Annual Report 2019 20

BHAGERIA INDUSTRIES LIMITED
Annual Report 2019-20
EYEING NEW
HORIZONS
CONTENTS
CORPORATE OVERVIEW
1
Bhageria Industries at a Glance 02
Chemicals – Catalysing our Growth 04
Business Overview 06
Our Footprint 08
Our Journey So Far 10
Financial Highlights 12
Chairman’s Message 14
Nurturing Social Responsibility 16
Board of Directors 17
STATUTORY REPORTS
2
Notice 18
Directors’ Report 29
Report on Corporate Governance 41
Business Responsibility Report 59
Management Discussion and
65
Analysis
For more additional information about the

FINANCIAL STATEMENTS company log on to www.bhageriagroup.com
3
Independent Auditors’ Report 72
Balance Sheet 80
Statement of Profit and Loss 81
Statement of Changes in Equity 82 Forward looking statement
Cash Flow Statement 83 Some information in this report may contain forward-looking statements.
We have based these forward looking statements on our current beliefs,
Notes to the Financial Statements 85
expectations and intentions as to facts, actions and events that will or may
occur in the future. Such statements generally are identified by forwardlooking
words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,”
Six Years Financial Summary 125 “expect,” “may,” “will” or other similar words. A forward-looking statement
may include a statement of the assumptions or basis underlying the forward-
looking statement. We have chosen these assumptions or basis in good faith,
and we believe that they are reasonable in all material respects. However, we
caution you that forward looking statements and assumed facts or bases almost
always vary from actual results, and the differences between the results implied
by the forwardlooking statements and assumed facts or bases and actual results
can be material, depending on the circumstances.
EYEING NEW
HORIZONS
The desire to go beyond
convention, explore myriad
opportunities and efficiently
execute operations drives us to
aspire for new goals and new
realities.
Bhageria Industries has constantly
improved margins, strengthened its
portfolio and enriched its innovative
capabilities to sustain its position as
a preferred partner for clients. From
delivering outstanding R&D capacities
to designing advanced products, we
strive to resonate constantly evolving
market demands – eyeing new horizons
to explore and constantly capitalize on
growing opportunities.
BHAGERIA INDUSTRIES LIMITED Annual Report 2019-20
BHAGERIA INDUSTRIES
AT A GLANCE
One of the leading Headquartered in Mumbai,
we started our operations in
Gamma Acid. We have forayed
into Solar Power generation
manufacturers and exporters 1989. Today, we have grown segment and undertake EPC
multifold to have two state- contracts as well. Our facilities
of dyes and intermediaries, of-the-art manufacturing are accredited with OHSAS
Bhageria Industries Limited facilities in Vapi (Gujarat) and 45001:2018, ISO 14001:2015
Boisar (Maharashtra) catering and ISO 9001:2015
(Bhageria Industries) has to customers across the certifications, recognizing our
established a strong presence globe. We manufacture dye
intermediates products like
consistent commitment to
quality.
in many countries Vinyl Sulphone, H-Acid and
Vision
To be the preferred, trusted and successful long-term partner to our stakeholders, clients,
associates and our employees. For this to happen, we will stay viable and relevant through
practical innovation and a continuous focus on efficient and consistent execution.
Mission
Who we are What we do
A customer driven company We continuously improve upon the services rendered to our customers, meet
customers’ needs in the shortest lead time, develop new Dyes & intermediate for
newer application areas. And will continue to enjoy privileged status as a Preferred
Partner/Supplier.
A shareholder driven company We will remain focused in the areas of our core competency. Our emphasis is on the
Quality of Business rather than the size of the business, Maintain Profit Related Growth
Policy, Implement Corporate Governance, Regard Shareholder wealth Creation to be
the key driver of all actions and policies of the Company and its people.
A brand driven company We maintain and improve upon our Bhageria brand name, and create brand
awareness in international markets through export of quality products.
A people driven company We train, empower and create a superior pool of intellect, capable of leading its
innovation drive.
An environment-friendly company We will continue to adhere to eco-friendly manufacturing processes and set new
standards to fight pollution.
02
Corporate Overview Statutory Reports Financial Statements
02-17 18-71 72-124
Numbers that define us
H 419 crore H103 crore 25 %

Total Income EBITDA EBITDA Margin
44 %
Zero H59 crore
5-year CAGR growth Cash flow from
in PAT Long-term debt
operations
Among the Top
20 % 3 10 +
Return on Avg CE Manufacturers in Countries present in
India of H Acid and
Gamma Acid
CARE A; Stable /
CARE A1
Company rating
03
CHEMICALS –
CATALYSING OUR
GROWTH
Chemicals are intrinsically linked to At Bhageria Industries, we understand the
needs and requirements of diverse sectors and
every aspect of life. Be it food, clothing, produce exceptional products to establish our
foothold in India and abroad.
transportation or medical needs,
chemicals play a crucial role to transform
naturally occurring substances into
useful end-products.
Industries we serve:
Textile and Leather Food Pharmaceutical
We provide dyeing auxiliaries used by We develop products that help to Our products are used in the
the textile and leather industry to satisfy enhance the efficiency of animal protein, pharmaceutical industry.
varied demands for different materials manufacture fertilizers and pesticides to
and colours. increase crop output and farmer income.
04
02-17 18-71 72-124
Automobiles Healthcare Electronics and IT
Our product portfolio also consists of We develop innovative products for the We provide intermediaries used by the
materials used for manufacturing of medical industry, thereby contributing to electronic industry, to offer ultra-clean
automobiles, ships and airplanes. the development of advanced medical and high-purity reagents, gases, and
products and technologies. metal-organic compounds. Our products
are also used by the IT industry to develop
information retrieval, transmission,
storage, processing and hardware display
items.
05
BUSINESS OVERVIEW
Dyes and Dyes Intermediaries
With extensive experience of over 30 years, we

manufacture and market chemicals, dyes and dye
intermediates. We have established two modern
manufacturing facilities with a cumulative capacity of
~13,000 TPA in dyes and dye intermediates and have
developed products for Textile, Leather, Paper and
other sectors that require specialty chemicals.
In 2019-20, we generated 90 % of our by backward integration. To fulfil Revenues from dyes and dyes
overall revenues from the dyes and dye this objective, we have established a intermediaries’ segment
intermediaries business. Of the total, manufacturing facility at Tarapur to (H in crore)
70% revenues were derived from develop Sulphuric Acid & Derivatives with
domestics and 30% from export. a capacity of 300 TPD andare in process
of establishing J Acid & Tobias Plant with FY18 349
Over the years, we have earned the trust a capacity of 4,500 TPA.
and loyalty of a huge client base for FY19 429
consistently delivering superior quality Additionally, to further strengthen our
products manufactured in compliance foothold as a manufacturer of Pigments FY20 373
with stringent quality appraisal standards. Intermediates, we have purchased 3.4
In our constant endeavour to add value, acres of land at GIDC, Vapi which is
we are fortifying our fundamentals expected to operationalise in FY 2021-22.
90 % ~13000 TPA
~30 % ~10 %
Proportion of overall Total Capacity of Dye Gamma Acid - H-Acid -
revenue Intermediates Market share of total Market share of total
global capacity capacity in India
Two
95 %+ ZERO
Capacity utilization discharge
Manufacturing
facilities
06
02-17 18-71 72-124
Revenues from Solar Energy

segment
(H in crore)
FY18 24.5
FY19 33.0
FY20 30.7
Solar Energy Solar power plants

With a primary aim to optimize power
consumption costs in an energy intensive business Chennai
and reduce the risk of power outage, Bhageria
Industries forayed into the Solar Energy business Alwar
in 2015. Today, we have diversified our business Ahmednagar
by selling surplus power and generate attractive
tax-free revenue.
Solar power plant at Ahmednagar, Other solar power plants with a
H31 crore
Maharashtra with a capacity of 30 MW
We commissioned a 30MW solar power project
capacity of 4.88 MW
We commissioned other solar power project in
Revenue in for Rs. 180 crore at Kombhalne Village, Akole, Tamil Nadu, Rajasthan and Maharashtra with a
FY 2019-20 Ahmednagar in FY 2017-18. Additionally, we have capacity of 4.88 MW. We have entered into a 25-
entered into a PPA with Solar Energy Corporation year PPA with Asahi India Glass Ltd, TRIL Ltd, Lucas
of India (SECI) for 25 years to sell the surplus from Ltd & Kajaria Ceramics Ltd to sell the surplus from
this facility at Rs. 4.41/unit. this facility at Rs. 6.00/unit.
7 % H 26.5 crore H 4.5 crore

Proportion of overall Revenue in Revenue in
revenue FY 2019-20 FY 2019-20
07
OUR FOOTPRINT
We have a strong domestic as well as international footprint in 10+ markets
across developed and emerging economies. With our strong commitment to R&D
activities, we have developed Vinyl Sulphone PCA content less than 150 PPM
quality products and supply them to our clients in different parts of the globe.
US
MEXICO
30 %
Chemicals Revenue
contribution through
exports
BRAZIL
26 % 16 % 7 %
Taiwan Indonesia Europe
14 % 11 % 2 %
China Rest of Asia US
08
02-17 18-71 72-124
UKRAINE
SPAIN
INDIA
JAPAN
CHINA
TAIWAN
THAILAND
INDONESIA
TURKEY
09
OUR JOURNEY SO FAR

Key Milestones
2002
1995
We expanded the
Vinyl Suplhone
We went public
2010
with an objective
to fund additional
plant capacity
from 540 TPA to
2015
capacity for new 3600 TPA We forayed into
products international We changed We forayed
markets by name to into Solar
1989 exporting to
Japan and other
Bhageria
Industries Ltd
roof top
panels with
developed from Bhageria a capacity of
We entered countries Dye Chem Ltd 2.80 MWP
the dye
intermediates
business by
setting up a
Vinyl Sulphone
plant with a
capacity of 540
TPA
(B MW
IPO S 00 TP .80
3,6
E)
at
ional P
A
5 40 TPA
M
Intern
arket
Bhageria
Industries
Limited
10
02-17 18-71 72-124
2017
We commissioned
2016 a 30MW solar
plant
We signed a Solar
PPA with SECI for 2018
25 years with a
capacity of 30MW
We merged Nipur
We got listed Chemicals Ltd. 2019
on the National
We paid highest
Stock Exchange
(NSE)
ever dividend
We recorded
Highest EBITDA of
2020
(110% of Face
130 crore with a
We declared a Value) We commissioned
PAT of 72 crore
stock split from a Sulphuric Acid
face value of We announced a Plant with a
Rs 10/- to Rs 5/- stock bonus of 1:1 capacity of 300
TPD
We acquired a
piece of land in
Vapi, Gujarat for
expansion
g on
tin 3 0M W
NS
Lis
Divid
E
%
110
en
e
ror of
d
c
PA
130 0 TP D
72
30
T
crore of
EBITDA
11
FINANCIAL HIGHLIGHTS
Total Income EBITDA PAT
(H in crore) (H in crore) (H in crore)
468 130 72
66
419
384 385 103
91
43
72 40
240
28 15
FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20
% % %
5-year CAGR growth 5-year CAGR growth 5-year CAGR growth
EBITDA Margin PAT Margin Net Worth

(in %) (in %) (H in crore)
28 16 402
25 15
24 342
12 295
19 11 265
12
6
78
12
02-17 18-71 72-124
Return on Avg NW Return on Avg CE Debt-Equity Ratio

(in %) (in %) (in time)
25 29 29 0.55
22 27
21
18 20
14 17
0.28
0.16
0.07
0.05
EPS* / Cash EPS** Dividend Payout Interest Coverage Ratios

(Rs. per shares) (H in crore) (in time)
21.47 13 13 48
20.34 12 43
14.49
16.38
13.12 8
15.08
28
11.52
19
9.24
5.88 4
11
4.81
Cash EPS**
EPS*
*Pursuant to issue of bonus shares during

the year in the ratio of 1:1
**For calculation of Cash EPS we have
considered PAT + Depreciation
13
CHAIRMAN’S MESSAGE
environmental concerns has opened a

path for the Indian chemical industry
to take over China’s market share and
improve its overall global positioning. This
would give multiple opportunities to your
company to further grow and improve its
market standing.
The industry witnessed headwinds due

the outbreak of COVID-19 pandemic
which led to temporary shutdown of
businesses and disrupted supply chains.
Although, the industry is anticipated
to grow at a considerable rate in the
coming years despite the current phase
of difficulties. There are several ongoing
expansions in the paint and coatings
sector by major producers in the country
which will contribute to the growth
significantly.
Performance Highlights
Dear Shareholders,
slowdown in the manufacturing and
During the year under review, we
We continue to leverage our more than construction industries. Global economy
recorded a revenue of Rs. 419 crore,
three decades of experience and expertise also registered muted growth due to
compared to Rs. 468 crore in the previous
in strengthening our leadership position rising trade policy tensions, weaker
year. Our EBITDA was Rs. 103 crore in
in key markets with relentless focus on international trade and investments, and
FY 2019-20 as compared to Rs. 130 crore
creating value for all the stakeholders. We structural changes of industries in some
in FY 2018-19. Our PAT stood at of Rs. 66
continue to move our organization and major economies.
crore as compared to Rs. 72 crore in the
industry towards a more environmentally
Our industry has been significantly previous year registering a de-growth of 8
and socially conscious future. Our
impacted by the overall de-growth of key % YoY. There was lower price realization
focus has always been on finding new
end-use industries such as automotive, in chemical business due to compression
opportunities to grow and exceed the
aviation, and construction. However, the in pricing and lower generation of solar
expectation of our customers across the
infrastructure industry has been a key power units (due to lower irradiation)
globe. We have leveraged our expertise
growth drive as the industry has been lead to lower revenue generation in solar
and our proficient research and analysis
growing on the back of favourable polices business.
capabilities to make significant strides to
build a truly formidable business. implemented by the government to boost
Our revenue from exports accounted
infrastructure of the country. The growth
for 25% share in total revenue mix
of investment in infrastructure projects
Macroeconomic Overview amounting to Rs. 104 crore in FY 2019-20.
would create higher demand for the dyes
We cater to customers in various
and pigments industry.
Indian economy witnessed a declining downstream industries in more than 10
trends owing to various reasons including Further, restrictions imposed in China countries across the globe. Our sustained
muted growth in consumer demand and in terms of industrial activities due to market share in key markets has been
14
02-17 18-71 72-124
Our team of experienced and Outlook
qualified scientists have been With a strong market standing and

healthy relationship with our clientele,
working on developing more we remain poised to deliver encouraging
efficient products and processes performance and create value for all our
stakeholders. We are optimistic about the
that will enable us to reduce our growth and market acceptance of the new
cost without compromising on the products in the pipeline. Your Company

has no long-term debt on its books and
quality. has adequate working capital sanctions
to address growing business needs. We
remain optimistic about our future given
the multiple opportunities that have been
on the back of our ability to provide a brownfield capex of Rs. 100 crores
presented to us with changing global and
superior quality and innovative products spread over 2 years which is divided
domestic circumstances, which will cater
in line with our customers’ needs and into 3 phases. In the first phase, our
to our aim of growth and expansion.
expectations. focus will be on backward integration,
key inputs including Sulphuric Acid & The recent outbreak of Covid-19 has
As we enjoy the status of debt-free Derivatives. During this phase, we have not only severely impacted millions of
company it enables us to strengthen our started manufacturing from mid month lives in India and across the world, but
margin and liquidity position. of February 300 TPD of Sulphuric Acid & also brought the economy to a grinding
Derivatives at our Tarapur plant. halt. In the wake of this pandemic,
Despite a year of challenges, your
company has delivered a decent financial we stood united with the nation to
While, in the second phase the focus will
performance and is optimistic about the undertake initiatives formulated to cater
be on the expansion of the basket of dye
future given the plethora of opportunities to underserved citizens. Apart from
intermediates. Under this phase, 4,500
in the domestic as well as global market distributing food to the needy, we also
MTPA capacity of J-Acid and Tobias will
that lie ahead of us. gave donation to the PM CARES Fund,
be manufactured at the Tarapur plant,
District Disaster Mitigation Fund (Boisar,
starting by the end of November 2020.
Maharashtra) and Chief Minister’s Relief
Journey forward Lastly, in the third phase will focus on the
Fund (Gujarat).
manufacturing of pigments intermediates
The Indian dyestuff market is expanding at a capacity of 4,500 MTPA, which is I would like to express my appreciation to
considerably owing to the increasing expected to be on stream by FY 22. We the Board of Directors for their constant
export volume to various major countries. have also purchased 3.4 acres of land for support and guidance in taking the
The domestic market is also expected to the expansion at GIDC, Vapi. Company ahead. I would also like to
grow significantly as international players thank our employees, financial institutions,
would need alternate suppliers given the We also continue to make significant
vendors, customers and shareholders for
restrictions in China. Many international investment towards research and
their vital contribution in the success of
players are already turning to India. development of new, unique and
our business.
eco-friendly products. Our team of
In order to make the best of these experienced and qualified scientists
Regards,
opportunities, we will be focusing have been working on developing more
expanding our reach and offerings along efficient products and processes that will
with strengthening our relationship Suresh Bhageria
enable us to reduce our cost without
with our customers. We have made Chairman
compromising on the quality.
15
NURTURING SOCIAL
RESPONSIBILITY
We vigilantly guard our activities and strive to enable
sustainable operations across our facilities. In our effort to make
a difference in the society and communities, we emphasize on
integrating our CSR principles with our business objective.
To initiate sustainable development, we act as a responsible organization, being mindful of our actions and its impact on
our natural ecosystem as well as on people.
As a Company with a diversified business, we feel there are numerous opportunities to increase and deepen our social
impact while generating value for the society. We seek to consolidate and implement our CSR initiatives in a phased and
strategic manner with a focus on discrete social problems.
Our Commitments
• Continuous improvement of our CSR

strategy
• Encourage our business partners to act

responsibly
• Act in a socially responsible way
• Support local communities for social /

charitable causes
• Encourage our employees to be

mindful of the effect of their actions
on natural resources
Our Focus areas:
• Preventive Health Care & Sanitation
• Education
• Rural Development
16
02-17 18-71 72-124
BOARD OF DIRECTORS
Mr. Suresh Bhageria Mr. Vinod Bhageria Mr. Vikas Bhageria

Chairman Managing Director JT. Managing Director (WTD)
Mr. Surendra Shriram Gupta Mr. Mukund Manohar Chitale Dr. Ganapati Dadasaheb Yadav
Independent Director Independent Director Additional Director (Independent)
Mr. Sandeep Singh Mr. S.P. Tulsian Mr. Omprakash Bubna

Independent Director Independent Director Independent Director
Mrs. Chandraprabha Bhageria Ms. Ameya Prakash Jadhav

Whole Time Director Additional Director (Independent)
17
NOTICE
NOTICE is hereby given that the Thirty First Annual General RESOLVED FURTHER THAT pursuant to the provisions of
Meeting (AGM) of the Members of BHAGERIA INDUSTRIES Sections 149, 150, 152 and other applicable provisions,
LIMITED (CIN: L40300MH1989PLC052574) will be held on if any, of the Act, the Companies (Appointment
Saturday, August 29, 2020 at 11.00 a.m. IST through Video and Qualifications of Directors) Rules, 2014, read
Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) with Schedule IV to the Act and Regulation 16 and
to transact, with or without modification(s) the following other applicable regulations of the Securities and
business: Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (‘’Listing
Regulations’’), as amended from time to time, the
ORDINARY BUSINESS:
appointment of Mr. Ganapati Dadasaheb Yadav (DIN:
1. To receive, consider and adopt the Audited Financial
02235661), who meets the criteria for independence
Statements of the Company for the year ended March
as provided in Section 149(6) of the Act along with the
31, 2020, including the Audited Balance Sheet as at
rules framed thereunder, and Regulation 16(1)(b) of
March 31, 2020, the Statement of Profit and Loss &
Listing Regulations and who has submitted a declaration
Cash Flow Statement for the year ended on that date
to that effect, who is eligible for appointment as an
together with the Reports of the Directors and Auditors
Independent Director of the Company, not liable to
thereon.
retire by rotation, for a term of five consecutive years
2. To declare Dividend on Equity Shares for the year ended commencing from October 21, 2019 to October 20,
March 31, 2020. 2024, be and is hereby approved.
3. To appoint a Director in place of Mr. Vikas Bhageria (DIN: RESOLVED FURTHER THAT any Director and/or the
02976966) who retires by rotation and being eligible, Company Secretary of the Company be and is hereby
offers himself for re-appointment. authorised to do all acts, deeds and things including
filings and take steps as may be deemed necessary,
proper or expedient to give effect to this resolution and
SPECIAL BUSINESS:
matters incidental thereto.’’
4. Approval of appointment of Mr. Ganapati Dadasaheb
Yadav, Independent Director for a term of 5 5. Approval of appointment of Ms. Ameya Prakash Jadhav,
consecutive years: Independent Director for a term of 5 consecutive
years:
To consider and if thought fit, to pass with or without
modification(s), the following resolution as an Ordinary To consider and if thought fit, to pass with or without
Resolution: modification(s), the following resolution as an Ordinary
Resolution:
“RESOLVED THAT Mr. Ganapati Dadasaheb Yadav(DIN:
02235661), who was appointed by the Board of “RESOLVED THAT Ms. Ameya Prakash Jadhav (DIN:
Directors as an Additional Director of the Company 08696918), who was appointed by the Board of Directors
with effect from October 21, 2019 and who holds office as an Additional Director of the Company with effect
up to the date of the ensuing Annual General Meeting from April 01, 2020 and who holds office up to the date
of the Company in terms of Section 161(1) of the of the ensuing Annual General Meeting of the Company
Companies Act, 2013 (“Act”) and Articles of Association in terms of Section 161(1) of the Companies Act, 2013
of the Company but who is eligible for appointment and (“Act”) and Articles of Association of the Company but
in respect of whom the Company has received a notice who is eligible for appointment and in respect of whom
in writing from a Member under Section 160(1) of the the Company has received a notice in writing from a
Act proposing his candidature for the office of Director Member under Section 160(1) of the Act proposing her
of the Company, be and is hereby appointed as Director candidature for the office of Director of the Company, be
of the Company. and is hereby appointed as Director of the Company.
18
02-17 18-71 72-124
RESOLVED FURTHER THAT pursuant to the provisions of 6. Payment of Remuneration to M/s Poddar & Co., Cost
Sections 149, 150, 152 and other applicable provisions, Accountants (Firm Registration No. 101734), the Cost
if any, of the Act, the Companies (Appointment and Auditors of the Company for the Financial Year 2020-21:
Qualifications of Directors) Rules, 2014, read with
Schedule IV to the Act and Regulation 16 and other To consider and if thought fit, to pass with or without
applicable regulations of the Securities and Exchange modification(s), the following Resolution as an Ordinary
Board of India (Listing Obligations and Disclosure Resolution:
Requirements) Regulations, 2015 (‘’Listing Regulations’’),
“RESOLVED THAT pursuant to the provisions of Section
as amended from time to time, the appointment of Ms.
148 and other applicable provisions of the Companies
Ameya Prakash Jadhav (DIN: 08696918), who meets the
Act, 2013 and the Companies (Audit and Auditors)
criteria for independence as provided in Section 149(6)
Rules, 2014 (including any statutory modification(s)
of the Act along with the rules framed thereunder, and
or re-enactment thereof, for the time being in force),
Regulation 16(1)(b) of Listing Regulations and who has
M/s Poddar & Co., Cost Accountants (Firm Registration
submitted a declaration to that effect, who is eligible
No. 101734) appointed by the Board of Directors to
for appointment as an Independent Director of the
conduct the audit of the cost records of the Company,
Company, not liable to retire by rotation, for a term of
be paid a remuneration for the Financial Year ending
five consecutive years commencing from April 01, 2020
March 31, 2021 of H 90000/- plus GST as applicable and
to March 31, 2025, be and is hereby approved.
out of pocket expenses as may be incurred by them in
RESOLVED FURTHER THAT any Director and/or the connection with the aforesaid audit.’’
Company Secretary of the Company be and is hereby
authorised to do all acts, deeds and things including Registered Office: For and on behalf of the Board
filings and take steps as may be deemed necessary, 1002, Topiwala Centre, BHAGERIA INDUSTRIES LIMITED
proper or expedient to give effect to this resolution and Off S. V. Road,
matters incidental thereto.’’ Goregaon [West], SURESH BHAGERIA
Mumbai -400062. CHAIRPERSON
Date: June 26, 2020. (DIN: 00540285)
NOTES:
1. In view of the situation arising due to COVID-19 the facility for appointment of proxies by the Members
pandemic, social distancing norm to be followed and under Section 105 of the Act will not be available for
the continuing restriction on movement of persons at the 31st AGM and hence the Proxy Form and Attendance
several places in the country and pursuant to General Slip are not annexed to this Notice.
Circular Nos.14/2020, 17/2020 and 20/2020 dated
8th April 2020, 13th April 2020 and 5th May 2020, 3. The Members can join the AGM in the VC/OAVM
respectively, issued by the Ministry of Corporate Affairs mode 30 minutes before the scheduled time of the
(“MCA Circulars”) and Circular No. SEBI/HO/CFD/ CMD1/ commencement of the Meeting by following the
CIR /P/2020/79 dated 12th May 2020 issued by the procedure mentioned in the Notice. The facility of
Securities and Exchange Board of India (“SEBI Circular”) participation at the AGM through VC/OAVM will be made
and in compliance with the provisions of the Act and the available for atleast 1000 members on first come first
SEBI (Listing Obligations and Disclosure Requirements) served basis. This will not include large Shareholders
Regulations, 2015 (“Listing Regulations”), the 31st AGM (Shareholders holding 2% or more shareholding),
of the Company is being conducted through VC/OAVM Promoters, Institutional Investors, Directors, Key
Facility, which does not require physical presence of Managerial Personnel, the Chairpersons of the Audit
Members at a common venue. The deemed venue for the Committee, Nomination and Remuneration Committee
31st AGM shall be the Registered Office of the Company. and Stakeholders Relationship Committee, Auditors etc.
who are allowed to attend the AGM without restriction
2. Since this AGM is being held pursuant to the MCA on account of first come first served basis.
circulars through VC/OAVM, physical attendance of
Members has been dispensed with and there is no 4. Participation of Members through VC /OAVM will be
provision for the appointment of proxies. Accordingly, reckoned for the purpose of quorum for the AGM as per
section 103 of the Companies Act, 2013 (“the Act”).
19
5. The Statement pursuant to Section 102(1) of the 10. A statement giving the details of the Directors seeking
Companies Act, 2013 with respect to the special appointment/re-appointment, nature of their expertise in
business set out in the Notice is annexed. specific functional areas, names of the companies in which
they hold directorships, memberships / Chairpersonships
6. In compliance with the MCA Circulars and SEBI Circular for Board / Committees, shareholding and relationship
dated May 12, 2020, Notice calling the Annual General between Directors inter-se as stipulated in Regulation 36 of
Meeting, Corporate Governance Report, Directors’ the SEBI (Listing Obligation and Disclosure Requirements),
Report, Audited Financial Statements, Auditors’ Report, 2015, are provided in the Annexure.
etc. are being sent only through electronic mode to
those Members whose email addresses are registered 11. The business set out in the Notice will be transacted
with the RTA / Depositories. Members may note that the through electronic voting system and the Company
Notice and Annual Report 2020 will also be available is providing facility for voting by electronic means.
on the Company’s website www.bhageriagroup.com, Instructions and other information relating to e-voting
websites of the Stock Exchanges i.e. BSE Limited and are given in this Notice under Note No. 22. The voting
National Stock Exchange of India Limited at www. facility through electronic voting system shall be made
bseindia.com and www.nseindia.com respectively, and available during the AGM and members attending the
on the website of CDSL i.e, www.evotingindia.com. meeting through VC who have not casted their vote
by remote e-voting shall be able to exercise their right
Members who have not registered their email addresses during the meeting through electronic voting system.
are requested to register the same for receiving all
communication from time to time including Annual 12. The process and manner for e-voting and process of
Report, Notices, Circulars, etc. from the Company joining meeting through video conferencing alongwith
electronically. other details also forms part of the Notice.
a. For Members holding shares in physical form, 13. The Register of Members and the Share Transfer Books
please send scanned copy of a signed request letter of the Company will remain closed from August 22,
mentioning your folio number, complete address, 2020 to August 29, 2020 (both days inclusive).
email address to be registered along with scanned
self- attested copy of the PAN and any document 14. The dividend on Equity Shares, if declared at the Annual
(such as Driving License, Passport, Bank Statement, General Meeting of the Company will be payable on or
AADHAR) supporting the registered address of the after September 03, 2020 to those members:
Member, by email to the Company/RTA at: info@
a) Whose names appear as members in the Register
bhageriagroup.com or support@sharexindia.com.
of Members of the Company after giving effect to
Member can also update/register their email id
valid share Transfer/transmissions/ transposition in
directly at https://sharexindia.com/Email_Register.
physical form lodged with the Company / Registrar
html
and Transfer Agent on or before August 21, 2020;
b. For the Members holding shares in demat form, and
please update your email address through your
b) Whose names appear as Beneficial Owners in the list
respective Depository Participant/s.
of Beneficial Owners at the closure of business hours
7. In all correspondence with the Company/RTA, members on August 21, 2020 furnished by National Securities
are requested to quote their Folio Number and in case Depository Limited (NSDL) and Central Depository
their shares are held in demat form, they must quote Services (India) Limited (CDSL) for this purpose.
their DP ID and Client ID Number.
15. Pursuant to the applicable provisions of the Companies
8. In case of joint holders attending the Meeting, only such Act, 2013, read with the IEPF Authority (Accounting,
joint holder who is higher in the order of names will be Audit, Transfer and Refund) Rules, 2016 (“the Rules”)
entitled to vote. as amended from time to time, all unpaid or unclaimed
dividends are required to the transferred by the
9. Corporate Members intending to authorize their Company to the IEPF established by the Government
representatives to participate and vote at the meeting of India, after the completion of seven years. Further,
are requested to email a certified copy of the Board according to the Rules, the shares on which dividend has
resolution / authorization letter to the Company at not been paid or claimed by the shareholders for seven
info@bhageriagroup.com or upload on the VC portal / consecutive years or more shall also be transferred to
e-voting portal. the demat account of IEPF Authority.
20
02-17 18-71 72-124
The details of dividend paid by the Company and the (c) Members holding shares in demat form, please
corresponding due dates for transfer of unencashed contact your depository participant and give
dividend to IEPF are furnished hereunder: suitable instructions to update your bank details,
postal addresses, email id, telephone/Mobile
Sr. Year ended Date of Due date of number, Permanent Account Number (PAN) etc.
No Declaration Transfer to
IEPF 18. The Securities and Exchange Board of India (SEBI)
has mandated the submission of Permanent Account
1. 31.03.2013 31.08.2013 30.09.2020
Number (PAN) by every participant in securities
2. 31.03.2014 26.07.2014 25.08.2021
market. Members holding shares in electronic form
3. 31.03.2015 01.08.2015 31.08.2022
are, therefore, requested to submit their PAN to the
4. 31.03.2016 13.08.2016 12.09.2023
Depository Participants with whom they maintain their
5. 31.03.2017 02.12.2017 08.01.2025
demat accounts. Members holding shares in physical
6. 31.03.2018 21.07.2018 27.08.2025
form should submit their PAN to the Registrar /Company.
7. 31.03.2019 21.01.2019 27.02.2026
(Interim Dividend) 19. Pursuant to Finance Act 2020, dividend income will be
8. 31.03.2019 31.08.2019 07.10.2026 taxable in the hands of shareholders w.e.f April 1, 2020,
and the Company is required to deduct tax at source
Members who have not encashed the dividend so far
from dividend paid to shareholders at the prescribed
in respect of the above financial years, are therefore,
rate. For the prescribed rates of various categories,
requested to make their claims to the Registrar &
the shareholders are requested to refer the Finance
Transfer Agent of the Company or the Company at its
Act, 2020 and amendments thereof. The shareholders
Registered Office, with full details.
are requested to update their PAN with the Company
16.
Members desirous of seeking any information /RTA (In case shares are held in physical mode) and
concerning the Accounts of the Company are requested depository (in case shares are held in demat mode).
to address their queries in writing to the Company A Resident individual shareholder with PAN and who
through email at accounts.mumbai@bhageriagroup. is not liable to pay income tax can submit a yearly
com at least seven days before the date of the meeting. declaration in Form No. 15G/15H at https://sharexindia.
com/submission-of-form-15g-15h.html on or before
17. (a) Members holding shares in physical form are August 22, 2020, to avail the benefit of non-deduction
requested to notify immediately any change in of tax at source. Resident Shareholders are requested to
their postal address, email address, telephone/ note that in case their PAN is not registered or if the PAN
mobile number, Permanent Account Number provided to the company/RTA is invalid, the tax will be
(PAN),nominations, bank details such as name of deducted at a higher rate of 20%.
bank and branch, bank account number, MICR code,
IFSC code etc. to the Registrar and Transfer Agent Non-resident shareholders can avail beneficial rates
of the Company and who are desirous to availing under tax treaty between India and their country
the facility of Electronic Credit of Dividend are of residence by submitting necessary documents/
requested to contact Registrar and Transfer Agent forms/declaration i.e. No Permanent Establishment
of the Company at the address given below: and Beneficial Ownership Declaration, Tax Residency
Certificate, Form 10F, any other document which may
M/s SHAREX DYNAMIC (INDIA) PVT.LTD be required to avail the tax treaty benefits, at https://
UNIT: (BHAGERIA INDUSTRIES LIMITED) sharexindia.com/submission-of-form-15g-15h.html on
C 101, 247 Park, LBS Marg, Vikhroli West, or before August 22, 2020.
Mumbai-400083
Tel: 022 28515606/28515644 20. SEBI Notification No. SEBI/LAD-NRO/GN/2018/24 dated
Email: support@sharexindia.com June 8, 2018 and further amendment vide Notification
No. SEBI/ LAD-NRO/GN/2018/49 dated November
(b) Member holding shares in physical form can also 30, 2018, requests for effecting transfer of securities
update/register their email address, mobile number (except in case of transmission or transposition of
and bank details directly at https://sharexindia. securities) shall not be processed from April 1, 2019
com/Email_Register.html or https://sharexindia. unless the securities are held in the dematerialised
com/Bank_Register.html form with the depositories. Therefore, Shareholders are
requested to take action to dematerialise the Equity
Shares of the Company, promptly.
21
21. The statutory registers including register of directors and date, i.e. August 22, 2020 only shall be entitled to
key managerial personnel and their shareholding, the avail the facility of e-voting / remote e-voting.
register of contracts or arrangements in which directors
are interested maintained under the Companies Act, vii. Any person who becomes a member of the Company
2013 and all other documents referred to in the notice after dispatch of the Notice of the Meeting and
will be available for inspection in electronic mode. holding shares as on the cut-off date i.e August 22,
Members who wish to inspect the register are requested 2020, may obtain the User ID and password from
to write to the company by sending e-mail to info@ SHAREX DYNAMIC (INDIA) PVT. LTD (Registrar &
bhageriagroup.com or snt@bhageriagroup.com. Transfer Agent of the Company).
viii. The Scrutiniser, after scrutinizing the votes cast

