class 10 refraction

TRL
Sixty-fifth Annual Report 2023 - 24
Contents
Board of Directors .....................................................................................................................2
Notice ......................................................................................................................................3
Highlights ................................................................................................................................12
Directors' Report .....................................................................................................................13
Management Discussion and Analysis ..................................................................................30
Corporate Governance Report ...............................................................................................32
Standalone Financial Statement
Independent Auditors' Report ................................................................................................40
Annexure to the Auditors' Report ...........................................................................................43
Balance Sheet ........................................................................................................................48
Statement of Profit & Loss .....................................................................................................49
Statement of Changes in Equity .............................................................................................50
Statement Cash Flow .............................................................................................................51
Accounting Policies ................................................................................................................65
Consolidated Financial Statement
Independent Auditors' Report on Consolidated Financial Statements ...................................89
Consolidated Balance Sheet...................................................................................................94
Consolidated Statement of Profit & Loss ...............................................................................95
Consolidated Statement of Changes in Equity .......................................................................96
Consolidated Statement of Cash Flow ...................................................................................97
Consolidated Accounting Policies..........................................................................................111
1
TRL Sixty-fifth Annual Report 2023 - 24
Board of Directors
(As on 2nd August, 2024)
Mr. Hemant Madhusudan Nerurkar Chairman
Mr. Pradeep Vasudeo Bhide Independent Director
Mr. Raghupathy Ranganath Rao Independent Director
Mr. Hisatake Okumura Director
Mr. Sachihiko Asaya Director
Mr. Jumpei Konishi Director
Ms. Ai Iwasaki Woman Director
Mr. Anirban Dasgupta Director
Mr. Chaitanya Bhanu Director
Mr. Prasanta Kumar Naik Managing Director
Mr. Sunanda Sengupta Whole Time Director (Executive Director)
Senior Executives
Dr. Tarapada Dash Executive Vice President (CS and Sustainability)
Mr. Hiroshi Nagata Executive Vice President (Technology & TSS)
Mr. Bhagaban Parida VP (Finance) and Chief Financial Officer
Mr. Asim Kumar Meher Company Secretary
Registered Office At/Po: Belpahar

Dist: Jharsuguda (Odisha), 768218
Phone No.: 06645-258417
CIN U26921OR1958PLC000349
Principal Bankers State Bank of India

Central Bank of India
Mizuho Bank Limited
MUFG Bank Limited
HDFC Bank Limited
Auditors BSR & Co. LLP

Chartered Accountants
Kolkata
Secretarial Auditors Ashok Mishra & Associates

Company Secretaries
Bhubaneswar
Cost Auditors Saroj K. Babu & Co.

Cost Accountants
Kolkata
2
TRL
NOTICE
Notice is hereby given that the Sixty-fifth Annual General Meeting of the members of TRL Krosaki Refractories Limited will be held on
Wednesday, 18th September 2024, at 01:00 PM IST at the Registered Office at Belpahar, Dist: Jharsuguda, Odisha 768218, to
transact the following business:
ORDINARY BUSINESS:
Item No. 1 – Adoption of Audited Standalone Financial Statements

To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st
March 2024 and the Reports of the Board of Directors and the Auditor’s Report thereon.
Item No. 2 – Adoption of Audited Consolidated Financial Statements

To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st
March 2024 and the Report of the Auditor’s thereon.
Item No. 3 – Declaration of Dividend

To declare a dividend of ₹ 28.50 per equity share of ₹ 10 each for the Financial Year 2023-24.
Item No. 4 – Appointment of a Director

To appoint a director in place of Mr. Sachihiko Asaya (DIN: 09043344), who retires by rotation in terms of section 152(6) and, being
eligible, seeks re-appointment.
SPECIAL BUSINESS:
Item No. 5 – Retirement of a Director

To consider and if thought fit, to pass with or without modification(s), the following Resolutions as Ordinary Resolutions:
“RESOLVED THAT Mr. Jumpei Konishi (DIN: 09152493), who retires by rotation in this Annual General Meeting, be not reappointed
on the Board."
FURTHER RESOLVED THAT the vacancy so caused by the non re-appointment of Mr. Jumpei Konishi be not filled.”
Item No. 6 - Appointment of Mr. Prasanta Kumar Naik (DIN:10563545) as Director

To consider and if thought fit, to pass with or without modification(s), the following Resolution as an Ordinary Resolution:
“RESOLVED THAT Mr. Prasanta Kumar Naik (DIN:10563545), who was appointed as an Additional Director of the Company by the
Board of Directors with effect from 1st May 2024, in terms of Section 161(1) of the Companies Act, 2013 (“the Act”) and Clause 97 of
the Articles of Association of the Company and who holds office up to the date of the forthcoming Annual General Meeting but who is
eligible for appointment be and is hereby appointed as a Director of the Company not liable to retire by rotation.”
Item No. 7 - Appointment of Mr. Prasanta Kumar Naik (DIN:10563545) as Managing Director
To Consider and if thought fit, to pass with or without modification(s), the following Resolutions as Special Resolutions:
“RESOLVED THAT pursuant to the provisions of Section 196, 197, 203 and other applicable provisions, if any, of the Companies Act,
2013 (the “Act”) & the Rules framed thereunder, read with Schedule V of the Act, as amended from time to time, the Company hereby
approves the appointment of Mr. Prasanta Kumar Naik (DIN:10563545) as Managing Director of the Company, for a period of 3
(three) years starting from 01.05.2024 to 30.04.2027 upon the terms and conditions of appointment and remuneration set out in the
explanatory statement annexed to the Notice convening this Meeting, including the remuneration to be paid in the event of loss or
inadequacy of profits in any financial year with liberty to the Directors to alter and vary the terms and conditions of the said
appointment in such manner, as may be agreed to between the Directors and Mr. Prasanta Kumar Naik.
FURTHER RESOLVED THAT the Board be and is hereby authorised to take all such steps as may be necessary, proper and
expedient to give effect to this Resolution.”
Item No. 8 – Appointment of Mr. Sunanda Sengupta (DIN: 07983587) as Director

To consider and if thought fit, to pass with or without modification(s), the following Resolution as an Ordinary Resolution:
“RESOLVED THAT Mr. Sunanda Sengupta (DIN: 07983587), who was appointed as an Additional Director of the Company by the
Board of Directors with effect from 2nd August 2024, in terms of Section 161(1) of the Companies Act, 2013 (“the Act”) and Clause 97
of the Articles of Association of the Company and who holds office up to the date of the forthcoming Annual General Meeting but who
is eligible for appointment be and is hereby appointed as a Director of the Company not liable to retire by rotation.”
3
Item No. 9 - Appointment of Mr. Sunanda Sengupta (DIN: 07983587) as Whole Time Director
To Consider and if thought fit, to pass with or without modification(s), the following Resolutions as Special Resolutions:
"RESOLVED THAT pursuant to the provisions of Section 196, 197, 203 and other applicable provisions, if any, of the Companies Act,
2013 (the “Act”) & the Rules framed thereunder, read with Schedule V of the Act, as amended from time to time, the Company hereby
approves the appointment of Mr. Sunanda Sengupta (DIN: 07983587) as Whole Time Director designated as Executive Director of
the Company, for a period of 3 (three) years starting from 02.08.2024 to 01.08.2027, upon the terms and conditions of appointment
and remuneration set out in the explanatory statement annexed to the Notice convening this Meeting, including the remuneration to
be paid in the event of loss or inadequacy of profits in any financial year, with liberty to the Directors to alter and vary the terms and
conditions of the said appointment in such manner, as may be agreed to between the Directors and Mr. Sunanda Sengupta.
FURTHER RESOLVED THAT the Board be and is hereby authorised to take all such steps as may be necessary, proper and
expedient to give effect to this Resolution.”
Item No. 10 – Approval of Remuneration of Cost Auditors

To consider and if thought fit, to pass with or without modification(s), the following Resolutions as Ordinary Resolutions:
“RESOLVED THAT pursuant to the provisions of Section 148(3) and other applicable provisions, if any, of the Companies Act, 2013
read with the Companies (Audit and Auditors) Rules, 2014, including any amendment, modification or variation thereof, the
Company hereby approves a remuneration of ₹ 1,10,000/- for FY 2024-25 plus applicable taxes and reimbursement of out-of-pocket
expenses incurred in connection with the Cost Audit payable to Saroj K. Babu & Co., Cost Accountants (Firm Registration Number -
100591), who have been appointed by the Board of Directors at its meeting on 2nd August 2024 as the Cost Auditors of the Company,
to conduct the audit of the cost records of the Company as prescribed under the Companies (Cost Records and Audit) Rules 2014,
for the Financial Year ending March 31, 2025.
FURTHER RESOLVED THAT the Board of Directors (which term includes a duly constituted Committee of the Board of Directors) be
and is hereby authorized to do all such acts, deeds, matters and things as may be considered necessary, desirable and expedient for
giving effect to this Resolution and / or otherwise considered by them to be in the best interest of the Company.”
NOTES:
(a) The Explanatory Statement, pursuant to Section 102(1) of the Companies Act,2013, (‘Act’) as amended relating to Special
Business mentioned through Item Nos. 5 to 10 form part of this Notice. A brief profile of the Director(s) who are being proposed
to be appointed/re-appointed as required pursuant to the Secretarial Standards is annexed hereto.
(b) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING IS ENTITLED TO APPOINT A
PROXY TO ATTEND AND VOTE IN THE MEETING INSTEAD OF HIMSELF/HERSELF, AND THE PROXY NEED NOT BE A
MEMBER OF THE COMPANY.
(c) Proxies, in order to be effective, must be received at the Company’s Registered Office not less than 48 hours before the
meeting. Members are requested to note that a person can act as a proxy on behalf of members not exceeding 50 and holding
in the aggregate not more than 10% of the total share capital of the Company carrying voting rights. In case a proxy is proposed
to be appointed by a member holding more than 10% of the total share capital of the Company carrying voting rights, then such
proxy shall not act as a proxy for any other person or shareholder.
(d) Corporate/Institutional members intending to send their authorized representatives to attend the meeting pursuant to section
113 of the Companies Act,2013 are requested to send a certified copy of the Board Resolution to the Company, authorizing their
representative to attend and vote on their behalf at the meeting.
(e) In case of joint holders attending the Meeting, only such joint holders who are higher in the order of the names will be entitled to
vote.
(f) The register of Members and Share Transfer Books will remain closed from Saturday, 14th September 2024 to Wednesday,
18th September 2024, both days inclusive.
(g) If dividend on equity shares as recommended by the Board of Directors is approved at the meeting, payment of such dividend
will be made on and from September 22, 2024 as under:
l In respect of Equity Shares held in physical form, to all those members whose name appear in the Company’s Register of
Members as on Friday, 13th September 2024 after giving effect to valid requests for transfers, transmission or
transposition lodged with the Company on or before the end of business hours on Friday, 13th September 2024.
l In respect of Equity Shares held in electronic form, to all beneficial owners of shares as at the end of business hours on
Friday, 13th September 2024, as per details furnished by the Depositories for this purpose.
Payment of dividend shall be made through electronic mode to the Shareholders who have updated their bank account details.
Dividend warrants / demand drafts will be despatched to the registered address of the shareholders who have not updated their
bank account details.
Shareholders are requested to register / update their complete bank details:
(a) with their Depository Participant(s) with whom they maintain their demat accounts if shares are held in dematerialized
mode by submitting the requisite documents, and
4
TRL
(b) with the Company by emailing at asim.meher@trlkrosaki.com , if shares are held in physical mode, by submitting
(i) scanned copy of the signed request letter which shall contain shareholder’s name, folio number, bank details (Bank
account number, Bank and Branch Name and address, IFSC, MICR details),
(ii) self-attested copy of the PAN card and (iii) cancelled cheque leaf
(h) Pursuant to the Finance Act, 2020, dividend income will be taxable in the hands of shareholders w.e.f. 1st April 2020 and the
Company is required to deduct tax at source from dividend paid to shareholders at the prescribed rates as per the Income Tax
Act. The shareholders are requested to update their Residential Status, PAN, Category as per Income Tax Act with the
Company (in case shares are held in physical mode) and depositories (in case shares are held in demat mode).
(i) A Resident individual shareholder with PAN and who is not liable to pay Income Tax can submit a yearly declaration in Form No.
15G/15H, to avail the benefit of non-deduction of tax at source by email to asim.meher@trlkrosaki.com by 11:59 p.m. (IST) on
Friday, 13th September 2024. Shareholders are requested to note that if the PAN is not registered, the tax will be deducted at a
higher rate of 20%, as per the rules of Income Tax Act.
Non-resident shareholders can avail beneficial rates under tax treaty between India and their country of residence, subject to
providing necessary documents i.e. No Permanent Establishment and Beneficial Ownership Declaration, Tax Residency
Certificate, Form 10F, any other document which may be required to avail the tax treaty benefits by sending an email to
asim.meher@trlkrosaki.com . The aforesaid declarations and documents need to be submitted by the shareholders by 11:59
p.m. (IST) on Friday, 13th September 2024.
(j) During Financial Year 2018-19, the Ministry of Corporate Affairs (‘MCA’) vide Rule 9A of Companies (Prospectus and Allotment
of Securities) Rules, 2014, mandated for every Unlisted Public Limited Company that the existing shareholders of the
Company who hold securities in physical mode and intend to transfer their securities on or after 2nd October 2018 can do so
only in dematerialized form. Therefore, shareholders holding shares in physical form are requested to consider converting their
shareholding to dematerialized form to eliminate all risks associated with physical shares for ease of portfolio management as
well as for ease of transfer, if required. Shareholders can contact the Company or Depository Participant for assistance in this
regard.
(k) The Company has lodged its entire shareholding with NSDL facilitating shareholders to dematerialize their individual holdings.
The ISIN No. of the Company is INE 012L01014. Shareholders wishing to dematerialize their shares may contact their
Depository Participant through which they are operating Demat Account or contact the Company for further details.
(l) Members are requested to note that dividends, if not encashed for a consecutive period of 7 years from the date of transfer to
“Unpaid Dividend Account” of the Company, are liable to be transferred to the Investor Education and Protection Fund (IEPF).
The shares in respect of such unclaimed dividends are also liable to be transferred to the demat account of the IEPF Authority.
In view of this, Members are requested to claim their dividends from the Company, within the stipulated timeline. The Members,
whose unclaimed dividends/shares have been transferred to IEPF, may claim the same by making an online application to the
IEPF authority in web Form No. IEPF-5 available on www.iepf.gov.in.
(m) A detailed Know Your Shareholder (KYS) form is annexed with the Annual Report. Members are requested to provide updated
details as per the form attached and send it to the registered address of the Company or scan and mail the same to
asim.meher@trlkrosaki.com.
(n) To support the ‘Green Initiative’ and for receiving all communications (including Annual Report) from the Company
electronically, members who have not yet registered their email address are requested to register the same with their
Depository Participants (DPs)/Company in case the shares are held in electronic form or in case the shares are held in physical
form may follow the instruction as mentioned in point no (m).
o) Pursuant to Section 72 of the Companies Act, 2013 read with Rules framed thereunder, shareholders are entitled to make
nomination in respect of shares held by them. Shareholders holding shares in physical form and desirous of making
nomination(s) are requested to send their nomination(s) in the prescribed Form No. SH-13 duly filled in to the Company at its
registered office. A nomination may be cancelled or varied by nominating any other person in place of the present nominee, by
the holder of shares who has made the nomination, by giving a notice of such cancellation or variation, to the Company in Form
No SH-14. Further, shareholders holding shares in electronic form are requested to contact their respective Depository
Participant, with whom they are maintaining their demat account, to avail this facility.
(p) During the Annual General Meeting, members may access copy of the Notice along with the Annual Report on the Company’s
website at https://www.trlkrosaki.com/.
(q) Shareholders desiring any information as regards to Accounts are requested to write to the Company at
asim.meher@trlkrosaki.com at least seven days before the meeting so as to enable the management to keep the information
ready at the meeting.
By Order of the Board of Directors
Sd/-
Date : August 02, 2024 Asim Kumar Meher
Place : Kolkata Company Secretary
(ACS : 42427)
Registered Office :
Po: Belpahar, Dist. Jharsuguda, Odisha, Pin: 768218
CIN: U26921OR1958PLC000349
Website: www.trlkrosaki.com
5
Statement pursuant to Section 102(1) of the Companies Act, 2013 (“Act”)

The following Explanatory Statements set out all material facts relating to Item Nos. 5 to 10 mentioned in the accompanying
Notice.
Item No. 5
In accordance with the provisions of the Companies Act, 2013 and Articles of Association of the Company, Mr. Jumpei Konishi
(DIN: 09152493) retires by rotation at the 65th Annual General Meeting. Pursuant to the discussions in the Nomination and
Remuneration Committee and the Board on the nominated Directors of Krosaki Harima Corporation, it was decided not to
consider the candidature of Mr. Jumpei Konishi for re-appointment at the 65th Annual General Meeting. The Board also
decided that the vacancy so caused by the retirement of Mr. Jumpei Konishi be not filled in the said meeting as per the
provisions of Section 152 (7)(a) of the Companies Act, 2013.
The Board recommends the resolutions set forth in item No. 5 for the approval of the Members.
None of the Director (s) and Key Managerial Personnel of the Company or their respective relatives, except Mr. Jumpei
Konishi, are concerned or interested in the resolution mentioned in item No. 5 of the Notice.
Item No. 6 & 7:

The Board of Directors, in its meeting held on 4th April 2024, has appointed Mr. Prasanta Kumar Naik (DIN:10563545) as an
Additional Director of the Company on the recommendation of Nomination and Remuneration Committee with effect from 1st
May 2024. In terms of Section 161(1) of the Companies Act, 2013 and Article 97 of the Articles of Association of the Company,
Mr. Prasanta Kumar Naik holds office as Director only till the date of the forthcoming Annual General Meeting but is eligible for
appointment as a Director not liable to retire by rotation.
Mr. Prasanta Kumar Naik, born in 1964, has completed his M. Tech (Geology) from Indian School of Mines, Dhanbad in 1985.
He joined the Company in 1991 and he has rich experience of more than 33 years in the Company.
The Board considers that Mr. Prasanta Kumar Naik’s continued association would be of immense benefit to the Company,
and it is desirable to continue to avail the contribution of Mr. Naik as Director.
The Nomination & Remuneration Committee, in their meeting held on 04th April 2024, has also recommended to the Board
for appointment of Mr. Prasanta Kumar Naik (DIN: 10563545) as the Managing Director and Key Managerial Personnel of the
Company for a period of 3 (three) years starting from 01.05.2024 to 30.04.2027. Accordingly, the Board of Directors of the
Company, at their meeting held on 04th April 2024, has appointed Mr. Prasanta Kumar Naik as Managing Director and Key
Managerial Personnel of the Company for the period of 3 (three) years starting from 1st May 2024 to 30th April 2027. The
Board on the recommendation of Nomination and Remuneration Committee held prior to Board Meeting on 16th May 2024
approved the remuneration and other terms and conditions of appointment of Mr. Prasanta Kumar Naik subject to the
approval of the Shareholders during the ensuing Annual General Meeting.
The main terms and conditions of the appointment of Mr. Prasanta Kumar Naik as the Managing Director are as follows:
(1) Period: 1st May 2024 to 30th April 2027.
(2) Nature of Duties: Mr. Prasanta Kumar Naik shall devote his whole time and attention to the business of the Company
and carry out such duties as may be entrusted to him by the Board from time to time and separately communicated to
him and exercise such powers as may be assigned to him, subject to superintendence, control and directions of the
Board in connection with and in the best interests of the business of the Company and the business of any one or more of
its associated companies and / or subsidiaries, including performing duties as assigned by the Board from time to time
by serving on the boards of such associated companies and / or subsidiaries or any other executive body or any
committee of such a Company.
(3) Remuneration:
(i) Basic Salary: ₹ 4,27,844/- (Rupees Four Lakh Twenty-Seven Thousand Eight Hundred Forty-Four Only) per
month, with an authority to the Board which expression shall include a Committee thereof, to fix his basic salary
from time to time within the maximum of ₹ 7,50,000/- (Rupees Seven Lakh Fifty Thousand) per month. The annual
increments will be merit based and take into account the Company’s performance; such increment shall fall due on
1st April of every succeeding year.
and
Such remuneration by way of commission, in addition to salary and perquisites, calculated with reference to the net
profits of the Company for each Financial Year, subject to the overall ceiling stipulated in section 197 of the
Companies Act, 2013 and also such limit as may be decided by the Board of Directors of the Company at the end of
each such financial year.
The commission (if any) will be paid after the Annual Financial Statements of the Company are approved by the
Board and adopted by the Shareholders in the Annual General Meeting.
6
TRL
(iii) Long Term Incentive Plan: Deferred cash-based incentive scheme as approved by the Board
(iv) Perquisites and Allowances:
In addition to the salary and Commission / Performance Linked Remuneration, the Managing Director shall also be
entitled to perquisites like accommodation (furnished or otherwise) or house rent allowance in lieu thereof; house
maintenance allowance, together with reimbursement of expenses or allowances for utilities such as gas,
electricity, water, furnishings, repairs, servant’s salaries, society charges and property tax, medical reimbursement
for self and family, medical/accident insurance, leave travel concession for self and his family, club fees and such
other perquisites and allowances in accordance with the rules of the Company or as may be agreed to by the Board
or Committee thereof as Managing Director and such perquisites and allowances to be restricted to an overall limit
of 140% of the annual salary of the Managing Director.
Provided that –
(a) for the purpose of calculating the above ceiling, perquisites and allowances shall be evaluated as per the
Income-tax Rules, wherever applicable. In the absence of any such Rules, perquisites and allowances shall
be evaluated at actual cost.
(b) provision for use of the Company’s car for official duties and telephone at residence (including payment for
local calls and long-distance official calls) shall not be included in the computation of perquisites and
allowances for the purpose of calculating the said ceiling; and
(c) Company’s contribution to Provident Fund and Superannuation Fund or Annuity Fund and Gratuity payable
as per the rules of the Company and encashment of leave at the end of the tenure shall not be included in the
computation of the said ceiling.
(v) Minimum Remuneration:
Notwithstanding anything to the contrary herein contained, where in any financial year during the tenure of Mr. Naik
as Managing Director, the Company has no profits or inadequate profits, the Company will pay him remuneration
by way of salary, performance linked remuneration, perquisites and allowances, Long-Term Incentive as approved
by the Board.
(4) Other terms of appointment:
(a) The Managing Director, so long as he functions as such, undertakes not to become interested or otherwise
concerned, directly or through his spouse and/or children, in any selling agency of the Company.
(b) The terms and conditions of the re-appointment of the Managing Director and/or this agreement may be altered
and varied from time to time by the Board as it may, at its discretion and as deems fit, irrespective of the limits
stipulated under Schedule V to the Companies Act, 2013 or any amendments made hereafter in this regard in such
manner as may be agreed to between the Board and the Managing Director, subject to such approvals as may be
required.
(c) The appointment may be terminated earlier, without any cause, by either party by giving to the other party six
months’ notice of such termination or the Company paying six months remuneration, which shall be limited to
provision of Salary, Benefits, Perquisites, Allowances and any pro-rated Incentive Remuneration (paid at the
discretion of the Board), in lieu of such notice.
(d) The employment of the Managing Director may be terminated by the Company without notice or payment in lieu of
notice:
(i) if the Managing Director is found guilty of any gross negligence, default or misconduct in connection with or
affecting the business of the Company or any subsidiary or associated Company to which he is required by the
Agreement to render services; or
(ii) in the event of any serious or repeated or continuing breach (after prior warning) or non-observance by the
Managing Director of any of the stipulations contained in the Agreement; or
(iii) in the event the Board expresses its loss of confidence in the Managing Director.
(e) In the event the Managing Director is not in a position to discharge his official duties due to any physical or mental
incapacity, the Board shall be entitled to terminate his contract on such terms as the Board may consider
appropriate in the circumstances.
(f) Upon the termination by whatever means of Managing Director's employment under the Agreement:
(i) He shall immediately cease to hold offices held by him in any holding Company, subsidiaries or associate
companies without claim for compensation for loss of office by virtue of Section 167(1)(h) of the Act and shall
resign as trustee of any trusts connected with the Company.
7
(ii) He shall not, without the consent of the Board, at any time thereafter represent himself as connected with the
Company or any of its subsidiaries and associated companies.
(g) All Personnel Policies of the Company and the related rules which are applicable to other employees of the
Company shall also be applicable to the Managing Director unless specifically provided otherwise.
(h) If and when the agreement expires or is terminated for any reason whatsoever, Mr. Naik will cease to be the
Managing Director and also cease to be a Director of the Company. If at any time, the Managing Director ceases to
be a Director of the Company for any reason whatsoever, he shall cease to be the Managing Director, and the
Agreement shall forthwith terminate. If at any time the Managing Director ceases to be in employment of the
Company for any reason whatsoever, he shall also cease to be a Director and the Managing Director of the
Company.
(i) The terms and conditions of re-appointment of Managing Director also include clauses pertaining to adherence to
the Company’s Code of Conduct, protection and use of intellectual property, non-competition, non-solicitation post
termination of agreement and maintenance of confidentiality.
In compliance with the provisions of Sections 196, 197 and other applicable provisions of the Act, read with Schedule V
to the Companies Act 2013, the approval of the Members is sought for the appointment and terms of remuneration of Mr.
Prasanta Kumar Naik as Managing Director as set out above.
None of the Director(s) and Key Managerial Personnel of the Company or their respective relatives except Mr. Naik to
whom the resolutions relate are concerned or interested in the resolutions mentioned in Item No. 6 & 7 of the Notice.
Item No. 8 & 9
The Board of Directors, in its meeting held on 2nd August 2024, has appointed Mr. Sunanda Sengupta (DIN: 07983587) as an
Additional Director of the Company on the recommendation of the Nomination and Remuneration Committee with effect from
2nd August 2024. In terms of Section 161(1) of the Companies Act, 2013 and Article 97 of the Articles of Association of the
Company, Mr. Sunanda Sengupta holds office as Director only till the date of the forthcoming Annual General Meeting but is
eligible for appointment as a Director not liable to retire by rotation.
Mr. Sunanda Sengupta, born in 1971, completed B.Tech (Ceramics) from the University of Kolkata in 1993. He joined the
Company in the year 2009, and he has rich experience of more than 30 years in diverse fields and various positions.
The Board considers that Mr. Sunada Sengupta’s continued association would be of immense benefit to the Company, and it
is desirable to appoint him as Whole Time Director designated as Executive Director of the Company to continue the
contribution of Mr. Sengupta.
The Nomination & Remuneration Committee, in their meeting held on 2nd August 2024, has recommended to the Board for
appointment of Mr. Sunanda Sengupta (DIN: 07983587) as a Whole Time Director designated as Executive Director and Key
Managerial Personnel of the Company for a period of 3 (three) years starting from 02.08.2024 to 01.08.2027. Accordingly, the
Board of Directors of the Company, at their meeting held on 2nd August 2024, has appointed Mr. Sunanda Sengupta as a
Whole Time Director designated as Executive Director and Key Managerial Personnel of the Company for the period of 3
(three) years starting from 2nd August 2024 to 1st August 2027. The Board, on the recommendation of Nomination and
Remuneration Committee held prior to Board Meeting on 2nd August 2024 also approved the remuneration and other terms
and conditions of appointment of Mr. Sunanda Sengupta subject to the approval of the Shareholders during the ensuing
Annual General Meeting.
The main terms and conditions of the appointment of Mr. Sunanda Sengupta as a Whole Time Director are as follows:
(1) Period: 2nd August 2024 to 1st August 2027.
(2) Nature of Duties:
Mr. Sunanda Sengupta shall devote his whole time and attention to the business of the Company and carry out such
duties as may be entrusted to him by the Company from time to time and separately communicated to him to exercise
such powers as may be assigned to him, subject to superintendence, control and directions of the Company in
connection with and in the best interests of the business of the Company and the business of any one or more of its
associated companies and / or subsidiaries, including performing duties as assigned by the Company from time to time
by serving on the Boards of such associated companies and / or subsidiaries or any other executive body or any such
committee of the Company.
(3) Remuneration:
(i) Basic Salary of Rs. 5,25,063/- (Rupees Five Lakh Twenty-five Thousand Sixty-Three Only) per month, with
authority to the Board, which expression shall include a Committee thereof, to fix his salary from time to time within
the maximum of Rs. 7,50,000/- (Rupees Seven Lakh Fifty Thousand only) per month. The annual increments will
be merit based and considering the Company’s performance; such increment shall fall due on 1st April of every
succeeding year.
8
TRL
and
Such remuneration by way of commission, in addition to salary and perquisites, calculated with reference to the net
profits of the Company for each Financial Year, subject to the overall ceiling stipulated in section 197 of the
Companies Act, 2013 and also such limit as may be decided by the Board of Directors of the Company at the end of
each such financial year.
The commission (if any) will be paid after the Annual Financial Statements of the Company are approved by the
Board and adopted by the Shareholders in the Annual General Meeting.
(iii) Long Term Incentive Plan:
Deferred cash-based incentive scheme as approved by the Board
(iv) Perquisites and Allowances:
In addition to the salary and Commission / Performance Linked Remuneration, the Whole Time Director shall also
be entitled to perquisites like accommodation (furnished or otherwise) or house rent allowance in lieu thereof;
house maintenance allowance, together with reimbursement of expenses or allowances for utilities such as gas,
electricity, water, furnishings, repairs, servant’s salaries, society charges and property tax, medical reimbursement
for self and family, medical/accident insurance, leave travel concession for self and his family, club fees and such
other perquisites and allowances in accordance with the rules of the Company or as may be agreed to by the Board
or Committee thereof as Whole Time Director and such perquisites and allowances to be restricted to an overall
limit of 140% of the annual salary of the Whole Time Director.
Provided that –
(a) for the purpose of calculating the above ceiling, perquisites and allowances shall be evaluated as per the
Income-tax Rules, wherever applicable. In the absence of any such Rules, perquisites and allowances shall
be evaluated at actual cost.
(b) provision for use of the Company’s car for official duties and telephone at residence (including payment for
local calls and long-distance official calls) shall not be included in the computation of perquisites and
allowances for the purpose of calculating the said ceiling; and
(c) Company’s contribution to Provident Fund and Superannuation Fund or Annuity Fund and Gratuity payable
as per the rules of the Company and encashment of leave at the end of the tenure shall not be included in the
computation of the said ceiling.
(v) Minimum Remuneration:
Notwithstanding anything to the contrary herein contained, where in any financial year during the tenure of Mr.
Sengupta as Whole Time Director, the Company has no profits or inadequate profits, the Company will pay him
remuneration by way of salary, performance linked remuneration, perquisites and allowances, Long-Term
Incentive as approved by the Board.
(4) Other terms of appointment:
(a) The Whole Time Director, so long as he functions as such, undertakes not to become interested or otherwise
concerned, directly or through his spouse and/or children, in any selling agency of the Company.
(b) The terms and conditions of the re-appointment of the Whole Time Director and/or this agreement may be altered
and varied from time to time by the Board as it may, at its discretion and as deems fit, irrespective of the limits
stipulated under Schedule V to the Companies Act, 2013 or any amendments made hereafter in this regard in such
manner as may be agreed to between the Board and the Whole Time Director, subject to such approvals as may be
required.
(c) The appointment may be terminated earlier, without any cause, by either party by giving to the other party six
months’ notice of such termination or the Company paying six months remuneration, which shall be limited to
provision of Salary, Benefits, Perquisites, Allowances and any pro-rated Incentive Remuneration (paid at the
discretion of the Board), in lieu of such notice.
(d) The employment of the Whole Time Director may be terminated by the Company without notice or payment in lieu
of notice:
(i) if the Whole Time Director is found guilty of any gross negligence, default or misconduct in connection with or
affecting the business of the Company or any subsidiary or associated Company to which he is required by the
Agreement to render services; or
(ii) in the event of any serious or repeated or continuing breach (after prior warning) or non-observance by the
Whole Time Director of any of the stipulations contained in the Agreement; or
(iii) in the event the Board expresses its loss of confidence in the Whole Time Director.
9
(e) In the event the Whole Time Director is not in a position to discharge his official duties due to any physical or mental
incapacity, the Board shall be entitled to terminate his contract on such terms as the Board may consider
appropriate in the circumstances.
(f) Upon the termination by whatever means of Whole Time Director's employment under the Agreement:
(i) He shall immediately cease to hold offices held by him in any holding Company, subsidiaries or associate
companies without claim for compensation for loss of office by virtue of Section 167(1)(h) of the Act and shall
resign as trustee of any trusts connected with the Company.
(ii) He shall not, without the consent of the Board, at any time thereafter represent himself as connected with the
Company or any of its subsidiaries and associated companies.
(g) All Personnel Policies of the Company and the related rules which are applicable to other employees of the
Company shall also be applicable to the Whole Time Director unless specifically provided otherwise.
(h) If and when the agreement expires or is terminated for any reason whatsoever, Mr. Sengupta will cease to be the
Whole Time Director and also cease to be a Director of the Company. If at any time, the Whole Time Director ceases
to be a Director of the Company for any reason whatsoever, he shall cease to be the Whole Time Director, and the
Agreement shall forthwith terminate. If at any time the Whole Time Director ceases to be in employment of the
Company for any reason whatsoever, he shall also cease to be a Director and the Whole Time Director of the
Company.
(i) The terms and conditions of re-appointment of Whole Time Director also include clauses pertaining to adherence to
the Company’s Code of Conduct, protection and use of intellectual property, non-competition, non-solicitation post
termination of agreement and maintenance of confidentiality.
In compliance with the provisions of Sections 196, 197 and other applicable provisions of the Act, read with
Schedule V to the Companies Act 2013, the approval of the Members is sought for the appointment and terms of
remuneration of Mr. Sunanda Sengupta as Whole Time Director as set out above.
None of the Director(s) and Key Managerial Personnel of the Company or their respective relatives except Mr.
Sengupta to whom the resolutions relate are concerned or interested in the resolutions mentioned in Item No. 8 & 9
of the Notice.
Item No. 10.

The Company is required under Section 148(3) of the Companies Act, 2013 read with the Companies (Cost Records and
Audit) Rules, 2014, as amended from time to time (“Cost Audit Rules”), to have the audit of its cost records for products
covered under the Cost Audit Rules conducted by a Cost Accountant in Practice. Based on the recommendation of the Audit
Committee, the Board in its meetings held on 2nd August 2024, has approved the appointment of M/s Saroj K Babu & Co.,
Cost Accountants (Firm’s Registration Number 100591) as the Cost Auditors for Financial Year 2024-25 at a remuneration of
Rs 1,10,000 (Rupees one lakh ten thousand only) plus applicable taxes and reimbursement of out-of-pocket expenses. In
accordance with the provisions of Section 148(3) of the Act read with Rule 14 of the Companies (Audit and Auditors) Rules,
2014, the remuneration payable to the Cost Auditors as recommended by the Audit Committee and approved by the Board of
Directors has to be ratified by the Members of the Company. Accordingly, the consent of the Members is sought for passing an
Ordinary Resolution as set out at Item No. 10 of the Notice for approval of the remuneration payable to the Cost Auditors for
the Financial Year ending on 31st March 2025.
None of the Director(s) and Key Managerial Personnel of the Company or their respective relatives are concerned or
interested in the resolution mentioned in Item No. 10 of the Notice.
By Order of the Board of Directors
Sd/-
Date : August 02, 2024 Asim Kumar Meher
Place : Kolkata Company Secretary
(ACS : 42427)
Registered Office :
Po: Belpahar, Dist. Jharsuguda, Odisha, Pin: 768218
CIN: U26921OR1958PLC000349
Website: www.trlkrosaki.com
10
TRL
Annexure to the Notice
Details of the Directors seeking appointment/re-appointment in the Sixty fifth Annual General Meeting pursuant to
clause 1.2.5 of Secretarial Standard – 2 on General Meetings as laid down by the Institute of Company Secretaries of
India.
Name of Director Mr. Prasanta Kumar Naik Mr. Sunanda Sengupta Mr. Sachihiko Asaya
(DIN: 10563545) (DIN: 07983587) (DIN: 09043344)
Date of Birth 11.10.1964 03.05.1971 10.05.1967
Date of the first appointment 01.05.2024 02.08.2024 16.03.2021
Expertise in specific Functional Areas Production, Procurement, Sales, Marketing, Accounting, Finance and
Mining, Risk Management, Technical Services and Corporate Planning.
Energy Management & Operations
Marketing
Qualifications M. Tech (Applied Geology) B. Tech (Ceramics) Bachelor of Liberal Arts

from Indian School of Mines,
Dhanbad (International Relations),
Tokyo University in 1990
Number of Board meetings attended

during 2023-24 NA NA 5
Directorship held in other Indian public

companies (excluding Foreign Companies) Nil Nil Nil
Membership/ Chairmanship of Committees

of other Indian Public Companies (includes
only Audit Committees and Stakeholder
Relationship Committee) Nil Nil Nil
Shareholding in the Company 100 Shares Nil Nil
Note : There is no inter se relationship between above mentioned directors, other directors and Key Managerial Personnel of the Company.
11
Highlights
(` in Crores)
2023-24 2022-23 2021-22 2020-21 2019-20
Turnover 2515.89 2299.15 1923.97 1429.73 1653.76
Profit Before Interest,Depreciation & Taxes 373.90 268.76 183.10 90.62 174.76
Depreciation 43.70 38.70 34.31 28.93 26.83
Profit before Taxes 308.84 207.32 136.51 57.14 131.38
Profit After Taxes 241.22 155.28 102.81 44.48 100.69
Shareholders' Funds 899.71 707.83 585.91 497.57 485.94
Borrowings 153.46 263.09 307.52 209.25 233.16
Dividends 59.57 47.03 31.35 13.38 30.31
Shareholders' Funds - Per Share (Rs.) 430 339 280 238 233
Dividend - (%) 285 225 150 64 145
Employees - (Numbers) 1507 1437 1395 1427 1458
12
TRL
DIRECTORS' REPORT
To
The Members,
The Board of Directors hereby presents the 65th Annual Report along with the Audited Financial Statements for
the year ended 31st March 2024.
Financial Results (` Crores)
Standalone Consolidated
2023-24 2022-23 2023-24 2022-23
Gross Revenue 2515.89 2299.15 2515.89 2299.15
Less: Total Expenses 2185.58 2030.39 2185.58 2030.39
Profit before finance cost, depreciation, taxes and

other comprehensive income 330.31 268.76 330.31 268.76
Less: Finance Cost 21.36 22.74 21.36 22.74
Less: Depreciation 43.70 38.70 43.70 38.70
Add: share of profit of Associates — — 2.07 3.35
Exceptional Item 43.59 — 43.59 —
Profit before taxes 308.84 207.32 310.91 210.67
Less: provision for current taxation 65.81 47.59 65.81 47.59
Less: provision for deferred taxation 1.81 4.45 1.79 4.81
Profit after taxes 241.22 155.28 243.31 158.27
Other comprehensive income (2.15) (2.15) (2.15) (2.15)
Total comprehensive income 239.07 153.13 241.16 156.12
Add: Balance brought forward from earlier year 467.25 345.48 477.60 352.84
Balance 706.32 498.61 718.76 508.96
Less:
Dividend Paid for the previous year 47.03 31.35 47.03 31.35
Balance carried forward 659.30 467.26 671.74 477.61
13
Dividend through to core inflation. The decline also reflects an easing in

labor market tightness, with a decline in job vacancies, a modest
Your directors are pleased to recommend a dividend of ₹ 28.50 per
rise in unemployment, and greater labor supply, in some cases
share, i.e. 285 % for the year ended 31st March 2024, for approval associated with a strong inflow of immigrants. Near-term inflation
by the shareholders at the forthcoming Annual General Meeting. expectations have fallen in major economies, with long-term
Transfer to Reserves expectations remaining anchored.
The Board of Directors have decided to retain the entire amount of To reduce inflation, major central banks raised policy interest rates
profit in the profit and loss account. to restrictive levels in 2023. This has resulted in high mortgage
costs which is a challenge for firms while refinancing their debt.
Economic Environment Weaker credit availability has led to weaker business in residential
The global economy is recovering from the powerful blows of investments. But with inflation easing, market expectations that
COVID-19 pandemic, Russia’s invasion of Ukraine, and the cost- future policy rates will decline have contributed to a reduction in
of-living crisis. Inflation is falling faster than expected from its 2022 long term interest rates and rising equity markets. Still, long-term
peak. Policy tightening by central banks and favourable supply borrowing costs remain high in both advanced and emerging
side developments are helping to control inflation. markets and developing economies, partly because government
debt has been rising.
Economic growth is estimated to have been stronger than
expected in the second half of 2023 in the United States, and Governments in advanced economies eased fiscal policy in 2023.
several major emerging markets and developing economies. In The United States, where GDP had already exceeded its pre
several countries, government and private spending contributed pandemic path, eased policy more than euro area and other
to the upswing, with real disposable income gains supporting economies in which the recovery was incomplete. In emerging
consumption and households drawing their accumulated market and developing economies, output has on average fallen
pandemic-era savings. On the supply-side, the increase in labor even further below the pre pandemic trend and on average the
force participation helped in resolution of pandemic-era supply fiscal stance is estimated to have been neutral.
chain problems, and declining delivery times. Growth momentum In low-income countries, liquidity squeeze and the increase in
was not felt everywhere, notably subdued growth in euro area is interest rates hampered the recovery with large output losses
reflecting weak consumer sentiment, the lingering effects of high compared to pre-pandemic trends. In 2024, the fiscal policy
energy prices, and weakness in interest-rate-sensitive stance is expected to tighten in several advanced and emerging
manufacturing and business investment. markets and developing economies to curb the rising path of debt,
Amid favourable global supply developments, inflation has been and this shift is expected to slow growth in the near term.
falling faster than expected, with readings near the pre pandemic It is estimated that the high interest rates aimed at fighting inflation
average. Diminished inflation reflects the fading of relative price and a withdrawal of fiscal support amid high debt are expected to
shocks notably related to energy prices and their associated pass- weigh on growth in 2024
TURNOVER PROFIT BEFORE INTEREST,

(` in Crores) DEPRECIATION, AMORTISATION
2700 OF EXPENSES AND TAXES
(` in Crores)
400
2500
380
360
2300
340
320
2100
300
280
1900
260
240
1700
220
1500
200
180
1300
160
140
1100 120
100
900 80
60
700 40
20
500 0
19-20 20-21 21-22 22-23 23-24 19-20 20-21 21-22 22-23 23-24
14
TRL
Economic Outlook citing better prospects of robust public and private investment and
As per the International Monitory Fund (IMF), global growth is strong services sector growth.
projected at 3.1 percent in 2024 and 3.2 percent in 2025. Global In FY25 growth in India is expected from higher capital
growth projected for 2024 and 2025 is below the historical expenditure on infrastructure development both by central and
(2000–19) annual average of 3.8 percent reflecting restrictive state governments, rise in private corporate investment, strong
monetary policies and withdrawal of fiscal support. Advanced service sector performance, and improved consumer confidence.
economies are expected to see a slight decline in growth from 1.6 Growth momentum will pick up in FY26 backed by improved
percent in 2023 to 1.5 percent in 2024 before rising to 1.8 percent goods exports and an increase in manufacturing productivity and
in 2025. In the United States, growth is projected to fall from 2.5 agricultural output. A healthy rise of 17 per cent in central
percent in 2023 to 2.1 percent in 2024 and 1.7 percent in 2025, government capital expenditure in FY25 compared to the previous
with the effects of monetary policy tightening, gradual fiscal financial year together with transfers to state governments will
tightening, and slowing of aggregate demand. Growth in the euro boost infrastructure investment. Private corporate investment is
area is projected to recover from its low rate of an estimated 0.5 expected to get a boost with stable interest rates. Inflation in India
percent in 2023 to 0.9 percent in 2024 and 1.7 percent in 2025. In moderating to 4.6 per cent in FY25 and easing further to 4.5 per
emerging markets and developing economies, growth is expected cent in FY26, monetary policy may become less restrictive, which
to remain at 4.1 percent in 2024 and to rise to 4.2 percent in 2025. will facilitate rapid offtake of bank credit. The demand for financial,
Growth in China is projected at 4.6 percent in 2024 and 4.1 real estate, and professional services will grow while
percent in 2025. manufacturing will benefit from muted input cost pressures. It is
Average annual Global headline inflation is expected to fall from also estimated that a normal monsoon would help to boost the
an estimated 6.8 percent in 2023 to 5.8 percent in 2024 and 4.4 agriculture sector’s growth. However, ADB said that unanticipated
percent in 2025. Advanced economies are expected to see faster global shocks, such as supply line disruptions to crude oil markets
disinflation, with inflation falling by 2.0 percent in 2024 to 2.6 and weather shocks that impact agriculture output, are key risks to
percent, than emerging market and developing economies, where India’s economic outlook.
inflation is projected to decline by 0.3 percent to 8.1 percent. As per ADB, foreign direct investment in India would be affected in
Overall, about 80 percent of the world’s economies are expected the near term due to tight global financial conditions but will pick up
to see lower annual average headline inflation and expected to fall in FY26 with higher industry and infrastructure investment.
to 5.8 percent in 2024 and to 4.4 percent in 2025. Exports from India will also be affected due to lower growth in
Indian economy grew robustly in fiscal 2023 with strong advanced economies but will pick up in FY26 as global growth
momentum in manufacturing and services. As per Asian improves. ADB said while India’s growth strategy is depended on
Development Bank (ADB), India will continue to grow rapidly substantial export growth, it has remained only a small player in
driven primarily by robust investment demand and improving the sizeable global value chain (GVC) market. India’s share of
consumption demand. Inflation will continue its downward trend in global GVC exports rose from 0.9 per cent in 2010 to 1.5 per cent
tandem with global trends. ADB has increased India’s GDP growth in 2017 accounting for only $241 billion, as compared to over 10
forecast for 2024-25 (FY 25) to 7 per cent from 6.7 per cent earlier, per cent for other emerging economies. Further policy action is
needed to improve India’s trade competitiveness.
NET WORTH AND BORROWINGS GROSS AND NET ASSETS

