Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Capabilities,
Enhancing
Opportunities
54th Annual Report 2014-15
Contents
02-17
18-87
COMPANY REVIEW
STATUTORY REPORTS
02
Business Verticals
04
Board of Directors
06
Corporate Information
07
08
Financial Performance
12
Leveraging Capabilities.
Enhancing Opportunities.
14
Leveraging
Capabilities,
Enhancing
Opportunities
54th Annual Report 2014-15
88-248
FINANCIAL STATEMENTS
Management Discussion
& Analysis
18
Report on Corporate
Governance
38
Directors Report
56
Standalone Financials
Consolidated Financials
88
154
3D Printed Products
GEOGRAPHIC REVENUES
68
60
32
40
Standalone
India
Consolidated
Outside India
India
Outside India
60
30
30
180
120
60
30
Customers
30
60
90
120
150
180
Global Presence
90
Global Headquarters
1
2
3
4
5
Business Verticals
AUTOMOTIVE
BFL has achieved its objective of creating a strong global leadership position in the
automotive sector for safety and critical powertrain and chassis components.
Kgs
Segments
Products
Powertrain
Crankshafts
Connecting Rods
Transmission
Parts
Chassis
Front Axles
Steering Knuckles
Transmission Parts
PASSENGER VEHICLES
10-30
<1
NA
2-10
0.5-6
25-80
1-3
30-60
10-30
3-30
60-250
2-5
60-150
25-40
20-100
LCV/MCV
HCV
REVENUE DISTRIBUTION
38
46
62
54
Standalone
Automotive
Consolidated
Industrial
Automotive
Industrial
INDUSTRIAL
BFL is extending its expertise in the automotive business across other industrial verticals. In order to do so, it is
exploring further opportunities in high value, high growth sectors.
ENERGY
Power
Marine
Aerospace
General Engineering
TRANSPORTATION
Rail
Board of Directors
MR. P. H. RAVIKUMAR
MR. S. M. THAKORE
MR. P. C. BHALERAO
DR. T. MUKHERJEE
MR. G. K. AGARWAL
MR. B. P. KALYANI
MR. S. E. TANDALE
Executive Director
Executive Director
Executive Director
Corporate Information
Bank of India
Bank of Baroda
Bank of Maharashtra
Canara Bank
State Bank of India
HDFC Bank Ltd.
ICICI Bank Ltd.
Axis Bank Ltd.
Citibank N.A.
Standard Chartered Bank
The Royal Bank of Scotland N V
Credit Agricole CIB
Bankers
Auditors
Company Secretary
Anand Daga
5HJLVWHUHG2FH
CIN: L25209PN1961PLC012046
Bharat Forge Limited
Mundhwa, Pune Cantonment,
Pune 411 036, Maharashtra, India.
Phone: +91 20 6704 2777 / 2476
Fax: +91 20 2682 2163
Email: secretarial@bharatforge.com
Web: www.bharatforge.com
Baba N. Kalyani
CONTRARY TO WHAT IS
HAPPENING AROUND THE WORLD,
INDIA IS WITNESSING A HISTORIC
TRYST WITH OPPORTUNITY. THE
ECONOMY HAS BOTTOMED OUT
AND IS INCHING UPWARDS.
8
Markets
GROWTH IN
TOTAL REVENUE
(STANDALONE)
Financial Performance
33.8%
Dear Shareholders,
7KHVXUJHLQSURWDELOLW\ZDVGULYHQE\
improvement in capacity utilization and
focused cost reduction initiatives. We have
further strengthened the balance sheet
by retiring debt of around ` 5,300 million
9
Business Highlights
10
Portfolio expansion
Make in India
Baba N. Kalyani
Looking ahead
12
4,370
FY 2010
FY 2015
13,563
EBITDA
8,637
7,337
9,153
7,196
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
18,564
33,993
31,512
45,481
36,860
29,470
20,586
FY 2009
FY 2010
21,965
18,644
15,779
FY 2008
FY 2007
FY 2006
TOTAL REVENUE
FY 2014
FY 2013
FY 2012
FY 2011
4,461
5,222
4,676
3,902
FY 2009
FY 2008
FY 2007
FY 2006
Financial Performance
in ` Million
in ` Million
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
FY 2009
FY 2008
FY 2007
5.71
4.51
17.18
13.13
15.55
13.39
12.25
10.97
3,999
3,056
3,621
3,108
30.88
7,190
in ` Million
FY 2006
FY 2015
FY 2014
FY 2013
FY 2012
9.5
1,270
FY 2010
PAT
15,272
FY 2010
FY 2015
FY 2014
FY 2013
FY 2012
26,933
23,111
21,431
19,954
15,104
FY 2009
FY 2011
14,733
13,268
5,835
4,299
6,175
FY 2008
FY 2007
FY 2006
FY 2015
FY 2014
FY 2013
FY 2012
4,474
11,641
1,807
FY 2010
FY 2011
1,577
3,666
FY 2008
FY 2009
3,666
FY 2007
3,149
34,957
10,610
NET WORTH
EPS
FY 2011
1,033
2,736
2,410
FY 2009
FY 2008
FY 2007
FY 2006
in ` Million
2,070
13
FY 2006
Opportunity through
Technology and Innovation
7HFKQRORJ\SURYLGHVQREHQHWVRILWVRZQLWLVWKH
application of technology to business opportunities
that produces ROI. - Robert McDowell
14
15
Opportunity through
Talent Creation
16
17
Management Discussion
and Analysis
1. Global
Overview
and
Indian
Economic
18
7.3
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
5.1
6.7
6.9
8.9
DJULFXOWXUHVHFWRURQWKHEDFNRIDGHFLHQW
monsoon and unseasonal rains.
$XWRPRELOHVHFWRUYROXPHVJUHZIRUWKHUVWWLPHLQWKUHH\HDUVLQ)<7RWDODXWRPRWLYH
production increased by 3.4% compared to FY 2013-14, and this moderately higher growth is
attributed largely to the hopes of an economic revival after a new government took charge in
WKHFRXQWU\DQGDUHQHZHGEXVLQHVVVFHQDULR7KHFRQWLQXDWLRQRIWKHH[FLVHGXW\EHQHWWLOO
December 2014, correction in fuel prices and an increase in replacement demand with easing
QDQFLQJFRVWKDVFRQWULEXWHGWRLQFUHDVHGGHPDQG
LCV
428,530
477,523
(10.3)
M&HCV
268,553
221,699
21.1
2,590,182
2,519,225
2.8
628,701
567,182
10.8
3,915,966
3,785,629
3.4
Passenger Cars
Utility Vehicles
Total
Source: Society of Indian Automobile Manufacturers (SIAM)
SALES OF PASSENGER
VEHICLES GREW BY 2.8%
MAINLY ON ACCOUNT
OF CONSUMERS
TAKING ADVANTAGE
OF THE REDUCED
EXCISE DUTIES WHICH
WERE CONTINUED TILL
DECEMBER 2014.
20
FY 2014-15
FY 2013-14
400,000
350,000
345,818
300,000
280,677
250,000
268,553
250,133
200,000
221,699
192,283
150,000
09-10
10-11
11-12
12-13
13-14
14-15
08-09
4. Company Review
4.1.1 Automotive
FY 2010-11 to FY 2013-14 was a challenging
period for the M&HCV segment, with volumes
declining from the peaks of 384,801 units in
FY 2011-12 to 221,699 units in FY 2013-14
due to several macroeconomic headwinds
such as decline in GDP from 8.9% in FY 201011 to around 6.9% in FY 2013-14, halt in
mining activities in Karnataka and Goa, sharp
reduction in infrastructure capex, increase
in interest rates and fuel price among many
other factors.
In FY 2014-15, the industry trend of the past
three years reversed with volumes increasing
21% to 268,553 units. This increase in
demand was a result of culmination of
various factors such as decreasing fuel
prices, decline in Interest rates, lower excise
duty, and resumption of mining activity in
Karnataka and initial signs of recovery in the
Indian economy.
Around 43% of BFLs domestic revenues
are contributed by the commercial vehicles.
Though the CV market volumes grew by 21%,
the revenues of BFL from this space grew
by 25% mainly on account of the growing
customers and increased penetration in the
existing customers.
21
43%
40%
Passenger Vehicles
14%
16%
Industrial
43%
44%
FY 2014-15
FY 2013-14
Looking Ahead
The recent steps taken by the Government
to revive the capex cycle in India by way of
allocation of coal blocks, resumption of Iron
ore mining, focus on public sector investment
in the Road and Railways sector augurs well
for the Commercial Vehicle sector and also for
the resurgence of the capital goods sectors.
These
measures
coupled
with
the
Governments Make in India programme,
aimed at creating a vibrant manufacturing
sector and an import substitution market
opens up a potentially huge opportunity
for
technology-focused
manufacturing
companies.
22
&<ZDVDGLFXOW\HDUIRUWKH2LO *DV
sector with crude oil prices rapidly declining
from peak levels of US$ 120 per barrel to as
low as US$ 55 per barrel in the span of few
months. The sector participants believe the
new normal for crude oil to be in the range
of US$ 65 per barrel to US$ 80 per barrel and
ZHDUHFRQGHQWWKDWWKHLQGXVWU\ZLOODGDSW
to these levels.
The Company made tremendous progress
in its journey of further developing the
industrial business. In the aerospace sector,
Commercial Vehicles
Passenger Vehicles
Industrial
FY 2014-15
47%
59%
4%
2%
49%
39%
FY 2013-14
Looking Ahead
In the coming year, growth in the auto
industry is expected to be led by the NAFTA
region, strong orders, long backlogs, better
freight volumes, a healthy economic outlook,
DQROGSO\LQJHHWULVLQJSURWDELOLW\RIHHW
operators and the sharp plunge in crude
prices can be the contributing factors for a
sustainable year forward, if not better.
As
per
the
proposed
scheme
of
amalgamation, Kalyani ALSTOM Power
Limited (a Joint Venture of the Company)
has been amalgamated in to ALSTOM Bharat
Forge Power Limited (another Joint Venture
of the Company) was approved by the
Honble High Court of Delhi at New Delhi vide
order dated August 07, 2014.
Due to delay in obtaining environmental
clearance at Adani Ports and Special Economic
Zones (APSEZ), the Joint Venture Company
shifted its proposed manufacturing facility
from APSEZ to Sanand, Gujarat. The facility
commenced operations on May 26, 2015.
During the year, the Joint Venture Company
won ` 1,136 crores order for supplying Steam
turbine island from NTPC 2 x 660 MW Tanda
Power plant in Uttar Pradesh.
23
5. Financial Review
5.1 Standalone
( in ` Million)
Particulars
Shipment Tonnage
FY15
FY14
% Change
bbb
bbbb
21.1%
Domestic sales
bb
bbb
16.0%
Export Sales
bb
bbb
47.2%
bbbb
bbbbbbbbb
Total Revenue
bb
bbb
Raw Material
bb
bbb
26.6%
7,714.3
bbbbb
26.0%
Manufacturing Expenses
Manpower cost
bbbb
bbbbb
19.0%
Other Expenditure
bbbb
bbbbb
28.9%
Total Expenditure
bb
bbb
25.9%
EBITDA
bb
bbbbb
57.0%
EBITDA %
Depreciation
29.8%
25.4%
bbbb
bbbbb
2.1%
Interest
bbbb
bbbbb
-25.2%
Other Income
bbbbbbbb
bbbbb
-10.0%
PBT
bb
bbbbb
89.9%
(262.9)
bbbbbbbb
Exchange Gain/(Loss)
PBT
bb
bbbbb
Exceptional Item
bbbbbbbb
bbbbbbbb
PBT
bb
bbbbb
Taxation
bbbb
bbbbb
PAT
bbbb
bbbbb
Total income
Expenditure
33.8%
81.8%
77.5%
79.8%
( ` Million)
Particulars
Debt
Equity
Cash
D/E
D/E (Net)
ROCE
RONW
FY15
17,974
34,957
10,468
0.51
0.21
22.7%
20.7%
FY14
19,943
26,933
10,222
0.74
0.36
16.0%
16.1%
440 bps
EXPANSION
IN EBITDA
MARGINS
25
5.2 Consolidated
( in ` Million)
Particulars
FY15
% Change
Within India
bb
bbb
1.2%
Outside India
bb
bbb
19.1%
bbbb
bbbbbbbbb
49.2%
Total Revenue
bb
bbb
13.5%
Raw Material
bbb
bbb
17.2%
Manufacturing Expenses
bb
bbb
13.6%
Manpower cost
bbbb
bbbbb
14.7%
Other Expenditure
bbbbb
bbbbb
6.9%
Project cost
bbbb
bbbbb
Total Expenditure
bb
bbb
8.2%
EBITDA
bb
bbb
43.2%
19.3%
15.3%
bbbb
bbbbb
1.5%
Interest
bbbb
bbbbb
-19.8%
Other Income
bbbb
bbbbb
23.5%
81.5%
EBITDA %
Depreciation
PBT
bb
bbbbb
Exchange Gain/(Loss)
bbbbb
bbbbbbbb
PBT
10,795.30
6,285.30
Exceptional Item
bbbbbbbb
bbbbb
PBT
bb
bbbbb
Taxation
bbbb
bbbbb
PAT
bbbb
bbbbb
6KDUHRISURWLQDVVRFLDWH
bbbbbbbbbbbbbbbbb
bbbbbbbbbbbbbbbbbb
Minority Interest
bbbbbbbb
bbbbbbbb
1HW3URW
bbbb
bbbbb
bbbbbbbb
bbbbb
1HW3URW
bbbb
bbbbb
26
FY14
71.8%
53.3%
46.2%
46.0%
53.0%
(` Million)
Particulars
Debt
Equity
Cash
D/E
D/E (Net)
FY15
FY14
25,464
34,442
11,386
0.74
0.41
25,613
26,832
11,949
0.95
0.51
Patents
$WRWDORISDWHQWDSSOLFDWLRQVZHUHOHGLQ
FY 2014-15 bringing the number of patents
OHG WLOO GDWH WR %)/ KDV EHHQ DOUHDG\
granted 2 while the remaining have been
submitted and awaiting examination. These
patents have largely been for process and
product improvements. In the coming year
as well, BFL has a healthy pipeline of patents
on which work is being carried out.
Knowledge Exchange
Various employee exchange programmes
are organised by the Companys subsidiaries
in order to facilitate pan-organisational
knowledge transfer and best practices
exchange. The experiences regarding various
challenges faced during the year and the
manner in which they were overcome, are
shared.
Training Programmes
In order to enhance engineering knowledge
in employees, BFL set a three-month, fulltime Engineering Development Programme
at Chakan, during the year. The programme
is based on the objectives of training nontechnical manpower, the basics of Modern
Engineering Terms, engineering drawing
reading and new 2D and 3D CAD techniques.
Till date, three batches comprising a cumulative
91 employees have undergone the training.
In time, all 300 employees will be given the
training. Employees who successfully complete
the programme will be transferred to new
project activities.
A TOTAL OF 7 PATENT
APPLICATIONS WERE
FILED IN FY 2014-15
BRINGING THE NUMBER
OF PATENTS FILED TILL
DATE TO 13.
Design improvements
BFL is involved with its clients throughout
the process - right from the initial stages of
product development to the time of product
delivery.
27
8. Safety
+D]DUGGHQWLFDWLRQDQG5LVN
Assessment (HIRA)
A proactive measure to reduce accidents,
incidents and near misses. In HIRA, Potential
Hazards assessment is carried out in the
routine and non-routine activities. Hazards
DUH LGHQWLHG LQ DGYDQFH DQG QHFHVVDU\
control measures are implemented to
28
Safety Audit
We carry out External Safety Audit once in
two years as per the statute and Internal
Safety Audit once in a year through our
WUDLQHG$XGLWRUV7KHQGLQJVDUHGLVFXVVHG
in monthly Departmental Safety Committee
Meetings for CAPA. External Audit was
FDUULHGRXWLQ$SULO0D\6SHFLF$XGLWV
are also carried out which are in addition to
Comprehensive Internal Safety Audit.
HSE Objectives
Every month the HODs are required
to complete 10 Objectives and report
compliance to the Safety Department. The
Department-wise objectives are discussed
in MIS chaired by Chairman & Managing
Director. The Target for attaining the
HSE Objectives is 90% which is upgraded
periodically.
1.
2.
3.
4.
Statutory Inspections
We also carry out Statutory Inspections
and Examination of Lifting Tackles, Lifting
Machines, Hoist & Lifts, Pressure Plants and
LPG Installations through Competent Person.
Inspection of Shot Blasting chambers are
carried out by our maintenance team.
Shop Round
Annual plan for Shop Round is prepared and
they are carried out according to the plan by
Safety Department. Shop round observations
are communicated to respective department
HODs for Corrective and Preventive Actions
(CAPA). The CAPA is monitored as soon as the
Safety Department receives the compliance
report and the same is discussed in the
monthly Departmental Safety Committee
Meetings.
29
Accident Record
As a result of the above activities the accidents are on the downward trend year after year
which is evidenced from the graph below.
8
6
5.79
4.07
3.78
1.91
1.67
2
0
2004
2005
2006
2007
2008
1.99
2009
1.47
2010
1.36
2011
0.96
2012
0.54
0.62
2013
2014
UNDERPRIVILEGED
CHILDREN
EDUCATED
Promotion of Education
The Kalyani School BFL is supporting the
Kalyani School with the vision to provide
a harmonious, stimulating environment
which inspires all to strive for excellence and
emerge as responsible citizens.
Spread across 9.5 acres of land, the K-12
co-ed, CBSE English Medium School is
located in Manjri (Budruk) close to Keshav
Nagar. The School provides the children
with an atmosphere and ambience that is
best suited for their all-round growth and
development.
By restricting class strength to 30,
individual and personalised attention is
guaranteed, with a whole school teacherstudent ratio of 1:10.
Total number of Admissions: 202 and
WRWDOQXPEHURI6FKRRO6WD
20,413
Khelghar
32
Water Conservation
Bharat Forge is actively involved in the Jalyukta
Shivar Abhiyaan project in coordination
ZLWK&KLHI0LQLVWHUV2FH0DKDUDVKWUDIRU
Drought Free Maharashtra By 2019 campaign
at Kanhersar village of Khed Block and at
Kalewadi village in Purandhar block in Pune.
We have started water related works like
Repairs, Renovation and Restoration (RRR)
of percolation tanks/minor irrigation tanks,
widening and deepening of nala bunds.
Skills Development & Employability
To strengthen the vocational training
system in the country and bring it closer
to the industrys requirement, BFL
KDYH PDGH HRUWV DQG KDYH VWDUWHG 7
Khed and also adopted the Bhor and
Malegaon ITIs for up-gradation. It is
under the Public Private Participation
scheme. We have imparted vocational
training to 581 students of ITI Khed.
Various soft and technical skills
trainings are imparted to students and
instructors.
We will be starting the communication
lab at ITI Khed.
50
50
33
10. Outlook
34
Nature of risk
:LWKVLJQLFDQWUHYHQXHVFRPLQJIURPWKHH[SRUWV%)/LVDOZD\VH[SRVHGWRJOREDOFXUUHQF\
XFWXDWLRQV
Risk Mitigation strategies
BFL has followed a consistent policy of booking simple forwards on a rolling basis to protect
its export realisation.
Nature of risk
Losing out an skilled human resource to competition
Risk Mitigation strategies
%)/KDVDQHHFWLYHDQGXQLTXH+5SROLF\ZKLFKEHOLHYHVLQLPSURYLQJWKHVNLOOVHWVRIWKH
employees with degrees from renowned institutes. This also creates a talent pipeline to
address future growth requirement.
Financial Risk
Nature of risk
QFUHDVHGLQWHUHVWUDWHVOHDGLQJWRLQFUHDVHLQWKHLQWHUHVWSD\PHQWRXWRZ
88-248 | Financial Statements
BFL awarded Private Company of the Year for Best Risk Management Framework and System
35
Threats
The industry in India is confronted with
increase in the input costs such as rising
raw material prices of engineering grade
steel and high price of power.
Due to increasing competition and the
presence of global players, the ability to
attract and retain managerial talent and
the availability of skilled and unskilled
manpower is becoming a key issue.
Improving the quality of manpower is
also an issue for the industry.
36
Opportunities
In terms of industry trends, there is
DQ LQFUHDVLQJ GHPDQG IRU UHDG\WRW
components/sub-assemblies as well as
a growing demand for precision forging
components (near net shape forging)
mainly due to reducing cost along the
production chain.
37
BOARD OF DIRECTORS
Composition of the Board
7KH&RPSDQ\VSROLF\LVWRPDLQWDLQDQRSWLPXPFRPELQDWLRQRI([HFXWLYHDQG1RQ([HFXWLYH
'LUHFWRUV$VRQ0DUFK%KDUDW)RUJHV%RDUGFRPSULVHVRIIRXUWHHQ'LUHFWRUV7KH
%RDUGFRQVLVWVRIWKHVL[([HFXWLYH'LUHFWRUVLQFOXGLQJ&KDLUPDQDQG0DQDJLQJ'LUHFWRUZKR
LVDSURPRWHU'LUHFWRUDQGHLJKW1RQH[HFXWLYH'LUHFWRUVVHYHQRIZKRPDUHQGHSHQGHQW
7KHFRPSRVLWLRQRIWKH%RDUGLVLQFRQIRUPLW\ZLWK&ODXVHRIWKH/LVWLQJ$JUHHPHQWVZLWKWKH
VWRFNH[FKDQJHV'HWDLOVRIWKHFRPSRVLWLRQRIWKH%RDUGRI'LUHFWRUVHWFDUHJLYHQLQTable 1.
Number of Board Meetings
QWKH%RDUGRIWKH&RPSDQ\PHWIRXUWLPHVRQ0D\-XO\1RYHPEHU
DQG)HEUXDU\7KHPD[LPXPJDSEHWZHHQDQ\WZR%RDUG0HHWLQJVZDV
GD\VDQGWKHPLQLPXPJDSZDVGD\V
Directors Attendance Record and Directorships
7KHQDPHVDQGFDWHJRULHVRIWKH'LUHFWRUVRQWKH%RDUGWKHLUDWWHQGDQFHDW%RDUG0HHWLQJVKHOG
GXULQJWKH\HDUWKHODVW$QQXDO*HQHUDO0HHWLQJ$*0KHOGRQ6HSWHPEHUDQG
WKHQXPEHURI'LUHFWRUVKLSV &RPPLWWHH&KDLUPDQVKLSV0HPEHUVKLSVKHOGE\WKHPLQRWKHU
QGLDQSXEOLFOLPLWHGFRPSDQLHVDVRQ0DUFKDUHJLYHQKHUHLQEHORZ
38
Category
Attendance Particulars
Number of Board
Meetings
Last
AGM
Number of
Directorship(s)
held in Indian
Companies****
Committee
Memberships
held in Indian
Public Ltd.
Companies
Committee
Chairmanships
held in Indian
Public Ltd.
Companies
([HFXWLYH
Yes
12
0U607KDNRUH
QGHSHQGHQW
Yes
0U3*3DZDU
QGHSHQGHQW
Yes
1RQ([HFXWLYH
1R
1/
1/
1/
0UV/DOLWD'*XSWH
QGHSHQGHQW
Yes
0U3+5DYLNXPDU
QGHSHQGHQW
Yes
12
0U$ODQ6SHQFHU
QGHSHQGHQW
1$
1$
1$
1$
0U1DUHVK1DUDG
QGHSHQGHQW
Yes
1/
'U70XNKHUMHH
QGHSHQGHQW
Yes
1/
0U9LPDO%KDQGDUL
QGHSHQGHQW
Yes
1RQ([HFXWLYH
1R
1$
1$
1$
0U*.$JDUZDO
([HFXWLYH
Yes
1/
1/
1/
0U$PLW%.DO\DQL
([HFXWLYH
Yes
1/
0U%3.DO\DQL
([HFXWLYH
Yes
1/
1/
1/
0U6(7DQGDOH
([HFXWLYH
Yes
1/
1/
0U.06DOHWRUH
([HFXWLYH
1$
1/
1/
0U%1.DO\DQL
&KDLUPDQDQG0DQDJLQJ
'LUHFWRU
0U3&%KDOHUDR
0U6XQLO.&KDWXUYHGL
&
HDVHGWREHD'LUHFWRUZLWKHHFWIURP0D\
&HDVHGWREHD'LUHFWRUZLWKHHFWIURP0DUFK
0U . 0 6DOHWRUH KDV MRLQHG WKH &RPSDQ\ DV *URXS &KLHI )LQDQFLDO 2FHU IURP 1RYHPEHU DQG
DGGLWLRQDOO\JRWDSSRLQWHGDV&KLHI)LQDQFLDO2FHU&)2RIWKH&RPSDQ\IURP$XJXVW2Q)HEUXDU\
0U6DOHWRUHZDVDSSRLQWHGDV([HFXWLYH'LUHFWRU &)2RIWKH&RPSDQ\
2WKHUGLUHFWRUVKLSVGRQRWLQFOXGHIRUHLJQFRPSDQLHVQDFFRUGDQFHZLWK&ODXVHRIWKH/LVWLQJ$JUHHPHQW
0HPEHUVKLSV&KDLUPDQVKLSV RI RQO\ WKH $XGLW &RPPLWWHH DQG 6WDNHKROGHUV 5HODWLRQVKLS &RPPLWWHH LQ DOO
QGLDQ3XEOLF/LPLWHG&RPSDQLHVKDYHEHHQFRQVLGHUHG
39
Attended
Held
Table 1: Composition of the Board of Directors etc. for the year 2014-15
Independent Directors
$VPDQGDWHGE\&ODXVHRIWKH/LVWLQJ$JUHHPHQWDQG
WKH&RPSDQLHV$FWWKHQGHSHQGHQW'LUHFWRUVRQ
%KDUDW)RUJH/LPLWHGV%RDUG
L D
UH QRW D SURPRWHU RI WKH &RPSDQ\ RU LWV
KROGLQJVXEVLGLDU\RUDVVRFLDWHFRPSDQ\
LL D
UHQRWUHODWHGWRSURPRWHUVRUGLUHFWRUVLQWKH
&RPSDQ\ LWV KROGLQJ VXEVLGLDU\ RU DVVRFLDWH
FRPSDQ\
D
SDUW IURP UHFHLYLQJ GLUHFWRUV UHPXQHUDWLRQ KDV
or had no material pecuniary relationship with
WKH &RPSDQ\ LWV KROGLQJ VXEVLGLDU\ RU DVVRFLDWH
FRPSDQ\ RU WKHLU SURPRWHUV RU GLUHFWRUV GXULQJ
WKH WZR LPPHGLDWHO\ SUHFHGLQJ QDQFLDO \HDUV RU
GXULQJWKHFXUUHQWQDQFLDO\HDU
40
&
DSLWDOEXGJHWVDQGDQ\XSGDWHVWKHUHRI
4
XDUWHUO\ UHVXOWV IRU WKH &RPSDQ\ DQG EXVLQHVV
VHJPHQWV
0
LQXWHV RI WKH PHHWLQJV RI WKH $XGLW &RPPLWWHH
RWKHU &RPPLWWHHV RI WKH %RDUG DQG PLQXWHV RI
PHHWLQJVRI6XEVLGLDU\&RPSDQLHV
6
KRZ FDXVH GHPDQG SURVHFXWLRQ QRWLFHV DQG
SHQDOW\QRWLFHVZKLFKDUHPDWHULDOO\LPSRUWDQW
)
DWDO RU VHULRXV DFFLGHQWV GDQJHURXV RFFXUUHQFHV
DQ\PDWHULDOHXHQWRUSROOXWLRQSUREOHPV
$
Q\ PDWHULDO GHIDXOW LQ QDQFLDO REOLJDWLRQV WR DQG
E\ WKH &RPSDQ\ RU VXEVWDQWLDO QRQSD\PHQW IRU
JRRGVVROGE\WKH&RPSDQ\
$
Q\LVVXHZKLFKLQYROYHVSRVVLEOHSXEOLFRUSURGXFW
OLDELOLW\ FODLPV RI VXEVWDQWLDO QDWXUH LQFOXGLQJ
DQ\ MXGJHPHQW RU RUGHU ZKLFK PD\ KDYH SDVVHG
VWULFWXUHVRQWKHFRQGXFWRIWKH&RPSDQ\RUWDNHQ
an adverse view regarding another enterprise that
FDQKDYHQHJDWLYHLPSOLFDWLRQVRQWKH&RPSDQ\
0
DNLQJRIORDQVDQGLQYHVWPHQWRIVXUSOXVIXQGV
E D
Q\ OHJDO RU D FRQVXOWLQJ UP WKDW KDV RU
KDGDQ\WUDQVDFWLRQZLWKWKH&RPSDQ\LWV
KROGLQJVXEVLGLDU\RUDVVRFLDWHFRPSDQ\
amounting to ten percent or more of the
gross turnover of suchUP
*
HQHUDOQRWLFHVRILQWHUHVWVRI'LUHFWRUV
&
RQVWLWXWLRQ5HFRQVWLWXWLRQRI%RDUG&RPPLWWHHV
$
SSRLQWPHQW UHPXQHUDWLRQ DQG UHVLJQDWLRQ RI
'LUHFWRUV
'
LYLGHQGGHFODUDWLRQ
D D
UPRIDXGLWRUVRUFRPSDQ\VHFUHWDULHV
LQSUDFWLFHRUFRVWDXGLWRUVRIWKH&RPSDQ\
RU LWV KROGLQJ VXEVLGLDU\ RU DVVRFLDWH
FRPSDQ\RU
$
QQXDO RSHUDWLQJ SODQV RI EXVLQHVVHV DQG EXGJHWV
DQGDQ\XSGDWHVWKHUHRI
Z
KRQHLWKHUKLPVHOIQRUDQ\RIKLVUHODWLYHV
6
LJQLFDQW FKDQJHV LQ DFFRXQWLQJ SROLFLHV DQG
LQWHUQDOFRQWUROV
'
HWDLOV RI DQ\ MRLQW YHQWXUH RU FROODERUDWLRQ
DJUHHPHQWV
6
LJQLFDQW ODERXU SUREOHPV DQG WKHLU SURSRVHG
VROXWLRQV DQ\ VLJQLFDQW GHYHORSPHQW RQ KXPDQ
UHVRXUFHV LQGXVWULDO UHODWLRQV IURQW OLNH VLJQLQJ
RI ZDJH DJUHHPHQW LPSOHPHQWDWLRQ RI YROXQWDU\
UHWLUHPHQWVFKHPHHWF
6
DOHRIPDWHULDOQDWXUHRILQYHVWPHQWVVXEVLGLDULHV
assets which are not in the normal course of
EXVLQHVV
4
XDUWHUO\GHWDLOVRIIRUHLJQH[FKDQJHH[SRVXUHVDQG
the steps taken by management to limit the risks of
DGYHUVHH[FKDQJHUDWHPRYHPHQWLIPDWHULDO
1
RQFRPSOLDQFHRIDQ\UHJXODWRU\VWDWXWRU\QDWXUH
RU OLVWLQJ UHTXLUHPHQWV DQG VKDUHKROGHUV VHUYLFH
VXFK DV QRQSD\PHQW RI GLYLGHQG GHOD\ LQ VKDUH
WUDQVIHULIDQ\DQGRWKHUV
'
HFODUDWLRQRIQGHSHQGHQW'LUHFWRUVDWWKHWLPHRI
DSSRLQWPHQWDQQXDOO\
7
DNHRYHURID&RPSDQ\RUDFTXLVLWLRQRIDFRQWUROOLQJ
RIDVXEVWDQWLDOVWDNHLQDQRWKHU&RPSDQ\
$
SSRLQWPHQW RI DQG [LQJ RI UHPXQHUDWLRQ RI WKH
$XGLWRUVDVUHFRPPHQGHGE\WKH$XGLW&RPPLWWHH
$
QQXDO QDQFLDO UHVXOWV RI WKH &RPSDQ\ $XGLWRUV
5HSRUWDQGWKH5HSRUWRIWKH%RDUGRI'LUHFWRUVDQG
&
RPSOLDQFH&HUWLFDWHVIRUDOOWKHODZVDVDSSOLFDEOH
WRWKH&RPSDQ\
7KH&RPSDQ\KDVDGRSWHGD&RGHRI&RQGXFWWKH&RGH
IRU'LUHFWRUVDQG6HQLRU0DQDJHPHQWRIWKH&RPSDQ\7KH
&RGHKDVEHHQFLUFXODWHGWRDOOWKHPHPEHUVRIWKH%RDUG
DQG6HQLRU0DQDJHPHQWDQGWKHVDPHLVDYDLODEOHRQWKH
&RPSDQ\VZHEVLWHDWWKHOLQNKWWSFRQWHQWGLRQJOREDO
LQEKDUDWIRUJH3')&RGHRI&RQGXFWSGI
7KH%RDUGPHPEHUVDQG6HQLRU0DQDJHPHQWSHUVRQQHO
KDYH DUPHG WKHLU FRPSOLDQFH ZLWK WKH FRGH $
GHFODUDWLRQ WR WKLV HHFW VLJQHG E\ WKH &KDLUPDQ DQG
0DQDJLQJ 'LUHFWRU RI WKH &RPSDQ\ LV FRQWDLQHG LQ WKLV
$QQXDO5HSRUW
1.
AUDIT COMMITTEE
7KHFRPSRVLWLRQRIWKH$XGLW&RPPLWWHHLVDVXQGHU
0U3*3DZDUQGHSHQGHQW'LUHFWRU&KDLUPDQ
0U607KDNRUHQGHSHQGHQW'LUHFWRU
0U3+5DYLNXPDUQGHSHQGHQW'LUHFWRU
0U3&%KDOHUDR1RQ([HFXWLYH'LUHFWRU
Code of Conduct
RQQDQFLDOUHSRUWLQJDQGLQWHUQDOFRQWUROVWRWKH%RDUG
LQ WHUPV RI &ODXVH RI WKH /LVWLQJ $JUHHPHQW 7KH
&KDLUPDQ 0DQDJLQJ 'LUHFWRU DQG WKH &KLHI )LQDQFLDO
2FHU DOVR JLYH TXDUWHUO\ FHUWLFDWLRQ RQ QDQFLDO
UHVXOWV ZKLOH SODFLQJ WKH QDQFLDO UHVXOWV EHIRUH WKH
%RDUGLQWHUPVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQW7KH
VDLGFHUWLFDWHLVDQQH[HGDQGIRUPVSDUWRIWKH$QQXDO
5HSRUW
$FWDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW$QQXDO
*HQHUDO0HHWLQJ$*0KHOGRQ7KXUVGD\6HSWHPEHU
ZDV DWWHQGHG E\ WKH &KDLUPDQ RI WKH &RPPLWWHH
0U3*3DZDUWRDQVZHUVKDUHKROGHUVTXHULHV
KH$XGLW&RPPLWWHHDVVLVWVWKH%RDUGLQGLVFKDUJLQJRI
7
LWV UHVSRQVLELOLW\ WR RYHUVHH WKH TXDOLW\ DQG LQWHJULW\ RI
WKH DFFRXQWLQJ DXGLWLQJ DQG UHSRUWLQJ SUDFWLFHV RI WKH
&RPSDQ\DQGLWVFRPSOLDQFHZLWKWKHOHJDODQGUHJXODWRU\
UHTXLUHPHQWV 7KH &RPPLWWHHV SXUSRVH LV WR RYHUVHH
WKH DFFRXQWLQJ DQG QDQFLDO UHSRUWLQJ VWDWHPHQWV
WKH DSSRLQWPHQW LQGHSHQGHQFH SHUIRUPDQFH DQG
UHPXQHUDWLRQ RI WKH 6WDWXWRU\ $XGLWRUV LQFOXGLQJ WKH
&RVW $XGLWRUV DQG WKH SHUIRUPDQFH RI QWHUQDO $XGLWRUV
RIWKH&RPSDQ\
$
SSURYDO RI SD\PHQW RI UHPXQHUDWLRQ WR 6WDWXWRU\
$XGLWRUV IRU DQ\ RWKHU VHUYLFHV UHQGHUHG E\ WKH
6WDWXWRU\$XGLWRUV
5
HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH $QQXDO
QDQFLDO VWDWHPHQW DQG $XGLWRUV 5HSRUW WKHUHRQ
EHIRUH VXEPLVVLRQ WR WKH ERDUG IRU DSSURYDO ZLWK
SDUWLFXODUUHIHUHQFHWR
0DWWHUVUHTXLUHGWREHLQFOXGHGLQWKH'LUHFWRUV
5HVSRQVLELOLW\ 6WDWHPHQW WR EH LQFOXGHG LQ WKH
%RDUGV UHSRUW LQ WHUPV RI 6HFWLRQ F RI
WKH&RPSDQLHV$FW
Meetings:
Name of the
Director
4XDOLFDWLRQVLQWKHGUDIWDXGLWUeport.
0U3*3DZDU
Category
QGHSHQGHQW
Status
&KDLUPDQ
No. of Meetings
Held
Attended
5
HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH TXDUWHUO\
QDQFLDOVWDWHPHQWEHIRUHVXEPLVVLRQWRWKHERDUG
IRUDSSURYDO
5
HYLHZLQJZLWKWKHPDQDJHPHQWWKHVWDWHPHQWRI
XVHVDSSOLFDWLRQRIIXQGVUDLVHGWKURXJKDQLVVXH
SXEOLF LVVXH ULJKWV LVVXH SUHIHUHQWLDO LVVXH HWF
the statement of funds utilized for purposes other
WKDQWKRVHVWDWHGLQWKHRHUGRFXPHQWSURVSHFWXV
notice and the report submitted by the monitoring
agency monitoring the utilisation of proceeds of
D SXEOLF RU ULJKWV LVVXH DQG PDNLQJ DSSURSULDWH
recommendations to the Board to take steps in the
PDWWHU
5
HYLHZDQGPRQLWRUWKH$XGLWRUVLQGHSHQGHQFHDQG
SHUIRUPDQFHDQGHHFWLYHQHVVRIDXGLWSURFHVV
7
R VHFXUH DWWHQGDQFH RI RXWVLGHUV ZLWK UHOHYDQW
H[SHUWLVHLILWFRQVLGHUVQHFHVVDU\
$
SSURYDO RU DQ\ VXEVHTXHQW PRGLFDWLRQ RI
WUDQVDFWLRQVRIWKH&RPSDQ\ZLWKUHODWHGSDUWLHV
6
FUXWLQ\RILQWHUFRUSRUDWHORDQVDQGLQYHVWPHQWV
9
DOXDWLRQRIXQGHUWDNLQJVRUDVVHWVRIWKH&RPSDQ\
ZKHUHYHULWLVQHFHVVDU\
(
YDOXDWLRQ RI LQWHUQDO QDQFLDO FRQWUROV DQG ULVN
PDQDJHPHQWV\VWHPV
5
HYLHZLQJ ZLWK WKH PDQDJHPHQW SHUIRUPDQFH RI
6WDWXWRU\ DQG QWHUQDO $XGLWRUV DGHTXDF\ RI WKH
LQWHUQDOFRQWUROV\VWHPV
0U607KDNRUH
QGHSHQGHQW
0HPEHU
0U3+5DYLNXPDU
QGHSHQGHQW
0HPEHU
1RQ([HFXWLYH
0HPEHU
0U3&%KDOHUDR
7KHPHHWLQJVRIWKH$XGLW&RPPLWWHHDUHDOVRDWWHQGHGE\
WKH &KDLUPDQ 0DQDJLQJ 'LUHFWRU ([HFXWLYH'LUHFWRUV
&KLHI )LQDQFLDO 2FHU 6WDWXWRU\ $XGLWRUV QWHUQDO
$XGLWRUV DQG RWKHU 0DQDJHPHQW UHSUHVHQWDWLYHV DV
VSHFLDO LQYLWHHV DV DQG ZKHQ UHTXLUHG 7KH &RPSDQ\
6HFUHWDU\DFWVDVWKHVHFUHWDU\WRWKH$XGLW&RPPLWWHH
Powers of the Audit Committee:
1.
2.
7RREWDLQRXWVLGHOHJDORURWKHUSURIHVVLRQDODGYLFH
42
2
YHUVLJKW RI WKH &RPSDQ\V QDQFLDO UHSRUWLQJ
SURFHVVDQGWKHGLVFORVXUHRILWVQDQFLDOLQIRUPDWLRQ
WR HQVXUH WKDW WKH QDQFLDO VWDWHPHQW LV FRUUHFW
VXFLHQWDQGFUHGLEOH
5
HFRPPHQGDWLRQ IRU DSSRLQWPHQW UHPXQHUDWLRQ
DQG WHUPV RI DSSRLQWPHQW RI $XGLWRUV RI WKH
&RPSDQ\
'
LVFXVVLRQ ZLWK QWHUQDO $XGLWRUV RI DQ\ VLJQLFDQW
QGLQJVDQGIROORZXSWKHUHRQ
5
HYLHZLQJWKHQGLQJVRIDQ\LQWHUQDOLQYHVWLJDWLRQV
E\WKHQWHUQDO$XGLWRUVLQWRPDWWHUVZKHUHWKHUHLV
suspected fraud or irregularity or a failure of internal
control systems of a material nature and reporting
WKHPDWWHUWRWKH%RDUG
5
HYLHZDQGPRQLWRUWKH$XGLWRUVLQGHSHQGHQFHDQG
SHUIRUPDQFHDQGHHFWLYHQHVVRIDXGLWSURFHVV
$
SSURYDO RU DQ\ VXEVHTXHQW PRGLFDWLRQ RI
WUDQVDFWLRQVRIWKH&RPSDQ\ZLWKUHODWHGSDUWLHV
'
LVFXVVLRQZLWK6WDWXWRU\$XGLWRUVEHIRUHWKHDXGLW
FRPPHQFHVDERXWWKHQDWXUHDQGVFRSHRIDXGLWDV
well as post-audit discussion to ascertain any area of
FRQFHUQ
6
FUXWLQ\RILQWHUFRUSRUDWHORDQVDQGLQYHVWPHQWV
9
DOXDWLRQRIXQGHUWDNLQJVRUDVVHWVRIWKH&RPSDQ\
ZKHUHYHULWLVQHFHVVDU\DQG
(
YDOXDWLRQ RI LQWHUQDO QDQFLDO FRQWUROV DQG ULVN
management systems.
2.
6
WDWHPHQW RI VLJQLFDQW UHODWHG SDUW\ WUDQVDFWLRQV
DV GHQHG E\ WKH $XGLW &RPPLWWHH VXEPLWWHG E\
PDQDJHPHQW
0U3*3DZDUQGHSHQGHQW'LUHFWRU&KDLUPDQ
0U607KDNRUHQGHSHQGHQW'LUHFWRU
0U9LPDO%KDQGDULQGHSHQGHQW'LUHFWRU
0U3&%KDOHUDR1RQ([HFXWLYH'LUHFWRU
Terms of Reference:
0
DQDJHPHQW OHWWHUV OHWWHUV RI LQWHUQDO FRQWURO
ZHDNQHVVHVLVVXHGE\WKH6WDWXWRU\$XGLWRUV
7
KH DSSRLQWPHQW UHPRYDO DQG WHUPV RI
UHPXQHUDWLRQ RI WKH QWHUQDO $XGLWRUV LV VXEMHFW WR
UHYLHZE\WKH$XGLW&RPPLWWHH
Meetings:
7
KHQDQFLDOVWDWHPHQWLQSDUWLFXODUWKHLQYHVWPHQWV
PDGHE\WKHXQOLVWHGVXEVLGLDULHVRIWKH&RPSDQ\
in view of WKHUHTXLUHPHQWVXQGHU&ODXVHRIWKH
/LVWLQJ$JUHHPHQW
7KH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHPHWWZLFH
GXULQJ WKH \HDU RQ 0D\ DQG )HEUXDU\
43
5
HYLHZLQJ WKH DGHTXDF\ RI LQWHUQDO DXGLW IXQFWLRQ
LI DQ\ LQFOXGLQJ WKH VWUXFWXUH RI WKH LQWHUQDO DXGLW
GHSDUWPHQW VWDQJ DQG VHQLRULW\ RI WKH RFLDO
KHDGLQJ WKH GHSDUWPHQW UHSRUWLQJ VWUXFWXUH
FRYHUDJHDQGIUHTXHQF\RILQWHUQDODXGLW
Category
Status
No. of Meetings
Held
Attended
IUDPHZRUNRI&653ROLF\7KH%RDUGRQUHFRPPHQGDWLRQ
RI&65FRPPLWWHHRQ0D\KDYHDSSURYHG&65
SROLF\ IRU WKH &RPSDQ\ DQG GLVFORVHG WKH FRQWHQWV RI
WKH3ROLF\RQWKH&RPSDQ\VZHEVLWHDWWKHOLQNKWWS
EKDUDWIRUJHFRPLPDJHV3')VSROLFLHV%)/&65
3ROLF\6LJQHGSGI
0U3*3DZDU
QGHSHQGHQW
&KDLUPDQ
0U607KDNRUH
QGHSHQGHQW
0HPEHU
4.
0U9LPDO%KDQGDUL
QGHSHQGHQW
0HPEHU
1RQ([HFXWLYH
0HPEHU
0U3&%KDOHUDR
3.
0
U % 1 .DO\DQL &KDLUPDQ DQG 0DQDJLQJ 'LUHFWRU
0
U3&%KDOHUDR1RQ([HFXWLYH'LUHFWRU&KDLUPDQ
0
U%1.DO\DQL&KDLUPDQDQG0DQDJLQJ'LUHFWRU
0UV/DOLWD'*XSWHQGHSHQGHQW'LUHFWRU
Terms of Reference:
7RVSHFLFDOO\ORRNLQWRWKHUHGUHVVDORIJULHYDQFHVRI
VKDUHKROGHUVGHEHQWXUHKROGHUVDQGRWKHUVHFXULW\
KROGHUV
0U$PLW%.DO\DQL([HFXWLYH'LUHFWRU
Terms of reference:
7RPRQLWRUWKH&RUSRUDWH6RFLDO5HVSRQVLELOLW\3ROLF\
RIWKH&RPSDQ\IURPWLPHWRWLPHDQG
Meetings:
Meetings:
7KH6WDNHKROGHUV5HODWLRQVKLS&RPPLWWHHPHWGXULQJWKH
\HDURQ)HEUXDU\
Table 5: Attendance
record
of
Stakeholders
Relationship Committee for 2014-15
Name of the
Director
0U%1.DO\DQL
Name of the
Director
0U3*3DZDU
Category
Status
No. of Meetings
Held
QGHSHQGHQW &KDLUPDQ
Attended
0U%1.DO\DQL
([HFXWLYH
0HPEHU
0U$PLW%.DO\DQL
([HFXWLYH
0HPEHU
44
0U3&%KDOHUDR
0UV/DOLWD'*XSWH
Category
Status
1RQ([HFXWLYH &KDLUPDQ
No. of Meetings
Held
Attended
([HFXWLYH
0HPEHU
QGHSHQGHQW
0HPEHU
&RPSOLDQFH2FHU
0U$QDQG'DJDZDVDSSRLQWHGDV9LFH3UHVLGHQW/HJDO
DQG&RPSDQ\6HFUHWDU\RIWKH&RPSDQ\ZLWKHHFWIURP
6HSWHPEHULQSODFHRI0U369DLVKDPSD\DQ
0U$QDQG'DJDLVWKH&RPSOLDQFH2FHUIRUFRPSO\LQJ
ZLWK UHTXLUHPHQWV RI 6HFXULWLHV /DZV DQG /LVWLQJ
$JUHHPHQWVZLWK6WRFN([FKDQJHV0U369DLVKDPSD\DQ
ZDV &RPSOLDQFH 2FHU RI WKH &RPSDQ\ IURP $SULO
WLOO6HSWHPEHU
Nature of complaint
No. of
complaints
redressed
7
RERUURZPRQH\IURP%DQN)LQDQFLDOQVWLWXWLRQ
HWFXSWROLPLWVVSHFLHGE\WKH%RDUG
1RQUHFHLSWRI'LYLGHQG
1/
1/
1RQUHFHLSWRI6XEGLYLGHG6KDUHV
1/
1/
7
R LQYHVW IXQGV RI WKH &RPSDQ\ LQWR VKDUHV
GHEHQWXUHV VHFXULWLHV RU DQ\ RWKHU LQVWUXPHQWV LQ
VXEVLGLDU\ DVVRFLDWH DQG RWKHU JURXS &RPSDQLHV
XSWROLPLWVVSHFLHGE\WKH%RDUG
1/
1/
7
RJUDQWORDQVDGYDQFHPRQLHVRUJLYHJXDUDQWHHRU
SURYLGHVHFXULW\LQUHVSHFWRIDQ\ORDQVWRVXEVLGLDU\
DVVRFLDWH DQG RWKHU JURXS &RPSDQLHV XSWR OLPLWV
VSHFLHGE\WKH%RDUG
7
RDSSURYHFDSLWDOH[SHQGLWXUHIRUSXUFKDVHRISODQW
PDFKLQHU\LQVWUXPHQWVHWFXSWROLPLWVVSHFLHG
E\WKH%RDUGDQG
1RQUHFHLSWRIVKDUHVORGJHGIRU
WUDQVIHUWUDQVPLVVLRQ
1RQUHFHLSWRI$QQXDO5HSRUW
&KDQJHRIDGGUHVV
5.
Status
Held
Attended
0U%1.DO\DQL
([HFXWLYH
&KDLUPDQ
0U3*3DZDU
QGHSHQGHQW
0HPEHU
([HFXWLYH
0HPEHU
1RQ
([HFXWLYH
0HPEHU
0U$PLW%.DO\DQL
0U3&%KDOHUDR
0
U%1.DO\DQL&KDLUPDQDQG0DQDJLQJ'LUHFWRU
&KDLUPDQ
FUNCTIONAL COMMITTEE
0U3*3DZDUQGHSHQGHQW'LUHFWRU
0U$PLW%.DO\DQL([HFXWLYH'LUHFWRU
0U3&%KDOHUDR1RQ([HFXWLYH'LUHFWRU
Terms of Reference:
No. of Meetings
Name of the
Director
45
Meetings:
No. of
complaints
received
REMUNERATION OF DIRECTORS
QIRUPDWLRQRQUHPXQHUDWLRQRI'LUHFWRUVIRUWKH\HDUHQGHG0DUFK
Table 8: Remuneration paid or payable to Directors for the year ended March 31, 2015 and relationships of the
Directors with each other
(In ` )
Name of the Director
Relationship
with other
Directors*
0U%1.DO\DQL
&KDLUPDQDQG0DQDJLQJ
'LUHFWRU
Sitting
Fees**
Salary and
Perquisites
Provident
Fund and
Superannuation Fund
Commission***
Total
Father of
0U$PLW%
.DO\DQL
1$
0U607KDNRUH
1RQH
1$
1$
0U3*3DZDU
1RQH
1$
1$
0U3&%KDOHUDR
1RQH
1$
1$
0UV/DOLWD'*XSWH
1RQH
1$
1$
0U3+5DYLNXPDU
1RQH
1$
1$
0U$ODQ6SHQFHU@
1RQH
1$
1$
1$
0U1DUHVK1DUDG
1RQH
1$
1$
1$
'U70XNKHUMHH
1RQH
1$
0U9LPDO%KDQGDUL
1RQH
1$
1$
0U6XQLO.&KDWXUYHGL
1RQH
1$
1$
0U*.$JDUZDO
1RQH
1$
6RQRI0U%1
.DO\DQL
1$
1RQH
1$
@@
0U$PLW%.DO\DQL
0U%3.DO\DQL
0U6(7DQGDOH
1RQH
1$
0U.06DOHWRUH@@@
1RQH
1$
Notes:
# &HDVHGWREHD'LUHFWRUZLWKHHFWIURP0D\
## &HDVHGWREHD'LUHFWRUZLWKHHFWIURP0DUFK
###0U.06DOHWRUHKDVMRLQHGWKH&RPSDQ\DV*URXS&KLHI)LQDQFLDO2FHUIURP1RYHPEHUDQGDGGLWLRQDOO\JRW
DSSRLQWHGDV&KLHI)LQDQFLDO2FHU&)2RIWKH&RPSDQ\IURP$XJXVW2Q)HEUXDU\0U6DOHWRUHZDVDSSRLQWHG
DV([HFXWLYH'LUHFWRU &)2RIWKH&RPSDQ\7KHVDODU\SDLGWR0U6DOHWRUHLVIRUWKHIXOO\HDULQYDULRXVFDSDFLWLHV
'HWHUPLQHGRQWKHEDVLVRIFULWHULDRI6HFWLRQRIWKH&RPSDQLHV$FW
6LWWLQJIHHVLQFOXGHSD\PHQWRIIHHVIRUDWWHQGLQJ%RDUGDQG&RPPLWWHHPHHWLQJV
&
RPPLVVLRQ SURSRVHG DQG SD\DEOH DIWHU DSSURYDO RI DFFRXQWV E\ WKH VKDUHKROGHUV LQ WKH HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ
$*0
7LOO )< WKH 6LWWLQJ )HH RI ` XVHG WR EH
SDLGWR'LUHFWRUVIRUDWWHQGLQJWKH0HHWLQJVRI%RDUG
&RPPLWWHHV Q WHUPV RI WKH SURYLVLRQV RI 6HFWLRQ
RI &RPSDQLHV $FW UHDG ZLWK 5XOH RI &RPSDQLHV
$SSRLQWPHQW DQG 5HPXQHUDWLRQ RI 0DQDJHULDO
3HUVRQQHO5XOHVWKH%RDUGDWLWVPHHWLQJKHOGRQ
0D\ UH[HG WKH DPRXQW IRU 6LWWLQJ )HH ZLWK
LPPHGLDWHHHFW#`SHUPHHWLQJIRU%RDUGDQG
$XGLW&RPPLWWHHPHHWLQJVDQG#`SHUPHHWLQJ
RIDQ\RWKHU%RDUG&RPPLWWHHVPHHWLQJV
)XUWKHU &RPSDQ\ ZRXOG PDNH DOO WUDYHOOLQJ DQG RWKHU
arrangements for Directors for their participation in the
46
2WKHU 'LUHFWRUV GR QRW KROG DQ\ HTXLW\ VKDUH RI WKH
&RPSDQ\
3XUVXDQWWR&ODXVHRIWKH/LVWLQJ$JUHHPHQWVZLWKWKH
6WRFN([FKDQJHVIROORZLQJLQIRUPDWLRQLVIXUQLVKHGDERXW
WKH'LUHFWRUVSURSRVHGWREHDSSRLQWHGUHDSSRLQWHGDW
WKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
1. Mr. G. K. Agarwal [DIN : 00037678]
0U*.$JDUZDOLVD%DFKHORURI(QJLQHHULQJ0HFK
DQG 0%$ +H KDV RYHU \HDUV RI ZRUN H[SHULHQFH
0U*.$JDUZDOKDVEHHQRQWKH%RDUGRIWKH&RPSDQ\
VLQFH $SULO +H ZDV GHVLJQDWHG DV 'HSXW\
0DQDJLQJ'LUHFWRUZLWKHHFWIURP0D\+HLV
UHVSRQVLEOHIRUWKH&RPSDQ\VRSHUDWLRQVYL]0DUNHWLQJ
0DQXIDFWXULQJ 3XUFKDVHV 3HUVRQQHO ([SRUWV DQG 1HZ
3URMHFWV
Committee Membership
1DPHRIWKH&RPSDQ\
1DPHRI&RPPLWWHH
1/
1/
0U*.$JDUZDOLVQRWUHODWHGWRDQ\RWKHU'LUHFWRURIWKH
&RPSDQ\+HKROGV(TXLW\6KDUHVRIWKH&RPSDQ\
DVRQ0DUFK
Committee Membership
1DPHRIWKH&RPSDQ\
1DPHRI&RPPLWWHH
'DYLG%URZQ%KDUDW)RUJH*HDU
6\VWHPV/LPLWHG
1/
0U 6 ( 7DQGDOH LV QRW UHODWHG WR DQ\ RWKHU 'LUHFWRU RI
WKH&RPSDQ\+HGRHVQRWKROGDQ\(TXLW\6KDUHVRIWKH
&RPSDQ\DVRQ0DUFK
3.
Committee
Membership
1DPHRIWKH&RPSDQ\
1DPHRI
&RPPLWWHH
1/
'DYLG%URZQ%KDUDW)RUJH*HDU6\VWHPV/LPLWHG
1DQGL+LJKZD\'HYHORSHUV/LPLWHG
1/
.DO\DQL6WUDWHJLF6\VWHPV/LPLWHG
1/
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
1/
%)QIUDVWUXFWXUH/LPLWHG
1/
$QDORJLF&RQWUROVQGLD/LPLWHG
1/
1DQGLQIUDVWUXFWXUH&RUULGRU(QWHUSULVH/LPLWHG
1/
1DQGL(FRQRPLF&RUULGRU(QWHUSULVHV/LPLWHG
1/
+DUPRQ\(OHFWRUDO7UXVW
1/
0U.06DOHWRUHLVQRWUHODWHGWRDQ\RWKHU'LUHFWRURI
WKH&RPSDQ\+HGRHVQRWKROGDQ\(TXLW\6KDUHVRIWKH
&RPSDQ\DVRQ0DUFK
47
Other Directorship
APPOINTMENT/RE-APPOINTMENT OF
DIRECTORS
2.
'HWDLOVRIHTXLW\VKDUHVRIWKH&RPSDQ\KHOGE\'LUHFWRUV
DVRQ0DUFKDUHJLYHQEHORZLQ7DEOH
Date
Time
Venue
2011-12
-XO\
$XJXVW
$XWKRULW\WRWKH%RDUGWRFUHDWH&KDUJH
$XWKRULW\WRWKH%RDUGWR%RUURZPRQH\
5HODWHG3DUW\7UDQVDFWLRQVRIWKH&RPSDQ\
ZLWK.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
5HODWHG3DUW\7UDQVDFWLRQVRIWKH&RPSDQ\
ZLWK.DO\DQL6WHHOV/LPLWHG
5HODWHG3DUW\7UDQVDFWLRQVRIWKH&RPSDQ\
ZLWK%KDUDW)RUJHQWHUQDWLRQDO/LPLWHG
1R([WUDRUGLQDU\*HQHUDO0HHWLQJRIWKH0HPEHUVZDVKHOGGXULQJWKH\HDU
Postal Ballot
1R UHVROXWLRQ ZDV SDVVHG WKURXJK 3RVWDO %DOORW GXULQJ
WKH\HDU
1RQH RI WKH EXVLQHVVHV SURSRVHG WR EH WUDQVDFWHG LQ
WKH HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ UHTXLUH SDVVLQJ D
6SHFLDO5HVROXWLRQFRQGXFWHGWKURXJK3RVWDO%DOORW
Subsidiary Companies
%KDUDW )RUJH /LPLWHG KDV GLUHFW VXEVLGLDULHV RXW RI
ZKLFK DUH UHJLVWHUHG RXWVLGH QGLD DQG DUH LQ QGLD
ZKRVH WXUQRYHU GRHV QRW H[FHHG WKH PDWHULDOLW\ OLPLW
SUHVFULEHG XQGHU &ODXVH RI WKH /LVWLQJ $JUHHPHQWV
ZLWKWKH6WRFN([FKDQJHV
6LQFHWKH&RPSDQ\GRHVQRWKDYHDQ\PDWHULDOXQOLVWHG
VXEVLGLDU\LWLVQRWUHTXLUHGWRQRPLQDWHDQQGHSHQGHQW
'LUHFWRURIWKH&RPSDQ\RQWKH%RDUGRIDQ\6XEVLGLDU\
The details of these subsidiaries are reported elsewhere
in this report.
DISCLOSURES
Related Party Transactions
$OOWUDQVDFWLRQVHQWHUHGLQWRZLWKUHODWHGSDUWLHVGXULQJ
WKHQDQFLDO\HDUZHUHLQWKHRUGLQDU\FRXUVHRIEXVLQHVV
7KHVHKDYHEHHQDSSURYHGE\WKH$XGLW&RPPLWWHH7KH
Board has approved a policy for related party transactions
ZKLFK KDV EHHQ XSORDGHG RQ WKH &RPSDQ\V ZHEVLWH DW
WKH OLQN KWWSEKDUDWIRUJHFRPLPDJHV3')VSROLFLHV
%)/5373ROLF\SGI
1RQHRIWKHWUDQVDFWLRQVZLWKDQ\RIWKHUHODWHGSDUWLHV
ZHUH LQ FRQLFW ZLWK WKH LQWHUHVW RI WKH &RPSDQ\
$WWHQWLRQRIWKH0HPEHUVLVGUDZQWRWKHGLVFORVXUHVHW
RXWLQQRWHVWRQDQFLDOVWDWHPHQW
48
Shareholder Rights
+DOI \HDUO\ QDQFLDO UHVXOWV DUH IRUZDUGHG WR WKH VWRFN
H[FKDQJHVDQGXSORDGHGRQWKHZHEVLWHRIWKH&RPSDQ\
like Quarterly results.
MEANS OF COMMUNICATION
Bharat Forge puts forth vital information about the
&RPSDQ\ DQG LWV SHUIRUPDQFH LQFOXGLQJ TXDUWHUO\
UHVXOWV RFLDO QHZV UHOHDVHV DQG FRPPXQLFDWLRQ WR
LQYHVWRUV DQG DQDO\VWV RQ &RPSDQ\V ZHEVLWH ZZZ
Annual Report
$QQXDO 5HSRUW FRQWDLQLQJ inter alia $XGLWHG QDQFLDO
VWDWHPHQW &RQVROLGDWHG QDQFLDO VWDWHPHQW %RDUGV
5HSRUWQGHSHQGHQW$XGLWRUV5HSRUWDQGRWKHULPSRUWDQW
LQIRUPDWLRQLVFLUFXODWHGWRPHPEHUVDQGRWKHUVHQWLWOHG
WKHUHWR7KH0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV0'$
5HSRUWIRUPVSDUWRIWKH$QQXDO5HSRUWDQGLVGLVSOD\HG
RQWKH&RPSDQ\VZHEVLWHZZZEKDUDWIRUJHFRP
Support Green Initiative of MCA
7KH 0LQLVWU\ RI &RUSRUDWH $DLUV *RYHUQPHQW RI QGLD
KDVWDNHQD*UHHQQLWLDWLYHLQWKH&RUSRUDWH*RYHUQDQFH
by allowing paperless compliances by companies
YLGH *HQHUDO &LUFXODU GDWHG $SULO
LQ WHUPV RI ZKLFK WKH &RPSDQ\ KDV EHHQ IRUZDUGLQJ
VXFK GRFXPHQWV WKURXJK HOHFWURQLF PRGH &RPSDQ\
UHTXHVWVVKDUHKROGHUVWRSURYLGHWKHLUHPDLODGGUHVVHV
WR HQDEOH &RPSDQ\ WR IRUZDUG WKH QRWLFHVGRFXPHQWV
WKURXJKHPDLOWRWKHPD[LPXPSRVVLEOHH[WHQWLQRUGHU
WR VXSSRUW JUHHQ LQLWLDWLYH 0HPEHUV DUH RQFH DJDLQ
UHTXHVWHG WR UHJLVWHU WKHLU HPDLO DGGUHVVHV LQ UHVSHFW
of electronic holdings with the Depository through
49
$XGLW4XDOLFDWLRQ
SHAREHOLDERS
DIVIDEND
A.
7
KH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\DWLWVPHHWLQJ
KHOGRQ)HEUXDU\KDGDSSURYHGSD\PHQWRI
DQ QWHULP 'LYLGHQG DW WKH UDWH RI ` SHU HTXLW\
Share of ` HDFK IRU WKH QDQFLDO \HDU
HQGLQJ RQ 0DUFK 7KH VDLG GLYLGHQG KDV
EHHQSDLGRQ)HEUXDU\
B.
0RQGD\
'DWH
$XJXVW
7LPH
DP
9HQXH
5
HJLVWHUHG2FHRIWKH&RPSDQ\
0XQGKZD3XQH&DQWRQPHQW
3XQH0DKDUDVKWUDQGLD
FINANCIAL YEAR
7
KHQDOGLYLGHQGLIGHFODUHGZLOOEHSDLGWRWKRVH
PHPEHUV
L Z
KR KROG VKDUHV LQ SK\VLFDO IRUP DQG ZKRVH
QDPHV DSSHDU RQ WKH 5HJLVWHU RI 0HPEHUV RI
WKH&RPSDQ\DIWHUJLYLQJHHFWWRDOOYDOLGVKDUH
WUDQVIHUVORGJHGZLWKWKH&RPSDQ\EHIRUHWKH
FORVLQJKRXUVRQ7XHVGD\-XO\DQGb
LL Z
KRVH QDPHV DSSHDU DV EHQHFLDO RZQHUV
KROGLQJ VKDUHV LQ HOHFWURQLF IRUPb DV SHU WKH
EHQHFLDO RZQHUVKLS GDWD DV PD\ EH PDGH
DYDLODEOH WR WKH &RPSDQ\ E\ WKH 1DWLRQDO
6HFXULWLHV 'HSRVLWRU\ /LPLWHG DQG WKH &HQWUDO
'HSRVLWRU\ 6HUYLFHV QGLD /LPLWHG DV RI WKH
HQGRIWKHGD\RQ7XHVGD\-XO\
$SULOWR0DUFK
)RU WKH \HDU HQGHG 0DUFK UHVXOWV ZHUH
DQQRXQFHGRQ
-XO\
)LUVWTXDUWHU
1RYHPEHU +DOI\HDUO\
)HEUXDU\
7KLUGTXDUWHU
0D\
$QQXDO
Dividend per
share*
)HEUXDU\
QWHULP'LYLGHQG
`
6HSWHPEHU
)LQDO'LYLGHQG
`
4XDUWHUHQGLQJ-XQHRQRUEHIRUH$XJXVW
` 2.00
)HEUXDU\
QWHULP'LYLGHQG
`
$XJXVW
)LQDO'LYLGHQG
` 1.00
0DUFK
QWHULP'LYLGHQG
2011-12
$XJXVW
)LQDO'LYLGHQG
`
BOOK CLOSURE
2011-12
0DUFK
QWHULP'LYLGHQG
`
2010-11
$XJXVW
)LQDO'LYLGHQG
`
7KHERRNVZLOOEHFORVHGIURP:HGQHVGD\-XO\
WR0RQGD\$XJXVWERWKGD\VLQFOXVLYHDVDQQXDO
FORVXUHIRUSD\PHQWRIQDOGLYLGHQG
50
RISDLGXSYDOXHRI`HDFK
GDWHRIDOORWPHQWLHRQ0DUFK
Reminders to Investors
7
KH LQVWDOOPHQW RI &RPSDQ\V
6HFXUHG 5HGHHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV
of `0LOOLRQRIIDFHYDOXHRI`HDFK
ZDVGXHIRUUHGHPSWLRQRQ-DQXDU\DQGWKH
VDPHKDVEHHQSDLGRQGXHGDWH$VDUHVXOWDIWHU
WKH VDLG UHGHPSWLRQ WKH SDLG XS YDOXH RI WKH VDLG
Debentures stands reduced to ` HDFK DW
WKHHQGRIth year from the date of allotment.
7
KHLQVWDOOPHQWRI&RPSDQ\V6HFXUHG
5HGHHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV RI
` 0LOOLRQ RI IDFH YDOXH RI ` HDFK
ZDV GXH IRU UHGHPSWLRQ RQ $SULO DQG WKH
VDPHKDVEHHQSDLGRQGXHGDWH$VDUHVXOWDIWHU
WKH VDLG UHGHPSWLRQ WKH SDLG XS YDOXH RI WKH VDLG
Debentures stands reduced to ` HDFK DW
WKHHQGRIth year from the date of allotment.
LISTING
Equity
6(%YLGHLWVRUGHUQR:705.$05'GDWHG$SULO
KDVDOORZHGH[LWRI3XQH6WRFN([FKDQJH/LPLWHG
DV D 6WRFN ([FKDQJH ZLWK HHFW IURP $SULO $V
D FRQVHTXHQFH RI WKH VDLG RUGHU 3XQH 6WRFN ([FKDQJH
FHDVHWREHD6WRFN([FKDQJHDQGWKH&RPSDQ\V(TXLW\
6KDUHV VKDOO FHDVH WR EH OLVWHG RQ 3XQH 6WRFN ([FKDQJH
/LPLWHGZLWKHHFWIURP$SULO
(TXLW\ 6KDUHV RI %KDUDW )RUJH /LPLWHG DUH OLVWHG RQ WKH
%6( /LPLWHG 0XPEDL DQG 1DWLRQDO 6WRFN ([FKDQJH RI
QGLD/LPLWHG0XPEDL
%6(6FULSW&RGH
16(7UDGLQJ6\PERO%+$5$7)25*
(TXLW\611($
7
KHDQGLQVWDOOPHQWRI&RPSDQ\V
6HFXUHG 5HGHHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV
of ` 0LOOLRQ RI IDFH YDOXH RI `
`DVRQ0DUFKHDFKZDVGXHIRU
UHGHPSWLRQ RQ 6HSWHPEHU DQG 0DUFK
UHVSHFWLYHO\ DQG WKH VDPH KDV EHHQ SDLG RQ
GXHGDWHV$VDUHVXOWWKHVDLG'HEHQWXUHVVWDQGV
IXOO\UHGHHPHGDVDWWKHHQGRIWKPRQWKIURPWKH
DEBENTURE TRUSTEES
7KH GHWDLOV RI 'HEHQWXUH 7UXVWHHV LQ WHUPV RI 6(%
&LUFXODU1R&50'')GDWHG2FWREHU
DUHJLYHQEHORZ
1DPHRI'HEHQWXUH *'$7UXVWHHVKLS/LPLWHG
7UXVWHHVb
$GGUHVV
*'$+RXVH61R
3ORW1R2SS.RWKUXG%XV
'HSRW%KXVDUL&RORQ\5LJKW
3DXG5RDG.RWKUXG
3XQH0DKDUDVKWUD
QGLD
3KRQH1R
)D[1R
(PDLODGGUHVV
dt@gdatrustee.com
STOCK DATA
Table 11 below gives the monthly high and low prices and
YROXPHV RI %KDUDW )RUJH /LPLWHG %KDUDW )RUJH (TXLW\
6KDUHVDW%6(/LPLWHG0XPEDL%6(DQG1DWLRQDO6WRFN
([FKDQJHRIQGLD/LPLWHG0XPEDL16(GXULQJWKH\HDU
51
Debt Security
$OODQQXDOOLVWLQJIHHVGXHGXULQJWKH\HDUKDYHEHHQSDLG
(YHU\\HDUUHPLQGHUOHWWHUVIRUXQSDLGGLYLGHQGDUHVHQW
to the shareholders who have not claimed the dividend.
Table 11: High and Low Prices and Trading Volumes on the BSE and NSE
Month
Low (`)*
High (`)*
Low (`)*
Volume (Nos.)
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
3ULFHLQ`SHU(TXLW\6KDUH
STOCK PERFORMANCE
&KDUW $ SORWV WKH PRYHPHQW RI %KDUDW )RUJHV HTXLW\
VKDUHV DGMXVWHG FORVLQJ SULFHV FRPSDUHG WR WKH %6(
6HQVH[
Chart A: Bharat Forges Share Performance vs. BSE
Sensex
350.00
300.00
250.00
200.00
150.00
BFL
100.00
Sensex
1RWH6KDUHSULFHVRI%KDUDW)RUJHDQG%6(6HQVH[KDYH
EHHQLQGH[HGWRDVRQUVWZRUNLQJGD\RIQDQFLDO
\HDULH$SULO
$VRIWKHGDWHRIWKLVUHSRUWWKHUHDUHQROHJDOSURFHHGLQJV
DJDLQVWWKH&RPSDQ\RQDQ\VKDUHWUDQVIHUPDWWHU
50.00
-
52
Dematerialisation
7KH &RPSDQ\V (TXLW\ 6KDUHV DUH XQGHU FRPSXOVRU\
GHPDW WUDGLQJ $V RQ 0DUFK GHPDWHULDOLVHG
VKDUHV DFFRXQWHG IRU XSWR 0DUFK
RI WRWDO (TXLW\ VKDUH FDSLWDO 7KH GHWDLOV RI
GHPDWHULDOLVDWLRQDUHJLYHQLQ7DEOHEHORZ
Table 14: Dematerialisation of Shares as on March 31,
2015
Sr. No.
