st March, 2017 taken on record Place: Ahmedabad For, R Choudhary and Associates
by the Board of Directors of the Parent and the reports of the Date: 30th May, 2017 Chartered Accountants
statutory auditors of its subsidiary companies incorporated (Registration No. 101928W)
in India, none of the directors of the Group companies
incorporated in India is disqualified as on 31st March 2017
from being appointed as a director in terms of Section 164 Ramchandra Choudhary
(2) of the Act. Partner
M. No. 043979
“Annexure A” to Independent Auditor’s Report
(Referred to in paragraph 1(f) under “Report on other legal Meaning of Internal Financial Controls over Financial
and regulatory requirements” of our report of even date) Reporting
Report on the Internal Financial Controls under Clause (i) A company’s internal financial control over financial reporting is a
of Sub-section 3 of Section 143 of the Companies Act, 2013 process designed to provide reasonable assurance regarding the
(“the Act”) reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
We have audited the Internal Financial Control over financial accepted accounting principles. A company’s internal financial
reporting of SINTEX PLASTICS TECHNOLOGY LIMITED (“the control over financial reporting includes those policies and
Parent”) as of 31st March, 2017 in conjunction with our audit of the procedures that (1) pertain to the maintenance of records that,
consolidated financial statements of the Parent and its subsidiary in reasonable detail, accurately and fairly reflect the transactions
companies incorporated in India as of that date. and dispositions of the assets of the company; (2) provide
Management Responsibility for the Internal Financial reasonable assurance that transactions are recorded as necessary
Controls to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and
The respective Board of Directors of the Parent and its subsidiary expenditures of the company are being made only in accordance
companies which are companies incorporated in India, are with authorizations of management and directors of the company;
responsible for establishing and maintaining internal financial and (3) provide reasonable assurance regarding prevention or
controls based on the internal control over financial reporting timely detection of unauthorized acquisition, use, or disposition
criteria established by the Group considering the essential of the company’s assets that could have a material effect on the
components of internal control stated in the Guidance Note financial statements.
on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). Inherent Limitations of Internal Financial Controls over
These responsibilities include the design, implementation and Financial Reporting
maintenance of adequate internal financial controls that were Because of the inherent limitations of internal financial controls
operating effectively for ensuring the orderly and efficient over financial reporting, including the possibility of collusion
conduct of its business, including adherence to the Group’s or improper management override of controls, material
policies, the safeguarding of its assets, the prevention and misstatements due to error or fraud may occur and not be
67
detection of frauds and errors, the accuracy and completeness detected. Also, projections of any evaluation of the internal
of the accounting records, and the timely preparation of reliable financial controls over financial reporting to future periods are
financial information, as required under the Act. subject to the risk that the internal financial control over financial

Auditor’s Responsibility reporting may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
Our responsibility is to express an opinion on the Group’s internal procedures may deteriorate.
financial controls over financial reporting based on our audit. We
conducted our audit in accordance with the Guidance Note on Opinion
Audit of Internal Financial Controls over Financial Reporting (the In our opinion, the Parent Company and its subsidiary companies,
“Guidance Note”) and the Standards on Auditing, issued by ICAI which are incorporated in India, have in all material respects, an
and prescribed under Section 143(10) of the Act, to the extent adequate internal financial controls system over financial reporting
applicable to an audit of internal financial controls, both applicable and such internal financial controls over financial reporting were
to an audit of Internal Financial Controls and, both issued by the operating effectively as at 31st March, 2017, based on the internal
ICAI. Those Standards and the Guidance Note require that we control over financial reporting criteria established by the Group
comply with ethical requirements and plan and perform the audit considering the essential components of internal control stated
to obtain reasonable assurance about whether adequate internal in the Guidance Note on Audit of Internal Financial Controls over
financial controls over financial reporting was established and Financial Reporting issued by the ICAI.
maintained and if such controls operated effectively in all material
respects. Other Matters
Our report under Section 143(3)(i) of the Act on the adequacy
Our audit involves performing procedures to obtain audit and operating effectiveness of the internal financial controls over
evidence about the adequacy of the internal financial controls financial reporting insofar as it relates to 2 subsidiary companies,
system over financial reporting and their operating effectiveness. which are companies incorporated in India, is based on the
Our audit of internal financial controls over financial reporting corresponding reports of the other auditors of such subsidiaries.
included obtaining an understanding of internal financial
controls over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed Place: Ahmedabad For, R Choudhary and Associates
risk. The procedures selected depend on the auditor’s judgment, Date: 30th May, 2017 Chartered Accountants
including the assessment of the risks of material misstatement of (Registration No. 101928W)
the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the Ramchandra Choudhary
Group’s internal financial controls system over financial reporting. Partner
M. No. 043979
Consolidated Balance Sheet as at March 31, 2017 (C in crores)

Particulars Notes As at
March 31, 2017
I ASSETS
Non-current assets
(a) Property, plant and equipment 4 4,134.50
(b) Capital work-in-progress 29.11
(c) Goodwill 5B 228.24
(d) Other intangible assets 5A 1,522.44
(e) Financial assets
(i) Investments 7 58.06
(ii) Loans 8 10.73
(iii) Other financial assets 9 38.74
(f ) Deferred tax assets (net) 21 6.23
(g) Other non-current assets 10 331.61
(h) Non-current tax assets (net) 11 74.88
Total non-current assets 6,434.54
Current assets
(a) Inventories 12 547.30
(b) Financial assets
(i) Other investments 13 202.82
(ii) Trade receivables 14 1,245.85
(iii) Cash and cash equivalents 15 173.41
(iv) Bank balances other than cash and cash equivalents 16 1.02
(c) Other current assets 17 340.15
Total current assets 2,510.55
Total assets 8,945.09
II EQUITY AND LIABILITIES
Equity
(a) Equity share capital -
(b) Share suspense account 55.49
(c) Other equity 18 3,058.69
Equity attributable to owners of the Company 3,114.18
68 Non-controlling interests
Total equity
1.55
3,115.73
Liabilities
Non-current liabilities
(i) Borrowings 19 2,593.34
(b) Provisions 20 12.91
(c) Deferred tax liabilities (net) 21 194.44
(d) Other non-current liabilities 22 225.13
Total non-current liabilities 3,025.82
Current liabilities
(i) Borrowings 23 894.79
(ii) Trade payables 24 841.07
(iii) Other financial liabilities 25 681.45
(b) Other current liabilities 26 254.71
(c) Provisions 27 131.52
Total current liabilities 2,803.54
Total liabilities 5,829.36
Total equity and liabilities 8,945.09

Partner

Date : May 30, 2017 Date : May 30, 2017
Consolidated Statement of Profit and Loss
for the year ended March 31, 2017
(C in crores)
Particulars Notes For the year ended
March 31, 2017
I Revenue from operations 28 5,994.68
II Other income 29 35.00
III Total Income (I + II) 6,029.68
Expenses:
a) Cost of materials consumed 30 3,079.96
b) Purchases of stock-in-trade 31 152.66
c) Changes in inventories of finished goods and work-in- progress 32 (8.34)
d) Employee benefits expense 33 740.59
e) Finance costs 34 263.25
f ) Depreciation and amortisation expense 6 230.30
g) Other expenses 35 1,016.64
IV Total expenses 5,475.06
V Profit before tax (III-IV) 554.62
VI Tax expense: 41
a) Current tax 76.62
b) Deferred tax 58.39
135.01
VII Profit for the year (V-VI) 419.61
Other comprehensive income:
A (i) Items that will not be reclassified to profit or loss 0.61
(ii) Income tax relating to items that will not be reclassified to profit or loss (0.13)
B (i) Items that will be reclassified to profit or loss -
(ii) Income tax relating to items that will be reclassified to profit or loss -
VIII Total other comprehensive income (A (i-ii) + B (i-ii)) 0.48
IX Total comprehensive income for the year (VII+VIII) 420.09
X Profit for the year attributable to:
- Owners of the Company
- Non-controlling interests
420.31
(0.70)
69
419.61

XI Other comprehensive income for the year attributable to:
- Owners of the Company 0.48
- Non-controlling interests -
0.48
XII Total comprehensive income for the year attributable to:
- Owners of the Company 420.79
- Non-controlling interests (0.70)
420.09
XIII Earnings per equity share 43
a) Basic (in C ) 7.56
b) Diluted (in C) 7.56

Partner

Date : May 30, 2017 Date : May 30, 2017
Consolidated statement of cash flows for the year ended March 31, 2017
For the year ended
March 31, 2017
A. Cash flow from operating activities
Net profit before tax 554.62
Adjustments for:
Gain on fair value of investments (0.07)
Net gain on sale of property, plant and equipments (2.87)
Interest income (3.12)
Depreciation and amortisation expenses 230.30
Finance cost 263.25
Excess provision written back (7.84)
Operating profit before working capital changes 1,034.27
Adjustments for increase/decrease in operating assets/ liabilities:
Trade receivables, loans and other assets (296.09)
Inventories (21.82)
Trade payables, other liabilities and provisions 389.12
Cash generated from operations 1,105.49
Direct taxes paid (net) (112.83)
Net cash generated by operating activities (A) 992.65
B. Cash flow from investing activities
Purchase of property, plant and equipment/addition to capital-work-in progress (660.75)
Sale of fixed assets 2.87
(Purchase)/sale of current investments (19.20)
(Purchase)/sale of non-current investments 5.95
Fixed deposits placed 0.01
Interest received 3.12
Net cash used in investing activities (B) (668.00)
C. Cash flow from financing activities
Proceeds from issue of shares 199.91
70 Repayments from long term borrowings

Net increase/(decrease) in working capital borrowings
(595.90)
290.86
Finance cost (263.25)
Net cash used in financing activities (C ) (368.38)
Net increase/(decrease) in cash and cash equivalents (A+B+C) (43.72)
Cash and cash equivalents at the beginning of the year 0.01
Additions due to demerger scheme 228.96
Effect of exchange differences on restatement of foreign currency cash and cash equivalents (10.82)
Cash and cash equivalents at the end of the year 174.43

Partner

Date : May 30, 2017 Date : May 30, 2017
Consolidated statement of changes in equity
for the year ended March 31, 2017
(C in crores)
Particulars Reserves and surplus Other Comprehensive Total- Non- Total
income Parent controlling
Capital Securities Debenture Foreign General Retained Fair Acturial share interests
reserve premium redemption currency reserve earnings valuation valuation
reserve reserve translation reserve reserve
reserve
Balance as at
March 31, 2016 - - - - - (0.00) - - (0.00) - (0.00)
Profit for the year - - - - - 420.31 - - 420.31 (0.70) 419.61
Other
comprehensive
loss for the year,
net of income tax - - - - - 0.70 (0.22) 0.48 - 0.48
Total
comprehensive
income/ (loss) for
the year - - - - - 420.31 0.70 (0.22) 420.79 (0.70) 420.09
Recognition on
investment in
equity instruments 208.30 - - - - - - - 208.30 - 208.30
Premium on issue
of shares - 179.91 - - - - - - 179.91 - 179.91
Transfer to reserves
on acount of
demerger scheme - - 91.25 78.06 1,716.85 456.52 - - 2,342.68 2.25 2,344.93
Cancellation of
Share capital as per
demerger scheme
Transfer to
- - - - 20.00 - - - 20.00 - 20.00
71

debenture
redemption
reserve - - 32.82 - - (32.82) - - - - -
Foreign exchange
variations during
the year - - - (112.99) - - - - (112.99) - (112.99)
Balance as at
March 31, 2017 208.30 179.91 124.07 (34.93) 1,736.85 844.01 0.70 (0.22) 3,058.69 1.55 3,060.24

Partner

Date : May 30, 2017 Date : May 30, 2017
Notes to the Consolidated Financial Statements

for the year ended 31st March, 2017
1. General Information
Sintex Plastics Technology Limited (“the Company”) (formerly known as “Neev Educare Limited) is a holding Company of entities
engaged in the manufacture of plastic products in India, USA and Europe. The registered office of the Company is in the premises of
Sintex-BAPL Limited, near seven garnala, Kalol (North Gujarat) and the headquarters of the Company is situated in Kalol (Gujarat).
The Company was incorporated on 4th August 2015 as a wholly owned subsidiary of Sintex Industries Limited (“SIL”). However,
pursuant to a Composite Scheme of Arrangement under the relevant provisions of the Companies Act, 2013, which became
effective on May 12, 2017, the Company ceased to be a subsidiary of SIL (Refer Note 36).
The consolidated financial statements comprise financial statements of the company and its subsidiaries (collectively, the Group) for
the year ended March 31, 2017. The consolidated financial statements were authorized for issue in accordance with a resolution of
the directors on May 30, 2017.
The principal activities of the Company and its subsidiaries (hereafter referred to as “the Group”) are described in note 42.
2. Significant Accounting policies

I. Statement of compliance
The consolidated financial statements have been prepared in accordance with Ind ASs notified under the Companies (Indian
Accounting Standards) Rules, 2015.
Upto the year ended March 31, 2016, the Company prepared its financial statements in accordance with the requirements of previous
GAAP, which includes Standards notified under the Companies (Accounting Standards) Rules, 2006. These are the Group’s first Ind
AS financial statements (refer note 37). Since, the Company was incorporated on August 4, 2015 as a wholly owned subsidiary of SIL
which is a Phase I Company from the view point of Ind AS adoption, the transition date for the Company is August 4, 2015. Refer the
Basis of preparation and presentation below for the details of first-time adoption exemptions availed by the Group.
72 II. Basis of preparation and presentation

The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that
are measured at fair values at the end of each reporting period, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the group takes in to account the characteristics of the asset or liability
if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
In addition, for financial reporting purposes, fair value measurements are categorized into level1, 2, or 3 based on the degree to
which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurements in
its entirety, which are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
• Level 2 inputs are inputs, that are quoted prices included within level 1, that are observable for the asset or liability, either
directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
III. Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities (including special purpose
entities) controlled by the Company and its subsidiaries. Control is achieved where the Company:
• has power over the investee
• is exposed to, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns
The Company reassess whether or not it controls an investee if facts and circumstances indicate that there are changes to one or
more of the three elements of control listed above.
When the Company has less than majority of the voting rights of an investee, it has power over the investee when the voting rights
are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all
relevant facts and circumstances in assessing whether or not the Company’s voting rights in an entity are sufficient to give it power.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses
control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in
the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the
date when the Company ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-
controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-
controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the
Group’s accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group
are eliminated in full on consolidation.
IV. Business Combinations
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination
is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group,
liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for
control of the acquiree. Acquisition-related costs are generally recognised in Statement of Profit and Loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition
date, except that:
• deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured
in accordance with Ind AS 12 Income Taxes and Ind AS 19 Employee Benefits respectively;
73

• liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment
arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in
accordance with Ind AS 102 Share-based Payments at the acquisition date; and
• assets (or disposal groups) that are classified as held for sale in accordance with Ind AS 105 Non-current Assets Held for Sale and
Discontinued Operations are measured in accordance with that Standard.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-
date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date
amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of
any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the
excess is recognised in other comprehensive income and accumulated in equity as capital reserve or recognised directly in capital
reserve depending on whether there exists clear evidence of the underlying reasons for classifying the business combination as a
bargain purchase.
Common control business combinations include transactions, such as transfer of subsidiaries or businesses, between entities with a
Group.
Business combinations involving entities or business under common control are accounted using the pooling of interests method.
In this method the assets and liabilities of combining entities are reflected at their carrying values, the only adjustment to be made
is to harmonise accounting policies. The financial information in the financial statements in respect of prior periods are restated as if
the business combination had occurred from the beginning of the preceding period in the financial statements, irrespective of the
actual date of combination. However, if the business combination has been effected after that date, the prior period information is
restated only from that date.
The difference, if any, between the amount recorded as share capital issued plus any additional consideration in the form of cash or
other assets and the amount of share capital of the transferor is transferred to reserves.
V. Goodwill
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less
accumulated impairment losses, if any.