( ` in Crores) (` in Crores)
950 1100
900 1050
1000
850
950
800
900
750
850
700 800
650 750
600 700
650
550
600
500
550
450
500
400
450
350 400
300 350
250 300
250
200
200
150
150
100
100
50 50
0 0
19-20 20-21 21-22 22-23 23-24 19-20 20-21 21-22 22-23 23-24
NET WORTH GROSS ASSETS

BORROWINGS NET ASSETS
15
Performance demand for steel in the medium term. Many of the steel plants in
The year 2023-24 has again been a year of records for your India are either putting up their green field plants or expanding
Company, surpassing its own best performances achieved in their capacities. Odisha is attracting many of these steel
earlier years. The Company has achieved the highest ever companies due to the availability of Iron ore. In line with the
Revenue and Profit Before & After Taxes. On a stand-alone basis, increase in demand for steel, refractories demand will also
the revenue of the Company has increased to ` 2516 Crores increase and the Company’s strategy to expand its capacity and to
against ` 2299 Crores in the previous year; an increase of 9%. modernise its facilities will continue to yield results in the short to
Despite increase in ocean freight due to red sea crisis and geo- medium term. The Company has plans to further improve its
political turbulence on account of war in middle east, the Company capacity to meet the increased demand from its customers. The
maintained its export performance and achieved export revenue Company’s strategy of becoming a partner with customers by
improving customers’ service is continuously yielding results. The
of ` 321Crores in the current year compared to ` 322 Crores in the
Company has increased its customer service by continuously
previous year; On standalone basis, gross production during the
monitoring the performance of refractories by its technical experts
year was 251219 MT against 239126 MT in the previous year; an
at customers’ sites and adopting best safety practices by its safety
increase of 5% and sales volume was 340706 MT against 305908
officers posted at important customers’ sites. This has helped in
MT in the previous year; an increase of 10%. Despite severe
improving customer satisfaction and as a result the Company is
competition from China and price pressure, Profit Before Tax and
getting repeat orders and also won several awards from its
Other Comprehensive Income for the year was ` 262 Crores
customers.
against ` 205 Crores in the previous year; an increase of 28%
The Company is now focusing on mechanization in application
Improved operational efficiencies, enhanced product
services to reduce the human intervention and to improve safety in
performance, improved technical services, storage of raw
customer sites. Capital investments made to improve the quality in
materials at lower prices and higher cost reduction largely
the High Alumina and Basic departments and increasing capacity
contributed to the improved performance of the Company.
in Tap Hole Clay department are giving benefits. Improved quality
Credit Ratings is helping us to get repeat orders with higher selling prices
compared to its competitors. The Company’s newly commenced
ICRA has reaffirmed long-term Rating [ICRA]AA (Stable)
Alumina Graphite (AG) refractories products are giving good
(pronounced ICRA Double A) with stable outlook to term loan and
result, and the product has been well accepted by the customers.
fund based working capital facilities and [ICRA]A1+ (pronounced
Product trials of AG refractories completed at different customers
ICRA A One Plus) to both non-fund based and short term fund
have given impressive results and the Company is getting repeat
based working capital limits of the Company. Instruments with this
orders from these customers. The benefit of multi-pronged growth
rating are considered to have a high degree of safety regarding
strategy, increased market share of focused products, enhanced
timely servicing of financial obligations and carry very low credit
product performance, improved technical services, higher cost
risk.
reduction has reflected in the performance results.
Business Strategy The strategy of the Company to supply small customers through
The demand for Steel in India is continuously increasing and it is stockiest is proving to be the right step forward and the revenue
expected that India will be one of the few countries with good from stockiest sales has increased by 22%. Revenue from
identified Focus Products has increased by 4%. Improved
technical services at the customer’s site and improved product
PAYMENT TO AND PROVISION
performance has helped in maintaining a market share of 70% in
FOR EMPLOYEES Dolomite refractories. During the year, the Company has achieved
(` in Crores) delivery compliance of 100% for all its products.
200
190 Details of Subsidiary, Associate and Joint Venture

Companies:
180
170
TRL Krosaki Asia Pte. Ltd. Singapore and Almora Magnesite
Limited are two Associates of the Company. In accordance with
160
Section 129(3) of the Companies Act, 2013, consolidated financial
150 statements of the Company with all its associates have been
140 prepared, which form part of the Annual Report 2023-24. Further,
130 the Report on the performance and financial position of each of
120
the associate and salient features of the financial statement in the
prescribed Form AOC-1 is given in notes to consolidated financial
110
statements
100
Management Discussion and Analysis
90
80
Management discussion and analysis given separately forms part
of this Report “Annexure – F”
70
60 Safety, Health & Environment Management

50 TRL Krosaki Refractories Limited continuously focuses on Health,
40 Safety and Environment (HSE) initiatives as a core function which
is aimed towards driving sustainable business. Sound Health,
30
Safety and Environment (HSE) management systems, standards
20
and practices have been implemented to establish a culture
10 through partnership with the employees and business partners.
0 The result of such an approach has been phenomenal and for past
19-20 20-21 21-22 22-23 23-24
four years, there have been “Zero reportable accident”, “Zero
16
TRL
occupational disease”, and “Zero effluent discharge” in the recognitions which include the Confederation of Indian Industries
Company. (Eastern Region) SHE Excellence Award 2022-23 (Winner) &
TRL Krosaki is the first Refractories Company to get certified to Confederation of Indian Industries (Odisha Chapter) SHE
the Social Accountability (SA 8000) standard besides being the Excellence Awards 2022-23 (Winner), Indian Chambers of
first Refractories Company to be certified to the Integrated Commerce OHS Excellence Award-2023 (Runners Up - Platinum
Management Systems (IMS) i.e. on ISO 9001 (Quality Category), Kalinga Safety Award-2022 (Gold) for Excellence in
Management), ISO 14001 (Environment Management) and ISO Safety etc. Our focused customers, such as, Tata Steel, JSW
45001 (Occupational Health & Safety Management). These Steel, AMN Steel, etc., have also duly recognized our safety
initiatives helped to further strengthen the HSE systems and performance at their respective sites by way of presenting awards,
processes, which resulted in significant outcomes with better appreciation letters etc.
transparency and visibility to all the stakeholders; thus, building Environment Management and Sustainability
trust and confidence.
Environmental Sustainability is one of the priority areas for TRL
The persistent endeavor in HSE initiatives helped the Company in Krosaki. Accordingly, the Company’s environment management
receiving recognition both at the State and National Level during initiatives look beyond mere compliances. During the year, the
the year in the form of a number of prestigious Awards and focus continued to be on reducing emissions, continuing with zero
Recognitions. Also, our esteemed customers applauded the water discharge from the plant, maximizing recycling / reuse of
Company’s safety initiatives at their respective sites with several treated water and enhancing its greenbelt cover. Besides, in line
HSE Awards. with its aspiration to become carbon neutral in future, the
Safety & Health Management Company has started use of Natural Gas (a cleaner gas) in place
of heavy fuel oil, coal etc. during the year. The results of this
The Company firmly believes that the Health & Safety of its initiative have been excellent not only by way of improved thermal
employees is of paramount priority and constantly endeavours to efficiency, enhanced product quality but also in reducing carbon
achieve its mission of achieving Zero Harm and follow the policy of dioxide emission. During the year, the Company also made a giant
Zero Tolerance in the matter of Safety. stride in recovering, recycling and reusing the used refractories.
At TRL Krosaki, implementation of safety management systems & This focused initiative has not only reduced the consumption of
processes is carried out with pure intent & true spirit to create a virgin raw material and helped in resource conservation, but it also
sustainable and robust safety culture. During the current year, reduced the overall carbon footprint of the Company.
many focused initiatives were taken in the areas of safety & health. In the area of air pollution control, during the year, the Company
The key initiatives include specific “Digitalization” initiatives to installed additional three numbers of Dust Extraction systems of
ease the work, “Automation & Mechanization” to reduce man- volume 25,000 m3/hr. In water pollution control, the Company
machine interface, “Improvement of Workplace Ergonomics”, continues to achieve “Zero” discharge of effluent from its plant.
strengthening implementation of “Safety Standards”, Over the years, the persistent endeavour towards recycling &
strengthening the “Contractor Safety Management System”, reuse of treated wastewater has reduced the freshwater
focused “Audit of Critical Areas”, use of “AI for Workplace consumption in the plant by around 25%.
Surveillance”, etc. Besides, employee involvement and
motivation has been achieved through defining ownership at all The Environment Laboratory is upgraded with modern testing
levels of employees, driving a robust reward & recognition equipment/facility in line with the ISO 17025 (NABL)
scheme, and strictly reinforcing the robust Consequent requirements. The Company focuses on developing and
Management Guidelines. All these helped the Company to maintaining a Green Belt in and around the plant, which has been
continue to maintain its superior safety performance. a priority for the Company and today, the greenbelt coverage
stands at around 35% of the total land area, which is more than the
The Company’s safety initiatives have taken deep roots at key statutory norm.
customers’ sites as well. A robust Safety Management System
being implemented and monitored by competent Safety The Company’s continued initiatives towards protecting the
Professionals at the customers sites has not only ensured safety environment have received sue recognition at National / State
of the Company’s own people working there but it has also helped Level forums. During the year, the Company won several coveted
to enhance the safety level of the customers processes. TRL Environment Awards, such as, Greentech Environment Award
Krosaki’s such efforts are regularly recognized by the customers 2023 (Winner) & Kalinga Environment Excellence Award 2022 (5
and the current year was no exception. Many awards and Star Winner).
appreciations were received from the customers during the year. Corporate Social Responsibility (CSR) Initiatives
Employees’ health is another area of focus for the Management. TRL Krosaki has a well-established history and commitment to
Towards this, many initiatives, such as reinforcing health related reinvest in the social good of its neighbourhood communities.
awareness, promoting preventive health care culture, focused Improving the quality of life of the remotely located community is
health checkups, analysis of employee’s health records to plan embedded in the Company’s organisational priority. The
targeted interventions etc. are put in place. In the area of Company appreciates the fact that a meaningful development is
occupational health management, periodic health checkups, realised by a Company when its surrounding community also
screening of employees engaged in high-risk activities, special develops with its own development. With a CSR presence for
health training sessions, job rotation policy to prevent long term more than 50 years, TRL Krosaki’s commitment to community
exposure to any potential hazard, etc. are being undertaken to development is beyond legal mandate.
ensure zero harm to anyone working in the Company.
The Company believes in building social capital in the community
During the year, 234 numbers of training programmes were by facilitating social investments based on community partnership
conducted in the areas of occupational health, safety & and ownership mode. Local communities are actively engaged
environment for the employees & contractor workers. Special with the Company’s CSR programmes from need assessment to
focus was given on addressing Behavioral Base Safety, Project project implementation till handing over of the projects to the
Safety etc. During the year no case of Silicosis was reported. community. Under the guidance of the ‘Corporate Social
During the year, the Company received many awards and Responsibility Committee’ constituted at the Board level, the
17
Company adopts a multi-directional CSR programme which at enhancing overall wellness was conducted covering over 125
encompasses thematic areas like Education, Health Care, senior workmen across different departments. It had a very good
Drinking Water and Sanitation, Sustainable Livelihood, impact, acceptance and was well appreciated by all the
Infrastructure Development, Environment Protection, Ethnicity participants as well as the Union.
and Sports. Further, a special programme of financial planning for workers
The Company in addition to continuation of its existing CSR was conducted to help or facilitate their financial planning during
programmes, initiated some of the new CSR interventions in the service and post-retirement.
areas of environment protection, sustainable livelihood and A special drive was continued this year addressing pension issues
education during the financial year 2023-24. The Company for the retired and about to retire employees in collaboration with
initiated a new project near its quartzite mine for rejuvenation of a the Regional Provident Fund office bringing happiness to
major water body and to improve groundwater recharge. employees especially those who had retired.
Installation of solar streetlights at different villages and use of solar
energy for lifting drinking water are undertaken to support the The union continues to show a collaborative approach towards
Company’s commitment for reduction of its carbon footprint. The addressing the issues of absenteeism in collaboration with IR
Company installed a solar powered cold storage facility for team.
improving the income of more than 100 marginal farmers. New TRL Krosaki is the 1st refractory Company in India to be certified
initiatives in the field of education like supporting SC/ST students to Social Accountability– 8000 (SA-8000) standard and during this
for pursuing higher education and imparting basic computer year the surveillance audit reconfirmed the continuance of
education for Odiya medium schools are undertaken for improving certification. This demonstrates the organizational adherence to
education of students who hail from weaker sections of the the fair and decent approach for Human Resources management,
society. The Company has developed synergetic partnerships adhering to the highest social standards and it also demonstrates
with different Government and social agencies for implementation our employee cantered workplace practices leading to
and monitoring of its CSR programmes. measurable improvements in Quality of Life of our employees,
For its impactful CSR initiatives, the Company has been contractual staff, and community at large. This certificate is likely
recognised with ‘ICC Social Impact Award 2024’ and ‘Sambad to facilitate increased customer trust and loyalty. This will also help
Corporate Excellence Award 2024’ in large enterprise category reduce reputational risks.
during the last financial year. The peaceful and harmonious Industrial Relations along with
The CSR Policy and initiatives on CSR taken by the Company good people management practices continued to facilitate highest
during the year as per the Companies (Corporate Social production with zero man-days loss.
Responsibility Policy), Rules, 2014 has been annexed to this Corporate Governance
report as Annexure – A.
Corporate Governance practices followed by the Company are
The Company’s CSR Policy is displayed in the Company’s given in separate section which forms integral part of this Report
w e b s i t e h t t p s : / / w w w. t r l k r o s a k i . c o m / e n / a b o u t - “Annexure – G”.
us/corporategovernance/policies which can be accessed by
anyone at any point of time. Annual Return
The Company has spent 268.11 Lakhs towards its CSR The copy of Annual Return (Annexure – B) is placed in
initiatives during the year. Company’s website: https://www.trlkrosaki.com/en/about-
us/investors/annual-returns.
Formal Annual Evaluation of the Performance of the Board,
it’s Committees and of Individual Directors: Vigil Mechanism
The Board of Directors have evaluated the performance of all The Company is committed to conduct all aspects of its business
Independent Directors, Non-Independent Directors and its affairs in a fair and transparent manner by adopting highest
Committees. The Board deliberated on various evaluation standards of professionalism, honesty, integrity, and ethical
attributes for all directors and after due deliberations made an behaviour with due compliance to all applicable legal
objective assessment and evaluated that all the directors in the requirements. Towards this, the Company follows a set of Vigil
Board have adequate expertise drawn from diverse industries and Mechanism policies which lay down the principles and standards
business and bring specific competencies relevant to the that should govern the actions of the Company, its stake holders,
Company’s business and operations. The Board found that the and its employees. These policies also provide a formal
performance of all the Directors was quite satisfactory. mechanism for all the Directors, employees, and vendors to
approach the Ethics Counsellor or Chairman of the Audit
The Board also noted that the term of reference and composition
Committee and make protective disclosures about the unethical
of the Committees was clearly defined. The Committee performed
behaviour, actual or suspected fraud or violation of any policies.
their duties diligently and contributed effectively to the decisions of
Any actual or potential violation is treated as a matter of serious
the Board. The functioning of the Board and its committees were
concern by the Company and appropriate action is initiated.
quite effective. The Board evaluated its performance as a whole
and was satisfied with its performance and composition of The Vigil Mechanism consists of four policies 1. TRL Krosaki Code
Independent and Non-Independent Directors. of Conduct 2. Whistle Blower Policy for Directors and Employees
3. Anti-Bribery and Anti-Corruption (ABAC) policy and 4. Conflict
Industrial Relations of Interest policy. These policies encourage every employee to
The year 2023-24 was again a year of cordial, healthy and promptly report to the management any actual or possible
collaborative Industrial Relations. The Annual Bonus Agreement violation of the Code or any event wherein he or she becomes
was signed amicably between the union and the management aware of that, which could adversely affect the business or
with the highest ever bonus and cash award. reputation of the Company. These policies provide protection to
vendors from victimization or unfair trade practice by the
A special programme targeting the personal development
Company and provide protection to the whistle blowers from any
including stress management, inter-personal relationships and
retaliatory action. While the Whistle blower policy encourages
engagement through thought provoking fun activities aimed also
Whistle blowers to make protected disclosures in good faith, it also
18
TRL
forbids raising concerns with malicious intent. The conflict-of- areas which help in strengthening the controls further. Audit
interest policy adopted by the Company requires that all observations and corrective actions are presented to the Audit
employees act in the best interest of the Company. Committee and this process ensures strengthening various
There exists a formal governance structure in the Company to controls.
ensure effectiveness of its initiatives related to promoting an The Audit Committee reviews the reports submitted by the Internal
ethics culture across the organisation. Auditors in its meetings. Besides, the Audit Committee conducts
The Company also has a system of conducting online tests an independent session with the external auditors and the
wherein questions are asked randomly from any Ethics related management to discuss the adequacy and effectiveness of the
policies, and employees are required to score at least 80% of internal control system.
marks to be eligible to confirm that they have Directors’ Responsibility Statement
understood the policies. The number of employees who passed
the online test is being reported to the Audit Committee. During the Based on the framework of internal financial controls established
year under review, the Company conducted a series of and maintained by the Company, work performed by the Internal,
communication and training programmes for the internal and Statutory and Secretarial Auditors and external agencies,
external stakeholders with an aim to create awareness about including Audit of internal financial controls over financial reporting
ethical practices of the Company. All policies are reviewed by the Statutory Auditors and the review performed by the
periodically and revised as appropriate, to keep them updated Management and the relevant Board Committees, including the
with the changing business trends. Audit Committee, the Board is of the opinion that the Company’s
internal financial controls were adequate and effective during the
Internal Control System financial year 2023-24.
The Board of Directors is responsible for ensuring that Internal Accordingly, pursuant to Section 134(5) of the Companies Act,
Financial Controls (IFC) have been laid down and implemented in 2013, the Board of Directors to the best of their knowledge and
the Company and that such controls are adequate and effective. ability confirms:
The foundation of IFC lies in the code of conduct, policies and (a) that in the preparation of annual accounts, the applicable
procedures adopted by the management, corporate strategies, accounting standards have been followed along with proper
annual business planning process, management review and the explanations relating to material departures;
risk management framework.
(b) that directors had selected such accounting policies and
The Company has an IFC framework commensurate with the size, applied them consistently, and made judgments and
scale, and complexity of its operations. The framework has been estimates, that are reasonable and prudent so as to give a
designed to provide reasonable assurance with respect to true and fair view of the state of affairs of the Company at the
recording and providing reliable financial and operational end of Financial Year, and of the profit and loss of the
information, complying with applicable laws, safeguarding assets Company for that period;
from unauthorized use, executing transaction with proper
authorization, and ensuring compliance with the corporate (c) that the directors had taken proper and sufficient for the
policies. Divisional heads are responsible for ensuring maintenance of adequate accounting records, in
compliance with these policies and procedures. The controls were accordance with the provisions of the Companies Act, 2013
tested based on the prevailing conditions and processes during for safeguarding the assets of the Company and for
the year and no reportable material weakness in the design or preventing and detecting fraud and other irregularities;
effectiveness was observed. The framework on internal financial (d) that the directors had prepared the annual accounts on a
controls over financial reporting has been reviewed by internal going concern basis;
and external auditors during the year. (e) that the directors had devised proper system to ensure
The Company uses various proven and trustworthy IT platforms to compliance with the provisions of all applicable laws and
keep the internal control framework robust and approved that such systems are adequate and operating effectively;
information management policy governs these IT platforms. To (f) that the directors had laid down proper internal financial
further strengthen controls, segregation of duties (SOD) of controls and that such internal financial controls are
different users of the Company are reviewed along with process- adequate and were operating effectively.
wise roles to help in eliminating conflicts in roles of users. The
systems, standard operating procedures and controls are Related Party Transactions
implemented by the executive leadership team and reviewed by There have been no materially significant related party
the Internal Audit Team, whose finding and recommendations are transactions between the Company and Directors, Key-
placed before the Audit Committee. During the review by internal Managerial Personnel, holding and subsidiary Company or the
audit, all manual controls that can be automated are also reviewed relatives.
and their suggestions are reported. The suggestions of internal
auditors to automate internal controls are implemented and the Accordingly, particulars of contracts or arrangements with related
status of implementation is reported to Audit Committee. parties referred to in Section 188(1) along with the justification for
entering into such contracts or arrangements in Form AOC-2 do
The scope and authority of Internal Auditors is defined in the not form part of the Report.
Internal Audit Charter. To maintain its objectivity and
independence, Internal Auditors reports to the Audit Committee. Material Changes and Commitments:
Internal Auditors develop an annual audit plan based on the risk There have been no material changes and commitments, which
profile of the business activities. The Internal Audit plan is affect the financial position of the Company which have occurred
approved by the Audit Committee, which also reviews compliance between the end of the financial year to which the financial
to the plan. statements relate and the date of this Report.
The Internal Auditors monitor and evaluate the efficacy and
Remuneration Policy
adequacy of internal control systems in the Company. Based on
the Report of the Internal Auditors, process owners undertake The Board on recommendation of the Nomination and
necessary preventive and corrective actions in their respective Remuneration Committee has framed a Policy for selection and
19
appointment of Directors, Senior Management and their Company by its Officers or Employees under section 143(12) of
remuneration. The Remuneration Policy is stated in the Corporate the Companies Act, 2013.
Governance Report.
Particulars of Loans, Guarantees or Investments
Meetings Particulars of Loans, Guarantees or Investments in accordance
The details of the Board Meetings and Meeting of Committee of with Section 186 of the Companies Act, 2013 are given below:
Directors are given in the Corporate Governance Report.
Outstanding as at 31st March 2024
Auditors
Particulars Amount
(a) Statutory Auditors (` Crores)
M/s BSR & Co. LLP, chartered accountants, were appointed Loan given Nil
as Statutory Auditors of the Company at the 63rd Annual
Guarantees Given Nil
General Meeting held on 19th September, 2022 for a period
of five years, to hold office till the conclusion of 68th Annual Investments Made
General Meeting to be held in 2027 in terms of Section 139 & (Refer Note 2 to Standalone Accounts) 16.05
141 and other applicable provisions, if any, of the
No investment has been made during the year.
Companies Act, 2013 read with the Companies (Audit &
Auditors) Rules, 2014. Risk Management
M/s BSR & Co. LLP have audited the books of accounts of The Company has developed and implemented a robust risk
the Company for the Financial Year ended March 31, 2024, management framework and policy with an objective to develop a
and have issued the Auditors’ Report thereon. There are no risk intelligent culture that supports decision making and to help in
qualifications, reservations, adverse remarks or disclaimers improving performance for long-term business sustainability.
in the said Report. Although the Company is not mandatorily required to constitute
(b) Secretarial Auditors the risk management committee, the Company, as a mark of good
corporate governance practice, has proactively constituted a
Pursuant to the provision of Section 204 of the Companies
“Risk Management Executive Committee” (RMEC) consisting of
Act, 2013 and Companies (Appointment and Remuneration
the Managing Director and Senior Executives of the Company.
of Managerial Personnel) Rules 2014, the Company
appointed Ashok Mishra & Associates (Membership No. The Company's risk management process focuses on timely
FCS 5128, C.P. No.3270), Company Secretaries as identification and analysis of the risks associated with the
Secretarial Auditors to conduct Secretarial Audit of the business and operating environment and addresses the same
Company for the FY 2023-24. The Secretarial Audit Report suitably to eliminate or mitigate the risk. Cohesion between all
is annexed herewith as “Annexure - C”. There are no risks and control functions (Risk, Finance Control, Compliance, IT
qualifications, reservations, adverse remarks, or Security and Health & Safety) continues to be a priority to support
disclaimers in the said Report. an integrated assurance process.
(c) Cost Auditors To strengthen the process of identifying and mitigating both
external and internal risks, the Company has engaged an external
As per Section 148 of the Companies Act, 2013 (‘Act’), the
consultant. The consultant has helped to develop a robust 5 step
Company is required to maintain the cost records and have
Enterprise Risk Management (ERM) process to address the risks
the Audit of its cost records conducted by a Cost Accountant
associated with the business. Further, the 5- step risk
in practice with respect to some products. The Company is
management process aims at developing a “Risk culture” within
maintaining the cost records as per the requirement of the
the Company across all levels of employees to encourage risk
Act.
informed business decision-making as well as resilience to
The Board of Directors of the Company, in its meeting held adverse environment in order to ensure long-term sustainability of
on 2nd August 2024, has appointed on the recommendation the Company and enhancing stakeholder value on a continued
of the Audit Committee, M/s Saroj K Babu & Co., Cost basis.
Accountants (Firm Regn. No. 100591) as the Cost Auditors
During the current year, in order to further strengthen the culture of
of the Company for the financial year ending March 31,
identifying risks at the lowest possible employee level, several
2025. In accordance with the provisions of Section 148(3) of
workshops were conducted to identify the risks afresh. This has
the Act read with Rule 14 of the Companies (Audit and
helped in identifying the smallest possible risk and these risks are
Auditors) Rules, 2014, the remuneration payable to the Cost
reviewed and due diligence was conducted on new risks. The new
Auditors has to be ratified by the members of the Company.
risks identified along with its mitigation plan was presented to the
Accordingly, appropriate resolution forms part of the Notice
Audit Committee and accordingly risk mitigation actions are being
convening the AGM. The Board seeks your support in
taken. In order to propagate Risk Culture across the Company, the
approving the proposed remuneration of 1.10 Lakhs plus
importance of risk management is displayed through posters and
applicable taxes and reimbursement of out-of-pocket
banners in all departments and across all locations for providing
expenses payable to the Cost Auditors for the financial year
effective visual communication and awareness. Initiatives, such
ending March 31, 2025.
as, regular awareness training, online/offline quiz programmes,
Compliance with Secretarial Standards: rewards and recognition systems are being driven across the
Company to foster risk culture in the Company. The Company
The Company has Complied with applicable Secretarial
launched a new digital platform named “PRISM” (Process for Risk
Standards issued by The Institute of Company Secretaries of
Identification, Strategy and Mitigation) to provide online access to
India.
Risk Champions and Owners of various Departments to capture
Details in respect of Fraud: and manage risks as per the Risk Management Processes of the
Company. The Company has also created a very robust ERM
During the year under review, the Statutory Auditors in their report
Architecture.
have not reported any instances of fraud committed in the
20
TRL
Independent Directors Declaration The profile and particulars of experience, attributes and skills of
The Company has received the necessary declaration from each the above Director/Whole Time Director is disclosed in the
Independent Director in accordance with Section 149(7) of the annexure to the Notice convening the Annual General Meeting.
Companies Act, 2013, that he meets the criteria of independence The Board recommends appointments/reappointments of the
as laid out in sub-section (6) of Section 149 of the Companies Act, above-mentioned Director/Whole Time Director.
2013. Key Managerial Personnel
Directors Pursuant to Section 203 of the Companies Act, 2013, the Key
Mr. Sachihiko Asaya (DIN: 09043344) is retiring by rotation at the Managerial Personnel of the Company are as follows:
forthcoming Annual General Meeting and is eligible for re- Mr. Priyabrata Panda, Managing Director (upto 30th April, 2024),
appointment. Mr. M.V.Rao, EVP (Finance) & CFO, who retired on 29th Feb,
The profile and particulars of experience, attributes and skills of 2024, Mr. Bhagaban Parida, Vice President (Finance) & Chief
the above Director is disclosed in the annexure to the Notice Financial Officer appointed with effect from 1st March 2024 and
convening the AGM. Mr. Asim Kumar Meher, Company Secretary.
Mr. Jumpei Konishi (DIN: 09152493) retires by rotation at the 65th Mr. Prasanta Kumar Naik was appointed as the Managing Director
Annual General Meeting. Pursuant to the discussions in the of the Company with effect from 1st May 2024 and Mr. Sunanda
Nomination and Remuneration Committee and the Board on the Sengupta was appointed as the Whole Time Director of the
nominated Directors of Krosaki Harima Corporation, it was Company with effect from 2nd August 2024.
decided not to consider the candidature of Mr. Jumpei Konishi for Employees
re-appointment at the 65th Annual General Meeting. The Board
also decided that the vacancy so caused by the retirement of Mr. The information required under section 197(12) of the companies
Jumpei Konishi be not filled in the said meeting as per the Act, 2013, read with Rule 5(2) of the Companies (Appointment
provisions of Section 152 (7)(a) of the Companies Act, 2013. The and Remuneration of Managerial Personnel) Rules, 2014, is
necessary resolutions in this respect form part of the Notice provided in the “Annexure - D” forming part of this Report.
convening the AGM to be held on 18th September 2024. Energy Conservation, Technology Absorption, Foreign
The Board placed on record their sincere thanks and appreciation Exchange Earnings and Outgo
to Mr. Konishi for his invaluable contributions to the prosperity and The information on conservation of energy, technology absorption
growth of the Company. and foreign exchange earnings and outgo stipulated under
Superannuation of Mr. Priyabrata Panda, Managing Director Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of
the Companies (Accounts) Rules, 2014 is annexed herewith as
Mr. Priyabrata Panda will superannuate from the services of the “Annexure - E”.
Company on April 30, 2024 after rendering a continuous service
for more than 42 years to the Company. He joined the Company Significant and Material Orders Passed by the Regulators or
on October 17, 1981, as Graduate Trainee and took over as the Courts
Managing Director w.e.f. January 01, 2015. There have been no significant material orders passed by the
The Board placed on record its sincere appreciation and gratitude regulators or courts or tribunals impacting the going concern
for Mr. Panda’s exceptional contributions during his tenure, status of the Company and its future operations.
leading to phenomenal growth of the Company.
Disclosures as per the Sexual Harassment of Women at
Appointment of Mr. Prasanta Kumar Naik as Managing Workplace (Prevention, Prohibition and Redressal) Act, 2013
Director: The Company pursues its principle of zero tolerance for sexual
The Board at its meeting held on 04th April 2024, has appointed harassment at workplace and has adopted a policy on prevention,
Mr. Prasanta Kumar Naik as the Managing Director of the prohibition and redressal of sexual harassment at workplace in
Company for the period of three (3) years starting from 1st May line with the provisions of the Sexual Harassment of Women at
2024 to 30th April 2027. Necessary resolutions together with the Workplace (Prevention, Prohibition and Redressal) Act, 2013 and
explanatory statement have been included in the Notice of the the Rules thereunder.
65th Annual General Meeting as the above appointment is subject The Company has constituted an Internal Complaint Committee in
to the approval of the shareholders. compliance with the above-mentioned Act and Rules. During the
The profile and particulars of experience, attributes and skills of year, periodic training and awareness sessions were conducted
the above Director/Managing Director is disclosed in the annexure across the Company to reinforce the Company’s focus on creating
to the Notice convening the Annual General Meeting. The Board a safe and conducive work environment for all its lady employees.
recommends appointments/reappointments of the above- During the financial year 2023-24, no complaint was received by
mentioned Director/Managing Director. the Company.
Appointment of Mr. Sunanda Sengupta as Whole Time Deposits
Director:
During the year under review, the Company has not accepted any
The Board at its meeting held on 2nd August 2024 has appointed deposits under the Companies Act, 2013.
Mr. Sunanda Sengupta as Whole Time Director designated as
Executive Director of the Company for a period of three (3) years
On behalf of the Board of Directors
starting from 2nd August 2024 to 1st August 2027. Necessary
resolutions together with the explanatory statement have been
included in the Notice of the 65th Annual General Meeting as the sd/-
above appointment is subject to the approval of the shareholders. H. M. NERURKAR
Date : August 02, 2024 Chairman
Place : Kolkata (DIN : 00265887)
21
Annexure A
Annual Report on Corporate Social Responsibility Activities
[Pursuant to Section 135 of the Companies Act, 2013 and
the Companies (Corporate Social Responsibility Policy) Rules, 2014]
1. Brief outline on CSR Policy of the Company: A brief outline of the Company’s Corporate Social Responsibility (CSR) policy is given on
the Company’s website. As an integral part of our commitment to good corporate citizenship, TRL Krosaki believes in actively assisting
in improvement of the quality of life of people in communities, giving preference to local areas around its business operations. Every
CSR initiative that is chosen to be supported and implemented lies within one of the broad areas of Education, Health Service, Drinking
Water & Sanitation, Sustainable Livelihood, Infrastructure Development, Environment Protection, Promotion of Ethnicity and Sports.
The Company’s CSR initiatives are guided by its CSR policy adopted by the Board of Directors. The CSR Policy is posted on the
Company’s website: https://www.trlkrosaki.com/en/about-us/corporate-governance/policies.
2. Composition of CSR Committee :
S. Name of Director Designation / Nature No. of meetings of CSR No. of meetings of CSR
No. of Directorship Committee held during Committee attended during
the year the year
1. Mr. R. Ranganath Chairman
Independent Director 3 3
2. Mr. P. B. Panda Member
Managing Director 3 3
3. Mr. Chaitanya Bhanu Member
Non-executive Director 3 3
3. 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: https://www.trlkrosaki.com/en/about-us/corporate-governance/policies
4. The details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social
responsibility Policy) Rules, 2014, if applicable (attach the report) - Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy)
Rules, 2014 and amount required for set off for the financial year, if any - Not Applicable
6. Average Net Profit of the Company as per section 135(5): `13,171.90 Lakhs.
7. (a) Two percent of average net profit of the Company as per section 135(5): ` 263.44 Lakhs.
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial year: 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): ` 263.44 lakhs.
8. (a) CSR amount spent or unspent for the financial year:
Total amount spent for the Amount Unspent (in ` lakh)
financial year (in ` lakh) Total Amount transferred to Unspent Amount transferred to any fund specified under
CSR Account as per section 135(6). Schedule VII as per second proviso to section 135(5).
Amount Date of transfer Name of the fund Amount Date of transfer
268.11 NA NA NA NA NA
(b) Details of CSR amount spent against ongoing projects for the financial year: NIL
S. Name Item from Local Location of Project Amount Amount Amount Mode of Mode of
No. of the the list of area the project Duration allocated spent in transferred implementation - Implementation
project activities (Yes/No) for the the to unspent Direct (Yes/No) through implementing
in project current CSR Account Agency
Schedule State District (in ` lakh) FY for the project
VII to the (in ` lakh) as per section Name CSR
Act 135(6) (in ` lakh) Registration No
NA NA NA NA NA NA NA NA NA NA NA NA NA
22
TRL
ANNEXURE TO THE CSR ANNUAL REPORT 2023-24
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
S. Name of the project Item from the Local Location of Amount spent Mode of Mode of
No. list of activities in area the project for the project implementation - Implementation
Schedule VII to Yes/No (in ` lakh) Direct (Yes/No) through
the Act implementing
Agency
State Dist Name CSR
Registration No
1 Merit cum means scholarship to poor and Education Yes Odisha/ 46.57 Direct Not Applicable
meritorious students, Total Secondary School Jharsuguda
Education facilities to talented SC/ST students,
development of infrastructure for education,
financial aid to Prerana and BEST Trust,
Support to SC/ST students for pursuing higher
education and imparting basic computer
education in Odiya medium schools
2 Organising rural health camps, focused health Health Services Yes Odisha/ 11.77 Direct Not Applicable
wellness programmes for children, senior citizens Jharsuguda
and adolescent girls, supports to Government’s
health programmes for TB Control, Filaria
eradication, Pulse polio vaccination, AIDS
Control, etc.
3 Supply of drinking water through tankers, Drinking Water & Yes Odisha/ 18.43 Direct Not Applicable
Construction of facilities for access to safe Sanitation Jharsuguda
drinking water, Community toilets in rural areas
4 Skill Development Training to unemployed youth Sustainable Yes Odisha/ 38.66 Direct Not Applicable
through Rural Self Employment Training Institute, Livelihood Jharsuguda
boosting budding entrepreneurs and Installation
of cold storage for improving income of farmers.
5 Extending support to cultural / social events to Promotion of Yes Odisha/ 7.52 Direct Not Applicable
promote culture Ethnicity, Jharsuguda
traditional Art
& Culture
6 Maintaining a nursery, Development and Environment Yes Odisha/ 36.98 Direct Not Applicable
maintenance of block plantation areas, Jharsuguda
Installation of Solar Streetlights and Protection
of waterbody at Bhikampali.
7 Developing Rural Infrastructure for public use Rural Yes Odisha/ 85.95 Direct Not Applicable
Infrastructure Jharsuguda
Development
8 Supplying sports kits to sports clubs & schools, Promotion of Yes Odisha/ 4.43 Direct Not Applicable
extending material support for organizing sports Sports Jharsuguda
events in rural areas
9 Running of District Emergency Control Centre Disaster Yes Odisha/ 15.04 Direct Not Applicable
Management Jharsuguda
Total 265.35
(d) Amount spent in Administrative Overheads: ` 2.76 Lakhs

(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 268.11 Lakhs
23
ANNEXURE TO THE CSR ANNUAL REPORT 2023-24
(g) Excess amount for set off, if any: Not Applicable

S. No. Particulars Amount (in `)
(i) Two percent of average net profit of the Company as per section 135(5) ` 263.44 Lakhs
(ii) Total amount spent for the Financial Year ` 268.11 Lakhs
(iii) Excess amount spent for the financial year [(ii)-(i)] NIL
(iv) Surplus arising out of the CSR projects or programmes or activities of the
previous financial years, if any NIL
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] NIL
9. (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable
S. Preceding Amount transferred Amount spent in the Amount transferred to any fund specified under Amount remaining to
No. Financial to Unspent CSR reporting Financial Schedule VII as per section 135(6), if any be spent in succeeding
year Account under Year (in ` lakh) financial years.
section 135(6) (in ` lakh) Name of the fund Amount (in ` lakh) Date of transfer (in ` lakh)
NA NA NA NA NA NA NA NA
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not Applicable
S. Project ID Name of Financial year in Project Total amount Amount spent on Cumulative amount Status of the
No. the project which the project duration allocated for the the project in the spent at the end of project -
was commenced project (in ` lakh) reporting Financial reporting Financial Completed/Ongoing
Year (in ` lakh) Year (in ` lakh)
NA NA NA NA NA NA NA NA NA
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year – Not Applicable
(asset-wise details).
(a) Date of creation or acquisition of the capital asset(s).
(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) -
Not Applicable.
12. Responsibility statement of the CSR Committee: The implementation and monitoring of CSR policy is in compliance with
CSR objectives and Policy of the Company.
Sd/- Sd/-
Date : August 02, 2024 Prasanta Kumar Naik R. Ranganath
Place : Kolkata Managing Director CSR Committee Chairman
24
TRL
Annexure C
Form No. MR-3
SECRETARIAL AUDIT REPORT
For The Financial Year Ended 31st March, 2024
To
The Members,
TRL KROSAKI REFRACTORIES LIMITED
CIN-U26921OR1958PLC000349
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
practice by TRL Krosaki Refractories Limited (hereinafter called ‘the Company’). Secretarial Audit was conducted in a manner that
provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minutes books, forms and returns filed 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, we hereby report that in our opinion, the Company has, during the audit period covering the financial
year ended on 31st March, 2024 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.
We 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, 2024 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the Rules made there under;
(ii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder.
(iii) Foreign Exchange Management Act, 1999 and the Rules and Regulations made there under relating to Foreign Direct
Investment or Overseas Direct Investment.
(iv) Following other laws as are specifically applicable to the Company:
a. The Factories Act, 1948
b. The Employees Provident Fund & Miscellaneous Provisions Act, 1952
c. Industrial Disputes Act, 1947
d. Contract Labour (Regulations and Abolition) Act, 1970
e. Employees State Insurance Act, 1948
f. Payment of Bonus Act, 1965
g. The Employees Compensation Act, 1923
h. The Mines Act, 1952 and the Mines Rules, 1955
i. Mines & Minerals (Development and Regulation) Act, 1957
j. The Environment Protection Act, 1986
k. Water (Prevention & Control of Pollution) Act, 1974
l. Air (Prevention & Control of Pollution) Act, 1981.
The company complies with Statutory Tax Audit requirement under section 44AB of the Income Tax Act, 1961, which is done by Tax
Auditors appointed, in his Tax Audit Report, so we have not reviewed compliance of applicable Income Tax Laws to the Company.
We have also examined compliance with the applicable clauses of the Secretarial Standards issued by the Institute of Company
Secretaries of India, under Section 118 (10) of the Companies Act, 2013 with respect to the Meeting of the Board of Directors (SS-1)
and General Meetings (SS-2) and recommendatory standards like Secretarial Standard on Dividend (SS-3) and Secretarial
Standard on Report of the Board of Directors (SS-4) by the Company.
The management has represented and we have also checked that the Company being an unlisted Public Company the following
Acts, Regulations, Guidelines, Agreements etc. as specified in the prescribed MR-3 Form were not applicable to the Company:
(i) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made there under;
(ii) 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, 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 (Registers to an 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;
(h) The Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018;
25
(iii) Listing Agreement with Stock Exchanges.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc.
We further report that:
(a) The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act.
(b) 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 and
(c) 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.
(d) Majority decision is carried through while the dissenting members’ views are captured and recorded as part of minutes.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
Place: Bhubaneswar For Ashok Mishra & Associates

Date: 25.04.2024 Company Secretaries
FRN-S2019OR668200
(CS Ashok Kumar Mishra)
Proprietor
UDIN- F005128F000244818 FCS-5128, C.P. No-3270
Peer Review No.2574/2022
This is to be read with our letter of even date which is annexed as Annexure-A and forms an integral part of this report.
Enclosure-A
Annexure to Secretarial Audit Report
To
The Members,
TRL Krosaki Refractories Limited
U26921OR1958PLC000349
Auditors’ responsibility
Based on audit, our responsibility is to express an opinion on the compliance with the applicable laws and maintenance of records by
the Company. We conducted our audit in accordance with the Auditing Standards CSAS 1 to CSAS 4 (“CSAS”) prescribed by the
Institute of Company Secretaries of India (“ICSI”). These standards require that the auditor complies with the statutory and regulatory
requirements and plan and performs the audit to obtain reasonable assurance about the compliance with applicable laws and
maintenance of records.
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express an
opinion on these secretarial records based on our audit.
2. We have followed the audit practice and processes as were appropriate to obtain reasonable assurance about the correctness
of the contents of the secretarial records. The verification was done on test check basis to ensure that correct facts are reflected
in secretarial records. We believe that the processes and practices we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the management representation about the compliance of laws, rules, regulations,
guidelines, standards and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. Our examination was limited to the verification of procedures on test check basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.
Place: Bhubaneswar For Ashok Mishra & Associates
Date: 25.04.2024 Company Secretaries
FRN-S2019OR668200
(CS Ashok Kumar Mishra)

Proprietor
UDIN: F005128F000244818 FCS-5128, C.P. No-3270
26
TRL
Annexure D
Statement pursuant to Section 197 of the Companies Act, 2013 read with Rules of
The Companies (Appointment and Rumuneration of Managerial Personnel) Rule, 2014
Gross Net Total Date of Particulars of last
Designation/ Age
Name Remuneration Remuneration Qualifications Experience Commencement Employment
Nature of duties (Years)
(in `) (in `) (Years) of Employment held
(1) (2) (3) (4) (5) (6) (7) (8) (9)
P. B. Panda Managing Director 4,20,93,699 2,11,90,846 B.Sc. (Tech.) 66 42 17.10.1981

(upto 30th April, 2024) Ceramic Tech.
H. Sehgal EVP (Operations) 2,81,02,369 1,66,69,096 B.Tech. (Mech.) 58 35 08.03.2007 Vardhaman Textiles
M. V. Rao EVP (Finance) & CFO 2,49,09,065 1,45,46,296 FCMA 61 35 14.08.1992 Stiles India Ltd.
(upto 29th February, 2024)
S. Sengupta EVP (Sales, Marketing & 2,40,75,863 1,39,74,275 B.Tech.(Ceramic) 52 31 03.08.2009 IFGL Refractories Ltd.
Customer Care)
(Appointed as
Whole Time Director
w.e.f. 2nd August 2024)
P. K. Naik EVP (Procurement & 2,25,32,702 1,32,91,087 M Tech (Geology) 59 32 01.08.1991

Sourcing)
(Appointed as
Managing Director
w.e.f. 1st May 2024)
T. P. Dash EVP (Corporate Services 1,05,78,375 63,88,216 MSc. (Chemistry), 58 33 17.09.1991 J. K. Paper Mills Ltd.
& Human Resource) P.G. Diploma (Ecology
& Env.), P.G. Diploma
(Safety), P.HD. Env. Sc.
Krishnendu Kumar VP (DSS-EAST-KOL & 98,90,880 62,08,211 Bsc. Technology 47 23 01.08.2000

CENTRAL) (Ceramics)
R K Singh Sr. VP (HR & IR) 88,95,830 54,32,902 PHD in HR Management, 58 28 10.05.2018 Hindustan Coca-cola
Executive MBA Beverages Pvt. Ltd.
Asoke Tripathi VP (DSS-North & West) 88,50,372 55,72,357 B.Tech (Ceramic Tech.) 52 21 02.09.2022 ACC Limited
H. Nagata EVP (Tech & TSS) 87,21,340 56,91,059 M.Tech (Metallurgy) 65 41 01.07.2015 Krosaki Harima
Corporation, Japan
Notes:
1. Gross Remunerartion comprises Salary, allowances, monetary value of perquisites, commissions and the Company's contribution to Provident Fund and
Superannuation Fund but excludes contribution to Gratuity Fund as separate figures are not available.
2. Net Remuneration is after tax and is exclusive of Company's Contribution to provident fund and superannuation fund and monetary value of non-cash
perquisites.
3. None of the above employees along with his spouse and dependent children hold 2% or more equity shares of the Company.
4. The nature of employment in all cases is contractual.
5. None of the above employees is a relative of any director of the Company.
sd/-
H. M. NERURKAR
27
Annexure E
Conservation of Energy, Technology Absorption
A. Conservation of Energy
(i) Steps taken or impact on conservation of energy
(a) Energy conservation measures taken:
i. Primary Air fan discharge duct of Rotary Kilns has been modified to eliminate dust jamming. This has helped
in avoiding drop in sinter zone temperature thus eliminating heat losses.
ii. Garland chain system is provided in the Rotary Kiln inlet feed chute area to avoid mud ring formation during
monsoon. This has reduced loss in sinter production during monsoon and saved the energy.
iii. Improved loading of Dolomite tunnel kiln due to reduction in rejection car pushing by 75%. This has helped
in reducing fuel consumption per MT in Dolomite department.
iv. Improved the capacity utilization of high temperature tunnel kiln in Basic department by firing internal
consumption bricks instead of rejection bricks during temperature change over and helped in improving
specific fuel consumption.
v. Uninterrupted supply of good quality producer gas with CV of 1450 Kcal/Nm3.
vi. Natural gas supply system installed at Belpahar works.
(b) Impact of above measures :
i. Reduction in specific consumption of Dolo Tunnel Kiln by 5% compared to 2022-23.
ii. Reduction in specific consumption of High temperature kiln in Basic by 10% compared to 2022-23.
iii. Lowest ever specific energy consumption of 1.76 Gcal/MT achieved at Belpahar Works.
iv. The Company has become first refractories company in India to use Natural Gas as fuel.
(ii) Capital investment on energy conservation equipment
Natural gas firing system installed at Belpahar works. Three main kilns Dolomite Tunnel Kiln-2, High Temperature
Kiln (Old) at Basic Department and High Alumina tunnel Kiln at High Alumina department are operating with Natural
gas.
B. Technology absorption, adaptation and innovation:

