BALMER LAWRIE & CO. LTD.

A DECADE OF PROGRESS
[Rs. / Lakh]
3UR¿W Provision 3UR¿W Dividend No. of
Share Reserves Loan Gross Current Current Net
Year before for after (incl. Tax Employees
Capital & Surplus Funds block Assets Liabilities Turnover
Taxation Taxation Taxation on div.)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m)
2010-2011 1629 51755 - 33572.77 78133 52002 123656 18104 4995 13109 4921 1417

2011-2012 1629 60262 - 38802.99 87813 54166 147077 19027 5220 13807 5300 1440

2012-2013 1629 70671 - 42843 93787 55009 157205 22352 6075 16277 5869 1465

2013-2014 2850 79114 - 46923 101256 61875 159797 21962 6295 15667 6002 1431

2014-2015 2850 87456 - 60629 96704 50458 176731 21044 6300 14744 6204 1365

2015-2016 2850 96883 - 40004 108439 55349 165731 24021 7701 16320 6893 1248

2016-2017 11400 105199 - 42681 123132 57148 177946 25411 8369 17042 9650 1153

2017-2018 11400 114185 1490 46590 125436 53830 179710 26112 7630 18482 13786 1128

2018-2019 11400 118620 1367 49123 117498 52299 185375 28010 9160 18850 15119 1069

2019-2020 17100 114866 1118 59549 114969 48788 161216 23244 5527 17717 12825 1076

1
 CONTENTS

Company Information 3

Management Team 4

Chairman’s Address 6

Board’s Report 13

Management Discussion and Analysis Report 35

Business Responsibility Report 51

Extract of Annual Return 63

Report on Corporate Governance 72

Auditors’ Certificate on Compliance of Conditions of Corporate Governance 101

Secretarial Audit Report 103

Certificate of Disqualification/Non-disqualification of Directors 107

Independent Auditors’ Report on Standalone Financial Statements 108

Comments of Comptroller & Auditor General of India [C&AG] 119

Balance Sheet 120

Statement of Profit & Loss 121

Cash Flow Statement 122

Significant Accounting Policy 124

Notes to Accounts 131

Information in respect of Subsidiaries, Associates & Joint Ventures 167

Independent Auditors’ Report on Consolidated Financial Statements 169

Comments of Comptroller & Auditor General of India [C&AG]- CFS 178

Consolidated Financial Statements 180

Office & Plant Locations 220

2
 Company Information
Board of Directors : Shri Prabal Basu, Chairman & Managing Director
(as on 19/08/2020) : Shri Adika Ratna Sekhar, Director (Human Resource & Corporate Affairs)
: Shri Adhip Nath Palchaudhuri, Director (Service Businesses)
: Shri Sandip Das, Director (Finance) & Chief Financial Officer
: Shri Vijay Sharma, Government Nominee Director
: Smt. Perin Devi Rao, Government Nominee Director
: Shri Sunil Sachdeva, Independent Director
: Shri Vikash Preetam, Independent Director
: Shri Arun Tandon, Independent Director
: Shri Arun Kumar, Independent Director
: Shri Anil Kumar Upadhyay, Independent Director
: Shri Bhagawan Das Shivahare, Independent Director
Company Secretary : Ms. Kavita Bhavsar
Registered Office : Balmer Lawrie & Co. Ltd.
21, Netaji Subhas Road
Kolkata – 700 001
Bankers : Bank of Baroda
: Canara Bank
: HDFC Bank Limited
: Indian Bank (earlier Allahabad Bank)
: IndusInd Bank Limited
: Standard Chartered Bank
: State Bank of India
Statutory Auditors : M/s, B K Shroff & Co.,
Chartered Accountants
23A, Netaji Subhas Road, 3rd Floor
Room No. – 15, Kolkata – 700001,
Branch Auditors : For Western Region
M/s, M B Agrawal & Co.,
204, Mhatre pen building
Senapati Bapat Marg, Dadar (West)
Mumbai – 400 028
: For Southern Region
M/s, Venkat & Rangaa, LLP
Majestic Apartments
Flat no. 5, 1st Floor
13 Soundararajan Street
T Nagar, Chennai – 600 017
: For Northern Region
M/s, Kumar Chopra & Associates
B-12 G.F. Kalindi Colony
Near Maharani Bagh
New Delhi – 110 065
Internal Auditors : M/s, Haribhakti & Co., LLP
701, Leela Business Park, Andheri Kurla Road
Andheri (East), Mumbai - 400059
Registrar & : KFin Technologies Private Limited,
Share Transfer Agent Kolkata Branch
Apeejay House Block “C”, 3rd Floor,
15 Park Street, Kolkata 700 016,
Tel: 033 6628 5900
Registered Office
Selenium Building, Tower - B,
Plot No. 31&32, Financial District, Nanakramguda,
Serilingampally, Hyderabad, Rangareddi,
Telangana–500032,
Toll Free No: 1800 3454001
Email: [email protected]
www.kfintech.com.

3
 MANAGEMENT TEAM

Sl Name Qualification Designation Date of Date of Total

No. Birth Joining in years of
BL experience
as on
30.06.2020
1. SHRI PRABAL BASU B.COM. [HONS], ACA, CHAIRMAN & MANAGING 18.10.1963 04.04.1988 34
ACMA, ACS, EPGM (MIT) DIRECTOR
2. SHRI ADIKA RATNA B.A., MSW DIRECTOR [HUMAN 10.06.1964 27.01.2014 32
SEKHAR RESOURCE &
CORPORATE AFFAIRS]
3. SHRI ADHIP NATH B.E.[ELECTRONICS & DIRECTOR [SERVICE 18.03.1969 13.02.2012 26
PALCHAUDHURI TELECOMMUNICATION] & BUSINESSES]
PGDM
4. SHRI SANDIP DAS B.COM., ACA DIRECTOR [FINANCE] 25.12.1962 24.05.1993 31
& CHIEF FINANCIAL
OFFICER
5. SHRI R M B.E. [CHEMICAL] CHIEF OPERATING 11.08.1967 31.12.2014 29
UTHAYARAJA OFFICER [LEATHER
CHEMICALS]
6. SHRI MANAS B.COM [HONS], CHIEF OPERATING 03.09.1968 16.03.2015 29
KUMAR GANGULY CMA [INTER] OFFICER [LOGISTICS]
7. SHRI SREEJIT B.SC., B.TECH CHIEF OPERATING 04.06.1967 01.04.2016 27
BANERJEE OFFICER [GREASES &
LUBRICANTS]
8. SHRI SUNDAR B.COM CHIEF OPERATING 18.02.1961 23.01.1984 36
SHERIGAR OFFICER [INDUSTRIAL
PACKAGING]
9. SHRI ROMON B.COM, PGDMM, PGDMSM CHIEF OPERATING 22.11.1972 02.11.1998 26
SEBASTIAN LOUIS OFFICER [LOGISTICS
INFRASTRUCTURE]
10. Ms. SANDHYA MA [ENG], DIP [TRAVEL & CHIEF OPERATING 24.09.1959 08.09.2015 36
MALIK TOURISM] OFFICER [TRAVEL]
11. SHRI UDAYAN B.COM, CA, CS [INTER] SENIOR VICE 21.04.1963 06.06.1994 30
GHOSH PRESIDENT [INTERNAL
AUDIT] & CHIEF RISK
OFFICER
12. Ms. KAVITA B.COM [HONS], COMPANY SECRETARY 11.02.1968 08.12.2014 30
BHAVSAR FCS, LL.B, PGDFM
13. SHRI RAJ KUMAR B.E. (MECH), EXECUTIVE VICE PRESIDENT 31.12.1974 31.10.2011 21
MAITY MANAGEMENT (GENERAL & BUSINESS HEAD
MANAGEMENT, STRATEGY) [VACATIONS]

4
DEPUTED / SECONDED FROM BALMER LAWRIE TO JOINT VENTURE COMPANY
Total
Date of years of
Sl Designation & JV Date of
Name Qualification Joining in experience
No. Company Birth
BL as on
30.06.2020
1. SHRI SANTANU B.E. CHIEF EXECUTIVE 05.10.1961 16.09.2002 37
CHAKRABARTI OFFICER, TRANSAFE
SERVICES LIMITED
2. SHRI AMIT KUMAR M.CH.E., MBA [FINANCE] PRESIDENT DIRECTOR, 04.01.1962 08.10.1987 34
BASAK PT BALMER LAWRIE
INDONESIA
DEPUTED FROM THE GOVERNMENT OF INDIA TO BALMER LAWRIE
1. SHRI VINOD KUMAR M.SC. IN SOIL SCIENCE & CHIEF VIGILANCE 11.4.1963 10.10.18 33
- IFoS AGRI. CHEMISTRY OFFICER

5
 CHAIRMAN’S ADDRESS

Dear Esteemed Members

A very warm welcome to all of you at 103rd AGM of Amidst a weak environment for global manufacturing,
the Company. As informed in the notice of the AGM trade and demand, the Indian economy slowed
also, in view of the massive outbreak of the COVID-19 down with Gross Domestic Product (GDP) growth
pandemic and in compliance with circulars of the moderating to 4.8 % in the first half of 2019-20, lower
Ministry of Corporate Affairs (“MCA”), this AGM is than 6.2 % in second half of 2018-19. In an attempt to
being held through VC/OAVM, unlike the physical boost demand, Financial Year 2019-20 has witnessed
attendance of the members at a common venue in significant easing of monetary policy with the repo
earlier years. rate having been cut by RBI by 110 basis points. It is
pertinent to note that the performance of the Indian
We hope you and your family members are safe
Economy in terms of the Real GDP Growth is better
and healthy during this unprecedented time.
than the advanced economies. The inflation rate in
Unprecedented times require unprecedented
India was soaring at 4.5% during 2019 and the same
measures. This is for the first time in history of the
has subsided to 3.3 % during 2020.
Company that the AGM is conducted virtually. This is
a new experience for the shareholders as well as for During April-December 2019, world crude oil prices
the management. declined owing to weak global demand. The mineral
oils group in Wholesale Price Index saw an inflation
Social distancing is a new norm to be followed and
of 5.8 % in April 2019, thereafter it saw continuous
we all have accepted the new normal for better future.
decline to end at (-)3.2 % in December 2019. While
On the positive side, the virtual meeting has widen the
a growth in logistics sector is expected to open
horizon of participation of shareholders and given us an
new vistas for the Company, the developments like
opportunity to interact with our shareholders globally.
Direct Port Delivery will have adverse effect on CFS
Before we begin, I would also like to take this opportunity business of the Company. Similarly, Travel and Tours
to express my gratitude to all stakeholders for their business was facing the slowdown in international
continued support and trust placed in the Company. tourist arrivals since 2018, which was followed by the
massive hit because of COVID-19 pandemic thereby
1. The Business Environment
disrupting the travel tourism industry.
The year 2019 was a difficult year for the global
The coronavirus pandemic has had a negative impact
economy after slowing sharply in the last three quarters
on the economy of the nation. However, India has
of 2018, the pace of global economic activity remained
faced the COVID-19 situation with fortitude and a spirit
weak in 2019. Momentum in manufacturing activity
of self-reliance. India has demonstrated how it rises
also weakened substantially, to levels not seen since
up to challenges and uncovers opportunities therein.
the global financial crisis. Rising trade and geopolitical
tensions increased uncertainty about the future of the The Government has introduced various packages
global trading system and international cooperation. covering all segments of the economy and citizens,

6
which include relaxation in Statutory and Compliance The SBU operates through seven manufacturing
matters, Decriminalisation of the Companies Act,2013, plants on pan India basis which include the state-
Collateral-free Automatic Loans for Businesses, of-the-art facility at Navi Mumbai and manufactures
including MSMEs, EPF support for business & workers high quality Drums ranging from Open-Head, Tight-
for 3 more months, more world-class Airports through Head, Plain, Lacquered, Composite, Galvanized, Tall,
PPP, Reforming Governance for Ease of doing Necked-In and Conical Drums catering to diverse
business, Health reforms & initiatives, Technology industry segments and the best-in-class customers in
driven education with Equity post-COVID-19, Public these segments.
Sector Enterprise Policy for a New self-reliant, India,
The key industry segments, to which MS drum industry
supporting State Governments.
cater are: Lubricants, Chemicals & Agrochemicals,
Hon’ble Prime Minster has called for ]טǓ“—[š—ȡš Additives, Food & Fruits, Fruit Pulp, Edible Oils and
or Self-Reliant India and also emphasised on “Vocal various Liquid and Semi Liquid substances and
for our local products” and “make them global”. Transformer Oil. These are the major segments
contributing to approximately 90% of SBU sales.
Despite the tough scenario at the macro level, we are
happy to share some highlights of the new initiatives Balmer Lawrie’s Industrial Packaging is acclaimed for
taken and milestones achieved by the Company superior product quality, high reliability in supplies,
during the Financial Year 2019-20: modern manufacturing systems and excellent servicing
through customer centric experienced personnel and
¾In June 2019, the new Industrial Packaging plant
enjoys a high brand value, large, diverse and growing
for steel drum manufacturing at Vadodara, Gujarat
customer base and strong pan-India presence. Its
was inaugurated.
focus on continuous improvement, quality assurance,
¾On 15th July 2019, the new avatar of Balmer innovation and sharp focus on sustainability and HSE
Lawrie’s online travel portal, now known as helps the business in having an edge over competition.
FlyLikeking.com, was launched.
The SBU has been showing a consistent growth in
¾On 10th December 2019, the new state-of- volume, turnover and profits. However, during the
art Finishing Chemical plant with cutting-edge current year due to overall compressed demand and
technology was commissioned at Chennai. lower demand from fruit pulp industry, the volumes
were under pressure. Inspite of the adverse market
¾On 20th February 2020, SBU: Greases & Lubricants
launched ‘Balmerol’ automotive products at situation, SBU was able to better the profitability as
Kathmandu in Nepal. compared to previous year. The SBU improved its
overall efficiency through operational excellence
¾In February, 2020, SBU: Logistics Infrastructure across various manufacturing units.
has commissioned a Warehouse with capacity
of approximately 80000, sq.ft with Cold storage Newly set up Vadodara plant, is gradually scaling up
capacity of 5000 sq. Ft at Andhra Pradesh its operations and expected to provide a significant
MedTech Zone (AMTZ) located at Pragati Maidan, edge to the SBU for further growth. During the
Visakhapatnam. Financial Year 2019-20, the Silvassa plant was
rated for Gold Category and Chennai plant was
We may now discuss the performance of each of our rated Bronze category under National Award for
Strategic Business Units in details. Manufacturing Competitiveness. Further, the Navi
1. INDUSTRIAL PACKAGING [SBU:IP] Mumbai plant was rated in Gold category in National
Green Manufacturing Challenge 2019. Balmer Lawrie
The Indian Packaging industry is estimated at retained Silver Rating from Ecovadis – a global
Rs. 220,000 crores which can be broadly segmented solution provider which partners with 300+ leading
into Industrial and Consumer Packaging consisting multinational organizations to reduce risk across the
of Rigid and Flexible sub-segments. Rigid Industrial supply chain and drive innovation in their sustainable
Packaging can be further segmented based on size, procurements.
type, material etc.
Although the outbreak of COVID-19 pandemic and
Balmer Lawrie & Co. Ltd. is the market leader in continuing lockdown has casted general uncertainty
manufacturing of 210 Ltr Mild Steel (MS) Drum regarding the resumption of normalcy, it is expected
industry (which is part of rigid industrial packaging that the unlocking will be gradual, affecting businesses
segment) with a market share of more than 32%, across all segments. The SBU expects recovery of
and has over 70 players across India. The industry business in the second half of Financial Year 2020-21.
has higher capacity compared to the market demand The SBU anticipates significant growth in the coming
leading to intense competition in the market place. years with the biggest drivers being Chemicals/

7
Agrochemicals, Transformer Oils and Additives 3. LEATHER CHEMICALS [SBU:LC]
segment. The SBU has plans to aggressively expand Leather sector has been identified as one of the
in the Exports segment. focus sectors under Make in India program by the
2. GREASES & LUBRICANTS [SBU: G&L] Government. There are three stages of processing
Beam House, Wet End and Finishing. SBU:LC is
The lubricant market witnessed growth challenge in traditionally stronger in wet end operations where it is
Financial Year 2019-20 due to slowdown in economy holding considerable market share among the Indian
and sluggish demand from auto industry. The lube players in India. This year SBU:LC has entered into
market in India is expected to grow at a CAGR of the Beam House chemicals segment and the SBU
1.5% through 2023 following the current slowdown has forayed its range of Finishing chemicals. A state of
due to the COVID-19 pandemic. The competition in art finishing chemicals plant has been commissioned
the market is intense with global players and local in Chennai during the year. The SBU has introduced
manufacturers putting up aggressive strategies. new chemicals in Beam House segments like Wetting
The SBU has Pan India operation with three agents, Basic Chrome sulphate (BCS), etc. The SBU
manufacturing plants located in Kolkata, Silvassa also launched a range of finishing chemicals being
and Chennai. The SBU, with currently less than 2% manufactured in a modern manufacturing facility.
market share, has excellent opportunity to grow. SBU:LC will have an advantage to target more
Balmerol Brand is having a positive Brand Image customers with its wider product basket. Since export
in Greases and Specialties segments due to long of raw hides and skins are banned in India, the entire
presence. resource of hides and skins are getting converted into
The business of SBU:G&L may be divided into leather and leather products for export and domestic
following three categories: use. There is a huge scope available in the Syntan
a) Contract Manufacturing and Processing: market also. SBU has its plan to tap the market with
both existing and new products.
b) Direct Sales
The important new products launched in last year were
c) Channel Sales (Automotive and Industrial) Balmol PG1 and Balwet 90 which played a significant
SBU: G & L will continue focusing on Direct Sales role in gloving segment in Eastern Region. They have
which is a Profitable and sustainable business been well accepted by majority of the customers.
segment. Measures like shifting from tender business This industry is a fashion driven industry. Regular new
to non-tender business, shifting from conventional products and cost-effective recipe based technical
products to value added products for better margins services are necessary for tanneries and leather
in Steel, Mining, Infrastructure, Fleet and Auto chemical manufacturing companies.
OEMs segment, increased level of engagement with
customers and end-users would lead SBU to new SBU Leather Chemicals holds a major market share
heights. in the Fat liquors segment and is also a significant
market share holder in Syntan segment. This SBU has
The small pack sales have registered growth over enough opportunities to grow in other segments like
Financial Year 2018-19 and there has been an increase Finishing and Beam House Chemicals.
in Retail Outlets selling Balmerol Brand, which has
contributed to better profitability. The Balmerol brand The SBU has well equipped ‘Technical Service Center’
has now been launched in the Nepal market and we in all the major leather manufacturing clusters in India
intend to sell 300 KL in Financial Year 2020-21 in this and renders high quality technical service to the
market. The SBU will continue focusing on increasing tanneries. The SBU developed eco-friendly, metal free
network in focused states. Diesel Engine Oil & Motor tanning process which is now popular in the market.
Cycle Oil will be prime focused products. Inspite of volatile market conditions and closure of
During the year under review the SBU has witnessed tanneries in Northern region, SBU managed to make
a de-growth in its overall performance in terms profits continuously for the fifth year through OPEX
of production and sales as well as the topline as initiatives, process improvements, proactive sales
compared to last year, resulting in a consequent drop and marketing activities. However, shrinking market
in its bottomline. The SBU has worked out strategies due to less export order, increasing demand for Non-
in the perspective of product substitution, cost leather products, environmental issues are the major
effective formulations, value addition, bio-degradable threats. Closure of Northern region tanneries due to
products, etc., to combat the challenge of margins in environmental issues, increasing usage of non-leather
the coming Financial Year. products, lesser export orders are the major risks and
concerns for this SBU.

8
4. LOGISTICS 2025, growing at a CAGR of 14.8% during 2020-25.
Logistics Infrastructure (LI) The key growth drivers include growth in organized
retail and food service industry, Government’s
Logistics is considered to be the backbone of the initiatives and rising export demand for processed
economy. The goal of logistics is to meet customer and frozen food. The industry has now become an
requirements in a timely and cost-effective manner. integral part of the supply chain industry comprising
The Logistics industry in India is evolving rapidly and of refrigerated storage and refrigerated transportation.
it is the interplay of infrastructure, technology and new
types of service providers, which define whether the There are opportunities for growth as India’s
industry is able to help its customers, reduce their containerisation level is still much lower than most
costs and provide effective services. of the developed countries. However, for the last few
years, CFS /ICD industry was facing tough times
The Logistics Infrastructure business comprises which reflected in declining container volumes for CFS
of three main segments viz., Container Freight and reduced Profit margins for most of the operators
Stations (CFS) typically set up in the vicinity of Ports, primarily due to difficult global environment as well
Warehousing & Distribution (W&D) and Temperature as issues on the domestic front. The decrease in the
Controlled Warehouses (TCW). dwell times of the containers at the CFS is affecting
CFS provides an integrated platform for activities the bottom line of the organization. The competition in
such as loading/unloading, transporting, stuffing, de- the industry is forcing the players to follow the same
stuffing of containers. Presently, the Company has suit so as to retain the volume.
three state-of-the art CFSs located at Nhava Sheva All the three TCWs of the Company i.e. at Hyderabad,
(Navi Mumbai), Chennai and Kolkata. Incidentally, Rai (Haryana) and Patalganga (Maharashtra) are
these three ports account for nearly 53% of the total operational. The Company is also in the process
container traffic handled in Indian Ports. The industry of setting up a cold storage in state of Odisha near
witnessed the implementation of technology driven Bhubaneswar which is expected to be operational in
policies to clear the containers or cargo at fast pace so the Financial Year 2020-21.
as to facilitate “ease of doing business” for the importers
and exporters. Direct Port Delivery (DPD) especially The Company is venturing into Cold Chain
at Nhava Sheva was started during the fourth quarter Transportation business and in the process, procured
of Financial Year 2016-17 and the measures taken 18 number of reefer vehicles. These will be used
to streamline its effective implementation resulted for providing end to end solutions to the customers.
in significant reduction of volume available for CFS. Through these facilities, the Company will not only be
Further to this, the DPD concept has been extended providing reliable temperature-controlled solutions but
to all the locations to facilitate reduction of costs for also act as a differentiator in the TCW domain.
the importers. The Company has also been managing Integrated
The warehousing industry in India is growing at a Check Post (ICP) Operations at Jogbani and Raxaul,
rate of 10-12 % every year. The Indian warehousing Bihar.
and logistics sector is estimated to attract nearly 10 During the year, the CFS business was not able to
Billion USD investments over the next 4-5 years. With grow in volume, revenues and earnings as compared
addition of around 200 million sq. ft. warehousing to the previous year but was able to retain its present
space across India, total supply is expected to nearly set of customers. Warehousing activity continues to
double by 2022. perform well during the year due to better utilisation
The Company’s Warehousing and Distribution facilities of space and business segment of Temperature
are presently available at Kolkata and Coimbatore Controlled Warehouses has also started looking up.
locations. Your Company has successfully bagged a The pandemic has a widespread impact on throughput
contract for providing warehousing and distribution and occupancy for Warehousing and CFS industry.
facility for the manufacturing units operating out of The SBU is not likely to be able to deviate from the
Andhra Pradesh MedTech Zone Ltd. (AMTZ) on Build, industry growth trajectory.
Operate, Manage and Maintain (BOMM) basis. The However, SBU:LI of Balmer Lawrie is able to bring
warehouse capacity is of 80000 sq. ft. in which cold together a unique set of value proposition to its
storage consists of 5000 sq. ft. The same has been customers. When coupled with SBU:LS it is a
commissioned in February 2020 and the operational combination of asset light and asset intensive plays
activities shall be started soon. in the Logistics sector – thus spanning a wider gamut
India’s cold chain industry is still evolving, not well of services for which the customers look at Balmer
organized and operating below capacity. Indian cold Lawrie as a “one stop shop”. Within the asset-centric
chain market is projected to reach Rs. 3,000 Billion by business, the SBU is able to offer a basket of solutions:

9
Container Freight Stations, Temperature Controlled The SBU has a well-defined plan and ambition to
Warehouses, Ambient Warehouses, ICP catering to continue increasing its private sector business with a
Land Ports and a Multimodal Logistics Hub (through view to improve topline as the new sales team gains
Vishakhapatnam Port Logistics Park Limited). The traction on a pan-India basis. The combination of
comprehensive services – offered across pan- experienced and knowledgeable manpower as well
India locations make the SBU a partner of choice to as a fresh talent in the sales team will enable the SBU
Importers, Exporters, Shipping Lines, CHAs, Freight to adapt to the changes faster. The SBU has focused
Forwarders and the trade. on strengthening its Marketing wing through proactive
To sum up, although there are multiple hurdles Brand positioning and enhancement in different forums
for the Industry and the SBU, it is expected that and digital platforms to drive exponential growth.
a combination of factors like diversified service Disruption of services has been observed due to the
range, pan-India presence, technology-led customer COVID-19 pandemic which is going to see a lot of
intimacy, knowledgeable resources – will ensure that consolidations happening amongst the small freight
the SBU will be able to grow in the face of significant forwarders, which will open up gates with various
crisis inflicted to the economy by the pandemic. customers for the SBU.
Logistics Services (LS) The SBU has been continuously working closely with
The Indian Logistics sector is contributing around its Worldwide Agents & Associates. The SBU has
14% of country’s GDP and is expected to expand also increased the number of Associates in different
significantly in the next few years. With the easing countries like China, Africa and South America to be
of FDI norms, introduction of the E-Way Bill, growth more competitive in handling Ocean volumes.
of ecommerce, positive changes in the regulatory Due to competitive market, revenue generation
policies, and the various Government initiatives avenues in the hands of logistics operators is getting
such as Bhartmala, Sagarmala, Dedicated Freight squeezed, while input cost in terms of freight as
Corridors, Inland Waterways & Coastal Shipping charged by carriers is showing increasing trend. The
programs, Make in India, Multi-Modal Logistics issue is expected to become more intense and volatile
Park Policy, Digital India etc., the sector is poised in the near future for at least the next one year.
to grow manifold in the years to come. Granting of The SBU is taking adequate steps to mitigate the
infrastructure status and industry status to the sector challenges. The SBU has revamped its existing
has made it easier for investment inflows and this is a technology solutions and has plans to further
major growth driver of the Logistics industry. upgrade it in the near future to meet various business
The Government expects the Indian logistics sector to challenges.
grow to USD 360 billion by 2032. 5. TRAVEL & VACATIONS
Logistics cost in India, is very high compared with Ticketing
more efficient global environments, and the sector
continues to be highly unorganized. The overall The year 2019-20 was a tumultuous year for the
economic activity and trade volume started declining travel industry with closure of Jet Airways, grounding
since January 2020 impacting the Exim volume. of Boeing 737 Max aircraft and an unprecedented
debt crisis of Cox & Kings and Thomas Cook, UK.
Thus, it is imperative for logistics service providers The overall economic slowdown coupled with the
to innovate and adapt to the transforming logistics continued changes in the political scenario of the
landscape. country like - Lok Sabha elections and the Jammu
SBU Logistics has presence in International Air/ & Kashmir lockdown greatly impacted travel within
Ocean Import/Export Freight Forwarding & Project the country. With increase in the market share of
Cargo movement. Air freight services, though suffered Low-Cost Carriers the ticketing segment faces a
a declining trend in the year under review, continued further challenge with decline in revenue due to lower
to be a dominant activity of the SBU with around 56% commissions and Productivity Linked Bonus.
(last year 68%) share of the overall topline. Other than Despite the SBU facing challenges in terms of
Air Import and Export activities, Ocean freight also changes in airlines strategy to cut distribution cost,
has contributed more than 27% of the overall topline denial of segment fee by GDS and stiff competition by
for the SBU where the SBU has registered a growth of online portals & technology firms, it has been able to
around 36% (last year). increase its bottom line by virtue of delivering superior
The SBU was able to retain its major GOI and PSU service to its customers.
customers and was also able to get some new The SBU has been the most severely impacted
businesses from those contracted customers. amongst all businesses under the COVID-19 crisis

10
as travel has come to a complete standstill effective actions to grab the market once it opens. The products
March 2020. The number of domestic air passengers have been designed and the manpower has also been
fell by 33% in March 2020 as compared to previous trained online during the pandemic based on these
year. Austerity measures, risk aversion of flying and strategies. Through social media and by working with
the advent of online video conference tools has halted the travel trade, the marketing team is keeping the
Corporate Travel. For the industry and the SBU, it interest in the destinations alive so that consumers
may take 2-3 years to reach its pre-COVID-19 levels have a desire to travel there once the restrictions
of passengers flown. are lifted. To exploit these opportunities, Vacations
The Ticketing Vertical has been operating primarily Vertical is very adept at putting out domestic as well
in the areas of ticketing for Corporates/Government as international short-haul programmes.
clients, LTC tickets for Government officials/their Significant growth in Corporate Business was
families and walk-in clients – offline and online in B2C achieved by Vacations to make up for the shortfall
segment. Despite the lower revenue the SBU has in Retail & MICE which was a result of challenging
grown its profits by over 6% on the basis of continued business environment/significant industry slowdown
efforts to control costs such as manpower, Interest in Financial Year 2019-20
and other overheads costs. The recovery might be slow, however once the
Significant opportunities to gain market share in the pandemic is controlled, the tourism industry will be
institutional segment exist and this can be achieved one of the first one to see major growth as after a very
by leveraging technology tools and customer intimacy. long time of restricted / almost nil travel, people would
Our Company has also established an online B2C be looking forward to exploring once again.
brand “FlylikeKing’’ and significant head room is
6. REFINERY & OILFIELD SERVICES [SBU:ROFS]
available for growth as competition struggles to remain
afloat during this unprecedented crisis. The business The SBU:ROFS is engaged in the activity of
headquarters have moved into its own premises in Mechanized Oily Sludge Processing and Hydrocarbon
Delhi at NRO, Okhla, thereby saving rental costs. Recovery from Crude Oil Storage tanks and Lagoons.
Vacations The Services not only enable recovery of valuable
hydrocarbons from Oily waste, but also contribute to
Due to COVID-19 Pandemic, the tourism and environment conservation through eliminating hazards
hospitality sector that has been hit the most given all associated with oily waste handling and disposal. This
the border closures, travel restrictions and lockdowns. continues to be a niche industry and the Company is
The spread of COVID-19 Pandemic is invariably a pioneer and the market leader with market share of
linked to travel. The Pandemic has slammed all the above 60%.
segments and tourism verticals. The forward bookings
for the season of October 2020-March 2021 which The SBU continues to enjoy sizable market share
should have started picking up are all muted and the in the processing of oily sludge. Additional growth
industries are showing discouraging signs. Unless the opportunity exists with the applicability of strict
progression of the virus stops, almost the entire value pollution norms and increased focus on fuel and
for the remainder of 2020 season is at risk. environment conservation in the oil industry. The SBU
intends to leverage its experience in project execution
Before pandemic, the Ministry of Tourism had and wide base of satisfied clientele to foray into allied
also been working tirelessly on strategies to boost service areas.
domestic tourism. Campaigns such as Swadesh
Darshan, theme-based tourist circuits were launched The SBU is also committed towards continuous
to harness the tourism industry’s potential. Once the technology upgradation to be at par with global
pandemic situation settles, the travel is expected to standards and aims to maintain its competitive edge
resume initially with weekend staycations, road trips in the Indian market through absorption of updated
and domestic getaways. This will be later followed technologies for mechanized oily sludge processing.
by international travel once confidence on air travel In Financial Year 2019-20, the SBU has been able to
resumes. In India, foreign tourists represent less than achieve its targeted Turnover and Profit. The Market
a percent of tourism activity. The lion’s share of tourism demand is expected to be focused on faster execution
activity being domestic, India’s travel and tourism timelines and better HSE compliance, with preference
sector will largely be insulated from the immediate for closed loop technologies, requiring minimal manual
aftermath of the pandemic. The destination marketing intervention, thereby negating the hazards related to
services is likely to see a drastic shift. exposure to hazardous oily sludge.
During these testing times, your Vacations Vertical The SBU aims to maintain market leadership in
has researched and accordingly planned strategic Sludge Processing space through technological

11
upgradation and incorporation of new technologies for CORPORATE SOCIAL RESPONSIBILITY [CSR]
reducing processing times and manual intervention Balmer Lawrie is committed to conduct its business
in sludge processing. Alternative processes such as in a socially responsible manner and be responsive
chemical cleaning technology is also being explored to the needs of the society at large. Consistently, the
for augmentation of service offerings. organization has undertaken various CSR initiatives
Tank Bottom Sludge processing and Lagoon Sludge since the last few decades driving sustainable
Processing are onsite operations and the SBU adheres development and growth for its stakeholders. In line
to the best norms and HSE practices followed by oil with this, the Company has been driving various
refineries and oil exploration companies. projects independently across the country and has
The SBU has been able to achieve growth in both also been supporting various programs initiated by
turnover and profit over last year. The equipment the Government of India like Swachh Bharat Abhiyan,
utilization levels have been able to meet the targeted Ekal Vidyalayas, Development Work for Aspirational
levels and increased operating efficiency and cost Districts and Skill Development Institutes, etc. CSR
control have enabled us to exceed our targets for the has become an integral part of the Company’s
Financial Year. functioning.

OVERALL FINANCIAL PERFORMANCE To extend our commitment towards a sustainable

society your Company has undertaken various
The Company recorded net turnover of Rs.1612 innovative CSR programs. The Company has been
Crores during Financial Year 2019-20 as against successful in its commitment towards the CSR
Rs.1854 Crores in Financial Year 2018-19 registering programs, and is constantly making progress for the
a decrease of approximately 13% above last year. betterment of the communities. Your Company is
The Company recorded a Profit Before Tax of Rs.232 building a partnership with the organizations that can
Crores in Financial Year 2019-20 as against Rs.280 access the needs of the communities and can deliver
Crores in Financial Year 2018-19. The decrease is the Company’s CSR commitments. Balmer Lawrie
being attributable to the decrease in the performance takes pride in furthering the initiatives which come
of some SBUs, particularly SBU: Logistics. under the purview of CSR by engaging with impactful
CORPORATE GOVERNANCE specialized organizations, and in keeping with the
DPE guidelines and the Companies Act, 2013.
Corporate governance essentially involves balancing
the interests of your Company’s many stakeholders, A total sum of Rs. 514.36 Lakh was spent during the
such as shareholders, management, customers, Financial Year 2019-20, towards CSR activities.
suppliers, financiers, government and the community. ACKNOWLEDGEMENT
Following are the five pillars of Governance that the
I thank all of you for your presence here today. I will
Company conforms to as a part of its commitment to
always look forward to your continued support and
adopt global best practices–
best wishes. On behalf of the Board of Directors, I
Ɣ High accountability to its stakeholders on affairs of would like to convey to you our sincere gratitude.
the Company.
I acknowledge the continued support and guidance of
Ɣ Absolute transparency in its reporting system and our Administrative Ministry, the Ministry of Petroleum
adherence to disclosure compliance. & Natural Gas, Government of India for the guidance
Ɣ High ethical standards in the conduct of business and encouragement provided to your Company. I also
with due compliance of laws and regulations. wish to thank other Ministries of the Government of
India and other Governmental authorities for their co-
Ɣ Enhancement in the stakeholders’ value on operation.
consistent basis.
I would also like to thank our holding company, Balmer
Ɣ Contributing to the enrichment of quality of life of Lawrie Investments Ltd., our valued shareholders,
the community through discharge of Corporate customers, vendors, business associates, bankers,
Social Responsibility and promotion of Sustainable financial institutions and other stakeholders for their
Development. continued support and co-operation.
The Companies Act, 2013 is being amended almost Finally, I must convey my gratitude to my colleagues
regularly. Similarly SEBI Regulations, are also amended on the Board for their wise counsel and valued
frequently. Your Company is making best efforts to involvement.
adapt and comply with the changing statutes and
continues to comply with the Corporate Governance Prabal Basu
guidelines/ norms to the extent within its control. Chairman & Managing Director
Date: 19th August, 2020

12
 BOARD’S REPORT

To the Members,
The Directors have pleasure in presenting the 103rd Report on the operations and results of your Company for
the Financial Year ended 31st March, 2020, together with the Audited Financial Statements, Auditor’s Reports
and the Comments of Comptroller & Auditor General of India on the Accounts of the Company and other
statements/ reports attached thereto.
FINANCIAL SUMMARY & HIGHLIGHTS
(Rs. in Lakh)
STANDALONE CONSOLIDATED
FINANCIAL RESULTS FINANCIAL RESULTS*
Year ended 31st March Year ended 31st March
2020 2019 2020 2019
Surplus for the year before deduction of Finance 28234 31238 24004 28401
Charges, Depreciation and Tax
Deduct there from:
i. Finance Charges and Depreciation 4989 3228 6660 3743
ii. Provision for Taxation 5527 9160 5527 8547
Profit after Tax (PAT) 17717 18850 11817 16111
Add: Transfer from Profit & Loss Account 79750 74713 100836 93732
Total amount available for Appropriation 97467 93563 112653 109843
Appropriations:
Dividend @ Rs. 11.00 (Rupees Eleven Only) per equity 12540 11400 12540 11400
share (on pre-Bonus 2019 share capital)
Previous year @ Rs. 10.00 (Rupees Ten per equity
share) (on pre-Bonus 2019 share capital)
Corporate Tax on Dividend 2578 2413 2578 2413
Transfer to General Reserve 0 0 0 0
Other Adjustment 0 0 -8298 -4807
Minority interest / Foreign Exchange 0 0 0 0
Conversion Reserve etc.
Surplus carried forward to next year 82349 79750 105832 100836
Total of Appropriation 97467 93563 112653 109843

* The Board’s Report is based on standalone financial statements of the Company and this information
is given as an added information to the members.

Overview of the state of the Company’s Affairs quarter of the financial year on the performance of
various SBUs, particularly SBU: Logistics.
x The Company recorded net turnover of Rs.161216.14
Lakh during Financial Year 2019-2020 as against Transfer to Reserves
Rs.185375.33 Lakh in Financial Year 2018-19
The Reserve and Surplus of your Company decreased
registering a decrease of approximately 13% above
to Rs.114866.36 Lakh as on 31st March 2020 as
last year.
compared to Rs.118620.19 Lakh as on 31st March
x The Company recorded a Profit Before Tax of 2019 on account of issue of Bonus shares by your
Rs.23244.21 Lakh in Financial Year 2019-20 as Company in December, 2019. During the Financial
against Rs.28010.48 Lakh in Financial Year 2018- Year 2019-20 no amount has been transferred to
19. The decrease is primarily attributable to the General Reserve.
impact of onset of COVID-19 pandemic in the last

13
SHARE CAPITAL DIVIDEND DISTRIBUTION POLICY
The paid-up Equity share capital of the Company Your Company had formulated a Dividend Distribution
as on 31st March, 2020 stood at Rs.1,71,00,38,460 Policy in the year 2016. The proposed Dividend Policy
consisting of 171003846 Equity Shares of Rs.10/- has been uploaded on the Company’s website at the
each fully paid up. In December 2019, the Company link:
issued 57001282 Equity shares of Rs.10 each fully
h t t p s : / / w w w. b a l m e r l a w r i e . c o m / a d m i n l s / d l _ u /
paid-up as Bonus Share in the ratio - 1 equity share
DIVIDEND_DISTRIBUTION_POLICY.pdf
for every 2 equity shares held in the Company.
MATERIAL CHANGES AND COMMITMENTS
The Company has not issued any share with
AFFECTING THE FINANCIAL POSITION OF THE
differential voting rights nor has granted any stock
COMPANY OCCURRED BETWEEN THE END OF
option or sweat equity share.
THE FINANCIAL YEAR AND THE DATE OF THE
DIVIDEND REPORT
A dividend of Rs. 7.50/- (Rupees Seven and Paise Fifty The spread of COVID-19, pandemic has severely
only) per Equity Share, on the entire paid up Equity affected the businesses around the globe. In many
share capital of the Company has been recommended countries including India, there has been severe
by the Board of Directors for Financial Year 2019- disruption to regular operations due to lock-downs,
20, for declaration by the Members at the ensuing disruptions in transportations, supply chain, travel
103rd Annual General Meeting (AGM) to be held on bans, quarantines, social distancing and other
25th September, 2020. The dividend, if declared at emergency measures.
the ensuing 103rd AGM, will be paid within statutory
Some of the services of the Company have been
time limit of 30 days from the date of such declaration
identified as Essential Services and have been
either by way of warrant, demand draft or electronic
permitted to be allowed during the lockdown phases.
mode to those Shareholders who would be holding
The Company is also running its manufacturing
shares of the Company as on 18th September, 2020,
facilities and is providing goods and services to its
(End of Day). In respect of shares held electronically,
Customers.
dividend will be paid to the beneficial owners, as on
18th September, 2020, (End of Day) as per details Barring the first few days of complete lockdown,
to be furnished by their respective Depositories, i.e., operations of the Company were largely open and
either Central Depository Services (India) Ltd. or catering to customers. However, the offtake in terms
National Securities Depository Ltd. The dividend to of volumes was not very encouraging and was below
be paid shall be subject to the applicable provisions par when compared with normal times. Service
of the Income Tax Act, 1961. The trend of dividend businesses suffered badly due to the stoppage of air
payment is depicted below: travel and disruption in the supply chain systems.
Dividend per share (Rs.) The Company has made detailed assessment of
its liquidity position for the next few months and
25
of the recoverability and carrying values of its
assets comprising Property, Plant and Equipment,
Dividend per share (Rs.)

20
20
Intangible assets, Trade Receivables, Inventories and
15 Investments as at the Balance Sheet date, and no
10
11 major challenges are envisaged in these respects due
10
7 7.5 to pandemic.
5 The Company is virtually debt free and has adequate
liquidity to meet its business requirements. The
0 security of the assets is ensured and all of these are
2015-16 2016-17 2017-18 2018-19 2019-20
operating seamlessly. All internal financial reporting
Financial Years
systems are working without any disruption. As of
Note: The dividends for the Financial Year(s) 2016-17 now, after the initiation of release of lockdown, we
onwards is on the increased paid up capital upon
have not faced any major disruptions on account of
issue of Bonus shares in the years 2016. Further,
the dividend for the Financial Year 2019-20 as local supply chains. We do not have any long-term
recommended by the Board of Directors is on the contracts/agreements where non-fulfilment of any
increased paid up capital upon the issue of Bonus obligations will have significant impact on the business
Shares done in December, 2019. The dividend for of the Company.
Financial Year 2019-20 is yet to be declared by the
members of the Company at the 103rd AGM. The management believes that it has considered

14
all the possible impact of known events arising from A brief write up about the Subsidiaries, Associates and
COVID-19 global health pandemic in the preparation of Joint Ventures Companies of your Company inter-alia
financial statements. However, the impact assessment reporting about their respective performance, financial
of COVID-19, pandemic is a continuous process given position and other significant events is presented
the uncertainties associated with its nature, extent and hereunder:
duration. The management shall continue to monitor
BALMER LAWRIE (UK) LTD. [BLUK]
any material changes to future economic conditions
on a continuing basis. Balmer Lawrie (UK) Ltd. (‘BLUK’) is a 100% subsidiary
of your Company incorporated in the United Kingdom.
MANAGEMENT DISCUSSION AND ANALYSIS
The subsidiary had previously been engaged in
REPORT
the business of Leasing & Hiring of Marine Freight
The Management Discussion and Analysis Report as Containers as also in Tea Warehousing, Blending &
per the provisions of SEBI (Listing Obligations and Packaging.
Disclosure Requirements) Regulations, 2015 (SEBI
After exiting these businesses, BLUK has been utilizing
LODR) is attached separately as ‘Annexure- 1’.
the proceeds to fund other business opportunities.
CONSOLIDATED FINANCIAL STATEMENTS BLUK has to date invested approximately US$ 2.01
million equivalent to Indonesian Rupiah 21.0 billion
The Financial Statements and Results of your
in PT. Balmer Lawrie Indonesia (PTBLI) – having
Company have been duly consolidated with its
its registered office at Jakarta, Indonesia – which
Subsidiaries and Associates pursuant to applicable
represents 50 % of the paid – up equity share capital
provisions of the Companies Act, 2013 & allied Rules,
of the joint venture company. Balance 50% of the
the SEBI LODR and Indian Accounting Standards
paid-up share capital of PTBLI is subscribed by PT.
(Ind-AS).
Imani Wicaksana of Indonesia. PTBLI is engaged in
Further, in line with first proviso to Section 129(3) the manufacture and marketing of greases and other
of the Companies Act, 2013 read with the Rules lubricants in Indonesia. The operations at the plant
thereon, Consolidated Financial Statements prepared has now stabilized and the JV is actively trying to get
by your Company includes a separate Statement in a foothold in the challenging Indonesian lube market.
Form ‘AOC-1’ containing the salient features of the
During the year 2018-19, Balmer Lawrie had initiated
Financial Statement of your Company’s Subsidiaries
steps for closing of operations of BLUK and is in the
and Associates which forms part of the Annual Report.
process of getting necessary statutory clearances
REPORT ON SUBSIDIARIES, ASSOCIATES for closure shortly from the authorities in the United
AND JOINT VENTURE COMPANIES AND THEIR Kingdom. As a part of this process, the shares of
CONTRIBUTION TO THE OVERALL PERFOMANCE PTBLI held by BLUK, had been transferred to Balmer
IN THE COMPANY Lawrie during the year 2018-19. It may be expected
that the process of voluntary winding of BLUK would
During the Financial Year 2018-19, the Company had
be completed during the Financial Year 2020-21.
revised the policy for determining material subsidiaries
in terms of the amended SEBI LODR w.e.f. 1st April VISAKHAPATNAM PORT LOGISTICS PARK
2019. The policy may be accessed on the Company’s LIMITED [VPLPL]
website at the link:
As a part of our expansion plans, a company by name
https://www.balmerlawrie.com/adminls/dl_u/Policy_ “Visakhapatnam Port Logistics Park Limited” (VPLPL)
on_Determining_Material_Subsidiary-BL.pdf was formed as Joint Venture (JV) in July 2014 between
As per the aforesaid policy none of the subsidiaries Balmer Lawrie & Co. Ltd. and Visakhapatnam Port
appear to be material subsidiary of your Company. Trust (VPT) to build a Multimodal Logistics Hub
(MMLH) facility comprising mechanised warehouses,
FINANCIAL STATEMENTS OF SUBSIDIARY specialised / temperature controlled storage solutions,
COMPANIES facilities for mechanised material handling and inter
In line with the provisions of Section 136 of the modal transfer between container terminals, bulk/
Companies Act, 2013, your Company has placed break – bulk cargo terminals. This hub provides
separate audited accounts of each of its subsidiaries facility to handle both bonded and non-bonded cargo
on its website - www.balmerlawrie.com. Members coupled with offering of value added services such
shall be provided separate financial statement of each as customs clearance, sorting/grading/aggregation/
of the Subsidiary Companies as per requisition made disaggregation etc. to handle freight. The unit is also
by them in writing. having rail connectivity of 1.30 KM length, where 4
rakes can be handled in a day.

15
The JV is having equity participation between your to stay ahead of competition, which none the less
Company and VPT in the ratio of 60:40. Balmer remains intense.
Lawrie & Co. Ltd.’s contribution to equity is in the
As reported earlier, BLUAE has embarked on plant
form of cash while VPT’s contribution is in the form of
modernization and capacity enhancement initiatives
“upfront lease rental for 30 years lease” of approx. 53
across its different product lines. Such capacity
acres of land.
enhancement projects are in full swing and are likely
VPLPL has engaged a core and structured sales to be completed by the end of the current Financial
and operations team for business development and Year. The progress of the projects has been adversely
efficient execution. The response from the trade has affected due to onset of COVID-19 pandemic/resultant
been positive and we have been able to cater to the lockdown in UAE/other parts of the world from where
customer’s requirement by virtue of offering storage certain machineries are getting imported for such
facilities in ambient and temperature controlled projects.
warehouses. The unit is witnessing significant
Overall performance during the year was extremely
business opportunities to cater to the growing demand
satisfactory and inspite of stiff competition in the
of steel exports from Visakhapatnam Port Trust for
market leading to tremendous pressure on the
which rail siding facility has come up as a unique
margins for the products sold by the company.
selling proposition for the trade.
BLUAE had been able to achieve excellent financial
VPLPL enjoys excellent camaraderie and cooperation results during the year under review. However, in
from Visakhapatnam Port Trust, our JV partner, and the light of the continuing geo-political/depressed
we complement each other in attracting business for business environment prevailing in the region
the unit. where the company operates due to onset of
COVID-19 pandemic, the company expects an
VPLPL had made an application for grant of CFS
extremely challenging task to maintain similar growth
license in May 2017 but the same is yet to be granted
momentum during 2020 as had been achieved over
by Government. Your company as well VPT have made
the last few years.
representations through respective parent ministries
to the Government that this is not just a CFS but, a BALMER LAWRIE–VAN LEER LTD. [BLVL]
MMLH providing various services in one location,
In spite of the sluggish economy post September 2019,
thus driving efficiencies in logistics and reducing costs
and the rampant outbreak of COVID-19 pandemic,
for the trade. Some clarifications were sought by the
Balmer Lawrie-Van Leer Ltd. (BLVL) announced a
Government and the same has been provided which
2.7 % jump of Profit Before Tax (PBT). The PBT has
is being reviewed.
increased to Rs. 38.41 Crores from Rs. 37.39 Crores.
During the course of its first full year of operations in This is despite the fact, there is a drop of Gross Revenue
Financial Year 2019-20, VPLPL was able to generate from Rs. 500 Crores to Rs. 444 Crores due to sharp fall
a revenue of Rs.4.71 Crores and reported a loss of in raw material prices, which is the index of fixation of
Rs.16.04 Crores. It is optimistic of multi-fold revenue Selling Price. The Steel Drum closure unit of BLVL at
during the next Financial Year 2020-21, which will gain Turbhe and at Bengaluru, have been able to maintain
further impetus, if the CFS license is granted. the last year PBT with similar production levels. The
Plastic Division at Turbhe has shown a substantial
REPORT ON JOINT VENTURES
jump in PBT compared to last year. Moreover, a strong
Balmer Lawrie (UAE) LLC [BLUAE] increase in value addition was witnessed in all Plastic
Drum divisions across BLVL.
Balmer Lawrie (UAE) LLC (the company) had another
very satisfactory year of operations and could achieve The proposed Plastic Drum Factory at Dahej, is nearing
highest ever production and sales volumes in most of completion and expected to be commissioned in the
the major product segments during the year 2019. last quarter of the current Financial Year 2020-21.
Increased focus on customer service, initiatives taken AVI-OIL INDIA PRIVATE LTD. [AVI-OIL]
to garner greater market share and product innovation
For the Financial Year 2019-20, AVI-OIL has achieved
enabled BLUAE to strengthen customer relationships.
sales volume of 826 KL of lubricants blended, 15 MT
The company achieved significant improvement in
of greases reprocessed & packed and 311 MT of the
retention of skilled employees and employee morale,
ester base stocks manufactured.
with positive impact on productivity and efficiencies.
Simultaneously, cost reduction was achieved on many During the Financial Year 2019-20, AVI-OIL achieved
fronts through various technological upgradation the net sales of Rs. 4697 Lakh as compared to the
initiatives. These endeavors enabled the company previous year net sales of Rs. 6318 Lakh.

16
The Profit before Tax (PBT) for the year 2019-20 is in the last quarter. The total loss during the current
Rs.725 Lakh as compared to previous year PBT of Financial Year was Rs.320.81 Lakh against a profit of
Rs.1200 Lakh. The decrease is mainly due to lower Rs.64.37 Lakh during previous Financial Year.
sales, increase in employee cost and other expenses.
CESSATION/CHANGE IN JOINT VENTURES/
The Profit before Depreciation, Interest and Tax SUBSIDIARIES/ ASSOCIATE COMPANIES DURING
(PBDIT) for the Financial Year 2019-20 is Rs.1068 THE YEAR
Lakh as compared to the last year PBDIT of Rs.1448
During the year 2018-19, Balmer Lawrie had initiated
Lakh.
steps for closing of operations of BLUK and is in the
TRANSAFE SERVICES LTD. [TSL] process of getting necessary statutory clearances
for closure shortly from the authorities in the United
TSL is a joint venture of Balmer Lawrie & Co. Ltd.
Kingdom. It may be expected that the process of
(‘BL’) and Balmer Lawrie - Van Leer Ltd. (‘BLVL’)
voluntary winding of the company would be completed
with each holding 50% shares. TSL was facing
during the Financial Year 2020-21.
rough weathers since 2009-10 and during the
Financial Year 2012-13, its accumulated losses MEMORANDUM OF UNDERSTANDING (MOU)
surpassed its net worth and consequently in 2013,
Every year your Company signs an MOU with the
a suo-moto application for revival was made
Government of India, Ministry of Petroleum and
before erstwhile, “Board for Industrial & Financial
Natural Gas (MoPNG) based on guidelines issued
Reconstruction” (‘BIFR’) under the repealed Sick
by the Department of Public Enterprises (DPE).
Industrial Companies (Special Provisions) Act,
The MOU targets include revenue from operations,
1985 (‘SICA’). Due to the emergence of a new law-
operating profit to Revenue, PAT/Net Worth, return
“Insolvency and Bankruptcy Code, 2016 (‘IBC’)” the
on investment in JV’s, capital expenditure, inventory
aforesaid pending application before BIFR became
management, capacity utilization and human resource
inactive, since December 2016. Thereafter, in the
management etc. Periodic review on achievement of
year 2018, one of the bankers of TSL, filed an
MOU was carried throughout the year. Your Company’s
insolvency application before the National Company
performance score in respect of the MOU for the year
Law Tribunal (‘NCLT’) under IBC. This insolvency
2018-19 has been adjudged by the DPE in “Excellent”
application after few hearings before NCLT got
category.
admitted on 21st November 2019. Consequently,
upon such admission, the powers of the Board of MOU evaluation for the Financial Year 2019-20 is in
Directors of TSL got suspended and the affairs & process.
running of TSL were entrusted to an Insolvency
HUMAN RESOURCE MANAGEMENT (HRM)
Resolution Professional (IRP) appointed by NCLT.
On and from 21st November 2019, since the IRP The organization believes that its success depends on
has taken charge/control of TSL, the financial the alignment & performance of its people. In order
statement of TSL are not consolidated with BL in the to create value for the Organization and based on
consolidated Financial Statements. the long-term plan and current realities, the following
domains have been the focus areas of Human
PT BALMER LAWRIE INDONESIA [PTBLI]
Resource Management in the Financial Year 2019-20:
PT Balmer Lawrie Indonesia (PTBLI) is a 50:50 joint
- To ensure the organization has the right people, in
venture company between PT. Imani Wicaksana,
the right job, at the right time.
Indonesia and Balmer Lawrie & Co. Ltd. The Company
was formed in 2010. The business of the joint venture - Enhancing employee productivity to reach the best
can be broadly categorized into: in class levels and improve profitability by striving
for competitive wage cost.
- Processing Business
- Renewed focus on enhancing employee
- Direct Sales
engagement and employee experience.
- Institutional Sales
- Continue to build employee capability, upgrading
- Export of lubricants to neighbouring countries leadership and manage talent & employee
performance across all levels of the workforce.
During Financial Year 2019-20 PTBLI achieved a
turnover of Rs.2316.06 Lakh which was around (a) Talent Acquisition
42.31% lower than the previous year primarily on
In today’s intensely dynamic markets, the Company
account of lower processing business in 2019-20 as
has successfully inducted 69 (Sixty-Nine) Executives
also adverse impact of onset of COVID-19 pandemic
and 40 (forty) Officers (Non-Unionized Supervisors)

17
during the year to reinforce the Company’s performance employees in the OBC category and 5 employees in
and bolster the Company’s capabilities in all business the ST category were recruited. The actual number
areas. of employees belonging to special categories, group-
(b) Learning and Development wise, as on 31st March, 2020 is given below: -

In its continued efforts to harness human potential Group Regular SC ST OBC PH Women Minorities
Manpower as
and unearth untapped skills, the Company aligns on 31.03.2020
the learning & development practices and solutions A 494 50 6 86 5 60 29
in line with the organizational growth or productivity. B 235 37 6 58 4 26 18
We continued to invest in enhancing the professional C 64 3 0 17 1 10 2
skills and competencies of our employees. With the D [including D1] 283 33 4 67 6 4 48
objective of enhancing the functional and leadership Total 1076 123 16 228 16 100 97
competencies, extensive training programs for
employees in line with the business requirement of Implementation of the Persons with Disabilities
the Company, in the areas of General Management, [Equal Opportunities, Protection of Right and Full
Safety and Sustainable development and specialist Participation] Act, 1995 and the Rights of Persons
skill development were planned and executed. The with Disabilities Act, 2016
Company also invested in e-learning content this In compliance with the above Act, the Company
year. In all, 1285 Man-days of training were achieved has implemented reservation rosters including 4%
including in-house and external programmes reservation for persons with benchmark disabilities.
including workshops, conferences, seminars, virtual Further, to mitigate the shortfall, a special recruitment
sessions and class-room training programmes for all drive is planned during the year 2020 - 21.
categories of employees during the year.
Employee Relations
(c) Managing Performance
The Management believes in a process of open
With a view to improve upon performance orientation & transparent consultation with the collectives.
and bring about objectivity in assessment, the Employees are represented in various Trusts formed
Company has already rolled out a Competency by the Company to administer various employee
Linked Performance Appraisal System for its benefit schemes. Plant level committees are in place
executives. With a view to ensure timely completion to discuss and settle productivity and work place
of Performance Management Appraisals, the process related matters. Consultative Forums have been
has already been e-enabled for executives upto established to resolve disputes / differences.
grade E-8. Your Company has maintained 100%
online submission of ACR/APAR in respect of all The employee relations continued to be generally
Executives (E0 and above) along with compliance of cordial at all Units / Locations of the Company during
prescribed timelines w.r.t writing of ACR/APAR during the year.
Financial Year 2019-20. Implementation of Official Language
(d) Employee Engagement and Welfare To ensure implementation of Official Language
An effective and employee centric work culture in the policy of the Government of India, your Company
organization encourages participation, involvement has taken several steps to promote usage of Hindi
of employees in activities beyond work and their in official work. 30 workshops were organized during
alignment with the organisation. Towards furthering the year in which 395 employees were trained on
this, during the year, the 154th Foundation Day was usage of Hindi in Official work. Hindi Pakhwada was
celebrated in all units and establishments across the celebrated at all locations of the Company during the
country. The employees and their family members month of September, 2019. Hindi Kavi Sammelan was
participated in large numbers and made the event organized on 27th September, 2019. A Hindi essay
a memorable occasion. Also, various programs writing competition was organized for PSU employees
like Annual Sports Day, Cultural Evening etc. were on 13th December, 2019 under the aegis of Town
organized by the Recreation Club at different major Official Language Implementation (PSUs), Kolkata.
locations of the Company. We have also trained 32 employees in Hindi Prabodh,
Welfare & representation of SCs, STs, OBCs and Praveen and Pragya courses. Issue of Balmer Lawrie
the status of implementation Organizational Gazette (BLOG) for October, 2019 was
released completely in Hindi. Similarly, Balmer Lawrie
As on 1st January, 2020, in the executive & officer Online Monthly (BLOOM) Bulletin is also released
cadre, 12 employees in the SC category, 25 bilingually. Implementation of the Official Language

18
Policy is top driven in your Company and the underprivileged groups like SC / ST /OBC / Minorities/
Company has used Hindi in all our activities of CSR, Persons with Benchmark Disability.
the Company’s Foundation Day, Town Hall meetings,
In all recruitments where there are candidates from SC/
World Environment Day, Safety Week, Vigilance
ST / Minority communities, the Selection Committee
Awareness Week, International Womens’ Day, Quami
has a member from the said community to ensure that
Ekta Week.
the interest of these communities is safeguarded.
Your Company received award from Town Official
Sports Promotion
Language Implementation Committee (TOLIC)
(PSUs), Kolkata for the implementation of official Your Company encourages participation in various
Language in official work and active support extended inter-regional sports activities by its employees. Your
to TOLIC in organizing activities for the propagation of Company is also a member of the Petroleum Sports
Hindi for the year 2019-20. The award was presented Promotion Board (PSPB) and has been participating
by the Hon’ble Governor of West Bengal during the in the events conducted by the PSPB.
half yearly meeting held on 29th January, 2020.
Disclosures as per the Sexual Harassment of
Empowerment of Women Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013
The Company provides a very conducive ambience
for employment of women. The percentage of women Internal Committee (IC)
employees is on the rise with new recruitments.
Your Company has reconstituted Internal Committees
The present strength of women employees is
in all four regions namely Eastern, Western, Northern
8.98% despite the fact that a large chunk of our
and Southern Region (separate ICs have been
workforce constitutes shop floor workers. The
constituted in Bangalore, Hyderabad and Chennai) of
Company has created an atmosphere conducive for
the country under the Sexual Harassment of Women
women employees to join and build a career in this
at Workplace (Prevention, Prohibition and Redressal)
organization.
Act, 2013 (as amended) (‘the Act’). The following is
The Company also organized a self defense Workshop furnished in terms of the Act: -
during its Women’s Day Celebration for the Women
a) Number of complaints filed during the Financial
Personnel in Eastern Region.
Year - Nil
Welfare of the Weaker Sections
b) Number of complaints disposed of during the
The Company’s policy does not permit employment Financial Year - Nil
of any person below the age of 18 years, directly
c) Number of complaints pending as on end of the
or through contractor, in any of its businesses. To
Financial Year - Nil
ensure this, the age of all candidates for employment
is verified at the time of recruitment and recruitment CORPORATE SOCIAL RESPONSIBILITY (CSR)
rules ban employment of persons below 18 years. It Annual Report on CSR Activities
also does not buy goods/products from agencies that
use child labour. 1. A brief outline of the Company’s CSR policy,
including overview of projects or programs
The Company does not practice any form of proposed to be undertaken and a reference to
discrimination or bias in matters related to hiring the web-link to the CSR policy and projects or
of employees, their career planning, training and programs.
development, promotion, transfers, or on remuneration
and perquisites. All sections of employees, including CSR Policy
women, are given equal opportunities and the Vision
Human Resource Policy is to advance the cause of
meritocracy and foster development of employees, “We are committed to serve the community by
including learning and growth. empowering it to achieve its aspirations and
improving its overall quality of life.”
The Company does not practice any discrimination,
in matters relating to recruitment, compensation, Mission
promotion, training on the basis of religion, caste, To undertake CSR activities in chosen areas
region, political affiliation or sex, excepting positive through partnerships, particularly for the
discrimination in hiring of employees to give effect communities around us and weaker sections of
to constitutional guarantees for socially backward/ the society by supporting need-based initiatives.

19
 Objectives environmental upliftment of the communities.
The holistic empowerment of the disadvantaged
x Improve the health and nutrition status of
communities require sustainable approaches
communities, particularly vulnerable groups
to achieve common community goals. As an
such as women, children and elderly by
initiative towards the collective community well-
improving health infrastructure and facilitating
being, CSR is a positive step towards promoting
service provision.
quality health, education, livelihood, care
x Focus on quality of education and encourage and protection while ensuring environmental
children from marginalized sections and girls to sustainability and ecological balance. Balmer
complete school education and opt for higher Lawrie is committed to conducting its business in
education. a socially responsible manner and be responsive
x To focus on livelihoods and skill development to the needs of the society at large. Consistently,
in order to provide opportunities to women and the organization has undertaken various CSR
youth and make them self-reliant. initiatives since the last few decades driving
sustainable development and growth for its
x Initiate holistic development programs for stakeholders. In line with this, the Company
differently abled children and orphans with a has been driving various projects independently
view to provide them opportunities to lead a around its units and establishments across
meaningful life. the country and has also been supporting
x To support the national efforts in rehabilitation various programs initiated by the Government
and relief post unfortunate natural disasters. of India like the Swach Bharat Abhiyan and
Skill Development Institutes. CSR has become
Guiding Principles
an integral part of a Company’s functioning
We at Balmer Lawrie are committed to and today it has become important that a firm
continuously improve our efforts towards our social demonstrates such responsibility. Although,
responsibility, focus on marginalized sections and earlier it was not a legal compulsion that had
encourage our employees to contribute in CSR to be walked through by any firm, but following
activities. Towards this commitment, the Company it was considered as a good practice for
shall be guided by the following guiding principles: considering social and environmental issues.
x Affirmative action to provide opportunities to Balmer Lawrie’s CSR initiatives are driven by two
marginalized communities. Flagship Programs – Balmer Lawrie Initiative for
x Efforts towards gender inclusiveness. Self-Sustenance [BLISS] and Samaj Mein Balmer
Lawrie [SAMBAL]. While the first Program is
x Encourage community participation and directed at providing and improving the long-term
ownership in order to ensure sustainability of economic sustenance of the underprivileged,
CSR activities. the second Program aims at improving the living
x Encourage voluntary participation of employees. standards and quality of life of the population in
x Enhancing visibility of our CSR so that others and around the Company’s area of operation.
can benefit from our learnings. To extend our commitment towards a sustainable
x CSR activities would be based on partnerships. society Balmer Lawrie has undertaken various
innovative CSR programs. The Company has
x Wherever possible, we will align our activities been successful in its commitment towards
with the business objectives. the CSR programs, and is constantly making
x Capacity building for the weaker sections of the progress for the betterment of the communities.
society. Balmer Lawrie takes pride in furthering the
initiatives which come under the purview of
Corporate Social Responsibility
CSR by engaging with impactful specialized
India is the first country in the world to make organizations, and in compliance with the
Corporate Social Responsibility (CSR) DPE guidelines, the Companies Act, 2013 and
mandatory, by an amendment to the Companies Schedule VII of the Companies Act, 2013.
Act, 2013 in April 2014. CSR is a transformational
practice by the business corporations in India. It
1. A total sum of Rs.514.36 Lakh was spent during
is an initiative towards the collective community
the Financial Year 2019-20, towards CSR activities
well-being. The primary objective of the mandate
expenses.
is to invest in the socio-economic, cultural and

20
 The CSR policy is posted on the Company’s website at:
https://www.balmerlawrie.com/adminls/dl_u/CSR_and_Sustainability_Policy_201628.09.20161.pdf
2. The Composition of the CSR Committee as on 31st March 2020 was as under:
(a) Total No. of Directors in the Committee: Seven
(b) No. of Independent Directors in the Committee: Three
3. Average net profit of the Company for last three Financial Years – Rs. 23,532 Lakh.
4. Prescribed CSR Expenditure (two % of the amount as in item 3 above) – Rs. 471 Lakh.
5. Details of CSR spent during the Financial Year:
(a) Total amount to be spent for the Financial Year; Rs.514.36 Lakh
(b) Amount unspent, if any: NIL
(c) Manner in which the amount spent during the Financial Year 2019-20 is detailed below:
(Rs. in Lakh)
CSR EXPENDITURE INCURRED DURING FINANCIAL YEAR 2019-20
(1) (2) (3) (4) (5) (6) (7) (8)
Sl. CSR Project or Sector in Projects or Programs Amount Amount Spent on the Cumulative Amount spent:
No. activity identified which the outlay projects or programs expenditure Direct or through
1) Local Area or Other
Project is (Budget) Sub-Heads: upto the Implementing
covered 2) Specify the State and District project or reporting agency
(1) Direct
where project or program was program period
Expenditure
undertaken wise
on Projects or
Programs
(2) Overheads
1 Sponsoring of Education 1) Local area 20.00 20.00 20.00 Indian Institute of
02 classes of Cerebral Palsy
Indian Institute of 2) West Bengal - Kolkata (IICP)
Cerebral Palsy
(IICP) for the
children suffering
from Cerebral
Palsy
2 Development work Education 1) Local area 20.00 20.00 20.00 Integrated Tribal
in aspirational Development
2) Andhra Pradesh -
districts on Society
Visakhapatnam,
anganwadi
3 Ekal Vidyalayas, Education 1) Others 10.00 10.00 10.00 Friends of Tribal
one teacher Society
schools (OTS) 2) West Bengal - South 24
for providing Parganas
education to the
doorsteps of the
Tribal populace.
4 Maintenance Swachh 1) Local area and others 17.74 17.74 17.74 Pragati Sangha of
cost for school Bharat Dara /
2) West Bengal- Kolkata/
toilets constructed Abhiyan Balmer Lawrie
Andhra Pradesh- Chitoor/
under “Swachh
Haryana/ Asaoti
Vidyalayas” during
the year (2015-
2016)

21
 (Rs. in Lakh)
CSR EXPENDITURE INCURRED DURING FINANCIAL YEAR 2019-20
(1) (2) (3) (4) (5) (6) (7) (8)
Sl. CSR Project or Sector in Projects or Programs Amount Amount Spent on the Cumulative Amount spent:
No. activity identified which the outlay projects or programs expenditure Direct or through
1) Local Area or Other
Project is (Budget) Sub-Heads: upto the Implementing
covered 2) Specify the State and District project or reporting agency
(1) Direct
where project or program was program period
Expenditure
undertaken wise
on Projects or
Programs
(2) Overheads
5 Swachh Bharat Swachh 1) Local area and others 62.06 62.06 62.06 Pragati Sangha of
Abhiyan Bharat Dara/
2) West Bengal-Kolkata,
Abhiyan Rotary Club of
Tamil Nadu-Chennai /
Panvel/
Dadra & Nagar Haveli-Silvassa,
Balmer Lawrie/
Delhi and Mumbai
Swadeep Shikshan
Vikas Sanstha/
Rotary Club of
Chennai/
Sulabh
International
6 Skill Development Skill 1) Others 300.00 300.00 300.00 SDI- Bhubaneswar,
Institutes Development Vishakapatnam,
2) Odisha -Bhubaneswar
Rae Bareilly, Kochi,
Andhra Pradesh -
Ahmedabad and
Vishakhapatnam/
Guwahati
Uttar Pradesh - Rae Bareilly/
Assam - Guwahati/
Kerala- Kochi/
Gujarat - Ahmedabad
7 Mobile Health Van Health 1) Local area 10.00 10.00 10.00 Helpage India
for Old Age
2) Tamil Nadu-Chennai
8 Donation to Corpus Health 1) Local area 50.00 50.00 50.00 Narayana Health
Fund Narayana Charitable Trusts &
2) West Bengal-Kolkata
Hospital & Saroj Saroj Gupta
Gupta Cancer Cancer Research
Research Institute Institute

9 Miscellaneous West Bengal/Kolkata 11.20 11.20 11.20 Tiss/Balmer Lawrie

(Impact Study,
Training, Etc)
10 Allowable West Bengal/Kolkata 13.36 13.36 13.36 Balmer Lawrie
Overhead
Expenses
Total CSR Expenditure 514.36 514.36 514.36

6. In case the Company has failed to spend the two % of the average net profit of the last three Financial Years
or any part thereof, the Company shall provide the reasons for not spending the amount in its Board Report.
– Not Applicable
7. Responsibility Statement of the CSR Committee
“It is hereby certified that the implementation and monitoring of CSR Policy, is in compliance with CSR
objectives and Policy of the Company.”

Adika Ratna Sekhar Arun Kumar

Director (HR & CA) Independent Director
Chairperson of CSR Committee

22
BUSINESS RESPONSIBILITY REPORT conform to the statutory requirements. Air emissions
norms also strictly adhere to the norms laid down in
Business Responsibility Report of the Company as
the Environment Protection Act, 1986. Disposal of
per SEBI LODR for the year ended 31st March, 2020
hazardous waste is done strictly as per Hazardous
is attached as ‘Annexure-2’.
Waste and Other Waste Rules, 2016. All Plants and
OCCUPATIONAL HEALTH & SAFETY major establishments of the Company are certified
to environment standards ISO 14001. The Company
Employee Health & Safety
has in place a comprehensive Long-Term Integrated
Your Company accords high priority to Employee Sustainability Plan which lays down the sustainability
Health & Safety. In pursuance of this, your Company policy, program framework, governance structure,
has established an integrated Health & Safety communication etc.
Management System across the organization. Your
Some of the other initiatives/activities taken up by your
Company has published an HSE Manual which is
Company in this domain in the Financial Year 2019-20
being used as a reference book in plants and other
include:
establishments of your Company. Your Company
carries out HSE audits for all its Manufacturing Units, Industrial Packaging
Container Freight Stations (CFS) and Temperature
• IP- Silvassa:
Controlled Warehouses (TCW) as per the approved
HSE audit protocol. Your Company has also - installed RO System to process and reuse of ETP
introduced an HSE MIS system for all Manufacturing, treated water in drum manufacturing process.
CFS & TCW units. Every plant / CFS / TCW unit This reduces the water consumption of the plant
submits a monthly HSE MIS to Corporate Office significantly.
enabling it to take corrective steps. Major plants / - productivity improvement and significant
units of your Company are OHSAS 18001 certified. All improvement in operational efficiency reduced
Occupational Health & Safety Standards are adhered electricity consumption by 3%. This reduces the
to as per the Factories Act, 1948. Your Company has carbon footprint of the plant.
taken adequate protection for its employees to combat
with COVID-19 pandemic in line with the directives - installed new Fume Extraction System which
issued by MHA from time to time. Major initiatives/ improves the plant air quality significantly.
activities undertaken in this domain in Financial Year - Asbestos roof sheets were replaced with pre-
2019 - 20 are as follows: coated galvanized iron roof sheets thereby
improving the work environment and reduce
x HSE Audits were carried out in manufacturing
health risk hazard.
units/establishment of your Company during the
year and recommendations thereof implemented. - installed Inverter based 3 phase welding m/c
replacing old 2 phase welding m/c. Power
x Your Company achieved Zero LTI (Lost Time consumption reduces from 250A to 80A.
Injury) in the Financial Year 2019-20.
• IP- Manali:
x HSE awareness training was conducted for
permanent employees and contract workers. - used water-based grease in it’s processes thus
reducing generation of hazardous waste in their
x The 49th National Safety Week was observed from plant.
4th to 10th March 2020 in all units/establishments
- collects and reuse Paint Sludge thus reducing
across locations. The week commenced on 4th
the generation of hazardous waste.
March, 2020 which was observed as National
Safety Day, with the administering of the safety • IP- Taloja:
pledge and reading out of C&MD’s message. In line - constructed separate area for storage of
with the theme, various programs were organized hazardous waste in their plant.
over the week. The programs included extempore,
- installed 120A capacity Active Harmonics Filters
quiz, skit, spot the hazard contest, mock drills,
at Auto welder to mitigate the harmonics. This
safety slogan & essay writing competitions.
reduces electrical energy consumption and
Environmental Protection and Sustainability: carbon footprint of the plant.
Being fully committed towards the protection and • IP- Kolkata
conservation of the environment, your Company
- the unit replaced HSD by LPG as fuel for
has taken various initiatives to minimize the pollution
it’s baking oven which reduces the energy
load of operations. Treatment & disposal of effluents
consumption of the plant significantly.

23
 • IP-Chittoor • Different Plants of Balmer Lawrie installed LED
- installed Insulated-Gate Bipolar Transistor lights replacing conventional lights reducing
(IGBT) type welding machine controller reducing electrical consumption.
power consumption of welding machine by 40 %. • Many Plants of Balmer Lawrie installed atomizer
Greases and Lubricants (G&L) tap controller thus reducing water consumption
of the plants significantly.
• G&L Manali, G&L-Silvassa, G&L- Kolkata:
• At all Balmer Lawrie Plants and Establishments,
- installed Occupancy Sensors to automatically single use plastic is banned.
control consumption of electricity by the office
lightings. • The Company has continued its efforts at
technological up-gradations in its manufacturing
- planted number of trees in current Financial Year. processes to ensure that adverse impact of the
This creation of greenery area aims to reduce operations in the environment are minimized.
carbon foot print.
• The Research & Development team continuously
• G&L- Kolkata works to identify raw materials, processes
- Asbestos roof sheets were replaced with pre- and technologies, which will have minimum
coated galvanized iron roof sheets thereby impact on the environment. The Application
improving the work environment and reduce Research Laboratory of the Company has made
health risk hazard. significant progress in developing a number of
biodegradable lubricants. Continuous trainings
• G&L-Silvassa
are being imparted to the workforce on the latest
- Replaced 12 nos 800W lamps at High Mast development in the lubricant industry.
Lighting tower by 350W LED light. Carbon
emission reduced by 19T. Power consumption COMMUNICATIONS & BRANDING INITIATIVES
reduced by 23650 units (approx.) The various internal communications and branding
• G&L-Manali: initiatives driven during the Financial Year 2019-20 to
create employee bonding and enhance the process
- started usage of thermal label printer replacing
of information sharing in Balmer Lawrie (BL), are as
screen printing of drums thereby reducing the
follows:
usages of solvent inside the plant.
x Regular publication of the Daily Media Update (a
- dust collector at Lithium Hydroxide Dosing area
news report for the Ministry and Top Management
at Kettle has reduced emission of LIOH dust
team, covering news on BL, news from the Oil &
particles in the plant. This improves air quality of
Gas sector and initiatives of the Government).
the plant significantly.
x Regular publication of the Weekly Media Update (a
Others
news report for employees covering news on BL,
• Saplings were planted at all units on the occasion news related to GOI and PSEs, and news from the
of World Environment Day 2019. Online quiz and verticals that we do business in); BL Online Monthly
essay competition on Environment carried out for Bulletin (monthly newsletter), BL Organizational
all employees to create awareness. Gazette (the quarterly house magazine). These
• CFS Navi Mumbai, IP-Taloja, IP-Kolkata, IP- publications are available on the Company’s
Chittoor, IP-Vadodara, TCW-Hyderabad, TCW- intranet and website. BL Online Monthly Bulletin is
Patalganga and other BL establishments across also being published in Hindi from August 2019.
India planted number of trees in current Financial x Internal events like celebration of Foundation Day
Year. This creation of greenery area aims to etc. to enhance employee engagement.
reduce carbon foot print.
x Continuous communication on prevention of
• The Company has till date installed solar containment of COVID-19 at the workplace.
plants with a total capacity of 526 kWp in five
different sites at Asaoti, Navi Mumbai, Chennai, The external communication initiatives, especially
Patalganga and Rai. Out of this, 33 kWp solar from a branding perspective and achievements are as
power plant has been commissioned in the follows:
current Financial Year at TCW-Patalganga. This x Balmer Lawrie won awards in two categories
helps us to offset 800 tons of carbon dioxide during the SCOPE Corporate Communications
per year from the manufacturing / cold chain Excellence Awards-2019 - The ‘Collect Stories’
operations. campaign by brand Vacations Exotica (VE) under

24
 the category ‘Effective use of Digital Media’ and COVID-19 pandemic has become a tough test for all
‘The Making of Next’- the History Book penned of us. The pandemic will pose many more challenges
down during the completion of 150 years of the in the months to come. There will be a great sense
organization under the ‘Special Brand Building of unease everywhere for a greater period of time.
Publication’ category. He stated that we will have a ‘disrupted’ economy
x Special BL Corporate Calendar (both wall and for the next six months to one year or may be even
table-top) designed in-house to showcase the more. The slowdown is going to be across sectors
diverse businesses of Balmer Lawrie. and the visible impact will be strong on the financials.
We have to be prepared for difficult times ahead and
x PR and Communication for inauguration of new have to work very hard towards reconstruction of the
barrel manufacturing plant at Vadodara in June economy. He mentioned that as a Company we are
2019, AGM in September 2019 etc. resilient and are putting in that extra effort and going
x Branding for FlyLikeKing.com and support for the that extra mile to ensure safety of the employees and
launch of the portal in July 2019. business continuity. Your Company has contributed
Rs 1,28,25,899/- to the Prime Minister’s Citizen
x Media Coverage: Corporate Reports in business
Assistance and Relief in Emergency Situations (PM
magazines/papers and coverage of CSR initiatives
CARES) Fund to help fight the COVID-19 pandemic
etc.
in the country. Balmer Lawrie allocated Rs. One Crore
x Branding of the Company at Kolkata Airport. from its Corporate Social Responsibility (CSR) Fund
x Branding in Exhibitions and Corporate events and the rest of the amount was voluntary contribution
highlighting BL as market leader in the various of one day’s salary by the employees of the Company.
businesses it operates. The Communication of Progress Report for the
x Regular updates related to Company events, Financial Year 2019-20 captures your Company’s
initiatives of Hon’ble Prime Minister and Ministry of endeavors and accomplishments in furthering its
Petroleum and Natural Gas are posted on the BL sustainability objectives. Balmer Lawrie furthered
Facebook and Twitter pages. the various initiatives in line with the Swachh Bharat
x Branding of Swachh Bharat Abhiyan and other Abhiyan and Skill India Mission. The Swachh Bharat
similar initiatives. activities were particularly focused on banning single
use plastic. As a member company of the Ministry of
x Social Media campaign on ‘Say No to Single Use Petroleum and Natural Gas (MoPNG), Government of
Plastic’ - #AbNahiTohKab on BL Facebook and India, your Company contributed Rs. 300 Lakh for the
Twitter from October to December 2019. Skill Development Institutes (SDIs) at Ahmedabad,
Further, Corporate Communications is driving the Rae Bareilly, Guwahati, Visakhapatnam, Kochi and
process of empanelment of Agencies in the areas of Bhubaneswar. Your Company will continue to focus
Creative and Advertising / Digital Marketing / PR etc. on the triple bottom line, while proactively working
and comprehensive branding plans for the year 2020- towards restoration of the economy and thereby
21 are in the process of implementation in SBUs: ensuring sustenance and growth of the businesses
Greases & Lubricants and Travel & Vacations by their and the organisation. The CoP also captures the
respective marketing teams. various initiatives undertaken to promote greater
environmental responsibility besides others.
PROGRESS ON PRINCIPLES UNDER ‘GLOBAL
COMPACT’ DISCLOSURE ON IMPLEMENTATION OF RIGHT
TO INFORMATION ACT, 2005
Your Company is a founder member of the UN Global
Compact, and it remains committed to further the The Right to Information (RTI) Act, 2005 was
principles enumerated under the Global Compact enacted by Government of India with effect from 12th
programme. The details of various initiatives taken October, 2005 to promote openness, transparency
in this regard can be found in the ‘Communication and accountability in functioning of Government
of Progress (CoP)’ and the ‘Message of Continued Department, PSUs etc.
Support to Global Compact’ uploaded on the website Balmer Lawrie has designated Senior Manager (Legal)
of the Company (www.balmerlawrie.com). as Central Public Information Officer and Company
Your Company’s C&MD in his ‘Message of Continued Secretary as First Appellate Authority under the RTI
Support to Global Compact’ said that the Coronavirus Act, 2005. Detailed information as per the requirement
(COVID-19) global pandemic has not only disrupted of RTI Act, 2005 has been hosted on your Company’s
the economy but has also taken away the lives of Web Portal at https://www.balmerlawrie.com/static/rti
thousands of people around the world. Dealing with and the same is updated from time to time.