For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-
generating units) that is expected to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of
the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in
profit or loss in the consolidated [Statement of comprehensive income/Statement of Profit and Loss]. An impairment loss recognised
for goodwill is not reversed in subsequent periods.
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit
or loss on disposal.
The Group’s policy for goodwill arising on the acquisition of an associate and a joint venture is described at note IV.
VI. Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for the estimated customer
returns, rebates and other similar allowances.
Sale of goods
Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time all the following
conditions are satisfied:
• the Group has transferred to the buyer the significant risks and rewards of ownership of the goods;
• the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective
control over the goods sold;
74
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Group; and
• costs incurred or to be incurred in respect of the transaction can be measured reliably.
The Group recognizes revenues on sale of products, net of discounts, sales incentives, rebates granted, returns, sales taxes and duties
when the products are delivered to customer or when delivered to a carrier for export sale, which is when title and risk and rewards
of ownership pass to the customer. Sale of products is presented gross of manufacturing taxes like excise duty wherever applicable.
Export sales includes export benefits received as per the Import and Export Policy in respect of exports made under the said schemes
as notified by government and recognised when there is reasonable assurance that the entity will comply with the conditions
attached to them and that the benefit is received.
The Group provides warranty (refer to accounting policy on provisions) on certain products based on customer requirements for
which liability is recognised at the time the product is sold.
Sale of services
Income from service rendered is recognised on accrual basis based on the terms of agreements and when services are rendered.
Dividend and interest income
Dividend income from investments is recognised when the shareholder’s right to receive payment has been established (provided
that it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably).
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the
amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding
and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to that asset’s net carrying amount on initial recognition.
VII. Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to
the lessee. All other leases are classified as operating leases.
The Group as a lessor

Amount due from the lessees under finance leases are recognised as receivables at the amount of the Group’s net investment in the
leases. Finance lease income is allocated to the accounting periods so as to reflect a constant periodic rate of return on the Group’s
net investment outstanding in respect of the leases.
Rental income from operating leases is recognised on straight-line basis over the term of the relevant lease. Initial direct cost incurred
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on straight-
line basis over the lease term.
The Group as a lessee
Assets held under finance leases are initially recognised as assets of the Group at their fair value at the inception of the lease or, if
lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated
balance sheet as a finance lease obligation.
Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate
of interest on the remaining balance of the liability. Finance expenses are recognised immediately in Statement of Profit and Loss,
unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Group’s general
policy on borrowing costs. Contingent rentals are recognised as expenses in the periods in which they are incurred.
Lease payments under an operating lease shall be recognised as an expense on a straight-line basis over the lease term unless either:
a. another systematic basis is more representative of the time pattern of the user’s benefit even if the payments to the lessors are
not on that basis; or
b. the payments to the lessor are structured to increase in line with expected general inflation to compensate for the lessor’s
expected inflationary cost increases. If payments to the lessor vary because of factors other than general inflation, then this
condition is not met.
VIII. Foreign currency translations 75

The functional currency of the Company and its subsidiaries has been determined on the basis of the primary economic environment
in which it operates. The functional currency of the Company is INR.
In preparing the financial statements of each individual group entity, transactions in currencies other than the entity’s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of
each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-
monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date
when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated.
Exchange differences on monetary items are recognised in Statement of Profit and Loss in the period in which they arise except for:
• exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which
are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency
borrowings;
• exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither
planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially
in other comprehensive income and reclassified from equity to Statement of Profit and Loss on repayment of the monetary
items.
For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations
are translated into Currency Units using exchange rates prevailing at the end of each reporting period. Income and expense items
are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in
which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, a disposal involving
loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an
associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences
accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing
control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non controlling
interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements
that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange
differences is reclassified to profit or loss.
IX. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until
such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in the Statement of Profit and Loss in the period in which they are incurred.
X. Employee Benefits
Retirement benefit costs and termination benefits
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service
entitling them to the contributions. For defined benefit retirement benefit plans, the cost of providing benefits is determined
using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period.
Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return
on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised
in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is
reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognised in profit or loss
in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset. Defined benefit costs are categorised as follows:
• service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
76 • net interest expense or income; and
• remeasurement
The Group presents the first two components of defined benefit costs in profit or loss in the line item employee benefits expenses.
Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognised in the consolidated
statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from
this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions
in future contributions to the plans. A liability for a termination benefit is recognised at the earlier of when the entity can no longer
withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period
the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected
to be paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future
cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date.
XI. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the applicable tax
rates and the provisions of the Income Tax Act, 1961 and other applicable tax laws in the countries where the Group operates and
generates taxable income.
Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences
to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be
utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other
than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting
profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates,
and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable
that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary
differences associated with such investments and interests are only recognised to the extent that it is probable that there will be
sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled
or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting
period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which
the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
For the purposes of measuring deferred tax liabilities and deferred tax assets on non-depreciable assets the carrying amounts of
such properties are presumed to be recovered entirely through sale.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current
tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment 77

to future income tax liability, is considered as an asset if there is convincing evidence that the Group will pay normal income tax.
Accordingly, MAT is recognised as a deferred tax asset in the Balance Sheet when it is highly probable that future economic benefit
associated with it will flow to the Group.
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when they are relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive
income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business
combination, the tax effect is included in the accounting for the business combination.
XII. Property, plant and equipment
The cost of property, plant and equipment comprises its purchase price net of any trade discounts and rebates, any import duties
and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on
making the asset ready for its intended use, including relevant borrowing costs for qualifying assets. Expenditure incurred after
the property, plant and equipment have been put into operation, such as repairs and maintenance, are charged to the Statement
of Profit and Loss in the period in which the costs are incurred. Major shut-down and overhaul expenditure is capitalised as the
activities undertaken improves the economic benefits expected to arise from the asset.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in
Statement of Profit and Loss.
Assets in the course of construction are capitalised in the assets under construction account. At the point when an asset is operating
at management’s intended use, the cost of construction is transferred to the appropriate category of property, plant and equipment
and depreciation commences. Costs associated with the commissioning of an asset and any obligatory decommissioning costs are
capitalised where the asset is available for use but incapable of operating at normal levels until a period of commissioning has been
completed. Revenue generated from production during the trial period is capitalised.

XIII. Depreciation and amortisation

Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation
is provided on buildings and plant & machinery on a straight-line method and in case of other tangible assets, on written-down
value method over the estimated useful lives of the assets as per the useful life prescribed in Schedule II to the Companies Act,
2013 except for plant and machinery. In respect of plant and machinery, the life of the assets has been assessed as under based on
technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset,
past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc. The useful
lives of plant and machinery has been estimated as 22 years and 30 years for different categories as technically determined.
When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based
on their specific useful lives.
Intangible assets are amortised over their estimated useful lives on straight line method. The amortization rates used for various
intangible assets are as under:

Technical knowhow 5 to 20 years
Software 5 years
Acquired Goodwill 5 to 15 years
Freehold land is not depreciated. Leasehold land is amortized over the period of the lease, except where the lease is convertible to
freehold land under lease agreements at future dates at no additional cost.
The Group reviews the residual value, useful lives and depreciation method annually and, if expectations differ from previous
estimates, the change is accounted for as a change in accounting estimate on a prospective basis.
78 Depreciation on the tangible fixed assets of the Company’s foreign subsidiaries and jointly controlled entities has been provided on
straight-line method as per the estimated useful life of such assets as follows:

Buildings 15 to 60 years
Plant and machinery 11 to 30 years
Furniture and fixtures 3 to 10 years
Vehicles and aircrafts 5 to 10 years
Office equipment 3 to 10 years
XIV. Intangible assets

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and
accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated
useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate
being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at
cost less accumulated impairment losses.
Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or
losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the
carrying amount of the asset are recognised in the Statement of Profit and Loss when the asset is derecognised.
XV. Impairment of non-current assets
At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate
the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which
the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated
to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a
reasonable and consistent allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually,
and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount
of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the
Statement of Profit and Loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated
as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the
revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognised immediately in the Statement of Profit and Loss, unless the relevant asset is carried at a
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
XVI. Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of inventories comprises of cost of purchase, cost of
conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. Cost of raw materials, traded goods and stores and spares are ascertained on weighted average basis. Net realisable value
represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.
XVII. Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive), as a result of past events, and it is probable
that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the 79

balance sheet date, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using
the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the
effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable
is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be
measured reliably.
XVIII. Financial Instruments
Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the
instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through
Statement of Profit and Loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value
through Profit and Loss are recognised immediately in Statement of Profit and Loss.
A. Financial assets
a) Recognition and initial measurement
i) The Group initially recognises loans and advances, deposits, debt securities issues and subordinated liabilities on the date
on which they originate. All other financial instruments (including regular way purchases and sales of financial assets) are
recognised on the trade date, which is the date on which the Group a party to the contractual provisions of the instrument.
A financial asset or liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly
attributable to its acquisition or issue.
ii) In case of investments in subsidiaries, joint ventures and associates the Company has chosen to measure its investments
at deemed cost.
iii) The Company has elected to apply the requirements pertaining to Level III financial instruments of deferring the difference

between the fair value at initial recognition and the transaction price prospectively to transactions entered into on or after
the date of transition to Ind AS.
b) Classification
On initial recognition, a financial asset is classified as measured at; amortised cost, FVOCI or FVTPL
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated at FVTPL:
• The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
This category is the most relevant to the Group. After initial measurement, such financial assets are subsequently measured at
amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance
income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category generally
applies to trade and other receivables. For more information on receivables, refer to Note 14. A debt instrument is classified as
FVOCI only if it meets both the of the following conditions and is not recognised at FVTPL;
• The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets; and
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair
value movements are recognized in the other comprehensive income (OCI). However, the group recognizes interest income,
impairment losses & reversals and foreign exchange gain or loss in the P&L. On derecognition of the asset, cumulative gain or
80 loss previously recognised in OCI is reclassified from the equity to P&L. Interest earned whilst holding FVTOCI debt instrument
is reported as interest income using the EIR method.
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading and
contingent consideration recognised by an acquirer in a business combination to which Ind AS 103 applies are classified as at
FVTPL. For all other equity instruments, the group may make an irrevocable election to present in other comprehensive income
subsequent changes in the fair value. The group makes such election on an instrument-by-instrument basis. The classification
is made on initial recognition and is irrevocable.
If the group decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding
dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However,
the group may transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.
All other financial assets are classified as measured at FVTPL.
In addition, on initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements
to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces and accounting
mismatch that would otherwise arise.
c) Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the Group’s consolidated balance sheet) when:
• The rights to receive cash flows from the asset have expired, or
• The group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the group
has transferred substantially all the risks and rewards of the asset, or (b) the group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it
evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the group continues to recognise the
transferred asset to the extent of the Group’s continuing involvement. In that case, the group also recognises an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the
Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of consideration that the group could be required to repay.
d) Impairment
Impairment of financial assets
In accordance with Ind AS 109, the group applies expected credit loss (ECL) model for measurement and recognition of
impairment loss on the following financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade
receivables and bank balance
b) Financial assets that are debt instruments and are measured as at FVTOCI
c) Lease receivables under Ind AS 17
d) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are
within the scope of Ind AS 11 and Ind AS 18 (referred to as ‘contractual revenue receivables’ in these illustrative financial
statements)
e) Loan commitments which are not measured as at FVTPL
f ) Financial guarantee contracts which are not measured as at FVTPL
The group follows ‘simplified approach’ for recognition of impairment loss allowance on:
I) Trade receivables or contract revenue receivables; and
II) All lease receivables resulting from transactions within the scope of Ind AS 17 81

The application of simplified approach does not require the group to track changes in credit risk. Rather, it recognises impairment
loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the group determines that whether there has
been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL
is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent
period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial
recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial
instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12
months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the group in accordance with the contract and all the
cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash
flows, an entity is required to consider:
i) All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the
expected life of the financial instrument. However, in rare cases when the expected life of the financial instrument cannot
be estimated reliably, then the entity is required to use the remaining contractual term of the financial instrument
ii) Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement
of profit and loss (P&L). This amount is reflected under the head ‘other expenses’ in the P&L. The balance sheet presentation for
various financial instruments is described below:
i) Financial assets measured as at amortised cost, contractual revenue receivables and lease receivables: ECL is presented as
an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the
net carrying amount. Until the asset meets write-off criteria, the group does not reduce impairment allowance from the
gross carrying amount.

ii) Loan commitments and financial guarantee contracts: ECL is presented as a provision in the balance sheet, i.e. as a liability.
iii) Debt instruments measured at FVTOCI: Since financial assets are already reflected at fair value, impairment allowance is not
further reduced from its value. Rather, ECL amount is presented as ‘accumulated impairment amount’ in the OCI.
For assessing increase in credit risk and impairment loss, the group combines financial instruments on the basis of shared credit
risk characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be
identified on a timely basis.
The group does not have any purchased or originated credit-impaired (POCI) financial assets, i.e., financial assets which are
credit impaired on purchase/ origination.
e) Effective interest method
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest
income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts
(including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net
carrying amount on initial recognition.
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL.
B. Financial liabilities and equity instruments
a) Classification as debt or equity
Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with
the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
b) Equity instruments
82 An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.
Repurchase of the Group’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised
in Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments.
c) Financial liabilities
Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities’.
Financial liabilities at FVTPL:
Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is designated as at FVTPL.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in Statement
of Profit and Loss. The net gain or loss recognised in Statement of Profit and Loss incorporates any interest paid on the financial
liability and is included in the ‘other gains and losses’ line item in the consolidated [statement of comprehensive income/
Statement of Profit and Loss].
The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they
expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and
payable is recognised in Statement of Profit and Loss.
d) Derivative financial instruments
The Group has entered into forward exchange contracts or principal only swap which are in substance of forward exchange
contracts to manage its exposure to foreign currency cash flows.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in financial statements
where its recognition in the Statement of Profit and Loss depends on the nature of the hedge relationship.
e) Reclassification of financial assets
The group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are
debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes
to the business model are expected to be infrequent. The group’s senior management determines change in the business
model as a result of external or internal changes which are significant to the group’s operations. Such changes are evident to
external parties. A change in the business model occurs when the group either begins or ceases to perform an activity that
is significant to its operations. If the group reclassifies financial assets, it applies the reclassification prospectively from the
reclassification date which is the first day of the immediately next reporting period following the change in business model. The
group does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
The following table shows various reclassification and how they are accounted for:
Original Revised Accounting treatment

classification classification
Amortised cost FVTPL Fair value is measured at reclassification date. Difference between previous
amortized cost and fair value is recognised in P&L.
FVTPL Amortised Cost Fair value at reclassification date becomes its new gross carrying amount. EIR
is calculated based on the new gross carrying amount.
Amortised cost FVTOCI Fair value is measured at reclassification date. Difference between previous
amortised cost and fair value is recognised in OCI. No change in EIR due to
reclassification.
FVTOCI Amortised cost Fair value at reclassification date becomes its new amortised cost carrying
amount. However, cumulative gain or loss in OCI is adjusted against fair
value. Consequently, the asset is measured as if it had always been measured
at amortised cost.
FVTPL FVTOCI Fair value at reclassification date becomes its new carrying amount. No other
adjustment is required.
FVTOCI FVTPL Assets continue to be measured at fair value. Cumulative gain or loss
previously recognized in OCI is reclassified to P&L at the reclassification date. 83

XIX. First time adoption – mandatory exceptions, optional exemptions
a. Overall principle
The Group has prepared the consolidated balance sheet as per Ind AS as on the transition date by recognising all assets and
liabilities whose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind
AS, by reclassifying items from previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of
recognised assets and liabilities. However, this principle is subject to certain exception and certain optional exemptions availed
by the Group as detailed below.
b. Derecognition of financial assets and financial liabilities
The Group has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions
occurring on or after the transition date.
c. Classification of debt instruments
The Group has determined the classification of debt instruments in terms of whether they meet the amortised cost criteria or
the FVTOCI criteria based on the facts and circumstances that existed as of the transition date.
d. Impairment of financial assets
The Group has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has
used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the
date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further,
the Group has not undertaken an exhaustive search for information when determining, at the date of transition to Ind ASs,
whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101.
e. Assessment of embedded derivatives
The Group has assessed whether an embedded derivative is required to be separated from the host contract and accounted for
as a derivative on the basis of the conditions that existed at the later of the date it first became a party to the contract and the
date when there has been a change in the terms of the contract that significantly modifies the cash flows that otherwise would
be required under the contract.

