FY'21

LA-GAJJAR MACHINERIES PRIVATE LIMITED
Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[700300] Disclosure of general information about company

Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Corporate identity number U17110GJ1981PTC004263
Permanent account number of entity AAACL3246N
NAGARWEL HANUMAN ROAD
ACIDWALA ESTATE
Address of registered office of company OPP.SUKHRAMPURAAMRAIWADI
AHMEDABAD GJ 380026 IN
Commercial and
Type of industry Industrial
Registration date 10/04/1981
Whether company is listed company No
KIRLOSKAR OIL ENGINES
Name of parent entity LIMITED
Date of board meeting when final accounts were approved 30/04/2021
Date of start of reporting period 01/04/2020 01/04/2019
Date of end of reporting period 31/03/2021 31/03/2020
Nature of report standalone consolidated Standalone
Content of report Financial Statements
Description of presentation currency INR
Level of rounding used in financial statements Lakhs
Type of cash flow statement Indirect Method
Whether company is maintaining books of account and other relevant
Yes
books and papers in electronic form
NAGARWEL HANUMAN ROAD
ACIDWALA ESTATE
Complete postal address of place of maintenance of computer
OPP.SUKHRAMPURA
servers (storing accounting data) AMRAIWADI AHMEDABAD GJ
380026 IN
Name of city of place of maintenance of computer servers (storing
Ahemadabad
accounting data)
Name of state/ union territory of place of maintenance of
Gujarat
computer servers (storing accounting data)
Pin code of place of maintenance of computer servers (storing
380026
accounting data)
Name of district of place of maintenance of computer servers
Ahemadabad
(storing accounting data)
ISO country code of place of maintenance of computer servers
91
Name of country of place of maintenance of computer servers
India
Phone (with STD/ ISD code) of place of maintenance of computer
9.1792277749e+011
servers (storing accounting data)
LA-GAJJAR MACHINERIES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Disclosure of principal product or services [Table] ..(1)

Product or services
Types of principal product or services [Axis]
1 [Member]
01/04/2020
to
31/03/2021
Disclosure of general information about company [Abstract]
Disclosure of principal product or services [Abstract]
Disclosure of principal product or services [LineItems]
Product or service category (ITC 4 digit) code 9988
Manufacturing
Description of product or service category ofPumps
Turnover of product or service category 50,910.1
Highest turnover contributing product or service (ITC 8 digit) code 99887630
Manufacturing
Description of product or service ofPumps
Unit of measurement of highest contributing product or service Nos
Turnover of highest contributing product or service 50,910.1
[700600] Disclosures - Directors report
Details of directors signing board report [Table] ..(1)

Directors signing Directors signing
Directors signing board report [Axis] board report 01 board report 02
[Member] [Member]
01/04/2020 01/04/2020
to to
31/03/2021 31/03/2021
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
First name of director SANJEEV PAWAN
Middle name of director MARUTI KUMAR
Last name of director NIMKAR AGARWAL
Designation of director Vice Chairman Director
Director identification number of director 07869394 02723352
Date of signing board report 30/04/2021 30/04/2021
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Product/service 1
Principal business activities of company [Axis]
[Member]
01/04/2020
to
31/03/2021
Details of principal business activities contributing 10% or more of total turnover of company [Abstract]
Details of principal business activities contributing 10% or more of total turnover of company
[LineItems]
Manufacturing
Name of main product/service ofSubmersible
Pumps
Manufacturing
Description of main product/service ofSubmersible
Pumps
NIC code of product/service 2813
Percentage to total turnover of company 95.60%
2
Details of material contracts/arrangements/transactions at arm's length basis [Table] ..(1)

Details at arm's
Material contracts/arrangements/transactions at arm's length basis [Axis] length basis 01
[Member]
01/04/2020
to
31/03/2021
Details of material contracts/arrangements/transactions at arm's length basis [Abstract]
Details of material contracts/arrangements/transactions at arm's length basis [LineItems]
Refer - Disclosure in
board of directors
Name of related party report explanatory
[Text Block]
board of directors
Description of nature of material contracts/arrangements/transactions with related party report explanatory
[Text Block]
board of directors
Duration of material contracts/arrangements/transactions with related party report explanatory
[Text Block]
3

01/04/2020
to
31/03/2021
Textual information (1)
Disclosure in board of directors report explanatory [TextBlock] [See below]
Refer "Disclosure in
board of directors report
Description of state of companies affair explanatory [Text
Block]".
Disclosure relating to amounts if any which is proposed to carry to any board of directors report
reserves explanatory [Text
Block]".
Disclosures relating to amount recommended to be paid as dividend explanatory [Text
Block]".
Details regarding energy conservation explanatory [Text
Block]".
Details regarding technology absorption explanatory [Text
Block]".
Details regarding foreign exchange earnings and outgo explanatory [Text
Block]".
Disclosures in director’s responsibility statement explanatory [Text
Block]".
Details of material changes and commitment occurred during period board of directors report
affecting financial position of company explanatory [Text
Block]".
Refer 'Disclosure
in board of directors
Particulars of loans guarantee investment under section 186 [TextBlock] report explanatory [Text
Block]'.
Refer 'Disclosure
Particulars of contracts/arrangements with related parties under section in board of directors
188(1) [TextBlock] report explanatory [Text
Block]'.
Details of contracts/arrangements/transactions not at arm's length
basis [Abstract]
Whether there are contracts/arrangements/transactions not at arm's
No
length basis
Details of material contracts/arrangements/transactions at arm's
length basis [Abstract]
Whether there are material contracts/arrangements/transactions at
Yes
arm's length basis
Refer 'Disclosure
Disclosure of extract of annual return as provided under section 92(3) in board of directors
[TextBlock] report explanatory [Text
Block]'.
Details of principal business activities contributing 10% or more
of total turnover of company [Abstract]
Particulars of holding, subsidiary and associate companies [Abstract]
LA-GAJJAR MACHINERIES
Name of company PRIVATE LIMITED
Details of shareholding pattern of top 10 shareholders [Abstract]
Refer 'Disclosure
Disclosure of statement on declaration given by independent directors in board of directors
under section 149(6) [TextBlock] report explanatory [Text
Block]'.
Disclosure for companies covered under section 178(1) on Refer 'Disclosure
directors appointment and remuneration including other matters report explanatory [Text
provided under section 178(3) [TextBlock] Block]'.
Refer 'Disclosure
Disclosure of statement on development and implementation of risk in board of directors
management policy [TextBlock] report explanatory [Text
Block]'.
4
Details on policy development and implementation by company on Refer 'Disclosure

corporate social responsibility initiatives taken during year report explanatory [Text
[TextBlock] Block]'.
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Refer 'Disclosure
Disclosure of financial summary or highlights [TextBlock] report explanatory [Text
Block]'.
Refer 'Disclosure
Disclosure of change in nature of business [TextBlock] report explanatory [Text
Block]'.
Refer 'Disclosure
Details of directors or key managerial personnels who were in board of directors
appointed or have resigned during year [TextBlock] report explanatory [Text
Block]'.
Disclosure of companies which have become or ceased to be its Refer 'Disclosure
subsidiaries, joint ventures or associate companies during report explanatory [Text
year [TextBlock] Block]'.
Refer 'Disclosure
Details relating to deposits covered under chapter v of companies act in board of directors
[TextBlock] report explanatory [Text
Block]'.
Refer 'Disclosure
Details of deposits which are not in compliance with requirements in board of directors
of chapter v of act [TextBlock] report explanatory [Text
Block]'.
Details of significant and material orders passed by Refer 'Disclosure
regulators or courts or tribunals impacting going concern report explanatory [Text
status and company’s operations in future [TextBlock] Block]'.
Refer 'Disclosure
Details regarding adequacy of internal financial controls with in board of directors
reference to financial statements [TextBlock] report explanatory [Text
Block]'.
Refer 'Disclosure
Disclosure of appointment and remuneration of director or in board of directors
managerial personnel if any, in the financial year [TextBlock] report explanatory [Text
Block]'.
Details of remuneration of director or managerial personnel [Abstract]
Number of meetings of board 7
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]
5
Disclosure in board of directors report explanatory [Text Block]

40THANNUAL REPORT
2020-2021
LA-GAJJAR MACHINERIS PVT. LTD.
BOARD OF DIRECTORS
Particulars Designation
T. Vinodkumar Chairman & Director ( Resigned with effect from 23rd July 2020 )
Sanjeev Nimkar Vice Chairman & Director
Udayan Gajjar Director
Chairman (co-opted with effect from 23rd July 2020 & Independent Director ( co-opted with effect from 20th
Sunil Shah Singh
September 2017)
Mahendra Lodha Independent director
Smita Raichurkar Director ( Resigned with effect from 23rd July 2020 )
Varun Gajjar Director ( Resigned with effect from 23rd July 2020 )
Gauri Kirloskar Director
Pawan Kumar
Additional Director ( co-opted with effect from 23rd July 2020 )
Agarwal
AUDITORS
P. G. Bhagwat LLP, Chartered Accountants, Pune
REGISTRAR & SHARE TRANSFER AGENT

Big Share Services Private Limited
A/802, Samudra Complex, Near Klassic Gold,
Girish Cold Drink, C.G. Road, Ahmedabad, Gujarat – 380009.
REGISTERED OFFICE
Nagarwel Hanuman Road Acidwala Estate, Opp. Sukhrampura,
Amraiwadi, Ahmedabad - 380026, Gujarat, India
Ph. No. 079 - 22777487
CIN-U17110GJ1981PTC004263
REPORT OF THE DIRECTORS
To The Members
OF LA-GAJJAR MACHINERIES PRIVATE LIMITED
The Directors of your Company are pleased to present their 40th Annual Report on Business Operations of the Company along with the Audited
Financial Statements for the financial year ended 31st March 2021.
JOURNEY WITH KIRLOSKAR OIL ENGINES LIMITED
Kirloskar Oil Engines Limited (KOEL), a well-established Listed Public Limited Company, with corporate office in Pune, acquired 76% of equity
shares of the Company on 1stAugust 2017, thus making LGM a subsidiary of KOEL with effect from 1st August 2017.
KOEL is an acknowledged market leader in India for designing, manufacturing & service of diesel engines, gensets & pumpsets. Incorporated in
1946 as a part of Kirloskar Group of Companies, KOEL is a leading engineering conglomerate, which was founded by late Mr. Laxmanrao
6
Kirloskar. The group with a rich heritage of 133 years caters to different segments of society with its core purpose of ‘Enriching Lives’ which
essentially focusses on bringing about a positive change.
KOEL’s engineering capabilities are backed by a strong R&D Center which works towards bringing innovative product offerings to the customer
at competitive prices. KOEL has developed a niche for itself in the markets it operates by launching new farm mechanization products and highly
efficient diesel generator sets in India. Going beyond Indian shores, these solutions have reached the markets of Middle East, Africa, Europe,
South Asia and the Americas.
With this pump foray, KOEL intends to use its wide distribution network to increase sale and achieve leadership in the complete pump segment.
During the year under review, the Company has leveraged on the strengths and expertise of KOEL in areas of customer service, oracle
implementation, financial restructuring, processes stabilization, and employee health & Safety. This partnership with KOEL will continue to help
the Company to further build on its brand strengths, market reach, establishment of structured research and development department, developing
our capabilities to adopt new technologies. This will be beneficial for all stakeholders in the business viz. customers, employees and the suppliers.
FINANCIAL RESULTS
(Amount in Crores)
PARTICULARS 2020-2021 2019-2020

Net Revenue From Operation 519.83 467.00
Other Income 1.68 3.69
Total Revenue 521.50 470.69
Operating& Other Expenses 482.13 434.35
Profit Before Depreciation, Interest and Tax 39.38 36.34
Finance Cost 6.42 7.71
Depreciation and Amortization Expenses 5.91 5.37
Profit Before Tax 27.05 23.26
Tax Expenses 7.29 6.83
Profit After Tax 19.75 16.43
Other Comprehensive Income / (Loss) 0.03 (0.23)
Balance Brought Forward 47.11 30.91
Transferred to Capital Redemption Reserve - -
Profit Available for Appropriation 66.89 47.11
APPROPRIATIONS: - -
Adjustment of Depreciation - -
Amount Transferred to General Reserves - -
Balance Carried to P&L A/c. in Balance Sheet 66.89 47.11
COMPANY’S FINANCIAL PERFORMANCE HIGHLIGHTS

The financial year 2021 saw the COVID-19 outbreak challenge and disrupt lives as well as businesses worldwide. The rapid transmission across
the world has meant families, communities and businesses must adapt to new ways of living and working. Given the need to manage the business
dynamically in the wake of the far-reaching effects of the coronavirus pandemic, the Company has taken the prudent decision early in the year to
focus on growth and the delivery of underlying operating profit.
Your Company posted sales of Rs. 509.10 Crores, an increase of 12.35% as compared to the previous year of Rs. 453.14 crores. Profit from
operations was Rs. 27.05 Crores as against Rs. 23.26 Crores in the previous year.
The Profit After Tax was Rs. 19.75 Crores as against Rs. 16.43 Crores in the previous year.
The Company’s MMB business vertical has progressed more than 50% as per strategy designed to focus on the market on different product
segment like Residential pumps, Domestic pumps and AGRI pumps.
The Company has participated since last two years in the Agriculture Demand Side Management programme (AgDSM) launched by the Ministry
of Power for the State of Andhra Pradesh through EESL (Energy Efficiency Services Limited). In the Financial Year 2020-21, this program was
extended to Uttar Pradesh State also.
This programme is launched to save energy in irrigation sector by replacing old non-efficient pumps with new energy efficient pumps with 5-Star
Rating. The Company has developed Energy efficient pumps that consumes less power, saves electricity and thereby give higher returns on initial
investment.
Your company being a successful bidder for this programme, during the year under review, 3,000 units of submersible pumps were supplied and
installed with positive feedback being received from the end customers/farmers. Till the last Financial Year 2020-21, the Company has supplied
and successfully installed total 16,018 units of submersible pumps.
EESL is coming with the same type of project in many states of India. Your Company is confident of successfully partaking in other Energy
Efficiency Services Limited’s (EESL) tenders of other States.
Your Company continued to expand its network both in domestic and international markets and geographies. Last year the Company has
expanded its network in Yemen with sales of Rs. 16.56 Crores. ‘Varuna’ continued to expand its footprint in the new potential countries like
Somalia, Romania & Bulgaria. Your Company is also eying to expand distribution network in South East Asian countries.
7
Your Company continued to focus on quality standards.

Considering annual production capacity, product certified by ISO 9001, IS: 8034, IS: 9283, IS: 14220 & CE, a pan-India presence with 16
branches, over 1000 direct network, 15000+ indirect network, leader in agriculture pump sets (150-440 volts) & domestic pump sets (120-240
volts), 2552+ models of submersible pumps and motors from 3'' – 10'', Efficient pumps that work even at 1000 + ft. depth and export network
spread across 55 countries and an unmatched experience of eight decades, the Company will continue to build on its inherent strengths and grow
to be a dominant player in the industry.
The company got certification for its solar pumps approved by Ministry of new and renewable energy. The Company continues to participate in
the Government tenders for supply of solar pumps during the year under review. Additionally, during the year under review, the Company has
completed development of Direct Connection Solar Motors in the range of 1 to 5 HP. This will help to explore new opportunities in the solar
products required by Government.
Your Company’s continues to maintain its Long-Term Rating as A+ and Short Term as A1, which reflects continuation of strong operational
performance even in this pandemic year.
In the financial year 2019-20, the Board of Directors had approved the long-term strategy of consolidation of all the manufacturing facilities of
the Company in and around Ahmedabad, Gujarat. The Company has identified land for this purpose and is in process of completing the legal
formalities for acquisition of land for the same. The said project will be funded through a combination of long term bank borrowings and internal
accruals.
SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS
During the financial year 2020-21, the Company has incorporated a Wholly Owned Subsidiary namely Optiqua Pipes and Electricals Private
Limited on 19th February 2021, with a view to have backward integration and also developing its ''allied products'' business vertical.
The business of pipes, cables & wires of M/s. Optiflex Industries, Partnership Firm, based in Ahmedabad, has been transferred (on a slump sale
basis as a going concern) to Optiqua Pipes and Electricals Private Limited on 16th April 2021.
For the period ended 19th February 2021 to 31st March 2021, Net Loss was 0.96 Lacs.
The consolidated financial statements of the Company and its Subsidiary, prepared in accordance with IND-AS 110, issued by Ministry of
Corporate Affairs, forms part of this Annual Report. A statement containing the salient features of the financial statements of the subsidiary
company is attached to the Financial Statements of the Company in Form AOC-1.
COVID 19 IMPACT
When the COVID-19 pandemic broke out in early 2020, the Company has moved swiftly to implement business continuity plans to mitigate its
impact on our businesses and to ensure the health and safety of our workers and their families. Adopting guidelines provided by the Indian
Government and the World Health Organisation (WHO), our management teams developed policies, protocols and procedures to ensure that our
operations could continue safely and securely. With the decisive pandemic measures implemented by the Company and the co-operation and the
common spirit manifested by the management and employees working together as one family has enabled us to navigate the pandemic with
minimal disruptions to operations. While maintaining our discipline, we will continue to remain vigilant, and observe and abide with all the
relevant guidelines to ensure a safe and healthy working environment.
The Company continues to closely monitor developments related to the pandemic and follows recommendations from various authorities,
including the state and central government and local bodies. The Company has established a COVID-19 response team, that closely monitors the
evolving situation, develops and implements precautionary measures to help limit the impact of COVID-19 at our workplace and on our
communities and ensures business continuity.
The Company is actively monitoring the potential impact on our key priorities and assessing the situation on an ongoing basis to evaluate the
impact and challenges posed by the COVID-19 situation and manage them accordingly.
The management of the Company have analyzed the impacts that COVID-19 had on our financial reporting. Our operations and financial
performance remains satisfactory despite the COVID-19 pandemic.
The Company’s operation has and may continue to be impacted by the outbreak of COVID-19 virus. The effects of COVID-19 virus to the global
economy include effect to economic growth, increase in credit risk, and the fluctuation of foreign currency exchange rates and disruption of
business operation. The future effects of the outbreak of COVID-19 virus to the Company are unclear at this time. Nevertheless, as at the date of
this report, management of the Company is of the opinion that the outbreak of the COVID-19 has no significant impact to the operational
activities of the Company.
HUMAN RESOURCE DEVELOPMENT
During this pandemic situation, the Company’s Human capital which is the biggest asset of the organization has played a vital role. The Company
recognizes that it’s human capital is critical to the Company's success and therefore, is committed to training, skilling and up skilling its human
capital on an ongoing basis. The Company is taking continuous efforts and realignment with Human Resources policies and initiatives keeping in
mind the organizational and people growth.
INDUSTRIAL RELATION
The Company continues to maintain healthy and harmonious industrial relations across all its manufacturing plants & offices.
DIVIDEND
The Board of Directors is of the view that no dividend payouts from profits pertaining to the financial year ended 31st March 2021 should be
made with a view to conserve cash in an environment of heightened uncertainty caused by COVID-19. Accordingly, the Board doesn’t
recommend any dividend for the year ended 31 March 2021.
DIRECTORS
a) Changes in Composition of the Board of Directors
? The Board of Directors in its meeting held on 22nd July 2020, subject to approval of the members of the Company, appointed Mr. Pawan
Kumar Agarwal (DIN 02723352) as an Additional Director of the Company with effect from 23rd July 2020. In accordance with Section 161 of
the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in
force), he will hold office of Director upto date of ensuing Annual General Meeting. The Company has received requisite notice in writing from a
member proposing his candidature for office of Director. The resolution seeking approval of the Members for regularization of appointment of
Mr. Pawan Kumar Agarwal as Director has been incorporated in the notice of the forthcoming Annual General Meeting of the Company. His
brief profile also forms part of the Notice of Annual General Meeting.
? Mr. T. Vinodkumar (DIN 07853907), has tendered his resignation as Chairman and Non- Executive Director of the Company as a part of
proposal for re-constitution of the Board of the Company and due to his pre-occupation with effect from 23rd July 2020.
? Mr. Varun Gajjar (DIN 02457443) and Ms. Smita Raichurkar (DIN 0008179533) had tendered their resignation as Non- Executive Director of
the Company as a part of proposal for re-constitution of the Board of the Company and due to their pre-occupation with effect from 23rd July
2020.
8
? Mr. Sunil Shah Singh (DIN 00233918) Independent Non-Executive Director of the Company, was appointed as Chairman of the Board of the
Company with effect from 23rd July 2020.
? Ms. Gauri Kirloskar (DIN 03366274), retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for
re-appointment.
b) Declarations from independent directors
The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of
independence as prescribed under section 149(7) of the Companies Act, 2013 and the rules made thereunder (including any statutory
modification(s) or re-enactment thereof for the time being in force).
The Company has also received declarations from all the Independent Directors of the Company confirming that they have complied with the
Code for Independent Directors as prescribed in Schedule IV of the Companies Act, 2013 read with rules thereunder including amendments
thereof. The said code is available on the website of the Company.
All the Independent Directors of the Company have enrolled themselves in the data bank with the ‘Indian Institute of Corporate Affairs’, New
Delhi, India and they are exempted from passing online proficiency self-assessment test conducted by the said Institute.
c) Number of meetings of the Board
During the year under review, 7 Board Meetings were held 30th May 2020, 22nd July 2020, 16th September 2020, 20th October 2020, 30th
January 2021, 27th February 2021 and 26th March 2021 inter alia to discuss on business strategies, investment proposal and review financial &
operational performance of the Company.
d) Composition of Audit Committee
The Audit Committee comprises of 3 Non-Executive Directors, majority of who are Independent Directors. The composition of the Committee is
as follows which is in conformity with the provisions of the Companies Act 2013, including rules thereof and amendments thereunder:
1. Mr. Sunil Shah Singh, Chairman with effect from 23rd July 2020 and Member upto 22nd July 2020
2. Mr. Pawan Kumar Agarwal, Member with effect from 23rd July 2020
3. Mr. Mahendra Lodha, Member
4. Mr. T. Vinodkumar, Chairman upto 22nd July 2020
During the year under review, 5 meetings of the Committee were held on 30th May 2020, 22nd July 2020, 20th October 2020, 30th January 2021
and 26th March 2021.
During the year under review, the Board has accepted all the recommendations given by the Audit Committee of the Board, which are
mandatorily required.
e) Nomination and Remuneration Committee
The Nomination and Remuneration Committee comprises of 3 Non-Executive Directors, majority of who are Independent Directors. The
composition of the Committee is as follows which is in conformity with the provisions of the Companies Act 2013, including rules thereof and
amendments thereunder:
1. Mr. Pawan Kumar Agarwal, Chairman with effect from 23rd July 2020
2. Mr. Sunil Shah Singh, Chariman upto 22nd July 2020 and Member with effect from 23rd July 2020
3. Mr. Mahendra Lodha, Member
During the year under review, 2 meetings of the Committee were held on 30th May 2020 and 22nd July 2020
The Board of Directors on the recommendation of the Nomination & Remuneration Committee has adopted a policy that lays guidelines for
selection and appointment of Directors, Key Managerial Personnel and Senior Management personnel together with their remuneration. The
Nomination and Remuneration Policy is available on the website of the Company. (Web link:
https://www.varunapumps.com/policypdf/11042019042930.pdf )
f) Board Evaluation
The evaluation of performance of the Board, its Committees, the Chairman and the individual Directors was carried out for the year 2020-21. A
separate meeting of independent director was held for evaluating performance of Board as a whole, performance of non-independent directors,
performance of Chairman taking into account the views of the non-executive directors and to assess the quality, quality and timeliness of flow of
information between the Company management and the Board that is necessary for the Board to effectively and reasonably perform their duties
The result of evaluation was satisfactory and meets the requirements of the Company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY
Pursuant to section 186 of the Companies Act, 2013, and the rules made thereunder (including any statutory modification(s) or re-enactment
thereof for the time being in force) the company has not made/given any guarantee or provide any security during the year under review. Further,
company has duly complied with the provisions of section 186 of the Companies Act, 2013, and the rules made thereunder (including any
statutory modification(s) or re-enactment thereof for the time being in force) with regards to the investment made by the company during the year
under review.
Further, during the year Company has taken unsecured loan Rs. 18.50 Crores (Previous Year Rs. NIL Crores) from the Bank and during the year
repaid unsecured loan of Rs. 18.50 Crores (Previous Year Rs. NIL Crores). There is no outstanding unsecured loan.
Further, during the year under review, the Company has invested in the 85,50,000 equity shares of Rs. 10/- each of Optiqua Pipes and Electricals
Private Limited (a wholly owned subsidiary Company).
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the Financial Year 2020-21 were on an arm’s length basis and were in the ordinary
course of business. Further there were no material related party transactions entered during the Financial Year 2020-21. Hence, there are no
transactions to be reported in Form AOC-2.
The disclosures as per IND-AS 24 for transactions with related parties are provided in the Financial Statements of the Company.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL
STATEMENTS
The Company has in place adequate internal financial controls with reference to the Financial Statements commensurate with the size, scale and
complexity of its operations. The scope and authority of the internal audit function is well defined within the organization in compliance with the
applicable provisions of the Companies Act, 2013 read with Rules thereunder including amendments thereof.
STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY
The Company has introduced the risk management process and completed the process of identification of risks at enterprise level including
preparation of detailed mitigations aligned to the business goals, both short and long term.
The Audit Committee and Board will review the Eenterprise risks and mitigation plans periodically.
CORPORATE SOCIAL RESPONSIBILITY
9
The Corporate Social Responsibility (CSR) Committee comprises of 3 Non-Executive Directors out of which 1 is Independent Director. The
composition of the Committee is as follows which is in conformity with the provisions of the Companies Act 2013, including rules thereof and
amendments thereunder:
1. Mr. Sunil Shah Singh, Chairman
2. Mr. Sanjeev Nimkar, Member
3. Mr. Pawan Kumar Agarwal, – Member with effect from 23rd July 2020
4. Mr. T. Vinodkumar, Member upto 22nd July 2020
During Financial Year 2020-21, 2 meeting of the Committee was held on 30th May 2020 and 30th January 2021.
The Board of Directors on the recommendation of the CSR Committee has adopted a Corporate Social Responsibility (CSR) policy which is
further amended in lines with the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, which is available on the website
of the Company. (web link - https://www.varunapumps.com/policypdf/09042021052907.pdf ). The Company has always believed in working for
the betterment and upliftment of the society. Corporate Social Responsibility has been practiced and engrained over the years in the Company.
The focus area of CSR as outlined in the CSR policy are Education, , Health and Hygiene, Environment, Disaster Management and Rural
development.
Pursuant to Section 135 of the Companies Act, 2013, and the rules made thereunder (including any statutory modification(s) or re-enactment
thereof for the time being in force) the Company is required to spend, in every financial year, at least 2% of the average net profits of the
Company made during the three immediately preceding financial years in accordance with its Corporate Social Responsibility (CSR) Policy.
The Annual Report on CSR activities is annexed herewith as Annexure 2.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
The Company has a Vigil Mechanism/Whistle Blower Policy to deal with instances of fraud, unethical behaviour, mismanagement etc. The
Policy provides a mechanism for employees of the Company and other persons dealing with the Company to report to the Chairman of the Audit
Committee any instance of unethical behaviour, actual or suspected fraud or violation of the Company's code of conduct. No person has been
denied access to the Audit Committee in this regard. The Policy is uploaded on the Company’s website. (weblink -
https://www.varunapumps.com/policypdf/12042018121753.pdf)
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required to be disclosed in
terms of Section 134 of the Companies Act, 2013 & Rule 8 of the Companies (Accounts) Rules, 2014 (including any statutory modification(s) or
re-enactment thereof for the time being in force) are given separately as Annexure – 1 to the Directors’ Report.
ANNUAL RETURN
As required under Section 92(3) read with section 134(3)(a) of the Companies Act 2013 read with rule 12 of the Companies (Administration and
Management) Rules 2014 including amendments thereunder, the Annual Return filed with the Ministry of Corporate Corporate Affairs (MCA) for
the Financial Year 2019-20 is available on the website of the Company viz. www.varunapumps.com and the Annual return for Financial Year
2020-21 will be made available on the website of the Company once it is filed with the MCA.
PARTICULARS OF EMPLOYEES
The particulars of employees pursuant to section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force),
form part of this report. In terms of Section 136 (1) of the Companies Act, 2013 and the rules made thereunder (including any statutory
modification(s) or re-enactment thereof for the time being in force), the Directors’ report is being sent to the shareholders without this Annexure.
The Shareholders interested in obtaining a copy of this annexure may write to the Company at the Company’s registered office or send an e-mail
@ Dilip.thakkar@lgmindia.com .
DISCLOSURE UNDER SEXUAL HARESSMENT OF WOMAN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013
The Company has in place a policy for prevention of sexual harassment in accordance with the requirements of the Sexual Harassment of Woman
at Workplace (Prevention, Prohibition & Redressal) Act, 2013. There were no complaints filed / pending with Company during the year. The
Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Woman at
Workplace (Prevention, Prohibition & Redressal) Act, 2013.
GENERAL
During Financial Year 2020-21:
a. There were no public deposits accepted by the Company pursuant to provisions of the Companies Act, 2013, read with rules thereunder,
including amendments thereof.
b. There were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s
operations in future.
c. There are no frauds reported by Statutory Auditors under Section 143(12) of the Companies Act, 2013 and the rules made thereunder (including
any statutory modification(s) or re-enactment thereof for the time being in force).
d. The Company has maintained cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act,
2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force).
e. The Company complies with all applicable mandatory secretarial standards issued by Institute of Company Secretaries of India, New Delhi.
AUDITORS
a) Statutory Auditors
The members of the Company in its meeting held on 20th September 2017, appointed P. G. Bhagwat LLP(having LLPIN is AAT-9949),
Chartered Accountants, (Firm Registration Number 101118W/W100682) as Statutory Auditors of the Company for a first term of 5 consecutive
years to hold office from Annual General Meeting held on 20th September 2017 till the conclusion of the Annual General Meeting to be held in
the year 2022.
The Company has received from them, the requisite certificate pursuant to Section 139 of the Companies Act, 2013 and the rules made thereunder
(including any statutory modification(s) or re-enactment thereof for the time being in force) for Financial Year 2021-22.
There are no / adverse remarks / qualifications of Statutory Auditors on financial statements for the year ended 31 March 2021.
b) Cost Auditors
The Company has appointed M/s. Parkhi Limaye & Co. a partnership firm, Pune, bearing Firm Registration number 191 as Cost Auditors of the
Company for the Financial Year 2021-22 under section 148 of the Companies Act, 2013 and the rules made thereunder (including any statutory
modification(s) or re-enactment thereof for the time being in force).
c) Secretarial Audit Report
10
The Company has appointed Mr. M. J. Risbud, Practicing Company Secretary to conduct Secretarial Audit of the Company for the Financial Year
2021-22 under section 204 of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment
thereof for the time being in force). The Secretarial Audit Report for the Financial Year 2020-21 is annexed herewith as Annexure - 3.
In the Secretarial Audit Report for the Financial Year 2020-21 the following is stated:
• In the financial year 2019-20, the Board of Directors had approved the long-term strategy of consolidation of all the manufacturing facilities of
accruals.
• During the financial year 2020-21, the Company has incorporated a Wholly Owned Subsidiary namely Optiqua Pipes and Electricals Private
Limited with a view to having backward integration and also developing its ''allied products'' business vertical.
The above decisions of the Company might have a major bearing on the company’s affairs in the years to come.
Further, under COVID 19 Pandemic situation the Secretarial Auditor has examined the records of the company electronically; based on the
electronic records made available to the auditors. The auditors have, therefore, relied on the related alternate audit procedures to obtain comfort
over the existence and completeness of compliance records maintained by your Company.
There are no adverse remarks / qualifications in the Secretarial Audit Report for the the Financial Year 2020-21.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of section 134(5) of the Companies Act, 2013, and the rules made thereunder (including any statutory modification(s)
or re-enactment thereof for the time being in force) the Directors of your Company confirm the following which are required to be disclosed in
this report pursuant to section 134(3) (c) of the Companies Act, 2013:
(a) in the preparation of the annual accounts for the financial year ended March 31, 2021, the applicable Accounting Standards had been followed
along with proper explanation relating to material departures, if any;
(b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company for the financial year ending on March 31, 2021 and of the profit
and loss of the Company for that period;
(c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this
Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) the Directors had prepared the annual accounts on a going concern basis; and
(e) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate
and operating effectively.
CAUTIONARY STATEMENT
Few statements in this Directors’ Report and in entire Annual Report describing the Company’s objectives, projections, estimates, expectations or
predication may be ''Forward-Looking Statements'' within the meaning of applicable Laws and Regulations. Actual results could differ materially
from those expressed or implied. Important factors that could make difference to the Company’s operations include raw material availability and
its prices, cyclical demand and pricing in the Company’s Principal Markets, changes in Government regulations, Tax Regimes, Economics
Developments within & outside India and other ancillary factors. The Company does not undertake to update these statements.
ACKNOWLEDGEMENTS
The Board wishes to place on record its gratitude for the co-operation & assistance extended by customers, vendors, investors, bankers, all level
government department and professional for their continued support during the year. Board further places on record their appreciation of the
contribution made by our employees at all levels.
FOR AND ONBEHALF OF BOARD OF DIRECTORS OF
LA-GAJJAR MACHINERIES PRIVATE LIMITED
Sd/-
SANJEEV MARUTI NIMKAR * PAWAN KUMAR AGARWAL
VICE CHAIRMAN DIRECTOR
DIN: 07869394 DIN: 02723352
DATE: 30th April 2021
PLACE: Pune
* Note: - The Report of Directors will be printed on letter head and signed once COVID 19 situation comes to normalcy
Annexure 1 to the Directors’ Report
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
[Pursuant to the Provisions of Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014]
(A) Conservation of Energy:-
1. Power Consumption :- Rs. 1.42 Crs.
2. Fuel Consumption :- N.A.
3. GAS consumption :- N.A.
Company gives Always high priority to Implement energy conservation Project and has continues with its policy of
energy Monitoring & analysis. Energy Audit was also conducted at all locations to find out 23 nos. of new project for
(i) Steps energy saving and various initiatives have been implemented consequent to the same like Heavy Motor VFD
taken or Installation, service power factor improvement, Install Automatic Power Factor Controller Panel, equal load
distribution, In Compressor Air Leakage Testing and solving, Install energy efficient equipment, managing air
compressor utilization ,providing temperature sensors for Machine auto cut off, Optimized machine motor capacity
11
impact on and reduce motor size accordingly. In plants and offices, the company has used Motion Sensor for on/off LED
conservation bulbs and tube lights to save energy and reduce wastages also, Installation of Lighting tubes and Lighting Dom for
of energy use natural daylight.
(ii) Steps
taken by the
Company
Started implementation of some portable solar light for some areas like security cabin, back yard with this
for utilizing
conversion of Gang way roof tops to transparent roof tops for natural daylight use in Gangway and storage areas.
alternate
sources of
energy
(iii) Capital
investment
on energy 5.7 Lakhs
conservation
equipment
(B) Technology Absorption
All the successful research and actions for Digitalization , Low cost automation ,
(i) Efforts made towards technology quality improvement, Process optimization and cost control measures are
absorption immediately implemented within the units of the Company. All required steps
have been taken for technology Absorption.
(ii) Benefits derived like product
Oracle implementation , Pick & place robotic arrangement installed on proto
improvement, cost reduction,
press , Coil lapping process automation in domestic product and productivity
product development or import
improvement at various plants .
substitution
(iii) In case of imported technology
(imported during the last three
Not Applicable
years reckoned from the beginning
of the financial year)
Not
(a) Details of technology imported
Applicable
Not
(b) Year of import
Applicable
Not
(c) Whether the technology been fully absorbed
Applicable
If not fully absorbed, areas where absorption has not taken place, and the Not
(d)
reasons thereof Applicable
(iv) Expenditure incurred on Research and Development Rs. NIL
(C) Foreign Exchange Earnings and Outgo

Description 2020-21 2019-20
Foreign Exchange Earned (Actual Inflow)
Sale of Finished Goods 123.30 109.62
Others 1.47 1.31
Total 124.77 110.93
Foreign Exchange Used (Actual Outflow)
Import of Raw Material 1.85 1.49
Capital Goods - 0.18
Others 0.80 1.08
Total 2.65 2.75
Annexure 2 to the Directors’ Report
Annual Report on Corporate Social Responsibility (CSR) activities for FY 2020-21
[Pursuant to clause (o) of sub-section (3) of section 134 of the Companies Act 2013 including amendments thereof and Rule 8 of the Companies
(Corporate Social Responsibility) Rules, 2014 read with Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021]
12
1. Brief outline on CSR Policy of the Company:
The Company has adopted the Corporate Social Responsibility (CSR) policy which is further amended in lines with the Companies (Corporate
Social Responsibility Policy) Amendment Rules, 2021. Eligible funds for CSR activities will be expended in the areas of education, , health and
hygiene, environment, Disaster Management and Rural development etc. through one or more trusts or directly. These CSR activities will be
carried out through various programs or projects specified in the CSR policy.
2. Composition of CSR Committee:
Designation / Number of meetings of Number of meetings of CSR

Sl.
Name of Director Nature of CSR Committee held during Committee attended during
No.
Directorship the year the year
1 Mr. Sunil Shah Singh Chairman 2 2

2 Mr. Sanjeev Nimkar Member 2 2
Mr. Pawan Kumar Agarwal w.e.f. 23rd
3 Member 2 1
July 2020
4 Mr. T. Vinodkumar upto 22nd July 2020 Member 2 1
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: Website of the Company.
• For Composition of CSR Committee - (web link - https://www.varunapumps.com/policypdf/23042021112751.pdf)
• For CSR Policy - (web link - https://www.varunapumps.com/policypdf/09042021052907.pdf)
• CSR projects approved by the board - NA
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).: NA
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: NA
Amount available for set-off Amount required to be set-
Sl. No. Financial Year
from preceding financial years (in Rs.) off for the financial year, if any (in Rs.)
1
TOTAL
6. Average net profit of the company as per section 135(5).: Rs. 629.74 Lacs
7. a. Two percent of average net profit of the company as per section 135(5) : 12.59 Lacs
b. Surplus arising out of the CSR projects or programmes or activities of the previous financial years.: NIL
c. Amount required to be set off for the financial year if any: NIL
d. Total CSR obligation for the financial year (7a+7b- 7c).: 12.59 Lacs
8. (a) CSR amount spent or unspent for the financial year:
Amount
Amount Unspent Amount Unspent
Unspent Amount Unspent (in Rs.) Amount Unspent (in Rs.) Amount Unspent (in Rs.)
(in Rs.) (in Rs.)
(in Rs.)
Total
Total Amount Total Amount Amount transferred to Amount transferred to Amount transferred to
Amount
transferred to transferred to any fund specified under any fund specified under any fund specified under
Spent for
Unspent CSR Unspent CSR Schedule VII as per Schedule VII as per Schedule VII as per
the
Account as per Account as per second proviso to section second proviso to section second proviso to section
Financial
section 135(6) section 135(6) 135(5) 135(5) 135(5)
Year.
(in Rs.) Amount Date of transfer Name of the Fund Amount. Date of transfer
12,64,840 NA NA NA NA NA
(b) Details of CSR amount spent against ongoing projects for the financial year: NA
1 2 3 4 5 6 7 8 9 10 11 12
Amount
transferred
to
Unspent
CSR
13
Account
for the
project as
per
Item Amount
from the spent in
list of Amount the Mode of Mode of
Mode of
Name activities Local Location Location allocated current Implementation Implementation
Sr Project Implementa
of the in area of the of the for the financial - Through - Through
No. duration tion - Direct
Project Schedule (Yes/No) project project project Year (in Implementing Implementing
(Yes/No).
VII to the (in Rs.). Rs.). Agency Agency
Act
14
Section
135(6) (in
Rs.).
CSR
State. District. Name Registration
number
1
TOTAL
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
Amount
spent Mode of Mode of
Local
Item from the list of Location for the implementation implementation
Sr Name of the area Location of Mode of
activities in schedule VII of the project - Through - Through
no Project (Yes/ the project. implementation
to the Act. project. (in Rs. implementing implementing
No)
In agency agency
Lacs)
CSR
- Direct
State. District. Name. registration
(Yes/No)
number*
Ration Kit
which includes Clause (i) of schedule
Rice, Dal, VII - Eradicating hunger,
Wheat etc. poverty and malnutrition SAATH
1 alongwith and promoting health Yes Gujarat Ahmedabad 3.25 No Charitable NA
Sanitary care including Trust
napkins for preventive health care
Women in and sanitation
slum area
Clause (ii) of schedule
VII - promoting
''UDAAN''
education, including
Programme –
special education and
Training to
employment enhancing SAATH
Women and
2 vocation skills especially Yes Gujarat Ahmedabad 9.4 No Charitable NA
Youth for
among children, women, Trust
generating
elderly and the
employment
differently abled and
capability
livelihood enhancement
projects
12. 65
TOTAL
Note: Applicable with effect from 1st April 2021
(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): 12.65 Lacs
(g) Excess amount for set off, if any:
Sl. No. Particular Amount (in Rs.)

