31st Annual Report 2019 20

2020
ANNUAL REPORT
Pearl Global Industries Limited

Board of Directors
Mr. Deepak Seth - Chairman
Mr. Pulkit Seth - Vice-Chairman & Managing Director
Mrs. Shifalli Seth - Whole-Time Director
Mr. Uma Shankar Kaushik - Whole-Time Director
Mr. Shailesh Kumar - Whole-Time Director
Mr. Chittranjan Dua - Non-executive Independent Director
Mr. Rajendra Kumar Aneja - Non-executive Independent Director
Mr. Anil Nayar - Non-executive Independent Director
Mr. Abhishek Goyal - Non-executive Independent Director
Mrs. Madhulika Bhupatkar - Non-executive Independent Director
Chief Financial Officer
Mr. Kashmir Singh Rathour
Company Secretary
Mr. Sandeep Sabharwal
Audit Committee
Mr. Anil Nayar - Chairman
Mrs. Madhulika Bhupatkar - Member Director
Mr. Rajendra Kumar Aneja - Member Director
Mr. Abhishek Goyal - Member Director
Nomination and Remuneration Committee
Mr. Abhishek Goyal - Chairman
Mr. Deepak Seth - Member Director
Mr. Anil Nayar - Member Director
Stakeholder Relationship Committee
Mr. Pulkit Seth - Member Director
Corporate Social Responsibility Committee
Mrs. Madhulika Bhupatkar - Chairperson
Mr. Anil Nayar - Member Director
Auditors Registered Office
M/s B.R. Gupta & Co. "Pearl House"
Chartered Accountants A-3, Community Centre
K-55, Connaught Circus Naraina Industrial Area, Phase-II
New Delhi-110001 New Delhi-110028
Bankers Corporate Office
Punjab National Bank "Pearl Tower"
Standard Chartered Bank Plot No. 51, Sector-32
UCO Bank Gurugram-122001(Haryana)
State Bank of India
RBL Bank Limited
HDFC Bank Limited
Pearl Global Industries Limited Annual Report 2019-20 1
CONTENTS
St at ut o r y R
Reepo r t & F
Fiinancia
nciall SSttatement
men
Notice 02
Directors’ Report 21
Corporate Governance 55
Management Discussion and Analysis 70
Business Responsibility Report 75
Co
Connso
soll id
idaate d F
Fiinancia ls
ncials
Independent Auditors’ Report 85
Consolidated Balance Sheet 94
Consolidated Statement of Profit & Loss 95
Consolidated Cash Flow Statement 97
Notes 99
Stand
ndaa lone F
lone Fiinancia ls
ncials
Independent Auditors’ Report 164
Balance Sheet 174
Statement of Profit & Loss 175
Cash Flow Statement 177
Notes 179
2 Pearl Global Industries Limited Annual Report 2019-20
Notice
PE AR L GGLL O BA L IIN
N D US T R I E S L
LII M I T E D
Registered Office: A-3, Community Centre, Naraina Industrial Area, Phase-II, New Delhi-110028
Corporate Office: Plot No.51, Sector-32, Gurugram-122001(Haryana)
Tel: 0124-4651000, Website: www.pearlglobal.com; e-mail: [email protected]
CIN: L74899DL1989PLC036849
N OT I C E TOM
TO EMBER S
ME Annual General Meeting and in respect of whom the
st
Notice is hereby given that the 31 Annual General Meeting Company has received a notice in writing under Section
of the Members of Pearl Global Industries Limited will be 160(1) of the Act from a member proposing her
held on Thursday, November 26, 2020 at 11:30 A.M. candidature for the office of Director, be and is hereby
through Video Conferencing ("VC")/other Audio Visual appointed as an Independent Director of the Company
Means ("OAVM") ("hereinafter referred to as "electronic to hold office for a term of upto five (5) consecutive
mode") to transact the following businesses: years with effect March 18, 2020 to March 17, 2025,
not liable to retire by rotation.
O R D I NA RY BUSINESS
BU R E S O LV E D FFUU RT H E R T THH AT the Board of
1. To receive, consider and adopt the Standalone and Directors be and is hereby authorized to do all such acts,
Consolidated Audited Financial Statements of the deeds and things as may be necessary to give effect to
Company for the financial year ended March 31, 2020 this Resolution."
including the Reports of the Board of Directors and 4. T O A PP OINT M
AP MRR. UUMM A SSH HANKAR
Auditors thereon. K AUS H I K (D
(DII N 06867819) A
AS DII R EC
SD TO R
ECT
2. To appoint a Director in place of Mrs. Shifalli Seth
To consider and if thought fit, to pass with or without
(DIN 01388430), who retires by rotation and being
modification(s) the following resolution as an Ordinar y
eligible, offers herself for re-appointment. R eso
esollutio
ionn:
S P EC
ECII A L BUS I N E S S
BU R E S O LV E D T
"R THH AT Mr. Uma Shankar Kaushik
3. T O A
APPPOINT M
MRR S. M
MAADHU
ULLIKA (DIN 06867819), who was appointed as an Additional
BHU PAT K A R (D
UP (DII N 08712718) A S A
AS N
AN Director of the Company with effect from July 28, 2020
IN DEP END EN T D
DII R EC
ECTTO R under Section 161(1) of the Companies Act, 2013 ("the
Act") and Article 86 of the Articles of Association of
To consider and if thought fit, to pass with or without
the Company by the Board of Directors and who holds
modification(s) the following resolution as an Ordinar y
R eso office upto the date of this Annual General Meeting and
esollutio
ionn:
who is eligible for appointment, be and is hereby
R E S O LV E D T
"R THH AT pursuant to the provisions of appointed as Director of the Company, liable to retire
Sections 149, 150 and 152 and other applicable by rotation."
provisions, if any, of the Companies Act, 2013 ("the
R E S O LV E D FFUU RT H E R T THH AT the Board of
Act"), and the rules made thereunder, read with
Directors be and is hereby authorized to do all such acts,
Schedule IV of the Act and Regulation 16(1)(b) and
deeds and things as may be necessary to give effect to
17(1)(a) of the SEBI (Listing Obligations and
this Resolution."
Disclosure Requirements) Regulations, 2015 ("Listing
Regulations") (including any statutory modification(s) 5. TO A
APPP OIN T M
MR HA IL E S H K
R . SSH U M A R (D
KU (DII N
or re-enactment thereof for the time being in force), 08897225) A
ASSD
DII R EC
ECT TO R
Mrs. Madhulika Bhupatkar (DIN 08712718), who was To consider and if thought fit, to pass with or without
appointed as an Additional Director of the Company modification(s) the following resolution as an Ordinar y
with effect from March 18, 2020, pursuant to Section R eso
esoll utio
ionn:
161(1) of the Act and Article 86 of the Articles of
R E S O LV E D T
"R H AT Mr. Shailesh Kumar (DIN
TH
Association of the Company and who has submitted
08897225), who was appointed as an Additional
the declaration that she meets the criteria of
Director of the Company with effect from October 07,
Independence as provided under the Act and the Listing
2020 under Section 161(1) of the Companies Act, 2013
Regulations and who holds office upto the date of this
Notice (contd...)
("the Act") and Article 86 of the Articles of Association R E S O LV E D FFUU RT H E R T THH AT the Board of
of the Company by the Board of Directors and who Directors be and is hereby authorized to do all such acts,
holds office upto the date of this Annual General deeds and things as may be necessary to give effect to
Meeting and who is eligible for appointment be and is this Resolution."
hereby appointed as Director of the Company, liable to 7. TO A
APPP OIN T M
MRR . SSH
HA IL E S H K
KU (DII N
U M A R (D
retire by rotation." 08897225) A
ASSW
WHH O L E -T I M E D
DII R ECTO R
ECT
R E S O LV E D FFUU RT H E R T THH AT the Board of To consider and if thought fit, to pass with or without
Directors be and is hereby authorized to do all such acts, modification(s) the following resolution as an Ordinary
deeds and things as may be necessary to give effect to Resolution:
this Resolution."
R E S O LV E D T
"R THH AT pursuant to the provisions of
6. T O A APPPOINT M MRR. U
UMM A SSHHANKAR Sections 2(94), 196, 197 and 203 read with Schedule
K AU S H I K (D
(DII N 06867819) A
ASS A W
WHHOLE - V and other applicable provisions, if any, of the
TI ME DDII R EC
ECTTO R Companies Act, 2013 and the Companies
To consider and if thought fit, to pass with or without (Appointment and Remuneration of Managerial
modification(s) the following resolution as an Ordinar y Personnel) Rules 2014 (including any statutory
R eso
esoll utio
ionn: modification(s), enactment(s) or re-enactment(s)
R E S O LV E D T
"R H AT pursuant to the provisions of
TH thereof for the time being in force), Mr. Shailesh Kumar
Sections 2(94), 196, 197 and 203 read with Schedule (DIN 08897225) be and is hereby appointed as Whole-
V and other applicable provisions, if any, of the Time Director of the Company for a period of Three
Companies Act, 2013 and the Companies years commencing from October 07, 2020."
(Appointment and Remuneration of Managerial R E S OLV ED FFUU RT H E R T
THHAT Mr. Shailesh Kumar
Personnel) Rules 2014 (including any statutory will be entitled for the following remuneration per
modification(s), enactment(s) or re-enactment(s) month as Whole-Time Director of the Company:
thereof for the time being in force), Mr. Uma Shankar Par ticu
icullars (A mou n `)
nt iin
moun
Kaushik (DIN 06867819) be and is hereby appointed
Basic Pay 80,000/-
as Whole-Time Director of the Company for a period
of Three years commencing from July 28, 2020." House Rent Allowance 40,000/-
R E S O LV E D F
FUU RT H E R T H AT Mr. Uma Shankar
TH Special Allowance 30,000/-
Kaushik will be entitled for the following remuneration Provident Fund & Gratuity As per Company's policy
per month as Whole-Time Director of the Company: He will be provided reimbursement of actual business
Par ticu
icullars (A mou
moun n `)
nt iin expenses of conveyance including Driver.
Basic Pay 1,03,334/- R E S O LV E D FFUU RT H E R T H AT Mr. Shailesh
TH
House Rent Allowance 51,667/- Kumar, Whole-Time Director shall be responsible for
HR functions of Knits division of the Company and
Special Allowance 30,927/-
also perform such other duties and services as shall from
Conveyance 1,600/- time to time be entrusted to him by the Board of
Provident Fund & Gratuity As per Company's policy Directors of the Company."
He will be provided reimbursement of actual business R E S O LV E D FFUU RT H E R T THH AT the Board of
expenses of Conveyance including Driver and Directors be and is hereby authorized to do all such acts,
Entertainment reimbursement. deeds and things as may be necessary to give effect to
R E S O LV E D FFUU RT H E R T
TH H AT Mr. Uma Shankar this Resolution."
Kaushik, Whole-Time Director shall be responsible for 8. T O A
APP PRO V VEE R
REEVISI ON IIN
N
HR & Administration functions of woven division of R E M U N E R AT I O N O F M
OF MR R. VVII N O D VVAAI SH
the Company and also perform such other duties and (DII N 01945795), W
(D WHH O L E -T IM E DDII R EC
ECTTO R
services as shall from time to time be entrusted to him To consider and if thought fit, to pass with or without
by the Board of Directors of the Company."
Notice (contd...)
modification(s) the following resolution as an Ordinary the Company be and is hereby accorded for entering
Resolution: into contract or arrangement with the related parties as
R E S O LVE D T
"R THHAT in partial modification of earlier defined under the Companies Act, 2013 and the Rules
Resolution passed by the shareholders at the 30th Annual made there under, namely Norp Knit Industries
General Meeting of the Company held on September Limited, PT Pinnacle Apparels, Pearl Global (HK)
24, 2019 and pursuant to the provisions of Sections 196, Limited, Pearl Global Fareast Limited, DSSP Global
197, and 203 read with Schedule V and other applicable Limited, PDS Multinational Fashions Limited,
provisions, if any, of the Companies Act, 2013 and the Norwest Industries Limited, Pearl Grass Creations
Companies (Appointment and Remuneration of Limited, Prudent Fashions Limited, Vin Pearl Global
Managerial Personnel) Rules 2014 (including any Vietnam Limited, Pearl Global F.Z.E., PGIC
statutory modification(s), enactment(s) or re- Investment limited, Pearl Global (Chang Zhou) Textile
enactment(s) thereof for the time being in force), Technology Co. Limited, and Pearl Global Vietnam Co.
approval of members of the company be and is hereby Limited, for the financial year 2021-22, as per details
accorded for revision in the monthly remuneration of and terms & conditions as set out under the Explanatory
Mr. Vinod Vaish, Whole-time Director of the Company Statement annexed to this Notice."
with effect from October 01, 2019 to April 30, 2020, R E S O LV E D F U RT H E R T
FU THH AT the Board of
as follows: Directors be and is hereby authorized to perform and
Par ticu
nt iin
moun execute all such acts, deeds, matters and things including
delegate such authority, as may be deemed necessary,
Basic Pay 68,890/-
proper or expedient to give effect to this resolution and
House Rent Allowance 34,440/- for the matters connected herewith or incidental hereto."
