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Acrysil

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STERNHAGEN

GERMANY
German Engineered

September7, 2022

To,
To,
Bombay Stock F «change Limited National Stock ExchangeofIndia Limited
rae Services ExchangePlaza, Piot No. C/1

Dalal Street, : eee nuseatuias


Mumbai — 400 001 Mumbai 400 051
Scrip Code: 524091 Trading Symbol: ACRYSIL

Ref.: Disclosure under Regulation 34 and Reguiation 30 of SEBI(Listi ig Obligations andDisclosure


Requirements) Regulations, 2015

cad Annual Report for the


Subject: Notice of the Thirty Fifth Annuai General Meeting
F.Y, 2021-22

Dear Sir/ Madam,


s and Disclosure
Pursuant to Regulation 34(1) and Regulation 30 of the SEBI (Listing Obligation
Annual General
Requirements) tegulations, 2015,please find e sclosed Notice convening Thirty Fifth
2021-22, being sent to the
Meeting (“AGM”) along with Annual Report of the Company forthe F.Y.
membersthrough electronic mode.

29, 2022at 03:30 P.M. (IST) through


The AGM of the Company will be held on Thursday, September
the businesses as set forth in the Notice
Video Conferencing/Other Audio Visual Means to transact
of AGM.
le on the website of the Company at
The said Annual Report and Notice of AGM are also availab
www.acrysilcorporateinfo.com.

record.
You are requested to kindly take the same on

Thanking you,

Yoursfaithfully,
For Acrysil Limited

Niky
Neha Poddar
Company Secretary & Compliance Officer

Encl.: a/a
J
{ISO 9001 2015 ; 14001: 2015 and 45001 2018)
NN Acrysil Li M ited

Factory & Head Quarter:


Regd.Office: Survey No. 312, Bhavnagar-Rajkot Highway,
4-702, 7th Floor, Navagam, Vartej-364 060 (INDIA)
Kanakia wall street, Ph :+91-278-2540218, 2540893
Chakala, Andheri Kurla Road,
‘Andheri East, Mumbai 400093 Fax +91-278-2540558
ph.: #91 022 41902000 - 41902099 Visit us on: www carysil.com
E-Mail: ¢s.al@acrysil.com
Visit us on: www acrysilcorporateinfo.com
CIN: 126914MH1987PLC042283
BRAND DEVELOPMENT
TALENT ACQUISITION
Brand Building through GLOBALISATION
Innovation & Technology EXPANSION
INNOVATION
DIVERSIFICATION

35thth

ANNUAL
REPORT
2021-22
What’s
inside
Corporate Overview Statutory Reports
Tribute to Late Management Discussion
Shri Ashwin M. Parekh 01 and Analysis 26

Brand Building through Corporate Information 32


Innovation & Technology 02
Notice 33
Acrysil at a Quick Glance 04
Directors’ Report 49
Chairman’s Communique 06 Corporate Governance Report 74

Establishing A Global Business Responsibility Report 98


Brand Presence 08

Our Performance Trends 09 Financial Statements


Standalone 105
Accelerating Progress
through Expansion 10 Consolidated 153

Going GLOCAL, Building Brand 12

Building an Innovative &


Tech Savvy Team 14

Building the Blocks through


Strategic Acquisitions 16

Innovating & Curating


Technology-led Products 18

Integrating Diversification
& Innovation towards Becoming
Atmanirbhar 20

CSR: Empowering Community 22

Board of Directors 24 Investor Information

CIN Dividend Declared


L26914MH1987PLC042283 Total ` 2.40/- per Equity Share
ISIN (Interim: ` 1.20/- per Equity Share &
INE482D01024 Final: ` 1.20/- per Equity Share)
Please find our online version of AGM Date
BSE Code
Annual Report at: September 29, 2022
524091
http://www.acrysilcorporateinfo.com/
NSE Symbol AGM Venue/Mode
investor-relations/annual-reports
Video Conferencing (VC)/ Other Audio -
or Simply scan the QR code below to ACRYSIL
Visual Means (OAVM)
view our 35th Annual report
Tribute to Late Shri Ashwin M. Parekh

Late Shri Ashwin M. Parekh was the founder and the Chairman Emeritus of Acrysil. He was the one
who established the groundwork for the organisation’s illustrious legacy. The Company not only
progressed but made a mark globally under his able supervision and guidance. Shri Ashwin M. Parekh
was a man with fortitude and foresightedness. He was instrumental in the Company’s transformation
from a regional player to a globally recognised brand.

The core of his belief revolved around the fact that innovation and customer satisfaction are the heart
of the Company’s success. He had also initiated Acrysil’s dedication to ‘Serve and Grow’. Over the
course of three decades, Shri Ashwin M. Parekh led the Company to the next level and established the
business as a bankable name. Today, we have grown to become a brand with strong association with
leading global companies for distribution and marketing of its products.

Born in July 1939, Shri Ashwin M. Parekh hailed from the city of Bhavnagar. He was an entrepreneur
with undaunted spirit, wisdom and expertise across various industries.

Shri Ashwin M. Parekh was a visionary and believed in setting benchmarks. His morals indeed
motivated the entire team. We pay respect and salute him for his guidance and encouragement
that kept intact to our purpose throughout the journey. We strive to stay determined in following his
footsteps and traverse the organisation toward its end-goal as foreseen by him.

Chirag A. Parekh
Chairman and Managing Director
Brand Building through Innovation & Technology
At Acrysil, innovation is the legacy underpinned by technology and customer-centricity. With each
passing day, we are exploring newer ways to create value in a digitally transformed world and stepping-
up with shifting customer needs.

Our consistent focus on building brand awareness keeps us aligned to meet the changing lifestyle needs,
aspirations and daily kitchen & bath rituals of customers globally. We are consistently nurturing our products with
modern technology and nourishing with innovation.

The unwavering efforts and relentless pursuit towards calibrating new products have fostered synergies for a better future.

For us innovation, empowerment and agility are the key enablers to


enrich customer experience and enhance brand visibility each day.
We are taking the next leap of launching the brand globally and
gearing for the future.

2 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

22%
5-year Revenue CAGR

32%
5-year EBITDA CAGR*
(including gain on foreign
exchange)

24%
Return on Capital 52%
Employed in FY2022 5-year PAT CAGR

29%
Return on Equity in
23.5%
EBITDA Margin in
FY2022 FY2022

ANNUAL REPORT 2021-22 3


Acrysil at a Quick Glance
@Acrysil is all about #innovation, #lifestyleproducts #comfortconveniencecare
#technology #customersatisfaction#Carysil#Sternhagen

At Acrysil, we are driven by our passion to offer ease and Our diversified and robust product portfolio comprises
elegance through our well-curated Kitchen & Bath lifestyle Quartz kitchen sinks, Stainless Steel kitchen sinks, faucets,
products, enhancing luxurious living. food waste disposers to built-in kitchen appliances such
as chimneys, cook-tops, wine chillers, dish washer, built in
We remain aligned to our commitment ‘to go beyond
ovens, micro wave ovens, ice and coffee makers and many
customer satisfaction’ by bringing enriching lifestyle
more along with bathroom products like WCs, fittings and
product choices on the table that are a blend of aesthetics,
highlighter tiles among others.
innovation and technology. This remains constant and
integral to our purposeful endeavours, thereby, leading our The unparalleled trust gained for the brands ‘Carysil’
path towards setting industry benchmarks of innovation and ‘Sternhagen’ is a testimony of the uniqueness of our
and quality. products and our expertise in the domain.

Must know about us

35+ Global manufacturer


of “Composite Quartz Kitchen
10,00,000
Years of experience and Installed Quartz sinks
Sinks” in India with German
expertise capacity per annum
Technology
as on June, 2022

Introduced

PVD technology
in Stainless Steel Sinks
55+ countries 1,880+
Creating a mark across dealers
as on July, 2022

98+ 82+ 539


Galleries Distributors Employees

ISO 9001:2015, ISO 14001:2015


ISO 45001: 2018
Certifications

4 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

What we believe in

Vision
To be the leading global player in
Kitchen and Bath segment

Mission
To go beyond customer satisfaction by
manufacturing high-quality products and
providing excellent service
To keep up with the latest trends in technology
To enhance brand awareness by increasing
market influence

What drives us

Core Values Corporate Values Behaviour and


Creativity Passion for growth Principles
Passion Speedy execution Transparency
Precision Teamwork Trust and respect
Diversity Customer focus Sustainability
Boundaryless organisation Social responsibility
Creation of shareholders value Environment friendly
Continuous improvement- Empowerment and
innovation, creativity and cost accountability
reduction Welfare and safety of employees

ANNUAL REPORT 2021-22 5


Dear Shareholders,
It gives me immense pleasure to
reconnect with you this year. The year
has been quite eventful. Mass vaccinations,
ease of restrictions and the re-opening post
pandemic saw the light of the day. However, the
world has continued to remain in uncharted waters
witnessing recurrent pandemic waves, geopolitical turmoil,
inflationary pressures, climate change issues and their impact
across the economies. Despite the tough waters, I’m proud to
say that India’s inherent strength, vigour and resilience has helped
our country, remain one of the fastest growing economies globally.
Notwithstanding the external environment, we at Acrysil, continued
to make headways towards achieving our goals and ensuring long-
term sustainable growth.

Our agile business model, pragmatic approach and empowered


team gives us the ability to take cautious risks and has enabled us
to create long-term value for all our stakeholders despite all odds.
We strive for excellence across our financial as well as non-financial
performance. This is showcased through our impressive financial
performance for yet another year. Our topline, EBITDA and PAT stood
at ` 483.90 Crore, ` 113.39 Crore and ` 65.26 Crore respectively,
thereby depicting growth by a commendable rate of 56%, 54% and
66% respectively. Even in the phase of supply chain disruptions,
Our agile business model, pragmatic inflationary pressures and uncertainties we have delivered margins
approach and empowered team gives in the 20%+ range. Demand for our products has remained strong
us the ability to take cautious risks and our team’s undaunted spirit helped in delivering even amidst
external headwinds. We are now approaching our medium-term
and has enabled us to create long-
target of ` 500 Crore.
term value for all our stakeholders
Building synergies
despite all odds. We strive for
I would like to take this opportunity to inform you that on April 1, 2022,
excellence across our financial as well our Company’s WOS Acrysil UK Limited has acquired Tickford
as non-financial performance. Orange Limited, holding company of its operating subsidiary Sylmar

6 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Technology Limited. We acquired the also helped us to reach out to the masses is expected to be worth USD 500 Billion
Company for an aggregate consideration across the country. by 2028 from USD 334 Billion in 2021
worth £ 11 Million, which is funded by a (Source: BlueWeave Consulting), we have
We further plan to expand our retail
mix of both debt and internal accruals. not only been adding capacities for the
presence significantly. During the current
This acquisition will help us build on sink segment but also adding new lines for
financial year 2022-23 we have added
the combined strengths of both the manufacturing new product range in the
300+ dealers to our network. Additionally,
organisations in unlocking synergies future.
we are working towards creating a world-
through scale, cross-selling, brand
class exclusive one-of-its kind experience We have increased our Quartz sink
building, entering into complementary
centre in Gurgaon. The intent is to better capacity from 5,00,000 units p.a. in 2019
product segment and accessing loyal
interact with customers directly and gauge to 10,00,000 units p.a. as on June, 2022
customer base. Most importantly, it will
their aspirations so as to offer them first- through brownfield route (we closed the
open-up potential export markets thereby
hand rejuvenating experience through the financial year 2021-22 with a capacity of
creating a distinctive value proposition for
live kitchens and demonstration rooms 8,40,000 units).
all customers, employees, investors and
built in our stores.
stakeholders. People power
Acrysil continues to strive to innovate and
Nurturing local, launching global Human resource is the cornerstone of
introduce latest products in the market
Aspirations are inseparable from human our organisation. Our team’s fortitude
and establish standards never achieved
emotions. Over the last three decades, has led us to defy all the odds. Values
before. Our endeavour is to make Acrysil
we have built a solid foundation, driven are the guiding force behind our culture,
an undisputed leader by being a one-
by innovation and have created several people and actions. They keep everyone
stop-brand for kitchen products and reach
technology differentiators to offer unique aligned to work towards our common
out to an even wider geography. On the
products to our customers. Every action goal of ensuring growth and success of
global front we are penetrating deeper into
of ours is directed to enrich customer’s the organisation. Our Company’s heritage
existing markets and spreading wings in
quality of life and enhance shareholder of innovation, growth and value creation
new markets with a strong focus on the
value. In doing so, we have taken several GCC countries, UK, France and the US. over the last 35 years has only been
strategic initiatives during the year to owing to the tireless efforts of our people.
As we leverage on our expertise, our During the year, we announced several key
keep the Company positioned for future
partners leverage on us on our strengths. leadership appointments. We are creating a
growth. We have continued to build on
Our partnership with IKEA has taken proper hierarchy across our domestic and
our capabilities, drive innovation, invest in
another stride. They have doubled their international market to fuel our growth.
branding, expand capacities and pursue
requirement of Composite Quartz Kitchen
exciting growth opportunities throughout Closing note
Sinks for their global supply by adding
the organisation.
new moulds following the success of As I conclude, the important takeaway of
Our emphasis on increasing penetration existing ongoing business. Our successful this financial year is that we are now ready
in domestic markets and nurturing association with Grohe since 2019 for for the next leap. We are aggressively
localisation has been fruitful by Composite Quartz Sinks and extension going global, serving our brands to the
collaborating with a renowned Bollywood of our association with regards to supply customers and capitalising on the Indian
celebrity, Ms. Vaani Kapoor, and of Stainless Steel Sinks is a testament market. We are confident to deliver on
successfully conducting the campaign of our commitment towards quality and our commitments. Being a responsible
#TheHeartofMyHome for our brand unique offerings. We have also recently corporate citizen, our focus on triple
‘Carysil’. The branding and promotion inaugurated a lifestyle experience exclusive bottomline of ensuring environment
activities have enhanced the visibility and store at Dubai which is witnessing strong stewardship, uplifting communities and
resulted into tremendous response for our customer inclination. progressive growth continues to be the
products. heart of all our values. We would like
Step towards AtmaNirbhar Bharat
to thank all our stakeholders, partners,
During the year, we also launched our With an aim to make India the
employees, investors, customers for your
website ‘carysilshop.com’, to increase our manufacturing hub and a preferred
continued support and faith in us.
focus on offering more products through alternative destination, we have aligned
omni-channels. We have also partnered our strategies on the same lines. The shift Look forward to reconnect next year. Until
with Amazon and Pepperfry. The response in consumer behaviour, rapid urbanisation then, stay safe!
has been phenomenal with sales ticking and changing lifestyles has contributed
Best Regards
at double digit growth through online to the growth of lifestyle aspirational
channel and organic route. This has not products. To cater to the rising global Chirag A. Parekh
only improved our brand recall but has home improvement market demand, which Chairman and Managing Director

ANNUAL REPORT 2021-22 7


Establishing A Global Brand Presence

Sales Network
Global Offices

We are building further inroads to penetrate


deeper in the existing markets while expanding
our geographical presence to newer markets.

The maps used in this document are a generalised illustration only for the ease of the reader to understand the locations, and is not intended to be
used for reference purposes. The representation of political boundaries and the names of geographical features / states do not necessarily reflect
the actual position. The Company or any of its directors, officers or employees, cannot be held responsible for any misuse or misinterpretation of
any information or design thereof. The Company does not warrant or represent any kind in connection to its accuracy or completeness.

8 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Our Performance Trends


(Consolidated)

Revenue from Operations (` in Crore) EBITDA (` in Crore)*

483.90 113.39
FY2021-22 FY2021-22
309.72 73.80
FY2020-21 FY2020-21
276.23 51.13
FY2019-20 FY2019-20
251.60 42.57
FY2018-19 FY2018-19
196.47 30.30
FY2017-18 FY2017-18
180.99 28.56
FY2016-17 FY2016-17
*
including gain on foreign exchange

PBT (` in Crore) PAT (` in Crore)

86.08 65.26
FY2021-22 FY2021-22
53.83 39.32
FY2020-21 FY2020-21
30.48 22.86
FY2019-20 FY2019-20
24.21 17.48
FY2018-19 FY2018-19
16.88 12.23
FY2017-18 FY2017-18
12.69 7.97
FY2016-17 FY2016-17

Earnings Per Share (EPS) (in `) Dividend History (in %)

24.26 120
FY2021-22** FY2021-22
14.66 100
FY2020-21** FY2020-21
8.38 60
FY2019-20** FY2019-20
6.64 60
FY2018-19** FY2018-19
4.6 50
FY2017-18** FY2017-18
13.99 50
FY2016-17* FY2016-17
*
Facevalue of ` 10/- Per Share **
Facevalue of ` 2/- Per Share

ANNUAL REPORT 2021-22 9


Accelerating Progress through Expansion
In recent years, the home Capacity Expansion of Quartz Kitchen Sinks

improvement market segment


has been exhibiting a rapid 7,00,000
pace of growth. This is majorly units p.a.
driven by changing trends and Capacity as of June 2021, including
inclination of consumers toward expansion of 100,000 units.

better aesthetics and need for


comfort. 8,40,000
Subsequently, higher emphasis is being placed by units p.a.
the customers on building kitchen and bathroom
Capacity as of October 2021, including
spaces that would complement their living spaces.
expansion of additional 140,000 units.
Kitchens are perceived as areas of unleashing
creativity, and faucets offer pleasing, newer ways
of waterflow, while baths are perceived as a form of
escape and rejuvenation after a long day. 1 Million
units p.a.
Our expansion strategy majorly
comprises of the following: Capacity as of June 2022, including
expansion of additional 1,60,000 units.
Catering the rising Quartz sinks demand

Entering into tie-ups with large customers

Tapping opportunities owing to rise in home


renovations, and high replacement demand

Capacity addition in Stainless steel sinkS

With customers looking for an alternative sourcing


hub for meeting a variety of their manufacturing,
production and procurement requirements, India has
gained the position of a preferred destination. Given
such growth prospects owing to huge traction in order
inflows from customers worldwide, we are doubling
our Stainless steel capacity from 90,000 units p.a. to
1,80,000 units p.a.

10 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Presence in the Domestic Markets

ANNUAL REPORT 2021-22 11


Going GLOCAL, Building Brand
The most valuable asset of our brand is its recognition and recall.
At Acrysil, we keep customers and their needs at the core of our business. With ever-
evolving designs and aesthetics to add a charm to your living space, we strive to
serve our commitments better, with each passing day. We draw inspiration from the
demands and desires of our customers, to enhance our offerings, which are backed
by technology and crafted with utmost care. Our emphasis remains on facilitating
comfort and convenience. It’s a concoction of functionality and beauty creating a
rejuvenating experience for our valued customers.

Unleashing India’s growth story with online sales increasing by double digit. Our products right
from quartz kitchen sinks, faucets, cooking range, to wine
The domestic market is witnessing steady rise in demand. chillers, ice maker and cleaning kits have been perceived very
Indian home improvement spending, especially in case of well by the market. Without any significant marketing spends
kitchen and bathroom lifestyle products, are on an upward we have seen a substantial improvement in organic sales on the
trajectory. Our approach of going GLOCAL nurturing ‘carysilshop.com’ website. The organic traffic has improved
localisation and launching globalisation allows us to strive for significantly and the flow of enquiry for products have also
an expansive customer base and product portfolio. We are surged. The initiative has also helped us reach to the mass.
endeavouring to capitalise on the evolving domestic trends to Going ahead we plan to launch more and more range of
drive a stronger brand recall thereon. products to serve the market better. We also plan to expand
our retail footprint. We are working towards developing exclusive
first-of-its-kind experience centre in Gurgaon to establish
a better and direct connection with our customer base for
improved understanding of their wants. Through our stores, we
Collaborating with youth icons for enhanced
aim to provide first-hand rejuvenating experience with live
brand visibility:
kitchens, built-in coffee makers, demonstration
During the fiscal year 2021-22, we initiated our campaign rooms and much more.
#TheHeartofMyHome in collaboration with youth icon,
Ms. Vaani Kapoor. This initiative was led by the objective of
enhancing the visibility of our brand ‘Carysil’. The association
with Ms. Vaani Kapoor will help to strengthen our brand and
create a compelling brand recall for lifestyle products among
the youth. The campaign showcases a new range of built-in
appliances, including coffee makers, signifying cutting edge
technology, innovation and design pioneered by Carysil.

Integrating digitalisation:

With ‘carysilshop.com’, Carysil took the first step


towards extending our business to an e-commerce
platform. Apart from our website ‘carysilshop.
com’ we are also present on Amazon and have
recently got listed on Pepperfry along with a
strong engagement on social media. We
have seen an encouraging response

12 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Our association with GROHE has further strengthened last


year as we entered a tie-up with them to supply stainless steel

COLLABORATION WITH WELL KNOWN INTERIOR kitchen sinks. Our successful association for Composite

DESIGNERS Quartz Sinks with Grohe since 2019, and extension of our
association with regards to another product range, is an instance
We have partnered with Ms. Sussanne Khan to launch a of a fulfilling customer experience at Acrysil & our quality
premium line of products for our brand ‘Sternhagen’. Further, product.
through our partnership with Ms. Farah Ali Khan, we aim to
gauge higher product distinction in terms of its enhanced beauty Going ahead we are strategically building our global brand

and style. presence. We are on the path to become a one-stop shop for
all kitchen and bathroom lifestyle products. In the Australian
Progressing with partnerships market, we received significant response as a result of good
Our international tie-ups pave our way towards deeper demand for our products. We have also inaugurated our
penetration into the core markets, such as UK, the US, France exclusive showroom in Dubai to offer first-hand experience
and Germany, among others. Our tie-ups with large companies, of our lifestyle products. We strategically plan to expand our
home retailers and big brands like Kraus and Karren for presence across GCC countries while fostering collaborations
their online supplies have paved way for the way for healthy with global designers, experts of the field and plan to launch
sustainable growth. Further, driven by our strategic tie-ups, we products in the London Design Center.
aim to gauge a loyal clientele. The partnerships will continue to
act as the catalyst in leveraging market presence and delivering
unique products.

Our strategic partnership with IKEA is progressing very well. We


cater to their global requirements through our products such as
Quartz kitchen sinks. Our industry prominence, collaborations
and reach is a testament to our high-quality offering.
Going ahead, we remain committed to setting new industry
benchmarks all along our growth trajectory.

ANNUAL REPORT 2021-22 13


Building an Innovative & Tech Savvy Team
We believe success comes easy appointed Mr. Shrenik Chopra as the Vice President
(International Sales). Mr. Julian Annison is the Managing
when we prepare ourselves for Director of the newly acquired Company Tickford Orange
the uncertainties along the way. Limited along with its operating subsidiary Company, Sylmar
Technology Limited.
Change is constant, and at Acrysil,
we recognise and embrace the The motivation behind our advancement is our people. We
are dedicated to provide them with a safe and enabling eco-
unavoidable nature of changes. system that ensures their well-being and inspires them for
We equip our team with innovative thinking and foster tech innovative thinking and self-development. During the year
savviness among them to achieve better productivity. We we have taken various initiatives towards team bonding and
aim to empanel the team with people who can align with team motivating activities like:
our Company’s vision, culture and philosophy. By imparting Yoga Day
appropriate training and upskilling our team, we help in a
Employee welfare policy
stable development and enhancement of our workforce
Holi celebration
to drive better results and our business to newer heights.
Thereby, we constantly endeavour to foster a culture of Best employee of the month award
innovation and ensure the best talent on board. Blood donation camps

We have been hiring and welcoming new team members Medical check-ups
and elevating the existing team to higher levels. We have Women’s day celebration

Yoga day Medical check-ups

Holi celebration Employee welfare policy

14 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Core Team

Anand Sharma Neha Poddar Manish Thakkar Mitesh Chauhan


CFO & COO Company Secretary Sr. VP Operations VP (International Sales)

Shrenik Chopra Jairaj Nair Rhea Parekh Pradeep Trivedi


VP (International Sales) VP (Sales & Marketing), Creative & Digital HR - Head
Domestic Business Marketing Head

Sayali Raorane Ankita Sharma Sanjay Biswas Charlie Chu


Corporate HR Manager Head - R & D Manager - Product Sales Operations -
Development China

Marcus Smyth Julian Annison Louise Carpenter Merle Wigger


MD - UK MD - Sylmar National Account Business Development
Operations Technology Limited Manager - UK Sales Head - Germany

India Team International Team

ANNUAL REPORT 2021-22 15


Building the Blocks through Strategic Acquisitions
We recognise the endless ocean The synergy resulting from our acquisition includes products
catering to both domestic and commercial purposes, across
of opportunities out there for us to the UK market. The manufacturing and distribution facility of
gain the first-mover advantage and STL is centrally located in Alfreton, Derbyshire, UK.

add on to our growth trajectory. Brands: STL has three brands Maia, Minerva and Metis.

With a sense of optimism, we seek Market Leadership: STL is a leading player in the UK
solid surface market, with an estimated market share of 35%.
inspiration for integrating innovation
STL Sales: As of 2021, STL’s revenues stood at £12 million,
and skills across our products. While while for 2020, it was £11 million. Despite the Covid-19
we continue to grow organically at led pandemic’s impact in 2020, STL witnessed profits

a commendable pace, we are also and benefited from a robust financial base, reflecting its
continued growth. The pre-pandemic level of STL’s revenue
exploring and evaluating avenues was approximately £14 million for previous two years.
for future growth across related
Revenue (Mn GBP)
segments. Our acquisitions thereon,
CY 2021 12.3

IMPACT
showcase our zeal to grow and our

COVID
CY 2020 10.9
actions are focused towards meeting
CY 2019 13.9
our strategic vision.
CY 2018 14.0
The years under review also marked our acquisition in UK,
approximately after a period of eight years.

Acquisition: Acrysil UK Limited, a wholly owned


subsidiary of Acrysil Limited, acquired 100% equity shares
of Tickford Orange Limited (TOL), UK. TOL is the parent
company of its wholly owned subsidiary Sylmar Technology
Limited (STL), a manufacturer and distributor of customised
high-quality solid surface products for kitchen and bathroom
segment. The total consideration of this acquisition worth
£11 million is funded by a mix of both debt and internal
accruals.

16 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Synergies: Acrysil Products Limited [APL] (Formerly known as Homestyle


Products Limited): APL was acquired by Acrysil UK Limited eight
Long-standing customer relation: STL enjoys strong customer
years ago. Since then, the business has been registering strong
relationships, embracing its association with leading high street
growth, offering an array of products like quartz sinks, steel
names like Selco, Homebase, Hafele, Magnet, Moores, and
sinks, faucets and accessories. Alongside these, we also provide
Fairline, among others. The business’ ethos of ensuring high- customised solutions to our customers led by our expertise and
quality customer service, without compromises enables it to market understanding. During the year under review, APL’s topline
develop long-lasting relationships with large manufacturers. stood at 9.7 Million GBP, registering a growth of 49% compared to
last year and surpassing the pre-covid levels. Our revenue from
Cross-selling and brand building: The acquisition will enable
Quartz sinks showed stupendous growth of 83% to ` 57 Crore.
Acrysil access to loyal customer base and potential new sales
channels, leading to cross-selling opportunities. It will also open Revenues (Mn. GBP)
up avenues for widening its geographical presence, taking our FY 21-22 9.7
brands of kitchen and bathroom segment to newer regions.
FY 20-21 6.5 20%+ CAGR
Entry into complementary product segment: As a result of our
FY 19-20 7.1
acquisition, we entered into a complementary segment of the
FY 18-19 5.7
home improvement products category. Thus, further diversifying
our product portfolio. FY 17-18 4.5

Access to new technology: STL’s fabrication technology of FY 16-17 3.9


producing countertop seamlessly integrated with sink, is one of
Revenues from Quartz Sink Business (` in Crore)
its kind. We aspire to bring this concept to the Indian and other
FY 21-22 57.0
developing markets.
54%+ CAGR
FY 20-21 31.2
Opening up of large export market: The acquisition is a
step ahead towards our objective of intensifying our market FY 19-20 31.2
penetration. It provides us opportunities to intensify our FY 18-19 21.1
presence in the UK market, along with opening up major export
FY 17-18 13.0
prospects in the European and US markets.

Our strategic acquisitions form an important part of our process FY 16-17 6.6

towards strengthening our global market position in the lifestyle


kitchen and bathroom segment. It is in line with our purpose of
establishing ourselves as the leading global player in this segment.

ANNUAL REPORT 2021-22 17


Innovating & Curating Technology-led Products
We tackle redundancy and maintain high relevance of our industry presence by
fostering a culture of innovation and technology. We keep the customers at the
core of our business, to deliver customised lifestyle products and fulfil their wants
by enhancing their style of living. We continuously strive to envisage the future and
set strategies for achieving growth. Such endeavours have made us the thought
leaders in our industry, enabling us to bring in customer delight through our
intelligent and smart products.
At Acrysil, we believe that technology serves as a key enabler During the year, we invested in new stainless steel sink
for better growth prospects. Our focus is on curating modern technology, enabling us to serve the global demand better
designs that are aesthetically pleasing and powered by cutting and opening opportunities in terms of exports. We use hi-
edge technology, backed by innovation and our commitment end modern technology to manufacture double bowl steel
to provide best-in class superior products to our global sinks (with enhanced utility, better aesthetics, less wastage of
customer base. We consistently strengthen our R&D, to sustain space and cost efficient). This has helped us create distinctive
the organisation while creating higher stakeholder values. imprints in the global markets.

Our innovation led R&D has not only helped us to launch


trend-defining products but also to tackle supply chain
disruptions while ensuring optimal costs.

Introduced Efficient waste Going green


touch panels collection
We have upgraded our cleaning
Touch panels in our casting We have redesigned our sinks technology by involving more
that ensures excellent quality to make them more efficient in greener aspects, made from
and reduces cycle time. terms of waste collection. food grade items.

Regular quality
check
Use of natural
All the analysis, purity check of
fibres
all raw materials is conducted
We are using natural fibres to regularly ensuring superior quality
increase the strength of the as per international standards,
sinks. round the year.

18 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

ANNUAL REPORT 2021-22 19


Integrating Diversification & Innovation
towards Becoming Atmanirbhar
At Acrysil, we recognise the
individuality of every customer and
their unique choices. We cater these
unique choices through our wide
array of innovation-led offerings.
We have imbibed in our philosophy, the broader vision
of the country to be self-reliant right from raw material
procurement to delivery of final products. Aligning with this
aim, our Company has increased its focus on in-house
manufacturing and create import substitution products.

Global Faucet Market Growth


2027 USD 40 billion

2021 USD 25 Billion

(Source: https://www.imarcgroup.com/faucet-market)

First mover advantage: We focus on assembling


appliances with first mover advantage in products like
Chimneys, Hobs, etc.

Faucet assembling: We initiated assembling


faucets at our factory premise and plan to
manufacture them in-house in near future.

Ceramic Sinks: Exploring and identifying


opportunities in the kitchen ceramic sink space.

20 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Factors driving higher


demand for faucet USD 15 billion
Global Hoods Market
Rapid urbanisation along with
growth in residential sector growth

Demand for luxurious and


6%
CAGR of Global Hoods Market
ergonomically designed faucets
over 2021-2028

Demand for aesthetically appealing


Global hoods market
products
https://www.gminsights.com/industry-
analysis/range-hood-market
Product innovation in the form of
touch-free, digital and hybrid smart
faucets equipped with efficiency
sensors and temperature gauges

Demand for lead free faucets in


Global markets

ANNUAL REPORT 2021-22 21


CSR: Empowering Community
Our core belief of fostering trust and enhancing community well-being guides us in
everything we do. Our Company engages in several community well-being activities.
We strive to build an environment that promises for sustainable growth and focuses
on programmes in skilling, education, and community development.

During the year we have undertaken various activities as below:

Providing oxygen concentrators

Sponsoring the cost for running ambulance in association with a charitable trust

Donation towards promoting education to the under privileged children

Donation towards old age homes

Ambulance ICU Ambulance

ICU Ambulance Donation Towards Education

22 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Donation of Oxygen Concentrators Donation Towards Education

Donation given to Dakshinamurti Vidhyarthi Bhavan

ANNUAL REPORT 2021-22 23


Board of Directors

Mr. Chirag A. Parekh


Chairman and Managing Director

He graduated from European University.

After joining the Company in 1993, he successfully steered it to become one of the leading
brands and increasing the turnover from ` 3.5 Crore in 1993 to ` 483.90 Crore in 2022.

He heads the Company as the Managing Director since 2008.

Dr. Sonal V. Ambani


Independent Director

A Ph.D in business management and an MBA in Marketing and Finance.

She holds two patents granted in the US, namely, ‘Systems and Method for providing
Financial Services to children and teenagers’ and ‘Purchase Management System and
Electronic Receipts’.

Mr. Jagdish R. Naik


Independent Director

A Chartered Accountant, was a partner of a reputed Chartered Accountants firm


- M/s. S. V. Ghatalia & Associates during the period from 1983 - 1992. Presently, he
advises many companies on corporate matters.

He is a Corporate Adviser to Excel Industries Limited, Transpek Industry Limited and


Agrocel Industries Private Limited.

24 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Mr. Ajit R. Sanghvi


Independent Director

A Chartered Accountant, has extensive experience in the financial service industry


and stock broking.

He serves as a director of Sterling Consultancy Services Pvt. Ltd., Hrisal Investment


Advisors Pvt. Ltd., MSS Securities Pvt. Ltd. And Harileela Investrade Pvt. Ltd.

Mr. Rustam N. Mulla


Independent Director

An LLB graduate & a Solicitor. He has been involved in a wide spectrum of legal
practice for more than two decades.

He is one of the Founding Partner’s at M/s Desai Desai Carrimjee & Mulla (DDCM)-
Advocates & Solicitors, Mumbai.

His core areas of practice: Corporate Law, Real estate, Arbitration & Alternate
Dispute, FEMA & Economic, Intellectual Property etc.

Mr. Pradeep H. Gohil


Independent Director

A highly qualified professional, has been associated with various organisations.

He is also associated with the Rotary Club, Bhavnagar.

He has experience in the field of chemical engineering for more than three decades.

ANNUAL REPORT 2021-22 25


Management
Discussion
and Analysis

26 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Global Economy The geopolitical turbulence has overshadowed all the risks to
growth both for the global and domestic economics. The global
economy is poised to decelerate to 3.2% in 2022 compared to
The year 2021 was a year of recovery and momentum. The 6.1% in 2021. The humanitarian crisis in the form of war along
global GDP stood at 6.1% in 2021 against contraction of 3.1% in with rising inflationary pressures and with tightening monetary
2020. The first half of the year witnessed easing of pandemic- policies of the central banks on account of hawkish stances is
related restrictions and lockdowns, as well as the intensified expected to be a dampener of economic growth.
vaccination effort across countries, contributed to the strong
recovery. This recovery was further aided by strong consumer
World Economic Outlook (%)
spending, timely Government monetary policies and an increase Actual Projections
in investments. 2021 2022 2023
Notably the US has been leading from the front in terms of World Output 6.1 3.2 2.9
recovery followed by UK witnessing fastest recovery since World Advance Economies 5.2 2.5 1.4
War II. Both the advanced and emerging economies witnessed
United States 5.7 2.3 1.0
GDP growth of 5.2% and 6.8% in 2021 against contraction of
Euro Area 5.4 2.6 1.2
4.5% and 2% in 2020 respectively. The global trade reached
a record high of USD 28.5 trillion in 2021, a 25% rise from Germany 2.9 1.2 0.8
the previous year. Trade in services reached USD 1.6 trillion France 6.8 2.3 1.0
surpassing the pre-pandemic levels. Italy 6.6 3.0 0.7
However, the second half of the year witnessed a lot of Spain 5.1 4.0 2.0
headwinds right from resurgence of the Covid variants to
Japan 1.7 1.7 1.7
disruptions in global supply chain and mounting inflationary
pressures. Further, these challenges were aggravated by the United Kingdom 7.4 3.2 0.5
invasion of the Russian troops in the Ukrainian territory. Pent-up Canada 4.5 3.4 1.8
demand post covid across economies along with geopolitical Other Advance Economies2 5.1 2.9 2.7
turbulence have pushed the demand for commodities
Emerging market and
significantly. 9 out of 22 commodities have seen a surge in 6.8 3.6 3.9
price by 50% over the last 12 months. Commodity markets Developing Economies
are experiencing one of the largest supply shocks in decades India* 8.7 7.4 6.1
because of the war in Ukraine. For India, data and forecasts are presented on a fiscal year basis and GDP from 2011
*

onward is based on GDP at market prices with fiscal year 2011/12 as a base year.

Indian Economy of package of structural reforms in 2021 to support the self-


reliant India programme, including the deregulation of numerous
sectors, privatisation, production-linked incentive (PLI)
The Indian economy has witnessed a strong resurgence in scheme, which would benefit several industries and encourage
the FY2021-22. Despite being thronged by the second and indigenous production.
third waves of the pandemic, India continues to be the fastest (Source: https://www.cnbctv18.com/economy/indias-industrial-
growing economy among the emerging nations. A calibrated output-climbs-19-in-march-13462682.htm)
opening of the markets, ease of Covid-19 restrictions, higher rate
of vaccinations, resumption of contact intensive services and However, India is equally thronged with challenges arising
on-going fiscal and monetary policy support have led to the fast- from supply chain disruptions, surging commodity prices
paced recovery. further escalated with the Russia-Ukraine crisis. Higher capital
India’s GDP stood at 8.7% in FY2021-22 against contraction outflows and rising import bills are expected to weigh on the
of 6.6% in FY2020-21. The Indian economy continues to fiscal balance. While there are unpredictable implications of the
demonstrate strength and resilience, with key indications crisis across the globe. The underlying fundamental of the nation
pointing to a strong recovery. The growth is fuelled by pent- remains strong. The focus and shift towards manufacturing in
up demand, stable financial policies, a normal monsoon and India, as well as different government incentives such as lower
Government’s infrastructure push. The capital spending for the taxes and increased services exports as a result of a greater
current fiscal year is expected to be ` 7.03 Lakh Crore, up 35% digitisation and technology will all help to boost growth going
from FY2020-21. The Indian government announced a slew forward.

ANNUAL REPORT 2021-22 27


Industry Overview purposes, and when combined with the latest features and
technology, they can be extremely beneficial in modular and
smart kitchens. Sinks are available in a variety of sizes, shapes,
Kitchen Sinks Segment materials, and brands to meet the varying wants and needs of
people all around the world. The global kitchen sink market is
The drive to make houses more attractive and comfortable
valued at USD 3.2 billion in 2021 and is anticipated to register
has fuelled the creation of novel sinks in the recent years. The
CAGR of 4% over 2021-2025. Of the total global non-Stainless
demand for quartz sinks is buoyant in the USA and the European
Steel Sink market more than 60% is Quartz sink. Approximately
markets. The pace of growth for Quartz Sinks is higher than that
75% of Quartz Sink are manufactured using the Schock
of steel sinks. Heat-resistant, stain resistant and bacteria free are
technology. Focus on modernisation, rising per capita income
some of the defining qualities of Quartz which offers a unique,
and thriving residential construction activities would boost the
easy to maintain, classy to look proposition to the end user.
demand for the sector.
The necessity for a well-equipped kitchen has surged as an (https://www.sawdust.online/news/quartz-kitchen-sinks-becoming-
increasing number of individuals now prefer to cook at home popular-in-the-west/)
for health and other reasons. Kitchen sinks serve a variety of

Global Kitchen Sinks Market 2021-2025

33% 615.84
Market Growth will ACCELERATE
at a CAGR of almost

4% Growth Contributes by North


America
Incremental growth ($M)

The market is

3.40% FRAGMENTED
Growth for 2021 with several player occupying the market

(Source: Technavia) https://www.prnewswire.com/news-releases/kitchen-sinks-market-size-to-grow-by-usd-615-84-million--residential-


segment-to-exhibit-maximum-demand--technavio-301503889.html

28 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Kitchen Appliances Evolving aspirations:


The concept of Kitchen has evolved over the years more than
Connected homes with technologically advanced appliances and
just a functional room, kitchens are responding to taste, trends
devices are in demand across the globe. Evolving aspirations of
and technology faster. From just a space of utility, it now reflects
people have led to rapidly changing mindsets and rising demand
the homeowners lifestyle and aspirations. The ever-changing
for smart appliances right from smart thermostats, smart
customer desires and preferences, improving penetration
lighting to smart cooking. Kitchen being the most quintessential
of HoReCa sector, rapidly increasing spend on household
section of household activities offers huge potential for smart
renovation, and rising significance of smart kitchens would
devices. The kitchen appliances market is witnessing a CAGR
augment growth.
of 6% over 2020-2027 and is expected to reach a market size
of USD 378 billion by 2027 (Source: Allied Market Research). (Source: https://www.persistencemarketresearch.com/

(https://www.alliedmarketresearch.com/kitchen-appliances-market) mediarelease/us-kitchen-sinks-market.asp)

Feature Upgrades During Kitchen Renovations


Rising demand for smart appliances:
Countertops 91% The desire for energy-efficient products is gaining increasing
Backsplash 86% prominence among consumers. As a result, adoption of smart
Sinks 84% kitchen appliances by both home owners and commercial
sector is booming. The focus of the kitchen has shifted towards
Faucets 81%
lowering the time spent in cooking, cleaning and maintenance
Light Fixtures 76%
of appliances and increasing efficiency. This need has resulted
Flooring 64%
in increasing demand for integrating kitchen appliances with
Appliances (all) 50% technology and ensure accuracy and efficiency.
Wall Finish 48%
(Source: https://www.factmr.com/report/smart-kitchen-
Appliances (some) 33% appliances-market#:~:text=Growing%20reliance%20on%20
Windows 28% the%20Internet,efficient%20kitchen%20appliances%20rising%20
exponentially)
Interior Doors 19%
Exterior Doors 18% Premiumisation:
Electronics 9% With increasing disposable incomes, nuclear families, higher
urbanisation and socialising, rise in working population is
(https://www.houzz.com/pro-learn/blog/kitchen-renovation-
driving the urge for premiumisation. The demand for comfort,
spend-and-hiring-climb-in-2021-22)
convenience and class has augmented the demand of aesthetic
Key enablers of growth products.

Surge in home improvement spending: Strong industry tailwinds increase in home improvement spends,
Globally new residential construction activity, rising home desire for aesthetic superior products globally will continue to
sales, and home remodelling is growing at a faster pace. drive growth.
Large discretionary spending is on rise on the back of
continued investments towards home improvements and
better living. There has been behavioral shift in consumer
preferences for both home improvement products with
focus on health and hygiene. Perception of spending on
home improvement and home solutions has changed with
the pandemic as homes have become a hub of people’s
lives and one finds a new need to improvise and upgrade.
Spending on home improvements is expected to rise
between 7.6% to 23% in 2022. A recent survey has further
added that an average 35% of customer renovations are on
bathroom improvement and another 27% are made towards
enhancement to their kitchen.
(Source:https://www.consumeraffairs.com/news/home-improvement-
spending-likely-to-rise-this-year-study-finds-032822.html)

ANNUAL REPORT 2021-22 29


Operational Highlights UK along with its wholly owned operating subsidiary Sylmar
Technology Limited (STL). Sylmar Technology Limited which is
a manufacturer and distributor of customised high-quality solid
Quartz Sink surface products for kitchen and bathroom segment. These
products are used for both domestic and commercial purposes
catering to the markets across United Kingdom (For more details
please refer to pg 16).

` 356 Crore
Total revenue registered from
Quartz Sink segment during
the FY2021-22

The demand for our products is consistently witnessing an


6,50,346 sinks
Volumes sold
upward momentum. International demand is driven by changes
in the preferences of the people and higher emphasis on Quartz
Kitchen Sinks. Demand in domestic market is driven by lower Stainless Steel Sinks
interest rates on home loan, government incentives, consumer Last year Physical Vapor Deposition (PVD) plant was installed at
preferences, larger spaces preference towards home renovation, our Bhavnagar Plant. The plant has capacity of coating 50,000
and work from home has changed the mindset of people. Home designer Steel Sinks per annum. PVD technology elevates the
improvement sector has seen considerable growth as people are aesthetics of kitchen by providing coating for steel sinks in three
working from homes and it brought new approach in lifestyle at home. colour tones like rose gold, yellow gold and gun metallic.

Expansion during the year:


We have been consistently expanding our production capacities
in response to spurt in demand. During the year, Acrysil has
successfully completed capacity expansion of 140,000 units of
Quartz Kitchen Sinks. The manufacturing capacity has increased
from 7,00,000 units per annum to 8,40,000 units per annum. The
additional capacity has been operational from October 2021.

Incremental expansion:
In order to meet the incremental demand, we have further
expansion of production capacity by an additional 160,000 units
p.a. completed. Taking the overall capacity to 1.00 million sinks.
Commercial production for the said additional sinks commenced
from June 2022.
` 43 Crore
Also, there is further expansion of production capacity by an Total revenue registered
additional 200,000 units p.a., thus taking the overall capacity to from Stainless Steel Sinks
1.20 million sinks. The project is likely to be completed by Q4, of segment during FY2021-22
the financial year 2022-23.

Acquisition:
Acrysil UK Limited, a wholly owned subsidiary of Acrysil
110,126 sinks
Limited has acquired 100% shares of Tickford Orange Limited, Volumes sold

30 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Expansion: External Risk


We have planned to double the production capacity of Stainless
Economic slowdown
Steel Sinks from the existing capacity of 90,000 units per annum
The company keeps a close eye on the economic situation in
to 180,000 units per annum.
India and globally. As per the changing business environment we
evaluate the impact and strategise our plans offset the negative
Financial highlights
effects of the current economic situation.
Our ability to navigate the current external crises is a result of
our solid foundation and competencies. Our focus on prudent
Slowdown in demand
resource allocation, effective risk management framework has
We are witnessing some softness in export demand. However our
helped to enhance stakeholder value each year.
domestic demand is growing, our fundamentals remain strong as
ever.
Standalone performance
At the end of FY2021-22, our standalone turnover grew by 56%
Inadequate raw material supply
to touch ` 388.03 Crore, which was ` 248.34 Crore in FY2020-
As a policy the Company reviews costs regularly and adequate
21. The Profit After Tax improved multi-fold to ` 51.52 Crore in
measures are taken to control cost. Also, we have built strong
FY2021-22, which is an 94% improvement from ` 26.63 Crore
partnerships with different vendors and a have clear inventory
in FY2020-21. Export sales stood at ` 314.87 Crore in FY2021-
control strategy.
22 against ` 200.58 Crore in FY2020-21, registering a growth of
57%.
Strategic Risk

Consolidated performance Regulatory changes


The consolidated revenue of the Company increased by 56% We export to more than 55 countries and follow all the
to ` 483.90 Crore in FY2021-22, which was ` 309.72 Crore in regulations. We monitor any changes in regulatory compliance
FY2020-21. The consolidated PAT grew by 67% to ` 65.30 Crore and take corrective action as needed.
in FY2021-22 from ` 39.13 Crore in FY2020-21. The earnings
per share doubled to ` 24.26 at the end of FY2021-22, compared Marketing initiatives may not lead to desired results
to ` 14.66 in the previous fiscal on a consolidated basis. The The company has a strong, dependable network of global
Company has always had a consistent dividend policy and the retailers. To achieve maximum production, we prioritise network
Board of Directors have recommended dividend of 120%. strengthening and plan strategic relationships.

Risk Management Operational Risk


Our holistic approach assists us in effectively managing Quality issues
financial, non-financial, and sustainability-related risks in our With global certifications, we are dedicated to pursuing the
operations. highest benchmarks and quality standards. Quality is not a
protocol, but rather a DNA of our operations.

Currency fluctuations
We stay 50% hedged against currency fluctuations.

ANNUAL REPORT 2021-22 31


Corporate Information
BOARD OF DIRECTORS STAKEHOLDERS’ RELATIONSHIP INVESTOR CONTACT
COMMITTEE Mrs. Neha A. Poddar
CHAIRMAN & MANAGING DIRECTOR
Company Secretary and Compliance Officer
Mr. Chirag A. Parekh Mr. Ajit R. Sanghvi, Chairman
Mr. Chirag A. Parekh, Member
INDEPENDENT DIRECTORS C/o. Acrysil Limited,
Dr. Sonal V. Ambani, Member
Dr. Sonal V. Ambani A-702 7th Floor, Kanakia Wall Street,
Mr. Jagdish R. Naik, Member
Mr. Jagdish R. Naik Chakala, Andheri-Kurla Road, Andheri (East),
Mr. Ajit R. Sanghvi NOMINATION AND REMUNERATION Mumbai - 400 093 (India)
Mr. Pradeep H. Gohil COMMITTEE Phone: +91-22-4190 2000
Mr. Rustam N. Mulla Mr. Pradeep H. Gohil, Chairman E-mail: cs.al@acrysil.com
Dr. Sonal V. Ambani, Member
CHIEF FINANCIAL OFFICER BANKERS
Mr. Jagdish R. Naik, Member
Mr. Anand H. Sharma HDFC Bank Limited
Mr. Ajit R. Sanghvi, Member
COMPANY SECRETARY Kotak Mahindra Bank Limited
Mr. Rustam N. Mulla
Mrs. Neha A. Poddar Citibank N.A.
CORPORATE SOCIAL RESPONSIBILITY Export-Import Bank of India
STATUTORY AUDITORS COMMITTEE
P A R K & Company WORKS
Mr. Chirag A. Parekh, Chairman
Practicing Chartered Accountants Survey No.312, Bhavnagar-Rajkot Highway,
Dr. Sonal V. Ambani, Member
Navagam, Post: Vartej,
INTERNAL AUDITORS (upto Mr. Pradeep H. Gohil, Member
Bhavnagar - 364 060, Gujarat (India)
31.03.2022) RISK MANAGEMENT COMMITTEE Phone: +91-278-2540 218 / 893 / 392
Pramod Shah & Associates Mr. Chirag A. Parekh, Chairman Fax: +91-278-2540 558.
Practicing Chartered Accountants Mr. Pradeep H. Gohil, Member
INTERNAL AUDITORS (w.e.f. Mr. Anand Sharma, Member
01.04.2022)
REGISTERED OFFICE
PBMN & Co. A-702 7th Floor, Kanakia Wall Street,
Practicing Chartered Accountants Chakala, Andheri-Kurla Road, Andheri (East),
Mumbai - 400 093 (India)
COST AUDITORS
Phone: +91-22-4190 2000
S. K. Rajani & Co.
CIN: L26914MH1987PLC042283
Practicing Cost Accountants
Website: www.acrysilcorporateinfo.com,
SECRETARIAL AUDITORS www.carysil.com
P. P. Shah & Co.
REGISTRAR & TRANSFER AGENT
Practicing Company Secretaries
M/s. Bigshare Services Pvt. Ltd.
AUDIT COMMITTEE Office No.S6-2, 6th Floor,
Pinnacle Business Park,
Mr. Jagdish R. Naik, Chairman
Next to Ahura Centre, Mahakali Caves Road,
Mr. Chirag A. Parekh, Member
Andheri East, Mumbai - 400 093 (India)
Dr. Sonal V. Ambani, Member
Phone: +91-22-6263 8200
Mr. Ajit R. Sanghvi, Member
E-mail: investor@bigshareonline.com
Mr. Pradeep H. Gohil, Member
Website: www.bigshareonline.com
Mr. Rustam N. Mulla

32 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTICE

Notice is hereby given that the Thirty-Fifth Annual General Directors of the Company plus reimbursement of out-of-
Meeting of Acrysil Limited (“the Company”) will be held on pocket expenses, if any.
Thursday, September 29, 2022 at 03:30 P.M. (IST) through Video
RESOLVED FURTHER THAT Mr. Chirag A. Parekh,

Conferencing (“VC”)/Other Audio-Visual Means (“OAVM”) to
Chairman and Managing Director or Mr. Anand Sharma,
transact the following business:
Chief Financial Officer or Ms. Neha Poddar, Company
ORDINARY BUSINESS Secretary of the Company be and are hereby severally
authorised to do all such acts, deeds, matters and things
1. To receive, consider and adopt:
for the effective implementation of above resolution
a) 
the Audited Standalone Financial Statements of including filing of requisite e-forms with the Registrar of
the Company for the financial year ended March Companies.”
31, 2022, together with the Reports of the Board of
SPECIAL BUSINESS
Directors and the Auditors thereon; and
5. To ratify the remuneration of Cost Auditors for the financial
b) the Audited Consolidated Financial Statements of
year ending March 31, 2023 and, in this regard, to consider
the Company for the financial year ended March
and if thought fit, to pass, with or without modification(s),
31, 2022, together with the Report of the Auditors
the following resolution as an Ordinary Resolution:
thereon.
“RESOLVED THAT pursuant to the provisions of Section

2. To confirm the payment of Interim Dividend on Equity
148 and all other applicable provisions of the Companies
Shares and to declare a Final Dividend of ₹ 1.20/- (60%)
Act, 2013 read with the Companies (Audit and Auditors)
per share on fully paid equity shares of face value of ₹ 2/-
Rules, 2014 (including any statutory modification(s) or
each of the Company for the financial year ended March
amendment(s) thereto or re-enactment(s) thereof, for
31, 2022.
the time being in force), the remuneration of ₹1,25,000/-
3. To appoint a Director in place of Mr. Chirag A. Parekh (DIN: (Rupees One Lakh and Twenty Five Thousand only)
00298807), who retires by rotation and, being eligible, plus taxes as applicable and re-imbursement of out of
offers himself for re-appointment. pocket expenses incurred during the course of Audit to
4. 
To re-appoint M/s. P A R K & Company, Chartered M/s. S. K. Rajani and Co., Cost Accountants (Firm
Accountants (Firm Registration Number: 116825W) as Registration No: 101113), who have been appointed by the
Statutory Auditors and fix their remuneration for a second Board of Directors of the Company as the Cost Auditors to
term of five years and in this regard, to consider and if conduct the audit of the cost records of the Company for
thought fit, to pass, with or without modification(s), the the financial year ending March 31, 2023, be and is hereby
following resolution as an Ordinary Resolution: ratified.

