Annual Report 202021

ANNUA
R
LEPO
20-
RT
21
TABLE OF
C O N T E N TS
01 | PERFORMANCE HIGHLIGHTS
02 | DIRECTORS’ REPORT
03 | MANAGEMENT DISCUSSION AND ANALYSIS REPORT
04 | REPORT ON CORPORATE GOVERNANCE
05 | AUDITOR’S REPORT
06 | BALANCE SHEET
07 | STATEMENT OF PROFIT AND LOSS ACCOUNT
08 | CASH FLOW STATEMENT
09 | NOTES TO FINANCIAL STATEMENTS
10 | NOTICE TO SHAREHOLDERS
ANNUAL REPORT 2020-21 2

New Launches
MASK UP AND
TAKE ON THE
WORLD!
Presenting our newest range of everyday essentials – face masks.
Designed with a seven-layer filtration system, it keeps 95% of

bacteria and particulate matter at bay – all while ensuring the
same Jockey comfort you have come to know and love. With
enhanced breathability, an ergonomic fit and adjustable nose clip
and ear loops, this range of face masks ensures you are safe,
comfortable, and stylish.
PUT YOUR COOL CAP

ON!
Presenting our latest from the accessories stable
– Caps!
Check out our latest collection of smart & stylish

unisex caps that are designed to fit your style!
Available in trendy colours and cool designs, this
range comes in a variety of fabrics from 100%
cotton to smart synthetics for your everyday semi
casual, casual or sportswear look. Now complete
your outfit with these stylish head gear from Jockey.

Social
Media
2020-21
In a year that saw most of us
confined to our homes Jockey
marketing focused on building
www.jockey.in as a one stop virtual
destination to browse and shop.
Category led campaigns on social
and digital led to significant increase
in followership across platforms as
well as growth in traffic to the
website. Here is a glimpse of some of
the social campaigns and a snapshot
of our followership across platforms.
Jockey India – 99K to 150K followers (+50%)

Jockey Woman – 19K to 28.3K followers 9,43,385 22,000 12,600
(+48%)

Marketing Campaign 2020-
21
TVC

PERFORMANCE HIGHLIGHTS
SALES (` in Millions)
29,455
28,522 28,330
25,520
21,305
17,962
15,434
11,877
8,635
6,834
2011- 2012- 2013- 2014- 2015- 2016- 2017- 2018- 2019-20 2020-21
12 13 14 15 16 17 18 19
EBITDA EBITDA Margin PAT PAT Margin

% %
` `
Million Million
21.2% 21.6% 13.6% 13.8%

19.4 18.6%
18.1 12.5%
%
% 11.7 12.0
% %
6,16
9 3,939
5,406 5,326 5,266
3,470 3,432 3,406
4,132 2,663
2016-17 2017-18 2018-19 2019-20 2020-21 2016-17 2018- 2019-20 2020-21

2017-18 19
*Previous year figures have been regrouped / reclassified, wherever necessary. Excludes other income.

PBT (` in RETURN ON NET WORTH
Millions)
6,0 6 0
51
%
5,17 42%
40% 41
5 4,620 4,534 38%
%
3,948
2016- 2017- 2018- 2019-20 2020-21 2016- 2017- 2018- 2019-20 2020-21
17 18 19 17 18 19
RETURN ON CAPITAL
EPS &
EMPLOYED
DIVIDEND
72%
353 344
58% 31 308
58% 305
55% 55% 1
239 250
16
13
1
97 1
2016- 2017- 2018- 2019-20 2020-21 2016- 2017-18 2018- 2019-20 2020-21
17 18 19 17 19
EPS DIVIDEND
WORKING CAPITAL DAYS

107
96
89
8 78
1 7 70
1 66
60
57
28
1 2
1 19 19
1 1 16
9 8 1
6 9 2
Receivables Inventory Payables Net Working Capital
FY17 FY18 FY19 FY20 FY21

Corporate & Registered Office:
Cessna Business Park, Tower-1, 7th Floor, Umiya Business Bay, Varthur Hobli,
Outer Ring Road, Bengaluru - 560103. Ph: 91-80-4945 4545, Fax: 91-80-4946 5700
www.jockey.in | e-mail : info@jockeyindia.com | CIN#: L18101KA1994PLC016554
Board of Directors
Mr. Sandeep Maini : Chairman, Independent Director
Mr. Sunder : Managing Director
Genomal Mr. V S : Executive Director & Chief Executive Officer
Ganesh : Deputy Managing Director
Mr. Shamir Genomal
Mr. Nari Genomal Non-Executive Director
: Mr. Sanjeev Genomal : Alternate Director
Mr. Ramesh Genomal : Non-Executive Director
Mr. Mark Fedyk Non-Executive
: Director
Mr. G P Albal : Independent Director
Mr. B C Prabhakar : Independent
Ms. Rukmani Menon : Director
Mr. Vikram Shah : Independent Director
Mr. Varun Berry : Independent
Director
Management
Independent Director
Team Mr. : Chief Financial Officer
Chandrasekar K : Sr. VP - Human
Resources
Mr. Minor Ganesan
Mr. C Murugesh : Company Secretary & Compliance Officer
Registrar & Share Transfer Agent Statutory Auditors

Link Intime India Pvt Ltd. S.R. Batliboi & Associates
C 101, 247 Park, L B S Marg, Vikhroli LLP Chartered
West, Mumbai – 400083. Accountants, 12th Floor,
Tel No: +91 22 49186000 | Fax: +91 22 Canberra Block, No. 24,
49186060 Vittal Mallya Road,
e-mail: rnt.helpdesk@linkintime.co.in Bengaluru - 560001

DIRECTORS’ REPORT Further to the outbreak of COVID19 pandemic and its
rapid expansion, government was constrained to resort
Your Directors take pleasure in presenting the 26th to extraordinary restrictive measures, such as strict
Annual Report of the Company together with its lockdowns which were extended to the entire country
audited accounts for the year ended 31st March 2021. since March 2020. In view of these restrictive measures
including lock-downs, our manufacturing facilities and
FINANCIAL RESULTS offices had been temporarily shut down, adversely
impacting the revenue and business operations of the
Financial results for the year under review are Company. As a responsible corporate citizen with a
summarised below: deep sense of empathy, your Company had taken all
(` in Millions, except earnings per measures to ensure that all of its employees were
share)
Particulars 2020-21 2019-20 retained, despite adverse business environment. Your
company has taken every measure to ensure that all
Revenue from operations (net) 28,330 29,455
workers and staffs were paid wages and salaries well
Profit before Interest, Depreciation & Tax 5,460 5,573 on-time, significantly mitigating the adverse impact of
the pandemic on our workforce.
Less: Finance Cost 297 339
With the government relaxing restrictive measures,
Profit before Depreciation and Tax 5,163 5,234
your Company’s operations and sales partially resumed
Less: Depreciation 629 614 from mid of May 2020. Your Company’s effective and
Profit before Tax 4,534 4,620
efficient Business Continuity Plans ensured that its
teams adapted and responded well during the
Less: Tax 1,128 1,188 pandemic, delivering significant growth in the second
Profit for the year 3,406 3,432 half of the financial year. As a result, the Company
delivered the highest ever revenues and profits in its
Other comprehensive income, net of tax 33 -33
history, during the third quarter of this year.
Total Comprehensive income, net of tax 3,439 3,399
Retained earnings- Opening Balance 6,935 6,486

Your Company’s cash flow situation continues to be
healthy even during this pandemic year, with borrowing
Profit for the year 3,406 3,432 being nil. The Company has business continuity plans
Less: in place, which ensures adequate inventory of raw
materials and finished goods. Your Company has
Impact - Adoption of Ind AS 116 + Deferred tax - 234 achieved healthy growth in the e-commerce channel
and in the athleisure and kids’ product categories.
Interim Dividends+Tax 2,789 2716
DIVIDEND
Re-measurement (+/-) on defined benefit plans (33) 33
During the year 2020-21, your Directors have declared
Transfer to any reserve - - interim dividends on 12th November 2020 (Interim
Retained earnings- Closing Balance 7,585 6,935 dividend of ` 100 per share) and 10th February 2021
(Interim dividend of ` 150 per share) on an equity
Earnings per share (Basic / Diluted) (`) 305.35 307.72
share value of ` 10 each amounting to ` 2,789 million.
In total, two interim dividends have been declared and
FINANCIAL HIGHLIGHTS & paid. The Board has not recommended any final
PERFORMANCE dividend.
The Dividend Distribution Policy, in terms of
Regulation 43A of the Securities and Exchange
Your Directors wish to inform that during the financial
Board of India (Listing Obligations and Disclosure
year ended 31st March 2021 the revenue from operations
Requirements) Regulations, 2015 (“SEBI
of the Company decreased from ` 29,455 million Listing
Regulations”) is available on the Company’s website on
to https://www.pageind.com/policies-documents
` 28,330 million a de-growth of 3.8%. The profit before
tax for the year under review stood at ` 4,534 million Dividends have been accounted as per IND AS, as
as against ` 4,620 million of last year. The profit for detailed in “Statement of Change in Equity” of the
the year stood at ` 3,406 million as against ` 3,432 financial statement.
million of the previous year.

JOCKEY (iii) planning; and (iv) putting in place an execution
framework. The sustainability journey is guided by a
Jockey brand is distributed across 2,800+ cities and
Steering Committee. The sustainability drive has
towns. The products are sold through Exclusive Brand
specific focus areas and there is a committee with
Outlets (EBO), Large Format Stores (LFS) and Multi
mission and unit team heads leading the effort in each
Brand Outlets (MBO), as well as online. Across the
focus area and at each unit of manufacturing. We have
above channels, the brand is present in 80,000+
now adopted a sustainability culture in all aspects of
stores.
our business.
During the year 2020-21, the Company through its Focus Areas of Action
authorised franchisees opened 200 EBOs, taking the
In accordance with the GRI (Global Reporting Initiative)
total number of EBOs to 930 which includes 46 ‘Jockey
Standards, we have conducted the materiality
Woman’ EBOs catering exclusively to our women
assessment to evaluate high priority areas amongst
customers. These outlets are spread throughout India
environmental, social, governance and financial
covering even Tier II and Tier III cities. This is an
parameters. With the recognition of the high scope of
indicator of the growth potential of the Jockey brand
sustainability in business, we have broadened the focus
in such cities.
areas to include 9 material topics, tagged as missions,
Apart from the domestic EBOs, the Company has for the financial year 2020-21.
six operational EBOs outside India, four in UAE (with The 9 material topics or focus areas and respective
another two stores in progress) and two in Sri Lanka. mission heads are as follows-
Your company is confident of leveraging opportunities
in these new markets. Governance
• Economic Performance
The online retail business has also showed significant
• Governance, Compliance and Risk
growth both through www.jockey.in as well as with our
SPEEDO
key e-commerce partners. Social
• Responsible Supply Chain
Swimwear industry witnessed a significant impact
• Product Stewardship
owing to the COVID-19 lockdowns, during most of the
• Diversity and Equal Opportunity
entire financial year 2020-21. Restrictions are still in
place for swimming pools in many apartment • Occupational Health and Safety
complexes and pools in clubs, hotels and schools. The
Speedo brand has achieved a turnover of ` 26 million Environment
in the financial year 2020-21 as against previous year • Energy and GHG Emissions
sales of ` 354 million. As on 31st March 2021, Speedo • Materials and
brand is available in 1,300+ stores, 34 EBOs and 15
• Water and Effluents
Large Format Stores spread across 230+ cities.
Goals with respect to all focus areas and roadmaps to
Studies on the swimming market in India by global
achieve them have been established for all material
marketing research firm, AC Nielsen, commissioned
topics based on their significance and feasibility.
by us, shows a promising and fast evolving market for
both swimwear and swim equipment. Your Directors Initiatives such as (i) Restricted Substances List (RSL)
are confident that the Speedo business would policy, (ii) WASH (Access to safe Water, Sanitation
experience healthy growth in the years to come as and Hygiene) Pledge by the World Business Council
Speedo becomes a dominant brand in the premium Development, (iii) Extended producer responsibility
swimwear market. (EPR) to achieve 100% recycling of packaging as well
INTEGRATING A SUSTAINABLE as production plastic waste, (iv) Conversion to green
TRANSFORMATION acid from acetic acid during production and (v) Water
and energy conservation steps, which have been taken
We have initiated integration of sustainability across
by us, demonstrate our objective of maintaining high
the value chain of our business by (i) recognizing its
standards of health and safety and environment-
scope and relevance; (ii) articulating our approach and
friendly practices along the value chain.

Stakeholder Engagement
Stakeholder engagement is critical for an effective and
comprehensive implementation of sustainability across
different departments. Cross-functional groups with
stakeholders from various departments were formed
for each of the missions in order to obtain a holistic
approach in decision-making. This cross- functional
team involves leadership team, department heads and
staff at the head office and units. Visits to all units were
conducted to understand the scope of operational
improvements and to interact with unit staff. To develop
constant interaction and discussions on the status and
progress of the sustainability missions, regular
meetings of mission and unit team members with
JOCKEY DHL facility at
consultants as well as steering committee meetings
Attibele
are held. Capacity building and training sessions of
sustainability teams at both unit and head office levels
have been conducted to engage and broaden the
employees’ knowledge about various sustainability
parameters.
To make the sustainability project more inclusive, we
have taken the initiative to spread awareness about the
importance of sustainability at the shop floor.
For more information on our sustainability performance

and report, please refer to the Sustainability Report
available at: https://www.pageind.com/sustainability-r
eport
EXPANSION AND NEW INVESTMENTS
To meet the growing market demand, we are geared
Warehousing facility at Hassan up to augment our production capacity. Our installed
capacity across various units is spread over 2.20 million
sft. across 15 manufacturing units and 5 finished
goods warehouses.
The Company is adding 1 lakh sft in Hassan,

Karnataka for raw material storage, raw material
quality and elastic preparatory processes. The facility
is expected to be commissioned in the second half of
FY22
In Odisha, IDCO has allotted 28.8 acres of land in

Ramdaspur Village in Cuttack District. The Company
will set up a manufacturing facility for Men’s innerwear-
Modern Classic vertical. The facility shall be a state-of-
the-art campus with Central Stores, Elastics, Socks and
Cut to pack manufacturing operations. The project has
Proposed Manufacturing facility at Cuttack, Odisha

been awarded to renowned contractors to build and
meet IGBC certification. Ground levelling activity has
been progressing well and the project is expected to
be completed by March’23.
Project ‘AARAMBH’- Smart distribution

center for finished goods
The Company has also embarked on its journey with
3PL Warehouse Outsourcing model with one of the
trusted partner - DHL at Attibele- Anekal MCS facility.
It is catering to both our E-commerce & Channel
Distribution business requirements. Spread across 2
Lakh Sft., the warehouses are built with best-in-class
infrastructure at par with global industry standards.
Project ‘AARAMBH’ This is (i) Company’s first mechatronic warehouse for
Channel Distribution with minimal human intervention
through seamless integration of processes &
technology implementation; and (ii) Best in class E-
com warehousing model to cater seamless order
processing with focus on service quality and speed to
market along with improved inventory accuracy and
productivity.
Technology, Process Improvement and
Modernization
Supply chain planning tool: Project SCORE-BlueYonder:
As part of our progress through digitization we are in
the final stage of implementation of the enterprise
planning tool ‘BlueYonder’. With this, our agility and
nimbleness in various areas of demand forecasting,
customer
responsiveness, improved fulfillment, productivity
NABL Accreditation Lab facility at improvement, cost improvement
Hassan and
optimization shall be a reality. inventor
y
Lab Accreditation: The Company has always focused
on the quality of its processes, inputs and products.
In this regard, we have been making investment in our
supply chain, equipment and in training and developing
our associates. Our Hassan Unit Lab was granted
NABL Accreditation in its maiden attempt for 22
quality test parameters.
Floor management system: We have successfully

completed piloting the digital factory initiative in our
Hassan facility. With this initiative we can have real
time data, interventions and multi-tier reports on key
manufacturing activities like skill deployment, WIP
management, efficiency tracking, online inventory
management, skill inventory initiatives, down time
Floor Management System tracking and reduction.

Socks Automation: To cater the Kids socks market,
we have added ten imported knitting machines. These
machine comes with latest auto toe link technology for
a seamless toe line.
Narrow tape dyeing: To meet the growing demand for

Jockey Women’s products we have added a latest tape
dyeing machine in our existing Hassan tape dyeing
unit.
As part of our modernization, we have added a best in

class auto cutter at our Bangalore Manufacturing
As we continue to drive manufacturing excellence, we
facility.
are delighted to inform that we won the prestigious
‘ABK-AOTS Dosokai’ Category award for Textile
Auto Toe Link Socks Machines Industry for implementation of 5S initiatives in the
Company. Our Units have participated in various
categories of the competition and bagged trophies
and awards.
ENVIRONMENT, HEALTH AND SAFETY
We are an environment friendly organization and all
our units have complied pro-actively with all applicable
environment related laws, both in letter and spirit.
At Page Industries Limited, safety and health of our

employees are extremely important, and we remain
committed to building and maintaining a safe and
healthy workplace. All our employees have
demonstrated their commitment to maintain a safe
and healthy workplace.
During the year under review, your Company has
Tape dyeing facility at won four-star rating CII EHS (SR) award for Unit 12 &
Hassan 17 and also won gold rating SHE (Safety, Health and
Environment) award by ABK – AOTS for units 17 & 21.
Environment: Our Environment, Health & Safety (EHS)

strategies are directed towards safe and
environmentally responsible operations across all our
manufacturing sites by optimizing natural resource
usage and providing a safe and healthy workplace.
Ventilation survey has been carried out in all units to
ensure that adequate fresh air prevails inside the
manufacturing premises.
We pro-actively adhere to “Hazardous & Other waste
(Management & Transboundary Movement)
Amendment Rules, 2019” & “E - Waste (Management)
Rules, 2016” for handing used oil, waste oil, oil-soaked
cotton waste, oil filters & E – waste and disposal
Best in class Auto cutter through vendors authorized by Pollution Control
facility Board.

Chemical Management System: Further to Chemical In addition to testing of pressure vessels, lifting tools
Management Study carried out last year, the Company and equipment, we have replaced portable boilers with
has adopted a Chemical Management policy with central electric boiler.
objective of eliminating the use of hazardous
chemicals, purchase of Non - Restricted Substances At all our manufacturing sites, Road Safety Week,
List chemicals, safe use & storage of chemicals and National Safety Week, Environmental Day and Fire
proper disposal of used/expired chemicals. Chemical Safety Day were observed to promote health and
alternate assessment is being carried out to replace safety awareness. Emergency evacuation drills and
Restricted Substances List chemicals. The Company’s training on firefighting were conducted.
Chemical Management process is audited using Zero
Discharge of Hazardous Chemicals (ZDHC) tool. The A comprehensive EHS training module has been
Company is in the process of enrolling with ZDHC developed for (i) EHS Operations and Control, (ii)
programme. Occupational Health and Safety, (iii) Fire Safety, (iv)
WASH (water, sanitation, hygiene) guideline has been Electrical Safety, (v) Environmental Protection and
developed to maintain uniform WASH standards across (vi) Chemical Management. At all manufacturing units,
all manufacturing units. WASH self-assessment annual training plans have been conducted to ensure
checklist was created for effective implementation. To uniform and systematic EHS training.
create awareness, WASH posters on importance on
water, sanitation and hygiene have been displayed at For all new projects, design layouts of fire hydrant
prominent places, in Units / Offices. To ensure further system, fire alarm system and electrical installations are
penetration of the significance of WASH, reviewed to ensure that all safety procedures are in
announcements are also being made through the PA place at implementation stage itself.
system.
Health: The health and wellness of our employees The following are the important activities carried out
is always a priority. Numerous health and wellness as part of safety measures: (i) Insulation of fire hydrant
programs were conducted across all Units and Offices pumps and panels (ii) Hydrant valves in pump room
to promote good health and hygiene habits. In addition are kept intact under lock and key to ensure entry of
to the routine awareness programs and check-ups the authorized person only (iii) All emergency exit doors
following have been undertaken this year: were painted red for easy identification (iv) All duct
and cable passageways were filled with fire sealant to
• Covid-19 testing camps were conducted restrict spread of fire (v) Battery storage area was
for employees in the Manufacturing Units separated from UPS and panel using fire rates bison
• boards and
Covid- 19 Vaccination drive was conducted within
(vi) Openings in the transformer yard were filled with
the Manufacturing Unit facilities to vaccinate
fire rated material.
employees above the age of 45+
•
Covid-19 Precautionary Measures
The Company doctors are providing free medical
consultation for Covid-19 infected persons in the Your Company has taken extensive steps to control
units and prescribing medication the spread of covid-19. A detailed standard operating
• Risk assessment with respect to health was carried procedure was framed and strictly adhered. (i) To track
out to ensure that activities carried out by the SOP implementation across all locations, audits were
conducted (ii) Regular awareness is being given via
employees is not affecting their health and
direct communication at shop floor via PA system and
• Ergonomic risk assessment was also carried out to
posters
mitigate and eliminate ergonomic related injuries.
(iii) Installed touch-free hand sanitizer dispensers, foot-
Safety: We are inculcating a safety culture by adopting operated taps, leg-operated doors or sliding doors as
EHS standards that incorporate best standards, codes well as marking attendance using proximity cards (iv)
and practices, and are verifying the same through Ensured Social distancing markings wherever required
regular audits. (v) Re-designed Seating arrangements to ensure social
distancing (vii) Regular disinfection across all areas,
were

carried out (viii) PPE kits were provided to personnel Another brand health study conducted by another
carrying out disinfection (ix) All employees and staff research agency, Kantar IMRB measured the Brand
are instructed to wear masks at all times (x) Equity of the Jockey brand using a propriety tool
Emergency response team ensured proper called ‘Brand Spring’ (a composite of ‘to what extent
management of covid-19 cases (xi) Temporary consumers are familiar with the brand’ and “what
quarantine room was set-up (xii) Regular Temperature the consumers’ reaction is to the brand”). The
checks were conducted and (xiii) Separate entry and results were very encouraging and showed a Brand
exit was set-up. Spring score of 56 for Men’s products and 55 for
The Company has a dedicated Compliance team to Women’s products , far higher than any other brand
ensure strict compliances of applicable statutory and in the respective categories.
regulatory statutes. As a part of audit, the team will
also carryout surprise compliance audit and based on With the continued support from Jockey International,
the audit, scoring will be given to each unit. The best USA, Speedo International, UK, and access to ideas,
unit will be rewarded every year. Automated trends and innovations from forty other Jockey
compliance tool is in place to track routine international licensees throughout the world, our
compliances like filing of returns and reports.
long-term commitment to newness and innovation
We have in place an Internal Complaints Committee will never waver, be it in product, technology up-
(ICC) in compliance with the Sexual Harassment gradation, back-end processes or marketing. With
of Women at Workplace (Prevention, Prohibition our strong in-house product development, back-end
and Redressal) Act 2013. The committee members capabilities, manufacturing expertise and state of the
routinely meet employees, conduct awareness art technology that is continuously evolving, combined
sessions and deal with complaints, if any, promptly
with a very strong distribution network, we remain
and in a transparent manner. We have not received
optimistic about the prospects and expect continued
any complaint related to sexual harassment of
healthy sales growth and profitability in the coming
women at our workplace during the year under
review. years, further consolidating our position in the
premium market for Innerwear, Athleisure, Socks,
PROSPECTS Swimwear & Swim equipment.
We are highly encouraged by the enduring strong

HUMAN RESOURCES/INDUSTRIAL
brand equity, image and leadership of the Jockey
RELATIONS
brand and the rising strength of the Speedo brand in
their respective markets. We will continue our A detailed section on Human Resources/Industrial
unrelenting endeavor to satisfy consumers with the Relations is provided in the Management Discussion
finest products in terms of style, design, comfort, fit and Analysis Report, which forms part of this Annual
and quality in all verticals: - Jockey Men’s, Women’s Report.
and Kid’s Innerwear, Athleisure, Socks and Accessories, BOARD OF DIRECTORS AND KEY
as well as Speedo Swimwear and Swim related MANAGEMENT PERSONNEL
equipment. During the year under review, five Board Meetings and
The Jockey brand continues to live up to the results of four Audit Committee Meetings were duly convened
an independent ‘brand health’ study carried out earlier and held; the details of which are given in the
by Nielsen Research Agency which rated the Jockey Corporate Governance Report along with the details of
Brand Health in India among the most powerful brands composition, category, dates of the meeting,
in their research experience across all categories. The attendance and such other details.
research involved fourteen cities across all four zones in
The Board of Directors consists of a balanced profile
the nation. Jockey brand scored a Brand Equity Index of
of members, having specializing in, different fields that
4.6 on a scale of ten in the Men’s Innerwear category
enables it to address the various business needs of
and 2.9 in the Women’s innerwear category. To put
the company, while placing very strong emphasis on
things in perspective, worldwide only 23% of brands
corporate governance.
across all product categories score a Brand Equity Index
3.0 or over on a scale of ten and only 8% of brands
score 5.0 and above. Jockey India Brand Equity Index
scores were way above all other brands in both the
Men’s and Women’s Innerwear categories. ANNUAL REPORT 2020-21 15
DIRECTORS 12th February 2016, on the recommendation of
Nomination and Remuneration Committee, appointed
Retirement of Mr. Pradeep Jaipuria, Independent
Mr. Ticku as CEO and thereafter, on 25th May 2017
Director
elevated him as “ED & CEO” entrusting him with higher
Mr. Pradeep Jaipuria [DIN:00121685] was Chairman of responsibilities. He has served the organisation for
Board of the Company since 11ht February 2011. The around 24 years in various capacities providing support
second term of Mr. Pradeep Jaipuria, as an and guidance to all facets of the organisation.
Independent Director of the Company was ended on
During his tenure, he has provided valuable leadership
10th February 2021, accordingly, he ceased to be a
to the Senior Executives and their respective teams.
Director of the Company. The Board placed on record
Under his leadership, the Company has made many
its sincere appreciation, commending the contribution
notable achievements which are reflected in the
of Mr. Pradeep Jaipuria.
Company’s current position and its performance. Mr.
Appointment of Mr. Sandeep Maini as Chairman of the Ticku leaves an exceptionally talented team in place
Board and the business in an excellent position for its
In the place of Mr. Pradeep Jaipuria [DIN:00121685], the continued growth.
Board has unanimously passed a resolution to appoint The Board accepted the resignation of ED & CEO
Mr. Sandeep Maini [DIN: 01568787], Independent effective from the close of business hours on 31st May,
Director as Chairman of the Board, effective from 11ht 2021. The Board has also expressed its gratitude for the
February 2021.of Mr. Mark Fedyk in place of Mr. Tim
Appointment invaluable contribution made by Mr. Ticku during his
Wheeler association with the company.
As per the recommendation of M/s. Jockey Appointment of Mr. V S Ganesh as Executive Director &
International, Inc., the Board of Directors at its meeting Chief Executive Officer
held on 12th November 2020 appointed Mr. Mark Fedyk
Based on recommendation of the Nomination and
[DIN: 08927892], President & COO of Jockey
Remuneration Committee, the Board of Directors, at
International as additional director under Non-
its meeting held on 22nd February 2021, unanimously
Executive category in place of Mr. Tim Wheeler [DIN:
appointed Mr. V S Ganesh [DIN: 07822261] as
00863237]. Mr. Mark Fedyk shall hold the office up to
“Executive Director & Chief Executive Officer” of the
the date of the ensuing Annual General Meeting. The
Company for a period of 5 years effective 1st June
notice under section 160(1) of the Companies Act,
2021 subject to the approval of Shareholders at the
2013 has been received from a shareholder signifying
ensuing Annual General Meeting.
his intention to propose Mr. Mark Fedyk Director of
the Company. The Board recommends his appointment Re-appointment of Managing Director
at the ensuing AGM. At the 21st AGM of the Company, the members of the
Mr. Tim Wheeler was on the Board of Directors since
Company appointed Mr. Sunder Genomal
29th September 2006. The Board placed on record its
[DIN:00109720] as Managing Director for a period of 5
deep appreciation for his contributions.
years up to 31st July 2021. Considering his valuable
contribution to the growth of the Company, the
Resignation of Mr. Vedji Ticku, Executive Director &
Nomination and Remuneration Committee and Board of
Chief Executive Officer
Directors at their meeting held on 27th May 2021 have
Mr. Vedji Ticku [DIN: 07822283], Executive Director & recommended to re-appoint Mr. Sunder Genomal as
Chief Executive Officer has submitted his resignation Managing Director of the Company for another term of
letter on 16th February 2021, owing to personal 5 years commencing from 1st August 2021 to 31st July
commitments. Mr. Ticku joined the Company on 7th May 2026. Mr. Genomal’s reappointment is placed for
1997 as Regional Sales Manager. Recognizing his hard shareholders’ approval at the ensuing Annual General
work and dedication, the Company had been regularly Meeting.
Retirement by Rotation
entrusting him with higher position(s) with additional
As per the provisions of the Companies Act 2013 and
responsibilities. Appreciating his leadership skills and
the Articles of Association of the Company, Mr.
timely delivery of KRAs assigned to him, the Board of
Sunder
Directors at their meeting held on

Genomal [DIN: 00109720] and Mr. Nari Genomal [DIN: a policy for selection, appointment of Directors and
00568562], Directors of the Company will be retiring Senior Management and to fix their remuneration. The
by rotation at the ensuing AGM and being eligible, have Nomination and Remuneration Policy is available in the
offered themselves for re-appointment. Company’s website,
https://www.pageind.com/policies- documents. The
The details pursuant to Regulation 36(3) of SEBI
salient features of the policy is provided in the
(Listing Obligations and Disclosure Requirements)
Corporate Governance report.
Regulations 2015 relating to appointment and re-
During the year under review, the non-executive
appointment of directors at the AGM are provided in
directors of the Company had no pecuniary
the Notice to the members.
relationship or transactions with the Company, other
During the year under review, the Board of Directors than sitting fees and remuneration under section 195
appointed Mr. Sanjeev Genomal as alternate director to of the Companies Act, 2013 and reimbursement of
Mr. Nari Genomal expenses, if any.
Corporate Social Responsibility
Key Managerial Personnel
Annual Report on Corporate Social Responsibility
In Compliance with Section 203 of the Companies
(CSR) containing composition of CSR Committee and
Act 2013, the Board of Directors of Company has the
its terms of policy is provided in Annexure-I. The CSR
following Key Managerial Personnel:
policy of the Company is available on the Company’s
1. Mr. Sunder Genomal, Managing Director; website on
2. Mr. Vedji Ticku, CEO (till 31st May 2021); https://www.pageind.com/policies-documents
We have partnered with Grassroots Research and
3. Mr. Ganesh V S, CEO (from 1st June 2021);
Advocacy Movement (GRAAM) to identify and spend
4. Mr. Shamir Genomal, Deputy Managing Director; the CSR monetary allocation wisely and effectively
5. Mr. Chandrasekar K, Chief Financial Officer; and towards a good and noble cause in a sustainable
6. Mr. C Murugesh, Company Secretary. manner.
The following CSR activities have been carried out
Committees of the Board of Directors during the year under review:
• An Integrated Education and Child Development
The Company has constituted the following
committees in compliance with the Companies Act Program,
2013 and SEBI (Listing Obligations and Disclosure • An Initiative for Youth Development,
Requirements) Regulations 2015: • Contribution to PM Relief Fund,
• Covid-19 awareness program and
1. Audit Committee;
• Healthcare program.
2. Nomination and Remuneration Committee;
3. Stakeholders Relationship Committee; Due to pandemic, during the year under review, the
Company was not able to spend the required CSR
4. Risk management Committee; and
amount, as primary and secondary schools were
5. Corporate Social Responsibility (CSR) Committee. closed. We have spent allocated budget on the
The brief description, composition and other required identified CSR Projects and would enhance our
details of the above committees are provided in the spending in the subsequent years by exploring further
Corporate Governance section of this Annual Report. avenues which will be in line with our CSR Policy.
During the year under review, the Board of Directors During the year under review, the company has spent
have accepted all the recommendations of the above an amount of ` 62.58 million against a prescribed
Committees. amount of ` 105.35 million. The unspent CSR amount
Nomination and Remuneration Policy of ` 42.77 million has been transferred to Unspent
Corporate Social Responsibility Account as per
The Board has, on the recommendation of the section 135(6) of the Companies Act 2013.
Nomination and Remuneration Committee, framed

Evaluation of Board of Directors, as approved by the Board is available on the website
Committees and Directors at https://www.pageind.com/policies-documents.
The related party transaction in AOC-2 is marked as
Pursuant to the provisions of the Act, Annexure-II.
Companies
2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board has carried Related party transactions pursuant to the SEBI(LODR)
out an annual performance evaluation of its own Regulations 2015 and the Companies Act 2013 are
performance, performance of directors individually provided in notes to the Financial statements.
and working of the Board Committees. The manner of
evaluation is explained in the Corporate Governance Risk Management
Report. Independent Directors met separately to
Risk Management is an ongoing process within the
evaluate the Non-Independent Directors and Chairman
Organization. We have a robust risk management
of the Board. Your Directors expressed their
framework to identify, monitor and minimize risks.
satisfaction with the evaluation results.
The Board has a policy to oversee the risk mitigation
Vigil Mechanism / Whistle Blower Policy performed by the executive management, which
includes identification, assessment, monitoring and
The Company has constituted a Vigil mechanism /
reporting of risks. The major risk and mitigation plans
Whistle Blower mechanism to report genuine concerns
have been explained in the Management Discussion
about unethical behavior, actual or suspected fraud. The
and Analysis Report. During the year under review, a
details are explained in the Corporate Governance
meeting was conducted to review the Risk
Report. The Policy is available on the Website of the
Management framework.
Company at
https://www.pageind.com/policies-documents.
Ratio of remuneration
Details / Disclosures of Ratio of Remuneration to each
All the complaints received during the year under review
Director to the median employee’s remuneration and of
have been dealt with appropriately under the above
employees pursuant to Section 197(12) of the
policy. The Company has not received any serious
Companies Act 2013, read with rule 5 of the
complaint under Vigil mechanism / Whistle Blower
Companies (Appointment and Remuneration of
policy during the year under review.
Managerial Personnel) Rules, 2014, are provided in
Related party transactions
Annexure-III.
All related party transactions that were entered Business Responsibility Reporting
during the financial year were at arm’s length basis
Business Responsibility Reporting is provided in the
and were in the ordinary course of business. There
Annexure -IV
was no materially significant related party transaction
made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons,
Deposits
which may have a potential conflict with the interest The Company has not accepted any deposits during
of the Company at large. the year under review. There is no outstanding
deposit as on 31st March 2021.
All Related Party Transactions were placed before the
Audit Committee and the Board for approval. Prior Particulars of Loans, Guarantees or
omnibus approval of the Audit Committee has been Investments
obtained for the transactions which are of foreseen and
Disclosure on particulars of loans and investments are
repetitive nature. The transactions entered, pursuant to
provided in notes to the financial statements.
the omnibus approval so granted, are placed before
the Audit Committee and the Board of Directors for Significant and Material Orders Passed
their approval on a quarterly basis. by the Regulators or Courts
The Company has framed a Related Party Transactions No significant and material orders were passed by the
policy for identification and monitoring of such regulators or courts or tribunals impacting the going
transactions. The policy on Related Party Transactions concern status and Company’s future operations.

No material changes and commitments affecting Companies (Appointment and Remuneration of
the financial position of the Company have occurred Managerial Personnel) Rules, 2014, the Board of
between the end of the financial year and date of Directors has appointed Mr. R Vijayakumar, Company
report. Secretary in Practice [FCS-6418; COP- 8667] to
undertake the Secretarial Audit of the Company.
Implementation of Corporate action: The Company
has declared two interim dividends, which were duly The Report of the Secretarial Audit Report forms part
implemented. of this Annual report marked as Annexure- V.
Details on Unclaimed dividends and transfer of shares The Statutory and Secretarial Auditors reports to the
to IEPF are provided in the Corporate Governance shareholders for the year under review do not contain
Report. any materially significant qualification, reservation,
adverse remark or disclaimer.
During the year under review applicable Secretarial
Standards return
Annual have been duly complied with. Cost Records and Cost Audit: - For the year under
review, maintenance of cost records and the cost
Pursuant to Section 92(3) read with Section
auditing is not applicable pursuant to Notification
134(3)(a) of the Act,
G.S.R.01(E) dated 31st December 2014.
is available the Annual
Return on
https://www.pageind.com/other-compliances the
Company’s
CORPORATE GOVERNANCE
Listing website on We are committed to maintaining the highest standards of
corporate governance. The report on corporate
Shares of the Company are listed in the Bombay Stock
governance as stipulated in the SEBI (Listing Obligations
Exchange Limited, Mumbai (BSE) and National Stock
and Disclosure Requirements) Regulations 2015 forms part
Exchange of India Limited, Mumbai (NSE) and the
of the annual report. A certificate from the Practicing
listing fees have been duly paid.
Company Secretary regarding compliance of conditions of
Unclaimed Shares Suspense Account
Corporate Governance is also annexed to the report on
There are no shares remaining unclaimed and lying in Corporate Governance.
the escrow account. MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
AUDITORS
Management Discussion and Analysis Report is
Statutory Auditors: - At the 21st AGM, the members of enclosed as part of this Annual Report.
the Company, appointed M/s. S.R. Batliboi &
Internal Control System and Adequacy
Associates LLP, Chartered Accountants, Bengaluru
(Firm Registration No. 101049W / E300004) as The details are provided in the Management Discussion
Statutory Auditor of the Company for a term of 5 Analysis.
years commencing from the conclusion of 21st AGM till
the conclusion 26th AGM, accordingly, they hold office ENERGY, TECHNOLOGY AND FOREIGN
upto the conclusion of the ensuing 26th Annual General EXCHANGE
Meeting of the Company.
Information on conservation of energy, technology
The Audit Committee and the Board, unanimously, absorption, foreign exchange earnings and outgo,
recommends another term of 5 years as set out in the pursuant to Section 134(3)(m) of the Companies Act,
ordinary resolution no.4 of the notice to the 2013 read with the Companies (Accounts) Rules, 2014:
shareholders, considering their credentials and also
a. Conservation of Energy
based on the evaluation of the quality of audit work
done by the statutory auditors. Your Company continually takes steps to absorb and
adopt the latest technologies and innovations in the
The Auditors have not reported any fraud under
Garment Industry. These initiatives should enable the
section 143 (12) of the Companies Act, 2013.
facilities to become more efficient and productive as
Secretarial Auditor: - Pursuant to the provisions of the company expands, thus helping to conserve
Section 204 of the Companies Act, 2013 and the energy.