(i) Efforts, in brief, made towards technology absorption, adaptation and innovations:
Number of new products have been introduced in the product basket with in-house development as well as with
technical know-how with Krosaki Harima Corporation, Japan.
• Neutral ramming mass for induction furnace.
• Improved gunning mass for RH snorkel.
• Improved repair monolithics (dry and wet patching mass) for BOF applications.
• Improved quality tap hole clay for larger capacity blast furnaces.
• Repair gunning material for BF trough.
• High performance seating blocks and well blocks for steel ladle application.
• Dual flow jet purging plug for steel ladle application.
• Improved quality MgO-C bricks for steel ladle slag zone for Tata Steel LD#3.
• High performance DBMC Bricks (Fired>1830 Deg C) for Non-Ferrous/Ferrous Industry.
• Improved quality unburnt Dolomite bricks for steel ladle application.
• Improved grade magnesia enriched burnt Dolomite bricks for critical area of AOD (Nippon Yakin).
• High Cr2O3 bricks (>89% Cr2O3) for coal gasification unit.
• High performance silica bricks with <1% residual quartz and high creep resistance for Danieli Corus (BF Stove).
TRLK-Technology Division has published 18 nos. of technical papers in UNITECR ‘23, ICRJ ’24 & ICS ‘23.
TRL Krosaki is continuously working jointly with Customers (TSL-TISTRIK) & Raw material suppliers for
performance improvement of existing products, new product development and introduction of new raw materials.
28
TRL
(ii) Benefits derived as a result of above efforts
Consistent and enhanced product performance and customer satisfaction.
(iii) In case of imported technology (imported during the five years reckoned from the beginning of the financial
year) following information may be furnished:
Details of Technology Year of Whether technology Status of

Import fully absorbed Implementation
Manufacturing of AG Refractories -
Krosaki Harima Corporation, Japan 2019-20 Yes Commercialised
C. Research & Development

(i) Specific areas in which R&D work was carried out by the Company
Upgrading existing products, enhancing product performance, developing new and improved products, ensuring
product consistency, utilizing GRM, and cost-effective recipe formulation. Major emphasis was given to the research
in the field of iron making & steel making areas like THC/Trough, Torpedo/Hot Metal Ladle, BF stove/ CDQ, Flow
Control &CC, Steel Ladle, RH Degasser and BOF. In stainless steel & non-ferrous area, continuous research work
has been carried out to improve the performance of Dolomite, DBMC & High Alumina/Monolithic Products.
(ii) Benefits delivered as a result of R&D Programmes
R&D activities have helped the company in reducing the input cost of raw materials through development of
alternative cost-effective products. This has helped the company to replace competitors and remain competitive in
the market.
(iii) Future plan of action
The company continues its effort on developing new and improved cost-effective, environment-friendly, and
customized products through Marketing & Technical services to meet the future technological challenges and meet
customers’ demand.
(iv) Expenditure on Research & Development
(a) Capital : ₹ 132.22 Lakhs
(b) Recurring : ₹ 1,351.64 Lakhs
(c) Total : ₹ 1,483.86 Lakhs
(d) Total R&D expenditure as a Percentage of total turnover : ₹ 0.54%
D. Foreign Exchange Earnings & Outgo on Research & Development
Foreign Exchanged Earned : ₹ 316.26 Crores

Foreign Exchange Used : ₹ 599.73 Crores
sd/-
H. M. NERURKAR
29
Annexure F
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Overview
Refractories are composite materials used in large volume in extreme, usually corrosive environments in equipment, such as, furnace lining, molten
metal storage and tapping for high temperature materials processing and other applications in which thermo-chemical properties are of critical
importance. Refractories are therefore facilitating or enabling materials and are essential to successful operations of any core industry in which high
temperature applications are involved. About 70% of world refractories production is consumed by steel industry. In India steel industry consumes
around 75% of refractories produced. Other significant consumers of refractories are copper, cement, lime, aluminum, glass, and chemical
industries.
As the steel industry is the major consumer of refractories, the growth of refractories industry is closely linked with the growth of iron and steel
industry. India has become 2nd largest producer of crude steel in the world. India’s estimated steel production in 2023-24 was 132 Mn. MT an
increase of 6 Mn. MT from 126 Mn. MT in 2022-23. It is estimated that steel demand will continue to increase in India especially from construction,
automotive and infrastructure sectors. Growth story of Indian Steel Industry is further supported by Government’s thrust on infrastructure
development supported by strong GDP growth forecast, private consumption and Government expenditure. Indian steel industry is expected to
infuse fresh funds for raising capacity utilization. Steel industry in India is consolidating and the unused capacity of the industry is being utilized. It is
estimated that the steel production in India will increase to 131 Mn. MT by 2023-24. As per Government of Odisha the steel production in Odisha state
only is expected to increase from the current installed capacity of 34 Mn. MT to 138 Mn. MT by 2030. This will increase the demand for refractories.
Other major consuming industries like cement, copper and aluminium are also expected to grow in the next 5 years.
The Indian refractory industry is consolidating, and all global players are trying to increase their presence in India. On the other hand, Chinese
suppliers has a huge unutilised capacity and are trying to dump refractories in India, creating a price war among refractory suppliers. Improved
product performance, improved service at customers’ sites and reduction in delivery time will help the Indian suppliers to retain their market share.
The central Government’s Policy of “Make in India” will also help to have an edge over import supplies.
Performance Review
During the year, the Company recorded revenue of ₹ 2516 Crores (previous year ₹ 2299 Crores). Profit Before exceptional items and Tax stood at ₹
265 Crores (previous year: ₹ 207 Crores); Profit Before Tax: ₹ 309 Crores (previous year: ₹ 207 Crores) and Profit After Tax: ₹ 241 Crores (previous
year: ₹ 155 Crores). The increase in profit before tax is primarily on account of reduction in cost due to decrease in specific fuel consumption,
decrease in fuel prices, increase in use of Green Refractories, and increase in volume of focused products.
Sl. No. Item 2023-24 2022-23 Change
` Crores ` Crores (%)
1 Sale of Products and Services 2503 2290 9% ↑
2 Other Income 13 9 44% ↑
3 Total Income (1+2) 2516 2299 9% ↑
4 Manufacturing and other Expenses 2186 2030 8% ↑
5 Earnings before interest, Depreciation, Taxes 330 269 23% ↑
6 Exceptional Item 44 - - ↑
7 Other Comprehensive Income/(Loss) -3 -3 -
8 EBIDTA margin 13.12% 11.7% 12% ↑
9 Depreciation 44 39 13% ↑
10 Finance Cost 21 23 9% ↓
11 Profit Before Tax 309 207 49% ↑
12 Profit After Tax 241 155 55% ↑
Raw material consumption increased from ` 1002 Crores in 2022-23 to ` 1048 Crores in current year primarily on account of increase in production
by 12093 MT. Employee benefit expenses increased from ` 162 Crores ` 2022-23 to ` 183 Crores in current year primarily on account of salary
revisions and its consequential impact on the retirement provisions. Depreciation increased from ` 39 Crores in 2022-23 to ` 44 Crores in current
year primarily on account of increase in capitalization. Finance cost decreased from ` 23 Crores in 2022-23 to ` 21 Crores in the current year
primarily due to lower utilization of working capital facility following improved internal generation. Stores and Spares consumption increased from `
40 Crores in 2022-23 to ` 42 Crores in current year primarily due to increase in production. Repairs to Building increased from ` 26 Crores in 2022-23
to ` 33 Crores in current year primarily due to increase in one-time repairs both inside the plant and township. Fuel consumption decreased from `
161 Crores in 2022-23 to ` 132 Crores in the current year primarily due to decrease in prices of furnace oil, coal & pet coke and decrease in specific
fuel consumption in various kilns. Conversion and processing charges increased from ` 37 Crores in 2022-23 to ` 40 Crores in the current year due to
increase in prices and increase in production. Freight and Handling charges decreased from ` 112 Crores in 2022-23 to ` 104 Crores in the current
year primarily due to decrease in ocean freight on export consignments. Royalty increased from ` 11 Crores in 2022-23 to ` 13 Crores in the current
year due to higher sale of royalty bearing products. Commission expenses increased from ` 12 Crores in 2022-23 to ` 13 Crores in current year
primality due to higher business through agents. Allowance for credit losses/provision for doubtful advances has Increased from ` 4 Crores in 2022-
23 to ` 7 Crores in current year primarily due to increase in expected credit losses. Travelling expenses increased from ` 17 Crores in 2022-23 to ` 23
Crores in current year primarily due to increase in travelling in connection with international business.
Customer Relationship
During the year, the Company continued to achieve the highest level of customer satisfaction with benchmark performance, excellence in site
services and the best in-class safety practices in the industry.
The Company focused on sustainable value-added solutions to address the pain points of customers. This effort has been recognized by customers
and the Company was awarded with several repeat contracts throughout the year. The Company received the biggest order in its history from Tata
Steel, Jamshedpur for I-Blast Furnace Trough Management for a duration of five years until 2028 with a responsibility to service the trough refractory
lining for a throughput of 16 million Tons of Hot Metal. In a first ever effort, the Company took the responsibility to dismantle and reline the entire E
30
TRL
Blast Furnace refractories at Tata Steel – Jamshedpur and successfully executed the job. The journey to increase market footprint in pellet plants
continued in this year and the prestigious contract of revamping the pellet plant refractories in kiln was secured from Tata Steel, Gamharia. At Tata
Steel, Kalinganagar 10 heats straight life in Slide Plate was achieved with the AL-90 Slide Gate System which is a benchmark performance in the
industry.
The Company was entrusted with the responsibility to revamp and repair the entire Blast Furnace Cast House Refractories at NMDC Steel,
Nagarnar. This was a critical activity for successful commissioning of the Blast Furnace and the Company’s meticulous execution of the work with
excellence in site service added to customer delight. Continuous improvement in performance was demonstrated by the Company in RH Vessel
Refractories across JSW Steel units which helped the customer to improve their productivity. The Company has maintained its superiority in
performance for Converter Refractories in Steel Making area across all SAIL Plants and has been able to expand its business in this segment. The
performance of Dolomite Refractories supplied to Stainless Steel industry has been consistently superior compared to competitors throughout the
year. This enhanced customer satisfaction helped the Company to retain its share of business in India. Business from retail sales in MSME segment
has achieved the all-time highest revenue of ₹ 328 Crores this year, an increase of 22% over the previous year, and has become one of the major
drivers of business growth.
The newly commissioned state of the art AG plant at Belpahar with Krosaki Harima technology has gone fully operational this year and usage of the
products from this plant has started giving successful performance across all major customers of the Company.
The Company is also focusing strongly on mechanization in application services to improve safety and reduce man-machine interference and has
been instrumental in implementing several productivity improvement practices at different customer sites. It is worthwhile to mention that the
Company has been recognized with Tata Steel InnoVista 2023 Apex Award for “Mechanized way for Refractory Handling Project” under most
innovative partner category.
The Company continued to be recognized by its customers for its efforts to improve product quality, services and safety practices at site. The most
notable ones being “Agile Partner of the Year” award from Tata Steel, Stainless Steel Excellence Award 2023 in the category of “Best Sustainable
Initiatives” from Indian Stainless Steel Developmental Authority (ISSDA) and Safety Award from JSW Steel for “Recognition of exceptional effort in
establishing and maintaining a Model Workplace” are a few of such awards.
International Business
The global market has continued to remain volatile due to the geo-political turbulence arising out of Israel – Hamas war, Economic slowdown in
Europe, uncertainties in trade arising due to election year in Bangladesh and Forex crisis in African nations etc. The Red Sea crisis propelled an
unprecedented increase in ocean freight to Middle East, South America and Europe destinations. All these made the Global market very challenging
in terms of business growth. However, in this difficult market situation the Company has been able to maintain its export revenue similar to last year
while the growth in sales volume has been around 4% on a y-o-y basis.
The Company has achieved a sustainable revenue growth of 34% over the previous year in one of its focused product Direct Bonded Magnesia
Chrome bricks for Copper Industry through continuous business development across the International Market. For business development of its
another focused product, Dolomite bricks, Technical Support service has been extended to several customers in Far East Asia, Europe and South
America with an aim to provide more value-added solutions. There has been 35% revenue growth in Flow Control products through market growth,
especially in Europe and Middle East Market.
Major focus has been given to increase footprint at new customers in Egypt, South Africa, Qatar, Bahrain, USA, Taiwan, Spain, Finland and Mexico.
The global network of Krosaki Group Companies has been utilized to improve market presence in Europe, South America and Far East Asia. This
has given positive outcome with business opportunities generated at major stainless-steel producers like Outokumpu, Acerinox and Arcelor Mittal.
This entry into new markets will help the Company to drive its growth in overseas markets in a sustainable manner despite market uncertainties and
geo-political disturbances.
Borrowings and Liquidity
Borrowing for working capital in the current year has reduced significantly from ` 183 Crores to ` 100 Crores in spite of increase in business and
repayment of term loan primarily due to increase in internal generation and receipt of advance on sale of land at Salem. Inventory of raw materials
decreased from ` 287 Crores on 31st March 2023 to ` 264 Crores on 31st March 2024 primarily due to planned decrease in Chinese raw materials.
Trade Receivables increased from ` 337 Crores on 31st March 2023 to ` 370 Crores on 31st March 2024 primarily due to increase in revenue. Other
current assets increased from ` 26 Crores on 31st March 2023 to ` 35 Crores on 31st March 2024 primarily due to increase in advances for procuring
both capital and revenue items.
The average cost of borrowing has increased from 6.36% in 2022-23 to 7.42% in the current year mainly due to an increase in interest rates.
Keeping in view of the business plan of 2023-24, current gearing level and unutilized credit limits, the Company is comfortable in managing its
liquidity over the short and medium term.
Human Resources
At TRL Krosaki, our Human Capital, is our most valuable asset and the key driver of the Company’s phenomenal growth over the past years. The
Company works relentlessly to create an environment to attract and retain the best talent in the industry and invests heavily in their continuous
Professional Development creating a wide range of learning opportunities and career development opportunities.
During this year, as part of the Recruitment transformation agenda, an online recruitment module was launched to aid the Talent Acquisition process.
It will help streamline the routine activities and cut down the time spent on the recruitment process, achieving a higher level of efficiency.
Retention efforts in the Company are a combination of regular review of compensation & benefits and parallelly facilitating employees career
development to the next level through a host of training, role expansion, job rotation and overseas training and posting opportunities.
Our capability building framework revolves around our overall Talent Identification and Development policy wherein talent at various levels is
identified, provided with high quality learning exposures, and continuously groomed for the next level. This year over 270 programmes were
organised covering over 3,700 person-days of training covering 100% of our employees. Of these 75% were delivered by internal experts and 25%
externally showcasing our internal strength in capability building with excellent feedback.
Employee Care, one of our strengths was further stepped up with several modern infrastructure development initiatives to modernize our township,
hospital, stadium, recreation parks, greenery, and plantation to further enhance the Quality of Life in Township. This year Preventive Healthcare was
taken as a focused theme and several programmes, focused discussions and awareness sessions were conducted by our hospital focusing on
areas of Lifestyle, Staying Healthy & Fit through awareness on various health topics.
31
Annexure G
CORPORATE GOVERNANCE REPORT FOR THE YEAR 2023-24

Company's Corporate Governance Philosophy
TRL Krosaki Refractories Limited is not a Listed Company. Hence, the Corporate Governance norms are not statutorily
mandatory for the Company. However, your Company is committed to follow good corporate governance practices
proactively. The Company emphasizes the need for full transparency and accountability of all its transactions to protect the
interests of its stakeholders. The Board of Directors ("the Board") considers itself as a Trustee of its Shareholders and
acknowledges its responsibilities towards them for creation and safeguarding their wealth. The Company believes that good
corporate governance practices generate goodwill among business partners including customers, and investors, earn
respect from society, bring about a consistent sustainable growth and profitability for the Company and ensure competitive
returns for the investors. The Corporate Governance Philosophy has been strengthened with the implementation of Code of
Conduct applicable to the Company, its directors, and its employees.
Board of Directors
The Board is at the core of the corporate governance practices of the Company and oversees how the Management serves
and protects the long-term interests of all the stakeholders. The Company believes that an active, well-informed, and
independent Board is necessary to ensure the highest standards of corporate governance.
SIZE AND COMPOSITION OF THE BOARD

The Company has a Non-Executive Chairman, and all other Directors except the Managing Director are Non-Executive
Directors (NEDs).
None of the Directors on the Board is a Director in the Board of more than twenty Companies and also not a director in more
than ten public companies (including directorship in private Company which is either holding or subsidiary Company of a
public Company). Similarly, none of the Director on the Board is a member of more than 10 Board Committees (Audit
Committees and Stakeholders' Relationship Committees) and Chairman of more than 5 Committees, across all the
Companies in which he or she is a director.
Currently, the Board comprises ten members consisting of one Managing Director, seven Non-Executive Directors (NEDs)
including a Woman Director and two Independent Directors (IDs). The Board periodically evaluates the need for a change in
its composition and size. Detailed profile of our directors is available on our website: www.trlkrosaki.com.
None of the NEDs serve as IDs in over seven listed companies and the Whole-time Director does not serve as Independent
Director on any listed Company.
The Company has issued formal letters of appointment to Independent Directors. The terms and conditions of appointment of
Independent Directors is available on the Company’s website and can be accessed at: https://www.trlkrosaki.com/en/about-
us/leadership.
The names and categories of Directors on the Board, their attendance at Board Meetings during the year, and at the last
Annual General Meeting, and the number of Directorships and Committee Memberships held by them in other Companies
are given below:
Name DIN Whether attended No. of Directorships No. of Board Committee
AGM held on in other Indian Public Positions held in other
September Companies # Indian Public Companies *
12, 2023 As on 31.03.2024 As on 31.03.2024
As Chairman As Director As Chairman As Member
Non-Executive Directors
Mr. H. M. Nerurkar (Chairman) 00265887 Yes 3 3 2 5
Mr. Sachihiko Asaya 09043344 Yes — — — —
Ms. Ai Iwasaki 09733987 Yes — — — —
Mr. Jumpei Konishi 09152493 No — — — —
Mr. Anirban Dasgupta 06832261 No 1 1 - -
Mr. Chaitanya Bhanu 09733430 No — — — —
Mr. Hisatake Okumura 05130777 Yes — — — —
32
TRL
Name DIN Whether attended No. of Directorships No. of Committee
AGM held on in other Indian Public Positions held in other
September Companies # Indian Public Companies *
12, 2023 As on 31.03.2024 As on 31.03.2024
As Chairman As Director As Chairman As Member
Independent Directors
Mr. P. V. Bhide 03304262 Yes — 4 1 3
Mr. R. Ranganath 06725337 Yes — 1 — —
Executive Director(s)
Mr. P. B. Panda (Managing Director) 07048273 Yes — — — —
# Excludes Directorships in Private and Foreign Companies.
* Chairmanship/ Membership of Audit Committee and Stakeholders Relationship Committee.
Board Meetings
SCHEDULING AND SELECTION OF AGENDA ITEMS FOR BOARD MEETINGS
The date of Board meetings in the ensuing year are decided in advance. Most Board meetings were held through video
conference mode. The agenda and explanatory notes are sent to the Members of the Board in advance. The Board
periodically reviews compliance reports of all laws applicable to the Company. The Board meets at least once a quarter to
review the quarterly results and other items in the agenda and also meets on the occasion of Annual General Meeting
("AGM") of the shareholders. Additional meetings are held, when necessary. Committees of the Board usually meet before
the formal Board meeting, or whenever the need arises for transacting business. The recommendations of the Committees
are placed before the Board for necessary approval.
Six Board Meetings were held during the year 2023-24 and the gap between two consecutive meetings did not exceed one
hundred and twenty days.
The details of meetings attended by Directors are given below:
Name of the Director Category No of meeting No of meeting Attendance
held attended (%)
Mr. H. M. Nerurkar (Chairman) NED 6 6 100
Mr. P. B. Panda (Managing Director) ED 6 6 100
Mr. Hisatake Okumura NED 6 6 100
Mr. Jumpei Konishi NED 6 5 83
Mr. Sachihiko Asaya NED 6 5 83
Ms. Ai Iwasaki (Woman Director) NED 6 6 100
Mr. P. V. Bhide (Independent Director) ID 6 6 100
Mr. R. Ranganath (Independent Director) ID 6 5 83
Mr. Anirban Dasgupta NED 6 5 83
Mr. Chaitanya Bhanu NED 6 5 83
ID - Independent Director, NED - Non-Executive Director, ED – Executive Director
INDEPENDENT DIRECTORS' MEETING

Pursuant to Schedule IV of the Companies Act, 2013, the Independent Directors met on 14th March 2024 through video
conference mode without the presence of Non-Independent Directors and members of the Management. At this meeting, the
Independent Directors evaluated inter alia the performance of the Non-Independent Directors and the Board of Directors as a
whole, evaluated the performance of the Chairman of the Board and discussed various aspects relating to the quality,
quantity, and timeliness of flow of information between the Company, Management and the Board.
AUDIT COMMITTEE
The Company has constituted an Audit Committee of Directors under Section 177 of the Companies Act, 2013. The primary
objective of the Committee is to monitor and provide an effective supervision of the Management's financial reporting
process, to ensure accurate and timely disclosures with the highest level of transparency, integrity, and quality of financial
reporting. The Committee oversees the work carried out in the financial reporting process by the Management, the Internal
Auditors, the Statutory Auditors, the Cost Auditors, the Secretarial Auditors and reviews the processes used by each of them
to safeguard the financial reporting is accurate. The Committee further reviews the process and controls including
33
compliance with applicable laws, code of conduct, Whistle Blower Policy and related cases thereto, functioning of the
committee to prevent Sexual Harassment at Workplace, policies and guidelines on Internal Controls. The Committee also
reviews the adequacy of Risk Management System by laying down Risk Management Policy, reviewing Risk Governance
Structure, Risk Identification and Assessment Process on a regular basis. The Committee also reviews other matters as
considered appropriate or referred to it by the Board.
Five Meetings of the Audit Committee were held during the financial year 2023-24.
The composition of the Audit Committee and the details of meetings attended by the Members are given below:
held attended (%)
Mr. P. V. Bhide (Chairman) ID 5 5 100
Mr. R. Ranganath ID 5 5 100
Mr. Sachihiko Asaya NED 5 4 80
ID - Independent Director, NED - Non-Executive Director
The Audit Committee Meetings are attended by Internal Auditors and representatives of Statutory Auditors are invited to the
meetings. Other senior executives of the Company attended the meetings as invitees to address concerns raised by the
Committee Members. The Company Secretary acts as the Secretary of the Audit Committee.
NOMINATION AND REMUNERATION COMMITTEE

The Company has constituted Nomination and Remuneration Committee of Directors under Section 178 of the Companies
Act, 2013.
The terms of reference of the Committee inter alia, include the following:
l Succession planning of the Board of Directors and Senior Management Employees.
l Identifying and selection of candidates for appointment as Directors / Independent Directors based on certain laid down
criteria.
l Identifying potential individuals for appointment as Key Managerial Personnel and to other Senior Management
positions.
l Formulate and review from time to time the policy for selection and appointment of Directors, Key Managerial Personnel
and senior management employees and their remuneration.
l Review the performance of the Board of Directors and Senior Management Employees based on certain criteria as
approved by the Board. In reviewing the overall remuneration of the Board of Directors and Senior Management, the
Committee ensures that the remuneration is reasonable and sufficient to attract, retain and motivate the best managerial
talent, the relationship of remuneration to performance is clear and meets appropriate performance benchmarks and that
the remuneration involves a balance between fixed and incentive pay reflecting short term and long-term objectives of
the Company.
l Co-ordinates and overseas the annual self-evaluation of the performance of the Board, Committees and of individual
Directors.
l Chairman of Nomination and Remuneration Committee, Mr. Hisatake Okumura is different from Chairman of Board of
Directors. Mr. H. M. Nerurkar, Mr. P. V. Bhide and Mr. R. Ranganath are the other members of the Committee.
Two meetings of the Nomination and Remuneration Committee were held during the financial year 2023-24.
The composition of the Nomination and Remuneration Committee and the details of the meeting attended by the Directors
are given below.
held attended (%)
Mr. Hisatake Okumura (Chairman) NED 2 2 100
Mr. H. M. Nerurkar NED 2 2 100
Mr. P. V. Bhide ID 2 2 100
Mr. R. Ranganath ID 2 2 100
ID - Independent Director, NED - Non-Executive Director
REMUNERATION POLICY OF DIRECTORS, KMPs AND OTHER EMPLOYEES

The Remuneration Policy approved by the Nomination and Remuneration Committee and the Board is available on the
Company's website : https://www.trlkrosaki.com/en/about-us/corporate-governance/policies.
34
TRL
DETAILS OF REMUNERATION PAID/PAYABLE TO DIRECTORS FOR 2023-24
(a) Non-Executive Directors (` Lakhs)
Sl. No. Name of the Director Commission * Sitting Fees
1 Mr. H. M. Nerurkar 100.00 5.10
2 Mr. P. V. Bhide 16.00 5.10
3 Mr. R. Ranganath 14.00 5.50
4 Mr. Anirban Dasgupta 8.03 2.50
5 Mr. Chaitanya Bhanu 8.03 3.40
6 Mr. Hisatake Okumura 50.00 5.10
7 Mr. Jumpei Konishi 1.48 3.70
8 Mr. Sachihiko Asaya 1.48 3.70
9 Ms. Ai Iwasaki 0.98 3.00
Notes:
(a) * Commission for the financial year 2023-24, will be paid after adoption of Financial Statements at the 65th Annual
General Meeting scheduled to be held on September 18, 2024.
(b) Amounts indicated against Mr. Hisatake Okumura, Mr. Jumpei Konishi, Mr. Sachihiko Asaya, and Ms. Ai. Iwasaki are
paid/payable to Krosaki Harima Corporation, Japan.
(c) Amounts indicated against Mr. Anirban Dasgupta is paid/payable to Steel Authority of India Limited.
(d) Amount indicated against Mr. Chaitanya Bhanu is paid/payable to Tata Steel Limited.
(b) Managing Director (` lakhs)
Name Salary Perquisites & Long Term incentive Commission Stock
Allowances Plan (LTIP) @ Options
Mr. Priyabrata Panda 123.21 66.45 72.22 214.80 —
@ Commission will be paid after adoption of financial statements for FY 2023-24 at the 65th Annual General Meeting
scheduled to be held on September 18, 2024.
Service Contract, Severance Fees and Notice Period
Period of Contract of Managing Director: From 4th April 2023 to 30th April 2024.
Mr. Priyabrata Panda superannuated from the services of the Company as Managing Director on 30th April 2024.
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

In terms of Section 135 of the Companies Act, 2013, the Board has constituted a Corporate Social Responsibility (CSR)
Committee to monitor the Corporate Social Responsibility Policy of the Company and the activities included in the policy.
The terms of reference of the Committee are:
a) To formulate and recommend to the Board, a Corporate Social Responsibility Policy, which shall indicate the activities to
be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013;
b) To recommend the amount of expenditure to be incurred on CSR activities; and
c) To monitor from time to time the CSR Policy of the Company.
Three meetings of the Corporate Social Responsibility (CSR) Committee were held during the financial year 2023-24.
The composition of the CSR Committee and the details of meeting attended by the Directors are given below:
held attended (%)
Mr. R. Ranganath (Chairman) ID 3 3 100
Mr. P. B. Panda ED 3 3 100
Mr. Chaitanya Bhanu NED 3 3 100
ID - Independent Director, NED - Non-Executive Director, ED – Executive Director
35
COMMITTEE OF BOARD
In addition to the above Committees on Corporate Governance, the Board has also constituted an additional committee
known as Committee of Board (COB) and its terms of reference amongst its other functions are to periodically review:
l Business and Strategy
l Financial matters requiring special attention
l Long term financial projections and cash flow
l Capital expenditure programmes
l Organizational Structure.
COB shall also periodically review the Company’s business plans, profit projections, ways and means position etc.
Five meetings of the Committee of Board (COB) were held during the financial year 2023-24.
The composition of the COB and the details of meetings attended by the Directors are given below.
held attended (%)
Mr. H. M. Nerurkar (Chairman) NED 5 5 100
Mr. P. B. Panda ED 5 5 100
Mr. H. Okumura NED 5 5 100
Mr. Jumpei Konishi NED 5 4 80
NED - Non-Executive Director, ED – Executive Director
GENERAL BODY MEETINGS

(a) Location and time, for last three Annual General Meetings (AGMs) and details of Special Resolution Passed:
Financial Year Date Time Location Special Resolution Passed for
2022-23 12th 5:00 PM Belpahar, Jharsuguda, 1. Revision of the terms of remuneration of

Sept’23 Odisha - 768218 Mr. Priyabrata Panda, Managing Director.
2. Re-appointment of Mr. Priyabrata Panda,
Managing Director.
2021-22 19th 04.00 PM Belpahar, Jharsuguda, No Special Resolution Passed
Sept’22 Odisha - 768218
2020-21 29th 01:00 PM Belpahar, Jharsuguda, No Special Resolution Passed
Sept’21 Odisha - 768218
(b) No Extra-Ordinary General Meeting of shareholders was held during the Year under review.
OTHER DISCLOSURES
The Board has received disclosures from key managerial personnel relating to financial and commercial transactions where
they and/or their relatives have personal interest. There are no materially significant related party transactions, which have
potential conflict with the interests of the Company at large.
INFORMATION TO INVESTORS
Annual General Meeting 2024
Date Wednesday, 18th September 2024
Time 01:00 PM IST
Venue Registered Office of TRL Krosaki Refractories Limited, Belpahar, Jharsuguda, Odisha 768218.
Financial Year 1st April 2023 to 31st March 2024
Particulars of Directors seeking appointment / re-appointment are given in the annexure to the Notice of the Annual
General Meeting to be held on Wednesday, 18th September 2024.
36
TRL
Address for correspondence Company Secretary
CIN-U26921OR1958PLC000349
PO: Belpahar – 768 218
Dist.: Jharsuguda, Odisha, INDIA
Phone: +91 6645 258417
E-mail: asim.meher@trlkrosaki.com
Demat Agency Details LINK INTIME INDIA PRIVATE LIMITED
C-101, 247 Park, 1st Floor, LBS Road,
Gandhi Nagar, Vikhroli (West),
Mumbai, Maharastra, 400 083
Tel: +91 (22) 2820 7203-05/4918 6178-79
During the year, the demat agency of the Company has been changed from Universal Capital Securities Private
Limited to Link Intime India Private Limited with effect from 18th December 2023.
Distribution of Shareholding as on 31st March, 2024

Number Number of % of Number of % of
of Shares Slab Shareholders Shareholders Shares Held Shares Held
1-100 119 39.67 6,825 0.03
101-500 85 28.33 28,951 0.14
501-1000 36 12.00 33,094 0.16
1001-5000 28 9.33 65,959 0.31
5001-10000 5 1.67 42,147 0.20
10001-100000 21 7.00 7,16,210 3.43
Above 100000 6 2.00 2,00,06,814 95.73
Total 300 100 2,09,00,000 100
Categories of Shareholding as on 31st March, 2024

Category of Shareholder Number of Shares Held Percentage of Share Capital
Foreign Holdings 162,22,864 77.62
Government Companies 22,03,150 10.54
FIs, Insurance Companies & Banks 9,62,500 4.61
Other Corporate Bodies 4,45,143 2.13
Mutual Funds — —
Directors & Relatives 100 —
Key Managerial Personnel & Relatives — —
Individual & Others 10,66,243 5.10
Total 209,00,000 100
37
Top Ten Shareholders of the Company as on 31st March, 2024
Sl.No. Name of the Shareholders No. of Shares Held % of Holding

1 Krosaki Harima Corporation 162,22,864 77.62
2 Steel Authority of India Limited 22,03,150 10.54
3 Life Insurance Corporation of India 9,62,500 4.61
4 Aadishu Securities Private Limited 2,58,300 1.24
5 Vikas Pavan Kumar 2,10,000 1.00
6 Lalita Kayan 1,50,000 0.72
7 S.M.S. Investment Corporation Private Limited 97,490 0.47
8 Devraj Singh 92,285 0.44
9 Lalitya Kumari 92,285 0.44
10 M/S ALPIC FINANCE LIMITED (Off Liquidator) 70,000 0.33
Dematerialization of shares as on 31st March, 2024

The Company has established connectivity with the depository, i.e. National Security Depository Limited (NSDL). The
International Securities Identification Number ("ISIN") allotted to the shares under the Depository System is INE
012L01014. A total of 2,05,80,944 equity shares of the Company representing 98.47% of the Company’s Share Capital
were dematerialized as on 31st March 2024.
Unclaimed Dividend-
l All unclaimed /unpaid dividend amounts up to financial year 2015-16, have been transferred to Investor Education
& Protection Fund and no claims will lie against the Company or the Fund in respect of the unclaimed amounts so
transferred.
l The unclaimed dividend declared in respect of the financial year 2016-17 can be claimed by the shareholders by
27th June 2024
OTHER INFORMATION TO THE SHAREHOLDERS

Dividend History for the last 10 years
Financial Year Dividend Date Rate Financial Year Dividend Date Rate
2022-23 12.09.2023 225% 2017-18 18.09.2018 66%
2021-22 19.09.2022 150% 2016-17 28.06.2017 63%
2020-21 29.09.2021 64% 2015-16 26.09.2016 20%
2019-20 29.09.2020 145% 2014-15 29.09.2015 10%
2018-19 25.09.2019 122% 2013-14 06.09.2014 10%
Nomination Facility
Shareholders who hold shares in the physical form and wish to make/change a nomination in respect of their shares in
the Company, as permitted under Section 72 of the Companies Act, 2013, may submit to the Company the prescribed
Forms SH-13/SH-14. These forms can be downloaded from the Company's website:
https://www.trlkrosaki.com/en/about-us/investors/forms-and-other-documents.
Shares held in Electronic Form

Shareholders holding shares in electronic form may please note that instructions regarding change of address, bank
details, nomination and power of attorney should be given directly to the Depository Participant (DP).
38
TRL
Shares held in Physical Form
Shareholders holding shares in physical form may please note that instructions regarding change of address, bank
details, nomination and power of attorney should be given to the Company. As per Companies Act, 2013, transfer of
physical shares is banned. Accordingly, shareholders are suggested to open a demat account with a depository and
dematerialize the shares for safe custody and enabling transfer of shares.
Remittance of Dividend through Electronic Mode

The Company provides the facility for remittance of dividends to shareholders through NECS (National Electronic
Clearing Service) / RTGS (Real Time Gross Settlement) / NEFT (National Electronic Funds Transfer). Shareholders,
who have not opted for remittance of dividend through electronic mode and wish to avail the same, are required to
provide their bank details, including MICR (Magnetic Ink Character Recognition) and IFSC (Indian Financial System
Code) to their respective Depository Participants (DPs) or to the ISC, where shares are held in the dematerialized form
and in the certificate form, respectively.
Shareholders holding shares in the physical form may use the NECS Mandate Form for this purpose, which can be
downloaded from the Company’s website under the section ‘Investor’ section or can be furnished by the Company on
request.
39
INDEPENDENT AUDITOR’S REPORT

To the Members of TRL Krosaki Refractories Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the standalone financial statements of TRL Krosaki Refractories Limited (the “Company”) which comprise
the standalone balance sheet as at 31 March 2024, and the standalone statement of profit and loss (including other
comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then
ended, and notes to the standalone financial statements, including material accounting policies And other explanatory
information (hereinafter referred to as "the standalone financial statements")
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at 31 March 2024, and its profit and other comprehensive income, changes in equity and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone
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 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 opinion on the standalone financial statements.
Other Information
The Company’s Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company’s annual report, but does not include the financial statements and
auditor’s report thereon.
Our opinion on the standalone 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 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 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.
Management's and Board of Directors’ Responsibility for the Standalone Financial Statements
The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with
respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/
loss and other comprehensive income, changes in equity and 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. 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
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 financial statements, the Management and Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone 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.
40
TRL
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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
l Identify and assess the risks of material misstatement of the standalone 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.
l Obtain an understanding of internal 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 financial statements in place and the operating
effectiveness of such controls.
l Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Management and Board of Directors.
l Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of
accounting in preparation of standalone financial statements 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 in the standalone 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.
l Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of India in
terms of Section 143(11) 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. (A) 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 except for the matters stated in the paragraph 2B(f) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
c. The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive
income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with
by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section
133 of the Act.
e. On the basis of the written representations received from the directors as on 01 April 2024 taken on record by
the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a
director in terms of Section 164(2) of the Act.
f. the opinion relating to the maintenance of accounts and other matters connected therewith are as stated in the
paragraph 2A (b) above on reporting under Section 143(3)(b) and paragraph 2B(f) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
g. With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
41
(B) 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, in our opinion and to the best of our information and according to the
explanations given to us:
a. The Company has disclosed the impact of pending litigations as at 31 March 2024 on its financial position in its
standalone financial statements - Refer Note 25 to the standalone financial statements.
b. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
d. (i) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 4
to the standalone financial statements, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any
other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 4
to the standalone financial statements, no funds have been received by the Company from any
person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iii) Based on the audit procedures performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material
misstatement.
e. The final dividend paid by the Company during the year, in respect of the same declared for the previous year,
is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.
As stated in Note 10 to the standalone financial statements, the Board of Directors of the Company has
proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual
General Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to
declaration of dividend.
f. Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility to log any direct
data changes, except as mentioned below. For accounting software for which audit trail feature is enabled, the
audit trail facility has been operating throughout the year for all relevant transactions recorded in the software
and we did not come across any instance of audit trail feature being tampered with during the course of our
audit.
The audit trail was enabled at the database level, however in the absence of relevant evidence, we are unable
to comment whether the audit trail feature has operated throughout the year for all relevant transactions
recorded in the software or whether there were any instances of audit trail feature being tampered with.
(C) With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The
remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be
commented upon by us.
For B S R & Co. LLP
Firm’s Registration No. 101248W/W-100022
sd/-
Meghant Banthia
Place: Kolkata Partner
Date: 16 May 2024 Membership No.068200
ICAI UDIN: 24068200BKHCKI9211
42
TRL
Annexure A to the Independent Auditor's Report on Standalone Financial Statements of TRL
Krosaki Refractories Limited for the year ended 31 March 2024
(Referred to in paragraph (1) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and
situation of Property, Plant and Equipment.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has a regular programme of physical verification of its Property, Plant and Equipment by
which all property, plant and equipment are verified in a phased manner over a period of 3 years. In accordance with
this programme, certain property, plant and equipment were verified during the year. In our opinion, this periodicity
of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the title deeds of immovable properties (other than immovable properties where the Company is the
lessee and the leases agreements are duly executed in favour of the lessee) disclosed in the standalone financial
statements are held in the name of the Company.
(d) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or
intangible assets or both during the year.
(e) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, there are no proceedings initiated or pending against the Company for holding any benami property
under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The inventory, except goods-in-transit and stocks lying with third parties, has been physically verified by the
management during the year.For stocks lying with third parties at the year-end, written confirmations have been
obtained and for goods-in-transit subsequent evidence of receipts has been linked with inventory records. In our
opinion, the frequency of such verification is reasonable and procedures and coverage as followed by
management were appropriate. No discrepancies were noticed on verification between the physical stocks and the
book records that were more than 10% in the aggregate of each class of inventory
Company, the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate,
from banks or financial institutions on the basis of security of current assets. In our opinion, the quarterly returns or
statements filed by the Company with such banks or financial institutions are in agreement with the books of
account of the Company.
(iii) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not made any investments, provided guarantee or security or granted advances in the
nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties during the
year. The Company has granted unsecured loans to other parties during the year, in respect to which the requisite
information is given below under respective sub-clauses. The Company has not granted loans, secured or unsecured,
to companies, firms or limited liability partnerships.
(a) Based on the audit procedures carried on by us and as per the information and explanations given to us the
Company has provided unsecured loans to other parties as below:
Particulars Guarantees Security Loans Advances in nature of loans
Aggregate amount granted
during the year Others* — — 54.20 —
Balance outstanding as at
balance sheet date Others* — — 21.05 —
*As per the Companies Act, 2013
(b) According to the information and explanations given to us and based on the audit procedures conducted by us, in
our opinion the terms and conditions of the grant of loans during the year are, prima facie, not prejudicial to the
interest of the Company.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, in the case of loans given, in our opinion the repayment of principal and payment of interest has been
stipulated and the repayments or receipts have been regular. Further the company has not given any advance in
the nature of loan to any party during the year.
(d) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, there is no overdue amount for more than ninety days in respect of loans given. Further, the Company
has not given any advances in the nature of loans to any party during the year.
(e) According to the information and explanations given to us and on the basis of our examination of the records of the
43
Company, there is no loan or advance in the nature of loan granted falling due during the year, which has been
renewed or extended or fresh loans granted to settle the overdues of existing loans given to same parties. Further,
the Company has not given any advances in the nature of loans to any party during the year.
(f) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not granted any loans or advances in the nature of loans either repayable on demand
or without specifying any terms or period of repayment.
(iv) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not given any loans, or provided any guarantee or security as specified under Section 185
and 186 of the Companies Act, 2013 (“the Act”). In respect of the investments made by the Company, in our opinion the
provisions of Section 186 of the Act have been complied with.
(v) According to the information and explanations given to us, the Company has not accepted any deposits or amounts
which are deemed to be deposits from the public. Accordingly, clause 3(v) of the Order is not applicable.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the
Central Government for maintenance of cost records under Section 148(1) of the Act in respect of certain products
manufactured by the company and are of the opinion that prima facie, the prescribed accounts and records have been
made and maintained. However, we have not carried out a detailed examination of the records with a view to determine
whether these are accurate or complete. The Company is not required to maintain the cost records under section 148(1)
in respect of its few products manufactured and services rendered.
(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax during
the year since effective 1 July 2017, these statutory dues has been subsumed into GST.
According to the information and explanations given to us and on the basis of our examination of the records of the
Company, in our opinion amounts deducted / accrued in the books of account in respect of undisputed statutory
dues including Goods and Service Tax, Provident Fund, Employees State Insurance, Income-Tax, Duty of
Customs or Cess or other statutory dues have been regularly deposited by the Company with the appropriate
authorities, though there have been slight delays in a few cases of Professional Tax, Provident Fund and Income
tax.
According to the information and explanations given to us and on the basis of our examination of the records of the
Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, Employees State
Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues were in arrears as at 31 March 2024 for a
period of more than six months from the date they became payable.
Company, statutory dues relating to Goods and Service Tax, Provident Fund, Employees State Insurance, Income-
Tax, Duty of Customs, Duty of Excise, Sales tax, Value Added tax or Cess or other statutory dues which have not
been deposited on account of any dispute are as follows:
Name of the statute Nature of the dues Amount Period to which Forum where Rem-
in ` amount relates dispute is pending arks,
if any
Income tax Act, 1961 Disallowances arising in 1,32,55,622 2015-16 Hon'ble High Court of Orissa
income tax proceedings
Income tax Act, 1961 Disallowances arising in 1,73,29,758 2016-17 Hon'ble High Court of Orissa
income tax proceedings
Income tax Act, 1961 Disallowances arising 2,81,67,311 2017-18 Hon'ble High Court of Orissa
in income tax proceedings
Income tax Act, 1961 Disallowances arising in 5,23,338 2012-13 Assistant Commissioner of
income tax proceedings Income Tax
Income tax Act, 1961 Disallowances arising 1,40,31,390 2020-21 Commissioner of
in income tax proceedings Income Tax (Appeals)
Central Excise Act, 1944 Disallowance of Cenvat Credit 3,78,29,702 2000-01, 2003-04 to Central Excise and Service
(deposits paid Rs. 22,50,728) 2010-11 Tax Appellate Tribunal
Central Excise Act, 1944 Disallowance of Cenvat Credit 82,23,000 1999-2000 and 2001-02 Hon'ble High Court of Madras
Central Excise Act, 1944 'Inadmissable Cenvat Credit wrongly 1,28,40,008 2016 - 17 Commissioner (Appeals)
availed and utilised (deposits paid
Rs. 4,81,500)
Central Excise Act, 1944 'Cenvat credit disallowed on outward 18,25,540 2015-16 to 2016-17 Central Excise and Service
transportation (deposits paid tax Appellate Tribunal
Rs. 1,82,554)
Central Sales Tax Act, 1956 Non submission of Statutory forms 12,38,881 2008-09 Sales Tax Tribunal
(deposits paid Rs. 10,00,000)
Central Sales Tax Act, 1956 CST demanded on branch transfer 1,50,92,299 1994-1995 Hon'ble High Court of Orissa
44
TRL
Name of the statute Nature of the dues Amount Period to which Forum where Rem-
in ` amount relates dispute is pending arks,
if any
Central Sales Tax Act, 1956 Non submission of statutory forms 1,46,86,429 1987-89, 2009-10 to Sales Tax Tribunal
(deposits paid Rs. 81,76,381) 2011-12, 2014-15,
2015-16
Central Sales Tax Act, 1956 Non submission of statutory forms 40,62,769 2012-13 to 2013-14 Additional Commissioner of
(deposits paid Rs. 40,62,769) Sales Tax, Appeal
Central Sales Tax Act, 1956 Non submission of statutory forms 2,56,99,595 2009-10 to 2010-11 Commissioner
Central Sales Tax Act, 1956 Submission of defective forms 43,20,734 2005-06 Sales Tax Tribunal
Central Sales Tax Act, 1956 Non submission of Statutory forms 2,00,000 1986-1989 Commission er of Sales Tax
Customs Act,1962 Classification of products under incorrect 2,19,37,383 2015-16 to 2020-21 Asst. Commissioner
category (deposits paid Rs. 2,19,37,383)
Customs Act,1962 Classification of products under incorrect 3,63,52,509 2015-16 to 2017-18 Central Excise and Service
category (deposits paid Rs. 3,63,52,509) Tax Appellate Tribunal
Customs Act,1962 Classification of products under incorrect 4,55,47,418 2011-12 to 2019-20 Commissioner (Appeals)
category (deposits paid Rs. 4,55,47,418)
Finance Act, 1994 Disallowance of credit on outward 1,79,43,302 2005-06 to 2008-09 Central Excise and Service
transportation (deposits paid Tax Appellate Tribunal
Rs. 6,71,378)
Gujarat Value Added Demand due to incorrect filing 5,76,32,253 2009-10 Commission er of Sales Tax
Tax, 2003 by supplier
Odisha Entry Tax Act, 1999 Tax demand on non-scheduled goods 11,47,542 2012-13 to 2013-14 Sales Tax Tribunal
(deposits paid Rs. 76,503)
Orissa Value Added Tax Reversal of input tax credit 26,57,04,686 2007-08 to 2013-14 Hon'ble High Court of Orissa
Act, 2004
Orissa Value Added Tax Disallowance of Input tax Credit 21,64,470 2005-06 to 2006-07 Sales Tax Tribunal
Act, 2004 Credit (deposits paid Rs. 21,64,470)
Orissa Value Added Tax Disallowance of input credit 21,74,520 2014-15 Sales Tax Tribunal
Act, 2004 (deposits paid Rs. 1,44,968)
Orissa Value Added Tax Disallowance of Input tax Credit 14,54,489 2015-16 to 2017-18 Sales Tax Tribunal
Act, 2004 Credit (deposits paid Rs. 2,32,718)
Orissa Irrigation Act Water Rate dispute including interest 171,23,26,141 prior to 1994 Water Resources Department,
(deposits paid Rs. 25,00,000) Government of Odisha
Mines and Minerals Demand for excess production 10,57,16,048 2000-2010 Joint Director of Mines,
(Development and (deposits paid Rs. 5,39,17,690) Government of Odisha
Regulation) Act, 1957
(viii) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the
books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of interest
thereon to any lender.
Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government
or government authority.
(c) In our opinion and according to the information and explanations given to us by the management, term loans were
applied for the purpose for which the loans were obtained.
(d) According to the information and explanations given to us and on an overall examination of the balance sheet of the
Company, we report that no funds raised on short-term basis have been used for long-term purposes by the
Company.
(e) According to the information and explanations given to us and on an overall examination of the standalone financial
statements of the Company, we report that the Company has not taken any funds from any entity or person on
account of or to meet the obligations of its associates as defined under the Act.
(f) According to the information and explanations given to us and procedures performed by us, we report that the
Company has not raised loans during the year on the pledge of securities held in its associate companies (as
defined under the Act).
45
(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt
instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.
Company, the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.
(xi) (a) Based on examination of the books and records of the Company and according to the information and explanations
given to us, no fraud by the Company or on the Company has been noticed or reported during the course of the
audit.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the
Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company during the year while
determining the nature, timing and extent of our audit procedures.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause
3(xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties are in
compliance with Section 177 and 188 of the Act, where applicable, and the details of the related party transactions have
been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has
an internal audit system commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued till date for the period under audit.
(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-
cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act
are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, clause 3(xvi)(a) of the Order is not applicable.
(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, clause 3(xvi)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of
India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.
(d) The Company is not part of any group (as per the provisions of the Core Investment Companies (Reserve Bank)
Directions, 2016 as amended). Accordingly, the requirements of clause 3(xvi)(d) are not applicable.
(xvii) The Company has not incurred cash losses in the current and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not
applicable.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected
dates of realisation of financial assets and payment of financial liabilities, other information accompanying the
standalone financial statements, our knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe
that any material uncertainty exists as on the date of the audit report that the Company is not capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance
sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state
that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the
Company as and when they fall due.
(xx) In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-
section (5) of Section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are
not applicable.
For B S R & Co. LLP
sd/-
Meghant Banthia
Date: 16 May 2024 Membership No. : 068200
46
TRL
Annexure B to the Independent Auditor's report on the standalone financial statements of TRL Krosaki Refractories
Limited for the year ended 31 March 2024
Report on the internal financial controls with reference to the aforesaid standalone financial statements under
Clause (i) of Sub-section 3 of Section 143 of the Act
(Referred to in paragraph 2A(f) under 'Report on Other Legal and Regulatory Requirements' section of our report of
even date)
Opinion
We have audited the internal financial controls with reference to financial statements of TRL Krosaki Refractories Limited (“the Company”) as
of 31 March 2024 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such
internal financial controls were operating effectively as at 31 March 2024, based on the internal financial controls with reference to financial
statements 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 (the “Guidance Note”).
Management's and Board of Directors’ Responsibility for Internal Financial Controls
The Company’s Management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on
the internal financial controls with reference to financial statements criteria established by the Company considering the essential
components of internal control stated in the Guidance Note. 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 Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements based on our
audit. We conducted our audit in accordance with 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 financial statements. 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 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 the internal financial controls with reference to
financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included
obtaining an understanding of internal financial controls with reference to financial statements, 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 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 Company’s
internal financial controls with reference to financial statements.
Meaning of Internal Financial controls with reference to Financial Statements
A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company's internal financial controls with reference to financial statements include 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 financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial controls with reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to 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 with reference to financial statements to future periods are subject to the risk that the internal
financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
For B S R & Co. LLP
sd/-
Meghant Banthia
Date: 16 May 2024 Membership No. : 068200
47
STANDALONE BALANCE SHEET AS AT 31 MARCH 2024