Mode of holding
SHAREHOLDING PATTERN
16'/
&'6/
3K\VLFDO
Total
100.00
Category of Shareholder
No. of
No. of
Shareholding
Shareholders shares held
%
22
)LQDQFLDOQVWLWXWLRQV
221
%RGLHV&RUSRUDWH
1RQ5HVLGHQWQGLDQV
0XWXDO)XQGVLQFOXGLQJ
8QLW7UXVWRIQGLD
QVXUDQFH&RPSDQLHV
1DWLRQDOLVHG%DQNV
)RUHLJQQVWLWXWLRQDO
QYHVWRUV
)RUHLJQ1DWLRQDOV
LQFOXGLQJ)RUHLJQ%DQNV
DQG)RUHLJQ&RUSRUDWH
%RGLHV
3XEOLF
Total
74,536
232,794,316
100.00
Number of
Number of
shares held of
shareholders
` 2/- each
Shareholding
%
WR
10001 to 20000
WR
102
WR
WR
WR
74,536
232,794,316
100.00
Total
*'5V
Table 15: Details of public funding obtained in the
last three years and its implication on paid up Equity
Share Capital
Financial Year
1/
1/
1/
1/
0
XQGKZD 3XQH &DQWRQPHQW 3XQH
0DKDUDVKWUDQGLD
*
DW1R.XUXOL9LOODJH&KDNDQ7DO.KHG'LVWULFW
3XQH0DKDUDVKWUDQGLD
2
SSRVLWH -DUDQGHVKZDU 5DLOZD\ 6WDWLRQ 3RVW
9DGKXWK 'LVWULFW 6DWDUD 0DKDUDVKWUD
QGLD
7
DQGXOZDGL :DQMDUZDGL7DO%DUDPDWL'LVW3XQH
0DKDUDVKWUDQGLD
53
3URPRWHUV1
727+(0(0%(562)%+$5$7)25*(/07('
CERTIFICATE BY THE AUDITORS ON CORPORATE GOVERNANCE
:HKDYHH[DPLQHGWKHFRPSOLDQFHRIWKHFRQGLWLRQVRIFRUSRUDWHJRYHUQDQFHE\%KDUDW)RUJH/LPLWHGIRUWKH\HDU
HQGHG0DUFKDVVWLSXODWHGLQ&ODXVHRIWKH/LVWLQJ$JUHHPHQWRIWKHVDLG&RPSDQ\ZLWKVWRFNH[FKDQJHV
7KH FRPSOLDQFH RI FRQGLWLRQV RI FRUSRUDWH JRYHUQDQFH LV WKH UHVSRQVLELOLW\ RI WKH PDQDJHPHQW 2XU H[DPLQDWLRQ
ZDVOLPLWHGWRSURFHGXUHVDQGLPSOHPHQWDWLRQWKHUHRIDGRSWHGE\WKH&RPSDQ\IRUHQVXULQJWKHFRPSOLDQFHRIWKH
FRQGLWLRQVRIWKH&RUSRUDWH*RYHUQDQFHWLVQHLWKHUDQDXGLWQRUDQH[SUHVVLRQRIRSLQLRQRQWKHQDQFLDOVWDWHPHQWV
RIWKH&RPSDQ\
QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVZHFHUWLI\WKDWWKH
&RPSDQ\ KDV FRPSOLHG ZLWK WKH FRQGLWLRQV RI &RUSRUDWH *RYHUQDQFH DV VWLSXODWHG LQ WKH DERYH PHQWLRQHG /LVWLQJ
$JUHHPHQW
:HIXUWKHUVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHFLHQF\
RUHHFWLYHQHVVZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDDLUVRIWKH&RPSDQ\
For S R B C & Co LLP
Chartered Accountants
ICAI Firm registration Number: 324982E
Per Arvind Sethi
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
54
:HWKHXQGHUVLJQHGLQRXUUHVSHFWLYHFDSDFLWLHVDV&KDLUPDQDQG0DQDJLQJ'LUHFWRUDQG&KLHI)LQDQFLDO2FHURI
%KDUDW)RUJH/LPLWHGWKH&RPSDQ\WRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIFHUWLI\WKDW
D :
HKDYHUHYLHZHGQDQFLDOVWDWHPHQWDQGWKHFDVKRZVWDWHPHQWIRUWKH\HDUDQGWKDWWRWKHEHVWRIRXU
NQRZOHGJHDQGEHOLHI
L
W KHVH VWDWHPHQW GR QRW FRQWDLQ DQ\ PDWHULDOO\ XQWUXH VWDWHPHQW RU RPLW DQ\ PDWHULDO IDFW RU FRQWDLQ
VWDWHPHQWVWKDWPLJKWEHPLVOHDGLQJ
LL W KHVHVWDWHPHQWVWRJHWKHUSUHVHQWDWUXHDQGIDLUYLHZRIWKH&RPSDQ\VDDLUVDQGDUHLQFRPSOLDQFHZLWK
H[LVWLQJDFFRXQWLQJVWDQGDUGVDSSOLFDEOHODZVDQGUHJXODWLRQV
CERTIFICATION BY CHIEF EXECUTIVE OFFICER/MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER OF THE COMPANY
E 7
KHUHDUHWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIQRWUDQVDFWLRQVHQWHUHGLQWRE\WKH&RPSDQ\GXULQJWKH\HDU
ZKLFKDUHIUDXGXOHQWLOOHJDORUYLRODWLYHRIWKH&RPSDQ\V&RGHRI&RQGXFW
G :
HKDYHLQGLFDWHGWRWKH$XGLWRUVDQGWKH$XGLW&RPPLWWHH
L
V LJQLFDQWFKDQJHVLQLQWHUQDOFRQWURORYHUQDQFLDOUHSRUWLQJGXULQJWKH\HDU
LL V LJQLFDQWFKDQJHVLQDFFRXQWLQJSROLFLHVGXULQJWKH\HDUDQGWKDWWKHVDPHKDYHEHHQGLVFORVHGLQWKHQRWHV
WRWKHQDQFLDOVWDWHPHQWDQG
LLL LQVWDQFHVRIVLJQLFDQWIUDXGRIZKLFKZHDUHDZDUHDQGWKHLQYROYHPHQWWKHUHLQLIDQ\RIWKHPDQDJHPHQW
RUDQHPSOR\HHKDYLQJDVLJQLFDQWUROHLQWKH&RPSDQ\VLQWHUQDOFRQWUROV\VWHPRYHUQDQFLDOUHSRUWLQJ
3XQH0D\
K. M. SALETORE
&KLHI)LQDQFLDO2FHU
F :
HDFFHSWUHVSRQVLELOLW\IRUHVWDEOLVKLQJDQGPDLQWDLQLQJLQWHUQDOFRQWUROVIRUQDQFLDOUHSRUWLQJDQGWKDWZHKDYH
HYDOXDWHGWKHHHFWLYHQHVVRIWKHLQWHUQDOFRQWUROV\VWHPVRIWKH&RPSDQ\SHUWDLQLQJWRQDQFLDOUHSRUWLQJDQG
KDYHGLVFORVHGWRWKH$XGLWRUVDQGWKH$XGLW&RPPLWWHHGHFLHQFLHVLQWKHGHVLJQRURSHUDWLRQRIVXFKLQWHUQDO
FRQWUROVLIDQ\RIZKLFKZHDUHDZDUHDQGWKHVWHSVZHKDYHWDNHQRUSURSRVHWRWDNHWRUHFWLI\WKHVHGHFLHQFLHV
B. N. KALYANI
&KDLUPDQ 0DQDJLQJ'LUHFWRU
55
Boards Report
Boards Report
For the year ended March 31, 2015
To,
The Members,
Your Directors have pleasure in presenting the Fifty-fourth Annual Report on the business and
RSHUDWLRQV RI WKH &RPSDQ\ DQG WKH DXGLWHG QDQFLDO VWDWHPHQW IRU WKH )LQDQFLDO <HDU HQGHG
March 31, 2015.
1.
a)
2013-14
% Change
` 46,413.69 Million
` 35,139.73 Million
32
During the year under review, total income of the Company was ` 46,413.69 Million (previous
year ` 35,139.73 Million), representing an increase of 32%.
The worst seems to be over for the Indian Automotive Industry. Medium & Heavy Commercial
Vehicle Segment recorded a growth of 21% although volumes were still lower than the peak
of FY 2011-12. Car segment also saw a modest growth of 3%. Tractor Industry, however, after
achieving a peak in FY 2013-14, de-grew by 11%, de-growth in 2nd half of FY 2014-15 was
however close to 24%.
The total domestic revenue has grown by 16%.
b)
2013-14
% Change
` 27,206.69 Million
` 18,482.13 Million
47
During the year under review, exports turnover of the Company was ` 27,206.69 Million
(previous year ` 18,482.13 Million), representing an increase of 47%.
56
7
KH LPSUHVVLYH JURZWK LQ H[SRUWV ZDV DFKLHYHG RQ DFFRXQW RI UHOHQWOHVV HRUWV PDGH WR
develop new markets and increase level of business with existing customers. The Company
has also signed a long term contract with a Global Aerospace Company for supply of
components.
c)
b)
5.
5,834.92
123.50
3,434.00
(23.60)
(27.05)
7,189.84
13,439.31
875.00
21,504.15
1,539.00
426.73
(6.60)
3,999.29
11,469.41
15,468.70
698.38
139.64
1,047.57
213.26
87.29
719.00
18,599.01
465.59
79.13
581.99
98.91
403.77
400.00
13,439.31
d)
H
f)
4.
10,609.51
(36.32)
35,139.73
18,482.13
F
3.
46,413.69
27,206.69
2.
In ` Million
Previous Year
1) Total Income
2) Exports Revenue
1HW3URW
3URWIRUWKH\HDUEHIRUH7D[DWLRQ ([FHSWLRQDOWHP
Add/(Less): Exceptional Item
Provision for Taxation:
Current tax
Deferred tax
Adjustment of tax relating to earlier year
1HW3URW
%DODQFHRI3URWIURPSUHYLRXV\HDU
Debenture Redemption Reserve Written back
3URWDYDLODEOHIRUDSSURSULDWLRQ
APPROPRIATIONS:
Interim Dividend on Equity Shares
Tax on above dividend
Proposed Final Dividend on Equity Shares
Tax on above dividend
Debenture Redemption Reserve
Transfer to General Reserve
6XUSOXVUHWDLQHGLQ6WDWHPHQWRI3URW /RVV
Current Year
Boards Report
6.
7.
PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES
All contracts or arrangements entered into by the
Company with Related Parties have been done
at arms length and are in the ordinary course of
business.
The policy on Related Party Transaction as approved
by the Board has been displayed on the Companys
website at the link http://bharatforge.com/images/
PDFs/policies/BFL.RPT%20Policy.pdf
Pursuant to Section 134 of the Companies Act, 2013
read with Rule 8(2) of the Companies (Accounts)
Rules, 2014, the particulars of such transactions are
provided in Form AOC-2 which is annexed herewith
as Annexure C to this report. Related Party
disclosures as per AS-18 have been provided in Note
WRWKHQDQFLDOVWDWHPHQW
8.
'
LVFXVVLRQ RQ VWDWH RI &RPSDQ\V DDLUV KDV EHHQ
covered as part of the Management Discussion and
Analysis (MDA). MDA for the year under review, as
stipulated under Clause 49 of the Listing Agreement
with Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
9.
58
59
Boards Report
http://bharatforge.com/images/Familiarisation_
Programme-BFL.pdf
21. DEPOSITS
The Company has not accepted deposits under
Chapter V of the Companies Act, 2013 during the year.
7
KHUHDUHQRVLJQLFDQWDQGPDWHULDORUGHUVSDVVHG
by the regulators or courts or tribunals impacting
the going concern status and Companys operations
in future.
7
KH&RPSDQ\KDVLQSODFHDGHTXDWHLQWHUQDOQDQFLDO
FRQWUROV ZLWK UHIHUHQFH WR QDQFLDO VWDWHPHQW
During the year, such controls were tested and no
reportable material weaknesses in the design or
operation were observed.
3
4
5
60
Input
Please refer Annexure F
16.47%
4709
The explanation on the relationship between average increase The increase in remuneration is not solely based on the
in remuneration and Company performance.
Company performance but also includes various other
factors like individual performance, experience, skill
sets, academic background, industry trends, economic
situation and future growth prospects etc. All these
factors are considered for revision of remuneration.
11
12
(i) LIHPSOR\HGWKURXJKRXWWKHQDQFLDO\HDUZDVLQUHFHLSWRI
remuneration for that year which, in the aggregate, was not
less than sixty lakh rupees;
(ii) LIHPSOR\HGIRUDSDUWRIWKHQDQFLDO\HDUZDVLQUHFHLSW
of remuneration for any part of that year, at a rate which,
LQ WKH DJJUHJDWH ZDV QRW OHVV WKDQ YH ODNK UXSHHV SHU
month;
(iii) LI HPSOR\HG WKURXJKRXW WKH QDQFLDO \HDU RU SDUW WKHUHRI
was in receipt of remuneration in that year which, in the
aggregate, or as the case may be, at a rate which, in the
aggregate, is in excess of that drawn by the Managing
Director or Whole-time Director or Manager and holds by
himself or along with his spouse and dependent children,
not less than two percent of the equity shares of the
Company.
61
10
Comparison of the remuneration of the Key Managerial The increase in remuneration is not solely based on the
Personnel against the performance of the Company.
Company performance but also includes various other
factors like individual performance, experience, skill
sets, academic background, industry trends, economic
situation and future growth prospects etc. All these
factors are considered by Board/Nomination and
Remuneration Committee.
Variations in the market capitalisation of the Company, price
March 31, 2015 March 31, 2014
HDUQLQJV UDWLR DV DW WKH FORVLQJ GDWH RI WKH FXUUHQW QDQFLDO
Market
297,068.83
98,157.72
\HDU DQG SUHYLRXV QDQFLDO \HDU DQG SHUFHQWDJH LQFUHDVH
over decrease in the market quotations of the shares of the Capitalisation
Company in comparison to the rate at which the Company (In ` Million)
FDPHRXWZLWKWKHODVWSXEOLFRHULQFDVHRIOLVWHGFRPSDQLHV PE ratio
41.32
24.54
and in case of unlisted companies, the variations in the net
LQFUHDVHLQPDUNHWTXRWDWLRQRYHUODVWSXEOLFRHU
ZRUWK RI WKH &RPSDQ\ DV DW WKH FORVH RI WKH FXUUHQW QDQFLDO
price:
\HDUDQGSUHYLRXVQDQFLDO\HDU
Public issue of equity shares was made in the year 1979
with issue price of ` 100.00 per share. The average
closing price on BSE and NSE as on March 31, 2015 was
1276.10 The market price per share has increased by
63,705% as on March 31, 2015.
Average percentile increase already made in the salaries of Percentage increase in salaries of managerial personnel
employees other than the managerial personnel in the last at 50th Percentile is: 25%
QDQFLDO\HDU DQG LWV FRPSDULVRQ ZLWKWKH SHUFHQWLOH LQFUHDVH Percentage increase in salaries of non-managerial
LQ WKH PDQDJHULDO UHPXQHUDWLRQ DQG MXVWLFDWLRQ WKHUHRI DQG personnel at 50th Percentile is: 18.06%
point out if there are any exceptional circumstances for increase
The increase in remuneration is not solely based on the
in the managerial remuneration.
Company performance but also includes various other
factors like individual performance, experience, skill
sets, academic background, industry trends, economic
situation and future growth prospects etc. besides
the Company performance. There are no exceptional
circumstances for increase in the managerial
remuneration.
The key parameters for any variable component of remuneration Commission is the variable component in the
availed by the Directors.
remuneration of the Directors. The Commission amount
is as per the Nomination and Remuneration Policy of
the Company.
The ratio of the remuneration of the highest paid Director Not applicable
to that of the employees who are not Directors but receive
remuneration in excess of the highest paid Director during the
year.
$UPDWLRQWKDWWKHUHPXQHUDWLRQLVDVSHUWKHUHPXQHUDWLRQ The remuneration paid to the Directors is as per the
policy of the Company.
Remuneration Policy of the Company.
Statement showing the name of every employee of the Please refer Annexure G
Company, who-
Input
Boards Report
26. AUDITORS
a.
Statutory Auditors
At the Annual General Meeting held on
September 4, 2014, M/s. S R B C & Co LLP,
Chartered Accountants, were appointed
as Statutory Auditors of the Company to
KROG RFH WLOO WKH FRQFOXVLRQ RI WKH $QQXDO
General Meeting to be held in the year 2017.
Q WHUPV RI WKH UVW SURYLVR WR 6HFWLRQ RI
the Companies Act, 2013, the appointment of
WKH $XGLWRUV VKDOO EH SODFHG IRU UDWLFDWLRQ DW
every Annual General Meeting. Accordingly,
the appointment of M/s. S R B C & Co LLP,
Chartered Accountants, as Statutory Auditors of
WKH &RPSDQ\ ZLOO EH SODFHG IRU UDWLFDWLRQ E\
the Shareholders. In this regard, the Company
KDV UHFHLYHG D FHUWLFDWH IURP WKH $XGLWRUV WR
WKHHHFWWKDWLIWKHLUDSSRLQWPHQWLVUDWLHGLW
would be in accordance with the provisions of
Section 141 of the Companies Act, 2013.
62
7
KH1RWHVRQQDQFLDOVWDWHPHQWUHIHUUHGWRLQ
the Auditors Report are self-explanatory and do
not call for any further comments. The Auditors
5HSRUW GRHV QRW FRQWDLQ DQ\ TXDOLFDWLRQ
reservation or adverse remark.
b.
Secretarial Audit
The Board has appointed M/s. SVD & Associates,
Company Secretaries, Pune, to conduct
6HFUHWDULDO$XGLWIRUWKHQDQFLDO\HDU
7KH 6HFUHWDULDO $XGLW 5HSRUW IRU WKH QDQFLDO
year ended March 31, 2015 is annexed herewith
as Annexure H to this report. The Secretarial
$XGLW5HSRUWGRHVQRWFRQWDLQDQ\TXDOLFDWLRQ
reservation or adverse remark.
c.
Cost Auditors
The Board of Directors, on the recommendation
of
Audit
Committee,
has
appointed
M/s. Dhananjay V. Joshi & Associates, Cost
Accountants, Pune as Cost Auditor to audit the
FRVWDFFRXQWVRIWKH&RPSDQ\IRUWKHQDQFLDO
year 2015-16. As required under the Companies
Act, 2013, a resolution seeking Members
approval for the remuneration payable to
the Cost Auditors forms part of the Notice
convening the Annual General Meeting.
7
KH &RVW $XGLW UHSRUW IRU WKH QDQFLDO \HDU
ZDVOHGZLWKWKH0LQLVWU\RI&RUSRUDWH
$DLUVRQ6HSWHPEHU
B. N. KALYANI
Pune: May 20, 2015
30. ACKNOWLEDGEMENT
02-17 | Company Overview
63
Boards Report
Annexure A
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
$VRQWKHQDQFLDO\HDUHQGHGRQ0DUFK
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1)
of the Companies (Management and Administration) Rules, 2014]
I.
CIN
Registration date
Name of the Company
Category/Sub category of
the Company
$GGUHVVRIWKH5HJLVWHUHGRFHDQGFRQWDFW
details
II.
L25209PN1961PLC012046
June 19, 1961
Bharat Forge Limited
Public Company Limited by Shares
Indian Non-Government Company
Mundhwa, Pune Cantonment,
Pune 411 036
Tel. No. 020 6704 2777/2476
Fax No. 020 2682 2163
Yes
The Company is having in-house share transfer facility and therefore
the Company has not appointed Registrar and Transfer Agent.
% to total turnover
of the Company*
39.06%
32.95%
13.68%
64
CIN/GLN
Holding/
Subsidiary/
Associate
% of Applicable
shares
Section
held
N.A.
Subsidiary
100%
2(87)(ii)
N.A.
Subsidiary
100%
2(87)(ii)
BF New Technologies
GmbH
N.A.
Subsidiary
100%
2(87)(ii)
N.A.
Subsidiary
100%
2(87)(ii)
Bharat Forge
Aluminiumtechnik
GmbH & Co. KG,
Berthelsodorfer StraBe 8
09618 Brand Erbisdorf,
Germany
N.A.
Subsidiary
100%
2(87)(ii)
Bharat Forge
Aluminiumtechnik
Verwaltungs GmbH
Berthelsodorfer S
traBe 8 09618 Brand
Erbisdorf, Germany
N.A.
Subsidiary
100%
2(87)(ii)
Mecanique Generale
Langroise, (w.e.f.
December 17, 2014)
N.A.
Subsidiary
100%
2(87)(ii)
CIN/GLN
Holding/
Subsidiary/
Associate
% of Applicable
shares
Section
held
N.A.
Subsidiary
100%
2(87)(ii)
N.A.
Subsidiary
100%
2(87)(ii)
10
N.A.
Subsidiary
100%
2(87)(ii)
11
Bharat Forge
International Limited
N.A.
Subsidiary
100%
2(87)(ii)
12
N.A.
Subsidiary
100%
2(87)(ii)
13
Subsidiary
100%
2(87)(ii)
14
BF Infrastructure
Ventures Limited
Mundhwa, Pune
U74900PN2010PLC137992
Cantonment, Pune-411 036
Subsidiary
100%
2(87)(ii)
15
Kalyani Strategic
Systems Limited
Mundhwa, Pune
U31902PN2010PLC138025
Cantonment, Pune-411 036
Subsidiary
100%
2(87)(ii)
16
Kalyani Polytechnic
Private Limited*
Mundhwa, Pune
U80903PN2012NPL144161
Cantonment, Pune-411 036
Subsidiary
100%
2(87)(ii)
17
BF Elbit Advanced
Systems Private Limited
Mundhwa, Pune
U29270PN2012PTC144268
Cantonment, Pune-411 036
Subsidiary
100%
2(87)(ii)
18
U28932TG1996PLC024629
Subsidiary
60%
2(87)(ii)
19
U29128DL2010PLC197806
Subsidiary
51%
2(87)(ii)
20
U40106DL2008PLC179793
Subsidiary
51%
2(87)(ii)
21
Tecnica UK Limited
N.A.
Associate
30%
2(6)
22
Talbahn GmbH
Mhlenstrasse 38
58285 Gevelsberg,
Germany
N.A.
Associate
35%
2(6)
23
Ferrovia Transrail
14th Floor, Antariksh
Solutions Private Limited Bhavan, 22, Kasturba
Gandhi Marg, New Delhi
- 110 001
U45300DL2012PTC239645
Associate
49%
2(6)
24
U29111DL2010FTC197807
Associate/
Joint Venture
49%
2(6)
Bharat Forge
Beteiligungs GmbH
*Kalyani Polytechnic Private Limited is a Company incorporated under section 25 of the Companies Act, 1956
** Kalyani ALSTOM Power Limited ceased to be the Joint Venture of the Company by virtue of its amalgamation into ALSTOM
Bharat Forge Power Limited pursuant to the order of Honble High Court of Delhi dated August 7, 2014.
65
Boards Report
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i)
Category of Shareholders
Demat
Physical
% of
Total
Shares
Total
Demat
Physical
%
Change
during
the year
% of Total
Shares
Total
A. Promoters
(1) Indian
a) Individual/HUF
b) Central Govt
808,065
50
808,115
0.35
808,065
50
808,115
0.35
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
5,677,490 108,009,805
46.40
--
--
--
c) State Govt(s)
--
d) Bodies Corp.
102,332,315
e) Banks/FI
f) Any Other
Sub-total (A) (1):-
--103,140,380
5,677,490 108,009,805
--
--
--
--
5,677,540 108,817,920
46.40 102,332,315
--
--
--
--
46.74 103,140,380
--
--
--
--
--
--
5,677,540 108,817,920
46.74
--
(2) Foreign
a) NRIs - Individuals
--
--
--
--
--
--
--
--
--
b) Other - Individuals
--
--
--
--
--
--
--
--
--
c) Bodies Corp.
--
--
--
--
--
--
--
--
--
d) Banks/FI
--
--
--
--
--
--
--
--
--
e) Any Other
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
5,677,540 108,817,920
46.74
--
Total shareholding of
Promoter (A) =
(A)(1)+(A)(2)
103,140,380
5,677,540 108,817,920
46.74 103,140,380
B. Public Shareholding
1. Institutions
a) Mutual Funds
b) Banks/FI
21,643,745
4,800
21,648,545
9.30
24,508,362
4,800
24,513,162
10.53
1.23
7,110,360
8,775
7,119,135
3.06
4,651,039
8,775
4,659,814
2.00
-1.06
c) Central Govt
--
--
--
--
--
--
--
--
--
d) State Govt(s)
--
--
--
--
--
--
--
--
--
e) Venture Capital
Funds
--
--
--
--
--
--
--
--
--
f) Insurance Companies
4,910,534
--
4,910,534
2.11
3,452,599
--
3,452,599
1.48
-0.63
37,250,386
1,845
37,252,231
16.00
37,662,932
1,845
37,664,777
16.18
0.18
--
--
--
--
--
--
--
--
--
--
--
--
--
4,274
--
4,274
--
--
--
--
--
--
3,446,935
--
3,446,935
1.48
1.48
70,915,025
15,420
70,930,445
30.48
73,726,141
15,420
73,741,561
31.68
1.20
19,541,896
13,200
19,555,096
8.40
18,355,747
13,160
18,368,907
7.89
-0.51
--
--
--
--
--
--
--
--
--
i) Individual Shareholders
holding nominal share
Capital up to ` 1 lakh
17,301,901
2,877,939
20,179,840
8.67
19,068,925
2,643,476
21,712,401
9.33
0.66
ii) Individual
Shareholders holding
nominal share Capital in
excess of ` 1 lakh
11,480,194
109,300
11,589,494
4.98
8,911,623
109,300
9,020,923
3.88
-1.10
g) FIIs
h) Foreign Venture
Capital Funds
i) Others (specify)
c) Others (specify)
66
ii)
Sr
No.
Demat
Physical
% of Total
Shares
Total
--
1,105,640
0.47
335,343
--
335,343
0.14
16,581
--
16,581
0.01
34,905
--
34,905
0.01
577,085
13,015
590,100
0.25
740,141
13,015
753,156
0.33
0.08
50,023,297
3,013,454
53,036,751
22.78
47,446,684
2,778,951
50,225,635
21.58
(1.20)
2,794,371 123,967,196
53.26
9,200
--
--
8,471,911 232,794,316
100
120,938,322
Total
%
Change
during
the year
1,105,640
(c-ii) Trusts
(c-iii) Non Resident Indian
Physical
% of
Total
Shares
3,028,874 123,967,196
9,200
--
224,087,902
53.26 121,172,825
9,200
--
8,706,414 232,794,316
9,200
100 224,322,405
--
-0.33
Category of Shareholders
Shareholding of Promoters :
Shareholders Name
%of Shares
Pledged/
encumbered
to total
shares
No. of
Shares
% of total
Shares
of the
company
%of Shares
Pledged/
encumbered
to total
shares
% change in
share
holding
during the
year
39,025
0.02
39,025
0.02
350,200
0.15
350,200
0.15
345,220
0.15
345,220
0.15
50
50
11,490
11,490
50,730
0.02
50,730
0.02
11,400
11,400
23,142,870
9.94
23,142,870
9.94
9,818,925
4.22
9,818,925
4.22
10
29,907,087
12.85
29,907,087
12.85
11
31,656,095
13.60
31,656,095
13.60
12
BF Investment Limited
7,807,338
3.35
7,807,338
3.35
13
662,760
0.28
662,760
0.28
14
388,000
0.17
388,000
0.17
15
822,000
0.35
822,000
0.35
16
17
18
19
328,500
0.14
328,500
0.14
2,217,570
0.95
2,217,570
0.95
70,715
0.03
70,715
0.03
&RUQRZHUQYHVWPHQW )LQDQFH
Pvt. Ltd
247,000
0.11
247,000
0.11
20
512,500
0.22
512,500
0.22
21
344,445
0.15
344,445
0.15
22
84,000
0.04
84,000
0.04
108,817,920
46.74
108,817,920
46.74
Total
67
5
6
No. of
Shares
Boards Report
iii)
Sr.
No.
108,817,920
% of total shares
of the company
46.74
108,817,920
% of total shares
of the company
46.74
108,817,920
46.74
108,817,920
46.74
# There is no change in the shareholding of the Promoters between April 1, 2014 and March 31, 2015.
iv) Shareholding pattern of top ten Shareholders (other than Directors, Promoters and holders of GDRs and
ADRs)
Sr. For Each of the Top 10 Shareholders
No. Name, Date & Reason of change
3.49
8,120,200
3.49
Add 23.05.2014
As on 01.04.2014
Market Purchase
125,000
0.05
8,245,200
3.54
Add 30.05.2014
Market Purchase
102,181
0.04
8,347,381
3.59
Add 20.06.2014
Market Purchase
50,000
0.02
8,397,381
3.61
Less 18.07.2014
Market Sale
(-) 150,000
0.06
8,247,381
3.54
Less 01.08.2014
Market Sale
(-)191,573
0.08
8,055,808
3.46
Less 08.08.2014
Market Sale
(-)285,608
0.12
7,770,200
3.34
Less 29.08.2014
Market Sale
(-)100,000
0.04
7,670,200
3.29
Less 05.09.2014
Market Sale
(-)230,000
0.1
7,440,200
3.2
Less 12.09.2014
Market Sale
(-) 320,000
0.14
7,120,200
3.06
Less 19.09.2014
Market Sale
(-) 253,886
0.11
6,866,314
2.95
Less 30.09.2014
Market Sale
(-) 106,000
0.05
6,760,314
2.9
Less 10.10.2014
Market Sale
(-) 50,200
0.02
6,710,114
2.88
Less 28.11.2014
Market Sale
(-) 340,000
0.15
6,370,114
2.74
Less 16.01.2015
Market Sale
(-) 120,000
0.05
6,250,114
2.68
Less 06.02.2015
Market Sale
(-) 50,000
0.02
6,200,114
2.66
Less 27.02.2015
Market Sale
(-) 172,000
0.07
6,028,114
2.59
Less 20.03.2015
Market Sale
As on 31.03.2015
2
(-) 49,718
0.02
5,978,396
2.57
5,978,396
b
5,978,396
2.57
Less 11.04.2014
Market Sale
7,578,185
3.26
7,578,185
3.26
(-) 532,653
0.23
7,045,532
3.03
Less 25.04.2014
Market Sale
(-) 5,000
7,040,532
3.02
Less 06.06.2014
Market Sale
(-) 13,490
0.01
7,027,042
3.02
Less 25.07.2014
Market Sale
(-) 13,499
0.01
7,013,543
3.01
Less 22.08.2014
Market Sale
(-) 575,336
0.25
6,438,207
2.77
Less 29.08.2014
Market Sale
(-) 205,595
0.09
6,232,612
2.68
Less 05.09.2014
Market Sale
(-) 250,000
0.11
5,982,612
2.57
68
Less 12.09.2014
Market Sale
(-) 39,069
0.02
5,943,543
2.55
Less 30.09.2014
Market Sale
(-) 2,000
5,941,543
2.55
Less 03.10.2014
Market Sale
(-) 3,000
5,938,543
2.55
Less 10.10.2014
Market Sale
(-) 614,000
0.26
5,324,543
2.29
Less 17.10.2014
Market Sale
(-) 1,000
5,323,543
2.29
Less 23.01.2015
Market Sale
(-) 577,316
0.25
5,900,859
2.53
2.53
Less 06.02.2015
Market Sale
(-) 1,430
5,899,429
Less 13.02.2015
Market Sale
(-)39,000
0.02
5,860,429
2.52
Less 27.02.2015
Market Sale
(-) 62,901
0.03
5,797,528
2.49
Less 06.03.2015
(-) 260,370
0.11
5,537,158
2.38
Market Sale
(-) 337,591
0.15
5,199,567
2.23
Less 20.03.2015
Market Sale
(-) 289,360
0.12
4,910,207
2.11
Market Sale
(-)47,587
0.02
4,862,620
2.09
4,862,620
2.09
4,862,620
2.09
5,565,877
2.39
5,565,877
2.39
2,800
5,568,677
2.39
Less 27.03.2015
As on 31.03.2015
3
Add 04.04.2014
Market Purchase
Add 18.04.2014
Market Purchase
156,147
0.07
5,724,824
2.46
Less 25.04.2014
Market Sale
(-) 464,097
0.2
5,260,727
2.26
Less 02.05.2014
Market Sale
(-) 200,907
0.09
5,059,820
2.17
Add 16.05.2014
Market Purchase
30,900
0.01
5,090,720
2.19
Less 30.05.2014
Market Sale
(-) 188,553
0.08
4,902,167
2.11
Less 06.06.2014
Market Sale
(-) 112,000
0.05
4,790,167
2.06
Market Sale
(-) 218,939
0.09
4,571,228
1.96
Market Sale
(-) 362,439
0.16
4,208,789
1.81
Less 04.07.2014
Market Sale
(-) 208,298
0.09
4,000,491
1.72
Less 25.07.2014
Market Sale
(-) 85
4,000,406
1.72
Less 01.08.2014
Market Sale
(-) 266,260
0.11
3,734,146
1.6
Add 08.08.2014
Market Purchase
7,672
3,741,818
1.61
Less 15.08.2014
Market Sale
(-) 551
3,741,267
1.61
Add 22.08.2014
Market Purchase
Less 29.08.2014
Market Sale
5,795
3,747,062
1.61
(-) 17981
0.01
3,729,081
1.6
Less 12.09.2014
Market Sale
(-) 52,245
0.02
3,676,836
1.58
Less 19.09.2014
Market Sale
(-) 291,502
0.13
3,385,334
1.45
Add 30.09.2014
Market Purchase
246,995
0.11
3,632,329
1.56
Add 24.10.2014
Market Purchase
140,000
0.06
3,772,329
1.62
Add 30.10.2014
Market Purchase
40,926
0.02
3,813,255
1.64
Add 07.11.2014
Market Purchase
6,500
3,819,755
1.64
Add 14.11.2014
Market Purchase
141,250
0.06
3,961,005
1.7
Less 21.11.2014
Market Sale
(-) 71052
0.03
3,889,953
1.67
Less 28.11.2014
Market Sale
(-) 642966
0.28
3,246,987
1.39
Add 05.12.2014
Market Purchase
420
3,247,407
1.39
Less 12.12.2014
Market Sale
(-) 378,055
0.16
2,869,352
1.23
Less 19.12.2014
Market Sale
(-) 9,430
2,859,922
1.23
69
Less 13.06.2014
Less 30.06.2014
Market Sale
Less 13.03.2015
Boards Report
Less 31.12.2014
Market Sale
(-) 3,500
2,856,422
1.23
Less 09.01.2015
Market Sale
(-) 10,534
2,845,888
1.22
Add 16.01.2015
Market Purchase
7,760
2,853,648
1.23
Add 23.01.2015
Market Purchase
8,000
2,861,648
1.23
Add 30.01.2015
Market Purchase
13,211
0.01
2,874,859
1.23
Add 06.02.2015
Market Purchase
167,269
0.07
3,042,128
1.31
Less 20.02.2015
Market Sale
(-) 65,595
0.03
2,976,533
1.28
Less 27.02.2015
Market Sale
(-) 133,567
0.06
2,842,966
1.22
Less 06.03.2015
Market Sale
(-) 186,798
0.08
2,656,168
1.14
Less 13.03.2015
Market Sale
(-) 17,909
0.01
2,638,259
1.13
90,777
0.04
2,729,036
1.17
Add 20.03.2015
Market Purchase
Add 27.03.2015
Market Purchase
As on 31.03.2015
4
0.02
2,776,168
1.19
1.19
2,776,168
1.19
3,418,062
1.47
3,418,062
1.47
Less 30.06.2014
Less 29.08.2014
Market Sale
(-) 200,000
0.09
3,218,062
1.38
Market Sale
(-) 408,000
0.18
2,810,062
1.21
2,810,062
b
2,810,062
1.21
3,204,879
1.38
3,204,879
1.38
As on 31.03.2015
5
47,132
2,776,168
(-) 10,000
3,194,879
1.37
Less 16.05.2014
Less 25.04.2014
Market Sale
(-) 58,520
0.03
3,136,359
1.35
Less 23.05.2014
Market Sale
(-) 99,555
0.04
3,036,804
1.3
Less 30.05.2014
Market Sale
(-) 25,000
0.01
3,011,804
1.29
Less 08.08.2014
Market Sale
(-) 27,700
0.01
2,984,104
1.28
Less 15.08.2014
Market Sale
(-) 30,000
0.01
2,954,104
1.27
Less 22.08.2014
Market Sale
(-) 33,533
0.01
2,920,571
1.25
Less 29.08.2014
Market Sale
(-) 65,000
0.03
2,855,571
1.23
Less 05.09.2014
Market Sale
(-) 43,767
0.02
2,811,804
1.21
Less 12.09.2014
Market Sale
(-) 41,774
0.02
2,770,030
1.19
Less 19.09.2014
Market Sale
(-) 17,000
0.01
2,753,030
1.18
Less 30.09.2014
Market Sale
(-) 11,862
0.01
2,741,168
1.18
Less 03.10.2014
Market Sale
(-) 10,000
2,731,168
1.17
Less 14.11.2014
Market Sale
(-) 24,758
0.01
2,706,410
1.16
Less 21.11.2014
Market Sale
(-) 43,205
0.02
2,663,205
1.14
Less 28.11.2014
Market Sale
(-) 28,500
0.01
2,634,705
1.13
Less 05.12.2014
Market Sale
(-) 3,537
2,631,168
1.13
Less 12.12.2014
Market Sale
(-) 20,000
0.01
2,611,168
1.12
Less 16.01.2015
Market Sale
(-) 30,000
0.01
2,581,168
1.11
Less 23.01.2015
Market Sale
(-) 38,750
0.02
2,542,418
1.09
Less 30.01.2015
Market Sale
(-) 40,000
0.02
2,502,418
1.07
Less 06.02.2015
Market Sale
(-) 14,170
0.01
2,488,248
1.07
Less 13.02.2015
Market Sale
(-) 28,476
0.01
2,459,772
1.06
70
Less 20.02.2015
Market Sale
(-) 20,000
0.01
2,439,772
1.05
Less 27.02.2015
Market Sale
(-) 17,500
0.01
2,422,272
1.04
Less 06.03.2015
Market Sale
(-) 30,000
0.01
2,392,272
1.03
Less 13.03.2015
Market Sale
(-) 30,000
0.01
2,362,272
1.01
Less 20.03.2015
Market Sale
(-) 89,004
0.04
2,273,268
0.98
Less 27.03.2015
Market Sale
(-) 28,000
0.01
2,245,268
0.96
Less 31.03.2015
Market Sale
(-) 2,996
2,242,272
0.96
2,242,272
0.96
2,242,272
0.96
As on 01.04.2014
3,140,216
1.35
3,140,216
1.35
As on 31.03.2015
3,140,216
1.35
3,140,216
1.35
2,265,884
0.97
2,265,884
0.97
As on 31.03.2015
6
Market Sale
(-) 26,000
0.01
2,239,884
0.96
Less 18.04.2014
Less 04.04.2014
Market Sale
(-) 151,841
0.07
2,088,043
0.9
Less 25.04.2014
Market Sale
(-) 718,102
0.31
1,369,941
0.59
Less 02.05.2014
Market Sale
(-) 281,757
0.12
1,088,184
0.47
Less 09.05.2014
Market Sale
(-) 11,700
0.01
1,076,484
0.46
Less 30.05.2014
Market Sale
(-) 13,200
0.01
1,063,284
0.46
Less 13.06.2014
Market Sale
(-) 7,200
1,056,084
0.45
Less 20.06.2014
Market Sale
(-) 5,600
1,050,484
0.45
Less 30.06.2014
Market Sale
(-) 5,600
1,044,884
0.45
Less 04.07.2014
Market Sale
(-) 9,100
1,035,784
0.44
Add 25.07.2014
Market Purchase
10,900
1,046,684
0.45
Add 15.08.2014
Market Purchase
1,052,084
0.45
Market Sale
1,044,684
0.45
Market Sale
(-) 11,400
1,033,284
0.44
(-) 4,700
1,028,584
0.44
Less 12.09.2014
Less 10.10.2014
Market Sale
Add 24.10.2014
Market Purchase
Less 31.10.2014
Less 28.11.2014
Less 12.12.2014
18,000
0.01
1,046,584
0.45
Market Sale
(-) 15,400
0.01
1,031,184
0.44
Market Sale
(-) 8,700
1,022,484
0.44
Market Sale
(-) 6,346
1,016,138
0.44
Less 19.12.2014
Market Sale
(-) 6,300
1,009,838
0.43
Less 31.12.2014
Market Sale
(-) 6,400
1,003,438
0.43
Less 16.01.2015
Market Sale
(-) 4,700
998,738
0.43
Less 23.01.2015
Market Sale
(-) 58,955
0.03
939,783
0.4
Less 30.01.2015
Market Sale
(-) 5,964
933,819
0.4
Less 13.02.2015
Market Sale
(-) 6,839
926,980
0.4
Less 27.02.2015
Market Sale
(-) 18,792
0.01
908,188
0.39
Less 13.03.2015
Market Sale
(-) 6,623
901,565
0.39
Market Sale
(-) 8,759
892,806
0.38
892,806
0.38
892,806
0.38
Less 27.03.2015
As on 31.03.2015
71
5,400
(-) 7,400
Less 05.09.2014
As on 01.04.2014
Boards Report
As on 01.04.2014
1,767,480
0.76
1,767,480
0.76
As on 31.03.2015
1,767,480
0.76
1,767,480
0.76
As on 01.04.2014
1,600,000
0.69
1,600,000
0.69
As on 31.03.2015
1,600,000
0.69
1,600,000
0.69
As on 01.04.2014
1,571,500
0.68
1,571,500
0.68
As on 31.03.2015
1,571,500
0.68
1,571,500
0.68
Nemish S Shah
10
v)
3
Add
4
Less
5
Mr. B. N. Kalyani
As on 01.04.2014
As on 31.03.2015
Mr. Amit B. Kalyani
As on 01.04.2014
As on 31.03.2015
Mr. P. H. Ravikumar
As on 01.04.2014
22.08.2014 (Market Purchase)
As on 31.03.2015
Mr. S. M. Thakore
As on 01.04.2014
06.02.2015 (Market Sale)
As on 31.03.2015
Mr. G. K. Agarwal
As on 01.04.2014
As on 31.03.2015
Mr. B. P. Kalyani
As on 01.04.2014
As on 31.03.2015
Cumulative Shareholding
during the year
No. of shares
% of total shares
of the Company
39,025
39,025
0.02
0.02
39,025
39,025
0.02
0.02
350,200
350,200
0.15
0.15
350,200
350,200
0.15
0.15
2,217
500
2,717
2,217
2,717
2,717
24,650
10,650
14,000
0.01
0.01
24,650
14,000
14,000
0.01
0.01
0.01
2,455
2,455
2455
2455
3,130
3,130
3,130
3,130
Mr. K. M. Saletore, Executive Director & CFO and Mr. Anand Daga, Vice President (Legal) & Company Secretary do not hold any shares
of the Company at the beginning of the year as well as at the end of the year. They have neither acquired any shares nor sold any
shares during the year under review.
72
V.
INDEBTEDNESS
(In ` Million)
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
Total Indebtedness
8,769.70
11,173.45
0.04
19,943.19
165.39
104.08
269.47
8,935.09
11,277.53
0.04
20,212.66
103.29
3,588.10
3,691.39
(5,403.88)
(336.07)
(5,739.95)
Net Change
(5,300.59)
3,252.03
(2,048.56)
3,534.15
14,439.81
0.04
17,974.00
Indebtedness as at
March 31, 2015
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii)
100.35
89.75
190.10
3,634.50
14,529.56
0.04
18,164.10
LQFOXGHVH[FKDQJHGLHUHQFHDQGLQWHUHVWPRYHPHQW
(In ` Million)
Mr. Amit B.
Kalyani
Executive
Director
Mr. B. P.
Kalyani
Executive
Director
Mr. S. E.
Tandale
Executive
Director
Mr. K. M.
Saletore
Executive
Director *
Total
Amount
Gross Salary
a. Salary as per provisions
contained in section 17(1) of
the Income Tax Act, 1961
40.43
25.26
24.97
11.77
13.40
10.53
126.36
16.08
3.32
2.95
1.40
1.36
0.80
25.91
F3URWVLQOLHXRIVDODU\XQGHU
section 17(3) Income-tax Act,
1961
2.
Stock Option
3.
Sweat Equity
Commission:
120.00
24.00
24.00
24.00
25.00
17.00
234.00
1.67%
0.33%
0.33%
0.33%
0.35%
0.24%
3.25%
- others, specify
176.51
52.58
51.92
37.17
39.76
28.33
386.27
4.
$VDRI1HW3URW
5.
Total A
Ceiling as per the Act
1,091.23
0U.06DOHWRUHKDVMRLQHGWKH&RPSDQ\DV*URXS&KLHI)LQDQFLDO2FHUIURP1RYHPEHUDQGDGGLWLRQDOO\JRWDSSRLQWHG
DV&KLHI)LQDQFLDO2FHU&)2RIWKH&RPSDQ\IURP$XJXVW2Q)HEUXDU\0U6DOHWRUHZDVDSSRLQWHGDV([HFXWLYH
Director & CFO of the Company. The salary paid to Mr. Saletore is for the full year 2014-15 in various capacities.
73
Mr. B. N.
Kalyani
Chairman &
Managing
Director
1.
(Reduction)
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Boards Report
B.
Sr. Particulars of
No. Remuneration
1. Independent
Directors / other
non-executive
Directors
- Fee for attending
board /committee
meetings
- Commission
Name of Directors
Mrs.
Mr. S. M. Mr. P. G.
Mr. P. H.
Mr. Alan Mr. Naresh
Mr. T.
Mr. Vimal Mr. P. C.
Mr. S. K .
Lalita D.
Thakore Pawar
Ravikumar Spencer**
Narad
Mukherjee Bhandari Bhalerao* Chaturvedi*@
Gupte
0.50
0.57
0.23
0.45
0.05
0.20
0.20
0.07
0.28
0.10
2.65
1.40
1.85
0.90
1.60
0.90
0.90
1.00
1.05
0.40
10.00
- Others, please
specify
Total B
Total Managerial Remuneration (A) + (B)
Overall ceiling as per the Act
*
Total
Amount
12.65
398.92
1,200.35
Non-Executive Director
C.
Remuneration to Key Managerial Personnel other than the Managing Director/Whole-time Director/
Manager
(In ` Million)
Sr.
No.
Particulars of Remuneration
1.
Gross Salary
a. Salary as per provisions contained in
section 17(1) of the Income Tax Act, 1961
b. Value of perquisites u/s 17(2) Incometax Act, 1961
F3URWVLQOLHXRIVDODU\XQGHUVHFWLRQ
17(3) Income-tax Act, 1961
Stock Option
Sweat Equity
Commission:
$VDRI1HW3URW
- others, specify
Others, please specify
2.
3.
4.
5.
Total
Mr. K. M.
Saletore #
Total
Mr. P. S.
Vaishampayan @
14.84
1.98
1.86
18.68
0.43
0.06
0.15
0.64
15.27
2.04
2.01
19.32
0U.06DOHWRUHZDVDSSRLQWHGDV&KLHI)LQDQFLDO2FHURIWKH&RPSDQ\ZLWKHHFWIURP$XJXVWGXHWRUHVLJQDWLRQRI0U6*-RJOHNDU
IURPWKHVHUYLFHVRIWKH&RPSDQ\HHFWLYHIURP-XO\)RUVDODU\GHWDLOVRI0U6DOHWRUHSOHDVHUHIHUWRSRLQWQR$KHUHLQDERYH
# 0U $QDQG 'DJD ZDV DSSRLQWHG DV 9LFH 3UHVLGHQW /HJDO &RPSDQ\ 6HFUHWDU\ RI WKH &RPSDQ\ ZLWK HHFW IURP 6HSWHPEHU GXH WR
UHVLJQDWLRQRI0U369DLVKDPSD\DQIURPWKHVHUYLFHVRIWKH&RPSDQ\HHFWLYHIURP6HSWHPEHU
$&RPSDQ\
Penalty
Punishment
Compounding
B. Directors
Penalty
Punishment
Compounding
&2WKHU2FHUVLQGHIDXOW
Penalty
Punishment
Compounding
74
Section of the
Brief
Companies Description
Act
Details of Penalty/
punishment/compounding
fees imposed
Authority (RD/
NCLT/ COURT)
Appeal made,
if any (give
details)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
OBJECTIVE
The Nomination and Remuneration Committee and
this Policy shall be in compliance with Section 178 of the
Companies Act, 2013, as amended from time to time,
read along with the applicable rules thereto and Clause
49 under the Listing Agreement. The Key Objectives of the
Committee would be:
1.1
1.2
1.3
1.4
1.5
1.6
1.7
$SSRLQWPHQWFULWHULDDQGTXDOLFDWLRQV
The Committee shall identify and ascertain the
LQWHJULW\ TXDOLFDWLRQ H[SHUWLVH DQG H[SHULHQFH RI
the person for appointment as Director, KMP or at
Senior Management level and recommend to the
Board his / her appointment.
E
$
SHUVRQ VKRXOG SRVVHVV DGHTXDWH TXDOLFDWLRQ
expertise and experience for the position he / she
is considered for appointment. The Committee has
GLVFUHWLRQ WR GHFLGH ZKHWKHU TXDOLFDWLRQ H[SHUWLVH
DQGH[SHULHQFHSRVVHVVHGE\DSHUVRQLVVXFLHQW
satisfactory for the concerned position.
c)
2.2
2.3
2.4
a)
The Company shall appoint or re-appoint any
person as its Executive Chairman, Managing
Director or Executive Director for a term
QRW H[FHHGLQJ YH \HDUV DW D WLPH 1R UH
appointment shall be made earlier than one
year before the expiry of term.
b)
Independent Director:
$Q QGHSHQGHQW 'LUHFWRU VKDOO KROG RFH IRU D
WHUPXSWRYHFRQVHFXWLYH\HDUVRQWKH%RDUG
of the Company and will be eligible for reappointment on passing of a special resolution
by the Company and disclosure of such
appointment in the Boards report.
&KLHI)LQDQFLDO2FHUDQG
2.4.4 Company Secretary;
3.
2.5
2.6
ROLE OF COMMITTEE
3.1
75
a)
DEFINITIONS
2.1
2.
Annexure B
Boards Report
3.2.3 Evaluation
The Committee shall carry out yearly evaluation
of performance of every Director, KMP and
Senior Management Personnel.
3.2.4 Removal
'XH WR UHDVRQV IRU DQ\ GLVTXDOLFDWLRQ PHQWLRQHG
in the Act or under any other applicable Act, rules
and regulations thereunder, the Committee may
recommend, to the Board with reasons recorded
in writing, removal of a Director, KMP or Senior
Management Personnel subject to the provisions and
compliance of the said Act, rules and regulations.
Fixed pay:
b)
Minimum Remuneration:
I LQ DQ\ QDQFLDO \HDU WKH &RPSDQ\ KDV QR SURWV
RULWVSURWVDUHLQDGHTXDWHWKH&RPSDQ\VKDOOSD\
remuneration to its Whole-time Director in accordance
with the provisions of Schedule V of the Act and if it
is not able to comply with such provisions, with the
previous approval of the Central Government.
c)
3.2.5 Retirement
The Director, KMP and Senior Management Personnel
shall retire as per the applicable provisions of the Act
and the prevailing policy of the Company. The Board
will have the discretion to retain the Director, KMP,
SeniorManagement Personnel in the same position/
remuneration or otherwise even after attaining the
UHWLUHPHQWDJHIRUWKHEHQHWRIWKH&RPSDQ\
3.3
b)
c)
d)
H
76
Remuneration / Commission:
7KHUHPXQHUDWLRQFRPPLVVLRQVKDOOEH[HGDVSHU
the slabs and conditions mentioned in the Articles of
Association of the Company and the Act.
b)
Sitting Fees:
c)
Commission:
Commission may be paid within the monetary limit
approved by shareholders, subject to the limit not
H[FHHGLQJRIWKHSURWVRIWKH&RPSDQ\FRPSXWHG
as per the applicable provisions of the Act.
4. MEMBERSHIP
4.1
4.2
4.3
4.4
CHAIRPERSON
5.1
Chairperson of the
Independent Director.
Committee
shall
be
an
5.4
7.2
SECRETARY
VOTING
9.1
9.2
10.
NOMINATION DUTIES
The duties of the Committee in relation to nomination
matters include:
10.1 Ensuring that there is an appropriate induction in
place for new Directors and members of Senior
0DQDJHPHQWDQGUHYLHZLQJLWVHHFWLYHQHVV
REMUNERATION DUTIES
12.
10.2 Ensuring that on appointment to the Board, NonExecutive Directors receive a formal letter of
77
8.
FREQUENCY OF MEETINGS
The meeting of the Committee shall be held at such regular
intervals as may be required.
7.
6.
5.3
5.
Boards Report
Annexure C
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2)
of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred
to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third
proviso thereto
1.
2.
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
c.
d.
e.
f.
Nil
Nil
B. N. KALYANI
Chairman and Managing Director
78
Information as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules,
2014 forming part of the Directors Report for the year ended March 31, 2015.
A.
Conservation of Energy
i)
L
QWURGXFWLRQRIQHZFRPEXVWLRQV\VWHPVIRULQFUHDVHGHFLHQF\RIIXUQDFHV
ii.
iii.
LY 5
HSODFLQJROGLOOXPLQDWLRQV\VWHPVZLWKQHZKLJKHFLHQF\V\VWHPDQG/('WRJHWKLJKOXPHQVSHUZDWW
DQGGHFUHDVLQJKHLJKWRILOOXPLQDWLRQ[WXUHV
Y
$LU/HDNDJHWHVWRQZHHNO\RVDQGDUUHVWLQJOHDNDJHVWRUHGXFHDLUFRQVXPSWLRQ
vi.
Analysis of Power quality to detect issues related to Electrical impurities such as Harmonics, Voltage
surges etc.
vii. Eliminate the need of circulation pumps by using gravitational force on return lines.
viii. Reduce the voltage level for lighting and air conditioning application and using Synchronous Timers to
switch the pumps to reduce the Energy consumption.
ii)
ii.
iii.
B.
Technology Absorption:
L
(RUWVPDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQ
79
i.
Annexure D
Boards Report
Technical Papers:
Following technical papers were published and presented at various International conferences:
L
LL (HFWRIEHWDVROXWLRQWUHDWPHQWRQPDFKLQDELOLW\RI7L$O910'$70
iii)
0RGHOLQJRIPLFURVWUXFWXUHDQGPHFKDQLFDOSURSHUWLHVRIKHDWWUHDWHGFRPSRQHQWVE\XVLQJ$UWLFLDO
Neural Network, International Journal of Materials Science and Engineering 2014.
Development of ultra clean steel for automotive applications, NMD ATM 2014.
LY (HFW RI )DWLJXH 6WUHQJWK DQG &UDFN *URZWK 5DWH DW GLHUHQW VWUHVV UDWLR RQ PQYV 0LFUR DOOR\HG
Steel used for Forged Crankshafts, International Journal of Engineering Research & Technology (IJERT)
2014.
v)
Control of end defects in open die forging using FE method, NMD ATM 2014.
YL (HFWRIKRWWRSJHRPHWULHVRQVROLGLFDWLRQEHKDYLRXURIORZDOOR\VWHHOLQJRW10'$70
YLL QXHQFHRIVXSHUKHDWRQSRURVLW\LQFRQWLQXHVFDVWLQJRIPLFURDOOR\HGVWHHOEORRP10'$70
viii) The microstructural evolution of Ti6Al4V alloy during annealing treatment, NMD ATM 2014.
ix)
Process design and control to achieve higher strength and toughness simultaneously for Ni-Cr-MO
steel, NMD ATM 2014.
[
(HFWRIVWHHOKDUGHQDELOLW\RQGLVWRUWLRQXVLQJQDY\&ULQJWHFKQLTXH10'$70
IP Generation:
6HYHQSDWHQWVDSSOLFDWLRQVZHUHOHG
LL 7KH EHQHWV GHULYHG OLNH SURGXFW LPSURYHPHQW FRVW UHGXFWLRQ SURGXFW GHYHORSPHQW LPSRUW
substitution:
80
First time Quality with reduced development cycle time for new part development.
Year of
import
Technology development on
precision gears
Additive manufacturing with
metals
2013
In progress
2014
In progress
iii) In case of imported technology (imported during the last 3 years reckoned from the beginning of the
QDQFLDO\HDU
284.07
ii)
Recurring
iii)
iv)
TOTAL INCOME
v)
421.35
46,413.69
0.91%
Activities relating to exports, initiatives taken to increase exports, development of new export markets for
products and services and export plans:
L
&
RPSDQ\KDVPDGHVLJQLFDQWLQURDGVLQWRWKH3DVVHQJHU&DUVHJPHQWE\JHWWLQJQHZEXVLQHVVDZDUGV
from global OEMs.
ii)
Increased penetration in North American Truck market for current and new programs.
LLL Q LWV HRUWV WRZDUGV EURDGHQLQJ SURGXFW SRUWIROLR &RPSDQ\ KDV HQWHUHG LQWR QHZ DUHD )XHO DQG
Emission systems
iv)
137.28
Company is working diligently towards consolidation of its existing business and grow with new customers
in Oil & Gas segment.
E 7RWDOIRUHLJQH[FKDQJHHDUQLQJVDQGRXWJRIRUWKHQDQFLDO\HDULVDVIROORZV
i)
ii)
81
Capital
C.
Amount
i)
Boards Report
Annexure E
ANNUAL REPORT ON CSR ACTIVITIES
[Pursuant to Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014]
The Board of Directors at its meeting held on May 27, 2014 have adopted the Corporate Social Responsibility (CSR)
SROLF\RIWKH&RPSDQ\(OLJLEOHIXQGVIRU&65DFWLYLWLHVLQbHDFKQDQFLDO\HDUZLOOEHH[SHQGHGLQWKHDUHDVRI(GXFDWLRQ
Skill Development, Vocational Training, Sustainability, Environment, Health, Ecological Protection, Sports and Rural
Development through one or more implementing agencies/trusts. These CSR activities will be carried out through
YDULRXVSURJUDPPHVRUSURMHFWVDVVSHFLHGLQWKH&653ROLF\7KH&65SROLF\RIWKH&RPSDQ\KDVEHHQGLVSOD\HGRQ
the Companys website at the link - http://bharatforge.com/images/PDFs/policies/BFL%20CSR%20Policy-Signed.pdf
Details of expenditure on CSR activities is as follows:
(In ` Million)
$YHUDJHQHWSURWRIWKH&RPSDQ\IRUWKHQDQFLDO\HDUVDQG
3,558.63
3UHVFULEHG&65H[SHQGLWXUHRIWKHDYHUDJHQHWSURWFRPSXWHGDERYH
71.17
7RWDODPRXQWVSHQWRQ&65DFWLYLWLHVIRUWKHQDQFLDO\HDU
112.31
Nil
0DQQHUVLQZKLFKDPRXQWVSHQWWKHQDQFLDO\HDULVGHWDLOHGEHORZ
(In ` Million)
Sr.
No.
CSR Projects/
Activities
LGHQWLHG
Sector in which
the Project is
covered
Projects or
Amount outlay
programs
(budget) project
1) Local area or
or programs wise
other
2) Specify the
state and district
where projects
or programs was
undertaken
1.
i. Kalyani School
Education
Pune,
Maharashtra
100.00
103.45
103.45 Through
implementing
agency
ii. Pratham
Education
Foundation
Education
Pune,
Maharashtra
3.45
1.28
1.28 Through
implementing
agency
Education
Pune,
Maharashtra
0.70
0.70
0.70 Through
implementing
agency
iv. Various
Educational
InitiativesVidyarthi Sahayak
Samiti, Nanhi
.DOL $UPDWLYH
Action of CII.
Education
Pune,
Maharashtra
0.70
0.70
0.70 Through
implementing
agency
V. School
Adoption Infrastructural
Development
&Mission
Sanitation of
School
Education
Pune,
Maharashtra
8.00
1.56
1.56 Directly
2.
ITI Khed
Employment
enhancing
vocational skills
Pune,
Maharashtra
6.10
2.22
2.22 Directly
3.
Community
development
centre
Community
Development
& Women
Empowerment
Pune,
Maharashtra
1.10
0.46
0.46 Directly
82
Amount spent on
the projects or
programs
Sub-heads:
1) Direct
expenditure
on projects or
programs.
Cumulative
expenditure up
to the reporting
period
Amount spent
Direct or through
implementing
agency
CSR Projects/
Activities
LGHQWLHG
Sector in which
the Project is
covered
Projects or
Amount outlay
programs
(budget) project
1) Local area or
or programs wise
other
2) Specify the
state and district
where projects
or programs was
undertaken
4.
Health check-up
camps
Healthcare
Pune,
Maharashtra
0.23
0.24
0.24 Directly
5.
Rain water
harvesting
Environmental
sustainability
Pune,
Maharashtra
0.18
0.12
0.12 Directly
6.
Lakshya Sports
initiatives
2.10
1.21
1.21 Through
implementing
agency
7.
Queen Marys
%HQHWIRUDUPHG Pune,
Technical Institute forces
Maharashtra
(QMTI) for Disabled
Soldiers
Other incidental
expenditure
(Overhead)
0.20
0.25
0.25 Directly
0.20
0.12
0.12 Directly
8.
Amount spent on
the projects or
programs
Sub-heads:
1) Direct
expenditure
on projects or
programs.
Cumulative
expenditure up
to the reporting
period
Amount spent
Direct or through
implementing
agency
Ratio of remuneration of
% Increase/(decrease)
each director to the median in the Remuneration
remuneration of the
employees of the Company
Designation
Mr. B. N. Kalyani
351.61
41%
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Mr. S. M. Thakore
Mr. P. G. Pawar
Mr. P. C. Bhalerao
Mrs. Lalita D. Gupte
Mr. P. H. Ravikumar
Mr. Naresh Narad
Dr. T. Mukherjee
Mr. G. K. Agarwal
Mr. Amit B. Kalyani
Mr. B. P. Kalyani
Mr. S. E. Tandale
Mr. S. K. Chaturvedi*
Mr. Vimal Bhandari
Mr. K. M. Saletore#
Mr. Anand Daga@
Independent Director
Independent Director
Non-executive Director
Independent Director
Independent Director
Independent Director
Independent Director
Executive Director
Executive Director
Executive Director
Executive Director
Non-executive Director
Independent Director
Executive Director & CFO
Company Secretary
3.78
4.83
2.64
2.24
4.08
2.19
2.19
104.75
103.43
74.05
79.20
1.00
2.14
56.24
N.A.
34%
27%
22%
22%
25%
20%
20%
29%
29%
22%
21%
(98%)
111%
34%
-
Sr. No.
Sr.
No.
Notes:
0U6.&KDWXUYHGLZDV([HFXWLYH'LUHFWRUWLOO'HFHPEHUDQGFHDVHGWRD'LUHFWRUZLWKHHFWIURP0DUFK
0U.06DOHWRUHKDVMRLQHGWKH&RPSDQ\DV*URXS&KLHI)LQDQFLDO2FHUIURP1RYHPEHUDQGDGGLWLRQDOO\JRWDSSRLQWHG
DV&KLHI)LQDQFLDO2FHU&)2RIWKH&RPSDQ\IURP$XJXVW2Q)HEUXDU\0U6DOHWRUHZDVDSSRLQWHGDV([HFXWLYH
Director & CFO of the Company.
#0U$QDQG'DJD9LFH3UHVLGHQW/HJDODQG&RPSDQ\6HFUHWDU\DVVXPHGKLVRFHZLWKHHFWIURP6HSWHPEHU$V0U'DJD
has joined during 2014-15, the details of increase in remuneration are not determinable, as comparative numbers are not available.
83
84
Mr. B. N. Kalyani
Mr. K. M. Saletore
Mr. D R Moorthy
Mr. M. U. Takale
Mr. M. V. Mavlankar
Mr. S B Pustake
Mr. Sandeep
Kapoor
Mr. V. M. Munje
Mr. K. Chetan
10
11
12
13
14
7,742,447 Permanent
Employee
8,869,024 Permanent
Employee
9,408,583 Permanent
Employee
9,160,893 Permanent
Employee
8,722,681 Permanent
Employee
19,818,908 Permanent
Employee
14,932,849 Permanent
Employee
12,220,865 Permanent
Employee
22,163,204 Permanent
Employee
34,774,641 Permanent
Employee
32,187,750 Permanent
Employee
43,599,192 Permanent
Employee
42,934,441 Permanent
Employee
131,524,439 Permanent
Employee
Remuneration Nature of
received (`) employment
M.E.
B.Com., LL.B.,
F.C.S., Diploma
in IP, WIPO
Geneva.
B.Com., C.A.,
M.B.A.
B.E. (Met.)
B.Tech., M.S.
B.E.(Mech.),
MBA, MS
B.Sc., LL.B.
B.Com., M.B.A.
B.Com., C.A.,
PGDM
B.E.(M)
B.E.(P), MBA,
MS
B.E.(Mech.),
M.B.A.,
B.E.(M)
B.E. (Mech.)
(Hons), MS
(M.I.T.)
4XDOLFDWLRQ
28
21
27
36
40
33
39
23
27
24
33
42
16
43
Experience
(Years)
31.03.2005
25.07.2011
07.12.2011
09.04.2009
03.05.2004
02.11.1982
29.04.1987
04.01.2010
18.11.2011
01.08.1991
02.08.1982
01.11.1976
24.10.1999
01.04.1972
Date of
commencement
of employment
53
46
54
58
63
55
63
45
49
46
53
64
40
66
Age
Delphi
Automotive
Systems,
Bangalore
Tata Services
Ltd., Mumbai
Escorts Ltd.,
Faridabad
Anand
Technology Ltd.
, Bangalore
Buckau Wolf
India Ltd., Pune
Mundra Port
and Special
Economic Zone
Ltd. Mundra
Guest Keen
Williams Ltd.
Howrah
Carpenter
Technology
Last
employment
None
None
None
None
None
None
None
None
None
None
-
None
None
0.001
0.001
0.15
0.02
Percentage of
equity shares
held
1. Employed throughout the year and were in receipt of remuneration at the rate of not less than ` 6,000,000/- per annum
ANNEXURE TO DIRECTORS REPORT FOR THE YEAR ENDED MARCH 31, 2015
Statement under Section 197 (12) of the Companies Act, 2013, read with the companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 and forming part of the Directors Report for the year ended March 31, 2015.
Annexure G
Boards Report
Mr. O. P. Maken
Mr. D. R.
Veerraghavan
Mr. Sanjeev
Pargoankar
Dr. Santosh V.
Bhave
Mr. S. G. Joglekar *
Mr. M. S. Sapre *
16
17
18
19
20
21
22
23
8,070,867 Permanent
Employee
15,265,493 Permanent
Employee
6,913,302 Permanent
Employee
6,173,893 Permanent
Employee
7,028,827 Permanent
Employee
6,608,972 Permanent
Employee
13,135,047 Permanent
Employee
8,252,994 Permanent
Employee
10,799,749 Permanent
Employee
Remuneration Nature of
received (`) employment
B.Com., C.A.
B.Com., C.A.
B.E.(Mech.
Engg.)
M.P.M., LL.B.,
L.L.M., Ph.d.
B.E.(Mech.
Engg.)
B.E.(Mech.
Engg.)
B. Tech.
(Aeronautical
Engg.)
B.Sc (Mech.
Engg.)
B.E.(Civil),
PGDBA
(Symbiosis),
MMS
4XDOLFDWLRQ
35
34
27
36
34
07.03.2005
14.11.1999
11.04.2005
06.03.2006
15.09.2005
18.01.1995
15.04.2013
34
45
01.02.2012
03.05.2010
Date of
commencement
of employment
38
41
Experience
(Years)
59
58
49
58
56
67
56
63
60
Age
Kalyani
Carpenter
Special Steels
Ltd. Pune
Tiger Steels
Ltd., Mumbai
Emcure
Pharmaceuticals
Ltd., Pune
Sharp India
Ltd., Pune
HMT Ltd.,
Bangalore
Navnit Motors
Pvt. Ltd.
NTPC Limited,
New Delhi
Larsen &
Toubro Ltd.,
Powai, Mumbai
Last
employment
None
None
None
None
None
None
None
None
None
Percentage of
equity shares
held
Notes :
1.
Remuneration shown above includes Salary, Companys contribution towards Provident Fund and Superannuation Scheme, Allowance, Perquisites but excludes
Gratuity unless paid/payable.
2.
The nature of employment in case of Chairman & Managing Director, Deputy Managing Director and Executive Directors is contractual and terms of remuneration are
governed under the Board and Members resolution.
3.
None of the above employee/Directors is related to any of the Directors, except Mr. Amit B. Kalyani, who is son of Mr. B. N. Kalyani, Chairman & Managing Director of
the Company.
4.
Experience includes number of years of service elsewhere, wherever applicable.
* Employed for part of the year and were in receipt of remuneration at the rate of not less ` 5,00,000/- per month.
Mr. R. S. Bhatia
15
85
Boards Report
Annexure H
Form No. MR-3
SECRETARIAL AUDIT REPORT
For the Financial Year Ended March 31, 2015
[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No. 9
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Bharat Forge Limited
Mundhawa, Pune Cantonment,
Pune- 411036
We have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence
to good corporate practices by Bharat Forge Limited
(hereinafter called the Company). Secretarial Audit was
conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts/statutory
compliances and expressing our opinion thereon.