Our commitment to reduce energy consumption is • They had selected such accounting policies and
achieved through installation of energy efficient applied them consistently and made judgments and
fixtures, clutch motors to sewing machines, and power estimates that are reasonable and prudent to give a
factor optimization initiatives among others. All true and fair view of the of the company at the end
machinery and equipment are being continuously of the financial year and of the profit of the
serviced, updated and overhauled to maintain them in company for that period;
good and energy efficient condition. This resulted in • They had taken proper and sufficient care for the
consumption of lesser energy. maintenance of adequate accounting records in
Conservation of Energy continues to receive accordance with the provisions of this Act for
increased emphasis at all units of the Company. safeguarding the assets of the company and for
Energy audits and Inter-unit studies are carried out preventing and detecting fraud and other
on a regular basis for analyzing and taking steps for irregularities;
reduction of energy consumption. • They had prepared the annual accounts on a going
concern basis;
Various energy saving measures have been initiated like
energy audit, solar power, LED, servo motors, solar • They had laid down internal financial controls to
tube, VFD Compressors and Harmonic filters. be followed by the company and that such internal
financial controls are adequate and were operating
b. Technology Absorption, Adaptation and effectively;
Innovation - Research and Development
• They had devised proper systems to ensure
In addition to product development and raw material compliance with the provisions of all applicable laws
development which continue to be strengthened, and that such systems were adequate and
Research and Development activities on fashion DECLARATION OF INDEPENDENT
operating effectively.
designing are carried out on an on-going basis. DIRECTOR
Adopting technologies with state-of-art systems and
machineries like PLM software, automated cutting The Company has received declaration from
machine, automated fabric inspection machines, etc., Independent Directors of the Company that they meet
the quality of the products and efficiency of the with the criteria of their Independence laid down in
systems have substantially improved. Applying these Section 149 of the Companies Act, 2013 and
technologies has helped keep costs of production SEBI(LODR) Regulations 2015.
under control. INDUSTRIAL RELATIONS
Real time data capturing through RFID/Proximity Cards Industrial relations are cordial at all levels and your
in manufacturing, being an area where we are focused Directors sincerely acknowledge the exemplary
on now, shall help us in building innovative efficiencies. dedication of all its employees.
The nature of activities of the Company does not AWARDS AND ACCOLADES
warrant any exclusive R&D department.
1. During the year, the Company was granted the
c. Foreign Exchange Earnings and Outgo prestigious ‘ABK-AOTS Dosokai’ Category award for
Foreign exchange earnings during the year were ` 178 Textile Industry for implementation of 5S initiatives
in the Company.
million from exports to Sri Lanka, Nepal and UAE.
Outflow owing to royalty, import of raw materials, 2. During the year, Hassan Unit Lab was granted in its
machinery, spares etc. amounted to ` 2027 million. first attempt, the esteemed NABL Accreditation.
DIRECTORS’ RESPONSIBILITY 3. During the year under review, your Company won
four-star rating and received the CII EHS (SR)
STATEMENT award for Unit 12 & 17. These units also won the
In compliance of Section 134(5) of the Companies Act, Gold Rating by ABKOTS for SHE(Safety, Health and
2013, the Directors of your Company confirm that: Environment).
• In the preparation of the annual accounts, the 4. In 2019, the Company has received an award from
Debra Waller, Chairman of the Board & CEO of
applicable accounting standards had been followed
Jockey International, honouring 25 years of strong
along with proper explanation relating to material partnership.
departures;

5. Mr. Sunder Genomal, Managing Director, received 19.The Company has received the award for the
“Economic Times Awards 2018 - Emerging Company of ‘Outstanding Advancement of the Jockey Global Retail
the Year” on behalf of Page Industries Ltd. Mr. Image’ by Jockey International in 2015.
Venkaiah Naidu, Honorable Vice-President of India and
20.The Company has received the award for the ‘Best %
Mr. Arun Jaitley, the then Finance Minister, presented
Wholesale Growth in 2013’ by Speedo International in
the award.
2015.
6. Mr. Sunder Genomal, Managing Director, was awarded
21.Brand Jockey has won the award for the Buzziest
“EY Entrepreneur of the year 2017” Award in the
Brand in Apparel | Fashion | Accessories for 2015. This
Consumer Products & Retail category. A distinguished
award has been given by the Advertising and
nine-member jury led by Mr. Dilip Shanghvi, Managing
Marketing fraternity through a voting panel of eminent
Director, Sun Pharmaceuticals selected the winners
personalities as well as advertising professionals and
from India.
brand marketers.
7. Mr. Vedji Ticku, Executive Director & CEO, received the
22.It is matter of great pride that in recognition of the
‘Decadal Award’ on behalf of Page Industries Limited
Company’s efforts, Business Standard has selected
at the 10th edition of the CNBC TV18 Emerging India
your Company as the best performer in the SME
Awards event.
Sector for 2012.The award was handed over to Mr.
8. Mr. Sunder Genomal, Managing Director, featured in Sunder Genomal, Managing Director by the Honorable
INDIA’S BEST CEOs’ list released by Business Today in President of India.
January 2017. This renowned study was jointly
23.The Company has received the award for the
conducted by Business Today and PwC.
‘Outstanding Advancement of the Jockey Global
9. The Company has been awarded the International Image’ by Jockey International in 2012.
licensee of the year award by Jockey International Inc
24.The “Licensee of the Decade” award was granted to
(USA) for the years 2005, 2009, 2013 and 2016.
the Company by Jockey International Inc (USA) in
10.Mr. Pius Thomas, Executive Director – Finance had been 2010 in recognition of the Company’s record growth
chosen by an eminent Jury– as the winner in the year after year, offering world class products and
“Sustained Wealth Creation”- Medium Category at the maintaining global quality standards across all
YES Bank Business World Best CFO Award 2016. operations.
Honorable Minister of Railways Suresh Prabhu and
25.As a recognition of our corporate best practices, we
Chairman of TERI, Shri Ashok Chawla presented the
award. are certified by the USA based WRAP (Worldwide
GENERAL
Responsible Apparel Production).
11.The Company has received ‘Excellence in Advertising
award 2016’ from Delhi Advertising club in the Your Directors acknowledge the support given by the
category Digital Media and Search marketing Licensors, M/s Jockey International Inc., USA, and M/s
campaign. Speedo International Limited, UK as well as all our
12.The Company has received ‘Creative ABBY Award business associates. The Board also wishes to place on
2016’ for Digital Search category for brand Jockey record their sincere thanks and appreciation to the
from Advertising Agencies Association of India. Central Government, Karnataka State Government, Odisha
13.The Company has received ‘Best Global Marketing State Government and various other State Governments,
Campaign award 2016’ from Speedo International. bankers, suppliers, distributors and all other stakeholders,
14.The Company has received ‘Outstanding Growth & including the wholehearted dedication and cooperation
Expansion of Jockey Retail Stores’ award from Jockey extended by the employees at all levels.
International in 2016.
15.Mr. Sunder Genomal, Managing Director, received the By Order of the Board For and on behalf of the Board
award for INDIA’S BEST CEO (Textiles) 2015 during the of Directors
fourth edition of the Business Today Best CEO Awards
held in December 2015 at New Delhi. Sunder Genomal Vedji Ticku
Managing Director Executive Director &
16.Mr. Pius Thomas, Executive Director – Finance has been
chosen by an eminent Jury –Chaired by former RBI (DIN: 00109720) CEO (DIN: 07822283)
Deputy Governor Mr. Subir Gokarn – as the winner in the Bangalore
Sustained Wealth Creation Medium Category at the fifth 27th May,
Business Today- YES Bank Best CFO Awards in 2015. 2021
17.Jockey International has felicitated Page Industries
Limited for ‘twenty years of service and dedication to
the Jockey brand’ in 2015.
18.The Company has been awarded by Jockey International
for ‘the Outstanding Marketing of the Jockey brand’ in
2015.
ANNEXURE – I: REPORT ON CORPORATE SOCIAL RESPONSIBILITY
1. Brief outline on CSR Policy of the Company: The Company’s intent to make a positive difference to the society.
The Company has adopted CSR as a strategic tool for sustainable growth. In the present context, CSR means
not only investment of funds for Social Activity but also Integration of Business processes with Social
processes.
2. Composition of CSR Committee:

Number of meetings Number of meetings of
Designation/Nature
Sl. No. Name of Director of CSR Committee CSR Committee
of Directorship
held during the year attended during the
year
Chairman
1 Mr Sunder Genomal 1 1
Managing Director
Member
2 Mr. Vedji Ticku 1 1
Executive Director & CEO
Member
3 Mr G P Albal 1 1
Independent
Director
Member
4 Mr. B C Prabhakar 1 1
Independent
Director
The CSR meeting was held on 22ndMember
February 2021.
5 Mr. Sandeep Maini 1 1
Independentof CSR
3. Provide the web-link where Composition 5. Details of the amount available for set off in
committee, CSR Policy and CSR Director
projects approved pursuance of sub-rule (3) of rule 7 of the
by the board are disclosed on the website of the Companies (Corporate Social responsibility Policy)
company: Rules, 2014 and amount required for set off for the
https://www.pageind.com/policies-documents financial year, if any - Nil
4. Provide the details of Impact assessment of CSR 6. Average net profit of the company as per section
projects carried out in pursuance of sub-rule (3) of 135(5): ` 5267 Million
rule 8 of the Companies (Corporate Social
responsibility Policy) Rules, 2014, if applicable : Not
Applicable for the financial year under review.
7.
(a) Two percent of average net profit of the company as per section 135(5): ` 105 Million
(b) Surplus arising out of the CSR projects or programmes or activities of

Nil
the previous financial years
(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). ` 105 Million
8. (a) CSR amount spent or unspent for the financial

year:
Amount Unspent (` in Million)
Total Amount
Spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under
Financial CSR Account as per section 135(6). Schedule VII as per second proviso to section
Year. (` in 135(5).
Million) Amount. Date of transfer. Name of the Fund Amount. Date of transfer.
62.58 42.77 29 April 2021

th
- - -
(b) Details of CSR amount spent against ongoing projects for the financial
year:
(1) (2) (3) (4) (5) (6)
Sl. Name of the Project. Item from the Local Location of the project. Project
No. list of activities area duration
State District / Location
in Schedule VII (Yes/No)
to the Act. .
1. An Integrated Education Yes Karnataka Bangalore, On going

Education and Child Mysuru, Hassan, project
Development Chikkaballapur,
Program Tiptur and KR Pet
(7) (8) (9) (10) (11)
Amount Amount Amount Mode of Mode of Implementation -Through

allocated for the spent in transferred to Implementatio Implementing Agency
project. the Unspent CSR n Direct (Yes /
Name CSR Registration
current Account for the No).
number
financial project as per
Year (` in Section 135
Million). (6) (` in
Million).
Approx ` 400 4.97 42.77 No Grassroots Research NA
Million over the and Advocacy
period of 3 Movement (GRAAM)
years.
(c) Details of CSR amount spent against other than ongoing projects for the financial
year:
(1) (2) (3) (4) (5)
Sl. Name of the Project Item from the list Local area Location of the project.
No. of activities in (Yes/
State. District.
schedule VII to the No).
Act.
1 Education project for Education Yes Karnataka Bangalore
under privileged
2 Healthcare for needy Medical Yes Karnataka Bangalore

people of the society
3 Education for needy people Education Yes Karnataka Bangalore
4 Medical expenses for Medical Yes Karnataka Bangalore

heart surgery of needy
person
5 Tribal community Tribal education Yes Karnataka Mysore
students education
6 Prime Minister’s Prime Minister’s Not Not Not Applicable

National Relief Fund National Relief Fund Applicable Applicable
7 COIVD - mask donation Disaster Yes Karnataka Bangalore, Mysuru,

and awareness program Management Hassan,
Chikkaballapur, Tiptur
and KR Pet
(6) (7) (8)
Amount spent for the Mode of implementation Mode of implementation – Through implementing agency.
project (` in - Direct (Yes/No).
Name. CSR registration number.
Million).
1.24 No AIM for Seva Not Applicable
1.00 No Manipal Foundation Not Applicable
2.19 No Crystal House Not Applicable
1.00 No Have a Heart Foundation Not Applicable
0.30 No Vanavasi Kalyana Karnataka Not Applicable
50.00 Not Applicable Not Applicable Not Applicable
1.88 Yes Not Applicable Not Applicable

TOTAL : 57.61
(d) Amount spent in Administrative Overheads – Nil 11. Specify the reason(s), if the company has failed to
(e) Amount spent on Impact Assessment, if spend two per cent of the average net profit as per
applicable section 135(5):
– Not Applicable Due to pandemic, during the year under review, the
(f) Total amount spent for the Financial Year
(8b+8c+8d+8e) : ` 62.58 Company was not able to spend the required CSR
amount, as primary and secondary schools were
(g)Excess amount for set off, if any - Nil
closed across the academic year. We have spent
9. (a) Details of Unspent CSR amount for the allocated budget on the identified CSR Projects and
preceding three financial years: Not Applicable would enhance our spending in the subsequent
(b) Details of CSR amount spent in the financial years by exploring further avenues which will be in
year for ongoing projects of the preceding line with our CSR Policy.
financial year(s): Not Applicable During the year under review, the company has spent
an amount of ` 62.58 million against a prescribed
10.In case of creation or acquisition of capital asset,
amount of ` 105.35 million. The unspent CSR
furnish the details relating to the asset so created
amount of ` 42.77 million has been transferred to
or acquired through CSR spent in the financial
Unspent Corporate Social Responsibility Account
year(asset-wise details). – Nil during the year
as per section 135(6) of the Companies Act 2013.
(a)Date of creation or acquisition of the capital
asset(s).- NA
Sunder Genomal Vedji Ticku
(b)Amount of CSR spent for creation or acquisition
Managing Director Executive Director
of capital asset - NA
& Chairman of & CEO
(c) Details of the entity or public authority or CSR Committee
beneficiary under whose name such capital asset
(DIN: 00109720) (DIN:
is registered, their address etc- NA 07822283)
(d)Provide details of the capital asset(s) created
Bangalore
or acquired (including complete address and
location of the capital asset) - NA 27th May,
2021

CORPORATE SOCIAL RESPONSIBILITY
The Company has partnered with NGOs to help in the upliftment of the underprivileged communities. The
Company has always been attentive to the needs of the society and helped whenever needed. Page has sharply
focused it’s CSR interventions on the following areas:
• Promote education, including special education and employment enhancing vocational skills and livelihood
enhancement projects
• Promote healthcare including preventive healthcare
• Contribute to Prime Minister’s National Relief Fund
• Provide disaster relief under applicable items in Schedule VII of the CSR Requirements; and
• Provide financial assistance to reputable non-governmental organizations (NGOs) working in any of the above
areas.
1. Sugamya Shiksha
Evening
Since 2015, the Company has partnered with a well
Schoo renowned NGO - GRAAM (Grassroots Research and
Schoo Advocacy Movement) to establish Sugamya Shiksha,
Development S kill Lab
a comprehensive school development program.
Through this program, the Company aims at
enabling public education system by providing
rotec Education quality education and computer skill, enhancing
Environment JOYFUL Support
health & fitness of children, incorporating
LEARNING environment- friendly water, sanitation, hygiene and
energy management practices in government
My Country, Hygiene
schools in and around where we operate, i.e.,
My Pride Bangalore, Mysuru, Hassan, Chikkaballapur, Tiptur
and KR Pet.
Quality & Jockey Fit We began with 3 schools and has scaled to support
Healthy Life Children
over 10,000 students in 35 Schools during 2019-20.
i. Sandhya Shale
This program is focussed on creating a joyful
atmosphere for after-school learning, for students
studying in 5th to 10th standards, through fun-
based learning activities, assistance for homework,
etc. It also provides a safe environment for girls
after school. A total of 3757 boys and girls have
benefited through this program in 2019-20.
ii. Skill Lab

a. Computer Skill Lab
This program is aimed at developing vocational and

life skills in children by making computer education
accessible for students between 5th to 10th
standards. Through this program, 300 computers
have been installed at an average of 15 per school.
Oral healthcare to School children

b. English Lab held viz. Sugamya Kreedotsava - the annual sports
competition wherein approximately 2000 students
As part of Skill Lab, English classes are also conducted.
participated in 14 various events.
88% of the students studying in 5th to 10th standards
attended the additional English classes and last year, Vi. Wash-E (W ater Sanitation Hygiene and
5399 students benefitted from the program which Energy)
focusses on spoken and written English skills. About This program aims at raising awareness on health and
33 spoken English trained facilitators facilitate these hygiene concepts among teachers, students and to
classes. create models of sanitation at the school level. Over
c. Life Skill Lab 200 Toilet seats were maintained by the Wash-E
program in all 35 schools and cleanliness drives are
Children are also introduced to life skills conducted every month in all the schools where
components such as emotional intelligence, self- children clean their classrooms and the school
esteem, different communication skills, negotiation, campus. School gardening at many schools have
critical thinking. About 84.5% of the students been incorporated where children can grow their
studying in 5th to 10th standards have attended own vegetables and contribute to their mid-day
these classes. About 38 trained facilitators involved meal. Additionally, a Rainwater harvesting unit was
in the life skill facilitation benefitting 5849 students installed in Government Higher Primary School
through this program. Kodichikkanahalli, Bangalore as part of the initiative in
iii. Education Support for High School 2019-20.
Children Vii. My Country, My Pride
Supplementary classes for high school students are This program aims at inculcating the spirit of
conducted to help them perform well in nationalism and encourage children to participate in
examinations and enable them to stay in school, nation building activities. 50 different professional
facilitate career counselling and provide exposure like, doctors, farmers, forest department officials,
to opportunities.
Coaching programs for Math/English/Science etc., were part of the MCMP program.
support 90% of high
a. Education Support school children, benefitting Viii. Integrated Energy Solutions for Schools
those students who needed coaching in these
subjects. Adoption of alternative and integrated solutions for
addressing natural resource deficiency is
b. Career Guidance encouraged at school level. Students are provided
The career
flexible guidance
thinking program
in children and focuses on topreparing
are taught look at first-hand experience and exposure to alternative
their future through the lens of success. Career energy resources and how to harness them.
Guidance sessions are initiated in all Government High
Schools considering various topics like Time iX. School Development Project
Management, Stress Management, Concentration & This program ensures greater participation of
Memorization techniques and examination communities
SDMC (Schoolin school development
Development and by educating
Monitoring
preparation. Committees) on their responsibilities for sustenance
iV. Chirayu of these developments in the long run.
This program is aimed at providing health a. Makkala Samsath

education, awareness and support to the children 60 SDMC workshops were conducted and SDMC
with medical issues. Last year our focus was on members were taken to model schools for
aiding oral healthcare among children. 5388 exposure visit. About Rs 5 lacks worth of
children underwent dental screening by qualified materials contributed by SDMC members for the
doctors and every school had three screening school development
sessions followed by counselling of parents and b. Teacher Conferences
students. 459 children were also referred to
A two-day Teachers’ Conference was organised
hospitals for higher treatments such as root canal,
by GRAAM with the objective of providing a
etc.
V. Jockey Fit Children (JFC)
common platform
educationists, for learning
academicians andamong teachers,
administrators
This program aims at enhancing health and physical in order to bring out a strategy for overall
fitness of children in order to make them healthy development of education system in the state.
individuals, mentally and physically, and to make 120 participants from 38 government primary
them a positive force in the society. 18 specialist and secondary schools of six districts in
coaches were assigned to train 1815 children in Karnataka attended the conference.
various sports.
District and State level sports competitions were

2. Christel House
The Company has also partnered with M/s Christel
House. Christel House was established in 1998 with
a mission to transform the lives of children from
marginalized and low-income families, breaking the
cycle of poverty to build self-sufficient, contributing
members of society. The Christel House model
focuses on providing good education and a strong
character development program to underprivileged
children complemented with regular health care,
nutritious meals, guidance counselling, career
planning, family assistance and scholarships to
pursue university education and finally job
placements.
Since the beginning of lockdown in March 2020, the
Covid 19- Grocery
distribution Christel House schools have been closed
temporarily due to the pandemic. Relief Kits
containing packages of groceries, vegetables,
soaps and face masks were distributed at regular
intervals to families of students as well as to out-
of-work migrant labours in the neighbourhood. So
far, over 15,000 Relief Kits have been distributed
benefiting the poor families in distress due to the
pandemic.
During the period of lockdown and extended school

holidays, we witnessed a dramatic increase in
domestic violence and trauma faced by our
students. In an attempt to address these challenges
and ensure the safety of the students, Christel
House teachers, school counsellors and social
workers are providing telephonic and online
Student at their community counselling sessions for the students. Our social
workers visit every student’s home once a week to
3. Have Ain-person
provide Heart support.
Foundation
As part of CSR, the company has been contributing
to an NGO ‘Have A Heart Foundation’ to render
quality health care and education services to the
persons who cannot afford to undergo lifesaving
heart surgery and basic education. Since January
2006, a total of 13,800 cardiovascular surgeries
were performed. Last few years, around 60% of
surgeries account to pediatric cases (below 18
years old). Also, more than 250 Scoliosis surgeries
were supported (complex spine surgery with an
average cost of Rs. 5,00,000/- at subsidized cost).
It also supports 500 children by providing
education aid every year.
Students working on their worksheets during Covid

4. Aim for Seva
The All India Movement for Seva (AIM for Seva) is a
NGO helps rural and tribal kids tackle challenges of
access to schools, due to lack of proximity. This is
done through establishing a unique concept of a
Free Student Home (FSH), which is set up close to a
school, ensuring easy access to the school. This
unique concept came about after an in-depth
analysis and understanding of the challenges in rural
India ...be it the commute, domestic pressure or lack
of extra-curricular activities. Bringing the school to
the child’s doorstep, enhancing the quality of
education, providing life skills, and creating an
environment that’s conducive to learning. It has also
succeeded in bringing down the school dropout
Cultural festival at Free Student rate of these children.
Home
5. COVID: Mask, Medicines and Oxygen
Concentrators Distribution
The Company has sponsored medicines, Oxygen
concentrators and over a lakh masks to government
hospitals and government authorities. This initiative
was widely appreciated by communities benefitted.
Further, in association with Govt Officials made road
shows to create awareness on Covid-19. Awareness
on Covid-19 and Do’s and Don’ts for Covid related
safety was imparted and face masks were
distributed to the public for free
6. Manipal Foundation
Page Industries Limited, as part of its CSR initiative,
has been contributing to ‘Manipal Foundation’ in
carrying out surgeries for children with Airway &
Swallowing disorder. These children require highly
Oxygen Concentrators & Medicines supply to Govt
Hospital skilled care to re-establish the airway by performing
relatively expensive
procedures. Manipal & foundation,
complicated through
reconstructive
its
Children’s Airway & Swallowing Centre has been
rendering this service to the society for over two
decades. In order to ensure that these services
reach the disadvantaged groups, it also builds
Private- Public Partnership to help patients from
Government Children’s Hospitals.
7. Vanavasi Kalyana Karnataka

The Company has started extended supporting
to another NGO ‘Vanavasi Kalyana Karnataka
(VKK)’ in uplifting the tribal community from their
social and education backwardness. VKK works
for the overall development of Tribal community
particularly in providing free education, medical aid,
skill development and sports training, for over
three decades.
Masks Supplied to Govt Vaccine store at Tumkur

ANNEXURE – II: FORM NO. AOC.2
(Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013
including certain arms length transactions under third proviso thereto
1 Details of contracts or arrangements or transactions not at arm’s length basis: Nil
2 (i)Details of material contracts or arrangement or transactions at arm’s length basis: Nil

(ii)Details of contracts or arrangement or transactions at arm’s length basis:
a Name(s) of the Page Garments Exports Mr. Rohan Genomal Mrs. BCP Associates, P and B Mr. Vikram Shah
related party and Private Limited. Mr. Sunder Rukmani Bangalore Associates,
Self
nature of relationship Mr. Sunder Genomal’s Son Menon Bangalore
Mr. B C Prabhakar
Genomal, Mr Nari and Self and Ms. Pooja Ms. Latha
Genomal, Mr. Shamir Prabhakar daughter Prabhakar wife of
Genomal’s of Mr. B.C. Prabhakar Mr. B.C. Prabhakar
Mr. Ramesh Genomal
brother are partners is a partner.
and Mr. Shamir
Genomal
are interested directors
b Nature of contracts/ Purchase of traded goods, Employment Consulting Consulting Charges Legal consultancy IT Consultancy and
arrangements/ sub contract, fixed assets Charges and conducting and support services support service in
transactions etc., training on Prevention on various laws selecting Data Centre
of Sexual Harassment including labour laws co- location service
of women at provider along with SAP
workplace hardware
/ SAP upgradation
project
c Duration of Five years Five years Five years Five years Five years One year with
the contracts/ automatic renewal
arrangements
/ transactions
d Salient terms of Purchase of used plant and Not exceeding Not exceeding Not exceeding ` FY 2020-21 `3.50 Retainership fee : `
the contracts machineries along its `3.00 million per Rs 1.00 1.00 million per Million per annum 0.10 Million per
or accessories (one time) – Limit annum million per annum month
FY 2021-22 `3.10
arrangements not exceeding annum
Million per annum
or `30 Million.
transactions Purchase & sale of garments
including the value, and job work – Not exceeding
if any `50 Million per annum
e Date(s) of approval 23rd June 2020 and 24th May 2019 24th May 2019 8th February 2018 27th May 2021 25th May 2018
by the Board, if any: 10th February 2021
f Amount paid as NIL Sunder Genomal Vedji Ticku

advances, if Managing Executive Director &
any: Director CEO
DIN: 00109720 (DIN: 07822283)

ANNEXURE : III: RATIO OF REMUNERATION
Details / Disclosures of Ratio of Remuneration to each Director to the median employee’s remuneration
Information in accordance with the provisions of Section 197(12) of the Companies Act 2013, read with rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
1. Ratio of the remuneration of each Director to the median remuneration of the Employees of the Company (Ratio) for
the financial year 2020-21 and the percentage increase in remuneration of Directors, Chief Financial Officer and
Company Secretary (%) during the financial year 2020-21:
Name Ratio %
Executive Directors Remuneration as per terms of their appointment
Sunder Genomal, Managing Director 1:106 0.00%
Vedji Ticku, Executive Director & CEO 1:236 -20.83%
Shamir Genomal, Deputy Managing Director 1:70 -20.82%
V S Ganesh, Executive Director- Manufacturing and Operations 1:109 -18.13%
Non-Executive Director remuneration under section 197(1)(ii) of Companies Act, 2013
Pradeep Jaipuria 1:5.5 11.11%
Timothy R Wheeler 1:5.1 10.12%
G P Albal 1:5.1 10.12%
B C Prabhakar 1:5.1 10.12%
Rukmani Menon 1:5.1 10.12%
Sandeep Kumar Maini 1:5.1 10.12%
Vikram Gamanlal Shah 1:5.1 10.12%
Varun Berry 1:5.1 10.12%
Mark Fedyk (appointed during the year) NA NA
Key Management Personnel
Chandrasekar K, Chief Financial Officer - -19.03%
C Murugesh, Company Secretary - -10.08%
2 The percentage increase in the median remuneration of employees in 10.07%
the financial year;
3 The number of permanent employees on the rolls of company; 21,280
4 Average percentage increase already made in the salaries of
employees other than the managerial personnel in the last financial Excluding KMP -1.53%
year KMP -19.88%
Average percentage increase in the managerial remuneration
There was no exceptional circumstance for increase in the managerial remuneration during the year under report.
5 The key parameters for any variable component of remuneration Variable Pay (VP) ranging from 10% to
availed by the directors; 30% of the CTC, depending on the grade
which commences from Assistant Manager
to CEO and the Dy. Managing Director. VP
will be paid based on the overall
performance of the Company.
6 It is hereby affirmed that the remuneration paid during the year is as per the Remuneration Policy of the Company
Note: During the year under review, on the recommendation of the Nomination and Remuneration Committee, the
Company has introduced Variable Pay (VP) ranging from 10% to 30% of the CTC, depending on the grade which
commences from Assistant Manager to CEO and the Dy. Managing Director. VP will be paid based on the overall
performance of the Company. VP shall be paid after the close of the financial year i.e VP for the FY 2020-21 will
be paid in FY 2021-22. Hence, there is significant drop in percentage of increase in remuneration for the Executive
Directors and Key Management Personnel.

INFORMATION PURSUANT TO SECTION 197 OF THE COMPANIES ACT, 2013
Pursuant to the provisions of sub-section (12) of Section 197 of the Companies Act, 2013, read with sub rule 2 &3 of rule 5 the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the statement relating to the particulars of employees forming part of this Report is given below:
Top ten employees in terms of remuneration drawn during the year and Employees drawing a remuneration of ` 1.02 crores per annum or if employed part of the year ` 8.50 lakhs per
month:
Shelagh M.
Name Sunder Genomal Vedji Ticku Shamir Genomal Ganesh V S Cariappa M C* Fatgieya Sabera Gagan Sehgal Chandrasekar K Rahul Shukla Ashok Cherian
Commons
Executive President
Head of Product
Executive Director Deputy Managing Director – President- Sales Head of Product Channel Chief Financial Vice President Chief Information
Designation Managing Director (Mens & Boys
& CEO Director Manufacturing & Marketing (Womens Wear) Sales and Officer Retail - EBO’s Officer - IT
Wear)
and Operations Distribution
Remuneration
received during
19.12 42.52 12.56 19.71 7.24 15.29 14.53 13.15 10.49 9.31 9.23
2020-21 ( ` in
million)
Nature of
employment,
Liable to retire Liable to retire
whether Permanent Permanent Permanent Contract – 3Yrs. Contract – 3Yrs. Permanent Permanent Permanent Permanent
by rotation. by rotation
contractual or
otherwise
Strategy planning Heading Product Heading Heading Key

Overall control of Heading Heading Product Heading
Heading Overall for entire Heading Sales & Development of Channel Chief Financial Accounts and
Nature of duties the affairs of Manufacturing Development of Information
Operations operations of the Marketing Women’s & Girls Sales and Officer Retail Business
the Company and Operations Men’s & Boys
Company wear Distribution verticals -
Technology
EBO
B.Sc (Maths) BA Economics
M. Tech course B.A (Hons) Diploma in Fashion Hons, LLB & BE Mech, B.Com, Diploma
Qualification B.E. (Mech) BBA B.Com CA & CWA
(Industrial completed ACS Fashion Designing PG in Business PGDBM in ITSM
Engineering) (ICSI) Management
Three decades Three decades 25+ years Two decades Three decades
Three decades Decade+ years 25+ Years of Two decades of Two decades
of experience in years of 25+ years of experience in of experience years of experience
of experience in experience in experience experience in of experience
Experience Sales, Marketing, experience experience in designing and in various in Finance,
various facets various facets of in product various business in Information
Operation and in Business Sales & Marketing development of business taxation and
of Textile Industry. development operations Technology
Corporate Affairs Intimate Apparel operations strategic Business
the Textile
Operations Planning
Industry
Age 67 years 54 years 37 years 53 years 50 years 49 years 52 Years 43 Years 58 Years 49 Years 53 years
Seeds Intimate Aditya Birla

P.T. Velveteens Page Garments Trident United Moodchand Emami Agrotech
Last Employment Eureka Forbes Apparels (India) NOI Solutions Fashion & Retail Dalmia Cement ITC
(Indonesia) Exports Pvt Ltd Products Pvt. Ltd Medcity Ltd
Private Limited. Ltd.,
03-03-2014
Date of 01-04-1996 (Renewed for
commencement as Managing 07-05-1997 01-04-2008 09-06-2014 18-10-2017 further period of 03-12-2018 09-01-2020 23-01-2018 12-03-2019 15-05-2019
of employment Director 3 years from
15-01-2020)
No of shares 1821480 49 200 - - - - - - - -
% of paid up
16.33% - - NA NA NA NA NA NA NA NA
share
capital
Brother of Mr
Ramesh Genomal
Relationship with and Mr Nari Son of Mr.
Nil Nil Nil Nil Nil Nil Nil Nil Nil
other Directors Genomal. Father Sunder Genomal.
of Mr. Shamir
* Resigned w.e.f. 30 June 2020
Genomal
th
Sunder Genomal, Vedji Ticku
No other persons during the year 2020-21 were drawing remuneration in excess of the limit prescribed in the Managing Director Executive Director &
Companies (Particulars of Employees) Amendment Rules, 2011. Remuneration is excluding gratuity. (DIN: 00109720) CEO (DIN: 07822283)

ANNEXURE – IV: BUSINESS RESPONSIBILITY REPORT
[See Regulation 34(2)(f) of SEBI (LODR) Regulation 2015]
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

1. Corporate Identity Number : L18101KA1994PLC016554
2. Name of the : Page Industries Limited
3. Company Registered : Cessna Business Park, Umiya Business Bay, Tower-1, 7th
Floor, Kadubeesanahalli, Varthur Hobli, Bengaluru-
address
560103
4. Website
: www.jockey.in and www.pageind.com
5. E-mail Id
: investors@jockeyindia.com
6. Financial Year reported
: 31st March 2021
7. Sector(s) that the Company is engaged in
(industrial activity code-wise) : 14101 : Manufacture of all types of textile garments
and clothing accessories
8. List three key products/services that the
Company manufactures/provides (as in balance : • Mens innerwear,
sheet) • Womens innerwear,
• Leisure wear and
• Swimwear
9. Total number of locations where business activity
is undertaken by the Company :
(a) Number of International Locations Nil
(b) Number of National Locations : 15 manufacturing

locations
10. Markets served by the Company Local,
State, National and International : National and International
SECTION B: FINANCIAL DETAILS OF THE COMPANY

1. Paid up Capital (INR) : `111.54 million
2. Total Turnover (INR) : ` 28,330 million
3. Total Profit After Taxes (INR) : ` 3,406 million
4. Total Spending on Corporate Social : ` 62.58 million (1.84% of

Responsibility (CSR) as percentage of profit PAT)
after tax (%)
5. : Refer to Annexure - II to the Directors
List of activities in which expenditure in 4 above Report
has been incurred:
SECTION C: OTHER DETAILS

1. Does the Company have any Subsidiary Company/ Companies? No
:
Not Applicable
2. Do the Subsidiary Company / Companies participate in the BR
:
Initiatives of the parent company? If yes, then indicate the
number of such subsidiary company(s) Yes. Less than
30%
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that
: the Company does business with; participate in the BR
initiatives of the Company? If yes, then indicate the percentage of
such entity/ entities? [Less than 30%, 30-60%, More than 60%]

SECTION D: BR INFORMATION
1. Details of Director(s) responsible for BR:
Details of the Director(s) responsible for implementation of the BR Policy/Policies
No. Particulars Details
(a) 1. DIN Number 07822261
2. Name Mr. V S Ganesh
3. Designation Executive Director & CEO
Details of the BR head
No. Particulars Details
1. DIN Number (if applicable) 07822261
(b) 2. Name Mr. V S Ganesh
3. Designation Executive Director & CEO
4. Telephone number 080- 49454545
5. E-mail Id investors@jockeyindia.com
2. Principle-wise (as per NVGs) BR Policy/Policies

(a) Details of compliance (Reply in Y/N)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy/ policies for.
Has the policy being formulated in consultation with the
2
relevant stakeholders?
Does the policy conform to any national / international standards?
3 Yes
If yes, specify? (50 words)
Has the policy being approved by the Board? Is yes, has it
4
been signed by MD/ owner/ CEO/ appropriate Board
Director?
Does the Company have a specified committee of the
5
Board/ Director/ Official to oversee the implementation of
the policy?
https://www.pageind.com/policies-
6 Indicate the link for the policy to be viewed online?
documents
The Policy is available in the website
Has the policy been formally communicated to all relevant
7 of the Company, the policy is
internal and external
expected to be adhered by all the
stakeholders.
8 Does the Company have in-house structure
Does the Company have a grievance redressal mechanism related to
9 the policy/ policies to address stakeholders’ grievances related to Yes
the policy/ policies?
Has the Company carried out independent audit/ evaluation of
10
the working of this policy by an internal or external agency?
(b) If answer to the question at serial number1against any principle, is ‘No’, please explain why: (Tick up to 2 options)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The Company has not understood the Principles
The Company is not at a stage where it finds itself in a position
2
to formulate and implement the policies on specified Principles
The Company does not have financial or manpower
3 Not Applicable
resources available for the task
4 It is planned to be done within next 6 Months
5 It is planned to be done within the next 1 Year
6 Any other reason (please specify)
3. Governance related to BR
Indicate the frequency with which the Board of Directors, Committee of
(a) the Board or CEO to assess the BR performance of the Company. Within Annually
3 months, 3-6 months, Annually, More than 1 year
Yes, the sustainability report is available
Does the Company publish a BR or a Sustainability Report? What is
(b) on our website at: https://www
the hyperlink for viewing this report? How frequently it is published?
.pageind. com/sustainability-report
SECTION E: PRINCIPLE-WISE PERFORMANCE
Principle 1
1. Does the policy relating to ethics, bribery and :

corruption cover only the Company? Yes/ No. Yes
: The policy is expected to be adhered by the other
Does it extend to the Group/Joint Ventures/
stakeholders.
Suppliers / Contractors / NGOs /Others?
2. How many stakeholder complaints have been : No complaint

received in the past financial year and what received
percentage was satisfactorily resolved by the
management? If so, provide details thereof, in
about 50 words or so.
Principle 2
1. List up to 3 of your products or services whose : Our products are not connected with any social or
design has incorporated social or environmental environmental concerns.
concerns, risks and/or opportunities.
2. For each such product, provide the following : No complaint

details in respect of resource use (energy, water, received
raw material etc.) per unit of product(optional):
(a)Reduction during sourcing/production/

distribution achieved since the previous year
throughout the value chain?
(b)Reduction during usage by consumers

(energy, water) has been achieved since the
previous year?
3. Does the company have procedures in place for :

sustainable sourcing (including transportation)? Yes
(a)If yes, what percentage of your inputs was Majority of the inputs are sourced locally within the
sourced sustainably? Also, provide details radius of 200 kms from the respective units. Since all
thereof, in about 50 words or so. our manufacturing units are located with in
Karnataka our sourcing/transporting are well
sustainable
4. Has the Company taken any steps to procure
goods and services from local & small : Yes. The Company is procuring majority of raw
producers, including communities surrounding material and availing services locally even from small
their place of work? If yes, what steps have producers. The Company works closely with local
been taken to improve their capacity and Stakeholders to ensure product quality and service
capability of local and small vendors? levels.
Does the Company have a mechanism to recycle

5. : Yes. The waste generated out of operations are sold
products and waste? If yes what is the to outside market for manufacturing of new articles.
percentage of recycling of products and waste It is estimated around 5-10 % of raw materials
(separately as
<5%, 5-10%, >10%). Also, provide details thereof, in
about 50 words or so.