Special Allowance 44,489/-
Provident Fund & Gratuity As per Company's rules
He would be provided a Company maintained Car with By order of the Board of Directors
driver and a mobile phone for official purpose, and also for Pea
earrl Glo
Globb a l IInd
ndus tries L i mit
ndu itee d
be entitled for reimbursement of actual business
expenses.
Place: Gurugram (S
(Saande
ndeee p SSab
ab
abhha r w a l )
R E S O LV E D FFUU RT H E R T THH AT the Board of Date: October 07, 2020 Co
Com mp any SSee cret
etaar y
Directors be and is hereby authorized to do all such acts
and deeds as may be necessary to give effect to this NOTES:
NOT
Resolution."
1. The statement pursuant to Section 102 of the
9. T O A
APPPRO V VEE R
REE L AT E D P
PAA RT Y Companies Act, 2013 (the Act) is annexed hereunder
T R A N SSA
A C T I O NS F
FOOR T THH E FI NA N C I A L
FIN and forms part of the Notice. As required under
Y E A R 2021-2022 Secretarial Standard-2 and regulations 26(4) and 36(3)
To consider and if thought fit, to pass with or without of the SEBI (Listing Obligations and Disclosure
modification(s) the following resolution as an Ordinary Requirements) Regulations, 2015 (Listing
Resolution: Regulations), the relevant information of Directors is
R E S O LVE D T
"R TH HAT pursuant to Section 188 and any enclosed as Annexure-1.
other applicable provisions of the Companies Act, 2013 2. The Register of Members and Share Transfer Books of
and the rules made there under, Regulation 23 and any the Company will remain closed from Friday, November
other applicable provisions of SEBI (Listing Obligations 20, 2020 to Thursday, November 26, 2020 (both days
and Disclosure Requirements) Regulations, 2015, inclusive).
(including any statutory modification(s) or re- 3. In view of the continuing Covid-19 pandemic, the
enactment thereof for the time being in force), and Ministry of Corporate Affairs ("MCA") has vide its
pursuant to the consent of the Audit Committee and Circular No. 20 dated May 5, 2020 read with Circular
the Board of Directors, the approval of the members of No. 14 dated April 8, 2020 and Circular No. 17 dated
Notice (contd...)
April 13, 2020 (hereinafter collectively referred to as In case the shareholder has not registered his/her/their
"MCA Circulars") permitted the holding of Annual email addresses with the Company/its RTA/
General Meeting through VC or OAVM without the Depositories and or not updated the Bank Account
physical presence of Members at a common venue. In mandate for receipt of dividend, the following
compliance with these MCA Circulars and the relevant instructions to be followed:
provisions of the Companies Act, 2013 and the SEBI (i) Kindly log in to the website of our RTA, Link
(Listing Obligations and Disclosure Requirements) Intime India Private Ltd., www.linkintime.co.in
Regulations, 2015, the Annual General Meeting of the under Investor Services > Email/Bank detail
Members of the Company is being held through VC/ Registration- fill in the details and upload the
OAVM. required documents and submit. O R
4. Purs uant tto
rsu o tthe
he pprrov isio
ovisio
ision ns of tthe he CoCom mp an ies A ct,
Act, (ii) In the case of Shares held in Demat mode:
2013, a M Mee mbmbee r een ntit le
itle
ledd ttoo aattt end aandnd vvot ot
otee aatt tthe
he
A nn ua l G The shareholder may please contact the Depository
Gee nenerr a l MMee et
etii n g is een ntit le
itle
ledd tto
o aap p p o int a
prox y tto o aatt tend aand nd vvot ot Participant ("DP") and register the email address
otee oonn hhis/he
is/he
is/herr bbeheh
ehaa lf aand
nd tthe he
prox y ne and bank account details in the demat account as
neee d not bbee a M Meembmbeer of tthe he Co
Com mp any. Si Sincnc
ncee
t h is A G M is bbei ei n g held pu rs u a n t tto
o tthehe MC A per the process followed and advised by the DP.
AG ein purs rsu MCA
Circuculla rs tthhrou
ougg h VC/O
VC/OA AVM , pph hysic
ysicaa l aattt end
ndaancncee 7. The Notice of the Annual General Meeting along with
of M Meemb
mbeers hhaa s bbee en ddis is
ispp ense
sed dw witith. A
ith Acc c o rd ing ly ly,, the Annual Report for the financial year 2019-20 is
t he ffacil
acil
acilit it
ityy foforr aap p p o i n t me
men n t of pprr o xies bbyy tthe he being sent only by electronic mode to those Members
M e mb
mbee rs w il
illl not bbee aavv a il
wil ab
ilab
able le foforr tthe
he A Annnua l whose email addresses are registered with the Company/
G e ne
nerr a l M
Mee etetii n g aand
nd he hencnc
ncee tthe
he P Prro x y F Foo rm aand nd Depositories in accordance with the aforesaid MCA
Attendndaanc ncee SlSlii p aarre not aan nnex
nexee d tto o tthe
he N Notot ic
otic e.
ice. Circulars and Circular issued by SEBI dated May 12,
2020. Members may note that the Notice of Annual
5. Institutional/Corporate Shareholders (i.e. other than
General Meeting and Annual Report for the financial
individuals/HUF, NRI, etc) are required to send a
year 2019-20 will also be available on the Company's
scanned copy (PDF/JPEG Format) of its Board
website www.pearlglobal.com; websites of the Stock
Resolution or governing body Resolution/
Exchanges i.e. National Stock Exchange of India Ltd
Authorisation etc., authorising its representative to
and BSE Limited at www.nseindia.com and
attend the Annual General Meeting through VC/
www.bseindia.com respectively. Members can attend
OAVM on its behalf and to vote through remote e-
and participate in the Annual General Meeting through
voting. The said Resolution/Authorization shall be sent
VC/OAVM facility only.
to the Scrutinizer by email through their registered email
address to [email protected] with copies 8. Since the AGM will be held through VC/OAVM, the
marked to the Company at route map is not annexed to this notice.
[email protected] and to its RTA at 9. Members attending the meeting through VC/OAVM
[email protected]. shall be counted for the purposes of reckoning the
6. R e g is
isttratio
ionn of eem
ma il IID
D aand
nd B
Baank A
Acc c ount det
oun detaa ils
ils:: quorum under Section 103 of the Companies Act,
2013.
In case the shareholder's email ID is already registered
with the Company/its Registrar & Share Transfer Agent 10. Information in respect of such unclaimed dividend
"RTA"/Depositories, log in details for e-voting are being including when due for transfer to the said Fund is given
sent on the registered email address. below:
Notice (contd...)
Financia
nciall yea
yearr R ate of Div ide
Divide
idend nd DDee cl
claare d Date of La
Lasst ddaat e fo
forr D ue ddaate fo
forr
ende
ndedd o n tthe
he ppaa id
id--up eeq
quitityy de cl
claaratio
decl n of
ion cl
claa im i ng uunnp a id tr ans fe
ferr tto
o
sh
shaare ccaap it
itaa l Div ide
Divide nd
idend Div
Divideide nd
idend I EP FFuund
31.03.2013 10.00% (Final) 27.09.2013 25.10.2020 24.11.2020
31.03.2014 20.00% (Final) 26.09.2014 24.10.2021 23.11.2021
31.03.2015 22.50% (Final) 22.09.2015 20.10.2022 19.11.2022
31.03.2016 25.00% (Interim) 11.03.2016 09.04.2023 08.05.2023
31.03.2016 5.00% (Final) 27.09.2016 26.10.2023 25.11.2023
31.03.2017 30.00% (Final) 28.09.2017 27.10.2024 26.11.2024
31.03.2018 20.00% (Final) 24.09.2018 23.10.2025 22.11.2025
31.03.2019 30.00% (Final) 24.09.2019 23.10.2026 22.11.2026
Members who have not en-cashed their dividend business contained herein may be transacted through
warrant(s) so far, are requested to make their claim to e-voting Services provided by Link Intime India Private
the Company or to the Registrar and Share Transfer Limited.
Agent of the Company at Link Intime India Pvt. 15. The voting period begins on Monday, November 23,
Limited, Noble Heights, 1st Floor, Plot NH-2, C-1 2020 at 09:00 A.M. and ends on Wednesday, November
Block LSC, Near Savitri Market, Janakpuri, New Delhi- 25, 2020 at 05:00 P.M. During this period shareholders
110058. of the Company, holding shares either in physical form
11. Members holding shares in dematerialised mode are or in dematerialized form, as on the cut-off date
requested to intimate all changes with respect to their November 19, 2020 (record date) may cast their vote
bank details, mandate, nomination, power of attorney, electronically.
change of address, e-mail address, change in name etc. 16. Any person, who acquires shares of the Company and
to their depository participant. These changes will be become Member of the Company after dispatch of the
automatically reflected in the Company's records which Notice and holding shares as on the cut-off date i.e
will help the Company to provide efficient and better November 19, 2020 may follow the same instructions
services to the Members. as mentioned for e-Voting.
12. Members holding shares in physical form are requested 17. Mr.Jayant Sood, Practicing Company Secretary,
to intimate changes with respect to their bank account (Membership No. FCS 4482) has been appointed as
(viz. name and address of the branch of the bank, MICR the Scrutinizer to scrutinize the e-voting process in a
code of branch, type of account and account number), fair and transparent manner.
mandate, nomination, power of attorney, change of
18. The Scrutinizer shall, after the conclusion of voting at
address, e-mail address, change in name etc. immediately
the general meeting, unblock the votes cast through
to the Company.
remote e-voting in the presence of at least two witnesses
13. No Gift(s) shall be distributed at the ensuing 31st not in the employment of the Company and make, not
Annual General Meeting of your Company. later than three days of conclusion of the meeting, a
14. In compliance with provisions of Section 108 of the Consolidated Scrutinizer's Report of the total votes cast
Companies Act, 2013 and Rule 20 of the Companies in favour or against, if any, to the Chairman or a person
(Management and Administration) Rules, 2014, as authorised by him in writing who shall countersign the
amended from time to time and Regulation 44 of same.
Securities and Exchange Board of India (Listing 19. The Results shall be declared on or after the AGM of
Obligations and Disclosure Requirements) Regulations, the Company. The Results declared along with the
2015, the Company is pleased to provide to its members Scrutinizer's Report shall be placed immediately on the
facility to exercise their right to vote at the 31st Annual Company's website www
www..p eaearrl g lo
lobb a l.c om and on the
General Meeting (AGM) by electronic means and the website of Link Intime India Private Limited and
Notice (contd...)
communicated to the BSE Limited and National Stock p hysic
ysicaa l fo
forrm but have not recorded 'C'
Exchange of India Limited simultaneously. and 'D', shall provide their Folio number
20. I NS
NSTT R U C T I O NS F
FOOR E
E--VO
VOTTING A
ARRE A
ASS in 'D' above
F O L L OWS : Set the password of your choice (The password
motee ee--Vot
R emot otiing IIn
nstr uctio
uctio ns fo
ion forr sh
shaareho lde
eholde rs
rs::
lders should contain minimum 8 characters, at least one
special Character (@!#$&*), at least one numeral,
1. Open the internet browser and launch the URL:
at least one alphabet and at least one capital letter).
https://instavote.linkintime.co.in
Click "confirm" (Your password is now generated).
Those who are first time users of LIIPL e-voting
platform or holding shares in physical mode have NOTE: If Shareholders/ members are holding
to mandatorily generate their own Password, as shares in demat form and have registered on to e-
under: Voting system of LIIPL : https://
instavote.linkintime.co.in, and/or voted on an
Sig
Click on "Sig
SignnU Up
p " under 'S
S HA RE HHOOLDER ' earlier event of any company then they can use their
tab and register with your following details: -
existing password to login.
A . Use
serr IID
D : Enter your User ID
2. S HA R E H
Click on 'Login' under 'S HOO L D E R ' tab.
