Ukopl 086 46 PDF

BHASKAR SHRACHI ALLOYS LTD
Standalone Financial Statements for period 01/04/2017 to 31/03/2018
[700300] Disclosure of general information about company

Unless otherwise specified, all monetary values are in INR
01/04/2017 01/04/2016 01/04/2015
to to to
31/03/2018 31/03/2017 31/03/2016
Corporate identity number L51109WB1995PLC071126
Permanent account number of entity AABCB8956C
8/1 middleton row ,
Address of registered office of company Kolkata , WEST BENGAL ,
INDIA - 700071
Commercial and
Type of industry Industrial
Date of board meeting when final accounts were approved 06/06/2018
Date of start of reporting period 01/04/2017 01/04/2016 01/04/2015
Date of end of reporting period 31/03/2018 31/03/2017 31/03/2016
Nature of report standalone consolidated Standalone
Content of report Financial Statements
Description of presentation currency INR
Level of rounding used in financial statements Actual
Type of cash flow statement Indirect Method
Whether company is maintaining books of account and other relevant
No
books and papers in electronic form
Disclosure of principal product or services [Table] ..(1)

Types of principal product or services [Axis] 1
01/04/2017
to
31/03/2018
Disclosure of general information about company [Abstract]
Disclosure of principal product or services [Abstract]
Disclosure of principal product or services [LineItems]
Product or service category (ITC 4 digit) code 7202
Description of product or service category SilicoManganeseFerroAlloys
Turnover of product or service category 21,68,92,796
Highest turnover contributing product or service (ITC 8 digit) code 72021100
FERO-MANGANESE,CARBON
Description of product or service CONTNG>2% BY WEIGHT
Turnover of highest contributing product or service 21,68,92,796
BHASKAR SHRACHI ALLOYS LTD Standalone Financial Statements for period 01/04/2017 to 31/03/2018
[700600] Disclosures - Directors report
Details of directors signing board report [Table] ..(1)

Directors signing board report [Axis] 1 2
01/04/2017 01/04/2017
to to
31/03/2018 31/03/2018
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
KULVEER
First name of director HURKAT
Bharat
Last name of director Goenka

Designation of director Director Director
Director identification number of director 07053912 00414688
Date of signing board report 03/09/2018 03/09/2018
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Product/service 1 Product/service 2
Principal business activities of company [Axis]
[Member] [Member]
01/04/2017 01/04/2017
to to
31/03/2018 31/03/2018
Details of principal business activities contributing 10% or more of total turnover
of company [Abstract]
Details of principal business activities contributing 10% or more of total
turnover of company [LineItems]
Silico Manganese
Name of main product/service (Ferro Alloys)
SGCI Inserts
Silico Manganese
Description of main product/service (Ferro Alloys)
SGCI Inserts
NIC code of product/service 7202 3371

Percentage to total turnover of company 59.07% 40.93%
2

01/04/2017
to
31/03/2018
Textual information (1)
Disclosure in board of directors report explanatory [TextBlock] [See below]
As per directors report
Description of state of companies affair text block
1 .
Disclosure relating to amounts if any which is proposed to carry to any RESERVES There is no such
reserves amount which the Board
posses to carry to any
reserves.
1 .
DIVIDENDDue to non
–availability of
Disclosures relating to amount recommended to be paid as dividend distributable profit,
the directors do not
recommend any dividend
for the period under
review
Details regarding energy conservation text block
Steps taken or impact on conservation of energy [Text block] text block
Details regarding technology absorption text block
Efforts made towards technology absorption [Text block] text block
Details regarding foreign exchange earnings and outgo text block
Disclosures in director’s responsibility statement [See below]
Details of material changes and commitment occurred during period As per directors report
affecting financial position of company text block
Particulars of loans guarantee investment under section 186 [TextBlock] [See below]
Particulars of contracts/arrangements with related parties under section Textual information (4)
188(1) [TextBlock] [See below]
Details of contracts/arrangements/transactions not at arm's length
basis [Abstract]
Whether there are contracts/arrangements/transactions not at arm's
No
length basis
Details of material contracts/arrangements/transactions at arm's
length basis [Abstract]
Whether there are material contracts/arrangements/transactions at
No
arm's length basis
Details of statement indicating manner in which formal
annual evaluation made by board of its performance and of its text block
committees and individual directors [TextBlock]
Disclosure of extract of annual return as provided under section 92(3) Textual information (5)
[TextBlock] [See below]
Details of principal business activities contributing 10% or more
of total turnover of company [Abstract]
Particulars of holding, subsidiary and associate companies [Abstract]
BHASKAR SHRACHI ALLOYS
Name of company LTD
Details of shareholding pattern of top 10 shareholders [Abstract]
Disclosure of statement on declaration given by independent directors Textual information (6)
under section 149(6) [TextBlock] [See below]
Reappointment of independent directors as per section 149(10) [TextBlock] text block
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters text block
provided under section 178(3) [TextBlock]
Disclosure of statement on development and implementation of risk As per directors report
management policy [TextBlock] text block
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year text block
[TextBlock]
3
Report on highlights on performance of subsidiaries,

associates and joint venture companies and their As per directors report
contribution to overall performance of the companies text block
during the period under report [TextBlock]
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Disclosure of financial summary or highlights [TextBlock] [See below]
Disclosure of change in nature of business [TextBlock] text block
Details of directors or key managerial personnels who were Textual information (8)
appointed or have resigned during year [TextBlock] [See below]
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during text block
year [TextBlock]
1 .
F I X E D
DEPOSIT
Details relating to deposits covered under chapter v of companies act

[TextBlock] Y o u r
company has not accepted
any fixed deposit and,
accordingly no amount was
outstanding as at the
Balance Sheet date.
1 .
F I X E D
DEPOSIT
Details of deposits which are not in compliance with requirements

of chapter v of act [TextBlock] Y o u r
company has not accepted
any fixed deposit and,
accordingly no amount was
outstanding as at the
Balance Sheet date.
Details of significant and material orders passed by

regulators or courts or tribunals impacting going concern text block
status and company’s operations in future [TextBlock]
Details regarding adequacy of internal financial controls with As per directors report
reference to financial statements [TextBlock] text block
Disclosure of contents of corporate social responsibility policy Textual information (9)
[TextBlock] [See below]
Disclosure of appointment and remuneration of director or As per directors report
managerial personnel if any, in the financial year [TextBlock] text block
Details of remuneration of director or managerial personnel [Abstract]
Number of meetings of board [pure] 0
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]
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Disclosure in board of directors report explanatory [Text Block]

BHASKAR SHRACHI ALLOYS LIMITED
(CIN: L51109WB1995PLC071126)
Registered Office: 8/1 Middleton Row, Kolkata- 700 071
Website: www.bhaskargroup.com, E-mail: bhaskarshrachi@gmail.com
Tel: (91-33)2229-7190/0114/8877, Fax: 91-33-2229-7223
DIRECTOR’S REPORT
Dear Shareholders,
Your Directors hereby present their 23rd Annual Report of the Company together with the Audited Statements of Accounts for the year ended
March 31, 2018.
1. HIGHLIGHTS OF FINANCIAL RESULTS
The Company’s financial performance for the year ended, 31st March, 2018 is summarized below:
(` in Crores)
PARTICULARS 2017-18 2016-17
Revenue from operation 36.40 96.18
Profit before interest, depreciation and taxation (26.21) (6.37)
Interest 6.88 7.30
Depreciation and amortization 1.42 1.90
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Profit before taxation (34.50) (15.57)
Current Tax - -
Profit after taxation (34.50) (15.57)
Transfer to General Reserve - -
Interim Dividend - -
Proposed Final Dividend - -
2. PERFORMANCE REVIEW
During the year under review your Company has achieved a net turnover of Rs. 36.42 crore, as against Rs. 96.26 crore in the previous year. The
variation between the turnover is because of the factory was under temporary suspension from September, 2017 onwards. The Company has
incurred a loss of Rs. 34.50 crore as against Rs. 15.56 crore in the previous year.
3. DIVIDEND
Due to non –availability of distributable profit, the directors do not recommend any dividend for the period under review.
4. RESERVES
There is no such amount which the Board posses to carry to any reserves.
5. CHANGE IN SHARE CAPITAL
During the year under review, the company has not changed its share capital.
6. CAPITAL EXPENDITURE
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During the year under review, the company has invested an amount of Rs. 7.41 lacs in fixed assets as against Rs. 16.34 lacs in the previous year.
7. SUBSIDIARIES / JOINT VENTURES AND ASSOCIATE COMPANY
The company does not have any subsidiaries / Joint Ventures within the meaning of the Companies Act, 2013.
8. INTERNAL CONTROL SYSTEM
The Company has adequate internal control systems and procedures designed to effectively control the operations at its Head Office and Plants.
The internal control systems are designed to ensure that the financial and other records are reliable for the preparation of financial statements and
for maintaining assets. The Company has well designed Standard Operating Procedures. Independent Internal Auditors conduct audit covering a
wide range of operational matters and ensure compliance with specified standards. Planned periodic reviews are carried out by Internal Audit. The
findings of Internal Audit are reviewed by the top management and by the Audit Committee of the Board of Directors.
Based on the deliberations with Statutory Auditors to ascertain their views on the financial statements including the Financial Reporting System
and Compliance to Accounting Policies and Procedures, the Audit Committee was satisfied with the adequacy and effectiveness of the Internal
Controls and Systems followed by the company.
9. INTERNAL FINANCIAL CONTORLS
The Company has in place adequate Internal Financial Controls with reference to financial statements. During the year, such controls were tested
and no reportable material weakness in the design or operation was observed.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on date, the Board consists of Three Directors.
Appointment of Independent Directors is in conformity with section 149 of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosures Regulations) 2015.
During the year, Mr. S.K. Todi (DIN: 00080303), Director has resigned from the Board of Directors of the Company w.e.f 29th March, 2018 and
Mr. Niranjan Biswas has been appointed as additional director Company w.e.f 29th March, 2018 to hold office up to the date of the ensuing
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Annual General Meeting of the Company.
The Board proposed to regularize the appointment of Mr. Niranjan Biswas (DIN: 06601039) as the Director of the Company subject to the
approval of the members in the ensuing Annual General Meeting. The Company has also received a Notice from member in writing along with
requisite deposit under Section 160 of the Act, proposing his candidature for the office of Director.
During the year, Mr. Ashwani Ladha, Company Secretary & Mr. Mukesh Kumar Rathi, Chief Financial Officer of the Company has resigned
w.e.f. 2nd February, 2018 & 31st March, 2018 respectively.
11. INDEPENDENT DIRECTORS DECLARATION
The Independent Directors have confirmed and declared that they are not disqualified to act as an Independent Director in compliance with the
provisions of Section 149 of the Companies Act, 2013 and the Board is also of the opinion that the Independent Directors fulfill all the conditions
specified in the Companies Act, 2013 making them eligible to act as Independent Directors.
12. BOARD MEETINGS
The details of number and dates of meetings held by the Board and its Committees, attendance of Directors and sitting fee/ commission/
remuneration paid to them is given separately in the attached Corporate Governance Report.
13. EVALUATION OF THE BOARD’S PERFORMANCE
In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements), Regulations,
2015, the performance evaluation of the Board was carried out during the year under review. More details on the same are given in the Corporate
Governance Report.
14. REMUNERATION POLICY
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The company follows a policy on remuneration of Directors and Senior Management Employees. The policy is approved by the Nomination and
Remuneration Committee and the Board. More details on the same are given in the Corporate Governance Report.
15. BOARD COMMITTEES
The details of term of reference of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee
member, dates of meeting held and attendance of the Directors are given separately in the Corporate Governance Report.
16. VIGIL MECHANISM POLICY / WHISTLE BLOWER POLICY
In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest
standards of professionalism, honesty, integrity and ethical behavior, the company has adopted a vigil mechanism / Whistle Blower policy in
compliance with the requirements of law. The policy on this has been uploaded on the website of the Company.
17. CODE OF CONDUCT
Directors, Key Managerial Personnel and senior management of the Company have confirmed compliance with the Code of Conduct applicable
to the Directors and employees of the Company and the declaration in this regard made by the Director is attached as Annexure ‘I’ which forms a
part of this Report of the Directors. The Code of Conduct is available on the Company’s website.
18. FIXED DEPOSIT
Your company has not accepted any fixed deposit and, accordingly no amount was outstanding as at the Balance Sheet date.
19. CORPORATE SOCIAL RESPONSIBILITY
The Company does not meet any of the criteria as specified under section 135 of the Act and hence no compliance is required in this regards.
9
20. RELATED PARTY TRANSACTIONS
The company has entered into contract / arrangements with the related parties in the ordinary course of business and on arms length basis. Thus
provision of Section 188 (1) of the Companies Act and rules made there under is not applicable.
21. RELATIONSHIP BETWEEN DIRECTORS INTER SE
None of the directors are related within the meaning of the term “relative” as per section 2(77) of the Companies Act, 2013 and Listing Obligation
and Disclosure Requirements, Regulations 2015.
22. PECUNIARY RELATIONSHIP OR TRANSACTION OF NON EXECUTIVE DIRECTORS
During the year, the Non Executive Directors of the Company had no pecuniary relationship or transaction with the company.
23. PARTICULARS OF LOANS, GURANTEES AND INVESTMENTS
There have been no loans, Guarantees and investments under section 186 of the Companies Act, 2013 during the financial year 2017-18.
24. RISK MANAGEMENT
The Risk Management is overseen by the Audit Committee of the Company on a continuous basis. The Committee oversees Company’s process
and policies for determining risk tolerance and review management’s measurement and comparison of overall risk tolerance to established levels.
Major risks identified by the business and functions are systematically addressed through mitigating actions on a continuous basis.
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25. PARTICULRAS OF EMPLOYEES
The information required under section 197 of the Act and rules made there under, in respect of employees of the company, is provided in
Annexure –I forming part of this Report.
26. EXTRACT OF ANNUAL RETURN
The extract of Annual Return as provided under Sub-Section (3) of Section 92 of the Companies Act, 2013 (“the Act”) is enclosed at Annexure –
II in the prescribed form MGT -9 and forms part of this Report.
27. STATUTORY AUDITORS
In terms of the provisions of Section 139 of the Companies Act, 2013 read with provisions of the Companies (Audit and Auditors) Rules, 2014 as
amended, M/s. AMK & Associates, Chartered Accountant were appointed as Statutory Auditors of the Company for a consecutive period of 5
years from the conclusion of the 22nd AGM held in the year 2017 until conclusion of the 27th AGM of the Company to be held in the year 2022.
In accordance with the Companies Amendment Act, 2017, enforced on 7th May, 2018 by the Ministry of Corporate Affairs (MCA), the
appointment of Statutory Auditors is not required to be ratified at every Annual General Meeting. Accordingly, the Notice to the 23rd AGM does
not carry any resolution on ratification of appointment of Statutory Auditors. Also, they have confirmed that they are not disqualified from
continuing as the Auditors of the Company.
28. SECRETARIAL AUDIT
A Secretarial Audit was conducted during the year by the Secretarial Auditor Mr. Rahul Jaiswal, Practicing Company Secretaries. The Secretarial
Auditors Report is attached as Annexure ‘III’.
29. COST AUDITORS
The Board of Directors has on the recommendation of Audit Committee, approved the appointment of Mr. Shib Shankar Ghosh, Practicing Cost
Accountants, as the Cost Auditors of the company for the year 2018-2019 at a remuneration of Rs. 35,000/- plus out of pocket expenses. The
proposed remuneration of the Cost Auditors would be approved by the members in the ensuing AGM.
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30. AUDITOR’S REPORT
Regarding Auditors’ remarks for material uncertainty related to going concern, your directors have to state that due to macro economics and other
various factors the financials of the company has turned to negative and the lender has also called up the loan facilities but the management has
submitted their revival plan to lenders and therefore hopeful to restart the operations of the Company, rest of the Auditors’ Report are
self-explanatory and therefore, do not call for any further comments.
31. CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION & ANALYSIS AND OTHER INFORMATION
REQUIRED UNDER THE COMPANIES ACT, 2013 AND LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENT, 2015
As per Schedule V of the entered into with the Stock Exchanges, a Management Discussion and Analysis, Corporate Governance Report,
Directors and Auditors’ Certificate regarding compliance of conditions of Corporate Governance are forming part of this Report.
32. HUMAN RESOURCE MANAGEMENT, HEALTH AND SAFETY
During the year the Company had cordial relations with workers, staff and officers. The shop floor management is done through personal touch,
using various motivational tools and meeting their training needs requirements. The company has taken initiative for safety of employees and
implemented regular safety audit, imparted machine safety training, wearing protective equipments etc.
33. DISCLOSURE AS PER THE SEXUAL HARRASMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The company has a policy on prohibition, prevention and redressal of Sexual Harassment of women at workplace and matters connected there
with or incidental there to covering all the aspects as contained under “The Sexual Harassment of women at workplace (Prohibition, Prevention
and Redressal) Act, 2013”.
During the financial year 2017-18, no complaint was received under the policy.
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34. DIRECTOR’S RESPONSIBILITY STATEMENT
Pursuant to the requirement of section 134(5) of the Act, and based on the representations received from the management, the directors hereby
confirm that:
a) in the preparation of Annual Accounts for the financial year 2017-18, the applicable accounting
standards have been followed along with the proper explanation relating to material departure;
b) they have selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
company at the end of the financial year and of the profit or loss of the company for the financial year;
c) they have taken proper and sufficient care to the best of their knowledge and ability for the
maintenance of adequate accounting records in accordance with the provisions of the Companies Act,
2013. They confirm that there are adequate systems and controls for safeguarding the assets of the
company and for preventing and detecting fraud and other irregularities;
d) they have prepared the annual accounts on a going concern basis.
e) they have laid down internal financial controls to be followed by the company and that such internal
financial controls are adequate and operating properly; and
f) they have devised proper systems to ensure compliance with the provisions of all applicable
laws and that such system were adequate and operating effectively.
35. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
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The particulars as prescribed under Rule 8(3) of the Companies (Accounts) Rules, 2014, are set out below:
A. CONSERVATION OF ENERGY
I) Energy conservation measures taken:
Energy conservation is being pursued with considerable focus and commitment by the Management through improved operational and
maintenance practices. Steps taken by the Company in this direction are as under:
a) Correcting the alignment of drive and driven pullies.
b) Up-gradation of old furnaces to make it energy efficient.
c) Melting operations are consolidated in economical lot sizes for optimum furnace utilization in Foundry Division.
d) Power consumption are measured and monitored at various consumption points by metering and corrective action is taken to ensure
minimum wastage.
II) Proposals under Study and Implementation;
Replacement of old equipments with new energy efficient equipments.
III) Impact to measures of (I) and (II) above for reduction of energy consumption and
consequent impact on cost of production of goods:
The above measures will result in saving of energy and corresponding reduction in cost of goods.
FORM
2017-2018
A
Power & Fuel

a)
Consumption:
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1) Electricity:
i) Purchased :
Units (KWH in Lacs) 280.73
Total Amount (Rs. in Lacs )

2724.45
(including arrear demand of
earlier years Rs. 1070.76 lacs)
Rate/Unit (Rs.) 9.70
ii) Own Generation :
*Through Diesel Generator