(i) Two percent of average net profit of the company as per section 135(5) 12,59,480
(ii) Total amount spent for the Financial Year 12,64,840
(iii) Excess amount spent for the financial year [(ii)-(i)] 5,360
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any 0.00
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 5,360
9(a) Details of Unspent CSR amount for the preceding three financial years: : NIL
15
Amount Amount Amount

Amount transferred Amount transferred Amount transferred
transferred to spent in the remaining to be
Preceding to any fund specified to any fund specified to any fund specified
Sr Unspent CSR Reporting spent in
Financial under Schedule VII under Schedule VII under Schedule VII
no Account under Financial succeeding
Year. as per section as per section as per section
section 135 (6) Year (in financial years.
135(6), if any. 135(6), if any. 135(6), if any.
(in Rs.) Rs.). (in Rs.)
Name of the Fund Amount (in Rs). Date of transfer.
1
TOTAL
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): NA
(1) (2) (3) (4) (5) (6) (7) (8) (9)

Amount spent on
the Status of
Name Financial Year in Total amount Cumulative amount spent the project -
Sl.
of the project in the
Project Project
which the project allocated for the reporting at the end of reporting Completed
No. ID. duration.
Project. was commenced. project (in Rs.). Financial Financial Year. (in Rs.)
/Ongoing.
Year (in Rs).
1.
TOTAL
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(asset-wise details).: NA
(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).
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). NA
Sd/- Sd/-
Sunil Shah Singh Sanjeev Nimkar
(Chairman CSR Committee) Vice Chairman
16
[700500] Disclosures - Signatories of financial statements
Details of directors signing financial statements [Table] ..(1)

Directors signing Directors signing
Directors signing financial statements [Axis] financial statements financial statements
01 [Member] 02 [Member]
01/04/2020 01/04/2020
to to
31/03/2021 31/03/2021
Details of signatories of financial statements [Abstract]
Details of directors signing financial statements [Abstract]
Details of directors signing financial statements [LineItems]
Name of director signing financial statements [Abstract]
First name of director Sanjeev Pawan
Middle name of director Maruti Kumar
Last name of director Nimkar Agarwal
Designation of director Vice Chairman Director
Director identification number of director 07869394 02723352
Date of signing of financial statements by director 30/04/2021 30/04/2021
17
[700400] Disclosures - Auditors report
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Auditor's Clause not
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis] favourable remark applicable
[Member] [Member]
01/04/2020 01/04/2020
to to
31/03/2021 31/03/2021
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [LineItems]
Textual information
Disclosure in auditors report relating to fixed assets (2) [See below]
The Company has
maintained proper
records showing full
particulars including
Disclosure relating to quantitative details of fixed assets quantitative details
and situation of
Property Plant and
Equipment.
Disclosure relating to physical verification and material discrepancies of fixed Textual information
assets (3) [See below]
Textual information
Disclosure relating to title deeds of immovable properties (4) [See below]
Textual information
Disclosure in auditors report relating to inventories (5) [See below]
Textual information
Disclosure in auditors report relating to loans (6) [See below]
Disclosure about loans granted to parties covered under section 189 of companies Textual information
act (7) [See below]
Textual information
Disclosure relating to terms and conditions of loans granted (8) [See below]
Textual information
Disclosure regarding receipt of loans granted (9) [See below]
Textual information
Disclosure regarding terms of recovery of loans granted (10) [See below]
Disclosure in auditors report relating to compliance with Section 185 and 186 of Textual information
Companies Act, 2013 (11) [See below]
Textual information
Disclosure in auditors report relating to deposits accepted (12) [See below]
Textual information
Disclosure in auditors report relating to maintenance of cost records (13) [See below]
Textual information
Disclosure in auditors report relating to statutory dues [TextBlock] (14) [See below]
Disclosure relating to regularity in payment of undisputed statutory dues Textual information
[TextBlock] (15) [See below]
Textual information
Disclosure relating to disputed statutory dues [TextBlock] (16) [See below]
Textual information
Disclosure in auditors report relating to default in repayment of financial dues (17) [See below]
Disclosure in auditors report relating to public offer and term loans used for Textual information
purpose for which those were raised (18) [See below]
Disclosure in auditors report relating to fraud by the company or on the Textual information
company by its officers or its employees reported during period (19) [See below]
The Company has
paid/ provided for
managerial
remuneration in
accordance with the
Disclosure in auditors report relating to managerial remuneration requisite approvals
mandated by the
provisions of Section
197 read with
Schedule V to the
Act.
18
As the Company is
not a Nidhi
Company and the
Nidhi Rules, 2014
are not applicable to
Disclosure in auditors report relating to Nidhi Company it, the provisions of
Clause 3(xii) of the
Order are not
applicable to the
Company.
Textual information
Disclosure in auditors report relating to transactions with related parties (20) [See below]
Disclosure in auditors report relating to preferential allotment or private Textual information
placement of shares or convertible debentures (21) [See below]
Disclosure in auditors report relating to non-cash transactions with directors Textual information
or persons connected with him (22) [See below]
Disclosure in auditors report relating to registration under section 45-IA of Textual information
Reserve Bank of India Act, 1934 (23) [See below]
Details regarding auditors [Table] ..(1)

Auditors 01
Auditors [Axis]
[Member]
01/04/2020
to
31/03/2021
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
P G BHAGWAT
Name of audit firm LLP
NACHIKET
Name of auditor signing report RATNAKAR DEO
Firms registration number of audit firm 101118W
Membership number of auditor 117695
Suite
101-102,Orchard,
Address of auditors Dr. Pai Marg,Baner,
Pune - 411 045 India
Permanent account number of auditor or auditor's firm AAAFB0762E
SRN of form ADT-1 G54817481
Date of signing audit report by auditors 30/04/2021
Date of signing of balance sheet by auditors 30/04/2021

01/04/2020
to
31/03/2021
Disclosure in auditor’s report explanatory [TextBlock] [See below]
Whether companies auditors report order is applicable on company Yes
Whether auditors' report has been qualified or has any reservations or
No
contains adverse remarks
Disclosure in auditors report relating to fixed assets

The Company has maintained proper records showing full particulars including quantitative details and situation of Property Plant and
Equipment. The Property Plant and Equipment of the Company have been physically verified by the Management at reasonable intervals with
regards to the size of the company and nature of its assets discrepancies noticed, if any, have been properly dealt with in the books of account. In
our opinion, the frequency of verification is reasonable. The Company does not own any immovable properties as disclosed in ‘Note – 1 Property
Plant and Equipment’ to the financial statements. Therefore, the provisions of Clause 3(i)(c) of the said Order are not applicable to the Company.
19
Disclosure relating to physical verification and material discrepancies of fixed assets

The Property Plant and Equipment of the Company have been physically verified by the Management at reasonable intervals with regards to the
size of the company and nature of its assets discrepancies noticed, if any, have been properly dealt with in the books of account. In our opinion,
the frequency of verification is reasonable.
Disclosure relating to title deeds of immovable properties

The Company does not own any immovable properties as disclosed in ‘Note – 1 Property Plant and Equipment’ to the financial statements.
Therefore, the provisions of Clause 3(i)(c) of the said Order are not applicable to the Company.
Disclosure in auditors report relating to inventories

The physical verification of inventory have been conducted at reasonable intervals by the Management during the year. In respect of inventory
lying with third parties, these have substantially been confirmed by them at reasonable intervals. The discrepancies noticed on physical
verification of inventory as compared to book records were not material and have been appropriately dealt with in the books of accounts.
Disclosure in auditors report relating to loans

The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the
register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said Order are not
applicable to the Company.
Disclosure about loans granted to parties covered under section 189 of companies act
Disclosure relating to terms and conditions of loans granted

Disclosure regarding receipt of loans granted

20
Disclosure regarding terms of recovery of loans granted

Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013
According to the information and explanations given to us, there are no loan, guarantees, securities given by the company under section 185 of the
Companies Act, 2013. According to the information and explanations provided to us, provisions of section 186 of the Companies Act, 2013 have
been complied with respect to investment.
Disclosure in auditors report relating to deposits accepted

In our opinion and according to information and explanation given to us, the Company has not accepted public deposits, hence the directive
issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules
framed there under, are not applicable to it. According to information and explanation given to us, no order has been passed against the company
by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal
Disclosure in auditors report relating to maintenance of cost records

Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section
148(1) of the Act in respect of its products. We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts
and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether
they are accurate or complete.
21
Disclosure in auditors report relating to statutory dues [Text Block]

According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is
generally regular in depositing the undisputed statutory dues in respect of income tax, though there has been slight delay in few cases and is
generally regular in depositing the undisputed statutory dues including employees’ state insurance, provident fund, sales tax, service tax, duty of
customs, duty of excise, value added tax, Goods and Service Tax, cess and other material statutory dues, as applicable, with the appropriate
authorities.
According to the information and explanation given to us, no undisputed amounts payable in respect of statutory dues were in arrears as at 31st
March, 2021, for a period more than six months from the date they became payable
According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of income tax,
sales tax, service tax, duty of customs and duty of excise duty, value added tax, Goods and Service Tax, as at 31st March, 2021 which have not
been deposited on account of a dispute, are as follows:
Name of the Amount under dispute not Period to which the

Nature of dues Forum where the dispute is pending
statute deposited (Rs. In Lakhs)** amount relates
Demand for
Sales Tax disallowance of 2006-07 Sales Tax Tribunal
claims
Demand for
Sales Tax disallowance of 404.89 2016-17 Sales Tax Tribunal
claims
Demand for
claims
Demand for
Assistant Commissioner of Commercial
Sales Tax disallowance of 31.22 2016-17
Taxes
claims
Demand for
Sales Tax disallowance of 2017-18
Taxes
claims
Non Receipt of
Sales Tax 37.64 2015-16 Appellate Joint Commissioner
Forms
Non Receipt of
Sales Tax 2016-17 Appellate Joint Commissioner
Forms
Non Receipt of
Forms
Demand for
Sales Tax disallowance of 51.97 2017-18 Deputy Commissioner of Sales Tax
claims
GST & Demand for
Superintendent (Audit), GST & Central
Central disallowance of 2.12 2017-18
Excise, Audit Commissioner,
Excise claims
** Net of amount paid under protest of Rs. 7.38 Lakhs.** Net of amount paid under protest of Rs. 7.38 Lakhs.
22
Disclosure relating to regularity in payment of undisputed statutory dues [Text Block]

According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is
generally regular in depositing the undisputed statutory dues in respect of income tax, though there has been slight delay in few cases and is
generally regular in depositing the undisputed statutory dues including employees’ state insurance, provident fund, sales tax, service tax, duty of
customs, duty of excise, value added tax, Goods and Service Tax, cess and other material statutory dues, as applicable, with the appropriate
authorities.
According to the information and explanation given to us, no undisputed amounts payable in respect of statutory dues were in arrears as at 31st
March, 2021, for a period more than six months from the date they became payable
Disclosure relating to disputed statutory dues [Text Block]

According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of income tax,
sales tax, service tax, duty of customs and duty of excise duty, value added tax, Goods and Service Tax, as at 31st March, 2021 which have not
been deposited on account of a dispute, are as follows:
Name of the Amount under dispute not Period to which the

Nature of dues Forum where the dispute is pending
statute deposited (Rs. In Lakhs)** amount relates
Demand for
claims
Demand for
Sales Tax disallowance of 404.89 2016-17 Sales Tax Tribunal
claims
Demand for
claims
Demand for
Sales Tax disallowance of 31.22 2016-17
Taxes
claims
Demand for
Sales Tax disallowance of 2017-18
Taxes
claims
Non Receipt of
Sales Tax 37.64 2015-16 Appellate Joint Commissioner
Forms
Non Receipt of
Forms
Non Receipt of
Forms
Demand for
Sales Tax disallowance of 51.97 2017-18 Deputy Commissioner of Sales Tax
claims
GST & Demand for
Superintendent (Audit), GST & Central
Central disallowance of 2.12 2017-18
Excise, Audit Commissioner,
Excise claims
** Net of amount paid under protest of Rs. 7.38 Lakhs.
23
Disclosure in auditors report relating to default in repayment of financial dues

According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in
repayment of loans or borrowings to any financial institution or bank or Government or dues to debenture holders as at the balance sheet date and
also not issued debentures.
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
The Company has not raised any moneys by way of initial public offer, further public offer (including debt instruments) and not availed term
loans. Accordingly, the provisions of Clause 3(ix) of the Order are not applicable to the Company.
Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees
reported during period
During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud by the
Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the
Management.
Disclosure in auditors report relating to transactions with related parties

The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details
of such related party transactions have been disclosed in the financial statements as required under Accounting Standard Ind AS 24, Related Party
Disclosures specified under Section 133 of the Act, read with Companies (Indian Accounting Standard) Rules, 2015 as amended.
Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible
debentures
According to the information and explanation given to us, the Company has not made any preferential allotment or private placement of shares or
fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3(xiv) of the Order are not applicable to
the Company.
Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him
According to the information and explanation given to us, the Company has not entered into any non-cash transactions with its directors or
persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.
Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934
According to the information and explanation given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank
of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
24
Disclosure in auditor’s report explanatory [Text Block]

INDEPENDENT AUDITOR’S REPORT
To the Members of LA- GAJJAR MACHINERIES PRIVATE LIMITED
Report on the Audit of the Standalone Indian Accounting Standards (Ind AS) Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statements of LA- GAJJAR MACHINERIES PRIVATE LIMITED (''the
Company''), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the Financial Statements, including a
summary of Significant Accounting Policies and other explanatory information (hereinafter referred to as ''the Standalone Ind AS Financial
Statements'').
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS Financial
Statements give the information required by the Companies Act, 2013 as amended (''the Act'') in the manner so required and give a true and fair
view in conformity with accounting principles generally accepted in India, of the standalone state of affairs of the Company as at March 31, 2021,
and its standalone profit (including Other Comprehensive Income), standalone changes in equity and its standalone cash flows for the year ended
on that date.
Basis for Opinion
We conducted our audit of standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs) as specified under section
143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the
Standalone Ind AS Financial Statements’ section of our report. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone Ind AS
Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the standalone Ind AS Financial Statements.
Emphasis of Matter
We draw your attention to 32.1 to the standalone Ind AS Financial Statements, which describes the details of further investment made by the
Company in its Subsidiary after the Balance Sheet date.
Our opinion is not modified in respect of this matter
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone Ind AS financial
statements for financial year ended March 31, 2021. These matters were addressed in the context of our audit of the standalone Ind AS financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matters below,
our description of how our audit addressed the matter provided in that context.
Valuation of Inventory:
The company has at balance sheet date Inventory amounting to Rs. 11,099.74 Lakhs as disclosed in Note 7 which constitute 37% of total assets of
the company. The inventory is valued at the lower of cost and net realizable value. Refer to Note 32.4.12 which describes company’s accounting
policy on valuation of inventory. The Inventory valuation is considered as Key Audit matter considering size of balance, price volatility of raw
material, management estimate in respect of realisable value and the changes in IT system impacting valuation process at various stages of
manufacture and related controls.
Our audit methodology included the following:
? Obtained an understanding and assessed internal controls and its effectiveness along with changes in such processes due to change in IT system
with respect to process of Inventory recording, verification and valuation
? Reviewed the management’s inventory verification process, observed the physical verification process for sample items, taken cognizance and
assessed the trend of past inventory differences and received confirmations from the subcontractors for testing the assertion of existence.
? Performed cut off procedures on test check basis to ensure completeness of Inventory.
? Tested on sample basis the accuracy of weighted average cost and Overhead absorption for Raw material, Work in Progress, Finished Goods
25
and Trading material as per the accounting policy adopted by the company
? Evaluated the management judgement, estimate and process for identification and valuation of slow moving / non-moving, obsolete and
damaged items of inventory.
? Performed analysis of Net realizable value (NRV) vs Cost of inventory on test basis to ensure that the Inventory is carried at Cost or NRV
whichever is lower as per applicable Ind AS 2.
? Ensured presentation and disclosure as per applicable Ind AS and accounting framework
Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the
Board of Director’s Report, but does not include the standalone Ind AS Financial Statements and our auditor’s report thereon.
Our opinion on the standalone Ind AS Financial Statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the standalone Ind AS Financial Statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone Ind AS Financial Statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these
standalone Ind AS Financial Statements that give a true and fair view of the standalone financial position, standalone financial performance
(including other Comprehensive Income), standalone changes in equity and standalone cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015 as amended. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS Financial Statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone Ind AS Financial Statements, the management is responsible for assessing the Company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS Financial Statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these standalone Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the standalone Ind AS Financial Statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls with reference to standalone Ind AS Financial Statement in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures
26
in the standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content of the standalone Ind AS Financial Statements, including the disclosures, and whether
the standalone Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of
the standalone Ind AS Financial Statements for the financial year ended March 31, 2021 and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (''the Order''), issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Act, we give in the Annexure A; a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the statement of Changes in Equity and the
Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with Indian Accounting Standards specified under Section 133 of
the Act, read with Companies (Indian Accounting Standards) Rules, 2015 as amended.
e) On the basis of the written representations received from the directors as on March 31, 2021 taken on record by the Board of Directors, none of
the director is disqualified as on March 31, 2021 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone Ind AS Financial Statements of the Company and
the operating effectiveness of such controls, refer to our separate Report in ''Annexure B'' to this report.
g) As required by section 197 (16) of the Act; in our opinion and according to information and explanation provided to us, the remuneration paid/
provided for by the company to its directors is in accordance with the provisions of section 197 of the Act and remuneration paid to directors is
not in excess of the limit laid down under this section.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS Financial Statements – Refer
32.5.1 to the financial statements.
(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts;
(iii) There are no amounts required to be transferred to the Investor Education and Protection Fund by the Company.
For P G BHAGWAT LLP
Chartered Accountants
Firm Registration Number: 101118W/W100682
Nachiket Deo
Partner
27
Membership No: 117695
UDIN: 21117695AAAABS5039
Pune
Date: April 30, 2021
Annexure A to Independent Auditors’ Report (CARO)
Referred to in paragraph 1 of our ''Report on Other Legal and Regulatory Requirements'' on even date
The Company has maintained proper records showing full

(i) (a) particulars including quantitative details and situation of
Property Plant and Equipment.
The Property Plant and Equipment of the Company have
been physically verified by the Management at reasonable
intervals with regards to the size of the company and
(b)
nature of its assets discrepancies noticed, if any, have
been properly dealt with in the books of account. In our
opinion, the frequency of verification is reasonable.
The Company does not own any immovable properties as
disclosed in ‘Note – 1 Property Plant and Equipment’ to the
(c )
financial statements. Therefore, the provisions of Clause
3(i)(c) of the said Order are not applicable to the Company.
The physical verification of inventory have been conducted
at reasonable intervals by the Management during the
year. In respect of inventory lying with third parties, these
have substantially been confirmed by them at reasonable
(ii)
intervals. The discrepancies noticed on physical verification
of inventory as compared to book records were not material
and have been appropriately dealt with in the books of
accounts.
The Company has not granted any loans, secured or
unsecured, to companies, firms, Limited Liability
Partnerships or other parties covered in the register
(iii)
maintained under Section 189 of the Act. Therefore, the
provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the
said Order are not applicable to the Company.
According to the information and explanations given to us,
there are no loan, guarantees, securities given by the
company under section 185 of the Companies Act, 2013.
(iv)
According to the information and explanations provided to
us, provisions of section 186 of the Companies Act, 2013
have been complied with respect to investment.
In our opinion and according to information and explanation
given to us, the Company has not accepted public
deposits, hence the directive issued by the Reserve Bank
of India and the provisions of sections 73 to 76 or any other
relevant provisions of the Companies Act and the rules
(v)
framed there under, are not applicable to it. According to
information and explanation given to us, no order has been
passed against the company by Company Law Board or
National Company Law Tribunal or Reserve Bank of India
or any court or any other tribunal
Pursuant to the rules made by the Central Government of
India, the Company is required to maintain cost records as
specified under Section 148(1) of the Act in respect of its
products. We have broadly reviewed the same, and are of
(vi)
the opinion that, prima facie, the prescribed accounts and
records have been made and maintained. We have not,
however, made a detailed examination of the records with
a view to determine whether they are accurate or complete.
According to the information and explanations given to us
and the records of the Company examined by us, in our
opinion, the Company is generally regular in depositing the
28
undisputed statutory dues in respect of income tax, though

there has been slight delay in few cases and is generally
regular in depositing the undisputed statutory dues
including employees’ state insurance, provident fund, sales
tax, service tax, duty of customs, duty of excise, value
added tax, Goods and Service Tax, cess and other material
statutory dues, as applicable, with the appropriate
authorities. According to the information and explanation
given to us, no undisputed amounts payable in respect of
(vii) (a)
29
statutory dues were in arrears as at 31st March, 2021, for a

period more than six months from the date they became
payable
According to the information and explanations given to us
and the records of the Company examined by us, the
particulars of dues of income tax, sales tax, service tax,
(b) duty of customs and duty of excise duty, value added tax,
Goods and Service Tax, as at 31st March, 2021 which
have not been deposited on account of a dispute, are as
follows:
Period
to
Name Forum where
which
of the Nature of dues Amount under dispute not deposited (Rs. In Lakhs)** the dispute is
the
statute pending
amount
relates
Sales Demand for disallowance of Sales Tax
2006-07
Tax claims Tribunal
404.89 2016-17
Tax claims Tribunal
2017-18
Tax claims Tribunal
Assistant
Sales Demand for disallowance of Commissioner
31.22 2016-17
Tax claims of Commercial
Taxes
Assistant
Sales Demand for disallowance of Commissioner
2017-18
Tax claims of Commercial
Taxes
Sales Appellate Joint
Non Receipt of Forms 37.64 2015-16
Tax Commissioner
Non Receipt of Forms 2016-17
Tax Commissioner
Non Receipt of Forms 2017-18
Tax Commissioner
Deputy
Sales Demand for disallowance of
51.97 2017-18 Commissioner
Tax claims
of Sales Tax
Superintendent
GST & (Audit), GST &
Demand for disallowance of
Central 2.12 2017-18 Central Excise,
claims
Excise Audit
Commissioner,
** Net
of
amount
paid
under
protest
of Rs.
7.38
Lakhs.
According to the records of the
Company examined by us and
the information and explanation
given to us, the Company has not
defaulted in repayment of loans
(viii)
or borrowings to any financial
institution or bank or Government
or dues to debenture holders as
at the balance sheet date and
also not issued debentures.
The Company has not raised any
30
moneys by way of initial public

offer, further public offer
(ix) (including debt instruments) and
not availed term loans.
Accordingly, the provisions of
Clause 3(ix) of the Order are not
During the course of our
examination of the books and
records of the Company, carried
out in accordance with the
generally accepted auditing
practices in India, and according
to the information and
(x) explanations given to us, we
have neither come across any
instance of fraud by the Company
or on the Company by its officers
or employees, noticed or reported
during the year, nor have we
been informed of any such case
by the Management.
The Company has paid/ provided
for managerial remuneration in
accordance with the requisite
(xi)
approvals mandated by the
provisions of Section 197 read
with Schedule V to the Act.
As the Company is not a Nidhi
Company and the Nidhi Rules,
2014 are not applicable to it, the
(xii)
provisions of Clause 3(xii) of the
Order are not applicable to the
Company.
The Company has entered into
transactions with related parties
in compliance with the provisions
of Sections 177 and 188 of the
Act. The details of such related
party transactions have been
disclosed in the financial
(xiii)
statements as required under
Accounting Standard Ind AS 24,
Related Party Disclosures
specified under Section 133 of
the Act, read with Companies
(Indian Accounting Standard)
Rules, 2015 as amended.
According to the information and
explanation given to us, the
Company has not made any
preferential allotment or private
placement of shares or fully or
(xiv)
partly convertible debentures
during the year under review.
Accordingly, the provisions of
Clause 3(xiv) of the Order are not
Company has not entered into
any non-cash transactions with
(xv) its directors or persons
connected with him. Accordingly,
the provisions of Clause 3(xv) of
the Order are not applicable to
the Company.
31

Company is not required to be
(xvi) registered under Section 45-IA of
the Reserve Bank of India Act,
1934. Accordingly, the provisions
of Clause 3(xvi) of the Order are
not applicable to the Company.
FOR P G BHAGWAT LLP
Nachiket Deo
Partner
Membership No: 117695
UDIN:- 21117695AAAABS5039
Pune
Annexure B to the Independent Auditor’s Report of even date on the Standalone Ind AS Financial Statements of La-gajjar Machineries Private
Limited.
Report on the Internal Financial Controls with reference to Standalone Ind AS Financial Statements under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 (''the Act'')
We have audited the internal financial controls with reference to Standalone Ind AS Financial Statements of La-gajjar Machineries Private
Limited (''the Company'') as of March 31, 2021 in conjunction with our audit of the standalone Ind AS financial statements of the Company for
the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s Management is responsible for establishing and maintaining internal financial controls 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 on
Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013 (‘The Act’).
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to standalone Ind AS financial statements
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting (the ''Guidance Note'') and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit
of internal financial controls with reference to standalone Ind AS financial statements, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference to standalone Ind AS financial statements were established
and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of internal financial controls with reference to standalone
Ind AS financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone Ind AS
financial statements included obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the
auditor’s judgement, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to
fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial
controls with reference to standalone Ind AS financial statements.
Meaning of Internal Financial Controls over financial reporting with reference to standalone Ind AS financial statements
A company's internal financial control over financial reporting with reference to standalone Ind AS financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone Ind AS financial statements for
external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting
with reference to standalone Ind AS financial statements includes those policies and procedures that (1) Pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) Provide reasonable assurance
that transactions are recorded as necessary to permit preparation of standalone Ind AS financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company's assets that could have a material effect on the standalone Ind AS financial statements.
Inherent Limitations of Internal Financial Controls over financial reporting with reference to standalone Ind AS financial statements
32
Because of the inherent limitations of internal financial controls over financial reporting with reference to standalone Ind AS financial Statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting with reference to standalone Ind AS
financial Statements to future periods are subject to the risk that the internal financial controls over financial reporting with reference to
standalone Ind AS financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, adequate
internal financial controls with reference to standalone Ind AS financial statements and such internal financial controls were operating effectively
as at March 31, 2021, 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 on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India.
For P G BHAGWAT LLP
Nachiket Deo
Partner
Membership Number: 117695
UDIN: 21117695AAAABS5039
Pune
[700700] Disclosures - Secretarial audit report
Details of signatories of secretarial audit report [Table] ..(1)

Signatories of
secretarial audit
Signatories of secretarial audit report [Axis]
report 01
[Member]
01/04/2020
to
31/03/2021
Details of signatories of secretarial audit report [Abstract]
Details of signatories of secretarial audit report [LineItems]
Category of secretarial auditor Individual
Name of secretarial audit firm NA
Mahesh Janardan
Name of secretarial auditor signing report Risbud
Firms registration number of secretarial audit firm NA
Membership number of secretarial auditor 810
Certificate of practice number of secretarial auditor 185
1 0 3 4 / 2
,"Annapoorna"Apts;,
Address of secretarial auditors ModelColony,
CanalRoad, Pune
-411016
Permanent account number of secretarial auditor or secretarial auditors firm AAZPR9506M
Date of signing secretarial audit report 30/04/2021

01/04/2020
to
31/03/2021
Disclosure in secretarial audit report explanatory [TextBlock] [See below]
Whether secretarial audit report is applicable on company Yes
Whether secretarial audit report has been qualified or has any
No
observation or other remarks
33
Disclosure in secretarial audit report explanatory [Text Block]

SECRETARIAL AUDIT REPORT
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, including amendments thereunder and pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, including amendments thereunder]
SECRETARIAL AUDIT REPORT
FOR THE PERIOD ENDED ON 31stMARCH, 2021
To,
The Members,
NAGARWEL HANUMAN ROAD,
ACIDWALA ESTATE OPP.SUKHRAMPURA
AMRAIWADI, AHMEDABAD
GUJRAT - 380026.
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by
LA-GAJJAR MACHINERIES PRIVTAE LIMITED , (CIN U17110GJ1981PTC004263), a material subsidiary of a listed public limited company
(hereinafter called the Company). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed, reports and other records maintained by the
company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial
audit, I hereby report that in my opinion, the Company has, during the year ended on 31st March, 2021, complied with the statutory provisions
listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year
ended on 31st March, 2021, according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) *The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) *The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas
Direct Investment and External Commercial Borrowings; (Not applicable for the period as no such event occurred during the year)
(v) *The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) -
(a) *The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) *The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and SEBI (Prohibition of Insider Trading)
Regulations, 2015;
(c) *The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(d) *The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
(e) *The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(f) *The Securities and Exchange Board of India (Registrars to Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act
and dealing with client;
(g) *The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
34
(h) *The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
(vi) There are no sectoral laws as applicable specifically to the Company.
I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) *The Listing Agreement under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (Listing Regulations);
*These Acts, Rules, Regulations, Guidelines, bye-laws are not applicable to the Company since its securities are not listed on any Stock
Exchange.
During the period under review the Company has generally complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards,
etc. mentioned above.
I further report that:
The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the
provisions of the Act.
Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in
advance, (except for Extra Ordinary General Meeting held on 3rd March 2021, Finance Cum Allotment Committee Meeting held on 23rd March
2021, Audit Committee Meeting held on 26th March 2021 and Board Meeting held on 26th March 2021) which were held at a shorter notice and
a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful
participation at the meeting.
All the decisions at the Board/Committee meetings have been taken unanimously.
I further report that as per the information derived by me and provided to me, the Company has in place the systems and processes which are
commensurate with the size and operations of the Company to monitor and ensure strict compliance with applicable laws, rules, regulations and
guidelines. Additionally, company is carrying out the Audit of the compliances through external consulting agency.
I further report that:
A) In the financial year 2019-20, the Board of Directors had approved the long-term strategy of consolidation of all the manufacturing facilities of
accruals.
AND
B) During the financial year 2020-21, the Company has incorporated a Wholly Owned Subsidiarynamely Optiqua Pipes and Electricals Private
Limited with a view to having backward integration and also developing its ''allied products'' business vertical.
The above decisions of the Company might have a major bearing on the company’s affairs in the years to come.
My report should be read along with the attached Disclaimer letter of even date forming part of this report.
Name: Mahesh J. Risbud
FCS No.: 810, C. P. No.: 185
UDIN: FCS000810
Date: 30th April 2021
Place: Pune
PR – 1089/2021
To,
The Members
LA-GAJJAR MACHINERIS PRIVATE LIMITED
Ahmedabad
My secretarial audit report for FY 2020-21 of even date is to be read along with this annexure:
35
1. Maintenance of record is the responsibility of the management of the Company. My responsibility is to express my opinion on these records
based on my audit.
2. The compliance of the provisions of Corporate and other applicable laws, Rules, Regulations, standards is the responsibility of the
management. My examination was limited to the verification of procedures on test basis.
3. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the contents of the
records. The verification was done on test basis/check lists basis to ensure that correct facts are reflected in records. I believe that the processes
and practices, I followed provide a reasonable basis for my opinion.
4. I have not verified the correctness and appropriateness of financial records, Books of Accounts and other statutory records of the Company.
Under the Covid – 19 impacted situation, I adopted modified system & have totally relied on the electronic records submitted to me for
verification. In view of above, there could be some discrepancy which might arise in future as far as actual records are concerned.
5. Where ever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happening of
events etc.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
Place: Pune
Date: 30th April 2021
Mahesh J. Risbud
FCS No.: 810 C. P. No.: 185
UCN: S1981MH000400
36
[110000] Balance sheet

31/03/2021 31/03/2020 31/03/2019
Balance sheet [Abstract]
Assets [Abstract]
Non-current assets [Abstract]
Property, plant and equipment 1,587.84 1,636.92 1,921.89
Capital work-in-progress 0 0.75
Goodwill 127.07 127.07 127.07
Other intangible assets 603.56 140.31 108.44
Intangible assets under development 0 116.56
Non-current financial assets [Abstract]
Non-current investments 5 0
Loans, non-current 0 0
Other non-current financial assets 1,196.94 1,167.07
Total non-current financial assets 1,201.94 1,167.07
Deferred tax assets (net) 128.31 177.81
Other non-current assets (A) 906.22 (B) 1,027.6

Total non-current assets 4,554.94 4,394.09
Current assets [Abstract]
Inventories 11,099.74 10,319.73
Current financial assets [Abstract]
Current investments 0 0
Trade receivables, current 9,078.33 5,283.05
Cash and cash equivalents 12.42 22.32
Bank balance other than cash and cash equivalents (C) 13.28
(D) 1
Loans, current 0 0
Other current financial assets (E) 426.44

196.05
Total current financial assets 9,530.47 5,502.42

Current tax assets 0 46.72
Other current assets 4,544.02 4,062.88
Total current assets 25,174.23 19,931.75
Total assets 29,729.17 24,325.84
Equity and liabilities [Abstract]
Equity [Abstract]
Equity attributable to owners of parent [Abstract]
Equity share capital 107.6 107.6 107.6
Other equity 7,894.08 5,940.66
Total equity attributable to owners of parent 8,001.68 6,048.26
Non controlling interest 0 0
Total equity 8,001.68 6,048.26
Liabilities [Abstract]
Non-current liabilities [Abstract]
Non-current financial liabilities [Abstract]
Borrowings, non-current 1,263.99 1,194.2
Other non-current financial liabilities (F) 369.04 (G) 371.37

Total non-current financial liabilities 1,633.03 1,565.57
Provisions, non-current 94.47 103.34
Total non-current liabilities 1,727.5 1,668.91
Current liabilities [Abstract]
Current financial liabilities [Abstract]
Borrowings, current 7,867.04 6,966.32
Trade payables, current (H) 9,490.77 (I) 6,857.64

Other current financial liabilities (J) 1,131.5 (K) 1,129.46
Total current financial liabilities 18,489.31 14,953.42
Other current liabilities 365.23 556.48
37
Provisions, current (L) 1,145.45 (M) 1,098.77

Total current liabilities 19,999.99 16,608.67
Total liabilities 21,727.49 18,277.58
Total equity and liabilities 29,729.17 24,325.84
Footnotes
(A) Balance includes:i) Right of use assets Rs 657.93 lakhsii) Other non current assets - Rs 248.29 lakhs
(B) Balance includes:i) Right of use assets Rs 724.54 lakhsii) Other non current assets - Rs 303.06 lakhs
(C) Deposits with original maturity of more than three months but less than 12 months
(D) Deposits with original maturity of more than three months but less than 12 months
(E) 1. Other financial assets are measured at amortised cost.2. Others includes interest receivable on FDR and accrued revenue.3. Other
receivables due from private companies in which director of the company is , a director or a member as at 31 March 2021 Rs 3.57 Lakhs.
(31 March, 2020 : Rs NIL)
(F) Balance includes:i) Lease liabilities Rs. 312.33 lakhsii) Other financial liabilities Rs 56.71 lakhs
(G) Balance includes:i) Lease liabilities Rs. 310.79 lakhsii) Other financial liabilities Rs 60.58 lakhs
(H) Dues to MSME Rs. 5604.96 Lakhs, Dues to others Rs. 3886.08 Lakhs
(I) Dues to MSME Rs. 3371.38 Lakhs, Dues to others Rs. 3486.26 Lakhs
(J) Inlcudes Lease liability of 162.94 lakhs
(K) Inlcudes Lease liability of 70.04 lakhs
(L) Inlcudes Warranty provision of 1079.72 lakhs as other provision
(M) Inlcudes Warranty provision of 1010.98 lakhs as other provision
[210000] Statement of profit and loss
Earnings per share [Table] ..(1)