(` lakh)
Particulars Note As at 31 March 2024 As at 31 March 2023
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 01(a) 52,669.77 45,723.08
(b) Capital work-in-progress 01(c) 4,626.73 4,683.16
(c) Right-of-use assets 27 1,495.87 1,483.34
(d) Other Intangible assets 01(b) 400.47 387.24
(e) Financial assets
(i) Investments 02 1,605.40 1,621.57
(ii) Loans 03 0.40 3.55
(iii) Other financial assets 04 524.29 444.84
(f) Non-current tax assets (net) 406.77 291.45
(g) Other non-current assets 05 2,502.16 2,516.58
Total Non-current assets 64,231.86 57,154.81
(2) Current assets
(a) Inventories 06 46,154.17 47,026.40
(b) Financial assets
(i) Trade receivables 07 37,047.03 33,726.10
(ii) Cash and cash equivalents 08 3,398.01 34.38
(iii) Other balances with banks 09 21.55 12.32
(iv) Loans 03 20.65 29.73
(v) Other financial assets 04 341.73 217.63
(c) Other current assets 05 3,518.01 2,596.91
(d) Assets held-for-sale 35 2.53 3.38
Total Current assets 90,503.68 83,646.85
TOTAL ASSETS 154,735.54 140,801.66
EQUITY AND LIABILITIES
(1) EQUITY
(a) Equity share capital 10 2,090.00 2,090.00
(b) Other equity 87,881.17 68,692.94
Total Equity 89,971.17 70,782.94
(2) LIABILITIES
(i) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 11 2,609.36 2,725.31
(ia) Lease liabilities 27 1,680.03 1,650.27
(b) Provisions 15 4,869.87 4,707.21
(c) Deferred tax liabilities (net) 29(b) 1,212.63 1,104.92
Total Non-current liabilities 10,371.89 10,187.71
(ii) Current liabilities
(i) Borrowings 11 12,736.98 23,583.99
(ia) Lease liabilities 27 172.96 174.63
(ii) Trade payables
a) Total outstanding dues of micro enterprises
and small enterprises 12(a) 1,051.03 536.02
b) Total outstanding dues of creditors other than
micro enterprises and small enterprises 12(b) 28,809.52 30,619.30
(iii) Other financial liabilities 13 1,706.76 625.37
(b) Other current liabilities 14 6,852.58 1,948.24
(c) Provisions 15 1,884.49 1,630.97
(d) Current tax liabilities (net) 1,178.16 712.49
Total Current liabilities 54,392.48 59,831.01
TOTAL EQUITY AND LIABILITIES 154,735.54 140,801.66
Notes forming part of financial statements (1 - 39)
As per our report of even date attached For and on behalf of the Board of Directors
CIN-U26921OR1958PLC000349
For B S R & Co. LLP sd/- sd/-
Chartered Accountants H. M. NERURKAR P. K. NAIK
Firm's Registration No:101248W/W-100022 Chairman Managing Director
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
Meghant Banthia BHAGABAN PARIDA ASIM K. MEHER
Partner VP (Finance) & CFO Company Secretary
Membership No. 068200 (ACS : 42427)
Kolkata, 16 May, 2024 Kolkata, 16 May, 2024
48
TRL
STANDALONE STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31 MARCH 2024
(` lakh)
April 2023 to April 2022 to
Note March 2024 March 2023
I Revenue from operations 16 250,264.84 228,982.25
II Other income 17 1,324.04 932.58
III Total Income (I + II) 251,588.88 229,914.83
IV EXPENSES
(a) Cost of materials consumed 19 104,790.36 100,225.89
(b) Purchases of stock-in-trade 37,832.93 31,196.97
(c) Changes in inventories of finished goods, stock-in-trade
and work-in-progress 20 (1,319.98) (2,378.80)
(d) Employee benefits expense 21 18,306.66 16,219.64
(e) Finance costs 22 2,136.27 2,274.64
(f) Depreciation and amortisation expense 01 & 27 4,369.63 3,869.62
(g) Other expenses 23 58,948.03 57,775.15
Total Expenses (IV) 225,063.90 209,183.11
V Profit before exceptional item and tax (III - IV) 26,524.98 20,731.72
VI Exceptional Item 18 4,359.15 —
VII Profit before tax (V+VI) 30,884.13 20,731.72
VIII Tax Expense
(a) Current tax 6,580.97 4,895.98
(b) Taxation for earlier years — (137.39)
(c) Deferred tax 180.97 445.32
Total tax expense 29 6,761.94 5,203.91
IX Profit for the year (VII-VIII) 24,122.19 15,527.81
X Other Comprehensive Income / (loss)
(i) Items that will not be reclassified to profit and loss
(a) Remeasurement loss of defined benefit plans (288.55) (330.78)
(b) Fair value changes of investments in equity shares (16.17) 13.92
(ii) Income tax on items that will not be reclassified to
profit and loss 73.26 115.58
Total Other comprehensive loss for the year (231.46) (201.28)
XI Total Comprehensive Income for the year (IX+X) 23,890.73 15,326.53
XII Earnings per equity share
Basic and Diluted (Rs.)
[Face value of Rs.10 each] (PY: Face value of Rs.10 each) 38 115.42 74.30
Notes forming part of financial statements (1 - 39)
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
49
STANDALONE STATEMENT OF CHANGES IN EQUITY

(A) EQUITY SHARE CAPITAL
(Refer Note 10)
As at 31 March 2024 (` lakh)
Particulars Balance as at Changes in equity share Balance as at
1 April 2023 capital during the year 31 March 2024
Equity Share Capital 2,090.00 — 2,090.00
As at 31 March 2023
Particulars Balance as at Changes in equity share Balance as at
1 April 2022 capital during the year 31 March 2023
(B) OTHER EQUITY

(Refer Note 10)
Reserve & Surplus Items of Other
Comprehensive
Income
Particulars Retained General Security Investment Total
Earnings Reserve Premium Revaluation
Reserve Reserve
Balance as at 1 April 2023 46,725.50 14,233.53 7,573.05 160.86 68,692.94
Profit for the year 24,122.19 — — — 24,122.19
Dividend (4,702.50) — — — (4,702.50)
Fair value (loss) on equity instrument — — — (16.17) (16.17)
Remeasurement loss on defined
benefit plans (215.29) — — — (215.29)
Balance as at 31 March 2024 65,929.90 14,233.53 7,573.05 144.69 87,881.17
As at 31 March 2023
Comprehensive
Income
Earnings Reserve Premium Revaluation
Reserve Reserve
Balance as at 1 April 2022 34,547.89 14,233.53 7,573.05 146.94 56,501.41
Dividend (3,135.00) — — — (3,135.00)
Fair value gain on equity instrument — — — 13.92 13.92
benefit plans (net of tax) (215.20) — — — (215.20)
Balance as at 31 March 2023 46,725.50 14,233.53 7,573.05 160.86 68,692.94
Retained earnings : Retained earnings are profit that the Company has earned till date, less dividend or other distributions paid to shareholders. It also includes remeasurement gain / loss of defined benefit plans.
General Reserve : Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with applicable regulations.
Consequent to the introduction of the Companies Act, 2013, the requirement to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn. There is no movement in general
reserve during the current and previous year.
Securities premium : Securities premium is used to record the premium on issue of shares. Securities premium is utilised in accordance with the provisions of the Companies Act, 2013. There is no movement in
securities premium during the current and previous year.
Investment revaluation reserve : The cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other comprehensive income are recognised in investment
revaluation reserve.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
50
TRL
STANDALONE STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2024
(` lakh)
A. Cash Flow from Operating Activities: April 2023 - March 2024 April 2022 - March 2023
Profit before tax 30,884.13 20,731.72
Adjustments for:
Depreciation and amortisation expense 4,369.63 3,869.62
Write back of allowances for credit loss 733.79 440.24
Credit balances written back (658.86) (519.63)
Gain on Lease Modification (22.63) —
Exceptional Item (profit on sale of assets held-for sale) (4,359.15) —
Dividend income (1.90) (1.55)
Net (gain) on sale of property, plant and equipment (0.03) (43.30)
Interest income (59.50) (73.42)
Finance costs 2,136.27 2,274.64
Unrealised (gain) / loss on foreign exchange fluctuation (276.10) 317.74
Operating profit before working capital changes 32,745.65 26,996.06
Adjustments for:
(Increase) in non-current / current financial and other assets (4,893.98) (3,742.74)
Decrease / (Increase) in inventories 872.23 (2,032.06)
Increase in non-current / current financial and other
liabilities / provisions 1,076.97 1,932.16
Cash generated from operations 29,800.87 23,153.42
Income tax paid (net of refunds) (6,230.62) (4,864.23)
Net Cash generated from Operating Activities A 23,570.25 18,289.19
B. Cash Flow from Investing Activities:
Acquisitions of property, plant and equipment (10,323.33) (8,947.57)
Proceeds on sale of property, plant and equipment 13.27 174.57
Proceeds from government grant 256.67 55.04
Fixed deposits with bank (0.40) (6.40)
Advance against sale of land 3,480.00 —
Proceeds from sale of land 4,360.00 —
Interest received 48.64 70.53
Dividend received 1.90 1.55
Net Cash (used) in Investing Activities B (2,163.25) (8,652.28)
C. Cash Flow from Financing Activities:
Proceeds from borrowings 5,609.36 10,349.81
Repayment of borrowings (16,580.67) (14,814.74)
Payment of lease liabilities (including interest) (287.17) (287.01)
Interest paid (2,082.39) (2,088.61)
Dividend paid (4,702.50) (3,135.00)
Net Cash (used) in Financing Activities C (18,043.37) (9,975.55)
Net Increase / (decrease) in cash and cash equivalents ( A+B+C) 3,363.63 (338.64)
Opening Cash and Cash equivalents (Refer Note 8) 34.38 373.02
Closing Cash and Cash equivalents (Refer Note 8) 3,398.01 34.38
Note:
I) Cash flow statement has been prepared under the indirect method as set out in Ind AS 7 specified under Section 133 of the
Companies Act, 2013.
ii) Figures in brackets represent cash outflows.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
51
NOTES TO STANDALONE FINANCIAL STATEMENTS
TRL
NOTE 01 (` lakh)
Description Cost / Additions Deductions Cost / Accumulated Depreciation for the Year Accumulated Net Carrying
(Deemed Cost) (Deemed Cost) Depreciation Depreciation Value
as at as at as at Additions Disposals/ as at as at
1 April 2023 31 March 2024 1 April 2023 Deductions 31 March 2024 31 March 2024
1(a). Property, plant and equipment
Freehold Land 18.67 64.91 — 83.58 — — — — 83.58
(18.67) — — (18.67) — — — — (18.67)
Buildings and Roads 19,610.13 2,275.67 23.84 21,861.96 2,978.59 554.07 23.84 3,508.82 18,353.14
(17,127.99) (2,502.83) (20.69) (19,610.13) (2,503.64) (495.64) (20.69) (2,978.59) (16,631.54)
Plant and Machinery 37,165.35 7,512.96 84.81 44,593.50 10,204.33 2,844.86 84.82 12,964.37 31,629.13
(30,709.08) (6,983.01) (526.74) (37,165.35) (8,116.37) (2,491.83) (403.87) (10,204.33) (26,961.02)
Railway Siding 134.48 — — 134.48 115.60 14.41 — 130.01 4.47
(134.48) — — (134.48) (101.15) (14.45) — (115.60) (18.88)
Furniture and Fixture 2,072.36 286.84 11.02 2,348.18 1,249.62 233.55 11.02 1,472.15 876.03
(1,847.02) (231.09) (5.75) (2,072.36) (1,063.04) (192.33) (5.75) (1,249.62) (822.74)
Vehicles 856.76 342.03 53.00 1,145.79 347.44 135.28 39.97 442.75 703.04
(746.88) (151.13) (41.25) (856.76) (264.42) (122.76) (39.74) (347.44) (509.32)
Office Equipments 1,346.52 578.23 2.20 1,922.55 585.61 318.54 1.98 902.17 1,020.38
(1,312.18) (302.60) (268.26) (1,346.52) (582.57) (264.40) (261.36) (585.61) (760.91)
52
Total Property, plant and 61,204.27 11,060.64 174.87 72,090.04 15,481.19 4,100.71 161.63 19,420.27 52,669.77
equipment:1(a) (51,896.30) (10,170.66) (862.69) (61,204.27) (12,631.19) (3,581.41) (731.41) (15,481.19) (45,723.08)
1(b). Other Intangible Assets
Development of Mines — — — — — — — — —
(288.33) — (288.33) — (277.58) (10.75) (288.33) — —
Software 888.86 73.92 — 962.78 501.62 60.69 — 562.31 400.47
(821.27) (67.59) — (888.86) (440.38) (61.24) — (501.62) (387.24)
Total Other Intangible Assets:1(b) 888.86 73.92 — 962.78 501.62 60.69 — 562.31 400.47
(1,109.60) (67.59) (288.33) (888.86) (717.96) (71.99) (288.33) (501.62) (387.24)
Total (a+b) 62,093.13 11,134.56 174.87 73,052.82 15,982.81 4,161.40 161.63 19,982.58 53,070.24
As at 31 March 2023 (53,005.90) (10,238.25) (1,151.02) (62,093.13) (13,349.15) (3,653.40) (1,019.74) (15,982.81) (46,110.32)
1(c). Capital work in progress
Buildings, Plant and Machinery, etc.: 1( c ) 4,683.16 11,078.13 11,134.56 4,626.73 — — — — 4,626.73
(6,538.77) (8,382.64) (10,238.25) (4,683.16) — — — — (4,683.16)
Total Assets (1a+1b+1c) 57,696.97
(50,793.48)
Note : (i) Figures in brackets relate to the previous period.
(ii) No indicator of impairment were identified during the current year, hence Property, Plant and Equipment including Capital Work in Progress were not tested for impairment.
(iii) Property, Plant and Equipment including Capital Work in Progress have been hypothecated as security against certain bank borrowings (Refer Note 11)
(iv) Rs.6.50 lakhs (Previous year -Rs.104.86 lakhs of borrowing costs has been capitalised during the year on qualifying assets under additions to Capital Work in Progress using a capitalisation rate of 8.20% (previous year -7.17%)
(v) Additions to Capital Work in Progress includes finished goods issued for capital projects amounting to Rs.20.79 lakhs (Previous year -Rs.419.47 lakhs)
(vi) Buildings and Roads, closing gross block Rs. 7627.81 lakhs (Previous year - Rs.6484.78 lakhs) and net carrying value Rs. 6901.05 lakhs (Previous year - Rs. 5872.97 lakhs) include buildings leased out to employees for residential purposes.
(vii) Incentives amounting to Rs.256.67 lakhs (Previous year - Rs. 55.04 lakhs ) on account of Export Promotion Capital Goods scheme is adjusted in additions to Capital Work in Progress.
1(c) — Capital work in progress ageing (` lakh)
As at 31 March 2024 As at 31 March 2023
Particulars Less than 1-2 Years 2-3 years More than Total Less than 1-2 Years 2-3 years More than Total
1 year 3 years 1 year 3 years
(i) Projects in progress 4,448.36 178.37 — — 4,626.73 3,782.08 872.82 28.26 — 4,683.16
(ii) Projects temporarily suspended — — — — — — — — — —
Total Capital work in progress 4,448.36 178.37 — — 4,626.73 3,782.08 872.82 28.26 — 4,683.16
1(c)— Capital work in progress

Details of capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan.
53
(` lakh)
To be completed in To be completed in
Name of projects Less than 1-2 Years 2-3 years More than Total Less than 1-2 Years 2-3 years More than Total
(i) Natural Gas Projects 1,920.55 — — — 1,920.55 — — — — —

(ii) AL-80 / 90 Slide gate system — — — — — 277.20 — — — 277.20
(iii) JUQC Mechanism — — — — — 241.42 — — — 241.42
(iv) Auto Batching for Mixer machine — — — — — 253.34 — — — 253.34
(v) Tunnel Kiln & Dryer Projects — — — — — 1,997.32 — — — 1,997.32
Total 1,920.55 — — — 1,920.55 2,769.28 — — — 2,769.28
TRL

(` lakh)
No. of As at As at
equity shares 31 March, 2024 31 March, 2023
NOTE 02 : Investment in Associates

Non-Current
Investments in Associate Companies carried at Cost
Investment in Equity Instrument (Unquoted)
a) TRL Krosaki Asia Pte Limited 48,07,584 1,382.62 1,382.62
(Face value of SG$ 1 each, fully paid-up)
b) Almora Magnesite Limited 77,990 77.99 77.99
(Face value of ` 100 each, fully paid-up)
Total investments in Associates Companies carried
at cost (A) 1,460.61 1,460.61
c) Investment designated at fair value through Other

Comprehensive Income
Investment in Equity Instrument (Quoted)
HDFC Bank Limited (Fair Value) 10,000 144.79 160.96
(Face Value of ` 1 each fully paid up)
d) Investment in Equity Instrument (Unquoted)
Tata Construction and Projects Limited* 1,44,202 18.42 18.42
Less : Impairment in value of investment (18.42) (18.42)
*Company is in liquidation.
Total Investment designated at fair value through

Other Comprehensive Income (B) 144.79 160.96
Total Investments (A+B) 1,605.40 1,621.57
Aggregate carrying value of unquoted investments 1,460.61 1,460.61
Aggregate carrying value and market value of quoted

investments are as below:
Carrying value 144.79 160.96
Market Value 144.79 160.96
Aggregate amount of impairment in value of investment 18.42 18.42
54
TRL
(` lakh)
03 Loans As at 31 March 2024 As at 31 March 2023
Unsecured, considered good Non-current Current Total Non-current Current Total
(a) Loans to employees* 0.40 20.65 21.05 3.55 29.73 33.28
Less : Loss allowances — — — — — —
Total Loans 0.40 20.65 21.05 3.55 29.73 33.28
* It includes Loan to close member of key management personnel- Rs. Nil (previous year Rs 0.25 lakhs).
No loans are due by Directors or other officers of the company or any of them either severally or jointly with any other person or amounts due by firms
or private companies respectively in which any director is a partner or a director or a member.
04 Other financial assets As at 31 March 2024 As at 31 March 2023

Unsecured, considered good Non current Current Total Non current Current Total
(a) Security deposits* 524.29 313.26 837.55 444.84 200.02 644.86
(b) Interest accrued on deposits — 28.47 28.47 — 17.61 17.61
Total Other financial assets 524.29 341.73 866.02 444.84 217.63 662.47
* No funds have been advanced or loaned or invested (either from borrowed fund or share premium or any other sources or kind of funds) by the company to
or in any other person or entities, including foreign entities ( "intermediaries") with the understanding, whether recorded in writing or otherwise that the
intermediary shall lend or invest in party identified by or on behalf of the company (ultimate beneficiaries). The company has not received any fund from
any parties (funding party) with the understanding that the company shall whether, directly or indirectly lend or invest in other persons or entities identified
by or on behalf of the company ( "ultimate beneficiaries") or provide any guarantee , security or the like on behalf of the ultimate beneficiaries.
05 Other assets As at 31 March 2024 As at 31 March 2023

Unsecured, considered good unless Non current Current Total Non current Current Total
otherwise stated
(a) Capital advances 598.90 — 598.90 491.13 — 491.13
(b) Advance with public bodies * 1,902.98 939.03 2,842.01 2,012.34 904.36 2,916.70
(c) Other advances (Unsecured,
considered good)** 0.28 2,578.98 2,579.26 13.11 1,692.55 1,705.66
(d) Other advances (Unsecured,
credit impaired) 93.20 — 93.20 92.77 — 92.77
Other assets 2,595.36 3,518.01 6,113.37 2,609.35 2,596.91 5,206.26
Less: Allowances for doubtful advances 93.20 — 93.20 92.77 — 92.77
Total Other assets 2,502.16 3,518.01 6,020.17 2,516.58 2,596.91 5,113.49
* Advance with public bodies primarily relate to Goods and Services Tax (GST) input credit, duty credit entitlements and amounts paid under protest in respect of
demands from regulatory authorities.
** Other advances include advances against supply of goods and services and advances paid to employees.
No advances to Directors or other officers of the company or any of them either severally or jointly with any other persons or advances to firms or private
companies respectively in which any director is a partner or a director or a member.
It includes advance to related party amounting to Rs.73.08 lakhs( Previous year-Nil)
06 Inventories
(Valued at the lower of cost and net realisable value] As at 31 March 2024 As at 31 March 2023
(a) Raw materials [Including in transit Rs 183.92 lakhs (PY-Rs 189.65 lakhs)] 26,374.18 28,706.34
(b) Work-in-progress 2,895.35 2,581.71
(c) Finished goods [Including in transit Rs 349.00 lakhs (PY-Rs 326.62 lakhs)] 11,984.89 10,020.01
(d) Stock-in-trade [Including in transit Rs 456.47 lakhs (PY-Nil)] 1,741.51 2,720.84
(e) Stores and spares [Including in transit Rs 8.76 lakhs (PY-Rs Nil)] 2,623.91 2,147.23
(f) Loose tools 41.31 48.64
(g) Fuel [Including in transit Rs 14.69 lakhs (PY-Rs Nil)] 493.02 801.63
Total Inventories 46,154.17 47,026.40
The value of inventories stated above is after adjustment of Rs. 217.54 lakhs (Previous year - Rs . 539.27 lakhs ) for write-downs
to net realisable value and provision for slow moving and obsolete item is Rs. 43.17 lakhs (Previous year - Rs. 129.94 lakhs).
The inventories have been hypothecated as security against certain bank borrowings (Refer Note-11)
55

(` lakh)
07 Trade receivables As at 31 March 2024 As at 31 March 2023
(a) Unsecured, considered good 40,076.29 36,021.57
(b) Credit Impaired — —
Trade receivables 40,076.29 36,021.57
Less: Allowance for credit losses 3,029.26 2,295.47
Total Trade receivables 37,047.03 33,726.10
There are no receivables which have significant increase in credit risk.

The Company’s exposure to customers contributing more than 10% of the outstanding receivables as at March 31, 2024 is
Rs. 14,521.63 lakhs (Previous year - Rs.12,108.28 lakhs)
The trade receivables from related parties amounting to Rs. 2,923.81 lakhs (Previous year - Rs. 2,844.93 lakhs) are included
in trade receivables. [Refer Note 36(b)]
There are no outstanding debts due from directors or other officers of the company or any of them either severally or jointly with
any other person or debts due from firms or private companies respectively in which any director is a partner or a director or a
member
Trade receivables have been hypothecated as security against certain bank borrowings (Refer Note-11)
The details of movement in allowances for credit losses are as below:

Balance at the beginning of the year 2,295.47 1,855.23
Additions during the year 733.79 440.24
Amount utilised during the year — —
Balance at the end of the year 3,029.26 2,295.47
Ageing of trade receivabls- billed

As at 31 March 2024
Outstanding for following periods from due date of payment
Particulars Not due Less than 6 months - 1-2 Years 2-3 years More than Total
6 months 1 year 3 years
(i) Undisputed Trade receivables —
considered good 20,553.48 11,318.58 6,271.02 685.96 83.31 637.22 39,549.57
(ii) Undisputed Trade Receivables —
which have significant increase in credit risk — — — — — — —
(iii) Undisputed Trade Receivables —
credit impaired — — — — — — —
(iv) Disputed Trade Receivables —
considered good — — — — — — —
(v) Disputed Trade Receivables —
(vi) Disputed Trade Receivables —
Total Trade receivables billed 20,553.48 11,318.58 6,271.02 685.96 83.31 637.22 39,549.57
Trade Receivable Unbilled 526.72
Less: Allowance for Doubtful Trade Receivable Billed 3,029.26
Total Trade receivables 37,047.03
56
TRL
(` lakh)
As at 31 March 2023
considered good 20,585.60 8,916.65 3,204.80 495.30 9.45 721.20 33,933.00
(vi) Disputed Trade Receivables — credit impaired — — — — — — —
Trade Receivable Unbilled 2,088.57
Less: Allowance for doubtful trade receivable -Billed 2,295.47
08 Cash and Cash Equivalents As at 31 March 2024 As at 31 March 2023

(a) Balances with banks-Current account 895.99 30.59
(b) Deposits with maturity of less than 3 months 2,500.00 —
(c) Cheques on hand — 1.44
(d) Cash on hand 2.02 2.35
Total Cash and cash equivalents 3,398.01 34.38
09 Other balances with bank As at 31 March 2024 As at 31 March 2023

(a) Bank deposits due to mature after 3 months of original
maturities but within 12 months of the reporting date 6.80 6.40
(b) Unclaimed dividend* 14.75 5.92
Total Other balances with banks 21.55 12.32
* Not available for use of the Company.
10 Equity Share Capital As at 31 March 2024 As at 31 March 2023

Authorised :
2,50,00,000 Equity Shares of ` 10 each 2,500.00 2,500.00
(Previous year: 2,50,00,000 Equity Shares of ` 10 each)
2,500.00 2,500.00
Issued, Subscribed and Fully Paid-up:
2,09,00,000 Equity Shares of ` 10 each 2,090.00 2,090.00
(Previous year: 2,09,00,000 Equity Shares of ` 10 each)
Total Equity Share Capital 2,090.00 2,090.00
a) Rights, preference and restrictions attached to equity shares

i) The Company has only one class of shares referred to as equity shares having par value of ` 10 each. Holder of equity
shares is entitled to one vote per share and carry a right to dividend.
ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the 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.
57

(` lakh)
10 Equity Share Capital (Cont...)
b) Reconciliation of Share Capital As at As at As at As at
31 March 2024 31 March 2024 31 March 2023 31 March 2023
Number Number
Opening Balance 2,09,00,000 2,090.00 2,09,00,000 2,090.00
Closing Balance 2,09,00,000 2,090.00 2,09,00,000 2,090.00
c) Shares held by holding company As at As at As at As at

Number Number
Krosaki Harima Corporation - Japan
Opening Balance 1,62,22,864 1,622.29 1,62,22,864 1,622.29
Closing Balance 1,62,22,864 1,622.29 1,62,22,864 1,622.29
d) Disclosure of Shareholding of Promoter

Disclosure of Shareholding of Promoter is as follows
Name of the Share holders As at 31 March 2024 As at 31 March 2023
Number of % of total Number of % of total
shares shares shares shares
Krosaki Harima Corporation -Japan
Opening Balance 1,62,22,864 77.62 1,62,22,864 77.62
Closing Balance 1,62,22,864 77.62 1,62,22,864 77.62
e) Details of shareholders holding more than 5% shares in the Company is as below:

Number of % of Number of % of
Shares held holding Shares held holding
(Holding company) 1,62,22,864 77.62 1,62,22,864 77.62
Steel Authority of India Limited 22,03,150 10.54 22,03,150 10.54
f) Other Equity As at 31 March 2024 As at 31 March 2023

1) Retained earnings
Profit for the year 24,122.19 15,527.81
Dividend (4,702.50) (3,135.00)
Remeasurement loss on defined benefit plans (215.29) (215.20)
2) General Reserve
3) Securities premium
4) Investment revaluation reserve
The details of movement in investment revaluation
reserve are as below:
Balance at the beginning of the year 160.86 146.94
Other comprehensive income recognised during the year (16.17) 13.92
Balance at the end of the year 144.69 160.86
58
TRL
(` lakh)
10 Equity Share Capital (Cont...)
5) Dividends
The following dividends were declared and paid by the Company during the yearAs at 31 March 2024
Rs. 22.50 per equity shares
(Previous year: Rs 15.00 per share) 4,702.50 3,135.00
4,702.50 3,135.00
After the reporting dates the following dividends were proposed by the board of directors subject to the approval by the
shareholders at the annual general meeting.
Rs. 28.50 per equity shares
(Previous year: Rs 22.50 per share) 5,956.50 4,702.50
5,956.50 4,702.50
6) Remeasurement on defined benefit plans
Remeasurement gain/ (loss) on defined benefit plans includes actuarial gain / (loss) arising on defined benefit plans of
Company (net of taxes).
11 Borrowings
Non-Current Current Total Non-Current Current Total
A. Secured Borrowings
(a) Term Loan*
From Bank 2,609.36 2,725.31 5,334.67 2,725.31 5,302.80 8,028.11
(b) Loan from Banks**
(i) Working Capital Demand Loans — 10,000.00 10,000.00 — 14,900.00 14,900.00
(ii) Cash Credit — 11.67 11.67 — 2,739.62 2,739.62
(iii) Packing Credits — — — — 641.11 641.11
Total Secured Borrowings 2,609.36 12,736.98 15,346.34 2,725.31 23,583.53 26,308.84
B. Unsecured Borrowings
(a) Loan from banks
(i) Cash Credit — — — — 0.46 0.46
Total Unsecured Borrowings — — — — 0.46 0.46
Total Borrowings 2,609.36 12,736.98 15,346.34 2,725.31 23,583.99 26,309.30
* Term Loan from State Bank of India

Secured by first charge over the proposed Property, plant and equipment of the Company for which term loan is taken and first pari-passu
charge on existing Property, plant and equipment including factory land and building.
Terms of repayment
Name of Lender Interst Rate Repayment Schedule
State Bank of India 6 Month MCLR FY-2024-2025 4 no of quaterly installments i) 1st Installment- Rs 736.50 lakhs
(ii) 2nd and 3rd installments- Rs 662.85 lakhs each
(iv) 4th installment- Rs.663.11 lakhs
3 Month MCLR FY-2025-2026 to 12 nos of quaterly equal installments of Rs 217.45 lakhs each.
FY2027-28
** Current Borrowings
Secured by hypothecation of stock of raw materials, stores and spares, work-in-process, finished goods, receivables and other current
assets, both present and future, by way of pari-passu first charge and second charge over property, plant and equipment.
Packing credits are repayable within maximum tenure of 180 days
59

(` lakh)
12. Trade Payables As at 31 March 2024 As at 31 March 2023
(a) Total outstanding dues of micro enterprises and
small enterprises
Creditors for supplies of micro and small enterprises 1,051.03 536.02
The amounts due to Micro and Small Enterprises, as defined in the "The Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED)", have been determined to the extent that such parties have been identified on the basis
of information available with the Company. The details are tabulated below:
1. The principal amount remaining unpaid to supplier as at the

end of the year — —
2. The interest due thereon remaining unpaid to suppliers as at

the end of the year — —
3. The amount of interest paid by the buyer in terms of section

16 of the Micro, Small and Medium Enterprises Development
Act, 2006 (27 of 2006), along with the amount of the payment
made to the supplier beyond the appointed day during each
accounting year — —
4. The amount of interest due and payable for the period of delay
in making payment (which has been paid but beyond the
appointed day during the year) but without adding the interest
specified under the Micro, Small and Medium Enterprises
Development Act, 2006; — —
5. The amount of interest accrued and remaining unpaid at the

end of each accounting year — —
6. The amount of further interest remaining due and payable even

in the succeeding years, until such date when the interest dues
above are actually paid to the small enterprise, for the purpose
of disallowance of a deductible expenditure under section 23 of
the Micro, Small and Medium Enterprises Development Act, 2006. — —
(b) Total outstanding dues of creditors other than micro enterprises

and small enterprises
(i) Creditors for supplies / services other than micro

and small enterprises 26,675.84 28,505.59
(ii) Creditors for accrued wages and salaries 1,848.30 1,529.41
(iii) Acceptances 285.38 584.30
Total dues of creditors other than micro enterprises and

small enterprises 28,809.52 30,619.30
60
TRL
(` lakh)
Ageing of trade payables
As at 31 March 2024
Particulars Not due 6 months - 1-2 Years 2-3 years More than Total
1 year 3 years
(i) MSME* 1,051.03 — — — — 1,051.03
(ii) Others 22,782.70 924.05 9.07 16.56 78.18 23,810.56
(iii) Disputed dues — MSME * — — — — — —
(iv) Disputed dues - Others — — — — — —
Total trade payables 23,833.73 924.05 9.07 16.56 78.18 24,861.59
Trade payables - Unbilled 4,998.96
Total trade payables 29,860.55
*MSME as per Micro, Small and Medium Enterprises Development Act, 2006
As at 31 March 2023
1 year 3 years
(i) MSME* 536.02 — — — — 536.02
(ii) Others 22,567.27 3,196.20 14.09 2.16 89.78 25,869.50
Total Trade payables 23,103.29 3,196.20 14.09 2.16 89.78 26,405.52
Total Trade payables 31,155.32
13. Other financial liabilities As at 31 March 2024 As at 31 March 2023

(a) Interest accrued but not due on borrowings 86.24 149.49
(b) Unpaid dividends 14.75 5.92
(c) Derivative liabilities 34.15 17.58
(d) Creditors for capital goods 1,571.62 452.38
Total Other financial liabilities 1,706.76 625.37
14. Other current liabilities As at 31 March 2024 As at 31 March 2023

(a) Advances received from customers 1,056.98 702.42
(b) Advance against sale of land 3,480.00 —
(c) Deferred revenue 1,128.81 —
(d) Employee recoveries and employer contributions 177.68 317.12
(e) Statutory dues * 1,009.11 928.70
Total Other liabilities 6,852.58 1,948.24
*Statutory dues primarily include paybles in respect of Goods and Services Tax (GST) and Tax Deducted at Source (TDS).
61

(` lakh)
15. Provisions As at 31 March 2024 As at 31 March 2023
Non current Current Total Non current Current Total
(a) Provision for employee benefits* 2,798.32 1,794.46 4,592.78 2,715.73 1,540.56 4,256.29
(b) Provision for retirement benefits 1,829.16 90.00 1,919.16 1,877.22 89.53 1,966.75
(c) Provision for employee separation
compensation — 0.03 0.03 0.69 0.88 1.57
(d) Other provisions** 242.39 — 242.39 113.57 — 113.57
Total Provisions 4,869.87 1,884.49 6,754.36 4,707.21 1,630.97 6,338.18
* Provision for employee benefits includes provision for compensated absence, bonus and employee incentives.
** Other provisions include provisions for water cess.
The details of movement in other provisions is as below:

Balance at the beginning of the year 113.57 79.29,
Add: Provision recognised during the year * 128.82 34.28
Less: Amount utilised during the year — —
* Expense recognised during the year under the Rates and Taxes (Refer Note 23(k))
16. Revenue from Operations April 2023 to March 2024 April 2022 to March 2023
(a) Sale of products 2,19,528.71 2,01,854.75
(b) Income from sale of services 28,503.89 24,373.98
(c) Other operating revenue* 2,232.24 2,753.52
Total Other current liabilities 2,50,264.84 2,28,982.25
* Includes Scrap Sales amounting to Rs. 1,305.63 lakhs (Previous year Rs. 1,380.94 lakhs) and export incentives of Rs.655.12
lakhs (Previous year Rs.837.37 lakhs ) on account of Duty Draw Back and Remission of Duties and Taxes on Export Products
Scheme.
17. Other income April 2023 to March 2024 April 2022 to March 2023
(a) Dividend income 1.90 1.55
(b) Income from medical services 162.25 142.26
(c) Income from house license fees 279.87 152.42
(d) Net gain on sale of property, plant and equipment 0.03 43.30
(e) Interest income 59.50 73.42
(f) Credit balances written back 658.86 519.63
(g) Miscellaneous Income 161.63 —
Total Other income 1,324.04 932.58
18. Exceptional item April 2023 to March 2024 April 2022 to March 2023
Sale of assets held-for-sale 4,360.00 —
Less: Cost of assets held-for-sale 0.85 —
Total Exceptional Item 4,359.15 —
1.2375 acres of land situated at Salem sold with a profit of Rs. 4,359.15 lakhs
62
TRL
(` lakh)
19. Cost of materials consumed April 2023 to March 2024 April 2022 to March 2023
Opening stock 28,706.34 29,144.22
Add: Purchases 1,02,458.20 99,788.01
1,31,164.54 1,28,932.23
Less: Closing stock 26,374.18 28,706.34
Cost of materials consumed 1,04,790.36 1,00,225.89
20. Changes in inventories of finished goods, stock-in-trade and work-in-progress

Inventories at the end of the year
Finished goods 11,984.89 10,020.01
Stock-in-trade 1,741.51 2,720.84
Work-in-progress 2,895.35 2,581.71
Total Inventories at the end of the year 16,621.75 15,322.56
Inventories at the beginning of the year
Finished goods 10,020.01 7,962.41
Stock-in-trade 2,720.84 3,256.65
Total Inventories at the beginning of the year 15,322.56 13,363.23
Changes in stock of finished goods, stock-in-trade and
work-in-progress 1,299.19 1,959.33
Add: Finished goods issued for capital projects reclassified to
Capital work-in-progress 20.79 419.47
21. Employee benefits expenses

(a) Salaries, wages and bonus 15,952.19 13,905.33
(b) Employee separation compensation — 0.31
(c) Contribution to provident and other funds 1,501.63 1,495.96
(d) Staff welfare expenses 852.84 818.04
Total Employee benefits expense 18,306.66 16,219.64
22. Finance costs

(a) Interest expense on:
(1) Bank borrowings and others 1,997.92 2,225.75
(2) Interest on lease liabilities 117.13 131.76
(b) Other borrowing costs 27.72 21.99
Less: Interest capitalised 6.50 104.86
Total Finance costs 2,136.27 2,274.64
63