22. VOTING THROUGH ELECTRONIC MEANS: during the meeting and through remote e-voting,
A. INSTRUCTION FOR SHAREHOLDERS FOR VOTING will, not later than 48 Hours of conclusion of the
THROUGH ELECTRONIC MEANS PRIOR TO AGM Meeting, make a consolidated scrutiniser’s report
and submit the same to the CHAIRPERSON. The
i. Pursuant to the provisions of Section 108 of the results declared along with the consolidated
Companies Act, 2013 read with Rule 20 of the scrutiniser’s report shall be placed on the website
Companies (Management and Administration) of the Company (www. bhageriagroup.com) and on
Rules, 2014 (as amended) and Regulation 44 of SEBI the website of CDSL https:// www.evotingindia.com.
(Listing Obligations & Disclosure Requirements) The results shall simultaneously be communicated
Regulations 2015 (as amended), and MCA Circulars to the Stock Exchanges.
dated April 08, 2020, April 13, 2020 and May 05,
2020 the Company is providing facility of remote ix. Subject to receipt of requisite number of votes, the
e-voting to its Members in respect of the business Resolutions shall be deemed to be passed on the
to be transacted at the AGM. The facility of casting date of the Meeting, i.e. August 29, 2020.
votes by a member using remote e-voting as well as
The instructions for shareholders voting
the e-voting system on the date of the AGM will be
electronically are as under:
provided by CDSL.
a. The voting period begins on August 26, 2020
The Company has engaged the services of Central at 9.00 a.m. and ends on August 28, 2020 at
Depository Services Limited (CDSL) as the Agency 5.00 p.m. During this period, shareholder’s of
to provide e-voting facility. The detailed procedure the Company, holding shares either in physical
to be followed in this regard has been given below. form or in dematerialised form, as on the cut-off
The members are requested to go through it date (record date) of August 22, 2020 may cast
carefully. their vote electronically. The e-voting module
shall be disabled by CDSL for voting thereafter.
ii. The Board of Directors of the Company has
appointed Mr. Mahesh Soni, failing him, Ms. Sonia b. Shareholders who have already voted prior to
Chettiar, Partner of GMJ & Associates, Company the meeting date would not be entitled to vote
Secretaries, as Scrutiniser to scrutinize the votes at the Meeting.
cast through remote e-voting and during AGM in a
c. The shareholders should log on to the e-voting
fair and transparent manner.
website www.evotingindia.com
iii. The members who have cast their vote by remote
d. Click on Shareholders/Members.
e-voting prior to the AGM may also attend/
participate in the AGM through VC/OAVM but shall e. Now Enter your user ID
not be entitled to cast their vote again.
• For CDSL: 16 digits beneficiary ID
iv. Voting rights shall be reckoned on the paid up value
• For NSDL: 8 Character DP ID followed by 8
of shares registered in the name of the member /
Digits Client ID
beneficial owner (in case of electronic shareholding)
as on the cut-off date i.e. August 22, 2020. • Members holding shares in Physical Form
should enter Folio Number registered with
vi. A person, whose name is recorded in the register the Company.
of members or in the register of beneficial owners
maintained by the depositories as on the cut-off OR
22
02-17 18-71 72-124
Alternatively, if you are registered for CDSL’s f. Next enter the Image Verification as displayed
EASI/EASIEST e-services, you can log-in at https:// and Click on Login.
www.cdslindia.com from Login - Myeasi using
your login credentials. Once you successfully g. If you are holding shares in demat form and had
log-in to CDSL’s EASI/EASIEST e-services, click on logged on to www.evotingindia.com and voted
e-Voting option and proceed directly to cast your on an earlier e-voting of any Company, then
vote electronically. your existing password is to be used.
h. 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 sent by Company/RTA or contact
Company/RTA.
Dividend Bank Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in
Details OR Date Of your demat account or in the Company records in order to login
Birth (DOB)
• If both the details are not recorded with the depository or Company please enter
the member id / folio number in the Dividend Bank details field as mentioned in
instruction (e).
i. After entering these details appropriately, click n. Click on the “RESOLUTIONS FILE LINK” if you
on “SUBMIT” tab wish to view the entire Resolution details.
j. Members holding shares in physical form will o. After selecting the resolution, you have decided
then directly reach the Company selection to vote on, click on “SUBMIT”. A confirmation
screen. However, members holding shares in box will be displayed. If you wish to confirm
demat form will now reach ‘Password Creation’ your vote, click on “OK”, else to change your
menu wherein they are required to mandatorily vote, click on “CANCEL” and accordingly modify
enter their login password in the new password your vote.
field. Kindly note that this password is to be
also used by the demat holders for voting p. Once you “CONFIRM” your vote on the
on resolutions of any other Company on resolution, you will not be allowed to modify
which they are eligible to vote, provided that your vote.
Company opts for e-voting through CDSL
q. You can also take a print of the votes cast by
platform. It is strongly recommended not to
clicking on “Click here to print” option on the
share your password with any other person
Voting page.
and take utmost care to keep your password
confidential. r. If a demat account holder has forgotten the
login password then Enter the User ID and the
k. For Members holding shares in physical form,
image verification code and click on Forgot
the details can be used only for e-voting on the
Password & enter the details as prompted by
resolutions contained in this Notice.
the system.
l. Click on the EVSN for the relevant BHAGERIA
s. Shareholders can also cast their vote using
INDUSTRIES LIMITED on which you choose to
CDSL’s mobile app m-Voting available for
vote.
android based mobiles. The m-Voting app can
m. On the voting page, you will see “RESOLUTION be downloaded from Google Play Store. Apple
DESCRIPTION” and against the same the option and Windows phone users can download the
“YES/NO” for voting. Select the option YES or app from the App Store and the Windows
NO as desired. The option YES implies that you Phone Store respectively. Please follow the
assent to the Resolution and option NO implies instructions as prompted by the mobile app
that you dissent to the Resolution. while voting on your mobile.
23
t. Note for Non – Individual Shareholders and v. All grievances connected with the facility for
Custodians voting by electronic means may be addressed
to Mr. Rakesh Dalvi, Manager, (CDSL, ) Central
• Non-Individual shareholders (i.e. other Depository Services (India) Limited, A Wing,
than Individuals, HUF, NRI etc.) and 25th Floor, Marathon Futurex, Mafatlal Mill
Custodian are required to log on to www. Compounds, N M Joshi Marg, Lower Parel
evotingindia.com and register themselves (East), Mumbai - 400013 or send an email to
as Corporates. helpdesk.evoting@cdslindia.com or call on
022-23058542/43.
• A scanned copy of the Registration Form
bearing the stamp and sign of the entity B. INSTRUCTIONS FOR SHAREHOLDERS VOTING
should be emailed to helpdesk.evoting@ ELECTRONICALLY DURING THE AGM ARE AS UNDER:
cdslindia.com.
1. The procedure for e-Voting on the day of the AGM
• After receiving the login details a is same as the instructions mentioned above for
Compliance User should be created Remote e-voting.
using the admin login and password. The
Compliance User would be able to link the 2. Only those shareholders, who are present in the
account(s) for which they wish to vote on. AGM through VC/OAVM facility and have not casted
their vote on the Resolutions through remote
• The list of accounts linked in the login e-Voting and are otherwise not barred from doing
should be mailed to helpdesk.evoting@ so, shall be eligible to vote through e-Voting system
cdslindia.com and on approval of the available during the AGM.
accounts they would be able to cast their
vote. 3. If any Votes are cast by the shareholders through the
e-voting available during the AGM and if the same
• A scanned copy of the Board Resolution shareholders have not participated in the meeting
and Power of Attorney (POA) which they through VC/OAVM facility, then the votes cast by
have issued in favour of the Custodian, if such shareholders shall be considered invalid as the
any, should be uploaded in PDF format in facility of e-voting during the meeting is available
the system for the scrutiniser to verify the only to the shareholders attending the meeting.
same.
4. Shareholders who have voted through Remote
• Alternatively Non Individual shareholders e-Voting will be eligible to attend the AGM. However,
are required to send the relevant Board they will not be eligible to vote at the AGM.
Resolution/ Authority letter etc. together
with attested specimen signature of
the duly authorized signatory who are 23. INSTRUCTIONS FOR SHAREHOLDERS ATTENDING
authorized to vote, to the Scrutinizer and to THE AGM THROUGH VC/OAVM ARE AS UNDER:
the Company at the email address viz;info@ Shareholder will be provided with a facility to attend the
bhageriagroup.com or snt@bhageriagroup. AGM through VC/OAVM through the CDSL e-Voting system.
com if they have voted from individual tab
& not uploaded same in the CDSL e-voting 1. Shareholder will be provided with a facility to
system for the scrutinizer to verify the same. attend the AGM through VC/OAVM through the
CDSL e-Voting system.
u. If you have any queries or issues regarding
attending AGM & e-Voting from the e-Voting Shareholders may access the same at https://www.
System, you may refer the Frequently Asked evotingindia.com under shareholders/members login
Questions (“FAQs”) and e-voting manual by using the remote e-voting credentials. The link for
available at www.evotingindia.com, under help VC/OAVM will be available in shareholder/members
section or write an email to helpdesk.evoting@ login where the EVSN of Company will be displayed.
cdslindia.com or contact Mr. Nitin Kunder The Members can join the AGM in the VC/OAVM
(022- 23058738) or Mr. Mehboob Lakhani mode 30 minutes before the scheduled time of
(022-23058543) or Mr. Rakesh Dalvi (022- the commencement of the Meeting by following
23058542). the procedure mentioned in the Notice. The facility
24
02-17 18-71 72-124
of participation at the AGM through VC/OAVM will 5. The shareholders who do not wish to speak during
be made available to members on first come first the AGM but have queries may send their queries in
served basis. advance 7 days prior to meeting mentioning their
name, demat account number/folio number, email
2. Shareholders are encouraged to join the Meeting id, mobile number at info@bhageriagroup.com/
through Laptops / IPads for better experience. snt@bhageriagroup.com. These queries will be
replied to by the company suitably by email.
3. Further shareholders will be required to allow
Camera and use Internet with a good speed to avoid 6. Those shareholders who have registered themselves
any disturbance during the meeting. as a speaker will only be allowed to express their
views/ask questions during the meeting. The
4. Shareholders who would like to express their views/
Company reserves the right to restrict the number
ask questions during the meeting may register
of speakers depending on the availability of time
themselves as a speaker by sending their request in
for the AGM.
advance atleast 7 days prior to meeting mentioning
their name, demat account number/folio number, 24. Since the AGM will be held through VC/OAVM Facility,
email id, mobile number at info@bhageriagroup. the Route Map is not annexed in this Notice.
com or snt@bhageriagroup.com.
ANNEXURE TO THE NOTICE

EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS PURSUANT TO SECTION 102 OF THE COMPANIES ACT,
2013, SECRETARIAL STANDARD-2 ON GENERAL MEETINGS AND REGULATION 36 OF THE SECURITIES AND EXCHANGE BOARD
OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
ITEM NO 4. services of Mr. Ganapati Dadasaheb Yadav as Independent

Mr. Ganapati Dadasaheb Yadav was appointed as an Director of the Company.
Additional Director (Independent Capacity) of the Company Accordingly, the Board recommends the passing of Resolution
with effect from October 21, 2019. Your Board proposes as set out in the Item No. 4 of the Notice with respect to
to regularize his appointment and appoint him as an eligibility and appointment of Mr. Ganapati Dadasaheb
Independent Director of the Company under Section 149 Yadav as Independent Director of the Company for one term
and Regulation 16(1)(b) of the Listing Regulations, for one of five consecutive years with effect from October 21, 2019
term of Five Years, commencing from October 21, 2019. to October 20, 2024, for approval of the members.
Based on recommendation of Nomination and Remuneration None of the Directors or Key Managerial Personnel of the
Committee and in terms of the provisions of Sections Company and their relatives, other than Independent Director
149, 150, 152 read with Schedule IV and any other for his respective appointment, is concerned or interested,
applicable provisions of the Act and the Listing Regulations, financially or otherwise, in the aforesaid Ordinary Resolution.
Mr. Ganapati Dadasaheb Yadav, being eligible for
appointment as Independent Director offers himself for ITEM NO 5.
appointment, is proposed to be appointed as Independent
In accordance with Regulation 17 of Listing Regulations
Director for one term of five consecutive years from October
which states that the Board of directors of the top 1000
21, 2019 upto October 20, 2024.
listed entities shall have at least one independent woman
In the opinion of the Board, Mr. Ganapati Dadasaheb Yadav director by April 1, 2020, Ms. Ameya Prakash Jadhav was
fulfills the conditions specified under the Act, the Companies appointed as an Additional Director (Independent Capacity)
of the Company with effect from April 01, 2020. Your Board
(Appointment and Qualification of Directors) Rules, 2014
proposes to regularize her appointment and appoint her as
and Regulation 16(1) (b) of the Listing Regulations for his
an Independent Director of the Company under Section 149
appointment as Independent Director of the Company and
and Regulation 16(1)(b) of the Listing Regulations, for one
is independent of the management.
term of Five Years, commencing from April 01, 2020.
The Board considers that his association would be of
Based on recommendation of Nomination and Remuneration
immense benefit to the Company and it is desirable to avail Committee and in terms of the provisions of Sections
25
149, 150, 152 read with Schedule IV and any other ITEM NO 6:
applicable provisions of the Act and the Listing Regulations, The Board, on the recommendation of the Audit Committee,
Ms. Ameya Prakash Jadhav, being eligible for appointment
has approved the appointment of the Cost Auditor,
as Independent Director offers herself for appointment, is
M/s. Poddar & Co, Cost Accountants to conduct the audit of
proposed to be appointed as Independent Director for one
the cost records of the Company at H 90000/- plus GST, as
term of five consecutive years from April 01, 2020 upto
applicable, to be paid as remuneration for the financial year
March 31, 2025.
ending March 31, 2021.
In the opinion of the Board, Ms. Ameya Prakash Jadhav fulfills
the conditions specified under the Act, the Companies In accordance with the provisions of Section 148 of the
(Appointment and Qualification of Directors) Rules, 2014 Companies Act, 2013 read with the Companies (Audit and
and Regulation 16(1) (b) of the Listing Regulations for her Auditors) Rules, 2014, the remuneration payable to the
appointment as Independent Director of the Company and Cost Auditors needs to be ratified by the Members of the
is independent of the management. Company. Accordingly, consent of the Members is sought by
way of an Ordinary Resolution as set out at Item No. 6 of
The Board considers that her association would be of the Notice, for ratification of the remuneration amounting to
immense benefit to the Company and it is desirable to H90000/-plus GST, as applicable and out of pocket expenses,
avail services of Ms. Ameya Prakash Jadhav as Independent if any, payable to the Cost Auditors for Cost Audit for the
Director of the Company. financial year ending March 31, 2021, in respect of products
of the Company covered under The Companies (Cost Records
Accordingly, the Board recommends the passing of
Resolution as set out in the Item No. 5 of the Notice with and Audit) Amendment Rules, 2014.
respect to eligibility and appointment of Ms. Ameya Prakash
Accordingly, the Board recommends the passing of
Jadhav as Independent Director of the Company for one
Resolution as set out in the Item No.6 of the Notice for
term of five consecutive years with effect from April 01,
approval of the members.
2020 to March 31, 2025, for approval of the members.
None of the Directors or Key Managerial Personnel and
None of the Directors or Key Managerial Personnel of the
relatives thereof, are in any way concerned or interested,
Company and their relatives, other than Independent Director
for her respective appointment, is concerned or interested, financially or otherwise, in the Resolution at Item No. 6 of
financially or otherwise, in the aforesaid Ordinary Resolution. this Notice.
DETAILS OF DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT PURSUANT TO REGULATION 36(3) OF THE SEBI (LODR)
REGULATIONS, 2015.
Name Mr. Ganapati Dadasaheb Yadav

Directors Identification Number (DIN) 02235661
Date of Birth September 14,1952
Age 67 years
Date of first appointment on the Board October 21,2019
Brief Resume & Nature of expertise in Professor G.D. Yadav is one of the topmost, highly prolific and accomplished
specific functional areas engineering-scientists in India. He is internationally recognized by many prestigious
and rare awards as an academician, researcher and innovator, including his seminal
contributions to education, research and innovation in Green Chemistry and
Engineering, Catalysis, Chemical Engineering, Energy Engineering, Biotechnology,
Nanotechnology, and Development of Clean and Green Technologies. For 10.5
years, he served as the Founding Vice Chancellor and R.T. Mody Distinguished
Professor, and Tata Chemicals Darbari Seth Distinguished Professor of Leadership
and Innovation at the Institute of Chemical Technology (ICT), Mumbai, which is
a Deemed-to-be-University having Elite Status and Centre of Excellence given
by State Assembly on par with IITs/IISc/IISERs. He currently holds the titles of
Emeritus Professor of Eminence and J.C. Bose National Fellow in ICT. He serves
as the Adjunct Professor at University of Saskatchewan, Canada, RMIT University,
Melbourne, Australia and Conjoint Professor, University of New Castle, Australia.
He was conferred Padma Shri, the fourth highest civilian honour, by the President
of India in 2016 for his outstanding contributions to Science and Engineering. He
has been recipient of two honorary doctorates: D. Sc. (Hon. Causa, DYPU) and
26
02-17 18-71 72-124
REGULATIONS, 2015. (Contd..)
D. Eng. (Hon. Causa, NIT Agartala). As the Vice Chancellor he created many records.
Under his dynamic leadership, ICT made phenomenal progress having been
declared as Category I institute, having started 23 new academic programmes, 5
new Departments and several Centres of Excellence, and establishment of two
off-campuses in Bhubaneswar with total support of IOCL and Marathwada with
total support of Govt. of Maharashtra, and collected phenomenal funds. The ICT
is listed in top 100 institutes in the Developing World by Times Higher Education
Ranking in 2019. He has personally won over 125 national and international
honours, awards, fellowships, editorships, and several Life Time Achievement
Awards by prestigious industrial organizations. He is an elected Fellow of Indian
National Science Academy, Indian Academy of Sciences, National Academy of
Sciences, India, Indian National Academy of Engineering as well as The World
Academy of Sciences, Trieste (TWAS). He is a Fellow of Royal Society of Chemistry,
UK, Institution of Chemical Engineers, UK, Indian Institute of Chemical Engineers,
Indian Chemical Society, and Indian Society for Technical Education, among others.
Details of last drawn remuneration Please refer Corporate Governance Report
Number of Board Meeting attended Please refer Corporate Governance Report
during the year
Disclosure of relationship between None
directors inter-se
Name of Listed entities in which the 1. Aarti Industries Limited
person also holds the directorship and Committee Membership-Audit Committee
the membership of Committees of the 2. Godrej Industries Limited
Board; and Committee Membership-NIL
3. Meghmani Organics Limited
Committee Membership-Audit Committee,
Nomination & Remuneration Committee
Shareholding in Bhageria Industries Nil
Limited
Name Ms. Ameya Prakash Jadhav

Directors Identification Number (DIN) 08696918
Date of Birth September 02,1985
Age 34 Years
Date of First appointment on the Board April 01,2020
Brief Resume & Nature of expertise in Ms. Ameya Prakash Jadhav is an Assistant Professor in Atharva College of
specific functional areas Engineering, Mumbai. She has a vast experience of more than 10 years in the field
of Teaching and Social Organizations and having a qualification of M.E. and B.E in
Electronics and Telecommunication and also M.A. in Sanskrit Language. She is also
a Visiting faculty of Department of Sanskrit, University Of Mumbai.
She is Language expert in Sensor Board Panel, Film Division, Ministry of Information
and Broadcasting, Govt. of India. She has also worked as a review member for
syllabus designing of Maharashtra International Education Board (MIEB),Govt. Of
Maharashtra in 2018.
27
REGULATIONS, 2015. (Contd..)
Ms. Ameya Prakash Jadhav is a Member of Managing Committee and Social Award
Selection Committee of Keshav Srushti, Uttan. She is also associated with various
NGO’s like Lokmanya Seva Sangh, Vile Parle and Janvesa Samiti, Vile Parle. She
was felicitated as an Extra Ordinary Woman on the Occasion of Swami Vivekanand
Jayanti (National Youth Day) in Hindu Spiritual Service Fair, 2019 Mumbai and also
felicitated as a Young Achiever on International Women’s Day in 2015.
Details of last drawn remuneration Not applicable
Number of Board Meeting attended Not applicable
during the year
Disclosure of relationship between None
directors inter-se
Name of Listed entities in which the None
person also holds the directorship and
the membership of Committees of the
Board; and
Shareholding in Bhageria Industries NIL
Limited
Registered Office: For and on behalf of the Board

1002, Topiwala Centre, BHAGERIA INDUSTRIES LIMITED
Off S. V. Road,
Goregaon [West], SURESH BHAGERIA
Mumbai -400062. CHAIRPERSON
Date: June 26, 2020. (DIN: 00540285)
28
02-17 18-71 72-124
DIRECTORS’ REPORT
To
The Shareholders,
Your Directors have great pleasure in presenting the 31st Annual Report together with the Audited Accounts of the Company
for the financial year ended March 31, 2020.
1. Financial Highlights:
The following is the highlight of the financial performance of the Company during the year under review:
(H in Crores)
Particulars 2019-20 2018-19
Revenue from Operations 413.68 462.41

Other Income 5.60 5.29
Total Income 419.28 467.70
EBITDA 103.18 130.20
Less : Finance Cost 1.68 3.80
Less : Depreciation & Amortisation expenses 22.96 22.18
Profit before tax 78.55 104.21
Tax Expenses 12.73 32.70
Net Profit after tax 65.81 71.51
Other Comprehensive Income (Net of tax) (0.12) (0.09)
Total Comprehensive Income after tax 65.70 71.42
Earing per shares of J 5 each (In J) 15.08 16.36
2. Operational Review: 3. COVID-19:

During the year under review, the Company has The World Health Organization declared Novel Coronavirus
achieved a Total Income of H419.28 Crores as against disease (COVID-19) a global pandemic on February 11,
H467.70 Crores in the previous financial year. EBITDA for 2020. Since March 2020, COVID-19 developed rapidly
FY20 stood at H103.18 crores with an EBITDA Margin of into a global crisis, forcing governments to impose
24.9%. The Profit after tax for the financial year 2019-20 lock-downs of all economic activity. In enforcing social
was H65.81 Crores as compared to previous year of distancing to contain the spread of the disease, our
H71.51 Crores due to the compression in pricing during offices and Plant have been operating with minimal or
the year leading to lower price realization. no staff for extended periods of time. We have extended
support to the employees impacted by this pandemic,
Dyes and Dye intermediates & Chemical Business including those who tested positive for COVID-19. As a
The turnover of the company from the Chemical responsible member of the communities that it operates
Segment amounted to H373.13 Crores as against in, the Company has contributed to various COVID-19
H429.28 Crores for the previous year. The EBIT from relief and monitoring programs in India.
this segment stood at H75.50 Crores as against H102.81
Crores in the previous year. The Operations of Chemical Business of the Company
were also affected due to the Lockdown announced by
Solar Business the Government of India to control the spread of Corona
The turnover of the company from solar power virus. The Company’s Manufacturing operations affected
operations amounted to H30.67 Crores as against earlier, now have been partially functional after obtaining
H33.13 Crores for the previous year. The EBIT from necessary approvals from the concerned government/
this segment stood at H11.38 Crores as against H12.08 local authorities.
Crores in the previous year.
29
4. Dividend: The Board of Directors on recommendation of the

Your Directors have pleasure in recommending, for Nomination and Remuneration Committee appointed
approval of the Members, at its 31st Annual General Mr. Ganapati Dadasaheb Yadav as an Additional Director
Meeting, a Dividend of H3 /- per share of H5 each i.e 60 (Independent capacity) with effect from October 21,
% on Equity Share Capital i.e. H21,82,20,900 for the year 2019 and Ms. Ameya Prakash Jadhav as an Additional
ended March 31, 2020. If approved at the forthcoming Director (Independent capacity) with effect from April
Annual General Meeting, it will result in an outflow of 01,2020. In terms of Section 161 of the Act, Mr. Ganapati
H13.09 Crores. Dadasaheb Yadav and Ms. Ameya Prakash Jadhav hold
office up to the date of ensuing Annual General Meeting.
The Company has not transferred any amount to General Accordingly, the Board recommends the resolution for
Reserve during the financial year. appointment of Mr. Ganapati Dadasaheb Yadav and
Ms. Ameya Prakash Jadhav as Independent Directors, for
5. Capital Structure & Liquidity: the approval by the members of the Company for a term
Authorised Share Capital of five consecutive years.
The Authorised Capital of the Company as at March 31,
Mrs. Chandraprabha Bhageria was re-appointed as a
2020 was H25,00,00,000/- (Rupees Twenty Five Crores
Whole-Time Director of the Company for a period of 3
only) divided into 5,00,00,000 (Five Crores ) equity shares (Three) years with effect from November 1, 2019 at the 30th
of H5/- each. Annual General Meeting (AGM) held on August 31, 2019.
Issued and paid up Share Capital Mr. Shashikant Parmanand Tulsian was re-appointed
The paid-up Equity Share Capital as at March 31, 2020 as an Independent Director with effect from April 01,
was H21,82,20,900 /- (Twenty One Crore Eighty Two 2020 and Mr. Mukund Manohar Chitale was appointed
Lakh Twenty Thousand Nine Hundred) divided into as an Independent Director with effect from March 25,
4,36,44,180 (Four Crore Thirty Six Lakh Forty Four 2019 at the 30th Annual General Meeting (AGM) held
Thousand One Hundred & Eighty) Equity Shares, having on August 31, 2019 for the period of five consecutive
face value of H5/- each fully paid up. years.
During the year under review, the Company has allotted In the Opinion of Board, Independent Directors
2,18,22,090 equity shares of face value of H5/- each as appointed/re-appointed during the year under review are
bonus shares in the proportion of 1 (One) equity share for persons of high repute, integrity and possess the relevant
every 1 (One) existing equity share held, to those Members expertise and experience in their respective fields.
whose names appear in the Register of Members of the
Company as on 18 July, 2019 (“Record Date”). Resignation:
During the year under review, Mr. PradeepKumar
During the year under review, the Company has not Shankar Dalvi has resigned from the post of Independent
issued any convertible securities with differential Director of the Company on January 25, 2020 due to his
voting rights nor has granted any stock options or sweat health problem.
equity or warrants. As on March 31, 2020, none of the
Directors of the Company hold instruments convertible 8. Declaration by Independent Directors:
into Equity Shares of the Company. All Independent Directors of the Company have given
declarations that they meet the criteria of independence
6. Subsidiaries & Associate Companies: as laid down under Section 149(6) of the Act and
The Company does not have any subsidiary or associate Regulation 16(1) (b) of the SEBI (LODR) Regulations,
companies. 2015 (“Listing Regulations”). In the opinion of the
Board, the Independent Directors, fulfill the conditions
of independence specified in Section 149(6) of the Act
7. Board of Directors: and Regulation 16(1) (b) of the Listing Regulations.
Appointment/Re-appointments:
In accordance with the provisions of Section 152 of
the Companies Act 2013 (‘’Act’’) and the Articles of 9. Directors Responsibility Statement:
Association of the Company, Mr. Vikas Bhageria, Director Pursuant to Section 134 of the Act, with respect to
of the Company, retires by rotation at the forthcoming Directors Responsibility statement it is hereby confirmed:
Annual General Meeting and being eligible offers a) that in the preparation of the annual accounts, the
himself for re-appointment. applicable accounting standards had been followed
30
02-17 18-71 72-124
along with proper explanation relating to material Chairperson and Non-Independent Directors was
departures, if any; also carried out by the Independent Directors in their
meeting held on January 25, 2020.
b) that the Directors had selected such accounting
policies and applied them consistently and made Similarly, the performance of various committees,
judgments and estimates that are reasonable and individual Independent and Non-Independent
prudent so as to give a true and fair view of the state Directors was evaluated by the entire Board of
of affairs of the company at the end of the financial Directors (excluding the Director being evaluated) on
year and of the profit and loss of the company for various parameters like composition and working of
that period; Committees, functioning, Contribution, Independence,
understanding, Knowledge, Initiative, Integrity, etc.
c) the Directors had taken proper and sufficient
care for the maintenance of adequate accounting
records in accordance with the provisions of this 12. Number of Meetings of the Board of Directors:
Act for safeguarding the assets of the company The Board met 5 (five) times during the financial year
and for preventing and detecting fraud and other 2019-20. The meeting details are provided in the
irregularities; Corporate Governance Report that forms a part of this
Annual Report.
d) the Directors had prepared the annual accounts on
a going concern basis;
13. Audit Committee:
e) the Directors, had laid down internal financial The details pertaining to the composition of the Audit
controls to be followed by the company and that Committee are included in the Corporate Governance
such internal financial controls are adequate and Report, which is a part of this report.
were operating effectively;
14. Policy on Directors’ Appointment and Remuneration
f) the Directors had devised proper systems to ensure
and Other Details:
compliance with the provisions of all applicable
The Company’s policy on directors’ appointment and
laws and that such systems were adequate and
remuneration and other matters provided in Section
operating effectively.
178(3) of the Act has been disclosed in the Corporate
Governance Report, which is a part of this report and is
10. Key Managerial Personnel: also available on www.bhageriagroup.com.
Sr. No Name of Personnel Designation
1. Mr. Suresh Bhageria Chairperson 15. Vigil Mechanism / Whistle Blower Policy:
2. Mr. Vinod Bhageria Managing Director The Company has a Vigil Mechanism / Whistle Blower
3. Mr. Vikas Bhageria Jt. Managing Director policy to report genuine concerns, grievances, frauds
(WTD) and mismanagements, if any. The Vigil Mechanism /
4. Mrs. Chandraprabha Whole-time Director Whistle Blower policy has been posted on the website
Bhageria of the Company at www.bhageriagroup.com.
5. Mr. Rakesh Chief Financial Officer
Kachhadiya
16. Public Deposits:
6. Mr. Ketan Gaur Company Secretary
Your Company has not accepted any deposits from
the public within the meaning of Section 73 of the
11. Annual Performance Evaluation: Companies Act, 2013 and the Companies (Acceptance
Pursuant to the provisions of the Companies Act, of Deposits) Rules, 2014.
2013 and Listing Regulations, the Board has carried
out an evaluation of its performance after taking into
17. Particulars of Loans, Guarantees or Investments:
consideration various performance related aspects
During the year, there is no loan given or guarantee
of the Board’s functioning, competencies, frequency
given or security provided by the Company covered
and regularity of meetings, contribution, creation of
under Section 186 of Companies Act, 2013. Details
stakeholder values, management of current & potential
of investments are given in the notes to the financial
strategic issues, compliance & governance etc. The
statements.
performance evaluation of the Board as a whole,
31
18. Corporate Social Responsibility Initiatives: c) Pursuant to rule6(8) of the IEPF Rules, under the
The brief outline of the Corporate Social Responsibility bonus issue 1,40,800 equity shares were allotted
(CSR) policy of the Company and the initiatives to the IEPF Authority based on their shareholding as
undertaken by the Company on CSR activities during on record date.
the year under review are set out in Annexure ‘A’ of this
report. For other details regarding the CSR Committee, 23. Related Party Transactions:
please refer to the Corporate Governance Report, which Your Company has formulated a policy on related party
is a part of this report. The CSR policy is available on transactions which is also available on Company’s
www.bhageriagroup.com. website www.bhageriagroup.com. This policy deals with
the review and approval of related party transactions.
19. Material Changes and Commitments affecting The Board of Directors of the Company has approved the
Financial Position between the end of the criteria for making the omnibus approval by the Audit
financial year and date of report: Committee within the overall framework of the policy
There were no material changes affecting the financial on related party transactions. Prior omnibus approval
position of the Company between the end of the is obtained for related party transactions which are of
financial year and date of report. repetitive nature and entered in the ordinary course of
business and on an arm’s length basis. All related party
transactions are placed before the Audit Committee for
20. Significant and Material orders passed by the
review and approval.
Regulators or Courts:
There are no significant and material orders passed by All related party transactions entered during the
the Regulators or Courts that would impact the going Financial Year were in ordinary course of the business
status of the Company and its future operations. and on an arm’s length basis. No material related party
transactions were entered during the Financial Year by
21. Annual Return: your Company. Accordingly, no disclosure is made in
As required under Section 134(3)(a) of the Act, the respect of related party transactions, as required under
Annual Return is put up on the Company’s website and Section 134(3)(h) of the Act in Form AOC 2. Members
can be accessed at www.bhageriagroup.com. Extract of may refer notes to the financial statements which sets
the Annual return in form MGT-9 for the Financial year out related party disclosures pursuant to INDAS-24.
2019-20 is uploaded on the website of the Company
and can be accessed at www.bhageriagroup.com. 24. Code of Conduct:
Your Company is committed to conducting its business
22. Investor Education & Protection Fund (IEPF): in accordance with the applicable laws, rules and
a) Pursuant to the applicable provisions of the regulations and highest standards of business ethics.
Companies Act, 2013, read with the IEPF Authority In recognition thereof, the Board of Directors has
(Accounting, Audit, Transfer and Refund) Rules, 2016 implemented a Code of Conduct for adherence by
(“the Rules”), all unpaid or unclaimed dividends are the Directors, Senior Management Personnel and
required to be transferred by the Company to the Employees of the Company. The Code of Conduct is
IEPF established by the Government of India, after dealing with ethical issues and also fosters a culture of
the completion of seven years. Further, according accountability and integrity. The Code is in accordance
to the Rules, the shares on which dividend has not with the requirements of Listing Regulations and
been paid or claimed by the shareholders for seven has been posted on the Company’s website www.
consecutive years or more shall also be transferred bhageriagroup.com.
to the demat account of IEPF Authority. Accordingly,
All the Board Members and Senior Management
during the year the Company has transferred the
Personnel have confirmed compliance with the Code.
unclaimed and unpaid dividends of H75,492/- in
respect of financial year 2011-12.
25. Statutory Auditors:
b) Pursuant to provisions of Section 124(6) of the M/s. MRB & Associates, Chartered Accountants, (Firm
Companies Act, 2013 and IEPF Rules, during the year Registration No.136306W), were appointed as the
2019-20, 31,200 Equity shares were transferred to Statutory Auditors of the Company at the 28th AGM held
the IEPF Authority. on December 02, 2017 and will hold office until the
conclusion of the 33rd AGM to be held in 2022. Their
32
02-17 18-71 72-124
appointment was subject to ratification by the Members 2019-2020. The Report given by the Secretarial Auditors
at every subsequent AGM. Pursuant to the amendments is annexed as Annexure ‘B’ and forms an integral part of
made to Section 139 of the Companies Act, 2013 by the this Board’s Report.
Companies (Amendment) Act, 2017 effective from May
7, 2018, the requirement of seeking ratification of the There has been no qualification, reservation or adverse
Members for the appointment of the Statutory Auditors remark or disclaimer in their Report. During the year
has been withdrawn from the Statute. Hence the resolution under review, the Secretarial Auditors had not reported
seeking ratification of the Members for continuance of any matter under Section 143(12) of the Act, therefore
their appointment at this AGM is not being sought. no detail is required to be disclosed under Section 134
(3)(ca) of the Act.
The Report given by M/s. MRB & Associates, Chartered
Accountants, on the financial statements of the Company In terms of Section 204 of the Act, read with the
for the financial year 2019-2020 is a part of the Annual Companies (Appointment and Remuneration of
Report. There has been no qualification, reservation or Managerial Personnel) Rules,2014, the Audit Committee
adverse remark or disclaimer in their Report. recommended and the Board of Directors have
appointed M/s. GMJ & Associates, Company Secretaries
as the Secretarial Auditors of the Company in relation to
26. Reporting of Frauds: the financial year ending March 31, 2021. The Company
During the year under review, the Statutory Auditors has received their written consent that the appointment
had not reported any matter under Section 143 (12) of is in accordance with the applicable provisions of the
the Act, therefore no detail is required to be disclosed Act and rules framed there under.
under Section 134 (3) (ca) of the Act.
30. Internal Control Systems and their adequacy:

27. Cost Audit: The details in respect of internal control system and their
As per the requirement of the Central Government adequacy are included in the Management Discussion
and pursuant to Section 148 of the Companies Act, and Analysis, which is a part of this report.
2013 read with the Companies (Cost Records and
Audit) Rules, 2014 as amended from time to time, your
company has been complying with the provisions of 31.
Corporate Governance and Management
audit of cost records of the Company every year. The Discussion & Analysis Reports:
Board of Directors, on the recommendation of the Audit The Company adheres to the requirements set out by
Committee, have appointed M/s Poddar & Co, Cost the Securities and Exchange Board of India’s Corporate
Accountants as the Cost Auditors to audit the accounts Governance practices and have implemented all the
of the Company for the Financial Year 2020-21 at a stipulations prescribed. The Company has implemented
remuneration of H90000/- plus GST as applicable and several best corporate governance practices.
reimbursement of out of pocket expenses. As required
The Corporate Governance and Management Discussion
under the Companies Act, 2013, a resolution seeking
& Analysis Report, which form an integral part of this
member’s approval for remuneration payable to the
Report, are set out as separate Annexures, together
Cost Auditor forms part of the Notice convening the
with the Certificate from the Statutory Auditors of the
Annual General Meeting.
Company regarding compliance with the requirements
of Corporate Governance as stipulated in Listing
28. Internal Audit: Regulations.
Pursuant to provisions of Section 138 of the Companies
Act, 2013 the Board on recommendation of the Audit
32. Risk Management:
Committee has appointed M/s. Kamal Dhanuka
The Company has a risk management framework
& Co, Chartered Accountants, having Registration
to identify, evaluate various elements of risk and
No.131308W as Internal Auditors of the Company for
opportunities. This framework seeks to create
the financial year ending March 31, 2021.
transparency, minimise adverse impact on the business
objectives and enhance the company’s competitive
29. Secretarial Audit: advantages. Further details are set out in the
The Secretarial Audit was carried out by M/s. GMJ & Management Discussion and Analysis Report forming
Associates, Company Secretaries for the Financial Year integral part of this report.
33
33. Particulars Regarding Conservation of Energy, Report. Having regard to the provisions of the second
Technology Absorption and Foreign Exchange proviso to Section 136(1) of the Act and as advised, the
Earning and Outgo: Annual Report excluding the aforesaid information is
The information on conservation of energy, technology being sent to the members of the Company. The said
absorption and foreign exchange earnings and outgo information is available for inspection by the members
pursuant to Section 134(3)(m) of the Companies at the registered office of the Company during working
Act, 2013, read with the Rule 8(3) of the Companies hours on working days upto the date of the Annual
(Accounts) Rules, 2014 is given in Annexure ‘C’ to this General Meeting and if any member is interested in
Report.’ obtaining as copy thereof, such member may write to
the Company Secretary.
34.
Disclosure under the Sexual Harassment of
Women at Work Place (Prevention, Prohibition 37. Business Responsibility Report:
and Redressal) Act, 2013: Pursuant to Regulation 34(2)(f) of Listing Regulations the
The Company has in place an Anti-Sexual Harassment Business Responsibility Report in the prescribed format
Policy in line with the requirements of the Sexual is available as a separate section of this Annual Report.
Harassment of Women at Work Place (Prevention,
Prohibition and Redressal) Act, 2013. An Internal 38.
Affirmation on Compliance of Secretarial
Complaints Committee has been set up to redress Standards:
complaints received regarding sexual harassment. The The Board of Directors of the Company has affirmed
Company affirms that during the year under review, the with the compliances of Secretarial Standards issued by
company has complied with the provisions relating to Institute of Company Secretaries of India.
Internal Complaints Committee and no complaints were
received by the Committee for redressal.
39. Listing:
The Company’s Shares are listed on BSE Limited and
35. Environment and Safety: National Stock Exchange of India Limited, Mumbai.
The Company is aware of the importance of
environmentally clean and safe operations. The
Company’s policy requires conduct of operations in 40. Appreciation:
such a manner, so as to ensure safety of all concerned, Your Directors would like to express their sincere
compliances, environmental regulations and appreciation to the company’s Shareholders, Vendors
preservation of natural resources at the Plant. and Stakeholders including Banks, Government
authorities, other business associates, who have
extended their valuable sustained support and
36. Particulars of Employees: encouragement during the year under review. Your
In terms of the provisions of Section 197(12) of the Directors also wish to place on record their appreciation
Act read with Rules 5(2) and 5(3) of the Companies for the hard work, solidarity, cooperation and support of
(Appointment and Remuneration of Managerial employees at all levels.
Personnel) Rules, 2014, a statement showing the names
of the top ten employees in terms of remuneration
drawn and names and other particulars of the employees
drawing remuneration in excess of the limits set out Registered Office: For and on behalf of the Board
in the said rules forms part of this Report. Disclosures 1002, Topiwala Centre, BHAGERIA INDUSTRIES LIMITED
relating to remuneration and other details as required Off S. V. Road,
under Section 197(12) of the Act read with Rule 5(1) Goregaon [West], SURESH BHAGERIA
of the Companies (Appointment and Remuneration of Mumbai -400062. CHAIRPERSON
Managerial Personnel) Rules, 2014 forms part of this Date: June 26, 2020. (DIN: 00540285)
34
02-17 18-71 72-124
Annexure ‘A’ to Directors’ Report 2019-20
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1. A brief outline of the Company’s CSR policy, 9) Investing in various rural development projects.
including overview of projects or programmes
propose to be undertaken and a reference to 10) Contribution to the Prime Minister’s National
the web-link to the CSR policy and projects or Relief Fund or any other fund setup by the Central
programmes. Government for development and relief.
CSR policy is stated herein below: 11) Collaborate with likeminded bodies like Voluntary
organizations, charitable trusts, governments and
CSR Policy
academic institutes in pursuit of our goals.
Our aim is to be one of the most respected companies
in India delivering superior and everlasting value to all 12) Interact regularly with stakeholders, review and
our customers, associates, shareholders, employees and publicly report our CSR initiatives and
Society at large.
13) Other areas approved by the CSR Committee that
The CSR initiatives focus on holistic development of are covered in the CSR Rules as amended from time
host communities and create social, environmental and to time.
economic value to the society.
Web Link: www.bhageriagroup.com
To pursue these objectives we will continue to:
1) Improving the quality of life in rural area.