Classes of equity share capital [Axis] Equity shares [Member] Equity shares 1 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Statement of profit and loss [Abstract]
Earnings per share [Abstract]
Earnings per share [Line items]
Basic earnings per share [Abstract]
Basic earnings (loss) per share from
[INR/shares] 181.29 [INR/shares] 152.74 [INR/shares] 181.29 [INR/shares] 152.74
continuing operations
Total basic earnings (loss) per share [INR/shares] 181.29 [INR/shares] 152.74 [INR/shares] 181.29 [INR/shares] 152.74
Diluted earnings per share [Abstract]
Diluted earnings (loss) per share from
[INR/shares] 181.29 [INR/shares] 152.74 [INR/shares] 181.29 [INR/shares] 152.74
continuing operations
Total diluted earnings (loss) per share [INR/shares] 181.29 [INR/shares] 152.74 [INR/shares] 181.29 [INR/shares] 152.74
38

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Statement of profit and loss [Abstract]
Income [Abstract]
Revenue from operations 51,982.76 46,709.06
Other income 167.61 359.76
Total income 52,150.37 47,068.82
Expenses [Abstract]
Cost of materials consumed 25,482.42 27,397.68
Purchases of stock-in-trade (A) 6,605.96 (B) 4,041.01

Changes in inventories of finished goods, work-in-progress and
1,127.65 -3,176.25
stock-in-trade
Employee benefit expense 2,592.66 2,507.89
Finance costs 641.56 770.74
Depreciation, depletion and amortisation expense 591.44 537.01
Other expenses 12,437.5 12,664.72
Total expenses 49,479.19 44,742.8
Profit before exceptional items and tax 2,671.18 2,326.02
Total profit before tax 2,671.18 2,326.02
Tax expense [Abstract]
Current tax 671.96 607.91
Deferred tax 48.57 74.68
Total tax expense 720.53 682.59
Total profit (loss) for period from continuing operations 1,950.65 1,643.43
Total profit (loss) from discontinued operations after tax 0 0
Total profit (loss) for period 1,950.65 1,643.43
Comprehensive income OCI components presented net of tax [Abstract]
Whether company has other comprehensive income OCI components
Yes Yes
presented net of tax
Other comprehensive income net of tax [Abstract]
Components of other comprehensive income that will not be
reclassified to profit or loss, net of tax [Abstract]
Other comprehensive income, net of tax, gains (losses) on
0 0
revaluation
Other comprehensive income, net of tax, gains (losses) on
2.77 -22.76
remeasurements of defined benefit plans
Total other comprehensive income that will not be reclassified
2.77 -22.76
to profit or loss, net of tax
Components of other comprehensive income that will be
reclassified to profit or loss, net of tax [Abstract]
Exchange differences on translation net of tax [Abstract]
Gains (losses) on exchange differences on translation, net of
0 0
tax
Total other comprehensive income, net of tax, exchange
0 0
differences on translation
Total other comprehensive income that will be reclassified to
0 0
profit or loss, net of tax
Total other comprehensive income 2.77 -22.76
Total comprehensive income 1,953.42 1,620.67
Comprehensive income OCI components presented before tax [Abstract]
Whether company has comprehensive income OCI components presented
Yes Yes
before tax
Other comprehensive income before tax [Abstract]
Components of other comprehensive income that will not be
reclassified to profit or loss, before tax [Abstract]
Other comprehensive income, before tax, gains (losses) on
0 0
revaluation
Other comprehensive income, before tax, gains (losses) on
3.7 -30.42
remeasurements of defined benefit plans
Other comprehensive income that will not be reclassified to
3.7 -30.42
profit or loss, before tax
Components of other comprehensive income that will be
reclassified to profit or loss, before tax [Abstract]
Exchange differences on translation before tax [Abstract]
39
Gains (losses) on exchange differences on translation, before

0 0
tax
Total other comprehensive income, before tax, exchange
0 0
differences on translation
Total other comprehensive income that will be reclassified to
0 0
profit or loss, before tax
Total other comprehensive income, before tax 3.7 -30.42
Income tax relating to components of other comprehensive
income that will not be reclassified to profit or loss
[Abstract]
Income tax relating to remeasurements of defined benefit plans
0.93 -7.66
of other comprehensive income
Aggregated income tax relating to components of other
comprehensive income that will not be reclassified to 0.93 -7.66
profit or loss
Total other comprehensive income 2.77 -22.76
Earnings per share explanatory [TextBlock]
Earnings per share [Abstract]
Basic earnings (loss) per share from continuing operations [INR/shares] 181.29 [INR/shares] 152.74
Total basic earnings (loss) per share [INR/shares] 181.29 [INR/shares] 152.74
Diluted earnings (loss) per share from continuing operations [INR/shares] 181.29 [INR/shares] 152.74
Total diluted earnings (loss) per share [INR/shares] 181.29 [INR/shares] 152.74
Footnotes
(A) Purchase of traded goods
(B) Purchase of traded goods
[400200] Statement of changes in equity
Statement of changes in equity [Table] ..(1)

Equity attributable
to the equity
Components of equity [Axis] Equity [Member]
holders of the
parent [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Other equity [Abstract]
Statement of changes in equity [Line items]
Equity [Abstract]
Changes in equity [Abstract]
Comprehensive income [Abstract]
Profit (loss) for period 1,950.65 1,643.43 1,950.65
Changes in comprehensive income components 2.77 -22.76 2.77
Total comprehensive income 1,953.42 1,620.67 1,953.42
Total increase (decrease) in equity 1,953.42 1,620.67 1,953.42
Other equity at end of period 7,894.08 5,940.66 4,319.99 7,894.08
40

Equity attributable to the equity holders
Components of equity [Axis] Reserves [Member]
of the parent [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
Equity [Abstract]
Profit (loss) for period 1,643.43 1,950.65 1,643.43
Changes in comprehensive income components -22.76 2.77 -22.76
Total comprehensive income 1,620.67 1,953.42 1,620.67
Total increase (decrease) in equity 1,620.67 1,953.42 1,620.67

Components of equity [Axis] Reserves [Member] Securities premium reserve [Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
Equity [Abstract]
Profit (loss) for period 0 0
Total comprehensive income 0 0
Total increase (decrease) in equity 0 0
Other equity at end of period 4,319.99 678.4 678.4 678.4

General reserve
Components of equity [Axis] Capital redemption reserves [Member]
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Equity [Abstract]
Profit (loss) for period 0 0 0
Total comprehensive income 0 0 0
Total increase (decrease) in equity 0 0 0
Other equity at end of period 139 139 139 411.21
41

Components of equity [Axis] General reserve [Member] Retained earnings [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
Equity [Abstract]
Profit (loss) for period 0 1,950.65 1,643.43
Changes in comprehensive income components 2.77 -22.76
Total comprehensive income 0 1,953.42 1,620.67
Total increase (decrease) in equity 0 1,953.42 1,620.67
Other equity at end of period 411.21 411.21 6,665.47 4,712.05

Retained earnings
Components of equity [Axis] Other retained earning [Member]
[Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
Equity [Abstract]
Profit (loss) for period 1,950.65 1,643.43
Changes in comprehensive income components 2.77 -22.76
Total increase (decrease) in equity 1,953.42 1,620.67

01/04/2020
to
31/03/2021
Disclosure of notes on changes in equity [TextBlock] [See below]
42
Disclosure of notes on changes in equity [Text Block]

La-Gajjar Machineries Pvt Ltd
Notes to the Financial Statements
Note 13 : Other Equity
Particulars As at 31 March 2021 As at 31 March 2020

CAPITAL REDEMPTION RESERVE 139.00 139.00
Opening Balance 139.00 139.00
Add : Transferred during the year - -
SECURITIES PREMIUM 678.40 678.40
Add : Transferred during the year - -
GENERAL RESERVE 411.21 411.21
Add : Transferred from Retained earnings - -
RETAINED EARNINGS 6,665.47 4,712.05
Opening Balance 4,712.05 3,091.38
Add : Profit for the year 1,950.65 1,643.43
Add : Other Comprehensive income / (Loss) 2.77 -22.76
1,953.42 1,620.67
Less : Appropriations
Transferred to General reserve - -
Final dividend - -
Tax on final dividend - -
Interim Dividend - -
Tax on Interim Dividend - -
Total 7,894.08 5,940.66
Other reserves

Capital redemption reserve 139.00 139.00
General reserve 411.21 411.21
SECURITIES PREMIUM 678.40 678.40
Retained Earnings 6,665.47 4,712.05
Total other reserves 7,894.08 5,940.66
'1. The Capital Redemption Reserve is created for redemption of preference shares as per statutory requirement.
'2. Securities premium is received against the issuance of Equity Shares and can be utilised in accordance with provisions of Companies Act,
2013.
'3. General reserve is created by setting aside amount from the Retained Earnings of the company for general purposes which is freely available
for distribution.
43
[320000] Cash flow statement, indirect

01/04/2020 01/04/2019
to to 31/03/2019
31/03/2021 31/03/2020
Statement of cash flows [Abstract]
Whether cash flow statement is applicable on company Yes Yes
Cash flows from used in operating activities [Abstract]
Profit before tax 2,671.18 2,326.02
Adjustments for reconcile profit (loss) [Abstract]
Adjustments for finance costs 641.56 770.74
Adjustments for decrease (increase) in inventories -638.44 -3,884.24
Adjustments for decrease (increase) in trade receivables, current -4,456.67 -731.62
Adjustments for increase (decrease) in trade payables, current 2,447.51 1,334.53
Adjustments for depreciation and amortisation expense 591.44 537.01
Adjustments for provisions, current 108 164.51
Adjustments for unrealised foreign exchange losses gains (A) 36.48 (B) 10.55
Other adjustments for which cash effects are investing or financing
cash flow (C) -310.56 (D) 230.12
Total adjustments for reconcile profit (loss) -1,580.68 -1,568.4
Net cash flows from (used in) operations 1,090.5 757.62
Interest received -1.1 -2.1
Income taxes paid (refund) 557.22 633.64
Net cash flows from (used in) operating activities 532.18 121.88
Cash flows from used in investing activities [Abstract]
Cash flows used in obtaining control of subsidiaries or other businesses 5 0
Proceeds from sales of property, plant and equipment 2.24 70.47
Purchase of property, plant and equipment 626.67 489.91
Interest received 0.18 3.38
Net cash flows from (used in) investing activities -629.25 -416.06
Cash flows from used in financing activities [Abstract]
Proceeds from borrowings 837.55 1,050.49
Payments of finance lease liabilities 140.48 100
Interest paid 609.9 751.15
Net cash flows from (used in) financing activities 87.17 199.34
Net increase (decrease) in cash and cash equivalents before effect of
-9.9 -94.84
exchange rate changes
Net increase (decrease) in cash and cash equivalents -9.9 -94.84
Cash and cash equivalents cash flow statement at end of period 12.42 22.32 117.16
Footnotes
(A) Includes :-1. Loss / ( Profit ) on Revalorisation on Imports - (0.09) lakhs2. Loss / ( Profit ) on Revalorisation on Exports - 9.01
lakhs3. Loss / ( Profit ) on Revalorisation on Forex Loans - 27.56 lakhs
(B) Includes :-1. Loss / ( Profit ) on Revalorisation on Imports - 0.68 lakhs2. Loss / ( Profit ) on Revalorisation on Exports - (106.73)
lakhs3. Loss / ( Profit ) on Revalorisation on Forex Loans - 116.60 lakhs
(C) Includes :- 1. Inventories written down - (141.57) lakhs2. Bad debts and irrecoverable balances written off - 8.21 lakhs3. Provision
for doubtful debts and advances (net) - (24.74) lakhs4. Unwinding of interest on deposits - (83.49) lakhs5. Surplus o
(D) Includes :- 1. Inventories written down - 152.41 lakhs2. Bad debts and irrecoverable balances written off - 238.75 lakhs3. Provision
for doubtful debts and advances (net) - (244.30) lakhs4. Unwinding of interest on deposits - (95.46) lakhs5. Surplus
[610100] Notes - List of accounting policies

01/04/2020
to
31/03/2021
Disclosure of significant accounting policies [TextBlock] [See below]
44
Disclosure of significant accounting policies [Text Block]

NOTE 32: NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 MARCH
2021
1. Corporate Information
The company is a Private Limited Company domiciled in India and is incorporated under the provisions of the Companies Act 1956. The
registered office of the company is located at Acidwala Estate, Nagarwel Hanuman Road, Amraiwadi, Ahmedabad – 380 026. The equity shares
of the company are not listed on any stock exchanges in India.
The company is a subsidiary company of Kirloskar Oil Engines Ltd.
The company is engaged in the business of manufacturing and sales of Submersible Pumps, Electric Motors, Electrical Switches and spares
thereof.
The Board of Directors in its meeting held on 26th March 2021 approved the investment in the 85,00,000 equity shares of Rs. 10/- each against
the Rights Issue offer of Equity Shares of Optiqua Pipes and Electricals Private Limited. The Company has invested Rs. 8.50 Crores against the
85,00,000 equity shares of Rs. 10/- each towards the Rights Issue offer of Equity Shares of Optiqua Pipes and Electricals Private Limited on 7th
April 2021. The 85,00,000 equity shares of Rs. 10/- each are allotted to the Company on 8th April 2021.
The standalone financial statements were approved by the Board of Directors and authorized for issue on 30 April 2021.
2. Basis of preparation of Financial Statements
The Company’s standalone financial statements have been prepared in accordance with the provisions of the Companies Act, 2013 and the Indian
Accounting Standards (''Ind AS'') as issued under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereof issued by
the Ministry of Corporate Affairs in exercise of the powers conferred by section 133 read with rule 7 of the companies (Accounts) Rules, 2014. In
addition, the guidance notes/announcements issued by the Institute of Chartered Accountants of India (ICAI) are also applied.
The standalone financial statements have been prepared on a historical cost basis, except for,
(i) the investments which have been measured at fair value as they are classified as fair value through profit or loss or fair value through other
comprehensive income.
(ii) defined benefit plans - plan assets measured at fair value
Amounts in the financial statements are presented in Indian Rupees in Lakhs rounded off to two decimal places as permitted by Schedule III to
the Companies Act, 2013 unless otherwise stated.
3. Significant accounting judgements, estimates and assumptions
The preparation of the company’s financial statements requires management to make judgments, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods. The Company continually evaluates these estimates and assumptions based on the most recently available
information. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable.
3.1. Judgements
In the process of applying the company’s accounting policies, the management has made the following judgements, which have the most
significant effect on the amounts recognised in the standalone financial statements:
Leases
The company had applied provisions of Ind AS 116 effective 01st April, 2019. The said standard provides for certain recognition exemptions for
short term leases as well as provides for certain criteria when the lease contracts are non-enforceable. The determination of lease term for the
purpose of availing such exemptions and evaluation of such criteria for non-enforceability of a contract involves significant judgment.
Revenue Recognition
The company generally recognizes revenue when the performance obligation is satisfied at a point in time when the control is transferred i.e.
either on shipment or upon delivery in domestic and in case of export on the date of bill of lading.
Customer Reward Points: The points provide a material right to customers that they would not have received had they not entered into the
45
contract. Thus, the promise to provide points to the customer is a separate performance obligation. The transaction price is allocated to the
product and the reward points on the basis of relative stand -alone selling price. Management estimates the standalone selling price per reward
point on the basis of the benefits passed on to the customer and on the basis of the likelihood of redemption, based on past experience.
3.2. Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The company
bases its assumptions and estimates on information available till the date of approval of these standalone financial statements. The assumptions
and estimates, however, may change based on future developments, due to market conditions or due to circumstances arising that are beyond the
control of the company. Such changes are reflected in the assumptions and estimates when they occur.
Defined benefit plans
The cost of the defined benefit plans and other post-employment benefits and the present value of the obligation are determined using actuarial
valuation. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases, mortality rates and future post-retirement medical benefit increase. Due to the
complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
All assumptions are reviewed at each reporting date.
The most sensitive parameter is the discount rate. In determining the appropriate discount rate, management considers the interest rates of
government bonds in currencies consistent with the currencies of the post-employment benefit obligation and extrapolated as needed along the
yield curve to correspond with the expected term of the defined benefit obligation.
The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at intervals in response to
demographic changes. Future salary increases are mainly based on expected future inflation rates for the country.
Further details about defined benefit obligations are provided in Note 32.5.5
Deferred Tax
Deferred tax assets are recognised for all deductible temporary differences including the carry forward of unused tax credits and any unused tax
losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Warranty
The Company recognises provision for warranties in respect of the products that it sells. The estimates are established using historical information
on the nature, frequency and average cost of warranty claims and management estimates regarding possible future incidences based on actions on
product failures,
Impairment of Goodwill recognized under Business Combination
The company estimates whether goodwill accounted under business combination has suffered any impairment on annual basis. For this purpose,
the recoverable amount of the CGU was determined based on value in use calculations which require the use of assumptions.
Uncertainty relating to Global health pandemic on COVID-19
4. Significant Accounting Policies
4.1. Current Vs Non-Current Classification
The company presents assets and liabilities in the Balance Sheet based on current / non-current classification.
An asset is current when it is:
a. Expected to be realised or intended to be sold or consumed in normal operating cycle
b. Held primarily for the purpose of trading
c. Expected to be realised within twelve months after the reporting period, or
d. Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non - current.
46
A liability is current when it is:
a. Expected to be settled in normal operating cycle
c. Due to be settled within twelve months after the reporting period, or
d. There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
All other liabilities are treated as non - current.
Deferred tax assets and liabilities are classified as non - current assets and liabilities.
4.2. Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes
place either:
• In the principal market for the asset or liability, Or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the company.
The Company measures the fair value of an asset or a liability assuming that market participants would use it when pricing the asset or liability
and that market participants act in their best economic interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset
in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable.
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the company determines whether transfers
have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
The company’s management determines the policies and procedures for both recurring fair value measurement, such as derivative instruments and
unquoted financial assets measured at fair value.
External valuation experts are involved for valuation of significant assets and liabilities. Involvement of external valuation experts is decided
upon annually by the management.
Methods and assumptions used to estimate the fair values are consistently followed.
4.3. Property , Plant and Equipment
a. The company has adopted Ind AS from transition date 1st April 2016. Accordingly the company has elected to continue with the carrying value
of all of its Property, plant and equipment measured as per the Indian GAAP as at 31 March 2016 and use those values as deemed cost.
Property, plant and equipment; and capital work in progress are stated at cost, net of accumulated depreciation and/or accumulated impairment
losses, if any. Cost represents all expenses directly attributable to bringing the asset to its working condition capable of operating in the manner
intended. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowing costs for long-term construction
projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the
company recognises such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major
inspection is performed, its cost is recognised in the carrying amount of the Property, Plant and Equipment as a replacement if the recognition
criteria are satisfied. All other repair and maintenance costs are recognised in the Standalone Statement of Profit and Loss as incurred.
47
b. Capital work-in-progress comprises cost of property, plant and equipment that are not yet installed and ready for their intended use at the
balance sheet date.
c. Own manufactured assets are capitalised at cost including an appropriate share of allocable expenses.
Depreciation and Amortization
Depreciation is charged on the basis of useful life of assets on Straight Line method which are as follows:
Life in
Asset Category Basis for useful life
Years
Lease
Leasehold improvements Amortised over lease period
Period
Plant & Equipment including Pattern Tooling 15 Life as prescribed under Schedule-II of Companies Act, 2013
Lower useful life considered based on past history of usage and
Jigs & Fixtures 8
supported by Technical Evaluation
Computers
Network 6 Life as prescribed under Schedule-II of Companies Act, 2013
End user devices, such as, desktops, laptops, etc. 3 Life as prescribed under Schedule-II of Companies Act, 2013
Servers 6 Life as prescribed under Schedule-II of Companies Act, 2013
Electrical Installations 10 Life as prescribed under Schedule-II of Companies Act, 2013
Furniture & Fixture
Furniture, Fixtures and Electrical Fittings 10 Life as prescribed under Schedule-II of Companies Act, 2013
AC, Refrigerators and Water coolers - Company
5 Life as prescribed under Schedule-II of Companies Act, 2013
and Guest House Premises
Office Equipment 5 Life as prescribed under Schedule-II of Companies Act, 2013
Vehicles
Motorcars, Jeep 8 Life as prescribed under Schedule-II of Companies Act, 2013
Two Wheelers 10 Life as prescribed under Schedule-II of Companies Act, 2013
Other Vehicles 8 Life as prescribed under Schedule-II of Companies Act, 2013
- Used assets obtained under Business Combination are measured based on their remaining useful life as on the date of acquisition.
- Depreciation on additions is provided from the beginning of the month in which the asset is ready to use.
- Depreciation on assets sold, discarded or demolished during the year is being provided at their respective rates on pro-rata basis up to the end of
the month prior to the month in which such assets are sold, discarded or demolished.
- Foreign exchange fluctuation gain/ loss on imported plant and equipment were charged to Profit & Loss statement up to transition date of Ind
AS.
The company, based on technical assessments made by technical experts and management estimates and depreciates certain items of plant and
equipment over a useful lives which is different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management
believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or
disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the Standalone Statement of Profit and Loss when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and
adjusted prospectively, if appropriate.
Security:
As at 31st March 2021, Properties, Plant & Equipment with a carrying amount of ?1346.10 Lakhs (31st March 2020 ? 1369.66 Lakhs) are subject
to first charge to secure bank loan. Refer note 14 ''Borrowings''.
4.4. Investment properties
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated
at cost less accumulated depreciation and accumulated impairment losses, if any.
The cost includes the cost of replacing parts and borrowing costs for long-term construction projects if the recognition criteria are met. When
significant parts of the property are required to be replaced at intervals, the company depreciates them separately based on their specific useful
48
lives. All other repair and maintenance costs are recognised in the statement of profit and loss as incurred.
An investment property is derecognised on disposal or on permanent withdrawal from use or when no future economic benefits are expected from
its disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the statement of profit and loss when the asset is derecognised.
Transfers are made to (or from) investment property only when there is a change in use. Transfers between investment property, owner-occupied
property and inventories are at carrying amount of the property transferred.
4.5. Intangible Assets
Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the assets will flow to the Company
and the cost of the asset can be measured reliably.
Intangible assets are recorded at the consideration paid for its acquisition. In case of internally generated intangible assets, expenditure incurred in
development phase, where it is reasonably certain that the outcome of development will be commercially exploited to yield future economic
benefits to the company, is considered as an intangible asset. Such developmental expenditure is capitalized at cost including a share of allocable
expenses.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite useful lives are amortised by using Straight Line method over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset maybe impaired. Amortisation of Intangible assets is included in the depreciation and
amortisation in the statement of Profit and Loss.
Sr. No. Asset category Life in years

1 Computer Software 3 - 5 years
2 Customer Relationship 5 years
The amortisation period and amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting
period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are
considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
Intangible assets with indefinite useful lives, if any are not amortised, but are tested for impairment annually, either individually or at the
cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognised in the statement of profit and loss when the asset is derecognised.
4.6. Borrowing Cost
Borrowing Costs net of any investment income from temporary investment of related borrowings that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalized till the month in which the asset is ready to use, as part of the cost of that asset.
Other borrowing costs are recognised as expenses in the period in which these are incurred.
4.7. Impairment of non-financial assets
The company assesses at each balance sheet date whether there is any indication due to internal or external factors that an asset or a group of
assets comprising a Cash Generating Unit (CGU) may be impaired. If any such indication exists, the company estimates the recoverable amount
of the assets. If such recoverable amount of the assets or the recoverable amount of the CGU to which the asset belongs is less than the carrying
amount of the assets or the CGU as the case may be, the carrying amount is reduced to its recoverable amount and the reduction is treated as an
impairment loss and is recognized in the profit and loss account. If at any subsequent balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at recoverable amount subject to a
maximum of depreciated historical cost and is accordingly reversed in the profit and loss account.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and
whenever there is an indication that the asset may be impaired. 'An impairment loss for an asset is reversed if, and only if, the reversal can be
related objectively to an event occurring after the impairment loss was recognised or relates to a change in the estimate of the recoverable amount
in the previous periods.
4.8. Financial instruments – initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another
entity.
a) Financial assets
(i) Initial recognition and measurement of financial assets
49
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss,
transaction costs that are attributable to the acquisition of the financial assets. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
(ii) Subsequent measurement of financial assets
For the purposes of subsequent measurement, financial assets are classified in three categories:
• Financial assets at amortised cost
• Financial assets at fair value through other comprehensive income (FVOCI)
• Financial assets at fair value through profit or loss (FVTPL)
• Financial assets at amortised cost :
A financial asset is measured at amortised cost if:
- the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
After initial measurement, such financial assets are subsequently measured by applying the effective interest rate (EIR) to the gross carrying
amount of a financial asset if applicable. The EIR amortisation is included in finance income in the statement of profit and loss. The losses arising
from impairment are recognised in the statement of profit and loss.
• Financial assets at fair value through other comprehensive income
A financial asset is measured at fair value through other comprehensive income if:
- the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial
assets, and
After initial measurement, such financial assets, until they are derecognised or reclassified, are subsequently measured at fair value with
unrealised gains or losses recognised in other comprehensive income except for interest income, impairment gains or losses and foreign exchange
gains and losses which are recognised in the statement of profit and loss.
• Financial assets at fair value through profit or loss
A financial asset is measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other
Equity Instruments
Investment in equity instruments issued by subsidiary are measured at cost.
In addition, the company may elect to classify a financial asset, which otherwise meets amortized cost or fair value through other comprehensive
income criteria, as at fair value through profit or loss. However, such election is allowed only if doing so reduces or eliminates a measurement or
recognition inconsistency (referred to as ‘accounting mismatch’).
After initial measurement, such financial assets are subsequently measured at fair value with unrealised gains or losses recognised in the statement
of profit and loss.
(iii) Derecognition of financial assets
A financial asset is derecognised when:
- the contractual rights to the cash flows from the financial asset expire,
or
- The company has transferred its contractual rights to receive cash flows from the asset or has assumed an obligation to pay the received cash
flows in full without material delay to a third party and either (a) the company has transferred substantially all the risks and rewards of the asset,
or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and
50
to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the company’s
continuing involvement. In that case, the company also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the company could be required to repay.
(iv) Reclassification of financial assets
The company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made
for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made
only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The
company’s senior management determines change in the business model as a result of external or internal changes which are significant to the
company’s operations. Such changes are evident to external parties. A change in the business model occurs when the company either begins or
ceases to perform an activity that is significant to its operations. If the company reclassifies financial assets, it applies the reclassification
prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business
model. The company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
The following table shows various reclassifications and how they are accounted
for.
Original Revised
Accounting treatment
classification classification
Amortised Fair value is measured at reclassification date. Difference between previous amortized cost and fair
FVTPL
cost value is recognised in the statement of Profit and loss.
Amortised Fair value at reclassification date becomes its new gross carrying amount. EIR is calculated based on
FVTPL
Cost the new gross carrying amount.
Amortised Fair value is measured at reclassification date. Difference between previous amortised cost and fair
FVOCI
cost value is recognised in OCI. No change in EIR due to reclassification.
Fair value at reclassification date becomes its new amortised cost carrying amount. However,
Amortised
FVOCI cumulative gain or loss in OCI is adjusted against fair value. Consequently, the asset is measured as
cost
if it had always been measured at amortised cost.
FVTPL FVOCI Fair value at reclassification date becomes its new carrying amount. No other adjustment is required.
Assets continue to be measured at fair value. Cumulative gain or loss previously recognized in OCI is
FVTOCI FVTPL
reclassified to statement of profit and loss at the reclassification date.
(v) Impairment of financial assets
In accordance with Ind AS 109, the company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on
the following financial assets and credit risk exposure:
• Financial assets that are debt instruments, and are measured at amortised cost.
• Financial assets that are debt instruments and are measured as at FVOCI
• Lease receivables under Ind AS 116
• Trade receivables under Ind AS 115
The company follows ‘simplified approach’ for recognition of impairment loss allowance on:
• Trade receivables resulting from transactions within the scope of Ind AS 115, if they do not contain a significant financing component
• Trade receivables or contract assets resulting from transactions within the scope of Ind AS 115 that contain a significant financing component, if
the company applies practical expedient to ignore separation of time value of money, and
• All lease receivables resulting from transactions within the scope of Ind AS 116
The application of simplified approach does not require the company to track changes in credit risk. Rather, it recognises impairment loss
allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the company determines that whether there has been a significant
increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment
51
loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves
such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss
allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The
12-month ECL is a portion of the lifetime ECL which results from default events on a financial instrument that are possible within 12 months
after the reporting date.
ECL is the difference between all contractual cash flows that are due to the company in accordance with the contract and all the cash flows that
the company expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to
consider:
• All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected life of the
financial instrument. However, in rare cases when the expected life of the financial instrument cannot be estimated reliably, then the company is
required to use the remaining contractual term of the financial instrument.
• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss.
This amount is reflected in a separate line in the P&L as an impairment gain or loss. The balance sheet presentation for various financial
instruments is described below:
• Financial assets measured as at amortised cost, contract assets and lease receivables: ECL is presented as an allowance, i.e. as an integral part of
the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write-off criteria, the
company does not derecognize impairment allowance from the gross carrying amount.
• Loan commitments: ECL is presented as a provision in the balance sheet, i.e. as a liability.
For assessing increase in credit risk and impairment loss, the company combines financial instruments on the basis of shared credit risk
characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely
basis.
The company does not have any purchased or originated credit-impaired (POCI) financial assets, i.e., financial assets which are credit impaired on
purchase/ origination.
b) Financial Liabilities
(i) Initial recognition and measurement of financial liabilities
All financial liabilities are recognised initially at fair value minus, in the case of financial liabilities not recorded at fair value through profit or
loss, transaction costs that are attributable to the issue of the financial liabilities.
(ii) Subsequent measurement of financial liabilities
For the purposes of subsequent measurement, financial liabilities are classified and measured as follows:
• Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments entered into by the company that are not designated as
hedging instruments in hedge relationships as defined by Ind AS 109.
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only
if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risks
are recognized in OCI. These gains/ loss are not subsequently transferred to P&L. However, the company may transfer the cumulative gain or loss
within equity. All other changes in fair value of such liability are recognised in the statement of profit and loss. The company has not designated
any financial liability as at fair value through profit and loss.
• Loans and Borrowings at amortised Cost
This is the category most relevant to the company. After initial recognition, interest-bearing borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are recognised in the statement of profit and loss when the liabilities are derecognised as well as
through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
The EIR amortisation is included as finance costs in the statement of profit and loss.
Preference shares, which are mandatorily redeemable on a specific date, are classified as liabilities. The dividend on these preference shares are
52
recognised in profit or loss as finance cost.
(iii) Derecognition of financial liabilities
A financial liability (or a part of a financial liability) is derecognised from its balance sheet when, and only when, it is extinguished i.e. when the
obligation specified in the contract is discharged or cancelled or expired.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of
a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.
4.9. Derivatives
Company uses derivative contracts to hedge its exposure against movements in foreign exchange rates. The use of derivative contracts is intended
to reduce the risk or cost to the company. Derivative contracts are not used for trading or speculation purpose.
All derivatives are measured at fair value through the profit or loss unless they form part of a qualifying cash flow hedge, in which case the fair
value is taken to reserves and released into the statement of profit and loss at the same time as the risks on the hedged instrument are recognised
therein. Any hedge ineffectiveness will result in the relevant proportion of the fair value remaining in the statement of profit and loss. Fair values
are derived primarily from discounted cash-flow models, option-pricing models and from third-party quotes. Derivatives are carried as assets
when their fair values are positive and as liabilities when their fair values are negative. All hedging activity is explicitly identified and
documented by the company.
4.10. Foreign Currency Transactions
a. Initial Recognition
Foreign currency transactions are recorded in Indian currency, by applying the exchange rate between the Indian currency and the foreign
currency at the date of the transaction.
b. Conversion
Current assets and current liabilities, Secured Loans, being monetary items, designated in foreign currencies are revalorized at the rate prevailing
on the date of Balance Sheet or forward contract rate or other appropriate rate.
c. Exchange Differences
Exchange differences arising on the settlement and conversion of foreign currency transactions are recognised as income or as expenses in the
year in which they arise.
4.11. Leases
Lease is a contract that provides to the customer (lessee) the right to use an asset for a period of time in exchange for consideration.
a. Company as a lessee
A lessee is required to recognise assets and liabilities for all leases and to recognise depreciation of leased assets separately from interest on lease
liabilities in the statement of Profit and Loss. The Company uses the practical expedient to apply the requirements of this standard to a portfolio
of leases with similar characteristics if the effects on the financial statements of applying to the portfolio does not differ materially from applying
the requirement to the individual leases within that portfolio.
However, when the lessee and the lessor each have the right to terminate the lease without permission from the other party with no more than an
insignificant penalty the Company considers that lease to be no longer enforceable. Also according to Ind AS 116, for leases with a lease term
of?12 months or less (short-term leases) and for leases for which the underlying asset is of low value, the lessee is not required to recognize
right-of-use asset and a lease liability. The Company applies both recognition exemptions. The lease payments associated with those leases are
generally recognized as an expense on a straight-line basis over the lease term or another systematic basis if appropriate.
Right-of-use Asset
Right-of-use assets, which are included under property, plant and equipment, are measured at cost less any accumulated depreciation and, if
necessary, any accumulated impairment. The cost of a right-of-use asset comprises the present value of the outstanding lease payments plus any
lease payments made at or before the commencement date less any lease incentives received, any initial direct costs and an estimate of costs to be
incurred in dismantling or removing the underlying asset. In this context, the Company also applies the practical expedient that the payments for
non-lease components are generally recognized as lease payments. If the lease transfers ownership of the underlying asset to the lessee at the end
of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated
to the end of the useful life of the underlying asset. Otherwise, the right-of-use asset is depreciated to the end of the lease term.
Lease Liability
Lease liabilities, which are assigned to financing liabilities, are measured initially at the present value of the lease payments. Subsequent
measurement of a lease liability includes the increase of the carrying amount to reflect interest on the lease liability and reducing the carrying
53
amount to reflect the lease payments made.
Lease Modification
For a lease modification that is not accounted for as a separate lease, the company accounts for the re-measurement of the lease liability by
making a corresponding adjustment to the right-of-use asset.
b. Company as a lessor
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases.
Where the Company is a lessor under an operating lease, the asset is capitalised within property, plant and equipment and depreciated over its
useful economic life. Payments received under operating leases are recognised in the Statement of profit and Loss on a straight-line basis over the
term of the lease.
4.12. Inventories
a. Raw materials, components, stores and spares are valued at cost or net realizable value whichever is lower. Cost includes all cost of purchase
and incidental expenses incurred in bringing the inventories to their present location and condition.
b. Work-in-process including finished components and finished goods are valued at cost or realisable value whichever is lower. Cost includes
direct materials, labour costs and a proportion of manufacturing overheads based on the normal operating capacity.
c. Materials-in-transit and materials in bonded warehouse are valued at actual cost incurred up to the date of balance sheet.
d. Unserviceable, damaged and obsolete inventory is valued at cost or net realisable value whichever is lower.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs
necessary to make the sale.
4.13. Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short term, highly liquid investments that are readily
convertible into known amounts of cash which are subject to an insignificant risk of changes in value. Cash and cash equivalents consist of
balances with banks which are unrestricted for withdrawal and usage.
4.14. Taxes
Current income tax
Current income tax assets and liabilities are measured at the amounts expected to be recovered from or paid to the taxation authorities; on the
basis of the taxable profits computed for the current accounting period in accordance with Income Tax Act, 1961 and book profit in case of
minimum alternate tax under section 115JB of Income Tax Act, 1961 if applicable. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted at the reporting date.
Current income tax relating to items recognised in other comprehensive income or directly in equity is recognised in other comprehensive income
or in equity, respectively, and not in the statement of Profit and Loss. The Management periodically evaluates positions taken in the tax returns
with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;
• In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements,
deferred tax liabilities are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and
taxable profit will be available against which the temporary differences can be utilized.
Deferred tax assets are recognised for all deductible temporary differences including, the carry forward of unused tax credits and any unused tax
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
• When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;
deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and
54
taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside the statement of profit and loss is recognised outside the profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax
liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Sales tax / GST
Expenses and assets are recognised net of the amount of GST, except:
• When the GST incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the GST is recognised
as part of the cost of acquisition of the asset or as part of the expense item, as applicable.
• When receivables and payables are stated with the amount of GST included.
The net amount of Sales tax / GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the
balance sheet.
4.15. Non-Current Assets held for sale and Discontinuing operations
A. Non-Current Assets held for sale
Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through a sale
transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell. This condition is regarded as met only when the sale is highly probable and the asset or disposal
group is available for immediate use in its present condition. Management must be committed to the sale, which should be expected to qualify for
recognition as a completed sale within one year from the date of classification.
B. Discontinuing operations
Discontinuing operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax
from discontinued operations in the statement of profit and loss account.
Assets and liabilities classified as held for distribution are presented separately from others assets and liabilities in the balance sheet.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for
sale, and:
a) Represents a separate major line of business or geographical area of operations,
b) Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations
Or
c) Is a subsidiary acquired exclusively with a view to resale
An entity does not depreciate (or amortise) a non-current asset while it is classified as held for sale or while it is part of a disposal group classified
as held for sale.
4.16. Employee Benefits
a) Short Term Employee Benefits
The distinction between short term and long term employee benefits is based on expected timing of settlement rather than the employee’s
entitlement benefits. All employee benefits payable within twelve months of rendering the service are classified as short term benefits. Such
benefits include salaries, wages, bonus, short term compensated absences, awards, ex-gratia, performance pay etc. and are recognised in the
period in which the employee renders the related service.
b) Post-Employment Benefits
(i) Defined contribution plan
55
The company makes payment to state government provident fund scheme and employee state insurance scheme which are defined contribution
plans. The contribution paid/payable under the schemes is recognised in the statement of profit and loss during the period in which the employee
renders the related service. The company has no further obligations under these schemes beyond its periodic contributions.
(ii) Defined benefit plan
The employee’s gratuity fund scheme is Company’s defined benefit plans. The present value of the obligation under such defined benefit plans is
determined based on the actuarial valuation using the Projected Unit Credit Method as at the date of the Balance sheet. In case of funded plans,
the fair value of plan asset is reduced from the gross obligation under the defined benefit plans, to recognise the obligation on a net basis.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net
defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are
recognised immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they
occur. Re-measurements are not reclassified to the profit or loss in subsequent periods.
Past service costs are recognised in the statement of profit and loss on the earlier of:
• The date of the plan amendment or curtailment, and
• The date that the company recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The company recognises the following changes
in the net defined benefit obligation as an expense in the statement of profit and loss:
• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and
• Net interest expense or income.
(iii) Other than the Defined contribution plan and Defined benefit plan disclosed above, the company does not offer any other Long term
employment benefits or Termination benefits to its employees.
4.17. Provisions and Contingencies
Necessary provisions are made for the present obligations that arise out of past events entailing future outflow of economic resources. Such
provisions reflect best estimates based on available information.
However a disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
4.18. Revenue Recognition
The company recognizes revenue, when or as control over distinct goods or services is transferred to the customer; i.e. when the customer is able
to direct the use of the transferred goods or services and obtains substantially all of the remaining benefits, provided a contract with enforceable
rights and obligations exists and amongst others collectability of consideration is probable taking into account our customer’s creditworthiness.
Revenue is the transaction price the company expects to be entitled to. Variable consideration is included in the transaction price if it is highly
probable that a significant reversal of revenue will not occur once associated uncertainties are resolved.
The amount of variable consideration is calculated by either using the expected value or the most likely amount depending on which is expected
to better predict the amount of variable consideration.
Consideration is adjusted for the time value of money if the period between the transfer of goods or services and the receipt of payment exceeds
twelve months and there is a significant financing benefit either to the customer or the company. If a contract contains more than one distinct
good or service, the transaction price is allocated to each performance obligation based on relative stand-alone selling prices. If stand-alone
selling prices are not observable, the company reasonably estimates those. Revenue is recognized for each performance obligation either at a point
in time or over time.
Performance obligations are identified based on individual terms of contract. If a contract contains more than one distinct good or service, the
transaction price is allocated to each performance obligation based on relative stand-alone selling prices. If stand-alone selling prices are not
observable, the company reasonably estimates them. Revenue is recognized for each performance obligation either at a point in time or over time.
The incremental cost to obtain a contract are recognised as an asset if the company expects to recover those cost over the period of contract.
Company recognises the incremental costs of obtaining a contract as an expense, when incurred, if the amortisation period of the asset that the
entity otherwise would have recognised is one year or less.
Contract Balances
Trade Receivable
56
The amounts billed on customer for work performed and are unconditionally due for payment i.e. only passage of time is required before payment
falls due, are disclosed in the Balance Sheet as trade receivables.
Contract Liability
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount
of consideration is due) from the customer. Contract liabilities are recognised when the company performs under the contract.
Other Income
Interest Income from a Financial Asset
Interest Income from a Financial Asset is recognized using effective interest rate method.
Others
Other items of income are accounted as and when the right to receive such income arises and it is probable that the economic benefits will flow to
the company and the amount of income can be measured reliably.
4.19. Government Grant
Grants and subsidies from the government are recognized if the following conditions are satisfied,
- There is reasonable assurance that the company will comply with the conditions attached to it.
- Such benefits are earned and reasonable certainty exists of the collection.
Export Incentives
Export incentives under various schemes notified by government are accounted for in the year of exports as grant related to income and is
recognized as other operating income in the statement of profit and loss if the entitlements can be estimated with reasonable accuracy and
conditions precedent to claim are fulfilled.
4.20. Cash dividend
The company recognises a liability to make cash distributions to the equity holders of the company when the distribution is authorised and the
distribution is no longer at the discretion of the company. As per the provisions of Companies Act, 2013, a distribution is authorised when it is
approved by the shareholders. A corresponding amount is recognised directly in equity.
Non-cash distributions, if any, are measured at the fair value of the assets to be distributed with fair value re-measurement recognised directly in
equity.
Upon distribution of non-cash assets, any difference between the carrying amount of the liability and the carrying amount of the assets distributed
is recognised in the statement of profit and loss.
4.21. Earnings Per Share
Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number
of equity shares outstanding during the year.
For calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number
of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares
4.22. Cash Flow Statement
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non cash nature and
any deferral or accruals of past or future cash receipts or payments. The cash flows from regular operating, investing and financing activities of
the company are segregated.
Cash and cash equivalents (including bank balances) shown in the Statement of cash flows exclude items which are not available for general use
as at the date of the Balance sheet.
4.23. Segment Reporting
a. Identification of Segments
The company has identified Domestic Business and Exports Business as its reportable segments. The company is engaged in the business of
manufacturing and sales of Submersible Pumps, Electric Motors, Electrical Switches and spares thereof.
b. Allocation of common costs
57
Common allocable costs are allocated to the Domestic Business Segment based on sales of Domestic Business segment to the total sales of the
company.
c. Unallocated items
Corporate assets and liabilities, income and expenses which relate to the company as a whole and are not allocable to segments, are included
under other reconciling items.
4.24. Business combinations
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at
fair value, which is calculated as the sum of acquisition date fair values of the assets transferred by the company, liabilities incurred by the
company to the former owners of the acquiree and the equity interests issued by the company in exchange for control of the acquire. Acquisition
related costs are generally recognized in profit or loss as incurred.
Goodwill is measured as the excess of,
- the sum of consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously
held equity interest in the acquiree (if any)
- over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed.
When the consideration transferred by the company in a business combination includes assets or liabilities resulting from a contingent
arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a
business combination. Contingent consideration that is classified as an asset or liability is re-measured at subsequent reporting dates in accordance
with Ind AS 109 Financial Instruments or Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets, with the corresponding gain or loss
being recognised in profit or loss.
[610200] Notes - Corporate information and statement of IndAs compliance