-
(Unit)
Units generated per Litre of

-
Diesel Oil
Cost/ Unit (Rs.)
Consumption per unit of

production:
b)
2017-
2018
Ferro SGCI Steel

Alloys Inserts. Billets
MT Pcs. MT
Production (MT) 6083 1613457 0
Electricity per MT of
3901.64 1.68 -
production – Unit
Coal per MT of
- -
production – Kg. -
15
* Generator was not used for production.
B. TECHNOLOGY ABSORPTION
FORM-B
Research and Development (R & D)
a) Specific area in which R & D carried out by the Company
To maximize furnace utilization.
b) Benefits derived as a result of R & D
Research and development work has helped in increasing quantity of production of
the Units.
c) Expenditure on R & D
Research work is undertaken indigenously as such no specific expenses on R & D are
apportionable.
C. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
The technology is continually upgraded to meet the demanding market conditions. Quality of products manufactured by this company is well
appreciated by the user industries including overseas markets.
D. FOREIGN EXCHANGE EARNINGS AND OUTGO
16
Rs./Lakhs
Earnings : NIL
Outgo : 146.99
36. CAUTIONARY STATEMENT
Statements in this report, describing the Company’s objectives, expectations and/or anticipations may be forward looking within the meaning of
applicable Securities Law and Regulations. Actual results may differ materially from those stated in the statement. Important factors that could
influence the Company’s operations include global and domestic supply and demand conditions affecting selling prices of finished goods,
availability of inputs and their prices, changes in the Government policies, regulations, tax laws, economic developments within the country and
outside and other factors such as litigation and industrial relations.
The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of
subsequent developments, information or events.
37. APPRECIATIONS
Your Directors wish to place on record their appreciation for the continuous support received from the Members, customers, suppliers, bankers,
various statutory bodies of the Government of India and the Company’s employees at all levels.
For and on behalf of the Board of Directors
Kolkata: 3rd Day of September, 2018. Kulveer Hurkat Bharat Goenka
DIN: 07053912 DIN: 00414688
Director Director
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ANNEXURE: I
PARTICULARS OF EMPLOYEES/ REMUNERATION
The information required under section 197 of the Act and the Rules made there under, in respect of employees of the Company, is follows:-
(a) The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year;
Non – Executive Directors Ratio to Median Remuneration
Mr. Shrawan Kumar Todi* NIL
Mr. Kulveer Hurkat NIL
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Mr. Bharat Goenka NIL
Mr. Niranjan Biswas NIL
* Resigned during the financial year on 29th March, 2018.
(b) The percentage increase in remuneration of each Director, Chief Financial Officer, Company Secretary or Manager, if any, in the financial
year;
Name of Person % increase in remuneration
Director
Mr. Shrawan Kumar Todi (Resigned w.e.f. 29.03.2018) NIL
Mr. Kulveer Hurkat NIL
Mr. Bharat Goenka NIL
Mr. Niranjan Biswas NIL
Key Managerial Person
Mr. Mukesh Kumar Rathi, CFO (Resigned w.e.f. 31.03.2018) 15.38%
Mr. Ashwani Ladha, CS (Resigned w.e.f. 22.02.2018) NIL
(c) The percentage increase in the median remuneration of employees in the financial year; 12.85%
(d) The number of permanent employees on the rolls of company; 14 Employees
(e) The explanation on the relationship between average increase in remuneration and company performance;
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The increase/decrease in remuneration is in line with the market trends. In order to ensure that remuneration reflects company performance, the
performance pay is linked to organization performance.
(f) Comparison of the remuneration of the Key Managerial Personnel against the performance of the company;
Particulars `/lac
Remuneration of KMP during F.Y. 2017-18 (aggregated) 14.52
Revenue from operations 3640.10
Remuneration (as % of revenue) 0.40%
Profit before tax (PBT) (3450.22)
Remuneration (as % of PBT) 0.42%
(g) Variation in the market capitalization of the company, price earnings ratio as at the closing date of the current financial year and previous
financial year and percentage increase over decrease in the market quotations of the share of the company in comparison to the rate at which the
company came out with the last public offer in case listed companies, and in case of unlisted companies, the variation in the net worth of the
company as at the close of the current financial year and previous financial year;
Particulars Unit As at 31st March, 2018 As at 31st March, 2017 Variation
Profit before tax (PBT) `/lac (3450.22) (1556.93) -121.60%
Earnings per Share (EPS) ` (16.83) (7.60) -121.45%
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Shares of the company are not publically traded and bracket represents negative figures
(h) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its
comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional
circumstances for increase in the managerial remuneration;
The average increase in salaries of employees other than managerial personnel in 2017-18 is 9.38% Percentage increase in the managerial
remuneration for the year was 15.38%
(i) The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess
of the highest paid director during the year; NIL
(j) The key parameters for any variable component of remuneration availed by the directors; Not applicable.
(k) Affirmation that the remuneration is as per the remuneration policy of the company.
The Company’s remuneration policy is driven by the success and performance of the individual employees and the Company through its
compensation package, the company endeavors to attract, retain, develop and motivate a high performance staff. The company affirms
remuneration is as per the remuneration policy of the company.
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CORPORATE GOVERNANCE REPORT
(Pursuant to Schedule V of the SEBI (Listing Obligation and Disclosure Requirement)
Regulation, 2015)
In accordance with Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 and some of the best practices
followed internationally on Corporate Governance, the report containing the details of corporate governance systems and processes at Bhaskar
Shrachi Alloys Limited is as under:
COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE
Corporate Governance is an ethically driven business process to ensure that the company’s affairs are being managed in fair and transparent
manner in all transactions in the widest sense. The objective is to meet stakeholders’ aspirations and social expectations.
The norms are aligned with the provisions of Companies Act, 2013, and Listing Obligations and Disclosure Requirements, 2015 are aimed to
encourage companies to ‘adopt best practices on corporate governance’.
At Bhaskar Shrachi Alloys Limited we are committed to growth and long term shareholders wealth creation. Our corporate philosophy extends
beyond just doing business for profit maximization, but encouraging forward looking initiatives to strengthen our goodwill, to play responsible
roles for our stakeholders. Principles of Transparency and Timely Disclosures have been adhered to the extent these do not compromise on its
competitiveness. We believe that good Corporate Governance is a continuous exercise and it ensures:
v The core values of the company are protected.
v The fiduciary and trusteeship role of the board to align and direct the actions of an organization towards creating and promoting transparency,
accountability, fairness, integrity and social responsibilities.
v An inherent culture that guides the Board of Directors, the management and the employees to function towards the best interest of all
stakeholders.
v The company maximizes their value legally, ethically and benefit in the long run by way of sustained growth and value addition.
v Commitment to establish systems and practices which enable it to conduct its business in line with any other world class company.
The Company, in compliance with the guidelines on corporate governance as stipulated under Schedule II of the Listing Obligation and
Disclosures Requirements, 2015 (LODR) and entered into with the Stock Exchanges and in this regard, submits a report on the matters
mentioned in the Requirements related to corporate governance and practices followed by the Company.
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DATE OF REPORT
The information provided in the Report on Corporate Governance for the purpose of unanimity is as on 31st March, 2018. However, the report is
updated as on the date of the Report wherever applicable.
BOARD OF DIRECTORS
Composition of the Board
As on date, the Board consists of Three Directors. The Board consists of Directors with vast experience in different fields. Appointment of all
Independent Directors is in conformity with section 149 and Schedule IV of the Companies Act and of the Listing Obligation and Disclosures
Requirements 2015 entered into with the Stock Exchanges.
As per the declarations received by the Company, none of the Directors are disqualified under Section 164 of The Companies Act, 2013.
The composition of the Board and category of Directors as on date is as follows:
No. of Directorships/committee
Name Position & Designation
positions held in other Public Companies
Directorship Committee Chairmanship Committee membership
Mr. Kulveer Hurkat (DIN: 07053912) Non-Executive, Independent Director - - -
Mr. Bharat Goenka (DIN: 00414688) Non-Executive, Independent Director - - -
Mr. Niranjan Biswas (DIN: 06601039) Non-Executive, Promoter - - -
None of the Directors are in any way related to each other.
As mandated by Regulation 26 of the Listing Obligation and Disclosures Requirements, 2015, none of the Directors are members of more than
ten Board level committees nor are they Chairman of more than five committees in which they are members.
Independent Director is as defined in Section 149 of the Companies Act, 2013 and Regulation 16 of the Listing Obligation and Disclosures
Requirements, 2015 they actively contribute in the activities of the Board, covering all strategic policies and decisions making.
Except the Independent Directors, all other Executive and Non - Executive Directors are liable to retire by rotation.
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The brief resume and other details relating to appointment and re-appointment of Directors, as required to be disclosed, are given as part of the
Notice convening the Annual General Meeting.
Further to be informed that, Mr. Asit Mondal (DIN: 07563593), Director & Mr. Shrawan Kumar Todi, Director has resigned from the Board of
Directors of the Company w.e.f 06th June, 2017 & 29th March, 2018 respectively.
Key Managerial Personnel
Mr. Ashwani Ladha, the Company Secretary (Key Managerial Personnel) & Compliance Officer and Mr. Mukesh Kumar Rathi , the Chief
Financial Officer of the Company has resigned from the Company w.e.f 2nd February, 2018 & 31st March, 2018 respectively.
Selection of New Directors
The Board is responsible for the selection of new directors. The board delegates the screening process and selection process involved in selecting
new directors to the nomination and remuneration committee which consists exclusively of independent directors. The nomination and
remuneration committee in turn makes recommendation to the Board on the induction of any new directors.
Board Meetings and Directors Attendance
The Company has a well-defined process in place for placing vital and sufficient information before the Board. Any matters requiring discussion/
decision/ approval at the Board or Committee are communicated to the Company Secretary well in advance, so that the same could be included in
the agenda of the respective meetings. All information required under regulation 72 of the Listing obligations and disclosures Requirements, 2015
are covered to the fullest extent and presentation covering sales, finance, compliance, human resources and risk management practices are given
to the Board before considering the quarterly and annual financial results of the Company. The Board meets at least once a quarter as and when
required and the maximum time gap between any such two meetings is not more than 120 Days.
The Directors of your Company met 8 (Eight) times during the period from April 2017 to March 2018 on 29th May, 2017, 6th June, 2017
(Adjourned Meeting of 30th May, 2017), 14th August, 2017, 1st September, 2017, 21st December, 2017 (Adjourned Meeting of 14th December,
2017), 22nd February, 2018 (Adjourned Meeting of 14th February, 2018), 29th March, 2018 & 31st March, 2018.
The attendance of each of the Directors at 8 (Eight) Board Meetings held during the year 2017-18 and at the last AGM is given below :
Name of Director Number of Board Meetings Attended Attendance at the last AGM
24
Mr. Shrawan Kumar Todi# 4 out of 6 Yes
Mr. Bharat Goenka 4 out of 8 Yes
Mr. Kulveer Hurkat 4 out of 8 Yes
Mr. Niranjan Biswas## NA NA
Mr. Asit Mondal # 1 out of 1 NA
# - Mr. Asit Mondal resigned with effect from 06.06.2017 & Mr. Shrawan Kumar Todi resigned with effect from 29.03.2018
## - Mr. Niranjan Biswas was appointed w.e.f 29.03.2018
Discussion with Independent Directors
The Company’s Independent Directors meet at least once in every financial year without the presence of Executive Directors or Management
Personnel. Such meetings are conducted informally to enable Independent Directors to discuss matters pertaining to the Company’s affairs. The
meeting of Independent Directors was held on 14th February, 2017.
Code of Conduct
The Company has laid down a Code of Conduct for all its board members and senior management personnel. The Company’s Code of Conduct is
in consonance with the requirements of Listing Obligations and Disclosures Requirements, 2015. The Code of Conduct is available on the
website of the Company – www.bhaskargroup.com. All Board members and senior management personnel have affirmed compliance with the
Code of Conduct. A declaration signed by the Director is annexed and forms a part of this report.
BOARD COMMITTEES
Currently, the Board has three committees: the Audit Committee, the Nomination and Remuneration Committee and Stakeholders’ Relationship
Committee. All the committees consist majority of Independent Directors.
AUDIT COMMITTEE
The Committee’s composition fulfills the requirement of section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Obligations
and Disclosure Requirements, 2015. Members of the Audit Committee possess financial /accounting expertise/exposure.
25
Role of Audit Committee
The terms of reference of the Audit Committee, for the year under review, inter alia are as follows:
(A) Terms of reference: The Audit Committee assists the Board in its responsibility of overseeing the quality and integrity of the accounting,
auditing and reporting practices of the Company and its compliance with the legal and regulatory requirements. The Committee’s purpose is to
oversee the accounting and financial process of the Company, the audits of the Company’s financial statements, the appointment, independence,
performance and remuneration of the statutory auditors including the Cost auditors, the performance of internal auditors and the Company’s risk
management policies. The terms of reference of Audit Committee cover the areas mentioned under Part C of Schedule II of the SEBI (Listing
Obligation and Disclosure Requirement) Regulation, 2015 as well as Section 177 of the Companies Act, 2013.
(B) The Audit Committee invites Chief Financial Officer, Company Secretary, representative of Statutory Auditors and Internal Auditors for each
meeting, to provide inputs on issues relating to accounts, taxation, internal audit finding, internal controls, risk managements etc.
Composition and Meetings
The Audit Committee comprises of two non-executive (independent) directors and one non executive director having financial management
expertise. The Chairman of the committee is an independent director, elected by the Members of the Committee.
During the year the Audit Committee met 4 (Four) times. The dates on which the Meetings were held are as follows:
6th June, 2017 (Adjourned Meeting of 30th May, 2017), 14th August, 2017, , 21st December, 2017 (Adjourned Meeting of 14th December,
2017), 22nd February, 2018 (Adjourned Meeting of 14th February, 2018)
.
The gap between two meetings did not exceed 120 days and are in conformity with the secretarial standards issued by the ICSI.
The composition of Audit Committee as on date is given below:
Name of Director Number of Meetings Attended Attendance at the last AGM Category
Mr. Shrawan Kumar Todi (resigned w.e.f. 29.03.2018) 4 out of 4 Yes NED
Mr. Bharat Goenka 4 out of 4 Yes NEID
Mr. Kulveer Hurkat 4 out of 4 Yes NEID
Mr. Kulveer Hurkat is the Chairman of the Audit Committee.
The executives responsible for the finance and accounts functions and the Statutory Auditors are invitees to the meetings. The quarterly and
26
annual audited financials results of the Company were reviewed by the Audit Committee before consideration and approval by the Board of
Directors. Among other items, the Committee also reviewed the adequacy of Internal Control Systems and Internal Audit Reports and various
compliances and reviewed the transactions of subsidiary Company.
NOMINATION AND REMUNERATION COMMITTEE
The Board has framed Nomination and Remuneration policy, which is generally in line with the existing industry practice and applicable laws.
The policy has been displayed on the company’s website viz., www.bhaskargroup.com.
Two meetings of the Nomination and Remuneration Committee were held during the year viz: 6th June, 2017 and 14th August, 2017. The
composition of the Nomination and Remuneration Committee and details of their attendance at the meetings are as follows:
Name of Director Number of Meetings Attended Category
Mr. Shrawan Kumar Todi

2 out of 2 NED
(resigned w.e.f. 29.03.2018)
Mr. Bharat Goenka 2 out of 2 NEID
Mr. Kulveer Hurkat 2 out of 2 NEID
Terms of Reference
The Nomination and Remuneration Committee assist the Board in overseeing the method, criteria and quantum of compensation for directors and
senior management based on their performance and defined assessment criteria. The Committee formulates the criteria for evaluation of the
performance of Independent Directors & the Board of Directors; identifying the persons who are qualified to become directors, and who may be
appointed in senior management and recommend to the Board their appointment and removal.
The terms of the reference of Nomination and Remuneration Committee covers the areas mentioned under Part D of Schedule II of SEBI (Listing
Obligation and Disclosure Requirement) Regulation 2015 as well as section 178 of the Companies Act, 2013.
Performance evaluation criteria for Independent Directors-
The Nomination and Remuneration Committee has laid down the criteria for performance evaluation of Independent Directors which are as
under-
27
AREAS OF EVALUATION
1 Frequency of meetings attended
2 Timeliness of circulating Agenda for meetings and descriptiveness
3 Quality, quantity and timeliness of flow of information to the Board
4 Promptness with which Minutes of the meetings are drawn and circulated
5 Opportunity to discuss matters of critical importance, before decisions are made
6 Familiarity with the objects, operations and other functions of the company
7 Importance given to Internal Audit Reports, Management responses and steps towards
improvement
8 Avoidance of conflict of interest
9 Exercise of fiscal oversight and monitoring financial performance
10 Level of monitoring of Corporate Governance Regulations and compliance
11 Adherence to Code of Conduct and Business ethics by directors individually and collectively
12 Monitoring of Regulatory compliances and risk assessment
13 Review of Internal Control Systems
14 Performance of the Chairperson of the company including leadership qualities.
15 Performance of the Whole time Director
16 Overall performance of the Board/ Committees.
Remuneration to Directors
(a) There was no pecuniary relationship or transaction between the Non-Executive Directors and the company during the financial year
2017-2018.
28
(b) Criteria of making payments to Non-Executive Directors:
Overall remuneration (sitting fees and commission) decided by the Board is reasonable and sufficient to attract, retain and motivate Directors
aligned to the requirements of the Company (taking into consideration the challenges faced by the Company and its future growth imperatives).
a) Remuneration / Commission:
The remuneration / commission shall be fixed as per the slabs and conditions mentioned in the Articles of Association of the Company and the
Act.
b) Sitting Fees:
The Non- Executive / Independent Director may receive remuneration by way of fees for attending meetings of Board or Committee thereof.
Provided that the amount of such fees shall not exceed Rs. One Lac per meeting of the Board or Committee or such amount as may be prescribed
by the Central Government from time to time.
c) Commission:
Commission may be paid within the monetary limit approved by shareholders, subject to the limit not exceeding 1% of the profits of the
Company computed as per the applicable provisions of the Act.
d) Stock Options:
An Independent Director shall not be entitled to any stock option of the Company.
Payment criteria of Non-Executive directors are the given in the Nomination and Remuneration Policy.
The policy will be visible to our website: www.bhaskargroup.com
(c) Details of Remuneration to Directors:
The Company has paid the following remuneration to Directors during the year under review, which is in accordance with the section 177(4) of
the Companies Act, 2013.
(i) Non-Executive Directors and Independent Directors
29
There no provision for providing sitting fees to any one of the Non – Executive and Independent Directors
a) Whole Time Director
Salary, Allowances & perquisites*

Name of the Director Designation
(Rs. In Lacs)
NIL NIL NIL
STAKEHOLDERS’ RELATIONSHIP COMMITTEE
The Stakeholder Relationship Committee looks into shareholders’ and investors’ grievances. Mr. Kulveer Hurkat –Non - Executive Independent
Director is the Chairman of the Committee.
The terms of reference of the Stakeholders’ Relationship Committee are as follows:
· To approve the transfer of shares.
· To look after the matter relating to non-receipts of the refund orders, right entitlement,
annual reports and other entitlements.
· To look after the matters relating to dematerialization and re-materialization of shares
· Overseeing the performance of the Registrars and Share Transfer Agents,.
· To look after non-payment of dividends and revalidation of refund orders/ dividend warrants.
The composition and Meetings of the Stakeholder’s Relationship Committee as on date is given
below:
Name of Director Number of Meetings Attended Category
Mr. Shrawan Kumar Todi (resigned w.e.f. 29.03.2018) NIL NEID
30
Mr. Bharat Goenka NIL ED
Mr. Kulveer Hurkat NIL NEID
During the year, the there were no such meetings held in the Company.
No. of investors’ complaints received by the RTA/ Company during the year: NIL
No. of complaints not solved to the satisfaction of shareholders during the year: Nil
No. of complaints pending as at 31st March, 2018: Nil
Mr. Ashwani Ladha, Company Secretary and Compliance Officer, nominated under the Listing Obligation and Disclosure Requirement,
Regulations 2015 as the Secretary to all the Committees.
WARNING AGAINST INSIDER TRADING
Comprehensive guidelines advising and cautioning the management, staff and other relevant business associates on the procedure to be followed
while dealing with the securities of the company have been issued and implemented.
GENERAL BODY MEETINGS
The venue, time and date where the last three Annual General Meetings of the Company were held are given hereunder:
Date Venue Time
25th September, 2017 8/1, Middleton Row, 3rd Floor, Kolkata – 700071. 11.30 AM
31
DISCLOSURES
(i) During the financial year ended 31st March, 2018 there were no materially significant related party transactions that may have potential
conflict with the interests of the Company at large.
(ii) Neither was any penalties imposed, nor were any strictures passed by Stock Exchange or SEBI
or any statutory authority on any capital market related matters during the last three years.
(iii) The Company has announced Whistle Blower policy. All the personnel of the company have
the access to the Audit Committee.
(iv) The Company has complied with the mandatory requirements of the Listing Regulation. The
Company has adopted various non-mandatory requirements as well, as discussed under relevant
headings.
(v) The company has framed Related Party Transaction Policy and is placed on the Company’s
website.
(vi) During the financial year ended 31st March, 2018 the company did not engage in commodity
hedging activities.
There has been no instance of non-compliance of any requirement of Corporate Governance Report.
SUBSIDIARY COMPANIES
The Company has no subsidiary within the meaning of the Companies Act, 2013.
32
MEANS OF COMMUNICATION
The Company regularly intimates the Quarterly un-audited financial results to the Stock Exchanges immediately after they are taken and recorded
by the Board of Directors of the Company.
The Company’s quarterly/half yearly and annual financial results are uploaded on the Company’s website at www.bhaskargroup.com and also the
same are published in English and Bengali dailies, after its submission to the Stock Exchanges.
The Company has designated a separate e-mail id. bhaskarshrachi@gmail.com for handling investor’s services.
GENERAL SHAREHOLDERS INFORMATION
Company Registration Details
The Company is registered in the state of West Bengal. The Corporate Identification Number (CIN) of the Company is:
L51109WB1995PLC071126.
Annual General Meeting
Date 28th September, 2018
Time 11.30 A.M
Venue 8/1, Middleton Row, 3rd Floor, Kolkata – 700071.
Financial Calendar for the year 2018-19 (tentative)
Sl. No. Particulars Tentative Schedule
1 Financial reporting for the quarter ended June 30, 2018 By 14th August, 2018
33
2 Financial reporting for the half year ended September 30, 2018 By 14th November, 2018
3 Financial reporting for the quarter ended December 31, 2018 By 14th February, 2018
4 Financial reporting for the year ended March 31, 2019 By 30th May, 2019
5 Annual General Meeting for the year ending March 31, 2019 By 30th September, 2019
Book Closure Date
22nd September, 2018 to 28th September, 2018. (Both days inclusive)
Listing on Stock Exchanges:
The Calcutta Stock Exchange Limited, Kolkata
The Company’s shares are listed on the following Stock Exchanges.
The Company has paid the annual listing fees for the financial year 2017-18 and there is no outstanding payment towards the Exchange, as on
date.
Registrar & Share Transfer Agents
“Maheshwari Datamatics Pvt. Ltd.
23, R. N. Mukherjee Road, Kolkata – 700 001
Share Transfer System
M/s. Maheshwari Datamatics Pvt. Ltd has been appointed as the Company’s Registrar and Share Transfer Agents. All share transfers and related
34
activities are conducted by them, in accordance with the stipulated guidelines. The authority relating to transfer of shares and allied work relating
to servicing of investors has been delegated by the Board to the Stakeholder’s Relationship Committee.
Distribution of shareholding as on March 31, 2018:
Total no. of
No. of shares No. of Shareholders % of Shareholders % of holding
shares
1 to 500 368 28.0061 170100 1.3728
501 to 1,000 423 32.1918 312000 2.5440
1,001 to 2,000 262 19.9391 439400 3.6544
2,001 to 3,000 44 3.3486 122900 1.0232
3,001 to 4,000 14 1.0654 48400 0.4192
4,001 to 5,000 26 1.9787 130000 1.4400
5,001 to 10,000 82 6.2405 749000 6.2800
10,001 and above 95 7.2298 18528200 83.2664
TOTAL 1314 100.00 20,50,0000 100.00
Shareholding Pattern as on 31st March, 2018:
35
Category No. of Shares held (NOS) % of Issued Share Capital
Promoters & Promoters Group 77,38,600 37.75
Non – Promoters
Government Institution 50,000 0.25
Private Corporate Bodies 90,83,300 44.30
Indian Public 36,28,100 17.70
Total (A+B) 205,00,000 100.00
Dematerialization of shares and liquidity:
The shares of the Company are in demat with NSDL and CDSL. M/s. Maheshwari Datamatics Pvt. Ltd. is the Registrars & Share Transfer Agents
for the Company.
Outstanding Convertible Instruments:
There are no ADRs/GDRs /warrants or any convertible instruments issued by the Company during the year.
Plant Location
a) Durgapur Waria Road, Angadpur, Durgapur – 713 215, West Bengal
Address for correspondence:
Registered Office
8/1, Middleton Row,
Kolkata – 700 001
Website: www.bhaskargroup.com, Email: bhaskarshrachi@gmail.com
Tel: (91-33 2229-7190/0114/8877,
36
Fax: 91-33-2229-7223
Investors’ correspondence may be addressed to:
Company Secretary & Compliance Officer
Bhaskar Shrachi Alloys Limited
8/1, Middleton Row,
Kolkata – 700 001
Email: bhaskarshrachi@gmail.com
Tel: (91-33 2229-7190/0114/8877,
Fax: 91-33-2229-7223
DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE CODE
OF CONDUCT
Bhaskar Shrachi Alloys Limited, as required by Regulation 26(3) of the Listing Obligations and Disclosure Requirement, Regulations, 2015
executed with the Calcutta Stock Exchange, hereby declare that all the Board Members and Senior Management Personnel of the Company have
affirmed compliance with the Company’s Code of Conduct for the financial year 2017-18.
For Bhaskar Shrachi Alloys Limited
DIN: DIN:
Director Director
3rd day of September, 2018.
37
Kolkata
ADOPTION OF NON-MANDATORY REQUIREMENTS
The Board
The Chairman of the Board is a Non Executive Chairperson of the Company, and is allowed reimbursement of expenses incurred in performance
of his duties.
Shareholder Rights
Half yearly financial results are forwarded to the Stock Exchanges and uploaded on the website of the Company like quarterly results.
Audit Qualifications
During the year under review, there was no audit qualification in the Auditors’ Report on the Company’s financial statements.
Separate posts of Chairman and CEO
There are no such posts in the Company, hence it’s no applicable.
Reporting of Internal Auditor
The Internal Auditor of the Company is a permanent invitee to the Audit Committee Meeting and regularly attends the Meeting for reporting their
findings of the internal audit to the Audit Committee Members.
The Company has fully complied with the applicable requirement specified in Reg. 17 to 27 and clause (b) to (i) of sub-regulation (2) of
regulation 46.
Disclosure of Accounting Treatment
The Company has followed the treatment laid down in the Accounting Standards prescribed by the Institute of Chartered Accountants of India, in
the preparation of financial statements. There are no audit qualifications in the Company’s financial statements for the year under review.
Demat Suspense Account/Unclaimed Suspense Account
38
There is no such instance happened in the Company during the year – 2017-18.
COMPLIANCE CERTIFICATE
To
The Members
We have examined the compliance of conditions of Corporate Governance by Bhaskar Shrachi Alloys Limited (‘the Company’), for the year
ended on 31st March, 2018, as stipulated in Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 pursuant to the Listing Agreement of the said Company with the Calcutta Stock Exchange Limited.
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was limited to a review of
procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of Corporate Governance. It is
neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has compiled with
the conditions of Corporate Governance as stipulated in the provisions as specified in Chapter IV of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 pursuant to the Listing Agreement of the said Company with the Calcutta
Stock Exchange Limited.
We further state that this certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the Management has conducted the affairs of the Company.
39
Management Discussion and Analysis Report
Global Steel Industry Outlook
Annual production for Asia was 1,165.00 Mt of crude steel in 2017, an increase of 3.5% compared to 2016. China’s crude steel production in
2017 reached 831.70 Mt, up by 5.7% on 2016. China’s share of world crude steel production is 49.2%. Japan produced 104.7 Mt in 2017, almost
same as compared to 2016. India’s crude steel production for 2017 was 101.4 Mt, up by 6.0% on 2016. South Korea produced 71.1 Mt of crude
steel in 2017, an increase of almost 4% compared to 2016.
In 2017, the EU (28) produced 168.70 Mt of crude steel, an increase of almost 4% compared to 2016.
Crude steel production for 2017 in North America was 116.0 Mt 4.80% higher than 2016. The US produced 81.60 Mt of crude steel, up by 4.0%
on 2016.
World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 1691.20 Mt, an increase of 5.30%
compared to 2016.
Indian Steel Industry
Indian steel Industry is the third largest steel producing country in the world by end of 2017. In February 2018, India has surpassed the production
of Japan to be second largest steel producing country. The current pace of growth and capacity creation in the country is in line with the latest
National Steel Policy 2017. The National Steel Policy envisages creation of 300 Million Tonnes capacity by 2030 from the current capacity of
125 million tonnes by end of 2017.
Driven by rising infrastructure development and growing demand for automotives, steel consumption is expected to reach 115 MT by 2018. It is
expected that consumption per capita would increase supported by rapid growth in the industrial sector, and rising infra expenditure projects in
railways, roads & highways, etc.
Indian Ferro Alloy Industry
40
India produces 3.8 Million Tonne (MT) of Ferro Alloys and consumes around 2.5 MT and the Rs. 25,000 crore industry employs around one lakh
people. The country exported 1.3 MT of Ferro Alloys, earning a foreign exchange of around Rs 9,500 crore. India's production of around 3.8 MT
of Ferro Alloys consists of 1.2 M Tonne of Ferro Chrome (FeCr) and 2.6 M Tonnes of manganese alloys i.e. Silico Manganese (SiMn) and Ferro
Manganese (FeMn).
Ferro Alloys Prices are driven by global factors and follows the natural theory of demand and supply. The Ferro Alloy industry in India is passing
through a bad phase, in view of the high power tariff, increase in raw material costs, poor demand by domestic Steel Industry and cheap imports
arising out of devaluation of the currencies, lower power tariff and raw material cost in exporting countries like Ukraine, South Africa, Malaysia
etc.
Challenges Indian Ferro Alloy Industry
· The Electricity Duty acts as a major disincentive for power intensive industries like Ferro Alloys and Steel. Even for captive generation of
power used specifically for the Industry, is also not exempted from the Electricity Duty. Electricity duty be either abolished or kept at a minimum
level of 1 % maximum and rationalize the cross subsidy across all states.
FTA with Malaysia provides ZERO duty on entire chapter 72. Power rates are almost half in Malaysia compared to India and many mine owners
of raw material has put up big capacity plant in Malaysia. This is giving big competition to us in global market. At the same time they have
started exporting the material to India for which Indian manufacturing is becoming non-viable.
India used to be one of the major exporters of Ferro Alloys in the world. But during last few years we have lost our market share in many major
markets and in the meantime exports from countries like Ukraine, South Africa, Malaysia, and China picked up and have given a tough time to
the Indian exports resulting in the major fall in Indian Exports and also lowering the production in the country. In order to gain a level playing
field to compete with other major producing countries, Export incentive should be increased by at least 2% from the present level and extended to
all countries.
The European Commission has suspended tariff preference for imports of iron and steel items including ferro alloys under the Generalised System
of Preferences (GSP) from 1st January 2017 resulting in additional burden of approx. 4%.
Antidumping duty (ADD) has been imposed on imports of metallurgical coke from China and Australia with effect from 25/11/2016 which has
caused lots of hardship to the industry. Anti-dumping duty should not be imposed as Indigenous Met coke industry is not capable of producing
Low Ash Met coke with ash content 12.5% and phosphorous content less than 0.018% with close tolerances, which is an absolute prerequisite for
use in Ferro Alloy production.
Raw Materials requirement for Ferro Alloys
The country is having inadequate resource e of Manganese Ore and depend on more than 50% imported ore. MOIL is the largest producer of
41
Manganese Ore, which not been able to produce to its optimum potential and is restricted to within 1 million tons which is nowhere near the
requirement of the Manganese alloy industry. Here also the Industry is suffering with a crisis of Import duty of 2.5 %.
Performance Review of the Company
In the year under report, the Company has generated total income of Rs. 36.42 crores which is decreased by 62.16% than the total income of the
previous financial year. The reason behind such decreased is that the factory of the Company is under temporary suspension from September,
2017 and therefore all the figures / financial data of the Company as reported is for 4 months only and hence not comparable with the previous
year. However, substantial increase of raw material cost, provisional increase in power tariff by Damodar Valley Corporation and arrear demand
of the previous year(s) caused the Company loss of Rs. 34.50 crores in the year under report in comparison to a loss of Rs. 15.57 crores in the
previous financial year.
Internal control systems and their adequacy
The Company has in place adequate system of internal control commensurate with its size and the nature of its operations. These have been
designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with
applicable statutes, safeguarding assets from unauthorized use, executing transaction with proper authorization and ensuring compliance of
corporate policies. The company has well defined delegation of power with authority limits for approving revenue as well as expenditure and
processing payments.
Financial Management
Funds requirement for projects under implementation is reviewed by senior management periodically and after assessing the financial market,
decisions are taken to identify the lenders. Accounts and Finance department is manned by qualified and experience personnel. All financial
transactions are properly recorded by the department.
Cautionary statement
Statements in the Management Discussion and Analysis describing the Company’s objectives, expectations or predictions may be forward
looking within the meaning of applicable securities, laws and regulations. Actual results may differ materially from those expressed in the
statement; important factors that could influence the Company’s operations include changes in Government regulation, tax laws, economic &
political developments within and outside the country and such other factors.
42
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN as on the financial year ended on 31st March, 2018 of BHASKAR SHRACHI ALLOYS LIMITED
[Pursuant to Section 92(1) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS
CIN L51109WB1995PLC071126
Registration Date 19TH April, 1995
Name of the Company BHASKAR SHRACHI ALLOYS LIMITED
Category/ Sub Category of the Company Company Limited by Shares / Indian Non- Government Company
8/1 Middleton Row,
43
Address of the Registered Office & Kolkata - 700 071;
Contact Details Telephone: (033) 22298877
E-mail –bhaskarshrachi@gmail.com
Whether Listed Company YES
Maheswari Datamatics Pvt. Ltd.
6, Mangoe Lane,
Name, Address and Contact details of Registrar and Transfer Agent, if any
Kolkata – 700 001
PH: (033) 22435029/5809
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company
shall be stated:-
Sl. No. Name and Description of main products / services NIC Code of the Product/ service % to total turnover of the company
1 Silico Manganese (Ferro Alloys) 7202 59.07%
2 SGCI Inserts 3371 40.93%
3 Steel Billet 3309 NIL
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -
Name of the Company CIN Holding/ Associates/ Subsidiary % holding as at 31st March, 2018.
NIL
44
IV. SHARE HOLDING PATTERN
(Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Shareholding
Number of Total shareholding Shares