“RESOLVED THAT pursuant to the provisions of Sections


  ESOLVED FURTHER THAT the Board of Directors of the
R
139, 142 and other applicable provisions, if any, of the Company and/or Company Secretary of the Company,
Companies Act, 2013 read with the Companies (Audit be and are hereby severally authorised to do all such
and Auditors) Rules, 2014 (including any statutory acts, deeds, matters and things as may be considered
modification(s) or re-enactment(s) thereof, for the time necessary, proper and expedient to give effect to this
being in force) and pursuant to the recommendation resolution.”
of the Audit Committee of the Board of Directors, 6. 
Change in name of the Company and, in this regard,
M/s. P A R K & Company, Chartered Accountants, to consider and if thought fit, to pass, with or without
Bhavnagar (Firm Registration No. 116825W) be and is modification(s), the following resolution as a Special
hereby re-appointed as the Statutory Auditors of the Resolution:
Company for 2nd Term of 5 (five) consecutive years and
“RESOLVED THAT pursuant to the provisions of sections

they shall hold office from the conclusion of this 35th
4, 5, 13, 14, 15 and other applicable provisions, if any, of
Annual General Meeting till the conclusion of the 40th
the Companies Act, 2013 (“the Act”), read with rule 29
Annual General Meeting, on such remuneration as may
of the Companies (Incorporation) Rules, 2014 including
be decided by the Audit Committee and the Board of

ANNUAL REPORT 2021-22 33


NOTICE (Contd.)

any statutory modification(s) or re-enactment(s) thereof enactment(s) thereof for the time being in force, any other
for the time being in force, any other applicable law(s), applicable law(s), regulation(s), rule(s) or guideline(s),
regulation(s), rule(s) or guideline(s), and subject to upon receipt of a fresh certificate of incorporation from
necessary approval(s) required, if any, in this regard from Registrar of Companies, Central Registration Centre and
appropriate authorities, the provisions of the Memorandum other regulatory authorities, as may be applicable, the
of Association and the Articles of Association of the Name Clause I of the Memorandum of Association of the
Company and regulation 45 of the Securities and Company be substituted by the following clause and/or
Exchange Board of India (Listing Obligations and be altered by:
Disclosure Requirements) Regulations, 2015 (“the Listing
I. The name of the Company is CARYSIL LIMITED.
Regulations”), as amended from time to time and subject
to the approval of the Registrar of Companies (“the RESOLVED FURTHER THAT in terms of section 14 of

ROC”), Central Registration Centre and other regulatory the Act and other applicable provisions of the Act, if any,
authorities, as may be applicable, consent of the members the Articles of Association of the Company be altered
of the Company be and is hereby accorded to change the by deleting the existing name of the Company wherever
name of the Company from “Acrysil Limited” to “CARYSIL appearing and substituting it with CARYSIL LIMITED upon
LIMITED”. approval of the same by Registrar of Companies, Central
Registration Centre and other regulatory authorities, as
RESOLVED FURTHER THAT Mr. Chirag A. Parekh,

may be applicable.
Chairman & Managing Director or Mr. Anand Sharma,
Chief Financial Officer or Ms. Neha Poddar, Company RESOLVED FURTHER THAT Mr. Chirag A. Parekh,

Secretary & Compliance officer of the Company be Chairman & Managing Director or Mr. Anand Sharma,
and is hereby authorised to file all the necessary forms Chief Financial Officer or Ms. Neha Poddar, Company
and/or returns and make an application in Form No. INC- Secretary & Compliance officer of the Company be
24 and/or any other e-form to the ROC and/or to Central and is hereby authorised to file all the necessary forms
Government and/or Statutory Authorities and to do all and/or returns and/or any other e-form to the Registrar
such other acts, things and deeds as may be necessary of Companies and/or to Central Government and/or to
and incidental thereto, to give effect to this resolution. Statutory Authorities for the approval as above and to
do all such other acts, things, deeds and matters as may
RESOLVED FURTHER THAT Mr. Chirag A. Parekh,

be necessary and incidental thereto, to give effect to this
Chairman & Managing Director or Mr. Anand Sharma,
resolution.”
Chief Financial Officer or Ms. Neha Poddar, Company
Secretary & Compliance officer of the Company be and
is hereby authorised to file the necessary forms and
By order of the Board of Directors
returns with the ROC and make an application to the stock
For Acrysil Limited
exchanges, where the equity shares of the Company are
listed and other statutory authorities to do all such acts,
Neha Poddar
deeds, things and matters as may be necessary to give
Company Secretary and Compliance Officer
effect to the change in name of the Company.”

7. Alteration in the Memorandum of Association and the Place: Mumbai


Articles of Association of the Company, and, in this regard, Date: August 27, 2022
to consider and if thought fit, to pass with or without
Registered Office:
modification(s), the following resolution as a Special
A-702, Kanakia Wall Street, Andheri - Kurla Road,
Resolution:
Andheri (East), Mumbai - 400 093.
“RESOLVED THAT pursuant to the provisions of section 13
 Tel.: 022 4190 2000
and other applicable provisions, if any, of the Companies CIN: L26914MH1987PLC042283
Act, 2013 (“the Act”), read with Companies (Incorporation) Email: cs.al@acrysil.com
Rules, 2014, including any statutory modification(s) or re- Website: www.acrysilcorporateinfo.com

34 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTICE (Contd.)

IMPORTANT NOTES: Ordinary Business set out under Item Nos. 1 to 4 of the
Notice.
1) The Ministry of Corporate Affairs (“MCA”) has, vide its
circular dated May 05, 2022, read together with circulars 6) Details of Director retiring by rotation at this Meeting are
dated April 08, 2020, April 13, 2020, May 05, 2020, January provided in the “Annexure A” to the Notice.
13, 2021, December 8, 2021 and December 14, 2021
7) 
Institutional/Corporate Shareholders (i.e. other than
(collectively referred to as “MCA Circulars”), permitted
Individuals/ HUF, NRI, etc.) are required to send legible
convening the Annual General Meeting (“AGM”) through
scanned certified true copy (in PDF format) of its
Video Conferencing (“VC”) or Other Audio Visual Means
Board or governing body Resolution / Authorisation
(“OAVM”), without the physical presence of the members
etc., together with attested specimen signature(s) of
at a common venue. In accordance with the MCA
the duly authorised representative(s), authorizing its
Circulars, provisions of the Companies Act, 2013 (“the
representative to attend the AGM through VC/OAVM
Act”) read with rules made thereunder and the Securities
on its behalf and to vote through remote e-voting. The
and Exchange Board of India (Listing Obligations and
said Resolution/ Authorisation shall be sent to the
Disclosure Requirements) Regulations, 2015 (“SEBI
Company by email through its registered email address to
Listing Regulations”), the AGM of the Company is being
cs.al@acrysil.com.
held through VC/OAVM. The deemed venue for the AGM
shall be the Registered Office of the Company. 8) The Company has notified closure of Register of Members
and Share Transfer Books from September 9, 2022 to
2) Generally, a member entitled to attend and vote at the September 13, 2022 (both days inclusive) for the purpose
meeting is entitled to appoint a proxy to attend and vote of determining entitlement of members for dividend on
on a poll instead of himself and the proxy need not be a Equity Shares, if declared at the ensuing Annual General
member of the Company. Since this AGM is being held Meeting of the Company.
through VC/OAVM pursuant to the MCA Circulars, physical
attendance of members has been dispensed with. DIVIDEND RELATED INFORMATION
Accordingly, the facility for appointment of proxies by the 9) 
Subject to approval of the Members at the AGM, the
members will not be available for the AGM and hence the dividend will be paid within 30 days from the conclusion
Proxy Form and Attendance Slip are not annexed hereto. of the AGM, to the Members whose names appear on the
3) Since the AGM will be held through VC/OAVM, the route Company’s Register of Members as on the Book Closure
map of the venue of the Meeting is not annexed. Date, and in respect of the shares held in dematerialised
mode, to the Members whose names are furnished
4) An Explanatory Statement pursuant to Section 102 of the by National Securities Depository Limited and Central
Act, relating to the Special Business to be transacted at Depository Services (India) Limited as beneficial owners
the Annual General Meeting (‘AGM’), is annexed hereto. as on that date.
5) In terms of the provisions of Section 152 of the Act, Payment of dividend shall be made through electronic
Mr. Chirag A. Parekh, Managing Director of the Company, mode to the Shareholders who have updated their bank
retires by rotation at the ensuing Annual General Meeting. account details. Dividend warrants/demand drafts will be
The Board of Directors of the Company recommend his dispatched to the registered address of the shareholders
re-appointment. who have not updated their bank account details.

Mr. Chirag A. Parekh is interested in the Ordinary Shareholders are requested to register/update their

Resolution set out at Item Nos. 3, of the Notice with complete bank details:
regard to his re-appointment. The relatives of Mr. Chirag A.
(a) with their Depository Participant(s) with whom they
Parekh may be deemed to be interested in the resolution
maintain their demat accounts if shares are held in
set out at Item No. 3 of the Notice, to the extent of their
dematerialised mode by submitting the requisite
shareholding interest, if any, in the Company. Save and
documents, and
except the above, none of the Directors / Key Managerial
Personnel of the Company / their relatives are, in any way, (b) with the Company/Bigshare by clicking on https://
concerned or interested, financially or otherwise, in the www.bigshareonline.com/InvestorRegistration.aspx

ANNUAL REPORT 2021-22 35


NOTICE (Contd.)

or by emailing at cs.al@acrysil.com, if shares are request shall be entertained by BSPL only upon registration
held in physical mode, by submitting (i) scanned of the PAN, KYC details and the nomination. Further, in
copy of the signed request letter which shall contain absence of the above information on or after April 1, 2023,
shareholder’s name, folio number, bank details the folio(s) shall be frozen by BSPL in compliance with the
(Bank account number, Bank and Branch Name and aforesaid SEBI Circulars. If the folio(s) continue to remain
address, IFSC, MICR details), (ii) self-attested copy of frozen as on December 31, 2025, the frozen folios shall be
the PAN card and (iii) cancelled cheque leaf. In case referred by BSPL/ Company to the administering authority
shares are held in dematerialised mode, details in a under the Benami Transactions (Prohibitions) Act, 1988
form prescribed by your Depository Participant may and/or Prevention of Money Laundering Act, 2002.
also be required to be furnished.
13) Members are requested to intimate changes, if any,
Pursuant to the requirements of the Income Tax Act, pertaining to their name, postal address, email address,
1961, the Company will be required to withhold taxes telephone/ mobile numbers, Permanent Account Number
at the prescribed rates on the dividend paid to its (PAN), mandates, nominations, power of attorney, bank
shareholders. No tax will be deducted on payment details such as, name of the bank and branch details, bank
of dividend to the resident individual shareholders if account number, MICR code, IFSC code, etc., to their DPs in
the total dividend paid does not exceed ` 5,000/-. case the shares are held by them in electronic form and to
BSPL in case the shares are held by them in physical form.
The withholding tax rate/exemption would vary
depending on the residential status of the shareholder 14) Non-Resident Indian members are requested to inform
and documents registered with the Company. BSPL/ respective DPs, immediately of:

10) 
As per Regulation 40 of SEBI Listing Regulations, a) Change in their residential status on return to India
as amended, securities of listed companies can be for permanent settlement.
transferred only in dematerialised form with effect from,
b) Particulars of their bank account maintained in India
April 1, 2019, except in case of request received for
with complete name, branch, account type, account
transmission or transposition of securities.
number and address of the bank with pin code
In view of this and to eliminate all risks associated with number, if not furnished earlier.
physical shares and for ease of portfolio management,
15) SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_
members holding shares in physical form are requested
RTAMB/P/CIR/2022/8 dated January 25, 2022 has
to consider converting their holdings to dematerialised
mandated that the service requests received for Issuance
form. Members can contact the Company or Company’s
of Duplicate Share Certificate, Release of Shares from
Registrars and Transfer Agents, Bigshare Services Private
Unclaimed Suspense Account of the Company, Renewal/
Limited (“BSPL”) for assistance in this regard.
Exchange of Share Certificate, Endorsement, Sub-division/
11) To support the ‘Green Initiative’, Members who have not Splitting of Share Certificate, Consolidation of Folios/
yet registered their email addresses are requested to Share Certificates, Transmission and Transposition shall
register the same with their DPs in case the shares are be processed by issuing shares in dematerialised form
held by them in electronic form and with BSPL in case the only and Physical Share Certificates shall not be issued by
shares are held by them in physical form. the Company to the Share Holder/Claimant. Members are
requested to make service requests by submitting a duly
12) SEBI has vide Circular No. SEBI/HO/MIRSD/MIRSD_
filled and signed Form ISR–4.
RTAMB/P/CIR/2021/655 dated November 3, 2021 read
with SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/687 Members holding equity shares of the Company in physical
dated December 14, 2021 (“SEBI Circulars”) mandated mode are requested to kindly get their equity shares
furnishing of Permanent Account Number (‘PAN’), KYC converted into demat/electronic form to get inherent
details viz. Contact Details (Postal Address, Mobile benefits of dematerialisation and also considering that
Number and E-mail), Bank Details, Nomination, etc. by physical transfer of equity shares/issuance of equity
holders of physical securities. The Company had sent shares in physical mode have been disallowed by SEBI.
letters for furnishing the required details. Any service

36 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTICE (Contd.)

16) As per the provisions of Section 72 of the Act, the facility the Notice and Annual Report 2021-22 will also be available
for making nomination is available for the Members in on the Company’s website www.acrysilcorporateinfo.
respect of the shares held by them. Members who have not com, website of the Stock Exchanges i.e. BSE Limited
yet registered their nomination are requested to register and National Stock Exchange of India Limited at
the same by submitting Form No. SH-13. Members are www.bseindia.com and www.nseindia.com respectively,
requested to submit the said details to their DP in case and notice of the AGM will also be available on the website
the shares are held by them in electronic form and to BSPL of NSDL i.e. www.evoting.nsdl.com.
in case the shares are held in physical form.
22) Members attending the AGM through VC/OAVM shall be
17) 
Members holding shares in physical form, in identical counted for the purpose of reckoning the quorum under
order of names, in more than one folio are requested to Section 103 of the Act.
send to the Company or BSPL, the details of such folios
Instructions for e-voting and joining the AGM are as
23) 
together with the share certificates for consolidating their
follows:
holdings in one folio. A consolidated share certificate
will be issued to such Members after making requisite 1) In view of the massive outbreak of the COVID-19
changes. pandemic, social distancing is a norm to be followed
and pursuant to the Circular No. 14/2020 dated
18) In case of joint holders, the Member whose name appears
April 08, 2020, Circular No.17/2020 dated April 13,
as the first holder in the order of names as per the Register
2020 issued by the Ministry of Corporate Affairs
of Members of the Company will be entitled to vote at the
followed by Circular No. 20/2020 dated May 05,
AGM.
2020 and Circular No. 02/2021 dated January 13,
19) 
Members seeking any information with regard to the 2021 and all other relevant circulars issued from
accounts or any matter to be placed at the AGM, are time to time, physical attendance of the Members to
requested to write to the Company on or before September the AGM venue is not required and general meeting
23, 2022 through email on cs.al@acrysil.com. The same be held through video conferencing (VC) or other
will be replied by the Company suitably. audio visual means (OAVM). Hence, Members can
attend and participate in the ensuing AGM through
20) Members are requested to note that, dividends if not
VC/OAVM.
encashed for a consecutive period of 7 years from the date
of transfer to Unpaid Dividend Account of the Company, 2) Pursuant to the Circular No. 14/2020 dated April 8,
are liable to be transferred to the Investor Education and 2020, issued by the Ministry of Corporate Affairs, the
Protection Fund (“IEPF”). The shares in respect of such facility to appoint proxy to attend and cast vote for the
unclaimed dividends are also liable to be transferred to members is not available for this AGM. However, the
the demat account of the IEPF Authority. In view of this, Body Corporates are entitled to appoint authorised
Members are requested to claim their dividends from the representatives to attend the AGM through
Company, within the stipulated timeline. The Members, VC/OAVM and participate there at and cast their
whose unclaimed dividends/shares have been transferred votes through e-voting.
to IEPF, may claim the same by making an online
3) The Members can join the AGM in the VC/OAVM
application to the IEPF Authority in web Form No. IEPF-5
mode 15 minutes before and after the scheduled
available on www.iepf.gov.in. For details, please refer to
time of the commencement of the Meeting by
corporate governance report which is a part of this Annual
following the procedure mentioned in the Notice.
Report.
The facility of participation at the AGM through
21) In compliance with the aforesaid MCA Circulars and SEBI VC/OAVM will be made available for 1000 members
Circular dated May 5, 2022 and May 13, 2022, respectively, on first come first served basis. This will not
Notice of the AGM along with the Annual Report for the include large Shareholders (Shareholders holding
FY 2021-22 is being sent only through electronic mode 2% or more shareholding), Promoters, Institutional
to those Members whose email addresses are registered Investors, Directors, Key Managerial Personnel, the
with the Company/Depositories. Members may note that Chairpersons of the Audit Committee, Nomination

ANNUAL REPORT 2021-22 37


NOTICE (Contd.)

and Remuneration Committee and Stakeholders 7) 


AGM has been convened through VC/OAVM in
Relationship Committee, Auditors etc. who are compliance with applicable provisions of the
allowed to attend the AGM without restriction on Companies Act, 2013 read with MCA Circular No.
account of first come first served basis. 14/2020 dated April 08, 2020 and MCA Circular No.
17/2020 dated April 13, 2020, MCA Circular No.
4) The attendance of the Members attending the AGM
20/2020 dated May 5, 2020 and MCA Circular No.
through VC/OAVM will be counted for the purpose
2/2021 dated January 13, 2021.
of reckoning the quorum under Section 103 of the
Companies Act, 2013. THE INTRUCTIONS FOR SHAREHOLDERS FOR REMOTE
E-VOTING ARE AS UNDER:
5) Pursuant to the provisions of Section 108 of the
Companies Act, 2013 read with Rule 20 of the The remote e-voting period begins on Monday, September

Companies (Management and Administration) 26, 2022 at 09:00 A.M. and ends on Wednesday,
Rules, 2014 (as amended) and Regulation 44 of SEBI September 28, 2022 at 05:00 P.M. The remote e-voting
(Listing Obligations & Disclosure Requirements) module shall be disabled by NSDL for voting thereafter.
Regulations 2015 (as amended), and the Circulars The Members, whose names appear in the Register of
issued by the Ministry of Corporate Affairs dated Members / Beneficial Owners as on the record date (cut-
April 8, 2020, April 13, 2020 and May 5, 2020 the off date) i.e. September 22, 2022, may cast their vote
Company is providing facility of remote e-Voting to its electronically. The voting right of shareholders shall be
Members in respect of the business to be transacted in proportion to their share in the paid-up equity share
at the AGM. For this purpose, the Company has capital of the Company as on the cut-off date, being
entered into an agreement with National Securities September 22, 2022.
Depository Limited (NSDL) for facilitating voting
How do I vote electronically using NSDL e-Voting system?
through electronic means, as the authorised agency.
The facility of casting votes by a member using The way to vote electronically on NSDL e-Voting system
remote e-Voting system as well as venue voting on consists of “Two Steps” which are mentioned below:
the date of the AGM will be provided by NSDL. Step 1: Access to NSDL e-Voting system
6) In line with the Ministry of Corporate Affairs (MCA) A) L
 ogin method for e-Voting and joining virtual meeting for
Circular No. 17/2020 dated April 13, 2020, the Notice Individual shareholders holding securities in demat mode
calling the AGM has been uploaded on the website of
the Company at http://www.acrysilcorporateinfo.com/. In terms of SEBI circular dated December 9, 2020 on
The Notice can also be accessed from the websites e-Voting facility provided by Listed Companies, Individual
of the Stock Exchanges i.e. BSE Limited and National shareholders holding securities in demat mode are allowed
Stock Exchange of India Limited at www.bseindia. to vote through their demat account maintained with
com and www.nseindia.com respectively and the Depositories and Depository Participants. Shareholders
AGM Notice is also available on the website of NSDL are advised to update their mobile number and email Id in
(agency for providing the Remote e-Voting facility) their demat accounts in order to access e-Voting facility.
i.e. www.evoting.nsdl.com.

38 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTICE (Contd.)

Login method for Individual shareholders holding securities in demat mode is given below:

Type of shareholders Login Method

Individual Shareholders holding 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.
securities in demat mode with nsdl.com either on a Personal Computer or on a mobile. On the e-Services home
NSDL. page click on the “Beneficial Owner” icon under “Login” which is available under
‘IDeAS’ section, this will prompt you to enter your existing User ID and Password.
After successful authentication, you will be able to see e-Voting services under
Value added services. Click on “Access to e-Voting” under e-Voting services and
you will be able to see e-Voting page. Click on Company name or e-Voting service
provider i.e. NSDL and you will be re-directed to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining virtual meeting &
voting during the meeting.

2. If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp

3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login”
which is available under ‘Shareholder/Member’ section. A new screen will open.
You will have to enter your User ID (i.e. your sixteen digit demat account number
hold with NSDL), Password/OTP and a Verification Code as shown on the screen.
After successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on Company name or e-Voting service
provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining virtual meeting &
voting during the meeting.

4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede”


facility by scanning the QR code mentioned below for seamless voting experience.

ANNUAL REPORT 2021-22 39


NOTICE (Contd.)

Type of shareholders Login Method

Individual Shareholders holding 1. Existing users who have opted for Easi/Easiest, they can login through their
securities in demat mode with user id and password. Option  will be made available to reach e-Voting page
CDSL without any further authentication. The URL for users to login to Easi/Easiest are
https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click
on New System Myeasi.

2. After successful login of Easi/Easiest the user will be also able to see the E Voting
Menu. The Menu will have links of e-Voting service provider i.e. NSDL. Click on
NSDL to cast your vote.

3. If the user is not registered for Easi/Easiest, option to register is available at
https://web.cdslindia.com/myeasi/Registration/EasiRegistration

4. 
Alternatively, the user can directly access e-Voting page by providing demat
Account Number and PAN No. from a link in www.cdslindia.com home page. The
system will authenticate the user by sending OTP on registered Mobile & Email
as recorded in the demat Account. After successful authentication, user will be
provided links for the respective ESP i.e. NSDL where the e-Voting is in progress.

Individual Shareholders (holding You can also login using the login credentials of your demat account through your
securities in demat mode) Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging in,
login through their depository you will be able to see e-Voting option. Click on e-Voting option, you will be redirected
participants to NSDL/CDSL Depository site after successful authentication, wherein you can see
e-Voting feature. Click on Company name or e-Voting service provider i.e. NSDL and
you will be redirected to e-Voting website of NSDL for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget

Password option available at above mentioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through

Depository i.e. NSDL and CDSL.

Login type Helpdesk details


Individual Shareholders holding securities Members facing any technical issue in login can contact NSDL helpdesk by
in demat mode with NSDL sending a request at evoting@nsdl.co.in or call at toll free no.: 1800 1020 990
and 1800 22 44 30
Individual Shareholders holding securities Members facing any technical issue in login can contact CDSL helpdesk
in demat mode with CDSL by sending a request at helpdesk.evoting@cdslindia.com  or contact at
022-23058738 or 022-23058542-43

B) 
Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding securities
in demat mode and shareholders holding securities in physical mode.

How to Log-in to NSDL e-Voting website?

1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/
either on a Personal Computer or on a mobile.

2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/
Member’ section.

40 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTICE (Contd.)

3. A new screen will open. You will have to enter your system will force you to change your password.
User ID, your Password/OTP and a Verification Code
c) How to retrieve your ‘initial password’?
as shown on the screen.
(i) If your email ID is registered in your demat
Alternatively, if you are registered for NSDL eservices
account or with the Company, your ‘initial
i.e. IDEAS, you can log-in at https://eservices.nsdl.
password’ is communicated to you on your
com/ with your existing IDEAS login. Once you
email ID. Trace the email sent to you from
log-in to NSDL eservices after using your log-in
NSDL from your mailbox. Open the email
credentials, click on e-Voting and you can proceed
and open the attachment i.e. a .pdf file.
to Step 2 i.e. Cast your vote electronically.
Open the .pdf file. The password to open
4. Your User ID details are given below : the .pdf file is your 8 digit client ID for NSDL
account, last 8 digits of client ID for CDSL
Manner of holding Your User ID is:
account or folio number for shares held in
shares i.e. Demat (NSDL
physical form. The .pdf file contains your
or CDSL) or Physical
‘User ID’ and your ‘initial password’.
a) For Members who 8 Character DP ID followed
hold shares in demat by 8 Digit Client ID (ii) If your email ID is not registered, please
account with NSDL. follow steps mentioned below in process
For example if your DP ID
for those shareholders whose email ids
is IN300*** and Client ID is
are not registered.
12****** then your user ID
is IN300***12******. 6. If you are unable to retrieve or have not received the
b) For Members who 16 Digit Beneficiary ID “Initial password” or have forgotten your password:
hold shares in demat
For example if your Click on “Forgot User Details/Password?”
a) 
account with CDSL.
Beneficiary ID is (If you are holding shares in your demat
12************** then your account with NSDL or CDSL) option available on
user ID is 12************** www.evoting.nsdl.com.
c) For Members holding EVEN Number followed by
b) Physical User Reset Password?” (If you are

shares in Physical Folio Number registered
holding shares in physical mode) option
Form. with the Company
available on www.evoting.nsdl.com.
For example if folio
c) If you are still unable to get the password by
number is 001*** and
aforesaid two options, you can send a request
EVEN is 101456 then user
at evoting@nsdl.co.in mentioning your demat
ID is 101456001***
account number/folio number, your PAN, your
5. Password details for shareholders other than name and your registered address etc.
Individual shareholders are given below:
d) 
Members can also use the OTP (One Time
a) If you are already registered for e-Voting, then Password) based login for casting the votes on
you can use your existing password to login and the e-Voting system of NSDL.
cast your vote.
7. After entering your password, tick on Agree to “Terms
b) If you are using NSDL e-Voting system for the and Conditions” by selecting on the check box.
first time, you will need to retrieve the ‘initial
8. Now, you will have to click on “Login” button.
password’ which was communicated to you.
Once you retrieve your ‘initial password’, you 9. After you click on the “Login” button, Home page of
need to enter the ‘initial password’ and the e-Voting will open.

ANNUAL REPORT 2021-22 41


NOTICE (Contd.)

Step 2: Cast your vote electronically and join 3. In case of any queries, you may refer the Frequently
General Meeting on NSDL e-Voting system. Asked Questions (FAQs) for Shareholders and e-voting
user manual for Shareholders available at the download
How to cast your vote electronically and join
section of www.evoting.nsdl.com or call on toll free no.:
General Meeting on NSDL e-Voting system?
1800 1020 990 and 1800 22 44 30 or send a request to
1. After successful login at Step 1, you will be able to see Mr. Sanjeev Yadav at evoting@nsdl.co.in.
all the companies “EVEN” in which you are holding shares
PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL
and whose voting cycle and General Meeting is in active
ADDRESSES ARE NOT REGISTERED WITH THE DEPOSITORIES
status.
FOR OBTAINING LOGIN CREDENTIALS FOR E-VOTING FOR
2. Select “EVEN” of Company for which you wish to cast THE RESOLUTIONS PROPOSED IN THIS NOTICE:
your vote during the remote e-Voting period and casting
1. In case shares are held in physical mode please provide
your vote during the General Meeting. For joining virtual
Folio No., Name of shareholder, scanned copy of the share
meeting, you need to click on “VC/OAVM” link placed
certificate (front and back), PAN (self attested scanned
under “Join General Meeting”.
copy of PAN card), AADHAR (self attested scanned copy
3. Now you are ready for e-Voting as the Voting page opens. of Aadhar Card) by email to cs.al@acrysil.com.
4. Cast your vote by selecting appropriate options i.e. assent 2. In case shares are held in demat mode, please provide
or dissent, verify/modify the number of shares for which DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary
you wish to cast your vote and click on “Submit” and also ID), Name, client master or copy of Consolidated Account
“Confirm” when prompted. statement, PAN (self attested scanned copy of PAN card),
5. Upon confirmation, the message “Vote cast successfully” AADHAR (self attested scanned copy of Aadhar Card) to
will be displayed. (Company email id). If you are an Individual shareholders
holding securities in demat mode, you are requested
6. You can also take the printout of the votes cast by you by to refer to the login method explained at step 1 (A) i.e.
clicking on the print option on the confirmation page. Login method for e-Voting and joining virtual meeting
7. Once you confirm your vote on the resolution, you will not for Individual shareholders holding securities in demat
be allowed to modify your vote. mode.

General Guidelines for shareholders 3. Alternatively, shareholder/members may send a request


to evoting@nsdl.co.in for procuring user id and password
1. 
Institutional shareholders (i.e. other than individuals,
for e-voting by providing above mentioned documents.
HUF, NRI etc.) are required to send scanned copy (PDF/
JPG Format) of the relevant Board Resolution/ Authority 4. 
In terms of SEBI circular dated December 9, 2020 on
letter etc. with attested specimen signature of the duly e-Voting facility provided by Listed Companies, Individual
authorised signatory(ies) who are authorised to vote, shareholders holding securities in demat mode are allowed
to the Scrutiniser and to the Company by e-mail to to vote through their demat account maintained with
shahpradipcs@gmail.com and cs.al@acrysil.com with a Depositories and Depository Participants. Shareholders
copy marked to evoting@nsdl.co.in. are required to update their mobile number and email
ID correctly in their demat account in order to access
2. It is strongly recommended not to share your password
e-Voting facility.
with any other person and take utmost care to keep your
password confidential. Login to the e-voting website will INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM
be disabled upon five unsuccessful attempts to key in THROUGH VC/OAVM ARE AS UNDER:
the correct password. In such an event, you will need 1. 
Member will be provided with a facility to attend the
to go through the “Forgot User Details/Password?” or AGM through VC/OAVM through the NSDL e-Voting
“Physical User Reset Password?” option available on system. Members may access by following the steps
www.evoting.nsdl.com to reset the password. mentioned above for Access to NSDL e-Voting system.
After successful login, you can see link of “VC/OAVM

42 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTICE (Contd.)

link” placed under “Join General meeting” menu against 2. Only those Members/ shareholders, who will be present in
Company name. You are requested to click on VC/OAVM the AGM through VC/OAVM facility and have not casted
link placed under Join General Meeting menu. The link for their vote on the Resolutions through remote e-Voting and
VC/OAVM will be available in Shareholder/Member login are otherwise not barred from doing so, shall be eligible to
where the EVEN of Company will be displayed. Please vote through e-Voting system in the AGM.
note that the members who do not have the User ID and
3. Members who have voted through Remote e-Voting will
Password for e-Voting or have forgotten the User ID and
be eligible to attend the AGM. However, they will not be
Password may retrieve the same by following the remote
eligible to vote at the AGM.
e-Voting instructions mentioned in the notice to avoid last
minute rush. 4. The details of the person who may be contacted for any
grievances connected with the facility for e-Voting on the
2. 
Members are encouraged to join the Meeting through
day of the AGM shall be the same person mentioned for
Laptops for better experience.
Remote e-voting.
3. Further Members will be required to allow Camera and
PROCEDURE FOR INSPECTION OF DOCUMENTS:
use Internet with a good speed to avoid any disturbance
during the meeting. The Register of Directors and Key Managerial Personnel and
their shareholding, maintained under Section 170 of the Act,
4. 
Please note that Participants Connecting from Mobile
and the Register of Contracts or Arrangements in which the
Devices or Tablets or through Laptop connecting via
directors are interested, maintained under Section 189 of the
Mobile Hotspot may experience Audio/Video loss due
Act, and the relevant documents referred to in the Notice will be
to Fluctuation in their respective network. It is therefore
available electronically for inspection by the members during
recommended to use Stable Wi-Fi or LAN Connection to
mitigate any kind of aforesaid glitches. the AGM.

5. Shareholders who would like to express their views/have All documents referred to in the Notice will also be available
questions may send their questions in advance mentioning electronically for inspection without any fee by the members
their name, demat account number/folio number, email id, from the date of circulation of this Notice up to the date of
mobile number at cs.al@acrysil.com. The same will be AGM. Members seeking to inspect such documents can send
replied by the Company suitably. an email to cs.al@acrysil.com.

6. For the smooth conduct of the proceedings of the AGM


being conducted through VC/OAVM, Members who would By order of the Board of Directors
like to express their views/ask questions during the AGM For Acrysil Limited
may send their queries in advance and register themselves
as a speaker by sending their request from their registered
e-mail id mentioning their name, DPID and Client ID/ Neha Poddar
Folio Number, PAN, mobile number at cs.al@acrysil.com Company Secretary and Compliance Officer
between 9.00 a.m. (IST) on Thursday, September 22, 2022
to 5.00 p.m. (IST) on Saturday, September 24, 2022. Those Place: Mumbai
Members who have registered themselves as a speaker Date: August 27, 2022
will only be allowed to express their views/ask questions
during the AGM. The Company reserves the right to restrict Registered Office:
the number of speakers depending on the availability of A-702, Kanakia Wall Street,
time at the AGM. Andheri - Kurla Road,
Andheri (East), Mumbai - 400 093.
INSTRUCTIONS FOR SHAREHOLDERS FOR E-VOTING DURING
Tel.: 022 4190 2000
THE AGM ARE AS UNDER:-
CIN: L26914MH1987PLC042283
1. The procedure for e-Voting on the day of the AGM is same Email: cs.al@acrysil.com
as the instructions mentioned above for remote e-voting. Website: www.acrysilcorporateinfo.com

ANNUAL REPORT 2021-22 43


NOTICE (Contd.)

EXPLANATORY STATEMENT PURSUANT TO PROVISIONS OF enhance its global presence and reputation. This change in
SECTION 102 OF THE COMPANIES ACT, 2013 (“THE ACT”): name would make the name of the Company simple, sharp and
focused towards the brand “CARYSIL”. Hence, the Company
The following Statement sets out all material facts relating to
proposes to change the name of the Company from Acrysil
the Special Business mentioned in the Notice:
Limited to “CARYSIL LIMITED”.
Item No. 5:
The Board of Directors (“the Board”) of the Company at its
The Board of Directors of the Company, on the recommendation meeting held on August 27, 2022, has, subject to the approval
of the Audit Committee approved the appointment and of the members of the Company by way of special resolutions
remuneration of M/s. S. K. Rajani & Co., Cost Accountants as and approvals of statutory, regulatory or governmental
Cost Auditor to conduct the audit of the cost records of the authorities as may be required under applicable laws, approved
Company’s manufacturing units at Bhavnagar for the Financial the change in name of the Company from Acrysil Limited to
Year ending March 31, 2023. “Carysil Limited” and the consequent amendments to the
In accordance with the provisions of Section 148 of the Memorandum of Association and the Articles of Association
Companies Act, 2013 read with the Companies (Audit and of the Company.
Auditors) Rules, 2014, the remuneration payable to the Cost Pursuant to the application made by the Company for
Auditor requires to be ratified by the Members of the Company. reservation of name, the Central Registration Centre, Ministry
Accordingly, ratification of the Members is sought as referred of Corporate Affairs, New Delhi vide its approval letter dated
to in the Resolution at Item No.4 of the Notice of the payment August 25, 2022 has confirmed that proposed name i.e.
of the remuneration amounting to ₹1,25,000/- (Rupees One “Carysil Limited” is available for registration, which is valid for
Lakh and twenty five thousand only) for Cost Audit plus taxes sixty days.
as applicable and re-imbursement of out of pocket expenses
The proposed change in name would be subject to the necessary
payable to the Cost Auditor for the Financial Year ending
approvals in terms of sections 4, 5, 13, 14 and 15 of the Act. As
March 31, 2023.
the aforesaid sections require approval of the members of the
None of the Directors or key managerial personnel or their Company by way of passing Special Resolution, your Directors
relatives are concerned or interested, directly or indirectly, recommend the resolutions set out in item Nos. 6 and 7 for
financially or otherwise, in these resolutions except to the your approval.
extent of their respective shareholding, if any, in the Company.
The Company has complied with the requirements of
The Board recommends passing of the Ordinary Resolution regulation 45 of the Listing Regulations and has obtained
as set out in Item No. 5 of this Notice for ratification by the a certificate for the same from a practicing Chartered
Members. Accountant, which is annexed to the Notice of Annual General
Item Nos. 6 and 7: Meeting as Annexure -“B”.

The members must be aware that, while the name of the The proposed change of name will not affect any of the rights
Company is Acrysil Limited (the “Company”), the Company of the Company or of the shareholders/stakeholders of the
is largely known and established with its reputed Brand as Company. All existing share certificates bearing the current
“CARYSIL” for the kitchen sinks and appliances segment. The name of the Company will, after the change of name, continue
management thinks it prudent to replace the word “Acrysil” to be valid for all purposes.
with “CARYSIL” in the name of the Company in order to have Members may please note that there is change only in the name
a brand recall, launch of “CARYSIL” as a global brand and to of the Company, the objects and the line of business activities
clear confusion between Acrysil and Carysil, to capitalise and remains unaltered.

44 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTICE (Contd.)

The Board recommends the Special Resolutions at item Nos. 6


and 7 for approval of the members.

None of the Directors and Key Managerial Personnel (KMP) of


the Company and their respective relatives are concerned or
interested in the above resolution, except to the extent of their
shareholding, if any, in the Company.

All the documents and resolutions passed in this regard are


available for inspection by the members of the Company, at the
Registered Office of the Company on any working day (i.e. any
day other than Saturday, Sunday and public holiday).

By order of the Board of Directors


For Acrysil Limited

Neha Poddar
Company Secretary and Compliance Officer

Place: Mumbai
Date: August 27, 2022

Registered Office:
A-702, Kanakia Wall Street,
Andheri - Kurla Road,
Andheri (East), Mumbai - 400 093.
Tel.: 022 4190 2000
CIN: L26914MH1987PLC042283
Email: cs.al@acrysil.com
Website: www.acrysilcorporateinfo.com

ANNUAL REPORT 2021-22 45


ANNEXURE - A

Particulars /Name Chirag A. Parekh


DIN 00298807
Date of Birth and August 30, 1969
Age 53 years
Date of first Appointment on the Board November 2, 2002
Qualifications B.B.A. European University, Switzerland
Experience (including expertise in specific Experience of more than 2 decades in Administration, Sales, Marketing,
functional areas) Finance & Personnel management.
Terms & Conditions of Re-appointment/ In terms of Section 152(6) of the Companies Act, 2013, Mr. Chirag A. Parekh,
Appointment who was appointed as a Managing Director of the Company at the Annual
General Meeting held on September 22, 2021, is liable to retire by rotation.
Remuneration last drawn (FY 2021-22) ₹ 265.07 Lakhs p.a.
Remuneration proposed to be paid As per existing approved terms of appointment
Shareholding in the Company including 1,00,15,240 equity shares of ₹ 2/- each
shareholding as a beneficial owner as on March
31, 2022
Relationship with other Directors / Key Not related to any Director / Key Managerial Personnel
Managerial Personnel
Number of meetings of the Board attended 7 out of 7 meetings held
during the financial year 2021-22
Directorships of other Boards as on March 31, a) Acrysil Steel Limited;
2022 b) Acrycol Minerals Limited;
c) Sternhagen Bath Private Limited;
d) Carysil Online Limited (Formerly known as Acrysil Appliances Limited);
e) CP Sports Ventures Private Limited;
f) Huuves Design Private Limited
g) Silver Spur Wellness Private Limited
h) Acrysil Ceramictech Limited
Memberships / Chairmanships of Committees of NIL
other Boards as on March 31, 2022
Listed entities from which the Director has NIL
resigned in the past three years

By order of the Board of Directors


For Acrysil Limited

Neha Poddar
Company Secretary and Compliance Officer

Place: Mumbai
Date: August 27, 2022

Registered Office:
A-702, Kanakia Wall Street, Andheri - Kurla Road,
Andheri (East), Mumbai - 400 093. Tel.: 022 4190 2000
CIN: L26914MH1987PLC042283
Email: cs.al@acrysil.com
Website: www.acrysilcorporateinfo.com

46 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

ANNEXURE - B

Certificate pursuant to Regulation 45(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015

To,
The Board of Directors
Acrysil Limited
A-702, 7th Floor, Kanakia Wall Street,
Andheri- Kurla Rd, Andheri East,
Mumbai-400093

1. This certificate is issued in accordance with the terms of our engagement.

2. a) Background


Acrysil Limited (“the Company”), a Company incorporated under the Companies Act, 1956 (CIN:
L26914MH1987PLC042283) incorporated on January 19, 1987, having its registered office at A-702, 7th Floor, Kanakia
Wall Street, Andheri - Kurla Road, Andheri East, Mumbai-400093. The Company is listed on BSE Limited (BSE) and
National Stock Exchange of India Limited (NSE).

b) Transaction

An application was made by the Company to the Ministry of Corporate Affairs seeking availability of name for proposed
change of name of the Company vide SRN F22467989 dated August 22, 2022. The Ministry of Corporate Affairs, Office
of the Registrar of Companies, Central Registration Centre vide their letter dated August 25, 2022 intimated their no
objection in the availability of the changed name CARYSIL LIMITED from the existing name of the Company, ACRYSIL
LIMITED.

c) Purpose of issue of the certificate

The Company is required to submit Chartered Accountant’s certificate certifying the compliance with the conditions
prescribed in sub-regulation (1) of Regulation 45 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 for change of name of the Company from ACRYSIL LIMITED to “CARYSIL
LIMITED”.

Management’s Responsibility

3. The management of the Company is responsible for ensuring the compliances with the applicable notifications, circulars and
other rules and regulations of the applicable statutory and regulatory laws and rules framed thereunder and other relevant
regulatory compliances, and also for the preparation and maintenance of all accounting and other relevant supporting records
and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the
extracting of the required information for this certificate.

Our Responsibility

4. Pursuant to the requirements of the Listing Regulations, our responsibility is to provide a reasonable assurance in the form
of an opinion whether, the Company has complied with the conditions of Regulation 45(1) of the Listing Regulations in the
matter of proposed change of name of the Company.

5. We conducted our examination of compliance of Regulation 45(1) of the Listing Regulations in accordance with the
‘Guidance Note on Reports or Certificates for Special Purposes’ issued by the Institute of Chartered Accountants of India
(“the Guidance Note”). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued
by the Institute of Chartered Accountants of India.

ANNUAL REPORT 2021-22 47


ANNEXURE - B (Contd.)

6. We have also complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.

Opinion

7. Based on our examination and according to the information and explanations provided to us, pursuant to Regulation 45 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby
confirm that:

Sr. Particulars Opinion


No.

1. The time period of one year has elapsed from the The Company has changed its name on November 16, 1998 and
last name change that was occurred in the year thereafter, there is no change in the name of the Company

2. At least fifty percent of the total revenue in the There is no new activity suggested by the new name. The Object
preceding one year period has been accounted for and the line of business activities remains unaltered.
by the new activity suggested by the new name

3. The amount invested in the new activity/project Not applicable- As there is no change in the objects and business
is atleast fifty percent of the assets of the listed activities of the Company in the preceding one year period.
entity

Restriction on Use

8. This certificate is issued at the request of the Company pursuant to the requirement of Regulation 45 (3) of SEBI (Listing
Obligations and Disclosures Requirements) Regulations, 2015 for onward submission to the Stock Exchanges, where the
equity shares of the Company are listed.

For P A R K & COMPANY


Chartered Accountants
FRN: 116825W

ASHISH DAVE
Partner
Bhavnagar Membership No. 170275
August 27, 2022 UDIN: 22170275AQCEVF6900

48 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

DIRECTORS’ REPORT

To,

The Members,

Your Directors are pleased to present the Thirty Fifth Annual Report on business and operations of the Company together with the
Audited Financial Statements for the financial year ended March 31, 2022. This report states compliance as per the requirements
of the Companies’ Act, 2013 (“the Act”), the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”) and other rules and regulations as applicable to the Company.

1. FINANCIAL SUMMARY/PERFORMANCE OF THE COMPANY

The summary of Standalone (Company) and Consolidated (Company and its Subsidiaries) financial performance for the year
under review as compared to the previous financial year are given below:

(` in Lakhs)
Sr. Particulars Standalone Consolidated
No. March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
1 Net Sales/Income from Operations 38,802.57 24,834.13 48,390.14 30,971.66
2 Other Income 1,427.83 728.98 1,006.69 800.55
3 Total Income (1+2) 40,230.40 25,563.11 49,396.83 31,772.21
4 Total Expenditure 33,469.70 21,686.65 40,788.78 26,389.00
5 Operating profit before Finance Cost, 9,307.38 5,673.86 11,339.01 7,379.85
Depreciation, Tax and Minority Interest (3-4)
6 Finance Cost 870.80 639.83 958.64 730.21
7 Depreciation 1,675.88 1,157.57 1772.32 1,266.43
8 Profit before Tax and Minority Interest (5-6-7) 6,760.70 3,876.46 8,608.05 5,383.21
9 Provision for Taxation 1,608.34 1,213.82 2,082.40 1,451.45
10 Net Profit after Tax and before Non-Controlling 5,152.36 2,662.64 6,525.65 3,931.76
Interest (8-9)
11 Non-Controlling Interest - - 49.50 19.54
12 Net Profit after Tax and Non-Controlling 5,152.36 2,662.64 6,476.15 3,912.22
Interest (10-11)
13 Total other Comprehensive Income (Net of 6.78 (18.33) 3.94 (18.00)
Tax)
14 Total Comprehensive Income 5,159.14 2,644.31 6,480.09 3,894.22

Notes:

1. The previous year’s figures have been regrouped/rearranged wherever necessary to make them comparable with current
year.

2. The above figures are extracted from the Audited Standalone and Consolidated Financial Statements as per Indian
Accounting Standards (Ind AS).

3. Figures have been rounded off to nearest decimal.

ANNUAL REPORT 2021-22 49


DIRECTORS’ REPORT (Contd.)

2. PERFORMANCE REVIEW The total dividend for FY 2021-22 amounts to ` 2.40/- per
Equity Share. The Dividend Distribution Policy is placed

THE FINANCIAL HIGHLIGHTS OF THE COMPANY’S
on the website of the Company and can be accessed at
PERFORMANCE (STANDALONE) FOR THE YEAR ENDED
https://www.acrysilcorporateinfo.com/public/upload/
MARCH 31, 2022 ARE AS UNDER:
pdf/6773AL_Dividend%20Distribution%20Policy.pdf.
 The Revenue from operations stood at `­­­­­­­­­­­­­ 38,802.57
4. MATERIAL CHANGES, TRANSACTION AND
Lakhs in FY 2021-22 as compared to ` 24,834.13
COMMITMENT, CHANGE IN THE NATURE OF BUSINESS,
Lakhs in the previous year.
IF ANY FROM THE END OF THE FINANCIAL YEAR TILL
 Profit before tax stood at ` 6,760.70 Lakhs in THE DATE OF THIS REPORT.
FY 2021-22 as compared to ` ­­­­­3,876.46 Lakhs in the
previous year. During the year under review, there are no Material changes
and commitments affecting the financial position of the
 Net profit after tax stood at ` 5,152.36 Lakhs in Company from the end of the financial year till the date
FY 2021-22 as compared to ` ­2,662.64 Lakhs in the of this report. There has been no change in the nature of
previous year. business of the Company.
Earnings per share for the FY 2021-22 stood at
  5. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
` 19.30/- per share as compared to ` 9.97/- per REGULATORS OR COURTS OR TRIBUNALS IMPACTING
share in the previous year. THE GOING CONCERN STATUS AND COMPANY’S

THE FINANCIAL HIGHLIGHTS OF THE COMPANY’S OPERATIONs IN FUTURE
PERFORMANCE (CONSOLIDATED) FOR THE YEAR ENDED  uring the year under review, no significant or material
D
MARCH 31, 2022 ARE AS UNDER:
orders were passed by the Regulators or Courts or
Consolidated Revenue from operations stood at
  Tribunals which would have an impact on the going
` 48,390.14 Lakhs in FY 2021-22 as compared to concern status and Company’s operations in future.
` 30,971.66 Lakhs in the previous year.
6. MANAGEMENT DISCUSSION AND ANALYSIS (MDA)
  rofit before tax stood at ` 8,608.05 Lakhs in
P
Management’s Discussion and Analysis Report for the
FY 2021-22 as compared to ` 5,383.21 Lakhs in the
year, as stipulated under the Securities and Exchange
previous year.
Board of India (Listing Obligations and Disclosure
  et profit after tax stood at ` 6,525.65 Lakhs in
N Requirements) Regulations, 2015 (“Listing Regulations”),
FY 2021-22 as compared to ` 3,931.76 Lakhs in the is presented in a separate section, forming part of the
previous year. Annual Report.
 Earnings per share for the year FY 2021-22 stood at 7. SHARE CAPITAL
` 24.26/- per share as compared to ` 14.66/- per
The paid up Equity Share Capital as on March 31, 2022
share in the previous year.
stands at ` 5,33,89,760 divided into 2,66,94,880 equity
3. DIVIDEND shares of ` 2/- each.
 onsidering the consistent financial performance of your
C The Company has neither issued shares with differential
Company and promising future prospects while retaining rights as to dividend, voting or otherwise nor issued
capital to maintain a healthy Capital Adequacy Ratio and shares to the employees or Directors of the Company,
to support future growth, your Board of Directors have under any Scheme (including sweat equity shares) during
declared an interim dividend of ` 1.20/- per Equity Share the year. As on March 31, 2022, none of the Directors of
and recommend a final dividend of 60% (` 1.20/- per Equity the Company hold instruments convertible into Equity
Share) on Equity Shares of ` 2/- each for the financial year Shares of the Company.
ended March 31, 2022. The declaration and payment of
dividend is subject to the approval of shareholders at the 8. TRANSFER TO RESERVES
ensuing Annual General Meeting of the Company and The Company proposes to transfer sum of ` 1,000 Lakhs
shall be subject to deduction of income tax at source. to the General Reserves.

50 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

DIRECTORS’ REPORT (Contd.)

9. CREDIT RATING Subsidiary Performance Contribution


 n November 19, 2021, ICRA has upgraded the Long term
O during FY 2021-22 to overall
(` in Lakhs) performance of the
Debt rating of the Company. The Company’s financial
Company (%)
discipline and prudence is reflected in the strong credit
Revenue Profit Revenue Profit
ratings ascribed by ICRA Limited as given below:
After Tax After Tax
Instrument Rating Acrysil UK 9790.28 1432.72 19.82 21.95
Long Term Debt ICRA A (Stable) Limited
Short Term Debt ICRA A2+
Acrysil 1069.26 67.40 2.16 1.03
10. SUBSIDIARY COMPANIES GmbH,
Germany
As on March 31, 2022, the Company has six subsidiaries,
Acrysil Steel 4616.84 330.57 9.35 5.07
including two overseas subsidiaries and one step down Limited
overseas subsidiary. There has been change in the name
of Subsidiary Company, Acrysil Appliances Limited to Further, pursuant to Accounting Standard AS21 issued
Carysil Online Limited. There are no associate companies by the Institute of Chartered Accountants of India,
or joint venture companies within the meaning of Section Consolidated Financial Statements presented by the
2(6) of the Act. Financials of subsidiaries are disclosed in Company in this Annual Report include the financial
the consolidated financial statements, which forms part information of its subsidiary.
of this Annual Report. 11. CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to the provisions of Section 136 of the Companies In accordance with the provisions of the Companies
Act, 2013, the financial statements of the Company,
Act, 2013 (hereinafter referred to as the “Act”) read
consolidated financial statements along with relevant
with the Companies (Accounts) Rules, 2014, applicable
documents and separate audited accounts in respect of
Accounting Standards prescribed by the Institute of
subsidiaries, are available on the website of the Company.
Chartered Accountants of India and the provisions of the
The Board has approved a Policy for determining Material SEBI (Listing Obligations and Disclosure Requirements)
Subsidiaries of the Company and the same is available on Regulations, 2015, (hereinafter referred to as the “Listing
the website of the Company i.e. www.acrysilcorporateinfo. Regulations”), the Consolidated Audited Financial
com under ‘Company Policies’ in the ‘Investor Relations’ Statements forms part of the Annual Report.
section.
Pursuant to section 129(3) of the Act read with Rule 8(1)
 he Audit Committee of the Company reviews the financial
T of the Companies (Accounts) Rules, 2014, a statement
statements, in particular, the investments made by the containing the salient features of the financial statements
unlisted subsidiary company. The minutes of the Board of a Company’s subsidiaries is given in Form AOC-1 which
Meetings of the unlisted subsidiary companies were also forms an integral part of the Annual Report. The statement
placed at the Board Meeting of the Company. also provide details of performance and financial position
PERFORMANCE HIGHLIGHTS of each of the subsidiaries.

 he Company has three operating subsidiary companies:


T 12. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Acrysil UK Limited, Acrysil GmbH, Germany and Acrysil DIRECTORS:
Steel Limited. Further, two subsidiary companies are yet
to commence business: Carysil Online Limited (Formerly  he Board of Directors of the Company is led by the
T
known as Acrysil Appliances Limited) and Sternhagen Executive Chairman and Managing Director Mr. Chirag
Bath Private Limited. Ashwin Parekh and comprises of five other Independent
Directors as on March 31, 2022.
The performance highlights of subsidiaries and their
contribution to the overall performance of the Company In accordance with the provisions of Section 152 of
during the financial year ended March 31, 2022 are as the Companies Act, 2013 and Company’s Articles of
under: Association, Mr. Chirag Ashwin Parekh, Chairman and

ANNUAL REPORT 2021-22 51


DIRECTORS’ REPORT (Contd.)