Principle 3
1. Please indicate the Total number of employees 21280
Please indicate the Total number of employees hired on

2. 2077
temporary/ contractual/casual basis.
3. Please indicate the Number of permanent women employees. 16844
4. Please indicate the Number of permanent employees with disabilities 65
5. Do you have an employee association that is recognized by management NA
What percentage of your permanent employees is members of

6. NA
this recognized employee association?
Please indicate the Number of complaints relating to child labour, forced labour, involuntary
labour, sexual harassment in the last financial year and pending, as on the end of the financial
year.
No of complaints No of complaints
No. Category filed during the pending as on end of
financial year the financial year
7.
Child labour/forced labour/involuntary
1. 0 0
labour
2. Sexual harassment 0 0
3. Discriminatory employment 0 0
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in
the last year?
(a) Permanent Employees 100%
(b) Permanent Women Employees 100%
(c) Casual/Temporary/Contractual Employees 100%
(d) Employees with Disabilities 100%
Note: Safety and skill upgradation training are ongoing process at regular intervals. New recruits as on 31st March
2021 would have been covered in the subsequent training

Principle 4
Has the company mapped its internal and external :

stakeholders? Yes/No Yes
Out of the above, has the company identified the :

disadvantaged, vulnerable & marginalized stakeholders? Yes
Are there any special initiatives taken by the company : Yes. The Company’s majority of workers are women.
to engage with the disadvantaged, vulnerable and Employment opportunities will uplift their standard of
marginalized stakeholders. If so, provide details thereof, living and social value.
in about 50 words or so
Principle 5
1. Does the policy of the company on human rights : Yes. The policy is expected to be adhered by the other
cover only the company or extend to the Group/ stakeholders.
Joint Ventures/ Suppliers/ Contractors/ NGOs/
Others?
2. How many stakeholder complaints have been : Nil

received in the past financial year and what
percent was satisfactorily resolved by the
management?
Principle 6
1. Does the policy related to Principle 6 cover only : The policy is expected to be adhered by the other
the company or extends to the Group/ Joint stakeholders.
Ventures / Suppliers / Contractors / NGOs /
others.
: All manufacturing units of the Company are
2. Does the company have strategies/ initiatives to environmental friendly. The Company is adhering with
address global environmental issues such as all the applicable law and regulations relating to
climate change, global warming, etc? Y/N. If yes, environment both in letter and spirit.
please give hyperlink for webpage etc.
: Yes, and are being duly mitigated.
3. Does the company identify and assess potential
environmental risks? Y/N
4. Does the company have any project related to Clean :

No Development Mechanism? If so, provide details
thereof, in about 50 words or so. Also, if Yes,
whether any environmental compliance report is
filed? : The Company is using imported technology for energy
efficient motors. The Company is extensively using LED
5. Has the company undertaken any other initiatives bulbs in conserving the energy. The Company is
on - clean technology, energy efficiency, renewable installing solar panel in the new manufacturing units.
energy, etc. Y/N. If yes, please give hyperlink for More fully described in the sustainability report
web page etc.
6. Are the Emissions / Waste generated by the : Yes
company within the permissible limits given by
CPCB / SPCB for the financial year being
reported?
: Nil
7. Number of show cause/ legal notices received
from CPCB/SPCB which are pending (i.e. not
resolved to satisfaction) as on end of Financial
Year.

Principle 7
1. Is your company a member of any trade and : Yes.

chamber or association? If Yes, Name only those a. Apparel Export Promotion Council
major ones that your business deals with: b. Karnataka Employer’s Association
c. The Clothing Manufacturers Association of
India
2. Have you advocated / lobbied through above
associations for the advancement or improvement : No
of public good? Yes/No; if yes specify the broad
areas (drop box: Governance and Administration,
Economic Reforms, Inclusive Development Policies,
Energy security, Water, Food Security, Sustainable
Business Principles, Others)
Principle 8
1. Does the company have specified programmes/ : The Company has programmes, inter alia, for providing
initiatives/projects in pursuit of the policy related healthcare and promoting education.
to Principle 8? If yes details thereof.
2. Are the programmes/projects undertaken through : Programmes run by NGO’s are being supported. The
in-house team/ own foundation/ external NGO/ Company has also appointed a NGO to carryout
government structures/any other organization? community assessment and implementation of CSR
projects.
3. Have you done any impact assessment of your
initiative? : Yes
4. What is your Company’s direct contribution to : Refer to Annexure - II to the Board

community development projects- Amount in INR Report
and the details of the projects undertaken?
5. Have you taken steps to ensure that this : Yes, a majority of our community development projects
community development initiative is successfully go beyond the philanthropic one time engagement and
adopted by the community? Please explain in 50 is designed for self-sustenance.
words, or so.
Principle 9
1. W hat percentage of customer complaints/ : The Company has dedicated customer care department
consumer cases are pending as on the end of to deal with the customer complaints. All complaints
financial year are duly addressed.
2. Does the company display product information on : The Company adheres to all the applicable regulations
the product label, over and above what is regarding product labeling and displays relevant
mandated as per local laws? Yes/No/N.A. / information on it.
Remarks(additional information)
3. Is there any case filed by any stakeholder against :

No the company regarding unfair trade practices,
irresponsible advertising and/or anti-competitive
behavior during the last five years and pending as
on end of financial year. If so, provide details
thereof, in about 50 words or so.
4. Did your company carry out any consumer survey/ :

consumer satisfaction trends? Yes

ANNEXURE V: Form No. MR-3: Secretarial Audit Report
For the Financial year ended 31 March, 2021
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and
Remuneration Personnel) Rules, 2014]
To 5. The following Regulations and Guidelines prescribed

The Members under the Securities and Exchange Board of India
Page Industries Act, 1992 (‘SEBI Act’):-
Limited
a) SEBI (Substantial Acquisition of Shares and
I have conducted the secretarial audit of the Takeovers) Regulations, 2011;
compliance of applicable statutory provisions and the
b) SEBI (Prohibition of Insider Trading) Regulations,
adherence to good corporate practices by Page
2015;
Industries Limited (“the Company”). Secretarial
Audit was conducted in a manner that provided c) SEBI (Registrars to an Issue and Share Transfer
me a reasonable basis for evaluating the corporate Agents) Regulations, 1993 regarding the
conducts / statutory compliances and expressing my Companies Act and dealing with client; and
opinion thereon. d) SEBI (Listing Obligations and Disclosures
Based on my verification of the Company’s books, Requirements), Regulations, 2015
papers, minute books, forms and returns filed and
other records maintained by the Company and also the I have relied on the representation made by the
information provided by the Company, its officers, Company and its Officers for systems and mechanism
agents and authorized representatives during the formed by the Company for compliances under other
conduct of secretarial audit, I hereby report that in applicable Acts, Laws and Regulations to the
my opinion, the company has, during the audit period Company. The major head/groups of Acts, Laws and
covering the financial year ended 31 March 2021 Regulations as applicable to the Company are (i)
complied with the statutory provisions listed Industrial Laws; (ii) Labour Laws;
hereunder and also that the Company has proper (iii) Environmental and prevention of pollution Laws;
Board-processes and compliance- mechanism in place (iv) Tax Laws; (v) Economic and Commercial Laws;
to the extent, in the manner and subject to the (vi) Legal Metrology Act, 2009 and (vii) Acts
reporting made hereinafter: prescribed under Shops and Establishment Act of
I have examined the books, papers, minute books, Ivarious
have also
localexamined compliance with the applicable
authorities.
forms and returns filed and other records maintained clauses of the following Secretarial Standards issued by
by the Company for the financial year ended 31 March, the Institute of Company Secretaries of India:
2021 according to the provisions of:
(i) Meetings of the Board of Directors (SS-1); and
1. The Companies Act, 2013 (the Act) and the rules (ii) General Meetings (SS-2)
made thereunder;
During the period under review the Company has
2. The Securities Contracts (Regulation) Act, 1956 and complied with the provisions of the Act, Rules,
the rules made hereunder; Regulations, Guidelines, Standards, etc., mentioned
above.
3. The Depositories Act, 1996 and the Regulations and
Bye-laws framed thereunder; I further report that:
-
4. Foreign Exchange Management Act, 1999 and The Board of Directors of the Company is duly
the rules and regulations made thereunder to the constituted with proper balance of Executive
extent of Foreign Direct Investment, Overseas Direct Directors, Non- Executive Directors, Woman Director
Investment and External Commercial Borrowings; and Independent Directors. The changes in the
composition of the Board

of Directors that took place during the period under To
review were carried out in compliance with the The Members
provisions of the Act. Page Industries Limited
My Secretarial Audit Report of even date is to be read

Adequate notice is given to all directors to schedule
along with this letter.
the Board Meetings, agenda and detailed notes on
agenda were sent in advance and a system exists for 1. Maintenance of secretarial record, devise proper
seeking and obtaining further information and systems to ensure compliance with the provisions of
clarifications on the agenda items before the meeting all applicable laws and regulations and to ensure
and for meaningful participation at the meeting. that the systems are adequate and operate
effectively are the responsibilities of the
Majority decision is carried through while the management of the Company. My responsibility is
dissenting members’ views are captured and recorded to express an opinion on these secretarial records,
as part of the minutes. During the year under audit, systems, standards and procedures based on audit.
no dissenting views were found in the minutes.
2. I have followed the audit practices and processes
I further report that there are adequate systems and as were appropriate to obtain reasonable assurance
processes in the company commensurate with the size about the correctness of the contents of the
and operations of the company to monitor and ensure Secretarial records. The verification was done on
compliance with applicable laws, rules, regulations and test basis to ensure the correct facts are reflected in
guidelines. secretarial records. I believe that the processes and
practices, I followed provide a reasonable basis for
I further report that during the audit period, the my opinion.
Company has not carried out any specific event / 3. We have not verified the correctness and
action that have major bearing on the Company’s appropriateness of financial records and Books of
affairs in pursuance of the above referred laws. Accounts of the Company.
4. Wherever required, we have obtained the

management’s representation about the compliance
R Vijaykumar & Co., of laws, rules and regulations and happening of
27 May 2021, [ R Vijayakumar] events etc.
Bangalore Company Secretary in 5. The compliance of the provisions of Corporate and
UDIN: Practice [FCS No. 6418; other applicable laws, rules, regulations, standards
F006418C000376361 are the responsibility of management. My
Peer Review Certificate CP No.8667]
No.947/2020 examination was limited to the verification of
procedures on test basis.
6. The Secretarial Audit Report is neither an assurance

as to the future viability of the Company nor of the
efficacy or effectiveness with which the
management has conducted the affairs of the
Company.
R Vijaykumar & Co.,
27 May 2021, [ R Vijayakumar]
Bangalore Company Secretary in
UDIN: Practice [FCS No. 6418;
F006418C000376361
Peer Review Certificate CP No.8667]
No.947/2020

MANAGEMENT DISCUSSION AND of the economy. The ebb and flow of these
drivers and their interaction with country-specific
ANALYSIS REPORT:
characteristics will determine the pace of the
recovery and the extent of medium-term scarring
ECONOMIC OVERVIEW across countries.
This has been an unprecedented year for all us in
Source: World Economic Outlook,
the world. India has once again come under severe
IMF
pressure with a sharp increase in cases and
The COVID-19 epidemic had a major impact on
restricted commercial / business activities owing
overall business and consumer sentiment globally.
to the more infectious COVID-19 strains. The start
The global apparel market shrunk by 22%, coming
of the vaccination drive in the country did initially
down from US$ 1,635 billion in 2019 to US$ 1,280
lead to a momentary recovery, however, the
billion in 2020. The consumption is expected to
resurgence of the virus and incidence of new
reach to pre-Covid levels over the next couple of
mutants have brought in renewed market
years and then retrace its growth path to reach US$
uncertainty and unpredictability. The contraction of
2,007 billion by 2025.
commercial / business activity in 2020 of (3.3)
percent was unprecedented in living memory in its
The Indian economy was also negatively
speed and synchronized nature. Although difficult
impacted by the crisis in 2020-21 with the highly
to pin down precisely, IMF estimates suggest that
contagious corona virus (COVID-19) spreading
the contraction could have been three times as
across the country. In response to the pandemic,
large if not for the extraordinary policy support. The
the government took several proactive preventive
contraction for 2020 is 1.1 percentage points
and mitigating measures starting with progressive
smaller than projected in the October 2020 World
tightening of international travel, issue of
Economic Outlook, reflecting the higher-than-
advisories for the members of the public, setting
expected growth outturns in the second half of the
up quarantine facilities, contact tracing of persons
year for most regions after lockdowns were eased
infected by the virus and various social distancing
and as economies adapted to new ways of working.
measures. The government imposed a strict 21
Moving forward, the global economy is projected to
days nationwide lockdown from March 25, 2020,
grow at 6 percent in 2021, moderating to 4.4
under the Disaster Management Act, 2005, with
percent in 2022. Much remains to be done to beat
subsequent extensions and relaxations, to contain
back the pandemic and avoid divergence in income
the spread of COVID-19 while ramping up the
per capita across economies and persistent
health infrastructure in the country. The lockdown
increases in inequality within countries.
measures, imposed to contain the spread of Covid-
Future developments will depend on the path 19 pandemic in India, ubiquitously affected
of the health crisis, including whether the new employment, business, trade, manufacturing, and
COVID-19 strains prove susceptible to vaccines or services activities. The real Gross Domestic
they prolong the pandemic; the effectiveness of Product (GDP) growth is projected to contract by
policy actions to limit persistent economic damage 7.7 percent in 2020-21 as compared to a growth of
(scarring); the evolution of financial conditions 4.2 percent in 2019-20. GDP growth, however, is
and commodity prices; and the adjustment expected to rebound strongly in 2021- 22 owing to
capacity the reform measures undertaken by the
Government.

With the strict lockdown enforced by the government Indian Apparel Market
in March 2020, the retail industry was greatly impacted
The overall apparel segment size in FY 2020 was
and witnessed a massive dip in sales in the short term.
estimated to be USD 67 bn. The market is projected
The sudden lockdown not only impacted their sales
to grow at 10 percent and reach USD 107 bn by FY
but also disrupted the supply chain at the backend.
2025.
Indian domestic textile and apparel market is This growth is expected to be driven by factors such
estimated at US$ 75 billion in 2020-21. The market discretionary
as increasedspend, betterpower
purchasing accessdriving
and availability
growth in
of products,
primary acute brand consciousness,
fell 30% from US$ 106 billion in 2019-20. The market
urbanization and increasing digitization. increasing
is expected to recover and grow at 10% CAGR from
2019-20 to reach US$ 190 billion by 2025-26.
Apparel constitutes 73% share of the total T&A
market in India.
10% 10
New consumption patterns are evolving: The sale of 7
knit garments is higher than woven garments as 67

55
consumption of loungewear and casual wear (mostly
41
knit wear) is recovering at a faster pace. Online
apparel sales has recovered to Pre-covid level. India’s
e-commerce sale of goods and apparel saw a steep
FY FY FY 2020E FY 2025P
rise in 2020. Work-From- Home drove the demand for 2015 2018
casual wear apparel over formals. Sale of kids wear Indian Fashion Market (USD Bn)
and casual wear recovered faster, while ethnic wear
and formal wear were the worst hit segments.
Source: Wazir Analysis
Source: Ministry of Finance, Wazir Analysis
INDUSTRY STRUCTURE AND The branded apparel sector will witness a growth of
DEVELOPMENT 13.4 percent CAGR over the next five years as against
the 10 percent CAGR projected for total apparel
The Indian textile industry is one of the largest in
sector.
the world with a large unmatched raw material Penetration of Branded Apparel and Organized Apparel
base and manufacturing strength across the Retail as a % of Apparel Market
value chain. It is the 2 largest manufacturer and
nd
exporter in the world, after China. The share of

56%
textile and clothing in India’s total export stands at
48%
a significant 12 % (2018-19). India has a share of 5 40%
38%
% of the global trade in textiles and apparel. The
33%
textile industry contributes to 7% of industry 25% 25%
20%
output in value terms, 2% of India’s GDP and to
12% of the country’s export earnings. The textile
industry is one of the largest sources of
employment generation in the country with over FY 2012 FY 2018 FY 2020E FY 2025P
45 million people employed directly, and Branded Apparel Organised

Apparel
another 60 million people in allied sectors, including a
large number of women and rural population.
Source: Wazir
Source: Ministry of Textiles Analysis

Indian Apparel Market Segments
Men’s Apparel Market
CAGR 10.3 8.6% 14.2% 10.3 13.6% 8.4%

% %
45.3 21.6
(USD Bn)
27. 14.3 13.2

7
6.8 5.7
3. 3.8
1.9 0.9 1.
1
7
Total Market Size Formal Casual Innerwear Activewear Others
F Y 2020E F Y 2025P
The men’s apparel is estimated to have contributed close to 42 percent (USD 28

bn) to the overall apparel market in F Y 2020 and is expected to grow at 10.3
Men’s Wear percent and reach USD 45 bn by F Y 2025.
F Y 2020E F Y 2025P
USD Billion & Market share %
Shirts 7.3 | 28% 11 | 26%

Trousers 6.0 | 23% 9.3 | 22%
Suits/Coats 1.0 | 4% 1.3 | 3%
Winter Wear 1.6 | 6% 2.3 | 6%
F Y 2020E T-Shirts 2.1 | 8% 3.9 | 9% F Y 2025P

Innerwear 1.9 | 7% 3.1 | 7%
Denim 4.7 | 18% 9.3 | 22%
Active Wear 0.9 | 4% 1.7 | 4%
Others 0.4 | 2% 0.5 | 2%
Men’s Wear excluding ethnic wear– F Y 2020 & F Y 2025 (USD bn &
%)

Men’s Innerwear
10%
3.
1
Men’s innerwear is contributing 7 percent to the overall men’s wear
category in FY 2020 (USD 1.9 bn) and is expected to grow at 10.3 1.9
percent to contribute nearly USD 3.1 bn in FY 2025. Consumers in tier I
and II cities are aspirational about brands and will pay a premium for it.
FY 2020E FY 2025P
Source: Wazir Analysis Men’s Inner wear (USD bn)
Women’s Apparel Market
CAGR 9.4 7.6 14.1 12.5% 16.1 7.1

% % % % %
39.0 24.4
24.9 16.9
8.5
(USD Bn)
4.4 2.4
1.8 1.9 1.
1. 0.9
0 7
Total Market Size Ethnic Innerwear Formal Casual Others
F Y 2020E F Y 2025P
Women’s apparel market contributes 37 percent to the overall apparel market and it is expected to grow from USD 25 bn in FY
2020 to touch USD 39 bn by FY 2025. The growth in women’s wear market will be driven primarily by factors like an increase
in the number of working women, a shift towards aspiration rather than need based buying and design innovations that appeal
to Indian sensibilities.
F Y 2020E F Y 2025P
USD Billion & Market share %
Innerwear 4.4 | 55% 8.5 | 58%
Tops/shirts 0.6 | 8% 1.1 | 8%
T-Shirts 0.3 | 4% 0.6 | 4%
Denim 0.6 | 8% 1.3 | 9%
F Y 2020E Formal Jackets 0.1 | 2% 0.2 | 1% F Y 2025P

Sleepwear 0.7 | 8% 1 | 7%
Trousers/skirts 0.3 | 3% 0.5 | 3%
Winterwear 0.7 | 9% 1 | 7%
Others 0.3 | 3% 0.4 | 3%
Women’s Wear excluding ethnic wear – F Y 2020 & F Y 2025 (USD bn &
%)

Women’s Innerwear
Kid’s Wear Breakup
Women’s innerwear category is currently estimated to
be around USD 4.4 bn and is expected to grow at a
2.1
CAGR of 14 percent and nearly double by FY 2025
(USD 8.5 bn).
1.5
8.4
14% 1.3
8.5
1.0
5.1
4.1 1.8
3.0
4.4 1.2
4.1
1.0
0.8
2.5
2.1 0.6
1.5
0.3
FY 2020E 0.3
0.2
5.8
FY 2025P 2.6 3.3
1.8
Women’s Inner wear (USD bn)

FY 2015 FY FY 2020E FY 2025P
2018
Source: Wazir Analysis Tee/Shirts Denim Bottomwear
Winterwear Uniforms Others
As compared with Men’s innerwear, Women’s Source: Wazir Analysis
innerwear market has more choice of offerings with

multiple width (types) and depth (sizes, colours,
styles) combinations and this is expected to drive this Online Formats
segment. This segment is also expected to be driven
by changing consumers preference from ‘Foundation’ Format & Channel
to ‘function plus fashion plus comfort’. Rising
CAGR 2015-25 (Market
popularity of the fashion range is also expected to Share)
drive the growth of this segment. 7.9% 11.7% 27.6
%
Indian consumer spends on apparel, especially

innerwear is significantly lower when compared with 2% 3% 4%
11
other Asian peers, suggesting a significant %
opportunity for growth, primarily driven by rising per 26% 27% 29%
capita incomes and thereby spend on such products. 30%
Kids Wear
Market
Share
The kids wear market in India is currently about USD 72 70 67

14 bn (FY 2020) and is expected to grow at a CAGR % % % 59
%
of
10.5 percent and grow to nearly USD 23 bn by FY
2025. Uniforms, t-shirts/shirts and bottom wear are FY 2015 FY FY 2020E FY 2025P
2018
the three biggest categories contributing at 37 Traditional Retail Organized Online
percent, 24 percent and 18 percent of the overall kids
wear market as on FY 2020. Kids denims is showing Source: Wazir Analysis
the fastest growth rate of 13 percent among all the
other product categories (FY 2020 - FY 2025).

The share of online retail market is currently 4.5 men’s segment in online apparel market is driven by
percent of the overall apparel market. The share of high penetration of casual wear categories.
online retail market in the overall apparel market is
expected to increase in future but it won’t affect the Online apparel market is dominated by western wear
share of brick & mortar retail and both the channels contributing to 60 percent of share of the market. High
will continue to co-exist. The online market has grown share of western wear in online apparel market is
manifold in recent years and witnessed the emergence driven by high penetration of international and casual
of strong vertical players with widespread wear brands on online platform. Also, online fashion
geographical reach. However, the large retail houses portals have focused on private label in the casual
will also be able to translate the legacy and trust wear category further driving the penetration of casual
enjoyed by these brands when they move from offline wear category. These online fashion portals started
toward online models. with catering largely to the younger age audience, but
The online apparel retail market in FY 2020 was USD it is increasingly finding acceleration and is expected
2.9 bn. Men (50 percent) and women (44 percent) to be adopted by consumer cohorts across all age
segment contribute to bulk of online apparel market groups. Online western wear market is dominated by
with kids contributing only 6 percent of the market. men which is similar to the trend witnessed in overall
High share of fashion category.
5%
33%
35
7% %
60% 60%
Online Apparel Market Mix Online Western Wear Mix
Western Wear Innerwear Ethnic Wear

Mens Womens Kids

PAGE INDUSTRIES: AT A
GLANCE
Leading player inHighly Experienced Premium Production Capacity PAN India Presence Strong
Innerwear and Financial
260 mn pieces 78,000+ Retail Network
Professional Performance
15 manufacturing units 930+ Exclusive
Athleisure market Management
Business Outlets Healthy ROCE
supported Strong
(EBO’s)
by backward 55% Debt Free
Increasing presence
integration
21,280+ Employees in Large Format Stores
79% Women (LFS)
Employees
& E-Commerce
• Jockey is world’s best-loved and most recognisable brand. Active in • Speedo International Ltd. is a manufacturer and distributor of
more than 120 countries swimwear and swimming accessories based in Nottingham, UK
• Exclusive licensee of JOCKEY International Inc. (USA) for • Exclusive licensee of Speedo International Ltd. for manufacture,
manufacture, distribution and marketing in India, Sri Lanka, distribution and marketing in India
Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan and UAE
• Products include Swimwear, Equipment, Water shorts, Apparel and
• Products include Innerwear, Athleisure, Socks for Men and Women, Footwear
Thermal, Towels, Caps and Face Mask
EXCLUSIVE BRAND OUTLETS: CHANNEL SALES: ONLINE: RIDING THE DIGITAL

FIRST TO OFFER PAN INDIA DISTRIBUTION NETWORK WAVE
930+ Exclusive Brand Outlets EXCLUSIVE ONLINE STORE

3,900+ Distributor Accounts
jockey.in | speedo.in
4 6 Exclusive Woman Outlets 2,890+ Cities / Towns
38 Exclusive Juniors Outlets Selling through online key partners
78,000+ Retail Network
190+ Outlets in malls
6 2 0 + Channel Sales Strength
740+ Outlets in high street
…and other Partners
Present in 330+ cities
LARGE FORMAT STORES: ENHANCING CUSTOMER REACH
22 Large Format 2,350 3,600

partners Stores Point of sale across
the country

JOCKEY PRODUCT PORTFOLIO
UNDERWEAR
B RA SSI E RE S
SPORTS
BRA
PANTIES
CA M I SO L E
C R O P TOP
M EN TANK TOPS
UN D ERW EAR SHAPEWEAR
SHORTIES
V E STS JUNIORS
BRIEFS BOYS
B O X E R BRIEFS V E STS
TRUNKS BRIEFS
B OX E R SHO R TS TRUNKS
BOX E R SHORTS
I N NE R TEES T-
MIDWAYS SHIRTS
P O LO T-SH I RT S
T R AC K
PA N T S
SHORTS
S W E AT
SH I RT S
JACKETS
TOWELS
FACE
JUNIORS
JUN
GIRLS
GIR HAND
ANTI E S
PAN BATH
B LO O M E R S
SSHHOORT
R IES
CAMISOLE OUTERWEAR
TA
TANKN K TOPS BERMUDAS
T-SHI
T-SHIRTS T R A C K PA N T S
S H O RT
R S L O U N G E PA N T S
CAPRIS SPORTS SHORTS
T R AC K PA N TS
TR T-SHIRTS
PYJA
Y J AMAS P O L O T-SHIRTS
SSW
W E AT GYM VESTS
JAC K S
SHIRT
Y O G A PA N T S
JACKETS
SLEEPWEAR
JACKETS
TA N K TOP
MUSC LE VEST FACE
CAPRIS
LEGGINGS MASK
THERMAL M EN, N, SOCKS CAPS

CALF
WOMEN & KID DS ANKLE
TA N K TO
TOPP LOW SH OW
S
SCOALMEI NO SHOW
E ST
O LE
GVI NEGSST
SHIRTLEG
I N GOS H T-
N
HIRT ANNUAL REPORT 2020-21 47
LONG
JOH
SPEEDO PRODUCT PORTFOLIO
SWIMWEAR
LEISURE
EQUIPMENT SW IMDRESS
GOGGLES KNEESUIT
CAPS LEGSUIT
TRAINING AID FULL B O D Y
SWIM SUIT
CONFIDENCE JAMMER
A Q U A S H O RT S
WAT E R S H O RT S
A L L - I N - O N E SUIT
S
SW IMACTIVE
H2O ACTIVE
S U N TO P
CAPRI
LEG GING
WA T RSHORT
W ATE
FOOTWEAR
SLIDE
THONG
Swimwear In the past, the Company had commissioned global

marketing research firm, AC Nielsen to conduct a
The swimwear market, though is still at a nascent stage comprehensive study on the swimwear category
in India, is nevertheless showing great potential for & consumer behavior of swimmers in India. As per
growth. Swimming has gained much popularity in the the study, 3% of urban population classified based
country both as a sporting event as well as a on income levels across both gender groups take to
recreational activity. Most schools in India today swimming twice a week in summer season. The
recognize swimming as an important life skill and have research also shows that 24% of the non-swimmers
included the sport as a necessary co-curricular activity. surveyed, demonstrated ‘likelihood to swim in the
With swimming pools are becoming an essential future’ which shows that there is a large potential of
feature / amenity at most high-rise apartment non-swimmers ‘who are willing to swim’
complexes, access to this activity is increasing in urban
India.

OPPORTUNITIES AND THREATS STRATEGIC INITIATIVES
The Company’s value system and success revolves
Opportunities around Quality, Comfort, Integrity, Simplicity,
Economic Shift: Transparency, People and Customer delight.
• Growth in organized retail providing a larger
Key strategic initiatives taken to maintain market
opportunity for branded play
position and profitability:
• Increase in consumption with factors like education,
• Ramp-up in capacity in both manufacturing and
occupation, urbanization, nuclear families and sales
disposable incomes moving in a positive direction • Expanding channel presence in distribution,
• Increase in fashion and brand consciousness making
exclusive brand outlets, large format stores &
consumers more aspirational and discerning ecommerce
• Increasing urban women population and women • Expanding investments and spends in sales and
corporate workforce marketing at point of sale
Brand: • Enhance investments in R&D, Product development
• Widespread distribution and retailer network drives and innovation, automation and digital
OUTLOOK
the brand closer to consumers at a time when transformation.
In anticipation of growing demand post the pandemic,
commuting for shopping is limited
the Company will continue to invest in increasing its
• In-house Manufacturing and a robust supply chain
installed capacity. With the ongoing addition of new
help the brand ensure adequate supply.
buildings, infrastructure and facilities, the installed
Consumer Behaviour: capacity is scalable and can be ramped up with
• The increasing need to service consumers at incremental machinery and manpower to meet the
their doorstep provides a big opportunity to the e- expected healthy growth in demand. The Company has
commerce business. significantly expanded its presence by opening many
• With ‘Work From Home’ becoming the new norm, Exclusive Brand Outlets (EBO’s) and through expansion
categories such as lounge wear, leisure wear and in multi brand outlets making the brand available /
athleisure are already witnessing an increased accessible to consumers across the entire length and
demand breadth of the country.
• With the lockdowns in place and schools remaining SEGMENT-WISE OR PRODUCT-WISE
closed, the demand for home wear for children has
PERFORMANCE
picked up
Threat The Company is engaged in the business of
manufacturing garments and there is no separate
Long Term:
reportable segment.
• Many major international apparel brands have
commenced operations in India realizing that the
RISK AND CONCERN
Indian market is likely to emerge as one of the The Company has robust risk management procedures
largest apparel markets in the world in the next few to identify and evaluate risks on an ongoing basis.
decades Risks are inherent in business activities and to
•effectively
Strategicand efficiently mitigate risks, the Company
Risks,
•Short Term / COVID 19:
The closure of (i) markets, malls and highstreets; has implemented a SCORE framework: -
• Compliance Risks,
(ii) schools & swimming academies, and swimming
pools; due to lockdown is affecting retail trade • Operational Risks,
• • Reporting obligations and

Consumers tend to be cautious in their purchase
decisions that might affect overall demand • Environment, Health and Safety
Risks
• Certain product categories such as socks, thermals, The identified risks are integrated into the business
shapewear, swimwear etc. may see a drop in plan and a detailed action plan to mitigate the
demand if lockdowns continue identified business risk and concerns is put in place.

Management of key risks and concerns identified by HUMAN RESOURCES / INDUSTRIAL
the Company: RELATIONS
• IT Governance & Enterprise Risk Management; The Human Resource Development team continuously
• Management of Risks relating to Sensitive enables the Company, a high performing organization,
Information Leakage; and by empowering all segments of employees with required
• competencies, skills and providing role clarity, adequate
Business Continuity and disaster recovery.
resource to unleash and perform at their maximum
potential. We maintain cordial industrial harmony and
Risk Management Committee:
employee relation with all employees through various
The Board of Directors have constituted a Risk welfare, health and safety initiatives across all facilities.
Management Committee in Compliance with
COVID-19 - Prevention & Control
SEBI(LODR) Regulations. Following are the Members of
the Committee: Our Company was quick to identify the threat of Covid-
19, well ahead of time and took proactive measures to
1. Mr. Sunder Genomal;
safeguard employees from infection including setting
2. Mr. Vedji Ticku; up mental health and wellbeing programs. Last year, at
3. Mr. Shamir Genomal; the outset of the pandemic, our company introduced
various initiatives and provided employees a safe
4. Mr. V S Ganesh;
working environment and also ensured business
5. Mr. Chandrasekar K; and continuity.
6. Mr. Minor Ganesan.
Resumption of Work Post-Lockdown
INTERNAL CONTROL SYSTEM AND As per the guidelines issued by the Government the
ADEQUACY Manufacturing & Operations resumed with safety
protocols, our company resumed operations post-
The Company has adequate internal control systems lockdown. All safety measures were strengthened
that commensurate with the size and nature of its including checking body temperature, social distancing
business. Management has overall responsibility of protocols, avoiding in-person meetings, fumigation and
Company’s internal control systems to safeguard sanitization of workplace, including individual
assets and to ensure reliability of financial records. workstations, distribution of Jockey masks to all
The Company has a detailed budgetary control employees, etc.
system and actual performance is reviewed
We also set up Covid-19 Vaccination camps in all units,
periodically and decisions are taken accordingly.
with the support of BBMP & Health Department Officials,
Internal audit program covers all areas of activities and and administered vaccine for all employees of 45 years
periodical reports are submitted to the Management. of age and above. Training and Learning & Development
Internal Auditors submit their quarterly report to the
Audit Committee and are invited to the meeting to Training and Learning & Development
clarify any issues that may be raised by the Committee During the last financial year, through multiple virtual
members. Audit Committee reviews all financial sessions, we have trained 12,516 participants culminating
statements and ensures adequacy of internal control in 28,306 hours and 3538 man-days of training.
systems. The Company has a well-defined organization
The Company has created an extensive induction
structure, authority levels and internal rules and
program for all new Staff Members to acclimatize new
guidelines for conducting business transactions.
joinees on the culture, values and life at Page.
Software solutions including SAP, ARIBA and a number
Our Company has launched our online learning platform
of other robust solutions are in use to enable the
“Page Learning Academy” in partnership with Enthrall as
Company to work with the best structures, disciplined
technology partner.
systems and best practices to improve efficiency,
smooth planning, monitoring and control. SAP is Various employee engagement activities have been
proving to be an extremely useful and essential tool carried out during the lockdown to keep employees
for the Company as it embarks on its aggressive engaged, motivated and provide necessary support
growth plans. An exciting extension of SAP is the during the tough times due to Covid-19.
continuously evolving Business Intelligence module
Women’s Day: Every year Women’s day is celebrated at
that is creating smart and concise management
the Company to commemorate their achievements. We
reports, profoundly aiding decision making.
are proud to have around 80% women employees.
Performance Management and Variable pay:
Staff members: The Company has designed and
implemented a Performance Management System that
allows individual Goal/KRA (Key Result Area) setting. This
enables a two-way discussion between a Staff Member
and his/her Reporting Manager (Coach) which ensures
that the organization’s objectives are percolated down to
teams and individuals. In order to drive a culture of
performance, teamwork and collaboration among the
departments in line with the organisation goals, with
effect from 1st April 2020, we have introduced Variable
Pay of 10%-30% of staffs’ CTC.
Non-staff members (operators): The efficiency and skill

levels of machine operators across all manufacturing units
are captured regularly through SAP, evaluated every six
Vaccination Drive at manufacturing unit
months and employees are graded and rewarded based on
their performance in an objective and fair manner.
Talent Acquisition: As part of talent acquisition, (i)

Management Trainees from B-Schools have been recruited
and provided hands-on experience before getting posted for
long term role, (ii)Lateral Hire: with a focus on
strengthening middle-management capability over 250+
recruits have been on-boarded and over 7000+ associates
have been recruited across all manufacturing facilities after
lifting of the lockdown
(iii) Internal Job Posting: Introduced the Internal Job Posting
policy in order to provide opportunities for our staff
members to move across functions.
10 Years’ Service Award

Year on year, the Company presents Long Service Award
to all employees and staff members who have dedicated
10 years of service to Page Industries. Last year, 165
Women’s Day employees were felicitated for their dedication and long
celebration
term service to the company.
WRAP Certifications:
WRAP is an independent, objective, non-profit team of
global social compliance experts dedicated to promoting
safe, lawful, humane and ethical manufacturing around
the world through certification and education. WRAP is
Worldwide Responsible Accredited Production certification
which is an independent body based out of USA.
Based on ILO conventions and United Nations Universal

declaration of human rights and American Customs CTPAT
program, the WRAP audits on the 12 principles (i)
Compliance with Laws and Workplace Regulations, (ii)
Prohibition of Forced Labor, (iii) Prohibition of Child
Labor, (iv) Prohibition of Harassment and Abuse, (v)
Compensation and Benefits
Recipients of long service
(vi) Hours of Work (vii) Prohibition of Discrimination, (viii)
award
Health and Safety (ix) Freedom of Association and
Collective Bargaining (x) Environment (xi) Customs
Compliance and
(xii) Security.
All our Manufacturing Units, including the new units, the year and the Board records its appreciation for the
have been certified by Worldwide Responsible contribution of all employees towards the growth of
Accredited Production (WRAP). We are proud to have the company without which the achievements made,
4 of our units certified with Platinum standard and all would not have been possible.
other units are certified with Gold standard.
As of 31st March 2021, the Company has 21,280
Industrial relations employees on roll.
The Industrial relations remained cordial throughout
FINANCIAL PERFORMANCE AND ANALYSIS