2. Composition of CSR committee:
Name of The Member Designation

2) Eradicating hunger, poverty and malnutrition.
Mr. Surendra Shriram Gupta Chairperson
3) Promoting healthcare including preventive Mrs. Chandraprabha Bhageria Member
healthcare. Mr. Vinod Bhageria Member
4) Employment enhancing vocational skills. 3. Average net profit of the company for last three
financial years: H 7716.68 Lakhs
5) Promotion of education including investment in
technology in schools. 4. Prescribed CSR Expenditure (Two percent of the
amount as in item 3 above): H 154.33 Lakhs
6) Ensuring environment sustainability including
measures for reducing inequalities faced by socially 5. Details of CSR spend for the financial year:
and economically backward groups.
a) Total amount spent for the financial year: H 184.29
7) Promoting sports including rural and Olympic sports. Lakhs
8) Contribution to funds for promoting technology. b) Amount unspent if any: NIL
35
c) Manner in which the amount spent during the financial year is detailed below:
Amount
Cumulative
Outlay Amount Amount
Expenditure
(Budget) Spent on the spent direct
Sr. Projects/ upto
Sector Location Project or Project or or through
No Activities reporting
Programs programs implementing
period
wise (J in Lakhs) agency
(J in Lakhs)
(J in Lakhs)
1 Contribution Promoting Mulund (East), 101.00 101.00 101.00 Raosaheb
in new/ Education Mumbai, Balaram
expansion Maharashtra Dnyandeo
project of Thakur Vidya
Educational Mandir
Institutes
2 Installation of Rural Bharatpur, 29.62 29.62 29.62 Direct
93kWp Solar Development Rajasthan
Power Plant
3 Water Rural Village : 40.10 40.10 40.10 Direct
Treatment Development Salai Godni,
Plant (RO+UF) & Promoting Malgi Nagar,
with Water Heathcare Welahari,
ATMs District :
Nagpur,
Maharashtra
4 Contribution Promoting Andheri 11.00 11.00 11.00 RVG
in Expansion Education (West), Educational
project for Mumbai, Foundation
Agarwal Maharashtra
Oswal
Chhatrawas
5 Contribution Eradicating Bhayander, 11.00 2.57 6.79 Direct
in R&D for Hunger, Thane,
eradicating Poverty and Maharashtra
malnutrition Malnutrition
Total 192.72 184.29 188.51
For and on behalf of the Board

Bhageria Industries Limited
Suresh Bhageria Surendra Shriram Gupta

DIN:00540285 Chairperson CSR Committee
DIN: 01147494
36
02-17 18-71 72-124
Annexure ‘B’ to Directors’ Report 2019-20

Form No.MR-3
SECRETARIAL AUDIT REPORT

For the financial year ended March 31, 2020
(Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014)
To,
The Members,
Office No. 1002, 10th Floor,
Topiwala Centre, Off S.V. Road,
Goregaon (West),
Mumbai – 400062.
We have conducted the Secretarial Audit of the compliance v. The Regulations and Guidelines prescribed under the
of applicable statutory provisions and the adherence to Securities and Exchange Board of India Act, 1992 (‘SEBI
good corporate practices by BHAGERIA INDUSTRIES LIMITED Act’) viz
(hereinafter called the Company). Secretarial Audit was
conducted in a manner that provided us a reasonable basis a) The Securities and Exchange Board of India
for evaluating the corporate conducts/statutory compliances (Registrars to an Issue and Share Transfer Agents)
and expressing our opinion thereon. Regulations, 1993 regarding the Companies Act
and dealing with client;
Based on our verification of the Company’s books, papers,
minute books, forms and returns filed and other records b) The Securities and Exchange Board of India
maintained by the Company and also the information (Prohibition of Insider Trading) Regulations, 2015;
provided by the Company, its officers, agents and authorized
c) The Securities and Exchange Board of India
representatives during the conduct of Secretarial Audit, we
(Substantial Acquisition of Shares and Takeovers)
hereby report that in our opinion, the Company has, during
Regulations, 2011;
the audit period covering the financial year ended on March
31, 2020 complied with the statutory provisions of the d) The Securities and Exchange Board of India (Issue of
applicable Acts listed hereunder and also that the Company Capital and Disclosure Requirements) Regulations,
has proper Board-processes and compliance-mechanism 2009; (except as specified in the Annual Secretarial
in place to the extent, in the manner and subject to the Compliance Report)
reporting made hereinafter:
e) The Securities and Exchange Board of India (Issue
We have examined the books, papers, minute books, forms and Listing of Debt Securities) Regulations. 2008;
and returns filed and other records maintained by BHAGERIA [Not applicable during the period of audit]
INDUSTRIES LIMITED for the financial year ended on March
31, 2020, according to the provisions of: f) The Securities and Exchange Board of India (Share
Based Employee Benefits) Regulations, 2014; [Not
i. The Companies Act, 2013 (“the Act”) and the rules made applicable during the period of audit]
thereunder;
g) The Securities and Exchange Board of India
ii. The Foreign Exchange Management Act, 1999 and the (Delisting of Equity Shares) Regulations, 2009: [Not
Rules and Regulations made thereunder to the extent of applicable during the period of audit]
Foreign Direct Investment;
h) The Securities and Exchange Board of India
iii. The Depositories Act, 1996 and the regulations and (Buyback of Securities) Regulations, 1998; [Not
bye-laws framed thereunder; applicable during the period of audit]
iv. The Securities Contracts (Regulation) Act, 1956 (‘SCRA)
and the rules made thereunder;
37
vi. We have also examined compliance with the applicable agenda were sent well in advance and a system exists
clauses of the following: for seeking and obtaining further information and
clarifications on the agenda items before the meeting
a) Secretarial Standards 1 and 2 issued by The Institute and for meaningful participation at the meeting.
of Company Secretaries of India. Majority decisions are carried through while the
dissenting members’ views, if any, are captured and
b) The Listing Agreements entered into by the
recorded as part of Minutes.
Company with BSE Limited and National Stock
Exchange of India Limited read with the Securities We further report that during the Audit Period, the Company
and Exchange Board of India (Listing Obligations has approved the following Ordinary Resolutions on July
and Disclosure Requirements) Regulations, 2015. 4, 2019 through Postal Ball Process and complied with the
provisions of the Act.
Further, the Company operates in Chemicals and Solar
Power, apart from Environment, Pollution and safety related 1. The Authorized Share Capital of the Company was
compliances, no specific Acts were applicable to the increased from H14,00,00,000/- to H25,00,00,000/-
Company. divided into 5,00,00,000 Equity Shares of H5/- each.
During the period under review, the Company has complied 2. The Company has altered its Memorandum of
with the provisions of the Act, Rules, Regulations, Guidelines, Association for increasing the Authorised Share Capital
Standards, etc. of the Company.
We report that there are adequate systems and processes in 3. The Company has issued and allotted 2,18,22,090
the Company commensurate with the size and operations Equity shares of face value of H5/- each by way of Bonus
of the Company to monitor and ensure compliance with Issue in the proportion of 1 Equity share for every 1
applicable laws, rules, regulations and guidelines etc. Equity share held by the existing shareholders of the
Company as on July 18, 2019 (Record Date).
We report that the Compliance by the Company of applicable
financial laws, like direct, indirect tax laws and Goods and As informed, the Company has responded appropriately
Service Tax Act, has not been reviewed in this Audit since the to notices received from various statutory/regulatory
same has been subject to review by statutory auditor and authorities including initiating actions for corrective
other designated professionals. measures, wherever found necessary.
We further report that:
For GMJ & ASSOCIATES
1. The Board of Directors of the Company is duly Company Secretaries
constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors.
The changes in the composition of the Board of Directors
that took place during the period under review were Sd/-
carried out in compliance with the provision of the Act. [SONIA CHETTIAR]
PARTNER
2. That there are adequate systems and processes in the PLACE: MUMBAI ACS: 27582 COP: 10130
Company commensurate with the size and operations DATE: JUNE 26, 2020. UDIN: A027582B000387909
of the Company to monitor and ensure compliance with
applicable laws, rules, regulations and guidelines.
Note: This report is to be read with our letter of even date
3. Adequate notices are given to all Directors to schedule which is annexed as ‘ANNEXURE A’ and forms an integral part
the Board Meetings, agenda and detailed notes on of this report.
38
02-17 18-71 72-124
Annexure A
To,
The Members,
Goregaon (West),
Mumbai – 400062.
Our report of even date is to be read along with this letter:
1. Maintenance of secretarial records is the responsibility of management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis
for our opinion.
3. We have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
4. Wherever required, we have obtained the Management Representation about the compliance of laws, rules and
regulations and happening of events, etc.
5. The compliance of the provisions of corporate and other applicable laws, rules and regulations, standards is the
responsibility of the management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
7. Due to the outbreak of COVID -19 pandemic and the current lockdown in the entire country, physical examination of
documents under Companies Act, 2013 and SEBI regulations and Other Laws is not possible; we have therefore relied
upon the documents provided by the Company in electronic mode for Audit purpose.
For GMJ & ASSOCIATES

Company Secretaries
Sd/-
[SONIA CHETTIAR]
PARTNER
PLACE: MUMBAI ACS: 27582 COP: 10130
DATE: JUNE 26, 2020. UDIN: A027582B000387909
39
Annexure ‘C’ to Directors’ Report 2019-20
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNING AND OUTGO:
Information as per section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules,
2014 for the year ended March 31, 2020 is given here below and forms a part of the Directors’ Report.
A. Conservation of Energy:
(i) The steps taken or impact on conservation of energy;
The company has made concrete efforts for enhancement in the capacity utilization, cost competitiveness and quality
through systematic process monitoring and adherence to technological norms. Sophisticated instruments were used for
regulation and adjustment of parameters. Efforts were also made for up gradation of the quality of plant operation. Utility
are being combined besides waste recovery and for effective energy conservation. Energy Audit has also been carried
out of plant and machines earlier and steps taken according to findings and suggestions of Energy Audit Report.
(ii) The steps taken by the company for utilising alternate sources of energy;
Installed Sulphuric Acid Plant with CO-GEN Technology, 01 MW steam operated Turbine has been installed with back
pressure steam which is utilized in existing Dye Intermediates Plant. Hence existing coal fired Boiler stopped.
To utilise the alternate sources of Energy, the Company has setup a SOLAR POWER Plant. The company is constantly
exploring avenues for cost saving as an on-going process.
(iii) The capital investment on energy conservation equipment’s;
Installed Power Capacitor at every individual electrical motors, Panels to meet out power factor as per MSDISCO
guidelines. Further studies to reduce energy consumption of existing unit are on and suitable investment will continue
to be made in these areas.
B. Technology Absorption:
(i) the efforts made towards technology absorption:
Installed VFD on high capacity motors and multi effect evaporators, to save fuel and power.
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution:
Installation of analytical devices for in process product and finished goods to meet out international standards.
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial
year): Not applicable.
(iv) During the year under review the expenditure incurred on Research and Development: NIL
C. Foreign Exchange Earnings and Outgo:

The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year
in terms of actual outflows.
(K in Lakhs)
Sr.
Particular 2019-20 2018-19
No
i. Foreign Exchange outgo 5255.35 3686.38
ii. Foreign Exchange earned 10357.59 14645.89

Off S. V. Road,
Goregaon [West], SURESH BHAGERIA
Mumbai - 400 062. (DIN: 00540285)
Date: June 26, 2020. CHAIRPERSON
40
02-17 18-71 72-124
Annexure to Directors’ Report 2019-2020
REPORT ON CORPORATE GOVERNANCE

Report on Corporate Governance pursuant to Schedule V (C) ofthe Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations)and forming Part of the Directors’
Report for the year ended March 31,2020.
1. Statement on Company’s Philosophy on Code of decisions regarding procurement, commercial and

Governance: finance are forwarded ahead after approval of the Board.
Corporate Governance is a set of systems and practices
to ensure that the affairs of the Company are being Strong Governance has indeed helped BIL to deliver
managed in a way which ensures accountability, integrity, wealth to its shareholders in the form of uninterrupted
transparency, and fairness in all its transactions in the dividends.
widest sense and meets its stakeholder’s aspirations
and social expectations. Good Corporate Governance 2. Board of Directors:
practices stem from the culture and mind-set of the Composition of the Board
organization and at Bhageria Industries Limited [BIL], As on March 31, 2020 the structure of the Board of the
we are committed to do business in an efficient, Company maintained an optimum mix of Executive and
responsible, honest and ethical manner and to meet the Non-Executive Independent Directors and the same is
aspirations of all our stakeholders. in conformity with the Listing Regulations.
The Corporate Governance structure specifies the Besides the Chairperson, who is an Executive Promoter
distribution of rights, responsibilities and powers among Director, the Board comprises of 2 Executive Promoter
different participants in the corporation. All strategic Directors, 1 Woman Promoter Executive Director and 6
decisions regarding investment, diversification, major Non-Executive, Independent Directors.
Table 1: Composition of the Board of Directors as on March 31, 2020:

The details of composition of the Board, category, attendance of Directors at Board Meetings during the financial year
and last Annual General Meeting, number of other Directorships and other Committee Memberships, Name of other
listed entities (whose equity or debt securities are listed) where the Directors of the Company are Director and the
category of their directorship are given below:
Sr. Name of Category No. of Board Attendance *No. Of Other No. of Membership of Name of other listed entities
No Directors Meeting at last Directorships of Outside Committees (whose equity or debt
attended AGM held Companies Held Held As on 31st securities are listed) where the
during on 31st As on 31st March, March, 2020 directors of the Company are
the year August, 2020 director and the category of
2019-2020 2019 their Directorship
Public Private Member Chairman Other Listed Category
Entities
1. Mr. Suresh Executive/ 5 Yes --- 3 --- --- NIL NIL
Bhageria Chairperson
2. Mr. Vinod Managing 5 Yes --- 1 --- --- NIL NIL
Bhageria Director/
Executive
3. Mr. Vikas Bhageria Promoter 3 Yes --- 6 --- --- NIL NIL
Executive
4. Mrs. Promoter 4 Yes --- 2 --- --- NIL NIL
Chandraprabha S. Executive
Bhageria
5. Mr. Surendra Independent 4 No 1 --- 2 2 Elegant Non Executive
Shriram Gupta Non-Executive Floriculture & Independent
Agrotech (India) Director
Limited
41
Sr. Name of Category No. of Board Attendance *No. Of Other No. of Membership of Name of other listed entities
No Directors Meeting at last Directorships of Outside Committees (whose equity or debt
attended AGM held Companies Held Held As on 31st securities are listed) where the
during on 31st As on 31st March, March, 2020 directors of the Company are
the year August, 2020 director and the category of
2019-2020 2019 their Directorship
Public Private Member Chairman Other Listed Category
Entities
6. Mr. Sandeep Independent 4 Yes 3 --- 3 --- 1. Solid Non Executive
Kumar Singh Non-Executive Containers Independent
Limited Director
2. The Byke Non Executive
Hospitality Independent
Limited Director
3. Navkar Non Executive
Corporation Independent
Limited Director
7. Mr. Shashikant Independent 4 Yes --- 4 --- --- NIL NIL
Tulsian Non-Executive
8. Mr. Omprakash Independent 4 Yes --- --- --- --- NIL NIL
Anandilal Bubna Non-Executive
9. Mr. Mukund Independent 4 Yes 6 --- 6 3 1. Larsen & Non Executive
Manohar Chitale Non-Executive Toubro Infotech Independent
Limited Director
2. Larsen and Non Executive
Toubro Limited Independent
3. Atul Limited Director
4. Macrotech Non Executive

Developers Independent
Limited Director
(Formerly Non Executive
Known as Lodha Independent
Developers Director
Limited)
10 #
Mr. Ganapati Independent 1 NA 3 1 2 ---- 1. Aarti Non Executive
Dadasaheb Yadav Non-Executive Industries Independent
Limited Director
2. Godrej Non Executive
Industries Independent
Limited Director
3. Meghmani Non Executive
Organics Limited Independent
Director
Note:
1. #
Mr. Ganapati Dadasaheb Yadav appointed as an Additional (Independent) Director on October 21,2019.
2. Mr. PradeepKumar Shankar Dalvi, Independent Director resigned from the Company on January 25,2020.
3. *Nos. of other Directorships of Companies excludes foreign companies and Section 8 companies.
Relationships between Directors inter-se Mr. Surendra Shriram Gupta, Non-Executive Independent
Mr. Suresh Bhageria is related to Mrs. Chandraprabha Director holds 35,344 Equity Shares in the Company.
Bhageria as spouse & father of Mr. Vikas Bhageria and
brother of Mr. Vinod Bhageria, with such inter-se relation Number of Board Meetings
between them. None of the other Directors except as The Board meets at regular intervals to discuss and
aforementioned are related to each other. decide on various issues, including strategy related
matters pertaining to the business of the Company.
Shareholding of Non-Executive Independent Directors The tentative calendar of Board Meetings is circulated
as on 31.03.2020 to the Directors in advance to facilitate them and to
Mr. Omprakash Anandilal Bubna, Non-Executive ensure their active participation at the Meetings of the
Independent director holds 23,000 Equity Shares and Company.
42
02-17 18-71 72-124
Agenda papers containing all necessary information / Compliance report in respect of applicable laws are
documents are made available to the Board in advance reviewed by the Board periodically.
to enable the Board to take informed decisions and
to discharge its functions effectively. Where it is not The performance evaluation of the Independent
practicable to attach the relevant information as a part Directors has been carried out by the entire Board of
of agenda papers, the same are tabled at the Meeting of Directors to its satisfaction. In the above evaluation
the Board. process the Directors, who were subjected to evaluation
did not participate.
The information as specified in Regulation 17(7) of
the Listing Regulations is regularly made available to Obligations of Independent Directors:
the Board, whenever applicable, for discussion and As mandated by Regulation 25 of the Listing Regulations,
consideration. the Independent Directors on the Company’s Board held
a meeting on January 25, 2020, without the presence
During the year 2019-20, the Board met 5 (Five) times. of Non-Independent Directors and Members of the
Details of these Meetings are as follows:- management to:
Sr. No Date of Board Meeting (a) review the performance of non-independent
1. 29/05/2019 directors and the board of directors as a whole;
2. 19/07/2019
(b) review the performance of the chairperson of
3. 27/09/2019
the listed entity, taking into account the views of
4. 21/10/2019
executive directors and non-executive directors;
5. 25/01/2020
(c) assess the quality, quantity and timeliness of flow of
The Company has held at least one Board meeting in information between the management of the listed
every three months. The maximum gap between any entity and the Board of Directors that is necessary for
two meetings was less than 120 days, as stipulated in the Board of Directors to effectively and reasonably
Regulation 17 (2) of the Listing Regulations. perform their duties.
As mandated by Regulation 26 of Listing Regulations, Accordingly, the performance evaluation of the
none of the Directors are members of more than 10 Chairperson and the Non-Independent Directors was
Board level committees, nor are they Chairpersons of carried out by the Independent Directors. The Board
more than 5 committees in which they are members of of Directors expressed their satisfaction with the
such committees. evaluation process.
The Board has an effective post meeting follow up Familiarisation Programme for Independent Directors:
procedure. The Action taken report on the decisions The details of familiarization programme for
taken in a meeting is placed at the immediately Independent Directors is disclosed on the website of
succeeding meeting for information of the Board. The the Company i.e. www.bhageriagroup.com.
Chart or matrix setting out skills/expertise/competence of the Board of Directors:

Name of Director List of core Skills/Expertise/Competencies identified by the Board of Directors as required
in the context our Business and sector to function effectively and actually available with
the Board along with names of Directors who have such skills/expertise/competence
Planning Technical Finance/ Legal Administration Marketing/
Accounts / publicity
Taxation
Mr. Suresh Bhageria √ √ √
Mr. Vinod Bhageria √ √ √
Mr. Vikas Bhageria √ √ √ √
Mrs. Chandraprabha Bhageria √
Mr. Shashikant Tulsian √ √
Mr. Omprakash Anandilal Bubna √
Mr. Sandeep Singh √
Mr. Mukund Manohar Chitale √ √
Mr. Surendra Shriram Gupta √ √
Mr. Ganapati Dadasaheb Yadav √ √
43
Confirmation of Board for the independence of The terms of reference of the Audit Committee are as
Independent Directors: under:
In the Opinion of Board, the Independent Directors fulfil
the conditions specified in the Listing Regulations and • Oversight of the company’s financial reporting
are independent of the Management. process and the disclosure of its financial
information to ensure that the financial statement
Independent directors databank registration - is correct, sufficient and credible;
Pursuant to a notification dated October 22, 2019
issued by the Ministry of Corporate Affairs, all directors • Recommendation for appointment, remuneration
have completed the registration with the Independent and terms of appointment of Auditors of the
Directors Databank. Requisite disclosures have been Company;
received from the directors in this regard.
• Approval of payment to statutory auditors for any
Detailed reasons for the resignation of Independent other services rendered by the statutory auditors;
Director
• Reviewing, with the management, the annual
During the year 2019-20, Mr. Pradeepkumar Shankar
financial statements and auditor’s report thereon
Dalvi has resigned from the post of Independent
before submission to the board for approval, with
Director of the Company on January 25, 2020 due to
particular reference to:
his health problem and it has been confirmed by Mr.
Pradeepkumar Shankar Dalvi that there are no other a. Matters required to be included in the Director’s
material reasons other than those provided. Responsibility Statement to be included in the
Board’s report in terms of clause (c) of sub-
Committees of Board:
section 3 of section 134 of the Companies Act,
To focus effectively on the issues and ensure expedient
2013;
resolution of the diverse matters, the Board has
constituted a set of Committees of Directors with b. Changes, if any, in accounting policies and
specific terms of reference / scope. The committee practices and reasons for the same;
operates as empowered agents of the Board. The inputs
and details required for the decision is provided by the c. Major accounting entries involving estimates
operating managers. The Minutes of the Meeting of all based on the exercise of judgment by
Committees of the Board are placed before the Board management;
for discussions / noting.
d. Significant adjustments made in the financial
Details of the Committees of the Board and other related statements arising out of audit findings;
information are as follows:
e. Compliance with listing and other legal
requirements relating to financial statements;
3. Audit Committee:
The Company has a qualified and independent Audit f. Disclosure of any related party transactions;
Committee comprising of three Directors. The broad
g. Modified opinions in the draft audit report;
terms of reference of the Audit Committee are in
consonance with the provisions of Section 177 of the • Reviewing, with the management, the quarterly
Companies Act, 2013 (“the Act”) and Regulation 18 of financial statements before submission to the
the Listing Regulations. All the members have financial board for approval;
and accounting knowledge.
• Reviewing, with the management, the statement
The Committee acts as a link between the Management, of uses / application of funds raised through an
the Statutory Auditors and the Board of Directors of issue (public issue, rights issue, preferential issue,
the Company. The Committee focuses its attention on etc.), the statement of funds utilized for purposes
monitoring the financial reporting system within the other than those stated in the offer document /
Company, considering Quarterly & Annual Financial prospectus / notice and the report submitted by
Results of the Company and submitting its observations the monitoring agency monitoring the utilisation
to the Board of Directors before its adoption by the of proceeds of a public or rights issue, and making
Board, review of the internal audit report & internal appropriate recommendations to the Board to take
control system etc. up steps in this matter;
44
02-17 18-71 72-124
• Review and monitor the auditor’s independence • Management letters / letters of internal control
and performance, and effectiveness of audit weaknesses issued by the statutory auditors, if any;
process;
• Internal audit reports relating to internal control
• Approval or any subsequent modification of weaknesses, if any;
transactions of the company with related parties;
• Statement of deviations, if any; in terms of
• Scrutiny of inter-corporate loans and investments; Regulation 32(1) & 32(7) of the Listing Regulations;
• Valuation of undertakings or assets of the company, Head of the Finance and Accounts Department (CFO),
wherever it is necessary; representative of the Statutory Auditors and other
executives as are considered necessary, attend meetings
• Evaluation of internal financial controls and risk of the Audit Committee.
management systems;
The Committee met 4 times during the year on
• Reviewing, with the management, performance of 29/05/2019, 19/07/2019, 21/10/2019, 25/01/2020.
statutory and internal auditors, adequacy of the
internal control systems; Attendance record at the meetings of the Audit
Committee of Directors during Financial Year 2019–
• Reviewing the adequacy of internal audit functions; 2020:
• Discussion with internal auditors of any significant The names of members of committee and their
findings and follow up there on; attendance are as follows:
• Reviewing the findings of any internal investigations
Name of the Members Status No. of
by the internal auditors into matters where there
Meetings
is suspected fraud or irregularity or a failure of
Attended
internal control systems of a material nature and
reporting the matter to the board; *Mr. Shashikant Tulsian Chairperson 4
**Mr. Mukund Manohar Member 1
• Discussion with statutory auditors before the audit Chitale
commences, about the nature and scope of audit as *** Mr. Surendra Shriram Member 1
well as post-audit discussion to ascertain any area Gupta
of concern; ****Mr. Omprakash Member 3
Anandilal Bubna
• To look into the reasons for substantial defaults in *****Mr. Vinod Bhageria Member 3
the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared *Mr. Shashikant Tulsian appointed as chairperson on October 21,2019.
dividends) and creditors; **Mr. Mukund Manohar Chitale appointed as a member of the
Committee on October 21, 2019.
• To review the functioning of the Whistle Blower ***Mr. Surendra Shriram Gupta appointed as a member of the Committee
on October 21,2019.
mechanism;
****Mr. Omprakash Anandilal Bubna ceased to be a member of the
Committee on October 21,2019.
• Approval of appointment of CFO (i.e., the whole-
*****Mr. Vinod Bhageria ceased to be a member of the Committee on
time Finance Director or any other person heading October 21,2019.
the finance function or discharging that function)
after assessing the qualifications, experience and During the year 2019-20, the Audit Committee was
background, etc. of the candidate; reconstituted on October 21, 2019
• Carrying out any other function as is mentioned in Mr. Shashikant Tulsian, Chairperson of the Audit
the terms of reference of the Audit Committee; Committee attended the Annual General Meeting
held on August 31, 2019 to address the shareholder’s
• Management discussion and analysis of financial queries.
condition and results of operations;
Mr. Ketan Gaur acts as a Secretary of the Committee.
• Statement of significant related party transactions
(as defined by the Audit Committee), submitted by
management, if any;
45
4. Nomination and Remuneration Committee: salary, perquisite and commission to be paid to the
The Company is having “Nomination and Remuneration Company’s Executive Directors on an annual basis
Committee” constituted in accordance with Section 178 or as may be permissible by laws applicable;
of Companies Act, 2013 and Regulation 19 of the Listing
Regulations. The Committee comprises of Mr. Surendra - To decide whether to extend or continue the term
Shriram Gupta, Independent Director as Chairperson, of appointment of the independent director, on the
Mr. Shashikant Tulsian and Mr. Sandeep Singh as Members. basis of the report of performance evaluation of
independent directors;
The Committee met 2 times during the year on
29/05/2019 and 21/10/2019. - Recommend to the Board, the Sitting Fees payable
for attending the meetings of the Board/Committee
During the year 2019-20, the attendance of the thereof, and, any other benefits such as Commission,
Nomination and Remuneration Committee is given if any, payable to the Non- Executive Directors;
below:
- Setting the overall Remuneration Policy and other
Name of the Members Status No. of terms of employment of Directors, wherever
Meetings required;
Attended
- To recommend to the board, all remuneration, in
*Mr. Surendra Shriram Chairperson 1 whatever form, payable to senior management;
Gupta
**Mr. Shashikant Tulsian Member 0 Policy Relating To Remuneration of Directors, KMP &
Mr. Sandeep Singh Member 2 Senior Management Personnel:
***Mr. Omprakash Chairperson 2
- To ensure that the level and components of
Anandilal Bubna
remuneration is reasonable and sufficient to
*Mr.Surendra Shriram Gupta appointed as a Chairperson on October 21, attract, retain and motivate Directors, KMP and
2019
other employees of the quality required to run the
**Mr. Shahikant Tulsian appointed as a Member on October 21,2019
Company successfully;
***Mr. Omprakash Anandilal Bubna ceased to be Chairperson on
October 21, 2019.
- No director/KMP/ other employee is involved in
During the year 2019-20, the Nomination & deciding his or her own remuneration;
Remuneration Committee was reconstituted on October
- The trend prevalent in the similar industry, nature
21, 2019.
and size of business is kept in view and given due
Terms of Reference of the Nomination & Remuneration weightage to arrive at a competitive quantum of
Committee, inter-alia are as follows: remuneration;
- Formulate the criteria for determining qualifications, - It is to be ensured that relationship of remuneration
positive attributes and independence of a director to the performance is clear & meets appropriate
and recommend to the Board a policy, relating to performance benchmarks which are unambiguously
the remuneration for the directors, key managerial laid down and communicated;
personnel and other employees;
- Improved performance should be rewarded by
- Formulation of criteria for evaluation of Independent increase in remuneration and suitable authority for
Directors and the Board; value addition in future;
- Devising a policy on the Board diversity; - Remuneration packages should strike a balance
between fixed and incentive pay, where applicable,
- Identify persons who are qualified to become reflecting short and long term performance
directors and who may be appointed in senior objectives appropriate to the Company’s working
management in accordance with the criteria and goals;
laid down, and recommend to the Board their
appointment and removal. Removal should be - Following criteria are also to be considered: -
strictly in terms of the applicable law/s and in
• Responsibilities and duties;
compliance of principles of natural justice;
• Time & efforts devoted;
- Recommend to the Board, remuneration including
46
02-17 18-71 72-124
• Value addition; The performance of Independent Directors was

evaluated on the following criteria:
• Profitability of the Company & growth of its
business; • Fulfills criteria of independence as prescribed;
• Analyzing each and every position and skills for • Knowledge, Competency and Initiative in
fixing the remuneration yardstick; various areas;
• Standards for certain functions where there is a • Ability to understand and fulfilment of
scarcity of qualified resources; functions;
• Ensuring tax efficient remuneration structures; • Commitment and Contribution of the
• Ensuring that remuneration structure is simple Independent Directors;
and that the Cost to the Company (CTC) is not • Availability/attendance at Board Meetings;
shown inflated and the effective take home
remuneration is not low; • Independence, Integrity and Judgement of the
Independent Directors.
• Other criteria as may be applicable;
- Consistent application of remuneration parameters 5. Remuneration of Directors:

across the organization; The Company pays remuneration to its Chairperson,
Managing Director & Whole-time Directors by way
- Provisions of law with regard making payment of of Salary, perquisites, allowances, commission etc.
remuneration, as may be applicable, are complied; Salary is paid within the range as approved by the
Shareholders. The Board approves all the revisions in
- Whenever, there is any deviation from the Policy,
salary, perquisites, allowances and commission subject
the justification /reasons should also be indicated
to the overall ceiling prescribed by Section 197 and 198
/ disclosed adequately;
of the Act. The Non-Executive Independent Directors
Performance evaluation criteria for independent have not been paid any remuneration except sitting
directors fees during the financial year 2019-20.
Given below are the details of remuneration paid to Directors during the financial year 2019-20:
(H in Lakhs)
Name of Director Designation Salary Sitting fees Commission Total
Remuneration
Mr. Suresh Bhageria Chairman (Executive) 36.00 - 104.00 140.00
Mr Vinod Bhageria Managing Director 10.53 - - 10.53
Mr. Vikas Bhageria Jt. Managing Director 66.00 - 54.00 120.00
(WTD)
Mrs Chandraprabha Bhageria Executive Director 17.00 - 28.00 45.00
Mr. Omprakash Anandilal Bubna Non-Executive - 2.00 - 2.00
Independent Director
Mr. Pradeepkumar Shankar Dalvi Non-Executive - 1.50 - 1.50
Mr. Surendra Shriram Gupta Non-Executive - 2.00 - 2.00
Mr. Sandeep Singh Non-Executive - 2.00 - 2.00
Mr. Shashikant Tulsian Non-Executive - 2.00 - 2.00
Mr. Mukund Manohar Chitale Non-Executive - 2.00 2.00
Mr. Ganapati Dadasaheb Yadav Non-Executive - 0.50 - 0.50
47
No single non-executive director is paid remuneration The following table shows the nature of complaints received from the
shareholders during the year 2019-20.
exceeding fifty percent of the total annual remuneration
paid to all the non-executive directors during the
Nature of complaints No. of No. of
financial year 2019-20.
complaints complaints
The Company does not have any stock option plans received resolved
and hence such instrument does not form part of during the during the
the remuneration package payable to any Executive year 2019-20 year 2019-20
Director and / or Non-Executive Director. Non receipt of Shares / 8 8
Dividend/Bonus/Rights
During the period under review, none of the directors
Delay in Transfer of 3 3
were paid any performance linked incentive.
shares
Total 11 11
6. Stakeholders Relationship Committee:
The Company is having a ‘Stakeholders Relationship There were no complaints pending as on March 31,
Committee’ in accordance with the provisions of 2020.
section 178 of the Act and Regulation 20 of the Corporate Social Responsibility Committee:
Listing Regulations. The Committee shall specifically The Company is having a ‘Corporate Social Responsibility
look into the mechanism of redressal of grievances of Committee’ in accordance with the provisions of section
shareholders & other security holders pertaining to 135 of the Act. The Committee meets as and when
transfer of shares, non-receipt of declared dividends, required. The Committee recommends to the Board
non-receipt of Annual Report, issues concerning de- activities, programs, projects to be undertaken by the
materialization etc. company as specified in Schedule VII of the Act. The
The Stakeholders Relationship Committee of the activities / programmes undertaken by the Company
Company comprises of three Directors and Mr. Ketan and the amount spent by the Company are given
Gaur is the Company Secretary & Compliance Officer of in the Annexure to the Directors Report. This policy
the Company. can be accessed from the Company’s website www.
bhageriagroup.com.
The Company has designated the e-mail ID info@
bhageriagroup.com exclusively for the purpose of The Committee met once during the year on
registering complaint by investors electronically. This May 29, 2019
e-mail ID is displayed on the Company’s website i.e. The Composition of CSR committee is as under:
www.bhageriagroup.com
Name of the Members Designation
The Committee met 4 times during the year on 29/05/2019,
19/07/2019, 21/10/2019 and 25/01/2020. Mr. Surendra Shriram Gupta Chairperson
Mrs. Chandraprabha Bhageria Member
During the year 2019-20, the attendance of the Mr. Vinod Bhageria Member
Stakeholders Committee is given below:
Other Policies Mandated Under Listing Regulations:
Name of the Members Designation No. of
• Archival Policy- In Compliance with Regulation
Meetings
30(8) of Listing Regulations, the Company shall
Attended
disclose on its website all such events, information
*Mr. Shashikant Tulsian Chairperson 1 which has been disclosed to the Stock Exchange(s)
Mr. Surendra Shriram Gupta Member 3 under Regulations 30. Such disclosures shall be
Mr. Suresh Bhageria Member 4 posted on website of the Company for minimum
**Mr. Omprakash Anandilal Chairperson 3 five years and thereafter determine further action
Bubna as per the archival policy of the Company. This
*Mr. Shashikant Tulsian appointed as a Chairperson on October 21,2019. policy can be accessed from the Company’s website
**Mr. Omprakash Anandilal Bubna ceased to be a Chairperson of the -www.bhageriagroup.com.
Committee on October 21, 2019.
• Policy for Preservation of Documents-In Compliance
During the year 2019-20, the Board of Directors have reconstituted the with Regulation 9 of Listing Regulations, the Board
Stakeholders Relationship Committee on October 21, 2019. of Directors of the Company has adopted policy
on preservation of Documents. This policy for
48
02-17 18-71 72-124
preservation of Documents can be accessed from information. This Policy can be accessed from the
the Company’s website - www.bhageriagroup.com. Company’s website -www.bhageriagroup.com.
• Policy for Determining Materiality of Events- • Policy on Board Diversity- The Company recognizes
In Compliance with Regulations 30 of Listing and embraces the benefit of having a diverse Board
Regulations, the Board of Directors has adopted of Directors and views increasing diversity at the
a policy on Determining Materiality of Events Board level as an essential element in maintaining
or information. The objective of this policy is to competitive advantage in the Business in which
ensure timely and adequate disclosure of events or it operates. This Policy can be accessed from the
Company’s website - www.bhageriagroup.com.
7. General Body Meetings:

(a). Location and time, where last 3 AGM’s held:
The last three Annual General Meetings were held as under:

Financial Year Date Time Venue
31.03.2017 02.12.2017 11:30 A.M. Maher Banquet, Topiwala Centre Mall 2nd Floor off S. V. Road
Near Rly Stn., Goregaon (West), Mumbai – 400062.
(b). Whether any Special Resolution passed in previous 3 AGM’s:

Date of AGM Description of Special Resolution
02.12.2017 (i) Special Resolution under section 196, 197, 203 for the Appointment of Mrs. Chandraprabha
Bhageria as Whole-Time Director
(ii) Special Resolution under section 180(1)(c) of the Companies Act, 2013, for borrowing
Cash Credit facilities.
(iii) Special Resolution under section 180(1)(a) of the Companies Act, 2013 to create such
charges, mortgages and hypothecations.
21.07.2018 (i) Special Resolution under section 196, 197, 203 for the re-appointment of Mr. Suresh
Bhageria as Executive chairperson (Whole-Time Director) of the Company.
(ii) Special Resolution under section 196, 197, 203 for the re-appointment of Mr. Vinod
Bhageria as Managing Director of the Company.
(iii) Special Resolution under section 196, 197, 203 for the re-appointment of Mr. Vikas
Bhageria as Jt. Managing Director (Whole-Time Director) of the Company.
(iv) Special Resolution under section 149, 150, 152 for the re-appointment of Mr. Sandeep
Kumar Singh, Mr. Omprakash Anandilal Bubna, Dr. Shyam Agarwal, Mr. Pradipkumar
Shankar Dalvi, Mr. Surendra Shriram Gupta as Independent Director of the Company.
31.08.2019 (i) Special Resolution under section 196, 197, 203 for the re-appointment of
Mrs. Chandraprabha Bhageria as Whole-Time Director of the Company.
(ii) Special Resolution under section 149, 150, 152 for the re-appointment of Mr. Shashikant
Parmanand Tulsian as Independent Director of the Company.
(iii) Special Resolution for payment of Remuneration to Executive Directors who are promoters
or members of promoter group of the Company pursuant to Regulation 17(6)(e) (ii) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
(c) During the Year, no special resolution was passed through postal ballot. There is no special resolution proposed to
be conducted through postal ballot. But the Company has conducted Postal Ballot during the year for approving
Ordinary Resolutions. The Scrutinizers were M/s. GMJ & Associates, Company Secretaries.
(d) Whether any special resolution is proposed to be conducted through postal ballot: NO
49
8. Means of Communication: b) Financial Year: 2020-21 (Tentative)

*Financial reporting for the quarter ended June 30,
Quarterly results: Results are submitted to Stock
2020: 2nd week of August, 2020.
Exchanges electronically as
provided by the respective *Financial reporting for the quarter ended
exchange & published in September 30, 2020: 2nd week of November, 2020.
newspapers and uploaded on
the Company’s website. *Financial reporting for the quarter ended
December 31, 2020: 2nd week of February, 2021.
Newspapers wherein Business Standard & Mumbai *Financial reporting for the Year ended March 31,
results normally Tarun Bharat. 2021: Audited Results by end of May,2021.
published:
c) Dividend Payment Date: The Final Dividend, if
Any website, where www.bhageriagroup.com
approved, shall be paid/credited on and before
displayed:
September 28,2020.
Presentations made Investor presentations were
to institutional made on June 03, 2019 for the d) Listing On Stock Exchanges:
investors or to the quarter/year ended March 31, The Company’s Shares are listed on:
analysts: 2019, on July 25, 2019 for the
Quarter ended June 30, 2019, BSE Limited National Stock Exchange of
on November 13, 2019 for the India Limited
Quarter ended September 30, Listing Department Exchange Plaza,
2019 and on 03, February, 2020 P.J. Towers, 1st Floor, Bandra Kurla Complex,
for the quarter ended December Dalal Street, Fort, Bandra (E),
31, 2019 during the year. Mumbai – 400 001 Mumbai- 400 051
Payment of Listing Fees: The annual listing fees for

9. General Shareholders Information: the year 2020-21 has been paid.
a) Annual General Meeting - Date, Time and Venue
Annual General Meeting : 31st Annual General Meeting e) Stock Code:
BSE Limited, Mumbai
Day & Date : Saturday, 29 August, 2020 Scrip Name: BHAGERIA INDUSTRIES LIMITED
Time :
11.00 A.M. Scrip Code: 530803.
Venue : Through VC/OAVM, The
NSE Limited, Mumbai
venue of the 31st AGM shall
Scrip Name: BHAGERIA
be deemed to be the
Registered Office of the Depository Connectivity: NSDL and CDSL.
Company. ISIN No. for the Company’s Security: INE354C01027
f) Market price data :

High, Low during each month in last financial year on BSE Ltd:
Month Company’s Shares Closing
High (J) Low (J) Closing (J) BSE Sensex
April, 2019 288.65 256.65 259.00 39,031.55
May, 2019 298.00 227.00 270.05 39,714.20
June, 2019 284.00 242.00 251.75 39,394.64
July, 2019 276.95 100.05 107.50 37,481.12
August, 2019 112.00 95.00 104.30 37,332.79
September, 2019 135.10 97.10 107.30 38,667.33
October, 2019 115.00 101.70 109.85 40,129.05
November, 2019 115.30 93.95 97.60 40,793.81
December, 2019 133.75 88.35 116.50 41,253.74
January, 2020 125.00 104.90 113.65 40,723.49
February, 2020 154.55 110.65 125.05 38,297.29
March, 2020 137.00 66.00 76.95 29,468.49
Note: Price from July 17,2019 is Ex-bonus
50
02-17 18-71 72-124
High, Low during each month in last financial year on NSE Ltd :
Month Company’s Shares Closing
High (J) Low (J) Closing (J) NSE Nifty50
April, 2019 289.70 257.10 259.15 11,748.15
May, 2019 290.00 221.15 271.10 11,922.80
June, 2019 280.00 241.35 253.85 11,788.85
July, 2019 278.35 100.10 107.75 11,118.00
August, 2019 114.85 97.00 102.35 11,023.25
September, 2019 135.65 96.05 108.00 11,474.45
October, 2019 116.00 100.80 110.25 11,877.45
November, 2019 116.90 95.25 97.20 12,056.05
December, 2019 133.00 88.05 116.85 12,168.45
January, 2020 125.50 102.00 113.75 11,962.10
February, 2020 154.95 110.00 124.60 11,201.75
March, 2020 143.30 64.95 75.65 8,281.10
Note: Price from July 17, 2019 is Ex-Bonus.
g) Performance in comparison to broad-based indices such as BSE and NSE etc.
BSE INDEX & MOVEMENT OF SCRIPT

45000 300.00
40000
250.00
35000
SCRIPT VALUE
BSE INDEX
30000 200.00
25000
150.00
20000
15000 100.00
10000
50.00
5000
0 -
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19
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APRIL-19 TO MARCH-20
BSE SCRIPT
Adjusted for 1:1 Bonus. The share has been trading ex-bonus on the exchanges w.e.f July 17, 2019.
NSE INDEX & MOVEMENT OF SCRIPT

14,000.00 300.00
12,000.00 250.00
NSE INDEX
SCRIPT VALUE
10,000.00
200.00
8,000.00
150.00
6,000.00
100.00
4,000.00
2,000.00 50.00
- -
9
19
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APRIL-19 TO MARCH-20
NSE SCRIPT
Adjusted for 1:1 Bonus. The share has been trading ex-bonus on the exchanges w.e.f July 17, 2019.
51
h) In case the securities are suspended from trading, j) Share Transfer Systems:
the directors report shall explain the reason RTA of the Company does verify documents, process
thereof : Not Applicable and effect transfer of shares transfer request
received at the office of the Company/RTA. In terms
i)
Registrar and Share Transfer Agents: of Regulation 40(1) of SEBI Listing Regulations,
SHAREX DYNAMIC [INDIA] PRIVATE LIMITED as amended, securities can be transferred only in
[Unit: BHAGERIA INDUSTRIES LIMITED] dematerialized form w.e.f. April 1, 2019, except
C 101, 247 Park, LBS Marg, Vikhroli West, in case of request received for transmission or
Mumbai-400083. transposition of securities. Members holding
Tel: 022 2851 5606 / 2851 5644 shares in physical form are requested to consider
Email: support@sharexindia.com converting their holdings to dematerialized form.
k) Distribution of Shareholding :
Shareholding Pattern as on March 31, 2020:
Category No. of shares held % of shareholding

A) Promoter and Promoter Group 30762376 70.48
B) Public shareholding
B1) Institutions
Mutual funds 12300 0.02
Bank/Financial Institutions 12636 0.02
Foreign Portfolio Investors 42244 0.10
B2) Non-Institutions
Individual share capital upto H2 Lakhs 5318241 12.19
Individual share capital in excess of H 2 lakhs 1098640 2.52
B3) Any other
Trust 432 0.00
Clearing Members 125283 0.29
IEPF 309400 0.71
Non-Resident Indian(NRI) 486847 1.12
HUF 537329 1.23
Bodies Corporate 4938452 11.32
Total (A+B) 43644180 100.00
Distribution of Shareholding as on March 31, 2020:

No. of Equity Shares held No. of No. of Shares held % of Equity
Shareholders Capital
Upto 100 4584 201710 0.46
101 to 200 1724 306203 0.71
201 to 500 2172 813865 1.87
501-1000 941 732210 1.68
1001-5000 909 1962187 4.49
5001-10000 130 967828 2.21
10001 - 100000 100 2403237 5.51
100001 & above 33 36256940 83.07
Total 10593 43644180 100.000
52
02-17 18-71 72-124
l) Dematerialisation of Shares & Liquidity: 2) 1 MWP Rooftop Solar Power Plant with Asahi
As on March 31, 2020, 4,30,39,351 shares India Glass Limited situated at Plot No.F-76
representing 98.61 % of total equity shares were to 81, SIPCOT Industrial Part, Irungattukottai,
held in dematerialized form with NSDL and CDSL. Sriperumbudur, District – Kancheepuram, Tamil
The 100% shareholding of Promoters & Promoters Nadu – 602 117.
Group is in dematerialised form in compliance with
Regulation 31(2) of the Listing Regulations. 3) 480 KWP Rooftop Solar Power Plant with TRIL
Infopark Limited situated at Ramanujan IT City,
Liquidity: Rajiv Gandhi Salai (OMR), Taramani, Chennai –
Average Monthly Trading of the Company’s Shares 600 113.
on BSE and NSE
4) 100 MWP Rooftop Solar Power Plant
Particulars BSE NSE with Dr.Hedgewar Hospital situated at
GarkhedaParisar, Near Gajanand Temple,
Number of Trades 4372 30191
Aurangabad – 431 005.
Number of Shares 95322 4241967
5) 30 MW Solar Power Plant at Ahmednagar,
m) Outstanding GDR’s /ADR’s / Warrants or any
Maharashtra.
Convertible instruments, conversion date and
likely impact on equity :NOT APPLICABLE 6) 1001.7 KWP Rooftop Solar power Plant with
Kajaria Ceramics limited situated at 19 Km
n) Commodity price risk or foreign exchange risk and
stone, Village Gailpur, Bhiwandi-Alwar Road, PO
hedging activities –
Tapukara, Dt. Alwar (Raj)-301707.
Market driven. For detailed information on foreign
exchange risk and hedging activities, please refer to 7) 1.1 MWP Ground Mounted Solar Plant situated
notes to Financial Statements. at Andur, taluka Tuljapur District Osmanabad
for captive consumption for Tarapur Plant.
o) Plant Locations :
Chemical Plants- p) Address for Correspondence :
(i) Dyes & Dyes Intermediates - Plot No. 6310, IV
Phase, GIDC Industrial Estate, Vapi, Gujarat - BHAGERIA INDUSTRIES LIMITED
396 195. Office No. 1002, 10th Floor, Topiwala Centre, Off S.
V. Road, Goregaon [West], Mumbai – 400 062.
(ii) Plot No. D-17, MIDC Tarapur Boisar Industrial E-mail : info@bhageriagroup.com
Area Boisar, Palghar – 401506. Telephone No. 40436666
Solar Power Plant –
1) 1.20 MWP Rooftop Solar Power Plant with Lucas
TVS Limited situated at Padi, Chennai-600 050,
India.
q) List of all Credit rating list of all credit ratings obtained by the Company along with any revisions thereto during
the financial year-
CARE Ratings Ltd. (CARE) has reviewed and given the ratings as under:
Facilities Amount (in Crore) Rating Rating Action

Long-term Fund Based Bank Facilities (Term loan) - - Withdrawn*
Long-term/Short-term Bank Facilities 76.00 CARE A:Stable/ Revised and
(Reduced from CARE A1 reclassified from
79.00 crore) (Single A; Outlook : CARE A2+
Stable /AOne) to CARE A; Stable/
CARE A1
Total Facilities 76.00
(Rupees Seventy
Six crore only)
*the Long Term ratings assigned to Term Loan facilities have been withdrawn, as the loans are repaid in full and no-due was submitted by the
Company.
53
10. Other Disclosures: no audit modified opinions in the company’s

a) Disclosures on materially significant related party financial statement for the year under review.
transactions that may have potential conflict with
the interests of listed entity at large: D. Separate posts of Chairperson and CEO : The
Company is already having separate posts for
There have been no materially significant related Chairperson/CEO and Managing Director / Jt.
party transactions, monetary transactions or Managing Director
relationships between the Company and its
directors, the Management, or relatives. None of E. Reporting of Internal Auditor: The Internal
the transactions with any of the related parties Auditor is directly reporting to Audit Committee
were in conflict with the interests of the Company. e) web link where policy for determining ‘material’
b) Details of non-compliance by the listed entity, subsidiaries is disclosed: Not Applicable
penalties, strictures imposed on the listed entity f) web link where policy on dealing with related party
by stock exchange(s) or the board or any statutory transactions: www.bhageriagroup.com
authority, on any matter related to capital markets,
during the last three years; g) disclosure of commodity price risks and commodity
hedging activities: Market Driven
During the year 2019-20, Company has paid penalty
of H 20,000/- each to both stock exchange in respect h) Details of utilization of funds raised through
of Non-Compliance 295(1) of the SEBI (Issue of preferential allotment or qualified institutions
Capital and Disclosure Requirements) Regulations, placement as specified under Regulation 32 (7A):
2018 for one day delay in credit of bonus shares.
The Company has not raised any fund through
c) Details of establishment of vigil mechanism, whistle Preferential Allotment or Qualified Institutions
blower policy, and affirmation that no personnel Placement as specified under regulation 32 (7A)
has been denied access to the audit committee; of the Listing Regulations, during the financial year
ended March 31, 2020.
Pursuant to Section 177 (9) of the Act and Regulation
22 of the Listing Regulations the Company has i) a certificate from Replace with GMJ & Associates,
adopted a Vigil Mechanism / Whistle Blower Company Secretaries has been obtained and
Policy. The Company believes in professionalism, certifying that none of the directors on the board
transparency, integrity and ethical behaviour and of the company have been debarred or disqualified
had thus established a ‘Whistle Blower Policy’ to from being appointed or continuing as directors of
facilitate employees to report concerns of any companies by the Securities and Exchange Board
unethical behaviour, actual or suspected fraud of India/Ministry of Corporate Affairs or any such
or violation of the Company’s code of conduct or statutory authority.
ethics policy. No person has been denied access to
the Audit Committee. j) where the board had not accepted any
recommendation of any committee of the board
d) Details of compliance with mandatory requirements which is mandatorily required, in the relevant
and adoption of the non-mandatory requirements; financial year, the same to be disclosed along with
reasons thereof: Not Applicable
The Company has complied with all mandatory
requirements of Listing Regulations and has k) Total fees for all services paid by the Company, on a
implemented the following non mandatory consolidated basis, to the statutory auditor and all
requirements: entities in the network firm/network entity of which
the statutory auditor is a part: as per Note no. 34(a)
A. The Board: Not Applicable since the Company of financials.
has an Executive Chairperson.
l) Disclosures in relation to the Sexual Harassment of
B. Shareholders Rights: Presently the company is Women at Workplace (Prevention, Prohibition and
not sending half yearly communication. Redressal) Act, 2013:
C. Modified opinion(s) in the Audit Report: It is a. number of complaints filed during the financial
always the company’s endeavour to present year-Nil
unqualified financial statements. There are
54
02-17 18-71 72-124
b. number of complaints disposed off during the of the Company. The members of the Board and
financial year-Nil Senior Management of the Company have submitted
their affirmation on compliance with the code for the
c. number of complaints pending as on end of the effective period. The Declaration by the Chairperson to
financial year-Nil that effect forms part of this Report.
11. Non Compliance of any requirement of Corporate 15. CEO Certification:

Governance Report of sub-paras (2) To (10) As required under Regulation 17(8) of Listing
of para C of Corporate Governance Report of Regulations, a Certificate duly signed by Mr. Suresh
Schedule V Annual Report of Listing Regulations: Bhageria, Chairperson has been obtained. The
NONE Certificate is annexed to this Report.
12.
Disclosure to the extent to which the 16. Auditors’ Certificate on Corporate Governance:
discretionary requirements as specified in Part E The Company has obtained a Certificate from Auditors of
of Schedule II have been adopted: the Company regarding compliance with the provisions
As Per Details Given Under The Heading “Other relating to the corporate governance laid down in the
Disclosures”, Sub point (d) – Non Mandatory Listing Regulations. This Certificate is annexed to the
Requirements. Report.
13. Disclosures of the Compliance with Corporate 17. Declaration:

Governance requirements specified in All the members of the Board and senior Management
Regulation 17 to 27 and Clauses (b) to (I) of sub- Personnel of the Company have affirmed due
regulation (2) of Regulation 46 shall be made observation of the code of the conduct, framed pursuant
in the Section on Corporate Governance of the to Regulation 26(3) of Listing Regulations with Stock
Annual Report: Exchange is so far as it is applicable to them.
Company has complied with the Corporate Governance
Requirements specified in Regulation 17 to 27 and in
accordance with Regulation 46(2) of Listing Regulations,
required information has been hosted on the Company’s
website www.bhageriagroup.com.
Off S. V. Road,
14. Code of Conduct: Goregaon [West], SURESH BHAGERIA
The Company has adopted a Code of Conduct for the Mumbai -400062. CHAIRPERSON
Directors, Senior Management Personnel and Employees Date: June 26, 2020. (DIN: 00540285)
55
CEO CERTIFICATION
The Board of Directors
Bhageria Industries Limited,
Mumbai
Re: Financial Statements for the year 2019-20 – Certification by CEO
I, Suresh Bhageria, Chairperson of Bhageria Industries Ltd., hereby certify that:
(A) We have reviewed Financial Statements and the Cash Flow Statement for the year ended March 31,2020 and that to the
best of our knowledge and belief:
(1) These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading.
(2) These statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
(B) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year, which
are fraudulent, illegal or violating the Company’s code of conduct.
(C) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of the internal control systems of the Company pertaining to financial reporting and we have
disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of internal controls, if any, of
which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
(D) We have indicated to the Auditors and the Audit Committee that:
(1) There have been no significant changes in internal control over financial reporting during the year;
(2). There have been no significant changes in accounting policies during the year; and
(3). There have been no instances of significant fraud of which we have become aware and the involvement therein,
if any, of the management or an employee having a significant role in the Company’s internal control system over
financial reporting.
Suresh Bhageria
Place: Mumbai Chairperson
Date: June 26, 2020. (DIN: 00540285)
56
02-17 18-71 72-124
AUDITORS’ CERTIFICATE
To
The Members,
BHAGERIA INDUSTRIES LIMITED,
We have examined the compliance of conditions of Corporate Governance by BHAGERIA INDUSTRIES LIMITED, for the year
ended on March 31, 2020, as stipulated in SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 of the
said Company with Stock Exchange.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited
to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the
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 as stipulated in SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015.
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 MRB &Associates

Chartered Accountants
ICAI Firm Registration number -136306W
Manish R Bohra
Partner
Place: Mumbai. Membership No-058431
Date: June 26, 2020. UDIN: 20058431AAAACR6437
57
CERTIFICATE OF NON-DISQUALIFICATION OF
DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (LODR) Regulations,2015)
To,
Goregaon (West),
Mumbai – 400062.
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Bhageria
Industries Limited having L40300MH1989PLC052574 and having registered office at Office No. 1002, 10th Floor, Topiwala
Centre, Off S.V. Road, Goregaon (West), Mumbai – 400062 (hereinafter referred to as ‘the Company’), produced before us by
the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para - C
Sub-clause 10(i) of the SEBI (LODR) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its
officers. We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year
ending on March 31, 2020 have been debarred or disqualified from being appointed or continuing as Directors of companies
by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. Name of Director DIN Date of Appointment in Company

No.
1. S. P. Tulsian 00018156 09/08/2014
2. Mukund Chitale 00101004 25/03/2019
3. Suresh Bhageria 00540285 21/12/1994
4. Vinod Bhageria 00540308 12/07/1989
5. Omprakash Bubna 00541174 12/07/1989
6. S. S. Gupta 01147494 11/08/2011
7. Chandraprabha Bhageria 01444875 10/05/2014
8. Ganapathi Yadav 02235661 21/10/2019
9. Sandeep Singh Kumar 02814440 09/11/2013
10. Vikas Bhageria 02976966 02/03/2015
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.
For GMJ & Associates

Company Secretaries
Sd/-
[SONIA CHETTIAR]
PARTNER
Place: Mumbai ACS: 27582 COP: 10130
Date: June 26, 2020. UDIN A027582B000387953
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02-17 18-71 72-124
BUSINESS RESPONSIBILITY REPORT

The Directors present the Business Responsibility Report of the Company for the financial year ended on 31st March,
2020, pursuant to Regulation 34(2)(f ) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”).
Section A: General Information about the Company
1 Corporate Identity Number (CIN) of the Company: L40300MH1989PLC052574

2 Name of the Company: Bhageria Industries Limited
3 Registered address: Office No. 1002, 10th Floor, Topiwala Centre, Off S.V. Road,
Goregaon (West), Mumbai - 400062
4 Website: www.bhageriagroup.com
5 E-mail: info@bhageriagroup.com
6 Financial Year reported: 2019-2020
7 Sector(s) that the Company is engaged in (industrial Manufacturing of Organic Chemicals (20119)
activity code-wise): Generation of Solar Power (35105)
8 List three key products/services that the Company a) H Acid
manufactures/provides (as in balance sheet): b) Vinyl Sulphone
c) Gamma Acid
9 Total number of locations where business activity is The Company’s businesses and operations are spread
undertaken by the Company: across the country. Details of plant locations operated by
the Company, are provided in the section ‘Shareholder
Information’, in the Corporate Governance Report
10 Markets served by the Company: Local/State/National/ All
International:
Section B: Financial Details of the Company
1 Paid up Capital as on 31.3.2020 2182.20 (H In Lakhs)

2 Total Turnover: 41927.87 (H in Lakhs)
3 Total profit after taxes: 6581.42 (H in Lakhs)
4 Total Spending on Corporate Social Responsibility 184.29 (H in Lakhs)
(CSR):
Percentage of profit after tax (%): 2.80%
List of CSR activities in which expenditure has been incurred:
1. Promotion of Education.
2. Rural development.
3. Eradicating Hunger, Poverty and Malnutrition.
For more details, please refer Annexure A to Director’s report.
Section C: Other Details
1 Does the Company have any Subsidiary Company/ Companies? NO

2 Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If NA
yes, then indicate the number of such subsidiary company(s).
3 Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, NO
participate in the BR initiatives of the Company? If yes, then indicate the percentage of such
entity/entities? [Less than 30%, 30-60%, More than 60%]:
59
Section D: BR Information
1. Details of Director/Directors responsible for BR.
(a) Details of the Director/Director responsible for implementation of the BR policy/policies:

1. DIN Number: 00540285
2. Name: Suresh Kehavdeo Bhageria
3. Designation: Chairperson
(b) Details of the BR head

No. Particulars Details
1 DIN Number (if applicable) 00540285
2 Name Suresh Kehavdeo Bhageria
3 Designation Chairperson
4 Telephone number 022-40436631
5 e-mail id suresh@bhagerigroup.com
2. Principle-wise (as per NVGs) BR Policy/policies
(a) Details of compliance (Reply in Y/N)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy/ policies for.... Y Y Y Y Y Y Y Y Y
2 Has the policy being formulated in consultation with The Company engages with the relevant stakeholders
the relevant stakeholders? from time to time, their concerns are noted and
discussed internally which helps in our policies.
3 Does the policy conform to any national/ international This Policy is based on principles laid down in the
standards? If yes, specify? (50 words) National Voluntary Guidelines on Social, Environmental
and Economic responsibilities of a Business published
by the Ministry of Corporate Affairs, towards conducting
business by a company.
4 Has the policy been approved by the Board? Y Y Y Y Y Y Y Y Y
Is yes, has it been signed by MD/ owner/ CEO/
appropriate Board Director?
5 Does the company have a specified committee of the Y Y Y Y Y Y Y Y Y
Board/ Director/ Official to oversee the implementation
of the policy?
6 Indicate the link for the policy to be viewed online? www.bhageriagroup.com
7 Has the policy been formally Communicated to all The policy has been communicated to company’s
relevant internal and external stakeholders? relevant internal stakeholders. Company continues to
explore other formal ways to communicate the policies
with all relevant stakeholders.
8 Does the company have in-house Y Y Y Y Y Y Y Y Y
Structure to implement the policy/ policies.
9 Does the Company have a grievance redressal Y Y Y Y Y Y Y Y Y
mechanism related to the policy/ policies to address
stakeholders’ grievances related to the policy/ policies?
10 Has the company carried out independent audit/ The company is working on developing and improving
evaluation of the working of this policy by an internal its system for evaluating the implementation of policy
or external agency? internally.
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(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2options)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The company has not understood the Principles - - - - - - - - -
2 The company is not at a stage where it finds itself in a - - - - - - - - -
position to formulate and implement the policies on
specified principles
3 The company does not have financial or manpower - - - - - - - - -
resources available for the task
4 It is planned to be done within next 6 Months - - - - - - - - -
5 It is planned to be done within the next 1 year - - - - - - - - -
6 Any other reason (please specify) - - - - - - - - -
3. Governance related to BR
(a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR
performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year
This being the first Business Responsibility Report, there is no defined frequency. However, the BRR will be reviewed
on an annual basis.
(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How
frequently it is published?
This being the first Business Responsibility Report of the Company, the Company proposes to publish it annually.
Section E: Principle-Wise Performance responsible corporate body, BIL is particular about its
financial and other disclosures on an ongoing basis in a
Principle 1: Businesses should conduct and govern transparent and truthful manner.
themselves with Ethics, Transparency and Accountability
Principle 2: Businesses should provide goods and services
1. Does the policy relating to ethics, bribery and that are safe and contribute to sustainability throughout
corruption cover only the company? Yes/ No. Does their life cycle
it extend to the Group/Joint Ventures/ Suppliers/
Contractors/NGOs/Others? 1. List up to 3 of your products or services whose design
The Company is committed to conducting its business has incorporated social or environmental concerns,
in accordance with the applicable laws, rules and risks and/or opportunities.
regulations and with highest standards of business (a) Sulphuric Acid.
ethics. The Company has adopted code of conduct to
promote ethical conduct and to deter wrongdoing so (b) Dye Intermediates.
as to protect the best interest of the company and its (c) Generation of Solar Power.
stakeholders.
2. For each such product, provide the following details in
2. How many stakeholder complaints have been received respect of resource use (energy, water, raw material
in the past financial year and what percentage was etc.) per unit of product (optional):
satisfactorily resolved by the management? If so,
(a)
Reduction during sourcing/production/
provide details thereof, in about 50 words or so.
distribution achieved since the previous year
During the reporting period, 11 complaints were throughout the value chain?
received from the shareholders and all the complaints
We are amongst the dyes intermediates
were satisfactorily resolved. Details are given in
manufacturing companies to have processes that
corporate governance report.
ensure minimum waste generated per unit, treat
The Whistle Blower Policy is in place to facilitate wastes to permissible limits before disposal. Waste
employees to report concerns of any unethical water treatment and reused, recycle in process plant
behaviour, actual or suspected fraud or violation of & achieved Zero liquid discharge to Environment.
the Company’s code of conduct or ethics policy. As a
61
(b) Reduction during usage by consumers (energy, Principle 3: Businesses should promote the wellbeing of
water) has been achieved since the previous year? all employees
Water Intake curtailed by 30% as per directive of
1. Please indicate the Total number of employees:295
NGT by reuse/recycle of treated effluent.
2. Please indicate the Total number of employees hired
3. Does the company have procedures in place for on temporary/contractual/casual basis:232
sustainable sourcing (including transportation)?
3. Please indicate the Number of permanent women
(a) If yes, what percentage of your inputs was sourced
employees:29
sustainably? Also, provide details thereof, in about
50 words or so. 4. Please indicate the Number of permanent employees
Yes, Company has installed in-house manufacturing with disabilities: NIL
facility for one of its key raw material i.e. Sulphuric 5. Do you have an employee association that is
Acid & its allied product Oleum 65% and 23%. recognized by management : No
This saves cost of purchase (including transportation 6. What percentage of your permanent employees is
cost), time, & also helps in reducing carbon footprint. members of this recognized employee association?
N.A.
4. Has the company taken any steps to procure goods
and services from local & small producers, including 7. Please indicate the Number of complaints relating to
communities surrounding their place of work? child labour, forced labour, involuntary labour, sexual
harassment in the last financial year and pending, as
(a) If yes, what steps have been taken to improve their
on the end of the financial year.
capacity and capability of local and small vendors?
Bhageria Industries Ltd is a strong believer in No. Category No of No of
procurement of goods and services from local and complaints complaints
small producers. Procurement of good and services filed during pending as
from local sources is a smart strategy we have the financial on end of the
been following for years, since it reduces time, cost year financial year
and efforts in procurement. During installation of 1 Child labour/ NIL NIL
Company’s Sulphuric acid plant, Company has hired forced
local fabricator, civil contractor, ready mixer vendor, labour/
brick supplier to fulfill the requirements. Regular involuntary
interaction, long term association/relationship, labour
provision of timely assistance with financial, sourcing 2 Sexual NIL NIL
and logistic inputs with local and small producers harassment
help in improving their capacity and capability. 3 Discriminatory NIL NIL
employment
5. Does the company have a mechanism to recycle
products and waste? If yes what is the percentage of 8. What percentage of your under mentioned employees
recycling of products and waste (separately as <5%, were given safety & skill upgradation training in the
5-10%, >10%). Also, provide details thereof, in about last year?
50 words or so.
Permanent Continuous process, all
Yes, company have a mechanism to recycle its product Employees employees of the Company
and waste. Permanent Women are provided with EHS
Employees (Environment, Health & Safety)
1) Company has recycled treated waste water >10%
Casual/Temporary/ Training & the Company
in plant.
Contractual believes in continual learning
2) Recovery of sodium sulfate >10% from waste water Employees of its employees for skill
& reuse/recycle in process. Employees with upgradation.
Disabilities
3) Recovery of Nitric Acid (Dilute) 5-10% and re-use in
process.
4) Recovery of Ammonia Solution and recycle in

Gamma Acid plant process.
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Principle 4: Businesses should respect the interests of, and Company believes in accomplishing the Safety, Health
be responsive towards all stakeholders, especially those and Environment (SHE) goal of being harmless to the
who are disadvantaged, vulnerable and marginalized. environment, no risk to employees and no incidents
which might create a negative impact on the community.
1. Has the company mapped its internal and external
stakeholders? Yes/No 2. Does the company have strategies/ initiatives to
Yes, the internal and external stakeholders of the address global environmental issues such as climate
Company include employees, customers, shareholders, change, global warming, etc? Y/N. If yes, please give
government authorities, suppliers & contractors, hyperlink for web page etc.
community etc. At Bhageria, environment sustainability is not just
compliance to laws it is more about our concern. It is
2. Out of the above, has the company identified as important to us as our business growth. We being
the disadvantaged, vulnerable & marginalized a proactive organization emphasized on investment
stakeholders. to develop environment management systems, install
Identifying the disadvantaged, vulnerable & effluent treatment plants and developing a green belt
marginalized stakeholders is an ongoing process. within the factory premises by planting various species
of trees. Total sapling for the year is about 135 numbers
3. Are there any special initiatives taken by the company and total tree plantation is about 2500 numbers
to engage with the disadvantaged, vulnerable and including dense plants.
marginalized stakeholders. If so, provide details
thereof, in about 50 words or so. The Company continues to adhere to environment
Yes. The Company has engaged with the disadvantaged, friendly manufacturing process and set new standards
vulnerable and marginalised stakeholders through the in reducing pollution. Company has set up/installed
CSR projects undertaken from time to time. For more Sulphuric Acid plant with waste heat recovery boiler
details on the special initiatives, please refer our CSR and connected to CO-GEN System (Electricity & Steam)
Initiatives in Annexure A of Directors Report. which replaced coal fired boiler.
Principle 5: Businesses should respect and promote human 3. Does the company identify and assess potential
rights environmental risks? Y/N
Yes, Company is continuously identifying and assessing
1. Does the policy of the company on human rights potential environmental risks.
cover only the company or extend to the Group/Joint
Ventures/Suppliers/Contractors/NGOs/Others? 4. Does the company have any project related to Clean
The Company supports and respects the protection of Development Mechanism? If so, provide details
human rights of all relevant stakeholders at all times. thereof, in about 50 words or so. Also, if Yes, whether
Prime importance is given towards maintaining better any environmental compliance report is filed?
working condition in the plants to take care of the health No
& safety of employees.
5. Has the company undertaken any other initiatives
2. How many stakeholder complaints have been received on – clean technology, energy efficiency, renewable
in the past financial year and what percent was energy, etc. Y/N. If yes, please give hyperlink for web
satisfactorily resolved by the management? page etc.
The Company has not received any compliant with • To utilise the alternate sources of Energy, the
respect to human rights during the financial year 2019- Company has setup a SOLAR POWER Plant. The
20. Company has invested in assets (crystallizer, salt
recovery plant or rotary kiln) and the manufacturing
Principle 6: Business should respect, protect, and make facility became zero liquid discharge-compliant.
efforts to restore the environment
• The Company has well-equipped primary &
1. Does the policy related to Principle 6 cover only the secondary effluent treatment plants with BOD and
company or extends to the Group/Joint Ventures/ COD testing apparatus. However, to cope with the
Suppliers/Contractors/NGOs/others. highly hazardous effluents, the Company has set up
The Company’s aim to focus on safety, health and incinerator resulting in zero pollution.
environment is the key to sustainable growth. The
63
6. Are the Emissions/Waste generated by the company 3. Have you done any impact assessment of your
within the permissible limits given by CPCB/SPCB for initiative?
the financial year being reported? Company has monitored and reviewed its initiative
Yes, our emissions and waste generated lie within the for its effective implementation, quantitatively and
permissible limits of CPCB / SPCB. qualitatively.
7. Number of show cause/ legal notices received from 4. What is your company’s direct contribution to
CPCB/SPCB which are pending (i.e. not resolved to community development projects- Amount in INR and
satisfaction) as on end of Financial Year: NIL the details of the projects undertaken.
The details are given in Annexure A to Director’s Report
Principle 7: Businesses, when engaged in influencing public
for list of CSR activities.
and regulatory policy, should do so in a responsible manner
5. Have you taken steps to ensure that this community
1) Is your company a member of any trade and chamber
development initiative is successfully adopted by the
or association? If Yes, Name only those major ones
community? Please explain in 50 words, or so.
that your business deals with:
Bhageria Industries Limited is fully committed towards
a) CHEMEXCIL (Chemicals, Cosmetics & Dye Export
better development of community through its CSR
Promotion Council)
initiatives. The Company is continuously reviewing the
b) Federation of Indian Export Organisations. implementation of its initiatives and performs impact
assessments of its initiatives internally and makes
c) GDMA (Gujarat Dyestuff Manufacturers Association) efforts to identify various beneficiaries to ensure that
its initiatives are adopted and benefited successfully.
2) Have you advocated/lobbied through above
associations for the advancement or improvement of Principle 9: Businesses should engage with and provide
public good? Yes/No; if yes specify the broad areas value to their customers and consumers in a responsible
(drop box: Governance and Administration, Economic manner
Reforms, Inclusive Development Policies, Energy
security, Water, Food Security, Sustainable Business 1. What percentage of customer complaints/consumer
Principles, Others): cases are pending as on the end of financial year: NIL
2. Does the company display product information on the
NO product label, over and above what is mandated as per
Principle 8: Businesses should support inclusive growth local laws?
and equitable development Yes, the Company displays product information on the
product as mandated under applicable laws.
1. Does the company have specified programmes/
initiatives/projects in pursuit of the policy related to 3. Is there any case filed by any stakeholder against
Principle 8? If yes details thereof. the company regarding unfair trade practices,
The Company’s Social Projects are based on its policy irresponsible advertising and/or anti-competitive
on Corporate Social Responsibility. The CSR initiatives behavior during the last five years and pending as on
focus on holistic development of host communities and end of financial year. If so, provide details thereof, in
create social, environmental and economic value to the about 50 words or so.
society. The detailed report on CSR initiative is annexed No such cases were filed against the Company.
Annexure A to Director’s Report.
4. Did your company carry out any consumer survey/
2. Are the programmes/projects undertaken through consumer satisfaction trends?
in-house team/own foundation/external NGO/ Bhageria Industries Limited is a customer driven
government structures/any other organization? company and continuously tries to improve its product
The details of Programmes/projects undertaken are given quality & services to meet customer’s needs. Bhageria
in Annexure A to Director’s Report for list of CSR activities. engages with its customers and carries consumer reviews
for different products to know the customer satisfaction
level so that necessary steps may be taken to enhance
the customer satisfaction levels. Bhageria also measures
customer perceptions on satisfaction, loyalty, advocacy
and value for money.
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MANAGEMENT DISCUSSION AND ANALYSIS
Global Economic Overview of GST, as well as the slowdown of manufacturing and