(` lakh)
23 Other Expenses April 2023 to April 2022 to
March 2024 March 2023
(a) Stores and spares consumed* 4,211.65 4,011.39
(b) Repairs to buildings 3,252.74 2,552.80
(c) Repairs to machinery 3,551.58 3,306.86
(d) Contractors charges for refractories management 5,045.22 3,759.22
(e) Fuel consumed 13,284.69 16,117.09
(f) Purchase of power 3,199.06 2,935.45
(g) Conversion and processing charges 3,993.53 3,716.27
(h) Freight and handling charges 10,412.75 11,246.22
(i) Rent (refer note-27) 93.33 127.81
(j) Royalty 1,262.05 1,138.54
(k) Rates and taxes 550.70 338.09
(l) Insurance charges 381.26 412.45
(m) Commission expenses 1,264.10 1,212.41
(n) Allowance for credit losses (refer note-7) 733.79 440.24
(o) Net loss on foreign currency transactions 183.35 639.57
(p) Legal and other professional costs 2,521.27 2,051.97
(q) Travelling expenses 2,326.54 1,652.74
(r) Others (Refer note below) 2,680.42 2,116.03
Total Other expenses 58,948.03 57,775.15
* Excludes stores and spares consumed and included under the head repair to machinery Rs. 638.03 lakhs (Previous year
Rs.428.81 lakhs)
Note:
Other includes:
(i) Payment to Auditors :
a) Services as Auditors (including for audit in terms of
Section 44AB of the Income Tax Act,1961 ` 4.00 lakhs
[(Previous Year ` 3.00 lakhs)] 40.75 32.50
b) Fees for other services 0.65 0.50
c) Out-of pocket expenses 1.23 1.16
42.63 34.16
(ii) Cost audit fees [Including expenses ` Nil (Previous year: ` Nil)] 1.10 1.10
(iii) Corporate social responsibility (CSR) expenditure
Details of corporate social responsibility (CSR) expenditure
(a) Amount required to be spent by the Company during the year 263.44 208.64
(b) Amount of expenditure incurred:
(i) Construction/acquisition of any asset — —
(ii) On purposes other than (i) above -Nature of CSR Activity
(i) Sports 4.43 5.54
(ii) Ethnicity 7.52 4.51
(iii) Drinking Water & Sanitation 18.43 10.58
(iv) Sustainable Livelihood 38.66 19.96
(v) Health Care 11.77 5.88
(vi) Environment 36.98 29.15
(vii) Education 46.57 24.59
(viii) Infrastructure 85.95 119.55
(ix) Disaster Management 15.04 —
(x) Admin Expenses 2.76 1.64
Total CSR expenses 268.11 221.40
(c) Shortfall at the end of the year — —
(d) Total of previous year shortfall — —
(e) Reason for Shortfall NA NA
(f) Details of related party transactions in relation to CSR
expenditure as per relevant Accounting Standard — —
64
TRL
NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Note 24 ACCOUNTING POLICIES
1) Company Information
TRL Krosaki Refractories Limited (“the Company”) is a public limited company incorporated in India with its registered office situated at
Belpahar-768218, Jharsuguda District, Odisha, India.
The Company is primarily engaged in the business of manufacturing and trading of refractories. The Company manufactures wide range of
refractories like Basic, Dolomite, High Alumina, Monolithic, Silica, Flow Control, Tap Hole Clay, Alumina Graphite and providing refractories
engineering and management services and has manufacturing facilities in Belpahar (Odisha), Salem (Tamil Nadu).
The Standalone Financial Statements as at 31 March 2024 present the financial position of the Company.
The functional and presentation currency of the Company is Indian Rupee (Rs.), which is the currency of the primary economic environment in
which the Company operates.
As at 31 March 2024, Krosaki Harima Corporation owns 77.62% of the equity shares of the Company and has the ability to influence the
Company’s operations. Nippon Steel Corporation is having significant influence over the Krosaki Harima Corporation.
The Standalone Financial Statements for the year ended 31 March, 2024 were approved for issue in accordance with the resolution of the Board
of Directors on 16 May ,2024.
2) Basis of Preparation
The material accounting policy information applied by the Company in the preparation of its financial statements is listed below. Such accounting
policies have been applied consistently to all the periods presented in these financial statements, unless otherwise indicated.
a) Statement of Compliance
The Standalone financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS“)
prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, as amended from
time to time and other relevant provisions of the Act.
b) Basis of Preparation
The Standalone financial statements have been prepared under the historical cost convention, with an exception of certain assets and
liabilities that are required to be carried at fair value by Ind AS.
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.
c) Use of estimates and critical accounting judgements
In preparation of Standalone financial statements, the Company makes judgments in the application of accounting policies and estimates
and assumptions which affects the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates
and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period
in which the estimate is revised, and future periods affected.
Significant judgements and estimates relate to the following:
i. carrying values of assets and liabilities including useful lives of tangible and intangible assets;
ii. provision for employee benefits and other provisions; and
iii. commitments and contingencies and measurement of fair values.
iv. valuation of deferred tax assets / liabilities
v. provision for expected credit loss.
d) Impact of the Code on Social Security, 2020
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on
November 13, 2020, and invited suggestions from stakeholders which are under consideration by the Ministry. The Company will assess
the impact and its evaluation once the subject rules are notified. The Company will give appropriate impact in its financial statements in the
period in which, the Code becomes effective and the related rules to determine the financial impact are published.
3) Material Accounting Policies
a) Property, plant and equipment
An item of property, plant and equipment is recognised as an asset if it is probable that future economic benefits associated with the item
will flow to the Company and its cost can be measured reliably. This recognition principle is applied to the costs incurred initially to acquire
an item of property, plant and equipment and also to costs incurred subsequently to add to, replace part of, or service it. All other repair and
maintenance costs, including regular servicing, are recognised in the statement of profit and loss, as incurred. When a replacement
occurs, the carrying amount of the replaced part is de-recognised.
Property, plant and equipment is stated at cost or deemed cost applied on transition to Ind AS, less accumulated depreciation and
impairment if any. Cost includes all direct costs and expenditures incurred to bring the asset to its working condition and location for its
intended use. Trial run expenses (net of revenue) are capitalised. Borrowing costs incurred during the period of construction is capitalised
as a part of cost of the qualifying asset.
The gain or loss arising on disposal of an item of property plant and equipment is determined as the difference between the sale proceeds
65
and the carrying value of such item and is recognised in the statement of profit and loss.
Property, plant and equipment which are not ready for intended use as on the date of balance sheet are disclosed as “Capital Work-in-
Progress”.
b) Intangible assets
Cost incurred for development of mines and software are recognized in the balance sheet as intangible assets when it is probable that
associated future economic benefits would flow to the company and its cost can be measured reliably. These are initially measured at
purchase cost and then amortised on a straight-line basis over their estimated useful lives. All other costs on development of mines and
software are expensed in the statement of profit and loss as and when incurred.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
c) Depreciation and amortisation of property, plant and equipment and intangible assets
Depreciation or amortisation is provided under the straight-line method, based on the estimated useful life, as determined by technical
evaluation of the useful life of the assets, in terms of Schedule II to the Companies Act, 2013.
Assets individually costing up to Rs.25,000 are fully depreciated in the year of acquisition.
Freehold Land is not depreciated.
The charge of depreciation or amortization commences from the date the assets are available for their intended use. Depreciation on
assets under construction commences only when the assets are ready for their intended use. No further charge is provided in respect of
assets that are fully written down but are still in use.
The estimated useful lives of assets and residual values are reviewed periodically and, adjusted if appropriate at the end of reporting
period.
The estimated useful life of some of the assets is significantly different from the useful life given in the Schedule II to Companies Act, 2013.
The useful life of the assets has been assessed based on the number of years for which the assets have already been put to use and the
estimated minimum balance period for which the assets can be used in the Company. The residual values are not more than 5% of the
original cost of the asset.
The estimated useful lives for the main categories of property, plant and equipment and other intangible assets are:
Sl No Class of Assets Estimated Useful Life Useful Life (in years)

(in years) as per as per Schedule II of
Comapny's policy Companies Act, 2013
I Buildings and Roads
Roads 10 10
Factory Buildings and Reservoir 30 30
Other Buildings (RCC Structure) 60 60
II Plant and Machinery
Grinder 8 to 15* 8
Mixture, Press Drying Chambers, Shuttle Kiln 10 to 15* 8
Gas Producer, Kiln, Shaft Kiln, Gas Storage and Distribution Plant 25 25 – 30
Kiln Car 10* 8
Workshop Equipment 10 to 15* 8
Research and development equipment 10 10
Gunning Machine, Mixture Machine and other equipment
used at Customer site. 5 to 8* 8
Other Equipment 5 to 15* 8
III Railway Siding 15 15
IV Furniture and Fixture and Office Equipment
Furniture fittings, office equipment, computer, cinema and
audio visual equipment 5* 3-10
Hospital canteen equipment, electric fittings 10* 8
V Vehicles
Motor car, Jeep, motor cycle 5* 8
Motor Lorry and mobile equipment 8 8
VI Intangible Assets
Software 10* Not exceeding 10 yrs
Development of mines 10 years or lease
period whichever is less Not exceeding 10 yrs
*For this class of assets, based on internal assessment and technical evaluation carried out by the technical expert, the Company believes
that the useful lives as given above best represents the period over which the Company expects to use these assets. Hence the useful
lives for these assets are different from the useful lives as prescribed under part C of Schedule II of the Companies Act,2013.
66
TRL
d) Impairment
At each balance sheet date, the Company reviews the carrying value of its property, plant and equipment and intangible asset to
determine whether there is any indication that the carrying value of those assets may not be recoverable through continuing use. If any
such indication exists, the recoverable amount of the asset is reviewed in order to determine the extent of impairment loss, if any. Where
the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the
cash generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. An impairment loss is
recognized in the statement of profit and loss as and when the carrying value of an asset exceeds its recoverable amount.
An impairment loss recognized in prior accounting periods is reviewed at each balance sheet date to assess whether there is any
indication that the impairment loss recognized may no longer exist or may be decreased.
Where an impairment loss subsequently reverses, the carrying value of the asset (or cash generating unit) is increased to the revised
estimate of its recoverable amount, so that the increased carrying value does not exceed the carrying value that would have been
determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss
is recognised in the statement of profit and loss immediately.
e) Leases
The Company determines whether an arrangement contains a lease by assessing whether the fulfilment of a transaction is dependent on
the use of a specific asset and whether the transaction conveys the right to control the use of that asset to the Company in return of
payment.
The Company as lessee
The Company’s lease asset classes primarily consist of leases for buildings. The Company assesses whether a contract contains a lease,
at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all the economic benefits from
use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (ROU) and a corresponding equal lease liability
for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value
leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-
line basis over the term of the lease.
Certain lease arrangements include the option to extend or terminate the lease before the end of the lease term. ROU assets and lease
liabilities includes these options when it is reasonably certain that they will be exercised.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the lease term. Right of use assets are
evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is
determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other
assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are
discounted using the weighted average incremental borrowing rate of the company. Lease liabilities are remeasured with a corresponding
adjustment to the related right of use asset if the Company changes its assessment whether it will exercise an extension or a termination
option.
Lease liability and ROU assets have been separately presented in the balance sheet and lease payments have been classified as
financing cash flows.
The Company as lessor
Leases for which the Company is a lessor are classified as a finance or operating lease. Whenever the terms of the lease transfers
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified
as operating leases.
For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.
f) Investment in associates
Investments in associates are carried at cost or deemed cost applied on transition to Ind AS, less accumulated impairment losses, if any.
Where an indication of impairment exists, the carrying amount of investment is assessed and an impairment provision is recognised, if
required, immediately to its recoverable amount. On disposal of such investments, the difference between the net disposal proceeds and
carrying amount is recognised in the statement of profit and loss.
g) Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument. Financial assets and liabilities are initially measured at fair value. However, trade receivables that do not contain a significant
financing component are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or
deducted from the fair value measured on initial recognition of financial asset or financial liability. The transaction costs directly attributable
67
to the acquisition of financial assets and financial liabilities at fair value through profit and loss are immediately recognised in the statement
of profit and loss.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or
expense over the relevant period. The effective interest rate is the rate that exactly discounts future cash receipts or payments through the
expected life of the financial instrument, or where appropriate, a shorter period.
i. Financial assets
Cash and bank balances
Cash and bank balances consist of:
Cash and cash equivalents - which includes cash in hand, cheques in hand, deposits held at call with banks and other short-term
deposits which are readily convertible into known amounts of cash, are subject to an insignificant risk of change in value and have
maturities of less than 3 months from the date of such deposits. These balances with banks are unrestricted for withdrawal and
usage.
Other balances with bank- which includes balances and deposits with banks having maturity of more than three months but less
than 12 months and are restricted for withdrawal and usage.
Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model whose
objective is to hold these 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.
Financial assets measured at fair value
Financial assets are measured at fair value through other comprehensive income if both of the following conditions are met:
These financial assets are held within a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets 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.
Financial assets not measured at amortised cost or at fair value through other comprehensive income are carried at fair value
through profit or loss.
The Company in respect of certain equity instruments (other than in associates) which are not held for trading, has made an
irrevocable election to present subsequent changes in the fair value of such equity instruments in other comprehensive income.
Impairment of financial assets
The Company recognises lifetime expected credit losses for all trade receivables that do not constitute a financing transaction. For
financial assets (apart from trade receivables that do not constitute financing transaction) whose credit risk has not significantly
increased since initial recognition, loss allowance equal to twelve months expected credit losses is recognised.
Loss allowance for financial assets measured at amortised cost is deducted from gross carrying amount of asset.
De-recognition of financial assets
The Company derecognises a financial asset only when the contractual rights to the cash flows from the financial asset expire, or it
transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity. If the Company
neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the
Company recognises its retained interest in the assets and an associated liability for amounts it may have to pay. If the Company
retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the
financial asset and also recognizes a borrowing for the proceeds received.
ii. Financial liabilities and equity instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual
arrangements entered and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities.
Equity instruments are recorded at the proceeds received, net of direct issue costs.
Financial Liabilities
Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised
cost, using the effective interest rate method where the time value of money is significant.
Interest bearing bank loans, overdrafts and issued debt are initially measured at fair value and are subsequently measured at
amortised cost using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the
settlement or redemption of borrowings is recognised over the term of the borrowings in the statement of profit and loss.
68
TRL
Offsetting
Financial assets and financial liabilities are off set and the net amount presented in the balance sheet when, and only when, the Company
currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to release the asset and
settle the liability simultaneously.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or they expire.
Derivative financial instruments and hedge accounting
In the ordinary course of business, the Company uses certain derivative financial instruments to reduce business risks which arise from its
exposure to foreign exchange fluctuations. The instruments are confined principally to forward foreign exchange contracts. The
instruments are employed as hedges of transactions included in the financial statements of for highly probable forecast transactions / firm
contractual commitments. The derivatives contracts do not generally extend beyond six months.
Derivatives are initially accounted for and measured at fair value on the date the derivative contract is entered into and are subsequently
re-measured to their fair value at the end of each reporting period.
The fair values for forward currency contracts are measured at marked to market at the end of each reporting period. The Company adopts
hedge accounting for forward foreign exchange contracts wherever possible. At the inception of each hedge, there is a formal,
documented designation of the hedging relationship. This documentation includes, inter alia, items such as identification of the hedged
transaction and the nature of the risk being hedged. At inception, each hedge is expected to be highly effective in achieving an offset of
changes in fair value or cash flows attributable to the hedged risk. The effectiveness of hedge instruments to reduce the risk associated
with the exposure being hedged is assessed and measured at the inception and on an ongoing basis. The ineffective portion of the
designated hedge is recognised immediately in the statement of profit and loss.
When hedge accounting is applied, the Company treats the hedge relationship in relation to foreign currency exposure as fair value
hedges of recognised assets and liabilities. Changes in fair value of the hedged assets and liabilities, attributable to the risk being hedged,
are recognised in the statement of profit and loss and compensate for the effective portion of the symmetrical changes in the fair value of
the derivatives.
In cases where hedge accounting is not applied, changes in the fair value of derivatives are recognised in the statement of profit and loss
as they arise.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for
hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the
forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity
is transferred to the statement of profit and loss for the period.
h) Employee benefits
The Company’s retirement benefit obligations are subject to a number of judgements including discount rates, inflation and salary growth.
Significant judgement is required when setting these criteria and a change in these assumptions would have a significant impact on the
amount recorded in the Company’s balance sheet and the statement of profit and loss. The Company sets these judgements based on
previous experience and third party’s actuarial advice.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A
liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount
as a result of past service provided by the employee and the amount of obligation can be estimated reliably.
Defined contribution plans
Payments to defined contribution plans such as Company’s Provident Fund, Superannuation Fund, Employee Pension Scheme,
Employee State Insurance Scheme and Her Majesty's Revenue and Customs, UK (HMRC) are charged as an expense as they fall due.
Payments made to the above schemes are dealt with as payments to defined contribution schemes, as the Company has no further
defined benefit obligation beyond the monthly contribution except for the contribution to Provident Fund Trust which require that if the
Board of the Trustee are unable to pay interest at the rate declared by the Government for the reason that the return on investment is less
or for any other reason, then the deficiency shall be made good by the Company, making the interest shortfall a defined benefit obligation.
Defined benefit plans
Post Retirement Gratuity
For post-retirement gratuity scheme, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuation being carried out at each year-end balance sheet date. Re-measurement gains and losses of the net defined benefit liability /
(asset) are recognised immediately in Other Comprehensive Income. The service cost and net interest on the net defined benefit liability /
(asset) is recognised as an expense within employment costs.
Past service cost is recognised as an expense, when the plan amendment or curtailment occurs, or when any related restructuring cost or
termination benefits are recognised, whichever is earlier.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined-benefit obligation, as
reduced by the fair value of plan assets.
69
Post-Retirement Medical Benefit
The company has a policy to give medical benefit to the retired employees at its own hospital at Belpahar not exceeding the amount of
expense defined in its medical policy. The obligation of this service is measured and recognized based on actuarial valuation at the
present value of the obligation as on the reporting date. Re-measurement gains and losses of the net defined benefit liability / (asset) are
recognised immediately in Other Comprehensive Income. The service cost and net interest on the net defined benefit liability / (asset) is
recognised as an expense within employment costs.
Pension to Directors
Pensions payable to directors after their retirement as per the contractual agreement are recognized based on actuarial valuation at the
present value of the obligation as on the reporting date. Re-measurement gains and losses of the net defined benefit liability / (asset) are
recognised immediately in Other Comprehensive Income. The service cost and net interest on the net defined benefit liability / (asset) is
recognised as an expense within employment costs.
Other Long-term benefits
Compensated absences
Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders
the related service are recognized based on actuarial valuation at the present value of the obligation as on the reporting date. Re-
measurement gains and losses of the compensated absence is recognised immediately in statement of profit and loss.
Employee Separation Scheme
Compensation to employees who have opted for retirement under the Friendly Departure Scheme of the Company is charged off in the
year in which the employee is relieved from the services of the Company.
i) Inventories
i. Raw materials, Stores and Spares, Loose Tools and Fuel
Raw materials, stores and spares, loose tools and fuel are valued at weighted average cost. Cost includes cost of purchase and
other costs incurred in bringing the inventories to their present location and condition. Raw materials, stores and spares, loose tools
and fuel held for use in the production of finished products are not written down below cost except in cases where material prices
have declined, or the cost of the finished products has exceeded its net realisable value.
ii. Finished goods
These are valued at lower of cost and net realisable value. Costs are calculated at full absorption cost basis which includes cost of
direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity. Cost of
inventories is generally ascertained on a weighted average basis.
iii. Work in Progress
These are valued at cost. Costs are calculated at full absorption cost basis which includes cost of direct materials and labour and a
proportion of manufacturing overheads based on the normal operating capacity. Cost of work in progress is generally ascertained
on a weighted average basis.
iv. Stock-in-trade
These are valued at lower of cost and net realisable value. Cost includes cost of purchase and other costs incurred in bringing the
inventories to their present location and condition. Cost is determined on a weighted average basis.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to completion and the
estimated costs necessary to sell them.
Provisions are made for slow moving and obsolete items based on historical experience of utilization on a product category basis
and ageing policy as defined by the Company.
j) Cash Flow Statement
Cash Flows are reported using indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with
investing or financing cash flows.
k) Non-Current assets held for sale
Non-current assets or disposal groups classified as held for sale are measured at the lower of their carrying value and fair value less costs
to sell.
Assets and disposal groups are classified as held for sale if their carrying value will be recoverable through a sale transaction rather than
through continuing use. This condition is only met when the sale is highly probable and the asset, or disposal group, is available for
immediate sale in its present condition and is marketed for sale at a price that is reasonable in relation to its current fair value.
The Company must also 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.
Non-current assets held for sale are not depreciated or amortised.
l) Provisions (other than employee benefits) and contingent liabilities
Provisions are recognised in the balance sheet when the Company has a present obligation (legal or constructive) as a result of a past
event, which is expected to result in an outflow of resources embodying economic benefits which can be reliably estimated. Each
70
TRL
provision is based on the best estimate of the expenditure required to settle the present obligation at the balance sheet date.
Constructive obligation is an obligation that derives from an entity’s actions where:
i. by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to
other parties that it will accept certain responsibilities; and
ii. as a result, the entity has created a valid expectation on the part of those other parties that it will discharge such responsibilities.
Contingent Liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present
obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle an obligation or a
reliable estimate of the amount cannot be made.
The Company does not recognise Contingent Liability but discloses its existence in the Financial Statements.
m) Income taxes
Tax expenses comprises current and deferred tax. The tax currently payable is based on taxable profit for the period. Taxable profit differs
from net profit as reported in the statement of profit and loss because it excludes items of income or expense that are taxable or deductible
in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using
tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax
payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount expected to be
paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or
substantively enacted by the reporting date.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised amounts, and it is
intended to realise the asset and settle the liability on a net basis or simultaneously.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying values of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance
sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. In contrast, deferred tax
assets are only recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised.
The carrying value of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based
on the tax rates and tax laws that have been enacted or substantially enacted by the end of the reporting period. The measurement of
deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the
end of the reporting period, to cover or settle the carrying value of its assets and liabilities.
Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are legally
enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.
Current and deferred tax are recognised as an expense or income in the statement of profit and loss, except when they relate to items
credited or debited either in other comprehensive income or directly in equity, in which case the tax is also recognised in other
comprehensive income or directly in equity.
n) Revenue recognition
The Company manufactures and sells a range of refractories and provides installation and maintenance services.
At the inception of the contract, the Company identifies the goods or services promised in the contract and assesses which of the promised
goods or services shall be identified as separate performance obligations.
Contracts for the supply of goods or services give rise to separate performance obligations if they are capable of being distinct. Where
supply of refractory material and services together is paid based on performance or production of steel, the Company treats both supply of
goods and services together and considers to have only one single performance obligation.
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration)
allocate to the performance obligation and the consideration expected to be received, to the extent that it is highly probable that there will
not be a significant reversal of revenue in future periods.
If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration, at the inception of the
contract, to which it will be entitled in exchange of goods or services to the customer.
(i) Sale of products
Revenue from the sale of products is recognised when the control of the products has transferred, being when the products are
delivered to the customer and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. Delivery
occurs when the products have been shipped to the specific location, and either the customer has accepted the products in
accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied.
No significant element of financing is deemed present as sales are made with a credit term which is consistent with market practice.
(ii) Sale of Services
a) Revenue from contracts of Total Refractory Management services is recognized on the basis of the output-oriented method
71
(e.g. quantity of steel produced by the customer). The Company has determined that both the supply of goods and services
are not distinct as the contract includes supply of refractory material and its related services for producing steel as one single
performance obligation.
b) Sales of Revenue from services is recognised based on progress of completion of service using input method to measure the
completion. The Company recognises contract liabilities for consideration received or receivable in respect of incomplete
performance obligations and reports these amounts as other liabilities. Similarly, if the Company completes performance
obligation before receiving the consideration, the Company recognises receivable, as the passage of time is required before
the consideration is due.
o) Recognition of Other Income
Interest Income
Interest income is accrued on a time proportion basis by reference to the principle outstanding and the effective interest rate applicable.
Dividend Income
Dividend income from investments is recognised when the right to receive payment has been established.
Rental Income
Rental income is recognised on a straight line basis over the term of the relevant arrangements.
Commission Income
Commission income is recognised when the services have been rendered.
p) Government Grants
Government grants and subsidies such as export incentives are recognized when there is reasonable assurance that the Company will
comply with the conditions attached to them and the grants / subsidies will be received.
Government grants like export promotion capital goods (EPCG) related to expenditure on property, plant and equipment are deducted
from the cost of the property, plant and equipment in calculating the carrying amount of the asset.
q) Foreign currency transactions and translation
The financial statements of the Company are presented in Indian Rupees (Rs), which is the functional currency of the Company and the
presentation currency for the financial statements.
In preparing the financial statements, transactions in currencies other than the entity’s functional currency are recorded at the rates of
exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies
are re-translated at the rates prevailing at the end of the reporting period. Non-monetary items that are measured in terms of historical cost
in a foreign currency are not translated.
Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in the statement of
profit and loss for the period.
Exchange differences arising on translation or settlement of long-term foreign currency monetary items is accounted in the statement of
profit and loss for the period.
r) Borrowing Costs
Borrowings costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are
substantially ready for the intended use.
Other borrowing costs are recognised as an expense in the period in which they are incurred.
s) Recent pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended March 31,2024, MCA has not notified any new standards or
amendments to the existing standards applicable to the Company.
t) Earnings per share
Basic earnings per equity share is computed by dividing the net profit after tax by the weighted average number of equity shares
outstanding during the year.
Diluted earnings per equity share is computed by dividing adjusted net profit after tax by the aggregate of weighted average number of
equity shares and dilutive potential equity shares during the year.
72
TRL
(Amount Rupees in lakhs, except otherwise stated)
(` lakh)
25 Contingent Liabilities
Contingent liabilities in respect of – As at 31 March 2024 As at 31 March 2023
Claims against the Company not acknowledged as debts in respect of –
– Income tax matters 676.51 779.03
– Sales tax / value added tax / entry tax matters 573.03 794.17
– Excise duty and service tax matters 146.66 961.88
– Other matters (Refer Below) 1,081.23 1,081.23
In respect of above, it is not practicable for the Company to estimate the timings of cash outflows, if any, pending resolution of
the respective proceedings.
In the ordinary course of business, the Company faces claims and assertions by various parties. The following is a description
of claims and assertions where a potential loss is possible but not probable. There are claims which the Company does not
believe to be of material nature, other than those described below:
Income Tax:
The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. These are mainly for
transfer pricing issues and disallowance of expenses claimed by the Company as deductions. Most of these disputes and/or
dis-allowances, being repetitive in nature, have been raised by the income tax authorities consistently in most of the years. As
at March 31 2024, there are matters and/or disputes pending in appeal amounting to Rs.676.51 Lakhs (Previous Year -
Rs.779.03 Lakhs).
Sales tax /value added tax/ entry tax/ Excise duty matters
The Company has demands that are being contested by the Company in different years amounting to Rs. 719.69 Lakhs
(Previous Year -Rs. 1,756.05 Lakhs). These are mainly for non submission of concessional forms.
Other matters
01. Demand by Mining Officer:
The Dy. Director Mines, Sambalpur circle, had raised a demand of Rs. 539.72 lakhs on 26th August, 2019 for excess
production of Quartzite in Chuinpalli mines, and the Mining Officer, Cuttack circle, has raised a demand for Rs. 517.44 lakhs on
15th September,2020 for excess production of fireclay in Talbasta mines during the period from 2000 to 2010 under section
21(5) of MMDR Act, 1957, based on the common cause judgment dated 2nd August, 2017 of Hon’ble Supreme Court of India.
The Company challenged the said demands of Mining Department, Govt. of Odisha through two different Writ petitions against
two notices before the Hon’ble High Court of Orissa, Cuttack. The Company is of the view that, the demand under Section 21(5)
of the MMDR Act is not applicable because the impugned demand is based on the judgement of Hon’ble Supreme Court of
India in the case of Common Cause vrs. Union of India reported in (2017) 9 SCC 499. The decision referred in the Supreme
Court Order was intended to deal with mining leases of Iron Ore and Manganese Ore in the districts of Keonjhar, Sundergarh
and Mayurbhanj and it has no application to the facts of the Company’s case. Moreover, the mining officer has not conducted
any enquiry on discrepancy of mining activities of the Company. On 11th January, 2021 the Hon'ble High Court of Odisha has
disposed of the Writ Petition filed for Talbasta Mines for an amount of Rs. 517.44 lakhs and again the Hon’ble High Court of
Orissa on 06th July, 2022 disposed of the Writ Petition pertaining to Chhuinpali Mines for an amount of Rs. 539.72 lakhs with a
direction to challenge the impugned demand notice as per Rule 46(1) of the Orissa Minor Mineral Concession Rules, 2016 and
take all grounds before the appellate authority. Accordingly, Company has filed the appeals before Joint Director of Mines,
Government of Odisha, Bhubaneswar under Rule 46(1) of Odisha Minor Mineral Concession Rules, 2016 and both the appeal
matters are pending for hearing. Based on the legal opinion obtained by the Company and as per the management
assessment, the Company is of the view that it has a strong case to contest on merit and there will not be any material outflow of
resources by Company.
02. Other Claims
Other civil cases for which the Company may contingently be liable aggregate to Rs. 24.07 lakhs (Previous Year - Rs. 24.07
lakhs).
03. Water Rate Dispute
The Company has been drawing water from Lilhari Nullha, a natural water stream. Up to 1994, as per the Orissa Irrigation Act,
the water rate was payable for drawing water from irrigation work. Natural water streams like Lilhari Nullha were not covered in
the definition of irrigation work, as given in Section 4(9) of the Act. Definition of 'government water source' was inserted in
Section 4(6-a) of the Act in 1994, which covers natural water sources like Lilhari Nullha, and the Company has been paying
water rate since then. However, the Government of Odisha demanded an amount of Rs. 57.77 Lakhs towards water rate and
penalty for the period prior to 1994 which has been stayed by the Hon’ble High Court of Odisha. Water Resources Department,
Government of Odisha, has been charging monthly compounded interest @ 2% on the disputed amount and the total interest
charged up to 31st March 2024 was Rs. 17,065.56 lakhs. The total disputed demand, together with interest as on 31 March 2024
was Rs. 17,123.26 lakhs. Hon'ble High Court of Odisha has stayed charging of monthly compound interest of 2% and passed an
order that compound interest @ 2% will not be allowed to charge until further orders. The Hon'ble High Court of Odisha has
directed the Government of Odisha and the Company to negotiate and settle the dispute in line with the settlements made by the
Government of Odisha with other companies. Water agreement for drawing the water has expired on 28th February,2022 and
73
the Company has renewed the agreement for a period of 3 years upto 28th February,2025 by depositing an amount of Rs. 25
lakhs under protest. Hon'ble High Court of Odisha vide its order dated 28th June,2022 has directed Government of Odisha, to
take necessary direction positively on or before 01th November,2022 and if any party aggrieved with the decision of
Government of Odisha then the party can file a fresh writ petition by taking all the grounds. Till that date the interim stay will be
continued. Further, the Government of Odisha has published a One Time Settlement Scheme (OTS) on 06th February,2023 for
all the private and Government Industries for settlement of water dues/ Taxes. Accordingly, the Company has filed its OTS
application along with all the particulars before the Nodal office of Department of Water Resources appointed by the
Government for settlement of the water dispute. Based on the legal opinion obtained by the Company and as per the
management assessment, the Company is of the view that it has a strong case to contest on merit and there will not be any
material outflow of resources by the Company. Based on the discussions the Company had with the Department of Water
Resources, the Company has made a provision of Rs. 128.82 lakhs during the year (aggregate provisioning of Rs.242.39 lakhs)
being the estimated amount to be paid on finalising the application filed as per OTS scheme.
26 Commitments
Estimated amount of contracts remaining to be executed on Capital Account and not provided for, net of advances paid Rs.
5,758.58 Lakhs (Previous Year - Rs. 4,813.67 Lakhs ). Estimated amount of export obligations to be fulfilled in respect of assets
imported under Export Promotion Capital Goods Scheme (EPCG) – Rs.6,520.91 Lakhs (Previous year-Rs.6,034.88 Lakhs).
27 Company as a Lessee
Following are the changes in the carrying value of right-of- use assets for the year ended March 31, 2024.
(Buildings) (` lakh)
Particulars As at 31 March 2024 As at 31 March 2023
Opening gross block 2,245.19 2,238.92
Additions / modifications 362.44 6.27
Deletion 200.83 –
Closing gross block at the end of the year 2,406.80 2,245.19
Opening accumulated depreciation 761.85 545.63
Additions 208.23 216.22
Deletion 59.15 –
Closing accumulated depreciation at the end of the year 910.93 761.85
Closing balance as of March 31,2024 1,495.87 1,483.34
The aggregate depreciation expense on right-of-use assets is included under depreciation and amortisation expense in the
statement of Profit and Loss.
The following is the break-up of current and non-current lease liabilities as at March 31, 2024
Current lease liabilities 172.96 174.63
Non-current lease liabilities 1,680.03 1,650.27
Total 1,852.99 1,824.90
The following is the movement in lease liabilities during the year ended March 31, 2024.
Finance cost accrued during the year 117.13 131.75
Deletion 164.31 –
Payment of lease liabilities 287.17 287.01
The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2024 on an
undiscounted basis:
Less than one year 300.28 295.52
One to five years 1,393.69 1,223.79
More than five years 855.92 1,069.05
Total 2,549.89 2,588.36
The Company does not face significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet
the obligations related to lease liabilities as and when they fall due.
74
TRL
The Company incurred Rs. 93.33 Lakhs (previous year Rs.127.81 Lakhs) towards expenses relating to short term leases and
leases of low value assets.
The total cash outflow for leases is Rs. 380.49 Lakhs (previous year Rs. 414.82 Lakhs) including cash outflow for short
term and leases of low value assets.
Company as a Lessor
Company has leased out its buildings to its employees for their residential purposes. There is no such long term contracts with
employees for the above leasing. The total rental income with respect to above leasing activities amounts to Rs. 279.87 Lakhs
(previous year Rs.152.42 Lakhs) included in note 17(c).
28 Employee Benefits
The relevant details with respect to employee benefits are given here below:
(1) Defined Contribution Plan
The Company participates in a number of defined contribution plans on behalf of relevant personnel. Any expense
recognized in relation to the schemes represents the value of contributions payable during the period by Company at the
rates specified by the rules of those plans.
a) Provident Fund and Employees Pension Fund
In accordance with the prevailing Indian law, eligible employees of the Company are entitled to receive benefits in
respect of Provident Fund, a defined contribution plan, in which both the employees and the Company make
monthly contributions at a specified percentage of the covered employees’ salary. As per the provisions of the
Provident Fund and Miscellaneous Provisions Act, 1952 contribution to Provident Fund is made to an irrevocable
trust set up by the Company and contribution to pension fund is deposited with the Regional Provident Fund
Commissioner. The rules of the Company's provident fund administered by a trust, require that if the Board of the
Trustee are unable to pay interest at the rate declared by the Government for the reason that the return on
investment is less or for any other reason, then the deficiency shall be made good by the Company, making the
interest shortfall a defined benefit obligation. In the current year, the Company has contributed Rs. Nill (previous
year Rs. 154.44 lakhs) to the PF Trust on account of loss in investment made by it and the same was shown under
employee benefit expenses in the previous year. Such contributions have been recognised in the Statement of Profit
and Loss Account.
b) Superannuation Fund
The Company has a superannuation plan. Employees who are members of the superannuation plan are entitled to
benefits depending on the contribution made by Company and rate of interest declared by the superannuation trust.
A separate irrevocable trust is maintained for employees covered and entitled for this benefit. The Company
contributes 15% of basic salary, of the eligible employees’ to the trust every year. Such contributions are recognized
as an expense when incurred. The Company has no further obligation beyond this contribution.
c) Other funds
The Company contributes to the Employees State Insurance scheme as per the provisions of Employees State
Insurance Act, 1948 and to Her Majesty's Revenue and Customs, UK as per provisions laid down by the UK
Government for the social security and welfare of the employees based out of UK.
d) Expenses recognized in respect of above
The Company has recognized, in the Statement of Profit and Loss account for the year ended 31 March 2024, an
amount of Rs. 1,139.56 Lakhs (Previous Year: Rs 1,185.92 Lakhs) being expenses under the defined contribution
plans like Provident Fund, Superannuation fund, Employee pension scheme, Employee State Insurance Scheme
and Her Majesty's Revenue and Customs (UK). This is included under ""Contribution to Provident and other funds"".
[Refer note no 21 (c)]"
(2) Defined Benefit Plans
The Company operates post retirement defined benefit plans as follows:
a) Funded
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The
plan provides lump-sum payment to vested employees at retirement, death while in employment or on termination of
employment, of an amount equivalent to 15 or 30 days' salary payable for each completed year of service. Vesting
occurs upon completion of five years of service. The Company makes annual contributions to gratuity funds. The
Company accounts for the liability for gratuity benefits payable in the future based on an actuarial valuation.
b) Unfunded:
(i) Post Retirement Medical Benefits
The Company has a Post-Retirement Medical Benefit Scheme (PRMB), under which the retired employees
and their spouses are eligible for free medical benefits in the Company's hospital during their lifetime upto a
ceiling fixed by the Company. The liability for the same is recognized annually on the basis of actuarial
valuation.
75
(ii) Pension to Directors

The Company has Ex-MD Pension Scheme, under which the retired managing director or spouse gets a
monthly pension. The liability for the same is recognized annually on the basis of actuarial valuation. The
Company is exposed to the increase in the pension amount in each 3 years.
c) i) Details of the Post Retirement Gratuity plan are as follows: (` lakh)
I. Change in present value of defined benefit obligation
during the year
1. Present Value of defined benefit obligation as at the
beginning of the year 4,392.75 4,030.30
2. Current Service Cost 315.49 276.65
3. Interest Cost on the defined benefit obligation 317.13 255.42
4. Actuarial (gains)/ losses - Experience 48.30 81.59
5. Actuarial (gains)/ losses - Financial Assumptions 190.86 106.26
6. Benefits paid from plan assets (281.68) (357.47)
7. Closing Present Value of defined benefit obligation 4,982.85 4,392.75
II. Change in fair value of plan assets during the year
1. Fair Value of assets at the beginning of the year 3,780.79 3,655.24
2. Interest Income on Plan Assets 302.45 254.41
3. Employer contributions 700.00 500.00
4. Return on plan assets greater than discount rate (51.93) (271.39)
5. Benefits paid (281.68) (357.47)
6. Fair Value of Plan assets at the end of current year 4,449.63 3,780.79
III. Net liability recognized in the balance sheet
1. Fair value of plan assets 4,449.63 3,780.79
2. Present value of obligation 4,982.85 4,392.75
3. Amount recognized in the balance sheet 533.22 611.96
IV. Expense recognized in the statement of profit and loss for the year
1. Current service cost 315.49 276.65
2. Net interest on net defined benefit liability 14.68 1.01
3. Total expenses included in employee benefits expense 330.17 277.66
V. Recognized in other comprehensive income for the year
1. Actuarial (gains)/ losses due to defined benefit obligation experience 48.30 81.59
2. Actuarial (gain) / loss due to defined benefit obligation
financial assumption changes 190.86 106.26
3. Return on plan assets lesser than discount rate 51.93 271.39
4. Actuarial (gain) / loss recognized in other comprehensive income 291.09 459.24
VI. Maturity profile of defined benefit obligation
1. Within the next 12 months (next annual reporting period) 638.74 653.95
2. Between 2 and 5 years 1,530.65 1,647.82
4. The weighted average duration of the defined benefit obligation at
the end of the reporting period is 9 years (31 March 2023: 9 years)
VII. Quantitative sensitivity analysis for significant assumption is as below
1. Increase/ (decrease) on present value of defined benefits obligation at the end of the year
(i) One percentage point increase in discount rate (406.90) (351.34)
(ii) One percentage point decrease in discount rate 476.11 410.15
(i) One percentage point increase in rate of salary increase 402.78 399.16
(ii) One percentage point decrease in rate of salary increase (461.23) (349.15)
2. Sensitivity Analysis Method
Sensitivity analysis is determined based on the expected movement in liability if the assumptions were
not proved to be true on different count.
3. Expected Employer Contribution for the period ending 31 March 2025 is Rs. 530 Lakhs
76
TRL
(` lakh)
VIII. Investment Details
The full amount has been invested in the Cash Accumulation Scheme of Life Insurance Corporation of India.
IX. Assumptions
a. Discount rate (per annum) 6.75% 7.20%
b. Rate of escalation in salary (per annum) 9.00% 9.00%
ii) Details of non-funded post retirement defined benefit obligations are as follows:
Description April 2023 to March 2024 April 2022 to March 2023
Medical Ex-MD Pension Medical Ex-MD Pension
I. Reconciliation of opening and closing balances of obligation
1. Present Value of defined benefit obligation as at the beginning
of the year 893.32 461.49 935.64 516.36
2. Current Service Cost 12.92 – 14.38 –
3. Interest Cost on the defined benefit obligation 62.80 31.90 59.47 32.37
4. Actuarial (gains)/ losses - Experience / demographic (42.84) 14.99 (22.40) (24.43)
5. Actuarial losses- Financial Assumptions 45.79 (20.48) (55.35) (26.28)
6. Benefits paid directly by the Company (37.41) (36.53) (38.42) (36.53)
7. Closing Present Value of defined benefit obligation 934.58 451.37 893.32 461.49
II. Expense recognized in the statement of profit and
loss for the year
1. Current service cost 12.92 – 14.38 –
2. Net interest on net defined benefit liability 62.80 31.90 59.47 32.37
3. Total expenses included in employee benefits expense 75.72 31.90 73.85 32.37
III. Recognized in other comprehensive income for the year
1. Actuarial (gain)/ loss due to defined benefit obligation experience (42.84) 14.99 (22.40) (24.43)
2. Actuarial loss due to defined benefit obligation financial
assumption changes 45.79 (20.48) (55.35) (26.28)
3. Actuarial (gains)/ losses recognized in other
comprehensive income 2.95 (5.49) (77.75) (50.71)
IV. Assumptions
a. Discount rate (per annum) at the beginning of the year 7.20% 7.20% 6.50% 6.50%
b. Discount rate (per annum) at the end of the year 6.75% 6.75% 7.20% 7.20%
c. Rate of pension increase – 9.00% – 9.00%
d. Medical costs inflation rate 4.00% – 4.00% –
e. Average Medical Cost (Rs./ person) 2,007 – 2,007 –
V. Quantitative sensitivity analysis for significant
assumption is as below
Increase/ (decrease) on present value of defined benefits
obligation at the end of the year
(i) One percentage point increase in discount rate (96.55) (32.23) (89.73) (33.70)
(ii) One percentage point decrease in discount rate 118.28 36.51 109.24 38.30
(i) One percentage point increase in medical inflation rate 116.14 – 107.65 –
(ii) One percentage point decrease in medical inflation rate (96.26) – (89.73) –
(i) One percentage point increase in pension rate – 32.90 – 34.68
(ii) One percentage point decrease in pension rate – (29.64) – (31.14)
(on undiscounted basis)
1. Within the next 12 months (next annual reporting period) 57.38 35.41 57.03 35.53
2. Between 2 and 5 years 248.31 152.74 247.65 158.10
VII. Weighted Average Duration of defined benefit obligation 12 years 8 years 11 years 8 years
77
(` lakh)
d) Risk exposure
Through its defined benefit plans, the Company is exposed to discount rate risk, salary growth risk, inflation risk, pension increment risk and
demographic risks of mortality and attrition rates.
29 Income Taxes
a. A reconciliation of the tax expense to the amount computed by applying the statutory income tax rate to the profit before
taxes is summarized below:
Particulars April 2023 to April 2022 to
Profit before exceptional item and tax 26,524.98 20,731.72
Less: Expenses recognized in other comprehensive income 288.55 330.78
Adjusted Profit before tax (A) 26,236.43 20,400.94
Tax rate (B) 25.168% 25.168%
Tax expense (A*B) 6,603.18 5,134.51
Add: Tax effect of expenses that are not deductible for tax purposes:
CSR Expenses 67.48 55.72
Add: Taxation for earlier years – (137.39)
Less: Tax effect of Income exempt from tax: Dividend Income 0.48 0.39
Add: Capital gain tax on Sale of Land 2.26 –
Less: Other differences 15.28 35.10
Income tax expense charged to the Statement of Profit and Loss 6,688.68 5,088.33
Tax expense recognized in profit and loss 6,761.94 5,203.91
Income tax expenses recognized in Other Comprehensive Income (73.26) (115.58)
b. The tax effect of significant temporary differences that resulted in deferred tax liability are as follows:
Balance sheet Statement of profit and loss Other comprehensive income
Particulars As at 31 As at 31 April 2023 to April 2022 to April 2023 to April 2022 to
March 2024 March 2023 March 2024 March 2023 March 2024 March 2023
Deductible temporary difference
(i) Expense/ provision allowed on
payment basis 978.26 843.53 61.47 38.32 73.26 115.58
(ii) Unpaid Royalty 172.21 172.24 (0.03) 37.40 – –
(iii) Friendly departure scheme 1.53 2.94 (1.41) (2.66) – –
(iv) Others 481.05 292.35 188.70 (98.71) – –
Total (A) 1,633.05 1,311.06 248.73 (25.65) 73.26 115.58
Taxable temporary difference
Property, Plant and Equipment 2,845.68 2,415.98 429.70 419.67 – –
Total (B) 2,845.68 2,415.98 429.70 419.67 – –
Deferred Tax liability (B-A) 1,212.63 1,104.92 180.97 445.32 (73.26) (115.58)
Net impact in Statement of Profit and Loss / Other Comprehensive Income

The total deferred tax recognized in other comprehensive income is Rs. 73.26 Lakhs (Previous Year: Rs.115.58 Lakhs)
78
TRL
(` lakh)
c. Reconciliation of deferred tax liability
Particulars As at As at
31 March 2024 31 March 2023
Opening balance as at 1 April 1,104.92 775.18

Add: Deferred tax charge during the year 107.71 329.74
Closing balance as at 31 March 1,212.63 1,104.92
30 Reconciliation of Liabilities from Financing activities as stated in the Statement of Cash Flows are as follows :
Particulars Balance as at Cash Non-Cash Balance as at

1 April 2023 Flows Changes 31 March 2024
Borrowings 26,309.30 (10,971.31) 8.35 15,346.34
Lease liabilities 1,824.90 (287.17) 315.26 1,852.99
Total Liabilities from financing activities 28,134.20 (11,258.48) 323.61 17,199.33
Borrowings 30,752.18 (4,464.92) 22.04 26,309.30
31 Financial Instruments
This section gives an overview of the significance of financial instruments for the Company and provides additional information
on balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument
are disclosed in note 24(3)(g) to the financial statements.
(a) Financial Instruments by Category
The following table presents carrying amount and fair value of each category of financial asset and liabilities.
As at 31 March 2024
Particulars Amortised Fair value Derivative Total Total Fair
cost through other instruments Carrying Value
comprehensive Value
income
Financial assets
Trade receivables 37,047.03 – – 37,047.03 37,047.03
Investments 1,460.61 144.79 – 1,605.40 1,605.40
Cash and cash equivalents &
Other balances with banks 3,419.56 – – 3,419.56 3,419.56
Loans 21.05 – – 21.05 21.05
Other financial assets 866.02 – – 866.02 866.02
Total 42,814.27 144.79 – 42,959.06 42,959.06
Financial liabilities
Borrowings 15,346.34 – – 15,346.34 15,346.34
Trade payables 29,860.55 29,860.55 29,860.55
Lease liabilities 1,852.99 – – 1,852.99 1,852.99
Other financial liabilities 1,672.61 – 34.15 1,706.76 1,706.76
Total 48,732.49 – 34.15 48,766.64 48,766.64
79
(` lakh)
As at 31 March 2023
comprehensive Value
income
Financial assets
Trade receivables 33,726.10 – – 33,726.10 33,726.10
Investments 1,460.61 160.96 – 1,621.57 1,621.57
Cash and cash equivalents &
Other balances with banks 46.70 – – 46.70 46.70
Loans 33.28 – – 33.28 33.28
Other financial assets 662.47 – – 662.47 662.47
Total 35,929.16 160.96 – 36,090.12 36,090.12
Borrowings 26,309.30 – – 26,309.30 26,309.30
Trade payables 31,155.32 – – 31,155.32 31,155.32
Lease liabilities 1,824.90 – – 1,824.90 1,824.90
Other financial liabilities 607.79 – 17.58 625.37 625.37
Total 59,897.31 – 17.58 59,914.89 59,914.89
(b) Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair
value, grouped into Level 1 to Level 3, as described below-
Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted price included within level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).The fair value of financial instruments that are not traded in an active
market is determined using market approach and valuation techniques which maximize the use of observable market
data and rely as little as possible on entity-specific estimates. If significant inputs required to fair value an instrument are
observable, the instrument is included in Level 2.
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).If one or
more of the significant inputs is not based on observable market data, the fair value is determined using generally
accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate
that reflects the credit risk of counterparty.
Particulars Carrying Amount Fair Value