25
Information sought under RTI Act, 2005 is being provided within the prescribed time-frame detail of which for the
Financial Year 2019-20 is shown in the table below: -
Opening Received during the Year No. of cases Decisions Decisions Closing
Balance (including cases transferred transferred to where requests/ where requests/ balance as
as on to other Public Authority) other Public appeals appeals accepted on
01.04.2019 Authorities rejected 31.03.2020
(a) (b) (c) (d) (e) (f) (g)
Requests 15 74 0 0 62 27
First Appeals 1 11 0 10 2 0

(A) CONSERVATION OF ENERGY –

(i) The steps taken or impact on conservation of Warehouse at Patalganga commissioned Solar Plant
energy: of 33 kWp capacity for in-house consumption taking
the total installed capacity to 526 kWp. Leather
Your Company has always considered energy and
Chemicals unit at Manali, Chennai has Solar Power
natural resource conservation as a major focus
Plant of 200 kWp capacity, generating on an average
area and has been consciously making efforts
500 units per day.
towards improving the energy performance year on
year. Energy conservation policy is formulated and Cumulative generation of Solar Energy at your
deployed across all the locations for Sustainable Company in the current Financial Year is 4,69,522 units.
Development. Your Company has taken various This helped your Company to offset approximately
measures to not only reduce the consumption of 800 tons of carbon dioxide in current Financial Year
energy through use of energy efficient equipment from the manufacturing/cold chain operations.
but has also focused on renewables as a source
(iii) The capital investment on energy conservation
of alternative energy thereby reducing the load of
equipment:
carbon emission.
Your Company has focused on investing in modern
SBU: G&L has adopted installation of LED lights at
technology for improving the specific energy
High Masts thus saving 23650 units of electricity
consumption. This investment is broadly done in
per year. Occupancy sensors and automatic lighting
the areas of LED lighting, occupancy sensors and
control has been installed at many of its units. Change
automatic lighting control, energy efficiency pump
in pouch filling & sealing machine technology has
motor, three phase welding machines, active harmonic
resulted in saving of 5400 units of electricity per year.
filters, IGBT type welding machines, star rated Inverter
SBU: IP has achieved significant power savings by Air Conditioners, sensors & automatic controls for
energy conservation initiatives such as installation coolers and high mast, automatic power factor control
of Insulated-Gate Bipolar Transistor controlled panel and other equipment aimed at reduction of the
welding machines, installation of three phase welding consumption or wastage of energy.
machines, active harmonic filters at auto welder,
(B) TECHNOLOGY ABSORPTION –
synchronization of conveyors for reduction of idle
running time in various plants. IP units changed many (i) The efforts made towards technology
conventional lamps with LED lamps at its different absorption:
units thus conserves electrical energy.
Technology absorption and innovation are at the core
SBU: LC has taken various energy efficiency of any sustainable growth of an organization. Your
measures based on Energy Audit, which is conducted Company has over the years adopted technologies
on a periodical basis to ascertain the energy efficiency which led to automation of processes, increase
of its various equipment and to reduce adverse use in speed and efficiency of systems & processes,
of energy and or its wastages. SBU: LC has installed reduced usage and wastage of energy, faster analysis
energy efficiency motors for its processes, Variable and decision making etc. thereby enabling the
Frequency Drive (VFD) for higher rating motors. At its Company to service its customers better. Apart from
plants and offices, conventional light fittings has been regular process & manufacturing related technology
replaced with LED light fittings to conserve electrical interventions, the Research & Development centers of
energy. your Company are constantly monitoring the changing
trends in technology and needs of customers, and are
(ii) The steps taken by the Company for utilizing
developing cost effective products which can meet the
alternate sources of energy:
growth aspirations of the Company.
In the current Financial Year Temperature Controlled
SBU: G&L’s R&D efforts are directed towards
26
development of High-Performance Fire-Resistant d. If not fully absorbed, areas where absorption has
Greases for Steel Industry, Fire Resistant Synthetic not taken place, and the reasons thereof: NA
based Hydraulic Oil for Metal Industry (Steel &
(iv) The expenditure incurred on Research and
Aluminum), High Performance Grease for Traction
Development
Motor Bearing in Electric Locos of Indian Railways,
(Rs. in Lakh)
Import Substitute Specialty Greases for Defence
Equipment and Aircraft applications. 2019-20 2018-19
a) Capital Expenditure 31.50 322.38
Product Development center of SBU: LC has focused b) Revenue 777.76 780.93
and directed its efforts on developing “Finishing
Total 809.26 1103.31
Chemical Ranges” to increase its product basket.
Protein binder and wax emulsion has been successfully (C) FOREIGN EXCHANGE EARNINGS AND
developed. Other varieties namely lacquers, acrylic OUTGO –
binders will be launched shortly. (Rs. in Lakh)
2019-20 2018-19
SBU: IP has taken various initiatives aimed at recycling
and re-use of process wastes thereby reducing the i) Total Foreign Exchange 6740.61 7512.65
load on the environment. From Solvent extraction Earnings
unit, improvement in paint technology, telescopic ii) Total Foreign Exchange Outgo 10571.50 13895.13
loading, nesting & denesting of conical drums to
DETAILS OF PROCUREMENT FROM MICRO,
automatic control and management of finished goods
SMALL AND MEDIUM ENTERPRISES AS PER
yard conveyor, these are some of the many focus
PUBLIC PROCUREMENT POLICY FOR MICRO
improvement projects being undertaken by the SBU
AND SMALL ENTERISES (MSEs) ORDER 2012
through its robust operational excellence framework.
(Rs. in Lakh)
(ii) The benefits derived like product improvement,
Details 2019-20 2018-19
cost reduction, product development or import
substitution: Value of material available for 19230 9547
procurement from MSEs
Your Company is constantly exploring both
Actual procurement 7160 6037
incremental and fundamental innovations in all its
business activities by exploiting both in-house and EXTRACT OF ANNUAL RETURN
outside knowledge aimed at increasing throughput,
minimizing conversion cost and developing new The details forming part of the extract of the Annual
pipeline of sustainable products which can help Return in form MGT– 9 is attached hereto as
strengthen its position in the market place. “Annexure-3”.

The expertise gained through assimilation of such Further, in terms of Section 92 of the Companies Act,
knowledge is helping the businesses to develop high- 2013 read with Rules made thereunder, the Company
performance cost-effective products matching the shall place a copy of the Annual Return (MGT-7) on
best in the industry. Continuous engagement with the website of the Company www.balmerlawrie.com
reputed OEMs has helped the Greases & Lubricants after filing the same with Ministry of Corporate Affairs.
business in developing tailor made products, meeting DIRECTORS’ RESPONSIBILITY STATEMENT
the specific requirements of the OEMs. Leather
Chemicals business has been able to bring down Pursuant to the requirement under Section 134(3)(c)
the free formaldehyde content of its syntans below and 134(5) of the Companies Act, 2013 (“the Act”),
the detectable limit by suitable synthesis. Industrial the Board of Directors to the best of their knowledge
Packaging business, through its operational and ability, state that:
excellence initiatives has been able to improve yield, (a) In the preparation of the annual accounts for
reduce cost and increase the throughput. the Financial Year ended 31st March, 2020,
(iii) In case of imported technology (imported the applicable accounting standards had been
during the last three years reckoned from the followed along with proper explanation relating to
beginning of the financial year) material departures.

a. The details of technology imported: NA (b) The Directors had selected such accounting
policies and applied them consistently and made
b. The year of import: NA judgments and estimates that are reasonable and
c. Whether the technology been fully absorbed: prudent so as to give a true and fair view of the
NA state of affairs of your Company at the end of the

27
 Financial Year as on 31st March, 2020 and of the Holding Company and Wholly Owned Subsidiary
Profit and Loss of your Company for that period. company and transactions between two Government
companies are exempted under Regulation 23 of SEBI
(c) The Directors had taken proper and sufficient
(Listing Obligations and Disclosure Requirements)
care for the maintenance of adequate accounting
Regulations, 2015. Further, omnibus approval was
records in accordance with the provisions of the
taken for entering into Related Party Transactions
Act, for safeguarding the assets of your Company
for value upto Rs. One Crore whereas in other cases
and for preventing and detecting fraud and other
approval of Audit Committee was taken. Further, there
irregularities.
were no materially significant RPT during the year
(d) The Directors had prepared the annual accounts under review made by the Company with Directors,
for the Financial Year ended 31st March, 2020 on Key Managerial Personnel or other designated
a going concern basis. persons which have a potential conflict with the
(e) The Directors had laid down internal financial interest of the Company at large.
controls to be followed by your Company and that The Company has revised its RPT Policy in terms of
such internal financial controls are adequate and the amended SEBI LODR. The policy as amended
were generally operating effectively. may be accessed on the Company’s website at the
(f) The Directors had devised proper systems link:
to ensure compliance with the provisions of all https://www.balmerlawrie.com/adminls/dl_u/Related_
applicable laws and that such systems were Party_Transaction_Policy_dated_04-02-2020.pdf
adequate and operating effectively.
The said policy lays down a procedure to ensure that
DECLARATION BY INDEPENDENT DIRECTORS transactions by and between a Related Party and
Your Company has received declaration from the the Company are properly identified and reviewed
Independent Directors of the Company confirming to ensure that the Related Party Transactions are
that they meet the criteria of independence prescribed properly approved and disclosed in accordance
under the Companies Act, 2013 and the SEBI with the applicable law. The Policy also sets out
(Listing Obligations and Disclosure Requirements) materiality thresholds for Related Party Transactions.
Regulations, 2015. The details of the Related Party Transactions entered
PARTICULARS OF LOANS, GUARANTEES OR into by your Company during the Financial Year 2019-
INVESTMENTS 20 has been enumerated in Note no. 42.18 of the
Standalone Financial Statement.
Detailed particulars of Loans and Investments under
Justification for entering into Related Party
Section 186 of the Companies Act 2013 are given in
Transactions
Note No. 7 & 15 and 6 respectively of the Standalone
Financial Statement. The Related Party Transactions are entered into
RELATED PARTY TRANSACTIONS (RPT) based on considerations of various factors like
business exigencies, synergy in operations, the
Majority of the Related Party Transactions of the policy of the Company and Capital Resources of the
Company were made with its Holding Company, Subsidiaries and Associates.
Subsidiary companies, Associate companies and
The particular of contracts and arrangements as
Joint Venture companies. It may be pertinent to
required under Section 134(3)(h) of the Companies
mention that Related Party Transactions made with
Act, 2013 in the prescribed Form AOC-2 is as under:
FORM AOC 2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 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 arm’s length transactions under third proviso thereto
1 Details of contracts or arrangements or transactions not at arm’s length basis
NIL
2 Details of material contracts or arrangements or transactions at arm’s length basis
Nature of contracts or Name of Nature of Duration of Value
arrangements Related Party relationship Contract (Rs. in Lakh)
NIL as per the Company’s policy on material Related Party Transaction

28
ENTERPRISE RISK MANAGEMENT POLICY your Company has an Internal Control System
commensurate with the size, scale and complexity of
The Company has an approved Risk Management
the organisation. Your Company confirms having the
Policy to protect and add value to the organization.
following in place:
These Risks are classified into High, Medium and Low
depending upon the probability of their occurrence and - An Internal Audit System whose reports are
potential impact. The Risks are evaluated, quantified, reviewed by the Audit Committee.
prioritized and mitigation plans are reviewed at regular
- Procedure and system for orderly and efficient
interval by the Chief Risk Officer with the various Risk
conduct of the Company’s Business, including
Owners and are reported to the Risk Management
adherence to the Company’s policies.
Committee and the Audit Committee.
- Procedures to safeguard the Company’s assets.
The said policy is posted on the Company’s website at:
- Procedures to prevent and detect frauds and errors.
https://www.balmerlawrie.com/adminls/dl_u/ERM_
Policy01_08_17.pdf - Procedures and systems including ERP for accuracy
and completeness of the accounting records.
DEPOSITS
VIGILANCE
Your Company has not accepted any deposit from
the public during the Financial Year 2019-20 and Shri Vinod Kumar, IFoS is the Chief Vigilance Officer
therefore no disclosure is required in relation to details (CVO) with effect from 10th October, 2018.
relating to deposits covered under Chapter V of the
Your Company always promotes integrity and
Companies Act, 2013.
eliminates corruption. To lead the business scenario
DETAILS OF SIGNIFICANT AND MATERIAL in a transparent manner, your Company accepts
ORDERS PASSED BY THE REGULATORS, the principles of good governance which is one of
COURTS AND TRIBUNALS WHICH IMPACT THE the major aspects. Vigilance Department endeavors
GOING CONCERN STATUS AND THE COMPANY’S to ensure that the management obtains maximum
OPERATIONS IN FUTURE out of its various transactions with the stakeholders.
The Company always welcomes the stakeholders
No significant or material orders were passed by the
to combat any corruption which may come across.
Regulators or Courts or Tribunals which impact the
Therefore, Vigilance Department never accepts
going concern status and the Company’s operations
any wrong doings and also do not indulge in any
in future.
malpractices.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS
It is needless to mention that Vigilance Department
Your Company has put in place adequate financial has taken lot of initiatives in the improvements
controls for ensuring the efficient conduct of its in the systems and procedures which have been
business in adherence with laid down policies, of implemented. Central Vigilance Commission from
safeguarding its assets, the prevention and detection time to time issues various directives in the matter of
of frauds and errors, the accuracy and completeness leveraging technology in respect of e-procurement,
of the accounting records and the timely preparation of e-disposals, e-Saksham and on-line posting of job
reliable financial information which is commensurate applications, which have been implemented keeping
with the operation of the Company. Effectiveness in view to bring in more transparency. Your Company
of Internal Financial control is ensured through has also taken initiatives for introducing on-line bill
management review, control and self-testing and payment system, which helps vendors to keep a
independent testing by the external consultant. track on the payment related position. The recent
introduction of SAP system across pan India helped
During the Financial Year 2019-20, Internal Financial
the Company to bring in more transparency with a
Control was reviewed by an external consultant Hari
positive target.
Bhakti & Co, LLP which reported as follows:
As per the directives of Central Vigilance
a. The Internal Control over Financial Statement is
Commission, this year also Vigilance Awareness
generally adequate, with areas of observation/
Week (VAW) was observed by the Company by
improvements as listed in the report.
taking pledge through pan India, having seminars
b. The observations have been discussed with the at different locations, where eminent speakers
process owner and also reported and reviewed by were present and gave their valuable lectures by
the management. sharing their practical experiences with meaningful
suggestions for the betterment of the organization.
As required under the Companies Act, 2013,

29
Quiz/slogan/essay writings/debate competitions were families through on-line system.
also held across pan India in various establishments,
Your Company’s focus is to have a commitment to
schools and colleges which had TV coverages
honesty, integrity, transparency and mutual trust
on different channels. Posters and banners were
to create the organization an ethical company.
displayed in various places for bringing awareness.
CVO advises the management for taking various
This year the pledge was also administered in
measures, which are required to be adopted to
local languages everywhere, apart from bilingual
improve the functioning of the Company on the
languages i.e. Hindi and English. The main motive
basis of gaps noticed in the Company’s systems
was to bring in togetherness and spread the
and procedures during vigilance inspections,
message of being vigilant all over, not only within the
investigations, scrutiny etc. The Company’s
Company, but all over the country.
C&MD, Shri Prabal Basu, plays an important role
This year during VAW, we have also organized by extending his fullest cooperation to Vigilance
Awareness Walk and Human Chain. It was a good Department for its smooth functioning.
experience for us. There was a lot of awareness
Details of Vigilance Cases
generated when participants walked with banners
and placards with messages related to the problems In terms of Office Memorandum dated 24th January,
of bribe, corruption, theft and the importance of 2018 having reference no.F.No.28(1)/2016-Leg.I
vigilance and transparency. Last but not the least, issued by Under Secretary to Government of India,
Vendors Meet was held and integrity pledges were details of vigilance cases disposed off during the year
also taken by the Vendors, as well as the integrity ended 31st March, 2020 and vigilance cases pending
pledge was also taken by the students of schools/ as on 31st March, 2020 is mentioned herein below.
colleges in their premises and by the employees

a. Vigilance Cases disposed off during the year ended 31st March, 2020

Sl. Nature of Case Case Date Date of Remarks

No. Disposal
1 Assessment of Bill of Entry for Disposal 30.08.2018 30.04.2019 No Vigilance angle was found. CVO
of unclaimed/uncleared Goods at Eastern has advised to close the file.
Region
2 The promotion which are taking place in BL at
21.01.2019 17.10.2019 There is no Vigilance angle. Hence File
senior level being not fair is closed.
3 Anomalies in C&F Godown in Northern 07.06.2019 15.11.2019 Minor Penalty has been imposed by
Region the management as advised by CVO.
Action Taken. File has been closed.
4 Complaint against Shri. M.C. Bylappa 11.05.2019 13.06.2019 Since Balmer Lawrie was not involved
with Shri. M.C. Bylappa’s ticket, file has
been closed as advised by CVO.
5 Grievances from Ex-IAS Officer Shri. S. 21.10.2019 21.11.2019 Complaint was closed as the same is
Adhikari not under the purview of Balmer Lawrie.
6 Complaint against Senior Official of A&F 19.01.2020 04.03.2020 No Vigilance angle was found. CVO
Department of BL has advised to close the file.
b. Vigilance Cases pending as on 31st March, 2020

Sl. Nature of Case Case Date Remarks

No.
1 Financial Irregularity at Travel Kolkata 17.03.2016 Case is pending with CBI
2 Examination of Audit Para 04.04.2018 Letter has been sent to Ministry
3 Complaint against renewal of Contract to one transporter 08.07.2019 Investigation is going on.
at Southern Region
4. Unfair trade practices followed by BL at Western Region 12.12.2019 Investigation is going on.
5. Fraudulent Air ticket Booking by BL 17.12.2019 Investigation is going on.
6. Allegation against Senior Official of HR Department of BL 17.12.2019 Investigation is going on.

30
VIGIL MECHANISM / WHISTLE BLOWER POLICY BOARD EVALUATION AND CRITERIA FOR
EVALUATION
Your Company had established a Vigil Mechanism /
Whistle Blower Policy in January 2010. The said policy Your Company being a Government Company, vide
concerns the Employees and covers the following Notification No. GSR 463(E) dated 5th June 2015 as
categories: amended by Notification No. GSR 582(E) dated
13th June 2017 and notification No. GSR 802(E)
- Managerial
dated 23rd February 2018, has been exempted from
- Executive applicability of Section 134(3)(p) and 178(2), (3) and
- Supervisory (4) of the Companies Act, 2013.
- Unionized Employees The Annual Performance Appraisal of Top
- Any other Employees (such as Outsourced, Management Incumbents of Central Public Sector
Contractual, Temporaries, Trainees, Retainers etc. Enterprises is done through the Administrative
as long as they are engaged in any job / activity Ministry as per the DPE Guidelines in this regard.
connected with the Company’s operation). Your Company being a Central Public Sector
so as to enable them to report to the management Enterprise under the administrative jurisdiction of
instances of unethical behaviour, actual or suspected Ministry of Petroleum & Natural Gas also has to
fraud or violation of your Company’s Code of Conduct. follow the similar procedure.
The details of the Vigil Mechanism / Whistle Blower DIRECTORS AND KEY MANAGERIAL
Policy are given in the Corporate Governance Report PERSONNEL
2019 - 20 and can be downloaded from the following
The Board of the Company as on 31st March 2020
hyperlink of the Company’s website:
consisted of Twelve Directors out of which four were
https://www.balmerlawrie.com/adminls/dl_u/Whistle_ Functional/Executive/Whole-time Directors, two were
Blower_Policy.pdf Non-executive Government Nominee Directors and
REPORT ON CORPORATE GOVERNANCE six were Independent Directors.

Your Company has been consistently complying Based on the direction received from MoPNG vide
with the various Regulations and Guidelines of the letter bearing reference number CA-31024/1/2018-
Securities & Exchange Board of India (SEBI) as well PNG(23808) dated 20th December, 2019 Shri
as of Department of Public Enterprises (DPE) to the Adhip Nath Palchaudhuri had been appointed as an
extent within its control. Additional Director with the designation of Director
(Service Businesses) by the Board w.e.f. 1st March,
Pursuant to the said SEBI Regulations and DPE 2020 and letter bearing reference number CA-
Guidelines, a separate section titled ‘Corporate 31024/2/2018-PNG(25059) dated 20th January, 2020
Governance Report’ is being furnished and marked as Shri Sandip Das had been appointed as an Additional
“Annexure-4”. Director in the designation of Director (Finance) by
The provisions on Corporate Governance under DPE the Board w.e.f. 1st May 2020. Considering the above
Guidelines which do not exist in the SEBI Guidelines appointments and cessation, as on the date of this
and also do not contradict any of the provisions of the report, the Board consisted of twelve Directors out of
SEBI Guidelines are also complied with. which:

Further, your Company’s Statutory Auditors have x Four (4) are Functional/Executive/Whole-time
examined compliance of conditions of Corporate Directors;
Governance and issued a certificate, which is annexed x Two (2) are Non-executive Government Nominee
to this Report and marked as “Annexure-5”. Directors; and
DETAILS RELATING TO REMUNERATION OF x Six (6) are Independent Directors.
DIRECTORS, KEY MANAGERIAL PERSONNEL
AND EMPLOYEES It may be noted that pursuant to Article 7A of the
Articles of Association of the Company, so long
Your Company being a Government Company, vide as the Company remains a Government company, the
Notification No. GSR 463(E) dated 5th June 2015 as Directors (including Independent Directors) are to be
amended by Notification No. GSR 582(E) dated 13th nominated by the Government of India.
June 2017 and notification No. GSR 802(E) dated 23rd
NUMBER OF MEETINGS OF THE BOARD
February 2018, has been exempted from applicability
of Section 134(3)(e) and 197 of the Companies Act, The Board met eight (8) times during the Financial
2013. Year 2019-20, the details of same are given in

31
the Corporate Governance Report attached as Shri Sunil Sachdeva, Independent Director is the
“Annexure-4”. The intervening gap between any two Chairperson of the Committee. The composition of
Board meetings was within the period prescribed under the Audit Committee as on 31st March, 2020 was as
the Companies Act, 2013, SEBI (Listing Obligations follows:
and Disclosure Requirements) Regulations, 2015 and
i. Shri. Sunil Sachdeva, Independent Director-
DPE Guidelines on Corporate Governance.
Chairperson
APPOINTMENTS
ii. Shri Vikash Preetam, Independent Director-
During the year following Directors were appointed by Member
the Shareholders at the 102nd AGM:
iii. Shri Arun Tandon, Independent Director-Member
1. Shri Arun Tandon, Independent Director
iv. Shri Bhagawan Das Shivahare, Independent
2. Shri Arun Kumar, Independent Director Director-Member
3. Shri Anil Kumar Upadhyay, Independent Director v. Shri Shyam Sundar Khuntia, erstwhile Director
(Finance)- Member
4. Shri Bhagawan Das Shivahare, Independent
Director All the members of the Audit Committee are financially
literate and some members possess accounting/
In the ensuing AGM, it is proposed to consider
financial management expertise also. The Company
reappointment of Shri Adika Ratna Sekhar (DIN
Secretary acts as the Secretary to this Committee.
08053637), who retires by rotation and being eligible
offers himself for reappointment. COMPLIANCE WITH SECRETARIAL
STANDARDS
It is proposed to appoint Shri Adhip Nath Palchaudhuri
(DIN 08695322) and Shri Sandip Das (DIN 08217697) The Company is in compliance with the applicable
as Executive Directors, of the Company at the ensuing Secretarial Standards (1&2) issued by the Institute of
AGM, in furtherance of the nominations received from Company Secretaries of India and approved by the
the Administrative Ministry and their candidatures Central Government under Section 118(10) of the
proposed by the shareholder of the Company. The Companies Act, 2013.
details of the directors seeking appointment and
STATUTORY AUDITORS & AUDITORS’ REPORT
reappointment are given in the explanatory statement
attached to the notice of the 103rd AGM. Statutory Auditor:
CESSATIONS – ON ACCOUNT OF WITHDRAWAL Your Company being a Government Company,
OF NOMINATION OR RETIREMENT Statutory Auditors are appointed or reappointed by the
Comptroller and Auditor General of India in terms of
- Shri D. Sothi Selvam, Director (Manufacturing
Section 143(5) of the Companies Act, 2013.
Businesses) had ceased to be Director on the
Board of the Company w.e.f 16th December, 2019 In terms of the Companies Act, 2013, Comptroller &
on account of repatriation to his parent organization. Auditor General of India (C&AG) has appointed M/S.
B K Shroff & Co; (Chartered Accountant) 23-A, Netaji
- Smt. Atreyee Booroah Thekedath, Independent
Subhas Road, Room No. – 15, 3rd Floor, Kolkata –
Director had ceased to be the Director on the
700001, West Bengal as Statutory Auditors of the
Board of the Company w.e.f 31st January, 2020 on
Company for the Financial Year 2019-20 for both
account of completion of her tenure.
Standalone as well as the Consolidated Financial
- Shri Kalyan Swaminathan, Director (Service Statements of the Company.
Businesses) had ceased to be the Director on the
Pursuant to Section 142 and other applicable
Board of your Company w.e.f. 1st March, 2020 on
provisions of the Companies Act, 2013, the
account of superannuation.
remuneration of the Auditors for the year 2019-20
AUDIT COMMITTEE is to be determined by the members at the ensuing
Annual General Meeting as envisaged in the said
Your Company has a qualified and independent Audit
Act. Members are requested to authorize the Board
Committee, the composition of same and other details
to decide on their remuneration as per applicable
are mentioned in the Corporate Governance Report
statutory provisions.
for the Financial Year 2019 – 20.
REPORT OF THE STATUTORY AUDITORS
The Audit Committee, as on 31st March, 2020,
consisted of five (5) members out of which one is Report of the Statutory Auditors is annexed with the
Whole-time Director and four Independent Directors Financial Statements. The Statutory Auditors of the

32
Company have not reported any fraud as specified of the Companies Act, 2013.
under the second proviso to section 143(12) of the
COST AUDITOR’S REPORT
Act.
Cost Audit Reports for all the applicable products
COMMENTS OF COMPTROLLER & AUDITOR
for the year ended 31st March, 2019 were filed on 6th
GENERAL OF INDIA
September, 2019 with Cost Audit Cell of Ministry of
The office of the Comptroller & Auditor General of Corporate Affairs within specified due dates.
India (‘CAG’) had conducted a supplementary audit
COST AUDITOR
of the Financial Statements (both Standalone and
Consolidated) of the Company for the year ended 31st Pursuant to Section 148 of the Companies Act,
March 2020. 2013, the Board of Directors on recommendation
of the Audit Committee appointed M/s. S. B. &
The CAG has commented on the Standalone Financial
Associates, Cost Accountants, as the Cost Auditor of
Statements of the Company that on the basis of
your Company for the Financial Years 2020-21 and
supplementary audit, nothing significant has come to
2021-22 relating to goods manufactured by Strategic
their knowledge which would give rise to any comment
Business Units: Greases & Lubricants, Industrial
upon or supplement to Statutory Auditor’s report.
Packaging and Leather Chemicals of your Company.
The CAG has also commented on the Consolidated The remuneration proposed to be paid to the Cost
Financial Statements of the Company that on the Auditor requires ratification of the members of your
basis of supplementary audit, nothing significant has Company. In view of this, ratification for payment of
come to their knowledge which would give rise to any remuneration to the Cost Auditor for the Financial Year
comment upon or supplement to Statutory Auditor’s 2020-21 and 2021-22 is being sought at 103rd Annual
report. Further, Section 139(5) and 143(6)(a) of the General Meeting.
Act are not applicable to the entities as detailed in
SECRETARIAL AUDITOR
Annexure thereto, being private entities / entities
incorporated in Foreign countries under the respective Pursuant to the provision of Section 204 of
laws, for appointment of their the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial
Statutory Auditor and for conduct of supplementary
Personnel) Rules, 2014, the Board had appointed
audit. Accordinglv, CAG has neither appointed the
M/s. D. Dutt & Co, Practicing Company Secretaries,
Statutory Auditors nor conducted the supplementany
to conduct Secretarial Audit of the Company for
audit of those companies.
the Financial Year 2019-20. The Secretarial Audit
Comments of the Comptroller & Auditor General of Report in Form MR-3 for the Financial Year ended
India as per the Companies Act, 2013, are attached 31st March, 2020 is annexed herewith and marked as
with the Financial Statements. “Annexure-6”.
MAINTENANCE OF COST RECORDS SECRETARIAL AUDITORS’ REPORT
Your Company has made & maintained such Cost The qualifications / adverse remark / disclaimer made
Accounts & Records as specified by the Central by the Secretarial Auditor and the corresponding
Government under sub-section (1) of Section 148 management response are as enumerated below.

Sl. Observation/ Comment/ qualification of

Clarification from the Management
No. the Secretarial Auditor
1 The Company having an Executive The Company is a Government Company as it is
Chairperson, at least half of the Board of evident from the shareholding pattern.
Directors did not comprise of Independent
As per the Articles of Association of the Company so
Directors for the period from 01.04.2019 to
long as the Company remains a Government Company,
17.07.2019 contrary to the requirements of
the President of India shall be entitled to appoint one
Regulation 17(1) of the Listing Regulations.
or more person(s) to hold office as Director(s) on the
Requisite number of Independent Directors
Board. Accordingly, Ministry of Petroleum & Natural
were appointed on 18th July, 2019 by the
Gas, being the Administrative Ministry directs us
Administrative Ministry.
regarding change or appointment of Directors.

33
ACKNOWLEDGEMENT

Your Directors are focused on creation of enduring also wish to thank the vendors, business associates,
value for all stakeholders utilizing multiple drivers of consultants, bankers, auditors, solicitors and all
growth in the diverse Strategic Business Units of the other stakeholders for their continued support and
Company. confidence reposed in your Company.
Towards that end, the Directors wish to place on The Directors are also thankful to Balmer Lawrie
record their sincere appreciation of the significant Investments Ltd. (the Holding Company) and the
role played by the employees towards realization of Ministry of Petroleum & Natural Gas, Government of
new performance milestones through their dedication, India, for its valuable guidance and support extended
commitment, perseverance and collective contribution. to the Company from time to time.
The Board of Directors also places on record its deep
Finally, the Directors wish to place on record their
appreciation of the support and confidence reposed in
special appreciation to the valued Shareholders of
your Company by its customers as well as the dealers
your Company for their unstinted support towards
who have contributed towards the customer-care
fulfilment of its corporate vision.
efforts put in by your Company. The Directors would

On behalf of the Board of Directors

Balmer Lawrie & Co. Ltd.

Prabal Basu
Chairman & Managing Director

Adika Ratna Sekhar

Director (Human Resource & Corporate Affairs)

Registered Office:
Balmer Lawrie House
21 Netaji Subhas Road
Kolkata – 700001.

Date: 19th August, 2020

Place: Kolkata

34
 Annexure-1

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

(Forming Part of the Board’s Report for 2019-20)

Pursuant to the provisions of the Companies Act, witnessed significant easing of monetary policy with
2013, the Listing Regulations and DPE Guidelines the repo rate having been cut by RBI by 110 basis
on Corporate Governance, this report is made with points. However, as in other major economies, India’s
an endeavour of the Board of Directors to provide GDP growth also correlates with the growth of global
an overview of each of environs in which different output.
Strategic Business Units [SBUs] of the Company are
The inflation rate in India was soaring at 4.5% during
performing, and to analyse the underlying factors,
2019 and the same has subsided to 3.3% during 2020.
which have acted upon or impacted the performance
of the Company during the Financial Year 2019-20 According to estimates, the Indian logistics sector is
and the future outlook of the Company. expected to grow at 8-10% over the medium term. The
logistics industry of India is currently estimated to be
The year 2019 was a difficult year for the global
around US$ 160 billion and is expected to touch US$
economy. After slowing sharply in the last three
215 billion by 2020.
quarters of 2018, the pace of global economic activity
remained weak in 2019. Momentum in manufacturing Up-gradation of port infrastructure, installation of new
activity also weakened substantially to levels not scanners at ports, development of robust risk-based
seen since the global financial crisis. Rising trade and measures and introduction of new Port Community
geopolitical tensions increased uncertainty about the System at all major ports have led to improvement in
future of the global trading system and international average dwell time at sea ports. New initiatives like
cooperation, taking a toll on business confidence, ‘Turant’4 customs will make customs clearance faster
investment decisions and global trade. and faceless.
The coronavirus pandemic (COVID-19) poses Further imports and exports dropped significantly
unprecedented health, economic, and financial during the first half, especially the second quarter of
stability challenges. Following the COVID-19 outbreak, 2019-2020.
the prices of risk assets collapsed and market volatility
During April-December 2019, world crude oil prices
spiked, while expectations of widespread defaults led
declined owing to weak global demand. As oil has
to a surge in borrowing costs.
a major share in the country’s import basket, it
The Global growth projections of the IMF as per The considerably impacts domestic prices of petroleum
World Economic Outlook (WEO) for 2019, 2020 and products. The mineral oils group in Wholesale Price
2021 continued to contract. As per the latest update Index saw an inflation of 5.8% in April 2019, thereafter
of IMF, the Global growth is projected at -4.9% in saw continuous decline to end at (-)3.2% in December
2020. The COVID-19 pandemic has had a more 2019.
negative impact on activity in the first half of 2020 than
Exports of key labour-intensive sectors, like leather
anticipated, and the recovery is projected to be more
products and textile products under-performed during
gradual than previously forecasted.
the current Financial Year. To incentivize exports, the
However, it is pertinent to note that the performance export duty on EI leather has been abolished and
of the Indian Economy in terms of the Real Gross it has been reduced on hides, skins and leathers
Domestic Product (GDP) growth is better than the (tanned and untanned, all sorts).
advanced economies.
The growth in tourism sector decelerated in 2019-
Amidst a weak environment for global manufacturing, 20 with weaker growth in foreign tourist arrivals and
trade and demand, the Indian economy slowed down consequently dip in foreign exchange earnings from
with GDP growth moderating to 4.8% in the first half tourism. The foreign tourist arrivals growth (YoY) has
of 2019-20, lower than 6.2% in second half of 2018- decelerated since then to 5.2% in 2018 and 2.7% in
19. January-October 2019. This trend, however, is not
unique to India, as the growth (YoY) in international
The deceleration in GDP growth can be understood
tourist arrivals globally also slowed from 7.1% in 2017
within the framework of a slowing cycle of growth
to 5.4% in 2018. Notably multiple reliefs from GST
with the financial sector acting as a drag on the real
taxation have been provided to various categories of
sector. In an attempt to boost demand, 2019-20 has
services including tourism and hospitality services.

35
In the COVID-19 aftermath, countries will need to loans for businesses including MSMEs, EPF support
realise a new reality of the tourism and travel industry for businesses & workers for 3 more months,
and make all efforts to shape the sector accordingly. special Liquidity Scheme for Non-Banking Financial
Tourism businesses will require a re-thinking of how companies / Housing Finance companies / Micro
they will operate in terms of hygiene, health and safety Finance institutions, Liquidity Injection for Power
measures in order to ensure safety of their clients Distribution companies, and TDS / TCS rate reduction.
and staff. The Ministry of Tourism has proposed to
Direct support to farmers and rural economy
recommend Protocols covering all service providers
provided post COVID-19, Agri infrastructure fund
and their related activities in tourism and hospitality
for farm-gate infrastructure for farmers, upgradation
sectors, to ensure a safe and prepared approach
of industrial infrastructure, policy reforms in Coal
for a post COVID-19 revival. The guidelines have
sector, enhancing self-reliance in Defence production,
been prepared with primary focus on identifying and
efficient Airspace Management for Civil Aviation, more
mitigating risks for the service provider and for ensuring
world-class Airports through PPP, Tariff Policy reform,
necessary safety and hygiene practices in interaction
privatization of distribution in UTs, boosting private
with travellers. Minimizing all possible touch points by
sector investment in Social Infrastructure through
use of digital technology has been one of the guiding
revamped Viability Gap Funding Scheme, boosting
principles for the guidelines. This would not only help
private participation in Space activities, and Atomic
in reducing the risk but also make traceability of the
Energy related reforms.
guest easier in case a situation in future warrants so.
Reforming Governance for Ease of Doing business,
According to the Ministry of Statistics, in the fourth
Technology driven systems - Online Education during
quarter of Financial Year 2019-20, India’s growth
COVID-19, Health reforms & initiatives, Technology
dropped by 3.1% due to widespread presence of
driven Education with Equity post COVID-19, to further
COVID-19. The coronavirus pandemic has had a
enhancement of Ease of Doing business through IBC
negative impact on the economy of the nation. India
related measures, Decriminalisation of the Companies
has faced the COVID-19 situation with fortitude and
Act defaults, Public Sector Enterprise Policy for a New
a spirit of self-reliance. India has demonstrated how
Self-reliant India, and supporting State Governments.
it rises up to challenges and uncovers opportunities
therein. With the above bird’s eye view of the macro economic
factors, we can now discuss the performance of our
The highlights of vision of the Hon’ble PM to combat
Company’s Strategic Business Units in detail:
the challenges in these difficult times are as under:
1. INDUSTRIAL PACKAGING
- Call for ]טǓ“—[š —ȡš \Ǔ—™ȡ“ or Self-Reliant
India Movement Industry structure and developments
- Focus on five pillars of Aatmanirbhar Bharat The Indian Packaging industry is estimated at
– Economy, Infrastructure, System, Vibrant Rs. 220,000 crores, which can be broadly segmented
Demography and Demand into Industrial and Consumer Packaging consisting
of Rigid and Flexible sub-segments. Rigid Industrial
- Special economic and comprehensive package of
Packaging can be further segmented based on size,
Rs. 20 lakh crores - equivalent to 10% of India’s
type, material etc.
GDP
210 Ltr Mild Steel (MS) Drum industry, a part of the
- Package to cater to various sections including
rigid industrial packaging segment, has over 70
cottage industry, MSMEs, labourers, middle class,
players across India. The industry has higher capacity
industries among others
compared to the market demand leading to intense
- Bold reforms across sectors will drive the country’s competition in the market place.
push towards self-reliance
Balmer Lawrie & Co. Ltd. is the market leader in this
- Vocal for our local products and make them global industry with a market share of more than 32%. The
SBU operates through seven manufacturing plants
The Government has introduced various packages
on pan India basis which includes the state-of-the-art
covering all segments of the economy and citizens
facility at Navi Mumbai.
which include:
The SBU manufactures high quality products ranging
Pradhan Mantri Garib Kalyan package, relaxation
from Open-Head including 100 Ltr capacity, Tight-
in Statutory and Compliance matters, targeted long
Head, Plain, Lacquered, Composite, Galvanized, Tall,
term Repo Operations, moratorium of three months
Necked-In and Conical Drums catering to diverse
on payment of instalments, collateral-free automatic
industry segments and the esteemed customers

36
in these segments. These products are utilized for Lubricants, Chemicals, Transformer Oils and Fruit
packaging Additives, Chemicals, Lubricants, Food & Pulp are the major segments contributing to approx.
Fruit Pulp, Edible Oils and various Liquid and Semi 90% of the SBU sales. Newly set up Vadodara plant
Liquid substances. commissioned in the previous year, is gradually
scaling up its operations and expected to provide a
Balmer Lawrie’s Industrial Packaging is acclaimed for
significant edge to the SBU for further growth.
superior product quality, high reliability in supplies,
modern manufacturing systems, and excellent Outlook
servicing through customer centric experienced
Due to the outbreak of COVID-19 pandemic and
personnel. It enjoys a high brand value, large, diverse
continuing lockdown, there is general uncertainty
and growing customer base and strong pan-India
regarding the resumption of normalcy. It is expected
presence. Its focus on continuous improvement,
that the unlocking will be gradual, thus, affecting
quality assurance, innovation, sustainability and HSE
businesses across all segments. The Reserve Bank
helps the business in having an edge over competition.
of India recently accepted that the GDP growth will
During the Financial Year 2019-20, the Silvassa slip into negative territory in the current year due to
plant was rated for Gold Category and Chennai collapse in demand and slide in consumption following
plant was rated Bronze category under National the lockdown. The SBU expects recovery of business
Award for Manufacturing Competitiveness. Further, in the second half of Financial Year 2020-21.
the Navi Mumbai plant was rated in Gold category
The SBU anticipates significant growth in the coming
in National Green Manufacturing Challenge 2019.
years with the biggest drivers being Chemicals /
BL retained Silver Rating from EcoVadis – a global
Agrochemicals, Transformer Oils and Additives
solution provider which partners with 300+ leading
segments. The SBU has plans to aggressively expand
multinational organizations to reduce risk across the
in the Exports segment.
supply chain and drive innovation in their sustainable
procurements. Risks and concerns
The MS drum industry is a proxy for manufacturing Health and safety concerns, lockdown controls,
industry. The key industry segments, which are catered exodus of manpower and disruption of supply chain
to are: Lubricants, Chemicals & Agrochemicals, have severely affected the business. Liquidity is
Food & Fruits, Transformer Oil, Additives, Bitumen & under severe stress affecting the working capital
Bitumen Emulsion. The overall industrial growth is a requirements.
driver for the drum industry.
Large number of unorganized players with low
Opportunities & Threats overheads, increasing presence of substitute
Opportunities products, low entry barriers etc. continue to pose
severe competition for the SBU.
x Introduction of new products thereby enhancing
the product portfolio Internal control systems and their adequacy
x Accessing new markets through exports The SBU is governed by performance budget system
and internal control measures to monitor performance
x Tapping new customers in Gujarat through the new
against targets / norms. BIS certification is available
plant at Vadodara.
for all the plants of the SBU. All the seven plants
Threats under the SBU are certified for ISO 9001:2015 and
x Substitute Products and Alternate Packaging (IBCs, ISO 14001:2015 and OHSAS 45001:2018. Additional
RIBCs, Collapsible Bins, HDPE and Reconditioned controls are maintained through Internal Audit,
drums) Vigilance Inspection etc.
x Competition from smaller players having locational Discussion on Financial performance with respect
advantage to operational performance
Segment-wise or product-wise performance During the year, the SBU improved its profitability
despite decrease in volumes. The SBU improved
The Industrial Packaging SBU has been showing its overall efficiency through Operational Excellence
consistent growth in volume, turnover, profitability and across various manufacturing units.
profits. However, during the current year, due to overall
compressed demand and lower demand from fruit pulp Material developments in Human Resources /
industry, the volumes were under pressure. Inspite of Industrial Relations front including number of
the adverse market situation, the SBU was able to people employed
better the profitability as compared to previous year. The SBU continues to enjoy cordial relationship with
37
employees at all its units. As on 31st March, 2020 Segment-wise or product-wise Performance
the SBU had total 188 employees consisting of 119
The business of SBU-G&L may be divided into:
Executives, & Officers and 69 unionized employees.
a) Contract Manufacturing and Processing: The
2. GREASES & LUBRICANTS
SBU continues to remain in this segment despite
Industry structure and developments low margins in order to improve its capacity
utilization; however the volumes have come down
India is the third largest lubricant market after China
significantly.
and USA with an estimated finished lubricant market
of 1750 Million Ltr (without process oils), valued at b) Direct Sales: The SBU’s shift in focus to profit
USD 5 Billion. The Automotive segment accounts making non-tender businesses from volume-
for 60-65% share while the balance 35-40% share driving tender businesses has resulted in negative
is from Industrial segment. The market witnessed growth in volume and substantial jump in profit.
growth challenges in Financial Year 2019-20 due to The SBU will continue focusing on: -
the slowdown in economy and sluggish demand from
Ɣ Profitable and sustainable business
the auto industry. The lube market in India is expected
to grow at a CAGR of 1.5% through 2023 following Ɣ Shifting from tender business to non-tender
the current slowdown due to the COVID-19 pandemic. business
The competition in the market is intense with global
Ɣ Shifting from conventional products to value
players and local manufacturers putting up aggressive
added products for better margins in Steel,
strategies for increasing their share in the market
Mining, Infrastructure, Fleet and Auto OEMs
place. BP Castrol, Exxon Mobil, Shell, Gulf, Total
segments
and Petronas are some of the major global players
while the local manufacturers consist of IOCL, BPCL, Ɣ Business Development and adding new
HPCL, Tide Water, Savita, Apar, etc. customers
Opportunities & Threats Ɣ Increased level of engagement with customers
and end-users
Opportunities
Ɣ Reinforcement of the Technical Services team
x One of the fastest growing markets in the world
and is expected to continue its growth in the next c) Channel Sales (Automotive and Industrial): The
5 years. SBU has witnessed a de-growth in Channel
Sales as compared to last year mainly because
x With less than 2% market share, the Balmerol
of sluggish Automotive demand throughout the
brand has an excellent opportunity to grow.
Financial Year 2019-20 and fierce competition &
x Pan India operations with three manufacturing promotions done by the MNCs and other PSU oil
plants in Kolkata, Silvassa and Chennai companies playing on huge discounts to keep the
sales intact. However, the small pack sales have
x Positive Brand Image in Greases and Specialties
registered growth over Financial Year 2018-19
due to long presence
and there has been an increase in Retail Outlets
x Industry recognition in core sectors like Railways, selling Balmerol brand, which has contributed
Defense, Steel and Mining to better profitability. The Balmerol brand is now
launched in the Nepal market and we intend to sell
x Excellent Research & Development Facility
300 KL in Financial Year 2020-21 there.
Threats
The SBU will continue focusing on;
x Supply security of base oils
- Increasing network in focused states
x Aggressive pricing by competitors
- Diesel Engine Oil (DEO) & Motor Cycle Oil
x Higher marketing spends by competitors (MCO) will be prime focused products
particularly in retail distribution network
- Launch of Long-Life Greases targeted to get
x Liquidity issue and overall economic condition higher volumes
throughout the current Financial Year and Financial
- Launch of Glider 4T & Super Star 10W 30
Year 2021-22 will impact our growth and network
mineral based 4T oils to add on the volume
expansion plan.
in MCO.
x Resource constraints in Sales / Marketing /
- Appointment of exclusive Distributors for MCO
Technical Services.

38
 - Special focus and promotion in tractor segment certified to IATF 16949:2016 Quality Management
to promote DEO in rural areas System specifically for the automotive sector.
- Increase Visibility – Retail Display of new Regular audits have been conducted during the year for
packaging at the dealer outlets assessment of internal control systems such as HSE
- Extensive mechanic contact programs. Audit, Energy Audit, Internal Process Audit, Internal
Financial Controls Audit and Legal Compliance Audit.
Outlook
Discussion on financial performance with respect
- Increase in Retail Volume – Focus on DEO & to operational performance
MCO along with Greases
During the year under review the SBU has witnessed
- Network expansion by increasing distribution a de-growth in its overall performance in terms
network of production and sales as well as the topline as
- Implementation of DMS (Distributor compared to last year, resulting in a consequent drop
Management Software), CRM (Customer in its bottomline.
Relationship Management) and Digital Loyalty
The SBU has worked out strategies in the perspective
Program for Mechanics
of product substitution, cost effective formulations,
- Increasing Marketing activities (mainly value addition, bio-degradable products, etc. to combat
Below The Line) and customer engagement the challenge of margins in the coming Financial Year.
programs
Material developments in Human Resources /
- Explore Opportunities in Transport and Industrial Relations front including number of
Infrastructure Segments, which are the people employed
fastest growing segments in terms of lubricant
consumption The SBU continues to enjoy cordial relationship with
employees at all units. As on 31st March, 2020 the SBU
- Increase business share in Steel, Mining, had total 196 employees consisting of 84 Executives,
Railways, Defence and Auto OEMs 32 Officers and 80 unionized employees.
- Increase Non-Tender Private Business
3. LEATHER CHEMICALS
- Increase Original Equipment Manufacturer FF
and Service fill Industry structure and developments

- Retain leadership in Grease segment The leather sector has been identified as one of the
focus sectors as part of the Government’s Make in
Risks & Concerns India program. Leather is a by-product of the meat
- Dependency on tender business industry. By-products like hides and skins, which are
available from the meat industry are recycled into
- Inadequate distribution network
usable products by various tanning processes. There
- Poor brand visibility are three stages of processing Beam House, Wet
- Supply security of Base Oils End and Finishing. The SBU is stronger in Wet End
operations where it enjoys considerable market share
- Lack of global OEM approvals among the Indian players in India. This year the SBU
- Limited spends in marketing as compared to has presence in the Beam House chemicals segment
MNCs and other major PSU Oil Marketing and has forayed into Finishing chemicals. A state-of-
companies the-art Finishing chemicals plant has been set up in
Chennai. The SBU will have an advantage to target
Internal Control Systems & their adequacy more customers with a wider product basket. Since
The SBU has adequate internal control systems export of raw hides and skins are banned in India,
suitable for its business needs. The SBU also has a the entire resource of hides and skins are getting
detailed Management Information and Control System converted into leather and leather products for export
to monitor performance against budgets / targets. and domestic use. There is a huge scope available in
the syntan market also. The SBU has plans to tap the
All units of the SBU are certified for quality management
market with both existing and new products.
system and periodic / recertification audits were
conducted at all units for IMS 2015 (ISO 9001:2015, ISO The annual leather production is around 3 Billion
14001:2015 and OHSAS 18001:2007). The Silvassa sq. ft. which is 10% of the world leather requirement
plant has been upgraded from OHSAS 18001:2007 to and annual export from the Indian leather industry is
OHSMS 45001:2018. The Silvassa unit is additionally around US$ 6 Billion.

39
The leather industry holds a prominent place in Outlook
the Indian economy. This sector is known for its
The path forward as envisaged in this SBU is as
consistency in high export earnings and it is among the
follows:
top ten foreign exchange earners for the country. To
boost the domestic footwear industry, the Government - Improve the sales volume through existing dealers
has increased the import duty on footwear to 35% and increase the distribution channel by appointing
from 25%. The leather industry is an employment new dealers in all three regions
intensive sector, providing jobs to about 4.5 million
- Focus more on new product line like Beam House
people, mostly from the weaker sections of the society.
and Finishing chemicals
Employment of women is predominant in the leather
products sector with about 30% share. - Upgrade the Technical Service Centers
In terms of market potential in India, the Southern - Focus on the export markets like China, East
Region holds 44%, East is at 23% and the North has Africa, Korea and Bangladesh
33%. India is the second largest producer of footwear Risks and concerns
and leather garments in the world.
Closure of Northern Region tanneries due to
This industry is a fashion driven industry. Regular new environmental issues, increasing usage of non-leather
products and cost-effective recipe based technical products, lesser export orders are the major risks and
services are necessary for tanneries and leather concerns for this SBU.
chemical manufacturing companies.
Internal control systems and their adequacy
The important new products launched in the last
year were Balmol PG1 and Balwet 90 which played a The SBU uses SAP to control raw materials and
significant role in the gloving segment in the Eastern overheads. The manufacturing unit at Manali, Chennai
Region. These products have been well accepted by is certified for Integrated Management System
majority of the customers. comprising of ISO 9001:2015, ISO 14001:2015 and
ISO 45001:2018 of M/s. International Certification
Opportunities & Threats Services Private Limited, Mumbai.
SBU Leather Chemicals holds a major market share The SBU is a registered member of the Leather
in the Fat Liquors segment and is a significant market Working Group, UK (LWG).
share holder in the Syntan segment. This SBU has
enough opportunities to grow in other segments like Discussion on financial performance with respect
Finishing and Beam House Chemicals. The SBU to operational performance
has introduced new chemicals in the Beam House Inspite of volatile market conditions and closure of
segment like Wetting agents, Basic Chrome Sulphate tanneries in the Northern Region, the SBU managed
(BCS) etc. The SBU also launched a range of to make profits continuously for the fifth year through
finishing chemicals being manufactured in a modern OPEX initiatives, process improvements, proactive
manufacturing facility. sales and marketing activities.
The SBU has well equipped ‘Technical Service Center’ Material developments in Human Resources/
in all the major leather manufacturing clusters in India Industrial Relations front including number of
and renders high quality technical services to the people employed:
tanneries. The SBU developed eco-friendly, metal free
tanning process with Gluteraldehyde which has been Training & development programs by internal and
popular now in the market. The SBU has a strong external faculty were continuously organized to
brand image, well-developed distribution network, improve the skill levels of employees . The SBU
loyal customer base, penetrated good number of A maintained cordial relations with all the stakeholders.
/ B category customers which can be leveraged for As on 31st March, 2020, the SBU had total 67
enhancing its business in other segments. employees consisting of 34 Executives, 7 Officers and
26 unionized employees.
Shrinking market due to less export order, increasing
demand for non-leather products and environmental 4. LOGISTICS
issues are the major threats. Logistics Infrastructure (LI)
Segment-wise or product-wise performance Industry structure & developments
Inspite of lower sales volume than the previous Logistics is considered to be the backbone of the
year, the SBU continued to earn profits by process economy, and it is the process of planning and executing
improvement and Operational Excellence initiatives. the efficient transportation and storage of goods from

40
the point of origin to the point of consumption. The high on the structured reforms wave, including the
goal of Logistics is to meet customer requirements recent infrastructure status granted to Logistics and
in a timely and cost-effective manner. The Logistics the implementation of GST, the Indian warehousing
industry in India is evolving rapidly and it is the and logistics sector is estimated to attract nearly 10
interplay of infrastructure, technology and new types Billion USD investments over the next 4-5 years. With
of service providers, which define whether the industry addition of around 200 million sq. ft. warehousing
is able to help its customers, reduce their costs and space across India, the total supply is expected to
provide effective services. The Logistics Infrastructure nearly double by 2022. It accounts for 5% of the Indian
business comprises of three main segments viz., logistics market. The growth in Indian warehousing
Container Freight Stations (CFS) typically set up in the industry is led by various factors, prominent amongst
vicinity of Ports, Warehousing & Distribution (W&D) them being initiatives of the Government like Make-
and Temperature Controlled Warehouses (TCW). In-India in facilitating manufacturing at the local level,
CFSs are an extended arm of the port set up primarily implementation of Goods and Service Tax (GST),
with a view to decongest ports. Growth of e-commerce, digitisation, thrust on the
economy moving to cashless state, growing domestic
CFS provides an integrated platform for activities
consumption, favourable increase in international
such as loading / unloading, transporting, stuffing, de-
trade and growth in private and foreign investments
stuffing of containers. During Financial Year 2019-20,
in infrastructure.
container handling at the top 12 Ports in India grew
by 4.61% which is lower than the last year’s growth of The Company’s Warehousing and Distribution facilities
8.98%.The total container throughput in India during are presently available at Kolkata and Coimbatore.
Financial Year 2019-20 was around 12.67 million TEU Your Company has successfully bid and bagged a
while it was 12.12 million TEU in Financial Year 2018- contract for providing warehousing and distribution
19. Presently, the Company has three state-of-the art facilities for the manufacturing units operating out of
CFSs located at Nhava Sheva (Navi Mumbai), Chennai Andhra Pradesh MedTech Zone Ltd. (AMTZ) on Build,
and Kolkata. Incidentally, these three ports account Operate, Manage and Maintain (BOMM) basis. The
for nearly 53% of the total container traffic handled in warehouse capacity is of 80000 sq. ft. in which cold
Indian Ports. The import volume in the three ports of storage consists of 5000 sq. ft. The same has been
JNPT, Kolkata and Chennai improved by 0.90% but commissioned in February 2020 and the operational
the volumes moved to CFS from Port in these three activities shall be started soon.
cities went down by 4% during Financial Year 2019-20
India’s cold chain industry is still evolving, not well
as compared to the earlier year. The main reasons for
organized and operating below capacity. The Indian
the negative growth in volumes moved to CFSs were
cold chain market is highly fragmented with more
due to development of Inland Container Depots (ICDs)
than 3,500 companies in the whole value system.
which cater to the interior parts of Western and Central
Organized players contribute only 8-10% of the cold
India and implementation of Direct Port delivery
chain industry market. Most equipment that are in
(DPD) at Nhavasheva and Chennai locations. The
use are outdated and single commodity based. Cold
industry witnessed the implementation of technology
storage capacity is expected to grow at nearly 13%
driven policies to clear the containers or cargo at
per annum on a sustained basis over the next 4 years,
fast pace so as to facilitate “ease of doing business”
with the organized market growing at a faster pace
for the importers and exporters. DPD, especially at
of 20%. The Indian cold chain market is projected to
Nhava Sheva, was started during the fourth quarter
reach Rs. 3,000 Billion by 2025, growing at a CAGR of
of Financial Year 2016-17 and the measures taken
14.8% during 2020-25. The key growth drivers include
to streamline its effective implementation resulted
growth in organized retail and food service industry,
in significant reduction of volume available for CFS.
Government’s initiatives, and rising export demand
Further to this, the DPD concept has been extended
for processed and frozen food. The industry has now
to all the locations to facilitate reduction of costs for the
become an integral part of the supply chain industry
importers. The DPD at all the locations has increased
comprising of refrigerated storage and refrigerated
considerably over the period.
transportation.
Warehousing, or warehouse management, includes
Opportunities & Threats
such functions as inventory management and order
fulfilment. It also involves managing warehouse There are opportunities for growth as India’s
infrastructure and processes that involves the handling containerisation level is still much lower than most
and storage of cargo in an efficient manner. The of the developed countries which offers hope to
warehouse industry in India is worth INR 615 Billion this industry. The Government of India is expected
and is growing at a rate of 10-12% every year. Riding to invest highly in the infrastructure sector, mainly

41
highways, renewable energy and urban transport. The volumes for CFS and reduced profit margins for
Sagarmala Programme, the INR 9.2 trillion investment most of the operators primarily due to difficult global
proposals of the Government of India entailing setting environment as well as issues on the domestic front
up of new mega ports, modernization of India’s existing like low technology utilisation, customs procedures,
ports, development of 14 Coastal Economic Zones ICDs development, DPD implementation, increasing
(CEZs) and Coastal Economic Units, enhancement port congestion, increasing demand for incentives
of port connectivity via road, rail, multi-modal logistics from Shipping Lines, CHAs, Forwarders, reduction
parks, pipelines & waterways and promotion of coastal in logistics costs sought by Importers and Exporters,
community development, all point to a very positive Shipping Lines wanting to have their own CFS and
direction for the Logistics Infrastructure business. offer captive market to their CFS etc. The Shipping
Besides these, there are Ports where numbers of CFS Lines and Ports are going for backward integration in
operators are quite less. It can also be noted that the order to offer customised logistics solutions to their
growth of traffic at non-major ports has been increasing customers. The decrease in the dwell times of the
significantly year on year. With the implementation containers at the CFS is affecting the bottom-line of
of GST and the increase in volume of containers the organization. The competition in the industry is
getting cleared through DPD, the handling of LCL forcing the players to follow the same suit so as to
consolidators’ cargo and venturing into Warehousing retain the volume.
and its affiliated activities like value added services
Besides this, giving a push to the ‘Ease of Doing
in addition to the CFS services including last mile
Business’ initiative, the Prime Minister’s Office (PMO)
transportation, packaging, labelling, and distribution
had directed the Shipping Ministry to increase the
can be seen as opportunity in the long term.
share of “direct delivery” consignments at Indian ports
Other initiatives of the Government for the sector to 80% by the end of Financial Year 2020-21. In the
such as capacity enhancement of the Green Energy recent years, the DPD concept has been partially
Corridor Project and development of Dedicated diluted by moving the containers to CFS as part of
Freight Corridor have encouraged greater movement DPD / CFS facility by the Importers / Forwarders and
of containerised traffic and increase in the demand CHAs. This has led to the increase of bargaining
for CFS / ICDs. Further to this, the development of power of Forwarders / Importers / CHAs to move the
upcoming Multi Modal Logistics Hub (MMLH) projects containers to CFS of their choice by getting the best
also entail development of ICDs within their premises. rates with maximum free days possible in the market.
On an average 60% of the volumes are being diverted
There are growth opportunities in the Cold Chain
from DPD / CFS to different CFSs where the margins
sector which are primarily seen in the area of
on the containers are very less. The similar trends of
organized retail comprising Quick Service Restaurants
DPD volumes of 53% in Chennai and 43% in Kolkata
(QSR) and Modern Retail (MR). Changing consumer
has been affecting the volumes available to CFS.
trends for convenience and processed foods are also
giving opportunities to the cold chain industry. The Land acquisition issues, high capital investment, low
Government of India is also setting up 30 Food Parks technology penetration, lack of supporting infrastructure
to promote the cold chain industry. The Indian Pharma and fragmented market are collectively impeding the
industry is also giving a boost to the cold chain industry. growth of this business segment. Growth in share of
minor ports and increasing market share of private
Large import houses are showing keen interest to have
ports may lead to volumes getting diverted from the
direct negotiation with CFSs by removing dependence
three major ports of JNPT, Kolkata and Chennai to
on mediators, which is likely to be a good opportunity
nearby ports, which in turn will affect the volumes of the
for CFS operators. In addition to this, due to the strict
Company. Growth in exports has been muted for the
implementation of policy of DPD by customs, import
last few months and lukewarm level of project activity
houses are in need of the Warehouses / CFSs where
in the country are headwinds faced by the SBU.
they can stock the cargo till their customer requires the
raw material. The advantage of BL having its own CFSs Considering the potential in Cold Chain Logistics,
in three major locations, the strength of relationship the Company ventured into setting up Temperature
with major shipping companies through its other Controlled Warehouses (TCW). The first state of the
activity Logistics Services, its efficiency of operations art TCW was commissioned in Hyderabad in March
and ability to offer integrated and customized services 2016. The second TCW at Rai, Haryana is established
are continuously providing growth opportunities for and started operation from October 2017. The third
the business. one at Patalganga near Panvel, Maharastra has been
commissioned in December 2018. All the three TCWs
For the last few years, CFSs / ICDs were facing
i.e. Hyderabad, Rai and Patalganga are operational.
tough times which reflected in declining container
The Company is also in the process of setting up a Cold

42
Storage in state of Odisha near Bhubaneswar which by the pandemic.
is expected to be operational in the current Financial
Risks & Concerns
Year. The Company has also ventured into Cold Chain
Transportation business and in the process, procured DPD is the major concern at this point of time as the
18 numbers of reefer vehicles. These will be used share of the revenue for SBU: LI is being generated
for providing end-to-end solutions to the customers. by the CFS business. Mergers of Shipping Lines are
Through these facilities, the Company will not only be witnessed in the industry. The development policies
providing reliable temperature-controlled solutions but of Shipping Lines and Ports may also pose a major
also act as a differentiator in the TCW domain. risk in the process of offering cost effective solutions
to the customers. This can lead to hardening of
The Company has also been working on the
freight rates as the level of competition comes down
management of Integrated Check Post (ICP)
with consolidation of shipping lines. More efficient
Operations and has already started managing ICPs
and technology driven port operations are enabling
at Jogbani and Raxaul, Bihar. Besides this the
reduced dwell time. Opportunities for earnings are
Management is in the process of asserting feasibility
coming down year after year and per TEU profitability
of operating other ICPs at different locations.
is continuously under pressure. In view of the stiff
During the year, the CFS business was not able to competition, CFSs are not able to pass on the increase
grow in volumes, revenues and earnings as compared in costs to the customers. Over the last few years,
to the previous year but was able to retain its present service levels being offered by a good number of
set of customers. The Warehousing activity continued CFS operators are almost similar with the users being
to perform well during the year due to better utilisation indifferent to doing business with any particular CFS.
of space and the business segment of Temperature Overall there is a substantial reduction in earnings per
Controlled Warehouses has also started looking up. TEU for most of the CFS operators. Challenges faced
by the SBU are being addressed through appropriate
Future Outlook
management intervention, employee involvement and
The COVID-19 pandemic has a widespread impact improved processes.
across all sectors of the Global as well as Indian
Internal control systems and their adequacy
economy. The GDP growth and buoyant global trade
are the key drivers for increased throughput and LI through its Operation package i-Comet has built
occupancy for Warehousing and CFSs. The SBU is in high degree of control with checks and balances
not likely to be able to deviate from the industry growth to conduct its operations effectively and efficiently.
trajectory. Financial records are however maintained in SAP.
There are periodic internal and external audits
However, the Logistics Infrastructure SBU of Balmer
conducted for the SBU. LI, like all other SBUs of the
Lawrie is able to bring together a unique set of value
Company has a very robust Performance Budgetary
proposition to its customers. Firstly, coupled with the
control system whereby actual performance is
Logistics Services SBU it is a combination of asset
weighed against the Business Plan developed before
light and asset intensive plays in the Logistics sector
the commencement of the year. All the three units of
– thus spanning a wider gamut of services for which
LI are certified under ISO 9001:2008, ISO 14001:2004
the customers look at Balmer Lawrie as a “one stop
and ISO 18001:2007.
shop”. Within the asset-centric business, the SBU is
able to offer a basket of solutions: Container Freight Discussion on financial performance with respect
Stations, Temperature Controlled Warehouses, to physical / operational performance of SBU
Ambient Warehouses, ICPs catering to Land Ports and
Loaded Import arrivals to our CFS were down by
a Multimodal Logistics Hub (through Vishakhapatnam
9% and exports went down by 31% compared to the
Port Logistics Park Limited). The comprehensive
previous fiscal. This resulted in bringing down the
services – offered across pan-India locations make
SBU’s turnover by 8% and the profits by 18% over last
the SBU a partner of choice to Importers, Exporters,
year levels.
Shipping Lines, CHAs, Freight Forwarders and the
trade. Material development in Human Resources /
Industrial Relations front including number of
So, while there is a wide variety of hurdles for the
people employed
industry and the SBU, it is expected that a combination
of diversified service range, pan-India presence, Industrial relations in all the units of CFS and W&D
technology-led customer intimacy, knowledgeable remained cordial right through the year. As on 31st
resources – will ensure that the SBU is able to grow March, 2020 the SBU had total 141 employees
in the face of significant crisis inflicted to the economy consisting of 43 Executives, 36 Officers and 62

43
unionized employees. imperative for logistics service providers to innovate
and adapt to the transforming logistics landscape.
Logistics Services (LS)
Online freight platforms and aggregators are on the rise
Industry structure and developments in the Indian logistics market, given the need for low
entry barriers and less capital investment compared to
The Indian Logistics sector currently valued at USD
setting up of an asset-based business model.
150 billion, is contributing around 14% of country’s
GDP and is expected to become worth USD 215 billion Due to the entry of global giants and large Indian
in the next few years. With the easing of FDI norms, corporate house, Indian logistics industry has become
implementation of GST, introduction of the E-Way heavily competitive. Consolidation of business and
Bill, increasing globalization, growth of ecommerce, industry locally as well as globally has taken place
positive changes in the regulatory policies, and the aggressively in the recent past, with number of
various Government initiatives such as Bhartmala, significant mergers and acquisitions at various levels
Sagarmala, Dedicated Freight Corridors, Inland and segments.
Waterways & Coastal Shipping programs, Make in
The major players in the Logistics Services sector
India, Multi-Modal Logistics Park Policy, Digital India
are large Multinational Organisations, including all
etc., the sector is poised to grow manifold in the years
the major MNC Freight Forwarding companies that
to come. Granting of infrastructure status and industry
have set up shop in India, introducing much needed
status to the sector has made it easier for investment
technology and corporatisation of the sector.
inflows and this is a major growth driver of the Logistics
industry. Opportunities and Threats
Despite the recognition of logistics being a critical The impact of China-US Trade Wars and spreading
driver of economic development, logistics cost in COVID-19 pandemic across the globe created an
India, estimated at 13-14% of GDP, is very high (USA instability in Air / Ocean supply and buying rates in
9-10%, Europe 10%, Japan 11%) compared with the last quarter. Organic and inorganic growth of
more efficient global environments, and the sector multinational as well as domestic players in the
continues to be highly unorganized. India also has a expanding Indian logistics market has already made
skewed modal transportation mix, with 60% of freight the industry highly competitive which the SBU is
moving on roads, which is significantly larger than in countering through its multi focused strategies. The
key developed economies. The Government of India SBU is losing experienced logistics professionals due
had created a Logistics Wing headed by a Special to superannuation and is facing difficulties to replace
Secretary under Ministry of Commerce and is in the them with equally equipped professionals from the
process of drafting a National Logistics Policy. This market. However, this year the SBU has been able
department is working at bringing in transparency recruit a robust Sales Team, which will help the unit
in the Ocean Freights, Terminal Handling and other to focus on hitherto untapped Government / PSU
allied charges, in order to reduce the overall logistics customers as well as the Private Sector business.
cost for boosting the EXIM trade. Increasing its focus on specific high throughput
trade-lanes coupled with penetration in segments
Advancements in digital technologies, changing
with high EXIM trade value will help address the
consumer preferences due to e-Commerce,
threats and throw up new opportunities for the SBU.
Government reforms, and shift in service sourcing
The emphasis on Aatmanirbhar Bharat and Vocal
strategies are expected to lead the transformation
for Local may have short term headwinds for the
of the Indian logistics ecosystem. The Government
international freight forwarding industry in India but
expects the Indian logistics sector to grow to USD
as the geopolitical scenario evolves, Indian industry
360 billion by 2032 majorly contributed by Road
is expected to leverage the shifting dynamics of global
Transportation, Cold Chain Facilities, Multimodal
supply chains. The pandemic is compelling global
Logistics Park, Warehousing & Distribution and
corporations to spread its risks and the medium to
Coastal & Inland Waterways Sector. Digitalization
long term benefits of a more competitive India will
will improve the efficiency and performance in freight
augur well for the freight forwarding industry.
management and port operations. The introduction of
the E-Way Bill, e- Sanchit and GST implementation The outlook for India’s Freight Forwarders is positive;
will further help in reduction of cost. growth in the economy supported by enabling policies
and digitalization, rising e-commerce, development
Logistics start-ups in India gained a substantial foothold
of remote areas and Make in India initiative that has
during the year. Online platforms have increased
seen several foreign firms enter the country to set up
competition and lowered freight costs with real-time
manufacturing bases. India’s homegrown logistics
data availability and a transparent value chain. It is
companies are indeed poised to give stiff competition

44
to their foreign counterparts. Although the freight and is working closely with other players to nurture a
forwarding industry is highly fragmented, credibility similar relationship to gain reciprocating business. The
as a PSU, strong pan-India presence, worldwide SBU has also increased the number of Associates in
strong Associate Network, robust technology and the different countries like China, Africa and South America
transition of customers towards organized players to be more competitive in handling Ocean volumes.
with skills, expertise and financial strength will help
The SBU continues to be an active Member of different
us overcome the short term challenges and ensure
Industry Associations, like ACAAI, FFFAI, AMTOI,
substantial growth in the medium term.
CII Logistic Forum, Bengal Chambers Shipping
Segment-wise or product-wise performance Committee to name a few.
SBU Logistics has presence in International Air / Risks and concerns
Ocean Import / Export Freight Forwarding and Project
The SBU works in a highly competitive market,
Cargo movement. Air freight services, though suffered
facing aggressive price competition majorly from
a declining trend in the year under review, continued
multinationals and big local forwarders. Revenue
to be a dominant activity of the SBU with around 56%
generation avenues in the hands of logistics
(last year 68%) share of the overall topline. Other than
operators is getting squeezed due to the highly
Air Import and Export activities, Ocean freight also
competitive and customized services offered, while
has contributed more than 27% of the overall topline
input cost in terms of freight as charged by carriers
for the SBU where the SBU has registered a growth of
showing increasing trend. The issue is expected to
around 36% ( last year). The Unit has also established
become more intense and volatile in the near future
a relatively small but strong Project Logistics Team to
for at least one year. Big competitors are increasing
handle the Over Dimensional / Weight Cargo. This
their strength by mergers and acquisitions with a
activity is functioning with the close support of the
view to grab incremental market share. The Global
Freight Forwarding Operational Team.
Trade wars between China-US has influenced the
Outlook Maritime & Logistic Platform which has affected
our buying rates. The overall economic activity and
The SBU was able to retain its major GOI and PSU
trade volumes started declining since January 2020
customers and was also able to sign some of the new
impacting the Exim volumes.
activities from those contracted customers.
Major shipments are getting converted to CIF from
The SBU has a well-defined plan and ambition to
FOB which is ultimately affecting our topline as well as
continue increasing its private sector business with
some of our contracted customers are moving towards
a view to improving topline as the new sales team
buying on CIF / DAP INCOTERMS instead of FOB.
gains traction on a pan-India basis. The combination
The industry as a whole is providing one stop solution
of experienced and knowledgeable manpower as well
to the customers and is also making investments in
as a fresh talent in the sales team will enable the SBU
technology, infrastructure and training to bring in
to adapt to the changes faster. The SBU has focused
synergy with increasing demand from customers on
on strengthening its Marketing wing through proactive
service levels. Capacity reduction for carriers, blank
Brand positioning and enhancement in different forums
sailing and unavailability of PAX / Cargo Airlines will
and digital platforms to drive exponential growth.
increase input cost of services till the COVID-19
Major focus has been emphasized to enhance pandemic continues.
‘Customer Delight’ by providing one stop logistics
The SBU is taking adequate steps to mitigate the
solution aligning Logistics services along with
challenges through our established and growing
Infrastructure and 3PL services.
global associate network and offering our clients
The SBU has a well-defined plan to introduce single window logistics solutions under one umbrella.
customized IT solutions for faster, dedicated and The SBU has revamped its existing technology and
focused time bound service and delivery. has plans to further upgrade it in the near future to
Disruption of services has been observed due to the meet future business challenges.
COVID-19 pandemic, which is going to see lot of Internal control systems and their adequacy
consolidations happening amongst the small freight
The SBU has in place an effective internal control
forwarders, which will open up gates with various
mechanism and during the year under review, a fairly
customers for the SBU.
large number of Internal Audits were carried out in all
The SBU has been continuously working closely with branches and the findings were found to be satisfactory.
its Worldwide Agents and Associates. In some cases, All the branches of the SBU are ISO accredited and
the SBU enjoys exclusivity with some Associates such accreditations were valid in 2019-20.