Total
Cate-gory Category of Number of shares held in as a percentage of pledged or
number of
code Shareholder share-holders dematerialized total number of otherwise
shares
form shares encumbered
As a
As a per-centage of Number of As a
per-centage
(A+B+C) shares percentage
of (A+B)
(IX)=(VIII)/(IV)
(I) (II) (III) (IV) (V) (VI) (VII) (VIII)
* 100
Shareholding of Promoter
(A)
and Promoter Group
(1) Indian
Individuals/Hindu
(a) 76 3,497,400 - 17.06 17.06 1,893,300 54.10
Undivided Family
Central Government/State
(b) - - - - - - -
Government(s)
(c) Bodies Corporate 30 4,241,200 1500000 20.68 20.68 8,06,700 19.02
Financial
(d) - - - - - - -
Institutions/Banks
45
(e) Any Other (specify) - - - - - - -
Sub-Total (A)(1) 106 7,738,600 1500000 37.74 37.74 27,00,000 34.89
(2) Foreign
Individuals (Non-Resident
Individuals/
(a) - - - - - - -
Foreign Individuals)
(b) Bodies Corporate - - - - - - -
(c) Institutions - - - - - - -
(d) Qualified Foreign Investor - - - - - - -
(e) Any Other (specify) - - - - - - -
Sub-Total (A)(2) - - - - - - -
Total Shareholding of
Promoter and Promoter 106 7,738,600 1500000 37.74 37.74 27,00,000 34.89
Group (A) =(A)(1)+(A)(2)
(B) Public Shareholding
(1) Institutions NA NA
(a) Mutual Funds/UTI - - - - - - -
(b) Financial Institutions/Banks - - - - - - -
(c) Central Government/State Government(s) - - - - - - -
(d) Venture Capital Funds - - - - - - -
(e) Insurance Companies - - - - - - -
(f) Foreign Institutional Investors - - - - - - -
(g) Foreign Venture Capital Investors - - - - - - -
(h) Qualified Foreign Investors - - - - - - -
46
(i) Any Other (specify) - - - - - - -
Sub-Total (B)(1) - - - - - - -
(2) Non-institutions - - - - - - -
(a) Bodies Corporate 70 9,133,300 50,000 44.55 44.55 - -
(b) Individuals –
i. Individual shareholders holding nominal share capital upto Rs. 2 lakh. 1124 1,398,000 5,809 6.81 6.81 - -
ii .Individual shareholders holding nominal share capital in excess of Rs. 2 lakh. 12 1,980,100 - 9.65 9.65 - -
(c) Qualified Foreign Investor - - - - - - -
(d) Any Other (specify) 1 250,000 - 1.21 1.21 - -
Sub Total (B)(2)
Total Public Shareholding (B) = (B)(1)+(B)(2) 1207 12,761,400 - 62.25 62.25 - -
TOTAL (A)+(B)
(C) Shares held by Custodians and against which Depository Receipts have been issued - - - - - - -
(1) Promoter and Promoter Group - - - - - - -
(2) Public - - - - - - -
GRAND TOTAL
1313 20,500,000 55,809 100 100 2,700,000 13.17
(A) + (B) + (C)
47
1. SHAREHOLDING OF PROMOTERS
Details of % change in share

Sl. No Name of the shareholder Encumbered shares (*)
shares held holding during the year
No. of As a % of total shares of the As a As a % of grand total

Number
shares held company %age (A)+(B)+(C) of sub-clause (I)(a)
(VI)=
(I) (II) (III) (IV) (V) (V)/(III) (VII)
*100
1. Shrawan Kumar Todi 731600 3.5688 6,08,100 83.11 2.97 - -
2. Ravi Todi, 615000 3.0000 6,15,000 100.000 3.00
3. Rahul Todi 450000 2.1951 4,50,000 100.000 2.19
4. Sujata Todi 250000 1.2195 - - -
5. Vaibhav Vinimay Pvt Ltd 250000 1.2195 - - -
6. Manish Rungta, 110100 0.5371 60,000 54.49 0.29
7. Ashish Rungta, 110000 0.5366 60,000 54.50 0.29
8. Chitra Lekha Todi, 106400 0.5190 - - -
9. Krishna Kumar Rungta, 61600 0.3005 60,100 97.5649 0.29
10. Sabina Rungta 60000 0.2927 - - -
Bhagwan Ram Sita Seva

11. 50000 0.2439 - - -
Nidhi
12. Garima Rungta 40000 0.1951 40,000 100.00 0.19
13. Chitra Family Trust 38100 0.1859 - - -
14. Shankar Kumar Somani, 32500 0.1585 - - -
48
15. Shri Balaji Nidhi, 30000 0.1463 - - -
16. Girija Kumar Choudhury, 20000 0.0976 - - -
17. Vinita Sharma, 20000 0.0976 - - -
18. Chitra Family Trust 15000 0.0732 - - -
19. Padam Chand Dugar, 15000 0.0732 - - -
20. Mamata Sharma, 15000 0.0732 - - -
21. Atul Kumar Gupta, 15000 0.0732
22. Bishnu Chand Yadav, 15000 0.0732 - - -
23. Mahesh Gupta, 15000 0.0732 - - -
24. Kishori Devi Mandiwal, 12500 0.0610 - - -
25. Manish Kumar Agarwal, 12500 0.0610 - - -
26. Smt.Sudha Devi Sultania, 11500 0.0561 - - -
27. Pradip Kumar Patodia, 10100 0.0493 - - -
28. Anila Devi Sultania, 10000 0.0488 - - -
29. Pawan Kumar Rungta, 10000 0.0488 - - -
30. Praveen Kumar Bhalotia, 10000 0.0488 - - -
31. Rina Pramanick, 10000 0.0488 - - -
32. Sunita Agarwal, 10000 0.0488 - - -
33. Deonath Prasad Gupta, 10000 0.0488 - - -
34. Susanta Pramanick, 10000 0.0488 - - -
35. Prayagraj Sharma, 10000 0.0488 - - -
36. Ganga Devi Sharma, 10000 0.0488 - - -
49
37. Bimala Debi Verma, 10000 0.0488 - - -
38. Mahendrapal Verma, 10000 0.0488 - - -
39. Geeta Devi Verma, 10000 0.0488 - - -
40. Satya Narayan Verma, 10000 0.0488 - - -
41. Gopal Kumar Gupta, 10000 0.0488 - - -
42. Kamaleshwar Prasad Singh, 10000 0.0488 - - -
43. Deonath Prasad Gupta, 10000 0.0488 - - -
44. Ajoy Kumar Patodia, 10000 0.0488 - - -
45. Manju Devi Agarwal, 10000 0.0488 - - -
46. Pawan Kumar Jaju, 10000 0.0488 - - -
47. Praveen Kumar Bhalotia, 10000 0.0488 - - -
48. Sujit Kumar Gupta, 10000 0.0488 - - -
49. Anup Kumar Khaitan, 10000 0.0488 - - -
50. Lokenath Patodia (HUF), 10000 0.0488 - - -
51. Ratan Kumar Sharma, 10000 0.0488 - - -
52. Mahesh Kumar Gupta, 10000 0.0488 - - -
53. Krishna Kumar Patodia, 10000 0.0488 - - -
54. Bijay Kumar Thakur, 10000 0.0488 - - -
55. Mrs.Kavita Sharma, 7500 0.0366 - - -
56. Atul Kumar Gupta, 7500 0.0366 - - -
57. Kanta Devi Seksaria, 7500 0.0366 - - -
50
58. Manju Patodia, 6500 0.0317 - - -
59. Dayanand Agarwal, 5000 0.0244 - - -
60. Usha Patodia, 5000 0.0244 - - -
61. Gopal Kumar Bajaj, 5000 0.0244 - - -
62. Ajoy Kumar Rungta, 5000 0.0244 - - -
Om Prakash Srivastava
63. 5000 0.0244 - - -
(HUF),
64. Meenu Jain, 5000 0.0244 - - -
65. Nand Kishore Shaw, 5000 0.0244 - - -
66. Keshar Chand Jain, 5000 0.0244 - - -
67. Subhash Roy, 5000 0.0244 - - -
68. Satish Goel, 5000 0.0244 - - -
69. Chotulal Singh, 5000 0.0244 - - -
70. Samir Pramanick, 5000 0.0244 - - -
71. Sanjay Kumar Chenani, 5000 0.0244 - - -
72. Savitri Devi Chenani, 5000 0.0244 - - -
73. Lokenath Patodia, 5000 0.0244 - - -
74. Sunil Kumar Patodia, 5000 0.0244 - - -
75. Bimal Kumar Seksaria, 5000 0.0244 - - -
76. Padam Chand Dugar, 1500 0.0073 - - -
77. Tulsyan & Sons Pvt Limited 1500000 7.3171 - - -
Bengal General Trading Co

78. 733200 3.5766 7,33,200 100.00 3.57
P Ltd.
51
79. Lodhasons Consultancy 205000 1.0000 - - -

Services (P) Limited,
80. Frankross Vinimay Pvt Ltd., 180000 0.8780 - - -
81. Dilip Agencies Pvt.Ltd., 175000 0.8537 - - -
82. Bajrangbali Foundry P.Ltd., 132500 0.6463
83. Sulabh Resources (P) Ltd., 125000 0.6098 - - -
84. Ulike Developers (P) Ltd., 110000 0.5366 - - -
85. GNB Credit Pvt.Limited, 103500 0.5049 - - -
86. Tanisha Business Pvt.Ltd., 100000 0.4878 - - -
87. Priya Purnima Credit P.Ltd., 100000 0.4878 - - -
Carbide Asia (Private)

88. 75000 0.3659 - - -
Limited,
Kalpataru Housing &

89. 70000 0.3415 - - -
Trading (Pvt.) Limited,
90. Bothra Suitings (P) Limited, 60000 0.2927 - - -
91. Aarkey Tie Up Pvt.Limited, 58500 0.2854 - - -
92. Ravi Todi Family Trust, 55000 0.2683 - - -
93. Classic Share Dealers Ltd., 50000 0.2439 - - -
94. P.S.B.Investments P. Ltd. 50000 0.2439
KSK Share & Stock Brokers

95. 50000 0.2439
(Pvt.) Limited,
96. K.D.Jag Holdings (P) Ltd., 50000 0.2439 - - -
97. Navi Plast Suppliers, 50000 0.2439 - - -
98. Neha Bearing Co.Pvt.Ltd., 50000 0.2439 - - -
Essel Plowood (Private)
52
99. Ltd., 30000 0.1463 - - -
100. Apeotex Ply (P) Limited, 30000 0.1463 - - -
101. Seksariah Enclaves P.Ltd., 26000 0.1268 - - -
Everlest Fincon (Private)

102. 25000 0.1220 - - -
Ltd.,
103. GMB Finvest Pvt.Limited, 25000 0.1220 - - -
Satyam Trade Centre

104. 12500 0.0610 - - -
Pvt.Ltd.,
105. Suave Business Pvt.Ltd., 5000 0.0244 - - -
106. Bagrun Trade Centre P.Ltd., 5000 0.0244 - - -
Total : 77,38,600 37.75
53
(iii) Change in Promoters’ Shareholding (please specify, if there is no change):-
Shareholding at
Cumulative
the
Sl. Shareholding
No
beginning of the
during the year
year
No. of No. of
% of total shares of the % of total shares of the
company company
shares shares
At the beginning of the year 77,38,600 37.75 - -
Date wise Increase /Decrease in
Promoters Share
Holding during the
Year specifying
- - - -
the reasons for increase / decrease
(e.g. ALLOTMENT /transfer /

bonus/
sweat equity etc):
At the End of the year. 77,38,600 37.75 - -
Shareholding at
Cumulative
the
Sl. Shareholding
No
beginning of the
during the year
year
No. of No. of
For Each of the Top 10 % of total shares of the % of total shares of the
Shareholders company company
shares shares
At the beginning of the year
54
Date wise Increase /Decrease in
Promoters Share
Holding during the
Year specifying
the reasons for increase /

decrease
NIL
(e.g. allotment /
transfer / bonus/
sweat equity etc):
At the End of the year.
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
(v) Shareholding of Directors and Key Managerial Personnel:
Shareholding
Cumulative
at the
Sl. Shareholding
55
No beginning of during the year

the year
For Each of the No. of No. of

% of total shares of % of total shares of
the company the company
Directors and KMP shares shares
Shrawan Kumar Todi

1. 731,600 3.56 - -
At the beginning of the year
Date wise Increase /Decrease in Promoters Share Holding

during the Year specifying
- - - -
the reasons for increase / decrease (e.g. allotment /
transfer / bonus/ sweat equity etc):
At the End of the year. 731,600 3.56 - -
* Changes occurred due to transfer of shares during the year.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for
payment.
` in lacs
Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness
Indebtedness at the
beginning of the financial
year
i) Principal Amount 5300.45

5722.29
ii) Interest due but not paid 2035.67 421.84
2035.67
iii) Interest accrued but not due
Total (i+ii+iii) 7336.12 421.84 NIL 7757.96
Change in Indebtedness
during the financial year
? Addition 617.57 289.93 907.50
? Reduction 151.57 289.93 441.50
56
Net Change 465.84 00.00 NIL 465.84
Indebtedness at the
end of the financial year
i) Principal Amount 5148.72

5570.56
ii) Interest due but not paid 2653.24 421.84
2653.24
iii) Interest accrued but not due
Total (i+ii+iii) 7801.96 421.84 NIL 8223.80
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
` in lacs
Sl.No. Particulars of Remuneration MD/ WTD/MANAGER Total Amount (`)
Gross salary
(a) Salary as per provisions

1.
contained in section 17(1) of the Income-tax Act,1961. NIL NIL
(b) Value of perquisites u/s 17(2) Income-tax Acts, 1961.
(c) Profits in lieu of salary under section 17(3) Income tax Act, 1961.
2. Stock Option NIL NIL
3. Sweat Equity NIL NIL
57
Commission
4. - as % of profit NIL NIL
- others, specify…
5. Others, please specify NIL NIL
Total (A) NIL NIL
Ceiling as per the Act NIL NIL
B. Remuneration to other directors:
Total Amount
Sl.No Particulars of Remuneration Name of Directors
(`)
Mr.
Mr. Shrawan Kumar Bharat Mr. Kulveer Mr. Asit Mr. Niranjan Total
Todi* Hurkat Mondal* Biswas** Amount
Goenka
2. Non - Executive
Directors
a) Fee for attending
- Board Meeting.
b) Commission
NA NA NA NA NA NA
c) others
Total (2) NA NA NA NA NA NA
Total (B)=(1+2) NA NA NA NA NA NA
Total Managerial
NA NA NA NA NA NA
Remuneration
Overall Ceiling as per the

NA NA NA NA NA NA
Act
* Mr. Shrawan Kumar Todi resigned w.e.f. 29.03.2018 & Mr. Asit Mondal resigned w.e.f. 06.06.2017.
58
** Mr. Niranjan Biswas was appointed w.e.f. 29.3.2018.
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
Sl.No. Particulars of Remuneration Mr. Ashwani Ladha* Mr. Mukesh Rathi* Total Amount
CS CFO
Gross salary
(a) Salary as per provisions

1.
contained in section 17(1) of the Income-tax Act, 1961. 4.76 9.75 14.51
(b) Value of perquisites u/s 17(2) Income-tax Acts, 1961.
(c) Profits in lieu of salary under section 17(3) Income tax Act, 1961.
2. Stock Option - - -
3. Sweat Equity - - -
Commission
4. - as % of profit - - -
- others, specify…
5. Others, please specify - - -
Total 4.76 9.75 14.51
*Mr. Ashwani Ladha resigned w.e.f. 22.02.2018 & Mr. Mukesh Rathi resigned w.e.f. 31.03.2018.
59
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Appeal made if
Details of Penalty/ any,
Punishment/ Authority
Section of the Companies Brief (give details)
Type
Act Description Compounding [ RD / NCLT/
COURT]
fees imposed
A. Company
Penalty
Punishment NIL
Compounding
B. Directors
Penalty
Punishment NIL
Compounding
C. Other Officers in
Default
Penalty
Punishment NIL
Compounding
60
SECRETARIAL AUDIT REPORT
FORM MR-3
(For the period 01-04-2017 to 31-03-2018)
[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 Board of Directors
8/1 Middleton Row,
Kolkata – 700 071
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by
Bhaskar Shrachi Alloys Limited (hereinafter called the company). Secretarial Audit was conducted in a manner that provided a reasonable basis
for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on the verification of the books, papers, minute books, forms and returns filed and other records maintained by the company and also the
information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, I hereby report
that in opinion, the company has, during the audit period ended on 31st March, 2018, complied with the statutory provisions listed hereunder and
also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting
made hereinafter:
1. I have examined the books, papers, minute books, forms and returns filed and other records maintained by the company for the audit
period ended on 31st,March 2018 according to the provisions of :
I. The Companies Act, 2013 (the Act) and the rules made thereunder;
II. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
III. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
IV. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings : Not Applicable
61
Page 1 of 5
V. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) to
the extent applicable to the company :-
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies
Act and dealing with client;
e. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable as the Company has not
delisted its equity share from any stock exchange during the financial year under review)
f. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (Not applicable as the Company has not any issued
any debt securities during the financial year under review)
g. The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase scheme) Guidelines, 1999 and
( Not applicable as the Company has not granted any options to its employees during the financial year under review.)
h. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008. (Not applicable as the Company has
not granted any options to its employees during the financial year under review.)
VI. I further report that with respect to the compliance of the below mentioned laws, we have relied on the compliance system prevailing
in the Company and on the basis of representation received from its concerned department:-
VII. I have also examined compliance with the applicable clauses of the following:-
i. Secretarial Standards issued by The Institute of Company Secretaries of India;
and
62
ii. Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 for the period from 1st April, 2017 to 31st March, 2018.
Page 2 of 5
During the period under review, the Company has not complied with the some provisions of the Act, Rules, Regulations, Guidelines, Listing
Obligations and Disclosure Requirements etc. mentioned above for the Quarter ended January 2018 to March 2018
2. I further report that:
a. The Board of Directors of the Company is not duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review
were carried out in compliance with the provisions of the Act. However, as per section 149(1) of the Companies Act, 2013, the Company is yet to
appoint a Women Director on its Board of Directors and as per Section 2 (51) , 203 of the Companies Act, 2013 and Regulation 6(1), 17 of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is yet to appoint of
CFO and Company Secretary The Company is taking effective measures to fulfill the requirement of Companies Act, 2013 and SEBI (Listing
Obligations and Disclosures Requirement), Regulations, 2015.
b. During the year review, the Company has already filed its documents for further listing to the Calcutta Stock Exchange for 8,000,000 Nos.
Equity Shares of Rs. 10 /- each had been allotted by Private Placement. There is a delay in the process of the further listing with the Designated
Stock Exchange.
c. Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days
in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for
meaningful participation at the meeting.
d. Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes.
e. The Company has obtained all necessary approvals under the various provisions of the Act; and
f. There was no prosecution initiated and no fines or penalties were imposed during the year under review under the Act, SEBI Act, SCRA,
Depositories Act, Listing Agreement, Rules, Regulations and Guidelines framed under these Acts against/ on the Company, its Directors and
Officers.
g. The Directors have complied with the disclosure requirements in respect of their eligibility of appointment, their being independent and
compliance with the Code of Business Conduct & Ethics for Directors and Management Personnel;
63
h. Maintenance of website of the Company is under process and shall be available for stakeholders as per the Company Management
Page 3 of 5
3. I further report that based on the information received and records maintained there are adequate systems and processes in the Company
commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and
guidelines.
Place: Kolkata
Date: 20th June, 2018 CS Rahul Jaiswal
Membership No. A - 37393
COP No. : 14753
This report is to be read with letter of even date, which is annexed as Annexure A and forms an integral part of this report.
64
Page 4 of 5
To, “Annexure A”
The Members of
65
The report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the company.
Our responsibility is to express an opinion on these secretarial records based on our audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of
the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the
processes and practices, we followed provide a reasonable basis for our opinion.
3. Where ever required, the Management representation has been about the compliance of laws, rules and regulations and happening of events
etc.
4. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management.
My examination was limited to the verification of procedures on test basis.
5. The Secretarial Audit is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
Place: Kolkata
Date: 20th June, 2018 CS Rahul Jaiswal
Membership No. A - 37393
COP No. : 14753
66
Page 5 of 5
Disclosures in director’s responsibility statement