Level 1 Level 2 Level 3
Financial assets
Investment - Equity share (HDFC Bank) 144.79 144.79 – –
Derivative liabilities - forward cover 34.15 – 34.15 –
As at 31 March 2023
Financial assets
Investment - Equity share (HDFC Bank) 160.96 160.96 – –
Derivative liabilities - forward cover 17.58 – 17.58 –
80
TRL
(c) Financial Risk Management Policies And Objectives:

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The
Company’s financial risk management policy is set by the Board.
Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of
a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market
risk is attributable to all market risk sensitive financial instruments including foreign currency receivables, payables, loans
and borrowings.
The Company manages market risk through a treasury department, which evaluates and exercises independent control
over the entire process of market risk management. The treasury department recommends risk management objectives
and policies, which are approved by Senior Management and the Audit Committee. The activities of this department
include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowings.
Interest rate risk
Interest rate risk is measured by using the cash flow sensitivity for changes in variables interest rates. Any movement in
the reference rates could have an impact on the Company's cash flow as well as costs.
The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company's interest rate
exposure is mainly related to debt obligations.
Foreign currency risk
The Company operates internationally and portion of the business is transacted in several currencies and consequently
the Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from
overseas suppliers in various foreign currencies
The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies, including the use of derivatives like foreign exchange forward contracts to hedge
exposure to foreign currency risk.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company
maintains sufficient cash and cash equivalents to manage its liquidity risk.
The non-derivative financial liabilities of the Company are all payable within 12 months. (Refer Note 11 and 12)
The following table shows a maturity analysis of the anticipated cash flows including future interest obligations for
derivative and non-derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value
and fair value. Floating rate interest is estimated using the prevailing interest rate at the end of the reporting period. Cash
flows in foreign currencies are translated using the period end spot rates. (` lakh)
Particulars Carrying Value Contractual Less than Between one More than
Cash flow one year to five years five years
Non derivative financial liabilities
Borrowings including interest obligations 15,346.34 16,792.97 13,835.64 2,957.33 –

26,309.30 28,094.62 25,234.20 2,860.42 –
Trade payables 29,860.55 29,860.55 29,860.55 – –

31,155.32 31,155.32 31,155.32 – –
Lease liabilities 1,852.99 2,549.89 300.28 1,393.69 855.92

1,824.90 2,588.36 295.52 1,223.79 1,069.05
Other financial liabilities 1,672.61 1,672.61 1,672.61 – –

607.79 607.79 607.79 – –
Derivative financial liabilities 34.15 34.15 34.15 – –

17.58 17.58 17.58 – –
Note- Figures in italics relates to previous year.
81
Credit Risk
Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company.
To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial
condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk
limits are set accordingly.
Financial assets are provided for when there is no reasonable expectation of recovery, such as a debtor failing to engage
in a repayment plan with the Company. The Company categorises a loan or receivable for provision as per provisioning
policy of the Company. Where loans or receivables have been provided, the Company continues to engage in
enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in the
Statement of Profit and Loss.
Trade receivables are primarily unsecured and are derived from revenue earned from customers. Credit risk is managed
through credit approvals, establishing credit limits and by continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. As per simplified approach, the Company
makes provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default
payments and makes appropriate provisions at each reporting date whenever is for longer period and involves higher risk.
On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or
gain. Refer note 7 for movement for "Allowances for credit losses".
(d) Foreign Currency exposure as at 31 March 2024 (` lakh)

Particulars USD EUR JPY GBP Others Total
Financial Assets
Trade Receivables 3,007.34 2,031.68 – 624.14 – 5,663.16
Bank balance in Current account 37.00 – – 28.42 – 65.42
Trade Payables (4,524.76) (259.13) (1,415.43) (3.07) (122.18) (6,324.57)
Net Exposure to Foreign Currency Risk (1,480.42) 1,772.55 (1,415.43) 649.49 (122.18) (595.99)
Foreign Currency exposure as at 31 March 2023

Financial Assets
Trade Receivables 2,883.81 1,612.01 – 1,095.29 – 5,591.11
Bank balance in Current account – – – 1.07 – 1.07
Trade Payables (4,781.47) (214.21) (572.48) (1.84) (387.68) (5,957.68)
Loan in Foreign Currency – (519.86) – (121.25) – (641.11)
Net Exposure to Foreign Currency Risk (1,897.66) 877.94 (572.48) 973.27 (387.68) (1,006.61)
(e) Sensitivity Analysis
1% increase or decrease in foreign currency exchange rates will have the following impact on profit before tax
Particulars April 2023 to March 2024 April 2022 to March 2023
1% Increase 1% decrease 1% Increase 1% decrease
USD (14.80) 14.80 (18.98) 18.98
EUR 17.73 (17.73) 8.78 (8.78)
JPY (14.15) 14.15 (5.72) 5.72
GBP 6.49 (6.49) 9.73 (9.73)
Others (1.22) 1.22 (3.88) 3.88
Increase / (decrease) in profit (5.95) 5.95 (10.07) 10.07
82
TRL
(f) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company's exposure to risk of changes in market interest rates relates primarily to the
Company's debt interest obligation.
The exposure of the Company's floating debt interest obligation and its sensitive analysis are as follows: (` lakh)
Company's debt obligation (Floating rates) 15,346.34 26,309.30
Sensitivity analysis assuming the amount of the liability outstanding at the year end was outstanding for the whole year.
If interest rate had been 25 basis point higher/ lower and all other variables held constant, the company's profit before tax
for the ended 31 March 2024 would decrease/ increase by Rs.38.37 Lakhs (Previous year - Rs.65.77 Lakhs). This is
mainly attributable to the company's exposure to interest rates on its floating rate borrowings.
(g) Securities price risk
Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded
prices. The Company is not an active investor in equity markets; it continues to hold certain investments in equity for long
term value accretion which are accordingly measured at fair value through Other Comprehensive Income. The value of
investments in such equity instruments as at 31 March 2024 is Rs.144.79 Lakhs (Previous year - Rs.160.96 Lakhs).
Accordingly, fair value fluctuations arising from market volatility is recognised in Other Comprehensive Income.
32 Capital management
The Company's capital management is intended to safeguard its ability to continue as a going concern so that it create values
for shareholders and benefits other stakeholders by facilitating the achievement of long term and short term goals of the
Company.
The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short
term strategic investment and expansion plans. The funding needs are met through cash generated from operations, long term
and short term bank borrowings.
The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of overall debt portfolio of
the Company.
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances and other financial assets.
The table below summarises the capital, net debt and net debt equity ratio of the Company. (` lakh)
As at As at
31 March 2024 31 March 2023
Total borrowings ( including Lease Liabilities) 17,199.33 28,134.20
Less: Cash and cash equivalents and Other balances with bank
(refer note 8 & 9) 3,404.81 40.78
Net Debt 13,794.52 28,093.42
Equity 89,971.17 70,782.94
Total Capital (Equity + Net Debt) 103,765.69 98,876.36
Net Debt to Equity Ratio 0.15 0.40
(` lakh)
33 Note on Revenue desegregation India Out side India Total
Sale of products 187,623.94 31,904.77 219,528.71
169,948.68 31,906.07 201,854.75
Income from sale of services 28,498.90 4.99 28,503.89
24,368.33 5.65 24,373.98
Other operating revenue 2,081.85 150.39 2,232.24
2,470.14 283.38 2,753.52
Total revenue from operations 218,204.69 32,060.15 250,264.84
196,787.15 32,195.10 228,982.25
Note - Figures in italics relates to previous year.
83
(` lakh)
Revenue Reconciliation April 2023 to April 2022 to
Total Revenue 251,390.39 229,945.12
Less: variable consideration (Cash Discount) 1,125.55 962.87
Total revenue from operations 250,264.84 228,982.25
The Company’s performance obligations are satisfied on delivery of product or service to the customer. Delivery of product
completes when the products have been shipped or delivered to the specific location of the customer, as the case may be.
Delivery of service completes on receipt of confirmation from the customer and the performance obligation has been satisfied.
The Company does not have any contracts where the period between the transfer of the promised goods or services to the
customer and payments by the customer exceeds one year and hence, there are no significant financing component included
in such contracts.
34. Contract balances April 2023 to April 2022 to
Receivables, which are included in 'trade receivable' 37,047.03 33,726.10
Contract liabilities 2185.79 702.42
The contract liabilities primarily relates to advance received from customers for supply of goods and services and includes
amount invoiced during the year but not recognised as revenue i.e. deferred revenue.
The Company has recognised Revenue from Sale of products and Income from sale of Services amounting to Rs. 570.46 Lakhs
(Previous year: Rs. 672.21 lakhs) during the year ended 31 March 2024 against the advance received from customer which was
outstanding as on 31 March 2023. Further, deferred revenue recognised during the year Rs. 1,128.81 lakhs (Previous year-Nil).
35 Assets held-for- sale
The Company is having 4.94 acres of land at Salem amounting Rs. 3.38 lakhs. Out of this, 1.2375 acres of land amounting
Rs 0.85 lakhs was sold during the current year with a profit of Rs.4359.15 lakhs and the Company is committed to sell the
remaing land by end of FY 2024-25.
36 Related Party Disclosures
a) List of related parties of TRL Krosaki Refractories Limited
Sl No Name Country of % of Equity Interest

Incorporation
i) Parent Entity (Holding company)

Krosaki Harima Corporation Japan 77.62 77.62
ii) Associate Companies

TRL Krosaki Asia Pte Limited Singapore 37 37
Almora Magnesite Limited India 39 39
iii) Entity having significant influence over holding

Company (Ultimate Holding Company)
Nippon Steel Corporation Japan
iv) Subsidiary of Nippon Steel Corporation

Nippon Steel Engineering India Pvt. Ltd. India
v) Fellow Subsidiaries
TRL Krosaki China Limited China
Krosaki Harima Europe B.V. Netherland
Krosaki USA Inc. (KUI) USA
Krosaki AMR Refractories S.A.U. Spain
Refractaria, S.A. Spain
84
TRL
vi) Associate of Krosaki Harima Corporation

IFGL Refractories Limited (IFGL) (upto 30th June 2022) India
vii) Joint Venture of Subsidiary of

Nippon Steel Corporation
Arcelor Mittal Nippon Steel India Limited India
Sanyo Special Steel Manufacturing India Pvt. Ltd. India
viii) Key Managerial Personnel

(i) Directors
Mr. H. M. Nerurkar (Chairman)
Mr. P. K. Naik (Managing Director) (w.e.f 1st May, 2024)
Mr. P. B. Panda (Managing Director) (upto 30th April, 2024)
Mr. P. V. Bhide
Mr. R. Ranganath Rao
Mr. Hisatake Okumura
Mr. Asaya Sachihiko
Mr. Jumpei Konishi
Ms. Ai Iwasaki (w.e.f. 20th September, 2022)
Mr. Chaitanya Bhanu (w.e.f. 20th September, 2022)
Mr. Anirban Dasgupta
Mr. Sudhanshu Pathak (upto 1st August, 2022)
Ms. Shuang Zu (upto 19th September, 2022)
(ii) Other than Directors
Mr. Bhagaban Parida (Vice Preident (Finance) & CFO (w.e.f. 1st March, 2024)
Mr. M. V. Rao (Executive Vice President (Finance) & CFO) (upto 29th February, 2024)
Mr. Asim Kumar Meher (Company Secretary)
ix) Relative of Key Managerial Personnel

Mr. Dinabandhu Panda
x) Employees' Benefit Plans

TRL Krosaki Refractories Limited Provident Fund
TRL Krosaki Refractories Limited Superannuation Fund
TRL Krosaki Refractories Limited Gratuity Fund
Note:
(1) The list contains those related parties with whom the Company has transactions during the current or previous year.
85
b) Transactions with Related Parties (` lakh)
Particulars Holding Subsidiaries & Subsidiaries of Associates of Key Managerial

Company Associates of ultimate Holding the Company Personnel and
the Holding company and relative
company it's joint ventures
Purchase of Raw Materials and goods 3,027.09 6,422.41 1,522.08 285.95 —

2,218.34 5,150.23 — 301.14 —
Sales and Services 913.99 3,339.86 7,024.27 — —
833.51 3,614.96 6,241.25 12.39 —
Receiving of Services 28.68 — — — —
126.93 — — — —
Reimbursement of Expenses & liabilities 54.32 26.62 — — —
329.35 15.59 — — —
Royalty 1,262.05 — — — —
1,138.54 — — — —
Dividend paid 3,650.14 — — — 0.02
2,433.43 — — — 0.02
Outstanding Balance -Debtors 140.29 1,543.72 1,239.80 — —
124.68 2,181.32 526.54 12.39 —
Loans and advances recovered — — — — 0.25
— — — — 0.60
Outstanding Loan Balance (Refer note f below) — — — — —
— — — — 0.25
Creditors 1,865.49 278.69 — 18.21 —
1,079.89 342.39 — 19.49 —
Loans and Advances Given — — 73.08 — —
— — — — —
Short-term employee benefits (Refer Note b and d below) — — — — 716.58
— — — — 520.68
Post employment benefits — — — — 80.80
— — — — 79.73
Other long-term benefits — — — — 14.92
— — — — 27.04
Outstanding Short-term employee benefits — — — — 17.56
— — — — 11.06
Outstanding Post employment benefits — — — — 308.20
— — — — 267.97
Outstanding Other long-term benefits — — — — 151.57
— — — — 136.65
Commission — — — — 115.00
— — — — 85.00
Transactions presented above are inclusive of goods and services tax (GST).
Terms and conditions of transactions with related parties
(a) All related party transactions entered during the year were in ordinary course of the business and are at arm’s length basis and for the year ended
31 March 2024 the Company has not recorded any impairment of receivables relating to amounts owed by related parties (Previous year: nil). This
assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party
operates
(b) The above employee benefits include the value of perquisites as defined under the Income Tax Act, 1961.
(c) During the year, the Company has contributed Rs.1,618.40 Lakhs (Previous year: Rs.1,476.44 Lakhs) to the post employment benefit plans to the
Trusts managed by the Company.
(d) It includes Sitting fees paid / payable to Directors. Sitting fees of all nominated directors has been paid to respective nominee companies (Previous
Year: Sitting Fees of all nominated directors has been paid to respective nominee companies except Mr. Sudhansu Pathak Rs. 1.30 lakhs and
Mr. Chaitanya Bhanu Rs. 1.50 lakhs)
(e) Figures in italics represent comparative figures of the previous year.
86
TRL
37 Financial Ratios
Sl. Particulars Numerator Denominator Unit of Current Previous Variance Reason for variance
No. measurement Year Year (where variance is
more than 25%)
(a) Current Ratio Total Current Assets Current Liabilities times 1.66 1.40 19% Not
exclude assets held Applicable
for sale
(b) Debt-Equity Ratio Total Debts Share holders equity times 0.17 0.37 -54% Decreased due to
decrease in borrowings
on account of
repayment of term loans
and increase in
internal generation.
(c) Debt Service Earnings available for Debt Serive=Interest times 3.41 3.14 8.49% Not Applicable
Coverage Ratio debt service= PAT and principal
(excluding exceptional repayment including
item)+Non Cash lease payments
Operating expenses+
Finance Cost
(d) Return on Equity Profit for the year= Average Shareholder’s % 24.59 23.66 4% Not Applicable
Ratio Profit for the year less Equity
exceptional item
(e) Inventory turnover Sales includes sale of Average Inventory times 5.32 4.92 8% Not Applicable
ratio products and Income
from sale of services
(f) Trade Receivables Sales from operation Average trade receivables times 7.07 7.21 -2% Not Applicable
turnover ratio
(g) Trade payables Purchases Average trade payables times 6.91 6.59 5% Not Applicable
turnover ratio excludes creditors for
accrued wages and
salaries
(h) Net capital Revenue from Working capital = current times 8.35 9.64 -13% Not Applicable
turnover ratio Operations assets (excluding assets
held for sale) - current
liabilities.
(i) Net profit ratio Profit for the year= Total Income % 7.86% 6.75% 16% Not Applicable
PAT less exceptional
item
(j) Return on Capital Earnings before Average Capitalemployed = % 26.44% 23.27% 14% Not Applicable
employed interest and tax Total equity + total
(excluding borrowings (including
exceptional item) lease liabilities)+ deferred
taxliability
(k) Return on Income generated Total Investments % -0.88% 0.96% -191% Decrease due to fair
investment from invested funds value loss on equity
instruments held.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
87
38 Earnings per Share (EPS)

EPS is calculated by dividing the profit attributable to the equity shareholders by the average number of shares outstanding
during the year. The basic and diluted earnings per share has been calculated below
(` lakh)
a) Profit after Tax 24,122.19 15,527.81
b) Profit attributable to Equity Share Holders 24,122.19 15,527.81
c) Weighted average number of Equity Shares outstanding during the year 209.00 209.00
d) Nominal Value per share 10 10
e) Basic / diluted Earning per Equity Share 115.42 74.30
39 In terms of Indian Accounting Standard (Ind AS) 108 on 'Operating Segment' notified in the Companies Act, 2013, segment
information has been presented in the Consolidated Financial Statements, prepared pursuant to Indian Accounting Standard
(Ind AS) 110 on 'Consolidated Financial Statements' and Indian Accounting Standard (Ind AS) 28 on 'Investments in Associates
and Joint Ventures' notified in the Act, included in the Annual Report for the year.
CIN-U26921OR1958PLC000349

(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
88
TRL
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF TRL KROSAKI REFRACTORIES LIMITED
Report on the Audit of Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of TRL Krosaki Refractories Limited (hereinafter referred to as the
“Company”) and its associates, which comprise the consolidated balance sheet as at 31 March 2024, and the consolidated
statement of profit and loss (including other comprehensive income), consolidated statement of changes in equity and consolidated
statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting
policies and other explanatory information (hereinafter referred to as “the consolidated financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial
statements give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Company and its
associates as at 31 March 2024, of its consolidated profit and other comprehensive income, consolidated changes in equity and
consolidated cash flows for the year then ended.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our
responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the Company and its associates in accordance with the ethical
requirements that are relevant to our audit of the consolidated financial statements in terms of the Code of Ethics issued by the
Institute of Chartered Accountants of India and the relevant provisions of the Act, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence obtained by us is sufficient and
appropriate to provide a basis for our opinion on the consolidated financial statements.
Other Information
The Company’s Management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Company’s annual report, but does not include the financial statements and auditor’s report thereon.
Our opinion on the consolidated 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 consolidated financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the consolidated 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.
Management's and Board of Directors’ Responsibility for the Consolidated Financial Statements
The Company’s Management and Board of Directors are responsible for the preparation and presentation of these consolidated
financial statements in term of the requirements of the Act that give a true and fair view of the consolidated state of affairs,
consolidated profit and other comprehensive income, consolidated statement of changes in equity and consolidated cash flows of
the Company including its associates in accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act. The respective Management and Board of Directors of the
Company and of its associates are responsible for maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of each company and for preventing and detecting frauds and other irregularities; the selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the
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 consolidated financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been
used for the purpose of preparation of the consolidated financial statements by the Management and Board of Directors of the
Company, as aforesaid.
In preparing the consolidated financial statements, the respective Management and Board of Directors of the Company and of its
associates are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the Company and of its associates are responsible for overseeing the financial reporting
process of each company.
Auditor’s Responsibility for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated
financial statements.
89
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
l Identify and assess the risks of material misstatement of the consolidated 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.
l Obtain an understanding of internal 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 financial statements in place and the operating effectiveness of such
controls.
l Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Management and Board of Directors.
l Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in
preparation of consolidated financial statements and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
consolidated 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
and its associates to cease to continue as a going concern.
l Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance of the Company and such other entities included in the consolidated financial
statements of which we are the independent auditors 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.
Other Matter(s)
a. The consolidated financial statements include the Company’s share of net profit (and other comprehensive income) of Rs.
207.20 lakhs for the year ended 31 March 2024, as considered in the consolidated financial statements, in respect of two
associates, whose financial information have not been audited by us or by other auditor. This unaudited financial information
have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to
the amounts and disclosures included in respect of these associates, and our report in terms of sub-section (3) of Section 143 of
the Act in so far as it relates to the aforesaid associates, is based solely on such unaudited financial information. In our opinion
and according to the information and explanations given to us by the Management, this financial information are not material to
the Company.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not
modified in respect of this matter with respect to the financial information certified by the Management.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms
of Section 143(11) 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. A. As required by Section 143(3) of the Act, we report, to the extent applicable, 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 of the aforesaid consolidated financial statements.
b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears from our examination of those books except for the matters
stated in the paragraph 2B.(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.
c. The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive
income), the consolidated statement of changes in equity and the consolidated statement of cash flows dealt with by
this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the
consolidated financial statements.
d. In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under Section 133 of
the Act.
e. On the basis of the written representations received from the directors as on 01 April 2024 taken on record by the
Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a director in
terms of Section 164(2) of the Act.
90
TRL
f. the opinion relating to the maintenance of accounts and other matters connected therewith are as stated in the
paragraph 2A(b) above on reporting under Section 143(3)(b) and paragraph 2B(f) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014.
g. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
and its associate company incorporated in India and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B”.
B. 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, in our opinion and to the best of our information and according to the explanations given to us:
a. The consolidated financial statements disclose the impact of pending litigations as at 31 March 2024 on the
consolidated financial position of the Company. Refer Note 26 to the consolidated financial statements.
b. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
d. (i) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 05 to
the consolidated financial statements, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other
person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the
Note 05 to the consolidated financial statements, no funds have been received by the Company from any
person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Parties (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iii) Based on the audit procedures performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.
e. The final dividend paid by the Company during the year, in respect of the same declared for the previous year, is in
accordance with Section 123 of the Act to the extent it applies to payment of dividend.
As stated in Note 11 to the consolidated financial statements, the Board of Directors of the Company has proposed
final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting.
The dividend declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
f. Based on our examination which included test checks, the Company have used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility to log any direct data
changes, except as mentioned below. For accounting software for which audit trail feature is enabled, the audit trail
facility has been operating throughout the year for all relevant transactions recorded in the software and we did not
come across any instance of audit trail feature being tampered with during the course of our audit.
The audit trail was enabled at the database level by the Company, however in the absence of relevant evidence, we
are unable to comment whether the audit trail feature has operated throughout the year for all relevant transactions
recorded in the software or whether there were any instances of audit trail feature being tampered with.
C. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its
directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to
any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.
For B S R & Co. LLP

sd/-
Meghant Banthia
ICAI UDIN: 24068200BKHCKK1245
91
Annexure A to the Independent Auditor’s Report on the Consolidated Financial Statements of TRL
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date)
In our opinion and according to the information and explanations given to us, the Companies (Auditor’s Report) Order, 2020
of the Company did not include any unfavourable answers or qualifications or adverse remarks.
The above does not include comments, if any, in respect of the following entities as the CARO report relating to them has not
been issued by its auditor till the date of principal auditor’s report.
Name of the entities CIN Subsidiary/ JV/ Associate
Almora Magnetise Limited U26941UR197PLC003453 Associate
For B S R & Co. LLP

sd/-
Meghant Banthia
Annexure B to the Independent Auditor’s Report on the consolidated financial statements of TRL
Report on the internal financial controls with reference to the aforesaid consolidated financial statements under
Clause (i) of Sub-section 3 of Section 143 of the Act
(Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our report
of even date)
Opinion
In conjunction with our audit of the consolidated financial statements of TRL Krosaki Refractories Limited (hereinafter
referred to as “the Company”) as of and for the year ended 31 March 2024, we have audited the internal financial controls with
reference to financial statements of the Company and such company incorporated in India under the Act which is its associate
company, as of that date.
In our opinion, the Company, has, in all material respects, adequate internal financial controls with reference to financial
statements and such internal financial controls were operating effectively as at 31 March 2024, based on the internal financial
controls with reference to financial statements criteria established by such companies considering the essential components
of such internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued
by the Institute of Chartered Accountants of India (the “Guidance Note”).
Management’s Responsibility for Internal Financial Controls

The Company's Management and the Board of Directors are responsible for establishing and maintaining internal financial
controls based on the internal financial controls with reference to financial statements criteria established by the company
considering the essential components of internal control stated in the Guidance Note. 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 the 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 Act.
92
TRL
Auditors’ Responsibility
Our responsibility is to express an opinion on the internal financial controls with reference to financial statements based on
our audit. We conducted our audit in accordance with 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 financial
statements. 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 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 the internal financial controls with
reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to
financial statements included obtaining an understanding of internal financial controls with reference to financial statements,
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 consolidated 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 financial statements.
Meaning of Internal Financial controls with reference to Consolidated Financial Statements

A company's internal financial controls with reference to financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial
statements include 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 financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on
the financial statements.
Inherent Limitations of Internal Financial controls with reference to Consolidated Financial Statements
Because of the inherent limitations of internal financial controls with reference to 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 with reference to financial statements to future
periods are subject to the risk that the internal financial controls with reference to financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Other Matter
The internal financial controls with reference to financial information insofar as it relates to one associate company, which is a
company incorporated in India and included in these consolidated financial statements, have not been audited either by us or
by other auditor. In our opinion and according to the information and explanations given to us by the Management, such
unaudited associate company is not material to the Company.
Our opinion is not modified in respect of this matter.
For B S R & Co. LLP

sd/-
Meghant Banthia
93
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

(` lakh)
Particulars Note As at 31 March 2024 As at 31 March 2023
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 01(a) 52,669.77 45,723.08
(b) Capital work-in-progress 01(c) 4,626.73 4,683.16
(c) Right-of-use assets 29 1,495.87 1,483.34
(d) Other Intangible assets 01(b) 400.47 387.24
(e) Equity accounted investments 02 3,640.60 3,433.40
(f) Financial assets
(i) Investments 03 144.79 160.96
(ii) Loans 04 0.40 3.55
(iii) Other financial assets 05 524.29 444.84
(g) Non-current tax assets (net) 406.77 291.45
(h) Other non-current assets 06 2,502.16 2,516.58
Total Non-current assets 66,411.85 59,127.60
(2) Current assets
(a) Inventories 07 46,154.17 47,026.40
(b) Financial assets
(i) Trade receivables 08 37,047.03 33,726.10
(ii) Cash and cash equivalents 09 3,398.01 34.38
(iii) Other balances with bank 10 21.55 12.32
(iv) Loans 04 20.65 29.73
(v) Other financial assets 05 341.73 217.63
(c) Other current assets 06 3,518.01 2,596.91
(d) Assets held for sale 37 2.53 3.38
Total Current assets 90,503.68 83,646.85
TOTAL ASSETS 1,56,915.53 1,42,774.45
EQUITY AND LIABILITIES
(1) EQUITY
(a) Equity share capital 11 2,090.00 2,090.00
(b) Other equity 90,231.21 70,834.18
Total Equity 92,321.21 72,924.18
(2) LIABILITIES
(i) Non-current liabilities
(i) Borrowings 12 2,609.36 2,725.31
(ia) Lease liabilities 29 1,680.03 1,650.27
(b) Provisions 16 4,869.87 4,707.21
(c) Deferred tax liabilities (net) 31(b) 1,042.58 936.47
Total Non-current liabilities 10,201.84 10,019.26
(ii) Current liabilities
(i) Borrowings 12 12,736.98 23,583.99
(ia) Lease liabilities 29 172.96 174.63
(ii) Trade payables
a) Total outstanding dues of micro
enterprises and small enterprises 13(a) 1,051.03 536.02
b) Total outstanding dues of creditors other
than micro enterprises and small enterprises 13(b) 28,809.52 30,619.30
(iii) Other financial liabilities 14 1,706.76 625.37
(b) Other current liabilities 15 6,852.58 1,948.24
(c) Provisions 16 1,884.49 1,630.97
(d) Current tax liabilities (net) 1,178.16 712.49
Total Current liabilities 54,392.48 59,831.01
TOTAL EQUITY AND LIABILITIES 1,56,915.53 1,42,774.45
Notes forming part of financial statements (1-40)
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
Meghant Banthia BHAGABAN PARIDA ASIM K MEHER
94
TRL
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
(` lakh)

Note March 2024 March 2023
I Revenue from operations 17 2,50,264.84 2,28,982.25
II Other income 18 1,324.04 932.58
III Total Income (I+II) 2,51,588.88 2,29,914.83
IV EXPENSES
(a) Cost of materials consumed 20 1,04,790.36 1,00,225.89
(b) Purchases of stock-in-trade 37,832.93 31,196.97
(c) Changes in inventories of finished goods,
stock-in-trade and work-in-progress 21 (1,319.98) (2,378.80)
(d) Employee benefits expense 22 18,306.66 16,219.64
(e) Finance costs 23 2,136.27 2,274.64
(f) Depreciation and amortisation expense 01 & 29 4,369.63 3,869.62
(g) Other expenses 24 58,948.03 57,775.15
Total Expenses (IV) 2,25,063.90 2,09,183.11
V Share of profit of equity accounted investees 207.20 335.36
VI Profit before exceptional item and tax (III - IV+V) 26,732.18 21,067.08
VII Exceptional Item 19 4,359.15 —
VIII Profit before tax (VI+VII) 31,091.33 21,067.08
IX Tax Expense
(a) Current tax 6,580.97 4,895.98
(b) Taxation for earlier years — (37.39)
(c) Deferred tax 179.37 481.70
Total tax expense 31 6,760.34 5,240.29
X Profit for the year (VIII-IX) 24,330.99 15,826.79
XI Other Comprehensive Income / (loss)
(i) Items that will not be reclassified to
profit and loss
(a) Remeasurement loss of defined benefit plans (288.55) (330.78)
(b) Fair value changes of investments in equity shares (16.17) 13.92
(ii) Income tax on items that will not be reclassified
to profit and loss 73.26 115.58
Total Other comprehensive loss for the period
(net of income tax) (231.46) (201.28)
XII Total Comprehensive Income for the year (X+XI) 24,099.53 15,625.51
XIII Earnings per equity share
Basic and Diluted (Rs.)
[Face value of Rs.10 each] (PY:Face value of Rs.10 each) 41 116.42 75.73
Notes forming part of financial statements (1-40)
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
95
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(A) EQUITY SHARE CAPITAL
(Refer Note 11)
Particulars Balance as Changes in equity share Balance as
at 1 April 2023 capital during the year at 31 March 2024
As at 31 March 2023
Particulars Balance as Changes in equity share Balance as
at 1 April 2022 capital during the year at 31 March 2023
(B) OTHER EQUITY

(Refer Note 11)
Comprehensive
Income
Earnings Reserve Premium Reserve Revaluation Reserve
Balance as at 1 April 2023 47,760.98 14,249.94 7,573.05 1,250.21 70,834.18

Dividend (4,702.50) — — — (4,702.50)
Fair value loss on equity instrument — — — (16.17) (16.17)
benefit plans (215.29) — — — (215.29)
Balance as at 31 March 2024 67,174.18 14,249.94 7,573.05 1,234.04 90,231.21
As at 31 March 2023
Comprehensive
Income
Earnings Reserve Premium Reserve Revaluation Reserve
Balance as at 1 April 2022 35,284.39 14,249.94 7,573.05 1,236.29 58,343.67
Dividend (3,135.00) — — — (3,135.00)
Fair value gain on equity instrument — — — 13.92 13.92
benefit plans (net of tax) (215.20) — — — (215.20)
Balance as at 31 March 2023 47,760.98 14,249.94 7,573.05 1,250.21 70,834.18
Retained earnings : Retained earnings are profit that the Company has earned till date, less dividend or other distributions paid to shareholders. It also includes remeasurement gain / loss of
defined benefit plans.
General Reserve : Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with applicable
regulations. Consequent to the introduction of the Companies Act, 2013, the requirement to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn. There is
no movement in general reserve during the current and previous period.
Securities premium : Securities premium is used to record the premium on issue of shares. Securities premium is utilised in accordance with the provisions of the Companies Act, 2013. There is no
movement in securities premium during the current and previous period.
Investment revaluation reserve : The cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other comprehensive income are recognised
in investment revaluation reserve.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
96
TRL
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2024
(` lakh)
April 2023 - March 2024 April 2022 - March 2023
A. Cash Flow from Operating activities:
Profit before tax 31,091.33 21,067.08
Adjustments for:
Share of (profit) of equity accounted investees (207.20) (335.36)
Depreciation and amortisation expense 4,369.63 3,869.62
Write back of allowances for credit loss 733.79 440.24
Credit balances written back (658.86) (519.63)
Gain on Lease Modification (22.63) —
Exceptional Item (Profit on sale of assets held-for sale) (4,359.15) —
Dividend income (1.90) (1.55)
Net (gain) on sale of property, plant and equipment (0.03) (43.30)
Interest income (59.50) (73.42)
Finance costs 2,136.27 2,274.64
Unrealised (gain) / loss on foreign exchange fluctuation (276.10) 317.74
Operating profit before working capital changes 32,745.65 26,996.06
Adjustments for:
(Increase) in non-current / current financial and
other assets (4,893.98) (3,742.74)
Decrease / (Increase) in inventories 872.23 (2,032.06)
Increase in non-current / current financial and other
liabilities / provisions 1,076.97 1,932.16
Cash generated from operations 29,800.87 23,153.42
Income tax paid (net of refunds) (6,230.62) (4,864.23)
Net Cash generated from Operating Activities A 23,570.25 18,289.19
B. Cash Flow from Investing Activities:
Acquisitions of property, plant and equipment (10,323.33) (8,947.57)
Proceeds on sale of property, plant and equipment 13.27 174.57
Proceeds from government grant 256.67 55.04
Fixed deposits with bank (0.40) (6.40)
Advance against sale of land 3,480.00 —
Proceeds from sale of land 4,360.00 —
Interest received 48.64 70.53
Dividend received 1.90 1.55
Net Cash used in Investing Activities B (2,163.25) (8,652.28)
C. Cash Flow from Financing Activities:
Proceeds from borrowings 5,609.36 10,349.81
Repayment of borrowings (16,580.67) (14,814.74)
Payment of lease liabilities (including interest) (287.17) (287.01)
Interest paid (2,082.39) (2,088.61)
Dividend paid (4,702.50) (3,135.00)
Net Cash (used) in Financing Activities C (18,043.37) (9,975.55)
Net Increase / (decrease) in cash and cash equivalents ( A+B+C) 3,363.63 (338.64)
Opening Cash and Cash equivalents (Refer Note 9) 34.38 373.02
Closing Cash and Cash equivalents (Refer Note 9) 3,398.01 34.38
Note:
i) Cash flow statement has been prepared under the indirect method as set out in Ind AS 7 specified under Section 133 of the Companies
Act, 2013.
ii) Figures in brackets represent cash outflows.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-
97
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTE 01 (` lakh)
TRL
Description Cost / Additions Deductions Cost / Deemed Cost Accumulated Depreciation for the Year Accumulated Net Carrying Value
(Deemed Cost) as at Depreciation Depreciation as at
as at 31 March 2024 as at Additions Disposals/ as at 31 March 2024
1 April 2023 1 April 2023 Deductions 31 March 2024
1(a). Property, plant and equipment
Freehold Land 18.67 64.91 — 83.58 — — — — 83.58
(18.67) — — (18.67) — — — — (18.67)
Buildings and Roads 19,610.13 2,275.67 23.84 21,861.96 2,978.59 554.07 23.84 3,508.82 18,353.14
(17,127.99) (2,502.83) (20.69) (19,610.13) (2,503.64) (495.64) (20.69) (2,978.59) (16,631.54)
Plant and Machinery 37,165.35 7,512.96 84.81 44,593.50 10,204.33 2,844.86 84.82 12,964.37 31,629.13
(30,709.08) (6,983.01) (526.74) (37,165.35) (8,116.37) (2,491.83) (403.87) (10,204.33) (26,961.02)
Railway Siding 134.48 — — 134.48 115.60 14.41 — 130.01 4.47
(134.48) — — (134.48) (101.15) (14.45) — (115.60) (18.88)
Furniture and Fixture 2,072.36 286.84 11.02 2,348.18 1,249.62 233.55 11.02 1,472.15 876.03
(1,847.02) (231.09) (5.75) (2,072.36) (1,063.04) (192.33) (5.75) (1,249.62) (822.74)
Vehicles 856.76 342.03 53.00 1,145.79 347.44 135.28 39.97 442.75 703.04
(746.88) (151.13) (41.25) (856.76) (264.42) (122.76) (39.74) (347.44) (509.32)
Office Equipments 1,346.52 578.23 2.20 1,922.55 585.61 318.54 1.98 902.17 1,020.38
(1,312.18) (302.60) (268.26) (1,346.52) (582.57) (264.40) (261.36) (585.61) (760.91)
98
Total Property, plant and equipment:1(a) 61,204.27 11,060.64 174.87 72,090.04 15,481.19 4,100.71 161.63 19,420.27 52,669.77
(51,896.30) (10,170.66) (862.69) (61,204.27) (12,631.19) (3,581.41) (731.41) (15,481.19) (45,723.08)
1(b). Intangible Assets
Development of Mines — — — — — — — — —
(288.33) — (288.33) — (277.58) (10.75) (288.33) — —
Software 888.86 73.92 — 962.78 501.62 60.69 — 562.31 400.47
(821.27) (67.59) — (888.86) (440.38) (61.24) — (501.62) (387.24)
Total Other Intangible Assets:1(b) 888.86 73.92 — 962.78 501.62 60.69 — 562.31 400.47
(1,109.60) (67.59) (288.33) (888.86 (717.96) (71.99) (288.33) (501.62) (387.24)
Total (a+b) 62,093.13 11,134.56 174.87 73,052.82 15,982.81 4,161.40 161.63 19,982.58 53,070.24
As at 31 March 2023 (53,005.90) (10,238.25) (1,151.02) (62,093.13) (13,349.15) (3,653.40) (1,019.74) (15,982.81) (46,110.32)
1(c). Capital work in progress
Buildings, Plant and Machinery, etc.: 1( c ) 4,683.16 11,078.13 11,134.56 4,626.73 — — — — 4,626.73
(6,538.77) (8,382.64) (10,238.25) (4,683.16) — — — — (4,683.16)
Total Assets (1a+1b+1c) 57,696.97
(50,793.48)
Note: (i) Figures in brackets relate to the previous period.
(ii) No indicator of impairment were identified during the current year, hence Property, Plant and Equipment including Capital Work in Progress were not tested for impairment.
(iii) Property, Plant and Equipment including Capital Work in Progress have been hypothecated as security against certain bank borrowings (Refer Note 12)
(iv) Rs.6.50 lakhs (Previous year -Rs.104.86 lakhs of borrowing costs has been capitalised during the year on qualifying assets under additions to Capital Work in Progress using a capitalisation rate of 8.20% (previous year -7.17%)
(v) Additions to Capital Work in Progress includes finished goods issued for capital projects amounting to Rs.20.79 lakhs (Previous year -Rs.419.47 lakhs)
(vi) Buildings and Roads, closing gross block Rs. 7627.81 lakhs (Previous year - Rs.6,484.78 lakhs) and net carrying value Rs. 6901.05 lakhs (Previous year - Rs. 5872.97 lakhs) include buildings leased out to employees for residential purposes.
(vii) Incentives amounting to Rs.256.67 lakhs (Previous year - Rs. 55.04 lakhs) on account of Export Promotion Capital Goods scheme is adjusted in additions to Capital Work in Progress.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1(c) — Capital work in progress aging (` lakh)
Particulars Less than 1-2 Years 2-3 years More than Total Less than 1-2 Years 2-3 years More than Total
(i) Projects in progress 4,448.36 178.37 — — 4,626.73 3,782.08 872.82 28.26 — 4,683.16
(ii) Projects temporarily suspended — — — — — — — — — —
Total Capital work in progress 4,448.36 178.37 — — 4,626.73 3,782.08 872.82 28.26 — 4,683.16
1(c)— Capital work in progress
99
Details of capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan. (` lakh)
To be completed in To be completed in
Name of projects Less than 1-2 Years 2-3 years More than Total Less than 1-2 Years 2-3 years More than Total
(i) Natural Gas Projects 1,920.55 — — — 1,920.55 — — — — —

(ii) AL-80 / 90 Slide gate system — — — — — 277.20 — — — 277.20
(iii) JUQC Mechanism — — — — — 241.42 — — — 241.42
(iv) Auto Batching for Mixer machine — — — — — 253.34 — — — 253.34
(v) Tunnel Kiln & Dryer Projects — — — — — 1,997.32 — — — 1,997.32
Total 1,920.55 — — — 1,920.55 2,769.28 — — — 2,769.28
TRL

(` lakh)
No. of As at As at
equity shares 31 March 2024 31 March 2023
NOTE: 02 Investments accounted for using the equity method
Non-Current
Investments in Associate Companies *
a) TRL Krosaki Asia Pte Limited 48,07,584 2,471.97 2,471.97
(Face value of SG$ 1 each, fully paid-up)
Add: Accumulated Profit 837.47 657.45
Carrying amount of Investment 3,309.44 3,129.42
b) Almora Magnesite Limited 77,990 77.99 77.99
Original cost of investment (Face value of
Rs 100 each, fully paid-up)
Add: Accumulated Profit 253.17 225.99
Carrying amount of Investment 331.16 303.98
Total Investments accounted for using the equity method 3,640.60 3,433.40
* These investments are individually immaterial associates.
Aggregate carrying value of unquoted investments 3,640.60 3,433.40
NOTE: 03 Investments
Non-Current
a) Investment designated at fair value through Other
Comprehensive Income
Investment in Equity Instrument (Quoted)
HDFC Bank Limited (Fair Value) 10,000 144.79 160.96
b) Investment in Equity Instrument (Unquoted)
Tata Construction and Projects Limited* 1,44,202 18.42 18.42
Less: impairment in value of investment (18.42) (18.42)
*Company is in liquidation
Total Investments 144.79 160.96
Aggregate carrying value and market value of quoted
investments are as below:
Carrying value 144.79 160.96
Market Value 144.79 160.96
Aggregate amount of impairment in value of investment 18.42 18.42
04 Loans As at 31 March 2024 As at 31 March 2023

Unsecured, considered good Non-current Current Total Non-current Current Total
(a) Loans to employees* 0.40 20.65 21.05 3.55 29.73 33.28
Less: Loss Allowances — — — — — —
Total Loans 0.40 20.65 21.05 3.55 29.73 33.28
* It includes Loan to close member of key management personnel- Rs. Nil (previous year Rs 0.25 lakhs)
No loans are due by Directors or other officers of the company or any of them either severally or jointly with any other person or amounts due by firms or private
companies respectively in which any director is a partner or a director or a member.
100
TRL
(` lakh)
05 Other financial assets As at 31 March 2024 As at 31 March 2023
Unsecured, considered good Non–current Current Total Non–current Current Total
(a) Security deposits* 524.29 313.26 837.55 444.84 200.02 644.86
(b) Interest accrued on deposits — 28.47 28.47 — 17.61 17.61
Total Other financial assets 524.29 341.73 866.02 444.84 217.63 662.47
* No funds have been advanced or loaned or invested (either from borrowed fund or share premium or any other sources or kind of funds) by the company
to or in any other person or entities, including foreign entities ("intermediaries") with the understanding, whether recorded in writing or otherwise that the
intermediary shall lend or invest in party identified by or on behalf of the company (ultimate beneficiaries). The company has not received any fund from
any parties (funding party) with the understanding that the company shall whether, directly or indirectly lend or invest in other persons or entities identified
by or on behalf of the company ("ultimate beneficiaries") or provide any guarantee , security or the like on behalf of the ultimate beneficiaries.
06 Other assets As at 31 March 2024 As at 31 March 2023

Unsecured, considered good unless Non current Current Total Non current Current Total
otherwise stated
(a) Capital advances 598.90 — 598.90 491.13 — 491.13
(b) Advance with public bodies * 1,902.98 939.03 2,842.01 2,012.34 904.36 2,916.70
(c) Other advances
(Unsecured, considered good)** 0.28 2,578.98 2,579.26 13.11 1,692.55 1,705.66
(d) Other advances
(Unsecured, credit impaired) 93.20 — 93.20 92.77 — 92.77
Other assets 2,595.36 3,518.01 6,113.37 2,609.35 2,596.91 5,206.26
Less: Allowances for doubtful advances 93.20 — 93.20 92.77 — 92.77
Total Other assets 2,502.16 3,518.01 6,020.17 2,516.58 2,596.91 5,113.49
* Advance with public bodies primarily relate to Goods and Services Tax (GST) input credit,duty credit entitlements and amounts paid under protest in
respect of demands from regulatory authorities.
** Other advances include advances against supply of goods and services and advances paid to employees.
No advances to Directors or other officers of the company or any of them either severally or jointly with any other persons or advances to firms or
private companies respectively in which any director is a partner or a director or a member.
It includes advance to related party amounting to Rs.73.08 lakhs (Previous year-Nil).
07 Inventories As at 31 March 2024 As at 31 March 2023

[Valued at the lower of cost and net realisable value]
(a) Raw materials 26,374.18 28,706.34
[Including in transit Rs 183.92 lakhs (PY-Rs 189.65 lakhs)]
(b) Work-in-progress 2,895.35 2,581.71
(c) Finished goods 11,984.89 10,020.01
[Including in transit Rs 349.00 lakhs (PY-Rs 326.62 lakhs)]
(d) Stock-in-trade 1,741.51 2,720.84
[Including in transit Rs 456.47 lakhs (PY-Nil)]
(e) Stores and spares 2,623.91 2,147.23
[Including in transit Rs 8.76 lakhs (PY-Rs Nil)]
(f) Loose tools 41.31 48.64
(g) Fuel 493.02 801.63
[Including in transit Rs 14.69 lakhs (PY-Rs Nil)]
Total Inventories 46,154.17 47,026.40
The value of inventories stated above is after adjustment of Rs. 217.54 lakhs (Previous year - Rs. 539.27 lakhs ) for write-
downs to net realisable value and provision for slow moving and obsolete item is Rs. 43.17 lakhs (Previous year - Rs. 129.94
lakhs).
The inventories have been hypothecated as security against certain bank borrowings (Refer Note-12)
101