Managing Director of the Company, retires by rotation The Independent Directors also reviewed the quality,
at the ensuing Annual General Meeting and the Board quantity and timeliness of the flow of information between
of Directors on the recommendation of Nomination and the Management and the Board.
Remuneration Committee has recommended his re-
14. COMMITTEES OF THE BOARD
appointment and being eligible has offered himself for re-
appointment. The Board of Directors have the following Committees:

All Independent Directors of the Company have given 1. Audit Committee


declarations to the Company under Section 149(7) of 2. Nomination and Remuneration Committee
the Companies Act, 2013, that they meet the criteria of
independence as laid down under Section 149(6) of the 3. Stakeholders’ Relationship Committee
Act and Regulation 16(1)(b) of the Listing Regulations. 4. Corporate Social Responsibility Committee
The Independent Directors have also confirmed that they
5. Risk Management Committee
have complied with the Company’s Code of Business
Conduct & Ethics. 
The details of the Committees along with their
composition, number of meetings held and attendance at
KEY MANAGERIAL PERSONNEL (KMP):
the meetings are provided in the Corporate Governance
Mr. Chirag Ashwin Parekh, Chairman and Managing Report.
Director, Mr. Anand Sharma, Chief Financial Officer and
15. BOARD EVALUATION
Mrs. Neha Anup Poddar, Company Secretary and
Compliance Officer are the Key Managerial Personnel Pursuant to the provisions of the Act and the Listing
in accordance with the provisions of Section 2(51) Regulations, a structured questionnaire was prepared
and Section 203 of the Companies Act, 2013 read after taking into consideration the various aspects of
with Companies (Appointment and Remuneration of the Board’s functioning, composition of the Board and
Managerial Personnel) Rules, 2014. its Committees, culture, execution and performance of
specific duties, obligations and governance.
13. BOARD MEETINGS

The performance evaluation of the Directors was
During the year, 7 (Seven) Board Meetings were held,
completed during the year under review. The performance
with gap between Meetings not exceeding the period
evaluation of the Chairman and the Non-Independent
prescribed under the Companies Act, 2013. Details of
Directors was carried out by the Independent Non-
Board and committee meetings held during the year are
Executive Directors. The Board of Directors expressed
given in the Corporate Governance Report which forms
their satisfaction with the evaluation process.
part of the Annual Report. Board meeting dates are
finalised in consultation with all directors and agenda 16. I NDEPENDENT DIRECTOR’S FAMILIARISATION
papers backed up by comprehensive notes and detailed PROGRAMME
background information are circulated well in advance

The Company familiarises its Independent Directors
before the date of the meeting thereby enabling the Board
pursuant to the requirements of Regulation 25 of LODR
to take informed decisions. A detailed presentation is also
with their roles, rights, responsibilities in the Company,
made to apprise the Board of important developments
nature of the industry in which the Company operates and
in industry, segments, business operations, marketing,
business model management structure, product portfolio,
products, etc. In accordance with the provisions of
Industry overview, manufacturing operations, internal
Schedule IV of Companies Act, 2013 (“the Act”) and
control system and processes, FOREX management, risk
SEBI (Listing Obligations and Disclosure Requirements)
management framework, functioning of various divisions,
Regulations, 2015 (“SEBI LODR Regulations”), a separate
HR Management, CSR activities etc. The details of such
meeting of the Independent Directors of the Company
familiarisation programmes for Independent Directors
was held on Saturday, March 26, 2022 to review the
are posted on the website of the Company and can be
performance of Non-Independent Directors (including the
accessed at www.acrysilcorporateinfo.com.
Chairperson) and the entire Board.

52 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

DIRECTORS’ REPORT (Contd.)

17. REMUNERATION POLICY OF THE COMPANY b. COST AUDITORS

The Remuneration Policy of the Company for appointment In terms of the provisions of Section 148 of the
and remuneration of the Directors, Key Managerial Act read with the Companies (Cost Records and
Personnel and Senior Executives of the Company along Audit) Amendment Rules, 2014, your Company is
with other related matters have been provided in the required to maintain cost records and accordingly,
Corporate Governance Report and is also posted on such accounts are made and records have been
the website of the Company and can be accessed at maintained for the year FY 2021-22 .
www.acrysilcorporateinfo.com.
The Board of Directors, on the recommendation

As and when need arises to appoint Director, the of the Audit Committee, has appointed M/s. S. K.
Nomination and Remuneration Committee (NRC) of the Rajani & Co., Cost Accountants (FRN: 101113) as the
Company determines the criteria based on the specific Cost Auditors of the Company, for the financial year
requirements. NRC while recommending candidature ending March 31, 2023, at a remuneration as may be
to the Board takes into consideration the qualification, mentioned in the Notice convening the 35th Annual
attributes, experience and Independence of the Candidate. General Meeting for conducting the audit of the cost
Director(s) appointment and remuneration are made as records maintained by the Company.
per Nomination and Remuneration Policy of the Company.
A resolution seeking ratification by the members for
18. PARTICULARS OF LOANS, GUARANTEES AND the remuneration payable to Cost Auditor will form
INVESTMENTS part of the Notice of the 35th Annual General Meeting
of the Company and same will be recommended for
The particulars of loans, guarantees and investments are
your consideration and approval.
as per Section 186 of the Act by the Company and have
been disclosed in the notes to the financial statements. c. SECRETARIAL AUDITORS

19. AUDITORS Pursuant to the provisions of Section 204 of


the Companies Act, 2013 and the Companies
a. STATUTORY AUDITORS
(Appointment and Remuneration of Managerial
M/s. P A R K & Company, Chartered Accountants Personnel) Rules, 2014, the Company had appointed
(Firm Registration Number: 116825W) were M/s. P. P. Shah & Co., a firm of Company Secretaries
appointed as Statutory Auditors of the Company for in Practice to conduct the Secretarial Audit of
a period of 5 (Five) years from the conclusion of 30th the Company for the financial year 2021-22. The
Annual General Meeting held on September 20, 2017 Secretarial Audit Report for the financial year
till the conclusion of the thirty-fifth AGM. The Audit 2021-22 is annexed as “Annexure III” to this Report.
Committee & the Board has proposed to recommend The Secretarial Audit Report does not contain any
to re-appoint M/s. P A R K & Company, Chartered qualification, reservation or adverse remark.
Accountants (Firm Registration Number: 116825W)
The Board has appointed M/s. P. P. Shah & Co.,
as Statutory Auditors of the Company for 2nd term of
Practicing Company Secretaries, as Secretarial
5 (Five) years subject to the approval of shareholders
Auditors of the Company for financial year 2022-23.
in the ensuing Annual General Meeting.
d. INTERNAL AUDITORS
The Auditors have confirmed that they are not
disqualified from continuing as Auditors of the M/s. Pramod Shah & Associates conducted an
Company. Internal Audit of the Company for FY 2021-22.
Significant audit observations and corrective actions
The Notes on financial statement referred to in the
thereon are presented to the Audit Committee of the
Auditors’ Report are self-explanatory and do not call
Board.
for any further comments. The Auditors’ Report does
not contain any qualification, reservation, adverse
remark or disclaimer.

ANNUAL REPORT 2021-22 53


DIRECTORS’ REPORT (Contd.)


AUDITORS’ CERTIFICATE ON CORPORATE or are reasonably likely to materially affect, our IFC. The
GOVERNANCE management has also come to a conclusion that the IFC
and other financial reporting was effective during the year
As required by SEBI (Listing Obligations and
and is adequate considering the business operations of
Disclosure Requirements) Regulations, 2015, the
the Company.
Auditors’ Certificate on Corporate Governance forms
part of Annual Report. The auditors’ certificate The Statutory Auditors of the Company has audited the
for financial year 2021-22 does not contain any IFC with reference to Financial Reporting and their Audit
qualification, reservation or adverse remark. Report is annexed as “Annexure B” to the Independent
Auditors’ Report under Standalone Financial Statements
20. INTERNAL FINANCIAL CONTROL SYSTEM AND
and Consolidated Financial Statements respectively.
COMPLIANCE FRAMEWORK

Internal Controls are continuously evaluated by the
In the opinion of the Board, the Company has an Internal
Internal Auditors and Management. Findings from internal
Financial Control System, commensurate with size, scale
audits are reviewed by the Management and by the Audit
and complexity of its operations. The internal financial
Committee and corrective actions and controls have
controls are adequate and are operating effectively so
been put in place wherever necessary. Scope of work of
as to ensure orderly and efficient conduct of business
Internal Auditors covers review of controls on accounting,
operations.
statutory and other compliances and operational areas in
The Companies Act, 2013 has mandated the Company addition to reviews relating to efficiency and economy in
to have a formal framework of Internal Financial Controls operations.
(IFC) and has also laid down specific responsibilities on
During the year, Internal Financial Controls (IFC) testing
the Board, Audit Committee, Independent Directors and
process was done in order to review adequacy and
Statutory Auditors with regard to IFC.
strength of IFC followed by the Company. As per the
Accordingly, the Company has adopted financial control assessment, there are no major concerns and controls are
system and framework to ensure: strong.
 The orderly and efficient conduct of its business, The Board has also put in place requisite legal compliance
 Safeguarding of its assets, framework to ensure compliance of all the applicable laws
and those systems are adequate and operating effectively.
 The prevention and detection of frauds and errors,
21. AUDIT COMMITTEE
 The accuracy and completeness of the accounting
records, and The Company has an Audit Committee pursuant to the
requirements of the Section 177 of the Act read with
 The timely preparation of reliable financial the rules framed there under and Regulation 18 of the
information. SEBI (Listing Obligations and Disclosure Requirements)

The Board reviews the effectiveness of controls Regulations, 2015. The details relating to the same are
documented as part of IFC framework, and take necessary given in the Report on Corporate Governance forming part
corrective actions wherever weaknesses are identified of this Report.
as a result of such reviews. These have been designed During the Financial year 2021-22, the recommendations
to provide reasonable assurance about recording and and ratifications of Audit Committee were duly approved,
providing reliable financial and operational information, ratified and accepted by the Board of Directors.
complying with applicable statutes, safeguarding assets
from unauthorised use, executing transactions with proper 22. CORPORATE SOCIAL RESPONSIBILITY (CSR)
authorisation and ensuring compliance of Corporate In accordance with the provisions of Section 135 of the
Policies. Companies Act, 2013 and Rules framed there under
Based on this evaluation, no significant events had come your Company has adopted a policy for CSR and the
to notice during the year that have materially affected, Board has constituted a Committee for implementing

54 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

DIRECTORS’ REPORT (Contd.)

the CSR activities. Composition of the Committee and the Company as robust risk mitigation mechanism is put
other details are provided in Corporate Governance in place to ensure that there is nil or minimum impact
Report. In the financial year 2021-22, the Company has on the Company in case any of these risks materialise.
undertaken various CSR activities directly and/or through The Board of Directors has also adopted a formal Risk
implementing agency and the projects undertaken Management policy for the Company, whereby, risks are
by the Company are in accordance with Schedule broadly categorised with the parameters of identification,
VII of the Companies Act, 2013. The report on CSR assessment, monitoring and mitigation of various risks.
activities as required under the Companies (Corporate

Policy on Risk Management is posted on the
Social Responsibility Policy) Rules, 2014 is annexed as
website of the Company and can be accessed at
“Annexure I” to this report.
www.acrysilcorporateinfo.com.
23. THE SEXUAL HARASSMENT OF WOMEN AT
25. VIGIL MECHANISM
WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013 The Board of Directors of the Company has approved
and adopted a Whistle Blower Policy of the Company
The Company has zero tolerance towards sexual
for establishing a vigil mechanism for directors and
harassment at the workplace and has adopted a policy
employees to report genuine concerns regarding fraud
on prevention, prohibition and redressal of sexual
or unethical behaviour as required under the Companies
harassment at workplace in line with the provisions
Act, 2013 and SEBI (Listing Obligations and Disclosure
of the Sexual Harassment of Women at Workplace
Requirements) Regulations, 2015. In appropriate cases
(Prevention, Prohibition and Redressal) Act, 2013 and
any personnel of the Company can have direct access
the Rules made thereunder. The Company has complied
to the audit committee. We affirm that no personnel has
with the provisions relating to the constitution of Internal
been denied access to the Audit Committee. The Whistle
Complaints
Blower Policy is posted on the website of the Company
Committee under the Sexual Harassment of Women at http://www.acrysilcorporateinfo.com/public/upload/
at Workplace (Prevention, Prohibition and Redressal) pdf/9512vigil-mechanism.pdf.
Act, 2013 for reporting and conducting inquiry into the
26. RELATED PARTY TRANSACTIONS AND POLICY ON
complaints made by the victim on the harassment at the
RELATED PARTY TRANSACTIONS
work place. During the year under review, there were no
complaints pertaining to sexual harassment. All the Related Party Transactions entered during the
financial year were at arm’s length basis and in the
24. RISK MANAGEMENT AND POLICY ON RISK
ordinary course of the Company’s business. All such
MANAGEMENT
contracts or arrangements were entered into only with
Your Company recognises that the risk is an integral prior approval of the Audit Committee. Omnibus approval
part of business and is committed to managing the was obtained for the transactions of repetitive nature.
risks in proactive and efficient manner. Your Company The Policy on Materiality of Related Party Transactions
periodically assesses the risks in the internal and and dealing with Related Party Transactions as approved
external environment along with treating the risks and by the Board is uploaded on the Company‘s website at
incorporates risk management plans in its strategy, http://www.acrysilcorporateinfo.com/public/upload/
business and operational plans. Your Company, through pdf/5203related-party-transcation-policy.pdf.
its risk management process strives to contain impact
There are no materially significant related party
and likelihood of the risks within the risk appetite as
transactions made by the Company with Promoters,
agreed from time to time with the Board of Directors.
Directors, Key Managerial Personnel or other designated
Major risks identified for the Company by the management persons which may have a potential conflict with the
are Currency fluctuation, Manufacturing & Supply, interest of the Company at large and thus a disclosure
Information Technology and new capital investments in Form AOC-2 in terms of Section 134 of the Act is not
return. The management is however, of the view that required.
none of the above risks may threaten the existence of

ANNUAL REPORT 2021-22 55


DIRECTORS’ REPORT (Contd.)

None of the Non-Executive Directors has any pecuniary 30. ANNUAL RETURN
relationship or transactions with the Company other than
As required under the provisions of Section 134(3)(a)
sitting fees payable to them.
and Section 92(3) of the Companies Act, 2013 read with
27. PARTICULARS OF EMPLOYEES the Companies (Management and Administration) Rules,
2014, the Company is required to place a copy of Annual
Disclosure with respect to the remuneration of Directors
Return (in Form MGT-7) on the Company’s website, web
and employees as required under Section 197(12) of the
Act read with Rule 5(1) of the Companies (Appointment link of such annual return shall be disclosed in the Board’s
and Remuneration of Managerial Personnel) Rules, 2014 Report. viz. www.acrysilcorporateinfo.com. By virtue of
is annexed as “Annexure II” to this Report. amendment to Section 92(3) of the Companies Act, 2013,
the Company is not required to provide extract of Annual
A statement comprising the names of top 10 employees in Return (Form MGT-9) as part of the Board’s report.
terms of remuneration drawn is not being sent along with
this annual report to the Members of the Company in line 31. SECRETARIAL STANDARDS
with the provisions of Section 136 of the Act. Members During the year FY 2021-22 , the Company has complied
who are interested in obtaining these particulars may with all the applicable Secretarial Standards issued by the
write to the Company Secretary at the Registered Office Institute of Company Secretaries of India.
of the Company. The aforesaid Annexure is also available
for inspection by Members at the Registered Office of 32. DIRECTORS’ RESPONSIBILITY STATEMENT
the Company, 21 days before and up to the date of the 
Pursuant to the provisions of Section 134 of the
ensuing Annual General Meeting during the business Companies Act, 2013, in relation to financial statements
hours on working days. of the Company for the year ended March 31, 2022, the
In terms of Section 197(12) of the Companies Act, 2013 Directors to the best of their knowledge and belief hereby
read with Rule 5(2) of the Companies (Appointment and confirmed:
Remuneration of Managerial personnel) Rules, 2014, the a. that in the preparation of the annual accounts for the
statement showing the name of the employees drawing
financial year ended March 31, 2022, the applicable
remuneration in excess of the limit specified in the Rules
accounting standards and Schedule III of the
are not applicable on the Company as during the period, no
Companies Act, 2013, have been followed and there
employee of the Company was drawing salary in excess
are no material departures from the same;
of the that drawn by the Managing Director or Whole-time
Director. b. that the directors have selected accounting policies
and applied them consistently and made judgments
28. INSURANCE
and estimates that are reasonable and prudent so as
The Company takes a very pragmatic approach towards to give a true and fair view of the state of affairs of
insurance. Adequate cover has been taken for all movable the Company at the end of the financial year ended
and immovable assets against unforeseeable perils like March 31, 2022 and of the profit of the Company for
fire, riot, earthquake, floods, terrorism etc. and other risks that period;
which are considered necessary by the management.
c. that the Directors have taken proper and sufficient
In addition to this coverage, a statutory Public Liability
care for the maintenance of adequate accounting
Insurance Policy has been taken to cover the Company
for providing against the public liability arising out of records in accordance with the provisions of the
industrial accidents for employees working in plants. Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud
29. DEPOSITS and other irregularities;
The Company has not accepted any deposits during the d. that the Directors have prepared the annual accounts
year from the public falling within the ambit of Section on a ‘going concern’ basis;
73 of the Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Rules, 2014. However, your e. that the Directors have laid down internal financial
company has accepted exempted deposits as per the Act. controls to be followed by the Company and that

56 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

DIRECTORS’ REPORT (Contd.)

such internal financial controls are adequate and are 36. CERTIFICATION FROM COMPANY SECRETARY IN
operating effectively; and PRACTICE

f. 
that the Directors have devised proper systems Mr. Pradip Shah, Partner of M/s. P. P. Shah & Co., Practicing
to ensure compliance with the provisions of all Company Secretaries, has issued a certificate as required
applicable laws and that such systems are adequate under the SEBI (LODR) Regulations, 2015, confirming that
and operating effectively. none of the Directors on the Board of your Company have
been debarred or disqualified from being appointed or
33. CONSERVATION OF ENERGY, TECHNOLOGY
continuing as Director of companies by the SEBI / Ministry
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
of Corporate Affairs or any such Statutory Authority. The
OUTGO
certificate forms part of this Report.

The information relating to Conservation of energy,
37. HUMAN RESOURCE
technology absorption, foreign exchange earnings and
outgo as required to be given under Section 134 of the Your Company firmly believes that Human Resource
Act, read with the Companies (Accounts) Rules, 2014 is function is closely integrated with the business and has
annexed as “Annexure IV” to this report. been an important pillar supporting growth aspiration.

34. CORPORATE GOVERNANCE 


The function focuses on Leadership Development,
Succession Planning and Skills & Competency
Your Company is committed to maintain the highest
Development. At Acrysil, the Human Resource function
standards of Corporate Governance, reinforcing the
is a business partner that focuses on improving the way
valuable relationship between the Company and its
of life, work culture, employee engagement, productivity,
Stakeholders.
effectiveness and efficiency. The Company believes
Pursuant to Regulation 34 of the SEBI LODR Regulations, in developing an engaged, efficient and committed
a separate report on Corporate Governance has been employee base that is aware and empowered. Employee
included in this Annual Report along with a certificate Engagement Programs are an integral part of the function
from the Statutory Auditors of the Company regarding and are designed in a manner that keeps motivational
the compliance with the provisions of the Corporate levels high and they range from competitive sports
Governance. to celebration festivals, cultural events to recognition
All Board members and senior management personnel through rewarding for exceptional achievement. Company
have affirmed compliance with the Code of Conduct for also conducts in-house training programs to develop
the year FY 2021-22. A declaration to this effect signed leadership as well as technical/functional capabilities
by the Chairman & Managing Director of the Company is in order to meet future talent requirements. Industrial
contained in this Annual Report. relations were cordial throughout the year.

The Chairman & Managing Director and CFO have certified 38. REPORTING OF FRAUDS
to the Board with regard to the financial statements and There was no instance of fraud during the year under
other matters as required under Regulation 17(8) of review, which is required by the Statutory Auditors to
the SEBI LODR Regulations and the said certificate is report to the Audit Committee and/or Board under Section
contained in this Annual Report. 143(12) of the Act and Rules framed thereunder.
35. CMD AND CFO CERTIFICATION 39. ANNUAL SECRETARIAL COMPLIANCE REPORT
Certificate from Mr. Chirag A. Parekh, Chairman and Mr. Pradip Shah of M/s. P. P. Shah & Co., Practicing
Managing Director and Mr. Anand Sharma, CFO, pursuant Company Secretaries, has issued Annual Secretarial
to the provisions of SEBI (Listing Obligations and Compliance Report pursuant to Regulation 24A of the
Disclosure Requirements) Regulations, 2015, for the year SEBI (LODR) Regulations, 2015 which shall cover a broad
under review was placed before the Board of Directors of check on compliance with applicable SEBI Regulations and
your Company at its meeting held on May 17, 2022. The circulars/guidelines issued thereunder on annual basis.
Certificate forms part of this Report.

ANNUAL REPORT 2021-22 57


DIRECTORS’ REPORT (Contd.)

40. LISTING 42. Employee Stock Option Scheme

The equity shares of your Company continue to be listed Acrysil Limited - Employee Stock Option Plan 2021
at BSE Limited (BSE) and the National Stock Exchange of
The Board of Directors (“the Board”) of the Company
India Limited (NSE).
at its meeting held on March 18, 2021, based on the
Exchange Scrip Code ISIN recommendation of the Nomination & Remuneration
NSE ACRYSIL Committee, approved introduction of Acrysil Limited
INE482D01024
BSE 524091 - Employees Stock Option Plan 2021 (‘ESOP-2021’)
under which the maximum number of equity shares of
The listing fees for fiscal 2022 have been paid for all of
the Company that could be created, offered, issued and
the above stock exchanges where the equity shares of the
allotted should not exceed 3,00,000 (Three Lakhs) options
Company are listed.
exercisable into equivalent number of Equity Shares of
41. OTHER DISCLOSURES: ` 2/- each fully paid up of the Company.
The Directors state that no disclosures or reporting is The synopsis of the Scheme is as under:
required in respect of the following items, as the same
i) Overall limit of 3,00,000 Options;
is either not applicable to the Company or relevant
transactions/events have not taken place during the year ii) The Scheme is extended to Permanent employees
under review: of the Company, whether working in India or outside
India, and/or to the directors of the Company, whether
a. Details relating to deposits accepted by the Company;
whole-time or not and to such other persons as may
b. The Company has not issued any equity shares with be decided by the Board and/or permitted under
differential rights as to dividend, voting or otherwise. SEBI ESOP Regulations (hereinafter referred to as
c. There was no revision in the financial statements. ‘Eligible Employees’), but excluding an Independent
Director(s), an employee who is a promoter or a
d. There has been no change in the nature of business person belonging to the promoter group and the
of the Company as on the date of this Report. director(s) who either himself or through his relative
e. The Managing Director & CEO of the Company did or through any Body Corporate, directly or indirectly,
not receive any remuneration or commission from holds more than 10% of the outstanding equity
any of its subsidiaries. shares of the Company;

f. No significant or material orders were passed by the iii) Permanent employee(s) and Directors of any existing
Regulators or Courts or Tribunals which impact the and future subsidiary company(ies) of the Company
going concern status and Company’s operations in whether in or outside India, as may be permissible
future. under the SEBI ESOP Regulations from time to time;

g. 
There have been no material changes or iv) The Exercise Price shall be ` 60/- per Equity Share
commitments affecting the financial position of the payable at the time of exercise of Options;
Company which have occurred between the end of v) 
The Company sought and received Shareholder’s
the financial year and the date of this Report. approval for the said Scheme through Postal Ballot
h. 
There are no proceedings pending under the on May 03, 2021;
Insolvency and Bankruptcy Code, 2016 as at the end vi) Under the Scheme, 2,25,000 Options were granted to
of financial year March 31, 2022. eligible employees on May 20, 2021 by the Company
The Company has been in compliance with the applicable at an exercise price of ` 60/- per option. None of the
Secretarial Standards issued by the Institute of Company options granted are vested or exercised as on March
Secretaries of India, during the financial year. 31, 2022;

58 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

DIRECTORS’ REPORT (Contd.)

The details as required to be disclosed under Section 62 43. ACKNOWLEDGEMENTS


of the Act read with Rule 12 of Companies (Share Capital
Your Directors would like to express their sincere
and Debentures) Rules, 2014 and SEBI (Share Based
appreciation for the assistance and co-operation received
Employee Benefits) Regulations, 2014 is annexed as
from the financial institutions, banks, Government and
“Annexure V” to this report.
regulatory authorities, stock exchanges, customers,
The ESOP-2021, was approved by the Board of Directors vendors and members during the year under review. Your
and the shareholders vide resolution dated March 18, Directors also wish to place on record their deep sense of
2021 and May 03, 2021 respectively. Subsequently, there appreciation for the committed services by the Company’s
was an amendment in the ESOP-2021 approved by the executives, staff and workers.
Nomination & Remuneration Committee vide resolution
dated May 20, 2021 as under:­
By order of the Board of Directors
In case of Death: All Unvested Options shall vest in him
For ACRYSIL LIMITED
on the day of death and may be exercised by the Option
Grantee’s nominee or legal heir/s within the exercise
Chirag A. Parekh
period as per the Scheme.
(DIN: 00298807)
In case of Permanent Disability: All Unvested Options Chairman and Managing Director
shall vest in him on the day of Permanent Disability and
may be exercised by the Option Grantee or, if the Option Date: May 17, 2022
Grantee is himself/herself unable to exercise due to such Place: Bhavnagar
incapacity, the nominee or legal heir shall exercise within
the exercise period as per the Scheme. Registered Office:
A-702, 7th Floor, Kanakia Wall Street,
Chakala, Andheri Kurla Road, Andheri (East),
Mumbai - 400 093
Tel.: 022-4190 2000
CIN: L26914MH1987PLC042283
E-mail: cs.al@acrysil.com
Website: www.acrysilcorporateinfo.com

ANNUAL REPORT 2021-22 59


Annexure - I

ANNUAL REPORT ON THE CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES


[Pursuant to Section 135 of the Companies Act, 2013
And as per Rule 8 of Companies (Corporate Social Responsibility Policy) Rules, 2014]

1. A brief outline of the Company’s Corporate Social Responsibility (CSR) policy.

In adherence to section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy)
Rules, 2014, the Board of Directors upon the recommendation of CSR Committee, in its Meeting held on April 23, 2014,
approved a CSR Policy of the Company, as amended from time to time.

In accordance with the primary CSR activities under Schedule VII to the Companies Act, 2013, the CSR activities of the
Company cover certain thrust areas such as Health, Promotion of literacy, Assisting in the prevention of diseases by
vaccination, promoting better hygiene and sanitation, improved maternal health, protection of national heritage, art and
culture and to impart training to promote rural sports, nationally recognised sports, Paralympics sports and Olympic sports
including Cycle-Polo and such other sports as may be prescribed under this category etc.

2. Composition of CSR Committee:

The CSR Committee of the Board is responsible for overseeing the execution of the Company’s CSR Policy. The composition
of CSR Committee as on the date of Director’s Report is as follows:

Sl. Name of Director Designation/Nature of Number of meetings Number of meetings


No. Directorship of CSR Committee of CSR Committee
held during the year attended during the year
1. Mr. Chirag A. Parekh Chairman & Managing Director 4 4
2. Mr. Pradeep H. Gohil Independent Director 4 4
3. Dr. Sonal V. Ambani Independent Director 4 4

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed
on the website of the Company: http://www.acrysilcorporateinfo.com/corporate-information.

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report): Not Applicable.

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any.

Sl. Financial Year Amount available for set-off from Amount required to be set-off for the
No. preceding financial years (in `) financial year, if any (in `)
1. 2021-22 3.03 Lakhs 3.03 Lakhs
TOTAL 3.03 Lakhs 3.03 Lakhs

6. Average net profit of the Company as per section 135(5): ` 2,454.84 Lakhs.

7. (a) Two percent of average net profit of the Company as per section 135(5): ` 49.10 Lakhs

(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: ` 3.03 Lakhs

(c) Amount required to be set off for the financial year, if any: ` 3.03 Lakhs

(d) Total CSR obligation for the financial year (7a+7b-7c): ` 49.10 Lakhs

60 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Annexure - I (Contd.)

8. (a) CSR amount spent or unspent for the financial year:

Total Amount Amount Unspent (in `)


Spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under Schedule VII as
Financial Year CSR Account as per Section 135(6) per second proviso to Section 135(5).
(in `)
Amount Date of transfer Name of the Fund Amount Date of transfer
57.43 Lakhs NIL

(b) Details of CSR amount spent against ongoing projects for the financial year: Not Applicable

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name Item from Local Area Location of the Project Amount Amount Amount Mode of Mode of
No. of the the list of (Yes/No) Project Duration allocated spent in transferred to Implementation - Implementation –
Project activities in for the the Current Unspent CSR Direct Through Implementing
Schedule project Financial Account for (Yes/No) Agency
VII to the State District (in `) Year (in `) the project as Name CSR
Act per Section Registration
135(6) number
(in `)
NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL

(c) Details of CSR amount spent against other than ongoing projects for the financial year:

(` in Lakhs)
(1) (2) (3) (4) (5) (6) (7) (8)
Sl. Name of the Project Item from the list Local Location of the Project Amount Mode of Mode of Implementation –
No. of activities in Area spent for Implementation Through Implementing Agency
Schedule VII to (Yes/ the Project - Direct
State District Name CSR Registration
the Act No) (in `) (Yes/No)
number
1. Dakshinamurti Promoting Yes Gujarat Bhavnagar 31.00 No Dakshinamurti CSR00002087
Vidhyarthi Bhavan Education Vidhyarthi Bhavan
2. Donation of Oxygen Health Care Yes Gujarat Bhavnagar 2.80 Yes
Concentrators
3. Donation of Oxygen Health Care Yes Gujarat Bhavnagar 7.80 Yes
Concentrators
4. ICU Ambulance Health Care Yes Gujarat Bhavnagar 12.48 No Ashwanila CSR00004138
Charitable trust
5. Vivekanand Research Promoting Yes Gujarat Bhavnagar 0.10 No
& Training Institute Education
6. Anand Mangal Promoting Yes Gujarat Bhavnagar 0.25 No Ashwanila CSR00004138
Education & Education Charitable trust
Charitable Trust
7. Mavtar Donation for old Yes Gujarat Bhavnagar 3.00 No Ashwanila CSR00004138
age homes Charitable trust
TOTAL 57.43

ANNUAL REPORT 2021-22 61


Annexure - I (Contd.)

(d) Amount Spent in administrative overheads: Nil

(e) Amount spent on Impact Assessment, if applicable: Nil

(f) Total amount spent for the Financial Year (8b + 8c + 8d + 8e) 57.43 Lakhs.

(g) Excess amount for set off, if any

Sl. Particular Amount (in `)


No.
(i) Two percent of average net profit of the Company as per section 135(5) 49.10 Lakhs
(ii) Total amount spent for the Financial Year 57.43 Lakhs
(iii) Excess amount spent for the financial year [(ii)-(i)] 08.33 Lakhs
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any 03.03 Lakhs
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 11.36 Lakhs

9. (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable

Sl. Preceding Amount transferred to Amount Amount transferred to any fund Amount remaining to
No. Financial Unspent CSR Account spent in the specified under Schedule VII as per be spent in succeeding
Year under section 135 (6) reporting section 135(6), if any. financial years. (in `)
(in `) Financial Year Name of Amount Date of
(in `) the Fund (in `) Transfer
1. NIL NIL NIL NIL NIL NIL NIL
2. NIL NIL NIL NIL NIL NIL NIL
3. NIL NIL NIL NIL NIL NIL NIL
TOTAL

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not Applicable

(1) (2) (3) (4) (5) (6) (7) (8) (9)


Sl. Project ID Name of the Financial Year Project Total Amount Amount spent Cumulative Status of
No. Project in which the Duration allocated for on the project amount spent the Project
project was the project in the Reporting at the end of Completed/
commenced (in `) Financial Year reporting financial Ongoing
(in `) year (in `)
1. NIL NIL NIL NIL NIL NIL NIL NIL
2. NIL NIL NIL NIL NIL NIL NIL NIL
3. NIL NIL NIL NIL NIL NIL NIL NIL
Total

62 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Annexure - I (Contd.)

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR
spent in the financial year: Not Applicable

(asset-wise details).

(a) Date of creation or acquisition of the capital asset(s). NIL

(b) Amount of CSR spent for creation or acquisition of capital asset. NIL

(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address
etc. NIL

(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital
asset). NIL

11. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per section 135(5).
Not Applicable

For and on behalf of the CSR Committee of


Acrysil Limited

Chirag A. Parekh
Chairman & Managing Director of the
Date: May 17, 2022 Company and CSR Committee
Place: Bhavnagar (Din: 00298807)

ANNUAL REPORT 2021-22 63


Annexure - II

Details pertaining to remuneration as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

i. The ratio of the remuneration of each Director to the Median Remuneration of the Employees of the Company for the
FY 2021-22; and

ii. The percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary
or Manager, if any, in the FY 2021-22.

Sr. Name of the Director(s)/ KMP and their designation Ratio of remuneration of Percentage increase
No. each director to median in Remuneration
remuneration of employees
1 Mr. Chirag A. Parekh 158.01 68.28*
Chairman & Managing Director
2 Dr. Sonal V. Ambani 1.67 39.22
Independent Director
3 Mr. Jagdish R. Naik 1.36 56.76
Independent Director
4 Mr. Ajit R. Sanghvi 1.57 45.65
Independent Director
5 Mr. Rustam N. Mulla 1.27 38.46
Independent Director
6 Mr. Pradeep H. Gohil 1.57 42.55
Independent Director
7 Mr. Anand Sharma 19.99 15.77
Chief Financial Officer
8 Mrs. Neha A. Poddar 5.55 8.93
Company Secretary

iii. The Median Remuneration of Employees of the Company is ` 2.13 Lakhs for the FY 2021-22. There is a decrease of 2.38% in
the Median Remuneration of Employees during the previous financial year.

iv. The Company has 539 permanent employees on its rolls as on March 31, 2022.

v. The Average percentage increase made in the salaries of employees other than the managerial personnel for the financial
year i.e. 2021-22 was 12.24% whereas the increase in the managerial remuneration for the same financial year was 68.28%.

vi. It is hereby affirmed that the remuneration paid is as per the Nomination and Remuneration Policy of the Company.

The Company has not employed any employee throughout the financial year or part thereof, who was in receipt of remuneration
at the rate which in aggregate is in excess of that drawn by the Managing Director and holds by himself or along with his
spouse and dependent children, not less than two percent of the equity shares of the Company.

Notes:

• Independent Directors are paid only Sitting Fees.

* Includes Commission

64 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Annexure - III

SECRETARIAL AUDIT REPORT

FORM NO. MR-3

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022

[Pursuant to section 204(1) of the Companies Act, 2013 and rule 9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]

To, 5. The following Regulations and Guidelines prescribed


under the Securities and Exchange Board of India Act,
The Members,
1992 (‘SEBI Act’):
Acrysil Limited
a) The Securities and Exchange Board of India
We have conducted the Secretarial Audit of the compliance (Substantial Acquisition of Shares and Takeovers)
of applicable statutory provisions and the adherence to good Regulations, 2011;
corporate practices by Acrysil Limited (hereinafter called ‘the
b) The Securities and Exchange Board of India
Company’). Secretarial Audit was conducted in a manner that
(Prohibition of Insider Trading) Regulations, 2015;
provided to us a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing our opinion c) The Securities and Exchange Board of India (Issue of
thereon. Capital and Disclosure Requirements) Regulations,
2018;
Based on our verification of books, papers, minute books, forms
and returns filed and other records maintained by the Company d) The Securities and Exchange Board of India (Share
and also the information provided by the Company, its officers, Based Employee Benefits and Sweat Equity)
agents and authorised representatives during the conduct Regulations, 2021;
of secretarial audit, we hereby report that in our opinion, the
e) The Securities and Exchange Board of India (Issue
Company has, during the audit period covering the financial
and Listing of Debt Securities) Regulations, 2008 (Not
year ended on March 31, 2022 complied with the statutory
applicable to the Company during the Audit Period);
provisions listed hereunder and also that the Company has
proper Board-processes and compliance-mechanism in place f) The Securities and Exchange Board of India
to the extent, in the manner and subject to the reporting made (Registrars to an Issue and Share Transfer Agents)
hereinafter: Regulations, 1993 regarding the Companies Act,
2013 and dealing with client;
We have examined the books, papers, minute books, forms and
returns filed and other records maintained by the Company for g) The Securities and Exchange Board of India (Delisting
the financial year ended on March 31, 2022, according to the of Equity Shares) Regulations, 2021 (Not applicable
provisions of: to the Company during the Audit Period);

1. The Companies Act, 2013 (‘the Act’) and the rules made h) The Securities and Exchange Board of India (Buyback
thereunder; of Securities) Regulations, 2018 (Not applicable to
the Company during the Audit Period);
2. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
and the rules made thereunder; i) The Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements)
3. The Depositories Act, 1996 and the Regulations and Bye-
Regulations, 2015.
laws framed thereunder;
6. There are no other laws specifically applicable to the
4. Foreign Exchange Management Act, 1999 and the rules
industry to which the Company belongs as identified by
and regulations made thereunder to the extent of Foreign
the management.
Direct Investment, Overseas Direct Investment and
External Commercial Borrowings;  e have also examined compliance with the applicable clauses
W
of the following:

ANNUAL REPORT 2021-22 65


Annexure - III (Contd.)

1) Secretarial Standards issued by The Institute of Company We further report that during the audit period, there were no
Secretaries of India i.e. Secretarial Standards – 1 for instances of:
Board Meetings and Secretarial Standards – 2 for General
1. Public/Right/Debentures/Sweat equity Issue etc.,
Meetings.
2. Redemption/buy back of securities.,
2) The Securities Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015. 3. Major decisions taken by the members in pursuance to
Section 180 of the Companies Act, 2013,
During the period under review the Company has complied
with the provisions of the Act, Rules, Regulations, Guidelines, 4. Merger/amalgamation/reconstruction etc.,
Standards, etc. mentioned above. 5. Foreign technical collaborations.
We further report that We further report that on May 03, 2021, the members of the
The Board of Directors of the Company is duly constituted Company has passed resolutions for issue of Employee Stock
with proper balance of Executive Directors and Non-Executive Options under “Acrysil Limited-Employee Stock Option Plan
Directors/ndependent Directors. 2021” to employees and Directors (excluding Independent
Directors) of the Company and its subsidiary. The Company has
Adequate notice is given to all directors to schedule the
completed other formalities in relation to issue of Employee
Board Meetings, agenda and detailed notes on agenda were
Stock Options.
sent at least seven days in advance, and a system exists for
seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful For P. P. Shah & Co.,
participation at the meeting. Company Secretaries
Majority decisions are carried through while the dissenting Unique ICSI ID No.: P2009MH018300
members’ views are captured and recorded as part of the
minutes. Pradip Shah
We further report that there are adequate systems and Partner
processes in the Company commensurate with the size and FCS No: 1483, COP No: 436
operations of the Company to monitor and ensure compliance Date: May 17, 2022 UDIN: F001483C000347664
with applicable laws, rules, regulations and guidelines. Place: Mumbai Peer Review: 666/2020

66 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Annexure - III (Contd.)

ANNEXURE TO SECRETARIAL AUDIT REPORT

To, 5. The compliance of the provisions of Corporate and


other applicable laws, rules, regulations, standards is
The Members,
the responsibility of management. Our examination was
Acrysil Limited limited to the verification of procedures on test basis.
Sub: Our report of even date is to be read along with this letter. 6. The Secretarial Audit report is neither an assurance as to
1. Maintenance of secretarial record is the responsibility of the future viability of the Company nor of the efficacy or
the management of the Company. Our responsibility is to effectiveness with which the management has conducted
express an opinion on these secretarial records based on the affairs of the Company.
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.
For P. P. Shah & Co.,
The verification was done on test basis to ensure that
Company Secretaries
correct facts are reflected in secretarial records. We
Unique ICSI ID No.: P2009MH018300
believe that the processes and practices, we followed
provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness


Pradip Shah
of financial records and Books of Accounts of the
Partner
Company.
FCS No: 1483, COP No: 436
4. Wherever required, we have obtained the Management Date: May 17, 2022 UDIN: F001483C000347664
representation about the compliance of laws, rules and Place: Mumbai Peer Review: 666/2020
regulations and happening of events etc.

ANNUAL REPORT 2021-22 67


Annexure - IV

Conservation of Energy, Technology Absorption, e) Developing of a new type of sinks called 90 Degree
Foreign Exchange earnings and outgo Apron Sinks.

A. Conservation of Energy f) 
Development of a new and innovative and an
unconventional raw material initiated at R&D
The Company is making continuous efforts on ongoing
sometimes back has been completed successfully
basis for energy conservation by adopting innovative
with promising result.
measures to reduce wastage and optimise consumption
by adopting new technologies and optimising the existing g) 
Design and development of special products as
process. per evolving technical standards in the industry as
well as specific to the requirement of certain export
The Company always focuses on the area of potential
market.
energy saving. Close monitoring of power and fuel
consumption is done to minimise the wastages. h) 
Fine tuning of design parameters based on in-
depth discussions and evaluation of customers
B. 
Technology absorption and research &
feedback on product quality for enhanced variety of
development
applications.
 Research and Development
i) 
Continue to adopt innovation and emerging
Innovation has been the key to successful businesses technologies as future growth drivers and
since eternity; the Company always strives towards improvement of existing products.
improvisation, to bring out the best in the Company
j) Explore the possibilities to bring automation in
with a view to provide optimum satisfaction to the
process for improving the productivity and reducing
Customer. The Company continued to pursue its R&D
the cost.
efforts in the areas of product quality improvement,
higher productivity and incorporating smart 2. Benefits derived as a result of the above efforts:
formulations to attain global benchmarks.
a) Enhanced flexibility and agile manufacturing keeping
1. Specific areas in which R&D is carried out by the Company abreast of the changing of the above R&D needs
of customers, launching of new products including
The Company has been progressively working towards
line extensions of existing products which were
manufacturing of better products, innovative techniques,
developed by using in-house R&D capabilities,
designs so as to serve the customers with the best of
marked improvement in productivity and overall
products, improved packaging, cost reduction through
operating efficiencies besides consistency/stability
the use of new and improved raw materials, changes
in products.
incorporated in their quality specifications, with a view to
successfully sustain the Market Competition. b) Leveraging the core technological expertise that
the Company has acquired over the years in order
Some innovative R&D activities carried out and fully/
to stimulate demand by developing and offering
partly commenced commercial production during the year
innovative quality new products.
under report are:
c) 
Alignment of products meeting enhanced
a) Introduction of new model for domestic market as
applications by modifying technical specifications
well as export market.
and manufacturing processes.
b) Developed cost effective and plastic free packaging
d) Improvement in quality, productivity, cost
for some particular model of sinks for global market.
effectiveness & packaging.
c) Continuous innovation in product design and quality.
e) Precise machining and better quality of products.
d) 
Innovate and improve process capability, attain
f) Certification is ISO 9001: 2015, ISO 14001: 2015,
global benchmarks carried out by the Company,
ISO 45001: 2018 for Quality, Environment, Health and
consistent focus on the operational excellence.

68 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Annexure - IV (Contd.)

Safety standards - Code of Conduct Certification by iii) Collaboration with technological institutes and
TUV. technical experts to incorporating innovative
ideas in to product and process.
 Awarded with Two Star Export House
iv) Constant monitoring of process and technology
 Awarded by F G I for best exports performance
up gradation taking place in advance countries
and promotion
and to offer similar products through in-
g) National Industrial Excellence Award 2017 awarded house R&D as well as through progressive
by National Chamber of Commerce and Industries of manufacturing activities.
India.
v) 
The Company absorbs and adapts the
3. Future Plan of Action technologies on a continuous basis to meet its
a) To update technology, innovation and renovation of specific product needs from time to time.
products and design capabilities and quality as per vi) Development of process of improving its quality
advancement and competitiveness observed from control methods & testing facilities.
the Global market.
vii) Analysing feedback from end users to improve
b) 
To introduce new designs of kitchen sinks, wash quality of products.
basins, 3D Tiles and varieties, Commercial Kitchens
viii) 
Constant efforts are made to improve and
etc. of products with latest technology.
upgrade the new technology for higher
c) With Robust focus on R&D and continuation of the productivity, to achieve better quality & reduce
on going efforts to be globally competitive and excel cost.
in the core business activities, Acrysil is all set to
ix) Regular interaction with equipment designers
witness some Robust growth in near future.
and manufacturers and major raw material
4. Expenditure on R&D for the FY 2021-2022 suppliers for improvements to processing and
(` in Lakhs) operating parameters.

a. Capital -- x) Technology support to all overseas subsidiaries


b. Recurring 36.53 to improve efficiency and enable business
growth.
c. Total R&D Expenditure (a+b) 36.53
d. R&D and innovation expenditure as a 0.09% b) Benefits derived as a result of above efforts.
percentage of total turnover i) Central to maintaining competitiveness is the
 Technology absorption, adoption and innovation ability of producers to respond quickly and
effectively to the changing demands of the
a) Efforts in brief made towards technology absorption,
international market.
adoption and innovation:
ii) 
Development of value-added products,
i) Upgradation of existing product and processes
improvement quality and cost optimisation
to save cycle time, energy consumption and
efforts surely translate into a competitive edge
overall operational efficiency.
in the market place overall impacting brand of
ii) Improve the quality of the product and upgrade the Company.
the Manufacturing Process of all the products
iii) 
Integration of human & technical resources
of the Company.
to enhance workforce performance and
satisfaction.

ANNUAL REPORT 2021-22 69


Annexure - IV (Contd.)

iv) Enhancing quality focus and customer 2. Foreign Exchange Earnings and Outgo:
orientation.
(` in Crores)
v) 
Initiatives on lean practices by implementing Foreign Exchange 2021-22 2020-21
Goal Setting and training to workmen. Earnings & Outgo
vi) Re-engineering core processes to dramatically a. Foreign Exchange Earned 265.83 173.34
improve efficiency and drive business value. b. Foreign Exchange Used 83.67 52.69
vii) Upgrading manufacturing technology levels.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO For and on behalf of the Board of Director
1. Information on activities relating to exports,
initiatives taken to increase exports, etc. are covered Chirag A. Parekh
in the Management Discussion and Analysis in this Chairman & Managing Director
annual report. DIN: 00298807

Bhavnagar, May 17, 2022

70 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Annexure - V

Disclosure under Section 62 of the Companies Act, 2013 read with Rule 12 of Companies (Share Capital and
Debentures) Rules, 2014 and Rule 14 of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations,
2021 (SEBI Regulations) forming part of the Directors’ Report for the year ended March 31, 2022

A. Details related to Employees’ Stock Option Scheme

i. Description including terms and conditions of ESOP-2021 are summarised as under:

Particulars ESOP-2021

a. Date of shareholders’ approval May 03, 2021

b. Total number of options approved under ESOS 3,00,000

c. Vesting requirements Vesting period shall be not


earlier than one year and not
later than three years from the
date of grant

d. Exercise price or pricing formula Exercise price shall be ` 60/-


per Equity Share.

e. Maximum term of option granted Three years

f. Source of shares Primary

g. Variation in terms of options Nil

h. Method used to account for ESOS Fair Value

i. Where your Company opts for expensing of the options using the intrinsic value Not Applicable
of the options, the difference between the employee compensation cost so
computed and the employee compensation cost that shall have been recognised
and if it had used the fair value of the options shall be disclosed. The impact of
this difference on profits and on EPS of your Company shall also be disclosed

ii. Option movement during the year 2021-22

Particulars ESOP-2021

Number of options outstanding as on April 1, 2021 Nil

Number of options granted during year 2,25,000

Number of options forfeited / lapsed during the year 27,000

Number of options vested during the year Nil

Number of options exercised during the year Nil

Number of shares arising as a result of exercise of options Nil

Options outstanding as on March 31, 2022 1,98,000

Options exercisable as on March 31, 2022 Nil

Variation of terms of options Nil

ANNUAL REPORT 2021-22 71


Annexure - V (Contd.)

B. Employee-wise details of options granted during the year:

a) Senior managerial personnel as defined under Regulation 16(d) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015;

Sr. Class of Employees Designation No. of Options Total Exercise


No. Options granted Price (in `)

1 Mr. Anand Sharma Chief Financial Officer 27,000 60

2 Mr. Manish Thakkar Senior General Manager - Operations 27,000 60

3 A Mr. Amitabh Upadhyay* Vice President – Sales & Marketing 27,000 60

4 Mr. Marcus Smyth Managing Director - Acrysil UK 27,000 60

5 Mr. Mitesh Chauhan VP International Sales 27000 1,35,000 60

6 Mr. Sandeep Vadodariya Assistant General Manager - Materials 16,875 60

7 Mr. Dhruv Andharia Deputy General Manager - Production 16,875 60

8 B Mr. Satilal Patkari Deputy General Manager - Production 16,875 60


(Acrysil Steel Limited)

9 Mr. Yelagalavadi General Manager – Sales (South India) 16,875 67,500 60


Raghvendrakiran

10 Mr. Dilip J. Rajgore Senior Manager - Production 7,500 60

11 C Mr. Chetan Shah Deputy General Manager 7,500 60

12 Mrs. Neha Poddar Company Secretary 7,500 22,500 60

Total 2,25,000

* Resigned w.e.f. close of business hours on December 10, 2021 and all options were lapsed.

b) any other employee who receives a grant in any one year of option amounting to 5% or more of option granted during that
year: Nil

c) identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued capital (excluding
outstanding warrants and conversions) of the company at the time of grant: Nil

72 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Annexure - V (Contd.)

A description of the method and significant assumptions used during the year to estimate the fair value of options including the
following information:

(a) the fair values of share price, exercise price, expected volatility, expected option life, expected dividends, the risk-free
interest rate and any other inputs to the model;

No. Particulars ESOP-1 ESOP-2 ESOP-3

Fair Value of Stock Options granted:

Fair Value of stock options was calculated using the Black Scholes Model.
The key assumptions used for calculating the option fair value are as below:

1 Risk free rate (%) 5.97 5.97 5.97

2 Expected life (years) 0.13 1.13 2.13

3 Expected volatility (%) 46.02 43.69 41.23

4 Dividend Yield (%) 0.34 0.34 0.34

5 Market price at the time of grant of option (`) 354.86 354.86 354.86

(b) the method used and the assumptions used to estimate the fair value of options granted during the year;

The fair market value has been calculated on the basis of the ‘Black Scholes model’.

(c) how expected volatility was determined, including an explanation of the extent to which expected volatility was based on
historical volatility;

The historical volatility of the stock till the date of grant has been considered to calculate the fair value of the options.

(d) whether and how any other features of the options granted were incorporated into the measurement of fair value, such as
a market condition.

The fair value is calculated using Black Scholes Option pricing model.

ANNUAL REPORT 2021-22 73


CORPORATE GOVERNANCE REPORT

The Board of Directors present the Company’s Report iii) 


The Company also undergoes Secretarial Audit
on Corporate Governance pursuant to Securities and conducted by an Independent Company Secretary
Exchange Board of India (Listing Obligations and Disclosure who is in whole-time practice. The annual secretarial
Requirements) Regulations, 2015 (‘Listing Regulations’) as audit report placed before the Board is included in
amended for the year ended March 31, 2022. the Annual Report.