f. Past business combinations

The Group has elected not to apply Ind AS 103 Business Combinations retrospectively to past business combinations that
occurred before the transition date. Consequently,
• The Group has kept the same classification for the past business combinations as in its previous GAAP financial statements;
• The Group has not recognised assets and liabilities that were not recognised in accordance with previous GAAP in the
consolidated balance sheet of the acquirer and would also not qualify for recognition in accordance with Ind AS in the
separate balance sheet of the acquiree;
• The Group has excluded from its opening balance sheet those items recognised in accordance with previous GAAP that
do not qualify for recognition as an asset or liability under Ind AS;
• The Group has tested the goodwill for impairment at the transition date based on the conditions as of the transition date;
• The effects of the above adjustments have been given to the measurement of non-controlling interests and deferred tax.
The above exemption in respect of business combinations has also been applied to past acquisitions of investments in
associates, interests in joint ventures and interests in joint operations in which the activity of the joint operation constitutes a
business, as defined in Ind AS 103.
g. Deemed cost for property, plant and equipment, investment property, and intangible assets
The Group has elected to continue with the carrying value of all of its plant and equipment and intangible assets recognised as
of transition date measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.
h. Cumulative translation differences on foreign operations
The Group has not elected the option to reset the cumulative translation differences on foreign operations that exist as of the
transition date to zero.
i. Equity investments at FVTOCI
84 The Group has designated certain investments in equity shares at FVTOCI on the basis of facts and circumstances that existed
at the transition date.
3. Critical Judgements in applying accounting policies and key sources of estimation

uncertainty
3.1 Critical judgements in applying accounting policies
In the course of applying the policies outlined in all notes under section 2 above, the directors of the Company are required to
make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
period, if the revision affects current and future period.
3.2 Key sources of estimation uncertainty
i) Useful lives and residual value of property, plant and equipment
Group reviews the useful lives and residual values of property, plant and equipment at least once a year. Such lives are
dependent upon an assessment of both the technical lives of the assets and also their likely economic lives based on
various internal and external factors including relative efficiency and operating costs. Accordingly useful lives are reviewed
annually using the best information available to the Management.
ii) Fair value measurements and valuation process
Management uses its judgement in selecting an appropriate valuation technique for financial instruments not quoted in
an active market. Valuation techniques commonly used by market participants are applied. Other financial instruments
are valued using a discounted cash flow method based on assumptions supported, where possible, by observable market
prices or rates. Information about the valuation techniques and inputs used in determining the fair value of various assets
and liabilities are disclosed in note 40.
4. Property, plant and equipment

(C in crores)
Furniture
Plant and and Fixtures
Particulars Freehold land Leasehold land Buildings Vehicles Total
Machinery and Office
equipments
Cost
At March 31, 2016 - - - - - - -
Addition on account of 118.44 4.94 307.99 3,243.67 6.45 10.47 3,691.96
demerger scheme
Additions 0.00 - 97.08 596.92 15.79 2.48 712.27
Disposals (31.72) - (8.41) (24.90) (1.97) (2.72) (69.72)
Effect of foreign currency (1.14) - (29.80) (63.92) (2.57) (1.17) (98.60)
exchange differences
At March 31, 2017 85.58 4.94 366.86 3,751.77 17.70 9.06 4,235.91
Accumulated
depreciation and
impairment
At March 31, 2016 - - - - - - -
Depreciation charge for - 0.06 11.60 178.95 16.22 3.71 210.54
the year
Disposals - - (2.55) (24.60) (1.85) (2.12) (31.12)
Effect of foreign currency - - (17.35) (56.97) (2.96) (0.73) (78.01)
exchange differences
At March 31, 2017 - 0.06 (8.30) 97.38 11.41 0.86 101.41 85

Net book value
At March 31, 2016 - - - - - - -
At March 31, 2017 85.58 4.88 375.16 3,654.39 6.29 8.20 4,134.50
Useful Life of the assets NA 99 15-60 11-30 3-10 5-10
(range) (in years)
Method of depreciation NA SLM SLM SLM WDV WDV
(SLM/WDV/etc)
4.1 Impairment losses recognised in the year

The Group evaluates impairment losses on the property, plant and equipment whenever events or changes in circumstances
indicate that their carrying amounts may not be recoverable. If such assets are considered to be impaired,the impairment loss is
then recognised for the amount by which the carrying amount of the assets exceeds its recoverable amount, which is the higher
of an asset’s net selling price and value in use. For the purpose of assessing impairment, assets are grouped at the smallest level for
which there are separately identifiable cash flows.
The Management has reviewed the recoverability of the assets and has concluded that no indication of impairment exists and
hence, no impairment of asset is required.
4.2 Assets pledged as security
All the property, plant and equipments of the Group have been pledged to secure borrowings of the Group (Refer note 19 and 23).

5A. Other intangible assets

(C in crores)
Particulars Technical knowhow Computer software Brand value Total
Cost or deemed cost
As at March 31, 2016 - - - -
Additions due to demerger scheme 7.44 15.76 1,500.00 1,523.20
Additions 1.58 2.10 - 3.68
Disposals - (0.68) - (0.68)
Effect of foreign currency exchange differences - (1.96) - (1.96)
As at March 31, 2017 9.02 15.22 1,500.00 1,524.24
Accumulated amortisation and impairment
As at March 31, 2016 - - - -
Additions due to demerger scheme - - - -
Amortised during the current year 0.74 3.39 - 4.13
Disposals - (0.60) - (0.60)
Effect of foreign currency exchange differences - (1.73) - (1.73)
As at March 31 2017 0.74 1.06 - 1.80
Net book value
At March 31, 2016 - - -
As at March 31, 2017 8.28 14.16 1,500.00 1,522.44
Life of the assets (range) (in years) 5-20 5 NA
5B. Goodwill
86 (C in crores)
Particulars As at March 31, 2017
Cost or deemed cost 335.90
Accumulated amortisation and impairment losses 107.66
Total 228.24
(C in crores)
Cost
Balance at beginning of year -
Addition during the current year -
Effect of foreign currency exchange differences (19.55)
Balance at end of year 335.90
Accumulated impairment losses
Balance at beginning of year -
Amortisation recognised in the year 15.63
Effect of foreign currency exchange differences (6.75)
Balance at end of year 107.66
6. Depreciation and amortisation expense

(C in crores)
For the year
Particulars ended
March 31, 2017
Depreciation for the year ended on property, plant and equipment as per Note 4 210.54
Amortisation for the period on other intangible assets as per note 5A 4.13
Amortisation for the period on goodwill as per note 5B 15.63
Total 230.30
7. Investments (non-current)
(C in crores)
As at
Particulars
March 31, 2017
At fair value through other comprehensive income
Investment in unquoted equity instruments
Zillion Infraprojects Private Limited 58.06
30,56,093 shares of C10 each fully paid
Total 58.06
Aggregate carrying value of unquoted investments 58.06
Aggregate amount of impairment in value of investments -
8. Loans
(C in crores) 87

As at
Particulars
March 31, 2017
Unsecured, considered good
(a) Security deposits and earnest money deposits 9.58
(b) Other loans 1.15
Total 10.73
9. Other financial assets

(C in crores)
As at
Particulars
March 31, 2017
Foreign currency forward contracts not designated in hedge accounting relationships 38.74
Total 38.74
10. Other non-current assets

(C in crores)
As at
Particulars
March 31, 2017
(a) Capital advances 2.89
(b) Excise duty paid under protest 0.15
(c) Security deposits and earnest money deposits 326.93
(d) Others 1.64
Total 331.61

11. Non-current tax assets (net)

(C in crores)
As at
Particulars
March 31, 2017
Advance income tax (net of provisions) 74.88
Total 74.88
12. Inventories ( At lower of cost and net realisable value)

(C in crores)
As at
Particulars
March 31, 2017
(a) Raw materials 241.64
(b) Work-in-progress 33.56
(c) Finished goods 202.72
(d) Traded goods 60.45
(e) Stores and spares 8.93
Total 547.30
The cost of inventories recognised as an expese during the year was C3,434.23 crores.
The cost of inventories recognised as an expense includes C3 crores in respect of write-downs of inventory to net realisable value, and
has been reduced by C Nil in respect of the reversal of such write-downs.
88 13. Other investments
As at March 31, 2017

Particulars
No. of Units (H in crores)
At fair value through profit or loss (FVTPL)
Non- Trade, Unquoted
Investments in Mutual funds
BNP PARIBAS EQUITY FUND - GROWTH 6,575 0.05
Franklin India Smaller Companies Fund - GROWTH 11,760 0.06
ICICI Prudential Value Discovery Fund - Growth 5,529 0.07
L&T India Value Fund - Growth 18,090 0.06
Reliance Banking Fund-growth Plan 3,483 0.08
Mutual Funds held by foreign subsidiaries outside India 202.50
Total
Aggregate carrying value of unquoted investments 202.82
14. Trade receivables*

(C in crores)
As at
Particulars
March 31, 2017
Unsecured, considered good 1,251.47
Doubtful 15.83
Allowance for doubtful debts (including expected credit loss allowance C5.62 crores) (21.45)
Total 1,245.85
14. Trade receivables* (Contd...)

* Note:
The average range of credit period on sales of goods is 0 to 180 days. No interest is charged on trade receivables for the first 180 days
from the date of the invoice. Thereafter. Interest is charged at 18-24% per annum on the outstanding balance.
Before accepting any new customer, the Group assesses the potential customer’s credit quality and defines credit limits of each customer.
Limits and scoring attributed to customers are reviewed twice a year. There are no customers who represent more than 10% of the total
balance of trade receivables.
The Group has used a practical expedient by computing the expected credit loss allowance for trade receivables. The expected credit
loss allowance takes into account historical credit loss experience and adjusted for forward- looking information. The expected credit loss
allowance for the current year is derived at 0.45% based on average of past trend of the receivables.
Age of Receivables
(C in crores)
As at
Particulars
March 31, 2017
< 180 days 1,241.21
180-365 days 4.64
Total 1,245.85
Movement in the expected credit loss allowance

(C in crores)
As at
Particulars
Balance at beginning of the year
March 31, 2017
-
89

Movement in expected credit loss allowance on trade receivables calculated at lifetime expected credit 5.62
losses (including impact on account of demerger scheme)
Balance at the end of the year 5.62
The concentration of credit risk is limited due to the fact that the customer base is large and unrelated.
15. Cash and cash equivalents

(C in crores)
As at
Particulars
March 31, 2017
(a) Balances with banks 123.71
(b) Cash on hand 0.45
(c) Cheques, drafts on hand 0.00
(d) Bank deposits with upto 3 months maturity 49.25
Total 173.41
16. Bank balances other than cash and cash equivalents

(C in crores)
As at
Particulars
March 31, 2017
Other bank balances
Bank deposits with above 3 months maturity 1.02
Total 1.02

17. Other current assets

(C in crores)
As at
Particulars
March 31, 2017
(a) Advance recoverable in cash or kind 302.96
(b) Prepaid expenses 13.76
(c) Balances with government authorities 21.87
(d) Others 1.56
Total 340.15
18. Other equity

(C in crores)
As at
Particulars
March 31, 2017
(a) Capital reserve 208.30
(b) Securities premium reserve 179.91
(c) Debenture redemption reserve 124.07
(d) General reserve 1,736.85
(e) Foreign Currency Translation Reserve (34.93)
(f ) Fair valuation reserve 0.70
(g) Actuarial valuation reserve (0.22)
(h) Retained earnings 844.01
90 Total 3,058.69
(i) General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriate purposes. As the general
reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
included in the general reserve will not be reclassified subsequently to statement of profit and loss.
(ii) Fair valuation reserve
The reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value
through other comprehensive income.
(iii) Surplus in Statement of Profit and Loss
The amount that can be distributed by the Group as dividends to its equity shareholders is determined based on the balance in this
reserve and also considering the requirements of the Companies Act, 2013. Thus the amounts reported above are not distributable
in entirely.
(iv) Actuarial valuation reserve
The reserve represents the cumulative gains and losses arising on the remeasurement of post-retirement benefit obligations
determined as per actuarial valuation and recognised in other comprehensive income.
19. Borrowings (non-current)

(C in crores)
As at
Particulars
March 31, 2017
Unsecured - at amortised cost
Term loans from banks 417.55
Secured - at amortised cost
(a) Debentures (refer note- (i) below) 696.91
19. Borrowings (non-current) (Contd...)

(C in crores)
As at
Particulars
March 31, 2017
(b) Term loans
(i) from banks (refer note - (ii) below) 1,401.79
(ii) from a financial institution (refer note - (ii) below) 75.00
(c) Loans from others (refer note - (iii) below) 2.09
Total 2,593.34
Summary of borrowings agreements

(i) The Secured redeemable non- convertible debentures are secured by way of first pari passu charge on all movable and immovable
assets located in India, both present and future of the Group The rate of interest ranges from 9 % to 11.50 % p.a.
(ii) Secured term loans from banks and financial institutions referred herein above to the extent of ;
a) C746.10 crores are secured by way of charge on immovable and movable properties located in India of the Group. The rate of
interest ranges from 5 % to 12 % p.a
b) C 730.69 crores are secured by way of charge on immovable and movable properties located outside India of the foreign
subsidiaries. The rate of interest ranges from 1.80% to 11.43% p.a.
(iii) Secured loan of C2.09 crores is secured by way of charge on equipment and vehicles held outside India of the foreign subsidiaries.
20. Provisions (non-current)

(C in crores)
As at
91
Particulars

March 31, 2017
Employee benefits
(i) Provision for compensated absences 8.05
(ii) Provision for gratuity 4.86
Total 12.91
21. Deferred tax balances

(C in crores)
As at
Particulars
March 31, 2017
(i) Difference between book and tax depreciation 449.92
(ii) Others 13.12
463.04
(b) Deferred tax assets
(i) Disallowances under Income tax 6.25
(ii) Provision for doubtful debts & advances 1.91
(iii) Unabsorbed depreciation and losses 30.67
(iv) Minimum Alternate Tax 217.01
(v) Others 18.99
274.83
Deferred tax liabilities (net) 188.21
Deferred tax liabilities 194.44
Deferred tax assets 6.23

22. Other non-current liabilities

(C in crores)
As at
Particulars
March 31, 2017
Trade / security deposits 225.13
Total 225.13
23. Borrowings (current)

(C in crores)
As at
Particulars
March 31, 2017
Secured - at amortised cost
- Loans repayable on demand from banks (refer note below) 731.89
Unsecured - at amortised cost
- Other loans 162.90
Total 894.79
Note: Loans from the banks are secured by first charge on the stocks and book debts and by a second charge over the immovable and
other movable properties of the Group in India.
24. Trade Payables

(C in crores)
As at
Particulars
March 31, 2017
92 Trade payables
Total
841.07
841.07
The average range of credit period on purchases of certain goods is 0 days to 120 days. No interest is charged on the trade payables for
the first 0 to 120 days from the date of invoice. Thereafter, interest at the rate of 18.5% is charged on the outstanding balance. The Group
has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.
The following disclosures are made for the amounts due to the Micro and Small Enterprises:
(C in crores)
As at
Particulars
March 31, 2017
Principal amount remaining unpaid to any supplier as at the year end 1.44
Interest due on the above mentioned principal amount remaining unpaid to any supplier as at the year end -
Amount of the interest paid by the Group in terms of Section 16 -
Amount of interest due and payable for the period of delay in making payment but without adding the -
interest specified under the MSMED Act.
Amount of interest accrued and remaining unpaid at the end of the accounting year 0.25
25. Other financial liabilities

(C in crores)
As at
Particulars
March 31, 2017
(a) Current maturities of long-term borrowings 517.52
(refer foot notes of note 19 long term borrowings for details of security)
(b) Interest accrued on borrowings 55.95
(c) Security deposits taken 7.55
(d) Acceptances and other trade arrangements 93.70
(e) Payables on purchase of fixed assets 6.73
Total 681.45
26. Other current liabilities

(C in crores)
As at
Particulars
March 31, 2017
(a) Statutory remittances 12.65
(b) Advances from customers 196.61
(c) Security deposits taken 0.18
(d) Others 45.27
Total 254.71
27. Provisions (current)

(C in crores)
As at
Particulars
March 31, 2017
Provision for employee benefits
(i) Provision for compensated absences 0.68
(ii) Provision for gratuity 130.83
Total 131.52
28. Revenue from operations