45
Discussions of financial performance with respect March. Indigo maintained its lead with 48.9% fare of
to operational performance domestic and SpiceJet was at number 2 with 16% in
March, 2020
During the year the SBU suffered a downfall in overall
topline by around 20% primarily due to impact of Business travel accounts for 12% of airlines’
sluggish market condition and the following reasons: passengers but accounts for 75% of airlines’ profit.
Typically, this travel is booked through corporate travel
1. Contracted customers moved from FOB buying to
agents who provide best and high quality of service.
CIF buying for their imports.
Opportunities & Threats
2. Contracted and regular customers deferred their
maintenance and repair works due to geo-political India was expected to become the third largest aviation
reasons market in terms of passenger travel by 2024. There
was passenger growth from 13.9 crore in the previous
3. Make in India policy of Indian Government has
year to 14.4 crore in this Financial Year. With increase
reduced import for our customer segment which
in the market share of Low-Cost Carriers, the industry
includes GOI & CPSEs primarily.
faces a further challenge of decline in revenue due to
4. Global Trade War between China and US increased lower commissions and Production Linked Bonus.
the Freight Price and imbalance of equipment from
Despite the SBU facing challenges in terms of
the major Shipping Lines, which disrupted the
changes in airlines strategy to cut distribution cost,
America–Asia Trade Lane. This has affected India
denial of segment fee by GDS and stiff competition
with respect to the availability of Cargo Capacity
by online portals and technology firms, it has been
and reduction of container carrying vessels to and
able to increase its bottomline by virtue of delivering
from India.
superior service to its customers.
5. Contraction seen in the manufacturing sector
Risk and Concerns
led to decrease in exports and a sharpest
margin reduction despite the rupee depreciating The SBU has been the most severely impacted
throughout the last quarter. amongst all businesses under the COVID-19 crisis
as travel has come to a complete standstill effective
6. The global COVID-19 pandemic has cut short the
March 2020. Domestic air passengers fell by 33% in
Indian Logistic Service sector which contracted in
March 2020 as compared to same month in last year.
last quarter of 2019-20 because of fall in demand,
Airlines in India are likely to suffer revenue loss of
and both exports & imports received a hard shock.
$11.2 billion leading to 2.9 million jobs at risk. A woeful
Material developments in Human Resources/ combination of austerity measures, risk aversion of
Industrial Relations front including number of flying and the advent of online video conference tools
people employed predict a gloomy picture for Corporate Travel. There is
a projected 48% fall in traffic for the full year and the
Industrial relations continued to be cordial at all
industry faces unpredictable demand, shrunk revenue
units while the SBU operated with optimum level of
streams and high fixed overhead costs leading to a
manpower across the units. As on 31st March, 2020
the SBU had total 141 employees consisting of 94 liquidity crunch. For the industry and the SBU, it may
Executives, 34 Officers and 13 Workmen & Sub staff. take 2-3 years to reach its pre-COVID-19 levels of
passengers flown.
5. TRAVEL & VACATIONS
Segment-wise or product-wise Performance
Ticketing
The Ticketing Vertical has been operating primarily
Industry structure & developments in the areas of ticketing for Corporates / Government
2019-20 was a tumultuous year for the travel industry clients, LTC tickets for Government officials / their
with closure of Jet airways, grounding of Boeing 737 families and walk-in clients – offline and online in
Max aircraft and an unprecedented debt crisis of Cox B2C segment. Although, the SBU has been growing
& Kings and Thomas Cook UK. The overall economic steadily over the years, however, on account of
slowdown coupled with the continued changes in severe impact of COVID-19 and complete lockdown
the political scenario of the country with Lok Sabha in the country since 24th March, 2020, the Travel
elections and the Jammu & Kashmir lockdown greatly vertical could not achieve its regular growth potential
impacted travel within the country. The impact of and business dropped by 10% as compared to last
COVID-19 pandemic was felt towards the end of the year. Despite the lower revenue, the SBU has grown
financial year and steady decline in numbers was its profits by over 6% on the basis of continued efforts
visible with zero passenger travel in the last 6 days of to control costs such as manpower, interest and other
overheads costs.
46
In spite of severe impact of COVID-19, we still believe country’s GDP in 2018 and this was expected to reach
that there is growth potential in the industry. Significant over 500 billion U.S. dollars by 2029.
opportunities to gain market share in the institutional
In India, with more than 1000 registered tour operators,
segment exist and this can be achieved by leveraging
the travel and tourism industry is highly unorganised.
technology tools and customer intimacy. Our
Being so fragmented, it is very competitive as it
Company has also established an online B2C brand
comprises of large MNCs, small & medium size
FlylikeKing and significant head room is available
domestic / regional companies as well as small local
for growth as competition struggles to remain afloat
mom & pop shops.
during this unprecedented crisis. Once the situation
improves, the Company is confident of further growth Due to the COVID-19 pandemic, all industries are
and maintaining the profitability. reeling but it is the tourism and hospitality sector that
has been hit the most given all the border closures,
Internal control system and their adequacy
travel restrictions and lockdowns. The World Travel
This vertical, which is part of SBU: T&V, has an effective and Tourism Council (WTTC) estimates the crisis to
internal control mechanism in place and during the cost the tourism sector at least USD 22 billion, the
year under review, internal audits were carried out travel sector shrinking by up to 25% in 2020, resulting
in all the branches and the findings were found to be in a loss of 50 million jobs. On account of COVID-19,
satisfactory and we have implemented new control the Indian tourism and hospitality industry is staring
measures wherever necessary. During the year, we at a potential job loss of around 38 million, which is
have implemented new cutting-edge technology in around 70% of the total work force.
the SBU, which will lead to better productivity and will
Once the pandemic situation settles, travel is expected
have huge favorable impact on customer satisfaction
to resume initially with weekend staycations, road trips
levels. In view of the above, we have been making
and domestic getaways. This will be later followed by
significant progress in terms of digitization of the
international travel.
operational records i.e. booking request records, ticket
copy, and frequent alerts to clients for timely collections Business travel will reduce since people are getting
and updates. As far as SBT business is concerned, comfortable and accustomed to doing business on
there is a direct integration with customer ERP / SAP video conferencing. MICE business is also likely to be
systems and business is conducted without any human impacted in the short term, since due to the lockdown,
intervention, with no chances of error in output. performances of companies will be affected, and they
may not invest immediately in MICE trips.
Material development in Human Resources/
industrial Relations front including number of Visiting friends and relatives (VFR) and leisure travel
people employed will pick up once travel is determined as safe as there
will be a pent-up demand for holidaying and meeting
The Travel Vertical is a people intensive business
their family. Coach Tours and cruise ship business is
and it focuses on its people and their development.
likely to be affected too since people will not want to
It has this year focused on imparting training to the
travel in large groups
apprentices to ensure continuous flow of trained
manpower in the industry and Company alike. The Before pandemic, the Ministry of Tourism had also
apprenticeship training has also helped in training been working tirelessly on strategies to boost domestic
and developing skilled youth in the Company. The tourism. Campaigns such as Swadesh Darshan,
business has also done a restructuring exercise theme-based tourist circuits were launched to harness
to address the manpower requirements for the the tourism industry’s potential.
future. A new Fixed Term Contract (FTC) policy has
During these testing times, your Vacations Vertical has
been finalised which will soon be made effective.
researched and accordingly planned strategic actions
The business headquarters has moved into its own
to grab the market once it opens. The products have
premises in Delhi at NRO, Okhla, thereby saving
been designed and the manpower has also been trained
rental costs. As on 31st March, 2020 the SBU had total
online during the pandemic based on these strategies.
94 employees consisting of 51 Executives, 31 Officers
Through social media and by working with the travel
and 12 unionized employees.
trade, the marketing team is keeping the interest in the
Vacations destinations alive so that consumers have a desire to
travel there once the restrictions are lifted.
Industry structure and developments
Opportunities and Threats
Before the COVID-19 pandemic, travel and tourism
was one of the largest industries in India, with a total The COVID-19 pandemic has placed the tourism
contribution of over 247 billion U.S. dollars to the industry under immense financial strain. What has

47
unfolded around the world in the past few months is Outlook
unprecedented. In this time of uncertainty, travel and
As travel has become an important part of everyone’s
tourism is undoubtedly one of the worst-hit sectors as
life and is no longer considered as a luxury but a
destinations reported a 22% decline in international
necessity to break away from a mundane routine
arrivals within the first three months of the calendar
and rejuvenate, it is likely to revive soon. However,
year. By the end of the calendar year we may well
destination marketing services is likely to see a drastic
see international travel decline by almost 80%.
shift. The usually not so conventional destinations,
However, in India, foreign tourists represent less which have seen a controlled exposure to the pandemic
than a percent of tourism activity. The lion’s share might see an upward trend in terms of tourists or as
of tourism activity being domestic, India’s travel an alternate destination to some of the conventional
and tourism sector will largely be insulated from the ones for the time being. Domestic market and self-
immediate aftermath of the pandemic. Between 2012 driven accommodations at boutique hotels is likely
and 2018, domestic tourism activity grew from 1.05 to be the focus till next summers as social distancing
billion to 1.85 billion with a growth rate of around and staying at smaller properties reduce the risk of the
10%. In the aftermath of the pandemic, we expect virus. South East Asia and Middle East will play a key
international travel to evidence muted growth until role in India Outbound tourism as they have proximity
countries agree to common standards and SOP’s and fewer COVID-19 cases.
of pre-screening at origin destinations. However,
Regarding MICE travel, there will be a reduction in the
restrictions on international travel will see a spurt in
travel budget and companies will keep on promoting
domestic tourism activity. KPMG in India estimates
Work from Home and conference calls / meetings to
that domestic tourism activity will touch 2.8 billion by
reduce the risk and expenses.
2022. The drivers of growth could be two-fold.
The recovery might be slow, however once the
First, there would be multiple citizens coming out
pandemic is controlled, the tourism industry will be
of months of lockdown who would be itching to
one of the first one to see major growth as after a very
travel and experience normalcy. We could see a
long time of restricted / almost nil travel, people would
weekend tourism boom, with people traveling to
be looking forward to exploring once again.
familiar destinations preferring cars over mass transit
options. Second, 40 million Indians who would have Risks and concerns
otherwise planned to vacation overseas are largely
Since December, 2019 the spread of the infectious
restricted to domestic travel. As confidence in air
disease is invariably linked to travel. The pandemic
travel resumes, long haul destinations beyond the
has slammed all the segments - inbound, outbound
‘four-hour travel barrier’ will see heightened activity.
and domestic and almost all tourism verticals - leisure,
Together these travellers will generate significant
adventure, heritage, MICE, cruise, corporate and niche
additional revenue for the currently ailing industry. To
segments. The forward bookings for the season of
exploit these opportunities, Vacations Vertical is very
October 2020-March 2021 which should have started
adept at putting out domestic as well as international
picking up are all muted. The industries are showing
short-haul programmes.
discouraging signs with cancellations of important
Segment–wise or product-wise performance global travel marts etc. which are marketplaces
for contracting for the next season. Unless the
Significant growth in Corporate Business was
progression of the virus stops, almost the entire value
achieved by Vacations to make up for the shortfall
for the remainder of 2020 season is at risk.
in Retail & MICE which was a result of challenging
business environment / significant industry slowdown Internal control systems and their adequacy
in Financial Year 2019-20. Overall economic
The vertical has in place an effective internal control
slowdown, elections between January to May 2019,
mechanism and during the year under review, a good
airline closing leading to higher airfares impacted
number of internal audits involving customer feedback
both retail and institutional sales. This was an overall
management, billing to customers etc. were carried
industry phenomenon in Financial Year 2019-20
out in all branches and the findings were found to be
and not specific to your Vacations Vertical and were
satisfactory.
beyond the control of business.
Discussion on financial performance with respect
The December holiday season of 2019 took an
to operational performance
estimated hit of almost 40-50% and the holiday
season of April to July 2020 hit rock bottom due to the There was a marginal dip in the revenue as
pandemic. There were advanced cancellations and compared to the last year, which was a result of
highly reduced forward booking pipelines. challenging business environment / significant

48
industry slowdown in Financial Year 19-20 and were Future Outlook
beyond the control of business. Since December
The market demand is expected to be focused on
due to COVID-19, the cancellation of bookings for
faster execution timelines and better HSE compliance,
the last quarter of the Financial Year further lead to
with preference for closed loop technologies, requiring
the marginal reduction in the overall revenue and
minimal manual intervention, thereby negating the
contribution. Your vertical is ready with products,
hazards related to exposure to hazardous oily sludge.
trained manpower and relevant overall strategies to
make the coming years fruitful. The SBU aims to maintain market leadership in the
Sludge Processing space through technological
Material developments in Human Resources /
upgradation and incorporation of new technologies for
Industrial Relations front, including number of
reducing processing times and manual intervention in
people employed.
sludge processing.
Employee relations continued to be cordial at all
Alternative processes such as chemical cleaning
branches of Vacations vertical. The vertical continues
technology is also being explored for augmentation of
to upgrade the skills of employees through necessary
service offerings.
training and development programs. As on 31st March,
2020, the Vertical had total 145 staff consisting of 132 Risk & Concerns
Executives & Officers and 13 Non-Officers.
The major risk foreseen by the SBU is the entry of
6. REFINERY & OIL FIELD SERVICES new competitors in the market as well as emergence
of newer technologies for sludge processing. Along
Industry structure and developments
with local players, multinational companies through
The SBU: Refinery & Oil Field Services is engaged their associates in India are exploring opportunities in
in the activity of Mechanized Oily Sludge Processing this sector.
and Hydrocarbon Recovery from Crude Oil Storage
Increased competition in the market can put downward
tanks and Lagoons. The services not only enable
pressure on market share as well as profit margins for
recovery of valuable hydrocarbons from oily waste,
the SBU.
but also contribute to environment conservation
through eliminating hazards associated with oily Other risks include adoption of modern technologies
waste handling and disposal. This continues to be in refineries, which would reduce generation of oil
a niche industry and the Company is a pioneer and sludge in the storage tanks, thereby limiting the need
the market leader with market share of above 60%. for sludge processing in the long run.
Opportunities and Threats The SBU is working towards mitigation of the risks
through upgradation of technology, as well as
The SBU continues to enjoy sizable market share
expansion and diversification of service offerings and
in the processing of oily sludge. Additional growth
client base.
opportunity exists with the applicability of strict
pollution norms and increased focus on fuel and Internal Control System and their Adequacy
environment conservation in the oil industry. The
Tank Bottom Sludge processing and Lagoon Sludge
SBU intends to leverage its experience in project
Processing are onsite operations and the SBU adheres
execution and wide base of satisfied clientele to foray
to the best norms and HSE practices followed by oil
into allied service areas.
refineries and oil exploration companies.
The SBU is also committed towards continuous
No near-miss incidents have been recorded by the
technology upgradation to be at par with global
SBU during the year. Periodic audits, risk mitigation
standards and aims to maintain its competitive edge
measures and compliance with HSE guidelines
in the Indian market through absorption of updated
ensure robustness of the internal control systems
technologies for mechanized oily sludge processing.
The main threats visualized by the SBU relate to the The SBU is ISO 9001:2015 certified and the certificate
entry of new players in the niche market. Various is valid till March 2023.
smaller players are foraying into the market with Discussion on financial performance with respect
highly competitive pricing and may put pressure on to operational performance
operating margins in the industry.
The SBU has been able to achieve growth in both
Segment-wise and product-wise Performance turnover and profit over the last year. The equipment
In Financial Year 2019-20, the SBU has been able to utilization levels have been able to meet the targeted
achieve its targeted Turnover and Profit. levels and increased operating efficiency and cost

49
control have enabled us to exceed our targets for the CAUTIONARY NOTE
Financial Year.
The statements in the Management Discussion &
Material Developments in Human Resources / Analysis describing the Company’s focal objectives,
Industrial Relations front including the number of expectations and anticipations and those of its SBUs
people employed may be forward looking within the meaning of applicable
statutory laws and regulations. Actual results may differ
Industrial relations continued to be satisfactory during
materially from the expectations expressed or implied
the financial year under report. As on 31st March,
in such forward looking statements. Important factors
2020, the SBU had total 19 employees consisting of
that could influence the Company’s operations include
10 Executives and 9 Officers.
global and domestic supply and demand conditions
KEY FINANCIAL RATIOS affecting selling prices of products, input availability
and prices, changes in Government regulations / tax
Ratios 2019- 20 2018-19 laws, economic developments within the country and
Debtors Turnover 5.87 6.78 factors such as litigation and Industrial relations.
The information and opinion stated in this section of
Inventory Turnover 11.20 13.28
the Annual Report essentially cover certain forward-
Interest Coverage Ratio 36.18 70.74 looking statements, which the management believes
to be true to the best of its knowledge at the time of
Current Ratio 2.36 2.25 its preparation. The management shall not be liable
Debt- Equity Ratio 0.01 0.01 to any person or entity for any loss, which may arise
as a result of any action taken on the basis of the
Operating Profit Margin (%) 9.81% 11.19% information contained herein.
Net Profit Margin (%) 10.99% 10.15% The nature of opinions herein are such, that the same
Return on Net Worth (%) 13.53% 14.75% may not be disclosed, reproduced or used in whole
or in part for any other purpose or furnished to any
NOTE: The change in Return on Net Worth is very other person without the prior written permission of
insignificant at 8%. The same is mainly on account of the Company.
increase in the net worth over previous year.

50
 Annexure-2

BUSINESS RESPONSIBILITY REPORT (2019-20)

Introduction
In accordance with clause (f) of sub regulation (2) of Regulation 34 of Listing Regulations of the Securities and
Exchange Board of India (SEBI), it has been mandated for top 500 companies listed on the National Stock
Exchange (NSE) and Bombay Stock Exchange (BSE) to prepare a ‘Business Responsibility Report’ (BRR) as
part of the Annual Report.
The BRR captures organization’s non-financial performance across the economic, environmental and social
bottom line. It helps the businesses to be aware of their economic, environmental and social obligations. Balmer
Lawrie, featuring amongst the top 500 listed entities has developed this Business Responsibility Report for
Financial Year 2019-20 as part of its Annual Report.
Section A: General Information about the Company

1. Corporate Identity Number (CIN) of the Company L15492WB1924GOI004835

2. Name of the Company Balmer Lawrie & Co. Ltd.
3. Registered address Balmer Lawrie & Co. Ltd.
21, Netaji Subhas Road,
Kolkata – 700 001
4. Website www.balmerlawrie.com
5. E-mail id [email protected]
6. Financial Year reported 2019-20
7. Sector(s) that the Company is engaged in x Industrial Packaging
(industrial activity code-wise) x Greases & Lubricants
x Leather Chemicals
x Logistics
x Travel & Vacations
x Refinery & Oil Field Services
8. List three key products/services that the Company manufactures/ x Industrial Packaging (Steel Drums)
provides (as in balance sheet) x Greases & Lubricating Oils
x Logistics Infrastructure & Services
9. Total number of locations where business activity is undertaken The company operates from India with its
by the Company presence across the Country. For more details
a) Number of International Locations (Provide details of major 5) on plant locations. Refer to section “Office
b) Number of National Locations and Plant locations” of the Annual Report
10. Markets served by the Company – Local/State/National/ The products and services offered by Balmer
International Lawrie have a national presence and some
of the products are exported to neighbouring
countries including Qatar, Sri Lanka, New
Zealand, Nepal and Kenya.

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Section B: Financial Details about the Company

1 Paid up Capital (INR) 1,71,00,38,460

2 Total Turnover (INR) 16,12,16,14,000
3 Total profit after taxes (INR) 1,77,17,41,000
4 Total Spending on Corporate Social Responsibility (CSR) as 2.90
percentage of profit after tax (%)
5 List of activities in which expenditure in 4 above has been The CSR amount is spent in following broad
incurred: areas:
a) Health and Nutrition
b) Primary Education
c) Skill Development and Sustainable
Livelihood
d) Swachh Bharat Abhiyan
Section C: Other Details
1. Does the Company have any Subsidiary Company/ Companies?
Yes, Balmer Lawrie has two subsidiaries namely:
a) Balmer Lawrie (UK) Ltd. (BLUK)
b) Visakhapatnam Port Logistics Park Limited (VPLPL)
Apart from these, Balmer Lawrie has following five joint ventures:
a) Balmer Lawrie (UAE) LLC (BLUAE)
b) AVI-OIL India Private Limited (AVI-OIL)
c) Balmer Lawrie - Van Leer Limited (BLVL)
d) PT Balmer Lawrie Indonesia (PT BLI)
e) Transafe Services Limited (TSL)
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)
Balmer Lawrie (UK) Ltd. currently performs no operation and is under closure proceedings while the
Visakhapatnam Port Logistics Park Limited (VPLPL) has been commissioned a year back only. VPLPL
has mandated its suppliers and vendors to follow Balmer Lawrie’s policy on prohibition of child labour,
forced labour, discrimination, no drug or alcohol consumption policy, HSE & Sustainability policy and fraud
prevention policy.
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%]
Balmer Lawrie has strict norms and policies for:
a. Abstinence from child labour
b. Forced labour
c. No drug and alcohol policy
d. Health & safety compliance
e. Non-discrimination
These norms also form a criterion for vendor selection. All the contractors appointed by Balmer Lawrie must
adhere with these policies. Furthermore, Balmer Lawrie continuously strives to include all entities across the
value chain in its BR initiatives. Currently, over 60% of its entities participate in the BR activities.

52
Section D: BR Information
1. Details of Director/Directors responsible for BR
a) Details of the Director/Directors responsible for implementation of the Business Responsibility
policy/policies

Principle No. Policy/Policies Director(s) Responsible

Principle 1 (P1) x Code of Conduct for Board Members & x All Directors & Chief Vigilance Officer
Senior Management
x Core Values
x Fraud Prevention Policy
x Whistle Blower Policy
x Related Party Transaction Policy
x Conduct Discipline & Review Rules for
Executives and Officers
x Code of Practices and Procedures for Fair
Disclosure of Unpublished Price Sensitive
Information.
x Code of Conduct to Regulate, Monitor and
Report Trading by Insider
x Policy on Blacklisting
Principle 2 (P2) x HSE & Sustainability Policy x Director (Manufacturing Businesses)
x Director (Service Businesses)
x Director (HR & Corporate Affairs)
Principle 3 (P3) x Prevention of Sexual harassment Policy x Director (HR & Corporate Affairs)
x Recruitment rules for executives and officers
x Executive career progression rules
Principle 4 (P4) x CSR & Sustainability Policy x Director (HR & Corporate Affairs)
Principle 5 (P5) x Prevention of Sexual harassment Policy x Director (HR & Corporate Affairs)
x Recruitment rules for executives and officers
Principle 6 (P6) x HSE & Sustainability Policy x Director (Manufacturing Businesses)
x CSR and Sustainability policy x Director (Service Businesses)
x Director (HR & Corporate Affairs)
Principle 7 (P7) x Code of Conduct x All Directors
x Core Values
Principle 8 (P8) x CSR & Sustainability Policy x Director (HR & Corporate Affairs)
Principle 9 (P9) x HSE & Sustainability Policy x Director (Manufacturing Businesses)
x Director (Service Businesses)
x Director (HR & Corporate Affairs)
b) Details of the Business Responsibility Head

Particulars Details
DIN Number 08053637
Name Shri Adika Ratna Sekhar
Designation Director (HR & CA)
Telephone number 033-22225400
e-mail id [email protected]

53
2. Principle-wise (as per NVGs) BR Policy/Policies
a) Details of Compliance (Reply in Y/N)

No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. Do you have a policy/ policies for Y Y Y Y Y Y Y Y Y
2. Has the policy being formulated in consultation Y Y Y Y Y Y Y Y Y
with the relevant stakeholders?

3. Does the policy conform to any national / Yes, the policies reflect the intent of the United Nations
international standards? If yes, specify? (50 Global compact, GRI standards and international standards
words) such as ISO 14001, ISO 45001. National Guidelines
on responsible Business conduct issued by Ministry of
Corporate Affairs, Government of India.
4. Has the policy being approved by the Board? Y Y Y Y Y Y Y Y Y
Is yes, has it been signed by MD/ owner/ CEO/
appropriate Board Director?
5. Does the company have a specified committee Y Y Y Y Y Y Y Y Y
of the Board/ Director/ Official to oversee the
implementation of the policy?

6. Indicate the link for the policy to be viewed The link to view the policies online is:
online? https://www.balmerlawrie.com/static/Codes_&_policies
7. Has the policy been formally communicated to all Y Y Y Y Y Y Y Y Y
relevant internal and external stakeholders?

8. Does the company have in-house structure to Y Y Y Y Y Y Y Y Y

implement the policy/ policies?

9. Does the Company have a grievance redressal Y Y Y Y Y Y Y Y Y

mechanism related to the policy/ policies to
address stakeholders’ grievances related to the
policy/ policies?

10. Has the company carried out independent audit/ Y Y Y Y Y Y Y Y Y

evaluation of the working of this policy by an
internal or external agency?
b) If answer against any principle, is ‘No’, please explain why: (Tick up to 2 options):

No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. The company has not understood the Principles
2. The company is not at a stage where it finds itself in a position to
formulate and implement the policies on specified principles
3. The company does not have financial or manpower resources
available for the task Not Applicable
4. It is planned to be done within next 6 months
5. It is planned to be done within the next 1 year
6. Any other reason (please specify)
3. Governance related to BR
a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess
the BR performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year.
BR activities in Balmer Lawrie are supervised by the CSR Committee which meets once in six months
to assess the BR performance.

54
 b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing
this report? How frequently it is published?
Balmer Lawrie has been publishing the Business Responsibility Report and Sustainability Report since
Financial Year 2016-17. These reports are published on an annual basis and can be accessed through
the following links:
Sustainability Report: https://balmerlawrie.com/static/sustainability_report
Business Responsibility Report: https://www.balmerlawrie.com/pages/annualreport
Section E: Principle wise Performance
Principle 1: Businesses should conduct and govern themselves with Ethics, Transparency and
Accountability
1. Does the policy relating to ethics, bribery and corruption cover only the Company? Yes/ No. Does it
extend to the Group/Joint Ventures/Suppliers/Contractors/NGOs/Others?
Balmer Lawrie has well placed Code of Conduct ensuring ethical and transparent management of affairs of
the Company. The Code of Conduct is laid out to sustain the following values:
x Personal and professional integrity, honesty and ethical conduct
x Equality, tolerance and respect for others
x Abstinence from conflict of interest
x Maintenance of confidentiality regarding business of the Company
x Protection of assets and intellectual property rights of the Company
x Compliance with all the applicable provisions of existing local, state, national and international laws
The Code of Conduct is applicable to the Board Members of the Company and its Senior Management
Personnel.
The Company has zero tolerance towards fraudulent conduct and has Fraud Prevention Policy in place
for detection, reporting and prevention of fraud. This policy covers all types of fraud irrespective of their
nature. The Fraud Prevention Policy is applicable to whole-time Directors and other stakeholders such
as vendors, suppliers, contractors, service providers, consultants or any other external agency or person
having business relationship and is associated with the Company.
Balmer Lawrie also has Whistle Blower Policy in place. Whistle Blower Policy provides employees a
framework to report to the management instances of unethical behaviour, actual or suspected fraud.
2. How many stakeholder complaints have been received in the past Financial Year and what
percentage was satisfactorily resolved by the management? If so, provide details thereof, in about
50 words or so.
During Financial Year 2019-20, the Company received 507 Investor Complaints, all 507 complaints were
resolved during the said Financial Year itself. Since the respective complainants have not made any
communication post resolution, it is presumed that the same have been resolved to their satisfaction.
Principle 2: Businesses should provide goods and services that are safe and contribute to sustainability
throughout their life cycle
1. List up to 3 of your products or services whose design has incorporated social or environmental
concerns, risks and/or opportunities
Balmer Lawrie is proactive in taking steps to address and mitigate the social and environmental concerns.
The Company has taken various steps at SBU and plant level to ensure integration of environmentally
friendly practices in production, handling and transportation of the product line of the company.
A. SBU: Industrial Packaging (IP) has installed LPG gas station at IP-Kolkata plant. The plant is now
using LPG in place of HSD as fuel for baking oven operations, that has led to better fuel economy
and reduction in rate of emission. IP-Manali plant has started using water-based grease in its various
processes resulting in reduction of hazardous waste generation in their plant. Further, IP-Manali and

55
 IP-Silvassa plant recollects and reuses paint sludge in its processes thereby reducing the generation of
hazardous waste.
B. SBU: Container Freight Station (CFS) has introduced GPS container tracking system at CFS-Chennai
for real time tracking and guidance of the containers. This has eased the process of locating the container
in CFS Yard and resulted in reduction in lead time and fuel consumption in the process of reach stacker.
In CFS-Kolkata, a merry-go-round rail movement system has been installed between CFS unit and Port.
This has resulted in reduction of carbon footprint due to fuel saving in transportation.
C. SBU: Greases & Lubricants (G&L) has adapted use of thermal label printer for printing of drums
thereby replacing screen printing that used of solvents for printing process. This has led to reduction of
use of solvents and associated environmental concerns/hazards in the plant.
2. For each product, provide the following details in respect of resources (energy, water, raw material
etc.) per unit of product.
(i) Reduction during sourcing/production/distribution achieved since the previous year
throughout the value chain?
(ii) Reduction during usage by consumers (energy, water) has been achieved since the previous
year?
Balmer Lawrie strives to develop sustainable products in line with the Company’s continuous endeavour
to make positive contribution to the environment and sustainable development. The Company has
implemented various projects at SBU and plant level to reduce the consumption of resources (energy,
water, raw material). Some of the projects undertaken by the Company in this regard are:
1. G&L Manali, G&L Silvassa, G&L Kolkata have installed occupancy sensors to automatically control
office lightings.
2. In the G&L business, use of nano particles in greases reduces consumption of polluting sulphur
compounds as well as decreases energy consumption in the process. This has resulted in
improvement of the air quality at workplace and led to energy saving.
3. Many Plants of Balmer Lawrie have installed atomizer tap controller resulting in significant reduction of
water consumption in the plants.
3. Does the Company have procedures in place for sustainable sourcing (including transportation)?
If yes, what percentage of your inputs was sourced sustainably? Provide details thereof, in about
50 words or so.
Balmer Lawrie has well laid down procedures for sustainable procurement and sourcing. The
Company has online system for vendor registration and management. All procurement is done through
e-procurement system and all the payment for the goods/services procured is done through e-payment
mode only. These initiatives have facilitated in maintaining quality and transparency in the procurement
activities of the Company. During vendor selection process, it is ensured that vendors abide by Health,
Safety, Environment (HSE) and sustainable business practices in their organization as well their supply
chain both upstream and downstream.
4. Has the Company taken any steps to procure goods and services from local & small producers,
including communities surrounding their place of work? If yes, what steps have been taken to
improve their capacity and capability of local and small vendors?
Balmer Lawrie firmly believes in inclusion of local good and service providers in its product value
chain and procures goods and services from local & small producers. The contracts for items such as
consumables, stationeries and contract services such as maintenance, labour, etc. are awarded to
vendors or suppliers situated within 50 km radius of the plant/unit location thereby ensuring engagement
and contribution of the local & small producers in the product value chain of the Company. Further, to
ensure inclusion of local communities surrounding plant/unit, the Company engages vendors employing
people from local communities in majority of manpower and service-related assignments.

56
5. Does the Company have mechanism to recycle products and waste? If yes, what is the percentage
of recycling of products and waste?
Balmer Lawrie firmly believes that the waste generated from its operations should be recycled to the
maximum extent possible in order to minimize the impact of Company operations on environment. There
are proper and effectives mechanism in place for waste collection, storage and disposal at all operational
sites. Hazardous wastes are collected in accordance with the laid down norms and procedures and further
handed over to authorized hazardous waste handlers for further processing and safe disposal. Contaminated
packaging materials, plastic waste, iron scrap and pellets are sent to approved recyclers for recycling. There
are separate areas in each plant/unit of G&L, IP, CFS business of the Company demarcated for storage of
hazardous waste and non-hazardous waste in their plants.
Principle 3: Businesses should promote the well-being of all employees
1. Please indicate the total number of employees
Balmer Lawrie has 1076 employees on regular rolls as on March 31, 2020.
2. Please indicate the total number of employees hired on temporary/contractual/casual basis
Balmer Lawrie has 615 employees on temporary/contractual/casual basis as on March 31, 2020.
3. Please indicate the number of permanent women employees
Balmer Lawrie has 100 permanent women employees as on March 31, 2020.
4. Please indicate the number of permanent employees with disabilities
Balmer Lawrie has 16 permanent employees with disabilities as on March 31, 2020.
5. Do you have an employee association that is recognized by management?
Yes, Balmer Lawrie has Supervisor’s Association for Non-Unionised staff and trade unions for unionised
staff respectively at regional level.
6. What percentage of your permanent employees are members of this recognized employee
association?
54.09% of employees are members of recognized employee association.
7. 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 complaints related to Child Labour, Forced Labour, involuntary Labour and sexual harassment was
reported during Financial Year 2019-20.
8. What percentage of your under mentioned employees were given safety & skill up-gradation training
in the last year?
Balmer Lawrie gives special emphasis on continual learning and skill development for all its employees.
Various types of trainings and skill enhancement programs are conducted around the year in the area of
working proficiency, international markets, company policies, sustainability, human rights, health & safety
and career development. During Financial Year 2019-20 safety and skill up-gradation trainings were given
to various employees of the Company. A snapshot of the same is given as under:

Employee category % of Employees that were % of Employees that were

given safety training given skill up gradation training

Permanent Employees 58.92% 21.58%

Casual/ Temporary/ Contractual Employees 86.77% 47.00%

Permanent Women Employees 14.00% 1.14%

Employees with Disabilities 43.75% 43.75%

57
Principle 4: Businesses should respect the interests of and be responsive to the needs of all
stakeholders, especially those who are disadvantaged vulnerable and marginalized
1. Has the Company mapped its internal and external stakeholders? Yes/No
Yes, Balmer Lawrie has mapped its internal and external stakeholders.
The stakeholders identified by Balmer Lawrie are as under:
1. Internal
Employees of the Company
2. External
x Customers of the Company
x Suppliers of the Company
x Local Communities
x Government of India
x Financial Institutions
2. Out of the above, has the Company identified the disadvantaged, vulnerable and marginalized
stakeholders?
Balmer Lawrie has well defined protocols to identify disadvantaged, vulnerable and marginalized
stakeholders. These stakeholders majorly comprise of women, children, physically challenged persons and
elderly people. Through its CSR policy, Balmer Lawrie works for such vulnerable groups through specific
and precise need-based initiatives.
3. Are there any special initiatives taken by the Company to engage with the disadvantaged, vulnerable
and marginalized stakeholders? If so, provide details thereof, in about 50 words or so.
Upliftment and well-being of disadvantaged, vulnerable and marginalized stakeholders is one of key
underlying principles of CSR policy of Balmer Lawrie. Balmer Lawrie has taken following steps to aid well-
being of such stakeholders:
x Making workplace accessible for differently abled personnel working within the organisation.
x Sponsoring the education of children at the Indian Institute of Cerebral Palsy.
x Sponsoring education of tribal children
x Establishing skill development institutes in various cities
x Funding mobile health van service for senior citizens
Principle 5: Businesses should respect and promote human rights
1. Does the policy of the Company on human rights cover only the Company or extend to the Group/
Joint Ventures/Suppliers/Contractors/NGOs/Others?
Yes, the policy of the Company on human rights covers the Company itself, joint ventures, suppliers,
contractors etc. Balmer Lawrie is committed to protect human rights of all its employees and this commitment
encompasses all its businesses. The human rights that are applicable to all Executives / Officers of Balmer
Lawrie are incorporated in conduct of discipline & review rules for Executives & Officers. Balmer Lawrie
keeps strict vigil that neither the Company nor any of its business partners indulge in any human rights
violation. There are committees in place ensuring that employees whether regular or contractual, get
conducive work environment that is free from any form of physical or psychological threat, abuse or sexual
harassment. The company always adhere to minimum wages regulations and pay competitive wages that is
among the best in the industry. The Company follow all conventions with respect to employees adapted by
the International Labour Organisation. Further, the Company is compliant with all regulatory provisions with
respect to the employment in the organisation. Employee health & safety is top priority for the Company.
Accordingly, an integrated Health & Safety Management System is established across the organization. As
a result, the Company has achieved Zero LTI [Lost Time Injury] for last three consecutive Financial Years
i.e. from 1st April 2017 till 31st March 2020.
58
2. How many stakeholder complaints have been received in the past Financial Year on breach of human
rights and what percent was satisfactorily resolved by the management?
No human right violation, complaints have been received by any stakeholder during the Financial Year
2019-20.
Principle 6: Business should respect, protect and make efforts to restore the environment
1. Does the policy related to Principle 6 cover only the Company or extend to the Group/Joint Ventures/
Suppliers/Contractors/NGOs/Others.
Balmer Lawrie endeavours to run sustainable business along all its business verticals. The Company makes
every effort for protection and restoration of the environment while conducting business. The leadership of
the Company is committed to comply with the highest standards of environment management systems.
The Company has well laid out HSE & Sustainability policy that provides guidelines for safety in operations,
preserving ecological balance, adhering to HSE norms while ensuring economic development of local
communities associated with the Company. This policy extends to the contractors and suppliers of the
Company. Further, the joint ventures of the Company have also thier own HSE policy in line with their field
of business.
2. Does the Company have strategies/initiatives to address global environmental issues such as
climate change, global warming, etc.? Y/N. If yes, please give hyperlink for webpage etc.
Balmer Lawrie understands the challenges ahead due to impact of climate change and global environment
deterioration. Such challenges not only impact the society but can also affcet the Company’s long-term
sustainable growth. To counter the harmful effects on the environment, the Company has taken following
initiatives:
x CFS Navi Mumbai, IP Taloja, G&L Manali, G&L Kolkata, IP Kolkata, IP Chittoor, TCW Hyderabad, TCW
Patalganga, IP Vadodara and other BL establishments across India planted trees in Financial Year
2019-20. This creation of greenery area aims to reduce carbon footprint.
x IP Silvassa installed RO System to process and reuse of ETP treated water in drum manufacturing
process. This has led to reduction the process water consumption of the plant significantly.
x IP Taloja constructed separate area for storage of hazardous waste in their plant.
x At all Balmer Lawrie Plants and Establishments, single use plastic is banned.
3. Does the Company identify and assess potential environmental risks? Y/N
Yes, Balmer Lawrie conduct environmental impact assessments to identify and assess potential
environmental risks that can have direct impact on its businesses. All plants and major establishments of the
Company are ISO 14001 certified wherein aspect-impact assessment including the identification of potential
environmental risks forms a part of the certification process.
4. Does the Company have any project related to Clean Development Mechanism? If so, provide details
thereof, in about 50 words or so. Also, if Yes, whether any environmental compliance report is filed?
Balmer Lawrie have not undertaken any project registered as a Clean Development Mechanism (CDM)
project in Financial Year 2019-20.
5. Has the Company undertaken any other initiative on – clean technology, energy efficiency, renewable
energy, etc. Y/N. If yes, please give hyperlink for web page, etc.
Yes, Balmer Lawrie has taken initiatives to incorporate renewable energy in its energy mix and adopt energy
efficient technology in its processes. Some of these efforts are listed below:
x The Company has solar plants with a total installed capacity of 526 kWp in five different sites at
Asaoti, Navi Mumbai, Chennai, Patalganga and Rai. Out of this, 33 kWp solar power plant has been
commissioned at TCW Patalganga in Financial Year 2019-20. This has helped the company to offset
800 tons of carbon dioxide per year emitted from the Company’s manufacturing / cold chain operations.
x Different Plants of Balmer Lawrie installed LED lights replacing conventional lights reducing electrical
consumption.
x IP Silvassa installed Inverter based 3 phase welding m/c replacing old 2 phase welding m/c. Power
consumption reduces from 250A to 80A.
59
 x IP Taloja installed 120A capacity Active Harmonics Filters at Auto welder to mitigate the harmonics. This
reduces electrical energy consumption and carbon footprint of the plant.
x IP Chittoor installed IGBT type welding machine controller reducing power consumption of welding
machine by 40 %.
x G&L Silvassa replaced 12 nos 800W lamps at High Mast Lighting tower by 350W LED light. Carbon
emission reduced by 19T. Power consumption reduced by 23650 units(approx.). The plant has also
planted 33 trees in its premises.
6. Are the Emissions/Waste generated by the Company within the permissible limits given by CPCB/
SPCB(s) for the Financial Year being reported?
Yes, the emissions/ waste generated by the Company for Financial Year 2019-20 are within permissible
limits prescribed by CPCB/SPCB(s).
7. Number of show cause or legal notices received from CPCB or SPCB(s) which are pending (i.e. not
resolved to satisfaction) as on end of Financial Year.
There is no pending show cause or legal notices received from CPCB or SPCB(s) as on 31st March 2020.
Principle 7: Businesses, when engaged in influencing public and regulatory policy, should do so in a
responsible manner
1. Is your Company a member of any trade and chamber or association? If Yes, Name only those major
ones that your business deals with.
Yes, Balmer Lawrie is member of many industry bodies, chambers and associations that represent the
industry at various forums and events. The Company is member of the following associations:
x Confederation of Indian Industry
x The Bengal Chamber of Commerce and Industry
x Standing Conference of Public Enterprises
x Founder member of United Nations Global Compact
x Employees Federation of India
2. Have you advocated/lobbied through above associations for the advancement or improvement 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)
Balmer Lawrie advocates adoption of ‘Sustainable Business Practices’ through the various associations it
is member of. In association with the CII, the Company works on promotion of improvement in health and
safety standards in MSMEs.
Principle 8: Businesses should support inclusive growth and equitable development
1. Does the Company have specified programmes/initiatives/projects in pursuit of the policy related to
Principle 8? If yes details thereof.
Balmer Lawrie is firm believer of inclusive growth and equitable development of all. The Company has
various programmes and projects in pursuit of the policy related to Principle 8. The Company is committed
for the upliftment of the disadvantaged and marginalized sections of the communities in line with the
government intent of “Sabka Saath Sabka Vikas”. The Company through its robust CSR policy takes up
many programmes and projects on ongoing basis around the year for upliftment of venerable sections of
the society. Balmer Lawrie’s CSR initiatives operate under two Flagship Programs namely Balmer Lawrie
Initiative for Self-Sustenance [BLISS] and Samaj Mein Balmer Lawrie [SAMBAL]. The focus areas of the
Company’s CSR interventions are:
x Health and nutrition
x Primary education
x Skill development & sustainable livelihood

60
 x Swachh Bharat Abhiyan
x Holistic development of underprivileged communities
2. Are the programmes/projects undertaken through in-house team/own foundation/external NGO/
government structures/any other organization?
Various CSR programmes of Balmer Lawrie are effectively implemented under aegis of the CSR committee.
The Company believes in inclusive approach in implementation of CSR activities and implement the same
in partnership with a local authorities or NGOs a few of which are listed below:
x Indian Institute of Cerebral palsy (IICP)
x Integrated Tribal Development Agency (ITDA)
x Ekal Vidyalayas, One Teacher Schools (OTS) by Friends of Tribal society
x Pragati Sangha of Dara in West Bengal
x Rotary Club of Panvel
x SDI- Bhubaneswar, Vishakhapatnam, Rae Bareilly, Kochi, Ahmedabad and Guwahati
x Helpage India
x Swadeep Shikshan Sansthan
x Sulabh International
3. Have you done any impact assessment of your initiative?
Yes, Balmer Lawrie undertakes impact assessments of CSR initiatives taken up by the Company. The
Company engages with Tata Institute of Social Science, Mumbai for assessment of the impact of its CSR
projects. This provides feedback on the beneficiaries, shortcomings and room for improvement of the CSR
programmes. During Financial Year 2019-20, the evaluation of the CSR initiatives reflects that the CSR
activities resulted in a positive impact on targeted beneficiaries.
4. :KDWLV\RXU&RPSDQ\¶VGLUHFWFRQWULEXWLRQWRFRPPXQLW\GHYHORSPHQWSURMHFWV$PRXQWLQൠDQG
the details of the projects undertaken?
 $WRWDOVXPRIൠ/DNKVZDVVSHQWGXULQJ)LQDQFLDO<HDUWRZDUGVYDULRXV&65DFWLYLWLHV
undertaken in line with the key focus areas. Following is the breakup of the expenditure:
Expenditure
Projects/activities Sector Incurred Implementing Agencies
ൠLQODNKV
Sponsoring of 02 classes of Indian Institute
Indian Institute of Cerebral
of Cerebral Palsy (IICP) for the children 20.00
Palsy (IICP)
suffering from cerebral palsy
Development work in aspirational districts on Integrated Tribal Development
20.00
anganwadi Agency (ITDA)
Ekal Vidyalayas, One Teacher Schools (OTS)
Education
for providing education to the doorsteps of 10.00 Friends of Tribal Society
the tribal populace
SDI-Bhubaneswar,
Vishakapatnam, Rae Bareilly,
Skill Development Institutes 300.00
Kochi, Ahmedabad and
Guwahati
Pragati Sangha of Dara/
Rotary Club of Panvel/ Balmer
Swachh Bharat Abhiyan 62.06 Lawrie/Swadeep Shikshan
Swachh
Vikas Sanstha/Rotary Club Of
Bharat
Chennai/Sulabh International
Abhiyan
Maintenance cost for school toilets
Health
constructed under “Swachh Vidyalayas” 17.74 Pragati Sangha of Dara
during the Year (2019-2020)
Mobile Health Van for old age 10.00 Helpage India
61
 Expenditure
Projects/activities Sector Incurred Implementing Agencies
ൠLQODNKV
Narayana Health Charitable
Donation to corpus fund Narayana Hospital &
Health 50.00 Trust & Saroj Gupta Cancer
Saroj Gupta Cancer Research Institute
Research Institute
Miscellaneous (impact study, training, etc) 11.20 TISS
Overhead Expense 13.36 Balmer Lawrie
Total CSR Expenditure 514.36
5. Have you taken steps to ensure that this community development initiative is successfully adopted
by the community? Please explain in 50 word, or so.
Yes, Balmer Lawrie has many checks and measures in place in order to ensure that the community
development initiatives are adopted successfully by the community. The needs of the communities are
identified, and the projects are then designed and implemented in accordance with the identified needs. The
projects are implemented in partnership with local authorities or an NGO to ensure maximum outreach and
adoption. Representatives from the local communities are engaged actively from the planning stages of the
programme to its completion thereby giving them a sense of ownership and responsibility. Additionally, the
Company regularly engages with the local community to effect a behavioural change for the adoption of the
projects.
Principle 9: Businesses should engage with and provide value to their customers and consumers in a
responsible manner
1. What percentage of customer complaints/consumer cases are pending as on the end of Financial
Year?
Following are the complaints received and resolved across strategic business units for Financial Year 2019-
20.

SBU Complaints received Complaints resolved

Industrial Packaging 210 210
Grease & Lubricants 24 24
Travel Business 165 165
Logistics Infrastructure (including TCW) 15 15
Vacations 40 40
Leather Chemical Division 21 21
2. Does the Company display product information on the product label, over and above what is
mandated as per local laws? Yes/No/N.A./Remarks (additional information)
Yes, Balmer Lawrie follows all mandatory laws & regulations related to product information and labelling. The
Company provides information about product, usage instructions and precautions on product packaging.
3. Is there any case filed by any stakeholder against the Company regarding unfair trade practices,
irresponsible advertising and/or anti-competitive behaviour during the last five years and pending
as on end of Financial Year? If so, provide details thereof, in about 50 words or so.
No case has been filed against Balmer Lawrie, relating to unfair trade practices, irresponsible advertising or
anti-competitive behaviour by any stakeholder.
4. Did your Company carry out any consumer survey/ consumer satisfaction trends?
Yes, Balmer Lawrie carries out customer surveys for its businesses. The surveys that are conducted focuses
on parameters such as service quality, Consistency, delivery commitment, complaint resolution and quality
of technical services.

62
 FORM NO. MGT-9 Annexure-3
EXTRACT OF ANNUAL RETURN
AS OF THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2020
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS:

i) CIN L15492WB1924GOI004835
ii) Registration Date 18-02-1924
iii) Name of the Company Balmer Lawrie & Co. Limited
iv) Category / Sub-Category of the Company Union Government Company
v) Address of the Registered office and 21, Netaji Subhas Road, Kolkata-700 001, W.B.
contact details Phone-(033) 2222 5313/5329
e-mail:[email protected]
vi) Whether listed company Yes
vii) Name, Address and Contact details of KFin Technologies Private Limited,
Registrar and Transfer Agent Apeejay House Block “C”, 3rd Floor,
15 Park Street, Kolkata 700 016,
Tel: 033 6628 5900

or

KFin Technologies Private Limited,

Selenium Building, Tower-B,
Plot No. 31&32, Financial District, Nanakramguda,
Serilingampally, Hyderabad, Rangareddi,
Telangana–500032,
Tel: 040-67162222 / 1570,
Toll free No. 1800 3454001,
Email: [email protected],
website: www.kfintech.com.
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the Company are given below: -

Sl. Name and Description of main NIC Code of the % to total turnover of
No. products/services product/service the Company
1 Industrial Packaging (Steel Drums) 25129 34.82
2 Greases & Lubricating Oils 19201 20.41
3 Logistics Infrastructure & Services 51201/52243/52109 28.74
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
% of
Sl. CIN/GLN/ Holding / Subsidiary
Name and address of the company shares Applicable Section
No Company no. / Associate
held
1 Balmer Lawrie Investments Ltd.
L65999WB2001
21, Netaji Subhas Road, Holding 61.80 2(46)
GOI093759
Kolkata-700001
2 Balmer Lawrie (UK) Ltd. Company Wholly Owned 100.00 2(87)
Sterling House, 177-181 incorporated and Foreign
Farnham Road, Slough, Berkshire, SL1 Registered in Subsidiary
4XP, UK England & Wales No.
2764967

63
 % of
Sl. CIN/GLN/ Holding / Subsidiary
Name and address of the company shares Applicable Section
No Company no. / Associate
held
3 Visakhapatnam Port Logistics Park
Limited U63090WB2014 Subsidiary
60.00 2(87)
21, Netaji Subhas Road, GOI202678
Kolkata-700001
4 Balmer Lawrie (UAE) LLC.
Company
B 11b, Heavy Industrial Area,
incorporated and Associate 49.00 2(6)
P.O. Box – 11818,
Registered in UAE
Dubai, U.A.E.
5 Balmer Lawrie – Van Leer Ltd.
D-195/2, TTC Industrial Area, MIDC U99999MH1962
Associate 48.00 2(6)
Turbhe, Navi Mumbai, PLC012424
Maharashtra – 400705
6 Transafe Services Ltd.
U28992WB1990
21, Netaji Subhas Road, Associate 50.00 2(6)
PLC050028
Kolkata-700001
7 Avi-Oil India Private Ltd.
608, Surya Kiran Building, U23201DL1993
Associate 25.00 2(6)
19, Kasturba Gandhi Marg, TC190652
New Delhi–110001
8 PT Blamer Lawrie Indonesia Company
Incorporated and
Associate 50.00 2(6)
Registered in
Indonesia
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity):
i) Category-wise Share Holding :
Balmer Lawrie & Co. Ltd.
No. of shares held at the No. of shares held at the
%
beginning of the year - i.e. 1st April, 2019 end of the year – i.e. 31st March, 2020
Sl. Category of Change
% of % of
No Shareholders during
Demat Physical Total Total Demat Physical Total Total
the year
Shares Shares
(A) Shareholding of Pro-
moter and Promoter
Group
[1] Indian
(a) Individuals / Hindu 0 0 0 0.00 0 0 0 0.00 0.00
Undivided Family
(b) Central Government 0 0 0 0.00 0 0 0 0.00 0.00
(c) State Government(s) 0 0 0 0.00 0 0 0 0.00 0.00
(d) Bodies Corporate 0 0 0 0.00 0 0 0 0.00 0.00
(e) Banks / Financial 0 0 0 0.00 0 0 0 0.00 0.00
Institutions
(f) Any Other (Specify) 0 0 0 0.00 0 0 0 0.00 0.00
Sub Total (A)(1) 0 0 0 0.00 0 0 0 0.00 0.00
[2] Foreign
(a) NRIs- Individuals 0 0 0 0.00 0 0 0 0.00 0.00
(b) Other Individuals 0 0 0 0.00 0 0 0 0.00 0.00
(c) Bodies Corporate 0 0 0 0.00 0 0 0 0.00 0.00
(d) Banks/Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00
(e) Any Other (Specify) 0 0 0 0.00 0 0 0 0.00 0.00
Sub Total (A)(2) 0 0 0 0.00 0 0 0 0.00 0.00

64
 Balmer Lawrie & Co. Ltd.
No. of shares held at the No. of shares held at the
%
beginning of the year - i.e. 1st April, 2019 end of the year – i.e. 31st March, 2020
Sl. Category of Change
% of % of
No Shareholders during
Demat Physical Total Total Demat Physical Total Total
the year
Shares Shares
Total Shareholding 0 0 0 0.00 0 0 0 0.00 0.00
of Promoter (A)=(A)
(1)+(A)(2)
(B) Public Shareholding
[1] Institutions
(a) Mutual Funds 26 3798 3824 0.00 6171 4872 11043 0.01 0.00
(b) Banks / Financial 8786506 2632 8789138 7.71 5962323 3942 5966265 3.49 -4.22
Institutions
(c) Central Government 0 0 0 0.00 0 0 0 0.00 0.00
(d) State Government(s) 28140 28140 0.02 0 42210 42210 0.02 0.00
(e) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
(f) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00
(g) FIIs 1785668 0 1785668 1.57 2580308 0 2580308 1.51 -0.06
(h) Foreign Venture 0 0 0 0.00 0 0 0 0.00 0.00
Capital Funds
(i) Others 0 0 0 0 3854121 0 3854121 2.25 2.25
Sub Total (B)(1) 10572200 34570 10606770 9.30 12402923 51024 12453947 7.28 -2.02
[2] Non-Institutions
(a) Bodies Corporate- 73998008 0 73998008 64.91 110485500 125 110485625 64.61 -0.30
(b) Individuals
(i) Individual shareholder 17204204 1263202 18467406 16.20 25501375 1581111 27082486 15.84 -0.36
holding nominal share
capital upto Rs. 1 lakh.
(ii) Individual shareholder 8142397 449319 8591716 7.54 15664213 746314 16410527 9.60 2.06
holding nominal share
capital in excess of
Rs. 1 lakh
(c) Others (Specify)
Clearing Members 68811 0 68811 0.06 254005 0 254005 0.15 0.09
Fractions 0 0 0 0.00 0 4542 4542 0.00 0.00
IEPF 93284 0 93284 0.08 208147 0 208147 0.12 0.04
NBFC 36326 0 36326 0.03 0 0 0 0.00 -0.03
Non Resident Indians 945436 88 945524 0.83 1582746 1332 1584078 0.93 0.10
Non Resident 1094625 0 1094625 0.96 2303696 0 2303696 1.35 0.39
(Non-Repatriable)
Trusts 100094 0 100094 0.09 216793 0 216793 0.13 0.04
Qualified Foreign 0 0 0 0.00 0 0 0 0.00 0.00
Investor
Sub Total (B)(2) 101683185 1712609 103395794 90.70 156216475 2333424 158549899 92.72 2.02
Total Public Sharehold- 112255385 1747179 114002564 100.00 168619398 2384448 171003846 100.00 0.00
ing(B)=(B)(1)+(B)(2)
Total (A+B): 112255385 1747179 114002564 100.00 168619398 2384448 171003846 100.00 0.00
(C) Shares held by cus- 0 0 0 0.00 0 0 0 0.00 0.00
todian against which
depository receipts
have been issued
Grand Total 112255385 1747179 114002564 100.00 168619398 2384448 171003846 100.00 0.00
(A)+(B)+(C)
65
ii) Shareholding of Promoters:
Sl Shareholder’s
Shareholding at the beginning of the year Shareholding at the end of the year
No Name
% change in
% of total % of Shares % of total % of Shares
shareholding
No. of shares Pledged / No. of shares Pledged /
during the year
Shares of the encumbered to Shares of the encumbered to
Company total shares Company total shares
1 NIL NIL NIL NIL NIL NIL NIL NIL
Total NIL NIL NIL NIL NIL NIL NIL
iii) Change in Promoters’ Shareholding (please specify, if there is no change):

Shareholding at the Cumulative Shareholding

beginning of the year during the year
Sl
No
No. of % of total shares No. of % of total shares
Shares of the Company Shares of the Company

At the beginning of the year NIL NIL NIL NIL

Date wise Increase / Decrease in Promoters NIL NIL NIL NIL
Shareholding during the year specifying the reasons
for increase / decrease (e.g. allotment/ transfer /
Bonus / sweat equity etc)
At the End of the year NIL NIL NIL NIL
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs
and ADRs) :
SHAREHOLDING PATTERN OF TOP 10 SHAREHOLDERS BETWEEN 01/04/2019 AND 31/03/2020
Shareholding at the beginning Transaction during the year Cumulative Shareholding
of the Year during the Year
Sl. For Each of the top 10
no shareholders % of total % of total
No of Shares shares of the Date No. of shares No of Shares shares of the
company company
1 BALMER LAWRIE INVEST- 70452900 61.80 01/04/2019 70452900 61.80
MENTS LIMITED
10/01/2020 35226450 105679350 61.80
31/03/2020 105679350 61.80
2 THE NEW INDIA ASSURANCE 2942449 2.58 01/04/2019 2942449 2.58
COMPANY LIMITED
13/12/2019 -60408 2882041 2.53
20/12/2019 -252627 2629414 2.31
27/12/2019 -60000 2569414 2.25
10/01/2020 1284707 3854121 2.25
31/03/2020 3854121 2.25
3 GENERAL INSURANCE COR- 2853343 2.50 01/04/2019 2853343 2.50
PORATION OF INDIA
01/11/2019 -60598 2792745 2.45
08/11/2019 -125999 2666746 2.34
15/11/2019 -13403 2653343 2.33
06/12/2019 -74735 2578608 2.26
13/12/2019 -73367 2505241 2.20
20/12/2019 -41249 2463992 2.16
27/12/2019 -10649 2453343 2.15

66
 SHAREHOLDING PATTERN OF TOP 10 SHAREHOLDERS BETWEEN 01/04/2019 AND 31/03/2020
Shareholding at the beginning Transaction during the year Cumulative Shareholding
of the Year during the Year
Sl. For Each of the top 10
no shareholders % of total % of total
No of Shares shares of the Date No. of shares No of Shares shares of the
company company
10/01/2020 1226671 3680014 2.15
31/03/2020 3680014 2.15
4 NATIONAL INSURANCE COM- 1508032 1.32 01/04/2019 1508032 1.32
PANY LTD
01/11/2019 -27138 1480894 1.30
08/11/2019 -16381 1464513 1.28
10/01/2020 732256 2196769 1.28
31/03/2020 2196769 1.28
5 INDIAN SYNTANS INVEST- 1424720 1.25 01/04/2019 1424720 1.25
MENTS (P) LTD
26/04/2019 700000 2124720 1.86
26/04/2019 -700000 1424720 1.25
03/05/2019 724720 2149440 1.89
03/05/2019 -724720 1424720 1.25
10/01/2020 712360 2137080 1.25
31/03/2020 2137080 1.25
6 LIFE INSURANCE CORPORA- 1415008 1.24 01/04/2019 1415008 1.24
TION OF INDIA
05/04/2019 -5060 1409948 1.24
12/04/2019 -88219 1321729 1.16
19/04/2019 -28088 1293641 1.13
26/04/2019 -73633 1220008 1.07
03/05/2019 -37623 1182385 1.04
10/05/2019 -35469 1146916 1.01
17/05/2019 -6924 1139992 1.00
24/05/2019 -46502 1093490 0.96
31/05/2019 -106811 986679 0.87
07/06/2019 -94306 892373 0.78
14/06/2019 -29135 863238 0.76
21/06/2019 -56538 806700 0.71
28/06/2019 -70826 735874 0.65
05/07/2019 -34842 701032 0.61
12/07/2019 -5929 695103 0.61
19/07/2019 -77735 617368 0.54
26/07/2019 -74404 542964 0.48
02/08/2019 -41778 501186 0.44
09/08/2019 -45288 455898 0.40
16/08/2019 -86034 369864 0.32
23/08/2019 -119054 250810 0.22
30/08/2019 -69796 181014 0.16
06/09/2019 -181014 0 0.00
31/03/2020 0 0.00
7 ISHWAR GREWAL 840877 0.74 01/04/2019 840877 0.74

67
 SHAREHOLDING PATTERN OF TOP 10 SHAREHOLDERS BETWEEN 01/04/2019 AND 31/03/2020
Shareholding at the beginning Transaction during the year Cumulative Shareholding
of the Year during the Year
Sl. For Each of the top 10
no shareholders % of total % of total
No of Shares shares of the Date No. of shares No of Shares shares of the
company company
10/01/2020 420438 1261315 0.74
31/03/2020 1261315 0.74
8 NIHAR NILEKANI 743952 0.65 01/04/2019 743952 0.65
31/05/2019 305331 1049283 0.92
14/06/2019 70000 1119283 0.98
10/01/2020 1119283 2238566 1.31
10/01/2020 -559642 1678924 0.98
31/01/2020 559641 2238565 1.31
31/01/2020 -559641 1678924 0.98
31/03/2020 1678924 0.98
9 EMERGING MARKETS 430028 0.38 01/04/2019 430028 0.38
CORE EQUITY PORTFOLIO
(THE PORTFOLIO) OF DFA
INVESTMENT DIMENSIONS
GROUP INC. (DFAIDG)
26/04/2019 6220 436248 0.38
21/06/2019 3933 440181 0.39
28/06/2019 5934 446115 0.39
19/07/2019 3975 450090 0.39
10/01/2020 225045 675135 0.39
06/03/2020 -7174 667961 0.39
31/03/2020 667961 0.39
10 DIMENSIONAL EMERGING 607516 0.53 01/04/2019 607516 0.53
MARKETS VALUE FUND
26/04/2019 -4758 602758 0.53
10/05/2019 -14177 588581 0.52
17/05/2019 -5519 583062 0.51
24/05/2019 -9288 573774 0.50
21/06/2019 -7578 566196 0.50
28/06/2019 -16083 550113 0.48
10/01/2020 275056 825169 0.48
24/01/2020 6011 831180 0.49
31/03/2020 9888 841068 0.49
31/03/2020 841068 0.49

68
(v) Shareholding of Directors and Key Managerial Personnel:

Shareholding at the Cumulative shareholding

Sl beginning of the year during the year
No For Each of the Directors and KMP
% of total shares No. of % of total shares
No. of Shares
of the company Shares of the company
1. Shri Prabal Basu
At the beginning of the year 440 0.00 440 0.00
30th December,
Date wise Increase / Decrease in
2019
Shareholding during the year specifying
220 shares were 0.00 660 0.00
the reasons for increase / decrease (e.g.
alloted as Bonus
allotment/transfer / Bonus / sweat equity etc):
shares
At the End of the year (or on the date of
0 0.00 660 0.00
separation, if separated during the year)

V. INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
Secured Loans Unsecured Deposits Total
excluding Deposits Loans Rs. Rs. Indebtedness
Rs. (in Lakh) (in Lakh) (in Lakh) Rs. (in Lakh)
Indebtedness at the beginning of the financial year
i) Principal Amount 1,367.26 NIL NIL 1,367.26
ii) Interest due but not paid NIL NIL NIL NIL
iii) Interest accrued but not due NIL NIL NIL NIL
Total (i+ii+iii) 1,367.26 NIL NIL 1,367.26
Change in Indebtedness during the financial year (net)
• Addition NIL NIL NIL NIL
• Reduction (Net of re-classification) 95.91 NIL NIL 95.91
Net Change 95.91 NIL NIL 95.91
Indebtedness at the end of the financial year
i) Principal Amount 1,271.35 NIL NIL 1,271.35
ii) Interest due but not paid NIL NIL NIL NIL
iii) Interest accrued but not due NIL NIL NIL NIL
Total (i+ii+iii) 1,271.35 NIL NIL 1,271.35

69
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL :
A. Remuneration to Managing Director, Whole-time Directors and/or Manager (executive Director):
Sl. Particulars of
Name of MD/WTD/Manager
no. Remuneration
Shri Prabal Shri D. Sothi Shri K Shri S S Shri Adika Shri Adhip Nath Total
Basu Selvam Swaminathan Khuntia Ratna Sekhar Palchaudhuri Amount
(01/04/19- (01/04/19- (01/04/19- (01/04/19- (01/04/19- (01/03/20-
31/03/20) 15/12/19) 28/02/20) 31/03/20) 31/03/20) 31/03/20)
Rs. Rs. Rs. Rs. Rs. Rs. Rs.
1. Gross salary
(a) Salary as per 58,94,205 49,56,380 49,92,735 58,08,787 41,70,169 3,22,527 2,61,44,803
provisions contained
in section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites 10,69,970 3,28,289 1,66,111 4,39,642 6,10,479 48,408 26,62,899
u/s 17(2) Income-tax
Act, 1961
F3UR¿WVLQOLHXRIVDODU\
under section 17(3) - - - - - - -
Income-tax Act, 1961
2. Stock Option -- -- -- -- -- -- --
3. Sweat Equity -- -- -- -- -- -- --
4. Commission -- -- -- -- -- -- --
DVRISUR¿W
- others, specify
5. Others, please specify -- -- -- -- -- -- --
Total (A) 69,64,175 52,84,669 51,58,846 62,48,429 47,80,648 3,70,935 2,88,07,702
5% of Net 5% of Net 5% of Net 5% of Net 5% of Net 11% of Net
Ceiling as per the Act RI1HWSUR¿WV
SUR¿WV SUR¿WV SUR¿WV SUR¿WV SUR¿WV SUR¿WV
B. Remuneration to other Directors: (In Rs.)
Name of Director
Sl. Particulars of Smt. Atreyee Shri Shri Smt.
Shri Sunil Shri Arun Shri Anil Shri BD Shri Vijay Total
no. Remuneration Borooah Vikash Arun Perin
Sachdeva Tandon Upadhyay Shivahare Sharma Amount
Thekedath Preetam Kumar Devi Rao
1. Independent
Directors
xFee for attending 1,80,000 2,25,000 1,30,000 1,80,000 75,000 95,000 70,000 - - 9,55,000
Board/Committee
Meetings
xCommission - - - - - - - - - -
xOthers, please - - - - - - - - - -
specify
2. Total (1) 1,80,000 2,25,000 1,30,000 1,80,000 75,000 95,000 70,000 - - 9,55,000
3. Other Non- - - - - - - - - - -
Executive Directors
xFee for attending
Board/Committee
Meetings
xCommission
xOthers, please
specify
4. Total (2) - - - - - - - - - -
5. Total (B)= (1+2) 1,80,000 2,25,000 1,30,000 1,80,000 75,000 95,000 70,000 - - 9,55,000
Total Managerial 1,80,000 2,25,000 1,30,000 1,80,000 75,000 95,000 70,000 - - 9,55,000
Remuneration
Overall ceiling as 5% of Net 5% of Net 5% of Net 5% of Net 5% of 5% of Net 5% of Net 5% of Net 5% of Net 5% of Net
per the Act SUR¿WV SUR¿WV SUR¿WV SUR¿WV Net SUR¿WV SUR¿WV SUR¿WV SUR¿WV SUR¿WV
SUR¿WV
70
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD: (in Rs.)

Key Managerial Personnel Total

Company
CEO CFO
Sl. Particulars of Secretary
no. Remuneration Total
Shri Prabal Basu Shri S S Khuntia Ms. Kavita Bhavsar

(01/04/2019-31/03/2020) (01/04/2019-31/03/2020) (01/04/2019-31/03/2020)

1. Gross salary For the year 2019-20 For the year 2019-20
(a) Salary as per provisions Shri Prabal Basu was Shri Khuntia was the
contained in section 17(1) the CEO. However, CFO. However, he
of the Income-tax Act, 1961 he did not receive any did not receive any 41,89,765 41,89,765
additional remuneration additional remuneration
(b) Value of perquisites u/s for acting as a CEO for acting as a CFO 4,32,908 4,32,908
17(2) of the Income-tax
Act, 1961

(c) Profits in lieu of salary

under section 17(3) of the
Income-tax Act, 1961
2. Stock Option -- -- -- --
3. Sweat Equity – -- -- --
4. Commission
- as % of profit -- -- -- --
- others, specify.
5. Others, please specify – -- -- --
Total -- -- 46,22,673 46,22,673

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Section of the Details of Penalty I Appeal made,
Brief Authority [RD I
Type Companies Punishment/ Compounding if any
Description NCLT I COURT]
Act fees imposed (give Details)
A. COMPANY
Penalty NIL NIL NIL NIL NIL
Punishment NIL NIL NIL NIL NIL
Compounding NIL NIL NIL NIL NIL
B. DIRECTORS
Penalty NIL NIL NIL NIL NIL
Punishment NIL NIL NIL NIL NIL
Compounding NIL NIL NIL NIL NIL
C. OTHER OFFICERS IN DEFAULT
Penalty NIL NIL NIL NIL NIL
Punishment NIL NIL NIL NIL NIL
Compounding NIL NIL NIL NIL NIL

71
 Annexure-4

REPORT ON CORPORATE GOVERNANCE

[Forming part of the Board’s Report for the year 2019-20]

The Company’s Philosophy on Code of Corporate Ɣ Six (6) Independent Directors and
Governance and Guidelines thereon
Ɣ Two (2) Non-executive Government Nominee
Your Company is committed to maintain sound Directors (Out of which one is Woman Director).
Corporate Governance practices aimed at increasing
A brief profile of the Directors of the Company as
value for its stakeholders. The Corporate Governance
on the date of signing of this report is set out as
philosophy of the Company is based on the following
under:
five pillars:
Shri Prabal Basu (DIN 06414341)
Ɣ High accountability to the stakeholders on the
Chairman & Managing Director
affairs of the Company.
Shri Prabal Basu was appointed as a Whole-time
Ɣ Absolute transparency in the reporting system and
Director and he assumed office as Director (Finance)
adherence to disclosure and compliances.
on 1st December, 2012 based on direction of the
Ɣ High ethical standards in the conduct of the MoPNG. He was further appointed by the members at
business with due compliance of laws and the 96th Annual General Meeting (AGM) held on 24th
regulations. September, 2013. Subsequently, upon direction of the
MoPNG, Shri Prabal Basu was appointed as Chairman
Ɣ Enhancement of stakeholders’ value on a
& Managing Director (C&MD) of the Company with
consistent basis.
effect from 1st August, 2015. His appointment was
Ɣ Contributing to the enrichment of quality of life of further confirmed by the members at the 98th AGM held
the community through discharge of Corporate on 22nd September, 2015 and was re-appointed at the
Social Responsibility and promotion of Sustainable 100th AGM held on 14th September, 2017. Shri Basu
Development. was entrusted additional charge of Director (Finance)
Board of Directors (“the Board”) for the period 1st August, 2015 till 27th March, 2016 due
to vacancy created for the post of Director (Finance).
Composition
Shri Basu was also entrusted upon the additional
Article 7A of the Articles of Association of the Company charge of Director (HR& CA) from 1st February 2018
stipulates that so long as it remains a Government till 30th April 2018 being period of vacancy created due
Company, the President of India shall have the right to retirement of the erstwhile Director (HR& CA) and
to appoint one or more Directors on the Board of the was further re-appointed on the 102nd AGM held on
Company to hold office for such period and upon such 18th September, 2019.
terms and conditions as the President may from time
Shri Basu is a Bachelor of Commerce, a qualified
to time decide.
Chartered Accountant (ACA), a qualified Company
As on 31st March, 2020, the Board of the Company Secretary (ACS) and a qualified Cost & Management
consisted of Twelve (12) Directors under the following Accountant (ACMA). During the year 2015-16, he
categories: further completed one year Executive Program in
Ɣ Four (4) Functional / Executive / Whole-time General Management from the Sloan School of
Directors; Management, MIT, USA. He has a working experience

72
of 34 years during which he has developed expertise in Administration with hands on experience in Talent
the functional areas of Accounts & Finance, Taxation, Acquisition, Talent Management, Organisational
Information Technology, ERP implementation and in Development, Learning & Development and Change
various aspects of General Management. Management initiatives, 360 degree leadership
development program, Career and Performance
Shri Basu also holds position of non-executive Director
Management systems and Performance counselling.
on the Board of Balmer Lawrie-Van Leer Limited and
He has lead employee engagement programs,
Avi-Oil India (P) Limited, Balmer Lawrie (UAE) LLC –
employee welfare and loyalty programs and trade
joint ventures of the Company and on Balmer Lawrie
union negotiations in progressive organisations of
(UK) Ltd. – a foreign subsidiary of the Company.
repute. A keen strategist with a flair for designing and
Shri Basu holds 660 equity shares of the Company.
implementing innovative strategies, he is credited for
Shri Adika Ratna Sekhar (DIN 08053637) HR interventions in line with industry standards.
Director (Human Resource & Corporate Affairs)
Shri Ratna Sekhar also holds additional charge of
Shri Adika Ratna Sekhar was appointed as a Whole- Managing Director on the Board of Biecco Lawrie
time Director of the Company on 29th May, 2018 by the Limited, a CPSE under the Ministry of Petroleum and
Board of Directors and he assumed office as Director Natural Gas.
(Human Resource & Corporate Affairs) based on the
Shri Adhipnath Palchaudhuri (DIN 08695322)
direction of the MoPNG. He was further appointed as
Director (Service Businesses)
Director (Human Resource and Corporate Affairs) at
the 101st AGM of the Company held on 12th September, Shri Adhipnath Palchaudhuri was appointed as a
2018. Whole-time Director of the Company on 4th February,
2020 by the Board of Directors, based on the direction
Shri Ratna Sekhar is a Master of Social Work with
of the MoPNG. He assumed office as Director (Service
specialization in Personnel Management, Industrial
Businesses) with effect from 1st March, 2020.
Relations & Labour Welfare from Osmania University.
Shri Palchaudhuri holds a B.E (E&C) degree from
Shri Ratna Sekhar has held leadership positions in
University of Roorkee (now IIT Roorkee) and a
the HR function in leading organisations pan India for
PGDM from IIM Lucknow. He has professional work
over a decade viz. Tata Projects, Ramky Group and
experience of nearly 26 years.
GMR Hyderabad International Airport Limited. He has
significantly contributed in various organisations in Before his appointment as Director (Service
products and services categories in both the Private Businesses) of the Company, he was holding the
and Public sectors. He commenced his career with position of Head – Marketing for the SBU: Industrial
Vijai Electricals Limited, Hyderabad, as a Management Packaging of Balmer Lawrie & Co. Ltd. Earlier he
Trainee, thereafter served in Bharat Electronics has held positions such as Head – Supply Chain
Limited for 17 years across roles and locations, before Management for SBU: Industrial Packaging and
moving to the private sector organisations like Federal AVP & Head – ERP & Systems within the Corporate
Mogul Goetze Limited, Bilfinger Berger Constructions IT department of Balmer Lawrie & Co. Ltd. Prior to
Private Limited holding key managerial and leadership joining Balmer Lawrie & Co. Ltd. Shri Palchaudhuri
positions. had worked with a wide variety of organizations in the
IT Services/Consulting field in India and abroad.
Shri Ratna Sekhar has over 32 years of experience
in leading multicultural organizations in Human Shri Palchaudhuri also holds position of Non-Executive
Resources Management, Industrial Relations and Director in Visakhapatnam Port Logistics Park Limited,

73
which is a subsidiary of Balmer Lawrie & Co. Ltd. is also a member of the Institute of Cost Accountants of
India. He also holds a degree of MBA from BIMTech and
Shri Sandip Das (DIN 08217697)
he is a member of All India Management Association.
Director (Finance) & Chief Financial Officer
Shri Sachdeva has a working experience of over 28
Shri Sandip Das was appointed as a Whole-time
years wherein he acquired functional expertise in
Director of the Company on 4th February, 2020 by
Grease, Lubricants and Travel.
the Board of Directors, based on the direction of the
MoPNG. He assumed office as Director (Finance) with Shri Sachdeva is also a director of Oriental Diesels
effect from 1 May, 2020.
st
and Engineering Company Pvt. Ltd. He has one-year
job experience in Global Information and Distribution
Shri Das is a Bachelor of Commerce from St. Xavier’s
Corporation, Kuwait. He also owned a business under
college, Kolkata and a member of Institute of Chartered
the name and style of Oriental Engg. Co., Varanasi,
Accountants of India.
which was distributor of MICO/Bosch for eastern U.P.
Shri Das has more than 20 years of experience in
Shri Vikash Preetam (DIN 00910261)
Balmer Lawrie & Co. Ltd. During his career in Balmer
Independent Director
Lawrie he has worked in core business areas in both
manufacturing and services verticals at multiple level Shri Vikash Preetam had been appointed as an
as well as in the corporate finance function. Additional Director in the designation of an Independent
Director on the Board of the Company on 28th July,
Shri Das also holds position of Non-Executive
2018 based on the direction received from the MoPNG.
Director in Balmer Lawrie Investments Limited, which
He was further appointed as an Independent Director
is holding Company of Balmer Lawrie & Co. Ltd. He
of the Company at the 101st AGM of the Company
is also a director in Visakhapatnam Port Logistics
held on 12th September, 2018 for a period of 3 years
Park Limited and Balmer Lawrie (UK) Limited which
from the date of notification of his appointment or until
are Subsidiaries of Balmer Lawrie & Co. Ltd. He also
further orders of the Administrative Ministry, whichever
holds position of Non-Executive Director in Transafe
is earlier.
Services Limited, Balmer Lawrie-Van Leer Limited
and as Commissioner in PT Balmer Lawrie Indonesia Shri Preetam holds a PGDM degree from Asia Pacific
which are Joint Ventures of Balmer Lawrie & Co. Ltd. Institute of Management, New Delhi. He has also
completed LL.B from University of Delhi.
Shri Sunil Sachdeva (DIN 00754633)
Independent Director Shri Preetam is also a designated partner of P&B
Associates Barrister’s & Advocates LLP. He is a
Shri Sunil Sachdeva had been appointed as an
Member of Delhi Bar Council and also a member
Additional Director in the designation of an Independent
of Supreme Court Bar Association. He takes keen
Director on the Board of the Company on 4th April 2018
interest in writing articles. He is a member of India
based on the direction received from the MoPNG. He
International Center, Lodhi Estate, New Delhi and also
was further appointed as an Independent Director of
a member of National Sports Club of India.
the Company at the 101st AGM of the Company held
on 12th September, 2018 for the period of 3 years Shri Arun Tandon (DIN 08210607)
from the date of notification of his appointment or until Independent Director
further orders of the Administrative Ministry, whichever
Shri Arun Tandon had been appointed as an Additional
is earlier.
Director in the designation of an Independent Director
Shri Sachdeva is a Bachelor of Commerce (Hons) and on the Board of the Company on 12th September, 2018

74
based on the direction received from the MoPNG. He from the services in April, 2013.
was further appointed as an Independent Director
After retirement he was appointed as ‘Special Counsel’
of the Company at the 102nd AGM of the Company
to represent Departmental cases in the Customs Excise
held on 18th September, 2019 for a period of 3 years
and Service Tax Tribunal (CESTAT) in Western India.
from the date of notification of his appointment or until
further orders of the Administrative Ministry, whichever Shri Arun Kumar (DIN 03570776)

is earlier. Independent Director

Shri Tandon has done B.A and M.A. in Political Shri Arun Kumar had been appointed as an Additional

Science from Allahabad University and also holds Director in the designation of an Independent Director

a M.Phil. degree in ‘International Relations’ from on the Board of the Company on 18th July, 2019 based

Jawahar Lal Nehru University, New Delhi. He was on the direction received from the MoPNG. He was

awarded fellowship of Indian Council of Social Science further appointed as an Independent Director of the

Research (ICSSR) during 1977-79 for research topic Company at the 102nd AGM of the Company held on 18th

‘India’s Cultural Diplomacy’ for his M.PHIL. During September, 2019 for a period of 3 years from the date

the year 2011, he attended, an Executive Program of notification of his appointment or until further orders

on Public Sector Leadership and Management in of the Administrative Ministry, whichever is earlier.

Lee Kwan Yew School of Public Policy in Singapore, Shri Kumar holds a degree in Mechanical Engineering
designed for IRS officers. from Council of Engineering Institutions, London Part

Shri Tandon had joined Indian Revenue Service 1 & 2. He also holds a degree in Electrical Engineering

(IC&CES) in 1979. He has an experience of 34 years in from Institute of Engineers of India, Part A & B.

Strategy and execution of matters of Customs, Central Shri Kumar has also completed MA in Economics

Excise, Service Tax and Narcotics. Further, he has an (correspondence) from Annamalai University.

experience of four years in Revenue Intelligence. He Shri Kumar started his career in the Indian Railways
also worked as an Assistant Commissioner in Gujarat Service of Mechanical Engineers in 1980. He qualified
and Mumbai Airport. In 1991, he was promoted as Joint for the Indian Administrative Service (IAS) in 1983
Commissioner and worked in Coimbatore, Hyderabad and served for 17 years with the Government of India.
and Nagpur. He was further elevated in 2002 as In his last assignment, he has worked as Secretary
Commissioner and has worked as field Commissioner Ministry of Mines; prior to that he worked as Joint
in Custom, Excise and Service Tax in Nashik, Raigarh Secretary in the Ministry of Mines, Food processing
and Chennai. and as Export Commissioner in Government of India.

Shri Tandon has also worked in Customs as He also served as, Principal Secretary, Panchayat

Commissioner Valuation (India) in Directorate of & Rural Development Assam besides working in

Valuation (2007-08) headquartered in Mumbai. He various positions in the State Government.

has headed Directorate of Revenue Intelligence Shri Kumar has worked as a Managing Director
(DRI) Mumbai (May 2005 to April 2007) and Chennai in State Enterprises and served on the Boards of
(May 2008 to May 2010). He has also represented NALCO, HCL, MECL as a Government Nominee. He
Indian Customs in Customs related Conferences has been instrumental in passing of the amendment to
in Hongkong and Nairobi. He has been involved in the Mines & Minerals Development & Regulation Act,
capacity building of IRS (Probationers). 1957, in the year 2015, the Food Safety and Standards

In 2012, he was promoted as Chief Commissioner Act 2006, the establishment of National Institute of

Central Excise and Service Tax at Mumbai. He retired Food Technology Entrepreneurship & Management
Sonipat, as well as formulation and implementation
75
and of programmes at the national level. He has a well- Independent Director on the Board of the Company on
grounded understanding of the economic structure of 18th July, 2019 based on the direction received from the
the Indian economy, the legal and regulatory framework MoPNG. He was further appointed as an Independent
and in particular large industries. Director of the Company at the 102nd AGM of the
Company held on 18th September, 2019 for a period of
Shri Anil Kumar Upadhyay (DIN 07724769)
3 years from the date of notification of his appointment
Independent Director
or until further orders of the Administrative Ministry,
Shri Anil Kumar Upadhyay had been appointed whichever is earlier.
as an Additional Director in the designation of an
Shri Shivahare is a qualified Chartered Accountant. He
Independent Director on the Board of the Company on
has an experience of over 38 years in the profession
18th July, 2019 based on the direction received from the
of Chartered Accountancy. He is a senior partner in
MoPNG. He was further appointed as an Independent
M/s. R. Gopal & Associates. He is actively involved
Director of the Company at the 102nd AGM of the
in handling major assignments, such as Statutory
Company held on 18th September, 2019 for a period of
Audits of various PSUs and PSBs. The areas of
3 years from the date of notification of his appointment
involvement have been planning and execution of the
or until further orders of the Administrative Ministry,
audit assignments, participating in discussions with
whichever is earlier.
the Audit Committees and Boards. SAIL-Bokaro Steel
Shri Upadhyay has done B.Sc in Zoology, Botany Plant and Raw Materials Division, South Eastern
and Chemistry and M.Sc in Botany from Udai Pratap Coalfields Ltd., Indian Bank, were some of the major
College, Gorakhpur University, Varanasi. He also assignments handled by him.
holds a Post Graduate Diploma (AIFC) in Forestry &
Shri Shivahare was also involved in handling Internal/
Allied Subjects (equivalent to M.Sc in Forestry) from
Systems Audit of BSNL, Mahanadi Coalfields Ltd.
Indian Forest College, Dehradun.
and various other PSUs and PSBs. He was also
Shri Upadhyay has over 10 years of experience as involved in handling tax matters of various Corporate
Joint Secretary and above. He superannuated from and Non-Corporate clients having diversified business
Indian Forest Service (IFS) on 28th February, 2017. and substantial exposures towards tax.
Prior to his superannuation, he held the position of
Shri Shivahare is a senior faculty of the Art of Living
Additional Principal Chief Conservator of Forests
and also a motivational speaker and is also involved
(APCCF)- Liaisoning & Sales, Government of Madhya
with various NGOs.
Pradesh, Delhi.
Smt. Perin Devi Rao (DIN 07145051)
Shri Upadhyay is having specialization in
Government Nominee Director
Biodiversity, Natural Resource Management, Climate
Change, Forestry, Rural Planning & Infrastructure Smt. Perin Devi Rao was appointed as additional
Development, Finance & Budgeting, Administration, Director under the catagory of Government Nominee
Wildlife Management, Media Relations, Environment Director on the Board of the Company on 28th July,
Protection, Forest Conservation, Sales, Marketing, 2018 based on direction received from the MoPNG.
Research & Corporate Governance. She was further appointed as the Government
Nominee Director of the Company at the 101st AGM
Shri Bhagawan Das Shivahare (DIN 08514350)
of the Company held on 12th September, 2018 for
Independent Director
a period of 3 years with effect from 26th July, 2018
Shri Bhagawan Das Shivahare had been appointed on co-terminus basis or until further orders of the
as an Additional Director in the designation of an Administrative Ministry, whichever is earlier.
76
Smt. Perin Devi Rao is currently Director (IFD) in nomination by the Administrative Ministry) on co-
Finance Division of MoPNG – the administrative terminus basis or until further orders from the
ministry of the Company. Administrative Ministry, whichever is earlier.