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of corporate information notes and other explanatory information
[TextBlock]
Textual information (28) Textual information (29)
Statement of Ind AS compliance [TextBlock] [See below] [See below]
Whether there is any departure from Ind AS No No
Whether there are reclassifications to comparative amounts No No
Disclosure of significant accounting policies [TextBlock] [See below]
Statement of Ind AS compliance [Text Block]

Accounting Standards ('Ind AS') as issued under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereof issued by
Statement of Ind AS compliance [Text Block]

Accounting Standards ('Ind AS') as issued under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereof issued by
58
Disclosure of significant accounting policies [Text Block]

NOTE 32: NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 MARCH
2021
1. Corporate Information
The company is a Private Limited Company domiciled in India and is incorporated under the provisions of the Companies Act 1956. The
registered office of the company is located at Acidwala Estate, Nagarwel Hanuman Road, Amraiwadi, Ahmedabad – 380 026. The equity shares
of the company are not listed on any stock exchanges in India.
The company is a subsidiary company of Kirloskar Oil Engines Ltd.
The company is engaged in the business of manufacturing and sales of Submersible Pumps, Electric Motors, Electrical Switches and spares
thereof.
The Board of Directors in its meeting held on 26th March 2021 approved the investment in the 85,00,000 equity shares of Rs. 10/- each against
the Rights Issue offer of Equity Shares of Optiqua Pipes and Electricals Private Limited. The Company has invested Rs. 8.50 Crores against the
85,00,000 equity shares of Rs. 10/- each towards the Rights Issue offer of Equity Shares of Optiqua Pipes and Electricals Private Limited on 7th
April 2021. The 85,00,000 equity shares of Rs. 10/- each are allotted to the Company on 8th April 2021.
The standalone financial statements were approved by the Board of Directors and authorized for issue on 30 April 2021.
2. Basis of preparation of Financial Statements
Accounting Standards (''Ind AS'') as issued under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereof issued by
The standalone financial statements have been prepared on a historical cost basis, except for,
(i) the investments which have been measured at fair value as they are classified as fair value through profit or loss or fair value through other
(ii) defined benefit plans - plan assets measured at fair value
Amounts in the financial statements are presented in Indian Rupees in Lakhs rounded off to two decimal places as permitted by Schedule III to
the Companies Act, 2013 unless otherwise stated.
3. Significant accounting judgements, estimates and assumptions
The preparation of the company’s financial statements requires management to make judgments, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods. The Company continually evaluates these estimates and assumptions based on the most recently available
information. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable.
3.1. Judgements
In the process of applying the company’s accounting policies, the management has made the following judgements, which have the most
significant effect on the amounts recognised in the standalone financial statements:
Leases
The company had applied provisions of Ind AS 116 effective 01st April, 2019. The said standard provides for certain recognition exemptions for
short term leases as well as provides for certain criteria when the lease contracts are non-enforceable. The determination of lease term for the
purpose of availing such exemptions and evaluation of such criteria for non-enforceability of a contract involves significant judgment.
Revenue Recognition
The company generally recognizes revenue when the performance obligation is satisfied at a point in time when the control is transferred i.e.
either on shipment or upon delivery in domestic and in case of export on the date of bill of lading.
Customer Reward Points: The points provide a material right to customers that they would not have received had they not entered into the
59
contract. Thus, the promise to provide points to the customer is a separate performance obligation. The transaction price is allocated to the
product and the reward points on the basis of relative stand -alone selling price. Management estimates the standalone selling price per reward
point on the basis of the benefits passed on to the customer and on the basis of the likelihood of redemption, based on past experience.
3.2. Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The company
bases its assumptions and estimates on information available till the date of approval of these standalone financial statements. The assumptions
and estimates, however, may change based on future developments, due to market conditions or due to circumstances arising that are beyond the
control of the company. Such changes are reflected in the assumptions and estimates when they occur.
Defined benefit plans
The cost of the defined benefit plans and other post-employment benefits and the present value of the obligation are determined using actuarial
valuation. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases, mortality rates and future post-retirement medical benefit increase. Due to the
complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
All assumptions are reviewed at each reporting date.
The most sensitive parameter is the discount rate. In determining the appropriate discount rate, management considers the interest rates of
government bonds in currencies consistent with the currencies of the post-employment benefit obligation and extrapolated as needed along the
yield curve to correspond with the expected term of the defined benefit obligation.
The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at intervals in response to
demographic changes. Future salary increases are mainly based on expected future inflation rates for the country.
Further details about defined benefit obligations are provided in Note 32.5.5
Deferred Tax
Deferred tax assets are recognised for all deductible temporary differences including the carry forward of unused tax credits and any unused tax
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Warranty
The Company recognises provision for warranties in respect of the products that it sells. The estimates are established using historical information
on the nature, frequency and average cost of warranty claims and management estimates regarding possible future incidences based on actions on
product failures,
Impairment of Goodwill recognized under Business Combination
The company estimates whether goodwill accounted under business combination has suffered any impairment on annual basis. For this purpose,
the recoverable amount of the CGU was determined based on value in use calculations which require the use of assumptions.
Uncertainty relating to Global health pandemic on COVID-19
4. Significant Accounting Policies
4.1. Current Vs Non-Current Classification
The company presents assets and liabilities in the Balance Sheet based on current / non-current classification.
An asset is current when it is:
a. Expected to be realised or intended to be sold or consumed in normal operating cycle
c. Expected to be realised within twelve months after the reporting period, or
d. Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non - current.
60
A liability is current when it is:
a. Expected to be settled in normal operating cycle
c. Due to be settled within twelve months after the reporting period, or
d. There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
All other liabilities are treated as non - current.
Deferred tax assets and liabilities are classified as non - current assets and liabilities.
4.2. Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes
place either:
• In the principal market for the asset or liability, Or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the company.
The Company measures the fair value of an asset or a liability assuming that market participants would use it when pricing the asset or liability
and that market participants act in their best economic interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset
in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable.
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the company determines whether transfers
have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
The company’s management determines the policies and procedures for both recurring fair value measurement, such as derivative instruments and
unquoted financial assets measured at fair value.
External valuation experts are involved for valuation of significant assets and liabilities. Involvement of external valuation experts is decided
upon annually by the management.
Methods and assumptions used to estimate the fair values are consistently followed.
4.3. Property , Plant and Equipment
a. The company has adopted Ind AS from transition date 1st April 2016. Accordingly the company has elected to continue with the carrying value
of all of its Property, plant and equipment measured as per the Indian GAAP as at 31 March 2016 and use those values as deemed cost.
Property, plant and equipment; and capital work in progress are stated at cost, net of accumulated depreciation and/or accumulated impairment
losses, if any. Cost represents all expenses directly attributable to bringing the asset to its working condition capable of operating in the manner
intended. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowing costs for long-term construction
projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the
company recognises such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major
inspection is performed, its cost is recognised in the carrying amount of the Property, Plant and Equipment as a replacement if the recognition
criteria are satisfied. All other repair and maintenance costs are recognised in the Standalone Statement of Profit and Loss as incurred.
61
b. Capital work-in-progress comprises cost of property, plant and equipment that are not yet installed and ready for their intended use at the
balance sheet date.
c. Own manufactured assets are capitalised at cost including an appropriate share of allocable expenses.
Depreciation and Amortization
Depreciation is charged on the basis of useful life of assets on Straight Line method which are as follows:
Life in
Asset Category Basis for useful life
Years
Lease
Leasehold improvements Amortised over lease period
Period
Plant & Equipment including Pattern Tooling 15 Life as prescribed under Schedule-II of Companies Act, 2013
Lower useful life considered based on past history of usage and
Jigs & Fixtures 8
supported by Technical Evaluation
Computers
Network 6 Life as prescribed under Schedule-II of Companies Act, 2013
End user devices, such as, desktops, laptops, etc. 3 Life as prescribed under Schedule-II of Companies Act, 2013
Servers 6 Life as prescribed under Schedule-II of Companies Act, 2013
Electrical Installations 10 Life as prescribed under Schedule-II of Companies Act, 2013
Furniture & Fixture
Furniture, Fixtures and Electrical Fittings 10 Life as prescribed under Schedule-II of Companies Act, 2013
AC, Refrigerators and Water coolers - Company
5 Life as prescribed under Schedule-II of Companies Act, 2013
and Guest House Premises
Office Equipment 5 Life as prescribed under Schedule-II of Companies Act, 2013
Vehicles
Motorcars, Jeep 8 Life as prescribed under Schedule-II of Companies Act, 2013
Two Wheelers 10 Life as prescribed under Schedule-II of Companies Act, 2013
Other Vehicles 8 Life as prescribed under Schedule-II of Companies Act, 2013
- Used assets obtained under Business Combination are measured based on their remaining useful life as on the date of acquisition.
- Depreciation on additions is provided from the beginning of the month in which the asset is ready to use.
- Depreciation on assets sold, discarded or demolished during the year is being provided at their respective rates on pro-rata basis up to the end of
the month prior to the month in which such assets are sold, discarded or demolished.
- Foreign exchange fluctuation gain/ loss on imported plant and equipment were charged to Profit & Loss statement up to transition date of Ind
AS.
The company, based on technical assessments made by technical experts and management estimates and depreciates certain items of plant and
equipment over a useful lives which is different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management
believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or
disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the Standalone Statement of Profit and Loss when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and
adjusted prospectively, if appropriate.
Security:
As at 31st March 2021, Properties, Plant & Equipment with a carrying amount of ?1346.10 Lakhs (31st March 2020 ? 1369.66 Lakhs) are subject
to first charge to secure bank loan. Refer note 14 ''Borrowings''.
4.4. Investment properties
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated
at cost less accumulated depreciation and accumulated impairment losses, if any.
The cost includes the cost of replacing parts and borrowing costs for long-term construction projects if the recognition criteria are met. When
significant parts of the property are required to be replaced at intervals, the company depreciates them separately based on their specific useful
62
lives. All other repair and maintenance costs are recognised in the statement of profit and loss as incurred.
An investment property is derecognised on disposal or on permanent withdrawal from use or when no future economic benefits are expected from
its disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the statement of profit and loss when the asset is derecognised.
Transfers are made to (or from) investment property only when there is a change in use. Transfers between investment property, owner-occupied
property and inventories are at carrying amount of the property transferred.
4.5. Intangible Assets
Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the assets will flow to the Company
and the cost of the asset can be measured reliably.
Intangible assets are recorded at the consideration paid for its acquisition. In case of internally generated intangible assets, expenditure incurred in
development phase, where it is reasonably certain that the outcome of development will be commercially exploited to yield future economic
benefits to the company, is considered as an intangible asset. Such developmental expenditure is capitalized at cost including a share of allocable
expenses.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite useful lives are amortised by using Straight Line method over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset maybe impaired. Amortisation of Intangible assets is included in the depreciation and
amortisation in the statement of Profit and Loss.
Sr. No. Asset category Life in years

1 Computer Software 3 - 5 years
2 Customer Relationship 5 years
The amortisation period and amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting
period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are
considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
Intangible assets with indefinite useful lives, if any are not amortised, but are tested for impairment annually, either individually or at the
cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognised in the statement of profit and loss when the asset is derecognised.
4.6. Borrowing Cost
Borrowing Costs net of any investment income from temporary investment of related borrowings that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalized till the month in which the asset is ready to use, as part of the cost of that asset.
Other borrowing costs are recognised as expenses in the period in which these are incurred.
4.7. Impairment of non-financial assets
The company assesses at each balance sheet date whether there is any indication due to internal or external factors that an asset or a group of
assets comprising a Cash Generating Unit (CGU) may be impaired. If any such indication exists, the company estimates the recoverable amount
of the assets. If such recoverable amount of the assets or the recoverable amount of the CGU to which the asset belongs is less than the carrying
amount of the assets or the CGU as the case may be, the carrying amount is reduced to its recoverable amount and the reduction is treated as an
impairment loss and is recognized in the profit and loss account. If at any subsequent balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at recoverable amount subject to a
maximum of depreciated historical cost and is accordingly reversed in the profit and loss account.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and
whenever there is an indication that the asset may be impaired. 'An impairment loss for an asset is reversed if, and only if, the reversal can be
related objectively to an event occurring after the impairment loss was recognised or relates to a change in the estimate of the recoverable amount
in the previous periods.
4.8. Financial instruments – initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another
entity.
a) Financial assets
(i) Initial recognition and measurement of financial assets
63
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss,
transaction costs that are attributable to the acquisition of the financial assets. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
(ii) Subsequent measurement of financial assets
For the purposes of subsequent measurement, financial assets are classified in three categories:
• Financial assets at amortised cost
• Financial assets at fair value through other comprehensive income (FVOCI)
• Financial assets at fair value through profit or loss (FVTPL)
• Financial assets at amortised cost :
A financial asset is measured at amortised cost if:
- the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and
After initial measurement, such financial assets are subsequently measured by applying the effective interest rate (EIR) to the gross carrying
amount of a financial asset if applicable. The EIR amortisation is included in finance income in the statement of profit and loss. The losses arising
from impairment are recognised in the statement of profit and loss.
• Financial assets at fair value through other comprehensive income
A financial asset is measured at fair value through other comprehensive income if:
- the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial
assets, and
After initial measurement, such financial assets, until they are derecognised or reclassified, are subsequently measured at fair value with
unrealised gains or losses recognised in other comprehensive income except for interest income, impairment gains or losses and foreign exchange
gains and losses which are recognised in the statement of profit and loss.
• Financial assets at fair value through profit or loss
A financial asset is measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other
Equity Instruments
Investment in equity instruments issued by subsidiary are measured at cost.
In addition, the company may elect to classify a financial asset, which otherwise meets amortized cost or fair value through other comprehensive
income criteria, as at fair value through profit or loss. However, such election is allowed only if doing so reduces or eliminates a measurement or
recognition inconsistency (referred to as ‘accounting mismatch’).
After initial measurement, such financial assets are subsequently measured at fair value with unrealised gains or losses recognised in the statement
of profit and loss.
(iii) Derecognition of financial assets
A financial asset is derecognised when:
- the contractual rights to the cash flows from the financial asset expire,
or
- The company has transferred its contractual rights to receive cash flows from the asset or has assumed an obligation to pay the received cash
flows in full without material delay to a third party and either (a) the company has transferred substantially all the risks and rewards of the asset,
or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and
64
to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the company’s
continuing involvement. In that case, the company also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the company could be required to repay.
(iv) Reclassification of financial assets
The company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made
for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made
only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The
company’s senior management determines change in the business model as a result of external or internal changes which are significant to the
company’s operations. Such changes are evident to external parties. A change in the business model occurs when the company either begins or
ceases to perform an activity that is significant to its operations. If the company reclassifies financial assets, it applies the reclassification
prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business
model. The company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
The following table shows various reclassifications and how they are accounted
for.
Original Revised
Accounting treatment
classification classification
Amortised Fair value is measured at reclassification date. Difference between previous amortized cost and fair
FVTPL
cost value is recognised in the statement of Profit and loss.
Amortised Fair value at reclassification date becomes its new gross carrying amount. EIR is calculated based on
FVTPL
Cost the new gross carrying amount.
Amortised Fair value is measured at reclassification date. Difference between previous amortised cost and fair
FVOCI
cost value is recognised in OCI. No change in EIR due to reclassification.
Fair value at reclassification date becomes its new amortised cost carrying amount. However,
Amortised
FVOCI cumulative gain or loss in OCI is adjusted against fair value. Consequently, the asset is measured as
cost
if it had always been measured at amortised cost.
FVTPL FVOCI Fair value at reclassification date becomes its new carrying amount. No other adjustment is required.
Assets continue to be measured at fair value. Cumulative gain or loss previously recognized in OCI is
FVTOCI FVTPL
reclassified to statement of profit and loss at the reclassification date.
(v) Impairment of financial assets
In accordance with Ind AS 109, the company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on
the following financial assets and credit risk exposure:
• Financial assets that are debt instruments, and are measured at amortised cost.
• Financial assets that are debt instruments and are measured as at FVOCI
• Lease receivables under Ind AS 116
• Trade receivables under Ind AS 115
The company follows ‘simplified approach’ for recognition of impairment loss allowance on:
• Trade receivables resulting from transactions within the scope of Ind AS 115, if they do not contain a significant financing component
• Trade receivables or contract assets resulting from transactions within the scope of Ind AS 115 that contain a significant financing component, if
the company applies practical expedient to ignore separation of time value of money, and
• All lease receivables resulting from transactions within the scope of Ind AS 116
The application of simplified approach does not require the company to track changes in credit risk. Rather, it recognises impairment loss
allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the company determines that whether there has been a significant
increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment
65
loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves
such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss
allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The
12-month ECL is a portion of the lifetime ECL which results from default events on a financial instrument that are possible within 12 months
after the reporting date.
ECL is the difference between all contractual cash flows that are due to the company in accordance with the contract and all the cash flows that
the company expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to
consider:
• All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected life of the
financial instrument. However, in rare cases when the expected life of the financial instrument cannot be estimated reliably, then the company is
required to use the remaining contractual term of the financial instrument.
• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss.
This amount is reflected in a separate line in the P&L as an impairment gain or loss. The balance sheet presentation for various financial
instruments is described below:
• Financial assets measured as at amortised cost, contract assets and lease receivables: ECL is presented as an allowance, i.e. as an integral part of
the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write-off criteria, the
company does not derecognize impairment allowance from the gross carrying amount.
• Loan commitments: ECL is presented as a provision in the balance sheet, i.e. as a liability.
For assessing increase in credit risk and impairment loss, the company combines financial instruments on the basis of shared credit risk
characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely
basis.
The company does not have any purchased or originated credit-impaired (POCI) financial assets, i.e., financial assets which are credit impaired on
purchase/ origination.
b) Financial Liabilities
(i) Initial recognition and measurement of financial liabilities
All financial liabilities are recognised initially at fair value minus, in the case of financial liabilities not recorded at fair value through profit or
loss, transaction costs that are attributable to the issue of the financial liabilities.
(ii) Subsequent measurement of financial liabilities
For the purposes of subsequent measurement, financial liabilities are classified and measured as follows:
• Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments entered into by the company that are not designated as
hedging instruments in hedge relationships as defined by Ind AS 109.
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only
if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risks
are recognized in OCI. These gains/ loss are not subsequently transferred to P&L. However, the company may transfer the cumulative gain or loss
within equity. All other changes in fair value of such liability are recognised in the statement of profit and loss. The company has not designated
any financial liability as at fair value through profit and loss.
• Loans and Borrowings at amortised Cost
This is the category most relevant to the company. After initial recognition, interest-bearing borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are recognised in the statement of profit and loss when the liabilities are derecognised as well as
through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
The EIR amortisation is included as finance costs in the statement of profit and loss.
Preference shares, which are mandatorily redeemable on a specific date, are classified as liabilities. The dividend on these preference shares are
66
recognised in profit or loss as finance cost.
(iii) Derecognition of financial liabilities
A financial liability (or a part of a financial liability) is derecognised from its balance sheet when, and only when, it is extinguished i.e. when the
obligation specified in the contract is discharged or cancelled or expired.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of
a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.
4.9. Derivatives
Company uses derivative contracts to hedge its exposure against movements in foreign exchange rates. The use of derivative contracts is intended
to reduce the risk or cost to the company. Derivative contracts are not used for trading or speculation purpose.
All derivatives are measured at fair value through the profit or loss unless they form part of a qualifying cash flow hedge, in which case the fair
value is taken to reserves and released into the statement of profit and loss at the same time as the risks on the hedged instrument are recognised
therein. Any hedge ineffectiveness will result in the relevant proportion of the fair value remaining in the statement of profit and loss. Fair values
are derived primarily from discounted cash-flow models, option-pricing models and from third-party quotes. Derivatives are carried as assets
when their fair values are positive and as liabilities when their fair values are negative. All hedging activity is explicitly identified and
documented by the company.
4.10. Foreign Currency Transactions
a. Initial Recognition
Foreign currency transactions are recorded in Indian currency, by applying the exchange rate between the Indian currency and the foreign
currency at the date of the transaction.
b. Conversion
Current assets and current liabilities, Secured Loans, being monetary items, designated in foreign currencies are revalorized at the rate prevailing
on the date of Balance Sheet or forward contract rate or other appropriate rate.
c. Exchange Differences
Exchange differences arising on the settlement and conversion of foreign currency transactions are recognised as income or as expenses in the
year in which they arise.
4.11. Leases
Lease is a contract that provides to the customer (lessee) the right to use an asset for a period of time in exchange for consideration.
a. Company as a lessee
A lessee is required to recognise assets and liabilities for all leases and to recognise depreciation of leased assets separately from interest on lease
liabilities in the statement of Profit and Loss. The Company uses the practical expedient to apply the requirements of this standard to a portfolio
of leases with similar characteristics if the effects on the financial statements of applying to the portfolio does not differ materially from applying
the requirement to the individual leases within that portfolio.
However, when the lessee and the lessor each have the right to terminate the lease without permission from the other party with no more than an
insignificant penalty the Company considers that lease to be no longer enforceable. Also according to Ind AS 116, for leases with a lease term
of?12 months or less (short-term leases) and for leases for which the underlying asset is of low value, the lessee is not required to recognize
right-of-use asset and a lease liability. The Company applies both recognition exemptions. The lease payments associated with those leases are
generally recognized as an expense on a straight-line basis over the lease term or another systematic basis if appropriate.
Right-of-use Asset
Right-of-use assets, which are included under property, plant and equipment, are measured at cost less any accumulated depreciation and, if
necessary, any accumulated impairment. The cost of a right-of-use asset comprises the present value of the outstanding lease payments plus any
lease payments made at or before the commencement date less any lease incentives received, any initial direct costs and an estimate of costs to be
incurred in dismantling or removing the underlying asset. In this context, the Company also applies the practical expedient that the payments for
non-lease components are generally recognized as lease payments. If the lease transfers ownership of the underlying asset to the lessee at the end
of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated
to the end of the useful life of the underlying asset. Otherwise, the right-of-use asset is depreciated to the end of the lease term.
Lease Liability
Lease liabilities, which are assigned to financing liabilities, are measured initially at the present value of the lease payments. Subsequent
measurement of a lease liability includes the increase of the carrying amount to reflect interest on the lease liability and reducing the carrying
67
amount to reflect the lease payments made.
Lease Modification
For a lease modification that is not accounted for as a separate lease, the company accounts for the re-measurement of the lease liability by
making a corresponding adjustment to the right-of-use asset.
b. Company as a lessor
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases.
Where the Company is a lessor under an operating lease, the asset is capitalised within property, plant and equipment and depreciated over its
useful economic life. Payments received under operating leases are recognised in the Statement of profit and Loss on a straight-line basis over the
term of the lease.
4.12. Inventories
a. Raw materials, components, stores and spares are valued at cost or net realizable value whichever is lower. Cost includes all cost of purchase
and incidental expenses incurred in bringing the inventories to their present location and condition.
b. Work-in-process including finished components and finished goods are valued at cost or realisable value whichever is lower. Cost includes
direct materials, labour costs and a proportion of manufacturing overheads based on the normal operating capacity.
c. Materials-in-transit and materials in bonded warehouse are valued at actual cost incurred up to the date of balance sheet.
d. Unserviceable, damaged and obsolete inventory is valued at cost or net realisable value whichever is lower.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs
necessary to make the sale.
4.13. Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short term, highly liquid investments that are readily
convertible into known amounts of cash which are subject to an insignificant risk of changes in value. Cash and cash equivalents consist of
balances with banks which are unrestricted for withdrawal and usage.
4.14. Taxes
Current income tax
Current income tax assets and liabilities are measured at the amounts expected to be recovered from or paid to the taxation authorities; on the
basis of the taxable profits computed for the current accounting period in accordance with Income Tax Act, 1961 and book profit in case of
minimum alternate tax under section 115JB of Income Tax Act, 1961 if applicable. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted at the reporting date.
Current income tax relating to items recognised in other comprehensive income or directly in equity is recognised in other comprehensive income
or in equity, respectively, and not in the statement of Profit and Loss. The Management periodically evaluates positions taken in the tax returns
with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;
deferred tax liabilities are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and
taxable profit will be available against which the temporary differences can be utilized.
Deferred tax assets are recognised for all deductible temporary differences including, the carry forward of unused tax credits and any unused tax
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
• When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;
deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and
68
taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside the statement of profit and loss is recognised outside the profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax
liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Sales tax / GST
Expenses and assets are recognised net of the amount of GST, except:
• When the GST incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the GST is recognised
as part of the cost of acquisition of the asset or as part of the expense item, as applicable.
• When receivables and payables are stated with the amount of GST included.
The net amount of Sales tax / GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the
balance sheet.
4.15. Non-Current Assets held for sale and Discontinuing operations
A. Non-Current Assets held for sale
Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through a sale
transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell. This condition is regarded as met only when the sale is highly probable and the asset or disposal
group is available for immediate use in its present condition. Management must be committed to the sale, which should be expected to qualify for
recognition as a completed sale within one year from the date of classification.
B. Discontinuing operations
Discontinuing operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax
from discontinued operations in the statement of profit and loss account.
Assets and liabilities classified as held for distribution are presented separately from others assets and liabilities in the balance sheet.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for
sale, and:
a) Represents a separate major line of business or geographical area of operations,
b) Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations
Or
c) Is a subsidiary acquired exclusively with a view to resale
An entity does not depreciate (or amortise) a non-current asset while it is classified as held for sale or while it is part of a disposal group classified
as held for sale.
4.16. Employee Benefits
a) Short Term Employee Benefits
The distinction between short term and long term employee benefits is based on expected timing of settlement rather than the employee’s
entitlement benefits. All employee benefits payable within twelve months of rendering the service are classified as short term benefits. Such
benefits include salaries, wages, bonus, short term compensated absences, awards, ex-gratia, performance pay etc. and are recognised in the
period in which the employee renders the related service.
b) Post-Employment Benefits
(i) Defined contribution plan
69
The company makes payment to state government provident fund scheme and employee state insurance scheme which are defined contribution
plans. The contribution paid/payable under the schemes is recognised in the statement of profit and loss during the period in which the employee
renders the related service. The company has no further obligations under these schemes beyond its periodic contributions.
(ii) Defined benefit plan
The employee’s gratuity fund scheme is Company’s defined benefit plans. The present value of the obligation under such defined benefit plans is
determined based on the actuarial valuation using the Projected Unit Credit Method as at the date of the Balance sheet. In case of funded plans,
the fair value of plan asset is reduced from the gross obligation under the defined benefit plans, to recognise the obligation on a net basis.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net
defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are
recognised immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they
occur. Re-measurements are not reclassified to the profit or loss in subsequent periods.
Past service costs are recognised in the statement of profit and loss on the earlier of:
• The date of the plan amendment or curtailment, and
• The date that the company recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The company recognises the following changes
in the net defined benefit obligation as an expense in the statement of profit and loss:
• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and
• Net interest expense or income.
(iii) Other than the Defined contribution plan and Defined benefit plan disclosed above, the company does not offer any other Long term
employment benefits or Termination benefits to its employees.
4.17. Provisions and Contingencies
Necessary provisions are made for the present obligations that arise out of past events entailing future outflow of economic resources. Such
provisions reflect best estimates based on available information.
However a disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
The company recognizes revenue, when or as control over distinct goods or services is transferred to the customer; i.e. when the customer is able
to direct the use of the transferred goods or services and obtains substantially all of the remaining benefits, provided a contract with enforceable
rights and obligations exists and amongst others collectability of consideration is probable taking into account our customer’s creditworthiness.
Revenue is the transaction price the company expects to be entitled to. Variable consideration is included in the transaction price if it is highly
probable that a significant reversal of revenue will not occur once associated uncertainties are resolved.
The amount of variable consideration is calculated by either using the expected value or the most likely amount depending on which is expected
to better predict the amount of variable consideration.
Consideration is adjusted for the time value of money if the period between the transfer of goods or services and the receipt of payment exceeds
twelve months and there is a significant financing benefit either to the customer or the company. If a contract contains more than one distinct
good or service, the transaction price is allocated to each performance obligation based on relative stand-alone selling prices. If stand-alone
selling prices are not observable, the company reasonably estimates those. Revenue is recognized for each performance obligation either at a point
in time or over time.
Performance obligations are identified based on individual terms of contract. If a contract contains more than one distinct good or service, the
transaction price is allocated to each performance obligation based on relative stand-alone selling prices. If stand-alone selling prices are not
observable, the company reasonably estimates them. Revenue is recognized for each performance obligation either at a point in time or over time.
The incremental cost to obtain a contract are recognised as an asset if the company expects to recover those cost over the period of contract.
Company recognises the incremental costs of obtaining a contract as an expense, when incurred, if the amortisation period of the asset that the
entity otherwise would have recognised is one year or less.
Contract Balances
Trade Receivable
70
The amounts billed on customer for work performed and are unconditionally due for payment i.e. only passage of time is required before payment
falls due, are disclosed in the Balance Sheet as trade receivables.
Contract Liability
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount
of consideration is due) from the customer. Contract liabilities are recognised when the company performs under the contract.
Other Income
Interest Income from a Financial Asset
Interest Income from a Financial Asset is recognized using effective interest rate method.
Others
Other items of income are accounted as and when the right to receive such income arises and it is probable that the economic benefits will flow to
the company and the amount of income can be measured reliably.
4.19. Government Grant
Grants and subsidies from the government are recognized if the following conditions are satisfied,
- There is reasonable assurance that the company will comply with the conditions attached to it.
- Such benefits are earned and reasonable certainty exists of the collection.
Export Incentives
Export incentives under various schemes notified by government are accounted for in the year of exports as grant related to income and is
recognized as other operating income in the statement of profit and loss if the entitlements can be estimated with reasonable accuracy and
conditions precedent to claim are fulfilled.
4.20. Cash dividend
The company recognises a liability to make cash distributions to the equity holders of the company when the distribution is authorised and the
distribution is no longer at the discretion of the company. As per the provisions of Companies Act, 2013, a distribution is authorised when it is
approved by the shareholders. A corresponding amount is recognised directly in equity.
Non-cash distributions, if any, are measured at the fair value of the assets to be distributed with fair value re-measurement recognised directly in
equity.
Upon distribution of non-cash assets, any difference between the carrying amount of the liability and the carrying amount of the assets distributed
is recognised in the statement of profit and loss.
4.21. Earnings Per Share
Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number
of equity shares outstanding during the year.
For calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number
of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares
4.22. Cash Flow Statement
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non cash nature and
any deferral or accruals of past or future cash receipts or payments. The cash flows from regular operating, investing and financing activities of
the company are segregated.
Cash and cash equivalents (including bank balances) shown in the Statement of cash flows exclude items which are not available for general use
as at the date of the Balance sheet.
4.23. Segment Reporting
a. Identification of Segments
The company has identified Domestic Business and Exports Business as its reportable segments. The company is engaged in the business of
manufacturing and sales of Submersible Pumps, Electric Motors, Electrical Switches and spares thereof.
b. Allocation of common costs
71
Common allocable costs are allocated to the Domestic Business Segment based on sales of Domestic Business segment to the total sales of the
company.
c. Unallocated items
Corporate assets and liabilities, income and expenses which relate to the company as a whole and are not allocable to segments, are included
under other reconciling items.
4.24. Business combinations
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at
fair value, which is calculated as the sum of acquisition date fair values of the assets transferred by the company, liabilities incurred by the
company to the former owners of the acquiree and the equity interests issued by the company in exchange for control of the acquire. Acquisition
related costs are generally recognized in profit or loss as incurred.
Goodwill is measured as the excess of,
- the sum of consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously
held equity interest in the acquiree (if any)
- over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed.
When the consideration transferred by the company in a business combination includes assets or liabilities resulting from a contingent
arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a
business combination. Contingent consideration that is classified as an asset or liability is re-measured at subsequent reporting dates in accordance
with Ind AS 109 Financial Instruments or Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets, with the corresponding gain or loss
being recognised in profit or loss.
[610300] Notes - Accounting policies, changes in accounting estimates and errors