• Shareholders/members holding shares in
3. Enter your User ID, Password and Image
C D S L dedemmat ac
accc ou
oun shaa l l pprrov
nt sh ide 16
ovide
Verification (CAPTCHA) Code and click on
Dig
Digitit B neficiarr y IID
Bee neficia D
Sub
'S m it
ubm it'.
• Shareholders/members holding shares in
NS
NSD D L dedemmat acaccc ou
oun nt shshaa ll pprrov ide 8
ovide 4. After successful login, you will be able to see the
Charactacteer DDPP IID
D fo foll low e d bbyy 8 Dig
low Digitit V ie
notification for e-voting. Select 'V ieww ' icon.
Cl ie
iennt IID
D 5. E-voting page will appear.
• Shareholders/members holding shares in 6. Refer the Resolution description and cast your vote
p hysic
ysicaa l fo
forrm sh
shaa l l pprrov ide Event No +
ovide by selecting your desired option 'F Favouourr / Ag
Agaai nst '
Folio Number registered with the (If you wish to view the entire Resolution details,
Company V ie
click on the 'V iewwR eso
esollutio
Reso ionn ' file link).
B. PA N : Enter your 10-digit Permanent Account 7. After selecting the desired option i.e. Favour /
Number (PAN) (Members who have not Against, click on 'SSubm it
ubm it'. A confirmation box will
updated their PAN with the Depository be displayed. If you wish to confirm your vote, click
Participant (DP) / Company shall use the Yes
on 'Yes', else to change your vote, click on 'No' and
sequence number provided to you, if accordingly modify your vote.
applicable. 8. Institutional shareholders (i.e. other than
C. D O B/D
B/DO O I : Enter the Date of Birth (DOB) Individuals, HUF, NRI etc.) and Custodians are
/ Date of Incorporation (DOI) (As recorded required to log on the e-voting system of LIIPL at
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n / M
Muutua l F u nd /
Fu
D. B a n k A
Acc c ou
ounnt N Nuumb
mbeer : Enter your Bank Co
Corprp
rpoo r at e B
Boo dy
dy'. They are also required to upload
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with your DP/Company. /authority letter/power of attorney etc. Together
• Shareholders / members holding shares in with attested specimen signature of the duly
C D S L dedem m a t ac
accc ou
ounn t sh
shaa l l pprr ov ide
ovide authorised representative(s) in PDF format in the
eithe
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ovee
abov Custo d ia
'C iann/M Muut ua l F und / Co
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Bo dy'
login for the Scrutinizer to verify the same.
• Shareholders / members holding shares in
NS
NSD D L dedemmat ac accc ount sh
oun shaa ll pprrovide 'D',
ovide If you hhaave fo rg
forg ot
ottte n tthe
rgot he ppaa ssw
swoord :
ab ov
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abov o L o g i n ' under 'S
Click on 'L S HA R E H HOO LD E R'
• Shareholders / members holding shares in tab and further Click 'fo fo
forgrg ot ppaa ssw
rgot swoord ?'
Notice (contd...)
o Enter Useserr IID
D , select Mo de and Enter Image Select the "Co
Com
Co Ev e n t D
m p a n y " and 'E Daa t e ' and
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'S m it
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Acc c ount N
oun o. oorr F
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Fo o : Enter your
No
• In case shareholders/ members is having valid email 16 digit Demat Account No. or Folio No
address, Password will be sent to his / her registered • Shareholders/ members holding shares in
e-mail address. C D S L de m a t ac
dem accc ou n t sh
oun shaa l l pprr ov ide 16
ovide
• Shareholders/ members can set the password of his/ Dig it B
Digit Beeneficia
neficiarr y IID
D
her choice by providing the information about the • Shareholders/ members holding shares in
particulars of the Security Question and Answer, N SSD
D L dedem m a t ac
accc o uun
n t sh
shaa l l pprr o vvide
ide 8
PAN, DOB/DOI, Bank Account Number (last C h a r act
actee r D
DP P IID
D fofoll lo
loww e d bbyy 8 Dig it
Digit
four digits) etc. As mentioned above. Cl ient IID
ien D
• The password should contain minimum 8 • Shareholders/ members holding shares in
characters, at least one special character (@!#$&*), p hysic
ysicaa l fo
forrm sh
shaa l l pprrov ide Folio Number
ovide
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B. PA N : Enter your 10-digit Permanent Account
• It is strongly recommended not to share your Number (PAN) (Members who have not updated
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For shareholders/ members holding shares in physical to you, if applicable).
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No
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During the voting period, shareholders/ members can your DP/Company.
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Please refer the instructions (annexure) for the software
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as mentioned above for e-Voting. provided to you in the instruction/ InstaMEET website.
In case shareholders/ members have any queries Ins tr uct io
uctio ns fo
ion forr Sh
Shaa reho lde
eholde
lders/rs/ M Meemb
mbeers tto o SSpp ea
eak k
regarding e-voting, they may refer the Fr e q ue n t ly
uen d u r i n g tthe
he A
Annnua l G Gee n eerr a l M
Mee e ttii n g tth
h r o uugg h
Ask
Askee d Q ues
uesttio
Ques ns ('F
ion A Qs') and Ins taVot
('FA otee ee--Vot
otii ng Insta Me et et::
ma nua l available at https://instavote.linkintime.co.in,
1. Shareholders who would like to speak during the
under H e llp p section or send an email to
meeting must register their request 3 days in
[email protected] or contact on: - Tel: 022-
advance with the company on the
4918 6000.
[email protected].
21. P R O C E S S A
ANND M
MAANNER F OR A
FO T T END ING
AT
THE A N N UA L G ENERAL M E ET I N G 2. Shareholders will get confirmation on first cum first
AN GE ME
T H RO U G H IINSNS TA M E ET A RE A SF O L L OWS : basis depending upon the provision made by the
NST AR AS FO
client.
1. Open the internet browser and launch the URL:
3. Shareholders will receive "speaking serial number"
https://instameet.linkintime.co.in
once they mark attendance for the meeting.
Notice (contd...)
4. Other shareholder may ask questions to the Annual General Meeting will be eligible to attend/
panellist, via active chat-board during the meeting. participate in the Annual General Meeting through
5. Please remember speaking serial number and start InstaMeet. However, they will not be eligible to vote
your conversation with panellist by switching on again during the meeting.
video mode and audio of your device. Shareholders/ Members are encouraged to join the
Shareholders are requested to speak only when Meeting through Tablets/ Laptops connected through
moderator of the meeting/ management will announce broadband for better experience.
the name and serial number for speaking. Shareholders/ Members are required to use Internet
In s tr uct io
uctio
ionn s fo
forr Sh
Shaa reho lde
eholde
lders/ rs/ M
Mee mb
mbee rs tto o V Votot
otee with a good speed (preferably 2 MBPS download
d u r i n g tthe
he A nnua l G
An Gee n eerr a l M
Mee e ttii n g tth
h r o uugg h stream) to avoid any disturbance during the meeting.
Ins ta Me etet:: Please note that Shareholders/Members connecting
Once the electronic voting is activated by the from Mobile Devices or Tablets or through Laptops
scrutinizer/ moderator during the meeting , connecting via Mobile Hotspot may experience Audio/
shareholders/ members who have not exercised their Visual loss due to fluctuation in their network. It is
vote through the remote e-voting can cast the vote as therefore recommended to use stable Wi-FI or LAN
under: connection to mitigate any kind of aforesaid glitches.
1. On the Shareholders VC page, click on the link In case shareholders/ members have any queries
for e-Voting "Cast your vote" regarding login/ e-voting, they may send an email to
[email protected] or contact on: - Tel: 022-
2. Enter your 16 digit Demat Account No. / Folio
49186175.
No. and OTP (received on the registered mobile
number/ registered email Id) received during E X P L A NATO RY SST
TAT E M E N T
registration for InstaMEET and click on 'Submit'. As required by Section 102 of the Companies Act, 2013 the
3. After successful login, you will see "Resolution following Explanatory Statement sets out the material facts
Description" and against the same the option relating to the businesses under Item Nos. 3 to 9 of the
"Favour/ Against" for voting. accompanying Notice.
4. Cast your vote by selecting appropriate option i.e. It em No . 3:
No
"Favour/Against" as desired. Enter the number of The Board of Directors, based on recommendation of the
shares (which represents no. of votes) as on the cut- Nomination and Remuneration Committee, appointed Mrs.
off date under 'Favour/Against'. Madhulika Bhupatkar, as an Additional Director in the
5. After selecting the appropriate option i.e. Favour/ capacity of Independent Women Director of the Company
Against as desired and you have decided to vote, with effect from March 18, 2020, pursuant to section 161
click on "Save". A confirmation box will be of the Companies Act, 2013, to comply the requirements of
displayed. If you wish to confirm your vote, click proviso of Regulation 17(1)(a) of SEBI (Listing Obligation
on "Confirm", else to change your vote, click on and Disclosure Requirement) Regulation 2015. Mrs.
"Back" and accordingly modify your vote. Bhuptakar shall hold office as an additional Director up to
6. Once you confirm your vote on the resolution, you the date of this Annual General Meeting and is eligible to be
will not be allowed to modify or change your vote appointed as an Independent Director for a term upto five
subsequently. (5) consecutive years.
Note: Shareholders/ Members, who will be present in The Company has received necessary notice from a member
the Annual General Meeting through InstaMeet facility under Section 160(1) of the Companies Act, 2013 ("the
and have not casted their vote on the Resolutions Act") proposing her candidature for appointment as Director
through remote e-Voting and are otherwise not barred of the Company. Mrs. Bhupatkar is not disqualified from
from doing so, shall be eligible to vote through e-Voting being appointed as Director in terms of Section 164 of the
facility during the meeting. Shareholders/ Members Act and has given her consent to act as Director of the
who have voted through Remote e-Voting prior to the Company. The Company has also received declaration from
Notice (contd...)
Mrs. Bhupatkar that she meets the criteria of Independence Nomination and Remuneration Committee, at their
as prescribed under Section 149 of the Act read with the meetings held on July 28, 2020, appointed Mr. Uma Shankar
Rules made thereunder and Regulation 16 of the SEBI Kaushik (DIN 06867819) as an Additional Director and
(Listing Obligations & Disclosure Requirements) Whole-Time Director of the Company, with effect from July
Regulations, 2015. She also fulfills the requirement of 28, 2020.
Section 150 of the Act, regarding registration as Independent Before his appointment as Director, he was working as
Director in databank of Independent Directors. In the Assistant Vice-President (HR & Admin) of the Company.
opinion of the Board, she fulfils the conditions as specified After resignation of Mr. Vinod Vaish, from the office of
in the Companies Act, 2013 and SEBI (Listing Obligations Director and Whole-Time Director of the Company, who
and Disclosure Requirements) Regulations, 2015. was heading the HR & Administration functions of the
Mrs. Bhupatkar, aged about 64 years, having degree in B.Sc., Company, The Nomination and Remuneration Committee
Post Graduate Diploma in Dietetics and B.Ed., with over and the Board of Directors considered that he is fit and
30 years of experience in academics and held position as proper person to appoint as Director and Whole-Time
Principal in various educational institutions and having Director for heading the HR & Administration functions
experience in general management. of the Company. Mr. Kaushik is not disqualified from being
The Board of Directors in its meeting held on July 28, 2020, appointed as Director in terms of Section 164 of the
appointed Mrs. Bhupatkar as Chairperson of Corporate Companies Act, 2013 and has given his consent to act as
Social Responsibility Committee and member in Audit Director and Whole-Time Director of the Company.
Committee of the Company. Mr. Uma Shankar Kaushik, aged about 47 years, holds
Details of other Directorship / Committee Membership Bachelor Degree in Arts from Delhi University and
held in other Companies: N I L Executive Post Graduate Diploma in HR & Personnel
Management from IMT Ghaziabad and having more than
She will be paid remuneration by way of fee for attending
21 years experience in the field of the HR and
meetings of the Board or for any other purpose whatsoever
Administration.
as may be decided by the Board and reimbursement of
expenses for participation in the Board. Details of other Directorship/Committee Membership held
by him in other Companies are as follows:
Shareholders' approval is sought for appointment of Mrs.
Madhulika Bhupatkar as an Independent Director of the Directorship:
Company. He holds Directorship in PKW Associates Private Ltd.
Copy of draft letter of appointment of Mrs. Madhulika Committee Membership:
Bhupatkar as an Independent Director setting out the terms He does not hold any committee membership in any
and conditions would be available for electronic inspection Company.
without any fee by the members on the basis of the request
Shareholders' approval is sought for appointment of Mr.
being sent on [email protected].