1. COMPANY’S PHILOSOPHY ON THE CODE OF 2. BOARD OF DIRECTORS


CORPORATE GOVERNANCE
The Board of Directors, along with its Committees,

Effective Corporate Governance practices constitute provides leadership and guidance to the management and
the strong foundation on which successful commercial directs and supervises the performance of the Company,
enterprises are built to last. Corporate Governance is thereby enhancing stakeholder value. The Board has a
the creation and enhancing long-term sustainable value fiduciary relationship in ensuring that the rights of all
for the stakeholders through ethically driven business stakeholders are protected.
process. Acrysil strives to adopt the highest standards of
An active, well informed and independent Board is
excellence in Corporate Governance and is compliant with
necessary to ensure high level of corporate governance.
the Corporate Governance provisions as stipulated under
SEBI (Listing Obligations and Disclosure Requirements) i) COMPOSITION OF THE BOARD
Regulations, 2015 in both letter and spirit. The Board of Directors of the Company have an

The philosophy on Corporate Governance enshrines optimum combination of Executive, Non-Executive
the goal of achieving the highest levels of transparency, and Independent Directors with one woman
accountability and equity in all spheres of its operations Independent director and more than fifty per cent of
and in all its dealings with the shareholders, employees, the Board of Directors comprised of Non-Executive
the government and other parties. Acrysil understands Directors. The Board comprises of six Directors
and respects its fiduciary role and responsibility to as on March 31, 2022 of which one is Managing
shareholders. Setting the tone at the top, your Directors Director and five are Independent Non-Executive
cumulatively at the Board level, advocate good Directors (83.33% of the Board strength), with
governance standards at Acrysil. Parameters of statutory diverse experience in different areas. The Company
compliances evidencing the standards expected from does not have any Nominee Director appointed by
a listed entity have been duly observed and a Report on Financial Institutions. None of the Directors are
Corporate Governance as well as the Certificate from related to any other Director on the Board in term
Auditors confirming compliance with the requirements of definition of ‘relative’ as per the Companies Act,
of SEBI (Listing Obligations & Disclosure Requirements) 2013. The composition of the Board is in conformity
Regulations, 2015 forms part of the Annual Report. with Regulation 17 of the SEBI Listing Regulations
read with Section 149 of the Act.
BEST CORPORATE GOVERNANCE POLICIES
All Independent Directors of the Company have
ACRYSIL LIMITED maintains the highest standards of
furnished declarations that they qualify the conditions
Corporate Governance. It is the Company’s constant
of being independent as per Section 149(6) of the
endeavour to adopt the best corporate governance
Companies Act, 2013 and Regulation 16(1)(b) of the
practices. Some of the best implemented global
Listing Regulations. These were placed before the
governance norms include the following:
Board.
i) All securities related filings with Stock Exchanges and
All the Directors have made necessary disclosures in
SEBI are reviewed every quarter by the Company’s
respect of their directorship in other companies and
Board of Directors.
membership/chairmanship in committees of other
ii) 
The Company’s Internal Audit is conducted by companies has been obtained by the Company.
Independent Auditors.
The following table provides the attendance record
at the Board Meeting and Annual General Meeting of

74 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

the Company during the financial year 2021-22 and directorships, memberships and chairmanships in other public
limited companies at the end of the financial year 2021-22 as per Regulation 26 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015:

The Composition of Board and category of Directors are as follows: -

Name of the Director Category Expertise No. of Attendance No. of No. of Committees & List of
in specific Board at the last directorships positions held in other Directorship
Functional Area Meetings AGM in other public companies held in
attended public Membership Chairmanship other listed
during the companies # companies and
FY category of
2021-22 directorship
Mr. Chirag A. Parekh Promoter- Business 7 Yes 3 NIL NIL NIL
(DIN No: 00298807) Executive Administration,
Chairman & Sales &
Managing Marketing
Director
Dr. Sonal V. Ambani Independent Business 7 Yes 4 7 0 3 Independent
(DIN No: 02404841) Non-Executive Management Non-Executive
Director & Marketing & Director
Finance
Mr. Jagdish R. Naik Independent Finance 7 Yes 1 NIL NIL NIL
(DIN No: 00030172) Non-Executive
Director
Mr. Ajit R. Sanghvi Independent Finance 7 No NIL NIL NIL NIL
(DIN No: 00340809) Non-Executive
Director
Mr. Pradeep H. Gohil Independent Chemical 7 Yes 2 NIL NIL NIL
(DIN No: 03022804) Non-Executive Engineering
Director
Mr. Rustam N. Mulla Independent Legal 6 Yes NIL NIL NIL NIL
(DIN No: 00328070) Non-Executive
Director

#excludes directorship in private companies, foreign companies and Section 8 companies

There is no inter-se relationship amongst any of the Directors of the Company during the year under review.

Skills/Expertise/Competencies of the Board of Directors

Pursuant to the Listing Regulations, the Company has set out below the table setting out the skills/expertise/
competence of the Board of Directors of the Company.

Sr. Name of Directors Skill Set


No.
1 Mr. Chirag A. Parekh Business Administration, Sales, Marketing, knowledge about peer companies,
Entrepreneurship, Environment/Sustainability/Corporate Responsibility, Strategy &
Business Development, Quality Assurance, Stakeholder Communication/Investor Relations.
2 Dr. Sonal V. Ambani Business Management & Marketing & Finance, Environment/Sustainability/Corporate
Responsibility.
3 Mr. Jagdish R. Naik Finance, Accounting & Taxation, knowledge about peer companies, Statutory/Regulatory
Compliance, Risk Management & Mitigation.
4 Mr. Ajit R. Sanghvi Finance, Accounting & Taxation, knowledge about peer companies, Statutory/Regulatory
Compliance, Risk Management & Mitigation.

ANNUAL REPORT 2021-22 75


CORPORATE GOVERNANCE REPORT (Contd.)

Sr. Name of Directors Skill Set


No.
5 Mr. Pradeep H. Gohil Knowledge about peer companies, Environment/Sustainability/Corporate Responsibility,
Human Resources/Industrial Relations, Risk Management & Mitigation.
6 Mr. Rustam N. Mulla Statutory/Regulatory Compliance, Legal, Human Resources/Industrial Relations, Risk
Management & Mitigation.

Confirmation as regards skills/competence/ Further, the Board also periodically reviews the
expertise of the Board of Directors: compliance reports of applicable laws to the
Company as well as steps taken to rectify instances

The Board believes that the above-mentioned
of non-compliances, if any.
skills/competencies/expertise are required for
the business of the Company and Directors of iii) FAMILIARIZATION PROGRAMME
the Company possess this skills/competencies/
The Company familiarises its Independent Directors
expertise, which helps the Company to function
pursuant to the requirements of Regulation 25 of
effectively.
Listing Regulations with the Company, their roles,
ii) MEETINGS OF THE BOARD OF DIRECTORS rights, responsibilities in the Company, nature of the
industry in which the Company operates, business
During the financial year 2021-22, 7 (Seven) meetings
model of the Company, product portfolio, Industry
of its Board of Directors were held during the year on
overview, manufacturing operations, internal control
the following dates. The maximum time gap between
system and processes, FOREX management, risk
any two consecutive meetings was less than 120 days.
management framework, functioning of various
May 20, August 05, September November divisions, HR Management, CSR activities etc.
2021 2021 22, 2021 11, 2021 The details of such familiarisation programmes
January 27, February March 26, for Independent Directors are posted on the
2022 02, 2022 2022 website of the Company and can be accessed at
The necessary quorum was present for all the http://www.acrysilcorporateinfo.com/public/
meetings. upload/pdf/9390FamiliarisationProgrammefor
Independentdirectors.pdf
During the FY 2021-22, information as mentioned
in Part A of Schedule II of the SEBI Listing iv) 
NO. OF SHARES HELD BY NON-EXECUTIVE
Regulations, has been placed before the Board for its DIRECTORS AS ON MARCH 31, 2022
consideration. Statement showing number of equity shares of the
Proper notices and detailed agenda papers for the Company held by the Non-Executive Directors as on
Board/Committee meetings along with all material March 31, 2022.
information are sent well in advance to enable Sr. Name of Director No. of Shares held
Directors to study deliberate, suggest and guide the No.
Company in its decisions.
1 Mr. Jagdish R. Naik 16,020

The Board at its meetings reviews various 2 Mr. Ajit R. Sanghvi NIL
management aspects such as performance of 3 Dr. Sonal V. Ambani NIL
the Company, business plans, annual budgets,
4 Mr. Pradeep H. Gohil NIL
capex plans, appointment/remuneration of senior
5 Mr. Rustam Mulla NIL
management, general economic conditions,
functioning of foreign subsidiaries, foreign exchange 3. COMMITTEES OF THE BOARD
exposures, details of investor grievances and major
The Board of Directors of the Company has Audit
legal issues.
Committee, Stakeholders’ Relationship Committee,

76 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

Nomination & Remuneration Committee, Corporate Social iii. reviewing and examining with management the
Responsibility (CSR) Committee and Risk Management annual financial statements before submission
Committee. The composition of committees is in to the Board and the auditors’ report thereon
accordance with the Companies Act, 2013 and Listing before submission to the board for approval
Regulations. The terms of reference of these Committees with particular reference to:
are determined by the Board and their relevance is reviewed
(a) matters required to be included in the
from time to time. Meetings of each of these Committees
director’s responsibility statement to be
are convened by the respective Chairman or any member
included in the board’s report in terms of
of the Committee, who also informs the Board about the
clause (c) of sub-section (3) of Section 134
summary of discussions held in the Committee Meetings.
of the Companies Act, 2013;
The Minutes of the Committee Meetings are sent to all
Directors individually and tabled at the Board Meetings. (b) changes, if any, in accounting policies and
During the year, all recommendations of the Committees practices and reasons for the same;
of the Board which were mandatorily required have been (c) 
major accounting entries involving
accepted by the Board. estimates based on the exercise of
The Board Committees are setup under the formal judgment by management;
approval of the Board to carry out clearly defined roles (d) significant adjustments made in the
which are considered to be performed by the members of financial statements arising out of audit
the respective Board Committees. findings;
The details of the Committees are set out below. (e) 
compliance with listing and other
i) AUDIT COMMITTEE legal requirements relating to financial
statements;
The Company has constituted a well-qualified and
Independent Audit Committee as required under (f) disclosure of any related party transactions;
Section 177 of the Companies Act, 2013 as also in (g) modified opinion(s) in the draft audit
fulfilment of the requirements of Regulation 18 of report;
the Listing Regulations. The primary objective of the
iv. 
scrutiny of inter-corporate loans and
Audit Committee is to monitor and provide effective
investments made by the Company;
supervision of the management’s financial reporting
process with a view to ensure accurate, timely and v. reviewing, with the management, the statement
proper disclosures and transparency, integrity and of uses/application of funds raised through
quality of financial reporting. an issue (public issue, right issue, preferential
issue, etc.), the statement of funds utilised
a) TERMS OF REFERENCE OF THE AUDIT COMMITTEE
for purposes other than those stated in the
ARE AS UNDER:
offer document/prospectus/notice and the
The Audit Committee of the Company is entrusted report submitted by the monitoring agency
with the responsibility to supervise the Company’s monitoring the utilisation of proceeds of a
internal controls and financial reporting process and, public or right issue and making appropriate
inter alia, performs the following functions: recommendations to the Board to take up steps
in this matter;
i. overseeing the Company’s financial reporting
process and disclosure of financial information vi. reviewing, approving or subsequently modifying
to ensure that the financial statements are any Related Party Transactions in accordance
correct, sufficient and credible; with the Related Party Transaction Policy of the
Company;
ii. reviewing and examining with management the
quarterly financial results before submission to vii. approving the appointment of Chief Financial
the Board; Officer after assessing the qualifications,

ANNUAL REPORT 2021-22 77


CORPORATE GOVERNANCE REPORT (Contd.)

experience and background, etc. of the any significant finding and reviewing the
candidate; progress of corrective actions on such issues;

viii. recommending the appointment, remuneration xvi. evaluating internal financial controls and risk
and terms of appointment of Statutory Auditors management systems;
of the Company and approval for payment of
xvii. to look into the reasons for substantial defaults
any other services;
in the payment to the depositors, debenture
ix. reviewing and monitoring the auditor’s holders, shareholders (in case of non-payment
independence and performance, and of declared dividends) and creditors;
effectiveness of audit process;
xviii. valuating ‘undertaking or assets’ of the
x. reviewing management letters/letters of Company, wherever it is necessary;
internal control weaknesses issued by the
xix. reviewing the functioning of the Whistle Blower
Statutory Auditors;
mechanism;
xi. reviewing the adequacy of internal audit
xx. Carrying out any other function as is mentioned
function, if any, including the structure of
in the terms of reference of the audit committee;
internal audit department, staffing and seniority
of the official heading the department, reporting xxi. Reviewing the utilisation of loans and/or
structure coverage and frequency of internal advances from/investment by the holding
audit; company in the subsidiary;

xii. discussing with Statutory Auditors, before the xxii. Review of Management discussion and analysis
commencement of audit, on the nature and of financial condition and results of operations;
scope of audit as well as having post-audit and
discussion to ascertain area of concern, if any; xxiii. Statement of deviations:
xiii. reviewing with management, Statutory Auditors a. 
Quarterly statement of deviations(s)
and Internal Auditors, the adequacy of internal including report of monitoring agency, if
control systems; applicable, submitted to stock exchange(s)
xiv. recommending appointment, remuneration and in terms of Regulation 32(1).
terms of appointment of Internal Auditor of the b. 
Annual statement of funds utilised for
Company; purposes other than those stated in the
xv. reviewing the adequacy of internal audit offer document/prospectus/notice in the
function and discussing with Internal Auditor terms of Regulation 32(7).

b) COMPOSITION

The Audit Committee comprises of experts specialising in accounting/financial management. The details of the
composition of the Audit Committee of the Company as well as the attendance of the Members at the same are
summarised below:

Name of the Directors Category Position No. of Meetings


Held Attended
Mr. Jagdish R. Naik Independent Non- Executive Chairman 6 6
Mr. Chirag A. Parekh Promoter- Executive Member 6 6
Dr. Sonal V. Ambani Independent Non- Executive Member 6 6
Mr. Ajit R. Sanghvi Independent Non- Executive Member 6 6
Mr. PradeepH.Gohil Independent Non- Executive Member 6 6
Mr. Rustam N. Mulla Independent Non- Executive Member 6 5

78 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

c) MEETINGS HELD a) 
TERMS OF REFERENCE OF NOMINATION AND
REMUNERATION COMMITTEE
The Committee met 6 (six) times during the financial
year 2021-22 on the following dates: i. 
Formulation of criteria for determining
qualifications, positive attributes and
May 20, 2021 August 05, September 22,
independence of a Director and recommend to
2021 2021
the Board of Directors a policy relating to, the
November 11, February 02, March 26, 2022 remuneration of the Directors, key managerial
2021 2022 personnel and other employees;
The Chairman of the Audit Committee attended the ii. 
Formulation of criteria for evaluation of
Annual General Meeting of the Company held during performance of Independent Directors and the
the year under review. Board of Directors;
The Statutory Auditors, Internal Auditors, and Chief iii. Identifying persons who are qualified to become
Financial Officer are invitees to the Audit Committee Director and who may be appointed in Senior
Meetings. The Company Secretary acts as the Management in accordance with the criteria laid
Secretary to the Committee. down and recommend to the Board of Directors
ii) NOMINATION AND REMUNERATION COMMITTEE their appointment and removal;


The Nomination & Remuneration Committee’s iv. Recommend to the Board, all remuneration, in
constitution and terms of references are in whatever form, payable to senior management;
compliance with the provisions of the Companies v. To devise a policy on Board diversity;
Act, 2013 and Regulation 19 and Part D of the
vi. Whether to extend or continue the term of
Schedule II of the Listing Regulations.
appointment of the independent director, on the
The scope of activities of the Nomination and basis of the report of performance valuation of
Remuneration Committee include: independent directors; and

vii. To perform such other functions or duties as


may be delegated by the Board.

b) COMPOSITION

The Nomination and Remuneration Committee comprises of 5 (Five) Non-Executive Directors, the Chairman being Non-
Executive and Independent. The Chairman of the Committee is an Independent Director. The Company Secretary of the
Company acts as Secretary to the Nomination and Remuneration Committee. The Composition of the Nomination and
Remuneration Committee as well as the particulars of attendance at the Nomination and Remuneration Committee
Meetings is as under:

Name of the Directors Category Position No. of Meetings


Held Attended
Mr. Pradeep H. Gohil Independent – Non- Executive Chairman 3 3
Dr. Sonal V. Ambani Independent – Non- Executive Member 3 3
Mr. Jagdish R. Naik Independent – Non- Executive Member 3 3
Mr. Ajit R. Sanghvi Independent – Non- Executive Member 3 3
Mr. Rustam N. Mulla Independent – Non- Executive Member 3 3

c) MEETINGS HELD

The Committee met 3 (three) times during the financial year 2021-22 on the following dates:

May 20, 2021 August 05, 2021 March 26, 2022

ANNUAL REPORT 2021-22 79


CORPORATE GOVERNANCE REPORT (Contd.)

d) 
PERFORMANCE EVALUATION CRITERIA FOR expenses, club fees etc. shall be decided and
INDEPENDENT DIRECTORS approved by the Board on the recommendation
of the Committee and shall be within the overall
Performance Evaluation of Independent Directors
remuneration approved by the shareholders
is done by the entire Board of Directors except the
wherever required. Annual increments are
Director whose evaluation is being done. The Board
linked to performance and are decided by the
also evaluates if the Independent Directors fulfil
Nomination and Remuneration Committee and
the criteria of independence as laid down in the
recommended to the Board for approval thereof.
Companies Act, 2013, Rules framed thereunder and
The Nomination and Remuneration Policy
Regulation 17(10) of SEBI (Listing Obligations and
is directed towards rewarding performance,
Disclosure Requirements) Regulations, 2015, as
based on review of achievements. It is aimed at
amended from time to time.
attracting and retaining high caliber talent.

Performance evaluation of each Director was
The Board has, on recommendation of the
carried out based on the criteria as laid down by the
Nomination and Remuneration Committee
Nomination & Remuneration Committee.
framed a policy on remuneration of Directors,

The broad criteria followed for evaluation of Key Managerial Personnel and Senior
performance of Directors includes aspects such Management Employees.
as attendance at the meetings, participation and
Details of Remuneration paid during the
independence during the meetings, interaction with
Financial Year 2021-22:
management, role and accountability, knowledge
and proficiency etc. The performance evaluation 
The remuneration paid by Company to
of the Managing Director was based on business Mr. Chirag A. Parekh, Chairman & Managing
achievements of the Company. Director during the financial year 2021-22 is
` 336.56 Lakhs p.a. This includes Commission.
e) Nomination and Remuneration Policy:
REMUNERATION
 TO NON-EXECUTIVE
i) Remuneration to Non-Executive Directors:
DIRECTORS
The Non-Executive Directors are paid
The details of remuneration paid to Non-
remuneration by way of Sitting Fees. The Non-
Executive Directors during the Financial Year
Executive Directors are paid sitting fees for each
2021-22 are as given below:
meeting of the Board or Committee of Board of
Directors attended by them. The Non-Executive (` in Lakhs)
Independent Directors do not have any material Name of Directors Sitting Fees
pecuniary relationship or transactions with the
Dr. Sonal V. Ambani 3.55
Company. The Appointment Letter issued to the
Mr. Jagdish R. Naik 3.35
Independent Director is available on the website
of the Company www.acrysilcorporateinfo.com. Mr. Ajit R. Sanghavi 3.35
Mr. Rustam N. Mulla 2.70
ii) Remuneration to Executive Director:
Mr. Pradeep H. Gohil 3.35

The appointment and remuneration of
Chairman and Managing Director is governed iii) STAKEHOLDERS’ RELATIONSHIP COMMITTEE
by the recommendation of the Nomination and 
The terms of reference and the ambit
Remuneration Committee, resolution passed of powers of Stakeholders Relationship
by the Board of Directors and shareholders Committee are as per the governing provisions
of the Company. The break-up of the pay of Section 178 of Companies Act, 2013 and
scale, performance bonus/commission and the SEBI (Listing Obligations and Disclosure
quantum of perquisites including, employer’s Requirements) Regulations, 2015 (specified in
contribution to PF, pension scheme, medical Part D of Schedule II). The status of member

80 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

correspondences, queries, grievances etc. are iv. 


To review the various measures and
endeavoured to be addressed instantaneously initiatives taken by the Company for
by the secretarial department and status reducing quantum of unclaimed dividends
thereof is also placed before the Stakeholders’ and ensuring timely receipt of dividend
Relationship Committee Meeting which meets warrants/annual reports/statutory notices
at quarterly intervals. by the shareholders of the Company;

a) TERMS OF REFERENCE OF v. To review and note Transfer/Transmission/


STAKEHOLDERS RELATIONSHIP Dematerialisation of Equity Shares of the
COMMITTEE Company;

i. To resolve the grievances of the security vi. To issue duplicate share certificates as
shareholders of the Company including and when the requests are received by the
complaints related to transfer/transmission Company;
of shares, non-receipt of annual report,
vii. 
To review correspondence with the
non-receipt of declared dividends, issue
shareholders vis-à-vis legal cases and take
of new duplicate certificates, general
appropriate decisions in that regard;
meetings, etc;
viii. To look into the various aspects of interest
ii. 
To review measures taken for effective
of shareholders; and
exercise of voting rights by shareholders;
ix. To do all acts, deeds and things as may be
iii. 
To review adherence to the service
required to be undertaken in terms of the
standards adopted by the Company in
provisions of Companies Act, 2013 and
respect of various services being rendered
rules made there under.
by the Registrar & Share Transfer Agent;

b) COMPOSITION

Stakeholders Relationship Committee comprises of 4 (Four) Directors, of which One is Executive Director and
3 (Three) are Independent Directors. The detailed constitution and attendance at the committee meetings is
as under:

Name of the Directors Category Position No. of Meetings


Held Attended
Mr. Ajit R. Sanghvi Independent-Non-Executive Director Chairman 4 4
Mr. Chirag A. Parekh Promoter- Executive Member 4 4
Dr. Sonal V. Ambani Independent- Non-Executive Director Member 4 4
Mr. Jagdish R. Naik Independent-Non-Executive Director Member 4 4

c) MEETINGS HELD

The Committee met 4 (four) times during the financial year 2021-22 on the following dates:

May 20, 2021 August 05, 2021 November 11, 2021 February 02, 2022

ANNUAL REPORT 2021-22 81


CORPORATE GOVERNANCE REPORT (Contd.)

d) 
DETAILS OF SHAREHOLDERS the Company under ‘Company Policies’ in the
COMPLAINTS DURING FY 2021-22 : ‘Investor Relation’ section.

The status of investor grievances received a) TERMS OF REFERENCE OF CSR COMMITTEE


during the financial year 2021-22 is as
i. 
Formulating and recommending to the
follows:
Board, the CSR policy and indicating
No. of Complaints pending as Nil activities to be undertaken;
on April 01, 2021: ii. Decide the CSR Projects or Programs to
No. of Complaints/queries 07 be taken up by the Company either directly
received during the year: or through registered trust or registered
No. of Complaints resolved 07 society or a Company established by the
during the year: Company or its holding or subsidiary or
No. of Complaints pending as Nil associate Company under Section 8 of the
on March 31, 2022 Act or otherwise;

iv) 
CORPORATE SOCIAL RESPONSIBILITY iii. Place before the Board the CSR projects or
COMMITTEE programs proposed to be taken up by the
Company for approval, each year;
The Corporate Social Responsibility committee
was formed pursuant to Section 135 of the iv. Define and monitor the Budgets for the
Companies Act, 2013 read with the Companies carrying out the Projects or Programs;
(Corporate Social Responsibility Policy) Rules, v. Recommending the amount of expenditure
2014, to formulate and recommend to the for the CSR activities;
Board, a Corporate Social Responsibility Policy
vi. Oversee the progress of the CSR Projects
indicating the activities to be undertaken by the
or Programs rolled out under this Policy as
Company as specified in Schedule VII of the Act,
may be required;
to recommend the amount of expenditure to be
incurred on such activities and to monitor the vii. Submit a Report to the Board on all CSR
Corporate Social Responsibility Policy of the Activities undertaken during the Financial
Company from time to time. Year; and

The Corporate Social Responsibility Policy of viii. Monitor and Review the implementation of
the Company is available on the website of the CSR Policy.

b) COMPOSITION

The composition and attendance of the CSR Committee, during the year is as follows:

Name of the Directors Category Position No. of Meetings


Held Attended
Mr. Chirag A. Parekh Promoter-Executive Chairman 4 4
Dr. Sonal V. Ambani Independent- Non-Executive Director Member 4 4
Mr. Pradeep H. Gohil Independent- Non-Executive Director Member 4 4

C) MEETINGS HELD

The Company held 4 (four) meetings of its Corporate Social Responsibility Committee during the year on the
following dates:

May 20, 2021 August 05, 2021 November 11, 2021 February 02, 2022

82 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

v) RISK MANAGEMENT COMMITTEE

Composition

The Company has a well-defined risk management framework in place which works at various levels across
the Company. This framework is periodically reviewed to ensure that executive management controls risks
by means of a properly defined framework. The Company also has an Enterprise risk management policy to
identify and mitigate various risks including financial, operational, sectoral, sustainability, information and
cyber security risks. In terms of Regulation 21 of the SEBI Listing Regulations, the Board has constituted a
Risk Management Committee, the composition of which as on March 31, 2022 is as under:

Name of the Members Category Position No. of Meetings


Held Attended
Mr. Chirag A. Parekh Chairman & Managing Director Chairman 2 2
Mr. Pradeep H. Gohil Director Member 2 2
Mr. Anand Sharma Chief Financial Officer Member 2 2

Meetings

During the year under review, two meetings of the Committee were held on November 9, 2021 and March 26,
2022 and the same were attended by all the members of the Committee.

Terms of Reference

The function and powers of the Committee inter alia includes:

1. To formulate a detailed risk management policy which shall include:

a) A framework for identification of internal and external risks specifically faced by the listed entity, in
particular including financial, operational, sectoral, sustainability, information, cyber security risks or
any other risk as may be determined by the Committee.

b) Measures for risk mitigation including systems and processes for internal control of identified risks.

c)
Business continuity plan.

2. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate
risks associated with the business of the Company.

3. 
To monitor and oversee implementation of the risk management policy, including evaluating the
adequacy of risk management systems.

4. To periodically review the risk management policy, at least once in two years, including by considering
the changing industry dynamics and evolving complexity.

5. To keep the board of directors informed about the nature and content of its discussions, recommendations
and actions to be taken.

6. To review the appointment, removal and terms of remuneration of the Chief Risk Officer (if any).

7. Carry out all the functions as may be entrusted (i) by the Board of Directors, from time to time; and (ii)
by the virtue of applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and any other applicable provisions of Laws, as amended from time to time.

ANNUAL REPORT 2021-22 83


CORPORATE GOVERNANCE REPORT (Contd.)

v) INDEPENDENT DIRECTORS’ MEETING

The Company’s Independent Directors shall meet at least once in every financial year without the presence of
Executive Directors or management personnel. Such meetings are conducted informally to enable Independent
Directors to discuss matters pertaining to the Company’s affairs and put forth their views.

During the year under review, the Independent Directors met on 26th March, 2022, inter alia, to:

• Evaluate the performance of the Non Independent Directors and the Board of Directors as a Whole;

• Evaluate the performance of the Chairman of the Company, taking into account the views of the Executive
and Non - Executive Directors; and

• Evaluate the quality, content and timelines of flow of information between the Management and the Board
that is necessary for the Board to effectively and reasonably perform its duties.

vi) GENERAL MEETINGS

a. Annual General Meetings:

The details of last three Annual General Meetings held are provided as under:
Year Location Day/date Time Details of Special Resolution
2018-19 Indian Merchant Friday, 03:30 P.M. 1. 
Re-appointment of Mr. Chirag A.
Chambers, IMC Road, September 13, Parekh (DIN No.: 00298807) as a
Churchgate, Mumbai, 2019 Chairman and Managing Director
Maharashtra - 400020 of the Company.
2. Re-appointment of Mr. Jagdish
R. Naik (DIN No.: 00030172) as
an Independent Director of the
Company.
3. 
Re-appointment of Mr. Pradeep
H. Gohil (DIN No.: 03022804) as
an Independent Director of the
Company.
4. 
Re-appointment of Mr. Ajit R.
Sanghvi (DIN No: 00340809) as
an Independent Director of the
Company.
2019-20 Video Conferencing Monday, 03:30 P.M. 1. 
Re-appointment of Dr. Sonal
(“VC”)/Other Audio September 28, V. Ambani (DIN: 02404841) as
Visual Means (“OAVM”) 2020 an Independent Director of the
Company.
2020-21 Video Conferencing Wednesday, 03:30 P.M 1. 
To consider Increase in the
(“VC”)/Other Audio Borrowing Powers of the Company.
September 22,
Visual Means (“OAVM”)
2021 2. To create a charge/security on the
assets with respect to borrowing.
3. To re-appoint Mr. Chirag A. Parekh
(DIN: 00298807) as Managing
Director.
4. To issue securities to Qualified
Institutional Buyers.

84 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

b. Extra Ordinary General Meeting:

The details of last three Extra Ordinary General Meetings held are provided as under:

Year Location Day/date Time Details of Special Resolution


2018-19 The Mirador, Link Road, Wednesday, 03:00 P.M. 1. Issue of Convertible Warrants
Chakala, Andheri East, May 09, 2018 on preferential basis.
Mumbai, Maharashtra 400 099
2018-19 Indian Merchant Chambers, Friday, 01:00 PM 1. Sub-division of Face Value of
IMC Road, Churchgate, December 21, Equity Shares of the Company;
Mumbai – 400020 2018
2.  Alteration of the Capital
Clause in the Memorandum
of Association.
2019-20 No extra ordinary general meeting held during the year
2020-21 No extra ordinary general meeting held during the year

c. Resolution passed through Postal Ballot: The Company has also formulated Policy on
determining Material Subsidiaries as required under
During the year, the Company has passed
the provisions of the Listing Regulations which
Postal Ballot Resolution on May 03, 2021,
has been approved by the Board and the same
for approval of the following resolutions:
is available on the website of the Company i.e.
i. Approval of “Acrysil Limited – www.acrysilcorporateinfo.com.
Employee Stock Option Plan 2021”

All Related Party transactions are entered in
and grant of Employee Stock Options
compliance to the provisions of law, the Policy on
to Employees of the Company;
Materiality of Related Party Transactions and Dealing
ii. Grant of Employee Stock Options to with Related Party Transactions were entered with
Employees of Subsidiaries. the prior approval of Audit Committee, Board and
Shareholders, if and as applicable.
4. DISCLOSURES:
The Company did not enter into any materially
(i) Compliances with Governance Framework
significant transactions with Promoters, Directors
The Company is in compliance with all mandatory or the Management, their subsidiaries or relatives
requirements under the Listing Regulations. etc., which were in conflict with the interest of the
Company. Details of Related Party Transactions
(ii) Related Party Transactions
are provided in Note No.37 of notes forming part
Pursuant to the Listing Regulations and applicable of financial statements. Necessary approvals have
provisions of the Companies Act, 2013, the been obtained wherever required. Adequate care was
Company has formulated policy for dealing with taken to ensure that the potential conflict of interest
Related Party transactions. All the transactions did not harm the interests of the Company at large.
entered into Company during the year with related
(iii) 
Prevention of Sexual Harassment at workplace
parties were in ordinary course of business.
Policy
Transactions with every Related Party were entered
as per the provisions of the law and the Related Company has in place prevention of Sexual
Party Policy. The Policy for dealing with Related Harassment Policy in line with the requirements of
Party transactions is available on the website of the Sexual Harassment of Women at Workplace
the Company i.e. www.acrysilcorporateinfo.com. In (Prevention, Prohibition and Redressal) Act, 2013
line with the SEBI Listing Regulations, the policy has and rules framed thereunder.
been amended suitably. 
All women employees (permanent, contract,
temporary, trainees) are covered under the policy.

ANNUAL REPORT 2021-22 85


CORPORATE GOVERNANCE REPORT (Contd.)

Internal Complaints Committee has been set up to None of the personnel of the Company have been
receive complaints, investigate the matter and report denied access to the Audit Committee. The Policy
to the management for redressal of complaints of has been uploaded on website of the Company and
sexual harassment. During the year under review, no can be accessed at http://www.acrysilcorporateinfo.
complaints were received by the committee. com/public/upload/pdf/9512vigil-mechanism.pdf.

(iv) 
Details of non-compliance by the Company, (vi) Disclosure of Accounting Treatment
penalties and strictures imposed on the Company by
In the preparation of the financial statements, the
Stock Exchanges or SEBI or any Statutory Authority,
Company has followed the Accounting Standards
on any matter related to capital markets, during last
referred to in Section 133 of the Companies Act,
three Financial Years
2013. The significant accounting policies which are
The Company has complied with all the requirements consistently applied are set out in the Notes to the
specified under the Listing Regulations as well Financial Statements.
as other regulations and guidelines of SEBI.
(vii) 
Commodity price risk and Commodity hedging
Consequently, there were no strictures or penalties
activities
imposed by either SEBI or Stock Exchanges or any
Statutory Authority for non-compliance of any matter The Company does not have any exposure of any
related to the capital markets during the last three commodity and accordingly, no hedging activities for
financial years. the same are carried out.

(v) Vigil Mechanism/Whistle Blower Policy (viii) 


Details of utilisation of funds raised through
preferential allotment or qualified institutions
The Company believes in the conduct of its affairs in a
placement as specified under Regulation 32 (7A)
fair and transparent manner to foster professionalism,
honesty, integrity and ethical behaviour. The Company The Company has not raised any funds through
is committed to developing a culture where it is safe preferential allotment or qualified institutions
for all the stakeholders to raise concerns about any placement during the year under review.
misconduct or unacceptable practice. (ix) A Certificate from a Company Secretary in Practice

The Company has institutionalised a Vigil that none of the directors on the board of the
Mechanism for the Stakeholders to disclose their Company have been debarred or disqualified
concerns and grievances on unethical behaviour from being appointed or continuing as directors
and improper/illegal practices and wrongful conduct of companies by the Board/Ministry of Corporate
taking place in the Company for appropriate action Affairs or any such statutory authority
through the adoption of a Whistle Blower Policy as The Certificate of Company Secretary in practice is
per Section 177(9) and (10) and Regulation 22 of annexed herewith as a part of the report.
Listing Regulations. Pursuant to which employees
of the Company can raise their concerns relating (x) 
Where the board had not accepted any
to malpractices, inappropriate use of funds or any recommendation of any committee of the board
other activity or event which is against the interest which is mandatorily required, in the relevant
of the Company. Further the mechanism adopted financial year
by the Company encourages the employees and Not Applicable
Directors of the Company to report genuine concerns
(xi) Total fees for all services paid by the listed entity
or grievances and provides for adequate safeguards
and its subsidiaries, on a consolidated basis, to the
against victimisation of employees and directors
statutory auditor and all entities in the network firm/
who avail of such mechanism in good faith and any
network entity of which the statutory auditor is a part
Stakeholder assisting the investigation and also
provides for direct access to the Chairman of the Details relating to fees paid to the Statutory Auditors
Audit Committee, in exceptional cases. are given in Note No.29 to the Standalone Financial

86 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

Statements and Note No.28 to the Consolidated Code’). The Code is applicable to the members of the
Financial Statements. Board and senior executive officers of the Company.
The Code is available on the website of the Company
(xii) Non-mandatory requirements
and at the link http://www.acrysilcorporateinfo.
Adoption of non-mandatory requirements of the com/public/upload/pdf/94151.%20Code%20of%20
Listing Regulations is being reviewed by the Board Conduct%20for%20Directors%20&%20Senior%20
from time-to-time. Management.pdf.
(xiii) Details of Adoption of Non-Mandatory (Discretionary The Board Members and Senior Management
Requirements) Personnel have affirmed compliance with the Code of
Non-mandatory (discretionary) requirements under Conduct for the financial year 2021-22. A declaration
Regulation 27 of the Listing Regulations. to this effect in terms of Regulation 26 of the SEBI
Listing Regulations forms part of the Annual Report.
The status of compliance with non-mandatory
requirements of the Listing Regulations is as under: INSIDER TRADING CODE

a. The Board The Company has adopted an ‘Internal Code of


Conduct for Regulating, Monitoring and Reporting
The requirements relating to maintenance of of Trades by Designated Persons (“the Code”) in
office and reimbursement of expenses of Non- accordance with the SEBI (Prohibition of Insider
Executive Chairman is not applicable to the Trading) Regulations, 2015 (“the PIT Regulations”).
Company since the Chairman of the Company
is an Executive Director. The Code is applicable to Promoters, Member of
Promoter’s Group, all Directors and Designated
b. Shareholders Right Persons as defined in the Code. The Company
The Company has not adopted the practice of Secretary is the Compliance Officer for monitoring
sending out half-yearly declaration of financial adherence to the said PIT Regulations. The Code is
performance to shareholders. Quarterly results suitably amended, from time to time to incorporate
as approved by the Board are disseminated the amendments carried out by SEBI to PIT
to the Stock Exchanges and updated on the Regulations.
website of the Company. The Company has put in place adequate and effective
c. Modified opinion(s) in Audit Report system of internal controls to ensure compliance
with the requirements of the PIT Regulations. The
There are no modified opinions in audit report.
Company has enabled the Promoters, Promoter’s
d. Reporting of an Internal Auditor Group, Directors and Designated Persons to submit
their Disclosures and take requisite approvals under
In accordance with the provisions of Section
the PIT Regulations. This also facilitates updation of
138 of the Companies Act, 2013, the Company
their shareholding in the Company as well as details
has appointed an Internal Auditor who reports
of their immediate relatives and the persons with
to the Audit Committee. Quarterly internal audit
whom they share material financial relationship in a
reports are submitted to the Audit Committee
seamless manner.
which reviews the audit reports and suggests
necessary action. 
The Audit Committee reviews cases of non-
compliances, if any, and makes necessary
(xiv) Code of Conduct
recommendations to the Board w.r.t. action taken
In compliance with Regulation 26(3) of the SEBI against such defaulters. The said non-compliances
(Listing Obligations and Disclosure Requirements) are promptly intimated to Stock Exchanges in the
Regulations, 2015 and the Companies Act, 2013, prescribed format and penalty, if any is being directly
the Company has framed and adopted a Code of deposited by the Designated Person with SEBI’s
Conduct for Directors & Senior Management (‘the Investor Education and Protection Fund.

ANNUAL REPORT 2021-22 87



The Company has also formulated a Policy for generally published in the dailies published viz.
determination of ‘legitimate purposes’ as a part of the Economic Times (English), Business Standard
Code of Practices and Procedures for Fair Disclosure (English) and Mumbai Lakshdweep (Marathi).
of UPSI as per the requirements of the PIT Regulations.
• The financial results and the official news
The Company Secretary is the Compliance Officer
releases are also placed on the Company’s
for ensuring implementation of the code for fair
website www.acrysilcorporateinfo.com in the
disclosure and conduct. The Board and designated
‘Investor Relations’ section.
persons have affirmed compliance with the Code.
This Code is displayed on the Company’s website viz., • Presentations made to institutional investors or
www.acrysilcorporateinfo.com. to the analysts.
(xv) CMD /CFO Certification • Management Discussion and Analysis forms
As required under Regulation 17(8) of the SEBI Listing part of the Annual Report.
Regulations, the Chairman & Managing Director and the (xix) GENERAL SHAREHOLDER INFORMATION
Chief Financial Officer of the Company have certified
a. 35th Annual General Meeting
regarding the Financial Statements for the year ended
March 31, 2022, which is annexed to this Report. AGM - 35th Annual General Meeting

(xvi) Reconciliation of Share Capital Audit Date - September 29, 2022

As stipulated by SEBI, a qualified Practicing Company Time - 03:30 P.M.


Secretary carries out Secretarial Audit to reconcile
Venue - 
Video Conferencing/Other Audio
the total admitted capital with National Securities
Visual Means
Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL) and the total issued b. Financial Year- April 01, 2022 to March 31, 2023
and listed capital. This audit is carried out every First Quarter Results By second week of
quarter and the report thereon is submitted to the August, 2022
Stock Exchanges where the Company’s shares are Half Yearly results By second week of
listed. The audit confirms that the total Listed and November, 2022
Paid-up Capital is in agreement with the aggregate Third quarter results By second week of
February, 2023
of the total number of shares in dematerialised form
Results of year end By end of May, 2023
(held with NSDL and CDSL) and total number of
shares in physical form. c. Dates of Book Closure: September 09, 2022 to
September 13, 2022 (Both days inclusive).
(xvii) Compliance with Secretarial Standards
d. Dividend payment date: The proposed dividend, if
The Institute of Company Secretaries of India, a
approved at the ensuing Annual General Meeting
Statutory Body, has issued Secretarial Standards on
will be distributed before October 22, 2022.
various aspects of corporate law and practices. The
Company has complied with each one of them. e. Listing on Stock Exchange:

(xviii) MEANS OF COMMUNICATION BSE Limited National Stock Exchange of


Phiroze Jeejeebhoy India Limited
Financial Results:
Towers, Dalal Street, Exchange Plaza,
• The Company publishes limited reviewed Mumbai - 400 001 Plot No. C/1 ‘G’ Block,
unaudited financial results on a quarterly basis. Stock Code: 524091 Bandra – Kurla Complex
In respect of the fourth quarter, the Company Bandra East, Mumbai 400 051
publishes the audited financial results for the Trading Symbol: ACRYSIL
complete financial year.
The Company has paid Listing Fees for the FY 2021-
• The unaudited quarterly and summarised 22 to the Stock Exchanges.
audited annual results of the Company are ISIN: INE482D01024

88 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

f. Market Price Data:

The monthly high and low price and volume of shares traded during the year 2021-22 on the BSE Limited:

Month BSE Limited

High (`) Low (`) Volume of Shares traded


during the month (Nos.)

April, 2021 398.40 308.00 4,56,702

May, 2021 577.00 309.00 12,22,532

June, 2021 666.70 492.25 9,75,885

July, 2021 649.80 563.65 2,72,893

August, 2021 712.00 561.00 4,90,906

September, 2021 834.00 600.00 3,87,386

October, 2021 817.00 660.45 4,27,338

November, 2021 913.10 706.15 5,30,028

December, 2021 935.00 775.00 2,75,756

January, 2022 864.40 708.80 2,01,663

February, 2022 827.95 658.00 2,22,409

March, 2022 878.55 667.00 3,93,909

The monthly high and low price and volume of shares traded during the year 2021-22 on the National Stock Exchange of India
Limited:

Month National Stock Exchange of India Limited

High (`) Low (`) Volume of Shares traded


during the month (Nos.)

April, 2021 393.55 307.55 22,20,556

May, 2021 576.80 309.00 78,40,617

June, 2021 666.80 492.15 53,15,366

July, 2021 649.60 574.70 16,41,450

August, 2021 702.00 561.00 27,22,196

September, 2021 830.00 603.05 25,91,182

October, 2021 814.80 654.05 21,33,186

November, 2021 915.90 708.50 27,70,569

December, 2021 915.00 785.00 18,52,613

January, 2022 859.00 707.00 12,72,631

February, 2022 830.00 655.00 15,92,979

March, 2022 879.00 666.50 23,10,742

ANNUAL REPORT 2021-22 89


CORPORATE GOVERNANCE REPORT (Contd.)

g. Performance of share price in comparison with the BSE Sensex:

The Chart below shows the comparison of your Company’s share price movement on BSE vis-à-vis the movement of the BSE
Sensex for the financial year ended March 31, 2022 (based on month end closing):

70,000.00 900.00

800.00
60,000.00
700.00
50,000.00
600.00
40,000.00 500.00

400.00 Sensex
30,000.00
300.00 Acrysil
20,000.00
200.00
10,000.00
100.00

- -
Apr-21

May-21

Jun-21

July-21

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22
The Chart below shows the comparison of your Company’s share price movement on National Stock Exchange of India
Limited vis-à-vis the movement of the NSE Nifty for the financial year ended March 31, 2022 (based on month end closing):

20,000.00 900.00
18,000.00 800.00
16,000.00 700.00
14,000.00
600.00
12,000.00
500.00 Nifty 50
10,000.00
400.00 Acrysil
8,000.00
300.00
6,000.00
4,000.00 200.00

2,000.00 100.00

- -
Apr-21

May-21

Jun-21

July-21

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22

90 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

h. Disclosure of securities that are suspended from trading: Not Applicable

i. Registrar and Transfer Agents


Bigshare Services Private Limited
Office No. S6-2, 6th Floor,
Pinnacle Business Park, Next to Ahura Centre,
Mahakali Caves Road, Andheri (East), Mumbai - 400093,
Maharashtra - Tel: 022 62638200
E-mail: investor@bigshareonline.com

j. Share Transfer System

In accordance with the proviso to Regulation 40(1) of the Listing Regulations, effective from April 01, 2019, transfers of
shares of the Company shall not be processed unless the shares are held in the dematerialised form with a depository.
Accordingly, shareholders holding equity shares in physical form are urged to have their shares dematerialised so as to be
able to freely transfer them and participate in various corporate actions.

k. Nomination facility for shareholding

Members holding shares in physical form may obtain a nomination form (Form SH-13), from the Company’s RTA. Members
holding shares in dematerialised form should contact their Depository Participants (DP) in this regard. Nomination facility in
respect of shares held in electronic form is also available with the Depository Participants as per the bye-laws and business
rules applicable to NSDL and CDSL.

l. Distribution of Shareholdings as on March 31, 2022

Category (Shares) No. of Shareholders % of shareholders No. of Shares % of Shareholding


1-500 46,935 93.81 24,98,250 9.36
501-1000 1421 2.84 10,66,863 3.99
1001-2000 830 1.66 11,92,951 4.47
2001-3000 304 0.61 7,64,332 2.86
3001-4000 131 0.26 4,66,350 1.75
4001-5000 83 0.17 3,83,119 1.44
5001-10000 171 0.34 12,01,336 4.50
10001 & Above 155 0.31 1,91,21,679 71.63
TOTAL 50,030 100.00 2,66,94,880 100.00

m. Shareholding Pattern of Equity Shares as on March 31, 2022

Category No. of Shareholders No. of Shares held % of total paid up


Promoters 7 1,03,74,990 38.87
Foreign Portfolio Investors 8 95,689 0.36
Bodies Corporate 213 7,89,977 2.96
Clearing Member 95 66,492 0.25
Director or Director’s Relatives 8 1,44,700 0.54
Non-Resident Indians (NRI) 1,226 6,35,375 2.38
Alternative Investment Funds 2 16,65,550 6.24

ANNUAL REPORT 2021-22 91


CORPORATE GOVERNANCE REPORT (Contd.)

Category No. of Shareholders No. of Shares held % of total paid up


Public 48,467 1,10,24,127 41.3
IEPF 1 4,24,353 1.59
Unclaimed Suspense Account 1 91,285 0.34
Trusts 1 582 0.00
TOTAL 50,030 2,66,94,880 100.00

n. Dematerialisation of Shares and Liquidity Tel.: 022-4190 2000

97.53% of the Company’s share capital is held in CIN: L26914MH1987PLC042283


dematerialised form as on March 31, 2022. The Company’s Website: www.acrysilcorporateinfo.com
shares are regularly traded on BSE Limited and National E-mail: cs.al@acrysil.com
Stock Exchange of India Limited. The break-up of equity
shares held in Physical and dematerialised form as on s. Registrar and Transfer Agents (RTA):
March 31, 2022, is given below: Bigshare Services Private Limited

Category No. of Shares Percentage Office No. S6-2, 6th Floor,

NSDL 2,14,22,824 80.25 Pinnacle Business Park, Next to Ahura Centre,

CDSL 46,13,681 17.28 Mahakali Caves Road, Andheri (East), Mumbai - 400093,

Physical 6,58,375 2.47 Maharashtra - Tel: 022 62638200


Total 2,66,94,880 100.00 E-mail: investor@bigshareonline.com

o. Address of Registrar for Dematerialisation of Shares. t. Credit Ratings

Bigshare Services Private Limited On November 19, 2021, ICRA has upgraded the Long Term
Office No. S6-2, 6th Floor, Debt rating of the Company The Company’s financial
discipline and prudence is reflected in the strong credit
Pinnacle Business Park, Next to Ahura Centre,
ratings ascribed by ICRA Limited during the Financial Year
Mahakali Caves Road, Andheri (East), Mumbai - 400093,
2021-22 as given below:
Maharashtra - Tel: 022 62638200
Instrument Rating
E-mail: investor@bigshareonline.com
Long Term Debt ICRA A (Stable)
p. 
Outstanding ADRs/GDRs/Convertible Warrants or any
Short Term Debt ICRA A2+
convertible Instruments: N.A.
u. Unpaid and Unclaimed Dividends:
q. Factory:
Pursuant to the provisions of Section 124(5) of the
Survey No. 312,
Companies Act, 2013, if the dividend transferred to the
Bhavnagar – Rajkot Highway, Unpaid Dividend Account of the Company remains unpaid
Navagam, Post: Vartej – 364 060, or unclaimed for a period of seven years from the date
Bhavnagar, Gujarat, India of such transfer then such unpaid or unclaimed dividend
shall be transferred by the Company along with interest
r. Address for correspondence with the Company:
accrued, if any to the Investor Education and Protection
Registered Office: Fund (‘the IEPF’), a fund established under sub-section (1)
Acrysil Limited of section 125 of the Act. The details of unclaimed/unpaid
dividend are available on the website of the Company viz.
​A-702, 7th Floor, Kanakia Wall Street,
www.acrysilcorporateinfo.com.
Chakala, Andheri Kurla Road, Andheri (East),
Mumbai - 400 093

92 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CORPORATE GOVERNANCE REPORT (Contd.)

The Nodal Officer of the Company for IEPF Refunds be credited to such Demat Account and the voting rights
Process is Mrs. Neha Anup Poddar whose e-mail id is on such shares shall remain frozen till the rightful owner
cs.al@acrysil.com. claims the shares.

v. 
Mandatory Transfer of Shares to Demat Account of Shares which are transferred to the Demat Account of
Investors Education and Protection Fund Authority IEPFA can be claimed back by the shareholders from
(IEPFA) in case of unpaid/unclaimed dividend on shares IEPFA by following the procedure prescribed under the
for a consecutive period of seven years. aforesaid rules.

In terms of Section 124(6) of the Companies Act, 2013 The Company has sent out individual communication to
read with Rule 6 of the Investor Education and Protection the concerned Members whose shares are liable to be
Fund Authority (Accounting, Audit, Transfer and Refund) transferred to IEPF, to take immediate action in the matter.
Rules, 2016, (as amended from time to time) (IEPF Rules) As required under the IEPF Rules, the Company has also
shares on which dividend has not been paid or claimed by published a Notice informing the Members’ who have not
a shareholder for a period of seven consecutive years or claimed their dividend for a period of 7 years to claim the
more shall be credited to the Demat Account of Investor same from the Company before they are transferred to
Education and Protection Fund Authority (IEPFA) within a IEPF.
period of thirty days of such shares becoming due to be
Therefore, it is in the interest of shareholders to regularly
so transferred. Upon transfer of such shares, all benefits
claim the dividends declared by the Company.
(like bonus, etc.), if any, accruing on such shares shall also

w. Details of Unclaimed/unpaid Dividend as on March 31, 2022 and due dates for transfers are as follows:

Sr. Financial Year Date of Declaration Unclaimed Amount Due Date for
No. of Dividend transfer to IEPF

1. 2014-15 September 25, 2015 6,28,968.00 November 27, 2022

2. 2015-16 September 24, 2016 8,47,200.00 November 26, 2023

3. 2016-17 September 20, 2017 8,26,875.00 November 22, 2024

4. 2017-18 September 27, 2018 7,26,700.00 November 29, 2025

5. 2018-19 September 13, 2019 7,02,195.60 November 15, 2026

6. 2019-20 September 28, 2020 5,83,100.20 December 10, 2027

7. 2020-21 February 05, 2021 3,61,835.80 April 29, 2028

8. 2020-21 September 22, 2021 5,52,529.60 November 24, 2028

9. 2021-22 February 02, 2022 96,327.80 April 6, 2029

During the Year under review, the Company has transferred Unclaimed Dividend of ` 6,64,052/- to Investor Education and
Protection Fund which was declared in Financial Year 2013-14.

As per Regulation 34(3) read with Schedule V of the listing Regulations, 91285 shares of the Company is lying in the Suspense
Account.

ANNUAL REPORT 2021-22 93


CORPORATE GOVERNANCE REPORT (Contd.)