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of changes in accounting policies, accounting estimates and errors
[TextBlock]
Disclosure of initial application of standards or interpretations
[TextBlock]
Whether initial application of an Ind AS has an effect on the
No No
current period or any prior period
Disclosure of voluntary change in accounting policy [TextBlock]
Whether there is any voluntary change in accounting policy No No
Disclosure of changes in accounting estimates [TextBlock]
Whether there are changes in acounting estimates during the year No No
72
[400600] Notes - Property, plant and equipment
Disclosure of additional information about property plant and equipment [Table] ..(1)
Property, plant and equipment
Classes of property, plant and equipment [Axis] Factory equipments [Member]
[Member]
Sub classes of property, plant and equipment [Axis] Owned assets [Member] Owned assets [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of additional information about
property plant and equipment [Abstract]
property plant and equipment [Line items]
Refer: Disclosure of
Depreciation method, property, plant and significant
Refer Child Member Refer Child Member significant accounting
equipment accounting policies
policies [Text Block]
[Text Block]
Useful lives or depreciation rates, property, significant
plant and equipment accounting policies
[Text Block]
Whether property, plant and equipment are
No No No No
stated at revalued amount
Classes of property, plant and equipment [Axis] Furniture and fixtures [Member] Motor vehicles [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Refer: Disclosure of Refer: Disclosure of
Depreciation method, property, plant and significant significant
significant accounting significant accounting
equipment accounting policies accounting policies
policies [Text Block] policies [Text Block]
[Text Block] [Text Block]
Useful lives or depreciation rates, property, significant significant
plant and equipment accounting policies accounting policies
No No No No
73
Classes of property, plant and equipment [Axis] Office equipment [Member] Computer equipments [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Depreciation method, property, plant and significant significant
equipment accounting policies accounting policies
Useful lives or depreciation rates, property, significant significant
plant and equipment accounting policies accounting policies
No No No No
Other property, plant and equipment
Classes of property, plant and equipment [Axis] Leasehold improvements [Member]
[Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Depreciation method, property, plant and significant
significant accounting Refer Child Member Refer Child Member
equipment accounting policies
[Text Block]
Useful lives or depreciation rates, property, significant
significant accounting Refer Child Member Refer Child Member
plant and equipment accounting policies
[Text Block]
No No No No
Other property, plant and equipment,
Classes of property, plant and equipment [Axis]
others [Member]
Sub classes of property, plant and equipment [Axis] Owned assets [Member]
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of additional information about property plant and equipment [Abstract]
Disclosure of additional information about property plant and equipment [Line items]
significant
Depreciation method, property, plant and equipment accounting policies
significant accounting
[Text Block]
significant
Useful lives or depreciation rates, property, plant and equipment accounting policies
[Text Block]
Whether property, plant and equipment are stated at revalued amount No No
74
Disclosure of detailed information about property, plant and equipment [Table] ..(1)
Classes of property, plant and equipment [Axis] Property, plant and equipment [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member]
Carrying amount accumulated depreciation and gross carrying amount Gross carrying
Carrying amount [Member]
[Axis] amount [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Disclosure of detailed information about property,
plant and equipment [Abstract]
Disclosure of detailed information about
property, plant and equipment [Line items]
Reconciliation of changes in property, plant
and equipment [Abstract]
Changes in property, plant and equipment
[Abstract]
Additions other than through business
combinations, property, plant and 186.36 324.22 186.36
equipment
Depreciation, property, plant and
equipment [Abstract]
Depreciation recognised in profit or
-235.44 -316.53
loss
Total Depreciation property plant and
-235.44 -316.53
equipment
Increase (decrease) through transfers and
other changes, property, plant and
Increase (decrease) through
transfers, property, plant and 0 -3.75 0
equipment
Total increase (decrease) through
transfers and other changes, property, 0 -3.75 0
plant and equipment
Disposals and retirements, property,
Disposals, property, plant and
0 210.03 0
equipment
Retirements, property, plant and
0 78.88 22.65
equipment
Total disposals and retirements,
0 288.91 22.65
property, plant and equipment
Total increase (decrease) in property,
-49.08 -284.97 163.71
plant and equipment
Property, plant and equipment at end of
1,587.84 1,636.92 1,921.89 4,231.72
period
75
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member]
Carrying amount accumulated depreciation and gross carrying Accumulated depreciation and
Gross carrying amount [Member]
amount [Axis] impairment [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
[Abstract]
combinations, property, plant and 324.22
equipment
235.44 316.53
loss
235.44 316.53
equipment
transfers, property, plant and -8.48 0 -4.73
equipment
transfers and other changes, property, -8.48 0 -4.73
plant and equipment
578.19 0 368.16
equipment
148.38 22.65 69.5
equipment
726.57 22.65 437.66
-410.83 212.79 -125.86
plant and equipment
4,068.01 4,478.84 2,643.88 2,431.09
period
76
Owned and leased
assets [Member]
Accumulated
Carrying amount accumulated depreciation and gross carrying amount depreciation and
[Axis] impairment
[Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
[Abstract]
combinations, property, plant and 186.36 324.22
equipment
-235.44 -316.53
loss
-235.44 -316.53
equipment
transfers, property, plant and 0 -3.75
equipment
transfers and other changes, property, 0 -3.75
plant and equipment
0 210.03
equipment
0 78.88
equipment
0 288.91
-49.08 -284.97
plant and equipment
2,556.95 1,587.84 1,636.92 1,921.89
period
77
Accumulated
[Axis] impairment
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
[Abstract]
equipment
235.44
loss
235.44
equipment
equipment
plant and equipment
0 578.19 0
equipment
22.65 148.38 22.65
equipment
22.65 726.57 22.65
163.71 -410.83 212.79
plant and equipment
4,231.72 4,068.01 4,478.84 2,643.88
period
78
Property, plant and equipment
Classes of property, plant and equipment [Axis] Plant and equipment [Member]
[Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
[Abstract]
equipment
316.53 -146.48 -154.52
loss
316.53 -146.48 -154.52
equipment
transfers, property, plant and -4.73 -0.62 -48.5
equipment
transfers and other changes, property, -4.73 -0.62 -48.5
plant and equipment
368.16 0 181.92
equipment
69.5 0 75.75
equipment
437.66 0 257.67
-125.86 -23.56 -237.34
plant and equipment
2,431.09 2,556.95 1,346.1 1,369.66
period
79
Carrying amount accumulated depreciation and gross carrying amount Carrying amount
[Axis] [Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
[Abstract]
equipment
transfers, property, plant and -2.35 -73.86
equipment
transfers and other changes, property, -2.35 -73.86
plant and equipment
0 466.74
equipment
0 92.89
equipment
0 559.63
121.19 -410.14
plant and equipment
1,607 3,146.1 3,024.91 3,435.05
period
80
Factory equipments
[Member]
Owned assets
[Member]
Accumulated depreciation and impairment [Member]
[Axis] [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
[Abstract]
equipment
146.48 154.52 -146.48
loss
146.48 154.52 -146.48
equipment
equipment
plant and equipment
0 284.82 0
equipment
0 17.14 0
equipment
0 301.96 0
144.75 -172.8 -23.56
plant and equipment
1,800 1,655.25 1,828.05 1,346.1
period
81
Carrying amount accumulated depreciation and gross carrying
Carrying amount [Member] Gross carrying amount [Member]
amount [Axis]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
[Abstract]
equipment
-154.52
loss
-154.52
equipment
equipment
plant and equipment
181.92 0 466.74
equipment
75.75 0 92.89
equipment
257.67 0 559.63
-237.34 121.19 -410.14
plant and equipment
1,369.66 1,607 3,146.1 3,024.91
period
82
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
[Abstract]
146.48 154.52
loss
146.48 154.52
equipment
equipment
plant and equipment
0 284.82
equipment
0 17.14
equipment
0 301.96
144.75 -172.8
plant and equipment
3,435.05 1,800 1,655.25 1,828.05
period
83
Classes of property, plant and equipment [Axis] Furniture and fixtures [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
[Abstract]
equipment
-11.76 -14.86
loss
-11.76 -14.86
equipment
transfers, property, plant and 1.36 23.33 3.54
equipment
transfers and other changes, property, 1.36 23.33 3.54
plant and equipment
0 10.76 0
equipment
0 0 0
equipment
0 10.76 0
-7.54 9.54 6.4
plant and equipment
63.73 71.27 61.73 150.86
period
84
Classes of property, plant and equipment [Axis] Furniture and fixtures [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
[Abstract]
equipment
11.76 14.86
loss
11.76 14.86
equipment
transfers, property, plant and 7.02 2.18 -16.31
equipment
transfers and other changes, property, 7.02 2.18 -16.31
plant and equipment
26.26 0 15.5
equipment
0.01 0 0.01
equipment
26.27 0 15.51
-7.42 13.94 -16.96
plant and equipment
144.46 151.88 87.13 73.19
period
85
Furniture and
Classes of property, plant and equipment [Axis] Vehicles [Member]
fixtures [Member]
Owned assets
[Member]
Accumulated
[Axis] impairment
[Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
[Abstract]
combinations, property, plant and 0 0
equipment
-15.99 -17.77
loss
-15.99 -17.77
equipment
0 3.13
equipment
0 3.13
-15.99 -20.9
plant and equipment
90.15 37.71 53.7 74.6
period
86
Classes of property, plant and equipment [Axis] Vehicles [Member]
Accumulated
[Axis] impairment
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
[Abstract]
equipment
15.99
loss
15.99
equipment
22.65 49.02 22.65
equipment
22.65 49.02 22.65
-22.65 -49.02 -6.66
plant and equipment
262.78 285.43 334.45 225.07
period
87
Classes of property, plant and equipment [Axis] Vehicles [Member] Motor vehicles [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
[Abstract]
equipment
17.77 -15.99 -17.77
loss
17.77 -15.99 -17.77
equipment
45.89 0 3.13
equipment
45.89 0 3.13
-28.12 -15.99 -20.9
plant and equipment
231.73 259.85 37.71 53.7
period
Classes of property, plant and equipment [Axis] Motor vehicles [Member]
[Axis] [Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
[Abstract]
equipment
22.65 49.02
equipment
22.65 49.02
-22.65 -49.02
plant and equipment
74.6 262.78 285.43 334.45
period
88
Office equipment
Classes of property, plant and equipment [Axis] Motor vehicles [Member]
[Member]
Owned assets
[Member]
[Axis] [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
[Abstract]
equipment
15.99 17.77 -7.8
loss
15.99 17.77 -7.8
equipment
transfers, property, plant and -8.91
equipment
transfers and other changes, property, -8.91
plant and equipment
0
equipment
22.65 45.89
equipment
22.65 45.89 0
-6.66 -28.12 -2.83
plant and equipment
225.07 231.73 259.85 21.4
period
89
Classes of property, plant and equipment [Axis] Office equipment [Member]
amount [Axis]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
[Abstract]
equipment
-9.43
loss
-9.43
equipment
equipment
plant and equipment
17.15 0 66.89
equipment
17.15 0 66.89
-76.07 -7.65 -199.35
plant and equipment
24.23 100.3 70.28 77.93
period
90
Classes of property, plant and equipment [Axis] Office equipment [Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
[Abstract]
7.8 9.43
loss
7.8 9.43
equipment
equipment
plant and equipment
0 49.74
equipment
0 49.74
-4.82 -123.28
plant and equipment
277.28 48.88 53.7 176.98
period
91
Classes of property, plant and equipment [Axis] Computer equipments [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
[Abstract]
equipment
-41.03 -33.67
loss
-41.03 -33.67
equipment
equipment
plant and equipment
0 0.2 0
equipment
0 0 0
equipment
0 0.2 0
-25.57 32.28 15.46
plant and equipment
63.89 89.46 57.18 200.43
period
92
Classes of property, plant and equipment [Axis] Computer equipments [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
[Abstract]
equipment
41.03 33.67
loss
41.03 33.67
equipment
transfers, property, plant and -6.04 0 -4.23
equipment
transfers and other changes, property, -6.04 0 -4.23
plant and equipment
18.3 0 18.1
equipment
6.46 0 6.46
equipment
24.76 0 24.56
37.16 41.03 4.88
plant and equipment
184.97 147.81 136.54 95.51
period
93
Computer
Classes of property, plant and equipment [Axis] equipments Leasehold improvements [Member]
[Member]
Owned assets
[Member]
Accumulated
[Axis] impairment
[Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
[Abstract]
equipment
-10.57 -86.28
loss
-10.57 -86.28
equipment
transfers, property, plant and 0 82.44
equipment
transfers and other changes, property, 0 82.44
plant and equipment
2.33 7.52
plant and equipment
90.63 30.93 28.6 21.08
period
94
Accumulated
[Axis] impairment
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
[Abstract]
equipment
10.57
loss
10.57
equipment
transfers, property, plant and 0 206.58 0
equipment
transfers and other changes, property, 0 206.58 0
plant and equipment
12.9 217.94 10.57
plant and equipment
363.21 350.31 132.37 332.28
period
95
Other property, plant and equipment
[Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
[Abstract]
combinations, property, plant and 17.72 0
equipment
86.28 -1.81 0
loss
86.28 -1.81 0
equipment
transfers, property, plant and 124.14 8.17 0
equipment
transfers and other changes, property, 124.14 8.17 0
plant and equipment
210.42 24.08 0
plant and equipment
321.71 111.29 24.08 0
period
96
Classes of property, plant and equipment [Axis] Other property, plant and equipment [Member]
[Axis] [Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
[Abstract]
combinations, property, plant and 17.72 0
equipment
transfers, property, plant and 20.34 0
equipment
transfers and other changes, property, 20.34 0
plant and equipment
38.06 0
plant and equipment
0 38.06 0 0
period
97
Other property,
plant and
Classes of property, plant and equipment [Axis] Other property, plant and equipment [Member]
equipment, others
[Member]
Owned assets
[Member]
[Axis] [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Nature of other property plant and equipment Electrical
others Installations
[Abstract]
equipment
1.81 0 -1.81
loss
1.81 0 -1.81
equipment
transfers, property, plant and 12.17 0 8.17
equipment
transfers and other changes, property, 12.17 0 8.17
plant and equipment
13.98 0 24.08
plant and equipment
13.98 0 0 24.08
period
98
Classes of property, plant and equipment [Axis] Other property, plant and equipment, others [Member]
amount [Axis]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
Nature of other property plant and equipment Electrical
Electrical Installations Electrical Installations
others Installations
[Abstract]
combinations, property, plant and 0 17.72 0
equipment
0
loss
0
equipment
transfers, property, plant and 0 20.34 0
equipment
transfers and other changes, property, 0 20.34 0
plant and equipment
0 38.06 0
plant and equipment
0 0 38.06 0
period
99
Classes of property, plant and equipment [Axis] Other property, plant and equipment, others [Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
Nature of other property plant and equipment
Electrical Installations Electrical Installations
others
[Abstract]
1.81 0
loss
1.81 0
equipment
transfers, property, plant and 12.17 0
equipment
transfers and other changes, property, 12.17 0
plant and equipment
13.98 0
plant and equipment
0 13.98 0 0
period
[612100] Notes - Impairment of assets

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of impairment of assets [TextBlock]
Disclosure of impairment loss and reversal of impairment loss [TextBlock]
Whether there is any impairment loss or reversal of impairment loss
No No
during the year
Disclosure of information for impairment loss recognised or reversed
for individual Assets or cash-generating unit [TextBlock]
Whether impairment loss recognised or reversed for individual Assets
No No
or cash-generating unit
[400700] Notes - Investment property

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of investment property [TextBlock]
Depreciation method, investment property, cost model Not Applicable Not Applicable
Useful lives or depreciation rates, investment property, cost model Not Applicable Not Applicable
100
[400800] Notes - Goodwill
Disclosure of reconciliation of changes in goodwill [Table] ..(1)

Carrying amount accumulated amortization and impairment and gross Gross carrying
carrying amount [Axis] amount [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Disclosure of reconciliation of changes in goodwill
[Abstract]
[Line items]
Changes in goodwill [Abstract]
Acquisitions through business combinations,
0 0 0
goodwill
Total increase (decrease) in goodwill 0 0 0
Goodwill at end of period 127.07 127.07 127.07 127.07

Carrying amount accumulated amortization and impairment and gross carrying amount [Axis] Gross carrying amount [Member]
01/04/2019
to 31/03/2019
31/03/2020
Disclosure of reconciliation of changes in goodwill [Abstract]
Disclosure of reconciliation of changes in goodwill [Line items]
Acquisitions through business combinations, goodwill 0
Total increase (decrease) in goodwill 0
Goodwill at end of period 127.07 127.07

01/04/2020 01/04/2019
to to 31/03/2019
31/03/2021 31/03/2020
Disclosure of goodwill [TextBlock]
Disclosure of reconciliation of changes in goodwill [Abstract]
Acquisitions through business combinations, goodwill 0 0
Total increase (decrease) in goodwill 0 0
Goodwill at end of period 127.07 127.07 127.07
101
[400900] Notes - Other intangible assets
Disclosure of detailed information about other intangible assets [Table] ..(1)

Classes of other intangible assets [Axis] Company other intangible assets [Member]
Internally generated and other than internally generated intangible assets
Sub classes of other intangible assets [Axis]
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Disclosure of detailed information about other
intangible assets [Abstract]
intangible assets [Line items]
Reconciliation of changes in other intangible
assets [Abstract]
Changes in Other intangible assets [Abstract]
563.83 70.38 563.83
combinations
Amortisation other intangible assets -100.58 -42.26
transfers and other changes, other
0 3.75 0
transfers, other intangible assets
transfers and other changes, Other 0 3.75 0
intangible assets
Total increase (decrease) in Other
463.25 31.87 563.83
intangible assets
Other intangible assets at end of period 603.56 140.31 108.44 808.91

Internally generated and other than internally generated intangible assets
[Member]
Carrying amount accumulated amortization and impairment and gross Accumulated amortization and
carrying amount [Axis] impairment [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
assets [Abstract]
70.38
combinations
Amortisation other intangible assets 100.58 42.26
8.48 0 4.73
transfers and other changes, Other 8.48 0 4.73
intangible assets
78.86 100.58 46.99
intangible assets
102

Internally
generated and
other than
Sub classes of other intangible assets [Axis] internally Intangible assets other than internally generated [Member]
generated
intangible assets
[Member]
Accumulated
Carrying amount accumulated amortization and impairment and gross amortization and
carrying amount [Axis] impairment
[Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
assets [Abstract]
563.83 70.38
combinations
0 3.75
transfers and other changes, Other 0 3.75
intangible assets
463.25 31.87
intangible assets
103

Sub classes of other intangible assets [Axis] Intangible assets other than internally generated [Member]
Accumulated
Carrying amount accumulated amortization and impairment and gross amortization and
carrying amount [Axis] impairment
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
assets [Abstract]
563.83 70.38
combinations
Amortisation other intangible assets 100.58
0 8.48 0
transfers and other changes, Other 0 8.48 0
intangible assets
563.83 78.86 100.58
intangible assets

Company other intangible assets
Classes of other intangible assets [Axis] Computer software [Member]
[Member]
Intangible assets other than internally Intangible assets other than internally
generated [Member] generated [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
assets [Abstract]
563.83 70.38
combinations
Amortisation other intangible assets 42.26 -70.7 -12.3
4.73 0 3.75
transfers and other changes, Other 4.73 0 3.75
intangible assets
46.99 493.13 61.83
intangible assets
104

Carrying amount accumulated amortization and impairment and gross Carrying amount
carrying amount [Axis] [Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
assets [Abstract]
563.83 70.38
combinations
0 8.48
intangible assets
563.83 78.86
intangible assets

Other intangible
assets [Member]
Intangible assets
other than
Sub classes of other intangible assets [Axis] Intangible assets other than internally generated [Member] internally
generated
[Member]
Carrying amount accumulated amortization and impairment and gross Carrying amount
Accumulated amortization and impairment [Member]
carrying amount [Axis] [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
assets [Abstract]
0
combinations
Amortisation other intangible assets 70.7 12.3 -29.88
0 4.73
intangible assets
70.7 17.03 -29.88
intangible assets
105

Classes of other intangible assets [Axis] Other intangible assets [Member]
Carrying amount accumulated amortization and impairment and gross
carrying amount [Axis]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
assets [Abstract]
0 0 0
combinations
Amortisation other intangible assets -29.96
-29.96 0 0
intangible assets

Classes of other intangible assets [Axis] Other intangible assets [Member]
Accumulated amortization and impairment [Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
assets [Abstract]
29.88 29.96
intangible assets
106

Classes of other intangible assets [Axis] Other intangible assets, others [Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Customer
Nature of other intangible assets others Customer Relationships Customer Relationships
Relationships
assets [Abstract]
0 0 0
combinations
-29.88 -29.96 0
intangible assets

Classes of other intangible assets [Axis] Other intangible assets, others [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
Customer Customer
Nature of other intangible assets others Customer Relationships
Relationships Relationships
assets [Abstract]
0
combinations
0 29.88 29.96
intangible assets
107

Other intangible
Classes of other intangible assets [Axis] assets, others
[Member]
Intangible assets
other than
Sub classes of other intangible assets [Axis] internally
generated
[Member]
Accumulated
amortization and
Carrying amount accumulated amortization and impairment and gross carrying amount [Axis]
impairment
[Member]
31/03/2019
Disclosure of detailed information about other intangible assets [Abstract]
Disclosure of detailed information about other intangible assets [Line items]
Reconciliation of changes in other intangible assets [Abstract]
Other intangible assets at end of period 52.28
Disclosure of additional information about other intangible assets [Table] ..(1)

Company other intangible assets
[Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of additional information about other
other intangible assets [Line items]
significant
Amortisation method, other intangible assets Refer Child Member Refer Child Member
accounting policies
[Text Block]
Useful lives or amortisation rates, other significant
intangible assets accounting policies
[Text Block]
Whether other intangible assets are stated at
No No No No
revalued amount
Disclosure of additional information about other intangible assets [Table] ..(2)

Classes of other intangible assets [Axis] Other intangible assets [Member] Other intangible assets, others [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of additional information about other
other intangible assets [Line items]
significant
Amortisation method, other intangible assets Refer Child Member Refer Child Member
accounting policies
[Text Block]
Useful lives or amortisation rates, other significant
intangible assets accounting policies
[Text Block]
Whether other intangible assets are stated at
No No No No
revalued amount
108

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of other intangible assets [TextBlock]
Disclosure of detailed information about other intangible assets
[TextBlock]
Disclosure of intangible assets with indefinite useful life [TextBlock]
Whether there are intangible assets with indefinite useful life No No
[401000] Notes - Biological assets other than bearer plants

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of biological assets, agriculture produce at point of
harvest and government grants related to biological assets
[TextBlock]
Depreciation method, biological assets other than bearer plants, at cost Not Applicable Not Applicable
Useful lives or depreciation rates, biological assets other than bearer
Not Applicable Not Applicable
plants, at cost
[611100] Notes - Financial instruments
Disclosure of financial assets [Table] ..(1)

Financial assets at amortised cost, class
Classes of financial assets [Axis] Trade receivables [Member]
[Member]
Financial assets at amortised cost, Financial assets at amortised cost,
Categories of financial assets [Axis]
category [Member] category [Member]
01/04/2020 01/04/2019
to to 31/03/2021 31/03/2020
31/03/2021 31/03/2020
Disclosure of financial assets [Abstract]
Disclosure of financial assets [Line items]
Financial assets 10,706.71 6,646.17 9,078.33 5,283.05
Financial assets, at fair value 0 0 0 0
Description of other financial assets at
Refer Child Member Refer Child Member
amortised cost class

Other financial assets at amortised cost Other financial assets at amortised cost
Classes of financial assets [Axis]
class [Member] class 1 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Financial assets 1,628.38 1,363.12 5 0
Investment In
Description of other financial assets at Investment In wholly
Refer Child Member Refer Child Member wholly owned
amortised cost class owned Subsidiary
Subsidiary
109

class 2 [Member] class 3 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Financial assets 1,196.94 1,167.07 2.22 8.17
Description of other financial assets at Security deposits Security deposits non Security deposits Security deposits
amortised cost class non current current current current

class 4 [Member] class 5 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Financial assets 334.3 175.46 89.92 12.42
Description of other financial assets at Export incentive Export incentive
Other Receivables Other Receivables
amortised cost class receivable receivable
Disclosure of financial liabilities [Table] ..(1)

Classes of financial liabilities [Axis] Financial liabilities at amortised cost, class [Member]
Financial liabilities at fair value through
Financial liabilities at fair value through profit or loss, designated upon initial
Categories of financial liabilities [Axis]
profit or loss, category [Member] recognition or subsequently, category
[Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of financial liabilities [Abstract]
Disclosure of financial liabilities [Line items]
Financial liabilities 20,122.34 16,518.99 20,122.34 16,518.99
Financial liabilities, at fair value 0 0 0 0
110

01/04/2020
to
31/03/2021
Disclosure of financial instruments [TextBlock] [See below]
Disclosure of financial assets [TextBlock]
Disclosure of financial liabilities [TextBlock]
Disclosure of financial liabilities [Abstract]
Disclosure of credit risk [TextBlock]
Disclosure of reconciliation of changes in loss allowance and
explanation of changes in gross carrying amount for financial
instruments [TextBlock]
Disclosure of reconciliation of changes in loss allowance
and explanation of changes in gross carrying amount for
financial instruments [Abstract]
Disclosure of credit risk exposure [TextBlock]
Disclosure of credit risk exposure [Abstract]
Disclosure of provision matrix [TextBlock]
Disclosure of provision matrix [Abstract]
Disclosure of financial instruments by type of interest rate [TextBlock]
Disclosure of financial instruments by type of interest rate [Abstract]
111
Disclosure of financial instruments [Text Block]

5.13. Financial instruments risk management objectives and policies
The company’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables and other financial liabilities.
The main purpose of these financial liabilities is to finance and support the company’s operations. The company’s principal financial assets
include investments, loans, trade and other receivables, cash and short-term deposits and other financial assets that have been derived directly
from its operations. The company had entered into derivative transactions in the past, however no such transactions have taken place during the
current financial year.
The company is exposed to market risk, credit risk and liquidity risk. The company’s senior management oversees the management of these risks.
The Audit Committee and Board review financial risks and the appropriate risk governance framework for the company’s financial risks are
identified, measured and managed in accordance with the company’s policies and risk objectives. It is the company’s policy that no trading in
derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks,
which are summarised below.
a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market
risk comprises three types of risk: interest rate risk, currency risk, price risk, such as equity price risk and commodity risk. Financial instruments
affected by market risk include borrowings, deposits, investments, trade and other receivables, trade and other payables and derivative financial
instruments.
The sensitivity analyses in the following sections relate to the position as at 31 March 2021 and 31 March 2020.
The analyses exclude the impact of movements in market variables on: the carrying values of gratuity provisions.
The following assumption has been made in calculating the sensitivity analyses:
• The sensitivity of the relevant statement of profit and loss item is the effect of the assumed changes in respective market risks. This is based on
the financial assets and financial liabilities held at 31 March 2021 and 31 March 2020.
i) Interest rate risk
a. Exposure
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.
In rupees lakhs
As at As at
Particulars
31st March 2021 31st March 2020
858.60 22.53
Long Term Fixed Interest Loans
Short Term Fixed Interest Loans 0.00 0.00

Long Term Floating Interest Loans 980.59 1,852.27
Short Term Floating Interest Loans 7,867.04 6,966.32
b. Interest Rate Sensitivity
In rupees lakhs
Financial Year Change in Interest rate Effect on profit before tax Effect on pre-tax equity
March 31, 2021 +50 bps -44.17 -44.17
March 31, 2021 -50 bps 44.17 44.17
March 31, 2020 +50 bps -41.13 -41.13
March 31, 2020 -50 bps 41.13 41.13
112
The sensitivity is calculated only in respect of floating interest rate loan. It is calculated by changing the interest rates by 50 bps keeping all other
factors constant.
iii) Commodity price risk
The company is affected by the price volatility of certain commodities. Its operating activities require the on-going purchase and manufacture of
Pumps & Motors and therefore require a continuous supply of copper, steel and Iron. However, Company being the indirect user of these
commodities, volatility in price of such commodity does not have direct or immediate impact on the profitability of the company. Hence, the
company does not foresee any direct or immediate risk with respect to such commodity price fluctuation.
iv) Other Price Risk
The company does not hold investments in equity or mutual fund as on the date of Balance Sheet and hence it is not exposed to any such risks.
b) Credit risk
Credit risk is the risk that counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
The company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including
deposits with banks, foreign exchange transactions and other financial instruments.
Trade receivables
Receivables are reviewed, managed and controlled for each class of customers separately. Credit exposure risk is mainly influenced by class /
type of customers, depending upon their characteristics. Credit risk is managed through credit approval process by establishing credit limits along
with continuous monitoring of credit worthiness of customers to whom credit terms are granted. Wherever required, credit risk of receivables is
further covered through letter of credit, bank guarantee, business deposits and such other forms of credit assurance schemes.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor
receivables are combined into homogenous category and assessed for impairment collectively. The calculation is based on actual incurred
historical data. The company does not hold collateral as security. The company evaluates the concentration of risk with respect to trade
receivables as low, as its customers are spread over vast spectrum.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the company in accordance with the company’s policy. Investments
of surplus funds are made as per the approved investment policy. Investment limits are set to minimise the concentration of risks and therefore
mitigate financial loss if any.
c) Liquidity risk
The company monitors its risk of a shortage of funds using a liquidity planning tool.
The company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans.
The company has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders.
Excessive risk concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or
have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or
other conditions. Concentrations indicate the relative sensitivity of the company's performance to developments affecting a particular industry.
In order to avoid excessive concentrations of risk, the company’s policies and procedures include specific guidelines to focus on the maintenance
of a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly. Selective hedging is used within the
company to manage risk concentrations at both the relationship and industry levels.
(i) The table below summarises the maturity profile of the company’s financial liabilities based on contractual undiscounted payments:
In rupees lakhs
Particulars On demand less than 3 months 3 months to 1 year 1 year to 5 years more than 5 years Total
Year ended 31 March, 2021
Interest bearing borrowings 7,867.04 208.47 366.73 1,263.99 - 9,706.23
Lease Liability - 0.85 162.09 312.33 - 475.27
Other financial liabilities 114.13 104.43 174.80 - 56.71 450.07
Trade payables 488.90 9,001.87 - - - 9,490.77
Derivatives - - - - - -
113
8,470.07 9,315.62 703.62 1,576.32 56.71 20,122.34

Year ended 31 March, 2020
Interest bearing borrowings 6,966.32 55.03 625.57 1,194.20 - 8,841.12
Lease Liability - - 70.40 310.79 - 381.19
Other financial liabilities 122.37 91.11 164.98 - 60.58 439.04
Trade payables 867.60 5,990.04 - - - 6,857.64
Derivatives - - - - - -
7,956.29 6,136.18 860.95 1,504.99 60.58 16,518.99
(ii) Net Debt Reconciliation
This section sets out an analysis of net debt and the movements in net debt for the year ended 31 March 2021
Particulars 31 March 2021 31 March 2020

Current borrowings (7,867.04) (6,966.32)
Non-current borrowings (1,839.19) (1,874.80)
Net Debt (9,693.81) (8,818.80)
Particulars Cash and cash equivalents Current borrowings Non-current borrowings Total
Net debt as on 1 April 2020 22.32 (6,966.32) (1,874.80) (8,818.80)
Cash flows (9.90) (900.72) 35.61 (875.01)
Net debt as on 31 March 2021 12.42 (7,867.04) (1,839.19) (9,693.81)
[400400] Notes - Non-current investments
Details of non-current investments [Table] ..(1)

Classification of non-current investments [Axis] Non-current investments 01 [Member]
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Non-current investments [Abstract]
Disclosure of details of non-current investments [Abstract]
Details of non-current investments [Line items]
Investment in Investment in
Type of non-current investments subsidiaries equity subsidiaries equity
instruments instruments
Class of non-current investments Other investments Other investments
Investment in
Not applicable for
Nature of non-current investments wholly owned
financial year 2020
subsidiary at cost
Non-current investments 5 0
Optiqua Pipes and
Not applicable for
Name of body corporate in whom investment has been made Electricals Private
financial year 2020
Limited
Details of whether such body corporate is subsidiary, associate, joint Not applicable for
Subsidiary
venture or controlled special purpose entity financial year 2020
Number of shares of non-current investment made in body corporate [shares] 50,000 [shares] 0
114

01/04/2020
to 31/03/2020
31/03/2021
Disclosure of notes on non-current investments explanatory [TextBlock] [See below]
Aggregate amount of quoted non-current investments 0 0
Market value of quoted non-current investments 0 0
Aggregate amount of unquoted non-current investments 5 0
Aggregate provision for diminution in value of non-current investments 0 0
Disclosure of notes on non-current investments explanatory [Text Block]

Note 3 : Non-current Investments
Par Value / Face As at 31 As at 31 As at 31 As at 31

Particulars
Value Per Unit March 2021 March 2021 March 2020 March 2020
Nos. Rs in Lakhs Nos. Rs in Lakhs
At Cost
Investment
Investment In wholly owned Subsidiary
Optiqua Pipes and Electricals Private Limited -
10.00 50,000.00 5.00 - -
Unquoted Equity Instruments (Fully paid up)
Notes :
1. Aggregate amount of Unquoted Investments as at 31 March, 2021 is Rs 5.00 Lakhs ( Rs NIL as at 31 March, 2020)
2. Face value per unit in Rupees unless otherwise stated.
3. The Company has invested Rs. 5 Lakhs in Optiqua Pipes and Electricals Private Limited, fully owned subsidiary of the Company, on 22 March
2021 (50,000 Shares of Rs.10 each)
4. In accordance with Ind As 27 ''Separate Financial statement'' the company has valued its investment in subsidiary at cost.
5. Refer Note - 32.5.13 on Risk Management objectives and policies for Financial Instruments.
[611600] Notes - Non-current asset held for sale and discontinued operations
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of non-current assets held for sale and discontinued operations
[TextBlock]
Net cash flows from (used in) operating activities, continuing
532.18 121.88
operations
Net cash flows from (used in) operating activities 532.18 121.88
Net cash flows from (used in) investing activities, continuing
-629.25 -416.06
operations
Net cash flows from (used in) investing activities -629.25 -416.06
Net cash flows from (used in) financing activities, continuing
87.17 199.34
operations
Net cash flows from (used in) financing activities 87.17 199.34
115
[400100] Notes - Equity share capital
Disclosure of shareholding more than five per cent in company [Table] ..(1)
Classes of equity share capital [Axis] Equity shares 1 [Member]
Name of shareholder [Axis] Name of shareholder [Member] Shareholder 1 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Equity Share
Type of share Capital
Equity Share Capital Equity Share Capital Equity Share Capital
Disclosure of shareholding more than five per cent in

company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Equity Share
Type of share Capital
Equity Share Capital Equity Share Capital Equity Share Capital
KIRLOSKAR OIL KIRLOSKAR OIL
Name of shareholder ENGINES LIMITED ENGINES LIMITED
CIN of shareholder L29100PN2009PLC133351 L29100PN2009PLC133351
Country of incorporation or residence of
INDIA INDIA
shareholder
Number of shares held in company [shares] 8,17,760 [shares] 8,17,760
Percentage of shareholding in company 76.00% 76.00%
Disclosure of shareholding more than five per cent in company [Table] ..(2)
Name of shareholder [Axis] Shareholder 2 [Member]
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Type of share Equity Share Capital Equity Share Capital
Disclosure of shareholding more than five per cent in company [Abstract]
Disclosure of shareholding more than five per cent in company [LineItems]
Type of share Equity Share Capital Equity Share Capital
DERWENT CRYSTAL DERWENT CRYSTAL
Name of shareholder INDIA PRIVATE INDIA PRIVATE
LIMITED LIMITED
CIN of shareholder U26100GJ1994PTC023144 U26100GJ1994PTC023144
Country of incorporation or residence of shareholder INDIA INDIA
Number of shares held in company [shares] 2,58,240 [shares] 2,58,240
Percentage of shareholding in company 24.00% 24.00%
116
Disclosure of classes of equity share capital [Table] ..(1)

Equity shares 1
Classes of equity share capital [Axis] Equity shares [Member]
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Disclosure of classes of equity share capital [Abstract]
Disclosure of classes of equity share capital [Line
items]
Type of share Equity Share Capital
Number of shares authorised [shares] 52,40,000 [shares] 52,40,000 [shares] 52,40,000
Value of shares authorised 524 524 524
Number of shares issued [shares] 10,76,000 [shares] 10,76,000 [shares] 10,76,000
Value of shares issued 107.6 107.6 107.6
Number of shares subscribed and fully paid [shares] 10,76,000 [shares] 10,76,000 [shares] 10,76,000
Value of shares subscribed and fully paid 107.6 107.6 107.6
Number of shares subscribed but not fully paid [shares] 0 [shares] 0 [shares] 0
Value of shares subscribed but not fully paid 0 0 0
Total number of shares subscribed [shares] 10,76,000 [shares] 10,76,000 [shares] 10,76,000
Total value of shares subscribed 107.6 107.6 107.6
Value of shares paid-up [Abstract]
Number of shares paid-up [shares] 10,76,000 [shares] 10,76,000 [shares] 10,76,000
Value of shares called 107.6 107.6 107.6
Value of shares paid-up 107.6 107.6 107.6
Par value per share [INR/shares] 10
Amount per share called in case shares not fully
[INR/shares] 0
called
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Decrease in number of shares during period
[Abstract]
Other decrease in number of shares [shares] 0 [shares] 0 [shares] 0
Total decrease in number of shares during
[shares] 0 [shares] 0 [shares] 0
period
Total increase (decrease) in number of
[shares] 0 [shares] 0 [shares] 0
shares outstanding
Number of shares outstanding at end of period [shares] 10,76,000 [shares] 10,76,000 [shares] 10,76,000 [shares] 10,76,000
Reconciliation of value of shares outstanding
[Abstract]
Changes in equity share capital [Abstract]
Decrease in equity share capital during
period [Abstract]
Other decrease in amount of shares 0 0 0
Total decrease in equity share capital
0 0 0
during period
Total increase (decrease) in share capital 0 0 0
Equity share capital at end of period 107.6 107.6 107.6 107.6
Shares in company held by holding company or
ultimate holding company or by its subsidiaries
or associates [Abstract]
Shares in company held by holding company [shares] 8,17,760 [shares] 8,17,760 [shares] 8,17,760
Total shares in company held by holding company
or ultimate holding company or by its [shares] 8,17,760 [shares] 8,17,760 [shares] 8,17,760
subsidiaries or associates
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Application money received for
allotment of securities and due for 0 0 0
refund, principal
117
Total application money received for

allotment of securities and due for refund 0 0 0
and interest accrued thereon
Disclosure of classes of equity share capital [Table] ..(2)

01/04/2019
to 31/03/2019
31/03/2020
Disclosure of classes of equity share capital [Abstract]
Disclosure of classes of equity share capital [Line items]
Number of shares authorised [shares] 52,40,000
Value of shares authorised 524
Number of shares issued [shares] 10,76,000
Value of shares issued 107.6
Number of shares subscribed and fully paid [shares] 10,76,000
Value of shares subscribed and fully paid 107.6
Number of shares subscribed but not fully paid [shares] 0
Value of shares subscribed but not fully paid 0
Total number of shares subscribed [shares] 10,76,000
Total value of shares subscribed 107.6
Value of shares paid-up [Abstract]
Number of shares paid-up [shares] 10,76,000
Value of shares called 107.6
Value of shares paid-up 107.6
Par value per share [INR/shares] 10
Amount per share called in case shares not fully called [INR/shares] 0
Reconciliation of number of shares outstanding [Abstract]
Changes in number of shares outstanding [Abstract]
Decrease in number of shares during period [Abstract]
Other decrease in number of shares [shares] 0
Total decrease in number of shares during period [shares] 0
Total increase (decrease) in number of shares outstanding [shares] 0
Number of shares outstanding at end of period [shares] 10,76,000 [shares] 10,76,000
Reconciliation of value of shares outstanding [Abstract]
Changes in equity share capital [Abstract]
Decrease in equity share capital during period [Abstract]
Other decrease in amount of shares 0
Total decrease in equity share capital during period 0
Total increase (decrease) in share capital 0
Equity share capital at end of period 107.6 107.6
Shares in company held by holding company or ultimate holding company or by its
subsidiaries or associates [Abstract]
Shares in company held by holding company [shares] 8,17,760
Total shares in company held by holding company or ultimate holding company
[shares] 8,17,760
or by its subsidiaries or associates
Details of application money received for allotment of securities and due for
refund and interest accrued thereon [Abstract]
Application money received for allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of securities and due for refund,
0
principal
Total application money received for allotment of securities and due for
0
refund and interest accrued thereon
118