(C in crores)
As at
Particulars
March 31, 2017
(a) Sale of products (refer note (i) below) (Including Excise duty of C183.82 crores for 5,785.92 93

the year ended March 31, 2017)
(b) Sale of services 255.12
6,041.04
(c) Less: commission towards sales 46.36
Total 5,994.68
(i) This includes sales of prefabricated structures procured from third parties under contract manufacturing arrangement.
29. Other income

(C in crores)
As at
Particulars
March 31, 2017
(a) Interest income earned on financial asset that are not designated as at fair value through profit or loss 3.12
(FVTPL)
(b) Net gain arising on financial assets designated as at fair value through Statement of profit and loss 0.07
(c) Other non-operating income
(i) Excess provision / amount no longer payable written back 7.09
(ii) Provision for dountful debts written back 0.75
(iii) Miscellaneous income 14.07
(d) Other gains and losses
(i) Net gain on sale of property, plant and equipment (net) 2.87
(ii) Net gain on foreign currency transactions and translation (other than considered as finance cost) 7.03
Total 35.00

30. Cost of materials consumed

(C in crores)
As at
Particulars
March 31, 2017
Opening stock on account of demerger 216.50
Add: Purchases 3,105.10
Less: Closing stock 241.64
Cost of materials consumed 3,079.96
31. Purchases of stock-in-trade

(C in crores)
As at
Particulars
March 31, 2017
Industrial pellets, moulds and plastic parts 152.66
Total 152.66
32. Changes in inventories of finished goods and work-in-progress

(C in crores)
As at
Particulars
March 31, 2017
Inventories at the end of the year:
(a) Finished goods 202.72
94 (b) Work-in-progress 33.55

236.27
Inventories at the beginning of the year on account of demerger :
(a) Finished goods 194.84
(b) Work-in-progress 33.52
228.36
Less : Exchange differences (net) (0.43)
Net (increase) / decrease (8.34)
33. Employee benefits expense

(C in crores)
As at
Particulars
March 31, 2017
(a) Salaries and wages 578.25
(b) Contributions to provident and other funds 8.06
(c) Staff welfare expenses 154.28
Total 740.59
34. Finance costs

(C in crores)
As at
Particulars
March 31, 2017
(a) Interest costs on borrowings not classified at FVTPL 245.75
(b) Other borrowing costs 17.50
Total 263.25
35. Other expenses

(C in crores)
As at
Particulars
March 31, 2017
(a) Consumption of stores and spare parts 209.95
(b) Job work and subcontracting charges 56.72
(c) Power and fuel 106.40
(d) Rent including lease rentals 20.63
(e) Repairs and maintenance 57.77
(f ) Legal and professional expense 39.06
(g) Staff and security expenses 69.12
(h) Insurance 13.32
(i) Rates and taxes 36.83
(j) Travelling and conveyance 34.86
(k) Excise duty 184.10
(l) Donations and contributions 1.04
(m) Expenditure on Corporate Social Responsibility -
(n) Payments to auditors (refer note below) 0.51
(o) Provisions for doubtful debts and advances 5.63
(p) Loss on sale of property, plant and equipment (net) (0.01)
(q) Communication expenses 7.17
(r) Loss on sale of current invetments 1.32
(s) Advertisement and Sales promotion expense
(t) Transportation and Freight charges
43.36
75.00
95

(u) General Expenses 53.83
Total 1,016.64
Payments to auditors
(a) For audit 0.35
(b) For out of pocket expenses 0.01
(c) For other services (including quarterly limited review, certifications, etc.)* 0.14
Total 0.51
36. The Composite Scheme of Arrangement (‘the Scheme’) between Sintex Industries Limited and Sintex Plastics Technology Limited
(“the Company”) and Sintex-BAPL Limited (wholly owned subsidiary of the Company) and Sintex Infra Projects Limited (wholly
owned subsidiary of the Company, now renamed as Sintex Prefab and Infra Limited) and their respective shareholders and creditors
was sanctioned by the Hon’ble NCLT, Bench at Ahmedabad on 23rd March 2017. The certified copy of the Order sanctioning the
Scheme has been filed with the Registrar of the Companies, Gujarat, on 13th April 2017 and the Company has received the approval
of the Reserve Bank of India (RBI) vide its letter dated 12th May 2017. On giving effect of the Scheme, with effect from the appointed
date of the Scheme i.e. 1st April 2016, all the assets and liabilities of Custom Moulding business (including strategic investments in
Sintex Holdings B.V., wholly owned subsidiary) and the Prefab business of Sintex Industries Limited stands transferred and vested in
Sintex-BAPL Limited and Sintex Infra Projects Limited respectively. Pursuant to the Scheme, the Company shall issue 55,49,41,700
equity shares of INR 1 each to the equity shareholders of Sintex Industries Limited which has been credited to Share Capital Suspense
Account. Further, the existing share capital of the Company held by Sintex Industries Limited were cancelled and credited to General
Reserve of the Company.
37. During previous year ended March 31, 2016, the Company was wholly owned subsidiary of Sintex Industries Limited and did not
have any subsidiary. Accordingly, no consolidated financial statements was prepared as at March 31, 2016.

38. Segment information

1 Products and services from which reportable segments derive their revenues.
Information reported to the Chief Operating Decision Maker (CODM) for the purposes of resource allocation and assessment of
segment performance focuses on the types of goods or services delivered or provided. The directors have chose to organise the
Group around difference in products and services. No operating segments have been aggregated in arriving at the reportable
segments of the Group.
Specifically, the Group’s reportable segments under Ind AS 108 are as follows:
a. Custom moulding business (CM)

b. Prefab business (PB)
2 Segment revenue and results
The following is an analysis of the Group’s revenue and results by the reportable segment:
Particulars CM PB Total
Year ended Year ended Year ended
March 31, 2017 March 31, 2017 March 31, 2017
(H in crores) (H in crores) (H in crores)
Revenue
Revenue from operations 3,941.83 2,052.85 5,994.68
Segment results
Profit before tax and interest 407.39 375.48 782.87
Add : Other income 35.00
Less : Finance costs (263.25)
96 Profit before tax 554.62
a) Current tax 76.62
b) Deferred tax 58.39
Tax expense 135.01
Profit after tax 419.61
Capital employed
(Segment assets - Segment liabilities)
Segment assets 5,784.65 3,154.21 8,938.86
Segment liabilities 1,837.87 1,203.71 3,041.58
Capital employed 3,946.78 1,950.50 5,897.28
Other segment information
Depreciation and amoritsation 167.05 63.25 230.30
Additions to non-current assets 252.28 463.67 715.95
The accounting policies of the reportable segments are the same as the Group’s accounting policies. This is the measure reported to
the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.
For the purposes of monitoring segment performance and allocating resources between segments:
(i) all assets are allocated to reportable segments other than loans and other investments.
(ii) all liabilities are allocated to reportable segments other than long-term borrowings and deferred tax liabilities.
38. Segment
information (Contd...)
3 Geographical information.
The Group operates in 6 principal geographical areas - India (country of domicile), USA, Europre, France, Germany and Tunisia.
Group’s all non-current assets are located in India (i.e. its country of domicile)
The Group’s revenue from external customers by location of operations are detailed below:-
(C in crores)
Country For the year ended March 31, 2017
India 3,942.89
USA 161.66
Europe 1,553.80
France 154.74
Germany 64.88
Tunisia 78.93
Others 37.78
Total 5,994.68
(C in crores)
Country Non-current assets*
India 5,635.22
Europe 648.80
Others 36.76
Total 6,320.78
* Non-current assets exclude investments in equity instruments, loans, other financial assets and deferred tax assets.
39. Related Party Transactions

a. Names of the related parties and description of relationship
97

Sr. No. Nature of relationship Name of Related Parties
Shri Amit D. Patel
1 Key Management Personnel
Shri Rahul D. Patel
Enterprises over which Key Managerial Personnel are able to exercise Som Shiva Impex Limited
2 Healwell International Limited
significant influence /control Prominent Plastics Limited
b1. Transactions during the year with related parties*:
(C in crores)
Sr. Nature of transactions Nature of Relationship
No. Entities over KMP exercise Key Management Personnel Total
significant influence/control
1 Purchase of goods/services 6.92 - 6.92
-
2 Sale of goods/services 0.00 - 0.00
-
3 Commission to directors - 3.16 3.16
-
b2. Balance as at March 31, 2017

(C in crores)
Sr. Nature of transactions Nature of Relationship
No. Entities over Entities over KMP Key Management Personnel Total
exercise significant influence/control
1.19 3.16 4.35
1 Trade payable
-
0.17 - 0.17
2 Trade receivable
-

40. Financial instruments

1 Capital management
The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximising the return to
stakeholders through the optimisation of the debt and equity balance.
The capital structure of the Group consists of net debt and total equity of the Group.
1.1. Gearing ratio
The gearing ratio at the end of the reporting period was as follows.
(C in crores)
As at
Particulars
March 31, 2017
Debt (Refer note below) 4,005.64
Cash and bank balances ( Refer note 15 and 16) (174.43)
Net debt 3,831.21
Total equity 3,115.73
Net debt to equity ratio 122.96%
Note: Debt is defined as long-term and short term borrowings, as described in earlier notes ( Refer note 19, 23 and 25).
1.2 Categories of financial instruments
(C in crores)
Carrying Values Fair Values
98 Financial assets
Loans 10.73 10.73
Trade receivables 1,245.85 1,245.85
Cash and cash equivalents 173.41 173.41
Bank balances other than above cash and cash equivalents 1.02 1.02
Total financial assets measured at amortised cost (A) 1,431.01 1,431.01
Measured at fair value through profit and loss
Investments in mutual funds 202.82 202.82
Foreign currency forward contracts not designated in hedge accounting 38.74 38.74
relationships
Total financial assets measured at fair value through profit and loss (B) 241.56 241.56
Measured at fair value through other comprehensive income
Investments in equity instruments 58.06 58.06
Total financial assets measured at fair value through other comprehensive 58.06 58.06
income (C)
Total financial assets (A+B+C) 1,730.63 1,730.63
Borrowings (non-current) 2,593.34 2,628.18
Borrowings (current) 894.79 894.79
Trade payables 841.07 841.07
Other financial liabilities 681.45 681.45
Total financial liabilities measured at amortised cost 5,010.65 5,045.49
Total financial liabilities 5,010.65 5,045.49
40. Financial instruments (Contd...)

2 Financial risk management objectives
The Group’s Corporate finance department provides services to business, co-ordinates access to domestic and international financial
markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyse
the exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other
price risk), credit risk and liquidity risk.
The Group seeks to minimize the effects of these risks by using derivative financial instruments to hedge risk exposures. The use
of financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles on
foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the
investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Management on a continuous basis.
The Group does not enter into or trade financial instruments, including derivatives for speculative purposes.
3 Market risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates due
to foreign currency borrowings and variable interest loans. The Group has entered into derivative contracts to manage part of its
foreign currency risk. The Group does not enter into derivative contracts to manage risks related to anticipated sales and purchases.
4 Foreign currency risk management
The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations
arise. Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts and
currency options taken at the time of initiation of the booking by the management. Such decision is taken after considering the
factors such as upside potential, cost of structure and the downside risks etc. Quarterly reports are submitted to Management
Committee on the covered and open positions and MTM valuation.
The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the end of the
reporting period are as follows.
99

(H in crores)
USD EURO INR Others Total
Financial assets
Non-current financial assets
Investments - 58.06 58.06
Loans 1.15 9.58 10.73
Others 38.74 38.74
Total non-current financial assets 38.74 1.15 67.64 - 107.53
Current financial assets
Investments 202.50 0.32 202.82
Trade receivables 34.18 406.93 804.74 1,245.85
Cash and cash equivalents 2.02 127.71 43.68 173.41
Bank balances other than above 1.02 1.02
Total current financial assets 238.70 534.64 849.76 - 1,623.10
Total financial assets 277.44 535.79 917.40 - 1,730.63
Non current financial liabilities
Borrowings 1,489.11 180.76 917.95 5.51 2,593.34
Total non-current financial liabilities 1,489.11 180.76 917.95 5.51 2,593.34
Current financial liabilities
Borrowings 9.84 884.95 894.79
Trade payables 10.56 223.26 607.25 - 841.07
Others 274.70 95.90 310.85 681.45
Total current financial liabilities 295.10 319.16 1,803.05 - 2,417.31
Total financial liabilties 1,784.21 499.92 2,721.00 5.51 5,010.65


(H in crores)
USD EURO INR Others Total
Excess of financial liabilities over financial 1,506.77 (35.87) 1,803.60 5.51 3,280.03
assets
Hedge for foreign currency risk (217.56) (217.56)
Net exposure of foreign currency risk 1,289.21 (35.87) 1,803.60 5.51 3,062.47
Sensitivity impact on Net liabilities/(assets) 128.92 (3.59) NA 0.55 125.88
exposure at 10%
4.1 Foreign currency sensitivity analysis
The Group is mainly exposed to USD and EURO currency.
The above table details the Group’s sensitivity to a 10% increase and decrease in the INR against relevant foreign currencies. 10% is
the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s
assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign
currency risk denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency
rates. The sensitivity analysis includes external loans where the denomination of the loan is in a currency other than the functional
currency of the lender or the borrower. A negative number below indicates an increase in profit/equity where the INR strengths 10%
against the relevant currency. For a 10% weakening of the INR against the relevant currency, there would be a comparable impact
on the profit/equity and the balances below would be positive.
4.2 Forward foreign exchange contracts
100
5
Group has entered into forward foreign exchange contracts to cover specific foreign currency payments and receipts.
Interest rate risk management
The Group is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest rate risk is
measured by using the cash flow sensitivity for changes in variable interest rate. The Group has exposure to interest rate risk, arising
principally on changes in MCLR and LIBOR rates. The Group uses a mix of interest rate sensitive financial instruments to manage
the liquidity and fund requirements for its day to day operations like non-convertible debdentures and short term loans. The risk
is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings. Hedging activities are
evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies
are applied.
The table in 6.1 provides a break-up of the Group’s fixed and floating rate borrowings.
5.1 Interest rate sensitivity analysis
The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative
instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the
liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is
used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the
reasonably possible change in interest rates.
The following table provides a break-up of the Group’s fixed and floating rate borrowings and interest rate sensitivity analysis.

Particulars Gross amount Interest rate
(H in crores) sensitivity @ 0.50%
(H in crores)
Fixed Loan 785.00 NA
Variable Loan 3,220.64 16.10
Total 4,005.64 16.10

6 Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit
risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks. The
Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate,
as a means of mitigating the risk of financial loss from defaults. The Group uses publicly available financial information and its
own trading records to rate its major customers. The Group’s exposure and the credit ratings of its counterparties are continuously
monitored and the aggregate value of transactions concluded is spread amongst approved counterparties.
Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit
evaluation is performed on the financial condition of accounts receivable.
The Group does not have significant credit risk exposure to any single counterparty. Concentration of credit risk related to the above
mentioned Group did not exceed 10% of gross monetary assets at any time during the year. Concentration of credit risk to any other
counterparty did not exceed 10% of gross monetary assets at any time during the year.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-
ratings assigned by international credit-rating agencies.
6.1 Collateral held as security and other credit enhancements
The Group does not hold any collateral or other credit enhancements to cover its credit risk associated with its financial assets.
7 Liquidity risk management
Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in
a situation where business conditions unexpectedly deteriorate and requiring financing. Ultimate responsibility for liquidity risk
management rests with the board of directors, which has established an appropriate liquidity risk management framework for the
management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages
liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring 101
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment
periods and its non-derivative financial assets. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Group can be required to pay.
(C in crores)
< 1year 1-5 years > 5 years Total
Financial assets
Non-current
Investments - - 58.06 58.06
Loans - 9.58 1.15 10.73
Others 38.74 38.74
Total non-current financial assets - 48.32 59.21 107.53
Current
Investments 202.82 - - 202.82
Trade receivables 1,245.85 - - 1,245.85
Cash and cash equivalents 173.41 - - 173.41
Bank balances other than above 1.02 - - 1.02
Loans - - - -
Total current financial assets 1,623.10 - - 1,623.10
Total financial assets 1,623.10 48.32 59.21 1,730.64
Non-current
Borrowings - 2,269.53 323.81 2,593.34
Total non-current financial liabilities - 2,269.53 323.81 2,593.34

40. Financial instruments (Contd...) (C in crores)

< 1year 1-5 years > 5 years Total
Current
Borrowings 894.79 - - 894.79
Trade payables 841.07 - - 841.07
Other financial liabilities 681.45 - - 681.45
Total current financial liabilities 2,417.31 - - 2,417.31
Total financial liabilities 2,417.31 2,269.53 323.81 5,010.65
8
Fair value measurements
This note provides information about how the Group determines fair values of various financial assets and liabilities. Some of the
Group’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table
gives information about how the fair values of these financial assets are determined (in particular, the valuation technique(s) and
inputs used).
Particulars Level* Fair values as at Valuation technique and key inputs

March 31, 2017
(I in crores)
Investment in unquoted
equity instruments
Zillion Infraprojects Private 3 58.06 Discounted Cash Flow Method. Future cash flows are
Limited discounted by using rates which reflect market risks.
102 Others
Derivatives 2 38.74 Discounted cash flow. Future cash flows are estimated based
on forward exchange rates (from observable forward exhcnage
rates) at the end of the reporting period) and contract forward
rates discounted at a rate that reflects the credit risk of various
counter parties
Long term borrowings
Borrowings 2 2,628.18 Discounted cash flow method - Future cash flows are
discounted by using rates which reflect market risks.
Current investments
Investments in Mutual funds 1 202.82 Quoted bid prices in an active market
*There were no transfers between Level 1 and Level 2 in the period
41. Income Taxes

Income taxes recognised in Statement of profit and loss
(C in crores)
For the year ended
Particulars
March 31, 2017
Current tax
In respect of the current year 76.62
Deferred tax
In respect of the current year 58.39
Total income tax recognised in the current year 135.01
Tax Reconciliation
The income tax expense for the year can be reconciled to the accounting profit as follows:
41. Income Taxes (Contd...)