Shri Vijay Sharma (DIN 08045837) Shri Sharma holds a Master’s degree in History. Shri
Government Nominee Director Sharma has a working experience of about 18 years
wherein he developed expertise in functional areas of
Shri Vijay Sharma was appointed as additional
- Administration, Refinery, Excise and Vigilance. Shri
Director under the catagory of Government Nominee
Sharma has recently been transferred to a different
Director on the Board of the Company w.e.f 15th
Ministry. However, an official direction from the
January, 2018 based on direction received from
administrative Ministry in this regard is awaited.
the MoPNG. He was further appointed as the
Government Nominee Director of the Company The composition of Board of Directors as on 31st
at the 101st AGM of the Company held on 12th March, 2020 and the number of other Boards or
September, 2018 for a period of 3 years with effect Committees in which the Director is a member/
from 24 th
November 2017 (being the date of his Chairperson are enumerated as follows:

Names of the other

Total No. of Listed entities in Number of Number of post
Name, designation and Directorship which the director memberships in of Chairperson
category of the Director in other is a director and Committee(s) of in Committee of
Companies the category of other Companies other Companies
directorship
a b c d e
Shri Prabal Basu
Chairman & Managing
2 Nil 4 2
Director,
Executive Director
Shri Shyam Sundar
Khuntia
Director (Finance),
Balmer Lawrie
Executive Director and
5 Investments Limited- 7 2
Chief Financial Officer
Non-executive Director
(Shri Khuntia ceased to be
a Director of the Company
w.e.f. 30th April 2020)
Shri Adika Ratna Sekhar
Director (Human Resource
0 Nil 0 0
and Corporate Affairs),
Executive Director
Shri Adhipnath
Palchaudhuri
Director (Service 1 0 0 0
Businesses),
Executive Director
Shri Sunil Sachdeva
Independent Director, 1 0 0 0
Non-Executive Director

77
 Names of the other
Total No. of Listed entities in Number of Number of post
Name, designation and Directorship which the director memberships in of Chairperson
category of the Director in other is a director and Committee(s) of in Committee of
Companies the category of other Companies other Companies
directorship
a b c d e
Shri Vikash Preetam
Independent Director, 0 0 0 0
Non-Executive Director
Shri Arun Tandon
Independent Director, 0 0 0 0
Non-Executive Director
Shri Arun Kumar Petronet LNG Limited
Independent Director, 1 – 2 1
Non-Executive Director Independent Director
Shri Anil Kumar Upadhyay
Independent Director, 0 0 0 0
Non-Executive Director
Shri Bhagawan Das
Shivahare
0 0 0 0
Independent Director,
Non-Executive Director
Balmer Lawrie
Investments Limited-
Smt. Perin Devi Rao-
Government Nominee
Government Nominee
Director
Director, 3 8 1
Chennai Petroleum
Non-Executive Director
Corporation Limited-
Government Nominee
Director
Shri Vijay Sharma Mangalore Refinery
Government Nominee and Petrochemicals
1 0 0
Director, Limited- Government
Non-Executive Director Nominee Director

Brief profile and other details of the directors of the Company retiring by rotation and directors seeking
appointment at the AGM

The brief profile and other details of the directors of the Company retiring by rotation and directors seeking
appointment at the AGM is attached to the Notice of the 103rd Annual General Meeting.

78
Attendance at the Board Meetings during the Financial Year 2019-2020 and at the last Annual General
Meeting (AGM)

The Board of Directors met eight (8) times during the Financial Year 2019-2020. Attendance of the Directors at
the Board meetings and at the last AGM held during the Financial Year 2019-20 is shown below:

Attendance
Board Meetings held during the Financial Year 2019-20
at last AGM

28th 18th 13th 17th 11th 7th 30th 4th 18th

Name of the Director May July August September November December December February September
2019 2019 2019 2019 2019 2019 2019 2020 2019

Shri Prabal Basu ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥

Shri D. Sothi Selvam* ¥ ¥ ¥ ¥ ¥ ¥ NA NA ¥

Shri K Swaminathan ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥

Shri Shyam Sundar Khuntia ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥

Shri Adika Ratna Sekhar ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥

Smt. Atreyee Borooah

¥ ¥ ¥ ¥ ¥ ¥ ¥ NA ¥
Thekedath$

Shri Sunil Sachdeva ¥ ¥ ¥ X ¥ ¥ ¥ ¥ ¥

Shri Vikash Preetam ¥ ¥ ¥ ¥ X ¥ ¥ ¥ ¥

Shri Arun Tandon ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥

Shri Arun Kumar@ NA NA ¥ ¥ X ¥ ¥ ¥ ¥

Shri Anil Kumar Upadhyay## NA NA ¥ ¥ ¥ ¥ ¥ ¥ ¥

Shri Bhagawan Das

NA NA X ¥ ¥ ¥ ¥ ¥ ¥
Shivahare**

Smt. Perin Devi Rao ¥ ¥ ¥ ¥ X ¥ ¥ ¥ ¥

Shri Vijay Sharma ¥ ¥ ¥ ¥ X ¥ ¥ ¥ ¥

Notes: * Shri D. Sothi Selvam ceased to be the Director of the Company w.e.f. 16th December, 2019.
$ Smt. Atreyee Borooah Thekedath ceased to be the Director of the Company w.e.f. 31st January, 2020.
@ Shri Arun Kumar has been appointed as an Independent Director on 18th July, 2019.
## Shri Anil Kumar Upadhyay has been appointed as an Independent Director on 18th July, 2019.
** Shri Bhagawan Das Shivahare has been appointed as an Independent Director on 18th July, 2019.

Disclosure of relationship between directors inter-se:

Directors do not have any relationship inter-se amongst them.

79
Number of shares and convertible instruments held by Non-executive Directors:

Percentage of shares
Name of Number of shares
and convertible
Non-executive Director held in the Company
instruments
Shri Sunil Sachdeva NIL NIL
Shri Vikash Preetam NIL NIL
Shri Arun Tandon NIL NIL
Shri Arun Kumar NIL NIL
Shri Anil Kumar Upadhyay NIL NIL
Shri Bhagawan Das Shivahare NIL NIL
Smt. Perin Devi Rao NIL NIL
Shri Vijay Sharma NIL NIL

Web link where details of familiarization Directors) vests with the Government of India.
programmes imparted to Independent Director is The Independent Directors are selected by the
disclosed. Government of India from a mix of eminent personalities
having requisite expertise and experience in diverse
h t t p s : / / w w w. b a l m e r l a w r i e . c o m / a d m i n l s / d l _ u /
fields. In view thereof, the Board of Directors are not
Familiarization_programme_of_Atreyee_Borooah.pdf
in a position to identify list of core skills/ expertise/
h t t p s : / / w w w. b a l m e r l a w r i e . c o m / a d m i n l s / d l _ u /
competencies required by a Director in the context
Familarization_Programme_of_Sunil_Sachdeva.pdf
of the Company’s business, as required under SEBI
h t t p s : / / w w w. b a l m e r l a w r i e . c o m / a d m i n l s / d l _ u / (LODR) Regulations, 2015 (as amended).
Familiarization_programme_of_Shri_Vikash_
Confirmation regarding Independent Director(s)
Preetam-_independent_director.pdf
As per Section 149(6) of the Companies Act,
h t t p s : / / w w w. b a l m e r l a w r i e . c o m / a d m i n l s / d l _ u /
2013 read with exemption granted to Government
Familiarization_programme_of_Arun_Tandon.pdf
Companies vide Notification No, GSR 463(E) dated
h t t p s : / / w w w. b a l m e r l a w r i e . c o m / a d m i n l s / d l _ u / 5th June, 2015, an Independent Director is a Director,
familiarisation-program-of-shri-arun-kumar.pdf who in the opinion of the Administrative Ministry is a
h t t p s : / / w w w. b a l m e r l a w r i e . c o m / a d m i n l s / d l _ u / person of integrity and possesses relevant expertise,
familiarisation-program-of-shri-anil-kumar-upadhyay. experience. As already stated, all the Directors
pdf including Independent Directors are appointed by the
h t t p s : / / w w w. b a l m e r l a w r i e . c o m / a d m i n l s / d l _ u / Administrative Ministry. Further, the mechanism of
familiarisation-program-of-shri-b-d-shivahare.pdf evaluation of the Independent Directors as stated in
paragraph VIII of Schedule IV to the Companies Act,
A chart or a matrix setting out the skills/expertise/
2013 does not apply in the case of a Government
competence of the Board of directors
company, if the requirements in respect of matters
Balmer Lawrie & Co. Ltd. being a Government specified in the said paragraph are specified by the
Company under the administrative control of the concerned Ministries or Departments of the Central
Ministry of Petroleum & Natural Gas (MoPNG), the Government. Since the evaluation of performance of
power to appoint Directors (including Independent all the Directors is carried out by the Administrative

80
Ministry and the Department of Public Enterprises, x Changes, if any, in accounting policies and
the Board of Directors is not in a position to give such practices and reasons for the same;
confirmation as required under para C 2(i) of Schedule
x Major accounting entries involving estimates
V to SEBI (LODR) Regulations, 2015 (as amended).
based on exercise of judgement by
Reasons of resignation of Independent Director(s) management;

During the year none of the Independent Director(s) x Significant adjustments made in the financial
resigned before the expiry of his/her tenure. The statements arising out of audit findings;
directorship of Smt. Atreyee Borooah Thekedath
x Compliance with Listing and other legal
ceased on account of completion of her tenure.
requirements relating to financial statements;
COMMITTEES OF THE BOARD
x Disclosure of any Related Party Transactions;
Audit Committee
x Modified opinion(s)/ qualification in the draft
Terms of Reference audit report;

The terms of reference of the Audit Committee was v. Examination of the financial statement and the
revised with effect from 1 April, 2019 to make it in
st
auditor’s report thereon;
line with the Companies Act, 2013, (“the Act”), SEBI
vi. Reviewing, with the management, the quarterly
(LODR) Regulations, 2015 (as amended) and the
financial statements before submission to the
Guidelines on Corporate Governance for Central
Board for approval;
Public Sector Enterprises, 2010 by Department of
Public Enterprises (DPE). The terms of reference (as vii. Reviewing with the management, the statement

amended) of the Committee are as follows: of uses/application of funds raised through an

issue (public issue, right issue, preferential issue,
i. Oversight of the Company’s financial reporting
etc.), the statement of funds utilized for purposes
process and the disclosure of its financial
other than those stated in the offer document /
information to ensure that the financial statement
prospectus / notice and the report submitted by
is correct, sufficient and credible;
the monitoring agency monitoring the utilization of
ii. Recommendation for appointment, remuneration proceeds of a public or rights issue, and making
and terms of appointment of auditors of the appropriate recommendations to the Board to
Company; take up steps, in this matter;

iii. Approval of payment to statutory auditors for any viii. Monitoring the end-use of funds raised through
other services rendered by the statutory auditors; public offers and related matters;

iv. Reviewing, with the management, the annual ix. Reviewing and monitoring the auditor’s
financial statements and auditor’s report thereon independence and performance, and
before submission to the Board for approval, with effectiveness of audit process;
particular reference to:
x. Approval or any subsequent modification of
x Matters required to be included in the transactions of the Company with Related Parties;
Directors’ Responsibility Statement to be
xi. Scrutiny of inter-corporate loans and investments;
included in the Board’s report in terms of
clause (c) of sub-section (3) of Section 134 xii. Valuation of undertakings or assets of the

of the Companies Act, 2013; Company, wherever it is necessary;

81
xiii. Evaluation of internal financial controls and risk xxii. Approval of appointment of Chief Financial Officer
management systems; after assessing the qualifications, experience and
background, etc. of the candidate;
xiv. Reviewing, with the management, performance
of statutory and internal auditors, adequacy of the xxiii. Reviewing the utilization of loans and/or advances
internal control systems; from /investment by the holding company in the
subsidiary exceeding Rupees 100 crore or 10%
xv. Reviewing the adequacy of internal audit function,
of the asset size of the subsidiary, whichever
if any, including the structure of the internal audit
is lower including existing loans/advances/
department, staffing and seniority of the official
investments existing as on the date of coming into
heading the department, reporting structure
force of this provision (i.e., 1st April, 2019);
coverage and frequency of internal audit;
xxiv. The Audit Committee shall mandatorily review the
xvi. Discussion with internal auditors and/or auditors
following information:
any significant findings and follow-up thereon;
x Management Discussion and Analysis of
xvii. Reviewing the findings of any internal
financial condition and results of operations;
investigations by the internal auditors / auditors/
agencies into matters where there is suspected x Statement of significant Related Party
fraud or irregularity or a failure of internal control Transactions (as defined by the Audit
systems of a material nature and reporting the Committee), submitted by management;
matter to the Board.
x Management letters/ letters of internal control
xviii. Discussion with statutory auditors before the audit weaknesses issued by the statutory auditors;
commences, about the nature and scope of audit
x Internal audit reports relating to internal control
as well as post-audit discussion to ascertain any
weaknesses; and
area of concern and to review the co-ordination of
audit efforts to assure completeness of coverage, x The appointment, removal and terms of

reduction of redundant efforts, and the effective remuneration of the Chief Internal Auditor shall

use of all audit resources; be subject to review by the Audit Committee.

xix. The Audit Committee may call for the comments x Statement of deviations:

of the auditors about internal control systems, the a) Quarterly statement of deviation(s) including
scope of audit, including the observations of the report of monitoring agency, if applicable,
auditors and review of financial statement before submitted to stock exchange(s) in terms of
their submission to the Board and may also Regulation 32(1).
discuss any related issues with the internal and
b) Annual Statement of funds utilized for
statutory auditors and the management of the
purposes other than those stated in the
Company;
offer document /prospectus/notice in terms
xx. To look into the reasons for substantial defaults of Regulation 32(7).
in the payment to the depositors, debenture-
xxv. To review the follow up action on the audit
holders, shareholders (in case of non-payment of
observations of the C&AG audit;
declared dividends) and creditors;
xxvi. To review the follow up action taken on the
xxi. To review the functioning of the whistle blower
recommendations of Committee on Public
mechanism;
Undertakings (COPU) of the Parliament;

82
xxvii. Provide an open avenue of communication xxxi. Carrying out any other function as is mentioned
between the independent auditor, internal in the terms of reference of the Audit Committee.
auditor and the Board of Directors; Composition
xxviii. Consider and review the following with the During the Financial Year 2019-20, the Audit
independent auditor and the management: Committee was reconstituted with effect from 7th
x The adequacy of internal controls including December, 2019. The Audit Committee, as on 31st
computerized information system controls March, 2020 was consisted of five (5) members
and security; and out of which one was Whole-time Director and four
x Related findings and recommendations of were Independent Directors. Shri Sunil Sachdeva,
the independent auditor and internal auditor, Independent Director is the Chairperson of the
together with the management responses. Committee. The composition of the Committee as on
31st March, 2020 was as follows:
xxix. Consider and review the following with
the management, internal auditor and the i. Shri. Sunil Sachdeva, Independent Director-
independent auditor: Chairperson

x Significant findings during the year, including ii. Shri Vikash Preetam, Independent Director-
the status of previous audit recommendations. Member

x Any difficulties encountered during audit work iii. Shri Arun Tandon, Independent Director-Member
including any restrictions on the scope of iv. Shri Bhagawan Das Shivahare, Independent
activities or access to required information. Director-Member
xxx. Investigate into any matter in relation to the items v. Shri Shyam Sundar Khuntia (erstwhile Director
specified in Section 177 of the Companies Act, Finance)-Member
2013 or referred to it by the Board or pertaining All the members of the Audit Committee are financially
to any activity within its terms of reference literate and some members possess accounting/
and to this purpose, shall have full access to financial management expertise also. The Company
information contained in the records of the Secretary acts as the Secretary to this Committee.
Company and external professional advice, if
The Audit Committee met 5 (five) times during the
necessary, seek information from any employee
Financial Year 2019-20. The details regarding the
in the matter and secure attendance of outsiders
attendance of the Members at the meetings are
with relevant expertise, if considered necessary;
enumerated as follows:
Audit Committee Meetings held during the Financial Year 2019-20
27th & 28th 18th 13th 11th 4th
Name of the Members
May, 2019 July, 2019 August, 2019 November, 2019 February, 2020
Smt. Atreyee Borooah
¥ ¥ ¥ ¥ NA
Thekedath*
Shri Sunil Sachdeva ¥ ¥ ¥ ¥ ¥
Shri Vikash Preetam ¥ ¥ ¥ ¥ ¥
Shri Arun Tandon ¥ ¥ ¥ ¥ ¥
Shri Bhagawan Das Shivahare** NA NA NA NA ¥
Shri Shyam Sundar Khuntia ¥ ¥ ¥ ¥ ¥

NOTE: The Audit Committee was reconstituted with effect from 7 December, 2019.
th

*Smt. Atreyee Borooah Thekedath ceased to be the Director of the Company w.e.f. 31st January, 2020.
**Shri B D Shivahare was appointed as member of the Committee w.e.f. 7th December 2019

83
Nomination & Remuneration Committee out either by the Board, by the Nomination and
Remuneration Committee or by an independent
The Company being a Government Company within
external agency and review its implementation
the meaning of Section 2(45) of the Companies Act,
and compliance ;
2013, all the Directors of the Company are appointed
by the MoPNG. The remuneration of the whole-time v. The Nomination and Remuneration Committee
directors is fixed and their performance evaluation is shall, while formulating the policy ensure that -
carried out by the Government of India from time to - the level and composition of remuneration is
time. Nevertheless, a “Remuneration Committee” had reasonable and sufficient to attract, retain and
been constituted by the Board at its meeting held on motivate directors of the quality required to run
30 January, 2009. The said Committee was renamed
th
the Company successfully;
as “Nomination & Remuneration Committee” on 6 th
- relationship of remuneration to performance
February, 2015. During the financial year 2019-2020, is clear and meets appropriate performance
the Committee was reconstituted on 7 December, th
benchmarks; and
2019.
- remuneration to Directors, Key Managerial
Terms of Reference Personnel and senior management involves
a balance between fixed and incentive pay
The terms of reference of the Nomination and
reflecting short and long-term performance
Remuneration Committee was revised w.e.f. 1st
objectives appropriate to the working of the
April, 2019 to make it in line with the Companies
Company and its goals and such policy shall
Act, 2013, (“the Act”), SEBI (LODR) Regulations,
be disclosed in the Board’s Report.
2015 (as amended) and the Guidelines on Corporate
Governance for Central Public Sector Enterprises, vi. Whether to extend or continue the term of
2010 by the Department of Public Enterprises. The appointment of the independent director, on the
revised terms of reference include the following: basis of the report of performance evaluation of
independent directors;
i. Formulation of the criteria for determining
qualifications, positive attributes and independence vii. Recommending to the Board, all remuneration, in
of a Director and recommend to the Board a policy, whatever form, payable to senior management.
relating to the remuneration of the Directors, Key NOTE: Your Company being a Government Company,
Managerial Personnel and other employees. The vide Notification No. GSR 463(E) dated 5 June 2015
Company shall disclose the remuneration policy as amended by Notification No. GSR 582(E) dated 13
and the evaluation criteria in its Annual Report; June 2017 and notification No. GSR 802(E) dated 23
ii. Formulation of criteria for evaluation of February 2018, has been exempted from applicability
performance of Independent Directors and the of Sections 178(2), (3) and (4) of the Companies Act,
Board; 2013.

iii. Devising a policy on Board Diversity; The annual performance appraisal of Top
Management incumbents of Central Public Sector
iv. To identify persons who are qualified to become
Enterprises is done through the Administrative
Directors and who may be appointed in senior
Ministry as per the DPE Guidelines in this regard.
management in accordance with the criteria laid
Your Company being a Central Public Sector
down, recommend to the Board their appointment
Enterprises under the administrative jurisdiction
and removal and shall specify the manner for
of Ministry of Petroleum & Natural Gas also has to
effective evaluation of performance of Board, its
follow the similar procedure.
committees and individual directors to be carried
84
Further, as per Section 149(6) of the Companies Act, 2013 read with exemption granted to Government
Companies vide Notification No, GSR 463(E) dated 5th June, 2015, an Independent Director is a Director, who
in the opinion of the Administrative Ministry is a person of integrity and possesses relevant expertise experience.
In view of the above mentioned exemption, serial no. (i), (ii), (iii), (iv), (v), (vi) and (vii) of the terms of Reference
would not be applicable.

Composition

As on 31st March, 2020, the Committee consisted of six (6) members, out of which two were Government Nominee
Directors and four were Independent Directors. Shri Arun Tandon, Independent Director is the Chairperson of
the Committee. The Composition of the Committee as on 31st March, 2020 was as follows:

i. Shri Arun Tandon, Independent Director - Chairperson

ii. Shri Sunil Sachdeva, Independent Director – Member

iii. Shri Vikash Preetam, Independent Director – Member

iv. Shri Anil Kumar Upadhyay, Independent Director – Member

v. Smt. Perin Devi Rao, Government Nominee Director - Member

vi. Shri Vijay Sharma, Government Nominee Director – Member

The Committee held five (5) meetings during the financial year 2019-2020, as detailed hereunder:

Nomination and Remuneration Committee Meetings held during the Financial Year 2019-20

27th 18th 13th 11th 4th

Name of the Member
May 2019 July 2019 August 2019 November 2019 February 2020

Smt. Atreyee Borooah Thekedath* ¥ ¥ ¥ ¥ NA

Shri Arun Tandon ¥ ¥ ¥ ¥ ¥

Shri Sunil Sachdeva ¥ ¥ ¥ ¥ ¥

Shri Vikash Preetam ¥ ¥ ¥ X ¥

Shri Anil Kumar Upadhyay# NA NA NA NA ¥

Smt. Perin Devi Rao ¥ ¥ ¥ X ¥

Shri Vijay Sharma X ¥ ¥ X ¥

NOTE: The Nomination & Remuneration Committee was reconstituted with effect from 7th December, 2019
*Smt. Atreyee Borooah Thekedath ceased to be the Director of the Company w.e.f. 31st January, 2020.
# Shri Anil Kumar Upadhyay was appointed as member of the Committee w.e.f. 7th December 2019.

85
Remuneration Policy Performance evaluation criteria for Independent
Directors on the Board.
Balmer Lawrie (BL) is a CPSE under the administrative
control of MoPNG and for all purpose we follow the The Company being a Government Company,
relevant and applicable guidelines. There are four the criteria of independence as per Section 149
levels under which the matter is dealt with, these are of the Companies Act, 2013 is determined by the
as under: Administrative Ministry. Hence, the evaluation criteria
and such evaluation of Directors is done by the
a. For Members of the Board
MoPNG.
b. For Executives below the Board Level
Remuneration of Directors
c. For non-Unionised Supervisors
a) There was no pecuniary relationship or
d. For unionised categories of employee through transaction of any non-executive director vis-à-vis
collective bargaining. the Company except the sitting fees paid to the
In matters related to the members of the Board, Independent Directors, which has been detailed in
Executives below the Board Level, we are strictly this report as well as MGT-9 as attached to the
governed by the Department of Public Enterprises Board’s Report.
[DPE] guidelines, issued from time to time and ensure b) By virtue of Article 7A of the Articles of
compliance to all such guidelines and practices. Association of the Company, the President
The matter of finalization of remuneration, including of India is entitled to decide the terms and
wages and benefits of non-Unionised Supervisors is conditions of appointment of the Directors. This,
overseen by the Board of BL and it is essentially in inter alia, includes determination of remuneration
line with DPE guidelines as applicable. payable to the Whole-time Directors. Non-
For the unionised category the matter is decided Executive Independent Director is entitled to
based on a 5 years settlement period where the terms sitting fee for attending the Board and Committee
are decided based on collective bargaining. In this Meetings. The sitting fee has been revised by
case the basic premises that governs the boundaries the Board of Directors w.e.f. 5th February 2020
of any agreement is as laid out by the DPE. at Rs.20,000/- (Rupees Twenty Thousand only)
per meeting of the Board and at Rs. 15,000/-
In all cases the Board of BL oversees all the above
(Rupees Fifteen Thousand only) for every
matters in the light of compliance of Government
Committee meeting attended by them. No sitting
Guidelines and ethical Corporate Governance
fee is paid to the Whole-time Director /Non-
practices. Balmer Lawrie in fulfilling the statutory
Whole time Government Nominee Director for
requirements has also a fully functional Nomination &
the meetings of Board of Directors or Committees
Remuneration Committee.
attended by them.

86
Disclosure with respect to remuneration of Directors

1) Details of remuneration paid to Executive Directors (Whole time Directors) during Financial Year
2019-20 are enumerated hereunder:
(All figures in Rs.)
Shri D. Shri Kalyan Shri Adhip Nath
Sothi Selvam Swaminathan Shri Shyam Shri Adika Ratna Palchaudhuri
Shri Prabal Basu
((01/04/19 (01/04/19 Sundar Khuntia Sekhar (01/03/20
-15/12/2019) -28/02/2020) -31/03/20)
Salary and
3424004 2970792 3168510 3740529 2540048 216753
allowances
Incentive 1821780 1455643 1277343 1445381 1123976 62471
Provident Fund 563147 492555 478246 592360 470642 39595
Gratuity 85274 37390 68636 30516 35503 3708
Perquisites 1069970 328289 166111 439642 610479 48408
TOTAL 6964175 5284669 5158846 6248429 4780648 370935
As contained in As contained in As contained in As contained in As contained in As contained in
letter from Ministry letter from Ministry letter from Ministry letter from Ministry letter from Ministry letter from Ministry
of Petroleum of Petroleum of Petroleum of Petroleum of Petroleum of Petroleum
& Natural Gas & Natural Gas & Natural Gas & Natural Gas & Natural Gas & Natural Gas
bearing reference bearing reference bearing reference bearing reference bearing reference bearing reference
no.- no.- no.- no.- no.- no.-
C-31024 C-31024 /7/2012- C-31024 /2/2013- C-31024 CA-31024 CA-31024/1/2018-
/3/2013-CA(Part-I)/ CA(I)/FTS (36715) CA (Part-I)/ FTS /4/2015-CA(II)/FTS /2/2017-PNG (49) PNG (23808) dated
FTS(39921) dated dated (39922) dated (42956) dated dated 20th December
7th February, 2019 1st February, 2019 4 February, 2019 1 February, 2019 4 January, 2019
th st th
2019
Terms of C-31024/ 3 C-31024 / 7 / 2012- C-31024 / 2 / 2013 C-31024/ 04 / 2015 CA-31024 /2 /
appointment /2013-CA(Part-I)/ CA (Part -1) / FTS: (Part I) CA FTS: – CA/ FTS: 39711 2017-PNG (49)
FTS: 39921 dated 36715 dated 39922 dated dated dated
23rd October, 2015 4th August, 2016 21st March, 2017 22nd March, 2016 2nd May, 2018
C-31024/3/ C-31024 /07 C-31024/ 2 / 2013- C-31024/ 4 / 2015-
2013-CA/ FTS: /2012-CA (Part II)/ CA /FTS:26994 CA (Part I) / FTS:
26993 dated FTS:40153 dated dated 39711 dated
18th May 2015 29th March 2016 18th May 2015 7 December 2015
C- 31024/7 /2012-
CA /FTS:23176
dated
09th October, 2014
2) Details of remuneration paid to Non-Executive Directors during Financial year 2019-20 are
enumerated hereunder:
(All figures in Rs.)
Name of Director Sitting fees Paid Total Remuneration Terms of Appointment
Smt. Atreyee Borooah C-31034/1/2016-CA/FTS:46118 dated 31st January, 2017 and
1,80,000 1,80,000
Thekedath appointment letter dated 15th February, 2017
C-31034/2/2017-CA/FTS:49128 dated 8th September 2017 and
Shri Sunil Sachdeva 2,25,000 2,25,000
appointment letter dated 5th April 2018
C-31033/2/2018-CA(22758) dated 24th July, 2018 and his
Shri Vikash Preetam 1,30,000 1,30,000
appointment letter dated 2nd August, 2018
C-31033/2/2018-CA (22758) dated 3rd August, 2018 and his
Shri Arun Tandon 1,80,000 1,80,000
appointment letter dated 12th September, 2018
C-31033/2/2018-CA /PNG(25758) dated 12th July, 2019 and his
Shri Arun Kumar 75,000 75,000
appointment letter dated 23rd July 2019
Shri Anil Kumar C-31033/2/2018-CA /PNG(25758) dated 12th July, 2019 and his
95,000 95,000
Upadhyay appointment letter dated 23rd July 2019
C-31033/2/2018-CA /PNG(25758) dated 12th July, 2019 and his
Shri B D Shivahare 70,000 70,000
appointment letter dated 23rd July 2019
87
 (All figures in Rs.)
Name of Director Sitting fees Paid Total Remuneration Terms of Appointment
Shri Vijay Sharma 0 0 C-31033/1/2016-CA/FTS:42979 dated 24th November, 2017
Smt. Perin Devi Rao 0 0 C-31033/1/2016-CA/FTS:42979 dated 26th July, 2018
TOTAL 9,55,000 9,55,000

Notes:
1) During the year no stock option was issued by the Company to any Director.
2) Performance linked incentives are paid to the whole-time directors as per the DPE Guidelines.
3) The remuneration enumerated above does not include – Long Service Award and Post retirement Medical
Benefit Scheme which are based on actuarial valuation and are not separately ascertainable for individual
directors.
4) There was no expenditure debited in the books of accounts, which represent personal expenditure of the
Board of Directors and Top Management.
5) Severance fee and notice period for the whole-time directors is NIL and the terms of disengagement for the
Independent Directors is governed by the terms of the respective appointment letter issued to them.

Stakeholders’ Relationship Committee

As on 31st March, 2020, the Committee consisted of six (6) members. Shri Anil Kumar Upadhyay, Independent
Director is the Chairperson of the Committee. The Composition of the Committee as on 31st March, 2020 was
as follows:

i. Shri Anil Kumar Upadhyay, Independent Director - Chairperson

ii. Shri Sunil Sachdeva, Independent Director-Member
iii. Shri Vikash Preetam, Independent Director-Member
iv. Shri Adika Ratna Sekhar, Director (HR & CA)-Member
v. Shri Shyam Sundar Khuntia, erstwhile Director (Finance) - Member
vi. Shri Vijay Sharma, Government Nominee Director-Member

A meeting of this Committee was held on 27th May, 2019. All the members of this committee, as per the
constitution at that time were present at the said Meeting.

Compliance Officer:

Name : Shri Kaustav Sen

Designation : Compliance Officer

The investors may lodge their complaint / grievance, if any, at the e-mail address: [email protected]

Status of investor complaints:

Pending at the beginning of the year as on 1st April 2019 NIL
Received during the year 507
Disposed of during the year* 507
Remaining unresolved at the end of the year as on 31st March, 2020 NIL
Complaints not solved to the satisfaction of shareholder* 0
*Since the complaints have been resolved and the concerned shareholder has not signified his/her
dissatisfaction, hence it is presumed that the said complaints have been resolved to the satisfaction of the
respective shareholders.
88
General Body Meetings

Details of the last three Annual General Meeting(s) (AGM) held by the Company are enumerated as under:

MEETING
DATE AND TIME VENUE SPECIAL RESOLUTION PASSED IN PREVIOUS
NUMBER
3 AGMS
Ghanshyam Das Birla
18th September, Sabhagar 102nd Annual
No special resolution was passed at the 102nd Annual
2019 29, Ashutosh Choudhury General
General Meeting.
at 10.30 a.m. Avenue, Meeting
Kolkata – 700 019
Ghanshyam Das Birla
101st One Special Resolution was passed at the 101st
12th September, Sabhagar
Annual AGM for increase in Authorized Share Capital
2018 29, Ashutosh Choudhury
General and consequent amendment in Memorandum of
at 10.30 a.m. Avenue,
Meeting Association.
Kolkata – 700 019
Ghanshyam Das Birla
100th
14th September, Sabhagar One Special Resolution was passed at the 100th AGM
Annual
2017 29, Ashutosh Choudhury for fixation of fee for delivery of document through a
General
at 10.30 a.m. Avenue, particular mode.
Meeting
Kolkata – 700 019
Special Resolutions passed in last year through x Quarterly/half yearly/audited financial results,
Postal Ballot notices, etc., for the Financial Year 2019-20
were published in the newspapers, The Financial
No special resolution was passed through postal ballot
Express (English), AajKaal (Bangla) and Jansatta
during the Financial Year 2019-20.
(Hindi).
Special Resolution proposed to be conducted
x The financial results and other corporate
through Postal Ballot.
announcements issued by the Company and
NIL other shareholder’s information is posted on the
Means of Communication and Address for Company’s website at https://www.balmerlawrie.
Correspondence com/static/corporate_announcements.
x The investors may lodge their complaint/grievance,
The quarterly un-audited and audited annual financial
if any, at [email protected] .
results were submitted to the Stock Exchanges.
Simultaneously, the said results were published in the x Official news releases are also available on the
newspapers and also uploaded on the website of the Company’s website viz. www.balmerlawrie.com.
Company. x All communications relating to share registry
matters may be addressed to:
KFin Technologies Private Limited, Balmer Lawrie & Co. Ltd.
Apeejay House Block “C”, 3rd Floor, Secretarial Department,
15 Park Street, Kolkata 700 016, 21, Netaji Subhas Road,
Tel: 033 6628 5900 Kolkata-700001
or Phone-(033) 2222 5329
KFin Technologies Private Limited, E-mail: [email protected]
Selenium Building, Tower-B,
Plot No. 31 & 32, Financial District, Nanakramguda,
Serilingampally, Hyderabad, Rangareddi,
Telangana–500032,
Tel: 040-67161500,
Toll free No. 1800 3454001,
Email: [email protected],
website: www.kfintech.com.
89
General Shareholders’ Information

Day, Date & Time Friday, 25th September, 2020 at 12.noon. IST

The Ministry of Corporate Affairs (“MCA”) has vide its circular dated May 5, 2020 read
together with circulars dated April 8, 2020 and April 13, 2020 and SEBI vide its Circular
number SEBI/HO/CFD/CMD1/CIR/P/2020/79, permitted convening the Annual General
Meeting (“AGM” / “Meeting”) through Video Conferencing (“VC”) or Other Audio Visual
Venue
Means (“OAVM”), without the physical presence of the members at a common venue.
Accordingly, the 103rd AGM of the Company is being held through VC/OAVM and the
detailed instructions for participation and voting at the meeting is available in the notice
of the 103rd AGM.

Financial year 1st April, 2019 to 31st March, 2020.

From: 19th September 2020, Saturday

Book Closure Dates (both days inclusive)
To: 25th September 2020, Friday.

Dividend Payment Date

Upon declaration at the ensuing 103rd Annual General Meeting scheduled on 25th September, 2020, dividend
shall be paid to those shareholders holding shares as on 18th September, 2020, (End of Day) within statutory
period of 30 days from the date of declaration.

Dividend History & Amount of Unclaimed Dividend to be transferred to the ‘Investors’ Education and
Protection Fund’

Amount of % of
Due date of transfer
Date on which, Total amount of unclaimed unclaimed
to the “Investors’ Type of
Dividend declared / Dividend Dividend as on Dividend
Education and Dividend
Financial year (in Rs.) 31st March, 2020 to total
Protection Fund” *
(In Rs.) dividend
24th September, 2013
50,16,11,281.60 46,53,171 0.93 31st October 2020 Final
2012-13
25th September, 2014
51,30,11,538.00 31,83,912 0.62 1st November 2021 Final
2013-14
22nd September, 2015
51,30,11,538.00 40,04,550 0.78 29th October 2022 Final
2014-15
22nd September 2016
57,00,12,820.00 49,49,700 0.87 29th October 2023 Final
2015-16
14th September 2017
79,80,17,948.00 73,16,911 0.92 21st October 2024 Final
2016-17
12th September, 2018
114,00,25,640.00 99,42,760 0.87 19th October, 2025 Final
2017-18

18th September, 2019

125,40,28,204.00 118,94,817 0.95 25th October 2026 Final
2018 - 19

* These are indicative dates. Actual Deposit dates may vary but would be as per Sections 124 & 125 of the
Companies Act, 2013 read with the applicable Rule(s).

90
Payment of Dividend through Electronic Mode requested to fill-in the mandate form thereby providing
the MICR and IFSC code number of their bank and
The electronic mode of payment brings in further
branch along with the bank account number and
efficiency and uniformity in credit of the dividend
other details to the Registrar & Share Transfer Agent
amount. The advantages of electronic mode over
of the Company, (where the shares are being held in
physical mode includes faster credit of remittance
physical form) or to their Depository Participant (where
to beneficiary’s account, wider coverage with no
the shares are being held in dematerialized mode) on
limitations of location in India.
or before 18th September 2020, (end of day).
Your Company accordingly encourages the use of
This would facilitate prompt encashment of dividend
electronic mode for payment of dividend wherever
proceeds and also enable the Company to reduce
available. To avail such facility the shareholders, are
cost of dividend distribution.

Stock Exchanges where the equity shares of the Company are listed and other related information

Name and address of the Stock Exchanges Stock code Confirmation about payment
of Annual Listing Fee for
Financial Year 2019 - 20 to
the Stock Exchanges
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block-G,
BALMLAWRIE Yes
Bandra-Kurla Complex,
Bandra (East), Mumbai 400051
BSE Limited
Phiroze Jeejeebhoy Towers 523319 Yes
Dalal Street, Mumbai 400 001
ISIN Code of the Company INE 164A01016

Market Price (High and Low) of the Company as per National Stock Exchange of India Limited and BSE
Ltd. (for the period April 2019 to March 2020)

National Stock Exchange of India Limited BSE Ltd.

Month High (Rs.) Low (Rs.) High (Rs.) Low (Rs.)
April-19 178.00 161.10 189.95 169.00
May-19 203.00 163.00 203.40 161.65
June-19 197.45 177.90 196.80 178.00
July-19 184.90 168.10 185.45 168.10
August-19 178.00 161.10 177.00 162.50
September-19 192.50 165.00 191.20 165.30
October-19 213.30 163.50 212.00 160.00
November-19 210.65 188.00 210.20 188.10
December-19 199.70 124.50 199.75 124.50
January- 20 136.00 117.30 136.00 120.00
February-20 123.60 100.60 123.15 100.90
March-20 106.00 69.00 105.25 69.85

91
Market Price of the Equity Shares of the Company vis-a-vis the S&P BSE 500

Balmer Lawrie & Co. Ltd. share price performance in comparison to

S&P BSE 500
250 18000
16000

S&P BSE 500 Closing Index

200 14000
Share Closing Price

12000
150
10000
8000
100
6000

50 4000
2000
0 0
Jun-19

Jul-19
May-19
Apr-19

Nov-19
Aug-19

Jan-20

Mar-20
Sep-19

Dec-19

Feb-20
Oct-19
Month

Share Closing Price S&P BSE 500 Closing Index

Registrar & Share Transfer Agent

At present, the share registry functions, in both physical and de-mat segments are handled by a single common
agency, namely:

x KFin Technologies Private Limited, Apeejay House Block “C”, 3rd Floor, 15 Park Street, Kolkata 700
016, Tel: 033 6628 5900
or
x KFin Technologies Private Limited, Selenium Building, Tower-B, Plot No. 31 & 32, Financial District,
Nanakramguda, Serilingampally, Hyderabad, Rangareddi, Telangana, India - 500 032. Tel: 040-67161500,
Toll free No. 1800 3454 001, Email: [email protected], website: www.kfintech.com.

Share Transfer System

The physical share transfer procedure and miscellaneous share registry matters are overseen by KFin
Technologies Private Limited, the Registrar and Share Transfer Agent of the Company.

Distribution of Shareholding as on 31st March, 2020 on the basis of category of Shareholders

%
Total no. of Equity
Category & Name of the shareholders (On the total
Shares
Equity holding)
Promoters and Promoter Group 0 0
Mutual funds 11,043 0.01
Financial Institutions / Banks 98,20,386 5.74
Foreign Portfolio Investors 25,80,308 1.51
Central Government / State Government(s) / President of India 42,210 0.02
Others 15,85,49,899 92.72
Total 17,10,03,846 100.00

92
Distribution of Shareholding Report (NSDL+ CDSL+ Physical) on the basis of number of Equity shares
held as on 31st March, 2020:

Distribution of Shareholding
ALL (NSDL+ CDSL+ Physical)
SL. Shareholding of Shares Number of % of Total % of Total
Number of Shares
No. Shareholders Shareholders Share Capital
1 1 to 500 44955 75.70 5766768 3.37
2 501 to 1000 6366 10.72 4484156 2.62
3 1001 to 2000 3985 6.71 5486206 3.21
4 2001 to 3000 1463 2.46 3684974 2.16
5 3001 to 4000 588 0.99 2055756 1.20
6 4001 to 5000 456 0.77 2049108 1.20
7 5001 to 10000 849 1.43 5886546 3.44
8 10001 and above 722 1.22 141590332 82.80
TOTAL: 59384 100.00 171003846 100.00

Dematerialization of Shares and Liquidity

The Equity shares of your Company are to be traded compulsorily in dematerialized mode and are available
for trading, with both the Depositories in India, i.e., National Securities Depository Ltd. (‘NSDL’) and Central
Depository Services (India) Ltd. (‘CDSL’).

As on 31st March 2020, the distribution of Equity Shares held in physical and dematerialized mode, are produced
below:

Percentage of physical and dematerialized shares as on 31st March, 2020

Type of shares %
Physical 01.39
Dematerialized 98.61
TOTAL: 100.00

Your Company, has paid the annual custody fee for the Financial Year 2019-20 to both the Depositories, i.e.,
NSDL & CDSL.

Outstanding Global Depository Receipts or American Depository Receipts or Warrants or any convertible
instruments, conversion date and likely impact on equity

The Company does not have any outstanding Global Depository Receipts or American Depository Receipts or
warrants or any convertible instruments.

Commodity Price Risk or Foreign Exchange Risk & hedging Activities

The details of Financial Risk Management including Foreign Currency Risk and the overall strategy to mitigate
the same has been disclosed in Note No. 44 of the Standalone Financial Statements.

93
Plant Location:

Name of the business Location Location

Greases & Lubricants Manufacturing Units: Marketing Offices:
Chennai Bengaluru
Kolkata Bhopal
Silvassa Chandigarh
Chennai
Application Research Laboratory: Coimbatore
Kolkata Hyderabad
Jaipur
Kolkata
Mumbai
New Delhi
Patna
Pune
Raipur
Vadodara
Industrial Packaging Manufacturing units: SBU Office: Mumbai
Asaoti
Chennai Sales Office:
Chittoor New Delhi
Kolkata
Navi Mumbai
Silvassa
Vadodara
Leather Chemicals Manufacturing units: SBU Office: Chennai
Chennai
Marketing office:
Technical Service Centers: Chennai
Ambur & Vaniyambadi
Kanpur Product Development Centre:
Kolkata Chennai
Ranipet
Logistics Services Ahmedabad Kochi
Bengaluru Kolkata
Chennai Mumbai
Coimbatore New Delhi
Goa Pune
Gwalior Thiruvananthapuram
Hyderabad Tuticorin
Kanpur Visakhapatnam
Karur

94
Name of the business Location Location
Logistics Infrastructure Container Freight Station- Warehousing & Distribution-
Chennai Coimbatore
Kolkata Kolkata- Hide Road Complex,
Navi Mumbai Kolkata- Sonapur
Temperature Controlled Warehouse Integrated Check Post
Navi Mumbai Jogbani- Bihar
Rai- Haryana Raxaul - Bihar
Medchal-Village-Telangana
Refinery & Oilfield Services Kolkata

Travel Ahmedabad Kochi

Bengaluru Kolkata
Bhubaneswar Lucknow
Chennai Mumbai
Delhi New Delhi
Guwahati Port Blair
Hyderabad Pune
Kanpur Thiruvananthapuram
Vadodara
Visakhapatnam
Vacations Ahmedabad Hyderabad
Bengaluru Kolkata
Bhubaneswar Mumbai
Chennai Delhi

List of all credit ratings obtained by the Company along with any revisions

The long-term credit rating of the Company reaffirmed by ICRA Limited as on 30th December, 2019 is [ICRA] AA+
and the short-term credit rating for the Company reaffirmed by ICRA Limited on 30th December, 2019 is [ICRA]
A1+.

The credit rating for the Long-term bank facilities reaffirmed by CARE on 1st October, 2019 is “CARE AA+;
Stable” and the credit rating for the short-term bank facilities reaffirmed by CARE on 1st October, 2019 is “CARE
A1+”.

Disclosures

a) Disclosures on materially significant Related Party Transactions (RPT) that may have potential conflict with
the interests of listed entity at large.

There were no materially significant Related Party Transactions. None of the RPT had any conflict with
interests of the Company.

All the RPT have been detailed in Note no. 42.18 of the Standalone Financial Statements. The Company had
formulated and adopted Related Party Transactions Policy in the year 2015 which had last been amended at
the Board Meeting held on 4th February, 2020, pursuant to amendment in the (Companies Meeting of Board

95
 and its Powers) Rules, 2014 and the same has been uploaded on the website of the Company at
https://www.balmerlawrie.com/adminls/dl_u/Related_Party_Transaction_Policy_dated_04-02-2020.pdf

b) Details of non-compliance by the listed entity, penalties, and strictures imposed on the listed entity by stock
exchange(s) or the Board or any statutory authority, on any matter related to capital markets/ any Guidelines
issued by the Government, during the last three years:

Details of action taken

Sr. Action taken
Quarter ended Details of violation e.g. fines, warning
No. by
letter, debarment, etc.
1. BSE Ltd. 30th September, Non-compliance of Regulation 17(1) Fine of Rs. 5,42,800 was
2018 of the SEBI (LODR) Regulations, 2015 imposed by BSE Ltd.
pertaining to the composition of the
Board for the quarter ended September
30, 2018.
2. BSE Ltd. 30th September, Non-Compliance of Regulation 18(1) Fine of Rs.2,17,120 was
2018 of the SEBI (LODR) Regulations, imposed by BSE Ltd.
2015 pertaining to constitution of
Audit Committee for the quarter ended
September 30, 2018.
3. National Stock 30th September, Non-compliance of Regulation 17(1) Fine of Rs. 5,42,800 was
Exchange of 2018 of the SEBI (LODR) Regulations, 2015 imposed by National
India Ltd. pertaining to the composition of the Stock Exchange of India
Board for the quarter ended September Ltd.
30, 2018.
4. National Stock 30th September, Non-Compliance of Regulation 18(1) Fine of Rs.2,17,120 was
Exchange of 2018 of the SEBI (LODR) Regulations, imposed by National
India Ltd. 2015 pertaining to constitution of Stock Exchange of India
Audit Committee for the quarter ended Ltd.
September 30, 2018.
5. BSE Ltd. 31st December, Non-compliance of Regulation 17(1) Fine of Rs. 5,42,800 was
2018 of the SEBI (LODR) Regulations, 2015 imposed by BSE Ltd.
pertaining to the composition of the
Board for the quarter ended December
31, 2018.
6. BSE Ltd. 31st December, Non-Compliance of Regulation 18(1) Fine of Rs. 59,000 was
2018 of the SEBI (LODR) Regulations, imposed by BSE Ltd.
2015 pertaining to constitution of
Audit Committee for the quarter ended
September 30, 2018.
7. National Stock 31st December, Non-compliance of Regulation 17(1) Fine of Rs. 5,42,800 was
Exchange of 2018 of the SEBI (LODR) Regulations, 2015 imposed by National
India Ltd. pertaining to the composition of the Stock Exchange of India
Board for the quarter ended December Ltd.
31, 2018.
8. National Stock 31st December, Non-Compliance of Regulation 18(1) Fine of Rs. 59,000 was
Exchange of 2018 of the SEBI (LODR) Regulations, imposed by National
India Ltd. 2015 pertaining to constitution of Stock Exchange of India
Audit Committee for the quarter ended Ltd.
December 31, 2018.
9. BSE Ltd. 31st March, Non-compliance of Regulation 17(1) Fine of Rs. 5,31,000 was
2019 of the SEBI (LODR) Regulations, 2015 imposed by BSE Ltd.
pertaining to the composition of the Board
for the quarter ended March 31, 2019.

96
 Details of action taken
Sr. Action taken
Quarter ended Details of violation e.g. fines, warning
No. by
letter, debarment, etc.
10 National Stock 31st March, Non-compliance of Regulation 17(1) Fine of Rs. 5,31,000 was
Exchange of 2019 of the SEBI (LODR) Regulations, 2015 imposed by National
India Ltd. pertaining to the composition of the Board Stock Exchange of India
for the quarter ended March 31, 2019. Ltd.
11. BSE Ltd. 30th June 2019 Non-compliance of Regulation 17(1) Fine of Rs. 5,36,900 was
of the SEBI (LODR) Regulations, 2015 imposed by BSE Ltd.
pertaining to the composition of the Board
for the quarter ended June 30, 2019.
12. National Stock 30th June 2019 Non-compliance of Regulation 17(1) Fine of Rs. 5,36,900 was
Exchange of of the SEBI (LODR) Regulations, 2015 imposed by National
India Ltd. pertaining to the composition of the Board Stock Exchange of India
for the quarter ended June 30, 2019. Ltd.
13. BSE Ltd. 30th September Non-compliance of Regulation 17(1) Fine of Rs. 1,00,300 was
2019 of the SEBI (LODR) Regulations, 2015 imposed by BSE Ltd.
pertaining to the composition of the
Board for the quarter ended September
30, 2019.
14. National Stock 30th September Non-compliance of Regulation 17(1) Fine of Rs. 1,00,300 was
Exchange of 2019 of the SEBI (LODR) Regulations, 2015 imposed by National
India Ltd. pertaining to the composition of the Stock Exchange of India
Board for the quarter ended September Ltd.
30, 2019.

It may be pertinent to mention that National Stock Exchange of India Ltd. vide its letter bearing reference no.
NSE/LIST/SOP/103738 dated 18th March 2020 has waived fine imposed earlier by it for the quarters ended
September 2018, December 2018, March 2019, June 2019 and September 2019.

c) The Company introduced the ‘Whistle Blower Policy’ with effect from January, 2010 to promote and
encourage transparency in the Company and protects employees against victimization. The Chairperson of
the Audit Committee is the Ombudsperson under the Policy. The Policy is posted on the Company’s website
viz https://www.balmerlawrie.com/adminls/dl_u/Whistle_Blower_Policy.pdf
No personnel has been denied access to the Audit Committee during the year.

d) On and from 9th April, 2010, the Company also introduced a ‘Fraud Prevention Policy’ with the object of
promoting high standards of professionalism, honesty, integrity and ethical behavior. This policy meets the
requirements laid down in the Guidelines on Corporate Governance for Public Sector Enterprises, 2010.

e) All Board Members and Senior Management have affirmed compliance to Code of Conduct as per Regulation
26(3) of the SEBI (LODR). The Company has a Code of Conduct for its Directors and Senior Management
Personnel, which is in operation since 2006. The Code had been reviewed and revised by the Board in the
Financial Year 2011-12. Declaration by the CEO, i.e., Chairman & Managing Director to this effect has been
set out in the Annual Report.

f) The Company has, with effect from 27th May, 2015, introduced “Code of Practices and Procedures for Fair
Disclosure of Unpublished Price Sensitive Information” and “Code of Conduct to Regulate, Monitor and Report
Trading by Insider” in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The Codes
have been amended w.e.f. 1st April, 2019 to bring them in line with the amendments in SEBI (Prohibition of

97
 Insider trading) Regulations, 2015 and the same is subsidiaries’ is disclosed:
now called “Code of Conduct to Regulate, Monitor https://www.balmerlawrie.com/adminls/dl_u/
and Report Trading by Designated Persons and Policy_on_Determining_Material_Subsidiary-BL.
Immediate Relative of Designated Persons”. pdf

g) Pursuant to SEBI (LODR) Regulations, 2015, n) The Company adopted Dividend Distribution policy
the Company has obtained Certificate from in the year 2016, the web link of the said policy is :
the Statutory Auditors on compliance of the https://www.balmerlawrie.com/adminls/dl_u/
conditions of Corporate Governance. A copy of DIVIDEND_DISTRIBUTION_POLICY.pdf
such Certificate is attached as ‘Annexure 5’.
o) Disclosure of commodity price risks and hedging
h) The Company has prepared the financial activities as per Schedule V of SEBI (LODR).
statements to comply with all material aspects
The details of Commodity Price Risk or Foreign
with prescribed Accounting Standards.
Exchange Risk has been disclosed in Note No. 44
i) The CEO (Chairman & Managing Director) and of the Standalone Financial Statements.
the CFO have jointly certified to the Board, with
p) The details of total fees paid for all services to
regard to reviewing the financial statements, cash
the Statutory Auditors by the Company and its
flow statements and effectiveness of internal
subsidiaries, on a consolidated basis, and all
control and other matters as required under SEBI
entities in the network firm/network entity of which
(LODR) for the year ended 31st March, 2020.
the Statutory Auditors is a part, for all services
j) The Company, in August 2017 had updated its rendered by them is disclosed in Note No. 36 of
Enterprise Risk Management Policy to meet the the Standalone Financial Statements.
specific requirements of the Companies Act, 2013
q) Disclosures in relation to the Sexual Harassment
and the SEBI (LODR) Regulations. The said policy
of Women at Workplace (Prevention, Prohibition
is posted on the Company’s website viz
and Redressal) Act, 2013.
https://www.balmerlawrie.com/adminls/dl_u/
Number of complaints filed during the NIL
ERM_Policy01_08_17.pdf
Financial Year 2019-20
k) Pursuant to Schedule V of the SEBI (LODR) Number of complaints disposed off NIL
Regulations, 2015, the Company has obtained during the Financial Year 2019-20
a certificate from Shri Debabrata Dutt, Company Number of complaints pending as on NIL
the end of the Financial Year 2019-20
Secretary in Practice confirming that none of the
directors on the Board of the Company as on 31st r) Disclosures with respect to demat suspense
March, 2020 have been debarred or disqualified account/ unclaimed suspense account: Not
from being appointed or continuing as directors of applicable.
the Company by the Board/ Ministry of Corporate
Other Disclosure
Affairs or any such Authority this Certificate is
attached as ‘Annexure 7’. i) Details of Presidential directives issued by
the Central Government and their compliance
l) There was no such instances when the Board
during the year and the last three years: Nil
had not accepted any recommendation of any
Committee in the Financial Year 2019-20. ii) Items of expenditure debited in the books of
accounts, which are not for the purpose of the
m) Web link where policy for determining ‘material
business: NiL

98
 iii) Expenses incurred which are personal in of the SEBI (LODR) have been complied with. As far
nature and incurred for the Board of Directors as compliance of non-mandatory requirements are
and top management: NiL concerned, the Company has not adopted the non-
mandatory requirement except that Internal Auditor
iv) Details of administrative and office expenditure
of the Company reports to the Audit Committee and
as a percentage of total expenses vis-à-vis
that the Statutory Auditor’s Report does not contain
financial expenses and reasons for increase:
any modified opinion. The applicable Non Mandatory
(a) Administrative expenses as % of Total requirements will be implemented by the Company as
expenses and when required and/or deemed necessary by the
2019-20 - 14.02% Board.
2018-19 - 13.78%
Confirmation of compliance as per SEBI (LODR):
(b) Finance expense as % of Total expenses
It is hereby confirmed that the Company has complied
2019-20 - 0.58%
with the requirements under Regulations 17 to 27 and
2018-19 - 0.35%
Regulation 46 of the SEBI LODR, except to the extent
The nominal increase in the percentage
stated above, for the reasons beyond the control of the
is mainly on account of interest outgo for
Company. Further, the Statutory Auditors’ certificate,
borrowings.
certifying that the Company has complied with the
Details of compliance with mandatory requirements conditions of Corporate Governance, is annexed to
and adoption of non-mandatory requirements: the Boards’ Report.
All mandatory requirements of applicable provisions
For and on behalf of the Board
Balmer Lawrie & Co. Ltd.

Prabal Basu
Chairman & Managing Director

Adika Ratna Sekhar

Director (Human Resource & Corporate Affairs)
Registered Office:
21, Netaji Subhas Road,
Kolkata-700001

99
Date: 19th August, 2020

Declaration by Chairman & Managing Director (CEO) as per Regulation

34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015

To
The Members,
Balmer Lawrie & Co. Ltd.

Sub: Declaration regarding Compliance of the Code of Conduct for the Board Members and Designated
Personnel

I, Prabal Basu, Chairman & Managing Director of Balmer Lawrie & Co. Ltd. hereby declare that all the
members of Board and Senior Management Personnel have affirmed compliance with the Code of Conduct for
the Board Members and Designated Personnel within 30 days from the end of 31st March 2020.

For Balmer Lawrie & Co. Ltd.

Place: Kolkata Prabal Basu
Date:20 April 2020
th
Chairman & Managing Director
(DIN 06414341)

100
 Annexure-5

AUDITOR’S CERTIFICATE ON COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE

To
The Member of
Balmer Lawrie & Company Limited
1. This certificate is issued in accordance with the terms of our engagement letter with Balmer Lawrie &
Company Limited (the Company).
2. This Certificate is required by the Company to be annexed with the Directors’ Report, in terms of Para E
of Schedule V to the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (the “Listing Regulations”), for further being sent to the members of the
Company.
3. We have examined the compliance of conditions of Corporate Governance by the Company, for the year
ended on 31st March, 2020, as stipulated in
i) Regulations 17 to 27 and clauses (b) to (i) of Regulation 46(2) and para C and D of Schedule V to the
aforesaid Listing Regulations issued by the SEBI.
ii) And the Guidelines on Corporate Governance for Central Public Sector Enterprises (the “Guidelines”)
as issued by the Department of Public Enterprise (DPE) of Ministry of Heavy Industries and Public
Enterprises, Government of India.
Management’s Responsibility
4. The compliance of conditions of Corporate Governance is the responsibility of the Management. This
responsibility includes the design, implementation and maintenance of internal control and procedures to
ensure compliance with the conditions of the Corporate Governance stipulated in the Listing Regulations
issued by the SEBI as well as the Guidelines issued by the DPE.
Auditor’s Responsibility
5. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the
Company for ensuring compliance with the conditions of the Corporate Governance. It is neither an audit
nor an expression of opinion on the financial statements of the Company.
6. We have carried out an examination of the relevant records of the Company in accordance with the Guidance
Note on Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India
(the “ICAI”), the Standards on Auditing specified under Section 143(10) of the Companies Act 2013, in so
far as applicable for the purpose of this certificate and as per the Guidance Note on Reports or Certificates
for Special Purposes issued by the ICAI which requires that we comply with the ethical requirements of the
Code of Ethics issued by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1,
Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other
Assurance and Related Services Engagements.
Opinion
8. Based on our examination of the relevant records and according to the information and explanations
provided to us, we certify that the Company, has in all material respects, complied with the conditions of
Corporate Governance as stipulated in Regulation 17 to 27 and clauses (b) to (i) of Regulation 46(2) and
para C and D of Schedule V to the Listing Regulations issued by the SEBI for the year ended 31st March,
2020 as well as Guidelines issued by the DPE subject to the minimum number of Independent Directors in
the Composition of the Board of Directors of the Company is less than the required number as prescribed
under Regulation 17(1)(b) of the Listing Regulations issued by the SEBI and clause 3.1.4 of the Guidelines
issued by the DPE for the period 01st April, 2019 to 17th July, 2019 during the year ended 31st March, 2020.

101
Other matters and Restriction on Use
9. This report is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
10. This report is addressed to and provided to the members of the Company solely for the purpose of enabling
it to comply with its obligations under the Listing Regulations issued by the SEBI as well as the Guidelines
issued by the DPE with reference to compliance with the relevant regulations/guidelines on Corporate
Governance and should not be used by any other person or for any other purpose. Accordingly, we do not
accept or assume any liability or any duty of care or for any other purpose or to any other party to whom it
is shown or into whose hands it may come without our prior consent in writing. We have no responsibility to
update this report for events and circumstances occurring after the date of this report.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (L. K. SHROFF)

Date: 17th August, 2020 PARTNER
Membership No. : 060742
UDIN: 20060742AAAABS5660

102
 Annexure-6

MR - 3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To
The Members,
Balmer Lawrie & Co. Limited

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence
to good corporate practices by Balmer Lawrie & Co. Limited (hereinafter called ‘the Company’) having CIN:
L15492WB1924GOI004835. Secretarial Audit was conducted in a manner that provided us a reasonable basis
for evaluating the corporate conducts / statutory compliances and expressing our opinion thereon.
Based on our verification of Balmer Lawrie & Co. Limited’s books, papers, minute books, forms and returns
filed and other records maintained by the Company and also the information provided by the Company, its
officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in
our opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2020
subject to our observations made below, complied with the statutory provisions listed hereunder and also that
the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other records maintained by
the Company for the financial year ended on 31st March, 2020 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the Rules made there under;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the Rules made there under;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
(iv) Foreign Exchange Management Act, 1999 [FEMA] and the Rules and Regulations made there under to the
extent applicable for Overseas Direct Investment [ODI]. Provisions relating to Foreign Direct Investment
[FDI] and External Commercial Borrowings [ECBs] were not applicable since the Company did not have any
FDI or ECBs during the year under report;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011 [not applicable to the Company during the audit period];
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018;
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock
Purchase Scheme) Guidelines, 1999 and/or The Securities and Exchange Board of India (Share Based
Employee Benefits) Regulations, 2014 [not applicable to the Company during the audit period];

103
 (e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
[not applicable to the Company during the audit period];
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and dealing with client [not applicable to the Company
during the audit period];
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 [not applicable
to the Company during the audit period]; and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 [not applicable
to the Company during the audit period];
(v) Other laws applicable specifically to the Company:
x Guidelines on Corporate Governance for Central Public Sector Enterprises [CPSEs] issued by the
Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, Government of
India vide their OM No. 18(8)/2005-GM dated 14th May, 2010
x The Petroleum Act, 1934
x The Warehousing (Development and Regulation) Act, 2007
We have also examined compliance with the applicable clauses of the following:
(a) Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the
Central Government under section 118(10) of the Companies Act, 2013 with regard to Meetings of the
Board of Directors (SS-1) and General Meetings (SS-2).
(b) Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of
India Limited read with The Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirement) Regulations, 2015 [Listing Regulations].
During the year under review, and subject to our observations below, the Company has complied with the
provisions of the Acts, Rules, Regulations, Guidelines etc. mentioned above and has generally adhered to the
secretarial standards.
In respect of other laws specifically applicable to the Company we have broadly reviewed the same, without
carrying out detailed examination of all the relevant records / documents with a view to determine accuracy and
completeness of periodical compliances. During the course of our audit, we have relied on internal certifications
of chief operating officers of respective strategic business units of the Company and/or information placed
before the Board at its meetings and written representations made by the management in this regard and the
reporting is limited to that extent.
We further report that:
(a) The Company having an Executive Chairperson, at least half of the Board of Directors did not comprised
of Independent Directors for the period from 01.04.2019 to 17.07.2019 contrary to the requirements of
Regulation 17(1) of the Listing Regulations. Requisite number of Independent Directors were appointed
on 18th July, 2019 by the administrative Ministry. Subject to above, the Board of Directors of the Company
is duly constituted with proper balance of Executive Directors, Non-Executive Directors [Government
Nominee Directors] and Independent Directors [appointed by the administrative ministry i.e. Ministry
of Petroleum and Natural Gas, Government of India]. The changes in the composition of the Board of
Directors that took place during the financial year under review were carried out in compliance with the
provisions of the Act.
(b) Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on
agenda were sent at least seven days in advance for meetings other than those held at shorter notices
and a system exists for seeking and obtaining further information and clarifications on the agenda items
before the meeting and for meaningful participation at the meeting.
(c) Majority decision is carried through while the dissenting members’ views are captured and recorded as
part of the minutes.
We further report that, based on review of compliance mechanism established by the Company and on the
basis of internal certifications of chief operating officers of respective strategic business units / senior level

104
management personnel of the Company, we are of the opinion that there are adequate systems and processes
in the Company commensurate with the size and operations of the Company to monitor and ensure compliance
with applicable laws, rules, regulations and guidelines.
We have been informed that the Company has appropriately responded to notices for show causes, claims,
dues, demands, fines, penalties etc. received from various statutory / regulatory authorities and initiated actions
for corrective measures, wherever necessary.
We further report that there are no specific events / actions having a major bearing on the Company’s affairs
in pursuance of the above referred laws, rules, regulations, guidelines, standards etc. referred to above.
We further report that the Company received letters from BSE Limited (BSE) and National Stock Exchange
of India Limited (NSE) imposing fines as per SEBI SOP Circular No. SEBI/HO/CFD/CMD/CIR/P/2018/77 dated
May 3, 2018 due to non-compliance of Regulation 17(1) of the Listing Regulations during the quarter ending
31.03.2019 and from 01.04.2019 to 17.07.2019. The administrative Ministry appointed three Independent
Directors on the Board of the Company w.e.f. 18th July, 2019 and thus the Company achieved compliance
with required number of independent directors on its Board on that date in compliance with Regulation 17(1)
of the Listing Regulations read with Guidelines for Corporate Governance for CPSEs and requested the Stock
Exchanges for waiver of fine. NSE has waived the fine vide its letter dated 18th March, 2020. No communication
has yet been received from BSE.

For D. DUTT & CO.

Company Secretaries
UNIQUE CODE NUMBER:
I2001WB209400

(DEBABRATA DUTT)
Proprietor
FCS-5401
Place: Kolkata C.P. No.-3824
Dated: 18.08.2020 UDIN No.: F005401B000591888

This report is to be read with our letter of even date which is annexed as Annexure – A and forms an integral
part of this report.

105
 Annexure – A
To
The Members,
Balmer Lawrie & Co. Limited

Our Secretarial Audit Report for the financial year ended 31st March, 2020 of even date is to be read along with
this letter.
Management’s Responsibility:
1. It is the responsibility of the management of the Company to maintain proper secretarial records, devise
proper systems to endure compliance with the provisions of all Corporate and other applicable laws, rules,
regulations, standards and also to ensure that the systems are adequate and operate effectively.
Auditor’s Responsibility:
2. Our responsibility is to express an opinion on these secretarial records, standards and procedures followed
by the Company with respect to secretarial compliances based on our audit.
3. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance
about the correctness of the contents of the secretarial records. The verification was done on test basis to
ensure that correct facts are reflected in secretarial records.
4. We believe that the audit evidence and information obtained from the Company’s management is adequate
and appropriate for us to provide us a basis of our opinion.
Disclaimer:
5. We have not verified the correctness and appropriateness of financial records, books of accounts,
compliances of applicable direct and indirect tax laws of the company.
6. Wherever required, we have obtained the management representation about the compliance of laws, rules,
regulations, guidelines, standards and happening of events etc.
7. 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.
8. This Report has been prepared upon receipt / exchange of requisite information and documents mostly
through electronic mail during the periods of sporadic lockdown due to Covid-19 pandemic as notified by
Government of West Bengal.
9. Due to partial and sporadic lockdown and consequent restrictions on movement, we could not verify all the
original records of minutes of meetings of the Board of Directors and its various Committees and/or other
relevant papers.
For D. DUTT & CO.
Company Secretaries
UNIQUE CODE NUMBER:
I2001WB209400

(DEBABRATA DUTT)
Proprietor
FCS-5401
Place: Kolkata C.P. No.-3824
Dated: 18.08.2020 UDIN No.: F005401B000591888
106
 Annexure-7

CERTIFICATE OF DISQUALIFICATION / NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V, Para C, Clause 10(i) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
To
The Members of
Balmer Lawrie & Co. Limited
21, Netaji Subhas Road,
Kolkata – 700 001
1. This certificate is issued in accordance with the terms of our engagement letter dated 04th August, 2020.
2. We have examined the relevant registers, records, forms, returns and disclosures received from the Directors
of Balmer Lawrie & Co. Limited having CIN: L15492WB1924GOI004835 and having its Registered Office
at 21, Netaji Subhas Road, Kolkata – 700 001 [hereinafter referred to as ‘the Company’], produced before
us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with
Schedule V, Para - C, sub-clause 10(i) of the Securities Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
3. In our opinion and to the best of our information and according to the verifications (including status of
Directors Identification Number(s) [DIN] at the portal www.mca.gov.in) as considered necessary and
explanations furnished to us by the Company & its officers, we hereby certify that none of the Directors on
the Board of the Company as stated below for the Financial Year ending on 31st March, 2020 have been
debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and
Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority:
Sr. No. Name of Director DIN Date of appointment in Company
1. Sunil Sachdeva 00754633 04/04/2018
2. Vikash Preetam 00910261 28/07/2018
3. Arun Kumar 03570776 18/07/2019
4. Prabal Basu 06414341 01/12/2012
5. Perin Devi Rao 07145051 28/07/2018
6. Anil Kumar Upadhyay 07724769 18/07/2019
7. Vijay Sharma 08045837 15/01/2018
8. Adika Ratna Sekhar 08053637 29/05/2018
9. Arun Tandon 08210607 12/09/2018
10. Bhagawan Das Shivahare 08514350 18/07/2019
11. Adhip Nath Palchaudhuri 08695322 01/03/2020
12. Shyam Sundar Khuntia 07475677 28/03/2016
4. Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification.
5. 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.

Place: Kolkata For D. DUTT & CO.

Date: 05.08.2020 Company Secretaries
UNIQUE CODE NUMBER: I2001WB209400
(DEBABRATA DUTT)
Proprietor
FCS-5401
C.P. No. 3824
UDIN No. F005401B000554378
107
 INDEPENDENT AUDITOR’S REPORT
OF
BALMER LAWRIE & COMPANY LIMITED
To and its cash flows for the year ended on that date.
The Members of
Basis for Opinion
Balmer Lawrie & Company Limited
We conducted our audit of the standalone financial
Report on the Audit of Standalone Financial
statements in accordance with the Standards on
Statements
Auditing (“SA”s) specified under section 143(10) of
Opinion the Act. Our responsibilities under those Standards
are further described in the Auditor’s Responsibilities
We have audited the standalone financial statements
for the Audit of the Standalone Financial Statements
of Balmer Lawrie & Company Limited (“the
section of our report. We are independent of the
Company”), which comprise the balance sheet as
Company in accordance with the Code of Ethics
at 31st March 2020, and the statement of Profit and
issued by the Institute of Chartered Accountants of
Loss (including Other Comprehensive Income), the
India (“ICAI”) together with the ethical requirements
statement of changes in equity and the statement of
that are relevant to our audit of the standalone
cash flows for the year then ended, and notes to the
financial statements under the provisions of the Act
standalone financial statements, including a summary
and the Rules made thereunder, and we have fulfilled
of significant accounting policies and other explanatory
our other ethical responsibilities in accordance with
information in which are included the returns for the
these requirements and the ICAI’s Code of Ethics.
year ended on that date audited by the branch auditors
We believe that the audit evidence obtained by us is
of the Company’s branches located at Northern,
sufficient and appropriate to provide a basis for our
Southern and Western Region of the country.
audit opinion on the standalone financial statements.
In our opinion and to the best of our information and
Key Audit Matters
according to the explanations given to us, the aforesaid
standalone financial statements give the information Key audit matters are those matters that, in our
required by the Companies Act, 2013 (“the Act”) in professional judgment, were of most significance in
the manner so required and give a true and fair view our audit of the standalone financial statements of
in conformity with the Indian Accounting Standards the current period. These matters were addressed
prescribed under section 133 of the Act read with the in the context of our audit of the standalone financial
Companies (Indian Accounting Standards) Rules, statements as a whole, and in forming our opinion
2015, as amended, (“Ind AS”) and other accounting thereon, and we do not provide a separate opinion
principles generally accepted in India, of the state of on these matters. We have determined the matters
affairs of the Company as at March 31, 2020, the profit described below to be the key audit matters to be
and total comprehensive income, changes in equity communicated in our report:
Sl.
Key Audit Matter Auditor’s Response
No
1. Adoption of Ind AS 116 Leases Our audit procedures on adoption of Ind AS 116 include:
The Company has adopted Ind AS 116 • Assessed and tested new processes and controls in
Leases (Ind AS 116) in the current year, as respect of the lease accounting standard (Ind AS 116);
mentioned in Note No. 1.15 & Note No. 41 to
• Assessed the Company’s evaluation on the identification
the standalone financial statements. There is a
of leases based on the contractual agreements and our
complexity in application and transition to this
knowledge of the business;
accounting standard and since the Company
has a large number of leases with different • Verified the lease contracts as made available to us
contractual terms, it is an area of focus in our on sample basis and tested the value of lease, tenure
audit. Accordingly, it has been determined as a of lease, escalation clause thereon and the restatement
key audit matter. methodology adopted by the Company;
Ind AS 116 introduces a new lease accounting
model, wherein lessees are required to
recognise a right-of-use (ROU) asset and
a lease liability arising from a lease on the
balance sheet.
108
Sl.
Key Audit Matter Auditor’s Response
No
The lease liabilities are initially measured by • Evaluated the reasonableness of the discount rates
discounting future lease payments during the applied in determining the lease liabilities;
lease term as per the contract/ arrangement.
• Assessed the transition approach used by the
Adoption of the standard involves significant Company, carve out provisions adopted for short term
judgements and estimates including, leases and leases of low value assets, accounting policy
determination of the discount rates and the adopted for recognition, measurement and disclosure of
lease term. lease payments, recognition of ROU Assets and Lease
Liability, recognition of income and expense in the
Additionally, the standard mandates detailed
Statements of Profit & Loss;
disclosures in respect of transition. (Refer Note
No. 41 to the standalone financial statements). • Assessed and tested the presentation and disclosures
relating to Ind AS 116 including, disclosures relating to
transition.
2. Evaluation of uncertain tax positions We obtained the details of assessment orders to the
extent available regarding those assessments for
The Company has tax matters under dispute
which disputes are continuing and being disclosed as
which involves judgment to determine the
contingent liability from management. We involved
possible outcome of these disputes. [Refer
our expertise to estimate the possible outcome of the
Note No.42.2(a) to the standalone financial
disputes. Our experts considered the assessment
statement read with its annexure “A”]
orders and other rulings in evaluating management’s
position on these uncertain tax positions to evaluate
whether any change was required to management’s
position on these uncertainties.
3. Debtors Due for More than Three years and We have checked the debtor’s ageing schedule of the
Credit Balance in Sundry Debtors Accounts SBU’s. The authority is regularly following up on the
(Unallocated Receipts) realisation of the same. As is evident from the ageing
schedule dues do exist for more than three years against
The company has credit balance in some
which provision has been made in the accounts.
customer accounts across all Strategic
Business Unit (SBU’s). The credit balance in We, during the course of our examination have also
these customer accounts are due to either of checked the unadjusted advances from customers for
the following reasons: more than three years and also the credit balances
lying in customers’ accounts on account of unmatched
x Amount lying in the nature of advance in the
invoices (unallocated receipts). Some of the advances
customer account;
lying unadjusted for more than three years have been
x Amount credited to customer account but the written back during the course of audit. In some cases,
same could not be tracked/linked with any the management is in the process of reconciliation with
sales invoice. the respective parties and hence the process of write
back has been kept in abeyance.
x Non-reconciliation of these balances in the
absence of customer’s confirmation resulting It is observed that though letters seeking confirmations
in the credit balances lying for long periods are sent, the response has been poor. Steps should
be taken to get the confirmations from customers. In
addition to practice of seeking confirmation annually,
the Company should get confirmation through the sales
team on a periodical basis also.
The management has to strengthen the internal control
process of reconciling the balances of the debtors and
to adjust the unallocated receipts on a periodical basis.

109
Emphasis of Matter with respect to the preparation of these standalone
financial statements that give a true and fair view of
We draw attention to the following matters in the Notes
the financial position, financial performance, including
to the standalone financial statements, which describe
other comprehensive income, changes in equity and
the uncertainty related to the outcome.
cash flows of the Company in accordance with the Ind
a) Note No. 42.7 which states that trade receivables, AS and other accounting principles generally accepted
loans and advances and deposits for which in India. This responsibility also includes maintenance
confirmations are not received from the parties of adequate accounting records in accordance with
are subject to reconciliation and consequential the provisions of the Act for safeguarding the assets of
adjustments on determination/ receipt of such the Company and for preventing and detecting frauds
confirmation. and other irregularities; selection and application of
b) Note No.42.32 which describes the management’s appropriate accounting policies; making judgments
assessment of the impact of uncertainties related and estimates that are reasonable and prudent;
to COVID 19 pandemic and its consequential and design, implementation and maintenance
effects on the business operations of the Company. of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and
c) Note No. 23: “Other Trade Payable” includes completeness of the accounting records, relevant to
the sundry creditor for expenses amounting to the preparation and presentation of the standalone
Rs.322.57 Lakhs (P.Y. Rs.326.75 Lakhs) of E&P financial statements that give a true and fair view and
Division, Kolkata, which are lying unpaid since are free from material misstatement, whether due to
long, as the matter is under litigation. fraud or error.
Our opinion is not modified in respect of the above In preparing the standalone financial statements,
matters. management is responsible for assessing the
Information Other than the Financial Statements Company’s ability to continue as a going concern,
and Auditor’s Report Thereon disclosing, as applicable, matters related to going
concern and using the going concern basis of
The Company’s Board of Directors is responsible for the accounting unless management either intends to
other information. The other information comprises the liquidate the Company or to cease operations, or has
information included in the Management Discussion no realistic alternative but to do so.
and Analysis, Board’s Report including Annexures
to Board’s Report, Business Responsibility Report, The Board of Directors are responsible for overseeing
Corporate Governance Report, and Shareholder the Company’s financial reporting process.
Information, but does not include the standalone Auditor’s responsibilities for the Audit of
financial statements and our auditor’s report thereon. Standalone Financial Statements
Our opinion on the standalone financial statements Our objectives are to obtain reasonable assurance
does not cover the other information and we do not about whether the standalone financial statements as
express any form of assurance conclusion thereon. a whole are free from material misstatement, whether
In connection with our audit of the standalone financial due to fraud or error, and to issue an auditor’s report
statements, our responsibility is to read the other that includes our opinion. Reasonable assurance
information and, in doing so, consider whether the is a high level of assurance, but is not a guarantee
other information is materially inconsistent with the that an audit conducted in accordance with SAs will
standalone financial statements or our knowledge always detect a material misstatement when it exists.
obtained during the course of our audit or otherwise Misstatements can arise from fraud or error and are
appears to be materially misstated. considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
If, based on the work we have performed, we conclude economic decisions of users taken on the basis of
that there is a material misstatement of this other these standalone financial statements.
information, we are required to report that fact. We
have nothing to report in this regard. As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
Responsibility of Management and those Charged skepticism throughout the audit. We also:
with Governance for the standalone Financial
Statements • Identify and assess the risks of material
misstatement of the standalone financial
The Company’s Board of Directors is responsible statements, whether due to fraud or error, design
for the matters stated in section 134(5) of the Act and perform audit procedures responsive to those

110
 risks, and obtain audit evidence that is sufficient and timing of the audit and significant audit findings,
and appropriate to provide a basis for our opinion. including any significant deficiencies in internal
The risk of not detecting a material misstatement financial control that we identify during our audit.
resulting from fraud is higher than for one resulting
We also provide those charged with governance with
from error, as fraud may involve collusion, forgery,
a statement that we have complied with relevant
intentional omissions, misrepresentations, or the
ethical requirements regarding independence, and
override of internal control.
to communicate with them all relationships and other
• Obtain an understanding of internal financial matters that may reasonably be thought to bear on
control relevant to the audit in order to design our independence, and where applicable, related
audit procedures that are appropriate in the safeguards.
circumstances. Under section 143(3)(i) of the
From the matters communicated with those charged
Companies Act, 2013, we are also responsible for
with governance, we determine those matters that
expressing our opinion on whether the Company
were of most significance in the audit of the standalone
has adequate internal financial controls system
financial statements of the current period and are
in place and the operating effectiveness of such
therefore the key audit matters. We describe these
controls.
matters in our auditor’s report unless law or regulation
• Evaluate the appropriateness of accounting precludes public disclosure about the matter or when,
policies used and the reasonableness of in extremely rare circumstances, we determine that
accounting estimates and related disclosures a matter should not be communicated in our report
made by management. because the adverse consequences of doing so
would reasonably be expected to outweigh the public
• Conclude on the appropriateness of management’s
interest benefits of such communication.
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether Other Matter
a material uncertainty exists related to events or
We did not audit the financial statements/ information
conditions that may cast significant doubt on the
of branches situated in Northern, Western and
Company’s ability to continue as a going concern.
Southern regions included in the standalone
If we conclude that a material uncertainty exists,
financial statements of the Company whose financial
we are required to draw attention in our auditor’s
statements/financial information reflect total assets of
report to the related disclosures in the standalone
Rs.1,05,740.70 Lakhs as at 31st March 2020 and the
financial statements or, if such disclosures are
total revenue of Rs.1,21,828.83 Lakhs for the year
inadequate, to modify our opinion. Our conclusions
ended on that date, as considered in the standalone
are based on the audit evidence obtained up to
financial statements/information of these branches
the date of our auditor’s report. However, future
have been audited by the branch auditors whose
events or conditions may cause the Company to
reports have been furnished to us, and our opinion
cease to continue as a going concern.
in so far as it relates to the amounts and disclosures
• Evaluate the overall presentation, structure and included in respect of branches, is based solely on the
content of the standalone financial statements, report of such branch auditors.
including the disclosures, and whether the
Our opinion is not modified in respect of the above
standalone financial statements represent the
matter.
underlying transactions and events in a manner
that achieves fair presentation. Report on Other Legal and Regulatory
requirements
Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or 1. As required under section 143(5) of the Companies
in aggregate, makes it probable that the economic Act, 2013, we give in the Annexure-A, a Statement
decisions of a reasonably knowledgeable user of the on the Direction issued by the Comptroller and
standalone financial statements may be influenced. Auditor General of India after complying the
We consider quantitative materiality and qualitative suggested methodology of Audit, the action
factors in (i) planning the scope of our audit work taken thereon and its impact on the accounts and
and in evaluating the results of our work; and (ii) to financial statements of the Company.
evaluate the effect of any identified misstatements in
2. As required by the Companies (Auditor’s Report)
the standalone financial statements.
Order, 2016 (“the Order”), issued by the Central
We communicate with those charged with governance Government of India in terms of sub-section (11) of
regarding, among other matters, the planned scope section 143 of the Companies Act, 2013, we give

111
 in the Annexure-B, a statement on the matters Companies Act, 2013 are not applicable
specified in paragraphs 3 and 4 of the Order, to to Government Companies in terms of
the extent applicable to the Company. notification No. GSR 463(E) dated 5th June
2015 issued by the Ministry of Company
3. As required by Section 143(3) of the Act, we report
Affairs, Government of India.
that:
g) With respect to the adequacy of the internal
a) We have sought and obtained all the
financial controls over financial reporting of the
information and explanations which to the best
Company and the operating effectiveness
of our knowledge and belief were necessary
of such controls, refer to our separate
for the purpose of our audit.
Report in Annexure-C. Our report expresses
b) In our opinion proper books of account as an unmodified opinion on the adequacy and
required by law have been kept by the Company operating effectiveness of the Company’s
so far as appears from our examination of internal financial controls over financial
those books and proper returns adequate for reporting.
the purposes of our audit have been received
h) With respect to the other matters to be
from the branches not visited by us.
included in the Auditor’s Report in accordance
c) The reports on the accounts of the branch with Rule 11 of the Companies (Audit and
offices of the Company audited under Section Auditors) Rules, 2014, in our opinion and to
143(8) of the Act by branch auditors have the best of our information and according to
been sent to us and have been properly dealt the explanations given to us:
with by us in preparing this report.
i) As per records made available to us,
d) The Balance Sheet, Statement of Profit and the Company has disclosed the impact
Loss including Other Comprehensive Income, of pending litigations on its financial
Statement of Changes in Equity and Statement position in its notes & its annexures to the
of Cash Flow dealt with by this Report are in standalone financial statements - Refer
agreement with the books of account and with Note 42.2 and its annexure “A” to the
the returns received from the branches not standalone financial statements.
visited by us.
ii) The Company does not have any material
e) In our opinion, the aforesaid standalone foreseeable losses on long-term contracts
financial statements comply with the Indian including derivative contracts.
Accounting Standards specified under
iii) There has been no delay in transferring
Section 133 of the Act, read with relevant rules
amounts, required to be transferred, to the
thereunder.
Investor Education and Protection Fund
f) The provisions of Section 164(2) of the by the Company.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (L. K. SHROFF)

Date: 24th June, 2020 PARTNER
Membership No. : 060742
UDIN: 20060742AAAABH2213

112
 ANNEXURE – A TO THE AUDITORS’ REPORT

DIRECTIONS/SUB-DIRECTIONS UNDER SECTION 143(5) OF THE COMPANIES ACT, 2013 ISSUED

BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA TO THE INDEPENDENT AUDITORS OF
BALMER LAWRIE & CO. LIMITED FOR CONDUCTING AUDIT OF ACCOUNTS FOR THE YEAR 2019-20.