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of notes on equity share capital explanatory [TextBlock] [See below]
Whether there are any shareholders holding more than five per cent
Yes Yes
shares in company
Whether money raised from public offering during year No No
119
Disclosure of notes on equity share capital explanatory [Text Block]

Note 12 : Share capital
Particulars No. of shares Rs in Lakhs

Authorised equity share capital (Shares of Rs 10 each)
As At 1 April 2019 52,40,000.00 524.00
Increase/(decrease) during the year - -
As At 31 March 2020 52,40,000.00 524.00
As At 31 March 2021 52,40,000.00 524.00
Authorised 0.5% cumulative redeemable preference shares capital (Shares of Rs 10 each)
As At 1 April 2019 2,60,000.00 26.00
As At 31 March 2020 2,60,000.00 26.00
Increase/(decrease) during the year -2,60,000.00 -26.00
As At 31 March 2021 - -
Issued, subscribed and fully paid up equity share capital (Shares of RS 10 each)
As At 1 April 2019 10,76,000.00 107.60
Changes during the year - -
As At 31 March 2020 10,76,000.00 107.60
Changes during the year - -
As At 31 March 2021 10,76,000.00 107.60
Terms/Rights attached to the equity shares
1. The Company has only one class of equity shares having a par value of Rs 10/- each. Each equity shareholder is entitled to one vote per share
and has a right to receive dividend as recommended by Board of Directors subject to the necessary approval from the shareholders.
2. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
3. Shares held by holding company
Particulars As At 31 March 2021 As At 31 March 2020

Kirloskar Oil Engines Ltd.
No. of Equity shares of Rs 10 each 8,17,760.00 8,17,760.00
Face value of Equity share holding (Rs in Lakhs) 81.78 81.78
Equity share holding (%) 76% 76%
4. Number of Shares held by each shareholder holding more than 5% Shares in the Company
Particulars Derwent Crystal India Pvt. Ltd. Kirloskar Oil Engines Ltd.
As at 31st March 2020
No. of Shares 2,58,240.00 8,17,760.00
% of Shareholding 24% 76%
As at 31st March 2021
No. of Shares 2,58,240.00 8,17,760.00
120
[400300] Notes - Borrowings
Classification of borrowings [Table] ..(1)

Classification based on current non-current [Axis] Non-current [Member]
Classification of borrowings [Axis] Borrowings [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member] Unsecured borrowings [Member]
01/04/2020 01/04/2019
to to 31/03/2021 31/03/2020
31/03/2021 31/03/2020
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [Line items]
Borrowings 413.99 1,194.2 850 0
Nature of security [Abstract]
Nature of security Refer Child Member Refer Child Member

Classification of borrowings [Axis] Redeemable preference shares [Member] Term loans [Member]
Subclassification of borrowings [Axis] Unsecured borrowings [Member] Secured borrowings [Member]
01/04/2020 01/04/2019
31/03/2021 31/03/2020 to to
31/03/2021 31/03/2020
Borrowings 850 0 413.99 1,194.2

Classification of borrowings [Axis] Term loans from banks [Member] Rupee term loans from banks [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member] Secured borrowings [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Borrowings 413.99 1,190.94 413.99 1,190.94
Refer - Disclosure of Refer - Disclosure of
notes on borrowings notes on borrowings
explanatory [Text explanatory [Text
Block] Block]
121

Classification of borrowings [Axis] Term loans from others [Member] Rupee term loans from others [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Borrowings 0 3.26 0 3.26
Block] Block]

Classification based on current non-current [Axis] Current [Member]
Working capital loans from banks
Classification of borrowings [Axis] Borrowings [Member]
[Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Borrowings 7,867.04 6,966.32 7,867.04 6,966.32
Block] Block]

01/04/2020
to
31/03/2021
Disclosure of notes on borrowings explanatory [TextBlock] [See below]
122
Disclosure of notes on borrowings explanatory [Text Block]

Note 14 : Borrowings (Non-current)
In rupees lakhs

Secured loans from bank 413.99 1,190.94
Term loans 413.99 1,185.60
Loan for purchase of vehicles - 5.34
Secured loans from NBFC - 3.26
Loan for purchase of vehicles - 3.26
Unsecured 850.00 -
8% Cumulative Redeemable Preference Shares 850.00 -
Total 1,263.99 1,194.20
1. Loans are measured at amortised cost.
2. Term Loans from Banks
(i) The term Loans availed from Federal Bank and Yes Bank are secured by a First Pari Passu charge by way of Hypothecation of Plant &
Machinery and other assets and second charge on entire current assets of the company.
(ii) The company had availed moratorium of three months on payment of all instalments falling due between 1st March 2020 and 31st May 2020
as per COVID-19 regulatory package announced by Reserved bank of India on 27th March 2020. However, the company opted out of the
Moratorium scheme during the year and accordingly has paid the deferred payment pertaining to Mar'20 in the current year.
(iii) Term Loan of Rs 300 Lakhs to be repaid in 60 monthly installments of Rs 5 Lakhs each starting from July 2016 at rate of interest 9.00%.
Accordingly total Rs 65 Lakhs have been repaid in the year 2020-21 after considering moratorium effect. The repayment obligation of future 12
months is reflected in Current maturity of Long term debts (Note 19).
(iv) Term Loan of Rs 700 Lakhs to be repaid in 60 monthly installments of Rs 11.67 Lakhs each starting from November 2016 at rate of interest
9.00%. Accordingly total Rs 151.67 Lakhs have been repaid in the year 2020-21. The repayment obligation of future 12 months is reflected in
Current maturity of Long term debts (Note 19).
(v) Term Loan of Rs 700 Lakhs to be repaid in 60 monthly installments of Rs 11.67 Lakhs each starting from July 2018 at rate of interest 9.00%.
Accordingly total Rs 151.67 Lakhs have been repaid in the year 2020-21 after considering moratorium effect. The repayment obligation of future
12 months is reflected in Current maturity of Long term debts (Note 19).
(vii) Working Capital Term Loan of Rs 600 Lakhs to be repaid in 12 Quarterly installments of Rs 50 Lakhs each starting from July 2018 at rate of
interest 10.50%. Accordingly total Rs 200 Lakhs have been repaid in the year 2020-21. The repayment obligation of future 12 months is reflected
in Current maturity of Long term debts (Note 19).
Maturity profile of Term Loans from Banks (Current and Non-Current)
Period As at 31 March 2021 As at 31 March 2020

Upto Three Months 205.00 51.67
More than Three Months Up to One Year 361.60 615.00
More than One Year Up to Three Years 413.99 1,185.60
More than Three Years Up to Five Years - -
3. Loan for Purchase of Vehicles - Banks
Loans for purchase of vehicles are secured against Hypothication of vehicles
4. Loan for Purchase of Vehicles - NBFC
Loans for purchase of vehicles are secured against Hypothication of vehicles
123
These loans are to be repayed in 36 to 60 monthly installments at an agreed installment rates as per respective sanction terms
Maturity profile of Vehicle Loans from Banks and NBFC (Current and Non-Current)

Upto Three Months 3.47 3.36
More than Three Months Up to One Year 5.13 10.57
More than One Year Up to Three Years - 8.60
More than Three Years Up to Five Years - -
5. 8% Cumulative Redeemable Preference Shares
The Company has issued 85,00,000 preference shares at the face value of Rs 10 in the month of March'21 at the rate of 8% which are redeemable
at the end of the term of 60 months from the date of issue. (Refer Note 32.4.8)
The procedural compliances related to Preference shares issue was completed on 27 April 2021
Terms : Unsecured Preference shares to Related Party

Kirloskar Oil Engines Ltd. 850.00 -
Interest on Preference Shares 1.68 -
Total 851.68 -
Maturity profile of 8% Cumulative Redeemable Preference Shares (Current and Non-Current)

Upto Three Months - -
More than Three Months Up to One Year - -
More than One Year Up to Three Years - -
More than Three Years Up to Five Years 850.00 -
The break-up of the company's Preference share capital is as follows
No. of Rs in
Particulars
shares Lakhs
Authorised 0.5% cumulative redeemable preference shares capital (Shares of Rs 10 each)
As At 1 April 2019 2,60,000.00 26.00
As At 31 March 2020 2,60,000.00 26.00
Increase/(decrease) during the year -2,60,000.00 -26.00
As At 31 March 2021 - -
Authorised 8% cumulative redeemable preference shares capital (Shares of Rs 10 each)
As At 1 April 2019 - -
As At 31 March 2020 - -
Increase/(decrease) during the year 85,00,000.00 850.00
As At 31 March 2021 85,00,000.00 850.00
Issued, subscribed and fully paid up 0.5% cumulative redeemable preference shares capital (Shares of
Rs 10 each)
As At 31 March 2020 - -
As At 31 March 2021 - -
Issued, subscribed and fully paid up 8% cumulative redeemable preference shares capital (Shares of Rs
124
10 each)
As At 31 March 2020 - -
Increase/(decrease) during the year 85,00,000.00 850.00
As At 31 March 2021 85,00,000.00 850.00
Number of Shares held by each shareholder holding more than 5% Shares in the Company

Kirloskar Oil Engines Ltd.
No. of Shares 85,00,000.00 -
Note 17 : Borrowings ( Current )
In rupees lakhs

Secured loans from bank
Export Preshipment Loan in INR 878.33 1,018.50
Export Postshipment Loan in INR 1,606.87 644.12
Commercial paper - -
Cash credit 5,381.84 5,303.70
Total 7,867.04 6,966.32
1. Borrowings are measured at amortised cost.
2. Company's fund and non fund based working capital facilities of ? 14463 Lakhs are secured by first charge by way of hypothecation on the
whole of the current assets of the Company both present and future and also the second charge on the whole of the movable Plant and machinery
and other fixed assets of the Company in favour of the consortium of banks (Federal Consortium) comprising of The Federal Bank Limited -
Ahmedabad (Lead Bank), ICICI Bank Limited - Ahmedabad, Yes Bank Limited - Pune and HDFC Bank Limited - Ahmedabad.
3. The unutilised portion of company's Cash Credit Limit is ? 1632.96 Lakhs (? 533.68 Lakhs in FY 2019-2020)
4. For explanations on the company's Interest risk, Foreign currency risk and liquidity risk management processes, refer Note 32.5.13
125
[612700] Notes - Income taxes
Disclosure of temporary difference, unused tax losses and unused tax credits [Table] ..(1)
Temporary
Temporary difference, unused tax losses and unused tax
Temporary difference, unused tax losses and unused tax credits [Axis] differences
credits [Member]
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Disclosure of temporary difference, unused tax
losses and unused tax credits [Abstract]
Disclosure of temporary difference, unused
tax losses and unused tax credits [Line items]
Deferred tax assets and liabilities [Abstract]
Deferred tax assets 128.31 177.81 128.31
Net deferred tax liability (assets) -128.31 -177.81 -437.16 -128.31
Deferred tax expense (income) [Abstract]
Deferred tax expense (income) 49.5 259.35 49.5
Deferred tax expense (income)
49.5 259.35 49.5
recognised in profit or loss
Reconciliation of changes in deferred tax
liability (assets) [Abstract]
Changes in deferred tax liability (assets)
[Abstract]
49.5 259.35 49.5
Total increase (decrease) in deferred
49.5 259.35 49.5
tax liability (assets)
Deferred tax liability (assets) at end of
-128.31 -177.81 -437.16 -128.31
period
Description of other temporary differences Refer Child Member Refer Child Member Refer Child Member
Depreciation amortisation impairment
Temporary difference, unused tax losses and unused tax credits [Axis] Temporary differences [Member]
[Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
Deferred tax expense (income) 259.35 61.84 -29.5
259.35 61.84 -29.5
[Abstract]
259.35 61.84 -29.5
259.35 61.84 -29.5
-177.81 -437.16 -64.46 -126.3
period
Description of other temporary differences Refer Child Member
126
Depreciation
amortisation
Temporary difference, unused tax losses and unused tax credits [Axis] Other temporary differences [Member]
impairment
[Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
Deferred tax assets 63.85 51.51
Deferred tax expense (income) -12.34 288.85
-12.34 288.85
[Abstract]
-12.34 288.85
-12.34 288.85
-96.8 -63.85 -51.51 -340.36
period
Description of other temporary differences Refer Child Member Refer Child Member
Other temporary
Temporary difference, unused tax losses and unused tax credits [Axis] Other temporary differences 1 [Member] differences 2
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Deferred tax expense (income) -0.44 85.06 7.74
-0.44 85.06 7.74
[Abstract]
-0.44 85.06 7.74
-0.44 85.06 7.74
-25.11 -24.67 -109.73 -27.49
period
Provision for Doubtful Provision for Doubtful Disallowances u/s 43
Description of other temporary differences Debts Debts B of Income Tax Act
127
Temporary difference, unused tax losses and unused tax credits [Axis] Other temporary differences 2 [Member] Other temporary differences 3 [Member]
01/04/2019 01/04/2020 01/04/2019
to 31/03/2019 to to
31/03/2020 31/03/2021 31/03/2020
Deferred tax assets 35.23 11.04 -8.39
Net deferred tax liability (assets) -35.23 -38.3 -11.04 8.39
Deferred tax expense (income) 3.07 -19.43 8.39
3.07 -19.43 8.39
[Abstract]
3.07 -19.43 8.39
3.07 -19.43 8.39
-35.23 -38.3 -11.04 8.39
period
ROU Asset Net of ROU Asset Net of
Disallowances u/s 43 B of
Description of other temporary differences Income Tax Act
Lease Liability and Lease Liability and
PV of Deposit PV of Deposit
Other temporary
Temporary difference, unused tax losses and unused tax credits [Axis] differences 3 Other temporary differences 4 [Member]
[Member]
01/04/2020 01/04/2019
31/03/2019 to to 31/03/2019
31/03/2021 31/03/2020
Deferred tax assets 0.21 0
Net deferred tax liability (assets) 0 -0.21 0 0
Deferred tax expense (income) -0.21 0
-0.21 0
[Abstract]
-0.21 0
-0.21 0
0 -0.21 0 0
period
Description of other temporary differences Others Others
128
Temporary difference, unused tax losses and unused tax credits [Axis] Other temporary differences 5 [Member]
01/04/2020 01/04/2019
to to 31/03/2019
31/03/2021 31/03/2020
Disclosure of temporary difference, unused tax losses and unused tax
credits [Abstract]
Disclosure of temporary difference, unused tax losses and unused
tax credits [Line items]
Deferred tax assets 0 0
Net deferred tax liability (assets) 0 0 -192.33
Deferred tax expense (income) 0 192.33
Deferred tax expense (income) recognised in profit or loss 0 192.33
Reconciliation of changes in deferred tax liability (assets)
[Abstract]
Changes in deferred tax liability (assets) [Abstract]
Deferred tax expense (income) recognised in profit or loss 0 192.33
Total increase (decrease) in deferred tax liability
0 192.33
(assets)
Deferred tax liability (assets) at end of period 0 0 -192.33
MAT Credit
Description of other temporary differences Entitlement
MAT Credit Entitlement
129

01/04/2020 01/04/2019
to to 31/03/2019
31/03/2021 31/03/2020
Disclosure of income tax [TextBlock] [See below]
Major components of tax expense (income) [Abstract]
Current tax expense (income) and adjustments for current tax of prior
periods [Abstract]
Current tax expense (income) 663.24 655.5
Adjustments for current tax of prior periods 8.72 -47.59
Total current tax expense (income) and adjustments for current tax
671.96 607.91
of prior periods
Deferred tax expense (income) relating to origination and reversal of
48.57 74.68
temporary differences
Total tax expense (income) 720.53 682.59
Income tax relating to components of other comprehensive income [Abstract]
Income tax relating to remeasurements of defined benefit plans of
0.93 -7.66
other comprehensive income
Total aggregated income tax relating to components of other
0.93 -7.66
comprehensive income
credits [TextBlock]
credits [Abstract]
Deferred tax assets 128.31 177.81
Net deferred tax liability (assets) -128.31 -177.81 -437.16
Deferred tax expense (income) 49.5 259.35
Deferred tax expense (income) recognised in profit or loss 49.5 259.35
Reconciliation of changes in deferred tax liability (assets)
[Abstract]
Changes in deferred tax liability (assets) [Abstract]
Deferred tax expense (income) recognised in profit or loss 49.5 259.35
Total increase (decrease) in deferred tax liability (assets) 49.5 259.35
Deferred tax liability (assets) at end of period -128.31 -177.81 -437.16
Description of other temporary differences Refer Child Member Refer Child Member
Reconciliation of accounting profit multiplied by applicable tax rates
[Abstract]
Accounting profit 2,671.18 2,326.02
Tax expense (income) at applicable tax rate 672.28 677.34
Tax effect of expense not deductible in determining taxable profit (tax
25.58 -3.21
loss)
Other tax effects for reconciliation between accounting profit and tax
expense (income) (A) 22.67 (B) 8.46
Total tax expense (income) 720.53 682.59
Reconciliation of average effective tax rate and applicable tax rate
[Abstract]
Accounting profit 2,671.18 2,326.02
(A) Incudes:i) (Excess)/short provision related to earlier years- Rs 8.72 lacs iii) Others- Rs 13.95 lacs
(B) Incudes:i)Change in Rate of Tax- Rs 52.53 lacsii) (Excess)/short provision related to earlier years- Rs (47.59) lacs iii) Others- Rs
3.52 lacs
130
Disclosure of income tax [Text Block]

Note 31 : Income tax
The note below details the major components of income tax expenses for the year ended 31 March 2021 and 31 March 2020. The note further
describes the significant estimates made in relation to company's income tax position, and also explains how the income tax expense is impacted
by non-assessable and non-deductible items.
Rs in Lakhs
Particulars 2020-21 2019-20

Current tax 671.96 607.91
Current income tax 663.24 655.50
MAT credit utilised - -
(Excess)/short provision related to earlier years* 8.72 -47.59
Deferred tax 48.57 74.68
Relating to origination and reversal or temporary difference 48.57 74.68
Income tax expense reported in the statement of profit and loss 720.53 682.59
In rupees Crores
Other Comprehensive Income (OCI) in Crs.

Deferred tax related to items recognised in OCI during the year
Net loss/(gain) on actuarial gains and losses -0.93 7.66
Exchange differences in translating the financial statements of a foreign operation - -
Deferred tax charged to OCI -0.93 7.66
Based on assessment order received during the year, the Company has provided for an amount of ? 8.72 Lakh as short tax provision in respect of
earlier years and the same is netted off from the tax expense for the year ended 31.3.2021 (Write Back of ? 47.59 Lakhs in FY 2019-20)
Reconciliation of tax expense and the accounting profit multiplied by applicable tax rate as notified under Income Tax Act, 1961 enacted in India
for the years ended 31 March 2021 and 31 March 2020.
Current tax
In rupees lakhs

Accounting profit before income tax expense 2,671.18 2,326.02
Tax @ 25.168% (31 March 2020 : 29.120%) 672.28 677.34
Tax effect of adjustments in calculating taxable income: 48.25 5.25
Disallowance Under IT 25.58 -3.21
CSR 3.18 1.76
Penalty 0.52 0.33
Interest on TDS - 0.01
Advance W/Off - Capital Nature 7.52 2.94
Bonus Provision diff. in Tax Audit 18.98 -
Depreciation on Leasehold Premised 2.66 -
Asset Purchased in Previous year put to use in CY -9.46 -
131
Interest on MSME 8.85 0.18

Reversal of Traces Provision - -0.19
Provision for Doubtful Deposits -6.68 -8.24
Due to Change in Tax Rates - 52.53
Change in Tax rate on opening DTA - 40.80
Change in Tax rate on closing DTA - 11.73
(Excess)/short provision related to earlier years 8.72 -47.59
Difference between Opening and Closing WDV of IT - 0.57
Others 13.95 2.95
At the effective income tax rate of 26.97% (31 March 2020 : 29.35%) 720.53 682.59
During the year 2019-20, new section 115BAA is introduced by the CBDT. As per this section, option is given to all existing companies to either
pay Income tax as per the existing rates (i.e. 25% or 30% plus applicable surcharge and cess) or as per concessional rate of 22% plus applicable
surcharge and cess. This new rate is available only if company forgoes certain exemptions and deductions. Since this new rate is beneficial,
company has adopted the new tax rate of 25.168% (i.e. 22% including surcharge and cess) for computing Income tax & deferred tax for year
ended 31 March, 2021 (the rate for 31 March, 2020 was 29.12%).
Note 5 : Deferred tax Asset (net)
In rupees lakhs
Deferred Tax Asset 128.31 177.81
Depreciation 64.46 126.30
Others - -
Disallowances u/s 43 B of Income Tax Act 27.49 35.23
Provision for Doubtful debts & advances 25.11 24.67
ROU Asset Net of Lease Liability and PV of Deposit 11.04 -8.39
Amalgamation/Demerger Expenses - -
Fair valuation of FVTPL investment - -
Others 0.21 -
Total 128.31 177.81
1. Reconciliation of deferred tax assets / (liabilities), net
In rupees lakhs
Opening balance as of 1 April 177.81 437.16
Tax income/(expense) during the year recognised in profit or loss -48.57 -74.68
Tax income/(expense) during the year recognised in OCI -0.93 7.66
MAT Credit Utilization - -192.33
Closing balance as at 31 March 128.31 177.81
2. Tax Losses
In rupees lakhs
As at 31 March As at 31 March
Particulars
2021 2020
Unused tax losses for which no Deferred Tax Assets have been recognised- Long Term
1,237.01 1,237.01
capital loss on sale of Land
Potential Tax benefit 288.17 288.17
3. The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax
liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
4. Deferred tax is measured on temporary differences at the rate of 25.168% (Refer note 31)
5. The unused tax losses were incurred by the company on sale on Land in which company is not likely to generate taxable income in the
foreseeable future. The losses can be carried forward as per the provisions of Income Tax Act .
132
[611000] Notes - Exploration for and evaluation of mineral resources

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of exploration and evaluation assets [TextBlock]
Whether there are any exploration and evaluation activities No No
[611900] Notes - Accounting for government grants and disclosure of government assistance
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of accounting for government grants and disclosure of government
assistance [TextBlock]
Whether company has received any government grant or government assistance No No
[401100] Notes - Subclassification and notes on liabilities and assets
Disclosure of breakup of provisions [Table] ..(1)

Non-current
Classification based on current non-current [Axis] Classification based on current non-current [Member]
[Member]
31/03/2021 31/03/2020 31/03/2019 31/03/2021
Subclassification and notes on liabilities and assets
[Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [Line items]
Provisions [Abstract]
Provisions for employee benefits
[Abstract]
Provision gratuity 27.6 54
Provision leave encashment 38.13 33.79
Total provisions for employee benefits 65.73 87.79
CSR expenditure provision 0 0 0
Other provisions 1,174.19 1,114.32 971.88 94.47
Total provisions 1,239.92 1,202.11 94.47
133
Disclosure of breakup of provisions [Table] ..(2)

Non-current
[Member]
31/03/2020 31/03/2021 31/03/2020
Subclassification and notes on liabilities and assets [Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [Line items]
Provisions [Abstract]
Provisions for employee benefits [Abstract]
Provision gratuity 27.6 54
Provision leave encashment 38.13 33.79
Total provisions for employee benefits 65.73 87.79
CSR expenditure provision 0 0 0
Other provisions 103.34 1,079.72 1,010.98
Total provisions 103.34 1,145.45 1,098.77
Other non-current financial assets, others [Table] ..(1)

Other non-current financial assets others
Classification of other non-current financial assets others [Axis]
1 [Member]
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Other non-current financial assets notes [Abstract]
Other non-current financial assets [Abstract]
Other non-current financial assets, others (A) 1,196.94 1,167.07
Other non-current financial assets, others [Abstract]
Other non-current financial assets, others [Line items]
Security Deposits Security Deposits
Description other non-current financial assets, others (Unsecured, (Unsecured,
considered good) considered good)
Other non-current financial assets, others (A) 1,196.94 1,167.07
Footnotes
(A) 1. Other financial assets are measured at amortised cost. Refer note 32.5.122. Refer Note - 32.5.13 on Risk Management objectives
and policies for Financial Instruments.
Other current financial liabilities, others [Table] ..(1)

Other current financial liabilities, others Other current financial liabilities, others
Other current financial liabilities, others [Axis]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Disclosure of other current financial liabilities
notes [Abstract]
Other current financial liabilities [Abstract]
Other current financial liabilities, others 162.94 70.4 89.87 70.03
Other current financial liabilities, others
[Abstract]
[Line items]
Description of other current financial Payable for Capital Payable for Capital
Lease liabilities Lease liabilities
liabilities, others Purchases Purchases
Other current financial liabilities,
162.94 70.4 89.87 70.03
others
134
Other current financial liabilities, others [Table] ..(2)

Other current financial liabilities, others Other current financial liabilities, others
Other current financial liabilities, others [Axis]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Disclosure of other current financial liabilities
notes [Abstract]
Other current financial liabilities [Abstract]
Other current financial liabilities, others 187.24 169.84 114.13 122.37
[Abstract]
[Line items]
Description of other current financial Employee benefits Employee benefits
Other Payables Other Payables
liabilities, others payable payable
Other current financial liabilities,
187.24 169.84 114.13 122.37
others
Other non-current assets, others [Table] ..(1)

Other non-current assets, others 1
Other non-current assets, others [Axis]
[Member]
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Other non-current assets notes [Abstract]
Other non-current assets [Abstract]
Other non-current assets, others 657.93 724.54
Other non-current assets, others [Abstract]
Other non-current assets, others [Line items]
Description of other non-current assets, others Right to use assets Right to use assets
Other non-current assets, others 657.93 724.54
Classification of inventories [Table] ..(1)

Classification of inventories [Axis] Company inventories [Member] Raw materials [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Inventories notes [Abstract]
Classification of inventories [Abstract]
Classification of inventories [Line items]
Inventories 11,099.74 10,319.73 4,613.07 2,634.35
Cost or Net Cost or Net realizable
Mode of valuation Refer Child Member Refer Child Member realizable value value whichever is
whichever is lower lower
135

Classification of inventories [Axis] Work-in-progress [Member] Finished goods [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Inventories 1,590.03 1,982.53 3,325.68 4,672.26
Cost or Net Cost or Net realizable Cost or Net Cost or Net realizable
Mode of valuation realizable value value whichever is realizable value value whichever is
whichever is lower lower whichever is lower lower

Classification of inventories [Axis] Stock-in-trade [Member] Stores and spares [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Inventories 1,410.18 798.75 160.78 231.84
Cost or Net Cost or Net realizable Cost or Net Cost or Net realizable
Mode of valuation realizable value value whichever is realizable value value whichever is
whichever is lower lower whichever is lower lower
Other non-current financial liabilities others [Table] ..(1)

Other non-current financial liabilities Other non-current financial liabilities
Other non-current financial liabilities others [Axis]
others 1 [Member] others 2 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Disclosure of other non-current financial
liabilities notes [Abstract]
Other non-current financial liabilities [Abstract]
Other non-current financial liabilities, others 312.33 310.79 56.71 60.58
Other non-current financial liabilities others
[Abstract]
Other non-current financial liabilities
others [Line items]
Deposits/ Retentions Deposits/ Retentions
Description other non-current financial
Lease Liability Lease Liability from customers and from customers and
liabilities others others others
Other non-current financial liabilities,
312.33 310.79 56.71 60.58
others
136
Other current financial assets others [Table] ..(1)

Other current financial assets others 1 Other current financial assets others 2
Other current financial assets others [Axis]
[Member] [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Other current financial assets [Abstract]
Other current financial assets others 334.3 175.46 89.92 12.42
Other current financial assets others [Abstract]
Other current financial assets others [Line
items]
Description other current financial assets Export incentive Export incentive
Others Others
others receivable receivable
Other current financial assets others 334.3 175.46 89.92 12.42
Details of advances [Table] ..(1)

Classification of advances [Axis] Advances [Member] Capital advances [Member]
Classification of assets based on security [Axis] Unsecured considered good [Member] Unsecured considered good [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Disclosure of notes on advances [Abstract]
Disclosure of advances [Abstract]
Disclosure of advances [Line items]
Advances 248.29 303.06 51.61 37.98
Details of advance due by directors other
officers or others [Abstract]
Advance due by directors 0 0 0 0
Advance due by other officers 0 0 0 0
Total advance due by directors other
0 0 0 0
officers or others
Details of advance due by firms or
companies in which any director
is partner or director [Abstract]
Advance due by firms in which any
0 0 0 0
director is partner
Total advance due by firms or
companies in which any director 0 0 0 0
is partner or director
137

Classification of advances [Axis] Other Advances [Member] Prepaid expenses [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Advances 196.68 265.08 2.17 2.55
0 0 0 0
officers or others
0 0 0 0
director is partner

Classification of advances [Axis] Advance tax [Member] Advance income tax paid [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Advances 194.51 262.53 194.51 262.53
0 0 0 0
officers or others
0 0 0 0
director is partner
138

Classification of advances [Axis] Advances [Member] Advances given suppliers [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Advances 4,544.02 4,062.88 515.36 431.46
0 0 0 0
officers or others
0 0 0 0
director is partner

Classification of advances [Axis] Other Advances [Member] Prepaid expenses [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Advances 4,028.66 3,631.42 72.45 59.78
0 0 0 0
officers or others
0 0 0 0
director is partner
139

Classification of advances [Axis] Cenvat receivable [Member] VAT receivable [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Advances 584.79 322.04 3,351.34 3,236.6
0 0 0 0
officers or others
0 0 0 0
director is partner

Classification of advances [Axis] Other taxes receivable [Member]
Classification of assets based on security [Axis] Unsecured considered good [Member]
31/03/2021 31/03/2020
Advances 20.08 13
Details of advance due by directors other officers or others [Abstract]
Advance due by directors 0 0
Advance due by other officers 0 0
Total advance due by directors other officers or others 0 0
Details of advance due by firms or companies in which any director is
partner or director [Abstract]
Advance due by firms in which any director is partner 0 0
Total advance due by firms or companies in which any director is partner
0 0
or director
140
Subclassification of trade receivables [Table] ..(1)

Classification of assets based on security
Classification of assets based on security [Axis] Unsecured considered good [Member]
[Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Disclosure of notes on trade receivables [Abstract]
Subclassification of trade receivables [Abstract]
Subclassification of trade receivables [Line
items]
Breakup of trade receivables [Abstract]
Trade receivables, gross 9,178.1 5,381.07 9,078.33 5,283.05
Allowance for bad and doubtful debts 99.77 98.02 0 0
Total trade receivables 9,078.33 5,283.05 9,078.33 5,283.05
Details of trade receivables due by
directors, other officers or others
[Abstract]
Trade receivables due by directors 0 0
Trade receivables due by other officers 0 0
Total trade receivables due by
0 0
directors, other officers or others
Details of trade receivables due by firms
or companies in which any director is
partner or director [Abstract]
Trade receivables due by firms in
0 0
which any director is partner
Total trade receivables due by
firms or companies in which any 0 0
director is partner or director
Subclassification of trade receivables [Table] ..(2)

Classification of assets based on security [Axis] Doubtful [Member]
31/03/2021 31/03/2020
Disclosure of notes on trade receivables [Abstract]
Subclassification of trade receivables [Abstract]
Subclassification of trade receivables [Line items]
Breakup of trade receivables [Abstract]
Trade receivables, gross 99.77 98.02
Allowance for bad and doubtful debts 99.77 98.02
Total trade receivables 0 0
Details of trade receivables due by directors, other officers or others
[Abstract]
Trade receivables due by directors 0 0
Trade receivables due by other officers 0 0
Total trade receivables due by directors, other officers or others 0 0
Details of trade receivables due by firms or companies in which any
director is partner or director [Abstract]
Trade receivables due by firms in which any director is partner 0 0
Total trade receivables due by firms or companies in which any director
0 0
141

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of subclassification and notes on liabilities and assets
explanatory [TextBlock]
Disclosure of notes on trade receivables explanatory [TextBlock] [See below]
Total other non-current financial assets 1,196.94 1,167.07
Advances, non-current 248.29 303.06
Total other non-current assets (A) 906.22 (B) 1,027.6

Disclosure of notes on cash and bank balances explanatory [TextBlock]
Fixed deposits with banks 0 0
Other balances with banks (C) 12.35 (D) 22

Total balance with banks 12.35 22
Cash on hand 0.07 0.32
Total cash and cash equivalents 12.42 22.32
Bank balance other than cash and cash equivalents (E) 13.28
(F) 1
Total cash and bank balances 25.7 23.32

Balances held with banks to extent held as margin money 0 0
Total balances held with banks to extent held as
margin money or security against borrowings, 0 0
guarantees or other commitments
Bank deposits with more than 12 months maturity 0 0
Security deposits 2.22 8.17
Total other current financial assets (G) 426.44

196.05
Advances, current 4,544.02 4,062.88

Total other current assets 4,544.02 4,062.88
Total other non-current financial liabilities (H) 369.04 (I) 371.37

Disclosure of notes on provisions explanatory [TextBlock] [See below]
Nature of other provisions Other Provisions Other Provisions
Current maturities of long-term debt 575.2 680.6
Interest accrued on borrowings (J) 2.12 (K) 16.22

Interest accrued on public deposits 0 0
Interest accrued others 0 0
Unpaid dividends 0 0
Unpaid matured deposits and interest accrued thereon 0 0
Unpaid matured debentures and interest accrued thereon 0 0
Debentures claimed but not paid 0 0
Public deposit payable, current 0 0
Total other current financial liabilities (L) 1,131.5 (M) 1,129.46

Revenue received in advance 45.66 231.44
Advance received from customers 234.18 258.46
Total other advance 234.18 258.46
Taxes payable other tax (N) 85.39 (O) 66.58

Current liabilities portion of share application money pending
0 0
allotment
Total other payables, current 85.39 66.58
Total other current liabilities 365.23 556.48
142
Footnotes
(A) Balance includes:i) Right of use assets Rs 657.93 lakhsii) Other non current assets - Rs 248.29 lakhs
(B) Balance includes:i) Right of use assets Rs 724.54 lakhsii) Other non current assets - Rs 303.06 lakhs
(C) Current accounts and debit balance in cash credit accounts
(D) Current accounts and debit balance in cash credit accounts
(E) Deposits with original maturity of more than three months but less than 12 months
(F) Deposits with original maturity of more than three months but less than 12 months
(G) 1. Other financial assets are measured at amortised cost.2. Others includes interest receivable on FDR and accrued revenue.3. Other
receivables due from private companies in which director of the company is , a director or a member as at 31 March 2021 Rs 3.57 Lakhs.
(31 March, 2020 : Rs NIL)
(H) Balance includes:i) Lease liabilities Rs. 312.33 lakhsii) Other financial liabilities Rs 56.71 lakhs
(I) Balance includes:i) Lease liabilities Rs. 310.79 lakhsii) Other financial liabilities Rs 60.58 lakhs
(J) Interest Accrued but Not Due
(K) Interest Accrued but Not Due
(L) Inlcudes Lease liability of 162.94 lakhs
(M) Inlcudes Lease liability of 70.04 lakhs
(N) Statutory dues including provident fund and tax deducted at source
(O) Statutory dues including provident fund and tax deducted at source
143
Disclosure of notes on trade receivables explanatory [Text Block]

Note 8 : Trade receivables
In rupees lakhs

Total Trade Receivables 9,078.33 5,283.05
Trade receivables [Refer note (1) below] 9,078.33 5,283.05
Break-up for security details: 9,078.33 5,283.05
Secured considered good - -
Unsecured considered good 9,078.33 5,283.05
Doubtful 99.77 98.02
Loss Allowance (for expected credit loss under simplified approach) -99.77 -98.02
Total 9,078.33 5,283.05
Trade receivable which have significant increase in credit risk: ? NIL (? NIL in FY 2019-20)
Trade receivable - credit impaired : ? NIL (? NIL in FY 2019-20)
1. Trade receivables are measured at amortised cost.
2. No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person. There are
no trade and other receivable due from firms and private companies respectively in which any director is a partner, a director or a member as on
31 March, 2021 (? NIL as on 31 March, 2020). Refer Note 32.5.9 for terms and conditions related to Related party receivables.
3. Trade receivables secured by letter of credit are considered as seucred.
4. Movement of impairment Allowance (allowance for expected credit loss under simplified approach)

Provided During the year 9.96 12.66
Written off -8.21 -228.65
Provision written back - -
Closing Balance 99.77 98.02
5. Refer Note 32.5.13 on credit risk of trade receivables, which explains how the Company manages and measures credit quality of trade
receivables that are neither past due nor impaired.
144
Disclosure of notes on provisions explanatory [Text Block]

Note 21 : Provisions (Current)
In rupees lakhs

Provision for employee benefits 65.73 87.79
Provision for gratuity 27.60 54.00
Provision for compensated absence 38.13 33.79
Provision for pension and other retirement benefits - -
Others 1,079.72 1,010.98
Provision for warranty 1,079.72 1,010.98
Tax provision (Net of tax paid in advance) - -
Other Provision - -
Total 1,145.45 1,098.77
1. Employee benefits obligations
a. Gratuity
The Company provides gratuity for employees as per the Gratuity Act, 1972. Employees who are in continuous service for a period of five years
are eligible for gratuity. The amount of gratuity is payable on retirement or termination whichever is earlier. The level of benefits provided
depends on the member’s length of service and salary at retirement age. The gratuity plan is a funded plan. Refer Note 32.5.5
b. Compensated absences
The leave obligation cover the Company's liability for earned leaves which is expected to be paid-off in next 12 months
2. Other Provisions
a. Warranty
Warranty is given to customers at the time of sale of Pumps, Motors and Pumpsets manufactured. Warranty cost includes expenses in connection
with repairs, free replacement of parts and after sales services during warranty period.
Provision is made for estimated warranty claims in respect of products sold which are still under warranty at the end of reporting period. It is
expected that majority of these costs will be incurred in the next financial year and balance will be incurred in following years. Management
estimates the provision based on historical warranty claim information and any recent trends that may suggest future claims could differ from
historical amounts.
Particulars ? in Lakhs
At 31 March 2020 1,114.32
Arising during the year (Net) 977.81
Utilised 917.94
Unused amount reversed -
At 31 March 2021 1,174.19
b. Breakup of Warranty Provisions