The global economy witnessed slowdown in CY 2019 construction industries. Demonetization initiated a
primarily due to the trends like unprecedented run-up curtailment of consumer spend in the country. It also resulted
in debt worldwide, and the prolonged deceleration of in a hit on farmers’ income levels which had in turn triggered
productivity growth. International trade and investment the snowballing effect of slowdown in the Indian economy.
were also weaker than expected at the start of the year. The rural market started to stagnate at first and then
Factors like further escalation of trade disputes between the growth started to decelerate for most companies catering
world’s largest economies, namely the U.S. and China, as well to the rural markets. Another major concern was a sharp
as renewed financial turmoil in emerging and developing fall in consumer demand. GST and other tax reforms of the
economies, and abrupt deceleration of economic growth government, after demonetization, also progressively drew
among major economies also led to the slowdown of the away dispensable cash from people’s hands. Real estate and
global economy. The world GDP saw an increase of 2.4%1 in construction sector had the worst impact of all on the GDP3.
CY 2019 as compared to that of CY 2018. Although the economy went through a tough phase, it was
placed at 5th rank globally, in terms of growth rate. India is
Another headwind faced by the global economy is that of considered as the fastest growing economy when compared
COVID-19. The pandemic represents the largest economic to other emerging countries. India witnessed a jump from
shock the world economy has witnessed in decades, causing 77th position in 2018 in the World Bank’s latest report on
a collapse in global activity. Various mitigation measures the ‘Ease of Doing Business’ to the 63rd position in 2019.
such as lockdowns, closure of schools and non-essential
business, and travel restrictions have been imposed by most The outbreak of COVID-19 has sharply weakened
economies to limit the spread of the virus. These measures consumption and manufacturing activity, and has damaged
have adversely affected the economies as they sharply the tourism and other services industries across the nation.
curbed consumption and investment, as well as restricted Stringent measures to restrict the spread of the virus, which
labor supply and production. They have also disrupted heavily curtail activity, will contribute to further contraction
financial and commodity markets, global trade, supply of the growth rate. Spillovers from contracting global growth
chains, travel, and tourism. Owing to this, a contraction of and stress in the financial sector will also adversely impact
5.2% in the global GDP is estimated for FY 2020-21. economic activity. The GDP is projected to contract by 3.2%
in FY2020-21 given the effects of such measures combined
Many economies are countering these problems by introducing with already existing factors.
new policies and stimulus packages. These measures will
help in reviving the individual economies as well as the world The government has provided some support to the economy
economy at large. Assuming that the pandemic recedes in by introducing fiscal stimulus and continued monetary
such a way that domestic mitigation measures can be lifted, policy easing. Government has also been working on a
adverse global spillovers ease during the second half of the mission mode on the next phase of Ease of Doing Business
year, and dislocations in financial markets will not be long- Reforms relating to easy registration of property, fast
lasting, a moderate recovery is envisioned in CY 2021, with disposal of commercial disputes and simpler tax regime
global growth rate estimated at 4.2%. for making India, one of the easiest places to do business.
Indian Economic Overview

The Indian economy recorded an estimated GDP growth of
4.2%2 in FY 2019-20, which implied a decline as compared Position of India in Ease
to the previous year. The economy faced multiple headwinds of Doing Business as per
due to various reasons like demonetization, introduction World Bank
https://openknowledge.worldbank.org/bitstream/handle/10986/33748/211553-Ch01.pdf
1
http://pubdocs.worldbank.org/en/392371588788025001/Global-Economic-Prospects-June-2020-Analysis-SAR.pdf
2
TheWeek
3
65
Introduction of various other policies have been made Global Dyes and Pigment Industry
which will help in the revival of the economy. The Indian Dyes and pigments are the key additives used in paints,
economy is expected to bounce back in FY 2020-21 with coatings, sealants, and varnishes to provide an aesthetic
the help of these initiatives. appeal; these products are widely used in automotive, aviation,
and construction industries. Growth in the dyes & pigments
Graph 1: Quarterly GDP Rate at Constant Prices (2011-12) market is partly driven by a turnaround in these key industries
20 GDP% and their increasing need in these applications. The paints
& coatings industry is also growing significantly because of
20 7.7 8.1 8
6.8 7
6.6 rising infrastructure. The global market for synthetic dyes and
6 5.8
15
5
pigments reached a value of nearly $52 billion in CY 2018,
4.5 4.7
10
increasing at a compound annual growth rate (CAGR) of 1.4%
3.1
since 2014. Asia-Pacific region is projected to be a major
5
market for paints & coatings due to increasing population
0 and infrastructure projects. The region is the largest market
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
for synthetic dyes and pigments companies, accounting for
41.9% of the global market. It is followed by Western Europe,
North America, South America, the Middle East, and then the
Key Government Initiatives other regions. The COVID-19 pandemic has affected every
The Indian government undertook multiple initiatives in aspect of life globally. This has brought along several changes
FY 2019-20 to help the economy grow. Some of the major in market conditions of this industry.
initiatives are as follows –
Key Market Trends
• Decrease in Corporate Tax – The government of India • Asia-Pacific Region to Dominate the Market
slashed the country’s Corporate Tax Rate to 22% with
• The growth of textile industry in China and India
effect from April 1, 2019. The tax cut aims to stimulate
is rapidly increasing with the availability of cheap
private investments from international players.
labor force. China holds the largest share in the
• Dividend Distribution Tax – According to the Union global market of about 40%, followed by India the
Budget 2020-21 which was announced in February with over 5% share.
2020, companies will no longer be required to pay the
• The demand for textiles in South Korea has
Dividend Distribution Tax (DDT)
remained stable with an increasing preference for
• Agriculture – The government made a budget allocation technical textiles production in the country.
of H2.83 lakh crore for the sector comprising agriculture
• The production of standard plastic in the Asia-Pacific
and allied activities. It has also set a target of doubling
region occupied a market share of approximately
farmers’ income by 2022.4
61% in the global standard plastics production
• Stimulus Package – A stimulus package worth H20 lakh with a total of 181,264,800 metric ton.
crore was introduced by the government in May 2020 to
• Indonesia has a major share of the paint and coating
combat the challenges faced due to COVID-19. It includes
market, followed by Thailand.
H8.01 lakh crore of liquidity measures announced by the
RBI since March and also comprises the H1.92 lakh crore With the increasing demand from the various end-user
package of free food grain and cooking gas to the poor industries, like the paint and coating, printing inks,
and cash to some sections announced in March. The first textiles and plastics industry, the demand for dye and
set of relief measures focused on enabling the Indian pigments is expected to rapidly increase till 2024.5
economy’s backbone – MSMEs that employ around 11
crore people and have a GDP share of approximately
29%. Many other sectors of the economy are bound to
benefit from this package which will help in the revival
of the economy. Estimated market size of synthetic dyes and
pigments (2018)
4
The Hindu
5
https://www.mordorintelligence.com/industry-reports/dyes-and-pigments-market
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02-17 18-71 72-124
• Competitive Landscape - The dyes & pigments market

is partially consolidated. In terms of market share, few of
the major players currently dominate the market. Factors Dyes and pigments
such as the growing demand for high-performance market size by 2022
pigments and growing demand for paints and coatings
will provide considerable growth opportunities to dyes
Indian Dyes and Dyestuff Industry
and pigments manufactures.
According to a report by Federation of Indian Chambers
• Need to minimize the environmental footprint - The of Commerce and Industry (FICCI), the chemical industry
industry faces several concerns regarding the impact in India has a market size of nearly $163 Billion and is
of its products on the environment. As consumers expected to grow to $304-billion by 2025, registering a
become more conscious of environmental impact CAGR of 9.3%. The Indian Dye and Dyestuffs Industry is
and sustainability, organizations are expected to be an important aspect of the Indian Chemical Industry that
more heavily impacted by their commitment towards significantly contributes to the latter’s growth. Moreover,
minimizing the environmental footprint from their growth of industries such as industrial paint, printing, plastic
existing and upcoming products. These concerns have and tannery is further boosting the demand for dyes and dye
encouraged the emergence of bio-based solvents and intermediates for end-use applications. Additionally, the
pigments for exceptional bio-degradable properties. robust demand for dyes and dye intermediates from textile
The industry will have to constantly improve products in industry is anticipated, which would further steer growth in
this aspect in order to maintain demand. the Indian dyes and dye intermediates market.
Outlook The Indian dyestuffs and pigments market, owing to

The dyes and pigments market is estimated to grow at increased urbanization, better technology, and growing
a CAGR of 5.1% to nearly $63.3 billion by 2022 . Factors population has also come a long way from being an import-
such as, increased demand from the packaging industry, dependent market to one which is driven by exports. During
rising demand for high performance pigments and April 2019-January 2020, exports of dyes increased 9.12%7
economic growth will drive this growth. However, factors year-on-year to US$ 2.27 billion. The dyestuff industry is an
such as instability in raw material costs, expected increases important aspect of economic development in India. Dyes
in interest rates, reduction in free trade and growing and pigments are used by almost every end-use industry,
competition from natural dyes and pigments may impact particularly textile, leather, plastic, and paper industries. The
the demand. The pigments market is expected to be the expansion of the textile industry is leveraging the market
fastest-growing segment going forward at a CAGR of 5.2%. demand for dyestuff in India. The Indian dyestuff market is
The global Dyes and Organic Pigments market is anticipated also expanding considerably owing to the increasing export
to rise at a considerable rate during the forecast period, volume to various major countries.
between CY 2020-25, despite the challenges faced due to
Key Market Trends
COVID-19. Africa and Asia-Pacific are expected to be the
• Among end-user industries, Paints and coatings industry
fastest growing regions in this market.
accounts for the largest share of the market and is
Dyes & Pigments Market - Growth Rate by region, estimated to be the fastest growing end-user industry.
2019-2024
• The largest consumption of pigments is accounted by
the production of architectural and decorative coatings
industry. Thus, rising construction and infrastructure
activities in Asia-Pacific act as the major driver for the
dye and pigment market.
• The Indian infrastructure sector has become one of the

major focus areas for the government. The government
has therefore undertaken a National Infrastructure
High
Pipeline and allocated H111 Lakh crores. Moreover, to
Medium boost infrastructure and construction of buildings in the
Low country, the government has decided to come up with
https://www.businesswire.com/news/home/20190404005330/en/Synthetic-Dyes-Pigments---Global-Market-Opportunities
6
https://www.ibef.org/exports/chemical-industry-india.aspxthe
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Market Insights Report

8
67
a single window clearance facility, in order to provide solar in FY 2019-20 accounted for 3.6%, which was higher
speedy approval for the construction projects. when compared to 2.85% in FY 2018-19. Even though solar
was the most installed new power generation source over
• Hence, with the increasing demand from the various the past three years, in terms of generation, its contribution
end-user industries, like the paint and coating, printing compared to coal is still very small.
inks, textiles and plastics industry, the demand for dye
and pigments is expected to rapidly increase The outbreak of Covid-19 poses a threat to ongoing
Solar projects in the country which have been halted and
Outlook developers have been concerned about the delays their
Dyestuff production volume in India is projected to reach projects have been facing because of the production
572.2 thousand tonnes by 2024, increasing at a CAGR of slowdown in China and the lockdown orders in India. With
9.11%, during FY 2020-24.8 With stringent performance the solar industry relying on China for around 80% of its
norms to be adhered to and a growing demand for High requirement of solar supply, power companies were facing
Performance Pigments (HPP) worldwide, this industry is disruption even before the announcement of a nation-wide
bound to grow with thrusts in textile, automobiles, plastics lockdown in the country. Imports of solar power equipment
and various other industries. Although the recent past was in January 2020 had declined by about 70% as compared
dull for this industry due to downturn in consumption to January 2019. Industry players have been facing delays in
patterns as well as the economic slowdown, it has recovered procurement of modules, solar cells, and other components.
quite well. A growing middle-class population and rising per Also, about 85% of the labours in solar parks are migrants,
capita incomes feed the growth of this industry as consumers and given the situation of the lockdown, most migrants
seek better lifestyles thus indirectly lifting demand of dyes moved back to their homes, reverse migration is awaited by
and pigments. Additionally, changing customer preferences, the industry. The government’s classification of solar as an
boom and expansion of infrastructure in certain parts of the essential service and allowing the movement of goods and
world creates new market opportunities for the dye industry. commodities has provided some much-needed respite in
these difficult times.
Indian Solar Energy Market Overview India: Solar Electricity Generation (in BU) and YoY Growth
The Indian renewable energy sector is the 4th most attractive
renewable energy market in the world. Installed renewable +28%
Solar Electricity Generation (in Billion Units)
55 YoY
power generation capacity has increased at a fast pace over 50
50.10
the past few years. With the increased support of government, 45 +52%
YoY
the sector has become attractive from investors perspective. 40
39.30
In CY 2019, India installed 7.3 GW of solar power across 35
+92%
the country, establishing its position as the third-largest 30 YoY
solar market in the world. As of February 2020, the installed 25 25.90
20 +81%
renewable energy capacity stood at 86.75 GW, of which solar
15 YoY
energy comprises 34.40 GW9. The country has been building +62%
10 +103% +37% YoY 13.50
a solar power plant in Rajasthan, which will be the world’s YoY YoY
7.45
5 1.65
largest with a capacity of 2,255 MW. As India looks to meet 3.35 4.60
0
its energy demand on its own, which is expected to reach FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
15,820 TWH by CY 2040, renewable energy is set to play an Data from CEA Source: Mercom India Research
important role. Around H36,729.49 crore (US$ 5.26 billion)
investment has been made during April-December 2019 by Government Initiatives
private companies in renewable energy. • The Ministry of New and Renewable Energy (MNRE)
Solar-generated electricity accounted for 50.1 billion units under the supervision of the Government of India has
(BU) in FY 2019-20. This shows a growth of 28% year-over- formulated an action plan to achieve a capacity of 100
year (YoY) compared to the FY 2018-19, where the total solar GW from solar power by March 2022.
energy generated was 39.3 BUs.10 However, the YoY increase • The Delhi government has decided to shutdown thermal
was the lowest in the past six years as solar installations have power plant in Rajghat and develop it into 5,000 KW
slowed down considerably. The electricity generated from solar park
9
https://www.ibef.org/industry/renewable-energy.aspx
10
Central Electricity Authority
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02-17 18-71 72-124
• The Ministry of New and Renewable Energy (MNRE) has The outlook of solar power projects is likely to remain
decided to provide custom and excise duty benefits to stable in FY 2020-21 given revenue generation in line with
the solar rooftop sector, which in turn will lower the cost projections and limited exposure to weak counterparties.
of setting up as well as generate power, thus boosting However, there could be some slippages in construction
growth. timelines due to delays in the import of modules from China.
Measures taken by the government will help the industry to
• The Union Budget for FY 2020-21 has provided for stably grow in FY 2020-21.
a budgetary allocation of H2,516 crore for the solar
power sector, including both grid-interactive and off-
grid projects. The budget has also provided for Central Corporate Overview
Financial Assistance for capacity addition of 7,500 With over 30 years of experience, Bhageria Industries
megawatt of solar power in 2020-21. Limited today is one of the leading manufacturers &
exporters of dye and dye-intermediates. With an objective
Outlook to serve the dyes & intermediates industry all over the
The Government of India is committed to increase the use globe, the Company has established its manufacturing units
of clean energy sources and is already undertaking various in Gujarat and Maharashtra with a total capacity of 13,000
large-scale sustainable power projects and promoting green TPA and Sulphuric Acid Plant with capacity of 300 TPD. The
energy heavily. It plans to establish renewable energy Company’s products are primarily exported to countries like
capacity of 500 GW by 2030. This is proving to be a major Korea, Japan, Taiwan, China, Germany, Indonesia, Thailand,
thrust for the sector as the market players have enough USA & other European and African.
incentive to move to clean source. By 2030, renewable
sources are expected to help meet 40% of India’s power The Company is also engaged in the generation of Solar
needs. India’s renewable energy sector is expected to attract Power & EPC Contract and has setup 30 MW solar power
investments and is expected to account 55% of the total plant in Ahmednagar and a 4.88 MWP solar rooftop outlay
installed power capacity by 2030. located mostly in Chennai.
Financial review
The Company’s revenues in FY 2019-20 is H419 Crore. EBIDTA stood at H103 Crore compared to H130 Crore in the previous
year. The Company reported a post-tax profit of H66 Crore during FY 2019-20 compared to a post-tax profit of H72 Crore in
the previous year. The Company proposed a final dividend of H3 per equity share on Face Value of H5 each.
(H in Crores)
Particulars 2019-20 2018-19
Total Revenue (H)* 419.28 467.70

EBITDA (H) 103.18 130.20
EBITDA Margin (%) 24.61 27.84
PAT (H) 65.81 71.51
PAT Margin (%) 15.70 15.29
Net Worth (H) 402.17 342.40
* It comprises revenue from operations and other income.
Financial Ratios
Ratios FY 2019-20 FY 2018-19
Inventory Turnover (in times) 9.98 12.40

Interest Coverage Ratio 47.86 28.43
Current Ratio (in times) 2.15 1.98
Debt Equity Ratio (in times) 0.05 0.07
EBITDA Margin (%) 24.61 27.84
Return on Equity (%) 17.68 22.43
Net Profit Margin (%) 15.70 15.29
Earnings per share (in H) 15.08 16.38
69
Details of significant Changes (Change of 25% or more as Current ratio: The Company’s Current ratio stood at 2.15 in
Compared to the immediately previous financial year) in key FY2019-20 Compared to 1.98 in the previous financial year.
financial ratios, along with detailed explanations therefore,
including: Debt-Equity ratio: The debt-equity ratio of the Company
improved to 0.05x following Rs.3 Crore debt repayment
Debtors’ turnover: The Company’s debtor’s turnover stood in FY2019-20. A very low debt to equity ratio indicates a
at 5.85 times Compared to 6.14 times in FY2018-19 strong ability to repay its debt obligations.
Inventory turnover: Inventory Turnover Ratio is 9.98 (FY20) Operating Profit: Operating profit margins lower by 174 bps
compared to 12.40 (FY 19) and Higher inventory levels were to 31.55 per Cent following lower price realization.
on account of the Government-led lockdown towards the
end of March 2020. Net Profit margin: Net Profit Margin for FY 20 is 15.7%
(H65.7 crore) compared to 15.3% in FY 19 (H71.4 crore).
Interest Coverage ratio: The Company’s interest Coverage
ratio stood at 47.86 times against 28.43 times in Return on Net Worth: The return on net worth lower by
FY2018-19. The decrease in finance cost resulted in 475 bps to 17.68% as compared to previous year due to
increased interest coverage ratio. The Company continues decrease in profit after tax.
to have a high interest coverage ratio despite an increase
in interest cost during the year, indicating stronger financial
health and capability of meeting interest obligations.
Segment wise performance (J in Crores)

31 33
10 0
373 429
2019-20 2018-19
Chemical Chemical
Solar Power Solar Power
Others Others
Risks and mitigating measures
Risks Mitigation
Economic risk
The unexpected pandemic has brought unprecedented The pandemic Covid-19 has caused slowdown in consumer
disruption and slowdown in economy demand and deceleration of economies across the globe.
However, India remains better placed for recovery in
economic growth as compared to other global nations, will
bounce back stronger
Technology risk
Inability to upgrade technologies could deteriorate quality The Company continues to invest in strengthening its
of the product and result in loss of market share manufacturing infrastructure with modern technologies.
This has helped enhance quality of the products to
meet a growing customer base and increase operational
efficiencies.
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02-17 18-71 72-124
Risks Mitigation
Industry risk
A sectoral slump could result in loss in revenue and impact The Company’s product portfolio serves customer across
business sustainability the globe across several downstream industries, positions
it to sustain its market leadership and expand the business
in the coming years.
Raw material risk
Trade disruption with international countries and rising The Company has long-term contracts with suppliers in
prices could impact profitability and margins addition to strengthening its backward integration process.
This strengthens the supply chain by bringing controlled
quality checks and higher economies of scale.
Raw material risk
Trade disruption with international countries and rising The Company has long-term contracts with suppliers in
prices could impact profitability and margins addition to strengthening its backward integration process.
This strengthens the supply chain by bringing controlled
quality checks and higher economies of scale.
Liquidity risk
The pandemic Covid-19 could result in severe cash flow The Company is well placed with cash flow reserves of
challenges, damaging the working capital, resulting in H59 crore (cash flow from operations) and continues to be
business disruption long-term debt-free as on March 31, 2020.
Human resources issues are addressed promptly. The audit committee reviews
Bhageria believes and considers its Human Resource as a key reports presented by the internal auditors on a routine basis.
asset for driving growth. The Company considers the skills, The committee takes note of the audit observations and
commitment and energy of its people as vital resources takes corrective actions whenever necessary. It maintains a
for achieving goals and succeeding strategically. Its People continuous dialogue with the statutory and internal auditors
Development Processes lay emphasis on sharpening skill to ensure that internal control systems are operating
sets and delivering exceptional value to focus on areas effectively
that are critical for realizing the Company’s vision and
objectives. The Company provides employees with multiple Cautionary statement
opportunities to improve their knowledge, skills and Statements in the management discussion and analysis
abilities, thereby ensuring and encouraging professional describing the Company’s objectives, projections, estimates,
growth through various initiatives. expectations or predictions may be ‘forward-looking
As at March 31, 2020, the Company employed 295 statements’ within the meaning of applicable securities,
employees. During fiscal 2020, we added 40 new hires, laws and regulations. Actual results could differ materially
net of attrition. The key aspects of our HR practice include from those expressed or implied. The important factors
recruitment, training and development, and compensation. that could make a difference to the Company’s operations
include global and Indian demand and supply conditions,
finished goods prices, raw material availability and prices,
Internal control systems and their adequacy cyclical demand, changes in government regulations,
The Company’s internal audit system is continuously environmental laws, tax regimes, economic developments
monitored and updated to ensure that assets are safeguarded, within India and the world, as well as other factors such as
established regulations are complied with and pending litigation and industrial relations.
71
Independent Auditors’ Report

To
The Members of
Report on the Audit of the Ind AS Financial Statements Statements section of our report. We are independent of the
Opinion Company in accordance with the Code of Ethics issued by the
We have audited the accompanying Ind AS Financial Institute of Chartered Accountants of India (ICAI) together
Statements of Bhageria Industries Limited (“the Company”), with the ethical requirements that are relevant to our audit of
which comprise of the Balance Sheet as at 31st March, the financial statements under the provisions of the Act, and
2020, the Statement of Profit and Loss (including other the Rules thereunder and we have fulfilled our other ethical
comprehensive income), the Cash Flow Statement and responsibilities in accordance with these requirements and
Statement of changes in equity for the year then ended, the Code of Ethics. We believe that the audit evidence, we
and notes to the financial statements, including a summary have obtained is sufficient and appropriate to provide a
of significant accounting policies and other explanatory basis for our opinion on Ind As Financial Statement.
information. (Hereinafter referred to as “Ind AS financial
statements”) Emphasis of Matter
We further draw your attention to Note 51 of Ind As Financial
In our opinion and to the best of our information and according Statement, as regards the management’s assessment of the
to the explanations given to us, the aforesaid Ind AS financial financial impact due to restrictions and conditions related to
statements give the information required by the Companies Covid-19 pandemic situation.
Act, 2013 (“the Act”) in the manner so required and give a
true and fair view in conformity with the accounting principles Our opinion is not modified in respect of this matter.
generally accepted in India including the Ind AS, of the state
of affairs of the Company as at March 31, 2020, and its profit Key Audit Matters
and total comprehensive income, its cash flows and changes Key Audit Matters are those matters that, in our professional
in equity for the year ended on that date. judgment, were of most significance in our audit of the
financial statements of the current period. These matters
Basis for Opinion
were addressed in the context of our audit of the financial
We conducted our audit of the Ind AS financial statements
statements as a whole, and in forming our opinion thereon,
in accordance with the Standards on Auditing (SAs) specified
and we do not provide a separate opinion on these matters.
under section 143(10) of Act. Our responsibilities under
those Standards are further described in the Auditor’s We have determined the matters described below to be the
Responsibilities for the Audit of the Ind AS Financial key audit matters to be communicated in our report
Sr. Key Audit Matter Auditor’s Response

No.
1 We refer to Significant accounting policies on To address the matter our audit procedure included amongst
inventory and Note. No. 9 on inventory. others:
Inventories are considered as Key Audit Matter due (1) Assessing the compliance of accounting policies over
to nature of business, technical indicators governing inventory with applicable accounting standards.
inventory valuation, size of Balance sheet and (2) Assessing the inventory valuation process and practices.
because inventory valuation involves management
(3)
Assessing the analysis and assessment made by
judgment. According to accounting policy followed by
management with respect to slow moving or obsolete
the company, inventories are valued at lower of cost
stock.
or market value. Cost comprise in addition to other
things, overheads related to material, labour and other (4) Discussion with those charged with responsibility of
overheads. The company has specific procedures overlooking inventory management process.
to identify risk for obsolescence and valuation of (5) Justification of management estimates and Judgments.
inventories. (6) Assessing the effectiveness of perpetual and physical
inventory verification process.
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02-17 18-71 72-124
Information Other than the Ind AS Financial In preparing the Ind AS financial statements, management is
Statements and Auditor’s Report Thereon responsible for assessing the Company’s ability to continue
The Company’s Board of Directors is responsible for the as a going concern, disclosing, as applicable, matters related
preparation of the other information. The other information to going concern and using the going concern basis of
comprises the information included in the Management accounting unless management either intends to liquidate
Discussion and Analysis, Board’s Report including Annexures the Company or to cease operations, or has no realistic
to Board’s Report, Business Responsibility Report, Corporate alternative but to do so.
Governance and Shareholder’s Information, but does not
include the Ind AS financial statements and our auditor’s The Board of Directors are also responsible for overseeing
report thereon. the company’s financial reporting process.
Our opinion on the Ind AS financial statements does not Auditor’s Responsibilities for the Audit of the Ind AS
cover the other information and we do not express any form Financial Statements
of assurance conclusion thereon. Our objectives are to obtain reasonable assurance about
In connection with our audit of the Ind AS financial whether the Ind AS financial statements as a whole are free
statements, our responsibility is to read the other information from material misstatement, whether due to fraud or error,
and, in doing so, consider whether the other information is and to issue an auditor’s report that includes our opinion.
materially inconsistent with the Ind AS financial statements Reasonable assurance is a high level of assurance, but
or our knowledge obtained during the course of our audit or is not a guarantee that an audit conducted in accordance
otherwise appears to be materially misstated. with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
If, based on the work we have performed, we conclude that considered material if, individually or in the aggregate, they
there is a material misstatement of this other information, could reasonably be expected to influence the economic
we are required to report that fact. We have nothing to decisions of users taken on the basis of these Ind AS
report in this regard. financial statements.
As part of an audit in accordance with SAs, we exercise

Responsibility of Management and Those Charged professional judgment and maintain professional skepticism
with Governance for Ind AS Financial Statements throughout the audit. We also:
The Company’s Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act, 2013 • Identify and assess the risks of material misstatement
(“the Act”) with respect to the preparation of these Ins AS of the Ind AS financial statements, whether due to
financial statements that give a true and fair view of the fraud or error, design and perform audit procedures
financial position, financial performance, total comprehensive responsive to those risks, and obtain audit evidence
income, changes in equity and cash flows of the Company that is sufficient and appropriate to provide a basis
in accordance with Ind AS and other accounting principles for our opinion. The risk of not detecting a material
generally accepted in India. This responsibility also includes misstatement resulting from fraud is higher than for
maintenance of adequate accounting records in accordance one resulting from error, as fraud may involve collusion,
with the provisions of the Act for safeguarding of the assets forgery, intentional omissions, misrepresentations, or
of the Company and for preventing and detecting frauds and the override of internal control.
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that • Obtain an understanding of internal financial control
are reasonable and prudent; and design, implementation relevant to the audit in order to design audit procedures
and maintenance of adequate internal financial controls, that are appropriate in the circumstances. Under section
that were operating effectively for ensuring the accuracy 143(3)(i) of the Companies Act, 2013, we are also
and completeness of the accounting records, relevant to responsible for expressing our opinion on whether the
the preparation and presentation of the Ind AS financial company has adequate internal financial controls system
statement that give a true and fair view and are free from in place and the operating effectiveness of such controls.
material misstatement, whether due to fraud or error. • Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
73
• Conclude on the appropriateness of management’s use expected to outweigh the public interest benefits of such
of the going concern basis of accounting and, based communication.
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions
Report on Other Legal and Regulatory Requirements
that may cast significant doubt on the Company’s
1. As required by Section 143(3) of the Act, based on our
ability to continue as a going concern. If we conclude
audit we report that:
that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related a. We have sought and obtained all the information
disclosures in the Ind AS financial statements or, if such and explanations which to the best of our knowledge
disclosures are inadequate, to modify our opinion. Our and belief were necessary for the purposes of our
conclusions are based on the audit evidence obtained audit.
up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease b. In our opinion, proper books of account as required
to continue as a going concern. by law have been kept by the Company so far as it
appears from our examination of those books.
• Evaluate the overall presentation, structure and content
of the Ind AS financial statements, including the c. The Balance Sheet, the Statement of Profit and Loss
disclosures, and whether the Ind AS financial statements including other comprehensive income, Statement
represent the underlying transactions and events in a of Cash Flows and Statement of changes in equity
manner that achieves fair presentation. dealt with by this Report are in agreement with the
relevant books of account.
Materiality is the magnitude of misstatements in the Ind
AS financial statements that, individually or in aggregate, d. In our opinion, the aforesaid Ind AS financial
makes it probable that the economic decisions of a statements comply with the Ind AS specified under
reasonably knowledgeable user of the financial statements Section 133 of the Act, read with Rule 7 of the
may be influenced. We consider quantitative materiality and Companies (Accounts) Rules, 2014.
qualitative factors in (i) planning the scope of our audit work
e. On the basis of the written representations received
and in evaluating the results of our work; and (ii) to evaluate
from the directors as on 31st March, 2020 taken
the effect of any identified misstatements in the financial
on record by the Board of Directors, none of the
statements.
directors is disqualified as on 31st March, 2020
We communicate with those charged with governance from being appointed as a director in terms of
regarding, among other matters, the planned scope and Section 164 (2) of the Act.
timing of the audit and significant audit findings, including
f. With respect to the adequacy of the internal
any significant deficiencies in internal control that we
financial controls over financial reporting of the
identify during our audit.
Company and the operating effectiveness of such
We also provide those charged with governance with a controls, refer to our separate Report in “Annexure A”.
statement that we have complied with relevant ethical Our Report expressed an unmodified opinion on
requirements regarding independence, and to communicate the adequacy and operating effectiveness of the
with them all relationships and other matters that may Company’s internal financial controls over financial
reasonably be thought to bear on our independence, and reporting.
where applicable, related safeguards.
g. With respect to the other matters to be included
From the matters communicated with those charged with in the Auditor’s Report in accordance with the
governance, we determine those matters that were of most requirements of section 197(16) of the Act, as
significance in the audit of the Financial Statements of the amended:
current period and are therefore the key audit matters. We
In our opinion and to the best of our information
describe these matters in our Auditor’s Report unless law or
and according to the explanations given to us, the
regulation precludes public disclosure about the matter or
remuneration paid by the Company to its directors
when, in extremely rare circumstances, we determine that a
during the year is in accordance with the provisions
matter should not be communicated in our report because
of section 197 of the Act.
the adverse consequences of doing so would reasonably be
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02-17 18-71 72-124
h. With respect to the other matters to be included in 2. As required by the Companies (Auditor’s Report) Order,
the Auditor’s Report in accordance with Rule 11 of 2016 (“the Order”) issued by the Central Government
the Companies (Audit and Auditors) Rules, 2014, in in terms of Section 143(11) of the Act, we give in
our opinion and to the best of our information and “Annexure B” a statement on the matters specified in
according to the explanations given to us: paragraphs 3 and 4 of the Order.
i. The Company has disclosed the impact of

pending litigations on its financial position in
its Ind AS financial statements in Note No. 43. For MRB & Associates
ii. The Company did not have any long-term Firm Registration Number-136306W
contracts including derivatives contracts for
which there were any material foreseeable
losses.
iii. There has been no delay in transferring Manish R Bohra

amounts, required to be transferred, to the Partner
Investor Education and Protection Fund by the Place : Mumbai Membership No:058431
Company. Date : 26th June, 2020 UDIN :20058431AAAACQ5979
75
Annexure “A” to the Independent Auditors’ Report