(`. in Millions)
Particulars 2020-21 2019-20 Change %
Revenue from operations (net) 28,330 29,455 -1,125 -3.82
Profit before Interest, Depreciation & Tax 5,460 5,573 -113 -2.03
Less: Finance Cost 297 339 -42 -12.39
Profit before Depreciation and Tax 5,163 5,234 -71 -1.36
Less: Depreciation 629 614 15 2.44
Profit before Tax 4,534 4,620 -86 -1.86
Less: Tax 1,128 1,188 -60 -5.05
Profit for the year 3,406 3,432 -26 -0.76
KEY FINANCIAL RATIOS:

S.No Particulars 2020-21 2019-20 Change (%)
1 Debtors Turnover Ratio 26.87 29.81 -9.88%
2 Inventory Turnover Ratio 4.45 4.01 10.92%
3 Interest Coverage Ratio 16.25 14.65 10.92%
4 Debt Equity Ratio 0 5/100 -99.90%
5 Operating Profit Margin(%) 17.06% 16.84% 1.31%
6 Net Profit Margin (%) 12.02% 11.65% 3.17%
7 Return on Net Worth 38.49% 41.86% -8.06%
Explanation on Key Financial Ratios:

Debt equity ratio: During the year under review, the Company repaid entire outstanding loans.
Return on Net worth: Due to Covid lockdown during 1st quarter of the year there was slight dip in the profitability
during the year.
CAUTION:
Statements in the Management Discussion Analysis describing the Company’s objectives, projections, estimates
and expectations may be considered as “forward looking statements” within the meaning of applicable securities
laws and regulations. Actual results could differ materially from those expressed or implied. The factors that might
influence the operations of the Company are economic conditions, government regulations and natural calamities
over which the Company has no control.
The Company assumes no responsibility in respect of the forward-looking statements herein which may undergo
changes in future on the basis of subsequent developments, information or events.

towards better Corporate Governance is to enrich the
CORPORATE GOVERNANCE
value of stakeholders by achieving business excellence.
REPORT
The detailed report on Corporate Governance as per Schedule 2. Board of Directors
V of the SEBI (LODR) Regulations 2015 for the year ended a) Composition and category of directors:
31st March 2021 is set out below:
The Company has a balanced and diverse Board of
1. Company’s philosophy on corporate Directors, which primarily takes care of the business
needs and stakeholders’ interest. The Non-Executive
governance Directors including Independent Directors on the Board
The Company is committed to continue the practice of are experienced, competent and highly renowned persons
good corporate governance. The core principles of from the fields of textiles, manufacturing, finance, taxation,
Corporate Governance as laid down by the Board legal, management, information technology, CSR, etc.
emphasise on integrity and accountability. The Corporate They take active part at the Board and Committee
Governance Code incorporates several practices aimed at meetings by providing valuable guidance to the
a high level of business ethics, effective supervision and management on various aspects of business, policy
enhancement of value for all stakeholders. The Company’s direction, governance, compliance etc., and also play vital
Corporate Governance conforms to all regulatory and legal role on strategic issues, which enhances the transparency
requirements. The basic philosophy behind an and add value in the decision-making process of the
endeavour Board of Directors.
The composition of the Board is in conformity with the Listing Regulation and Companies Act, 2013 and the members on the
Board are classified and categorized as under:
No. of Committees in
other companies in which
he is a Chairman /
Name of the Directors Category Member 2
No. of Shares in the Company as on

1
Member Chairman
No. of Directorship in other Companies
AGM attendance held on 13.08.2020

31-03-2021
Board Meeting Attendance
Mr. Sandeep Kumar Maini3 Independent Director – Chairman 1 1 Nil Nil 5 Yes
Mr. Sunder Genomal Managing Director – Promoter Nil Nil Nil 1796124 5 Yes
Mr. Nari Genomal7 Non-Executive Director – Promoter Nil Nil Nil 1796124 2 Yes
Mr. Sanjeev Genomal Alternate Director to Mr. Nari Genomal Nil Nil Nil 200 3 NA
Mr. Ramesh Genomal Non-Executive Director – Promoter Nil Nil Nil 1796124 5 Yes
Mr. Shamir Genomal Deputy Managing Director – Promoter Nil Nil Nil 200 5 No
Mr. Vedji Ticku Executive Director & Chief Executive Officer Nil Nil Nil 49 5 Yes
1. The number of directorship excludes directorship of private companies, foreign companies, companies incorporated under Section 8 of the
Mr. V S Ganesh Executive Director – Manufacturing & Operations Nil Nil Nil Nil 5 Yes
Companies Act, 2013 and Alternate Directorship;
Mr. Committee
2. Timothy Ralph Wheeler4of Audit
comprises Non-Executive
committeeDirector 1
and Stakeholders Relationship committee Nil limited companies
of public Nil Nilforeign companies
(excluding 3 Yes
Mr. and
Marksection
Fedyk 8 companies); Non-Executive Director Nil Nil Nil Nil 3 NA
Mr. Mr
3. G .PSandeep
Albal Kumar Maini was Independent
appointedDirector Nil
chairman w.e.f. 11ht February 2021. Mr. Pradeep Nil ceased from Independent
Jaipuria Nil Nil
Directorship5& Yes
Mr. Chairman upon
B C Prabhakar 5,7 completionIndependent
of second term on 10th February, 2021;
Director 2 3 2 20 5 Yes
4.
Mrs.Resigned
Rukmani from
Menon the Board w.e.f. 12th November
Independent 2020;
Director 1 1 Nil Nil 5 Yes
5.
Mr. Mr. B C Prabhakar,
Pradeep Jaipuria3 Independent DirectorDirector
Independent in Automotive Axles Limited (Listed Company);
1 Nil Nil Nil 4 Yes
6.
Mr. Mr. Varun
Vikram Berry, Managing
Gamanlal Shah Director, Britannia
Independent Industries Limited (Listed Company);
Director Nil Nil Nil 132 5 Yes
7. Aged above 75 years, special
Mr. Varun Berry6
resolution passed for continuation of directorship 3
Independent Director 1 Nil Nil 5 Yes

b) Details of the attendance of Directors at the Board or experience in actively supervising a principal
and last AGM financial officer, principal accounting officer and
effective participation in Audit Committee.
The attendance record of each of the Directors at
the Board Meetings held during the year 2020-21 Sales and marketing - Experience in developing
and the last Annual General Meeting (AGM) held on strategies to grow sales and market share, build
13th August 2020 are provided in the above table. brand awareness and equity, and product
development.
c) Number of Board Meetings
Technology - A significant background in
During the year under review, five meetings were
held on 23rd June 2020, 3rd September 2020, 12th technology resulting in reduction of manual works,
November 2020, 10th February 2021 and 22nd data protection, generation of real-time market
February 2021. status and connecting production with market
behaviours.
Sales and Marketing

d) Disclosure of Inter-se Relationship between the
Directors
Governance
Behavioural
Technology
Financial
Technical
Industry
Name of Directors
Mr Nari Genomal, Mr Sunder Genomal and Mr
Ramesh Genomal are brothers. Mr. Shamir Genomal,
Deputy Managing Director is son of Mr. Sunder
Genomal, Managing Director. Mr. Sanjeev Genomal,
Alternate Director is son of Mr. Nari Genomal, Mr. Pradeep Jaipuria       
Original Director. Mr. Sunder Genomal       
Mr. Nari Genomal      

e) Familiarization program for Independent Director
Mr. Ramesh Genomal      
On appointment of an Independent Director, he/
Mr. Shamir Genomal       
she is issued a Letter of Appointment setting out
in detail, the terms, duties and responsibilities. The Mr. Vedji Ticku       
Independent Directors are briefed at regular Mr. V S Ganesh       
intervals, about Company’s manufacturing, Mr. Timothy R Wheeler       
marketing, finance and other important aspects
Mr. Mark Fedyk       
covering legal and regulatory roles. The Company
also organizes a familiarization programme for Mr. G P Albal      
Independent Directors, which includes interactive Mr. B C Prabhakar   

sessions with Plant Heads, Plant Visit and Mrs. Rukmani Menon   
presentation from Chief Executive Officer. On the
Mr. Sandeep Kumar Maini     
matters of specialized nature, the Company
Mr. Vikram Gamanlal Shah    
engages outside experts / consultants for
presentation and discussion. Details of Mr. Varun Berry     
Familiarization programmes imparted to Mr. Sanjeev Genomal       
Independent Directors are given at
https://pageind.com/policies-documents g) Confirmation of Independent Directors on their
f) Competency Matrix of Board of Directors independence.
Behavioural – The attributes and competencies In the opinion on the Board of Directors, all the
enabling the individual director to use their Independent Directors have fulfilled the conditions
knowledge and skills to function well as a team specified in the SEBI(LODR) Regulations 2015 and
member and to interact with key stakeholders. Companies Act, 2013.
Governance – The essential governance knowledge h) Reasons for the resignation of an Independent
and understanding all directors should possess or Director
develop if they are to be effective directors.
During the year under review, no independent
Technical – Skills and specialist knowledge to assist director resigned.
the ongoing aspects of the Board’s role.
Industry – Experience and knowledge of the
industry in which the organization operates in.
Financial – Experience in financial management,
capital allocation, and financial reporting processes, ANNUAL REPORT 2020-21 54
3. Audit Committee • Obtain outside legal or other professional
advice; and
a) The Board has an Audit Committee which has
been constituted in compliance with the • Secure attendance of outsiders with relevant
provisions of Section 177 of the Companies Act expertise, if its considered necessary
2013 and Regulation 18 of the SEBI (LODR) b) During the year under review, four meetings were
Regulations, 2015. held on 23rd June 2020, 3rd September 2020, 12th
The brief terms of reference of Audit Committee November 2020 and 10th February 2021.
includes the following: The Chairman of the Audit committee was present
• Overseeing Company’s financial reporting at the last Annual General Meeting of the
process and the disclosure of its financial Company for addressing shareholders queries.
information; The composition of the Audit Committee and
• Recommending appointment, re-appointment particulars of meetings attended by the
or removal of the statutory auditors, fixing of members are given below:
audit fees and approving payments for any
No. of
other services; Name of Chairman
Category Meetings
Director(s / Member
• Reviewing with the management the quarterly )
attended
and annual financial statements with primary Independen
Mr. G P Albal Chairman 4
focus on: t Director
a. Matters required to be included in the Mr. Independen

Member 4
Pradeep t Director
Director’s Responsibility Statement; Jaipuria
b. Accounting policies and practices; Independen
Mr. B C Prabhakar Member 4
t Director
c. Compliance with Accounting Standards; Mr. Vikram Independen
Member 4
Gamanlal t Director
d. Accounting based on exercise of judgment Shahmembers of the Audit Committee possess sound
The
by Management;
knowledge of finance, accounts, corporate affairs, legal
e. Compliance with the listing regulation and and expertise in the garment industry.
legal requirements concerning financial
The Statutory Auditor, Internal Auditor and Executives
statements;
of the Company also attended the meetings. The
f. Related party transactions; and Minutes of the Audit Committee meetings were
regularly placed at the Board meetings.
g. The going concern assumptions
The Company Secretary acts as the Secretary to the
• Reviewing of Vigil mechanism / Whistle
Committee.
Blower Policy;
• Reviewing with the management, 4. Nomination and Remuneration
performance of external and internal auditors Committee
and the adequacy and compliance of internal
a) The Board has Nomination and Remuneration
control systems;
Committee, which has been constituted in
• Reviewing the adequacy of internal audit compliance with the provisions of Section 178 of
function and reports any major findings of the the Companies Act, 2013 and Regulation 19 of
internal auditors; the SEBI (LODR) 2015.
• Seek information from any employee(s); The terms of reference of Nomination and
• Approval of appointment of CFO (Chief Remuneration Committee includes the following:
Financial Officer);

• Formulating the criteria for determining • Meetings of the Board;
qualifications, positive attributes and • Functions of the Board;
independence of a director and recommend
to the Board a policy, relating to the • Board and Management;
remuneration for the Directors, KMPs and • Professional Development;
Senior Management, in compliance with
• Mandate and composition;
Section 178(4) of the Companies Act, 2013
and Listing Regulations; • Effectiveness of the Committee;
• Identifying persons who are qualified to • Structure of the Committee and meetings;
become directors and who may be appointed
• Independence of the Committee from the
in senior management in accordance with the
Board; and
criteria laid down, recommend to the Board
their appointment and removal; • Contribution to decisions of the Board.
• Criteria for performance evaluation of Board, Separate exercise was carried out to evaluate the
Committees, Directors and Chairman; performance of individual Directors who were
• On the basis of the report of performance evaluated on parameters such as Qualifications,
evaluation, it shall be determined whether to Experience, Knowledge and Competency,
extend or continue the term of appointment Fulfilment of functions, Ability to function as
of the independent director; and a team, Initiative, Availability & attendance,
Commitment, Contribution and Integrity.
• Devising a policy on Board diversity.
b) During the year under review, two meetings were The evaluation of the Independent Directors
held on 9th February 2021 and 22nd February was carried out with additional criteria such
2021. as Independence and Independent views and
The composition of the Nomination and Remuneration judgement.
Committee and particulars of meetings attended by The performance evaluation of the Chairman was
the members are given below: carried out with further additional criteria such
Name of Chairman Category No. of as Effectiveness of leadership and ability to
Director(s / Member Meetings steer the meetings, Impartiality, Commitment
)
and Ability to keep shareholders’ interests in
attended
Mr. G P Albal Chairman Independent 2 mind. The Non- Independent Directors
Director evaluation were carried out by the Independent
Mr. B.C. Prabhakar Member Independent 2 Directors separately. The Directors were
Director satisfied with the evaluation results, which
Mr. Member Independent 2 reflected the overall engagement of the Board
Sandeep Director and its Committees with the Company.
Kumar d) Independent Directors Meeting
Maini
Mr. Vikram Member Independent 2 At a separate meeting of Independent Directors
The Company Secretary acts as Director
Gamanlal the secretary to the held on 9th February 2021, the Independent
committee.
Shah Directors reviewed the performance of non-
Independent Directors, the Board as a whole
c) Evaluation and the performance of the Chairperson of the
The following are the recommended key criteria Company. The Independent Directors at the
for evaluation of the Board as a whole and its meeting also assessed the quality, quantity and
committees: timelines of flow of information between the
Management and the Board and expressed their
• Structure of the Board;
satisfaction.

e) Remuneration policy Variable Pay
The Board of Directors of the Company has During the under review,
adopted a Nomination and Remuneration year of the on
policy for its (i) Directors (Executive and Non recommendation
Remuneration Committee, the Company
Executive), (ii) Key Managerial Personnel and (iii) the Nomination
introduced Variable Pay (VP) ranging from 10%
Senior Management Personnel. The Nomination to 30% of the CTC, depending on the grade
and Remuneration policy is to consider human which commences from Assistant Managerand to
resources as its invaluable assets, to pay CEO and the Dy. Managing Director. VP willhas
be
equitable remuneration to all Directors, Key paid based on the overall performance of the
Managerial Personnel (KMP) and employees of Company.
the Company, to harmonize the aspirations of iv. Remuneration to Non- Executive / Independent
human resources consistent with the goals of Director:
the Company and in terms of the provisions of
the Companies Act, 2013 and the Listing Sitting Fees
Regulation as amended from time to time. The The Non- Executive / Independent Director may
Nomination and Remuneration policy of the receive remuneration by way of fees for
Company is available on https:// attending meetings of Board or Committee
www.pageind.com/policies-documents thereof. Provided that the amount of such fees
The Salient feature of Remuneration shall not exceed the amount as may be
policy
i. The remuneration / compensation etc prescribed by the Central Government from
(remuneration) to the Whole-time Director, time to time.
KMP and Senior Management Personnel will be Remuneration under Section 197(1) of the
determined by the Committee and Companies Act, 2013:
recommended to the Board for approval. The
remuneration / compensation etc. shall be Remuneration under Section 197(1) of the
subject to the prior/ post approval of the Companies Act, 2013 may be paid within the
shareholders of the Company and Central monetary limit approved by shareholders,
Government, wherever required. subject to the limit not exceeding 1% of the
ii. Increments to the existing remuneration structure profits of the Company computed as per the
may be recommended by the Committee to the applicable provisions of the Companies Act,
Board which shall be within the slabs approved 5. Stakeholder
2013. Relationship Committee
by the Shareholders in the case of Whole-time The Committee oversees and reviews all matters
Director. connected with redressal of Investor Grievances
and complaints. The service of transfer of shares is
Fixed pay
undertaken by M/s. Link Intime India Pvt Ltd, Mumbai
The Whole-time Director / KMP and Senior and they are fully equipped to deal with transfers and
Management Personnel shall be eligible for a all related complaints of Investors.
monthly remuneration as may be approved by
the Board on the recommendation of the One meeting was held during the year under review, on
Committee. The break up of the pay scale and 9th February 2021.
quantum of perquisites including, employer’s
contribution to P.F, pension scheme, medical The composition of the Stakeholder Relationship
expenses, club fees, prerequisites etc. shall be Committee and particulars of meetings attended by
decided and approved by the Board on the the members are given below:
recommendation of the Nomination and
Remuneration Committee and approved by the
shareholders and Central Government, wherever
required.

Name of Chairman /
No. of 6. Details of Remuneration to paid to
Category Meeting
Director(s) Member
attended
Directors
Independent a) Payment to Executive Directors during the year
Mr. GP Albal Chairman 1
Director 2020-21 (` Million):
Mr. Vikram Independent
Member 1 Particulars Sunder Vedji Shamir V S Ganesh
Gamanlal Director
Shah Genomal Genomal
Ticku
Mrs. Independent
Member 1 Designation Managing Executive Deputy Executive
Rukmani Director
Director Director & Managing Director –
Menon
CEO Director Manufacturing
Mr. Murugesh C, Company Secretary is the Compliance
& Operations
Officer of the Company.
Tenure / 1st August 25th May 1st
25th May 2017
Details of Shareholders Complaints for the year 2020- Service 2016 to 31st 2017 to September to 24th May
21: contract July 2021 24th May 2018 to 2022
2022 31st August
During the year the Company received four complaints, 2023
which were resolved immediately. No pending Notice As per policy of the Company-3 months notice period
complaints as on 31st March, 2021.
Period
5A. Risk Management Committee Performance

linked
The Company does not pay any performance linked
payment.
payment
The terms of reference of Risk Management
and
Committee includes the following: performance
criteria
a) Risk Identification;
Severance Nil Nil Nil Nil
b) Risk Assessment or estimation; Fees
c) Risk Impact Analysis; Relationship 1. Brother NA Son of Mr. NA
with other of Mr.Nari Sunder
d) Risk Treatment;
Director(s) Genomal and Genomal,
e) Risk Mitigation; Mr. Ramesh Managing
Genomal. Director
f) Risk – Control and Monitoring; 2. Father of
g) Business Continuity Management; and Mr. Shamir
Genomal
h) Cyber Security framework.
Salary 9.00 12.22 5.39 8.93
One meeting was held during the year under review, on Allowances 9.00 7.70 3.76 5.63
3rd March 2021. Provident 1.08 1.47 0.65 1.07
fund
The composition of the Risk Management Committee
Perquisites 0.04 1.14 0.04 0.04
and particulars of meeting attended by the members
Bonus and - 18.98 2.27 3.30
are given below: incentive
Name of Chairman No. of Meeting
Category Leave - 1.02 0.45 0.74
Director(s) / Member attended
Encashment
Mr.
Chairman Managing Director 1 Total Salary 19.12 42.52 12.56 19.71
Sunder
Genomal The Company has adequate profit and the payment of
Executive Director remuneration to Mr. Sunder Genomal, Managing
Mr. Vedji Ticku Member 1
& CEO
Director, Mr. Vedji Ticku, Executive Director & CEO, Mr.
Mr. Deputy Managing Shamir Genomal, Deputy Managing Director and Mr. V
Member 1
Shamir Director
Genomal S Ganesh, Executive Director – Manufacturing and
Mr. V S Ganesh Member Executive Director 1 Operations are within the ceiling limit prescribed by
Independent Sections 198 of the Companies Act, 2013.
Mr. Varun Berry* Member NA
Director
Bonus and incentives paid to executive directors are
Mr. Chief Financial
Member 1
Chandrasekar K Officer based on the overall performance of the Company,
Mr. Minor profitability and concerned department’s performance
Member SVP- HR & Admin 1
*Ganesha
Appointed as member with effect from 27th May during the year.
2021
n

During the year under review, on the recommendation meetings and ` 10,000 per meeting for attending other
of the Nomination and Remuneration Committee, the Committee meetings. In addition to the sitting fees, the
Company has introduced Variable Pay (VP) ranging Company makes payment under Section 197(1)(ii) of the
from 10% to 30% of the CTC, depending on the grade Companies Act, 2013 to the Non-Executive Directors
which commences from Assistant Manager to CEO subject to approval of shareholders and to such ceiling
and the Dy. Managing Director. VP will be paid based and in such manner as decided by the Board.
on the overall performance of the Company.
The payment made under Section 197(1)(ii) of the
The Company does not have any scheme for grant of Companies Act, 2013 to the Non-Executive Directors
stock options either to the Directors or to any of the are based on their professional expertise in their
employees. individual capacity. The details of payment made to the
b) Payment to Non-Executive Directors: Non-Executive Directors during 2020-21 towards
sitting fees and under Section 197(1)(ii) of the
Non-Executive Directors are paid sitting fees of `
20,000 per meeting for attending Board and Audit Companies Act, 2013 are as under:
Committee
Sitting Fees (` Million)

*Payment
Stakeholder Nomination & Corporate Social made under
Name of Director Audit
Responsibility section 197(1)
Committee
Relationship Remuneratio Committee (ii)
Meeting
Committee n Committee Meeting
Meeting
(` Million)
Board
Meeting Meeting
Mr. Pradeep Jaipuria 0.08 0.08 NA NA NA 1.00
Mr. G P Albal 0.10 0.08 0.01 0.02 0.01 0.925
Mr. Nari Genomal 0.04 NA NA NA NA -
Mr. Ramesh Genomal 0.10 NA NA - NA -
Mr. Sanjeev Genomal NA NA NA NA NA NA
Mr. Timothy Wheeler 0.06 NA NA NA NA 0.925
Mr. Mark Fedyk 0.06 NA NA NA NA NA
Mr. B C Prabhakar 0.10 0.08 NA 0.02 0.01 0.925
Mrs. Rukmani Menon 0.10 NA 0.01 NA NA 0.925
Mr. Sandeep Maini 0.10 NA NA 0.02 0.01 0.925
Mr. Vikram Shah 0.10 0.08 0.01 0.02 NA 0.925
Mr. Varun Berry 0.10 NA NA NA NA 0.925
* Paid as approved by the shareholders at 24th Annual General Meeting of the Company held on 8th August
TOTAL
2019. 0.94 0.32 0.03 0.08 0.03 7.475

The Company has obtained approval from the are provided in the related party transaction forms part
shareholders of the company for payment under of the notes to the financial statement. The details of
Section 197(1)(ii) of the Companies Act, 2013 at the service availed are provide in Annexure-2 to the Board
25th Annual General Meeting for the financial year report in form AOC-2. All the transactions are in arm
2020-21 upto ` 9.0 million which will be paid after length and in the ordinary course of the business.
approval of the annual accounts by the Board of
Directors and adoption by the shareholders. The Company has not issued any convertible
instruments. The Company has not issued any stock
Criteria of making payments to non-executive directors:
options to any of its employees / officers / directors.
Apart from sitting fees and remuneration under
Section 197(1)(ii), the Company is availing certain None of the Non-Executive Directors have any
services from the non-executive directors based on pecuniary material relationship or transactions with the
their expertise. The details of payment made to non- Company for the year ended 31st March 2021.
executive directors
7. General Body Meetings:

a) The following are the details of last three Annual General Meeting (AGM) of the
Company:
Financial year Location of the Meeting Type of Meeting Date & Time
2017-18 Aloft Bengaluru Cessna Business Park, 23rd AGM 9th Aug 2018 at 11:30 am
Sajapur - Marathahalli Outer Ring
2018-19 24th AGM 8th Aug 2019 at 11:30 am
Road, Kadubeesanahalli, Bellandur
Post, Bengaluru – 560103
2019-20 Through Video Conferencing 25th AGM 13th Aug 2020 at 11:30 am
No Extra Ordinary General Meeting was held during the last 3

years.
b) Details of Special Resolutions passed in the previous three

AGM
AGMs: No. of Special Details of Special Resolution
Resolutions passed
23rd AGM held on 1 Remuneration to Non-Executive Directors under section 197(1)
9th August, 2018 of the Companies Act, 2013 a sum not exceeding `
9,000,000/-.
24th AGM held on 4 1. Re-appointment of Mr. G P Albal as Independent Director
8th August, 2019 2. Re-appointment of Mrs. Rukmani Menon as
3. Re-appointment of Mr. Sandeep Kumar Maini as
4. Re-appointment of Mr. Vikram Gamanlal Shah
as Independent Director
25th AGM held on NIL NA
13th August,
2020
c) Postal Ballot: During the year 2020-21 no resolution was passed through Postal Ballot.
d) At present, the Company has no proposal to pass any special resolution through postal
ballot.

8. Means of Communication:
The quarterly results of the Company are published in Business Line (English) and in Samyukta Karnataka
(Kannada). The Quarterly financial results, Investor Presentation, Press Release, Transcript of investor call and the
Annual Reports are also displayed on the Company’s website (i.e.,) https://www.pageind.com/quarterly-release.
Official news releases and presentations made to the Institutional Investors, are also posted on the Company’s
website.
9. General Shareholder Information:

Annual General Meeting 12th August 2021 at 11:30
AM Through Video
Conferencing
Financial Calendar: The financial year of the Company is 1st April to 31st March.
For the year 2021-22, the interim
results announced as follows:
30th June 2021 On or before end of 14th August 2021
30th September 2021 On or before end of 14th November 2021
31st December 2021 On or before end of 14th February 2022
31st March 2022 On or before end of 30th May 2022
Date of book Closure 5th August 2021 (only for the purpose of AGM)
Dividend payment date During the year 2020-21, Two interim dividends were declared on 12th
November 2020, ` 100 per share and 10th February 2021, ` 150 per share.
The Board has not recommended final dividend.
Listing of equity shares on National Stock Exchange of India Limited (NSE) and Bombay Stock
Stock Exchanges Exchange (BSE). The Annual Listing fees in respect of both the Stock
Exchanges for the financial year 2020-21 have been paid.
Stock Code(BSE) 532827

Scrip Code(NSE) PAGEIND
ISIN Number (For Demat trading) INE761H01022
Depository Connectivity NSDL & CDSL
Market Price Data Ref. Table-I
Performance in comparison to Ref. graphical representation given in Table I below

Sensex and Nifty
In case the securities are suspended Not applicable

from trading, the directors report
shall explain the reason thereof
Registrar and Transfer Agents Link Intime India Pvt. Ltd.,

Unit: Page Industries
Limited C 101, 247 Park,
L B S Marg, Vikhroli West,
Mumbai – 400083.
Maharashtra Tel No: +91 22
49186000
Fax: +91 22 49186060
Email: rnt.helpdesk@linkintime
.co.in
Share Transfer System All the share transfers in respect of physical shares are handled by the Registrar
and Share Transfer Agents. The turnaround time for completion of transfer of
shares is generally less than 15 days from the date of receipt, if the documents
are in order.
Distribution of shareholding Ref. Table-II & III
Dematerialization of shares and liquidity Shares held in Demat Form as on 31st March
2021: With NSDL : 10,835,073 shares
With CDSL : 318,798
shares Physical : 3
shares
Total : 11,153,874 shares
Unclaimed Dividend and IEPF shares Ref. Table IV
Outstanding GDRs/ADRs/warrants NA
or any other convertible
instruments, conversion date and
likely impact on equity
Commodity price risk or foreign NA

exchange risk and hedging
activities
Plant Locations • Abbaiah Reddy Industrial Area, Jockey Campus, 6/2 & 6/4, Hongasandra,
Begur Hobli, Bangalore – 560 068
• Plot No.13A, Bommasandra Industrial Area, S.No.270 of Bommasandra
Village, Attibele Hobli, Anekal, Bangalore- 560099
• Survey No.103/2&3, Khata No.190, Kodichikanahalli Main Road,
Hongasandra, Bangalore-560068.
• No.63/3, Bommanahalli, Begur Hobli, Bangalore-560 068
• Plot No.251-2A, Bommsandra Industrial Area, Bangalore- 560 099
• Plot No.121,122-P, 208D and 562 Growth Centre Industrial
Area, Bommanayakanahalli, HobliKasaba, Hassan
• 2/1,2/3, Beratana Agrahara Village, Begur Hobli, Bangalore South
Taluk Bangalore – 560 100
• Indospace Bommasandra Logistics Park Private Limited, Bommasandra-
Jigani Link Road, Anekal Hobli, Bangalore
• Site 25B, III State Subrub industrial area, Khill E Mohalla fort, Mysore –
570008
• IP-20 & IP-21,Gowribidanur Industrial Area, Kasaba Hobli,
Gowribidanur, Chikkaballapura Dist-561 208
• D.No-2/377B & 2/377C, Lakshmi Garden, Veerapandi Village, Palladam
Road, Tirupur - 641605
• Survey No. 123, Khata No. 126/215, Koppa Village, Kasaba Hobli, Hindiskere
Gate Tiptur
• Survey No. 54/2 Marada Halli Village, Sheelanere Hobli, K R Pete Taluk, Mandya
– 571426
Company Secretary & Mr. Murugesh C
Compliance Officer Cessna Business Park, Tower-1, 7th Floor, Umiya Business Bay, Varthur Hobli,
Outer Ring Road, Bangalore - 560103. Phone: 080- 49454545
Address for Correspondence Page Industries Limited, Registered & Corporate Office: Cessna Business Park,
Tower-1, 7th Floor, Umiya Business Bay, Varthur Hobli, Outer Ring Road, Bangalore -
560103. Phone: 080- 49454545
In compliance of Regulation 6 (d) of the SEBI (LODR), 2015 the Company
has created an exclusive email ID for investors viz.,
investors@jockeyindia.com
List of all credit ratings obtained by Long-term fund-based bank facilities: [ICRA]AA(Stable),
the entity along with any revisions
thereto during the relevant financial reaffirmed; Short-term non-fund based bank facilities: [ICRA]A1+,
year, for reaffirmed;
all debt instruments of such entity or
any fixed deposit programme or any Long-term/Short-term unallocated bank facilities:
scheme or proposal of the listed entity [ICRA]AA(Stable)/[ICRA]A1+; reaffirmed
involving mobilization of funds,
whether in India or abroad.

TABLE – I
Market Price Data: The shares of the Company are listed at BSE and NSE. Monthly low and high at both the Stock
Exchanges for the year 2020-21 are given below:
BSE NSE
Month
High Low High Low
Apr-20 18898 16300 18921 16330

May-20 19275 16854 19266 16850
Jun-20 21177 17639 21194 17636
Jul-20 20956 18805 20990 18888
Aug-20 21226 18650 21244 18642
Sep-20 22275 17700 22280 17685
Oct-20 21850 19734 21858 19720
Nov-20 23112 19455 23187 19450
Dec-20 28421 22670 28435 22661
Jan-21 30500 27053 30550 27000
Feb-21 32372 27078 32206 27076
Mar-21 31150 27400 31179 27380
Graphical representation of movement of share price of the Company in line with indices of BSE and
NSE:
Share Price Movement of PAGEIND in

comparison with SENSEX & NIFTY
60,000 16000
14000
50,000
12000
40,000
10000
30,000 8000
6000
20,000
4000
10,000
2000
0 0
APR-20 MAY-20 JUN-20 JUL-20 AUG-20 SEP-20 OCT-20 NOV-20 DEC-20 JAN-21 FEB-21 MAR-21
PAGEIND SENSEX
NIFTY

TABLE- II TABLE- IV
Distribution of Shareholding as of 31st March 2021: Unclaimed Dividend:
As of 31st March, 2021, we have a total unclaimed amount

No. of No. of No. of % held of
equity shares ` 30,15,158 as given below:
shares held folios held
Upto 500 71,894 8,92,174 8.00 Dividend
501 to 1000 187 1,33,328 1.20 Year Total (`)

Interim Dividend (`) Final
1001 to 2000 104 1,43,544 1.29
(`)
2001 to 3000 50 1,20,995 1.08 1st 2nd 3rd 4th
3001 to 4000 35 1,20,319 1.07

4001 to 5000 24 1,08,793 0.98
5001 to 10000 56 3,88,586 3.48
2013-14 -- -- 45,480 -- 43,392 88,872
10001 and above 84 92,46,135 82.90
Total 72,434 1,11,53,874 100.00
TABLE- III 2014-15 50,512 57,798 59,436 -- 53,240 2,20,986
Category of Shareholders as on 31st March 2021:

2015-16 56,620 60,018 1,10,670 -- 46,392 2,73,700
Category No. of Shares % of holding

Promoters and 2016-17 39,600 48,800 48,275 -- 57,300 1,93,975
53,89,092 48.32
Promoters’ Group
Mutual Funds 13,45,963 12.07 2017-18 53,326 76,405 51,135 1,07,870 -- 2,88,736
Foreign Portfolio
28,87,332 25.88 2018-19 1,45,017 2,04,907 1,42,524 73,513 -- 5,65,961
Investors
Bodies Corporate 88,163 0.79
2019-20 86,547 90,012 93,554 -- -- 2,70,113
Individuals 8,24,137 7.39
Others 6,19,187 5.55
2020-21 3,99,297 7,13,518 -- -- -- 11,12,815
Total 1,11,53,874 100.00
Total 30,15,158
The shareholders, who have not claimed their share of Dividend 2012-13 and 1st, 2nd Interim dividends of
above dividend(s), are requested to write to the 2013-14 transferred to the IEPF.
Registrar and Share Transfer Agent to claim the
amount. IEPF Shares
It may be noted that the company has transferred Final
During the year, the Company has transferred 6 shares
Dividend 2012-13 and 1st, 2nd Interim dividends of
in accordance with IEPF rules due to dividends
2013-14 laid in the dividend accounts to the Investor
unclaimed for seven consecutive years. As on 31st
Education and Protection Fund during the year under
March 2021 totally
review.
44 shares were transferred to IEPF account and the
The members are requested to note that no claim shall
details are provided in the website.
lie against the company in respect of unclaimed
Final

10. Other Disclosures: d) The company has complied with all the
mandatory requirements of Listing Regulations.
a) Disclosure on materially significant related party
transactions:
Regarding compliance with non-
mandatory requirements, the following is the
During the year 2020-21 no transactions of
status:
materially significant nature had been entered
i. Chairman of the Board – Separate Office for
into by the Company with the related parties
chairperson is not provided at the registered
that may have a potential conflict with interest
office of the company.
of the company at large. Detailed related party
information and transactions have been provided ii. Shareholders’ Rights – Half-yearly declaration
in Notes to Accounts forming part of the Annual of financial performance are not currently
Report. The Company has obtained prior sent to each of the household of
omnibus approval for all non-material related Shareholders but are published in terms of
party transactions from the Audit Committee. Regulation 47(3) of Listing Regulations in
The Board of Directors has adopted a related newspapers and also sent to the Stock
party transaction policy and the same was Exchanges. Besides, all the Quarterly / Half-
available in the website of the Company in the yearly / annual financial results are published
following link: on the Company’s website.
iii. Audit Qualification – The financial statements
https://www.pageind.com/policies-documents of the Company are unqualified and the
b) Disclosure of Non-Compliance: There has been
Company is committed to continue the same.
no instance of non-compliance by the Company
on any matter related to Capital Markets since iv. Separate posts of Chairperson, Managing
the inception of the Company and hence no Director and Chief Executive Officer –
penalties have been imposed. currently the post of Chairperson, Managing
Director and Chief Executive Officer are held
c) Vigil mechanism / Whistle Blower by different persons.
Policy
v. Reporting of internal Auditor – Internal
The Company, in compliance with Section 177 of
Auditors of the Company are not directly
the Companies Act, 2013 and Regulation 4(2)(d)
reporting to the Audit Committee. However,
(iv) of the SEBI (LODR) Regulations, 2015 has
Internal Auditors are making quarterly reports
constituted a Vigil mechanism for Directors,
to the committee and they are invited for all
employees and other stakeholders to report
the Audit Committee meetings.
concerns about unethical behaviour, actual or
suspected fraud or violation of the Company’s
e) Web link where policy for determining ‘material’
code of conduct or policies of the Company. The
subsidiaries – Not Applicable
Policy provides for adequate safeguards against
victimization of persons who use such f) Web link where policy on dealing with related
mechanism and also make provision for direct party transactions – https://pageind.com/
access to the chairperson of the Audit policies-documents
Committee in appropriate or exceptional cases.
The Whistle Blower Policy is available at g) Disclosure of commodity price risks and
https://pageind.com/policies-documents commodity hedging activities: The Company
The Board of Directors of the Company has has not entered into any commodity hedging
adopted Whistle Blower Policy. The Company activities.
has not denied access to any personnel of the
Company to approach the Management/Audit h) Details of utilization of funds raised through
Committee to report genuine concerns, incidents preferential allotment or qualified institutions
of unethical behaviour and actual or suspected placement as specified under Regulation 32 (7A)
fraud or violation of policies of the Company – Not Applicable.