DIRECTOR’S RESPONSIBILITY STATEMENT Pursuant to the requirement of section 134(5) of the Act, and based on the representations
received from the management, the directors hereby confirm that: a) in the preparation of Annual Accounts for the financial year 2017-18, the
applicable accounting standards have been followed along with the proper explanation relating to material departure; b) they have
selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company
for the financial year; c) they have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013. They confirm that there are adequate systems
and controls for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d) they have
prepared the annual accounts on a going concern basis. e) they have laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and operating properly; and f) they have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such system were adequate and operating effectively.
Particulars of loans guarantee investment under section 186 [Text Block]

1. PARTICULARS OF LOANS, GURANTEES AND INVESTMENTS
There have been no loans, Guarantees and investments under section 186 of the Companies Act, 2013 during the financial year 2017-18.
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
1. RELATED PARTY TRANSACTIONS
The company has entered into contract / arrangements with the related parties in the ordinary course of business and on arms length basis. Thus
provision of Section 188 (1) of the Companies Act and rules made there under is not applicable.
67
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
1. EXTRACT OF ANNUAL RETURN
The extract of Annual Return as provided under Sub-Section (3) of Section 92 of the Companies Act, 2013 (“the Act”) is enclosed at Annexure –
II in the prescribed form MGT -9 and forms part of this Report.
Disclosure of statement on declaration given by independent directors under section 149(6) [Text Block]
1. INDEPENDENT DIRECTORS DECLARATION
The Independent Directors have confirmed and declared that they are not disqualified to act as an Independent Director in compliance with the
provisions of Section 149 of the Companies Act, 2013 and the Board is also of the opinion that the Independent Directors fulfill all the conditions
specified in the Companies Act, 2013 making them eligible to act as Independent Directors.
68
Disclosure of financial summary or highlights [Text Block]

1. HIGHLIGHTS OF FINANCIAL RESULTS
The Company’s financial performance for the year ended, 31st March, 2018 is summarized below:
(` in Crores)
PARTICULARS 2017-18 2016-17
Revenue from operation 36.40 96.18
Profit before interest, depreciation and taxation (26.21) (6.37)
Interest 6.88 7.30
Depreciation and amortization 1.42 1.90
Profit before taxation (34.50) (15.57)
Current Tax - -
Profit after taxation (34.50) (15.57)
Transfer to General Reserve - -
Interim Dividend - -
Proposed Final Dividend - -
69
Details of directors or key managerial personnels who were appointed or have resigned during year [Text Block]
1. DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on date, the Board consists of Three Directors.
Appointment of Independent Directors is in conformity with section 149 of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosures Regulations) 2015.
During the year, Mr. S.K. Todi (DIN: 00080303), Director has resigned from the Board of Directors of the Company w.e.f 29th March, 2018 and
Mr. Niranjan Biswas has been appointed as additional director Company w.e.f 29th March, 2018 to hold office up to the date of the ensuing
Annual General Meeting of the Company.
The Board proposed to regularize the appointment of Mr. Niranjan Biswas (DIN: 06601039) as the Director of the Company subject to the
approval of the members in the ensuing Annual General Meeting. The Company has also received a Notice from member in writing along with
requisite deposit under Section 160 of the Act, proposing his candidature for the office of Director.
During the year, Mr. Ashwani Ladha, Company Secretary & Mr. Mukesh Kumar Rathi, Chief Financial Officer of the Company has resigned
w.e.f. 2nd February, 2018 & 31st March, 2018 respectively.
Disclosure of contents of corporate social responsibility policy [Text Block]

1. CORPORATE SOCIAL RESPONSIBILITY
The Company does not meet any of the criteria as specified under section 135 of the Act and hence no compliance is required in this regards.
70
[700500] Disclosures - Signatories of financial statements
Details of directors signing financial statements [Table] ..(1)

Directors signing financial statements [Axis] 1 2
01/04/2017 01/04/2017
to to
31/03/2018 31/03/2018
Details of signatories of financial statements [Abstract]
Details of directors signing financial statements [Abstract]
Details of directors signing financial statements [LineItems]
Name of director signing financial statements [Abstract]
KULVEER
First name of director HURKAT
Bharat
Last name of director Goenka

Designation of director Director Director
Director identification number of director 07053912 00414688
Date of signing of financial statements by director 06/06/2018 06/06/2018
71
[700400] Disclosures - Auditors report
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Auditor's
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis] favourable remark
[Member]
01/04/2017
to
31/03/2018
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report
[LineItems]
Textual information
Disclosure in auditors report relating to fixed assets (10) [See below]
Textual information
Disclosure relating to quantitative details of fixed assets (11) [See below]
Textual information
Disclosure relating to physical verification and material discrepancies of fixed assets (12) [See below]
Textual information
Disclosure relating to title deeds of immovable properties (13) [See below]
(ii) As explained to
us the inventories
were physically
verified during the
year by the
Disclosure in auditors report relating to inventories Management at
reasonable intervals
and no material
discrepancies were
noticed on physical
verification
Textual information
Disclosure in auditors report relating to loans (14) [See below]
Textual information
Disclosure about loans granted to parties covered under section 189 of companies act (15) [See below]
Textual information
Disclosure relating to terms and conditions of loans granted (16) [See below]
Textual information
Disclosure regarding receipt of loans granted (17) [See below]
Textual information
Disclosure regarding terms of recovery of loans granted (18) [See below]
(iv) The Company
has not granted any
loans, made
investments or
Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013 provided guarantees
and hence reporting
under clause (iv) of
the CARO 2016 is
not applicable
(v) According to the
information and
explanations given
to us, the Company
has not accepted any
Disclosure in auditors report relating to deposits accepted deposit during the
year , accordingly
the clause(v) of the
CARO 2016 is not
applicable.
Textual information
Disclosure in auditors report relating to maintenance of cost records (19) [See below]
Textual information
Disclosure in auditors report relating to statutory dues [TextBlock] (20) [See below]
Textual information
Disclosure relating to regularity in payment of undisputed statutory dues [TextBlock] (21) [See below]
Textual information
Disclosure relating to disputed statutory dues [TextBlock] (22) [See below]
Textual information
Disclosure in auditors report relating to default in repayment of financial dues (23) [See below]
Disclosure in auditors report relating to public offer and term loans used for purpose for which Textual information
those were raised (24) [See below]
72
(x) No fraud by the

company or any
material fraud on the
Disclosure in auditors report relating to fraud by the company or on the company by its officers Company by its
or its employees reported during period officers or
employees has been
noticed or reported
during the year
Textual information
Disclosure in auditors report relating to managerial remuneration (25) [See below]
(xii) The Company
is not a Nidhi
Company.
Disclosure in auditors report relating to Nidhi Company Accordingly,
paragraph 3 (xii) of
the Order is not
applicable
Textual information
Disclosure in auditors report relating to transactions with related parties (26) [See below]
(xiv) The company
has not made any
preferential
allotment or private
Disclosure in auditors report relating to preferential allotment or private placement of shares or placement of shares
convertible debentures or fully or partly
convertible
debentures during
the year under
review.
Disclosure in auditors report relating to non-cash transactions with directors or persons connected Textual information
with him (27) [See below]
(xvi) The company
is not required to be
Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India registered under
Act, 1934 section 45-IA of the
Reserve Bank of
India Act, 1934.
Details regarding auditors [Table] ..(1)

Auditors [Axis] 1
01/04/2017
to
31/03/2018
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
FOR AMK &
Name of audit firm ASSOCIATES
Bhupendra Kumar
Name of auditor signing report Bhutia
Firms registration number of audit firm 327181E
Membership number of auditor 059363
Address of auditors KOLKATA
Permanent account number of auditor or auditor's firm AACSK6448G
SRN of form ADT-1 Z99999999
Date of signing audit report by auditors 06/06/2018
Date of signing of balance sheet by auditors 06/06/2018

01/04/2017
to
31/03/2018
Disclosure in auditor’s report explanatory [TextBlock] [See below]
Whether companies auditors report order is applicable on company Yes
Whether auditors' report has been qualified or has any reservations or
No
contains adverse remarks
73
Disclosure in auditors report relating to fixed assets

(i) In respect of its fixed assets (property, plant and equipment): a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets. b) The fixed assets were physically verified during the year by the Management in
accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals.
According to the information and explanations given to us no material discrepancies were noticed on such verification. c) According to the
information and explanations given to us and the records examined by us and based on the examination of the registered sale deed / transfer deed /
conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of freehold buildings, are held in the
name of the Company as at the balance sheet date. The Company does not have any immovable properties of freehold land and leasehold land and
buildings that have been taken on lease and disclosed as fixed assets in the Ind AS financial statements.
Disclosure relating to quantitative details of fixed assets

Disclosure relating to physical verification and material discrepancies of fixed assets

Disclosure relating to title deeds of immovable properties

Disclosure in auditors report relating to loans

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnership or other parties covered in
the Register maintained under Section 189 of the Companies Act, 2013. Accordingly clause (iiia) to (iiic) of CARO 2016 is not applicable.
74
Disclosure about loans granted to parties covered under section 189 of companies act
Disclosure relating to terms and conditions of loans granted

Disclosure regarding receipt of loans granted

Disclosure regarding terms of recovery of loans granted

Disclosure in auditors report relating to maintenance of cost records

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

(vii) According to the information and explanations given to us, in respect of statutory dues: a) The Company has generally not been regular in
depositing undisputed statutory dues, including Provident Fund, Income tax, Sales Tax, Service Tax, Goods and Service Tax, Customs Duty,
Excise Duty, Value Added Tax, cess and other material statutory dues applicable to it to the appropriate authorities. b) There were no undisputed
amounts payable in respect of Provident Fund, Income-tax, Sales Tax, Service Tax, Goods and Service Tax, Customs Duty, Excise Duty, Value
Added Tax, cess and other material statutory dues in arrears as at 31 March, 2018 for a period of more than six months from the date they became
payable. c) Details of dues of Income Tax, Excise Duty and Value Added Tax which have not been deposited as on 31 March 2018 on account of
disputes are given below: Name of the Statute Nature of Dues Forum where Dispute is Pending Period to which Amount Relates Amount net of
deposit (Rs. In crores) Central Excise Act 1944 Central Excise CESTAT 2003-04 0.340 Commissioner (Appeal) 2011-12, 2012-13 3.068
Commissioner (Appeal) 2014-15 0.470 Commissioner (Appeal) 2016-17,2017-18 0.038 Finance Act, 1994 Service Tax Commissioner (Appeal)
2014-15 0.006 Commissioner (Appeal) 2015-16 .0005 West-Bengal VAT Act, 2005 VAT Board 2006-07, 2007-08 6.130 Commissioner (Appeal)
2014-15 0.580
75
Disclosure relating to regularity in payment of undisputed statutory dues [Text Block]

2014-15 0.580
Disclosure relating to disputed statutory dues [Text Block]

2014-15 0.580
Disclosure in auditors report relating to default in repayment of financial dues

(viii) The company has defaulted in repayment of loan taken from the bank. The default period is more than twelve months. The default amount is
Rs. 7801.96 lakhs. The Company has not taken any loans or borrowing from a financial institution or government. The Company has not issued
any debentures.
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
(ix) The Company has not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans
during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
Disclosure in auditors report relating to managerial remuneration

(xi) The Company has not any paid managerial remuneration during the current financial year as per section 197 read with Schedule V of the
Companies Act, 2013. Accordingly, paragraph 3 (xi) of the CARO 2016 is not applicable
Disclosure in auditors report relating to transactions with related parties

(xiii) All transactions with the related parties are in compliance with section177 and 188 of Companies Act, 2013 and the details have been
disclosed in the Financial Statements etc., as required by the applicable accounting standards
76
Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, there are no
personal expenses which have been charged to the revenue account and the Company has not entered into non-cash transactions with directors or
persons connected with him.
77
Disclosure in auditor’s report explanatory [Text Block]

Independent Auditor’s Report
To The Members of Bhaskar Shrachi Alloys Limited
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of Bhaskar Shrachi Alloys Limited (“the Company”), which comprise the
Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including other Comprehensive Income), the Cash Flow Statement and the
Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information
(herein after referred to as “ Ind AS Financial Statements”).
Management’s Responsibility for the Ind AS Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to
the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other
comprehensive Income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standard (Ind AS) specified under Section 133 of the Act, read with Rules issued thereunder. This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Ind AS financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the
Company’s preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting
estimates made by the Company’s Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial
statements.
78
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the
information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India, including the Ind AS of the financial position of the Company as at March 31, 2018, and its loss, total comprehensive loss, its
cash flows and the changes in equity for the year ended on that date.
Material Uncertainty Related to Going Concern
We draw attention to Note 1.2 of the statement wherein it is indicated that the Company has accumulated losses and its net worth has been fully
eroded. The Company has incurred a net loss during the year ended on 31st March 2018 and the previous year ended 31st March 2017. The
Company’s current liabilities exceeded its current assets as on 31st March, 2018. These conditions along with other matters set forth in Note 1.2,
indicate the existence of material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern.
Our report is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirement
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the order”) issued by the Central Government of India in terms of Subsection
(11) of Section 143 of the Act, we give in the “Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of the order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those
books;
(c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of
the changes in equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read
with relevant rule issued thereunder;
(e) The going concern matter described in “Material Uncertainty Related to Going Concern” paragraph above, in our opinion, may have an
adverse effect on the functioning of the Company.
(f) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(g) With respect to the adequacy of the Internal Financial Controls over financial reporting of the Company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure B”; and
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014,as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.
79
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.
FOR AMK & ASSOCIATES
Chartered Accountants
Firm Reg. No. 327817E
Bhupendra Kumar Bhutia
Partner
Membership No. 059363
Place: Kolkata
Dated: 6th June, 2018
80
Annexure “A” to the Independent Auditors' Report
Annexure to the Independent Auditors’ Report to the Members of Bhaskar Shrachi Alloys Limited referred to in paragraph 1 of Report on Other
Legal and Regulatory Requirements in our Report of even date
(i) In respect of its fixed assets (property, plant and equipment):
a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) The fixed assets were physically verified during the year by the Management in accordance with a programme of verification, which in our
opinion provides for physical verification of all the fixed assets at reasonable intervals.
According to the information and explanations given to us no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale
deed / transfer deed / conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of freehold
buildings, are held in the name of the Company as at the balance sheet date.
The Company does not have any immovable properties of freehold land and leasehold land and buildings that have been taken on lease and
disclosed as fixed assets in the Ind AS financial statements.
(ii) As explained to us the inventories were physically verified during the year by the Management at reasonable intervals and no material
discrepancies were noticed on physical verification.
(iv) The Company has not granted any loans, made investments or provided guarantees and hence reporting under clause (iv) of the CARO 2016
is not applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposit during the year , accordingly the
clause(v) of the CARO 2016 is not applicable.
(vi) Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section
148(1) of the Act in respect of its products.
We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and
maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
(vii) According to the information and explanations given to us, in respect of statutory dues:
81
a) The Company has generally not been regular in depositing undisputed statutory dues, including Provident Fund, Income tax, Sales Tax, Service
Tax, Goods and Service Tax, Customs Duty, Excise Duty, Value Added Tax, cess and other material statutory dues applicable to it to the
appropriate authorities.
b) There were no undisputed amounts payable in respect of Provident Fund, Income-tax, Sales Tax, Service Tax, Goods and Service Tax,
Customs Duty, Excise Duty, Value Added Tax, cess and other material statutory dues in arrears as at 31 March, 2018 for a period of more than
six months from the date they became payable.
c) Details of dues of Income Tax, Excise Duty and Value Added Tax which have not been deposited as on 31 March 2018 on account of disputes
are given below:
Forum where Dispute is Period to which Amount Amount net of deposit (Rs. In
Name of the Statute Nature of Dues
Pending Relates crores)
Central Excise Act 1944 Central Excise CESTAT 2003-04 0.340
2011-12,
Commissioner (Appeal) 3.068
2012-13
Commissioner (Appeal) 2014-15 0.470
Commissioner (Appeal) 2016-17,2017-18 0.038
Finance Act, 1994 Service Tax Commissioner (Appeal) 2014-15 0.006
Commissioner (Appeal) 2015-16 .0005
Board 2006-07, 2007-08 6.130

West-Bengal VAT Act,
VAT
2005
Commissioner (Appeal) 2014-15 0.580
(viii) The company has defaulted in repayment of loan taken from the bank. The default period is more than twelve months. The default amount is
Rs. 7801.96 lakhs. The Company has not taken any loans or borrowing from a financial institution or government. The Company has not issued
any debentures.
(ix) The Company has not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans
during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
(x) No fraud by the company or any material fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) The Company has not any paid managerial remuneration during the current financial year as per section 197 read with Schedule V of the
Companies Act, 2013. Accordingly, paragraph 3 (xi) of the CARO 2016 is not applicable.
(xii) The Company is not a Nidhi Company. Accordingly, paragraph 3 (xii) of the Order is not applicable.
82
(xiii) All transactions with the related parties are in compliance with section177 and 188 of Companies Act, 2013 and the details have been
disclosed in the Financial Statements etc., as required by the applicable accounting standards;
(xiv) The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year
under review.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, there are no
personal expenses which have been charged to the revenue account and the Company has not entered into non-cash transactions with directors or
persons connected with him.
(xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
PARTNER
Place: Kolkata
83
ANNEXURE “B” TO THE INDEPENDENT AUDITOR’S REPORT
84
Annexure to the Independent Auditors’ Report to the Members of Bhaskar Shrachi Alloys Limited referred to in paragraph 2 (g) of Report on
Other Legal and Regulatory Requirements in our Report of even date
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Bhaskar Shrachi Alloys Limited as of March 31, 2018 in conjunction
with our audit of thefinancial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on “the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India”. These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the
Standards on Auditing, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s
internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
85
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation
of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal
financial controls over financial reporting were operating effectively as at March 31, 2018, based on “the internal control over financial reporting
criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India”.
PARTNER
86
Place: Kolkata
[700700] Disclosures - Secretarial audit report
Details of signatories of secretarial audit report [Table] ..(1)

Signatories of secretarial audit report [Axis] 1
01/04/2017
to
31/03/2018
Details of signatories of secretarial audit report [Abstract]
Details of signatories of secretarial audit report [LineItems]
Category of secretarial auditor Individual
Name of secretarial audit firm RAHUL JAISWAL
Name of secretarial auditor signing report RAHUL JAISWAL
Membership number of secretarial auditor 37393
Certificate of practice number of secretarial auditor 14753
6/3/28A SEAL'S
Address of secretarial auditors GARDEN
LANE,1ST FLOOR
Date of signing secretarial audit report 20/06/2018

01/04/2017
to
31/03/2018
Disclosure in secretarial audit report explanatory [TextBlock]
Whether secretarial audit report is applicable on company Yes
Whether secretarial audit report has been qualified or has any
No
observation or other remarks
87
[110000] Balance sheet

31/03/2018 31/03/2017 31/03/2016
Balance sheet [Abstract]
Assets [Abstract]
Non-current assets [Abstract]
Property, plant and equipment 5,60,57,470 6,95,39,682 8,69,61,921
Capital work-in-progress 71,60,760 71,60,760 71,60,760
Other intangible assets 0 0 0
Non-current financial assets [Abstract]
Non-current investments 0 0 0
Loans, non-current 50,92,188 2,03,39,919 2,01,55,724
Total non-current financial assets 50,92,188 2,03,39,919 2,01,55,724
Deferred tax assets (net) -3,43,649 3,85,218 1,24,924
Other non-current assets 42,72,244 43,90,177 44,82,610
Total non-current assets 7,22,39,013 10,18,15,756 11,88,85,939
Current assets [Abstract]
Inventories 1,12,25,980 15,65,70,275 22,93,33,895
Current financial assets [Abstract]
Current investments 0 0 0
Trade receivables, current 1,53,43,288 10,61,90,984 11,18,30,152
Cash and cash equivalents 6,81,414 54,50,106 1,13,13,191
Bank balance other than cash and cash equivalents 0 11,02,907 19,98,484
Loans, current 0 0 0
Total current financial assets 1,60,24,702 11,27,43,997 12,51,41,827
Current tax assets 2,63,97,638 2,33,88,020 1,44,01,541
Other current assets 6,06,67,067 5,40,81,776 3,49,16,929
Total current assets 11,43,15,387 34,67,84,068 40,37,94,192
Total assets 18,65,54,400 44,85,99,824 52,26,80,131
Equity and liabilities [Abstract]
Equity [Abstract]
Equity attributable to owners of parent [Abstract]
Equity share capital 20,50,00,000 20,50,00,000 20,50,00,000
Other equity -121,02,43,956 -86,72,96,865 -71,10,22,161
Total equity attributable to owners of parent -100,52,43,956 -66,22,96,865 -50,60,22,161
Non controlling interest 0 0 0
Total equity -100,52,43,956 -66,22,96,865 -50,60,22,161
Liabilities [Abstract]
Non-current liabilities [Abstract]
Non-current financial liabilities [Abstract]
Borrowings, non-current 0 0 0
Other non-current financial liabilities 1,41,00,000 1,41,00,000 1,65,00,000
Total non-current financial liabilities 1,41,00,000 1,41,00,000 1,65,00,000
Provisions, non-current 2,66,328 22,95,963 6,68,153
Total non-current liabilities 1,43,66,328 1,63,95,963 1,71,68,153
Current liabilities [Abstract]
Current financial liabilities [Abstract]
Borrowings, current 55,71,38,986 53,35,66,564 52,44,33,839
Trade payables, current 31,99,04,840 28,49,86,969 23,42,07,429
Other current financial liabilities 26,94,80,989 24,42,41,005 22,21,74,569
Total current financial liabilities 114,65,24,815 106,27,94,538 98,08,15,837
Other current liabilities 3,05,71,460 2,95,29,956 2,91,10,981
Provisions, current 3,35,753 21,76,232 16,07,321
Total current liabilities 117,74,32,028 109,45,00,726 101,15,34,139
Total liabilities 119,17,98,356 111,08,96,689 102,87,02,292
Total equity and liabilities 18,65,54,400 44,85,99,824 52,26,80,131
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[210000] Statement of profit and loss
Earnings per share [Table] ..(1)

Classes of equity share capital [Axis] Equity shares 1 [Member]
01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Statement of profit and loss [Abstract]
Earnings per share [Abstract]
Earnings per share [Line items]
Basic earnings per share [Abstract]
Basic earnings (loss) per share from continuing operations [INR/shares] -16.83 [INR/shares] -7.59
Total basic earnings (loss) per share [INR/shares] -16.83 [INR/shares] -7.59
Diluted earnings per share [Abstract]
Diluted earnings (loss) per share from continuing operations [INR/shares] -16.83 [INR/shares] -7.59
Total diluted earnings (loss) per share [INR/shares] -16.83 [INR/shares] -7.59
89

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Statement of profit and loss [Abstract]
Income [Abstract]
Revenue from operations 36,40,10,006 96,17,89,716
Other income 2,15,355 7,61,826
Total income 36,42,25,361 96,25,51,542
Expenses [Abstract]
Cost of materials consumed 11,86,06,631 36,87,99,245
Purchases of stock-in-trade 64,97,058 0
Changes in inventories of finished goods, work-in-progress and
13,06,35,004 -1,47,01,597
stock-in-trade
Employee benefit expense 2,66,43,547 4,52,62,554
Finance costs 6,87,66,600 7,29,84,084
Depreciation, depletion and amortisation expense 1,41,74,807 1,90,56,449
Other expenses 34,39,23,272 62,68,43,430
Total expenses 70,92,46,919 111,82,44,165
Profit before exceptional items and tax -34,50,21,558 -15,56,92,623
Total profit before tax -34,50,21,558 -15,56,92,623
Tax expense [Abstract]
Total tax expense 0 0
Total profit (loss) for period from continuing operations -34,50,21,558 -15,56,92,623
Total profit (loss) for period -34,50,21,558 -15,56,92,623
Comprehensive income OCI components presented net of tax [Abstract]
Whether company has other comprehensive income OCI components
No No
presented net of tax
Other comprehensive income net of tax [Abstract]
Other comprehensive income that will not be reclassified to
20,74,467 -5,82,081
profit or loss, net of tax, others
Total other comprehensive income that will not be reclassified
20,74,467 -5,82,081
to profit or loss, net of tax
Total other comprehensive income 20,74,467 -5,82,081
Total comprehensive income -34,29,47,091 -15,62,74,704
Comprehensive income OCI components presented before tax [Abstract]
Whether company has comprehensive income OCI components presented
No No
before tax
Other comprehensive income before tax [Abstract]
Total other comprehensive income 20,74,467 -5,82,081
Earnings per share explanatory [TextBlock]
Earnings per share [Abstract]
[210000a] Statement of profit and loss
Other comprehensive income that will not be reclassified to profit or loss, net of tax, others [Table] ..(1)
Other comprehensive income that will not be reclassified to profit or loss, net of tax, others [Axis] 1
01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Other comprehensive income that will not be reclassified to profit or loss, net of tax,
others [Abstract]
others [Line items]
Description of other comprehensive income that will not be reclassified to profit As per notes on As per notes on
or loss, net of tax, others accounts accounts
20,74,467 -5,82,081
others
90
[400200] Statement of changes in equity
Statement of changes in equity [Table] ..(1)