Uma Shankar Kaushik as Director and Whole-Time
None of the Directors and Key Managerial Personnel of the Director of the Company. The appointment and
Company, or their relatives, except Mrs. Madhulika Remuneration payable to Mr. Kaushik is within the limits
Bhupatkar, herself is interested, financially or otherwise, in provided under Section 196, 197 and 203 read with
this Resolution. Schedule V and other applicable provisions of the
Your Directors recommend the passing of the resolution at Companies Act, 2013.
Item no.3 as an Ordinary Resolution. The terms as set out in the resolution and explanatory
Additional information in respect of Mrs. Bhupatkar, statements may be treated as a written memorandum setting
pursuant to Regulation 36 of the SEBI (Listing Obligations out terms of appointment of Mr. Uma Shankar Kaushik
and Disclosure Requirements) Regulations, 2015 and under Section 190 of the Companies, Act, 2013.
Secretarial Standard 2 is annexed to this Notice. None of the Directors and Key Managerial Personnel of the
It em No . 4 & 6:
No Company, or their relatives, except Mr. Uma Shankar
The Board of Directors, based on the recommendation of Kaushik, himself is interested, financially or otherwise, in
this Resolution.
Notice (contd...)
Your Directors recommend the passing of the resolution at statements may be treated as a written memorandum setting
Item no.4 & 6 as an Ordinary Resolution. out terms of appointment of Mr. Shailesh Kumar under
Additional information in respect of Mr. Kaushik, pursuant Section 190 of the Companies, Act, 2013.
to Regulation 36 of the SEBI (Listing Obligations and None of the Directors and Key Managerial Personnel of the
Disclosure Requirements) Regulations, 2015 and Secretarial Company, or their relatives, except Mr. Shailesh Kumar,
Standard 2 is annexed to this Notice. himself is interested, financially or otherwise, in this
Statement Pursuant to Section II of Part II of Schedule V of Resolution.
the Companies Act, 2013, is provided below. Your Directors recommend the passing of the resolution at
Copy of the resolutions passed by the Board in respect of Item no.5 & 7 as an Ordinary Resolution.
the above would be available for electronic inspection Additional information in respect of Mr. Shailesh Kumar,
without any fee by the members on the basis of the request pursuant to Regulation 36 of the SEBI (Listing Obligations
being sent on [email protected]. and Disclosure Requirements) Regulations, 2015 and
It em No . 5 & 7:
No Secretarial Standard 2 is annexed to this Notice.
The Board of Directors at its meeting held on October 07, Statement Pursuant to Section II of Part II of Schedule V of
2020, based on the recommendation of Nomination and the Companies Act, 2013, is provided below.
Remuneration Committee at its meeting held on September Copy of the resolutions passed by the Board in respect of
24, 2020, appointed Mr. Shailesh Kumar (DIN 08897225) the above would be available for electronic inspection
as an Additional Director and Whole-Time Director of the without any fee by the members on the basis of the request
Company, with effect from October 07, 2020. being sent on [email protected].
Before his appointment as Director, he was heading HR It em No . 8:
No
functions of the Knits division of the Company as DGM The members of the Company at their 29th Annual General
(HR). The Nomination and Remuneration Committee and Meeting held on September 24, 2018, were re-appointed Mr.
the Board of Directors considered that he is fit and proper Vinod Vaish as Whole-Time Director of the Company for
person to appoint as Director and Whole-Time Director a period of Two years with effect from October 19, 2018
for heading the HR functions of Knits division of the upto October 18, 2020.
Company. Mr. Shailesh is not disqualified from being
Further, the members of the Company at their 30th Annual
appointed as Director in terms of Section 164 of the
General Meeting held on September 24, 2019, revised the
Companies Act, 2013 and has given his consent to act as
remuneration of Mr. Vinod Vaish, as per detail below, with
Director and Whole-Time Director of the Company.
effect from April 01, 2018:
Mr. Shailesh Kumar, aged about 51 years, holds Bachelor
degree in Science from Magadh University, Post Graduate Par ticu
nt iin
moun
Diploma in Personnel Management & Industrial Relations Basic Pay 68,890/-
from LNMI Patna and Diploma in Labour Laws with House Rent Allowance 34,440/-
Administrative Law from Annamalai University and having Special Allowance 33,668/-
more than 26 years of experience in the field of HR and Provident Fund & Gratuity As per Company's rules
Personnel Management and Labour Laws Compliances.
The Nomination and Remuneration Committee and the
Details of other Directorship / Committee Membership Board of Directors, considering the growth in the business
held in other Companies: N I L activities, increased volume of work, revised the
Shareholders' approval is sought for appointment of Mr. remuneration of Mr. Vinod Vaish with effect from October
Shailesh Kumar as Director and Whole-Time Director of 01, 2019, at their meetings held on February 13, 2020.
the Company. The appointment and Remuneration payable However, Mr. Vinod Vaish has tendered his resignation from
to Mr. Shailesh is within the limits provided under Section the office of Director and Whole-Time Director of the
196, 197 and 203 read with Schedule V and other applicable Company with effect from April 30, 2020.
provisions of the Companies Act, 2013.
Since the Board of Directors has revised the remuneration
The terms as set out in the resolution and explanatory of Mr. Vinod Vaish with effect from October 01, 2019 and
Notice (contd...)
has paid the remuneration till April 30, 2020 to him, Details of other Directorship/Committee Membership held
shareholders' approval is sought for variation in terms of by him in other Companies are as follows:
remuneration of Mr. Vinod Vaish. This remuneration is Directorship:
within the limits provided under Section 197 read with
Mr. Vinod Vaish holds Directorship in Pearl Apparel
Schedule V and other applicable provisions of the
Fashions Limited.
Companies Act, 2013.
Committee Membership:
Further details of Mr. Vaish are as follows:
Since he has resigned from the Board of the Company,
Mr. Vinod Vaish, aged about 62 years, is a Bachelor of
consequently he has ceased to be member in the Committees
Science and Long Logistics Management. He was Whole-
of the Board of the Company.
Time Director of the Company, heading Administration and
HR functions of the Company since 2012 till April 30, 2020. None of the Directors and Key Managerial Personnel of the
He had been in the Indian Navy for 28 years at various levels Company, or their relatives, is interested, financially or
in various capacities and has achieved in depth knowledge otherwise, in this Resolution.
of all aspects of Administration and Logistics Management. Your Directors recommend the passing of the resolution at
He has been conferred President Gold Medal for overall Item no. 8 as an Ordinary Resolution.
outstanding best officer in Naval Academy.
Statement Pursuant to Section II of Part II of Schedule V of
the Companies Act, 2013, is provided below:
T H E SST
TAT E M E N T P
PUU R S UA N T TO SSEC
TO EC
ECTT I O N IIII O
OFFPA RT IIII O
PA OFF SSC
C H EDU L E V OFT
OF HE C
TH COO M PA N I E S
AC T, 2013
I. G E N E R A L IIN
N F O R M AT I O N:
1. Nature of industry Pearl Global Industries Limited is engaged in manufacture and exports of
Readymade Garments. Garment and Textile Industries plays a major role in the
economy of the country. Indian garment and textile industry is the second largest
after agriculture in the country in terms of employment generation. Indian
industry currently generates employment to more than 45 million people directly
and 60 million people indirectly. The Industry contributes approximately 5% to
India's gross domestic product (GDP) and contributes to nearly 30% of the total
exports.
The Company has large installed capacity for apparel manufacturing with state-
of-the-art machinery and work process for supplying high quality products to
Customers and with the continuous up-gradation of manufacturing facilities,
the Company shall record further increase in Turnover and Profits in future years.
2. Date or expected date of The date of commencement of commercial production (in erstwhile Pearl Global
commencement of Limited, since merged with the Company) was 7th December, 1988.
commercial production
3. In case of new companies, Not Applicable
expected date of
commencement of activities as
per project approved by
financial institutions
appearing in the prospectus
4. Financial performance based The gross income of the Company stood at ` 858.72 Crore. The Profit before
on given indicators Tax for the year is ` 10.90 Crore as against ` 31.85 Crore last year. The Company
managed to have PAT of ` 5.01 Crore.
Notice (contd...)
5. Foreign investments or The Company has no foreign collaboration.
collaborators, if any Apart from holding 33,81,473 equity shares of ` 10/- each of your Company by
126 NRI/FPI/ Members/Folios representing approx 15.6088% of the total paid
up Capital of the Company as on 31st March, 2020, there is no other foreign
investment in the Company.
I I. I N F OR M AT I O N A
ABB OUT T
THHE A
APPP O INT EE :
Info
forrmation
ion Mr. U
Umma Mr. Sh
Shaa ilesh Kum a r
Ku Vii no
Mr. V noddV
Vaa ish
Sh
Shaanka
karr Ka
Kauush ik
shik
1. Background Details Mr. Uma Shankar Kaushik, Mr. Shailesh Kumar, aged Mr. Vinod Vaish, aged
aged about 47 years, holds about 51 years, holds about 61 years, is a Bachelor
Bachelor Degree in Arts Bachelor degree in Science of Science and Long
from Delhi University and from Magadh University, Logistics Management. He
Executive Post Graduate Post Graduate Diploma in had been in the Indian
Diploma in HR & Personnel Personnel Management & Navy for 28 years at various
Management from IMT Industrial Relations from levels in various capacities
Ghaziabad and having more LNMI Patna and Diploma and has achieved in depth
than 21 years experience in in Labour Laws with knowledge of all aspects of
the field of the HR and Administrative Law from Administration and
Administration. Annamalai University and Logistics Management.
having more than 26 years of
experience in the field of HR
and Personnel Management
and Labour Laws
Compliances.
2. Past Remuneration ` 1,87,528/- per month, as ` 1,50,000/- per month, as ` 1,36,998/- Per Month
Assistant Vice-President DGM (HR)
(HR & Admin)
3. Recognition or Awards NIL NIL President Gold Medal for
overall outstanding best
officer in Naval Academy.
4. Job Profile and their Mr. Uma Shankar, Whole Mr. Shailesh Kumar, Whole Mr. Vinod Vaish was
Suitability Time Director shall manage Time Director shall manage heading Administration
the day-to-day affairs of the day-to-day affairs of the and HR functions of the
woven division of the Knits division of the Company.
Company and shall also carry Company and shall also
out all duties and functions carry out all duties and
subject to the supervision, functions subject to the
control and directions of the supervision, control and
Board of Directors of the directions of the Board of
Company and shall perform Directors of the Company
such other duties and services and shall perform such other
as shall from time to time be duties and services as shall
entrusted to him by the from time to time be
Board of Directors of the entrusted to him by the
Company." Board of Directors of the
Company."
Notice (contd...)
5. Remuneration Proposed Basic Pay: ` 1,03,334/- Per Basic Pay: ` 80,000/- Per Basic Pay: ` 68,890/- Per
Month Month Month
House Rent Allowance: House Rent Allowance: House Rent Allowance:
` 51,667/- Per Month ` 40,000/- Per Month ` 34,440/- Per Month
Special Allowance: Special Allowance: Special Allowance:
` 30,927/- Per Month ` 30,000/- Per Month ` 44,489/- Per Month
Conveyance: ` 1,600/- Per Provident Fund & Gratuity: Provident Fund and
month As per Company's rules. Gratuity: As per
Provident Fund & Gratuity: Reimbursement of actual Company's rules
As per Company's rules. business expenses of A Company maintained
Reimbursement of actual Conveyance including Car with Driver for official
business expenses of Driver. purpose, Mobile Phone and
Conveyance including also entitled for
Driver and Entertainment reimbursement of actual
reimbursement. expenses for business of the
Company.
6. C o m p a r a t i v e Arvind Limited Kitex Garments Ltd
Remuneration profile with Period: 2018-19 Period:- 2018-19
respect to industry, size of Turnover: ` 6,539.81 Crore Turnover: ` 629.26 Crore
the company profile of Managerial Personnel: Managerial Personnel:
position and person Whole-Time Director: Whole-Time Director
Annual Managerial Annual Managerial
Remuneration: ` 3.64 CroreRemuneration:
` 17.81 Lakh
7. Pecuniary relationship Pecuniary Relationship other than Remuneration proposed above, is NIL. No
directly or indirectly with relationship with Managerial Personnel. They do not hold any Share in the Company.
the company or with the
managerial personnel, if
any
N F O R M AT I O N:
I I I. OT H E R IIN
1. Reasons of loss or inadequate The Readymade Garments Export Industry had yet another tough year where
profits profitability was low due to withdrawal of Government incentives.