%DVHG RQ RXU YHULFDWLRQ RI WKH &RPSDQ\V ERRNV
SDSHUV PLQXWH ERRNV IRUPV DQG UHWXUQV OHG DQG
other records maintained by the Company and also the
LQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRFHUVDJHQWV
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
QDQFLDO\HDUHQGHGRQ0DUFKFRPSOLHGZLWKWKH
statutory provisions listed hereunder and also that the
Company has proper Board-processes and compliancemechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:
We have examined the books, papers, minute books,
IRUPVDQGUHWXUQVOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\
WKH&RPSDQ\IRUWKHQDQFLDO\HDUHQGHGRQVW0DUFK
2015 according to the provisions of:
(i)
The Companies Act, 2013 (the Act) and the rules made
thereunder (in so far as they are made applicable);
(ii)
86
(b)
(c)
(d)
(e)
(f)
(g)
(ii)
LL
5HGHHPHGUVWQVWDOOPHQWRIRI
Secured Redeemable Non - Convertible Debentures
of ` 10,00,000 each at par on 28th April, 2014.
iii)
Place: Pune
Date: May 20, 2015
L
87
Sridhar Mudaliar
Partner
FCS No: 6156
C P No: 2664
QGHSHQGHQW$XGLWRUV5HSRUW
To the Members of Bharat Forge Limited
5HSRUWRQWKHQDQFLDOVWDWHPHQWV
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJVWDQGDORQHQDQFLDOVWDWHPHQWVRI%KDUDW)RUJH/LPLWHGWKH&RPSDQ\ZKLFK
FRPSULVHWKH%DODQFH6KHHWDVDW0DUFKWKH6WDWHPHQWRI3URWDQG/RVVDQG&DVK)ORZ6WDWHPHQWIRUWKH
\HDUWKHQHQGHGDQGDVXPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQ
0DQDJHPHQWVUHVSRQVLELOLW\IRUWKHQDQFLDOVWDWHPHQWV
7KH&RPSDQ\V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHGLQ6HFWLRQRIWKH&RPSDQLHV$FW
WKH$FWZLWKUHVSHFWWRWKHSUHSDUDWLRQRIWKHVHVWDQGDORQHQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRI
WKHQDQFLDOSRVLWLRQQDQFLDOSHUIRUPDQFHDQGFDVKRZVRIWKH&RPSDQ\LQDFFRUGDQFHZLWKDFFRXQWLQJSULQFLSOHV
JHQHUDOO\DFFHSWHGLQQGLDLQFOXGLQJWKH$FFRXQWLQJ6WDQGDUGVVSHFLHGXQGHUVHFWLRQRIWKH$FWUHDGZLWK5XOH
RI WKH &RPSDQLHV $FFRXQWV 5XOHV 7KLV UHVSRQVLELOLW\ DOVR LQFOXGHV PDLQWHQDQFH RI DGHTXDWH DFFRXQWLQJ
UHFRUGVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJRIWKHDVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJ
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
MXGJPHQWV DQG HVWLPDWHV WKDW DUH UHDVRQDEOH DQG SUXGHQW DQG WKH GHVLJQ LPSOHPHQWDWLRQ DQG PDLQWHQDQFH RI
DGHTXDWHLQWHUQDOQDQFLDOFRQWUROWKDWZHUHRSHUDWLQJHHFWLYHO\IRUHQVXULQJWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKH
DFFRXQWLQJUHFRUGVUHOHYDQWWRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLU
YLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
$XGLWRUVUHVSRQVLELOLW\
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHVWDQGDORQHQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW:HKDYHWDNHQ
LQWRDFFRXQWWKHSURYLVLRQVRIWKH$FWWKHDFFRXQWLQJDQGDXGLWLQJVWDQGDUGVDQGPDWWHUVZKLFKDUHUHTXLUHGWREH
LQFOXGHGLQWKHDXGLWUHSRUWXQGHUWKHSURYLVLRQVRIWKH$FWDQGWKH5XOHVPDGHWKHUHXQGHU:HFRQGXFWHGRXUDXGLWLQ
DFFRUGDQFHZLWKWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\WKHQVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRIQGLDDVVSHFLHGXQGHU
6HFWLRQRIWKH$FW7KRVH6WDQGDUGVUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUP
WKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHQDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
$QDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDPRXQWVDQGGLVFORVXUHVLQWKHQDQFLDO
VWDWHPHQWV 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH DXGLWRUV MXGJPHQW LQFOXGLQJ WKH DVVHVVPHQW RI WKH ULVNV RI
PDWHULDOPLVVWDWHPHQWRIWKHQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURUQPDNLQJWKRVHULVNDVVHVVPHQWV
WKHDXGLWRUFRQVLGHUVLQWHUQDOQDQFLDOFRQWUROUHOHYDQWWRWKH&RPSDQ\VSUHSDUDWLRQRIWKHQDQFLDOVWDWHPHQWVWKDW
JLYHDWUXHDQGIDLUYLHZLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKH
SXUSRVHRIH[SUHVVLQJDQRSLQLRQRQZKHWKHUWKH&RPSDQ\KDVLQSODFHDQDGHTXDWHLQWHUQDOQDQFLDOFRQWUROVV\VWHP
RYHUQDQFLDOUHSRUWLQJDQGWKHHHFWLYHQHVVRIVXFKFRQWUROV$QDXGLWDOVRLQFOXGHVHYDOXDWLQJWKHDSSURSULDWHQHVVRI
DFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVVRIWKHDFFRXQWLQJHVWLPDWHVPDGHE\WKH&RPSDQ\V'LUHFWRUVDVZHOO
DVHYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHG
LVVXFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKHVWDQGDORQHQDQFLDOVWDWHPHQWV
2SLQLRQ
Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH H[SODQDWLRQV JLYHQ WR XV WKH VWDQGDORQH
QDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZLQ
FRQIRUPLW\ZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDRIWKHVWDWHRIDDLUVRIWKH&RPSDQ\DVDW0DUFK
LWVSURWDQGLWVFDVKRZVIRUWKH\HDUHQGHGRQWKDWGDWH
5HSRUWRQRWKHUOHJDODQGUHJXODWRU\UHTXLUHPHQWV
$
VUHTXLUHGE\WKH&RPSDQLHV$XGLWRUVUHSRUW2UGHUWKH2UGHULVVXHGE\WKH&HQWUDO*RYHUQPHQWRI
QGLDLQWHUPVRIVXEVHFWLRQRIVHFWLRQRIWKH$FWZHJLYHLQWKH$QQH[XUHDVWDWHPHQWRQWKHPDWWHUV
VSHFLHGLQSDUDJUDSKVDQGRIWKH2UGHU
88
D :
HKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQGH[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQG
EHOLHIZHUHQHFHVVDU\IRUWKHSXUSRVHRIRXUDXGLW
E Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV UHTXLUHG E\ ODZ KDYH EHHQ NHSW E\ WKH &RPSDQ\ VR IDU DV LW
DSSHDUVIURPRXUH[DPLQDWLRQRIWKRVHERRNV
F 7
KH EDODQFH VKHHW VWDWHPHQW RI SURW DQG ORVV DQG FDVK RZ VWDWHPHQW GHDOW ZLWK E\ WKLV 5HSRUW DUH LQ
DJUHHPHQWZLWKWKHERRNVRIDFFRXQW
G QRXURSLQLRQWKHDIRUHVDLGVWDQGDORQHQDQFLDOVWDWHPHQWVFRPSO\ZLWKWKH$FFRXQWLQJ6WDQGDUGVVSHFLHG
XQGHUVHFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
H 2
QWKHEDVLVRIZULWWHQUHSUHVHQWDWLRQVUHFHLYHGIURPWKHGLUHFWRUVDVRQ0DUFKDQGWDNHQRQUHFRUG
E\WKH%RDUGRI'LUHFWRUVQRQHRIWKHGLUHFWRUVLVGLVTXDOLHGDVRQ0DUFKIURPEHLQJDSSRLQWHGDV
DGLUHFWRULQWHUPVRIVHFWLRQRIWKH$FW
I
:
LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRUV5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH
&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJ
WRWKHH[SODQDWLRQVJLYHQWRXV
L
7
KH &RPSDQ\ KDV GLVFORVHG WKH LPSDFW RI SHQGLQJ OLWLJDWLRQV RQ LWV QDQFLDO SRVLWLRQ LQ LWV QDQFLDO
VWDWHPHQWV5HIHUQRWHWRWKHQDQFLDOVWDWHPHQWV
LL
7
KH&RPSDQ\KDVPDGHSURYLVLRQDVUHTXLUHGXQGHUWKHDSSOLFDEOHODZRUDFFRXQWLQJVWDQGDUGVIRU
PDWHULDO IRUHVHHDEOH ORVVHV LI DQ\ RQ ORQJWHUP FRQWUDFWV LQFOXGLQJ GHULYDWLYH FRQWUDFWV 5HIHU QRWH
WDQGQRWHWRWKHQDQFLDOVWDWHPHQWV
LLL 7
KHUHKDVEHHQQRGHOD\LQWUDQVIHUULQJDPRXQWVUHTXLUHGWREHWUDQVIHUUHGWRWKHQYHVWRU(GXFDWLRQ
DQG3URWHFWLRQ)XQGE\WKH&RPSDQ\
SHU$UYLQG6HWKL
3DUWQHU
0HPEHUVKLS1R
3ODFHRI6LJQDWXUH3XQH
'DWH0D\
89
QGHSHQGHQW$XGLWRUV5HSRUW
$QQH[XUHUHIHUUHGWRLQSDUDJUDSKXQGHUWKHKHDGLQJ5HSRUWRQRWKHUOHJDODQGUHJXODWRU\UHTXLUHPHQWV
RIRXUUHSRUWRIHYHQGDWH
5H%KDUDW)RUJH/LPLWHGWKH&RPSDQ\
L
D 7
KH &RPSDQ\ KDV PDLQWDLQHG SURSHU UHFRUGV VKRZLQJ IXOO SDUWLFXODUV LQFOXGLQJ TXDQWLWDWLYH GHWDLOV DQG
VLWXDWLRQRI[HGDVVHWV
E $
OO[HGDVVHWVKDYHQRWEHHQSK\VLFDOO\YHULHGE\WKHPDQDJHPHQWGXULQJWKH\HDUEXWWKHUHLVDUHJXODU
SURJUDPPHRIYHULFDWLRQZKLFKLQRXURSLQLRQLVUHDVRQDEOHKDYLQJUHJDUGWRWKHVL]HRIWKH&RPSDQ\DQG
WKHQDWXUHRILWVDVVHWV1RPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQVXFKYHULFDWLRQ
LL D 7
KHLQYHQWRU\KDVEHHQSK\VLFDOO\YHULHGE\WKHPDQDJHPHQWGXULQJWKH\HDUQRXURSLQLRQWKHIUHTXHQF\
RIYHULFDWLRQLVUHDVRQDEOHQYHQWRULHVO\LQJZLWKRXWVLGHSDUWLHVKDYHEHHQFRQUPHGE\WKHPDVDW\HDU
HQG
E 7
KH SURFHGXUHV RI SK\VLFDO YHULFDWLRQ RI LQYHQWRU\ IROORZHG E\ WKH PDQDJHPHQW DUH UHDVRQDEOH DQG
DGHTXDWHLQUHODWLRQWRWKHVL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVV
F 7
KH &RPSDQ\ LV PDLQWDLQLQJ SURSHU UHFRUGV RI LQYHQWRU\ 'LVFUHSDQFLHV QRWHG RQ SK\VLFDO YHULFDWLRQ RI
LQYHQWRULHVZHUHQRWPDWHULDODQGKDYHEHHQSURSHUO\GHDOWZLWKLQWKHERRNVRIDFFRXQW
LLL D 7
KH&RPSDQ\KDVJUDQWHGXQVHFXUHGORDQWRRQHSDUW\FRYHUHGLQWKHUHJLVWHUPDLQWDLQHGXQGHUVHFWLRQ
RIWKH&RPSDQLHV$FW7KHORDQVJUDQWHGDUHUHSD\DEOHRQGHPDQGDQGSD\PHQWRILQWHUHVWKDVEHHQ
UHJXODU
E 7
KHUH LV QR RYHUGXH DPRXQW RI ORDQV JUDQWHG WR FRPSDQLHV UPV RU RWKHU SDUWLHV OLVWHG LQ WKH UHJLVWHU
PDLQWDLQHGXQGHUVHFWLRQRIWKH&RPSDQLHV$FW
LY QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKHUHLVDQDGHTXDWHLQWHUQDOFRQWURO
V\VWHPFRPPHQVXUDWHZLWKWKHVL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVVIRUWKHSXUFKDVHRILQYHQWRU\
DQG[HGDVVHWVDQGIRUWKHVDOHRIJRRGVDQGVHUYLFHV'XULQJWKHFRXUVHRIRXUDXGLWZHKDYHQRWREVHUYHGDQ\
PDMRUZHDNQHVVRUFRQWLQXLQJIDLOXUHWRFRUUHFWDQ\PDMRUZHDNQHVVLQWKHLQWHUQDOFRQWUROV\VWHPRIWKH&RPSDQ\
LQUHVSHFWRIWKHVHDUHDV
Y 7KH&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWVIURPWKHSXEOLF7KHUHIRUHLQRXURSLQLRQWKHSURYLVLRQVRIFODXVH
YRIWKH2UGHUDUHQRWDSSOLFDEOHWRWKH&RPSDQ\$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVLQ
UHVSHFWRIGHSRVLWVDFFHSWHGHDUOLHUXQGHUUHOHYDQWSURYLVLRQVRIWKHHUVWZKLOH&RPSDQLHV$FWDQGWKHUXOHV
IUDPHGWKHUHXQGHUWKHUHDUHFHUWDLQXQFODLPHGGHSRVLWDPRXQWLQJWR`0LOOLRQLQFOXGLQJLQWHUHVWWKHUHRQ
VXEMHFWWROLWLJDWLRQ
YL :
HKDYHEURDGO\UHYLHZHGWKHERRNVRIDFFRXQWPDLQWDLQHGE\WKH&RPSDQ\SXUVXDQWWRWKHUXOHVPDGHE\WKH
&HQWUDO*RYHUQPHQWIRUWKHPDLQWHQDQFHRIFRVWUHFRUGVXQGHUVHFWLRQRIWKH&RPSDQLHV$FWUHODWHG
WR WKH PDQXIDFWXUH RI IRUJHG SURGXFWV DQG DUH RI WKH RSLQLRQ WKDW SULPD IDFLH WKH SUHVFULEHG DFFRXQWV DQG
UHFRUGVKDYHEHHQPDGHDQGPDLQWDLQHG:HKDYHQRWKRZHYHUPDGHDGHWDLOHGH[DPLQDWLRQRIWKHVDPH
YLL D 7
KH &RPSDQ\ LV JHQHUDOO\ UHJXODU LQ GHSRVLWLQJ ZLWK DSSURSULDWH DXWKRULWLHV XQGLVSXWHG VWDWXWRU\ GXHV
LQFOXGLQJSURYLGHQWIXQGHPSOR\HHVVWDWHLQVXUDQFHLQFRPHWD[VDOHVWD[ZHDOWKWD[VHUYLFHWD[FXVWRPV
GXW\H[FLVHGXW\YDOXHDGGHGWD[FHVVDQGRWKHUPDWHULDOVWDWXWRU\GXHVDSSOLFDEOHWRLW
90
E $
FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV QR XQGLVSXWHG DPRXQWV SD\DEOH LQ UHVSHFW RI
SURYLGHQW IXQG HPSOR\HHV VWDWH LQVXUDQFH LQFRPHWD[ ZHDOWKWD[ VHUYLFH WD[ VDOHVWD[ FXVWRPV GXW\
H[FLVHGXW\YDOXHDGGHGWD[FHVVDQGRWKHUPDWHULDOVWDWXWRU\GXHVZHUHRXWVWDQGLQJDWWKH\HDUHQGIRUD
SHULRGRIPRUHWKDQVL[PRQWKVIURPWKHGDWHWKH\EHFDPHSD\DEOH
$QQXDO5HSRUW 2014-15
F $
FFRUGLQJWRWKHUHFRUGVRIWKH&RPSDQ\WKHGXHVRXWVWDQGLQJRILQFRPHWD[VDOHVWD[ZHDOWKWD[VHUYLFH
WD[ YDOXH DGGHG WD[ FXVWRPV GXW\ SURSHUW\ WD[ H[FLVH GXW\ DQG FHVV RQ DFFRXQW RI DQ\ GLVSXWH DUH DV
IROORZV
1DPHRIWKH
VWDWXH
G $
FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVRWKHUWKDQWKHXQFODLPHGGLYLGHQGDPRXQWVXEMHFW
WROLWLJDWLRQWKHDPRXQWUHTXLUHGWREHWUDQVIHUUHGWRLQYHVWRUHGXFDWLRQDQGSURWHFWLRQIXQGLQDFFRUGDQFH
ZLWKWKHUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWRIDQGUXOHVPDGHWKHUHXQGHUKDVEHHQ
WUDQVIHUUHGWRVXFKIXQGZLWKLQWLPH
YLLL 7
KH&RPSDQ\KDVQRDFFXPXODWHGORVVHVDWWKHHQGRIWKHQDQFLDO\HDUDQGLWKDVQRWLQFXUUHGFDVKORVVHVLQWKH
FXUUHQWDQGLPPHGLDWHO\SUHFHGLQJQDQFLDO\HDU
$PRXQW
3HULRGWRZKLFK
)RUXPZKHUHWKH
`Q0LOOLRQ
WKHDPRXQW
GLVSXWHLVSHQGLQJ
UHODWHV
)LQDQFH$FW 'HPDQGUHFHLYHGIURPYDULRXV
$<WR &RPPLVVLRQHU
FDVHV`0LOOLRQSDLGXQGHU
DSSHDOV&(67$7
SURWHVW
$<WR &RPPLVVLRQHU
&HQWUDO([FLVH 'HPDQGUHFHLYHGIURPYDULRXV
$FW
FDVHV`0LOOLRQSDLGXQGHU
DSSHDOV&(67$7
SURWHVW
3URSHUW\WD[ 'HPDQGUHFHLYHGIURPYDULRXV
$<WR +LJK&RXUW
FDVHV`0LOOLRQSDLG
XQGHUSURWHVW
- $<WR &7$SSHDOV
QFRPHWD[
1RQGHGXFWLRQRIZLWKKROGLQJ
$FW
WD[HVXV`0LOOLRQSDLG
XQGHUSURWHVW
1DWXUHRIGXHV
L[ %
DVHGRQRXUDXGLWSURFHGXUHVDQGDVSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWZHDUHRI
WKHRSLQLRQWKDWWKH&RPSDQ\KDVQRWGHIDXOWHGLQUHSD\PHQWRIGXHVWRDQDQFLDOLQVWLWXWLRQEDQNRUGHEHQWXUH
KROGHUV
[L %
DVHG RQ WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV E\ WKH PDQDJHPHQW WHUP ORDQV ZHUH DSSOLHG IRU WKH
SXUSRVHIRUZKLFKWKHORDQVZHUHREWDLQHG
[LL %
DVHGXSRQWKHDXGLWSURFHGXUHVSHUIRUPHGIRUWKHSXUSRVHRIUHSRUWLQJWKHWUXHDQGIDLUYLHZRIWKHQDQFLDO
VWDWHPHQWVDQGDVSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWZHUHSRUWWKDWQRIUDXGRQRU
E\WKH&RPSDQ\KDVEHHQQRWLFHGRUUHSRUWHGGXULQJWKH\HDU
SHU$UYLQG6HWKL
3DUWQHU
0HPEHUVKLS1R
3ODFHRI6LJQDWXUH3XQH
'DWH0D\
91
[ $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVJLYHQJXDUDQWHHIRUORDQVWDNHQE\
RWKHUVIURPEDQNVDQGQDQFLDOLQVWLWXWLRQVWKHWHUPVDQGFRQGLWLRQVZKHUHRILQRXURSLQLRQDUHQRWSULPDIDFLH
SUHMXGLFLDOWRWKHLQWHUHVWRIWKH&RPSDQ\
%DODQFH6KHHW_6WDWHPHQWRI3URWDQG/RVV
%DODQFHVKHHW DVDW0DUFK
In ` Million
$VDW
0DUFK
$VDW
0DUFK
3
1RQFXUUHQWOLDELOLWLHV
/RQJWHUPERUURZLQJV
'HIHUUHGWD[OLDELOLWLHVQHW
Other long-term liabilities
Long-term provisions
6
7
&XUUHQWOLDELOLWLHV
6KRUWWHUPERUURZLQJV
Trade payables
Other current liabilities
Short-term provisions
Notes
(TXLW\DQGOLDELOLWLHV
6KDUHKROGHUV)XQGV
Share capital
5HVHUYHVDQGVXUSOXV
TOTAL
$VVHWV
1RQFXUUHQWDVVHWV
)L[HGDVVHWV
Tangible assets
Intangible assets
&DSLWDOZRUNLQSURJUHVV
Non-current investments
Long-term loans and advances
Other non-current assets
13
&XUUHQWDVVHWV
&XUUHQWLQYHVWPHQWV
Inventories
Trade receivables
&DVKDQGEDQNEDODQFHV
Short-term loans and advances
Other current assets
16
17
13
TOTAL
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
7KHDFFRPSDQ\LQJQRWHVDUHLQWHJUDOSDUWRIWKHQDQFLDOVWDWHPHQWV
$VSHURXUUHSRUWRIHYHQGDWH
)RU65%& &R//3
&$)LUPUHJLVWUDWLRQ1R(
&KDUWHUHG$FFRXQWDQWV
SHU$591'6(7+
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
)RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUV
%1.$/<$1
&KDLUPDQDQG0DQDJLQJ'LUHFWRU
*.$*$5:$/
'HSXW\0DQDJLQJ'LUHFWRU
.6+25(6$/(725(
([HFXWLYH'LUHFWRU &)2
$1$1''$*$
&RPSDQ\6HFUHWDU\
In ` Million
Notes
<HDUHQGHG
0DUFK
<HDUHQGHG
0DUFK
QFRPH
5HYHQXHIURPRSHUDWLRQVJURVV
/HVVH[FLVHGXW\
5HYHQXHIURPRSHUDWLRQVQHW
Other income
7RWDOUHYHQXH
6WDWHPHQWRISURWDQGORVV IRUWKH\HDUHQGHG0DUFK
([SHQVHV
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH
Finance costs
2WKHUH[SHQVHV
7RWDOH[SHQVHV
3URWEHIRUHH[FHSWLRQDOLWHPVDQGWD[>@
([FHSWLRQDOLWHPV
3URWEHIRUHWD[
&RVWRIUDZPDWHULDODQGFRPSRQHQWVFRQVXPHG
QFUHDVHGHFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVZRUNLQSURJUHVV
and dies
(PSOR\HHEHQHWVH[SHQVH
7D[H[SHQVHV
&XUUHQWWD[
3HUWDLQLQJWRSURWIRUWKH\HDU
$GMXVWPHQWRIWD[UHODWLQJWRHDUOLHU\HDUV
'HIHUUHGWD[
7RWDOWD[H[SHQVHV
3URWIRUWKH\HDU
(DUQLQJVSHUHTXLW\VKDUH
[nominal value of share `0DUFK`@
%DVLFQ`
'LOXWHGQ`
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
7KHDFFRPSDQ\LQJQRWHVDUHLQWHJUDOSDUWRIWKHQDQFLDOVWDWHPHQWV
$VSHURXUUHSRUWRIHYHQGDWH
)RU65%& &R//3
&$)LUPUHJLVWUDWLRQ1R(
&KDUWHUHG$FFRXQWDQWV
SHU$591'6(7+
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
)RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUV
%1.$/<$1
&KDLUPDQDQG0DQDJLQJ'LUHFWRU
*.$*$5:$/
'HSXW\0DQDJLQJ'LUHFWRU
.6+25(6$/(725(
([HFXWLYH'LUHFWRU &)2
$1$1''$*$
&RPSDQ\6HFUHWDU\
&DVK)ORZ6WDWHPHQW
&DVKRZVWDWHPHQW IRUWKH\HDUHQGHG0DUFK
In ` Million
&DVKRZIURPRSHUDWLQJDFWLYLWLHV
3URWEHIRUHWD[
$GMXVWPHQWWRUHFRQFLOHSURWEHIRUHWD[WRQHWFDVKRZV
'HSUHFLDWLRQDQGDPRUWL]DWLRQ
8QUHDOL]HGIRUHLJQH[FKDQJHJDLQORVV
%DGGHEWVDQGDGYDQFHVZULWWHQR
/RVVSURWRQVDOHRI[HGDVVHWVLQFOXGLQJH[FHSWLRQDOLWHP
3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQW
3URYLVLRQIRUH[SHQVHRIHDUOLHU\HDUUHYHUVHG
QWHUHVWH[SHQVHV
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVZULWWHQRQHW
Loss on sale of non-current investment
'LYLGHQGLQFRPHIURPLQYHVWPHQWV
Net gain on sale of investments
3URYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN
QWHUHVWLQFRPH
QWHUHVWLQFRPHRQORDQWRVXEVLGLDULHV
2SHUDWLQJSURWEHIRUHZRUNLQJFDSLWDOFKDQJHV
0RYHPHQWVLQZRUNLQJFDSLWDO
'HFUHDVHLQFUHDVHLQQRQFXUUHQWDVVHWV
QFUHDVHGHFUHDVHLQORQJWHUPORDQVDQGDGYDQFHV
'HFUHDVHLQFUHDVHLQRWKHUQRQFXUUHQWDVVHWV
QFUHDVHGHFUHDVHLQFXUUHQWDVVHWV
QFUHDVHGHFUHDVHLQLQYHQWRULHV
QFUHDVHGHFUHDVHLQWUDGHUHFHLYDEOHV
QFUHDVHGHFUHDVHLQVKRUWWHUPORDQVDQGDGYDQFHV
QFUHDVHGHFUHDVHLQRWKHUFXUUHQWDVVHWV
'HFUHDVHLQFUHDVHLQQRQFXUUHQWOLDELOLWLHV
QFUHDVHGHFUHDVHLQRWKHUORQJWHUPOLDELOLWLHV
QFUHDVHGHFUHDVHLQORQJWHUPSURYLVLRQV
QFUHDVHGHFUHDVHLQFXUUHQWOLDELOLWLHV
QFUHDVHGHFUHDVHLQWUDGHSD\DEOH
QFUHDVHGHFUHDVHLQRWKHUFXUUHQWOLDELOLWLHV
QFUHDVHGHFUHDVHLQVKRUWWHUPSURYLVLRQV
&DVKJHQHUDWHGIURPRSHUDWLRQV
'LUHFWWD[HVSDLGQHWRIUHIXQGV
1HWFDVKRZVIURPRSHUDWLQJDFWLYLWLHV
<HDUHQGHG
<HDUHQGHG
0DUFK
0DUFK
In ` Million
<HDUHQGHG
0DUFK
&
$VDW
0DUFK
$VDW
0DUFK
&RPSRQHQWVRIFDVKDQGFDVKHTXLYDOHQWV>5HIHUQRWH@
&DVKRQKDQG
%DODQFHVZLWKEDQNV
- on cash credit and current accounts
- on deposit accounts
<HDUHQGHG
0DUFK
1RWHV
7KHJXUHVLQEUDFNHWVUHSUHVHQWRXWRZVDGMXVWPHQWV
3UHYLRXVSHULRGVJXUHVKDYHEHHQUHJURXSHGUHFODVVLHGZKHUHYHUQHFHVVDU\WRFRQIRUPWRFXUUHQW\HDUSUHVHQWDWLRQ
SHU$591'6(7+
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
)RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUV
%1.$/<$1
&KDLUPDQDQG0DQDJLQJ'LUHFWRU
*.$*$5:$/
'HSXW\0DQDJLQJ'LUHFWRU
.6+25(6$/(725(
([HFXWLYH'LUHFWRU &)2
$1$1''$*$
&RPSDQ\6HFUHWDU\
$VSHURXUUHSRUWRIHYHQGDWH
)RU65%& &R//3
&$)LUPUHJLVWUDWLRQ1R(
&KDUWHUHG$FFRXQWDQWV
1RWHV
1RWHVWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK
&RUSRUDWHLQIRUPDWLRQ
%
KDUDW)RUJH/LPLWHGWKH&RPSDQ\LVDSXEOLF&RPSDQ\GRPLFLOHGLQQGLDWVVKDUHVDUHOLVWHGRQWKUHHVWRFN
H[FKDQJHVLQQGLD7KH&RPSDQ\LVHQJDJHGLQWKHPDQXIDFWXULQJDQGVHOOLQJRIIRUJHGFRPSRQHQWV7KH&RPSDQ\
FDWHUVWRERWKGRPHVWLFDQGLQWHUQDWLRQDOPDUNHWV7KH&RPSDQ\V&1LV/313/&
%DVLVRISUHSDUDWLRQ
7
KHVH QDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ KDYH EHHQ SUHSDUHG LQ DFFRUGDQFH ZLWK WKH JHQHUDOO\ DFFHSWHG
DFFRXQWLQJ SULQFLSOHV LQ QGLD QGLDQ *$$3 7KH &RPSDQ\ KDV SUHSDUHG WKHVH QDQFLDO VWDWHPHQWV WR FRPSO\
LQDOOPDWHULDODVSHFWVZLWKDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDLQFOXGLQJWKHDFFRXQWLQJVWDQGDUGV
QRWLHGXQGHU6HFWLRQRIWKH&RPSDQLHV$FWUHDGWRJHWKHUZLWKSDUDJUDSKRIWKH&RPSDQLHV$FFRXQWV
5XOHV7KHQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQDQDFFUXDOEDVLVXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQ
H[FHSWIRUGHULYDWLYHQDQFLDOLQVWUXPHQWVZKLFKKDYHEHHQPHDVXUHGDWIDLUYDOXH
7
KHDFFRXQWLQJSROLFLHVDGRSWHGLQWKHSUHSDUDWLRQRIQDQFLDOVWDWHPHQWVDUHFRQVLVWHQWZLWKWKRVHRISUHYLRXV
\HDUH[FHSWIRUWKHFKDQJHLQDFFRXQWLQJSROLF\H[SODLQHGEHORZ
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
D
&KDQJHLQDFFRXQWLQJSROLF\
'HSUHFLDWLRQRQ[HGDVVHWV
7
LOO WKH \HDU HQGHG 0DUFK 6FKHGXOH ;9 WR WKH &RPSDQLHV $FW SUHVFULEHG UHTXLUHPHQWV
FRQFHUQLQJ GHSUHFLDWLRQ RI [HG DVVHWV )URP WKH FXUUHQW \HDU 6FKHGXOH ;9 KDV EHHQ UHSODFHG E\
6FKHGXOHWRWKH&RPSDQLHV$FW7KHDSSOLFDELOLW\RI6FKHGXOHKDVUHVXOWHGLQWKHIROORZLQJFKDQJHV
UHODWHGWRGHSUHFLDWLRQRI[HGDVVHWV8QOHVVVWDWHGRWKHUZLVHWKHLPSDFWPHQWLRQHGIRUWKHFXUUHQW\HDULV
OLNHO\WRKROGJRRGIRUIXWXUH\HDUVDOVR
L
8VHIXOOLYHVGHSUHFLDWLRQUDWHV
7
LOOWKH\HDUHQGHG0DUFKGHSUHFLDWLRQUDWHVSUHVFULEHGXQGHU6FKHGXOH;9ZHUHWUHDWHGDV
PLQLPXPUDWHVDQGWKH&RPSDQ\ZDVQRWDOORZHGWRFKDUJHGHSUHFLDWLRQDWORZHUUDWHVHYHQLIVXFK
ORZHUUDWHVZHUHMXVWLHGE\WKHHVWLPDWHGXVHIXOOLIHRIWKHDVVHW6FKHGXOHWRWKH&RPSDQLHV$FW
SUHVFULEHVXVHIXOOLYHVIRU[HGDVVHWVZKLFKLQPDQ\FDVHVDUHGLHUHQWIURPOLYHVSUHVFULEHGXQGHU
WKHHUVWZKLOH6FKHGXOH;9+RZHYHU6FKHGXOHDOORZVFRPSDQLHVWRXVHKLJKHUORZHUXVHIXOOLYHVDQG
UHVLGXDOYDOXHVLIVXFKXVHIXOOLYHVDQGUHVLGXDOYDOXHVFDQEHWHFKQLFDOO\VXSSRUWHGDQGMXVWLFDWLRQIRU
GLHUHQFHLVGLVFORVHGLQWKHQDQFLDOVWDWHPHQWV
&
RQVLGHULQJWKHDSSOLFDELOLW\RI6FKHGXOHWKHPDQDJHPHQWKDVUHHVWLPDWHGXVHIXOOLYHVDQGUHVLGXDO
YDOXHVRIDOOLWV[HGDVVHWV7KHPDQDJHPHQWEHOLHYHVWKDWGHSUHFLDWLRQUDWHVFXUUHQWO\XVHGIDLUO\UHHFW
LWVHVWLPDWHRIWKHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRI[HGDVVHWVWKRXJKWKHVHUDWHVLQFHUWDLQFDVHVDUH
GLHUHQWIURPOLYHVSUHVFULEHGXQGHU6FKHGXOH
+
DGWKH&RPSDQ\FRQWLQXHGWRXVHWKHHDUOLHUSROLF\RIGHSUHFLDWLQJ[HGDVVHWWKHSURWIRUWKHFXUUHQW
SHULRGZRXOGKDYHEHHQORZHUE\`0LOOLRQQHWRIWD[LPSDFWRI`0LOOLRQUHWDLQHGHDUQLQJV
DWWKHEHJLQQLQJRIWKHFXUUHQWSHULRGZRXOGKDYHEHHQKLJKHUE\`0LOOLRQQHWRIWD[LPSDFWRI
`0LOOLRQDQGWKH[HGDVVHWZRXOGFRUUHVSRQGLQJO\KDYHEHHQORZHUE\`0LOOLRQ
LL
&RPSRQHQWDFFRXQWLQJ
7
KH &RPSDQ\ KDV DGRSWHG 6FKHGXOH WR WKH &RPSDQLHV $FW IRU GHSUHFLDWLRQ SXUSRVHV IURP
$SULO 7KH &RPSDQ\ ZDV SUHYLRXVO\ QRW LGHQWLI\LQJ FRPSRQHQWV RI [HG DVVHWV VHSDUDWHO\ IRU
GHSUHFLDWLRQSXUSRVHVUDWKHUDVLQJOHXVHIXOOLIHGHSUHFLDWLRQUDWHZDVXVHGWRGHSUHFLDWHHDFKLWHPRI
[HGDVVHW
D
&KDQJHLQDFFRXQWLQJSROLF\&RQWG
LL
&RPSRQHQWDFFRXQWLQJ&RQWG
'
XHWRDSSOLFDWLRQRI6FKHGXOHWRWKH&RPSDQLHV$FWWKH&RPSDQ\KDVFKDQJHGWKHPDQQHURI
GHSUHFLDWLRQIRULWV[HGDVVHWV1RZWKH&RPSDQ\LGHQWLHVDQGGHWHUPLQHVVHSDUDWHXVHIXOOLIHIRU
HDFKPDMRUFRPSRQHQWRIWKH[HGDVVHWLIWKH\KDYHXVHIXOOLIHWKDWLVPDWHULDOO\GLHUHQWIURPWKDWRI
WKHUHPDLQLQJDVVHW7KH&RPSDQ\KDVXVHGWUDQVLWLRQDOSURYLVLRQVRI6FKHGXOHWRDGMXVWWKHLPSDFW
RIFRPSRQHQWDFFRXQWLQJDULVLQJRQLWVUVWDSSOLFDWLRQIDFRPSRQHQWKDV]HURUHPDLQLQJXVHIXOOLIH
RQWKHGDWHRI6FKHGXOHEHFRPLQJHHFWLYHLH$SULOLWVFDUU\LQJDPRXQWDIWHUUHWDLQLQJDQ\
UHVLGXDO YDOXH LV FKDUJHG WR WKH RSHQLQJ EDODQFH RI UHWDLQHG HDUQLQJV 7KH FDUU\LQJ DPRXQW RI RWKHU
FRPSRQHQWVLHFRPSRQHQWVZKRVHUHPDLQLQJXVHIXOOLIHLVQRWQLORQ$SULOLVGHSUHFLDWHGRYHU
WKHLUUHPDLQLQJXVHIXOOLIH
LLL '
HSUHFLDWLRQRQDVVHWVFRVWLQJOHVVWKDQ`
7
LOOWKH\HDUHQGHG0DUFKWRFRPSO\ZLWKWKHUHTXLUHPHQWVRI6FKHGXOH;9WRWKH&RPSDQLHV
$FWWKH&RPSDQ\ZDVFKDUJLQJGHSUHFLDWLRQRQDVVHWVFRVWLQJOHVVWKDQ`LQWKH\HDU
RISXUFKDVH+RZHYHU6FKHGXOHWRWKH&RPSDQLHV$FWDSSOLFDEOHIURPWKHFXUUHQW\HDUGRHV
QRW UHFRJQL]H VXFK SUDFWLFH +HQFH WR FRPSO\ ZLWK WKH UHTXLUHPHQW RI 6FKHGXOH WR WKH &RPSDQLHV
$FWWKH&RPSDQ\KDVFKDQJHGLWVDFFRXQWLQJSROLF\IRUGHSUHFLDWLRQVRIDVVHWVFRVWLQJOHVVWKDQ
` $V SHU WKH UHYLVHG SROLF\ WKH &RPSDQ\ LV GHSUHFLDWLQJ VXFK DVVHWV RYHU WKHLU XVHIXO OLIH DV
DVVHVVHG E\ WKH PDQDJHPHQW 7KH PDQDJHPHQW KDV GHFLGHG WR DSSO\ WKH UHYLVHG DFFRXQWLQJ SROLF\
SURVSHFWLYHO\IURPDFFRXQWLQJSHULRGVFRPPHQFLQJRQRUDIWHU$SULO
+
DGWKH&RPSDQ\FRQWLQXHGWRXVHWKHHDUOLHUSROLF\RIGHSUHFLDWLQJ[HGDVVHWWKHSURWIRUWKHFXUUHQW
SHULRGZRXOGKDYHEHHQORZHUE\`0LOOLRQQHWRIWD[LPSDFWRI`0LOOLRQUHWDLQHGHDUQLQJV
DWWKHEHJLQQLQJRIWKHFXUUHQWSHULRGZRXOGKDYHEHHQKLJKHUE\`0LOOLRQQHWRIWD[LPSDFWRI
`0LOOLRQDQGWKH[HGDVVHWZRXOGFRUUHVSRQGLQJO\KDYHEHHQKLJKHUE\`0LOOLRQ
E 8VHRIHVWLPDWHV
7
KHSUHSDUDWLRQRIQDQFLDOVWDWHPHQWVLQFRQIRUPLW\ZLWKQGLDQ*$$3UHTXLUHVWKHPDQDJHPHQWWRPDNH
MXGJPHQWV HVWLPDWHV DQG DVVXPSWLRQV WKDW DHFW WKH UHSRUWHG DPRXQWV RI UHYHQXHV H[SHQVHV DVVHWV
DQGOLDELOLWLHVDQGWKHGLVFORVXUHRIFRQWLQJHQWOLDELOLWLHVDWWKHHQGRIWKHUHSRUWLQJSHULRG$OWKRXJKWKHVH
HVWLPDWHVDUHEDVHGRQWKHPDQDJHPHQWVEHVWNQRZOHGJHRIFXUUHQWHYHQWVDQGDFWLRQVXQFHUWDLQW\DERXW
WKHVHDVVXPSWLRQVDQGHVWLPDWHVFRXOGUHVXOWLQWKHRXWFRPHVUHTXLULQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJ
DPRXQWVRIDVVHWVRUOLDELOLWLHVLQIXWXUHSHULRGV
F
7DQJLEOH[HGDVVHWV
)
L[HGDVVHWVDUHVWDWHGDWFRVWQHWRIDFFXPXODWHGGHSUHFLDWLRQDQGDFFXPXODWHGLPSDLUPHQWORVVHVLIDQ\
7KH FRVW FRPSULVHV SXUFKDVH SULFH ERUURZLQJ FRVWV LI FDSLWDOLVDWLRQ FULWHULD DUH PHW WKH FRVW RI UHSODFLQJ
SDUWRIWKH[HGDVVHWVDQGGLUHFWO\DWWULEXWDEOHFRVWRIEULQJLQJWKHDVVHWWRLWVZRUNLQJFRQGLWLRQIRUWKH
LQWHQGHGXVH(DFKSDUWRIDQLWHPRISURSHUW\SODQWDQGHTXLSPHQWZLWKDFRVWWKDWLVVLJQLFDQWLQUHODWLRQ
WRWKHWRWDOFRVWRIWKHLWHPLVGHSUHFLDWHGVHSDUDWHO\:KHQVLJQLFDQWSDUWVRI[HGDVVHWVDUHUHTXLUHGWR
EH UHSODFHG DW LQWHUYDOV WKH &RPSDQ\ UHFRJQL]HV VXFK SDUWV DV LQGLYLGXDO DVVHWV ZLWK VSHFLF XVHIXO OLYHV
DQGGHSUHFLDWHVWKHPDFFRUGLQJO\/LNHZLVHZKHQDPDMRULQVSHFWLRQLVSHUIRUPHGLWVFRVWLVUHFRJQL]HGLQ
WKHFDUU\LQJDPRXQWRIWKH[HGDVVHWVDVDUHSODFHPHQWLIWKHUHFRJQLWLRQFULWHULDDUHVDWLVHG$Q\WUDGH
GLVFRXQWVDQGUHEDWHVDUHGHGXFWHGLQDUULYLQJDWWKHSXUFKDVHSULFH
The change in accounting for depreciation of assets costing less than `GLGQRWKDYHDQ\PDWHULDO
LPSDFWRQQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKHFXUUHQW\HDU
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
F
7DQJLEOH[HGDVVHWV&RQWG
6
XEVHTXHQWH[SHQGLWXUHUHODWHGWRDQLWHPRI[HGDVVHWLVDGGHGWRLWVERRNYDOXHRQO\LILWLQFUHDVHVWKH
IXWXUH EHQHWV IURP WKH H[LVWLQJ DVVHW EH\RQG LWV SUHYLRXVO\ DVVHVVHG VWDQGDUG RI SHUIRUPDQFH $OO RWKHU
H[SHQVHVRQH[LVWLQJ[HGDVVHWVLQFOXGLQJGD\WRGD\UHSDLUDQGPDLQWHQDQFHH[SHQGLWXUHDUHFKDUJHGWR
WKHVWDWHPHQWRISURWDQGORVVIRUWKHSHULRGGXULQJZKLFKVXFKH[SHQVHVDUHLQFXUUHG
7
KH&RPSDQ\DGMXVWVH[FKDQJHGLHUHQFHVDULVLQJRQWUDQVODWLRQVHWWOHPHQWRIORQJWHUPIRUHLJQFXUUHQF\
PRQHWDU\LWHPVSHUWDLQLQJWRWKHDFTXLVLWLRQRIDGHSUHFLDEOHDVVHWWRWKHFRVWRIWKHDVVHWDQGGHSUHFLDWHV
WKHVDPHRYHUWKHUHPDLQLQJOLIHRIWKHDVVHWQDFFRUGDQFHZLWK0&$FLUFXODUGDWHG$XJXVWH[FKDQJH
GLHUHQFHVDGMXVWHGWRWKHFRVWRI[HGDVVHWVDUHWRWDOGLHUHQFHVDULVLQJRQORQJWHUPIRUHLJQFXUUHQF\
PRQHWDU\ LWHPV SHUWDLQLQJ WR WKH DFTXLVLWLRQ RI D GHSUHFLDEOH DVVHW IRU WKH SHULRG Q RWKHU ZRUGV WKH
&RPSDQ\GRHVQRWGLHUHQWLDWHEHWZHHQH[FKDQJHGLHUHQFHVDULVLQJIURPIRUHLJQFXUUHQF\ERUURZLQJVWR
WKHH[WHQWWKH\DUHUHJDUGHGDVDQDGMXVWPHQWWRWKHLQWHUHVWFRVWDQGRWKHUH[FKDQJHGLHUHQFH
*
DLQVRUORVVHVDULVLQJIURPGHUHFRJQLWLRQRI[HGDVVHWVDUHPHDVXUHGDVWKHGLHUHQFHEHWZHHQWKHQHW
GLVSRVDOSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV
ZKHQWKHDVVHWLVGHUHFRJQL]HG
G '
HSUHFLDWLRQDQGDPRUWL]DWLRQRQWDQJLEOHDVVHWV
L
/HDVHKROGODQG
3
UHPLXPRQOHDVHKROGODQGLVDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIOHDVHLH\HDUV
LL
3RZHUOLQH
(
[SHQGLWXUHRQSRZHUOLQHLVDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUDSHULRGRIVL[\HDUV
LLL 2WKHU[HGDVVHWV
'
HSUHFLDWLRQRQ[HGDVVHWVLVFDOFXODWHGRQDVWUDLJKWOLQH6/0EDVLVDQGZULWWHQGRZQYDOXH:'9
EDVLVXVLQJWKHUDWHVDUULYHGDWEDVHGRQWKHXVHIXOOLYHVHVWLPDWHGE\WKHPDQDJHPHQW7KH&RPSDQ\
KDVXVHGWKHIROORZLQJUDWHVWRSURYLGHGHSUHFLDWLRQRQLWV[HGDVVHWV
7\SHRI$VVHWV
Building - Factory
Buildings Others
3ODQWDQGPDFKLQHU\
3ODQWDQGPDFKLQHU\:LQGPLOO
2WKHUV&RPSXWHUV
2FHHTXLSPHQW
5DLOZD\VLGLQJV
(OHFWULFDOLQVWDOODWLRQ
)DFWRU\HTXLSPHQWV
)XUQLWXUHDQG[WXUHV
9HKLFOHV
$LUFUDIW
98
Method
SLM
SLM
SLM
SLM
:'9
:'9
SLM
SLM
:'9
:'9
:'9
SLM
6FKHGXOH 8VHIXOOLYHVHVWLPDWHGE\
OLIH\HDUV WKHPDQDJHPHQW\HDUV
WR
3
3
5DWHV
7
KH PDQDJHPHQW KDV HVWLPDWHG VXSSRUWHG E\ LQGHSHQGHQW DVVHVVPHQW E\ SURIHVVLRQDOV WKH XVHIXO
OLYHVRIWKHIROORZLQJFODVVHVRIDVVHWV
7KHXVHIXOOLYHVRIFHUWDLQSODQWDQGPDFKLQHU\DUHHVWLPDWHGDV\HDUV7KHVHOLYHVDUHKLJKHU
WKDQWKRVHLQGLFDWHGLQVFKHGXOH
&HUWDLQSODQWDQGPDFKLQHU\UDLOZD\VLGLQJVDQGDLUFUDIWVDUHGHSUHFLDWHGRYHUWKHHVWLPDWHGXVHIXO
OLYHVRI\HDUV\HDUVDQG\HDUVUHVSHFWLYHO\ZKLFKDUHORZHUWKDQWKRVHLQGLFDWHGLQ
VFKHGXOH
'
HSUHFLDWLRQ RQ DFFRXQW RI LQFUHDVHGHFUHDVH GXH WR UHYDOXDWLRQ RI IRUHLJQ FXUUHQF\ ORDQ KDV EHHQ
SURYLGHGDWUDWHVRIGHSUHFLDWLRQRYHUWKHUHPDLQLQJXVHIXOOLIHRIVDLGDVVHWV
H
QWDQJLEOHDVVHWV
QWDQJLEOHDVVHWVDFTXLUHGVHSDUDWHO\DUHPHDVXUHGRQLQLWLDOUHFRJQLWLRQDWFRVW)ROORZLQJLQLWLDOUHFRJQLWLRQ
LQWDQJLEOHDVVHWVDUHFDUULHGDWFRVWOHVVDFFXPXODWHGDPRUWL]DWLRQDQGDFFXPXODWHGLPSDLUPHQWORVVHVLI
DQ\&RVWFRPSULVHVWKHSXUFKDVHSULFHDQGDQ\DWWULEXWDEOHFRVWRIEULQJLQJWKHDVVHWWRLWVZRUNLQJFRQGLWLRQ
IRULWVLQWHQGHGXVH
QWDQJLEOHDVVHWVDUHDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHHVWLPDWHGXVHIXOHFRQRPLFOLIH7KH&RPSDQ\
XVHVDUHEXWWDEOHSUHVXPSWLRQWKDWWKHXVHIXOOLIHRIDQLQWDQJLEOHDVVHWZLOOQRWH[FHHGWHQ\HDUVIURPWKH
GDWHZKHQWKHDVVHWLVDYDLODEOHIRUXVHIWKHSHUVXDVLYHHYLGHQFHH[LVWVWRWKHHHFWWKDWXVHIXOOLIHRIDQ
LQWDQJLEOHDVVHWH[FHHGVWHQ\HDUVWKH&RPSDQ\DPRUWL]HVWKHLQWDQJLEOHDVVHWRYHUWKHEHVWHVWLPDWHRILWV
XVHIXOOLIH6XFKLQWDQJLEOHDVVHWVDQGLQWDQJLEOHDVVHWVQRW\HWDYDLODEOHIRUXVHDUHWHVWHGIRULPSDLUPHQW
DQQXDOO\HLWKHULQGLYLGXDOO\RUDWWKHFDVKJHQHUDWLQJXQLWOHYHO$OORWKHULQWDQJLEOHDVVHWVDUHDVVHVVHGIRU
LPSDLUPHQWZKHQHYHUWKHUHLVDQLQGLFDWLRQWKDWWKHLQWDQJLEOHDVVHWPD\EHLPSDLUHG
7
KHDPRUWL]DWLRQSHULRGDQGWKHDPRUWL]DWLRQPHWKRGDUHUHYLHZHGDWOHDVWDWHDFKQDQFLDO\HDUHQGIWKH
H[SHFWHGXVHIXOOLIHRIWKHDVVHWLVVLJQLFDQWO\GLHUHQWIURPSUHYLRXVHVWLPDWHVWKHDPRUWL]DWLRQSHULRGLV
FKDQJHGDFFRUGLQJO\IWKHUHKDVEHHQDVLJQLFDQWFKDQJHLQWKHH[SHFWHGSDWWHUQRIHFRQRPLFEHQHWVIURP
WKHDVVHWWKHDPRUWL]DWLRQPHWKRGLVFKDQJHGWRUHHFWWKHFKDQJHGSDWWHUQ6XFKFKDQJHVDUHDFFRXQWHGIRU
LQDFFRUGDQFHZLWK$61HW3URWRU/RVVIRUWKH3HULRG3ULRU3HULRGWHPVDQG&KDQJHVLQ$FFRXQWLQJ3ROLFLHV
*
DLQVRUORVVHVDULVLQJIURPGLVSRVDORIDQLQWDQJLEOHDVVHWDUHPHDVXUHGDVWKHGLHUHQFHEHWZHHQWKHQHW
GLVSRVDOSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV
ZKHQWKHDVVHWLVGLVSRVHG
5HVHDUFKDQGGHYHORSPHQWH[SHQGLWXUH
5
HVHDUFK H[SHQGLWXUH LV FKDUJHG WR UHYHQXH XQGHU WKH QDWXUDO KHDGV RI DFFRXQW LQ WKH \HDU LQ ZKLFK LW LV
LQFXUUHG
'
HYHORSPHQW H[SHQGLWXUH LQFXUUHG RQ DQ LQGLYLGXDO SURMHFW LV UHFRJQL]HG DV DQ LQWDQJLEOH DVVHW ZKHQ WKH
&RPSDQ\FDQGHPRQVWUDWHDOOWKHIROORZLQJ
7KHWHFKQLFDOIHDVLELOLW\RIFRPSOHWLQJWKHLQWDQJLEOHDVVHWVRWKDWLWZLOOEHDYDLODEOHIRUXVHRUVDOH
+RZWKHDVVHWZLOOJHQHUDWHIXWXUHHFRQRPLFEHQHWV
7KHDYDLODELOLW\RIDGHTXDWHUHVRXUFHVWRFRPSOHWHWKHGHYHORSPHQWDQGWRXVHRUVHOOWKHDVVHW
7KHDELOLW\WRPHDVXUHUHOLDEO\WKHH[SHQGLWXUHDWWULEXWDEOHWRWKHLQWDQJLEOHDVVHWGXULQJGHYHORSPHQW
)
ROORZLQJLQLWLDOUHFRJQLWLRQRIWKHGHYHORSPHQWH[SHQGLWXUHDVDQDVVHWWKHFRVWPRGHOLVDSSOLHGUHTXLULQJ
WKH DVVHW WR EH FDUULHG DW FRVW OHVV DQ\ DFFXPXODWHG DPRUWL]DWLRQ DQG DFFXPXODWHG LPSDLUPHQW ORVVHV
$PRUWL]DWLRQ RI WKH DVVHW EHJLQV ZKHQ GHYHORSPHQW LV FRPSOHWH DQG WKH DVVHW LV DYDLODEOH IRU XVH W LV
DPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIH[SHFWHGIXWXUHEHQHWIURPWKHUHODWHGSURMHFWLHWKH
HVWLPDWHGXVHIXOOLIHRIWHQ\HDUV$PRUWL]DWLRQLVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV'XULQJWKH
SHULRGRIGHYHORSPHQWWKHDVVHWLVWHVWHGIRULPSDLUPHQWDQQXDOO\
7
DQJLEOH[HGDVVHWVSXUFKDVHGIRUUHVHDUFKDQGGHYHORSPHQWDUHDFFRXQWHGIRULQWKHPDQQHUVWDWHGLQ
QRWHFDERYH
The summDU\RIDPRUWL]DWLRQSROLF\DSSOLHGWRWKH&RPSDQ\VLQWDQJLEOHDVVHWVLVDVEHORZ
7\SHRI$VVHW
&RPSXWHUVRIWZDUH
5DWH6/0
99
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
I
QYHQWRULHV
&
RVWRILQYHQWRULHVKDYHEHHQFRPSXWHGWRLQFOXGHDOOFRVWRISXUFKDVHVFRVWRIFRQYHUVLRQDQGRWKHUFRVWV
LQFXUUHGLQEULQJLQJWKHLQYHQWRULHVWRWKHLUSUHVHQWORFDWLRQDQGFRQGLWLRQ
5
DZ PDWHULDOV DQG FRPSRQHQWV VWRUHV DQG VSDUHV DQG ORRVH WRROV DUH YDOXHG DW ORZHU RI FRVW DQG QHW
UHDOL]DEOHYDOXH+RZHYHUPDWHULDOVDQGRWKHULWHPVKHOGIRUXVHLQWKHSURGXFWLRQRILQYHQWRULHVDUHQRW
ZULWWHQGRZQEHORZFRVWLIWKHQLVKHGSURGXFWVLQZKLFKWKH\ZLOOEHLQFRUSRUDWHGDUHH[SHFWHGWREHVROGDW
RUDERYHFRVW&RVWVDUHGHWHUPLQHGRQZHLJKWHGDYHUDJHEDVLV
:
RUNLQSURJUHVVDQGQLVKHGJRRGVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOL]DEOHYDOXH&RVWLQFOXGHV
GLUHFWPDWHULDOVDQGODERXUDQGDSURSRUWLRQRIPDQXIDFWXULQJRYHUKHDGVEDVHGRQQRUPDORSHUDWLQJFDSDFLW\
&RVWRIQLVKHGJRRGVLQFOXGHVH[FLVHGXW\&RVWRIZRUNLQSURJUHVVDQGQLVKHGJRRGVDUHGHWHUPLQHGRQ
DZHLJKWHGDYHUDJHEDVLV
6FUDSLVYDOXHGDWQHWUHDOL]DEOHYDOXH
'
LHV DUH DPRUWL]HG RYHU WKHLU SURGXFWLYH OLIH ([SHQGLWXUH LQFXUUHG WR UHSDLU WKH GLHV IURP WLPH WR WLPH LV
FKDUJHGWRVWDWHPHQWRISURWDQGORVV
1
HWUHDOL]DEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKHRUGLQDU\FRXUVHRIEXVLQHVVOHVVHVWLPDWHGFRVWVRI
FRPSOHWLRQDQGHVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH
J
)RUHLJQFXUUHQF\WUDQVODWLRQ
)RUHLJQFXUUHQF\WUDQVDFWLRQVDQGEDODQFHV
L
QLWLDOUHFRJQLWLRQ
)
RUHLJQFXUUHQF\WUDQVDFWLRQVDUHUHFRUGHGLQWKHUHSRUWLQJFXUUHQF\E\DSSO\LQJWRWKHIRUHLJQFXUUHQF\
DPRXQWWKHH[FKDQJHUDWHEHWZHHQWKHUHSRUWLQJFXUUHQF\DQGWKHIRUHLJQFXUUHQF\DWWKHGDWHRIWKH
WUDQVDFWLRQ
LL
&RQYHUVLRQ
)
RUHLJQFXUUHQF\PRQHWDU\LWHPVDUHUHWUDQVODWHGXVLQJWKHH[FKDQJHUDWHSUHYDLOLQJDWWKHUHSRUWLQJ
GDWH 1RQPRQHWDU\ LWHPV ZKLFK DUH PHDVXUHG LQ WHUPV RI KLVWRULFDO FRVW GHQRPLQDWHG LQ D IRUHLJQ
FXUUHQF\DUHUHSRUWHGXVLQJWKHH[FKDQJHUDWHDWWKHGDWHRIWKHWUDQVDFWLRQ
LLL ([FKDQJHGLHUHQFHV
7
KH&RPSDQ\DFFRXQWVIRUH[FKDQJHGLHUHQFHVDULVLQJRQWUDQVODWLRQVHWWOHPHQWRIIRUHLJQFXUUHQF\
PRQHWDU\LWHPVDVEHORZ
D
([FKDQJHGLHUHQFHVDULVLQJRQORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\LWHPVUHODWHGWRDFTXLVLWLRQRI
D[HGDVVHWDUHFDSLWDOL]HGDQGGHSUHFLDWHGRYHUWKHUHPDLQLQJXVHIXOOLIHRIWKHDVVHW
E
(
[FKDQJHGLHUHQFHVDULVLQJRQRWKHUORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\LWHPVDUHDFFXPXODWHG
LQ WKH )RUHLJQ &XUUHQF\ 0RQHWDU\ WHP 7UDQVODWLRQ 'LHUHQFH $FFRXQW DQG DPRUWL]HG RYHU WKH
UHPDLQLQJOLIHRIWKHFRQFHUQHGPRQHWDU\LWHP
F
$
OORWKHUH[FKDQJHGLHUHQFHVDUHUHFRJQL]HGDVLQFRPHRUDVH[SHQVHVLQWKHSHULRGLQZKLFKWKH\
DULVH
)
RUWKHSXUSRVHRIDDQGEDERYHWKH&RPSDQ\WUHDWVDIRUHLJQPRQHWDU\LWHPDVORQJWHUPIRUHLJQ
FXUUHQF\PRQHWDU\LWHPLILWKDVDWHUPRIPRQWKVRUPRUHDWWKHGDWHRILWVRULJLQDWLRQ
100
J
)RUHLJQFXUUHQF\WUDQVODWLRQ&RQWG
LLL ([FKDQJHGLHUHQFHV&RQWG
QDFFRUGDQFHZLWK0&$FLUFXODUGDWHG$XJXVWH[FKDQJHGLHUHQFHVIRUWKLVSXUSRVHDUHWRWDO
GLHUHQFHV DULVLQJ RQ ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV IRU WKH SHULRG Q RWKHU ZRUGV WKH
&RPSDQ\GRHVQRWGLHUHQWLDWHEHWZHHQH[FKDQJHGLHUHQFHVDULVLQJIURPIRUHLJQFXUUHQF\ERUURZLQJV
WRWKHH[WHQWWKH\DUHUHJDUGHGDVDQDGMXVWPHQWWRWKHLQWHUHVWFRVWDQGRWKHUH[FKDQJHGLHUHQFH
LY 2
SWLRQVDQGIRUZDUGH[FKDQJHFRQWUDFWVQRWLQWHQGHGIRUWUDGLQJRUVSHFXODWLRQSXUSRVHVFODVVLHGDV
GHULYDWLYHLQVWUXPHQWV
3
XUVXDQWWRWKHDQQRXQFHPHQWPDGHE\WKHQVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRIQGLD&$UHJDUGLQJ
$FFRXQWLQJIRU'HULYDWLYHVRSWLRQVDQGIRUZDUGH[FKDQJHFRQWUDFWVDUHFODVVLHGDVGHULYDWLYHVDQG
DUH PDUNHG WR PDUNHW RQ D SRUWIROLR EDVLV DW WKH EDODQFH VKHHW GDWH 7KH UHVXOWDQW QHW ORVVHV DIWHU
FRQVLGHULQJ WKH RVHWWLQJ HHFW RQ WKH XQGHUO\LQJ KHGJH LWHPV DUH UHFRJQL]HG LQ WKH VWDWHPHQW RI
SURWDQGORVVRQWKHSULQFLSOHRISUXGHQFH7KHUHVXOWDQWQHWJDLQVLIDQ\RQVXFKGHULYDWLYHVDUHQRW
UHFRJQL]HGLQQDQFLDOVWDWHPHQWV$Q\SURWRUORVVDULVLQJRQFDQFHOODWLRQRUUHQHZDORIVXFKIRUZDUG
H[FKDQJHFRQWUDFWLVUHFRJQL]HGDVLQFRPHRUH[SHQVHIRUWKH\HDU
K QYHVWPHQWV
QYHVWPHQWVZKLFKDUHUHDGLO\UHDOL]DEOHDQGLQWHQGHGWREHKHOGIRUQRWPRUHWKDQRQH\HDUIURPWKHGDWHRQ
ZKLFKVXFKLQYHVWPHQWVDUHPDGHDUHFODVVLHGDVFXUUHQWLQYHVWPHQWV$OORWKHULQYHVWPHQWVDUHFODVVLHG
DVORQJWHUPLQYHVWPHQWV
2
QLQLWLDOUHFRJQLWLRQDOOLQYHVWPHQWVDUHPHDVXUHGDWFRVW7KHFRVWFRPSULVHVSXUFKDVHSULFHDQGGLUHFWO\
DWWULEXWDEOH DFTXLVLWLRQ FKDUJHV VXFK DV EURNHUDJH IHHV DQG GXWLHV I DQ LQYHVWPHQW LV DFTXLUHG RU SDUWO\
DFTXLUHGE\LVVXHRIVKDUHVRURWKHUVHFXULWLHVWKHDFTXLVLWLRQFRVWLVWKHIDLUYDOXHRIWKHVHFXULWLHVLVVXHG
IDQLQYHVWPHQWLVDFTXLUHGLQH[FKDQJHIRUDQRWKHUDVVHWWKHDFTXLVLWLRQLVGHWHUPLQHGE\UHIHUHQFHWRWKH
IDLUYDOXHRIWKHDVVHWJLYHQXSRUE\UHIHUHQFHWRWKHIDLUYDOXHRIWKHLQYHVWPHQWDFTXLUHGZKLFKHYHULVPRUH
FOHDUO\HYLGHQW
&
XUUHQW LQYHVWPHQWV DUH FDUULHG LQ WKH QDQFLDO VWDWHPHQW DW ORZHU RI FRVW RI DFTXLVLWLRQ DQG IDLU YDOXH
GHWHUPLQHGRQDQLQGLYLGXDOLQYHVWPHQWEDVLV
/
RQJWHUPLQYHVWPHQWVDUHFDUULHGDWFRVW+RZHYHUSURYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWVLVPDGH
WRUHFRJQL]HDGHFOLQHRWKHUWKDQWHPSRUDU\LQWKHYDOXHRILQYHVWPHQW
2
Q GLVSRVDO RI DQ LQYHVWPHQW WKH GLHUHQFH EHWZHHQ LWV FDUU\LQJ DPRXQW DQG QHW GLVSRVDO SURFHHGV LV
FKDUJHGRUFUHGLWHGWRWKHVWDWHPHQWRISURWDQGORVV
L
5HYHQXHUHFRJQLWLRQ
5
HYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHWVZLOORZWRWKH&RPSDQ\
DQGWKHUHYHQXHFDQEHUHOLDEO\PHDVXUHG7KHIROORZLQJVSHFLFUHFRJQLWLRQFULWHULDPXVWDOVREHPHWEHIRUH
UHYHQXHLVUHFRJQL]HG
L
6DOHRIJRRGV
D
5
HYHQXHIURPGRPHVWLFVDOHVDUHUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
RIWKHJRRGVKDYHEHHQSDVVHGWRWKHEX\HUXVXDOO\RQGLVSDWFKIURPWKHSRLQWRIVDOHFRQVHTXHQW
WRSURSHUW\LQJRRGVEHLQJWUDQVIHUUHG7KH&RPSDQ\FROOHFWVVDOHVWD[HVDQGYDOXHDGGHGWD[HV
9$7RQEHKDOIRIWKHJRYHUQPHQWDQGWKHUHIRUHWKHVHDUHQRWHFRQRPLFEHQHWVRZLQJWRWKH
&RPSDQ\+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH([FLVHGXW\GHGXFWHGIURPUHYHQXHJURVVLVWKH
DPRXQWWKDWLVLQFOXGHGLQWKHUHYHQXHJURVVDQGQRWWKHHQWLUHDPRXQWRIOLDELOLW\DULVLQJGXULQJ
WKH\HDU
E
5
HYHQXHIURPH[SRUWVDOHVDUHUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
RIWKHJRRGVKDYHEHHQSDVVHGWRWKHEX\HUXVXDOO\RQWKHEDVLVRIGDWHVRIELOORIODGLQJ
101
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
L
5HYHQXHUHFRJQLWLRQ&RQWG
LL
LLL 6DOHRIVHUYLFHV
5
HYHQXHVIURPVDOHVRIVHUYLFHVDUHUHFRJQL]HGSURUDWDRYHUWKHSHULRGRIWKHFRQWUDFWDVDQGZKHQ
VHUYLFHVDUHUHQGHUHG7KH&RPSDQ\FROOHFWVVHUYLFHWD[RQEHKDOIRIWKHJRYHUQPHQWDQGWKHUHIRUHLWLV
QRWDQHFRQRPLFEHQHWRZLQJWRWKH&RPSDQ\+HQFHLWLVH[FOXGHGIURPUHYHQXH
YLL QWHUHVWLQFRPH
QWHUHVWLQFRPHLVUHFRJQL]HGRQDWLPHSURSRUWLRQEDVLVWDNLQJLQWRDFFRXQWWKHDPRXQWRXWVWDQGLQJ
DQGWKHDSSOLFDEOHLQWHUHVWUDWH
YLLL 'LYLGHQGLQFRPH
'LYLGHQGLQFRPHLVUHFRJQL]HGZKHQWKH&RPSDQ\VULJKWWRUHFHLYHLVHVWDEOLVKHGE\WKHUHSRUWLQJGDWH
L[ 3URWORVVRQVDOHRILQYHVWPHQW
3
URWORVVRQVDOHRILQYHVWPHQWLVUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLSLQ
LQYHVWPHQWLVWUDQVIHUUHG
[
([SRUWLQFHQWLYHV
5
HYHQXHIURPH[SRUWLQFHQWLYHVDUHDFFRXQWHGIRURQH[SRUWRIJRRGVLIWKHHQWLWOHPHQWVFDQEHHVWLPDWHG
ZLWKUHDVRQDEOHDVVXUDQFHDQGFRQGLWLRQVSUHFHGHQWWRFODLPLVIXOOOHG
LY 'LHGHVLJQDQGSUHSDUDWLRQFKDUJHV
5
HYHQXHVIURPGLHGHVLJQDQGSUHSDUDWLRQFKDUJHVDUHUHFRJQL]HGDVSHUWKHWHUPVRIWKHFRQWUDFWDV
DQGZKHQVHUYLFHVDUHUHQGHUHG7KH&RPSDQ\FROOHFWVVHUYLFHWD[DQGYDOXHDGGHGWD[9$7RQEHKDOI
RI WKH JRYHUQPHQW DQG WKHUHIRUH LW LV QRW DQ HFRQRPLF EHQHW RZLQJ WR WKH &RPSDQ\ +HQFH LW LV
H[FOXGHGIURPUHYHQXH([FLVHGXW\GHGXFWHGIURPUHYHQXHJURVVLVWKHDPRXQWWKDWLVLQFOXGHGLQWKH
UHYHQXHJURVVDQGQRWWKHHQWLUHDPRXQWRIOLDELOLW\DULVLQJGXULQJWKH\HDU
Y
-REZRUNFKDUJHV
5
HYHQXHVIURPMREZRUNFKDUJHVDUHUHFRJQL]HGDVSHUWKHWHUPVRIWKHFRQWUDFWDVDQGZKHQVHUYLFHV
DUHUHQGHUHG
YL 6DOHRIHOHFWULFLW\:LQGPLOO
5
HYHQXHIURPVDOHVRIHOHFWULFLW\LVUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
KDYHEHHQSDVVHGWRWKHEX\HUXVXDOO\RQWUDQVPLVVLRQRIHOHFWULFLW\EDVHGRQWKHGDWDSURYLGHGE\WKH
HOHFWULFLW\GHSDUWPHQW
&HUWLHGHPLVVLRQUHGXFWLRQXQLWVUHQHZDOHQHUJ\FHUWLFDWHV
5
HYHQXHIURPFHUWLHGHPLVVLRQUHGXFWLRQXQLWVUHQHZDOHQHUJ\FHUWLFDWHVLVUHFRJQL]HGZKHQWKHUH
LVUHDVRQDEOHDVVXUDQFHWKDWWKHHQWLW\ZLOOFRPSO\ZLWKWKHFRQGLWLRQVDWWDFKHGWRLWDQGWKHJUDQWVZLOO
EHUHFHLYHG$WDPLQLPXPWKHVHFRQGLWLRQVZLOORQO\EHPHWZKHQWKHDFWXDOHPLVVLRQUHGXFWLRQVKDYH
EHHQUHDOL]HGDQGWKHHQWLW\KDVUHDVRQDEOHDVVXUDQFHWKDWWKHVHUHGXFWLRQVZLOOEHFRQUPHGGXULQJWKH
YHULFDWLRQDQGFHUWLFDWLRQSURFHVVE\WKHUHVSHFWLYHLQGHSHQGHQWDXWKRULW\
M
5HWLUHPHQWDQGRWKHUHPSOR\HHEHQHWV
L
3URYLGHQWIXQG
7
KH&RPSDQ\RSHUDWHVWZRSODQVIRULWVHPSOR\HHVWRSURYLGHHPSOR\HHEHQHWLQWKHQDWXUHRISURYLGHQW
IXQG
(
OLJLEOH HPSOR\HHV UHFHLYH EHQHWV IURP D SURYLGHQW IXQG ZKLFK LV D GHQHG EHQHW SODQ %RWK WKH