5. Employee Stock Option Scheme v) The Company sought and received Shareholder’s approval
for the said Scheme through Postal Ballot on May 03, 2021.
Acrysil Limited - Employee Stock Option Plan 2021
vi) Under the Scheme, 2,25,000 Options were granted to
During the year, the Board of Directors (“the Board”) of the
eligible employees on May 20, 2021 by the Company at
Company at its meeting held on March 18, 2021, based on
an exercise price of ` 60/- per option. None of the options
the recommendation of the Nomination & Remuneration
granted are vested or exercised as on March 31, 2022.
Committee, approved introduction of Acrysil Limited -
Employees Stock Option Plan 2021(‘ESOP-2021’) under DECLARATION
which the maximum number of equity shares of the
Compliance with the Code of Business Conduct and Ethics
Company that could be created, offered, issued and
allotted should not exceed 3,00,000 (Three Lakhs) options As provided under Regulation 26(3) of the SEBI (Listing
exercisable into equivalent number of Equity Shares of Obligations and Disclosure Requirements) Regulations, 2015,
` 2/- each fully paid up of the Company. all Board Members and Senior Management Personnel have
affirmed compliance with Acrysil Limited Code of Business
The synopsis of the Scheme is as under:
Conduct and Ethics for the year ended March 31, 2022.
i) Overall limit of 3,00,000 Options

ii) The Scheme is extended to Permanent employees


of the Company, whether working in India or outside For Acrysil Limited
India, and/or to the directors of the Company, whether
whole-time or not and to such other persons as may CHIRAG A. PAREKH
be decided by the Board and/or permitted under (DIN: 00298807)
SEBI ESOP Regulations (hereinafter referred to as
Chairman & Managing Director
‘Eligible Employees’), but excluding an Independent
Director(s), an employee who is a promoter or a Date: May 17, 2022
person belonging to the promoter group and the Place: Bhavnagar
director(s) who either himself or through his relative
or through any body corporate, directly or indirectly,
Registered Office:
holds more than 10% of the outstanding equity
​A-702, 7th Floor, Kanakia Wall Street,
shares of the Company.
Chakala, Andheri Kurla Road, Andheri (East),
iii) Permanent employee(s) and Directors of any existing
Mumbai - 400 093
and future subsidiary company(ies) of the Company
whether in or outside India, as may be permissible Tel.: 022-4190 2000
under the SEBI ESOP Regulations from time to time, CIN: L26914MH1987PLC042283
iv) The Exercise Price shall be ` 60/- per Equity Share E-mail: cs.al@acrysil.com
payable at the time of exercise of Options. Website: www.acrysilcorporateinfo.com

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CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CHAIRMAN AND MANAGING DIRECTOR [CMD] AND CHIEF FINANCIAL


OFFICER [CFO] CERTIFICATION
To

The Board of Directors,

Acrysil Limited

As required under the Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [the Listing
Regulations] read with Schedule II part B of the Listing Regulations;

We hereby certify for the financial year ended March 31, 2022 that:

a. We have reviewed financial statements of Acrysil Limited for the year that to the best of my knowledge and belief:

(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;

(ii) 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 violate of 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 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 such 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

(i) that there are no significant changes in internal control over financial reporting during the year;

(ii) that there are no significant changes in accounting policies during the year; and

(iii) that there are no instances of significant fraud of which we have become aware.

For Acrysil Limited

CHIRAG A. PAREKH ANAND H. SHARMA


Chairman & Managing Director Chief Financial Officer
(DIN: 00298807)

Bhavnagar Mumbai
May 17, 2022 May 17, 2022

ANNUAL REPORT 2021-22 95


CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015)

To,
The Members of
Acrysil Limited
B-307, Citi Point, Andheri Kurla Road,
J. B. Nagar, Andheri (E), Mumbai – 400 059

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Acrysil Limited
having CIN L26914MH1987PLC042283 and having registered office at B-307, Citi Point, Andheri Kurla Road, J. B. Nagar, Andheri (E),
Mumbai – 400 059 (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 Securities Exchange Board
of India (Listing Obligations and Disclosure Requirements) 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, 2022 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


No. in Company
1. Jagdish Ramanlal Naik 00030172 29/03/1989
2. Chirag Ashwin Parekh 00298807 02/11/2002
3. Rustam Navel Mulla 00328070 17/03/2020
4. Ajit Rasiklal Sanghvi 00340809 31/01/2000
5. Sonal Vimal Ambani 02404841 23/05/2016
6. Pradeep Hardevsinhji Gohil 03022804 28/01/2013

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 P. P. Shah & Co.

Pradip Shah
Practicing Company Secretaries
Place: Mumbai FCS No. 1483, C P No.: 436
Date: April 15, 2022 UDIN: F001483D000133494

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CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

INDEPENDENT AUDITORS’ CERTIFICATE ON CORPORATE


GOVERNANCE
To
The Members of
ACRYSIL LIMITED

1. We have examined the compliance of conditions of Corporate Governance by Acrysil Limited (“the Company”) for the year
ended March 31, 2022 as stipulated in regulations 17 to 27 and clause (b) to (i) of regulation 46 (2) and para C, D and E of
schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (“Listing Regulations”).

Managements’ Responsibility

2. The compliance of conditions of Corporate Governance is the responsibility of the management of the Company. This
responsibility includes the design, implementation and maintenance of internal control and procedures to ensure the
compliance with the conditions of the Corporate Governance stipulated in Listing Regulations.

Auditors’ Responsibility

3. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring
compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the
financial statements of the Company.

4. We have examined the books of account and relevant records and documents maintained by the Company for the purposes
of providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.

5. We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on
Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India (“ICAI”) and Standards
on Auditing specified under section 143(10) of the Companies Act, 2013, in so far as applicable for the purpose of this
certificate and as per the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI which requires
that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms
that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion

7. Based on our examination of the relevant records and according to the information and explanations provided to us and the
representation provided by the Management, we are of the opinion that the Company has complied with the conditions of
Corporate Governance as stipulated in Listing Regulations for the year ended March 31, 2022.

8. We state that such compliance 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.

Restriction on Use

9. The certificate is addressed and provided to the members of the Company solely for the purpose of enabling the Company
to comply with the requirements of the Listing Regulations and should not be used by any other person or for any other
purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other
person to whom this certificate is shown or into whose hands it may come without our prior consent in writing. We have no
responsibility to update this certificate for events and circumstances occurring after the date of this certificate.

For P A R K & COMPANY


Chartered Accountants
FRN: 116825W

ASHISH DAVE
Partner
Bhavnagar Membership No. 170275
May 17, 2022 UDIN: 22170275AJCUMB5911

ANNUAL REPORT 2021-22 97


Business Responsibility Report

SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

1. Corporate Identity Number (CIN) of the Company L26914MH1987PLC042283


2. Name of the Company Acrysil Limited
3. Registered address A 702, 7th floor, Kanakia Wall Street, Andheri-Kurla Road, J. B.
Nagar, Andheri (East), Mumbai – 400 093. Tel: +91-4190 2000
4. Website www.acrysilcorporateinfo.com
5. E-mail id cs.al@acrysil.com
6. Financial Year reported 2021-22
7. Sector(s) that the Company is engaged in (industrial Sector: Kitchen & Bath Products
activity code-wise) NIC Code: 22209
BSE Scrip Code: 524091
NSE Symbol: ACRYSIL
8. List three key products/services that the Company Kitchen Sinks, Appliances & Bath Products
manufactures/provides (as in balance sheet)
9. Total number of locations where business activity is a) UK, USA, Germany, France, Australia
undertaken by the Company: b) PAN India
a) Number of International Locations
Details of plant location of the Company are provided under
b) Number of National Locations the head ‘General Shareholder Information’ in the Corporate
Governance Report
10. Markets served by the Company – Local/State/ National & International Markets are served by the Company
National/International

SECTION B: FINANCIAL DETAILS OF THE COMPANY

1. Paid up Capital (`) ` 5.34 Crore


2. Total Turnover (`) ` 483.90 Crore
3. Total profit after taxes (`) ` 65.26 Crore
4. Total Spending on Corporate Social Responsibility Total amount spent towards CSR ` 57.43 Lakhs;
(CSR) as percentage of profit after tax (%) Budgeted CSR Expenditure: ` 49.10 Lakhs;
Excess CSR Amount Spent in 2020-21: ` 3.03 Lakhs;
Eligible CSR Amount for the 2021-22: ` 46.07 Lakhs;
Excess CSR amount spent in 2021-22: ` 11.36 Lakhs
5. List of activities in which expenditure in 4 above has Please refer to the Annexure of the Annual Report.
been incurred: -
SECTION C: OTHER DETAILS
1. Does the Company have any Subsidiary Company/Companies?

Yes, the Compnay has the following subsidiaries:


• Acrysil UK Limited
• Acrysil Products Limited, Step-Down Subsidiary (Subsidiary of Acrysil UK Limited)
• Tickford Orange Limited, Step-Down Subsidiary (Subsidiary of Acrysil UK Limited)
• Acrysil GmbH
• Acrysil USA Inc.
• Acrysil Steel Limited

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Business Responsibility Report (Contd.)

• Carysil Online Limited (Formerly known as Acrysil Appliances Limited)


• Sternhagen Bath Private Limited
• Acrysil Ceramictech Limited

2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes,
then indicate the number of such subsidiary company(s)

The Subsidiary Companies are separate legal entities and follow BR initiatives as per Rules and Regulations as applicable to
them.

3. Do any other entity/entities (e.g., suppliers, distributors etc.) that the Company does business with,
participate in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/
entities? [Less than 30%, 30-60%, than 60%]

N/A. Currently the Company does not involve other entity/entities such as suppliers and distributors in the BR initiative by
the Company. We plan to address this in the future.

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 00298807

2. Name: Mr. Chirag A. Parekh

3. Designation: Chairman & Managing Director

(b) Details of the BR head

No. Particulars Details


1. DIN Number (if applicable) 00298807
2. Name Mr. Chirag A. Parekh
3. Designation Chairman and Managing Director
4. Telephone number 022-4190 2000
5. e-mail id cs.al@acrysil.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/ policy for: Y Y Y Y Y Y Y Y Y
Yes, the Company has several policies in place to address
the Principles.
2. Has the policy been formulated in consultation with the Y Y Y Y Y Y Y Y Y
relevant stakeholders?
Yes, For all Principles
3. Does the policy conform to any national/ international Y Y Y Y Y Y Y Y Y
standards? If yes, specify? (50 words)
Yes. The Company is certified for ISO 9001: 2015; ISO 14001:
2015; ISO 45001: 2018

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Business Responsibility Report (Contd.)

No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
4. Has the policy been approved by the Board? Y Y Y Y Y Y Y Y Y
Yes, The Policies are approved by the Board.
If yes, has it been signed by MD/ owner/ CEO/ appropriate
Board of Director?
The Policies are signed by the Authorised Person
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?
Yes, the Company has Committees in place to oversee the
implementation of the policies.
6. Indicate the link for the policy to be viewed online? Y Y Y Y Y Y Y Y Y
CSR Policy: http://www.acrysilcorporateinfo.com/public/
upload/pdf/3806Revised_CSR%20Policy%20of%20
Acrysil%20Limited%20w.e.f.%2013.02.2018.pdf
Risk Management Policy:
http://www.acrysilcorporateinfo.com/public/upload/
pdf/1902risk-management-policy.pdf
Code of Conduct Policy:
http://www.acrysilcorporateinfo.com/public/upload/
pdf/5286CODE%20OF%20CONDUCT%20FOR%20
PREVENTION%20OF%20INSIDER%20TRADING.pdf
Vigil Mechanism Policy:
https://www.acrysilcorporateinfo.com/public/upload/
pdf/9512vigil-mechanism.pdf
7. Has the policy been formally communicated to all relevant Y Y Y Y Y Y Y Y Y
internal and external stakeholders? Yes
8. Does the Company have in-house structure to implement Y Y Y Y Y Y Y Y Y
the policy/ policies? Yes
9. Does the Company have a grievance redressal mechanism Y Y Y Y Y Y Y Y Y
related to the policy/ policies to address stakeholders’
grievances related to the policy/ policies? Yes
10. Has the Company carried out independent audit/ evaluation Y Y Y Y Y Y Y Y Y
of the working of this policy by an internal or external
agency? Yes

(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. The Company has not understood the Principles NA NA NA NA NA NA NA NA NA
2. The Company is not at a stage where it finds itself in NA NA NA NA NA NA NA NA NA
a position to formulate and implement the policies on
specified principles
3. The Company does not have financial or manpower NA NA NA NA NA NA NA NA NA
resources available for the task
4. It is planned to be done within next 6 months NA NA NA NA NA NA NA NA NA
5. It is planned to be done within the next 1 year NA NA NA NA NA NA NA NA NA
6. Any other reason (please specify) NA NA NA NA NA NA NA NA NA

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Business Responsibility Report (Contd.)

3. Governance related to BR Principle 2

(a) Indicate the frequency with which the Board of 1. List up to 3 of your products or services whose design
Directors, Committee of the Board or CEO to assess has incorporated social or environmental concerns, risks
the BR performance of the Company. Within 3 and/or opportunities.
months, 3-6 months, Annually, more than 1 year
(a) We have installed Solar panels at the Company’s
The BR performance of the Company is periodically Factory.
assessed by the BR Head during the year.
(b) We have started using natural gas i.e., PNG that has
(b) Does the Company publish a BR or a Sustainability less Carbon Dioxide emissions.
Report? What is the hyperlink for viewing this report?
2. For each such product, provide the following details in
How frequently it is published?
respect of resource use (energy, water, raw material etc.)
Pursuant to Regulation 34 of SEBI (Listing Obligations per unit of product(optional):
and Disclosure Requirements) Regulations, 2015 (as
amended from time-to-time), the Company publishes (a) Reduction during sourcing/ production/ distribution
its Business Responsibility Report annually as an achieved since the previous year throughout the
Annexure to the Board’s Report. value chain?
NA.
SECTION E: PRINCIPLE-WISE PERFORMANCE
(b) 
Reduction during usage by consumers (energy,
Principle 1
water) has been achieved since the previous year?
1. Does the policy relating to ethics, bribery and corruption
We have installed the same during the FY 2021-22
cover only the Company? Yes/ No. Does it extend to the
hence the comparable figure is not available.
Group/ Joint Ventures/ Suppliers/ Contractors/ NGOs/
Others? 3. 
Does the Company have procedures in place for
sustainable sourcing (including transportation)?
Yes, the Company adopted a Whistle Blower Policy of the
Company for establishing a vigil mechanism for directors (a) If yes, what percentage of your inputs was sourced
and employees to report genuine concerns regarding fraud sustainably? Also, provide details thereof, in about 50
or unethical behaviour as required under the Companies words or so.
Act, 2013 and SEBI (Listing Obligations and Disclosure
No, the Company currently does not have a sustainable
Requirements) Regulations, 2015. It does not extend to
sourcing procedure in place. The Company is working
the Group.
on sustainable sourcing (including transportation)
Whistle Blower Policy Link: and will address it in the future.

h ttp://www.acrysilcorporateinfo.com/public/upload/
4. 
Has the Company taken any steps to procure goods
pdf/9512vigil-mechanism.pdf
and services from local & small producers, including
2. How many stakeholder complaints have been received communities surrounding their place of work?
in the past financial year and what percentage was (a) If yes, what steps have been taken to improve their
satisfactorily resolved by the management? If so, provide capacity and capability of local and small vendors?
details thereof, in about 50 words or so.
Yes, the Company partially procures its raw materials
The Company has in place, an effective mechanism from local and small producers.
for dealing with complaints received from various 5. Does the Company have a mechanism to recycle products
stakeholders. The details of shareholders complaints and waste? If yes what is the percentage of recycling of
received and resolved during the financial year 2021-22 products and waste (separately as <5%, 5-10%, >10%).
are provided in the Corporate Governance Report, which is Also, provide details thereof, in about 50 words or so.
also an integral part of the Board’s Report.
No

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Business Responsibility Report (Contd.)

Principle 3 Principle 4
1. Please indicate the Total number of employees. 539 1. Has the Company mapped its internal and external
2. Please indicate the Total number of employees hired on stakeholders? Yes/No:
temporary/ contractual/ casual basis. 549 Yes. The Company is in the processing of mapping all the
3. 
Please indicate the Number of permanent women stakeholders.
employees. 28
2. Out of the above, has the Company identified the
4. 
Please indicate the Number of permanent employees disadvantaged, vulnerable & marginalised stakeholders.
with disabilities:
The Company is in the process of figuring out
The Company currently has adequate number of disadvantaged, vulnerable & marginalised stakeholders.
permanent employees with disabilities.
3. Are there any special initiatives taken by the Company
5. Do you have an employee association that is recognised
to engage with the disadvantaged, vulnerable and
by management?
marginalised stakeholders? If so, provide details thereof,
Yes in about 50 words or so.
6. 
What percentage of your permanent employees is
NA. Currently the Company has not taken any special
members of this recognised employee association?
initiatives to engage with the disadvantaged, vulnerable
31 workers are members of the Worker Union in the and marginalised stakeholders but will address this in the
Company. future.
7. 
Please indicate the Number of complaints relating to Principle 5
child labour, forced labour, involuntary labour, sexual
harassment in the last financial year and pending, as on 1. Does the policy of the Company on human rights cover
the end of the financial year. only the Company or extend to the Group/ Joint Ventures/
Suppliers/ Contractors/ NGOs/ Others?
No. Category No of No of
complaints complaints Yes, the Company ethically and responsibly abides by
filed during pending as all the laws of the government of India. We are working
the financial on end of the towards addressing a policy that covers human rights in
year financial year
the future.
1. Child labour/ forced 0 0
labour/ involuntary 2. How many stakeholder complaints have been received in
labour the past financial year and what percent was satisfactorily
2. Sexual harassment 0 0 resolved by the management?
3. Discriminatory 0 0
employment In total during the past year, 7 complaints have been
received by the Company and all the complaints were
8. What percentage of your under mentioned employees
resolved by the end of the year.
were given safety & skill up- gradation training in the last
year? Principle 6
(a) Permanent Employees 1. 
Does the policy relate to Principle 6 cover only the
(b) Permanent Women Employees Company or extends to the Group/ Joint Ventures/
(c) Casual/ Temporary/ Contractual Employees Suppliers/ Contractors/ NGOs/ others?

(d) Employees with Disabilities As of now, the policy only covers the Company. There is an
The Company has conducted 36 types of training Environmental Policy framed by the Company and various
that cover safety & skill up-gradation. A total of 1,712 audits are conducted.
employees have been trained in the last year.

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Business Responsibility Report (Contd.)

2. Does the Company have strategies/ initiatives to address (b) The Plastics Export Promotion Council - MUMBAI
global environmental issues such as climate change,
(c) CAPEXIL - MUMBAI
global warming, etc.? Y/N. If yes, please give hyperlink
for webpage etc. 2. Have you advocated/lobbied through above associations
for the advancement or improvement of public good?
Yes. The Company has a policy framed to address Global
Yes/No; if yes specify the broad areas (drop box:
Environmental issues.
Governance and Administration, Economic Reforms,
3. 
Does the Company identify and assess potential Inclusive Development Policies, Energy security, Water,
environmental risks? Y/N Food Security, Sustainable Business Principles, Others)

Yes. No. The Company has not advocated/lobbied through


above any trade and chamber associations.
4. 
Does the Company have any project related to Clean
Development Mechanism? If so, provide details thereof, Principle 8
in about 50 words or so. Also, if yes, whether any
1. Does the Company have specified programmes/
environmental compliance report is filed?
initiatives/ projects in pursuit of the policy related to
We have started using natural gas i.e., PNG that gives Principle 8? If yes details thereof.
less emission of Carbon Dioxide. The Company has its Internal Code of Ethics, Initiatives
5. Has the Company undertaken any other initiatives on – taken under CSR Policy and Code of Ethics Policy.
clean technology, energy efficiency, renewable energy, 2. Are the programmes/ projects undertaken through in-
etc. Y/N. If yes, please give hyperlink for web page etc. house team/ own foundation/ external NGO/ government
We have started using natural gas i.e., PNG that gives less structures/ any other organisation?
emission of Carbon Dioxide The programmes of the Company are undertaken both
The Company has also installed Solar Panels at the through Ashwanila Charitable Trust Bhavnagar, the
Factory of the Company. primary implementation agency, and also directly by the
Company.
6. 
Are the Emissions/Waste generated by the Company
within the permissible limits given by CPCB/ SPCB for 3. Have you done any impact assessment of your initiative?
the financial year being reported? Yes. The Company has done impact assessment of its
Yes. The Company follows all GPCB norms diligently. CSR activities during the FY 2021-22 for the CSR amount
spent in the FY 2020-21.
7. 
Number of show cause/ legal notices received from
CPCB/ SPCB which are pending (i.e., not resolved to 4. What is your company’s direct contribution to community
satisfaction) as on end of Financial Year. development projects- Amount in ` and the details of the
projects undertaken?
No. There has not been any show cause/ legal notices
received from CPCB/ SPCB. The Company has spent ` 57.43 Lakhs on its various CSR
activities including community development initiatives.
Principle 7
5. 
Have you taken steps to ensure that this community
1. Is your company a member of any trade and chamber or
development initiative is successfully adopted by the
association? If Yes, Name only those major ones that
community? Please explain in 50 words, or so.
your business deals with:
The Company’s initiatives are based on critical and felt
(a) 
Saurashtra Chamber of Commerce & Industry -
needs of the community. In FY 2021-22, the community
Bhavnagar
development initiatives were focused on COVID-19
pandemic relief and benefitted numerous beneficiaries.

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Business Responsibility Report (Contd.)

Principle 9 3. Is there any case filed by any stakeholder against the
Company regarding unfair trade practices, irresponsible
1. 
What percentage of customer complaints/consumer
advertising and/or anti-competitive behaviour during the
cases are pending as on the end of the financial year?
last five years and pending as on end of financial year? If
There are no Complaints pending as on the end of the so, provide details thereof, in about 50 words or so.
financial year.
No. The Company does not have any case filed by any
2. 
Does the Company display product information on stakeholder regarding unfair trade practices, irresponsible
the product label, over and above what is mandated advertising and/or anti-competitive behaviour during
as per local laws? Yes/No/N.A./ Remarks (additional the last five years. The Company works ethically and
information) responsibly in its operations.
Yes. 4. 
Did your company carry out any consumer survey/
consumer satisfaction trends?

Consumer Satisfaction activity is done by the Company


on a random basis. The Company is in the process of
implementing Consumer Survey.

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CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

INDEPENDENT AUDITOR’S REPORT

To the Members of Key Audit Matters

ACRYSIL LIMITED Key audit matters are those matters that, in our professional
judgment were of most significance in our audit of the
Report on the Audit of the Standalone Financial
standalone financial statements of the current period. These
Statements
matters were addressed in the context of our audit of the
Opinion standalone financial statements as a whole, and in our forming
We have audited the accompanying standalone financial our opinion thereon, and we do not provide a separate opinion
statements of Acrysil Limited (“the Company”) which comprise on these matters.
the balance sheet as at 31st March 2022, the statement of We have determined the matters described below to be the key
profit and loss (including other comprehensive income), the audit matters to be communicated in our report:
statement of changes in equity and the statement of cash flows
Key Audit Matter:
for the year then ended and notes to the financial statements,
including a summary of the significant accounting policies Revenue from the sale of goods (“Revenue”) is recognized
and other explanatory information (hereinafter referred to as when the Company performs its obligation to its customers, the
the “standalone financial statements”). amount of revenue can be measured reliably and recovery of
the consideration is probable. The timing of such recognition is
In our opinion and to the best of our information and according
when the control over the same is transferred to the customer,
to the explanations given to us, the aforesaid standalone
which is mainly upon delivery. The timing of revenue recognition
financial statements give the information required by the
is relevant to the reported performance of the Company.
Companies Act, 2013 (“the Act”) in the manner so required
and give a true and fair view in conformity with the Indian Auditor’s Response:
Accounting Standards prescribed under section 133 of the
Our audit approach was a combination of test of internal
Act read with the Companies (Indian Accounting Standards)
controls and substantive procedures including assessing
Rules, 2015, as amended, (‘Ind AS”) and the other accounting
the appropriateness of the Company’s revenue recognition
principles generally accepted in India, of the state of affairs of
accounting policies in line with Ind AS 115 (“Revenue from
the Company as at 31st March, 2022 and of the profit and total
Contracts with Customers”) and testing thereof; evaluating the
comprehensive income, changes in equity and its cash flows
integrity of the general information and control environment
for the year ended on that date.
and testing the operating effectiveness of key controls.
Basis for Opinion
Information Other than the Standalone Financial
We conducted our audit of the standalone financial statements Statements and Auditor’s Report Thereon
in accordance with the Standards on Auditing (SAs) specified
The Company’s Board of Directors is responsible for the
under Section 143(10) of the Act. Our responsibilities under
preparation of the other information. The other information
those Standards are further described in the Auditor’s
comprises the information included in the Board’s Report
Responsibilities for the Audit of the Standalone Financial
including Annexures to Board’s Report, Management
Statements section of our report. We are independent of the
Discussion and Analysis, Shareholder’s Information, but does
Company in accordance with the Code of Ethics issued by the
not include the standalone financial statements and auditor’s
Institute of Chartered Accountants of India (“the ICAI”) together
report thereon.
with the ethical requirements that are relevant to our audit of
the standalone financial statements under the provisions of Our opinion on the standalone financial statements does not
the Act and the Rules made thereunder, and we have fulfilled cover the other information and we do not express any form of
our other ethical responsibilities in accordance with these assurance conclusion thereon.
requirements and the ICAI’s Code of Ethics. We believe that the In connection with our audit of the standalone financial
audit evidence we have obtained is sufficient and appropriate statements, our responsibility is to read the other information
to provide a basis for our opinion on the standalone financial and, in doing so, consider whether the other information
statements. is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of

ANNUAL REPORT 2021-22 105


INDEPENDENT AUDITOR’S REPORT (Contd.)

our audit or otherwise appears to be materially misstated. If, from fraud or error and are considered material if, individually
based on the work we have performed, we conclude that there or in the aggregate, they could reasonably be expected to
is material misstatement of this other information, we are influence the economic decisions of users taken on the basis
required to report that fact. We have nothing to report in this of these standalone financial statements.
regard.
As part of an audit in accordance with SAs, we exercise
Management’s Responsibility for the Standalone professional judgment and maintain professional skepticism
Financial Statements throughout the audit. We also:

The Company’s Board of Directors is responsible for the  Identify and assess the risks of material misstatements of
matters stated in Section 134(5) of the Act with respect to the standalone financial statements, whether due to fraud
the preparation of these standalone financial statements that or error, design and perform audit procedures responsive
give a true and fair view of the financial position, financial to those risks, and obtain audit evidence that is sufficient
performance including other comprehensive income, changes and appropriate to provide a basis for our opinion. The risk
in equity and cash flows of the Company in accordance with the of not detecting a material misstatement resulting from
Ind AS and accounting principles generally accepted in India. fraud is higher than for one resulting from error, as fraud
This responsibility also includes maintenance of adequate may involve collusion, forgery, intentional omissions,
accounting records in accordance with the provisions of misrepresentations, or the override of the internal control.
the Act for safeguarding of the assets of the Company and
 Obtain an understanding of internal financial controls
for preventing and detecting frauds and other irregularities;
relevant to the audit in order to design audit procedures
selection and application of appropriate accounting policies;
that are appropriate in the circumstances. Under
making judgments and estimates that are reasonable and
section 143(3)(i) of the Act, we are also responsible for
prudent; and design, implementation and maintenance of
expressing our opinion on whether the Company has
adequate internal financial controls, that were operating
adequate internal financial controls system in place and
effectively for ensuring the accuracy and completeness
the operating effectiveness of such controls.
of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give  Evaluate the appropriateness of accounting policies used
a true and fair view and are free from material misstatement, and the reasonableness of accounting estimates and
whether due to fraud or error. related disclosures made by the management.

In preparing the standalone financial statements, management  Conclude on the appropriateness of management’s use of
is responsible for assessing the Company’s ability to continue the going concern basis of accounting and, based on the
as a going concern, disclosing, as applicable, matters related audit evidence obtained, whether a material uncertainty
to going concerns and using the going concern basis of exists related to events or conditions that may cast
accounting unless management either intends to liquidate the significant doubt on the Company’s ability to continue as
Company or to cease operations, or has no realistic alternative going concern. If we conclude that a material uncertainty
but to do so. exists, we are required to draw attention in our auditor’s
report to the related disclosures in the standalone financial
The Board of Directors is also responsible for overseeing the
statements or, if such disclosures are inadequate, to
Company’s financial reporting process.
modify our opinion. Our conclusions are based on the
Auditor’s Responsibility for the Audit of the audit evidence obtained up to the date of our auditor’s
Standalone Financial Statements report. However, future events or conditions may cause
the Company to cease to continue as a going concern.
Our objectives are to obtain reasonable assurance about whether
the standalone financial statements as a whole are free from  Evaluate the overall presentation, structure and content
material misstatement, whether due to fraud or error, and to of the standalone financial statements, including
issue an auditor’s report that includes our opinion. Reasonable the disclosure, and whether the standalone financial
assurance is high level of assurance, but is not a guarantee that statements represent the underlying transactions and
audit conducted in accordance with SAs will always detect a events in a manner that achieves fair presentation.
material misstatement when it exists. Misstatements can arise

106 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

INDEPENDENT AUDITOR’S REPORT (Contd.)

We communicate with those charged with governance specified under section 133 of the Act, read with Rule
regarding, among other matters, the planned scope and 7 of the Companies (Accounts) Rules, 2015;
timing of the audit and significant audit findings, including
e) 
On the basis of written representations received
any significant deficiencies in internal control that we identify
from the directors as on 31st March 2022, and taken
during our audit.
on record by the Board of Directors, none of the
We also provide those charged with governance with a directors is disqualified as on 31st March 2022, from
statement that we have complied with relevant ethical being appointed as a director in terms section 164(2)
requirements regarding independence, and to communicate of the Act;
with them all relationships and other matters that may
f) With respect to the adequacy of internal financial
reasonably be thought to bear on our independence, and where
controls over financial reporting of the Company
applicable, related safeguards.
and operating effectiveness of such controls, our
From the matters communicated with those charged with separate report in Annexure – B may be referred;
governance, we determine those matters that were of most
g) 
In our opinion and to the best of our information
significance in the audit of the financial statements of the
and according to the explanations given to us,
current period and are therefore the key audit matters. We
remuneration paid by the Company to its directors
describe these matters in our auditor’s report unless law or
during the year is in accordance with the provisions of
regulation precludes public disclosure about the matter or when,
section 197 of the Act read with Schedule V of the Act;
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse h) With respect to the other matters to be included in
consequences of doing so would reasonably be expected to the Auditor’s Report in accordance with Rule 11 of
outweigh the public interest benefits of such communication. the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
Report on Other Legal and Regulatory
according to the explanation given to us:
Requirements
i. 
The Company has disclosed the impact of
1. As required by the Companies (Auditor’s Report) Order,
pending litigations on its financial position in its
2020 (“the Order”) issued by the Central Government of
standalone financial statements;
India terms of sub-section (11) of section 143 of the Act,
we give in the Annexure – A, a statement on the matters ii. 
The Company did not have any long-term
specified in clause 3 and 4 of the Order, to the extent contracts including derivatives contracts for
applicable. which there were any material foreseeable
losses;
2. As required by section 143(3) of the Act, we report that:
iii. 
There has been no delay in transferring the
a) We have sought and obtained all the information and
amounts, required to be transferred, to the
explanations which to the best of our knowledge and
Investor Education and Protection Fund by the
belief were necessary for the purpose of our audit;
Company.
b) In our opinion, proper books of account as required
iv. a. 
The Management has represented that,
by law have been kept by the Company so far as it
to the best of its knowledge and belief,
appears from our examination of those books;
other than as disclosed in the notes to the
c) The balance sheet, the statement of profit and loss accounts, no funds have been advanced or
including other comprehensive Income, statement of loaned or invested (either from borrowed
changes in equity and the cash flow statement dealt funds or share premium or any other
with by this Report are in agreement with the books sources or kind of funds) by the Company
of account; to or in any other person or entity, including
foreign entities (“Intermediaries”), with the
d) In our opinion, the aforesaid standalone financial
understanding, whether recorded in writing
statements comply with the Accounting Standards
or otherwise, that the Intermediary shall,

ANNUAL REPORT 2021-22 107


INDEPENDENT AUDITOR’S REPORT (Contd.)

whether, directly or indirectly lend or invest c. 


Based on such audit procedures that
in other persons or entities identified in have been considered reasonable and
any manner whatsoever by or on behalf of appropriate in the circumstances, nothing
the Company (“Ultimate Beneficiaries”) or has come to our notice that has caused us
provide any guarantee, security or the like to believe that the representations under
on behalf of the Ultimate Beneficiaries; sub-clause (a) and (b) above, contain any
material misstatement.
b. 
The Management has represented, that,
to the best of its knowledge and belief, v. The dividend declared or paid during the year by
other than as disclosed in the notes to the the Company is in compliance with section 123
accounts, no funds have been received of the Act.
by the Company from any person or
entity, including foreign entities (“Funding For P A R K & COMPANY
Parties”), with the understanding, whether Chartered Accountants
recorded in writing or otherwise, that FRN: 116825W
the Company shall, whether, directly or
indirectly, lend or invest in other persons ASHISH DAVE
or entities identified in any manner Partner
whatsoever by or on behalf of the Funding Membership No. 170275
Party (“Ultimate Beneficiaries”) or provide UDIN: 22170275AJCTVT4831
any guarantee, security or the like on behalf
of the Ultimate Beneficiaries; Bhavnagar
May 17, 2022

108 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

ANNEXURE – A TO THE INDEPENDENT AUDITOR’S REPORT


(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

On the basis of such checks as we considered appropriate and 3. 


In respect of investments, guarantees or securities
in terms of information and explanations given to us, we state provided or loans or advances in the nature of loans
that: granted by the Company:

1. In respect of property, plant and equipment: a. The Company has not provided any loans or advances
in the nature of loans or stood guarantee or provided
a. 
The Company has maintained proper records
security to any other entity during the year except:
showing full particulars including quantitative details
and situation of property, plant and equipment. Particulars Loans
(` in lacs)
b. 
The Company has maintained proper records
Aggregate amount of loans granted 22.62
showing full particulars of intangible assets.
during the year - others
c. Property, plant and equipment were physically Aggregate amount of guarantee 8,683.26
verified by the management at reasonable intervals provided during the year - subsidiaries
in a phased manner in accordance with a programme Balances outstanding of loans as on 253.95
of physical verification. No material discrepancies balance sheet date – subsidiary
were noticed on such verification. Balances outstanding of loans as on 13.23
balance sheet date – others
d. The title deeds of immovable properties (other than Balances outstanding of guarantee 9,831.15
properties where the Company is the lessee and as on balance sheet date –
the lease agreements are duly executed in favour subsidiaries
of the lessee) disclosed in the financial statements
included under property, plant and equipment are b. 
The terms and conditions of the grant of these
held in the name of the Company. loans and investment made during the year are not
prejudicial to the interest of the Company.
e. The Company has not revalued any of its property,
plant and equipment (including right of use assets) c. 
In respect of loans granted by the Company, the
or intangible assets during the year. schedule of repayment of principal has been
stipulated and the repayments are regular.
f. There are no proceedings initiated or are pending
against the Company for holding any benami property d. 
There is no overdue amount in respect of loans
under the Benami Transactions (Prohibition) Act, granted.
1988 as amended and Rules made thereunder. e. No loans or advances in the nature of loans granted by
2. In respect of inventories: the Company that have fallen due during the year, have
been renewed or extended or fresh loans granted to
a. The physical verification of inventory has settle the overdues of existing loans given to the same
been conducted at reasonable intervals by the parties except for renewal of a loan of ` 253.95 lacs to
Management during the year and, in our opinion, a wholly owned subsidiary, Acrysil GmbH.
the coverage and procedure of such verification
by Management is appropriate. The discrepancies f. The Company has not granted any loans or advances
noticed on physical verification of inventory as in the nature of loans that are either repayable on
compared to book records were not 10% or more in demand or without specifying any terms or period of
aggregate for each class of inventory. repayment.

b. During the year, the Company has been sanctioned 4. The Company has complied with provisions of Section
working capital limits in excess of ` 5 crores, in 185 and 186 of the Act in respect of loans, investments,
aggregate, from banks on the basis of security of guarantees and security, to the extent applicable.
current assets of the Company. The quarterly returns 5. The Company has not accepted any deposits from public
or statements filed by the Company with such banks or any amounts which are deemed to be deposits within
are generally in agreement with the books of account. the meaning of sections 73 to 76 of the Act and rules
made thereunder, to the extent applicable.

ANNUAL REPORT 2021-22 109


ANNEXURE – A TO THE INDEPENDENT AUDITOR’S REPORT (Contd.)

6. We have broadly reviewed the cost records maintained by e. On an overall examination of the financial statements
the Company pursuant to Section 148(1) of the Act and of the Company, the Company has not taken any
are of the opinion that, prima facie, the prescribed cost funds from any entity or person on account of or
records have been maintained. We have, however, not to meet the obligations of its subsidiaries. The
made a detailed examination of the cost records with a Company does not have any associate or joint
view to determine whether they are accurate or complete. venture companies.

7. In respect of statutory and other dues: f. The Company has not raised loans during the year on
the pledge of securities held in its subsidiaries.
a. 
The Company has generally been regular in
depositing undisputed statutory dues, including 10. a. The Company has not raised any money during the
provident fund, employees state insurance, income year by way of initial public offer or further public
tax, cess, goods & service tax and other statutory offer (including debt instruments).
dues, to the extent applicable, with the appropriate
b. 
The Company has not made any preferential
authorities during the year. There are no undisputed
allotment or private placement of shares or fully/
statutory dues outstanding for a period of more than
partly convertible debentures during the year and
six months from the date they became payable.
hence, the requirement to report under clause 3(x)(b)
b. There are no statutory dues, which have not been of the Order is not applicable.
deposited on account of dispute except for the
11. a. No fraud by the Company or no fraud on the Company
followings:
has been noticed or reported during the year.
Nature of ` in lacs Financial Forum where
b. No report under sub-section (12) of section 143 of
Dues Year dispute is
pending the Act has been filed in Form ADT-4 as prescribed
Goods & 30.02 2017-18, The Assistant under Rule 13 of the Companies (Audit and Auditors)
Service Tax 2018-19 Commissioner Rules, 2014 with the Central Government, during the
of Central GST year and up to the date of this report.
(Audit)
c. The Company has not received any whistle blower
8. 
The Company has not surrendered or disclosed any complaint during the year and up to the date of this
transactions, previously unrecorded in the books of report.
account, in the tax assessments under the Income Tax
Act, 1961 as income during the year. 12. The Company is not a Nidhi Company as per the provisions
of the Act. The requirement to report under clause 3 (xii)
9. a. 
The Company has not defaulted in repayment of of the Order is, therefore, not applicable.
loans or other borrowings or in the payment of
interest thereon to any lender. 13. Transactions with the related parties are in compliance with
Section 177 and 188 of the Act, wherever applicable and
b. The Company has not been declared willful defaulter the details have been disclosed in the financial statements
by any bank or financial institution or government or as required by the applicable accounting standards.
any government authority.
14. a. 
The Company has an internal audit system
c. The term loans have been applied for the purposes commensurate with the size and nature of its
for which they were obtained. business.
d. On an overall examination of the financial statements b. We have considered the internal audit reports of the
of the Company, funds raised on short-term basis Company issued till date for the period under audit.
have, prima facie, not been used for long-term
purposes by the Company. 15. The Company has not entered into any non-cash
transactions with its directors or persons connected with
its directors.

110 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

ANNEXURE – A TO THE INDEPENDENT AUDITOR’S REPORT (Contd.)

16. a. The Company is not required to be registered under assumptions, nothing has come to our attention, which
Section 45-IA of the Reserve Bank of India Act, 1934. causes us to believe that any material uncertainty exists
as on the date of the audit report that the Company is not
b. The Company has not conducted any non-banking
capable of meeting its liabilities existing at the date of
financial or housing finance activities without
balance sheet as and when they fall due within a period of
obtaining a valid certificate of registration (CoR)
one year from the balance sheet date. We, however, state
from the Reserve Bank of India as per the Reserve
that this is not an assurance as to the future viability of the
Bank of India Act, 1934.
Company. We further state that our reporting is based on
c. The Company is not a Core Investment Company the facts up to the date of the audit report and we neither
(CIC) as defined in the regulations made by the give any guarantee nor any assurance that all liabilities
Reserve Bank of India. falling due within a period of one year from the balance
d. 
There is no core investment company within the sheet date, will get discharged by the Company as and
Group (as defined in the Core Investment Companies when they fall due.
(Reserve Bank) Directions, 2016) and accordingly the 20. 
There are no unspent Corporate Social Responsibility
requirement to report under clause 3(xvi)(d) of the (CSR) amount required to be transferred under sub-
Order is not applicable. section (5) or (6) of section 135 of the Act.
17. The Company has not incurred cash losses in the current
and in the immediately preceding financial year.
For P A R K & COMPANY
18. There has been no resignation by the statutory auditors of Chartered Accountants
the Company during the year. FRN: 116825W
19. According to the information and explanations given
to us and on the basis of the financial ratios, ageing ASHISH DAVE
and expected dates of realization of financial assets Partner
and payment of financial liabilities, other information Membership No. 170275
accompanying the financial statements, our knowledge UDIN: 22170275AJCTVT4831
of the Board of Directors and management plans and
based on our examination of the evidence supporting the Bhavnagar
May 17, 2022

ANNUAL REPORT 2021-22 111


ANNEXURE – B TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

We have audited the internal financial controls over financial depend on the auditors’ judgement, including the assessment of
reporting of Acrysil Limited (“the Company”) as of 31st March, the risks of material misstatement of the financial statements,
2022 in conjunction with our audit of the standalone financial whether due to fraud or error.
statements of the Company for the year ended on that date.
We believe that the audit evidence we have obtained is sufficient
Management’s Responsibility for Internal and appropriate to provide a basis for our audit opinion on the
Financial Controls Company’s internal financial controls system over financial
reporting.
The Company’s management is responsible for establishing
and maintaining internal financial controls based on the Meaning of Internal Financial Controls Over
internal control over financial reporting criteria established by Financial Reporting
the Company considering the essential components of internal
A company’s internal financial control over financial reporting is
control stated in the Guidance Note on Audit of Internal Financial
a process designed to provide reasonable assurance regarding
Controls over Financial Reporting (“the Guidance Note”) issued
the reliability of financial reporting and the preparation of
by the Institute of Chartered Accountants of India (“the ICAI”).
financial statements for external purposes in accordance with
These responsibilities include the design, implementation
generally accepted accounting principles. A company’s internal
and maintenance of adequate internal financial controls that
financial control over financial reporting includes those policies
were operating effectively for ensuring the orderly and efficient
and procedures that -
conduct of its business, including adherence to company’s
policies, the safeguarding of its assets, the prevention and (1) Pertain to the maintenance of records that, in reasonable
detection of frauds and errors, the accuracy and completeness detail, accurately and fairly reflect the transactions and
of the accounting records, and the timely preparation of reliable dispositions of the assets of the company;
financial information, as required under the Companies Act, (2) 
Provide reasonable assurance that transactions are
2013. recorded as necessary to permit preparation of financial
Auditor’s Responsibility statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
Our responsibility is to express an opinion on the Company’s
of the Company are being made only in accordance
internal financial controls over financial reporting based on our
with authorizations of management and directors of the
audit. We conducted our audit in accordance with the Guidance
company; and
Note and the Standards on Auditing, issued by the ICAI and
prescribed under section 143(10) of the Companies Act, (3) 
Provide reasonable assurance regarding prevention or
2013, to the extent applicable to an audit of internal financial timely detection of unauthorized acquisition, use, or
controls. Those Standards and the Guidance Note require that disposition of the company’s assets that could have a
we comply with ethical requirements and plan and perform material effect on the financial statements.
the audit to obtain reasonable assurance about whether Inherent Limitations of Internal Financial
adequate internal financial controls over financial reporting Controls Over Financial Reporting
was established and maintained and if such controls operated
effectively in all material respects. Because of the inherent limitations of internal financial
controls over financial reporting, including the possibility
Our audit involves performing procedures to obtain audit of collusion or improper management override of controls,
evidence about the adequacy of the internal financial material misstatements due to error or fraud may occur and
controls system over financial reporting and their operating not be detected. Also, projections of any evaluation of the
effectiveness. Our audit of internal financial controls over internal financial controls over financial reporting to future
financial reporting included obtaining an understanding of periods are subject to the risk that the internal financial control
internal financial controls over financial reporting, assessing over financial reporting may become inadequate because of
the risk that a material weakness exists, and testing and changes in conditions, or that the degree of compliance with
evaluating the design and operating effectiveness of internal the policies or procedures may deteriorate.
control based on the assessed risk. The procedures selected

112 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

ANNEXURE – B TO THE INDEPENDENT AUDITOR’S REPORT (Contd.)


(Referred to in paragraph 2 (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

Opinion

In our opinion, the Company has, in all material respects, an


adequate internal financial controls system over financial
reporting and such internal financial controls over financial
reporting were operating effectively as at 31st March, 2022,
based on the internal control over financial reporting criteria
established by the Company considering the essential
components of internal control stated in the Guidance Note
issued by the ICAI.

For P A R K & COMPANY


Chartered Accountants
FRN: 116825W

ASHISH DAVE
Partner
Membership No. 170275
UDIN: 22170275AJCTVT4831

Bhavnagar
May 17, 2022

ANNUAL REPORT 2021-22 113


BALANCE SHEET
as at March 31, 2022

(` in Lakhs)
Particulars Note As at As at
No. March 31, 2022 March 31, 2021
ASSETS:
Non-Current Assets
Property, plant and equipment 2 14,701.21 10,485.88
Right of use assets 3 1,226.54 495.15
Capital work in progress 2 1,674.28 968.38
Intangible assets 4 177.48 182.99
Financial assets
Investments 5 1,701.94 1,407.51
Loans 6 253.95 242.98
Other financial assets 7 153.35 115.96
Other non-current assets 8 597.46 663.10
20,486.21 14,561.95
Current Assets
Inventories 9 7,573.54 3,897.56
Financial assets
Investments - -
Trade receivables 10 8,206.68 6,085.19
Cash and cash equivalents 11 90.69 230.33
Other bank balances 12 589.63 1,225.53
Loans 6 13.23 10.89
Other financial assets 7 1,261.70 1,730.66
Current tax assets (net) 13 4,477.89 2,853.28
Other current assets 8 2,762.42 1,593.32
24,975.78 17,626.76
Total Assets 45,461.99 32,188.71
EQUITY AND LIABILITIES:
Equity
Equity share capital 14 533.90 533.90
Other equity 15 19,498.39 14,610.12
20,032.29 15,144.02
Liabilities
Non-current liabilities
Financial Liabilities
Borrowings 16 3,058.79 1,620.69
Lease liabilities 981.76 458.33
Other financial liabilities 17 - -
Provisions 18 65.50 54.36
Deferred tax liabilities (net) 19 516.31 481.33
Other non-current liabilities 20 - -
4,622.36 2,614.71
Current liabilities
Financial Liabilities
Borrowings 16 9,217.12 7,488.80
Lease liabilities 295.71 97.93
Trade payables 21
Total outstanding dues of Micro and Small Enterprises 1,145.02 741.06
Total outstanding dues of creditors other than Micro and Small Enterprises 4,932.09 2,377.43
Other financial liabilities 17 314.87 309.17
Other current liabilities 20 267.59 414.39
Provisions 18 102.48 97.37
Current tax liabilities (net) 13 4,532.46 2,903.83
20,807.34 14,429.98
Total Liabilities 45,461.99 32,188.71
The accompanying notes are an integral part of these financial statements.

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

114 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

STATEMENT OF PROFIT AND LOSS


for the year ended March 31, 2022

(` in Lakhs)
Particulars Note 2021-2022 2020-2021
No.
REVENUE:
Revenue from operations (net) 22 38,802.57 24,834.13
Other income 23 1,427.83 728.98
Total income 40,230.40 25,563.11
EXPENSES:
Cost of materials consumed 24 16,081.56 8,902.93
Purchases of stock-in-trade 2,853.98 1,649.04
Changes in inventories 25 (2,579.58) 469.75
Employee benefits expenses 26 2,515.54 1,601.46
Finance costs 27 870.80 639.83
Depreciation and amortisation expenses 28 1,675.88 1,157.57
Other expenses 29 12,051.52 7,266.07
Total expenses 33,469.70 21,686.65
Profit before exceptional items and tax 6,760.70 3,876.46
Exceptional Items - -
Profit before tax 6,760.70 3,876.46
Tax expenses
Current tax 13 1,590.00 999.58
Earlier years' tax (14.36) 5.95
Deferred tax 32.70 208.29
Profit for the year 5,152.36 2,662.64
Other comprehensive income
Items that will not be reclassified to profit or loss
a. Remeasurements of defined benefit liabilities/(asset) 9.06 (24.50)
b. Tax impacts on above (2.28) 6.17
Items that may be reclassified to profit or loss
Other comprehensive income for the year 6.78 (18.33)
Total comprehensive income for the year 5,159.14 2,644.31
Basic earning per share 30 19.30 9.97
Diluted earning per share 30 19.22 9.97
Face value per share 2.00 2.00
The accompanying notes are an integral part of these financial statements.

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

ANNUAL REPORT 2021-22 115


CASH FLOW STATEMENT
for the year ended March 31, 2022

(` in Lakhs)
Particulars 2021-2022 2020-2021
A Cash flow from operating activities:
Net profit for the year 5,152.36 2,662.64
Adjustments for -
Depreciation 1,675.88 1,157.57
Income tax expenses 1,608.34 1,213.82
Impairment loss recognised on trade receivables 36.24 525.35
Employee stock options 369.82 -
Gain on disposal of property, plant & equipment (54.44) (1.46)
Interest income (77.40) (134.04)
Finance cost 870.80 4,429.24 639.83 3,401.07
Operating Profit Before Working Capital Changes 9,581.60 6,063.71
Movements in working capital:
Trade and other receivables (1,103.57) (2,087.32)
Other current and non-current assets (1,103.46) (710.27)
Inventories (3,675.98) 309.49
Provisions 25.31 11.14
Other current and non-current liabilities (146.80) 112.18
Trade and other payables 2,960.91 (3,043.59) 1,151.91 (1,212.87)
Cash generated from operations 6,538.01 4,850.84
Income tax paid (1,571.62) (1,571.62) (1,069.24) (1,069.24)
Net cash generated by operating activities 4,966.39 3,781.60
B Cash flow from investing activities:
Payments for property, plant and equipment (6,757.96) (3,541.57)
Purchase of investments (294.43) -
Sale of property, plant and equipment 408.56 63.10
Interest received 77.40 134.04
Net cash (used in)/generated from investing (6,566.43) (3,344.43)
activities
C Cash flow from financing activities:
Net proceeds from borrowings 3,166.41 950.10
Interest and borrowing costs paid (866.43) (639.83)
Repayment of lease liabilities (197.95) (121.35)
Dividend paid (641.63) (528.99)
Net cash used in financing activities 1,460.40 (340.07)
Net increase in cash and cash equivalents (139.64) 97.10
Cash and cash equivalents as at beginning of the 230.33 133.23
year
Cash and cash equivalents as at end of the year 90.69 230.33

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

116 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

STATEMENT OF CHANGES IN EQUITY


for the year ended March 31, 2022

A. SHARE CAPITAL
(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
At the beginning of the year 533.90 533.90
Changes in equity share capital during the year - -
Changes in equity share capital due to prior period errors - -
Restated balance at the beginning of the current year - -
At the end of the year 533.90 533.90

B. OTHER EQUITY
(` in Lakhs)
Particulars Reserve and surplus Other Total
Comprehensive
Income Net
General Retained Capital Share Securities gain/(loss) on
reserve earnings reserve based Premium fair value of
payment defined benefit
reserve plan
As at April 01, 2020 4,200.00 4,314.68 25.20 - 3,974.09 (14.26) 12,499.71
Profit for the year - 2,662.64 - - - - 2,662.64
Additions during the year - - - - - - -
Other comprehensive income for the year - - - - - (18.33) (18.33)
(net of tax)
Transfer from retained earnings to general 500.00 (500.00) - - - - -
reserve
Dividend paid on equity shares - (533.90) - - - - (533.90)
As at March 31, 2021 4,700.00 5,943.42 25.20 - 3,974.09 (32.59) 14,610.12
Profit for the year - 5,152.35 - - - 5,152.35
Additions during the year - - - - - -
Other comprehensive income for the year - - - - 6.78 6.78
(net of tax)
Share based payment expenses - - - 369.82 - - 369.82
Transfer from retained earnings to general 1,000.00 (1,000.00) - - - -
reserve
Dividend paid on equity shares - (640.68) - - - (640.68)
As at March 31, 2022 5,700.00 9,455.09 25.20 369.82 3,974.09 (25.81) 19,498.39
The accompanying notes are an integral part of these financial statements.

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

ANNUAL REPORT 2021-22 117


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

COMPANY INFORMATION A. Significant accounting policies:

Acrysil Limited (“the Company”) is a public limited company a. System of accounting


domiciled in India and incorporated on January 19, 1987 under
The financial statements of the Company are
the provisions of the Companies Act applicable in India. The
prepared in accordance with Indian Accounting
Company is engaged in manufacturing and trading of Quartz
Standards (Ind AS), under the historical cost
Kitchen Sinks, Stainless Steel Kitchen Sinks, Bath Products,
convention on the accrual basis as per the provisions
Tiles, Kitchen Appliances and Accessories. The registered
of Companies Act, 2013 (‘’Act”), except in case of
office of the Company is located at A 702, Kanakia Wall Street,
significant uncertainties.
Andheri-Kurla Road, Andheri (East), Mumbai – 400 093. The
equity shares of the Company are listed on the BSE Limited The Company presents assets and liabilities in
(BSE) and National Stock Exchange of India Limited (NSE). the balance sheet based on current/non-current
classification. It is held primarily for the purpose of
These standalone financial statements (‘the financial
being traded:
statements”) were authorised for issue in accordance with the
resolution of the Board of Directors on May 17, 2022.  It is expected to be realised within 12 months
after the reporting date;
1 
BASIS OF PREPARATION, MEASUREMENT AND
SIGNIFICANT ACCOUNTING POLICIES  It is cash or cash equivalent unless it is
restricted from being exchanged or used to
These financial statements are the separate financial
settle a liability for at least 12 months after the
statements of the Company (also called standalone
reporting date.
financial statements) prepared in accordance with the
Indian Accounting Standards (‘Ind AS’) notified under  All other assets are classified as non-current.
section 133 of the Companies Act, 2013, read together  A liability is classified as current when it satisfies
with the Companies (Indian Accounting Standards) Rules, any of the following criteria:
2015, as applicable.
• It is expected to be settled in the Company’s
The financial statements have been prepared on accrual normal operating cycle;
and going concern basis. The accounting policies are
applied consistently to all the periods presented in the • It is held primarily for the purpose of being
financial statements. All assets and liabilities have been traded;
classified as current or non current as per the Company’s • It is due to be settled within 12 months
normal operating cycle and other criteria as set out in the after the reporting date;
Division II of Schedule III to the Companies Act, 2013. The
• There is no unconditional right to defer the
Company adopts operating cycle based on the project
settlement of the liability for at least twelve
period and accordingly, all project related assets and
months after the reporting period.
liabilities are classified into current and non-current. The
Company considers 12 months as normal operating cycle.  All other liabilities are classified as non-current.
The Company’s financial statements are reported in Indian  Deferred tax assets and liabilities are classified
Rupees, which is also the Company’s functional currency, as non-current only.
and all values are rounded to the nearest Lakhs except
otherwise indicated.