Equity attributable
to the equity
Components of equity [Axis] Equity [Member]
holders of the
parent [Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
Other equity [Abstract]
Statement of changes in equity [Line items]
Equity [Abstract]
Changes in equity [Abstract]
Comprehensive income [Abstract]
Profit (loss) for period -34,50,21,558 -15,56,92,623 -34,50,21,558
Changes in comprehensive income components 20,74,467 -5,82,081 0 20,74,467
Total comprehensive income -34,29,47,091 -15,62,74,704 0 -34,29,47,091
Total increase (decrease) in equity -34,29,47,091 -15,62,74,704 0 -34,29,47,091
Other equity at end of period -121,02,43,956 -86,72,96,865 -71,10,22,161 -121,02,43,956

Equity attributable to the equity holders
Components of equity [Axis] Reserves [Member]
of the parent [Member]
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
Equity [Abstract]
Profit (loss) for period -15,56,92,623 -34,50,21,558 -15,56,92,623
Changes in comprehensive income components -5,82,081 20,74,467 -5,82,081
Total comprehensive income -15,62,74,704 -34,29,47,091 -15,62,74,704
Total increase (decrease) in equity -15,62,74,704 -34,29,47,091 -15,62,74,704

Components of equity [Axis] Reserves [Member] Retained earnings [Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
Equity [Abstract]
Profit (loss) for period -34,50,21,558 -15,56,92,623
Changes in comprehensive income components 20,74,467 -5,82,081
Total increase (decrease) in equity -34,29,47,091 -15,62,74,704
91

Components of equity [Axis] Other retained earning [Member]
01/04/2017 01/04/2016
to to 31/03/2016
31/03/2018 31/03/2017
Equity [Abstract]
Profit (loss) for period -34,50,21,558 -15,56,92,623
Changes in comprehensive income components 20,74,467 -5,82,081
Total increase (decrease) in equity -34,29,47,091 -15,62,74,704
Other equity at end of period -121,02,43,956 -86,72,96,865 -71,10,22,161
[320000] Cash flow statement, indirect

01/04/2017 01/04/2016
to to 31/03/2016
31/03/2018 31/03/2017
Statement of cash flows [Abstract]
Whether cash flow statement is applicable on company Yes Yes
Cash flows from used in operating activities [Abstract]
Profit before tax -34,50,21,558 -15,56,92,623
Adjustments for reconcile profit (loss) [Abstract]
Adjustments for decrease (increase) in inventories 14,53,44,295 7,27,63,620
Adjustments for decrease (increase) in trade receivables, current 9,97,30,976 -1,36,73,864
Adjustments for increase (decrease) in trade payables, current 6,01,32,579 7,25,64,297
Adjustments for depreciation and amortisation expense 1,41,74,807 1,90,56,449
Other adjustments to reconcile profit (loss) (A) 6,85,96,769 (B) 7,22,22,258

Total adjustments for reconcile profit (loss) 38,79,79,426 22,29,32,760
Net cash flows from (used in) operations 4,29,57,868 6,72,40,137
Income taxes paid (refund) 30,09,618 89,86,479
Net cash flows from (used in) operating activities 3,99,48,250 5,82,53,658
Cash flows from used in investing activities [Abstract]
Purchase of property, plant and equipment 6,67,443 16,34,210
Interest received 1,44,679 4,16,826
Other inflows (outflows) of cash 10,00,000 9,52,000
Net cash flows from (used in) investing activities 4,77,236 -2,65,384
Cash flows from used in financing activities [Abstract]
Proceeds from borrowings 2,35,72,422 91,32,725
Interest paid 6,87,66,600 7,29,84,084
Net cash flows from (used in) financing activities -4,51,94,178 -6,38,51,359
Net increase (decrease) in cash and cash equivalents before effect of
-47,68,692 -58,63,085
exchange rate changes
Net increase (decrease) in cash and cash equivalents -47,68,692 -58,63,085
Cash and cash equivalents cash flow statement at end of period 6,81,414 54,50,106 1,13,13,191
Footnotes
(A) -Net Profit/(Loss) on sale of fixed/discarded assets : -25152 -Interest Expenses : 68766600 -Liabilities no longer required written
back : 0 -Interest Income : -144679
(B) -Net Profit/(Loss) on sale of fixed/discarded assets : 0 -Interest Expenses : 72984084 -Liabilities no longer required written back :
-345000 -Interest Income : -416826
92
[610100] Notes - List of accounting policies

01/04/2017
to
31/03/2018
Disclosure of significant accounting policies [TextBlock] [See below]
93
Disclosure of significant accounting policies [Text Block]
Note- 1
Significant Accounting Policies and Notes on Accounts as at and for the year ended on 31st March, 2018
Corporate Information
Bhaskar Shrachi Alloys Limited (BSAL) is a public limited company domiciled and incorporated in India and its shares are publicly traded on the
Calcutta Stock Exchange (‘CSE’), in India. The registered office of BSAL, is at 8/1 Middleton Row Kolkata-700071. The Company is principally
engaged in production of Silico Mangnese (Ferro Alloys), SGCI Insert and Steel Billet in India. These financial statements are prepared in Indian
rupees.
The financial statements were approved and adopted by board of directors of the Company in their meeting held on 6th June, 2018.
Basis of preparation
a. Statement of compliance
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (“Ind AS”) as issued by the
Ministry of Corporate Affairs (“MCA”).
For all periods up to and including the year ended 31st March, 2017, the Company had prepared its financial statements in accordance with
accounting standards notified under the section 133 of the Companies Act 2013, read together with Rule 7 of the Companies (Accounts) Rules,
2014 [Indian GAAP].
These financial statements for the period ended 31st March, 2018 are the first financial statements, the Company has prepared in accordance with
Indian Accounting Standards (“Ind AS”) consequent to the notification of The Companies (Indian Accounting Standards) Rules, 2015 (the Rules)
issued by the MCA. Further, in accordance with the Rules, the Company has restated its Balance Sheet as at 1st April, 2016 and financial
statements for the year ended and as at 31st March, 2017 also as per Ind AS. For preparation of opening balance sheet under Ind AS as at 1st
April, 2016, the Company has availed exemptions and first time adoption policies in accordance with Ind AS 101 "First-time Adoption of Indian
Accounting Standards", the details of which have been explained thereof in Note 43.
94
b. Going concern assumption
The Company has incurred a loss of Rs. 3,450.22 lakhs during the year ended 31 March, 2018 (incurred a loss of Rs. 1,556.93 lakhs during the
year ended 31 March, 2017) and the accumulated losses as at 31 March, 2018 amounting to Rs. 12,114.57 lakhs (as at 31 March, 2017 Rs.
8,664.35 lakhs) has eroded the net worth of the Company and the Company’s current liabilities exceeds its current assets by Rs. 10,631.41 lakhs
as at 31 March, 2018 (as at 31 March, 2017 Rs. 7,477.16 lakhs).
The Company's operating results continue to be materially affected by various factors, particularly high pricing pressures, overcapacity in
industry, general economic slowdown and unavailability of future financing.
Considering, the above factors the Company’s Management feel that the going concern assumption is still appropriate for preparing the Ind AS
financial statements as they have submitted the plan to the Banks and other Utilities to revive and to restart the operations of the plant and made
the Company again profitable.
3. Significant accounting Policies and Key Estimates and Judgements
3.1 Basis of Measurement
The financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at
the end of each reporting period, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair
value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those
characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in
these financial statements is determined on such a basis except for, leasing transactions that are within the scope of Ind AS 17, and measurements
that have some similarities to fair value but are not fair value, such as net realisable value in Ind AS 2 or value in use in Ind AS 36.
95
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on the degree to which the inputs
to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described
as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or
indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
3.2 Use of Estimates
The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and assumption. These
estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the financial statement and reported amounts of revenue and expenses during the
period. Application of accounting policies that requires critical accounting estimates involving complex and subjective judgments and the use of
assumptions in these financial statements have been disclosed. Accounting estimate could change from period to period. Actual results could
differ from those judgments. Appropriate changes in estimates are made as management become aware of changes in circumstances surrounding
the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects
are disclosed in the notes to the financial statements.
96
3.3 Significant accounting Judgments, estimate, assumptions
In the process of applying the Company’s accounting policies, management has made the following key estimates, assumptions and judgments,
which have significant effect on the amounts recognised in the financial statement:
(a) Income taxes
Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities. The factors used in
estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported in the standalone financial
statements.
(b) Contingencies
Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations against the
Company as it is not possible to predict the outcome of pending matters with accuracy.
(c) Defined Benefit Plans
The cost of the employment benefits such as gratuity and leave obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate,
future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation
is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the
management considers the interest rates of government bonds.
The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at interval
in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.
97
Further details about gratuity obligations are given in Note 36.
3.4 Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/non-current classification.
(A) An asset treated as current when it is:
(i) Expected to be realized or intended to be sold or consumed in normal operating cycle
(ii) Held primarily for the purpose of trading
(iii) Expected to be realized within twelve months after the reporting period, or
(iv) Cash or Cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the
reporting period
All other assets are classified as non-current.
(B) A liability is current when:
(i) It is expected to be settled in normal operating cycle
(ii) It is held primarily for the purpose of trading
(iii) It is due to be settled within twelve months after the reporting period, or
(iv) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
All other liabilities are classified as non-current.
3.5 Reclassification of financial assets and liabilities
The company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no classification is made
for financial assets which are equity instruments and financial liabilities. For financials assets which are debt instruments; a reclassification is
made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The
company’s senior management determines change in the business model as a result of external or internal changes which are significant to the
company’s operations. Such changes are evident to the external parties. A change in the business model occurs when the company either begins
or ceases to perform an activity that is significant to its operations. If the company reclassifies financial assets, it applies the reclassification
prospectively from the reclassification date which is the first day of the immediately next reporting period. Following the changes in business
model, the company does not restate any previously recognized gains, losses (including impairment gains or losses) or interest.
98
3.6 Significant Accounting Policies
Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably
measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking
into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.
Sale of Goods
Sales are recognized when the substantial risks and rewards of ownership in the goods are transferred to the buyer as per the terms of the contract
and are measured at the fair value of the consideration received and receivable and net of trade discounts, allowable sales return and sales
tax/value added tax/goods and service tax.
Interest Income
Interest Income from a financial asset is recognized when it is probable that the economic benefits will flow to the Company and the amount of
income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest
rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the asset's
net carrying amount on initial recognition.
Inventories
Inventories are stated at the lower of cost and net realisable value.
99
The cost of ?nished goods and work-in-progress includes raw materials, direct labour, other direct costs and related production overheads.
Cost is determined on a weighted average basis. However, materials and other items held for use in the production of inventories are not written
down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.
The inventories are measured at fair value only in those cases where the inventories are designated into a fair value hedge relationship.
Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the
sale.
Taxation
Income tax expense represents the sum of current and deferred tax (including MAT).
Current income tax assets and liabilities are measured at the amount to be recovered from or paid to taxation authorities. The tax rates and tax
laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.
Income tax expense is recognized in the Statement of Profit and Loss, except to the extent that it relates to items recognized directly in equity or
other comprehensive income, in such cases the tax is also recognized directly in equity or in other comprehensive income.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Balance sheet and the tax bases used in the
computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognized for all
deductible temporary differences, Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available
against which those deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred
tax assets and deferred tax liabilities are off set, and presented as net.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available against which the temporary differences can be utilised.
100
Minimum Alternative Tax (MAT) is applicable to the Company. Credit of MAT is recognised as an asset only when and to the extent there is
convincing evidence that the Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to
be carried forward. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of a credit
to the profit and loss account and shown as MAT credit entitlement. The Company reviews the same at each balance sheet date and writes down
the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that the Company will pay
normal income tax during the specified period.
Property, Plant and Equipment
The Company considers the previous GAAP carrying value for all its Property, Plant and Equipment as deemed cost at the transiton date, viz. 1st
April 2016
Property, Plant and Equipment are stated at cost less accumulated depreciation and accumulated impairment of loss, if any.
Cost of any item of property, plant and equipment comprises its purchase price including import duties and non-refundable purchase taxes, after
deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working condition.
Depreciation is provided on the straight line method by depreciating carrying amount of Property, Plant and Equipment over remaining useful life
of the assets.
Depreciation methods, useful life and residual values are reviewed at each financial year end.
The useful life and residual value as per such review is normally in accordance with schedule II of the Companies Act 2013.
The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss on the date of disposal or retirement.
Intangible Assets
Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortised over their respective individual
estimated useful life on a straight line method.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognised in the statement of profit or loss when the asset is derecognised.
101
Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that a Property, plant and equipment may have been impaired. If
any such indication exists, the Company estimates the recoverable amount of the Property, plant and equipment. If such recoverable amount of
the Property, plant and equipment or the recoverable amount of the cash generating unit to which the Property, plant and equipment belongs is
less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is
recognized in the profit and loss. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists,
the recoverable amount is reassessed and the Asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost.
Borrowing Costs
Interest and other costs connected with the borrowing for the acquisition / construction of qualifying fixed assets are capitalized up to the date that
when such asset are ready for their intended use and other borrowing cost are charged to statement of profit & loss. Borrowing cost includes
exchange difference to the extent regarded as an adjustment to the borrowing cost.
Lease
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease.
The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement
conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
A lease is classified at the inception date as a finance lease or an operating lease.
Leases under which the Company assumes substantially all risks and rewards of ownership are classified as finance lease. When acquired such
assets are capitalised at fair value or present value of minimum lease payments at the inception of the lease, whichever is lower. Lease payments
under operating lease are recognized as an expenses on a straight line basis in the Statement of Profit and Loss account over the lease term.
Foreign Currencies Translations
Transactions in foreign currencies are initially recorded in reporting currency by the Company at spot rates at the date the transaction first
qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting
date. Exchange differences arising on settlement or translation of monetary items are recognized in statement of profit and loss.
102
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the
initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the
fair value is determined. The gain or loss arising on translation of nonmonetary items measured at fair value is treated in line with the recognition
of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI
or statement profit or loss are also recognised in OCI or statement profit and loss, respectively).
Provision and Contingencies
A provision is recognised if as a result of past event the company has a present legal or constructive obligation that is reasonably estimated and it
is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are determined by discounting the expected
cash flow at a pre-tax rate that reflects current market assessments of the time value of the money and the risk specific to the liabilities.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the obligation. The Company does not recognize a contingent liability but discloses its
existence in the financial statements. if material, are disclosed by way of notes to the accounts.
Contingent assets are not recognised in the financial statements, as they are dependent on the outcome of legal or other processes.
k. Employee Benefits : Expenses and liabilities in respect of employee benefit are recorded in accordance with Indian Accounting Standard
(IND AS 19 employees benefit)
(i) Short Term Employees Benefit
Short Term Employee Benefits (i.e. benefits falling due within one year after the end of the period in which employees render the related service)
are recognized as expenses in the period in which employee services are rendered as per the Company’s scheme based on expected obligations on
undiscounted basis.
(ii) Post-Employment Benefit Plans
Under Defined Contribution Plan, the contribution is payable in keeping with the related schemes are recognized as expenses for the year.
Under Defined Benefit Plan, the present value of the obligations is determined based on actuarial valuations using the Projected Unit Credit
Method, on the basis of actuarial valuations carried out by actuary at each Balance Sheet date. Actuarial gain /loss, if any, arising from experience
adjustments and change in actuarial assumptions are charged or credited to Other Comprehensive income in the period in which they arise. .
103
(iii) Other Long-Term Employee Benefits
Leave encashment/compensated absence is determined by valuations using the Projected Unit Credit Method, on the basis of actuarial valuations
carried out by actuary at each Balance Sheet date. Actuarial gain /loss, if any, arising from experience adjustments and change in actuarial
assumptions are charged or credited to Other Comprehensive income in the period in which they arise.
Cash and Cash Equivalents
Cash and Cash equivalent in the balance sheet comprise cash at banks and on hand and short term deposits with an original maturity of three
months or less, which are subject to an insignificant risk of changes in value.
For the purpose of statement of cash flows, cash and cash equivalents consist of cash at banks and on hand and short-term deposits, as defined
above, net of outstanding bank overdrafts as they are considered an integral part of Company’s Cash Management.
Dividend
Annual dividend distribution to the shareholders is recognised as a liability in the period in which the dividend is approved by the shareholders.
Dividend payable and corresponding tax on dividend distribution is recognised directly in equity.
Earnings Per Share
Basic Earnings per equity shares are calculated by dividing the net profit or loss before OCI for the period attributable to equity shareholders by
the weighted average number of equity share outstanding during the year.
For calculating diluted earnings per share, the net profit or loss before OCI for the period attributable to equity shareholders and the weighted
average number of share outstanding during the period are adjusted for the effect of all diluted potential equity shares.
Financial Instruments
(a) Financial Assets
Initial Recognition and Measurement
All financial Assets are recognised initially at fair value plus, in case of financial assets not recorded at fair value through profit or loss,
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transaction cost that are attributable to the acquisition of the financial asset.
Subsequent measurement
(i) Financial Assets carried at amortised Cost- A Financial Assets is subsequently measured at amortised cost, using effective interest rate
(EIR) method, if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest term on the
principal amount outstanding.
Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit or
loss. The losses arising from impairment are recognised in the profit or loss. This category generally applies to trade receivables, cash and bank
balances, loans and other financial assets of the company.
(ii) Financial Assets at fair value through other comprehensive income- A financial asset is subsequently measured at fair value through other
comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets and the contractual terms of the financial asset give rise on a specified date to cash flows that are solely payments of principal and
interest on the principal amount outstanding. The Company has made an irrevocable election for its investment which are classified as equity
instruments to present the subsequent changes in fair value in other Comprehensive income based on its business model., Further in case where
the company has made an irrecoverable election based on its business model for its investments, which are classified as equity instrument the
subsequent changes in fair value are recognised in other comprehensive income.
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are
recognized in the OCI. There is no recycling of the amounts from OCI to statement of profit and loss, even on sale of investment. However, the
Company may transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the statement of profit and loss.
(iii) Financial assets at fair value through profit or loss- A financial asset which is not classified in any of the above categories are subsequently
fair valued through profit or loss
(b) Financial Liabilities
Initial recognition and Measurement
Financial Liabilities are recognised at fair value on initial recognition and in case of loan and borrowing or payables net of directly attributable
transaction costs.
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Subsequent Measurement
Financial Liabilities are subsequently carried at amortized cost using effective interest rate method. Gains and losses are recognised in profit or
loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit and loss.
For trade and other payables maturing within one year from the Balance sheet date, the carrying amounts approximate fair value due to the short
maturity of these instruments.
(c) De-recognition of financial instrument
The company de-recognises the financial assets when contractual right to cash flow from financial assets expire or it transfer the financial assets
and transfer qualities for de-recognition under IND AS 109. A financial liability or a part of a financial liability is de-recognised from the
company’s Balance Sheet when obligation specified in the contract is discharged or cancelled or expires.
(d) Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
Fair value financial instruments
The company measure financial instrument at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date.
In determining the fair value of its financial instruments, the company use various method and assumption that are based on market conditions
and risks existing at each reporting date. The methods used to determine the fair value includes discounted cash flow analysis, available quoted
market price and dealer quotes and valuation report etc. The method of assessing fair value results in general approximation of value and such
value may never actually be realised.
Fair Values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
When measuring the fair value of an asset or liability, the company uses observable market data as far as possible. If the inputs used to measure
the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its
entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
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Recent accounting pronouncements
Standard issued but yet not effective
In March, 2018 the Ministry of Corporate Affairs (MCA) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018.
The rules among other key amendments to Ind AS 12, Income Taxes, Ind AS 21, The Effects of Changes in Foreign Exchange Rates, notify Ind
AS 115, Revenue from Contracts with Customers. These rules come into force from April 1, 2018.
[610200] Notes - Corporate information and statement of IndAs compliance