HPSOR\HHDQGWKH&RPSDQ\PDNHPRQWKO\FRQWULEXWLRQVWRWKHSURYLGHQWIXQGSODQHTXDOWRDVSHFLHG
SHUFHQWDJHRIWKHFRYHUHGHPSOR\HHVVDODU\7KH&RPSDQ\FRQWULEXWHVDSDUWRIWKHFRQWULEXWLRQVWR
WKH%KDUDW)RUJH&RPSDQ\/LPLWHG6WD3URYLGHQW)XQG7UXVW7KHUDWHDWZKLFKWKHDQQXDOLQWHUHVWLV
SD\DEOHWRWKHEHQHFLDULHVE\WKHWUXVWLVEHLQJDGPLQLVWHUHGE\WKHJRYHUQPHQW7KH&RPSDQ\KDVDQ
REOLJDWLRQWRPDNHJRRGWKHVKRUWIDOOLIDQ\EHWZHHQWKHUHWXUQIURPWKHLQYHVWPHQWVRIWKHWUXVWDQG
WKHQRWLHGLQWHUHVWUDWH7KHJXLGDQFHQRWHRQLPSOHPHQWLQJ$6UHYLVHG(PSOR\HH%HQHWV
VWDWHVWKDWEHQHWVLQYROYLQJHPSOR\HUHVWDEOLVKHGSURYLGHQWIXQGVZKLFKUHTXLUHVLQWHUHVWVKRUWIDOOVWR
EHSURYLGHGDUHWREHFRQVLGHUHGDVGHQHGEHQHWSODQV
$
FWXDULDO YDOXDWLRQ RI WKLV SURYLGHQW IXQG LQWHUHVW VKRUWIDOO KDV EHHQ GRQH DV SHU WKH JXLGDQFH QRWH
LVVXHGLQWKLVUHVSHFWE\WKHQVWLWXWHRI$FWXDULHVRIQGLD
7
KH HPSOR\HHV ZKLFK DUH QRW FRYHUHG XQGHU WKH DERYH VFKHPH WKHLU SRUWLRQ RI SURYLGHQW IXQG LV
FRQWULEXWHGWRWKHJRYHUQPHQWDGPLQLVWHUHGSHQVLRQIXQGZKLFKLVDGHQHGFRQWULEXWLRQVFKHPH7KH
&RPSDQ\ KDV QR REOLJDWLRQ RWKHU WKDQ WKH FRQWULEXWLRQ SD\DEOH WR WKH SURYLGHQW IXQG 7KH &RPSDQ\
UHFRJQL]HVFRQWULEXWLRQSD\DEOHWRWKHSURYLGHQWIXQGVFKHPHDVH[SHQGLWXUHZKHQDQHPSOR\HHUHQGHUV
WKHUHODWHGVHUYLFHIWKHFRQWULEXWLRQSD\DEOHWRWKHVFKHPHIRUVHUYLFHUHFHLYHGEHIRUHWKHEDODQFHVKHHW
GDWHH[FHHGVWKHFRQWULEXWLRQDOUHDG\SDLGWKHGHFLWSD\DEOHWRWKHVFKHPHLVUHFRJQL]HGDVDOLDELOLW\
DIWHUGHGXFWLQJWKHFRQWULEXWLRQDOUHDG\SDLGIWKHFRQWULEXWLRQDOUHDG\SDLGH[FHHGVWKHFRQWULEXWLRQ
GXH IRU VHUYLFHV UHFHLYHG EHIRUH WKH EDODQFH VKHHW GDWH WKHQ H[FHVV LV UHFRJQL]HG DV DQ DVVHW WR WKH
H[WHQWWKDWWKHSUHSD\PHQWZLOOOHDGWRIRUH[DPSOHDUHGXFWLRQLQIXWXUHSD\PHQWRUDFDVKUHIXQG
LL
*UDWXLW\
7
KH &RPSDQ\ RSHUDWHV WZR GHQHG EHQHWV SODQ IRU LWV HPSOR\HHV YL] JUDWXLW\ DQG VSHFLDO JUDWXLW\
VFKHPH3D\PHQWIRUSUHVHQWOLDELOLW\RIIXWXUHSD\PHQWRIJUDWXLW\LVEHLQJPDGHWRDSSURYHGJUDWXLW\
IXQGV ZKLFK IXOO\ FRYHU WKH VDPH XQGHU FDVK DFFXPXODWLRQ SROLF\ RI WKH /LIH QVXUDQFH &RUSRUDWLRQ
RIQGLD7KHVSHFLDOJUDWXLW\VFKHPHLVXQIXQGHG7KHFRVWRISURYLGLQJEHQHWVXQGHUWKHVHSODQVLV
GHWHUPLQHGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQDWHDFK\HDUHQG6HSDUDWHDFWXDULDOYDOXDWLRQLVFDUULHG
RXWIRUHDFKSODQXVLQJWKHSURMHFWXQLWFUHGLWPHWKRG$FWXDULDOJDLQVDQGORVVHVIRUERWKGHQHGEHQHW
SODQVDUHUHFRJQL]HGLQIXOOLQWKHSHULRGLQZKLFKWKH\RFFXULQWKHVWDWHPHQWRISURWDQGORVV
LLL
6XSHUDQQXDWLRQ
5
HWLUHPHQW EHQHW LQ WKH IRUP RI VXSHUDQQXDWLRQ SODQ LV D GHQHG FRQWULEXWLRQ SODQ 'HQHG
FRQWULEXWLRQV WR /LIH QVXUDQFH &RUSRUDWLRQ RI QGLD IRU HPSOR\HHV FRYHUHG XQGHU 6XSHUDQQXDWLRQ
VFKHPH DUH DFFRXQWHG DW WKH UDWH RI RI VXFK HPSOR\HHV EDVLF VDODU\ 7KH &RPSDQ\ UHFRJQL]HV
H[SHQVHWRZDUGWKHFRQWULEXWLRQSDLGSD\DEOHWRWKHGHQHGFRQWULEXWLRQSODQDVDQGZKHQDQHPSOR\HH
UHQGHUVWKHUHOHYDQWVHUYLFHIWKHFRQWULEXWLRQDOUHDG\SDLGH[FHHGVWKHFRQWULEXWLRQGXHIRUVHUYLFH
EHIRUHWKHEDODQFHVKHHWGDWHWKH&RPSDQ\UHFRJQL]HWKDWH[FHVVDVDQDVVHWSUHSDLGH[SHQVHWRWKH
H[WHQWWKDWWKHSUHSD\PHQWZLOOOHDGWRIRUH[DPSOHDUHGXFWLRQLQIXWXUHSD\PHQWVRUFDVKUHIXQGI
WKH FRQWULEXWLRQ DOUHDG\ SDLG LV ORZHU WKDQ WKH FRQWULEXWLRQ GXH IRU VHUYLFH EHIRUH WKH EDODQFH VKHHW
GDWHWKH&RPSDQ\UHFRJQL]HVWKDWGLHUHQFHH[FHVVDVDOLDELOLW\7KH&RPSDQ\KDVQRREOLJDWLRQRWKHU
WKDQWKHFRQWULEXWLRQSD\DEOHWRWKHVXSHUDQQXDWLRQIXQG
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
M
5HWLUHPHQWDQGRWKHUHPSOR\HHEHQHWV&RQWG
LY
3ULYLOHJHOHDYHEHQHWV
$
FFXPXODWHGOHDYHZKLFKLVH[SHFWHGWREHXWLOL]HGZLWKLQWKHQH[WPRQWKVLVWUHDWHGDVVKRUWWHUP
HPSOR\HHEHQHW7KH&RPSDQ\PHDVXUHVWKHH[SHFWHGFRVWRIVXFKDEVHQFHVDVWKHDGGLWLRQDODPRXQW
WKDWLWH[SHFWVWRSD\DVDUHVXOWRIWKHXQXVHGHQWLWOHPHQWWKDWKDVDFFXPXODWHGDWWKHUHSRUWLQJGDWH
7
KH&RPSDQ\WUHDWVDFFXPXODWHGOHDYHH[SHFWHGWREHFDUULHGIRUZDUGEH\RQGWZHOYHPRQWKVDVORQJ
WHUPHPSOR\HHEHQHWIRUPHDVXUHPHQWSXUSRVHV6XFKORQJWHUPFRPSHQVDWHGDEVHQFHVDUHSURYLGHG
IRUEDVHGRQWKHDFWXDULDOYDOXDWLRQXVLQJWKHSURMHFWHGXQLWFUHGLWPHWKRGDWWKH\HDUHQG
$
FWXDULDOJDLQVORVVHVDUHLPPHGLDWHO\WDNHQWRWKHVWDWHPHQWRISURWDQGORVVDQGDUHQRWGHIHUUHG
7KH &RPSDQ\ SUHVHQWV WKH OHDYH DV D FXUUHQW OLDELOLW\ LQ WKH EDODQFH VKHHW WR WKH H[WHQW LW GRHV QRW
KDYHDQXQFRQGLWLRQDOULJKWWRGHIHULWVVHWWOHPHQWIRUPRQWKVDIWHUWKHUHSRUWLQJGDWH:KHUHWKH
&RPSDQ\KDVWKHXQFRQGLWLRQDOOHJDODQGFRQWUDFWXDOULJKWWRGHIHUWKHVHWWOHPHQWIRUDSHULRGEH\RQG
PRQWKVWKHVDPHLVSUHVHQWHGDVQRQFXUUHQWOLDELOLW\
Y
7HUPLQDWLRQEHQHWV
7
KH &RPSDQ\ UHFRJQL]HV WHUPLQDWLRQ EHQHW DV D OLDELOLW\ DQG DQ H[SHQVH ZKHQ WKH &RPSDQ\ KDV
D SUHVHQW REOLJDWLRQ DV D UHVXOW RI SDVW HYHQW LW LV SUREDEOH WKDW DQ RXWRZ RI UHVRXUFHV HPERG\LQJ
HFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRIWKH
DPRXQWRIWKHREOLJDWLRQ
N %RUURZLQJFRVWV
%
RUURZLQJ FRVW LQFOXGHV LQWHUHVW DQG DPRUWL]DWLRQ RI DQFLOODU\ FRVWV LQFXUUHG LQ FRQQHFWLRQ ZLWK WKH
DUUDQJHPHQWRIERUURZLQJV
%
RUURZLQJFRVWVGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQFRQVWUXFWLRQRUSURGXFWLRQRIDQDVVHWWKDWQHFHVVDULO\
WDNHVDVXEVWDQWLDOSHULRGRIWLPHWRJHWUHDG\IRULWVLQWHQGHGXVHRUVDOHDUHFDSLWDOL]HGDVSDUWRIWKHFRVWRI
WKHUHVSHFWLYHDVVHW$OORWKHUERUURZLQJFRVWVDUHH[SHQVHGLQWKHSHULRGWKH\RFFXU
O
QFRPHWD[HV
7
D[H[SHQVHFRPSULVHVFXUUHQWDQGGHIHUUHGWD[&XUUHQWLQFRPHWD[LVPHDVXUHGDWWKHDPRXQWH[SHFWHG
WREHSDLGWRWKHWD[DXWKRULWLHVLQDFFRUGDQFHZLWKWKHQFRPHWD[$FWHQDFWHGLQQGLDDQGWD[ODZV
SUHYDLOLQJLQWKHUHVSHFWLYHWD[MXULVGLFWLRQVZKHUHWKH&RPSDQ\RSHUDWHV7KHWD[UDWHVDQGWD[ODZVXVHGWR
FRPSXWHWKHDPRXQWDUHWKRVHWKDWDUHHQDFWHGDWWKHUHSRUWLQJGDWH&XUUHQWLQFRPHWD[UHODWLQJWRLWHPV
UHFRJQL]HGGLUHFWO\LQHTXLW\LVUHFRJQL]HGLQHTXLW\DQGQRWLQWKHVWDWHPHQWRISURWDQGORVV
'
HIHUUHG LQFRPH WD[HV UHHFW WKH LPSDFW RI WLPLQJ GLHUHQFHV EHWZHHQ WD[DEOH LQFRPH DQG DFFRXQWLQJ
LQFRPHRULJLQDWLQJGXULQJWKHFXUUHQW\HDUDQGUHYHUVDORIWLPLQJGLHUHQFHVIRUWKHHDUOLHU\HDUV'HIHUUHG
WD[LVPHDVXUHGXVLQJWKHWD[UDWHVDQGWKHWD[ODZVHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDWWKHUHSRUWLQJGDWH
'
HIHUUHG LQFRPH WD[ UHODWLQJ WR LWHPV UHFRJQL]HG GLUHFWO\ LQ HTXLW\ LV UHFRJQL]HG LQ HTXLW\ DQG QRW LQ WKH
VWDWHPHQWRISURWDQGORVV
'
HIHUUHGWD[OLDELOLWLHVDUHUHFRJQL]HGIRUDOOWD[DEOHWLPLQJGLHUHQFHV'HIHUUHGWD[DVVHWVDUHUHFRJQL]HG
IRUGHGXFWLEOHWLPLQJGLHUHQFHVRQO\WRWKHH[WHQWWKDWWKHUHLVUHDVRQDEOHFHUWDLQW\WKDWVXFLHQWIXWXUH
WD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HGQVLWXDWLRQVZKHUH
WKH&RPSDQ\KDVXQDEVRUEHGGHSUHFLDWLRQRUFDUU\IRUZDUGWD[ORVVHVDOOGHIHUUHGWD[DVVHWVDUHUHFRJQL]HG
RQO\ LI WKHUH LV YLUWXDO FHUWDLQW\ VXSSRUWHG E\ FRQYLQFLQJ HYLGHQFH WKDW WKH\ FDQ EH UHDOL]HG DJDLQVW IXWXUH
WD[DEOHSURWV
QWKHVLWXDWLRQVZKHUHWKH&RPSDQ\LVHQWLWOHGWRDWD[KROLGD\XQGHUWKHQFRPHWD[$FWHQDFWHGLQ
QGLD RU WD[ ODZV SUHYDLOLQJ LQ WKH UHVSHFWLYH WD[ MXULVGLFWLRQV ZKHUH LW RSHUDWHV QR GHIHUUHG WD[ DVVHW RU
OLDELOLW\ LV UHFRJQL]HG LQ UHVSHFW RI WLPLQJ GLHUHQFHV ZKLFK UHYHUVH GXULQJ WKH WD[ KROLGD\ SHULRG WR WKH
H[WHQWWKH&RPSDQ\VJURVVWRWDOLQFRPHLVVXEMHFWWRWKHGHGXFWLRQGXULQJWKHWD[KROLGD\SHULRG'HIHUUHG
WD[ LQ UHVSHFW RI WLPLQJ GLHUHQFHV ZKLFK UHYHUVH DIWHU WKH WD[ KROLGD\ SHULRG LV UHFRJQL]HG LQ WKH \HDU LQ
ZKLFKWKHWLPLQJGLHUHQFHVRULJLQDWH+RZHYHUWKH&RPSDQ\UHVWULFWVUHFRJQLWLRQRIGHIHUUHGWD[DVVHWVWR
WKHH[WHQWWKDWLWKDVEHFRPHUHDVRQDEO\FHUWDLQRUYLUWXDOO\FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUH
WD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG)RUUHFRJQLWLRQRI
GHIHUUHGWD[HVWKHWLPLQJGLHUHQFHVZKLFKRULJLQDWHUVWDUHFRQVLGHUHGWRUHYHUVHUVW
$
WHDFKUHSRUWLQJGDWHWKH&RPSDQ\UHDVVHVVHVXQUHFRJQL]HGGHIHUUHGWD[DVVHWVWUHFRJQL]HVXQUHFRJQL]HG
GHIHUUHGWD[DVVHWVWRWKHH[WHQWWKDWLWKDVEHFRPHUHDVRQDEO\FHUWDLQRUYLUWXDOO\FHUWDLQDVWKHFDVHPD\EH
WKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG
7
KHFDUU\LQJDPRXQWRIGHIHUUHGWD[DVVHWVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH7KH&RPSDQ\ZULWHVGRZQ
WKH FDUU\LQJ DPRXQW RI GHIHUUHG WD[ DVVHW WR WKH H[WHQW WKDW LW LV QR ORQJHU UHDVRQDEO\ FHUWDLQ RU YLUWXDOO\
FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKGHIHUUHGWD[
DVVHWFDQEHUHDOL]HG$Q\VXFKZULWHGRZQLVUHYHUVHGWRWKHH[WHQWWKDWLWEHFRPHVUHDVRQDEO\FHUWDLQRU
YLUWXDOO\FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOH
'
HIHUUHGWD[DVVHWVDQGGHIHUUHGWD[OLDELOLWLHVDUHRVHWLIDOHJDOO\HQIRUFHDEOHULJKWH[LVWVWRVHWRFXUUHQW
WD[DVVHWVDJDLQVWFXUUHQWWD[OLDELOLWLHVDQGWKHGHIHUUHGWD[DVVHWVDQGGHIHUUHGWD[HVUHODWHWRWKHVDPH
WD[DEOHHQWLW\DQGWKHVDPHWD[DWLRQDXWKRULW\
0
LQLPXPDOWHUQDWHWD[0$7SDLGLQD\HDULVFKDUJHGWRWKHVWDWHPHQWRISURWDQGORVVDVFXUUHQWWD[7KH
&RPSDQ\ UHFRJQL]HV 0$7 FUHGLW DYDLODEOH DV DQ DVVHW RQO\ WR WKH H[WHQW WKDW WKHUH LV FRQYLQFLQJ HYLGHQFH
WKDW WKH &RPSDQ\ ZLOO SD\ QRUPDO LQFRPH WD[ GXULQJ WKH VSHFLHG SHULRG LH WKH SHULRG IRU ZKLFK 0$7
FUHGLWLVDOORZHGWREHFDUULHGIRUZDUGQWKH\HDULQZKLFKWKH&RPSDQ\UHFRJQL]HV0$7FUHGLWDVDQDVVHW
LQDFFRUGDQFHZLWKWKHJXLGDQFHQRWHRQ$FFRXQWLQJIRU&UHGLW$YDLODEOHLQUHVSHFWRI0LQLPXP$OWHUQDWLYH
7D[XQGHUWKHQFRPHWD[$FWWKHVDLGDVVHWLVFUHDWHGE\ZD\RIFUHGLWWRWKHVWDWHPHQWRISURWDQG
ORVVDQGVKRZQDV0$7&UHGLW(QWLWOHPHQW7KH&RPSDQ\UHYLHZVWKH0$7&UHGLW(QWLWOHPHQWDVVHWDWHDFK
UHSRUWLQJGDWHDQGZULWHVGRZQWKHDVVHWWRWKHH[WHQWWKH&RPSDQ\GRHVQRWKDYHFRQYLQFLQJHYLGHQFHWKDW
LWZLOOSD\QRUPDOWD[GXULQJWKHVSHFLHGSHULRG
P 3URYLVLRQV
$
SURYLVLRQLVUHFRJQL]HGZKHQWKH&RPSDQ\KDVDSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQWLWLVSUREDEOH
WKDW DQ RXWRZ RI UHVRXUFHV HPERG\LQJ HFRQRPLF EHQHWV ZLOO EH UHTXLUHG WR VHWWOH WKH REOLJDWLRQ DQG D
UHOLDEOHHVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ3URYLVLRQVDUHQRWGLVFRXQWHGWRWKHLUSUHVHQW
YDOXHDQGDUHGHWHUPLQHGEDVHGRQWKHEHVWHVWLPDWHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDWWKHUHSRUWLQJGDWH
7KHVHHVWLPDWHVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWHDQGDGMXVWHGWRUHHFWWKHFXUUHQWEHVWHVWLPDWHV
:
KHUHWKH&RPSDQ\H[SHFWVVRPHRUDOORIDSURYLVLRQWREHUHLPEXUVHGIRUH[DPSOHXQGHUDQLQVXUDQFH
FRQWUDFWWKHUHLPEXUVHPHQWLVUHFRJQL]HGDVDVHSDUDWHDVVHWEXWRQO\ZKHQWKHUHLPEXUVHPHQWLVYLUWXDOO\
FHUWDLQ 7KH H[SHQVH UHODWLQJ WR DQ\ SURYLVLRQ LV SUHVHQWHG LQ WKH VWDWHPHQW RI SURW DQG ORVV QHW RI DQ\
UHLPEXUVHPHQW
QFRPHWD[HV&RQWG
O
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Q PSDLUPHQWRIWDQJLEOHDQGLQWDQJLEOHDVVHWV
7
KH&RPSDQ\DVVHVVHVDWHDFKUHSRUWLQJGDWHZKHWKHUWKHUHLVDQLQGLFDWLRQWKDWDQDVVHWPD\EHLPSDLUHG
IDQ\LQGLFDWLRQH[LVWVRUZKHQDQQXDOLPSDLUPHQWWHVWLQJIRUDQDVVHWLVUHTXLUHGWKH&RPSDQ\HVWLPDWHV
WKHDVVHWVUHFRYHUDEOHDPRXQW$QDVVHWVUHFRYHUDEOHDPRXQWLVWKHKLJKHURIDQDVVHWVRUFDVKJHQHUDWLQJ
XQLWV &*8 QHW VHOOLQJ SULFH DQG LWV YDOXH LQ XVH 7KH UHFRYHUDEOH DPRXQW LV GHWHUPLQHG IRU DQ LQGLYLGXDO
DVVHWXQOHVVWKHDVVHWGRHVQRWJHQHUDWHFDVKLQRZVWKDWDUHODUJHO\LQGHSHQGHQWRIWKRVHIURPRWKHUDVVHWV
RUJURXSVRIDVVHWV:KHUHWKHFDUU\LQJDPRXQWRIDQDVVHWRU&*8H[FHHGVLWVUHFRYHUDEOHDPRXQWWKHDVVHW
LVFRQVLGHUHGLPSDLUHGDQGLVZULWWHQGRZQWRLWVUHFRYHUDEOHDPRXQWQDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHG
IXWXUH FDVK RZV DUH GLVFRXQWHG WR WKHLU SUHVHQW YDOXH XVLQJ D SUHWD[ GLVFRXQW UDWH WKDW UHHFWV FXUUHQW
PDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFLFWRWKHDVVHWQGHWHUPLQLQJQHWVHOOLQJ
SULFHUHFHQWPDUNHWWUDQVDFWLRQVDUHWDNHQLQWRDFFRXQWLIDYDLODEOHIQRVXFKWUDQVDFWLRQVFDQEHLGHQWLHG
DQDSSURSULDWHYDOXDWLRQPRGHOLVXVHG
7
KH &RPSDQ\ EDVHV LWV LPSDLUPHQW FDOFXODWLRQ RQ GHWDLOHG EXGJHWV DQG IRUHFDVW FDOFXODWLRQV ZKLFK DUH
SUHSDUHG VHSDUDWHO\ IRU HDFK RI WKH &RPSDQ\V &*8 WR ZKLFK WKH LQGLYLGXDO DVVHWV DUH DOORFDWHG 7KHVH
EXGJHWV DQG IRUHFDVW FDOFXODWLRQV DUH JHQHUDOO\ FRYHULQJ D SHULRG RI YH \HDUV )RU ORQJHU SHULRGV D ORQJ
WHUPJURZWKUDWHLVFDOFXODWHGDQGDSSOLHGWRSURMHFWIXWXUHFDVKRZVDIWHUWKHIWK\HDU
PSDLUPHQW ORVVHV RI FRQWLQXLQJ RSHUDWLRQV LQFOXGLQJ LPSDLUPHQW RQ LQYHQWRULHV DUH UHFRJQL]HG LQ WKH
VWDWHPHQWRISURWDQGORVVH[FHSWIRUSUHYLRXVO\UHYDOXHGWDQJLEOH[HGDVVHWVZKHUHWKHUHYDOXDWLRQZDV
WDNHQWRUHYDOXDWLRQUHVHUYHQWKLVFDVHWKHLPSDLUPHQWLVDOVRUHFRJQL]HGLQWKHUHYDOXDWLRQUHVHUYHXSWR
WKHDPRXQWRIDQ\SUHYLRXVUHYDOXDWLRQ
$
IWHULPSDLUPHQWGHSUHFLDWLRQLVSURYLGHGRQWKHUHYLVHGFDUU\LQJDPRXQWRIWKHDVVHWRYHULWVUHPDLQLQJ
XVHIXOOLIH
$
QDVVHVVPHQWLVPDGHDWHDFKUHSRUWLQJGDWHDVWRZKHWKHUWKHUHLVDQ\LQGLFDWLRQWKDWSUHYLRXVO\UHFRJQL]HG
LPSDLUPHQW ORVVHV PD\ QR ORQJHU H[LVW RU PD\ KDYH GHFUHDVHG I VXFK LQGLFDWLRQ H[LVWV WKH &RPSDQ\
HVWLPDWHVWKHDVVHWVRUFDVKJHQHUDWLQJXQLWVUHFRYHUDEOHDPRXQW$SUHYLRXVO\UHFRJQL]HGLPSDLUPHQWORVV
LVUHYHUVHGRQO\LIWKHUHKDVEHHQDFKDQJHLQWKHDVVXPSWLRQVXVHGWRGHWHUPLQHWKHDVVHWVUHFRYHUDEOH
DPRXQWVLQFHWKHODVWLPSDLUPHQWORVVZDVUHFRJQL]HG7KHUHYHUVDOLVOLPLWHGVRWKDWWKHFDUU\LQJDPRXQW
RIWKHDVVHWGRHVQRWH[FHHGLWVUHFRYHUDEOHDPRXQWQRUH[FHHGWKHFDUU\LQJDPRXQWWKDWZRXOGKDYHEHHQ
GHWHUPLQHGQHWRIGHSUHFLDWLRQKDGQRLPSDLUPHQWORVVEHHQUHFRJQL]HGIRUWKHDVVHWLQSULRU\HDUV6XFK
UHYHUVDOLVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVVXQOHVVWKHDVVHWLVFDUULHGDWDUHYDOXHGDPRXQWLQ
ZKLFKFDVHWKHUHYHUVDOLVWUHDWHGDVDUHYDOXDWLRQLQFUHDVH
R /HDVHV
:
KHUHWKH&RPSDQ\LVWKHOHVVHH
/
HDVHVZKHUHWKHOHVVRUHHFWLYHO\UHWDLQVVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKHOHDVHG
LWHP DUH FODVVLHG DV RSHUDWLQJ OHDVHV 2SHUDWLQJ OHDVH SD\PHQWV DUH UHFRJQL]HG DV DQ H[SHQVH LQ WKH
VWDWHPHQWRISURWDQGORVVRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP
:KHUHWKH&RPSDQ\LVWKHOHVVRU
/
HDVHVLQZKLFKWKH&RPSDQ\GRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKH
DVVHWDUHFODVVLHGDVRSHUDWLQJOHDVHV$VVHWVVXEMHFWWRRSHUDWLQJOHDVHVDUHLQFOXGHGLQ[HGDVVHWV/HDVH
LQFRPHRQDQRSHUDWLQJOHDVHLVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVVRQDVWUDLJKWOLQHEDVLVRYHUWKH
OHDVHWHUP&RVWVLQFOXGLQJGHSUHFLDWLRQDUHUHFRJQL]HGDVDQH[SHQVHLQWKHVWDWHPHQWRISURWDQGORVV
QLWLDOGLUHFWFRVWVVXFKDVOHJDOFRVWVEURNHUDJHFRVWVHWFDUHUHFRJQL]HGLPPHGLDWHO\LQWKHVWDWHPHQWRI
SURWDQGORVV
*
UDQWVDQGVXEVLGLHVIURPWKHJRYHUQPHQWDUHUHFRJQL]HGZKHQWKHUHLVUHDVRQDEOHDVVXUDQFHWKDWLWKH
&RPSDQ\ZLOOFRPSO\ZLWKWKHFRQGLWLRQVDWWDFKHGWRWKHPDQGLLWKHJUDQWVXEVLG\ZLOOEHUHFHLYHG
:
KHQWKHJUDQWRUVXEVLG\UHODWHVWRUHYHQXHLWLVUHFRJQL]HGDVLQFRPHRQDV\VWHPDWLFEDVLVLQWKHVWDWHPHQW
RISURWDQGORVVRYHUWKHSHULRGVQHFHVVDU\WRPDWFKWKHPZLWKWKHUHODWHGFRVWVZKLFKWKH\DUHLQWHQGHG
WRFRPSHQVDWH:KHUHWKHJUDQWUHODWHVWRDQDVVHWLWLVUHFRJQL]HGDVGHIHUUHGLQFRPHDQGLVDOORFDWHGWR
VWDWHPHQWRISURWDQGORVVRYHUWKHSHULRGVDQGLQWKHSURSRUWLRQVLQZKLFKGHSUHFLDWLRQRQWKRVHDVVHWVLV
FKDUJHG
:
KHUHWKH&RPSDQ\UHFHLYHVQRQPRQHWDU\JUDQWVWKHDVVHWLVDFFRXQWHGIRURQWKHEDVLVRILWVDFTXLVLWLRQ
FRVWQFDVHDQRQPRQHWDU\DVVHWLVJLYHQIUHHRIFRVWLWLVUHFRJQL]HGDWDQRPLQDOYDOXH
*
RYHUQPHQWJUDQWVRIWKHQDWXUHRISURPRWHUVFRQWULEXWLRQDUHFUHGLWHGWRFDSLWDOUHVHUYHDQGWUHDWHGDVD
SDUWRIWKHVKDUHKROGHUVIXQGV
T (DUQLQJVSHUVKDUH
%
DVLFHDUQLQJVSHUVKDUHDUHFDOFXODWHGE\GLYLGLQJWKHQHWSURWRUORVVIRUWKHSHULRGDWWULEXWDEOHWRHTXLW\
VKDUHKROGHUVE\WKHZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKHSHULRG3DUWO\SDLG
HTXLW\VKDUHVDUHWUHDWHGDVDIUDFWLRQRIDQHTXLW\VKDUHWRWKHH[WHQWWKDWWKH\DUHHQWLWOHGWRSDUWLFLSDWHLQ
GLYLGHQGVUHODWLYHWRDIXOO\SDLGHTXLW\VKDUHGXULQJWKHUHSRUWLQJSHULRG7KHZHLJKWHGDYHUDJHQXPEHURI
HTXLW\VKDUHVRXWVWDQGLQJGXULQJWKHSHULRGLVDGMXVWHGIRUHYHQWVVXFKDVERQXVLVVXHERQXVHOHPHQWLQD
ULJKWVLVVXHVKDUHVSOLWDQGUHYHUVHVKDUHVSOLWFRQVROLGDWLRQRIVKDUHVWKDWKDYHFKDQJHGWKHQXPEHURI
HTXLW\VKDUHVRXWVWDQGLQJZLWKRXWDFRUUHVSRQGLQJFKDQJHLQUHVRXUFHV
)
RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJVSHUVKDUHWKHQHWSURWRUORVVIRUWKHSHULRGDWWULEXWDEOHWR
HTXLW\VKDUHKROGHUVDQGWKHZHLJKWHGDYHUDJHQXPEHURIVKDUHVRXWVWDQGLQJGXULQJWKHSHULRGDUHDGMXVWHG
IRUWKHHHFWVRIDOOGLOXWLYHSRWHQWLDOHTXLW\VKDUHV
U
&RQWLQJHQWOLDELOLWLHV
$
FRQWLQJHQWOLDELOLW\LVDSRVVLEOHREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWVZKRVHH[LVWHQFHZLOOEHFRQUPHGE\
WKHRFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVEH\RQGWKHFRQWURORIWKH&RPSDQ\
RUDSUHVHQWREOLJDWLRQWKDWLVQRWUHFRJQL]HGEHFDXVHLWLVQRWSUREDEOHWKDWDQRXWRZRIUHVRXUFHVZLOOEH
UHTXLUHG WR VHWWOH WKH REOLJDWLRQ $ FRQWLQJHQW OLDELOLW\ DOVRDULVHV LQ H[WUHPHO\ UDUH FDVHV ZKHUH WKHUH LV D
OLDELOLW\WKDWFDQQRWEHUHFRJQL]HGEHFDXVHLWFDQQRWEHPHDVXUHGUHOLDEO\7KH&RPSDQ\GRHVQRWUHFRJQL]H
DFRQWLQJHQWOLDELOLW\EXWGLVFORVHVLWVH[LVWHQFHLQWKHQDQFLDOVWDWHPHQWV
V
&DVKDQGFDVKHTXLYDOHQWV
&
DVKDQGFDVKHTXLYDOHQWVIRUWKHSXUSRVHVRIFDVKRZVWDWHPHQWFRPSULVHFDVKDWEDQNDQGLQKDQGDQG
VKRUWWHUPLQYHVWPHQWVZLWKDQRULJLQDOPDWXULW\RIWKUHHPRQWKVRUOHVV
W
'HULYDWLYHLQVWUXPHQWVDQGKHGJHDFFRXQWLQJ
7
KH &RPSDQ\ XVHV GHULYDWLYH QDQFLDO LQVWUXPHQWV VXFK DV IRUHLJQ FXUUHQF\ IRUZDUG FRQWUDFWV WR KHGJH
IRUHLJQ FXUUHQF\ ULVN DULVLQJ IURP IXWXUH WUDQVDFWLRQV LQ UHVSHFW RI ZKLFK UP FRPPLWPHQWV DUH PDGH RU
ZKLFK DUH KLJKO\ SUREDEOH IRUHFDVW WUDQVDFWLRQV 7KH &RPSDQ\ GHVLJQDWHV WKHVH IRUZDUG FRQWUDFWV LQ D
KHGJLQJUHODWLRQVKLSE\DSSO\LQJWKHKHGJHDFFRXQWLQJSULQFLSOHVRI$6)LQDQFLDOQVWUXPHQWV5HFRJQLWLRQ
DQG0HDVXUHPHQW
S *RYHUQPHQWJUDQWVDQGVXEVLGLHV
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
W
'HULYDWLYHLQVWUXPHQWVDQGKHGJHDFFRXQWLQJ&RQWG
)RUWKHSXUSRVHRIKHGJHDFFRXQWLQJKHGJHVDUHFODVVLHGDV
L
LL &
DVKRZKHGJHVZKHQKHGJLQJWKHH[SRVXUHWRYDULDELOLW\LQFDVKRZVWKDWLVHLWKHUDWWULEXWDEOHWRD
SDUWLFXODUULVNDVVRFLDWHGZLWKDUHFRJQL]HGDVVHWRUOLDELOLW\RUDKLJKO\SUREDEOHIRUHFDVWWUDQVDFWLRQRU
WKHIRUHLJQFXUUHQF\ULVNLQDQXQUHFRJQL]HGUPFRPPLWPHQW
$
W WKH LQFHSWLRQ RI D KHGJH UHODWLRQVKLS WKH &RPSDQ\ IRUPDOO\ GHVLJQDWHV DQG GRFXPHQWV WKH KHGJH
UHODWLRQVKLSWRZKLFKWKH&RPSDQ\ZLVKHVWRDSSO\KHGJHDFFRXQWLQJDQGWKHULVNPDQDJHPHQWREMHFWLYHDQG
VWUDWHJ\ IRU XQGHUWDNLQJ WKH KHGJH 7KH GRFXPHQWDWLRQ LQFOXGHV LGHQWLFDWLRQ RI WKH KHGJLQJ LQVWUXPHQW
WKHKHGJHGLWHPRUWUDQVDFWLRQWKHQDWXUHRIWKHULVNEHLQJKHGJHGDQGKRZWKH&RPSDQ\ZLOODVVHVVWKH
HHFWLYHQHVVRIFKDQJHVLQWKHKHGJLQJLQVWUXPHQWVIDLUYDOXHLQRVHWWLQJWKHH[SRVXUHWRFKDQJHVLQWKH
KHGJHGLWHPVIDLUYDOXHRUFDVKRZVDWWULEXWDEOHWRWKHKHGJHGULVN6XFKKHGJHVDUHH[SHFWHGWREHKLJKO\
HHFWLYHLQDFKLHYLQJRVHWWLQJFKDQJHVLQIDLUYDOXHRUFDVKRZVDQGDUHDVVHVVHGRQDQRQJRLQJEDVLVWR
GHWHUPLQHWKDWWKH\DFWXDOO\KDYHEHHQKLJKO\HHFWLYHWKURXJKRXWWKHQDQFLDOUHSRUWLQJSHULRGVIRUZKLFK
WKH\ZHUHGHVLJQDWHG
+
HGJHVWKDWPHHWWKHVWULFWFULWHULDIRUKHGJHDFFRXQWLQJDUHDFFRXQWHGIRUDVGHVFULEHGEHORZ
:
KHQDQXQUHFRJQL]HGUPFRPPLWPHQWLVGHVLJQDWHGDVDKHGJHGLWHPWKHVXEVHTXHQWFXPXODWLYHFKDQJH
LQWKHIDLUYDOXHRIWKHUPFRPPLWPHQWDWWULEXWDEOHWRWKHKHGJHGULVNLVUHFRJQL]HGDVDQDVVHWRUOLDELOLW\
ZLWKDFRUUHVSRQGLQJJDLQRUORVVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV
&DVKRZKHGJHV
7
KHHHFWLYHSRUWLRQRIWKHJDLQRUORVVRQWKHKHGJLQJLQVWUXPHQWLVUHFRJQL]HGGLUHFWO\XQGHUVKDUHKROGHUV
IXQGLQWKHKHGJLQJUHVHUYHZKLOHDQ\LQHHFWLYHSRUWLRQLVUHFRJQL]HGLPPHGLDWHO\LQWKHVWDWHPHQWRISURW
DQGORVV
7
KH&RPSDQ\XVHVIRUHLJQFXUUHQF\IRUZDUGFRQWUDFWVDVKHGJHVRILWVH[SRVXUHWRIRUHLJQFXUUHQF\ULVNLQ
IRUHFDVWHGWUDQVDFWLRQVDQGUPFRPPLWPHQWV7KHLQHHFWLYHSRUWLRQUHODWLQJWRIRUHLJQFXUUHQF\FRQWUDFWV
LVUHFRJQL]HGLPPHGLDWHO\LQWKHVWDWHPHQWRISURWDQGORVV
$
PRXQWV UHFRJQL]HG LQ WKH KHGJLQJ UHVHUYH DUH WUDQVIHUUHG WR WKH VWDWHPHQW RI SURW DQG ORVV ZKHQ WKH
KHGJHGWUDQVDFWLRQDHFWVSURWRUORVVVXFKDVZKHQWKHKHGJHGLQFRPHRUH[SHQVHLVUHFRJQL]HGRUZKHQ
DIRUHFDVWVDOHRFFXUV
IWKHIRUHFDVWWUDQVDFWLRQRUUPFRPPLWPHQWLVQRORQJHUH[SHFWHGWRRFFXUWKHFXPXODWLYHJDLQRUORVV
SUHYLRXVO\UHFRJQL]HGLQWKHKHGJLQJUHVHUYHLVWUDQVIHUUHGWRWKHVWDWHPHQWRISURWDQGORVVIWKHKHGJLQJ
LQVWUXPHQWH[SLUHVRULVVROGWHUPLQDWHGRUH[HUFLVHGZLWKRXWUHSODFHPHQWRUUROORYHURULILWVGHVLJQDWLRQDV
DKHGJHLVUHYRNHGDQ\FXPXODWLYHJDLQRUORVVSUHYLRXVO\UHFRJQL]HGLQWKHKHGJLQJUHVHUYHUHPDLQVLQWKH
KHGJLQJUHVHUYHXQWLOWKHIRUHFDVWWUDQVDFWLRQRUUPFRPPLWPHQWDHFWVSURWRUORVV
108
)
DLUYDOXHKHGJHVZKHQKHGJLQJWKHH[SRVXUHWRFKDQJHVLQWKHIDLUYDOXHRIDUHFRJQL]HGDVVHWRUOLDELOLW\
RUDQXQUHFRJQL]HGUPFRPPLWPHQW
)DLUYDOXHKHGJHV
7
KH FKDQJH LQ WKH IDLU YDOXH RI D KHGJLQJ GHULYDWLYH LV UHFRJQL]HG LQ WKH VWDWHPHQW RI SURW DQG ORVV 7KH
change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying
YDOXHRIWKHKHGJHGLWHPDQGLVDOVRUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV
6KDUHFDSLWDO
In ` Million
$VDW
0DUFK
D 5HFRQFLOLDWLRQRIWKHVKDUHVRXWVWDQGLQJDWWKHEHJLQQLQJDQGDWWKHHQGRIWKHUHSRUWLQJSHULRG
(TXLW\VKDUHV
$WWKHEHJLQQLQJRIWKH\HDU
Issued during the year
Outstanding at the end of the year
$VDW0DUFK
1R
In `0LOOLRQ
$VDW0DUFK
1R
In ` Million
$XWKRULVHGVKDUHV1R
0DUFKHTXLW\VKDUHVRI`HDFK
0DUFKFXPXODWLYHQRQFRQYHUWLEOH
preference shares of `HDFK
0DUFKXQFODVVLHGVKDUHVRI`HDFK
VVXHG1R
0DUFKHTXLW\VKDUHVRI`HDFK
6XEVFULEHGDQGIXOO\SDLGXS1R
0DUFKHTXLW\VKDUHVRI`HDFK
$GG 0DUFK IRUIHLWHG HTXLW\ VKDUHV FRPSULVLQJ RI
HTXLW\VKDUHV0DUFKRI`HDFKDPRXQWSDUWO\
paid `HDFKDQGHTXLW\VKDUHV0DUFKRI`
HDFKDPRXQWSDUWO\SDLG`HDFK>$OVRUHIHUQRWHI@
7RWDOLVVXHGVXEVFULEHGDQGIXOO\SDLGXSVKDUHFDSLWDO
$VDW
0DUFK
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
'XULQJWKH\HDUHQGHG0DUFKWKHDPRXQWRISHUVKDUHLQWHULPGLYLGHQGUHFRJQL]HGDVGLVWULEXWLRQVWR
HTXLW\VKDUHKROGHUVZDV`0DUFK`
'XULQJWKH\HDUHQGHG0DUFKWKHDPRXQWRISHUVKDUHSURSRVHGQDOGLYLGHQGUHFRJQL]HGDVGLVWULEXWLRQV
WRHTXLW\VKDUHKROGHUVZDV`0DUFK`
QWKHHYHQWRIOLTXLGDWLRQRIWKH&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWV
RIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWV7KHGLVWULEXWLRQZLOOEHLQSURSRUWLRQWRWKHQXPEHU
RIHTXLW\VKDUHVKHOGE\WKHVKDUHKROGHUV
F 6KDUHVKHOGE\KROGLQJXOWLPDWHKROGLQJ&RPSDQ\DQGRUWKHLUVXEVLGLDULHVDVVRFLDWHV
7KH&RPSDQ\EHLQJXOWLPDWHKROGLQJ&RPSDQ\WKHUHDUHQRVKDUHVKHOGE\DQ\RWKHUKROGLQJXOWLPDWHKROGLQJ
&RPSDQ\DQGWKHLUVXEVLGLDULHVDVVRFLDWHV
G $
JJUHJDWHQXPEHURIERQXVVKDUHVLVVXHGVKDUHVLVVXHGIRUFRQVLGHUDWLRQRWKHUWKDQFDVKDQGVKDUHV
ERXJKWEDFNGXULQJWKHSHULRGRIYH\HDUVLPPHGLDWHO\SUHFHGLQJWKHUHSRUWLQJGDWH
7KHUH DUH QR ERQXV VKDUHV LVVXHG VKDUHV LVVXHG IRU FRQVLGHUDWLRQ RWKHU WKDQ FDVK DQG VKDUHV ERXJKW EDFN
GXULQJWKHSHULRGRIYH\HDUVLPPHGLDWHO\SUHFHGLQJUHSRUWLQJGDWH
109
E 7HUPVULJKWVDWWDFKHGWRHTXLW\VKDUHV
7KH&RPSDQ\KDVRQO\RQHFODVVRILVVXHGHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKKROGHURI
HTXLW\VKDUHVLVHQWLWOHGWRRQHYRWHSHUVKDUH7KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGLQQGLDQUXSHHV7KH
GLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO
*HQHUDO0HHWLQJ
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
6KDUHFDSLWDO&RQWG
H 'HWDLOVRIVKDUHKROGHUVKROGLQJPRUHWKDQVKDUHVLQWKH&RPSDQ\
Name of Shareholder *
(TXLW\VKDUHVRI`HDFKIXOO\SDLG
.DO\DQLQYHVWPHQW&RPSDQ\/LPLWHG
6XQGDUDP7UDGLQJDQGQYHVWPHQW3ULYDWH
Limited
.6/+ROGLQJV3ULYDWH/LPLWHG
$VDW0DUFK
1R
RI+ROGLQJ
$VDW0DUFK
1R
RI+ROGLQJ
7KHVKDUHKROGLQJLQIRUPDWLRQLVEDVHGRQOHJDORZQHUVKLSRIVKDUHVDQGKDVEHHQH[WUDFWHGIURPWKHUHFRUGV
RIWKH&RPSDQ\LQFOXGLQJUHJLVWHURIVKDUHKROGHUVPHPEHUV
I 6KDUHVUHVHUYHGIRULVVXHXQGHURSWLRQV
HTXLW\VKDUHVRI`HDFKRXWRIWKHSUHYLRXVLVVXHRIHTXLW\VKDUHVRQ
DULJKWEDVLVWRJHWKHUZLWKGHWDFKDEOHZDUUDQWVHQWLWOHGWRVXEVFULSWLRQRI
HTXLW\VKDUHVRI`HDFKKDYHEHHQNHSWLQDEH\DQFHDQGUHVHUYHIRU
LVVXHSHQGLQJDGMXGLFDWLRQRIWLWOHWRWKHSUHULJKWKROGLQJ
$VDW
0DUFK
$VDW
0DUFK
J *OREDOGHSRVLWRU\UHFHLSWV
7KH&RPSDQ\KDGLVVXHGHTXLW\VKDUHVRI`HDFKODWHUVXEGLYLGHGLQWRHTXLW\VKDUHV
of `HDFKLQ$SULODQG0D\UHSUHVHQWHGE\*OREDO'HSRVLWRU\5HFHLSWV*'5RQVXEGLYLVLRQ
*'5V HYLGHQFLQJ 0DVWHU *'5 &HUWLFDWHV DW D SULFH RI 86' SHU *'5 LQFOXGLQJ SUHPLXP
*'5VRXWVWDQGLQJDWWKHFORVHRIWKH\HDUDUH0DUFK7KHIXQGVUDLVHGKDGEHHQXWLOL]HG
WRZDUGVWKHREMHFWRIWKHLVVXH
5HVHUYHVDQGVXUSOXV
In ` Million
&DSLWDOUHVHUYHV
6SHFLDOFDSLWDOLQFHQWLYH8QGHUWKH3DFNDJH6FKHPHRIQFHQWLYHV
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
&ORVLQJEDODQFH
:DUUDQWVVXEVFULSWLRQPRQH\>5HIHUQRWHD@
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
&ORVLQJEDODQFH
&ORVLQJEDODQFH
&DSLWDOUHGHPSWLRQUHVHUYH
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
&ORVLQJEDODQFH
6HFXULWLHVSUHPLXPDFFRXQW
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
&ORVLQJEDODQFH
FDUULHGRYHU
110
$VDW
0DUFK
$VDW
0DUFK
In ` Million
EURXJKWRYHU
/HVV$SSURSULDWLRQV
- Transfer to debenture redemption reserve
- Transfer to general reserve
QWHULPHTXLW\GLYLGHQG>5HIHUQRWHG@
7D[RQLQWHULPHTXLW\GLYLGHQG
3URSRVHGQDOHTXLW\GLYLGHQG>5HIHUQRWHG@
7D[RQSURSRVHGQDOHTXLW\GLYLGHQG
&ORVLQJEDODQFH
TOTAL
D &DSLWDOUHVHUYHV
7
KH&RPSDQ\KDGLVVXHGDQGDOORWWHGWR4XDOLHGQVWLWXWLRQDO%X\HUVHTXLW\VKDUHVRI`HDFK
at a price of `SHUVKDUHDJJUHJDWLQJWR`0LOOLRQRQ$SULOVLPXOWDQHRXVZLWKWKHLVVXH
RI 1RQ &RQYHUWLEOH 'HEHQWXUHV 1&' RI D IDFH YDOXH RI ` DW SDU WRJHWKHU ZLWK
ZDUUDQWVDWDSULFHRI`HDFKHQWLWOLQJWKHKROGHURIHDFKZDUUDQWWRVXEVFULEHIRUHTXLW\VKDUH
of `HDFKDWDSULFHRI`DWDQ\WLPHZLWKLQ\HDUVIRUPWKHGDWHRIDOORWPHQW)ROORZLQJFRPSOHWLRQ
RIWKUHH\HDUVWHUPWKHVXEVFULSWLRQPRQH\UHFHLYHGRQLVVXHRIZDUUDQWVZDVFUHGLWHGWRFDSLWDOUHVHUYHDV
WKHVDPHLVQRWUHIXQGDEOHDGMXVWDEOH)XUWKHUWKHZDUUDQWVKDGODSVHGDQGFHDVHGWREHYDOLGIURP$SULO
111
$VDW
0DUFK
'HEHQWXUHUHGHPSWLRQUHVHUYH>5HIHUQRWHE@
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
$GG$PRXQWWUDQVIHUUHGIURPVXUSOXVLQWKHVWDWHPHQWRISURWDQGORVV
/HVV$PRXQWWUDQVIHUUHGWRVXUSOXVLQWKHVWDWHPHQWRISURWDQGORVV
&ORVLQJEDODQFH
)RUHLJQ&XUUHQF\0RQHWDU\WHP7UDQVODWLRQ'LHUHQFH$FFRXQW
)&07'$>5HIHUQRWH@
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
$GG$ULVLQJGXULQJWKH\HDU
/HVV$GMXVWHGGXULQJWKH\HDU
&ORVLQJEDODQFH
+HGJHUHVHUYH>5HIHUQRWHW@
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
$GG$ULVLQJGXULQJWKH\HDU
/HVV$GMXVWHGGXULQJWKH\HDU
&ORVLQJEDODQFH
*HQHUDOUHVHUYH
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
$GG$PRXQWWUDQVIHUUHGIURPVXUSOXVEDODQFHLQWKHVWDWHPHQWRISURW
and loss
/HVV$GMXVWHGGXULQJWKH\HDU>5HIHUQRWHF@
&ORVLQJEDODQFH
6XUSOXVLQWKHVWDWHPHQWRISURWDQGORVV
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
$GG
1HWSURWIRUWKH\HDU
7UDQVIHUIURPGHEHQWXUHUHGHPSWLRQUHVHUYH>5HIHUQRWHELL@
$VDW
0DUFK
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
5HVHUYHVDQGVXUSOXV&RQWG
E 'HEHQWXUHUHGHPSWLRQUHVHUYH
L
'
HEHQWXUH UHGHPSWLRQ UHVHUYH KDV EHHQ FUHDWHG LQ DFFRUGDQFH ZLWK FLUFXODU 1R GDWHG $SULO
LVVXHGE\WKH'HSDUWPHQWRI&RPSDQ\$DLUV0LQLVWU\RI/DZ-XVWLFHDQG&RPSDQ\$DLUV
*RYHUQPHQW RI QGLD DQG 6HFWLRQ & RI WKH &RPSDQLHV $FW DW RI WKH PDWXULW\ DPRXQW
HTXDOO\RYHUWKHWHUPVRIWKHGHEHQWXUHVSULYDWHO\SODFHG3XUVXDQWWR0&$FLUFXODU1RGDWHG
)HEUXDU\WKH&RPSDQ\KDVFRQWLQXHGWRFUHDWHUHVHUYHDVSHUWKHHUVWZKLOH&RPSDQLHV$FW
LL '
XULQJ WKH \HDU WKH &RPSDQ\ KDV UHGHHPHG 5HGHHPDEOH 6HFXUHG 1RQFRQYHUWLEOH
'HEHQWXUHV6HYHQWHHQWKVHULHVLQIXOO7KH'HEHQWXUHUHGHPSWLRQUHVHUYHFUHDWHGZLWKUHVSHFWWRWKLV
VHULHVKDVEHHQWUDQVIHUUHGWRVXUSOXVLQWKHVWDWHPHQWRISURWDQGORVVDIWHUUHGHPSWLRQLQIXOORIWKH
VDLGGHEHQWXUHV
F *HQHUDOUHVHUYH
3
XUVXDQW WR WKH &RPSDQLHV $FW WKH $FW WKH &RPSDQ\ KDV GXULQJ WKH \HDU UHYLVHG GHSUHFLDWLRQ
UDWHV RQ FHUWDLQ [HG DVVHWV DV SHU WKH XVHIXO OLIH VSHFLHG LQ 6FKHGXOH RI WKH $FW RU DV UHDVVHVVHG E\
WKH &RPSDQ\ 'XH WR WKLV EDVHG RQ WUDQVLWLRQDO SURYLVLRQ DV SHU QRWH E RI WKH 6FKHGXOH DQ DPRXQW
of ` 0LOOLRQ QHW RI GHIHUUHG WD[ RI ` 0LOOLRQ KDYH EHHQ DGMXVWHG WR JHQHUDO UHVHUYHV 7KH
adjustment to reserve include `0LOOLRQLQUHODWLRQWRGHIHUUHGWD[DGMXVWPHQWRIHDUOLHU\HDUV
/RQJWHUPERUURZLQJV
In ` Million
1RQFXUUHQWSRUWLRQ
&XUUHQWPDWXULWLHV
$VDW
$VDW
$VDW
$VDW
0DUFK 0DUFK 0DUFK 0DUFK
'HEHQWXUHV>5HIHUQRWHD@
0DUFK
5HGHHPDEOHQRQFRQYHUWLEOH
GHEHQWXUHVVHFXUHG
0DUFK
5HGHHPDEOHQRQFRQYHUWLEOH
GHEHQWXUHVVHFXUHG
0DUFK
5HGHHPDEOHQRQFRQYHUWLEOH
GHEHQWXUHVVHFXUHG
7HUPORDQV
)URPEDQNV
Foreign currency term loans
)URP&UHGLW$JULFROH&RUSRUDWH
QYHVWPHQW%DQN6LQJDSRUH
>5HIHUQRWHEL@VHFXUHG
On syndication basis
>5HIHUQRWHELL@XQVHFXUHG
2WKHUORDQV
*67&5 'SURMHFWORDQ
>5HIHUQRWHF@VHFXUHG
TOTAL
-
$PRXQWGLVFORVHGXQGHUWKHKHDG
2WKHUFXUUHQWOLDELOLWLHV>5HIHUQRWH@
TOTAL
$
ERYHGHEHQWXUHVDUHVHFXUHGE\L)LUVWSDULSDVVXPRUWJDJHLQIDYRXURIWKH7UXVWHHVRIDOOULJKWV
DQG LQWHUHVW RQ WKH &RPSDQ\V LPPRYDEOH SURSHUWLHV VLWXDWHG DW 0XQGKZD 6DWDUD DQG &KDNDQ ZLWK
QHJDWLYH OLHQ RQ SURSHUWLHV VLWXDWHG DW -HMXUL DQG %DUDPDWL DQG LL )LUVW SDUL SDVVX FKDUJH LQ IDYRXU
RI WKH 7UXVWHHV E\ ZD\ RI K\SRWKHFDWLRQ RI PRYDEOH SURSHUWLHV SUHVHQW DQG IXWXUH ERWK VXFK DV DOO
SODQWDQGPDFKLQHU\HTXLSPHQWVWRROVIXUQLWXUHDQG[WXUHVHWFDVGHVFULEHGLQ'HEHQWXUH7UXVW
FXP0RUWJDJH'HHGGDWHG$SULODQGDUHYLVHG0RUWJDJH'HHGGDWHG$SULOZKHQWKH
LPPRYDEOHSURSHUW\VLWXDWHGDW-DOJDRQZDVUHPRYHGDVDVHFXULW\
LL
0DUFK5HGHHPDEOHVHFXUHGQRQFRQYHUWLEOHGHEHQWXUHV(LJKWHHQWK
VHULHVRI`HDFK0DUFK`HDFKUHGHHPDEOHDWSDULQEDODQFHWZRDQQXDO
LQVWDOOPHQWV#RQ$SULODQG#RQ$SULOUHVSHFWLYHO\
LLL
0DUFK5HGHHPDEOHVHFXUHGQRQFRQYHUWLEOHGHEHQWXUHV6HYHQWHHQWK
VHULHVRI`1LO0DUFK`UHGHHPHGDWSDU
$
ERYHGHEHQWXUHVDUHVHFXUHGE\L)LUVWSDULSDVVXPRUWJDJHLQIDYRXURI7UXVWHHVRIDOOULJKWVDQG
LQWHUHVW RQ WKH &RPSDQ\V LPPRYDEOH SURSHUWLHV SUHVHQW DQG IXWXUH VLWXDWHG DW 0XQGKZD &KDNDQ
DQG6DWDUDZLWKQHJDWLYHOLHQRQSURSHUWLHVVLWXDWHGDW-HMXULDQG%DUDPDWLDVSHU'HEHQWXUH7UXVWFXP
0RUWJDJH'HHGGDWHG-XQHDQGLL)LUVWSDULSDVVXFKDUJHLQIDYRXURIWKH7UXVWHHVRQPRYHDEOH
SURSHUWLHVSUHVHQWDQGIXWXUHDVGHVFULEHGLQ6FKHGXOHDVSHU'HEHQWXUH7UXVWFXP0RUWJDJH'HHG
GDWHG-XQHDQGDUHYLVHG0RUWJDJH'HHGGDWHG$SULOZKHQWKHLPPRYDEOHSURSHUW\
VLWXDWHGDW-DOJDRQZDVUHPRYHGDVDVHFXULW\
$
ERYHGHEHQWXUHVZHUHVHFXUHGE\L)LUVWSDULSDVVXPRUWJDJHLQIDYRXURIWKH7UXVWHHVRIDOOULJKWV
DQG LQWHUHVW RQ WKH &RPSDQ\V LPPRYDEOH SURSHUWLHV VLWXDWHG DW 0XQGKZD 6DWDUD DQG &KDNDQ ZLWK
QHJDWLYHOLHQRQSURSHUWLHVVLWXDWHGDW-HMXULDQG%DUDPDWLDQGLL)LUVWSDULSDVVXFKDUJHLQIDYRXURI
WKH7UXVWHHVE\ZD\RIK\SRWKHFDWLRQRIPRYDEOHSURSHUWLHVSUHVHQWDQGIXWXUHERWKVXFKDVDOOSODQW
DQGPDFKLQHU\HTXLSPHQWVWRROVIXUQLWXUHDQG[WXUHVHWFDVGHVFULEHGLQ'HEHQWXUH7UXVWFXP
0RUWJDJH'HHGGDWHG'HFHPEHUDQGDUHYLVHG0RUWJDJH'HHGGDWHG$SULOZKHQWKH
LPPRYDEOHSURSHUW\VLWXDWHGDW-DOJDRQZDVUHPRYHGDVDVHFXULW\
D 'HEHQWXUHV
7KH&RPSDQ\KDVLVVXHGWKHIROORZLQJVHFXUHGUHGHHPDEOHQRQFRQYHUWLEOHGHEHQWXUHV
L
0DUFK 5HGHHPDEOH VHFXUHG QRQFRQYHUWLEOH GHEHQWXUHV 6L[WHHQWK
VHULHVRI`HDFK0DUFK`HDFKUHGHHPDEOHDWSDULQEDODQFHWZRHTXDO
DQQXDOLQVWDOOPHQWVRQ-DQXDU\DQGRQ-DQXDU\UHVSHFWLYHO\
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
/RQJWHUPERUURZLQJV&RQWG
E
)RUHLJQFXUUHQF\WHUPORDQV
L )URP&UHGLW$JULFROH&RUSRUDWH QYHVWPHQW%DQN6LQJDSRUH6HFXUHG
%DODQFHRXWVWDQGLQJ86'1LO0DUFK86'0LOOLRQ
6
HFXUHGE\UVWSDULSDVVXFKDUJHRYHUSUHVHQWDQGIXWXUHPRYDEOH[HGDVVHWVYL]SODQWDQGPDFKLQHU\
FRPSXWHUVIXUQLWXUHVDQG[WXUHVZKHWKHULQVWDOOHGRUQRWDQGZKHWKHUQRZO\LQJORRVHRULQFDVHV
RURWKHUZLVHRUEHLQJRQRUXSRQRUDWDQ\WLPHKHUHDIWHUEHLQJRQRUXSRQDERXWWKHSUHPLVHVDQG
JRGRZQVDW0XQGKZD3XQH9LOODJH.XUXOL&KDNDQ7DOXND.KHG'LVWULFW3XQH9LOODJH9DGXWK7DOXND
DQG'LVWULFW6DWDUDDQGDW%DUDPDWL3XQHRUDQ\ZKHUHHOVH
5
HSDLGLQ\HDUO\LQVWDOOPHQWVIURPGDWHRILWVRULJLQDWLRQLH2FWREHUDORQJZLWKLQWHUHVW
LL )RUHLJQFXUUHQF\WHUPORDQVRQ6\QGLFDWHGEDVLV8QVHFXUHG
5HSD\DEOHLQKDOI\HDUO\\HDUO\LQVWDOOPHQWVIURPGDWHRILWVRULJLQDWLRQDORQJZLWKLQWHUHVW
Q86'0LOOLRQ
%DODQFHRXWVWDQGLQJ
$VDW
$VDW
0DUFK 0DUFK
-
'DWHRIRULJLQDWLRQ
2FWREHUKDOI\HDUO\
2FWREHUKDOI\HDUO\
2FWREHUKDOI\HDUO\
0DUFK\HDUO\
F
'HIHUUHGWD[OLDELOLW\
2QDFFRXQWRIWLPLQJGLHUHQFHLQ
PSDFWRIGLHUHQFHEHWZHHQWD[GHSUHFLDWLRQDPRUWL]DWLRQDQG
GHSUHFLDWLRQDPRUWL]DWLRQIRUWKHQDQFLDOUHSRUWLQJ
*URVVGHIHUUHGWD[OLDELOLW\
'HIHUUHGWD[DVVHWV
2QDFFRXQWRIWLPLQJGLHUHQFHLQ
3ULYLOHJHOHDYHHQFDVKPHQWDQGJUDWXLW\
3URYLVLRQIRUEDGDQGGRXEWIXOGHEWVDQGDGYDQFH
'LVDOORZDQFHXQGHUVHFWLRQ%RIQFRPH7D[$FW
9ROXQWDU\UHWLUHPHQWVFKHPH
'LVDOORZDQFHXQGHUVHFWLRQDRIQFRPH7D[$FW
*URVVGHIHUUHGWD[DVVHWV
1HWGHIHUUHGWD[OLDELOLW\
In ` Million
$VDW
$VDW
0DUFK 0DUFK
'HIHUUHGWD[LQUHODWLRQWRDGMXVWPHQWIRUWUDQVLWLRQDOSURYLVLRQRIVFKHGXOHDQGFHUWDLQRWKHUDGMXVWPHQWVKDV
EHHQDFFRXQWHGIRUDVDDGMXVWPHQWVWRJHQHUDOUHVHUYH
2WKHUORQJWHUPOLDELOLWLHV
In ` Million
1RQ&XUUHQW
Current
$VDW
$VDW
$VDW
$VDW
0DUFK 0DUFK 0DUFK 0DUFK
9ROXQWDU\UHWLUHPHQWVFKHPHFRPSHQVDWLRQ
$PRXQWGLVFORVHGXQGHUWKHKHDGRWKHU
FXUUHQWOLDELOLWLHV>5HIHUQRWH@
TOTAL
3URYLVLRQV
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
In ` Million
3URYLVLRQIRUHPSOR\HHEHQHWV
3URYLVLRQIRUJUDWXLW\>5HIHUQRWH@
3URYLVLRQIRUVSHFLDOJUDWXLW\
>5HIHUQRWH@
3URYLVLRQIRUOHDYHEHQHWV
2WKHUSURYLVLRQV
3URSRVHGHTXLW\GLYLGHQG
3URYLVLRQIRUWD[RQSURSRVHGHTXLW\
dividend
3URYLVLRQIRUWD[QHWRIDGYDQFHWD[
6KRUWWHUPERUURZLQJV
In ` Million
$VDW
$VDW
0DUFK 0DUFK
&DVKFUHGLWIURPEDQNVVHFXUHG>5HIHUQRWHD@
3UHVKLSPHQWSDFNLQJFUHGLWIRUHLJQFXUUHQF\VHFXUHG>5HIHUQRWHE@
3UHVKLSPHQWSDFNLQJFUHGLWIRUHLJQFXUUHQF\XQVHFXUHG>5HIHUQRWHF@
TOTAL
The above amount includes
6HFXUHGERUURZLQJV
8QVHFXUHGERUURZLQJV
TOTAL
D &
DVKFUHGLWIURPEDQNVLVVHFXUHGDJDLQVWK\SRWKHFDWLRQRIVWRFNVRIVHPLQLVKHGDQGQLVKHGJRRGVUDZ
PDWHULDOVQLVKHGGLHVDQGGLHEORFNVZRUNLQSURJUHVVFRQVXPDEOHVWRUHVDQGVSDUHVERRNGHEWVHWF
&DVKFUHGLWLVUHSD\DEOHRQGHPDQG
E 3
UHVKLSPHQW SDFNLQJ FUHGLW IURP EDQNV LV VHFXUHG DJDLQVW K\SRWKHFDWLRQ RI VWRFNV RI VHPL QLVKHG DQG
QLVKHGJRRGVUDZPDWHULDOVQLVKHGGLHVDQGGLHEORFNVZRUNLQSURJUHVVFRQVXPDEOHVWRUHVDQGVSDUHV
ERRNGHEWVHWF
3UHVKLSPHQWSDFNLQJFUHGLWIRUHLJQFXUUHQF\VHFXUHGLVUHSD\DEOHZLWKLQGD\V
F 3UHVKLSPHQWSDFNLQJFUHGLWIRUHLJQFXUUHQF\XQVHFXUHGLVUHSD\DEOHZLWKLQGD\V
TOTAL
/RQJWHUP
6KRUWWHUP
$VDW
$VDW
$VDW
$VDW
0DUFK 0DUFK 0DUFK 0DUFK
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
7UDGHSD\DEOHVDQGRWKHUFXUUHQWOLDELOLWLHV
In ` Million
$VDW
$VDW
0DUFK 0DUFK
7UDGHSD\DEOHV>5HIHUQRWHIRUGHWDLOVRIGXHVWRPLFURDQGVPDOOHQWHUSULVHV@
$FFHSWDQFHV
TOTAL
2WKHUFXUUHQWOLDELOLWLHV
&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJV>5HIHUQRWH@
- Secured
3D\DEOHVIRUFDSLWDOJRRGV
QWHUHVWDFFUXHGEXWQRWGXHRQERUURZLQJV
QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGDVDQGZKHQGXH
- Unpaid dividend #
- Unpaid matured deposits
Security deposits
$GYDQFHIURPFXVWRPHUV
(PSOR\HHFRQWULEXWLRQVDQGUHFRYHULHVSD\DEOH
6WDWXWRU\GXHVSD\DEOHLQFOXGLQJWD[GHGXFWHGDWVRXUFH
9ROXQWDU\UHWLUHPHQWVFKHPHFRPSHQVDWLRQ>5HIHUQRWH@
Others
TOTAL
TOTAL
#
QFOXGHV/%7LQSUHYLRXV\HDUIRUZKLFKWKHDSSURSULDWHDXWKRULW\DQGWKHDGPLQLVWUDWLYHPHFKDQLVPIRU
FROOHFWLRQZDVDZDLWHG$OVRUHIHUQRWHE
unpaid due to litigation
E
F
G
-
-
-
-
In ` Million
7RWDO
)
UHHKROGODQGLQFOXGHVDFUHVRIODQGVLWXDWHGDW3XQHDQGDFUHVRIODQGVLWXDWHGDW6DWDUDERWKRIZKLFKKDYHEHHQJLYHQRQOHDVH'XHWRFHUWDLQPDWWHUVEHLQJ
VXEMXGLFHWKH&RPSDQ\KDVQRWH[HFXWHGOHDVHGHHGZLWKUHODWHGSDUW\IRUWKHVDLGODQG
%XLOGLQJVLQFOXGHFRVWRIKDQJDUMRLQWO\RZQHGZLWKRWKHU&RPSDQLHV`0LOOLRQ0DUFK`0LOOLRQ
'RFXPHQWVIRUWKHRZQHUVKLSRISUHPLVHVDW6DL1DJDUL6XUDMEDQDSDUWPHQWVDQG/XOODQDJDUDW3XQHDQGOHDVHKROGODQGDW-HMXULDUHXQGHUH[HFXWLRQ
&DSLWDOL]HGERUURZLQJFRVW
7
KHERUURZLQJFRVWFDSLWDOL]HGGXULQJWKH\HDUHQGHG0DUFKZDV`0LOOLRQ0DUFK`0LOOLRQ
7KH&RPSDQ\FDSLWDOL]HGWKLVERUURZLQJFRVWLQWKHFDSLWDOZRUNLQSURJUHVV&:3
7KHDPRXQWRIERUURZLQJFRVWVKRZQDVRWKHUDGMXVWPHQWVLQWKHDERYHQRWHUHHFWVWKHDPRXQWRIERUURZLQJFRVWWUDQVIHUUHGIURP&:3
D
1HW%ORFN
$VDW0DUFK
$VDW0DUFK
&KDUJHIRUWKH\HDU
'LVSRVDOV
$GMXVWPHQWV
$VDW0DUFK
-
-
'HSUHFLDWLRQ
$VDW$SULO
&KDUJHIRUWKH\HDU
'LVSRVDOV
$VDW0DUFK
$GGLWLRQV
'LVSRVDOV
Other adjustments
%RUURZLQJFRVW
([FKDQJHGLHUHQFHV
$VDW0DUFK
-
Free
KROG
ODQGD
7DQJLEOHDVVHWV
&RVW
$VDW$SULO
$GGLWLRQV
'LVSRVDOV
Other adjustments
%RUURZLQJFRVW
([FKDQJHGLHUHQFHV
$VDW0DUFK
1RWHVWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
$QQXDO5HSRUW 2014-15
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
QWDQJLEOHDVVHWV
7RWDO
$PRUWL]DWLRQ
$VDW$SULO
&KDUJHIRUWKH\HDU
$VDW0DUFK
&KDUJHIRUWKH\HDU
$VDW0DUFK
1HWEORFN
$VDW0DUFK
$VDW0DUFK
*URVVEORFN
$VDW$SULO
3XUFKDVH
Internal development
$VDW0DUFK
3XUFKDVH
Internal development
$VDW0DUFK
118
In ` Million
&RPSXWHU
VRIWZDUH
1RQFXUUHQWLQYHVWPHQWV
In ` Million
7UDGHLQYHVWPHQWVYDOXHGDWFRVWXQOHVVVWDWHGRWKHUZLVH
(TXLW\LQVWUXPHQWVXQTXRWHG
QYHVWPHQWLQZKROO\RZQHGVXEVLGLDULHV
&'3%KDUDW)RUJH*PE+
6XEVFULSWLRQWRWKHHTXLW\VKDUHFDSLWDO
(85
&RQWULEXWLRQ WR FDSLWDO UHVHUYH FUHGLWHG LQ
favour of Bharat Forge Limited
>5HIHUQRWHD@
(85(85
%KDUDW)RUJH$PHULFDQF
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV
86'
(TXLW\LQVWUXPHQWVTXRWHG
0DUFK1LOHTXLW\VKDUHVRI`HDFKIXOO\SDLGXSLQ
.377HFKQRORJLHV/LPLWHG
3UHIHUHQFHVKDUHVXQTXRWHG
0DUFK SUHIHUHQFH VKDUHV RI ` HDFK IXOO\
SDLGXSLQ%)QIUDVWUXFWXUH/LPLWHGDZKROO\RZQHGVXEVLGLDU\
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV>5HIHUQRWHEDQGF@
FDUULHGRYHU
-
119
$VDW
$VDW
0DUFK 0DUFK
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
1RQFXUUHQWLQYHVWPHQWV &RQWG
In ` Million
$VDW
$VDW
0DUFK 0DUFK
EURXJKWRYHU
'HEHQWXUHVXQTXRWHG
0DUFK&RPSXOVRULO\&RQYHUWLEOH'HEHQWXUHVRI
`HDFKLQ$QDORJLF&RQWUROVQGLD/LPLWHG
2WKHULQYHVWPHQWVYDOXHGDWFRVWXQOHVVVWDWHGRWKHUZLVH
%RQGVXQTXRWHG
0DUFK1RQFRQYHUWLEOHUHGHHPDEOHVHFXUHGWD[DEOHERQGVRI
`HDFK6HULHV;
TOTAL
$JJUHJDWHDPRXQWRITXRWHGLQYHVWPHQWV
[# Market value `0LOOLRQ0DUFK1LO@
$JJUHJDWHDPRXQWRIXQTXRWHGLQYHVWPHQWV
$JJUHJDWHDPRXQWRISURYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV
> @ZKROO\RZQHGVXEVLGLDU\WLOOSUHYLRXV\HDU
D &'3%KDUDW)RUJH*PE+
&
RQWULEXWLRQVWRWKHFDSLWDOUHVHUYHVRI&'3%KDUDW)RUJH*PE+DVSHUWKH*HUPDQ&RPPHUFLDO&RGHIRUPVDSDUWRIWKH
HTXLW\VKDUHFDSLWDODQGDFFRUGLQJO\KDVEHHQFRQVLGHUHGDVDQLQYHVWPHQWDQGLVUHGHHPDEOHVXEMHFWWRSURYLVLRQVRIWKH
FRGH
E %)QIUDVWUXFWXUH/LPLWHG%)/
%
)QIUDVWUXFWXUH/LPLWHGDZKROO\RZQHGVXEVLGLDU\LVLQWKHEXVLQHVVRIPDQXIDFWXULQJDVVHPEOLQJLQVWDOOLQJHWFIRU
LQIUDVWUXFWXUHSURMHFWVLQHQHUJ\SRZHURLO JDVHWFQWKHSUHYLRXV\HDUFRQVLGHULQJWKHORVVHVLQWKHEXVLQHVVDFWLYLWLHV
FDUULHGRXWE\WKH&RPSDQ\WKH&RPSDQ\KDGDVDPDWWHURISUXGHQFHWHVWHGWKHLQYHVWPHQWLQ%)/IRULPSDLUPHQW
GLPLQXWLRQZLWKUHIHUHQFHWRWKHYDOXHRIDVVHWV$FFRUGLQJO\WKH&RPSDQ\KDGSURYLGHGIRULPSDLUPHQWRI`1LO0DUFK
`0LOOLRQZKLFKZDVUHFRJQL]HGDVDQH[FHSWLRQDOLWHPLQWKHVWDWHPHQWRISURWDQGORVV
F %)QIUDVWUXFWXUH9HQWXUHV/LPLWHG%)9/
%
) QIUDVWUXFWXUH 9HQWXUHV /LPLWHG D ZKROO\ RZQHG VXEVLGLDU\ KDV UHJLVWHUHG ORVVHV ZKLFK KDV DHFWHG LWV QHW ZRUWK
*LYHQWKHORVVHVLQWKHEXVLQHVVDFWLYLWLHVFDUULHGRXWE\WKH&RPSDQ\WKH&RPSDQ\KDVDVDPDWWHURISUXGHQFHWHVWHG
WKHLQYHVWPHQWLQ%)9/IRULPSDLUPHQWGLPLQXWLRQZLWKUHIHUHQFHWRWKHYDOXHRIDVVHWV$FFRUGLQJO\WKH&RPSDQ\KDV
provided for impairment of `0LOOLRQ0DUFK`1LOZKLFKKDVEHHQUHFRJQL]HGDVDQH[FHSWLRQDOLWHPLQWKH