2. Steps taken or proposed to be The Company is laying special focus on technological up-gradation, lesser
undertaken for improvements breakdown time, use labour saving devices, training of managers, supervisors
and operators. Besides, the Company is also outsourcing manufacturing from
low cost destinations. Maintaining quality, reducing cost with better productivity
will help the Company to operate profitably.
3. Expected increase in productivity The Sales Turnover of your Company during the year 2019-20 was ` 858.72
and profits in measurable terms Crore. The Company's PAT stood at ` 5.01 Crore during 2019-20.
Your Company has since identified and prioritized its targets and has been gearing
up to face the perceived challenges due to and further enhance its presence in the
International Markets.
Notice (contd...)
I V. D I SC L O S U R E S :
Disclosures in the Board of Directors' report under the heading 'Corporate Governance' included in Annual Report
2019-20: The requisite details of remuneration etc. of Directors are included in the Corporate Governance Report,
forming part of the Annual Report of FY 2019-20 of the Company. The Company has no policy for stock option,
pension, and performance linked incentives.
It em No . 9: R el
No Paar t y ttrransact
elaate d P io
sactio ns :
ion
The Audit Committee and Board of Directors of the Company have, in their meetings held on September 14, 2020,
approved a proposal for entering into the following related party transactions for the financial year 2021-22:
Sl
Sl.. Name of R el
elaat e d P
Rel Paa r t y Nat ur e of Na me of tthe
he Di Dirre ct o r oorr
cto Nat ure of T
Trr an sactio
sactio ns
ion Amou
moun nt
No. rel
elaa tio
ion shiip
nsh Ke y M
Maana g eria iall P
Peerso
rsonnnel ( ` iin
n
who is rrel
el ny
elaa t e d , if aan Crore)
1. Norp Knit Industries Limited Subsidiary Mr. Deepak Seth Purchase of Goods 300.00
Mr. Pulkit Seth Sale of Goods 25.00
Mr. Anil Nayar
SAP Facilities Charges 0.25
Expenses incurred by them on 12.00
our behalf
Expenses paid by us on their 1.00
behalf
Other supporting services 1.50
2. PT Pinnacle Apparels Step down Mr. Deepak Seth Purchase of Goods 15.00
subsidiary Mr. Pulkit Seth Sale of Goods 1.00
our behalf
behalf
3. Pear Global (HK) Limited Wholly owned Mr. Deepak Seth Purchase of Goods 10.00
Mr. Abhishek Goyal
our behalf
behalf
4. Pearl Global Fareast Limited Wholly owned Mr. Deepak Seth Purchase of Goods 10.00
our behalf
behalf
Notice (contd...)
Sl
Sl.. Na me of R el
elaa te d P
Rel Paar t y Nat ure of Na me of tthe
he DiDirre ct o r oorr
cto Nat ure of T
Trra nsactio
sactio ns
ion Amou
moun nt
No. rel
elaa tio
ionnsh
shii p Ke y M
Maana g eria Peerso
iall P rsonnnel ( ` iin
n
who is rrel
el
elaat e d , if aan
ny Crore)
5. DSSP Global Limited Step down Mr. Deepak Seth Purchase of Goods 10.00
our behalf
behalf
6. PDS Multinational Fashions Enterprise over Mr. Deepak Seth Expenses incurred by them on 1.00
Limited KMP has our behalf
significant Expenses paid by us on their 1.00
influence behalf
7. Norwest Industries Limited Enterprise over Mr. Deepak Seth Sale of Goods 1.00
KMP has Sale of Samples 1.00
significant
influence
our behalf
behalf
8. Pearl Grass Creations Limited Step down Mr. Deepak Seth Purchase of Goods 6.00
Mrs. Shifalli Seth
our behalf
behalf
9. Prudent Fashions Limited Step down Mr. Deepak Seth Sale of Goods 1.00
subsidiary Mr. Pulkit Seth Sale of Samples 1.00
our behalf
behalf
10. Vin Pearl Global Vietnam Step down Mr. Deepak Seth Sale of Goods 5.00
Limited subsidiary Mr. Pulkit Seth Sale of Samples 1.00
our behalf
behalf
Notice (contd...)
Sl
Sl.. Name of R el
elaat e d P
Rel Paa r t y Nat ur e of Na me of tthe
he Di Dirre ct o r oorr
cto Nat ure of T
Trr an sactio
sactio ns
ion Amou
moun nt
No. rel
elaa tio
ionnsh
shiip Ke y M
Maana g eria Peerso
iall P rsonnnel ( ` iin
n
who is rrel
el
elaa t e d , if aan
ny Crore)
11. Pearl Global F.Z.E Step down Mr. Deepak Seth Sale of Goods 1.00
subsidiary Sale of Samples 1.00
our behalf
behalf
12. PGIC Investment Limited Step down Mr. Deepak Seth Sale of Goods 1.00
subsidiary Mr. Pulkit Seth Sale of Samples 1.00
our behalf
behalf
13. Pearl Global (Chang Zhou) Step down - Sale of Goods 1.00
Textile Technology Co. Ltd. subsidiary Sale of Samples 1.00
our behalf
behalf
14. Pearl Global Vietnam Co. Limited Step down Mr. Pulkit Seth Purchase of Goods 10.00
subsidiary Sale of Goods 30.00
our behalf
behalf
Mr. Deepak Seth, Chairman, Mr. Pulkit Seth, Managing Director, Mrs. Shifalli Seth, Whole-Time Director, and Mrs.
Payel Seth are relatives.
Mr. Pulkit Seth is member of Norp Knit Industries Limited, PT Pinnacle Apparels and Prudent Fashions Limited.
Mr. Deepak Seth is member of Norp Knit Industries Limited and Prudent Fashions Limited.
Your Directors recommend the passing of the resolution at Item no.9 as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel or their relatives except as disclosed above are interested in this resolution.
By order of the Board of Directors

for Pea
earrl Glo
Globb a l IInd
ndus tries L
ndu Lii mit
itee d
Place: Gurugram (S
(Saande
ndeee p SSab
ab
abhha r w a l )
Date: October 07, 2020 Co
Com mp any SSee cretetaar y
Notice (contd...)
A nnexure -1 tto
nexu o tthe
he Not
Notic
icee :
otic
D ETA I L S O
OFFD
DII R EC
ECTTO R S SSE
EE K ING A
APP P O I N T M E N T/R
T/REE -A P P O I N T M E N T ATT
AT HE
TH
F O RT H C O M I NG A
ANN NUA L G GEEN ER A L MME E ET I N G
[Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard-2]
It em no
no.. 2: Mrs
rs.. Sh
Mrs if
ifaa l l i SSet
Shif eth (D
eth (DII N 01388430)
Age : 39 Years
Qualifications : Bachelor of Science in Business Administration from University of Bradford,
U.K.
Experience (including expertise in : She has varied exposure in Garments and Textiles Industry. She is whole-
specific functional area) / Brief resume Time Director of the Company and heading Design & Product
Development functions since 2012. She is having International experience
in trading, marketing of readymade garments and knowledge of Southeast
Asia region.
Date of first appointment on the Board : 19th January, 2012
Shareholding in the Company as on : 2,01,478 Equity Shares
st
31 March, 2020
Directorships and Committee : Di
Dirre cto rsh
cto rshiip ((ex
ex cl
excl ud
udiing F
clud Foo reig
eign n Memb
mbee rsh
rshiip iin
n Co
Commm it
ittte es
memberships held in other companies Co
Com m p a n ies/B
ies/Boo d ies Co
Corprp
rpoo r a t e)
as on 31st March, 2020
Pearl Global Industries Limited Member of Finance Committee
PS Arts Private Limited -
SBUYS E-Commerce Limited -
Inter-se relationships between Directors, : Wife of Mr. Pulkit Seth; and daughter in-Law of Mr. Deepak Seth
Manager and other Key Managerial
Personnel
No. of Board Meetings attended during : 1 out of 4
the Financial year 2019-20
Terms and conditions of re-appointment : Mrs. Shifalli Seth has been appointed as Director, liable to retire by rotation.
Details of last drawn remuneration and : Last drawn remuneration: ` 6.25 Lakh per month.
proposed remuneration Proposed: Nil
Mrs. Shifalli Seth, the retiring Director, being eligible, offers herself for re-appointment. The Board of Directors of your
Company propose to appoint Mrs. Shifalli Seth as a Director, liable to retire by rotation and therefore this Resolution is
recommended for approval of the Shareholders of the Company.
None of the Directors & Key Managerial Personnel, except Mrs. Shifalli Seth, herself, Mr. Deepak Seth, Mr. Pulkit Seth
and Mrs. Payel Seth, being relatives, are interested, whether directly or indirectly, in this Resolution.
Your Directors recommend the passing of the resolution at Item no. 2 as an Ordinary Resolution.
It em no.3 : M
no.3 rs
rs.. M
Mrs ad
Mad u l ika B
adu hup atka
Bh karr (D
(DII N 08712718)
Age : 64 years
Qualifications : Degree in B.Sc., Post Graduate Diploma in Dietetics and B.Ed.
Experience (including expertise in : With over 30 years of experience in academics and held position as Principal
specific functional area) / Brief resume in various educational institutions and having experience in general
management.
Notice (contd...)
Date of first appointment on the Board : 18th March, 2020
Shareholding in the Company as on : NIL
31st March, 2020
Dirre ct o rsh
cto rshiip ((ex
excl
excl ud
udii ng
clud Memb
mbee rsh
rshiip iin
n Co
Commm it
ittte es
memberships held in other companies B o d ies Co
Corprp
rpoo rat e)
Pearl Global Industries Limited Chairperson of CSR Committee, and
Member of Audit Committee
Inter-se relationships between Directors, : Not related to any Director/ Key Managerial Personnel.
Personnel
No. of Board Meetings attended during : Nil
Terms and conditions of appointment : As per resolution at Item No.3 of the Notice convening this meeting read
with explanatory statement thereto, Mrs. Madhulika Bhupatkar is proposed
to be appointed as an Independent Director.
Details of last drawn remuneration and : Last Drawn Remuneration: NIL
proposed remuneration Proposed Remuneration: NIL except sitting fee (presently ` 10,000/- per
meeting of the Board) as may be decided by the Board from time to time.
It em no.4 & 6 M
no.4 Mrr. Uma Sh
Um Shaan ka
karr Kaush
Kau ik (D
shik (DII N 06867819)
Age : 47 years
Qualifications : Bachelor Degree in Arts from Delhi University and Executive Post Graduate
Diploma in HR & Personnel Management from IMT Ghaziabad
Experience (including expertise in : Having more than 21 years experience in the field of the HR and
specific functional area)/Brief resume Administration and currently heading the HR and Administration functions
of the Company.
Date of first appointment on the Board : 28th July, 2020
Shareholding in the Company as on : Nil
31st March, 2020
Dirre cto rsh
cto rshiip ((ex
ex cl
excl ud
udiing F
clud Foo reig
eignn Memb
mbee rsh
rshiip iin
n Co
Commm it
ittte es
memberships held in other companies Co
Com mpan ies/B
ies/Bo o dies Co
Corprp
rpoorate)
PKW Associates Private Ltd NIL
Personnel
No. of Board Meetings attended during : Not Applicable
Terms and conditions of appointment : As per resolution at Item No. 4&5 of the Notice convening this meeting
read with explanatory statement thereto, Mr. Uma Shankar Kaushik is
proposed to be appointed as Director and Whole-Time Director.
Details of last drawn remuneration and : Last drawn remuneration: ` 1,87,528/- per month, as Assistant Vice-
proposed remuneration President (HR & Admin)
Proposed remuneration: ` 1,87,528 per month
Notice (contd...)
It em no .5 & 7 M
no.5 Mrr. Sh
Shaa ilesh Kumar (D
Ku (DII N 08897225)
Age : 51 years
Qualifications : Bachelor degree in Science from Magadh University, Post Graduate Diploma
in Personnel Management & Industrial Relations from LNMI Patna and
Diploma in Labour Laws with Administrative Law from Annamalai
University.
Experience (including expertise in : Having more than 26 years of experience in the field of HR and Personnel
specific functional area)/Brief resume Management and Labour Laws Compliances and currently heading HR
functions of Knits division of the Company.
Date of first appointment on the Board : 7th October, 2020
Shareholding in the Company as on : Nil
31st March, 2020
Directorships and Committee : Nil
memberships held in other companies
Personnel
No. of Board Meetings attended during : Not Applicable
the Financial Year 2019-20
Terms and conditions of appointment : As per resolution at Item No. 5&7 of the Notice convening this meeting
read with explanatory statement thereto, Mr. Shailesh Kumar is proposed
to be appointed as Director and Whole-Time Director.