Referred to in paragraph 1(f) under “Report on Other Legal and Regulatory Requirements” section of our report to the
members of Bhageria Industries Limited.
We have audited the internal financial controls over financial Our audit involves performing procedures to obtain audit
reporting of Bhageria Industries Limited (“the Company”) as evidence about the adequacy of the internal financial
of 31st March, 2020 in conjunction with our audit of the Ind controls system over financial reporting and their operating
AS financial statements of the Company for the year ended effectiveness. Our audit of internal financial controls over
on that date. financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and
Management’s Responsibility for Internal Financial
evaluating the design and operating effectiveness of
Controls
internal control based on the assessed risk. The procedures
The Board of directors of the company is responsible for
selected depend on the auditor’s judgement, including the
establishing and maintaining internal financial controls
assessment of the risks of material misstatement of the
based on the internal control over financial reporting criteria
financial statements, whether due to fraud or error.
established by the Company considering the essential
components of internal control stated in the Guidance Note We believe that the audit evidence we have obtained is
on Audit of Internal Financial Controls over Financial Reporting sufficient and appropriate to provide a basis for our audit
issued by the Institute of Chartered Accountants of India. opinion on the Company’s internal financial controls system
These responsibilities include the design, implementation over financial reporting of the company.
and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence Meaning of company’s internal financial control
to respective company’s policies, the safeguarding of its over financial reporting
assets, the prevention and detection of frauds and errors, the A company’s internal financial control over financial reporting
accuracy and completeness of the accounting records, and is a process designed to provide reasonable assurance
the timely preparation of reliable financial information, as regarding the reliability of financial reporting and the
required under the Companies Act,2013. preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A
company’s internal financial control over financial reporting
Auditors’ Responsibility includes those policies and procedures that (1) Pertain to the
Our responsibility is to express an opinion on the internal maintenance of records that, in reasonable detail, accurately
financial controls over financial reporting of the Company and fairly reflect the transactions and dispositions of the
based on our audit. We conducted our audit in accordance assets of the company; (2) Provide reasonable assurance
with the Guidance Note on Audit of Internal Financial Controls that transactions are recorded as necessary to permit
Over Financial Reporting (the “Guidance Note”) issued by the preparation of financial statements in accordance with
Institute of Chartered Accountants of India and the Standards generally accepted accounting principles, and that receipts
on Auditing prescribed under Section 143(10) of the and expenditures of the company are being made only in
Companies Ac t, 2013, to the extent applicable to an audit of accordance with authorizations of management and directors
internal financial controls. Those Standards and the Guidance of the company; and (3) Provide reasonable assurance
Note require that we comply with ethical requirements and regarding prevention or timely detection of unauthorized
plan and perform the audit to obtain reasonable assurance acquisition, use, or disposition of the company’s assets that
about whether adequate internal financial controls over could have a material effect on the financial statements.
financial reporting was established and maintained and if
such controls operated effectively in all material respects.
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02-17 18-71 72-124
Inherent Limitations of Internal Financial Controls over financial reporting and such internal financial controls
Over Financial Reporting over financial reporting were operating effectively as of 31st
Because of the inherent limitations of internal financial March, 2020, based on the internal control over financial
controls over financial reporting, including the possibility reporting criteria established by the Company considering
of collusion or improper management override of controls, the essential components of internal control stated in the
material misstatements due to error or fraud may occur and Guidance Note on Audit of Internal Financial Controls Over
not be detected. Also, projections of any evaluation of the Financial Reporting issued by the Institute of Chartered
internal financial controls over financial reporting to future Accountants of India.
periods are subject to the risk that the internal financial
control over financial reporting may become inadequate For MRB & Associates
because of changes in conditions, or that the degree of Chartered Accountants
compliance with the policies or procedures may deteriorate. Firm Registration Number-136306W
Opinion Manish R Bohra

In our opinion, to the best of our knowledge and according to Partner
the explanations given to us, the Company has maintained, Place : Mumbai Membership No:058431
in all material respects, adequate internal financial controls Date : 26th June, 2020 UDIN :20058431AAAACQ5979
77
Annexure “B” to the Independent Auditors’ Report

Referred to in Paragraph 2 under “Report on Other Legal and Regulatory Requirements” section of our Report of even date to
the members of Bhageria Industries Limited
Based on audit procedure performed for the purpose of iv. The company has not advanced any loan, investments,
reporting the true and fair view of the financial statements of guarantees and securities during the period under
the company and taking into consideration the information audit and the provisions of section 185 and 186 of the
and explanations given to us and the books of accounts and Companies Act, 2013 are complied with.
other records examined by us in the normal course of our
audit, in our opinion and to the best of our knowledge and v. The Company has not accepted any public deposit for
belief, we report that: the year ended 31st March, 2020.
i. In respect of its fixed assets: - vi. We have reviewed the books of account maintained by
the Company pursuant to the rules made by the Central
a. The company is maintaining proper records showing Government for the maintenance of cost records under
full particulars, including quantitative details and section 148(1) of the Companies Act, 2013, related to
situation of Property, Plant and Equipment’s; the manufacturing activities, and are of the opinion that
prima facie, the specified accounts and records have
b. The fixed assets have been physically verified by the been made and maintained.
management at reasonable intervals and no material
discrepancies were noticed on such verification; vii. In respect of statutory dues:-
c. All title deeds of immovable properties are held in (a) The company has been generally regular in
the name of the company. depositing undisputed statutory dues, including
Provident fund, Investor education and Protection
ii. In Respect of inventory Fund, Employees’ State Insurance, Income-Tax,
Sales-tax, Service Tax, Wealth Tax, Customs Duty,
a. The inventories have been physically verified
Excise Duty, Value Added Tax, Goods and Services
during the year by the management. The procedures
Tax, Cess and any other material statutory dues to
of physical verification of inventories followed by
the appropriate authorities. The Company did not
the management are reasonable and adequate in
have any undisputed amount payable in this respect
relation to the size of the company and the nature
at 31st March, 2020 for a period of more than six
of its business.
months from the date when they become payable.
b. During such verification, no material discrepancies
(b) On the basis of examination of books of account,
where noticed.
there is no dues of income tax, Wealth Tax, Service
iii. According to the information and explanations given to Tax, Goods and Service Tax, Excise Duty and Cess,
us, the company has not granted any loans to companies, which is disputed and not deposited. The particulars
firms, Limited liability partnership or other parties of Dues of Sales Tax and Customs Duty as on 31st
covered in the Register maintained under section 189 March, 2020 which has not been deposited on
of the Companies Act, 2013. account of a dispute, are given below-
(H in Lakhs)
Forum where dispute is Period to which the Current Previous
Statute Nature of dues
pending amount relates year year
The Gujarat Value Added Sales Tax Gujarat Value Added Tax 2008-09 8.81 8.81
Tax Act, 2006 Tribunal, Ahmedabad
Customs Act,1962 Custom Duty Additional Commissioner 2011-12 16.33 16.33
of Customs (Preventive)
Mumbai
Customs Act,1962 Custom Duty Additional Commissioner 2012-13 16.96 16.96
of Customs (Preventive)
Mumbai
78
02-17 18-71 72-124
viii. In our opinion and according to the information and xiv. According to the information and explanations given
explanations given to us the Company has not defaulted to us, the company has not made any preferential
in repayment of dues to a financial institutions or banks. allotment or private placement of shares or fully or
partly convertible debentures during the year under
ix. The Company has not raised money by way of initial review.
public offer or further public offer (including debt
instruments) and term loans during the year. xv. The Company has not entered into any non- cash
transactions with directors or persons connected with
x. In our opinion and according to the information and him therefore clause 3(xv) of order is not applicable.
explanations given to us, no fraud by the company or
any fraud on the Company by its officers or employees xvi. The Company is not required to be registered under
has been noticed or reported during the year. section 45-IA of the Reserve Bank of India Act, 1934
therefore clause 3(xv) of order is not applicable to the
xi. Managerial remuneration has been paid or provided in company
accordance with the requisite approvals mandated by
the provisions of section 197 read with Schedule V to
the Companies Act.
xii. The Company has not been classified as Nidhi Company For MRB & Associates
hence clause 3(xii) of the order is not applicable to the Chartered Accountants
company. Firm Registration Number-136306W
xiii. According to the information and explanations provided

by the management, transactions with the related
parties are in compliance with section 177 and 188 of Manish R Bohra
Companies Act, 2013, where applicable, and the details Partner
have been disclosed in the Financial Statements, as Place : Mumbai Membership No:058431
required by the applicable accounting standards. Date : 26th June, 2020 UDIN :20058431AAAACQ5979
79
Balance Sheet as at March 31, 2020
(H in Lakhs)
Note As at As at
Particulars
No. March 31, 2020 March 31, 2019
I ASSETS
1. Non Current Assets
(a) Property, Plant and Equipment 4 32,935.35 28,468.02
(b) Capital Work-In-Progress 4 1,797.11 1,509.49
(c) Investment Property 5 211.76 209.44
(d) Financial Assets
(i) Investments 6 44.47 46.95
(ii) Others 7 236.50 1,311.83
(e) Other Non- Current Assets 8 331.22 645.76
35,556.40 32,191.48
2. Current Assets
(a) Inventories 9 3,802.85 1,871.45
(b) Financial Assets
(i) Investments 10 0.01 945.68
(ii) Trade Receivables 11 7,814.35 6,331.64
(iii) Cash and Cash Equivalents 12 880.27 488.24
(iv) Other Bank Balances other than (iii) above 13 3,235.33 3,092.80
(v) Others 14 422.48 444.36
(c) Current Tax Asset (net) 15 428.74 993.69
(d) Other Current Assets 16 489.21 352.64
17,073.24 14,520.50
Total Assets 52,629.64 46,711.98
II EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 17 2,182.21 1,091.10
(b) Other Equity 18 38,035.27 33,148.70
40,217.48 34,239.80
LIABILITIES
1. Non Current Liabilities
(a) Financial Liabilities
(i) Borrowings - -
(b) Provisions 19 169.84 114.12
(c) Deferred Tax Liabilities (Net) 20 4,306.82 5,018.47
4,476.66 5,132.60
2. Current Liabilities
(a) Financial Liabilities
(i) Borrowings 21 2,068.06 2,349.47
(ii) Trade Payable 22
Total outstanding dues of micro enterprises and small enterprises 201.67 -
Total outstanding dues of creditors other than micro enterprises and 4,949.70 3,942.87
small enterprise
(iii) Other Financial Liabilities 23 562.61 364.46
(b) Other Current Liabilities 24 141.87 675.88
(c) Provisions 25 11.59 6.90
7,935.49 7,339.58
Total Equity and Liabilities 52,629.64 46,711.98
Summary of Significant Accounting Policies 2-3
The notes referred to above are an integral part of the financial statements
For MRB & Associates For and on behalf of the Board of Directors
FRN : 136306W Suresh Bhageria Vinod Bhageria
Chairperson Managing Director
DIN: 00540285 DIN: 00540308
Manish R Bohra Ketan Gaur Rakesh Kachhadiya

Partner Company Secretary Chief Financial Officer
Membership No. 058431 Membership No.50087
Place : Mumbai Place : Mumbai

Date : 26th June, 2020 Date : 26th June, 2020
80
02-17 18-71 72-124
Statement of Profit and Loss for the year ended March 31, 2020
(H in Lakhs)
Note For the Year ended For the year ended
Particulars
No. March 31, 2020 March 31, 2019
I Revenue
Revenue from Operations 26 41,367.95 46,240.96
Other Income 27 559.92 529.18
Total Income 41,927.87 46,770.14
II Expenses
Cost of materials consumed 28 23,703.26 26,905.14
Purchase of Stock-in-Trade 29 1,229.94 185.39
Changes in inventories of finished goods, work-in-progress and 30 (538.14) 45.32
Stock-in-Trade
Employee Benefits Expenses 31 1,629.62 1,346.23
Finance Costs 32 167.63 380.49
Depreciation and Amortization Expenses 33 2,296.17 2,218.43
Other Expenses 34 5,584.78 5,268.04
Total Expenses 34,073.26 36,349.04
III Profit before tax (I- II) 7,854.62 10,421.10
IV Less: Tax Expense:
Current Tax 1,980.00 3,404.37
Deferred Tax 20 (706.81) (133.25)
(Excess) / Short Provision for tax - (0.66)
Total Tax Expense 1,273.19 3,270.46
V Profit for the Year (III-IV) 6,581.42 7,150.64
VI Other Comprehensive Income
Items that will not be reclassified to profit or loss
Re-measurement gains/ (losses) on defined benefit obligations (16.64) (13.82)
Tax Effect on above 4.84 4.83
Other Comprehensive Income for the year, net of tax (11.79) (8.99)
VII Total Comprehensive Income for the year (V+VI) 6,569.63 7,141.65
VIIIEarnings Per Equity Share (Face Value J5 Per Share): 35
Basic and Diluted (H) 15.08 16.38
Summary of Significant Accounting Policies 2-3
DIN: 00540285 DIN: 00540308


81
Statement of Changes in Equity for the for the year ended March 31, 2020
A : Equity Share Capital (Equity shares of J 5 each issued, subscribed and fully paid)
(H in Lakhs)
Note
Particulars No. of Shares Amount
No.
Balance as at April 1, 2018 1,58,79,560 793.98
Changes in equity share capital during the year 2018-19 - -
Add : Allotment of shares on account of Business Combination 59,42,530 297.13
Balance as at March 31, 2019 17 2,18,22,090 1,091.10
Changes in equity share capital during the year 2019-20
Add : Allotment of shares on account of Bonus Issue 2,18,22,090 1,091.10
Balance as at March 31, 2020 4,36,44,180 2,182.21
B : Other Equity
(H in Lakhs)
Reserve and Surplus
Pending for
allotment Total Other
Particulars Note Capital Securities General Retained
on account Equity
No. Reserve Premium Reserve Earnings
of Business
Combination
Balance as at April 1, 2018 297.13 14,068.69 1,091.61 440.10 12,840.13 28,737.66
Total Comprehensive income for the year
Profit for the year - - - - 7,150.64 7,150.64
Other Comprehensive Income - - - - (8.99) (8.99)
Less : Allotment of shares on account (297.13) - - - - (297.13)
of Business Combination
Interim Dividend (Including - - - - (986.55) (986.55)
Corporate Dividend Tax)
Final Dividend (Including Corporate - - - - (1,446.94) (1,446.94)
Dividend Tax) 18
Balance as at March 31, 2019 - 14,068.69 1,091.61 440.10 17,548.29 33,148.70
Total Comprehensive income for the year
Profit for the year - - - - 6,581.42 6,581.42
Other Comprehensive Income - - - - (11.79) (11.79)
Less : Allotment of shares on account - - (1,091.10) - - (1,091.10)
of Bonus
Final Dividend (Including Corporate - - - - (591.94) (591.94)
Dividend Tax)
Balance as at March 31, 2020 - 14,068.69 0.51 440.10 23,525.97 38,035.27
DIN: 00540285 DIN: 00540308


82
02-17 18-71 72-124
Cash Flow Statement for the year ended march 31, 2020
(H in Lakhs)
For the Year ended For the year ended
Particulars
March 31, 2020 March 31, 2019
A. Cash Flow from Operating Activities
Net Profit Before Tax 7,854.62 10,421.10
Adjustments:
Depreciation and Amortization on Property, Plant and Equipment 2,296.17 2,218.43
Loss/ (Profit) on Sale of property, plant and equipment (net) (1.26) 3.95
Interest Income (315.06) (195.60)
Exchange Fluctuation (Gain)/ Loss on Loan - 161.64
Net (gains) / loss arising on financial assets measured at FVTPL 6.16 3.12
Profit on Sale of Current Investment (15.58) (51.01)
Dividend Income - (0.02)
Re-measurement gains/ (losses) on defined benefit obligations (16.64) (13.82)
Finance Costs (Including Fair Value Change in Financial Instruments) 167.63 380.49
Operating cash flows before working capital changes 9,976.05 12,928.29
Adjustments for Changes in Working Capital
Decrease/ (Increase) in Inventories (1,931.39) 1,231.51
Decrease/ (Increase) in Trade receivables (1,482.72) 2,405.45
Decrease/ (Increase) in Non-Current Financial Assets - Others (25.52) (36.52)
Decrease/ (Increase) in Financial Assets - Other 21.88 (98.48)
Decrease/ (Increase) in Other Current Assets (136.57) 582.18
Increase/ (Decrease) in Trade Payables 1,208.50 (1,280.36)
Increase/ (Decrease) in Current Financial Liabilities - Other 135.21 (228.24)
Increase/ (Decrease) in Other Current Liabilities (534.01) 430.98
Increase/ (Decrease) in Non-Current Provisions 55.72 45.95
Increase/ (Decrease) in Current Provisions 4.69 1.82
Cash generated from operations 7,291.83 15,982.58
Income taxes paid (net of refund) (1,415.04) (2,286.58)
Net cash flow from operating activities (A) 5,876.79 13,696.00
B. Cash Flow from Investing Activities
Purchase or Construction of Property, Plant and Equipment (including (6,676.42) (2,869.98)
capital work-in-progress and capital advances)
Proceeds from/ (Investment in) fixed deposits (net) 958.32 (1,480.71)
Decrease/ (Increase) in Non-Current Investments 0.00 6.80
Sale of Property, Plant and Equipment 1.69 2.50
Proceeds from Sale of Investment 957.58 (817.98)
Interest Received 315.06 195.60
Dividend Received - 0.02
Net cash flow from/ (used in) investing activities (B) (4,443.77) (4,963.76)
83
Cash Flow Statement for the year ended march 31, 2020
(H in Lakhs)
For the Year ended For the year ended
Particulars
March 31, 2020 March 31, 2019
C. Cash Flow from Financing Activities
Dividend (Including Corporate Dividend Tax) (591.94) (2,433.49)
Proceeds from/ (Repayment of) Non-Current Borrowings (net) - (1,122.42)
Increase / (Decrease) in Current Borrowings (281.41) (4,930.32)
Finance Costs (167.63) (340.15)
Net cash flow from financing activities (C) (1,040.99) (8,826.37)
Net cash Increase/(decrease) in cash and cash equivalents (A+B+C) 392.03 (94.13)
Cash and cash equivalents at the beginning of the year 488.24 582.37
Cash and cash equivalents at the end of the year (Refer Note 12) 880.27 488.24
Net cash Increase/(decrease) in cash and cash equivalent 392.03 (94.13)
DIN: 00540285 DIN: 00540308


84
02-17 18-71 72-124
Notes to the Financial Statements for the year ended March 31, 2020
Note 1: Company Overview • It is held primarily for the purpose of trading;

Bhageria Industries Limited is a public limited company
domiciled in India having its registered office at 1002, 10th • It is due to be settled within twelve months after
Floor, Topiwala Centre, Off. S.V. Road, Near Goregaon Railway the reporting period; or
Station, Goregaon (West), Mumbai – 400062. The Company • There is no unconditional right to defer the
was incorporated on July 12, 1989 under the provision settlement of liability for at least twelve months
of the Companies Act, 1956. The Company is engaged in after the reporting period.
manufacturing of Dyes & Dyes Intermediate and generation
and distribution of solar power. The equity shares of the All other liabilities are classified as non-current.
Company are listed on the National Stock Exchange of India
Deferred tax assets and liabilities are classified as non-
Limited and BSE Limited.
current assets and liabilities.
Note 2: Summary of Significant Accounting Policies The operating cycle is the time between the acquisition of
a) Statement of Compliance assets for processing and their realisations in cash and cash
The financial statements of the company have been equivalents. The Company has ascertained its operating
prepared in accordance with Indian Accounting cycle as twelve months for the purpose of current and
Standards (“Ind-AS”) notified under the Companies non-current classification of assets and liabilities.
(Indian Accounting Standards) Rules, 2015 as amended
The Company’s functional currency is the Indian Rupee.
by the Companies (Indian Accounting Standards) Rules,
These financial statements are presented in Indian
2016 and other relevant provisions of the Act.
Rupees and all values are rounded to the nearest lakhs,
b) Basis of Measurement except when otherwise stated.
The financial statements have been prepared on a
d) Use of Estimates, Judgments and Assumptions
historical cost basis except for certain financial assets
The preparation of the financial statements in conformity
and financial liabilities (including financial instruments)
with Ind-AS requires management to make estimates,
which have been measured at fair value at the end of
judgments and assumptions. These estimates, judgments
each reporting period as explained in the accounting
and assumptions affect the application of accounting
policies stated below. The Financial Statements have
policies and the reported amounts of assets and liabilities,
been prepared on accrual and going concern basis.
the disclosures of contingent assets and liabilities at the
c) Current versus non-current classification date of the financial statements and reported amounts
The Company has classified all its assets and liabilities of revenues and expenses during the period. Application
under current and non-current as required by Ind AS 1- of accounting policies that require critical accounting
Presentation of Financial Statements. estimates involving complex and subjective judgments
and the use of assumptions in these financial statements
The asset is treated as current when it is: have been disclosed in Note 3 below. Accounting
estimates could change from period to period. Actual
• Expected to be realized or intended to be sold or
results could differ from those estimates. Appropriate
consumed in normal operating cycle;
changes in estimates are made as management becomes
• Held primarily for purpose of trading; aware of changes in circumstances surrounding the
estimates. Changes in estimates are reflected in the
• Expected to be realized within twelve months after
financial statements in the period in which changes are
the reporting period; or
made and, if material, their effects are disclosed in the
• Cash or cash equivalent unless restricted from notes to the financial statements.
being exchanged or used to settle a liability for at
least twelve months after the reporting period. e) Revenue Recognition
Revenue is recognized to the extent that it is probable
All other assets are classified as non-current. that the economic benefits will flow to the Company
and the revenue can be reliably measured, regardless
A liability is treated as current when:
of when the payment is being received. Revenue is
• It is expected to be settled in normal operating cycle; measured at the fair value of the consideration received
85
or receivable, taking into account contractually defined • Revenue from manufacturing charges is
terms of payment including excise duty collected which recognized on completion of contractual
flows to the Company on its own account but excluding obligation of manufacturing and delivery of
taxes or duties collected on behalf of the government. product manufactured.
The Company has adopted Ind AS 115 Revenue from • Revenue from export incentives are recognized
contracts with customers, with effect from April 1, upon adherence to the compliances as may
2018. Ind AS 115 establishes principles for reporting be prescribed with regard to export and / or
information about the nature, amount, timing and realization of export proceeds as per foreign
uncertainty of revenues and cash flows arising from trade policy and its related guidelines.
the contracts with its customers and replaces Ind AS 18
Revenue and Ind AS 11 Construction Contracts. • Revenue from sale of scrap is recognized on
delivery of scrap items.
Revenue from contracts with customers Ind AS 115
establishes a single comprehensive model for entities • Other Income
to use in accounting for revenue arising from contracts • Other income comprises of interest income,
with customers. Under Ind AS 115, an entity recognises rent income, dividend from investment and
revenue when (or as) a performance obligation is profits on redemption of investments.
satisfied i.e. when control of the goods and service
• Interest income from financial assets is
underlying the particular performance obligation is
recognized when it is probable that the economic
transferred to the customer.
benefit will flow to the Company and the amount
There is no significant impact of the adoption of the of income can be measured reliably. Interest
standard on the financial statements of the Company. income is accrued on time basis by reference to
the principal outstanding and at the effective rate
The Company follows specific recognition criteria as applicable, which is the rate exactly discounts
described below before the revenue is recognized. estimated future cash receipts through the
expected life of the financial asset to that asset’s
• Sale of goods net carrying amount on initial recognition.
• Revenue from sale of goods is recognized
when the significant risks and rewards of • Dividend income from investment is recognized
ownership have been transferred to the buyer, when the shareholder’s right to receive
usually on delivery of goods, recovery of the payment has been established (provided that it
consideration is probable, the associated cost is probable that the economic benefit will flow
can be estimated reliably, there is no continuing to the Company and the amount of income can
effective control or managerial involvement be measured reliably).
with the goods, and the amount of revenue can
be measured reliably. • Profit on redemption of investment is
recognized by upon exercise of power by the
• Revenue is measured at the fair value of the company to redeem the investment held in any
consideration received or receivable. The particular security / instrument (non-current as
amount recognized as revenue is exclusive of well as current investment).
Service Tax, Value Added Taxes (VAT), and Goods
and Service Tax (GST) and is net of discounts. f) Foreign Currency-Transactions and Balances
Items included in the Financial Statements of the
• Other Operating Revenue Company are measured using the currency of the
• Other Operating revenue comprises of primary economic environment in which the Company
following items: operates (‘functional currency’).
• Revenue from solar power The Company’s functional currency is Indian Rupee and
accordingly, the financial statements are presented in
• Job work income
Indian Rupee.
• Duty drawback and other export incentives
86
02-17 18-71 72-124
Transactions in foreign currencies are initially recorded up to the end of the reporting period using the
by the company in functional currency spot rates at the Projected Unit Credit method. The benefits are
date the transaction first qualifies for recognition. discounted using the market yields at the end of
the reporting period on government bonds that
Monetary assets and liabilities denominated in foreign have terms approximating to the terms of the
currencies are translated at the functional currency related obligations. Re-measurements as a result
spot rates of exchange at the reporting period. Gains of experience adjustments and changes in actuarial
and losses arising on account of differences in foreign assumptions (i.e. actuarial losses/ gains) are
exchange rates on settlement/ translation of monetary recognised in the Statement of Profit and Loss.
assets and liabilities are recognized in the Statement
of Profit and Loss except exchange differences on The obligations are presented as current in the
foreign currency borrowings relating to assets under balance sheet, if the Company does not have an
construction for future productive use, which are unconditional right to defer settlement for at least
included in the cost of those assets when they are twelve months after the reporting period, Regardless
regarded as an adjustment to interest costs on those of when the actual settlement is expected to occur.
foreign currency borrowings.
• Post-employment obligations
Non-monetary items that are measured in terms of The Company operates the following post-
historical cost in a foreign currency are translated employment schemes:
using the exchange rates as at the dates of the initial
transactions. Non-monetary items measured at fair value I. Defined benefit plans such as gratuity
in a foreign currency are translated using the exchange
II. Defined contribution plans such as provident
rates at the date when the fair value was determined.
fund.
The gain or loss arising on translation of non-monetary
items measured at fair value is treated in line with the I. Defined benefit plan - Gratuity Obligations
recognition of the gain or loss on the change in fair value The Company provides for gratuity, a defined
of that item (i.e. translation differences on items whose benefit plan (the “Gratuity Plan”) covering eligible
fair value gain or loss is recognized in OCI or profit or loss employees in accordance with the Payment of
are also recognised in OCI or profit or loss, respectively). Gratuity Act, 1972. The Gratuity Plan provides
a lump sum payment to vested employees at
g) Employee Benefits
retirement, death, incapacitation or termination of
• Short-term obligations
employment, of an amount based on the respective
Liabilities for wages and salaries, including non-
employee’s salary and the tenure of employment.
monetary benefits that are expected to be settled
wholly within 12 months after the end of the The liability or asset recognised in the balance
period in which the employees render the related sheet in respect of defined benefit gratuity plans is
service are recognised in respect of employee’s the present value of the defined benefit obligation
services up to the end of the reporting period and at the end of the reporting period less the fair value
are measured at the undiscounted amounts of the of plan assets. The defined benefit obligation is
benefits expected to be paid when the liabilities actuarially determined using the Projected Unit
are settled. The liabilities are presented as current Credit method.
employee benefit obligations in the balance sheet.
The present value of the defined benefit obligation
• Other Long-term employee benefit obligations is determined by discounting the estimated future
The liabilities for compensated absences (annual cash outflows by reference to market yields at the
leave) which are not expected to be settled wholly end of the reporting period on government bonds
within 12 months after the end of the period in that have a terms approximating to the terms of
which the employee render the related service the obligation. The net interest cost, calculated by
are presented as non-current employee benefits applying the discount rate to the net balance of
obligations. They are therefore measured as the the defined benefit obligation and the fair value of
present value of expected future payments to be the plan assets, is recognised as employee benefit
made in respect of services provided by employees expenses in the statement of profit and loss.
87
Re-measurement gains and losses arising taxable profit will be available against which the
from experience adjustments and changes in deductible temporary difference can be utilized.
actuarial assumptions are recognised in the other
comprehensive income in the year in which they The carrying amount of deferred tax assets is
arise and are not subsequently reclassified to reviewed at each reporting date and adjusted to the
Statement of Profit and Loss. extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of
Changes in the present value of the defined benefit the deferred tax asset to be utilized.
obligation resulting from plan amendments or
curtailments are recognised immediately in profit Deferred tax assets and liabilities are measured
or loss as past service cost. at the tax rates that are expected to apply in the
year when the asset is realized or liability is settled,
II. Defined Contribution Plan based on tax rates (and tax laws) that have been
The Company pays provident fund contributions enacted or substantively enacted on the reporting
to publicly administered provident funds as per date. Current and deferred tax for the year are
local regulatory authorities. The Company has no recognized in profit or loss, except when they relate
further obligations once the contributions have to items that are recognized in other comprehensive
been paid. The contributions are accounted for as income or directly in equity, in which case, the
defined contribution plans and the contributions current and deferred tax are also recognized in
are recognised as employee benefit expense when other comprehensive income or directly in equity
they are due. respectively.
h) Tax Expenses • Minimum Alternate Tax (MAT) Credit:

The tax expense for the period comprises current and MAT credit is recognized as deferred tax asset
deferred tax. Taxes are recognised in the statement of only when and to the extent there is convincing
profit and loss, except to the extent that it relates to the evidence that the Company will pay normal income
items recognised in the comprehensive income or in tax during the specified period.
Equity. In which case, the tax is also recognised in the
comprehensive income or in Equity. i) Property, Plant and Equipment
Land is carried at historical cost. All other items of
• Current tax: property, plant and equipment are stated at cost, net
Current tax payable is calculated based on taxable of recoverable taxes, trade discount and rebates less
profit for the year. Current tax is recognized based accumulated depreciation and impairment losses, if
on the amount expected to be paid to or recovered any. Such cost includes purchase price, borrowing cost
from the tax authorities based on applicable tax and any cost directly attributable to bringing the assets
laws that have been enacted or substantively to its working condition for its intended use.
enacted by the balance sheet date. Management
periodically evaluates positions taken in the tax Subsequent costs are included in the asset’s carrying
return with respect to situations in which applicable amount or recognised as a separate asset, as appropriate,
tax regulations are subject to interpretation and only when it is probable that future economic benefits
establishes provisions where appropriate. associated with the item will flow to the entity and the cost
can be measured reliably. When significant parts of plant
• Deferred tax: and equipment are required to be replaced at intervals,
Deferred tax is recognised on temporary differences the company depreciates them separately based on their
between the carrying amounts of assets and liabilities specific useful lives. All other repairs and maintenance
in the financial statements and the corresponding costs are recognized as expense in the statement of profit
tax bases used in the computation of taxable profit. and loss account as and when incurred.
Deferred tax liabilities are generally recognized for Expenses incurred relating to project, net of income
all taxable temporary timing difference. Deferred earned during the project development stage prior to its
tax assets are recognized for deductible temporary intended use, are considered as pre - operative expenses
differences to the extent that it is probable that and disclosed under Capital Work- in- Progress.
88
02-17 18-71 72-124
Cost of the assets less its residual value (estimated Fair values are determined based on an annual
at 5% of the cost) is depreciated over its useful life. evaluation performed by an accredited external
Depreciation is calculated on written down basis over independent valuer.
the useful life of the assets as prescribed in Schedule II
to the Companies Act, 2013. Investment properties are de-recognized either
when they have been disposed of or when they
Depreciation on additions/ deletions to fixed assets are permanently withdrawn from use and no future
is calculated pro-rata from/ up to the date of such economic benefit is expected from their disposal. The
additions/ deletions. difference between the net disposal proceeds and the
carrying amount of the asset is recognised in profit and
The carrying values of property, plant and equipment loss in the period of de- recognition.
are reviewed for impairment when events or changes in
circumstances indicate that the carrying value may not be k) Borrowing Costs
recoverable. The residual values, useful life and depreciation General and specific borrowing costs directly
method are reviewed at each financial year-end to ensure attributable to the acquisition, construction or
that the amount, method and period of depreciation are production of qualifying assets, which are assets that
consistent with previous estimates and the expected necessarily take a substantial period of time to get
pattern of consumption of the future economic benefits ready for their intended use or sale, are added to the
embodied in the items of property, plant and equipment. cost of those assets, until such time as the assets are
substantially ready for their intended use or sale. All
An item of property, plant and equipment is derecognized other borrowing costs are recognised in Statement of
upon disposal or when no future economic benefits are Profit and Loss in the period in which they are incurred.
expected to arise from the continued use of the asset. Any
gain or loss arising on disposal or retirement of an item l) Impairment of Non-Financial Assets
of property, plant and equipment is determined as the The Company assesses at each reporting date as to
difference between sale proceeds and the carrying amount whether there is any indication that any property, plant
of the asset and is recognised in profit and loss account. and equipment and intangible assets or group of assets,
called cash generating units (CGU) may be impaired. If
The management believes that the estimated useful any such indication exists the recoverable amount of an
lives are realistic and reflects fair approximation of asset or CGU is estimated to determine the extent of
the period over which the assets are likely to be used. impairment, if any. When it is not possible to estimate
At each financial year end, management reviews the the recoverable amount of an individual asset, the
residual values, useful lives and method of depreciation Company estimates the recoverable amount of the CGU
of property, plant and equipment and values of the to which the asset belongs.
same are adjusted prospectively where needed.
An impairment loss is recognized in the Statement of
j) Investment Properties Profit and Loss to the extent, asset’s carrying amount
Investment properties are properties that is held for long- exceeds its recoverable amount. The recoverable
term rentals yields or for capital appreciation (including amount is higher of an asset’s fair value less cost of
property under construction for such purposes) or both, disposal and value in use. Value in use is based on the
and that is not occupied by the Company, is classified as estimated future cash flows, discounted to their present
investment property. value using pre-tax discount rate that reflects current
market assessments of the time value of money and risk
Investment properties are measured initially at cost,
specific to the assets. The impairment loss recognized in
including transaction costs. Subsequent to initial
prior accounting period is reversed if there has been a
recognition, investment properties are stated at cost
change in the estimate of recoverable amount.
less accumulated impairment loss, if any.
m) Inventories
Though the Company measures investment property
Inventories are valued at lower of cost (on First-In-
using cost based measurement, the fair value of
First-Out) or net realizable value after providing for
investment property is disclosed in the notes.
obsolescence and other losses, where considered
89
necessary. Cost of inventories comprises all costs of o) Leases

purchase and other costs incurred in bringing the As lessee
inventories to their present location and condition.
Initial measurement
Cost of purchased inventory is determined after
deducting rebates and discounts. Net realizable value Lease Liability: At the commencement date, a Company
is the estimated selling price in the ordinary course measure the lease liability at the present value of the lease
of business, less estimated costs of completion and payments that are not paid at that date. The lease payments
estimated costs necessary to make the sale. shall be discounted using incremental borrowing rate.
n) Provisions, Contingent Liabilities and Contingent Assets Right-of-use assets: initially recognised at cost, which
Provisions are recognized when the company has present comprises the initial amount of the lease liability
obligation (legal or constructive) as a result of past event adjusted for any lease payments made at or prior to the
and it is probable that outflow of resources embodying commencement date of the lease plus any initial direct
economic benefits will be required to settle the obligation costs less any lease incentives.
and a reliable estimate can be made of the amount of
Subsequent measurement
the obligation. The expense related to a provision is
presented in the statement of profit and loss net of any Lease Liability: Company measure the lease liability by
reimbursement/contribution towards provision made. (a) increasing the carrying amount to reflect interest on
Provisions are reviewed at each balance sheet date and the lease liability;
adjusted to reflect the current best estimates. (b) reducing the carrying amount to reflect the lease
Contingent Liability: payments made; and
Contingent liability is disclosed in the case; (c) remeasuring the carrying amount to reflect any
• When there is a possible obligation which could reassessment or lease modifications.
arise from past event and whose existence will Right-of-use assets: subsequently measured at cost less
be confirmed only by the occurrence or non- accumulated depreciation and impairment losses. Right-
occurrence of one or more uncertain future events of-use assets are depreciated from the commencement
not wholly within the control of the Company or; date on a straight line basis over the shorter of the lease
• A present obligation that arises from past events term and useful life of the under lying asset.
but is not recognized as expense because it is not Impairment: Right of use assets are evaluated
probable that an outflow of resources embodying for recoverability whenever events or changes in
economic benefits will be required to settle the circumstances indicate that their carrying amounts may
obligation or; not be recoverable. For the purpose of impairment testing,
• The amount of the obligation cannot be measured the recoverable amount (i.e. the higher of the fair value
with sufficient reliability. less cost to sell and the value-in-use) is determined on an
individual asset basis unless the asset does not generate
Contingent asset: cash flows that are largely independent of those from
Contingent asset is disclosed in case a possible asset other assets. In such cases, the recoverable amount is
arises from past events and whose existence will be determined for the Cash Generating Unit (CGU) to which
confirmed only by the occurrence or non-occurrence of the asset belongs.
one or more uncertain future events not wholly within
the control of the Company. Short term Lease
Short term lease is that, at the commencement date, has
Provisions, contingent liabilities, contingent assets and a lease term of 12 months or less. A lease that contains a
commitments are reviewed at each balance sheet date purchase option is not a short-term lease. If the company
and adjusted to reflect the current best estimates. elected to apply short term lease, the lessee shall recognise
90
02-17 18-71 72-124
the lease payments associated with those leases as an • Subsequent measurement

expense on either a straight-line basis over the lease term For purposes of subsequent measurement,
or another systematic basis. The lessee shall apply another financial assets are classified in four categories:
systematic basis if that basis is more representative of the
pattern of the lessee’s benefit. o Financial Assets at amortized cost
o Financial Assets at FVTOCI (Fair Value
As a lessor through Other Comprehensive Income)
Leases for which the company is a lessor is classified as
o Financial Assets at FVTPL (Fair Value
a finance or operating lease. Whenever the terms of the
through Profit or Loss)
lease transfer substantially all the risks and rewards of
ownership to the lessee, the contract is classified as a o Financial Assets at amortized cost:
finance lease. All other leases are classified as operating A Financial Assets is measured at the
leases. Lease income is recognised in the statement of amortized cost if both the following
profit and loss on straight line basis over the lease term. conditions are met:
Transition to Ind AS 116 • The asset is held within a business model