CAG’s Directions Our Observation Impact on Financial statements

(1) Whether the Company has Yes, the accounting transactions of the NIL
system in place to process all Company for the year are processed
the accounting transactions through the IT system vide ERP (SAP
through IT system? If yes, the accounting package) and as per the
implications of processing examination of records as provided to
us, there are standalone intermediary
of accounting transactions
software’s to capture the transactions
outside IT system on the related to certain functions in certain
integrity of the accounts along SBU’s (for example Mid Office
with the financial implications, software for Tours and Travel) and the
if any, may be stated. transactions from these standalone
software are posted in SAP for
accounting purpose.
(2) Whether there is any As per the information and explanations NIL
restructuring of an existing given by the management, there is
Loan or cases of waiver/ write no restructuring of loan or cases of
off of debt/loans/interests, waiver/write off of debts/loans/interest
etc. made by the lender etc made by a lender to the company
to the company due to the during the year.
company’s inability to repay
the loan? If yes, the financial
impact may be stated.
(3) Whether the fund received/ The company has been sanctioned a The accounting for the same has
receivable for specific Grant – in –Aid of Rs.7.83 crores in been done with regard to IND AS 20
scheme from Central/State earlier year from the Ministry of Food “Accounting for Government Grants
agencies were properly Processing Industries (MoFPI) for and Disclosure of Government
accounted for/utilised as per setting up integrated cold chain facilities Assistance”. Accordingly, the same
its term and condition? List at Rai, Haryana and Patalganga in has been treated as deferred
the case of deviation. Maharashtra. Against the same the income to be apportioned over the
company has been disbursed Rs.4.70 useful life of the assets. During the
crores till 31.03.2020 for specified current financial year, a sum of
assets purchased [for Patalganga, Rs.42.71 Lakhs has been credited
Maharashtra] as according to the to the income in the statement of
scheme document the fund is profit and loss account based on
disbursed upon utilisation for specific the accounting standard.
purpose.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (L. K. SHROFF)

Date: 24th June, 2020 PARTNER
Membership No. : 060742
UDIN: 20060742AAAABH2213

113
 ANNEXURE – B TO THE AUDITORS’ REPORT

ANNEXURE REFERRED TO IN PARAGRAPH (1) UNDER THE HEADING OF “REPORT ON OTHER

LEGAL AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE

i. In respect of the Company’s fixed assets: based on the examination of the conveyance
deeds / registered sale deed provided to us,
a. The Company has maintained proper records
we report that, the title deeds, comprising all
showing full particulars, including quantitative
the immovable properties of land and buildings
details and situation of fixed assets;
which are freehold, are held in the name of the
b. The Company has a regular program of physical Company as at the balance sheet date, except
verification of its fixed assets in a phased as mentioned below. In respect of immovable
manner which in our opinion is reasonable properties of land and building, taken on lease
having regard to the size of the company and and disclosed as fixed assets under ROU
nature of its assets. As according to the policy Assets in the standalone financial statements,
of the company, plant & machinery items are the lease agreements are in the name of the
verified every year and other items of fixed Company, except as mentioned below.
assets are verified in a phased manner over
Due to non – availability of the original
a period of 3 years which, in our opinion, is
title deeds in certain cases of immovable
reasonable having regard to the size of the
properties mentioned herein below, we are
company and the nature of its assets.
unable to comment whether the respective
c. According to the information and explanations title/lease deeds are held in the name of the
given to us, the records examined by us and company;

Address of Immovable Property Status of Document Received

Gopalpur holiday home vill - Gopalpur, Udayapur Mouza Certified Conveyance Deed and Photocopy
Gopalpur, Orissa Agreement
Balmer Lawrie & Co Ltd Village-Piyala Ballabgarh,
Photocopy of Agreement
vill-Asaoti, Dist-Faridabad
Batra Centre 27,Ulsoor Road, Bangalore-560042 Certified Copy of Sale Deed
Flat no.601 ,Sea Gull Cooperative Housing Society Ltd
(B&C) Sherly Rajan Road, Rizvi Complex, Off Carter Photocopy: Registration Receipt.
Road Bandra (West) Mumbai-400 061
Sea Crest Cooperative Housing Society Ltd Plot No-
63,64, Seven Bungalows, Jay Prakash Road, Versova Photocopy of Agreement
Andheri (west) Mumbai- 400 061
Flat No(s) 202, Mount Unique Co-op. Hsg Soc. Ltd. 25,
Photocopy of Agreement
Mount Mary Road, Bandra (West) Mumbai-400 050
Flat No. 23A, Meherina Cooperative Housing Society
Ltd. Photocopy of Agreement and Share Certificate
Plot No. C-51, Nepean Sea Road, Mumbai-400 026
Flat at BL Housing Complex Plot No. 1-1 & 1-2, Sector
Photo Copy of MOU with CIDCO
2, Phase II, Nerul, Navi Mumbai-400 706
House No(s) H2 & H3, Bokadveera, Uran, Mumbai Photocopy of Registered Agreement
Balmer Lawrie
Grease and Lubricants Division, 149, Jackeria Bunder
Road, Sewree (W), Mumbai-400 015
Survey Report and Photocopy of Agreement
Balmer Lawrie
Industrial Packaging Division, 149, Jackeria Bunder
Road, Sewree (W), Mumbai-400 015
Balmer Lawrie
Photocopy of Agreement
Survey No 201/1,Sayli Village, Silvassa-396 230

114
 Address of Immovable Property Status of Document Received
Balmer Lawrie
Photocopy of Agreement
Survey No 23/1/1,Khadoli Village, Silvassa-396 230
Balmer Lawrie
Photocopy of Lease Agreement
5, J. N. Heredia Marg, Ballard Estate, Mumbai-400 001
Ground Floor, Sadashiv Sadan, Andheri (E),
Photocopy of Agreement
Mumbai-400 099
Plot No. F-9/5, Additional Patalganga Industrial Area,
Photocopy of Agreement
Chawane, Taluka- Panvel, Raigad District, Maharashtra
FCRR, C G R Road, Dhabitala,
Documents not made available to us
Kolkata
Oil Instruction Road, Paharpur,
Lease Term expired and applied for renewal
Kolkata
Grease Division P-43, Hide Road Extention,
Certified Copy of Indenture
Kolkata-700 088
Scope Complex & Noida Housing Complex Buildings,
Not registered in the name of the company
not registered in the name of the company

ii. According to the information and explanation given have been maintained. We have, however,
to us the inventory of the Company except goods not made a detailed examination of the cost
in transit has been physically verified during the record with a view to determine whether they
year by the management. In our opinion, having are accurate or complete. To the best of our
regard to the nature and location of inventory, knowledge and according to the information and
the frequency of verification is reasonable and explanations given to us, the central government
no material discrepancies were noticed on such has not prescribed the maintenance of cost
verification; records for any other product of the Company;
iii. The Company, during the year, has not granted vii. According to the information and explanations
any loans, secured or unsecured to companies, given to us and the records of the Company
firms or other parties covered in the register examined by us, in respect of statutory dues:
maintained under section 189 of the Companies
a. The Company has generally been regular
Act 2013. Accordingly, clauses (iii) (a), (b) & (c) of
in depositing undisputed statutory dues,
the Order are not applicable to the company;
including Provident Fund, Employees’ State
iv. According to the information and explanations Insurance, Income Tax, Goods and Service
given to us, the Company, during the year, has not Tax, Customs Duty, Cess and other material
given any loans, guarantees, securities or made statutory dues applicable to it with the
Investments which is required to be complied appropriate authorities;
with the provisions of section 185 and 186 of the
b. The disputed statutory dues of Sales Tax,
Companies Act, 2013;
Service Tax and Central Excise aggregating to
v. According to the information and explanation Rs.6,419.18 lakhs have not been deposited as
given to us, the company has not accepted any mentioned in Note No.42.2(a) to the accounts
deposit from the public. Therefore, the provisions read with annexure “A” showing the amounts
of clause (v) of the order are not applicable to the involved and the forum where the dispute is
company; pending;
vi. We have broadly reviewed the cost record viii. The Company has not defaulted in repayment of
maintained by the Company in respect of the dues to any financial institutions or Banks as at
products of Grease and Lubricants, Industrial the Balance Sheet date and there is no debenture
Packaging & Leather Chemicals where, pursuant holder;
to the Companies (Cost records and Audit)
ix. To the best of our knowledge and belief and
Rules, 2014 read with companies (Cost records
according to the information and explanations
and Audit) Amendment Rules, 2014 prescribed
given to us, no moneys has been raised by
by the Central Government under section 148 of
way of initial public offer or further public offer
the Companies Act, 2013 and are of the opinion
(including debt instruments) and no term loans
that, prima facie, the prescribed cost records
obtained by the company during the year.

115
 Therefore, the provisions of clause (ix) of the examined by us, the Company has been able to
order are not applicable to the company. comply with the requirements of Section 177 in
respect of composition of Audit Committee. All
x. According to the information and explanations
transactions of the Company with related parties
given to us, during the year a fraud has been
are in compliance with Section 188 of Companies
detected in Bangalore unit of the company to the
Act, 2013 where applicable and the details
tune of Rs.8.70 Lakhs for which action has already
have been disclosed in the standalone financial
taken by the management and insurance claim
statement in Note No. 42.18 (i) and (ii) as required
has also been lodged with the insurance company
by the applicable accounting standard
under fidelity policy on 17.03.2020.
xiv. During the year under review the company has
xi. The provisions of section 197 of the Act read
not made any preferential allotment on private
with schedule V to the Act does not apply to
placement of shares or fully or partly convertible
a Government company vide notification no.
debentures.
GSR 463 E dated 05 June 2015. Accordingly,
the provisions of clause (xi) of the order are not xv. In our opinion and according to the information
applicable to the company. and explanations given to us, the company, during
the year, has not entered into any non-cash
xii. The Company is not a Nidhi Company and hence
transactions with directors or persons connected
reporting under clause (xii) of the Order are not
with him.
applicable to the Company.
xvi. The Company is not required to be registered
xiii. According to the information and explanations
under section 45-IA of the Reserve Bank of India
provided to us and the records of the company
Act, 1934.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (L. K. SHROFF)

Date: 24th June, 2020 PARTNER
Membership No. : 060742
UDIN: 20060742AAAABH2213

116
 ANNEXURE - C TO THE AUDITORS’ REPORT

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF

SECTION 143 OF THE COMPANIES ACT, 2013 (“THE ACT”)
We have audited the internal financial controls over financial controls over financial reporting included
financial reporting of Balmer Lawrie & Company obtaining an understanding of internal financial
Limited (“the Company”) as of March 31, 2020 in controls over financial reporting, assessing the risk that
conjunction with our audit of the standalone financial a material weakness exists, and testing and evaluating
statements of the Company for the year ended on that the design and operating effectiveness of internal
date. control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including
Management’s Responsibility for Internal Financial
the assessment of the risks of material misstatement
Controls
of the standalone financial statements, whether due to
The Board of Directors of the Company is fraud or error.
responsible for establishing and maintaining internal
We believe that the audit evidence we have obtained
financial controls based on the internal control
is sufficient and appropriate to provide a basis for our
over financial reporting criteria established by the
audit opinion on the internal financial controls system
Company considering the essential components
over financial reporting of the Company.
of internal control stated in the Guidance Note on
Audit of Internal Financial Controls over Financial Meaning of Internal Financial Controls over
Reporting issued by the Institute of Chartered Financial Reporting
Accountants of India. These responsibilities include
A company’s internal financial control over
the design, implementation and maintenance
financial reporting is a process designed to provide
of adequate internal financial controls that were
reasonable assurance regarding the reliability of
operating effectively for ensuring the orderly and
financial reporting and the preparation of financial
efficient conduct of its business, including adherence
statements for external purposes in accordance
to respective company’s policies, the safeguarding
with generally accepted accounting principles. A
of its assets, the prevention and detection of frauds
company’s internal financial control over financial
and errors, the accuracy and completeness of the
reporting includes those policies and procedures
accounting records, and the timely preparation of
that (1) pertain to the maintenance of records that,
reliable financial information, as required under the
in reasonable detail, accurately and fairly reflect the
Companies Act, 2013.
transactions and dispositions of the assets of the
Auditor’s Responsibility company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
Our responsibility is to express an opinion on the
preparation of financial statements in accordance
internal financial controls over financial reporting
with generally accepted accounting principles, and
of the Company based on our audit. We conducted
that receipts and expenditures of the company are
our audit in accordance with the Guidance Note on
being made only in accordance with authorisations of
Audit of Internal Financial Controls Over Financial
management and directors of the company; and (3)
Reporting (the “Guidance Note”) issued by the
provide reasonable assurance regarding prevention
Institute of Chartered Accountants of India and the
or timely detection of unauthorised acquisition, use,
Standards on Auditing prescribed under Section
or disposition of the company’s assets that could
143(10) of the Companies Act, 2013, to the extent
have a material effect on the standalone financial
applicable to an audit of internal financial controls.
statement
Those Standards and the Guidance Note require
that we comply with ethical requirements and Limitations of Internal Financial Controls over
plan and perform the audit to obtain reasonable Financial Reporting
assurance about whether adequate internal financial
Because of the inherent limitations of internal
controls over financial reporting was established and
financial controls over financial reporting, including
maintained and if such controls operated effectively
the possibility of collusion or improper management
in all material respects.
override of controls, material misstatements due to
Our audit involves performing procedures to obtain error or fraud may occur and not be detected. Also,
audit evidence about the adequacy of the internal projections of any evaluation of the internal financial
financial controls system over financial reporting and controls over financial reporting to future periods are
their operating effectiveness. Our audit of internal subject to the risk that the internal financial control over

117
financial reporting may become inadequate because of further strengthening, it does not have any material
changes in conditions, or that the degree of compliance effect on the internal financial controls. The internal
with the policies or procedures may deteriorate. financial controls over financial reporting were
operating effectively as at March 31, 2020, based
Opinion
on the internal control over financial reporting
In our opinion and to the best of our information criteria established by the Company considering the
and according to the explanations given to us, essential components of internal control stated in the
the Company has, in all material respects, an Guidance Note on Audit of Internal Financial Controls
adequate internal financial controls system over over Financial Reporting issued by the Institute of
financial reporting. Though certain areas require Chartered Accountants of India.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (L. K. SHROFF)

Date: 24th June, 2020 PARTNER
Membership No. : 060742
UDIN: 20060742AAAABH2213

118
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (b)
OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF BALMER LAWRIE & COMPANY
LIMITED FOR THE YEAR ENDED 31 MARCH 2020

The preparation of financial statements of Balmer Lawrie & Company Limited for the year ended 31 March
2020 in accordance with the financial reporting framework prescribed under the Companies Act, 2013 (Act) is
the responsibility of the management of the company. The statutory auditor appointed by the Comptroller and
Auditor General of India under Section 139 (5) of the Act is responsible for expressing opinion on the financial
statements under Section 143 of the Act based on independent audit in accordance with the standards on auditing
prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report
dated 24 June 2020.
I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the financial
statements of Balmer Lawrie & Company Limited for the year ended 31 March 2020 under Section 143(6) (a) of
the Act. This supplementary audit has been carried out independently without access to the working papers of
the statutory auditors and is limited primarily to inquiries of the statutory auditors and company personnel and a
selective examination of some of the accounting records.
On the basis of my supplementary audit nothing significant has come to my knowledge which would give rise to
any comment upon or supplement to statutory auditors’ report under section 143 (6) (b) of the Act.

For and on the behalf of the

Comptroller & Auditor General of India

(Suparna Deb)
Place : Kolkata Director General of Audit (Mines)
Date : 24.08.2020 Kolkata

119
 BALANCE SHEET AS AT 31ST MARCH 2020
ൠLQ/DNKV
Particulars Note No As at As at
31st March 2020 31st March 2019
ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 2 48,084.22 39,667.82
(b) Right of Use Assets 3 8,176.98 -
(c) Capital work-in-progress 2,357.25 11,694.48
(d) Investment Properties 4 108.53 111.39
(e) Intangible assets 5 275.37 391.08
(f) Intangible assets under development 7.00 -
(g) Financial Assets
(i) Investments 6 12,950.38 14,006.80
(ii) Loans 7 217.62 420.89
(iii) Others 8 69.41 84.81
(h) Non Financial Assets- Others 10 1,131.42 4,449.49
Total Non Current Assets 73,378.18 70,826.76
(2) Current Assets
(a) Inventories 11 14,505.70 14,293.31
(b) Financial Assets
(i) Trade Receivables 12 27,295.73 27,619.22
(ii) Cash & cash equivalents 13 2,150.15 4,707.05
(iii) Other Bank Balances 14 42,995.00 39,071.11
(iv) Loans 15 1,243.71 2,030.50
(v) Others 16 20,169.97 24,775.38
(c) Non Financial Assets- Others 17 6,608.27 5,001.39
Total Current Assets 114,968.53 117,497.96
Total Assets 188,346.71 188,324.72
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 18 17,100.38 11,400.25
(b) Other Equity 19 114,866.36 118,620.19
Total Equity 131,966.74 130,020.44
LIABILITIES
(1) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 20 854.14 1,060.94
(ii) Lease Liabilities 1,329.26 -
(iii) Other Financial Liabilities 20 15.19 5.42
(b) Provisions 21 4,321.66 4,014.48
(c) Deferred Tax Liabilities (net) 9 1,059.02 919.24
(d) Non Financial Liabilities-Others 22 12.76 4.89
Total Non Current Liabilities 7,592.03 6,004.97
(2) Current Liabilities
(a) Financial Liabilities
(i) Borrowings 23 152.99 93.00
(ii) Lease Liabilities 1,005.86 -
(iii) Trade Payables
(A) Total outstanding dues of micro enterprises and small 23 328.26 324.16
enterprises
(B) Total outstanding dues of creditors other than micro 23 21,457.21 28,981.50
enterprises and small enterprises
(iv) Other Financial Liabilities 24 12,706.62 13,257.42
(b) Non Financial Liabilities-Others 25 9,782.45 5,213.87
(c) Provisions 26 1,664.93 1,638.56
(d) Current Tax Liabilities (net) 27 1,689.62 2,790.79
Total Current Liabilities 48,787.94 52,299.30
Total Equity and Liabilities 188,346.71 188,324.72

Summary of Significant Accounting Policies 1

The accompanying notes are integral part of the financial statements.

This is the Balance Sheet referred to in our report of even date.

As per our report attached
For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

120
 Statement of Profit and Loss for the year ended 31st March 2020
ൠLQ/DNKV
Note For the year ended For the year ended
No. 31 March 2020 31 March 2019

Income
I Revenue from Operations 28 152,976.97 177,520.27
II Other Income 29 8,239.17 7,855.06
III Total Income (I+II) 161,216.14 185,375.33
IV Expenses
Cost of materials consumed & services rendered 30 90,662.82 110,529.72
Purchase of stock-in-trade 31 2,075.61 329.45
Changes in inventories of work-in-progress, stock-in-trade and 32 (506.63) 343.82
finished goods
Employee Benefits Expenses 33 21,411.98 21,247.08
Finance costs 34 798.67 555.74
Depreciation and amortisation expense 35 4,190.77 2,671.90
Other expenses 36 19,338.71 21,687.14
Total Expenses (IV) 137,971.93 157,364.85
V Profit before exceptional items and Tax (III-IV) 23,244.21 28,010.48
VI Exceptional Items - -
VII Profit before Tax (V-VI) 23,244.21 28,010.48
VIII Tax expense
(1) Current Tax 37 5,167.55 8,736.17
(2) Deferred Tax 37 359.25 424.13
IX Profit for the period from Continuing Operations (VII-VIII) 17,717.41 18,850.18
X Profit from Discontinued Operations
XI Tax expense of Discontinued Operations - -
XII Profit from Discontinued Operations (after tax) (X-XI) - -
XIII Profit for the period (IX+XII) 17,717.41 18,850.18
XIV Other Comprehensive Income 38
A i) Items that will not be reclassified to profit or loss (872.01) (925.66)
ii) Income tax relating to items that will not be reclassified to profit or loss 219.47 323.46
B i) Items that will be reclassified to profit or loss - -
ii) Income tax relating to items that will be reclassified to profit or loss - -
XV Total Comprehensive Income for the period (XIII+XIV)
(Comprising Profit and Other Comprehensive Income for the period) 17,064.87 18,247.98
XVI Earnings per equity share (for continuing operations): 39
%DVLFൠ 10.36 11.02
'LOXWHGൠ 10.36 11.02
XVII Earnings per equity share (for discontinued operation):
%DVLFൠ - -
'LOXWHGൠ - -
XVIII Earnings per equity share (for discontinued & continuing
operations):
%DVLFൠ 10.36 11.02
'LOXWHGൠ 10.36 11.02

Summary of Significant Accounting Policies 1

The accompanying notes are integral part of the financial statements.
This is the statement of Profit and Loss referred to in our report of even date.

As per our report attached

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

121
 Cash Flow Statement for the year ended 31st March 2020
ൠLQ/DNKV
Particulars For the year ended For the year ended
31 March 2020 31 March 2019
Cash flow from Operating Activities
Net profit before tax 23,244.21 28,010.48
Adjustments for:
Depreciation and Amortisation 4,190.77 2,671.90
Impairment of Assets - 19.36
Write off/Provision for doubtful trade receivables (Net) (147.39) (102.95)
Write off/Provision for Inventories (Net) (0.53) 45.80
Other Write off/Provision ( Net) 2,128.04 300.82
(Gain)/ Loss on sale of fixed assets (Net) (19.22) (6.02)
(Gain)/ Loss on disposal/ sale of Investments (Net) - (634.49)
Interest income (2,595.58) (2,831.30)
Dividend Income (3,159.97) (2,445.75)
Finance costs 798.67 555.74
Operating Cash Flows before working capital changes 24,439.00 25,583.59
Changes in operating assets and liabilities (working capital changes)
(Increase)/Decrease in trade receivables 470.88 (388.94)
(Increase)/Decrease in non current assets (4,901.18) (743.02)
(Increase)/Decrease in inventories (211.86) (675.79)
(Increase)/Decrease in other short term financial assets 5,375.37 4,103.12
(Increase)/Decrease in other current assets (1,703.15) 359.03
Increase/(Decrease) in trade payables (7,510.42) (3,017.84)
Increase/(Decrease) in long term provisions 307.18 237.00
Increase/(Decrease) in short term provisions (540.32) 532.03
Increase/(Decrease) in other liabilities 2,085.04 927.00
Increase/(Decrease) in other current liabilities 5,574.43 (734.27)
Cash flow generated from operations 23,384.97 26,181.92
Income taxes paid (Net of refunds) (6,268.72) (8,723.57)
Net Cash generated from Operating Activities A 17,116.25 17,458.35
Cash flow from Investing Activities
Purchase/ Construction of Property, Plant and Equipment (4,581.85) (13,262.81)
Purchase of Investments - (1,162.36)
Proceeds on sale of Property, Plant and Equipment 51.20 33.06
Proceeds on disposal/ sale of Investments - 1,630.71
Bank deposits (having original maturity of more than three months) (Net) (3,827.62) 4,064.97
Interest received 2,595.58 2,831.30
Dividend received 3,159.97 2,445.75
Net Cash (used in)/ generated from Investing Activities B (2,602.72) (3,419.38)
Cash flow from Financing Activities
Proceeds from borrowings 59.99 93.00
Repayment of borrowings (250.00) (125.00)
Dividend paid (including tax on dividend) (15,022.30) (13,685.17)
Loans taken - 1.92
Loans given - (120.00)
Repayment of lease liabilities (1,059.45) -
Finance costs (798.67) (555.74)
Net Cash (used in)/ generated from Financing Activities C (17,070.43) (14,390.99)

Net Increase/(Decrease) in cash and cash equivalents (A+B+C) (2,556.90) (352.02)

Cash and Cash Equivalents at the beginning of the year 4,707.05 5,059.07
Cash and Cash Equivalents at the end of the year 2,150.15 4,707.05
Movement in cash balance (2,556.90) (352.02)
- -
Reconciliation of Cash and Cash Equivalents as per cash flow statement
Cash and Cash Equivalents as per above comprise of the following:
Cash in hand 9.29 3.75
Balance with banks in current accounts 2,140.86 4,703.30
2,150.15 4,707.05
As per our report attached
For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020
122
 Statement of Changes in Equity for the year ended 31st March 2020

A. Equity Share Capital ൠLQ/DNKV

Balance at the beginning of Bonus shares issued Balance at the end of
Particulars
the reporting period during the year reporting period
Equity Share Capital 11,400.25 5,700.13 17,100.38

B. Other Equity ൠLQ/DNKV

Reserves and Surplus
Securities General Retained Other Comprehensive Total
Premium Reserve Earnings Income (OCI) Reserve
Balance as at 1 April 2018 3,626.77 35,603.82 74,713.24 242.06 114,185.89
Profit for the year - - 18,247.98 - 18,247.98
Bonus shares issued - - - - -
Dividends paid - - (11,400.26) - (11,400.26)
Dividend Tax paid - - (2,413.43) - (2,413.43)
Transfers - - - - -
Retained earnings adjustment - - - - -
Remeasurement gain/(loss) during - - 602.20 (602.20) -
the year
Balance as at 31 March 2019 3,626.77 35,603.82 79,749.73 (360.14) 118,620.19

Balance as at 1 April 2019 3,626.77 35,603.82 79,749.73 (360.14) 118,620.19

Profit for the year - - 17,064.87 - 17,064.87
Bonus shares issued - (5,700.13) - - (5,700.13)
Dividends paid - - (12,540.29) - (12,540.29)
Dividend Tax paid - - (2,578.28) - (2,578.28)
Transfers - - - - -
Retained earnings adjustment - - - - -
Remeasurement gain/(loss) during - - 652.54 (652.54) -
the year
Balance as at 31 March 2020 3,626.77 29,903.69 82,348.58 (1,012.68) 114,866.36

This is the Statement of Changes in Equity referred to in our report of even date.

As per our report attached

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

123
Significant Accounting Policies and other explanatory information to the Standalone
financial statements for the year ended 31 March 2020
GENERAL INFORMATION AND STATEMENT OF 1.2 Property, plant and equipment
COMPLIANCE WITH IND AS
Items of Property, plant and equipment are valued
Balmer Lawrie & Co. Ltd. (the “Company”) is a Government at cost of acquisition inclusive of any other cost
of India Enterprise engaged in diversified business with attributable to bringing the same to their working
presence in both manufacturing and service businesses. condition. Property, plant and equipment manufactured
The Company is engaged in the business of Industrial /constructed in house are valued at actual cost of raw
Packaging, Greases & Lubricants, Leather Chemicals, materials, conversion cost and other related costs.
Logistic Services and Infrastructure, Refinery & Oil Field
Expenditure incurred during construction of capital
and Travel & Vacation Services in India. The company is a
projects including related pre-production expenses
Government company domiciled in India and is incorporated
is treated as Capital Work-in-Progress and in case of
under the provisions of Companies Act applicable in India,
transfer of the project to another body, the accounting is
its shares are listed on recognized stock exchange of India.
done on the basis of terms of transfer.
Basis of Preparation
Machine Spares whose use is irregular is classified as
The standalone financial statements have been prepared Capital Spares. Such capital spares are capitalised as
in accordance with the Companies (Indian Accounting per Property, plant & equipment.
Standards) Rules 2015 as amended issued by Ministry
Gains or losses arising on the disposal of property,
of Corporate Affairs and other relevant provisions of the
plant and equipment are determined as the difference
Companies Act, 2013. The Company has uniformly applied
between the disposal proceeds and the carrying amount
the accounting policies during the period presented.
of the assets and are recognized in profit or loss within
The Company’s financial statements are prepared in
‘other income’ or ‘other expenses’ respectively.
accordance with and comply in all material aspects with
Indian Accounting Standards (Ind AS). Unless otherwise Depreciation on Property, plant & equipment other than
stated, all amounts are stated in lacs of Rupees. continuous process plant is provided on pro-rata basis
following straight line method considering estimated
All assets and liabilities have been classified as current or
useful life at 25 years, based on technical review by
non-current as per the Company’s normal operating cycle
a Chartered Engineer. Depreciation on continuous
and other criteria set out in the Schedule III to the Companies
process plant is as per Schedule II of the Companies
Act, 2013. Based on the nature of products and the time
Act, 2013.
between the acquisition of assets for processing and their
realisation in cash and cash equivalents, the company has Depreciation on certain Property, plant & equipment,
ascertained its operating cycle as 12 months for the purpose which have been refurbished/ upgraded and put to
of current / non-current classification of assets and liabilities. further use are being depreciated on a pro rata basis
considering their reassessed residual useful life which
The preparation of financial statements requires the use of
is not more than the life specified in Schedule II of the
accounting estimates which, by definition, may or may not
Companies Act, 2013.
equal the actual results. Management also needs to exercise
judgement in applying the Company’s accounting policies. Depreciation on tangible assets other than Property,
plant and equipment is provided on pro-rata basis
The Standalone financial statements for the year ended 31st
following straight line method over the estimated
March are authorised and approved for issue by the Board
useful lives of the asset or over the lives of the assets
of Directors.
prescribed under Schedule II of the Companies Act,
1. SUMMARY OF SIGNIFICANT ACCOUNTING 2013, whichever is lower. Based on internal review, the
POLICIES lower estimated useful lives of the following assets are
found justifiable compared to the lives mentioned in
The Standalone financial statements have been prepared
Schedule II of the Companies Act 2013:
using the accounting policies and measurement basis
summarized below. Estimated
1.1 Historical cost convention Asset category useful life (in
years)
The financial statements have been prepared on a Mobile Phones and Portable 2 years
historical cost basis, except for the following assets and Personal Computers
liabilities which have been measured at fair value or Assets given to employees under 5 years
revalued amount: furniture equipment scheme
x Certain financial assets and liabilities, measured Electrical items like air conditioners, 7 years
at fair value (refer accounting policy regarding fans, refrigerators etc.
financial instruments), Sofa, Photocopier, Fax machines, 5 years
Motor Cars & Machine Spares
x Defined benefit plans, plan assets measured at fair
value The residual values of all assets are taken as NIL.

124
1.3 Investment property b) The contractual terms of the financial asset give
rise on specified dates to cash flows that are solely
Property that is held for long-term rental yields or for
payments of principal and interest on the principal
capital appreciation or both, and that is not occupied
amount outstanding.
by the Company, is classified as investment property.
Investment property is measured initially at its The Company’s cash and cash equivalents, trade and
cost, including related transaction costs and where most other receivables fall into this category of financial
applicable, borrowing costs. Subsequent expenditure is instruments.
capitalised to the asset’s carrying amount only when it is
A loss allowance for expected credit losses is
probable that future economic benefits associated with
recognised on financial assets carried at amortised cost.
the expenditure will flow to the Company and the cost of
Expected loss on individually significant receivables
the item can be measured reliably. All other repairs and
are considered for impairment when they are past
maintenance costs are expensed when incurred.
due and based on Company’s historical counterparty
When part of an investment property is replaced, the default rates and forecast of macro-economic factors.
carrying amount of the replaced part is derecognised. Receivables that are not considered to be individually
Additionally, when a property given on rent is vacated significant are segmented by reference to the industry
and the management’s intention is to use the vacated and region of the counterparty and other shared credit
portion for the purpose of its own business needs, risk characteristics to evaluate the expected credit
Investment Properties are reclassified as Buildings. loss. The expected credit loss estimate is then based
on recent historical counterparty default rates for each
Investment properties are depreciated using the
identified segment. The Company has a diversified
straight-line method over their estimated useful lives
portfolio of trade receivables from its different segments.
which is consistent with the useful lives followed for
Every business segment of the Company has calculated
depreciating Property, Plant and Equipment.
provision using a single loss rate for its receivables
1.4 Financial Instruments using its own historical trends and the nature of its
receivables. There are no universal expected loss
Recognition, initial measurement and derecognition
percentages for the Company as a whole. The Company
Financial assets and financial liabilities are recognised generally considers its receivables as impaired when
when the Company becomes a party to the contractual they are 3 years past due. Considering the historical
provisions of the financial instrument and are measured trends and market information, the Company estimates
initially at fair value adjusted by transaction costs, that the provision computed on its trade receivables is
except for those carried at fair value through profit or not materially different from the amount computed using
loss (FVTPL) which are measured initially at fair value. expected credit loss method prescribed under Ind AS
Subsequent measurement of financial assets and 109. Since the amount of provision is not material for
financial liabilities is described below. the Company as a whole, no disclosures have been
given in respect of expected credit losses.
Financial assets are derecognized when the contractual
rights to the cash flows from the financial asset expire, Derivative financial instruments are carried at FVTPL.
or when the financial asset and all substantial risks
1.5 Inventories
and rewards are transferred. A financial liability is
derecognized when it is extinguished, discharged, a) Inventories are valued at lower of cost or net
cancelled or expires. realisable value. For this purpose, the basis of
ascertainment of cost of the different types of
Classification and subsequent measurement of financial
inventories is as under –
assets
b) Raw materials & trading goods, stores & spare
For the purpose of subsequent measurement, financial
parts and materials for turnkey projects on the basis
assets are classified into the following categories upon
of weighted average cost.
initial recognition:
c) Work-in-progress on the basis of weighted average
• Amortised cost
cost of raw materials and conversion cost upto the
• financial assets at FVTPL relative stage of completion where it can be reliably
estimated.
All financial assets except for those at FVTPL are
subject to review for impairment. d) Finished goods on the basis of weighted average
cost of raw materials, conversion cost and other
Amortised cost
related costs.
A financial asset shall be measured at amortised cost
e) Loose Tools are written-off over the economic
using effective interest rates if both of the following
OLIH H[FHSW LWHPV FRVWLQJ XSWR ൠ  ZKLFK DUH
conditions are met:
charged off in the year of issue.
a) The financial asset is held within a business model
1.6 Government grants
whose objective is to hold financial assets in order
to collect contractual cash flows; and a) Grants from the government are recognised at their

125
 fair value where there is a reasonable assurance conversion of show cause notices issued by them
that the grant will be received and the Company will into demand.
comply with all attached conditions.
1.10 Intangible assets
b) Government grants relating to income are deferred
a) Expenditure incurred for acquiring intangible assets
and recognised in the profit or loss over the period
OLNH VRIWZDUH FRVWLQJ ൠ  DQG DERYH DQG
necessary to match them with the costs that they
OLFHQVH WR XVH VRIWZDUH SHU LWHP RI ൠ  DQG
are intended to compensate and presented within
above, from which economic benefits will flow over
other income.
a period of time, is amortised over the estimated
c) Government grants relating to the purchase of useful life of the asset or five years, whichever is
property, plant and equipment are included in earlier, from the time the intangible asset starts
non-current liabilities as deferred income and are providing the economic benefit.
credited to profit or loss on a straight-line basis
b) Brand value arising on acquisition are recognised
over the expected lives of the related assets and
as an asset and are amortised on a straight line
presented within other income.
basis over 10 years.
1.7 Foreign currency translation
c) Goodwill on acquisition is not amortised but tested
a) Functional and presentation currency for impairment annually.
Items included in the financial statements are d) In other cases, the expenditure is charged to
measured using the currency of the primary revenue in the year in which the expenditure is
economic environment in which the entity operates incurred.
(‘the functional currency’). The applicable functional
1.11 Accounting for Research & Development
and presentation currency is INR.
a) Revenue Expenditure is shown under Primary
b) Transactions and balances
Head of Accounts with the total of such
Foreign currency transactions are translated into expenditure being disclosed in the Notes.
the functional currency using the exchange rates
b) Capital expenditure relating to research &
at the dates of the transactions. Foreign exchange
development is treated in the same way as
gains and losses resulting from the settlement
other fixed assets.
of such transactions and from the translation of
monetary assets and liabilities denominated in 1.12 Treatment of Grant / Subsidy
foreign currencies at year end exchange rates are
a) Revenue grant/subsidy in respect of research
generally recognised in profit or loss.
& development expenditure is set off
1.8 Segment reporting against respective expenditure.
Operating segments are reported in a manner b) Capital grant/subsidy against specific fixed assets
consistent with the internal reporting provided to is set off against the cost of those fixed assets.
the chief operating decision maker.
c) When grant/ subsidy is received as compensation
The board of directors assesses the financial for extra cost associated with the establishment of
performance and position of the Company, and manufacturing units or cannot be related otherwise
makes strategic decisions and have identified to any particular fixed assets the grant/subsidy so
business segment as its primary segment. received is credited to capital reserve. On expiry
of the stipulated period set out in the scheme of
1.9 Provisions, Contingent liabilities and Capital
grant/subsidy the same is transferred from capital
commitments
reserve to general reserve.
a) Provision is recognised when there is a present
d) Revenue grant in respect of organisation of
obligation as a result of a past event and it is probable
certain events is shown under Sundry Income and
that an outflow of resources will be required to settle
the related expenses there against under normal
the obligation in respect of which a reliable estimate
heads of expenditure.
can be made. Provision amount are discounted to
their present value where the impact of time value 1.13 Impairment of assets
of money is expected to be material.
An assessment is made at each Balance Sheet
b) Contingent liabilities are disclosed in respect of date to determine whether there is an indication
possible obligations that arise from past events of impairment of the carrying amount of the fixed
but their existence is confirmed by the occurrence assets. If any indication exists, an asset’s recoverable
of one or more uncertain future events not wholly amount is estimated. An impairment loss is recognised
within the control of the Company. whenever the carrying amount of the asset exceeds
the recoverable amount.
c) Contingent liabilities pertaining to various
government authorities are considered only on The recoverable amount of an asset or a cash-

126
 generating unit is the higher of its fair value less costs are recognized in other comprehensive income or
to sell and its value in use. directly in equity, in which case the related deferred tax
is also recognized in other comprehensive income or
Value in use is the present value of the future cash
equity, respectively.
flows expected to be derived from an asset or cash-
generating unit using an appropriate discount factor. Deferred tax liabilities are not recognised for temporary
differences between the carrying amount and tax
1.14 Income taxes
bases of investments in subsidiaries, branches and
Tax expense recognized in profit or loss comprises the associates and interest in joint arrangements where the
sum of deferred tax and current tax not recognized in Company is able to control the timing of the reversal of
other comprehensive income or directly in equity. the temporary differences and it is probable that the
differences will not reverse in the foreseeable future.
Current tax is payable on taxable profit, which
differs from profit or loss in the financial statements. 1.15 Leases
Calculation of current tax is based on tax rates and tax
laws that have been enacted or substantively enacted The Company as a lessee
by the end of the reporting period. The Company considers whether a contract is, or
Deferred income taxes are calculated using the contains a lease. A lease is defined as ‘a contract,
liability method on temporary differences between the or part of a contract, that conveys the right to use an
carrying amounts of assets and liabilities and their asset (the underlying asset) for a period of time in
tax bases. However, deferred tax is not provided on exchange for consideration’. To apply this definition,
the initial recognition of an asset or liability unless the Company assesses whether the contract meets
the related transaction is a business combination or three key evaluations of whether:
affects tax or accounting profit. Deferred tax assets a) The contract contains an identified asset, which is
and liabilities are calculated, without discounting, at either explicitly identified in the contract or implicitly
tax rates that are expected to apply to their respective specified by being identified at the time the asset is
period of realization, provided those rates are enacted made available to the Company.
or substantively enacted by the end of the reporting
period. b) The Company has the right to obtain substantially all
of the economic benefits from use of the identified
Deferred tax asset (‘DTA’) is recognized for all asset throughout the period of use, considering its
deductible temporary differences, carry forward of rights within the defined scope of the contract.
unused tax credit and unused tax losses, to the extent
that it is probable that taxable profit will be available c) The Company has the right to direct the use of the
against which deductible temporary difference, and identified asset throughout the period of use.
the carry forward of unused tax credits and unused Measurement and recognition of leases
tax losses can be utilized or to the extent of taxable
temporary differences except: At lease commencement date, the Company
recognises a right-of-use asset and a lease liability.
- Where the DTA relating to the deductible temporary The right-of-use asset is measured at cost, which
difference arises from the initial recognition of includes the initial measurement of the lease liability,
an asset or liability in a transaction that is not any initial direct costs incurred by the Company, an
a business combination; and at the time of the estimate of any costs to dismantle and remove the
transaction, affects neither accounting profit nor asset at the end of the lease, and any lease payments
taxable profit or loss. made in advance of the lease commencement date
- in respect of deductible temporary differences (net of any incentives received).
arising from investments in subsidiaries, branches The Company depreciates the right-of-use asset on a
and associates, and interests in joint arrangements, straight-line basis from the lease commencement date
to the extent that, and only to the extent that, it is to the earlier of the end of the useful life of the right-of-
probable that the temporary difference will reverse use asset or the end of the lease term. The Company
in the foreseeable future; and taxable profit will be also assesses the right-of-use asset for impairment
available against which the temporary difference when any indicators exist.
can be utilized.
At lease commencement date, the Company measures
This is assessed based on the Company’s forecast of the lease liability at the present value of the lease
future operating results, adjusted for significant non- payments unpaid at that date, discounted using the
taxable income and expenses and specific limits on the interest rate implicit in the lease if that rate is readily
use of any unused tax loss or credit. available or the Company’s incremental borrowing rate.
Changes in deferred tax assets or liabilities are Lease payments included in the measurement of the
recognised as a component of tax income or expense lease liability are made up of fixed payments, variable
in profit or loss, except where they relate to items that payments based on an index or rate, amounts expected

127
 to be payable under a residual value guarantee and Operating leases
payments arising from options reasonably certain to be
All other leases are treated as operating leases. Lease
exercised.
rentals for operating leases is recognised in Profit
Subsequent to the initial measurement, the liability and loss on a straight-line basis over the lease term
will be reduced for payments made and increased for unless the rentals are structured to increase in line
interest. It is remeasured to reflect any reassessment with expected general inflation to compensate for the
or modification, or if there are changes in fixed expected inflationary cost increases.
payments. When the lease liability is remeasured, the
1.16 Revenue recognition
corresponding adjustment is reflected in the right-of-
use asset, or profit and loss if the right-of-use asset is Revenue is measured as the fair value of consideration
already reduced to zero. received or receivable, excluding Goods and Services
tax.
The Company has elected to account for short-
term leases i.e. for leases for period less than 12 Sale of goods
months and leases of low-value i.e. value of leased
When the control over goods is transferred to the buyer
DVVHW ZKLFK LV OHVV WKDQ ൠ XVLQJ WKH SUDFWLFDO
and no significant uncertainty exists regarding the
expedients. Instead of recognising a right-of-use asset
amount of consideration that is derived from the sale
and lease liability, the payments in relation to these
of goods.
are recognised as an expense in profit or loss on a
straight-line basis over the lease term. In the Balance Services rendered
Sheet, right-of-use assets have been disclosed under
a) When control over the service rendered in full or
non-current assets and lease liabilities have been
part is recognized by the buyer and no significant
disclosed under financial liabilities.
uncertainty exists regarding the amount of
The Company as a lessor consideration that is derived from rendering the
services.
The Company classifies leases as either operating or
finance leases. A lease is classified as a finance lease b) In case of project activities: As per the percentage
if the company transfers substantially all the risks and of completion method after progress of work to
rewards incidental to ownership of the underlying asset a reasonable extent for which control can be
to the lessee, and classifies it as an operating lease if transferred to the buyer.
otherwise.
c) In cases where the Company collects consideration
For the comparative information (i.e. till March on account of another party, it recognises revenue
31, 2019) the Company followed the following as the net amount retained on its own account.
accounting policy:
Other income
Finance leases
a) Interest on a time proportion basis using the
Management applies judgment in considering the effective Interest rate method
substance of a lease agreement and whether it
b) Dividend from investments in shares on
transfers substantially all the risks and rewards
establishment of the Company’s right to receive.
incidental to ownership of the leased asset. Key
factors considered include the length of the lease c) Royalties are recognised on accrual basis in
term in relation to the economic life of the asset, the accordance with the substance of the relevant
present value of the minimum lease payments in agreement
relation to the asset’s fair value, and whether the
Company obtains ownership of the asset at the end of d) Export incentives are recognised as income only
the lease term. Where the Company is a lessee in this at the time when there is no significant uncertainty
type of arrangement, the related asset is recognized as to its measurability and ultimate realisation.
at the inception of the lease at the fair value of the For determining the transaction price, the
leased asset or, if lower, the present value of the Company measures the revenue in respect of
lease payments plus incidental payments, if any. A each performance obligation of a contract at its
corresponding amount is recognized as a finance relative standalone selling price.
lease liability.
The company accounts for volume discounts and
The assets held under finance leases are depreciated pricing incentives to a buyer as a reduction of
over their estimated useful lives or lease term, revenue based on the ratable allocation of the
whichever is lower. The corresponding finance lease discounts/incentives to each of the underlying
liability is reduced by lease payments net of finance performance obligation that corresponds to
charges. The interest element of lease payments the progress by the buyer towards earning the
represents a constant proportion of the outstanding discount/ incentive.
capital balance and is charged to profit or loss, as
finance costs over the period of the lease. Term of returns, refunds etc. are agreed with the
buyers on a case to case basis upon mutually

128
 accepted terms and conditions. The impact of Superannuation Fund : the company contributes
returns and refunds is negligible on the turnover a sum equivalent to 8% of eligible employees’
of the company. salary to the fund administered by the trustees
and managed by Life Insurance Corporation of India
As a practical expedient, as given in Ind AS 115,
(LIC) and has no further obligations on this account.
the Company has not disclosed the remaining
These are recognised as and when they are due.
performance obligation related disclosures for
contracts where the revenue recognized from Defined Benefit Plans
the satisfaction of the performance obligation
Gratuity and Post Retirement Benefit plans – The
corresponds directly with the value to the customer
defined benefit obligation is calculated annually
of the entity’s performance completed to date
by actuary using the projected unit credit method.
especially in relation to those contracts where
Re-measurement gains and losses arising from
invoicing is on time and material basis.
experience adjustments and changes in actuarial
Significant payment terms: assumptions are recognised in the period in
which they occur, directly in other comprehensive
Payment is generally received either in cash or
income. They are included in retained earnings
based on credit terms. Credit terms are agreed to
in the statement of changes in equity. Changes
with the buyers and is generally in line with the
in present value of the defined benefit obligation
respective industry standards.
resulting from plan amendments or curtailments
1.17 Borrowing Costs are recognised immediately in profit or loss as past
service cost.
General and specific borrowing costs that are directly
attributable to the acquisition, construction or production (iii) Other long term employee benefit obligations
of a qualifying asset are capitalised during the period
The liabilities for leave encashment and long
of time that is required to complete and prepare the
service awards are not expected to be settled
asset for its intended use or sale. Qualifying assets
wholly within 12 months after the end of the period
are assets that necessarily take a substantial period
in which the employees render the related service.
of time to get ready for their intended use or sale.
They are measured annually by actuary using the
Other Borrowing Costs are recognised as expense in
projected unit credit method. Re-measurement as
the period in which they are incurred.
a result of experience adjustments and changes in
1.18 Cash Flow Statement actuarial assumptions are recognised in the period
in which they occur in profit or loss.
Cash Flow Statement, as per Ind AS – 7, is prepared
using the indirect method, whereby profit for the 1.20 Prior period Items
period is adjusted for the effects of transactions of a
Material prior period items which arise in the
non-cash nature, any deferrals or accruals of past or
current period as a result of error or omission in
future operating cash receipts or payments and items
the preparation of prior period’s financial statement
of income or expenses associated with investing or
are corrected retrospectively in the first set of financial
financing cash flows. The cash flows from operating,
statements approved for issue after their discovery by:
investing and financing activities of the company are
segregated. a) restating the comparative amounts for the prior
period(s) presented in which the error occurred; or
1.19 Employee Benefits
b) If the error occurred before the earliest prior
(i) Short term obligations
period presented, restating the opening balances
Liabilities for wages and salaries including non- of assets, liabilities and equity for the earliest prior
monetary benefits that are expected to be settled period presented.
wholly within 12 months after the end of the period
c) $Q\LWHPVH[FHHGLQJUXSHHVWZHQW\ILYHODFVൠ
in which the employees render the related service
Lacs) shall be considered as material prior period
are recognised at the amounts expected to be paid
item.
when the liabilities are settled. The liabilities are
presented as current employee benefit obligation d) Retrospective restatement shall be done except
in balance sheet to the extent that it is impracticable to determine
either the period specific effects or the cumulative
(ii) Post-employment obligations
effect of the error. When it is impracticable to
Defined Contribution Plans determine the period specific effects of an error
on comparative information for one or more prior
Provident Fund: the company transfers provident
periods presented, the company shall restate the
fund contributions to the trust registered for
opening balances of assets, liabilities and equity
maintenance of the fund and has no further
for the earliest prior period for which retrospective
obligations on this account. These are recognised
restatement is practicable (which may be the
as and when they are due.
current period).

129
1.21 Earnings per share of equity shares outstanding without a change
in corresponding change in resources. For the
Basic earnings per share are calculated by
purpose of calculating diluted earnings per
dividing the net profit or loss (excluding other
share, the net profit or loss (excluding other
comprehensive income) for the year attributable
comprehensive income) for the year attributable
to equity shareholders by the weighted average
to equity shareholders and the weighted average
number of equity shares outstanding during the
number of equity shares outstanding during the
year. The weighted average number of equity
year are adjusted for the effects of dilutive potential
shares outstanding during the year is adjusted
equity shares.
for events such as bonus issue, share splits or
consolidation that have changed the number

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

130
 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
Note No 2.
Property, Plant and Equipment
ൠLQ/DNKV
Property, Plant and Equipment
Typewriter,
Electrical Tubewell,
Spares for Furniture Accounting
Particulars Land - Land - Building Plant & Installation Tanks and Lab Railway
Plant & & Machine Vehicles Total
Freehold Leasehold* & Sidings Machinery & Miscellaneous Equipment Sidings
Machinery Fittings and Office
Equipment Equipment
Equipment
Gross Block
Balance as at 1 April 2,419.41 3,203.81 15,792.03 17,961.48 21.22 3,108.39 798.73 2,058.13 2,069.99 712.12 614.44 362.87 49,122.62
2019
Transfer to Right of - (3,203.81) - - - - - - - - - - (3,203.81)
Use Asset*
Additions 9.08 - 10,362.49 2,056.42 35.56 515.52 380.37 351.01 236.38 15.15 - 40.39 14,002.37
Disposal of assets - - - (119.45) (3.57) (87.28) (15.78) (81.89) (26.14) (2.53) - (35.43) (372.07)
Gross Block as at 2,428.49 - 26,154.52 19,898.45 53.21 3,536.63 1,163.32 2,327.25 2,280.23 724.74 614.44 367.83 59,549.11
Mar 31 2020

Accumulated
depreciation
Balance as at 1 April - 253.00 1,621.08 3,329.32 10.31 1,266.53 302.24 1,292.04 665.73 306.49 92.56 315.52 9,454.82
2019
Transfer to Right of - (253.00) - - - - - - - - - - (253.00)
Use Asset*
Depreciation charge for - - 477.04 917.59 3.80 393.55 115.71 318.77 227.51 81.41 71.08 19.42 2,625.88
the year
Disposal of assets - - - (115.73) (3.57) (84.41) (15.61) (81.19) (25.94) (2.53) - (33.83) (362.81)
Accumulated - - 2,098.12 4,131.18 10.54 1,575.67 402.34 1,529.62 867.30 385.37 163.64 301.11 11,464.89
Depreciation as at
Mar 31 2020

Net Block as at Mar 2,428.49 - 24,056.40 15,767.27 42.67 1,960.96 760.98 797.63 1,412.93 339.36 450.80 66.72 48,084.22
31 2020
Net Block as at Mar 2,419.41 2,950.81 14,170.95 14,632.17 10.91 1,841.86 496.49 766.09 1,404.26 405.63 521.88 47.35 39,667.82
31 2019

*Consequent to the application of IND AS 116 w.e.f. 1st April, 2019, the balance of Land-Leasehold as appearing in the books have been transferred to Right of Use Assets (Refer
Note No. 3).

131
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
Note No 3.
Right of Use Assets
ൠLQ/DNKV
Right of Use Assets
Particulars Land - Plant & Electrical
Buildings Total
Leasehold* Machinery Equipments
Gross Block
Balance as at 1 April 2019 - - - - -
Transfer from Land-Leasehold* 3,203.81 - - - 3,203.81
Additions 46.00 5,491.03 1,096.88 30.85 6,664.77
Gross Block as at Mar 31 2020 3,249.81 5,491.03 1,096.88 30.85 9,868.58

Accumulated depreciation
Balance as at 1 April 2019 - - - - -
Transfer from Land-Leasehold* 253.00 - - - 253.00
Depreciation charge for the year 63.54 736.21 616.33 22.52 1,438.60
Accumulated Depreciation as at Mar 31 2020 316.54 736.21 616.33 22.52 1,691.60

Net Block as at Mar 31 2020 2,933.27 4,754.82 480.55 8.34 8,176.98

Net Block as at Mar 31 2019 - - - - -

*Consequent to the application of IND AS 116 w.e.f. 1st April, 2019, the balance of Land-Leasehold as appearing in the books have been
transferred to Right of Use Assets (Refer Note No. 2).

Note No. 4
Investment Properties
ൠLQ/DNKV
Gross Carrying Amount (Deemed Cost)
As at 1 April 2018 118.41
Additions -
Disposals/adjustments -
Net Investment Property - Reclassified -
Balance as at 31 March 2019 118.41
Additions -
Disposals/adjustments -
Net Investment Property - Reclassified (0.14)
Balance as at 31 March 2020 118.27
Accumulated Depreciation
As at 1 April 2018 4.87
Depreciation charge for the year 2.16
Disposals/adjustments for the year -
Investment Property - Reclassified -
As at 31 March 2019 7.03
Depreciation charge for the year 2.82
Disposals/adjustments for the year -
Investment Property - Reclassified (0.10)
Balance as at 31 March 2020 9.75
Net Book Value as at 31 March 2020 108.53
Net Book Value as at 31 March 2019 111.39

Investment property is recognised and valued using cost model. Depreciation is calculated using straight line method on the basis of
useful life of assets

(i) Contractual obligations

There is no contractual commitment for the acquisition of Investment Property.

(ii) Capitalised borrowing cost

No borrowing costs were capitalised during the year ended 31 March 2020 or previous year ended 31 March 2019.

132
(iii) Restrictions
There are no restrictions on remittance of income receipts or receipt of proceeds from disposals.

(iv) Amount recognised in profit and loss for investment properties ൠLQ/DNKV
Particulars 31 March 2020 31 March 2019
Rental income 167.60 244.40
Less: Direct operating expenses that generated rental income 21.98 201.01
Less: Direct operating expenses that did not generated rental income 193.27 103.78
Profit/ (Loss) from leasing of investment properties (47.65) (60.38)

(v) Leasing arrangements

Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. These are all
cancellable leases.

(vi) Fair value ൠLQ/DNKV

Particulars 31 March 2020 31 March 2019
Fair value 4,317.73 4,168.59

The Company obtains independent valuations for its investment properties at least annually. The best evidence of fair value is current
prices in an active market for similar properties. Where such information is not available, the Company considers information from a
variety of sources including:
a) Current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted
to reflect those differences.
b) Discounted cash flow projections based on reliable estimates of future cash flows.
c) Restrictions on remittance of income receipts or receipt of proceeds from disposals.
d) Capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate derived from an
analysis of market evidence.
e) The fair values of investment properties have been determined by external valuer. The main inputs used are rental growth rates,
expected vacancy rates, terminal yield and discount rates based on industry data.

Note No. 5
Intangible Assets ൠLQ/DNKV
Particulars Softwares Brand Value Total
Gross Carrying Amount
Balance as at 1 April 2018 745.19 332.63 1,077.82
Additions 18.96 - 18.96
Disposals/adjustments - - -
Balance as at 31 March 2019 764.15 332.63 1,096.78
Additions 7.77 - 7.77
Disposals/adjustments - - -
Balance as at 31 March 2020 771.92 332.63 1,104.55

Accumulated Amortization
Balance as at 1 April 2018 436.56 114.00 550.56
Amortization charge for the year 117.15 38.00 155.15
Disposals/adjustments for the year - - -
Impairment - - -
Balance as at 31 March 2019 553.71 152.00 705.71
Amortization charge for the year 85.47 38.00 123.47
Disposals/adjustments for the year - - -
Impairment - - -
Balance as at 31 March 2020 639.18 190.00 829.18

Net Book Value as at 31 March 2020 132.74 142.63 275.37

Net Book Value as at 31 March 2019 210.44 180.63 391.08

133
 Note No.6
Financial Assets-Investments (Non-Current) * ൠLQ/DNKV
(Unquoted, unless otherwise stated)
Name of the Body Corporate As at 31 March 2020 As at 31 March 2019
No of Shares Amount No of Shares Amount
(A) Trade Investments
Investment in Equity Instruments
(Fully paid stated at Cost)
(i) In Joint Venture Companies
Balmer Lawrie -Van Leer Ltd. 8,601,277 3,385.03 8,601,277 3,385.03
2UGLQDU\(TXLW\6KDUHVRIൠHDFK
Transafe Services Ltd.
2UGLQDU\(TXLW\6KDUHVRIൠHDFK 11,361,999 1,165.12 11,361,999 1,165.12
Less: Provision for diminution in value (1,165.12) (1,165.12)
Balmer Lawrie (UAE) LLC 9,800 890.99 9,800 890.99
(Ordinary Equity Shares of AED 1,000 each)
PT BALMER LAWRIE INDONESIA ** 2,000,000 1,027.32 2,000,000 1,027.32
(Equity Shares of par value of Indonesian Rupiah (IDR) 10,000 each)
Less: Provision for diminution in value (1,027.32) - -

(ii) In Subsidiary Companies

Balmer Lawrie (UK) Ltd.*** 100 0.06 100 0.06
(Ordinary Equity Shares of GBP 1 each)
Vishakapatnam Port Logistics Park Ltd 81,038,978 8,103.90 81,038,978 8,103.90
2UGLQDU\(TXLW\6KDUHVRIൠHDFK

(iii) In Associate Company

AVI-OIL India (P) Ltd. 4,500,000 450.00 4,500,000 450.00
2UGLQDU\(TXLW\VKDUHVRIൠHDFK
Investments in Preference Shares
(Fully paid stated at Cost)
Transafe Services Ltd. 13,300,000 1,330.00 13,300,000 1,330.00
&XPXODWLYH5HGHHPDEOH3UHIHUHQFHVKDUHVRIൠHDFK
Less: Provision for diminution in value (1,330.00) (1,330.00)

Sub Total 12,829.98 13,857.30

(B) Other Investments

(Fully paid stated at Cost)
Bridge & Roof Co. (India) Ltd. 357,591 14.01 357,591 14.01
2UGLQDU\(TXLW\VKDUHVRIൠHDFK
Biecco Lawrie Ltd 195,900 - 195,900 -
2UGLQDU\(TXLW\VKDUHVRIൠHDFK
&DUULHGLQERRNVDWDYDOXHRIൠRQO\QHWRII3URYLVLRQIRUGLPLQXWLRQ
in value
RC Hobbytech Solutions Pvt. Ltd. 5,555 74.99 5,555 74.99
Less: Transfer to Incubator (1,111) (15.00) - -
2UGLQDU\(TXLW\VKDUHVRIൠHDFKLQFOXGLQJSUHPLXP
Kanpur Flowercycling Pvt. Ltd. 626 60.05 626 60.05
Less: Transfer to Incubator (147) (14.10) - -
2UGLQDU\(TXLW\VKDUHVRIൠHDFKLQFOXGLQJSUHPLXP
Woodlands Multispeciality Hospitals Ltd. 8,850 0.45 8,850 0.45
2UGLQDU\(TXLW\VKDUHVRIൠHDFK

Sub Total 120.40 149.50

Total 12,950.38 14,006.80

Aggregate amount of quoted investments at Cost - -

Aggregate amount of unquoted investments at cost 12,950.38 14,006.80
Total 12,950.38 14,006.80

*These investments are carried as fair value through Profit and loss and their carrying value approximates their fair value.
** Refer details given in Note No. 42.30 of the notes to accounts for the year.
*** Refer details given in Note No. 42.29 of the notes to accounts for the year.

134
Note No.7
Financial Assets- Loans ( Non - Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Secured considered good

Other Loans 217.62 240.89
Unsecured considered good
Loans to Transafe Services Ltd. - 180.00
Doubtful
Loans to Transafe Services Ltd. 180.00 -
Others 24.92 24.92
Provision for doubtful Loans
Loans to Transafe Services Ltd.* (180.00) -
Others (24.92) (24.92)

Total 217.62 420.89

* Refer details given in Note No. 42.18 of the notes to accounts for the year.

Note No.8 ൠLQ/DNKV

Financial Assets- Others ( Non - Current)
As at 31 March 2020 As at 31 March 2019
Unsecured
Other Receivables- considered good 69.41 84.81
Dues from Transafe Services Ltd. -Doubtful 80.87 80.87
Less : Provision thereof (80.87) (80.87)
Total 69.41 84.81
Note No.9
Deferred Tax Liabilities ൠLQ/DNKV
As at As at
31 March 2020 31 March 2019

Deferred Tax Liability arising on account of :

Property, Plant and Equipment (4,682.06) (6,157.70)

Deferred Tax Asset arising on account of :

Adjustment for VRS expenditure - 118.49
Provision for loans, debts, deposits & advances 1,455.12 2,885.22
Defined benefit plans 1,474.31 1,221.38
Provision for Inventory 100.32 139.88
Provision for dimunition in investment 593.29 871.89
Impairment of assets - 6.77
Others - (5.17)

Total (1,059.02) (919.24)

Movement in Deferred Tax Liabilities/ Assets

ൠLQ/DNKV
Recognised
Recognised
As at in Other As at
Particulars in Profit and
31 March 2019 Comprehensive 31 March 2020
Loss
Income

Property, Plant and Equipment (6,157.70) 1,475.64 - (4,682.06)

Adjustment for VRS expenditure 118.49 (118.49) - -
Provision for loans, debts, deposits & advances 2,885.22 (1,430.10) - 1,455.12
Defined benefit plans 1,221.38 33.46 219.47 1,474.31
Provision for Inventory 139.88 (39.56) - 100.32
Provision for dimunition in investment 871.89 (278.60) - 593.29
Impairment of assets 6.77 (6.77) - -
Others (5.17) 5.17 - -
Total (919.24) (359.25) 219.47 (1,059.02)

135
 ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019
Note No.10
Non Financial Assets - Others ( Non - Current)

Security Deposits 683.19 690.46

Capital Advances 119.37 160.84
Balances with Government Authorities 237.62 235.63
Prepaid Expenses 20.73 3,279.27
Others 70.51 83.29

Total 1,131.42 4,449.49

Note No.11
Inventories ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Raw Materials and Components 9,087.64 9,352.96

Goods-in-transit 0.06 -
Slow moving & non moving 205.59 168.45
Less: Adjustment for slow moving & non moving (121.06)
(145.96)
Total - Raw Materials and Components 9,147.33 9,400.35

Work in Progress 1,177.56 966.40

Goods-in transit - -
Slow moving & non moving - -
Less: Adjustment for slow moving & non moving - -
Total - Work in Progress 1,177.56 966.40

Finished Goods 3,289.08 2,882.55

Goods-in transit 30.35 120.74
Slow moving & non moving 143.37 199.05
Less: Adjustment for slow moving & non moving (83.08) (118.09)
Total - Finished Goods 3,379.72 3,084.25

Stores and Spares 740.10 770.82

Slow moving & non moving 230.55 232.64
Less: Adjustment for slow moving & non moving (169.56) (161.15)
Total - Stores and Spares 801.09 842.31

Total 14,505.70 14,293.31

[Refer to Point No.1.5 of “Significant Accounting Policies” for method of valuation of inventories]

Note No.12
Trade Receivables ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019
Considered good- Unsecured 27,295.73 27,619.22
Trade Receivables- credit impaired 1,468.11 1,279.07
Less: Provision for Impairment (1,468.11) (1,279.07)
Grand Total 27,295.73 27,619.22

Trade receivables outstanding for a period less than six months

Considered good- Unsecured 25,063.81 24,928.52
Trade Receivables- Credit Impaired 8.64 81.90
Less: Provision for Impairment (8.64) (81.90)
Sub Total 25,063.81 24,928.52

Trade receivables outstanding for a period exceeding six months

Considered good- Unsecured 2,231.92 2,690.70
Trade Receivables- Credit Impaired 1,459.47 1,197.17
Less: Provision for Impairment (1,459.47) (1,197.17)
Sub Total 2,231.92 2,690.70

Total 27,295.73 27,619.22

136
Note No.13
Cash and Cash equivalents ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Cash in hand 9.29 3.75

Balances with Banks - Current Account 2,140.86 4,703.30

Total 2,150.15 4,707.05

There are no repatriation restrictions with respect to cash and bank balances available with the Company.

Note No.14
Other Bank Balances ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Unclaimed Dividend Accounts 459.46 363.19

Bank Term Deposits 42,451.09 38,630.13
Margin Money deposit with Banks 84.45 77.79

Total 42,995.00 39,071.11

Note No.15
Financial Assets - Loans (Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Loans Receivables Considered good- Secured

Loans (to employees) 54.05 53.45
Loans and advances Considered good- Unsecured
Advances to Related Parties *
Balmer Lawrie Investments Ltd. 12.01 -
Pt. Balmer Lawrie Indonesia 30.56 27.95
Balmer Lawrie Van Leer Ltd. 0.31 55.41
Visakhapatnam Port Logistics Park Ltd 366.37 341.91
Balmer Lawrie UAE LLC 60.13 51.77
469.38 477.04
Advances to Transafe Services Ltd. - 353.48
Advances to Transafe Services Ltd.- Doubtful 414.19 -
Less: Provision** (414.19) -
Other Advances (to employees) 27.74 30.70
Other Loans and advances 692.54 1,115.83

Total 1,243.71 2,030.49

* Advances to Related Parties are in the course of regular business transactions.

** Refer details given in Note No. 42.18 of the notes to accounts for the year.

Note No.16
Other Financial Assets (Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019
Unsecured
Accrued Income 2,395.59 2,226.70
Security Deposits 765.38 908.38
Other Receivables -considered good 17,009.00 21,640.30
Other Receivables - considered doubtful 2,865.89 2,758.79
Less: Provision for doubtful other receivables (2,865.89) (2,758.79)

Total 20,169.97 24,775.38

137
Note No.17
Non Financial Assets ( Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Balance with Government Authorities 2,616.48 915.52

Prepaid Expenses 554.69 685.65
Advance to Contractors & Suppliers - considered good 2,007.72 2,011.60
Advance to Contractors & Suppliers -considered doubtful 764.31 716.06
Less: Provision for Doubtful Advances to Contractors & Suppliers (764.31) (716.06)
Other Advances to Related Parties - 317.31
Others 1,429.38 1,071.31

Total 6,608.27 5,001.39

Note No 18
Equity Share Capital ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019
Authorised Capital
3UHYLRXV<HDUHTXLW\VKDUHVRIൠHDFK 30,000.00 30,000.00
30,000.00 30,000.00

Issued and Subscribed Capital

3UHYLRXV<HDUHTXLW\VKDUHVRIൠHDFK 11,400.25 11,400.25
57,001,282 Bonus Shares issued during the year (Previous Year Nil) 5,700.13 -
17,100.38 11,400.25

Paid-up Capital
3UHYLRXV<HDUHTXLW\VKDUHVRIൠHDFK 11,400.25 11,400.25
57,001,282 Bonus Shares issued during the year (Previous Year Nil) 5,700.13 -
17,100.38 11,400.25
a) Reconciliation of equity shares outstanding at the beginning and at the end of the year

As at 31 March 2020 As at 31 March 2019

No of shares $PRXQWൠLQ/DNKV No of shares $PRXQWൠLQ/DNKV
Equity shares at the beginning of the year 114,002,564 11,400.25 114,002,564 11,400.25
Bonus shares issued during the year 57,001,282 5,700.13 - -
Equity shares at the end of the year 171,003,846 17,100.38 114,002,564 11,400.25

b) Rights/preferences/restrictions attached to equity shares

7KH&RPSDQ\KDVRQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRIൠSHUVKDUH(DFK6KDUHKROGHULVHOLJLEOHIRURQHYRWHSHUVKDUH
held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.

F'HWDLOVRIVKDUHKROGHUVKROGLQJPRUHWKDQVKDUHVLQWKH&RPSDQ\HTXLW\VKDUHVRIൠHDFKIXOO\SDLGXS

As at 31 March 2020 As at 31 March 2019

Particulars of the Shareholder No of shares % holding No of shares % holding

Balmer Lawrie Investments Ltd. 105,679,350 61.80% 70,452,900 61.80%

i) There are no other shareholders holding 5% or more in the issued share capital of the Company.

138
Note No 19
Other Equity ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019
Securities Premium 3,626.77 3,626.77
General Reserve 29,903.69 35,603.82
Retained Earnings 82,348.58 79,749.73
Other Comprehensive Income Reserve (OCI) (1,012.68) (360.14)

Total (Other Equity) 114,866.36 118,620.19

As at 31 March 2020 As at 31 March 2019

Securities Premium
Opening balance 3,626.77 3,626.77
Add: Shares issued during the year - -
Sub total (A) 3,626.77 3,626.77

General Reserve
Opening balance 35,603.82 35,603.82
Less : Bonus Shares issued during the year (5,700.13) -
Amount transferred from Retained Earnings - -
Sub total (B) 29,903.69 35,603.82

Retained Earnings
Opening balance 79,749.73 74,713.24

Add : Net profit for the year 17,064.87 18,247.98

Less : Appropriations
Transfer to General Reserve - -
Equity Dividend (12,540.29) (11,400.26)
Tax on Equity Dividend (2,578.28) (2,413.43)
Re-measurement Gain/(Loss) 652.54 602.20
Other adjustments - -
Net surplus in Retained Earnings (C) 82,348.58 79,749.73

Other Comprehensive Income Reserve (OCI)

Opening balance (360.14) 242.06
Movement during the year (652.54) (602.20)
Sub total (D) (1,012.68) (360.14)

Total of Other Equity (A+B+C+D) 114,866.36 118,620.19

Nature and Purposes of Reserves within Other Equity

Securities Premium
Securities Premium represents premium received on issue of shares. This shall be utilised in accordance with the provisions of the
Companies Act, 2013.

General Reserve
General Reserve is a free reserve which is used from time to time to transfer profits from retained earnings for appropriation purposes.

Retained Earnings
Retained Earnings are the portion of company's net income that is left out after distributing dividends to shareholders. These are kept
aside by the company for reinvesting it in the main business.

Other Comprehensive Income Reserve (OCI)

(i) The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive
income. These changes are accumulated within the Fair Value through Other Comprehensive Income (FVOCI) equity investments
reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are
derecognised.
(ii) The Company has recognised remeasurement benefits on defined benefits plans through Other Comprehensive Income.

139
Note No.20
Financial Liabilities (Non - Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Borrowings*- Secured 854.14 1,060.94

Other Financial Liabilities
Deposits- Unsecured 15.19 5.42

Total 869.33 1,066.36

%RUURZLQJV7KH &RPSDQ\ KDV DYDLOHG7HUP /RDQ RI ൠ &URUHV IRU LWV LQWHJUDWHG FROG FKDLQ IDFLOLWLHV DW 5DL DQG 3DWDOJDQJD IURP
Standard Chartered Bank to obtain Grant - in- aid from Ministry of food Processing Industries (MoFPI). The Term Loan has an interest
rate as 6 months MCLR applicable at the time of disbursement of Term Loan. The Loan is secured against the fixed and movable assets
of Temperature Controlled Warehouses at Rai and Patalganga respectively. The Loan is repayable in 12 half yearly equal instalments
starting from 18 months from the date of Ist drawal.

Note No.21
Provisions ( Non - Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Actuarial Provision 2,545.40 2,101.81

Long term Provisions 1,776.26 1,912.67

Total 4,321.66 4,014.48

Note No.22
Non Financial Liabilities- Others ( Non - Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Advance from Customers 8.55 3.55

Others 4.21 1.34

Total 12.76 4.89

Note No.23
Current Liabilities ൠLQ/DNKV
Financial Liabilities ( Current) As at 31 March 2020 As at 31 March 2019

Borrowings- Secured 152.99 93.00

Trade Payables - Unsecured

Payable to micro and small enterprises 328.26 324.16
Other Trade Payables 21,457.21 28,981.50
Sub Total 21,785.47 29,305.66

Total 21,938.46 29,398.66

Note No.24
Other Financial Liabilities (Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Current Maturities of Long Term Borrowings 264.22 306.32

Unclaimed Dividend * 459.46 363.19
Security Deposits 3,248.58 2,462.59
Payable to Related Party Balmer Lawrie (UK) Ltd. 1,027.32 1,027.32
Less: Liability written back** (1,027.32) -
Other Liabilities 8,734.36 9,098.00
Total 12,706.62 13,257.42

* There is no amount due and outstanding as at balance sheet date to be credited to Investor Education and Protection Fund
** Refer details given in Note No. 42.30 of the notes to accounts for the year.

140
Note No.25
Non Financial Liabilities -Others ( Current) ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Advance from Customers 2,506.67 1,141.58

Statutory Dues 1,562.99 487.22
Deferred Gain/Income 410.95 168.43
Other Liabilities 5,301.84 3,416.64

Total 9,782.45 5,213.87

Note No.26
Current Provisions ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019
Actuarial Provision 467.75 432.19
Short term Provisions 1,197.18 1,206.37

Total 1,664.93 1,638.56

Note No.27
Current Tax Liabilities ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019

Provision for Taxation (Net of advance) 1,689.62 2,790.79

Total 1,689.62 2,790.79

Note No.28
Revenue From Operations ൠLQ/DNKV
For the year ended For the year ended
31 March 2020 31 March 2019

Sale of Products 88,085.89 103,556.48

Sale of Services 55,502.42 64,966.03
Sale of Trading Goods 2,148.76 329.45
Other Operating Income 7,239.90 8,668.31

Total 152,976.97 177,520.27

Note No.29
Other Income ൠLQ/DNKV
For the year ended For the year ended
31 March 2020 31 March 2019
Interest Income
Bank Deposits 3,114.01 2,752.32
Others 112.06 232.75
Sub total 3,226.07 2,985.07

Dividend Income 3,204.58 2,410.21

Other Non-operating Income

Profit on Disposal of Fixed assets 23.11 22.28
Profit on Disposal of Investments - 634.49
Unclaimed balances and excess provision 1,263.99 1,068.77
written back
Gain on Foreign Currency Transactions (Net) 2.24 69.55
Miscellaneous Income 519.18 664.69

Sub total 1,808.52 2,459.78

Total 8,239.17 7,855.06

141
Note No.30
Cost of Materials Consumed & Services Rendered ൠLQ/DNKV
For the year ended For the year ended
31 March 2020 31 March 2019

Cost of Materials Consumed 60,194.67 74,752.68

Cost of Services Rendered 30,468.15 35,777.04

Total 90,662.82 110,529.72

Note No.31
Purchase of Trading Goods ൠLQ/DNKV
For the year ended For the year ended
31 March 2020 31 March 2019

Trading Goods 2,075.61 329.45

Total 2,075.61 329.45

Note No.32 ൠLQ/DNKV

Changes in inventories of Finished Goods, Stock-in-Trade and Work-in- For the year ended For the year ended
Progress 31 March 2020 31 March 2019

Change in Finished Goods

Opening 3,084.25 3,107.40
Closing 3,379.72 3,084.25

Change (295.47) 23.15

Change in Work In Progress
Opening 966.40 1,287.07
Closing 1,177.56 966.40

Change (211.16) 320.67

Total (506.63) 343.82

Note No.33
Employee Benefits Expenses ൠLQ/DNKV
For the year ended For the year ended
31 March 2020 31 March 2019

Salaries and Incentives 17,055.57 17,444.13

Contribution to Provident & Other Funds 2,441.39 2,187.10
Staff Welfare Expenses 1,915.02 1,615.85

Total 21,411.98 21,247.08

Note No.34
Finance Costs ൠLQ/DNKV
For the year ended For the year ended
31 March 2020 31 March 2019

Interest 379.43 401.64

Bank Charges* 138.04 154.10
Interest Cost - Lease Liabilities 281.20 -
Total 798.67 555.74

* Bank Charges include charges for opening of L/C, bank guarantee charges and other charges related to bank transactions.