118 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

b. Key accounting estimates reliably. All other repairs and maintenance costs
are charged to the statement of profit and loss
The preparation of the financial statements, in
as incurred.
conformity with the recognition and measurement
principles of Ind AS, requires the management to (iii) The cost and related accumulated depreciation
make estimates and assumptions in the application are eliminated from the financial statements,
of accounting policies that affect the reported either on disposal or when retired from active
amounts of assets, liabilities, income, expenses and use and the resultant gain or loss are recognised
disclosure of contingent liabilities as at the date of in the statement of profit and loss.
financial statements and the results of operation
(iv) 
Capital work-in-progress, representing
during the reported period. Although these estimates
expenditure incurred in respect of assets under
are based upon management’s best knowledge of
development and not ready for their intended
current events and actions, actual results could differ
use, are carried at cost. Cost includes related
from these estimates which are recognised in the
acquisition expenses, construction cost, related
period in which they are determined.
borrowing cost and other direct expenditure.
The Company based its assumptions and estimates
(v) The Company depreciates property, plant and
on parameters available when the financial
equipment on written down value method
statements were prepared. Existing circumstances
except for buildings, plant & equipment and dies
and assumptions about future developments,
& moulds where depreciation is provided on
however, may change due to market changes or
straight line method over the estimated useful
circumstances arising that are beyond the control
life prescribed in Schedule II of the Companies
of the Company. Such changes are reflected in the
Act, 2013 from the date the assets are ready
financial statements in the period in which changes
for intended use after considering the residual
are made and, if material, their effects are disclosed
value.
in the notes to the financial statements.
(vi) 
Intangible assets mainly represent
Estimates and judgements are regularly revisited.
implementation cost for software and other
Estimates are based on historical experience
application software acquired/ developed for
and other factors, including futuristic reasonable
in-house use and design and property rights of
information that may have a financial impact on the
the Company. These assets are stated at cost.
Company.
Cost includes related acquisition expenses,
c. Property, plant and equipment related borrowing costs, if any, and other direct
expenditure.
(i) Property, plant and equipment are stated at
historical cost of acquisition (except for certain (vii) 
Items of stores and spares that meet the
class of assets which are measured at fair value definition of property, plant and equipment are
on transition date to Ind AS i.e April 01, 2017 as capitalised at cost and depreciated over their
deemed cost) including attributable interest and useful life. Otherwise, such items are classified
finance costs, if any, till the date of acquisition/ as inventories.
installation of the assets less accumulated
d. Investments and financial assets
depreciation and accumulated impairment
losses, if any. (i) Investments in subsidiary companies

(ii) Subsequent expenditure relating to property, 


Investments in subsidiary companies are
plant and equipment is capitalised only when recognised at cost and not adjusted to fair
it is probable that future economic benefits value at the end of each reporting period. Cost
associated with the item will flow to the Company represents amount paid for acquisition of the
and the cost of the item can be measured said investments.

ANNUAL REPORT 2021-22 119


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

The Company assesses at the end of each approach does not require the Company to
reporting period, if there is any indication that track changes in credit risk. Rather, it recognises
the said investments may be impaired. If so, the impairment loss allowance based on lifetime
Company estimates the recoverable value of ECL at each reporting date, right from its initial
the investments and provides for impairment, if recognition. For recognition of impairment loss
any, i.e. the deficit in the recoverable value over on other financial assets and risk exposure, the
cost. Company determines that whether there has
been a significant increase in the credit risk
(ii)
Other investments and financial assets
since initial recognition.
Financial assets are recognised when the
e. Inventories
Company becomes a party to the contractual
provisions of the instrument. On initial (i) Raw materials and stores and spares are valued
recognition, a financial asset is recognised at at weighted average cost including all charges
fair value. In case of financial assets which are in bringing the materials to the present location.
recognised at fair value through profit and loss
(ii) Finished and work-in-progress are valued at the
(FVTPL), its transaction costs are recognised in
cost plus direct expenses and appropriate value
the statement of profit or loss. In other cases,
of overheads or net realisable value, whichever
the transaction costs are attributed to the
is lower.
acquisition value of financial asset.
(iii) Obsolete, slow moving and defective inventories
Financial assets are subsequently classified
are written off/valued at net realisable value
measured at –
during the year as per policy consistently
- amortised cost followed by the Company.

- fair value through profit and loss (FVTPL) f. Cash and cash equivalents

- fair value through other comprehensive Cash and cash equivalents in the balance sheet
income (FVOCI). comprises of balance with banks and cash on hand
and short term deposits with an original maturity of
Financial assets are not reclassified subsequent
three month or less, which are subject to insignificant
to their recognition except if and in the period
risks of changes in value.
the Company changes its business model for
managing financial assets. g. Trade receivables

Financial asset are derecognised only when A receivable is classified as a trade receivable if it is
the Company has transferred the rights to in respect of the amount due on account of goods
receive cash flows from the financial asset. sold or services rendered in the normal course of
Where the entity has transferred the asset, the business. Trade receivables are recognised initially
Company evaluates whether it has transferred at fair value and subsequently measured at net of
substantially all risks and rewards of ownership any expected credit losses.
of the financial asset. In such cases, financial
h. Equity instruments:
asset is derecognised.
An equity instrument is any contract that evidences
In accordance with Ind AS 109, the Company
a residual interest in the assets of the Company after
applies the expected credit loss (”ECL”)
deducting all of its liabilities. Equity instruments
model for measurement and recognition of
which are issued for cash are recorded at the
impairment loss on financial assets and credit
proceeds received, net of direct issue costs.
risk exposures. The Company follows simplified
approach for recognition of impairment loss i. Financial liabilities
allowance on trade receivables. Simplified (i) 
Financial liabilities are recognised when the

120 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Company becomes a party to the contractual in the contract, net of the estimated sales
provisions of the instrument. Financial liabilities incentives/ discounts.
are initially measured at the amortised cost
(iii) Accumulated experience is used to estimate
unless at initial recognition, they are classified
and provide for the discounts/ rights of return,
as fair value through profit and loss.
using the expected value method.
(ii) Financial liabilities are subsequently measured
(iv) A return liability is recognised to expected return
at amortised cost using the Effective Interest
in relation to sales made corresponding assets
Rate (EIR) method. Financial liabilities carried at
are recognised for the products expected to be
fair value through profit and loss are measured
returned.
at fair value with all changes in fair value
recognised in the statement of profit and loss. (v) 
The Company recognises as an asset, the
incremental costs of obtaining a contract with
(iii) 
Financial liabilities are derecognised when
a customer, if the Company expects to recover
the obligation specified in the contract is
those costs. The said asset is amortised on a
discharged, cancelled or expires.
systematic basis consistent with the transfer of
j. Trade payables goods or services to the customers.

A payable is classified as a trade payable if it is in l. Custom duty and GST:


respect of the amount due on account of goods
Purchase of goods and fixed assets are accounted
purchased or services received in the normal course
for net of GST input credits. Custom duty paid on
of business. These amounts represent liabilities for
import of materials is dealt within respective material
goods and services provided to the Company prior to
accounts.
the end of the financial year which are unpaid. These
amounts are unsecured and are usually settled as m. Foreign currency transactions
per the payment terms. Trade and other payables are (i) Items included in the financial statements
presented as current liabilities unless payment is not are measured using the currency of primary
due within 12 months after the reporting period. economic environment in which the Company
k. Revenue recognition operates (“the functional currency”). The
financial statements are presented in Indian
(i) 
Revenue from contract with customers is
Rupee (₹), which is the Company’s functional
recognised when the Company satisfies
and presentation currency.
performance obligation by transferring
promised goods and services to the customer. (ii) 
Foreign currency transactions are initially
Performance obligations are satisfied at a point recorded in the reporting currency at foreign
of time or over a period of time. Performance exchange rate on the date of the transaction.
obligations satisfied over a period of time (iii) Monetary items of current assets and current
are recognised as per the teams of relevant liabilities denominated in foreign currencies are
contractual agreements/ arrangements. reported using the closing rate at the reporting
Performance obligations are said to be satisfied date. Non-monetary items which are carried in
at a point of time when the customer obtains terms of historical cost denominated in a foreign
controls of the asset. currency are reported using the exchange rate
at the date of the transaction.
(ii) Revenue is measured based on transaction price,
which is the fair value of the consideration (iv) 
The gain or loss on decrease/ increase in
received or receivable, stated net of discounts, reporting currency due to fluctuations in foreign
return and goods & service tax. Transaction exchange rates are recognised in the statement
price is recognised based on the price specified of profit or loss.

ANNUAL REPORT 2021-22 121


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

n. Employee benefit expenses of subsidiary companies are considered as


capital contribution by the parent company
(i) Contributions to defined contribution schemes
on a straight-line basis over the vesting period
such as provident fund, employees’ state
which, will be adjusted by any recharge in the
insurance, labour welfare fund etc. are charged
subsequent years by the subsidiary companies.
as an expense based on the amount of
contribution required to be made as and when o. Leases
services are rendered by the employees. These
The Company, as a lessee, recognises a right-of-use
benefits are classified as defined contribution
asset and a lease liability for its leasing arrangements,
schemes as the Company has no further
if the contract conveys the right to control the use of
obligations beyond the monthly contributions.
an identified asset.
(ii) 
The Company provides for gratuity which is
The contract conveys the right to control the use
a defined benefit plan, the liabilities of which
of an identified asset, if it involves the use of an
are determined based on valuations, as at the
identified asset and the Company has substantially
reporting date, made by an independent actuary
all of the economic benefits from use of the asset
using the projected unit credit method. Re-
and has right to direct the use of the identified asset.
measurement comprising of actuarial gains and
The cost of the right-of-use asset shall comprise of
losses, in respect of gratuity are recognised in
the amount of the initial measurement of the lease
the other comprehensive income in the period
liability adjusted for any lease payments made at
in which they occur. The classification of the
or before the commencement date plus any initial
Company’s obligation into current and non-
direct costs incurred. The right-of-use assets is
current is as per the actuarial valuation report.
subsequently measured at cost less any accumulated
(iii) The employees are entitled to accumulate leave depreciation, accumulated impairment losses, if any
subject to certain limits, for future encashment and adjusted for any remeasurement of the lease
and availment, as per the policy of the liability. The right-of-use assets is depreciated using
Company. The liability towards such unutilised the straight-line method from the commencement
leave as at the end of each balance sheet date date over the shorter of lease term or useful life of
is determined based on independent actuarial right-of-use asset.
valuation and recognised in the statement of
p. Provisions and contingent liabilities
profit and loss.
The Company creates a provision when there is
(iv) Employee Share based Payments: The Company
present obligation, legal or constructive, as a result
operates equity settled share-based plan for
of past events that probably requires an outflow of
the employees (Referred to as employee stock
resources and a reliable estimate can be made of the
option plan (ESOP)). ESOP granted to the
amount of obligation.
employees are measured at fair value of the
stock options at the grant date. Such fair value Disclosure of contingent liability is made when there
of the equity settled share-based payments is is a possible obligation arising from past events,
recognised as expense on a straight-line basis the existence of which will be confirmed only by
over the vesting period, based on the Company’s the occurrence or non-occurrence of one or more
estimate of equity shares that will eventually uncertain future events not wholly within the control
vest, with a corresponding increase in equity of the Company or a present obligation that arises
(employee stock option reserve). At the end of from past events where it is either not probable
each reporting period, the Company revises its that an outflow of resources embodying economic
estimate of number of equity shares expected benefits will be required to settle or a reliable
to vest. estimate of amount cannot be made. Contingent
assets are neither recognised nor disclosed in the
Fair value of the ESOP granted to the employees
financial statements.

122 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

q. Borrowing costs assets and liabilities are measured at the amount


expected to be recovered from or paid to the taxation
Borrowing costs consist of interest and other
authorities. The tax rates and tax laws used to
costs that the Company incurs in connection with
compute the amount are those that are enacted or
the borrowing of funds. Also, the effective interest
substantively enacted, at the reporting date.
rate amortisation is included in finance costs.
Borrowing costs relating to acquisition, construction Deferred tax is recognised on temporary differences
or production of a qualifying asset which takes between the carrying amounts of assets and liabilities
substantial period of time to get ready for its intended in the financial statements and the corresponding
use are added to the cost of such asset to the extent tax bases used in the computation of taxable profit.
they relate to the period till such assets are ready to
Deferred tax liabilities are generally recognised for all
be put to use. All other borrowing costs are expensed
taxable temporary differences. Deferred tax assets
in the statement of profit and loss in the period in
are recognised for unused tax losses, unused tax
which they occur.
credits and deductible temporary differences to the
r. Impairment of non-financial assets extent that it is probable that future taxable profits
will be available against which they can be used.
As at each reporting date, the Company assesses
whether there is an indication that a non-financial The carrying amount of deferred tax is reviewed
asset may be impaired and also whether there is an at each reporting date and measured at the tax
indication of reversal of impairment loss recognised rates that are expected to be applied to temporary
in the previous periods. If any indication exists, or differences when they reverse, using tax rates
when annual impairment testing for an asset is enacted or substantively enacted at the reporting
required, the Company determines the recoverable date. The measurement of deferred tax reflects the
amount and impairment loss is recognised when tax consequences that would follow from the manner
the carrying amount of an asset exceeds its in which the Company expects, at the reporting date,
recoverable amount. If the amount of impairment to recover or settle the carrying amount of its assets
loss subsequently decreases and the decrease can and liabilities.
be related objectively to an event occurring after
t. Earnings per share
the impairment was recognised, then the previously
recognised impairment loss is reversed through the (i) Basic earnings per share is computed by dividing
statement of profit and loss. the net profit or loss for the period attributable
to the equity shareholders of the Company by
s. Taxation
the weighted average number of equity shares
Income tax expense comprises current tax expense outstanding during the period. The weighted
and the deferred tax during the year. Current and average number of equity shares outstanding
deferred taxes are recognised in the statement during the period and for all periods presented
of profit and loss, except when they relate to is adjusted for events, such as bonus shares,
items that are recognised in other comprehensive other than the conversion of potential equity
income or directly in equity, in which case, the shares that have changed the number of equity
current and deferred tax are also recognised in shares outstanding, without a corresponding
other comprehensive income or directly in equity, change in resources.
respectively.
(ii) For the purpose of calculating diluted earning
Current income tax is recognised based on the per share, the net profit or loss for the period
estimated tax liability computed after taking credit attributable to the equity shareholders and the
for allowances and exemptions in accordance weighted average number of equity shares
with the Income Tax Act, 1961. Current income tax outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.

ANNUAL REPORT 2021-22 123


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

u. Segment reporting simultaneously. The legally enforceable right must


not be contingent on future events and must be
Operating segments are reported in a manner
enforceable in the normal course of business and in
consistent with the internal reporting provided
the event of default, insolvency or bankruptcy of the
to the operating decision makers. The decision
Company or the counterparty.
makers regularly monitor and review the operating
result of the whole Company. The activities of the w. Events after the reporting period
Company primarily fall under a single segment of
Adjusting events are events that provide further
“manufacturing and trading of kitchen sinks and
evidence of conditions that existed at the end of
other appliances” in accordance with the Ind AS 108
the reporting period. The financial statements are
“Operating Segments”.
adjusted for such events before authorisation for
v. Offsetting instruments issue.

Financial assets and liabilities are offset and the net Non-adjusting events are events that are indicative
amount reported in the balance sheet when there is of conditions that arose after end of the reporting
a legally enforceable right to offset the recognised period. Non-adjusting events after the reporting date
amounts and there is an intention to settle on a are not accounted, but disclosed.
net basis or realise the asset and settle the liability

124 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 2: Property, plant and equipment

(₹ in Lakhs)
Particulars Land Buildings Plant & Mould & Office Furniture Vehicles Total
Equipment Dies Equipment & Fixtures
Gross carrying value
As at April 01, 2020 2,671.45 1,841.20 2,454.35 5,918.12 382.59 803.74 478.64 14,550.09
Additions 127.39 601.25 1,376.44 789.66 72.11 217.87 - 3,184.72
Disposals - (73.18) - - - (3.28) - (76.46)
As at March 31, 2021 2,798.84 2,369.27 3,830.79 6,707.78 454.70 1,018.33 478.64 17,658.35
Additions 87.75 1,708.24 2,791.23 1,174.17 116.38 37.54 124.84 6,040.15
Disposals (345.63) - - - - - (18.90) (364.53)
As at March 31, 2022 2,540.96 4,077.51 6,622.02 7,881.95 571.08 1,055.87 584.58 23,333.97
Depreciation
As on April 01, 2020 - 378.41 1,236.36 3,337.47 365.31 505.50 345.25 6,168.30
Depreciation charged - 78.88 257.27 516.89 39.28 84.98 41.69 1,018.99
Disposals - (14.65) - - - (0.17) - (14.82)
As at March 31, 2021 - 442.64 1,493.63 3,854.36 404.59 590.31 386.94 7,172.47
Depreciation charged - 104.14 529.83 594.53 73.16 116.68 52.35 1,470.69
Disposals - - - - - - (10.41) (10.41)
As at March 31, 2022 - 546.78 2,023.47 4,448.89 477.75 706.99 428.88 8,632.76
Net carrying value
As at March 31, 2021 2,798.84 1,926.63 2,337.16 2,853.42 50.11 428.02 91.70 10,485.88
As at March 31, 2022 2,540.96 3,530.73 4,598.55 3,433.06 93.33 348.88 155.70 14,701.21

Capital work in progress ageing schedule:

Particulars Capital work in progress for a period of Total


Less than 1-2 years 2-3 years More than
1 year 3 years
March 31, 2022
Projects in progress 1,674.28 - - - 1,674.28
1,674.28 - - - 1,674.28
March 31, 2021
Projects in progress 968.38 - - - 968.38
968.38 - - - 968.38

There are no projects which are overdue for completion or has exceeded its cost as compared to the original plan.

ANNUAL REPORT 2021-22 125


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

Note 3: Right of use assets

(` in Lakhs)
Particulars Building Total
Gross carrying value
As at March 31, 2020 294.57 294.57
Additions 544.67 544.67
Disposals (146.66) (146.66)
As at March 31, 2021 692.58 692.58
Additions 1,164.52 1,164.52
Disposals (440.33) (440.33)
As at March 31, 2022 1,416.77 1,416.77
Accumulated depreciation
As at March 31, 2020 152.45 152.45
Depreciation charged 118.31 118.31
Disposals (73.33) (73.33)
As at March 31, 2021 197.43 197.43
Depreciation charged 187.78 187.78
Disposals (194.98) (194.98)
As at March 31, 2022 190.23 190.23
Net carrying value
As at March 31, 2021 495.15 495.15
As at March 31, 2022 1,226.54 1,226.54

Leases - Company as a lessee

(a) Set out below, are the amounts recognised in profit and loss:

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Amortisation expense of right-of-use assets 187.78 118.31
Interest expense on lease liabilities 62.38 16.88
Lease expense- Short term and lease of low value assets 65.62 158.73
315.78 293.92

(b) Lease liabilities included in the financial statements:

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Current 295.71 97.93
Non-current 981.76 458.33
Total lease liabilities 1,277.47 556.26

126 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 4: Intangible assets

(` in Lakhs)
Particulars Design & Computer Total
Property Software
Rights
Gross carrying value
As at April 01, 2020 165.09 91.42 256.51
Additions - 34.23 34.23
As at March 31, 2021 165.09 125.65 290.74
Additions - 11.91 11.91
As at March 31, 2022 165.09 137.55 302.65
Accumulated depreciation
As on April 01, 2020 37.88 49.60 87.48
Depreciation charged 16.51 3.76 20.27
As at March 31, 2021 54.39 53.36 107.75
Depreciation charged 16.51 0.90 17.41
As at March 31, 2022 70.90 54.26 125.16
Net carrying value
As at March 31, 2021 110.70 72.29 182.99
As at March 31, 2022 94.19 83.29 177.49

Note 5: Non-current investments

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
a. Investments valued at cost, fully paid up
Investments in subsidiaries in India
Acrysil Steel Limited 703.80 459.80
56,60,384 (45,98,000) equity shares of ₹ 10 each fully paid-up
(extent of holding: 84.99%)
(includes capital contribution towards ESOPs granted to
the employees of the subsidiary during the year ₹ 31.52 Lakhs)
Carysil Online Limited (formerly knowns as Acrysil Appliances Limited) 100.00 100.00
10,00,000 equity shares of ₹ 10 each fully paid-up
(extent of holding: 100.00%)
Sternhagen Bath Private Limited 8.49 8.49
84,900 equity shares of ₹ 10 each fully paid-up
(extent of holding: 84.90%)
812.29 568.29

ANNUAL REPORT 2021-22 127


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Investments in subsidiaries outside India
Acrysil Gmbh 171.48 171.48
9 equity shares of Euro 25,000 each
(extent of holding: 100.00%)
Acrysil UK Limited 667.74 667.74
6,90,001 equity shares of GBP 1 each
(extent of holding: 100.00%)
(shares are pledged with a financial institution against finance
availed by the subsidiary)
Acrysil Products Limited 50.43 -
(capital contribution towards ESOPs granted to the employees
of the step-down subsidiary during the year )
889.65 839.22
Total non-current investments 1,701.94 1,407.51
Aggregate amount of quoted investments - -
Market value of quoted investments - -
Aggregate amount of unquoted investments 1,701.94 1,407.51

Note 6: Loans (unsecured)

(` in Lakhs)
Particulars Non-current Current
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Unsecured, considered good
to subsidiaries 253.95 242.98 - -
to employees - - 13.23 10.89
Total loans 253.95 242.98 13.23 10.89

(` in Lakhs)
Name of the entity Outstanding balances Maximum balance
outstanding during the year
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Subsidiaries:
Acrysil Gmbh 253.95 242.98 253.95 242.98
253.95 242.98 253.95 242.98

128 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 7: Other financial assets

(` in Lakhs)
Particulars Non-current Current
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Security deposits 153.35 115.96 - -
Claims receivables - - 1,042.91 1,525.15
Forward contract premium receivables - - 175.83 143.48
Interest receivables - - 42.96 62.03
Total other financial assets 153.35 115.96 1,261.70 1,730.66

Note 8: Other assets

(` in Lakhs)
Particulars Non-current Current
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Trade advances to suppliers - - 232.13 534.95
Less: Loss allowance for doubtful advances - - (21.58) (21.58)
- - 210.55 513.37
Capital advances 597.46 663.10 - -
Advances to staff - - 12.13 18.02
Prepaid expenses - - 51.51 15.88
Input credit receivables - - 2,399.92 936.17
Gratuity surplus fund (net) - - 7.27 -
Other advances - - 81.04 109.88
Total other assets 597.46 663.10 2,762.42 1,593.32
Trade advances:
- To companies or firms in which some of the - - 5.47 262.22
directors are interested

Note 9: Inventories

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Stores & spares 77.69 32.97
Stock-in-trade 1,560.64 941.75
Raw materials 971.02 387.02
Finished goods 2,528.37 1,249.81
Semi finished goods 1,005.16 323.03
Bought out items 1,156.03 739.76
Packing materials 274.63 223.22
Total inventories 7,573.54 3,897.56

ANNUAL REPORT 2021-22 129


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

Note 10: Trade receivables


(Unsecured, considered good unless otherwise stated)
(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Unsecured, considered good 8,161.38 6,040.92
Unsecured, significant increase in credit risk 90.61 88.41
Unsecured, considered doubtful 82.80 61.22
Less: Loss allowance for doubtful debts (128.11) (105.36)
Total trade receivables 8,206.68 6,085.19
Above includes due from related parties
- Subsidiaries 1,290.48 1,032.03

10.1 Trade receivables ageing schedule:

(₹ in Lakhs)
Particular Not due Outstanding for the following period from due date of payments Total
< 6 Months 6 months- 1 - 2 years 2 - 3 years > 3 years
1 year
March 31, 2022
Undisputed, considered good 7,168.41 932.92 21.93 30.32 - - 8,153.58
Undisputed having significant - - - - 31.34 - 31.34
increase in credit risk
Undisputed trade receivables- - - - - - 46.87 46.87
credit impaired
Disputed, considered good - 2.95 0.08 4.77 - - 7.80
Disputed having significant - - - - 59.27 - 59.27
increase in credit risk
Disputed trade receivables- - - - - - 35.93 35.93
credit impaired
7,168.41 935.87 22.01 35.09 90.61 82.80 8,334.79
Less: Allowance for credit (128.11)
losses
Total trade receivables 8,206.68

March 31, 2021


Undisputed, considered good 5,289.33 528.57 79.72 143.30 - - 6,040.92
Undisputed having significant - - - - 88.41 - 88.41
increase in credit risk
Undisputed trade receivables- - - - - - 61.22 61.22
credit impaired
5,289.33 528.57 79.72 143.30 88.41 61.22 6,190.55
Less: Allowance for credit (105.36)
losses
Total trade receivables 6,085.19

130 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 11: Cash and cash equivalents

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Balances with banks 86.44 43.39
Short term deposits - 150.00
Cash on hand 4.25 36.94
Total cash and cash equivalents 90.69 230.33

Note 12: Other bank balances

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Dividend accounts 53.26 54.21
Other term deposits * 536.37 1,171.32
Total other bank balances 589.63 1,225.53

There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at 31st March.

* includes ₹ 26.25 Lakhs (₹ 96.74 Lakhs) under lien with banks against various credit facilities

Note 13: Income tax assets

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Current income tax liabilities 4,532.46 2,903.83
Income tax assets 4,477.89 2,853.28
Net balance 54.57 50.55
The gross movement in the current tax (asset) / Liabilities
Net current income tax asset at the beginning 50.55 114.26
Income tax paid (net of refunds) (1,571.62) (1,069.24)
Current income tax expense 1,575.64 1,005.53
Net current income tax asset at the end 54.57 50.55

A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the profit before
income tax is as below:

Profit before tax 6,760.70 3,876.46


Applicable income tax rate 25.17% 25.17%
1,701.53 975.63
Effect of expenses/depreciation for tax purpose (net) 13.71 23.95
Effect of income not considered for tax purpose (125.24) -
(111.53) 23.95
Income tax expense charged to the Statement of Profit and Loss 1,590.00 999.58

ANNUAL REPORT 2021-22 131


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

Note 14: Equity share capital

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Authorised
4,00,00,000 equity shares of ₹ 2 each 800.00 800.00
800.00 800.00
Issued, Subscribed and Paid up
2,66,94,880 equity shares of ₹ 2 each 533.90 533.90
Total equity share capital 533.90 533.90

a. Equity shares issued as fully paid-up bonus shares or otherwise than by cash during the preceding five years: Nil

b. Reconciliation of equity shares outstanding at the beginning and at the end of the year :
(` in Lakhs)
Particulars As at MARCH 31, 2022 As at MARCH 31, 2021
No. of shares ` No. of shares `
Balance at the beginning of the year 26,694,880 533.90 26,694,880 533.90
Issue of equity shares during the year - - - -
Balance at end of the year 26,694,880 533.90 26,694,880 533.90

c. Shares held by promoters and promoter group :


(` in Lakhs)
Name of Shareholder As at MARCH 31, 2022 As at MARCH 31, 2021 Change
Nos. % of Nos. % of (%)
holding holding
Chirag Parekh 8,633,480 32.34 8,633,480 32.34 -
Acrycol Minerals Limited 1,381,760 5.18 1,381,760 5.18 -
Pushpa R Parekh 734,760 2.75 734,760 2.75 -
Shetal C Parekh 550,000 2.06 550,000 2.06 -
Jatin R Parekh 419,250 1.57 419,250 1.57 -
Mala M Sanghrajka 37,500 0.14 37,500 0.14 -

Name of Shareholder As at MARCH 31, 2021 As at MARCH 31, 2020 Change


Nos. % of Nos. % of (%)
holding holding
Chirag Parekh 8,633,480 32.34 8,629,730 32.33 0.01
Acrycol Minerals Limited 1,381,760 5.18 1,381,760 5.18 -
Pushpa R Parekh 734,760 2.75 734,760 2.75 -
Shetal C Parekh 550,000 2.06 550,000 2.06 -
Jatin R Parekh 419,250 1.57 419,250 1.57 -
Mala M Sanghrajka 37,500 0.14 37,500 0.14 -
Ashwin M Parekh - - 3,750 0.01 0.01

132 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

d. Shares held by each shareholder holding more than five percent shares :

(` in Lakhs)
Name of Shareholder As at MARCH 31, 2022 As at MARCH 31, 2021
Nos. % of holding Nos. % of holding
Chirag Parekh 8,633,480 32.34 8,633,480 32.34
Abakkus Emerging Opportunities Fund - 1 1,643,050 6.15 1,722,338 6.45
Acrycol Minerals Limited 1,381,760 5.18 1,381,760 5.18

e. Rights, preferences and restrictions attached to shares

 he company has one class of equity shares having a face value of ` 2 each ranking pari pasu in all respect including voting rights
T
and entitlement to dividend. Each holder of equity shares is entitled to one vote per share. Dividend proposed by the board of
directors and approved by the shareholders in the annual general meeting is paid to the shareholders.

Note 15: Other equity

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Capital reserve 25.20 25.20
General reserve
Balance at the beginning of the year 4,700.00 4,200.00
Transferred from retained earnings 1,000.00 500.00
Balance at the end of the year 5,700.00 4,700.00
Securities premium account 3,974.09 3,974.09
Addition during the year - -
3,974.09 3,974.09
Retained earnings
Balance at the beginning of the year 5,943.42 4,314.68
Profit for the year 5,152.35 2,662.64
Appropriations
Transfer to general reserve (1,000.00) (500.00)
Dividend (640.68) (533.90)
Balance at the end of the year 9,455.09 5,943.42
Share based payment reserve
Addition during the year 369.82 -
369.82 -
Other components of equity
Remeasurement of defined benefit plans (net of tax) (25.81) (32.59)
Total other equity 19,498.39 14,610.12

Capital reserve: This represents capital grants received in the past years.

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 provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under
Companies Act, 2013 and the Company can optionally transfer any amount from the surplus of profit or loss to the General
Reserve.

ANNUAL REPORT 2021-22 133


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

Securities premium account: Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised
in accordance with the provisions of the Companies Act.

Retained earnings: Retained earnings are the profits that the Company has earned till date, less transfers to general reserve,
dividends or other distributions paid to shareholders.

Share based payment reserve: This represents the fair value of the stock options granted by the Company under the Employees
Stock Option Plan 2021 Plan accumulated over the vesting period. The reserve will be utilised on exercise of the options.

Net gain/(loss) on fair value of defined benefit plans: The Company has recognised remeasurement gains/(loss) on defined
benefit plans in OCI. These changes are accumalated within the OCI reserve within other equity. The Company transfers amount
from this reserve to retained earning when the relevant obligations are derecognised.

Note 16: Borrowings

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Secured
Term loans from banks 3,058.79 1,620.69 - -
Working capital finance from banks - - 8,093.22 6,895.88
Current maturities of long-term debt - - 1,015.59 481.74
3,058.79 1,620.69 9,108.81 7,377.62
Unsecured
Term loans from related parties - - 108.31 111.18
- - 108.31 111.18
Total borrowings 3,058.79 1,620.69 9,217.12 7,488.80

Note: Term loans from banks are secured by first hypothecation charge on entire movable fixed assets of the Company, both
present & future, on pari-passu basis, further secured by the first pari-passu charge on immovable properties of the Company
and personal guarantee of one of the directors of the Company. Term loans for vehicles are against hypothication of vehicles.

Working capital finance from banks are secured by first hypothecation charge on entire current assets of the Company, both
present and future, ranking pari-passu, second charge on entire movable fixed assets of the Company (excluding vehicles) both
present and future and personal guarantee of one of the directors of the Company.

Note 17: Other financial liabilities

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Interest accrued and due - - 13.81 9.44
Payable towards services received - - 225.39 222.30
Unclaimed dividend - - 53.96 54.91
Deposits from distributors and others - - 21.71 22.52
Total other financial liabilities - - 314.87 309.17

134 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 18: Provisions

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Provision for leave encashment 65.50 54.36 13.71 11.41
Provision for bonus - - 88.77 46.27
Provision for gratuity - - - 39.69
Total provisions 65.50 54.36 102.48 97.37

Note 19: Deferred tax liabilities

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
On account of timing differences in
Depreciation on property, plant & equipment 542.61 463.48
Provision for doubtful debts (37.67) (31.95)
Disallowances u/s 40(a) and 43B of the Income Tax Act 11.37 49.80
516.31 481.33

Note 20: Other liabilities

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Advances from customers - - 173.99 299.88
Payable for capital assets - - - 40.00
Statutory due payable - - 93.60 74.51
Total other liabilities - - 267.59 414.39

Note 21: Trade payables

(` in Lakhs)
Particulars Current
MARCH 31, 2022 MARCH 31, 2021
Trade payables, considered good
Total outstanding dues of Micro and Small Enterprises 1,145.02 741.06
(refer note no. 36)
Total outstanding dues of creditors other than Micro and Small Enterprises 4,932.09 2,377.43
Total trade payables 6,077.11 3,118.49

ANNUAL REPORT 2021-22 135


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

21.1 Trade payables ageing schedule:

(₹ in Lakhs)
Particular Not due Outstanding for the following period from due date of payments Total
Less than 1 - 2 years 2 - 3 years > 3 years
1 year
March 31, 2022
Outstanding dues to MSME 868.04 276.91 0.07 - - 1,145.02
Others 3,921.33 919.07 13.04 8.39 70.26 4,932.09
Total 4,789.37 1,195.98 13.11 8.39 70.26 6,077.11

March 31, 2021


Outstanding dues to MSME 739.98 1.08 - - - 741.06
Others 1,985.54 280.74 9.19 24.11 77.85 2,377.43
Total 2,725.52 281.82 9.19 24.11 77.85 3,118.49
Note 22: Revenue from operations

(` in Lakhs)
Particulars 2021-2022 2020-2021
Sale of products
Export sales 31,433.43 19,241.41
Domestic sales 7,267.18 4,770.29
38,700.61 24,011.70
Other operating revenue
Export incentives & credits 54.19 816.66
Other operating income 47.77 5.77
Total revenue from operations 38,802.57 24,834.13

Note 23: Other income

(` in Lakhs)
Particulars 2021-2022 2020-2021
Interest income
Banks 51.10 85.56
Others 26.30 48.48
Gain on foreign currency fluctuation 829.50 581.99
Gain on disposal of property, plant & equipment 54.44 1.46
Dividend income 443.70 -
Miscellaneous income 22.79 11.49
Total other income 1,427.83 728.98

136 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 24: Cost of materials consumed

(` in Lakhs)
Particulars 2021-2022 2020-2021
Raw material consumed
Opening stock 387.02 500.84
Add: Purchases 10,410.67 4,905.66
10,797.69 5,406.50
Less: Closing stock 971.02 387.02
Total raw material consumed 9,826.67 5,019.48

Packing material consumed


Opening stock 223.22 119.08
Add: Purchases 3,863.81 2,464.39
4,087.03 2,583.47
Less: Closing stock 274.63 223.22
Total packing material consumed 3,812.40 2,360.25

Bought out items 2,442.49 1,523.20


Total cost of materials consumed 16,081.56 8,902.93

Note 25: Changes in inventories

(` in Lakhs)
Particulars 2021-2022 2020-2021
Closing Stock
Finished goods 2,528.37 1,249.81
Stock-in-trade 1,560.64 941.75
Semi finished goods 1,005.16 323.03
5,094.17 2,514.59
Opening Stock
Finished goods 1,249.81 1,037.79
Stock-in-trade 941.75 1,064.24
Semi finished goods 323.03 882.31
2,514.59 2,984.34
Changes in inventories (2,579.58) 469.75

ANNUAL REPORT 2021-22 137


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

Note 26: Employee benefit expenses

(` in Lakhs)
Particulars 2021-2022 2020-2021
Salaries, wages and bonus 1,620.58 1,198.54
Directors' remuneration 318.93 184.16
Employee stock option expenses 287.87 -
Leave compensation 23.70 65.66
Contribution to provident fund and other funds 129.70 70.04
Staff welfare expenses 134.76 83.06
Total employee benefit expenses 2,515.54 1,601.46

Note 27: Finance costs

(` in Lakhs)
Particulars 2021-2022 2020-2021
Interest
Banks 677.56 528.72
Income tax 53.00 11.32
Others 80.98 46.01
811.54 586.05
Exchange difference on foreign currency borrowings - 1.13
Other borrowing cost 59.26 52.65
Total finance costs 870.80 639.83

Note 28: Depreciation and amortisation expenses

(` in Lakhs)
Particulars 2021-2022 2020-2021
Depreciation on tangible assets 1,658.47 1,137.30
Depreciation on intangible assets 17.41 20.27
Total depreciation and amortisation 1,675.88 1,157.57

Note 29: Other expenses

(` in Lakhs)
Particulars 2021-2022 2020-2021
Manufacturing expenses
Power & fuel 1,375.28 657.49
Machinery repairs and maintenance 121.16 239.70
Stores and spares 948.89 477.17
Other expenses 1,722.04 961.42
4,167.37 2,335.78
Selling and distribution expenses
Sales commission 139.26 424.69
Advertisement and business promotion 758.11 447.72

138 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 29: Other expenses (Contd.)

(` in Lakhs)
Particulars 2021-2022 2020-2021
Export freight and insurance 4,880.15 1,907.74
Other selling expenses 630.03 408.58
6,407.55 3,188.73
Administrative and other expenses
Rent 65.62 158.73
Rates & taxes 9.04 3.49
Travelling expenses 376.17 214.72
Postage and telephone expenses 24.83 43.71
Printing and stationery expenses 37.75 30.74
Insurance premiums 55.79 37.80
Building and other repairs 188.98 192.56
Bank discount, commission and other charges 84.44 61.18
Legal and professional fees 222.19 208.39
Payment to auditors 19.92 19.70
Directors sitting fees 15.85 11.00
Corporate social responsibility expenses 57.43 32.81
Donations 2.24 1.94
Bad debts, provision for doubtful advances and other write-off 36.24 525.35
General expenses 280.11 199.44
1,476.60 1,741.56
Total other expenses 12,051.52 7,266.07

Expenditure towards Corporate Social Responsibility (CSR) activities


1. Amount required to be spent u/s 135(5) of the Companies Act 2013 49.10 29.77
2. Amount spent in cash during the year
i) Construction/acquisition of any asset - -
ii) On purposes other than (i) above 57.43 32.81
3. (Excess)/Shortfall at the end of the year (8.33) (3.04)
4. Nature of CSR activities Education, health, wellness, animal
welfare.
5. Details of related party transactions in relation to CSR expenditure to Ashwanilla 15.73 29.62
Charitable Trust
Payments to auditors
Audit fees (including quarterly review) 16.30 14.30
Tax audit fees 2.00 2.00
Other services 1.62 3.40
19.92 19.70

ANNUAL REPORT 2021-22 139


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

Note 30: Earning per share

(` in Lakhs)
Particulars 2021-2022 2020-2021
Profit for the year (₹ in Lakhs) 5,152.36 2,662.64
Weighted average number of shares for basic earning per share (Nos) 26,694,880 26,694,880
Weighted average number of shares for diluted earning per share (Nos) 26,810,860 26,694,880
Earnings per share (Basic) ₹ 19.30 9.97
Earnings per share (Diluted) ₹ 19.22 9.97
Face value per share ₹ 2.00 2.00

Note 31: Fair value measurement

Financial instruments by catergory :

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
FVPL FVOCI Amortised Fair value FVPL FVOCI Amortised Fair value
cost cost
Financial assets
Investments - - 1,701.94 1,701.94 - - 1,407.51 1,407.51
Trade receivables - - 8,206.68 8,206.68 - - 6,085.19 6,085.19
Loans - non-current - - 253.95 253.95 - - 242.98 242.98
Loans - current - - 13.23 13.23 10.89 10.89
Other financial assets - - - 153.35 153.35 - - 115.96 115.96
non-current
Other financial assets - current - - 1,261.70 1,261.70 - - 1,730.66 1,730.66
Cash and cash equivalents - - 90.69 90.69 - - 230.33 230.33
Other bank balances - - 589.63 589.63 - - 1,225.53 1,225.53
Total financial assets - - 12,271.17 12,271.17 - - 11,049.05 11,049.05
Financial liabilities
Borrowings
Long term borrowings - - 3,058.79 3,058.79 - - 1,620.69 1,620.69
Short term borrowings - - 9,217.12 9,217.12 - - 7,488.80 7,488.80
Lease liabilities - non-current - - 981.76 981.76 - - 458.33 458.33
Lease liabilities - current - - 295.71 295.71 - - 97.93 97.93
Trade payables - - 6,077.11 6,077.11 - - 3,118.49 3,118.49
Other financial liabilities - - - - - - - - -
non-current
Other financial liabilities -current - - 314.87 314.87 - - 309.17 309.17
Total financial liabilities - - 19,945.36 19,945.36 - - 13,093.41 13,093.41

140 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 32: Financial risk management

The Company’s activities expose it to credit risk, liquidity risk and market risk.

Risk Exposure arising from Measurement Management


Credit Risk Cash and cash equivalents, financial Credit ratings aging analysis, Diversification of counter parties,
assets and trade receivables credit evaluation investment limits, check on
counter parties basis credit rating
and number of overdue days
Liquidity Risk Other liabilities Maturity analysis Maintaining sufficient cash/
cash equivalents and marketable
securities
Market Risk Financial assets and liabilities not Sensitivity analysis Constant evaluation and proper
denominated in INR risk management policies
The Board provides guiding principles for overall risk management as well as policies covering specific areas such as foreign
exchange risk, credit risk and investment of surplus liquidity.

A. Credit Risk

Credit risk referes to the risk of a counter party default on its contractual obligation resulting into a financial loss to
the Company. The maximum exposure of the financial assets represents trade receivables and receivables from group
companies and others.

In respect of trade receivables, the Company uses a provision matrix to compute the expected credit loss allowances for
trade recivables in accordance with the excepcted credit loss (ECL) policy of the Company. The Company regulary reviews
trade receivables and necessary provisions, whenever required, are made in the financial statements.

B. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet its commitments associated with
financial instruments. Liquidity risk may result from an inability to sell a financial assets quickly at close to its fair value.
The Company manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring
forcast and actual cash flows and by matching the maturity profiles of financial assets and liabilities.
Contractual maturities of significant financial liabilities are as follows:

(` in Lakhs)
Particulars Less than or equal more than Total
to one year one year
As on March 31, 2022
Financial Assets
Non-current investments - 1,701.94 1,701.94
Loans 13.23 253.95 267.18
Trade receivables 8,206.68 - 8,206.68
Cash and cash equivalents 90.69 - 90.69
Other bank balances 589.63 - 589.63
Other financial assets 1,261.70 153.35 1,415.05
Total financial assets 10,161.93 2,109.24 12,271.17

ANNUAL REPORT 2021-22 141


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

Note 32: Financial risk management (Contd.)

(` in Lakhs)
Particulars Less than or equal more than Total
to one year one year
Financial Liabilities
Long term borrowings - 3,058.79 3,058.79
Short term borrowings 9,217.12 - 9,217.12
Lease liabilities 295.71 981.76 1,277.47
Trade payables 6,077.11 - 6,077.11
Other financial liabilities 314.87 - 314.87
Total financial liabilities 15,904.81 4,040.55 19,945.36

As on March 31, 2021


Financial Assets
Non-current investments - 1,407.51 1,407.51
Loans 10.89 242.98 253.87
Trade receivables 6,085.19 - 6,085.19
Cash and cash equivalents 230.33 - 230.33
Other bank balances 1,225.53 - 1,225.53
Other financial assets 1,730.66 115.96 1,846.62
Total financial assets 9,282.60 1,766.45 11,049.05
Financial Liabilities
Long term borrowings - 1,620.69 1,620.69
Short term borrowings 7,488.80 - 7,488.80
Lease liabilities 97.93 458.33 556.26
Trade payables 3,118.49 - 3,118.49
Other financial liabilities 309.17 - 309.17
Total financial liabilities 11,014.39 2,079.02 13,093.41

C. Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Such changes in the values of financial instruments may result from changes in foreign currency exchange
rates, interest rates, credit, liquidity and other market changes.

The Company has several balances in foreign currency and consequently, the Company is exposed to foreign exchange risk.
The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk
management policies.

a) 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. The Company’s exposure to the risk of changes in market interest rates relates
primarily to the Company’s long-term debt obligations with floating interest rates. The Company manages its interest
rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

142 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 32: Financial risk management (Contd.)

b) Interest rate sensitivity:

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion
of loans and borrowings affected. With all other variables held constant, the Company’s profit before tax is affected
through the impact on floating rate borrowings, as follows:

(` in Lakhs)
Particulars Increase/decrease Effect of profit
in basis points before tax
March 31, 2022 +100 122.76
-100 (122.76)
March 31, 2021 +100 91.09
-100 (91.09)

Company’s exposure to foreign currency risk at the end of each reporting period is as under:

c) Exposure in foreign currency -Hedged

Category MARCH 31, 2022 MARCH 31, 2021


Option Contract - Buy
USD/EURO/GBP 214.04 144.81
Option Contract - Sell
USD/EURO 0.75 4.50

d) Exposure in foreign currency - Unhedged

Category MARCH 31, 2022 MARCH 31, 2021


Receivables
USD 49.08 41.81
EURO 25.43 12.78
GBP 11.60 13.02
Payables
USD 2.30 2.88
EURO 5.02 4.51

e) Foreign currency sensitivity


The Company is mainly exposed to changes in USD, GBP and EURO. The below table demostrates the sentivity to a 5%
increase or decrease in the USD, GBP and EURO against INR, with all other variables held constant. The sentivity analysis
is prepared on the the net unhedged exposure of the Company as at reporting date. 5% represents management’s
assessment of reasonably possible change in foreign exchange rate.

ANNUAL REPORT 2021-22 143


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Particulars Currency Change in rate Effect of profit
before tax
March 31, 2022 USD +5% 177.30
USD -5% (177.30)
March 31, 2021 USD +5% 142.31
USD -5% (142.31)
March 31, 2022 GBP +5% 57.90
GBP -5% (57.90)
March 31, 2021 GBP +5% 65.75
GBP -5% (65.75)
March 31, 2022 EURO +5% 85.93
EURO -5% (85.93)
March 31, 2021 EURO +5% 35.47
EURO -5% (35.47)

Note 33: Capital management

The Company’s capital management objective is to maximise the total shareholder returns by optimising cost of capital through
flexible capital structure that supports growth. Further, the Company ensures optimal credit risk profile to maintain/enhance
credit rating.

The Company determines the amount of capital required on the basis of annual operating plan and long-term strategic plans. The
funding requirements are met through internal accruals and long-term/short-term borrowings. The Company monitors the capital
structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

The following table summarises the capital of the Company:

(` in Lakhs)
Particulars As at
March 31, 2022 March 31, 2021
Total debt 12,275.91 9,109.49
Total equity 20,032.29 15,144.02
Total debt to equity ratio 0.61 0.60

Dividends

(` in Lakhs)
Dividends recognised in the financial statements March 31, 2022 March 31, 2021
Interim Dividend of ₹ 1.20 (0.80) per equity share 320.34 213.56
Final dividend ₹ 1.20 (1.20) per equity share 320.34 320.34
Dividends not recognised in the financial statements
Directors have recommended the payment of final dividend of ₹ 1.20 per share. 320.34 320.34
The proposed dividend is subject to the approval of the shareholders in the ensuing
general meeting

144 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 34: Contingent Liabilities

(` in Lakhs)
No. Particulars MARCH 31, 2022 MARCH 31, 2021
1. Guarantees to banks against credit facilities extended to subsidiary companies 2,332.89 1,147.89
2 Guarantees to a financial institution against credit facilities extended to 7,498.26 -
subsidiary companies
3 In respect of goods and service tax 30.02 -

Note 35: Employee benefits

Employee benefits

Funded Scheme - Gratuity

Liability for employee gratuity has been determined by an actuary, appointed for the purpose, in confirmity with the principles set
out in the Indian Accounting Standard 19 the details of which are as hereunder. The Company makes contributions to approved
gratuity fund.

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Amount recognised in balance sheet
Present value of funded defined benefit obligation 228.84 206.42
Fair value of plan assets 236.11 166.73
Net unfunded obligation/assets (7.27) 39.69

Expense recognised in the statement of profit and loss


Current service cost 25.40 21.48
Interest on net defined benefit asset 2.75 1.85
Total expense charged to profit and loss Account 28.15 23.33

Amount recorded as other comprehensive income


Opening amount recognised in OCI outside profit & loss Account 42.42 17.92
Remeasurements during the period due to: - -
Return on plan assets (8.74) 22.94
Actual (gain)/loss on obligation for the period (0.32) 1.56
Closing amount recognised in OCI outside profit & loss account 33.36 42.42

Reconciliation of net liability/(asset)


Opening net defined benefit liability/(asset) 39.69 26.87
Expense charged to profit and loss account 28.15 23.33
Amount recognised outside profit and loss account (9.06) 24.50
Benefits paid - -
Employer contributions (66.05) (35.01)
Closing net defined benefit liability/(asset) (7.27) 39.69

ANNUAL REPORT 2021-22 145


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Movement in benefit obligation
Opening of defined benefit obligation 206.42 160.54
Current service cost 25.40 21.48
Interest on defined benefit obligation 14.30 10.98
Acturial loss/(gain) arising from change in financial assumptions (8.95) (1.65)
Benefits directly paid by the employer - -
Benefits paid (8.54) (9.53)
Acturial loss/(gain) on obligation 0.21 24.60
Closing of defined benefit obligation 228.84 206.42
Movement in plan assets
Opening fair value of plan assets 166.73 133.67
Actual return on plan assets excluding interest on plan assets 0.32 (1.56)
Interest income 11.55 9.14
Contributions by employer 66.05 35.01
Benefits paid (8.54) (9.53)
Closing of defined benefit obligation 236.11 166.73

Principal acturial assumptions


Discount Rate 7.35 6.93
Future salary increase 7.00 7.00
Rate of employee turnover 2.00 2.00

Sensitivity analysis for significat assumption is as shown below:

(` in Lakhs)
No. Particulars Sensitivity level March 31, 2022 March 31, 2021

1 Discount Rate 1% Increase (19.06) (17.03)


1% Decrease 22.37 19.83
2 Salary 1% Increase 21.14 18.67
1% Decrease (18.69) (16.49)
3 Employee Turnover 1% Increase (0.15) (0.43)
1% Decrease 0.08 0.45

The following are the expected future benefit payments for the defined benefit plan:

(` in Lakhs)
No. Particulars March 31, 2022 March 31, 2021
1 Within the next 12 months (next annual reporting period) 17.51 13.42
2 Between 2 and 5 years 51.97 50.82
3 Beyond 5 years 481.43 387.11

146 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 36: Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 are provided
as under for the year 2021-2022, to the extent the Company has received intimation from the suppliers
regarding their status under the Act.

(` in Lakhs)
No. Particulars March 31, 2022 March 31, 2021
Principal amount and the interest due thereon remaining unpaid to each supplier
at the end of each accounting year (but within due date as per MSMED Act)
1 Principal amount due to micro and small enterprise 1,145.02 741.06
2 Interest due on above - -

Note 37: As per Ind AS 24, Disclosure of transactions with related parties (as identified by the management)
as defined in Ind AS are giVen below:

Sr Particulars Country of
No. Incorporation
(i) Subsidiaries Companies
1 Acrysil Gmbh Germany
2 Acrysil Products Limited UK
3 Acrysil Steel Limited India
4 Acrysil UK Limited UK
5 Carysil Online Limited (formerly known as ''Acrysil Appliances Limited”) India
6 Sternhagen Bath Private Limited India
(ii) Enterprise owned or significantly influenced by Key Managerial Personnel or their relatives
(Associates):
7 Acrycol Minerals Limited India
8 Ashwanila Charitable Trust Bhavnagar India
(iii) Key Managerial Personnel
9 Mr. Chirag A Parekh
10 Dr. Sonal V Ambani
11 Mr. Jagdish R Naik
12 Mr. Ajit R Sanghavi
13 Mr. Pradeep H Gohil
14 Mr. Rustam Mulla
15 Mr. Anand H Sharma
16 Ms. Neha Poddar
(iv) Relatives of Key Managerial Personnel
17 Ms. Rhea Chirag Parekh (w.e.f. 05th August, 2021)

ANNUAL REPORT 2021-22 147


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

Note 37: As per Ind AS 24, Disclosure of transactions with related parties (as identified by the management)
as defined in Ind AS are giVen below (Contd.)