(C in crores)
For the year ended
Particulars
March 31, 2017
Income before taxes 554.62
Enacted tax rate in India 34.61%
Expected income tax benefit/(expense) at statutory tax rate (191.94)
Effect of:
Permanent difference in nature of Assets/Demerger effect 48.91
Others 8.02
Income taxes recognised in the statement of income (135.01)
The tax rate used for the above reconciliation is the corproate tax rate of 34.608% payable by corporate entities in India on taxable profits
under the Indian tax laws.
(C in crores)
Statement of Profit
Components of Deferred Tax charge/(benefit) for the year
and Loss
Depreciation and amortisation 29.71
Unabsorbed depreciation 39.81
Disallowance under Income tax (11.21)
Provision of bad and doubtful debts (1.62)
Others 1.70
Total deferred tax for the year 58.39 103

Components of deferred tax assets and liabilities
(C in crores)
(i) Difference between book and tax depreciation 449.92
(ii) Others 13.12
463.04
(b) Deferred tax assets
(i) Disallowances under Income Tax 6.25
(ii) Provision for doubtful debts & advances 1.91
(iii) Unabsorbed depreciation 30.67
(iv) Minimum Alternate Tax 217.01
(v) Others 18.99
274.83
Total 188.21

42. Subsidiaries
Details of Group’s subsidiaries at the end of the reporting period are as follows:
Name of subsidiary Principal activity Place of Proportion
incorporation of ownership
and operation interest and
voting power
held by the
Group
As at 31st
March, 2017
Sintex - BAPL Limited Manufacturing of Plastics Products- Custom Moulding India 100%
BAPL Rototech Pvt Limited Manufacturing of Plastics Products- Custom Moulding India 70%
Sintex Prefab and Infra Limited Prefab India 100%
(previously known as Sintex Infra
Projects Limited)
Sintex Holdings B.V. Investment Netherland 100%
Sintex Austria B.V. Investment Netherland 100%
Southgate Business Corp. Investment British Virgin 100%
Island
Amarange Inc. Investment British Virgin 100%
Island
Sintex Wausaukee Composites Inc. Manufacturing of Plastics Products- Custom Moulding USA 100%
104 Sintex France SAS
Sintex NP SAS
Manufacturing of Plastics Products- Custom Moulding
Manufacturing of Plastics Products- Custom Moulding
France
France
100%
100%
NP Hungaria Kft Manufacturing of Plastics Products- Custom Moulding Hungary 100%
NP Nord SAS Manufacturing of Plastics Products- Custom Moulding France 100%
NP Slovakia SRO Manufacturing of Plastics Products- Custom Moulding Slovakia 100%
NP Savoie SAS Manufacturing of Plastics Products- Custom Moulding France 100%
NP Tunisia SARL Manufacturing of Plastics Products- Custom Moulding Tunisia 100%
NP Vosges SAS Manufacturing of Plastics Products- Custom Moulding France 100%
NP Morocco SARL Manufacturing of Plastics Products- Custom Moulding Morocco 100%
NP Germany GMBH Manufacturing of Plastics Products- Custom Moulding Germany 100%
Siroco SAS Manufacturing of Plastics Products- Custom Moulding France 100%
SICMO SAS Manufacturing of Plastics Products- Custom Moulding France 100%
NP Jura Manufacturing of Plastics Products- Custom Moulding France 100%
AIP SAS Manufacturing of Plastics Products- Custom Moulding France 100%
NP Sud SAS Manufacturing of Plastics Products- Custom Moulding France 100%
NP Polska Manufacturing of Plastics Products- Custom Moulding Poland 100%
Simonin SAS Manufacturing of Plastics Products- Custom Moulding France 100%
Capelec SAS Manufacturing of Plastics Products- Custom Moulding France 100%
42. Subsidiaries (Contd...)

Compositions of the Group
Information about the composition of the Group at the end of the reporting period is as follows:
Principal activity Place of incorporation and Number of wholly-owned
operation subsidiaries
Manufacturing of Plastics Products- Custom Moulding India 1
France 12
Germany 1
Hungary 1
Morocco 1
Poland 1
Slovakia 1
Tunisia 1
USA 1
Prefab India 1
Investment British Virgin Island 2
Netherland 2
25
Principal activity Place of incorporation and Number of non-wholly-owned

operation subsidiaries
As at March 31, 2017 105

Manufacturing of Plastics Products- Custom Moulding India 1
1

42.1 Subsidiaries
Details of Group’s subsidiaries at the end of the reporting period are as follows:
(C in crores)
Disclosures mandated by Schedule III of Companies Act, 2013 by way of Additional Information
Name of entity in the Share in Net Assets Share in profit and Loss Share in other Share in Total
Group comprehensive income Comprehensive income
As % of Amount As a % of Amount As % of Amount As % of total Amount
consolidated consolidated consolidated other comprehensive
net assets Profit comprehensive income
income
Parent Company
Sintex Plastics 8.17% 254.61 -0.19% (0.79) - -0.19% (0.79)
Technology Limited
Indian Subsidiaries
Sintex Prefab and Infra 30.03% 935.71 20.84% 87.46 120.83% 0.58 20.96% 88.04
Ltd (Previously known
as Sintex Infra Projects
Limited)
Sintex-BAPL Limited 46.48% 1,448.07 65.87% 276.39 -20.83% (0.10) 65.77% 276.29
BAPL Rototech Pvt -0.09% (2.94) -0.56% (2.33) - -0.56% (2.33)
Limited
Foreign Subsidiaries -
Sintex Holding BV 2.32% 72.35 -7.28% (30.55) - -7.27% (30.55)
106 Sintex Austria BV

Southgate Inc.
-0.67%
0.79%
(20.84)
24.50
0.02%
-0.39%
0.10
(1.62)
-
-
0.02%
-0.38%
0.10
(1.62)
Amarange Inc. -0.12% (3.77) -1.59% (6.67) - -1.59% (6.67)
Sintex France SAS 4.34% 135.09 -0.93% (3.89) - -0.93% (3.89)
Sintex NP SAS 2.59% 80.81 1.17% 4.92 - 1.17% 4.92
NP Hungaria Kft 1.91% 59.42 4.63% 19.41 - 4.62% 19.41
NP Nord SAS -0.12% (3.77) 1.07% 4.51 - 1.07% 4.51
NP Slovakia SRO 0.39% 12.00 1.02% 4.28 - 1.02% 4.28
NP Savoie SAS 0.78% 24.43 1.17% 4.91 - 1.17% 4.91
NP Tunisia SARL 1.19% 37.04 4.73% 19.85 - 4.73% 19.85
NP Vosges SAS 0.40% 12.49 0.96% 4.02 - 0.96% 4.02
NP Germany GMBH 0.40% 12.31 2.23% 9.35 - 2.23% 9.35
Siroco SAS 0.28% 8.83 0.32% 1.33 - 0.32% 1.33
SICMO SAS -0.05% (1.43) -0.26% (1.08) - -0.26% (1.08)
NP Jura 1.20% 37.48 1.91% 8.03 - 1.91% 8.03
AIP SAS 0.36% 11.25 2.80% 11.77 - 2.80% 11.77
NP Sud SAS 0.04% 1.30 0.79% 3.33 - 0.79% 3.33
NP Polska 0.21% 6.47 1.82% 7.63 - 1.82% 7.63
Simonin SAS -0.66% (20.59) 1.89% 7.91 - 1.88% 7.91
Capelec SAS -0.10% (3.10) -0.73% (3.08) - -0.73% (3.08)
NP Morocco SARL 0.65% 20.15 1.85% 7.78 - 1.85% 7.78
Sintex Wausaukee -0.76% (23.69) -3.35% (14.06) - -3.35% (14.06)
Composites Inc.
Minority Interest in a 0.05% 1.55 0.17% 0.70 - 0.17% 0.70
subsidiary
Total 100% 3115.73 100% 419.61 100% 0.48 100% 420.09
43. Earnings per share

Basic earnings per share
The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
For the year ended

Particulars
March 31, 2017
Profit for the year attributable to owners of the Company (C in crores) 419.61
Weighted average number of equity shares for the purposes of basic earnings per share (Refer note below) 55,49,41,704
Earnings per share - Basic and diluted (C) 7.56
Diluted earnings per share

The weighted average number of ordinary shares for the purpose of diluted earnings per share reconciles to the weighted average
number of equity shares used in the calculation of basic earnings per share as follows:
For the year ended

Particulars
March 31, 2017
Actual shares issues -
Shares deemed to be issued 55,49,41,700
Weighted average number of equity shares used in the calculation of basic and Diluted EPS 55,49,41,700
Note: The amount disclosed under share suspense account has been considered as shares deemed to be issued. There are no potential
equity share issued by the Company which are anti-dilutive in its nature.
44. Commitments
107

(C in crores)
As at
Particulars
March 31, 2017
Estimated amount of contracts remaining to be executed on capital account and not provided for 0.69
Total 0.69
45. Contingent liabilities

(C in crores)
As at
Particulars
March 31, 2017
a. The company's liability with respect to the FCCB of USD 110 million (outstanding of USD 525.19
81 million)issued by Sintex Industries Limited is contingent upon the non honouring of payment
obligations of FCCB liability by Sintex Industries Limited under FCCB document.
b. Disputed demand not acknowledged as debt against which the Group has preferred appeal 1.82
c. Performance guarantees given to customers by holders 143.03
Total 670.04

45. Contingent liabilities (Contd...)

(i) Disputed demand not acknowledged as debt against which the Group has preferred appeal in respect of:
(C in crores)
As at
Particulars
March 31, 2017
Sales tax 0.95
Service tax 0.87
Total 1.82
46. Additional disclosure with respect to Cash and Bank on Specified Bank Notes:
(C in crores)
Particulars SBNs Other Denomination Notes Total
Closing cash in hand as on 08.11.2016 1.14 0.18 1.32
(+) Permitted receipts - 0.13 0.13
(-) Permitted payments - 0.19 0.19
(-) Amount deposited in Banks 1.14 - 1.14
Explanation : For the purposes of this clause, the term ‘Specified Bank Notes’(SBN) shall have the same meaning provided in the
notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407 (E), dated the 8th
November, 2016.
108
47. Approval of financial statements
The financial statements were approved for issue by the board of directors on May 30, 2017.
Signature to Notes forming part to the consolidated financial statements.

Partner

Date : May 30, 2017 Date : May 30, 2017
Form AOC-1
(Pursuant to first proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
Part “A” :Subsidiaries (B in crore)
Sr. Name of the Reporting Reporting Share Reserve Total Total Investments Turnover/ Profit Provision Profit Proposed % of
No Subsidiary period Currency Capital & Surplus Assets Liabilities other than Total Before for After Dividend Shareholding
Company Investments in Income Taxation Taxation Taxation
subsidiaries
1 Sintex-BAPL 31-03-2017 INR 16.03 1,570.71 4,105.45 4,105.45 0.32 2,021.11 194.46 -81.93 276.39 - 100.00%
Limited
2 BAPL Rototech 31-03-2017 INR 7.50 -2.94 8.91 8.91 - 4.23 -3.09 -0.75 -2.34 - 70.00%
Pvt Limited
3 Sintex Prefab 31-03-2017 INR 2.45 1,138.60 3,154.21 3,154.21 58.06 2,054.90 283.39 196.50 86.89 - 100.00%
and Infra
Limited
(Formerly
Known as Sintex
Infra Projects
Limited)
4 Sintex Holdings 31-12-2016 EURO 115.86 -40.90 715.54 715.54 - 24.77 -4.62 - -4.62 - 100.00%
B.V.*
5 Sintex 31-12-2016 USD 165.51 -117.56 80.66 80.66 - 157.39 -19.81 - -19.81 - 100.00%
Wausaukee
Composites Inc.
6 Sintex France 31-12-2016 EURO 228.50 87.44 492.90 492.90 - 42.98 20.05 0.40 19.65 - 100.00%
SAS
7 Sintex NP SAS 31-12-2016 EURO 193.66 176.52 658.75 658.75 - 433.47 102.56 -1.05 103.61 24.37 100.00%
8 NP Savoie SAS 31-12-2016 EURO 14.32 26.93 65.11 65.11 - 79.48 9.73 1.78 7.96 5.90 100.00%
9 NP Jura 31-12-2016 EURO 14.32 45.97 99.66 99.66 - 169.31 9.97 2.53 7.45 - 100.00%
10 NP Vosges SAS 31-12-2016 EURO 14.32 19.91 62.36 62.36 - 106.89 4.66 - 4.66 - 100.00%
11 Siroco SAS 31-12-2016 EURO 7.16 7.94 25.06 25.06 - 52.47 1.49 0.41 1.08 - 100.00%
109
12 NP Nord SAS 31-12-2016 EURO 4.37 13.08 56.79 56.79 - 85.21 4.98 1.38 3.60 - 100.00%
13 NP Sud SAS 31-12-2016 EURO 7.16 5.31 26.14 26.14 - 48.92 4.14 1.17 2.96 3.58 100.00%

14 AIP SAS 31-12-2016 EURO 14.32 41.66 77.68 77.68 - 105.44 13.48 4.23 9.25 7.16 100.00%
15 NP Hungaria 31-12-2016 EURO 28.65 74.96 146.35 146.35 - 175.95 22.68 2.10 20.58 15.76 100.00%
KFT
16 NP Slovakia SRO 31-12-2016 EURO 7.16 14.02 36.41 36.41 - 46.26 4.88 1.15 3.73 5.01 100.00%
17 NP Tunisia SARL 31-12-2016 EURO 15.34 50.90 82.82 82.82 - 108.44 20.89 2.28 18.61 10.74 100.00%
18 NP Morocco 31-12-2016 EURO 9.09 46.31 86.93 86.93 - 119.47 10.21 2.29 7.92 - 100.00%
SARL
19 Sicmo SAS 31-12-2016 EURO 3.58 1.66 7.86 7.86 - 12.88 -2.22 -0.00 -2.22 - 100.00%
20 NP Germany 31-12-2016 EURO 21.49 17.40 53.09 53.09 - 132.85 14.19 4.30 9.89 - 100.00%
Gmbh
21 NP Polska 31-12-2016 EURO 13.67 14.23 55.20 55.20 - 81.35 4.62 -1.37 5.98 - 100.00%
22 Simonin SAS 31-12-2016 EURO 14.32 69.95 159.65 159.65 - 283.37 13.72 3.10 10.62 38.47 100.00%
23 Capelec SAS 31-12-2016 EURO 2.58 -0.23 55.10 55.10 - 157.13 -2.43 - -2.43 - 100.00%
24 Sintex Austria 31-12-2016 EURO 0.64 54.41 97.37 97.37 36.03 0.20 0.09 - 0.09 - 100.00%
B.V.*
25 Southgate 31-12-2016 USD 0.34 -6.09 206.32 206.32 196.15 3.77 -12.17 - -12.17 - 100.00%
Business Corp. *
26 Amarange Inc * 31-12-2016 USD 0.07 52.59 93.18 93.18 - 7.67 -2.63 - -2.63 - 100.00%
# The Indian rupee equivalents of the figures given in the foreign currencies in the accounts of the subsidiary companies, have been
given on the basis of appropriate exchange rate as follows :
1 Euro = ` 71.62, 1 USD = ` 67.96,
* Financial Information is based on Unaudited Results.
Note: Name of the subsidiaries which have been liquidated during the year
1 Sintex Industries U.K. Limited
2 Wausaukee Composites Owosso, Inc.
3 WCI Wind Turbine Components, LLC
4 Owosso Real Estate LLC
5 Cuba city Estate LLC
Part “B” : Assocaites and Joint Ventures (B in crore)