Current 1,079.72 1,010.98
Non-current 94.47 103.34
Total 1,174.19 1,114.32
145
[401200] Notes - Additional disclosures on balance sheet
Details of disclosures required under MSMED Act 2006 [Table] ..(1)

Micro small medium enterprises [Axis] MSMED 1 [Member]
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Additional balance sheet notes [Abstract]
Details of disclosures required under MSMED Act 2006 [Abstract]
Details of disclosures required under MSMED Act 2006 [Line items]
Principal and interest due remaining unpaid [Abstract]
Principal due remaining unpaid 5,382.68 3,184.54
Interest due remaining unpaid 1.19 0.61
Total principal and interest due remaining unpaid 5,383.87 3,185.15
Amount of interest paid under MSMED Act 2006 0 0
Amount of payments made to supplier beyond due date during year 12,068.26 1.58
Amount of interest due and payable for period 33.98 0
Amount of interest accrued and remaining unpaid at end of accounting year 222.01 186.84
Amount of further interest due and payable even in succeeding year 0 0
Maximum amount outstanding for period from micro small medium enterprises 5,383.87 3,185.15
Name supplier being micro small medium enterprises Various suppliers Various suppliers
146

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of additional balance sheet notes explanatory [TextBlock] [See below]
Additional balance sheet notes [Abstract]
Contingent liabilities and commitments [Abstract]
Classification of contingent liabilities [Abstract]
Claims against company not acknowledged as debt (A) 1,636.18 (B) 1,752.36
Other money for which company is contingently liable 0 0
Total contingent liabilities 1,636.18 1,752.36
Classification of commitments [Abstract]
Estimated amount of contracts remaining to be executed on
62.64 2,949.11
capital account and not provided for
Other commitments 163 59.97
Total commitments 225.64 3,009.08
Bank Guarantees other Bank Guarantees other
Nature of other commitments than the Performance than the Performance
Guarantees outstanding Guarantees outstanding
Total contingent liabilities and commitments 1,861.82 4,761.44
Details regarding dividends [Abstract]
Amount of dividends proposed to be distributed to equity shareholders 0 0
Amount of per share dividend proposed to be distributed to equity
[INR/shares] 0 [INR/shares] 0
shareholders
Details of disclosures required under MSMED Act 2006 [Abstract]
Principal and interest due remaining unpaid [Abstract]
Details of deposits [Abstract]
Deposits accepted or renewed during period 0 0
Deposits matured and claimed but not paid during period 0 0
Deposits matured and claimed but not paid 0 0
Deposits matured but not claimed 0 0
Interest on deposits accrued and due but not paid 0 0
Details of share application money received and paid [Abstract]
Share application money received during year 0 0
Share application money paid during year 0 0
Amount of share application money received back during year 0 0
Amount of share application money repaid returned back during year 0 0
Number of person share application money paid during year 0 0
Number of person share application money received during year 0 0
Number of person share application money paid as at end of year 0 0
Number of person share application money received as at end of year 0 0
Share application money received and due for refund 0 0
Details regarding cost records and cost audit[Abstract]
Details regarding cost records [Abstract]
Whether maintenance of cost records by company has been
mandated under Companies (Cost Records and Audit) Rules, Yes Yes
2014
If yes, Central Excise Tariff Act, heading in which product/
8413 8413
service is covered under cost records
Details regarding cost audit [Abstract]
Whether audit of cost records of company has been mandated
Yes Yes
under Rules specified in SN 1
If yes, Central Excise Tariff Act, heading in which product/
8413 8413
service is covered under cost audit
Net worth of company 8,001.68 6,048.26
Details of unclaimed liabilities [Abstract]
Unclaimed share application refund money 0 0
Unclaimed matured debentures 0 0
Unclaimed matured deposits 0 0
Interest unclaimed amount 0 0
Financial parameters balance sheet items [Abstract]
Investment in subsidiary companies 0 0
Investment in government companies 0 0
Amount due for transfer to investor education and protection fund
0 0
(IEPF)
147
Gross value of transactions with related parties 0 0

Number of warrants converted into equity shares during period 0 0
Number of warrants converted into preference shares during period 0 0
Number of warrants converted into debentures during period 0 0
Number of warrants issued during period (in foreign currency) 0 0
Number of warrants issued during period (INR) 0 0
Footnotes
(A) Includes:i.) Sales tax matters under appeal: Rs. 535.22 Lacsii.) Disputed ESI demands: Rs. 29.55 Lacsiii.) Performance Bank
Guarantee: Rs 1071.41 Lacs
(B) Includes:i.) Sales tax matters under appeal: Rs. 176.63 Lacsii.) Disputed ESI demands: Rs. 26.17 Lacsiii.) Performance Bank
Guarantee Outstanding: Rs. 1549.56 Lacs
148
Disclosure of additional balance sheet notes explanatory [Text Block]

5.4. The Company’s exports qualify for export benefits offered in the form of duty credit scrips and duty drawback under foreign trade policy
framed by Department General of Foreign Trade (DGFT). Income accounted towards such export incentives and duty drawback amounts to Rs
487.93 Lakh in FY 2020-21 (2019-20 Rs 469.30 Lakh) included in revenue from operations
5.6. The company has amounts due to suppliers under The Micro, Small and Medium Enterprises Development Act 2006 (MSMED Act) as at 31
Mar 2021. The disclosure pursuant to the said Act is as under.
In rupees lakh

Total outstanding to MSME suppliers (Excluding Interest & Advance) 5382.68 3184.54
Payment made to suppliers (other than interest) beyond the appointed day, during the year 12068.26 1.58
Interest due and payable to suppliers under MSMED Act, for the payments already made 33.98 0.00
Interest due on principal amount remaining unpaid 1.19 0.61
Interest accrued and remaining unpaid at the end of the year to suppliers under MSMED Act 222.01 186.84
The Information has been given in respect of such vendors on the basis of information available with the company.
5.14. Capital management
For the purpose of the company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity
holders of the company. The primary objective of the company’s capital management is to ensure that it maintains a strong credit rating and
healthy capital ratios in order to support its business and maximise shareholder value.
The company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the requirements of the
financial covenants. To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to
shareholders or issue new shares.
No changes were made in the objectives, policies or processes for managing capital during the current year ended 31 March 2021 in comparison
to the previous year ended 31 March 2020.
NOTE 33: Standards issued but not yet effective
Following exposure drafts have been issued by the Institute of Chartered Accountants of India:
1. Amendment to Ind AS 116, ''Leases'' - Covid-19-Related Rent Concessions beyond 30 June 2021
On 24 July 2020, the MCA issued the Companies (Indian Accounting Standard) Amendment Rules, 2020 which amended Ind AS 116 to provide
relief for lessees in accounting for eligible rent concessions upto 31 July 2021 that are a direct consequence of COVID-19. The exposure draft on
amendments to Ind AS 116 issued by the Institute of Chartered Accountants of India proposes amendments to extend the relief for lessees in
accounting for eligible rent concessions upto 31 July 2022.
2. Amendment to Ind AS 116, ''Leases'' - Interest Rate Benchmark Reform: Phase 2
The exposure draft on amendments to Ind AS 116 issued by the Institute of Chartered Accountants of India proposes amendments to include a
practical expedient in respect of all lease modifications that change the basis for determining future lease payments as a result of interest rate
benchmark reform.
3. Amendments to Ind AS 37, ''Provisions, Contingent Liabilities and Contingent Assets'' – Onerous Contracts
The exposure draft on amendments to Ind AS 37 issued by the Institute of Chartered Accountants of India proposes amendments regarding costs a
company should include as the cost of fulfilling a contract when assessing whether a contract is onerous.
4. Amendments to Ind AS 16, ''Property, Plant and Equipment'' – Proceeds before Intended Use
The exposure draft on amendments to Ind AS 16 issued by the Institute of Chartered Accountants of India proposes amendments regarding
proceeds from selling items produced while bringing an asset into the location and condition necessary for it to be capable of operating in the
manner intended by management.
5. Amendments to Ind AS 103, ''Business Combinations'' – Reference to the Conceptual Framework
149
The exposure draft on amendments to Ind AS 103 issued by the Institute of Chartered Accountants of India proposes amendments to change out
updated reference to ''Framework for the Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards''
and update it with reference to ''Conceptual Framework for Financial Reporting under Indian Accounting Standards''. It also proposes certain
consequential amendments.
6. Amendments to 101, ''First-time Adoption of Indian Accounting Standards'' – Subsidiary as a First-time Adopter
The exposure draft on amendments to Ind AS 101 issued by the Institute of Chartered Accountants of India proposes amendments to simplify the
application of Ind AS 101 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative
translation differences.
7. Amendments to 41, ''Agriculture'' – Taxation in Fair Value Measurements
The exposure draft on amendments to Ind AS 41 issued by the Institute of Chartered Accountants of India proposes amendments to remove a
requirement to exclude cash flows from taxation when measuring fair value thereby aligning the fair value measurement requirements in Ind AS
41 with those in other Ind AS’s.
8. Amendments to Ind AS 109, 'Financial Instruments' and Ind AS 107, 'Financial Instruments: Disclosures' - Interest Rate Benchmark Reform:
Phase 2
The exposure draft on amendments to Ind AS 109 and Ind AS 107 issued by the Institute of Chartered Accountants of India proposes amendments
to assist entities in providing useful information about the effects of the transition to alternative benchmark rates and support preparers in
applying the requirements of Ind AS’s when changes are made to contractual cash flows or hedging relationships as a result of the transition to an
alternative benchmark interest rate.
9. New Indian Accounting Standard (Ind AS) 117, Insurance Contracts
The exposure draft of Ind AS 117 is issued by the Institute of Chartered Accountants of India as replacement for Ind AS 104 Insurance Contracts.
10. Amendments to Division I, II and III of Schedule III
On March 24, 2021, the Ministry of Corporate Affairs ('MCA') through a notification, amended Schedule III of the Companies Act, 2013. The
amendments revise Division I, II and III of schedule III and are applicable from April 1, 2021. The amendments are extensive and the company
will evaluate the same to give effect to them as required by law.
The above exposure drafts have not been notified by the Ministry of Corporate Affairs (‘MCA’) to be applicable from 1 April, 2021 as at the date
of approval of these financial statements. On issue of the amendment by MCA, the Company would evaluate the impact of the change in the
standalone financial statements.
NOTE 34: Salient features of the financial statements of subsidiary for the year ended 31 March 2021
Form AOC-1
In accordance with section 129(3) of the Companies Act, 2013, the salient features of the financial statements of subsidiaries are given below:
Sr. Optiqua Pipes And Electricals Private

Particulars
No. Limited
a The date since when subsidiary was Acquired / Incorporated 19-02-2021
Reporting period for the subsidiary concerned, if different from the holding
b N.A.
company's reporting period
Reporting currency as on the last date of the relevant financial year in the case of
c INR
foreign subsidiaries
Exchange rate as on the last date of the relevant financial year in the case of foreign
d -
subsidiaries
e Share capital 5.00
f Reserves and surplus -0.96
g Total assets 8.11
h Total liabilities 4.07
i Investments -
j Turnover -
k Profit / (Loss) before tax -1.01
l Provision for tax -0.05
m Profit / (Loss) after tax -0.96
n Proposed dividend -
o % of shareholding 100%
150
NOTE 35: Previous year’s figures have been re-grouped wherever considered necessary to make them comparable with those of the current year.
All amounts disclosed in financial statements and notes are presented in 'Rupees Lakhs' and have been rounded off to two decimal places as per
the requirement of Division II of Schedule III to the Act, unless otherwise stated.
[611800] Notes - Revenue

01/04/2020
to
31/03/2021
Disclosure of revenue [TextBlock] [See below]
Disclosure of revenue [Text Block]

(A) Set out below is the disaggregation of the company’s revenue from contracts with its customers :
(Rs. in Lakhs)
Particulars Domestic Business Export Business Total

Revenue from contracts with customers 38,452.61 12,457.49 50,910.10
(B) The company has generated revenue of Rs. 231.44 Lakhs during the year from its Contract Liabilities as on 1 April, 2020.
(C) The company generally recognizes revenue when the performance obligation is satisfied at a point in time when the control is transferred i.e.
either on shipment or upon delivery in domestic and in case of export on the date of bill of lading. The payment is due from the date of sales and
are generally on terms of 30 days to 120 days.
(D) The company is in the business of manufacturing and trading of Electric Pumpsets and related spares and has a single obligation of delivery
of goods as per the commercial contract terms with its customers. In some cases the company also provides extended warranty to its customers.
(E) The company provides to its customers warranties in the forms of repairs or replacement under its standard terms and recognizes it as
warranty provision as per Ind AS 37 ''Provisions, Contingent Liabilities and Contingent Assets''
(F) As on 31st March, 2021, the company has unsatisfied performance obligation of ?308.18 Lakhs of which Rs.159.03 Lakhs will be recognized
as revenue in financial year 2021-22 and remaining in subsequent years based on contractual terms.
(G) Reconciliation of the company’s revenue from contract price with revenue recognized in the statement of Profit and Loss is as follows :
(Rs. in Lakhs)

Revenue as per Contract 52,716.63 47,402.99
Less : Discounts and Incentives 1,806.53 2,089.11
Revenue from contracts with customers 50,910.10 45,313.88
151
[612400] Notes - Service concession arrangements

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of service concession arrangements [TextBlock]
Whether there are any service concession arrangments No No
[612000] Notes - Construction contracts

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of notes on construction contracts [TextBlock]
Whether there are any construction contracts No No
[612600] Notes - Employee benefits
Disclosure of defined benefit plans [Table] ..(1)

Defined benefit plans [Axis] Domestic defined benefit plans [Member]
Defined benefit plans categories [Axis] Categories 1
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of defined benefit plans [Abstract]
Disclosure of defined benefit plans [Line items]
Description of type of plan Gratuity Gratuity
Surplus (deficit) in plan [Abstract]
Defined benefit obligation, at present value 238.49 272.82
Plan assets, at fair value 210.89 218.82
Net surplus (deficit) in plan -27.6 -54
Actuarial assumption of discount rates 6.80% 6.84%
Actuarial assumption of expected rates of salary increases 7.00% 6.50%
152
Disclosure of net defined benefit liability (assets) [Table] ..(1)

Defined benefit plans [Axis] Domestic defined benefit plans [Member]
Net defined benefit liability (assets) [Axis] Present value of defined benefit obligation [Member]
Defined benefit plans categories [Axis] Categories 1
01/04/2020 01/04/2019
to to 31/03/2019
31/03/2021 31/03/2020
Disclosure of net defined benefit liability (assets) [Abstract]
Disclosure of net defined benefit liability (assets) [Line items]
Description of type of plan Gratuity Gratuity
Changes in net defined benefit liability (assets) [Abstract]
Current service cost, net defined benefit liability
27.61 21.85
(assets)
Interest expense (income), net defined benefit liability
3.69 1.73
(assets)
Gain (loss) on remeasurement, net defined benefit
Return on plan assets, net defined benefit liability
-2.85 -1.57
(assets)
Actuarial losses (gains) arising from changes in
demographic assumptions, net defined benefit 0 8.51
liability (assets)
Actuarial losses (gains) arising from changes in
financial assumptions, net defined benefit -0.99 -32.35
liability (assets)
Loss (gain) on changes in effect of limiting net defined
benefit assets to assets ceiling, net defined benefit 7.54 -5.01
liability (assets)
Total loss (gain) on remeasurement, net defined
3.7 -30.42
benefit liability (assets)
Contributions to plan, net defined benefit liability
(assets) [Abstract]
Contributions to plan by employer, net defined benefit
54 22.25
liability (assets)
Total contributions to plan, net defined benefit
54 22.25
liability (assets)
Total increase (decrease) in net defined benefit liability
-26.4 31.75
(assets)
Net defined benefit liability (assets) at end of period 27.6 54 22.25

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of employee benefits [TextBlock] [See below]
Disclosure of defined benefit plans [TextBlock]
Whether there are any defined benefit plans Yes Yes
Disclosure of net defined benefit liability (assets) [TextBlock]
153
Disclosure of employee benefits [Text Block]

Disclosure pursuant to Employee benefits
A. Defined contribution plans:
Amount of Rs. 109.13 Lakhs (31 March 2018 : Rs. 116.03 Lakhs) is recognised as expenses and included in Note No. 31 ''Employee Benefits
Expense''
B. Defined benefit plans:
The Company has following post employment benefits which are in the nature of defined benefit plans:
(a) Gratuity
March 31, 2021 : Changes in defined benefit obligation and plan assets
Gratuity Gratuity Gratuity

cost cost cost Remeasurement Remeasurement Remeasurement Remeasurement Remeasurem
charged charged charged gains/(losses) in gains/(losses) in gains/(losses) in gains/(losses) in gains/(losses
to to to other other other other other
statement statementstatement comprehensive comprehensive comprehensive comprehensive comprehensi
of profit of profitof profit income income income income income
and loss and loss and loss
Sub-total Return on plan
included assets Actuarial Actuarial
Net in (excluding changes arising changes arising
April 1, Service Benefit Experience Sub-total
interest statement amounts from changes in from changes in
2020 cost paid adjustments included in O
expense of profit included in net demographic financial
and loss interest assumptions assumptions
(Note 31) expense)
Gratuity
Defined
benefit -272.81 -27.61 -18.66 -46.27 74.04 - - -0.99 7.54 6.55
obligation
Fair
value of
218.81 - 14.97 14.97 -74.04 -2.85 - - - -2.85
plan
assets
Benefit
-54.00 -27.61 -3.69 -31.31 - -2.85 - -0.99 7.54 3.70
liability
Total
benefit -54.00 -27.61 -3.69 -31.31 - -2.85 - -0.99 7.54 3.70
liability
March 31, 2020 : Changes in defined benefit obligation and plan assets
Cost Cost Cost

Remeasurement Remeasurement Remeasurement Remeasurement Remeasurem
charged charged charged
gains/(losses) in gains/(losses) in gains/(losses) in gains/(losses) in gains/(losses
to to to
other other other other other
statement statementstatement
comprehensive comprehensive comprehensive comprehensive comprehensi
of profit of profitof profit
income income income income income
and loss and loss and loss
Sub-total Return on plan
included assets Actuarial Actuarial
Net in (excluding changes arising changes arising
April 1, Service Benefit Experience Sub-total
interest statement amounts from changes in from changes in
2019 cost paid adjustments included in O
expense of profit included in net demographic financial
and loss interest assumptions assumptions
(Note 31) expense)
154
Gratuity
Defined
benefit -211.66 -21.85 -16.49 -38.33 6.04 - 8.51 -32.35 -5.01 -28.85
obligation
Fair
value of
189.41 - 14.76 14.76 -6.04 -1.57 - - - -1.57
plan
assets
Benefit
-22.25 -21.85 -1.73 -23.58 - -1.57 8.51 -32.35 -5.01 -30.42
liability
Total
benefit -22.25 -21.85 -1.73 -23.58 - -1.57 8.51 -32.35 -5.01 -30.42
liability
The major categories of plan assets of the fair value of the total plan assets of Gratuity are as follows:
Particulars Year ended March 31, 2021 Year ended March 31, 2020
Rs. Rs.
Special Deposit Scheme - -
(%) of total plan assets - -
Insured managed funds 210.89 218.81
(%) of total plan assets 100% 100%
Others - -
(%) of total plan assets - -
The principal assumptions used in determining above defined benefit obligations for the Company’s plans are shown below:
Discount rate 6.80% 6.84%
Future salary increase 7.00% 6.50%
Expected rate of return on plan assets 6.84% 7.79%
Expected average remaining working lives (in years) 13 14
Withdrawal rate (based on grade and age of employees)
For service 4 years and below 15.00% 15.00%
For service 5 years and above 3.00% 3.00%
A quantitative sensitivity analysis for significant assumption is as shown below:
Gratuity
In rupees lakhs
(increase) / decrease in defined benefit (increase) / decrease in defined benefit

obligation (Impact) obligation (Impact)
Sensitivity
level
Discount rate 1% increase 22.92 15.17
1%
Discount rate -26.99 -17.93
decrease
Future salary
1% increase -23.56 -16.18
increase
Future salary 1%
20.90 14.08
increase decrease
Withdrawal rate 1% increase -0.05 -0.43
1%
Withdrawal rate 0.01 0.53
decrease
155
The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligations as a result of
reasonable changes in key assumptions occurring at the end of the reporting period.
The followings are the expected future benefit payments for the defined benefit plan :
In rupees lakhs
Rs. Rs.
Within the next 12 months (next annual reporting period) 27.91 58.70
Between 2 and 5 years 41.19 48.31
Beyond 5 years 497.66 539.87
Total expected payments 566.76 646.88
Weighted average duration of defined plan obligation (based on discounted cash flows)
Years Years
Gratuity 12 11
The followings are the expected contributions to planned assets for the next year:
In rupees lakhs
Rs. Rs.
Gratuity 65.34 71.92
[612800] Notes - Borrowing costs

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of borrowing costs [TextBlock]
Whether any borrowing costs has been capitalised during the year No No
156
[700100] Notes - Key managerial personnels and directors remuneration and other information
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(1)
Director or KMP Director or KMP Director or KMP Director or KMP
Key managerial personnels and directors [Axis]
01 [Member] 02 [Member] 03 [Member] 04 [Member]
01/04/2020 01/04/2020 01/04/2020 01/04/2020
to to to to
31/03/2021 31/03/2021 31/03/2021 31/03/2021
Disclosure of key managerial personnels and directors and
remuneration to key managerial personnels and directors
[Abstract]
Disclosure of key managerial personnels and directors
and remuneration to key managerial personnels and
directors [LineItems]
UDAYANBHAI MAHENDRA
SANJEEV MARUTI SUNIL SHAH
Name of key managerial personnel or director NIMKAR
LALJIBHAI
SINGH
GUMANMALJI
GAJJAR LODHA
Director identification number of key managerial
07869394 00464019 00233918 00012920
personnel or director
Permanent account number of key managerial
AAJPK7984L AAXPG1064H AHCPS2504E ABAPL8836C
personnel or director
Date of birth of key managerial personnel or
09/06/1970 22/11/1961 10/12/1946 04/08/1956
director
Designation of key managerial personnel or director Director Director Independent Director Independent Director
P o s t
Qualification of key managerial personnel or Chartered
GraduateDiploma B.Tech B.Tech
director Accountant
inManagemnet
Shares held by key managerial personnel or director [shares] 0 [shares] 0 [shares] 0 [shares] 0
Key managerial personnel or director remuneration
[Abstract]
Gross salary to key managerial personnel or
director [Abstract]
Salary key managerial personnel or director 0 0 0 0
Gross salary to key managerial personnel or
0 0 0 0
director
Sitting fees key managerial personnel or
5.3 2.8 0 0
director
Stock option key managerial personnel or
0
director
Total key managerial personnel or director
5.3 2.8 0 0
remuneration
157
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(2)
Director or KMP Director or KMP
Key managerial personnels and directors [Axis]
01/04/2020 01/04/2020
to to
31/03/2021 31/03/2021
Disclosure of key managerial personnels and directors and remuneration to key
managerial personnels and directors [Abstract]
Disclosure of key managerial personnels and directors and remuneration to key
managerial personnels and directors [LineItems]
GAURI ATUL PAWAN KUMAR
Name of key managerial personnel or director KIRLOSKAR AGARWAL
Director identification number of key managerial personnel or director 03366274 02723352
Permanent account number of key managerial personnel or director AIRPK6875C ACSPA9044N
Date of birth of key managerial personnel or director 09/08/1983 22/10/1970
Designation of key managerial personnel or director Director Director
B.SC in Business
BCOM CS ICWA
Qualification of key managerial personnel or director Administration (
CA
Finance )
Shares held by key managerial personnel or director [shares] 0 [shares] 0
Key managerial personnel or director remuneration [Abstract]
Gross salary to key managerial personnel or director [Abstract]
Salary key managerial personnel or director 0 0
Gross salary to key managerial personnel or director 0 0
Sitting fees key managerial personnel or director 2.4 4.1
Total key managerial personnel or director remuneration 2.4 4.1
[612200] Notes - Leases
Disclosure of finance lease and operating lease by lessee [Table] ..(1)

Maturity [Axis] Aggregated time bands [Member] Not later than one year [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of finance lease and operating lease by
lessee [Abstract]
Disclosure of finance lease and operating lease
by lessee [Line items]
Minimum finance lease payments payable 475.27 381.19 162.94 70.4
Disclosure of finance lease and operating lease by lessee [Table] ..(2)

Later than one year and not later than
Maturity [Axis]
five years [Member]
31/03/2021 31/03/2020
Disclosure of finance lease and operating lease by lessee [Abstract]
Disclosure of finance lease and operating lease by lessee [Line items]
Minimum finance lease payments payable 312.33 310.79

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of leases [TextBlock] [See below]
Whether company has entered into any lease agreement Yes Yes
Disclosure of finance lease and operating lease by lessee [TextBlock]
Whether any operating lease has been converted to financial lease or
No No
vice-versa
158
Disclosure of leases [Text Block]

(i) Leases
a. Profit and Loss information
Depreciation charge on right-of-use assets
In rupees lakhs

Buildings 255.42 178.22
Total 255.42 178.22
Interest expense on lease liabilities:

Buildings 45.76 7.58
Total 45.76 7.58
Others:

Expense recognised in respect of low value leases - -
Expense recognised in respect of short term leases - -
Aggregate undiscounted commitments for short-term leases - -
b. Maturity analysis of lease liabilities
As at As at As at
Particulars
31-March-2021 31-March-2020 1-April-2019
Less than 1 year 162.94 70.40 125.76

Between 1 year to 5 years 312.33 310.79 55.95
More than 5 years - - -
c. Total cash outflow for leases

Amortization of the lease liabilities (including advance payments) 140.48 100.00
Short term leases and low-value asset leases not included in the measurement of the liabilities - -
Total 140.48 100.00
d. Other Information
Nature of leasing activity
The Company has leases for Office Building, Factory Buildings and Warehouse. Certain lease contracts provide for payments to increase each
year by inflation or and in others to be reset periodically to market rental rates. While other lease contracts comprise only fixed payments over the
lease terms.
Extension and termination options
The use of extension and termination options gives the Company added flexibility in the event it has identified more suitable premises in terms of
cost and/or location or determined that it is advantageous to remain in a location beyond the original lease term. An option is only exercised when
consistent with the Company’s regional markets strategy and the economic benefits of exercising the option exceeds the expected overall cost.
Existing lease agreement do not have any extension option.
159
[612300] Notes - Transactions involving legal form of lease

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of arrangements involving legal form of lease [TextBlock]
Whether there are any arrangements involving legal form of lease No No
[612900] Notes - Insurance contracts

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of insurance contracts [TextBlock]
Whether there are any insurance contracts as per Ind AS 104 No No
[613100] Notes - Effects of changes in foreign exchange rates

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of effect of changes in foreign exchange rates [TextBlock] [See below]
Whether there is any change in functional currency during the year No No
Description of presentation currency INR
160
Disclosure of effect of changes in foreign exchange rates [Text Block]

Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.
The company’s exposure to the risk of changes in foreign exchange rates relates primarily to the company’s operating activities (when revenue or
expense is denominated in a foreign currency).
Amounts in Foreign Currencies
Nature of Exposure Currency 31-Mar-21 31-Mar-20

Receivable USD 38,63,749 29,68,946
Receivable EUR - -
Payable USD 35,28,868 28,56,915
Payable EUR 26,000 19,500
The company manages its foreign currency risk by hedging transactions related to sales & purchases.
At 31 March 2021 and 31 March 2020, the company has hedged NIL and NIL USD and EURO respectively, of its total foreign currency
exposure. When foreign currency risk is hedged, the company uses foreign currency forward contracts.
Foreign currency sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in USD & EURO exchange rates, with all other variables held
constant. The impact on the company’s profit before tax is due to changes in the fair value of monetary assets and liabilities. The impact on the
company’s pre-tax equity is due to changes in profit before tax. The company’s exposure to foreign currency changes for all other currencies is
not material.
(? in Lakhs)
Financial Year Change in USD rate Effect on profit before tax Effect on pre-tax equity
31-Mar-21 5% 9.68 9.68
31-Mar-21 -5% -9.68 -9.68
31-Mar-20 5% 2.13 2.13
31-Mar-20 -5% -2.13 -2.13
(? in Lakhs)
Financial Year Change in EURO rate Effect on profit before tax Effect on pre-tax equity
31-Mar-21 5% -1.13 -1.13
31-Mar-21 -5% 1.13 1.13
31-Mar-20 5% -0.82 -0.82
31-Mar-20 -5% 0.82 0.82
161
[500100] Notes - Subclassification and notes on income and expenses
Miscellaneous other operating revenues [Table] ..(1)

Miscellaneous other operating revenues 1 Miscellaneous other operating revenues 2
Miscellaneous other operating revenues [Axis]
[Member] [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of other operating revenues [Abstract]
Other operating revenues [Abstract]
Miscellaneous other operating revenues 489.04 628.41 487.93 469.3
Miscellaneous other operating revenues [Abstract]
Miscellaneous other operating revenues
[LineItems]
Description of miscellaneous other operating
Sale of scrap Sale of scrap Export incentives Export incentives
revenues

[Member] [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[LineItems]
Sundry credit Provisions no longer
Description of miscellaneous other operating Sundry credit balances Provisions no longer
balances written required written
revenues written back required written back
back back

[Member] [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[LineItems]
Provision for Provision for
Description of miscellaneous other operating Miscellaneous Miscellaneous
Doubtful Debts Doubtful Debts
revenues receipts receipts
Written Back (Net) Written Back (Net)
162

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Subclassification and notes on income and expense explanatory [TextBlock]
Disclosure of revenue from operations [Abstract]
Disclosure of revenue from operations for other than finance company
[Abstract]
Revenue from sale of products 50,910.1 45,313.88
Revenue from sale of services 0 0
Other operating revenues 1,072.66 1,395.18
Other operating revenues 1,072.66 1,395.18
Total revenue from operations other than finance company 51,982.76 46,709.06
Total revenue from operations 51,982.76 46,709.06
Miscellaneous other operating revenues 1,072.66 1,395.18
Total other operating revenues 1,072.66 1,395.18
Total other operating revenues 1,072.66 1,395.18
Miscellaneous other operating revenues 1,072.66 1,395.18
Disclosure of other income [Abstract]
Interest income [Abstract]
Interest income on current investments [Abstract]
Interest on fixed deposits, current investments 1.1 2.1
Interest on other current investments (A) 21.7 (B) 60.89

Total interest income on current investments 22.8 62.99
Interest income on non-current investments [Abstract]
Interest on other non-current investments (C) 83.49 (D) 95.46
Total interest income on non-current investments 83.49 95.46
Total interest income 106.29 158.45
Dividend income [Abstract]
Dividend income non-current investments [Abstract]
Dividend income non-current investments from others 0 0
Total dividend income non-current investments 0 0
Total dividend income 0 0
Other non-operating income [Abstract]
Net gain (loss) on foreign currency fluctuations treated as other
income [Abstract]
Net gain (loss) on foreign currency translation 34.52 187.9
Total net gain/loss on foreign currency fluctuations treated as
34.52 187.9
other income
Surplus on disposal, discard, demolishment and destruction of
2.24 13.41
depreciable property, plant and equipment
Interest on income tax refund (E) 24.56
(F) 0
Total other non-operating income 61.32 201.31

Total other income 167.61 359.76
Disclosure of finance cost [Abstract]
Interest expense [Abstract]
Interest expense borrowings (G) 560.99 (H) 691.7
Interest lease financing (I) 45.76 (J) 7.58
Other interest charges 0 0
Total interest expense 606.75 699.28
Other borrowing costs (K) 34.81 (L) 71.46

Total finance costs 641.56 770.74
Employee benefit expense [Abstract]
Salaries and wages (M) 2,336 (N) 2,258.06
Managerial remuneration [Abstract]
Remuneration to directors [Abstract]
Total remuneration to directors 0 0
Total managerial remuneration 0 0
163
Contribution to provident and other funds [Abstract]

Contribution to provident and other funds for others 138.77 161.39
Total contribution to provident and other funds 138.77 161.39
Gratuity 31.31 23.58
Staff welfare expense 86.58 64.86
Total employee benefit expense 2,592.66 2,507.89
Depreciation, depletion and amortisation expense [Abstract]
Depreciation expense (O) 490.86 (P) 494.75
Amortisation expense 100.58 42.26
Total depreciation, depletion and amortisation expense 591.44 537.01
Breakup of other expenses [Abstract]
Consumption of stores and spare parts 2,528.1 1,793.99
Power and fuel 156.5 197.42
Rent 167.63 207.52
Repairs to building 21.55 41.76
Repairs to machinery 101.94 89.1
Insurance 65.19 56.47
Rates and taxes excluding taxes on income [Abstract]
Cost taxes other levies by government local authorities 38.7 11.84
Total rates and taxes excluding taxes on income 38.7 11.84
Telephone postage 53.27 46.31
Printing stationery 10.65 12.34
Travelling conveyance 338.43 435.17
Legal professional charges 402.09 305.57
Directors sitting fees (Q) 36.2 (R) 6.2

Advertising promotional expenses (S) 498.37 (T) 800.35
Warranty claim expenses 977.81 1,415.96
Commission paid other selling agents 78.62 67.43
Cost repairs maintenance other assets (U) 389.85 (V) 483.95

Cost transportation [Abstract]
Cost freight 1,039.79 780.57
Total cost transportation 1,039.79 780.57
Loss on disposal of intangible Assets 0 0
Loss on disposal, discard, demolishment and destruction of
0 231.85
depreciable property plant and equipment
Contract cost [Abstract]
Site labour supervision cost contracts (W) 5,233.47 (X) 5,311.86
Total contract cost 5,233.47 5,311.86
Payments to auditor [Abstract]
Payment for audit services 15.55 9.95
Payment for taxation matters 2.25 2.25
Payment for other services (Y) 0.83

(Z) 1
Payment for reimbursement of expenses 0.2 0.12

Total payments to auditor 18.83 13.32
Payments to cost auditor [Abstract]
Payment for cost audit charges 1.25 1.25
Payment for other cost services (AA) 0.25 (AB) 0.25

Payment to cost auditor for reimbursement of expenses 0 0.03
Total payments to cost auditor 1.5 1.53
CSR expenditure 12.65 6.05
Miscellaneous expenses (AC) 266.36 (AD) 348.16

Total other expenses 12,437.5 12,664.72
Current tax [Abstract]
Current tax pertaining to previous years 8.72 -47.59
Current tax pertaining to current year 663.24 655.5
Total current tax 671.96 607.91
164
Footnotes
(A) Interest income on other financial assets
(B) Interest income on other financial assets
(C) Unwinding of interest on security deposits
(D) Unwinding of interest on security deposits
(E) Interest on income Tax and Sales Tax Refund
(F) Interest on income Tax and Sales Tax Refund
(G) Interest & discounting charges
(H) Interest & discounting charges
(I) Interest on Lease Liability
(J) Interest on Lease Liability
(K) Other Finance cost
(L) Other Finance cost
(M) Salaries, wages, bonus, commission, etc.
(N) Salaries, wages, bonus, commission, etc.
(O) Depreciation on Tangible & ROU Asset
(P) Depreciation on Tangible & ROU Asset
(Q) Non Executive Directors’ fees & commission
(R) Non Executive Directors’ fees & commission
(S) Includes :-1. Advertisement and publicity - 312.86 lakhs2. Other selling expenses - 185.51 lakhs
(T) Includes :-1. Advertisement and publicity - 582.31 lakhs2. Other selling expenses - 218.04 lakhs
(U) Other repairs and maintenance
(V) Other repairs and maintenance
(W) Contains Jobwork charges 2048.91 lakhs and labour charges 3184.56 lakhs
(X) Contains Jobwork charges 2088.76 lakhs and labour charges 3223.10 lakhs
(Y) Certification charges
(Z) Certification charges
(AA) Certification charges
(AB) Certification charges
(AC) Includes :-1. Cost of service - 11.87 lakhs2. Other manufacturing expenses - 39.06 lakhs3. Miscellaneous expenses - 207.22 lakhs4.
Bad debts and irrecoverable balances written off - 8.21 lakhs
(AD) Includes :-1. Cost of service - 41.75 lakhs2. Other manufacturing expenses - 20.43 lakhs3. Miscellaneous expenses - 47.23 lakhs4.
Bad debts and irrecoverable balances written off - 238.75 lakhs
[613200] Notes - Cash flow statement

01/04/2020 01/04/2019
to to 31/03/2019
31/03/2021 31/03/2020
Disclosure of cash flow statement [TextBlock]
Cash and cash equivalents cash flow statement 12.42 22.32 117.16
Other differences to cash and cash equivalents in statement of cash
0 0
flows
Income taxes paid (refund), classified as operating activities 557.22 633.64
Total income taxes paid (refund) 557.22 633.64
165
[500200] Notes - Additional information statement of profit and loss

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Additional information on profit and loss account explanatory [TextBlock] [See below]
Aggregated income tax relating to components of other
comprehensive income that will not be reclassified to 0.93 -7.66
profit or loss
Total aggregated income tax relating to components of other
0.93 -7.66
comprehensive income
Changes in inventories of finished goods 1,346.58 -2,413.03
Changes in inventories of work-in-progress 392.5 -348.55
Changes in inventories of stock-in-trade -611.43 -414.67
Changes in other inventories 0 0
Total changes in inventories of finished goods, work-in-progress and
1,127.65 -3,176.25
stock-in-trade
Domestic sale manufactured goods 45,930.02 34,685.7
Total domestic turnover goods, gross 45,930.02 34,685.7
Export sale manufactured goods 4,980.08 10,628.18
Total export turnover goods, gross 4,980.08 10,628.18
Total revenue from sale of products 50,910.1 45,313.88
Domestic revenue services 0 0
Total revenue from sale of services 0 0
Gross value of transaction with related parties 0 0
Bad debts of related parties 0 0
Additional information on profit and loss account explanatory [Text Block]

1.1. Payment to Auditors (Net of Taxes)
In rupees lakhs
Sr. No. Particulars 2020-21 2019-20

A Statutory Auditors
a. As Auditors 17.80 12.20
Audit & Assurance Fees 13.75 8.25
Limited Review 1.80 1.70
Tax Audit Fees 2.25 2.25
b. Certification fees 0.83 1.00
c. Reimbursement of expenses 0.20 0.12
TOTAL (A) 18.83 13.32
In rupees lakhs
Sr. No. Particulars 2020-21 2019-20