i) A Certificate from a Company Secretary in 12. The Corporate Governance report shall also disclose
practice that none of the directors on the Board the extent to which the discretionary requirements
of the company have been debarred or as specified in Part E of Schedule II have been
disqualified from being appointed or continuing adopted
as directors of Companies by the Board/Ministry – Disclosed in 10(d) of this report
of Corporate Affairs or any such statutory 13. The disclosures of the compliance with Corporate
authority: The certificate forms part of Governance requirements specified in regulation
Corporate Governance Compliance Certificate. 17 to 27 and clauses (b) to (i) of sub-regulation (2)
of regulation 46 shall be made in the section on
j) The Board has accepted all the
corporate governance of the annual report – All the
recommendations of the committees of the
requirements mentioned are complied.
Board
k) Fees paid to Statutory Auditors and network
firms: Statutory Audit fees details are provided 14. Disclosures with respect to demat suspense
in the notes to the financial statement. During account/ unclaimed suspense account – No shares
the year, the Company has paid ` 6.59 million to are in suspense account/ unclaimed suspense
Ernst and Young, network firm of the statutory account.
auditors, for availing GST Compliance and
Investor relationship services.
DECLARATION
l) The Company has constituted an internal
complaints committee in compliance with the We, Sunder Genomal, Managing Director and Vedji
Sexual Harassment of Women at Work Place Ticku, Executive Director & Chief Executive Officer of
(Prevention, Prohibition and Redressal) Act 2013. Page Industries Limited, hereby declare that all the
The Company has not received any complaint members of the Board of Directors and the Senior
relating to sexual harassment of women at work Management Personnel have affirmed compliance with
place during the year under review. the Code of Conduct for the year ended March 31,
2021.
m) In the preparation of financial statement there For Page Industries
is no differential treatment from the prescribed Limited
Accounting Standards.
n) Certificate from Practicing Company Secretary,

confirming the compliance with all the
conditions of Corporate Governance as
Sunder Genomal Vedji Ticku
stipulated in SEBI (LODR) 2015 forms part of
Managing Director Executive Director &
this report.
(DIN:00109720) CEO
11. The Company complied with all the requirement of
(DIN:0782
corporate governance report said out in the Bangalore
283)
schedule V of SEBI (LODR) Regulations, 2015. 27th May,
2021

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015)
The Members
Page Industries Limited
Cessna Business Park
Umiya Business Bay-Tower-I
7th Floor, Kadubeesanahalli, Varthur Hobli
Bangalore – 560 103
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Page
Industries Limited having CIN : L18101KA1994PLC016554, and having Regd. Office at Cessna Business Park, Umiya
Business Bay-Tower-I, 7th Floor, Kadubeesanahalli, Varthur Hobli, Bangalore – 560 103 (hereinafter referred to as
‘the Company’), produced before me by the Company for the purpose of issuing this Certificate, in accordance
with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications (including Directors
Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations
furnished to me by the Company & its officers, I hereby certify that none of the Directors on the Board of the
Company for the Financial Year ending on 31st March, 2021 have been debarred or disqualified from being
appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of
Corporate Affairs, or any such other Statutory Authority.
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of
the management of the Company. Our responsibility is to express an opinion on these based on our verification.
This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
27 May 2021, R Vijaykumar &

Bangalore Co., [R
Peer Review Certificate No.947/2020 Vijayakumar]
UDIN: F006418C000376348 Company Secretary in Practice
[FCS No. 6418; CP
No.8667]

CORPORATE GOVERNANCE 2021 and that to the best of our knowledge and
COMPLIANCE belief:
CERTIFICATE 1. these statements do not contain any

materially untrue statement or omit any
To material fact or contain statements that
The Members of Page Industries of Page might be misleading;
Limited
Industries Limited (“the Company”) for the purpose of 2. these statements together present a true
certifying compliance
I have examined of relevant
all the the conditions of the and fair view of the listed entity’s affairs and
records
Corporate Governance under the SEBI (LODR) are in compliance with existing accounting
Regulations, 2015 for the financial year ended 31st standards, applicable laws and regulations.
March 2021. I have obtained all the information and
explanations which to the best of my knowledge and a. There are, to the best of our knowledge and
belief were necessary for the purpose of certification. belief, no transactions entered into by the listed
The compliance of conditions of corporate governance entity during the year which are fraudulent,
is the responsibility of the Management. My illegal or violative of the listed entity’s code of
examination was limited to the procedure and conduct.
implementation process adopted by the Company for
b. We accept responsibility for establishing and
ensuring the compliance of the conditions of the
maintaining internal controls for financial
corporate governance. This certificate is neither an
reporting and that we have evaluated the
assurance as to the future viability of the Company nor
of the efficacy or effectiveness with which the effectiveness of internal control systems of the
management has conducted the affairs of the listed entity pertaining to financial reporting and
Company. we have disclosed to the auditors and the audit
In my opinion and to the best of my information and committee, deficiencies in the design or
according to the explanations given to me, I certify operation of such internal controls, if any, of
that the Company has complied with the conditions of which we are aware and the steps they have
Corporate Governance as stipulated in the aforesaid taken or propose to take to rectify these
Regulations, 2015. deficiencies.
R Vijaykumar &
27 May 2021, Co., [ R c. We have indicated to the auditors and the Audit
Bangalore Vijayakumar] committee
UDIN: Company Secretary in
F006418C000376359 1. significant changes in internal control over
Peer Review Certificate Practice [FCS No. 6418; financial reporting during the year;
No.947/2020 CP No.8667]
2. significant changes in accounting policies
during the year and that the same have
CEO & CFO Certification been disclosed in the notes to the financial
statements; and
To
The Board of Directors 3. instances of significant fraud of which we
Page Industries have become aware and the involvement
Limited Bengaluru therein, if any, of the management or an
employee having a significant role in the
Sub: Compliance Certificate under Regulation 17(8)] listed entity’s internal control system over
of the SEBI (Listing Obligations And Disclosure financial reporting.
Requirements) Regulations, 2015
We, Vedji Ticku, Executive Director & Chief Executive (Vedji Ticku) (Chandrasekar K)
Officer and Chandrasekar K, Chief Financial Officer of Executive Director & Chief Financial Officer
Page Industries Limited hereby certify that: CEO
a. We have reviewed financial statements and the (DIN:0782283)
cash flow statement for the year ended 31st Bengaluru
March, 27th May,
2021
INDEPENDENT AUDITOR’S REPORT
To the Members of Page Industries Limited
Report on the Audit of the Financial the financial statements under the provisions of the
Statements Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these
Opinion requirements and the Code of Ethics. We believe that
We have audited the accompanying financial the audit evidence we have obtained is sufficient and
statements of Page Industries Limited (“the appropriate to provide a basis for our audit opinion on
Company”), which comprise the Balance sheet as at the financial statements.
March 31, 2021, the Statement of Profit and Loss,
including the statement of Other Comprehensive Key Audit Matters
Income, the Cash Flow Statement and the Statement Key audit matters are those matters that, in our
of Changes in Equity for the year then ended, and professional judgment, were of most significance in our
notes to the financial statements, including a summary audit of the financial statements for the financial year
of significant accounting policies and other ended March 31, 2021. These matters were addressed
explanatory information. in the context of our audit of the financial statements
In our opinion and to the best of our information and as a whole, and in forming our opinion thereon, and we
according to the explanations given to us, the aforesaid do not provide a separate opinion on these matters.
financial statements give the information required For each matter below, our description of how our
by the Companies Act, 2013, as amended (“the Act”) audit addressed the matter is provided in that context.
in the manner so required and give a true and fair
view in conformity with the accounting principles We have determined the matters described below to
generally accepted in India, of the state of affairs of the be the key audit matters to be communicated in our
Company as at March 31, 2021, its profit including report. We have fulfilled the responsibilities described
other comprehensive income, its cash flows and the in the Auditor’s responsibilities for the audit of the
changes in equity for the year ended on that date. financial statements section of our report, including in
relation to these matters. Accordingly, our audit
Basis for Opinion included the performance of procedures designed to
We conducted our audit of the financial statements respond to our assessment of the risks of material
in accordance with the Standards on Auditing (SAs), misstatement of the financial statements. The results
as specified under section 143(10) of the Act. Our of our audit procedures, including the procedures
responsibilities under those Standards are further performed to address the matters below, provide the
described in the ‘Auditor’s Responsibilities for the basis for our audit opinion on the accompanying
Audit of the Financial Statements’ section of our financial statements.
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

Key audit matters How our audit addressed the key audit matter
Revenue recognition (refer Note 20 of the financial statements)
As described in the accounting policy in Note 2.2 (d) Our audit procedures included, among others the
to the financial statements, revenue from sale of goods following:
is measured at fair value of the consideration received -
We have read and evaluated the Company’s
or receivable, net of returns and allowances, trade
accounting policy for revenue recognition of net
discounts and volume rebates / incentives.
sales revenue, including the policy for recording
The Company has various incentive schemes for its returns, and discounts in accordance with Ind AS
retailers and distributors which are based on volume 115 ‘Revenue from Contracts with Customers’.
of sales achieved during the stipulated period. The - We assessed and tested on sample basis the design
estimate of sales likely to be achieved by each retailer and operating effectiveness of internal controls
/ distributor requires judgment. including application controls of the Company’s
The Company also makes provision for sales returns, system over Company’s revenue recognition
based on historic trends and assessment of market process.
conditions. - We selected and tested on a sample basis customer
contracts / orders to test whether the revenues
Further, as per Ind AS 115, revenues are deferred in
recognised with respect to such contracts / orders
cases where the performance conditions have not
are in accordance with the Company’s accounting
been met.
policy.
Considering the judgment and estimates involved in - We discussed and obtained an understanding from
revenue recognition, it is considered to be a key audit the management on the key assumptions applied
matter. and inputs used in estimating provisions for
discounts, sales incentives and sales returns and
compared the same with the past trends and the
provision made by the management.
- We tested on a sample basis invoices raised prior to
year-end and post year end to assess whether
revenue is recognized based on the performance
conditions met, in line with Ind AS 115.
- We read and assessed the relevant disclosures made
in the financial statements including disclosures on
significant accounting judgments, estimates and
Other Information appears to be materially misstated. If, based on the
assumptions.
work we have performed, we conclude that there is a
The Company’s Board of Directors is responsible for
material misstatement of this other information, we
the other information. The other information
are required to report that fact. We have nothing to
comprises the information included in the Annual
report in this regard.
report, but does not include the financial statements
and our auditor’s report thereon.
Responsibilities of Management for the
Our opinion on the financial statements does not cover Financial Statements
the other information and we do not express any form
The Company’s Board of Directors is responsible for the
of assurance conclusion thereon.
matters stated in section 134(5) of the Act with respect
In connection with our audit of the financial to the preparation of these financial statements that
statements, our responsibility is to read the other give a true and fair view of the financial position,
information and, in doing so, consider whether such financial performance including other comprehensive
other information is materially inconsistent with the income, cash flows and changes in equity of the
financial statements or our knowledge obtained in Company in accordance with the accounting
the audit or otherwise principles generally accepted in

India, including the Indian Accounting Standards (Ind that is sufficient and appropriate to provide a basis
AS) specified under section 133 of the Act read with for our opinion. The risk of not detecting a material
the Companies (Indian Accounting Standards) Rules, misstatement resulting from fraud is higher than for
2015, as amended. This responsibility also includes one resulting from error, as fraud may involve
maintenance of adequate accounting records in collusion, forgery, intentional omissions,
accordance with the provisions of the Act for misrepresentations, or the override of internal
safeguarding of the assets of the Company and for control.
preventing and detecting frauds and other irregularities; • Obtain an understanding of internal control relevant
selection and application of appropriate accounting to the audit in order to design audit procedures
policies; making judgments and estimates that are that are appropriate in the circumstances. Under
reasonable and prudent; and the design, section 143(3)(i) of the Act, we are also responsible
implementation and maintenance of adequate internal for expressing our opinion on whether the
financial controls, that were operating effectively for Company has adequate internal financial controls
ensuring the accuracy and completeness of the with reference to financial statements in place and
accounting records, relevant to the preparation and the operating effectiveness of such controls.
presentation of the financial statements that give a true
• Evaluate the appropriateness of accounting policies
and fair view and are free from material misstatement,
used and the reasonableness of accounting
whether due to fraud or error.
estimates and related disclosures made by
In preparing the financial statements, management management.
is responsible for assessing the Company’s ability to
• Conclude on the appropriateness of management’s
continue as a going concern, disclosing, as applicable,
use of the going concern basis of accounting and,
matters related to going concern and using the going
based on the audit evidence obtained, whether a
concern basis of accounting unless management either
material uncertainty exists related to events or
intends to liquidate the Company or to cease
conditions that may cast significant doubt on the
operations, or has no realistic alternative but to do so.
Company’s ability to continue as a going concern. If
Those charged with governance are also responsible we conclude that a material uncertainty exists, we
for overseeing the Company’s financial reporting are required to draw attention in our auditor’s report
process. to the related disclosures in the financial statements
Auditor’s Responsibilities for the Audit of the or, if such disclosures are inadequate, to modify our
Financial Statements opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s
Our objectives are to obtain reasonable assurance report. However, future events or conditions may
about whether the financial statements as a whole are cause the Company to cease to continue as a going
free from material misstatement, whether due to fraud concern.
or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of • Evaluate the overall presentation, structure and
assurance, but is not a guarantee that an audit content of the financial statements, including the
conducted in accordance with SAs will always detect a disclosures, and whether the financial statements
We communicate with those charged with governance
material misstatement when it exists. Misstatements represent the underlying transactions and events in
regarding, among other matters, the planned scope
can arise from fraud or error and are considered a manner that achieves fair presentation.
and timing of the audit and significant audit findings,
material if, individually or in the aggregate, they could including any significant deficiencies in internal control
reasonably be expected to influence the economic that we identify during our audit.
decisions of users taken on the basis of these financial
statements. We also provide those charged with governance with
a statement that we have complied with relevant
As part of an audit in accordance with SAs, we exercise ethical requirements regarding independence, and to
professional judgment and maintain professional communicate with them all relationships and other
skepticism throughout the audit. We also: matters that may reasonably be thought to bear on our
• Identify and assess the risks of material independence, and where applicable, related
misstatement of the financial statements, whether safeguards.
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain ANNUAL REPORT 2020-21 71
audit evidence
From the matters communicated with those charged from being appointed as a director in terms of
with governance, we determine those matters that Section 164 (2) of the Act;
were of most significance in the audit of the financial
(f) With respect to the adequacy of the internal
statements for the financial year ended March 31, 2021
financial controls with reference to these
and are therefore the key audit matters. We describe
financial statements and the operating
these matters in our auditor’s report unless law or
effectiveness of such controls, refer to our
regulation precludes public disclosure about the matter
separate Report in “Annexure 2” to this report;
or when, in extremely rare circumstances, we
determine that a matter should not be communicated (g)In our opinion, the managerial remuneration for
in our report because the adverse consequences of the year ended March 31, 2021 has been paid
doing so would reasonably be expected to outweigh / provided by the Company to its directors in
the public interest benefits of such communication. accordance with the provisions of section 197
read with Schedule V to the Act;
Report on Other Legal and Regulatory (h)With respect to the other matters to be included
Requirements in the Auditor’s Report in accordance with Rule
1. As required by the Companies (Auditor’s Report) 11 of the Companies (Audit and Auditors) Rules,
Order, 2016 (“the Order”), issued by the Central 2014, as amended, in our opinion and to the
Government of India in terms of sub-section (11) of best of our information and according to the
section 143 of the Act, we give in the “Annexure 1” a explanations given to us:
statement on the matters specified in paragraphs 3 i. The Company has disclosed the impact of
and 4 of the Order. pending litigations on its financial position in
2. As required by Section 143(3) of the Act, we report its financial statements – Refer Note 34(b) to
that: the financial statements;
(a)We have sought and obtained all the information ii. The Company did not have any long-term
and explanations which to the best of our contracts including derivative contracts for
knowledge and belief were necessary for the which there were any material foreseeable
purposes of our audit; losses;
(b)In our opinion, proper books of account as iii. There has been no delay in transferring
required by law have been kept by the Company amounts, required to be transferred, to the
so far as it appears from our examination of Investor Education and Protection Fund by
those books; the Company.
(c) The Balance Sheet, the Statement of Profit and

Loss including the Statement of Other
Comprehensive Income, the Cash Flow
Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with For S.R. Batliboi & Associates LLP
the books of account; Chartered
Accountants ICAI Firm Registration Number:
(d)In our opinion, the aforesaid financial statements 101049W/E300004
comply with the Accounting Standards specified per Navin
under Section 133 of the Act, read with Agrawal
Companies (Indian Accounting Standards) Partner
Rules, 2015, as amended; Membership Number:
(e)On the basis of the written representations 056102 UDIN:
received from the directors as on March 31, Place of Signature: 21056102AAAABF3776
2021 taken on record by the Board of Directors, Bengaluru Date: May 27,
none of the directors is disqualified as on March 2021
31, 2021

THE ANNEXURE 1 REFERRED TO IN OUR REPORT TO THE MEMBERS OF PAGE
INDUSTRIES LIMITED (“THE COMPANY”) FOR THE YEAR ENDED MARCH 31, 2021.
(i) (a) The Company has maintained proper records investments, guarantees, and securities given in
showing full particulars, including quantitative respect of which provisions of section 185 and 186
details and situation of property, plant and of the Companies Act 2013 are applicable and
equipment. hence not commented upon.
(b) All property, plant and equipments have (v) The Company has not accepted any deposits within
not been physically verified by the the meaning of Sections 73 to 76 of the Act and
management during the year but there is a the Companies (Acceptance of Deposits) Rules,
regular programme of verification which, in 2014 (as amended). Accordingly, the provisions of
our opinion, is reasonable having regard to clause 3(v) of the Order are not applicable.
the size of the Company and the nature of its
assets. No material discrepancies were (vi) To the best of our knowledge and as explained,
noticed on such verification. the Central Government has not specified the
maintenance of cost records under Section 148(1)
(c) According to the information and explanations of the Act, for the products of the Company.
given by the management, the title deeds
of immovable properties included in property, (vii) Undisputed statutory dues including
plant and equipments are held in the name of (a) provident fund, employees’ state insurance,
the Company. income-tax, duty of customs, goods &
services tax, cess and other statutory dues
(ii) The management has conducted physical have generally been regularly deposited with
verification of inventory at reasonable intervals the appropriate authorities.
during the year and no material discrepancies
were noticed on such physical verification. (b) According to the information and explanations
Inventories lying with third parties have been given to us, no undisputed amounts payable
confirmed by them as at year end and no material in respect of provident fund, employees’ state
discrepancies were noticed in respect of such insurance, income-tax, duty of custom, goods
confirmations. and service tax, cess and other statutory
(iii) According to the information and explanations dues were outstanding, at the year end, for a
given to us, the Company has not granted any period of more than six months from the
loans, secured or unsecured to companies, firms, date they became payable.
Limited Liability Partnerships or other parties
covered in the register maintained under section (c) According to the records of the Company,
189 of the Companies Act, 2013. Accordingly, the the dues of income-tax, duty of custom, duty
provisions of clause 3(iii) (a), (b) and (c) of the of excise, and cess on account of any dispute,
Order are not applicable to the Company and are as follows:
hence not commented upon.
(iv) In our opinion and according to the information

and explanations given to us, there are no loans,

Name of the Nature of Amount Amount paid Period to which Forum where the
statute the (` in millions) under the amount dispute is
dues protest (` in relates pending
millions)
Income Tax Tax 12.39 2.95 AY 2011-12 Income Tax
Act, 1961 disallowance Appellate Tribunal
14.18 1.20 AY 2014-15 (ITAT)
126.06 22.70 AY 2017-18
Customs Act, Custom duty 28.83 2.75 2014-15 Customs, Excise and
1962 Service Tax
Appellate Tribunal
(CESTAT)
Central Excise duty 0.50 - 2008-11 Commissioner
Excise Act, Appeals
(viii) In our opinion and according to the information 177 and 188 of the Act where applicable and the
1944
and explanations given by the management, the details have been disclosed in the notes to the
2.28 - 2010-12 CESTAT
Company has not defaulted in repayment of loans financial statements, as required by the applicable
or borrowing to financial institutions and bank. accounting standards.
The Company has no outstanding dues to (xiv) According to the information and explanations
government or debenture holders. given to us and on an overall examination of the
(ix) In our opinion and according to the information balance sheet, the Company has not made any
and explanations given by the management, the preferential allotment or private placement of
Company has utilized the monies raised by way of shares or fully or partly convertible debentures
term loans for the purposes for which the loan during the year under review and hence, reporting
was obtained. The Company has not raised any requirements under clause 3(xiv) are not
money way of initial public offer / further public applicable to the Company and hence not
offer / debt instruments. commented upon.
(x) Based upon the audit procedures performed (xv) According to the information and explanations
for the purpose of reporting the true and fair given by the management, the Company has
view of the financial statements and according not entered into any non-cash transactions with
to the information and explanations given by directors or persons connected with him as
the management, we report that no fraud by the referred to in section 192 of the Act.
Company or no fraud on the Company by the (xvi) According to the information and explanations
officers and employees of the Company has been given to us, the provisions of section 45-IA of the
noticed or reported during the year. Reserve Bank of India Act, 1934 are not applicable
According
(xi) to the information and explanations given to the Company.
by the management, the managerial remuneration
For S.R. Batliboi & Associates LLP
has been paid / provided in accordance with the
Chartered Accountants
requisite approvals mandated by the provisions of
ICAI Firm Registration Number:
section 197 read with Schedule V to the Act.
101049W/E300004
(xii) In our opinion, the Company is not a Nidhi
company. Therefore, the provisions of clause per Navin Agrawal
3(xii) of the Order are not applicable to the Partner
Company and hence not commented upon. Membership Number:
056102 UDIN:
(xiii) According to the information and explanations
21056102AAAABF3776
given by the management, transactions with the
related parties are in compliance with section Place
of Signature: Bengaluru
Date: May 27, 2021

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN
DATE ON THE FINANCIAL STATEMENTS OF PAGE INDUSTRIES LIMITED
Report on the Internal Financial Controls under controls with reference to these financial statements
Clause (i) of Sub-section 3 of Section 143 of the was established and maintained and if such controls
Companies Act, 2013 (“the Act”) operated effectively in all material respects.
We have audited the internal financial controls with

Our audit involves performing procedures to obtain
reference to financial statements of Page Industries
audit evidence about the adequacy of the internal
Limited (“the Company”) as of March 31, 2021 in
financial controls with reference to these financial
conjunction with our audit of the financial statements
statements and their operating effectiveness. Our
of the Company for the year ended on that date.
audit of internal financial controls with reference to
financial statements included obtaining an
Management’s Responsibility for Internal
understanding of internal financial controls with
Financial Controls reference to these financial statements, assessing the
The Company’s Management is risk that a material weakness exists,
responsible
establishing and maintaining internal financial controls
for and testing and evaluating the design and operating
based on the internal control over financial reporting
effectiveness of internal control based on the assessed
criteria established by the Company considering the
risk. The procedures selected depend on the auditor’s
essential components of internal control stated in the
judgement, including the assessment of the risks of
Guidance Note on Audit of Internal Financial Controls
material misstatement of the financial statements,
Over Financial Reporting issued by the Institute of
whether due to fraud or error.
Chartered Accountants of India (“ICAI”). These We believe that the audit evidence we have obtained is
responsibilities include the design, implementation and sufficient and appropriate to provide a basis for our
maintenance of adequate internal financial controls audit opinion on the Company’s internal financial
that were operating effectively for ensuring the orderly controls with reference to these financial statements.
and efficient conduct of its business, including
adherence to the Company’s policies, the safeguarding Meaning of Internal Financial Controls with
of its assets, the prevention and detection of frauds Reference to these Financial Statements
and errors, the accuracy and completeness of the A company’s internal financial controls with reference
accounting records, and the timely preparation of to financial statements is a process designed to
reliable financial information, as required under the provide reasonable assurance regarding the reliability
Companies Act, 2013. of financial reporting and the preparation of financial
Auditor’s Responsibility statements for external purposes in accordance with
Our responsibility is to express an opinion on the generally accepted accounting principles. A company’s
Company’s internal financial controls with reference internal financial controls with reference to financial
to these financial statements based on our audit. statements includes those policies and procedures
We conducted our audit in accordance with the that (1) pertain to the maintenance of records that, in
Guidance Note on Audit of Internal Financial Controls reasonable detail, accurately and fairly reflect the
Over Financial Reporting (the “Guidance Note”) transactions and dispositions of the assets of the
and the Standards on Auditing as specified under company; (2) provide reasonable assurance that
section 143(10) of the Act, to the extent applicable transactions are recorded as necessary to permit
to an audit of internal financial controls, both issued preparation of financial statements in accordance with
by ICAI. Those Standards and the Guidance Note generally accepted accounting principles, and that
require that we comply with ethical requirements receipts and expenditures of the company are being
and plan and perform the audit to obtain reasonable made only in accordance with authorisations of
assurance about whether adequate internal financial management and directors of the company; and (3)
provide reasonable assurance

regarding prevention or timely detection of Opinion
unauthorised acquisition, use, or disposition of the
In our opinion, the Company has, in all material
company’s assets that could have a material effect on
respects, adequate internal financial controls with
the financial statements.
reference to financial statements and such internal
Inherent Limitations of Internal Financial financial controls with reference to financial
statements were operating effectively as at March 31,
Controls with Reference to Financial Statements
2021, based on the internal control over financial
Because of the inherent limitations of internal financial reporting criteria established by the Company
controls with reference to financial statements, considering the essential components of internal
including the possibility of collusion or improper control stated in the Guidance Note issued by ICAI.
management override of controls, material
misstatements due to error or fraud may occur and For S.R. Batliboi & Associates LLP
not be detected. Also, projections of any evaluation of Chartered
the internal financial controls with reference to Accountants ICAI Firm Registration Number:
financial statements to future periods are subject to 101049W/E300004
the risk that the internal financial control with per Navin Agrawal
reference to financial statements may become Partner
inadequate because of changes in conditions, or that Membership Number:
the degree of compliance with the policies or 056102 UDIN:
procedures may deteriorate. 21056102AAAABF3776
Place of Signature:
Bengaluru Date: May 27,
2021

Balance sheet as at 31 March 2021
(All amounts in Indian Rupees Millions, unless otherwise
stated) Notes 31 March 2021 31 March 2 0 2 0
ASSETS
Non-current assets
Property, plant and equipment 3 2,863.41 2,977.18
Capital work in progress 278.51 287.29
Intangible assets 4 23.16 33.05
Right of use assets 33 976.35 1,045.06
Financial assets
Other financial assets 5 213.00 256.75
Deferred tax assets (net) 14 22.33 -
Income tax assets (net) 289.91 229.16
Other non-current assets 6 81.20 155.48
4,747.87 4,983.97
Current assets
Inventories 7 5,549.34 7,185.67
Financial assets
Trade 8 1,371.18 737.75
receivables 9A 396.89 1,167.15
Cash and cash 9B 3,953.08 2.00
equivalents 5 69.83 72.62
Bank balance other than cash and cash equivalents 10 910.44 980.25
Other financial assets
Other current assets
12,250.76 10,145.44
Total assets 16,998.63 15,129.41
EQUITY AND LIABILITIES
Equity
Equity share capital 11 111.54 111.54
Other equity 12 8,737.30 8,087.25
Total equity 8,848.84 8,198.79
Non-current liabilities
Financial liabilities
Borrowings 13A - 200.55
Lease Liabilities 33 1,069.77
Deferred tax liabilities 14 943.96 2.06
Other non current 15 - 92.14
liabilities
82.6
3
1,026.59 1,364.52
Current liabilities
Financial liabilities
Borrowings 13B 0.42 67.84
Lease Liabilities 33 326.07 313.55
Trade payables 16
total outstanding dues of micro enterprises and small enterprises 109.94 59.28
total outstanding dues of creditors other than micro enterprises and small enterprises 2,065.01 879.00
Other financial liabilities 17 4,081.74 3,630.71
Other current liabilities 18 318.06 285.65
Liabilities for current tax (net) 22.04 56.74
Summary of significant accounting policies 2
Provisions 19 199.92 273.33
The accompanying notes are an integral part of the financial statements.
7,123.20 5,566.10
As perliabilities
Total our report of even date 8,149.79 6,930.62
For S.R.
Total BATLIBOI
equity & ASSOCIATES LLP
and liabilities 16,998.63 15,129.41
Chartered Accountants For and on behalf of the Board of Directors of
ICAI Firm Registration No.: 101049W/E300004 Page Industries Limited
per Navin Agrawal Sunder Genomal Vedji Ticku
Partner Managing Director Executive Director & CEO
Membership no.: 056102 DIN No.: 00109720 DIN No.: 07822283
Chandrasekar K C Murugesh
Chief Financial Officer Company Secretary
Membership no.: A21787
Place: Bengaluru Place: Bengaluru
Date: 27 May 2021 Date: 27 May 2021

Statement of Profit and Loss for the year ended 31 March 2021
(All amounts in Indian Rupees Millions, unless otherwise stated)
Notes 31 March 2021 31 March 2 0 2 0
Income
Revenue from 20 28,329.62 29,455.41
operations Other 21 194.72 246.41
income
Total income 28,524.34 29,701.82
Expenses
Cost of raw materials consumed 22 5,849.01 6,539.19
Purchases of traded goods 23 4,823.95 6,393.39
(Increase)/decrease in inventories 24 1,966.36 175.61
Employee benefits expense 25 5,637.52 5,317.02
Depreciation and amortisation expense 26 629.12 613.55
Finance costs 27 297.40 338.55
Other expenses 28 4,786.76 5,704.43

Total expenses 23,990.12 25,081.74
Profit before tax 4,534.22 4,620.08
Tax expense 29
Current tax 1,187.00 1,174.00
Deferred tax charge / (credit) (35.39) 13.85
Tax expense / (credit) pertaining to earlier years (23.20) -

Income tax expense 1,128.41 1,187.85
Profit for the year 3,405.81 3,432.23
Other comprehensive income / (loss)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Re-measurement gains/ (losses) on defined benefit plans 43.71 (44.37)
Deferred tax credit / (expense) (11.00) 11.17

Other comprehensive income/(loss) for the year, net of tax 32.71 (33.20)
Total comprehensive income for the year, net of tax 3,438.52 3,399.03
Earnings per share (par value ` 10 per share) 30
Basic (`) 305.35 307.72
Diluted (`) 305.35 307.72

Summary of significant accounting policies 2
As per our report of even date

For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Chartered Accountants of
ICAI Firm Registration No.: Page Industries Limited
101049W/E300004


Statement of cash flows for the year ended 31 March 2021
(All amounts in Indian Rupees Millions, unless otherwise stated)
31 March 2021 31 March 2 0 2 0
A. Operating activities
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and amortisation expense 629.12 613.55
Loss / (gain) on sale of property, plant and equipment (net) 5.19 (0.12)
Finance costs 297.40 338.55
(Reversal) / provision for doubtful debts (net) 7.17 (2.25)
Provision for disputed claims (net) 149.80 -
Interest income (108.50) (92.86)
Government grants (9.54) (11.65)
Loss / (Gain) on modification of leases including rent concessions (net) (36.11) (52.53)
Unrealised loss / (gain) on exchange fluctuation (net) (1.16) 0.04
Working capital adjustments
Decrease in other financial assets 41.12 8.29
(Increase) in other assets (82.58) (167.36)
Decrease in inventories 1,636.33 315.41
(Increase)/Decrease in trade receivables (640.59) 502.87
Increase in other liabilities 32.43 54.82
Increase/(Decrease) in trade payables 1,237.83 (282.22)
Increase in other financial liabilities 555.70 522.57
Increase/(Decrease) in provisions (29.69) 69.79
Cash generated from operations 8,218.14 6, 436.98
Income tax paid (net of refunds) (1,259.26) (1,270.05)
Net cash from operating activities ( A ) 6,958.88 5,166.93
B. Investing activities
Proceeds from sale of property, plant and equipment 17.97 3.42
Purchase of property, plant and equipment (153.34) (747.40)
Proceeds from maturity of fixed deposits - 400.00
Investment in fixed deposits (3,950.06) -
Interest received 74.90 77.99
Net cash f r o m / (used) in investing activities (B) (4,010.53) (265.99)
C. Financing activities
Proceeds from long term borrowings - 114.00
Proceeds from short term borrowings - 8.12
Repayment of short term borrowings (8.12) (470.00)
Repayment of long term borrowings (312.69) (122.47)
Payment of lease liabilities (net) (253.32) (249.94)
Interest paid on lease liabilities (126.04) (157.66)
Dividends paid (including tax on dividend) (2,787.45) (2,716.17)
Interest paid (171.69) (181.28)
Net cash used in financing activities (C) (3,659.31) (3, 775.40)
Net increase/ (decrease) in cash and cash equivalents ( A + B + C) (710.96) 1,125.54
Cash and cash equivalents at the beginning of the year 1,107.43 (18.11)
Cash and cash equivalents at year end 396.47 1,107.43
Components of cash and cash equivalents
Cash on hand 0.58 0.89
Balance with banks 396.31 66.20
Deposits with original maturity of less than three months - 1,100.06
Cash credit from banks (0.42) (59.72)
Total cash and cash equivalents (note 9 A ) 396.47 1,107.43
Summary of significant accounting policies (note 2)

For S. R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors of
Chartered Accountants Page Industries Limited
ICAI Firm Registration No.: 101049W/E300004


Statement of changes in equity for the year ended 31 March 2021
a) Equity share capital: stated)
Particulars Nos. Amount
Equity shares of ` 10 each issued, subscribed and fully paid
At 1 April 2019 11,153,874 111.54
At 31 March 2020 11,153,874 111.54
At 31 March 2021 11,153,874 111.54
Also refer note 11
b) Other equity
Reserves and surplus
Particulars General Securities Retained
reserve premium earnings Total
(note 12) (note 12) (note 12)
As at 1 April 2019 739.90 412.01 6,486.48 7,638.39
Profit for the year - - 3,432.23 3,432.23

Other comprehensive income
Re-measurement gains/(losses) on defined benefit plans - - (33.20) (33.20)
Total comprehensive income - - 3,399.03 3,399.03
Less:
Impact on account of adoption of Ind AS 116 - - 359.90 359.90
Deferred tax on above - - (125.94) (125.94)
Interim dividend for FY 2018-19 (` 41 per share) - - 457.31 457.31
Interim dividend for FY 2019-20 (` 161 per share) - - 1,795.77 1,795.77
Dividend distribution tax on Interim dividends - - 463.13 463.13
As at 31 March 2 0 2 0 739.90 412.01 6,935.34 8,087.25
As at 1 April 2020 739.90 412.01 6,935.34 8,087.25
Profit for the year - - 3,405.81 3,405.81

Other comprehensive income
Re-measurement gains/(losses) on defined benefit plans - - 32.71 32.71
Total comprehensive income - - 3,438.52 3,438.52
Less:
Interim dividend for FY 2020-21 (` 250 per share) - - 2,788.47 2,788.47
As at 31 March 2021 739.90 412.01 7,585.39 8,737.30

Summary of significant accounting policies (note 2)
The accompanying notes are an integral part of the financial
statements. As per our report of even date
For S. R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
ICAI Firm Registration No.: Page Industries Limited
101049W/E300004
Membership no.:
Place: Bengaluru Place: Bengaluru A21787

Notes to the financial statements for the year ended 31 March 2021
(All amounts in Indian Rupees millions, unless otherwise
stated)
1. Corporate information as explained in the accounting policies below.
Historical cost is generally based on the fair
Page Industries Limited (“the Company”) was
value of the consideration given in exchange for
incorporated in the year 1995 with the key objective
goods and services as at the date of respective
of bringing the innerwear brand “JOCKEY” to India.
transactions.
The core values of the brand include youthfulness,
fun, quality, value, confidence and innovation. The The financial statements are presented in Indian
Company has introduced a wide range of quality Rupees (`) and all the values are rounded off
products for men, women and children as well as to the nearest million upto two decimal places,
innovative marketing concepts such as display unless otherwise stated.
modules aimed at enhancing the consumer’s
involvement with the purchase. ii. Use of estimates, assumptions and judgements
The Company commenced operations in the year The preparation of the financial statements in
1995 in Bengaluru with the manufacturing, conformity with Ind AS requires the management
distribution and marketing of Jockey products. The to make estimates, judgements and assumptions
Company has added to its profile by entering into that affect the application of accounting policies
license with “SPEEDO”, globally known International and reported amounts of assets, liabilities,
brand for swim wear. income and expenses. Actual results may differ
from those estimates. Estimates and underlying
The Company is a public company domiciled in assumptions are reviewed on an ongoing basis.
India and is incorporated under the provisions of Revisions to accounting estimates are
the Companies Act applicable in India. The recognized in the year in which the estimates
registered office of the Company is located at are revised, and future periods are affected.
Cessna Business Park, 7th Floor, Umiya Business
Bay, Tower-1, Varthur Hobli, Outer Ring Road, Information about significant areas of estimation
Bengaluru – 560 103. Its shares are listed on / uncertainty and judgements in applying
Bombay Stock Exchange (BSE) and National Stock accounting policies that may have significant
Exchange (NSE). impact are as follows:
The financial statements are approved for issue by a) Measurement of defined benefit obligations
the Company’s Board of Directors on 27 May 2021. The cost of the defined benefit gratuity plan and
2. Significant accounting policies the present value of the gratuity obligation are
determined using actuarial valuations. An actuarial
1. Basis of preparation
valuation involves making various assumptions that
i. The financial statements of the Company have may differ from actual developments in the future.
been prepared in accordance with Indian These include the determination of the discount
Accounting Standards (Ind AS) notified under rate, future salary increases and mortality rates. Due
the Companies (Indian Accounting Standards) to the complexities involved in the valuation and
Rules, 2015 as amended from time to time and its long-term nature, a defined benefit obligation is
presentation requirements of Division II of highly sensitive to changes in these assumptions. All
Schedule III to the Companies Act, 2013 (Ind AS assumptions are reviewed at each reporting date.
compliant Schedule III) as applicable to the
financial statements. The parameter most subject to change is the
The financial statements have been prepared on discount rate. In determining the appropriate
the historical cost basis, except for certain discount rate, the management considers the
financial instruments (refer accounting policy interest rates of government bonds in currencies
regarding financial instruments), which are consistent with the currencies of the post-
measured at fair values at the end of each employment benefit obligation.
reporting period,

The mortality rate is based on publicly available e) Leases
mortality tables. Those mortality tables tend to
The Company determines the lease term as the
change only at interval in response to demographic
non- cancellable term of the lease, together with
changes. Future salary increases and gratuity
any periods covered by an option to extend the
increases are based on expected future inflation
lease if it is reasonably certain to be exercised, or
rate and past trends. Further details about gratuity
any periods covered by an option to terminate the
obligations are given in note 32.
lease, if it is reasonably certain not to be exercised.
b) Provision for litigation and contingencies
The Company has several lease contracts that
The provision for litigations and contingencies include extension and termination options. The
are determined based on evaluation made by the Company applies judgement in evaluating whether
management of the present obligation arising from it is reasonably certain to exercise the option to
past events the settlement of which is expected to renew or terminate the lease. It considers all
result in outflow of resources embodying economic relevant factors that create an economic incentive
benefits, which involves judgements around for it to exercise either the renewal or termination.
estimating the ultimate outcome of such past events After the commencement date, the Company
and measurement of the obligation amount. Due reassesses the lease term if there is a significant
to the judgements involved in such estimations the event or change in circumstances that is within its
provisions are sensitive to the actual outcome in control and affects its ability to exercise or not to
future periods. exercise the option to renew or to terminate.
c) Useful life of assets considered for depreciation of 2.2. Summary of significant accounting policies
Property, Plant and Equipments
a. Changes in accounting policies and disclosures
The charge in respect of periodic depreciation is
Amendments to Ind AS 116: Covid-19-Related Rent
derived after determining an estimate of an asset’s
Concessions.
expected useful life and the expected residual value
at the end of its life. The useful lives and residual The amendments provide relief to lessees from
values of Company‘s assets are determined by applying Ind AS 116 guidance on lease
management at the time the asset is acquired and modification accounting for rent concessions
reviewed at each financial year end. The lives are arising as a direct consequence of the Covid-19
based on prior asset usage experience and the risk pandemic. As a practical expedient, a lessee may
of technological obsolescence. elect not to assess whether a Covid-19 related rent
concession from a lessor is a lease modification. A
d) Provision for dealer incentive and accrual for sales
lessee that makes this election accounts for any
return
change in lease payments resulting from the Covid-
The Company has various incentive schemes for its 19 related rent concession the same way it would
retailers and distributors which are based on volume account for the change under Ind AS 116, if the
of sales achieved during the stipulated period. The change were not a lease modification. The
estimate of sales likely to be achieved by each amendments are applicable for annual reporting
retailer periods beginning on or after the 1 April 2020.
/ distributor is based on judgment, historic trends
Pursuant to the above amendment, the Company
and assessment of market conditions. The Company
has applied the practical expedient during the year
reviews the trend at regular intervals to ensure the
ended 31 March 2021 by accounting the
applicability of the same in the changing scenario
unconditional rent concessions of ` 28.12 million in
and accordingly makes a provision for such
“Other income” in the Statement of Profit and Loss.
incentives at each reporting date.
Also refer note 33.
The Company has contracts with customers which
b. Current versus non-current classification
entitles them the right to return. The Company
makes provision for such right to return, based on The Company presents assets and liabilities in
historic trends. balance sheet based on current/non-current
classification.