(` in Lakhs)
Nature of transaction Relationship Year ended Year ended
March 31, 2022 March 31, 2021
Subsidiary Companies
1. Sales of materials
Acrysil Products Limited Subsidiary 4,330.91 2,227.25
Acrysil Steel Limited Subsidiary - 2.95
Acrysil Gmbh Subsidiary 900.37 426.10
Total… 5,231.28 2,656.30
2. Commission paid
Acrysil Gmbh Subsidiary 66.41 345.67
3. Purchase of materials
Acrysil Steel Limited Subsidiary 385.41 520.71
Acrycol Minerals Limited Enterprises owned or 2,461.17 1,520.47
significantly influenced by
Key Managerial Personal or
their relatives
Total… 2,846.58 2,041.18
4. Interest received
Acrysil Gmbh Subsidiary 15.50 18.52
5. Rent received
Acrysil Steel Limited Subsidiary 0.60 0.60
6. Corporate Social Responsibility
Ashwanila Charitable Trust Bhavnagar Enterprises owned or 15.73 29.62
significantly influenced by
Key Managerial Personal or
their relatives
7. Royalty income
Acrysil Steel Limited Subsidiary 9.92 5.77
8. Interest paid
Carysil Online Limited Subsidiary 8.08 8.32
9. Donations
Ashwanila Charitable Trust Enterprises owned or 3.00 1.68
significantly influenced by
Key Managerial Personal or
their relatives
10. Repayment of loan taken
Carysil Online Limited Subsidiary 10.15 0.58
Outstanding balances:
1. Non current loans
Acrysil Gmbh Subsidiary 253.95 242.98
2. Other current assets
Acrysil Steel Limited Subsidiary - 48.72
Sternhagen Bath Private Limited Subsidiary 0.30 0.30
Carysil Online Limited Subsidiary - 4.68

148 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

Note 37: As per Ind AS 24, Disclosure of transactions with related parties (as identified by the management)
as defined in Ind AS are gien below (Contd.)

(` in Lakhs)
Nature of transaction Relationship Year ended Year ended
March 31, 2022 March 31, 2021
Total… 0.30 53.70
3. Trade Payables
Acrysil Steel Limited Subsidiary 1.72 222.66
Acrycol Minerals Limited Enterprises owned or 85.69 -
significantly influenced by
Key Managerial Personal or
their relatives
Total… 87.41 222.66
4. Trade receivables
Acrysil Steel Limited Subsidiary - 2.95
Acrysil Gmbh Subsidiary 132.36 0.00
Acrysil Products Limited Subsidiary 1,158.12 1,029.08
Total… 1,290.48 1,032.03
5. Intercorporate loans taken
Carysil Online Limited Subsidiary 108.31 111.18
6. Advances to suppliers
Acrycol Minerals Limited Enterprises owned or - 257.95
significantly influenced by
Key Managerial Personal or
their relatives
Ashwanila Charitable Trust Enterprises owned or 5.47 4.27
significantly influenced by
Key Managerial Personal or
their relatives
Total… 5.47 262.22
7. Advances from customers
Acrysil GMBH Subsidiary - 99.67
Acrysil Steel Limited Subsidiary 0.06 3.67
Total… 0.06 103.34
8. Other current liabilities
Acrysil Steel Limited Subsidiary - 1.53
Key management personnel and relatives
1. Remuneration *
Mr. Chirag Parekh Chairman & Managing Director 336.56 200.00
Mr. Anand Sharma Chief Financial Officer 92.99 36.77
Mrs. Neha Poddar Company Secretary 25.84 10.86
Ms. Rhea Chirag Parekh Relative of KMP 4.91 -
Total… 460.30 247.63
* including contribution to PF and other funds and ESOP expenses
2. Loan repaid
Mr. Chirag Parekh Chairman & Managing Director - 40.00
3. Loan taken
Mr. Chirag Parekh Chairman & Managing Director - 40.00

ANNUAL REPORT 2021-22 149


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Nature of transaction Relationship Year ended Year ended
March 31, 2022 March 31, 2021
4. Interest paid
Mr. Chirag Parekh Chairman & Managing Director - 0.84
5. Sitting Fees
Mr. Jagdish R Naik Independent Director 2.90 1.85
Mr. Ajit R Sanghvi Independent Director 3.35 2.30
Mr. Pradeep H Gohil Independent Director 3.35 2.35
Dr. Sonal Ambani Independent Director 3.55 2.55
Mr. Rustam Mulla Independent Director 2.70 1.95
Total… 15.85 11.00
Outstanding Balances:
1. Other current liabilities
Mr. Anand Sharma Chief Financial Officer 0.85 0.85
2. Other advances
Mrs. Neha Poddar Company Secretary 0.25 0.15

Note 38. Additional Regulatory Information

Additional Regulatory Information pursuant to clause 6L of General Instructions for preparation of Balance Sheet as given in
Part I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those
given elsewhere in any other notes to the financial Statement.

a. Ratio

No. Particulars Numerator Denominator As at March 31, Variance Reason for


2022 2021 variance, if more
than 25%
1 Current Ratio (in times) Current Assets Current Liabilities 1.20 1.22 (1.74)
2 Debt-Equity Ratio (in times) Total debt Shareholders’ equity 0.61 0.60 1.88
3 Debt Service Coverage Earning available Interest costs, 3.50 3.66 (4.18)
Ratio (in times) for service debt scheduled
repayments of long
term liabilities
4 Return on Equity Ratio (%) Net profit after Average 29.29 18.90 55.01 Increase in profit
taxes shareholder’s equity
5 Inventory Turnover Ratio Net sales Average inventory 54.09 61.60 (12.18)
(No. of days)
6 Trade Receivables Turnover Net credit sales Average trade 67.40 84.97 (20.68)
Ratio (No. of days) receivables
7 Trade Payables Turnover Net credit Average trade 76.65 80.13 (4.34)
Ratio (No. of days) purchases payables
8 Net Capital Turnover Ratio Net sales Working capital 9.28 7.51 23.60
(in times)
9 Net Profit Ratio (%) Net profit Operating revenue 13.28 10.72 23.85
10 Return on Capital Employed Earning before Capital employed 22.72 18.20 24.82
(%) interest and
taxes
11 Return on Investments (%) Income Average invested 28.54 - 100.00 Increase in
generated from funds dividend receipts
invested funds

150 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS


For the year ended March 31, 2022 (Contd.)

b. The title deeds of all immovable properties (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee), disclosed in the financial statements included under Property, Plant and Equipment
are held in the name of the Company as at the balance sheet date.

c. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property.

d. The Company has not traded or invested in crypto currency or virtual currency during the financial year.

e. The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful
defaulter at any time during the financial year or after the end of reporting period but before the date when the financial
statements are approved.

f. The Company does not have any transactions with struck-off companies.

g. The Company has used the borrowings from banks for the specific purpose for which it was obtained.

h. The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013
read with Companies (Restrictions on number of Layers) Rules, 2017.

i. The Company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign entities
(intermediaries), with the understanding that the intermediary shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries), or

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

j. The Company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate beneficiaries), or

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

k. The Company does not have any transactions which is not recorded in the books of accounts but has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961).

l. Quarterly returns or statements of current assets filed by the Company with banks are generally in agreement with the books
of accounts.

m. The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies (ROC)
beyond the statutory period.

Note No. 39 Employee share based payments :

During the year ended March 31, 2022, the Company implemented Acrysil Employee Stock Option Plan 2021 (“the Plan”). The
plan was approved by the shareholders through Postal Ballot on May 03, 2021. The Plan enables grant of stock options to the
eligible employees of the Company and its subsidiaries not exceeding 3,00,000 shares. The options granted under the Plan have a
maximum vesting period of 3 years. The maximum number of options that can be granted to any eligible single employee during
any one-year or in agrregate shall not be equal to to exceed 1% of the issued capital of the Company at the time of grant.

The options granted are based on the performance of the employees during the year of the grant and their continuity to remain in
service over the next 3 years. The process for determining the eligibility of employees for the grant of stock options under the Plan
shall be determined by the Nomination and Remuneration Committee based on employee’s grade, performance rating and such

ANNUAL REPORT 2021-22 151


NOTES FORMING PART OF THE Standalone FINANCIAL STATEMENTS
For the year ended March 31, 2022 (Contd.)

other criteria as may be considered appropriate. The employees shall be entitled to receive one equity share of the Company on
exercise of each stock option, subject to performance of the employees and continuation of employment over the vesting period.

No. Particulars ESOP -1 ESOP -2 ESOP -3


a) Details of stock options granted:
1 Grant date May 20, 2021 May 20, 2021 May 20, 2021
2 Vesting date May 19, 2022 May 19, 2023 May 19, 2024
3 Fair value at grant date (₹) 300.31 302.25 303.98
4 Exercise price 60.00 60.00 60.00
5 Outstanding options at the beginning of the year - - -
Option granted during the year 112,500 67,500 45,000
Options exercised during the year - - -
Options forfeited during the year - - -
Options lapsed during the year (13,500) (8,100) (5,400)
Balance at the end of the year 99,000 59,400 39,600
Weighted average remaining life (years) - 1 2
b) Fair value of stock options granted:
Fair value of stock options was calculated using the Black Scholes Model. The key assumptions used for calculating the
option fair value are as below:
1 Risk free rate (%) 5.97 5.97 5.97
2 Expected life (years) 0.13 1.13 2.13
3 Expected volatility (%) 46.02 43.69 41.23
4 Dividend yeild (%) 0.34 0.34 0.34
5 Market price at the time of grant of options (₹) 354.86 354.86 354.86

During the year, the Company has recognised expense of ₹ 287.87 Lakhs previous year: Nil. Expenses in respect of ESOPs granted
to the employees of subsidiaries ₹ 81.95 Lakhs are recognised as capital contribution to subsidiaries.

40. Balances for trade receivables, trade payables and loans and advances are subject to
confirmations from the respective parties.

41. All the amounts are stated in Indian ` in Lakhs, unless otherwise stated.

42. Previous year’s figures are regrouped and rearranged, wherever necessary.

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

152 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

INDEPENDENT AUDITOR’S REPORT

To the Members of audit evidence we have obtained is sufficient and appropriate


to provide a basis for our opinion on the consolidated financial
ACRYSIL LIMITED
statements.
Report on the Consolidated Financial Statements
Key audit matters
Opinion
Key audit matters are those matters that, in our professional
We have audited the accompanying consolidated financial judgment were of most significance in our audit of the
statements of Acrysil Limited (“the Holding Company”) and its consolidated financial statements of the current period.
subsidiaries (the Holding Company and its subsidiaries together These matters were addressed in the context of our audit of
referred to as “the Group”), which comprise the consolidated the consolidated financial statements as a whole, and in our
balance sheet as at 31st March 2022, the consolidated forming our opinion thereon, and we do not provide a separate
statement of profit and loss (including other comprehensive opinion on these matters.
income), the consolidated statement of changes in equity and
We have determined the matters described below to be the
the consolidated cash flow statement for the year then ended,
key audit matters in respect of the Holding Company to be
a summary of the significant accounting policies and notes to
communicated in our report:
the consolidated financial statements (hereinafter referred to
as the “consolidated financial statements’’). Key Audit Matter:

In our opinion and to the best of our information and according Revenue from the sale of goods (“Revenue”) is recognized
to the explanations given to us and based on the consideration when the Holding Company performs its obligation to its
of the reports of other auditors on separate financial statements customers, the amount of revenue can be measured reliably and
of the subsidiaries referred to in the Other Matters paragraph recovery of the consideration is probable. The timing of such
below, the aforesaid consolidated financial statements give recognition is when the control over the same is transferred
the information required by the Companies Act, 2013 (“the to the customer, which is mainly upon delivery. The timing of
Act”) in the manner so required and give a true and fair view revenue recognition is relevant to the reported performance of
in conformity with the Indian Accounting Standards prescribed the Holding Company.
under section 133 of the Act read with the Companies (Indian
Auditor’s Response:
Accounting Standards) Rules, 2015, as amended, (‘Ind AS”) and
the other accounting principles generally accepted in India, of Our audit approach was a combination of test of internal
the consolidated state of affairs of the Group as at 31st March controls and substantive procedures including assessing the
2022 and of the consolidated profit and consolidated total appropriateness of the Group’s revenue recognition accounting
comprehensive income, consolidated changes in equity and policies in line with Ind AS 115 (“Revenue from Contracts with
consolidated cash flows for the year ended on that date. Customers”) and testing thereof; evaluating the integrity of the
general information and control environment and testing the
Basis for Opinion
operating effectiveness of key controls.
We conducted our audit of the consolidated financial
Information Other than the Consolidated
statements in accordance with the Standards on Auditing (SAs)
Financial Statements and Auditor’s Report Thereon
specified under Section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor’s The Holding Company’s Board of Directors is responsible
Responsibilities for the Audit of the Consolidated Financial for the preparation of the other information. The other
Statements section of our report. We are independent of the information comprises the information included in the Board’s
Company in accordance with the Code of Ethics issued by the Report including Annexures to Board’s Report, Management
Institute of Chartered Accountants of India (“the ICAI”) together Discussion and Analysis, Shareholder’s Information, but does
with the ethical requirements that are relevant to our audit of not include the consolidated financial statements and auditor’s
the consolidated financial statements under the provisions of report thereon.
the Act and the Rules made thereunder, and we have fulfilled Our opinion on the consolidated financial statements does not
our other ethical responsibilities in accordance with these cover the other information and we do not express any form of
requirements and the ICAI’s Code of Ethics. We believe that the assurance conclusion thereon.

ANNUAL REPORT 2021-22 153


INDEPENDENT AUDITOR’S REPORT (Contd.)

In connection with our audit of the consolidated financial reporting process of the Group.
statements, our responsibility is to read the other information
Auditor’s Responsibility for the Audit of the
and, in doing so, consider whether the other information
Consolidated Financial Statements
is materially inconsistent with the consolidated financial
statements or our knowledge obtained during the course of Our objectives are to obtain reasonable assurance about
our audit or otherwise appears to be materially misstated. If, whether the consolidated financial statements as a whole
based on the work we have performed, we conclude that there are free from material misstatement, whether due to fraud
is material misstatement of this other information, we are or error, and to issue an auditor’s report that includes our
required to report that fact. We have nothing to report in this opinion. Reasonable assurance is high level of assurance,
regard. but is not a guarantee that audit conducted in accordance
with SAs will always detect a material misstatement when it
Management’s Responsibility for the Consolidated
exists. Misstatements can arise from fraud or error and are
Financial Statements
considered material if, individually or in the aggregate, they
The Holding Company’s Board of Directors is responsible for could reasonably be expected to influence the economic
the matters stated in Section 134(5) of the Act with respect decisions of users taken on the basis of these consolidated
to the preparation of these consolidated financial statements financial statements.
that give a true and fair view of the consolidated financial
As part of an audit in accordance with SAs, we exercise
position, consolidated financial performance including other
professional judgment and maintain professional skepticism
comprehensive income, consolidated changes in equity and
throughout the audit. We also:
consolidated cash flows of the Group in accordance with the
Ind AS and accounting principles generally accepted in India.  Identify and assess the risks of material misstatements
This responsibility also includes maintenance of adequate of the consolidated financial statements, whether due
accounting records in accordance with the provisions of the Act to fraud or error, design and perform audit procedures
for safeguarding of the assets of the Group and for preventing responsive to those risks, and obtain audit evidence that
and detecting frauds and other irregularities; selection and is sufficient and appropriate to provide a basis for our
application of appropriate accounting policies; making opinion. The risk of not detecting a material misstatement
judgments and estimates that are reasonable and prudent; resulting from fraud is higher than for one resulting from
and design, implementation and maintenance of adequate error, as fraud may involve collusion, forgery, intentional
internal financial controls, that were operating effectively for omissions, misrepresentations, or the override of the
ensuring the accuracy and completeness of the accounting internal control.
records, relevant to the preparation and presentation of the  Obtain an understanding of internal financial controls
consolidated financial statements that give a true and fair view relevant to the audit in order to design audit procedures
and are free from material misstatement, whether due to fraud that are appropriate in the circumstances. Under
or error, which have been used for the purpose of preparation section 143(3)(i) of the Act, we are also responsible for
of the consolidated financial statements by the Directors of the expressing our opinion on whether the Holding Company
Holding Company, as aforesaid. has adequate internal financial controls system in place
In preparing the consolidated financial statements, the and the operating effectiveness of such controls.
respective Board of Directors of the companies included in  Evaluate the appropriateness of accounting policies used
the Group are responsible for assessing the Group’s ability to and the reasonableness of accounting estimates and
continue as a going concern, disclosing, as applicable matters related disclosures made by management.
related to going concerns and using the going concern basis
of accounting unless management either intends to liquidate  Conclude on the appropriateness of management’s use of
the Group or to cease operations, or has no realistic alternative the going concern basis of accounting and, based on the
but to do so. audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
The respective Board of Directors of the companies included significant doubt on the ability of the Group to continue as
in the Group are also responsible for overseeing financial going concern. If we conclude that a material uncertainty

154 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

INDEPENDENT AUDITOR’S REPORT (Contd.)

exists, we are required to draw attention in our auditor’s statements of the current period and are therefore the key
report to the related disclosures in the consolidated audit matters. We describe these matters in our auditor’s
financial statements or, if such disclosures are inadequate, report unless law or regulation precludes public disclosure
to modify our opinion. Our conclusions are based on the about the matter or when, in extremely rare circumstances, we
audit evidence obtained up to the date of our auditor’s determine that a matter should not be communicated in our
report. However, future events or conditions may cause report because the adverse consequences of doing so would
the Group to cease to continue as a going concern. reasonably be expected to outweigh the public interest benefits
of such communication.
 Evaluate the overall presentation, structure and content
of the consolidated financial statements, including Other Matters
the disclosure, and whether the consolidated financial
We did not audit the financial statements of six subsidiaries,
statements represent the underlying transactions and
whose financial statements reflect total assets of ` 13,527.36
events in a manner that achieves fair presentation.
lacs as at 31st March, 2022, total revenues of ` 15,484.62 lacs
 Obtain sufficient appropriate audit evidence regarding the and net profit after tax (including other comprehensive income)
financial information of the entities or business activities of ` 1,836.01 lacs for the year as considered in the consolidated
within the Group to express an opinion on the consolidated financial statements. These financial statements have been
financial statements. We are responsible for the direction, audited by other auditors whose reports have been furnished
supervision and performance of the audit of the financial to us by the management and our opinion on consolidated
statements of such entities or business activities included financial statements in so far as it relates to the amounts and
in the consolidated financial statements of which we disclosures included in respect of these subsidiaries and our
are the independent auditors. For the other entities or report in terms of sub-section (3) of Section 143 of the Act, in
business activities included in the consolidated financial so far as it relates to aforesaid subsidiaries is based solely on
statements, which have been audited by other auditors, the report of the other auditors.
such other auditors remain responsible for the direction,
Our opinion on the consolidated financial statements above
supervision and performance of the audits carried out by
and our report on other Legal and Regulatory Requirements
them. We remain solely responsible for our audit opinion.
below is not modified in respect of these matters.
We communicate with those charged with governance of
Report on Other Legal and Regulatory
the Holding Company and such other entities included in
Requirements
the consolidated financial statements of which we are the
independent auditors regarding, among other matters, the 1. With respect to the matters specified in clause (xxi) of
planned scope and timing of the audit and significant audit paragraph 3 and paragraph 4 of the Companies (Auditor’s
findings, including any significant deficiencies in internal Report) Order, 2020 (“CARO/”the Order”) issued by the
control that we identify during our audit. Central Government in terms of Section 143(11) of the
Act, according to the information and explanations
We also provide those charged with governance with a
given to us, and based on the CARO reports issued
statement that we have complied with relevant ethical
by us and the auditors of the respective companies
requirements regarding independence, and to communicate
included in the consolidated financial statements to
with them all relationships and other matters that may
which reporting under CARO is applicable, as provided
reasonably be thought to bear on our independence, and where
to us by the Management of the Holding Company, we
applicable, related safeguards.
report that there are no qualifications or adverse remarks
From the matters communicated with those charged with by the respective auditors in the CARO reports of the
governance, we determine those matters that were of said respective companies included in the consolidated
most significance in the audit of the consolidated financial financial statements except following:

ANNUAL REPORT 2021-22 155


INDEPENDENT AUDITOR’S REPORT (Contd.)

Sr. Name Nature of Clause Remarks g) With respect to the other matters to be included in
No. Relationship number of the Auditor’s Report in accordance with requirements
the CARO of section 197(16) of the Act, as amended, in our
report which opinion and to the best of our information and
is qualified
according to the explanations given to us and
or is adverse
according to the reports of the auditors of the
1 Acrysil Holding (iii)(e) Renewal of
subsidiaries incorporated in India, remuneration
Limited Company loan
2 Carysil Subsidiary (iii)(e) Renewal of paid by the Holding Company and its subsidiaries
Online loan incorporated in India, to its directors during the year
Limited is in accordance with the provisions of section 197 of
the Act read with Schedule V of the Act;
2. As required by section 143(3) of the Act, based on our
audit and on the consideration of the reports of the other h) With respect to the other matters to be included in
auditors on the separate financial statements of the the Auditor’s Report in accordance with Rule 11 of
subsidiaries referred to in the Other Matters section above the Companies (Audit and Auditors) Rules, 2014, in
we report, to the extent applicable that: our opinion and to the best of our information and
according to the explanation given to us:
a) We have sought and obtained all the information and
explanations which to the best of our knowledge and i. The consolidated financial statements disclose
belief were necessary for the purpose of our audit; the impact of pending litigations on the
consolidated financial position of the Group;
b) In our opinion, proper books of account as required
by law have been kept so far as it appears from our ii. The Group did not have any material foreseeable
examination of those books; losses on long-term contracts including
derivatives contracts;
c) The consolidated balance sheet, the consolidated
statement of profit and loss including other iii. 
There has been no delay in transferring the
comprehensive income, the consolidated statement amounts, required to be transferred to the
of changes in equity and the consolidated cash flow Investor Education and Protection Fund by
statement dealt with by this report are in agreement the Holding company or its subsidiaries
with the books of account; incorporated in India.

d) In our opinion, the aforesaid consolidated financial iv. a. 


The respective managements of the
statements comply with the Indian In our opinion, Holding Company and its subsidiaries,
the aforesaid consolidated financial statements has represented that, to the best of its
comply with the Accounting Standards specified knowledge and belief, other than as
under section 133 of the Act, read with Rule 7 of the disclosed in the notes to the accounts,
Companies (Accounts) Rules, 2015; no funds have been advanced or loaned
or invested (either from borrowed funds
e) 
On the basis of written representations received or share premium or any other sources
from the directors as on 31st March 2022, and taken or kind of funds) by the Holding Company
on record by the Board of Directors of the Holding or subsidiaries to or in any other person
Company and its subsidiaries incorporated in India, or entity, including foreign entities
none of the directors is disqualified as on 31st March (“Intermediaries”), with the understanding,
2022, from being appointed as a director in terms whether recorded in writing or otherwise,
section 164(2) of the Act; that the Intermediary shall, whether,
f) With respect to the adequacy of internal financial directly or indirectly lend or invest in
controls over financial reporting of the Company other persons or entities identified in
and operating effectiveness of such controls, our any manner whatsoever by or on behalf
separate report in annexure – A may be referred; of the Holding Company or subsidiaries

156 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

INDEPENDENT AUDITOR’S REPORT (Contd.)

(“Ultimate beneficiaries”) or provide any appropriate in the circumstances, nothing


guarantee, security or the like on behalf of has come to our notice that has caused us
the Ultimate Beneficiaries; and to believe that the representations under
sub-clause (a) and (b) above, contain any
b. 
The respective managements of the
material misstatement.
Holding company and its subsidiaries,
other than as disclosed in the notes to the i) The dividend declared or paid during the year by the
accounts, no funds have been received Holding Company is in compliance with section 123
by the Holding Company or subsidiaries of the Act. No dividend has been declared or paid
from any person or entity, including during the year by subsidiaries incorporated in India.
foreign entities (“Funding Parties”), with
the understanding, whether recorded in For P A R K & COMPANY
writing or otherwise, that the Holding Chartered Accountants
Company or subsidiaries shall, whether, FRN: 116825W
directly or indirectly, lend or invest in
other persons or entities identified in any ASHISH DAVE
manner whatsoever by or on behalf of the Partner
Funding Party (“Ultimate Beneficiaries”) or Membership No. 170275
provide any guarantee, security or the like UDIN: 22170275AJCUHH4699
on behalf of the Ultimate Beneficiaries;

c. 
Based on such audit procedures that Bhavnagar
have been considered reasonable and May 17, 2022

ANNUAL REPORT 2021-22 157


ANNEXURE – A TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

In conjunction with our audit of the consolidated financial effectiveness. Our audit of internal financial controls over
statements of the Company as of and for the year ended 31st financial reporting included obtaining an understanding of
March, 2022, we have audited the internal financial controls internal financial controls over financial reporting, assessing
over financial reporting of Acrysil Limited (“the Holding the risk that a material weakness exists, and testing and
Company”) and its subsidiaries (the Holding Company and evaluating the design and operating effectiveness of internal
its subsidiaries together referred to as “the Group”) which are control based on the assessed risk. The procedures selected
companies incorporated in India. depend on the auditors’ judgement, including the assessment of
the risks of material misstatement of the financial statements,
Management’s Responsibility for Internal
whether due to fraud or error.
Financial Controls
We believe that the audit evidence we have obtained and the
The respective Board of Directors of the Holding Company
audit evidence obtained by the other auditors of subsidiaries
and its subsidiaries which are companies incorporated
which are incorporated in India, in terms of their reports
in India, are responsible for establishing and maintaining
referred to in the Other Matters paragraph below, is sufficient
internal financial controls based on the internal control over
and appropriate to provide a basis for our audit opinion on the
financial reporting criteria established by the Holding Company
internal financial controls system over financial reporting of the
considering the essential components of internal control
Holding Company and its subsidiaries incorporated in India.
stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting (“the Guidance Note”) issued Meaning of Internal Financial Controls Over
by the Institute of Chartered Accountants of India (“the ICAI”). Financial Reporting
These responsibilities include the design, implementation
A Company’s internal financial control over financial reporting is
and maintenance of adequate internal financial controls that
a process designed to provide reasonable assurance regarding
were operating effectively for ensuring the orderly and efficient
the reliability of financial reporting and the preparation of
conduct of its business, including adherence to company’s
financial statements for external purposes in accordance with
policies, the safeguarding of its assets, the prevention and
generally accepted accounting principles. A Company’s internal
detection of frauds and errors, the accuracy and completeness
financial control over financial reporting includes those policies
of the accounting records, and the timely preparation of reliable
and procedures that –
financial information, as required under the Companies Act,
2013. (1) Pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
Auditor’s Responsibility
dispositions of the assets of the Company;
Our responsibility is to express an opinion on the Group’s
(2) 
Provide reasonable assurance that transactions are
internal financial controls over financial reporting based on
recorded as necessary to permit preparation of financial
our audit. We conducted our audit in accordance with the
statements in accordance with generally accepted
Guidance Note and the Standards on Auditing, issued by the
accounting principles, and that receipts and expenditures
ICAI and deemed to be prescribed under section 143(10) of
of the Company are being made only in accordance
the Companies Act, 2013, to the extent applicable to an audit
with authorisations of management and directors of the
of internal financial controls, both applicable to an audit of
Company; and
Internal Financial Controls and, both issued by the ICAI. Those
Standards and the Guidance Note require that we comply (3) 
Provide reasonable assurance regarding prevention or
with ethical requirements and plan and perform the audit to timely detection of unauthorised acquisition, use, or
obtain reasonable assurance about whether adequate internal disposition of the Company’s assets that could have a
financial controls over financial reporting was established material effect on the financial statements.
and maintained and if such controls operated effectively in all Inherent Limitations of Internal Financial
material respects. Controls Over Financial Reporting
Our audit involves performing procedures to obtain audit Because of the inherent limitations of internal financial
evidence about the adequacy of the internal financial controls over financial reporting, including the possibility
controls system over financial reporting and their operating of collusion or improper management override of controls,

158 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

ANNEXURE – A TO THE INDEPENDENT AUDITOR’S REPORT (Contd.)

material misstatements due to error or fraud may occur and Other Matters
not be detected. Also, projections of any evaluation of the
Our aforesaid report under section 143(3)(i) of the Act on the
internal financial controls over financial reporting to future
adequacy and operating effectiveness of the internal controls
periods are subject to the risk that the internal financial control
over financial reporting in so far as it relates to subsidiaries
over financial reporting may become inadequate because of
incorporated in India, is based solely on the corresponding
changes in conditions, or that the degree of compliance with
reports of the auditors of such companies. Our opinion is not
the policies or procedures may deteriorate.
modified in respect of this matter.
Opinion

In our opinion, to the best of our information and according to


For P A R K & COMPANY
the explanations given to us and based on the consideration
Chartered Accountants
of the reports of the auditors referred to in Other Matters
FRN: 116825W
paragraph below, the Holding Company and its subsidiaries,
which are companies incorporated in India, have, in all material
respects, an adequate internal financial controls system over ASHISH DAVE
financial reporting and such internal financial controls over Partner
financial reporting were operating effectively as at 31st March, Membership No. 170275
2022, based on the internal control over financial reporting UDIN: 22170275AJCUHH4699
criteria established by the respective companies considering
the essential components of internal control stated in the Bhavnagar
Guidance Note issued by the ICAI. May 17, 2022

ANNUAL REPORT 2021-22 159


CONSOLIDATED BALANCE SHEET
as at March 31, 2022

(` in Lakhs)
Particulars Note As at As at
No. March 31, 2022 March 31, 2021
ASSETS:
Non-Current Assets
Property, plant and equipment 2 16,833.61 12,117.99
Right of use assets 3 1,226.54 495.15
Capital work in progress 2 2,074.55 1,001.32
Intangible assets 4 179.96 185.45
Goodwill 2,391.77 2,391.77
Financial assets
Investments - -
Loans 5 - -
Other financial assets 6 157.54 122.95
Other non-current assets 7 1,711.35 714.68
24,575.32 17,029.31
Current Assets
Inventories 8 10,422.78 5,455.10
Financial assets
Investments - -
Trade receivables 9 10,037.34 8,302.13
Cash and cash equivalents 10 527.65 773.53
Other bank balances 11 607.10 1,239.55
Loans 5 15.15 13.23
Other financial assets 6 1,264.45 1,732.45
Current tax assets (net) 12 4,593.08 2,901.77
Other current assets 7 3,290.35 1,670.44
30,757.90 22,088.20
Total Assets 55,333.22 39,117.51
EQUITY AND LIABILITIES:
Equity
Equity share capital 13 533.90 533.90
Other equity 14 24,835.56 18,607.57
Non controlling interests 324.26 256.00
25,693.72 19,397.47
Liabilities
Non-current liabilities
Financial Liabilities
Borrowings 15 3,857.80 2,170.64
Lease liabilities 981.76 458.33
Other financial liabilities 16 - -
Provisions 17 75.51 68.71
Deferred tax liabilities (net) 18 462.27 397.67
Other non-current liabilities 19 - -
5,377.34 3,095.35
Current liabilities
Financial Liabilities
Borrowings 15 9,867.97 7,958.07
Lease liabilities 295.71 97.93
Trade payables 20
Total outstanding dues of Micro and Small Enterprises 1,616.21 1,024.29
Total outstanding dues of creditors other than Micro and Small Enterprises 6,324.32 3,153.25
Other financial liabilities 16 322.64 324.25
Other current liabilities 19 689.36 785.62
Provisions 17 162.96 102.87
Current tax liabilities (net) 12 4,982.99 3,178.41
24,262.16 16,624.69
Total Liabilities 55,333.22 39,117.51
The accompanying notes are an integral part of these financial statements.

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

160 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CONSOLIDATED STATEMENT OF PROFIT AND LOSS


for the year ended March 31, 2022

(` in Lakhs)
Particulars Note 2021-2022 2020-2021
No.
REVENUE:
Revenue from operations (net) 21 48,390.14 30,971.66
Other income 22 1,006.69 800.55
Total income 49,396.83 31,772.21
EXPENSES:
Cost of materials consumed 23 19,156.73 10,384.62
Purchases of stock-in-trade 5,564.27 3,102.20
Changes in inventories 24 (3,775.23) 689.04
Employee benefits expenses 25 3,358.86 2,224.13
Finance costs 26 958.64 730.21
Depreciation and amortisation expenses 27 1,772.32 1,266.43
Other expenses 28 13,753.19 7,992.37
Total expenses 40,788.78 26,389.00
Profit before exceptional items and tax 8,608.05 5,383.21
Exceptional Items - -
Profit before tax 8,608.05 5,383.21
Tax expenses
Current tax 12 2,034.15 1,238.32
Earlier years' tax (14.00) 8.48
Deferred tax 62.25 204.65
Profit for the year 6,525.65 3,931.76
Other comprehensive income
Items that will not be reclassified to profit or loss
a. Remeasurements of defined benefit plans 9.32 (23.19)
b. Tax impacts on above (2.35) 5.83
Items that may be reclassified to profit or loss
c. Exchange differences on foreign currency translation (3.03) (0.64)
Other comprehensive income for the year 3.94 (18.00)
Total comprehensive income for the year 6,529.59 3,913.76
Profit for the year attributable to:
Owners of the Parent 6,476.18 3,912.36
Non-controlling interests 49.47 19.40
6,525.65 3,931.76
Other Comprehensive Income for the year attributable to:
Owners of the Parent 3.91 (18.14)
Non-controlling interests 0.03 0.14
3.94 (18.00)
Total Comprehensive Income for the year attributable to:
Owners of the Parent 6,480.09 3,894.22
Non-controlling interests 49.50 19.54
6,529.59 3,913.76
Basic earning per share 29 24.26 14.66
Diluted earning per share 29 24.13 14.66
Face value per share 2.00 2.00
The accompanying notes are an integral part of these financial statements.

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

ANNUAL REPORT 2021-22 161


consolidated CASH FLOW STATEMENT
for the year ended March 31, 2022

(` in Lakhs)
Particulars 2021-2022 2020-2021
A CASH FLOW FROM OPERATING ACTIVITIES :
Net profit for the year 6,525.65 3,931.76
Adjustments for -
Depreciation and amortisation 1,772.32 1,266.43
Income tax expenses 2,082.40 1,451.45
Loss / (profit) on sale of property, plant & equipment (54.44) (1.46)
Employee stock options 369.82 -
Impairment loss recognised on trade receivables and others 44.99 538.28
Exchange rate adjustments (net) (3.03) (0.64)
Interest income (62.84) (116.45)
Finance cost 958.64 730.21
Operating profit before working capital changes 5,107.86 3,867.82
Adjustments for -
Trade and other receivables (716.26) (3,146.91)
Other current and non-current assets (2,616.58) (763.19)
Inventories (4,967.68) 519.30
Provision 76.21 15.41
Other current and non-current liabilities (96.26) 339.49
Trade and other payables 3,757.96 1,022.25
Cash generated from operations (4,562.62) (2,013.65)
Income tax paid (1,906.88) (1,361.64) (1,244.01) 610.16
NET CASH FROM OPERATING ACTIVITIES 5,164.01 4,541.92
B CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of property, plant & equipment (7,722.02) (3,655.46)
Sale of property, plant & equipment 408.56 63.10
Interest received 62.84 116.45
NET CASH USED IN INVESTING ACTIVITIES (7,250.62) (3,475.91)
C CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from borrowings 3,597.06 496.01
Payment of lease liabilities (197.95) (121.35)
Changes in non-controlling interest 37.52 -
Dividend paid to owner of the Company (641.63) (528.99)
Interest paid (954.27) (730.21)
NET CASH USED IN FINANCING ACTIVITIES 1,840.73 (884.54)
Net Increase in Cash and Cash Equivalents (245.88) 181.47
Cash and cash equivalents as at beginning of the year 773.53 592.06
Cash and cash equivalents as at end of the year 527.65 773.53

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

162 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


for the year ended March 31, 2022

A. SHARE CAPITAL
(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
At the beginning of the year 533.90 533.90
Changes in equity share capital during the year - -
Changes in equity share capital due to prior period errors - -
Restated balance at the beginning of the current year - -
At the end of the year 533.90 533.90

B. OTHER EQUITY
(` in Lakhs)
Particulars Other Comprehensive Income Other Equity Non-
Attributable controlling
General Retained Capital Security Share Foreign Net gain/
to owners of interest
reserve earnings reserve premium based currency (loss) on
Parent
payment translation fair value
reserve reserve of defined
benefit plan
As at April 01, 2020 4,199.60 6,990.36 25.20 4,035.29 - 10.62 (13.82) 15,247.25 236.46
Profit for the year - 3,912.36 - - - - - 3,912.36 19.40
Other comprehensive income - - - - - (0.64) (17.50) (18.14) 0.14
for the year (net of tax)
Transfer from retained 500.00 (500.00) - - - - - - -
earnings to general reserve
Final dividend, declared and - (533.90) - - - - - (533.90)
paid during the year
As at March 31, 2021 4,699.60 9,868.82 25.20 4,035.29 - 9.98 (31.32) 18,607.57 256.00
Profit for the year - 6,476.18 - - - - 6,476.18 49.47
Addittion during the year - - 18.76 - - - 18.76 18.76
Other comprehensive income - - - - - (3.03) 6.94 3.91 0.03
for the year (net of tax)
Transfer from retained 1,000.00 (1,000.00) - - - - - - -
earnings to general reserve
Share based payment - - - - 369.82 - - 369.82 -
expenses
Final dividend, declared and - (640.68) - (640.68) -
paid during the year
As at March 31, 2022 5,699.60 14,704.32 25.20 4,054.05 369.82 6.95 (24.38) 24,835.56 324.26
The accompanying notes are an integral part of these financial statements.

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

ANNUAL REPORT 2021-22 163


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

COMPANY INFORMATION 1.2 Significant accounting policies:

Acrysil Limited (“the Holding Company”) is a public limited a. System of accounting


company domiciled in India and incorporated on 19th January,
The financial statements of the Group are prepared
1987 under the provisions of the Companies Act applicable
in accordance with Indian Accounting Standards
in India. The registered office of the Company is located at
(Ind AS), under the historical cost convention on the
A-702, Kanakia Wall Street, Andheri-Kurla Road, Andheri (East),
accrual basis as per the provisions of Companies
Mumbai – 400 093. The equity shares of the Company are
Act, 2013 (‘’Act”), except in case of significant
listed on the BSE Limited (BSE) and National Stock Exchange
uncertainties.
of India Limited (NSE).
The Group presents assets and liabilities in the
The consolidated financial statements comprise the financial
balance sheet based on current/non-current
statements of the Company and its subsidiaries (collectively,
classification. It is held primarily for the purpose of
the Group) for the year ended March 31, 2022.
being traded:
The Group is engaged in manufacturing and trading of various
 It is expected to be realised within 12 months
types of kitchen sinks, bath products, tiles, kitchen appliances
after the reporting date;
and accessories.
 It is cash or cash equivalent unless it is
The consolidated financial statements (‘the financial statements”)
restricted from being exchanged or used to
were authorised for issue in accordance with the resolution of
settle a liability for at least 12 months after the
the Board of Directors of the Company on May 17, 2022.
reporting date.
1 
BASIS OF PREPARATION, MEASUREMENT AND
 All other assets are classified as non-current.
SIGNIFICANT ACCOUNTING POLICIES
 A liability is classified as current when it satisfies
1.1 Basis of preparation and measurement:
any of the following criteria:
These consolidated financial statements have been
• It is expected to be settled in the Group’s
prepared in accordance with the Indian Accounting
normal operating cycle;
Standards (hereinafter referred to as the ‘Ind AS’) as notified
by Ministry of Corporate Affairs pursuant to section 133 • It
 is held primarily for the purpose of being
of the Companies Act, 2013 and the Companies (Indian traded;
Accounting Standards) Rules, 2015, as applicable. • It
 is due to be settled within 12 months after
The consolidated financial statements have been the reporting date;
prepared on accrual and going concern basis. The • There
 is no unconditional right to defer the
accounting policies are applied consistently to all the settlement of the liability for at least twelve
periods presented in the financial statements. All assets months after the reporting period.
and liabilities have been classified as current or non-
current as per the Group’s normal operating cycle and  All other liabilities are classified as non-current.
other criteria as set out in the Division II of Schedule III  Deferred tax assets and liabilities are classified
to the Companies Act, 2013. The Group adopts operating as non-current only.
cycle based on the project period and accordingly, all
b. Key accounting estimates
project related assets and liabilities are classified into
current and non-current. The Group considers 12 months The preparation of the financial statements, in
as normal operating cycle. conformity with the recognition and measurement
principles of Ind AS, requires the management to
The Group’s financial statements are reported in Indian
make estimates and assumptions in the application
Rupees, which is also the Group’s functional currency,
of accounting policies that affect the reported
and all values are rounded to the nearest Lacs except
amounts of assets, liabilities, income, expenses and
otherwise indicated.
disclosure of contingent liabilities as at the date of

164 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

financial statements and the results of operation Sr. Entity Proportion of


during the reported period. Although these estimates No. Ownership
are based upon management’s best knowledge of Interest as at
March 31, 2022
current events and actions, actual results could differ
4 Acrysil UK Limited – 100.00%
from these estimates which are recognised in the
United Kingdom
period in which they are determined.
5 Carysil Online Limited 100.00%
The Group based its assumptions and estimates (formerly known as
“Acrysil Appliances Limited”)
on parameters available when the financial
6 Sternhagen Bath Private Limited 84.90%
statements were prepared. Existing circumstances
and assumptions about future developments, The consolidated financial statements have been prepared
however, this may change due to market changes or on the following basis:
circumstances arising that are beyond the control
Subsidiaries
of the Group. Such changes are reflected in the
financial statements in the period in which changes a) A subsidiary is an entity over which the Company
are made and, if material, their effects are disclosed has control. The Company controls an entity when
in the notes to the financial statements. the Company is exposed to, or has rights to, variable
returns from its involvement with the entity and has
Estimates and judgements are regularly revisited.
the ability to affect those returns through its power to
Estimates are based on historical experience and
direct the relevant activities of the entity. Subsidiaries
other factors, including futuristic reasonable
are fully consolidated from the date on which control
information that may have a financial impact on the
is transferred to the Company.
Group.
b) The Company combines the financial statements
1.2 Basis for consolidation:
of the parent and its subsidiary companies on a line
The consolidated financial statements are prepared using by line basis, adding together like items of assets,
uniform accounting policies for like transactions and liabilities, equity, income and expenses. Inter-
other events in similar circumstances. If a member of the company transactions, balances and unrealised gains
group uses accounting policies other than those adopted on transactions among the Group are eliminated.
in the consolidated financial statements, appropriate Unrealised losses are also eliminated unless the
adjustments are made to that group members financial transaction provides evidence of an impairment
statements in preparing the consolidated financial of the transferred asset. Accounting policies of
statements to ensure conformity with the group’s subsidiaries are consistent with the policies adopted
accounting policies. by the Company.

The financial statements of the subsidiary companies c) A change in the ownership interest of a subsidiary,
used for the purpose of consolidation are drawn up to without loss of control, is accounted for as an equity
same reporting date as that of the parent company. transaction. If the Company loses control over a
subsidiary, it derecognises the assets, liabilities,
The consolidated financial statements present the
carrying amount of any non-controlling interests and
consolidated accounts of the Company along with its
the cumulative translation differences recorded in
following subsidiaries:
equity.
Sr. Entity Proportion of
No. Ownership c. Property, plant and equipment
Interest as at (i) Property, plant and equipment are stated at
March 31, 2022
historical cost of acquisition (except for certain
1 Acrysil Steel Limited 84.99%
class of assets which are measured at fair value
2 Acrysil GmbH – Germany 100.00%
on transition date to Ind AS i.e April 01, 2017 as
3 Acrysil Products Limited – 100.00%
United Kingdom deemed cost) including attributable interest and

ANNUAL REPORT 2021-22 165


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

finance costs, if any, till the date of acquisition/ d. Goodwill


installation of the assets less accumulated

Goodwill is an asset representing the future
depreciation and accumulated impairment
economic benefits arising from other assets acquired
losses, if any.
in a business combination that are not individually
(ii) Subsequent expenditure relating to property, identified and separately recognised. Goodwill is
plant and equipment is capitalised only when initially measured at cost, being the excess of the
it is probable that future economic benefits consideration transferred over the net identifiable
associated with the item will flow to the Group assets acquired and liabilities assumed, measured in
and the cost of the item can be measured accordance with Ind AS -103 Business Combination.
reliably. All other repairs and maintenance costs
Goodwill is considered to have indefinite useful
are charged to the statement of profit and loss
life and hence is not subject to amortisation but
as incurred.
tested for impairment at least annually. After initial
(iii) The cost and related accumulated depreciation recognition, goodwill is measured at cost less any
are eliminated from the financial statements, accumulated impairment losses.
either on disposal or when retired from active
e. Investments and financial assets
use and the resultant gain or loss are recognised
in the statement of profit and loss. Financial assets are recognised when the Group
(iv) 
Capital work-in-progress, representing becomes a party to the contractual provisions of the
expenditure incurred in respect of assets under instrument.
development and not ready for their intended On initial recognition, a financial asset is recognised
use, are carried at cost. Cost includes related at fair value. In case of financial assets which are
acquisition expenses, construction cost, related recognised at fair value through profit and loss
borrowing cost and other direct expenditure. (FVTPL), its transaction costs are recognised in
(v) 
The Group depreciates property, plant and the statement of profit or loss. In other cases, the
equipment on written down value method transaction costs are attributed to the acquisition
except for buildings, plant & equipment and dies value of financial asset.
& moulds where depreciation is provided on Financial assets are subsequently classified
straight line method over the estimated useful measured at –
life prescribed in Schedule II of the Companies
Act, 2013 from the date the assets are ready - amortised cost
for intended use after considering the residual - fair value through profit and loss (FVTPL)
value.
- fair value through other comprehensive income
(vi) 
Intangible assets mainly represent (FVOCI).
implementation cost for software and other
application software acquired/developed for Financial assets are not reclassified subsequent to
in-house use and design and property rights of their recognition except if and in the period the Group
the Company. These assets are stated at cost. changes its business model for managing financial
Cost includes related acquisition expenses, assets.
related borrowing costs, if any, and other direct Financial asset is derecognised only when the
expenditure. Group has transferred the rights to receive cash
(vii) 
Items of stores and spares that meet the flows from the financial asset. Where the entity has
definition of property, plant and equipment are transferred the asset, the Group evaluates whether
capitalised at cost and depreciated over their it has transferred substantially all risks and rewards
useful life. Otherwise, such items are classified of ownership of the financial asset. In such cases,
as inventories. financial asset is derecognised.

166 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

In accordance with Ind AS 109, the Group applies the which are issued for cash are recorded at the
expected credit loss (”ECL”) model for measurement proceeds received, net of direct issue costs.
and recognition of impairment loss on financial
j. Financial liabilities
assets and credit risk exposures. The Group follows
‘simplified approach’ for recognition of impairment (i) 
Financial liabilities are recognised when the
loss allowance on trade receivables. Simplified entity becomes a party to the contractual
approach does not require the Group to track changes provisions of the instrument. Financial liabilities
in credit risk. Rather, it recognises impairment loss are initially measured at the amortised cost
allowance based on lifetime ECL at each reporting unless at initial recognition, they are classified
date, right from its initial recognition. For recognition as fair value through profit and loss.
of impairment loss on other financial assets and risk (ii) Financial liabilities are subsequently measured
exposure, the Group determines that whether there at amortised cost using the Effective Interest
has been a significant increase in the credit risk since Rate (EIR) method. Financial liabilities carried at
initial recognition. fair value through profit and loss are measured
f. Inventories at fair value with all changes in fair value
recognised in the statement of profit and loss.
(i) Raw materials and stores and spares are valued
at weighted average cost including all charges (iii) 
Financial liabilities are derecognised when
in bringing the materials to the present location. the obligation specified in the contract is
discharged, cancelled or expires.
(ii) Finished and semi-finished goods are valued at
the cost plus direct expenses and appropriate k. Trade payables
value of overheads or net realisable value, A payable is classified as a trade payable if it is in
whichever is lower. respect of the amount due on account of goods
(iii) Obsolete, slow moving and defective inventories purchased or services received in the normal course
are written off/valued at net realisable value of business. These amounts represent liabilities for
during the year as per policy consistently goods and services provided to the entity prior to
followed by the Group. the end of the financial year which are unpaid. These
amounts are unsecured and are usually settled as
g. Cash and cash equivalents
per the payment terms. Trade and other payables are
Cash and cash equivalents in the balance sheet presented as current liabilities unless payment is not
comprises of balance with banks and cash on hand due within 12 months after the reporting period.
and short term deposits with an original maturity
l. Revenue recognition
of three months or less, which are subject to
insignificant risks of changes in value. (i) 
Revenue from contract with customers
is recognised when the Group satisfies
h. Trade receivables
performance obligation by transferring
A receivable is classified as a trade receivable if it is promised goods and services to the customer.
in respect of the amount due on account of goods Performance obligations are satisfied at a point
sold or services rendered in the normal course of of time or over a period of time. Performance
business. Trade receivables are recognised initially obligations satisfied over a period of time
at fair value and subsequently measured net of any are recognised as per the terms of relevant
expected credit losses. contractual agreements/arrangements.

i. Equity instruments: Performance obligations are said to be satisfied


at a point of time when the customer obtains
An equity instrument is any contract that evidences
controls of the asset.
a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments

ANNUAL REPORT 2021-22 167


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

(ii) 
Revenue is measured based on transaction (iv) 
The gain or loss on decrease/increase in
price, which is the fair value of the consideration reporting currency due to fluctuations in foreign
received or receivable, stated net of discounts, exchange rates are recognised in the statement
return and goods & service tax. Transaction of profit or loss.
price is recognised based on the price specified
o. Employee benefit expenses
in the contract, net of the estimated sales
incentives/discounts. (i) Contributions to defined contribution schemes
such as provident fund, employees’ state
(iii) Accumulated experience is used to estimate
insurance, labour welfare fund etc. are charged
and provide for the discounts/rights of return,
as an expense based on the amount of
using the expected value method.
contribution required to be made as and when
(iv) A return liability is recognised to expected return services are rendered by the employees. These
in relation to sales made corresponding assets benefits are classified as defined contribution
are recognised for the products expected to be schemes as the Company has no further
returned. obligations beyond the monthly contributions.

(v) 
The Group recognises as an asset, the (ii) 
The Group provides for gratuity which is a
incremental costs of obtaining a contract with defined benefit plan, the liabilities of which
a customer, if the Group expects to recover are determined based on valuations, as at the
those costs. The said asset is amortised on a reporting date, made by an independent actuary
systematic basis consistent with the transfer of using the projected unit credit method. Re-
goods or services to the customers. measurement comprising of actuarial gains and
losses, in respect of gratuity are recognised in
m. Custom Duty and GST:
the other comprehensive income in the period
Purchase of goods and fixed assets are accounted in which they occur. The classification of the
for net of GST input credits. Custom duty paid Group’s obligation into current and non-current
on import of materials is dealt with in respective is as per the actuarial valuation report.
material accounts.
(iii) The employees are entitled to accumulate leave
n. Foreign currency transactions subject to certain limits, for future encashment
(i) Items included in the financial statements and availment, as per the policy of the Group.
are measured using the currency of primary The liability towards such unutilised leave
economic environment in which the Company as at the end of each balance sheet date is
operates (“the functional currency”). The determined based on independent actuarial
financial statements are presented in Indian valuation and recognised in the statement of
Rupee (₹), which is the Company’s functional profit and loss.
and presentation currency. (iv) Employee Share based Payments: The Holding
(ii) 
Foreign currency transactions are initially Company operates equity settled share-based
recorded in the reporting currency at foreign plan for the employees (Referred to as employee
exchange rate on the date of the transaction. stock option plan (ESOP)). ESOP granted to the
employees are measured at fair value of the
(iii) Monetary items of current assets and current stock options at the grant date. Such fair value
liabilities denominated in foreign currencies are of the equity settled share-based payments is
reported using the closing rate at the reporting recognised as expense on a straight-line basis
date. Non-monetary items which are carried in over the vesting period, based on the Holding
terms of historical cost denominated in a foreign Company’s estimate of equity shares that will
currency are reported using the exchange rate eventually vest, with a corresponding increase
at the date of the transaction. in equity (employee stock option reserve). At

168 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

the end of each reporting period, the Holding r. Impairment of non-financial assets
Company revises its estimate of number of
As at each reporting date, the Group assesses
equity shares expected to vest.
whether there is an indication that a non-financial
Fair value of the ESOP granted to the employees asset may be impaired and also whether there is an
of subsidiaries are considered as capital indication of reversal of impairment loss recognised
contribution by the Holding company on a in the previous periods. If any indication exists,
straight-line basis over the vesting period or when annual impairment testing for an asset
which, will be adjusted by any recharge in the is required, the Group determines the recoverable
subsequent years by the subsidiaries. amount and impairment loss is recognised when
the carrying amount of an asset exceeds its
p. Leases
recoverable amount. If the amount of impairment
The Group, as a lessee, recognises a right-of-use loss subsequently decreases and the decrease can
asset and a lease liability for its leasing arrangements, be related objectively to an event occurring after
if the contract conveys the right to control the use of the impairment was recognised, then the previously
an identified asset. recognised impairment loss is reversed through the
The contract conveys the right to control the use statement of profit and loss.
of an identified asset, if it involves the use of an s. Taxation
identified asset and the Group has substantially all
Income tax expense comprises current tax expense
of the economic benefits from use of the asset and
and the deferred tax during the year. Current and
has right to direct the use of the identified asset.
deferred taxes are recognised in the statement
The cost of the right-of-use asset shall comprise of
of profit and loss, except when they relate to
the amount of the initial measurement of the lease
items that are recognised in other comprehensive
liability adjusted for any lease payments made at
income or directly in equity, in which case, the
or before the commencement date plus any initial
current and deferred tax are also recognised in
direct costs incurred. The right-of-use assets is
other comprehensive income or directly in equity,
subsequently measured at cost less any accumulated
respectively.
depreciation, accumulated impairment losses, if any
and adjusted for any remeasurement of the lease Current income tax is recognised based on the
liability. The right-of-use assets is depreciated using estimated tax liability computed after taking credit
the straight-line method from the commencement for allowances and exemptions in accordance with
date over the shorter of lease term or useful life of the tax laws of the respective countries. Current
right-of-use asset. income tax assets and liabilities are measured at the
amount expected to be recovered from or paid to the
q. Borrowing costs
taxation authorities. The tax rates and tax laws used
Borrowing costs consist of interest and other costs to compute the amount are those that are enacted or
that the Group incurs in connection with the borrowing substantively enacted, at the reporting date.
of funds. Also, the effective interest rate amortisation
Deferred tax is recognised on temporary differences
is included in finance costs. Borrowing costs relating
between the carrying amounts of assets and liabilities
to acquisition, construction or production of a
in the financial statements and the corresponding
qualifying asset which takes substantial period of
tax bases used in the computation of taxable profit.
time to get ready for its intended use are added to
the cost of such asset to the extent they relate to the Deferred tax liabilities are generally recognised for all
period till such assets are ready to be put to use. All taxable temporary differences. Deferred tax assets
other borrowing costs are expensed in the statement are recognised for unused tax losses, unused tax
of profit and loss in the period in which they occur. credits and deductible temporary differences to the
extent that it is probable that future taxable profits
will be available against which they can be used.