B Cost Auditors
a. As auditors 1.25 1.25
b. Certification fees 0.25 0.25
c. Reimbursement of expenses 0.00 0.03
TOTAL (B) 1.50 1.53
Grand Total (A+B) 20.33 14.85
166
[611200] Notes - Fair value measurement

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of fair value measurement [TextBlock] [See below]
Disclosure of fair value measurement of assets [TextBlock]
Whether assets have been measured at fair value No No
Disclosure of fair value measurement of liabilities [TextBlock]
Whether liabilities have been measured at fair value No No
Disclosure of fair value measurement of equity [TextBlock]
Whether equity have been measured at fair value No No
Disclosure of fair value measurement [Text Block]

1.1. Fair value disclosures for financial assets and financial liabilities
The management believes that the fair values of non-current financial assets (e.g., investments at FVPL, loans and others),current financial assets
(e.g., cash and cash equivalents, trade and other receivables, loans), non-current financial liabilities and current financial liabilities(e.g. Trade
payables and other payables and others) approximate their carrying amounts.
[613300] Notes - Operating segments
Disclosure of reportable segments [Table] ..(1)

Entity's reportable segments [Axis] Reportable segments 1 [Member] Reportable segments 2 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of reportable segments [Abstract]
Disclosure of reportable segments [Line items]
Nature of reportable segment Domestic Business Domestic Business Export Business Export Business
Revenue primary reportable segment 39,038 35,555 12,945 11,154
Total revenues from external customers and
transactions with other reportable segments 39,038 35,555 12,945 11,154
of same enterprise reportable segment
Profit (loss) before tax reportable segment 2,105 972 1,400 2,009
Profit (loss) reportable segment 1,312 59 1,108 1,702
Assets reportable segment 20,714 17,360 7,230 5,481
Liabilities reportable segment 15,480 13,784 5,079 4,181
167
Disclosure of geographical areas [Table] ..(1)

Geographical areas [Axis] Country of domicile [Member] Foreign countries [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Revenue from external customers 45,930.02 34,685.7 5,913.61 4,638.79
Disclosure of geographical areas [Abstract]
Disclosure of geographical areas [Line items]
Country of domicile or foreign country India India Refer Child Member Refer Child Member
Non-current assets other than financial
instruments, deferred tax assets,
0 0 0 0
post-employment benefit assets, and rights
arising under insurance contracts
Disclosure of geographical areas [Table] ..(2)

Geographical areas [Axis] Foreign country 1 [Member] Foreign country 2 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of geographical areas [Abstract]
Disclosure of geographical areas [Line items]
Country of domicile or foreign country Saudi Arabia Saudi Arabia UAE UAE
Non-current assets other than financial
instruments, deferred tax assets,
0 0 0 0
post-employment benefit assets, and rights
arising under insurance contracts

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of entity's operating segments [TextBlock] [See below]
Disclosure of reportable segments [TextBlock]
Whether there are any reportable segments Yes Yes
Disclosure of products and services [TextBlock]
Disclosure of geographical areas [TextBlock]
Disclosure of major customers [TextBlock]
Whether there are any major customers No No
168
Disclosure of entity's operating segments [Text Block]

5.7. The company has identified Domestic Business and Export Business as its reportable segments.
(a) Profit (before exceptional items and tax) of reportable segment (Rs in Lakhs)
2020-21 2020-21 2020-21 2020-21 2020-21

Domestic Business Exports Business Other Reconciling Consolidated
Particulars
Segment Segment Amounts Total
Segment Revenue 39,038 12,945 - 51,983
Total Revenue 39,038 12,945 - 51,983
Profit Before exceptional items
2,105 1,400 -834 2,671
and tax
Depreciation and Amortisation 310 133 148 591
Finance Cost 483 159 - 642
(Rs in Lakhs)
2019-20 2019-20 2019-20 2019-20 2019-20

Domestic Business Exports Business Other Reconciling Consolidated
Particulars
Segment Segment Amounts Total
Segment Revenue 35,555 11,154 - 46,709
Total Revenue 35,555 11,154 - 46,709
Profit Before exceptional items
972 2,009 -655 2,326
and tax
Depreciation and Amortisation 319 130 88 537
Finance Cost 594 177 - 771
(b) Capital employed of reportable segment
( In rupees lakhs)
2020-21 2020-21 2020-21 2020-21 2020-21

Particulars Domestic Business Segment Exports Business Segment Other Reconciling Amounts Consolidated Total
Assets 20,714 7,230 1,785 29,729
Liabilities 15,480 5,079 1,168 21,727
Capital employed 5,234 2,151 617 8,002
2019-20 2019-20 2019-20 2019-20 2019-20

Particulars Domestic Business Segment Exports Business Segment Other Reconciling Amounts Consolidated Total
Assets 17,360 5,481 1,485 24,326
Liabilities 13,784 4,181 313 18,278
Capital employed 3,576 1,300 1,172 6,048
(c) The company has not made net sales exceeding 10 percent of its total revenue to a single customer (2019-20 ? 5722.19 lakhs).
169
[610700] Notes - Business combinations

Business combinations [Axis] Business combinations 01 [Member]
Carrying amount, accumulated depreciation, amortisation and
impairment and gross carrying amount [Axis]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Disclosure of reconciliation of changes in
goodwill [Line items]
Name of acquiree Refer Child Member Refer Child Member NA NA
Reconciliation of changes in goodwill [Abstract]
Increase (decrease) through transfers
0 0 0 0
and other changes
Total increase (decrease) in goodwill 0 0 0 0
Goodwill at end of period 0 0 0 0

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of business combinations [TextBlock]
Whether there is any business combination No No
Disclosure of reconciliation of changes in goodwill [TextBlock]
Whether there is any goodwill arising out of business combination No No
Disclosure of acquired receivables [TextBlock]
Whether there are any acquired receivables from business combination No No
Disclosure of contingent liabilities in business combination [TextBlock]
Whether there are any contingent liabilities in business combination No No
170
[611500] Notes - Interests in other entities
Disclosure of details of subsidiaries [Table] ..(1)

Subsidiaries [Axis] Subsidiaries 01 [Member]
01/04/2020
to
31/03/2021
Disclosure of subsidiaries [Abstract]
Disclosure of subsidiaries [Line items]
Optiqua Pipes and
Name of subsidiary Electricals Private Limited
Principal place of business of subsidiary India
Country of incorporation or residence of subsidiary INDIA
CIN of subsidiary company U29304GJ2021PTC120412
Section under which company became subsidiary Section 2(87)(ii)
Whether subsidiary has filed balance sheet Yes
SRN of filing of balance sheet by subsidiary T34895144
Whether financial year of subsidiary different from financial year of holding company No
Financial year of subsidiary [Abstract]
Start date of accounting period of subsidiary 01/04/2020
End date of accounting period of subsidiary 31/03/2021
Percentage of shareholding in subsidiary 99.99%
Key information about subsidiary [Abstract]
Reporting currency of subsidiary INR
Exchange rate as applicable for subsidiary 1
Share capital of subsidiary 5
Reserves and surplus of subsidiary -0.96
Total assets of subsidiary 8.11
Total liabilities of subsidiary 4.07
Investment of subsidiary 0
Turnover of subsidiary 0
Profit before tax of subsidiary -1.01
Provision for tax of subsidiary -0.05
Profit after tax of subsidiary -0.96
Proposed dividend of subsidiary 0
Optiqua Pipes and
171

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of interests in other entities [TextBlock]
Disclosure of interests in subsidiaries [TextBlock]
Disclosure of subsidiaries [TextBlock]
Whether company has subsidiary companies Yes No
Number of subsidiary companies 1
Whether company has subsidiary companies which are yet to commence
No No
operations
Whether company has subsidiary companies liquidated or sold during
No No
year
Disclosure of interests in associates [TextBlock]
Disclosure of associates [TextBlock]
Whether company has invested in associates No No
Whether company has associates which are yet to commence operations No No
Whether company has associates liquidated or sold during year No No
Disclosure of interests in joint arrangements [TextBlock]
Disclosure of joint ventures [TextBlock]
Whether company has invested in joint ventures No No
Whether company has joint ventures which are yet to commence
No No
operations
Whether company has joint ventures liquidated or sold during year No No
Disclosure of interests in unconsolidated structured entities [TextBlock]
Disclosure of unconsolidated structured entities [TextBlock]
Whether there are unconsolidated structured entities No No
Disclosure of investment entities [TextBlock]
Disclosure of information about unconsolidated subsidiaries [TextBlock]
Whether there are unconsolidated subsidiaries No No
Disclosure of information about unconsolidated structured entities
controlled by investment entity [TextBlock]
Whether there are unconsolidated structured entities controlled by
No No
investment entity
[611400] Notes - Separate financial statements
Disclosure of subsidiaries [Table] ..(1)

Subsidiaries [Axis] Subsidiaries 01 [Member]
01/04/2020
to
31/03/2021
Disclosure of subsidiaries [Abstract]
Disclosure of subsidiaries [Line items]
Optiqua Pipes and
Proportion of ownership interest in subsidiary 99.99%
Proportion of voting rights held in subsidiary 99.99%

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of separate financial statements [TextBlock]
Disclosure of subsidiaries [TextBlock]
4. In accordance with Ind
As 27 Separate Financial
Method used to account for investments in subsidiaries statements the company NA
has valued its investment
in subsidiary at cost.
172
[610800] Notes - Related party
Disclosure of transactions between related parties [Table] ..(1)

Categories of related parties [Axis] Parent [Member] Subsidiaries [Member]
Related party [Axis] Related party 1 [Member] Related party 5 [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of transactions between related
parties
[Abstract]
Disclosure of transactions between
related
parties [Line items]
OPTIQUA PIPES AND OPTIQUA PIPES AND
KIRLOSKAR OIL KIRLOSKAR OIL
Name of related party ENGINES LIMITED ENGINES LIMITED
ELECTRICALS PRIVATE ELECTRICALS PRIVATE
LIMITED LIMITED
Country of incorporation or residence
of INDIA INDIA INDIA INDIA
related party
CIN of related party L29100PN2009PLC133351 L29100PN2009PLC133351 U29304GJ2021PTC120412 U29304GJ2021PTC120412
Description of nature of transactions
with Refer Below Refer Below Refer Below Refer Below
related party
Description of nature of related party
Holding company Holding company Subsidiary company Subsidiary company
relationship
Related party transactions [Abstract]
Revenue from sale of goods related
party 2,751.99 1,529.25
transactions
Commitments made by entity, related
party 850 0
transactions
Other related party transactions
249.16 167.03 0 0
expense
24.66 16.01 5 0
contribution made
3.57 0
contribution received
Outstanding balances for related party
transactions [Abstract]
Amounts payable related party
0 0 0 0
transactions
Amounts receivable related party
603.73 305.14 3.57 0
transactions
Expense recognised during period for
bad
0 0 0 0
and doubtful debts for related party
transaction
173

Categories of related parties [Axis] Key management personnel of entity or parent [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of transactions between related parties
[Abstract]
VARUN VARUN
SMITA SMITA
Name of related party ARUNRAICHURKAR ARUNRAICHURKAR
UDAYANBHAI UDAYANBHAI
GAJJAR GAJJAR
INDIA INDIA INDIA INDIA
related party
Permanent account number of related party ALQPR0654J ALQPR0654J AKAPG6348P AKAPG6348P
Description of nature of transactions with
Refer Below Refer Below Refer Below Refer Below
related party
Description of nature of related party Key Management Key Management Key Management Key Management
relationship Personnel Personnel Personnel Personnel
Services received related party transactions 0.8 1 0.8 0.8
Other related party transactions expense 0 0 0 0
Amounts payable related party transactions 0.8 0 0.8 0
Expense recognised during period for bad
and doubtful debts for related party 0 0 0 0
transaction

01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
Pawan Kumar Pawan Kumar
Name of related party Gauri Atul Kirloskar Gauri Atul Kirloskar
Agarwal Agarwal
related party
Permanent account number of related party AIRPK6875C AIRPK6875C ACSPA9044N ACSPA9044N
related party
Services received related party transactions 2.4 0.2 4.1 0
transaction
174

01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
UDAYANBHAI
UDAYANBHAI VINOD KUMAR VINOD KUMAR
Name of related party LALJIBHAI
LALJIBHAI GAJJAR THAMATTOOR THAMATTOOR
GAJJAR
related party
Permanent account number of related party AAXPG1064H AAXPG1064H AFSPK5522L AFSPK5522L
related party
Services received related party transactions 2.8 0.6 1.6 1
transaction
175

Key management personnel of entity or
Categories of related parties [Axis] Other related parties [Member]
parent [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
[Abstract]
TRUANGLE TRUANGLE
SANJEEV SANJEEV MARUTI
Name of related party MARUTI NIMKAR NIMKAR
TECHNOLOGIES TECHNOLOGIES
LLP LLP
related party
Permanent account number of related party AAJPK7984L AAJPK7984L AALFT4686Q AALFT4686Q
related party
Enterprises which
Enterprises which are
are owned, or have
owned, or have
significant influence
significant influence
Description of nature of related party Key Management Key Management of or are partners
of or are partners with
relationship Personnel Personnel with Key
Key management
management
personnel and their
personnel and their
relatives
relatives
Services received related party transactions 5.3 1
Leases as lessee related party transactions 100 100
Other related party transactions income 0 100
33.33 33.33
contribution made
Amounts payable related party transactions 5.3 0 0 0
Amounts receivable related party transactions 1,233.33 1,233.33
transaction
176

Categories of related parties [Axis] Other related parties [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
parties
[Abstract]
Disclosure of transactions between
related
KLOUDQ KLOUDQ
LA -GAJJAR PUMPS LA -GAJJAR PUMPS
Name of related party PRIVATE LIMITED PRIVATE LIMITED
TECHNOLOGIES TECHNOLOGIES
LIMITED LIMITED
Country of incorporation or residence
of INDIA INDIA INDIA INDIA
related party
CIN of related party U29120GJ1997PTC033200 U29120GJ1997PTC033200 U72200PN2013PLC147635 U72200PN2013PLC147635
Description of nature of transactions
with Refer Below Refer Below Refer Below Refer Below
related party
Enterprises which are Enterprises which are
Enterprises which are Enterprises which are
owned, or have significant owned, or have significant
owned, or have significant owned, or have significant
Description of nature of related party influence of or are partners influence of or are partners
influence of or are partners influence of or are partners
relationship with Key management with Key management
with Key management with Key management
personnel and their personnel and their
personnel and their relatives personnel and their relatives
relatives relatives
Purchases of property and other
assets, 0 11.73
related party transactions
Leases as lessee related party
1.5 1.5
transactions
0.1 0.09 0 7.76
expense
Amounts payable related party
0 0 0 1.09
transactions
Expense recognised during period for
bad
0 0 0 0
and doubtful debts for related party
transaction

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of related party [TextBlock] [See below]
KIRLOSKAR OIL ENGINES
Name of parent entity LIMITED
Whether there are any related party transactions during year Yes Yes
Disclosure of transactions between related parties [TextBlock]
Whether entity applies exemption in Ind AS 24.25 No No
Whether company is subsidiary company Yes Yes
Section under which company is subsidiary Section 2(87)(ii) Section 2(87)(ii)
177
Disclosure of related party [Text Block]

5.8. Related parties have been identified as defined under paragraph 9 of Indian Accounting Standard (Ind AS) 24, ''Related Party Disclosures''
5.9. (A) Description of Related Parties
i) Name of the related party and nature of relationship where control exists:
Sr.
Related Party Category Company
No.
1 Holding Company Kirloskar Oil Engines Ltd.
Optiqua Pipes And Electricals Pvt. Ltd. (incorporated on
2 Entity Controlled by Company
19 February 2021)
La-Gajjar Machineries Pvt. Ltd. Employees Group
3 Post- Employment benefit plan of Company
Gratuity Trust
4 Entity controlled by Key Managerial Personnel Truangle Technologies LLP
5 Entity controlled by Key Managerial Personnel Varuna Engineers Pvt. Ltd.
6 Entity controlled by Key Managerial Personnel Derwent Crystal Pvt. Ltd.
7 Entity controlled by Key Managerial Personnel Snow Leopard Technology Ventures, LLP
8 Entity controlled by Key Managerial Personnel Beluga Whale Capital Management Pte. Ltd.
9 Entity controlled by Key Managerial Personnel Fantasy Games LLP (Upto 23 July 2020 )
10 Entity controlled by Key Managerial Personnel Sheth & Gajjar Realty LLP (Upto 23 July 2020 )
11 Entity controlled by Key Managerial Personnel Lakom Electricals Pvt. Ltd. (Upto 23 July 2020 )
12 Entity controlled by Key Managerial Personnel La-Gajjar Pumps Pvt. Ltd. (Upto 23 July 2020 )
13 Entity controlled by close member of Key Managerial Personnel Fantasy Games LLP (w.e.f. 24 July 2020)
14 Entity controlled by close member of Key Managerial Personnel Sheth & Gajjar Realty LLP (w.e.f. 24 July 2020)
15 Entity controlled by close member of Key Managerial Personnel Lakom Electricals Pvt. Ltd. (w.e.f. 24 July 2020)
16 Entity controlled by close member of Key Managerial Personnel La-Gajjar Pumps Pvt. Ltd. (w.e.f. 24 July 2020)
Entity controlled by Key Managerial Personnel of Holding
17 Kloudq Technologies Limited (upto 28 April 2020)
Company
18 Navsai Investments Private Limited
Company
19 Kirloskar Energen Private Limited
Company
20 Lakeland Universal Limited, BVI
Company
21 Kirloskar Solar Technologies Pvt. Ltd.
Company
Entity controlled by Key Managerial Personnel of Holding Expert Quality Cloud Information Technology Pvt. Ltd.
22
Company (Upto 28 April 2020)
Entity controlled by close member of Key Managerial Personnel
23 Alpak Investments Pvt. Ltd.
of Holding Company
Entity controlled by close member of Key Managerial Personnel Achyut & Neeta Holdings & Finance Pvt. Ltd. (Upto 28
24
of Holding Company April 2020)
25 Fellow Subsidiaries KOEL Americas Corp., USA
26 Fellow Subsidiaries Arka Fincap Ltd.
ii) Key Management Personnel and their relatives:
Sr.
Name Name of Relatives Relationship
No.
a T. Vinodkumar (Chairman) (Upto 23 July 2020) Bernadette Kumar Wife
T. Vinodkumar (Chairman) (Upto 23 July 2020) Anisha Kumar Daughter
178
b Sanjeev Nimkar (Vice Chairman) Ashwini Nimkar Wife

Sanjeev Nimkar (Vice Chairman) Ishita Nimkar Daughter
Sanjeev Nimkar (Vice Chairman) Sakshi Nimkar Daughter
c Udayan L. Gajjar Varun Gajjar Son
Pawan Kumar Agarwal ( Chief Finance Officer – KOEL ) (Director – LGM w.e.f. 23
d Nirmal Kumar Agarwal Father
July 2020)
Sumitra Devi Agarwal Mother
July 2020)
Priti Agarwal Wife
July 2020)
Varun Agarwal Son
July 2020)
Tarun Agarwal Son
July 2020)
e Atul C. Kirloskar (Executive Chairman - KOEL) Arti A. Kirloskar Wife
Gauri A. Kirloskar
Atul C. Kirloskar (Executive Chairman - KOEL) Daughter
(Kolenaty)
Atul C. Kirloskar (Executive Chairman - KOEL) Aditi A. Kirloskar (Sahni) Daughter
Atul C. Kirloskar (Executive Chairman - KOEL) Rahul C. Kirloskar Brother
Atul C. Kirloskar (Executive Chairman - KOEL) Suman C. Kirloskar Mother
f Nihal G. Kulkarni (Managing Director - KOEL) (Upto 28 April 2020) Shruti N. Kulkarni Wife
Nihal G. Kulkarni (Managing Director - KOEL) (Upto 28 April 2020) Ambar G. Kulkarni Brother
Nihal G. Kulkarni (Managing Director - KOEL) (Upto 28 April 2020) Jyotsna G. Kulkarni Mother
g Rajendra R. Deshpande (Managing Director & CEO - KOEL) (Upto 28 April 2020) Veena R. Deshpande Wife
Rajendra R. Deshpande (Managing Director & CEO - KOEL) (Upto 28 April 2020) Kaustubh R. Deshpande Son
Rajendra R. Deshpande (Managing Director & CEO - KOEL) (Upto 28 April 2020) Sourabh R. Deshpande Son
h Smita Raichurkar (Upto 23 July 2020) Nayan Madhamshettiwar Husband
Ritika N.
Smita Raichurkar (Upto 23 July 2020) Daughter
Madhamshettiwar
i Varun Gajjar (Upto 23 July 2020) Nirali Gajjar Wife
j Gauri Kirloskar Christopher Kolenaty Husband
Gauri Kirloskar Pia Kolenaty Daughter
Gauri Kirloskar Maya Kolenaty Daughter
(B) Transactions with Related Parties
In rupees lakhs
Sr.
Nature of the transaction / relationship / major parties 2020-21 2020-21 2019-20 2019-20
No.
Amount from major Amount from major
Amount Amount
parties parties
1 Gross Sales (Net of sales return)
Holding Company 2824.52 1529.25
Kirloskar Oil Engines Limited 2824.52 1529.25
Total 2824.52 2824.52 1529.25 1529.25
2 Sales Return
72.53 -
Company
Kirloskar Oil Engines Limited 72.53 -
Total 72.53 72.53 - -
3 Rendering of Services from
Key Management Personnel 17.8 4.6
Udayan L. Gajjar 2.8 0.6
T. Vinodkumar 1.6 1
Sanjeev Nimkar 5.3 1
179
Smita Raichurkar 0.8 1

Varun Gajjar 0.8 0.8
Gauri Kirloskar 2.4 0.2
Pawan Kumar Agarwal 4.1 -
Total 17.8 17.8 4.6 4.6
Sr.
Nature of the transaction / relationship / major parties 2020-21 2019-20
No.
Amount Amount
parties parties
4 Rent / Lease Rentals Paid to
Entity controlled by Key Managerial Personnel (Net of
101.5 101.5
Taxes)
Truangle Technologies LLP (Lease Rent) 100 100
La-Gajjar Pumps Pvt. Ltd. (Rent) 1.5 1.5
Total 101.5 101.5 101.5 101.5
5 Software Purchase
- 11.73
Company
Kloudq Technologies Ltd - 11.73
Total - - 11.73 11.73
6 Expenses paid to
Kirloskar Oil Engines Ltd. 247.48 167.03
- 7.76
Company
Kloudq Technologies Ltd - 7.76
Total 247.48 247.48 174.79 174.79
7 Expense Paid in Advance to
Total 24.66 24.66 16.01 16.01
8 Reimbursement / ( recovery ) of Expenses
Entity controlled by Key Managerial Personnel 0.1 0.09
La-Gajjar Pumps Pvt. Ltd. 0.1 0.09
Entity Controlled by Company -3.57
Optiqua Pipes and Electricals Private Limited (w.e.f 19
-3.57
Feb 21)
Total -3.47 -3.47 0.09 0.09
9 Rent Deposit & Pre-paid Rent
Truangle Technologies LLP 33.33 33.33
Total 33.33 33.33 33.33 33.33
Sr.
Nature of the transaction / relationship / major parties 2020-21 2019-20
No.
Amount Amount
parties parties
10 Recovery of Rent Deposit
Entity controlled by Key Managerial Personnel - 100
Truangle Technologies LLP - 100
Total - - 100 100
11 Issue of Preference Shares
Holding Company 850 -
180
Kirloskar Oil Engines Ltd. 850 -

Total 850 850 - -
12 Interest paid / (recovered)
Holding Company 1.68 -
Kirloskar Oil Engines Ltd. 1.68 -
Total 1.68 1.68 - -
13 Contributions Paid
Post-Employment benefit plan of the Company 27.6 54
La-Gajjar Machineries Pvt. Ltd. Employees Group
27.6 54
Gratuity Trust
Total 27.6 27.6 54 54
14 Investment in Unquoted Equity shares
Entity Controlled by Company 5 -
Optiqua Pipes and Electricals Private Limited (w.e.f 19
5 -
Feb 21)
Total 5 5 - -
As at 31 March As at 31 March
Sr. Nature of the transaction / relationship / major parties
2021 2020
No.
Outstanding
1 Accounts Receivable
Entity Controlled by Company 3.57 -
Optiqua Pipes and Electricals Private Limited (w.e.f 19 Feb 21) 3.57 -
- -1.09
Company
Kloudq Technologies Ltd - -1.09
Total 607.3 607.3 304.05 304.05
Sr. Nature of the transaction / relationship / major parties As at 31 March 2021 As at 31 March 2020
No.
2 Accounts Payable
Key Management Personnel 17.8 -
Commission
Udayan L. Gajjar 2.8 -
T. Vinodkumar 1.6 -
Sanjeev Nimkar 5.3 -
Smita Raichurkar 0.8 -
Varun Gajjar 0.8 -
Gauri Kirloskar 2.4 -
Pawan Kumar Agarwal 4.1 -
Total 17.8 17.8 - -
3 Rent Deposit& Pre-paid Rent
Truangle Technologies LLP 1233.33 1233.33
Total 1233.33 1233.33 1233.33 1233.33
The above figures do not include provision for leave encashment and gratuity, as actuarial valuation of such provision for the Key Management
Personnel is included in the total provision for Leave encashment & gratuity.
Terms and conditions of transactions with related parties
Transactions entered into with related party are made in ordinary course of business and on terms equivalent to those that prevail in arm’s length
181
transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees
provided or received for any related party receivables or payables. For the year ended 31 March 2021, the company has not recorded any
impairment of receivables relating to amounts owed by related parties (31 March 2020: ? Nil). This assessment is undertaken during each
financial year through examining the financial position of the related party and the market in which the related party operates.
Commitments with related parties
During the year 2017-18 the company had entered into a lease contract with Truangle Technologies LLP which is agreed to be further extended
with certain lock-in period. The Company is committed to pay lease rental of ?3,69,50,000 upto 31 July, 2023. (31 March 2020: ?4,69,50,000).
Transactions with key management personnel
Compensation of key management personnel of the company
In rupees lakhs

Short-term employee benefits - -
Sitting Fees - 4.60
Commission 17.80 -
Total compensation paid to key management personnel 17.80 4.60
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key management personnel.
The above figures do not include provision for leave encashment and gratuity, as actuarial valuation of such provision for the Key Management
Personnel is included in the total provision for Leave encashment & gratuity.
[611700] Notes - Other provisions, contingent liabilities and contingent assets
Disclosure of contingent liabilities [Table] ..(1)

Classes of contingent liabilities [Axis] Contingent liabilities [Member] Other contingent liabilities [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Disclosure of contingent liabilities [Abstract]
Disclosure of contingent liabilities [Line items]
Description of nature of obligation, contingent
Refer Child Member Refer Child Member Refer Child Member Refer Child Member
liabilities
Estimated financial effect of contingent
1,636.18 1,752.36 1,636.18 1,752.36
liabilities
a. Disputed Sales
a. Disputed Sales Tax
Tax Demandsb.
Demandsb. Disputed
Disputed ESI
ESI Demandsc.
Description of other contingent liabilities others Demandsc.
Performance Bank
Performance Bank
Guarantee
Guarantee
Outstanding
Outstanding

Indemnity for guarantees given by bank Contingent liability on disputed sales tax
Classes of contingent liabilities [Axis]
[Member] [Member]
01/04/2020 01/04/2019 01/04/2020 01/04/2019
to to to to
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Performance Bank Performance Bank
Description of nature of obligation, contingent Disputed Sales Tax Disputed Sales Tax
Guarantee Guarantee
liabilities Demand Demand
Outstanding Outstanding
Estimated financial effect of contingent
1,071.41 1,549.56 535.22 176.63
liabilities
182

Other contingent liabilities, others
Classes of contingent liabilities [Axis]
[Member]
01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disputed ESI Disputed ESI
Description of nature of obligation, contingent liabilities demands demands
Estimated financial effect of contingent liabilities 29.55 26.17
Disclosure of other provisions [Table] ..(1)

Warranty provision
Classes of other provisions [Axis] Other provisions [Member]
[Member]
01/04/2020 01/04/2019 01/04/2020
to to 31/03/2019 to
31/03/2021 31/03/2020 31/03/2021
Disclosure of other provisions [Abstract]
Disclosure of other provisions [Line items]
Reconciliation of changes in other provisions
[Abstract]
Changes in other provisions [Abstract]
Additional provisions, other provisions
[Abstract]
New provisions, other provisions 0 0 0
Increase in existing provisions, other
977.81 1,415.96 977.81
provisions
Total additional provisions, other
977.81 1,415.96 977.81
provisions
Provision used, other provisions 917.94 1,273.52 917.94
Total changes in other provisions 59.87 142.44 59.87
Other provisions at end of period 1,174.19 1,114.32 971.88 1,174.19
Disclosure of other provisions [Table] ..(2)

Classes of other provisions [Axis] Warranty provision [Member]
01/04/2019
to 31/03/2019
31/03/2020
Disclosure of other provisions [Abstract]
Disclosure of other provisions [Line items]
Reconciliation of changes in other provisions [Abstract]
Changes in other provisions [Abstract]
Additional provisions, other provisions [Abstract]
New provisions, other provisions 0
Increase in existing provisions, other provisions 1,415.96
Total additional provisions, other provisions 1,415.96
Provision used, other provisions 1,273.52
Total changes in other provisions 142.44
Other provisions at end of period 1,114.32 971.88
183

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of other provisions, contingent liabilities and contingent assets Textual information (47)
[TextBlock] [See below]
Disclosure of other provisions [TextBlock]
Disclosure of contingent liabilities [TextBlock]
Whether there are any contingent liabilities Yes Yes
a. Disputed Sales Tax a. Disputed Sales Tax
Demandsb. Disputed ESI Demandsb. Disputed ESI
Description of other contingent liabilities others Demandsc. Performance Demandsc. Performance
Bank Guarantee Bank Guarantee
Outstanding Outstanding
Disclosure of other provisions, contingent liabilities and contingent assets [Text Block]
1.1.Contingent Liabilities
(? in Lakhs)
Particulars As at 31 Mar 2021 As at 31 Mar 2020

Contingent Liabilities not provided for
a. Disputed Sales Tax Demands
535.22 176.63
(? 7.38 Lakhs paid as deposit)
b. Disputed ESI Demands

29.55 26.17
(?3.10 Lakhs paid as deposit)
c. Performance Bank Guarantee Outstanding 1071.41 1549.56

Total 1636.18 1752.36
1.2. Commitments
(i) Estimated amount of Contracts remaining to be executed on capital account and not provided for (Net of advances) as on 31st March 2021 is ?
62.64 lakhs (? 2949.11 lakhs as on 31st March 2020)
(ii) Aggregate amount of Bank Guarantees other than the Performance Guarantees outstanding as on 31st March 2021 is ? 163.00 lakhs (? 59.97
lakhs as on 31st March 2020)
[700200] Notes - Corporate social responsibility
Disclosure of net profits for last three financial years [Table] ..(1)
Financial year 1 Financial year 2 Financial year 3
Net profits for last three financial years [Axis]
[Member] [Member] [Member]
01/04/2020 01/04/2020 01/04/2020
to to to
31/03/2021 31/03/2021 31/03/2021
Disclosure of net profits for last three financial years [Abstract]
Disclosure of net profits for last three financial years [LineItems]
Description of financial year FY 19-20 FY 18-19 FY 17-18
Profit before tax of financial year 2,326.02 2,033.47 -2,470.27
Net profit computed u/s 198 and adjusted as per rule 2(1)(f)
2,169.86 1,845.94 -2,126.58
of Companies (CSR Policy) Rules, 2014
184
Classification of CSR spending [Table] ..(1)

CSR Spending 02 CSR Spending 01
Classification of CSR spending [Axis]
[Member] [Member]
01/04/2020 01/04/2020
to to
31/03/2021 31/03/2021
Disclosure of CSR spending [Abstract]
Details of CSR spent during financial year [Abstract]
Manner in which amount CSR spent during financial year [Abstract]
Manner in which amount CSR spent during financial year [Line items]
promoting
education, including
special education
Eradicating hunger,
and employment
poverty and
enhancing vocation
malnutrition and
skills especially
CSR project or activity identified among children,
promoting health
care including
women, elderly and
preventive health
the differently abled
care and sanitation
and livelihood
enhancement
projects
Livelihood
Sector in which project is covered Education enhancement
projects
Name of state or union territory where projects or programs was undertaken Gujarat Gujarat
Name of district where projects or programs was undertaken Ahmedabad Ahmedabad
Budget amount outlay project or program wise 9.4 3.25
Amount spent on projects or programs [Abstract]
Direct expenditure on projects or programs 9.4 3.25
Total amount spent on projects or programs 9.4 3.25
Other implementing Other implementing
Mode of amount spent agencies agencies

01/04/2020
to
31/03/2021
Disclosure of corporate social responsibility explanatory [TextBlock] [See below]
Whether provisions of corporate social responsibility are applicable on
Yes
company
Refer Disclosure
Disclosure of composition of CSR committee [TextBlock] report explanatory [Text
Block]
Whether company has written CSR policy Yes
Refer Disclosure
Details CSR policy [TextBlock] report explanatory [Text
Block]
Average net profit for last three financial years 629.74
Prescribed CSR expenditure 12.5948
Amount CSR to be spent for financial year 12.59
Amount CSR spent for financial year 12.65
Amount spent in local area 12.65
Refer Disclosure in board
Details of implementing agency of directors report
explanatory [Text Block]
185
Disclosure of corporate social responsibility explanatory [Text Block]

Expenditure on CSR Activities
( In rupees Lakhs)
1 Gross amount required to be spent by the company during the year 12.6
2 Amount spent during the year 12.7
[610500] Notes - Events after reporting period

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of events after reporting period [TextBlock]
Disclosure of non-adjusting events after reporting period [TextBlock]
Whether there are non adjusting events after reporting period No No
[612500] Notes - Share-based payment arrangements

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of share-based payment arrangements [TextBlock]
Whether there are any share based payment arrangement No No
[613000] Notes - Earnings per share

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of earnings per share [TextBlock] [See below]
Basic earnings (loss) per share from continuing operations [INR/shares] 181.29 [INR/shares] 152.74
Total basic earnings (loss) per share [INR/shares] 181.29 [INR/shares] 152.74
Diluted earnings (loss) per share from continuing operations [INR/shares] 181.29 [INR/shares] 152.74
Total diluted earnings (loss) per share [INR/shares] 181.29 [INR/shares] 152.74
Profit (loss), attributable to ordinary equity holders of parent entity
[Abstract]
Profit (loss), attributable to ordinary equity holders of parent entity 1,950.65 1,643.43
Profit (loss), attributable to ordinary equity holders of parent
1,950.65 1,643.43
entity including dilutive effects
Weighted average shares and adjusted weighted average shares [Abstract]
Weighted average number of ordinary shares outstanding [shares] 10,76,000 [shares] 10,76,000
186
Disclosure of earnings per share [Text Block]

5.10. Earnings Per Share (Basic and Diluted)

Profit for the year after tax (Rs. in Lakhs) 1950.65 1,643.43
Total number of equity shares at the end of the year
10,76,000 10,76,000
(One Equity share of face value of Rs. 10/- each)
Weighted average number of equity shares for the purpose of computing Earnings Per Share 10,76,000 10,76,000
Basic and Diluted Earnings Per Share (in Rs.) 181.29 152.74
Earnings per share are calculated in accordance with Indian Accounting Standard (Ind AS) 33, ''Earnings Per Share''.
[610900] Notes - First time adoption

01/04/2020 01/04/2019
to to
31/03/2021 31/03/2020
Disclosure of first-time adoption [TextBlock]
Whether company has adopted Ind AS first time No No
187

FY'21

Uploaded by

Copyright:

Available Formats

FY'21

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

FY'21

Uploaded by

Copyright:

Available Formats

LA-GAJJAR MACHINERIES PRIVATE LIMITED

Standalone Financial Statements for period 01/04/2020 to 31/03/2021

[700300] Disclosure of general information about company

Disclosure of principal product or services [Table] ..(1)

[700600] Disclosures - Directors report

Details of directors signing board report [Table] ..(1)

Details of material contracts/arrangements/transactions at arm's length basis [Table] ..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR

Details on policy development and implementation by company on Refer 'Disclosure

Textual information (1)

Disclosure in board of directors report explanatory [Text Block]

LA-GAJJAR MACHINERIS PVT. LTD.

REGISTRAR & SHARE TRANSFER AGENT

Nagarwel Hanuman Road Acidwala Estate, Opp. Sukhrampura,

Amraiwadi, Ahmedabad - 380026, Gujarat, India

Ph. No. 079 - 22777487

REPORT OF THE DIRECTORS

OF LA-GAJJAR MACHINERIES PRIVATE LIMITED

JOURNEY WITH KIRLOSKAR OIL ENGINES LIMITED

PARTICULARS 2020-2021 2019-2020

COMPANY’S FINANCIAL PERFORMANCE HIGHLIGHTS

Your Company continued to focus on quality standards.

Annexure 1 to the Directors’ Report

(A) Conservation of Energy:-

1. Power Consumption :- Rs. 1.42 Crs.

2. Fuel Consumption :- N.A.

3. GAS consumption :- N.A.

(B) Technology Absorption

(C) Foreign Exchange Earnings and Outgo

Annexure 2 to the Directors’ Report

Annual Report on Corporate Social Responsibility (CSR) activities for FY 2020-21

1. Brief outline on CSR Policy of the Company:

2. Composition of CSR Committee:

Designation / Number of meetings of Number of meetings of CSR

1 Mr. Sunil Shah Singh Chairman 2 2

Note: Applicable with effect from 1st April 2021

(d) Amount spent in Administrative Overheads: NIL

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

(g) Excess amount for set off, if any:

Sl. No. Particular Amount (in Rs.)

Amount Amount Amount

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

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

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

Sunil Shah Singh Sanjeev Nimkar

(Chairman CSR Committee) Vice Chairman

[700500] Disclosures - Signatories of financial statements

Details of directors signing financial statements [Table] ..(1)

[700400] Disclosures - Auditors report

Details regarding auditors [Table] ..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR

Textual information (2)

Disclosure in auditors report relating to fixed assets

Textual information (3)

Disclosure relating to physical verification and material discrepancies of fixed assets

Textual information (4)

Disclosure relating to title deeds of immovable properties

Textual information (5)

Disclosure in auditors report relating to inventories

Textual information (6)