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of corporate information notes and other explanatory information
[TextBlock]
Statement of Ind AS compliance [TextBlock] As per notes on accounts As per notes on accounts
Whether there is any departure from Ind AS No No
Whether there are reclassifications to comparative amounts No No
Disclosure of significant accounting policies [TextBlock] [See below]
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Disclosure of significant accounting policies [Text Block]
Note- 1
Significant Accounting Policies and Notes on Accounts as at and for the year ended on 31st March, 2018
Corporate Information
Bhaskar Shrachi Alloys Limited (BSAL) is a public limited company domiciled and incorporated in India and its shares are publicly traded on the
Calcutta Stock Exchange (‘CSE’), in India. The registered office of BSAL, is at 8/1 Middleton Row Kolkata-700071. The Company is principally
engaged in production of Silico Mangnese (Ferro Alloys), SGCI Insert and Steel Billet in India. These financial statements are prepared in Indian
rupees.
The financial statements were approved and adopted by board of directors of the Company in their meeting held on 6th June, 2018.
Basis of preparation
a. Statement of compliance
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (“Ind AS”) as issued by the
Ministry of Corporate Affairs (“MCA”).
For all periods up to and including the year ended 31st March, 2017, the Company had prepared its financial statements in accordance with
accounting standards notified under the section 133 of the Companies Act 2013, read together with Rule 7 of the Companies (Accounts) Rules,
2014 [Indian GAAP].
These financial statements for the period ended 31st March, 2018 are the first financial statements, the Company has prepared in accordance with
Indian Accounting Standards (“Ind AS”) consequent to the notification of The Companies (Indian Accounting Standards) Rules, 2015 (the Rules)
issued by the MCA. Further, in accordance with the Rules, the Company has restated its Balance Sheet as at 1st April, 2016 and financial
statements for the year ended and as at 31st March, 2017 also as per Ind AS. For preparation of opening balance sheet under Ind AS as at 1st
April, 2016, the Company has availed exemptions and first time adoption policies in accordance with Ind AS 101 "First-time Adoption of Indian
Accounting Standards", the details of which have been explained thereof in Note 43.
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b. Going concern assumption
The Company has incurred a loss of Rs. 3,450.22 lakhs during the year ended 31 March, 2018 (incurred a loss of Rs. 1,556.93 lakhs during the
year ended 31 March, 2017) and the accumulated losses as at 31 March, 2018 amounting to Rs. 12,114.57 lakhs (as at 31 March, 2017 Rs.
8,664.35 lakhs) has eroded the net worth of the Company and the Company’s current liabilities exceeds its current assets by Rs. 10,631.41 lakhs
as at 31 March, 2018 (as at 31 March, 2017 Rs. 7,477.16 lakhs).
The Company's operating results continue to be materially affected by various factors, particularly high pricing pressures, overcapacity in
industry, general economic slowdown and unavailability of future financing.
Considering, the above factors the Company’s Management feel that the going concern assumption is still appropriate for preparing the Ind AS
financial statements as they have submitted the plan to the Banks and other Utilities to revive and to restart the operations of the plant and made
the Company again profitable.
3. Significant accounting Policies and Key Estimates and Judgements
3.1 Basis of Measurement
The financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at
the end of each reporting period, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair
value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those
characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in
these financial statements is determined on such a basis except for, leasing transactions that are within the scope of Ind AS 17, and measurements
that have some similarities to fair value but are not fair value, such as net realisable value in Ind AS 2 or value in use in Ind AS 36.
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In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on the degree to which the inputs
to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described
as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or
indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
3.2 Use of Estimates
The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and assumption. These
estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the financial statement and reported amounts of revenue and expenses during the
period. Application of accounting policies that requires critical accounting estimates involving complex and subjective judgments and the use of
assumptions in these financial statements have been disclosed. Accounting estimate could change from period to period. Actual results could
differ from those judgments. Appropriate changes in estimates are made as management become aware of changes in circumstances surrounding
the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects
are disclosed in the notes to the financial statements.
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3.3 Significant accounting Judgments, estimate, assumptions
In the process of applying the Company’s accounting policies, management has made the following key estimates, assumptions and judgments,
which have significant effect on the amounts recognised in the financial statement:
(a) Income taxes
Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities. The factors used in
estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported in the standalone financial
statements.
(b) Contingencies
Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations against the
Company as it is not possible to predict the outcome of pending matters with accuracy.
(c) Defined Benefit Plans
The cost of the employment benefits such as gratuity and leave obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate,
future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation
is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the
management considers the interest rates of government bonds.
The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at interval
in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.
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Further details about gratuity obligations are given in Note 36.
3.4 Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/non-current classification.
(A) An asset treated as current when it is:
(i) Expected to be realized or intended to be sold or consumed in normal operating cycle
(ii) Held primarily for the purpose of trading
(iii) Expected to be realized within twelve months after the reporting period, or
(iv) Cash or Cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the
reporting period
All other assets are classified as non-current.
(B) A liability is current when:
(i) It is expected to be settled in normal operating cycle
(ii) It is held primarily for the purpose of trading
(iii) It is due to be settled within twelve months after the reporting period, or
(iv) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
All other liabilities are classified as non-current.
3.5 Reclassification of financial assets and liabilities
The company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no classification is made
for financial assets which are equity instruments and financial liabilities. For financials assets which are debt instruments; a reclassification is
made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The
company’s senior management determines change in the business model as a result of external or internal changes which are significant to the
company’s operations. Such changes are evident to the external parties. A change in the business model occurs when the company either begins
or ceases to perform an activity that is significant to its operations. If the company reclassifies financial assets, it applies the reclassification
prospectively from the reclassification date which is the first day of the immediately next reporting period. Following the changes in business
model, the company does not restate any previously recognized gains, losses (including impairment gains or losses) or interest.
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3.6 Significant Accounting Policies
Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably
measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking
into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.
Sale of Goods
Sales are recognized when the substantial risks and rewards of ownership in the goods are transferred to the buyer as per the terms of the contract
and are measured at the fair value of the consideration received and receivable and net of trade discounts, allowable sales return and sales
tax/value added tax/goods and service tax.
Interest Income
Interest Income from a financial asset is recognized when it is probable that the economic benefits will flow to the Company and the amount of
income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest
rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the asset's
net carrying amount on initial recognition.
Inventories
Inventories are stated at the lower of cost and net realisable value.
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The cost of ?nished goods and work-in-progress includes raw materials, direct labour, other direct costs and related production overheads.
Cost is determined on a weighted average basis. However, materials and other items held for use in the production of inventories are not written
down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.
The inventories are measured at fair value only in those cases where the inventories are designated into a fair value hedge relationship.
Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the
sale.
Taxation
Income tax expense represents the sum of current and deferred tax (including MAT).
Current income tax assets and liabilities are measured at the amount to be recovered from or paid to taxation authorities. The tax rates and tax
laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.
Income tax expense is recognized in the Statement of Profit and Loss, except to the extent that it relates to items recognized directly in equity or
other comprehensive income, in such cases the tax is also recognized directly in equity or in other comprehensive income.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Balance sheet and the tax bases used in the
computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognized for all
deductible temporary differences, Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available
against which those deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred
tax assets and deferred tax liabilities are off set, and presented as net.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available against which the temporary differences can be utilised.
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Minimum Alternative Tax (MAT) is applicable to the Company. Credit of MAT is recognised as an asset only when and to the extent there is
convincing evidence that the Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to
be carried forward. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of a credit
to the profit and loss account and shown as MAT credit entitlement. The Company reviews the same at each balance sheet date and writes down
the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that the Company will pay
normal income tax during the specified period.
Property, Plant and Equipment
The Company considers the previous GAAP carrying value for all its Property, Plant and Equipment as deemed cost at the transiton date, viz. 1st
April 2016
Property, Plant and Equipment are stated at cost less accumulated depreciation and accumulated impairment of loss, if any.
Cost of any item of property, plant and equipment comprises its purchase price including import duties and non-refundable purchase taxes, after
deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working condition.
Depreciation is provided on the straight line method by depreciating carrying amount of Property, Plant and Equipment over remaining useful life
of the assets.
Depreciation methods, useful life and residual values are reviewed at each financial year end.
The useful life and residual value as per such review is normally in accordance with schedule II of the Companies Act 2013.
The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss on the date of disposal or retirement.
Intangible Assets
Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortised over their respective individual
estimated useful life on a straight line method.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognised in the statement of profit or loss when the asset is derecognised.
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Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that a Property, plant and equipment may have been impaired. If
any such indication exists, the Company estimates the recoverable amount of the Property, plant and equipment. If such recoverable amount of
the Property, plant and equipment or the recoverable amount of the cash generating unit to which the Property, plant and equipment belongs is
less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is
recognized in the profit and loss. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists,
the recoverable amount is reassessed and the Asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost.
Borrowing Costs
Interest and other costs connected with the borrowing for the acquisition / construction of qualifying fixed assets are capitalized up to the date that
when such asset are ready for their intended use and other borrowing cost are charged to statement of profit & loss. Borrowing cost includes
exchange difference to the extent regarded as an adjustment to the borrowing cost.
Lease
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease.
The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement
conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
A lease is classified at the inception date as a finance lease or an operating lease.
Leases under which the Company assumes substantially all risks and rewards of ownership are classified as finance lease. When acquired such
assets are capitalised at fair value or present value of minimum lease payments at the inception of the lease, whichever is lower. Lease payments
under operating lease are recognized as an expenses on a straight line basis in the Statement of Profit and Loss account over the lease term.
Foreign Currencies Translations
Transactions in foreign currencies are initially recorded in reporting currency by the Company at spot rates at the date the transaction first
qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting
date. Exchange differences arising on settlement or translation of monetary items are recognized in statement of profit and loss.
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Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the
initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the
fair value is determined. The gain or loss arising on translation of nonmonetary items measured at fair value is treated in line with the recognition
of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI
or statement profit or loss are also recognised in OCI or statement profit and loss, respectively).
Provision and Contingencies
A provision is recognised if as a result of past event the company has a present legal or constructive obligation that is reasonably estimated and it
is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are determined by discounting the expected
cash flow at a pre-tax rate that reflects current market assessments of the time value of the money and the risk specific to the liabilities.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the obligation. The Company does not recognize a contingent liability but discloses its
existence in the financial statements. if material, are disclosed by way of notes to the accounts.
Contingent assets are not recognised in the financial statements, as they are dependent on the outcome of legal or other processes.
k. Employee Benefits : Expenses and liabilities in respect of employee benefit are recorded in accordance with Indian Accounting Standard
(IND AS 19 employees benefit)
(i) Short Term Employees Benefit
Short Term Employee Benefits (i.e. benefits falling due within one year after the end of the period in which employees render the related service)
are recognized as expenses in the period in which employee services are rendered as per the Company’s scheme based on expected obligations on
undiscounted basis.
(ii) Post-Employment Benefit Plans
Under Defined Contribution Plan, the contribution is payable in keeping with the related schemes are recognized as expenses for the year.
Under Defined Benefit Plan, the present value of the obligations is determined based on actuarial valuations using the Projected Unit Credit
Method, on the basis of actuarial valuations carried out by actuary at each Balance Sheet date. Actuarial gain /loss, if any, arising from experience
adjustments and change in actuarial assumptions are charged or credited to Other Comprehensive income in the period in which they arise. .
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(iii) Other Long-Term Employee Benefits
Leave encashment/compensated absence is determined by valuations using the Projected Unit Credit Method, on the basis of actuarial valuations
carried out by actuary at each Balance Sheet date. Actuarial gain /loss, if any, arising from experience adjustments and change in actuarial
assumptions are charged or credited to Other Comprehensive income in the period in which they arise.
Cash and Cash Equivalents
Cash and Cash equivalent in the balance sheet comprise cash at banks and on hand and short term deposits with an original maturity of three
months or less, which are subject to an insignificant risk of changes in value.
For the purpose of statement of cash flows, cash and cash equivalents consist of cash at banks and on hand and short-term deposits, as defined
above, net of outstanding bank overdrafts as they are considered an integral part of Company’s Cash Management.
Dividend
Annual dividend distribution to the shareholders is recognised as a liability in the period in which the dividend is approved by the shareholders.
Dividend payable and corresponding tax on dividend distribution is recognised directly in equity.
Earnings Per Share
Basic Earnings per equity shares are calculated by dividing the net profit or loss before OCI for the period attributable to equity shareholders by
the weighted average number of equity share outstanding during the year.
For calculating diluted earnings per share, the net profit or loss before OCI for the period attributable to equity shareholders and the weighted
average number of share outstanding during the period are adjusted for the effect of all diluted potential equity shares.
Financial Instruments
(a) Financial Assets
Initial Recognition and Measurement
All financial Assets are recognised initially at fair value plus, in case of financial assets not recorded at fair value through profit or loss,
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transaction cost that are attributable to the acquisition of the financial asset.
Subsequent measurement
(i) Financial Assets carried at amortised Cost- A Financial Assets is subsequently measured at amortised cost, using effective interest rate
(EIR) method, if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest term on the
principal amount outstanding.
Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit or
loss. The losses arising from impairment are recognised in the profit or loss. This category generally applies to trade receivables, cash and bank
balances, loans and other financial assets of the company.
(ii) Financial Assets at fair value through other comprehensive income- A financial asset is subsequently measured at fair value through other
comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets and the contractual terms of the financial asset give rise on a specified date to cash flows that are solely payments of principal and
interest on the principal amount outstanding. The Company has made an irrevocable election for its investment which are classified as equity
instruments to present the subsequent changes in fair value in other Comprehensive income based on its business model., Further in case where
the company has made an irrecoverable election based on its business model for its investments, which are classified as equity instrument the
subsequent changes in fair value are recognised in other comprehensive income.
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are
recognized in the OCI. There is no recycling of the amounts from OCI to statement of profit and loss, even on sale of investment. However, the
Company may transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the statement of profit and loss.
(iii) Financial assets at fair value through profit or loss- A financial asset which is not classified in any of the above categories are subsequently
fair valued through profit or loss
(b) Financial Liabilities
Initial recognition and Measurement
Financial Liabilities are recognised at fair value on initial recognition and in case of loan and borrowing or payables net of directly attributable
transaction costs.
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Subsequent Measurement
Financial Liabilities are subsequently carried at amortized cost using effective interest rate method. Gains and losses are recognised in profit or
loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit and loss.
For trade and other payables maturing within one year from the Balance sheet date, the carrying amounts approximate fair value due to the short
maturity of these instruments.
(c) De-recognition of financial instrument
The company de-recognises the financial assets when contractual right to cash flow from financial assets expire or it transfer the financial assets
and transfer qualities for de-recognition under IND AS 109. A financial liability or a part of a financial liability is de-recognised from the
company’s Balance Sheet when obligation specified in the contract is discharged or cancelled or expires.
(d) Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
Fair value financial instruments
The company measure financial instrument at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date.
In determining the fair value of its financial instruments, the company use various method and assumption that are based on market conditions
and risks existing at each reporting date. The methods used to determine the fair value includes discounted cash flow analysis, available quoted
market price and dealer quotes and valuation report etc. The method of assessing fair value results in general approximation of value and such
value may never actually be realised.
Fair Values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
When measuring the fair value of an asset or liability, the company uses observable market data as far as possible. If the inputs used to measure
the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its
entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
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Recent accounting pronouncements
Standard issued but yet not effective
In March, 2018 the Ministry of Corporate Affairs (MCA) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018.
The rules among other key amendments to Ind AS 12, Income Taxes, Ind AS 21, The Effects of Changes in Foreign Exchange Rates, notify Ind
AS 115, Revenue from Contracts with Customers. These rules come into force from April 1, 2018.
[610300] Notes - Accounting policies, changes in accounting estimates and errors

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of changes in accounting policies, accounting estimates and errors
[TextBlock]
Disclosure of initial application of standards or interpretations
[TextBlock]
Whether initial application of an Ind AS has an effect on the
No No
current period or any prior period
Disclosure of voluntary change in accounting policy [TextBlock]
Whether there is any voluntary change in accounting policy No No
Disclosure of changes in accounting estimates [TextBlock]
Whether there are changes in acounting estimates during the year No No
[400600] Notes - Property, plant and equipment
Disclosure of additional information about property plant and equipment [Table] ..(1)
Classes of property, plant and equipment [Axis] Land [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member] Owned assets [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
Disclosure of additional information about
property plant and equipment [Abstract]
property plant and equipment [Line items]
Depreciation method, property, plant and Refer to child As per notes on As per notes on
Refer to child member
equipment member accounts accounts
Useful lives or depreciation rates, property, Refer to child As per notes on As per notes on
plant and equipment member accounts accounts
Whether property, plant and equipment are
No No No No
stated at revalued amount
121
Classes of property, plant and equipment [Axis] Buildings [Member] Other building [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member] Owned and leased assets [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
Depreciation method, property, plant and As per notes on As per notes on As per notes on As per notes on
equipment accounts accounts accounts accounts
Useful lives or depreciation rates, property, As per notes on As per notes on As per notes on As per notes on
plant and equipment accounts accounts accounts accounts
No No No No
Classes of property, plant and equipment [Axis] Other building [Member] Plant and equipment [Member]
Sub classes of property, plant and equipment [Axis] Owned assets [Member] Owned and leased assets [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
No No No No
Classes of property, plant and equipment [Axis] Factory equipments [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
No No No No
122
Classes of property, plant and equipment [Axis] Furniture and fixtures [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
No No No No
Classes of property, plant and equipment [Axis] Vehicles [Member] Motor vehicles [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member] Owned and leased assets [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
No No No No
Classes of property, plant and equipment [Axis] Motor vehicles [Member] Office equipment [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
No No No No
123
Classes of property, plant and equipment [Axis] Office equipment [Member] Computer equipments [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
Depreciation method, property, plant and As per notes on As per notes on Refer to child
equipment accounts accounts member
Useful lives or depreciation rates, property, As per notes on As per notes on Refer to child
plant and equipment accounts accounts member
No No No No
Classes of property, plant and equipment [Axis] Computer equipments [Member]
Sub classes of property, plant and equipment [Axis] Owned assets [Member]
01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of additional information about property plant and equipment [Abstract]
Disclosure of additional information about property plant and equipment [Line items]
As per notes on As per notes on
Depreciation method, property, plant and equipment accounts accounts
Useful lives or depreciation rates, property, plant and equipment accounts accounts
Whether property, plant and equipment are stated at revalued amount No No
Disclosure of detailed information about property, plant and equipment [Table] ..(1)
Classes of property, plant and equipment [Axis] Property, plant and equipment [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member]
Carrying amount accumulated depreciation and gross carrying amount Gross carrying
Carrying amount [Member]
[Axis] amount [Member]
01/04/2017
31/03/2018 31/03/2017 31/03/2016 to
31/03/2018
Disclosure of detailed information about property,
plant and equipment [Abstract]
Disclosure of detailed information about
property, plant and equipment [Line items]
Reconciliation of changes in property, plant
and equipment [Abstract]
Changes in property, plant and equipment
[Abstract]
Additions other than through business
combinations, property, plant and 2,97,482
equipment
Total increase (decrease) in property,
2,97,482
plant and equipment
Property, plant and equipment at end of
5,60,57,470 6,95,39,682 8,69,61,921 49,44,98,755
period
124
Classes of property, plant and equipment [Axis] Property, plant and equipment [Member]
Carrying amount accumulated depreciation and gross carrying Accumulated depreciation and
Gross carrying amount [Member]
amount [Axis] impairment [Member]
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
equipment
Depreciation, property, plant and
equipment [Abstract]
Depreciation recognised in profit or
1,41,74,807 1,90,56,449
loss
Total Depreciation property plant and
1,41,74,807 1,90,56,449
equipment
Disposals and retirements, property,
Disposals, property, plant and
3,95,113
equipment
Total disposals and retirements,
3,95,113
property, plant and equipment
16,34,210 1,37,79,694 1,90,56,449
plant and equipment
49,42,01,273 49,25,67,063 43,84,41,285 42,46,61,591
period
Property, plant and
Classes of property, plant and equipment [Axis] equipment Buildings [Member]
[Member]
Owned and leased
assets [Member]
Accumulated
Carrying amount accumulated depreciation and gross carrying amount depreciation and
[Axis] impairment
[Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
-19,90,531 -22,01,596
loss
-19,90,531 -22,01,596
equipment
-19,90,531 -22,01,596
plant and equipment
40,56,05,142 2,37,96,558 2,57,87,089 2,79,88,685
period
125
Classes of property, plant and equipment [Axis] Buildings [Member]
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
19,90,531
loss
19,90,531
equipment
0 0 19,90,531
plant and equipment
10,45,22,984 10,45,22,984 10,45,22,984 8,07,26,426
period
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
22,01,596
loss
22,01,596
equipment
22,01,596 0 0
plant and equipment
7,87,35,895 7,65,34,299 10,45,22,984 10,45,22,984
period
126
Accumulated depreciation and impairment [Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
19,90,531 22,01,596
loss
19,90,531 22,01,596
equipment
19,90,531 22,01,596
plant and equipment
10,45,22,984 8,07,26,426 7,87,35,895 7,65,34,299
period
Classes of property, plant and equipment [Axis] Other building [Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
-19,90,531 -22,01,596
loss
-19,90,531 -22,01,596
equipment
-19,90,531 -22,01,596 0
plant and equipment
2,37,96,558 2,57,87,089 2,79,88,685 10,45,22,984
period
127
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
19,90,531 22,01,596
loss
19,90,531 22,01,596
equipment
0 19,90,531 22,01,596
plant and equipment
10,45,22,984 10,45,22,984 8,07,26,426 7,87,35,895
period
Owned and leased
assets [Member]
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
-19,90,531 -22,01,596
loss
-19,90,531 -22,01,596
equipment
-19,90,531 -22,01,596
plant and equipment
7,65,34,299 2,37,96,558 2,57,87,089 2,79,88,685
period
128
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
19,90,531
loss
19,90,531
equipment
0 0 19,90,531
plant and equipment
10,45,22,984 10,45,22,984 10,45,22,984 8,07,26,426
period
Classes of property, plant and equipment [Axis] Other building [Member] Plant and equipment [Member]
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
equipment
22,01,596 -86,36,476 -1,20,48,360
loss
22,01,596 -86,36,476 -1,20,48,360
equipment
22,01,596 -84,16,762 -1,20,48,360
plant and equipment
7,87,35,895 7,65,34,299 2,36,48,217 3,20,64,979
period
129
Classes of property, plant and equipment [Axis] Plant and equipment [Member]
Carrying amount accumulated depreciation and gross carrying amount Carrying amount
[Axis] [Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
equipment
2,19,714 0
plant and equipment
4,41,13,339 30,09,68,934 30,07,49,220 30,07,49,220
period
Owned assets
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
equipment
86,36,476 1,20,48,360
loss
86,36,476 1,20,48,360
equipment
86,36,476 1,20,48,360 2,19,714
plant and equipment
27,73,20,717 26,86,84,241 25,66,35,881 30,09,68,934
period
130
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
86,36,476 1,20,48,360
loss
86,36,476 1,20,48,360
equipment
0 86,36,476 1,20,48,360
plant and equipment
30,07,49,220 30,07,49,220 27,73,20,717 26,86,84,241
period
Plant and
Classes of property, plant and equipment [Axis] equipment Other plant and equipment [Member]
[Member]
Owned assets
[Member]
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
equipment
-86,36,476 -1,20,48,360
loss
-86,36,476 -1,20,48,360
equipment
-84,16,762 -1,20,48,360
plant and equipment
25,66,35,881 2,36,48,217 3,20,64,979 4,41,13,339
period
131
Classes of property, plant and equipment [Axis] Other plant and equipment [Member]
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
equipment
86,36,476
loss
86,36,476
equipment
2,19,714 0 86,36,476
plant and equipment
30,09,68,934 30,07,49,220 30,07,49,220 27,73,20,717
period
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
equipment
1,20,48,360 -86,36,476 -1,20,48,360
loss
1,20,48,360 -86,36,476 -1,20,48,360
equipment
1,20,48,360 -84,16,762 -1,20,48,360
plant and equipment
26,86,84,241 25,66,35,881 2,36,48,217 3,20,64,979
period
132
[Axis] [Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
equipment
2,19,714 0
plant and equipment
4,41,13,339 30,09,68,934 30,07,49,220 30,07,49,220
period
Furniture and
fixtures [Member]
Owned and leased
assets [Member]
[Axis] [Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
86,36,476 1,20,48,360 -8,865
loss
86,36,476 1,20,48,360 -8,865
equipment
86,36,476 1,20,48,360 -8,865
plant and equipment
27,73,20,717 26,86,84,241 25,66,35,881 10,208
period
133
Carrying amount accumulated depreciation and gross carrying
Carrying amount [Member] Gross carrying amount [Member]
amount [Axis]
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
-16,858
loss
-16,858
equipment
-16,858 0 0
plant and equipment
19,073 35,931 10,98,931 10,98,931
period
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
8,865 16,858
loss
8,865 16,858
equipment
8,865 16,858
plant and equipment
10,98,931 10,88,723 10,79,858 10,63,000
period
134
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
-8,865 -16,858
loss
-8,865 -16,858
equipment
-8,865 -16,858 0
plant and equipment
10,208 19,073 35,931 10,98,931
period
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
8,865 16,858
loss
8,865 16,858
equipment
0 8,865 16,858
plant and equipment
10,98,931 10,98,931 10,88,723 10,79,858
period
135
Furniture and
Classes of property, plant and equipment [Axis] Vehicles [Member]
fixtures [Member]
Owned assets
[Member]
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
combinations, property, plant and 68,340
equipment
-5,41,107 -6,26,858
loss
-5,41,107 -6,26,858
equipment
-3,95,113
equipment
-3,95,113
-77,654 -6,26,858
plant and equipment
10,63,000 12,36,742 13,14,396 19,41,254
period
136
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
equipment
5,41,107
loss
5,41,107
equipment
3,95,113
equipment
3,95,113
68,340 0 1,45,994
plant and equipment
88,31,710 87,63,370 87,63,370 75,94,968
period
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
equipment
6,26,858
loss
6,26,858
equipment
6,26,858 68,340 0
plant and equipment
74,48,974 68,22,116 88,31,710 87,63,370
period
137
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
5,41,107 6,26,858
loss
5,41,107 6,26,858
equipment
3,95,113
equipment
3,95,113
1,45,994 6,26,858
plant and equipment
87,63,370 75,94,968 74,48,974 68,22,116
period
138
Classes of property, plant and equipment [Axis] Motor vehicles [Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
combinations, property, plant and 68,340 68,340
equipment
-5,41,107 -6,26,858
loss
-5,41,107 -6,26,858
equipment
-3,95,113
equipment
-3,95,113
-77,654 -6,26,858 68,340
plant and equipment
12,36,742 13,14,396 19,41,254 88,31,710
period
139
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
5,41,107 6,26,858
loss
5,41,107 6,26,858
equipment
3,95,113
equipment
3,95,113
0 1,45,994 6,26,858
plant and equipment
87,63,370 87,63,370 75,94,968 74,48,974
period
140
Owned and leased
assets [Member]
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
equipment
-5,41,107 -6,26,858
loss
-5,41,107 -6,26,858
equipment
-3,95,113
equipment
-3,95,113
-77,654 -6,26,858
plant and equipment
68,22,116 12,36,742 13,14,396 19,41,254
period
141
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
equipment
5,41,107
loss
5,41,107
equipment
3,95,113
equipment
3,95,113
68,340 0 1,45,994
plant and equipment
88,31,710 87,63,370 87,63,370 75,94,968
period
Classes of property, plant and equipment [Axis] Motor vehicles [Member] Office equipment [Member]
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
equipment
6,26,858 -1,03,527 -1,41,127
loss
6,26,858 -1,03,527 -1,41,127
equipment
6,26,858 -1,03,527 2,01,846
plant and equipment
74,48,974 68,22,116 1,26,588 2,30,115
period
142
Classes of property, plant and equipment [Axis] Office equipment [Member]
[Axis] [Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
equipment
0 3,42,973
plant and equipment
28,269 9,01,545 9,01,545 5,58,572
period
Owned assets
[Member]
[Axis] [Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
1,03,527 1,41,127 -1,03,527
loss
1,03,527 1,41,127 -1,03,527
equipment
1,03,527 1,41,127 -1,03,527
plant and equipment
7,74,957 6,71,430 5,30,303 1,26,588
period
143
Carrying amount accumulated depreciation and gross carrying
Carrying amount [Member] Gross carrying amount [Member]
amount [Axis]
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
combinations, property, plant and 3,42,973 3,42,973
equipment
-1,41,127
loss
-1,41,127
equipment
2,01,846 0 3,42,973
plant and equipment
2,30,115 28,269 9,01,545 9,01,545
period
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
1,03,527 1,41,127
loss
1,03,527 1,41,127
equipment
1,03,527 1,41,127
plant and equipment
5,58,572 7,74,957 6,71,430 5,30,303
period
144
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
combinations, property, plant and 9,428 60,133 9,428
equipment
-25,741 -26,431
loss
-25,741 -26,431
equipment
-16,313 33,702 9,428
plant and equipment
23,721 40,034 6,332 15,15,640
period
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
equipment
25,741 26,431
loss
25,741 26,431
equipment
60,133 25,741 26,431
plant and equipment
15,06,212 14,46,079 14,91,919 14,66,178
period
145
Owned and leased
assets [Member]
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
equipment
-25,741 -26,431
loss
-25,741 -26,431
equipment
-16,313 33,702
plant and equipment
14,39,747 23,721 40,034 6,332
period
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
equipment
25,741
loss
25,741
equipment
9,428 60,133 25,741
plant and equipment
15,15,640 15,06,212 14,46,079 14,91,919
period
146
Other property, plant and equipment
[Member]
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
equipment
26,431 -28,68,560 -39,95,219
loss
26,431 -28,68,560 -39,95,219
equipment
26,431 -28,68,560 -27,64,115
plant and equipment
14,66,178 14,39,747 72,15,436 1,00,83,996
period
Classes of property, plant and equipment [Axis] Other property, plant and equipment [Member]
[Axis] [Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
equipment
0 12,31,104
plant and equipment
1,28,48,111 7,66,59,011 7,66,59,011 7,54,27,907
period
147
Owned assets
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
[Abstract]
28,68,560 39,95,219
loss
28,68,560 39,95,219
equipment
28,68,560 39,95,219 0
plant and equipment
6,94,43,575 6,65,75,015 6,25,79,796 7,66,59,011
period
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
equipment
28,68,560 39,95,219
loss
28,68,560 39,95,219
equipment
12,31,104 28,68,560 39,95,219
plant and equipment
7,66,59,011 7,54,27,907 6,94,43,575 6,65,75,015
period
148
Other property,
plant and
Classes of property, plant and equipment [Axis] Other property, plant and equipment, others [Member]
equipment
[Member]
Owned assets
[Member]
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
Nature of other property plant and equipment
Refer to child member Refer to child member
others
[Abstract]
equipment
-28,68,560 -39,95,219
loss
-28,68,560 -39,95,219
equipment
-28,68,560 -27,64,115
plant and equipment
6,25,79,796 72,15,436 1,00,83,996 1,28,48,111
period
149
Accumulated
[Axis] impairment
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
Nature of other property plant and equipment Refer to child
Refer to child member Refer to child member
others member
[Abstract]
equipment
28,68,560
loss
28,68,560
equipment
0 12,31,104 28,68,560
plant and equipment
7,66,59,011 7,66,59,011 7,54,27,907 6,94,43,575
period
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
Nature of other property plant and equipment As per notes on As per notes on
others accounts accounts
[Abstract]
equipment
39,95,219 -28,68,560 -39,95,219
loss
39,95,219 -28,68,560 -39,95,219
equipment
39,95,219 -28,68,560 -27,64,115
plant and equipment
6,65,75,015 6,25,79,796 72,15,436 1,00,83,996
period
150
[Axis] [Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
Nature of other property plant and equipment As per notes on
As per notes on accounts
others accounts
[Abstract]
equipment
0 12,31,104
plant and equipment
1,28,48,111 7,66,59,011 7,66,59,011 7,54,27,907
period
Carrying amount accumulated depreciation and gross carrying amount [Axis] Accumulated depreciation and impairment [Member]
01/04/2017 01/04/2016
to to 31/03/2016
31/03/2018 31/03/2017
Disclosure of detailed information about property, plant and equipment
[Abstract]
Disclosure of detailed information about property, plant and
equipment [Line items]
As per notes on
Nature of other property plant and equipment others accounts
As per notes on accounts
Reconciliation of changes in property, plant and equipment