142
Note No.35
Depreciation & Amortisation Expense ൠLQ/DNKV
For the year ended For the year ended
31 March 2020 31 March 2019

Depreciation on:
Property, Plant & Equipment 2,625.88 2,514.59
Right of Use Assets 1,438.60 -
Investment Properties 2.82 2.16
Amortisation of Intangible Assets 123.47 155.15
Total 4,190.77 2,671.90

Note No.36
Other Expenses ൠLQ/DNKV
For the year ended For the year ended
31 March 2020 31 March 2019

Manufacturing Expenses 1,598.81 1,677.42

Consumption of Stores and Spares 800.42 889.24
Repairs & Maintenance - Buildings 366.16 275.54
Repairs & Maintenance - Plant & Machinery 449.24 414.73
Repairs & Maintenance - Others 622.63 559.92
Power & Fuel 2,356.12 2,561.96
Electricity & Gas 436.88 407.47
Rent 760.23 1,369.77
Insurance 295.63 270.21
Packing, Despatching, Freight and Shipping Charges 3,847.95 4,256.78
Rates & Taxes 160.16 160.59
Auditors Remuneration and Expenses 23.85 24.02
Impairment of assets - 19.36
Write off of Debts, Deposits, Loan & Advances 194.85 481.97
Provision for diminution in value of Investments 1,027.32 -
Provision for Doubtful Debts & Advances 1,370.10 1,561.07
Fixed Assets Written Off 1.54 12.40
Loss on Disposal of Fixed Assets 2.35 3.86
Selling Commission 295.51 409.89
Cash Discount 278.23 340.22
Travelling Expenses 931.03 975.50
Printing and Stationery 221.94 296.23
Motor Car Expenses 147.45 153.71
Communication Charges 330.76 286.48
Corporate Social Responsibility Expenditure 514.66 516.24
Miscellaneous Expenses 3,792.19 4,538.42
20,826.01 22,463.00
Less: Provision for Debts, Deposits, Loans & Advances and Inventories considered (1,487.30) (775.86)
doubtful earlier, now written back
Total 19,338.71 21,687.14

Payment to Auditors as:

Statutory/ Branch Auditors 18.15 18.88
Tax Audit 0.85 0.85
Other Certification 2.75 2.00
Reimbursement of Expenses 2.10 2.29
Total Payment to Auditors 23.85 24.02

143
Note No. 37 ൠLQ/DNKV
Tax expense For the year ended For the year ended
31 March 2020 31 March 2019

Current tax 5,877.55 9,479.39

Deferred tax 359.25 424.13
Prior period (710.00) (743.22)
Total 5,526.80 9,160.30

The major components of income tax expense and the reconciliation of expense based on the domestic effective tax rate of 25.168%
(31 March 2019: 34.944%) and the reported tax expense in profit or loss are as follows:

Accounting profit before income tax 23244.21 28010.48

At country’s statutory income tax rate of 25.168% (31 March 2019: 25.168% 34.944%
34.944%)
Tax Expense 5,850.10 9,787.98
Adjustments in respect of current income tax
Exempt Dividend Income 0 (180.20) (265.14)
Foreign Dividend Income, taxed at a different rate (182.22) (288.54)
Non-deductible expenses for tax purposes
Provisions (net) 499.17 556.43
CSR Expenses 129.53 180.39
VRS Expenses (85.34) (183.46)
Depreciation Difference including for ROU assets (154.47) 6.48
Fixed assets written off and loss on disposals 0.98 6.77
Additional Deduction for R&D expenses in income tax - (321.52)
Adjustments in respect of previous years income tax (710.00) (743.22)

Total 5,167.55 8,736.17

5,167.55 8,736.17
Note No. 38 ൠLQ/DNKV
Other Comprehensive Income For the year ended For the year ended
31 March 2020 31 March 2019

(A) Items that will not be reclassified to profit or loss

(i) Remeasurement gains/ (losses) on defined benefit plans (872.01) (925.66)
(ii) Income tax relating to items that will not be reclassified to profit or loss 219.47 323.46
(B) Items that will be reclassified to profit or loss
(i) Items that will be reclassified to profit or loss - -
(ii) Income tax relating to items that will be reclassified to profit or loss - -

Total (652.54) (602.20)

Note No. 39 ൠLQ/DNKVH[FHSWVKDUHGDWD

Earnings per Equity Share For the year ended For the year ended
31 March 2020 31 March 2019

Net profit attributable to equity shareholders

Profit after tax 17,717.41 18,850.18

Profit attributable to equity holders of the parent adjusted for the effect of dilution 17,717.41 18,850.18

1RPLQDOYDOXHSHU(TXLW\6KDUHൠ 10 10
Weighted-average number of Equity Share for EPS* 171,003,846 171,003,846
%DVLF'LOXWHGHDUQLQJVSHU6KDUHൠ 10.36 11.02

The Company's Earnings Per Share ('EPS') is determined based on the net profit after tax attributable to the shareholders' of the
Company being used as the numerator. Basic earnings per share is computed using the weighted average number of shares outstanding
during the year as the denominator. Diluted earnings per share is computed using the weighted average number of common and dilutive
common equivalent shares outstanding during the year including share options, except where the result would be anti-dilutive. The Face
YDOXHRIWKHVKDUHVLVൠ
*Consequent to the approval of share holders, vide postal ballot, the Company accorded for allotment of 5,70,01,282 Bonus
Shares in the proportion of one new equity shares for every two existing equity shares held by the shareholders/ beneficial
RZQHUVLQWKH&RPSDQ\$FFRUGLQJO\DVXPRIൠ/DNKVKDVEHHQFDSLWDOLVHGDQGWUDQVIHUUHGIURP*HQHUDO5HVHUYHWR
Equity Share Capital Account on allotment of fully paid bonus shares on December 30, 2019. The Earnings Per Share for all the
years presented have been adjusted for Bonus issue.

144
Note No. 40
Accounting for Employee Benefits

Defined Contribution Plans

The disclosures are made consequent to adoption of IND AS 19 on Employee Benefits, notified by the Ministry of Corporate Affairs, by the
Company. Defined Benefit(s) Plans / Long Term Employee benefits in respect of Gratuity, Leave Encashment, Post-retirement medical
benefits and Long Service Awards are recognized in the Statement of Profit & Loss on the basis of Actuarial valuation done at the year
end. Actuarial gain/loss on post-employment benefit plans that is gratuity and post-retirement medical benefit plans are recognized in
Other Comprehensive Income.

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees
towards Provident Fund and Employee State Insurance Scheme which are defined contribution plans. The Company has no obligations
other than to make the specified contributions. The contributions are charged to the statement of profit and loss as they accrue. The
DPRXQWUHFRJQLVHGDVDQH[SHQVHWRZDUGVFRQWULEXWLRQWR3URYLGHQW)XQGIRUWKH\HDUDJJUHJDWHGWRൠ/DNKVൠ/DNKV
6XSHUDQQXDWLRQIXQGൠ/DNKVൠ/DNKVDQGFRQWULEXWLRQWR(PSOR\HH6WDWH,QVXUDQFH6FKHPHIRUWKH\HDUDJJUHJDWHG
WRൠ/DNKVൠ/DNKV

Defined Benefit Plans

Post Employment Benefit Plans

A. Gratuity

The gratuity plan entitles an employee, who has rendered atleast five year of continuous service, to receive fifteen days salary for each
year of completed service at the time of superannuation/exit. Any shortfall in obligations is met by the company by way of transfer of
requisite amount to the fund named "Balmer Lawrie & Co. Ltd. Gratuity Fund".

The reconciliation of the Company’s defined benefit obligations (DBO) and plan assets in respect of gratuity plans to the amounts
presented in the statement of financial position is presented below:
ൠLQ/DNKV
Particulars As at 31-Mar-2020 As at 31-Mar-2019
Defined benefit obligation 6,378.65 5,931.59
Fair value of plan assets 5,748.26 5,248.30
Net defined benefit obligation 630.39 683.28

(i) The movement of the Company’s defined benefit obligations in respect of gratuity plans from beginning to end of reporting period is
as follows:
ൠLQ/DNKV
Particulars As at 31-Mar-2020 As at 31-Mar-2019
Opening value of defined benefit obligation 5,931.59 5,531.35
Add: Current service cost 416.13 350.24
Add: Current interest cost 361.53 386.22
Plan amendment : Vested portion at end of period (past service) - -
Add: Actuarial (gain)/loss due to -
- changes in demographic assumptions - -
- changes in experience adjustment 400.28 443.68
- changes in financial assumptions 330.48 119.13
Add: Acquistition Adjustment 9.97 -
Less: Benefits paid (1,071.33) (899.02)
Closing value of defined benefit obligation thereof- 6,378.65 5,931.59

Unfunded 630.39 683.28

Funded 5,748.26 5,248.30

(ii) The defined benefit obligation in respect of gratuity plans was determined using the following actuarial assumptions:

Assumptions As at 31-Mar-2020 As at 31-Mar-2019

Discount rate (per annum) 6.70% 7.60%
Rate of increase in compensation levels/Salary growth rate 6.00% 6.00%
Expected average remaining working lives of employees (years) 11 11

145
(iii) The reconciliation of the plan assets held for the Company’s defined benefit plan from beginning to end of reporting period is presented below:
ൠLQ/DNKV
Particulars As at 31-Mar-2020 As at 31-Mar-2019
Opening balance of fair value of plan assets 5,248.30 5,508.91
Add: Contribution by employer 1,125.68 460.64
Return on Plan Assets excluding Interest Income 8.58 (240.90)
Add: Interest income 427.06 418.68
Add: Acquisition Adjustment 9.97 -
Less: Benefits paid (1,071.33) (899.02)
Closing balance of fair value of plan assets 5,748.26 5,248.30

(iv) Expense related to the Company’s defined benefit plans in respect of gratuity plan is as follows:
ൠLQ/DNKV
Amount recognised in Other Comprehensive Income For the year ended For the year ended
31-Mar-2020 31-Mar-2019
Actuarial (gain)/loss on obligations-changes in demographic assumptions - -
Actuarial (gain)/loss on obligations-changes in financial assumptions 330.48 119.13
Actuarial (gain)/loss on obligations-Experience Adjustment 400.28 443.68
Return on Plan Assets excluding Interest Income 8.58 (240.90)
Total expense/ (income) recognized in the statement of Other Comprehensive Income 722.19 803.70

ൠLQ/DNKV
Amount recognised in the Statement of Profit & Loss For the year ended For the year ended
31-Mar-2020 31-Mar-2019
Current service cost 416.13 350.24
Past service cost (vested) - -
Net Interest cost (Interest Cost-Expected return) (65.53) (32.46)
Total expense recognized in the Statement of Profit & Loss 350.60 317.78

ൠLQ/DNKV
Amount recognised in Balance Sheet As at 31-Mar-2020 As at 31-Mar-2019
Defined benefit obligation 6,378.65 5,931.59
Classified as:
Non-Current 6,361.58 4,890.65
Current 17.07 1,040.94

As at 31-Mar-2020 As at 31-Mar-2019
Expected returns on plan assets are based on a weighted average of expected returns of the 435.64 177.78
various assets in the plan, and include an analysis of historical returns and predictions about
future returns. The return on plan assets was

(v) Plan assets do not comprise any of the Group’s own financial instruments or any assets used by Group companies. Plan assets can
be broken down into the following major categories of investments:

Particular As at 31-Mar-2020 As at 31-Mar-2019

Government of India securities/ State Government securities 47.23% 46.61%
Corporate bonds 45.48% 47.24%
Others 7.29% 6.15%
Total plan assets 100.00% 100.00%
Interest costs have been included under ‘finance costs’ and service cost has been recorded under ‘employee benefits expense’ in
statement of comprehensive income.

(vi) Sensitivity Analysis

The significant actuarial assumption for the determination of defined benefit obligation in respect of gratuity plans is the discount rate. The
calculation of the net defined benefit obligation is sensitive to this assumption. The following table summarises the effects of changes in
this actuarial assumption on the defined benefit obligation:

146
 ൠLQ/DNKV
Particulars 31 March 2020
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined benefit obligation after change 6,191.00 6,579.00
Original defined benefit obligation 6,378.65 6,378.65
Increase/(decrease) in defined benefit obligation (187.65) 200.35

Changes in salary growth rate in % 0.50 0.50

Defined benefit obligation after change 6,507.00 6,253.00
Original defined benefit obligation 6,378.65 6,378.65
Increase/(decrease) in defined benefit obligation 128.35 (125.65)

Changes in Attrition rate in % 0.50 0.50

Defined benefit obligation after change 6,379.00 6,378.00
Original defined benefit obligation 6,378.65 6,378.65
Increase/(decrease) in defined benefit obligation 0.35 (0.65)

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 6,381.00 6,376.00
Original defined benefit obligation 6,378.65 6,378.65
Increase/(decrease) in defined benefit obligation 2.35 (2.65)

ൠLQ/DNKV
Particulars 31 March 2019
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined benefit obligation after change 5,776.00 6,096.00
Original defined benefit obligation 5,931.59 5,931.59
Increase/(decrease) in defined benefit obligation (155.59) 164.41

Changes in salary growth rate in % 0.50 0.50

Defined benefit obligation after change 6,034.00 5,832.00
Original defined benefit obligation 5,931.59 5,931.59
Increase/(decrease) in defined benefit obligation 102.41 (99.59)

Changes in Attrition rate in % 0.50 0.50

Defined benefit obligation after change 5,936.00 5,928.00
Original defined benefit obligation 5,931.59 5,931.59
Increase/(decrease) in defined benefit obligation 4.41 (3.59)

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 5,962.00 5,901.00
Original defined benefit obligation 5,931.59 5,931.59
Increase/(decrease) in defined benefit obligation 30.41 (30.59)

B. Post Retirement Medical Benefits Scheme (Non-funded)

The post retirement medical benefit is on contributory basis and voluntary. It is applicable for all employees who superannuate/resign after
satisfactory long service and includes dependent spouse, parents and children as per applicable rules.
ൠLQ/DNKV
Particulars As at 31-Mar-2020 As at 31-Mar-2019
Opening value of defined benefit obligation 406.13 376.60
Add: Current service cost - -
Add: Current interest cost 22.02 24.19
Add: Actuarial (gain)/loss due to -
- changes in demographic assumptions - -
- changes in experience adjustment 116.30 109.91
- changes in financial assumptions 33.52 12.05
Less: Benefits paid (155.06) (116.62)
Closing value of defined benefit obligation thereof 422.92 406.13
Unfunded 422.92 406.13
Funded - -

147
 ൠLQ/DNKV
Amount recognised in Other Comprehensive Income For the year ended For the year ended
31-Mar-2020 31-Mar-2019
Actuarial (gain)/loss on obligations-change in demographic assumptions - -
Actuarial (gain)/loss on obligations-change in financial assumptions 33.52 12.05
Actuarial (gain)/loss on obligations-Experience Adjustment 116.30 109.91
Total expense/ (income) recognized in the statement of Other Comprehensive Income 149.82 121.96
ൠLQ/DNKV
Amount recognised in the Statement of Profit & Loss For the year ended For the year ended
31-Mar-2020 31-Mar-2019
Current service cost - -
Net Interest cost(Interest Cost-Expected return) 22.02 24.19
Total expense recognized in the statement of Profit & Loss 22.02 24.19

Assumptions As at 31-Mar-2020 As at 31-Mar-2019

Discount rate (per annum) 6.70% 7.60%
Superannuation age 60 60
Early retirement & disablement 0.10% 0.10%
ൠLQ/DNKV
Amount recognised in Balance Sheet As at 31-Mar-2020 As at 31-Mar-2019
Defined benefit obligation 422.92 406.13
Classified as:
Non-Current 354.64 341.36
Current 68.28 64.77

Sensitivity Analysis
ൠLQ/DNKV
Particulars 31 March 2020
Increase Decrease
Changes in Discount rate in % 0.50 0.50
Defined benefit obligation after change 409.00 436.00
Original defined benefit obligation 422.92 422.92
Increase/(decrease) in defined benefit obligation (13.92) 13.08

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 414.00 430.00
Original defined benefit obligation 422.92 422.92
Increase/(decrease) in defined benefit obligation (8.92) 7.08

ൠLQ/DNKV
Particulars 31 March 2019
Increase Decrease
Changes in Discount rate in % 0.50 0.50
Defined benefit obligation after change 394.00 418.00
Original defined benefit obligation 406.13 406.13
Increase/(decrease) in defined benefit obligation (12.13) 11.87

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 397.00 413.00
Original defined benefit obligation 406.13 406.13
Increase/(decrease) in defined benefit obligation (9.13) 6.87

C. Other Long Term Benefit Plans

Leave Encashment (Non-funded), Long Service Award (Non-funded) and Half Pay Leave (Non-funded)

The Company provides for the encashment of accumulated leave subject to a maximum of 300 days. The liability is provided based
on the number of days of unutilised leave at each balance sheet date on the basis of an independent actuarial valuation. An amount of
ൠ/DNKVൠ/DNKVKDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Leave Encashment (Non-funded) As at 31-Mar-2020 As at 31-Mar-2019
Amount recognized in Balance Sheet:
Current 172.75 201.36
Non Current 871.57 701.36

148
Long Service Award is given to the employees to recognise long and meritorious service rendered to the company. The minimum eligibility
IRUWKHVDPHVWDUWVRQFRPSOHWLRQRI\HDURIVHUYLFHDQGWKHUHDIWHUHYHU\\HDURIFRPSOHWHGVHUYLFH$QDPRXQWRIൠ/DNKV
>ൠ/DNKV@KDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Long Service Award (Non-funded) As at 31-Mar-2020 As at 31-Mar-2019
Amount recognized in Balance Sheet:
Current 69.28 60.73
Non Current 417.95 346.57

7KHOHDYHRQKDOISD\LVGD\VIRUHDFKFRPSOHWHG\HDURIVHUYLFHRQPHGLFDOFHUWLILFDWHRURQSHUVRQDOJURXQGV$QDPRXQWRIൠ
/DNKVൠ/DNKVKDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Half Pay Leave (Non-funded) As at 31-Mar-2020 As at 31-Mar-2019
Amount recognized in Balance Sheet:
Current 157.45 105.33
Non Current 901.24 712.52

Note No. 41
Leases

(i) Transition to Ind AS 116

Effective 1st April, 2019, the Company has adopted Ind AS 116 “Leases” (the standard) and applied the standard to all lease
contracts existing on 1st April, 2019 using the modified retrospective approach. Consequently, the Company recorded the lease
liability at the present value of the lease payments discounted at the incremental borrowing rate and the right of use asset at its
carrying amount as if the standard had been applied since the commencement date of the lease, but discounted at the Company’s
incremental borrowing rate at the date of initial application. Comparatives as at/ for the year ended 31st March, 2019 have not been
retrospectively adjusted and therefore will continue to be reported under the erstwhile standard. (Refer note No. 03 and Para 1.15
RIWKH6LJQLILFDQW$FFRXQWLQJ3ROLFLHV7KHHIIHFWRIWKLVDGRSWLRQLVGHFUHDVHLQSURILWEHIRUHWD[E\ൠ/DNKVGXULQJWKH\HDU
ending March 31, 2020.

(ii) Amounts recognised in Balance Sheet

ൠLQ/DNKV
Right of Use Liability As at 31 March 2020
Right of Use-
Right of Use - Others
Land Leasehold
Particulars
Buildings Plant & Electrical Total
Machinery Equipments

Current - 561.23 436.29 8.34 1,005.86

Non Current - 1,265.08 64.18 - 1,329.26

Total - 1,826.31 500.47 8.34 2,335.12

(iii) Reconciliation of Lease Liabilities ൠLQ/DNKV

As at 31 March 2020
Particulars Right of Use-
Right of Use - Others
Land Leasehold
Land Leasehold Buildings Plant & Electrical Total
Machinery Equipments

Opening Balance of Right of Use Lease Liabilities - 2,267.21 1,096.51 30.85 3,394.57
Add: Interest Expenses on Lease Liabilities - 199.49 79.75 1.96 281.20
Less: Rental Expenses paid during the year - (640.39) (675.79) (24.47) (1,340.65)

Total - 1,826.31 500.47 8.34 2,335.12

(iv) Maturity profile of the Lease Liabilities :

ൠLQ/DNKV
Year ended March 31, 2020 Within 1 1-3 years More than 3 Total
year years

Lease Liability 1,005.86 754.43 574.83 2,335.12

149
(v) The following are the amounts recognised in the statement of profit and loss:
ൠLQ/DNKV
Particulars For the year ended 31 March 2020
Right of Use-
Right of Use - Others
Land Leasehold
Plant & Electrical
Buildings Total
Machinery Equipments

Depreciation expense of Right of Use assets 63.54 736.21 616.33 22.52 1,438.60
Interest expense on Lease Liabilities - 199.49 79.75 1.96 281.20
Rent expense in term of short term leases/ low - 742.36 - 209.77 952.13
value leases

Total 63.54 1,678.06 696.08 234.25 2,671.93

(vi) Total cash outflow due to leases ൠLQ/DNKV

Lease Rentals paid during the year (1,340.65)

(vii) Extension and termination options

The Company has several lease contracts that include extension and termination options which are used for regular operations
of its business. These options are negotiated by management to provide flexibility in managing the Company’s business needs.
Management exercises significant judgement in determining whether these extension and termination options are reasonably
certain to be exercised.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise
an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included
in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant
event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee.

Note 42 - Additional Disclosures

 D&RQYH\DQFHGHHGVRIFHUWDLQOHDVHKROGODQGFRVWLQJൠ/DNKVൠ/DNKVDQGEXLOGLQJVZLWKZULWWHQGRZQ
 YDOXHRIൠ/DNKVൠ/DNKVDUHSHQGLQJUHJLVWUDWLRQPXWDWLRQ
(b) &HUWDLQEXLOGLQJV VLGLQJVZLWKZULWWHQGRZQYDOXHRIൠ/DNKVൠ/DNKVDUHVLWXDWHGRQOHDVHKROGUHQWHG
land. Some of the leases with Kolkata Port trust have expired and are under renewal.
42.2 Contingent Liabilities as at 31st March, 2020 not provided for in the accounts are:
(a) 'LVSXWHG GHPDQG IRU ([FLVH 'XW\ ,QFRPH 7D[ 6DOHV 7D[ DQG 6HUYLFH 7D[ DPRXQWLQJ WR ൠ /DNKV ൠ
Lakhs) against which the Company has lodged appeals/petitions before appropriate authorities. Details of such disputed
demands as on 31st March, 2020 are given in Annexure – A.
(b) &ODLPVDJDLQVWWKHFRPSDQ\QRWDFNQRZOHGJHGDVGHEWVDPRXQWVWRൠ/DNKVൠ/DNKVLQUHVSHFWRIZKLFK
the Company has lodged appeals/petitions before appropriate authorities. In respect of employees/ex-employees related
disputes, financial effect is ascertainable on settlement.
42.3 Counter guarantees given to Standard Chartered Bank, Bank of Baroda, Canara Bank, Yes Bank, Indusind Bank and Axis Bank
DQGLQUHVSHFWRIJXDUDQWHHVJLYHQE\WKHPDPRXQWVWRൠ/DNKVൠ/DNKV
 (VWLPDWHGDPRXQWRIFRQWUDFWUHPDLQLQJWREHH[HFXWHGRQ&DSLWDO$FFRXQWVDQGQRWSURYLGHGIRUDPRXQWHGWRൠ/DNKV
ൠ/DNKV
42.5 Details of dues to Micro, Small and Medium Enterprises are as given below:
(a) 7KH SULQFLSDO DPRXQW UHPDLQLQJ XQSDLG WR DQ\ VXSSOLHU DW WKH HQG RI DFFRXQWLQJ \HDU  ൠ /DNKV ൠ
Lakhs).
(b) 7KHLQWHUHVWGXHWKHUHRQUHPDLQLQJXQSDLGWRDQ\VXSSOLHUDWWKHHQGRIDFFRXQWLQJ\HDUൠ/DNKVൠ/DNKV
(c) The amount of interest paid by the company in terms of section 16 of the Micro, Small and Medium Enterprises Development
$FWGXULQJWKHDFFRXQWLQJ\HDUൠ/DNKVൠ/DNKV
(d) 7KHDPRXQWRISD\PHQWPDGHWRWKHVXSSOLHUEH\RQGWKHDSSRLQWHGGD\GXULQJWKHDFFRXQWLQJ\HDUൠ/DNKV
ൠ/DNKV
(e) The amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the
appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises
'HYHORSPHQW$FWGXULQJWKHDFFRXQWLQJ\HDUൠ/DNKVൠ/DNKV

150
 (f) 7KHDPRXQWRILQWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRIDFFRXQWLQJ\HDUൠ/DNKVൠ/DNKV
(g) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest
dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under
6HFWLRQRIWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FWIRUWKH\HDUൠ/DNKVൠ
Lakhs).
 7KHJURVVDPRXQWRIH[FKDQJHGLIIHUHQFHFUHGLWHGWR6WDWHPHQWRI3URILW /RVVLVൠ/DNKVFUHGLWHGൠ/DNKVDQG
WKHJURVVDPRXQWRIH[FKDQJHGLIIHUHQFHGHELWHGWR6WDWHPHQWRI3URILW /RVVLVൠ/DNKVGHELWHGൠ/DNKV
42.7 Trade receivables, loans and advances and deposits for which confirmations are not received from the parties are subject to
reconciliation and consequential adjustments on determination / receipt of such confirmation.
42.8 Remuneration of Chairman & Managing Director, Whole time Directors and Company Secretary:
ൠ/Lakhs
2019-20 2018-19
Salaries 268.76 (261.64)
Contribution to Provident and Gratuity Fund 33.98 (32.89)
Perquisites 31.56 (33.60)

334.30 (328.13)
42.9 Auditors Remuneration and Expenses:
ൠ/Lakhs
Statutory Auditors 2019-20 2018-19
- Audit Fees 5.75 (5.75)
- Tax Audit Fees 0.85 (0.85)
- Other Capacity for Limited Review and
other certification jobs 2.75 (2.00)
Branch Auditors
- Audit Fees 12.40 (13.13)
- Other Capacity - -
- Expenses relating to audit of Accounts 2.10 (2.29)
23.85 (24.02)
42.10 (a) Stock & Sale of Goods Manufactured (with own materials):
ൠ/Lakhs
Opening Closing Sales
Class of Goods Value Value Value
Greases & Lubricating Oils 2,335.86 2,463.48 31,164.73
(2,548.44) (2,335.86) (37,413.25)
Barrels and Drums 421.86 514.84 50,929.67
(456.59) (421.86) (59,848.81)
Leather Auxiliaries 326.53 401.40 5,991.49
(102.37) (326.53) (6,294.42)
Others including Manufacturing Scrap - - -
(-) (-) (-)

3,084.25 3,379.72 88,085.89

(3,107.40) (3,084.25) (1,03,556.48)
42.10 (b) Work in Progress:

ൠ/Lakhs
Greases and Lubricating Oils 207.76
(175.52)
Barrels and Drums 829.93
(643.69)
Leather Auxiliaries 139.87
(147.19)

1,177.56
(966.40)

151
42.11 Analysis of Raw Materials Consumed (excluding materials supplied by Customers):

ൠLakhs

Steel 34,344.57
(43,068.89)

Lubricating Base Oils 11,968.32

(14,549.57)

Additives and other Chemicals 4,405.37

(6,587.84)

Vegetable and other Fats 2,170.21

(2,091.19)

Drum Closures
1,725.04
(2,140.24)

Paints 959.29
(1,184.36)

3DUDႈQ:D[ 694.32
(942.44)

Others 3,927.55
(4,188.15)

60,194.67
(74,752.68)

42.12 Value of Raw Materials, Components and Spare Parts consumed:

2019-20 2018-19

Raw Materials ൠ/DNKV (%) ൠ/DNKV (%)

Imported 1,615.35 2.68 (3,366.62) (4.50)

Indigenous 58,579.32 97.32 (71,386.06) (95.50)

60,194.67 100.00 (74,752.68) (100.00)

Spares & Components ൠ/DNKV (%) ൠ/DNKV (%)

Imported 24.74 3.09 (41.60) (4.68)

Indigenous 775.68 96.91 (847.64) (95.32)

800.42 100.00 (889.24) (100.00)

152
42.13 Purchase and Sale of Trading Goods:
ൠ/DNKV
Purchase Sale
Class of Goods Value Value

Bunk Houses 1,828.66 1,901.81

(329.45) (329.45)
Speciality Containers 246.95 246.95
(-) (-)
2,075.61 2,148.76
(329.45) (329.45)

42.14 (a) Value of Imports on C.I.F basis ൠ/Lakhs

2019-20 2018-19
Raw Materials 1,244.05 (3,011.60)
Components and Spare Parts 73.54 (101.99)
Capital Goods 630.11 (61.08)
_ ________
1,947.70 (3,174.67)
42.14 (b) Expenditure in Foreign Currency ൠ/Lakhs
2019-20 2018-19
Services 10,433.25 (13,807.18)
Others 138.25 _ (87.95)
10,571.50 (13,895.13)
42.14 (c) Earnings in Foreign Currency ൠ/Lakhs
2019-20 2018-19
Export of Goods and Components 1,531.72 (1,831.04)
calculated on F.O.B basis as invoiced
Interest and Dividend 1,731.61 (1,687.48)
Services 3,477.28 (3,994.13)
6,740.61 (7,512.65)
(DUQLQJVIURPVHUYLFHVH[FOXGHGHHPHGH[SRUWVൠ1,/ൠ1,/
42.15 Expenditure on Research and Development capitalized and charged to Statement of Profit & Loss during the years is
as below:
ൠLQ/DNKV
2019-20 2018-19 2017-18 2016-17 2015-16
Capital Expenditure 31.50 322.38 106.79 30.41 51.35
Revenue Expenditure 777.76 780.93 628.87 529.29 543.32
 D([FHVV,QFRPH7D[SURYLVLRQLQUHVSHFWRIHDUOLHU\HDUVDPRXQWLQJWRൠ/DNKVൠ/DNKVKDVEHHQUHYHUVHGLQ
the current year.
(b) In pursuance to Section 115BAA of the Income Tax Act, 1961, as amended, the company has the option of shifting to
a reduced tax rate effective April 1, 2019 along with a consequent reduction in certain tax incentives and subject to certain
conditions. The company evaluated these provisions and have already exercised this option during the current financial
year.

153
42.17 Loans and Advances in the nature of loans to Subsidiaries / Joint Venture Companies / Associates
The company does not have any Loans and Advances in the nature of Loans provided to its Subsidiaries /Joint Venture
Companies / Associates as at the year end except as is disclosed in Note No. 42.18 below.
42.18 Related Party Disclosures
i) Name of the Related Party Nature of Relationship

Balmer Lawrie Investments Ltd. (BLIL) Holding Company

Balmer Lawrie (UK) Ltd. Wholly owned Subsidiary

Visakhapatnam Port Logistics Park Ltd. Subsidiary

Transafe Services Ltd. Joint Venture (*)

Balmer Lawrie - Van Leer Ltd. Joint Venture

Balmer Lawrie (UAE) LLC Joint Venture

Avi - Oil India (P) Ltd. Associate

PT Balmer Lawrie Indonesia Joint Venture

Shri Prabal Basu, Chairman and Managing Director Key Management Personnel

Shri D. Sothi Selvam, Director (Manufacturing Business) Key Management Personnel

(Ceases to be a Director wef 16.12.2019)

Shri K. Swaminathan, Director (Service Business) Key Management Personnel

(Superannuated on 29.02.2020)

Shri S. S. Khuntia, Director (Finance) Key Management Personnel

(Superannuated on 30.04.2020)

Ms Atreyee Borooah Thekedath (Independent Director) Key Management Personnel

(wef 13.12.2017 and upto 31.12.2019)

Shri Vijay Sharma (Govt. Nominee Director) Key Management Personnel (wef 15.01.2018)

Shri Sunil Sachdeva (Independent Director) Key Management Personnel (wef 04.04.2018)

Ms Kavita Bhavsar, Company Secretary Key Management Personnel

Shri A. Ratna Sekhar, Director (HR & CA) Key Management Personnel (wef 02.05.2018)

Shri Vikash Preetam (Independent Director) Key Management Personnel (wef 28.07.2018)

Shri Arun Tandon (Independent Director) Key Management Personnel (wef 12.09.2018)

Shri Arun Kumar (Independent Director) Key Management Personnel (wef 18.07.2019)

Shri Anil Kumar Upadhyay (Independent Director) Key Management Personnel (wef 18.07.2019)

Shri Bhagawan Das Shivahare (Independent Director) Key Management Personnel (wef 18.07.2019)

Ms Perin Devi Rao (Govt. Nominee Director) Key Management Personnel (wef 28.07.2018)

Shri Adhip Nath Palchaudhuri, Director (Service Business) Key Management Personnel (wef 01.03.2020)

(*) The ‘Corporate Insolvency Resolution Process’ (CIRP) has been initiated by the Hon’ble National Company Law
Tribunal (NCLT), Kolkata Bench vide its order dated November 21, 2019 in respect of M/s Transafe Services Limited
(TSL), under the provisions of “The Insolvency and Bankruptcy Code, 2016” (IB Code). As directed by the Insolvency
Resolution Professional (IRP), the powers of the Board of Directors of TSL stands suspended as per Section 17 of the
IB Code from the order date and such powers are now being exercised by the IRP appointed by the Hon’ble NCLT.
Consequent to the same, the company ceases to have joint control or have any significant influence over TSL and TSL
ceases to be a Related Party under the extant provisions of Section 2(76) the Companies Act, 2013 or under IND AS-110
or clause 2(1) (zb) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 for the year ending
31.03.2020. However, for the year ending 31.03.2019, TSL was considered a Related Party and therefore, the figures of
Previous Year ending 31.03.2019 have not been reclassified.

154
 ii) Notes on Accounts - (Contd.)
ൠ/Lakhs
Transactions with Related Parties
Key
Type of Transactions Year Holding Subsidiary Joint Management TOTAL
Ending Company Ventures Personnel
a) Sale of Goods 31/03/20 - - 12.35 - 12.35
31/03/19 - - 11.58 - 11.58
b) Purchase of Goods 31/03/20 - - 1,960.23 - 1,960.23
31/03/19 - - 2,478.63 - 2,478.63
c) Value of Services Rendered 31/03/20 44.16 - 746.20 - 790.36
31/03/19 41.50 - 934.07 0.02 975.59
d) Value of Services Received 31/03/20 - - - - -
31/03/19 - - 18.35 - 18.35
e) Remuneration to Key Managerial 31/03/20 - - - 334.30 334.30
Personnel 31/03/19 - - - 328.13 328.13
f) Income from leasing or hire purchase 31/03/20 - - 1.08 - 1.08
agreement 31/03/19 - - 1.08 - 1.08
g) Investment in shares as on 31/03/20 - 8,103.96 4,726.02 - 12,829.98
31/03/19 - 8,103.96 5,753.34 - 13,857.30
h) Loans given as on 31/03/20 - 230.03 - - 230.03
31/03/19 - 230.03 423.49 - 653.52
i) Dividend Income 31/03/20 - - 2,561.97 - 2,561.97
31/03/19 - - 2,407.06 - 2,407.06
j) Dividend Paid 31/03/20 7,749.89 - - - 7,749.89
31/03/19 7,045.29 - - - 7,045.29
k) Interest Income 31/03/20 - 24.39 - - 24.39
31/03/19 - 112.05 98.41 - 210.46
l) Amount received on a/c. of salaries, etc. 31/03/20 15.48 - - - 15.48
of employees deputed or otherwise 31/03/19 14.79 - 87.89 - 102.68
m) Net outstanding recoverable as on 31/03/20 12.02 370.65 117.30 - 499.97
31/03/19 51.57 342.15 2,350.88 - 2,744.60
n) Net outstanding payable as on 31/03/20 - - 449.14 - 449.14
31/03/19 - 1,027.32 310.22 - 1,337.54
o) Provision for advances/ 31/03/20 - - - - -
investments 31/03/19 - - 2,495.12 - 2,495.12
p) Share of margin towards business 31/03/20 - - - - -
operations 31/03/19 - - 2.68 - 2.68
42.19 Segment Reporting
Information about business segment for the year ended 31st March, 2020 in respect of reportable segments as notified by the
Ministry of Corporate Affairs in the IND AS– 108 in respect of “Operating Segments” is attached in Note No.43.
42.20 Disclosure of Interests in Joint Venture and Associate Companies

Name of Joint Venture Company Proportion of Shareholding Country of Incorporation

Balmer Lawrie (UAE) LLC 49% United Arab Emirates

Balmer Lawrie Van Leer Ltd. 48% India
Transafe Services Ltd. (*) 50% India
PT Balmer Lawrie Indonesia 50% Indonesia
Name of Associate Company

Avi Oil India (P) Ltd. 25% India

(*) Refer Note No. 42.18

Avi Oil India (P) Ltd. is classified as associate on the basis of the shareholding pattern which leads to significant influence over
them by the Company. Further, in Balmer Lawrie (UAE) LLC, Balmer Lawrie Van Leer Ltd, PT Balmer Lawrie Indonesia and
Transafe Services Ltd. (TSL), both the partners have equal nominee representatives in the Board. Hence, these entities are
classified as joint ventures. The Company recognizes its share in net assets through equity method except for Transafe Services
Ltd. (Refer Note No. 42.18).

155
 The Company’s proportionate share of the estimated amount of contracts remaining to be executed on Capital Accounts relating
WRWKH-RLQW9HQWXUH $VVRFLDWH&RPSDQLHVDQGQRWSURYLGHGIRULQWKHLUUHVSHFWLYHILQDQFLDOVWDWHPHQWVDPRXQWVWRൠ
/DNKVൠ/DNKV
With the adoption of Ind AS by the company and its group companies, the consolidation of individual line items under proportionate
consolidation method being followed earlier under previous GAAP has been discontinued. Under the equity method as prescribed
in Ind AS, the net assets of the group companies are shown as an increase in equity with corresponding increase in value of
Investments in the parent company’s books. Hence the disclosure for aggregate amounts of each of the assets, liabilities, income
and expenses related to the interests in the Joint Venture and associate companies are no longer relevant.
42.21 Cost of Services comprises:

ൠ/Lakhs
2019-20 2018-19
Air/ Rail travel costs 1,864.39 (1,885.08)
Air/ Ocean freight 20,243.23 (22,933.35)
Transportation/ Handling 5,911.70 (7,007.40)
Other Service charges 2,448.83 (3,951.21)
30,468.15 (35,777.04)
42.22 Capital Work in Progress as at the Balance Sheet date comprises:

Asset Classification (*) ൠ/Lakhs

As on As on
31.03.2020 31.03.2019
Leasehold Land 280.81 (280.81)
Building 1,233.01 (9,940.73)
Plant & Machinery 349.88 (834.18)
Electrical Installation & Equipment 269.06 (103.88)
Furniture & Fittings 13.19 (3.44)
Typewriter, Accounting Machine & Office Equipment 21.60 (17.26)
Tubewell, Tanks & Miscellaneous Equipment - (82.49)
Pre-Production Expenses 189.70 (431.69)
Sub-Total 2357.25 (11694.48)
Intangible Assets under development 7.00 (0.00)
Grand-Total 2,364.25 (11,694.48)
(*) Subject to final allocation / adjustment at the time of capitalization.
42.23 Miscellaneous Expenses shown under “Other Expenses” (Refer Note No. 36) do not include any item of expenditure which
exceeds 1% of revenue from operations.
 D &HUWDLQIL[HGGHSRVLWVZLWKEDQNVDPRXQWLQJWRൠ/DNKVൠ/DNKVDUHSOHGJHGZLWKDEDQNDJDLQVWVKRUW
term loans availed from the said bank. However, there are no loans outstanding against these pledges as on 31.3.2020.
(b) &HUWDLQIL[HGGHSRVLWVDPRXQWLQJWRൠ/DNKVൠ/DNKVDUHSOHGJHGZLWKDEDQNDJDLQVWJXDUDQWHHVDYDLOHGIURP
the said bank.
42.25 Details of Other Payables (Refer Note No.24)
ൠ/Lakhs
2019-20 2018-19
Creditor for Expenses 6,362.94 (6,200.48)
Creditor for Capital Expenses 295.75 (246.19)
Employee Payables 1,626.10 (2,226.88)
Statutory Payables 365.85 (311.74)
Others 83.72 (112.71)
8,734.36 (9,098.00)
42.26 Ind AS 36, Impairment, requires the company to test assets for impairment at every financial year end wherever there exist
conditions which indicate that an impairment loss may have occurred. Kolkata plant of the SBU Industrial Packaging have been
incurring losses for the last few years. In view of the same, fixed assets of the IP Kolkata unit had already been impaired during
the previous financial year. The company’s management has decided to close down the operations of the Kolkata plant of the
SBU Industrial Packaging and proposal for the same has been send to the Administrative Ministry, Ministry of Petroleum &
Natural Gas, Government of India for their in-principle approval.
 7KHFRPSDQ\KDVEHHQVDQFWLRQHGD*UDQWLQDLGRIൠFURUHVLQHDUOLHU\HDUVIURPWKH0LQLVWU\RI)RRG3URFHVVLQJ,QGXVWULHV
(MoFPI) for setting up integrated cold chain facilities at Rai, Haryana and Patalganga, Maharashtra. Against the same, the
FRPSDQ\KDVEHHQGLVEXUVHGൠFURUHVXSWRൠFURUHVZDVGLVEXUVHGGXULQJWKHILQDQFLDO\HDU7KLV
has been treated as a deferred income and grouped under Non-Financial Liabilities-Others (Current) to be apportioned over the

156
 XVHIXOOLIHRIWKHDVVHWVSURFXUHGRXWRIVXFKJUDQW'XULQJWKHFXUUHQWILQDQFLDO\HDUDVXPRIൠ/DNKVൠ/DNKVKDV
been credited to income in the statement of profit and loss.
42.28 The words “Property, plant & equipment” wherever appearing in para 5 and para 7 of Significant Accounting Policy No.1.2 should
be read as “Plant & Machinery”. This shall be subsequently approved by the company.
42.29 During the previous financial year 2018-19, the company started the process of closing down the wholly owned subsidiary
Balmer Lawrie (UK) Limited (BLUK) and as a part of restructuring initiative a comprehensive portion of its paid-up shares was
purchased back by the subsidiary company as per laid down guidelines of the United Kingdom. The wholly owned subsidiary
issued share capital now stands at 100 equity shares with a face value of US $ 1 each, which are still held by the company.
42.30 During the previous financial year 2018-19, as a part of restructuring of BLUK, its 50% share (2,000,000 shares) in PT. Balmer
/DZULH ,QGRQHVLD 37%/, ZHUH WUDQVIHUUHG WR WKH FRPSDQ\ DQG LQYHVWPHQW LQ 37%/, WR WKH WXQH RI ൠ /DNKV ZDV
recognised. During the current financial year, it has been decided that since currently the Net worth of PTBLI is negative, a
SURYLVLRQWRWKHWXQHRIൠ/DNKVLVFUHDWHGLQWKHERRNVRIDFFRXQWVRIWKHFRPSDQ\DQGWKHDPRXQWWREHSDLGWR%/8.
against the same is also adjusted.
42.31 The review of the residual value and the useful life of the assets (including for Property, Plant & Equipment, Intangible
Assets and Investment Properties) is done by the management on a regular basis at periodic intervals.
42.32 Impact of COVID-19 pandemic
The spread of Covid-19 has severely affected the businesses around the globe. In many countries including India, there has been
severe disruption to regular operations due to lock-downs, disruptions in transportations, supply chain, travel bans, quarantines,
social distancing and other emergency measures.
Some of the services of the company have been identified as Essential Services and have been permitted to be allowed during
the lockdown phases. The Company is also running its manufacturing facilities and is providing goods and services to its
Customers.
The Company has made detailed assessment of its liquidity position for the next few months and of the recoverability and
carrying values of its assets comprising Property, Plant and Equipment, Intangible assets, Trade Receivables, Inventories and
Investments as at the Balance Sheet date, and based on the internal and external information upto the date of approval of these
financial statements including credit reports and economic forecasts has concluded that no material adjustments are required to
be made in the financial results.
The management believes that it has considered all the possible impact of known events arising from Covid-19 global health
pandemic in the preparation of financial results. However, the impact assessment of Covid-19 is a continuing process given the
uncertainties associated with its nature, extent and duration. The management shall continue to monitor any material changes to
future economic conditions on a continuing basis.
42.33 (a) The financial statements have been prepared as per the requirement of Division-II to the Schedule III of the Companies
Act, 2013.
(b) Previous year’s figures have been re-grouped or re-arranged or re-classified wherever so required to make them comparable
with current year figures.
(c) Figures in brackets relate to previous year.
G$OODPRXQWVLQൠ/DNKVXQOHVVRWKHUZLVHVWDWHG7KHZRUGV/DNKVDQG/DFVDUHXVHGLQWHUFKDQJHDEO\LQWKHVHILQDQFLDO
statements and have the same connotation.

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

157
Part I Statement of Disputed Dues as on 31st March, 2020 ANNEXURE - A
(Not provided for in the accounts)

Name of the Nature of Amount (Rs./Lakhs) Period to which the amount Forum Where dispute is
Statute the Dues 2019-20 2018-19 relates pending
Sales Tax Act Sales Tax _ 17.67 Asst Yr. 1994/95 Tribunal Mumbai
_ 1.55 Asst Yr. 1994/95 Tribunal Mumbai
9.03 9.03 Asst Yr. 2012/13 Jt. Commissioner, Mumbai
23.58 23.58 Asst Yr. 2009/10 Dy. Commissioner, Mumbai
16.67 16.67 Asst Yr. 2007/08 Jt. Commissioner, Mumbai
_ 61.55 Asst Yr. 2010/11 Jt. Commissioner, Mumbai
_ 15.65 Asst Yr. 2011/12 Jt. Comm., Mumbai
2.71 2.71 Asst Yr. 2007/08 Jt. Commissioner, Mumbai
_ 133.42 Asst Yr. 2003/04 Dy. Commissioner, Mumbai
_ 5.78 Asst Yr. 2000/01 Dy. Commissioner, Mumbai
_ 0.90 Asst Yr. 2000-01 Dy. Commissioner, Mumbai
_ 0.61 Asst Yr. 2001/02 Dy. Commissioner, Mumbai
_ 8.08 Asst Yr. 2000/01 Dy. Commissioner, Mumbai
_ 4.85 Asst Yr. 2001/02 Dy. Commissioner, Mumbai
0.24 0.24 Asst Yr. 2008/09 Jt. Comm., Mumbai
94.56 _ Asst Yr. 2013/14 Commissioner (VAT) Mumbai
71.37 _ Asst Yr. 2014/15 Commissioner (VAT) Mumbai
26.76 _ Asst Yr. 2013/14 Commissioner (VAT) Mumbai
26.74 _ Asst Yr. 2014/15 Commissioner (VAT) Mumbai
_ 1.35 Asst Yr. 2000/01 Dy. Commissioner, Mumbai
_ 1.68 Asst Yr. 2001/02 Dy. Commissioner, Mumbai
5.48 5.48 Asst Yr. 2008/09 Jt. Commissioner, Mumbai
_ 1.37 Asst Yr. 2001/02 Dy. Commissioner, Mumbai
_ 109.56 Asst Yr. 2011/12 Jt. Commissioner, Mumbai
8.54 8.54 Asst Yr. 2012/13 Jt. Commissioner -ST Appeal
Mumbai
7.07 7.07 Asst Yr. 2007/08 Sr. Jt. Commissioner,
(VAT Act, 03) Appeal, West Bengal
69.38 69.38 Asst Yr. 2003 CTO, Kochi
15.62 15.62 Asst Yr. 1993/94 CTO, Kochi
2.25 2.25 Asst Yr. 2005/06 CTO, Kochi

158
Part I Statement of Disputed Dues as on 31st March, 2020 ANNEXURE - A (Contd.)
(Not provided for in the accounts)

Name of the Nature of Amount (Rs./Lakhs) Period to which the Forum Where dispute is
Statute the Dues 2019-20 2018-19 amount relates pending
Central Excise Act Excise Duty 1402.49 1308.11 July’97 Appelate Tribunal, Kolkata
_ 16.31 Feb’2004 Appelate Tribunal, Kolkata
47.00 47.00 04/10/2002 do
_ 40.04 22/11/2011 Addl. Commissioner (CE)
_ 0.52 05/05/2011 Dy. Commissioner (CE)
_ 1.94 11/02/2013 Commissioner (CE)
_ 17.57 08/04/2017 Comm. (Appeals), Mumbai
_ 27.83 March, 2011 do
_ 9.78 March’2010 do
_ 218.03 18/09/2002 CESTAT
_ 99.29 02/05/2003 do
_ 9.07 08/05/2006 do
1.42 1.42 06/07/1995 Asst. Commissioner
12.18 12.18 17/07/1995 do
9.97 9.97 27/04/1995 do
1.62 1.62 03/06/2011 Commissioner (Appeal)
1.09 1.09 08/09/1995 Asst. Commissioner
SUB TOTAL 1475.77 1821.77
Cess 124.96 120.02 Asstt Yr. 1999/00 High Court, Mumbai
104.76 100.63 Asstt.Yr. 2000/01 High Court, Mumbai
SUB TOTAL 229.72 220.65

159
Part I Statement of Disputed Dues as on 31st March, 2020 ANNEXURE - A (Contd.)
(Not provided for in the accounts)

Name of Nature Amount (Rs./

Lakhs) Period to which the Forum Where dispute is
the of the
amount relates pending
Statute Dues 2019-20 2018-19
6.63 6.63 Asstt Yr. 2005/06 CTO, Kochi
10.85 10.85 Asstt. Yr. 2004 CTO, Kochi
1.82 1.82 Asstt. Yr. 2003/04 Asst. Commissioner, Chennai
_ 14.65 Asstt. Yr. 1998/99 Appeal pending before STAT
67.82 67.82 Asstt. Yr. 2005/06 Appeal pending with Sales Tax Appellate &
Revision Board
90.93 90.93 Asstt. Yr. 2005/06 do
12.14 12.14 Asstt. Yr. 1996/97 Appeal pending with AAC, Chennai
32.59 32.59 Asst Yr. 2007/08 Appellate & Revision Board
12.32 17.68 VAT Asstt.2013/14 Appellate & Revision Board
_ 98.11 CST Asst. 2013/14 Calcutta High Court
10.91 11.61 VAT Act. ’03 Asst, 2014/15 Addl Commissioner Appeal, WB
32.93 32.93 CST Act. ’06 Asst, 2014/15 do
49.86 64.54 VAT Act. ’03 Asst, 2015/16 do
66.00 186.15 CST Act. ’06 Asst, 2015/16 do
8.32 8.32 VAT Asst, 2012/13 do
274.64 274.64 Asst. Yr. 2016/17 do
241.27 241.27 Asst Yr. 2016/17 do
96.66 _ Asst Yr. 2017/18 Senior Joint Commissioner, Corporate
Division
18.60 _ do
52.50 52.50 Asst. Yr. 2010/11 Jt. Commissioner, Commercial Tax
798.81 798.81 Asst Yr. 2009/10 Appeal against Dy. Commissioner Order,
Orissa
SUB TOTAL 2265.61 2548.57

160
Part I Statement of Disputed Dues as on 31st March, 2020 ANNEXURE - A (Contd.)
(Not provided for in the accounts)

Name of the Nature of Amount (Rs./Lakhs) Period to which the Forum Where dispute is
Statute the Dues 2019-20 2018-19 amount relates pending
Service Tax Service Tax _ 1.34 Oct 13 to Dec 13 Asst. Commissioner Central Excise (Adjn),
Mumbai
_ 0.45 Apr-14 to June 14 Do
_ 0.44 July 14 to Sept 14 Do
_ 1.30 Oct 14 to Dec 14 Do
_ 17.38 Asst. Yr. 2012-13 Commissioner of Central Excise,
Coimbatore
_ 8.34 Asst. Yr. 2012-13 Do
23.52 22.39 19/03/2010 Commissioner (Appeal) Service Tax
1254.72 3054.72 Oct. 2002-Mar 2007 CESTAT, West Bengal
_ 1.08 Jan’11-Oct’11 Suppdt.
_ 2.62 April’06-Dec’10 Do
_ 4.07 Nov’11 to Jun’12 Superintendent
_ 4.10 Nov’11 to Jun’12 Asst. Commissioner
_ 1.19 26 October, 2015 Asst. Commissioner Mumbai
122.23 116.20 Asst. Yr. 2005-06/ Addl. Commissioner (Service Tax),
2006-07 West Bengal
_ 11.67 21, April, 2015 Commissioner-Service Tax Audit
Commissionerate, Kolkata
_ 14.58 Apr. 06 to Feb. 10 Asst. Commissioner, Mumbai
_ 3.30 Mar 10 to Dec 10 Superintendent, Mumbai
_ 5.31 Apr 06 to Dec 10 Asst. Commissioner, Mumbai
46.39 46.39 01/05/2011 Appellate Tribunai
27.97 27.99 23/07/2012 Ist Appellate Authority, Delhi
525.21 525.21 2013-14 Central Excise Service Tax Appellate
Tribunal, Delhi
_ 5.04 July 12 to Mar 13 Asst Commissioner, Mumbai
310.85 310.85 2016-17 CESTAT, Coimbatore
_ 4.38 Apr. 13 to Sep 13 Asstt Commissioner, Mumbai
_ 1364.63 01/03/2017 Commissioner order CHN dated
01.03.2017
69.57 _ 30/09/2019 Deputy/Assistant Commissioner of GST
Division-II, Mumbai
67.62 67.62 10/08/2016 CESTAT, Hyderabad
_ 30.80 Oct 07 to Mar 13 Commissioner, Mumbai
SUB TOTAL 2448.08 5653.38
GRAND TOTAL 6419.18 10244.37

161
Note : 43
Segment Revenue ൠLQ/DNKV
31 March 2020 31 March 2019
Total Inter Revenue Total Inter Revenue
Segment Segment from external Segment Segment from
Revenue Revenue customers Revenue Revenue external
customers
Industrial Packaging 55,430 2,158 53,272 64,086 1,083 63,003
Logistics Infrastructure 17,798 199 17,599 18,591 33 18,558
Logistics Services 27,310 951 26,359 33,246 62 33,184
Travel & Vacations 17,060 3,896 13,164 15,977 314 15,663
Greases & Lubricants 37,160 5,931 31,229 37,600 95 37,505
Others 12,429 1,075 11,354 9,613 6 9,607
Total Segment Revenue 167,187 14,210 152,977 179,113 1,593 177,520

Segment Profit before Income Tax ൠLQ/DNKV

31 March 2020 31 March 2019

Industrial Packaging 5,390 5,416

Logistics Infrastructure 4,081 4,373
Logistics Services 4,454 7,971
Travel & Vacations 5,502 6,025
Greases & Lubricants 3,432 3,854
Others 385 372
Total Segment Profit 23,244 28,010

Segment Assets ൠLQ/DNKV

31 March 2020 31 March 2019
Investment Investment
Additions
in Additions in
Segment Segment Segment to non- Segment
associates to non-cur- associates
assets assets assets current assets
and joint rent assets and joint
assets
ventures ventures
Industrial Packaging 30,812 - - 30,812 32,182 - - 32,182
Logistics Infrastructure 25,350 - - 25,350 22,111 - - 22,111
Logistics Services 9,385 - - 9,385 12,202 - - 12,202
Travel & Vacations 33,478 - - 33,478 34,239 - - 34,239
Greases & Lubricants 17,111 - - 17,111 19,309 - - 19,309
Others 7,501 - - 7,501 6,888 - - 6,888
Total Segment Assets 123,636 - - 123,636 126,931 - - 126,931

Unallocated
Deferred tax assets - - - - - - - 0
Investments 14,007 -1,056 - 12,951 13,841 166 14,007
Derivative financial instruments - - - - - - - 0
Other Assets 51,760 - - 51,760 47,387 - - 47,387
Total assets as per the 189,403 -1,056 - 188,347 188,159 166 - 188,325
balance sheet

Impairment of Assets
ൠLQ/DNKV
Particulars 31 March 2020 31 March 2019
Industrial Packaging - 19
Logistics Infrastructure - -
Logistics Services - -
Travel & Vacations - -
Greases & Lubricants - -
Others - -
Total Impairment of Assets - 19

162
Segment Liabilities ൠLQ/DNKV
31 March 2020 31 March 2019
Industrial Packaging 7,990 8,784
Logistics Infrastructure 7,833 7,624
Logistics Services 7,806 10,889
Travel & Vacations 8,492 11,784
Greases & Lubricants 4,291 6,169
Others 2,423 2,912
Total Segment Liabilities 38,835 48,162

Intersegment eliminations - -

Unallocated
Deferred tax liabilities 1,059 919
Current tax liabilities 1,690 2,791
Current borrowings 153 93
Non current borrowings 854 1,061
Derivative financial instruments - -
Other Liabilities 13,789 5,278
Total Liabilities as per the Balance Sheet 56,380 58,304

Note No. 44
Financial Risk Management

i) Financial instruments by category

For amortised cost instruments, carrying value represents the best estimate of fair value.
ൠLQ/DNKV
Particulars 31 March 2020 31 March 2019
Fair value through Fair value through
Amortised Cost* Amortised Cost*
Profit or Loss Profit or Loss
Financial Assets
Equity instruments** 120.40 - 149.50 -
Trade receivables - 27,295.73 - 27,619.22
Other receivables - 17,009.00 - 21,640.30
Loans - 1,461.33 - 2,451.39
Accrued income - 2,395.59 - 2,226.70
Security deposit - 765.38 - 908.38
Cash and cash equivalents - 2,150.15 - 4,707.05
Other bank balances - 42,995.00 - 39,071.11
Total- Financial Assets 120.40 94,072.18 149.50 98,624.15
Financial Liabilities
Trade payables - 21,785.47 - 29,305.66
Security deposit - 3,263.77 - 2,468.01
Other financial liabilities - 8,734.36 - 9,098.00
Total- Financial Liabilities - 33,783.60 - 40,871.67

*All financial assets/liabilities stated above are measured at amortised cost and their respective carrying values are not considered
to be materially different from their fair values.
,QYHVWPHQWLQHTXLW\LQVWUXPHQWRIVXEVLGLDULHVMRLQWYHQWXUHVDQGDVVRFLDWHVKDYHEHHQFDUULHGDWFRVWDPRXQWLQJWRൠ
/DNKV0DUFKൠ/DNKVDVSHU,QG$66HSDUDWH)LQDQFLDO6WDWHPHQWDQGKHQFHQRWSUHVHQWHGKHUH
**2. This investment includes investment in other unquoted securities and the management estimates that its fair value would not
be materially different from its carrying value, hence no fair value hierarchy disclosures are given in respect to these instruments.

163
 ii) Risk Management
The Company’s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the entity
is exposed to and how the entity manages the risk and the related impact in the financial statements.

Risk Exposure arising from Measurement Management

Credit Risk Trade Receivables, Cash Ageing Analysis Keeping surplus cash only in the form of bank
and cash equivalents, deposits, diversification of asset base, monitoring
derivative financial of credit limits and getting collaterals, whereever
instruments, financial assets feasible. Periodic review/ monitoring of trade
measured at amortised cost. receivables.
Liquidity Risk Borrowings and other Rolling cash flow forecasts Periodic review of cash flow forecasts
liabilities
Market Risk - Recognised financial Cash flow forecasting and Review of cash flow forecasts and hedging
Foreign Exchange assets and liabilities not monitoring of forex rates on through forward contracts
denominated in Indian regular basis
5XSHHൠ

The Company’s risk management other than in respect of trade receivables is carried out by a central treasury department under
policies approved in-principle by the Board of Directors. The policies include principles for overall risk management, as well as
policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of surplus funds.
Company's risk in respect of trade receivables is managed by the Chief Operating Officer of the respective Strategic Business Units.

A) Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to
FUHGLWULVNLVSULPDULO\IURPWUDGHUHFHLYDEOHVDQGRWKHUUHFHLYDEOHVDPRXQWLQJWRൠ/DNKVDVDW0DUFKൠ
Lakhs as at March 31, 2019). The receivables are typically unsecured and are derived from revenue earned from customers which is
predominantly outstanding from sales to Government departments and public sector entities whose risk of default has been very low
in the past. In case of other trade receivables, the credit risk has been managed based on continuous monitoring of credit worthiness
of customers, ability to repay and their past track record.
Provisions
For receivables
There are no universal expected loss percentages which can be derived for the Company as a whole. The Company generally
considers its receivables as impaired when they are outstanding for over three years period. Considering the historical trends based
on amounts actually incurred as a loss in this regard over the past few years and market information, the Company estimates that
the provision computed on its trade receivables will not be materially different from the amount computed using expected credit loss
method prescribed under Ind AS - 109. Since the amount of provision is not material for the Company as a whole, no disclosures
have been given in respect of expected credit losses.
For other Financial assets
Loans - are given to regular employees who are on the payroll of the company as per the employment terms and primarily secured
in case of house building and vehicle loans. For other loans, the amounts are well within the net dues to the employees and hence
credit risk is taken as nil.

Accrued income - includes Dividend income from both Indian and foreign JV's/associates. Hence no credit risk is envisaged.

Deposits - represent amounts lying with customers mainly government and public sector undertakings on account of security
deposits, earnest money deposits and retention money given as per contractual terms. Based on past records the risk of default is
minimal.

Cash & Cash equivalents - represent cash in hand and balances lying in current accounts with various consortium banks who have
high credit ratings.

Other Bank balances - mainly represent fixed deposits having maturities up to one year and includes accrued interest on such
deposits. These deposits have been taken with various public and private sector banks having the high credit ratings.

B) Liquidity risk
/LTXLGLW\ULVNDULVHVIURPERUURZLQJVDQGRWKHUOLDEOLWLHV7KHFRPSDQ\KDGWDNHQDORDQRIൠ&URUHVIURP6WDQGDUG&KDUWHUHG
Bank (in FY 2017-18) to avail of Grant in aid from the Ministry of Food Processing Industries (MoFPI) and expects to repay the same
DVSHUVFKHGXOH7KHWKUHHWUDQFKHRIൠFURUHVHDFKDPRXQWLQJWRൠFURUHVZDVSDLGDVDQGZKHQLWZDVGXH

164
 Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the
Company maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling forecasts
of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into
account the liquidity of the market in which the entity operates. In addition, the Company’s liquidity management policy involves
considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external
regulatory requirements and maintaining short term debt financing plans.
The company does not foresee any problems in discharging their liabilities towards trade payables and other current liabilities as
and when they are falling due.

C) Market Risk
Market risk arises due to change in interest rates or foreign exchange rates.
1) Interest rate risk
The company is exposed to interest rate risk to the extent of its investments in fixed deposits with banks. The company has also
invested in preference share capital of its joint venture company, M/s Transafe Services Limited which has been entirely provided for
in the books of the company on account of total erosion of Net Worth of the JV and hence no further income is being accrued on this
account (Refer Note no. 42.18). The company has not invested in any other instruments except equity investments. The company
has a very insignificant borrowing on which interest is payable and it does not forsee any risk in its repayment.

2) Foreign currency risk

The Company is exposed to foreign exchange risk arising from net foreign currency payables, primarily with respect to the US
Dollar, GBP and Euro. Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that is not the
Company’s functional currency. The Company as per its overall strategy uses forward contracts to mitigate its risks associated with
fluctuations in foreign currency and interest rates on borrowings and such contracts are not designated as hedges under Ind AS-109.
The Company does not use forward contracts for speculative purposes.
The Company is also exposed to foreign exchange risk arising from net foreign currency receivables on account of dividend and
other fees from its foreign subsidiaries and associates, primarily with respect to the US Dollar and AED .
The Company, as a matter of policy decided by the Board of Directors, do not enter into derivative contracts.
The Companys exposure to foreign currency risk at the end of the reporting period expressed in individual currencies are as follows:
Particulars As at 31-Mar-2020 As at 31-Mar-2019

Net Payables
USD 2,193,470 2,347,472
Euro 1,518,150 1,642,920
GBP 302,345 568,018

Forward Contracts
USD 599,000 275,000
Euro 335,000 -
GBP 140,000 -

Receivables
AED 9,328,061 9,639,887

7KH&RPSDQ\
VH[SRVXUHWRIRUHLJQFXUUHQF\ULVNDWWKHHQGRIWKHUHSRUWLQJSHULRGH[SUHVVHGLQൠDUHDVIROORZVൠLQODNKV
Particulars As at 31-Mar-2020 As at 31-Mar-2019

Net payables
USD 1,665 1,635
Euro 1,279 1,293
GBP 285 520

Receivables
AED 1,868 1,770

165
 Sensitivity
The sensitivity of profit or loss and equity to changes in the exchange rates arises mainly from foreign currency denominated
financial instruments.
Particulars As at 31-Mar-2020 As at 31-Mar-2019
Increase by 50 Basis points *
USD 83.24 81.73
Euro 63.96 64.63
GBP 14.25 26.00
AED 93.42 88.49

Decrease by 50 Basis points *

USD (83.24) (81.73)
Euro (63.96) (64.63)
GBP (14.25) (26.00)
AED (93.42) (88.49)

* Holding all other variables constant

Note No. 45
Capital Management

The Company’s capital management objectives are:

- to ensure the Company’s ability to continue as a going concern
- to provide an adequate return to shareholders
The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the
face of balance sheet.
Management assesses the Company’s capital requirements in order to maintain an efficient overall financing structure while avoiding
excessive leverage. This takes into account the subordination levels of the Company’s various classes of debt. The Company
manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics
of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
The Company, being a CPSE is governed by the guidelines on Capital issued from time to time by the Government of India.

ൠLQ/DNKV
Particulars As at 31-Mar-2020 As at 31-Mar-2019
Total Equity 131,966.74 130,020.44
Total Assets 188,346.71 188,324.72
Equity Ratio 70.07% 69.04%

Dividends ൠLQ/DNKV
Particulars As at 31-Mar-2020 As at 31-Mar-2019
(i) Dividend recognised at the end of the reporting period
)LQDOGLYLGHQGIRUWKH\HDUHQGHG0DUFKRIൠ0DUFKRIൠ 12,540.29 11,400.26
per fully paid share (Net of Dividend Distribution Tax).

(ii) Dividends not recognised at the end of the reporting period

In addition to the above dividends, since year-end, the directors have recommended 12,825.29 12,540.29
WKHSD\PHQWRIILQDOGLYLGHQGRIൠ0DUFKൠSHUIXOO\SDLGHTXLW\
share. This proposed dividend is subject to the approval of shareholders in the
ensuing Annual General Meeting.

166
 For the year ended 31.03.2020
Form AOC-1
INFORMATION IN RESPECT OF SUBSIDIARIES, ASSOCIATES & JOINT VENTURES
[Pursuant to Section 129(3) of Companies Act 2013 read with Rule 5 of Companies (Accounts) Rules, 2014]

Part - A - Subsidiaries
1 SI. No. 1 2

2 Name of the subsidiary Balmer Lawrie Visakhapatanam Port

UK Ltd. Logistics Park Ltd.

3 The date since when subsidiary was acquired 16/11/1992 24/07/2014

4 Reporting period for the subsidiary concerned,if different from the holding NA NA
company's reporting period.

5 Reporting currency and Exchange rate as on the last date of the relevant USD NA
Financial year in the case of foreign subsidiaries. @ 75.48/ USD

6 Share capital 11,926 1,350,649,630

7 Reserves & surplus 4,694,781 (246,483,405)

8 Total assets 5,414,784 2,121,771,980

9 Total Liabilities 708,078 1,017,604,752

10 Investments - -

11 Turnover 921,392 47,105,593

12 Profit /(Loss) before taxation (173,270,001) (160,478,485)

13 Provision for taxation 63,479 -

14 Profit /(Loss) after taxation (173,333,480) (160,478,485)

15 Proposed Dividend - -

16 Extent of shareholding (in percentage) 100% 60%

Note :
1 None of the subsidiaries have been liquidated or sold during the year.

Part - B - Associates and Joint Ventures

Sl. Name of Associates / Joint Ventures Balmer Lawrie Balmer Lawrie- Transafe Avi-Oil India PT Balmer
No. (UAE) LLC Van Leer Ltd. Services Ltd. (P) Ltd. Lawrie Indonesia

1 Latest audited Balance Sheet Date 31/12/2019 31/3/2020 31/3/2020 31/3/2020 31/3/2020

2 Date on which the Associate or 1/11/1993 1/9/1993 15/10/1990 04/11/1993 22/10/2018

Joint Venture was associated or
acquired

3 Shares of Associate or Joint

Ventures held by the company on
the year end

No. 9800 8601277 11361999 4500000 2000000

Amount of Investment in Associates or 890.99 3385.03 1165.12 450.00 1027.32

-RLQW9HQWXUHൠ/DNKV

Extent of Holding (in percentage) 49.00% 47.91% 50.00% 25.00% 50.00%

4 Description of how there is Controlling Controlling Controlling Controlling Controlling

significant influence more than 20% more than 20% more than 20% more than 20% more than 20%
shareholding shareholding shareholding shareholding shareholding

167
 Sl. Name of Associates / Joint Ventures Balmer Lawrie Balmer Lawrie- Transafe Avi-Oil India PT Balmer
No. (UAE) LLC Van Leer Ltd. Services Ltd. (P) Ltd. Lawrie Indonesia

5 Reason why the associate /joint Not Applicable Not Applicable CIRP initiated Not Applicable Not Applicable
venture is not consolidated under IBC. For
details refer Note
No. 42.18 of the
standalone notes
to accounts.

6 Networth attributable to 57,829.37 15,333.52 - 6,669.43 (615.84)

shareholding as per latest audited
%DODQFHVKHHWൠ/DNKV

7 Profit or Loss for the year

ൠ/DNKV

(i) Considered in Consolidation 7,254.79 2,435.89 - 572.38 -

(ii) Not Considered in Consolidation - - - - (320.81)

Note :
1 Note : As per Ind AS 28 -Investments in Associates and Ind AS 31 - Interests in Joint Ventures, the company has followed the
equity method of accounting for all its joint ventures and associate companies. The net share of net worth including Profit/ (Loss)
during the year has been adjusted to the Investment value with corresponding increase/ (decrease) in Equity. In case of PT Balmer
Lawrie Indonesia, since the net worth has turned negative, hence no further consolidation is required. In case of Transafe Services
Limited, since the company has went into IBC proceedings wef 21.11.2019, hence no further consolidation is done subsequent to
that date.
2 Financial statements of PT Balmer Lawrie Indonesia (PTBLI) for the year ended March 31, 2020 as prepared by the management
of PTBLI has been considered for preparing the consolidated financial statements of the company.
3 None of the associates or joint ventures have been liquidated or sold during the year.

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

168
CONSOLIDATED FINANCIAL STATEMENTS

INDEPENDENT AUDITOR’S REPORT

OF
BALMER LAWRIE & COMPANY LIMITED

To profit, consolidated total comprehensive income,

The Members of consolidated changes in equity and its consolidated
Balmer Lawrie & Company Limited cash flows for the year ended on that date.
Report on the Audit of the Consolidated Financial Basis for Opinion
Statements
We conducted our audit in accordance with Standards
Opinion on Auditing (SAs) specified under section 143(10) of
the Companies Act, 2013. Our responsibilities under
We have audited the accompanying consolidated
those Standards are further described in the Auditor’s
financial statements of BALMER LAWRIE &
Responsibilities for the Audit of the Consolidated
COMPANY LIMITED (the “Holding Company”)
Financial Statements section of our report. We
and its subsidiaries (the Holding Company and its
are independent of the Group and its associates
subsidiaries together referred to as the “Group”),
and joint ventures in accordance with the ethical
its associates and joint ventures, which comprise
requirements that are relevant to our audit of the
the Consolidated Balance Sheet as at March 31,
consolidated financial statements in India in terms of
2020, and the Consolidated Statement of Profit and
the Code of Ethics issued by the Institute of Chartered
Loss (including Other Comprehensive Income),
Accountants of India and the relevant provisions of
the Consolidated Statement of Changes in Equity
the Companies Act, 2013, and we have fulfilled our
and the Consolidated Statement of Cash Flows for
other ethical responsibilities in accordance with these
the year then ended, and a summary of significant
requirements. We believe that the audit evidence we
accounting policies and other explanatory information
have obtained is sufficient and appropriate to provide
(hereinafter referred to as the “consolidated financial
a basis for our opinion on the consolidated financial
statements”).
statements.
In our opinion and to the best of our information and
Key Audit Matters
according to the explanations given to us, the aforesaid
consolidated financial statements, give the information Key audit matters are those matters that, in our
required by the Companies Act, 2013 (the “Act”) in the professional judgment, were of most significance in
manner so required and give a true and fair view in our audit of the consolidated financial statements of
conformity with the Indian Accounting Standards (“Ind the current period. These matters were addressed in
AS”) prescribed under section 133 of the Act read with the context of our audit of the consolidated financial
the Companies (Indian Accounting Standards) Rules, statements as a whole, and in forming our opinion
2015, as amended and other accounting principles thereon, and we do not provide a separate opinion
generally accepted in India, of the consolidated on these matters. We have determined the matters
state of affairs of the Group, its associates and joint described below to be the key audit matters to be
ventures, as at March 31, 2020, the consolidated communicated in our report:

Sl.
Key Audit Matter Auditor’s Response
No
1. Adoption of Ind AS 116 Leases Our audit procedures on adoption of Ind AS 116
include:
The Group has adopted Ind AS 116 Leases (Ind
AS 116) in the current year, as mentioned in • Assessed and tested new processes and controls
Note No. 1.17 & Note No.41 to the consolidated in respect of the lease accounting standard (Ind AS
financial statements. There is a complexity in 116);
application and transition to this accounting
• Assessed the Group’s evaluation on the identification
standard and since the Group has a large number
of leases based on the contractual agreements and
of leases with different contractual terms, it is
our knowledge of the business;
an area of focus in our audit. Accordingly, it has
been determined as a key audit matter. • Verified the lease contracts as made available to
us on sample basis and tested the value of lease,
Ind AS 116 introduces a new lease accounting
tenure of lease, escalation clause thereon and the
model, wherein lessees are required to recognise
restatement methodology adopted by the Group;
a right-of-use (ROU) asset and a lease liability
arising from a lease on the balance sheet.
169
 CONSOLIDATED FINANCIAL STATEMENTS

Sl.
Key Audit Matter Auditor’s Response
No
The lease liabilities are initially measured by • Evaluated the reasonableness of the discount rates
discounting future lease payments during the applied in determining the lease liabilities;
lease term as per the contract/ arrangement.
•Assessed the transition approach used by the Group,
Adoption of the standard involves significant carve out provisions adopted for short term leases
judgements and estimates including, and leases of low value assets, accounting policy
determination of the discount rates and the adopted for recognition, measurement and disclosure
lease term. of lease payments, recognition of ROU Assets and
Lease Liability, recognition of income and expense in
Additionally, the standard mandates detailed
the Statements of Profit & Loss;
disclosures in respect of transition. (Refer Note
No. 41 to the consolidated financial statements). • Assessed and tested the presentation and disclosures
relating to Ind AS 116 including, disclosures relating
to transition.
2. Evaluation of uncertain tax positions We obtained the details of assessment orders to the
extent available regarding those assessments for
The Holding Company has tax matters under
which disputes are continuing and being disclosed
dispute which involves judgment to determine
as contingent liability from management. We involved
the possible outcome of these disputes. [Refer
our expertise to estimate the possible outcome of the
Note No.42.4(a) to the consolidated financial
disputes. Our experts considered the assessment
statement]
orders and other rulings in evaluating management’s
position on these uncertain tax positions to evaluate
whether any change was required to management’s
position on these uncertainties.
3. Debtors Due for More than Three years and We have checked the debtor’s ageing schedule of
Credit Balance in Sundry Debtors Accounts the SBU’s. The authority is regularly following up on
(Unallocated Receipts) the realisation of the same. As is evident from the
ageing schedule dues do exist for more than three
The Holding Company has credit balance in
years against which provision has been made in the
some customer accounts across all Strategic
accounts.
Business Unit (SBU’s). The credit balance in
these customer accounts are due to either of the We, during the course of our examination have also
following reasons: checked the unadjusted advances from customers for
more than three years and also the credit balances
xAmount lying in the nature of advance in the
lying in customers’ accounts on account of unmatched
customer account;
invoices (unallocated receipts). Some of the advances
xAmount credited to customer account but the lying unadjusted for more than three years have been
same could not be tracked/linked with any written back during the course of audit. In some cases,
sales invoice. the management is in the process of reconciliation
with the respective parties and hence the process of
xNon-reconciliation of these balances in the
write back has been kept in abeyance.
absence of customer’s confirmation resulting
in the credit balances lying for long periods It is observed that though letters seeking confirmations
are sent, the response has been poor. Steps should
be taken to get the confirmations from customers. In
addition to practice of seeking confirmation annually,
the Holding Company should get confirmation through
the sales team on a periodical basis also.
The management has to strengthen the internal
control process of reconciling the balances of the
debtors and to adjust the unallocated receipts on a
periodical basis.

170
CONSOLIDATED FINANCIAL STATEMENTS

Emphasis of Matter consolidated financial statements or our knowledge

obtained during the course of our audit or otherwise
We draw attention to the following matters in the Notes
appears to be materially misstated.
to the consolidated financial statements: -
If, based on the work we have performed, we conclude
a) Note No. 42.6 which states that trade receivables,
that there is a material misstatement of this other
loans and advances and deposits for which
information, we are required to report that fact. We
confirmations are not received from the parties
have nothing to report in this regard.
are subject to reconciliation and consequential
adjustments on determination/ receipt of such Responsibility of Management and those Charged
confirmation. with Governance for the consolidated Financial
Statements
b) Note No.42.12 which describes the management’s
assessment of the impact of uncertainties related The Holding Company’s Board of Directors is
to COVID 19 pandemic and its consequential responsible for the preparation and presentation of
effects on the business operations of the Holding these consolidated financial statements in term of
Company. the requirements of the Companies Act, 2013 (the
Act) that give a true and fair view of the consolidated
c) Note No. 23: “Other Trade Payable” includes
financial position, consolidated financial performance
the sundry creditor for expenses amounting to
and consolidated cash flows of the Group including
Rs.322.57 Lakhs (P.Y. Rs.326.75 Lakhs) of E&P
its associates and joint ventures in accordance with
Division (Kolkata) of Holding Company, which are
the accounting principles generally accepted in India,
lying unpaid since long, as the matter is under
including the Accounting Standards specified under
litigation.
section 133 of the Act. The respective Board of
d) Note No. 42.1 (b) which states that the reporting Directors of the companies included in the Group and
company ceases to have joint control or have of its associates and joint ventures are responsible
significant influence over one of its joint venture for maintenance of adequate accounting records
company, M/s Transafe Services Limited due in accordance with the provisions of the Act for
to initiation of Corporate Insolvency Resolution safeguarding the assets of the Group and for preventing
Process by the Hon’ble National Company Law and detecting frauds and other irregularities; selection
Tribunal (Kolkata Bench) during the year and and application of appropriate accounting policies;
appointed Insolvency Resolution Professional to making judgments and estimates that are reasonable
exercise power to control and influence over such and prudent; and the design, implementation and
joint venture company. maintenance of adequate internal financial controls,
that were operating effectively for ensuring accuracy
Our opinion is not modified in respect of the above
and completeness of the accounting records, relevant
matters.
to the preparation and presentation of the financial
Information Other than the Financial Statements statements that give a true and fair view and are free
and Auditor’s Report Thereon from material misstatement, whether due to fraud
The Holding Company’s Board of Directors is or error, which have been used for the purpose of
responsible for the other information. The other preparation of the consolidated financial statements
information comprises the information included in the by the Directors of the Holding Company, as aforesaid.
Management Discussion and Analysis, Board’s Report In preparing the consolidated financial statements,
including Annexures to Board’s Report, Business the respective Board of Directors of the companies
Responsibility Report, Corporate Governance Report, included in the Group and of its associates and joint
and Shareholder Information, but does not include the ventures are responsible for assessing the ability of
consolidated financial statements and our auditor’s the Group and of its associates and joint ventures to
report thereon. continue as a going concern, disclosing, as applicable,
Our opinion on the consolidated financial statements matters related to going concern and using the going
does not cover the other information and we do not concern basis of.
express any form of assurance conclusion thereon. The respective Board of Directors of the companies
In connection with our audit of the consolidated included in the Group and of its associates and joint
financial statements, our responsibility is to read the ventures is responsible for overseeing the financial
other information and, in doing so, consider whether reporting process of the Group and of its associates
the other information is materially inconsistent with the and joint ventures.