Details of last drawn remuneration and : Last drawn remuneration: ` 1,50,000/- per month, as DGM-HR (Knits)
proposed remuneration Proposed remuneration: ` 1,50,000 per month
By order of the Board of Directors

earrl Glo
for Pea Globba l IInd
nd
ndu Lii m it
us tries L itee d
Place: Gurugram (S
(Saande
ndeeep SSab
ab
abhha r w a l )
Date: October 07, 2020 Co
Com mp any SSee c ret
etaar y
Directors’ Report
To the Members,
Your Directors are pleased to present the 31st Annual Report and Audited Financial Statements for the financial year ended
31st March 2020, together with the Auditors’ Report thereon.
WO R K I N G R E S U LTS O
RE OFFT
THHE CO M PA N Y
CO (` in Crore)
Pa r ticu
icullars Stand
ndaa lo ne
lone Co
Connso
sollid
idaat e d
2019-20 2018-19 2019-20 2018-19
Income from operations 825.33 840.26 1,685.13 1,757.50
Other Income 33.38 26.30 49.06 33.93
Profit before Tax 10.90 31.85 31.23 82.94
Provision for Tax 5.89 10.35 9.51 15.83
Profit After Tax 5.01 21.50 21.72 67.11
Other comprehensive income (5.57) 1.32 21.74 14.73
Total comprehensive income (0.56) 22.82 43.46 81.84
S TAT E O
OFFT
THHE A FF
AFF AIR S O
FFA OFFT
THHE CO MPA N Y
CO to all kinds of consumers. Our esteemed global clientele
During the year, your Company’s consolidated income from includes premium retailers in USA and Europe, including
operations was ` 1,685.13 as against ` 1,757.50 Crore in GAP, Banana Republic, Kohl’s, Macy, Joe Fresh, Walmart,
the previous year and Net Profit ` 21.72 Crore as against M&S, Target Australia, Zara, Ralph Lauren, Next, Tom
Net Profit ` 67.11 Crore in the previous year. Tailor, Old Navy, Muji among others.
The income from operations for the year under review for We strive to be the most preferred vendor to the top global
the Company on Standalone basis was ` 825.33 Crore as apparel brands and be ranked amongst the top garment
compared to ` 840.26 Crore in the previous year and Net manufacturers in the world, in terms of quality, service
Profit ` 5.01 Crore as compared to Net Profit ` 21.50 Crore standards and ultimately-customers satisfaction, keeping in
in the previous year. line with our broader vision.
Pearl Global Industries Limited (PGIL) is one of the India’s We are geographically well positioned to produce from the
largest listed garment exporters, manufacturing from most cost effective supply bases in Asia, keeping us highly
multiple sourcing regions within India and countries within competitive and relevant to our customers. We expect to
South Asia. A preferred long-term vendor to most leading maintain and step up our profitability from superior value
global brands, we are amongst the leading player in our added products and meticulous management of our costs
Industry. Our mainstay business is to create value from and processes.
competitively manufacturing and exporting fashion M AT E R I A L IIM
M PAC T O
OFFC OV
OVII D -19 P
COV ANDEM IC
PA
garments to leading global brands. ON CCOOM PA N Y
Our product range includes knits, woven and bottoms (basic The Company’s manufacturing facilities remained shut from
and complex designs) across men, women and kids wear March 23, 2020 due to lockdown and partially re-opened
segments. We have a well diversified and de-risked w.e.f. May 04, 2020, which has impacted its operations
manufacturing base across India, Indonesia, Bangladesh and during April and May 2020. The Company has restarted
Vietnam. We have a total capacity to manufacture around operations of factories considering order book and available
6.25 million garments per month (75 million garments per workforce, since May 04, 2020, adhering to the safety norms
annum including own and outsourced facilities). Our prescribed by Government of India.
revenue structure is primarily export based, with a major
contribution coming from exports to the United States. We April-June 2020 being lockdown months, the revenues and
provide total supply chain solutions to customers-value profitability of the Company are likely to be adversely
retailers and high end fashion brand, retails in the United impacted. As the business situation is very dynamic, the
States and Europe. Our business model enables us to offer Company is closely monitoring it. Though we do hope the
superior quality products across various countries, catering business situation should normalise during 3 rd and 4 th
quarter.
Directors’ Report (contd...)

The Company’s capital and Banking facilities remain intact. The Company has received necessary declaration from each
There is no liquidity concern as we have sufficient unutilised Independent Director of the Company that the Independent
Banking limits available. Further Banks have offered Directors meet with the criteria of their Independence as
additional limits. laid down in Section 149(6) of the Companies Act, 2013
With the virus now also affecting and disrupting global and Regulation 25(8) of SEBI (Listing Obligations and
supply chains and economy for almost 3 to 6 months now, Disclosure Requirements) Regulations, 2015.
the situation is having a severe implication on the Indian In accordance with the provisions of the Companies Act,
economy as well. 2013 and the Articles of Association of your Company, Mrs
The areas that would face the crises created by COVID-19 Shifalli Seth, Director, would retire by rotation at the ensuing
pandemic are: Annual General Meeting and being eligible, offer herself for
re-appointment.
i) Labour force and employment.
ii) Import & Exports of raw material and readymade The Board of Directors of your Company met four times
garments. on May 28, 2019, August 13, 2019, November 14, 2019,
and February 13, 2020 during the financial year 2019-20.
iii) Cash flow constraints.
iv) Supply chain disruption. D I R ECTO R S ' IID
ECT D E N T I FI
FICC AT I O N NUM BE R (D
NU (DII N)
v) Consumer sentiment. The following are the Directors Identification Number
(DIN) of your Directors:
DI VIDEND
Na m e D I N Na m e DIN
The Board of Directors has not recommended any dividend
for the financial year 2019-20. Mr. Deepak Seth - 00003021Mr. Chittranjan Dua - 00036080
Mr. Pulkit Seth - 00003044Mr. Abhishek Goyal - 01928855
T R A NS FE
NSFE
FERRT
TOOG
GEENE R A L R
REE S E RVE S Mrs. Shifalli Seth - 01388430Mr. Rajendra Kumar Aneja - 00731956
Mr. Anil Nayar - 01390190Mr. Vinod Vaish - 01945795
The Board of Directors has decided to retain the entire (Till 30.04.2020)
amount of profits for the financial year 2019-20 in the Mrs. Madhulika Bhupatkar - 08712718 Mr. Uma Shankar Kaushik - 06867819
Retained Earnings. (From 28.07.2020)
Mr. Shailesh Kumar - 08897225
DIREC CTTO R S A
ANND K EY M
MAA NA G E R I A L (From 07.10.2020)
PE R S O NN EL
The Board of Directors has, on the recommendation of
Mr. Vinod Vaish has tendered his resignation from the Board Nomination and Remuneration Committee, at its meeting
of the Company with effect from April 30, 2020, due to held on July 28, 2020, appointed Mr. Uma Shankar Kaushik,
personal reasons. The Board of Directors have taken on as Additional Director and Whole-Time Director of the
record its appreciation through Circular resolution dated Company with effect from July 28, 2020. Appointment of
May 20, 2020, on significant contributions made by Mr. Mr. Kaushik is subject to approval of shareholders in the
Vinod Vaish, during his tenure as Whole-Time Director of forthcoming Annual General Meeting. Necessary Resolution
the Company. for his appointment as Director and Whole-Time Director
In compliance with Regulation 17(1)(a) of the SEBI (Listing is proposed in the Notice calling 31 st Annual General
Obligations and Disclosure Requirements) Regulations, Meeting for approval of the Shareholders.
2015, the Board of Directors have, on the recommendation The Nomination and Remuneration Committee at its
of Nomination and Remuneration Committee, appointed meeting held on September 24, 2020, considered and
Mrs. Madhulika Bhupatkar, as an additional Director in the recommended the candidature of Mr. Shailesh Kumar to
category of Independent Women Director, with effect from appoint him as Director and Whole-Time Director of the
March 18, 2020. Appointment of Mrs. Bhupatkar is subject Company. The Board of Directors has, on the
to approval of shareholders in the forthcoming Annual recommendation of the Nomination and Remuneration
General Meeting. Necessary Resolution for her appointment Committee, appointed Mr. Shailesh Kumar as Additional
as Independent Women Director is proposed in the Notice Director and Whole-Time Director of the Company with
calling 31st Annual General Meeting for approval of the effect from October 07, 2020, at its meeting held on October
Shareholders. 07, 2020. Appointment of Mr. Shailesh Kumar is subject to

approval of shareholders in the forthcoming Annual General In a separate meeting of independent Directors, performance
Meeting. Necessary Resolution for his appointment as of non-independent Directors, performance of the Board as
Director and Whole-Time Director is proposed in the a whole and performance of the Chairman was evaluated,
Notice calling 31st Annual General Meeting for approval of taking into account the views of Executive Directors and
the Shareholders. Non-Executive Directors. The same was discussed in the
Mr. Raghav Garg, Chief Financial Officer (CFO) of the Board meeting that followed the meeting of the Independent
Company, has tendered his resignation from the office of Directors, at which the performance of the Board, its
CFO with effect from June 30, 2020, due to personal committees and individual Directors was also discussed.
reasons. The Board of Directors have taken on record its N O M INAT I O N A
ANND R
REE MU N E R AT I O N P
POOLICY
appreciation on the contributions made by him during his The Nomination and Remuneration Policy of the Company
tenure as CFO of the Company. is annexed herewith as Anne x ure-
e-II with this report and also
The Board of Directors has, on the recommendation of available on the website of the Company at http://
Nomination and Remuneration Committee, appointed Mr. pearlglobal.com/investors/policy
Kashmir Singh Rathour as Chief Financial Officer of the
I N T E R NA L FI
FINNA N C I A L C
COO N T RO L S
Company in place of Mr. Raghav Garg, with effect from
July 28, 2020. The Company has in place adequate internal control system
commensurate with the size, scale and complexity of
Mr. Rathour, aged about 49 years, holds Bachelor degree in
operations. During the year, such controls were tested and
Science and MBA (Finance) from H.P. University, Shimla
no reportable material weakness in the design or operation
and having more than 20 years experience in Finance &
was observed.
Accounts as well as Commercial Operations and General
Administration, Taxation, Corporate Affairs, Strategic & AU D IT C
COOMMIT TEE
Business Planning, Financial Planning, Budgeting, Working The Board of Directors in its meeting held on July 28, 2020,
Capital Management, designing internal control systems, etc. have re-constituted the Audit Committee, consequent upon
B OA RD EVA LUAT I O N
EV resignation of Mr. Vinod Vaish, from the Board of the
Company and inducted Mrs. Madhulika Bhupatkar as
The Board of Directors has carried out an annual evaluation
member of the Committee. The current composition of the
of its own performance, committees and individual Directors
Committee comprises four Non-executive Independent
pursuant to the provisions of the Companies Act, 2013 and
Directors, namely Mr. Anil Nayar, Chairman, Mr. Abhishek
Rules made there under.