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Share of Associate / Joint Ventures Profit / Loss for the year
held by the company on the year end
Sr. No. Name of Assocaites/ Latest No. Amount of Extent of Networth Considered in Not Description Reason why
Joint Ventures audited Investment Holding % attributable to Consolidation Considered in of how there the associate
Balance in Associate/ Shareholding (J in crore) Consolidation is significant / joint
Sheet Date Joint Venture as per latest influence venture is not
(J in crore) audited consolidated
Balance Sheet
(J in crore)
NIL
Signatures to Notes forming part of Consolidated Financial Statements
For and on behalf of Board of Directors

110 Arun P. Patel, Chairman
(DIN : 00830809) Ankit Somani
Dinesh B. Patel, Director Company Secretary
(DIN : 00171198)
Place: Ahmedabad
Date : May 30, 2017
NOTES
NOTES
CIN: U74120GJ2015PLC084071
Registered Office: In the premises of Sintex-BAPL Ltd., Near Seven Garnala, Kalol (N.G.) – 382 721.
Phone No.: +91 2764 253500,
E-mail: share@sintex-plastics.com, Web site: www.sintex-plastics.com
NOTICE
NOTICE IS HEREBY GIVEN THAT THE 2ND ANNUAL GENERAL MEETING (AGM) OF THE MEMBERS OF SINTEX PLASTICS
TECHNOLOGY LIMITED WILL BE HELD AS SCHEDULED BELOW:
DATE : 14th September, 2017
DAY : Thursday
TIME : 11.30 a.m.
PLACE : In the premises of Sintex-BAPL Ltd., Near Seven Garnala, Kalol (N.G.) – 382 721.
to transact the following Businesses:-
ORDINARY BUSINESS: SPECIAL BUSINESS:

(1) To receive, consider and adopt; (4) Appointment of Mr. Pravin Kanubhai Laheri, IAS (Retd.) as an
Independent Director
(a) the audited financial statement of the Company for the
financial year ended March 31, 2017, the Reports of the To consider and if thought fit to pass, with or without
Board of Directors and the Auditors of the Company modification(s), the following resolution as an Ordinary
thereon. Resolution:
(b) the Audited Consolidated Financial Statements of the “RESOLVED THAT pursuant to the provisions of Sections
Company for the Financial Year ended March 31, 2017. 149 and 152 read with Schedule IV and other applicable
provisions, if any, of the Companies Act, 2013 (“the Act”) and
(2) To appoint a Director in place of Mr. Rahul A. Patel, (holding
the Companies (Appointment and Qualification of Directors)
DIN : 00171198), liable to retire by rotation in terms of Section
Rules, 2014 and the applicable provisions of the Securities
152(6) of the Companies Act, 2013 and being eligible, offers
and Exchange Board of India (Listing Obligations and
himself for re-appointment.
Disclosure Requirements) Regulations, 2015 (including any
(3) To appoint Auditors and to fix their remuneration and in this statutory modification(s) or re-enactment(s) thereof, for the
regard pass with or without modification(s), the following time being in force), Mr. Pravin Kanubhai Laheri, IAS (Retd.)
resolution as an Ordinary Resolution: (DIN: 00499080), who qualifies for being appointed as an
Independent Director and in respect of whom the Company
“RESOLVED THAT pursuant to the provisions of Sections
has received a notice in writing under Section 160 of the
139, 142 and other applicable provisions, if any, of the
Act from a member proposing his candidature for the office
Companies Act, 2013 read with the Companies (Audit and
of Director, be and is hereby appointed as an Independent
Auditors) Rules, 2014 (including any statutory modification(s)
Director of the Company, not liable to retire by rotation
or re-enactment(s) thereof, for the time being in force), M/s
and to hold office for a term of 3 (three) years, that is, up
R Choudhary and Associates, (FRN 101928W), Chartered
to the conclusion of the 5th Annual General meeting of the
Accountants, Ahmedabad, be and are hereby appointed as
Company in the calendar year 2020.”
Auditors of the Company to hold office from the conclusion of
this Annual General Meeting till the conclusion of 7th Annual (5) Appointment of Mr. Desh Raj Dogra as an Independent
General Meeting of the Company, at such remuneration as Director
shall be fixed by the Board of Directors of the Company in
To consider and if thought fit to pass, with or without
consultation with the auditors.”
modification(s), the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to the provisions of Sections Requirements) Regulations, 2015 (including any statutory
149 and 152 read with Schedule IV and other applicable modification(s) or re-enactment(s) thereof, for the time
provisions, if any, of the Companies Act, 2013 (“the Act”) and being in force), Mr. Sandeep M. Singhi (DIN: 01211070), who
the Companies (Appointment and Qualification of Directors) qualifies for being appointed as an Independent Director
Rules, 2014 and the applicable provisions of the Securities and in respect of whom the Company has received a notice
and Exchange Board of India (Listing Obligations and in writing under Section 160 of the Act from a member
Disclosure Requirements) Regulations, 2015 (including any proposing her candidature for the office of Director, be
statutory modification(s) or re-enactment(s) thereof, for the and is hereby appointed as an Independent Director of the
time being in force), Mr. Desh Raj Dogra (DIN: 00226775), who Company, not liable to retire by rotation and to hold office for
qualifies for being appointed as an Independent Director a term of 3 (three) years, that is, up to the conclusion of the
and in respect of whom the Company has received a notice 5th Annual General meeting of the Company in the calendar
in writing under Section 160 of the Act from a member year 2020.”
proposing his candidature for the office of Director, be and
(8) Appointment of Mr. Kirit C. Shah as an Independent Director
is hereby appointed as an Independent Director of the
Company, not liable to retire by rotation and to hold office for To consider and if thought fit to pass, with or without
a term of 3 (three) years, that is, up to the conclusion of the modification(s), the following resolution as an Ordinary
5th Annual General meeting of the Company in the calendar Resolution:
year 2020.”
“RESOLVED THAT pursuant to the provisions of Sections
(6) Appointment of Dr. Gauri S. Trivedi as an Independent 149 and 152 read with Schedule IV and other applicable
Director provisions, if any, of the Companies Act, 2013 (“the Act”) and
Resolution:
Disclosure Requirements) Regulations, 2015 (including any
“RESOLVED THAT pursuant to the provisions of Sections statutory modification(s) or re-enactment(s) thereof, for the
149 and 152 read with Schedule IV and other applicable time being in force), Mr. Kirit C. Shah (DIN: 00011586), who
provisions, if any, of the Companies Act, 2013 (“the Act”) and qualifies for being appointed as an Independent Director
the Companies (Appointment and Qualification of Directors) and in respect of whom the Company has received a notice
Rules, 2014 and the applicable provisions of the Securities and in writing under Section 160 of the Act from a member
Exchange Board of India (Listing Obligations and Disclosure proposing his candidature for the office of Director, be and
Requirements) Regulations, 2015 (including any statutory is hereby appointed as an Independent Director of the
modification(s) or re-enactment(s) thereof, for the time being Company, not liable to retire by rotation and to hold office
in force), Dr. Gauri S. Trivedi (DIN: 06502788), who qualifies for for a term of 1 (one) year, that is, up to the conclusion of the
being appointed as an Independent Director and in respect 3rd Annual General meeting of the Company in the calendar
of whom the Company has received a notice in writing year 2018.”
under Section 160 of the Act from a member proposing
(9) Appointment of Ms. Namita R. Shah as an Independent
her candidature for the office of Director, be and is hereby
Director
appointed as an Independent Director of the Company, not
liable to retire by rotation and to hold office for a term of 3 To consider and if thought fit to pass, with or without
(three) years, that is, up to the conclusion of the 5th Annual modification(s), the following resolution as an Ordinary
General meeting of the Company in the calendar year 2020.” Resolution:
(7) Appointment of Mr. Sandeep M. Singhi as an Independent “RESOLVED THAT pursuant to the provisions of Sections
Director 149 and 152 read with Schedule IV and other applicable
provisions, if any, of the Companies Act, 2013 (“the Act”) and
Resolution:
“RESOLVED THAT pursuant to the provisions of Sections Disclosure Requirements) Regulations, 2015 (including any
149 and 152 read with Schedule IV and other applicable statutory modification(s) or re-enactment(s) thereof, for the
provisions, if any, of the Companies Act, 2013 (“the Act”) and time being in force), Ms. Namita R. Shah (DIN: 07141132), who
the Companies (Appointment and Qualification of Directors) qualifies for being appointed as an Independent Director
Rules, 2014 and the applicable provisions of the Securities and and in respect of whom the Company has received a notice
Exchange Board of India (Listing Obligations and Disclosure in writing under Section 160 of the Act from a member
proposing her candidature for the office of Director, be in respect of the matter aforesaid, including determination of
and is hereby appointed as an Independent Director of the the estimated fees for delivery of the document to be paid in
Company, not liable to retire by rotation and to hold office advance.”
for a term of 1 (one) year, that is, up to the conclusion of the
(11) To consider and decide place of maintaining and keeping
3rd Annual General meeting of the Company in the calendar
Register of Members & others at place other than the
year 2018.”
Registered Office of the Company.
(10) To consider and determine the fees for delivery of any
To consider and if thought fit, to give your assent / dissent to
document through a particular mode of delivery to a
the following resolution as Special Resolution:
member.
“RESOLVED THAT pursuant to the provisions of Section 94(1)
To consider and if thought fit, to give your assent / dissent to
and other applicable provisions of the Companies Act, 2013
the following resolution as an Ordinary Resolution:
read with rule 5 (2) of the Companies (Management and
“RESOLVED THAT pursuant to section 20 and other applicable Administration) Rules, 2014, consent of the Members of the
provisions, if any, of the Companies Act, 2013 and relevant Company be and is hereby accorded to maintain and keep
Rules prescribed thereunder, upon receipt of a request from the Company’s registers required to be maintained under
a Member for delivery of any document through a particular Section 88 of the Companies Act, 2013 and copies of annual
mode, an amount of B250/- (Rupees Two Hundred Fifty Only) returns filed under Section 92 of the Companies Act, 2013 or
per each such document, over and above reimbursement of any one or more of them, at the Office of Company’s Registrar
actual expenses of delivery of the documents incurred by the and Share Transfer Agent, viz. M/s. Link Intime India Pvt. Ltd.
Company, be levied as and by way of fees for sending the at 247 Park , C 101 1st Floor, LBS Marg , Vikhroli ( W ), Mumbai
document to him in the desired particular mode. – 400 083 or at such other place in India, as permissible under
the relevant provisions, as the Board may from time to time
RESOLVED FURTHER THAT the estimated fees for delivery
decide instead of and/or in addition to the said registers or
of the document shall be paid by the member ten days in
copy of returns being kept and maintained at the Registered
advance to the Company, before dispatch of such document
Office of the Company.”
and that no such request shall be entertained by the company
post the dispatch of such document by the company to the
Member.
By Order of the Board of Directors
FURTHER RESOLVED THAT for the purpose of giving effect to
this resolution, the Key Managerial Personnel of the Company
Registered Office:
be and are hereby severally authorized to do all such acts,
deeds, matters and things as they may in their absolute
Near Seven Garnala,
discretion deem necessary, proper, desirable or expedient
Kalol (N.G.) – 382 721 Ankit Somani
and to settle any question, difficulty, or doubt that may arise
Date : 9th August, 2017 Company Secretary
Notes : g) A Route map showing directions to reach the venue of

a) A MEMBER entitled to attend and vote at the Annual the 2nd AGM is given at the end of this Notice as per the
General Meeting (the “Meeting”) is entitled to appoint requirement of Secretarial Standard-2 on “General Meeting”
a proxy to attend and vote on a poll instead of himself h) Voting through Electronic means :
and the proxy need not be a member of the Company.
• Pursuant to the provisions of Section 108 and other
The instrument appointing the proxy should, however,
applicable provisions, if any, of the Companies Act, 2013
be deposited at the registered office of the Company not
and the Companies (Management and Administration)
less than forty-eight hours before the commencement Rules, 2014, as amended and sub clause (1) & (2) of
of the Meeting. Regulation 44 of SEBI (Listing Obligations and Disclosure
A person can act as a proxy on behalf of members Requirements) Regulations, 2015, the Company is
not exceeding fifty and holding in the aggregate not pleased to provide to its members facility to exercise
their right to vote on resolutions proposed to be passed
more than ten percent of the total share capital of the
in the Annual General Meeting by electronic means. The
Company carrying voting rights. A member holding
members may cast their votes using an electronic voting
more than ten percent of the total share capital of the system through remote e-voting services provided by
Company carrying voting rights may appoint a single Central Depository Services India Limited (CDSL) from a
person as proxy and such person shall not act as a proxy place other than the venue of the Meeting.
for any other person or shareholder.
• The members who have cast their vote by remote
b) The relative Explanatory Statement, pursuant to Section e-voting may also attend the Meeting but shall not be
102(2) of the Companies Act, 2013, in respect of the special entitled to cast their vote again.
business under item No. 4 to 11 are annexed hereto. • The Company has engaged the services of Central
c) The Register of Members and Share Transfer Books will remain Depository Services India Limited (CDSL) as the Agency
closed from 06.09.2017 to 14.09.2017 (both days inclusive) for to provide e-voting facility.
the purpose of the AGM. • The Board of Directors of the Company has appointed
M/s. M. C. Gupta & Co., Company Secretaries,
d) All documents referred to in the notice and the explanatory
(Membership No. FCS :2047) (Address : 703, Mauryansh
statement requiring the approval of the Members at the Elanza, Nr. Parekh’s Hospital, Shyamal Cross Roads,
Meeting and other statutory registers shall be available for Ahmedabad - 380015) as the Scrutinizer to scrutinize the
inspection by the Members at the registered office of the e-voting process in a fair and transparent manner.
Company on all working days during normal business hours
• The Members whose names appear in the Register of
up to the date of the Annual General Meeting.
Members / List of Beneficial Owners as on 07.09.2017
e) Members holding shares in physical form are requested to (cut – off date) i.e., the date prior to the commencement
promptly notify in writing any changes in their address/ of Book Closure Date, are entitled to vote on the
bank account details to Company’s Registrar & Share resolutions set forth in this Notice.
Transfer Agent, Link Intime India Pvt. Ltd., 506-508, Amarnath PROCEDURE FOR E-VOTING:
Business Centre-1 (ABC-1), Besides Gala Business Centre,
The instructions for shareholders voting electronically are as
Near St. Xavier’s College Corner, Off C G Road, Ellisebridge,
under:
Ahmedabad 380006. Members holding shares in electronic
form are requested to notify the changes in the above (i) The voting period begins on 11.09.2017 (10:00 a.m.) and ends
particulars, if any, directly to their Depository Participants on 13.09.2017 (5:00 p.m.). During this period shareholders’ of
(DP). the Company, holding shares either in physical form or in
dematerialized form, as on the cut-off date (record date) of
f ) Copies of the Annual Report 2016-2017 are being sent
07.09.2017 may cast their vote electronically. The e-voting
through electronic mode to such members whose email
module shall be disabled by CDSL for voting thereafter.
addresses are registered with the Company / Depository
Participant(s) for communication purposes. For members, (ii) The shareholders should log on to the e-voting website
whose email addresses are not available with the Company, www.evotingindia.com.
physical copies of the Annual Report 2016-2017 are being
(iii) Click on Shareholders.
sent pursuant to provisions of the Companies Act, 2013.
(iv) Now Enter your User ID (v) Next enter the Image Verification as displayed and Click on
Login.
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client (vi) If you are holding shares in demat form and had logged on to
ID, www.evotingindia.com and voted on an earlier voting of any
company, then your existing password is to be used.
c. Members holding shares in Physical Form should enter
Folio Number registered with the Company.
(vii) If you are a first time user follow the steps given below:
For Members holding shares in Demat Form and Physical Form

PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for both demat shareholders as
well as physical shareholders)
• Members who have not updated their PAN with the Company/Depository Participant are requested to use the
sequence number which is printed on Slip indicated in the PAN field.
Dividend Bank Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your demat account or in the
Details company records in order to login.
OR Date of • If both the details are not recorded with the depository or company please enter the member id / folio number in
Birth (DOB) the Dividend Bank details field as mentioned in instruction (iv).
(viii) After entering these details appropriately, click on “SUBMIT” (xvi) You can also take a print of the votes cast by clicking on
tab. “Click here to print” option on the Voting page.
(ix) Members holding shares in physical form will then directly (xvii) If a demat account holder has forgotten the login password
reach the Company selection screen. However, members then Enter the User ID and the image verification code and
holding shares in demat form will now reach ‘Password click on Forgot Password & enter the details as prompted by
Creation’ menu wherein they are required to mandatorily the system.
enter their login password in the new password field. Kindly
(xviii) Shareholders can also cast their vote using CDSL’s
note that this password is to be also used by the demat
mobile app m-Voting available for all mobile users.
holders for voting for resolutions of any other company
Please follow the instructions as prompted by the
on which they are eligible to vote, provided that company
mobile app while voting on your mobile.
opts for e-voting through CDSL platform. It is strongly
recommended not to share your password with any (xix) Note for Non – Individual Shareholders and
other person and take utmost care to keep your password Custodians
confidential. • Non-Individual shareholders (i.e. other than Individuals,
(x) For Members holding shares in physical form, the details HUF, NRI etc.) and Custodian are required to log on to www.
can be used only for e-voting on the resolutions contained evotingindia.com and register themselves as Corporates.
in this Notice. • A scanned copy of the Registration Form bearing the stamp
(xi) Click on the EVSN for the relevant <Company Name> on and sign of the entity should be emailed to helpdesk.
which you choose to vote. evoting@cdslindia.com.
(xii) On the voting page, you will see “RESOLUTION DESCRIPTION” • After receiving the login details a Compliance User should
and against the same the option “YES/NO” for voting. Select be created using the admin login and password. The
the option YES or NO as desired. The option YES implies that Compliance User would be able to link the account(s) for
you assent to the Resolution and option NO implies that which they wish to vote on.
you dissent to the Resolution. • The list of accounts linked in the login should be mailed
(xiii) Click on the “RESOLUTIONS FILE LINK” if you wish to view the to helpdesk.evoting@cdslindia.com and on approval of the
entire Resolution details. accounts they would be able to cast their vote.
(xiv) After selecting the resolution you have decided to vote on, • A scanned copy of the Board Resolution and Power of
click on “SUBMIT”. A confirmation box will be displayed. If Attorney (POA) which they have issued in favour of the
you wish to confirm your vote, click on “OK”, else to change Custodian, if any, should be uploaded in PDF format in the
your vote, click on “CANCEL” and accordingly modify your system for the scrutinizer to verify the same.
vote. (xx) In case you have any queries or issues regarding e-voting,
(xv) Once you “CONFIRM” your vote on the resolution, you will you may refer the Frequently Asked Questions (“FAQs”)
not be allowed to modify your vote. and e-voting manual available at www.evotingindia.com,
under help section or write an email to helpdesk.evoting@ iv. The Scrutinizer shall immediately after the conclusion
cdslindia.com. of voting at the Annual General Meeting, first count the
votes cast at the meeting, thereafter unblock the votes
General Instructions:
cast through remote e-voting in the presence of at least
i. The voting rights of Members shall be in proportion to the two witnesses not in the employment of the Company
shares held by them in the paid up equity share capital of and make not later than three days of conclusion of the
the Company as on 07.09.2017. Meeting, a consolidated Scrutinizer’s Report of the total
votes cast in favour or against if any, to the Chairman or a
ii. Members can opt for only one mode of voting, i.e., either by
person authorized by him in writing, who shall countersign
remote e-voting or physical poll. In case Members cast their
the same.
votes through both the modes, voting done by remote
e-voting shall prevail and votes cast through physical poll v. The result of the voting on the Resolutions at the Meeting
will be treated as invalid. will be announced by the Chairman or any other person
authorized by him forth their on receipt of the Scrutinizers
iii. Members who do not have access to remote e-voting
Report. In case of queries/grievances connected with
facility have been additionally provided the facility of
e-voting, Members/Beneficial owners may contact CDSL at
voting through Ballot paper at the Meeting and Members
e-mail -helpdesk.evoting@cdslindia.com.
attending the Meeting who have not already cast their vote
by remote e-voting shall be able to exercise their right at The results declared will also be placed on the Company’s website
the Meeting. and communicated to the Stock Exchanges.
ANNEXURE TO THE NOTICE

Explanatory Statement pursuant to Section 102(2) of the Companies Act, 2013.
Item No. 4 Details of Mr. Pravin Kanubhai Laheri are provided in the
In accordance with the provisions of Section 149 read with “Annexure” to the Notice pursuant to the provisions of (i) the Listing
Schedule IV to the Act, appointment of an Independent Director Regulations and (ii) Secretarial Standard on General Meetings (“SS-
requires approval of members. Based on the recommendation 2”), issued by the Institute of Company Secretaries of India.
of the Nomination and Remuneration Committee, the Board of None of the Directors / Key Managerial Personnel of the Company
Directors has proposed that Mr. Pravin Kanubhai Laheri, IAS (Retd.) / their relatives are, in any way, concerned or interested, financially
(DIN: 00499080), be appointed as an Independent Director on or otherwise, in the resolution set out at Item No. 4 of the Notice.
the Board of the Company for a term of 3 (three) years, that is,
up to the conclusion of the 5th Annual General meeting of the This statement may also be regarded as an appropriate disclosure
Company in the calendar year 2020. under the Listing Regulations.
The appointment of Mr. Pravin Kanubhai Laheri, shall be effective The Board commends the Ordinary Resolution set out at Item No.
upon approval by the members in the Meeting. 4 of the Notice for approval by the members.
The Company has received a notice in writing from a member Item No. 5
along with the deposit of requisite amount under Section 160 of In accordance with the provisions of Section 149 read with
the Act proposing the candidature of Mr. Pravin Kanubhai Laheri Schedule IV to the Act, appointment of an Independent Director
for the office of Director of the Company. Mr. Pravin Kanubhai requires approval of members. Based on the recommendation
Laheri is not disqualified from being appointed as a Director in of the Nomination and Remuneration Committee, the Board of
terms of Section 164 of the Act and has given his consent to act Directors has proposed that Mr. Desh Raj Dogra (DIN: 00226775),
as a Director. The Company has received a declaration from Mr. be appointed as an Independent Director on the Board of the
Pravin Kanubhai Laheri that he meets the criteria of independence Company for a term of 3 (three) years, that is, up to the conclusion
as prescribed both under sub-section (6) of Section 149 of the Act of the 5th Annual General meeting of the Company in the
and under the Securities and Exchange Board of India (Listing calendar year 2020.
Obligations and Disclosure Requirements) Regulations, 2015
The appointment of Mr. Desh Raj Dogra, shall be effective upon
(“Listing Regulations”). In the opinion of the Board, Mr. Pravin
approval by the members in the Meeting.
Kanubhai Laheri fulfils the conditions for his appointment as
an Independent Director as specified in the Act and the Listing The Company has received a notice in writing from a member
Regulations. Mr. Pravin Kanubhai Laheri is independent of the along with the deposit of requisite amount under Section 160
management and possesses appropriate skills, experience and of the Act proposing the candidature of Mr. Desh Raj Dogra for
knowledge. the office of Director of the Company. Mr. Desh Raj Dogra is not
disqualified from being appointed as a Director in terms of Section
164 of the Act and has given his consent to act as a Director. The None of the Directors / Key Managerial Personnel of the Company
Company has received a declaration from Mr. Desh Raj Dogra that / their relatives are, in any way, concerned or interested, financially
he meets the criteria of independence as prescribed both under or otherwise, in the resolution set out at Item No. 6 of the Notice.
sub-section (6) of Section 149 of the Act and under the Securities
This statement may also be regarded as an appropriate disclosure
and Exchange Board of India (Listing Obligations and Disclosure
under the Listing Regulations.
Requirements) Regulations, 2015 (“Listing Regulations”). In the
opinion of the Board, Mr. Desh Raj Dogra fulfils the conditions for The Board commends the Ordinary Resolution set out at Item No.
his appointment as an Independent Director as specified in the 6 of the Notice for approval by the members.
Act and the Listing Regulations. Mr. Desh Raj Dogra is independent
Item No. 7
of the management and possesses appropriate skills, experience
and knowledge. In accordance with the provisions of Section 149 read with
Schedule IV to the Act, appointment of an Independent Director
Details of Mr. Desh Raj Dogra are provided in the “Annexure” to the requires approval of members. Based on the recommendation
Notice pursuant to the provisions of (i) the Listing Regulations and of the Nomination and Remuneration Committee, the Board
(ii) Secretarial Standard on General Meetings (“SS-2”), issued by the of Directors has proposed that Mr. Sandeep M. Singhi (DIN:
Institute of Company Secretaries of India. 01211070), be appointed as an Independent Director on the Board
None of the Directors / Key Managerial Personnel of the Company of the Company for a term of 3 (three) years, that is, up to the
/ their relatives are, in any way, concerned or interested, financially conclusion of the 5th Annual General meeting of the Company in
or otherwise, in the resolution set out at Item No. 5 of the Notice. the calendar year 2020.
This statement may also be regarded as an appropriate disclosure The appointment of Mr. Sandeep M. Singhi, shall be effective
under the Listing Regulations. upon approval by the members in the Meeting.
The Board commends the Ordinary Resolution set out at Item No. The Company has received a notice in writing from a member
5 of the Notice for approval by the members. along with the deposit of requisite amount under Section 160
of the Act proposing the candidature of Mr. Sandeep M. Singhi
Item No. 6 for the office of Director of the Company. Mr. Sandeep M. Singhi
In accordance with the provisions of Section 149 read with is not disqualified from being appointed as a Director in terms
Schedule IV to the Act, appointment of an Independent Director of Section 164 of the Act and has given his consent to act as a
requires approval of members. Based on the recommendation Director. The Company has received a declaration from Mr.
of the Nomination and Remuneration Committee, the Board of Sandeep M. Singhi that he meets the criteria of independence as
Directors has proposed that Dr. Gauri S. Trivedi (DIN: 06502788), prescribed both under sub-section (6) of Section 149 of the Act
be appointed as an Independent Director on the Board of the and under the Securities and Exchange Board of India (Listing
Company for a term of 3 (three) years, that is, up to the conclusion Obligations and Disclosure Requirements) Regulations, 2015
of the 5th Annual General meeting of the Company in the (“Listing Regulations”). In the opinion of the Board, Mr. Sandeep M.
calendar year 2020. Singhi fulfils the conditions for his appointment as an Independent
Director as specified in the Act and the Listing Regulations. Mr.
The appointment of Dr. Gauri S. Trivedi, shall be effective upon
Sandeep M. Singhi is independent of the management and
possesses appropriate skills, experience and knowledge.
The Company has received a notice in writing from a member
Details of Mr. Sandeep M. Singhi are provided in the “Annexure” to
along with the deposit of requisite amount under Section 160
the Notice pursuant to the provisions of (i) the Listing Regulations
of the Act proposing the candidature of Dr. Gauri S. Trivedi for
and (ii) Secretarial Standard on General Meetings (“SS-2”), issued
the office of Director of the Company. Dr. Gauri S. Trivedi is not
by the Institute of Company Secretaries of India.
disqualified from being appointed as a Director in terms of Section
164 of the Act and has given her consent to act as a Director. The None of the Directors / Key Managerial Personnel of the Company
Company has received a declaration from Dr. Gauri S. Trivedi that / their relatives are, in any way, concerned or interested, financially
she meets the criteria of independence as prescribed both under or otherwise, in the resolution set out at Item No. 7 of the Notice.
sub-section (6) of Section 149 of the Act and under the Securities
and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”). In the
opinion of the Board, Dr. Gauri S. Trivedi fulfils the conditions for The Board commends the Ordinary Resolution set out at Item No.
his appointment as an Independent Director as specified in the 7 of the Notice for approval by the members.
Act and the Listing Regulations. Dr. Gauri S. Trivedi is independent
Item No. 8
and knowledge. In accordance with the provisions of Section 149 read with
Schedule IV to the Act, appointment of an Independent Director
Details of Dr. Gauri S. Trivedi are provided in the “Annexure” to the requires approval of members. Based on the recommendation
Notice pursuant to the provisions of (i) the Listing Regulations and of the Nomination and Remuneration Committee, the Board of
(ii) Secretarial Standard on General Meetings (“SS-2”), issued by the Directors has proposed that Mr. Kirit C. Shah (DIN: 00011586),
Institute of Company Secretaries of India. be appointed as an Independent Director on the Board of the
Company for a term of 1 (one) year, that is, up to the conclusion of Requirements) Regulations, 2015 (“Listing Regulations”). In the
the 3rd Annual General meeting of the Company in the calendar opinion of the Board, Ms. Namita R. Shah fulfils the conditions for
year 2018. her appointment as an Independent Director as specified in the
Act and the Listing Regulations. Ms. Namita R. Shah is independent
The appointment of Mr. Kirit C. Shah, shall be effective upon
and knowledge.
The Company has received a notice in writing from a member
Details of Ms. Namita R. Shah are provided in the “Annexure” to the
along with the deposit of requisite amount under Section 160 of
Notice pursuant to the provisions of (i) the Listing Regulations and
the Act proposing the candidature of Mr. Kirit C. Shah for the office
(ii) Secretarial Standard on General Meetings (“SS-2”), issued by the
of Director of the Company. Mr. Kirit C. Shah is not disqualified
Institute of Company Secretaries of India.
from being appointed as a Director in terms of Section 164 of the
Act and has given his consent to act as a Director. The Company None of the Directors / Key Managerial Personnel of the Company
has received a declaration from Mr. Kirit C. Shah that he meets the / their relatives are, in any way, concerned or interested, financially
criteria of independence as prescribed both under sub-section (6) or otherwise, in the resolution set out at Item No. 9 of the Notice.
of Section 149 of the Act and under the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“Listing Regulations”). In the opinion of the
Board, Mr. Kirit C. Shah fulfils the conditions for his appointment The Board commends the Ordinary Resolution set out at Item No.
as an Independent Director as specified in the Act and the Listing 9 of the Notice for approval by the members.
Regulations. Mr. Kirit C. Shah is independent of the management
Item No. 10
and possesses appropriate skills, experience and knowledge.
As per the provisions of section 20 of the Companies Act, 2013 a
Details of Mr. Kirit C. Shah are provided in the “Annexure” to the document may be served on any member by sending it to him
Notice pursuant to the provisions of (i) the Listing Regulations and by Post or by Registered post or by Speed post or by Courier or
(ii) Secretarial Standard on General Meetings (“SS-2”), issued by the by delivering at his office or address or by such electronic or other
Institute of Company Secretaries of India. mode as may be prescribed. It further provides that a member can
None of the Directors / Key Managerial Personnel of the Company request for delivery of any document to him through a particular
/ their relatives are, in any way, concerned or interested, financially mode for which he shall pay such fees as may be determined by
or otherwise, in the resolution set out at Item No. 8 of the Notice. the company in its Annual General Meeting.
This statement may also be regarded as an appropriate disclosure Therefore, to enable the members to avail of this facility, it is
under the Listing Regulations. desirable to determine the fees to be charged for delivery of a
document in a particular mode, as mentioned in the resolution.
The Board commends the Ordinary Resolution set out at Item No.
8 of the Notice for approval by the members. Since the Companies Act, 2013 requires the fees to be determined
in the Annual General Meeting, the Directors accordingly
Item No. 9 recommend the Ordinary Resolution at item no. 10 of the
In accordance with the provisions of Section 149 read with accompanying notice, for the approval of the members of the
Schedule IV to the Act, appointment of an Independent Director Company.
requires approval of members. Based on the recommendation
None of the Directors and/or Key Managerial Personnel of the
of the Nomination and Remuneration Committee, the Board of
Company and their relatives is concerned or interested, financially
Directors has proposed that Ms. Namita R. Shah (DIN: 07141132),
or otherwise, in the resolution set out at item no. 10 of the
be appointed as an Independent Director on the Board of the
accompanying Notice.
Company for a term of 1 (one) year, that is, up to the conclusion of
the 3rd Annual General meeting of the Company in the calendar Item No. 11
year 2018. As required under the provisions of Section 94 the Companies Act,
The appointment of Ms. Namita R. Shah, shall be effective upon 2013, certain documents such as the Register of Members, Index of
approval by the members in the Meeting. Members and certain other registers, certificates, documents etc.,
are required to be kept at the Registered Office of the Company.
The Company has received a notice in writing from a member However, these documents can be kept at any other place within
along with the deposit of requisite amount under Section 160 the city, town or village in which the registered office is situated
of the Act proposing the candidature of Ms. Namita R. Shah for or any other place in India in which more than one-tenth of
the office of Director of the Company. Ms. Namita R. Shah is not the total members entered in the register of members reside, if
disqualified from being appointed as a Director in terms of Section approved by a Special Resolution passed at a General Meeting
164 of the Act and has given his consent to act as a Director. The of the Company. Accordingly, the approval of the Members is
Company has received a declaration from Ms. Namita R. Shah that sought in terms of Section 94(1) of the Companies Act, 2013,
she meets the criteria of independence as prescribed both under for keeping the aforementioned registers and documents at the
sub-section (6) of Section 149 of the Act and under the Securities Office of the Registrar and Transfer Agent, M/s. Link Intime India
and Exchange Board of India (Listing Obligations and Disclosure Pvt. Ltd. at 247 Park , C 101 1st Floor, LBS Marg , Vikhroli ( W ),
Mumbai – 400 083 or 5th Floor, 506 to 508, Amarnath Business None of the Directors and/or Key Managerial Personnel of the
Center-1 (ABC-1), Besides Gala Business Center, Opp. Wagh Bakri Company or their relatives is concerned or interested, financially
Tea Lounge, Off C.G. Road, Ellisbridge, Ahmedabad – 380 006 or or otherwise, in the resolution set out at item no. 11 of the
at such other place in India, as permissible under the relevant accompanying Notice.
provisions, as the Board may from time to time decide instead of
and/or in addition to the said registers or copy of returns being
kept and maintained at the Registered Office of the Company. A
copy of the proposed resolution is being forwarded in advance By Order of the Board of Directors
to the Registrar of Companies, Gujarat, Ahmedabad, as required
under the said Section 94 (1) of the Companies Act, 2013. Registered Office:
The Directors recommend the said resolution proposed vide Item Kalol (N.G.) – 382 721
No. 11 to be passed as Special Resolution by the Members. Dist : Gandhinagar, Gujarat, India Ankit Somani
Date : 9th August, 2017 Company Secretary
ANNEXURE TO THE NOTICE