171
 CONSOLIDATED FINANCIAL STATEMENTS

Auditor’s responsibilities for the Audit of financial statements or, if such disclosures are
Consolidated Financial Statements inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to
Our objectives are to obtain reasonable assurance
the date of our auditor’s report. However, future
about whether the consolidated financial statements as
events or conditions may cause the Group and its
a whole are free from material misstatement, whether
associates and joint ventures to cease to continue
due to fraud or error, and to issue an auditor’s report
as a going concern.
that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee x Evaluate the overall presentation, structure and
that an audit conducted in accordance with SAs will content of the consolidated financial statements,
always detect a material misstatement when it exists. including the disclosures, and whether the
Misstatements can arise from fraud or error and are financial statements represent the underlying
considered material if, individually or in the aggregate, transactions and events in a manner that achieves
they could reasonably be expected to influence the fair presentation.
economic decisions of users taken on the basis of
x Obtain sufficient appropriate audit evidence
these consolidated financial statements.
regarding the financial information of the entities
As part of an audit in accordance with SAs, we exercise or business activities within the Group and its
professional judgment and maintain professional associates and joint ventures to express an
skepticism throughout the audit. We also: opinion on the consolidated financial statements.
We are responsible for the direction, supervision
x Identify and assess the risks of material
and performance of the audit of the consolidated
misstatement of the consolidated financial
financial statements of the Holding Company
statements, whether due to fraud or error, design
included in the consolidated financial statements
and perform audit procedures responsive to those
of which we are the independent auditors. For the
risks, and obtain audit evidence that is sufficient
other entities included in the consolidated financial
and appropriate to provide a basis for our opinion.
statements, which have been audited by other
The risk of not detecting a material misstatement
auditors, such other auditors remain responsible
resulting from fraud is higher than for one resulting
for the direction, supervision and performance of
from error, as fraud may involve collusion, forgery,
the audits carried out by them. We remain solely
intentional omissions, misrepresentations, or the
responsible for our audit opinion.
override of internal control.
Materiality is the magnitude of misstatements in the
x Obtain an understanding of internal financial
consolidated financial statements that, individually or
control relevant to the audit in order to design
in aggregate, makes it probable that the economic
audit procedures that are appropriate in the
decisions of a reasonably knowledgeable user of the
circumstances. Under section 143(3)(i) of the Act,
consolidated financial statements may be influenced.
we are also responsible for expressing our opinion
We consider quantitative materiality and qualitative
on whether the Company and its subsidiary
factors in (i) planning the scope of our audit work
companies, associates and joint ventures which
and in evaluating the results of our work; and (ii) to
are companies incorporated in India, has adequate
evaluate the effect of any identified misstatements in
internal financial controls system in place and the
the financial statements.
operating effectiveness of such controls.
We communicate with those charged with governance
x Evaluate the appropriateness of accounting
regarding, among other matters, the planned scope
policies used and the reasonableness of
and timing of the audit and significant audit findings,
accounting estimates and related disclosures
including any significant deficiencies in internal control
made by management.
that we identify during our audit.
x Conclude on the appropriateness of management’s
We also provide those charged with governance with
use of the going concern basis of accounting and,
a statement that we have complied with relevant
based on the audit evidence obtained, whether
ethical requirements regarding independence, and
a material uncertainty exists related to events or
to communicate with them all relationships and other
conditions that may cast significant doubt on the
matters that may reasonably be thought to bear on
ability of the Group and its associates and joint
our independence, and where applicable, related
ventures to continue as a going concern. If we
safeguards.
conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report From the matters communicated with those charged
to the related disclosures in the consolidated with governance, we determine those matters

172
CONSOLIDATED FINANCIAL STATEMENTS

that were of most significance in the audit of the section (3) of Section 143 of the Act in so far as it
consolidated financial statements of the current period relates to the aforesaid subsidiaries, associates &
and are therefore the key audit matters. We describe joint ventures, is based solely on such unaudited
these matters in our auditor’s report unless law or financial statements / financial information.
regulation precludes public disclosure about the
c) We did not audit the financial statements/
matter or when, in extremely rare circumstances, we
information of branches of the Holding Company
determine that a matter should not be communicated
situated in Northern, Western and Southern
in our report because the adverse consequences of
regions included in the consolidated financial
doing so would reasonably be expected to outweigh
statements of the Company whose financial
the public interest benefits of such communication.
statements/financial information reflect total assets
Other Matter of Rs.1,05,740.70 Lakhs as at 31st March 2020
and the total revenue of Rs.1,21,828.83 Lakhs for
a) We did not audit the financial statements /
the year ended on that date, as considered in the
financial information of 2 (Two) subsidiaries,
consolidated financial statements/information of
whose financial statements / financial information
these branches have been audited by the branch
reflect total assets of Rs.21,271.87 Lakhs as at
auditors whose reports have been furnished to
31st March, 2020, total revenues of Rs.480.27
us, and our opinion in so far as it relates to the
Lakhs and net cash flows used amounting to
amounts and disclosures included in respect of
Rs.689.43 Lakhs for the year ended on that
branches, is based solely on the report of such
date, as considered in the consolidated financial
branch auditors.
statements. The consolidated financial statements
also include the Group’s share of net profit of Our opinion on the consolidated financial statements,
Rs.3,664.19 Lakhs for the year ended 31st March, and our report on Other Legal and Regulatory
2020, as considered in the consolidated financial Requirements below, is not modified in respect of the
statements, in respect of 1 (One) associate & 2 above matters with respect to our reliance on the work
(Two) joint ventures, whose financial statements done and the reports of the other auditors and the
/ financial information have not been audited financial statements / financial information certified by
by us. These financial statements / financial the Management.
information have been audited by other auditors
Report on Other Legal and Regulatory
whose reports have been furnished to us by the
requirements
Management and our opinion on the consolidated
financial statements, in so far as it relates to the 1. As required under section 143(5) of the Companies
amounts and disclosures included in respect of Act, 2013, we give in the Annexure-A, a Statement
these subsidiaries, associates and joint ventures, on the Direction issued by the Comptroller and
and our report in terms of sub-section (3) of Auditor General of India after complying the
Section 143 of the Act, in so far as it relates to suggested methodology of Audit, the action
the aforesaid subsidiaries, associates and joint taken thereon and its impact on the accounts and
ventures, is based solely on the reports of the consolidated financial statements of the Group.
other auditors after considering the requirements
2. Companies (Auditor’s Report) Order, 2016 (“the
of Standard of Auditing (SA 600) on ‘using the
Order”) issued by the central government of India
work of another auditor including materiality’ and
in terms of the sub-section (11) of section 143
the procedures performed by us as already stated
of the Act, is not applicable on the consolidated
above.
financial statements as referred in proviso to Para
b) The consolidated financial statements also include 2 of the said Order.
the Group’s share of net profit/loss of NIL for the
3. As required by Section 143(3) of the Act, we report
year ended 31st March, 2020, as considered in the
that:
consolidated financial statements, in respect of 1
(One) joint ventures, whose financial statements / a) We have sought and obtained all the
financial information have not been audited by us. information and explanations which to the best
This financial statements / financial information of our knowledge and belief were necessary
are unaudited and have been furnished to us for the purpose of our audit.
by the Management and our opinion on the b) In our opinion, proper books of account as
consolidated financial statements, in so far as it required by law relating to preparation of the
relates to the amounts and disclosures included aforesaid consolidated financial statements
in respect of these subsidiaries, associates and have been kept so far as it appears from our
joint ventures, and our report in terms of sub-

173
 CONSOLIDATED FINANCIAL STATEMENTS

examination of those books and the reports of refer to our separate Report in “Annexure
the other auditors. B” which is based on the auditors’ reports of
the Company and its subsidiary companies
c) The reports on the accounts of the branch
incorporated in India. Our report expresses
offices of the Holding Company audited under
an unmodified opinion on the adequacy and
Section 143(8) of the Act by branch auditors
operating effectiveness of internal financial
have been sent to us and have been properly
controls over financial reporting of those
dealt with by us in preparing this report.
companies.
d) The Consolidated Balance Sheet,
h) With respect to the other matters to be
Consolidated Statement of Profit and Loss
included in the Auditor’s Report in accordance
including Other Comprehensive Income,
with Rule 11 of the Companies (Audit and
Consolidated Statement of Changes in Equity
Auditors) Rules, 2014, in our opinion and to
and Consolidated Statement of Cash Flow
the best of our information and according to
dealt with by this Report are in agreement
the explanations given to us:
with the books of account maintained for the
purpose of preparation of the consolidated i) The consolidated financial statements
financial statements. disclose the impact of pending litigations
on the consolidated financial position of the
e) In our opinion, the aforesaid consolidated
Group, its associates and joint ventures
financial statements comply with the Indian
- Refer Note 42.4 to the consolidated
Accounting Standards specified under
financial statements.
Section 133 of the Act, read with relevant rules
thereunder. ii) The Group, its associates and joint
ventures did not have any material
f) The provisions of Section 164(2) of the
foreseeable losses on long-term contracts
Companies Act, 2013 are not applicable
including derivative contracts.
to Government Companies in terms of
notification No. GSR 463(E) dated 5th June iii) There has been no delay in transferring
2015 issued by the Ministry of Company amounts, required to be transferred, to the
Affairs, Government of India. Investor Education and Protection Fund
by the Holding Company and its subsidiary
g) With respect to the adequacy of the internal
companies, associate companies and joint
financial controls over financial reporting and
ventures incorporated in India.
the operating effectiveness of such controls,

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (L. K. SHROFF)

Date: 24th June, 2020 PARTNER
Membership No. : 060742
UDIN: 20060742AAAABI2033

174
CONSOLIDATED FINANCIAL STATEMENTS

ANNEXURE – A TO THE AUDITORS’ REPORT

DIRECTIONS/SUB-DIRECTIONS UNDER SECTION 143(5) OF THE COMPANIES ACT, 2013 ISSUED

BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA TO THE INDEPENDENT AUDITORS OF
BALMER LAWRIE & CO. LIMITED FOR CONDUCTING AUDIT OF ACCOUNTS FOR THE YEAR 2019-20.

CAG’s Directions Our Observation Impact on Financial statements

(1) Whether the Company has Yes, the accounting transactions of NIL
system in place to process all the the Holding Company for the year
accounting transactions through are processed through the IT system
IT system? If yes, the implications vide ERP (SAP accounting package)
of processing of accounting and as per the examination of
records as provided to us, there are
transactions outside IT system on
consolidated intermediary software’s
the integrity of the accounts along to capture the transactions related
with the financial implications, if to certain functions in certain SBU’s
any, may be stated. (for example Mid Office software for
Tours and Travel) and the transactions
from these standalone softwares are
posted in SAP for accounting purpose.
(2) Whether there is any As per the information and explanations NIL
restructuring of an existing Loan given by the management, there is
or cases of waiver/ write off of no restructuring of loan or cases of
debt/loans/interests, etc. made waiver/write off of debts/loans/interest
by the lender to the company etc made by a lender to the holding
due to the company’s inability company during the year.
to repay the loan? If yes, the
financial impact may be stated.
(3) Whether the fund received/ The Holding Company has been The accounting for the same has
receivable for specific scheme sanctioned a Grant – in –Aid of been done with regard to IND AS 20
from Central/State agencies were Rs.7.83 crores in earlier year from “Accounting for Government Grants
properly accounted for/utilised as the Ministry of Food Processing and Disclosure of Government
per its term and condition? List Industries (MoFPI) for setting up Assistance”. Accordingly, the same
the case of deviation. integrated cold chain facilities at has been treated as deferred
Rai, Haryana and Patalganga in income to be apportioned over the
Maharashtra. Against the same the useful life of the assets. During the
company has been disbursed Rs.4.70 current financial year, a sum of
crores till 31.03.2020 for specified Rs.42.71 Lakhs has been credited
assets purchased [for Patalganga, to the income in the statement of
Maharashtra] as according to the profit and loss account based on
scheme document the fund is the accounting standard.
disbursed upon utilisation for specific
purpose.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (L. K. SHROFF)

Date: 24th June, 2020 PARTNER
Membership No. : 060742
UDIN: 20060742AAAABI2033

175
 CONSOLIDATED FINANCIAL STATEMENTS

ANNEXURE - B TO THE AUDITORS’ REPORT

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF
SECTION 143 OF THE COMPANIES ACT, 2013 (“THE ACT”)

In conjunction with our audit of the consolidated Our audit involves performing procedures to obtain
financial statements of the Company as of and for audit evidence about the adequacy of the internal
the year ended March 31, 2020, we have audited financial controls system over financial reporting and
the internal financial controls over financial reporting their operating effectiveness. Our audit of internal
of Balmer Lawrie & Company Limited (hereinafter financial controls over financial reporting included
referred to as the “Holding Company”) and its obtaining an understanding of internal financial
subsidiary, joint venture and associate companies, controls over financial reporting, assessing the risk that
which are companies incorporated in India, as of that a material weakness exists, and testing and evaluating
date. the design and operating effectiveness of internal
control based on the assessed risk. The procedures
Management’s Responsibility for Internal Financial
selected depend on the auditor’s judgement, including
Controls
the assessment of the risks of material misstatement
The Boards of Directors of the Holding Company and of the financial statements, whether due to fraud or
its subsidiary, joint venture and associate companies, error.
which are companies incorporated in India, are
We believe that the audit evidence we have obtained
responsible for establishing and maintaining internal
is sufficient and appropriate to provide a basis for our
financial controls based on the internal control over
audit opinion on the internal financial controls system
financial reporting criteria established by the respective
over financial reporting of the Holding Company and
Companies considering the essential components of
its subsidiary, joint venture and associate companies,
internal control stated in the Guidance Note on Audit
which are companies incorporated in India.
of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of Meaning of Internal Financial Controls over
India (the “ICAI”). These responsibilities include the Financial Reporting
design, implementation and maintenance of adequate
A company’s internal financial control over financial
internal financial controls that were operating
reporting is a process designed to provide reasonable
effectively for ensuring the orderly and efficient conduct
assurance regarding the reliability of financial reporting
of its business, including adherence to the respective
and the preparation of financial statements for external
company’s policies, the safeguarding of its assets,
purposes in accordance with generally accepted
the prevention and detection of frauds and errors,
accounting principles. A company’s internal financial
the accuracy and completeness of the accounting
control over financial reporting includes those policies
records, and the timely preparation of reliable financial
and procedures that (1) pertain to the maintenance of
information, as required under the Act.
records that, in reasonable detail, accurately and fairly
Auditor’s Responsibility reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance
Our responsibility is to express an opinion on the
that transactions are recorded as necessary to permit
internal financial controls over financial reporting of
preparation of financial statements in accordance
the Holding Company and its subsidiary, joint venture
with generally accepted accounting principles, and
and associate companies, which are companies
that receipts and expenditures of the company are
incorporated in India, based on our audit. We conducted
being made only in accordance with authorisations of
our audit in accordance with the Guidance Note on
management and directors of the company; and (3)
Audit of Internal Financial Controls Over Financial
provide reasonable assurance regarding prevention
Reporting (the “Guidance Note”) issued by the Institute
or timely detection of unauthorised acquisition, use, or
of Chartered Accountants of India and the Standards
disposition of the company’s assets that could have a
on Auditing prescribed under Section 143(10) of the
material effect on the financial statement
Companies Act, 2013, to the extent applicable to an
audit of internal financial controls. Those Standards Limitations of Internal Financial Controls over
and the Guidance Note require that we comply with Financial Reporting
ethical requirements and plan and perform the audit to
Because of the inherent limitations of internal
obtain reasonable assurance about whether adequate
financial controls over financial reporting, including
internal financial controls over financial reporting
the possibility of collusion or improper management
was established and maintained and if such controls
override of controls, material misstatements due to
operated effectively in all material respects.

176
CONSOLIDATED FINANCIAL STATEMENTS

error or fraud may occur and not be detected. Also, financial controls over financial reporting were
projections of any evaluation of the internal financial operating effectively as at March 31, 2020, based
controls over financial reporting to future periods are on the internal control over financial reporting criteria
subject to the risk that the internal financial control over established by the respective companies considering
financial reporting may become inadequate because of the essential components of internal control stated
changes in conditions, or that the degree of compliance in the Guidance Note on Audit of Internal Financial
with the policies or procedures may deteriorate. Controls over Financial Reporting issued by the
Institute of Chartered Accountants of India.
Opinion
Other Matters
In our opinion and to the best of our information
and according to the explanations given to us, the Our aforesaid reports under Section 143(3)(i) of the
Holding Company and its subsidiary, joint venture Act on the adequacy and operating effectiveness of
and associate companies, which are companies the internal financial controls over financial reporting
incorporated in India, have, in all material respects, in so far as it relates to 1 (One) subsidiary company, 1
an adequate internal financial controls system over (One) Joint Venture company and 1 (One) associate
financial reporting. Though certain areas require company, which are companies incorporated in India,
further strengthening, it does not have any material is based on the corresponding reports of the auditors
effect on the internal financial controls. The internal of such companies incorporated in India.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (L. K. SHROFF)

Date: 24th June, 2020 PARTNER
Membership No. : 060742
UDIN: 20060742AAAABI2033

177
 COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
UNDER SECTION 143(6) (b) READ WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE
CONSOLIDATED FINANCIAL STATEMENTS OF BALMER LAWRIE & COMPANY LIMITED
FOR THE YEAR ENDED 31 MARCH 2020.

The preparation of consolidated financial statements of Balmer Lawrie & Company Limited for the year
ended 31 March 2020 in accordance with the financial reporting framework prescribed under the Companies
Act, 2013 (Act) is the responsibility of the management of the company. The statutory auditor appointed by
the Comptroller and Auditor General of India under section 139 (5) read with section 129 (4) of the Act is
responsible for expressing opinion on the financial statements under section 143 read with section 129 (4) of
the Act based on independent audit in accordance with the standards on auditing prescribed under section
143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 24 June 2020.
I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the
consolidated financial statements of Balmer Lawrie & Company Limited, Kolkata for the year ended 31
March 2020 under section 143(6) (a) read with section 129 (4) of the Act. We conducted a supplementary
audit of the financial statements of Balmer Lawrie & Company Limited but did not conduct supplementary
audit of the financial statements of the subsidiaries , associate companies and jointly controlled entities as
detailed in Annexure for the year ended on that date. Further, section 139 (5) and 143 (6) (a) of the Act
are not applicable to the entities as detailed in Annexure being private entities/ entities incorporated
in Foreign countries under the respective laws, for appointment of their Statutory Auditor and for
conduct of supplementary audit. Accordingly. Comptroller and Auditor General of India has neither
appointed the Statutory Auditors nor conducted the supplementary audit of these companies. This
supplementary audit has been carried out independently without access to the working papers of the statutory
auditors and is limited primarily to inquiries of the statutory auditors and company personnel and a selective
examination of some of the accounting records.
On the basis of my supplementary audit nothing significant has come to my knowledge which would give
rise to any comment upon or supplement to statutory auditors’ report under section 143 (6) (b) of the Act.

For and on the behalf of the

Comptroller & Auditor General of India

(Suparna Deb)
Place : Kolkata Director General of Audit (Mines)
Date : 24.08.2020 Kolkata

178
 ANNEXURE

Name of Subsidiaries, Associates and Joint Venture Companies whose supplementary audit of the financial
statements was not conducted by the Comptroller & Auditor General of India for the year ended 31.03.2020.

SI. No. Name of the Subsidiary/ Name of Type of Entity

Associate Companies relationship
1. Visakhapatnam Port Logistics Park Limited Subsidiary Central Public Sector Undertaking
2. Balmer Lawrie (UK) Limited Subsidiary Foreign Company
3. Balmer Lawrie (UAE) Llc. Joint Venture Foreign Company
4. P T Balmer Lawrie Indonesia Joint Venture Foreign Company
5. Balmer Lawrie - Van Leer Limited Joint Venture Private Company
6. Transafe Services Limited Joint Venture Private Company
7. Avi-Oil India Private Limited Associate Private Company

179
 CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2020
ൠLQ/DNKV
Note As at As at
Particulars
No 31 March 2020 31 March 2019
ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 2 63,958.13 56,319.08
(b) Right of Use Assets 3 12,683.15 -
(c) Capital work-in-progress 2,362.25 11,717.60
(d) Investment Properties 4 108.53 111.39
(e) Intangible assets 5 275.37 391.08
(f) Intangible assets under development 7.00 -
(g) Financial Assets
(i) Investments 6 37,470.44 32,506.53
(ii) Loans 7 217.62 420.89
(iii) Others 8 69.41 84.81
(h) Non Financial Assets- Others 10 1,164.40 8,999.85
Total Non Current Assets 118,316.30 110,551.23
(2) Current Assets
(a) Inventories 11 14,505.70 14,293.31
(b) Financial Assets
(i) Trade Receivables 12 27,350.78 27,629.10
(ii) Cash & Cash Equivalents 13 2,266.25 5,498.59
(iii) Other Bank Balances 14 42,995.00 39,071.11
(iv) Loans 15 877.47 1,199.98
(v) Others 16 20,170.97 24,775.38
(c) Non Financial Assets- Others 17 7,053.15 5,196.27
Total Current Assets 115,219.32 117,663.74
Total Assets 233,535.62 228,214.97
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 18 17,100.38 11,400.25
(b) Other Equity 19 138,282.87 140,552.84
155,383.25 151,953.09
MINORITY INTEREST
Equity attributable to Non Controlling Interest
(a) Equity Share Capital 5,402.60 5,402.60
(b) Other Equity 19 (985.93) (344.02)
4,416.67 5,058.58
Total Equity 159,799.92 157,011.67
LIABILITIES
(1) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 20 9,407.85 7,608.24
(ii) Lease Liabilities 1,349.70 -
(iii) Other Financial Liabilities 20 16.23 7.70
(b) Provisions 21 4,327.81 4,162.43
(c) Deferred Tax Liabilities (Net) 9 8,834.02 7,364.03
(d) Non Financial Liabilities - Others 22 434.19 260.51
Total Non-Current Liabilities 24,369.80 19,402.91
(2) Current Liabilities
(a) Financial Liabilities
(i) Borrowings 23 152.99 161.86
(ii) Lease Liabilities 1,007.84 -
(iii) Trade Payables
(A)Total outstanding dues of micro enterprises and small enterprises 23 328.26 324.16
(B)Total outstanding dues of creditors other than micro enterprises 23 21,832.89 28,974.92
and small enterprises
(iv) Other Financial Liabilities 24 12,917.90 13,295.13
(b) Non Financial Liabilities -Others 25 9,795.45 5,235.18
(c) Provisions 26 1,664.93 1,638.56
(d) Current Tax Liabilities (Net) 27 1,665.64 2,170.58
Total Current Liabilities 49,365.90 51,800.39
Total Equity and Liabilities 233,535.62 228,214.97
Summary of Significant Accounting Policies 1 - 0.00
The accompanying notes are integral part of the Financial Statements.
This is the balance sheet referred to in our report of even date.
As per our report attached
For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020
180
CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF CONSOLIDATED PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2020
ൠLQ/DNKV
Note For the For the
No. year ended year ended
31 March 2020 31 March 2019
Income
I Revenue from Operations 28 153,443.68 177,520.81
II Other Income 29 5,054.46 5,482.87
III Total Income (I+II) 158,498.14 183,003.68
IV Expenses
Cost of materials consumed & services rendered 30 90,755.74 110,530.18
Purchase of stock-in-trade 31 2,075.61 329.45
Changes in inventories of work-in-progress, stock-in-trade and finished goods 32 (506.63) 343.82
Employee Benefits Expenses 33 21,501.49 21,270.38
Finance costs 34 1,486.99 712.37
Depreciation and Amortisation expense 35 5,173.13 3,031.25
Other expenses 36 20,667.66 22,129.02
- -
Total Expenses (IV) 141,153.99 158,346.47
V Profit before Exceptional Items and Tax (III-IV) 17,344.15 24,657.21
VI Exceptional Items - -
VII Profit before Tax (V-VI) 17,344.15 24,657.21
VIII Tax expense 37
(1) Current Tax 5,168.18 8,122.58
(2) Deferred Tax 9 359.25 424.13
IX Profit for the period from Continuing Operations (VII-VIII) 11,816.72 16,110.50
X Profit/(Loss) from Discontinued Operations - -
XI Tax expense of Discontinued Operations - -
XII Profit/(Loss) from Discontinued Operations (after tax) (X-XI) - -
XIII Profit/(Loss) after Tax before share of Profit/(Loss) of Joint Ventures and 11,816.72 16,110.50
Associates (IX+XII)
XIV Share of Profit/(Loss) of Joint Ventures and Associates (Net) 3,664.19 3,584.37
XV Profit/(Loss) for the period (XIII+XIV) 15,480.91 19,694.87
Attributable to:
(a) Shareholders of the Company 16,122.83 19,917.51
(b) Non Controlling Interest (641.91) (222.64)
XVI Other Comprehensive Income 38
A i) Items that will not be reclassified to Profit or Loss (872.01) (925.66)
ii) Income tax relating to items that will not be reclassified to Profit or Loss 219.47 323.46
B i) Items that will be reclassified to Profit or Loss - -
ii) Income tax relating to items that will be reclassified to Profit or Loss - -
C Other Comprehensive Income of Joint Ventures and Associates (Net) (23.63) (37.71)
XVII Total Comprehensive Income for the period (Comprising Profit /(Loss) 14,804.74 19,054.96
and Other Comprehensive Income for the period)
Attributable to:
(a) Shareholders of the Company 15,446.65 19,277.60
(b) Non Controlling Interest (641.91) (222.64)
XVIII Earnings per equity share (for Continuing Operations): 39
%DVLFൠ 9.43 11.65
'LOXWHGൠ 9.43 11.65
XIX Earnings per equity share (for Discontinued Operation):
%DVLFൠ - -
'LOXWHGൠ - -
XX Earnings per equity share (for Discontinued & Continuing Operations):
%DVLFൠ 9.43 11.65
'LOXWHGൠ 9.43 11.65

Summary of Significant Accounting Policies 1

The accompanying notes are integral part of the Financial Statements.
This is the statement of profit and loss referred to in our report of even date.
As per our report attached

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020
181
 CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2020
ൠLQ/DNKV
Particulars For the For the
year ended year ended
31 March 2020 31 March 2019
Cash Flow from Operating Activities
Net profit before tax 17,344.15 24,657.21
Adjustments for:
Depreciation and Amortisation 5,173.13 3,031.25
Impairment of Assets - 19.36
Write off/Provision for doubtful Trade Receivables (Net) 952.54 (102.95)
Write off/Provision for Inventories (Net) (0.53) 45.80
Other Write off/Provision (Net) 16.82 300.82
(Gain)/ Loss on sale of Fixed Assets (Net) (19.22) (6.02)
(Gain)/ Loss on fair valuation of Investments (Net) - (634.49)
Interest Income (2,604.79) (2,864.91)
Dividend Income (6.50) (3.15)
Finance costs 1,486.99 712.37
Operating Cash Flows before Working Capital changes 22,342.59 25,155.29
Changes in Operating Assets and Liabilities (Working Capital changes)
(Increase)/Decrease in Trade Receivables (674.22) (547.82)
(Increase)/Decrease in Non Current Assets 2,162.50 2,895.58
(Increase)/Decrease in Inventories (211.86) (675.79)
(Increase)/Decrease in Other Short Term Financial Assets 4,910.10 2,640.44
(Increase)/Decrease in Other Current Assets (1,953.15) 355.14
Increase/(Decrease) in Trade Payables (7,129.40) (2,417.00)
Increase/(Decrease) in Long Term Provisions 165.38 384.95
Increase/(Decrease) in Short Term Provisions 748.32 448.63
Increase/(Decrease) in Other Liabilities (374.10) 416.54
Increase/(Decrease) in Other Current Liabilities 4,560.27 (811.60)
Cash flow generated from Operations 24,546.44 27,844.36
Income taxes paid (Net of refunds) (5,673.12) (8,438.19)
Net Cash generated from Operating Activities A 18,873.32 19,406.17
Cash flow from Investing Activities
Purchase/ Construction of Property, Plant and Equipment (4,466.30) (19,724.15)
Purchase of Investments - (1,162.00)
Proceeds on sale of Property, Plant and Equipment (352.85) (369.12)
Proceeds on disposal/ sale of Investments - 634.49
Bank deposits (having original maturity of more than three months) (Net) (3,827.62) 4,064.97
Interest received 2,604.79 2,864.91
Dividend received 6.50 3.15
Net Cash (used in)/ generated from Investing Activities B (6,035.48) (13,687.75)
Cash flow from Financing Activities
(Repayment)/ Proceeds from Short Term Borrowings (8.87) 161.89
Repayment of Borrowings (250.00) -
Dividend paid (including tax on dividend) (15,022.30) (13,685.17)
Loans taken 1,757.44 6,424.29
Repayment of Lease Liabilities (1,059.45) -
Finance costs (1,486.99) (712.37)
Net Cash (used in)/ generated from Financing Activities C (16,070.17) (7,811.36)
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) (3,232.34) (2,092.94)
Cash and Cash Equivalents at the beginning of the year 5,498.59 7,591.53
Cash and Cash Equivalents at the end of the year 2,266.25 5,498.59
Movement in Cash Balance (3,232.34) (2,092.94)
(0.00)
Reconciliation of Cash and Cash Equivalents as per Cash Flow Statement
Cash and Cash Equivalents as per above comprise of the following:
Cash in hand 9.29 3.75
Balance with Banks in Current Accounts 2,256.96 5,494.84
2,266.25 5,498.59
As per our report attached
For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020
182
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2020

A Equity Share Capital ൠLQ/DNKV

Balance at the beginning of Bonus Shares issued Balance at the end of
Particulars
the Reporting Period during the year Reporting Period
Equity Share Capital 11,400.25 5,700.13 17,100.38

B Other Equity ൠLQ/DNKV

Reserves and Surplus
Share General Retained Foreign Other Minority Total
Particulars Premium Reserve Earnings Currency Comprehensive Interest
Account Translation Income Reserve
Balance as at 1 April 2018 3,626.77 35,603.82 93,732.13 1,109.62 100.14 (121.38) 134,051.10
Profit for the year - - 19,694.87 - - - 19,694.87
Bonus Shares issued - - - - - - -
Dividends paid - - (11,400.26) - - - (11,400.26)
Dividend Tax paid - - (2,413.43) - - - (2,413.43)
Profit for the year for Minority Interest - - - - - (222.64) (222.64)
Retained Earnings adjustments - - 1,222.49 - - - 1,222.49
Remeasurement Gain/ (Loss) during - - - (83.40) (639.91) - (723.31)
the year
Balance as at 31 March 2019 3,626.77 35,603.82 100,835.80 1,026.22 (539.77) (344.02) 140,208.82

Balance as at 1 April 2019 3,626.77 35,603.82 100,835.80 1,026.22 (539.77) (344.02) 140,208.82
Profit for the year - - 15,480.91 - - - 15,480.91
Bonus Shares issued - (5,700.13) - - - - (5,700.13)
Dividends paid - - (12,540.29) - - - (12,540.29)
Dividend Tax paid - - (2,578.28) - - - (2,578.28)
Profit for the year for Minority Interest - - - - - (641.91) (641.91)
Retained Earnings adjustments - - 4,634.25 - - - 4,634.25
Remeasurement Gain/ (Loss) during - - - (890.26) (676.17) - (1,566.43)
the year
Balance as at 31 March 2020 3,626.77 29,903.69 105,832.39 135.96 (1,215.94) (985.93) 137,296.94
3626.77 29903.69 135.95
This is the Statement of Changes in Equity referred to in our report of even date.

As per our report attached

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

183
 CONSOLIDATED FINANCIAL STATEMENTS

Significant Accounting Policies and other explanatory information to the Consolidated

Financial Statements for the year ended 31 March 2020
GENERAL INFORMATION AND STATEMENT OF x Defined Benefit Plans, Plan Assets measured at
COMPLIANCE WITH IND AS Fair Value
Balmer Lawrie & Co. Ltd. (the “Company”) is a Government 1.2 Basis of Consolidation
of India Enterprise engaged in diversified business with
Subsidiaries
presence in both manufacturing and service businesses. The
group is engaged in the business of Industrial Packaging, Subsidiaries are all entities over which the Group
Greases & Lubricants, Leather Chemicals, Logistic Services has control. The Group controls an Entity when the
and Infrastructure, Refinery & Oil Field and Travel & Vacation Group is exposed to, or has rights to, variable returns
Services in India. The Company is a Government Company from its involvement with the Entity and has the ability
domiciled in India and is incorporated under the provisions to affect those returns through its power to direct
of Companies Act applicable in India, its shares are listed on the relevant activities of the Entity. Subsidiaries are
recognized Stock Exchange of India. fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated
Basis of Preparation
from the date that control ceases.
The Consolidated Financial Statements relates to the
The Group combines the Financial Statements of the
Company along with its Subsidiaries and its interest in
Parent and its Subsidiaries line by line adding together
Joint Ventures and Associates (collectively referred to as
like items of Assets, Liabilities, Equity, Income and
the ‘Group’) and have been prepared in accordance with
Expenses. Intercompany transactions, balances and
the Companies (Indian Accounting Standards) Rules 2015
unrealised gains on transactions between Group
as amended issued by Ministry of Corporate Affairs and
companies are eliminated. Unrealised losses are also
other relevant provisions of the Companies Act, 2013. The
eliminated unless the transaction provides evidence of
Group has uniformly applied the Accounting Policies during
an impairment of the transferred Asset.
the period presented. These are the Group’s Financial
Statements prepared in accordance with and comply in all Joint Ventures
material aspects with Indian Accounting Standards (Ind AS).
Under Ind AS 111 Joint Arrangements, Investments
Unless otherwise stated, all amounts are stated in lacs of
in joint Arrangements are classified as either Joint
Rupees.
operations or Joint Ventures. The classification
All Assets and Liabilities have been classified as Current or depends on the contractual rights and obligations of
Non-Current as per the groups normal operating cycle and each investor, rather than the legal structure of the
other criteria set out in the Schedule III to the Companies Act, Joint Arrangement. The Group has only Joint Ventures.
2013. Based on the nature of products and the time between
Interests in Joint Ventures are accounted for using the
the acquisition of assets for processing and their realisation
Equity Method, after initially being recognised at Cost
in Cash and Cash Equivalents, the group has ascertained
in the Group’s Balance Sheet.
its operating cycle as 12 months for the purpose of Current /
Non-Current classification of Assets and Liabilities. Associates
The preparation of Financial Statements requires the use of Associates are all Entities over which the Group has
Accounting Estimates which, by definition, may or may not significant influence but not Control or Joint Control.
equal the actual results. Management also needs to exercise Investments in Associates are accounted for using
judgement in applying the Group’s Accounting Policies. the Equity method of accounting, after initially being
recognised at Cost.
The Consolidated Financial Statements for the year ended
31st March are authorised and approved for issue by the Equity Method
Board of Directors. In Consolidated Financial Statements, the carrying
1. SUMMARY OF SIGNIFICANT ACCOUNTING amount of the investment is adjusted to recognize
POLICIES changes in the Group’s share of Net Assets of the
Joint Venture/Associate. Goodwill relating to the Joint
The Consolidated Financial Statements have Venture/ Associate is included in the carrying amount
been prepared using the Accounting Policies and of the investment and is not tested for impairment
measurement basis summarized below. individually.
1.1 Historical Cost Convention When the Group’s share of losses in an Equity-
The Financial Statements have been prepared on a accounted Investment equals or exceeds its interest
Historical Cost basis, except for the following Assets in the entity, including any other unsecured long-term
and Liabilities which have been measured at Fair receivables, the Group does not recognise further
Value or Revalued Amount: losses, unless it has incurred obligations or made
payments on behalf of the Other Entity.
x Certain Financial Assets and Liabilities, measured
at Fair Value (refer Accounting Policy regarding 1.3 Property, Plant and Equipment
Financial Instruments), Items of Property, Plant and Equipment are valued

184
CONSOLIDATED FINANCIAL STATEMENTS

at cost of acquisition inclusive of any other cost by the Group, is classified as Investment Property.
attributable to bringing the same to their working Investment Property is measured initially at its
condition. Property, Plant and Equipment manufactured cost, including related transaction costs and where
/constructed in house are valued at actual cost of raw applicable, borrowing costs. Subsequent expenditure
materials, conversion cost and other related costs. is capitalised to the Asset’s carrying amount only when
it is probable that future economic benefits associated
Expenditure incurred during construction of Capital
with the expenditure will flow to the Group and the cost
Projects including related pre-production expenses is
of the item can be measured reliably. All other repairs
treated as Capital Work-in- Progress and in case of
and maintenance costs are expensed when incurred.
transfer of the project to another body, the accounting
is done on the basis of terms of transfer. When part of an Investment Property is replaced, the
carrying amount of the replaced part is derecognised.
Machine Spares whose use is irregular is classified as
Additionally, when a property given on rent is vacated
Capital Spares. Such Capital Spares are capitalised
and the managements intention is to use the vacated
as per Property, Plant & Equipment.
portion for the purpose of its own business needs,
Gains or losses arising on the disposal of Property, Investment Properties are reclassified as Buildings.
Plant and Equipment are determined as the difference
Investment Properties are depreciated using the
between the disposal proceeds and the carrying amount
Straight-Line Method over their estimated useful lives
of the Assets and are recognized in Profit or Loss within
which is consistent with the useful lives followed for
‘Other Income’ or ‘Other Expenses’ respectively.
depreciating Property, Plant and Equipment.
Depreciation on Property, Plant & Equipment other
1.5 Financial Instruments
than Continuous Process Plant is provided on pro-
rata basis following Straight Line Method considering Recognition, initial measurement and derecognition
estimated useful life at 25 years, based on technical
Financial Assets and Financial Liabilities are recognised
review by a Chartered Engineer. Depreciation on
when the Group becomes a party to the contractual
Continuous Process Plant is as per Schedule II of the
provisions of the Financial Instrument and are
Companies Act, 2013.
measured initially at fair value adjusted by transaction
Depreciation on certain Property, Plant & Equipment, costs, except for those carried at Fair Value through
which have been refurbished/ upgraded and put to Profit or Loss (FVTPL) which are measured initially at
further use are being depreciated on a pro rata basis fair value. Subsequent measurement of financial assets
considering their reassessed residual useful life which and financial liabilities is described below.
is not more than the life specified in Schedule II of the
Financial Assets are derecognized when the contractual
Companies Act, 2013.
rights to the cash flows from the Financial Asset
Depreciation on Tangible Assets other than Plant and expire, or when the Financial Asset and all substantial
Machinery, is provided on pro-rata basis following risks and rewards are transferred. A Financial Liability
Straight Line Method over the estimated useful lives is derecognized when it is extinguished, discharged,
of the Asset or over the lives of the Assets prescribed cancelled or expires.
under Schedule II of the Companies Act, 2013,
Classification and subsequent measurement of
whichever is lower. Based on internal review, the
financial assets
lower estimated useful lives of the following Assets
are found justifiable compared to the lives mentioned For the purpose of subsequent measurement,
in Schedule II of the Companies Act 2013: Financial Assets are classified into the following
categories upon initial recognition:
Asset category Estimated
Useful Life • Amortised Cost
(in years) • Financial Assets at FVTPL
Mobile Phones and Portable 2 years
All Financial Assets except for those at FVTPL are
Personal Computers
subject to review for impairment.
Assets given to employees under 5 years
Amortised Cost
Furniture Equipment Scheme
A Financial Asset shall be measured at amortised cost
Electrical items like Air Conditioners, 7 years
using effective interest rates if both of the following
Fans, Refrigerators etc.
conditions are met:
Sofa, Photocopier, Fax Machines, 5 years
a) the Financial Asset is held within a business
Motor Cars & Machine Spares
model whose objective is to hold Financial Assets
The residual values of all Assets are taken as NIL. in order to collect contractual Cash Flows; and
1.4 Investment Property b) the contractual terms of the financial asset give
Property that is held for long-term rental yields or for rise on specified dates to Cash Flows that are
capital appreciation or both, and that is not occupied solely payments of principal and interest on the
principal amount outstanding.

185
 CONSOLIDATED FINANCIAL STATEMENTS

The Group’s Cash and Cash Equivalents, trade the period in which the employees render the
and most other receivables fall into this category of related service are recognised at the amounts
Financial Instruments. expected to be paid when the liabilities are
settled. The liabilities are presented as current
A loss allowance for expected credit losses is
employee benefit obligation in Balance Sheet
recognised on Financial Assets carried at amortised
cost. Expected loss on individually significant (ii) Post-employment Obligations
receivables are considered for impairment when
Defined Contribution Plans
they are past due and based on Group’s historical
counterparty default rates and forecast of macro- Provident Fund : the Group transfers Provident
economic factors. Receivables that are not considered fund contributions to the Trust registered
to be individually significant are segmented by for maintenance of the fund and has no
reference to the industry and region of the counterparty further obligations on this account. These are
and other shared credit risk characteristics to evaluate recognised as and when they are due.
the expected credit loss. The expected credit loss Superannuation Fund : wherever applicable
estimate is then based on recent historical counterparty the Group contributes a sum equivalent to fixed
default rates for each identified segment. The Group percentage of eligible employees’ salary to the
has a diversified portfolio of Trade Receivables from fund administered by the trustees and managed
its different segments. Every business segment of the by Life Insurance Corporation of India (LIC) and
Group has calculated provision using a single loss rate has no further obligations on this account. These
for its receivables using its own historical trends and are recognised as and when they are due.
the nature of its receivables. There are no universal
Defined Benefit Plans
expected loss percentages for the Group as a whole,
The Group generally considers its receivables as Gratuity and Post Retirement Benefit plans :
impaired when they are 3 years past due. Considering The Defined Benefit Obligation is calculated
the historical trends and market information, the annually by actuary using the projected Unit
Group estimates that the provision computed on its Credit method. Re-measurement gains and
Trade Receivables is not materially different from the losses arising from experience adjustments
amount computed using expected credit loss method and changes in actuarial assumptions are
prescribed under Ind AS 109. Since the amount of recognised in the period in which they occur,
provision is not material for the Group as a whole, no directly in Other Comprehensive Income.
disclosures have been given in respect of expected They are included in Retained Earnings in the
credit losses. statement of changes in Equity. Changes in
present value of the Defined Benefit Obligation
Derivative Financial Instruments are carried at FVTPL. resulting from plan amendments or curtailments
1.6 Inventories are recognised immediately in Profit or Loss as
past service cost.
a) Inventories are valued at lower of Cost or Net
Realisable Value. For this purpose, the basis of (iii) Other long term Employee Benefit Obligations
ascertainment of Cost of the different types of The liabilities for leave encashment and long
inventories is as under – service awards are not expected to be settled
b) Raw materials & Trading goods, Stores & Spare wholly within 12 months after the end of the
parts and materials for turnkey projects on the period in which the employees render the
basis of Weighted Average Cost. related service. They are measured annually by
actuary using the Projected Unit Credit method.
c) Work-In-Progress on the basis of Weighted Re-measurement as a result of experience
Average Cost of raw materials and conversion adjustments and changes in actuarial
cost upto the relative stage of completion where assumptions are recognised in the period in
it can be reliably estimated. which they occur in Profit or Loss.
d) Finished Goods on the basis of Weighted 1.8 Government Grants
Average Cost of raw materials, conversion cost
and other related costs. a) Grants from the Government are recognised
at their Fair Value where there is a reasonable
e) Loose Tools are written-off over the economic assurance that the Grant will be received and the
OLIHH[FHSWLWHPVFRVWLQJXSWRൠZKLFKDUH group will comply with all attached conditions.
charged off in the year of issue.
b) Government Grants relating to income are
1.7 Employee Benefits deferred and recognised in the Profit or Loss
over the period necessary to match them with
(i) Short Term Obligations
the costs that they are intended to compensate
Liabilities for wages and salaries including and presented within other income.
non-monetary benefits that are expected to be c) Government Grants relating to the purchase of
settled wholly within 12 months after the end of Property, Plant and Equipment are included in

186
CONSOLIDATED FINANCIAL STATEMENTS

Non-Current Liabilities as deferred income and b) Contingent Liabilities are disclosed in respect of
are credited to Profit or Loss on a Straight-Line possible obligations that arise from past events
basis over the expected lives of the related but their existence is confirmed by the occurrence
assets and presented within other income. of one or more uncertain future events not wholly
within the control of the Group.
1.9 Foreign Currency Translation
c) Contingent Liabilities pertaining to various
a) Functional and Presentation Currency
Government Authorities are considered only
Items included in the Financial Statements on conversion of show cause notices issued by
of each of the Group’s entities are measured them into demand.
using the currency of the primary economic
1.12 Intangible Assets
environment in which the entity operates
(‘the Functional Currency’). The Consolidated a) Expenditure incurred for acquiring Intangible
Financial Statements are presented in Indian $VVHWV OLNH 6RIWZDUH FRVWLQJ ൠ  DQG
Rupee (INR), which is Group’s Functional and above and license to use software per item of
Presentation Currency. ൠ  DQG DERYH IURP ZKLFK HFRQRPLF
benefits will flow over a period of time, is
b) Transactions and Balances
amortised over the estimated useful life of the
Foreign Currency transactions are translated Asset or five years, whichever is earlier, from
into the Functional Currency using the exchange the time the Intangible Asset starts providing
rates at the dates of the transactions. Foreign the economic benefit.
Exchange Gains and Losses resulting from the
b) Brand value arising on acquisition are recognised
settlement of such transactions and from the
as an Asset and are amortised on a Straight Line
translation of Monetary Assets and Liabilities
Basis over 10 years.
denominated in foreign currencies at year end
exchange rates are generally recognised in c) Goodwill on acquisition is not amortised but
Profit or Loss. tested for impairment annually.
c) Group Companies d) In other cases, the expenditure is charged to
revenue in the year in which the expenditure is
The results and financial position of foreign
incurred.
operations that have a Functional Currency
different from the Presentation Currency are 1.13 Accounting for Research & Development
translated into the Presentation Currency as
a) Revenue Expenditure is shown under Primary
follows:
Head of Accounts with the total of such
x Assets and Liabilities are translated at the expenditure being disclosed in the Notes.
closing rate at the date of that Balance Sheet
b) Capital Expenditure relating to Research &
x Income and Expenses are translated at Development is treated in the same way as
average exchange rates, and other Fixed Assets.
x All resulting exchange differences are 1.14 Treatment of Grant / Subsidy
recognised in Other Comprehensive Income.
a) Revenue Grant/Subsidy in respect of Research
1.10 Segment Reporting & Development Expenditure is set off
against respective expenditure.
Operating Segments are reported in a manner
consistent with the internal reporting provided to b) Capital Grant/Subsidy against specific Fixed
the Chief Operating Decision Maker. Assets is set off against the cost of those Fixed
Assets.
The Board of Directors assesses the financial
performance and position of the Group, and makes c) When Grant/ Subsidy is received as
strategic decisions and have identified business compensation for extra cost associated with the
segment as its primary segment. establishment of manufacturing units or cannot
be related otherwise to any particular Fixed
1.11 Provisions, Contingent Liabilities and Capital
Assets the Grant/Subsidy so received is credited
Commitments
to Capital Reserve. On expiry of the stipulated
a) Provision is recognised when there is a present period set out in the scheme of Grant/Subsidy
obligation as a result of a past event and it is the same is transferred from Capital Reserve to
probable that an outflow of resources will be General Reserve.
required to settle the obligation in respect of
d) Revenue Grant in respect of organisation of
which a reliable estimate can be made. Provision
certain events is shown under Sundry Income
amount are discounted to their Present Value
and the related expenses there against under
where the impact of time value of money is
normal heads of expenditure.
expected to be material.

187
 CONSOLIDATED FINANCIAL STATEMENTS

1.15 Impairment of Assets taxable income and expenses and specific limits on the
use of any unused tax loss or credit.
An assessment is made at each Balance Sheet
date to determine whether there is an indication Changes in Deferred Tax Assets or Liabilities are
of impairment of the Carrying Amount of the Fixed recognised as a component of tax income or expense in
Assets. If any indication exists, an Asset’s recoverable Profit or Loss, except where they relate to items that are
amount is estimated. An impairment loss is recognised recognized in Other Comprehensive income or directly
whenever the Carrying amount of the Asset exceeds in Equity, in which case the related Deferred Tax is also
the Recoverable amount. recognized in Other Comprehensive Income or Equity,
respectively.
The recoverable amount of an Asset or a cash-
generating unit is the higher of its Fair Value less costs Deferred Tax Liabilities are not recognised for temporary
to sell and its value in use. differences between the carrying amount and tax
bases of investments in Subsidiaries, Branches and
Value in use is the present value of the future cash
Associates and interest in Joint Arrangements where
flows expected to be derived from an Asset or cash-
the Group is able to control the timing of the reversal
generating unit using an appropriate discount factor.
of the temporary differences and it is probable that the
1.16 Income Taxes differences will not reverse in the foreseeable future.
Tax expense recognized in Profit or Loss comprises the 1.17 Leases
sum of Deferred Tax and Current Tax not recognized in
The Group as a Lessee
Other Comprehensive Income or directly in Equity.
The Group considers whether a contract is, or contains
Current Tax is payable on taxable profit, which differs
a Lease. A Lease is defined as ‘a contract, or part of
from Profit or Loss in the Financial Statements.
a contract, that conveys the Right to Use an Asset
Calculation of Current Tax is based on tax rates and tax
(the underlying Asset) for a period of time in exchange
laws that have been enacted or substantively enacted
for consideration’. To apply this definition, the Group
by the end of the reporting period.
assesses whether the contract meets three key
Deferred income taxes are calculated using the Liability evaluations of whether:
Method on temporary differences between the carrying
a) The contract contains an identified Asset, which
amounts of Assets and Liabilities and their tax bases.
is either explicitly identified in the contract or
However, Deferred Tax is not provided on the initial
implicitly specified by being identified at the time
recognition of an Asset or Liability unless the related
the Asset is made available to the Group.
transaction is a business combination or affects tax or
Accounting Profit. Deferred Tax Assets and Liabilities b) The Group has the right to obtain substantially
are calculated, without discounting, at tax rates that are all of the economic benefits from use of the
expected to apply to their respective period of realization, identified asset throughout the period of use,
provided those rates are enacted or substantively considering its rights within the defined scope of
enacted by the end of the reporting period. the contract.
Deferred Tax Asset (‘DTA’) is recognized for all c) The Group has the right to direct the use of the
deductible temporary differences, carry forward of identified Asset throughout the period of use.
unused tax credit and unused tax losses, to the extent
Measurement and Recognition of Leases
that it is probable that taxable profit will be available
against which deductible temporary difference, and At Lease commencement date, the Group recognises
the carry forward of unused tax credits and unused a Right-of-Use Asset and a Lease Liability. The Right-
tax losses can be utilized or to the extent of taxable of-Use asset is measured at cost, which includes the
temporary differences except: initial measurement of the Lease Liability, any initial
direct costs incurred by the Group, an estimate of
- Where the DTA relating to the deductible temporary
any costs to dismantle and remove the Asset at the
difference arises from the initial recognition of an
end of the Lease, and any lease payments made in
Asset or Liability in a transaction that is not a business
advance of the lease commencement date (net of any
combination; and at the time of the transaction, affects
incentives received).
neither Accounting Profit nor Taxable Profit or Loss.
The Group depreciates the Right-of-Use Asset on a
- in respect of deductible temporary differences arising
Straight-Line basis from the lease commencement
from investments in Subsidiaries, Branches and
date to the earlier of the end of the useful life of the
Associates, and interests in Joint Arrangements,
Right-of-Use Asset or the end of the Lease term. The
to the extent that, and only to the extent that, it is
Group also assesses the Right-of-Uuse Asset for
probable that the temporary difference will reverse
impairment when any indicators exist.
in the foreseeable future; and taxable profit will be
available against which the temporary difference can At lease commencement date, the Group measures
be utilized. the Lease Liability at the present value of the lease
payments unpaid at that date, discounted using the
This is assessed based on the Group’s forecast of
interest rate implicit in the lease if that rate is readily
future operating results, adjusted for significant non-

188
CONSOLIDATED FINANCIAL STATEMENTS

available or the Group’s incremental borrowing rate. capital balance and is charged to Profit or Loss, as
Lease payments included in the measurement of the finance costs over the period of the lease.
Lease Liability are made up of fixed payments, variable
Operating Leases
payments based on an index or rate, amounts expected
to be payable under a residual value guarantee and All other leases are treated as Operating Leases.
payments arising from options reasonably certain to Lease rentals for Operating Leases is recognised in
be exercised. Profit and Loss on a Straight-Line basis over the lease
term unless the rentals are structured to increase in
Subsequent to the initial measurement, the Liability
line with expected general inflation to compensate for
will be reduced for payments made and increased for
the expected inflationary cost increases.
interest. It is remeasured to reflect any reassessment
or modification, or if there are changes in fixed 1.18 Revenue Recognition
payments. When the Lease Liability is remeasured,
Revenue is measured as the Fair Value of consideration
the corresponding adjustment is reflected in the Right-
received or receivable, excluding Goods and Services
of-Use Asset, or Profit and Loss if the Right-of-Use
Tax.
Asset is already reduced to zero.
Sale of Goods
The Group has elected to account for short-term leases
i.e. for leases for period less than 12 months and When the control over goods is transferred to the
leases of low-value i.e. value of Leased Asset which buyer and no significant uncertainty exists regarding
LVOHVVWKDQൠXVLQJWKHSUDFWLFDOH[SHGLHQWV the amount of consideration that is derived from the
Instead of recognising a Right-of-Use Asset and sale of goods.
Lease Liability, the payments in relation to these
are recognised as an expense in Profit or Loss on a Services Rendered:
Straight-line basis over the lease term. In the Balance a) When control over the service rendered in full or
Sheet, Right-of-Use Assets have been disclosed under part is recognized by the buyer and no significant
Non-Current Assets and Lease Liabilities have been uncertainty exists regarding the amount of
disclosed under Financial Liabilities. consideration that is derived from rendering the
The Group as a Lessor services.

The Group classifies leases as either Operating or b) In case of Project activities: As per the Percentage
Finance Leases. A Lease is classified as a Finance of Completion method after progress of work
Lease if the Group transfers substantially all the risks to a reasonable extent for which control can be
and rewards incidental to ownership of the underlying transferred to the buyer.
Asset to the lessee, and classifies it as an operating c) In cases where the Group collects consideration on
Lease if otherwise. account of another party, it recognises revenue as
For the comparative information (i.e. till March 31, the net amount retained on its own account.
2019) the Group followed the following Accounting Other Income:
Policy:
a) Interest on a time proportion basis using the
Finance Leases Effective Interest Rate method
Management applies judgement in considering the b) Dividend from investments in shares on
substance of a lease agreement and whether it transfers establishment of the Group’s right to receive.
substantially all the risks and rewards incidental to
ownership of the Leased Asset. Key factors considered c) Royalties are recognised on accrual basis in
include the length of the lease term in relation to the accordance with the substance of the relevant
economic life of the Asset, the present value of the agreement
minimum lease payments in relation to the Asset’s Fair d) Export incentives are recognised as income
Value, and whether the Group obtains ownership of the only at the time when there is no significant
Asset at the end of the lease term. Where the Group is uncertainty as to its measurability and ultimate
a Lessee in this type of arrangement, the related Asset realisation.
is recognized at the inception of the Lease at the Fair
Value of the leased asset or, if lower, the Present Value For determining the transaction price, the Group
of the lease payments plus incidental payments, if any. measures the revenue in respect of each performance
A corresponding amount is recognized as a Finance obligation of a contract at its relative standalone selling
Lease Liability. price.

The Assets held under Finance Leases are depreciated The Group accounts for volume discounts and pricing
over their estimated useful lives or lease term, incentives to a buyer as a reduction of revenue based
whichever is lower. The corresponding Finance Lease on the ratable allocation of the discounts/incentives
Liability is reduced by lease payments net of finance to each of the underlying performance obligation that
charges. The interest element of lease payments corresponds to the progress by the buyer towards
represents a constant proportion of the outstanding earning the discount/ incentive.

189
 CONSOLIDATED FINANCIAL STATEMENTS

Term of returns, refunds etc. are agreed with the buyers current period as a result of error or omission in the
on a case to case basis upon mutually accepted terms preparation of Prior Period’s Financial Statement
and conditions. The impact of returns and refunds is are corrected retrospectively in the first set of
negligible on the turnover of the Group. Financial Statements approved for issue after their
discovery by:
As a practical expedient, as given in Ind AS 115, the
Group has not disclosed the remaining performance a) restating the comparative amounts for the prior
obligation related disclosures for contracts where period(s) presented in which the error occurred; or
the revenue recognized from the satisfaction of the
b) if the error occurred before the earliest prior period
performance obligation corresponds directly with the
presented, restating the opening balances of
value to the customer of the entity’s performance
Assets, Liabilities and Equity for the earliest prior
completed to date especially in relation to those
period presented.
contracts where invoicing is on time and material basis.
c) $Q\LWHPVH[FHHGLQJUXSHHVWZHQW\ILYHODFVൠ
Significant Payment Terms:
Lacs) shall be considered as material Prior Period
Payment is generally received either in cash or based Item.
on credit terms. Credit terms are agreed to with the
d) Retrospective restatement shall be done except to
buyers and is generally in line with the respective
the extent that it is impracticable to determine either
industry standards.
the period specific effects or the cumulative effect of
1.19 Borrowing Costs the error. When it is impracticable to determine the
period specific effects of an error on comparative
General and specific Borrowing Costs that are
information for one or more prior periods presented,
directly attributable to the acquisition, construction
the Group shall restate the opening balances of
or production of a Pualifying Asset are capitalised
Assets, Liabilities and Equity for the earliest prior
during the period of time that is required to complete
period for which retrospective restatement is
and prepare the Asset for its intended use or sale.
practicable (which may be the current period).
Qualifying Assets are Assets that necessarily take a
substantial period of time to get ready for their intended 1.22 Earnings Per Share
use or sale. Other Borrowing Costs are recognised as
Basic Earnings Per Share are calculated by dividing
expense in the period in which they are incurred.
the Net Profit or Loss (excluding Other Comprehensive
1.20 Cash Flow Statement Income) for the year attributable to Equity Shareholders
by the Weighted Average Number of Equity shares
Cash Flow Statement, as per Ind AS – 7, is prepared
outstanding during the year. The Weighted Average
using the Indirect Method, whereby profit for the
Number of Equity shares outstanding during the year
period is adjusted for the effects of transactions of a
is adjusted for events such as Bonus Issue, Share
non-cash nature, any deferrals or accruals of past or
Splits or Consolidation that have changed the number
future operating cash receipts or payments and items
of equity shares outstanding without a change in
of income or expenses associated with Investing or
corresponding change in resources. For the purpose of
Financing cash flows. The Cash Flows from operating,
calculating Diluted Earnings Per Share, the Net Profit
Investing and Financing activities of the Group are
or Loss (excluding Other Comprehensive Income)
segregated.
for the year attributable to Equity Shareholders and
1.21 Prior Period Items the Weighted Average Number of Equity Shares
outstanding during the year are adjusted for the effects
Material Prior Period Items which arise in the
of Dilutive Potential Equity Shares.

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

190
 Notes to the Consolidated Financial Statements for the year ended 31st March 2020

Note No 2.
Property, Plant and Equipment
ൠLQ/DNKV
Property, Plant and Equipment
Particulars Land - Land - Building Plant & Spares for Electrical Furniture Typewriter, Tubewell, Lab Railway Vehicles Total
Freehold Leasehold* & Sidings Machinery Plant & Installation & Accounting Tanks and Equipment Sidings
Machinery & Fittings Machine Miscellaneous
Equipment and Office Equipment
Equipment
Gross Block
Balance as at 1 April 2019 2,419.41 3,203.81 29,400.54 19,542.61 21.22 4,229.17 1,113.43 2,060.24 2,089.94 712.12 1,016.11 362.87 66,171.47
Transfer to Right of Use Asset* - (3,203.81) - - - - - - - - - - (3,203.81)
Additions 9.08 - 10,362.47 2,079.56 35.56 515.89 380.37 351.01 236.38 15.15 - 40.39 14,025.86
Disposal of Assets - - - (119.45) (3.57) (87.28) (15.78) (81.89) (26.14) (2.53) - (35.43) (372.07)
Gross Block as at Mar 31 2020 2,428.49 - 39,763.01 21,502.73 53.21 4,657.78 1,478.02 2,329.36 2,300.18 724.74 1,016.11 367.83 76,621.45

Accumulated Depreciation
Balance as at 1 April 2019 - 253.03 2,006.33 3,329.90 10.32 1,268.47 305.97 1,294.86 668.78 306.49 92.72 315.52 9,852.38
CONSOLIDATED FINANCIAL STATEMENTS

Transfer to Right of Use Asset* - (253.03) - - - - - - - - - - (253.03)

Depreciation charge for the year - - 997.58 1,025.50 3.80 506.00 148.66 318.83 227.51 81.41 98.08 19.42 3,426.78
Disposal of Assets - - - (115.73) (3.57) (84.41) (15.61) (81.19) (25.94) (2.53) - (33.83) (362.81)
Accumulated Depreciation as at - - 3,003.91 4,239.67 10.55 1,690.05 439.02 1,532.50 870.35 385.37 190.81 301.11 12,663.33
Mar 31 2020

Net Block as at Mar 31 2020 2,428.49 - 36,759.11 17,263.06 42.66 2,967.73 1,039.00 796.86 1,429.83 339.36 825.30 66.73 63,958.13
Net Block as at Mar 31 2019 2,419.41 2,950.78 27,394.21 16,212.72 10.90 2,960.70 807.46 765.38 1,421.16 405.63 923.39 47.36 56,319.08

*After the application of IND AS 116 w.e.f. 1st April, 2019, the balance of Land Leasehold as appearing in books have been transferred to Right of Use Assets (Refer Note No. 3).

191
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020
Note No 3.
Right of Use Assets
ൠLQ/DNKV
Right of Use Assets
Particulars Land - Buildings Plant & Electrical Total
Leasehold* Machinery Equipments
Gross Block
Balance as at 1 April 2019 - - - - -
Transfer from Land Leasehold* 3,203.81 - - - 3,203.81
Additions 46.00 10,178.67 1,096.88 30.85 11,352.40
Gross Block as at Mar 31 2020 3,249.81 10,178.67 1,096.88 30.85 14,556.21

Accumulated Depreciation
Balance as at 1 April 2019 - - - - -
Transfer from Land - Leasehold* 253.00 - - - 253.00
Depreciation charge for the year 63.54 917.67 616.33 22.52 1,620.06
Accumulated Depreciation as at Mar 31 2020 316.54 917.67 616.33 22.52 1,873.06

Net Block as at Mar 31 2020 2,933.27 9,260.99 480.55 8.34 12,683.15

Net Block as at Mar 31 2019 - - - - -

*Consequent to the application of IND AS 116 w.e.f. 1st April, 2019, the balance of Land-Leasehold as appearing in the books have been
transferred to Right of Use Assets (Refer Note No. 2).

Note No. 4
Investment Properties
ൠLQ/DNKV
Gross Carrying Amount (Deemed Cost)
As at 1 April 2018 118.41
Additions -
Disposals/adjustments -
Net Investment Property - Reclassified -
Balance as at 31 March 2019 118.41
Additions -
Disposals/adjustments -
Net Investment Property - Reclassified (0.14)
Balance as at 31 March 2020 118.27

Accumulated Depreciation
At 1 April 2018 4.87
Depreciation charge for the year 2.16
Disposals/adjustments for the year -
Balance as at 31 March 2019 7.03
Depreciation charge for the year 2.82
Investment Property - Reclassified (0.10)
Balance as at 31 March 2020 9.75

Net Book Value as at 31 March 2020 108.53

Net Book Value as at 31 March 2019 111.39
Investment Property is recognised and valued using Cost Model. Depreciation is calculated using Straight Line Method on the basis of
useful life of assets
(i) Contractual Obligations
There is no contractual commitment for the acquisition of Investment Property.

(ii) Capitalised Borrowing Cost

No borrowing costs were capitalised during the year ended 31 March 2020 or previous year ended 31 March 2019.

(iii) Restrictions
There are no restrictions on remittance of income receipts or receipt of proceeds from disposals.

192
CONSOLIDATED FINANCIAL STATEMENTS

(iv) Amount recognised in Profit and Loss for Investment Properties ൠLQ/DNKV
Particulars 31 March 2020 31 March 2019
Rental income 167.60 244.40
Less: Direct operating expenses that generated rental income 21.98 201.01
Less: Direct operating expenses that did not generated rental income 193.27 103.78
Profit/ (Loss) from leasing of Investment Properties (47.65) (60.38)

(v) Leasing Arrangements

Certain Investment Properties are leased to tenants under Long-Term Operating Leases with rentals payable monthly. These are all
cancellable leases.

(vi) Fair Value ൠLQ/DNKV

Particulars 31 March 2020 31 March 2019
Fair Value 4,317.73 4,168.59

The Company obtains independent valuations for its Investment Properties at least annually. The best evidence of Fair Value is current
prices in an active market for similar properties. Where such information is not available, the Company considers information from a
variety of sources including:
a) Current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted
to reflect those differences.
b) Discounted Cash Flow projections based on reliable estimates of Future Cash Flows.
c) Restrictions on remittance of income receipts or receipt of proceeds from disposals.
d) Capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate derived from an
analysis of market evidence.
e) The Fair Values of Investment Properties have been determined by external valuer. The main inputs used are rental growth rates,
expected vacancy rates, terminal yield and discount rates based on industry data.

Note No. 5
Intangible Assets
ൠLQ/DNKV
Particulars Softwares Brand Value Total

Gross Carrying Amount

Balance as at 1 April 2018 745.19 332.63 1,077.82
Additions 18.96 - 18.96
Disposals/adjustments - - -
Balance as at 31 March 2019 764.15 332.63 1,096.79
Additions 7.76 - 7.76
Disposals/adjustments - - -
Balance as at 31 March 2020 771.91 332.63 1,104.55

Accumulated Amortisation
Balance as at 1 April 2018 436.56 114.00 550.56
Amortisation charge for the year 117.15 38.00 155.15
Disposals/adjustments for the year - - -
Impairment - - -
Balance as at 31 March 2019 553.71 152.00 705.71
Amortisation charge for the year 85.47 38.00 123.47
Disposals/adjustments for the year - - -
Balance as at 31 March 2020 639.18 190.00 829.18

Net Book Value as at 31 March 2020 132.73 142.63 275.37

Net Book Value as at 31 March 2019 210.44 180.63 391.08

193
 CONSOLIDATED FINANCIAL STATEMENTS

Note No.6
Financial Assets-Investments (Non-Current) *
Unquoted, unless otherwise stated ൠLQ/DNKV
As at 31 March 2020 As at 31 March 2019
Name of the Body Corporate No of No of
Amount Amount
Shares Shares
(A) Trade Investments
Investment in Equity Instruments
(Fully paid stated at Cost)
(i) In Joint Venture Companies
Balmer Lawrie -Van Leer Ltd. 8,601,277 7,346.29 8,601,277 7,113.20
2UGLQDU\(TXLW\6KDUHVRIൠHDFK
Transafe Services Ltd.
2UGLQDU\(TXLW\6KDUHVRIൠHDFK 11,361,999 1,165.12 11,361,999 1,165.12
Less : Provision for diminution in value (1,165.12) (1,165.12)
Balmer Lawrie (UAE) LLC 9,800 28,336.39 9,800 23,651.76
(Ordinary Equity Shares of AED 1,000 each)
PT Balmer lawrie Indonesia** 2,000,000 - 2,000,000 -
(Equity Shares of par value of Indonesian Rupiah (IDR) 10,000 each)
(ii) In Subsidiary Companies
Balmer Lawrie (UK) Ltd.*** 100 - 100 -
(Ordinary Equity Shares of GBP 1 each)
Vishakapatnam Port Logistics Park Ltd 81,038,978 - 81,038,978 -
2UGLQDU\(TXLW\6KDUHVRIൠHDFK
(iii) In Associate Company
AVI-OIL India (P) Ltd. 4,500,000 1,667.36 4,500,000 1,592.07
2UGLQDU\(TXLW\6KDUHVRIൠHDFK
Investments in Preference Shares
(Fully paid stated at Cost)
Transafe Services Ltd.
&XPXODWLYH5HGHHPDEOH3UHIHUHQFHVKDUHVRIൠHDFK 13,300,000 1,330.00 13,300,000 1,330.00
Less : Provision for diminution in value (1,330.00) (1,330.00)
Sub Total 37,350.04 32,357.03
(B) Other Investments
(Fully paid stated at Cost)
Bridge & Roof Co. (India) Ltd. 357,591 14.01 357,591 14.01
2UGLQDU\(TXLW\6KDUHVRIൠHDFK

Biecco Lawrie Ltd. 195,900 - 195,900 -

2UGLQDU\(TXLW\6KDUHVRIൠHDFK
&DUULHGLQERRNVDWDYDOXHRIൠRQO\QHWRII3URYLVLRQIRUGLPLQXWLRQLQYDOXH

RC Hobbytech Solution Pvt Ltd 5,555 74.99 5,555 74.99

Less: Transfer to Incubator (1,111) (15.00) - -
2UGLQDU\(TXLW\6KDUHVRIൠHDFKLQFOXGLQJSUHPLXP

Kanpur Flowercycling Pvt. Ltd. 626 60.05 626 60.05

Less: Transfer to Incubator (147) (14.10) - -
2UGLQDU\(TXLW\6KDUHVRIൠHDFKLQFOXGLQJSUHPLXP

Woodlands Multispeciality Hospitals Ltd. 8,850 0.45 8,850 0.45

2UGLQDU\(TXLW\6KDUHVRIൠHDFK

Sub Total 120.40 149.50

Total 37,470.44 32,506.53

Aggregate amount of Quoted Investments at Cost - -
Aggregate amount of Unquoted Investments at Cost 37,470.44 32,506.53
Total 37,470.44 32,506.53

*These investments are carried as Fair Value through Profit and Loss and their carrying value approximates their Fair Value.
** Refer details given in Note No. 42.10 of the Notes to Accounts for the year.
*** Refer details given in Note No. 42.9 of the Notes to Accounts for the year.

194
CONSOLIDATED FINANCIAL STATEMENTS

Note No.7
Financial Assets-Loans ( Non - Current) ൠLQ/DNKV
As at As at
31 March 2020 31 March 2019
Secured considered good
Other Loans 217.62 240.89
Unsecured considered good
Loans to Transafe Services Ltd. - 180.00
Doubtful
Loans to Transafe Services Ltd. 180.00 -
Others 24.92 24.92
Provision for Doubtful Loans
Loans to Transafe Services Ltd.* (180.00) -
Others (24.92) (24.92)
Total 217.62 420.89
* Refer details given in Note No. 42.1(b) of the Notes to Accounts for the year.

Note No.8
Financial Assets-Others ( Non- Current) ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019
Unsecured
Other Receivables- considered good 69.41 84.81
Dues from Transafe Services Ltd.- doubtful 80.87 80.87
Less : Provision thereof (80.87) (80.87)
Total 69.41 84.81

Note No.9 ൠLQ/DNKV

Deferred Tax Liabilities As at 31 As at 31
March 2020 March 2019

Deferred Tax Liability arising on account of :

Property, Plant and Equipment (4,682.06) (6,157.70)

Deferred Tax Asset arising on account of :

Adjustment for VRS expenditure - 118.49
Provision for loans, debts, deposits & advances 1,455.12 2,885.22
Defined Benefit Plans 1,474.31 1,221.38
Provision for Inventory 100.32 139.88
Provision for dimunition in Investment 593.29 871.89
Net Liability due to profit transfer of Group Companies (7,775.00) (6,444.79)
Impairment of Assets - 6.77
Others - (5.17)

Total (8,834.02) (7,364.03)

Movement in Deferred Tax Liabilities

ൠLQ/DNKV
Recognised in
Recognised
As at 31 March Other As at 31 March
Particulars in Profit and
2019 Comprehensive 2020
Loss
Income

Property, Plant and Equipment (6,157.70) 1,475.64 - (4,682.06)

Adjustment for VRS expenditure 118.49 (118.49) - -
Provision for loans, debts, deposits & advances 2,885.22 (1,430.10) - 1,455.12
Defined Benefit Plans 1,221.38 33.46 219.47 1,474.31
Provision for Inventory 139.88 (39.56) - 100.32
Provision for dimunition in Investment 871.89 (278.60) - 593.29
Net Liability due to profit transfer of Group Companies (6,444.79) - (1,330.21) (7,775.00)
Impairment of Assets 6.77 (6.77) - -
Others (5.17) 5.17 - -
Total (7,364.03) (359.25) (1,110.75) (8,834.02)
359.25 219.47

195
 CONSOLIDATED FINANCIAL STATEMENTS

Note No.10
Non Financial Assets - Others ( Non - Current) ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019
Security Deposits 683.19 690.46
Capital Advances 119.37 177.40
Balances with Government Authorities 270.60 267.14
Prepaid Expenses 20.73 7,781.56
Others 70.51 83.29
Total 1,164.40 8,999.85

Note No.11
Inventories ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019
Raw Materials and Components 9,087.64 9,352.96
Goods-in-transit 0.06 -
Slow Moving & Non Moving 205.59 168.45
Less: Adjustment for Slow Moving & Non Moving (145.96) (121.06)
Total - Raw Materials and Components 9,147.33 9,400.35

Work in Progress 1,177.56 966.40

Slow Moving & Non Moving - -
Less; Adjustment for Slow moving & Non moving - -
Total - Work in Progress 1,177.56 966.40

Finished Goods 3,289.08 2,882.55

Goods-in transit 30.35 120.74
Slow Moving & Non moving 143.37 199.05
Less: Adjustment for Slow Moving & Non Moving (83.08) (118.09)
Total - Finished Goods 3,379.72 3,084.25

Stores and Spares 740.10 770.82

Slow moving & non moving 230.55 232.64
Less: Adjustment for Slow Moving & Non Moving (169.56) (161.15)
Total - Stores and Spares 801.09 842.31
Total 14,505.70 14,293.31
[Refer to Point No.1.6 of "Significant Accounting Policies" for method of valuation of Inventories]

Note No.12
Trade Receivables ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019

Considered good - Unsecured 27,350.78 27,629.10

Tarde Receivables- Credit Impaired 1,468.11 1,279.07
Less: Provision for Impairment (1,468.11) (1,279.07)

Grand Total 27,350.78 27,629.10

Trade receivables outstanding for a period less than six months

Considered good - Unsecured 25,118.86 24,938.40
Trade Receivables- Credit Impaired 8.64 81.90
Less: Provision for Impairment (8.64) (81.90)
Sub Total 25,118.86 24,938.40

Trade receivables outstanding for a period exceeding six months

Considered good - Unsecured 2,231.92 2,690.70
Trade Receivables- Credit Impaired 1,459.47 1,197.17
Less: Provision for Impairment (1,459.47) (1,197.17)
Sub Total 2,231.92 2,690.70

Total 27,350.78 27,629.10

196
CONSOLIDATED FINANCIAL STATEMENTS

Note No.13
Cash and Cash Equivalents ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019

Cash in hand 9.29 3.75

Balances with Banks - Current Account 2,256.96 5,494.84

Total 2,266.25 5,498.59

There are no repatriation restrictions with respect to Cash and Bank balances available with the Company.

Note No.14
Other Bank Balances ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019

Unclaimed Dividend Accounts 459.46 363.19

Bank Term Deposits 42,451.09 38,630.13
Margin Money deposit with Banks 84.45 77.79

Total 42,995.00 39,071.11

Note No.15
Financial Assets -Loans ( Current) ൠLQ/DNKV
As at 31 As at 31 As at 31
March 2020 March 2020 March 2019
Loans Receivables Considered good- Secured
Loans (to employees) 54.05 53.45
Loans Receivables Considered good- Unsecured
Other Advances (to employees) 27.74 30.70
Other Loans and advances 795.68 1,115.83

Total 877.47 1,199.98

Note No.16
Other Financial Assets ( Current) ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019
Unsecured
Accrued Income 2,395.59 2,226.70
Security Deposits 766.38 908.38
Other Receivables -Considered good 17,009.00 21,640.30
Other Receivables - Considered Doubtful 2,865.89 2,758.79
Less - Provision for doubtful Other Receivables (2,865.89) (2,758.79)

Total 20,170.97 24,775.38

Note No.17
Non Financial Assets ( Current) ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019

Balances with Government Authorities 3,260.68 1,612.19

Prepaid Expenses 558.73 848.11
Advances to Contractors & Suppliers -Considered good 2,007.72 2,011.60
Advances to Contractors & Suppliers -Doubtful 764.31 716.06
Less : Provision for Doubtful Advances to Contractors & Suppliers (764.31) (716.06)
Others 1,226.02 724.37

Total 7,053.15 5,196.27

197
 CONSOLIDATED FINANCIAL STATEMENTS

Note No 18
Equity Share Capital ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019
Authorised Capital
3UHYLRXV<HDU(TXLW\6KDUHVRIൠHDFK 30,000.00 30,000.00
30,000.00 30,000.00
Issued and Subscribed Capital
3UHYLRXV<HDU(TXLW\6KDUHVRIൠHDFK 11,400.25 11,400.25
57,001,282 Bonus Shares issued during the year (Previous Year Nil) 5,700.13 -
17,100.38 11,400.25

Paid-up Capital 11,400.25 11,400.25

3UHYLRXV<HDU(TXLW\6KDUHVRIൠHDFK 5,700.13 -
57,001,282 Bonus Shares issued during the year (Previous Year Nil) 17,100.38 11,400.25

a) Reconciliation of Equity Shares outstanding at the beginning and at the end of the year.
31 March 2020 31 March 2019
No of shares Amount No of shares Amount
Equity Shares at the beginning of the year 114,002,564 11,400.25 114,002,564 11,400.25
Bonus Shares issued during the year 57,001,282 5,700.13 - -
Equity Shares at the end of the year 171,003,846 17,100.38 114,002,564 11,400.25

b) Rights/preferences/restrictions attached to Equity Shares

7KH&RPSDQ\KDVRQHFODVVRI(TXLW\6KDUHVKDYLQJDSDUYDOXHRIൠSHUVKDUH(DFK6KDUHKROGHULVHOLJLEOHIRURQHYRWHSHUVKDUH
held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.

c) Details of shareholders holding more than 5% shares in the Company

As at 31 March 2020 As at 31 March 2019
Particulars of Shareholder No of shares % holding No of shares % holding

Balmer Lawrie Investments Ltd. 105,679,350 61.80% 70,452,900 61.80%

i) There are no other shareholders holding 5% or more in the Issued Share Capital of the Company.

Note No 19
Other Equity ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019

Securities Premium 3,626.77 3,626.77

General Reserve 29,903.69 35,603.82
Retained Earnings 105,832.39 100,835.80
Foreign Currency Translation Reserve 135.96 1,026.22
Other Comprehensive Income Reserve (OCI) (1,215.94) (539.77)
Minority Interest (985.93) (344.02)
Total (Other Equity) 137,296.94 140,208.82

As at 31 As at 31
March 2020 March 2019
Securities Premium
Opening balance 3,626.77 3,626.77
Add: Shares issued during the year - -
Sub total (A) 3,626.77 3,626.77

General Reserve
Opening balance 35,603.82 35,603.82
Less : Bonus Shares issued during the year (5,700.13) -
Amount transferred from Retained Earnings - -
Sub total (B) 29,903.69 35,603.82

198
CONSOLIDATED FINANCIAL STATEMENTS

Retained Earnings
Opening balance 99,613.31 93,732.13

Add : Net Profit for the year 15,480.91 19,694.87

Less : Appropriations
Equity Dividend (12,540.29) (11,400.26)
Tax on Equity Dividend (2,578.28) (2,413.43)
Retained Earnings adjustments 4,634.25 -
Re-measurement Gain/Loss - -
Net surplus in Retained Earnings (C) 104,609.90 99,613.31

Foreign Currency Translation Reserve

Opening balance 1,026.22 1,109.62
Movement (890.26) (83.40)
Sub Total (D) 135.96 1,026.22

Other Comprehensive Income (OCI) Reserve

Opening balance (539.77) 100.14
Movement (676.17) (639.91)
Sub Total (E) (1,215.94) (539.77)

Minority Interest
Opening balance (344.02) (121.38)
Movement (641.91) (222.64)
Sub Total (F) (985.93) (344.02)

Total (A+B+C+D+E+F) 136,074.45 138,986.33

Nature and Purpose of Reserves within Other Equity

Securities Premium
Securities Premium represents premium received on issue of shares. This shall be utilised in accordance with the provisions of the
Companies Act, 2013.

General Reserve
General Reserve is a Free Reserve which is used from time to time to transfer profits from Retained Earnings for appropriation purposes.

Retained Earnings
Retained Earnings are the portion of Company's net income that is left out after distributing dividends to shareholders. These are kept
aside by the Company for reinvesting it in the main business.

Foreign Currency Translation Reserve

This is generated on account of two principal reasons
(i) The amount generated out of conversion of Balance Sheet items at year end rate and P&L items at average rate.
(ii) The amount generated on account of difference of conversions between previous year and current year rates

Other Comprehensive Income (OCI)

(i) The Company has elected to recognise changes in the Fair Value of certain investments in Equity securities in Other Comprehensive
Income. These changes are accumulated within the Fair Value through Other Comprehensive Income (FVOCI) Equity Investments
Reserve within equity. The Company transfers amounts from this reserve to Retained Earnings when the relevant Equity securities are
derecognised.
(ii) The Company has recognised remeasurement benefits on defined benefits plans through Other Comprehensive Income.

Note No.20
Financial Liabilities (Non - Current) ൠLQ/DNKV
As at 31 As at 31
March 2020 March 2019

Borrowings*- Secured 9,407.85 7,608.24

Other Financial Liabilities
Deposits- Unsecured 16.23 7.70
Total 9,424.08 7,615.94

199
 CONSOLIDATED FINANCIAL STATEMENTS

*Borrowings include:-
L7KH+ROGLQJ&RPSDQ\KDVDYDLOHG7HUP/RDQRIൠ&URUHVIRULWVLQWHJUDWHGFROGFKDLQIDFLOLWLHVDW5DLDQG3DWDOJDQJDIURP6WDQGDUG
Chartered Bank to obtain Grant - in- aid from Ministry of Food Processing Industries (MoFPI). The Term Loan has an interest rate as
6 months MCLR applicable at the time of disbursement of Term Loan. The Loan is secured against the Fixed and Movable Assets of
Temperature Controlled Warehouses at Rai and Patalganga respectively. The Loan is repayable in 12 half yearly equal instalments
starting from 18 months from the date of first drawal.
LL93/3/DVXEVLGLDU\RIWKHFRPSDQ\KDVDYDLOHGൠFURUHVDVORDQRXWRIVDQFWLRQHGORDQRI5VFURUHVDWDUDWHRIEDVLV
point above three months MCLR rate. This loan is secured by first charge on the entire Fixed Assets (present and future) of VPLPL
and equitable mortgage on the leasehold right of project land.

Note No.21 ൠLQ/DNKV

Provisions ( Non - Current) As at 31 As at 31
March 2020 March 2019
Actuarial Provision 2,551.55 2,249.76
Long term Provisions 1,776.26 1,912.67
Total 4,327.81 4,162.43

Note No.22 ൠLQ/DNKV

Non Financial Liabilities - Others ( Non - Current) As at 31 As at 31
March 2020 March 2019
Advance from Customers 8.55 3.55
Others 425.64 256.96
Total 434.19 260.51

Note No.23 ൠLQ/DNKV

Financial Liabilities ( Current) As at 31 As at 31
March 2020 March 2019
Borrowings- Secured 152.99 161.86
Trade Payables- Unsecured
Payable to micro and small enterprises 328.26 324.16
Other Trade Payables 21,832.89 28,974.92
Sub Total 22,161.15 29,299.08

Total 22,314.14 29,460.94

*Borrowings refer details given in Note No. 20

Note No.24 ൠLQ/DNKV

Other Financial Liabilities (Current) As at 31 As at 31
March 2020 March 2019

Current Maturities of Long Term Borrowings 264.22 306.39

Unclaimed Dividend * 459.46 363.19
Security Deposits 3,435.14 3,527.11
Other Liabilities 8,759.08 9,098.44
Total 12,917.90 13,295.13

* There is no amount due and outstanding as at Balance Sheet date to be credited to Investor Education and Protection Fund.