VWDWHPHQWRISURWDQGORVV
G .DO\DQL$/67203RZHU/LPLWHG
7
KH %RDUG RI 'LUHFWRUV RI $/6720 %KDUDW )RUJH 3RZHU /LPLWHG $%)3/ RQ $XJXVW DSSURYHG D 6FKHPH RI
$PDOJDPDWLRQ 6FKHPH EHWZHHQ $%)3/ DQG .DO\DQL $OVWRP 3RZHU /LPLWHG .$3/ EHLQJ WUDQVIHURU &RPSDQ\ ZLWK DQ
$SSRLQWHGGDWHRI$SULODQGWKH6KDUHKROGHURI$%)3/DOVRVXEPLWWHGWKHLUOHWWHURIFRQVHQWIRUDSSURYLQJ6FKHPH
7KH6FKHPHKDVEHHQDSSURYHGE\+RQ
EOH+LJK&RXUWRI'HOKLYLGHLWV2UGHUGDWHG$XJXVWFHUWLHGFRS\RIZKLFK
ZDVUHFHLYHGRQ6HSWHPEHUOHGZLWKWKH5HJLVWUDURI&RPSDQLHV1&7RI'HOKLDQG+DU\DQDRQGDWHG2FWREHU
3XUVXDQWWRWKH6FKHPHWKHWUDQVIHURU&RPSDQ\LH.$3/DPDOJDPDWHGZLWK$%)3/IURPWKHDSSRLQWHGGDWH
LH$SULORQJRLQJFRQFHUQEDVLV$VSHUWKHVFKHPHGXULQJWKHSHULRGEHWZHHQDSSRLQWHGGDWHDQGHHFWLYHGDWH
WUDQVIHURU&RPSDQ\VKDOOEHGHHPHGWRKDYHFDUULHGRQWKHH[LVWLQJEXVLQHVVRQDFFRXQWRIDQGIRUWKHEHQHWDQGLQ
7UXVWIRUWKHWUDQVIHUHH&RPSDQ\
3
XUVXDQWWRVFKHPHRI$PDOJDPDWLRQHTXLW\VKDUHVRI`HDFKDUHWREHLVVXHGWRVKDUHKROGHUVRI.$3/LQ
WKHUDWLRRIIXOO\SDLGXSHTXLW\VKDUHVRI$%)3/IRUHYHU\IXOO\SDLGXSHTXLW\VKDUHVRI`HDFKKHOGLQ$%)3/
$VDUHVXOWRIWKHVFKHPHWKH&RPSDQ\KDVUHFHLYHGHTXLW\VKDUHVRI`HDFKRI$%)3/IRUHTXLW\
VKDUHVRI.$3/6LPXOWDQHRXVZLWKWKHLVVXDQFHDQGDOORWPHQWRIVKDUHVLQ$%)3/WRWKHVKDUHKROGHUVRIHUVWZKLOH.$3/DV
PHQWLRQHGDERYH$%)3/VKDOOXQGHUWDNHSUHIHUHQWLDOLVVXDQFHDQGDOORWPHQWRIHTXLW\VKDUHVRIWKHIDFHYDOXHRI
`HDFKIXOO\SDLGXSWR$/67203RZHU+ROGLQJV6$HTXLW\VKDUHVRIWKHIDFHYDOXHRI`HDFKDQG%KDUDW
)RUJH/LPLWHGHTXLW\VKDUHVRI`HDFK
H %)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
'
XULQJWKHFXUUHQW\HDU%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHGKDVLVVXHGHTXLW\VKDUHVRI` HDFKWR(OELW
6\VWHPV/DQGDQG&/LPLWHG(OELWWKHRWKHUVKDUHKROGHU&RQVHTXHQWO\WKH&RPSDQ\QRZKROGVRIHTXLW\VKDUH
FDSLWDORI%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
I *XSWD(QHUJ\3ULYDWH/LPLWHG
6KDUHVRI*XSWD(QHUJ\3ULYDWH/LPLWHGSOHGJHGDJDLQVWWKHIDFLOLW\REWDLQHGE\*XSWD*OREDO5HVRXUFHV3ULYDWH/LPLWHG
/RDQVDQGDGYDQFHV
In ` Million
1RQ&XUUHQW
$VDW
Current
$VDW
$VDW
$VDW
8QVHFXUHGFRQVLGHUHGJRRG
8QVHFXUHGFRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXODGYDQFH
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
6HFXULW\GHSRVLWVLQFOXGLQJVWDWXWRU\GHSRVLWV
8QVHFXUHGFRQVLGHUHGJRRG
7RUHODWHGSDUWLHV>5HIHUQRWH@
8QVHFXUHGFRQVLGHUHGJRRG
/RDQWRZKROO\RZQHGVXEVLGLDU\
$PRXQWUHFRYHUDEOHIURPZKROO\RZQHG
subsidiaries
$PRXQWUHFRYHUDEOHIURPRWKHUVXEVLGLDULHV
8QVHFXUHGFRQVLGHUHGJRRG
8QVHFXUHGFRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXODGYDQFH
-
$GYDQFHVWRVXSSOLHUV
%DODQFHVZLWKVWDWXWRU\JRYHUQPHQW
authorities
7D[HVDQGGXW\FUHGLWVUHFHLYDEOHV
LQFOXGLQJ9$7
Intercorporate deposits
Intercorporate deposit
/RDQVDQGDGYDQFHV
5HFRYHUDEOHLQFDVKRUNLQG
8QVHFXUHGFRQVLGHUHGJRRG
Share application money pending
allotment to related party
Loan to employees
$GYDQFHLQFRPHWD[1HWRISURYLVLRQIRUWD[
TOTAL
2WKHUV
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
2WKHUDVVHWV
In ` Million
1RQ&XUUHQW
$VDW
Current
$VDW
$VDW
$VDW
1RQFXUUHQWEDQNEDODQFH>5HIHUQRWH@
QWHUHVWDFFUXHGRQ[HGGHSRVLWVHWF
(QHUJ\FUHGLWUHFHLYDEOH:LQGPLOOV
Others
'HULYDWLYHDVVHWV
)RUZDUGFRQWUDFWV
2WKHUV
([SRUWLQFHQWLYHVUHFHLYDEOH
*RYHUQPHQWJUDQWXQGHU366FKHPH
TOTAL
$VDW
0DUFK 0DUFK
QYHVWPHQWVLQPXWXDOIXQGV>5HIHUQRWHD@
TOTAL
$JJUHJDWHDPRXQWRITXRWHGLQYHVWPHQWV
QFOXGHGLQPDUNHWYDOXHDW1$9DVRQ0DUFKDQG0DUFKUHVSHFWLYHO\DVWKHUHZDVQRWUDGH
IRUWKHVFKHPHVKHQFHTXRWDWLRQVDUHQRWDYDLODEOH
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
)036HULHV'D\V3ODQ$5HJXODU3ODQ&XPXODWLYH
0DUFK8QLWVRI`HDFKRI&&3UXGHQWLDO
)036HULHV'D\V3ODQ&5HJXODU3ODQ&XPXODWLYH
0DUFK8QLWVRI`HDFKRI&&3UXGHQWLDO
)036HULHV'D\V3ODQ'5HJXODU3ODQ&XPXODWLYH
0DUFK8QLWVRI`HDFKRI&&3UXGHQWLDO
)036HULHV'D\V3ODQ.5HJXODU3ODQ&XPXODWLYH
0DUFK1LO8QLWVRI`HDFKRI&&3UXGHQWLDO)03
6HULHV'D\V3ODQ.5HJXODU3ODQ&XPXODWLYH
0DUFK1LO8QLWVRI`HDFKRI&&3UXGHQWLDO)03
6HULHV'D\V3ODQ;5HJXODU3ODQ&XPXODWLYH
FDUULHGRYHU
Nil
Nil
0DUFK8QLWVRI`HDFKRI%LUOD6XQ/LIH
)L[HG7HUP3ODQ6HULHV-2'D\V*URZWK5HJXODU
0DUFK8QLWVRI`HDFKRI%LUOD6XQ/LIH
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
&XUUHQWLQYHVWPHQWVYDOXHGDWORZHURIFRVWDQGPDUNHWYDOXHXQOHVVVWDWHGRWKHUZLVH&RQWG
D 'HWDLOVRITXRWHGDQGXQTXRWHGLQYHVWPHQWV&RQWG
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
8QTXRWHG
In ` Million
$VDW
$VDW
0DUFK 0DUFK
EURXJKWRYHU
0DUFK8QLWVRI`HDFKRI')&)L[HG
7HUP3ODQ6HULHV5HJXODU3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI-30RUJDQ
QGLD)L[HG0DWXULW\3ODQ6HULHV5HJXODU*URZWK
0DUFK8QLWVRI`HDFKRI.RWDN
)L[HG0DWXULW\3ODQ6HULHV5HJXODU*URZWK
0DUFK8QLWVRI`HDFKRI/&
1RPXUD0))036HULHV'D\V*URZWK3ODQ
0DUFK8QLWVRI`HDFKRI/&
1RPXUD0))036HULHV'D\V*URZWK3ODQ
0DUFK8QLWVRI`HDFKRI5HOLDQFH
)L[HG+RUL]RQ)XQG6HULHV;;96HULHV*URZWK3ODQ
0DUFK1LO8QLWVRI`HDFKRI5HOLDQFH)L[HG
+RUL]RQ)XQG;;96HULHV*URZWK3ODQ
0DUFK8QLWVRI`HDFKRI6%'HEW
)XQG6HULHV'D\V5HJXODU3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI7DWD)L[HG
0DWXULW\3ODQ6HULHV6FKHPH/3ODQ$*URZWK
0DUFK8QLWVRI`HDFKRI87)L[HG
7HUPQFRPH)XQG6HULHV;99'D\V*URZWK3ODQ
727$/$
0DUFK8QLWVRI`HDFKRI$[LV
/LTXLG)XQG*URZWK
0DUFK8QLWVRI`HDFKRI%LUOD6XQ
/LIH&DVK3OXV*URZWK5HJXODU3ODQ
0DUFK1LO8QLWVRI`HDFKRI'63%ODFN5RFN
0RQH\0DQDJHU)XQG5HJXODU3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI'63
%ODFN5RFN/LTXLGLW\)XQGQVWLWXWLRQDO3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI':6
QVWD&DVK3OXV)XQG*URZWK
0DUFK8QLWVRI`HDFKRI)UDQNOLQ
QGLD7UHDVXU\0DQDJHPHQW$FFRXQW6XSHUQVWLWXWLRQDO3ODQ
*URZWK
0DUFK8QLWVRI`HDFKRI)UDQNOLQ
QGLD8OWUD6KRUW%RQG)XQG6XSHUQVWLWXWLRQDO3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI+')&
/LTXLG)XQG*URZWK
0DUFK8QLWVRI`HDFKRI+')&
)ORDWLQJ5DWHQFRPH)XQG6KRUW7HUP3ODQ:KROHVDOH
2SWLRQ*URZWK
0DUFK8QLWVRI`HDFKRI&&
3UXGHQWLDO)OH[LEOHQFRPH5HJXODU3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI&&
3UXGHQWLDO/LTXLG5HJXODU3ODQ*URZWK
0DUFK1LO8QLWVRI`HDFKRI&&3UXGHQWLDO
0RQH\0DUNHW)XQG5HJXODU3ODQ*URZWK
FDUULHGRYHU
Nil
Nil
727$/$%
$VDW
$VDW
0DUFK 0DUFK
EURXJKWRYHU
0DUFK8QLWVRI`HDFKRI')&
&DVK)XQG*URZWK5HJXODU3ODQ
0DUFK1LO8QLWVRI`HDFKRI')&8OWUD6KRUW
7HUP)XQG*URZWK5HJXODU3ODQ
0DUFK8QLWVRI`HDFKRI-30RUJDQ
QGLD/LTXLG)XQG6XSHUQVWLWXWLRQDO3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI.RWDN
/LTXLG6FKHPH3ODQ$*URZWK
0DUFK8QLWVRI`HDFKRI.RWDN
7UHDVXU\$GYDQWDJH)XQG*URZWKHDUOLHU.RWDN)ORDWHU/RQJ
7HUP*URZWK
0DUFK8QLWVRI`HDFKRI/ 7
/LTXLG)XQG*URZWK
0DUFK8QLWVRI`HDFKRI/&
1RPXUD0)/LTXLG)XQG*URZWK
0DUFK8QLWVRI`HDFKRI
5HOLDQFH0RQH\0DQDJHU)XQG*URZWK3ODQ*URZWK
Option
0DUFK8QLWVRI`HDFKRI
5HOLDQFH0HGLXP7HUP)XQG*URZWK3ODQ*URZWK2SWLRQ
0DUFK8QLWVRI`HDFKRI
5HOLDQFH/LTXLGLW\)XQG*URZWK3ODQ*URZWK2SWLRQ
0DUFK8QLWVRI`HDFKRI
5HOLJDUHQYHVFR/LTXLG)XQG*URZWK3ODQ
0DUFK8QLWVRI`HDFKRI6%
3UHPLHU/LTXLG)XQG5HJXODU3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI
6XQGDUDP0RQH\)XQG5HJXODU*URZWK
0DUFK8QLWVRI`HDFKRI7DWD
/LTXLG)XQG3ODQ$*URZWK
0DUFK8QLWVRI`HDFKRI87
/LTXLG&DVK3ODQQVWLWXWLRQDO*URZWK
0DUFK8QLWVRI`HDFKRI87
7UHDVXU\$GYDQWDJH)XQGQVWLWXWLRQDO3ODQ*URZWK
727$/%
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
QYHQWRULHVYDOXHGDWORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
In ` Million
$VDW
$VDW
0DUFK 0DUFK
5DZPDWHULDOVDQGFRPSRQHQWV>LQFOXGHVO\LQJZLWKWKLUGSDUWLHV@5HIHUQRWH
:RUNLQSURJUHVV>LQFOXGHVO\LQJZLWKWKLUGSDUWLHV@5HIHUQRWH
)LQLVKHGJRRGV>LQFOXGHVLQWUDQVLW@5HIHUQRWH
6WRUHVVSDUHVDQGORRVHWRROV
'LHVDQGGLHVXQGHUIDEULFDWLRQ5HIHUQRWH
6FUDS5HIHUQRWH
TOTAL
7UDGHUHFHLYDEOHV
&DVKDQGEDQNEDODQFHV
&DVKDQGFDVKHTXLYDOHQWV
%DODQFHVZLWKEDQNV
Q&DVK&UHGLWDQG&XUUHQWDFFRXQWV
'HSRVLWV ZLWK RULJLQDO PDWXULW\ RI
less than 3 months
&DVKRQKDQG
2WKHUEDQNEDODQFHV
(DUPDUNHGEDODQFHV
RQXQFODLPHGGLYLGHQGDFFRXQWV
'HSRVLWV ZLWK RULJLQDO PDWXULW\ RI PRUH
WKDQPRQWKVEXWOHVVWKDQPRQWKV
'HSRVLWVZLWKRULJLQDOPDWXULW\RIPRUH
WKDQPRQWKV
$PRXQWGLVFORVHGXQGHUQRQFXUUHQWDVVHWV
5HIHUQRWH
TOTAL
1RQ&XUUHQW
$VDW
$VDW
0DUFK 0DUFK
In ` Million
$VDW
$VDW
0DUFK 0DUFK
In ` Million
Current
$VDW
$VDW
0DUFK 0DUFK
5HYHQXHIURPRSHUDWLRQV
TOTAL
TOTAL
2WKHULQFRPH
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
Interest income on
'HSRVLWV
- Loans to subsidiaries
'LYLGHQGLQFRPHIURPLQYHVWPHQWLQPXWXDOIXQGVFXUUHQWLQYHVWPHQW
Net gain on sale of
- current investments
- long-term investments
*DLQRQIRUHLJQH[FKDQJHXFWXDWLRQQHW
*RYHUQPHQWJUDQWXQGHU36VFKHPH
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVZULWWHQEDFN
3URYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN
QVXUDQFHLQFOXGLQJNH\PDQLQVXUDQFHQHW
Miscellaneous income
TOTAL
)LQLVKHGJRRGVVROG
Steel forgings
Finished machined crankshaft
)URQWD[OHDVVHPEO\DQGFRPSRQHQWV
5LQJUROOLQJ
Transmission parts
$OXPLQLXPURDGZKHHO
*HQHUDOHQJLQHHULQJHTXLSPHQWV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
5HYHQXHIURPRSHUDWLRQV
6DOHRISURGXFWVQHWRIUHWXUQVUHEDWHVHWF
- Finished goods
- Manufacturing scrap
6DOHRIVHUYLFHV
-REZRUNFKDUJHV
'LHGHVLJQDQGSUHSDUDWLRQFKDUJHV
2WKHURSHUDWLQJUHYHQXHV
([SRUWLQFHQWLYHV
6DOHRIHOHFWULFLW\5(&:LQGPLOOV
5HYHQXHIURPRSHUDWLRQVJURVV
/HVV([FLVHGXW\
5HYHQXHIURPRSHUDWLRQVQHW
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
&RVWRIUDZPDWHULDOVDQGFRPSRQHQWVFRQVXPHG
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
&DUERQDQGDOOR\VWHHO
&RPSRQHQWV
'LHEORFNVGLHDQGWRROVVWHHO
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
TOTAL
E PSRUWHGDQGLQGLJHQRXVUDZPDWHULDOVDQGFRPSRQHQWVFRQVXPHG
<HDUHQGHG0DUFK
In `0LOOLRQ
Imported
Indigenous
TOTAL
<HDUHQGHG0DUFK
In ` Million
F QIXUQLVKLQJLQIRUPDWLRQXQGHU1RWHEWKHYLHZKDVEHHQWDNHQWKDWSDUWLFXODUVDUHUHTXLUHGRQO\LQ
UHVSHFWRILWHPVWKDWDUHLQFRUSRUDWHGLQWKHQLVKHGJRRGVSURGXFHGDQGQRWIRUVXFKPDWHULDOXVHGIRU
PDLQWHQDQFHRISODQWDQGPDFKLQHU\
QYHQWRULHVDWWKHHQGRIWKH\HDU5HIHUQRWH
Work-in-progress
Finished goods
'LHVDQGGLHVXQGHUIDEULFDWLRQ
Scrap
QYHQWRULHVDWWKHEHJLQQLQJRIWKH\HDU5HIHUQRWH
Work-in-progress
Finished goods
'LHVDQGGLHVXQGHUIDEULFDWLRQ
Scrap
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
In ` Million
QFUHDVH
decrease
(PSOR\HHEHQHWVH[SHQVH
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
6DODULHV ZDJHV DQG ERQXV LQFOXGLQJ PDQDJLQJ DQG ZKROH WLPH GLUHFWRUV
UHPXQHUDWLRQ
- Superannuation scheme
&RQWULEXWLRQVWR
3URYLGHQWIXQG
6SHFLDO*UDWXLW\IXQG>5HIHUQRWH@
<HDUHQGHG
<HDUHQGHG
(PSOR\HHYROXQWDU\UHWLUHPHQWVFKHPHFRPSHQVDWLRQ
6WDZHOIDUHH[SHQVHV
TOTAL
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH
In ` Million
- Other funds/schemes
*UDWXLW\IXQG>5HIHUQRWH@
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
0DUFK 0DUFK
'HSUHFLDWLRQRQWDQJLEOHDVVHWV>5HIHUQRWH@
$PRUWL]DWLRQRQLQWDQJLEOHDVVHWV>5HIHUQRWH@
TOTAL
<HDUHQGHG
<HDUHQGHG
)LQDQFHFRVWV
In ` Million
0DUFK 0DUFK
Interest on bank facilities
TOTAL
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
2WKHUH[SHQVHV
&RQVXPSWLRQRIVWRUHVVSDUHVDQGWRROV
Machining charges
3RZHUIXHODQGZDWHU
/HVV&UHGLWIRUHQHUJ\JHQHUDWHG
5HSDLUVDQGPDLQWHQDQFH
- Building repairs and road maintenance
3ODQWDQGPDFKLQHU\
5HQW5HIHUQRWH
5DWHVDQGWD[HVLQFOXGLQJZHDOWKWD[
QVXUDQFHLQFOXGLQJNH\PDQLQVXUDQFH
&65([SHQGLWXUH>5HIHUQRWH@
Legal and professional fees
&RPPLVVLRQDQGGLVFRXQW
'RQDWLRQV
D 3ROLWLFDOSDUWLHV
E 2WKHUV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
3,594.55
40.00
37.54
3DFNLQJPDWHULDO
)UHLJKWIRUZDUGLQJFKDUJHV
'LUHFWRUVIHHVDQGWUDYHOOLQJH[SHQVHV
&RPPLVVLRQWRGLUHFWRUVRWKHUWKDQPDQDJLQJDQG
ZKROHWLPHGLUHFWRUV
/RVVRQVDOHRI[HGDVVHWV1HW
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHV
%DGGHEWVDGYDQFHVZULWWHQR
([FKDQJHGLHUHQFHQHW
3D\PHQWWR$XGLWRUV5HIHUGHWDLOVEHORZ
([FLVHGXW\RQLQFUHDVHGHFUHDVHRIVWRFN
0LVFHOODQHRXVH[SHQVHV
*
**
TOTAL
'RQDWLRQVWRSROLWLFDOSDUWLHVLQFOXGHVWKRVHWR%KDUDWL\D-DQDWD3DUW\DQG6KLY6HQD3UHYLRXV\HDU%KDUDWL\D
-DQDWD3DUW\6KLY6HQD0DKDUDVKWUD3UDGHVK1DWLRQDOLVW&RQJUHVV3DUW\$OOQGLD&RQJUHVV&RPPLWWHHDQG
0DKDUDVKWUD3UDGHVK&RQJUHVV&RPPLWWHH
0LVFHOODQHRXVH[SHQVHVLQFOXGHVWUDYHOOLQJH[SHQVHVSULQWLQJVWDWLRQHU\SRVWDJHWHOHSKRQHHWF
3D\PHQWWRDXGLWRUV
$V$XGLWRU
$XGLWIHH
/LPLWHGUHYLHZ
2WKHUVLQFOXGLQJFHUWLFDWLRQIHHV
5HLPEXUVHPHQWRIH[SHQVHV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
TOTAL
$ERYHH[SHQVHVLQFOXGHUHVHDUFKDQGGHYHORSPHQWH[SHQGLWXUHIRUGHWDLOVRIZKLFKUHIHUQRWH
([FHSWLRQDOLWHPV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
/RVVRQVDOHRIQYHVWPHQW>5HIHUQRWHD@
3URYLVLRQIRUH[SHQVHRIHDUOLHU\HDUUHYHUVHG>5HIHUQRWHE@
3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWVLQVXEVLGLDULHV>5HIHUQRWHF@
3URWRQVDOHRIODQG>5HIHUQRWHG@
TOTAL
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
D /RVVRQVDOHRIQYHVWPHQW
E 3URYLVLRQIRUH[SHQVHRIHDUOLHU\HDUUHYHUVHG
7
LOOSUHYLRXV\HDUWKH&RPSDQ\PDGHSURYLVLRQWRZDUGV/%7SD\DEOH+RZHYHUWKHOLDELOLW\ZDVQRWVHWWOHG
DV WKHUH ZDV QR DSSURSULDWH DXWKRULW\ DQG WKH DGPLQLVWUDWLYH PHFKDQLVP 'XULQJ WKH \HDU EDVHG RQ WKH
RSLQLRQREWDLQHGIURPWKHOHJDODGYLVRUWKHOLDELOLW\KDVEHHQUHYHUVHG
F 3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWLQ
L
%)QIUDVWUXFWXUH/LPLWHG%)/
QWKHSUHYLRXV\HDUFRQVLGHULQJWKHORVVHVLQWKHEXVLQHVVDFWLYLWLHVFDUULHGRXWE\%)/WKH&RPSDQ\
had provided an amount of `0LOOLRQWRZDUGVGLPLQXWLRQLQWKHFDUU\LQJFRVWRILWVLQYHVWPHQWV
'
XULQJWKH\HDUWKH&RPSDQ\KDVGLYHVWHGLWVVWDNHLQPSDFW$XWRPRWLYH6ROXWLRQV/LPLWHGZKLFKZDV
IRUPHGLQWKH\HDUDVD-RLQW9HQWXUH-97KHVWDNHZDVVROGE\WKH&RPSDQ\WRWKHRWKHU-93DUWQHU
resulting in loss of `0LOOLRQRQVDOHRILQYHVWPHQWV
LL %)QIUDVWUXFWXUH9HQWXUHV/LPLWHG%)9/
&
RQVLGHULQJ WKH ORVVHV LQ WKH EXVLQHVV DFWLYLWLHV FDUULHG RXW E\ %)9/ WKH &RPSDQ\ KDV SURYLGHG DQ
amount of `0LOOLRQWRZDUGVGLPLQXWLRQLQWKHFDUU\LQJFRVWRILWVLQYHVWPHQWVLQFXUUHQW\HDU
G 3URWRQVDOHRIODQG
<HDUHQGHG
0DUFK 0DUFK
1XPHUDWRUIRUEDVLFDQGGLOXWHG(36
1HWSURWDWWULEXWDEOHWR6KDUHKROGHUVDVDW0DUFK
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJEDVLF(36
1XPEHURIHTXLW\VKDUHVRXWVWDQGLQJDWWKHHQGRIWKH\HDUQRV
(36%DVLFLQ`
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJGLOXWHG(36
1XPEHURIHTXLW\VKDUHVRXWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDUQRV
(36'LOXWHGLQ`
'XULQJSUHYLRXV\HDUWKH&RPSDQ\VROGLWVODQGVLWXDWHGDW-DOJDRQUHVXOWLQJLQDJDLQRI`0LOOLRQ
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWSODQV
D *UDWXLW\SODQ
)XQGHGVFKHPH
7
KH&RPSDQ\KDVDGHQHGEHQHWJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HHZKRKDVFRPSOHWHG
DWOHDVWYH\HDUVRIVHUYLFHJHWVDJUDWXLW\RQGHSDUWXUHDWGD\VODVWGUDZQEDVLFVDODU\IRUHDFKFRPSOHWHG
\HDURIVHUYLFH7KHVFKHPHLVIXQGHGZLWKDQLQVXUDQFH&RPSDQ\LQWKHIRUPRIDTXDOLI\LQJLQVXUDQFHSROLF\
7
KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQL]HGLQWKHVWDWHPHQWRISURW
DQGORVVDQGWKHIXQGHGVWDWXVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHWIRUWKHUHVSHFWLYHSODQ
6WDWHPHQWRISURWDQGORVV
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQL]HGLQHPSOR\HHFRVWLQVWDWHPHQWRISURWDQGORVV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
&XUUHQWVHUYLFHFRVW
QWHUHVWFRVWRQEHQHWREOLJDWLRQ
([SHFWHGUHWXUQRQSODQDVVHWV
1HWDFWXDULDOORVVJDLQUHFRJQL]HGLQWKH\HDU
Interest income
1HWEHQHWH[SHQVH
$FWXDOUHWXUQRQSODQDVVHWV
%DODQFHVKHHW
&KDQJHVLQWKHIDLUYDOXHRISODQDVVHWVUHFRJQL]HGLQWKHEDODQFHVKHHWDUHDVIROORZV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
([SHFWHGUHWXUQ
&RQWULEXWLRQE\HPSOR\HU
%HQHWVSDLG
$FWXDULDOJDLQVORVVHV
&ORVLQJIDLUYDOXHRISODQDVVHWV
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQL]HGLQEDODQFHVKHHWDUHDVIROORZV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
Interest cost
2SHQLQJGHQHGEHQHWREOLJDWLRQ
&XUUHQWVHUYLFHFRVW
%HQHWVSDLG
&ORVLQJGHQHGEHQHWREOLJDWLRQ
D *UDWXLW\SODQ&RQWG
%HQHWOLDELOLW\
In ` Million
$VDW
$VDW
0DUFK 0DUFK
Fair value of plan assets
3UHVHQWYDOXHRIGHQHGEHQHWREOLJDWLRQV
3ODQOLDELOLW\
7KHPDMRUFDWHJRULHVRISODQDVVHWVDVDSHUFHQWDJHRIWKHIDLUYDOXHRIWRWDOSODQDVVHWVDUHDVIROORZV
$VDW
$VDW
0DUFK 0DUFK
QYHVWPHQWVZLWKLQVXUHU
7KHSULQFLSDODVVXPSWLRQVXVHGLQGHWHUPLQLQJJUDWXLW\IRUWKH&RPSDQ\VSODQLVVKRZQEHORZ
QSHUDQQXP
$VDW
7KH&RPSDQ\H[SHFWVWRFRQWULEXWH`0LOOLRQWRJUDWXLW\IXQGLQWKHQH[W\HDU0DUFK`
0LOOLRQ
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
$VDW
0DUFK 0DUFK
'LVFRXQWUDWH
([SHFWHGUDWHRIUHWXUQRQDVVHWV
Increment rate
$PRXQWIRUWKHFXUUHQWDQGSUHYLRXVIRXUSHULRGVDUHDVIROORZV
In ` Million
$VDW
3ODQDVVHWV
'HQHGEHQHWREOLJDWLRQ
0DUFK
0DUFK
0DUFK
0DUFK
0DUFK
([SHULHQFHDGMXVWPHQWVRQSODQOLDELOLWLHV
([SHULHQFHDGMXVWPHQWVRQSODQDVVHWV
'HFLW
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\
SURPRWLRQDQGRWKHU UHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW7KHRYHUDOO
H[SHFWHGUDWHRIUHWXUQRQDVVHWVLVGHWHUPLQHGEDVHGRQWKHPDUNHWSULFHVSUHYDLOLQJRQWKDWGDWHDSSOLFDEOH
WRWKHSHULRGRYHUZKLFKWKHREOLJDWLRQLVWREHVHWWOHG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWSODQV&RQWG
E 6SHFLDOJUDWXLW\
7
KH&RPSDQ\KDVDGHQHGEHQHWVSHFLDOJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HOLJLEOHHPSOR\HHZKR
KDVFRPSOHWHGWHQ\HDUVRIVHUYLFHJHWVDQDGGLWLRQDOJUDWXLW\RQGHSDUWXUHZKLFKZLOOEHVDODU\RIYHPRQWKV
EDVHGRQODVWGUDZQEDVLFVDODU\7KHVFKHPHLVXQIXQGHG
7
KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQL]HGLQWKHVWDWHPHQWRISURW
DQGORVVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHW
6WDWHPHQWRISURWDQGORVV
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQL]HGLQHPSOR\HHFRVWLQVWDWHPHQWRISURWDQGORVV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
&XUUHQWVHUYLFHFRVW
QWHUHVWFRVWRQEHQHWREOLJDWLRQ
([SHFWHGUHWXUQRQSODQDVVHWV
1HWDFWXDULDOORVVUHFRJQL]HGLQWKHSHULRG
Interest income
1HWEHQHWH[SHQVH
$FWXDOUHWXUQRQSODQDVVHWV
%DODQFHVKHHW
&
KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQL]HGLQEDODQFHVKHHWDUHDVIROORZV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
2SHQLQJGHQHGEHQHWREOLJDWLRQ
Interest cost
&XUUHQWVHUYLFHFRVW
%HQHWVSDLG
$FWXDULDOORVVHVRQREOLJDWLRQ
&ORVLQJGHQHGEHQHWREOLJDWLRQ
%HQHWOLDELOLW\
In ` Million
$VDW
$VDW
0DUFK 0DUFK
Fair value of plan assets
3UHVHQWYDOXHRIGHQHGEHQHWREOLJDWLRQV
/HVV8QUHFRJQL]HGSDVWVHUYLFHFRVW
3ODQDVVHWOLDELOLW\
E 6SHFLDOJUDWXLW\&RQWG
7KHSULQFLSDODVVXPSWLRQVXVHGLQGHWHUPLQLQJJUDWXLW\IRUWKH&RPSDQ\VSODQLVVKRZQEHORZ
QSHUDQQXP
$VDW
$VDW
0DUFK 0DUFK
'LVFRXQWUDWH
Increment rate
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\
SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW
$PRXQWIRUWKHFXUUHQWDQGSUHYLRXVIRXUSHULRGVDUHDVIROORZV
0DUFK
-
In ` Million
0DUFK
-
0DUFK
-
F 3URYLGHQWIXQG
3ODQDVVHWV
'HQHGEHQHWREOLJDWLRQ
6XUSOXVGHFLW
([SHULHQFHDGMXVWPHQWVRQSODQOLDELOLWLHV
([SHULHQFHDGMXVWPHQWVRQSODQDVVHWV
0DUFK
$VDW
0DUFK
-
QDFFRUGDQFHZLWKODZDOOHPSOR\HHVRIWKH&RPSDQ\DUHHQWLWOHGWRUHFHLYHEHQHWVXQGHUWKHSURYLGHQW
IXQG 7KH &RPSDQ\ RSHUDWHV WZR SODQV IRU LWV HPSOR\HHV WR SURYLGH HPSOR\HH EHQHWV LQ WKH QDWXUH RI
SURYLGHQWIXQGYL]GHQHGFRQWULEXWLRQSODQDQGGHQHGEHQHWSODQ
8QGHU GHQHG FRQWULEXWLRQ SODQ SURYLGHQW IXQG LV FRQWULEXWHG WR WKH JRYHUQPHQW DGPLQLVWHUHG SURYLGHQW
IXQG7KH&RPSDQ\KDVQRREOLJDWLRQRWKHUWKDQWKHFRQWULEXWLRQSD\DEOHWRWKHSURYLGHQWIXQG
7KHGHWDLOVRIWKHGHQHGEHQHWSODQEDVHGRQDFWXDULDOYDOXDWLRQUHSRUWLVDVIROORZV
7KH&RPSDQ\KDVSURYLGHG`1/WRZDUGVVKRUWIDOOLQWKHLQWHUHVWSD\PHQWRQSURYLGHQWIXQGDVSHUDFWXDU\
UHSRUWGXULQJWKH\HDUHQGHG0DUFK0DUFK`1LO0LOOLRQ
7KHDFWXDU\KDVIROORZHG%ODFN6FKROHV2SWLRQ3ULFLQJDSSURDFK
7KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQL]HGLQWKHVWDWHPHQWRISURW
DQGORVVDQGWKHIXQGHGVWDWXVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHWIRUWKHUHVSHFWLYHSODQV
6WDWHPHQWRISURWDQGORVV
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQL]HGDVHPSOR\HHFRVWLQVWDWHPHQWRISURWDQGORVV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
&XUUHQWVHUYLFHFRVW
QWHUHVWFRVWRQEHQHWREOLJDWLRQ
([SHFWHGUHWXUQRQSODQDVVHWV
1HWDFWXDULDOORVVJDLQUHFRJQL]HGLQWKHSHULRG
Interest income
1HWEHQHWH[SHQVHLQFRPH
$VWKHUHLVQRSUHVHQWREOLJDWLRQWKHH[SHQVHKDVQRWEHHQDFFRXQWHGIRULQWKHSUHYLRXV\HDU
8QGHUGHQHGEHQHWSODQWKH&RPSDQ\FRQWULEXWHVWRWKH%KDUDW)RUJH&RPSDQ\/LPLWHG6WD3URYLGHQW
)XQG7UXVW7KH&RPSDQ\KDVDQREOLJDWLRQWRPDNHJRRGWKHVKRUWIDOOLIDQ\EHWZHHQWKHUHWXUQIURPWKH
LQYHVWPHQWVRIWKHWUXVWDQGWKHQRWLHGLQWHUHVWUDWH
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWSODQV&RQWG
F 3URYLGHQWIXQG&RQWG
%DODQFHVKHHW
&
KDQJHVLQWKHIDLUYDOXHRISODQDVVHWVUHFRJQL]HGLQEDODQFHVKHHWDUHDVIROORZV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
Opening fair value of plan assets
([SHFWHGUHWXUQ
%HQHWVSDLG
&ORVLQJIDLUYDOXHRISODQDVVHWV
&RQWULEXWLRQE\HPSOR\HU
$FWXDULDOJDLQV
&KDQJHVLQWKHSUHVHQWYDOXHRIJXDUDQWHHGLQWHUHVWUDWHREOLJDWLRQ
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
Opening guaranteed interest rate obligation
Interest cost
&ORVLQJJXDUDQWHHGLQWHUHVWUDWHREOLJDWLRQ
&XUUHQWVHUYLFHFRVW
%HQHWVSDLG
%HQHWDVVHWOLDELOLW\
In ` Million
$VDW
$VDW
0DUFK 0DUFK
Fair value of plan assets
3UHVHQWYDOXHRIJXDUDQWHHGLQWHUHVWUDWHREOLJDWLRQ
3ODQDVVHWOLDELOLW\
7
KH&RPSDQ\KDVQRWUHFRJQL]HGWKHSODQDVVHWLQWKHERRNVEDVHGRQWKHFRQFHSWRISUXGHQFH
$VVXPSWLRQVXQGHUWKH%ODFN6FKROHVRSWLRQSULFLQJDSSURDFKDUHDVIROORZV
QSHUDQQXP
$VDW
$VDW
0DUFK 0DUFK
'LVFRXQWUDWH
([SHFWHGJXDUQWHHGUDWH
7KHRYHUDOOH[SHFWHGUDWHRIUHWXUQRQDVVHWVLVGHWHUPLQHGEDVHGRQWKHPDUNHWSULFHVSUHYDLOLQJRQWKDW
GDWHDSSOLFDEOHWRWKHSHULRGRYHUZKLFKWKHREOLJDWLRQLVWREHVHWWOHG
F 3URYLGHQWIXQG&RQWG
$PRXQWIRUWKHFXUUHQWDQGSUHYLRXVIRXUSHULRGVDUHDVIROORZV
3ODQDVVHWV
*XDUDQWHHGLQWHUHVWUDWHREOLJDWLRQ
6XUSOXVGHFLW
([SHULHQFHDGMXVWPHQWVRQUDWHREOLJDWLRQ
([SHULHQFHDGMXVWPHQWVRQSODQDVVHWV
0DUFK
-
In ` Million
0DUFK 0DUFK
-
7
LOO\HDUHQGHG0DUFKWKHLQWHUHVWVKRUWIDOOVFRXOGQRWEHFRPSXWHGE\WKHDFWXDULHVVLQFHWKH
QVWLWXWHRI$FWXDULHVRIQGLDKDGQRWLVVXHGWKHQDOJXLGDQFHRQYDOXDWLRQRIWKHVDPHQWKH\HDU
WKHQVWLWXWHRI$FWXDULHVRIQGLDKDVLVVXHGWKHJXLGDQFHQRWHIRUPHDVXUHPHQWRISURYLGHQW
IXQGOLDELOLWLHVDFFRUGLQJO\WKH&RPSDQ\KDVVWDUWHGSURYLGLQJIRULQWHUHVWVKRUWIDOOVEDVHGRQDFWXDULDO
YDOXDWLRQVLQFHQDQFLDO\HDU+HQFHGDWDIRUWKH\HDUHQGHG0DUFKLVQRWDYDLODEOH
/HDVHV
2SHUDWLQJOHDVHV&RPSDQ\DVOHVVRU
7
KH &RPSDQ\ KDV HQWHUHG LQWR DJUHHPHQWV LQ WKH QDWXUH RI OHDVHOHDYH DQG OLFHQVH DJUHHPHQW ZLWK GLHUHQW
OHVVHHOLFHQVHHV IRU WKH SXUSRVH RI ODQGEXLOGLQJ HWF 7KHVH DUH JHQHUDOO\ LQ QDWXUH RI RSHUDWLQJ OHDVH 3HULRG
RIDJUHHPHQWVDUHJHQHUDOO\IRUWKUHHWRWHQ\HDUVDQGFDQFHOODEOHZLWKDQRWLFHRIWKLUW\GD\VWRVL[PRQWKVDQG
UHQHZDODWWKHRSWLRQVRIWKHOHVVHHOHVVRU
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
/HDVHUHQWDOVGXULQJWKH\HDU
- on cancellable leases
- on non-cancellable leases
6HJPHQWLQIRUPDWLRQ
2SHUDWLQJOHDVHV&RPSDQ\DVOHVVHH
7
KH &RPSDQ\ KDV HQWHUHG LQWR DJUHHPHQWV LQ WKH QDWXUH RI OHDVHOHDYH DQG OLFHQVH DJUHHPHQW ZLWK GLHUHQW
OHVVRUVOLFHQVRUVIRUWKHSXUSRVHRIHVWDEOLVKPHQWRIRFHSUHPLVHVUHVLGHQWLDODFFRPPRGDWLRQVHWF7KHVHDUH
JHQHUDOO\ LQ QDWXUH RI RSHUDWLQJ OHDVHOHDYH DQG OLFHQVH 7KHUH DUH QR WUDQVDFWLRQV LQ WKH QDWXUH RI VXE OHDVH
3HULRGRIDJUHHPHQWVDUHJHQHUDOO\IRUWKUHH\HDUVDQGUHQHZDODWWKHRSWLRQVRIWKHOHVVHH7KHUHDUHQRHVFDODWLRQ
FODXVHVRUUHVWULFWLRQVSODFHGXSRQWKH&RPSDQ\E\HQWHULQJLQWRWKHVHOHDVHV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
/HDVHUHQWDOVGXULQJWKH\HDU
- on cancellable leases
- on non-cancellable leases
0DUFK
$VDW
0DUFK
-
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
QWHUHVWLQMRLQWYHQWXUHV
In ` Million
3HUFHQWDJHRIRZQHUVKLSLQWHUHVW
$VDW
$VDW
0DUFK 0DUFK
$/6720%KDUDW)RUJH3RZHU/LPLWHGLQFRUSRUDWHGLQQGLD>5HIHUQRWHG@
3HUFHQWDJHRIRZQHUVKLSLQWHUHVW
&XUUHQWDVVHWV
Non-current assets
&XUUHQWOLDELOLWLHV
Non-current liabilities
QWHUHVWLQDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQGLWXUHZLWKUHVSHFWWR
MRLQWO\FRQWUROOHGHQWLWLHVDUHDVIROORZV
(TXLW\
6KDUH RI WKH &RPSDQ\ LQ WKH FRQWLQJHQW OLDELOLWLHV LQFXUUHG E\ MRLQWO\
controlled entity
6KDUHRIWKH&RPSDQ\LQWKHFDSLWDOFRPPLWPHQWRIMRLQWO\FRQWUROOHGHQWLW\
In ` Million
)RUWKH\HDU
HQGHG0DUFK
QFRPH
5HYHQXHIURPRSHUDWLRQV
Other income
([SHQVHV
Material cost and erection services
3XUFKDVHRIVWRFNLQWUDGH&DVLQJ
Tender cost
(PSOR\HHEHQHWH[SHQVHV
Finance costs
'HSUHFLDWLRQDQGDPRUWL]DWLRQ
2WKHUH[SHQVHV
3URWEHIRUHWD[
7D[H[SHQVHV
&XUUHQWWD[
'HIHUUHGWD[
QFRPHWD[DGMXVWPHQWRIHDUOLHU\HDU
0$7&UHGLW(QWLWOHPHQWRIHDUOLHU\HDU
0$7FUHGLWHQWLWOHPHQW
3URWDIWHUWD[
3XUVXDQWWRWKHVFKHPHRIDPDOJDPDWLRQWKHJXUHVRIFXUUHQW\HDUDUHQRWFRPSDUDEOHWRWKRVHRISUHYLRXV\HDU
$VDW
-XQH 0DUFK
8QDXGLWHG
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHGLQFRUSRUDWHGLQQGLD
3HUFHQWDJHRIRZQHUVKLSLQWHUHVW
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
QWHUHVWLQDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQGLWXUHZLWKUHVSHFWWR
MRLQWO\FRQWUROOHGHQWLWLHVDUHDVIROORZV
&XUUHQWDVVHWV
&XUUHQWOLDELOLWLHV
(TXLW\
6KDUH RI WKH &RPSDQ\ LQ WKH FRQWLQJHQW OLDELOLWLHV LQFXUUHG E\ MRLQWO\
controlled entity
6KDUHRIWKH&RPSDQ\LQWKHFDSLWDOFRPPLWPHQWRIMRLQWO\FRQWUROOHGHQWLW\
In ` Million
Non-current assets
8QDXGLWHG
QFRPH
Other income
&RVWRIPDWHULDOVFRQVXPHG
3XUFKDVHVRI6WRFNLQWUDGH
&KDQJHVLQLQYHQWRULHVRIQLVKHGJRRGVDQGZRUNLQSURJUHVV
(PSOR\HHEHQHWH[SHQVHV
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH
2WKHUH[SHQVHV
([SHQVHV
/RVVEHIRUHWD[
&XUUHQWWD[
7D[DWLRQIRUHDUOLHU\HDUV
'HIHUUHGWD[
/RVVDIWHUWD[
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHGQDQFLDOLQIRUPDWLRQIRUWKHSHULRGHQGHG-XQHDVGLVFORVHG
above are unaudited and are based on management accounts as the investment in this company has been
GLVSRVHGRGXULQJWKH\HDU>$OVRUHIHUQRWHD@
5HYHQXHIURPRSHUDWLRQV
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
QWHUHVWLQMRLQWYHQWXUHV&RQWG
In ` Million
3HUFHQWDJHRIRZQHUVKLSLQWHUHVW
$VDW
$VDW
0DUFK 0DUFK
'DYLG %URZQ %KDUDW )RUJH *HDU 6\VWHPV QGLD /LPLWHG LQFRUSRUDWHG LQ
QGLD-RLQWYHQWXUHRIRQHRIWKHVXEVLGLDU\RIWKH&RPSDQ\
3HUFHQWDJHRIRZQHUVKLSLQWHUHVW
&XUUHQWOLDELOLWLHV
Non-current liabilities
(TXLW\
6KDUH RI WKH &RPSDQ\ LQ WKH FRQWLQJHQW OLDELOLWLHV LQFXUUHG E\ MRLQWO\
controlled entity
6KDUHRIWKH&RPSDQ\LQWKHFDSLWDOFRPPLWPHQWRIMRLQWO\FRQWUROOHGHQWLW\
QWHUHVWLQDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQGLWXUHZLWKUHVSHFWWR
MRLQWO\FRQWUROOHGHQWLWLHVDUHDVIROORZV
&XUUHQWDVVHWV
Non-current assets
In ` Million
For the year
)RUWKH\HDU
ended
ended
0DUFK 0DUFK
QFRPH
5HYHQXHIURPRSHUDWLRQVQHW
&RVWRIUDZPDWHULDODQGFRPSRQHQWVFRQVXPHG
&KDQJHVLQLQYHQWRULHVRIQLVKHGJRRGVDQGZRUNLQSURJUHVV
(PSOR\HHEHQHWVH[SHQVH
)LQDQFH&RVW
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH
2WKHUH[SHQVHV
Other income
([SHQVHV
3URWEHIRUHWD[
5HODWHG3DUW\GLVFORVXUHV
L 1DPHVRIWKHUHODWHGSDUWLHVDQGUHODWHGSDUW\UHODWLRQVKLS
5HODWHGSDUWLHVZKHUHFRQWUROH[LVWV
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
%KDUDW)RUJH$PHULFDQF
%)173&(QHUJ\6\VWHPV/LPLWHG
.DO\DQL$/67203RZHU/LPLWHGXSWR$SULO>5HIHUQRWHF@
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
BF Infrastructure Limited
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
Kalyani Strategic Systems Limited
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
$QDORJLF&RQWUROVQGLD/LPLWHGZHI0D\
6WHSGRZQVXEVLGLDULHV
%KDUDW)RUJH+ROGLQJ*PE+
%KDUDW)RUJH$OXPLQLXPWHFKQLN*PE+ &R.*
%KDUDW)RUJH$OXPLQLXPWHFKQLN9HUZDOWXQJV*PE+
%KDUDW)RUJH%HWHLOLJXQJV*PE+
%KDUDW)RUJH.LOVWD$%
%KDUDW)RUJH6FRWWLVK6WDPSLQJV/LPLWHGXSWR$XJXVW
.DO\DQL3RO\WHFKQLF3ULYDWH/LPLWHG
0HFDQLTXH*HQHUDOH/DQJURLVHZHI'HFHPEHU
5HODWHGSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU
-RLQW9HQWXUHV
$/6720%KDUDW)RUJH3RZHU/LPLWHG
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHGXSWR-XQH
6WHSGRZQMRLQWYHQWXUH
'DYLG%URZQ%KDUDW)RUJH*HDU6\VWHPVQGLD/LPLWHG
(QWHUSULVHVRZQHGRUVLJQLFDQWO\
LQXHQFHGE\NH\PDQDJHPHQW
SHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
Kalyani Steels Limited
BF Utilities Limited
$XWRPRWLYH$[OHV/LPLWHG
.H\PDQDJHPHQWSHUVRQQHO
0U%1.DO\DQL
0U$%.DO\DQL
0U*.$JDUZDO
0U%3.DO\DQL
0U6(7DQGDOH
0U6.&KDWXUYHGLXSWR'HFHPEHU
0U.06DOHWRUHZHI)HEUXDU\
7UDQVDFWLRQVDQGEDODQFHVOHVVWKDQRIWKHWRWDOWUDQVDFWLRQVDQGEDODQFHVGLVFORVHGDV2WKHUV
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
5HODWHG3DUW\GLVFORVXUHV&RQWG
LL 5HODWHGSDUW\WUDQVDFWLRQV
6U 1DWXUHRIWUDQVDFWLRQ
1R
1 3XUFKDVHRIJRRGV
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRIUHODWLRQVKLS
6WHSGRZQVXEVLGLDULHV
%KDUDW)RUJH.LOVWD$%
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
Kalyani Steels Limited
6HUYLFHVUHFHLYHG
6DOHRIJRRGV
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
BF Utilities Limited
6WHSGRZQVXEVLGLDULHV
Bharat Forge International Limited
%KDUDW)RUJH.LOVWD$%
-RLQWYHQWXUHV
$/6720%KDUDW)RUJH3RZHU/LPLWHG
6WHSGRZQMRLQWYHQWXUHV
'DYLG%URZQ%KDUDW)RUJH*HDU6\VWHPVQGLD/LPLWHG
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
$XWRPRWLYH$[OHV/LPLWHG
Kalyani Steels Limited
6DOHRIH[SRUW
LQFHQWLYHOLFHQFH
6HUYLFHVUHQGHUHG
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
6XEVLGLDULHV
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
6WHSGRZQVXEVLGLDULHV
Bharat Forge International Limited
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
$XWRPRWLYH$[OHV/LPLWHG
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
3XUFKDVHRI[HG
DVVHWV
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
.DO\DQL$/67203RZHU/LPLWHG
In ` Million
<HDUHQGHG
0DUFK 0DUFK
5HODWHG3DUW\GLVFORVXUHV&RQWG
LL 5HODWHGSDUW\WUDQVDFWLRQV&RQWG
6U 1DWXUHRIWUDQVDFWLRQ
1R
5HLPEXUVHPHQWRI
H[SHQVHVSDLG
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRIUHODWLRQVKLS
6XEVLGLDULHV
%KDUDW)RUJH$PHULFDQF
&'3%KDUDW)RUJH*PE+
6WHSGRZQVXEVLGLDULHV
%KDUDW)RUJH.LOVWD$%
Bharat Forge International Limited
8 5HLPEXUVHPHQWRI
H[SHQVHVUHFHLYHG
6XEVLGLDULHV
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
&'3%KDUDW)RUJH*PE+
Others
6WHSGRZQVXEVLGLDULHV
Bharat Forge International Limited
%KDUDW)RUJH.LOVWD$%
9 )LQDQFHSURYLGHG
QYHVWPHQWV
6XEVLGLDULHV
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
BF Infrastructure Limited
&'3%KDUDW)RUJH*PE+
$QDORJLF&RQWUROVQGLD/LPLWHG
-RLQWYHQWXUHV
$/6720%KDUDW)RUJH3RZHU/LPLWHG
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHG
/RDQ&'JLYHQ
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+>LQFOXGHVH[FKDQJHJDLQORVV@
$QDORJLF&RQWUROVQGLD/LPLWHG
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
FDUULHGRYHU
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
$XWRPRWLYH$[OHV/LPLWHG
Kalyani Steels Limited
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
Kalyani Steels Limited
In ` Million
<HDUHQGHG
0DUFK 0DUFK
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
5HODWHG3DUW\GLVFORVXUHV&RQWG
LL 5HODWHGSDUW\WUDQVDFWLRQV&RQWG
6U 1DWXUHRIWUDQVDFWLRQ
1R
/RDQ&'JLYHQ
&RQWG
$GYDQFHJLYHQ
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRIUHODWLRQVKLS
EURXJKWRYHU
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
BF Utilities Limited
6XEVLGLDULHV
BF Infrastructure Limited
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
BF Utilities Limited
6KDUHDSSOLFDWLRQ
PRQH\SHQGLQJ
DOORWPHQW
-RLQWYHQWXUHV
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHG
10 QWHUHVWRQWUDGDGYDQFH 6XEVLGLDULHV
ORDQ&'JLYHQ
&'3%KDUDW)RUJH*PE+ORDQ
$QDORJLF&RQWUROVQGLD/LPLWHG&'
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL6WHHOV/LPLWHGWUDGHDGYDQFH
%)8WLOLWLHV/LPLWHG&'
11 $GYDQFHIURP
FXVWRPHUV
6WHSGRZQVXEVLGLDULHV
Bharat Forge International Limited
0DQDJHULDO
UHPXQHUDWLRQ
.H\PDQDJHPHQWSHUVRQQHO
0U%1.DO\DQL
0U$%.DO\DQL
0U*.$JDUZDO
0U6(7DQGDOH
0U6.&KDWXUYHGL
0U%3.DO\DQL
0U.06DOHWRUH
'LYLGHQGSDLG
.H\PDQDJHPHQWSHUVRQQHO
0U%1.DO\DQL
0U$%.DO\DQL
0U*.$JDUZDO
0U%3.DO\DQL
3URYLVLRQIRU
6XEVLGLDULHV
GLPLQXWLRQLQYDOXHRI
BF Infrastructure Limited
LQYHVWPHQW
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
'LVFORVHGIRUWKHIXOO\HDU
In ` Million
<HDUHQGHG
0DUFK 0DUFK
5HODWHG3DUW\GLVFORVXUHV&RQWG
LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG
6U 1DWXUHRIWUDQVDFWLRQ
1R
1 3D\DEOHWRZDUGV
SXUFKDVHV
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRIUHODWLRQVKLS
6WHSGRZQVXEVLGLDULHV
%KDUDW)RUJH.LOVWD$%
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
Kalyani Steels Limited
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
BF Utilities Limited
5HFHLYDEOHIRUVDOHRI 6XEVLGLDULHV
JRRGV
.DO\DQL$/67203RZHU/LPLWHG
6WHSGRZQVXEVLGLDULHV
Bharat Forge International Limited
%KDUDW)RUJH.LOVWD$%
6WHSGRZQMRLQWYHQWXUHV
'DYLG%URZQ%KDUDW)RUJH*HDU6\VWHPVQGLD/LPLWHG
5HFHLYDEOHWRZDUGV
VHUYLFHV
6XEVLGLDULHV
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
6WHSGRZQVXEVLGLDULHV
Bharat Forge International Limited
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
$XWRPRWLYH$[OHV/LPLWHG
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
Others
3D\DEOHWRZDUGV
VHUYLFHV
In ` Million
$VDW
0DUFK 0DUFK
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
5HODWHG3DUW\GLVFORVXUHV&RQWG
LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG&RQWG
6U 1DWXUHRIWUDQVDFWLRQ
1R
5HLPEXUVHPHQW
UHFHLYDEOH
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRIUHODWLRQVKLS
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
%KDUDW)RUJH$PHULFDQF
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
Kalyani Strategic Systems Limited
6WHSGRZQVXEVLGLDULHV
%KDUDW)RUJH.LOVWD$%
Bharat Forge International Limited
%KDUDW)RUJH$OXPLQLXPWHFKQLN*PE+ &R.*
-RLQWYHQWXUHV
$/6720%KDUDW)RUJH3RZHU/LPLWHG
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
Kalyani Steels Limited
5HLPEXUVHPHQW
SD\DEOH
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
%KDUDW)RUJH$PHULFDQF
6WHSGRZQVXEVLGLDULHV
%KDUDW)RUJH.LOVWD$%
Bharat Forge International Limited
%KDUDW)RUJH%HWHLOLJXQJV*PE+
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
Kalyani Steels Limited
QYHVWPHQWVEDODQFH
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
%KDUDW)RUJH$PHULFDQF
.DO\DQL$/67203RZHU/LPLWHG
Others
-RLQWYHQWXUHV
$/6720%KDUDW)RUJH3RZHU/LPLWHG
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHG
In ` Million
$VDW
0DUFK 0DUFK
5HODWHG3DUW\GLVFORVXUHV&RQWG
LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG&RQWG
6U 1DWXUHRIWUDQVDFWLRQ
1R
8 7UDGHDGYDQFHORDQ
&'JLYHQ
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRIUHODWLRQVKLS
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+ORDQ
$QDORJLF&RQWUROVQGLD/LPLWHG&'
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHGORDQ
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL6WHHOV/LPLWHGWUDGHDGYDQFH
%)8WLOLWLHV/LPLWHG&'
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
BF Utilities Limited
10 6KDUHDSSOLFDWLRQ
PRQH\SHQGLQJ
DOORWPHQW
-RLQWYHQWXUHV
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHG
11 QWHUHVWUHFHLYDEOH
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
$QDORJLF&RQWUROVQGLD/LPLWHG
$GYDQFHIURP
FXVWRPHUV
6WHSGRZQVXEVLGLDULHV
Bharat Forge International Limited
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
$XWRPRWLYH$[OHV/LPLWHG
0DQDJHULDO
UHPXQHUDWLRQ
SD\DEOH
.H\PDQDJHPHQWSHUVRQQHO
0U%1.DO\DQL
0U$%.DO\DQL
0U*.$JDUZDO
0U6(7DQGDOH
0U6.&KDWXUYHGL
0U%3.DO\DQL
0U.06DOHWRUH
3URYLVLRQIRU
GLPLQXWLRQLQYDOXH
RILQYHVWPHQW
6XEVLGLDULHV
%KDUDW)RUJH$PHULFDQF
BF Infrastructure Limited
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
'RHVQRWLQFOXGHJUDWXLW\DQGOHDYHHQFDVKPHQWVLQFHWKHVDPHLVFRQVLGHUHGIRUDOOHPSOR\HVVRIWKH&RPSDQ\
DVDZKROH
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\
NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV
Kalyani Steels Limited
BF Utilities Limited
9 $PRXQWVUHFRYHUDEOH 6XEVLGLDULHV
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
BF Infrastructure Limited
In ` Million
$VDW
0DUFK 0DUFK
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
&DSLWDOL]DWLRQRIH[SHQGLWXUH
'XULQJWKH\HDUWKH&RPSDQ\KDVFDSLWDOL]HGWKHIROORZLQJH[SHQVHVRIUHYHQXHQDWXUHWRWKHFRVWRI[HGDVVHW
FDSLWDOZRUNLQSURJUHVV&:3&RQVHTXHQWO\H[SHQVHVGLVFORVHGXQGHUWKHUHVSHFWLYHQRWHVDUHQHWRIDPRXQWV
FDSLWDOL]HGE\WKH&RPSDQ\
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
6DODULHVZDJHVDQGERQXV
&RQVXPSWLRQRIVWRUHVDQGVSDUHV
Others
&RQWLQJHQWOLDELOLWLHV
In ` Million
$VDW
$VDW
0DUFK 0DUFK
&DSLWDODQGRWKHUFRPPLWPHQWV
D *
XDUDQWHHVJLYHQE\&RPSDQ\V%DQNHUVRQEHKDOIRIWKH&RPSDQ\DJDLQVW
sanctioned letter of credit and guarantee limit of `0LOOLRQ0DUFK
`0LOOLRQIRUFRQWUDFWVXQGHUWDNHQE\WKH&RPSDQ\DQGRWKHU
PDWWHUVDUHVHFXUHGE\H[WHQVLRQRIFKDUJHE\ZD\RIMRLQWK\SRWKHFDWLRQ
RI VWRFNLQWUDGH VWRUHV DQG VSDUHV HWF ERRN GHEWV VXEMHFW WR SULRU
FKDUJHLQWKHLUIDYRXU
E (
VWLPDWHGYDOXHRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQWV
DQGQRWSURYLGHGIRUQHWRIDGYDQFHV
F )RUFRPPLWPHQWVUHODWLQJWROHDVHDJUHHPHQWVSOHDVHUHIHUQRWH
In ` Million
$VDW
$VDW
0DUFK 0DUFK
7KH&RPSDQ\KDVSURYLGHGWKHOHWWHURIVXSSRUWIRUFHUWDLQVXEVLGLDULHV
G 3
HUIRUPDQFHJXDUDQWHH
7
KH &RPSDQ\ KDV DORQJ ZLWK $/6720 3RZHU +ROGLQJV 6$ JLYHQ DQ LUUHFRYHUDEOH DQG XQFRQGLWLRQDO
XQGHUWDNLQJ WR 173& /LPLWHG IRU WHFKQRORJ\ WUDQVIHU WUDLQLQJ H[HFXWLRQ DQG VXFFHVVIXO SHUIRUPDQFH RI
VWHDPWXUELQHVJHQHUDWRUDQGDX[LOLDU\HTXLSPHQWVVXSSOLHGE\$/6720%KDUDW)RUJH3RZHU/LPLWHGMRLQW
YHQWXUHRIWKH&RPSDQ\
'HULYDWLYHLQVWUXPHQWVDQGXQKHGJHGIRUHLJQFXUUHQF\H[SRVXUHV
L 'HULYDWLYHVRXWVWDQGLQJDVDWWKHUHSRUWLQJGDWH
1DWXUHRILQVWUXPHQW
&XUUHQF\
3XUSRVH
)RUZDUGFRQWUDFWV
86'
)RUZDUGFRQWUDFWV
(85
LL 3DUWLFXODUVRIXQKHGJHGIRUHLJQFXUUHQF\H[SRVXUHDVDWWKHUHSRUWLQJGDWH
3DUWLFXODUV
&XUUHQF\
$VDW0DUFK
$VDW0DUFK
In ` Million
Foreign
)RUHLJQ In `0LOOLRQ
currency in
FXUUHQF\LQ
Million
0LOOLRQ
([SRUWWUDGHUHFHLYDEOHV
PSRUWWUDGHSD\DEOHV
86'
(85
*%3
-3<
(85
*%3
-3<
6(.
)RUHLJQFXUUHQF\WHUPORDQ
86'
3DFNLQJFUHGLW
86'
(85
*%3
86'
(85
*%3
/RDQWRVXEVLGLDU\
(85
2WKHUUHFHLYDEOHV
(85
6(.