[Abstract]
Changes in property, plant and equipment [Abstract]
Depreciation, property, plant and equipment [Abstract]
Depreciation recognised in profit or loss 28,68,560 39,95,219
Total Depreciation property plant and equipment 28,68,560 39,95,219
Total increase (decrease) in property, plant and equipment 28,68,560 39,95,219
Property, plant and equipment at end of period 6,94,43,575 6,65,75,015 6,25,79,796
[612100] Notes - Impairment of assets

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of impairment of assets [TextBlock]
Disclosure of impairment loss and reversal of impairment loss [TextBlock]
Whether there is any impairment loss or reversal of impairment loss
No No
during the year
Disclosure of information for impairment loss recognised or reversed
for individual Assets or cash-generating unit [TextBlock]
Whether impairment loss recognised or reversed for individual Assets
No No
or cash-generating unit
151
[400700] Notes - Investment property

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of investment property [TextBlock]
Depreciation method, investment property, cost model As per notes on accounts As per notes on accounts
Useful lives or depreciation rates, investment property, cost model As per notes on accounts As per notes on accounts
[400900] Notes - Other intangible assets
Disclosure of detailed information about other intangible assets [Table] ..(1)

Classes of other intangible assets [Axis] Company other intangible assets [Member]
Internally generated and other than internally generated
Sub classes of other intangible assets [Axis]
intangible assets [Member]
Carrying amount accumulated amortization and impairment and gross carrying amount
[Axis]
31/03/2018 31/03/2017 31/03/2016
Disclosure of detailed information about other intangible assets
[Abstract]
[Line items]
Reconciliation of changes in other intangible assets [Abstract]
Other intangible assets at end of period 0 0 0

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of other intangible assets [TextBlock]
[TextBlock]
Disclosure of intangible assets with indefinite useful life [TextBlock]
Whether there are intangible assets with indefinite useful life No No
[401000] Notes - Biological assets other than bearer plants

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of biological assets, agriculture produce at point of
harvest and government grants related to biological assets
[TextBlock]
Depreciation method, biological assets other than bearer plants, at cost As per notes on accounts As per notes on accounts
Useful lives or depreciation rates, biological assets other than bearer
As per notes on accounts As per notes on accounts
plants, at cost
152
[611100] Notes - Financial instruments
Disclosure of financial liabilities [Table] ..(1)

Classes of financial liabilities [Axis] Financial liabilities at fair value, class [Member]
Financial liabilities at amortised cost,
Categories of financial liabilities [Axis] Financial liabilities, category [Member]
category [Member]
31/03/2018 31/03/2017 31/03/2018 31/03/2017
Disclosure of financial liabilities [Abstract]
Disclosure of financial liabilities [Line items]
Financial liabilities 0 0 0 0
Financial liabilities, at fair value 0 0 0 0
Disclosure of financial assets [Table] ..(1)

Financial assets at fair value, class
Classes of financial assets [Axis] Equity investments [Member]
[Member]
Categories of financial assets [Axis] Financial assets, category [Member] Financial assets, category [Member]
31/03/2018 31/03/2017 31/03/2018 31/03/2017
Disclosure of financial assets [Abstract]
Disclosure of financial assets [Line items]
Financial assets 0 0 0 0
Financial assets, at fair value 0 0 0 0
Disclosure of financial assets [Table] ..(2)

Classes of financial assets [Axis] Equity investments [Member]
Financial assets at amortised cost,
Categories of financial assets [Axis]
category [Member]
31/03/2018 31/03/2017
Disclosure of financial assets [Abstract]
Disclosure of financial assets [Line items]
Financial assets 0 0
Financial assets, at fair value 0 0
[611600] Notes - Non-current asset held for sale and discontinued operations
01/04/2017 01/04/2016 01/04/2015
to to to
31/03/2018 31/03/2017 31/03/2016
Disclosure of non-current assets held for sale and discontinued operations
[TextBlock]
Net cash flows from (used in) operating activities, continuing
3,99,48,250 5,82,53,658 0
operations
Net cash flows from (used in) operating activities 3,99,48,250 5,82,53,658
Net cash flows from (used in) investing activities, continuing
4,77,236 -2,65,384 0
operations
Net cash flows from (used in) investing activities 4,77,236 -2,65,384
Net cash flows from (used in) financing activities, continuing
-4,51,94,178 -6,38,51,359 0
operations
Net cash flows from (used in) financing activities -4,51,94,178 -6,38,51,359
153
[400100] Notes - Equity share capital
Disclosure of shareholding more than five per cent in company [Table] ..(1)
Name of shareholder [Axis] Name of shareholder [Member] Shareholder 1 [Member]
01/04/2017 01/04/2016 01/04/2017 01/04/2016
to to to to
31/03/2018 31/03/2017 31/03/2018 31/03/2017
Type of share EQUITY EQUITY EQUITY EQUITY
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Type of share EQUITY EQUITY EQUITY EQUITY
Refer to child Refer to child KRISHAY PROPERTIES KRISHAY PROPERTIES
Name of shareholder member member PRIVATE LIMITED PRIVATE LIMITED
CIN of shareholder U70102WB2013PTC194852 U70102WB2013PTC194852
Country of incorporation or residence of
INDIA INDIA
shareholder
Number of shares held in company [shares] 95,00,000 [shares] 95,00,000 [shares] 80,00,000 [shares] 80,00,000
Percentage of shareholding in company 46.33% 46.33% 39.02% 39.02%
Disclosure of shareholding more than five per cent in company [Table] ..(2)
Name of shareholder [Axis] Shareholder 2 [Member]
01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Type of share EQUITY EQUITY
Disclosure of shareholding more than five per cent in company [Abstract]
Disclosure of shareholding more than five per cent in company [LineItems]
Type of share EQUITY EQUITY
TULSYAN & SONS PVT TULSYAN & SONS PVT
Name of shareholder LTD LTD
CIN of shareholder U51109WB1988PTC044161 U51109WB1988PTC044161
Country of incorporation or residence of shareholder INDIA INDIA
Number of shares held in company [shares] 15,00,000 [shares] 15,00,000
Percentage of shareholding in company 7.31% 7.31%
154
Disclosure of classes of equity share capital [Table] ..(1)

Equity shares 1
Classes of equity share capital [Axis] Equity shares [Member]
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
Disclosure of classes of equity share capital [Abstract]
Disclosure of classes of equity share capital [Line
items]
Type of share EQUITY
Number of shares authorised [shares] 2,50,00,000 [shares] 2,50,00,000 [shares] 0 [shares] 2,50,00,000
Value of shares authorised 25,00,00,000 25,00,00,000 0 25,00,00,000
Number of shares issued [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 0 [shares] 2,05,00,000
Value of shares issued 20,50,00,000 20,50,00,000 0 20,50,00,000
Number of shares subscribed and fully paid [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 0 [shares] 2,05,00,000
Value of shares subscribed and fully paid 20,50,00,000 20,50,00,000 0 20,50,00,000
Number of shares subscribed but not fully paid [shares] 0 [shares] 0 [shares] 0 [shares] 0
Value of shares subscribed but not fully paid 0 0 0 0
Total number of shares subscribed [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 0 [shares] 2,05,00,000
Total value of shares subscribed 20,50,00,000 20,50,00,000 0 20,50,00,000
Value of shares paid-up [Abstract]
Number of shares paid-up [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 0 [shares] 2,05,00,000
Value of shares called 20,50,00,000 20,50,00,000 0 20,50,00,000
Value of shares paid-up 20,50,00,000 20,50,00,000 0 20,50,00,000
Par value per share [INR/shares] 10
Amount per share called in case shares not fully
[INR/shares] 0
called
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Total increase (decrease) in number of
[shares] 0 [shares] 0 [shares] 0 [shares] 0
shares outstanding
Number of shares outstanding at end of period [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000
Reconciliation of value of shares outstanding
[Abstract]
Changes in equity share capital [Abstract]
Total increase (decrease) in share capital 0 0 0 0
Equity share capital at end of period 20,50,00,000 20,50,00,000 20,50,00,000 20,50,00,000
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Total application money received for
allotment of securities and due for refund 0 0 0 0
and interest accrued thereon
155
Disclosure of classes of equity share capital [Table] ..(2)

01/04/2016
to 31/03/2016
31/03/2017
Disclosure of classes of equity share capital [Abstract]
Disclosure of classes of equity share capital [Line items]
Number of shares authorised [shares] 2,50,00,000
Value of shares authorised 25,00,00,000
Number of shares issued [shares] 2,05,00,000
Value of shares issued 20,50,00,000
Number of shares subscribed and fully paid [shares] 2,05,00,000
Value of shares subscribed and fully paid 20,50,00,000
Number of shares subscribed but not fully paid [shares] 0
Value of shares subscribed but not fully paid 0
Total number of shares subscribed [shares] 2,05,00,000
Total value of shares subscribed 20,50,00,000
Value of shares paid-up [Abstract]
Number of shares paid-up [shares] 2,05,00,000
Value of shares called 20,50,00,000
Value of shares paid-up 20,50,00,000
Par value per share [INR/shares] 10
Amount per share called in case shares not fully called [INR/shares] 0
Reconciliation of number of shares outstanding [Abstract]
Changes in number of shares outstanding [Abstract]
Total increase (decrease) in number of shares outstanding [shares] 0
Number of shares outstanding at end of period [shares] 2,05,00,000 [shares] 2,05,00,000
Reconciliation of value of shares outstanding [Abstract]
Changes in equity share capital [Abstract]
Total increase (decrease) in share capital 0
Equity share capital at end of period 20,50,00,000 20,50,00,000
Details of application money received for allotment of securities and due for
refund and interest accrued thereon [Abstract]
Application money received for allotment of securities and due for refund and
interest accrued thereon [Abstract]
Total application money received for allotment of securities and due for
0
refund and interest accrued thereon

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of notes on equity share capital explanatory [TextBlock]
Whether there are any shareholders holding more than five per cent
Yes Yes
shares in company
Whether money raised from public offering during year No No
156
[400300] Notes - Borrowings
Classification of borrowings [Table] ..(1)

Classification based on current non-current [Axis] Current [Member]
Classification of borrowings [Axis] Borrowings [Member]
Secured
Subclassification of borrowings [Axis] Secured/Unsecured borrowings [Member] borrowings
[Member]
31/03/2018 31/03/2017 31/03/2016 31/03/2018
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [Line items]
Borrowings 55,71,38,986 53,35,66,564 52,44,33,839 55,71,38,986

Classification of borrowings [Axis] Borrowings [Member] Loans repayable on demand [Member]
Secured Unsecured
Subclassification of borrowings [Axis] Unsecured borrowings [Member] borrowings borrowings
[Member] [Member]
31/03/2017 31/03/2016 31/03/2018 31/03/2017
Borrowings 53,35,66,564 52,44,33,839 55,71,38,986 53,35,66,564

Loans repayable on
Classification of borrowings [Axis] Loans repayable on demand from others [Member]
demand [Member]
Unsecured Secured
Subclassification of borrowings [Axis] borrowings borrowings Unsecured borrowings [Member]
[Member] [Member]
31/03/2016 31/03/2018 31/03/2017 31/03/2016
Borrowings 52,44,33,839 55,71,38,986 53,35,66,564 52,44,33,839
157
[612700] Notes - Income taxes
Disclosure of temporary difference, unused tax losses and unused tax credits [Table] ..(1)
Depreciation
amortisation
Temporary difference, unused tax losses and unused tax credits [Axis] Temporary differences [Member]
impairment
[Member]
01/04/2017 01/04/2016 01/04/2017
to to 31/03/2016 to
31/03/2018 31/03/2017 31/03/2018
Disclosure of temporary difference, unused tax
losses and unused tax credits [Abstract]
Disclosure of temporary difference, unused
tax losses and unused tax credits [Line items]
Deferred tax assets and liabilities [Abstract]
Deferred tax assets 3,43,649 -3,85,218 3,43,649
Net deferred tax liability (assets) -3,43,649 3,85,218 3,85,218 -3,43,649
Reconciliation of changes in deferred tax
liability (assets) [Abstract]
Changes in deferred tax liability (assets)
[Abstract]
Increase (decrease) through net exchange
differences, deferred tax liability -7,28,867 -7,28,867
(assets)
Total increase (decrease) in deferred
-7,28,867 0 -7,28,867
tax liability (assets)
Deferred tax liability (assets) at end of
-3,43,649 3,85,218 3,85,218 -3,43,649
period
Disclosure of temporary difference, unused tax losses and unused tax credits [Table] ..(2)
Depreciation amortisation impairment
Temporary difference, unused tax losses and unused tax credits [Axis]
[Member]
01/04/2016
to 31/03/2016
31/03/2017
Disclosure of temporary difference, unused tax losses and unused tax credits [Abstract]
Disclosure of temporary difference, unused tax losses and unused tax credits [Line
items]
Deferred tax assets and liabilities [Abstract]
Deferred tax assets -3,85,218
Net deferred tax liability (assets) 3,85,218 3,85,218
Reconciliation of changes in deferred tax liability (assets) [Abstract]
Changes in deferred tax liability (assets) [Abstract]
Total increase (decrease) in deferred tax liability (assets) 0
Deferred tax liability (assets) at end of period 3,85,218 3,85,218
[611000] Notes - Exploration for and evaluation of mineral resources

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of exploration and evaluation assets [TextBlock]
Whether there are any exploration and evaluation activities No No
158
[611900] Notes - Accounting for government grants and disclosure of government assistance
01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of accounting for government grants and disclosure of government
assistance [TextBlock]
Whether company has received any government grant or government assistance No No
[401100] Notes - Subclassification and notes on liabilities and assets
Disclosure of breakup of provisions [Table] ..(1)

Classification based on current non-current [Axis] Non-current [Member] Current [Member]
31/03/2018 31/03/2017 31/03/2016 31/03/2018
Subclassification and notes on liabilities and assets
[Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [Line items]
Provisions [Abstract]
Provisions for employee benefits
[Abstract]
Provision other employee related
2,66,328 22,95,963 6,68,153 3,35,753
liabilities
Total provisions for employee benefits 2,66,328 22,95,963 6,68,153 3,35,753
CSR expenditure provision 0 0 0 0
Total provisions 2,66,328 22,95,963 6,68,153 3,35,753
Disclosure of breakup of provisions [Table] ..(2)

31/03/2017 31/03/2016
Subclassification and notes on liabilities and assets [Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [Line items]
Provisions [Abstract]
Provisions for employee benefits [Abstract]
Provision other employee related liabilities 21,76,232 16,07,321
Total provisions for employee benefits 21,76,232 16,07,321
CSR expenditure provision 0 0
Total provisions 21,76,232 16,07,321
159
Other current liabilities, others [Table] ..(1)

Other current liabilities, others [Axis] 1
01/04/2017 01/04/2016
to to 31/03/2016
31/03/2018 31/03/2017
Disclosure of other current liabilities notes [Abstract]
Other current liabilities [Abstract]
Other current liabilities, others 3,05,71,460 2,95,29,956 2,91,10,981
Other current liabilities, others [Abstract]
Other current liabilities, others [Line items]
As per notes on As per notes on As per notes on
Description of other current liabilities, others accountsq accountsq accountsq
Other current liabilities, others 3,05,71,460 2,95,29,956 2,91,10,981
Other current financial liabilities, others [Table] ..(1)

Other current financial liabilities, others [Axis] 1
01/04/2017 01/04/2016
to to 31/03/2016
31/03/2018 31/03/2017
Disclosure of other current financial liabilities notes [Abstract]
Other current financial liabilities [Abstract]
Other current financial liabilities, others 26,94,80,989 24,42,41,005 22,21,74,569
Other current financial liabilities, others [Abstract]
Other current financial liabilities, others [Line items]
Description of other current financial liabilities, others accounts accounts accounts
Other current financial liabilities, others 26,94,80,989 24,42,41,005 22,21,74,569
Details of loans [Table] ..(1)

Classification based on current non-current [Axis] Non-current [Member]
Classification of loans [Axis] Loans [Member]
Secured considered
Classification of assets based on security [Axis] Classification of assets based on security [Member]
good [Member]
31/03/2018 31/03/2017 31/03/2016 31/03/2018
[Abstract]
Loans notes [Abstract]
Disclosure of loans [Abstract]
Details of loans [Line items]
Loans , gross 50,92,188 2,03,39,919 2,01,55,724 50,92,188
Allowance for bad and doubtful loans 0 0 0 0
Total loans 50,92,188 2,03,39,919 2,01,55,724 50,92,188
Details of loans due by directors, other
officers or others [Abstract]
Loans due by directors 0 0 0 0
Loans due by other officers 0 0 0 0
Total loans due by directors, other
0 0 0 0
officers or others
Details of loans due by firms or
companies in which any director
is partner or director [Abstract]
Loans due by firms in which any director
0 0 0 0
is partner
Loans due by private companies in
0 0 0 0
which any director is director
0 0 0 0
which any director is member
Total loans due by firms or
companies in which any director 0 0 0 0
is partner or director
160

Classification of loans [Axis] Loans [Member] Security deposits [Member]
Classification of assets based on security [Axis] Secured considered good [Member] Secured considered good [Member]
31/03/2017 31/03/2016 31/03/2018 31/03/2017
[Abstract]
Loans , gross 2,03,39,919 2,01,55,724 50,92,188 2,03,39,919
Allowance for bad and doubtful loans 0 0 0 0
Total loans 2,03,39,919 2,01,55,724 50,92,188 2,03,39,919
Details of loans due by directors, other
officers or others [Abstract]
Loans due by directors 0 0 0 0
Loans due by other officers 0 0 0 0
Total loans due by directors, other
0 0 0 0
officers or others
Details of loans due by firms or
companies in which any director
is partner or director [Abstract]
Loans due by firms in which any director
0 0 0 0
is partner
0 0 0 0
which any director is director
0 0 0 0
which any director is member
Total loans due by firms or
companies in which any director 0 0 0 0

Non-current
Classification based on current non-current [Axis]
[Member]
Security deposits
Classification of loans [Axis]
[Member]
Secured considered
Classification of assets based on security [Axis]
good [Member]
31/03/2016
Loans , gross 2,01,55,724
Allowance for bad and doubtful loans 0
Total loans 2,01,55,724
Details of loans due by directors, other officers or others [Abstract]
Loans due by directors 0
Loans due by other officers 0
Total loans due by directors, other officers or others 0
Details of loans due by firms or companies in which any director is partner or director
[Abstract]
Loans due by firms in which any director is partner 0
Loans due by private companies in which any director is director 0
Loans due by private companies in which any director is member 0
Total loans due by firms or companies in which any director is partner or director 0
161
Subclassification of trade receivables [Table] ..(1)

Unsecured
Classification of assets based on security [Axis] Classification of assets based on security [Member] considered good
[Member]
31/03/2018 31/03/2017 31/03/2016 31/03/2018
[Abstract]
Disclosure of notes on trade receivables [Abstract]
Subclassification of trade receivables [Abstract]
Subclassification of trade receivables [Line
items]
Breakup of trade receivables [Abstract]
Trade receivables, gross 0 0 11,18,30,152 0
Allowance for bad and doubtful debts 0 0 0 0
Total trade receivables 0 0 11,18,30,152 0
Details of trade receivables due by
directors, other officers or others
[Abstract]
Trade receivables due by directors 0
Trade receivables due by other officers 0
Total trade receivables due by
0
Details of trade receivables due by firms
or companies in which any director is
partner or director [Abstract]
Trade receivables due by firms in
0
which any director is partner
Trade receivables due by private
companies in which any director is 0
director
companies in which any director is 0
member
firms or companies in which any 0
director is partner or director
162

Classification based on current non-current [Axis] Non-current [Member] Current [Member]
Classification of assets based on security
Classification of assets based on security [Axis] Unsecured considered good [Member]
[Member]
31/03/2017 31/03/2016 31/03/2018 31/03/2017
[Abstract]
Subclassification of trade receivables [Line
items]
Trade receivables, gross 0 11,18,30,152 1,53,43,288 10,61,90,984
Allowance for bad and doubtful debts 0 0 0 0
Total trade receivables 0 11,18,30,152 1,53,43,288 10,61,90,984
Details of trade receivables due by
[Abstract]
Trade receivables due by directors 0 0
Trade receivables due by other officers 0 0
0 0
Details of trade receivables due by firms
or companies in which any director is
partner or director [Abstract]
Trade receivables due by firms in
0 0
which any director is partner
companies in which any director is 0 0
director
companies in which any director is 0 0
member
firms or companies in which any 0 0
director is partner or director

Classification of assets based on security [Axis] Unsecured considered good [Member]
31/03/2018 31/03/2017
Subclassification of trade receivables [Line items]
Trade receivables, gross 1,53,43,288 10,61,90,984
Allowance for bad and doubtful debts 0 0
Total trade receivables 1,53,43,288 10,61,90,984
Details of trade receivables due by directors, other officers or others
[Abstract]
Trade receivables due by directors 0 0
Trade receivables due by other officers 0 0
Total trade receivables due by directors, other officers or others 0 0
Details of trade receivables due by firms or companies in which any
director is partner or director [Abstract]
Trade receivables due by firms in which any director is partner 0 0
Trade receivables due by private companies in which any director is director 0 0
Trade receivables due by private companies in which any director is member 0 0
Total trade receivables due by firms or companies in which any director
0 0
163
Other non-current financial liabilities others [Table] ..(1)

Other non-current financial liabilities others [Axis] 1
01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of other non-current financial liabilities notes [Abstract]
Other non-current financial liabilities [Abstract]
Other non-current financial liabilities, others 1,41,00,000 1,41,00,000
Other non-current financial liabilities others [Abstract]
Other non-current financial liabilities others [Line items]
Description other non-current financial liabilities others accounts accounts
Other non-current financial liabilities, others 1,41,00,000 1,41,00,000
Other current assets others [Table] ..(1)