(` lakh)
08 Trade receivables As at 31 March 2024 As at 31 March 2023
Unsecured
(a) Unsecured, considered good 40,076.29 36,021.57
(b) Credit Impaired — —
Trade receivables 40,076.29 36,021.57
Less: Allowance for credit losses 3,029.26 2,295.47
Total Trade receivables 37,047.03 33,726.10
There are no receivables which have significant increase in credit risk.
The Company’s exposure to customers contributing more than 10% of the outstanding receivables as at March 31, 2024 is
Rs. 14,521.63 lakhs (Previous year - Rs.12,108.28 lakhs)
The trade receivables from related parties amounting to Rs. 2,923.81 lakhs (Previous year - Rs. 2,844.93 lakhs) are included in
trade receivables. [Refer Note 38(b)]
There are no outstanding debts due from directors or other officers of the company or any of them either severally or jointly with
any other person or debts due from firms or private companies respectively in which any director is a partner or a director or a
member
Trade receivables have been hypothecated as security against certain bank borrowings (Refer Note-12)
The details of movement in allowances for credit losses are as below:
Additions during the year 733.79 440.24
Ageing of trade receivabls- billed

As at 31 March 2024
considered good 20,553.48 11,318.58 6,271.02 685.96 83.31 637.22 39,549.57
Trade Receivable Unbilled 526.72
Less: Allowance for Doubtful Trade Receivable Billed 3,029.26
102
TRL
(` lakh)
As at 31 March 2023
considered good 20,585.60 8,916.65 3,204.80 495.30 9.45 721.20 33,933.00
Trade Receivable Unbilled 2,088.57
Less: Allowance for doubtful trade receivable -Billed 2,295.47
09 Cash and cash equivalents As at 31 March 2024 As at 31 March 2023

(a) Balances with banks-Current account 895.99 30.59
(b) Deposits with maturity of less than 3 months 2,500.00 —
(c) Cheques on hand — 1.44
(d) Cash on hand 2.02 2.35
Total Cash and cash equivalents 3,398.01 34.38
10 Other balances with bank As at 31 March 2024 As at 31 March 2023

(a) Bank deposits due to mature after 3 months of original
maturities but within 12 months of the reporting date 6.80 6.40
(b) Unclaimed dividend* 14.75 5.92
Total Other balances with banks 21.55 12.32
* Not available for use of the Company.
11 Equity Share Capital As at 31 March 2024 As at 31 March 2023

Authorised :
2,50,00,000 Equity Shares of `10 each 2,500.00 2,500.00
(Previous year: 2,50,00,000 Equity Shares of Rs. 10 each)
2,500.00 2,500.00
Issued, Subscribed and Fully Paid-up:
2,09,00,000 Equity Shares of Rs. 10 each 2,090.00 2,090.00
(Previous year: 2,09,00,000 Equity Shares of Rs. 10 each)
Total Equity Share Capital 2,090.00 2,090.00
103

(` lakh)
11 Equity Share Capital (Cont.)
a) Rights, preference and restrictions attached to equity shares
i) The Company has only one class of shares referred to as equity shares having par value of ` 10 each. Holder of equity
shares is entitled to one vote per share and carry right to dividend.
ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the 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.
b) Reconciliation of Share Capital As at As at As at As at
Number Number
Opening Balance 2,09,00,000 2.090.00 2,09,00,000 2,090.00
Closing Balance 2,09,00,000 2.090.00 2,09,00,000 2,090.00
c) Shares held by holding company As at As at As at As at

Number Number
Krosaki Harima Corporation - Japan
Opening Balance 1,62,22,864 1,622.29 1,62,22,864 1,622.29
Closing Balance 1,62,22,864 16,22,29 1,62,22,864 16,22,29
d) Disclosure of Shareholding of Promoter

Disclosure of Shareholding of Promoter is as follows
Number of % of total Number of % of total
shares shares shares shares
Opening Balance 1,62,22,864 77.62 1,62,22,864 77.62
Closing Balance 1,62,22,864 77.62 1,62,22,864 77.62
e) Details of shareholders holding more than 5% shares in the Company is as below:

Number of % of Number of % of
Shares held holding Shares held holding
Krosaki Harima Corporation- Japan
(Holding company) 1,62,22,864 77.62 1,62,22,864 77.62
Steel Authority of India Limited 22,03,150 10.54 22,03,150 10.54
f) Other Equity As at 31 March 2024 As at 31 March 2023

1) Retained earnings
Profit for the year 24,330.99 15,826.79
Dividend (4,702.50) (3,135.00)
Remeasurement loss on defined benefit plans (215.29) (215.20)
2) General Reserve
3) Securities premium :
104
TRL
(` lakh)
11 Equity Share Capital (Contnd.) As at 31 March 2024 As at 31 March 2023

4) Investment revaluation reserve:
The details of movement in investment revaluation reserve are as below:
Other comprehensive income / (loss) recognised during the period (16.17) 13.92
5) Dividends
The following dividends were declared and paid by the Company during the year
Rs. 22.50 per equity shares (Previous year: Rs 15.00 per share) 4,702.50 3,135.00
4,702.50 3,135.00
After the reporting dates the following dividends were proposed by the board of directors subject to the approval by the
shareholders at the annual general meeting.
Rs. 28.50 per equity shares (Previous year: Rs 22.50 per share) 5,956.50 4,702.50
5,956.50 4,702.50
6) Remeasurement on defined benefit plans
Remeasurement gain/ (loss) on defined benefit plans includes actuarial gain / (loss) arising on defined benefit plans of
Company (net of taxes).
12 Borrowings
Non-Current Current Total Non-Current Current Total
A. Secured Borrowings
(a) Term Loan*
From Bank 2,609.36 2,725.31 5,334.67 2,725.31 5,302.80 8,028.11
(b) Loan from Banks**
(i) Working Capital Demand Loans — 10,000.00 10,000.00 — 14,900.00 14,900.00
(ii) Cash Credit — 11.67 11.67 — 2,739.62 2,739.62
(iii) Packing Credits — — — — 641.11 641.11
Total Secured Borrowings 2,609.36 12,736.98 15,346.34 2,725.31 23,583.53 26,308.84
B. Unsecured Borrowings
(a) Loan from banks
(i) Cash Credit — — — — 0.46 0.46
Total Unsecured Borrowings — — — — 0.46 0.46
Total Borrowings 2,609.36 12,736.98 15,346.34 2,725.31 23,583.99 26,309.30
* Term Loan from State Bank of India
Secured by first charge over the proposed Property, plant and equipment of the Company for which term loan is taken and first pari-passu
charge on existing Property, plant and equipment including factory land and building.
Terms of repayment
Name of Lender Interst Rate Repayment Schedule
State Bank of India 6 Month MCLR FY-2024-2025 4 no of quaterly installments i) 1st Installment- Rs 736.50 lakhs
(ii) 2nd and 3rd installments- Rs 662.85 lakhs each
(iv) 4th installment- Rs.663.11 lakhs
3 Month MCLR FY-2025-2026 to FY 2027-28 12 nos of quaterly equal installments of Rs 217.45 lakhs each.
** Current Borrowings
Secured by hypothecation of stock of raw materials, stores and spares, work-in-process, finished goods, receivables and other current
assets, both present and future, by way of pari-passu first charge and second charge over property, plant and equipment.
Packing credits are repayable within maximum tenure of 180 days.
105

(` lakh)
13. Trade Payables As at 31 March 2024 As at 31 March 2023

(a) Total outstanding dues of micro enterprises and
small enterprises
Creditors for supplies of micro and small enterprises 1,051.03 536.02
* The amounts due to Micro and Small Enterprises, as defined in the "The Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED)", have been determined to the extent that such parties have been identified on the basis
of information available with the Company. The details are tabulated below:
1. The principal amount remaining unpaid to supplier as at the

end of the year — —
2. The interest due thereon remaining unpaid to suppliers as at

the end of the year — —
3. The amount of interest paid by the buyer in terms of section

16 of the Micro, Small and Medium Enterprises Development
Act, 2006 (27 of 2006), along with the amount of the payment
made to the supplier beyond the appointed day during each
accounting year — —
4. The amount of interest due and payable for the period of delay
in making payment (which has been paid but beyond the
appointed day during the year) but without adding the interest
specified under the Micro, Small and Medium Enterprises
Development Act, 2006; — —
5. The amount of interest accrued and remaining unpaid at the

end of each accounting year — —
6. The amount of further interest remaining due and payable even

in the succeeding years, until such date when the interest dues
above are actually paid to the small enterprise, for the purpose
of disallowance of a deductible expenditure under section 23 of
the Micro, Small and Medium Enterprises Development Act, 2006. — —
(b) Total outstanding dues of creditors other than micro enterprises

and small enterprises
(i) Creditors for supplies / services other than micro

and small enterprises 26,675.84 28,505.59
(ii) Creditors for accrued wages and salaries 1,848.30 1,529.41
(iii) Acceptances 285.38 584.30
Total dues of creditors other than micro enterprises and

small enterprises 28,809.52 30,619.30
106
TRL
(` lakh)
Ageing of trade payables
As at 31 March 2024
1 year 3 years
(i) MSME* 1,051.03 — — — — 1,051.03
(ii) Others 22,782.70 924.05 9.07 16.56 78.18 23,810.56
Total trade payables 23,833.73 924.05 9.07 16.56 78.18 24,861.59
*Micro,Small and Medium Enterprises Development Act,2006
As at 31 March 2023
1 year 3 years
(i) MSME* 536.02 — — — — 536.02
(ii) Others 22,567.27 3,196.20 14.09 2.16 89.78 25,869.50
Total Trade payables 23,103.29 3,196.20 14.09 2.16 89.78 26,405.52
14. Other financial liabilities As at 31 March 2024 As at 31 March 2023

(a) Interest accrued but not due on borrowings 86.24 149.49
(b) Unpaid dividend 14.75 5.92
(c) Derivative liabilities 34.15 17.58
(d) Creditors for capital goods 1,571.62 452.38
Total Other financial liabilities 1,706.76 625.37
107

(` lakh)
15. Other current liabilities As at 31 March 2024 As at 31 March 2023

(a) Advances received from customers 1,056.98 702.42
(b) Advance against sale of land 3,480.00 —
(c) Deferred revenue 1,128.81 —
(d) Employee recoveries and employer contributions 177.68 317.12
(e) Statutory dues * 1,009.11 928.70
Total Other liabilities 6,852.58 1,948.24
*Statutory dues primarily include payables in respect of Goods and Services Tax (GST) and tax deducted at source (TDS).
16. Provisions As at 31 March 2024 As at 31 March 2023

Non current Current Total Non current Current Total
(a) Provision for employee benefits* 2,798.32 1,794.46 4,592.78 2,715.73 1,540.56 4,256.29
(b) Provision for retirement benefits 1,829.16 90.00 1,919.16 1,877.22 89.53 1,966.75
(c) Provision for employee separation
compensation — 0.03 0.03 0.69 0.88 1.57
(d) Other provisions ** 242.39 — 242.39 113.57 — 113.57
Total Provisions 4,869.87 1,884.49 6,754.36 4,707.21 1,630.97 6,338.18
* Provision for employee benefits includes provision for compensated absence, bonus and employee incentives.
** Other provisions include provisions for water cess.
The details of movement in other provisions is as below:
Balance at the beginning of the year 113.57 79.29
Provision recognised during the year 128.82 34.28
17. Revenue from Operations April 2023 to March 2024 April 2022 to March 2023
(a) Sale of products 2,19,528.71 2,01,854.75
(b) Income from sale of services 28,503.89 24,373.98
(c) Other operating revenue* 2,232.24 2,753.52
Total Revenue from operations 2,50,264.84 2,28,982.25
* Includes Scrap Sales amounting to Rs. 1,305.63 lakhs (Previous year Rs. 1,380.94 lakhs) and export incentives of Rs.655.12
lakhs (Previous year Rs.837.37 lakhs ) on account of Duty Draw Back and Remission of Duties and Taxes on Export Products
Scheme.
18. Other income April 2023 to March 2024 April 2022 to March 2023
(a) Dividend income 1.90 1.55
(b) Income from medical services 162.25 142.26
(c) Income from house license fees 279.87 152.42
(d) Net gain on sale of property, plant and equipment 0.03 43.30
(e) Interest income 59.50 73.42
(f) Credit balances written back 658.86 519.63
(g) Miscellaneous Income 161.63 —
Total Other income 1,324.04 932.58
108
TRL
(` lakh)
19. Exceptional item April 2023 to March 2024 April 2022 to March 2023
Sale of assets held-for-sale 4,360.00 —
Less: Cost of assets held-for-sale 0.85 —
Total Exceptional Item 4,359.15 —
1.2375 acres of land situated at Salem sold with a profit of Rs. 4,359.15 lakhs
20. Cost of materials consumed April 2023 to March 2024 April 2022 to March 2023
Opening stock 28,706.34 29,144.22
Add: Purchases 1,02,458.20 99,788.01
1,31,164.54 1,28,932.23
Less: Closing stock 26,374.18 28,706.34
Total cost of materials consumed 1,04,790.36 1,00,225.89
21. Changes in inventories of finished goods, stock-in-trade and work-in-progress

Inventories at the end of the year
Finished goods 11,984.89 10,020.01
Stock-in-trade 1,741.51 2,720.84
Total Inventories at the end of the year 16,621.75 15,322.56
Inventories at the beginning of the year
Finished goods 10,020.01 7,962.41
Stock-in-trade 2,720.84 3,256.65
Total Inventories at the beginning of the year 15,322.56 13,363.23
Add: Finished goods issued for capital projects reclassified to
Capital work-in-progress 20.79 419.47
Total Changes in stock of finished goods, stock-in-trade and
22. Employee benefits expenses

(a) Salaries, wages and bonus 15,952.19 13,905.33
(b) Employee separation compensation — 0.31
(c) Contribution to provident and other funds 1,501.63 1,495.96
(d) Staff welfare expenses 852.84 818.04
Total Employee benefits expenses 18,306.66 16,219.64
23. Finance costs

(a) Interest expense
(1) Bank borrowings and others 1,997.92 2,225.75
(2) Interest on lease liabilities 117.13 131.76
(b) Other borrowing costs 27.72 21.99
Less: Interest capitalised 6.50 104.86
Total Finance costs 2,136.27 2,274.64
109

(` lakh)
24 Other Expenses April 2023 to April 2022 to
(a) Stores and spares consumed* 4,211.65 4,011.39
(b) Repairs to buildings 3,252.74 2,552.80
(c) Repairs to machinery 3,551.58 3,306.86
(d) Contractors charges for refractories management 5,045.22 3,759.22
(e) Fuel consumed 13,284.69 16,117.09
(f) Purchase of power 3,199.06 2,935.45
(g) Conversion and processing charges 3,993.53 3,716.27
(h) Freight and handling charges 10,412.75 11,246.22
(i) Rent (refer note-29) 93.33 127.81
(j) Royalty 1,262.05 1,138.54
(k) Rates and taxes 550.70 338.09
(l) Insurance charges 381.26 412.45
(m) Commission expenses 1,264.10 1,212.41
(n) Allowance for credit losses (refer note-8) 733.79 440.24
(o) Net loss on foreign currency transactions 183.35 639.57
(p) Legal and other professional costs 2,521.27 2,051.97
(q) Travelling expenses 2,326.54 1,652.74
(r) Others (Refer note below) 2,680.42 2,116.03
Total Other expenses 58,948.03 57,775.15
* Excludes stores and spares consumed and included under the head repair to machinery Rs. 638.03 lakhs( Previous year
Rs.428.81 lakhs)
Note:
Other includes:
(i) Payment to Auditors :
a) Services as Auditors (including for audit in terms of
Section 44AB of the Income Tax Act,1961 ` 4.00 lakhs
[(Previous Year ` 3.00 lakhs)] 40.75 32.50
b) Fees for other services 0.65 0.50
c) Out-of pocket expenses 1.23 1.16
42.63 34.16
(ii) Cost audit fees [Including expenses ` Nil (Previous year: Nil)] 1.10 1.10
(iii) Corporate social responsibility (CSR) expenditure
Details of corporate social responsibility (CSR) expenditure
(a) Amount required to be spent by the Company during the year 263.44 208.64
(b) Amount of expenditure incurred:
(i) Construction/acquisition of any asset — —
(ii) On purposes other than (i) above -Nature of CSR Activity
(i) Sports 4.43 5.54
(ii) Ethnicity 7.52 4.51
(iii Drinking Water & Sanitation 18.43 10.58
(iv) Sustainable Livelihood 38.66 19.96
(v) Health Care 11.77 5.88
(vi) Environment 36.98 29.15
(vii) Education 46.57 24.59
(viii) Infrastructure 85.95 119.55
(ix) Disaster Management 15.04 -
(x) Admin Expenses 2.76 1.64
Total CSR expenses 268.11 221.40
(c) Shortfall at the end of the year — —
(d) Total of previous year shortfall — —
(e) Reason for Shortfall NA NA
(f) Details of related party transactions in relation to CSR
expenditure as per relevant Accounting Standard — —
110
TRL
Note 25: ACCOUNTING POLICIES
1) Company Information
TRL Krosaki Refractories Limited (“the Company”) is a public limited company incorporated in India with its registered office situated at
Belpahar-768218, Jharsuguda District, Odisha, India.
The Company is primarily engaged in the business of manufacturing and trading of refractories. The Company manufactures wide
range of refractories like Basic, Dolomite, High Alumina, Monolithic, Silica, Flow Control, Tap Hole Clay, Alumina Graphite and
providing refractories engineering and management services and has manufacturing facilities in Belpahar (Odisha), Salem (Tamil
Nadu).
The Consolidated financial statements as at 31 March 2024 present the financial position of the Company.
The functional and presentation currency of the Company is Indian Rupee (Rs.), which is the currency of the primary economic
environment in which the Company operates.
As at 31 March 2024, Krosaki Harima Corporation owns 77.62% of the equity shares of the Company and has the ability to influence
the Company’s operations. Nippon Steel Corporation is having significant influence over the Krosaki Harima Corporation.
Particulars Ownership in % Country of

Incorporation
As at As at
March 31, 2024 March 31, 2023
Almora Magnesite Limited 38.995% 38.995% India
TRL Krosaki Asia Pte. Ltd. 37% 37% Singapore
The Consolidated financial statements for the year ended 31 March, 2024 were approved for issue in accordance with the resolution of the
Board of Directors on 16 May,2024
2) Basis of Preparation
The material accounting policy information applied by the Company in the preparation of its financial statements is listed below. Such
accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise
indicated.
a) Statement of Compliance
The Consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as
“Ind AS“) prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules,
as amended from time to time and other relevant provisions of the Act.
b) Basis of Preparation
The Consolidated financial statements have been prepared under the historical cost convention, with an exception of certain
assets and liabilities that are required to be carried at fair value by Ind AS.
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.
c) Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and the Company’s share of profits
/ losses of associates that are consolidated using the equity method of consolidation. Unrealised gains from the transaction with
equity accounted investees are eliminated against the investment to the extent of the Company’s interest in the investee.
d) Use of estimates and critical accounting judgements
In preparation of Consolidated financial statements, the Company makes judgments in the application of accounting policies
and estimates and assumptions which affects the carrying values of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in
the period in which the estimate is revised, and future periods affected.
Significant judgements and estimates relate to the following:
i. carrying values of assets and liabilities including useful lives of tangible and intangible assets;
ii. provision for employee benefits and other provisions; and
iii. commitments and contingencies and measurement of fair values.
iv. valuation of deferred tax assets / liabilities
v. provision for expected credit loss.
111
3) Material Accounting Policies

a) Property, plant and equipment
An item of property, plant and equipment is recognised as an asset if it is probable that future economic benefits associated with
the item will flow to the Company and its cost can be measured reliably. This recognition principle is applied to the costs incurred
initially to acquire an item of property, plant and equipment and also to costs incurred subsequently to add to, replace part of, or
service it. All other repair and maintenance costs, including regular servicing, are recognised in the statement of profit and loss,
as incurred. When a replacement occurs, the carrying amount of the replaced part is de-recognised.
Property, plant and equipment is stated at cost or deemed cost applied on transition to Ind AS, less accumulated depreciation
and impairment if any. Cost includes all direct costs and expenditures incurred to bring the asset to its working condition and
location for its intended use. Trial run expenses (net of revenue) are capitalised. Borrowing costs incurred during the period of
construction is capitalised as a part of cost of the qualifying asset.
The gain or loss arising on disposal of an item of property plant and equipment is determined as the difference between the sale
proceeds and the carrying value of such item and is recognised in the statement of profit and loss.
Property, plant and equipment which are not ready for intended use as on the date of balance sheet are disclosed as “Capital
Work-in-Progress”.
b) Intangible assets
Cost incurred for development of mines and software are recognized in the balance sheet as intangible assets when it is
probable that associated future economic benefits would flow to the company and its cost can be measured reliably. These are
initially measured at purchase cost and then amortised on a straight-line basis over their estimated useful lives. All other costs
on development of mines and software are expensed in the statement of profit and loss as and when incurred.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
c) Depreciation and amortisation of property, plant and equipment and intangible assets
Depreciation or amortisation is provided under the straight-line method, based on the estimated useful life, as determined by
technical evaluation of the useful life of the assets, in terms of Schedule II to the Companies Act, 2013.
Assets individually costing up to Rs.25,000 are fully depreciated in the year of acquisition.
Freehold Land is not depreciated.
The charge of depreciation or amortization commences from the date the assets are available for their intended use.
Depreciation on assets under construction commences only when the assets are ready for their intended use. No further charge
is provided in respect of assets that are fully written down but are still in use.
The estimated useful lives of assets and residual values are reviewed periodically and, adjusted if appropriate at the end of
reporting period.
The estimated useful life of some of the assets is significantly different from the useful life given in the Schedule II to Companies
Act, 2013. The useful life of the assets has been assessed based on the number of years for which the assets have already been
put to use and the estimated minimum balance period for which the assets can be used in the Company. The residual values are
not more than 5% of the original cost of the asset.
The estimated useful lives for the main categories of property, plant and equipment and other intangible assets are:
I Buildings and Roads
Roads 10 10
Factory Buildings and Reservoir 30 30
Other Buildings (RCC Structure) 60 60
II Plant and Machinery
Grinder 8 to 15* 8
Mixture, Press Drying Chambers, Shuttle Kiln 10 to 15* 8
Gas Producer, Kiln, Shaft Kiln, Gas Storage and Distribution Plant 25 25 - 30
Kiln Car 10* 8
Workshop Equipment 10 to 15* 8
Research and development equipment 10 10
Gunning Machine, Mixture Machine and other equipment
used at Customer site. 5 to 8* 8
Other Equipment 5 to 15* 8
III Railway Siding 15 15
112
TRL

IV Furniture and Fixture and Office Equipment
Furniture fittings, office equipment, computer, cinema and
audio visual equipment 5* 3-10
Hospital canteen equipment, electric fittings 10* 8
V Vehicles
Motor car, Jeep, motor cycle 5* 8
Motor Lorry and mobile equipment 8 8
VI Intangible Assets
Software 10* Not exceeding 10 yrs
Development of mines 10 years or lease
period whichever is less Not exceeding 10 yrs
*For these class of assets, based on internal assessment and technical evaluation carried out by the technical expert, the
Company believes that the useful lives as given above best represents the period over which the Company expects to use these
assets. Hence the useful lives for these assets are different from the useful lives as prescribed under part C of Schedule II of the
Companies Act,2013.
d) Impairment
At each balance sheet date, the Company reviews the carrying value of its property, plant and equipment and intangible asset to
determine whether there is any indication that the carrying value of those assets may not be recoverable through continuing
use. If any such indication exists, the recoverable amount of the asset is reviewed in order to determine the extent of impairment
loss, if any. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the
recoverable amount of the cash generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and its value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
An impairment loss is recognized in the statement of profit and loss as and when the carrying value of an asset exceeds its
recoverable amount.
An impairment loss recognized in prior accounting periods is reviewed at each balance sheet date to assess whether there is
any indication that the impairment loss recognized may no longer exist or may be decreased.
Where an impairment loss subsequently reverses, the carrying value of the asset (or cash generating unit) is increased to the
revised estimate of its recoverable amount, so that the increased carrying value does not exceed the carrying value that would
have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal
of an impairment loss is recognised in the statement of profit and loss immediately.
e) Leases
The Company determines whether an arrangement contains a lease by assessing whether the fulfilment of a transaction is
dependent on the use of a specific asset and whether the transaction conveys the right to control the use of that asset to the
Company in return of payment.
The Company as a lessee.
The Company’s lease asset classes primarily consist of leases for buildings. The Company assesses whether a contract
contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of
an identified asset for a period in exchange for consideration. To assess whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company
has substantially all the economic benefits from use of the asset through the period of the lease and (iii) the Company has the
right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (ROU) and a corresponding equal
lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term
leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an
operating expense on a straight-line basis over the term of the lease.
Certain lease arrangements include the option to extend or terminate the lease before the end of the lease term. ROU assets
and lease liabilities includes these options when it is reasonably certain that they will be exercised.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the lease term. Right of use
assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may
not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to
113
sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are
largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating
Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments
are discounted using the weighted average incremental borrowing rate of the company. Lease liabilities are remeasured with a
corresponding adjustment to the related right of use asset if the Company changes its assessment whether it will exercise an
extension or a termination option.
Lease liability and ROU assets have been separately presented in the balance sheet and lease payments have been classified
as financing cash flows.
The Company as a lessor.
Leases for which the Company is a lessor are classified as a finance or operating lease. Whenever the terms of the lease
transfers substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other
leases are classified as operating leases.
For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.
f) Equity accounted investments
The Company’s interest in equity accounted investments comprises interest in associates.
An associate is an entity in which Company has significant influence but not control over the financial and operating policies.
Interest in associates are accounted for using the equity method. They are initially recognised at cost / deemed costs.
Subsequent to initially recognition the consolidated financial statements include the Company’s share of profit or loss and OCI
of equity accounted investments until the date on which significant influences ceases. When dividend is declared and received it
is adjusted in the carrying amount of investments.
Where an indication of impairment exists, the carrying amount of investment is assessed and an impairment provision is
recognised, if required, immediately to its recoverable amount. On disposal of such investments, difference between the net
disposal proceeds and carrying amount is recognised in the statement of profit and loss.
g) Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument. Financial assets and liabilities are initially measured at fair value. However, trade receivables that do not contain a
significant financing component are measured at transaction price. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial
liability. The transaction costs directly attributable to the acquisition of financial assets and financial liabilities at fair value
through profit and loss are immediately recognised in the statement of profit and loss.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest
income or expense over the relevant period. The effective interest rate is the rate that exactly discounts future cash receipts or
payments through the expected life of the financial instrument, or where appropriate, a shorter period.
I. Financial assets
Cash and bank balances
Cash and bank balances consist of:
Cash and cash equivalents - which includes cash in hand, cheques in hand, deposits held at call with banks and other
short term deposits which are readily convertible into known amounts of cash, are subject to an insignificant risk of
change in value and have maturities of less than 3 months from the date of such deposits. These balances with banks are
unrestricted for withdrawal and usage.
Other balances with bank- which includes balances and deposits with banks having maturity of more than three months
but less than 12 months and are restricted for withdrawal and usage.
Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model
whose objective is to hold these 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.
Financial assets measured at fair value
Financial assets are measured at fair value through other comprehensive income if both of the following conditions are
met:
114
TRL
These financial assets are held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets 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.
Financial assets not measured at amortised cost or at fair value through other comprehensive income are carried at fair
value through profit or loss.
The Company in respect of certain equity instruments (other than in associates) which are not held for trading, has made
an irrevocable election to present subsequent changes in the fair value of such equity instruments in other
comprehensive income.
Impairment of financial assets
The Company recognises lifetime expected credit losses for all trade receivables that do not constitute a financing
transaction. For financial assets (apart from trade receivables that do not constitute financing transaction) whose credit
risk has not significantly increased since initial recognition, loss allowance equal to twelve months expected credit losses
is recognised.
Loss allowance for financial assets measured at amortised cost is deducted from gross carrying amount of asset.
De-recognition of financial assets
The Company derecognises a financial asset only when the contractual rights to the cash flows from the financial asset
expire, or it transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity.
If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control
the transferred asset, the Company recognises its retained interest in the assets and an associated liability for amounts it
may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial
asset, the Company continues to recognise the financial asset and also recognizes a borrowing for the proceeds
received.
ii. Financial liabilities and equity instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its
liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at
amortised cost, using the effective interest rate method where the time value of money is significant.
Interest bearing bank loans, overdrafts and issued debt are initially measured at fair value and are subsequently
measured at amortised cost using the effective interest rate method. Any difference between the proceeds (net of
transaction costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in the
statement of profit & loss.
Offsetting
Financial assets and financial liabilities are off set and the net amount presented in the Balance Sheet when, and only
when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a
net basis or to release the asset and settle the liability simultaneously.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company’s obligations are discharged,
cancelled or they expire.
Derivative financial instruments and hedge accounting
In the ordinary course of business, the Company uses certain derivative financial instruments to reduce business risks
which arise from its exposure to foreign exchange fluctuations. The instruments are confined principally to forward
foreign exchange contracts. The instruments are employed as hedges of transactions included in the financial
statements of for highly probable forecast transactions / firm contractual commitments. The derivatives contracts do not
generally extend beyond six months.
Derivatives are initially accounted for and measured at fair value on the date the derivative contract is entered into and
are subsequently re-measured to their fair value at the end of each reporting period.
The fair values for forward currency contracts are measured at marked to market at the end of each reporting period. The
Company adopts hedge accounting for forward foreign exchange contracts wherever possible. At the inception of each
115
hedge, there is a formal, documented designation of the hedging relationship. This documentation includes, inter alia,
items such as identification of the hedged transaction and the nature of the risk being hedged. At inception, each hedge is
expected to be highly effective in achieving an offset of changes in fair value or cash flows attributable to the hedged risk.
The effectiveness of hedge instruments to reduce the risk associated with the exposure being hedged is assessed and
measured at the inception and on an ongoing basis. The ineffective portion of designated hedge is recognised
immediately in the statement of profit and loss.
When hedge accounting is applied, the Company treats the hedge relationship in relation to foreign currency exposure as
fair value hedges of recognised assets and liabilities. Changes in fair value of the hedged assets and liabilities,
attributable to the risk being hedged, are recognised in the statement of profit and loss and compensate for the effective
portion of the symmetrical changes in the fair value of the derivatives.
In cases where hedge accounting is not applied, changes in the fair value of derivatives are recognised in the statement
of profit and loss as they arise.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer
qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is
retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net
cumulative gain or loss recognised in equity is transferred to the statement of profit and loss for the period.
h) Employee benefits
The Company’s retirement benefit obligations are subject to a number of judgements including discount rates, inflation and
salary growth. Significant judgement is required when setting these criteria and a change in these assumptions would have a
significant impact on the amount recorded in the Company’s Balance Sheet and the statement of profit and loss. The Company
sets these judgements based on previous experience and third party’s actuarial advice.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is
provided. A liability is recognised for the amount expected to be paid, if the Company has a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and the amount of obligation can be estimated
reliably.
Defined contribution plans
Payments to defined contribution plans such as Company’s Provident Fund, Super annuation Fund, Employee Pension
Scheme, Employee State Insurance Scheme and Her Majesty's Revenue and Customs, UK (HMRC) are charged as an
expense as they fall due. Payments made to the above schemes are dealt with as payments to defined contribution schemes,
as the Company has no further defined benefit obligation beyond the monthly contribution except for the contribution to
Provident Fund Trust which require that if the Board of the Trustee are unable to pay interest at the rate declared by the
Government for the reason that the return on investment is less or for any other reason, then the deficiency shall be made good
by the Company, making the interest shortfall a defined benefit obligation.
Defined benefit plans
For post-retirement gratuity schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with
actuarial valuation being carried out at each year-end Balance Sheet date. Re-measurement gains and losses of the net
defined benefit liability / (asset) are recognised immediately in Other Comprehensive Income. The service cost and net interest
on the net defined benefit liability / (asset) is recognised as an expense within employment costs.
Past service cost is recognised as an expense, when the plan amendment or curtailment occurs, or when any related
restructuring cost or termination benefits are recognised, whichever is earlier.
The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined-benefit
obligation, as reduced by the fair value of plan assets.
Post-Retirement Medical Benefit
The company has a policy to give medical benefit to the retired employees at its own hospital at Belpahar not exceeding the
amount of expense defined in its medical policy. The obligation of this service is measured and recognized based on actuarial
valuation at the present value of the obligation as on the reporting date. Re-measurement gains and losses of the net defined
benefit liability / (asset) are recognised immediately in Other Comprehensive Income. The service cost and net interest on the
net defined benefit liability / (asset) is recognised as an expense within employment costs.
Pension to Directors
Pension payable to directors after their retirement as per the contractual agreement are recognized based on actuarial
valuation at the present value of the obligation as on the reporting date. Re-measurement gains and losses of the net defined
benefit liability / (asset) are recognised immediately in Other Comprehensive Income. The service cost and net interest on the
net defined benefit liability / (asset) is recognised as an expense within employment costs.
116
TRL
Other Long-term benefits

Compensated absences
Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee
renders the related service are recognized based on actuarial valuation at the present value of the obligation as on the reporting
date. Re-measurement gains and losses of the compensated absence is recognised immediately in Statement of Profit and
Loss.
Employee Separation Scheme
Compensation to employees who have opted for retirement under the Friendly Departure Scheme of the Company is charged
off in the year in which the employee is relieved from the services of the Company.
i) Inventories
i. Raw materials, Stores and Spares, Loose Tools and Fuel
Raw materials, stores and spares, loose tools and fuel are valued at weighted average cost. Cost includes cost of
purchase and other costs incurred in bringing the inventories to their present location and condition. Raw materials,
stores and spares, loose tools and fuel held for use in the production of finished products are not written down below cost
except in cases where material prices have declined or the cost of the finished products has exceeded its net realisable
value.
ii. Finished goods: These are valued at lower of cost and net realisable value. Costs are calculated at full absorption cost
basis which includes cost of direct materials and labour and a proportion of manufacturing overheads based on the
normal operating capacity. Cost of inventories is generally ascertained on weighted average basis.
iii. Work in Progress: These are valued at cost. Costs are calculated at full absorption cost basis which includes cost of
direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity. Cost of
work in progress is generally ascertained on weighted average basis.
iv. Stock-in-trade: These are valued at lower of cost and net realisable value. Cost includes cost of purchase and other
costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average
basis.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to completion
and the estimated costs necessary to sell them.
Provisions are made for slow moving and obsolete items based on historical experience of utilization on a product
category basis and ageing policy as defined by the Company.
j) Cash Flow Statement
Cash Flows are reported using indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-
cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses
associated with investing or financing cash flows.
k) Non-Current assets held for sale
Non-current assets or disposal groups classified as held for sale are measured at the lower of their carrying value and fair value
less costs to sell.
Assets and disposal groups are classified as held for sale if their carrying value will be recoverable through a sale transaction
rather than through continuing use. This condition is only met when the sale is highly probable and the asset, or disposal group,
is available for immediate sale in its present condition and is marketed for sale at a price that is reasonable in relation to its
current fair value.
The Company must also 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.
Non-current assets held for sale are not depreciated or amortised.
l) Provisions (other than employee benefits) and contingent liabilities
Provisions are recognised in the Balance Sheet when the Company has a present obligation (legal or constructive) as a result of
a past event, which is expected to result in an outflow of resources embodying economic benefits which can be reliably
estimated. Each provision is based on the best estimate of the expenditure required to settle the present obligation at the
Balance Sheet date.
Constructive obligation is an obligation that derives from an entity’s actions where:
i. by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has
indicated to other parties that it will accept certain responsibilities; and
ii. as a result, the entity has created a valid expectation on the part of those other parties that it will discharge such
responsibilities.
Contingent Liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be
117
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle an obligation or a reliable estimate of the amount cannot be made.
The Company does not recognise a Contingent Liability but discloses its existence in the Financial Statements.
m) Income taxes
Tax expenses comprises current and deferred tax. The tax currently payable is based on taxable profit for the period. Taxable
profit differs from net profit as reported in the Statement of Profit and Loss because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s
liability for current tax is calculated using tax rates and tax laws that have been enacted or substantively enacted by the end of
the reporting period.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to
the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount
expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates
(and tax laws) enacted or substantively enacted by the reporting date.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised amounts,
and it is intended to realise the asset and settle the liability on a net basis or simultaneously.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying values of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using
the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. In
contrast, deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available
against which the temporary differences can be utilised.
The carrying value of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised based on the tax rates and tax laws that have been enacted or substantially enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in
which the Company expects, at the end of the reporting period, to cover or settle the carrying value of its assets and liabilities.
Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are
legally enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.
Current and deferred tax are recognised as an expense or income in the Statement of Profit and Loss, except when they relate
to items credited or debited either in other comprehensive income or directly in equity, in which case the tax is also recognised in
other comprehensive income or directly in equity.
n) Revenue recognition
The Company manufactures and sells a range of refractories and provides installation and maintenance services.
At the inception of the contract, the Company identifies the goods or services promised in the contract and assesses which of
the promised goods or services shall be identified as separate performance obligations.
Contracts for the supply of goods or services give rise to separate performance obligations if they are capable of being distinct.
Where supply of refractory material and services together is paid based on performance or production of steel, the Company
treats both supply of goods and services together and considers to have only one single performance obligation.
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable
consideration) allocate to the performance obligation and the consideration expected to be received, to the extent that it is highly
probable that there will not be a significant reversal of revenue in future periods.
If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration, at the
inception of the contract, to which it will be entitled in exchange of goods or services to the customer.
(i) Sale of products
Revenue from the sale of products is recognised when the control of the products has transferred, being when the
products are delivered to the customer and there is no unfulfilled obligation that could affect the customer’s acceptance
of the products. Delivery occurs when the products have been shipped to the specific location, and either the customer
has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria
for acceptance have been satisfied.
No significant element of financing is deemed present as sales are made with a credit term which is consistent with
market practice.
(ii) Sale of Services
a) Revenue from contracts of Total Refractory Management services is recognized on the basis of the output-
oriented method (e.g. quantity of steel produced by the customer). The Company has determined that both the
118
TRL
supply of goods and services are not distinct as the contract includes supply of refractory material and its related
services for producing steel as one single performance obligation.
b) Sales of Revenue from services is recognised based on progress of completion of service using input method to
measure the completion. The Company recognises contract liabilities for consideration received or receivable in
respect of incomplete performance obligations and reports these amounts as other liabilities. Similarly, if the
Company completes performance obligation before receiving the consideration, the Company recognises
receivable, as the passage of time is required before the consideration is due.
o) Recognition of Other Income
Interest Income
Interest income is accrued on a time proportion basis by reference to the principle outstanding and the effective interest rate
applicable.
Dividend Income
Dividend income from investments is recognised when the right to receive payment has been established.
Rental Income
Rental income is recognised on a straight line basis over the term of the relevant arrangements.
Commission Income
Commission income is recognised when the services have been rendered.
p) Government Grants
Government grants and subsidies such as export incentives are recognized when there is reasonable assurance that the
Company will comply with the conditions attached to them and the grants / subsidy will be received.
Government grants like export promotion capital goods (EPCG) related to expenditure on property, plant and equipment are
deducted from the cost of the property, plant and equipment in calculating the carrying amount of the asset.
q) Foreign currency transactions and translation
The financial statements of the Company are presented in Indian Rupees (Rs), which is the functional currency of the Company
and the presentation currency for the financial statements.
In preparing the financial statements, transactions in currencies other than the entity’s functional currency are recorded at the
rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in
foreign currencies are re-translated at the rates prevailing at the end of the reporting period. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not translated.
Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in the
statement of profit and loss for the period.
Exchange differences arising on translation or settlement of long-term foreign currency monetary items is accounted in the
statement of profit and loss for the period.
r) Borrowing Costs
Borrowings costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such
time as the assets are substantially ready for the intended use.
Other borrowing costs are recognised as an expense in the period in which they are incurred.
s) Recent pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended March 31,2024 , MCA has not notified any new
standards or amendments to the existing standards applicable to the Company.
t) Earnings per share
Basic earnings per equity share is computed by dividing the net profit after tax by the weighted average number of equity shares
outstanding during the year.
Diluted earnings per equity share is computed by dividing adjusted net profit after tax by the aggregate of weighted average
number of equity shares and dilutive potential equity shares during the year.
119
(Amount in Rs. in lakhs, except otherwise stated)
(` lakh)
26 Contingent Liabilities
Contingent liabilities in respect of - As at 31 March 2024 As at 31 March 2023
Claims against the Company not acknowledged as debts in respect of -
— Income tax matters 676.51 779.03
— Sales tax / value added tax / entry tax matters 573.03 794.17
— Excise duty matters 146.66 961.88
— Other matters 1,081.23 1,081.23
In respect of above, it is not practicable for the Company to estimate the timings of cash outflows, if any, pending resolution of
the respective proceedings.
In the ordinary course of business, the Company faces claims and assertions by various parties. The following is a description
of claims and assertions where a potential loss is possible but not probable. There are claims which the Company does not
believe to be of material nature, other than those described below:
Income Tax:
The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. These are mainly for
transfer pricing issues and disallowance of expenses claimed by the Company as deductions. Most of these disputes and/or
dis-allowances, being repetitive in nature, have been raised by the income tax authorities consistently in most of the years. As
at March 31 2024, there are matters and/or disputes pending in appeal amounting to Rs.676.51 Lakhs (Previous Year -
Rs.779.03 Lakhs).
Sales tax /value added tax/ entry tax/ Excise duty and Service tax matters
The Company has demands that are being contested by the Company in different years amounting to Rs. 719.69 Lakhs
(Previous Year -Rs. 1,756.05 Lakhs). These are mainly for non submission of concessional forms.
Other matters
01.Demand by Mining Officer:
The Dy. Director Mines, Sambalpur circle, had raised a demand of Rs. 539.72 lakhs on 26th August,2019 for excess
production of Quartzite in Chuinpalli mines, and the Mining Officer, Cuttack circle, has raised a demand for Rs. 517.44 lakhs on
15th September,2020 for excess production of fireclay in Talbasta mines during the period from 2000 to 2010 under section
21(5) of MMDR Act, 1957, based on the common cause judgment dated 2nd August, 2017 of Hon’ble Supreme Court of India.
The Company challenged the said demands of Mining Department, Govt. of Odisha through two different Writ petitions against
two notices before the Hon’ble High Court of Orissa, Cuttack. The Company is of the view that, the demand under Section
21(5) of the MMDR Act is not applicable because the impugned demand is based on the judgement of Hon’ble Supreme Court
of India in the case of Common Cause vrs. Union of India reported in (2017) 9 SCC 499. The decision referred in the Supreme
Court Order was intended to deal with mining leases of Iron Ore and Manganese Ore in the districts of Keonjhar, Sundergarh
and Mayurbhanj and it has no application to the facts of the Company’s case. Moreover, the mining officer has not conducted
any enquiry on discrepancy of mining activities of the Company. On 11th January, 2021 the Hon'ble High Court of Odisha has
disposed of the Writ Petition filed for Talbasta Mines for an amount of Rs. 517.44 lakhs and again the Hon’ble High Court of
Orissa on 06th July,2022 disposed of the Writ Petition pertaining to Chhuinpali Mines for an amount of Rs. 539.72 lakhs with a
direction to challenge the impugned demand notice as per Rule 46(1) of the Orissa Minor Mineral Concession Rules, 2016 and
take all grounds before the appellate authority. Accordingly, Company has filed the appeals before Joint Director of Mines,
Government of Odisha, Bhubaneswar under Rule 46(1) of Odisha Minor Mineral Concession Rules, 2016 and both the appeal
matters are pending for hearing. Based on the legal opinion obtained by the Company and as per the management
assessment, the Company is of the view that it has a strong case to contest on merit and there will not be any material outflow
of resources by Company.
02.Other Claims
Other civil cases for which the Company may contingently be liable aggregate to Rs. 24.07 lakhs (Previous Year - Rs. 24.07
lakhs).
03. Water Rate Dispute
The Company has been drawing water from Lilhari Nullha, a natural water stream. Up to 1994, as per the Orissa Irrigation Act,
the water rate was payable for drawing water from irrigation work. Natural water streams like Lilhari Nullha were not covered in
the definition of irrigation work, as given in Section 4(9) of the Act. Definition of 'government water source' was inserted in
Section 4(6-a) of the Act in 1994, which covers natural water sources like Lilhari Nullha, and the Company has been paying
water rate since then. However, the Government of Odisha demanded an amount of Rs. 57.77 Lakhs towards water rate and
penalty for the period prior to 1994 which has been stayed by the Hon’ble High Court of Odisha. Water Resources Department,
Government of Odisha, has been charging monthly compounded interest @ 2% on the disputed amount and the total interest
charged up to 31st March 2024 was Rs. 17,065.56 lakhs. The total disputed demand, together with interest as on 31 March
2024 was Rs. 17,123.26 lakhs. Hon'ble High Court of Odisha has stayed charging of monthly compound interest of 2% and
passed an order that compound interest @ 2% will not be allowed to charge until further orders. The Hon'ble High Court of
120
TRL
Odisha has directed the Government of Odisha and the Company to negotiate and settle the dispute in line with the
settlements made by the Government of Odisha with other companies. Water agreement for drawing the water has expired on
28th February,2022 and the Company has renewed the agreement for a period of 3 years upto 28th February,2025 by
depositing an amount of Rs. 25 lakhs under protest. Hon'ble High Court of Odisha vide its order dated 28th June,2022 has
directed Government of Odisha, to take necessary direction positively on or before 01th November,2022 and if any party
aggrieved with the decision of Government of Odisha then the party can file a fresh writ petition by taking all the grounds. Till
that date the interim stay will be continued. Further, the Government of Odisha has published a One Time Settlement Scheme
(OTS) on 06th February,2023 for all the private and Government Industries for settlement of water dues/ Taxes. Accordingly,
the Company has filed its OTS application along with all the particulars before the Nodal office of Department of Water
Resources appointed by the Government for settlement of the water dispute. Based on the legal opinion obtained by the
Company and as per the management assessment, the Company is of the view that it has a strong case to contest on merit
and there will not be any material outflow of resources by the Company. Based on the discussions the Company had with the
Department of Water Resources, the Company has made a provision of Rs. 128.82 lakhs during the year (aggregate
provisioning of Rs.242.39 lakhs) being the estimated amount to be paid on finalising the application filed as per OTS scheme.
27 Commitments
Estimated amount of contracts remaining to be executed on Capital Account and not provided for, net of advances paid Rs.
5,758.58 Lakhs (Previous Year - Rs. 4,813.67 Lakhs ). Estimated amount of export obligations to be fulfilled in respect of
assets imported under Export Promotion Capital Goods Scheme (EPCG) – Rs.6,520.91 Lakhs (Previous year-Rs.6,034.88
Lakhs).
28 The Company is engaged in the business of manufacturing, trading and sale of a range of refractories and is having its
manufacturing facilities located in India. The performance of the Company is assessed and reviewed by the Chief Operating
Decision Maker (‘CODM’) as a single operating segment and accordingly manufacture and sale of refractories is the only
operating segment.
There is only one customer (Previous Year: One) contributing more than 10% of total revenues of the company amounting to
Rs. 33,383.15 lakhs (Previous Year: Rs.31,573.49 lakhs).
The Company is domiciled in India, however also sells its products outside India. Revenue from geographic segments based
on location of customer is (a) Domestic Rs. 2,18,204.68 lakhs (Previous Year: Rs. 1,96,787.16 lakhs) and (b) Rest of the world:
Rs. 32,060.15 lakhs (Previous Year: Rs. 32,195.09 lakhs).
Non-current assets from geographic segments based on location of customer is (a) Domestic Rs. 66,268.48 lakhs (Previous
Year: Rs. 58,963.11 lakhs) and (b) Rest of the world Nil : (Previous Year: Nil).
29 Company as a Lessee
Following are the changes in the carrying value of right-of- use assets for the year ended March 31, 2024.
(Buildings) (` lakh)
Opening gross block 2,245.19 2,238.92
Deletion 200.83 —
Closing gross block at the end of the year 2,406.80 2,245.19
Opening accumulated depreciation 761.85 545.63
Additions 208.23 216.22
Deletion 59.15 —
Closing accumulated depreciation at the end of the year 910.93 761.85
Closing balance as of March 31,2024 1,495.87 1,483.34
The aggregate depreciation expense on right-of-use assets is included under depreciation and amortisation expense in the
statement of Profit and Loss.
The following is the break-up of current and non-current lease liabilities as at March 31, 2024
Current lease liabilities 172.96 174.63
Non-current lease liabilities 1,680.03 1,650.27
Total 1,852.99 1,824.90
121
The following is the movement in lease liabilities during the year ended March 31, 2024. (` lakh)
Finance cost accrued during the year 117.13 131.75
Deletion 164.31 —
Payment of lease liabilities 287.17 287.01
The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2024 on an
undiscounted basis:
Less than one year 300.28 295.52
One to five years 1,393.69 1,223.79
More than five years 855.92 1,069.05
Total 2,549.89 2,588.36
The Company does not face significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet
the obligations related to lease liabilities as and when they fall due.
The Company incurred Rs. 93.33 Lakhs (previous year Rs.127.81 Lakhs) towards expenses relating to short term leases and
leases of low value assets.
The total cash outflow for leases is Rs. 380.49 Lakhs (previous year Rs. 414.82 Lakhs) including cash outflow for short term
and leases of low value assets.
Company as a Lessor
Company has leased out its buildings to its employees for their residential purposes. There is no such long term contracts with
employees for the above leasing. The total rental income with respect to above leasing activities amounts to Rs. 279.87 Lakhs
(previous year Rs.152.42 Lakhs) included in note 18 (c). with respect to above leasing activities amounts to ` 152.42 Lakhs
(previous year `186.84 Lakhs ) included in note 18(c).
30 Employee Benefits
The relevant details with respect to employee benefits are given here below:
(1) Defined Contribution Plan
The Company participates in a number of defined contribution plans on behalf of relevant personnel. Any expense
recognized in relation to the schemes represents the value of contributions payable during the period by Company at the
rates specified by the rules of those plans.
a) Provident Fund and Employees Pension Fund
In accordance with the prevailing Indian law, eligible employees of the Company are entitled to receive benefits in
respect of Provident Fund, a defined contribution plan, in which both the employees and the Company make
monthly contributions at a specified percentage of the covered employees’ salary.
As per the provisions of the Provident Fund and Miscellaneous Provisions Act, 1952 contribution to Provident
Fund is made to an irrevocable trust set up by the Company and contribution to pension fund is deposited with the
Regional Provident Fund Commissioner.
The rules of the Company's provident fund administered by a trust, require that if the Board of the Trustee are
unable to pay interest at the rate declared by the Government for the reason that the return on investment is less or
for any other reason, then the deficiency shall be made good by the Company, making the interest shortfall a
defined benefit obligation.In the current year, the Company has contributed Rs.Nill (previous year Rs. 154.44
lakhs) to the PF Trust on account of loss in investment made by it and the same was shown under employee
benefit expenses in the previous year. Such contributions have been recognised in the statement of profit and loss
account.
b) Superannuation Fund
The Company has a superannuation plan. Employees who are members of the superannuation plan are entitled
to benefits depending on the contribution made by Company and rate of interest declared by the superannuation
trust.
A separate irrevocable trust is maintained for employees covered and entitled for this benefit. The Company
contributes 15% of basic salary, of the eligible employees’ to the trust every year. Such contributions are
recognized as an expense when incurred. The Company has no further obligation beyond this contribution.
c) Other funds
The Company contributes to the Employees State Insurance scheme as per the provisions of Employees State
Insurance Act, 1948 and to Her Majesty's Revenue and Customs, UK as per provisions laid down by the UK
122
TRL
Government for the social security and welfare of the employees based out of UK.
d) Expenses recognized in respect of above
The Company has recognized, in the Statement of Profit and Loss account for the year ended 31 March 2024, an
amount of Rs.1,139.56 Lakhs (Previous Year: Rs 1,185.92 Lakhs) being expenses under the defined contribution
plans like Provident Fund , Superannuation fund, Employee pension scheme,Employee State Insurance Scheme
and Her Majesty's Revenue and Customs (UK). This is included under ""Contribution to Provident and other
funds"". [Refer note no 22 (c)]"
(2) Defined Benefit Plans
The Company operates post retirement defined benefit plans as follows:
a) Funded
(i) Post Retirement Gratuity
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible
employees. The plan provides lump-sum payment to vested employees at retirement, death while in
employment or on termination of employment, of an amount equivalent to 15 or 30 days' salary payable for
each completed year of service. Vesting occurs upon completion of five years of service. The Company
makes annual contributions to gratuity funds. The Company accounts for the liability for gratuity benefits
payable in the future based on an actuarial valuation.
b) Unfunded:
(i) Post Retirement Medical Benefits
The Company has a Post-Retirement Medical Benefit Scheme (PRMB), under which the retired employees
and their spouses are eligible for free medical benefits in the Company's hospital during their lifetime upto a
ceiling fixed by the Company. The liability for the same is recognized annually on the basis of actuarial
valuation.
(ii) Pension to Directors
The Company has Ex-MD Pension Scheme, under which the retired managing director or spouse gets a
monthly pension. The liability for the same is recognized annually on the basis of actuarial valuation. The
Company is exposed to the increase in the pension amount in each 3 years.
c) i) Details of the Post Retirement Gratuity plan are as follows: (` lakh)
I. Change in present value of defined benefit
obligation during the year
1. Present Value of defined benefit obligation as at the
beginning of the year 4,392.75 4,030.30
2. Current Service Cost 315.49 276.65
3. Interest Cost on the defined benefit obligation 317.13 255.42
4. Actuarial (gains)/ losses - Experience 48.30 81.59
5. Actuarial (gains)/ losses - Financial Assumptions 190.86 106.26
6. Benefits paid from plan assets (281.68) (357.47)
7. Closing Present Value of defined benefit obligation 4,982.85 4,392.75
II. Change in fair value of plan assets during the year
1. Fair Value of assets at the beginning of the year 3,780.79 3,655.24
2. Interest Income on Plan Assets 302.45 254.41
3. Employer contributions 700.00 500.00
4. Return on plan assets greater than discount rate (51.93) (271.39)
5. Benefits paid (281.68) (357.47)
6. Fair Value of Plan assets at the end of current year 4,449.63 3,780.79
III. Net liability recognized in the balance sheet
1. Fair value of plan assets 4,449.63 3,780.79
2. Present value of obligation 4,982.85 4,392.75
3. Amount recognized in the balance sheet 533.22 611.96
IV. Expense recognized in the statement of profit and loss
for the year
1. Current service cost 315.49 276.65
2. Net interest on net defined benefit liability 14.68 1.01
3. Total expenses included in employee benefits expense 330.17 277.66
123
(` lakh)
V. Recognized in other comprehensive income for the year
1. Actuarial (gains)/ losses due to defined benefit
obligation experience 48.30 81.59
2. Actuarial (gain) / loss due to defined benefit obligation
financial assumption changes 190.86 106.26
3. Return on plan assets greater than discount rate 51.93 271.39
4. Actuarial (gain) / loss recognized in other
comprehensive income 291.09 459.24
1. Within the next 12 months (next annual reporting period) 638.74 653.95
4. The weighted average duration of the defined benefit obligation at the end of the reporting
period is 9 years (31 March 2023: 9 years)
VII. Quantitative sensitivity analysis for significant
assumption is as below
1. Increase/ (decrease) on present value of defined
benefits obligation at the end of the year
(i) One percentage point increase in discount rate (406.90) (351.34)
(ii) One percentage point decrease in discount rate 476.11 410.15
(i) One percentage point increase in rate of
salary increase 402.78 399.16
(ii) One percentage point decrease in rate of
salary increase (461.23) (349.15)
2. Sensitivity Analysis Method
Sensitivity analysis is determined based on the expected movement in liability if the
assumptions were not proved to be true on different count.
3. Expected Employer Contribution for the period ending 31 March 2025 is Rs. 530 Lakhs.
VIII. Investment Details
The full amount has been invested in the Cash Accumulation Scheme of Life Insurance Corporation
of India.
IX. Assumptions
a. Discount rate (per annum) 6.75% 7.20%
b. Rate of escalation in salary (per annum) 9.00% 8.00%
ii) Details of non-funded post retirement defined benefit obligations are as follows:
Description April 2023 - March 2024 April 2022 - March 2023
I Reconciliation of opening and
closing balances of obligation
1. Present Value of defined benefit
obligation as at the beginning of the year 893.32 461.49 935.64 516.36
2. Current Service Cost 12.92 — 14.38 —
3. Interest Cost on the defined benefit
obligation 62.80 31.90 59.47 32.37
4. Actuarial (gains)/ losses -
Experience / demographic (42.84) 14.99 (22.40) (24.43)
5. Actuarial losses- Financial Assumptions 45.79 (20.48) (55.35) (26.28)
6. Benefits paid directly by the Company (37.41) (36.53) (38.42) (36.53)
7. Closing Present Value of defined benefit
obligation 934.58 451.37 893.32 461.49
124
TRL
(` lakh)
Description April 2023 - March 2024 April 2022 - March 2023