86'
(85
(85
86'
%DQNGHSRVLWV
2WKHUSD\DEOHV
QYHVWPHQWV
86'
Hedging
of highly
probable
sales
Hedging
of highly
probable
sales
$VDW0DUFK
$VDW0DUFK
In ` Million
Foreign
)RUHLJQ In `0LOOLRQ
currency in
FXUUHQF\LQ
Million
0LOOLRQ
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
'HIHUUDO&DSLWDOLVDWLRQRIH[FKDQJHGLHUHQFHV
&RVWRIWKHDVVHWV&DSLWDOZRUNLQSURJUHVV
)&07'$
$PRUWL]HGLQWKHFXUUHQW\HDU
In ` Million
$VDW
$VDW
0DUFK 0DUFK
/
RDQVDQGDGYDQFHVLQWKHQDWXUHRIORDQVJLYHQWRVXEVLGLDULHVDQGDVVRFLDWHVDQGUPV
FRPSDQLHVLQZKLFKGLUHFWRUVDUHLQWHUHVWHG
&'3%KDUDW)RUJH*PE+
- Balance as at March 31
0D[LPXPDPRXQWRXWVWDQGLQJGXULQJWKH\HDU
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
- Balance as at March 31
0D[LPXPDPRXQWRXWVWDQGLQJGXULQJWKH\HDU
BF Infrastructure Limited
- Balance as at March 31
0D[LPXPDPRXQWRXWVWDQGLQJGXULQJWKH\HDU
BF Utilities Limited
- Balance as at March 31
0D[LPXPDPRXQWRXWVWDQGLQJGXULQJWKH\HDU
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
- Balance as at March 31
0D[LPXPDPRXQWRXWVWDQGLQJGXULQJWKH\HDU
In ` Million
$VDW
$VDW
0DUFK 0DUFK
$OODGYDQFHVDUHUHSD\DEOHRQGHPDQG
'HWDLOVRIGXHVWRPLFURDQGVPDOOHQWHUSULVHVDVGHQHGXQGHU060('$FW
In ` Million
$VDW
$VDW
0DUFK 0DUFK
3ULQFLSDODPRXQWGXHWRVXSSOLHUVXQGHU060('$FW
QWHUHVWDFFUXHGDQGGXHWRVXSSOLHUVXQGHU060('$FWRQWKHDERYHDPRXQW
3D\PHQWPDGHWRVXSSOLHUVRWKHUWKDQLQWHUHVWEH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDU
QWHUHVWSDLGWRVXSSOLHUVXQGHU060('$FWRWKHUWKDQ6HFWLRQ
QWHUHVWSDLGWRVXSSOLHUVXQGHU060('$FW6HFWLRQ
QWHUHVWGXHDQGSD\DEOHWRVXSSOLHUVXQGHU060('$FWIRUWKHSD\PHQWVDOUHDG\
made
Interest accrued and remaining unpaid at the end of the year to suppliers under
060('$FW
7KHLQIRUPDWLRQKDVEHHQJLYHQLQUHVSHFWRIVXFKYHQGRUVWRWKHH[WHQWWKH\FRXOGEHLGHQWLHGDV0LFURDQG
6PDOOHQWHUSULVHVRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\
9DOXHRILPSRUWVFDOFXODWHGRQ&)EDVLV
5DZPDWHULDOVDQGFRPSRQHQWV
'LHEORFNVGLHVWHHOWRROVWHHODQGVWRUHVVSDUHV
&DSLWDOJRRGV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
TOTAL
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
7
KHQHWH[FKDQJHGLHUHQFHVJDLQORVVHVDULVLQJGXULQJWKH\HDURQKLJKO\SUREDEOHIRUHFDVWHGWUDQVDFWLRQ
UHODWLQJWRH[SRUWVDVDSDUWRIVDOHVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVVLV`0LOOLRQ0DUFK
`0LOOLRQ
E 'HIHUUHGSD\PHQWOLDELOLWLHV
6
DOHVWD[GHIHUUDOLQFHQWLYHVDWWDFKHGWRWKHHUVWZKLOHZLQGPLOOGLYLVLRQZKLFKZDVGHPHUJHGWR%)8WLOLWLHV
/LPLWHG%)8/XQGHU6HFWLRQDQGRIWKHHUVWZKLOH&RPSDQLHV$FWVDQFWLRQHGE\WKH+LJK&RXUW
RIWKH-XGLFDWXUHDW0XPEDLKDYHEHHQSDVVHGRQWKHUHDIWHUIURP\HDUWR\HDUE\WKH&RPSDQ\WRWKHODWWHU
XQGHUDQDUUDQJHPHQWZLWKDOOOLDELOLWLHVDQGREOLJDWLRQVDWWDFKHGWKHUHWRWDNHQRYHUFRPSOHWHO\E\%)8/7KH
net liability outstanding of BFUL after such pass on amounts to `0LOOLRQ0DUFK`0LOOLRQ
)2%YDOXHRIH[SRUWV
QVXUDQFHDQGIUHLJKWRQH[SRUWV
'LHGHVLJQDQGSUHSDUDWLRQFKDUJHV
Interest on loan to subsidiary
*XDUDQWHHFRPPLVVLRQ
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
TOTAL
Interest
>QFOXGLQJFDSLWDOL]HG`0LOOLRQ0DUFK`0LOOLRQ@
Interest on Bills discounting
Legal and professional fees
&RPPLVVLRQDQGGLVFRXQW
2WKHUH[SHQVHV
>QFOXGLQJFDSLWDOL]HG`0LOOLRQ0DUFK`0LOOLRQ@
TOTAL
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
Notes
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
([SHQGLWXUHRQUHVHDUFKDQGGHYHORSPHQW
$ 2QUHYHQXHDFFRXQW
0DQXIDFWXULQJH[SHQVHV
Materials
6WRUHVVSDUHVDQGWRROVFRQVXPHG
5HSDLUVDQGPDLQWHQDQFH
- Machinery repairs
3D\PHQWVWRDQGSURYLVLRQIRUHPSOR\HHV
6DODULHV ZDJHV ERQXV DOORZDQFHV &RQWULEXWLRQ WR SURYLGHQW
DQGRWKHUIXQGVDQGVFKHPHVHWF
2WKHUH[SHQVHV
Legal and professional charges
Membership fees
('3H[SHQVHV
2WKHUH[SHQVHV
TOTAL
% 2QFDSLWDODFFRXQW
7RWDOUHVHDUFKDQGGHYHORSPHQWH[SHQGLWXUH
$%
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
&65([SHQGLWXUH
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
D *URVVDPRXQWUHTXLUHGWREHVSHQWE\WKH&RPSDQ\GXULQJWKH\HDU
1$
In ` Million
<HDUHQGHG0DUFK
QFDVK
<HWWREH
7RWDO
SDLGLQFDVK
E $PRXQWVSHQWGXULQJWKH\HDURQ
3URPRWLRQRIHGXFDWLRQ
'RQDWLRQ
0LVFHOODQHRXVH[SHQVHV
3URPRWLQJJHQGHUHTXDOLW\DQGHPSRZHULQJZRPHQ
0LVFHOODQHRXVH[SHQVHV
(QVXULQJHQYLURQPHQWDOVXVWDLQDELOLW\
0LVFHOODQHRXVH[SHQVHV
(PSOR\PHQWHQKDQFLQJYRFDWLRQDOVNLOOV
Stores
3RZHUIXHODQGZDWHU
Building repairs and road maintenance
Legal and professional fees
0LVFHOODQHRXVH[SHQVHV
FDUULHGRYHU
EURXJKWRYHU
3URPRWLRQRI6SRUWV
'RQDWLRQV
0LVFHOODQHRXVH[SHQVHV
+HDOWKDQGK\JLHQH
0LVFHOODQHRXVH[SHQVHV
0HDVXUHVEHQHWLQJDUPVIRUFHV
Legal and professional fees
2WKHUV
0LVFHOODQHRXVH[SHQVHV
TOTAL
0LVVLRQ6DQLWDWLRQRI6FKRRO
Building repairs and road maintenance
In ` Million
<HDUHQGHG0DUFK
QFDVK
<HWWREH
7RWDO
SDLGLQFDVK
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
7 KHQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ`0LOOLRQDQGGHFLPDOWKHUHRIH[FHSWIRUSHUVKDUHLQIRUPDWLRQRUDV
RWKHUZLVHVWDWHG
FODVVLFDWLRQ
$VSHURXUUHSRUWRIHYHQGDWH
)RU65%& &R//3
&$)LUPUHJLVWUDWLRQ1R(
&KDUWHUHG$FFRXQWDQWV
SHU$591'6(7+
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
)RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUV
%1.$/<$1
&KDLUPDQDQG0DQDJLQJ'LUHFWRU
*.$*$5:$/
'HSXW\0DQDJLQJ'LUHFWRU
.6+25(6$/(725(
([HFXWLYH'LUHFWRU &)2
$1$1''$*$
&RPSDQ\6HFUHWDU\
3UHYLRXV \HDU JXUHV KDYH EHHQ UHJURXSHGUHFODVVLHG ZKHUH QHFHVVDU\ WR FRQIRUP WR WKH FXUUHQW \HDUV
5HSRUWRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJFRQVROLGDWHGQDQFLDOVWDWHPHQWVRI%KDUDW)RUJH/LPLWHGKHUHLQDIWHUUHIHUUHG
WRDVWKH+ROGLQJ&RPSDQ\DQGLWVVXEVLGLDULHVWKH+ROGLQJ&RPSDQ\DQGLWVVXEVLGLDULHVWRJHWKHUUHIHUUHGWRDV
WKH*URXSLWVDVVRFLDWHVDQGMRLQWO\FRQWUROOHGHQWLWLHVFRPSULVLQJRIWKHFRQVROLGDWHGEDODQFHVKHHWDVDW0DUFK
WKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVWKHFRQVROLGDWHGFDVKRZVWDWHPHQWIRUWKH\HDUWKHQHQGHGDQG
DVXPPDU\RIWKHVLJQLFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQKHUHLQDIWHUUHIHUUHGWRDVWKH
FRQVROLGDWHGQDQFLDOVWDWHPHQWV
0DQDJHPHQWVUHVSRQVLELOLW\IRUWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
7KH+ROGLQJ&RPSDQ\V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHSUHSDUDWLRQRIWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
LQWHUPVRIWKHUHTXLUHPHQWVRIWKH&RPSDQLHV$FWWKH$FWWKDWJLYHDWUXHDQGIDLUYLHZRIWKHFRQVROLGDWHG
QDQFLDOSRVLWLRQFRQVROLGDWHGQDQFLDOSHUIRUPDQFHDQGFRQVROLGDWHGFDVKRZVRIWKH*URXSLQDFFRUGDQFHZLWK
WKH DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG LQ QGLD LQFOXGLQJ WKH $FFRXQWLQJ 6WDQGDUGV VSHFLHG XQGHU 6HFWLRQ
RI WKH $FW UHDG ZLWK 5XOH RI WKH &RPSDQLHV $FFRXQWV 5XOHV 7KH UHVSHFWLYH %RDUG RI 'LUHFWRUV RI WKH
FRPSDQLHVLQFOXGHGLQWKH*URXSDQGRILWVDVVRFLDWHVDQGMRLQWO\FRQWUROOHGHQWLWLHVDUHUHVSRQVLEOHIRUPDLQWHQDQFHRI
DGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJWKHDVVHWVRIWKH*URXSDQG
IRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHULUUHJXODULWLHVWKHVHOHFWLRQDQGDSSOLFDWLRQRIDSSURSULDWHDFFRXQWLQJ
SROLFLHV PDNLQJ MXGJPHQWV DQG HVWLPDWHV WKDW DUH UHDVRQDEOH DQG SUXGHQW DQG WKH GHVLJQ LPSOHPHQWDWLRQ DQG
PDLQWHQDQFH RI DGHTXDWH LQWHUQDO QDQFLDO FRQWUROV WKDW ZHUH RSHUDWLQJ HHFWLYHO\ IRU HQVXULQJ WKH DFFXUDF\ DQG
FRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVUHOHYDQWWRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWVWKDW
JLYHDWUXHDQGIDLUYLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUZKLFKKDYHEHHQXVHG
IRUWKHSXUSRVHRISUHSDUDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVE\WKH'LUHFWRUVRIWKH+ROGLQJ&RPSDQ\DV
DIRUHVDLG
Auditors responsibility
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKHVH FRQVROLGDWHG QDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW :KLOH
FRQGXFWLQJ WKH DXGLW ZH KDYH WDNHQ LQWR DFFRXQW WKH SURYLVLRQV RI WKH $FW WKH DFFRXQWLQJ DQG DXGLWLQJ VWDQGDUGV
DQGPDWWHUVZKLFKDUHUHTXLUHGWREHLQFOXGHGLQWKHDXGLWUHSRUWXQGHUWKHSURYLVLRQVRIWKH$FWDQGWKH5XOHVPDGH
WKHUHXQGHU:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\WKHQVWLWXWHRI&KDUWHUHG
$FFRXQWDQWVRIQGLDDVVSHFLHGXQGHU6HFWLRQRIWKH$FW7KRVH6WDQGDUGVUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDO
UHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHFRQVROLGDWHGQDQFLDO
VWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
$Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH DERXW WKH DPRXQWV DQG WKH GLVFORVXUHV LQ WKH
FRQVROLGDWHGQDQFLDOVWDWHPHQWV7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRUVMXGJPHQWLQFOXGLQJWKHDVVHVVPHQW
RIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURUQPDNLQJ
WKRVHULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUVLQWHUQDOQDQFLDOFRQWUROUHOHYDQWWRWKH+ROGLQJ&RPSDQ\VSUHSDUDWLRQ
RI WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLU YLHZ LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH
DSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQZKHWKHUWKH+ROGLQJ&RPSDQ\KDV
LQSODFHDQDGHTXDWHLQWHUQDOQDQFLDOFRQWUROVV\VWHPRYHUQDQFLDOUHSRUWLQJDQGWKHRSHUDWLQJHHFWLYHQHVVRIVXFK
FRQWUROV$QDXGLWDOVRLQFOXGHVHYDOXDWLQJWKHDSSURSULDWHQHVVRIWKHDFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVV
RI WKH DFFRXQWLQJ HVWLPDWHV PDGH E\ WKH +ROGLQJ &RPSDQ\V %RDUG RI 'LUHFWRUV DV ZHOO DV HYDOXDWLQJ WKH RYHUDOO
SUHVHQWDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHREWDLQHGE\XVDQGWKHDXGLW
HYLGHQFHREWDLQHGE\WKHRWKHUDXGLWRUVLQWHUPVRIWKHLUUHSRUWVUHIHUUHGWRLQSDUDJUDSKDRIWKH2WKHU0DWWHUV
EHORZLVVXFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
Opinion
Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH H[SODQDWLRQV JLYHQ WR XV WKH FRQVROLGDWHG
QDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZLQ
FRQIRUPLW\ZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDRIWKHFRQVROLGDWHGVWDWHRIDDLUVRIWKH*URXS
LWVDVVRFLDWHVDQGMRLQWO\FRQWUROOHGHQWLWLHVDVDW0DUFKDQGWKHLUFRQVROLGDWHGSURWDQGWKHLUFRQVROLGDWHG
FDVKRZVIRUWKH\HDUHQGHGRQWKDWGDWH
154
:HGUDZ\RXUDWWHQWLRQWRWKHIROORZLQJPDWWHUVLQWKH1RWHVWRWKHQDQFLDOVWDWHPHQWV
1RWHUHJDUGLQJWKH0XQGUD/DQGVFXUUHQWVWDWXVZLWKUHVSHFWWRPDQDJHPHQWVFRQWHPSODWLRQDERXWWKHIXWXUH
XVH IRU 0XQGUD /RFDWLRQ 7KH IXWXUH RXWFRPH RI WKH PDWWHU FDQQRW SUHVHQWO\ EH GHWHUPLQHG DQG KHQFH QR LPSDFW
WKHUHRIKDVEHHQFRQVLGHUHGE\WKHPDQDJHPHQWLQWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHVHFRQVROLGDWHGQDQFLDO
VWDWHPHQWV2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
$VUHTXLUHGE\6HFWLRQRIWKH$FWZHUHSRUWWRWKHH[WHQWDSSOLFDEOHWKDW
D :HWKHRWKHUDXGLWRUVZKRVHUHSRUWVZHKDYHUHOLHGXSRQKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQG
H[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIZHUHQHFHVVDU\IRUWKHSXUSRVHVRIRXUDXGLWRI
WKHDIRUHVDLGFRQVROLGDWHGQDQFLDOVWDWHPHQWV
E QRXURSLQLRQSURSHUERRNVRIDFFRXQWDVUHTXLUHGE\ODZUHODWLQJWRSUHSDUDWLRQRIWKHDIRUHVDLGFRQVROLGDWHG
QDQFLDOVWDWHPHQWVKDYHEHHQNHSWVRIDUDVLWDSSHDUVIURPRXUH[DPLQDWLRQRIWKRVHERRNVDQGWKHUHSRUWV
RIWKHRWKHUDXGLWRUV
Emphasis of matter
F 7KHFRQVROLGDWHGEDODQFHVKHHWWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVDQGWKHFRQVROLGDWHGFDVKRZ
VWDWHPHQWGHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQWZLWKWKHERRNVRIDFFRXQWPDLQWDLQHGIRUWKHSXUSRVH
RISUHSDUDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
G Q RXU RSLQLRQ WKH DIRUHVDLG FRQVROLGDWHG QDQFLDO VWDWHPHQWV FRPSO\ ZLWK WKH $FFRXQWLQJ 6WDQGDUGV
VSHFLHGXQGHU6HFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
I
:LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRUV5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH
&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJ
WRWKHH[SODQDWLRQVJLYHQWRXV
L
7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV GLVFORVH WKH LPSDFW RI SHQGLQJ OLWLJDWLRQV RQ LWV FRQVROLGDWHG
QDQFLDO SRVLWLRQ RI WKH *URXS LWV DVVRFLDWHV DQG MRLQWO\ FRQWUROOHG HQWLWLHV 5HIHU 1RWH WR WKH
FRQVROLGDWHGQDQFLDOVWDWHPHQWV
LL
3URYLVLRQ KDV EHHQ PDGH LQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DV UHTXLUHG XQGHU WKH DSSOLFDEOH
ODZ RU DFFRXQWLQJ VWDQGDUGV IRU PDWHULDO IRUHVHHDEOH ORVVHV LI DQ\ RQ ORQJWHUP FRQWUDFWV LQFOXGLQJ
GHULYDWLYHFRQWUDFWV5HIHU1RWHVDQG1RWHWRWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQUHVSHFWRI
VXFKLWHPV
LLL 7KHUHKDVEHHQQRGHOD\LQWUDQVIHUULQJDPRXQWVUHTXLUHGWREHWUDQVIHUUHGWRWKHQYHVWRU(GXFDWLRQ
DQG 3URWHFWLRQ )XQG E\ WKH +ROGLQJ &RPSDQ\ DQG LWV VXEVLGLDULHV DVVRFLDWH FRPSDQLHV DQG MRLQWO\
FRQWUROOHGHQWLWLHVLQFRUSRUDWHGLQQGLD
155
H 2QWKHEDVLVRIWKHZULWWHQUHSUHVHQWDWLRQVUHFHLYHGIURPWKHGLUHFWRUVRIWKH+ROGLQJ&RPSDQ\DVRQ0DUFK
WDNHQRQUHFRUGE\WKH%RDUGRI'LUHFWRUVRIWKH+ROGLQJ&RPSDQ\DQGWKHUHSRUWVRIWKHDXGLWRUV
ZKR DUH DSSRLQWHG XQGHU 6HFWLRQ RI WKH $FW RI LWV VXEVLGLDU\ FRPSDQLHV DVVRFLDWH FRPSDQLHV DQG
MRLQWO\FRQWUROOHGHQWLWLHVLQFRUSRUDWHGLQQGLDQRQHRIWKHGLUHFWRUVRIWKH*URXSFRPSDQLHVLWVDVVRFLDWH
FRPSDQLHVDQGMRLQWO\FRQWUROOHGHQWLWLHVLQFRUSRUDWHGLQQGLDLVGLVTXDOLHGDVRQ0DUFKIURPEHLQJ
DSSRLQWHGDVDGLUHFWRULQWHUPVRI6HFWLRQRIWKH$FW
:HGLGQRWDXGLWWKHQDQFLDOLQIRUPDWLRQRIDOOWKHRYHUVHDVVXEVLGLDULHVZKRVHQDQFLDOLQIRUPDWLRQDVVWDWHG
LQQRWHDRIFRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGXQGHUDFFRXQWLQJSULQFLSOHVRWKHUWKDQ
DFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDQGLDQ*$$3DQGZKLFKLQWKHDJJUHJDWHUHHFWWRWDODVVHWV
RI ` 0LOOLRQ DV DW \HDU HQGHG 'HFHPEHU DQG 0DUFK DV DSSOLFDEOH UHYHQXHV RI `
0LOOLRQDQGQHWFDVKRXWRZVRI`0LOOLRQIRUWKH\HDUHQGHG'HFHPEHUDQG0DUFK
DVDSSOLFDEOH7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDOVRLQFOXGHWKH*URXSVVKDUHRIQHWORVVRI`
0LOOLRQIRUWKH\HDUHQGHG'HFHPEHUDQG0DUFKDVDSSOLFDEOHDVFRQVLGHUHGLQWKHFRQVROLGDWHG
QDQFLDOVWDWHPHQWVLQUHVSHFWRIDOORYHUVHDVVXEVLGLDULHVZKRVHQDQFLDOVWDWHPHQWVKDYHQRWEHHQDXGLWHGE\
XV:HDOVRGLGQRWDXGLWWKHQDQFLDOLQIRUPDWLRQRIDQRYHUVHDVDVVRFLDWHZKRVHQDQFLDOLQIRUPDWLRQUHHFWV
QHWLQFRPHRI`1LO6XFKQDQFLDOLQIRUPDWLRQKDYHEHHQDXGLWHGE\RWKHUDXGLWRUVZKRKDYHVXEPLWWHGWKHLU
DXGLWRSLQLRQVSUHSDUHGXQGHUQWHUQDWLRQDODXGLWLQJVWDQGDUGVWRWKHPDQDJHPHQWRIWKHUHVSHFWLYHFRPSDQLHV
FRSLHVRIZKLFKKDYHEHHQSURYLGHGWRXVE\WKH&RPSDQ\7KHPDQDJHPHQWRIWKH&RPSDQ\KDVFRQYHUWHGWKHVH
DXGLWHG QDQFLDO LQIRUPDWLRQ DQG QDQFLDO VWDWHPHQWV DV WKH FDVH PD\ EH RI WKH &RPSDQ\V VXEVLGLDULHV DQG
DVVRFLDWHVWRQGLDQ*$$3IRUWKHSXUSRVHRISUHSDUDWLRQRIWKHDFFRPSDQ\LQJFRQVROLGDWHGQDQFLDOVWDWHPHQWV
7KHVH QDQFLDO LQIRUPDWLRQ KDYH EHHQ DXGLWHG E\ RWKHU DXGLWRUV ZKRVH UHSRUWV KDYH EHHQ IXUQLVKHG WR XV E\
WKH0DQDJHPHQWDQGRXURSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQVRIDUDVLWUHODWHVWRWKHDPRXQWV
DQGGLVFORVXUHVLQFOXGHGLQUHVSHFWRIWKHVHVXEVLGLDULHVDQGDVVRFLDWHVDQGRXUUHSRUWLQWHUPVRIVXEVHFWLRQV
RI 6HFWLRQ RI WKH $FW LQ VR IDU DV LW UHODWHV WR WKH DIRUHVDLG VXEVLGLDULHV DQG DVVRFLDWHV LV EDVHG VROHO\
RQ WKH UHSRUWV RI VXFK RWKHU DXGLWRUV DQG RXU UHYLHZ RI WKH DIRUHVDLG FRQYHUVLRQ SURFHVV XQGHUWDNHQ E\ WKH
PDQDJHPHQW2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
E
:HGLGQRWDXGLWWKHQDQFLDOVWDWHPHQWVRIDOOWKHGRPHVWLFVXEVLGLDULHVMRLQWO\FRQWUROOHGHQWLWLHVZKRVHQDQFLDO
VWDWHPHQWVUHHFWWRWDODVVHWVRI`0LOOLRQDVDW0DUFKWRWDOUHYHQXHVRI`0LOOLRQDQG
QHWFDVKRZVDPRXQWLQJWR`0LOOLRQIRUWKH\HDUHQGHGRQWKDWGDWHDVFRQVLGHUHGLQWKHFRQVROLGDWHG
QDQFLDOVWDWHPHQWV7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDOVRLQFOXGHWKH*URXSVVKDUHRIQHWSURWRI`
0LOOLRQIRUWKH\HDUHQGHG0DUFKDVFRQVLGHUHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQUHVSHFWRI
DOOGRPHVWLFDVVRFLDWHVZKRVHQDQFLDOVWDWHPHQWVKDYHQRWEHHQDXGLWHGE\XV7KHVHQDQFLDOVWDWHPHQWVDUH
DXGLWHGE\RWKHUDXGLWRUVDQGKDYHEHHQIXUQLVKHGWRXVE\WKH0DQDJHPHQWDQGRXURSLQLRQRQWKHFRQVROLGDWHG
QDQFLDOVWDWHPHQWVLQVRIDUDVLWUHODWHVWRWKHDPRXQWVDQGGLVFORVXUHVLQFOXGHGLQUHVSHFWRIWKHVHVXEVLGLDULHV
MRLQWO\FRQWUROOHGHQWLWLHVDQGDVVRFLDWHVDQGRXUUHSRUWLQWHUPVRIVXEVHFWLRQVDQGRI6HFWLRQRIWKH
$FWLQVRIDUDVLWUHODWHVWRWKHDIRUHVDLGVXEVLGLDULHVMRLQWO\FRQWUROOHGHQWLWLHVDQGDVVRFLDWHVLVEDVHGVROHO\RQ
VXFKDXGLWHGQDQFLDOVWDWHPHQWV2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
F
:H GLG QRW DXGLW WKH QDQFLDO VWDWHPHQWV RI PSDFW $XWRPRWLYH 6ROXWLRQV /LPLWHG PSDFW D GRPHVWLF MRLQW
FRQWUROOHG HQWLW\ ZKRVH QDQFLDO LQIRUPDWLRQ LQFOXGHG LQ WKH DFFRPSDQ\LQJ FRQVROLGDWHG QDQFLDO VWDWHPHQWV
UHHFWVWRWDODVVHWVRI`1LODVDW-XQHWRWDOUHYHQXHVRI`0LOOLRQDQGQHWFDVKRXWRZVDPRXQWLQJWR
`0LOOLRQIRUWKHSHULRGHQGHG-XQH6XFKQDQFLDOLQIRUPDWLRQKDVQRWEHHQDXGLWHGEXWKDVEHHQ
DSSURYHGE\WKH0DQDJHPHQWDQGKDVEHHQIXUQLVKHGWRXV2XURSLQLRQLQVRIDUDVLWUHODWHVWRWKHDDLUVRI
VXFKMRLQWFRQWUROOHGHQWLW\LVEDVHGVROHO\RQWKH0DQDJHPHQWFHUWLHGDFFRXQWVQRXURSLQLRQDQGDFFRUGLQJWR
WKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVE\WKH0DQDJHPHQWWKHVHQDQFLDOVWDWHPHQWVDQGRWKHUQDQFLDO
LQIRUPDWLRQDUHQRWPDWHULDOWRWKH*URXS2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
2XURSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDQGRXUUHSRUWRQ2WKHU/HJDODQG5HJXODWRU\5HTXLUHPHQWV
EHORZLVQRWPRGLHGLQUHVSHFWRIWKHDERYHPDWWHUVZLWKUHVSHFWWRRXUUHOLDQFHRQWKHZRUNGRQHDQGWKHUHSRUWVRI
WKHRWKHUDXGLWRUVDQGWKHQDQFLDOVWDWHPHQWVDQGRWKHUQDQFLDOLQIRUPDWLRQFHUWLHGE\WKH0DQDJHPHQW
For S R B C & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E
SHU$UYLQG6HWKL
3DUWQHU
0HPEHUVKLS1R
3ODFHRIVLJQDWXUH3XQH
'DWH0D\
156
7KH *URXS FRPSULVLQJ %KDUDW )RUJH /LPLWHG +ROGLQJ &RPSDQ\ DQG LWV VXEVLGLDULHV MRLQW FRQWUROOHG HQWLWLHV DQG
DVVRFLDWHVLQFRUSRUDWHGLQQGLDDQGWRZKRPWKHSURYLVLRQVRIWKH2UGHUDSSO\WRJHWKHUUHIHUUHGWRDVWKH&RYHUHG
HQWLWLHVLQWKLVUHSRUWLVWDEXODWHGEHORZ
Name of the Company
Relationship
6XEVLGLDU\
%)QIUDVWUXFWXUH/LPLWHG
6XEVLGLDU\
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
6XEVLGLDU\
.DO\DQL6WUDWHJLF6\VWHPV/LPLWHG
6XEVLGLDU\
%)(OELW$GYDQFHV6\VWHPV3ULYDWH/LPLWHG
6XEVLGLDU\
$QDORJLF&RQWUROVQGLD/LPLWHG
6XEVLGLDU\
$OVWRP%KDUDW)RUJH3RZHU/LPLWHG
-RLQWFRQWUROOHGHQWLW\
'DYLG%URZQ%KDUDW)RUJH*HDU6\VWHPVQGLD/LPLWHG
-RLQWFRQWUROOHGHQWLW\
)HUURYLD7UDQVUDLO6ROXWLRQV3ULYDWH/LPLWHG
$VVRFLDWH
KHOGWKURXJKVXEVLGLDULHV
L
D 7KH+ROGLQJ&RPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSKDYHPDLQWDLQHGSURSHUUHFRUGVVKRZLQJIXOO
SDUWLFXODUVLQFOXGLQJTXDQWLWDWLYHGHWDLOVDQGVLWXDWLRQRI[HGDVVHWV
%)173&(QHUJ\6\VWHPV/LPLWHG
Annexure referred to in paragraph 1 of the section on Report on other legal and regulatory requirements of
our report of even date
E $OO[HGDVVHWVKDYHQRWEHHQSK\VLFDOO\YHULHGE\WKHPDQDJHPHQWRIWKH+ROGLQJ&RPSDQ\LWVVXEVLGLDULHV
MRLQWFRQWUROOHGHQWLWLHVDQGDVVRFLDWHGXULQJWKH\HDUEXWWKHUHLVDUHJXODUSURJUDPPHRIYHULFDWLRQZKLFK
LQRXURSLQLRQDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHDIRUHVDLG
VXEVLGLDULHV MRLQW FRQWUROOHG HQWLWLHV DQG DVVRFLDWH LV UHDVRQDEOH KDYLQJ UHJDUG WR WKH VL]H RI WKH +ROGLQJ
&RPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSDQGWKHQDWXUHRILWVDVVHWV1RPDWHULDOGLVFUHSDQFLHVZHUH
QRWLFHGRQVXFKYHULFDWLRQ
D 7KH LQYHQWRU\ KDV EHHQ SK\VLFDOO\ YHULHG E\ WKH PDQDJHPHQW RI WKH +ROGLQJ &RPSDQ\ DQG WKH &RYHUHG
HQWLWLHVRIWKH*URXSGXULQJWKH\HDUQRXURSLQLRQDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKH
QDQFLDOVWDWHPHQWVRIWKHRWKHU&RYHUHGHQWLWLHVRIWKH*URXSWKHIUHTXHQF\RIYHULFDWLRQLVUHDVRQDEOH
QYHQWRULHVO\LQJZLWKRXWVLGHSDUWLHVKDYHEHHQFRQUPHGE\WKHPDVDW\HDUHQGQUHVSHFWRIWZRVXEVLGLDULHV
DVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHDIRUHVDLGVXEVLGLDULHV7KH
&RPSDQ\GRHVQRWKDYHDQ\LQYHQWRU\DQGDFFRUGLQJO\FODXVHVLLDEDQGFRIWKH&RPSDQLHV$XGLWRUV
UHSRUW2UGHUDVDPHQGHGDUHQRWDSSOLFDEOH
E 7KHSURFHGXUHVRISK\VLFDOYHULFDWLRQRILQYHQWRU\IROORZHGE\WKHPDQDJHPHQWRIWKH+ROGLQJFRPSDQ\
DQG DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR DXGLWHG WKH QDQFLDO VWDWHPHQWV RI WKH DIRUHVDLG VXEVLGLDULHV
MRLQW FRQWUROOHG HQWLW\ DQG DVVRFLDWH DUH UHDVRQDEOH DQG DGHTXDWH LQ UHODWLRQ WR WKH VL]H DQG WKH QDWXUH
RI WKHLU EXVLQHVV RI WKH +ROGLQJ &RPSDQ\ DQG WKH DSSOLFDEOH &RYHUHG HQWLWLHV RI WKH *URXS Q UHVSHFW RI
WZR VXEVLGLDULHV DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR DXGLWHG WKH QDQFLDO VWDWHPHQWV RI WKH DIRUHVDLG
VXEVLGLDULHV 7KH &RPSDQ\ GRHV QRW KDYH DQ\ LQYHQWRU\ DQG DFFRUGLQJO\ FODXVHV LL D E DQG F RI WKH
&RPSDQLHV$XGLWRUVUHSRUW2UGHUDVDPHQGHGDUHQRWDSSOLFDEOH
F 7KH +ROGLQJ &RPSDQ\ DQG DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR DXGLWHG WKH QDQFLDO VWDWHPHQWV RI WKH
DIRUHVDLGVXEVLGLDULHVMRLQWFRQWUROOHGHQWLW\DQGDVVRFLDWH&RYHUHGHQWLWLHVDUHPDLQWDLQLQJSURSHUUHFRUGV
RILQYHQWRU\'LVFUHSDQFLHVQRWHGRQSK\VLFDOYHULFDWLRQRILQYHQWRULHVZHUHQRWPDWHULDODQGKDYHEHHQ
SURSHUO\ GHDOW ZLWK LQ WKH ERRNV RI DFFRXQW RI WKH UHVSHFWLYH &RYHUHG HQWLWLHV RI WKH *URXS Q UHVSHFW RI
157
LL
7KH+ROGLQJ&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWVIURPWKHSXEOLF7KHUHIRUHLQRXURSLQLRQWKHSURYLVLRQVRI
FODXVHYRIWKH2UGHUDUHQRWDSSOLFDEOHWRWKH&RPSDQ\$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQ
WRXVLQUHVSHFWRIGHSRVLWVDFFHSWHGHDUOLHUXQGHUUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWDQGWKHUXOHV
IUDPHGWKHUHXQGHUWKHUHDUHFHUWDLQXQFODLPHGGHSRVLWDPRXQWLQJWR`0LOOLRQLQFOXGLQJLQWHUHVWWKHUHRQ
VXEMHFWWROLWLJDWLRQQUHVSHFWRI&RYHUHGHQWLWLHVDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDO
VWDWHPHQWVRIWKHDIRUHVDLGVXEVLGLDULHVMRLQWFRQWUROOHGHQWLWLHVDQGDVVRFLDWHWKLVFODXVHLVQRWDSSOLFDEOHDVQR
GHSRVLWVZHUHDFFHSWHGXQGHUWKHUHOHYDQWSURYLVLRQV
YL :HDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHDIRUHVDLGVXEVLGLDULHVMRLQW
FRQWUROOHGHQWLWLHVDQGDVVRFLDWHKDYHEURDGO\UHYLHZHGWKHERRNVRIDFFRXQWPDLQWDLQHGE\WKH+ROGLQJ&RPSDQ\
DQGRQHMRLQWFRQWUROOHGHQWLW\WRWKHH[WHQWDSSOLFDEOHDQGUHOHYDQWSXUVXDQWWRWKHUXOHVPDGHE\WKH&HQWUDO
*RYHUQPHQWIRUWKHPDLQWHQDQFHRIFRVWUHFRUGVXQGHUVHFWLRQRIWKH&RPSDQLHV$FWUHODWHGWRWKH
PDQXIDFWXUHRIIRUJHGSURGXFWVDQGRWKHUVDVDSSOLFDEOHDQGDUHRIWKHRSLQLRQWKDWSULPDIDFLHWKHVSHFLHG
DFFRXQWVDQGUHFRUGVKDYHEHHQPDGHDQGPDLQWDLQHG7KHGHWDLOHGH[DPLQDWLRQRIWKHVDPHKDVQRWEHHQPDGH
E\XVRUVXFKRWKHUDXGLWRUV)XUWKHUDVUHSRUWHGE\WKHRWKHUDXGLWRUVRIFHUWDLQ&RYHUHGHQWLWLHVWKH&HQWUDO
*RYHUQPHQWKDVQRWVSHFLHGWKHPDLQWHQDQFHRIFRVWUHFRUGVXQGHUVHFWLRQRIWKH&RPSDQLHV$FW
IRUWKHSURGXFWVRIVXFK&RYHUHGHQWLWLHVRIWKH*URXS
YLLD
$FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV WKH +ROGLQJ &RPSDQ\ DQG DV UHSRUWHG E\ WKH
RWKHUDXGLWRUVZKRDXGLWHGWKH&RYHUHGHQWLWLHVWKH+ROGLQJFRPSDQ\DQGWKH&RYHUHGHQWLWLHVDUHJHQHUDOO\
UHJXODU LQ GHSRVLWLQJ ZLWK DSSURSULDWH DXWKRULWLHV XQGLVSXWHG VWDWXWRU\ GXHV LQFOXGLQJ SURYLGHQW IXQG
HPSOR\HHV VWDWH LQVXUDQFH LQFRPHWD[ VDOHVWD[ ZHDOWKWD[VHUYLFH WD[ FXVWRPV GXW\ H[FLVH GXW\ YDOXH
DGGHGWD[FHVVDQGRWKHUPDWHULDOVWDWXWRU\GXHVDVDSSOLFDEOHWRWKHUHVSHFWLYH&RYHUHGHQWLWLHV
E $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV DQG DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR
DXGLWHGWKH&RYHUHGHQWLWLHVQRXQGLVSXWHGDPRXQWVSD\DEOHLQUHVSHFWRISURYLGHQWIXQGHPSOR\HHVVWDWH
LQVXUDQFHLQFRPHWD[ZHDOWKWD[VHUYLFHWD[VDOHVWD[FXVWRPVGXW\H[FLVHGXW\YDOXHDGGHGWD[FHVVDQG
158
F $FFRUGLQJWRWKHUHFRUGV RIWKH+ROGLQJ&RPSDQ\DQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKH
&RYHUHGHQWLWLHVWKHKROGLQJFRPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSWKHGXHVRXWVWDQGLQJRILQFRPH
WD[VDOHVWD[ZHDOWKWD[VHUYLFHWD[FXVWRPVGXW\H[FLVHGXW\YDOXHDGGHGWD[SURSHUW\WD[DQGFHVVRQ
DFFRXQWRIDQ\GLVSXWHDUHDVIROORZV
Holding Company:
Name of the statue
)LQDQFH$FW
3URSHUW\WD[
QFRPHWD[$FW
Amount
(` in Million)
'HPDQG UHFHLYHG IURP
YDULRXV FDVHV `
0LOOLRQSDLGXQGHUSURWHVW
'HPDQG UHFHLYHG IURP
YDULRXV FDVHV `
0LOOLRQSDLGXQGHUSURWHVW
'HPDQG UHFHLYHG IURP
YDULRXV FDVHV `
0LOOLRQSDLGXQGHUSURWHVW
1RQ
GHGXFWLRQ
RI
ZLWKKROGLQJ WD[HV XV
`0LOOLRQSDLGXQGHU
SURWHVW
&RPPLVVLRQHU
DSSHDOV&(67$7
$<WR
+LJK&RXUW
$<
&7$SSHDOV
&HQWUDO([FLVH$FW
Nature of dues
RWKHUPDWHULDOVWDWXWRU\GXHVZHUHRXWVWDQGLQJDWWKH\HDUHQGIRUDSHULRGRIPRUHWKDQVL[PRQWKVIURP
WKHGDWHWKH\EHFDPHSD\DEOHIRUWKH+ROGLQJ&RPSDQ\DQG&RYHUHGHQWLWLHVRIWKH*URXS
%LKDU$FW
(QWU\WD[
Amount
(` in Million)
Nature of dues
7KHQFRPH7D[$FW
'XHVRQ5HJXODU
$VVHVVPHQWIRUZKLFKWKH
&RPSDQ\KDVOHGDSSHDO
7KH&HQWUDO([FLVH
$FW&HQWUDO
([FLVH5XOHV
&HQWUDO([FLVH'XW\DQG
3HQDOW\
Amount
(` in Million)
159
Nature of dues
$39$7$FW
6WDWH9DOXH$GGHG7D[
DQG3HQDOW\
Amount (` in
Million)
)RURWKHU&RYHUHGHQWLWLHVRIWKH*URXSDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWV
RIWKH&RYHUHGHQWLWLHVWKHUHDUHQRGXHVRILQFRPHWD[VDOHVWD[ZHDOWKWD[VHUYLFHWD[FXVWRPVGXW\H[FLVH
GXW\YDOXHDGGHGWD[DQGFHVVZKLFKKDYHQRWEHHQGHSRVLWHGRQDFFRXQWRIDQ\GLVSXWH
G $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVRWKHUWKDQWKHXQFODLPHGGLYLGHQGDPRXQWVXEMHFW
WROLWLJDWLRQWKHDPRXQWUHTXLUHGWREHWUDQVIHUUHGWRLQYHVWRUHGXFDWLRQDQGSURWHFWLRQIXQGLQDFFRUGDQFH
ZLWKWKHUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWRIDQGUXOHVPDGHWKHUHXQGHUKDVEHHQ
WUDQVIHUUHGWRVXFKIXQGZLWKLQWLPHIRUWKH+ROGLQJ&RPSDQ\$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQV
JLYHQWRXVDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIFHUWDLQ&RYHUHG
HQWLWLHVRIWKH*URXSWKHDPRXQWUHTXLUHGWREHWUDQVIHUUHGWRLQYHVWRUHGXFDWLRQDQGSURWHFWLRQIXQGLQ
DFFRUGDQFHZLWKWKHUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWRIDQGUXOHVPDGHWKHUHXQGHU
KDVEHHQWUDQVIHUUHGWRVXFKIXQGZLWKLQWLPHWRWKHH[WHQWDSSOLFDEOHWRWKH&RYHUHGHQWLWLHV
YLLL 7KH+ROGLQJ&RPSDQ\DQGRQHMRLQWFRQWUROOHGHQWLW\RIWKH*URXSKDYHQRDFFXPXODWHGORVVHVDWWKHHQGRIWKH
QDQFLDO\HDUDQGKDYHQRWLQFXUUHGFDVKORVVHVLQWKHFXUUHQWDQGLPPHGLDWHO\SUHFHGLQJQDQFLDO\HDUH[FHSW
IRUWZRVXEVLGLDULHV7KHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVKDVUHSRUWHGWKDW
7KH&RPSDQ\VDFFXPXODWHGORVVHVDVDWWKHHQGRIWKH\HDUH[FHHGHGIW\SHUFHQWRILWVQHWZRUWK7KH&RPSDQ\
KDVLQFXUUHGFDVKORVVHVGXULQJWKHQDQFLDO\HDUFRYHUHGE\WKLVUHSRUWDQGDOVRLQWKHSUHFHGLQJQDQFLDO\HDU
QUHVSHFWRIWZRVXEVLGLDULHVDQGRQHDVVRFLDWHWKHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKH
VXEVLGLDULHVDQGDVVRFLDWHKDVUHSRUWHGWKDW7KH&RPSDQ\KDVEHHQUHJLVWHUHGIRUDSHULRGRIOHVVWKDQYH\HDUV
DQGKHQFHZHDUHQRWUHTXLUHGWRFRPPHQWRQZKHWKHURUQRWWKHDFFXPXODWHGORVVHVDWWKHHQGRIWKHQDQFLDO
\HDULVIW\SHUFHQWRUPRUHRILWVQHWZRUWKDQGZKHWKHULWKDVLQFXUUHGFDVKORVVHVLQWKHFXUUHQWQDQFLDO\HDU
DQGLQWKHLPPHGLDWHO\SUHFHGLQJQDQFLDO\HDUQUHVSHFWRIRQHVXEVLGLDU\DQGRQHMRLQWFRQWUROOHGHQWLW\WKH
RWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDU\DQGMRLQWFRQWUROOHGHQWLW\KDVUHSRUWHGWKDW
WKLVFODXVHLVQRWDSSOLFDEOHWRWKHP
L[ %DVHGRQRXUDXGLWSURFHGXUHVDQGDVSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWDQGDV
UHSRUWHGE\WKHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIFHUWDLQ&RYHUHGHQWLWLHVRIWKH*URXSZH
DUHRIWKHRSLQLRQWKDWWKH+ROGLQJ&RPSDQ\DQGFHUWDLQ&RYHUHGHQWLWLHVRIWKH*URXSKDYHQRWGHIDXOWHGLQWKHLU
UHSD\PHQW RI GXHV WR QDQFLDO LQVWLWXWLRQ EDQN RU GHEHQWXUH KROGHUV Q UHVSHFW RI WZR VXEVLGLDULHV WKH RWKHU
DXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVKDVUHSRUWHGWKDW&ODXVHL[RIWKH&RPSDQLHV
$XGLWRUV5HSRUW2UGHULVQRWDSSOLFDEOH
[
160
$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH+ROGLQJ&RPSDQ\KDVJLYHQJXDUDQWHHIRUORDQV
WDNHQE\RWKHUVIURPEDQNVDQGQDQFLDOLQVWLWXWLRQVWKHWHUPVDQGFRQGLWLRQVZKHUHRILQRXURSLQLRQDUHQRW
SULPDIDFLHSUHMXGLFLDOWRWKHLQWHUHVWRIWKH&RPSDQ\QUHVSHFWRIRQHVXEVLGLDU\DQGRQHDVVRFLDWHWKHRWKHU
DXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDU\DQGDVVRFLDWHKDVUHSRUWHGWKDW7KH&RPSDQ\
KDVJLYHQFRUSRUDWHJXDUDQWHHIRUORDQVWDNHQE\LWVRWKHU&RPSDQ\IURPWKHEDQNVZKLFKLVQRWSUHMXGLFLDOWR
WKHLQWHUHVWRIWKH&RPSDQ\QUHVSHFWRIYHVXEVLGLDULHVDQGWZRMRLQWFRQWUROOHGHQWLWLHVWKHRWKHUDXGLWRUZKR
DXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVDQGMRLQWFRQWUROOHGHQWLWLHVKDVUHSRUWHGWKDW7KH&RPSDQ\
KDVQRWJLYHQDQ\JXDUDQWHHIRUORDQVWDNHQE\RWKHUVIURPEDQNRUQDQFLDOLQVWLWXWLRQVGXULQJWKH\HDU
[LL %DVHGXSRQWKHDXGLWSURFHGXUHVSHUIRUPHGIRUWKHSXUSRVHRIUHSRUWLQJWKHWUXHDQGIDLUYLHZRIWKHFRQVROLGDWHG
QDQFLDOVWDWHPHQWVDQGDVSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWDQGUHSRUWVRIWKH
RWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIRWKHU&RYHUHGHQWLWLHVRIWKH*URXSZKLFKZHKDYHUHOLHG
XSRQZHUHSRUWWKDWQRIUDXGRQRUE\WKH+ROGLQJ&RPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSKDYHEHHQ
QRWLFHGRUUHSRUWHGGXULQJWKH\HDU
[L %DVHG RQ WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV E\ WKH PDQDJHPHQW DQG WKH UHSRUW RI RWKHU DXGLWRUV
ZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRI+ROGLQJ&RPSDQ\IRXUVXEVLGLDULHVRQH-RLQWFRQWUROOHGHQWLW\DQGRQH
DVVRFLDWHRIWKH*URXSWHUPORDQVZHUHDSSOLHGIRUWKHSXUSRVHIRUZKLFKWKHORDQVZHUHREWDLQHGQUHVSHFW
RIWZRVXEVLGLDULHVDQGRQH-RLQWFRQWUROOHGHQWLW\WKHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKH
VXEVLGLDULHVDQG-RLQWFRQWUROOHGHQWLW\KDVUHSRUWHGWKDWWKLVFODXVHLVQRWDSSOLFDEOHWRWKHP
SHU$UYLQG6HWKL
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
161
%DODQFH6KHHW_6WDWHPHQWRI3URWDQG/RVV
As at
March 31, 2015
(in ` Million)
As at
March 31, 2014
3
4
Minority interest
Non-current liabilities
Long-term borrowings
Deferred tax liabilities (net)
Other long-term liabilities
Long-term provisions
465.68
33,975.95
34,441.63
-
465.68
26,366.73
26,832.41
170.18
5
6
7
8
Current liabilities
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
19,815.10
1,637.69
595.44
1,196.94
23,245.17
15,212.01
1,644.60
180.63
1,157.39
18,194.63
9
10
10
8
3,830.26
11,016.01
8,036.48
1,789.56
24,672.31
82,359.11
4,861.61
10,554.22
13,003.41
1,728.61
30,147.85
75,345.07
20.40
25,601.97
147.66
8,585.89
537.24
388.89
2,402.48
232.50
37,896.63
25,104.87
178.56
5,826.71
56.80
290.61
2,361.30
261.77
34,080.62
4,566.46
10,338.95
8,534.67
6,819.93
5,612.05
8,568.99
1.03
44,442.08
82,359.11
7,721.38
10,385.81
8,659.72
4,227.35
5,397.48
4,871.38
1.33
41,264.45
75,345.07
Note
Equity and liabilities
Shareholders Fund
Share capital
Reserves and surplus
Assets
Minority interest
Non-current assets
Fixed Assets
Tangible assets
Intangible assets
Capital work-in-progress
Goodwill arising on consolidation
Non-current investments
Long-term loans and advances
Other non-current assets
TOTAL
11.1
11.2
11.3
12
13
14
Current assets
Current investments
Inventories
Trade receivables
Cash and bank balances
Short-term loans and advances
Other current assets
Assets held for sale
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
15
16
17
18
13
14
41
TOTAL
2.1
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
As per our report of even date
For S R B C & Co. LLP
ICAI Firm registration No. 324982E
Chartered Accountants
per ARVIND SETHI
Partner
Membership No. 89802
Place: Pune
Date: May 20, 2015
162
B. N. KALYANI
Chairman and Managing Director
G. K. AGARWAL
Deputy Managing Director
KISHORE SALETORE
Executive Director & CFO
ANAND DAGA
Company Secretary
Note
Year ended
March 31, 2015
` Year ended
March 31, 2014
77,895.54
68,666.97
(1,648.05)
(1,508.53)
Continuing operations
Income
19
76,247.49
67,158.44
Other income
20
1,367.55
1,246.82
77,615.04
68,405.26
21
28,657.86
25,416.92
22
178.96
(807.92)
21 (a)
4,974.60
7,628.76
(PSOR\HHEHQHWVH[SHQVH
23
9,051.10
7,887.67
24
3,624.21
3,571.48
Finance costs
25
1,355.96
1,691.52
Other expenses
26
18,977.10
16,731.48
66,819.79
62,119.91
3URWEHIRUHH[FHSWLRQDOLWHPVDQGWD[>@
10,795.25
6,285.35
427.57
1,037.07
11,222.82
7,322.42
3,603.69
1,744.18
(27.04)
(6.60)
44.53
37.34
(12.12)
(20.80)
Deferred tax
(70.29)
339.65
48.09
6.38
3,586.86
2,100.15
3URWIRUWKH\HDU
7,635.96
5,222.27
Project cost
Exceptional items
3URWEHIRUHWD[
27
Tax expenses
Current tax
3HUWDLQLQJWRSURWIRUWKH\HDULQFOXGLQJ0$7
- Adjustment of tax relating to earlier years
- Share in MAT payable of Joint Venture
163
Expenses
( in ` Million)
%DODQFH6KHHW_6WDWHPHQWRI3URWDQG/RVV
Year ended
March 31, 2015
` Year ended
March 31, 2014
0.01
(0.02)
(29.75)
(28.49)
7,665.72
5,250.74
(40.63)
(394.41)
(0.27)
2.90
(40.36)
(397.31)
(131.86)
(40.36)
(265.45)
7,625.36
4,985.29
32.93
22.56
32.76
21.41
Discontinuing operations
Loss before tax from discontinuing operations
Tax expenses of discontinuing operations
(Loss) after tax from discontinuing operations
Minority interest
(Loss) after minority interest from discontinuing operations ( B )
3URWIRUWKH\HDUDIWHUPLQRULW\LQWHUHVW$%
Earnings per equity share [nominal value of share `2/- (March 31, 2014: `2/-)
28
2QWKHEDVLVRISURWIURPFRQWLQXLQJRSHUDWLRQV
Basic and Diluted (In `)
2QWKHEDVLVRIWRWDOSURWIRUWKH\HDU
Basic and Diluted (In `)
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
2.1
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
As per our report of even date
For S R B C & Co. LLP
ICAI Firm registration No. 324982E
Chartered Accountants
per ARVIND SETHI
Partner
Membership No. 89802
Place: Pune
Date: May 20, 2015
164
B. N. KALYANI
Chairman and Managing Director
G. K. AGARWAL
Deputy Managing Director
KISHORE SALETORE
Executive Director & CFO
ANAND DAGA
Company Secretary
&DVK)ORZ6WDWHPHQW
7,322.42
(0.02)
7,322.40
3,624.21
385.19
104.34
0.98
(294.89)
(132.68)
1,355.96
43.58
(403.75)
(80.73)
(183.03)
(199.42)
29.10
159.74
15,631.43
3,571.48
148.90
6.28
(431.64)
(605.44)
1,691.52
56.87
(394.76)
(58.26)
(92.31)
(206.29)
133.76
11,142.51
(141.78)
14.16
29.32
339.75
112.64
35.55
11.31
(177.70)
0.15
(233.97)
2.62
(347.26)
-
(1,252.91)
2,187.29
(1,978.31)
1,523.72
(868.50)
(1,267.38)
293.74
414.81
39.59
(0.04)
(202.17)
99.26
-
694.12
(1.77)
(1,266.64)
(3.28)
4,066.59
(2,779.42)
(2,821.31)
(219.03)
(308.70)
14,391.92
(4,088.42)
29.75
(40.36)
10,292.89
1,172.14
(35.35)
9,513.26
(2,112.80)
28.49
(265.45)
7,163.50
165
11,222.82
0.01
11,222.83
$GMXVWPHQWWRUHFRQFLOHSURWEHIRUHWD[WRQHWFDVKRZV
Depreciation and amortisation
Unrealised foreign exchange loss/(gain)
%DGGHEWVLUUHFRYHUDEOHDGYDQFHVDQGVXQGU\EDODQFHVZULWWHQR
/RVVSURWRQVDOHRI[HGDVVHWV
Provision for expense of earlier year reversed
3URWRQGLVSRVDORIVXEVLGLDU\
Interest expenses
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVZULWWHQREDFN
Dividend (income)
Net (gain)/loss on sale of investments
Provisions no longer required
Interest (income)
*RRGZLOORQFRQVROLGDWLRQZULWWHQR
(HFWVRIFRQVROLGDWLRQ
2SHUDWLQJSURWEHIRUHZRUNLQJFDSLWDOFKDQJHV
0RYHPHQWVLQZRUNLQJFDSLWDO
(Increase)/decrease in non-current assets
(Increase)/decrease in long-term loans and advances
Decrease in long-term loans and advances due to disposal of joint venture
Decrease in other non-current assets
(Increase)/decrease in current assets
Decrease/(increase) in inventories
Decrease in inventory due to disposal of joint venture/subsidiary
(Increase) in trade receivables
Decrease in trade receivable due to disposal of joint venture/subsidiary
(Increase) in short-term loans and advances
Decrease in short-term loans and advances due to disposal of joint venture
(Increase) in other current assets
Decrease in other current assets due to disposal of subsidiary
Increase/ (decrease) in non-current liabilities
Increase/(decrease) in other long-term liabilities
Increase in long term provisions
(Decrease) in long term provisions due to disposal of joint venture
Increase / (decrease) in current liabilities
Increase in trade payables
(Decrease) in trade payable due to disposal of joint venture/subsidiary
(Decrease) in other current liabilities
(Decrease) in other current liabilities due to disposal of joint venture/
subsidiary
(Decrease)/increase in short term provisions
(Decrease) in short term provision due to disposal of subsidiary
Cash generated from operations
Direct taxes paid (net of refunds)
$GG/HVV0LQRULW\LQWHUHVWVVKDUHRISURWORVV
$GG/HVV3URWORVVIURPGLVFRQWLQXHGRSHUDWLRQV
1HWFDVKRZVIURPRSHUDWLQJDFWLYLWLHV
(A)
In ` Million
Year ended
March 31, 2014
&DVKRZIURPRSHUDWLQJDFWLYLWLHV
3URWEHIRUHWD[
$GG/HVV6KDUHRI3URW/RVVLQ$VVRFLDWH
Year ended
March 31, 2015
&DVK)ORZ6WDWHPHQW
&DVKRZVIURPLQYHVWLQJDFWLYLWLHV
Investment in subsidiaries, associates and others
Proceeds from disposal of investment in joint venture/subsidiary
Investment in mutual funds
Proceeds from sale of mutual funds
3XUFKDVHRI[HGDVVHWVLQFOXGLQJFDSLWDOZRUNLQSURJUHVVDQGFDSLWDODGYDQFHV
3URFHHGVIURPVDOHRI[HGDVVHWV
0RYHPHQWLQ[HGDVVHWVRQGLVSRVDORIVXEVLGLDU\
Interest received
Investments in bank deposits (having original maturity of more than three months)
Redemption/ maturity of bank deposits (having original maturity of more
than three months)
Dividend received
1HWFDVKRZVXVHGLQLQYHVWLQJDFWLYLWLHV
(B)
&DVKRZVIURPQDQFLQJDFWLYLWLHV
Proceeds from long term borrowings
Repayment of long term borrowings
Decrease in long term loans due to disposal of subsidiary
Proceeds from short term borrowings
Repayment of short term borrowings
Decrease in short term loans due to disposal of subsidiary
Interest expenses
Dividend including tax thereon
1HWFDVKRZVXVHGLQQDQFLQJDFWLYLWLHV
(C)
Net increase/(decrease) in cash and cash equivalents
$%&
(HFWVRIH[FKDQJHGLHUHQFHRQFDVKDQGFDVKHTXLYDOHQWKHOGLQIRUHLJQ
currency
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Foreign currency translation reserve movement
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents as at (Refer note 18)
Cash on hand
%DODQFHVZLWKEDQNV
- on current accounts
- on deposit accounts
Year ended
March 31, 2015
In ` Million
Year ended
March 31, 2014
(98.28)
107.84
(22,185.59)
25,421.24
(7,171.84)
58.48
24.78
180.44
(3,265.09)
1,907.87
(32.54)
1,871.46
(16,323.46)
12,534.78
(6,751.22)
908.25
5,640.29
230.48
(1,767.31)
1,420.00
403.75
(4,616.40)
394.76
(1,874.51)
6,546.48
(6,134.55)
5,749.50
(6,781.97)
(1,459.63)
(1,518.91)
(3,599.08)
2,077.41
-
4,103.43
(4,712.13)
(2,669.34)
6,100.07
(2,123.45)
(4,175.89)
(1,701.55)
(1,220.95)
(6,399.81)
(1,110.82)
0.01
2,396.81
4,474.22
(844.71)
3,629.51
4,074.04
2,963.23
(566.42)
2,396.81
2,597.73
1,030.01
3,629.51
1,905.05
490.00
2,396.81
Notes :
7KHJXUHVLQEUDFNHWVUHSUHVHQWRXWRZVDGMXVWPHQWV
3UHYLRXV SHULRGV JXUHV KDYH EHHQ UHJURXSHG UHFODVVLHG ZKHUHYHU QHFHVVDU\ WR FRQIRUP WR FXUUHQW \HDU
presentation.
3ULPDULO\LQFOXGHVLPSDFWRIIRUHLJQFXUUHQF\WUDQVODWLRQDQGRWKHUFRQVROLGDWLRQDGMXVWPHQWV
As per our report of even date
For S R B C & Co. LLP
ICAI Firm registration No. 324982E
Chartered Accountants
per ARVIND SETHI
Partner
Membership No. 89802
Place: Pune
Date: May 20, 2015
166
B. N. KALYANI
Chairman and Managing Director
G. K. AGARWAL
Deputy Managing Director
KISHORE SALETORE
Executive Director & CFO
ANAND DAGA
Company Secretary
1RWHV
Corporate information
Bharat Forge Limited (the Company) is a public company domiciled in India. Its shares are listed on three stock
exchanges in India. The Company is engaged in the manufacturing and selling of forged components. The Company
caters to both domestic and international markets. The Companys CIN is L25209PN1961PLC012046
Basis of preparation
7KHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWVFRPSULVHWKHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHV
DVVRFLDWHVDQGMRLQWFRQWUROOHGHQWLWLHVWRJHWKHUUHIHUUHGWRDVWKH*URXS7KHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
of the Group have been prepared in accordance with the generally accepted accounting principles in India (Indian
*$$3 7KH *URXS KDV SUHSDUHG WKHVH FRQVROLGDWHG QDQFLDO VWDWHPHQWV WR FRPSO\ LQ DOO PDWHULDO DVSHFWV ZLWK
DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG LQ QGLD LQFOXGLQJ WKH DFFRXQWLQJ VWDQGDUGV QRWLHG XQGHU VHFWLRQ
133 of the Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules 2014. These
FRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQDQDFFUXDOEDVLVXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQ
H[FHSWIRUGHULYDWLYHQDQFLDOLQVWUXPHQWVZKLFKKDYHEHHQPHDVXUHGDWIDLUYDOXH
7KHDFFRXQWLQJSROLFLHVDGRSWHGLQWKHSUHSDUDWLRQRIFRQVROLGDWHGQDQFLDOVWDWHPHQWVDUHFRQVLVWHQWZLWKWKRVH
of previous year.
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
a)
Principles of consolidation
7KHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWVRIWKH*URXSDUHSUHSDUHGLQDFFRUGDQFHZLWK$FFRXQWLQJ6WDQGDUG
21 Consolidated Financial Statements, Accounting Standard 23 Accounting for Investments in Associates
in Consolidated Financial Statements and Accounting Standard 27 Financial Reporting of Interests in Joint
9HQWXUHVDVQRWLHG
7KHVH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DUH SUHVHQWHG WR WKH H[WHQW SRVVLEOH LQ WKH VDPH IRUPDW DV WKDW
DGRSWHGE\WKH&RPSDQ\IRULWVVWDQGDORQHQDQFLDOVWDWHPHQWV
QUHVSHFWRIFHUWDLQRYHUVHDVVXEVLGLDULHVWKHQDQFLDOLQIRUPDWLRQDUHSUHSDUHGXQGHUQWHUQDWLRQDO)LQDQFLDO
Reporting Standards (IFRS) as adopted by European Union, or under accounting principles accepted in the
United States of America (US GAAP) or under accounting principles accepted in the United Kingdom (UK
*$$37KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQUHVSHFWRIRYHUVHDVVXEVLGLDULHVDVVRFLDWHFRPSDQLHVRWKHU
than Bharat Forge International Limited) are drawn for the year ended December 31, 2014, whereas the
QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DUHGUDZQIRUWKH\HDUHQGHG0DUFK7KHHHFWRIVLJQLFDQW
transactions and other events that occur between January 1, 2015 and March 31, 2015 are considered in
WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV LI LW LV PDWHULDO LQ QDWXUH 7KH QDQFLDO VWDWHPHQWV RI %KDUDW )RUJH
QWHUQDWLRQDO/LPLWHGKDYHEHHQSUHSDUHGIRU WKH\HDU HQGHG0DUFK 7KHQDQFLDOVWDWHPHQWV RI
Indian subsidiaries/associates/joint controlled entities have been drawn for the year ended March 31, 2015.
7KH*URXSKDVFRQYHUWHGWKHVHDXGLWHGQDQFLDOLQIRUPDWLRQDQGQDQFLDOVWDWHPHQWVDVWKHFDVHPD\EHWR
accounting principles generally accepted in India, for the purpose of preparation of the Groups consolidated
QDQFLDOVWDWHPHQWVXQGHUDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLD
Subsidiaries
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains
control, and continues to be consolidated until the date that such control ceases to exist.
7KHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHVKDYHEHHQFRQVROLGDWHGRQDOLQHE\OLQHEDVLV
by adding together the book values of like items of assets, liabilities, income and expenses, after eliminating
LQWUDJURXSEDODQFHVDQGLQWUDJURXSWUDQVDFWLRQV7KHXQUHDOLVHGSURWVRUORVVHVUHVXOWLQJIURPWKHLQWUD
group transactions and intra group balances have been eliminated in full. Unrealised losses resulting from
intragroup transactions are also eliminated unless cost cannot be recovered.
The excess of the cost to the Company of its investment in the subsidiaries over the Companys portion of
HTXLW\RQWKHDFTXLVLWLRQGDWHLVUHFRJQLVHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDVJRRGZLOODQGLVWHVWHG
for impairment annually. The excess of the Companys portion of equity of the subsidiary over the cost of
investment therein is treated as capital reserve.
167
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDUHSUHSDUHGXVLQJXQLIRUPDFFRXQWLQJSROLFLHVIRUOLNHWUDQVDFWLRQV
and events in similar circumstances and necessary adjustments required for deviations, if any to the extent
SRVVLEOHXQOHVVRWKHUZLVHVWDWHGDUHPDGHLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDQGDUHSUHVHQWHGLQWKH
VDPHPDQQHUDVWKH&RPSDQ\VVWDQGDORQHQDQFLDOVWDWHPHQWV
6KDUHRIPLQRULW\LQWKHQHWSURWLVDGMXVWHGDJDLQVWWKHLQFRPHWRDUULYHDWWKHQHWLQFRPHDWWULEXWDEOHWR
shareholders of the parent Company. Minority interests share of net assets/liability is presented separately
in the balance sheet.
If the losses attributable to the minority in a subsidiary exceed the minoritys share in equity of the subsidiary,
then the excess, and any further losses applicable to the minority, are adjusted against the Groups interest
except to the extent that the minority has a binding obligation to, and is able to, make good the losses. If
WKH VXEVLGLDU\ VXEVHTXHQWO\ UHSRUWV SURWV DOO VXFK SURWV DUH DOORFDWHG WR WKH *URXSV LQWHUHVW XQWLO WKH
minoritys share of losses previously absorbed by the Group has been adjusted.
A change in the ownership/ interest of a subsidiary, without a loss of control is accounted for as an equity
transaction.
If the Group loses control over a subsidiary, it:
GHUHFRJQLVHVWKHFXPXODWLYHWUDQVODWLRQGLHUHQFHVUHFRUGHGLQIRUHLJQFXUUHQF\WUDQVODWLRQUHVHUYH
UHFRJQLVHVDQ\VXUSOXVRUGHFLWLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
Associates
The Groups investment in its associates is accounted for using the equity method. An associate is an entity in
ZKLFKWKH*URXSKDVVLJQLFDQWLQXHQFH
Under the equity method, the investment in the associate is carried in the balance sheet at cost plus post
acquisition changes in the Groups share of net assets of the associate. Goodwill relating to the associate
is included in the carrying amount of the investment and is neither amortised nor individually tested for
LPSDLUPHQW7KHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVUHHFWVWKHVKDUHRIWKHUHVXOWVRIRSHUDWLRQVRI
the associate. Unrealised gains and losses resulting from transactions between the Group and the associates
are eliminated to the extent of the interest in the associate.
After application of the equity method, the Group determines whether it is necessary to recognise decline,
other than temporary, in the value of the Groups investment in its associates, such reduction being determined
and made for each investment individually. The Group determines at each reporting date whether there is
any objective evidence that the investment in the associate is impaired.
Joint controlled entities
The Group recognises its interest in the joint controlled entities using the proportionate consolidation method
as per Accounting Standard 27 Financial Reporting of Interests in Joint Ventures. The Group combines its
proportionate share of each of the assets, liabilities, income and expenses of the joint venture with similar
LWHPVOLQHE\OLQHLQLWVFRQVROLGDWHGQDQFLDOVWDWHPHQWV
168
/LVWRIVXEVLGLDULHVZKLFKDUHLQFOXGHGLQWKHFRQVROLGDWLRQDQGWKH&RPSDQ\VHHFWLYHKROGLQJVWKHUHLQDUH
as under:
Name of the company
Country of
incorporation
Germany
Germany
Germany
Germany
Germany
Sweden
Scotland
Closed (upto
August, 2014)
China
Closed
(up to Nov
12, 2013)
Hong Kong
NA
Germany
Germany
U.S.A.
100%
India
51%
51%
BF Infrastructure Limited
India
100%
100%
India
100%
100%
India
100%
100%
India
Closed
51%
NA
India
74%
100%
India
60%
60%
KHOGWKURXJKVXEVLGLDULHV
List of Subsidiaries which are not included in the consolidation based on materiality or where control is
intended to be temporary/ restricted:
Name of the company
Country of
incorporation
India
Parents ultimate
holding as on
March 31,
March 31,
2015
2014
100%
100%
Financial year
ends on
U.K.
Germany
Parents ultimate
Financial year
holding as on
ends on
March 31,
March 31,
2015
2014
100%
100% December 31, 2014
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
List of associates which are not included in the consolidation based on materiality or where control is intended
to be temporary/ restricted:
Name of the company
Country of
incorporation
Germany
UK
Parents ultimate
Financial year
holding as on
ends on
March 31,
March 31,
2015
2014
35%
35% December 31, 2014
30%
Details of the Companys ownership interest in associate, which have been included in the consolidation, are
as follows:Name of the company
Country of
incorporation
India
Parents ultimate
holding as on
March 31,
March 31,
2015
2014
49%
49%
Financial year
ends on
Details of the Companys carrying amount of investment in associate, which have been included in the
consolidation, are as follows:(in Million)
Name of the Company
Year
Provision
Original
Goodwill Accumulated
for
cost of
SURWORVVDV
investment
on December diminution
31, 2014/March
31, 2015
1.97
2.75
-
Carrying
amount of
investment as
at December
31, 2014
1.97
1.97
2.75
1.96
1.97
0.05
0.03
0.05
0.05
1.86
0.05
(Figures in bracket represents previous year) Tecnica UK was consolidated in the previous year on the basis of
management accounts.
Details of the Companys ownership interest in joint venture, which have been included in the consolidation
are as follows:Name of the jointly controlled entities
Country of
incorporation
Parents ultimate
holding as on
March 31,
March 31,
2015
2014
49%
49%
Financial year
ends on
India
50%
NA
50%
India
74%
74%
Disclosure of additional information pertaining to the parent company, subsidiaries and joint ventures:
(In ` Million)
Name of the company
Net assets
6KDUHLQSURWDQGORVV
(Total assets - total liabilities)
As a % of
Net assets
As a % of
3URW/RVV
consolidated
consolidated
net assets
SURWRUORVV
Parent Company
Bharat Forge Limited
101.56%
34,956.74
94.29%
7,189.84
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Indian subsidiaries
0.15%
50.23
(0.04)%
(2.95)
B F Infrastructure Limited
0.55%
189.47
0.01%
0.54
1.15%
396.33
0.00%
(0.05)
0.00%
(0.25)
0.00%
(0.04)
(0.14)%
(46.74)
(0.05)%
(3.70)
(0.33)%
(112.91)
(0.93)%
(70.72)
18.54%
6,382.13
2.30%
175.22
1.13%
390.32
0.19%
14.60
3.05%
1,051.30
1.13%
85.85
0.02%
5.38
0.00%
0.35
7.40%
2,546.12
(0.34)%
(26.23)
0.17%
58.37
(4.04)%
(307.71)
0.04%
12.14
(0.34)%
(26.05)
Foreign subsidiaries
CDP Bharat Forge GmbH
Bharat Forge Holding GmbH
Verwaltungs
0.81%
279.50
1.61%
122.78
0.68%
232.44
(0.31)%
(23.53)
0.31%
106.33
(0.15)%
(11.16)
1.12%
384.24
0.00%
0.00
(0.20)%
(67.37)
(0.41)%
(30.99)
0.10%
33.63
0.00%
0.37
4.74%
1,631.13
1.71%
130.39
(0.12)%
(9.36)
0.00%
0.01
0.00%
0.02
140.90%
48,499.06
95.52%
7,207.45
(0.06)%
(20.40)
0.39%
29.75
(40.84)%
(14,057.43)
5.09%
388.16
100.00%
34,421.23
100.00%
7,625.36
BFIL - CEC JV
Minority interest in all subsidiaries
171
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
E 6XPPDU\RIVLJQLFDQWGLYHUVHDFFRXQWLQJSROLFLHVIROORZHGE\WKHVXEVLGLDULHVDQGMRLQWFRQWUROOHGHQWLWLHV
The following are instances of diverse accounting policies followed by the subsidiaries, which do not materially
LPSDFWWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
i)
Dies: In respect of CDP Bharat Forge GmbH (CDP BF), Bharat Forge Kilsta (BFK)
Dies are considered as tangible assets and amortised by scheduled depreciation with reference to an assumed
economic life as against the companys accounting policy to treat them as inventory under Current Asset
and amortise the cost, as cost of raw material and component consumed, on the basis of actual usage. Since
ERWKPHWKRGVDUHDFFHSWDEOHEDVLVRIPDNLQJHVWLPDWHVRIHFRQRPLFOLIHWKHUHLVQRQDQFLDOLPSDFWRQWKH
results for the year.
ii)
Inventories: In respect of Bharat Forge America Inc. and Bharat Forge Kilsta AB, Sweden
iii) Depreciation:
a)
In respect of Indian subsidiaries (except BF Infrastructure Limited and Kalyani Strategic Systems
Limited)
Depreciation expense is calculated using straight line basis on all the assets. This is in contrast to the
practice followed by the Company where the depreciation on assets is calculated by using straight line
EDVLVRU:ULWWHQ'RZQ9DOXHEDVLVGHSHQGLQJRQDVVHWFODVVLFDWLRQ7KHSUDFWLFHZRXOGQRWKDYHDQ\
PDWHULDOLPSDFWRYHUWKHOLIHRIWKHDVVHWDQGRQWKHSURWIRUWKH\HDU
b)
In respect of certain Indian subsidiaries i.e. BF Infrastructure Limited and Kalyani Strategic
Systems Limited
Depreciation expense is calculated using Written Down Value basis on all the assets. This is in contrast
to the practice followed by the company where the depreciation on assets is calculated by using straight
OLQHEDVLVRU:ULWWHQ'RZQ9DOXHEDVLVGHSHQGLQJRQDVVHWFODVVLFDWLRQ7KHSUDFWLFHZRXOGQRWKDYH
DQ\PDWHULDOLPSDFWRYHUWKHOLIHRIWKHDVVHWDQGRQWKHSURWIRUWKH\HDU
c)
(c)
172
(I)
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Considering the applicability of Schedule II, the management has re-estimated useful lives and residual values
RIDOOLWV[HGDVVHWV7KHPDQDJHPHQWEHOLHYHVWKDWGHSUHFLDWLRQUDWHVFXUUHQWO\XVHGIDLUO\UHHFWLWVHVWLPDWH
RIWKHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRI[HGDVVHWVWKRXJKWKHVHUDWHVLQFHUWDLQFDVHVDUHGLHUHQWIURP
lives prescribed under Schedule II. However, this change in accounting policy did not have any material impact
RQQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
+DGWKHFRPSDQ\FRQWLQXHGWRXVHWKHHDUOLHUSROLF\RIGHSUHFLDWLQJ[HGDVVHWWKHSURWIRUWKHFXUUHQW
period would have been lower by ` 129.94 Million (net of tax impact of ` 85.77 Million), retained earnings
at the beginning of the current period would have been higher by ` 64.49 Million (net of tax impact of
`0LOOLRQDQGWKH[HGDVVHWZRXOGFRUUHVSRQGLQJO\KDYHEHHQORZHUE\` 65.05 Million. In respect of
certain Indian subsidiaries, this change in accounting policy did not have a material impact in their respective
QDQFLDOVWDWHPHQWV
(II)
Component Accounting
The Company and its Indian subsidiaries within the group has adopted Schedule II to the Companies Act,
2013, for depreciation purposes, from 1 April, 2014. The Company and its Indian subsidiaries within the group
ZDV SUHYLRXVO\ QRW LGHQWLI\LQJ FRPSRQHQWV RI [HG DVVHWV VHSDUDWHO\ IRU GHSUHFLDWLRQ SXUSRVHV UDWKHU D
VLQJOHXVHIXOOLIHGHSUHFLDWLRQUDWHZDVXVHGWRGHSUHFLDWHHDFKLWHPRI[HGDVVHW
(III) Depreciation on assets costing less than ` 5,000/Till year ended March 31,2014, to comply with the requirements of Schedule XIV to the Companies Act, 1956,
the Company and its Indian subsidiaries within the group were charging 100% depreciation on assets costing
less than ` 5,000/- in the year of purchase. However, Schedule II to the Companies Act, 2013, applicable from
the current year, does not recognize such practice. Hence, to comply with the requirement of Schedule II to
the Companies Act, 2013, the Group has changed its accounting policy for depreciations of assets costing less
than ` 5,000/-. As per the revised policy, the Group is depreciating such assets over their useful life as assessed
by the management. The management has decided to apply the revised accounting policy prospectively from
accounting periods commencing on or after 1 April, 2014. The change in accounting for depreciation of assets
costing less than `GLGQRWKDYHDQ\PDWHULDOLPSDFWRQFRQVROLGDWHGQDQFLDOVWDWHPHQWVRIWKH*URXS
for the current year.
a)
Use of estimates
7KH SUHSDUDWLRQ RI FRQVROLGDWHG QDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK QGLDQ *$$3 UHTXLUHV WKH
PDQDJHPHQW WR PDNH MXGJHPHQWV HVWLPDWHV DQG DVVXPSWLRQV WKDW DHFW WKH UHSRUWHG DPRXQWV RI
revenue, expenses, assets, liabilities and the disclosure of contingent liabilities at the end of the reporting
period. Although these estimates are based on the managements best knowledge of current events and
actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a
material adjustment to the carrying amounts of assets or liabilities in future periods.
173
Due to application of Schedule II to the Companies Act, 2013, the Company has changed the manner of
GHSUHFLDWLRQIRULWV[HGDVVHWV1RZWKH&RPSDQ\LGHQWLHVDQGGHWHUPLQHVVHSDUDWHXVHIXOOLIHIRUHDFK
PDMRU FRPSRQHQW RI WKH [HG DVVHW LI WKH\ KDYH XVHIXO OLIH WKDW LV PDWHULDOO\ GLHUHQW IURP WKDW RI WKH
remaining asset. The Group has used transitional provisions of Schedule II to adjust the impact of component
DFFRXQWLQJDULVLQJRQLWVUVWDSSOLFDWLRQIDFRPSRQHQWKDV]HURUHPDLQLQJXVHIXOOLIHRQWKHGDWHRI6FKHGXOH
EHFRPLQJHHFWLYHLH$SULOLWVFDUU\LQJDPRXQWDIWHUUHWDLQLQJDQ\UHVLGXDOYDOXHLVFKDUJHGWR
the opening balance of retained earnings. The carrying amount of other components, i.e., components whose
remaining useful life is not Nil on 1 April 2014, is depreciated over their remaining useful life.
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
E 7DQJLEOH[HGDVVHWV
Fixed assets are stated at cost net of accumulated depreciation and accumulated impairment losses,
if any. The cost comprise purchase price, borrowing costs, if capitalization criteria is met and directly
attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts
and rebates are deducted in arriving at the purchase price.
Subsequent expenditure (for new projects and in case of substantial modernisation or expansion at
WKHH[LVWLQJXQLWVUHODWHGWRDQLWHPRI[HGDVVHWDUHDGGHGWRLWVERRNYDOXHRQO\LILWLQFUHDVHVWKH
IXWXUHEHQHWVIURPWKHH[LVWLQJDVVHWEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRISHUIRUPDQFH$OORWKHU
H[SHQVHVRQH[LVWLQJ[HGDVVHWVLQFOXGLQJGD\WRGD\UHSDLUDQGPDLQWHQDQFHH[SHQGLWXUHDUHFKDUJHG
WRWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVIRUWKHSHULRGGXULQJZKLFKVXFKH[SHQVHVDUHLQFXUUHG
7KH *URXS DGMXVWV H[FKDQJH GLHUHQFHV DULVLQJ RQ WUDQVODWLRQ VHWWOHPHQW RI ORQJWHUP IRUHLJQ
currency monetary items pertaining to the acquisition of a depreciable asset to the cost of the asset
and depreciates the same over the remaining life of the asset. In accordance with MCA circular dated
$XJXVWH[FKDQJHGLHUHQFHVDGMXVWHGWRWKHFRVWRI[HGDVVHWVDUHWRWDOGLHUHQFHVDULVLQJ
on long-term foreign currency monetary items pertaining to the acquisition of a depreciable asset, for
WKHSHULRGQRWKHUZRUGVWKH*URXSGRHVQRWGLHUHQWLDWHEHWZHHQH[FKDQJHGLHUHQFHVDULVLQJIURP
foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost and
RWKHUH[FKDQJHGLHUHQFH
*DLQVRUORVVHVDULVLQJIURPGHUHFRJQLWLRQRI[HGDVVHWVDUHPHDVXUHGDVWKHGLHUHQFHEHWZHHQWKH
net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated
VWDWHPHQWRISURWDQGORVVZKHQWKHDVVHWLVGHUHFRJQL]HG
c)
174
The useful lives of certain plant and equipment are estimated as 10 years. These lives are higher
than those indicated in schedule II.
Depreciation on additions to assets during the year is being provided on pro-rata basis from the
date of acquisition/installation.
Depreciation on assets sold, discarded or demolished during the year, is being provided at their
respective rates on pro-rata basis upto the date on which such assets are sold, discarded or
demolished.
Depreciation on account of increase or decrease due to revaluation of foreign currency loans is
being provided at rates of depreciation over the remaining future life of the said asset.
d)
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Intangible assets
Acquired intangible assets
Intangible assets are amortized on a straight line basis over the estimated useful economic life. The
Group uses a rebuttable presumption that the useful life of an intangible asset will not exceed ten
\HDUVIURPWKHGDWHZKHQWKHDVVHWLVDYDLODEOHIRUXVHIWKHSHUVXDVLYHHYLGHQFHH[LVWVWRWKHDHFW
that useful life of an intangible asset exceeds ten years, the Group amortizes the intangible asset
over the best estimate of its useful life. Such intangible assets and intangible assets not yet available
for use are tested for impairment annually, either individually or at the cash-generating unit level.
All other intangible assets are assessed for impairment whenever there is an indication that the
intangible asset may be impaired.
7KHDPRUWL]DWLRQSHULRGDQGWKHDPRUWL]DWLRQPHWKRGDUHUHYLHZHGDWOHDVWDWHDFKQDQFLDO\HDU
HQG I WKH H[SHFWHG XVHIXO OLIH RI WKH DVVHW LV VLJQLFDQWO\ GLHUHQW IURP SUHYLRXV HVWLPDWHV WKH
DPRUWL]DWLRQSHULRGLVFKDQJHGDFFRUGLQJO\IWKHUHKDVEHHQDVLJQLFDQWFKDQJHLQWKHH[SHFWHG
SDWWHUQ RI HFRQRPLF EHQHWV IURP WKH DVVHW WKH DPRUWL]DWLRQ PHWKRG LV FKDQJHG WR UHHFW WKH
FKDQJHGSDWWHUQ6XFKFKDQJHVDUHDFFRXQWHGIRULQDFFRUGDQFHZLWK$61HW3URWRU/RVVIRUWKH
Period, Prior Period Items and Changes in Accounting Policies.
The technical feasibility of completing the intangible asset so that it will be available for use or
sale.
+RZWKHDVVHWZLOOJHQHUDWHIXWXUHHFRQRPLFEHQHWV
The availability of adequate resources to complete the development and to use or sell the asset.
The ability to measure reliably the expenditure attributable to the intangible asset during
development.
Following the initial recognition of the development expenditure as an asset, the cost model is
applied requiring the asset to be carried at cost less any accumulated amortization and accumulated
impairment losses. Amortization of the asset begins when development is complete and the asset
LVDYDLODEOHIRUXVHWLVDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIH[SHFWHGIXWXUHEHQHW
from the related project, i.e., the estimated useful life of ten years. Amortization is recognized in the
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVV'XULQJWKHSHULRGRIGHYHORSPHQWWKHDVVHWLVWHVWHGIRU
impairment annually.
175
*DLQV RU ORVVHV DULVLQJ IURP GLVSRVDO RI DQ LQWDQJLEOH DVVHW DUH PHDVXUHG DV WKH GLHUHQFH
between the net disposal proceeds and the carrying amount of the asset and are recognized in the
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVVZKHQWKHDVVHWLVGLVSRVHG
Intangible assets acquired separately are measured on initial recognition at cost. Following initial
recognition, intangible assets are carried at cost less accumulated amortization and accumulated
impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing
the asset to its working condition for its intended use.
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Fixed assets purchased for research and development are accounted for in the manner stated in
note 2.1 (d) above.
A summary of amortization policy applied to the Groups intangible assets is as below:
Type of assets
Computer software
Server
e)
Technical Knowhow
10
Development costs
10
Patents
10
Website
Inventories
Cost of inventories have been computed to include all cost of purchases, cost of conversion and
other costs incurred in bringing the inventories to their present location and condition.
Raw materials and components, stores and spares and loose tools are valued at lower of cost and
net realizable value. However, materials and other items held for use in the production of inventories
DUH QRW ZULWWHQ GRZQ EHORZ FRVW LI WKH QLVKHG SURGXFWV LQ ZKLFK WKH\ ZLOO EH LQFRUSRUDWHG DUH
expected to be sold at or above cost. Costs are determined on the weighted average basis.
:RUNLQSURJUHVVDQGQLVKHGJRRGVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH&RVW
includes direct materials and labour and a proportion of manufacturing overheads based on normal
RSHUDWLQJFDSDFLW\&RVWRIQLVKHGJRRGVLQFOXGHVH[FLVHGXW\&RVWLVGHWHUPLQHGRQDZHLJKWHG
average basis.
Scrap is valued at lower of cost and net realizable value. Cost is determined using the weighted
average method.
Dies are amortised over their productive life. Expenditure incurred to repair the dies from time to
WLPHLVFKDUJHGWRFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
Net realizable value is the estimated selling price in the ordinary course of business, less estimated
costs of completion and estimated costs necessary to make the sale.
f)
Initial recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign
currency amount the exchange rate between the reporting currency and the foreign currency
at the date of the transaction.
ii.
Conversion
Foreign currency monetary items are retranslated using the exchange rate prevailing at
the reporting date. Non-monetary items, which are measured in terms of historical cost
denominated in a foreign currency, are reported using the exchange rate at the date of the
transaction. Non-monetary items, which are measured at fair value or other similar valuation
denominated in a foreign currency, are translated using the exchange rate at the date when
such value was determined.
LLL ([FKDQJHGLHUHQFHV
7KH *URXS DFFRXQWV IRU H[FKDQJH GLHUHQFHV DULVLQJ RQ WUDQVODWLRQ VHWWOHPHQW RI IRUHLJQ
currency monetary items as below:
D
176
([FKDQJH GLHUHQFHV DULVLQJ RQ ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV UHODWHG WR
DFTXLVLWLRQRID[HGDVVHWDUHFDSLWDOL]HGDQGGHSUHFLDWHGRYHUWKHUHPDLQLQJXVHIXOOLIH
of the asset.
E
([FKDQJH GLHUHQFHV DULVLQJ RQ RWKHU ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV DUH
DFFXPXODWHGLQWKH)RUHLJQ&XUUHQF\0RQHWDU\WHP7UDQVODWLRQ'LHUHQFH$FFRXQWDQG
amortized over the remaining life of the concerned monetary item.
F
$OORWKHUH[FKDQJHGLHUHQFHVDUHUHFRJQL]HGDVLQFRPHRUDVH[SHQVHVLQWKHSHULRGLQ
which they arise.
For the purpose of (a) and (b) above, the Group treats a foreign monetary item as long-term
foreign currency monetary item, if it has a term of 12 months or more at the date of its
RULJLQDWLRQ Q DFFRUGDQFH ZLWK 0&$ FLUFXODU GDWHG $XJXVW H[FKDQJH GLHUHQFHV IRU
WKLV SXUSRVH DUH WRWDO GLHUHQFHV DULVLQJ RQ ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV IRU
WKH SHULRG Q RWKHU ZRUGV WKH *URXS GRHV QRW GLHUHQWLDWH EHWZHHQ H[FKDQJH GLHUHQFHV
arising from foreign currency borrowings to the extent they are regarded as an adjustment to
WKHLQWHUHVWFRVWDQGRWKHUH[FKDQJHGLHUHQFH
iv.
Options and forward exchange contracts not intended for trading or speculation purposes,
FODVVLHGDVGHULYDWLYHLQVWUXPHQWV
v.
Foreign operations
7KHQDQFLDOVWDWHPHQWVRILQWHJUDOIRUHLJQRSHUDWLRQVDUHWUDQVODWHGDVLIWKHWUDQVDFWLRQVRI
the foreign operations have been those of the Group itself.
g)
:KHQWKHUHLVDFKDQJHLQWKHFODVVLFDWLRQRIDIRUHLJQRSHUDWLRQWKHWUDQVODWLRQSURFHGXUHV
DSSOLFDEOHWRWKHUHYLVHGFODVVLFDWLRQDUHDSSOLHGIURPWKHGDWHRIWKHFKDQJHLQFODVVLFDWLRQ
Investments
Investments, which are readily realizable and intended to be held for not more than one year from the
GDWHRQZKLFKVXFKLQYHVWPHQWVDUHPDGHDUHFODVVLHGDVFXUUHQWLQYHVWPHQWV$OORWKHULQYHVWPHQWV
DUHFODVVLHGDVORQJWHUPLQYHVWPHQWV
On initial recognition, all investments are measured at cost. The cost comprises purchase price and
directly attributable acquisition charges such as brokerage, fees and duties. If an investment is acquired
or partly acquired by issue of shares or other securities, the acquisition cost is the fair value of security
issued.
&XUUHQWLQYHVWPHQWVDUHFDUULHGLQWKHQDQFLDOVWDWHPHQWDWORZHURIFRVWRIDFTXLVLWLRQDQGIDLUYDOXH
determined on an individual investment basis.
Long-term investments are carried at cost. However, provision for diminution in value of investments is
made to recognize a decline other than temporary in the value of investment.
2QGLVSRVDORIDQLQYHVWPHQWWKHGLHUHQFHEHWZHHQLWVFDUU\LQJDPRXQWDQGQHWGLVSRVDOSURFHHGVLV
FKDUJHGRUFUHGLWHGWRWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
177
The assets and liabilities of a non-integral foreign operation are translated into the reporting
FXUUHQF\DWWKHH[FKDQJHUDWHSUHYDLOLQJDWWKHUHSRUWLQJGDWH7KHLUVWDWHPHQWRISURWDQG
loss are translated at exchange rates prevailing at the dates of transactions or weighted
average rates, where such rates approximate the exchange rate at the date of transaction. The
H[FKDQJHGLHUHQFHVDULVLQJRQWUDQVODWLRQDUHDFFXPXODWHGLQWKHIRUHLJQFXUUHQF\WUDQVODWLRQ
reserve.
Pursuant to the announcement made by the Institute of Chartered Accountants of India (ICAI)
UHJDUGLQJ$FFRXQWLQJIRU'HULYDWLYHVRSWLRQVDQGIRUZDUGH[FKDQJHFRQWUDFWVDUHFODVVLHG
as derivatives and are marked to market on a portfolio basis at the balance sheet date. The
UHVXOWDQWQHWORVVHVDIWHUFRQVLGHULQJWKHRVHWWLQJHHFWRQWKHXQGHUO\LQJKHGJHLWHPVDUH
UHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVRQWKHSULQFLSOHRISUXGHQFH7KH
UHVXOWDQW QHW JDLQV LI DQ\ RQ VXFK GHULYDWLYHV DUH QRW UHFRJQLVHG LQ FRQVROLGDWHG QDQFLDO
VWDWHPHQWV $Q\ SURW RU ORVV DULVLQJ RQ FDQFHOODWLRQ RU UHQHZDO RI VXFK IRUZDUG H[FKDQJH
contract is recognised as income or expense for the year.
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
h)
Revenue recognition
RHYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHWVZLOORZWRWKH*URXS
DQGWKHUHYHQXHFDQEHUHOLDEO\PHDVXUHG7KHIROORZLQJVSHFLFUHFRJQLWLRQFULWHULDPXVWDOVREHPHW
before revenue is recognized:
i.
ii.