Goyal, Mr. Rajendra Kumar Aneja and Mrs. Madhulika
The performance of the Board was evaluated by the Board Bhupatkar, as Members of the Committee. All the
after seeking inputs from all the Directors on the basis of recommendations made by the Audit Committee were
the criteria such as the Board composition and structure, accepted by the Board.
effectiveness of Board processes, information and
functioning, etc. VIG IL MEC
MEC HA N IS M
ECH
The performance of the committees was evaluated by the The Company has set up a Vigil Mechanism, which also
Board after seeking inputs from the committee members on incorporates a whistle blower policy in terms of Listing
the basis of the criteria such as the composition of Agreement/Regulations made by the SEBI. Protected
committees, effectiveness of committee meetings, etc. disclosures can be made by a whistle blower through an
e-mail, or dedicated telephone no. or a letter through to the
The Board and the Nomination and Remuneration Vigilance Officer or to the Chairman of the Audit
Committee reviewed the performance of the individual Committee. The policy on vigil mechanism and whistle
Directors on the basis of the criteria such as the contribution blower policy may be accessed on the Company’s website at
of the individual Director to the Board and committee the link: http://pearlglobal.com/investors/policy
meetings like preparedness on the issues to be discussed,
meaningful and constructive contribution and inputs in C O R P O R AT E SSO
O CIAL R
REE S P O NS
NSII B I L IT Y
meetings, etc. In addition, the Chairman was also evaluated The Corporate Social Responsibility Committee of the
on the key aspects of his role. Company has formulated a Corporate Social Responsibility

Policy (CSR Policy) indicating the activities to be statements will also be kept open for inspection by any
undertaken by the Company, which has been approved by member at the Registered Office of the Company.
the Board. The financial statements of the Company, consolidated
The CSR Policy may be accessed on the Company’s website financial statements along with the relevant documents and
at http://pearlglobal.com/investors/policy separate audited accounts in respect of subsidiaries, are
Your Company has identified an area of education and health available on the website of the Company.
care activities for the financial year 2019-20. The prescribed The Policy of determining material subsidiaries as approved
CSR amount for the financial year 2019-20 was ` 22.15 may be accessed on the Company’s website at http://
Lakh and which has been fully utilised. pearlglobal.com/investors/policy
The Annual Report on CSR activities is annexed herewith S TAT U TO RY A U D I TO R S
AU
as Anne x ur e- II
e-II
II. Pursuant to the provisions of Section 139 of the Companies
S U B S I D I A RY C
COO M PA N I E S Act, 2013, M/s B.R. Gupta & Co. Chartered Accountants,
During the year under review, M/s SBUYS E-Commerce New Delhi (Regn. No. 008352N) were appointed as
Limited has become wholly owned subsidiary of the Statutory Auditors of the Company, by the members of the
Company. Company in their 28th Annual General Meeting held on 28th
September, 2017, for a period of five years, with effect from
Pursuant to Section 129(3) of the Companies Act, 2013, a
financial year 2017-18.
statement containing the salient features of the financial
statements of the subsidiary companies is attached to the S TAT U TO RY A AUU D I TO R S ’ R
REE P O RT
Financial Statements in Form AOC-1. The Company will The Auditors’ has given qualified opinion in the Report of
make available the said financial statements and related Consolidated Financial Statements for the financial year
detailed information of the subsidiary companies upon the ended 31st March, 2020. The details of qualified opinion
request by any member of the Company. These financial with explanation are given below:
Aud it
udit
itoo rs
rs’’ qqu
ua l ifie
ifiedd oop
p i nion
ion Explanatio
Exp ionn bbyy tthe
he B
Booard Aud
uditit
itoors
rs’’ Co
Commment oon
men n
p lanatio
Exp
Ex ionn
The inventories are carried in the Management estimates that impact of Audit Based on the Management
consolidated balance sheet at ` 26,387.33 qualification is NIL, as management has Representation given above
Lakh (As at March 31, 2019: ` 23,632.17 performed complete inventory verification and the Limited Review
Lakh). In one of the subsidiary of the and sufficient checks and controls were report of the subsequent
Holding Company, the component auditor performed while valuing the inventory at 31st period ended June 30, 2020 by
of its subsidiary has reported that no March, 2020. Further, post re-opening of the Component Auditor, it
physical counting against inventories as at lockdown, Component Auditor have appears that there may not be
March 31, 2020 was conducted by them performed limited review and also performed any material adjustment in the
due to the lockdown in Jakarta during the all necessary checks as on 30th June, 2020. carrying value of Inventory in
outbreak of COVID-19 and no other Component Auditor after satisfying the consolidated financial
alternative procedures were performed. In themselves, have shared interim financial statements as at March 31,
consequence they were unable to carry out statements as on 30 th June, 2020 without 2020.
auditing procedures necessary to obtain making any adjustment on account of above
adequate assurance regarding the quantities qualification. Also Component Auditor has
and condition of inventories of ` 2,542.30 given a clean review report stating that
Lakh (Equivalent US$ 3,372,199), “nothing has come to our attention that
appearing in the consolidated balance causes us to believe that the interim financial
sheet. There were no other satisfactory statements do not fairly presents in all
auditing procedures that they could adopt material respects, the interim financial
to obtain sufficient evidence regarding the position as at 30.6.20”. In view of above
existence and valuation of such inventories. management believe no adjustment is
required on account of above qualification.

Further, the Auditor’s Report for the Standalone Financial A disclosure on related party, as required under Regulation
Statements do not contain any qualification, reservation or 34(3) read with Schedule V of SEBI (Listing Obligations
adverse remark. and Disclosures Requirements) Regulations, 2015 is annexed
The Auditors’ Reports are enclosed with the financial as Anne xure-V.
e-V
statements in this Annual Report. PA RT I CU
CUL LAR S O FL
OF OA NS
LO NS,, GUA R A N T E E S A
GU ANND
S EC R ETA R I A L AU D I TO R I N VE S T M E N TS
ECR AU
The Board has appointed Mr. Jayant Sood, Practising Particulars of Loans, guarantees and investments covered
Company Secretary, proprietor of M/s. Jayant Sood & under Section 186 of the Companies Act, 2013 is annexed
Associates., to conduct Secretarial Audit for the financial as Anne xu re-VI
e-VI
VI.
year 2019-20. The Secretarial Audit Report for the financial FI
FIXXED D
DEE P O S I TS
year 2019-20 is annexed herewith as Anne x u r e- III
e-III
III. The Your Company has not accepted any Fixed Deposits from
Secretarial Audit Report does not contain any qualification, Public or Shareholders during the year, nor has any
reservation or adverse remark. unclaimed or unpaid deposits at the end of the financial year.
I N T E R NA L AU D I TO R
AU RISK M
MAA NAG E M E N T
The Board has appointed M/s. S. S. Kothari Mehta & The Company has implemented procedures and policies in
Company, Chartered Accountants, New Delhi (FRN. place for risk management including identifying risk which
000756N), as Internal Auditor for the financial year 2019- may threaten the existence/operations of the Company.
20.
D I R EC
ECTTO R S ’ R
REE S P O NS TAT E M E N T
NSII B I L I T Y SST
CO ST AU D I TO R
AU
Pursuant to the requirement under Section 134(5) of the
Maintainance of cost records as specified by the Central Companies Act, 2013, with respect to Directors
Government under section 148(1) of the Companies Act, Responsibility Statement, your Directors state that:
2013 is not applicable to your Company.
a) in the preparation of the annual accounts for the
E X T R AC TS O
OFFA
ANN NUA L R
REET U R N financial year ended 31st March 2020, the applicable
Pursuant to the provisions of Section 92(3) of the accounting standards have been followed along with
Companies Act, 2013, and ruled made there under, as proper explanation relating to material departures.
amended, an Extract of Annual Return of the Company is There are no material departures from the same;
annexed herewith as Anne x u re-
e-II V to this Report and also b) the Directors have selected such accounting policies and
available on the Company's website at http:// applied them consistently and made judgments and
www.pearlglobal.com/investors/annual-return. estimates that are reasonable and prudent so as to give a
NSII O N O
E X T E NS OFFA
AGGM true and fair view of the state of affairs of the Company
at the end of the financial year 31st March, 2020 and of
The Registrar of Companies, NCT of Delhi and Haryana, the profit and loss of the Company for that period;
vide its Order dated 07th September, 2020 has granted
extension of Two (2) months for holding Annual General c) the Directors have taken proper and sufficient care for
Meeting of the Company for the financial year ended 31st the maintenance of adequate accounting records in
March, 2020. accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and
R E L AT E D PA RT Y T
PA TRR A NS
NSAA C T I O NS for preventing and detecting fraud and other
All related party transactions entered during the financial irregularities;
year were in ordinary course of the business and on arm’s d) the Directors have prepared the annual accounts on a
length basis. No material related party transaction entered ‘going concern’ basis;
during the financial year by the Company.
e) the Directors have laid down internal financial controls
Members may refer to Note no.47 to the standalone financial to be followed by the Company and that such internal
statements which sets out related party disclosures pursuant financial controls are adequate and are operating
to Ind AS-24. effectively; and

f ) the Directors have devised proper systems to ensure C O NS
NSEE RVAT I O N O
OF EN
F E N E R G Y, T EC
TEC
ECHH N O L O GY
compliance with the provisions of all applicable laws ABSORPTION A ND F
AN FOOR EI G N EXC HA N G E
and that such systems are adequate and operating E A RN ING S A
ANND O U TG O
OU
effectively. The particulars relating to conser vation of energ y,
LISTI NG technology absorption, foreign exchange earnings and outgo,
The shares of your Company are listed at BSE Limited and as required under Section 134(3)(m) is annexed as
Anne x ur e-
e-II X to this report.
National Stock Exchange of India Limited, Mumbai. The
listing fees to the Stock Exchanges for the year 2019-20 have D E TA I L S OOFF SSII G N I FI
FICCA NT A ND M
AN MA AT E R I A L
been paid. ORDER S P PAA SSED B BYY TTHHE R EG
REG U L AT O R S O
EGU ORR
EGII S T R A R A
R EG AN H A RE T
N D SSH TRR A NS FE
NSFE
FERR AG E N T C O U RTS O ORR TTR M PA C T I N G T
R I B U N A L S IIM TH HE
G OING C COO N C E R N SST TAT US A ND C
AN COO M PA N Y ’S
Link Intime India Pvt. Ltd is Company’s Registrars and O P E R AT I O NS IINNF FUUT URE
Share Transfer Agent (RTA) as common agency both for
physical and demat shares, as required under Securities No significant and material orders were passed by the
Contract (Regulation) Act, 1956. The detail of RTA forms regulators or courts or tribunals impacting the going concern
part of the Corporate Governance Report. status and Company’s operations in future.
C O R P O R AT E G OV
GOV
OVEE R NA N C E R E P O RT O ONN SSE E X UA L H HAA R A S S M E N T-
I N T E R NA L C
COOM P L A I N TS C
COO M M IT T EE
Report on Corporate Governance along with the certificate
of the Auditors, confirming compliance of conditions of Pursuant to the provisions of The Sexual Harassment of
Corporate Governance as stipulated under Schedule V of Women at the Workplace (Prevention, Prohibition and
the SEBI (Listing Obligations and Disclosure Requirements) Redressal) Act, 2013, Internal Complaints Committee has
Regulations, 2015, forms part of the Annual report. been set up to redress complaints received regarding sexual
harassment. All employees (permanent, contractual,
M A NA G E M E N T D
DII S CU
CUSSS I O N A
ANND A
ANNA LYS
YSII S temporary, trainees) are covered under this policy. During
A detailed review of operations, performance and future the financial year 2019-20 one complaint received and
outlook of the Company is given separately under the head resolved.
“Management Discussion and Analysis”. S EC
ECRR ETA R I A L SST
TA N DA R D S
BUS I N E S S R
RE NSII B I L I T Y R
E S P O NS REE P O RT The Company has complied with applicable Secretarial
As per Regulation 34(2)(f ) of SEBI (Listing Obligations Standards issued by the Institute of the Company Secretaries
and Disclosure Requirements) Regulations, 2015, a Business of India.
Responsibility Report is attached and forms part of this A C K N OW L E D G E M E N T
Annual Report.
The Directors of your Company are thankful to Bankers,
PA RT I CU
CULL AR S O
OFFE
EMM P L OY E E S A
ANND R
REE L AT E D Business Associates, Customers, Members, Government
D ISCLO SU R E S Bodies & Regulators for the continuous support received
The details as required under Section 197(12) of the from them and place on record their appreciation for the
Companies Act, 2013 read with Rule 5(1) of the Companies sincere services rendered by the employees at all level.
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014, as amended from time to time, is annexed as
Anne x ur e-VII to this report.
e-VII for and on behalf of the Board
for P E A R L G
GLL O BA L IIN
N D US T RI E S L
LII M I T E D
Particulars of employees as required under Rule 5(2) and
(3) of the Companies (Appointment and Remuneration of (D
(DEE E PA K SSE
ET H)
Managerial Personnel) Rules, 2014, as amended from time Place: Gurugram CHAI RMAN
to time, is annexed as Anne x ur e- VIII to this report. Date: October 07, 2020 DIN 00003021
Annexure-I to the Directors’ Report

NO
NOMM I NAT I O N A
ANN D RE
REMMU N E R AT I O N PO
POLLICY 2.4.4. Company Secretary; and
1. O B J EC
ECTTIVE 2.4.5. such other officer as may be prescribed.
The Nomination and Remuneration Committee and 2.5. S e n i oorr M
Maa n a g e m een
n t means Senior
this Policy shall be in compliance with Section 178 Management means personnel of the company
of the Companies Act, 2013 read along with the who are members of its core management team
applicable rules thereto and requirements of Securities excluding the Board of Directors.
and Exchange Board of India (Listing Obligations
3. Po l ic
icyy fo
forr aap
pp o intme
mennt aand
nd rreemov
movaa l of Di
Dirre ctor,
cto
and Disclosure Requirements) Regulations, 2015.