ANNUAL REPORT 2021-22 169


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

The carrying amount of deferred tax is reviewed attributable to the equity shareholders and the
at each reporting date and measured at the tax weighted average number of equity shares
rates that are expected to be applied to temporary outstanding during the period is adjusted for the
differences when they reverse, using tax rates effects of all dilutive potential equity shares.
enacted or substantively enacted at the reporting
v. Segment reporting
date. The measurement of deferred tax reflects
the tax consequences that would follow from the Operating segments are reported in a manner
manner in which the entity expects, at the reporting consistent with the internal reporting provided to
date, to recover or settle the carrying amount of its the operating decision makers. The decision makers
assets and liabilities. regularly monitor and review the operating result of
the whole Group. The activities of the Group primarily
t. Provisions and contingent liabilities
fall under a single segment of “manufacturing and
The Group creates a provision when there is present trading of kitchen sinks, bath products and other
obligation, legal or constructive, as a result of past appliances” in accordance with the Ind AS 108
events that probably requires an outflow of resources “Operating Segments”.
and a reliable estimate can be made of the amount of
w. Offsetting instruments
obligation.
Financial assets and liabilities are offset and the net
Contingent liabilities are disclosed in respect of
amount reported in the balance sheet when there is
possible obligations that arise from past events,
a legally enforceable right to offset the recognised
whose existence would be confirmed by the
amounts and there is an intention to settle on a
occurrence or non-occurrence of one or more
net basis or realise the asset and settle the liability
uncertain future events. Contingent assets are
simultaneously. The legally enforceable right must
neither recognised nor disclosed in the financial
not be contingent on future events and must be
statements.
enforceable in the normal course of business and in
u. Earnings Per Share the event of default, insolvency or bankruptcy of the
Group or the counterparty.
(i) Basic earnings per share is computed by dividing
the net profit or loss for the period attributable to x. Events after the reporting period
the equity shareholders by the weighted average
Adjusting events are events that provide further
number of equity shares outstanding during the
evidence of conditions that existed at the end of
period. The weighted average number of equity
the reporting period. The financial statements are
shares outstanding during the period and for all
adjusted for such events before authorisation for
periods presented is adjusted for events, such
issue.
as bonus shares, other than the conversion of
potential equity shares that have changed the Non-adjusting events are events that are indicative
number of equity shares outstanding, without a of conditions that arose after end of the reporting
corresponding change in resources. period. Non-adjusting events after the reporting date
are not accounted, but disclosed.
(ii) For the purpose of calculating diluted earning
per share, the net profit or loss for the period

170 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Note 2: Property, plant and equipment

(₹ in Lakhs)
Particulars Land Buildings Plant & Mould & Office Furniture Vehicles Total
Equipment Dies Equipment & Fixtures
Gross carrying value
As at April 01, 2020 3,413.55 2,315.96 3,081.84 6,024.21 456.17 821.99 516.81 16,630.53
Additions 127.39 701.08 1,601.60 797.07 83.22 218.11 - 3,528.47
Disposals - (73.18) - - - (3.28) - (76.46)
As at March 31, 2021 3,540.94 2,943.86 4,683.44 6,821.28 539.39 1,036.82 516.81 20,082.54
Additions 87.75 2,011.68 2,980.68 1,237.92 138.04 55.96 124.84 6,636.87
Disposals (345.63) - - - - - (18.90) (364.53)
As at March 31, 2022 3,283.06 4,955.54 7,664.12 8,059.20 677.43 1,092.78 622.75 26,354.88
Accumalated depreciation
As on April 01, 2020 - 477.98 1,639.08 3,420.49 420.67 518.26 375.15 6,851.63
Depreciation charged - 95.22 329.31 525.54 46.69 86.71 44.27 1,127.74
Disposals - (14.65) - - - (0.17) - (14.82)
As at March 31, 2021 - 558.55 1,968.39 3,946.03 467.36 604.80 419.42 7,964.55
Depreciation charged - 123.52 583.28 604.21 81.49 120.51 54.12 1,567.13
Disposals - - - - - - (10.41) (10.41)
As at March 31, 2022 - 682.07 2,551.67 4,550.24 548.85 725.31 463.13 9,521.27
Net carrying value
As at March 31, 2021 3,540.94 2,385.31 2,715.05 2,875.25 72.03 432.02 97.39 12,117.99
As at March 31, 2022 3,283.06 4,273.47 5,112.45 3,508.96 128.58 367.47 159.62 16,833.61

Capital work in progress ageing schedule:

Particulars Capital work in progress for a period of Total


Less than 1-2 years 2-3 years More than
1 year 3 years
March 31, 2022
Projects in progress 2,074.55 - - - 2,074.55
2,074.55 - - - 2,074.55
March 31, 2021
Projects in progress 1,001.32 - - - 1,001.32
1,001.32 - - - 1,001.32

There are no projects which are overdue for completion or has exceeded its cost as compared to the original plan.

ANNUAL REPORT 2021-22 171


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

Note 3: Right of use assets

(` in Lakhs)
Particulars Building Total
Gross carrying value
As at March 31, 2020 294.57 294.57
Additions 544.67 544.67
Disposals (146.66) (146.66)
As at March 31, 2021 692.58 692.58
Additions 1,164.52 1,164.52
Disposals (440.33) (440.33)
As at March 31, 2022 1,416.77 1,416.77
Accumalated depreciation
As at March 31, 2020 152.45 152.45
Depreciation charged 118.31 118.31
Disposals (73.33) (73.33)
As at March 31, 2021 197.43 197.43
Depreciation charged 187.78 187.78
Disposals (194.98) (194.98)
As at March 31, 2022 190.23 190.23
Net carrying value
As at March 31, 2021 495.15 495.15
As at March 31, 2022 1,226.54 1,226.54

Leases - Company as a lessee

(a) Set out below, are the amounts recognised in profit and loss:

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Amortisation expense of right-of-use assets 187.78 118.31
Interest expense on lease liabilities 62.38 16.88
Lease expense- Short term and lease of low value assets 207.72 254.17
457.88 389.36

(b) Lease liabilities included in the financial statements:

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Current 295.71 97.93
Non-current 981.76 458.33
Total lease liabilities 1,277.47 556.26

172 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Note 4: Intangible assets

(` in Lakhs)
Particulars Design & Computer Total
Property Rights Software
Gross carrying value (at deemed cost)
As at April 01, 2020 165.09 100.97 266.06
Additions - 34.54 34.54
As at March 31, 2021 165.09 135.51 300.60
Additions - 11.92 11.92
As at March 31, 2022 165.09 147.43 312.52
Accumalated depreciation
As on April 01, 2020 37.88 56.89 94.77
Depreciation charged 16.51 3.87 20.38
As at March 31, 2021 54.39 60.76 115.15
Depreciation charged 16.51 0.90 17.41
As at March 31, 2022 70.90 61.66 132.56
Net carrying value
As at March 31, 2021 110.70 74.75 185.45
As at March 31, 2022 94.19 85.77 179.96

Note 5: Loans

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Unsecured, considered good
Employee loans - - 15.15 13.23
Other loans - - - -
Total loans - - 15.15 13.23

Note 6: Other financial assets

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Security deposits 157.54 122.95 - -
Claims receivables - - 1,044.20 1,525.36
Forward contract premium receivables - - 175.83 143.48
Interest receivables - - 44.42 63.61
Total other financial assets 157.54 122.95 1,264.45 1,732.45

ANNUAL REPORT 2021-22 173


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

Note 7: Other assets

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Trade advances to suppliers - - 293.56 607.10
Less: Provision for doubtful advances - - (22.86) (22.86)
270.70 584.24
Capital advances 1,711.35 714.68 - -
Advances to staff - - 12.28 18.02
Prepaid expenses - - 311.44 44.66
Input credit receivables - - 2,615.18 967.33
Other advances - - 80.75 56.19
Total other assets 1,711.35 714.68 3,290.35 1,670.44
includes:
- To companies or firms in which some of the - - 5.47 257.95
directors are interested

Note 8: Inventories

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Stores & spares 116.63 53.89
Stock-in-trade 3,115.36 1,649.00
Raw materials 1,145.22 486.97
Finished goods 2,916.17 1,449.68
Semi finished goods 1,692.54 850.16
Bought out items 1,158.28 740.56
Packing materials 278.58 224.84
Total inventories 10,422.78 5,455.10

Note 9: Trade receivables


(Unsecured, considered good unless otherwise stated)
(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Unsecured, considered good 9,988.11 8,252.79
Unsecured, significant increase in credit risk 98.69 98.70
Unsecured, considered doubtful 102.03 70.42
Less: Loss allowance for doubtful debts (151.49) (119.78)
Total trade receivables 10,037.34 8,302.13

174 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

9.1 Trade receivables ageing schedule:

(₹ in Lakhs)
Particular Not due Outstanding for the following period from due date of payments Total
< 6 Months 6 months- 1 - 2 years 2 - 3 years > 3 years
1 year
March 31, 2022
Undisputed, considered good 6,561.50 3,378.36 22.45 25.80 - - 9,988.11
Undisputed having significant - - - - 39.30 - 39.30
increase in credit risk
Undisputed trade receivables- - - - - - 61.20 61.20
credit impaired
Disputed having significant - - - - 59.39 - 59.39
increase in credit risk
Disputed trade receivables- - - - - - 40.83 40.83
credit impaired
6,561.50 3,378.36 22.45 25.80 98.69 102.03 10,188.83
Less: Allowance for credit (151.49)
losses
Total trade receivables 10,037.34

March 31, 2021


Undisputed, considered good 4,812.23 3,219.59 69.74 151.23 - - 8,252.79
Undisputed having significant - - - - 98.70 - 98.70
increase in credit risk
Undisputed trade receivables- - - - - - 70.42 70.42
credit impaired
4,812.23 3,219.59 69.74 151.23 98.70 70.42 8,421.91
Less: Allowance for credit (119.78)
losses
Total trade receivables 8,302.13
Note 10: Cash and cash equivalents

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Balances with banks 522.91 583.21
Short term deposits - 150.00
Cash on hand 4.74 40.32
Total cash and cash equivalents 527.65 773.53

ANNUAL REPORT 2021-22 175


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

Note 11: Other bank balances

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Dividend accounts 53.26 54.21
Other term deposits* 553.84 1,185.34
Total other bank balances 607.10 1,239.55

* includes ₹ 41.68 Lakhs (₹ 136.12 Lakhs) balances with banks under lien with banks against various credit facilities

Note 12: Income tax assets (net)

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Income tax assets 4,593.08 2,901.77
Current income tax liabilities 4,982.99 3,178.41
Net assets / (liabilities) (389.91) (276.64)
The gross movement in the current tax (asset) / liability
Net liabilities 276.64 273.85
Net current income tax liabilities at the beginning 276.64 273.85
Income tax paid (net of refunds) (1,906.88) (1,244.01)
Current income tax expense 2,020.15 1,246.80
Net current income tax asset at the end 389.91 276.64

Note 13: Equity share capital

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Authorised
4,00,00,000 equity shares of ` 2 each 800.00 800.00
800.00 800.00
Issued, Subscribed and Paid up
2,66,94,880 equity shares of ` 2 each 533.90 533.90
Total equity share capital 533.90 533.90

a. Equity shares issued as fully paid-up bonus shares or otherwise than by cash during the preceding five years: Nil

b. Reconciliation of equity shares outstanding at the beginning and at the end of the year :
(` in Lakhs)
Particulars As at MARCH 31, 2022 As at MARCH 31, 2021
No. of shares ` No. of shares `
Balance at the beginning of the year 26,694,880 533.90 26,694,880 533.90
Issue of equity shares during the year - - - -
Balance at end of the year 26,694,880 533.90 26,694,880 533.90

176 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

c. Shares held by promoters and promoter group :


(` in Lakhs)
Name of Shareholder As at MARCH 31, 2022 As at MARCH 31, 2021 Change
Nos. % of Nos. % of (%)
holding holding
Chirag Parekh 8,633,480 32.34 8,633,480 32.34 -
Acrycol Minerals Limited 1,381,760 5.18 1,381,760 5.18 -
Pushpa R Parekh 734,760 2.75 734,760 2.75 -
Shetal C Parekh 550,000 2.06 550,000 2.06 -
Jatin R Parekh 419,250 1.57 419,250 1.57 -
Mala M Sanghrajka 37,500 0.14 37,500 0.14 -

Name of Shareholder As at MARCH 31, 2021 As at MARCH 31, 2020 Change


Nos. % of Nos. % of (%)
holding holding
Chirag Parekh 8,633,480 32.34 8,629,730 32.33 0.01
Acrycol Minerals Limited 1,381,760 5.18 1,381,760 5.18 -
Pushpa R Parekh 734,760 2.75 734,760 2.75 -
Shetal C Parekh 550,000 2.06 550,000 2.06 -
Jatin R Parekh 419,250 1.57 419,250 1.57 -
Mala M Sanghrajka 37,500 0.14 37,500 0.14 -
Ashwin M Parekh - - 3,750 0.01 0.01

d. Shares held by each shareholder holding more than five percent shares :

(` in Lakhs)
Particulars As at MARCH 31, 2022 As at MARCH 31, 2021
Nos. % of holding Nos. % of holding
Chirag Parekh 8,633,480 32.34 8,633,480 32.34
Abakkus Emerging Opportunities Fund - 1 1,643,050 6.15 1,722,338 6.45
Acrycol Minerals Limited 1,381,760 5.18 1,381,760 5.18

e. Rights, preferences and restrictions attached to shares :

The Company has one class of equity shares having a face value of ₹ 2 each ranking pari pasu in all respect including voting
rights and entitlement to dividend. Each holder of equity shares is entitled to one vote per share. Dividend proposed by the board
of directors and approved by the shareholders in the annual general meeting is paid to the shareholders.

ANNUAL REPORT 2021-22 177


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

Note 14: Other equity

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
Capital reserve 25.20 25.20
General reserve
Balance at the beginning of the year 4,699.60 4,199.60
Transferred from retained earnings 1,000.00 500.00
Balance at the end of the year 5,699.60 4,699.60
Securities premium account 4,035.29 4,035.29
Addition during the year 18.76 -
4,054.05 4,035.29
Retained earnings
Balance at the beginning of the year 9,868.82 6,990.36
Profit for the year 6,476.18 3,912.36
Appropriations
Transfer to general reserve (1,000.00) (500.00)
Dividend (640.68) (533.90)
Balance at the end of the year 14,704.32 9,868.82
Share based payment reserve - -
Addition during the year 369.82 -
369.82 -
Other components of equity:
Remeasurement of defined benefit plans (net of tax) (24.38) (31.32)
Exchange differences on foreign currency translation of foreign operations 6.95 9.98
(17.43) (21.34)
Total other equity 24,835.56 18,607.57

Capital reserve: This represents capital grants received in the past years.

General reserve: The Company has transferred a portion of the net profit of the Company before declaring dividend to general
reserve puruant to the earlier provisions of the Companies Act, 1956. Mandatory transfer to general reserve is not required under
Companies Act, 2013.

Securities premium account: Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised
in accordance with the provisions of the Companies Act.

Retained earnings: Retained earnings are the profits that the Company has earned till date, less transfers to general reserve,
dividends or other distributions paid to shareholders.

Share based payment reserve: This represents the fair value of the stock options granted by the Parent Company under the
Employees Stock Option Plan 2021 Plan accumulated over the vesting period. The reserve will be utilised on exercise of the options.

Net gain/(loss) on fair value of defined benefit plans: The Company has recognised remeasurement gains/(loss) on defined
benefit plans in OCI. These changes are accumalated within the OCI reserve within other equity. The Company transfers amount
from this reserve to retained earning when the relevant obligations are derecognised.

Foreign currency translation reserve: Exchange difference on translation of long term monetary asset is accumalated in separate
reserve within equity.

178 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Note 15: Borrowings

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Secured
Term loans from banks 3,857.80 2,170.64 - -
Working capital finance from banks - - 8,678.11 7,273.49
Current maturities of long-term debt - - 1,189.86 684.58
3,857.80 2,170.64 9,867.97 7,958.07
Unsecured - - - -
- - - -
Total borrowings 3,857.80 2,170.64 9,867.97 7,958.07

Note 16: Other financial liabilities

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Payable towards services received 233.16 237.38
Unclaimed dividend - - 53.96 54.91
Interest accrued and due - - 13.81 9.44
Deposits from distributors and others - - 21.71 22.52
Total other financial liabilities - - 322.64 324.25

Note 17: Provisions

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Provision for leave encashment 71.95 60.22 14.23 11.85
Provision for bonus - - 148.49 50.90
Provision for gratuity 3.56 8.49 0.24 40.12
Total provisions 75.51 68.71 162.96 102.87

Note 18: Deferred tax liabilities

(` in Lakhs)
Particulars MARCH 31, 2022 MARCH 31, 2021
On account of timing differences in
Depreciation on property, plant & equipment 623.90 637.22
Provision for doubtful debts (37.67) (108.69)
Other disallowances under tax laws (123.96) (130.86)
462.27 397.67

ANNUAL REPORT 2021-22 179


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

Note 19: Other liabilities

(` in Lakhs)
Particulars Non-current Current
MARCH 31, 2022 MARCH 31, 2021 MARCH 31, 2022 MARCH 31, 2021
Advances from customers - - 195.60 216.00
Payable for capital assets - - - 40.00
Statutory liabilities - - 473.35 447.22
Other liabilities - - 20.41 82.40
Total other liabilities - - 689.36 785.62

Note 20: Trade payables

(` in Lakhs)
Particulars Current
MARCH 31, 2022 MARCH 31, 2021
Trade payables
Total outstanding dues of Micro and Small Enterprises (refer note no. 35) 1,616.21 1,024.29
Total outstanding dues of creditors other than Micro and Small Enterprises 6,324.32 3,153.25
Total trade payables 7,940.53 4,177.54

20.1 Trade payables ageing schedule:

(₹ in Lakhs)
Particular Not due Outstanding for the following period from due date of payments Total
Less than 1 - 2 years 2 - 3 years > 3 years
1 year
March 31, 2022
Outstanding dues to MSME 1,329.13 287.01 0.07 - - 1,616.21
Others 4,083.50 2,141.26 16.50 8.73 74.33 6,324.32
Total 5,412.63 2,428.27 16.57 8.73 74.33 7,940.53

March 31, 2021


Outstanding dues to MSME 959.26 65.03 - - - 1,024.29
Others 2,445.79 588.08 10.02 24.67 84.69 3,153.25
Total 3,405.05 653.11 10.02 24.67 84.69 4,177.54
Note 21: Revenue from operations

(` in Lakhs)
Particulars 2021-2022 2020-2021
Sale of products
Export sales 38,175.11 23,652.24
Domestic sales 9,745.91 6,370.77
47,921.02 30,023.01
Other operating revenue
Export incentives & credits 68.12 817.74
Other operating income 401.00 130.91
Total revenue from operations 48,390.14 30,971.66

180 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Note 22: Other income

(` in Lakhs)
Particulars 2021-2022 2020-2021
Interest income
Banks 52.04 86.49
Others 10.80 29.96
Gain on foreign currency fluctuation 846.45 582.92
Profit on sale of property, plant & equipment (net) 54.44 1.46
Sunbsidy income - 81.99
Miscellaneous income 42.96 17.73
Total other income 1,006.69 800.55

Note 23: Cost of materials consumed

(` in Lakhs)
Particulars 2021-2022 2020-2021
Raw material consumed
Opening stock 486.97 586.15
Add: Purchases 12,722.04 5,971.31
13,209.01 6,557.46
Less: Closing stock (1,145.22) (486.97)
12,063.79 6,070.49
Packing material consumed
Opening stock 224.84 119.63
Add: Purchases 4,119.18 2,588.80
4,344.02 2,708.43
Less: Closing stock (278.58) (224.84)
4,065.44 2,483.59
Bought out items 3,027.50 1,830.54
Total cost of materials consumed 19,156.73 10,384.62

Note 24: Changes in inventories

(` in Lakhs)
Particulars 2021-2022 2020-2021
Closing Stock
Finished goods 2,916.17 1,449.68
Stock-in-trade 3,115.36 1,649.00
Semi finished goods 1,692.54 850.16
7,724.07 3,948.84
Opening Stock
Finished goods 1,449.68 1,292.91
Stock-in-trade 1,649.00 2,150.22
Semi finished goods 850.16 1,194.75
3,948.84 4,637.88
Changes in inventories (3,775.23) 689.04

ANNUAL REPORT 2021-22 181


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

Note 25: Employee benefit expenses

(` in Lakhs)
Particulars 2021-2022 2020-2021
Salaries, wages, bonus and allowances 2,246.29 1,673.05
Directors' remuneration 482.52 302.38
Leave compensation 13.06 45.14
Contribution to provident fund and other welfare funds 127.54 72.04
Gratuity 9.00 26.92
Staff welfare expenses 480.45 104.60
Total employee benefit expenses 3,358.86 2,224.13

Note 26: Finance costs

(` in Lakhs)
Particulars 2021-2022 2020-2021
Interest
Banks 754.58 605.93
Income tax 57.07 13.03
Others 74.60 40.94
886.25 659.90
Other borrowing cost 70.63 53.77
Exchange rate difference 1.76 16.54
Total finance costs 958.64 730.21

Note 27: Depreciation and amortisation expenses

(` in Lakhs)
Particulars 2021-2022 2020-2021
Depreciation on tangible assets 1,754.91 1,246.05
Depreciation on intangible assets 17.41 20.38
Total depreciation and amortisation 1,772.32 1,266.43

Note 28: Other expenses

(` in Lakhs)
Particulars 2021-2022 2020-2021
Manufacturing Expenses
Power & fuel 1,432.39 695.33
Machinery repairs and maintenance 158.67 256.74
Stores and spares 1,225.04 626.49
Other expenses 2,012.82 1,123.33
4,828.92 2,701.89

182 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Particulars 2021-2022 2020-2021
Selling and Distriibution Expenses
Sales commission 174.59 152.35
Advertisement and business promotion 835.73 477.51
Export frieght and insurance 4,966.53 1,915.71
Other selling expenses 798.35 522.16
6,775.20 3,067.73
Administrative and Other Expenses
Rent 207.72 254.17
Rates & taxes 17.47 3.49
Travelling expenses 412.35 228.92
Postage and telephone expenses 34.82 53.25
Printing & stationery expenses 72.85 59.95
Insurance premiums 83.56 57.13
Building and other repairs 233.87 209.82
Bank discount, commission and other charges 133.11 109.52
Legal and professional fees 359.47 308.11
Payment to auditors 102.51 103.71
Directors sitting fees 18.15 12.40
Corporate social responsibility expenses 57.43 32.81
Donations 2.24 1.94
Bad debts, provision for doubtful advances and other write-offs 44.99 538.28
General expenses 368.53 249.25
2,149.07 2,222.75
Total other expenses 13,753.19 7,992.37

1. Amount required to be spent u/s 135(5) of the Companies Act 2013 49.10 29.77
2. Amount spent in cash during the year
i) Construction/acquisition of any asset - -
ii) On purposes other than (i) above 57.43 32.81
3. (Excess)/Shortfall at the end of the year (8.33) (3.04)
4. Nature of CSR activities Education, health,
wellness, animal welfare.
5. Details of related party transactions in relation to CSR expenditure to Ashwanilla 15.73 29.62
Charitable Trust
Payments to auditors
Audit fees 96.15 97.21
Tax audit fees 2.40 2.30
Other services 3.96 4.20
102.51 103.71

ANNUAL REPORT 2021-22 183


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

Note 29: Earning per share

(` in Lakhs)
Particulars 2021-2022 2020-2021
Profit for the year (₹ in Lakhs) 6,476.18 3,912.36
Weighted average number of shares for basic earning per share (Nos) 26,694,880 26,694,880
Weighted average number of shares for diluted earning per share (Nos) 26,843,877 26,694,880
Earnings per share (Basic) ₹ 24.26 14.66
Earnings per share (Diluted) ₹ 24.13 14.66
Face value per share ₹ 2.00 2.00

Note 30: Fair value measurement

Financial instruments by category :

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
FVPL FVOCI Amortised Fair value FVPL FVOCI Amortised Fair value
cost cost
Financial assets
Investments - - - - - - - -
Trade receivables - - 10,037.34 10,037.34 - - 8,302.13 8,302.13
Loans - non-current - - - - - - - -
Loans - current - - 15.15 15.15 13.23 13.23
Other financial assets - - - 157.54 157.54 - - 122.95 122.95
non-current
Other financial assets - current - - 1,264.45 1,264.45 - - 1,732.45 1,732.45
Cash and cash equivalents - - 527.65 527.65 - - 773.53 773.53
Other bank balances - - 607.10 607.10 - - 1,239.55 1,239.55
Total financial assets - - 12,609.23 12,609.23 - - 12,183.84 12,183.84
Financial liabilities
Borrowings
Long term borrowings - - 3,857.80 3,857.80 - - 2,170.64 2,170.64
Short term borrowings - - 9,867.97 9,867.97 - - 7,958.07 7,958.07
Lease liabilities - non-current - - 981.76 981.76 - - 458.33 458.33
Lease liabilities - current - - 295.71 295.71 - - 97.93 97.93
Trade payables - - 7,940.53 7,940.53 - - 4,177.54 4,177.54
Other financial liabilities - - - - - - - - -
non-current
Other financial liabilities -current - - 322.64 322.64 - - 324.25 324.25
Total financial liabilities - - 23,266.41 23,266.41 - - 15,186.76 15,186.76

184 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Note 31: Financial risk management

The Group’s activities expose it to credit risk, liquidity risk and market risk.

Risk Exposure arising from Measurement Management


Credit Risk Cash and cash equivalents, financial Credit ratings, aging analysis, Diversification of counter parties,
assets and trade receivables credit evaluation investment limits, check on
counter parties basis credit rating
and number of overdue days
Liquidity Risk Other liabilities Maturity analysis Maintaining sufficient cash/
cash equivalents and marketable
securities
Market Risk Financial assets and liabilities not Sensitivity analysis Constant evaluation and proper
denominated in ₹ risk management policies
The Board provides guiding principles for overall risk management as well as policies covering specific areas such as foreign
exchange risk, credit risk and investment of surplus liquidity.

A. Credit Risk

Credit risk referes to the risk of a counter party default on its contractual obligation resulting into a financial loss to the
Company. The maximum exposure of the financial assets represents trade receivables, work in progress and receivables
from group companies and others.

In respect of trade receivables, the Group uses a provision matrix to compute the expected credit loss allowances for
trade recivables in accordance with the excepcted credit loss (ECL) policy of the Group. The Group regulary reviews trade
receivables and necessary provisions, whenever required , are made in the financial statements.

B. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meed its commitments associated with
financial instruments. Liquidity risk may result from an inability to sell a financial assets quickly at close to its fair value.

The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forcast
and actual cash flows and by matching the maturity profiles of financial assets and liabilities.

Contractual maturities of significant financial liabilities are as follows:

(` in Lakhs)
Particulars Less than or equal more than Total
to one year one year
As on March 31, 2022
Financial Assets
Non-current investments - - -
Loans 15.15 - 15.15
Trade receivables 10,037.34 - 10,037.34
Cash and cash equivalents 527.65 - 527.65
Other bank balances 607.10 - 607.10
Other financial assets 1,264.45 157.54 1,421.99
Total financial assets 12,451.69 157.54 12,609.23

ANNUAL REPORT 2021-22 185


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Particulars Less than or equal more than Total
to one year one year
Financial Liabilities
Long term borrowings - 3,857.80 3,857.80
Short term borrowings 9,867.97 - 9,867.97
Lease liabilities 295.71 981.76 1,277.47
Trade payables 7,940.53 - 7,940.53
Other financial liabilities 322.64 - 322.64
Total financial liabilities 18,426.85 4,839.56 23,266.41

As on March 31, 2021


Financial Assets
Non-current investments - - -
Loans 13.23 - 13.23
Trade receivables 8,302.13 - 8,302.13
Cash and cash equivalents 773.53 - 773.53
Other bank balances 1,239.55 - 1,239.55
Other financial assets 1,732.45 122.95 1,855.40
Total financial assets 12,060.89 122.95 12,183.84
Financial Liabilities
Long term borrowings - 2,170.64 2,170.64
Short term borrowings 7,958.07 - 7,958.07
Lease liabilities 97.93 458.33 556.26
Trade payables 4,177.54 - 4,177.54
Other financial liabilities 324.25 - 324.25
Total financial liabilities 12,557.79 2,628.97 15,186.76

C. Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Such changes in the values of financial instruments may result from changes in foreign currency exchange
rates, interest rates, credit, liquidity and other market changes.

The Group has several balances in foreign currency and consequently, the Group is exposed to foreign exchange risk. The
Group evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management
policies.

a) 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. The Group’s exposure to the risk of changes in market interest rates relates primarily
to the Group’s long-term debt obligations with floating interest rates. The Group manages its interest rate risk by having
a balanced portfolio of fixed and variable rate loans and borrowings.

186 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

b) Interest rate sensitivity:

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of
loans and borrowings affected. With all other variables held constant, the Group’s profit before tax is affected through
the impact on floating rate borrowings, as follows:

(` in Lakhs)
Particulars Increase/decrease Effect of profit
in basis points before tax
March 31, 2022 +100 137.26
-100 (137.26)
March 31, 2021 +100 101.29
-100 (101.29)

Group’s exposure to foreign currency risk at the end of each reporting period is as under:

c) Exposure in foreign currency -Hedged

Category MARCH 31, 2022 MARCH 31, 2021


Option Contract - Buy
USD/EURO/GBP 214.04 144.81
Option Contract - Sell
USD/EURO 0.75 4.50

d) Exposure in foreign currency - Unhedged

Currency MARCH 31, 2022 MARCH 31, 2021


USD 57.79 42.15
EURO 25.45 12.78
GBP 11.90 13.02
Payables
USD 2.32 2.91
EURO 5.87 4.99
GBP - -

e) Foreign currency sensitivity


The Group is mainly exposed to changes in USD, GBP and EURO. The below table demostrates the sensitivity to a
5% increase or decrease in the USD, GBP and EURO against ₹, with all other variables held constant. The sensitivity
analysis is prepared on the the net unhedged exposure of the Group as at reporting date. 5% reprents management’s
assessment of reasonably possible change in foreign exchange rate.
(` in Lakhs)
Particulars Currency Change in rate Effect of profit
before tax
March 31, 2022 USD +5% 210.23
USD -5% (210.23)
March 31, 2021 USD +5% 148.72
USD -5% (148.72)

ANNUAL REPORT 2021-22 187


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Particulars Currency Change in rate Effect of profit
before tax
March 31, 2022 GBP +5% 59.40
GBP -5% (59.40)
March 31, 2021 GBP +5% 65.01
GBP -5% (65.01)
March 31, 2022 EURO +5% 82.43
EURO -5% (82.43)
March 31, 2021 EURO +5% 32.80
EURO -5% (32.80)

Note 32: Capital management

The Group’s capital management objective is to maximise the total shareholder returns by optimising cost of capital through
flexible capital structure that supports growth. Further, the Group ensures optimal credit risk profile to maintain/enhance credit
rating.

The Group determines the amount of capital required on the basis of annual operating plan and long-term strategic plans. The
funding requirements are met through internal accruals and long-term/short-term borrowings. The Group monitors the capital
structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the Group.

The following table summarises the capital of the Group:

(` in Lakhs)
Particulars As at
March 31, 2022 March 31, 2021
Total debts 13,725.77 10,128.71
Total equity 25,369.46 19,141.47
Total debts to equity ratio 0.54 0.53

Dividends

(` in Lakhs)
Dividends recognised in the financial statements March 31, 2022 March 31, 2021
Interim Dividend of ₹ 1.20 (0.80) per equity share 320.34 213.56
Final dividend ₹ 1.20 (1.20) per equity share 320.34 320.34
Dividends not recognised in the financial statements
Directors have recommended the payment of final dividend of ₹ 1.20 per share. 320.34 320.34
The proposed dividend is subject to the approval of the shareholders in the ensuing
general meeting

Note 33: Contingent Liabilities

(` in Lakhs)
No. Particulars MARCH 31, 2022 MARCH 31, 2021
1. In respect of goods and service tax 30.02 -

188 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Note 34: Employee benefits

Employee benefits

Liability for employee gratuity has been determined by an actuary, appointed for the purpose, in confirmity with the principles set
out in the Indian Accounting Standard 19 the details of which are as hereunder. Wherever the Group creates plan assets, it makes
contributions to approved gratuity fund.

Funded Scheme - Gratuity

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Amount recognised in balance sheet
Present value of funded defined benefit obligation 228.84 206.42
Fair value of plan assets 236.11 166.73
Net unfunded obligation/assets (7.27) 39.69

Expense recognised in the statement of profit and loss


Current service cost 25.40 21.48
Interest on net defined benefit asset 2.75 1.85
Total expense charged to profit and loss Account 28.15 23.33

Amount recorded as other comprehensive income


Opening amount recognised in OCI outside profit & loss account 42.42 17.92
Remeasurements during the period due to:
Return on plan assets (8.74) 22.94
Actual (gain)/loss on obligation for the period (0.32) 1.56
Closing amount recognised in OCI outside profit & loss account 33.36 42.42

Reconciliation of net liability/(asset)


Opening net defined benefit liability/(asset) 39.69 26.87
Expense charged to profit and loss account 28.15 23.33
Amount recognised outside profit and loss account (9.06) 24.50
Benefits paid - -
Employer contributions (66.05) (35.01)
Closing net defined benefit liability/(asset) (7.27) 39.69

Movement in benefit obligation


Opening of defined benefit obligation 206.42 160.54
Current service cost 25.40 21.48
Interest on defined benefit obligation 14.30 10.98
Acturial loss/(gain) arising from change in financial assumptions (8.95) (1.65)

ANNUAL REPORT 2021-22 189


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Benefits directly paid by the employer - -
Benefits paid (8.54) (9.53)
Acturial loss/(gain) on obligation -Due to Experience 0.21 24.60
Closing of defined benefit obligation 228.84 206.42

Movement in plan assets


Opening fair value of plan assets 166.73 133.67
Actual return on plan assets excluding interest on plan assets 0.32 (1.56)
Interest income 11.55 9.14
Contributions by employer 66.05 35.01
Benefits paid (8.54) (9.53)
Closing of defined benefit obligation 236.11 166.73

Principal acturial assumptions


Discount Rate 7.35 6.93
Future salary increase 7.00 7.00
Rate of employee turnover 2.00 2.00

Sensitivity analysis for significat assumption is as shown below:

(` in Lakhs)
No. Particulars Sensitivity level March 31, 2022 March 31, 2021

1 Discount Rate 1% Increase (19.06) (17.03)


1% Decrease 22.37 19.83
2 Salary 1% Increase 21.14 18.67
1% Decrease (18.69) (16.49)
3 Employee Turnover 1% Increase (0.15) (0.43)
1% Decrease 0.08 0.45

The following are the expected future benefit payments for the defined benefit plan:

(` in Lakhs)
No. Particulars March 31, 2022 March 31, 2021
1 Within the next 12 months (next annual reporting period) 17.51 13.42
2 Between 2 and 5 years 51.97 50.82
3 Beyod 5 years 481.43 387.12

190 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Unfunded Scheme - Gratuity

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Amount recognised in balance sheet
Present value of funded defined benefit obligation 11.07 8.93
Fair value of plan assets - -
Net unfunded obligation 11.07 8.93

Expense recognised in the statement of profit and loss


Current service cost 1.79 1.75
Interest on net defined benefit asset 0.62 0.63
Total expense charged to profit and loss Account 2.41 2.38

Amount recorded as other comprehensive income


Opening amount recognised in OCI outside profit & loss Account (1.79) (0.48)
Remeasurements during the period due to:
Return on plan assets - -
Actual (gain)/loss on obligation for the period (0.27) (1.31)
Closing amount recognised in OCI outside profit & loss account (2.06) (1.79)

Reconciliation of net liability/(asset)


Opening net defined benefit liability/(asset) 8.93 9.13
Expense charged to profit and loss account 2.41 2.38
Amount recognised outside profit and loss account (0.27) (1.31)
Employer contributions - (1.27)
Closing net defined benefit liability/(asset) 11.07 8.93

Movement in benefit obligation


Opening of defined benefit obligation 8.93 9.13
Current service cost 1.79 1.75
Interest on defined benefit obligation 0.62 0.63
Acturial loss/(gain) arising from change in financial assumptions (0.55) (0.13)
Benefits paid - (1.27)
Acturial loss/(gain) on obligation -Due to Experience 0.28 (1.18)
Closing of defined benefit obligation 11.07 8.93

Principal acturial assumptions


Discount Rate 7.33 6.95
Salary escalation rate p.a. 7.00 7.00
Future salary increase 7.00 7.00
Rate of employee turnover 2.00 2.00

ANNUAL REPORT 2021-22 191


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

Sensitivity analysis for significat assumption is as shown below:

(` in Lakhs)
No. Particulars Sensitivity level March 31, 2022 March 31, 2021

1 Discount Rate 1% Increase (1.27) (1.09)


1% Decrease 1.52 1.31
2 Salary 1% Increase 1.51 1.30
1% Decrease (1.29) (1.10)
3 Employee Turnover 1% Increase 0.01 (0.03)
1% Decrease (0.01) 0.03

The following are the expected future benefit payments for the defined benefit plan:

(` in Lakhs)
No. Particulars March 31, 2022 March 31, 2021
1 Within the next 12 months (next annual reporting period) 0.24 0.18
2 Between 2 and 5 years 1.14 0.89
3 Beyod 5 years 32.82 26.22

Note 35: Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 are provided
as under for the year 2021-2022, to the extent the Company has received intimation from the suppliers
regarding their status under the Act.

(` in Lakhs)
No. Particulars As at As at
March 31, 2022 March 31, 2021
Principal amount and the interest due thereon remaining unpaid to each supplier
at the end of each accounting year (but within due date as per MSMED Act)
1 Principal amount due to micro and small enterprise 1,616.21 1,024.29
2 Interest due on above - -

192 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Note 36: As per Ind AS 24, Disclosure of transactions with related parties (as identified by the management)
as defined in Ind AS are gien below:

Sr Particulars Country of
No. incorporation
(i) Enterprise owned or significantly influenced by Key Managerial Personnel or their relatives
(Associates):
1 Acrycol Minerals Limited India
2 Ashwanila Charitable Trust Bhavnagar India
(ii) Key Managerial Personnel
3 Mr. Chirag A Parekh India
4 Dr. Sonal V Ambani India
5 Mr. Jagdish R Naik
6 Mr. Ajit R Sanghavi
7 Mr. Pradeep H Gohil
8 Mr Rustam N Mulla
9 Mr. Marcus J Smyth
10 Mr. Anand H Sharma
11 Mrs. Neha A Poddar
12 Ms. Pooja D Ponda (w.e.f. 20th August, 2021)
(iii) Relatives of Key Managerial Personnel
13 Ms. Rhea Chirag Parekh (w.e.f. 05th August, 2021)

(` in Lakhs)
Nature of transaction Relationship Year ended Year ended
March 31, 2022 March 31, 2021
1. Purchase of materials
Acrycol Minerals Limited Enterprise owned or significantly 2,461.17 1,520.47
influenced by Key Managerial
Personnel or their relatives
2. Corporate Social Responsibility
Ashwanila Charitable Trust Bhavnagar Enterprise owned or significantly 15.73 29.62
influenced by Key Managerial
Personnel or their relatives
3. Donations
Ashwanila Charitable Trust Bhavnagar Enterprise owned or significantly 3.00 1.68
influenced by Key Managerial
Personnel or their relatives
Outstanding balances:
1. Trade Payables
Acrycol Minerals Limited Enterprise owned or significantly 85.69 -
influenced by Key Managerial
Personnel or their relatives
2. Other current Assets

ANNUAL REPORT 2021-22 193


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

(` in Lakhs)
Nature of transaction Relationship Year ended Year ended
March 31, 2022 March 31, 2021
Ashwanila Charitable Trust Bhavnagar Enterprise owned or significantly 5.47 4.27
influenced by Key Managerial
Personnel or their relatives
Acrycol Minerals Limited Enterprise owned or significantly - 257.95
influenced by Key Managerial
Personnel or their relatives
Key management personnel and relatives
1. Remuneration*
Mr. Chirag A Parekh Chairman & Managing Director 336.56 200.00
Mr. Marcus J Smyth Director 145.96 102.38
Mr. Anand H Sharma Chief Financial Officer 92.99 36.77
Mrs. Neha A Poddar Company Secretary 25.84 10.86
Ms. Pooja D Ponda Company Secretary - 2.53 -
Acrysil Steel Limited
Ms. Rhea Chirag Parekh Relative of KMP 4.91 -
Total… 608.79 350.01
* including contribution to PF and other funds and ESOP expenses
2. Loan repaid
Mr. Chirag A Parekh Chairman & Managing Director - 40.00
3. Loan taken
Mr. Chirag A Parekh Chairman & Managing Director - 40.00
4. Interest paid
Mr. Chirag A Parekh Chairman & Managing Director - 0.84
5. Sitting Fees
Dr. Sonal V Ambani Independent Director 4.70 3.25
Mr. Jagdish R Naik Independent Director 3.35 1.85
Mr. Ajit R Sanghavi Independent Director 3.35 2.30
Mr. Pradeep H Gohil Independent Director 4.50 3.05
Mr. Rustam N Mulla Independent Director 2.25 1.95
Total… 18.15 12.40
Outstanding Balances:
1. Other current liabilities
Mr. Anand Sharma Chief Financial Officer 0.85 0.85
2. Other advances
Mrs. Neha Poddar Company Secretary 0.25 -

194 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

Note 37: Disclosure in terms of Schedule III of the Companies Act, 2013

Particulars Net Assets Share in Profit or (Loss) Share in Other Share in total
Comprehensive Income Comprehensive Income
As a % of ` As a % of ` As a % of ` As a % of `
consolidated consolidated consolidated consolidated
net assets profit or loss other total
comprehensive comprehensive
income income
1. Parent
Acrysil Limited 78.96 20,032.32 79.56 5,152.39 173.40 6.78 79.62 5,159.17
2. Subsidiaries
Acrysil Steel 9.13 2,316.16 5.10 330.55 (5.12) 0.20 5.10 330.75
Limited
Carysil Online 0.43 110.25 0.09 6.08 - - 0.09 6.08
Limited
Sternhagen Bath 0.00 0.68 (0.01) (0.94) - - (0.01) (0.94)
Private Limited
Acrysil UK 9.68 2,455.04 21.43 1,387.58 - - 21.41 1,387.58
Limited
Acrysil Gmbh 0.77 196.18 1.04 67.40 - - 1.04 67.40
Acrysil Products 15.01 3,808.55 22.58 1,462.59 - - 22.57 1,462.59
Limited
Add/(Less): (13.99) (3,549.72) (7.61) (1,929.47) (78.52) (3.07) (29.82) (1,932.54)
Inter-company
adjustments
Total... 100.00 25,369.46 100.00 6,476.18 100.00 3.91 100.00 6,480.09

Note No. 38 Employee share based payments :

During the year ended March 31, 2022, the Parent Company implemented Acrysil Employee Stock Option Plan 2021 (“the Plan”).
The plan was approved by the shareholders through Postal Ballot on May 03, 2021. The Plan enables grant of stock options to
the eligible employees of the Parent Company and its subsidiaries not exceeding 3,00,000 shares. The options granted under
the Plan have a maximum vesting period of 3 years. The maximum number of options that can be granted to any eligible single
employee during any one-year or in agrregate shall not be equal to to exceed 1% of the issued capital of the Parent Company at
the time of grant.

The options granted are based on the performance of the employees during the year of the grant and their continuity to remain
in service over the next 3 years. The process for determining the eligibility of employees for the grant of stock options under the
Plan shall be determined by the Nomination and Remuneration Committee based on employee’s grade, performance rating and
such other criteria as may be considered appropriate. The employees shall be entitled to receive one equity share of the Parent
Company on exercise of each stock option, subject to performance of the employees and continuation of employment over the
vesting period.

ANNUAL REPORT 2021-22 195


Notes forming part of the consolidated financial statements
For the year ended March 31, 2022 (Contd.)

No. Particulars ESOP -1 ESOP -2 ESOP -3


a) Details of stock options granted:
1 Grant date May 20, 2021 May 20, 2021 May 20, 2021
2 Vesting date May 19, 2022 May 19, 2023 May 19, 2024
3 Fair value at grant date (₹) 300.31 302.25 303.98
4 Exercise price 60.00 60.00 60.00
5 Outstanding options at the beginning of the year - - -
Option granted during the year 112,500 67,500 45,000
Options exercised during the year - - -
Options forfeited during the year - - -
Options lapsed during the year (13,500) (8,100) (5,400)
Balance at the end of the year 99,000 59,400 39,600
Weighted average remaining life (years) - 1 2
b) Fair value of stock options granted:
Fair value of stock options was calculated using the Black Scholes Model. The key assumptions used for calculating the
option fair value are as below:
1 Risk free rate (%) 5.97 5.97 5.97
2 Expected life (years) 0.13 1.13 2.13
3 Expected volatility (%) 46.02 43.69 41.23
4 Dividend yeild (%) 0.34 0.34 0.34
5 Market price at the time of grant of options (₹) 354.86 354.86 354.86

During the year, the Parent Company has recognised expense of ₹ 287.87 Lakhs previous year: Nil). Expenses in respect of ESOPs
granted to the employees of subsidiaries ₹ 81.95 Lakhs are recognised as capital contribution to subsidiaries.

Note No. 39. Additional Regulatory Information

Additional Regulatory Information pursuant to clause 6L of General Instructions for preparation of Balance Sheet as given in Part
I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those given
elsewhere in any other notes to the financial Statement.

a. The title in respect of self-constructed buildings and title deeds of all other immovable properties (other than properties
where the Group is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the financial
statements included under Property, Plant and Equipment are held in the name of the Group as at the balance sheet date.

b. The Group do not have any Benami property, where any proceeding has been intiated or pending against the Group for
holding any Benami property.

c. The Group have not traded or invested in Crypto currency or Virtual Currency during the financial year.

d. The Group have not been declared as a willful defaulter by any lender who has powers to declare a the group as a willful
defaulter at any time during the financial year or after the end of reporting period but before the date when the financial
statements are approved.

e. The Group do not have any transactions with struck-off companies.

f. The Group do not have any transactions which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 ( such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961).

196 ANNUAL REPORT 2021-22


CORPORATE OVERVIEW STATUTORY REPORTS Financial Statements

Notes forming part of the consolidated financial statements


For the year ended March 31, 2022 (Contd.)

g. The Group have compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013
read with Companies (Restrictions on number of Layers) Rules, 2017.

h. 
The Group have not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign
entities(intermediaries), with the understanding that the intermediary shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Group (Ultimate Beneficiaries), or

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

i. The Group have not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate beneficiaries), or

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

40. Balances for trade receivables, trade payables and loans and advances are subject to
confirmations from the respective parties.

41. All the amounts are stated in Indian ` in Lakhs, unless otherwise stated.

42. Previous year’s figures are regrouped and rearranged, wherever necessary.

Signatures to Notes 1 to 42

As per our report of even date For and on behalf of the Board of Directors

For P A R K & COMPANY CHIRAG PAREKH JAGDISH NAIK


Chartered Accountants Chairman & Managing Director Director
DIN:00298807 DIN:00030172
ASHISH DAVE ANAND SHARMA NEHA PODDAR
Partner Chief Financial Officer Company Secretary

Bhavnagar Bhavnagar / Mumbai


May 17, 2022 May 17, 2022

ANNUAL REPORT 2021-22 197


Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries / associate companies / joint ventures

Part “A”: Subsidiaries

(₹ in Lakhs)
Sr. Particulars Details
No.
1 Name of the subsidiary Acrysil Steel Sternhagen Acrysil GmbH, Carysil Online Acrysil UK
Limited Bath Private Germany Limited (Formerly Limited
Limited known as Acrysil (Group)
Appliances Limited)
2 Reporting period for subsidiary March 31, March 31, March 31, March 31, 2022 March 31,
concerned, if different from the holding 2022 2022 2022 2022
company’s reporting period
3 Reporting currency and Exchange rate ₹ ₹ EURO ₹ GBP
as on last date of the relevant Financial
year in the case of foreign subsidiaries
4 Share Capital 666.00 10.00 171.48 100.00 667.74
5 Reserves & Surplus 1650.16 (9.32) 24.70 10.25 4267.50
6 Total Assets 5437.87 1.23 668.59 114.24 7305.45
7 Total Liabilities (excluding Share 3121.71 0.55 472.41 3.99 2370.21
Capital and Reserves & Surplus)
8 Investments - - - - -
9 Turnover 4598.95 - 967.13 - 9774.06
10 Profit before taxation 461.29 (0.94) 74.20 6.56 1777.11
11 Provision for taxation 130.74 - 6.80 0.48 344.39
12 Profit after taxation 330.55 (0.94) 67.40 6.08 1432.72
13 Proposed Dividend - - - - -
14 % of shareholding 84.99% 84.90% 100% 100% 100%
15 Rupee Equivalent of 1 Unit of Foreign N.A. N.A. 84.20 N.A. 99.83
Currency as at March 31, 2022
Part “B”: Associates and Joint Venture

Statement Pursuant to section 129(3) of companies act, 2013 related to Associates and Joint Venture

Name of the Associates / Joint Venture


1. Latest audited Balance Sheet Date
2. Shares of Associates / Joint Ventures held by the Company on the year end
No.
Amount of Investment in Associates / Joint Venture
Extend of Holding %
NOT APPLICABLE
3. Description of how there is significant influence
4. Reason why the Associates / joint venture is not consolidated
5. Net worth attributable to shareholding as per latest audited Balance Sheet
6. Profit/Loss for the year
i. Considered in Consolidation
ii. Not Considered in Consolidation
For and on behalf of the Board of Directors

Chirag A. Parekh Jagdish Naik Anand Sharma Neha Poddar


Chairman & Managing Director Director Chief Financial Officer Company Secretary
(DIN: 00298807) (DIN: 00030172)

Date: May 17, 2022


Place: Bhavnagar/ Mumbai

198 ANNUAL REPORT 2021-22


Notes
Notes
Disclaimer: -
This document contains statements about expected future events and financial & operating results of Acrysil Limited (‘the Company’) which are
forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and
uncertainties. There is a significant risk that the assumptions, predictions and other forward-looking statements will not prove to be accurate.
Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause assumptions, actual
future results and events to differ materially from those expressed in the forward-looking statements Accordingly, this document is subject to the
disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the Management Discussion and Analysis
section of the Acrysil Limited Annual Report 2021-22.
Registered Office: Factory And Head Quarters:
A-702, 7th Floor, Bhavnagar - Rajkot Highway,
Kanakia Wall Street, Chakala, Navagam, Vartej - 364060,
Andheri - Kurla Road, Andheri (East), Bhavnagar (India)
Mumbai - 400 093 (India) Phone: +91-278-2540218, 2540893
Phone: + 91-22-4190 2000 Fax: +91-278-2540558
E-mail: cs.al@acrysil.com CIN: ​L26914MH1987PLC042283
Website: www.carysil.com; 
www.acrysilcorporateinfo.com

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