Sales of goods
D
5HYHQXH IURP 'RPHVWLF VDOHV DUH UHFRJQL]HG ZKHQ DOO WKH VLJQLFDQW ULVNV DQG UHZDUGV RI
ownership of the goods have been passed to the buyer, usually on dispatch from the point of
sale, consequent to property in goods being transferred. The Group collects sales taxes and
value added taxes (VAT), wherever applicable, on behalf of the government and, therefore,
WKHVHDUHQRWHFRQRPLFEHQHWVRZLQJWRWKH*URXS+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH
Excise duty deducted from revenue (gross) is the amount that is included in the revenue (gross)
and not the entire amount of liability arising during the year.
E
([SRUW VDOHV DUH UHFRJQL]HG ZKHQ DOO WKH VLJQLFDQW ULVNV DQG UHZDUGV RI RZQHUVKLS RI WKH
goods have been passed to the buyer, usually on the basis of dates of bill of lading.
Export incentives
Export incentives are accounted for on export of goods if the entitlements can be estimated with
UHDVRQDEOHDFFXUDF\DQGFRQGLWLRQVSUHFHGHQWWRFODLPLVIXOOOHG
iii.
Sale of services
Revenues from sales of services are recognized pro-rata over the period of the contract as and when
services are rendered. The Group collects service tax on behalf of the government and, therefore, it
LVQRWDQHFRQRPLFEHQHWRZLQJWRWKH*URXS+HQFHLWLVH[FOXGHGIURPUHYHQXH
iv.
v.
5HYHQXHIURPVDOHVRIHOHFWULFLW\LVUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
have been passed to the buyer, usually on transmission of electricity based on the data provided by
the electricity department.
vi.
Interest income
Interest income is recognized on a time proportion basis taking into account the amount outstanding
and the applicable interest rate.
3URWORVVRQVDOHRILQYHVWPHQWLVUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
in investment is transferred.
ix.
Project revenue
Project revenue is recognized by applying the Percentage of Completion method only when the
outcome of the construction activity can be estimated reliably. Project revenue and project cost
associated to project related activity is recognized as revenue and expense respectively by reference
to the stage of completion. The stage of completion is either determined with reference to the
proportion of cost incurred for work performed to the estimated total cost respectively or with
respect to the completion of physical proportion of the contract work. Project revenue is recognized
178
ZKHQ WKH VWDJH RI FRPSOHWLRQ RI WKH SURMHFW UHDFKHV D VLJQLFDQW OHYHO DV FRPSDUHG WR WKH WRWDO
estimated cost of the project.
5HYHQXHHDUQHGLQH[FHVVRIELOOLQJLVUHHFWHGXQGHU2WKHU&XUUHQW$VVHWV%LOOLQJWRFXVWRPHUVLQ
H[FHVVRIUHYHQXHHDUQHGLVUHHFWHGXQGHU&XUUHQWOLDELOLWLHV
The estimated total cost of the project as determined, is based on managements estimate from
WKHLQFHSWLRQWLOOWKHQDOFRPSOHWLRQRIWKHSURMHFWDQGLQFOXGHVPDWHULDOVVHUYLFHVDQGFRVWVWKDW
are attributable to contract activity in general and can be allocated to the contract. Such costs are
allocated using methods that are systematic and rational and are applied consistently to all costs
having similar characteristics.
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
When the outcome of the construction activity cannot be estimated reliably, revenue is recognized
only to the extent of costs incurred of which recovery is probable and such cost is recognized as an
expense in the period in which they are incurred. When it is probable that total contract costs will
exceed total contract revenue, the expected loss is recognised immediately as an expense.
x.
Tender costs
[L &HUWLHGHPLVVLRQUHGXFWLRQXQLWV5HQHZDOHQHUJ\FHUWLFDWHV
L
5HYHQXH IURP FHUWLHG HPLVVLRQ UHGXFWLRQ XQLWVUHQHZDO HQHUJ\ FHUWLFDWHV LV UHFRJQL]HG ZKHQ
there is reasonable assurance that the entity will comply with the conditions attached to it and the
grants will be received. At a minimum, these conditions will only be met when the actual emission
reductions have been realized and the entity has reasonable assurance that these reductions will be
FRQUPHGGXULQJWKHYHULFDWLRQDQGFHUWLFDWLRQSURFHVVE\WKHUHVSHFWLYHLQGHSHQGHQWDXWKRULW\
Costs that relate directly to a contract and are incurred in securing the contract are also included as
part of the contract costs on a case to case basis considering the nature of the business, if they are
VHSDUDWHO\LGHQWLHGDQGPHDVXUHGUHOLDEO\DQGLWLVSUREDEOHWKDWWKHFRQWUDFWZLOOEHREWDLQHG7LOO
then such costs are carried forward in the other current assets. Other tender costs are charged to
WKHVWDWHPHQWRISURWDQGORVVDVSHULRGFRVWV
5HWLUHPHQWDQGRWKHUHPSOR\HHEHQHWV
i
Provident fund
The Company and some of its subsidiaries operate two plans for its employees to provide employee
EHQHWLQWKHQDWXUHRISURYLGHQWIXQG
(OLJLEOHHPSOR\HHVRIWKH&RPSDQ\UHFHLYHEHQHWVIURPDSURYLGHQWIXQGZKLFKLVDGHQHGEHQHW
plan. Both the employee and the Company make monthly contributions to the provident fund plan
HTXDOWRDVSHFLHGSHUFHQWDJHRIWKHFRYHUHGHPSOR\HHVVDODU\7KH&RPSDQ\FRQWULEXWHVDSDUW
RIWKHFRQWULEXWLRQVWRWKH%KDUDW)RUJH&RPSDQ\/LPLWHG6WD3URYLGHQW)XQG7UXVW7KHUDWHDW
ZKLFKWKHDQQXDOLQWHUHVWLVSD\DEOHWRWKHEHQHFLDULHVE\WKHWUXVWLVEHLQJDGPLQLVWHUHGE\WKH
government. The Company has an obligation to make good the shortfall, if any, between the return
IURPWKHLQYHVWPHQWVRIWKHWUXVWDQGWKHQRWLHGLQWHUHVWUDWH7KHJXLGDQFHQRWHRQLPSOHPHQWLQJ
$6 UHYLVHG (PSOR\HH %HQHWV VWDWHV WKDW EHQHWV LQYROYLQJ HPSOR\HU HVWDEOLVKHG
SURYLGHQWIXQGVZKLFKUHTXLUHVLQWHUHVWVKRUWIDOOVWREHSURYLGHGDUHWREHFRQVLGHUHGDVGHQHG
EHQHWSODQV$FWXDULDOYDOXDWLRQRIWKLVSURYLGHQWIXQGLQWHUHVWVKRUWIDOOKDVEHHQGRQHDVSHUWKH
guidance note issued in this respect by the Institute of Actuaries of India.
The employees of the Company and Indian subsidiaries which are not covered under the above
scheme, their portion of provident fund is contributed to the government administered pension fund
ZKLFKLVDGHQHGFRQWULEXWLRQVFKHPH7KH&RPSDQ\DQGQGLDQVXEVLGLDULHVKDYHQRREOLJDWLRQ
other than the contribution payable to the provident fund. The Company and Indian subsidiaries
recognize contribution payable to the provident fund scheme as expenditure, when an employee
renders the related service. If the contribution payable to the scheme for service received before
WKHEDODQFHVKHHWGDWHH[FHHGVWKHFRQWULEXWLRQDOUHDG\SDLGWKHGHFLWSD\DEOHWRWKHVFKHPHLV
recognized as a liability after deducting the contribution already paid. If the contribution already
paid exceeds the contribution due for services received before the balance sheet date, then excess
is recognized as an asset to the extent that the pre payment will lead to, for example, a reduction in
future payment or a cash refund.
179
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
ii
Gratuity
7KH&RPSDQ\DQGVRPHRILWVVXEVLGLDULHVRSHUDWHWZRGHQHGEHQHWVSODQIRULWVHPSOR\HHVYL]
gratuity and special gratuity scheme. Payment for present liability of future payment of gratuity is
being made to approved gratuity funds, which fully cover the same under cash accumulation policy
of the Life Insurance Corporation of India. The special gratuity scheme is unfunded. The cost of
SURYLGLQJEHQHWVXQGHUWKHVHSODQVLVGHWHUPLQHGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQDWHDFK\HDU
end. Separate actuarial valuation is carried out for each plan using the project unit credit method.
$FWXDULDOJDLQVDQGORVVHVIRUERWKGHQHGEHQHWSODQVDUHUHFRJQL]HGLQIXOOLQWKHSHULRGLQZKLFK
WKH\RFFXULQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
iii
Superannuation
5HWLUHPHQW EHQHW LQ WKH IRUP RI VXSHUDQQXDWLRQ SODQ LV D GHQHG FRQWULEXWLRQ SODQ 'HQHG
contributions to Life Insurance Corporation for employees covered under Superannuation scheme
are accounted at the rate of 15% of such employees annual salary. The Company and Indian
VXEVLGLDULHVUHFRJQL]HH[SHQVHWRZDUGWKHFRQWULEXWLRQSDLGSD\DEOHWRWKHGHQHGFRQWULEXWLRQ
plan as and when an employee renders the relevant service. If the contribution already paid exceeds
the contribution due for service before the balance sheet date, the Company and Indian subsidiaries
should recognise that excess as an asset (prepaid expense) to the extent that the prepayment will
lead to, for example, a reduction in future payments or cash refund. If the contribution already paid
is lower than the contribution due for service before the balance sheet date, the Company recognises
WKDWGLHUHQFHH[FHVVDVDOLDELOLW\7KH&RPSDQ\DQGQGLDQVXEVLGLDULHVKDYHQRREOLJDWLRQRWKHU
than the contribution payable to the superannuation fund.
LY
3ULYLOHJHOHDYHEHQHWV
Accumulated leave, which is expected to be utilized within the next 12 months, is treated as shortWHUPHPSOR\HHEHQHW7KH*URXSPHDVXUHVWKHH[SHFWHGFRVWRIVXFKDEVHQFHVDVWKHDGGLWLRQDO
amount that it expects to pay as a result of the unused entitlement that has accumulated at the
reporting date.
The Company and its subsidiaries treat accumulated leave expected to be carried forward beyond
WZHOYH PRQWKV DV ORQJWHUP HPSOR\HH EHQHW IRU PHDVXUHPHQW SXUSRVHV 6XFK ORQJWHUP
compensated absences are provided for based on the actuarial valuation using the projected unit
credit method at the year-end. Actuarial gains/losses are immediately taken to the consolidated
VWDWHPHQWRISURWDQGORVVDQGDUHQRWGHIHUUHG7KH*URXSSUHVHQWVWKHOHDYHDVDFXUUHQWOLDELOLW\
in the balance sheet, to the extent it does not have an unconditional right to defer its settlement for
12 months after the reporting date. Where the Company and its subsidiaries have the unconditional
legal and contractual right to defer the settlement for a period beyond 12 months, the same is
presented as non-current liability.
Y
7HUPLQDWLRQEHQHWV
7KH&RPSDQ\UHFRJQL]HVWHUPLQDWLRQEHQHWDVDOLDELOLW\DQGDQH[SHQVHZKHQWKH&RPSDQ\KDV
DSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQWLWLVSUREDEOHWKDWDQRXWRZRIUHVRXUFHVHPERG\LQJ
HFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRI
the amount of the obligation.
YL 2WKHUORQJWHUPHPSOR\HHEHQHWV
j)
Q FDVH RI FHUWDLQ RYHUVHDV VXEVLGLDULHV WKHUH DUH ORQJ WHUP HPSOR\HH EHQHWV LQ WKH QDWXUH RI
SHQVLRQ SODQV MXELOHH VFKHPH DQG HDUO\ UHWLUHPHQW VFKHPH /RQJ WHUP HPSOR\HH EHQHWV DUH
GHQHG EHQHW REOLJDWLRQV DQG DUH SURYLGHG IRU RQ WKH EDVLV RI DQ DFWXDULDO YDOXDWLRQ 6HSDUDWH
actuarial valuation is carried out for each plan using the project unit credit method. Actuarial gains
DQGORVVHVIRUDOOGHQHGEHQHWSODQVDUHUHFRJQL]HGLQIXOOLQWKHSHULRGLQZKLFKWKH\RFFXULQWKH
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
Borrowing costs
Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the
arrangement of borrowings.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as
180
part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.
N QFRPHWD[HV
Tax expense comprises current and deferred tax. Current income-tax is measured at the amount
expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India
and tax laws prevailing in the respective tax jurisdictions where the other entities of the Group operates.
The tax rates and tax laws used to compute the amount are those that are enacted, at the reporting date.
Current income tax relating to items recognized directly in equity is recognized in equity and not in the
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
'HIHUUHGLQFRPHWD[HVUHHFWWKHLPSDFWRIWLPLQJGLHUHQFHVEHWZHHQWD[DEOHLQFRPHDQGDFFRXQWLQJ
LQFRPH RULJLQDWLQJ GXULQJ WKH FXUUHQW \HDU DQG UHYHUVDO RI WLPLQJ GLHUHQFHV IRU WKH HDUOLHU \HDUV
Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the
reporting date.
Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
'HIHUUHG WD[ OLDELOLWLHV DUH UHFRJQL]HG IRU DOO WD[DEOH WLPLQJ GLHUHQFHV 'HIHUUHG WD[ DVVHWV DUH
UHFRJQL]HGIRUGHGXFWLEOHWLPLQJGLHUHQFHVRQO\WRWKHH[WHQWWKDWWKHUHLVUHDVRQDEOHFHUWDLQW\WKDW
VXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG
In situations where the Group has unabsorbed depreciation or carry forward tax losses, all deferred tax
assets are recognized only if there is virtual certainty supported by convincing evidence that they can be
UHDOL]HGDJDLQVWIXWXUHWD[DEOHSURWV
At each reporting date, the Group re-assesses unrecognized deferred tax assets. It recognizes
unrecognized deferred tax assets to the extent that it has become reasonably certain or virtually certain,
DVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[
assets can be realized.
The carrying amount of deferred tax assets are reviewed at each reporting date. The Group writes-down
the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain or virtually
FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKGHIHUUHG
tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably
FHUWDLQRUYLUWXDOO\FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOH
'HIHUUHGWD[DVVHWVDQGGHIHUUHGWD[OLDELOLWLHVDUHRVHWLIDOHJDOO\HQIRUFHDEOHULJKWH[LVWVWRVHWR
current tax assets against current tax liabilities and the deferred tax assets and deferred taxes relate to
the same taxable entity and the same taxation authority.
181
In the situations where the Group is entitled to a tax holiday under the Income-tax Act, 1961 enacted in
India or tax laws prevailing in the respective tax jurisdictions where it operates, no deferred tax (asset
RUOLDELOLW\LVUHFRJQL]HGLQUHVSHFWRIWLPLQJGLHUHQFHVZKLFKUHYHUVHGXULQJWKHWD[KROLGD\SHULRGWR
the extent the Companys gross total income is subject to the deduction during the tax holiday period.
'HIHUUHGWD[LQUHVSHFWRIWLPLQJGLHUHQFHVZKLFKUHYHUVHDIWHUWKHWD[KROLGD\SHULRGLVUHFRJQL]HGLQ
WKH\HDULQZKLFKWKHWLPLQJGLHUHQFHVRULJLQDWH+RZHYHUWKHJURXSUHVWULFWVUHFRJQLWLRQRIGHIHUUHG
tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be, that
VXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG
)RUUHFRJQLWLRQRIGHIHUUHGWD[HVWKHWLPLQJGLHUHQFHVZKLFKRULJLQDWHUVWDUHFRQVLGHUHGWRUHYHUVH
UVW
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
l)
Provisions
A provision is recognized when the Group has a present obligation as a result of past event, it is probable
WKDWDQRXWRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQG
a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their
present value and are determined based on the best estimate required to settle the obligation at the
UHSRUWLQJGDWH7KHVHHVWLPDWHVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWHDQGDGMXVWHGWRUHHFWWKHFXUUHQW
best estimates.
Where the Group expects some or all of a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognized as a separate asset but only when the reimbursement is
virtually certain. The expense relating to any provision is presented in the consolidated statement of
SURWDQGORVVQHWRIDQ\UHLPEXUVHPHQW
Lease
Where the Company within the Group is the lessee
182
)LQDQFHOHDVHVZKLFKHHFWLYHO\WUDQVIHUWRWKH*URXSVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVLQFLGHQWDO
to ownership of the leased item, are capitalized at the inception of the lease term at the lower of the
fair value of the leased property and present value of minimum lease payments. Lease payments are
DSSRUWLRQHGEHWZHHQWKHQDQFHFKDUJHVDQGUHGXFWLRQRIWKHOHDVHOLDELOLW\VRDVWRDFKLHYHDFRQVWDQW
UDWHRILQWHUHVWRQWKHUHPDLQLQJEDODQFHRIWKHOLDELOLW\)LQDQFHFKDUJHVDUHUHFRJQL]HGDVQDQFHFRVWV
LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV/HDVHPDQDJHPHQWIHHVOHJDOFKDUJHVDQGRWKHULQLWLDO
direct costs of lease are capitalized.
/HDVHVZKHUHWKHOHVVRUHHFWLYHO\UHWDLQVVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKH
OHDVHGLWHPDUHFODVVLHGDVRSHUDWLQJOHDVHV2SHUDWLQJOHDVHSD\PHQWVDUHUHFRJQL]HGDVDQH[SHQVH
LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP
Where the Company within the Group is the lessor
/HDVHVLQZKLFKWKH*URXSWUDQVIHUVVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKHDVVHWDUH
FODVVLHGDVQDQFHOHDVHV$VVHWVJLYHQXQGHUQDQFHOHDVHDUHUHFRJQL]HGDVDUHFHLYDEOHDWDQDPRXQW
equal to the net investment in the lease. After initial recognition, the group apportions lease rentals
between the principal repayment and interest income so as to achieve a constant periodic rate of return
RQWKHQHWLQYHVWPHQWRXWVWDQGLQJLQUHVSHFWRIWKHQDQFHOHDVH7KHLQWHUHVWLQFRPHLVUHFRJQL]HGLQ
WKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVQLWLDOGLUHFWFRVWVVXFKDVOHJDOFRVWVEURNHUDJHFRVWVHWF
DUHUHFRJQL]HGLPPHGLDWHO\LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
/HDVHVLQZKLFKWKH*URXSGRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKH
DVVHWDUHFODVVLHGDVRSHUDWLQJOHDVHV$VVHWVVXEMHFWWRRSHUDWLQJOHDVHVDUHLQFOXGHGLQ[HGDVVHWV
/HDVHLQFRPHRQDQRSHUDWLQJOHDVHLVUHFRJQL]HGLQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVRQD
straight-line basis over the lease term. Costs, including depreciation, are recognized as an expense in the
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVVQLWLDOGLUHFWFRVWVVXFKDVOHJDOFRVWVEURNHUDJHFRVWVHWFDUH
UHFRJQL]HGLPPHGLDWHO\LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
o)
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Where the Group receives non-monetary grants, the asset is accounted for on the basis of its acquisition
cost. In case a non-monetary asset is given free of cost, it is recognized at a nominal value.
Government grants of the nature of promoters contribution are credited to capital reserve and treated
as a part of the shareholders funds.
Earnings per share
%DVLFHDUQLQJVSHUVKDUHDUHFDOFXODWHGE\GLYLGLQJWKHQHWSURWIRUWKHSHULRGDWWULEXWDEOHWRHTXLW\
shareholders by the weighted average number of equity shares outstanding during the period. Partly
paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to
participate in dividends relative to a fully paid equity share during the reporting period. The weighted
average number of equity shares outstanding during the period is adjusted for events such as bonus
issue, bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that
have changed the number of equity shares outstanding, without a corresponding change in resources.
)RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJVSHUVKDUHWKHQHWSURWIRUWKHSHULRGDWWULEXWDEOHWR
equity shareholders and the weighted average number of shares outstanding during the period are
DGMXVWHGIRUWKHHHFWVRIDOOGLOXWLYHSRWHQWLDOHTXLW\VKDUHV
q)
Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be
FRQUPHG E\ WKH RFFXUUHQFH RU QRQRFFXUUHQFH RI RQH RU PRUH XQFHUWDLQ IXWXUH HYHQWV EH\RQG WKH
control of the Group or a present obligation that is not recognized because it is not probable that an
RXWRZRIUHVRXUFHVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQ$FRQWLQJHQWOLDELOLW\DOVRDULVHVLQH[WUHPHO\
rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.
7KH*URXSGRHVQRWUHFRJQL]HDFRQWLQJHQWOLDELOLW\EXWGLVFORVHVLWVH[LVWHQFHLQWKHQDQFLDOVWDWHPHQWV
r)
&DVKDQGFDVKHTXLYDOHQWVIRUWKHSXUSRVHVRIFDVKRZVWDWHPHQWFRPSULVHFDVKDWEDQNDQGLQKDQG
and short-term investments with an original maturity of three months or less.
183
p)
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
s)
7KH*URXSXVHVGHULYDWLYHQDQFLDOLQVWUXPHQWVVXFKDVIRUHLJQFXUUHQF\IRUZDUGFRQWUDFWVWRKHGJH
IRUHLJQFXUUHQF\ULVNDULVLQJIURPIXWXUHWUDQVDFWLRQVLQUHVSHFWRIZKLFKUPFRPPLWPHQWVDUHPDGH
or which are highly probable forecast transactions. The Group designates these forward contracts in
a hedging relationship by applying the hedge accounting principles of AS 30 Financial Instruments:
Recognition and Measurement.
)RUWKHSXUSRVHRIKHGJHDFFRXQWLQJKHGJHVDUHFODVVLHGDV
i.
Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or
OLDELOLW\RUDQXQUHFRJQL]HGUPFRPPLWPHQW
LL
&DVKRZKHGJHVZKHQKHGJLQJWKHH[SRVXUHWRYDULDELOLW\LQFDVKRZVWKDWLVHLWKHUDWWULEXWDEOH
to a particular risk associated with a recognized asset or liability or a highly probable forecast
WUDQVDFWLRQRUWKHIRUHLJQFXUUHQF\ULVNLQDQXQUHFRJQL]HGUPFRPPLWPHQW
At the inception of a hedge relationship, the Company and its subsidiary formally designates
and documents the hedge relationship to which the Company and its subsidiary wishes to apply
hedge accounting and the risk management objective and strategy for undertaking the hedge. The
GRFXPHQWDWLRQLQFOXGHVLGHQWLFDWLRQRIWKHKHGJLQJLQVWUXPHQWWKHKHGJHGLWHPRUWUDQVDFWLRQ
the nature of the risk being hedged and how the Company and its subsidiary will assess the
HHFWLYHQHVVRIFKDQJHVLQWKHKHGJLQJLQVWUXPHQWVIDLUYDOXHLQRVHWWLQJWKHH[SRVXUHWRFKDQJHV
LQ WKH KHGJHG LWHPV IDLU YDOXH RU FDVK RZV DWWULEXWDEOH WR WKH KHGJHG ULVN 6XFK KHGJHV DUH
H[SHFWHGWREHKLJKO\HHFWLYHLQDFKLHYLQJRVHWWLQJFKDQJHVLQIDLUYDOXHRUFDVKRZVDQGDUH
DVVHVVHGRQDQRQJRLQJEDVLVWRGHWHUPLQHWKDWWKH\DFWXDOO\KDYHEHHQKLJKO\HHFWLYHWKURXJKRXW
WKHQDQFLDOUHSRUWLQJSHULRGVIRUZKLFKWKH\ZHUHGHVLJQDWHG
7KHFKDQJHLQWKHIDLUYDOXHRIDKHGJLQJGHULYDWLYHLVUHFRJQL]HGLQWKHFRQVROLGDWHGVWDWHPHQWRISURW
and loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as
part of the carrying value of the hedged item and is also recognized in the consolidated statement of
SURWDQGORVV
:KHQDQXQUHFRJQL]HGUPFRPPLWPHQWLVGHVLJQDWHGDVDKHGJHGLWHPWKHVXEVHTXHQWFXPXODWLYH
FKDQJHLQWKHIDLUYDOXHRIWKHUPFRPPLWPHQWDWWULEXWDEOHWRWKHKHGJHGULVNLVUHFRJQL]HGDVDQDVVHW
RUOLDELOLW\ZLWKDFRUUHVSRQGLQJJDLQRUORVVUHFRJQL]HGLQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
&DVKRZKHGJHV
7KH HHFWLYH SRUWLRQ RI WKH JDLQ RU ORVV RQ WKH KHGJLQJ LQVWUXPHQW LV UHFRJQL]HG GLUHFWO\ XQGHU
VKDUHKROGHUVIXQGLQWKHKHGJLQJUHVHUYHZKLOHDQ\LQHHFWLYHSRUWLRQLVUHFRJQL]HGLPPHGLDWHO\LQWKH
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
The Group uses foreign currency forward contracts as hedges of its exposure to foreign currency risk
LQIRUHFDVWHGWUDQVDFWLRQVDQGUPFRPPLWPHQWV7KHLQHHFWLYHSRUWLRQUHODWLQJWRIRUHLJQFXUUHQF\
FRQWUDFWVLVUHFRJQL]HGLPPHGLDWHO\LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
$PRXQWVUHFRJQL]HGLQWKHKHGJLQJUHVHUYHDUHWUDQVIHUUHGWRWKHFRQVROLGDWHGVWDWHPHQWRISURWDQG
ORVVZKHQWKHKHGJHGWUDQVDFWLRQDHFWVSURWRUORVVVXFKDVZKHQWKHKHGJHGLQFRPHRUH[SHQVHLV
recognized or when a forecast sale occurs.
IWKHIRUHFDVWWUDQVDFWLRQRUUPFRPPLWPHQWLVQRORQJHUH[SHFWHGWRRFFXUWKHFXPXODWLYHJDLQRU
ORVVSUHYLRXVO\UHFRJQL]HGLQWKHKHGJLQJUHVHUYHLVWUDQVIHUUHGWRWKHFRQVROLGDWHGVWDWHPHQWRISURW
and loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or
rollover, or if its designation as a hedge is revoked, any cumulative gain or loss previously recognized in
WKHKHGJLQJUHVHUYHUHPDLQVLQWKHKHGJLQJUHVHUYHXQWLOWKHIRUHFDVWWUDQVDFWLRQRUUPFRPPLWPHQW
DHFWVSURWRUORVV
t)
184
3.
Share capital
(In ` Million)
As at
March 31, 2014
600.00
430.00
600.00
430.00
20.00
20.00
465.94
465.94
465.59
465.59
0.09
465.68
0.09
465.68
(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
Equity shares
At the beginning of the year
Issued during the year
Outstanding at the end of the year
During the year ended March 31, 2015, the amount of per share interim dividend recognised as distributions to
equity shareholders was ` 3.00/- (March 31, 2014: ` 2.00/-).
'XULQJWKH\HDUHQGHG0DUFKWKHDPRXQWRISHUVKDUHSURSRVHGQDOGLYLGHQGUHFRJQLVHGDVGLVWULEXWLRQV
to equity shareholders was ` 4.50/- (March 31, 2014: ` 2.50/-).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.
(c)
(d) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares
ERXJKWEDFNGXULQJWKHSHULRGRIYH\HDUVLPPHGLDWHO\SUHFHGLQJWKHUHSRUWLQJGDWH
185
As at
March 31, 2015
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
There are no bonus shares issued, shares issued for consideration other than cash and shares bought back during
WKHSHULRGRIYH\HDUVLPPHGLDWHO\SUHFHGLQJUHSRUWLQJGDWH
3.
31,656,095
13.60
31,656,095
13.60
29,907,087
23,142,870
12.85
9.94
29,907,087
23,142,870
12.85
9.94
7KHVKDUHKROGLQJLQIRUPDWLRQLVEDVHGRQOHJDORZQHUVKLSRIVKDUHVDQGKDVEHHQH[WUDFWHGIURPWKHUHFRUGVRI
the Company including register of shareholders/members.
(f)
2,340 equity shares of ` 2/- each out of the previous issue of equity shares on
a right basis together with 234 detachable warrants entitled to subscription of
1,170 equity shares of ` 2/- each, have been kept in abeyance and reserve for
issue pending adjudication of title to the pre right holding.
As at
March 31, 2015
As at
March 31, 2014
3,510
3,510
4.
Capital reserves
Special capital incentive (Under the 1988 Package Scheme of Incentives)
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
Closing balance
Warrants subscription money [Refer note 4(a)]
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
Closing balance
Closing balance
Capital redemption reserve
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
Closing balance
Securities premium account
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
Closing balance
carried over
186
As at
March 31, 2015
As at
March 31, 2014
2.50
2.50
2.50
2.50
13.00
13.00
15.50
13.00
13.00
15.50
300.00
300.00
300.00
300.00
7,096.48
7,096.48
7,411.98
7,096.48
7,096.48
7,411.98
4.
brought over
Closing balance
1,852.71
87.29
1,448.94
403.77
(875.00)
1,065.00
1,852.71
(669.61)
(248.16)
253.33
(664.44)
(163.07)
(692.09)
185.55
(669.61)
1,785.97
3,716.20
(384.83)
5,117.34
204.16
2,235.87
(654.06)
1,785.97
2,648.90
2,248.90
719.00
(409.12)
2,958.78
400.00
2,648.90
(204.11)
(844.71)
(1,048.82)
362.31
(566.42)
(204.11)
13,540.89
10,584.99
7,625.36
875.00
8,500.36
4,985.29
4,985.29
(87.29)
(719.00)
(698.38)
(139.64)
(1,047.57)
(213.26)
(2,905.14)
19,136.11
(403.77)
(400.00)
(465.59)
(79.13)
(581.99)
(98.91)
(2,029.39)
13,540.89
7,411.98
7,411.98
TOTAL
33,975.95
26,366.73
(a) Capital reserves:
7
KH&RPSDQ\KDGLVVXHGDQGDOORWWHGWR4XDOLHGQVWLWXWLRQDO%X\HUVHTXLW\VKDUHVRI` 2/- each
at a price of ` 272/- per share aggregating to ` 2,720 Million on April 28, 2010, simultaneously with the issue
of 1,760 10.75% Non Convertible Debentures (NCD) of a face value of ` 1,000,000/- at par, together with
6,500,000 warrants at a price of ` 2/- each entitling the holder of each warrant to subscribe for 1 equity share
of ` 2/- each at a price of ` 272/- at any time within 3 years from the date of allotment. Following completion
of three years term, the subscription money received on issue of warrants was credited to capital reserve as
the same is not refundable / adjustable. Further, the warrants had lapsed and ceased to be valid from April
28, 2013.
187
Less: Appropriations
- Transfer to debenture redemption reserve
- Transfer to general reserve
- Interim equity dividend
- Tax on interim equity dividend
3URSRVHGQDOHTXLW\GLYLGHQG
7D[RQSURSRVHGQDOHTXLW\GLYLGHQG
As at
March 31, 2014
'HEHQWXUHUHGHPSWLRQUHVHUYH>5HIHUQRWHE@
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
Add: Amount transferred from surplus in the consolidated statement of
SURWDQGORVV
Less: Amount transferred to surplus in the consolidated statement of
SURWDQGORVV
Closing balance
)RUHLJQ&XUUHQF\0RQHWDU\WHP7UDQVODWLRQ'LHUHQFH$FFRXQW
)&07'$>5HIHUQRWH@
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
Add: Arising during the year
Less: Adjusted during the year
Closing balance
+HGJHUHVHUYH>5HIHUQRWHV@
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
Add: Arising during the year
Less: Adjusted during the year
Closing balance
General reserve
%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
Add: Amount transferred from surplus balance in the consolidated
VWDWHPHQWRISURWDQGORVV
Less: Adjusted during the year [Refer note 4(c)]
Closing balance
Foreign currency translation reserve
%DODQFHDVSHUWKHODVWFRQVROLGDWHGQDQFLDOVWDWHPHQWV
Less: Movement during the year
Closing balance
6XUSOXVLQWKH&RQVROLGDWHGVWDWHPHQWRISURWDQGORVV
%DODQFHDVSHUWKHODVWFRQVROLGDWHGQDQFLDOVWDWHPHQWV
Add:
1HWSURWIRUWKH\HDU
- Transfer from debenture redemption reserve [Refer note 4(b)(ii)]
In ` Million
As at
March 31, 2015
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
4.
5.
General reserve:
Pursuant to the Companies Act, 2013 (the Act), the Company has, during the year, revised depreciation
UDWHVRQFHUWDLQ[HGDVVHWVDVSHUWKHXVHIXOOLIHVSHFLHGLQ6FKHGXOHRIWKH$FWRUDVUHDVVHVVHGE\WKH
Company. Due to this, based on transitional provision as per note 7(b) of the Schedule II, an amount of `
354.75 Million (net of deferred tax of ` 182.67 Million) have been adjusted to general reserves. Further the
adjustment to reserve include ` 54.37 Million in relation to deferred tax adjustment of earlier years.
Long-term borrowings
In ` Million
Non-current portion
Current maturities
As at
As at
As at
As at
March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014
'HEHQWXUHV>5HIHUQRWHD@
2,500 (March 31, 2014: 2,500) - 11.95
% Redeemable non-convertible
debentures (secured)
1,760 (March 31, 2014: 1,760) - 10.75
% Redeemable non-convertible
debentures (secured)
3,500 (March 31, 2014: 3,500) - 10.75
% Redeemable non-convertible
debentures (secured)
833.50
1,666.67
833.25
833.33
528.00
1,144.00
616.00
616.00
1,361.50
2,810.67
1,449.25
2,625.00
4,074.33
1,198.80
73.84
131.61
33.75
41.29
165.16
127.66
165.15
2.43
76.27
1,361.50
8.72
305.49
2,810.67
4.70
166.11
1,449.25
5.15
1,410.39
4,074.33
Term loans
)URPEDQNV
Foreign currency term loans
Secured
From Credit Agricole Corporate &
Investment Bank, Singapore
>5HIHUQRWHEL@
From Hypo Vereins Bank, Germany
[Refer note 5(b)(ii)]
From ICICI Bank, Frankfurt [Refer
note 5(b)(iii)]
From Unicredit Bank, Germany
[Refer note 5(b)(iv)]
carried over
carried over
188
5.
189
In ` Million
Non-current portion
Current maturities
As at
As at
As at
As at
March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014
brought over
76.27
305.49
166.11
1,410.39
brought over
1,361.50
2,810.67
1,449.25
4,074.33
From Unicredit Bank, Germany
[Refer note 5(b)(v)]
7.33
5.99
6.98
From Standard Chartered Bank,
London [Refer note 5(b)(vi)]
480.07
660.61
60.01
From Unicredit Bank and
Sachsenbank, Germany
16.38
26.71
5.46
6.68
>5HIHUQRWHEYLL@
From Sachsenbank, Germany
176.56
132.46
20.77
6.35
>5HIHUQRWHEYLLL@
From Standard Chartered Bank,
London [Refer note 5(b)(ix)]
120.02
15.00
From Uni Credit Leasing Finance,
Germany [Refer note 5(b)(x)]
32.25
7.73
From Deutsche Leasing Finance,
Germany [Refer note 5(b)(xi)]
64.24
8.73
From BNP Paribas, France
[Refer note 5(b)(xii)]
2.34
From BNP Paribas, France
[Refer note 5(b)(xiii)]
2.41
2.52
From Scoiete Generale, France
[Refer note 5(b)(xiv)]
11.09
4.56
From Kolb Bank, France
[Refer note 5(b)(xv)]
4.76
2.87
From Credit Mutuel, France
[Refer note 5(b)(xvi)]
22.13
5.15
From BNP Paribas, France
[Refer note 5(b)(xvii)]
13.95
2.54
Unsecured
On syndication basis
14,377.30
10,789.20
>5HIHUQRWHE[YLLL@
From Scoiete Generale, France
>5HIHUQRWHE[L[@
0.77
From Credit Mutuel, France
>5HIHUQRWHE[[@
2.56
0.52
15,399.99
11,921.80
311.07
1,430.40
carried over
16,761.49
14,732,47
1,760.32
5,504.73
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
5.
Non-current portion
Current maturities
As at
As at
As at
As at
March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014
brought over
16,761.49
14,732,47
1,760.32
5,504.73
IGSTC R&D project loan
[Refer note 5(c)] (secured)
6.08
-
3.75
7.55
3.80
4.02
588.00
2,352.00
2,943.75
419.93
427.48
3.80
4.02
103.78
52.06
54.76
30.74
TOTAL
103.78
19,815.10
52.06
15,212.01
54.76
1,818.88
30.74
5,539.49
5,435.24
14,379.86
4,002.88
11,209.13
1,817.59
1.29
5,539.49
-
19,815.10
15,212.01
(1,818.88)
-
(5,539.49)
-
(a) 'HEHQWXUHV
The Company has issued the following secured redeemable non-convertible debentures:
i.
2,500 (March 31, 2014: 2,500) - 11.95 % Redeemable secured non-convertible debentures (Sixteenth
series) of ` 666,700/- each (March 31, 2014: ` 1,000,000/- each) redeemable at par in balance two equal
annual installments on January 5, 2016 and on January 5, 2017, respectively.
Above debentures are secured by : (i) First pari passu mortgage in favour of the Trustees, of all rights
and interest on the Company's immovable properties situated at Mundhwa, Satara and Chakan with
negative lien on properties situated at Jejuri and Baramati; and (ii) First pari passu charge in favour
of the Trustees by way of hypothecation of movable properties, present and future both such as all
SODQWDQGPDFKLQHU\HTXLSPHQWVWRROVIXUQLWXUHDQG[WXUHVHWFDVGHVFULEHGLQ'HEHQWXUH7UXVW
cum-Mortgage Deed dated April 30, 2009 and a revised Mortgage Deed dated April 30, 2014, when the
immovable property situated at Jalgaon was removed as a security.
ii.
190
1,760 (March 31, 2014: 1,760) - 10.75 % Redeemable secured non-convertible debentures (Eighteenth
series) of ` 650,000/- each (March 31, 2014: ` 1,000,000/- each) redeemable at par in balance two annual
installments @ 35.00% on April 28, 2015 and @ 30.00% on April 28, 2016.
5.
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
3,500 (March 31, 2014: 3,500) - 10.75 % Redeemable secured non-convertible debentures (Seventeenth
series) of ` Nil (March 31, 2014: ` 750,000/- each) redeemed at par.
(b) )RUHLJQFXUUHQF\WHUPORDQV
L )URP&UHGLW$JULFROH&RUSRUDWH QYHVWPHQW%DQN6LQJDSRUH6HFXUHG
Balance outstanding USD 20 Million (March 31, 2014: USD 20 Million)
6HFXUHGE\UVWSDULSDVVXFKDUJHRYHUSUHVHQWDQGIXWXUHPRYDEOH[HGDVVHWVYL]SODQWDQGPDFKLQHU\
FRPSXWHUVIXUQLWXUHVDQG[WXUHVZKHWKHULQVWDOOHGRUQRWDQGZKHWKHUQRZO\LQJORRVHRULQFDVHV
or otherwise or being on or upon or at any time, hereafter being on or upon about the premises and
godowns at Mundhwa, Pune; Village Kuruli, Chakan; Taluka Khed, District Pune; Village Vaduth, Taluka
and District Satara and at Baramati, Pune or anywhere else.
Above debentures were secured by : (i) First pari passu mortgage in favour of the Trustees, of all rights
and interest on the Company's immovable properties situated at Mundhwa, Satara and Chakan with
negative lien on properties situated at Jejuri and Baramati; and (ii) First pari passu charge in favour of
the Trustees by way of hypothecation of movable properties, present and future both such as all plant
DQGPDFKLQHU\HTXLSPHQWVWRROVIXUQLWXUHDQG[WXUHVHWFDVGHVFULEHGLQ'HEHQWXUH7UXVWFXP
Mortgage Deed dated December 14, 2009 and a revised Mortgage Deed dated April 30, 2014, when the
immovable property situated at Jalgaon was removed as a security.
Repayable in 3 yearly instalments from date of its' origination, i.e. October 14, 2012, along with interest.
)URP+\SR9HUHLQV%DQN*HUPDQ\6HFXUHG
Balance outstanding Euro 1.59 Million (March 31, 2014: Euro 2.09 Million)
6HFXUHGE\FKDUJHRYHUVSHFLFPDFKLQHU\RIRQHRIWKHVXEVLGLDU\ORFDWHGDW%UDQG(UELVGRUI*HUPDQ\
Repayable in 24 equal quarterly instalments starting from June 2012, along with interest.
)URP8QLFUHGLW%DQN*HUPDQ\6HFXUHG
Balance outstanding Euro 0.11 Million (March 31, 2014: Euro 0.17 Million)
6HFXUHGE\FKDUJHRYHUVSHFLFDVVHWVRIRQHRIWKHVXEVLGLDU\ORFDWHGDW%UDQG(UELVGRUI*HUPDQ\
Repayable in 60 equal monthly instalments starting from August 2011, along with interest.
v.
)URP8QLFUHGLW%DQN*HUPDQ\6HFXUHG
Balance outstanding Euro 0.09 Million (March 31, 2014: Euro 0.17 Million)
6HFXUHGE\FKDUJHRYHUVSHFLFDVVHWVRIRQHRIWKHVXEVLGLDU\ORFDWHGDW%UDQG(UELVGRUI*HUPDQ\
Repayable in 60 equal monthly instalments starting from January 2011, along with interest.
191
LL
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
5.
)URP6WDQGDUG&KDUWHUHG%DQN/RQGRQ6HFXUHG
Balance outstanding Euro 8.00 Million (March 31, 2014: Euro 8.00 Million)
6HFXUHGE\FKDUJHRYHUVSHFLFDVVHWVRIRQHRIWKHVXEVLGLDU\ORFDWHGDW%UDQG(UELVGRUI*HUPDQ\
Repayable in 18 equal quarterly instalments starting from September 2015, along with interest.
)URP6WDQGDUG&KDUWHUHG%DQN/RQGRQ6HFXUHG
Balance outstanding Euro 2.00 Million (March 31, 2014: Nil)
6HFXUHGE\FKDUJHRYHUVSHFLFDVVHWVRIRQHRIWKHVXEVLGLDU\ORFDWHGDW%UDQG(UELVGRUI*HUPDQ\
Repayable in 28 equal quarterly instalments starting from December 2014, along with interest.
x.
xi.
5.
Date of origination
October 31, 2016 (half yearly)
October 31, 2016 (half yearly)
October 31, 2017 (half yearly)
March 16, 2019 (yearly)
USD in Million
Balance outstanding
As at
As at
March 31, 2015 March 31, 2014
80.00
80.00
40.00
40.00
60.00
60.00
50.00
-
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
(c)
G 5XSHHWHUPORDQV
L
)URP$QGKUD%DQNDQG+')&%DQN6HFXUHG
Balance outstanding ` 7.55 Million (March 31, 2014: ` 11.57 Million)
6HFXUHGE\HTXLWDEOHPRUWJDJHRIODQGEXLOGLQJDQGK\SRWKHFDWLRQRIHTXLSPHQWIXUQLWXUH WWLQJV
(present & future) and by hypothecation of motor cars purchased. The loans are repayable in 36 to 72
monthly equal instalments.
LL
)URP$[LV%DQN6HFXUHG
Balance outstanding ` 588.00 Million (March 31, 2014: ` Nil)
6HFXUHGE\HTXLWDEOHPRUWJDJHRIODQGEXLOGLQJDQGK\SRWKHFDWLRQRIHTXLSPHQWIXUQLWXUH WWLQJV
(present & future) and by hypothecation of motor cars purchased. The loans are repayable in 36 to 72
monthly equal instalments.
193
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
5.
As at
2,141.54
2,169.46
1.51
0.12
Deferred maintenance
3.06
13.97
Others
1.92
2,146.64
2,184.94
0.57
311.01
26.21
33.83
253.45
73.48
22.10
163.29
2.96
67.71
2.96
19.39
508.95
72.33
540.34
*URVVGHIHUUHGWD[DVVHWV
1,637.69
1,644.60
1HWGHIHUUHGWD[OLDELOLW\
Deferred tax in relation to adjustment for transitional provision of schedule II and certain other adjustments has
been accounted for as a adjustments to general reserve. Also include adjustments on other accounts.
194
7.
595.44
180.63
(89.97)
-
Provisions
(22.09)
-
In ` Million
Long-term
Short-term
As at
As at
As at
As at
March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014
278.28
5.89
27.42
0.24
0.30
13.03
0.02
11.69
790.54
-
740.21
-
369.14
430.64
39.93
46.94
24.98
-
13.60
-
32.71
58.65
1,047.57
213.26
105.14
581.99
98.91
286.51
28.91
1,196.94
1,157.39
15.90
1,789.56
276.34
1,728.61
In ` Million
As at
March 31, 2014
1,835.07
673.76
384.25
1,543.50
415.31
9.72
4,861.61
4,052.33
809.28
4,861.61
195
292.30
9.06
32.40
3URYLVLRQIRUHPSOR\HHEHQHWV
3URYLVLRQIRUJUDWXLW\>5HIHUQRWHDI@
6KDUHLQSURYLVLRQIRUJUDWXLW\RI-RLQW9HQWXUH
3URYLVLRQIRUVSHFLDOJUDWXLW\>5HIHUQRWHE@
3URYLVLRQ IRU SHQVLRQ DQG VLPLODU REOLJDWLRQ
[Refer note 29 (d)]
3URYLVLRQIRUOHDYHEHQHWV
6KDUH LQ SURYLVLRQ IRU OHDYH EHQHWV RI -RLQW
Venture
3URYLVLRQIRU-XELOHHVFKHPH>5HIHUQRWHH@
3URYLVLRQ IRU (DUO\ UHWLUHPHQW VFKHPH >5HIHU
note 29 (e)]
Other provisions
3URSRVHGHTXLW\GLYLGHQG
3URYLVLRQIRUWD[RQSURSRVHGHTXLW\GLYLGHQG
3URYLVLRQIRUWD[QHWRIDGYDQFHWD[
6KDUHLQSURYLVLRQIRUWD[QHWRIDGYDQFHWD[
of Joint Venture
6KDUHLQGHULYDWLYHOLDELOLW\RIIRUZDUGFRQWUDFWV
of Joint Venture
TOTAL
Non-Current
Current
As at
As at
As at
As at
March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014
5.32
4.67
3.62
3.66
590.00
147.80
86.35
18.43
0.12
28.16
595.44
180.63
89.97
22.09
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
D &DVK FUHGLW IURP EDQNV LV VHFXUHG DJDLQVW K\SRWKHFDWLRQ RI VWRFNV RI VHPL QLVKHG DQG QLVKHG JRRGV UDZ
PDWHULDOVQLVKHGGLHVDQGGLHEORFNVZRUNLQSURJUHVVFRQVXPDEOHVWRUHVDQGVSDUHVERRNGHEWVHWF&DVKFUHGLW
is repayable on demand.
E 3UHVKLSPHQWSDFNLQJFUHGLWIURPEDQNVLVVHFXUHGDJDLQVWK\SRWKHFDWLRQRIVWRFNVRIVHPLQLVKHGDQGQLVKHG
JRRGVUDZPDWHULDOVQLVKHGGLHVDQGGLHEORFNVZRUNLQSURJUHVVFRQVXPDEOHVWRUHVDQGVSDUHVERRNGHEWVHWF
Preshipment packing credit from banks (secured and unsecured) is repayable within 180 days.
(c) Short term loans from banks are repayable within 360 days.
(d) Short term loans from banks is secured by First pari passu charge created / to be created over movable and
LPPRYDEOH [HG DVVHW UHODWHG WR 6DQDQG SURMHFW 3UHVHQW DQG IXWXUH FXUUHQW DVVHWV RI WKH %RUURZHU /HWWHU RI
Comfort from Shareholders, Debt Service Reserve Account (DSRA) for one month interest servicing to be maintained
ZLWKEDQNGXULQJWKHWHQRURIWKHIDFLOLW\LQWKHIRUPRI[HGGHSRVLWVGXO\OLHQPDUNHGLQIDYRURIDEDQN6KRUWWHUP
loans is repayable within 360 days.
(e) Short term loan from Joint Venture company to subsidiary is repayable on demand.
(f) Other short term loans are repayable on demand.
Trade payables
Share in trade payables of Joint Venture
Share in trade payables of Joint Venture - Project expenses
Acceptances
TOTAL
Other current liabilities
Current maturities of long-term borrowings [Refer note 5]
Secured
Unsecured
Current portion of other long term liablities [Refer note 7]
Payable for capital goods
Share in payable for capital goods of Joint Venture
Share in construction contracts in progress of Joint Venture
Interest accrued but not due on borrowings
Investor Education and Protection Fund (as and when due)
Unpaid dividend #
Unpaid matured deposits
Security deposits
Advance from customers
Share in advance from customers of Joint Venture
Advance from customers - Project expenses
Share in advance from customers of Joint Venture - Project expenses
Employee contributions and recoveries payable
Other payable related to employees
Share in other payable related to employees of Joint Venture
6WDWXWRU\GXHVSD\DEOHLQFOXGLQJWD[GHGXFWHGDWVRXUFH
Share in statutory dues payable including tax deducted at source of Joint
Venture
Earnest money received
Others
Share in others of Joint Venture
TOTAL
TOTAL
#
196
As at
March 31, 2015
8,060.25
2,318.07
19.46
618.23
11,016.01
In ` Million
As at
March 31, 2014
6,841.13
860.96
2,852.13
10,554.22
1,817.59
1.29
89.97
567.03
559.57
1,603.98
194.35
5,539.49
22.09
349.70
357.47
2,264.45
298.02
25.04
0.04
81.26
177.31
0.73
2.94
13.20
40.05
317.97
57.35
156.07
22.67
22.32
0.04
79.21
801.44
0.91
39.03
356.74
35.30
455.43
32.27
2,269.19
38.88
8,036.48
19,052.49
272.09
2,057.09
20.32
13,003.41
23,557.63
QFOXGHV /%7 LQ SUHYRLXV \HDU IRU ZKLFK WKH DSSURSULDWH DXWKRULW\ DQG WKH DGPLQLVWUDWLYH PHFKDQLVP IRU
collection was awaited. Also refer note 27(a)
unpaid due to litigation
Tangible assets
779.30
86.84
(672.94)
0.06
193.26
57.49
(103.18)
147.57
26.03
0.64
9.09
(15.38)
20.38
1.56
(14.23)
7.71
172.88
139.86
447.97
28.34
2.01
0.41
(1.51)
477.22
(46.98)
11.43
4.88
(2.89)
443.66
477.22
443.66
Lease hold
land
410.97
446.27
30.03
10.37
4.40
14.77
6.97
8.29
-
476.30
425.74
50.56
-
99.55
326.19
-
Share in lease
hold land of
Joint Venture
88-248 | )LQDQFLDO6WDWHPHQWV
Cost
As at April 1, 2013
Foreign Currency Translation Reserve
Additions
Additions on acquisition of subsidiary
Disposals
On account of disposal of subsidiary
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Other adjustments [Refer note (e)]
As at March 31, 2014
Foreign Currency Translation Reserve
Additions
Additions on acquisition of subsidiary
Disposals
On account of disposal of subsidiary
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Other adjustments [Refer note (g)]
As at March 31, 2015
Depreciation/ Amortisation
As at April 1, 2013
Foreign Currency Translation Reserve
Additions on acquisition of subsidiary
Charge for the year
Disposals
On account of disposal of subsidiary
Other adjustments [Refer Note (e)]
As at March 31, 2014
Foreign Currency Translation Reserve
Additions on acquisition of subsidiary
Charge for the year
Disposals
On account of disposal of subsidiary
Other adjustments
- Other adjustments [(Refer note (g)]
As at March 31, 2015
1HW%ORFN
As at March 31, 2014
As at March 31, 2015
Free hold
land (a)
14.16
0.70
0.25
4.29
4.37
8.66
1.21
(9.62)
0.95
22.82
(21.87)
22.77
0.05
-
Share in
lease hold
improvements
of Joint Venture
3,136.10
3,346.54
40.80
1,390.83
1,123.51
78.57
2.24
166.41
(13.36)
(82.17)
1,275.20
(145.08)
72.38
171.36
(23.83)
-
0.13
5.92
4,737.37
0.66
23.65
4,411.30
(275.45)
427.94
217.20
(49.67)
-
4,599.92
231.86
222.40
33.93
(17.54)
(683.58)
Buildings
(b), (c)
17,958.07
18,497.03
4.06
22,979.31
21,227.58
969.94
5.70
2,712.35
(169.20)
(643.72)
(2,528.24)
21,574.41
(1,243.91)
92.15
2,631.79
(79.19)
-
67.96
215.72
(0.04)
41,476.34
84.72
554.26
(2,528.24)
39,532.48
(1,615.91)
3,018.29
356.74
(98.90)
-
40,216.38
1,467.60
2,489.89
10.22
(358.31)
(2,404.04)
Plant and
machinery
18-87 | 6WDWXWRU\5HSRUWV
11.1
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
1RWHV
17.02
120.73
176.14
106.40
13.67
96.02
(118.21)
97.88
(26.04)
87.30
17.00
-
0.42
296.87
114.90
(26.68)
44.40
163.83
-
1,517.55
255.54
(1,658.19)
Plant and
machinery
on Finance
Lease
9.74
458.00
2.87
0.52
0.99
1.51
2.42
(1.06)
460.87
11.25
454.05
(4.43)
10.62
0.63
-
Share in
Plant and
machinery
of Joint
Venture
131.80
98.19
89.79
8.86
17.34
(115.99)
-
98.19
131.80
(30.60)
(3.01)
-
1,031.91
99.80
(128.46)
(871.45)
Dies
25.34
13.81
9.27
55.35
38.43
0.03
0.06
4.20
(0.03)
42.69
0.02
9.56
(0.61)
(5.58)
(0.38)
69.16
0.04
68.03
0.03
9.89
(1.95)
(6.46)
60.70
0.07
4.89
2.60
(0.27)
-
2FH
equipments
02-17 | &RPSDQ\2YHUYLHZ
197
1.06
0.50
0.79
0.14
0.15
0.29
2.73
0.62
(2.77)
(0.08)
1.29
1.35
0.26
3.17
(3.06)
(0.43)
1.22
0.13
-
22,354.36
23,565.29
54.13
24,643.28
22,627.06
1,071.71
8.00
3,015.32
(182.59)
(975.47)
(2,528.24)
23,035.79
(1,415.01)
261.53
2,843.81
(106.40)
(30.57)
68.51
221.64
(0.42)
48,208.57
85.42
577.97
(2,528.24)
45,390.15
(1,995.59)
4,023.75
796.38
(159.48)
(136.37)
48,787.89
2,170.05
3,046.19
47.16
(506.09)
(6,290.20)
Sub Total
(A)
In ` Million
Share in
2FH
Equipments
of Joint
Venture
198
526.56
(1.76)
0.52
525.32
2.23
0.05
527.60
282.08
40.99
(1.58)
321.49
35.45
356.94
203.83
170.66
0.45
0.45
0.43
0.43
0.43
0.02
0.02
Electrical
installations
0.45
-
Railway
sidings
1,183.94
1,087.78
3,157.10
2,778.17
337.64
0.90
465.56
(273.62)
(38.96)
3,269.69
(601.93)
2.58
502.81
(16.05)
-
0.97
1.93
4,244.88
1.77
5.53
4,453.63
(707.09)
509.11
3.57
(17.24)
-
3,767.16
423.74
583.68
(275.30)
(52.95)
Factory
equipments
88.80
69.41
10.07
229.07
177.15
18.15
(5.36)
189.94
31.53
(2.47)
-
0.01
(0.08)
298.48
0.11
278.74
25.43
(5.62)
-
278.92
5.35
3.72
(9.36)
-
Furniture
and
[WXUHV
5.60
4.48
0.94
0.27
0.41
(0.06)
0.62
0.59
(0.27)
5.42
6.22
(0.80)
2.12
4.10
-
1,245.18
698.16
473.36
1,531.95
880.71
6.68
1.06
138.12
(23.29)
(18.88)
984.40
(9.65)
3.53
87.22
(6.91)
-
2,230.11
2,229.58
(9.70)
13.27
5.49
(8.53)
-
2,263.87
7.92
12.60
3.11
(25.89)
(32.03)
Share in Furniture
Vehicles
DQG[WXUHVRI
and aircraft
Joint Venture
1.87
-
0.08
0.23
0.31
0.11
(0.42)
2.18
(2.18)
0.85
1.33
-
Share in
Vehicles of
Joint Venture
21.27
6.17
91.60
61.39
15.11
76.50
15.10
-
97.77
97.77
-
97.77
-
Power
line
2,750.51
2,036.67
483.43
5,368.03
4,180.28
344.32
1.96
678.57
(303.91)
(57.84)
4,843.38
(611.58)
6.11
672.81
(25.43)
(0.69)
0.97
1.99
(0.08)
7,404.71
1.77
6.16
7,593.89
(716.79)
550.04
9.06
(31.39)
(2.98)
6,937.70
431.66
607.06
6.83
(312.31)
(84.98)
25,104.87
25,601.97
537.56
30,011.31
26,807.34
1,416.03
9.96
3,693.89
(486.50)
(1,033.31)
(2,528.24)
27,879.17
(2,026.59)
267.64
3,516.62
(131.83)
(31.26)
69.48
223.63
(0.50)
55,613.28
87.19
584.13
(2,528.24)
52,984.04
(2,712.38)
4,573.79
805.44
(190.87)
(139.35)
55,725.59
2,601.71
3,653.25
53.99
(818.40)
(6,375.18)
Grand Total
$%
In ` Million
(a) Freehold land includes 25 acres of land situated at Pune and 24.13 acres of land situated at Satara both of which have been given on lease. Due to certain matters being sub judice, the Company has not executed lease
deed with related party for the said land.
(b) Buildings include cost of hangar jointly owned with other Companies ` 0.12 Million (March 31, 2014: ` 0.12 Million)
(c) Documents for the ownership of premises at Sai Nagari, Surajban apartments and Lullanagar at Pune and lease hold land at Jejuri are under execution
(d) Capitalized borrowing cost:
The borrowing cost capitalized during the year ended March 31, 2015 was ` 102.93 Million (March 31, 2014: ` 42.75 Million).
7KH&RPSDQ\FDSLWDOL]HGWKLVERUURZLQJFRVWLQWKHFDSLWDOZRUNLQSURJUHVV&:37KHDPRXQWRIERUURZLQJFRVWVKRZQDVRWKHUDGMXVWPHQWVLQWKHDERYHQRWHUHHFWVWKHDPRXQWRIERUURZLQJFRVWWUDQVIHUUHG
from CWIP.
(e) Fixed assets of the value of ` nil (March 31, 2014 : ` 2,528.24 Million) and accumulated depreciation of ` nil (March 31, 2014: ` 2,528.24 Million) have been removed from the block of assets on account of retirement
thereof.
(f) Share in Leasehold land of Joint venture includes Rs. 139.74 Million at Mundra port (Refer note 39)
(g) 7KH&RPSDQ\KDVDGMXVWHGGLHUHQFHRI` 537.56 (March 31, 2014: Nil) out of accumulated depreciation and ` (0.50) Million out of gross block on account of alignment with Schedule II of Companies Act, 2013. (Refer
note 3 (c))
Cost
As at April 1, 2013
Foreign Currency Translation Reserve
Additions
Additions on acquisition of subsidiary
Disposals
On account of disposal of subsidiary
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Other adjustments
As at March 31, 2014
Foreign Currency Translation Reserve
Additions
Additions on acquisition of subsidiary
Disposals
On account of disposal of subsidiary
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Other adjustments [Refer note (g)]
As at March 31, 2015
Depreciation
As at April 1, 2013
Foreign Currency Translation Reserve
Additions on acquisition of subsidiary
Charge for the year
Disposals
On account of disposal of subsidiary
Other adjustments
As at March 31, 2014
Foreign Currency Translation Reserve
Additions on acquisition of subsidiary
Charge for the year
Disposals
On account of disposal of subsidiary
Other adjustments
- Other adjustments [Refer note (g)]
As at March 31, 2015
1HW%ORFN
As at March 31, 2014
As at March 31, 2015
1RWHV
Intangible assets
&DSLWDOZRUNLQSURJUHVV
Capital work-in-progress
Share in capital work-in-progress of Joint Venture
Cost
As at April 1, 2013
Foreign Currency Translation Reserve
Additions
Addition on acquisition of subsidiary
Disposals
On account of disposal of subsidiary
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
As at March 31, 2014
Foreign Currency Translation Reserve
Additions
Addition on acquisition of subsidiary
Disposals
On account of disposal of subsidiary
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Transferred to assets held for sale
As at March 31, 2015
Depreciation/ Amortisation
At April 1, 2013
Foreign Currency Translation Reserve
Additions on acquisition of subsidiary
Charge for the year
Disposals
On account of disposal of subsidiary
Other adjustments
At March 31, 2014
Foreign Currency Translation Reserve
Additions on acquisition of subsidiary
Charge for the year
Disposals
On account of disposal of subsidiary
Other adjustments
- Transfrred to assets held for sale
- Other adjustments (Refer note e)
At March 31, 2015
1HW%ORFN
As at March 31, 2014
As at March 31, 2015
88-248 | )LQDQFLDO6WDWHPHQWV
0.05
0.21
0.26
2.01
(2.01)
(0.12)
0.14
0.02
0.02
1.89
0.15
(2.00)
(0.03)
0.03
0.24
0.11
162.71
22.14
63.92
(14.85)
(7.40)
226.52
(31.56)
43.90
4.17
(0.44)
(4.11)
0.01
238.49
125.59
18.58
23.60
(14.84)
(4.58)
148.35
(29.29)
4.00
40.28
(0.33)
(3.86)
159.15
78.17
79.34
Software
Share in
Software of Joint
Venture
6.65
-
0.95
1.90
2.85
0.47
(3.32)
-
9.50
9.50
(9.50)
Share in
Technical
Knowhow of
Joint Venture
TOTAL
89.10
66.16
121.73
21.33
66.37
(0.15)
209.28
(49.36)
66.69
226.61
292.77
223.44
31.90
43.04
298.38
(54.44)
48.83
-
Development
cost
18-87 | 6WDWXWRU\5HSRUWV
11.2
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
1RWHV
As at
March 31, 2015
3,432.22
5,153.67
8,585.89
4.40
2.05
317.92
45.46
1.27
364.65
(66.84)
1.86
299.67
301.72
318.25
45.43
5.37
369.05
(67.33)
-
Patents
As at
March 31, 2014
3,858.88
1,967.83
5,826.71
In ` Million
178.56
147.66
725.15
(145.49)
5.89
109.45
(2.33)
(7.21)
685.46
566.19
85.37
93.16
(14.99)
(4.58)
0.01
833.12
903.71
(153.33)
92.73
6.18
(2.45)
(13.73)
(14.85)
(7.40)
713.95
99.47
112.54
Total
In ` Million
02-17 | &RPSDQ\2YHUYLHZ
199
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
12 Non-current investments
7UDGHLQYHVWPHQWVYDOXHGDWFRVWXQOHVVVWDWHGRWKHUZLVH
Equity instruments (unquoted)
QYHVWPHQWVLQVXEVLGLDU\
50,000 (March 31, 2014: 50,000) shares of ` 10/- each fully paid up in
Kalyani Polytechnic Private Limited (Refer note a)
QYHVWPHQWVLQDVVRFLDWHV
Talbahn GmbH (Refer note b)
4,286 (March 31, 2014: 4,286) shares of GBP 1/- each fully paid in
Tecnica UK Limited
Less: Provision on diminution of investment
4,900 (March 31, 2014: 4,900) shares of ` 10/- each fully paid up in Ferrovia
7UDQVUDLO6ROXWLRQV3ULYDWH/LPLWHGLQFOXGLQJVKDUHLQSURWORVVSURWRI
` 0.01 Million
(March 31, 2014: loss of ` (0.02) Million))
QYHVWPHQWVLQRWKHUV
21,067,894 (March 31, 2014: 21,067,894) equity shares of ` 10/- each
fully paid up in Khed Economic Infrastructure Private Limited [Holding
Company holds 5% (March 31, 2014: 5% ) of the share capital]
0DUFKHTXLW\VKDUHVRI` 10/- each fully
paid up in Gupta Energy Private Limited (Refer note c)
(TXLW\LQVWUXPHQWVTXRWHG
613,000 (March 31, 2014: Nil) equity shares of ` 2/- each fully paid up in
KPIT Technologies Limited
2WKHULQYHVWPHQWVYDOXHGDWFRVWXQOHVVVWDWHGRWKHUZLVH
Bonds (unquoted)
500 (March 31, 2014: 500) Non-convertible redeemable secured
taxable bonds of ` 10,000/- each - Series IX (2013-14)
TOTAL
Aggregate amount of quoted investments
[# Market value ` 115.55 Million (March 31, 2014: Nil)]
Aggregate amount of unquoted investments
Aggregate amount of provision for diminution in value of investments
a)
b)
c)
200
As at
March 31, 2015
In ` Million
As at
March 31, 2014
0.50
0.50
0.30
0.30
1.97
(1.97)
-
1.97
1.97
0.04
0.03
0.84
2.80
210.68
210.68
72.13
72.13
100.24
5.00
388.05
388.89
100.24
5.00
287.81
290.61
-
288.65
1.97
290.61
-
In ` Million
Non-Current
Current
As at
As at
As at
As at
March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014
&DSLWDODGYDQFHV
6HFXULW\GHSRVLWVLQFOXGLQJVWDWXWRU\GHSRVLWV
882.33
15.33
(15.33)
692.96
1,575.29
453.75
3.11
456.86
406.01
11.01
417.02
3.29
13.06
16.35
10.41
2.25
12.66
306.38
306.38
537.01
537.01
1.97
41.50
466.27
490.65
187.86
189.83
104.41
145.91
132.94
35.44
(35.44)
599.21
337.61
45.12
(45.12)
828.26
18.31
394.12
16.52
176.14
0.04
-
6.48
32.92
0.42
20.80
1.23
511.21
489.57
449.88
272.09
1,043.85
3.39
779.13
5.00
-
7.33
3,181.52
-
2.20
1,672.55
0.04
75.00
2.36
0.03
529.22
719.05
2,402.48
2.96
0.01
223.08
368.99
2,361.30
50.00
0.58
0.02
4,690.11
5,595.70
5,612.05
246.26
4,019.55
5,384.82
5,397.48
/RDQVDQGDGYDQFHV
5HFRYHUDEOHLQFDVKRUNLQG
1118.43
22.13
(22.13)
108.14
1,226.57
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
2WKHUV
TOTAL
201
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
14 Other assets
In ` Million
Non-Current
Current
As at
As at
As at
As at
March 31,
2015
March 31,
2014
March 31,
2015
March 31,
2014
0.05
0.37
0.05
0.37
5,275.13
1,800.60
5,275.13
1,800.60
31.21
1,564.53
1,412.47
232.45
230.19
16.30
28.31
QWHUHVWDFFUXHGRQ[HGGHSRVLWVDQGRWKHUV
57.42
40.54
2.18
0.08
114.61
51.72
Others
1,449.03
1,421.14
89.79
116.52
232.45
261.40
3,293.86
3,070.78
232.50
261.77
8,568.99
4,871.38
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHG
RWKHUZLVH
1RQFXUUHQWEDQNEDODQFH>5HIHUQRWH@
'HULYDWLYHDVVHWV
Forward contracts
2WKHUV
Export incentives receivable
Government grant under PSI Scheme
&XUUHQWLQYHVWPHQWVYDOXHGDWORZHURIFRVWDQGPDUNHWYDOXHXQOHVVVWDWHGRWKHUZLVH
In ` Million
202
As at
As at
March 31,
2015
March 31,
2014
4,549.46
7,705.40
17.00
15.98
4,566.46
7,721.38
As at
March 31,
2015
March 31,
2014
1,776.74
1,879.74
7.51
11.39
3,546.45
3,829.32
0.04
2,374.46
2,360.54
0.57
1,094.37
1,067.30
25.83
20.37
1,513.55
1,216.58
10,338.95
10,385.81
17 Trade receivables
In ` Million
As at
As at
March 31,
2015
March 31,
2014
254.37
197.83
As at
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Considered good
Share in considered good of Joint venture
37.46
3.18
Considered doubtful
52.80
49.48
(52.80)
(49.48)
291.83
201.01
Considered good
6,963.61
7,461.35
1,279.23
997.36
8,242.84
8,458.71
8,534.67
8,659.72
Other receivables
TOTAL
203
Outstanding for a period exceeding six months from the date they are due
for payment
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
18 &DVKDQGEDQNEDODQFHV
&DVKDQGFDVKHTXLYDOHQWV
Balances with banks
In cash credit and current accounts
Share in cash credit and current accounts
of Joint Venture
Deposits with original maturity of less than
3 months
Cash on hand
Share in cash on hand of Joint Venture
2WKHUEDQNEDODQFHV
Earmarked balance (an unclaimed dividend
accounts)
Deposits with original maturity of more than
3 months but less than 12 months
Share in Deposits with original maturity of
more than 3 months but less than 12
months of Joint Venture
Deposits with original maturity of more than
12 months (#)
Demand deposit $
Non-Current
As at
As at
March 31,
March 31,
2015
2014
In ` Million
Current
As at
As at
March 31,
March 31,
2015
2014
2,464.59
1,294.12
133.14
610.93
1,030.01
1.73
0.04
3,629.51
490.00
1.75
0.01
2,396.81
25.38
22.67
2,738.76
1,740.00
67.87
0.05
0.05
0.37
0.37
0.49
425.79
3,190.42
1,830.54
204
TOTAL
In ` Million
Year ended
March 31,
2014
66,918.46
36.26
3,067.75
56,199.31
55.57
2,868.91
160.54
508.70
11.27
231.79
478.45
12.45
226.91
5,507.36
3,881.14
3,896.85
1,373.86
57.32
27.11
77,895.54
(1,648.05)
76,247.49
939.03
59.82
43.65
68,666.97
(1,508.53)
67,158.44
5HYHQXHIURPRSHUDWLRQV
Sale of products (net of returns, rebates etc.)
- Finished goods
6KDUHLQQLVKHGJRRGVRI-RLQW9HQWXUH
- Manufacturing scrap
Sale of services
- Job work / service charges
- Die design and preparation charges
- Share in services of Joint Venture
Project revenue
- Project revenue
- Share in project revenue of Joint Venture
Other operating revenues
- Export incentives
- Sale of electricity / REC - Windmills
- Other operating revenues
5HYHQXHIURPRSHUDWLRQVJURVV
Less: Excise duty #
Revenue from operations (net)
Year ended
March 31,
2015
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
# Excise duty on sales amounting to ` 1,648.05 Million (March 31 2014: ` 1,508.53 Million) has been reduced from
VDOHVLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVDQGH[FLVHGXW\RQLQFUHDVHGHFUHDVHLQVWRFNDPRXQWLQJ
to ` (0.65) Million (March 31, 2014: ` 0.33 Million) has been considered as an expense / (income) in note 26 of
QDQFLDOVWDWHPHQWV
20 Other income
In ` Million
Year ended
March 31,
2014
182.22
14.80
2.40
402.73
177.00
22.52
5.48
393.57
1.02
1.19
20.92
59.81
31.00
166.26
0.84
183.02
0.01
302.39
0.13
1,367.55
12.58
45.68
5.90
158.28
122.22
15.89
92.31
15.96
178.24
1,246.82
205
Interest income on
- Deposits
- Share in interest on deposits of Joint Venture
- Others
Dividend income from investment in mutual funds - current investment
Share in dividend income from investment in mutual funds - current investments
of Joint Venture
Net gain on sale of
- current investments
- long term investments
*DLQRQIRUHLJQH[FKDQJHXFWXDWLRQQHW
6KDUHLQJDLQRQIRUHLJQH[FKDQJHXFWXDWLRQRI-RLQW9HQWXUHQHW
Government grant under PSI scheme
Provision for doubtful debts and advances written back
Provisions no longer required written back
Share in Provisions no longer required written back of Joint Venture
Insurance (including keyman insurance) (net)
Miscellaneous income
Share in miscellaneous income of Joint Venture
Year ended
March 31,
2015
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
21 Cost of raw materials and components consumed
Year ended
March 31,
2015
In ` Million
Year ended
March 31,
2014
1,891.13
2,503.58
28,552.85
28,117.03
30,443.98
30,620.61
1,784.25
1,891.13
1.87
3,312.56
28,657.86
25,416.92
4,668.03
3,507.07
Year ended
(Increase)/
March 31,
2015
March 31,
2014
decrease
3,546.45
3,829.32
(282.87)
0.04
0.04
2,374.46
2,360.54
13.92
0.57
(0.57)
1,094.37
1,067.30
27.07
25.83
20.37
5.46
7,041.15
7,278.10
(236.95)
Work-in-progress
3,829.32
3,364.09
465.23
Finished goods
2,360.54
2,925.23
(564.69)
0.57
0.02
0.55
1,067.30
1,034.03
33.27
20.37
23.34
(2.97)
6KDUHLQQLVKHGJRRGVRI-RLQW9HQWXUH
Dies and dies under fabrication
Scrap
Share in construction contracts in progress of joint venture
0.27
(0.27)
/HVV2SHQLQJLQYHQWRU\UHODWHGWRGLVFRQWLQXHGRSHUDWLRQV
(767.18)
767.18
TOTAL
7,278.10
6,579.80
698.30
57.99
178.96
109.62
(807.92)
(51.63)
986.88
$GMXVWPHQWRIRSHQLQJLQYHQWRU\UHODWHGWRGLVSRVDORIVXEVLGLDU\$OVRUHIHUQRWH
206
23 (PSOR\HHEHQHWVH[SHQVH
In ` Million
Year ended
March 31,
2014
6,985.53
6,411.52
275.89
140.85
61.46
63.64
5.87
5.48
27.46
28.82
1,309.86
1,051.72
85.03
35.92
3.92
0.07
12.55
6.31
4.78
1.39
252.35
124.02
6KDUHLQVWDZHOIDUHH[SHQVHVRI-RLQW9HQWXUH
26.40
17.93
TOTAL
9,051.10
7,887.67
# Other fund /scheme includes contribution towards jubilee scheme, early retirement scheme and ESIC scheme.
Salaries, wages and bonus (including managing and whole time director's
remuneration)
Share in salaries, wages and bonus (including managing and whole time director's
remuneration) of Joint Venture
Contributions to
- Provident fund [Refer note 29 (c)]
- Share in provident fund of Joint Venture
- Superannuation scheme
- Other fund / scheme #
- Gratuity fund [Refer note 29 (a), (f)]
- Share in Gratuity fund of Joint Venture
- Special gratuity fund [Refer note 29 (b)]
Employee voluntary retirement scheme compensation
6WDZHOIDUHH[SHQVHV
Year ended
March 31,
2015
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
108.83
0.15
(2.22)
3,624.21
91.24
1.92
(215.92)
3,571.48
Year ended
March 31,
2015
1,110.08
40.14
84.11
98.30
23.33
1,355.96
In ` Million
Year ended
March 31,
2014
1,515.78
13.20
92.49
55.30
14.75
1,691.52
25 Finance costs
207
Year ended
March 31,
2015
3,503.38
11.85
0.36
1.86
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
26 Other expenses #
In ` Million
Year ended
Year ended
March 31, 2015 March 31, 2014
2,987.76
2,544.58
3,207.76
106.40
0.43
1,578.16
96.23
0.19
190.91
66.65
30.91
7.87
118.07
4.87
112.31
536.66
29.11
390.76
81.00
699.47
1,020.67
3.47
10.00
0.98
44.42
-
72.95
1.57
1,339.81
232.13
0.41
158.86
55.68
55.09
0.32
1.78
574.84
118.05
107.61
507.98
1,075.55
1.87
10.00
2.01
72.37
0.39
62.37
6.28
41.97
0.01
4,791.61
(62.51)
342.62
Payment to Auditors
13.61
10.46
(0.65)
0.33
29.10
2,345.08
88.77
18,977.10
152.25
2,554.14
82.17
16,731.48
/RVVRQIRUHLJQH[FKDQJHXFWXDWLRQ
Share in provision for mark to market losses on forward contracts of Joint Venture
*RRGZLOORQFRQVROLGDWLRQZULWWHQR
0LVFHOODQHRXVH[SHQVHV
6KDUHLQPLVFHOODQHRXVH[SHQVHVRI-RLQW9HQWXUH
TOTAL
# Above expenses include research and development expenses for details of which refer note 42
0LVFHOODQHRXVH[SHQVHVLQFOXGHWUDYHOOLQJH[SHQVHVSULQWLQJVWDWLRQDU\SRVWDJHtelephone etc
208
4,729.10
0.07
0.27
2,605.14
4,472.38
(85.89)
4,386.49
0.09
27 Exceptional items
In ` Million
Year ended
Year ended
March 31, 2015 March 31, 2014
294.89
132.68
605.43
431.64
TOTAL
427.57
1,037.07
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
E 3URWRQVDOHRIQYHVWPHQW
F 3URWRQVDOHRIODQG
During previous year the Group sold its land situated at Jalgaon resulting in a gain of ` 431.64 Million.