Ministry of Corporate Affairs (“MCA”) through Companies whose objective is to hold assets for collecting
(Indian Accounting Standards) Amendment Rules, 2019 contractual cash flows, and
and Companies (Indian Accounting Standards) Second
• Contractual terms of the asset give rise on
Amendment Rules, has notified Ind AS 116 Leases
specified dates to cash flows that are solely
which replaces the existing lease standard, Ind AS
payments of principal and interest (SPPI) on the
17 leases, and other interpretations. Ind AS 116 sets
principal amount outstanding.
out the principles for the recognition, measurement,
presentation and disclosure of leases for both lessees This category is the most relevant to the Company.
and lessors. It introduces a single, on-balance sheet After initial measurement, such financial assets are
lease accounting model for lessees. The Company has subsequently measured at amortized cost using the
adopted Ind AS 116, effective annual reporting period effective interest rate (EIR) method.
beginning 1st April, 2019 and applied the standard
prospectively to its leases. Amortized cost is calculated by taking into account any
discount or premium on acquisition and fees or costs
p) Financial Instruments that are an integral part of the EIR. The EIR amortization
The Company recognizes financial assets and financial is included in finance income in the profit or loss. The
liabilities when it becomes party to the contractual losses arising from impairment are recognized in the
provision of the instrument. profit or loss.
Part I - Financial Assets o Financial Assets at FVTOCI (Fair Value through

• Initial recognition and measurement Other Comprehensive Income):
Financial assets are initially measured at its A Financial Assets is classified as at the FVTOCI
fair value. Transaction costs that are directly if following criteria are met:
attributable to the acquisition or issue of financial
assets (other than financial assets at fair value The objective of the business model is achieved
through profit or loss) are added to or deducted both by collecting contractual cash flows (i.e.
from the fair value of the concerned Financial SPPI) and selling the financial assets.
assets, as appropriate, on initial recognition.
Financial instruments included within the
Transaction costs directly attributable to FVTOCI category are measured initially as well
acquisition of financial assets at fair value as at each reporting date at fair value. Fair
through profit or loss are recognized immediately value movements are recognized in the other
in profit or loss. However, trade receivable that comprehensive income (OCI). However, the
do not contain a significant financing component Company recognizes interest income, impairment
are measured at transaction price. losses and reversals and foreign exchange gain
or loss in the statement of profit and loss. On
91
de-recognition of the asset, cumulative gain or Lifetime ECL are the expected credit losses resulting
loss previously recognised in OCI is reclassified from all possible default events over the expected
from the equity to the statement of profit and life of a financial asset. 12-month ECL is a portion
loss. Interest earned whilst holding FVTOCI debt of the lifetime ECL which results from default
instrument is reported as interest income using events that are possible within 12 months from the
the EIR method. reporting date.
o Financial Assets at FVTPL (Fair Value through For trade receivables, Company applies ‘simplified
Profit or Loss): approach’, which requires expected lifetime losses
FVTPL is a residual category for financial to be recognised from initial recognition of the
instruments. Any financial instrument, which receivables. The Company uses historical default
does not meet the criteria for categorization as rates to determine impairment loss on the portfolio
at amortized cost or as FVTOCI, is classified as of trade receivables. At every reporting date, these
at FVTPL. historical default rates are reviewed and changes in
the forward-looking estimates are analyzed.
In addition, the Company may elect to designate
a financial instrument, which otherwise meets For other assets, the Company uses 12 month ECL
amortized cost or FVTOCI criteria, as at FVTPL. to provide for impairment loss where there is no
However, such election is allowed only if significant increase in credit risk. If there is significant
doing so reduces or eliminates a measurement increase in credit risk full lifetime ECL is used.
or recognition inconsistency (referred to as
ECL impairment loss allowance (or reversal)
‘accounting mismatch’). The Company has not
recognized during the period is recognized as
designated any financial instrument as at FVTPL.
income/ expense in the Statement of Profit and
Financial instruments included within the Loss under the head ‘Other expenses’.
FVTPL category are measured at fair value with
Part II - Financial Liabilities
all changes recognized in the Statement of
Profit and Loss. • Initial recognition and measurement
The Company’s financial liabilities include trade
o Other Equity Investments: and other payables, loans and borrowings including
All other equity investments are measured at bank overdrafts, financial guarantee contracts and
fair value, with value changes recognised in derivative financial instruments.
Statement of Profit and Loss.
All financial liabilities are recognised initially at fair
• De- recognition: value and, in the case of loans and borrowings and
A financial asset is primarily derecognized when rights payables, net of directly attributable transaction costs.
to receive cash flows from the asset have expired or
the Company has transferred its contractual rights Financial liabilities are classified, at initial
to receive cash flows of the financial asset and has recognition, as financial liabilities at fair value
substantially transferred all the risk and reward of through profit or loss, loans and borrowings,
the ownership of the financial asset. payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
• Impairment of financial assets:
In accordance with Ind AS 109, the Company uses • Subsequent measurement
‘Expected Credit Loss’(ECL) model, for evaluating The measurement of financial liabilities depends
impairment of financial assets other than those on their classification, as described below:
measured at fair value through profit and loss (FVTPL).
• Financial liabilities at fair value through profit
ECL is the difference between all contractual cash or loss
flows that are due to the Company in accordance Financial liabilities at fair value through profit
with the contract and all the cash flows that the or loss include financial liabilities held for
entity expects to receive (i.e., all cash shortfalls), trading and financial liabilities designated
discounted at the original effective interest rate. upon initial recognition as at fair value through
92
02-17 18-71 72-124
profit or loss. Financial liabilities are classified a liability at fair value, adjusted for transaction
as held for trading if they are incurred for the costs that are directly attributable to the
purpose of repurchasing in the near term. This issuance of the guarantee. Subsequently, the
category also includes derivative financial liability is measured at the higher of the amount
instruments entered into by the Company that of loss allowance determined as per impairment
are not designated as hedging instruments in requirements of Ind-AS 109 and the amount
hedge relationships as defined by Ind-AS 109. recognised less cumulative amortisation.
Gains or losses on liabilities held for trading are
recognised in the profit or loss. • De-recognition:
A financial liability is de-recognised when the
Financial liabilities designated upon initial obligation under the liability is discharged or cancelled
recognition at fair value through profit or loss or expires. When an existing financial liability is
is designated as such at the initial date of replaced by another from the same lender on
recognition, and only if the criteria in Ind-AS substantially different terms, or the terms of an existing
109 are satisfied. For liabilities designated as liability are substantially modified, such an exchange
FVTPL, fair value gains/ losses attributable to or modification is treated as the de-recognition of the
changes in own credit risks are recognized in original liability and the recognition of a new liability.
OCI. These gains/ loss are not subsequently The difference in the respective carrying amounts is
transferred to statement of profit and loss. recognised in the statement of profit or loss.
However, the Company may transfer the
cumulative gain or loss within equity. All • Offsetting of financial instruments:
other changes in fair value of such liability are Financial assets and financial liabilities are offset
recognised in the statement of profit or loss. and the net amount is reported in the balance
The Company has not designated any financial sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an
liability as at fair value through profit and loss.
intention to settle on a net basis, to realize the
• Loans and borrowings assets and settle the liabilities simultaneously.
This is the category most relevant to
Part-III Fair Value Measurement:
the Company. After initial recognition,
The Company measures financial instruments at fair
interest-bearing loans and borrowings are
value in accordance with the accounting policies
subsequently measured at amortized cost
mentioned above. Fair value is the price that would be
using the EIR method. Gains and losses are
received to sell an asset or paid to transfer a liability in
recognised in profit or loss when the liabilities
an orderly transaction between market participants at
are de-recognised as well as through the EIR
the measurement date. The fair value measurement is
amortization process.
based on the presumption that the transaction to sell
Amortised cost is calculated by taking into the asset or transfer the liability takes place either:
account any discount or premium on acquisition
• In the principal market for the asset or liability or;
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance • In the absence of a principal market, in the most
costs in the statement of profit and loss. This advantageous market for the asset or liability.
category generally applies to borrowings.
All assets and liabilities for which fair value is measured
• Financial guarantee contracts or disclosed in the financial statements are categorized
Financial guarantee contracts issued by the within the fair value hierarchy that categorizes into three
Company are those contracts that require a levels, described as follows, the inputs to valuation
payment to be made to reimburse the holder techniques used to measure value. The fair value
for a loss it incurs because the specified debtor hierarchy gives the highest priority to quoted prices in
fails to make a payment when due in accordance active markets for identical assets or liabilities (Level 1
with the terms of a debt instrument. Financial inputs) and the lowest priority to unobservable inputs
guarantee contracts are recognised initially as (Level 3 inputs).
93
Level 1 - quoted (unadjusted) market prices in active The excess of the

markets for identical assets or liabilities
• Consideration transferred;
Level 2 - inputs other than quoted prices included
within Level 1 that are observable for the asset or • Amount of any non-controlling interest in the
liability, either directly or indirectly acquired entity; and
Level 3 - inputs that are unobservable for the asset or • Acquisition-date fair value of any previous equity
liability interest in the acquired entity
For the purpose of fair value disclosures, the Company Over the fair value of the net identifiable assets acquired is
has determined classes of assets and liabilities on the recorded as goodwill. If those amounts are less than the fair
basis of the nature, characteristics and risks of the asset value of the net identifiable assets of the business acquired,
or liability and the level of the fair value hierarchy as the difference is recognised in other comprehensive income
explained above. and accumulated in equity as capital reserve provided there
is clear evidence of the underlying reasons for classifying
This note summarizes accounting policy for fair value. the business combination as a bargain purchase. In other
Other fair value related disclosures are given in the cases, the bargain purchase gain is recognised directly in
relevant notes. equity as capital reserve.
q) Cash and Cash Equivalents Business Combination involving entities or business under
Cash and cash equivalent in the balance sheet comprise common control shall be accounted for using the pooling of
cash at banks and on hand and short-term deposits with interest method.
an original maturity of three months or less from the
date of acquisition, which are subject to an insignificant s) Cash Flow Statements:
risk of changes in value. Cash flows are reported using the indirect method,
whereby net profit before tax is adjusted for the effects
r) Business Combination of transactions of a non- cash nature, any deferrals or
The acquisition method of accounting is used to account accruals of past or future operating cash receipts or
for all business combinations, regardless of whether equity payments and item of income or expenses associated
instruments or other assets are acquired. The consideration with investing or financing cash flows. The cash flow
transferred for the acquisition of a subsidiary comprises from operating, investing and financing activities of
the fair values of the assets transferred; Company is segregated.
• Liabilities incurred to the former owners of the t) Derivative Financial Instruments and Hedge Accounting
acquired business; Initial recognition and subsequent measurement:
• Equity interest issued by the group; and Company uses derivative financial instruments such
as forward currency contracts to mitigate its foreign
• Fair value of any asset or liability resulting from a currency fluctuation risks. Such derivative financial
contingent consideration arrangement. instruments are initially recognized at fair value on
the date on which a derivative contract is entered into
Identifiable assets acquired and liabilities and
and are subsequently re-measured at fair value at each
contingent liabilities assumed in a business combination
are, with limited exceptions, measured initially at their reporting date. Gain or loss arising from changes in the
fair values at the acquisition date. The group recognizes fair value of heading instrument is recognized in the
any non-controlling interest in the acquired entity on an Statement of Profit or Loss.
acquisition-by-acquisition basis either at fair value or at
Derivatives are carried as financial assets when the fair
the non-controlling interests’ proportionate share of the
value is positive and as financial liabilities when the fair
acquired entity’s net identifiable assets.
value is negative.
Acquisition-related costs are expensed as incurred.
94
02-17 18-71 72-124
u) Earnings Per Share Uncertainty about these assumptions and estimates could
Basic earnings/ (loss) per share are calculated by result in outcomes that require a material adjustment to the
dividing the net profit or loss for the year attributable to carrying amount of assets or liabilities affected in future
equity shareholders by the weighted average number of periods. The key assumptions concerning the future and
equity shares outstanding during the year. The weighted other key sources of estimation uncertainty at the reporting
average number of equity shares outstanding during date, that have a significant risk of causing a material
the year is adjusted for events, other than conversion of adjustment to the carrying amounts of assets and liabilities
potential equity shares, that have changed the number within the next financial year, are described below:
of equity shares outstanding without a corresponding
A. Income taxes and Deferred tax assets:
change in resources.
The Company’s tax jurisdiction is India. Significant
In case of a bonus issue, the number of ordinary shares judgments are involved in estimating budgeted profits
outstanding is increased by number of shares issued as for the purpose of paying advance tax, determining the
bonus shares in current year and comparative period provision for income taxes, including amount expected
presented as if the event had occurred at the beginning to be paid/recovered for uncertain tax positions.
of the earliest year presented. Deferred tax asset is recognised for all the deductible
temporary differences to the extent that it is probable
For the purpose of calculating diluted earnings/ (loss) per that taxable profit will be available against which
share, the net profit or loss for the period attributable to the deductible temporary difference can be utilized.
equity shareholders and the weighted average number The management assumes that taxable profit will be
of shares outstanding during the period are adjusted for available while recognizing the deferred tax assets.
the effects of all dilutive potential equity shares.
B. Property, Plant and Equipment:
v) Insurance Claims Property, Plant and Equipment represent a significant
Insurance claims are accounted for on the basis of claims proportion of the asset base of the Company. The charge
admitted / expected to be admitted and to the extent in respect of periodic depreciation is derived after
that there is no uncertainty in receiving the claims. determining an estimate of an asset’s expected useful
life as prescribed in the Schedule II of the Companies
w) Segment Reporting Act, 2013 and the expected residual value at the
The Company identifies operating segments based on end of its life. The useful lives and residual values of
the internal reporting provided to the chief operating
Company’s assets are determined by the management at
decision-maker.
the time the asset is acquired and reviewed periodically,
The chief operating decision-maker, who is responsible including at each financial year end. The lives are based
for allocating resources and assessing performance on historical experience with similar assets as well
of the operating segments, has been identified as the as anticipation of future events, which may impact
Board of Directors that makes strategic decisions. their life, such as changes in technical or commercial
obsolescence arising from changes or improvements in
The accounting policies adopted for segment reporting production or from a change in market demand of the
are in line with the accounting policies of the Company. product or service output of the asset.
Segment revenue, segment expenses have been
identified to segments on the basis of their relationship C. Impairment of non-financial assets:
to the operating activities of the segment. The Company assesses at each reporting date whether
there is an indication that an asset may be impaired. If
any indication exists, the Company estimates the asset’s
Note 3: Key Accounting Judgements, Estimates &
recoverable amount. An asset’s recoverable amount
Assumptions
is the higher of an asset’s or Cash Generating Units
The preparation of the Company’s financial statements
(CGU’s) fair value less costs of disposal and its value in
requires the management to make judgments’, estimates and
use. It is determined for an individual asset, unless the
assumptions that affect the reported amounts of revenues,
asset does not generate cash inflows that are largely
expenses, assets and liabilities, and the accompanying
independent of those from other assets or a group of
disclosures and the disclosure of contingent liabilities.
95
assets. Where the carrying amount of an asset or CGU F. Recognition and measurement of other provisions:
exceeds its recoverable amount, the asset is considered The recognition and measurement of other provisions are
impaired and is written down to its recoverable amount. based on the assessment of the probability of an outflow
of resources, and on past experience and circumstances
In assessing value in use, the estimated future cash known at the balance sheet date. The actual outflow of
flows are discounted to their present value using pre-tax resources at a future date may, therefore, vary from the
discount rate that reflects current market assessments figure included in other provisions.
of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal, G. Contingencies:
recent market transactions are taken into account, if Management judgement is required for estimating
no such transactions can be identified, an appropriate the possible outflow of resources, if any, in respect of
valuation model is used. contingencies/claim/ litigations against the Company
as it is not possible to predict the outcome of pending
D. Impairment of financial assets: matters with accuracy.
The impairment provisions for financial assets are based
on assumptions about risk of default and expected cash H. Allowances for uncollected trade receivable and
loss rates. The Company uses judgement in making these advances:
assumptions and selecting the inputs to the impairment Trade receivables do not carry any interest and are
calculation, based on Company’s past history, existing stated at their normal value as reduced by appropriate
market conditions as well as forward looking estimates allowances for estimated amounts which are
at the end of each reporting period. irrecoverable. Individual trade receivables are written
off when management deems them not collectible.
E. Recognition and measurement of defined benefit Impairment is made on the expected credit losses,
obligation: which are the present value of the cash shortfall over
The obligation arising from the defined benefit plan is the expected life of the financial assets. The impairment
determined on the basis of actuarial assumptions. Key provisions for financial assets are based on assumption
actuarial assumptions include discount rate, trends about risk of default and expected loss rates. Judgement
in salary escalation and vested future benefits and in making these assumptions and selecting the inputs to
life expectancy. The discount rate is determined with the impairment calculation are based on past history,
reference to market yields at the end of the reporting existing market condition as well as forward looking
period on the government bonds. The period to maturity estimates at the end of each reporting period.
of the underlying bonds correspond to the probable
maturity of the post-employment benefit obligations.
96
Note 4 : Property, Plant and Equipment

(H in Lakhs)
Safety Furniture Capital
Leasehold Freehold Residential Factory Boundary Plant & Solar Power Office
Particulars Godown & Lab E.T.P Generator & Vehicles Computer Total Work-in
Land Land Building Building Wall Machinery Plant Equipment
Equipments Fixtures Progress
Gross Carrying Amount as at 8,077.16 820.29 1.44 6.06 2,092.98 22.00 7.98 2,009.89 771.26 0.52 19,809.54 245.21 89.02 31.09 38.53 34,022.98 434.42
April 1, 2018
Additions / Transfer - 78.86 108.79 - - 364.87 1.20 241.72 - - - 62.47 109.41 7.76 1.92 977.00 1,075.07
Disposals - - - - - - - - - - - - (27.03) - - (27.03) -
As at March 31, 2019 8,077.16 899.16 110.23 6.06 2,092.98 386.87 9.18 2,251.60 771.26 0.52 19,809.54 307.68 171.40 38.85 40.45 34,972.94 1,509.49
Additions / Transfer 1,624.13 56.05 - - 160.57 - - 4,899.03 - - - - 11.31 0.34 1.25 6,752.67 4,902.40
Disposals - - - - - - - - - - - - (6.96) - - (6.96) (4,614.79)
As at March 31, 2020 9,701.29 955.21 110.23 6.06 2,253.55 386.87 9.18 7,150.63 771.26 0.52 19,809.54 307.68 175.74 39.19 41.70 41,718.66 1,797.11
Accumulated depreciation as 3.38 - 0.84 4.36 242.17 12.64 6.66 1,130.67 467.86 0.52 2,221.67 93.11 75.12 24.48 35.50 4,318.99 -
at April 1, 2018
Depreciation charged during - - 0.10 0.26 108.23 40.71 0.26 206.17 64.06 - 1,721.14 40.58 18.90 4.02 2.11 2,206.54 -
the year
Accumulated depreciation on - - - - - - - - - - - - (20.58) - - (20.58) -
deletions
As at March 31, 2019 3.38 - 0.93 4.62 350.40 53.35 6.93 1,336.84 531.92 0.52 3,942.80 133.69 73.45 28.50 37.60 6,504.95 -
Depreciation charged during - - 5.33 0.22 107.19 150.32 0.45 289.79 50.26 - 1,597.47 45.14 32.75 4.42 1.53 2,284.88
the year
Accumulated depreciation on - - - - - - - - - - - - (6.53) - - (6.53)
deletions
02-17
Corporate Overview
As at March 31, 2020 3.38 - 6.26 4.84 457.59 203.68 7.38 1,626.63 582.18 0.52 5,540.27 178.83 99.67 32.92 39.14 8,783.31
Net carrying amounts as at 9,697.91 955.21 103.96 1.22 1,795.97 183.20 1.81 5,524.00 189.08 0.00 14,269.27 128.85 76.07 6.27 2.56 32,935.35 1,797.11
March 31, 2020
Net carrying amounts as at 8,073.78 899.16 109.29 1.44 1,742.59 333.52 2.26 914.76 239.34 0.00 15,866.74 173.99 97.95 10.35 2.85 28,468.02 1,509.49
March 31, 2019
Notes
a. No depreciation has been claimed on assets, to the extent of input credit claimed.
b. Refer Note 44 for disclosure of contractual commitment for acquisition of property, plant and equipment.
18-71
Statutory Reports
c. Refer Note 21 for information on property, plant and equipment hypothecated / mortgaged as security by the Company.
d. Capital work-in-progress mainly comprises addition / expansion projects in progress.
97
72-124
Financial Statements
Note 5 : Investment Property

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Gross Carrying Amount
Opening gross carrying amount 257.87 257.87
Additions 13.61 -
Closing gross carrying amount 271.48 257.87
Accumulated Depreciation
Opening accumulated depreciation 48.43 36.54
Depreciation charged for the year 11.28 11.89
Closing accumulated depreciation 59.72 48.43
Net carrying amount 211.76 209.44
Notes:
a) The Investment Property consist of offices situated at Goregaon, Mumbai.
b) Net revenue recognised in the statement of profit and loss for the above investment properties is Profit of H 1.27 Lakhs
(P.Y. Profit of H 0.02 Lakhs) during the financial year ended March 31, 2020 and March 31, 2019 respectively
c) Disclosure for Fair Value

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Investment Property 431.80 431.80
d) Description of valuation techniques used and key inputs to valuation on investment properties.
The Company obtains independent valuations for its investment properties at reasonable interval. The best evidence
of fair value is current prices in an active market for similar properties. Where such information is not available, the
Company considers information from a variety of sources including:
i) Current prices in an active market for investment properties of different nature or recent prices of similar investment
properties in less active markets, adjusted to reflect those differences.
ii) Discounted cash flow projections based on reliable estimates of future cash flows.
iii) Capitalised income projections based upon a estimated net market income from investment properties and a
capitalisation rate derived from an analysis of market evidence.
The fair values of investment properties have been determined by reputed third party and independent valuers. The main
inputs used are the rental growth rates, expected vacancy rates, terminal yields and discount rates based on comparable
transactions and industry data. All resulting fair value estimates for investment properties are included in level 2.
e) Investment Property pledged/ mortgaged as security :

Refer Note 21 for information on Investment Property hypothecated / mortgaged as security by the Company.
f) The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or
enhancements of investment property.
98
02-17 18-71 72-124
Note 6 : Non-Current Financial Assets - Investments

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
- Quoted Equity Instruments

Investments carried at fair value through profit or loss
6,500 (March 31, 2019: 6,500) Equity Shares of Kisan Mouldings Limited 0.47 2.95
of H 10 each fully paid up
- Unquoted Equity Instruments
200 (March 31, 2019 : 200) Equity Shares of The Thane Janta Sahakari 0.94 0.94
Bank Limited of H. 50 each fully paid up
Investments carried at Cost
43,061 (March 31,2019 : 43,061) Equity Shares of The Tarapur 43.06 43.06
Environmental Protection Society of H 100 each fully paid up
Total 44.47 46.95
Aggregate amount of quoted investments -At Cost 2.60 2.60
Aggregate amount of quoted investments -At Market Value 0.47 2.95
Aggregate amount of unquoted investments -At Cost 43.16 43.16
Aggregate amount of unquoted investments -At Market Value 44.00 44.00
Category-wise Non current investment
Financial assets measured at fair value through profit & loss 1.41 3.89
Financial assets carried at amortised cost 43.06 43.06
Total 44.47 46.95
Note 7 : Non-Current Financial Assets - Others

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Unsecured, considered good
Carried at amortised cost
Telephone Deposit 0.49 0.49
Electricity Deposit 190.95 189.50
Rent Deposit 6.42 4.40
Other Security Deposits 33.51 11.45
Fixed Deposit - For more than twelve month* 5.13 1,105.98
[*H.5.13 Lakhs (P.Y. H55.98 Lakhs) under lien against bank guarantee and
loans from banks]
Total 236.50 1,311.83
Note 8 : Other Non-Current Assets

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Capital Advances 331.22 645.76
Total 331.22 645.76
99
Note 9 : Inventories
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Raw Materials 2,385.16 1,118.97
Goods-in-transit /at port 139.08 3.55
Work-in-progress 171.98 324.72
Finished Goods 996.33 305.45
Power and Fuel 32.51 82.41
Stores and Spares 77.79 36.34
Total 3,802.85 1,871.45
Note : Inventories are valued considering provision for allowance for obsolescence, inventory carrying risk and delay in usage
caused by the slow production pace due to lower off-take in the present situation. In addition to the historical pattern of
inventory provision, the Company has considered the likelihood of reduction in sales price, customer orders on hand and
margins, including subsequent cancellations, if any, nature and aging of inventories to reflect current and estimated future
economic conditions also taking into account the possible effects due to COVID-19. This assessment is also considering the
product demand, expected price trend and sales plan in respective industries.
Amounts recognized in the Statement of Profit and Loss : Nil (March, 2019 Nil)
Note 10 : Current Financial Assets - Investments

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
- Quoted Mutual Fund Instruments
0.70 unit (as at March 31, 2019: 35,373.867) of Liquid fund of DSP Mutual Fund 0.01 945.68
Total 0.01 945.68
Aggregate amount of quoted investments -At Cost 0.01 942.00
Aggregate amount of quoted investments -At Market Value 0.01 945.68
Note 11 : Current Financial Assets - Trade Receivables

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Trade receivables 7,814.22 6,331.64
Receivables from related parties (refer note 47 ) 0.13 -
Less: Allowance for doubtful trade receivables - -
Total Receivables 7,814.35 6,331.64
Current Portion 7,814.35 6,331.64
Non - Current Portion - -
100
02-17 18-71 72-124
Note 11 : Current Financial Assets - Trade Receivables (Contd..)

Break-up of security details
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Trade receivables -Secured, considered good 485.99 667.55
Trade receivables -Unsecured, considered good 7,328.36 5,664.09
Trade Receivables which have significant increase in credit risk - -
Trade Receivables - Credit Impaired - -
Less: Allowance for doubtful trade receivables - -
Total 7,814.35 6,331.64
Note : Trade receivables are valued considering provision for allowance using expected credit loss method. No Allowance
for Doubtful debts is recognised in the Statement of P & L because there is no significant change in credit risk. There is no
significant default in subsequent recoveries and no consequential default considering emerging situations due to COVID-19.
This assessment is considering the nature of industries, impact immediately seen in the demand outlook of these industries
and the financial strength of the customers in respect of whom amounts are receivable.
Note 12 : Current Financial Assets - Cash and Cash Equivalents

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Bank Balances
- In current accounts 237.65 312.42
- In fixed deposits with maturity of less than 3 months* 638.31 173.61
Cash in Hand 4.31 2.21
Total 880.27 488.24
*H 67.31 Lakhs (P.Y. H 67.09 Lakhs) lien against bank guarantee and loan arrangements from Bank
Note 13 : Current Financial Assets - Other Bank Balances

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Fixed Deposits with maturity period of more than 3 months but less than 12 3,168.42 3,027.19
months (include accrued interest)*
Unpaid Dividend Account** 66.91 65.61
Total 3,235.33 3,092.80
* H 458.76 Lakhs (P.Y. Rs. 36.11 Lakhs) lien against bank guarantee and loan arrangements from Bank
** The amount is to be utilised towards settlement of respective unpaid dividends.
Note 14 : Current Financial Assets - Others
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Unsecured, considered good
Duty Drawback Receivable 19.36 15.00
Incentive Licenses 103.12 94.72
Foreign Currency Forward Contracts Receivable - 34.64
Security Deposit with Solar Energy Corporation of India (SECI) 300.00 300.00
Total 422.48 444.36
101
Note 15 : Current Tax Assets (net)

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
MAT Credit Entitlement 245.38 854.35
Income Tax Refund 147.28 89.39
Taxes Paid (incl. Tax Deducted at Source) 1,407.11 2,290.09
Less : Provision for Income Taxes (1,371.03) (2,240.14)
Total 428.74 993.69
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for March 31, 2020 and
March 31, 2019:
(H in Lakhs)
Year Ended Year Ended
Particulars
March 31, 2020 March 31, 2019
Accounting profit before tax from continuing operations 7,854.62 10,421.10
Tax at income tax at the rate of 29.12% (March 31, 2019: 34.944%) 2,287.26 3,641.55
Tax effect of :
Difference in Depreciation and Amortisation 27.86 53.53
Income exempt from tax/items not deductible (335.11) (290.71)
Income tax expense reported in the statement of Profit and Loss 1,980.00 3,404.37
Tax adjustment for earlier year - (0.66)
Deferred Tax Expense Reported in the statement of Profit and Loss (706.81) (133.25)
1,273.19 3,270.46
The recently promulgated Taxation Laws (Amendment) Ordinance 2019 has inserted section 115BAA in the Income Tax
Act. 1961 providing existing domestic companies with in option to pay tax at a concessional rate of 22% plus applicable
surcharge and cess. The reduced tax rates come with the consequential surrender of specified deductions/ incentives. The
option needs to be exercised within the prescribed time for filing the return of income under section 139(1) of the Income
Tax Act,1961 for assessment year (A.Y) 2020-21 or subsequent A.Ys. Once exercised such an option cannot be withdrawn
for the same or subsequent A.Ys. The Company has not exercised this option and continues to pay tax as per the old regime.
Note 16 : Other Current Assets

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Advances other than Capital Advances:
Advance Payment to Vendors 38.26 16.48
Advance Payment to Employees 29.06 19.88
Balance with Government Authorities:
- Cenvat Credit Receivables 19.17 19.17
- Vat Refund Receivables 77.14 103.08
- GST Refund Receivables 274.94 166.66
Prepaid Expenses 50.62 27.37
Total 489.21 352.64
102
02-17 18-71 72-124
Note 17 : Equity Share Capital

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Authorised Capital
5,00,00,000 (March 31, 2019: 2,80,00,000) Equity Shares of H 5 each 2,500.00 1,400.00
Total 2,500.00 1,400.00
Issued, Subscribed and Paid up Capital
4,36,44,180 (March 31, 2019: 2,18,22,090) Equity Shares of H 5 each fully 2,182.21 1,091.10
paid up
Total 2,182.21 1,091.10
(a) Terms / rights attached to

Equity Shares
The Company has only one class of Equity Shares having par value of H5/- each. (p.y. equity shares of H5/-each). Each
holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity
shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount
to various stakeholders of the company.
Dividend
The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
(b) Reconciliation of number of shares outstanding at the beginning and at the end of the reporting year.
Equity Shares:
(H in Lakhs)
Year ended 31st March, 2020 Year ended 31st March, 2019
Particulars Number of Amount Number of Amount
shares (J in Lakhs) shares (J in Lakhs)
Balance as at Beginning of the year 2,18,22,090 1,091.10 1,58,79,560 793.98
Add : Allotment of shares on account of - - 59,42,530 297.13
Business Combination^
Add : Allotment of shares on account of 2,18,22,090 1,091.10 - -
Bonus @
Balance as at the end of the year 4,36,44,180 2,182.21 2,18,22,090 1,091.10
Note: @ The Board of Directors of the Company at its meeting held on 29th May, 2019, approved a proposal to issue
bonus shares in the ratio of one equity share of Rs.5 each for every one equity share of Rs. 5 each held by the shareholders
of the Company as on the record date i.e on 18th July, 2019, which was approved by the shareholders by means of an
ordinary resolution through a postal ballot. The Company allotted 2,18,22,090 equity shares as fully paid up bonus
shares by utilising Security Premium amounting to Rs.1,091.10 Lakhs
(c) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company:
(H in Lakhs)
As at March 31, 2020 As at March 31, 2019*
Shares held by Number of Number of
% %
Shares shares
Equity shares with voting rights
Bhageria Trade Invest Pvt. Ltd. 65,10,530 14.92% 32,55,265 14.92%
Suresh Kumar Keshavdeo Bhageria 39,52,694 9.06% 19,76,347 9.06%
Akashdeep International Pvt. Ltd. 39,68,372 9.09% 19,84,186 9.09%
Deepak Vishwambharlal Bhageria 23,97,274 5.49% 11,98,637 5.49%
*Before cancellation and pending allotment of shares to shareholders of Nipur Chemicals Limited
103
Note 17 : Equity Share Capital (contd..)

(d) Shares issued during the last five years for consideration other than cash
(H in Lakhs)
Year (Aggregate No. of Shares)
Particulars
2019-20 2018-19 2017-18 2016-17 2015-2016 2014-2015
Equity Shares :
Fully paid up pursuant to contract(s) without - 59,42,530 - - - -
payment being received in cash
Fully paid up by way of bonus shares 2,18,22,090 - - - - -
Shares bought back - - - - - -
(e) The Company is a standalone company and does not have any holding company.
Note 18 : Other Equity

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
(i) Pending for allotment on account of Business Combination - -
(ii) Securities Premium 0.51 1,091.61
(iii) Capital Reserve 14,068.69 14,068.69
(iv) General Reserve 440.10 440.10
(v) Retained Earnings 23,525.97 17,548.29
Total 38,035.27 33,148.70
(i) Pending for allotment on account of Business Combination :

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Balance as at beginning of the year - 297.13
Less : Allotment of Shares on account of Business Combination^ - (297.13)
Balance as at the end of the year - -
Note : ^59,42,530 Equity Shares of H 5/- each fully paid allotted on May 19, 2018 to Equity Shareholders of Nipur
Chemicals Limited in pursuant to the Scheme of Amalgamation sanctioned by Honourable National Company Law
Tribunal, Mumbai Bench on April 5, 2018.
(ii) Securities Premium :

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Balance as at beginning of the year 1,091.61 1,091.61
Less: Amount utilised during the year on account bonus shares (1,091.10) -
Balance as at the end of the year 0.51 1,091.61
Note : @ The Board of Directors of the Company at its meeting held on 29th May, 2019, approved a proposal to issue
bonus shares in the ratio of one equity share of Rs.5 each for every one equity share of Rs. 5 each held by the shareholders
of the Company as on the record date i.e on 18th July, 2019, which was approved by the shareholders by means of an
ordinary resolution through a postal ballot. The Company allotted 2,18,22,090 equity shares as fully paid up bonus
shares by utilising Security Premium amounting to Rs.1,091.10 Lakhs
104
02-17 18-71 72-124
Note 18 : Other Equity (Contd..)

(iii) Capital Reserve:
(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Add : Additions during the year - -
Balance as at the end of the year 14,068.69 14,068.69
(iv) General Reserve:

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Balance as at beginning of the year 440.10 440.10
Less: Utilised during the year - -
Balance as at the end of the year 440.10 440.10
(v) Retained Earnings:

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Add: Profit for the year 6,581.42 7,150.64
Add: Items of Other Comprehensive Income recognised directly in
Retained Earnings
Re-measurement gains/ (losses) on defined benefit obligations (net of tax) (11.79) (8.99)
Less: Utilised for Interim Dividend (Including Corporate Dividend Tax) - (986.55)
Less: Utilised for Final Dividend (Including Corporate Dividend Tax) (591.94) (1,446.94)
Balance as at the end of the year 23,525.97 17,548.29
NATURE AND PURPOSE OF RESERVES

(a) Capital Reserve : Capital Reserve is utilised in accordance with provision of the Act.
(b) Security Premium : Security Premium is used to record the premium on issue of shares. This reserve is utilised in
accordance with the provision of the Act.
(c) General Reserve : The Company has transferred a portion of the net profit of the Company before declaring dividend
to general reserve pursuant to the earlier provision of Companies Act, 1956. Mandatory transfer to general reserve
is not required under the Companies Act 2013.
(d) Retained Earnings : Retained earnings are the profit that the Company has earned till date, less any transfer to
general reserve, dividend or other distributions paid to shareholders.
105
Note 19 : Non-Current Provisions

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Provision for Employee Benefits:
Provision for Gratuity 169.84 114.12
Total 169.84 114.12
Note 20 : Deferred Tax Liabilities (Net)

The major components of deferred tax Liabilities/ (Assets) as recognized in the financial statements are as follows:
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Deferred Tax Liabilities/ (Assets) arising on account of timing differences in:
Property, Plant and Equipment - Depreciation 4,358.23 5,059.00
Gratuity (51.11) (42.29)
Financial Instruments - Borrowings - -
Changes in Fair Value of Investment (0.30) 1.76
Deferred Tax Liabilities (net) 4,306.82 5,018.47
Movement in Deferred Tax Liabilities/ (Assets)

(H in Lakhs)
Changes in Fair
Particulars Depreciation Gratuity Borrowings Total
Value of Investment
As at March 31, 2019 5,059.00 (42.29) 1.76 - 5,018.47
Charged/ (Credited):
To Profit or Loss (700.77) (3.97) (2.06) - (706.81)
To Other Comprehensive Income - (4.84) - - (4.84)
As at March 31, 2020 4,358.23 (51.11) (0.30) - 4,306.82
Note 21 : Current Financial Liabilities - Borrowings

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Secured Loans (Repayable on demand)
Working Capital Loans from Banks 1,798.32 2,349.47
Buyer's Credit from Bank 269.74 -
Total 2,068.06 2,349.47
Note:
These working capital facilities are secured against the following charge on various assets of the Company :
a. Primary : Hypothecation charge on the entire current assets of the Company, both present & future.
b. Collateral : Extension of mortgage charge on factory land and building situated at Plot No. 6310, Phase IV, GIDC, Vapi,
Gujarat and Office premises situated at A1/101, Virwani Industrial Estate, Goregaon (E), Mumbai - 400063 owned by the
Company.
c. Personal Guarantees of some of the Directors of the company.
106
02-17 18-71 72-124
Note 22 : Current Financial Liabilities - Trade Payables

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Trade Payable
Total outstanding dues of micro enterprises and small enterprises 201.67 -
Total outstanding dues of creditors other than micro enterprises and small
enterprise
(i) Related party (Refer Note 47) 0.43 0.34
(ii) Others 4,949.27 3,942.54
Total 5,151.37 3,942.87
Note :
1. The Micro and Small Enterprises have been identified on the basis of information available with the Company.
Details of dues to such parties are given below:

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
The principal amount remaining unpaid as at the end of the year 201.67 -
The amount of interest accrued and remaining unpaid at the end of the year - -
Amount of interest paid by the Company in terms of Section 16, of (MSMED - -
Act 2006) along with the amounts of payments made beyond the appointed
date during the year.
Amount of interest due and payable for the period of delay in making - -
payment without the interest specified under the (MSMED Act 2006).
The amount of further interest remaining due and payable in the - -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprises for the purpose of disallowance as a
deductible expenditure under Section 23 of the (MSMED Act 2006).
Note 23 : Current Financial Liabilities - Others

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Interest Accrued 5.53 2.86
Foreign Currency Forward Contracts Payable 59.14 -
Unpaid Dividend 66.91 65.61
Liabilities for Acquisition of Property, Plant and Equipment 262.62 199.68
Employee Related Liabilities 168.40 96.31
Total 562.61 364.46
107
Note 24 : Other Current Liabilities

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Statutory Tax Payable (Including Provident Fund, Tax Deducted at Source and 36.30 171.20
other indirect taxes)
Advances from Customers - 407.43
Other Liabilities 105.56 97.26
Total 141.87 675.88
Note 25 : Current Provisions:

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Provision for Employee benefits:
Provision for Gratuity 11.59 6.90
Total 11.59 6.90
Note 26 : Revenue from Operations

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Value of Sales 37,774.98 42,259.51
Other Operating Revenue:
Revenue from Solar Power 3,067.16 3,312.69
Job work Income 206.67 24.10
Duty drawback and other export incentives 312.86 642.25
Other Revenue 6.28 2.41
Total 41,367.95 46,240.96
Notes :
(i) On adoption of Ind AS 115 - Revenue from Contracts with Customers with effect from April 1, 2018, there is no significant
impact on the financial statements of the company.
Note 27 : Other Incomes

(H in Lakhs)
For the Year ended For the Year ended
Particulars
March 31, 2020 March 31, 2019
Interest income earned on financial assets that are not designated as at fair
value through profit or loss
From Bank deposits (at amortised cost) 315.06 195.60
From Others (at amortised cost) 23.33 7.84
Dividend income
Dividends from investment in equity shares (designated at cost or at FVTPL) - 0.02
Other gains or losses:
Net gains / (loss) arising on financial assets measured at FVTPL (6.16) (3.12)
Profit on Sale of Current Investment 15.58 51.01
Profit on Sale of Fixed Assets 1.26 -
108
02-17 18-71 72-124
Note 27 : Other Incomes (Contd..)