Other current assets others [Axis] 1
01/04/2017 01/04/2016
to to 31/03/2016
31/03/2018 31/03/2017
Other current assets notes [Abstract]
Other current assets [Abstract]
Other current assets, others 6,06,67,067 5,40,81,776 3,49,16,929
Other current assets others [Abstract]
Other current assets others [Line items]
AS PER NOTES AS PER NOTES AS PER NOTES ON
Description of other current assets others ON ACCOUNTS ON ACCOUNTS ACCOUNTS
Other current assets, others 6,06,67,067 5,40,81,776 3,49,16,929
Classification of inventories [Table] ..(1)

Raw materials
Classification of inventories [Axis] Company inventories [Member]
[Member]
01/04/2017
31/03/2018 31/03/2017 31/03/2016 to
31/03/2018
[Abstract]
Inventories notes [Abstract]
Classification of inventories [Abstract]
Classification of inventories [Line items]
Inventories 1,12,25,980 15,65,70,275 22,93,33,895 28,04,998
As per notes on
Mode of valuation accounts

Classification of inventories [Axis] Raw materials [Member] Work-in-progress [Member]
01/04/2016 01/04/2017 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2018 31/03/2017
[Abstract]
Inventories 1,50,95,104 10,17,33,672 0 10,63,81,449
As per notes on As per notes on As per notes on As per notes on
Mode of valuation accounts accounts accounts accounts
164

Work-in-progress
Classification of inventories [Axis] Finished goods [Member]
[Member]
01/04/2017 01/04/2016
31/03/2016 to to 31/03/2016
31/03/2018 31/03/2017
[Abstract]
Inventories 9,86,52,364 18,58,036 2,61,11,591 1,91,39,079
As per notes on As per notes on As per notes on As per notes on
Mode of valuation accounts accounts accounts accounts

Classification of inventories [Axis] Stores and spares [Member]
01/04/2017 01/04/2016
to to 31/03/2016
31/03/2018 31/03/2017
Inventories 65,62,946 89,82,131 98,08,780
Mode of valuation accounts accounts accounts
Other non-current assets, others [Table] ..(1)

Other non-current assets, others [Axis] 1
01/04/2017 01/04/2016
to to 31/03/2016
31/03/2018 31/03/2017
Other non-current assets notes [Abstract]
Other non-current assets [Abstract]
Other non-current assets, others 42,72,244 43,90,177 44,82,610
Other non-current assets, others [Abstract]
Other non-current assets, others [Line items]
Description of other non-current assets, others accounts accounts accounts
Other non-current assets, others 42,72,244 43,90,177 44,82,610
165

31/03/2018 31/03/2017 31/03/2016
Disclosure of subclassification and notes on liabilities and assets
explanatory [TextBlock]
Advances, non-current 0 0 0
Total other non-current assets 42,72,244 43,90,177 44,82,610
Disclosure of notes on cash and bank balances explanatory [TextBlock]
Fixed deposits with banks 0 0 0
Other balances with banks 1,94,660 49,97,449 1,08,56,564
Total balance with banks 1,94,660 49,97,449 1,08,56,564
Cash on hand 4,86,754 4,52,657 4,56,627
Total cash and cash equivalents 6,81,414 54,50,106 1,13,13,191
Bank balance other than cash and cash equivalents 0 11,02,907 19,98,484
Total cash and bank balances 6,81,414 65,53,013 1,33,11,675
Total balances held with banks to extent held as
margin money or security against borrowings, 0 0 0
guarantees or other commitments
Bank deposits with more than 12 months maturity 0 0 0
Total other current assets 6,06,67,067 5,40,81,776 3,49,16,929
Total other non-current financial liabilities 1,41,00,000 1,41,00,000 1,65,00,000
Interest accrued on borrowings 0 0 0
Interest accrued on public deposits 0 0 0
Interest accrued others 0 0 0
Unpaid dividends 0 0 0
Unpaid matured deposits and interest accrued thereon 0 0 0
Unpaid matured debentures and interest accrued thereon 0 0 0
Debentures claimed but not paid 0 0 0
Public deposit payable, current 0 0 0
Total other current financial liabilities 26,94,80,989 24,42,41,005 22,21,74,569
Current liabilities portion of share application money pending
0 0 0
allotment
Total other current liabilities 3,05,71,460 2,95,29,956 2,91,10,981
166
[401200] Notes - Additional disclosures on balance sheet

01/04/2017 01/04/2016 01/04/2015
to to to
31/03/2018 31/03/2017 31/03/2016
Disclosure of additional balance sheet notes explanatory [TextBlock]
Additional balance sheet notes [Abstract]
Contingent liabilities and commitments [Abstract]
Classification of contingent liabilities [Abstract]
Total contingent liabilities 0 0 0
Total contingent liabilities and commitments 0 0 0
Details regarding dividends [Abstract]
Amount of dividends proposed to be distributed to equity shareholders 0 0 0
Amount of per share dividend proposed to be distributed to equity
[INR/shares] 0 [INR/shares] 0 [INR/shares] 0
shareholders
Details of deposits [Abstract]
Deposits accepted or renewed during period 0 0 0
Deposits matured and claimed but not paid during period 0 0 0
Deposits matured and claimed but not paid 0 0 0
Deposits matured but not claimed 0 0 0
Interest on deposits accrued and due but not paid 0 0 0
Details of share application money received and paid [Abstract]
Share application money received during year 0 0 0
Share application money paid during year 0 0 0
Amount of share application money received back during year 0 0 0
Amount of share application money repaid returned back during year 0 0 0
Number of person share application money paid during year [pure] 0 [pure] 0 [pure] 0
Number of person share application money received during year [pure] 0 [pure] 0 [pure] 0
Number of person share application money paid as at end of year [pure] 0 [pure] 0 [pure] 0
Number of person share application money received as at end of year [pure] 0 [pure] 0 [pure] 0
Share application money received and due for refund 0 0 0
Details regarding cost records and cost audit[Abstract]
Details regarding cost records [Abstract]
Whether maintenance of cost records by company has been
mandated under Companies (Cost Records and Audit) Rules, No No
2014
Net worth of company 0 0 0
Details of unclaimed liabilities [Abstract]
Unclaimed share application refund money 0 0 0
Unclaimed matured debentures 0 0 0
Unclaimed matured deposits 0 0 0
Interest unclaimed amount 0 0 0
Financial parameters balance sheet items [Abstract]
Investment in subsidiary companies 0 0 0
Investment in government companies 0 0 0
Amount due for transfer to investor education and protection fund
0 0 0
(IEPF)
Gross value of transactions with related parties 0 0 0
Number of warrants converted into equity shares during period [pure] 0 [pure] 0 [pure] 0
Number of warrants converted into preference shares during period [pure] 0 [pure] 0 [pure] 0
Number of warrants converted into debentures during period [pure] 0 [pure] 0 [pure] 0
Number of warrants issued during period (in foreign currency) [pure] 0 [pure] 0 [pure] 0
Number of warrants issued during period (INR) [pure] 0 [pure] 0 [pure] 0
167
[611800] Notes - Revenue

01/04/2017
to
31/03/2018
Disclosure of revenue [TextBlock] As per notes on accounts
[612400] Notes - Service concession arrangements

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of service concession arrangements [TextBlock]
Whether there are any service concession arrangments No No
[612000] Notes - Construction contracts

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of notes on construction contracts [TextBlock]
Whether there are any construction contracts No No
[612600] Notes - Employee benefits

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of employee benefits [TextBlock] As per notes on accounts
Disclosure of defined benefit plans [TextBlock]
Whether there are any defined benefit plans No No
[612800] Notes - Borrowing costs

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of borrowing costs [TextBlock]
Whether any borrowing costs has been capitalised during the year No No
168
[700100] Notes - Key managerial personnels and directors remuneration and other information
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(1)
Key managerial personnels and directors [Axis] 1 2 3 4
01/04/2017 01/04/2017 01/04/2017 01/04/2017
to to to to
31/03/2018 31/03/2018 31/03/2018 31/03/2018
Disclosure of key managerial personnels and directors and
remuneration to key managerial personnels and directors
[Abstract]
Disclosure of key managerial personnels and directors
and remuneration to key managerial personnels and
directors [LineItems]
SHRAWAN MUKESH KUMAR K U L V E E R
Name of key managerial personnel or director KUMAR TODI
BHARAT GOENKA
RATHI HURKAT
Director identification number of key managerial
00080303 00414688 07053912
personnel or director
Permanent account number of key managerial
AHRPR3584N
Date of birth of key managerial personnel or
01/08/1943 13/05/1963 25/08/1986 27/07/1954
director
Designation of key managerial personnel or director Director Director CFO Director
Qualification of key managerial personnel or
B.Com B.Com CA & CS B.Com
director
Shares held by key managerial personnel or director [shares] 7,31,600 [shares] 0 [shares] 0 [shares] 0
Key managerial personnel or director remuneration
[Abstract]
Gross salary to key managerial personnel or
director [Abstract]
Salary key managerial personnel or director 0 0 9,75,000 0
Perquisites key managerial personnel or
0 0 0 0
director
Profits in lieu of salary key managerial
0 0 0 0
Gross salary to key managerial personnel or
0 0 9,75,000 0
director
Sitting fees key managerial personnel or
0 0 0 0
director
Stock option key managerial personnel or
0 0 0 0
director
Sweat equity key managerial personnel or
0 0 0 0
director
Commission as percentage of profit key
0 0 0 0
managerial personnel or director
Other commission key managerial personnel or
0 0 0 0
director
Other compensation key managerial personnel or
0 0 0 0
director
Total key managerial personnel or director
0 0 9,75,000 0
remuneration
169
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(2)
Key managerial personnels and directors [Axis] 5
01/04/2017
to
31/03/2018
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and
directors [Abstract]
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and
directors [LineItems]
Qualification of key managerial personnel or director CS
Shares held by key managerial personnel or director [shares] 0
Key managerial personnel or director remuneration [Abstract]
Gross salary to key managerial personnel or director [Abstract]
Salary key managerial personnel or director 0
Perquisites key managerial personnel or director 0
Profits in lieu of salary key managerial personnel or director 0
Gross salary to key managerial personnel or director 0
Sitting fees key managerial personnel or director 0
Stock option key managerial personnel or director 0
Sweat equity key managerial personnel or director 0
Commission as percentage of profit key managerial personnel or director 0
Other commission key managerial personnel or director 0
Other compensation key managerial personnel or director 0
Total key managerial personnel or director remuneration 0
[612200] Notes - Leases

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of leases [TextBlock]
Whether company has entered into any lease agreement No No
Whether any operating lease has been converted to financial lease or
No No
vice-versa
[612300] Notes - Transactions involving legal form of lease

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of arrangements involving legal form of lease [TextBlock]
Whether there are any arrangements involving legal form of lease No No
[612900] Notes - Insurance contracts

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of insurance contracts [TextBlock]
Whether there are any insurance contracts as per Ind AS 104 No No
170
[613100] Notes - Effects of changes in foreign exchange rates

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of effect of changes in foreign exchange rates [TextBlock]
Whether there is any change in functional currency during the year No No
Description of presentation currency INR
[500100] Notes - Subclassification and notes on income and expenses
Miscellaneous other operating revenues [Table] ..(1)

Miscellaneous other operating revenues [Axis] 1
01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of other operating revenues [Abstract]
Other operating revenues [Abstract]
Miscellaneous other operating revenues 14,71,17,210 43,25,89,019
Miscellaneous other operating revenues [Abstract]
Miscellaneous other operating revenues [LineItems]
Description of miscellaneous other operating revenues accounts accounts
171

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Subclassification and notes on income and expense explanatory [TextBlock]
Disclosure of revenue from operations [Abstract]
Disclosure of revenue from operations for other than finance company
[Abstract]
Revenue from sale of products 21,68,92,796 52,92,00,697
Revenue from sale of services 0 0
Other operating revenues 14,71,17,210 43,25,89,019
Other operating revenues 14,71,17,210 43,25,89,019
Total revenue from operations other than finance company 36,40,10,006 96,17,89,716
Total revenue from operations 36,40,10,006 96,17,89,716
Disclosure of other operating revenues [Abstract]
Other operating revenues [Abstract]
Total other operating revenues 14,71,17,210 43,25,89,019
Total other operating revenues 14,71,17,210 43,25,89,019
Miscellaneous other operating revenues [Abstract]
Disclosure of other income [Abstract]
Interest income [Abstract]
Interest income on current investments [Abstract]
Interest on other current investments 1,44,679 4,16,826
Total interest income on current investments 1,44,679 4,16,826
Total interest income 1,44,679 4,16,826
Dividend income [Abstract]
Total dividend income 0 0
Other non-operating income [Abstract]
Miscellaneous other non-operating income (A) 70,676 (B) 3,45,000
Total other non-operating income 70,676 3,45,000
Total other income 2,15,355 7,61,826
Disclosure of finance cost [Abstract]
Interest expense [Abstract]
Other interest charges 6,87,66,600 7,29,84,084
Total interest expense 6,87,66,600 7,29,84,084
Total finance costs 6,87,66,600 7,29,84,084
Employee benefit expense [Abstract]
Salaries and wages 1,77,04,106 3,37,49,461
Managerial remuneration [Abstract]
Remuneration to directors [Abstract]
Total remuneration to directors 0 0
Total managerial remuneration 0 0
Contribution to provident and other funds [Abstract]
Contribution to provident and other funds for others 87,07,876 1,10,20,508
Total contribution to provident and other funds 87,07,876 1,10,20,508
Staff welfare expense 2,31,565 4,92,585
Total employee benefit expense 2,66,43,547 4,52,62,554
Depreciation, depletion and amortisation expense [Abstract]
Depreciation expense 1,41,74,807 1,90,56,449
Total depreciation, depletion and amortisation expense 1,41,74,807 1,90,56,449
Breakup of other expenses [Abstract]
Consumption of stores and spare parts 97,09,309 1,61,40,524
Power and fuel 27,41,71,158 45,43,86,420
Rent 1,74,528 3,02,733
Repairs to building 8,000 42,600
Repairs to machinery 6,01,748 4,38,226
Insurance 3,66,092 4,16,391
Rates and taxes excluding taxes on income [Abstract]
Total rates and taxes excluding taxes on income 0 0
Directors sitting fees 0 0
Cost repairs maintenance other assets 0 1,75,967
Loss on disposal of intangible Assets 0 0
172
Loss on disposal, discard, demolishment and destruction of

0 0
depreciable property plant and equipment
Payments to auditor [Abstract]
Payment for audit services 60,000 65,000
Payment for taxation matters 24,000 26,000
Payment for other services 23,125 38,875
Payment for reimbursement of expenses 22,622 42,726
Total payments to auditor 1,29,747 1,72,601
CSR expenditure 0 0
Miscellaneous expenses (C) 5,87,62,690 (D) 15,47,67,968

Total other expenses 34,39,23,272 62,68,43,430
Footnotes
(A) Miscellaneous Receipts and Income : 45524 Profit on sale of Fixed Assets (Net) : 25152 Provision & Excess Liabilities Written Back
:0
(B) Miscellaneous Receipts and Income : 0 Profit on sale of Fixed Assets (Net) : 0 Provision & Excess Liabilities Written Back : 345000
(C) Rates and Taxes excluding taxes on Income : 1312545 Freight & Carriage Inward : 4759262 Labour Charges : 26278226 Discount
Allowed : 0 Selling Expenses : 4106562 Miscellaneous Expenses : 12540574 Excise : 9765521
(D) Rates and Taxes excluding taxes on Income : 2197396 Freight & Carriage Inward : 7535160 Labour Charges : 59070001 Discount
Allowed : 5750 Selling Expenses : 9721711 Miscellaneous Expenses : 17489314 Excise : 58939665
[613200] Notes - Cash flow statement

01/04/2017 01/04/2016 01/04/2015
to to to
31/03/2018 31/03/2017 31/03/2016
Disclosure of cash flow statement [TextBlock]
Cash and cash equivalents cash flow statement 6,81,414 54,50,106 1,13,13,191
Cash and cash equivalents 6,81,414 54,50,106 1,13,13,191
Income taxes paid (refund), classified as operating activities 30,09,618 89,86,479
Total income taxes paid (refund) 30,09,618 89,86,479 0
[500200] Notes - Additional information statement of profit and loss

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Additional information on profit and loss account explanatory [TextBlock]
Changes in inventories of finished goods 2,42,53,555 -69,72,512
Changes in inventories of work-in-progress 10,63,81,449 -77,29,085
Total changes in inventories of finished goods, work-in-progress and
13,06,35,004 -1,47,01,597
stock-in-trade
Domestic sale traded goods 21,68,92,796 52,92,00,697
Total domestic turnover goods, gross 21,68,92,796 52,92,00,697
Total revenue from sale of products 21,68,92,796 52,92,00,697
Total revenue from sale of services 0 0
Gross value of transaction with related parties 0 0
Bad debts of related parties 0 0
173
[611200] Notes - Fair value measurement

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of fair value measurement [TextBlock]
Disclosure of fair value measurement of assets [TextBlock]
Whether assets have been measured at fair value No No
Disclosure of fair value measurement of liabilities [TextBlock]
Whether liabilities have been measured at fair value No No
Disclosure of fair value measurement of equity [TextBlock]
Whether equity have been measured at fair value No No
[613300] Notes - Operating segments

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of entity's operating segments [TextBlock]
Disclosure of reportable segments [TextBlock]
Whether there are any reportable segments No No
Disclosure of major customers [TextBlock]
Whether there are any major customers No No
[610700] Notes - Business combinations

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of business combinations [TextBlock]
Whether there is any business combination No No
Disclosure of reconciliation of changes in goodwill [TextBlock]
Whether there is any goodwill arising out of business combination No No
Disclosure of acquired receivables [TextBlock]
Whether there are any acquired receivables from business combination No No
Disclosure of contingent liabilities in business combination [TextBlock]
Whether there are any contingent liabilities in business combination No No
174
[611500] Notes - Interests in other entities

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of interests in other entities [TextBlock]
Disclosure of interests in subsidiaries [TextBlock]
Disclosure of subsidiaries [TextBlock]
Whether company has subsidiary companies No No
Whether company has subsidiary companies which are yet to commence
No No
operations
Whether company has subsidiary companies liquidated or sold during
No No
year
Disclosure of interests in associates [TextBlock]
Disclosure of associates [TextBlock]
Whether company has invested in associates No No
Whether company has associates which are yet to commence operations No No
Whether company has associates liquidated or sold during year No No
Disclosure of interests in joint arrangements [TextBlock]
Disclosure of joint ventures [TextBlock]
Whether company has invested in joint ventures No No
Whether company has joint ventures which are yet to commence
No No
operations
Whether company has joint ventures liquidated or sold during year No No
Disclosure of interests in unconsolidated structured entities [TextBlock]
Disclosure of unconsolidated structured entities [TextBlock]
Whether there are unconsolidated structured entities No No
Disclosure of investment entities [TextBlock]
Disclosure of information about unconsolidated subsidiaries [TextBlock]
Whether there are unconsolidated subsidiaries No No
Disclosure of information about unconsolidated structured entities
controlled by investment entity [TextBlock]
Whether there are unconsolidated structured entities controlled by
No No
investment entity
175
[610800] Notes - Related party
Disclosure of transactions between related parties [Table] ..(1)

Key management personnel of entity or
Categories of related parties [Axis]
parent [Member]
Related party [Axis] 1
01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of transactions between related parties [Abstract]
Disclosure of transactions between related parties [Line items]
Mukesh Kumar
Name of related party Rathi
Mukesh Kumar Rathi
Country of incorporation or residence of related party INDIA INDIA

Permanent account number of related party AHRPR3584N AHRPR3584N
Description of nature of transactions with related party refer text block refer text block
Description of nature of related party relationship refer text block refer text block
Related party transactions [Abstract]
Other related party transactions contribution received 0 0
Outstanding balances for related party transactions [Abstract]
Amounts payable related party transactions 0 0
Amounts receivable related party transactions 0 0
Outstanding commitments made by entity, related party transactions 0 0
Outstanding commitments made on behalf of entity, related party transactions 0 0
Provisions for doubtful debts related to outstanding balances of related party
0 0
transaction
Expense recognised during period for bad and doubtful debts for related party
0 0
transaction

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of related party [TextBlock]
Whether there are any related party transactions during year Yes Yes
Disclosure of transactions between related parties [TextBlock]
Whether entity applies exemption in Ind AS 24.25 No No
[611700] Notes - Other provisions, contingent liabilities and contingent assets

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of other provisions, contingent liabilities and contingent assets
[TextBlock]
Disclosure of contingent liabilities [TextBlock]
Whether there are any contingent liabilities No No
[700200] Notes - Corporate social responsibility

01/04/2017
to
31/03/2018
Disclosure of corporate social responsibility explanatory [TextBlock]
Whether provisions of corporate social responsibility are applicable on
No
company
176
[610500] Notes - Events after reporting period

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of events after reporting period [TextBlock]
Disclosure of non-adjusting events after reporting period [TextBlock]
Whether there are non adjusting events after reporting period No No
[612500] Notes - Share-based payment arrangements

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of share-based payment arrangements [TextBlock]
Whether there are any share based payment arrangement No No
[613000] Notes - Earnings per share

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of earnings per share [TextBlock]
Profit (loss), attributable to ordinary equity holders of parent entity
[Abstract]
Profit (loss), attributable to ordinary equity holders of parent entity 0 0
Profit (loss), attributable to ordinary equity holders of parent
0 0
entity including dilutive effects
Weighted average shares and adjusted weighted average shares [Abstract]
Weighted average number of ordinary shares outstanding [shares] 0 [shares] 0
[610900] Notes - First time adoption

01/04/2017 01/04/2016
to to
31/03/2018 31/03/2017
Disclosure of first-time adoption [TextBlock]
Whether company has adopted Ind AS first time No No
177

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BHASKAR SHRACHI ALLOYS LTD

Standalone Financial Statements for period 01/04/2017 to 31/03/2018

[700300] Disclosure of general information about company

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

[700600] Disclosures - Directors report

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

Last name of director Goenka

NIC code of product/service 7202 3371

Unless otherwise specified, all monetary values are in INR

Report on highlights on performance of subsidiaries,

Details relating to deposits covered under chapter v of companies act

Details of deposits which are not in compliance with requirements

Details of significant and material orders passed by

Textual information (1)

Disclosure in board of directors report explanatory [Text Block]

Registered Office: 8/1 Middleton Row, Kolkata- 700 071

Website: www.bhaskargroup.com, E-mail: bhaskarshrachi@gmail.com

Tel: (91-33)2229-7190/0114/8877, Fax: 91-33-2229-7223

1. HIGHLIGHTS OF FINANCIAL RESULTS

PARTICULARS 2017-18 2016-17

Revenue from operation 36.40 96.18

Profit before interest, depreciation and taxation (26.21) (6.37)

Interest 6.88 7.30

Depreciation and amortization 1.42 1.90

Profit before taxation (34.50) (15.57)

Profit after taxation (34.50) (15.57)

Transfer to General Reserve - -

Proposed Final Dividend - -

5. CHANGE IN SHARE CAPITAL

7. SUBSIDIARIES / JOINT VENTURES AND ASSOCIATE COMPANY

8. INTERNAL CONTROL SYSTEM

9. INTERNAL FINANCIAL CONTORLS

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on date, the Board consists of Three Directors.

Annual General Meeting of the Company.

11. INDEPENDENT DIRECTORS DECLARATION

12. BOARD MEETINGS

13. EVALUATION OF THE BOARD’S PERFORMANCE

14. REMUNERATION POLICY

15. BOARD COMMITTEES

16. VIGIL MECHANISM POLICY / WHISTLE BLOWER POLICY

17. CODE OF CONDUCT

18. FIXED DEPOSIT

19. CORPORATE SOCIAL RESPONSIBILITY

20. RELATED PARTY TRANSACTIONS

21. RELATIONSHIP BETWEEN DIRECTORS INTER SE

22. PECUNIARY RELATIONSHIP OR TRANSACTION OF NON EXECUTIVE DIRECTORS

23. PARTICULARS OF LOANS, GURANTEES AND INVESTMENTS

24. RISK MANAGEMENT

25. PARTICULRAS OF EMPLOYEES

26. EXTRACT OF ANNUAL RETURN

27. STATUTORY AUDITORS

28. SECRETARIAL AUDIT

29. COST AUDITORS

30. AUDITOR’S REPORT

32. HUMAN RESOURCE MANAGEMENT, HEALTH AND SAFETY

34. DIRECTOR’S RESPONSIBILITY STATEMENT

d) they have prepared the annual accounts on a going concern basis.

I) Energy conservation measures taken:

a) Correcting the alignment of drive and driven pullies.

b) Up-gradation of old furnaces to make it energy efficient.

II) Proposals under Study and Implementation;

Replacement of old equipments with new energy efficient equipments.