As at
March 31,
2015
March 31,
2014
7,665.72
5,250.74
7,625.36
4,985.29
232,794,316
232,794,316
232,794,316
232,794,316
(36%DVLFFRPSXWHGRQWKHEDVLVRISURWIURPFRQWLQXLQJRSHUDWLRQVLQ`)
32.93
22.56
(36%DVLFFRPSXWHGRQWKHEDVLVRIWRWDOSURWIRUWKH\HDULQ`)
32.76
21.41
232,794,316
232,794,316
232,794,316
232,794,316
During the year, the group has divested its 50% stake in Impact Automotive Solutions Limited, which was formed in the
year 2010 as a Joint Venture (JV). The stake was sold by the Company to the other JV Partner, resulting in gain of ` 40.97
Million on sale of investments. This also includes gain on merger of ` 91.71 Million of Kalyani Alstom Power Limited with
Alstom Bharat Forge Power Limited. (Also refer note 39 (c))
(36'LOXWHGFRPSXWHGRQWKHEDVLVRISURWIURPFRQWLQXLQJRSHUDWLRQVLQ`)
32.93
22.56
(36'LOXWHGFRPSXWHGRQWKHEDVLVRIWRWDOSURWIRUWKH\HDULQ`)
32.76
21.41
209
1HWSURWDWWULEXWDEOHWR6KDUHKROGHUVLQFOXGLQJGLVFRQWLQXLQJRSHUDWLRQV
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV
+ROGLQJ&RPSDQ\
(a) Gratuity plan
Funded scheme
7
KHKROGLQJ&RPSDQ\KDVDGHQHGEHQHWJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HHZKRKDV
FRPSOHWHGDWOHDVWYH\HDUVRIVHUYLFHJHWDJUDWXLW\RQGHSDUWXUHDWGD\VODVWGUDZQEDVLFVDODU\IRUHDFK
completed year of service. The scheme is funded with an insurance Company in the form of a qualifying
insurance policy.
7
KH IROORZLQJ WDEOHV VXPPDUL]H WKH FRPSRQHQWV RI QHW EHQHW H[SHQVH UHFRJQLVHG LQ WKH FRQVROLGDWHG
VWDWHPHQWRISURWDQGORVVDQGWKHIXQGHGVWDWXVDQGDPRXQWVUHFRJQLVHGLQWKHEDODQFHVKHHWIRUWKH
respective plan.
&RQVROLGDWHGVWDWHPHQWRISURWDQGORVV
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQLVHGLQHPSOR\HHFRVWLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
Current service cost
48.06
41.72
QWHUHVWFRVWRQEHQHWREOLJDWLRQ
Expected (return) on plan assets
Net actuarial (gain) / loss recognised in the year
Interest income
1HWEHQHWH[SHQVH
Actual return on plan assets
52.79
(30.53)
14.04
84.36
31.39
44.63
(25.74)
(24.73)
35.88
25.69
210
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
%HQHWDVVHWOLDELOLW\
As at
March 31, 2015
In ` Million
As at
March 31, 2014
386.87
(677.23)
(290.36)
322.98
(598.83)
(275.85)
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
The holding Company expects to contribute ` 70.00 Million to gratuity fund in the next year (March 31, 2014: ` 65.00 Millions)
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
As at
March 31, 2014
100%
The principal assumptions used in determining gratuity for the Companys plan is shown below:
In % per annum
As at
As at
March 31, 2015
March 31, 2014
Discount rate
Expected rate of return on assets
Increment rate
7.80%
9.00%
6.00%
9.10%
9.00%
6.00%
As at
March 31, 2015
100%
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQ
and other relevant factors, such as supply and demand in the employment market. The overall expected rate of return
on assets is determined based on the market prices prevailing on that date, applicable to the period over which the
obligation is to be settled.
Plan assets
'HQHGEHQHWREOLJDWLRQ
6XUSOXVGHFLW
Experience adjustments on plan
liabilities
Experience adjustments on plan
assets
In ` Million
March 31,
2015
March 31,
2014
As at
March 31,
2013
386.87
677.23
(290.36)
26.02
322.98
598.83
(275.85)
(6.00)
274.74
578.38
(303.64)
9.66
236.86
536.44
(299.58)
(2.69)
211.11
486.01
(274.90)
(59.59)
0.85
(0.05)
2.90
1.10
(0.58)
March 31,
2012
March 31,
2011
211
Amount for the current and previous four periods are as follows:
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
7KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQW
RISURWDQGORVVDQGDPRXQWVUHFRJQLVHGLQWKHFRQVROGLDWHGEDODQFHVKHHW
&RQVROLGDWHGVWDWHPHQWRISURWDQGORVV
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQLVHGLQHPSOR\HHFRVWLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
Year ended
March 31, 2015
8.30
3.24
1.01
12.55
-
In ` Million
Year ended
March 31, 2014
0.09
2.83
3.39
6.31
-
2SHQLQJGHQHGEHQHWREOLJDWLRQ
Interest cost
Current service cost
%HQHWVSDLG
Actuarial losses on obligation
&ORVLQJGHQHGEHQHWREOLJDWLRQ
%HQHWDVVHWOLDELOLW\
Year ended
March 31, 2015
39.11
3.24
8.30
(6.23)
1.01
45.43
In ` Million
Year ended
March 31, 2014
37.80
2.83
0.09
(5.00)
3.39
39.11
As at
March 31, 2015
(45.43)
(45.43)
In ` Million
As at
March 31, 2014
(39.11)
(39.11)
The principal assumptions used in determining special gratuity for the holding Companys plan is shown below:
As at
As at
March 31, 2015
March 31, 2014
Discount rate
7.80%
9.00%
Increment rate
6.00%
6.00%
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\
promotion and other relevant factors, such as supply and demand in the employment market.
212
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
Amount for the current and previous three periods are as follows:
Plan assets
'HQHGEHQHWREOLJDWLRQ
6XUSOXVGHFLW
Experience adjustments on plan
liabilities
Experience adjustments on plan
assets
March 31,
2015
March 31,
2014
As at
March 31,
2013
March 31,
2012
March 31,
2011
45.43
(45.43)
1.49
39.11
(39.11)
5.04
37.80
(37.80)
0.20
40.13
(40.13)
(2.69)
45.37
(45.37)
-
8QGHUGHQHGFRQWULEXWLRQSODQSURYLGHQWIXQGLVFRQWULEXWHGWRWKHJRYHUQPHQWDGPLQLVWHUHGSURYLGHQWIXQG
The Holding Company has no obligation, other than the contribution payable to the provident fund.
8QGHU GHQHG EHQHW SODQ WKH +ROGLQJ &RPSDQ\ FRQWULEXWHV WR WKH %KDUDW )RUJH &RPSDQ\ /LPLWHG 6WD
Provident Fund Trust". The Holding Company has an obligation to make good the shortfall, if any, between the
UHWXUQIURPWKHLQYHVWPHQWVRIWKHWUXVWDQGWKHQRWLHGLQWHUHVWUDWH
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
7KHGHWDLOVRIWKHGHQHGEHQHWSODQEDVHGRQDFWXDULDOYDOXDWLRQUHSRUWLVDVIROORZV
1.79
(1.09)
9.21
-
1.85
0.95
(0.84)
(16.61)
-
9.91
(14.65)
# As there is no present obligation the expense has not been accounted for in the previous year
213
The Holding Company has provided ` Nil towards shortfall in the interest payment on provident fund as per
actuary report during the year ended March 31, 2015 (March 31, 2014: ` Nil)
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
Consolidated balance sheet
Changes in the fair value of plan assets recognised in the consolidated balance sheet are as follows:
Year ended
March 31, 2015
12.09
1.09
3.40
In ` Million
Year ended
March 31, 2014
9.28
0.84
1.97
16.58
12.09
Year ended
March 31, 2015
1.79
12.61
14.40
In ` Million
Year ended
March 31, 2014
11.84
0.95
1.85
(14.64)
-
As at
March 31, 2015
16.58
(14.40)
2.18
In ` Million
As at
March 31, 2014
12.09
12.09
# The Company has not recognised the plan asset in the books based on the concept of prudence.
Assumptions under the Black Scholes option pricing approach are as follows:
Discount rate
Expected guaranteed rate
As at
March 31, 2015
7.80%
8.75%
In % per annum
As at
March 31, 2014
9.10%
8.75%
The overall expected rate of return on assets is determined based on the market prices prevailing on that date,
applicable to the period over which the obligation is to be settled.
214
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
Amount for the current and previous four years are as follows:
March 31,
2015
16.58
14.40
2.18
-
March 31,
2014
12.09
-
As at
March 31,
2013
9.28
11.84
(2.56)
-
In ` Million
March 31,
2012
2.36
-
March 31,
2011#
-
Plan assets
Guaranteed interest rate obligation
6XUSOXVGHFLW
Experience
adjustments
on
rate
obligation
Experience adjustments on plan assets
#Till the year ended March 31, 2011 the interest shortfalls could not be computed by the actuaries since the
QVWLWXWHRI$FWXDULHVRIQGLDKDVQRWLVVXHGWKHQDOJXLGDQFHRQYDOXDWLRQRIWKHVDPHQWKH\HDU
the Institute of Actuaries of India has issued the guidance note for measurement of provident fund liabilities,
DFFRUGLQJO\WKH&RPSDQ\KDVVWDUWHGSURYLGLQJIRULQWHUHVWVKRUWIDOOVEDVHGRQDFWXDULDOYDOXDWLRQVLQFHQDQFLDO
year 2011-12. Hence earlier years' data is not available.
Overseas subsidiaries
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
&RQVROLGDWHGVWDWHPHQWRISURWDQGORVV
ChDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQLVHGLQFRQVROLGDWHGEDODQFHVKHHWDUHDVIROORZs:
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
2SHQLQJGHQHGEHQHWREOLJDWLRQ
560.76
539.04
Interest cost
23.69
21.91
Current service cost
20.54
20.27
%HQHWVSDLG
(8.28)
(6.55)
Actuarial (gains) / losses on obligation
179.40
(13.91)
&ORVLQJGHQHGEHQHWREOLJDWLRQ
776.11
560.76
215
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQLVHGLQHPSOR\HHFRVWLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
Current service cost
20.54
20.27
QWHUHVWFRVWRQEHQHWREOLJDWLRQ
23.69
21.91
Expected return on plan assets
Net actuarial (gain) / loss recognised in the year
179.40
(13.91)
Interest income
1HWEHQHWH[SHQVH
223.63
28.27
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
%HQHWDVVHWOLDELOLW\
In ` Million
As at
March 31, 2014
(560.76)
(560.76)
As at
March 31, 2015
776.11
776.11
In addition to above, in case of certain subsidiary companies, actuarial liability is determined based on estimates
amounting to ` 14.43 Million. (March 31, 2014: ` 179.45 Million)
The principal assumptions used in determining pension for the Companys plan is shown below:
As at
March 31, 2015
2.00%
2.00%
Discount rate
Increment rate
As at
March 31, 2014
3.70%
2.00%
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\
promotion and other relevant factors, such as supply and demand in the employment market.
Amount for the current and previous four periods are as follows:
Plan assets
'HQHGEHQHWREOLJDWLRQ
6XUSOXVGHFLW
Experience adjustments on plan
liabilities
Experience adjustments on plan
assets
In ` Million
0DUFK
2015
March 31,
2014
As at
March 31,
2013
776.11
560.76
-
539.04
-
408.24
-
399.67
-
179.40
(13.91)
103.82
(24.01)
27.36
March 31,
2012
March 31,
2011
(e) 2WKHUORQJWHUPEHQHWV
2WKHUORQJWHUPEHQHWVLQFOXGHVHDUO\UHWLUHPHQWVFKHPHDVJRYHUQHGE\WKHORFDOODZVDPRXQWLQJWR`
32.71 Million (March 31, 2014: ` 58.65 Million) and jubilee scheme as governed by the local laws amounting
to ` 39.93 Million (March 31, 2014: ` 46.94 Million).
QGLDQVXEVLGLDULHV
(f)
Gratuity plan
Funded scheme
6RPHRIWKHQGLDQVXEVLGLDULHVKDYHDGHQHGEHQHWJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HH
ZKRKDVFRPSOHWHGDWOHDVWYH\HDUVRIVHUYLFHJHWDJUDWXLW\RQGHSDUWXUHDWGD\VODVWGUDZQEDVLFVDODU\
for each completed year of service. The gratuity plan is funded in few Indian subsidiaries in the form of
qualifying insurance policies. The disclosure given below is on the basis of such information as has been
GLVFORVHGLQWKHVWDQGDORQHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHV
216
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
7KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQW
RI SURW DQG ORVV DQG WKH IXQGHG VWDWXV DQG DPRXQWV UHFRJQLVHG LQ WKH FRQVROLGDWHG EDODQFH VKHHW IRU WKH
respective plans.
&RQVROLGDWHGVWDWHPHQWRISURWDQGORVV
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQLVHGLQHPSOR\HHFRVWLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
11.84
0.68
(7.73)
(0.20)
4.59
-
0.84
0.20
(0.93)
0.11
-
Changes in the fair value of plan assets recognised in the consolidated balance sheet are as follows:
Year ended
March 31, 2015
8.62
(7.73)
0.21
(1.08)
0.02
In ` Million
Year ended
March 31, 2014
4.72
(4.72)
-
217
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQLVHGLQFRQVROLGDWHGEDODQFHVKHHWDUHDV
follows:
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
2SHQLQJGHQHGEHQHWREOLJDWLRQ
0.28
3.62
2SHQLQJGHQHGEHQHWREOLJDWLRQRQDFTXLVLWLRQRIVXEVLGLDU\
1.33
Interest cost
0.68
0.20
Current service cost
11.84
0.78
%HQHWVSDLG
(0.20)
(4.72)
Actuarial losses / (gains) on obligation
(1.08)
(0.93)
11.52
0.28
&ORVLQJGHQHGEHQHWREOLJDWLRQ
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
%HQHWDVVHWOLDELOLW\
As at
March 31, 2015
0.02
(11.52)
(11.50)
In ` Million
As at
March 31, 2014
(0.28)
(0.28)
In case of certain Indian subsidiary companies, acturarial liability is determined based on estimates amounting to
` 0.04 Million since AS-15 is not applicable to such companies. (March 31, 2014: ` Nil)
The principal assumptions used in determining gratuity for the Indian subsidiary Companys' plan is shown below:
As at
As at
March 31, 2015
March 31, 2014
Discount rate
7.74% to 9%
8% to 9%
Increment rate
6% to 8.5%
4% to 6%
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\
promotion and other relevant factors, such as supply and demand in the employment market. The overall
expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to
the period over which the obligation is to be settled.
Amount for the current and previous four periods are as follows:
Plan assets
'HQHGEHQHWREOLJDWLRQ
6XUSOXVGHFLW
Experience adjustments on plan liabilities
Experience adjustments on plan assets
The above number include share of Joint Venture
30 Leases
0DUFK
2015
0.02
11.52
(11.50)
-
March 31,
2014
0.28
(0.28)
-
As at
March 31,
2013
1.34
2.65
(1.31)
-
In ` Million
March 31,
2012
0.44
(0.44)
-
218
30 Leases (Contd.)
Year ended
March 31,
2015
In ` Million
Year ended
March 31,
2014
257.56
257.56
214.54
214.54
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
QFOXGHVQXPEHUVZLWKUHVSHFWWRGLVFRQWLQXLQJRSHUDWLRQV
The above number include share of Joint Venture
2.40
2.40
2.40
2.40
3.20
3.20
2.40
2.40
219
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
31 Segment information
QDFFRUGDQFHZLWKSDUDJUDSKRIQRWLHG$FFRXQWLQJ6WDQGDUG$66HJPHQW5HSRUWLQJWKH*URXSKDV
GLVFORVHGVHJPHQWLQIRUPDWLRQRQO\RQWKHEDVLVRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVZKLFKDUHSUHVHQWHG
WRJHWKHUZLWKWKHXQFRQVROLGDWHGQDQFLDOVWDWHPHQWV7KHSULPDU\VHJPHQWUHSRUWLQJIRUPDWLVGHWHUPLQHGWR
EHEXVLQHVVVHJPHQWVDVWKH*URXSVULVNVDQGUDWHVRIUHWXUQDUHDHFWHGSUHGRPLQDQWO\E\GLHUHQFHVLQWKH
products and services produced. Secondary information is reported geographically. The operating businesses
are organized and managed separately according to the nature of the products and services provided, with each
VHJPHQWUHSUHVHQWLQJDVWUDWHJLFEXVLQHVVXQLWWKDWRHUVGLHUHQWSURGXFWVDQGVHUYHVGLHUHQWPDUNHWV
7KH&RPSDQ\KDVLGHQWLHGLWVEXVLQHVVVHJPHQWDVLWVSULPDU\UHSRUWLQJVHJPHQWZKLFKFRPSULVHVRIIRUJLQJV
and "Projects (Capital goods)". Secondary information is reported geographically.
7KH IRUJLQJ VHJPHQW SURGXFHV DQG VHOOV VWHHO IRUJLQJ SURGXFWV FRPSULVLQJ RI IRUJLQJV QLVKHG PDFKLQHG
crankshafts, front axle assembly & components and ring rolling etc. The "Projects (Capital goods) includes
engineering, procurement and commissioning business for power and infrastructure related projects.
In ` Million
Sr. Particulars
No.
6HJPHQW5HYHQXH
a
Steel forging
b
Projects (Capital goods)
c
Discontinuing operations
Net Sales/Income from Operations
Year ended
Year ended
March 31,2015 March 31, 2014
70,277.25
5,854.13
59.39
76,190.77
76,190.77
59,148.55
7,817.60
5,802.88
72,769.03
72,769.03
15,055.97
203.79
(40.63)
15,219.13
10,141.17
(92.98)
(154.95)
9,893.24
1,355.96
3,108.55
10,754.62
1,691.52
239.46
2,071.32
5,890.94
427.57
11,222.82
(40.63)
1,037.07
7,322.42
(394.41)
TOTAL
53,945.65
9,476.43
31.84
18,367.95
81,821.87
50,967.97
8,104.14
115.15
16,101.01
75,288.27
TOTAL
14,162.42
4,875.05
4.21
1,773.83
20,815.51
16,781.50
1,479.79
60.66
2,762.78
21,084.73
TOTAL
6HJPHQW5HVXOWV
3URW/RVVEHIRUHWD[DQGLQWHUHVWIURPHDFKVHJPHQW
a
Steel forging
b
Projects (Capital goods)
c
Discontinuing operations
TOTAL
Less:
1
Finance costs from continuing operations
2
Finance costs from discontinuing operations
2WKHUXQDOORFDEOHH[SHQGLWXUHQHWRXQDOORFDEOHLQFRPH
7RWDO3URW%HIRUH7D[ ([FHSWLRQDOWHPV
Add:
Exceptional items
3URW/RVVEHIRUH7D[IURPFRQWLQXLQJRSHUDWLRQV
220
7RWDOFDUU\LQJDPRXQWRIVHJPHQWDVVHWV
a
Steel forging
b
Projects (Capital goods)
c
Discontinuing operations
d
Unallocable Assets including Unutilised Fund
7RWDODPRXQWRIVHJPHQWOLDELOLWLHV
a
Steel forging
b
Projects (Capital goods)
c
Discontinuing operations
d
Unallocable
31 Segment information
In ` Million
Sr. Particulars
No.
Year ended
Year ended
March 31,2015 March 31, 2014
&DSLWDO(PSOR\HG6HJPHQWDVVHWV6HJPHQW/LDELOLWLHV
a
Steel forging
b
Projects (Capital goods)
c
Discontinuing operations
d. Unallocable Assets less Liabilities including Unutilised Fund temporarily
deployed
TOTAL
34,186.47
6,624.35
54.49
16,594.12
61,006.36
13,338.23
54,203.54
TOTAL
4,428.93
454.29
76.42
4,959.64
3,871.77
331.41
233.93
4,437.11
TOTAL
3,403.47
13.33
2.22
207.41
3,626.43
3,138.49
8.66
215.91
424.33
3,787.39
6HFRQGDU\LQIRUPDWLRQLQUHVSHFWRIJHRJUDSKLFDOVHJPHQWRQWKHEDVLVRI
ORFDWLRQRIFXVWRPHUV
8.1 6HJPHQWUHYHQXH
a
Within India
b
Outside India
TOTAL
24,146.82
52,043.95
76,190.77
23,271.25
49,497.78
72,769.03
TOTAL
61,537.97
20,283.90
81,821.87
55,578.94
19,709.33
75,288.27
7RWDOFRVWLQFXUUHGGXULQJWKH\HDUWRDFTXLUHVHJPHQWDVVHWVWKDWDUH
H[SHFWHGWREHXVHGGXULQJPRUHWKDQRQHSHULRG
a
Within India
b
Outside India
TOTAL
2830.97
2,128.67
4,959.64
3,192.64
1,244.47
4,437.11
7RWDOFRVWLQFXUUHGGXULQJWKH\HDUWRDFTXLUHVHJPHQWDVVHWV
WKDWDUHH[SHFWHGWREHXVHGGXULQJPRUHWKDQRQHSHULRG
a
Steel forging
b
Projects (Capital goods)
c
Discontinuing operations
d
Unallocable
'HSUHFLDWLRQ
a
Steel forging
b
Projects (Capital goods)
c
Discontinuing operations (Steel forging)
d
Unallocable
39,783.23
4,601.38
27.63
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
The total carrying amount of segment assets does not include goodwill arising on consolidation amounting to
` 537.24 Million (March 31, 2014: ` 56.80 Million)
7RWDOVHJPHQWUHYHQXHIURPRSHUDWLRQVGRHVQRWLQFOXGHUHYHQXHIURPVRPHRIWKHLQVLJQLFDQWEXVLQHVVOLQHV
amounting to ` 116.11 Million (March 31, 2014: ` 192.29 Million), which has been considered as unallocable
income.
221
8.2 6HJPHQWDVVHWV
a
Within India
b
Outside India
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
32 Related party disclosures
L
1DPHVRIWKHUHODWHGSDUWLHVDQGUHODWHGSDUW\UHODWLRQVKLS
5HODWHGSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU
Associates
FAW Power Energy Branch Company, China (upto November 12, 2013)
Joint Ventures of fellow NTPC Limited, India
subsidiary
KPIT Technologies Limited, India (upto June 30, 2014)
Elbit Systems Land and C4I Limited
KPIT Cummins Infosystems Limited
222
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
32 Related party disclosures (Contd.)
L
1DPHVRIWKHUHODWHGSDUWLHVDQGUHODWHGSDUW\UHODWLRQVKLS&RQWG
5HODWHGSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU&RQWG
Enterprises having
common Key
Management
Personnel
Key management
personnel
Mr. B. N. Kalyani
Mr. A. B. Kalyani
Mr. G. K. Agarwal
Mr. B. P. Kalyani
Mr. S. E. Tandale
5HODWHGSDUW\WUDQVDFWLRQV
Sr. Nature of transaction
no.
3XUFKDVHRIJRRGV
(In ` Million)
Year ended
March 31,
2015
March 31,
2014
10,811.12
9,367.63
4,116.51
3,211.12
2,601.66
865.81
60.24
14.54
43.23
22.33
223
Mr. T. V. Prasad
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
32 Related party disclosures (Contd.)
LL
5HODWHGSDUW\WUDQVDFWLRQV &RQWG
Sr. Nature of transaction
Name of the related party and nature
no.
of relationship
3URFXUHPHQWRI'LH
3URFXUHPHQWRIPDWHULDO
Procurement of
FRQVWUXFWLRQVLGH
6DOHRIJRRGV
March 31,
2014
0.04
21.33
16.47
35.69
4.85
17,711.10
13,481.47
141.76
141.76
20.71
20.71
182.90
182.90
1,842.92
1,511.91
168.34
93.55
21.14
2,291.01
604.38
57.24
(QWHUSULVHVRZQHGRUVLJQLFDQWO\
LQXHQFHGE\NH\PDQDJHPHQW
personnel or through their
subsidiaries/associates
Changchun FAW TIANQI Hot Forging & Die
Co. Ltd.
(QWHUSULVHV RZQHG RU VLJQLFDQWO\
LQXHQFHG E\ NH\ PDQDJHPHQW
personnel or through their subsidiaries/
associates
FAW Jiefang Automobile Co., Ltd.
(QWHUSULVHV RZQHG RU VLJQLFDQWO\
LQXHQFHG E\ NH\ PDQDJHPHQW
personnel or through their subsidiaries/
associates
MI Ninth Design & Research Institute Co.
Ltd.
(QWHUSULVHV RZQHG RU VLJQLFDQWO\
LQXHQFHG E\ NH\ PDQDJHPHQW
personnel or through their subsidiaries/
associates
Kalyani Carpenter Special Steels Limited
Automotive Axles Limited
Kalyani Steels Limited
FAW Jiefang Automobile Co. Limited
6.01
12.43
224
March 31,
2015
-
(In ` Million)
Year ended
2.54
2,032.40
4,579.07
5HODWHGSDUW\WUDQVDFWLRQV &RQWG
Sr. Nature of transaction
Name of the related party and nature
no.
of relationship
10
March 31,
2014
16.24
24.91
16.24
24.91
410.59
410.59
70.00
70.00
75.00
75.00
4.54
4.54
1.34
0.32
0.32
0.55
1.34
1.19
/RDQ&'
6XSSRUWRIWHKQLFDO
6HUYLFHV
5HLPEXUVHPHQWRI
H[SHQVHVSDLG
9.57
9.57
1.34
10.76
225
March 31,
2015
6DOHRI([SRUWQFHQWLYHV
(In ` Million)
Year ended
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
32 Related party disclosures (Contd.)
LL
5HODWHGSDUW\WUDQVDFWLRQV &RQWG
Sr. Nature of transaction
Name of the related party and nature
no.
of relationship
11
$GYDQFHJLYHQWRYHQGRUV
12
7HFKQLFDO6HUYLFHVDYDLOHG
226
182.79
79.53
50.93
161.32
4.84
14.50
0.76
256.11
238.56
1.82
0.59
28.96
1.82
2.56
0.82
0.70
2.97
3.06
4.03
19.81
38.66
6.49
1.74
0.56
30.22
1.48
ALSTOM Holdings
March 31,
2014
11.14
14
March 31,
2015
(In ` Million)
Year ended
2.35
34.00
8.84
104.81
104.81
77.53
77.53
5HODWHGSDUW\WUDQVDFWLRQV &RQWG
Sr. Nature of transaction
Name of the related party and nature
no.
of relationship
6KRUWWHUPQDQFLDO
DUUDQJHPHQWUHFHLYHG
15
17
19
5HQWDQGPDLQWHQDQFH
H[SHQVHV
3XUFKDVHRIVHYLFHV
March 31,
2014
333.59
333.59
7.90
7.90
0.38
0.28
0.66
44.82
44.82
38.30
38.30
0.35
1.81
0.43
2.59
20.08
12.51
32.59
16.49
10.44
26.93
55.85
12.81
4.40
1.81
5.72
80.59
8.71
72.61
0.33
81.65
227
18
March 31,
2015
16
(In ` Million)
Year ended
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
32 Related party disclosures (Contd.)
LL
5HODWHGSDUW\WUDQVDFWLRQV &RQWG
Sr. Nature of transaction
Name of the related party and nature
no.
of relationship
20
3XUFKDVHRI[HGDVVHWV
6HUYLFHVUHFHLYHG
22
6HUYLFHVUHQGHUHG
24
5HLPEXUVHPHQWRI
H[SHQVHVUHFHLYHG
March 31,
2014
17.12
17.12
0.51
0.51
17.12
0.51
5.76
255.63
0.17
5.76
255.80
0.77
0.77
115.77
83.72
29.93
59.07
145.70
142.79
1.24
0.19
0.17
0.39
1.08
0.61
2.49
1.19
228
March 31,
2015
Joint Ventures of fellow subsidiary
Elbit Systems Land and C4I Limited
21
(In ` Million)
Year ended
5HODWHGSDUW\WUDQVDFWLRQV &RQWG
Sr. Nature of transaction
Name of the related party and nature
no.
of relationship
25
26
QWHUHVWRQORDQWDNHQ
27
29
6XSSRUW6HUYLFHVIRU
7UDQVSRUWDWLRQ
0DQDJHULDOUHPXQHUDWLRQ
March 31,
2014
0.30
0.30
20.81
22.49
2.83
3.99
23.64
26.48
0.90
4.10
0.90
4.10
0.84
0.84
176.51
125.33
Mr. A. B. Kalyani
51.92
40.26
Mr. G. K. Agarwal
52.58
40.75
Mr. S. E. Tandale
39.76
32.76
23.53
Mr. B. P. Kalyani
37.17
30.49
Mr. K. M. Saletore#
28.34
Mr. S. K. Chaturvedi
1.53
1.07
0.40
0.01
229
28
March 31,
2015
(In ` Million)
Year ended
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
32 Related party disclosures (Contd.)
LL
5HODWHGSDUW\WUDQVDFWLRQV &RQWG
Sr. Nature of transaction
Name of the related party and nature
no.
of relationship
March 31,
2015
0.22
0.03
2.75
0.34
16.10
2.56
14.22
-
1.64
5.18
3.08
Mr. K. Padmanabham
1.80
Mr. T. V. Prasad
1.80
417.08
315.05
'LYLGHQGSURYLGHG
(In ` Million)
Year ended
March 31,
2014
-
0.21
0.17
Mr. A. B. Kalyani
1.93
1.54
Mr. G. K. Agarwal
0.01
0.01
Mr. B. P. Kalyani
0.02
0.01
2.17
1.73
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRI
UHODWLRQVKLS
3D\DEOHWRZDUGV
SXUFKDVHV
$GYDQFHVDJDLQVWHTXLW\
230
3D\DEOHWRZDUGVVHUYLFHV
March 31,
2015
March 31,
2014
2,277.34
724.49
428.25
73.05
2,705.59
797.54
20.00
20.00
(In ` Million)
As at
0.78
1.52
0.78
1.52
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRI
UHODWLRQVKLS
7UDGHUHFHLYDEOH
(In ` Million)
As at
March 31,
2014
584.82
509.43
0.59
0.40
2.56
2.97
0.87
0.70
13.93
7.13
Others
42.05
41.83
645.04
562.24
2WKHUSD\DEOH
2.94
2.94
645.04
565.18
14.22
34.59
48.81
17.34
20.35
37.69
54.82
0.26
22.11
36.85
928.01
1.67
58.53
6.57
4.85
0.81
26.57
1,141.05
418.75
67.11
0.24
0.81
22.25
604.81
2.11
1,116.08
231
5HFHLYDEOHIRUVDOHRI
VHUYLFHV
March 31,
2015
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
32 Related party disclosures (Contd.)
LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG &RQWG
Sr.
1DWXUHRIWUDQVDFWLRQ
no.
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRI
UHODWLRQVKLS
March 31,
2015
March 31,
2014
0.79
0.79
0.60
0.60
1.18
1,141.84
0.02
1.20
1,177.88
103.18
36.70
152.00
14.50
0.76
1.68
308.82
405.78
48.12
483.30
4.84
0.61
0.13
942.78
58.80
58.80
2.94
2.94
4.99
5.55
BF Utilities Limited
1.10
6.09
5.55
6KRUWWHUPORDQVDQG
$GYDQFHV
QYHVWPHQWVEDODQFH
7UDGHUHFHLYDEOH
10
232
QWHUHVWUHFHLYDEOH
(In ` Million)
As at
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRI
UHODWLRQVKLS
11
2WKHUFXUUHQWOLDELOLWLHV
March 31,
2014
2.29
2.29
14
0.12
0.01
0.03
0.04
0.15
0.05
5HLPEXUVHPHQW3D\DEOH
/RDQWDNHQ
/RDQVJLYHQ&'SODFHG
0.32
0.32
0.64
2.00
2.00
2.00
2.00
770.00
770.00
75.00
845.00
770.00
210.00
210.00
210.00
210.00
16
$GYDQFHVUHFHLYDEOH
233
15
5HLPEXUVHPHQW
5HFHLYDEOH
March 31,
2015
12
(In ` Million)
As at
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
32 Related party disclosures (Contd.)
LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG &RQWG
Sr.
1DWXUHRIWUDQVDFWLRQ
no.
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRI
UHODWLRQVKLS
17
18
$GYDQFHIURPFXVWRPHU
(In ` Million)
As at
March 31,
2015
March 31,
2014
8.57
35.00
8.57
35.00
120.00
75.00
Mr. A. B. Kalyani
24.00
15.00
Mr. G. K. Agarwal
24.00
15.00
Mr. S. E. Tandale
25.00
20.00
4.50
Mr. B. P. Kalyani
24.00
19.00
Mr. K. M. Saletore
17.00
234.00
148.50
Mr. S. K. Chaturvedi
'RHVQRWLQFOXGHJUDWXLW\DQGOHDYHHQFDVKPHQWVLQFHWKHVDPHLVFRQVLGHUHGIRUDOOHPSOR\HHVRIWKH&RPSDQ\DV
a whole
33 Capitalization of expenditure
'XULQJWKH\HDUWKH*URXSKDVFDSLWDOL]HGWKHIROORZLQJH[SHQVHVRIUHYHQXHQDWXUHWRWKHFRVWRI[HGDVVHW
capital work-in-progress (CWIP). Consequently, expenses disclosed under the respective notes are net of amounts
capitalised by the Group.
In ` Million
Year ended
Year ended
March 31, 2015 March 31, 2014
234
143.00
210.48
3.94
357.42
205.02
57.01
0.91
105.32
19.13
387.39
34 Contingent liabilities
As at
In ` Million
As at
10,057.83
5,425.77
1,460.74
-
1,674.57
-
2,273.45
(2,437.17)
1,915.40
(2,732.80)
174.08
394.16
89.30
14.05
50.97
55.58
13.33
138.97
359.86
50.97
0.66
73.87
As at
March 31,
2015
In ` Million
As at
March 31,
2014
958.50
718.18
5,788.28
2,149.27
912.43
1,965.36
7,659.21
4,832.81
(a)
235
One of the joint venture Company is defending Penalty Proceedings initiated under Sec.274 r.w.s 271(1) (C) of
WKHQFRPH7D[$FWIRU$VVHVVPHQW<HDUDQGOLDELOLW\RIWKHVDPHLVQRWTXDQWLDEOH
The above numbers include share of Joint Venture.
Note : In cases where the amount have been accrued, it has not been included here.
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
35 Capital and other commitments (Contd.)
Performance guarantee
The holding Company has alongwith ALSTOM Power Holdings S.A. given an irrecoverable and unconditional
undertaking to NTPC Limited for technology transfer, training, execution and successful performance of steam
turbines generator and auxiliary equipments supplied by ALSTOM Bharat Forge Power Limited, Joint Venture of
the group.
The above numbers include share of Joint Venture.
The Company has provided the letter of support for certain subsidiaries.
Currency
Purpose
In ` Million
Foreign
currency in
currency in
Million
Million
Forward contracts
USD
Hedging of highly
probable sales
567.10
35,438.08
328.32
19,672.93
Forward contracts
Euro
Hedging of highly
probable sales
201.92
13,567.21
149.13
12,279.36
Currency
Purpose
Foreign
currency in
236
EURO
Forward contracts
CHF
Forward contracts
CNH
Forward contracts
USD
Forward contracts
JPY
Forward contracts
SEK
Forward contracts
EURO
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of
receivables/
expected future
sales
In ` Million
currency in
Million
Forward contracts
90.74
6,104.73
121.90
10,041.07
0.48
31.12
0.39
26.65
5.51
55.57
13.50
843.82
18.76
1,124.26
165.77
86.48
1.52
11.02
90.45
6,084.96
110.52
9,100.42
Currency
Purpose
GBP
Forward contracts
USD
Forward contracts
JPY
Hedge of
receivables/
expected future
sales
Hedge of
receivables/
expected future
sales
Hedge of
receivables/
expected future
sales
In ` Million
6.09
563.00
10.33
1,029.21
14.89
931.35
20.61
1,235.01
150.11
78.31
Currency
In ` Million
In ` Million
USD
EUR
GBP
AUD
JPY
32.14
15.67
0.61
0.10
-
2,005.63
1,055.22
56.02
4.46
-
17.12
21.47
2.94
3.24
1,029.57
1,769.90
292.44
1.89
USD
EUR
GBP
JPY
SEK
AUD
CHF
1.41
11.25
0.11
99.73
0.04
0.01
-
148.70
758.86
9.73
52.01
0.29
0.42
0.15
3.08
25.87
0.01
240.07
0.09
-
184.62
2,133.70
1.00
139.84
0.83
-
USD
EUR
230.00
1.89
14,377.30
127.66
200.00
4.00
11,988.00
330.31
Packing credit
USD
EUR
GBP
10.00
0.50
625.10
46.23
9.58
4.67
1.00
574.04
384.34
99.63
EUR
GBP
17.67
-
1,193.12
-
12.00
4.40
990.92
438.28
237
Forward contracts
In ` Million
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
36 Derivative instruments and unhedged foreign currency exposures (Contd.):
(iii) Particulars of unhedged foreign currency exposure as at the reporting date (Contd.):
Particulars
Currency
In ` Million
In ` Million
Bank deposits
USD
EUR
GBP
8.65
2.17
-
535.72
145.56
0.20
2.30
2.90
-
137.64
239.20
-
Other receivables
EUR
SEK
3.12
1.83
219.45
13.21
0.07
5.80
Other payables
USD
EUR
GBP
1.40
1.76
0.01
89.75
118.90
0.89
1.81
1.32
0.22
111.79
108.62
21.91
'HIHUUDO&DSLWDOLVDWLRQRIH[FKDQJHGLHUHQFHV
7KH 0LQLVWU\ RI &RUSRUDWH $DLUV 0&$ KDV LVVXHG WKH DPHQGPHQW GDWHG 'HFHPEHU WR $6 7KH
(HFWVRI&KDQJHVLQ)RUHLJQ([FKDQJH5DWHVWRDOORZFRPSDQLHVGHIHUUDOFDSLWDOL]DWLRQRIH[FKDQJHGLHUHQFHV
arising on long-term foreign currency monetary items. In accordance with the amendment/ earlier amendment
to AS 11, the Group has capitalized exchange loss, arising on long-term foreign currency loan to the cost of plant
and equipments. The Group also have other long-term foreign currency monetary item, where the gain/loss due
WRXFWXDWLRQLQIRUHLJQFXUUHQF\LVDFFRXQWHGIRUDV)&07'$DQGGLVFORVHGXQGHUUHVHUYHVDQGVXUSOXV
Accordingly foreign exchange gain/(loss) adjusted against:
In ` Million
As at March
31, 2015
As at March
31, 2014
(226.59)
(576.27)
FCMITDA
(248.16)
(692.09)
253.33
185.55
238
39 6LJQLFDQWQRWHVWRQDQFLDOVWDWHPHQWVRIVXEVLGLDULHVZKLFKSURYLGHDEHWWHU
XQGHUVWDQGLQJWRWKHVHQDQFLDOVWDWHPHQWV
A)
B)
As a part of group restructuring plan initiated in 2009, BFSSL has ceased production in February 2010 and
transferred business and assets to other group companies. BFSSL got liquidated during the year and the
order for liquidation is passed in June 2014.
Impact Automotive Solutions Limited (Impact)
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
On June 30, 2014, the Company has divested its 50% stake in Impact, a JV, which was formed in the year
DVD-RLQW9HQWXUH-9PSDFWQDQFLDOVWDWHPHQWVLQFOXGHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
are unaudited and are based on management accounts as they are not material.
c)
239
Merger of Kalyani ALSTOM Power Limited (Subsidiary) and ALSTOM Bharat Forge Power Limited
(Joint Venture)
a) The Board of Directors of ALSTOM Bharat Forge Power Limited (ABFPL) on August 28, 2013 approved
a Scheme of Amalgamation (Scheme) between ABFPL and Kalyani Alstom Power Limited (KAPL) being
transferor company with an Appointed date of April 1, 2013 and the Shareholder of ABFPL also submitted
their letter of consent for approving Scheme. The Scheme has been approved by Honble High Court of
'HOKLYLGHLWV2UGHUGDWHG$XJXVWFHUWLHGFRS\RIZKLFKZDVUHFHLYHGRQ6HSWHPEHU
OHGZLWKWKH5HJLVWUDURIFRPSDQLHV1&7RI'HOKLDQG+DU\DQDRQGDWHG2FWREHU3XUVXDQW
to the Scheme the transferor company i.e. KAPL amalgamated with ABFPL from the appointed date i.e.
April 1, 2013 on going concern basis. As per the scheme during the period between appointed date and
HHFWLYHGDWHWUDQVIHURUFRPSDQ\VKDOOEHGHHPHGWRKDYHFDUULHGRQWKHH[LVWLQJEXVLQHVVRQDFFRXQW
RIDQGIRUWKHEHQHWDQGLQ7UXVWIRUWKHWUDQVIHUHHFRPSDQ\
In accordance with the provsion of the aforesaid scheme, business of the Transferor Company relating
to design, engineering, manufacturing (including trading), erection & commissioning and post sales
warranty obligations and service of ancillaries like heat exchanger and other auxiliaries, ancillary to
the turbine generator (TG) island in the super critical (800/600 MW) and sub critical (600/500/300 MW)
range had been transfered to ABFPL on going concern basis. The transfer of Assets and Liabilities had
EHHQHHFWHGIURPWKH$SSRLQWHGGDWHRI$SULODVGHQHGLQWKH6FKHPH$VSHUWKHVFKHPH
GXULQJWKHSHULRGEHWZHHQDSSRLQWHGGDWHDQGHHFWLYHGDWH7UDQVIHURU&RPSDQ\VKDOOEHGHHPHGWR
KDYHFDUULHGRQWKHH[LVWLQJEXVLQHVVRQDFFRXQWRIDQGIRUWKHEHQHWDQGLQ7UXVWIRUWKH7UDQVIHUHH
Company.
b. Combination of authorised capital
Pursuant to the aforesaid amalgamation, the authorised share capital of ABFPL stands increased by the
authorized share capital of KAPL aggregating to ` 1,250.00 Million (125.00 Million equity shares of ` 10/- each).
Accordingly, the authorised capital of ABFPL stands at ` 3,113.00 Million (311.30 Million equity shares
of ` 10/- each).
c. Accounting treatment
ABFPL had followed accounting treatment prescribed in the said approved Scheme of Amalgamation,
as follows:
i.
The amalgamation of KAPL with ABFPL had been accounted by ABFPL by using the Pooling of
interests method in accordance with the said approved Scheme of Amalgamation and Accounting
6WDQGDUG $6 $FFRXQWLQJ IRU $PDOJDPDWLRQV DV QRWLHG XQGHU WKH &RPSDQLHV $FW
Accordingly, ABFPL had recorded all the assets and liabilities, and reserves of KAPL at their
respective book values as appearing in the books of KAPL as at March 31, 2013, the details of
which are as follows:
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Particulars
Kalyani Alstom
Power Limited
March 31, 2013
ASSETS
Net Fixed Assets (including CWIP)
Long term Loans and Advances
Other Non-Current Assets
Current Assets:
- Cash and bank balances
- Loans and Advances
- Other Current Assets
929.99
207.57
6.34
TOTAL
'HFLWLQ6WDWHPHQWRI3URWDQGORVV
Total Assets
LIABILITIES
Long-term Borrowings
Other Long-term Liabilities
Long-term provisions
Current Liabilities:
- Short-term Borrowings
- Other Current Liabilities
- Short-term Provisions
TOTAL
- Excess of Assets over Liabilities and Share Capital to be issued
15.24
6.72
0.41
1,166.27
139.83
1,306.10
6,473.00
24.69
0.19
118.93
12.54
2.45
6,631.80
355.00
Share Capital
145.00
Total Liabilities
500.00
Further, the inter company balances and transactions between Transferor Company and the
Transferee Company have been eliminated.
240
d.
Pursuant to scheme of amalgamation 14.50 Million Equity Shares of ` 10/- each were to be issued
to shareholders of KAPL in the ratio of 29 fully paid Equity Shares of ABFPL for every 100 fully paid
up Equity Shares of ` 10/- each held in ABFPL.
e.
Simultaneous with the issuance and allotment of shares in ABFPL to the shareholders of erstwhile
KAPL, as mentioned in the above, ABFPL had undertaken preferential issuance and allotment of
600,000 equity shares of the face value of ` 10 each fully paid up to ALSTOM Power Holdings S.A.
(596,000 equity shares of the face value of ` 10 each) and Bharat Forge Limited (4,000 equity shares
of ` 10 each). The issue price had been determined in accordance with applicable laws.
f.
On account of amalgamation, the Group has lost control over KAIPL and has derecognised the
assets (including goodwill) and liabilities, carrying amount of minority interest and have recognised
the fair value of the consideration received, the carrying value of investment retained. The
resultant surplus on account of loss of control amounting to Rs 91 Million has been recognised in
WKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVGXULQJWKH\HDU
h.
QYLHZRIWKHDIRUHVDLGDPDOJDPDWLRQWKHJXUHVRIFXUUHQW\HDUDUHQRWFRPSDUDEOHWRWKRVHRI
the previous year.
D)
2Q 'HFHPEHU D 3XEOLF QWHUHVW /LWLJDWLRQ 3/ LQ WKH IRUP RI D :ULW 3HWLWLRQ ZDV OHG LQ WKH
High Court of Gujarat at Ahmedabad, against 12 parties including Alstom Bharat Forge Power Limited
(ABFPL). The grievances stated in the Writ Petition relate to environmental clearances for Adani Port and
Special Economic Zone Ltd (APSEZ, previously known as Mundra Port and Special Economic Zone Ltd)
DQGWKH&RPSDQ\VIDFWRU\LQ0XQGUDXQGHU(QYLURQPHQWDOPSDFW$VVHVVPHQW1RWLFDWLRQ($
1RWLFDWLRQUHDGZLWKSURYLVLRQVXQGHU(QYLURQPHQW3URWHFWLRQ$FW7KHPDWWHUZDVKHDUGRQ
12th April, 2012 and on 9th May 2012 the Division Bench of the Honble High Court of Gujarat pronounced
the following judgment with respect to the issues under consideration:
7KHUVWLVVXHUHODWHGDVWRZKHWKHUWKHFRPSDQ\QHHGLQGLYLGXDOHQYLURQPHQWDOFOHDUDQFHXQGHU
WKH ($ 1RWLFDWLRQ FRQVLGHULQJ WKHLU SURSRVHG DFWLYLWLHV 7KH +RQEOH +LJK &RXUW RI *XMDUDW KDV
DQVZHUHGWKLVLVVXHLQIDYRXURI$%)3/FRQUPLQJWKDWWKHLQGLYLGXDOXQLWVGRQRWUHTXLUHLQGLYLGXDO
HQYLURQPHQWDOFOHDUDQFHXQGHUWKHUHVSHFWLYH($1RWLFDWLRQIURP0R()
2.
The second issue related as to whether in the absence of Adani Port and Special Economic Zone
Ltd (APSEZ) having environmental clearance the individual unit (ABFPL) falling under the APSEZ
can continue with the construction activities. The Honble High Court of Gujarat has answered this
question in the negative and has directed the 12 parties (including the company) to immediately
stop any/all construction activities on the land allotted to them until APSEZ obtains requisite
environmental clearance. In compliance of the directions of the Honble High Court of Gujarat,
ABFPL has stopped work on their site at APSEZ.
3XUVXDQW WR WKH DIRUHVDLG RUGHUV FHUWDLQ SDUWLHV OHG DSSHDO LQ WKH 6XSUHPH &RXUW DJDLQVW
this judgment of Gujarat High Court. Honble Supreme Court issued notice and directed that in
the meantime, units in SEZ in respect of which impugned order has been passed may continue
to function but there will be no further construction with regard to any units which are existing
RU LQFXPEHQW 5HVSRQGHQWV KDYH EHHQ GLUHFWHG WR OH DGDYLWV LQ UHVSHFW RI H[LVWLQJ XQLWV 7KH
Honble Supreme Court further made it clear that the direction to MoEF to complete the process of
HQYLURQPHQWFOHDUDQFHKDVQRWEHHQVWD\HG7KH0R()KDVVRXJKWWLPHWROHLWVUHSO\RQWKHVDPH
It was further recorded that it is the case of the petitioners that no further clearance is required.
2Q 2FWREHU WKH &RPSDQ\ KDG DOUHDG\ UHFHLYHG FRQUPDWLRQ IURP WKH 0LQLVWU\ RI
(QYLURQPHQW )RUHVWVWKDWLWVDFWLYLWLHVLQ0XQGUDGRQRWDWWUDFWWKHSURYLVLRQVRI($1RWLFDWLRQ
of 2006.
During the year, Government of India, Ministry of Environment & Forests (MOEF) vide F. No. 10138/2008- IA.III dated July 15, 2014 issued the Environment Clearance (EC) for proposed MultiProduct SEZ and CRZ clearance for Desalination, sea water intake, outfall facility and pipeline, at
Mundra by MIs Adani Port and SEZ Ltd. (APSEZ).
All environmental issues have been resolved for the said location and the site is now ready for use.
As positive trends are emerging in the economy with regards to power equipment, the Company is
evaluating several plans to use this facility in the near future.
241
The Honble High Court of Gujarat passed judgment on January 13, 2014 in relation to Writ Petition
No. 21 of 2013 (petition against 12 Further, the Honble High Court of Gujarat passed another
judgment on January 13th 2014 in relation to Writ Petition No. 21 of 2013 (petition against 12
parties operating in Mundra SEZ whereby the petitioners had sought directions from the court to
immediately stop those 12 parties from any further development and business operations) and
6SHFLDO&LYLO$SSOLFDWLRQ1RRI'HHPHG(&DSSOLFDWLRQOHGE\$%)3/DQGRUGHUHGWKH
said 12 parties to stop the operation of activities immediately, and ordered that these parties cannot
undertake any further development or business activity till the decision is taken by the Central
Government and also rejected ABFPLs application with a direction to the Central Government to
take its decision, with respect to the issue of grant of environmental clearance, within 30 days from
the date of judgment without fail. The Honble High Court of Gujarat has also stated that while taking
into consideration the issue of grant of environmental clearance, it would be open to the Central
Government to even take into consideration the Sunita Narain Committee report. The Central
Government has asked for the extension for the same.
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
E)
Year ended
March 31, 2014
5,734.27
7,791.73
5,729.48
6,267.84
1,817.69
2,713.72
721.30
4.07
489.49
409.72
1,624.68
2,677.99
Year ended
# Aggregate of customer advances outstanding and due to customers is included in advance from customer to
the extent of ` 14.90 Million, in construction contracts in progress to the extent of ` 1,603.95 Million and in
trade payable to the extent of ` 1,823.09 Million.
@ Included in trade receivable.
The above numbers include share of Joint Venture.
41 Discontinuing operations
Bharat Forge America Inc.
In November 2012, the management of Bharat Forge America Inc. (BFA), a wholly owned subsidiary of the
Company in USA decided to close down manufacturing operations of BFA. Business of BFA was transferred to
RWKHU*URXS&RPSDQLHVDQG[HGDVVHWVRI%)$ZHUHVROGWRDIRUJLQJ&RPSDQ\LQ86RQ0D\
At December 31, 2014, the carrying amount of assets of BFA was ` 31.48 Million (December 31, 2013: ` 104.84
Million) and its liabilities were ` 99.21 Million (December 31, 2013: ` 36.08 Million).
242
149.46
Other income
4.57
42.90
Total income
63.79
192.36
0.90
7.03
QFUHDVHGHFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVDQGZRUNLQSURJUHVV
57.99
109.62
(PSOR\HHEHQHWVH[SHQVH
20.34
72.97
Other expenses
15.47
75.03
0.36
0.34
13.60
95.06
278.59
(31.27)
(86.23)
(0.27)
2.81
(31.00)
(89.04)
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Expenses
In ` Million
Year ended
Total assets
Total liabilities
Net assets
Year ended
36.08
(67.73)
68.76
7KHQHWFDVKRZVDWWULEXWDEOHWR%)$DUHDVEHORZ
In ` Million
Operating activities
Year ended
Year ended
December December 31,
2013
31, 2014
(1.50)
(182.04)
Investing activities
622.81
Financing activities
(12.21)
(499.11)
1HWFDVKLQRZVRXWRZV
(13.71)
(58.34)
243
The carrying amounts of the total assets and liabilities relating to discontinuing operations included within the
Group is as follows :
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
41 Discontinuing operations (Contd.)
Impact Automotive Solutions Limited
During the year, the Company divested its 50% stake in Impact Automotive Solutions Limited to its Joint Venture
partner, KPIT Cummins Limited, for `0LOOLRQ7KHWUDQVDFWLRQZDVFRPSOHWHGRQ-XQH3URWSUH
tax amounting to `0LOOLRQ7D[HHFW` Nil), on divestment of stake has been recorded as an exceptional
item.
The following statement shows the revenue and expenses of discontinuing operations:
In ` Million
Year ended
Period ended
June 30, 2014 March 31, 2014
Income
Revenue from operations (gross)
0.17
2.77
Other income
0.65
2.15
Total income
0.82
4.92
Expenses
Cost of raw material and components consumed
1.87
3.43
(0.01)
(PSOR\HHEHQHWVH[SHQVH
2.09
5.59
Other expenses
4.36
23.87
1.86
7.19
Total expenses
10.18
40.07
(9.36)
(35.15)
0.09
(9.36)
(35.24)
QFUHDVHGHFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVDQGZRUNLQSURJUHVV
Finance costs
Tax expenses
(Loss) for the year
The carrying amounts of the total assets and liabilities relating to discontinuing operations included within the
Group is as follows :
In ` Million
Period ended
Year ended
June 30, 2014 March 31, 2014
244
Total assets
105.08
Total liabilities
28.83
Net assets
76.25
7KHQHWFDVKRZVDWWULEXWDEOHWRPSDFW$XWRPRWLYH6ROXWLRQV3ULYDWH/LPLWHGDUHDVEHORZ
In ` Million
Period ended
Year ended
June 30, 2014 March 31, 2014
Operating activities
Investing activities
Financing activities
1HWFDVKLQRZVRXWRZV
FAW Bharat Forge (Changchun) Company Limited
(27.35)
(1.67)
(29.02)
(35.34)
(35.21)
70.00
(0.55)
The following statement shows the revenue and expenses of discontinuing operations:
In ` Million
Year ended Period ended
October 31,
December
2013
31, 2014
5,650.65
7.23
5,657.88
Expenses
Cost of raw material and components consumed
QFUHDVHGHFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVDQGZRUNLQSURJUHVV
(PSOR\HHEHQHWVH[SHQVH
Other expenses
Depreciation and amortization expenses
Finance costs
Total expenses
(Loss) before tax
Tax expenses
(Loss) for the year
Minority interest
(Loss) for the year after Minority Interest
Total assets
Total liabilities
Net assets
3,302.11
68.00
950.67
1,175.89
208.38
225.86
5,930.91
(273.03)
(273.03)
131.86
(141.17)
-
245
Income
Revenue from operations (gross)
Other income
Total income
During the previous year, Bharat Forge Hong Kong Limited, one of the indirect subsidiary in the group, divested
its 51.85% stake in Chinese Joint Venture operation (FAW Bharat Forge (Changchun) Company Limited to its Joint
Venture partner, China FAW Corporation Limited, for USD 28.208 Million (` 1,793.84 Million). The transaction was
FRPSOHWHGRQ1RYHPEHUZLWKHHFWIURP2FWREHU3URWLQFOXGLQJUHYHUVDORIIRUHLJQFXUUHQF\
translation reserve) pre tax amounting to `0LOOLRQ7D[HHFW` Nil), on divestment of stake has been
recorded as an exceptional item.
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
41 Discontinuing operations (Contd.)
The carrying amounts of the total assets and liabilities relating to discontinuing operations included within the
Group is as follows :
7KHQHWFDVKRZVDWWULEXWDEOHWR)$:%KDUDW)RUJH&KDQJFKXQ&RPSDQ\/LPLWHGDUHDVEHORZ
Operating activities
Investing activities
Financing activities
1HWFDVKLQRZVRXWRZV
In ` Million
Year ended
December
31, 2014
Period ended
October 31,
2013
101.94
(418.53)
438.98
122.39
Year ended
March 31, 2014
15.45
33.96
18.49
37.60
8.52
4.17
190.75
141.02
1.02
0.75
25.96
21.32
297.73
137.28
435.01
4.68
0.75
18.72
20.30
245.73
26.71
272.44
Year ended
A.
On revenue account
Manufacturing expenses:
Materials
Stores, spares and tools consumed
Repairs and maintenance
- Machinery repairs
Payments to and provision for employees:
- Salaries, wages, bonus, allowances, Contribution to provident and
other funds and schemes etc.
Other expenses :
Legal and professional charges
Membership fees
EDP expenses
Other expenses
TOTAL
B. On capital account
Total research and development expenditure
$%
43 7KHQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ` Million and decimal thereof except for per share information or as
otherwise stated.
44 3UHYLRXV \HDU JXUHV KDYH EHHQ UHJURXSHG UHFODVVLHG ZKHUH QHFHVVDU\ WR FRQUP WR WKH FXUUHQW \HDUV
FODVVLFDWLRQ
246
B. N. KALYANI
Chairman and Managing Director
G. K. AGARWAL
Deputy Managing Director
KISHORE SALETORE
Executive Director & CFO
ANAND DAGA
Company Secretary
EUR
USD
EUR
SEK
USD
EUR
EUR
INR
INR
INR
INR
USD
INR
INR
EUR
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Jan 14 to
Dec 14
Apr 14 to
Mar 15
B F Infrastructure Limited
10
11
12
13
14
15
16
17
18
19
20
161.67
1.93
1.97
641.11
1.93
385.02
209.37
1,842.04
(67.37)
4.17
517.92
448.58
1.00
77.00
1.00
1.00
63.33
1.00
1.00
1.00
1.00
77.00
77.00
0.50
46.20
27.59
0.14
6.64
0.50
400.50
416.06
120.00
1.93
3.85
(0.11)
251.23
(140.49)
(46.88)
276.17
(0.75)
(4.17)
(226.58)
(69.77)
119.36
272.39
0.41
536.02
214.98
18.10
5,067.72
0.01
457.15
664.34
59.94
132.24
395.22
14.69
3,254.63
2,108.36
31.85
6.14
4,502.72
793.03
0.02
238.59
327.88
64.84
4,784.92
0.26
60.82
474.86
9.71
10.96
118.99
0.85
2,883.59
264.40
99.21
0.00
3,343.70
342.52
3,870.00
391.98
0.71
894.74
0.01
6,045.74
13.27
61.72
0.44
3,465.81
2.87
34.16
- 10,869.63
0.00
0.34 13,109.04
Total
Total
Details of Turnover
Assets Liabilities Investments
6,999.46 11,254.48
8.08
77.00
63.33
77.00
77.00
77.00
77.00
Capital Reserves
247
In ` Million
(0.02)
(70.56)
(3.70)
161.88
0.04
(0.05)
0.54
(2.95)
(26.45)
(360.35)
(59.04)
(32.45)
0.40
42.06
27.88
390.72
0.16
0.00
34.72
0.83
62.11
11.70
(0.28)
0.06
9.27
7.94
99.83
(0.02)
(70.72)
(3.70)
127.16
0.04
(0.05)
0.54
(2.95)
(27.27)
(422.46)
(70.74)
(32.16)
0.33
32.78
19.95
290.89
100%
100%
60%
100%
100%
100%
100%
100%
51%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
3URW Provision
3URW Proposed
% of
Before
for
after Dividend Holding
Taxation taxation taxation
*The Company through its German Subsidiary - CDP Bharat Forge GmbH has acquired 100% equity shares of Mecanique Generale Langroise (MGL) in December 17, 2014. While preparing the consolidated
QDQFLDOVWDWHPHQWWKHVWDWHPHQWRISURW ORVVRI0HFDQLTXH*HQHUDOH/DQJURLVH0*/LVQRWFRQVLGHUHGDVWKHUHLVQRSURWORVVSRVWDTXLVLWLRQXQWLO'HFHPEHU
INR
EUR
EUR
Jan 14 to
Dec 14
EUR
3DUW$6XEVLGLDULHV
Annex - 1
Form AOC-I
3XUVXDQWWRUVWSURYLVRWRVXEVHFWLRQRIVHFWLRQUHDGZLWKUXOHRI&RPSDQLHV$FFRXQWV5XOHV
6WDWHPHQWFRQWDLQLQJVDOLHQWIHDWXUHVRIWKHQDQFLDOVWDWHPHQWRIVXEVLGLDULHVDVVRFLDWHFRPSDQLHVMRLQWYHQWXUHV
248
/DWHVWDXGLWHG%DODQFH6KHHW'DWH
6KDUHVRI$VVRFLDWH-RLQW9HQWXUHVKHOG
5HDVRQZK\WKHDVVRFLDWHMRLQW
YHQWXUHLVQRWFRQVROLGDWHG
1HWZRUWKDWWULEXWDEOHWR6KDUHKROGLQJ
DVSHU
Considered in Consolidation
ii
5,649.12
5,427.58
1,631.14
Consolidated
Note-A
49%
$7KHUHLVVLJQLFDQWLQXHQFHGXHWRSHUFHQWDJHRI6KDUH&DSLWDO
B. Based on materiality or where control is intended to be temporary.
Note:
3URW/RVVIRUWKH\HDU
Extend of Holding %
'HVFULSWLRQRIKRZWKHUHLVVLJQLFDQW
LQXHQFH
1,518.27
ii
ii
151.83
Nos.
$PRXQWRIQYHVWPHQWLQ$VVRFLDWHV-RLQW
Venture
S.
N.
0.37
0.37
33.62
Consolidated
Note-A
50%
43.40
4.34
0.01
0.02
0.01
Consolidated
Note-A
74%
BFIL-CEC JV
Note-B
Note-A
49%
Ferrovia Transrail
Solutions Private
Limited
5.30
(FY 2013)
0.88
Note-B
Note-A
30%
Tecnica UK Limited
In ` Million
2.13
(FY 2013)
1.12
Note-B
Note-A
35%
Talbahn GmbH
6WDWHPHQWSXUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUHODWHGWR$VVRFLDWH&RPSDQLHVDQG-RLQW9HQWXUHV
3DUW%$VVRFLDWHVDQG-RLQW9HQWXUHV
Form AOC-I
(info@aicl.in)
concept, content and design at
www.bharatforge.com
print@parksonsgraphics.com
CIN: L25209PN1961PLC012046
Registered Office: Mundhwa, Pune Cantonment, Pune - 411 036.
Phone: +91 20 6704 2777/2476 Fax: +91 20 2682 2163
Email: secretarial@bharatforge.com Website: www.bharatforge.com
NOTICE
SPECIAL BUSINESS:
6.
ORDINARY BUSINESS:
1.
b.
2.
and who holds the office upto the date of this Annual
5.
To appoint Auditors
3.
4.
Salary:
A salary of ` 7,59,500/- (Rupees Seven Lacs Fifty
Nine Thousand Five Hundred Only) per month in the
grade of ` 7,00,000/- (Rupees Seven Lacs Only) to
` 20,00,000/- (Rupees Twenty Lacs Only).
The Board is authorised to determine the salary and
grant such increases in salary and/or allowances by
whatever name called from time-to-time within the
aforesaid limit.
Notice
II.
III.
bharat forge
Commission:
c.
d.
Club fees:
Perquisites:
Housing I:
The expenditure by the Company on hiring furnished
accommodation will be subject to the following
ceiling:
e.
Explanation:
For the purpose of Category A, family means the spouse,
dependent children and dependent parents of the
Executive Director and Chief Financial Officer.
Category B
a.
b.
c.
d.
b.
Medical reimbursement:
Category C
Provision of car for use on Companys business and
telephone at residence will not be considered as perquisites.
Personal long distance calls on telephone and use of car
for private purpose shall be billed by the Company to the
Executive Director and Chief Financial Officer.
Notwithstanding anything mentioned herein, where in
any Financial Year during the currency of tenure of the
Executive Director and Chief Financial Officer, the Company
has no profits or its profit are inadequate, the Company
will pay him remuneration by way of salary and perquisites
specified above subject to requisite approvals and limits,
if any, as may be required under the Companies Act, 2013
and the rules made thereunder.
RESOLVED FURTHER THAT the Board of Directors of the
Company on the recommendation from the Nomination
& Remuneration Committee of the Board, be and is
8.
9.
2.
3.
4.
Notice
5.
6.
7.
8.
9.
bharat forge
ii.
b.
b.
d.
e.
f.
24. The Notice of the AGM along with the annual report for
the year 2014-15 is being sent by electronic mode to those
Members whose e-mail addresses are registered with the
Company/Depositories, unless any Member has requested
for the physical copy of the same.
25. Voting through electronic means:
a.
Notice
bharat forge
Open email and open PDF file viz; BFLRemote e-voting.pdf with your Client ID
or Folio No. as password. The said PDF file
contains your user ID and password/PIN
for remote e-voting. Please note that the
password is an initial password.
ii.
iii.
iv.
v.
vi.
II.
i.
ix.
ii.
USER ID
PASSWORD/
PIN
i.
j.
k.
l.
m.
n.
o.
p.
q.
Notice
bharat forge
Anand Daga
Vice President (Legal)
& Company Secretary
of Articles.
Registered Office:
Mundhwa, Pune Cantonment,
Pune 411 036, Maharashtra, India
CIN: L25209PN1961PLC012046
BALLOT FORM
1. Name
Sr. No. :
2.
I/We, hereby exercise my/our vote in respect of the Resolution(s) to be passed for the business stated in the Notice of
54th Annual General Meeting of the Company to be held on Monday, August 3, 2015, by conveying my/our assent or
dissent to the said Resolution(s) by placing the tick () mark at the appropriate box below.
Item Description
No.
No. of equity
shares
I/We assent to
the resolution
(For)
I/We dissent to
the resolution
(Against)
ORDINARY BUSINESS:
1 To consider and adopt:
a. Audited financial statement for the year ended March 31, 2015 and
the reports of the Board of Directors and Auditors thereon; and
b. Audited consolidated financial statement for the year ended
March 31, 2015.
2 Confirm the payment of an interim dividend and declare a final
dividend on Equity Shares.
3 Re-appointment of Mr. S. E. Tandale (DIN: 00266833) as a Director,
who retires by rotation.
4 Re-appointment of Mr. G. K. Agarwal (DIN: 00037678) as a Director,
who retires by rotation.
5 Appointment of M/s. S R B C & Co LLP as Statutory Auditors of the
Company.
SPECIAL BUSINESS:
6 Appointment of Mr. K. M. Saletore (DIN: 01705850) as a Director.
7 Appointment of Mr. K. M. Saletore (DIN: 01705850) as Executive
Director and Chief Financial Officer of the Company.
8 Approve the remuneration of the Cost Auditors.
9 Adoption of new set of Articles of Association of the Company.
Place : ____________________
Date : ____________________
Note: Kindly read the instructions printed overleaf before filling the form. Valid Ballot Forms received by the Scrutinizer by
5.00 p.m. on August 2, 2015 shall only be considered.
INSTRUCTIONS
1.
Members may fill up the Ballot Form printed overleaf and submit the same in a sealed envelope to the Scrutinizer,
Mr. S. V. Deulkar, Partner of M/s. SVD & Associates, Company Secretaries at 4th Floor, Vedwati Apartments, Shivaji
Nagar, Pune 411 005 so as to reach by 5.00 p.m. on August 2, 2015. Ballot Form received thereafter will strictly
be treated as if not received.
2.
The Company will not be responsible if the envelope containing the Ballot Form is lost in transit.
3.
Unsigned, incomplete or incorrectly ticked forms are liable to be rejected and the decision of the Scrutinizer on
the validity of the forms will be final.
4.
A Member can opt for only one mode of voting i.e. either through e-voting or by the Ballot. If a Member casts votes
by both modes, then voting done through e-voting shall prevail and the Ballot Form shall be treated as invalid.
5.
6.
To avoid fraudulent transactions, the identity/signature of the Members holding shares in electronic/demat form
is verified with the specimen signatures furnished by NSDL/CDSL and that of Members holding shares in physical
form is verified as per the records of the of the Company. Members are requested to keep the same updated.
7.
There will be only one Ballot Form for every Folio/ DP ID Client ID irrespective of the number of joint holders.
8.
In case of joint holders, the Ballot Form should be signed by the first named shareholder and in his/her absence
by the next named shareholder. Ballot form signed by a joint holder shall be treated valid if signed as per records
available with the Company and the Company shall not entertain any objection on such Ballot Form signed by
other joint holders.
9.
Where the Ballot Form has been signed by an authorized representative of the body corporate/Trust/Society, etc.,
a certified copy of the relevant authorization/Board resolution to vote should accompany the Ballot Form.
10. The voting rights of Members shall be in proportion to their shares of the paid up equity share capital of the
Company as on July 27, 2015.
11. Instructions for e-voting procedure are available in the Notice of Annual General Meeting and are also placed on
the website of the Company.
Proxy form
DP ID :
I/We, being the Member(s) of.. Shares of Bharat Forge Limited, hereby appoint:
1. Name : ...............
Address : .........
Email id : Signature:............................................................................ or failing him
2. Name : ......
Address : ...
Email id : Signature:............................................................................or failing him
3. Name : ....
Address :
Email id : Signature:......
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 54th Annual General Meeting of the Company,
to be held on Monday, August 3, 2015 at 10:30 a.m. (I.S.T.) at the Registered Office of the Company at Mundhwa, Pune Cantonment,
Pune 411 036, Maharashtra, India and at any adjournment thereof in respect of such resolutions as are indicated below:
Item Resolutions
No.
ORDINARY BUSINESS:
1.
To consider and adopt:
a. Audited financial statement for the year ended March 31, 2015 and the reports of the Board of
Directors and Auditors thereon; and
b. Audited consolidated financial statement for the year ended March 31, 2015.
2.
Confirm the payment of an interim dividend and to declare a final dividend on Equity Shares.
3.
Re-appointment of Mr. S. E. Tandale (DIN: 00266833) as a Director, who retires by rotation and being
eligible, offers himself for re-appointment.
4.
Re-appointment of Mr. G. K. Agarwal (DIN: 00037678) as a Director, who retires by rotation and being
eligible, offers himself for re-appointment.
5.
Appointment of M/s. S R B C & Co LLP as Statutory Auditors of the Company.
SPECIAL BUSINESS:
6.
Appointment of Mr. K. M. Saletore (DIN: 01705850) as a Director.
7.
Appointment of Mr. K. M. Saletore (DIN: 01705850) as Executive Director and Chief Financial Officer of
the Company.
8.
Approve the remuneration of the Cost Auditors.
9.
Adoption of new set of Articles of Association of the Company.
Vote
(Optional-see Note 4)
For
Against
Please affix
Revenue
Stamp
ATTENDANCE SLIP
DPID/CLIENT ID**
NO. OF SHARES
HELD
FOLIO NO.
E-VOTING
u sers who wish to opt for e-voting may use the following login credentials.
u ser ID
102071
Please follow steps for e-voting procedure as given in the Notice of AGM
PASSWORD