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Other non-operating income
Rental Income 14.66 13.55
Foreign Exchange Gain (Net) 179.90 212.78
Miscellaneous Income 16.31 51.51
Total 559.92 529.18
Note 28 : Cost of Materials

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Opening Stock 1,122.53 2,345.14
Add: Purchases 25,104.97 25,682.53
Less: Closing Stock 2,524.24 1,122.53
Total 23,703.26 26,905.14
Note 29 : Purchase of Stock in Trade

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Traded goods 1,229.94 185.39
Total 1,229.94 185.39
Note 30 : Change in Inventories of finished goods, work-in-process and stock in trade

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Inventories at the end of the year :
Work-in-process 171.98 324.72
Stock-in-trade - -
1,168.31 630.17
Inventories at the beginning of the year :
Work-in-process 324.72 165.71
Stock-in-trade - -
630.17 675.49
Total (538.14) 45.32
109
Note 31 : Employee Benefits Expenses

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Salaries, Wages and Bonus 1,503.30 1,250.86
Contributions to Provident and Other Funds 32.67 28.46
Gratuity Expenses 44.60 33.94
Staff Welfare Expenses 49.05 32.96
Total 1,629.62 1,346.23
Note 32 : Finance Costs

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Interest on Borrowings from Banks on Term Loans - 74.64
Interest on Borrowings from Banks 128.03 195.06
Bank Charges and Commission 39.60 70.45
Borrowings measured at amortized cost - 40.34
Total 167.63 380.49
Note 33 : Depreciation and Amortisation Expense

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Depreciation on property, plant and equipment 2,284.88 2,206.54
Depreciation on investment property 11.28 11.89
Total 2,296.17 2,218.43
Note 34 : Other Expenses

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Manufacturing Expenses
Job Work and Labour Charges 774.54 627.02
Repairs and Maintenance - Machinery 179.15 184.74
Repairs and Maintenance - Buildings 3.13 10.24
Power, Fuel and Water Charges 2,371.72 2,281.29
Stores & Spares 403.01 429.15
Lab Expenses 80.16 79.70
Factory Expenses 27.20 12.84
Effluent Treatment Charges 80.38 86.13
(A) 3,919.29 3,711.11
Selling & Distribution Expenses
Commission 27.40 21.25
Freight and Forwarding 707.98 753.47
Business Promotion 29.35 33.68
Loading and Unloading Charges 10.31 9.31
(B) 775.04 817.71
110
02-17 18-71 72-124
Note 34 : Other Expenses (Contd..)

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Establishment Expenses
Contribution towards CSR 184.29 104.00
Legal and professional Charges 114.03 128.41
Donations and contributions 62.40 33.92
Solar Operating Expenses 156.88 127.06
Rent, Rates and Taxes 79.67 97.12
Miscellaneous Expenses 25.11 39.30
Travelling and Conveyance 87.05 56.52
Indirect Tax Expenses 57.91 24.74
Insurance Expenses 50.26 37.54
Vehicle Expenses 23.70 24.10
Amalgamation Exp - 0.75
Repairs and Maintenance - Others 4.58 8.17
Printing and Stationery 6.37 12.24
Communication 7.74 9.04
Membership Fees 0.74 0.34
Director Sitting Fees 12.00 11.75
Bad Debts - 6.01
RTA Charges 4.60 3.41
Repairs and maintenance - Computer 3.73 2.50
Loss on Sale of Fixed Assets - 3.95
Postage & Courier Expense 9.41 8.35
(C) 890.45 739.22
Total (A+B+C) 5,584.78 5,268.04
Note 34 (a) : Payments to the auditors

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
(a) Payments to the auditors comprises (net of GST input credit, where
applicable)(incl. in Legal and Professional Charges)
Payments to Statutory Audit
i) Audit Fees 6.00 6.00
ii) Other Services - 3.00
Payments to Cost Audit
i) Audit Fees 0.90 0.85
Total 6.90 9.85
111
Note 35 : Earnings Per Equity Share

Particulars
March 31, 2020 March 31, 2019
Net Profit attributable to Equity Shareholders (H in Lakhs) 6,581.42 7,150.64
Weighted Average Number of Equity Shares 4,36,44,180 4,36,44,180
Basic and Diluted Earnings Per Share (H) 15.08 16.38
Face value per Share (H) 5.00 5.00
Note : The Company has issued and alloted 2,18,22,090 equity shares to the eligible holders of equity shares on the record
date (i.e July 18, 2019) as bonus equity shares by utilising share premium on July 19, 2019. The Earning Per Shares Figures
for the year ended March 31, 2019 have been adjusted to give effect to the allotment of the bonus shares, as required by
Ind AS-33.
Note 36 : Financial Assets at Amortised Cost Method

The carrying value of the following financial assets recognised at amortised cost:
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Non-Current Financial Assets
Others 236.50 1,311.83
Current Financial Assets
Trade receivables 7,814.35 6,331.64
Cash and Cash Equivalents 880.27 488.24
Other bank balances 3,235.33 3,092.80
Others 422.48 409.71
Total 12,588.94 11,634.22
Note: The fair value of the above financial assets are approximately equivalent to carrying values as recognised above.
Note 37 : Financial Liabilities at Amortised Cost Method

The carrying value of the following financial liabilities recognised at amortised cost:
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Non-Current Financial Liabilities
Borrowings - -
Current Financial Liabilities
Borrowings 2,068.06 2,349.47
Trade Payable 5,151.37 3,942.87
Other Financial Liabilities 503.46 364.46
Total 7,722.89 6,656.81
Note: The fair value of the above financial liabilities are approximately equivalent to carrying values as recognised above.
112
02-17 18-71 72-124
Note 38 : Financial Assets at Fair Value Through Profit or Loss

The carrying value of the following financial assets recognised at fair value through profit or loss:
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Non- Current Financial Assets
Investments 44.47 46.95
Current Financial Assets
Investments 0.01 945.68
Others - 34.64
Total 44.48 1,027.28
Note: The above investments are quoted instruments in active markets and the same are recognised at fair value. Fair value
measurement is done considering the Level -1 of Fair Value Hierarchy as per the Ind-AS 113.
Note 39 : Financial Liabilities at Fair Value Through Profit or Loss

The carrying value of the following financial liabilities recognised at fair value through profit or loss:
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Current Financial Liabilities
Other Financial Liabilities 59.14 -
Total 59.14 -
Note: The above other financial liabilities includaes Foreign Currency Forward and Options Contracts. Fair value measurement
is done considering the Level - 2 of Fair Value Hierarchy as per the Ind-AS 113.
Note 40 : Financial Risk Management Objectives and Policies

The Company’s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables,
and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company’s operations
and to provide guarantees to support its operations directly or indirectly. The Company’s principal financial assets include
investments, loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The below note explains the sources of risk which the
entity is exposed to and how the entity manages the risk :
Risk Exposure arising from Measurement Management

Credit Risk Cash and cash equivalents, trade Ageing analysis and Diversification of bank deposits
receivables, derivative financial Credit ratings and credit limits
instruments, financial assets
measured at amortised cost.
Liquidity Risk Borrowings and other liabilities Rolling cash flow Availability of committed credit
forecasts lines and borrowing facilities
Market Risk - Interest rate Borrowings at variable rates Not used any Interest rate
derivatives.
Market Risk - Price risk Equity Instruments Company maintains its portfolio in
Sensitivity analysis accordance with the framework set
by the Risk Management policies.
Market Risk - Foreign Export, Import and Borrowings Forward contracts and Currency
exchange risk options
113
Note 40 : Financial Risk Management Objectives and Policies (Contd..)

Credit Risk :
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss.
Trade receivables
Customer credit risk is managed by the Company’s established policy, procedures and control relating to customer credit
risk management. Credit quality of a customer is assessed by the management on regular basis with market information and
individual credit limits are defined accordingly. Outstanding customer receivables are regularly monitored and any further
services to major customers are approved by the senior management.
On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain.
The Company does not expect any credit risk on account of trade receivables.
Financial instruments and cash deposits

Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company’s
treasury risk management policy. Investments of surplus funds are made only with approved counterparties and within limits
assigned to each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment
avenue. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty’s
potential failure to make payments.
Liquidity Risk :
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of
liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.
The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of
the short-term, medium-term and long term funding and cash management requirements. The Company manages the liquidity
risk by maintaining adequate cash 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 Company invests
its surplus funds in bank fixed deposit and liquid schemes of mutual funds, which carry no/negligible mark to market risks.
The table below provides details regarding the maturities of significant financial liabilities as at March 31, 2020 and March
31, 2019:
(H in Lakhs)
Carrying Less than 12 More than 12
Particulars Total
amount Months Months
Year ended March 31, 2020
Secured Loans 2,068.06 2,068.06 - 2,068.06
Trade Payables 5,151.37 5,151.37 - 5,151.37
Interest Accrued 5.53 5.53 - 5.53
Liabilities for Acquisition of Property, Plant 262.62 262.62 - 262.62
and Equipment
Others Liabilities 377.18 377.18 - 377.18
Year ended March 31, 2019
Secured Loans 2,349.47 2,349.47 - 2,349.47
Trade Payables 3,942.87 3,942.87 - 3,942.87
Interest Accrued 2.86 2.86 - 2.86
Liabilities for Acquisition of Property, Plant 199.68 199.68 - 199.68
and Equipment
Others Liabilities 837.80 837.80 837.80
114
02-17 18-71 72-124

Market Risk :
Market risk comprises three types of risk: price risk, interest rate risk and currency risk. The risks may affect income and
expenses, or the value of its financial instruments of the Company. The objective of the Management of the Company for
market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company exposure to, and the
Management of, these risks is explained below:
Price risk
Equity price risk is related to the change in market price of the investments in quoted equity securities. The value of the
financial instruments is not material and accordingly any change in the value of these investments will not affect materially
the profit or loss of the Company.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in
market interest rates is very low. The Company has not used any interest rate derivatives.
Interest rate sensitivity

No sensitivity analysis is prepared as the Company does not expect any material effect on the Company’s results arising
from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the
reporting period.
Foreign Exchange Risk

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which
are denominated in a currency other than the functional currency of the Company. The Company’s management has set policy
wherein exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken.
Policy also includes mandatory initial hedging requirements for exposure above a threshold.
The Company’s foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency
borrowings, primarily with respect to USD.
As at the end of the reporting period, the carrying amounts of the company’s foreign currency denominated monetary assets
and liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure, are as follows:
(USD in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
USD exposure
Assets 28.05 32.69
Liabilities 21.51 10.84
Net 6.54 21.86
Derivatives to hedge USD exposure
Forward contracts (USD) 23.75 15.25
Option contracts- (USD) - -
Total Hedge USD 23.75 15.25
Net Exposure in USD 30.29 37.11
The Company’s exposure to foreign currency changes for all other currencies is not material.
115

Foreign currency sensitivity analysis
The following table demonstrate the sensitivity to a reasonable possible change in USD exchange rate, with all other variables
held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary assets and
liabilities and derivatives is as follows:
If J had (strengthened) / weakened against USD by 2%

(H in Lakhs)
Profit or (Loss)
Particulars
Strengthening Weakening
As At 31st March, 2020 (45.67) 45.67
As At 31st March, 2019 (51.34) 51.34
Note 41 : Capital Management

For the purpose of the Company’s capital management, capital includes issued equity share capital, securities premium
and all other reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital
management is to maximise the value of the share and to reduce the cost of capital.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company can adjust the dividend
payment to shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt
divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash
equivalents.
(H in Lakhs)
Particulars March 31, 2020 March 31, 2019
A) Net Debt
Borrowings (Current and Non-Current including accrued interest) 2,073.59 2,352.34
Cash and Marketable Securities (4,049.17) (4,464.07)
Net Debt (A) (1,975.57) (2,111.73)
B) Equity
Equity share capital 2,182.21 1,091.10
Other Equity 38,035.27 33,148.70
Total Equity (B) 40,217.48 34,239.80
Net Gearing Ratio (Net Debt / Capital) i.e. (A / B) (0.05) (0.06)
Note 42 : Dividend on Equity Shares

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
(i) Equity Shares
Final Dividend for the year ended 31st March, 2019 of H 1.125 (31st 491.00 1,200.23
March, 2018 - H5.50) per fully paid share
DDT on Final Dividend 100.93 246.71
Interim Dividend for the year ended 31st March, 2020 of H NIL (31st - 818.34
March, 2019 - H 3.75) per fully paid share
DDT on Interim Dividend - 168.21
116
02-17 18-71 72-124
Note 42 : Dividend on Equity Shares (Contd..)

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
(ii) Proposed Dividends on equity shares:
Final Dividend recommended by the board of directors for the year ended 1,309.33 491.00
31st March, 2020 H 3.00 per fully paid equity share ( 31st March, 2019:
H1.125 per share) subject to approval of shareholders in the ensuing annual
general meeting.
DDT on Proposed Dividend - 100.93
Note: Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised
as liability (Including Dividend Distribution Tax) as at reporting date.
Note 43 : Contingent Liabilities not provided for

(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
a) Claims against the company not acknowledged as debt
Disputed Liabilities in respect of Sales Tax 8.81 8.81
Disputed Custom Liabilities 33.29 33.29
b) Guarantees
Bank Guarantee Given by Bank on Behalf of the Company 60.98 50.00
c) Other money for which the company is contingently liable - -
Total 103.08 92.10
Note 44 : Capital Commitments:

Capital expenditure contracted for at the end of the reporting period, but not recognised as liabilities, is as follows:
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Estimated value of Contracts in respect of Property, Plants and Equipments 378.50 1,391.89
remaining to be Executed (Net of Capital Advances)
Total 378.50 1,391.89
Note 45 : Segment Information

Information about Primary Business Segment
The Company has identified business segments as its primary segment and geographic segments as its secondary segment.
The Company is engaged in Dyes, Dyes Intermediates and Basic Chemicals and Generation and Distribution of Solar Power
during the year, consequently the Company have separate reportable business segment for the year ended March 31, 2020.
Information about Secondary Geographical Segment

The Company is engaged in providing services to customers located in India and outside india, consequently the Company
have separate reportable geographical segment for the year ended March 31, 2020. i.e. Domestic and Export.
(a) Primary Segment

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
1. Segment Revenue (net of taxes)
(a) Segment - A (Chemical) 37,313.79 42,928.27
(b) Segment - B (Solar Power) 3,067.16 3,312.69
(c) Segment - C (Others) 987.00 -
Less: Inter Segment Revenue - -
Net Sales / Income from Operations 41,367.95 46,240.96
117
Note 45 : Segment Information: (Contd..)

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
2. Segment Results Profit/(Loss) (before tax and interest from each
segment)
Less: Interest 167.63 380.49
Add: Other Un-allocable Income (net off) (868.88) (687.52)
Total Profit Before Tax 7,854.62 10,421.10
3. Assets
(d) Unallocated 895.21 1,529.11
Total Assets 52,629.64 46,711.98
4. Liabilities
(b) Segment - B (Solar Power) 80.51 346.11
(d) Unallocated 4,409.50 5,105.23
Total Liabilities 12,412.16 12,472.18
(b) Secondary Segment

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Revenue from Domestic Sales 31,010.36 31,595.07
Revenue from Exports 10,357.59 14,645.89
Total 41,367.95 46,240.96
Note 46 : Employee Benefits:

The Company has classified the various benefits provided to employees as under:
I. Defined Contribution Plans

a. Employers' Contribution to Provident Fund and Employee’s Pension Scheme
b. Employers' Contribution to Employee’s State Insurance
During the year, the Company has incurred and recognised the following amounts in the Statement of Profit and Loss:
(H in Lakhs)
Year ended Year ended
Particulars
March 31, 2020 March 31, 2019
Employers' Contribution to Provident Fund and Employee’s Pension 22.69 17.22
Scheme
Employers' Contribution to Employee’s State Insurance 9.98 11.24
Total Expenses recognised in the Statement of Profit and Loss 32.67 28.46
(Refer Note 31)
118
02-17 18-71 72-124
Note 46 : Employee Benefits: (Contd..)

II. Defined Benefit Plan
Gratuity Fund
(H in Lakhs)
(% p.a.) (% p.a.)
a. Major Assumptions
Discount Rate 6.74% 7.74%
Salary Escalation Rate @ For First Year : 0% 5.00%
@ The estimates for future salary increases considered takes into Thereafter : 5%
account the inflation, seniority, promotion and other relevant factors.
Employee Turnover 2.00% 2.00%
b. Change in Present Value of Obligation
Present Value of Obligation as at the beginning of the year 158.68 110.58
Current Service Cost 34.18 27.31
Past Service Cost - -
Interest Cost 13.34 9.57
Benefit paid (6.75) (2.39)
Total Actuarial (Gain)/ Loss on Obligations 16.30 13.61
a. Effect of Change in Financial Assumptions (9.69) 1.52
b. Effect of Change in Demographic Assumptions - (0.15)
c. Experience (Gains)/ Losses 25.99 12.24
Present Value of Obligation as at the end of the year 215.74 158.68
c. Change in Fair value of Plan Assets during the Period
Fair value of Plan Assets, Beginning of Period 37.67 37.32
Interest Income Plan Assets 2.92 2.93
Actual Company Contributions - -
Actuarial Gains/(Losses) (0.34) (0.20)
Benefits Paid (5.93) (2.39)
Fair value of Plan Assets, End of Period 34.31 37.67
d. Net (assets) / liability recognized in the balance sheet and the Fair
Value of Assets
Present Value of Obligation at the end of the year 215.74 158.68
Fair Value of Plan Assets at the end of the year 34.31 37.67
Net (assets) / liability recognized in the balance sheet 181.43 121.02
Net liability - current (refer note 25) 11.59 6.90
Net liability - non current (refer note 19) 169.84 114.12
e. Expenses Recognised in the Statement of Profit and Loss
Current Service Cost 34.18 27.31
Net Interest Cost / (Income) 10.42 6.63
Past Service Cost - -
Total expenses recognised in the Statement of Profit and Loss 44.60 33.94
119
Note 46 : Employee Benefits: (Contd..)

(H in Lakhs)
(% p.a.) (% p.a.)
f. Expense Recognised in the Statement of Other Comprehensive
Income
Amount recognized in OCI, Beginning of Period 29.85 16.03
Remeasurements due to :
Effect of Change in financial assumptions* (9.69) 1.52
Effect of Change in demographic assumptions - (0.15)
Effect of experience adjustments 25.99 12.24
Return on plan assets (excluding interest) 0.34 0.20
Amount recognized in OCI, Current Year 16.64 13.82
Amount recognized in OCI, End of Period 46.48 29.85
*This figure does not reflect interrelationship between demographic assumption and financial assumption when a
limit is applied on the benefit, the effect will be shown as an experience.
g. Maturity profile of defined benefit obligation
With in 1 year 11.98 7.16
1-2 year 9.61 8.19
2-3 year 42.89 8.25
3-4 year 21.80 36.44
4-5 year 7.04 17.42
Above 5 years 112.99 85.12
h. Sensitivity Analysis for significant assumption is as below
Defined Benefit Obligation - Discount Rate + 100 basis points (16.11) (17.08)
Defined Benefit Obligation - Discount Rate - 100 basis points 18.82 17.81
Defined Benefit Obligation - Salary Escalation Rate + 100 basis points 16.54 17.20
Defined Benefit Obligation - Salary Escalation Rate - 100 basis points (13.71) (16.27)
Note 47 : Related Party Disclosure:
i) Relationship
Description of relationship Names of Related Parties
Directors & Key Management Personnel : Mr. Suresh Bhageria (Chairman)
Mr. Vikas Bhageria (Joint Managing Director)
Mr. Vinod Bhageria (Managing Director)
Ms. Chandraprabha Bhageria (Whole Time Director)
Relative of key management personnel with whom

the Company has entered into transactions
Mr. O.P. Bubna (Independent Non-Executive Director)
Mr. S.P. Tulsian (Independent Non-Executive Director)
Mr. P.S. Dalvi (Independent Non-Executive Director)*
120
02-17 18-71 72-124
Note 47 : Related Party Disclosure: (Contd..)

Mr. Surendra Shriram Gupta (Independent Non-Executive
Director)
Mr. Mukund M. Chitale (Independent Non-Executive Director)
Mr. Sandeep Singh (Independent Non-Executive Director)
Mr. Ganapati Dadasaheb Yadav ( Additional Independent
Non-Executive Director)**
Dr. Shyam Agrawal (Independent Non-Executive Director)
(up to March 21, 2019)
Mr. Rakesh L Kachhadiya (Chief Financial Officer)
Mr. Ketan Gaur (Company Secretary)
Enterprises in which Key Management M/s Dainik Multitrade Pvt Ltd.

personnel and relatives of Key Managemen M/s Akashdeep International Pvt. Ltd.
personnel have significant influence : Smt. Ratnadevi Bhageria Charitable Trust
Close family members of Key Management Personnel

Daughter of Suresh Bhageria Mrs. Vanita Saraf
Notes:
1) The list of related parties above has been limited to entities with which transactions have taken place.
2) Related party transactions have been disclosed till the time the relationship existed.
3) Transactions entered into with related parties during the financial year were in the ordinary course of business and at
arms’ length basis.
4) *Mr. Pradeep Kumar Shankar Dalvi, Independent Director resigned from the Company on January 25, 2020.
5) **Mr. Ganapati Dadasaheb Yadav appointed as an Additional (Independent) Director on October 21, 2019.
ii) Transaction with Related Parties during the year

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
KMP Remuneration and Salary *
Mr. Suresh Bhageria 140.00 153.00
Mr. Vikas Bhageria 120.00 120.00
Mr. Vinod Bhageria 10.53 10.53
Ms. Chandraprabha Bhageria 45.00 12.00
Mr. Rakesh L Kachhadiya 9.52 8.51
Mr. Ketan Gaur 4.92 3.99
329.97 308.03
121

(H in Lakhs)
Particulars
March 31, 2020 March 31, 2019
Sitting Fees
Mr. O. P. Bubna 2.00 2.50
Mr. S. P. Tulsian 2.00 2.25
Mr. P. S. Dalvi 1.50 2.50
Mr. Surendra Shriram Gupta 2.00 1.50
Mr. Sandeep Singh 2.00 1.75
Mr. Mukund Manohar Chitale 2.00 -
Dr. Shyam Agrawal - 1.25
Mr. Ganapati Dadasaheb Yadav 0.50 -
12.00 11.75
Salary to Relatives
Mrs. Vanita Saraf 25.80 12.90
25.80 12.90
Sale of Goods
M/s. Akashdeep International Pvt. Ltd. 0.13 295.43
0.13 295.43
Purchase of Land & Building
M/s Dainik Multi Trade Pvt Ltd. - 116.00
- 116.00
Professional Fees
Mr. Surendra Shriram Gupta 0.25 0.70
Mrs. Vanita Saraf - 15.05
0.25 15.75
Rent Expenses
Mrs. Chandraprabha Bhageria 1.14 1.08
M/s. Akashdeep International Pvt. Ltd. 0.88 0.83
5.15 13.52
Donations and CSR Expenses
Smt. Ratnadevi Bhageria Charitable Trust 13.25 9.20
13.25 9.20
iii) Balance with Related Parties :

(H in Lakhs)
Balances as at Balances as at
Particulars
March 31, 2020 March 31, 2019
Receivables
M/s. Akashdeep International Pvt. Ltd. 0.13 -
0.13 -
Remuneration / Salary / Other Payable
Mr. Vikas Bhageria 4.00 -
Mr. Vinod Bhageria 0.78 -
Ms. Chandraprabha Bhageria 1.20 0.09
122
02-17 18-71 72-124

(H in Lakhs)
Balances as at Balances as at
Particulars
March 31, 2020 March 31, 2019
Mr. Rakesh L Kachhadiya 0.87 -
Mr. Ketan Gaur 0.43 -
11.71 0.34
Payables
M/s. Akashdeep International Pvt. Ltd. 0.07 -
0.07 100.78
Note 48 : Events after the Reporting Period

There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the
Financial Statements.
Note 49 : CSR Expenditure

Gross amount required to be spend during the year 154.33 Lakhs
Amount spent during the year J184.29 Lakhs as detailed hereunder :
(H in Lakhs)
Nature of activity 2019-20 2018-19
Promoting Healthcare and Literacy including preventive healthcare - 52.42
Rural Development 69.72 25.93
Eradicating Hunger, Poverty and Malnutrition 2.57 14.94
Promoting Education 112.00 10.71
Total 184.29 104.00
Amount required to be spent as per Section 135 of the Act
Amount spent during the year on
(i) Construction / acquisition of an asset - -
(ii) On purposes other than (i) above 184.29 104.00
Note 50 : Lease
The Company has adopted Ind AS 116, effective annual reporting period beginning 1st April, 2019 and applied the standard
prospectively to its leases.
As Lessee:
The company has availed the exemption given under Ind AS 116 for the Short term lease. Correspondingly company has
recognized the lease payment on straight line basis in Statement of Profit and Loss over the life of lease term (Refer Note no.
34). Therefore, no right to use assets and lease liability is recognized in financial statement.
As Lessor:
Operating Lease income are recognised in the Statement of Profit and Loss. (Refer Note no. 27)
The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received
after the reporting date.
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Less than one year 15.46 14.66
One to five years - -
More than five years - -
123
Note 51 : Estimation of uncertainties relating to the global health pandemic COVID-19

Our Chemical Manufacturing facilities at Tarapur, Maharashtra and Vapi, Gujarat were closed w.e.f . March 25,2020 following
countrywide lockdown due to COVID-19. The Company thereafter commenced partial Manufacturing facilities at Tarapur,
Maharashtra from May 7, 2020 and Vapi, Gujarat from May 1, 2020 after obtaining necessary approvals from the concerned
government/ local authorities. There was no major impact on the solar business, the plants were running at 100% capacity.
In view of pandemic relating to COVID - 19, the Company has considered internal and external information available upto
the date of approval of these financial statements and has performed analysis based on current estimates in assessing the
recoverability of its assets including trade receivables. Inventories, investments, other financial and non-financial assets,
for possible impact on these financial statements. The Company has also assessed the impact of this whole situation on
its capital and financial resources, profitability, liquidity position. etc. On the basis of its present assessment and current
indicators of future economic conditions, the Company expects to recover the carrying amounts of these assets and does not
anticipate any material impact on these financial statements. The Company believes that there is no impact on its ability to
meet its liabilities as and when they fall due. However, the actual impact of COVID - 19 on the Company’s financial statements
may differ from that estimated and the Company will continue to closely monitor any material changes to future economic
conditions.
Note 52 : Approval of Financial Statements :

The Financial Statements were approved for issue by the Board of Directors on 26th June, 2020
Note 53 : Previous Years' Figures:

The financial statements have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015
(Ind-AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and polices to
the extent applicable. The previous period's figures have been regrouped or rearranged wherever necessary.
DIN: 00540285 DIN: 00540308


124
Six Years Financial Summary
(H in Lakhs)
Financial Year 2019-20 # 2018-19 # 2017-18 # 2016-17 # 2015-16 2014-15
Income
Revernue from Operation (Gross) 41,367.95 46,240.96 41,187.03 37,345.91 25,592.45 43,619.30
Less : Excise Duty & GST Recovered - - (3,855.99) - (1,747.43) (2,378.75)
Other Income 559.92 529.18 1,154.11 1,008.04 193.99 264.51
41,927.87 46,770.14 38,485.15 38,353.95 24,039.01 41,505.05
Expenditure
Material & Overheads (+ / - Stock Adjustment) 31,609.46 33,750.12 29,351.78 31,105.77 21,195.00 35,668.51
Finance Cost 167.63 380.49 604.76 155.80 129.97 213.08
Profit Before Depreciation & Tax 10,150.78 12,639.53 8,528.60 7,092.38 2,714.04 5,623.46
Depreciation 2,296.17 2,218.43 2,288.32 603.71 339.44 147.86
Tax Expenses 1,273.19 3,270.46 2,206.38 2,142.24 842.01 1,814.97
Profit for the Year 6,581.42 7,150.64 4,033.90 4,346.43 1,532.58 3,660.63
Other Comprehensive Income (Net of tax) (11.79) (8.99) (7.35) (4.44) - -
Total Comprehensive Income for the year 6,569.63 7,141.65 4,026.55 4,341.99 1,532.58 3,660.63
EBITDA (J) 10,318.41 13,020.02 9,133.36 7,248.18 2,844.01 5,836.54

EBITDA (%) 24.6% 27.8% 23.7% 18.9% 11.8% 14.1%
Dividend (%) 60% 97.5% 110% 100% 50% 50%
Dividend (in H per shares) 3.00 4.88 5.50 5.00 5.00 5.00
Earning Per Share (Face Value of J 5 each) 15.08 16.38 9.24 11.52 4.81 11.49
Cash Earning Per Share (Face Value of H 5 each) 20.34 21.47 14.49 13.12 5.88 11.96
Statement of Assets & Liability
A. Equity and Liability
Shareholders’ Funds
(a) Share capital 2,182.21 1,091.10 793.98 793.98 796.28 796.28
(b) Reserves and surplus 38,035.27 33,148.70 28,737.66 25,669.50 6,954.61 5,903.67
40,217.48 34,239.80 29,531.64 26,463.48 7,750.89 6,699.94
Non-Current Liabilities
(a) Long-Term Borrowings - - 920.44 440.55 588.21 -
(b) Other Long-Term Liabilites - - - - - 3.50
(c) Long-Term Liabilites & Provision 169.84 114.12 68.17 49.58 - -
(d) Deferred Tax Liabilities (net) 4,306.82 5,018.47 5,156.54 3,636.99 430.03 224.62
4,476.66 5,132.60 6,145.15 4,127.12 1,018.24 228.12
Current Liabilities
(a) Short-Term Borrowings 2,068.06 2,349.47 7,279.79 13,958.22 808.03 1,699.02
(b) Trade Payables 5,151.37 3,942.87 5,223.23 3,384.02 3,240.31 2,879.09
(c) Other Current Liabilities 704.47 1,040.34 1,308.03 4,557.65 658.21 341.58
(d) Short-Term Provisions 11.59 6.90 5.08 3.52 472.54 540.27
7,935.49 7,339.58 13,816.13 21,903.41 5,179.09 5,459.96
(A) 52,629.64 46,711.98 49,492.92 52,494.01 13,948.22 12,388.02
B. Assets
Non-Current Assets
(a) Net Fixed Assets 34,944.22 30,186.94 30,359.73 28,720.80 2,659.31 1,802.18
(b) Non-Current Investment 44.47 46.95 53.75 149.54 - -
(c) Long-Term Loans and Advances 567.71 1,957.58 467.60 136.10 29.96 48.98
35,556.40 32,191.48 30,881.08 29,006.44 2,689.27 1,851.16
Current Assets
(a) Current Investment 0.01 945.68 79.81 2,732.76 3,336.00 2,133.25
(b) Sundry Debtors 7,814.35 6,331.64 8,737.09 5,221.26 4,490.57 4,403.28
(c) Inventories 3,802.85 1,871.45 3,102.96 2,382.96 1,856.21 2,535.03
(d) Cash & Bank Balance 880.27 3,581.04 3,300.44 10,952.19 875.92 844.13
(e) Other Current Assets 4,575.76 1,790.69 3,391.54 2,198.40 700.25 621.17
17,073.24 14,520.50 18,611.84 23,487.57 11,258.95 10,536.86
(B) 52,629.64 46,711.98 49,492.92 52,494.01 13,948.22 12,388.02
# prepared in accordance with new accounting standards prescribed under Companies (Indian Accounting Standards) Rules, 2015 applicable to the Company
w.e.f. April 1,2017.
125
Notes
Notes
Notes
a K&A creation | www.kalolwala.co.in

CIN NO. - L40300MH1989PLC052574
1002, Topiwala Centre, Off. S.V. Road,
Goregaon (West), Mumbai 400 062.
Tel No : 022 - 4043 6666
Website : www.bhageriagroup.com
Email ID : info@bhageriagroup.com

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BHAGERIA INDUSTRIES LIMITED

Annual Report 2019-20

For more additional information about the

Numbers that define us

H 419 crore H103 crore 25 %

Among the Top

Textile and Leather Food Pharmaceutical

Automobiles Healthcare Electronics and IT

With extensive experience of over 30 years, we

Revenues from Solar Energy

Solar Energy Solar power plants

Solar power plant at Ahmednagar, Other solar power plants with a

7 % H 26.5 crore H 4.5 crore

OUR JOURNEY SO FAR

EBITDA Margin PAT Margin Net Worth

Return on Avg NW Return on Avg CE Debt-Equity Ratio

EPS* / Cash EPS** Dividend Payout Interest Coverage Ratios

*Pursuant to issue of bonus shares during

environmental concerns has opened a

The industry witnessed headwinds due

Our team of experienced and Outlook

qualified scientists have been With a strong market standing and

cost without compromising on the products in the pipeline. Your Company

• Continuous improvement of our CSR

• Encourage our business partners to act

• Act in a socially responsible way

• Support local communities for social /

• Encourage our employees to be

Our Focus areas:

• Preventive Health Care & Sanitation

Mr. Suresh Bhageria Mr. Vinod Bhageria Mr. Vikas Bhageria

Mr. Sandeep Singh Mr. S.P. Tulsian Mr. Omprakash Bubna

Mrs. Chandraprabha Bhageria Ms. Ameya Prakash Jadhav

viii. The Scrutiniser, after scrutinizing the votes cast

ANNEXURE TO THE NOTICE

ITEM NO 4. services of Mr. Ganapati Dadasaheb Yadav as Independent

Name Mr. Ganapati Dadasaheb Yadav

Name Ms. Ameya Prakash Jadhav

Registered Office: For and on behalf of the Board

Revenue from Operations 413.68 462.41

2. Operational Review: 3. COVID-19:

4. Dividend: The Board of Directors on recommendation of the

30. Internal Control Systems and their adequacy:

Annexure ‘A’ to Directors’ Report 2019-20

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

1) Improving the quality of life in rural area.

Name of The Member Designation

8) Contribution to funds for promoting technology. b) Amount unspent if any: NIL

For and on behalf of the Board

Suresh Bhageria Surendra Shriram Gupta

Annexure ‘B’ to Directors’ Report 2019-20

SECRETARIAL AUDIT REPORT

Our report of even date is to be read along with this letter:

For GMJ & ASSOCIATES

Annexure ‘C’ to Directors’ Report 2019-20

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

C. Foreign Exchange Earnings and Outgo:

Registered Office: For and on behalf of the Board

Annexure to Directors’ Report 2019-2020

REPORT ON CORPORATE GOVERNANCE