An asset is treated as current when it Translation
is:
• Expected to be realized or intended to be sold or Monetary assets and liabilities denominated in
consumed in normal operating cycle foreign currencies are translated at the functional
• Held primarily for the purpose of trading currency spot rates of exchange at the reporting
• date.
Expected to be realized within twelve months
after the reporting period, or Non-monetary items that are measured in terms of
• Cash or cash equivalent unless restricted from historical cost in a foreign currency are translated
being exchanged or used to settle a liability for at using the exchange rates at the dates of the initial
least twelve months after the reporting period. transactions.
All other assets are classified as non- Exchange differences

current.
Exchange differences arising on settlement or
A liability is current when: translation of monetary items are recognized in the
• It is expected to be settled in normal operating
statement of profit and loss in the period in which
cycle
they arise.
• It is held primarily for the purpose of trading
d. Revenue from contract with customers
• It is due to be settled within twelve months after
the reporting period, or Revenue from contracts with customers is
• There is no unconditional right to defer the recognized upon transfer of control of promised
settlement of the liability for at least twelve goods/ products to customers at an amount that
months after the reporting period. reflects the consideration to which the Company
expect to be entitled for those goods/ products.
The Company classifies all other liabilities as non-
current. To recognize revenues, the Company applies the
following five-step approach:
Deferred tax assets and liabilities are classified as • Identify the contract with a customer,
non- current assets and liabilities. • Identify the performance obligations in the
The operating cycle is the time between the contract,
acquisition of assets for processing and their • Determine the transaction price,
realization in cash and cash equivalents. The • Allocate the transaction price to the performance
Company has identified twelve months as its obligations in the contract, and
operating cycle. • Recognize revenues when a
c. Foreign currencies performance obligation is satisfied.
Functional and presentation currency

Sale of goods
Items included in the financial statements of the
Revenue from sale of goods is recognized upon
Company are measured using the currency of the
transfer of control of promised goods to customers
primary economic environment in which the
at an amount that reflects the consideration to
Company operates (‘the functional currency’). The
which the Company expects to be entitled for those
financial statements are presented in Indian Rupee
goods. Revenue is recognized to the extent that it is
(`), which is the Company’s functional and
probable that the economic benefits will flow to the
presentation currency.
Company and the revenue can be reliably measured,
Foreign currency transactions and balances regardless of when the payment is being made.
Initial recognition Revenue from the sale of goods is measured at the

fair value of the consideration received or receivable,
Transactions in foreign currencies are initially
net of returns and allowances, trade discounts and
recorded by the Company at their respective
volume rebates/ incentives.
functional currency spot rates at the date the
transaction first qualifies for recognition.

The Company has concluded that it is the principal interest rate (EIR). EIR is the rate that exactly
in all of its revenue arrangements since it is the discounts the estimated future cash payments or
primary obligor in all the revenue arrangements as it receipts over the expected life of the financial
has pricing latitude and is also exposed to inventory instrument or a shorter period, where appropriate,
and credit risks. to the net carrying amount of the financial asset or
to the amortized cost of a financial liability. When
Goods and Services Tax (GST) is not received by the
calculating the effective interest rate, the Company
Company in its own account. Rather, it is tax
estimates the expected cash flows by considering
collected on value added to the commodity by the
all the contractual terms of the financial instrument
seller on behalf of the government. Accordingly, it
but does not consider the expected credit losses.
is excluded from revenue.
Interest income is included in other income in the
Contract balances statement of profit and loss.
Contract assets: A contract asset is the right to Dividends
consideration in exchange for goods or services
Revenue is recognized when the Company’s right to
transferred to the customer. If the Company
receive the payment is established, which is
performs by transferring goods or services to a
generally when shareholders approve the dividend.
customer before the customer pays consideration
or before payment is due, a contract asset is e. Government grants
recognized for the earned consideration that is
Government grants are recognized where there is
conditional.
reasonable assurance that the grant will be received
Contract liabilities: A contract liability is the obligation and all attached conditions will be complied with.
• When the grant relates to an expense item, it is
to transfer goods or services to a customer for which
recognized as income on a systematic basis over
the Company has received consideration from the
the periods that the related costs, for which it is
customer. If a customer pays consideration before the
intended to compensate, are expensed.
Company transfers goods or services to the customer,
• Where the grant relates to an asset, it is
a contract liability is recognized when the payment
is received. recognized as income in equal amounts over the
expected useful life of the related asset.
Liabilities arising from rights to return
When loans or similar assistance are provided by
A refund liability is the obligation to refund some or governments or related institutions, at a below-
all of the consideration received from the customer. market rate of interest, the effect of this favourable
The Company has therefore recognized refund interest is treated as a government grant. The loan
liabilities in respect of customer’s right to return. or assistance is initially recognized and measured
The Company updates its estimate of refund at fair value, and the government grant is measured
liabilities (i.e., accrual for sales returns) at the end of as the difference between the proceeds received
each reporting period. and the initial carrying value of the loan. The loan
is subsequently measured as per the accounting
Sale of scrap and other materials
policies applicable to financial liabilities.
Revenue from sale of scrap and other materials is
f. Taxes
recognized upon transfer of control of promised
goods to customers at an amount that reflects the Income tax expense comprises current tax expense
consideration to which the Company expects to be and the net change in the deferred tax asset or
entitled for those goods. liability during the year. Current and deferred tax
are recognized in the statement of profit and loss,
Duty draw back
except when they relate to items that are
Duty drawback is accounted for in the year of recognized in other comprehensive income (OCI)
exports based on eligibility and when there is no or directly in equity, in which case, the current and
uncertainty in receiving the same. deferred tax are also recognized in other
Interest income comprehensive income or directly in equity,
respectively.
For all financial instruments measured at amortized
cost, interest income is recorded using the effective
Current income tax current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes
Current income tax for the current and prior periods
levied by the same taxation authority which intend
are measured at the amount expected to be paid
either to settle current tax liabilities and assets on
to the taxation authorities based on the taxable
a net basis, or to realize the assets and settle the
income for that period. The tax rates and tax laws
liabilities simultaneously, in each future period in
used to compute the amount are those that are
which significant amounts of deferred tax liabilities
enacted or substantively enacted at the balance
or assets are expected to be settled or recovered.
sheet date.
g. Property, plant and equipment and capital work in
Deferred income tax
progress
Deferred tax is recognized on temporary differences
Property, plant and equipment is stated at cost, net
at the balance sheet date between the tax
of accumulated depreciation and accumulated
bases of assets and liabilities and their carrying
impairment losses, if any. Further, capital work
amounts for financial reporting purposes, except
in progress is stated at cost, net of accumulated
when the deferred income tax arises from the initial
depreciation. Such cost includes the cost of
recognition of goodwill or an asset or liability in a
replacing part of the plant and equipment and
transaction that is not a business combination and
borrowing costs for long-term construction
affects neither accounting nor taxable profit or loss
projects if the recognition criteria are met. When
at the time of the transaction.
significant parts of property, plant and equipment
Deferred income tax assets are recognized for all are required to be replaced at intervals, the
deductible temporary differences, carry forward Company depreciates them separately based on
of unused tax credits and unused tax losses, to the their specific useful lives. All other repair and
extent that it is probable that taxable profit will be maintenance costs are recognized in the statement
available against which the deductible temporary of profit and loss as incurred.
differences, and the carry forward of unused tax
The Company identifies and determines cost of each
credits and unused tax losses can be utilized.
component/ part of property, plant and equipment
The carrying amount of deferred income tax assets separately, if the component/ part has a cost which
is reviewed at each balance sheet date and is significant to the total cost of the property, plant
reduced to the extent that it is no longer probable and equipment and has useful life that is materially
that sufficient taxable profit will be available to different from that of the remaining asset.
allow all or part of the deferred income tax asset
Advances paid towards the acquisition of property,
to be utilized. Unrecognized deferred tax assets are
plant and equipment outstanding at each balance
re-assessed at each reporting date and are
sheet date is classified as capital advances and cost
recognized to the extent that it has become
of assets not ready for use at the balance sheet
probable that future taxable profits will allow the
date are disclosed under capital work- in- progress.
deferred tax asset to be recovered.
Depreciation is calculated on a straight-line basis over
Deferred tax relating to items recognized outside
the estimated useful lives of the assets as
the statement of profit and loss is recognized in
prescribed under Part C of Schedule II of the
correlation to the underlying transaction either in
Companies Act, 2013 as follows:
OCI or directly in equity. Asset Useful life in years
Deferred income tax assets and liabilities are Plant and machinery 15 years/ 10 years
measured at the tax rates that are expected to Office building 60 years
apply in the period when the asset is realized or
Factory building 30 years
the liability is settled, based on tax rates (and tax
Computers 3 years/ 6 years
laws) that have been enacted or substantively
enacted at the balance sheet date. Office equipment 5 years
Furniture and fittings 10 years
The Company offsets deferred tax assets and
Vehicles* 5 years
deferred tax liabilities if and only if it has a legally
enforceable right to set off current tax assets and

*The Company, based on management estimate, i. Impairment
depreciates vehicles over estimated useful lives
Financial assets (other than at fair value)
which are different from the useful life prescribed in
Schedule II to the Companies Act, 2013 (8 years) as The Company assesses at each date of balance
the management believes that these are realistic sheet whether a financial asset or a group of
and reflect fair approximation of the period over financial assets is impaired. Ind AS 109 (‘Financial
which the assets are likely to be used. Instruments’) requires expected credit losses to be
measured through a loss allowance. The Company
An item of property, plant and equipment and any
recognizes lifetime expected losses for all contract
significant part initially recognized is derecognized
assets and
upon disposal or when no future economic benefits
/ or all trade receivables that do not constitute a
are expected from its use or disposal. Any gain or
financing transaction. For all other financial assets,
loss arising on derecognition of the asset
expected credit losses are measured at an amount
(calculated as the difference between the net
equal to the 12-month expected credit losses or at
disposal proceeds and the carrying amount of the
an amount equal to the life time expected credit
asset) is included in the statement of profit and
losses if the credit risk on the financial asset has
loss when the asset is derecognized.
increased significantly since initial recognition. The
The residual values, useful lives and methods of Company provides for impairment upon the
depreciation of property, plant and equipment are occurrence of the triggering event.
reviewed at each financial year end and adjusted
Non-financial assets
prospectively, if appropriate.
Property, plant and equipment, right of use assets
h. Intangible assets
and intangible assets
Intangible assets acquired separately are measured
Property, plant and equipment, right of use assets
on initial recognition at cost. Following initial
and intangible assets are evaluated for recoverability
recognition, intangible assets are carried at cost less
whenever there is any indication that their carrying
any accumulated amortization and accumulated
amounts may not be recoverable. If any such
impairment losses. Internally generated intangibles,
indication exists, the recoverable amount (i.e. higher
excluding capitalized development costs, are not
of the fair value less cost to sell and the value-in-
capitalized and the related expenditure is reflected
use) is determined on an individual asset basis
in statement of profit and loss in the period in
unless the asset does not generate cash flows that
which the expenditure is incurred.
are largely independent of those from other assets.
Intangible assets are amortized over the useful In such cases, the recoverable amount is
economic life and assessed for impairment whenever determined for the cash generating unit (CGU) to
there is an indication that the intangible asset may which the asset belongs.
be impaired. The amortization period and the
If the recoverable amount of an asset (or CGU) is
amortization method for an intangible asset are
estimated to be less than its carrying amount, the
reviewed at least at the end of each reporting
carrying amount of the asset (or CGU) is reduced
period. The amortization expense on intangible
to its recoverable amount. An impairment loss is
assets is recognized in the statement of profit and
recognized in the statement of profit and loss.
loss unless such expenditure forms part of carrying
value of another asset. j. Borrowing costs
A summary of the policies applied to the Company’s Borrowing costs directly attributable to the
intangible assets is, as follows: acquisition, construction or production of an asset
Computer Software that necessarily takes a substantial period of time to
get ready for its intended use or sale are
Useful lives 3 years capitalized as part of the cost of the asset. All
Amortization Amortized on a other borrowing costs are expensed in the period
method straight- line basis in which they occur. Borrowing costs consist of
used interest and other costs that an entity incurs in
connection with the borrowing of funds.

k. Leases lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts
The Company assesses at contract inception
expected to be paid under residual value
whether a contract is, or contains, a lease. That is,
guarantees. The lease payments also include the
if the contract conveys the right to control the use
exercise price of a purchase option reasonably
of an identified asset for a period of time in
certain to be exercised by the Company and
exchange for consideration.
payments of penalties for terminating the lease, if
Company as a lessee the lease term reflects the Company exercising the
option to terminate.
The Company applies a single recognition and
In calculating the present value of lease payments,
measurement approach for all leases, except for
the Company uses its incremental borrowing rate at
short-term leases and leases of low-value assets.
the lease commencement date because the interest
The Company recognizes lease liabilities to make
rate implicit in the lease is not readily determinable.
lease payments and right-of-use assets
After the commencement date, the amount of lease
representing the right to use the underlying assets.
liabilities is increased to reflect the accretion of
Right-of-use assets interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities
The Company recognizes right-of-use assets at the is remeasured if there is a modification, a change
commencement date of the lease (i.e., the date the in the lease term, a change in the lease payments
underlying asset is available for use). Right-of-use (e.g., changes to future payments resulting from a
assets are measured at cost, less any accumulated change in an index or rate used to determine such
depreciation and impairment losses, and adjusted lease payments) or a change in the assessment of
for any remeasurement of lease liabilities. The cost an option to purchase the underlying asset.
of right-of-use assets includes the amount of lease
liabilities recognized, initial direct costs incurred, The Company’s lease liabilities are included in
and lease payments made at or before the financial liabilities (refer note 33).
commencement date less any lease incentives
Lease payments on short-term leases and leases
received. Right-of-use assets are depreciated on a
of low-value assets are recognized as expense on a
straight-line basis over the shorter of the lease term
straight-line basis over the lease term.
and the estimated useful lives of the assets.
Company as a lessor
Leasehold land included in right-of-use assets is
depreciated over the lease period. Ind AS 116 does not change substantially how a
lessor accounts for leases. A lessor continues to
If ownership of the leased asset transfers to the classify leases as either finance leases or operating
Company at the end of the lease term or the leases and account for those two types of leases
cost reflects the exercise of a purchase option, differently.
depreciation is calculated using the estimated useful However, Ind AS 116 has changed and expanded the
life of the asset. disclosures required, in particular with regard to
how a lessor manages the risks arising from its
The right-of-use assets are also subject to residual interest in leased assets.
impairment. Refer to the accounting policies in
section (i) Impairment of non-financial assets. Under Ind AS 116, as intermediate lessor accounts
for the head lease and the sub-lease as two
Lease Liabilities separate contracts. The intermediate lessor is
required to classify the sub-lease as a finance or
At the commencement date of the lease, the operating lease by reference to the right-of-use
Company recognizes lease liabilities measured at asset arising from the head lease.
the present value of lease payments to be made
over the lease term. The lease payments include
fixed payments (including in substance fixed
payments) less any
l. Inventories compensated absence costs are provided for based
Inventories are valued at the lower of cost and net on actuarial valuation using the projected unit credit
realizable value. Costs incurred in bringing each method. The Company presents the entire leave as a
product to its present location and condition are current liability in the balance sheet, since it does not
accounted for as follows: have an unconditional right to defer its settlement for
atleast 12 months after the reporting date.
Raw materials, consumables, stores, spares and
packing materials: cost includes cost of purchase and n. Financial instruments
other costs incurred in bringing the inventories to their
present location and condition. Cost is determined on a A financial instrument is any contract that gives rise to
weighted average basis. a financial asset of one entity and a financial liability or
equity instrument of another entity.
Finished goods and work-in-progress: cost includes
cost of direct materials and labour and a proportion of Financial assets
manufacturing overheads based on the normal
operating capacity but excluding borrowing costs. Initial recognition and
Finished goods are valued at cost or net realizable measurement
value, whichever is lower. Cost is determined on All financial assets are recognized initially at fair value
weighted average basis. plus, in the case of financial assets not recorded at fair
value through profit or loss, transaction costs that are
Traded goods: cost includes cost of purchase and
attributable to the acquisition of the financial asset.
other costs incurred in bringing the inventories to their
Transaction cost directly attributable to the acquisition
present location and condition. Traded goods are
of financial assets at fair value through profit or loss are
valued at lower of weighted average cost or net
recognized immediately in the statement of profit and
realizable value.
loss.
Net realizable value is the estimated selling price in the Financial assets at amortized
ordinary course of business, less estimated costs of cost
completion and the estimated costs necessary to make Financial assets are subsequently measured at
m. Retirement and other employee benefits
the sale. amortized cost if these financial assets are held within
Provident Fund a business whose objective is to hold these assets in
order to collect contractual cash flows and the
Retirement benefit in the form of provident fund is a
contractual terms of the financial asset give rise on
defined contribution scheme. The Company has no
specified dates to cash flows that are solely payments
obligation, other than the contribution payable to the
of principal and interest on the principal amount
provident fund. The Company recognizes contribution
outstanding.
payable to the provident fund scheme as expenditure, Financial assets at fair value through other
when an employee renders the related service. comprehensive income
Gratuity
Financial assets are measured at fair value through
Gratuity, which is a defined benefit plan, is accrued other comprehensive income if these financial assets
based on an independent actuarial valuation, which is are held within a business whose objective is achieved
done based on projected unit credit method as at the by both collecting contractual cash flows and selling
balance sheet date. The Company recognizes the net financial assets and the contractual terms of the
obligation of a defined benefit plan in its balance financial asset give rise on specified dates to cash
sheet as an asset or liability. Gains and losses through flows that are solely payments of principal and interest
re-measurements of the net defined benefit on the principal amount outstanding.
liability/(asset) are recognized in other comprehensive
income. In accordance with Ind AS, re-measurement Financial assets at fair value through profit or loss
gains and losses on defined benefit plans recognized
in OCI are not subsequently reclassified to statement Financial assets are measured at fair value through
of profit and loss. As required under Ind AS compliant profit or loss unless it is measured at amortized cost
Schedule III, the Company transfers it immediately to or at fair value through other comprehensive income
retained earnings. on initial recognition. The transaction costs directly
attributable to the acquisition of financial assets at fair
Compensated absences value through profit or loss are immediately
The cost of short-term compensated absences recognized in statement of profit and loss.
are provided for based on estimates. Long term

Reclassification of financial assets De-recognition of financial instruments
The Company determines classification of financial The Company derecognizes a financial asset when the
assets and liabilities on initial recognition. After initial contractual rights to the cash flows from the financial
recognition, no reclassification is made for financial asset expire or it transfers the financial asset and the
assets which are equity instruments and financial transfer qualifies for derecognition under Ind AS 109.
liabilities. For financial assets which are debt A financial liability (or a part of a financial liability) is
instruments, a reclassification is made only if there is a derecognized when the obligation specified in the
change in the business model for managing those contract is discharged or cancelled or expires.
assets. Changes to the business model are expected
Offsetting of financial instruments
to be infrequent. If the Company reclassifies financial
assets, it applies the reclassification prospectively from Financial assets and financial liabilities are offset and
the reclassification date which is the first day of the the net amount is reported in the balance sheet if
immediately next reporting period following the there is a currently enforceable legal right to offset the
change in business model. The Company does not recognized amounts and there is an intention to settle
restate any previously recognized gains, losses on a net basis, to realize the assets and settle the
(including impairment gains or losses) or interest. liabilities simultaneously.
Financial liabilities o. Fair value measurements and hierarchy
Financial liabilities are classified, at initial recognition, In determining the fair value of its financial
as financial liabilities at fair value through profit or loss, instruments, the Company uses following hierarchy
and assumptions that are based on market conditions
loans and borrowings, payables, as appropriate.
and risks existing at each reporting date.
Initial recognition and measurement
Fair value hierarchy
All financial liabilities are recognized initially at fair
value and, in the case of loans and borrowings and Fair value is the price that would be received to sell an
payables, net of directly attributable transaction costs. asset or paid to transfer a liability in an orderly
The Company’s financial liabilities include trade and transaction between market participants at the
other payables and loans and borrowings. measurement date. The fair value measurement is
based on the presumption that the transaction to sell
Subsequent measurement the asset or transfer the liability takes place either:
Financial liabilities are subsequently carried at • In the principal market for the asset or liability; or
amortized cost using the effective interest method. • In the absence of a principal market, in the most
For trade and other payables maturing within one year advantageous market for the asset or liability.
from the balance sheet date, the carrying amounts
The principal or the most advantageous market must
approximate fair value due to the short maturity of
be accessible by the Company.
these instruments.
The fair value of an asset or a liability is measured
Loans and borrowings using the assumptions that market participants would
Loans and borrowings are initially recognized at fair use when pricing the asset or liability, assuming that
value, net of transaction costs incurred. Borrowings are market participants act in their best economic interest.
subsequently measured at amortized cost. After initial A fair value measurement of a non-financial asset takes
recognition, interest-bearing loans and borrowings are into account a market participant’s ability to generate
subsequently measured at amortized cost using the economic benefits by using the asset in its highest and
EIR method. Gains and losses are recognized in best use, or by selling it to another market participant
statement of profit and loss when the liabilities are that would use the asset in its highest and best use.
derecognized as well as through the EIR amortization All assets and liabilities for which fair value is measured
process. or disclosed in the financial statements are
Amortized cost is calculated by taking into account categorized within the fair value hierarchy, described
any discount or premium on acquisition and fees or as follows, based on the lowest level input that is
costs that are an integral part of the EIR. The EIR significant to the fair value measurement as a whole:
amortization is included as finance costs in the
statement of profit and loss.

Level 1 Quoted (unadjusted) market prices in r. Cash and cash equivalents
active markets for identical assets or Cash and cash equivalent in the balance sheet
liabilities
comprise of cash at banks and on hand and short-
Level 2 Valuation techniques for which the
term deposits with an original maturity of three
lowest level input that is significant to
the fair value measurement is directly or months or less, which are subject to an insignificant
indirectly observable risk of changes in value.
Level 3 Valuation techniques for which the lowest For the purpose of the statement of cash flows, cash
level input that is significant to the fair and cash equivalents consist of cash and short-term
value measurement is unobservable. deposits, as defined above, net of outstanding bank
For assets and liabilities that are recognized in the overdrafts (if any) as they are considered an integral
financial statements on a recurring basis, the Company part of the Company’s cash management.
s. Cash dividend distribution to equity holders
determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorization The Company recognizes a liability to make cash
(based on the lowest level input that is significant to distributions to equity holders of the Company when
the fair value measurement as a whole) at the end of the distribution is authorized, and the distribution is no
each reporting period. longer at the discretion of the Company. Final
dividends on shares are recorded as a liability on the
The carrying amounts of trade receivables, trade
date of approval by the shareholders and interim
payables, payables towards capital goods, other Bank
dividends are recorded as a liability on the date of
Balances and cash and cash equivalents are
declaration by the Company’s Board of Directors.
considered to be the same as their fair values, due to
their short-term nature. The interim dividends declared during the year are
approved by the Board of Directors.
p. Earnings per share
The basic earnings per share is computed by dividing t. Provisions

the net profit attributable to equity shareholders for the
Provisions are recognized when the Company has a
period by the weighted average number of equity shares
present obligation (legal or constructive) as a result of
outstanding during the period. The number of shares
a past event, it is probable that an outflow of
used in computing diluted earnings per share comprises
resources embodying economic benefits will be
of the weighted average shares considered for deriving
required to settle the obligation and a reliable
basic earnings per share, and also the weighted average
estimate can be made of the amount of the obligation.
number of equity shares which could be issued on the
conversion of all dilutive potential equity shares. Dilutive If the effect of the time value of money is material,
potential equity shares are deemed converted as of the provisions are discounted using a current pre-tax rate
beginning of the period, unless they have been issued that reflects, when appropriate, the risks specific to the
at a later date. The diluted potential equity shares have liability. When discounting is used, the increase in the
been arrived at, assuming that the proceeds receivable provision due to the passage of time is recognized as a
were based on shares having been issued at the average finance cost.
market value of the outstanding shares. In computing
u. Contingent liability
dilutive earnings per share, only potential equity shares
that are dilutive and that would, if issued, either reduce Contingent liability is a possible obligation that arises
future earnings per share or increase loss per share, from past events whose existence of which will be
are included. confirmed by the occurrence or non-occurrence of one
or more uncertain future events beyond the control of
q. Segment Reporting
the Company, or a present obligation that arises from
Operating segments are reported in a manner past events where it is either not probable that an
consistent with the internal reporting provided to the outflow of resources will be required to settle the
Chief Operating Decision Maker. The Chief Operating obligation.
Decision Maker is considered to be the Board of
Directors which makes strategic decisions and is A contingent liability also arises in extremely rare cases
responsible for allocating resources and assessing where there is a liability that cannot be measured
performance of the operating segments. The Company reliably. The Company does not recognize a contingent
is primarily engaged in the business of manufacturing, liability but discloses its existence in the financial
distribution and marketing of garments. These, in the statements, unless the possibility of an outflow of
context of Ind AS 108 on Operating Segments resources embodying economic benefits is remote.
Reporting are considered to constitute single business
segment.
stated)
3 Property, plant and equipment
Freehold Leasehold Plant and Furniture Office
Particulars Buildings Vehicles Computers Total
land land and fittings equipment
machiner
y
Cost
At 01 April 2019 43.15 14.56 1,084.85 2,045.47 418.87 55.07 64.76 121.52 3,848.25
Additions - - - 289.77 22.04 10.62 2.48 40.26 365.17
Adjustments - - (5.15) - - - - - (5.15)
Deletions - - - 9.74 0.08 4.53 - 0.10 14.45
Transferred to
- 14.56 - - - - - - 14.56
right-of- use assets
(note 33)
At 31 March 2 0 2 0 43.15 - 1,079.70 2,325.50 440.83 61.16 67.24 161.68 4,179.26
Additions (b) - - 13.70 139.30 62.37 3.07 4.10 10.73 233.27
Deletions - - - 37.65 10.10 9.51 0.11 0.15 57.52
At 31 March 2021 43.15 - 1,093.40 2427.15 493.10 54.72 71.23 172.26 4355.01
Depreciation
At 01 April 2019 - 0.71 78.64 565.18 140.50 26.34 31.55 54.02 896.94
Charge for the year - - 34.18 188.23 50.11 8.84 9.97 25.67 317.00
On disposals - - - 7.12 - 3.95 - 0.08 11.15

Transferred to
- 0.71 - - - - - - 0.71
right-of- use assets
(note 33)
At 31 March 2 0 2 0 - - 112.82 746.29 190.61 31.23 41.52 79.61 1,202.08
Charge for the year - - 34.25 200.55 44.45 9.06 7.53 28.04 323.88
On disposals - - - 19.77 6.79 7.72 0.01 0.07 34.36

At 31 March 2021 - - 147.07 927.07 228.27 32.57 49. 04 107.58 1,491.60
Net block
At 31 March 2 0 2 0 43.15 - 966.88 1,579.21 250.22 29.93 25.72 82.07 2,977.18
(a) Refer note 13A and 13B for hypothecation of property, plant and equipment against borrowings.
At 31 March 2021 43.15 - 946.33 1,500.08 264.83 22.15 22.19 64.68 2,863.41
(b) Refer note 35 for purchase of property, plant and equipment from related party.
(c)The Company has considered carrying value on the date of transition to Ind AS as the deemed cost for property, plant
and equipment existing on the date of such transition.

stated)
4 Intangible assets
Particulars Computer software Total
Cost
At 01 April 2019 134.17 134.17
Additions 5.80 5.80
Deletion - -
At 31 March 2 0 2 0 139.97 139.97
Additions 9.67 9.67
Deletion - -
At 31 March 2021 149.64 149.64
Amortisation
At 01 April 2019 79.16 79.16
Charge for the year 27.76 27.76
On disposals - -
At 31 March 2 0 2 0 106.92 106.92
Charge for the year 19.56 19.56
On disposals - -
At 31 March 2021 126.48 126.48
Net block
At 31 March 2 0 2 0 33.05 33.05
At 31 March 2021 23.16 23.16
5 Other financial assets
Particulars 31 March 2021 31 March 2020

Non-current
Security deposits 156.49 168.95
Net investment in leases (note 33) 56.51 87.80
213.00 256.75
Current
Security deposits 25.83 38.63
Net investment in leases (note 33) 16.91 24.64
Interest on fixed deposits, accrued but not due 15.26 1.00
Other receivables 11.83 8.35
69.83 72.62
6 Other non current assets

Unsecured, considered good
Capital advances 61.31 136.38
Balance recoverable from government authorities 1.24 2.97
Other deposits 13.04 8.98
Prepaid expenses 5.61 7.15
81.20 155.48

stated)
7 Inventories (at lower of cost or net realisable value)

Raw materials (Includes goods in transit ` 31.53 2,379.92 2,048.84
million (31 March 2020: ` 52.16 million))
Stores and consumables 75.30 76.35
Work-in-progress 282.86 265.63
Finished goods (Includes goods in transit ` 344.65 2,117.96 3,357.31
million (31 March 2020: ` 531.55 million))
Traded goods (Includes goods in transit ` 8.58 million (31 March 2020: 693.30 1,437.54
Nil))
5,549.34 7,185.67
During the year ended 31 March 2021, ` 181.99 million (31 March 2020 : ` 87.37 million) was recognised as provision for
certain old inventories.
8 Trade receivables

Trade receivables 1,371.18 737.62
Receivable from related parties (note 35) - 0.13
1,371.18 737.75
Classification:
Secured, considered good (a) 1,012.40 471.36
Unsecured, considered good 354.49 257.19
Trade receivables which have significant increase in credit risk 8.59 18.40
Trade receivables, credit impaired 17.79 5.72
1,393.27 752.67
Impairment allowance (allowance for bad and doubtful debts)
Trade receivables which have significant increase in credit risk (4.30) (9.20)
Trade receivables, credit impaired (17.79) (5.72)
1,371.18 737.75
Notes:
(a) Secured against deposits/bank guarantees from dealers.
(b) Trade receivables are measured at amortised cost. No trade receivables are due from directors or other officers of
the Company either severally or jointly with any other person.
(c) Trade receivable are generally on terms of 7 to 45 days.
9A Cash and cash equivalents

Balances with banks:
On current accounts 396.31 66.20
396.89 1,167.15

stated) For the purpose of statement of cash flows, cash and cash equivalents comprise the following:

Balances with banks:
On current accounts 396.31 66.20
396.89 1,167.15
Less - Cash credit from banks (secured) (note 13B) (0.42) (59.72)
396.47 1,107.43
i) Cash and cash equivalents are measured at amortised

cost.
Changes in liabilities arising from financing activities
Lease liabilities Long-term borrowings Current

(including borrowings
Current (excluding
maturities) cash
credit)
Balance as on 1 April 2019 - 321.16 470.00
Created on adoption of Ind AS 116 (1 April 2019) (note 1,385.26 - -
33)
Add: loans taken / adjustments (net) 278.47 114.00 8.12
Less: Payments (280.41) (122.47) (470.00)
Balance as on 31 March 2 0 2 0 1,383.32 312.69 8.12
Add: loans taken / adjustments (net) 190.89 - -
Less: Payments (304.18) (312.69) (8.12)
Balance as on 31 March 2021 1,270.03 - -
9B Bank balance other than cash and cash equivalent

31 March 2021 31 March 2020
Deposits with original maturity of more than three months but less than one 3,950.06
year
Other bank balances -
Unpaid dividends (a) 3.02 2.00
3,953.08 2.00
(a) Unpaid dividends would be transferred to Investors Education and Protection Fund (IEPF) as per the
statutory requirements as and when due.

stated)
10 Other current assets

31 March 2021 31 March 2020
Unsecured, considered doubtful
Balance with government authorities 149.80 -
Less: Provision for disputed claims (a) (149.80) -
- -
Unsecured, considered good
Prepaid expenses 59.92 43.88
Advance towards purchase of goods and services (b) 337.18 204.54
Balance with government authorities (includes ` 2.75 million paid 508.25 722.62
under protest)
Advances to employees 5.09 9.21
910.44 980.25
(a) Subsequent to 31 March 2021, the Karnataka Appellate Authority for Advance Ruling disposed Company’s appeal with
respect to availment of input tax credit of Goods and Services Tax (GST) on certain promotional products / materials and
marketing items. The management is evaluating its position basis the aforesaid order and also evaluating an appeal with
higher authorities. However, on a prudent basis, the management has created a provision on such input tax credit
amounting to ` 149.80 million.
(b) Includes Nil (31 March 2020: ` 7.93 million) advance paid to related party. Refer note 35
11 Equity
31 March 2021 31 March 2020

(a) Authorised share capital
12,000,000 equity shares (31 March 2020: 12,000,000) of ` 10 each 120.00 120.00
(b) Issued, subscribed and fully paid-up:

11,153,874 equity shares (31 March 2020: 11,153,874) of ` 10 each 111.54 111.54
111.54 111.54
Reconciliation of the shares outstanding at the beginning and at

(c)
the end of the reporting period
Nos. Amount
As at 1 April 2019 11,153,874 111.54
As at 31 March 2 0 2 0 11,153,874 111.54
As at 31 March 2021 11,153,874 111.54
(d) Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 10 per share. Each shareholder is
entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend
proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General
Meeting.

stated)
In the event of liquidation, the equity shareholders are eligible

to receive the residual assets of the Company after distribution of all preferential amounts, in proportion to their
shareholding.
(E) Details of shareholders As at 31 March

holding more2021
than 5% shares
Name of the shareholder
in the Company Number of shares held % holding
Nari Genomal 1,796,124 16.10%

Ramesh Genomal 1,796,124 16.10%
Sunder Genomal 1,796,124 16.10%
Nalanda India Fund Limited 843,209 7.56%
SBI Focused Equity Fund 629,562 5.64%
As at 31 March 2 0 2 0
Name of the shareholder
Number of shares held % holding
Nari Genomal 1,796,124 16.10%
Ramesh Genomal 1,796,124 16.10%
Sunder Genomal 1,796,124 16.10%
Nalanda India Fund Limited 843,209 7.56%
(f) No bonus shares, shares issued for consideration other than cash and buy backs have been made by the Company in
the previous five years immediately preceding the reporting date.
12 Other equity
31 March 2021 31 March 2 0 2 0
General reserve (a) 739.90 739.90
Securities premium (b) 412.01 412.01
Retained earnings 7,585.39 6,935.34
8,737.30 8,087.25
Refer Statement of Changes in Equity for movement of other equity.
a) General reserve
Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a
specified percentage in accordance with applicable regulations.
b) Securities premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for certain
specific purposes in accordance with the provisions of the Companies Act, 2013.
13 Borrowings
31 March 2021 31 March 2 0 2 0
(A) Non-current borrowings
Term loan from banks (secured)
Term loan from banks - 312.69
Less: Current maturities of long term loans (note 17) - (112.14)
- 200.55
Note: Non-current borrowings are measured at amortised

cost.