Details of Directors seeking appointment/ reappointment at the ensuing Annual General Meeting
(Pursuant to Regulation 36(3) of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015)
Name of the Director Mr. Rahul A. Patel Mr. Pravin K. Laheri IAS (Retd.)
Director Identification Number (DIN) 00171198 00499080
Age 57 72
Date of first Appointment on the 30/09/2016 -
Board
Expertise in specific functional Area Industrialist with rich business experience in Expertise in Corporate, Labour & Industrial
and experience general of more than 34 years Laws and having an experience of more than
45 years in handling various positions mainly in
public sector undertakings / public sector
Qualification B.Com, M.B.A. (USA) Bachelor in Arts and Law, Masters in Science
and Economics from University of Wales, ex -
IAS
Director in other Public Limited 1. Sintex-BAPL Limited (1) PI Industries Limited;
Companies 2. Sintex Prefab and Infra Limited (2) Gujarat Pipavav Port Limited;
3. BVM Overseas Limited (3) DMCC Oil Terminals (Navlakhi) Limited;
4. Sintex Industries Limited (4) Gulmohar Greens-Golf and Country Club
Limited and
(5) Ambuja Cement Foundation
Membership/Chairmanships of Sintex Industries Limited Gujarat Pipavav Port Ltd.
Committees of other Boards Stake Holder Relationship Committee – Audit Committee – Chairman Nomination
Member, & Remuneration Committee – Member
Corporate Social Responsibility (CSR) Corporate Social Responsibility (CSR)
Committee – Member. Committee – Member
Sintex-BAPL Limited P. I. Industries Ltd.

Corporate Social Responsibility (CSR) Nomination & Remuneration Committee –
Committee - Member Member Corporate Social Responsibility (CSR)
Committee – Chairman
No. of Shares Held in the Company 4,97,090 NIL
as on 09.08.2017 (Face Value B1/- per
share)
Relationship between Directors inter Mr. Arun P. Patel and Mr. Rahul A. Patel are Not related to any Director/Key Managerial
se and Key Managerial Personnel related to each other. Personnel
Number of meetings of the Board 7 N.A.
attended during the year
Name of the Director Mr. Desh Raj Dogra Dr. Gauri S. Trivedi
Age 63 57
Date of first Appointment on the - -
Board
Expertise in specific functional Area Has over 38 years of experience in financial She had held number of administrative
and experience sector and credit administration. posts in Karnataka including Assistant
Commissioner, Joint Director (Commerce
and Industry), Chief Secretary/ Director
(Rural Development and Panchayati Raj),
Deputy Commissioner (Excise), Joint
Registrar of Cooperative Societies. She had
also been General Manager (Handloom &
Handicrafts Export Corporation), Director of
Tea Promotion (WANA), Managing Director
(HESCOM), a power distribution company,
Managing Director (Karnataka State Food
& Civil Supplies Corporation), Secretary to
Government, Revenue Department, Govt.
of Karnataka and Secretary to the Governor
of Karnataka. She had been guest faculty
in a number of reputed institutes teaching
governance, public policy, rural planning and
management.
Qualification MBA (Finance) from FMS, University of Delhi M.A. (Political Science) from JNU, Delhi, M.
and Certified associate of Indian Institute of Phil (Soviet Studies), JNU, Delhi, Doctorate
Bankers and Master’s in Agriculture. in Philosophy from Institute of Social &
Economic Change, Bangalore and Institute
of Development Studies, Mysore and PGPPM
from Indian Institute of Management (IIM),
Bangalore
Director in other Public Limited (1) Welspun Corp Limited; 1. Denis Chem Lab Limited
Companies (2) G R Infraprojects Limited; 2. Bajaj Energy Limited
(3) Mercator Limited; 3. NTPC Limited
(4) S Chand And Company Limited;
(5) Gandhar Oil Refinery (India) Limited;
(6) Asirvad Micro Finance Limited;
(7) Capri Global Capital Limited;
(8) Sunteck Realty Ltd.;
(9) L & T Financial Consultants Ltd. and
(10) L & T Finance Ltd.
Membership/Chairmanships of Mercator Limited Audit Committee:
Committees of other Boards Audit Committee – Member NTPC Limited – Member
S Chand And Company Limited Stakeholders’ Relationship Committee:
Audit Committee – Chairman NTPC Limited -Member
Gandhar Oil Refinery (India) Limited
Nomination & Remuneration Committee:
Audit Committee – Member
Denis Chem Lab Limited -Member
Asirvad Micro Finance Limited
Vikas Publishing House Pvt. Ltd.
L & T Financial Consultants Ltd.
Nomination & Remuneration Committee –
Member
Name of the Director Mr. Desh Raj Dogra Dr. Gauri S. Trivedi
No. of Shares Held in the Company 50,000 NIL
share)
Relationship between Directors inter Not related to any Director/Key Managerial Not related to any Director/Key Managerial
se and Key Managerial Personnel Personnel Personnel
Number of meetings of the Board N.A. N.A.
Name of the Director Mr. Sandeep M. Singhi Mr. Kirit C. Shah

Age 51 81
Date of first Appointment on the - -
Board
Expertise in specific functional Area 27 Years, experience in legal field Rich experience in general of
and experience more than 50 years
Qualification B.Sc., LL. B B.A.
Director in other Public Limited 1. The Sandesh Limited Uranus Medical Devices Limited
Companies 2. Gujarat Ambuja Exports Limited
Membership/Chairmanships of The Sandesh Limited NIL
Committees of other Boards Audit Committee – Member
Nomination and Remuneration Committee - Member
Stakeholders Relationship Committee – Member
Gujarat Ambuja Exports Limited
Risk Management Committee
No. of Shares Held in the Company NIL NIL
share)
Relationship between Directors inter Not related to any Director/Key Managerial Personnel Not related to any Director/Key
se and Key Managerial Personnel Managerial Personnel
Number of meetings of the Board N.A. 2
Name of the Director Ms. Namita R. Shah

Director Identification Number (DIN) 07141132
Age 49
Date of first Appointment on the Board -
Expertise in specific functional Area and experience Relevant rich experience of more than 10 years
Qualification B. Com
Director in other Public Limited Companies (1) Sintex Prefab and Infra Limited and
(2) Sintex-BAPL Limited
Membership/Chairmanships of Committees of other Boards Sintex-BAPL Ltd
Nomination and Remuneration Committee – Member
Sintex Prefab and Infra Limited
Nomination and Remuneration Committee – Member
Corporate Social Responsibility (CSR) Committee - Member
No. of Shares Held in the Company as on 09.08.2017 NIL
(Face Value B1/- per share)
Relationship between Directors inter se and Key Managerial Not related to any Director/Key Managerial Personnel
Personnel
Number of meetings of the Board attended during the year 2
ROUTE MAP
Sintex Plastics Technology Limited ATTENDANCE SLIP
CIN: U74120GJ2015PLC084071
Registered Office: In the premises of Sintex – BAPL Ltd.,
Near Seven Garnala, Kalol (N.G.) 382 721, Gujarat, India
Phone: +91 2764 253500,
E-mail: ankitsomani@sintex-plastics.com Web: www.sintex-plastics.com
Name of the shareholders:

Address:
E-mail-Id:
Folio No. / Client ID: DP ID:
I hereby record my presence at the 2nd Annual General Meeting of the Company held on Thursday, September 14, 2017 at 11.30 am at
Registered Office: In the premises of Sintex – BAPL Ltd., Near Seven Garnala, Kalol (N.G.) 382 721, Gujarat, India.
Signatrue of Shareholder / Proxy’s
PLEASE BRING THIS ATTENDANCE SLIP TO THE MEETING AND HAND OVER AT THE ENTRANCE DULY FILLED IN
Sintex Plastics Technology Limited FORM NO. MGT – 11

CIN: U74120GJ2015PLC084071 PROXY FORM
Registered Office: In the premises of Sintex – BAPL Ltd., [Pursuant to Section 105(6) of the Companies Act, 2013 and
Near Seven Garnala, Kalol (N.G.) 382 721, Gujarat, India Rule 19(3) of the Companies (Management and
Phone: +91 2764 253500, Administration) Rules, 2014
E-mail: ankitsomani@sintex-plastics.com Web: www.sintex-plastics.com
Name of the Member(s):

Address:
E-mail-ID:
Folio No. / Client ID: DP ID:
I/We, being the member (s) of ...................................................................................................................Shares of the above named company, hereby appoint:
1. Name:...................................................................................... Address:......................................................................................................................................................................................
E-mail Id:..........................................................................................................................................................................................................................................................or failing him,
2. Name:...................................................................................... Address:......................................................................................................................................................................................
E-mail Id:..........................................................................................................................................................................................................................................................or failing him,
3. Name:...................................................................................... Address:......................................................................................................................................................................................
E-mail Id:.........................................................................................................................................................................................................................................................................................
as my /our poxy to attend and vote (on a poll) for me/us and on my/our behalf at the 2nd Annual General Meeting of the Company, to be
held on Thursday, September 14, 2017 at 11.30 a.m. at Regd. Office: In the Premises of Sintex – BAPL Ltd., Near Seven Garnala, Kalol (N.G.)
382 721, Gujarat, India, and at adjournment thereof in respect of such resolutions as are indicated below:
P.T.O.
Resolution No. Resolutions For Against
Ordinary Business
1 To Consider and adopt Audited financial statement, the Reports of the Board of Directors
and the Auditors and Audited Consolidated Financial Statements of the Company.
2 Re-Appointment of Mr. Rahul A. Patel, liable to retire by rotation and being eligible, offers
himself for re-appointment.
3 To appoint Auditors and to fix their remuneration
Special Business
4 Appointment of Mr. Pravin Kanubhai Laheri as an Independent Director of the Company.
5 Appointment of Mr. Desh Raj Dogra as an Independent Director of the Company.
6 Appointment of Dr. Gauri S. Trivedi as an Independent Director of the Company
7 Appointment of Mr. Sandeep Singhi as Independent Director of the Company
8 Appointment of Mr. Kirit C. Shah as an Independent Director of the Company.
9 Appointment of Ms. Namita R. Shah as an Independent Director of the Company.
10 To consider and determine the fees for delivery of any document through a particular
mode of delivery to a member.
11 To consider and decide place of maintaining and keeping Register of Members & others at
place other than the Registered Office of the Company.
Signed this...........................................................................day of.............................................2017

Affix
Signature of shareholder:................................................................................................................ Revenue
Stamp
Signature of Proxy holder(s): (1)...........................................................(2)..........................................................(3)........................................................
here
Notes:
1. This form of proxy in order to be effective should be duly filled in, stamped, signed and deposited at the Registered Office of the
Company, not less than 48 hours before the commencement of the Meeting.
2. A holder may vote either “For’’ or “Against” each resolution.
3. The proxy holder shall prove his identity at the time of attending the Meeting.

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Available Formats

Forward looking statement

REGISTRAR & SHARE TRANSFER AGENT :

Annual Report 2016-17

COMPANY SECRETARY & COMPLIANCE OFFICER

Less: Provision for - 76.62 FINANCIAL PERFORMANCE - CONSOLIDATED

Annual Report 2016-17

Annual Report 2016-17

AUDIT COMMITTEE Remuneration policy

06 3. Amit D. Patel, Member. Contracts and arrangements with related parties

GENERAL by order of the Board of Directors

Annual Report 2016-17

Annexure –A To Directors’ Report

I. REGISTRATION AND OTHER DETAILS:

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

As per National Industrial Classification- Ministry of Statistics and Programme Implementation

Annual Report 2016-17

Annual Report 2016-17

ii) Shareholding of Promoters

Sl Shareholding at the Date Increase/ Reason Cumulative

Sl Shareholding at the Date Increase/ Reason Cumulative

Annual Report 2016-17

(v) Shareholding of Directors and Key Managerial Personnel:

*Appointed as Non-Executive Directors w.e.f. 05.12.2016.

14 VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

# Appointed as Managerw.e.f. 5th December, 2016.

* Appointed as Non-Executive Independent Directors w.e.f. 5th December, 2016.

C. Remuneration to key managerial personnel other than MD/manager/WTD

Annual Report 2016-17

# Appointed as CS and CFO respectively w.e.f. 5th December, 2016.

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCEs

by order of the Board of Directors

Date: 9th August, 2017 Arun P. Patel

GDP growth (%)

Annual Report 2016-17

2.1 2.0 2.0

Global, Advance economies, EMDE

Total export of plastic products stood at

US$ 7.64 billion in FY 2015-16

India’s plastic processing space A snapshot

Technology and product application

Extrusion Injection moulding Blow moulding Rotomoulding

Composites Indian composites market:

Annual Report 2016-17

Sintex Plastics Technology Limited

Sintex-BAPL Sintex Prefab and

Custom Moulding Prefab/Monolithic

20 Since the launch of the water tanks that revolutionised water

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Directorships and Membership on Committees:

** Appointed as Independent and Non-Executive Directors w.e.f. 9th August, 2017 .

Annual Report 2016-17

VI. General Body Meetings:

Annual Report 2016-17

Listing on Stock Exchanges:

International Securities Identification Number (ISIN)

2. Location of the depositories