II. Expense recognized in the statement of
profit and loss for the year
1. Current service cost 12.92 — 14.38 —
2. Net interest on net defined benefit
liability 62.80 31.90 59.47 32.37
3. Total expenses included in employee
benefits expense 75.72 31.90 73.85 32.37
III. Recognized in other comprehensive
income for the year
1. Actuarial (gain)/ loss due to defined
benefit obligation experience (42.84) 14.99 (22.40) (24.43)
2. Actuarial loss due to defined benefit
obligation financial assumption changes 45.79 (20.48) (55.35) (26.28)
3. Actuarial (gains)/ losses recognized in
other comprehensive income 2.95 (5.49) (77.75) (50.71)
IV. Assumptions
a. Discount rate (per annum) at the
beginning of the year 7.20% 7.20% 6.50% 6.50%
b. Discount rate (per annum) at the
end of the year 6.75% 6.75% 7.20% 7.20%
c. Rate of pension increase — 9.00% — 9.00%
d. Medical costs inflation rate 4.00% — 4.00% —
e. Average Medical Cost (Rs./ person) 2,007 — 2,007 —
V. Quantitative sensitivity analysis for
significant assumption is as below
Increase/ (decrease) on present value of
defined benefits obligation at the end of
the year
(i) One percentage point increase in
discount rate (96.55) (32.23) (89.73) (33.70)
(ii) One percentage point decrease in
discount rate 118.28 36.51 109.24 38.30
medical inflation rate 116.14 — 107.65 —
medical inflation rate (96.26) — (89.73) —
pension rate — 32.90 — 34.68
pension rate — (29.64) — (31.14)
VI. Maturity profile of defined benefit
obligation (on undiscounted basis)
1. Within the next 12 months
(next annual reporting period) 57.38 35.41 57.03 35.53
VII. Weighted Average Duration of defined
benefit obligation 12 years 8 years 11 years 8 years
d) Risk exposure
Through its defined benefit plans, the Company is exposed to discount rate risk, salary growth risk, inflation risk, pension
increment risk and demographic risks of mortality and attrition rates.
125
(` lakh)
31 Income Taxes
a. A reconciliation of the tax expense to the amount computed by applying the statutory income tax rate to the profit before
taxes is summarized below:
Particulars April 2023 to April 2022 to
Profit before exceptional item and tax 26,732.18 21,067.08
Add : (profit) of associate Company (209.02) (335.36)
Less : Expenses recognized in other comprehensive income 288.55 330.78
Adjusted Profit before tax (A) 26,234.61 20,400.94
Tax rate (B) 25.168% 25.168%
Tax expense (A*B) 6,602.73 5,134.51
Add : Tax effect of expenses that are not deductible for
tax purposes: CSR Expenses 67.48 55.72
Add : Taxation for earlier years — (137.39)
Less : Tax effect of Income exempt from tax: Dividend Income 0.48 0.39
Add : Capital gain tax on Sale of Land 2.26 —
Less : Other differences 14.13 71.48
Tax expense recognized in profit and loss 6,760.34 5,240.29
Income tax expenses recognized in Other Comprehensive Income (73.26) (115.58)
b. The tax effect of significant temporary differences that resulted in deferred tax liability are as follows:
Balance sheet Statement of profit and loss Other comprehensive income
Particulars As at As at April ‘23 to April ‘22 to April ‘23 to April ‘22 to
31.03.2024 31.03.2023 March ‘24 March ‘23 March ‘24 March ‘23
Deductible temporary difference
(i) Expense/ provision allowed
on payment basis 978.26 843.53 61.47 38.32 73.26 115.58
(ii) Unpaid Royalty 172.21 172.24 (0.03) 37.40 —
(iii) Friendly departure scheme 1.53 2.94 (1.41) (2.66) —
(iv) Others 481.05 292.35 188.70 (98.70) —
Total (A) 1,633.05 1,311.06 248.73 (25.64) 73.26 115.58
Taxable temporary difference
Property, Plant and Equipment 2,845.68 2,415.98 429.70 419.67 —
Deffered tax liability on share of
profit of associate (170.05) (168.45) (1.60) 36.39 —
Total (B) 2,675.63 2,247.53 428.10 456.06 — —
Deferred Tax liability (B-A) 1,042.58 936.47 179.37 481.70 (73.26) (115.58)
Net impact in Statement of Profit and Loss / Other Comprehensive Income

The total deferred tax recognized in other comprehensive income is Rs. 73.26 Lakhs (Previous Year: Rs.115.58 Lakhs)
c. Reconciliation of deferred tax liability
Particulars As at As at
31 March 2024 31 March 2023
Opening balance as at 1 April 936.47 570.35
Add: Deferred tax charge / (release) during the year 106.11 366.12
Closing balance as at 31 March 1,042.58 936.47
126
TRL
(` lakh)
32 Reconciliation of Liabilities from Financing activities as stated in the Statement of Cash Flows are as follows :-
Borrowings 26,309.30 (10,971.31) 8.35 15,346.34
Borrowings 30,752.18 (4,464.92) 22.04 26,309.30
33 Financial Instruments
This section gives an overview of the significance of financial instruments for the Company and provides additional information
on balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument
are disclosed in note 25(3)(g) to the financial statements.
(a) Financial Instruments by Category
The following table presents carrying amount and fair value of each category of financial asset and liabilities.
comprehensive Value
income
Financial assets
Trade receivables 37,047.03 — — 37,047.03 37,047.03
Investments 1,460.61 144.79 — 1,605.40 1,605.40
Cash and cash equivalents & Other
balances with banks 3,419.56 — — 3,419.56 3,419.56
Loans 21.05 — — 21.05 21.05
Other financial assets 866.02 — — 866.02 866.02
Total 42,814.27 144.79 — 42,959.06 42,959.06
Borrowings 15,346.34 — — 15,346.34 15,346.34
Trade payables 29,860.55 — — 29,860.55 29,860.55
Lease liabilities 1,852.99 — — 1,852.99 1,852.99
Other financial liabilities 1,672.61 — 34.15 1,706.76 1,706.76
Total 48,732.49 — 34.15 48,766.64 48,766.64
As at 31 March 2023
comprehensive Value
income
Financial assets
Trade receivables 33,726.10 — — 33,726.10 33,726.10
Investments — 160.96 — 160.96 160.96
Cash and cash equivalents & Other
balances with banks 46.70 — — 46.70 46.70
Loans 33.28 — — 33.28 33.28
Other financial assets 662.47 — — 662.47 662.47
Total 35,929.16 160.96 — 36,090.12 36,090.12
Borrowings 26,309.30 — — 26,309.30 26,309.30
Trade payables 31,155.32 — — 31,155.32 31,155.32
Lease liabilities 1,824.90 — — 1,824.90 1,824.90
Other financial liabilities 607.79 — 17.58 625.37 625.37
Total 59,897.31 — 17.58 59,914.89 59,914.89
127
(b) Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair
value, grouped into Level 1 to Level 3, as described below-
Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted price included within level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
The fair value of financial instruments that are not traded in an active market is determined using market approach and
valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific
estimates. If significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
If one or more of the significant inputs is not based on observable market data, the fair value is determined using generally
accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that
reflects the credit risk of counterparty.
Particulars Carrying Amount Fair Value

Level 1 Level 2 Level 3
Financial assets
Investment - Equity share (HDFC Bank) 144.79 144.79 — —
Derivative liabilities - forward cover 34.15 — 34.15 —
As at 31 March 2023
Financial assets
Investment - Equity share (HDFC Bank) 160.96 160.96 — —
Derivative liabilities - forward cover 17.58 — 17.58 —
(c) Financial Risk Management Policies And Objectives:

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The
Company’s financial risk management policy is set by the Board.
Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a
financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is
attributable to all market risk sensitive financial instruments including foreign currency receivables, payables, loans and
borrowings.
The Company manages market risk through a treasury department, which evaluates and exercises independent control over
the entire process of market risk management. The treasury department recommends risk management objectives and
policies, which are approved by Senior Management and the Audit Committee. The activities of this department include
management of cash resources, implementing hedging strategies for foreign currency exposures, borrowings.
Interest rate risk
Interest rate risk is measured by using the cash flow sensitivity for changes in variables interest rates. Any movement in the
reference rates could have an impact on the Company's cash flow as well as costs.
The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company's interest rate
exposure is mainly related to debt obligations.
Foreign currency risk
The Company operates internationally and portion of the business is transacted in several currencies and consequently the
Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from overseas
suppliers in various foreign currencies.
The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies, including the use of derivatives like foreign exchange forward contracts to hedge
exposure to foreign currency risk.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company
maintains sufficient cash and cash equivalents to manage its liquidity risk.
The non-derivative financial liabilities of the Company are all payable within 12 months. (Refer Note 13 and 14)
The following table shows a maturity analysis of the anticipated cash flows including future interest obligations for derivative
and non-derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value and fair value.
Floating rate interest is estimated using the prevailing interest rate at the end of the reporting period. Cash flows in foreign
currencies are translated using the period end spot rates.
128
TRL
(` lakh)
Particulars Carrying Value Contractual Less than Between one More than
Cash flow one year to five years five years
Non derivative financial liabilities
Borrowings including interest obligations 15,346.34 16,792.97 13,835.64 2,957.33 –
26,309.30 28,094.62 25,234.20 2,860.42 –
Trade payables 29,860.55 29,860.55 29,860.55 – –
31,155.32 31,155.32 31,155.32 – –
Lease liabilities 1,852.99 2,549.89 300.28 1,393.69 855.92
1,824.90 2,588.36 295.52 1,223.79 1,069.05
Other financial liabilities 1,672.61 1,672.61 1,672.61 – –
607.79 607.79 607.79 – –
Derivative financial liabilities 34.15 34.15 34.15 – –
17.58 17.58 17.58 – –
Note- Figures in italics relates to previous year.
Credit Risk
Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company.
To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial
condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk
limits are set accordingly.
Financial assets are provided for when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Company. The Company categorises a loan or receivable for provision as per provisioning policy of
the Company. Where loans or receivables have been provided, the Company continues to engage in enforcement activity to
attempt to recover the receivable due. Where recoveries are made, these are recognized in the Statement of Profit and Loss.
Trade receivables are primarily unsecured and are derived from revenue earned from customers. Credit risk is managed
through credit approvals, establishing credit limits and by continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. As per simplified approach, the Company makes
provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default payments and
makes appropriate provisions at each reporting date whenever is for longer period and involves higher risk. On account of
adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. Refer note 8 for
movement for "Allowances for credit losses".
(d) Foreign Currency exposure as at 31 March 2024 (` lakh)
Financial Assets
Trade Receivables 3,007.34 2,031.68 — 624.14 — 5,663.16
Bank balance in Current account 37.00 — — 28.42 — 65.42
Trade Payables (4,524.76) (259.13) (1,415.43) (3.07) (122.18) (6,324.57)
Loan in Foreign Currency — — — — — —
Net Exposure to Foreign Currency Risk (1,480.42) 1,772.55 (1,415.43) 649.49 (122.18) (595.99)
Foreign Currency exposure as at 31 March 2023

Financial Assets
Trade Receivables 2,883.81 1,612.01 — 1,095.29 — 5,591.11
Bank balance in Current account — — — 1.07 — 1.07
Trade Payables (4,781.47) (214.21) (572.48) (1.84) (387.68) (5,957.68)
Loan in Foreign Currency — (519.86) — (121.25) — (641.11)
Net Exposure to Foreign Currency Risk (1,897.66) 877.94 (572.48) 973.27 (387.68) (1,006.61)
129
(e) Sensitivity Analysis

1% increase or decrease in foreign currency exchange rates will have the following impact on profit before tax
(` lakh)
Particulars April 2023 to March 2024 April 2022 to March 2023
1% Increase 1% decrease 1% Increase 1% decrease
USD (14.80) 14.80 (18.98) 18.98
EUR 17.73 (17.73) 8.78 (8.78)
JPY (14.15) 14.15 (5.72) 5.72
GBP 6.49 (6.49) 9.73 (9.73)
Others (1.22) 1.22 (3.88) 3.88
Increase / (decrease) in profit (5.95) 5.95 (10.07) 10.07
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company's exposure to risk of changes in market interest rates relates primarily to the Company's
debt interest obligation.
The exposure of the Company's floating debt interest obligation and its sensitive analysis are as follows: (` lakh)
(f) Company’s debt obligation (Floating rates) 15,346.34 26,309.30
Sensitivity analysis assuming the amount of the liability outstanding at the year end was outstanding for the whole year:
If interest rate had been 25 basis point higher/ lower and all other variables held constant, the company's profit before tax for
the ended 31 March 2024 would decrease/ increase by Rs.38.37 Lakhs (Previous year - Rs.65.77 Lakhs). This is mainly
attributable to the company's exposure to interest rates on its floating rate borrowings.
(g) Securities price risk
Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded prices.
The Company is not an active investor in equity markets; it continues to hold certain investments in equity for long term value
accretion which are accordingly measured at fair value through Other Comprehensive Income. The value of investments in
such equity instruments as at 31 March 2024 is Rs.144.79 Lakhs (Previous year - Rs.160.96 Lakhs). Accordingly, fair value
fluctuations arising from market volatility is recognised in Other Comprehensive Income.
34 Capital management
The Company's capital management is intended to safeguard its ability to continue as a going concern so that it creates value for
shareholders and benefits other stakeholders by facilitating the achievement of long term and short term goals of the Company.
The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short
term strategic investment and expansion plans. The funding needs are met through cash generated from operations, long term and
short term bank borrowings.
The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of overall debt portfolio of the
Company.
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances and other financial assets.
The table below summarises the capital, net debt and net debt equity ratio of the Company. (` lakh)
As at As at
31 March 2024 31 March 2023
Total borrowings (including Lease Liabilities) 17,199.33 28,134.20
Less: Cash and cash equivalents and Others balances with bank (refer note 9 & 10) 3,404.81 40.78
Net Debt 13,794.52 28,093.42
Equity 92,321.21 72,924.18
Total Capital (Equity + Net Debt) 1,06,115.73 1,01,017.60
Net Debt to Equity Ratio 0.15 0.39
130
TRL
(` lakh)
35 Note on Revenue desegregation India Out side India Total
Sale of products 1,87,623.94 31,904.77 2,19,528.71
1,69,948.68 31,906.07 2,01,854.75
Income from sale of services 28,498.90 4.99 28,503.89
24,368.33 5.65 24,373.98
Other operating revenue 2,081.85 150.39 2,232.24
2,470.14 283.38 2,753.52
Total revenue from operations 2,18,204.69 32,060.15 2,50,264.84
1,96,787.15 32,195.10 2,28,982.25
Figures in italics relates to previous year.
Revenue Reconciliation April 2023 to April 2022 to
Total Revenue 2,51,390.39 2,29,945.12
Less: variable consideration (Cash Discount) 1,125.55 962.87
Total revenue from operations 2,50,264.84 2,28,982.25
The Company’s performance obligations are satisfied on delivery of product or service to the customer. Delivery of product
completes when the products have been shipped or delivered to the specific location, of the customer, as the case may be. Delivery
of service completes on receipt of confirmation from customer.
The Company does not have any contracts where the period between the transfer of the promised goods or services to the
customer and payments by the customer exceeds one year and hence, there are no significant financing component included in
such contracts.
36 Contract Liability
At at As at
31 March 2024 31 March 2023
(` lakhs) (` lakhs)
Receivables, which are included in 'trade receivable' 37047.03 33726.1
Contract liabilities 2185.79 702.42
The contract liabilities primarily relates to advance received from customers for supply of goods and services and includes amount
invoiced during the year but not recognised as revenue i.e. deferred revenue.
The Company has recognised Revenue from Sale of products and Income from sale of Services amounting to Rs. 570.46 Lakhs
(Previous year: Rs. 672.21 lakhs) during the year ended 31 March 2024 against the advance received from customer which was
outstanding as on 31 March 2023. Further, deferred revenue recognised during the year Rs. 1,128.81 lakhs (Previous year-Nil).
37 Assets held-for- sale

The Company is having 4.94 acres of land at Salem amounting Rs. 3.38 lakhs. Out of this, 1.2375 acres of land amounting Rs 0.85
lakhs was sold during the current year with a profit of Rs.4359.15 lakhs and the Company is committed to sell the remaing land by
end of FY 2024-25.
131
38 Related Party Disclosures

a) List of related parties of TRL Krosaki Refractories Limited
Sl. Name Country of % of Equity Interest
No. Incorporation
i) Parent Entity (Holding company)
Krosaki Harima Corporation Japan 77.62 77.62
ii) Associate Companies
TRL Krosaki Asia Pte Limited Singapore 37 37
Almora Magnesite Limited India 39 39
iii) Entity having significant influence over holding
Company (Ultimate Holding Company)
Nippon Steel Corporation Japan
iv) Subsidiary of Nippon Steel Corporation
Nippon Steel India Pvt Ltd India
Nippon Steel Engineering India Pvt. Ltd. India
Sanyo Special Steel Co. Ltd Japan
v) Fellow Subsidiaries
TRL Krosaki China Limited China
Krosaki Harima Europe B.V. Netherland
Krosaki USA Inc.(KUI) USA
Krosaki AMR Refractories S.A. Spain
Refractaria, S.A. Spain
vi) Associate of Krosaki Harima Corporation
IFGL Refractories Limited (IFGL) (upto 30th June, 2022) India
vii) Joint Venture of Subsidiary of Nippon Steel Corporation
Arcelor Mittal Nippon Steel India Limited India
Sanyo Special Steel Manufacturing India Pvt. Ltd. India
viii) Key Managerial Personnel
(i) Directors
Mr. H. M. Nerurkar (Chairman)
Mr. P. K. Naik (Managing Director) (w.e.f. 1st May, 2024)
Mr. P. B. Panda (Managing Director) (upto 30th April, 2024)
Mr. P. V. Bhide
Mr. R. Ranganath Rao
Mr. Hisatake Okumura
Mr. Asaya Sachihiko
Mr. Jumpei Konishi
Ms. Ai Iwasaki (w.e.f. 20th September, 2022)
Mr. Chaitanya Bhanu (w.e.f. 20th September, 2022)
Mr. Anirban Dasgupta
Mr. Sudhanshu Pathak (upto 1st August,2022)
Ms. Shuang Zhu (upto 19th September, 2022)
(ii) Other than Directors
Mr. Bhagaban Parida (Vice President (Finance) & CFO (w.e.f. 1st March, 2024)
Mr. M. V. Rao (Executive Vice President (Finance) & CFO) (upto 29th February,2024)
Mr. Asim Kumar Meher (Company Secretary)
xii) Relative of Key Managerial Personnel
Mr. Dinabandhu Panda
xiii) Employees' Benefit Plans
TRL Krosaki Refractories Limited Provident Fund
TRL Krosaki Refractories Limited Superannuation Fund
TRL Krosaki Refractories Limited Gratuity Fund
Note:
(1) The list contains those related parties with whom the Company has transactions during the current or previous year
132
TRL
(` lakh)
b) Transactions with Related Parties
Particulars Holding Subsidiaries & Subsidiaries of Associates of Key Managerial

Company Associates of the ultimate Holding the Company Personal and
Holding company and it's relative
company Joint Ventures
Purchase of Raw Materials and goods 3,027.09 6,422.41 1,522.08 285.95 —
2,218.34 5,150.23 — 301.14 —
Sales and Services 913.99 3,339.86 7,024.27 — —
833.51 3,614.96 6,241.25 12.39 —
Receiving of Services 28.68 — — — —
126.93 — — — —
Reimbursement of Expenses & liabilities 54.32 26.62 — — —
329.35 15.59 — — —
Royalty 1,262.05 — — — —
1,138.54 — — — —
Dividend paid 3,650.14 — — — 0.02
2,433.43 — — — 0.02
Outstanding Balance -Debtors 140.29 1,543.72 1,239.80 — —
124.68 2,181.32 526.54 12.39 —
Loans and advances recovered — — — — 0.25
— — — — 0.60
Outstanding Loan Balance (Refer Note f below) — — — — —
— — — — 0.25
Creditors 1,865.49 278.69 — 18.21 —
1,079.89 342.39 — 19.49 —
Loans and Advances Given — — 73.08 — —
— — — — —
Short term employee benefits (Refer Note b and d below) — — — — 716.58
— — — — 520.68
Post employment benefits — — — — 80.80
— — — — 79.73
Other long-term benefits — — — — 14.92
— — — — 27.04
Outstanding Short-term employee benefits — — — — 17.56
— — — — 11.06
Outstanding Post employment benefits — — — — 308.20
— — — — 267.97
Outstanding Other long-term benefits — — — — 151.57
— — — — 136.65
Commission — — — — 115.00
— — — — 85.00
Transactions presented above are inclusive of goods and services tax (GST).
Terms and conditions of transactions with related parties
(a) All related party transactions entered during the year were in ordinary course of the business and are at arm’s length basis and for the year ended 31
March 2024 the Company has not recorded any impairment of receivables relating to amounts owed by related parties (Previous year: nil). This
assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party
operates
(b) The above employee benefits include the value of perquisites as defined under the Income Tax Act, 1961.
(c) During the year, the Company has contributed Rs.1,618.40 Lakhs (Previous year: Rs.1,476.44 Lakhs) to the post employment benefit plans to the Trusts
managed by the Company.
(d) It includes Sitting fees paid / payable to Directors. Sitting fees of all nominated directors has been paid to respective nominee companies (Previous Year:
Sitting Fees of all nominated directors has been to respective nominee companies except Mr. Sudhansu Pathak Rs 1.30 lakhs and Mr. Chaitanya Bhanu
Rs. 1.50 lakhs)
(e) Figures in italics represent comparative figures of the previous year.
133
39 Additional Information as per Part II of Schedule III, Companies Act, 2013

Name of the Entity Net Assets Share in profit or loss Share in other Share in total
comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated Rs. in lakhs consolidated Rs. in lakhs consolidated Rs. in lakhs total Rs. in lakhs
net assets profit and loss comprehensive comprehensive
income income
Parent: TRL Krosaki
Refractories Limited 97.64% 90,141.22 99.15% 24,123.79 100.00% (231.46) 99.14% 23,892.33
Associate (Foreign):
TRL Krosaki Asia Pte. Ltd. 2.09% 1,926.82 0.74% 180.02 0.00% — 0.75% 180.02
Associate (Indian):
Almora Magnesite Ltd 0.27% 253.17 0.11% 27.18 0.00% — 0.11% 27.18
Total 100.00% 92,321.21 100.00% 24,330.99 100.00% (231.46) 100.00% 24,099.53
40 Earnings per Share (EPS)

EPS is calculated by dividing the profit attributable to the equity shareholders by the average number of shares outstanding
during the year. The basic and diluted earnings per share has been calculated below :
(` lakh)
a) Profit after Tax 24,330.99 15,826.79
b) Profit attributable to Equity Share Holders 24,330.99 15,826.79
c) Weighted average number of Equity Shares outstanding during the year 209.00 209.00
d) Nominal Value per share 10 10
e) Basic / diluted Earning per Equity Share 116.42 75.73
CIN-U26921OR1958PLC000349

(DIN : 00265887) (DIN : 10563545)
sd/- sd/- sd/-

Partner EVP (Finance) & CFO Company Secretary
134
TRL
Notes to Consolidated Financial Statements for the year ended 31 March 2024 (continued)
Form AOC-I
(Pursuant to sub-section (3) of section 129 of the Companies Act, 2013, related to associate and joint ventures)
Part “A”: Subsidiaries NA

Part “B”: Associates
Name of Associates TRL Krosaki Asia Pte Ltd Almora Magnesite Limited
1. Latest audited Balance Sheet Date 31 March,2023 31 March,2023
2. Date on which the associate was associated or acquired 5 December, 2016 30 March, 1973
3. Reporting Currency CNY INR
4. Share of Associate by the Company on the year end :
Number 48,07,584 77,990
Amount of Investment (Rs. In Lakhs) 1,382.62 77.99
Extent of Holding ( in percentage ) 37.00% 38.995%
5. Description of how there is significant influence Controls more than 20% Controls more than 20%
of the total share capital of the total share capital
6. Reason why the associate is not consolidated NA NA
7. Networth attribute to share holding as per latest

audited Balance Sheet 3,106.17 333.12
8. Profit or Loss for the year :
i) Considered in Consolidation 180.02 27.18
ii) Not Considered in Consolidation — —
Names of Associates or Joint Ventures which are yet to commence Operations : NIL
Names of Associates or Joint Ventures which have been liquidated or sold during the year : NIL
135
Route Map to the AGM Venue
TRL KROSAKI
HOSPITAL
KROSAKI
HOUSE
TRL
TRL
TRL KROSAKI REFRACTORIES LIMITED
136
TRL
Registered Office: Belpahar, Dist.: Jharsuguda, Odisha- 768218.
Tel.: +91 6645 258417, Corporate Identification No. :(CIN) - U26921OR1958PLC000349
Website: www.trlkrosaki.com , Email: asim.meher@trlkrosaki.com
Attendance Slip
(To be presented at the entrance)
65TH ANNUAL GENERAL MEETING ON WEDNESDAY, 18TH SEPTEMBER, 2024 AT 01.00 PM IST
At Registered Office: Belpahar, Dist.: Jharsuguda, Odisha- 768218.
Folio No. _______________________________ DP ID No. ___________________ Client ID No. ________________________

Name of the Member: _________________________________________________ Signature: __________________________
Name of the Proxyholder: ______________________________________________ Signature: __________________________
I hereby record my presence at the 65th Annual General Meeting of the Company held on Wednesday, 18th September, 2024 at
01.00 PM IST at Registered Office P.O. Belpahar, Dist.: Jharsuguda, Odisha-768218.
1. Only Members/Proxyholder can attend the Meeting.
2. Member/Proxyholder should bring his/her copy of the annual report for reference at the meeting.
TRL
Registered Office: Belpahar, Dist.: Jharsuguda, Odisha- 768218.
Tel.: +91 6645 258417, Corporate Identification No. :(CIN) - U26921OR1958PLC000349
Website: www.trlkrosaki.com , Email: asim.meher@trlkrosaki.com
Proxy Form
[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014]
Name of the Member(s): __________________________________________________________________________________
Registered Address: _____________________________________________________________________________________
E-mail Id: ______________________________________________________________________________________________
Folio No. /Client ID No. ___________________________________ DP ID No. ____________________________________
I/We, being the member(s) of ________________________ Equity Shares of TRL Krosaki Refractories Limited, hereby appoint
1. Name: _____________________________________________ E-mail Id: ____________________________________
Address: ___________________________________________
___________________________________________________ Signature: _________________________ or failing him
2. Name: _____________________________________________ E-mail Id: ____________________________________
Address: ___________________________________________
___________________________________________________ Signature: _________________________ or failing him
3. Name: ____________________________________________ E-mail Id: ____________________________________
Address: ___________________________________________
__________________________________________________ Signature: ____________________________________
As my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 65th Annual General Meeting of the Company
to be held on Wednesday, 18th September, 2024 at 01.00 PM IST at Registered Office P.O. Belpahar, Dist.: Jharsuguda,
Odisha-768218 and at any adjournment thereof in respect of such resolutions as are indicated overleaf:
137
**I wish the above proxy to vote in the manner as indicated in the box below:
Resolution Resolution For Against

No.
Ordinary Business
1 Consider and adopt the Audited Standalone Financial Statements for the financial year ended 31st
March 2024 and the Reports of the Board of Directors and Auditors thereon.
2 Consider and adopt the Audited Consolidated Financial Statements for the financial year ended
31st March 2024 and the Reports of the Auditors thereon.
3 Declaration of dividend on Ordinary (equity) Shares for Financial Year 2023-24.
4 Appointment of Director in place of Mr. Sachihiko Asaya (DIN: 09043344), who retires by rotation
and being eligible, seeks re-appointment.
Special Business
5 Retirement of Mr. Jumpei Konishi (DIN: 09152493), who retires by rotation in this Annual General
Meeting.
6&7 Appointment of Mr. Prasanta Kumar Naik (DIN: 10563545), as Director, Managing Director and Key
Managerial Personnel (“KMP”)
8&9 Appointment of Mr. Sunanda Sengupta (DIN: 07983587) as Director, Whole Time Director
(Executive Director) and Key Managerial Personnel (”KMP”)
10 Approval of Remuneration of Cost Auditors for financial year ending on 31st March 2025.
AFFIX
Signed this _____________________day of ___________________2024 Revenue
Stamp of
Signature of Shareholder _________________________________Signature of Proxyholder(s)____________________________

Notes:
1. This form of Proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company P.O. Belpahar,
Dist.: Jharsuguda, Odisha-768218 not less than 48 hours before the commencement of the Meeting.
**2. This is only optional, please put a ‘3’ in the appropriate column against the resolution indicated in the Box. If you leave the ‘For ’ or ‘Against’
column blank against any or all the resolutions, your proxy will be entitled to vote in the manner as he/she thinks appropriate.
3. Appointing proxy does not prevent a member from attending in person if he/she so wishes.
4. In case of joint holders, the signature of any one holder will be sufficient, but names of all the joint holders should be stated .
To,
Registered Office :
P.O. Belpahar,
Dist. Jharsuguda-768218
Odisha
Updation of Shareholders Information
I/We request you to record the following information against my/our Folio No.:
General Information:
Folio No.:
Name of the first named Shareholder:
PAN:*
CIN/Registration No.:*
(applicable to Corporate Shareholders)
Tel. No. with STD Code:
Mobile No.:
E-mail id:
*Self-attested copy of the document(s) enclosed.
Bank Details:
IFSC:
(11 digit)
Bank A/c Type:
Bank A/c No.: *
Name of the Bank:
Bank Branch Address:
*A blank cancelled cheque is enclosed to enable verification of bank details.
I/We hereby declare that the particulars given above are correct and complete. If the transaction is delayed
because of incomplete or incorrect information, I/We would not hold the Company responsible. I/We undertake
to inform any subsequent changes in the above particulars as and when the changes take place. I/We
understand that the above details shall be maintained till I/We hold the securities under the above mentioned
Folio Number.
Place:
Date:
_________________________
Signature of Sole/First holder
139
To,
Depository Participant
Updation of Shareholders Information

I/We request you to record the following information against my/our Folio No./DP ID/Client ID:
General Information:
Folio No. / DP Id / Client Id :
Name of the first named Shareholder:
PAN:*
CIN/Registration No.:*
(applicable to Corporate Shareholders)
Tel. No. with STD Code:
Mobile No.:
E-mail id:
*Self-attested copy of the document(s) enclosed.
Bank Details:
IFSC:
(11 digit)
Bank A/c Type:
Bank A/c No.: *
Name of the Bank:
Bank Branch Address:
*A blank cancelled cheque is enclosed to enable verification of bank details.
I/We hereby declare that the particulars given above are correct and complete. If the transaction is delayed
because of incomplete or incorrect information, I/We would not hold the Company/RTA responsible. I/We
undertake to inform any subsequent changes in the above particulars as and when the changes take place. I/We
understand that the above details shall be maintained till I/We hold the securities under the above mentioned
Folio No.
Place:
Date:
_________________________
Signature of Sole/First holder
Note : Shareholders holding shares in physical mode and having Folio No(s) should provide the above
information to TRL Krosaki Refractories Ltd. Shareholders holding Demat shares are required to update their
details with the Depositary Participant.

class 10 refraction

Uploaded by

Copyright:

Available Formats

class 10 refraction

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

class 10 refraction

Uploaded by

Copyright:

Available Formats

TRL

Sixty-fifth Annual Report 2023 - 24

Directors' Report .....................................................................................................................13

Management Discussion and Analysis ..................................................................................30

Corporate Governance Report ...............................................................................................32

Standalone Financial Statement

Independent Auditors' Report ................................................................................................40

Annexure to the Auditors' Report ...........................................................................................43

Balance Sheet ........................................................................................................................48

Statement of Profit & Loss .....................................................................................................49

Statement of Changes in Equity .............................................................................................50

Statement Cash Flow .............................................................................................................51

Accounting Policies ................................................................................................................65

Consolidated Financial Statement

Independent Auditors' Report on Consolidated Financial Statements ...................................89

Consolidated Balance Sheet...................................................................................................94

Consolidated Statement of Profit & Loss ...............................................................................95

Consolidated Statement of Changes in Equity .......................................................................96

Consolidated Statement of Cash Flow ...................................................................................97

Consolidated Accounting Policies..........................................................................................111

Mr. Bhagaban Parida VP (Finance) and Chief Financial Officer

Mr. Asim Kumar Meher Company Secretary

Registered Office At/Po: Belpahar

Principal Bankers State Bank of India

Auditors BSR & Co. LLP

Secretarial Auditors Ashok Mishra & Associates

Cost Auditors Saroj K. Babu & Co.

Item No. 1 – Adoption of Audited Standalone Financial Statements

Item No. 2 – Adoption of Audited Consolidated Financial Statements

Item No. 3 – Declaration of Dividend

Item No. 4 – Appointment of a Director

Item No. 5 – Retirement of a Director

Item No. 6 - Appointment of Mr. Prasanta Kumar Naik (DIN:10563545) as Director

Item No. 8 – Appointment of Mr. Sunanda Sengupta (DIN: 07983587) as Director

Item No. 10 – Approval of Remuneration of Cost Auditors

Statement pursuant to Section 102(1) of the Companies Act, 2013 (“Act”)

Item No. 6 & 7:

Item No. 10.

Date of Birth 11.10.1964 03.05.1971 10.05.1967

Date of the first appointment 01.05.2024 02.08.2024 16.03.2021

Qualifications M. Tech (Applied Geology) B. Tech (Ceramics) Bachelor of Liberal Arts

Number of Board meetings attended

Directorship held in other Indian public

Membership/ Chairmanship of Committees

Shareholding in the Company 100 Shares Nil Nil

2023-24 2022-23 2021-22 2020-21 2019-20

Turnover 2515.89 2299.15 1923.97 1429.73 1653.76

Depreciation 43.70 38.70 34.31 28.93 26.83

Profit before Taxes 308.84 207.32 136.51 57.14 131.38

Profit After Taxes 241.22 155.28 102.81 44.48 100.69

Shareholders' Funds 899.71 707.83 585.91 497.57 485.94

Borrowings 153.46 263.09 307.52 209.25 233.16

Dividends 59.57 47.03 31.35 13.38 30.31

Dividend - (%) 285 225 150 64 145

Employees - (Numbers) 1507 1437 1395 1427 1458

Financial Results (` Crores)

Gross Revenue 2515.89 2299.15 2515.89 2299.15

Less: Total Expenses 2185.58 2030.39 2185.58 2030.39

Profit before finance cost, depreciation, taxes and

Less: Finance Cost 21.36 22.74 21.36 22.74