stated)
The above term loans from banks carried an interest rate of 7.98% p.a. to 9.75% p.a. and were repayable in monthly/quarterly
instalments. These loans were secured by first charge on building, leasehold land and plant and machinery bought with the
respective loans and second charge on other property, plant and equipments and current assets, ranking pari passu with
other banks. During the year ended 31 March 2021, the Company has paid all the outstanding term-loans and pre-closed the
term loan facilities.
31 March 2021 31 March 2 0 2 0

(B) Current borrowings
(i) Cash credit from banks (secured) 0.42 59.72
(ii) Short term loan from bank (secured) - 8.12
0.42 67.84
Note: Current borrowings are measured at amortised cost.
(i) The overall sanctioned limit of the cash credit from banks is ` 1,380 million and carries interest ranging from 8.10 % p.a.
to
9.30 % p.a. and are repayable on demand and is secured by first charge on hypothecation of inventory and trade
receivables and other current assets and second charge on movable property, plant and equipment.
(ii) The short term loan from bank carries interest at the rate of 8.60 % p.a. for a period of 60 days and is secured by first
charge on hypothecation of inventory and trade receivables and other current assets and second charge on movable
property, plant and equipment.
14 Deferred tax liabilities / (assets) (net)

31 March 2021 31 March 2 0 2 0
Opening balance as of 1 April 2.06 125.32
Charge / (credit) recognised in the statement of profit and loss (35.39) 13.85
Charge / (credit) recognised in OCI 11.00 (11.17)
Credit on adoption of Ind AS 116 adjusted in retained earnings - (125.94)
Closing balance as of 31 March (22.33) 2.06
Components of deferred tax 31 March 2021 31 March 2 0 2 0

Depreciation and amortization expense: Difference between tax
depreciation and depreciation / amortization as per statement of profit 119.24 125.54
and loss (including for leased assets)
Provision for employee benefits (64.72) (79.42)
Provision for disputed claims (37.70) -
Others (39.15) (44.06)
Net deferred tax liabilities / (assets) (22.33) 2.06

stated)
15 Other non-current liabilities

31 March 2021 31 March 2 0 2 0
Deferred government grants 82.63 92.14
82.63 92.14
Government grants have been received for the purchase of certain items of property, plant and equipment. There are
no unfulfilled conditions or contingencies attached to these grants.
31 March 2021 31 March 2 0 2 0

At 1 April 101.68 101.94
Received during the year - 11.39
Released to statement of profit and loss (9.54) (11.65)
At 31 March 92.14 101.68
Current (note 18) 9.51 9.54

Non-Current 82.63 92.14
92.14 101.68
16 Trade payables
31 March 2021 31 March 2 0 2 0
Trade payables (including acceptances)
Total outstanding dues of micro and small enterprises (c) 109.94 59.28
Total outstanding dues of creditors other than micro and small
enterprises Trade payables to others 2,064.77 879.00
Trade payables to related parties (note 35) 0.24 -
2,065.01 879.00
2,174.95 938.28
a) Trade payables are measured at amortised cost.

b) Trade payables are non-interest bearing and are normally settled on 15 to 45 days terms.
c) Details of dues to micro and small enterprises as defined under the MSMED Act, 2006 are as
below:

stated)
31 March 2021 31 March 2 0 2 0
Principal amount remaining unpaid to any supplier as at the end of the
109.94 59.28
accounting year
Interest due thereon remaining unpaid to any supplier as at the end of
-* 0.19
the accounting year
The amount of interest paid along with the amounts of the payment
0.92 1.22
made to the supplier beyond the appointed day during each accounting
year
The amount of interest due and payable for the period of delay in making
payment (which have been paid but beyond the appointed day during -* 0.73
the year) but without adding the interest specified under the MSMED
Act 2006.
The amount of interest accrued and remaining unpaid at the end of the
-* 0.92
accounting year
The amount of further interest remaining due and payable even in the
succeeding years, until such date when the interest dues as above are -* 0.92
actually paid
* Full amount ` 4,963.
The above information has been furnished to the extent such parties have been identified by the
Company.
17 Other financial liabilities (current)

31 March 2021 31 March 2 0 2 0
Current maturities of long-term borrowings from banks (note 13A) - 112.14

Interest accrued but not due on borrowings - 0.34
Payable towards capital goods 41.60 35.83
Deposits from dealers 2,103.32 1,834.60
Dealers incentive payable 408.11 476.39
Expenses payable (c) 379.15 403.93
Employee benefit expenses payable (c) 1,146.54 765.48
Unclaimed dividend payable (d) 3.02 2.00
4,081.74 3,630.71
a) Other financial liabilities are measured at amortised cost.

b) Borrowings from banks and deposits from dealers are interest bearing.
c) Refer note 35 for dues to related parties
d) Unpaid dividend does not include any amount due and outstanding, to be credited to Investor Education and Protection
Fund.
18 Other current liabilities

31 March 2021 31 March 2 0 2 0
Advance received from customers (note 20) 83.69 146.01
Statutory liabilities 164.21 70.14
Deferred government grants (note 15) 9.51 9.54
Accrual for sales returns (note 20) 60.65 59.96
318.06 285.65

stated)
19 Provisions
31 March 2021 31 March 2 0 2 0
Provision for employee benefits
Provision for compensated 190.75 172.41
absences Provision for gratuity 9.17 100.92
(note 32)
199.92 273.33
20Revenue from operations
31 March 2021 31 March 2 0 2 0
Disaggregated revenue information
Revenue from contract with customers
Sale of products 27,702.34 28,939.39
27,702.34 28,939.39
Other operating revenue
Sale of scrap and others materials 566.86 386.95
Duty drawback 1.84 1.55
Other operating income (yarn incentives, etc) 58.58 127.52
627.28 516.02
28,329.62 29,455.41
a) Contract balances
Contract liabilities
Advance received from customers (note 18) 83.69 146.01
Accrual for sales returns (note 18) 60.65 59.96
b) Reconciliation of revenue as recognised in the Statement of profit and loss with the contracted price
31 March 2021 31 March 2 0 2 0
Revenue as per contract price 28,926.76 30,463.35
Less:
Sales returns (219.19) (223.03)
Incentives (1,005.23) (1,300.93)
27,702.34 28,939.39
21 Other income
31 March 2021 31 March 2 0 2 0
Interest income
On fixed deposits with banks 79.95 45.30
On security deposits 19.34 32.38
On sub-leases (note 33) 9.21 15.18
Government grants (note 15) 9.54 11.65
Subsidies received from government 19.07 73.41
Exchange fluctuation (net) 12.92 10.63
Gain on sale of property, plant and equipment (net) - 0.12
Gain on modification of leases (net) 7.99 52.53
Rent concessions due to Covid-19 (note 33) 28.12 -
Miscellaneous income 8.58 5.21
194.72 246.41

0
stated)
22 Cost of raw materials consumed

31 March 2021 31 March 2 0 2 0
Inventory at the beginning of the year 2,048.84 2,204.00
Add: Purchases 6,180.09 6,384.03
Less: Inventory at the end of the year 2,379.92 2,048.84
5,849.01 6,539.19
23 Purchases of traded goods

31 March 2021 31 March 2 0 2 0
Purchases of traded goods 4,823.95 6,393.39
4,823.95 6,393.39
24 (Increase)/decrease in inventories
31 March 2021 31 March 2 0 2 0
Closing stock
Finished goods 2,117.96 3,357.31
Traded goods 693.30 1,437.54
3,094.12 5,060.48
Opening stock
Finished goods 3,357.31 3,406.13
Traded goods 1,437.54 1,503.28
5,060.48 5,236.09
(Increase)/Decrease in inventories 1,966.36 175.61
25 Employee benefits expense

31 March 2021 31 March 2 0 2 0
Wages, salaries and bonus 4,963.44 4,558.58
Contributions to provident funds 303.79 307.63
Gratuity expense (note 32) 99.41 91.63
Compensated absences 79.46 82.44
Staff welfare expenses 191.42 276.74
5,637.52 5,317.02
26 Depreciation and amortisation expense

31 March 2021 31 March 2 0 2 0
Depreciation of property, plant and equipment (note 3) 323.88 317.00
Amortisation of intangible assets (note 4) 19.56 27.76
Depreciation of right-of-use assets (note 285.68 268.79
33)
629.12 613.55

1
27 Finance costs stated)
31 March 2021 31 March 2 0 2 0
Interest expense
On dealer deposits 154.84 137.96
On borrowings from banks 16.52 42.01
On dues to micro and small enterprises (note 16) -* 0.92
On lease liabilities (note 33) 126.04 157.66
297.40 338.55
* Full amount `
4,963.
28 Other expenses
31 March 2021 31 March 2 0 2 0
Sub-contracting charges 1,057.85 1,237.01
Consumption of stores and 84.35 103.61
spares Power and fuel 117.63 155.48
Freight and forwarding 504.70 370.80
charges Rent 0.32 2.20
Repairs and maintenance
- Plant & machinery 58.56 66.60
- Buildings 5.77 16.37
-Others 178.87 219.62
Insurance 59.98 62.99
Royalty 1,351.95 1,421.55
Communication costs 11.27 14.38
Commission and brokerage 51.57 21.87
Selling and distribution 272.50 320.64
expenses Legal and 207.24 209.32
professional fees 6.51 6.12
Payment to auditor (refer note 92.46 205.54
below) Travelling and conveyance 10.20 8.41
Directors sitting fees* 105.35 63.53
Corporate social responsibility expenses (note 318.47 975.51
31) Advertising and sales promotion 5.19 -
Loss on sale of property, plant and equipment 72.12 105.46
(net) Security charges 9.86 25.10
Rates and taxes 7.17 (2.25)
Provision / (reversal) for doubtful debts 149.80 -
(net) Provision for disputed claims (net) 5.87 5.33
(note 10) Bank charges 41.20 89.24
Miscellaneous expenses
4,786.76 5,704.43
*includes remuneration to non-executive directors
Payment to auditor (excluding goods and services tax)
31 March 2021 31 March 2 0 2 0

Statutory audit fee 3.20 2.70
Tax audit fee 0.60 0.60
Limited reviews 2.70 2.70
Reimbursement of expenses 0.01 0.12
6.51 6.12

2
stated)
29 Income taxes
Components of income tax expenses

a) Statement of Profit and loss
31 March 2021 31 March 2 0 2 0
Current income tax:
Current income tax charge 1,187.00 1,174.00
Deferred tax:
Charge/(credit) for reversal of temporary differences (35.39) 13.85
Income tax expense reported in the statement of profit or loss 1,128.41 1,187.85
b) Deferred tax related to items recognised in OCI during the year:

31 March 2021 31 March 2 0 2 0
Charge/(credit) on remeasurements of defined benefit plans 11.00 (11.17)
Income tax expense charged to OCI 11.00 (11.17)
c) Reconciliation of tax expense and profit before tax:

31 March 2021 31 March 2 0 2 0
At statutory tax rate of 25.17% (31 March 2020: 1,141.26 1,162.87
25.17%) Tax effect of tax deductions (17.85) (1.38)
Tax effect of non-deductible expenses, etc. 28.20 26.36
At effective income tax rate 1,128.41 1,187.85
The Company elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced
by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognised provision for income
tax and deferred tax liabilities (net) basis the rate prescribed in the said section.
30Earnings per share (EPS)

The following reflects the income and share data used in the basic and diluted EPS computations:
31 March 2021 31 March 2 0 2 0

Profit attributable to equity shareholders for basic and diluted earnings 3,405.81 3,432.23
Weighted average number of Equity shares for basic and diluted EPS 11,153,874 11,153,874
(nos)
Earnings per share (par value ` 10 per share)
Basic and Diluted (`) 305.35 307.72
31 In accordance with the provisions of Companies Act, 2013, the Company is required to contribute ` 105.35 million (31 March
2020: ` 100.74 million) towards CSR expenditure for the year ended 31 March 2021 against which actual revenue
expenditure is
` 62.58 million (31 March 2020: ` 63.53 million).
As per the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, notified by the Ministry of Corporate
Affairs on January 2021, the Company has transferred the unspent amount of ` 42.77 million for current financial year to a
separate bank account subsequent to the year end, which would be utilized for CSR activities as per the aforesaid rules.

3
stated)
32 Employee benefit plan

The Company has a defined benefit gratuity plan for its employees. The gratuity plan is governed by the Payment of Gratuity
Act, 1972. Under the Payment of Gratuity Act, 1972, employee who has completed five years of service is entitled to specific
benefit. The level of benefits provided depends on the member’s length of service and salary at retirement age. The
contributions are managed through a third party which acts as the administrator of the fund.
The following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and
the funded status and amounts recognized in the balance sheet.
(a) Balance sheet

31 March 2021 31 March 2 0 2 0
Present value of defined benefit obligation at the end of the year 529.93 457.59
Fair value of plan assets at the end of the year 520.76 356.67
Net liability/(asset) recognised in the balance sheet 9.17 100.92
(b) Expenses recognised in statement of profit and loss

Service cost 93.91 90.97
Interest cost (net) 5.50 0.66
Net gratuity cost 99.41 91.63
(c) Re-measurement (gains) / losses in OCI

Actuarial (gain) / loss due to financial assumption changes 17.41 39.22
Actuarial (gain) / loss due to experience adjustments (17.61) 12.88
Actuarial (gain) / loss due to change in demographic assumptions - (22.83)
Return on plan assets (greater)/less than discount rate (43.51) 15.10
Total (gains) / losses routed through OCI (43.71) 44.37
(d) Change in projected benefit obligations

Obligations at beginning of the year 457.59 348.48
Service cost 93.91 90.97
Interest cost 24.93 23.92
Benefits settled (46.30) (35.05)
Actuarial (gain) /loss (through OCI) (0.20) 29.27
Obligations at end of the year 529.93 457.59
(e) Change in plan assets

Plan assets at beginning of the year, at fair value 356.67 338.81
Interest income 19.43 23.26
Return on plan assets, excluding amount recognised in net interest expense 43.51 (15.10)
Contributions 101.15 9.70
Plan assets at end of the year, at fair value 520.76 356.67
(f) The major categories of plan assets of the fair value of the total plan assets are as follows:
31 March 2021 31 March 2 0 2 0
Investments with insurer 100% 100%

4
stated)
(g) The principal assumptions used in determining gratuity benefit obligations for the Company’s plans are
shown below:
31 March 2021 31 March 2 0 2 0
% %
Discount rate 4.90% 5.45%
Future salary increases 10.00% 10.00%
Employee turnover
Staff 10.00% 10.00%
Workers 40.00% 40.00%
Estimated rate of return on plan assets 4.90% 5.45%
Mortality Rate 100% of IALM 100% of IALM
2012-14 2012-14
(h) A quantitative sensitivity analysis for significant assumption is as shown

below:
Defined benefit obligation
31 March 2021 31 March 2 0 2 0
Sensitivity Level
Increase Decrease Increase Decrease
Discount rate 1% increase/decrease 499.16 565.06 432.04 486.67

Further salary increase 1% increase/decrease 560.53 502.09 482.83 434.52
Attrition rate 50% increase/decrease 473.65 650.34 407.93 558.66
Mortality
The sensitivity rate
analyses above have10%
beenincrease/decrease
determined based on a529.74 530.12
method that extrapolates 457.46 on defined
the impact 457.72
benefit
obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity
analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses
may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions
would occur in isolation from one another.
(i) The following payments are expected contributions to the defined benefit plan in future years:
31 March 2021 31 March 2 0 2 0
Within the next 12 months 110.27 95.43
Between 2 and 5 years 253.12 231.19
Between 6 and 10 years 142.02 126.33
Beyond 10 years 259.15 229.86
The average duration of the defined benefit plan obligation at the end of the reporting period is 6 years (31 March 2020: 6
years).

5
stated)
33 Leases
The Company has lease contracts for its factories and offices used in its operations. Theses leases generally
have lease terms between 11 months and 9 years. The Company’s obligations under its leases are secured by
the lessor’s title to the leased assets. Generally, the Company is restricted from assigning and subleasing the
leased assets. There are several lease contracts that include extension and termination options at mutual
consent.
Further, the Company has also sub-leased few of the Exclusive Brand Outlets across India and accordingly,
recognised a net investments in leases for such sub-leased premises. The Company also has certain leases of
office equipment with low value. The Company applies the ‘short-term lease’ and ‘lease of low-value assets’
recognition exemptions for its leases.
31 March 2021 31 March 2 0 2 0

(a) Set out below are the carrying amounts of right-of-use assets (RoU) recognised:
Building Land Total Building Land Total
Opening Balance 1,030.24 14.82 1,045.06 - - -
Created on adoption of - - - 970.22 15.70 985.92
Ind AS 116 (1 April
2019)
Additions for the year 230.18 - 230.18 441.50 - 441.50
Amortization expense (284.73) (0.95) (285.68) (267.91) (0.88) (268.79)
Impact on modification (13.21) - (13.21) (113.57) - (113.57)
of lease term
Closing Balance 962.48 13.87 976.35 1,030.24 14.82 1,045.06
Leasehold land includes ` 13.85 million (net) reclassed from property, plant and equipment during the year ended
31 March 2020. Lease period ranges between 10 to 99 years.
(b) Set out below are the carrying amounts of investment in sub-leases (included in other financial assets)
recognised:
31 March 2021 31 March 2 0 2 0
Opening Balance 112.44 -
Created on adoption of Ind AS 116 (1 April 2019) - 119.32
Additions - 70.77
Accretion of interest 9.21 15.18
Rent receipts (31.95) (45.65)
Impact on modification of lease term (16.28) (47.18)
Closing Balance 73.42 112.44
Non- Current 56.51 87.80

Current 16.91 24.64
Total 73.42 112.44

6
stated)
(c) Set out below are the carrying amounts of lease liabilities (included under other financial liabilities):
31 March 2021 31 March 2 0 2 0
Opening Balance 1,383.32 -
Created on adoption of Ind AS 116 (1 April 2019) - 1,385.26
Additions 228.37 491.75
Accretion of interest 126.04 157.66
Payments (including interest) (i) (402.10) (438.07)
Rent concessions due to Covid-19 (28.12) -
Impact on modification of lease term (37.48) (213.28)
Closing Balance 1,270.03 1,383.32
Non- Current 943.96 1,069.77
Current 326.07 313.55
Total 1,270.03 1,383.32
(i) Gross payments without considering ` 22.74 million (31 March 2020: ` 30.47 million) recovered under
subleases.
(ii) The effective interest rate for lease liabilities is 9-10%, with maturity between financial year 2021-2026.
(d ) The following are the amounts recognised in statement of profit or loss: 31 March 2021 31 March 2 0 2 0
Depreciation of right-of-use assets (note 26) 285.68 268.79

Interest expense on lease liabilities (note 27) 126.04 157.66
Rent (note 28) 0.32 2.20
Finance income on sub-leases (note 21) (9.21) (15.18)
402.83 413.47

7
stated)
34 Commitments and contingencies

a. Other Commitments
31 March 2021 31 March 2 0 2 0
Estimated amount of capital contracts remaining to be executed (net 196.76 304.73
of advances)
b. Contingent liabilities
31 March 2021 31 March 2 0 2 0
(i) Claims against the Company not acknowledged as debts
- Income tax matters, under appeal 102.37 129.65
- Excise and customs duty matters, under appeal 31.61 31.89
(ii) The Hon’ble High Court of Karnataka, based on a preliminary hearing of writ petition filed by the
Karnataka Employers’ Association, of which, the Company is a Member, on 2 February 2016, has
stayed the retrospective applicability of The Payment of Bonus (Amendment) Act, 2015 from 1 April
2014. The Hon’ble High Court has further ordered that the amended provision shall be implemented
effective from FY 2015-16 pending disposal of the writ petition. Consequent to the above, the
Company has not recorded the differential liability of bonus payable for the year ended 31 March
2015.
(iii) The Company has certain disputes pertaining to customers, vendors and employee related matters
which the management is contesting before various forums. The management based on the advice
from its consultants is confident of a favourable outcome and does not expect any material financial
implications in this regard.
Future cash outflows in respect of the above matters are determinable only on receipt of judgments/
decisions pending at various forums/authorities.

8
stated)
35 Related party transactions

Names of related parties and related party relationship
Enterprises in which Key Managerial Personnel Page Garment Exports Private
(KMP) or their relatives have significant Limited P & B Associates
influence
BCP Associates
Key management personnel Sunder Genomal - Managing Director

Shamir Genomal - Deputy Managing Director and
Executive Director
Nari Genomal - Director
Ramesh Genomal -
Director
V. S Ganesh - Executive
Director
Mark F Fedyx - Director
(w.e.f. 12 November 2020)
Sanjeev Genomal - Alternate
Director (w.e.f. 12 November 2020)
G.P. Albal - Director
B.C.Prabhakar - Director
Rukmani Menon - Director
Vikram Gamanlal Shah -
Director Sandeep Kumar Maini
- Director Varun Berry -
Director
Vedji Ticku - Chief Executive Officer & Executive
Director Shahender Ramesh Genomal - Director
(Upto 22 June 2020)
Pradeep Jaipuria - Director (upto 10 February 2021)
Timothy Ralph W heeler - Director (upto 11 November
Relatives of key management Rohan
2020) Genomal
Chandrasekar K - Chief Financial Officer
personnel
Madhuri Genomal
C Murugesh - Company Secretary
Shahender Ramesh Genomal

9
stated)
a. Details of transactions entered into with related parties during the year are as given below:
31 March 2021 31 March 2 0 2 0
Page Garment Exports Private Limited
Other operating revenue - 24.36
Purchase of traded goods (net) 7.94 301.87
Sub contract expenses - 4.27
Other expenses 0.35 -
Purchase of property, plant and equipment 18.89 -
Dividends paid
Nari Genomal 449.03 362.82
Ramesh Genomal 449.03 362.82
Sunder Genomal 449.03 362.82
Shamir Genomal 0.05 0.04
Shahendar Ramesh Genomal 0.05 0.04
Sanjeev Genomal 0.05 0.04
Madhuri Genomal 0.03 0.02
Vedji Ticku 0.01 0.01
Vikram Shah 0.03 0.01
B C Prabhakar 0.01 -*
*Full amount ` 3,220
Remuneration to relatives of key managerial personnel

Rohan Genomal 2.82 2.50
31 March 2021 31 March 2 0 2 0

Remuneration/sitting fees of key managerial personnel
Sunder Genomal* 19.12 19.12
Chandrasekar K* 16.92 12.96
Shamir Genomal* 19.38 15.86
Vedji Ticku* 57.41 53.71
V. S Ganesh* 30.58 24.07
C Murugesh* 5.06 4.13
Pradeep Jaipuria 1.31 1.08
Timothy Ralph Wheeler 0.64 1.04
G.P. Albal 1.30 1.08
B.C.Prabhakar 1.29 1.11
Rukmani Menon 1.19 1.00
Vikram Gamanlal Shah 1.29 1.10
Sandeep Kumar Maini 1.24 1.02
Nari Genomal 0.04 0.02
Varun Berry 1.18 0.99
Mark Fedyk 0.65 -
Ramesh Genomal 0.10 -
158.70 138.26
*As the liability for gratuity and leave encashment is provided on an actuarial basis for the Company as a whole,
the amount pertaining to the directors are not included above.

0
stated)
31 March 2021 31 March 2 0 2 0
Managerial remuneration 148.50 129.85
Directors sitting fees* 10.20 8.41
158.70 138.26
*includes remuneration to non-executive
directors
31 March 2021 31 March 2 0 2 0
Legal and professional fees
P & B Associates 1.78 3.23
BCP Associates 0.36 0.36
Vikram G Shah 1.20 1.20
3.46 4.93
b. Balance receivable and payable to related parties are as follows

31 March 2021 31 March 2 0 2 0
Page Garment Exports Private Limited
Trade receivable - 0.13
Trade payable 0.24 -
Advance towards purchase of goods and services - 7.93
c. Balance payable to related parties

31 March 2021 31 March 2 0 2 0
Managerial remuneration and sitting fees payable
Sunder Genomal 7.57 7.67
Chandrasekar K 6.68 0.37
Shamir Genomal 7.27 0.56
Vedji Ticku 15.37 0.90
V. S Ganesh 11.56 0.81
C Murugesh 1.54 0.22
Pradeep Jaipuria 1.15 1.00
Timothy Ralph Wheeler 0.55 0.93
G.P. Albal 1.08 0.93
B.C.Prabhakar 1.08 0.93
Vikram Gamanlal Shah 1.08 0.93
Sandeep Kumar Maini 1.10 0.93
Mark Fedyk 0.58 -
Varun Berry 1.08 0.93
58.77 18.04
Terms and conditions of transactions with related parties
The transactions with related parties are at arm’s length. Outstanding balances as at the year-end are unsecured
and settlement occurs in cash. The Company has not recorded any impairment relating to amounts owed by related
parties.

1
stated)
36 Segment information
The Company has one business unit based on its products and has one reportable segment. The Company’s
Board of Directors is the Chief Operating Decision Maker (CODM). The Board monitors the operating results of
its single business unit for the purpose of making decisions about resource allocation and performance
assessment. The following tables present revenue and non-current operating assets details of the Company for
the year ended 31 March 2021 and 31 March 2020.
31 March 2021 31 March 2 0 2 0
Net revenues by type
Innerwear and 27,676.81 28,534.60
leisurewear Others 25.53 404.79
Total 27,702.34 28,939.39
Geographic information
Segment revenue
Revenue from external customers
India 27,575.31 28,815.42
Rest of the world 127.03 123.97
Total 27,702.34 28,939.39

Segment assets
India 1,354.86 737.75
Rest of the world 16.32 -
Unallocable 15,627.45 14,391.66
Total 16,998.63 15,129.41
The information above is based on the locations of the customers.

All non-current operating assets (property, plant & equipment, etc.) are located in India.
37 Financial assets measured at fair value through profit/loss:

The fair values of the Company’s security deposits and loans are determined by using Discounted Cash Flow (DCF) method
(Level 3) using discount rate that reflects the issuer’s borrowing rate for the respective financial asset/liability as at the end
of the reporting period.
The carrying value of trade receivables, trade payables, cash and cash equivalents, loans, short-term borrowings and other
current financial assets and liabilities approximate their fair values largely due to the short-term maturities of these
instruments.
There are no transfer between levels during the year.

2
stated)
38 Financial risk management objectives and policies

The Company’s activities expose it to the following risks:
a) Credit risk
b) Liquidity risk
c) Market risk
d) Credit risk
Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer
contract leading to a financial loss. The Company is exposed to credit risk from its operating activities
(primarily trade receivables) and from its financing activities including deposits with banks and financial
institutions, investments, foreign exchange transactions and other financial instruments.
i) Trade receivables
Customer credit risk is managed by the Company subject to the Company’s established policy, procedures
and control relating to customer credit risk management. Outstanding customer receivables are regularly
monitored and major customers are generally secured by obtaining security deposits/bank guarantee or
other forms of credit insurance. Refer below for movement of impairment allowance.
31 March 2021 31 March 2 0 2 0
Opening balance 14.92 17.17
Provision / (reversal) for doubtful debts 7.17 (2.25)
Closing balance 22.09 14.92
ii) Financial instrument and deposits with banks
Credit risk is limited as the Company generally invest in deposits with banks and financial institutions with
high credit ratings assigned by international and domestic credit rating agencies. Investments primarily
include investments in liquid mutual fund units. Counterparty credit limits are reviewed by the Company
periodically and the limits are set to minimise the concentration of risks and therefore mitigate financial
loss through counterparty’s potential failure to make payments.
b) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company’s reputation. Typically the Company ensures that it has sufficient cash on demand to
meet expected short term operational expenses. The Company’s objective is to maintain a balance between
continuity of funding and flexibility through the use of internal accruals and borrowings as required.

3
stated)
The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual
undiscounted payments.
More than 3
March 31, 2021 Less than 1 year 1 to 3 years Total
years
Borrowings (note 13A and 13B) 0.42 - - 0.42
Lease liabilities (undiscounted) 429.02 607.93 567.24 1,604.19
Trade payables (note 16)
Dues of micro and
109.94 - - 109.94
small enterprises
Due to others 2,065.01 - - 2,065.01
Other financial liabilities (note 17) 4,081.74 - - 4,081.74
6,686.13 607.93 567.24 7,861.30
More than 3
March 31, 2020 Less than 1 year 1 to 3 years Total
years
Borrowings (note 13A and 13B) 67.84 157.80 42.75 268.39
Lease liabilities (undiscounted) 419.12 632.90 725.13 1,777.15
Trade payables (note 16)
Dues of micro and small 59.28 - - 59.28
enterprises
Due to others 879.00 - - 879.00
Other financial liabilities (note 17) 3,630.71 - - 3,630.71
5,055.95 790.70 767.88 6,614.53
c) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises two types of risk: interest rate risk and foreign currency risk.
Financial instruments affected by market risk includes borrowings, trade receivables and trade payables.
Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will
fluctuate because of changes in market interest rates. As the Company does not have significant debt
obligations, it is not exposed to any significant interest rate risk.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company does not have significant foreign currency exposure and
hence, is not exposed to any significant foreign currency risk.
39 Capital management
The Company’s objective is to maintain a strong capital base to ensure sustained growth in business. The
Company’s management focusses to maintain an optimal structure that balances growth and maximizes
shareholder value. The Company is predominantly equity financed. Further, the Company has sufficient cash,
cash equivalents and financial assets which are liquid to meet its financial obligations.

4
stated)
40 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-
employment benefits received Presidential assent in September 2020. The Code has been published in the
Gazette of India. However, the date on which the Code will come into effect has not been notified and the
final rules/ interpretation have not yet been issued. The Company will assess the impact of the Code when it
comes into effect and will record any related impact in the period the Code becomes effective.
41 The Company has assessed and considered the impact of the ongoing Covid-19 pandemic on carrying
amounts of receivables, other assets and its business operations including all relevant internal and external
information available up to the date of approval of these financial results. Basis such evaluation, the
management does not expect any adverse impact on its future cash flows and shall be able to continue as a
going concern and meet its obligations as and when they fall due. The impact of Covid-19 on the Company’s
financial results may differ from that estimated as at the date of approval of these financial results. The
Company will continue to monitor future economic conditions for any significant change.

For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
ICAI Firm Registration Page Industries Limited
No.:
101049W/E300004