Note No.25 ൠLQ/DNKV

Non Financial Liabilities - Other (Current) As at 31 As at 31
March 2020 March 2019
Advance from Customers 2,518.30 1,141.58
Statutory Dues 1,564.38 508.53
Deferred Gain/Income 410.95 168.43
Other Liabilities 5,301.82 3,416.64
Total 9,795.45 5,235.18

Note No.26 ൠLQ/DNKV

Current Provisions As at 31 As at 31
March 2020 March 2019
Actuarial Provision 467.75 432.19
Short term Provisions 1,197.18 1,206.37
Total 1,664.93 1,638.56

200
CONSOLIDATED FINANCIAL STATEMENTS

Note No.27 ൠLQ/DNKV

Current Tax Liabilities As at 31 As at 31
March 2020 March 2019
Provision for Taxation (Net of advance) 1,665.64 2,170.58
Total 1,665.64 2,170.58

Note No.28 ൠLQ/DNKV

Revenue From Operations For the year For the year
ended 31 ended 31
March 2020 March 2019
Sale of Products 88,085.89 103,556.48
Sale of Services 55,969.13 64,966.57
Sale of Trading Goods 2,148.76 329.45
Other Operating Income 7,239.90 8,668.31
Total 153,443.68 177,520.81

Note No.29 ൠLQ/DNKV

Other Income For the year For the year
ended 31 ended 31
March 2020 March 2019
Interest Income
Bank Deposits 3,123.22 2,785.93
Others 112.06 232.75
Sub Total 3,235.28 3,018.68
Dividend Income 6.50 3.15
Other Non-operating Income
Profit on Disposal of Fixed assets 23.11 22.28
Profit on Disposal of Investments - 634.49
Unclaimed balances and excess provision written back 1,263.99 1,068.77
Gain on Foreign Currency Transactions (Net) 2.06 70.15
Miscellaneous Income 523.52 665.35
Sub Total 1,812.68 2,461.04
Total 5,054.46 5,482.87

Note No.30 ൠLQ/DNKV

Cost of Materials Consumed & Services Rendered For the year For the year
ended 31 ended 31
March 2020 March 2019
Cost of Materials Consumed 60,194.67 74,752.68
Cost of Services Rendered 30,561.07 35,777.50
Total 90,755.74 110,530.18

Note No.31 ൠLQ/DNKV

Purchase of Trading Goods For the year For the year
ended 31 ended 31
March 2020 March 2019
Trading Goods 2,075.61 329.45
Total 2,075.61 329.45

Note No.32 ൠLQ/DNKV

Changes in inventories of Finished Goods, Stock-in-Trade and Work-in-Progress For the year For the year
ended 31 ended 31
March 2020 March 2019
Change in Finished Goods
Opening 3,084.25 3,107.40
Closing 3,379.72 3,084.25
Change (295.47) 23.15
Change in Work-In-Progress
Opening 966.40 1,287.07
Closing 1,177.56 966.40

Change (211.16) 320.67

Total (506.63) 343.82

201
 CONSOLIDATED FINANCIAL STATEMENTS

Note No.33 ൠLQ/DNKV

Employee Benefits Expenses For the year For the year
ended 31 ended 31
March 2020 March 2019
Salaries and Incentives 17,135.48 17,463.57
Contribution to Provident & Other Funds 2,448.80 2,187.10
Staff Welfare Expenses 1,917.21 1,619.71
Total 21,501.49 21,270.38

Note No.34 ൠLQ/DNKV

Finance Costs For the year For the year
ended 31 ended 31
March 2020 March 2019
Interest Cost 1,061.61 558.10
Bank Charges* 144.18 154.27
Interest Cost on ROU Liabilities 281.20 -
Total 1,486.99 712.37

* Bank Charges include charges for opening of L/C, Bank guarantee charges and Other charges related to bank transactions.

Note No.35 ൠLQ/DNKV

Depreciation & Amortisation Expenses For the year For the year
ended 31 ended 31
March 2020 March 2019
Depreciation on:
Property Plant & Equipment 3,426.78 2,873.94
Right of Use Assets 1,620.06 -
Investment Properties 2.82 2.16
Amortisation of Intangible Assets 123.47 155.15
Total 5,173.13 3,031.25

Note No.36 ൠLQ/DNKV

Other Expenses For the year For the year
ended 31 ended 31
March 2020 March 2019
Manufacturing Expenses 1,609.42 1,679.77
Consumption of Stores and Spares 800.42 889.24
Repairs & Maintenance - Buildings 368.72 276.50
Repairs & Maintenance - Plant & Machinery 458.66 414.73
Repairs & Maintenance - Others 630.42 561.95
Power & Fuel 2,473.14 2,563.00
Electricity & Gas 436.88 407.47
Rent 762.45 1,372.32
Insurance 309.47 270.21
Packing, Despatching, Freight and Shipping Charges 3,848.56 4,257.08
Rates & Taxes 162.64 161.28
Auditors Remuneration and Expenses 28.17 27.46
Impairment of Assets - 19.36
Write off of Debts, Deposits, Loan & Advances 1,294.78 481.97
Provision for Doubtful Debts & Advances 1,370.10 1,561.07
Fixed Assets Written Off 1.54 12.40
Loss on Disposal of Fixed Assets 2.35 406.04
Selling Commission 295.51 409.89
Cash Discount 278.23 340.22
Travelling Expenses 946.22 988.33
Printing and Stationary 223.82 297.03
Motor Car Expenses 147.45 153.71
Communication Charges 331.11 286.73
Corporate Social Responsibility Expenses 514.66 516.24
Miscellaneous Expenses 3,832.92 4,550.88
21,127.64 22,904.88
Less: Provision for Debts, Deposits, Loans & Advances and Inventories considered doubtful, written back (459.98) (775.86)
Total 20,667.66 22,129.02

Payment to Auditors as:

Statutory/ Branch Auditors 21.77 22.02
Tax Audit 0.85 0.85
Other Certification 3.45 2.30
Reimbursement of Expenses 2.10 2.29
Total Payment to Auditors 28.17 27.46

202
CONSOLIDATED FINANCIAL STATEMENTS

Note No. 37 ൠLQ/DNKV

Tax expense For the year For the year
ended 31 ended 31
March 2020 March 2019

Current Tax 5,878.18 8,865.80

Deferred Tax 359.25 424.13
Prior Period (710.00) (743.22)
Total 5,527.43 8,546.71

The major components of Income Tax expense and the reconciliation of expense based on the domestic Effective Tax rate of 25.168%
(31 March 2019: 34.944%) and the reported tax expense in Profit or Loss are as follows:

Accounting Profit before Income Tax 17344.15 24657.21

At Country’s Statutory Income Tax rate of 25.168% (31 March 2019: 34.944%) 25.168% 34.944%
Tax Expense 4,365.18 8,616.22
Adjustments in respect of Current Income Tax

Current Income Tax of Foreign Subsidiary 0 0.63 5.63

Tax impact on Deemed Dividend of Foreign Subsidiary 160.09 -
Non-deductible expenses for tax purposes
Provisions (Net) 499.23 556.43
CSR Expenses 129.53 180.39
Gratuity Liability of previous year paid in current year - -
VRS Expenses (85.34) (184.03)
Depreciation difference (154.47) 6.48
Impairment of Asset 0.98 6.77
Additional deduction for R&D expenses in Income Tax - (322.08)
Loss of Subsidiaries 962.35 -
Adjustments in respect of Previous Years Income Tax (710.00) (743.22)

Total 5,168.18 8,122.58

Note No. 38 ൠLQ/DNKV

Other Comprehensive Income For the year For the year
ended 31 ended 31
March 2020 March 2019

(A) Items that will not be reclassified to Profit or Loss

(i) Remeasurement Gains/ (Losses) on Defined Benefit Plans (872.01) (925.66)
(ii) Income Tax relating to items that will not be reclassified to Profit or Loss 219.47 323.46

(B) Items that will be reclassified to Profit or Loss

(i) Items that will be reclassified to Profit or Loss - -
(ii) Income Tax relating to items that will be reclassified to Profit or Loss - -

(C) Other Comprehensive Income of Joint Ventures and Associates (Net) (23.63) (37.71)

Total (676.17) (639.91)

Note No. 39 ൠLQ/DNKVH[FHSWVKDUHGDWD

Earnings per Equity Share For the year For the year
ended 31 ended 31
March 2020 March 2019

Net profit attributable to Equity shareholders

Profit after Tax 16,122.83 19,917.51

Profit attributable to Equity holders of the parent adjusted for the effect of dilution 16,122.83 19,917.51

1RPLQDOYDOXHRIHTXLW\VKDUHൠ 10 10
Weighted-average number of Equity Shares for EPS* 171,003,846 171,003,846
%DVLF'LOXWHG(DUQLQJV3HU6KDUHൠ 9.43 11.65

203
 CONSOLIDATED FINANCIAL STATEMENTS

The Company's Earnings Per Share ('EPS') is determined based on the net profit after tax attributable to the shareholders of the
Company being used as the numerator. Basic earnings per share is computed using the Weighted Average number of shares outstanding
during the year as the denominator. Diluted Earnings per share is computed using the Weighted Average number of common and dilutive
common equivalent shares outstanding during the year including share options, except where the result would be anti-dilutive. The Face
9DOXHRIWKHVKDUHVLVൠ
*Consequent to the approval of share holders, vide postal ballot, the Company accorded for allotment of 5,70,01,282 Bonus
Shares in the proportion of one new Equity Shares for every two existing Equity Shares held by the shareholders/ beneficial
RZQHUVLQWKH&RPSDQ\$FFRUGLQJO\DVXPRIൠ/DNKVKDVEHHQFDSLWDOLVHGDQGWUDQVIHUUHGIURP*HQHUDO5HVHUYHWR
Equity Share Capital Account on allotment of fully paid Bonus Shares on December 30, 2019. The Earnings Per Share for all the
years presented have been adjusted for Bonus issue.
Note No. 40
Accounting for Employee Benefits

Defined Contribution Plans

The disclosures are made consequent to adoption of IND AS 19 on Employee Benefits, notified by the Ministry of Corporate Affairs, by the
Holding Company. Defined Benefit(s) Plans / Long Term Employee benefits in respect of Gratuity, Leave Encashment, Post-Retirement
Medical Benefits and Long Service Awards are recognized in the Statement of Profit & Loss on the basis of Actuarial valuation done at the
year end. Actuarial gain/loss on Post-employment Benefit Plans that is gratuity and post-retirement medical benefit plans are recognized
in Other Comprehensive Income.

The Holding Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying
employees towards Provident Fund and Employee State Insurance Scheme which are defined contribution plans. The Holding Company
has no obligations other than to make the specified contributions. The contributions are charged to the statement of Profit and Loss as
WKH\DFFUXH7KHDPRXQWUHFRJQLVHGDVDQH[SHQVHWRZDUGVFRQWULEXWLRQWR3URYLGHQW)XQGIRUWKH\HDUDJJUHJDWHGWRൠ/DNKV
ൠ/DNKV6XSHUDQQXDWLRQ)XQGൠ/DNKVൠ/DNKVDQGFRQWULEXWLRQWR(PSOR\HH6WDWH,QVXUDQFH6FKHPHIRU
WKH\HDUDJJUHJDWHGWRൠ/DNKVൠ/DNKV

Defined Benefit Plans

Post Employment Benefit Plans

A. Gratuity

The gratuity plan entitles an employee, who has rendered atleast five year of continuous service, to receive fifteen days salary for each
year of completed service at the time of superannuation/exit. Any shortfall in obligations is met by the Holding Company by way of transfer
of requisite amount to the fund named "Balmer Lawrie & Co. Ltd. Gratuity Fund".

The reconciliation of the Holding Company’s Defined Benefit obligations (DBO) and Plan Assets in respect of gratuity plans to the
amounts presented in the statement of financial position is presented below:
ൠLQ/DNKV
Particulars As at As at
31-Mar-2020 31-Mar-2019
Defined Benefit Obligation 6,378.65 5,931.59
Fair value of Plan Assets 5,748.26 5,248.30
Net Defined Benefit Obligation 630.39 683.28

(i) The movement of the Holding Company’s Defined Benefit Obligations in respect of gratuity plans from beginning to end of reporting
period is as follows:
ൠLQ/DNKV
Particulars As at As at
31-Mar-2020 31-Mar-2019
Opening value of Defined Benefit Obligation 5,931.59 5,531.35
Add: Current service cost 416.13 350.24
Add: Current interest cost 361.53 386.22
Plan amendment : Vested portion at end of period (past service) - -
Add: Actuarial (gain)/loss due to -
- changes in demographic assumptions - -
- changes in experience adjustment 400.28 443.68
- changes in financial assumptions 330.48 119.13
Add: Acquistition adjustment 9.97 -
Less: Benefits paid (1,071.33) (899.02)
Closing value of Defined Benefit Obligation thereof- 6,378.65 5,931.59

Unfunded 630.39 683.28

Funded 5,748.26 5,248.30

204
CONSOLIDATED FINANCIAL STATEMENTS

(ii) The Defined Benefit Obligation in respect of gratuity plans was determined using the following actuarial assumptions:

Assumptions As at As at
31-Mar-2020 31-Mar-2019
Discount rate (per annum) 6.70% 7.60%
Rate of increase in compensation levels/Salary growth rate 6.00% 6.00%
Expected average remaining working lives of employees (years) 11 11

(iii) The reconciliation of the Plan Assets held for the Holding Company’s Defined Benefit Plan from beginning to end of reporting period
is presented below:
ൠLQ/DNKV
Particulars As at As at
31-Mar-2020 31-Mar-2019
Opening balance of Fair Value of Plan Assets 5,248.30 5,508.91
Add: Contribution by employer 1,125.68 460.64
Return on Plan Assets excluding Interest Income 8.58 (240.90)
Add: Interest income 427.06 418.68
Add: Acquisition adjustment 9.97 -
Less: Benefits paid (1,071.33) (899.02)
Closing balance of Fair Value of Plan Assets 5,748.26 5,248.30

(iv) Expense related to the Holding Company’s Defined Benefit Plans in respect of gratuity plan is as follows:
ൠLQ/DNKV
Amount recognised in Other Comprehensive Income For the year For the year
ended ended
31-Mar-2020 31-Mar-2019
Actuarial (gain)/loss on obligations-changes in demographic assumptions - -
Actuarial (gain)/loss on obligations-changes in financial assumptions 330.48 119.13
Actuarial (gain)/loss on obligations-Experience adjustment 400.28 443.68
Return on Plan Assets excluding Interest Income 8.58 (240.90)
Total expense/ (income) recognized in the statement of Other Comprehensive Income 722.19 803.70

ൠLQ/DNKV
Amount recognised in the Statement of Profit & Loss For the year For the year
ended ended
31-Mar-2020 31-Mar-2019
Current service cost 416.13 350.24
Past service cost (vested) - -
Net Interest cost (Interest Cost-Expected return) (65.53) (32.46)
Total expense recognized in the Statement of Profit & Loss 350.60 317.78

ൠLQ/DNKV
Amount recognised in Balance Sheet As at As at
31-Mar-2020 31-Mar-2019
Defined Benefit Obligation 6,378.65 5,931.59
Classified as:
Non-Current 6,361.58 4,890.65
Current 17.07 1,040.94

As at As at
31-Mar-2020 31-Mar-2019
Expected returns on Plan Assets are based on a Weighted Average of expected returns of the various 435.64 177.78
assets in the plan, and include an analysis of historical returns and predictions about future returns.
The return on plan assets was

(v) Plan Assets do not comprise any of the Group’s own financial instruments or any assets used by Group companies. Plan assets can
be broken down into the following major categories of investments:

Particular As at As at
31-Mar-2020 31-Mar-2019
Government of India securities/ State Government securities 47.23% 46.61%
Corporate Bonds 45.48% 47.24%
Others 7.29% 6.15%
Total Plan Assets 100.00% 100.00%
Interest costs have been included under ‘finance costs’ and service cost has been recorded under ‘employee benefits expense’ in
Statement of Comprehensive Income.

205
 CONSOLIDATED FINANCIAL STATEMENTS

(vi) Sensitivity Analysis

The significant actuarial assumption for the determination of Defined Benefit Obligation in respect of gratuity plans is the discount rate.
The calculation of the net Defined Benefit Obligation is sensitive to this assumption. The following table summarises the effects of
changes in this actuarial assumption on the Defined Benefit Obligation:
ൠLQ/DNKV
Particulars 31 March 2020
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined Benefit Obligation after change 6,191.00 6,579.00
Original Defined Benefit Obligation 6,378.65 6,378.65
Increase/(decrease) in Ddefined Benefit Obligation (187.65) 200.35

Changes in salary growth rate in % 0.50 0.50

Defined Benefit Obligation after change 6,507.00 6,253.00
Original Defined Benefit Obligation 6,378.65 6,378.65
Increase/(decrease) in Defined Benefit Obligation 128.35 (125.65)

Changes in attrition rate in % 0.50 0.50

Defined Benefit Obligation after change 6,379.00 6,378.00
Original Defined Benefit Obligation 6,378.65 6,378.65
Increase/(decrease) in Defined Benefit Obligation 0.35 (0.65)

Changes in mortality rate in % 10.00 10.00

Defined Benefit Obligation after change 6,381.00 6,376.00
Original Defined Benefit Obligation 6,378.65 6,378.65
Increase/(decrease) in Defined Benefit Obligation 2.35 (2.65)

ൠLQ/DNKV
Particulars 31 March 2019
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined Benefit Obligation after change 5,776.00 6,096.00
Original Defined Benefit Obligation 5,931.59 5,931.59
Increase/(decrease) in Defined Benefit Obligation (155.59) 164.41

Changes in salary growth rate in % 0.50 0.50

Defined Benefit Obligation after change 6,034.00 5,832.00
Original Defined Benefit Obligation 5,931.59 5,931.59
Increase/(decrease) in Defined Benefit Obligation 102.41 (99.59)

Changes in attrition rate in % 0.50 0.50

Defined Benefit Obligation after change 5,936.00 5,928.00
Original Defined Benefit Obligation 5,931.59 5,931.59
Increase/(decrease) in Defined Benefit Obligation 4.41 (3.59)

Changes in mortality rate in % 10.00 10.00

Defined Benefit Obligation after change 5,962.00 5,901.00
Original Defined Benefit Obligation 5,931.59 5,931.59
Increase/(decrease) in Defined Benefit Obligation 30.41 (30.59)

206
CONSOLIDATED FINANCIAL STATEMENTS

B. Post Retirement Medical Benefits Scheme (Non-funded)

The Post Retirement Medical Benefit is on contributory basis and voluntary. It is applicable for all employees who superannuate/resign
after satisfactory long service and includes dependent spouse, parents and children as per applicable rules.
ൠLQ/DNKV
Particulars As at As at
31-Mar-2020 31-Mar-2019
Opening value of Defined Benefit Obligation 406.13 376.60
Add: Current service cost - -
Add: Current interest cost 22.02 24.19
Add: Actuarial (gain)/loss due to -
- changes in demographic assumptions - -
- changes in experience adjustment 116.30 109.91
- changes in financial assumptions 33.52 12.05
Less: Benefits paid (155.06) (116.62)
Closing value of Defined Benefit Obligation thereof- 422.92 406.13
Unfunded 422.92 406.13
Funded - -

ൠLQ/DNKV
Amount recognised in Other Comprehensive Income For the year For the year
ended ended
31-Mar-2020 31-Mar-2019
Actuarial (gain)/loss on obligations-change in demographic assumptions - -
Actuarial (gain)/loss on obligations-change in financial assumptions 33.52 12.05
Actuarial (gain)/loss on obligations-experience adjustment 116.30 109.91
Total expense/ (income) recognized in the Statement of Other Comprehensive Income 149.82 121.96

ൠLQ/DNKV
Amount recognised in the Statement of Profit & Loss For the year For the year
ended ended
31-Mar-2020 31-Mar-2019
Current service cost - -
Net Interest cost(Interest Cost-Expected Return) 22.02 24.19
Total expense recognized in the Statement of Profit & Loss 22.02 24.19

Assumptions As at As at
31-Mar-2020 31-Mar-2019
Discount rate (per annum) 6.70% 7.60%
Superannuation age 60 60
Early retirement & disablement 0.10% 0.10%

ൠLQ/DNKV
Amount recognised in Balance Sheet As at As at
31-Mar-2020 31-Mar-2019
Defined Benefit Obligation 422.92 406.13
Classified as:
Non-Current 354.64 341.36
Current 68.28 64.77

Sensitivity Analysis
ൠLQ/DNKV
Particulars 31 March 2020
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined Benefit Obligation after change 409.00 436.00
Original Defined Benefit Obligation 422.92 422.92
Increase/(decrease) in Defined Benefit Obligation (13.92) 13.08

Changes in mortality rate in % 10.00 10.00

Defined Benefit Obligation after change 414.00 430.00
Original Defined Benefit Obligation 422.92 422.92
Increase/(decrease) in Defined Benefit Obligation (8.92) 7.08

207
 CONSOLIDATED FINANCIAL STATEMENTS

ൠLQ/DNKV
Particulars 31 March 2019
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined Benefit Obligation after change 394.00 418.00
Original Defined Benefit Obligation 406.13 406.13
Increase/(decrease) in Defined Benefit Obligation (12.13) 11.87

Changes in mortality rate in % 10.00 10.00

Defined Benefit Obligation after change 397.00 413.00
Original Defined Benefit Obligation 406.13 406.13
Increase/(decrease) in Defined Benefit Obligation (9.13) 6.87

C. Other Long Term Benefit Plans

Leave Encashment (Non-funded), Long Service Award (Non-funded) and Half Pay Leave (Non-funded)
The Holding Company provides for the encashment of accumulated leave subject to a maximum of 300 days. The Liability is provided
based on the number of days of unutilised leave at each Balance Sheet date on the basis of an independent acturial valuation. An amount
RIൠ/DNKVൠ/DNKVKDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Leave Encashment (Non-funded) As at As at
31-Mar-2020 31-Mar-2019
Amount recognised in Balance Sheet:
Current 172.75 201.36
Non Current 871.57 701.36

Long Service Award is given to the employees to recognise long and meritorious service rendered to the Holding Company. The minimum
HOLJLELOLW\IRUWKHVDPHVWDUWVRQFRPSOHWLRQRI\HDURIVHUYLFHDQGWKHUHDIWHUHYHU\\HDURIFRPSOHWHGVHUYLFH$QDPRXQWRIൠ
/DNKV>ൠ/DNKV@KDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Long Service Award (Non-funded) As at As at
31-Mar-2020 31-Mar-2019
Amount recognised in Balance Sheet:
Current 69.28 60.73
Non Current 417.95 346.57

7KHOHDYHRQKDOISD\LVGD\VIRUHDFKFRPSOHWHG\HDURIVHUYLFHRQPHGLFDOFHUWLILFDWHRURQSHUVRQDOJURXQGV$QDPRXQWRIൠ
/DNKVൠ/DNKVKDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Half Pay Leave (Non-funded) As at As at
31-Mar-2020 31-Mar-2019
Amount recognised in Balance Sheet:
Current 157.45 105.33
Non Current 901.24 712.52
Note No. 41
Leases

(i) Transition to Ind AS 116

Effective 1st April, 2019, the Group has adopted Ind AS 116 “Leases” (the standard) and applied the standard to all lease contracts
existing on 1st April, 2019 using the modified retrospective approach. Consequently, the Group has recorded the Lease Liability at
the Present Value of the lease payments discounted at the incremental borrowing rate and the Right of Use Asset at its Carrying
Amount as if the standard had been applied since the commencement date of the lease, but discounted at the Holding Company’s
incremental borrowing rate at the date of initial application. Comparatives as at/ for the year ended 31st March, 2019 have not been
retrospectively adjusted and therefore will continue to be reported under the erstwhile standard. (Refer Note No. 03 and Para 1.17
of the Significant Accounting Policies).

208
CONSOLIDATED FINANCIAL STATEMENTS

(ii) Amounts recognised in Balance Sheet

ൠLQ/DNKV
Right of Use Liability As at 31 March 2020
Right of Use-
Particulars Right of Use - Others
Land Leasehold
Plant & Electrical
Buildings Total
Machinery Equipments

Current - 563.21 436.29 8.34 1,007.84

Non Current - 1,285.52 64.18 - 1,349.70

Total - 1,848.73 500.47 8.34 2,357.54

(iii) Reconciliation of Lease Liabilities ൠLQ/DNKV

Particulars As at 31 March 2020
Right of Use-
Right of Use - Others
Land Leasehold
Plant & Electrical
Land Leasehold Buildings Total
Machinery Equipments

Opening Balance of Right of Use Lease Liabilities - 2,289.63 1,096.51 30.85 3,416.99
Add: Interest expenses on lease liabilities - 199.49 79.75 1.96 281.20
Less: Rental expenses paid during the year - (640.39) (675.79) (24.47) (1,340.65)

Total - 1,848.73 500.47 8.34 2,357.54

(iv) Maturity profile of the Lease Liabilities :

ൠLQ/DNKV
Year ended March 31, 2020 Within 1 More than 3
1-3 years Total
year years

Lease Liability 1,007.84 774.87 574.83 2,357.54

(v) The following are the amounts recognised in the statement of Profit and Loss:
ൠLQ/DNKV
Particulars For the year ended 31 March 2020
Right of Use-
Right of Use - Others
Land Leasehold
Plant & Electrical
Buildings Total
Machinery Equipments

Depreciation expense of Right of Use assets 63.54 917.67 616.33 22.52 1,620.06
Interest expense on Lease Liabilities - 199.49 79.75 1.96 281.20
Rent expense in term of short term leases/ low value leases - 762.45 - 209.77 972.22

Total 63.54 1,879.61 696.08 234.25 2,873.48

(vi) Total Cash Outflow due to Leases ൠLQ/DNKV

Lease Rentals paid during the year (1,340.65)

(vii) Extension and Termination options

The Group has several lease contracts that include extension and termination options which are used for regular operations of its
business. These options are negotiated by management to provide flexibility in managing the Group’s business needs. Management
exercises significant judgement in determining whether these extension and termination options are reasonably certain to be
exercised.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise
an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included
in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant
event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee.

209
 CONSOLIDATED FINANCIAL STATEMENTS

Note-42 Additional Disclosures

42.1 Disclosure of Interests in Subsidiaries, Joint Venture Companies and Associates

Name of Subsidiary/ Nature of Proportion of Country of

Joint Venture Company/ Associate Relationship Shareholding Incorporation

Balmer Lawrie (UK) Ltd. Subsidiary 100% United Kingdom

Visakhapatnam Port Logistics Park Ltd. Subsidiary 60% India
Balmer Lawrie (UAE) LLC Joint Venture 49% United Arab Emirates
Balmer Lawrie Van Leer Ltd. Joint Venture 48% India
Transafe Services Ltd. Joint Venture 50% India
Avi Oil India (P) Ltd. Associate 25% India
PT Balmer Lawrie Indonesia Joint Venture 50% Indonesia
Note : a. The accounting year of all the aforesaid companies is the financial year ending March 31, 2020 except for Balmer Lawrie (UAE)
LLC which follows accounting year as the calendar year ending December 31, 2019.
b. The ‘Corporate Insolvency Resolution Process’ (CIRP) has been initiated by the Hon’ble National Company Law Tribunal
(NCLT), Kolkata Bench vide its order dated November 21, 2019 in respect of M/s Transafe Services Limited (TSL), under the
provisions of “The Insolvency and Bankruptcy Code, 2016” (IB Code). As directed by the Insolvency Resolution Professional
(IRP), the powers of the Board of Directors of TSL stands suspended as per Section 17 of the IB Code from the order date
and such powers are now being exercised by the IRP appointed by the Hon’ble NCLT. Consequent to the same, the Company
ceases to have joint control or have any significant influence over TSL and TSL ceases to be a Related Party under the extant
provisions of Section 2(76) the Companies Act, 2013 or under IND AS-110 or clause 2(1) (zb) of SEBI (Listing Obligations and
Disclosure Requirements), Regulations, 2015 for the year ending 31.03.2020. However, for the year ending 31.03.2019, TSL was
considered a Related Party and therefore, the figures of Previous Year ending 31.03.2019 have not been reclassified.
42.2 10,56,79,350 (7,04,52,900) Equity Shares are held by Balmer Lawrie Investments Ltd. (The Holding Company).
 D&RQYH\DQFHGHHGVRIFHUWDLQ/HDVHKROG/DQGFRVWLQJൠ/DNKVൠ/DNKVDQG%XLOGLQJVZLWKZULWWHQGRZQ
 YDOXHRIൠ/DNKVൠ/DNKVDUHSHQGLQJUHJLVWUDWLRQPXWDWLRQ
E&HUWDLQEXLOGLQJV VLGLQJVZLWKZULWWHQGRZQYDOXHRIൠ/DNKVൠ/DNKVDUHVLWXDWHGRQ/HDVHKROGUHQWHG
Land. Some of the leases with Kolkata Port trust have expired and are under renewal.
42.4 Contingent Liabilities as at 31st March, 2020 not provided for in the accounts are:
(a) 'LVSXWHGGHPDQGIRU([FLVH'XW\&XVWRPV'XW\,QFRPH7D[6HUYLFH7D[6DOHV7D[DQG*67DPRXQWLQJWRൠ
/DNKVൠ/DNKVDJDLQVWZKLFKWKH&RPSDQ\KDVORGJHGDSSHDOSHWLWLRQEHIRUHDSSURSULDWHDXWKRULWLHV
(b) &ODLPVDJDLQVWWKHFRPSDQ\QRWDFNQRZOHGJHGDVGHEWVDPRXQWWRൠ/DNKVൠ/DNKVLQUHVSHFWRIZKLFK
the Company has lodged appeals/petitions before appropriate authorities. In respect of employees/ex-employees related
disputes financial effect is ascertainable on settlement.
 D &RXQWHU JXDUDQWHHV JLYHQ WR YDULRXV EDQNV LQ UHVSHFW RI JXDUDQWHHVORDQV JLYHQ E\ WKHP DPRXQW WR ൠ /DNKV
 ൠ/DNKV
(b) (VWLPDWHGDPRXQWRIFRQWUDFWUHPDLQLQJWREHH[HFXWHGRQ&DSLWDO$FFRXQWVDQGQRWSURYLGHGIRUDPRXQWHGWRൠ
/DNKVൠ/DNKV
42.6 Trade receivables, loans and advances and deposits of which confirmations are not received from the parties are subject to
reconciliation and consequential adjustments on determination/ receipt of such confirmation.
42.7 Segment Reporting
Information about business segment for the year ended 31st March, 2020 in respect of reportable segments as notified by the
Ministry of Corporate Affairs in the IND AS– 108 in respect of “Operating Segments” is attached in Note No: 43.
42.8 The words “Property, Plant & Equipment” wherever appearing in para 5 of Significant Accounting Policy No.1.3 should be read
as “Plant & Machinery”. This shall be subsequently approved by the company.
42.9 During the previous financial year 2018-19, the company started the process of closing down the Wholly Owned Subsidiary
Balmer Lawrie (UK) Limited (BLUK) and as a part of restructuring initiative a comprehensive portion of its Paid-up Shares
was purchased back by the Subsidiary Company as per laid down guidelines of the United Kingdom. The Wholly Owned
Subsidiary issued Share Capital now stands at 100 Equity Shares with a Face Value of US $ 1 each, which are still held by the
Company.
42.10 During the previous financial year 2018-19, as a part of restructuring of BLUK, its 50% share (2,000,000 shares) in PT. Balmer
/DZULH ,QGRQHVLD 37%/, ZHUH WUDQVIHUUHG WR WKH &RPSDQ\ DQG ,QYHVWPHQW LQ 37%/, WR WKH WXQH RI ൠ /DNKV ZDV
recognised. During the current financial year, it has been decided that since currently the Net Worth of PTBLI is negative, a
SURYLVLRQWRWKHWXQHRIൠ/DNKVLVFUHDWHGLQWKHERRNVRIDFFRXQWVRIWKH&RPSDQ\DQGWKHDPRXQWWREHSDLGWR%/8.
against the same is also adjusted.
210
CONSOLIDATED FINANCIAL STATEMENTS

42.11 The review of the Residual Value and the useful life of the Assets (including for Property, Plant & Equipment, Intangible
Assets and Investment Properties) is done by the management on a regular basis at periodic intervals.
42.12 Impact of COVID-19 pandemic
The spread of Covid-19 has severely affected the businesses around the globe. In many countries including India, there has been
severe disruption to regular operations due to lock-downs, disruptions in transportations, supply chain, travel bans, quarantines,
social distancing and other emergency measures.
Some of the services of the company have been identified as Essential Services and have been permitted to be allowed during
the lockdown phases. The Company is also running its manufacturing facilities and is providing goods and services to its
Customers.
The Company has made detailed assessment of its liquidity position for the next few months and of the recoverability and
carrying values of its Assets comprising Property, Plant and Equipment, Intangible assets, Trade Receivables, Inventories and
Investments as at the Balance Sheet date, and based on the internal and external information upto the date of approval of these
financial statements including credit reports and economic forecasts has concluded that no material adjustments are required to
be made in the financial results.
The management believes that it has considered all the possible impact of known events arising from Covid-19 global health
pandemic in the preparation of financial results. However, the impact assessment of Covid-19 is a continuing process given the
uncertainties associated with its nature, extent and duration. The management shall continue to monitor any material changes to
future economic conditions on a continuing basis.
42.13 Financial Statements of PT Balmer Lawrie Indonesia (PTBLI) for the year ended March 31, 2020 as prepared by the management
of PTBLI has been considered for preparing the Consolidated Financial Statements of the Company.
42.14 (a) The Financial Statements have been prepared as per the requirement of Division II to the Schedule III to the Companies Act, 2013.
(b) Previous year’s figures have been re-grouped or re-arranged or re-classified wherever so required to make them comparable
with current year figures.
(c) Figures in brackets relate to previous year.
G $OO DPRXQWV LQ ൠ /DNKV XQOHVV RWKHUZLVH VWDWHG7KH ZRUGV /DNKV DQG /DFV DUH XVHG LQWHUFKDQJHDEO\ LQ WKHVH ILQDQFLDO
statements and have the same connotation.

As per our report attached

For B. K. Shroff & Co. Prabal Basu Sandip Das Adika Ratna Sekhar Adhip Nath Palchaudhuri Kavita Bhavsar
Chartered Accountants Chairman and Director (Finance) Director (HR&CA) Director Company
Firm Registration No. 302166E Managing & Chief Financial (Service Businesses) Secretary
Director Officer
CA L. K. Shroff
Partner
Membership No. 060742
Place: Kolkata
Date: 24th June, 2020

211
 CONSOLIDATED FINANCIAL STATEMENTS

Note : 43
Segment Revenue
ൠLQ/DNKV
31 March 2020 31 March 2019
Total Inter Revenue Total Inter Revenue
Segment Segment from External Segment Segment from
Revenue Revenue customers Revenue Revenue External
Customers
Industrial Packaging 55,430 2,158 53,272 64,086 1,083 63,003
Logistics Infrastructure 18,265 199 18,066 18,591 33 18,558
Logistics Services 27,310 951 26,359 33,246 62 33,184
Travel & Vacations 17,060 3,896 13,164 15,977 314 15,663
Greases & Lubricants 37,160 5,931 31,229 37,600 95 37,505
Others 12,429 1,075 11,354 9,614 6 9,608
Total Segment Revenue 167,654 14,210 153,444 179,114 1,593 177,521

Segment Profit before Income Tax ൠLQ/DNKV

31 March 2020 31 March 2019

Industrial Packaging 5,390 5,416

Logistics Infrastructure 2,476 4,373
Logistics Services 4,454 7,971
Travel & Vacations 5,502 6,025
Greases & Lubricants 3,432 3,854
Others (3,910) (2,982)
Total Segment Profit 17,344 24,657

Segment Assets ൠLQ/DNKV

31 March 2020 31 March 2019
Investment Investment
Additions Additions
in in
Segment to Segment Segment to Segment
Associates Associates
Assets Non-current Assets Assets Non-current Assets
and Joint and Joint
Assets Assets
Ventures Ventures
Industrial Packaging 30,812 - - 30,812 54,865 - - 54,865
Logistics Infrastructure 37,861 - - 37,861 22,111 - - 22,111
Logistics Services 9,385 - - 9,385 12,202 - - 12,202
Travel & Vacations 33,478 - - 33,478 34,239 - - 34,239
Greases & Lubricants 17,111 - - 17,111 10,136 - - 10,136
Others 40,178 - - 40,178 20,610 - - 20,610
Total Segment Assets 168,824 - - 168,824 154,163 - - 154,163

Unallocated
Deferred Tax Assets - - - - - - - 0
Investments 14,007 (1,056) - 12,951 13,841 166 - 14,007
Derivative Financial Instruments - - - - - - - -
Other Assets 51,761 - - 51,761 60,045 - - 60,045
Total Assets as per the Balance Sheet 234,592 (1,056) - 233,536 228,049 166 - 228,215

Impairment of Assets ൠLQ/DNKV

Particulars 31 March 2020 31 March 2019
Industrial Packaging - 19
Logistics Infrastructure - -
Logistics Services - -
Travel & Vacations - -
Greases & Lubricants - -
Others - -
Total Impairment of Assets - 19

212
CONSOLIDATED FINANCIAL STATEMENTS

Segment Liabilities ൠLQ/DNKV

31 March 2020 31 March 2019
Industrial Packaging 7,990 8,784
Logistics Infrastructure 17,407 7,624
Logistics Services 7,806 10,889
Travel & Vacations 8,492 11,784
Greases & Lubricants 4,291 6,169
Others 10,205 17,168
Total Segment Liabilities 56,191 62,418
Intersegment eliminations - -
Unallocated
Deferred Tax Liabilities 1,059 919
Current Tax Liabilities 1,690 3,215
Current Borrowings 153 306
Non current Borrowings 854 1,224
Derivative Financial Instruments - -
Other Liabilities 13,789 3,121
Total Liabilities as per the Balance Sheet 73,736 71,203
Note No. 44
Financial Risk Management
i) Financial instruments by category
For amortised cost instruments, carrying value represents the best estimate of Fair Value.
ൠLQ/DNKV
Particulars 31 March 2020 31 March 2019
Fair value through Amortised Cost* Fair value through Amortised Cost*
Profit or Loss Profit or Loss
Financial Assets
Equity Instruments** 120.40 - 149.50 -
Trade Receivables - 27,350.78 - 27,629.10
Other Receivables - 17,009.00 - 21,640.30
Loans - 1,095.09 - 1,620.87
Accrued Income - 2,395.59 - 2,226.70
Security Deposit - 766.38 - 908.38
Cash and Cash Equivalents - 2,266.25 - 5,498.59
Other Bank Balances - 42,995.00 - 39,071.11
Total- Financial Assets 120.40 93,878.09 149.50 98,595.05
Financial Liabilities
Trade Payables - 22,161.15 - 29,299.08
Security Deposit - 3,451.37 - 3,534.81
Other Financial Liabilities - 8,759.08 - 9,098.44
Total- Financial Liabilities - 34,371.60 - 41,932.33

*All Financial Assets/Liabilities stated above are measured at Amortised Cost and their respective Carrying Values are not
considered to be materially different from their Fair Values.
**1. Investment in Equity instrument of Subsidiaries, Joint Ventures and Associates have been carried at cost with subsequent
increases in value due to consolidation under Ind AS 110 using Equity Method for Joint Ventures and Associates.
**2. This investment includes investment in other unquoted securities and the management estimates that its Fair Value would not
be materially different from its carrying value, hence no Fair Value hierarchy disclosures are given in respect to these instruments.

ii) Risk Management

The Group’s activities expose it to Market Risk, Liquidity Risk and Credit Risk. This note explains the sources of risk which the group
is exposed to and how the group manages the risk and the related impact in the financial statements.
Risk Exposure arising from Measurement Management
Credit Risk Trade Receivables, Cash and Cash Ageing Analysis Keeping surplus cash only in the form
Equivalents, Derivative Financial of bank deposits, diversification of asset
Instruments, Financial Assets base, monitoring of credit limits and getting
measured at amortised cost. collaterals, whereever feasible. Periodic
review/ monitoring of trade receivables.
Liquidity Risk Borrowings and other liabilities Rolling cash flow forecasts Periodic review of cash flow forecasts
Market Risk - Recognised financial assets and Cash flow forecasting and Review of cash flow forecasts and hedging
Foreign Exchange liabilities not denominated in Indian monitoring of forex rates on through forward contracts
5XSHHൠ regular basis

213
 CONSOLIDATED FINANCIAL STATEMENTS

The Group’s risk management other than in respect of trade receivables is carried out by a corporate department under policies
approved in-principle by the board of directors. The policies include principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of surplus funds. Group's risk in
respect of trade receivables is managed by the Chief Operating Officer of the respective Strategic Business Units.

A) Credit Risk
Credit risk refers to the risk of default on its obligation by the counter party resulting in a financial loss. The maximum exposure to
credit risk is primarily from trade receivables and other receivables . The Holding Company receivables are typically unsecured and
are derived from revenue earned from customers which is predominantly outstanding from sales to Government departments and
public sector entities whose risk of default has been very low in the past. In case of other trade receivables, the credit risk has been
managed based on continuous monitoring of credit worthiness of customers, ability to repay and their past track record.
Similarly all Group companies closely monitor their trade receivables which includes tracking the credit worthiness of the customers,
ability to pay, default rates, past history etc. Accordingly expected credit loss has also been computed and accounted for by them.
Provisions
For receivables
There are no universal expected loss percentages for the group as a whole. The Holding Company generally considers its receivables
as impaired when they are 3 years past due. Considering the historical trends and market information, the Group estimates that the
provision computed on its trade receivables is not materially different from the amount computed using expected credit loss method
prescribed under Ind AS 109. Since the amount of provision is not material for the Group as a whole, no disclosures have been
given in respect of expected credit losses.
For other Financial Assets
Loans - are given to regular employees who are on the payroll of the Holding Company as per the employment terms and primarily
secured in case of house building and vehicle loans. For other loans the amounts are well within the net dues to the employees
and hence credit risk is taken as nil.

Deposits - represent amounts lying with customers mainly government and public sector undertakings on account of security
deposits, earnest money deposits and retention money given as per contractual terms. Based on past records the risk of default is
minimal.

Cash & Cash equivalents - represent cash in hand and balances lying in current accounts with various consortium banks who have
high credit ratings.

Other Bank balances - mainly represent fixed deposits having maturities up to one year and includes accrued interest on such
deposits. These deposits have been taken with various public and private sector banks having the high credit ratings.

B) Liquidity Risk
/LTXLGLW\ULVNDULVHVIURPERUURZLQJVDQGRWKHUOLDELOLWLHV7KH+ROGLQJ&RPSDQ\KDGWDNHQDORDQRIൠ&URUHVIURP6WDQGDUG
Chartered Bank (in FY 2017-18) to avail of Grant in aid from the Ministry of Food Processing Industries (MoFPI) and expects to
UHSD\WKHVDPHDVSHUVFKHGXOH7KHWKUHHWUDQFKHRIൠ&URUHVHDFKDPRXQWLQJWRൠ&URUHVZDVSDLGDVDQGZKHQLW
was due.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the
Group maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling forecasts of
the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Group takes into account
the liquidity of the market in which the entity operates. In addition, the Group’s liquidity management policy involves considering
the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory
requirements and maintaining short term debt financing plans.
The Group does not foresee any problems in discharging their liabilities towards trade payables and other current liabilities as and
when they fall due.

C) Market Risk
Market Risk arises due to change in interest rates or foreign exchange rates.
1) Interest Rate Risk
The group is exposed to interest rate risk to the extent of its investments in fixed deposits with banks. The Holding Company has
also invested in preference share capital of M/s Transafe Services Limited which has been entirely provided for in the books of the
company on account of total erosion of Net Worth and hence no further income is being accrued on this account (Refer Note no.
42.1(b). The Holding Company has not invested in any other instruments except equity investments. The Group as a whole has a
very insignificant borrowing on which interest is payable and it does not foresee any risk in its repayment.

214
CONSOLIDATED FINANCIAL STATEMENTS

2) Foreign Currency Risk

The Holding Company is exposed to foreign exchange risk arising from net foreign currency payables, primarily with respect to
the US Dollar, GBP and Euro. Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that
is not the Holding Company’s functional currency. The Group as per its overall strategy uses forward contracts to mitigate its risks
associated with fluctuations in foreign currency and interest rates on borrowings and such contracts are not designated as hedges
under Ind AS 109. The Group does not use forward contracts for speculative purposes.
The Group is also exposed to foreign exchange risk arising from net foreign currency receivables on account of Dividend and other
fees from its foreign subsidiaries and associates, primarily with respect to the US Dollar and AED .
Some Group Companies like Avi-oil significantly import raw materials and is exposed to foreign exchange risk primarily with USD
& Euro which is not hedged. Similarly BLVL has business transactions involving several currencies exposing it to foreign currency
risk arising from foreign currency receivables and payables which it manages by entering into forward contracts.

Note No. 45
Capital Management

The Group’s capital management objectives are:

- to ensure the Group’s ability to continue as a going concern
- to provide an adequate return to shareholders
The Group monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face
of balance sheet.
Management assesses the Group’s capital requirements in order to maintain an efficient overall financing structure while avoiding
excessive leverage. This takes into account the subordination levels of the Group’s various classes of debt. The Group manages
the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of
the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
7KH+ROGLQJ&RPSDQ\KDVDQLQVLJQLILFDQWDPRXQWRIൠ&URUHVRIGHEWRXWVWDQGLQJRQWKHFXUUHQW%DODQFHVKHHWGDWHDQGD
subsidiary Visakhapatnam Port Logistics Park Limited has a debt of Rs.85.54 crores outstanding as on balance sheet date.

ൠLQ/DNKV
Particulars As at As at
31-Mar-2020 31-Mar-2019
Total Equity 159,799.92 157,011.67
Total Assets 233,535.62 228,214.97
Equity Ratio 68.43% 68.80%

Dividends ൠLQ/DNKV
Particulars As at As at
31-Mar-2020 31-Mar-2019
(i) Dividend recognised at the end of the reporting period
)LQDOGLYLGHQGIRUWKH\HDUHQGHG0DUFKRIൠ0DUFKRIൠSHUIXOO\SDLG 12,540.29 11,400.26
share (Net of Dividend Distribution Tax).

(ii) Dividends not recognised at the end of the reporting period

In addition to the above dividends, since year-end, the directors have recommended the payment 12,825.29 12,540.29
RIILQDOGLYLGHQGRIൠ0DUFKൠSHUIXOO\SDLGHTXLW\VKDUH7KLVSURSRVHGGLYLGHQG
is subject to the approval of shareholders in the ensuing Annual General Meeting.

Note No. 46
Interest in Other Entities

a) Subsidiaries
The group’s subsidiaries as at 31 March 2020 are set out below. Unless otherwise stated, they have share capital consisting solely of
equity shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group.
The country of incorporation or registration is also their principal place of business.

Name of Entity Place of Ownership interest held by Ownership held by non-

business/ country the group controlling interests
of incorporation 31 March 2020 31 March 2019 31 March 2020 31 March 2019
Balmer Lawrie UK Ltd. United Kingdom 100% 100% NIL NIL
Vishakhapatnam Port Logistics Park Ltd. India 60% 60% 40% 40%

215
 CONSOLIDATED FINANCIAL STATEMENTS

(b) Interest in associates and joint ventures

Name of Entity Place of business/ % of Ownership Relationship Accounting

country of Interest method
incorporation
Balmer Lawrie (UAE) LLC United Arab Emirates 49.00% Joint Venture Equity Method
Balmer Lawrie Van Leer Ltd. India 47.91% Joint Venture Equity Method
Transafe Services Ltd.* India 50.00% Joint Venture Equity Method
Avi Oil India (P) Ltd. India 25.00% Associate Equity Method
PT Balmer Lawrie Indonesia Indonesia 50.00% Joint Venture Equity Method
Total Equity Accounted Investments

Avi Oil India (P) Ltd. is classified as an associate on the basis of the shareholding pattern which leads to significant influence over the
Company by the Holding Company. Further, in Balmer Lawrie (UAE) LLC, Balmer Lawrie Van Leer Ltd., PT Balmer Lawrie Indonesia and
Transafe Services Ltd. both the partners have equal nominee representatives in the Board. Hence, these entities are classified as joint
ventures and the Company recognises its share in net assets through equity method except for Transafe Services Ltd. (Refer below)
*The 'Corporate Insolvency Resolution Process' (CIRP) has been initiated by the Hon'ble National Company Law Tribunal (NCLT),
Kolkata Bench vide its order dated November 21, 2019 in respect of M/s Transafe Services Limited (TSL), under the provisions of "The
Insolvency and Bankruptcy Code, 2016" (IB Code). As directed by the Insolvency Resolution Professional (IRP), the powers of the Board
of Directors of TSL stands suspended as per Section 17 of the IB Code from the order date and such powers are now being exercised
by the IRP appointed by the Hon'ble NCLT. Consequent to the same, the company ceases to have joint control or have any significant
influence over TSL.

(i) Commitments and contingent liabilities in respect of associates and joint ventures
ൠLQODNKV
Summarised Balance Sheet 31 March 2020 31 March 2019
Capital Commitments 3,300.77 569.96
Contingent Liabilities
Claims not acknowledged as debts 943.01 70.44
Counter Guarantees 8,187.35 2,180.54
Disputed demands 6,585.74 4,101.49
Toal Commitments and Contingent Liabilities 19,016.87 6,922.43
(c) Summarised financial information for Associates and Joint Ventures
Associate
ൠLQODNKV
Summarised Balance Sheet Avi Oil India Pvt. Ltd.
31 March 2020 31 March 2019
Current Assets 5,737.31 5,363.84
Current Liabilities 783.66 479.74
Net Current Assets 4,953.65 4,884.10
Non-Current Assets 2,589.90 2,055.93
Non-Current Liabilities 874.12 571.74
Net Non-Current Assets 1,715.78 1,484.19
Net Assets 6,669.43 6,368.29

Joint Ventures
ൠLQODNKV
Summarised Balance Sheet Balmer Lawrie Van Leer Ltd. Transafe Services Ltd.*
31 March 2020 31 March 2019 31 March 2020 31 March 2019
Cash & Cash Equivalents 1,705.95 425.00 - 63.49
Current assets excluding Cash & Cash Equivalents 18,212.82 17,036.00 - 3,030.28
Current Financial liabilities (excluding Trade payables) 15,573.84 12,595.00 - 17,247.89
Other Current Liabilities 4,769.16 4,445.00 - 2,080.34
Net Current Assets (424.23) 421.00 - (16,234.46)

Non-Current Assets 21,515.09 17,860.00 - 9,415.67

Non-Current Financial Liabilities (excluding Trade Payables) 5,042.50 2,337.00 - 4,988.28
Other Non-Current Liabilities 714.84 1,097.00 - 64.38
Net Non-Current Assets 15,757.75 14,426.00 - 4,363.01
Net Assets 15,333.52 14,847.00 - (11,871.45)

216
CONSOLIDATED FINANCIAL STATEMENTS

ൠLQODNKV
Summarised Balance Sheet PT Balmer Lawrie Indonesia Balmer Lawrie (UAE) LLC
31 March 2020 31 March 2019 31 Dec 2019 31 Dec 2018
Cash & Cash Equivalents 113.99 50.92 2,513.00 2,389.52
Current assets excluding Cash & Cash Equivalents 1,658.41 2,034.20 53,057.99 51,191.20
Current Financial Liabilities (excluding Trade Payables) 1,399.97 791.18 524.76 10,518.86
Other Current Liabilities 360.03 1,016.62 9,134.23 -
Net Current Assets 12.41 277.32 45,911.99 43,061.86
Non-Current Assets 1,159.99 1,263.90 19,105.55 7,768.13
Non-Current Financial Liabilities (excluding Trade Payables) 1,788.23 1,847.06 7,188.17 2,561.10
Other Non-Current Liabilities - - - -
Net Non-Current Assets (628.25) (583.16) 11,917.38 5,207.03
Net Assets (615.84) (305.84) 57,829.37 48,268.89

Associate
ൠLQODNKV
Summarised Statement of Profit and Loss Avi Oil India Pvt. Ltd.
31 March 2020 31 March 2019
Revenue 4,697.00 6,318.57
Interest income including other income 96.10 126.23
Cost of Sales 1,938.91 2,871.48
Employee benefits expense 1,019.85 1,021.29
Depreciation and amortisation 280.33 215.39
Interest expense 62.02 32.73
Other expenses 766.40 1,103.83
Income tax expense 181.15 350.17
Profit for the year 544.44 849.91
Other Comprehensive Income (net of tax) 27.95 (23.81)
Total Comprehensive Income 572.39 826.10
Dividend received 56.25 67.50

Joint Ventures
ൠLQODNKV
Summarised Statement of Profit and Loss Balmer Lawrie Van Leer Ltd. Transafe Services Ltd.
31 March 2020 31 March 2019 31 March 2020 31 March 2019
Revenue 43,552.62 49,884.00 - 2,494.52
Other Income 801.10 110.00 - 56.69
Interest income - 33.00 - 7.47
Cost of sales 25,064.13 31,396.00 - 1,144.95
Employee benefit expenses 5,115.77 4,544.00 - 507.85
Depreciation and amortisation 1,372.15 1,244.00 - 848.80
Interest expense 979.59 940.00 - 1,805.84
Other expenses 7,980.69 8,164.00 - 1,006.95
Income tax expense 1,325.00 1,297.00 - (369.34)
Profit for the year 2,516.39 2,442.00 - (2,386.37)
Other Comprehensive Income (80.50) (93.00) - (0.90)
Total Comprehensive Income 2,435.89 2,349.00 - (2,387.27)
Dividend received 774.11 688.00 - -

217
 CONSOLIDATED FINANCIAL STATEMENTS

ൠLQODNKV

Summarised Statement of Profit and Loss PT Balmer Lawrie Indonesia Balmer Lawrie (UAE) LLC

31 March 2020 31 March 2019 31 Dec 2019 31 Dec 2018

Revenue 2,306.31 3,969.00 83,455.60 71,392.94

Other Income 9.64 45.35 67.45 -

Interest income 0.11 - 7.45 108.55

Cost of sales 1,551.22 2899.42 64,549.80 53,425.09

Employee benefit expenses 470.15 367.44 938.06 802.82

Depreciation and amortisation 112.79 12.82 2,904.55 1,646.87

Interest expense 269.09 300.39 352.80 8.91

Other Expenses 233.64 391.63 7,530.50 9,093.76

Income Tax Expense - (21.72) - -

Profit for the year (320.81) 64.37 7,254.79 6,524.05

Other Comprehensive Income - 8.46 - -

Total Comprehensive Income (320.81) 72.83 7,254.79 6,524.05

Dividend received - - 1,849.35 1,651.46

PT Balmer lawrie Indonesia, a JV whose networth has turned negative on all the applicable Balance Sheet dates, have not been
consolidated further as per Ind AS requirements.

218
CONSOLIDATED FINANCIAL STATEMENTS

Additional Information to Consolidated Financial Statements for the year ending 31.03.2020 ൠLQODNKV
Net Assets i.e., total Share in total
Share in Other
assets minus total Share in profit or Loss Comprehensive
Comprehensive Income
liabilities Income
As a % of
Name of the Entity in the Group As a % of
As a % of As a % of consolidated
total com-
consolidated Amount consolidated Amount Other Amount Amount
prehensive
net Assets profit or loss comprehensive
Income
Income
1 2 3 4 5 6 7 8 9

Parent 79.26% 185,096.84 86.55% 13954.61 96.51% (652.54) 86.12% 13,302.07

Subsidiaries

Indian

Visakhapatnam Port Logistics 2.84% 6,625.00 -5.97% (962.87) - - -6.23% (962.87)

Park Limited

Foreign
Balmer Lawrie UK Ltd 0.02% 47.07 -6.81% (1,097.23) - - -7.10% (1,097.23)

Non Controlling Interest in All 1.89% 4,416.67 -3.98% (641.91) - - -4.16% (641.91)
subsidiaries

Associates (Investment as per

Equity Method)

Indian

Avi-Oil India Private Limited 0.71% 1,667.36 0.84% 136.11 -0.77% 5.23 0.92% 141.34

Joint Ventures (Investment as

per Equity Method)

Indian
Balmer Lawrie Van leer Limited 3.15% 7,346.29 7.31% 1,179.27 4.27% (28.86) 7.45% 1,150.41

Foreign

1. Balmer Lawrie (UAE) LLC 12.13% 28,336.39 22.05% 3,554.85 - - 23.01% 3,554.85
2. PT Balmer Lawrie Indonesia - - - - - - - -

Net worth of PTBLI is negative.

Hence no consolidation has
been done

Total 100.00% 233,535.62 100.00% 16,122.83 100.00% (676.17) 100.00% 15,446.65

219
 OFFICE & PLANT LOCATIONS

REGISTERED OFFICE 21 Netaji Subhas Road, Kolkata - 700 001

Phone: +91 033 22225218 / 230
Fax: +91 033 22225292
website: www.balmerlawrie.com

INDUSTRIAL PACKAGING

Asaoti Plant Village Piyala, Post Asaoti, Faridabad, Haryana - 121 102
Phone: +91 0129 2205073 / 2205322 / 0124 4798163 /
+91 9810821217
Fax: +91 0129 2215090
E-Mail: [email protected]

Chennai Plant 32, Sathangadu Village,Thiruvottiyur, Manali Road,

Chennai - 600 068,
Tamil Nadu
Phone: +91 044 25946641
Mob: +91 9445003315
Fax: +91 044 25941157
E-Mail: [email protected]

Chittoor Plant 62, Patnam (village & post), Thvanan Palli, Mandal,
Chittoor – 517131,
Andhra Pradesh
Phone: +91 044 25946641 / 08573 281077/ 088
Mobile: +91 9445003315
E-mail: [email protected]

Kolkata Plant Container Division, P-4/1, Oil Installation Road,

Kolkata - 700 088,
West Bengal
Phone: +91 033 24397878 / +91 9831186297
Fax: +91 033 24393793
E-Mail: [email protected]

Mumbai SBU Office Balmer Lawrie Building, 5, J. N. Heredia Marg, Ballard Estate,
Mumbai - 400 001,
Maharashtra
Phone: +91 022 6625 8196
Mobile: +91 9004000441
E -Mail: [email protected]

Navi Mumbai Plant Plot No. G-15, G-16, G-17, M.I.D.C. Industrial Area,
Village: Padge, Taluka: Panvel, Dist. Raigad,
Maharashtra - 410 208
Phone: +91 022 66258196 / 27412660
Mobile: +91 9004000441
E-Mail: [email protected]

220
New Delhi Sales Office 1st Floor, NBCC Center, Plot No. 2,
Community Center, Pocket A,
Okhla Phase I, Okhla Industrial Area,
New Delhi - 110 020
U.T. Delhi
Phone: +91 011 49997303
Mobile: +91 9810821217
E-Mail: [email protected]

Silvassa Plant Survey 23/1/1, Khadoli Surangi Road, Silvasa - 396 230,
UT of Dadra & Nagar Haveli and Daman & Diu
Phone: +91 7600049613
Mobile: +91 9004000441
E-Mail: [email protected]

Vadodara Plant Plot No. 727 GIDC, Savali Industrial Estate,

Manjusar (Near Bombardiar Circle)
Vadodara 391775,
Gujarat
Phone: +91 02667 269007
Mobile: +91 9601649293
E-mail: [email protected]

Vadodara Sales Office G-5-9 Stop-N-Plaza, Near Offtel Tower,

R C Dutt Road, Alkapuri,
Vadodara- 390 007,
Gujarat
Phone: +91 0265 2325459
Mobile: +91 9601649293
E-Mail: [email protected]

GREASES & LUBRICANTS

Bengaluru Marketing Office Commercial Motors, Commercial House, No: 8,

MTB Road, Journalist Colony,
Bengaluru - 560 058,
Karnataka
Phone: +91 080 2836 3173
E-Mail: [email protected]

Bhopal Marketing Office Phone: +91 9163740010

E-Mail: [email protected]

Chandigarh Marketing Office Phone: 08288049150

E-Mail: [email protected]

Chennai Plant 32, Sathangadu Village, Thiruvottiyur,

Manali Road, Manali,
Chennai - 600 068,
Tamil Nadu.
Phone: +91 044 2594 1551 / 6620
E-Mail: [email protected]

221
Chennai Marketing Office Balmer Lawrie House, 628, Anna Salai, Teynampet,
Chennai - 600 018,
Tamil Nadu.
Phone: +91 044 24302503 / 504/ 09840701380
E-Mail: [email protected]

Coimbatore Marketing Office 5/245, Thadagam Main Road, Kanuvai,

Coimbatore - 641 108,
Tamil Nadu.
Phone: +91 9449045636 / +91 0422 2400342
E-Mail: [email protected]

Hyderabad Marketing Office C/o. Shree Mahavir Secure Logistics Pvt. Ltd., Plot No. 6,
Block No. 33, Water Tank Road, Autonagar,
Hyderabad – 500 070,
Telangana
Phone: +91 7989320064
E-Mail: [email protected]

Jaipur Marketing Office Ganganagar Motors Ltd., 1, Transport Nagar,

Jaipur – 302004,
Rajasthan.
Phone: +91 97550 91753
E-Mail: [email protected]

Kolkata Plant P-43, Hide Road Extension

Kolkata – 700 088,
West Bengal.
Phone: 033 2439 5769 / 3448
E-Mail: [email protected]

Kolkata Marketing Office P-43, Hide Road Extension

Kolkata – 700 088,
West Bengal.
Phone: 033 2439 5769 / 3448
E-Mail: [email protected]

Kolkata Application P-43, Hide Road Extension

Research Kolkata – 700 088,
Laboratory West Bengal.
Phone: 033 2439 5405 / 5406
E-Mail: [email protected]

Mumbai Marketing Office Balmer Lawrie building, 5, J. N. Heredia Marg,

Ballard Estate, Mumbai - 400 001,
Maharashtra.
Phone: +91 022 6636 1136 / 1137
E -Mail: [email protected]

222
New Delhi Marketing Office 1st Floor, NBCC Center, Plot No. 2,
Community Center, Pocket A,
Okhla Phase I, Okhla Industrial Area,
New Delhi - 110 020
U.T. Delhi
Phone: +91 9831548252
E-Mail: [email protected]

Patna Marketing Office Phone: +91 9175763333

E-Mail: [email protected]

Pune Marketing Office 10, Aditya Shagun Mall, Bawadhan Kurd,

NDA-Pashan Road, Pune - 411 021,
Maharashtra.
Phone: +91 08146132396
E-Mail: [email protected]

Raipur Marketing Office C/o. Shree Mahavir Secure Logistics (P) Ltd.,
Kh. No. 18/4, 18/59, to 67, Behind Banjari Mandir Urkura,
Bilaspur Road, Raipur - 493 202,
Chhattisgarh.
Phone: +91 9399024005
E-Mail: [email protected]

Silvassa Plant 201/1, Sayli Rakholi Road, Silvassa - 396 230,

Dadra & Nagar Haveli and Daman & Diu
Phone: +91 0260 6993940
E-Mail: [email protected]

Vadodara Marketing Office G-5-9, Stop-N-Shop Plaza, R C Dutt Road,Alkapuri,

Vadodara - 390 007,
Gujarat.
Phone: +91 9099973379
E-Mail: [email protected]

LOGISTICS INFRASTRUCTURE

Eastern Region

Bihar (Jogbani) Integrated Check Jogbani (Bihar), Dist.: Araria,

Post (ICP) Bihar - 854328
Phone: +91 06455-242004 /05, +91 99909 99140
E-Mail: [email protected]

Bihar (Raxaul) Integrated Check Village - Haraiya, P.O. - Singhpur (Raxaul)

Post (ICP) Dist - East Champaran,
Bihar - 845305
Phone: +91 06255-226111
+91 9748343969
E-Mail: [email protected]

223
Kolkata Warehousing & P-43, Hide Road Extn, Kolkata -700088,
Distribution (W & West Bengal.
D) Phone: +91 033-24491346
E-Mail: [email protected]

Kolkata Container Freight Container Freight Station (CFS) P-3/1,

Station Transport Depot Road, Kolkata - 700 088,
(CFS) West Bengal.
Phone: +91 033 – 24506818
E-Mail: [email protected]

Kolkata Warehousing & 1, Sonapur Road, Kolkata - 700 088,

Distribution (W & West Bengal.
D) Phone: +91 033-2450 6824
E-Mail: [email protected]

Visakhapatnam Andhra Pradesh APMZ campus Pragati maidan, VM Steel Project S.O,
Medtech Zone Visakhapatnam,
(AMTZ) Andhra Pradesh – 530031
Phone: +91 9768143660
E-Mail: [email protected]

Visakhapatnam Visakhapatnam Visakhapatnam Port Logistics Park Ltd, Mulagada Village,

Port Logistics Park Near Mindi Railway Siding,
ltd Visakhapatnam,
(VPLPL) Andhra Pradesh – 530012
Phone: +91 9768143660
E-Mail: [email protected]

Western Region

Navi Mumbai Container Freight Sector: 7, Plot No: 1, Dronagiri Node,

Station (CFS) Navi Mumbai - 400 707,
Maharashtra.
Phone: +91 90071 96199
E-Mail: [email protected]

Navi Mumbai Temperature Plot No: F-9/5, Patalganga

Control MIDC, Chawne Village, District – Raigad,
Warehouse (TCW) Maharashtra.
Phone: +91 98664 00155
Email id: [email protected]

Northern Region

Haryana Temperature Plot No. 1924 & 1924 A, HSIIDC, Rai Phase - II,
Controlled Sector - 38, Sonepat,
Warehouse (TCW) Haryana - 131 029
Phone: +91 9711992986
E-Mail: [email protected]

224
Southern Region

Chennai Container Freight Container freight station (CFS) 32, Sathangadu Village,
Station (CFS) Manali, Chennai - 600 068,
Tamil Nadu
Phone: +91 044-25941647 / +91 044-25941813
E-Mail: [email protected]

Coimbatore Warehousing & Balmer Lawrie & Co. Ltd., 5/245, Thadagam Main Road,
Distribution (W&D) Kanuvai, Coimbatore - 641 108,
Tamil Nadu
Phone: +91 422-2400342 / +91 9444423671
E-Mail: [email protected]

Telengana Temperature Survey No : 833, Kistapur Road,

Controlled Medchal - Village and Mandal,
Warehouse (TCW) Medchal Dist - 501 401,
Telangana
Phone: +91 9676505656
E-Mail: [email protected]

LOGISTICS SERVICES

Eastern Region

Kolkata Branch 21, Netaji Subhas Road, Kolkata - 700 001,

& SBU Office West Bengal.
Phone: +91 033 22134658, 22225456
Fax: +91 033 22225282
E-Mail: [email protected] /
[email protected]

Kolkata Airport Office No. 2 Airport gate, Motilal Colony,

Sabutola,
West Bengal.
Phone:+91 03325123008
E-mail: [email protected]

Western Region

Ahmedabad Branch Office 808, Samedh Complex, Beside Indian Oil Petrol Pump,
Chimanlal Girdharlal Road, Ahmedabad,
Gujarat - 380 009
Phone: +91 079 26464745 / 4746
Fax: +91 079 26464774
E-Mail: [email protected] /
[email protected]

Goa Branch Office Shop No. 5, Ground Floor, Dr. Ozler Forum,
Next to Roy Petrol Pump, Vasco Da Gama,
Goa - 403 802
Phone: +91 832 2500282 / 280 / 284
E-Mail: [email protected]

225
Mumbai Regional Head 101, 102, 103 ASCOT Centre,
Office Next to Hilton Hotel, D P Road, Andheri (E),
Mumbai - 400 099,
Maharashtra.
Phone: +91 02268490800 / 22 68490802
Fax: +91 02228364311
E-Mail: [email protected] /
[email protected]

Mumbai Nava Shewa- Port Sector 7, Plot Nbr 1, Post Box nbr : 8,
Office Dronagiri NODE, Navi Mumbai -400707,
Maharashtra.
Phone: +91 22 2740151, 22 27240038
E-mail: [email protected]

Pune Branch Office 10, Aditya Shagun Mall, Bavadhan Khurd,

NDA-Pashan Road, Pune - 411 021,
Maharashtra.
Phone: +91 20 64731573 / 66750757
Fax: +91 20 64731573 / 66750757
E-Mail: [email protected]

Northern Region

Gwalior Branch Office FL 163, Deendayal Nagar, Gwalior,

Madhya Pradesh -474020
Pic: Mr. Sanjay Srivastava
Mob: + 91 9630437077
E-mail: [email protected]

Kanpur Branch Office 2A/1A, AL-Badar Compound Near Supreme Petrol pump,
Jajmau, Kanpur-208010,
Uttar Pradesh
Phone: +91 512 2400629
Fax: +91 512 2400630
Pic: Mr. Sadanand Mishra
Mob: +91 9717617383
E-Mail: [email protected]

New Delhi Regional Head 1st Floor, NBCC Center, Plot No. 2, Community Center,
Office Pocket A, Okhla Phase I,
Okhla Industrial Area,
New Delhi - 110 020 U.T.
Delhi
Phone: +91 11 42524163 / 42524176
Fax: +91 11 42524161
E-Mail: [email protected]

226
New Delhi Airport Office Godown No. 14 & 18, ACCAI Complex, IGI Airport,
New Delhi-110037,
U.T. Delhi
Phone: +91 011 25652487, 25654241, 25655231
Fax: +91 011 25653086
E-mail: [email protected]

Southern Region

Bengaluru Regional Head 342, Konena Agrahara, Old Airport Exit Road, HAL Post,
Office Bengaluru - 560 017,
Karnataka.
Phone: +91 080 25222454/ 7221 / 4128
Fax: +91 080 25227231
E-Mail: [email protected] /
[email protected]

Bengaluru Airport Office Room No 151, Bldg Code-C 25, Bangalore International
Airport, Bengalore,
Karnataka.
Phone : +91 9831186308
E-mail: [email protected]

Chennai Branch Office Balmer Lawrie House, 628, Anna Salai,Teynampet,

Chennai - 600 018,
Tamil Nadu.
Phone: +91 044 224302450
Fax: +91 044 24348066
E-Mail: [email protected]

Coimbatore Branch Office 5/245, Thadagam Main Road, Kanuvai,

Coimbatore - 641 108,
Tamil Nadu.
Phone: +91 0422 2405527
Pic: Drupadan T
Mob: +91 9042434567
E-Mail: [email protected]

Hyderabad Branch Office 301, Regency House, 680, Somajiguda,

Hyderabad - 500 082,
Telangana.
Phone: +91 040 23415272
Fax: +91 040 23400958
E-Mail: [email protected] /
[email protected] /
[email protected]

227
Hyderabad Airport Office Room No 151, Satilite Bldg Shutter No -08, Near Air Cargo
Complex Hyderabad Airport,
Samshabad,
Hyderabad, Telangana.
Phone: +91 40 24008244
E-mail: [email protected] ;
[email protected]

Karur Branch Office No. 42, 1st Floor, Periyar Nagar, 2nd Cross,
Karur - 639 002,
Tamil Nadu.
Phone: +91 4324 232025
Pic: R. Ananthakumar
Mob: +91 8220372558
E-Mail: [email protected]

Kochi Branch Office 40/8147 A, Ground Floor, Narakathara Road,

Opp Shenoys Junction,
Kochi - 682 035
Phone: + 91 0484 2351025 / 2350124
Fax: +91 0484 2351026
E-Mail: [email protected]

Thiruvananthapuram Branch Office SivadaTower, 1st Floor, SNNRA 17, Pettah,

Thiruvananthapuram - 695 024,
Kerala.
Phone: +91 0471 2463713 / 2463477 / 2465483 / 2464476
Fax: +91 0471 2465483
E-Mail: [email protected]

Tuticorin Branch Office 4B/A-28, 1st Floor, Mangal Mall, Mani Nagar,
Palayamkotal Road, Tuticorin - 628 003,
Tamil Nadu
Phone: +91 0461 2320803
Pic: P.M Palvannan
Mob: +91 9892560076
E-Mail: [email protected]

Visakhapatnam Branch Office 30-15-154/4F2, 4th Floor, GKP heavenue,

Dabagardens Main Road,
Visakhapatnam - 530 020,
Andhra Pradesh.
Phone: +91 0891 2564922 / 2564933
Fax: +91 0891 256 9305
E-Mail: [email protected]

228
LEATHER CHEMICALS

Ambur- Vaniyambadi Technical Service 4/172, Gudiyatham Road, Thuthipet,

Centre Ambur - 635 802, Thirupathur, District,
Tamil Nadu.
Phone: +91 4174 244468 / +91 9940664085
E-Mail: [email protected]

Chennai Plant 32, Sathangadu Village,Manali,

& SBU Office Chennai - 600 068,
Tamil Nadu.
Phone: +91 044 25946500
E-Mail: [email protected]

Chennai Product 32, Sathangadu Village, Manali,

Development Chennai - 600 068,
Center Tamil Nadu.
Phone: +91 044 25946604
E-Mail: [email protected]

Chennai Marketing Office “Balmer Lawrie House”, 628, Anna Salai,

Teynampet, Chennai - 600 018,
Tamil Nadu.
Phone: +91 44 24302564 / +91 9831498126
E-Mail: [email protected]

Kanpur Technical Service 2A/1(A) Jajmau, Near Supreme Petrol pump,

Centre Kanpur – 208010,
Uttar Pradesh.
Phone: +91 9935061087
E-Mail: [email protected]

Kolkata Technical Service Kolkata Leather Complex, Zone Number 1,

Centre Plot No. 63A,
24 Parganas (South) 743 502,
West Bengal.
Phone: +91 9007148888 /+91 9836814336
E-Mail: [email protected]

Ranipet Technical Service 135 & 136, 1st Floor, SIDCO Industrial Estate, SIPCOT,
Centre Ranipet - 632 403,
Tamil Nadu.
Phone: +91 04172 245018
E-Mail: [email protected]

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TRAVEL

Ahmedabad Branch Office Balmer Lawrie & Co. Ltd, 204, 808, Samedh Complex,
Beside Associated (Indian Oil) Petrol Pump,
C. G. Road, Ahmedabad – 380009,
Gujarat.
Phone: +91 079 26464771/73/76
Fax: +91 07926464771/73/76
E-Mail: [email protected]

Bengaluru Branch Office 1, Ground Floor, Batra Centre, 27 & 27/1, Ulsoor Road,
Bengaluru - 560 042,
Karnataka.
Phone: +91 080 25581004/06/08/07 / 25321533/34
Fax: +91 080 25580090
E-Mail: [email protected]

Bhubaneswar Satelite Office Plot No: Q (1st floor), Unit – III, Janpath,
Kharvel nagar, Bhubaneswar – 751001,
Odisha
Phone: +91 0674 2536225 / 178 / 154
Fax: +91 06742536186
E-Mail: [email protected]

Chennai Branch Office Balmer Lawrie House, 628, Anna Salai, Teynampet,
Chennai - 600 018
Tamil Nadu
Phone: +91 044 24302598 / 24302599
Fax: +91 044 24342579
E-Mail: [email protected]

Guwahati Satelite Office 2nd Floor, F-Fort Building, Kachari Basti Road,
Ulubari, Guwahati - 781 007,
Assam.
Phone: +91 0361781007 / 03612469866 - 71
Fax: +91 0361 2469871
E-Mail: [email protected]

Hyderabad Branch Office 302, Regency House, 680, Somajiguda,

Hyderabad - 500 082,
Telangana.
Phone: +91 040 23400642 / 067 / 23412830 /
23407969 / 7707
Fax: +91 040 23406399
E-Mail: [email protected]

230
Kanpur Satellite Office Shop No. 8 HAL Township Marketing Complex,
Near Ramadevi Chauraha, Kanpur – 208007,
Uttar Pradesh.
Phone: +91 0512 2455181 / 2455206
E-Mail: [email protected]

Kochi satellite Office Door No. 40/8147 A, Narakathara Road,

Opp. Shenoys Theatre, M G Road,
Kochi - 682 035, Kerala.
Phone: +91 484 2350122 / 2351023
E-Mail: [email protected]

Kolkata Branch Office 21, Netaji Subhas Road, Kolkata - 700 001,
West Bengal
Phone: +91 033 22225266/5211
E-Mail: [email protected]

Lucknow Branch Office GF-8, Ratan Square, 20A, Vidhansabha Marg,

Lucknow - 226 001
Uttar Pradesh
Phone: +91 0522 4931700
E-Mail: [email protected]

Mumbai SBU Office Balmer Lawrie Building, 5, J. N. Heredia Marg,

4th Floor, Ballard Estate,
Mumbai - 400 001,
Maharashtra.
Phone: +91 022 6636-1111-14
Fax: +91 022 6636-1110
E-Mail: [email protected]

New Delhi Branch Office 1st Floor, NBCC Center, Plot No. 2, Community Center,
Pocket A, Okhla Phase I,
Okhla Industrial Area,
New Delhi - 110 020
U.T. Delhi
Phone: +91 011 46412201-09
Fax: +91 011 46412235
E-Mail: [email protected]

Port Blair Satelite Office 97, M. G. Road, Middle Point, 1st Floor,
Port Blair - 744 101,
U.T. Andaman & Nicobar Island
Phone: +91 03192 240045 / 048, +91 9474273464,
+91 9474208178
E-Mail: [email protected]

231
Pune Satellite Shop No.- 6, Chinar Apartment, Beside Aramex Courier,
Office Opp Agriculture College, Sakhar Sankul Road,
Shivaji Nagar,
Pune- 411005,
Maharashtra.
Phone: +91 020-25514330/ 31
E-Mail: [email protected]

Thiruvananthapuram Branch Office SRL – A24, Anugraha, Sankar Road, Sasthamangalam,

Thiruvananthapuram,
Kerala - 695010
Phone: +91 0471 2314998 / 980 / 981 / 2723931
Fax: +91 0471 2315201
E-Mail: [email protected]

Vadodara Branch Office Ground Floor, Stop-’N’-Shop Plaza, 5-9, R C Dutt Road,
Alkapuri,
Vadodara - 391 007,
Gujarat.
Phone: +91 0265 2353775 / 2340196 / 2340514 / 2364267
Fax: +91 0265 2314835
E-Mail: [email protected]

Visakhapatnam Satellite Office 30-15-154/4F2, 5th Floor, Patnam Office GKP Heavenue,
Dabagardens Main Road,
Visakhapatnam - 530 020,
Andhra Pradesh.
Phone: +91 0891 2564922 / 933
Fax: +91 0891 2569305
E-Mail: [email protected]

VACATIONS

Ahmedabad Branch Office Unit No. 808, 8th Floor, Samedh Complex, Beside Associated
(Indian Oil) Petrol Pump, C G Road,
Ahmedabad – 380 009
Gujarat
Phone: +91 98249 49884
Email: [email protected]

Bengaluru Branch Office Cosmopolitan Club, Cosmo Travel House, 22nd Cross,
3rd Block, Jayanagar,
Bengaluru – 560 011,
Karnataka
Phone : + 91 080 4081 5322
Email: [email protected]

Bhubaneswar Branch Office 2nd Floor, SCR 59, Janpath, Unit III, Kharvel Nagar,
Bhubaneswar – 751 001,
Odisha
Phone: +91 0674 253 2230
Email: [email protected]

232
Chennai Branch Office Balmer Lawrie House, No. 628, Anna Salai, Teynampet,
Chennai – 600 018,
Tamil Nadu
Phone: +91 044 4211 1900
Email: [email protected]

Delhi Branch Office Ground Floor, Core – 8, Scope Complex,

7 Lodhi Road New
Delhi – 110003,
U.T. Delhi
Phone: +91 011 4951 8800
Email: [email protected]

Delhi Branch Office 1st Floor, NBCC Center, Plot No. 2, Community Center,
Pocket A, Okhla Phase I, Okhla Industrial Area,
New Delhi - 110 020
U.T. Delhi
Phone: +91 11 4252 4112
Email: [email protected]

Hyderabad Branch Office Ground Floor – G5 & G6, Tourism Plaza,

GMC Balayogi Paryatak Bhavan,
Green Lands Road, Begumpet,
Hyderabad,
Telangana
Phone: +91 40 4012 6565
Email: [email protected]

Kolkata Branch Office 21, Netaji Subhas Road,

Kolkata – 700 001,
West Bengal
Phone: +91 33 2222 5555
Email: [email protected]

Mumbai HO & Branch Balmer Lawrie Building, 5 J. N. Heredia Marg, 4th Floor,
Office Ballard Estate,
Mumbai - 400 001,
Maharashtra
Phone: +91 22 4214 3333
E-Mail: [email protected]

REFINERY & OIL FIELD SERVICES

Kolkata SBU Office 21, Netaji Subhas Road,

Kolkata - 700 001
Phone: +91 033 22225610, 22134674
Fax: +91 033 22225444 / 5333

233
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