5
Corporate & Registered Office:
Cessna Business Park, Tower-1, 7th Floor,Umiya Business Bay, Varthur Hobli,
Outer Ring Road, Bengaluru - 560103. Ph: 080 - 4945 4545, Fax: 080 - 4946
5700
www.jockey.in | e-mail : info@jockeyindia.com | CIN#: L18101KA1994PLC016554
NOTICE TO SHAREHOLDERS
NOTICE is hereby given that the 26th Annual General of this AGM (26th AGM) to the conclusion of the
Meeting (“AGM”) of Members of Page Industries sixth consecutive AGM (31st AGM), and that the
Limited will be held on Thursday, 12th August, 2021 at Board of Directors be and are hereby authorized to
11:30 AM IST through Video Conferencing (“VC”) / fix such remuneration as may be recommended by
Other Audio Visual Means (“OAVM”) to transact the the Audit Committee in consultation with the
following business. The venue of the meeting shall be Auditors.
deemed to be the registered office of the Company. Special Business:
Ordinary Business: 5. Appointment of Mr. Mark F Fedyk [DIN: 08927892]
as a Director
1. Adoption of financial statement
To consider and if thought fit to pass the following
To receive, consider and adopt the audited financial
resolution as an ordinary Resolution:
statement for the financial year ended 31st March,
2021, the Reports of the Board of Directors and the RESOLVED that Mr. Mark F Fedyk (DIN: 08927892),
Auditors thereon. who was appointed by the Board of Directors, as an
Additional Director of the Company with effect
2. Appointment of Director
from 12th November 2020, be and is hereby
To appoint a Director in the place of Mr. Nari appointed as Director of the Company and his
Genomal [DIN: 00568562] who retires by rotation office shall be liable to retire by rotation.
and being eligible, offers himself for re-
appointment. 6. Appointment of Mr. V S Ganesh [DIN: 07822261] as
3. Appointment of Director Executive Director & Chief Executive Officer
To appoint a Director in the place of Mr. Sunder To consider and if thought fit to pass the following
Genomal [DIN: 00109720] who retires by rotation resolution as an Ordinary Resolution:
and being eligible, offers himself for re- RESOLVED that pursuant to the recommendation of
appointment. the Nomination and Remuneration Committee, the
4. Re-appointment of Statutory Auditors of the Board of Directors and pursuant to provisions of
Company Sections 196, 197, 203 and other applicable
provisions if any, of the Companies Act, 2013 (“the
Act”) or statutory modification or amendment or re-
Resolved that,
resolution as anpursuant
OrdinarytoResolution:
the provisions of Section
enactment thereof, read with Schedule V of the
139 and other applicable provisions, if any, of the
Act, further pursuant to SEBI (LODR) Regulation
Companies Act, 2013 read with the Companies
2015, be and is hereby appointed Mr. V S Ganesh
(Audit and Auditors) Rules, 2014, M/s. S.R. Batliboi
(DIN 07822261) as Executive Director & Chief
& Associates LLP, Chartered Accountants
Executive Officer, for a period of five years
(Registration No. 101049W/E300004), be and are
commencing from 1st June 2021 to 31st May 2026
hereby re- appointed as the Statutory Auditors of
(both days inclusive), on the following terms and
the Company to hold office for their second term
conditions:
from the conclusion
NOTICE 116
Duration and Term 1st June 2021 to 31st May 2026 provisions if any, of the Companies Act, 2013 (“the
(Subject to retirement by rotation) Act”) or statutory modification or amendment or re-
Salary, Allowances, In no case, shall it exceed ` 70 million enactment thereof, read with Schedule V of the
Incentives and per annum.
Bonus
Act, further pursuant to SEBI (LODR) Regulations,
Sitting Fees Not Eligible 2015, be and is hereby re-appointed Mr. Sunder
Provident Fund As applicable Genomal (DIN: 00109720) as Managing Director for
Gratuity As per Payment of Gratuity Act, 1972 a period of five years commencing from 1st August
Encashment of Leave As per the rules of the Company
2021 to 31st July 2026 (both days inclusive), on the
accrual(s) following terms and conditions:
Medical Reimbursement
Leave Eligibility Duration and Term 1st August 2021 to 31st July 2026
(Subject to retirement by rotation)
Car with Driver
Salary, Allowances, In no case, shall it exceed ` 36 million
Payment of Mobile Bill
Incentives and Bonus per annum.
Office Expenses
Sitting Fees Not Eligible
Reimbursement
Provident Fund As applicable
Duties and Mr. V S Ganesh is Key Managerial
Responsibilities Personnel (KMP) as defined in Section Gratuity As per Payment of Gratuity Act, 1972
2(51) of the Companies Act, 2013 and Encashment of Leave As per the rules of the Company
Listing Regulations. He will be the Chief accrual(s)
Executive Officer of the Company and will
perform the duties and exercise the Medical Reimbursement
powers which from time to time may be Leave Eligibility
assigned to or vested in him by the Board.
He shall be responsible for the day to day Car with Driver
affairs of the Company. He shall be Payment of Mobile Bill
reporting to the Managing Director of the
Office Expenses
RESOLVED furtherCompany.
that in the event of any loss or Reimbursement
inadequacy of profits in any financial year during Duties and Mr. Sunder Genomal is Key Managerial
the aforesaid period, the above proposed terms of Responsibilities Personnel (KMP) as defined in Section 2(51)
of the Companies Act, 2013 and Listing
remuneration and perquisites will be admissible as Regulations. He shall devote his whole time
the minimum remuneration payable to Mr. V S and attention to the business of the
Company and perform such duties as may
Ganesh as Executive Director & Chief Executive
be entrusted to him by the Board from time
Officer, subject to compliance with the applicable to time in the best interests of the Company.
provisions of Schedule V of the Companies Act,
2013. RESOLVED further that in the event of any loss or
inadequacy of profits in any financial year during
RESOLVED further that the Board be and is hereby
the aforesaid period, the above proposed terms of
authorized to do and perform all such acts, matters, remuneration and perquisites will be admissible as
deeds and things, as may be necessary, without the minimum remuneration payable to Mr. Sunder
further referring to the members of the Company as Genomal as Managing Director, subject to
may be necessary and expedient to give effect to compliance with the applicable provisions of
the aforesaid resolutions. Schedule V of the Companies Act, 2013.
7. Re-appointment of Mr.
Sunder Genomal RESOLVED further that the Board be and is hereby
[DIN:00109720] as Managing Director authorized to do and perform all such acts, matters,
deeds and things, as may be necessary, without
further referring to the members of the Company as
resolution as a Special Resolution:
may be necessary and expedient to give effect to
RESOLVED that pursuant to the recommendation of the aforesaid resolutions.
the Nomination and Remuneration Committee, the
Board of Directors and pursuant to provisions of
Sections 196, 197, 203 and other applicable
NOTICE 117
8. Remuneration under Section 197(1) of the Company and have confirmed that the said
Companies Act, 2013 appointment, if made, will be in accordance with the
To consider and if thought fit to pass the following conditions prescribed under Sections 139 and 141 of
resolution as an ordinary Resolution: the Act.
RESOLVED that pursuant to provisions of Section None of the directors and key managerial personnel or
197(1)(ii) and other applicable provisions, if any, of their relatives are interested financially or concerned in
the Companies Act, 2013, approval of the Company the resolution.
be and is hereby accorded for the payment of a sum Item No. 5
not exceeding `10 million (Rupees Ten million only),
(excluding sitting fees) subject to the limit The Board of Directors, appointed Mr. Mark F Fedyk,
prescribed in the Companies Act, 2013, to be paid as an Additional Director of the Company with effect
to and distributed amongst the Directors of the from 12th November 2020, subject to approval of the
Company or some or any of them (other than Members. Pursuant to the provisions of Section 161(1)
Managing Directors of the Companies Act 2013 (“the Act”) and Article 164
/ Whole-time Directors) in such amounts, subject to of the Articles of Association of the Company, Mr. Mark
such ceiling and in such manner and in such respects F Fedyk shall hold office up to the date of this AGM
as may be decided by the Board of Directors and and is eligible to be appointed as a Director.
such
payments shall be made for the financial year The Company has received notice in writing under the
By Order of 2021-22.
the Board
Bangalore provisions of Section 160 of the Act, from a member
Murugesh C
27th May, along with the requisite deposit proposing the
Company
2021 candidature of Mr. Mark F Fedyk for the office of
Secretary
Explanatory statement pursuant to Section 102 (1) of Director.
the Companies Act, 2013 annexed to the notice:
The Company has received the following from Mr. Mark
F Fedyk: (a) Consent in writing to act as director (b)
Item No. 4 disclosure of interest under Section 184 of the Act and
The Members of the Company at the 21st AGM held on (c) declaration to the effect that he is not disqualified
11ht August, 2016 approved the appointment of M/s. under sub-section (2) of Section 164 of the Act,
S.R. Batliboi & Associates LLP (‘SRB’), as the Statutory Mr. Mark F Fedyk, aged 55 years, is President and Chief
Auditors of the Company for a period of five years Operating Officer of Jockey International, Inc. He is
from the conclusion of the said AGM. SRB will holding MBA degree from Owen Graduate School of
complete their present term on conclusion of this Management, Vanderbilt University and Bachelor’s
AGM. degree in marketing from Middle Tennessee State
University. He has an experience of over 25+ years with
The Board of Directors of the Company, on the
companies like Sears, Saks Department Store Group,
recommendation of the Audit Committee,
and Ulta Cosmetics. Further, he is also an active
recommended for the approval of the Members, the re-
volunteer and supporter of the Evangelical Lutheran
appointment of M/s. S.R. Batliboi & Associates LLP,
Church in America, the Jockey Being Family
Chartered Accountants, as the Statutory Auditors of
Foundation, and Feed My Starving Children.
the Company for another term of five years from the
conclusion of this AGM till the conclusion of the 31st The resolution seeks the approval of members for the
AGM. On the recommendation of the Committee, the appointment of Mr. Mark F Fedyk as Director of the
Board also recommended for the approval of the Company with effect from 12th November 2020 pursuant
Members, the remuneration of SRB shall be fixed by to Section 161 and other applicable provisions of the Act
the Board on the recommendation of Audit Committee and the Rules made thereunder. He is liable to retire by
every year. The Audit Committee considered various rotation.
parameters like capability to serve, audit experience in
The Board considers that his contribution would be of
the Company’s operating segments, market standing of
immense benefit to the Company and it is desirable to
the firm, clientele served, technical knowledge etc., and
avail the services of Mr. Mark F Fedyk as Director and
found SRB to be best suited to handle the Page
accordingly the Board recommends the resolution for
Industries Limited. SRB is a member firm in India of
member’s approval.
Ernst & Young Global Limited.
SRB have given their consent to act as the Auditors of NOTICE 118
the
No Director, Key Managerial Personnel or their relatives, Save and except the above, none of the Directors/Key
except Mr. Mark F Fedyk, to whom the resolution Managerial Personnel of the Company/their relatives
relates, is interested or concerned in the resolution. are, in any way, concerned or interested, financially or
otherwise, in the resolutions.
Item No. 6
At 22nd AGM held on 10th August 2017, the members
Item No. 7
appointed Mr. V S Ganesh as Executive Director – At the 21st AGM held on 11ht August 2016, the Members
Manufacturing and Operations of the Company for the appointed Mr. Sunder Genomal as Managing Director
period of five years from 25th May 2017. of the Company for a period of five years from 1st
August 2016 and accordingly his tenure expires on 31st
He has 30 years of rich experience and has worked in
July 2021.
top leadership capacities in the Company and other
reputed organizations. Prior to joining Page, Mr. Mr. Sunder Genomal is a promoter director, heading
Ganesh has had both top & bottom line and the Company since incorporation. Under his leadership
organization development responsibilities in his and governance, the Company has attained industry
capacity as CEO in fairly large apparel MNCs. leadership position from scratch. During the current
In addition to Manufacturing & Operations, Mr. V S tenure of five years of Mr. Sunder Genomal as
Ganesh oversees the areas of Supply Chain Planning, Managing Director (i.e. 2016-2021) the revenue and
Centre of Excellence for Operations, Sourcing & profitability has increased significantly. In spite of
Procurement, Quality Assurance, Warehousing & Covid-19 lockdowns and restrictions in the Financial
Logistics, Projects and Environment, Health & Safety. year 2020-21, under his able leadership and guidance,
As a key member of the Top Management Committee, the Company was able report good results.
The Nomination and Remuneration Committee and the
he has been deeply involved in strategic planning and
Board of Directors have considered and proposed to
business transformation initiatives across all facets of
re- appoint Mr. Sunder Genomal as Managing Director
the business.
for another term of five years commencing from 1st
Considering his experience and profile, the Nomination August 2021, subject to the approval of the Members
and Remuneration Committee and the Board of as per the terms set out in the resolution.
Directors at their meeting held on 22nd February,
The remuneration payable to Mr. Sunder Genomal
2021, subject to shareholders approval, appointed Mr.
is within the limits prescribed in Section 196 of the
V S Ganesh as “Executive Director & Chief Executive
Companies Act, 2013 read with Schedule V of the Act.
Officer” for a period of five years commencing from 1st
June, 2021 as per the terms and conditions set out in In accordance with the provisions of Section 203 and
the resolution and further existing tenure of Executive Schedule V of the Companies Act, 2013 (the ‘Act’),
Director- Manufacturing and Operations shall be a person who has attained the age of 70 years can
shorted up to 31st May, 2021. be appointed as Managing Director only by passing a
The resolution seeks the approval of the members in special resolution. During the mid of proposed term,
terms of Sections 196, 197, 198 & 203 read with Mr. Sunder Genomal will attain 70 years of age. Hence,
Schedule V and other applicable provisions of the special resolution is proposed for the re-appointment.
Companies Act, 2013, and the Rules made thereunder The resolution seeks the approval of the members in
for the appointment of Mr. V S Ganesh as “Executive terms of Sections 196, 197, 198 & 203 read with
Director & Chief Executive Officer” for a period of five Schedule V and other applicable provisions of the
years commencing 1st June 2021. The Board of Companies Act, 2013, and the Rules made thereunder
Directors recommends the resolution. for the appointment of Mr. Sunder Genomal as
“Managing Director” for a period of five years
The details provided in the resolution and explanatory
commencing 1st August 2021. The Board recommends
statement may be treated as written memorandum
the resolution.
setting out the terms of the appointment of Mr. V S
The details provided in the resolution and explanatory
Ganesh under section 190 of the Companies Act 2013.
statement may be treated as written memorandum
Mr. V S Ganesh may be deemed to be concerned or setting out the terms of the re-appointment of Mr.
interested, financially or otherwise, to the extent of his Sunder Genomal under section 190 of the Companies
remuneration as a Director. Act 2013.
NOTICE 119
Mr. Sunder Genomal may be deemed to be concerned without the physical presence of the Members at a
or interested, financially or otherwise, to the extent of common venue. In compliance with the provisions of
his shareholding and remuneration as a Director. the Companies Act, 2013 (“Act”), SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
Mr. Shamir Genomal, Deputy Managing Director is son
2015 (“SEBI Listing Regulations”) and MCA Circulars,
of Mr. Sunder Genomal. Mr. Nari Genomal, Mr. Ramesh
the AGM of the Company is being held through VC /
Genomal and Mr. Sunder Genomal are brothers.
OAVM
Save and except the above, none of the Directors/Key
2. Pursuant to the provisions of the Act, a Member
Managerial Personnel of the Company/their relatives
entitled to attend and vote at the AGM is entitled to
are, in any way, concerned or interested, financially or
appoint a proxy to attend and vote on his/ her behalf
otherwise, in the resolutions.
and the proxy need not be a Member of the
Item No. 8 Company. Since this AGM is being held pursuant to
Section 197(I)(ii) of the Companies Act, 2013 authorizes the MCA / SEBI Circulars through VC / OAVM,
the payment of remuneration to a Director, who is neither physical attendance of Members has been dispensed
a W hole-time Director nor a Managing Director of a with. Accordingly, the facility for appointment of
Company, if the Company authorizes such payment by an proxies by the Members will not be available for the
ordinary resolution. In view of the increased activities of AGM and hence the Proxy Form and Attendance Slip
the Company and the responsibilities of Non-Whole time are not annexed to this Notice
Directors/ Independent Directors under SEBI (LODR) 3. Institutional / Corporate Shareholders (i.e. other than
Regulation 2015 as well as under the Companies Act, individuals / HUF, NRI, etc.) are required to send a
2013, it is proposed to pay remuneration as mentioned in scanned copy (PDF/JPG Format) of its Board or
the resolution and such remuneration shall be distributed governing body Resolution/Authorization etc.,
amongst the Directors (including Alternate Directors, but authorizing its representative to attend the AGM
excluding Managing/ Whole-time Directors) as may be through VC / OAVM on its behalf and to vote through
determined by the Board in the quantum, the proportion remote e-voting. The said Resolution/Authorization
and the manner as the Board may decide from time to shall be sent to the Scrutinizer by email through its
time, such that the amount of remuneration to each registered email address to vijaykumaracs@gmail.com
Director may vary depending on the responsibilities as with a copy marked to evoting@nsdl.co.in
Member / Chairman of the Board, Member / Chairman of
any Committee(s) of the Board and 4. The Explanatory Statement pursuant to Section 102 of
/or all other relevant factors. the Companies Act, 2013 (“Act”) setting out material
facts concerning the business under Item No.4 to 8
The said remuneration shall be payable for the year 2021-
of the Notice, is annexed hereto. The relevant details,
22 after the annual accounts are approved by the Board
pursuant to Regulations 26(4) and 36(3) of the SEBI
of Directors and adopted by the shareholders. The above
(Listing Obligations and Disclosure Requirements)
payment to Non-executive Directors will be in addition
Regulations, 2015 (“SEBI Listing Regulations”) and
to the sitting fees payable to them for attending Board /
Secretarial Standard on General Meetings issued by the
Committee meetings.
Institute of Company Secretaries of India, in respect of
The Board recommends an ordinary resolution for Directors seeking appointment/re-appointment at this
approval. The Non-Executive Directors of the Company AGM are also annexed.
may be deemed to be concerned or interested in the
resolution to the extent of the remuneration that may be 5. The Register of Members and Share Transfer Books of
received by them. the Company will remain closed on 5th August 2021 for
the purpose of 26th Annual General Meeting.
Save and except the above, none of the other Directors /
Key Managerial Personnel of the Company / their relatives 6. Members are requested to note that, dividends if not
are in any way, concerned or interested, financially or encashed for a consecutive period of 7 years from the
otherwise, in the resolution. date of transfer to Unpaid Dividend Account of the
Company, are liable to be transferred to the Investor
Notes: Education and Protection Fund (IEPF). The shares in
1. In view of the continuing Covid-19 pandemic, the respect of such unclaimed dividends are also liable to
Ministry of Corporate Affairs (“MCA”) has vide its be transferred to the demat account of the IEPF
circular dated May 5, 2020 read with circulars dated Authority. In view of this, Members are requested to
April 8, 2020, April 13, 2020 and January 13, 2021 claim their dividends from the Company, within the
(collectively referred to as “MCA Circulars”) and SEBI stipulated timeline. The Members, whose unclaimed
vide its Circular No. SEBI/ dividends/ shares have been transferred to IEPF, may
HO/CFD/CMD1/CIR/P/2020/79 dated 12 May 2020 claim the same by making an application to the IEPF
and 15th January 2021 have permitted the holding of Authority in Form No. IEPF-5 available at
the Annual General Meeting (“AGM”) through VC / www.iepf.gov.in. The details of unclaimed dividend and
OAVM, unclaimed shares transferred to
NOTICE 120
IEPF have been provided in the Corporate Governance 13. As per Regulation 40 of SEBI Listing Regulations,
Report under section “Shareholders Information”. as amended, securities of listed companies can be
transferred only in dematerialized form with effect
7. Members are requested to intimate changes, if any, from, April 1, 2019, except in case of request received
pertaining to their name, postal address, email address, for transmission or transposition of securities. In
telephone/ mobile numbers, Permanent Account view of this and to eliminate all risks associated with
Number (PAN), mandates, nominations, power of physical shares and for ease of portfolio management,
attorney, bank details such as, name of the bank and members holding shares in physical form are requested
branch details, bank account number, MICR code, IFSC to consider converting their holdings to dematerialized
code, etc., to their DPs in case the shares are held by form. Members can contact the Company’s Registrars
them in electronic form and to Registrars and Share and Transfer Agent M/s. Link Intime India Pvt. Ltd for
Transfer Agent (RTA) Link Intime India Pvt Ltd, C-101, assistance in this regard.
247 Park, L B S Marg, Vikhroli West, Mumbai – 400083.
Tel No: 022 49186000 Fax: 022 49186060. Email: 14. Pursuant to Finance Act 2020, dividend income will be
rnt.helpdesk@linkintime.co.in in case the shares are taxable in the hands of shareholders w.e.f. April 1, 2020
held by them in physical form. and the Company is required to deduct tax at source
from dividend paid to shareholders at the prescribed
8. As per the provisions of Section 72 of the Act, the rates. For the prescribed rates for various categories,
facility for making nomination is available for the the shareholders are requested to refer to the Finance
Members in respect of the shares held by them. Act, 2020 and amendments thereof. The shareholders
Members who have not yet registered their nomination are requested to update their PAN with the RTA (in
are requested to register the same by submitting case of shares held in physical mode) and depositories
Form No. SH-13. Members are requested to submit the (in case of shares held in demat mode).
said details to their DP in case the shares are held by
them in electronic form and to RTA in case the shares A Resident individual shareholder with PAN and who
are held in physical form. is not liable to pay income tax can submit a yearly
declaration in Form No. 15G/15H, to avail the benefit
9. Members holding shares in physical form, in identical of non-deduction of tax at source by email to
order of names, in more than one folio are requested rnt.helpdesk@linkintime.co.in. Shareholders are
to send to RTA, the details of such folios together with requested to note that in case their PAN is not
the share certificates for consolidating their holdings registered, the tax will be deducted at a higher rate
in one folio. A consolidated share certificate will be of 20%.
issued to such Members after making requisite
changes. Non-resident shareholders can avail beneficial rates
10. In case of joint holders, the Member whose name under tax treaty between India and their country of
appears as the first holder in the order of names as per residence, subject to providing necessary
the Register of Members of the Company will be documents
entitled to vote at the AGM. i.e. No Permanent Establishment and Beneficial
Ownership Declaration, Tax Residency Certificate,
11. In compliance with the aforesaid MCA Circulars and
Form 10F, any other document which may be
SEBI Circular dated May 12, 2020 and January 13, 2021,
required to avail the tax treaty benefits by sending
Notice of the AGM along with the Annual Report 2020-
an email to rnt.helpdesk@linkintime.co.in.
21 is being sent only through electronic mode to those 15. Since the AGM will be held through VC / OAVM, the
Members whose email addresses are registered with Route Map is not annexed in this Notice.
the Company/ Depositories. Members may note that
the Notice and Annual Report 2020-21 will also be 16. The Securities and Exchange Board of India (SEBI)
available on the Company’s website www.pageind.com has mandated the submission of Permanent Account
, websites of the Stock Exchanges i.e. BSE Limited Number (PAN) by every participant in the securities
and National Stock Exchange of India Limited at market. Members holding shares in electronic form, are,
www.bseindia.com and www.nseindia.com respectively, therefore, requested to submit (PAN) to their
and on the website of NSDL Depository Participants with whom they are
https://www.evoting.nsdl.com. maintaining their demat accounts. Members holding
12. Members attending the AGM through VC / OAVM shall shares in physical form can
be counted for the purpose of reckoning the quorum submit their PAN details to the Company/ Registrar and
under Section 103 of the Act.
Transfer Agents, M/s. Link Intime India Pvt. Ltd.
NOTICE 121
17. Details of Directors seeking appointment/reappointment at the Annual General Meeting (Pursuant to Regulation 36(3)of the SEBI (LODR) Regulation 2015) and Secretarial
Standard -2.
Director Name Mr. Nari Genomal Mr. Sunder Genomal Mr. Mark F Fedyk Mr. V S Ganesh
Age 81 67 55 53
Director Identification No. 00568562 00109720 08927892 07822261
Date of Appointment 10th November 2004 15th November 1994 12th November 2020 25th May 2017
Expertise in Specific Function He has over four decades of He has over three decades of He has over two decades He has over two
Area experience in various facets of Textile experience in various facets of of experience in Marketing decades of experience
Industry textile industry and Operations in Business Operations
Qualification Post graduate in Commerce from M. Tech MBA B.Sc. Maths; Course
the Letron College, Manila, completed ACS (ICSI)
Philippines
List of outside Directorship Indian Companies: Indian Companies: Indian Companies: Indian Companies:
NIL 1. Trigen Apparel Pvt Ltd. NIL NIL
Foreign Companies: Foreign Companies: Foreign Companies:

Foreign Companies:
1.GTVL Mfg. Industries Inc., Philippines 1.GTVL Mfg. Industries Inc., Philippines 1. Jockey International, Inc.
NIL
2.Sprint International Inc., Philippines 2. Sprint International Inc., Philippines
3.Trigen Resources Inc., Philippines 3. Trigen Resources Inc., Philippines
Chairman / Member of NIL Chairman of Corporate NIL NIL

Committees of the Board Social Responsibility
of Directors of the Committee.
Company
Chairman / Member of the NIL NIL NIL NIL
Committees of other
Companies in which he is a
Director.
Number of Shares held in the 1796124 Shares (16.10% to the 1796124 Shares (16.10% to the NIL NIL
Company as on 31st March paid-up capital) paid-up capital)
2021
No of Board Meetings 5/5 (3 meetings attended by 5/5 3/3 5/5
attended during the year his Alternate Director Mr.
Sanjeev Genomal)
Relationship with other Directors Brother of Mr. Sunder Genomal and Brother of Mr. Nari Genomal and Mr. NIL NIL
Mr. Ramesh Genomal Ramesh Genomal, Father of Mr.
Shamir Genomal
Terms of Appointment Provided in the concerned resolution and explanatory statement
Remuneration paid during the Sitting Fees - ` 0.04 million ` 19.12 Million Sitting Fees - ` 0.06 million ` 19.71 Million
year 2020-21
Remuneration sought to be paid Being ordinary Business, not applicable Provided in the resolution He is appointed as Non-Executive Provided in the resolution
director. He is eligible for the sitting
fees and remuneration under section
197(1) (ii) of the Companies Act
2013. NOTICE
122
Instructions for e-voting and joining the the Resolutions through remote e-voting and are
AGM are as follows: otherwise not barred from doing so, shall be eligible
to vote through e-voting system during the AGM.
A. VOTING THROUGH ELECTRONIC MEANS:
3. The Members who have cast their vote by remote
1. In compliance with the provisions of Section 108 e-voting prior to the AGM may also attend/
of the Act, read with Rule 20 of the Companies participate in the AGM through VC / OAVM but shall
(Management and Administration) Rules, 2014, as not be entitled to cast their vote again.
amended from time to time, and Regulation 44 of 4. Those who are not a member as on the cut-off date
the SEBI Listing Regulations, the Members are shall treat this notice for information purpose only.
provided with the facility to cast their vote
5. The process and manner for remote e-voting are as
electronically, through the e-voting services
under:
provided by NSDL, on all the resolutions set forth in
this Notice. The instructions for e-voting are given A. Login method for e-Voting to Individual
herein below: shareholders holding securities in demat mode
2. The remote e-voting period commences on 9th
August 2021 (9.00 a.m. IST) and ends on, 11ht August As per circular of SEBI dated December 9, 2020, on
2021 (5.00 p.m. IST). During this period members’ e-Voting Facility provided by Listed Entities,
of the Company, holding shares either in physical Individual shareholders holding securities in
form or in dematerialized form, as on the cut-off demat mode are allowed to vote through their
date of on 5th August 2021, may cast their vote by demat account maintained with Depositories and
remote e-voting. The remote e-voting module shall Depository Participants. Shareholders are advised
be disabled by NSDL for voting thereafter. Once the to update their mobile number and email Id in their
vote on a resolution is cast by the member, the demat accounts in order to access e-Voting facility.
member shall not be allowed to change it The procedure to login and access remote e-voting,
subsequently. Those Members, who will be present as devised by the Depositories / Depository
in the AGM through VC / OAVM facility and have Participant(s), is given below:
not cast their vote on
Type of shareholders Login Method

Individual Shareholders 1.Existing IDeAS user can visit the e-Services website of NSDL Viz.
holding securities in https://eservices.nsdl. com either on a Personal Computer or on a mobile. On the e-
demat mode with Services home page click on the “Beneficial Owner” icon under “Login” which is
NSDL. available under ‘IDeAS’ section, this will prompt you to enter your existing User ID
and Password. After successful authentication, you will be able to see e-Voting
services under Value added services. Click on “Access to e-Voting” under e-Voting
services and you will be able to see e-Voting page. Click on company name or e-
Voting service provider i.e. NSDL and you will be re-directed to e-Voting website of
NSDL for casting your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.
2.If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3.Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once
the home page of e-Voting system is launched, click on the icon “Login” which is
available under ‘Shareholder/Member’ section. A new screen will open. You will have
to enter your User ID (i.e. your sixteen digit demat account number hold with
NSDL), Password/ OTP and a Verification Code as shown on the screen. After
successful authentication, you will be redirected to NSDL Depository site wherein
you can see e-Voting page. Click on company name or e-Voting service provider i.e.
NSDL and you will be redirected to e-Voting website of NSDL for casting your vote
during the remote e-Voting period or joining virtual meeting & voting during the
meeting.
4.Shareholders/Members can also download NSDL Mobile App “NSDL Speede” for
seamless voting experience.
NOTICE 123
Individual Shareholders 1.Existing users who have opted for Easi / Easiest, they can login through their user id
holding securities in and password. Option will be made available to reach e-Voting page without any
demat mode with further authentication. The URL for users to login to Easi / Easiest are
CDSL https://web.cdslindia. com/myeasi/home/login or www.cdslindia.com and click on
New System Myeasi.
2.After successful login of Easi/Easiest the user will be also able to see the E Voting
Menu. The Menu will have links of e-Voting service provider i.e. NSDL. Click on NSDL
to cast your vote.
3.If the user is not registered for Easi/Easiest, option to register is available at https://
web.cdslindia.com/myeasi/Registration/EasiRegistration
4.Alternatively, the user can directly access e-Voting page by providing demat Account
Number and PAN No. from a link in www.cdslindia.com home page. The system will
authenticate the user by sending OTP on registered Mobile & Email as recorded in
the demat Account. After successful authentication, user will be provided links for
the respective ESP i.e. NSDL where the e-Voting is in progress.
Individual Shareholders You can also login using the login credentials of your demat account through your
(holding securities Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging in,
in demat mode) you will be able to see e-Voting option. Click on e-Voting option, you will be redirected
login through their to NSDL/CDSL Depository site after successful authentication, wherein you can see e-
depository participants Voting feature. Click on company name or e-Voting service provider i.e. NSDL and you
will be redirected to e-Voting website of NSDL for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the meeting.
Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
optionavailable at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk
securities in demat mode with NSDL by sending a request at evoting@nsdl.co.in or call at toll free no.: 1800
1020 990 and 1800 22 44 30
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk
securities in demat mode with CDSL by sending a request at helpdesk.evoting@cdslindia.com or contact at
022- 23058738 or 022-23058542-43
B. Login method for e-Voting to Individual II. Once the home page of e-voting system is
shareholders holding securities in demat mode and launched, click on the icon “Login” which is
in physical mode available under ‘Shareholders’ section.
Step 1: Log-in to NSDL e-voting system at III.A new screen will open. You will have to enter
https://www.evoting.nsdl.com/ your User ID, your Password and a Verification
Code as shown on the screen. Alternatively, if
Step 2: Cast your vote electronically e- on NSDL
you are registered for NSDL eservices i.e. IDEAS,
voting system.
you can log-in at https://eservices.nsdl.com/
Details on Step 1 are mentioned below: with your existing IDEAS login. Once you log-in
How to Log-in to NSDL e-voting to NSDL eservices after using your log-in
website? credentials, click on e-voting and you can
I. Visit the e-voting website of NSDL. Open proceed to Step 2 i.e. Cast your vote
web browser by typing the following electronically.
https://www.evoting.nsdl.com/ either on URL:
a personal computer or on a mobile phone. IV. Your User ID details are given below:
NOTICE 124
Manner of holding Your User ID is: VI. If you have not received the ‘initial password’, or
shares, i.e., Demat are unable to retrieve it, or have forgotten your
(NSDL or CDSL) or password :
Physical
a. Click on the ‘Forgot User Details / Password?’
a) For members 8-character DP ID followed
who hold shares in by 8-digit Client ID
(If you are holding shares in your demat
demat accounts account with NSDL or CDSL) option available
For example, if your DP ID
with NSDL. is IN300*** and Client ID on www.evoting.nsdl.com.
is 12****** then your b. A ‘Physical User Reset Password?’ (If you are
User ID is holding shares in physical mode) option is
IN300***12******.
also available on www.evoting.nsdl.com.
b) For members 16-digit Beneficiary ID
who hold shares in For example, if your c. If you are still unable to get your password
demat account with Beneficiary ID is following the aforesaid options, you can send
CDSL. 12************** then a request to evoting@nsdl.co.in mentioning
your user ID is your demat account number / folio number,
12************** your PAN, your name, and your registered
c) For members EVEN, followed by Folio
address.
holding shares in Number registered with
physical form. the company. d. Members can also use the OTP (One Time
For example, if your EVEN Password) based login for casting the votes
is 101456, and Folio on the e-Voting system of NSDL.
Number is 001***, then VII. After entering your password, agree to the
V. Your password details areyour
given below:
User ID is terms and conditions by checking the box.
101456001***
a. If you are already registered for e-voting, then VIII. Next, click on the ‘Login’
you can use your existing password to log in button.
and cast your vote. IX. After you click on the ‘Login’ button, the
homepage of e-voting will open.
b. If you are using the NSDL e-voting system for
the first time, you will need to retrieve the ‘initial Details on Step 2 are mentioned below:
password’ which was communicated to you. How to cast your vote electronically on NSDL e-
Once you retrieve your ‘initial password’, you Voting system?
need to enter the ‘initial password’, and the
I. After successfully logging in following Step 1,
system will force you to change your password.
you will be able to see the e-voting homepage.
Click on ‘e-Voting’. Then, click on ‘Active Voting
c. How to retrieve your ‘initial
password’? Cycles’.
1. If your email ID is registered in your demat II. Upon clicking on ‘Active Voting Cycles’, you will
account or with the company, your ‘initial be able to see the ‘EVEN’ of all the companies in
password’ is communicated to you on your which you hold shares and whose voting cycles
email ID. Trace the email sent to you by are in ‘active’ status.
NSDL from your mailbox. Open the email and III.Select “EVEN” of “Page Industries Limited”.
open the attachment (it will be a .pdf file).
Open the file. The password to open the file IV. Now you are ready for e-Voting as the Voting
is your 8-digit client ID for your NSDL page opens. Cast your vote by selecting
account, or the last 8 digits client ID for your appropriate options i.e. assent or dissent,
CDSL account or folio number for shares verify/modify the number of shares for which
held in physical form. The .pdf file contains you wish to cast your vote and click on “Submit”
your ‘User ID’ and your ‘initial password’. and also “Confirm” when prompted.
V. Upon confirmation, the message, ‘Vote cast
2. If your email ID is not registered, your ‘initial successfully’, will be displayed.
password’ is communicated to you on your
VI. You can also take the printout of the votes cast
postal address.
by you by clicking on the print option on the
confirmation page.
NOTICE 125
VII. Once you confirm your vote on the resolution, 12. Mr. R Vijayakumar, Practicing Company
you will not allowed to modify your vote. Secretary, (Membership No. FCS 6418) has been
appointed for as the Scrutinizer for providing facility
General guidelines for shareholders to the members of the Company to scrutinize the
6. Institutional shareholders (i.e. other than individuals, voting and remote e-voting process in a fair and
HUF, NRI, etc.) are required to send a scanned copy transparent manner.
13. Process for registration of email id for obtaining
(PDF/JPG Format) of the relevant Board Resolution/
Annual Report and user id/password for e-voting
Authority letter etc. with attested specimen
and updation of bank account mandate for receipt
signature of the duly authorized signatory(ies) who
of dividend:
are authorized to vote, to the Scrutinizer by email
to vijaykumaracs@gmail.com with a copy marked
For Physical Holding: Send a request to the
to evoting@nsdl.co.in.
Registrar and Transfer Agents of the
Company(RTA), at rnt.helpdesk@linkintime.co.in
7. It is strongly recommended not to share your
providing Folio No., Name of shareholder, scanned
password with any other person and take utmost
copy of the share certificate (front and back), PAN
care to keep your password confidential. Login
(self attested scanned copy of PAN card),
to the e-voting website will be disabled upon
AADHAR (self attested scanned copy of Aadhar
five unsuccessful attempts to key in the correct
Card) for registering email address. Following
password. In such an event, you will need to go
additional details need to be provided in case of
through the “Forgot User Details/Password?” or
updating Bank Account Details:
“Physical User Reset Password?” option available
a) Name and Branch of the Bank in which you wish
on www.evoting.nsdl.com to reset the password.
to receive the dividend, b) the Bank Account type,
8. In case of any queries, you may refer the Frequently c) Bank Account Number allotted by their banks
Asked Questions (FAQs) for Shareholders and e- after implementation of Core Banking Solutions d)
voting user manual for Shareholders available at the 9 digit MICR Code Number, and e) 11 digit IFSC
download section of www.evoting.nsdl.com or call Code f) a scanned copy of the cancelled cheque
on toll free no. 1800-222-990 or send a request at bearing the name of the first shareholder.
For Demat Holding: Please contact your Depository
evoting@nsdl.co.in.
Participant (DP) and register your email address
9. The voting rights of members shall be in proportion and bank account details in your demat account, as
to their shares of the paid up equity share capital of per the process advised by your DP.
the Company as on the cut-off date of 5th August, 2021. B. INSTRUCTIONS FOR MEMBERS FOR ATTENDING
10. Any person, who acquires shares of the THE AGM THROUGH VC / OAVM ARE AS UNDER:
Company and become member of the Company
14. Members will be able to attend the AGM through
after 30th June 2021 i.e. the date considered for
VC
dispatch of the notice and holding shares as of the
/ OAVM or view the live webcast of AGM
cut-off date i.e. 5th August 2021, may obtain the
provided by NSDL at
login ID and password by sending a request
https://www.evoting.nsdl.com by using their
referring the Company name (i.e., Page Industries
remote e-voting login credentials and selecting
Limited) along with the DP and Client ID
the EVEN for Company’s AGM. After successful
Particulars to evoting@nsdl.co.in
login, you can see link of “VC/OAVM link” placed
11. A person, whose name is recorded in the register
under “Join General meeting” menu against
of members or in the register of beneficial owners
company name. You are requested to click on VC/
maintained by the depositories as on the cut-off
OAVM link placed under Join General Meeting
date (i.e 5th August 2021) only shall be entitled to
menu. The link for VC/OAVM will be available in
avail the facility of remote e-voting as well as
Shareholder/Member login where the EVEN of
participate at the AGM through VC/OAVM.
Company will be displayed.
NOTICE 126
15.Members who do not have the User ID and 20. Members who would like to express their views or ask
Password for e-voting or have forgotten the User questions during the AGM may register themselves
ID and Password may retrieve the same by as a speaker by sending their request from their
following the remote e-voting instructions registered email address mentioning their name, DP
mentioned in the Notice. Further Members can also ID and Client ID/folio number, PAN, mobile number
use the OTP based login for logging into the e- at
investors@jockeyindia.com before 9th August,
voting system of NSDL. 2021 p.m. IST). Those Members who have registered
(5:00
themselves as a speaker will only be allowed to
16.Members are requested to join the Meeting through
express their views/ask questions during the AGM.
Laptops for better experience and will be required
The Company reserves the right to restrict the
to allow camera and use internet with a good
number of speakers depending on the availability of
speed to avoid any disturbance during the meeting.
time for the AGM.
Please note that participants connecting from
21. Procedure for E- Voting on the day of the
Mobile Devices or Tablets or through Laptop AGM:
connected via mobile hotspot may experience • Only those members who will be present in the
audio/video loss due to fluctuation in their AGM through VC / OAVM facility and have not
respective network. It is therefore recommended to cast their vote on the Resolutions by remote e-
use stable Wi-Fi or LAN connection to mitigate any voting prior to the AGM shall be entitled to cast
kind of glitches. their vote through the e-voting system at the
AGM.
17.Members can join the EGM/AGM in the VC/OAVM
mode 15 minutes before and after the scheduled • The procedure for e-voting on the day of the
time of the commencement of the Meeting by AGM is the same as the instructions mentioned
following the procedure mentioned in the Notice. above for remote e-voting.
The facility of participation at the AGM through Other Information:
VC/OAVM will be made available for 1000 members 22.The Chairman shall, at the AGM, at the end of
on first come first served basis. This will not include discussion on the resolutions on which voting is to
large Shareholders (Shareholders holding 2% or be held, allow voting, by e-voting for all those
more shareholding), Promoters, Institutional members who are present at the AGM through
Investors, Directors, Key Managerial Personnel, the AC/OAVM but have not cast their votes by availing
Chairpersons of the Audit Committee, Nomination the remote e-voting facility.
and Remuneration Committee and Stakeholders
Relationship Committee, Auditors etc. who are 23.The Scrutinizer shall after the conclusion of voting
allowed to attend the EGM/AGM without restriction at the AGM, will first count the votes cast at the
on account of first come first served basis. meeting and thereafter unblock the votes cast
through remote e-voting in the presence of at least
18.Members, who need assistance before or during the two witnesses not in the employment of the
AGM, can contact NSDL on evoting@nsdl.co.in/ Company and shall make, not later than 48 hours of
1800- 222-990 or contact Mr. Amit Vishal, Senior the conclusion of the AGM, a consolidated
Manager scrutinizer’s report of the total votes cast in favour
– NSDL at amitv@nsdl.co.in/ 022-24994360 or Mr. or against, if any, to the Chairman or a person
Thejas Narasimhamurthy email id: ThejasN@nsdl. authorized by him in writing, who shall countersign
co.in / 080-40407106. the same and declare the result of the voting
Procedure to raise questions / seek clarifications forthwith.
with respect to annual report: 24.The Results declared along with the report of the
Scrutinizer shall be placed on the website of the
19.As the AGM is being conducted through VC /
Company www.pageind.com and on the website of
OAVM, members are encouraged to express their
NSDL immediately after the declaration of result by
views / send their queries in advance mentioning
the Chairman or a person authorized by him in
their name, DP Id and Client Id/Folio No., e-mail id,
writing. The results shall also be immediately
mobile number at investors@jockeyindia.com to
forwarded to Stock Exchanges where the shares of
enable smooth conduct of proceedings at the AGM.
the Company are listed.
Questions / Queries received by the Company on
or before 9th August 2021 (5:00 p.m. IST) on the
aforementioned e-mail id shall only be considered
NOTICE 127
and responded during the AGM.

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ANNUA

03 | MANAGEMENT DISCUSSION AND ANALYSIS REPORT

04 | REPORT ON CORPORATE GOVERNANCE

07 | STATEMENT OF PROFIT AND LOSS ACCOUNT

08 | CASH FLOW STATEMENT

09 | NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT 2020-21 2

Presenting our newest range of everyday essentials – face masks.

Designed with a seven-layer filtration system, it keeps 95% of

PUT YOUR COOL CAP

Check out our latest collection of smart & stylish

ANNUAL REPORT 2020-21 3

Jockey India – 99K to 150K followers (+50%)

ANNUAL REPORT 2020-21 4

ANNUAL REPORT 2020-21 5

EBITDA EBITDA Margin PAT PAT Margin

21.2% 21.6% 13.6% 13.8%

2016-17 2017-18 2018-19 2019-20 2020-21 2016-17 2018- 2019-20 2020-21

ANNUAL REPORT 2020-21 6

WORKING CAPITAL DAYS

Receivables Inventory Payables Net Working Capital

FY17 FY18 FY19 FY20 FY21

ANNUAL REPORT 2020-21 7

Registrar & Share Transfer Agent Statutory Auditors

ANNUAL REPORT 2020-21 8

Retained earnings- Opening Balance 6,935 6,486

ANNUAL REPORT 2020-21 9

ANNUAL REPORT 2020-21 10

For more information on our sustainability performance

The Company is adding 1 lakh sft in Hassan,

In Odisha, IDCO has allotted 28.8 acres of land in

ANNUAL REPORT 2020-21 11

Project ‘AARAMBH’- Smart distribution

Floor management system: We have successfully

ANNUAL REPORT 2020-21 12

Narrow tape dyeing: To meet the growing demand for

As part of our modernization, we have added a best in

At Page Industries Limited, safety and health of our

Environment: Our Environment, Health & Safety (EHS)

ANNUAL REPORT 2020-21 13

ANNUAL REPORT 2020-21 14

We are highly encouraged by the enduring strong

ANNUAL REPORT 2020-21 16

ANNUAL REPORT 2020-21 17

ANNUAL REPORT 2020-21 18

ANNUAL REPORT 2020-21 19

ANNUAL REPORT 2020-21 20

2. Composition of CSR Committee:

(b) Surplus arising out of the CSR projects or programmes or activities of

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

ANNUAL REPORT 2020-21 22

62.58 42.77 29 April 2021

1. An Integrated Education Yes Karnataka Bangalore, On going

(7) (8) (9) (10) (11)

Amount Amount Amount Mode of Mode of Implementation -Through

2 Healthcare for needy Medical Yes Karnataka Bangalore

3 Education for needy people Education Yes Karnataka Bangalore

4 Medical expenses for Medical Yes Karnataka Bangalore

6 Prime Minister’s Prime Minister’s Not Not Not Applicable

7 COIVD - mask donation Disaster Yes Karnataka Bangalore, Mysuru,