K M P aandnd SSeen io
iorr M
Maana g eme
mennt
The Key Objectives of the Committee would be:
3.1. App o i ntment ccrrit
men iteeria aand
nd qqu
ua l ific
ificaatio
ionns :
1.1. To guide the Board in relation to appointment
and removal of Directors, Key Managerial a) The Committee shall identify and
Personnel and Senior Management. ascertain the integrity, qualification,
1.2. expertise and experience of the person
To evaluate the performance of the members
for appointment as Director, KMP or
of the Board and provide necessary report to
at Senior Management level and
the Board for further evaluation of the Board.
recommend to the Board his / her
1.3. To recommend to the Board on Remuneration appointment.
payable to the Directors, Key Managerial
b) A person should possess adequate
Personnel and Senior Management.
qualification, expertise and experience
1.4. To provide to Key Managerial Personnel and for the position he / she is considered
Senior Management reward linked directly to for appointment. The Committee has
their effort, performance, dedication and discretion to decide whether
achievement relating to the Company’s qualification, expertise and experience
operations. possessed by a person is sufficient /
1.5. To retain, motivate and promote talent and to satisfactory for the concerned position.
ensure long term sustainability of talented c) The Company shall not appoint or
managerial persons and create competitive continue the employment of any person
advantage. as Whole-time Director who has
1.6. To devise a policy on Board diversity attained the age of seventy years.
1.7. To develop a succession plan for the Board and Provided that the term of the person
to regularly review the plan; holding this position may be extended
beyond the age of seventy years with the
2. D E FI
FINN I T I O NS approval of shareholders by passing a
2.1. A ct means the Companies Act, 2013 and special resolution based on the
Rules framed thereunder, as amended from explanatory statement annexed to the
time to time. notice for such motion indicating the
2.2. B o a r d means Board of Directors of the justification for extension of
appointment beyond seventy years.
Company.
2.3. Di
Dirre cto rs mean Directors of the Company.
cto 3.2. Term / T
Teenure
2.4. Ke y M
Maana g eria
iall P
Peerso
rsonnnel means a) Managing Director/Whole-time
2.4.1. Chief Executive Officer or the Director:
Managing Director or the Manager; The Company shall appoint or re-
2.4.2. Whole-time director; appoint any person as its Executive
Chairman, Managing Director or
2.4.3. Chief Financial Officer; Executive Director for a term not

exceeding five years at a time. No re- 3.4. R emov
movaa l
appointment shall be made earlier than Due to reasons for any disqualification
one year before the expiry of term. mentioned in the Act or under any other
b) Independent Director: applicable Act, rules and regulations
- An Independent Director shall hold thereunder, the Committee may recommend,
office for a term up to five consecutive to the Board with reasons recorded in writing,
years on the Board of the Company and removal of a Director, KMP or Senior
will be eligible for re-appointment on Management Personnel subject to the
passing of a special resolution by the provisions and compliance of the said Act,
Company and disclosure of such rules and regulations.
appointment in the Board’s report. 3.5. R et
etii rement
men
- No Independent Director shall hold The KMP and Senior Management Personnel
office for more than two consecutive shall retire as per the applicable provisions of
terms, but such Independent Director the Act and the prevailing policy of the
shall be eligible for appointment after Company. The Board will have the discretion
expiry of three years of ceasing to to retain the Director, KMP, Senior
become an Independent Director. Management Personnel in the same position/
Provided that an Independent Director remuneration or otherwise even after attaining
shall not, during the said period of three the retirement age, for the benefit of the
years, be appointed in or be associated Company.
with the Company in any other
capacity, either directly or indirectly. 4. P o l ic
icyy rrel
el
elaa t i n g tto
o tthe
he R Ree m u ne
nerr a t io
ionn fo
forr tthe
he
However, if a person who has already W h ooll ee-- t i me Di Dirr e c tto
o r, K KMM P aand nd SSee n i oorr
served as an Independent Director for 5 Mana g eme men nt P Peerso
rsonnnel
years or more in the Company as on 4.1. G ene
nerra l :
October 1, 2014 or such other date as a) The remuneration / compensation /
may be determined by the Committee as
commission etc. to the Whole-time
per regulatory requirement; he / she shall
Director, KMP and Senior
be eligible for appointment for one more
Management Personnel will be
term of 5 years only.
determined by the Committee or as per
- At the time of appointment of policies framed by the committee. The
Independent Director it should be remuneration / compensation /
ensured that number of Boards on commission etc. shall be subject to the
which such Independent Director prior/post approval of the shareholders
serves is restricted to seven listed of the Company and Central
companies as an Independent Director Government, wherever required.
and three listed companies as an b) Increments to the existing
Independent Director in case such
remuneration/ compensation structure
person is serving as a Whole-time
may be recommended by the
Director of a listed company or such
Committee to the Board which should
other number as may be prescribed
be within the slabs approved by the
under the Act.
Shareholders in the case of Whole-time
3.3. Eva luation
ion Director.
The Committee shall carry out evaluation of c) Where any insurance is taken by the
performance of every Director, KMP and Company on behalf of its Whole-time
Senior Management Personnel at regular Director, Chief Executive Officer,
interval (yearly).

Chief Financial Officer, the Company refunded, hold it in trust for the
Secretary and any other employees for Company. The Company shall not
indemnifying them against any liability, waive recovery of such sum refundable
the premium paid on such insurance to it unless permitted by the Central
shall not be treated as part of the Government.
remuneration payable to any such
4.3. R e m u n eerr a t i oon
n ttoo N No o n - Ex
Exee c uutt i vvee /
personnel. Provided that if such person
Inde
ndepp ende
nden nt Di Dirre ctor :
cto
is proved to be guilty, the premium paid
on such insurance shall be treated as a) Sit
Sittting F
Fee es
es::
part of the remuneration. The Non- Executive / Independent
4.2. R emune Director may receive remuneration by
nerratio ionn tto
o Who
Whole le
le--ti me / Ex
Exee cu
cuttiv
ivee
/ M way of fees for attending meetings of
Maa n a g i n g Di
Dirr e ct
ctoo r, K
KM M P aand
nd SSee n io
iorr
Mana g eme nt P Board or Committee thereof. Provided
men Peerso
rsonnnel
nel::
that the amount of such fees shall not
a) Fix
ixee d ppaay : exceed ` One Lac per meeting of the
The Whole-time Director/ KMP and Board or Committee or such amount
Senior Management Personnel shall be as may be prescribed by the Central
eligible for a monthly remuneration as Government from time to time.
may be approved by the Board on the b) Stock Options:
recommendation of the Committee.
An Independent Director shall not be
The breakup of the pay scale and
entitled to any stock option of the
quantum of perquisites including,
Company.
employer’s contribution to P.F, pension
scheme, medical expenses, club fees etc. 5. ME MBER SH IP
shall be decided and approved by the 5.1 The Committee shall consist of a minimum 3
Board/ the Person authorized by the
non-executive directors, majority of them
Board or the Committee.
being independent.
b) M i n i m um R
Reemune
nerration:
ion 5.2 Minimum two (2) members shall constitute a
If, in any financial year, the Company quorum for the Committee meeting.
has no profits or its profits are 5.3 Membership of the Committee shall be
inadequate, the Company shall pay
disclosed in the Annual Report.
remuneration to its Whole-time
Director in accordance with the 5.4 Term of the Committee shall be continued
provisions of Schedule V of the Act and unless terminated by the Board of Directors.
if it is not able to comply with such 6. CHAIRPER SON
provisions, with the previous approval
6.1 Chairperson of the Committee shall be an
of the Central Government.
Independent Director.
c) Provisio
ovisio ns fo
ision forr ex
excc es
esss rreemune
nerratio
ionn:
6.2 Chairperson of the Board may be appointed
If any Whole-time Director draws or as a member of the Committee but shall not
receives, directly or indirectly by way of be a Chairman of the Committee.
remuneration any such sums in excess
6.3 In the absence of the Chairperson, the
of the limits prescribed under the Act
members of the Committee present at the
or without the prior sanction of the
meeting shall choose one amongst them to act
Central Government, where required,
as Chairperson.
he / she shall refund such sums to the
Company and until such sum is 6.4 Chairman of the Nomination and

Remuneration Committee meeting could be are to be put forward for retirement by
present at the Annual General Meeting or may rotation.
nominate some other member to answer the 11.4 Determining the appropriate size, diversity
shareholders’ queries. and composition of the Board;
7. FR EQ
FREQ
EQUUENCY O
OFFM
MEE ET I N G S 11.5 Setting a formal and transparent procedure for
The meeting of the Committee shall be held at such selecting new Directors for appointment to the
regular intervals as may be required. Board;
11.6 Evaluating the performance of the Board
8. COMMIT TEE ME M B E R S’ IIN
ME N T E R E S TS
members and Senior Management in the
8.1 A member of the Committee is not entitled context of the Company’s performance from
to be present when his or her own business and compliance perspective;
remuneration is discussed at a meeting or when
11.7 Delegating any of its powers to one or more of
his or her performance is being evaluated.
its members or the Secretary of the
8.2 The Committee may invite such executives, as Committee; and
it considers appropriate, to be present at the
11.8 Considering any other matters, as may be
meetings of the Committee.
requested by the Board.
9. S EC
ECRR ETA RY
12. R E MU N E R AT I O N D
DUUT IES
The Company Secretary of the Company shall act as
The duties of the Committee in relation to
Secretary of the Committee.
remuneration matters include:
10. VOT ING
VOT 12.1 to consider and determine the Remuneration
10.1 Matters arising for determination at Policy, based on the performance and also
Committee meetings shall be decided by a bearing in mind that the remuneration is
majority of votes of Members present and reasonable and sufficient to attract retain and
voting and any such decision shall for all motivate members of the Board and such other
purposes be deemed a decision of the factors as the Committee shall deem
Committee. appropriate all elements of the remuneration
10.2 In the case of equality of votes, the Chairman of the members of the Board.
of the meeting will have a casting vote. 12.2 to approve the remuneration of the Senior
Management including key managerial
11. N O M I NAT I O N D
DUUTIES personnel of the Company maintaining a
The duties of the Committee in relation to balance between fixed and incentive pay
nomination matters include: reflecting short and long term performance
11.1 Ensuring that there is an appropriate induction objectives appropriate to the working of the
in place for new Directors and members of Company.
Senior Management and reviewing its 12.3 to delegate any of its powers to one or more of
effectiveness; its members or the Secretary of the
11.2 Ensuring that on appointment to the Board, Committee.
Non-Executive Directors receive a formal 12.4 to consider any other matters as may be
letter of appointment in accordance with the requested by the Board.
Guidelines provided under the Act; 12.5 Professional indemnity and liability insurance
11.3 Identifying and recommending Directors who for Directors and senior management.
Annexure-II Annual Report on CSR activities

1. Over the year, we have been focusing on sustainable business practices encompassing economic, environmental and
social imperatives that not only cover our business, but also that of communities around us.
We had set up a Society namely Arpan Educational Society For Underprivileged Children in the year 2006. This was
done to provide the free education to underprivileged children. Visit http://www.arpaneducation.com/index.html for
more details and the activities of the Society.
2. Mr. Vinod Vaish has tendered his resignation from the Board of the Company with effect from April 30, 2020.
Consequently, he has ceased to be as Chairman of the CSR Committee. The Board of Directors has in its meeting
held on July 28, 2020 appointed Mrs. Madhulika Bhupatkar, Independent Women Director as Chairperson of the
CSR Committee.
The current composition of the CSR Committee comprises Mrs. Madhulika Bhupatkar, Chairperson, Mr. Pulkit
Seth, and Mr. Anil Nayar as Members.
3. Average net profit of the Company for last three financial years: ` 1,106.75 La
Lakkh
4. Prescribed CSR expenditure (two percent of the amount mentioned in item 3 above): ` 22.13 La
Lakkh
The Company has earmarked ` 22.15 Lakh for CSR expenditure for the financial year 2019-20.
5. Details of CSR spent during the financial year:
(a) Total amount to be spent for the financial year: ` 22.15 Lakh
(b) Amount unspent, if any: NIL
(c) Manner in which the amount spent during the financial year is detailed below: (` in Lakh)
Sr. C S R PPrr ojojee ct S e ct
ctoor iinn wwhh ich Pr oj
ojee ctctss oorr pprr o g ra m mes A mou
mounnt ou outt la y A mou
mounn t SSpp e nt oonn tthe he Cu m u l a t iv ivee A mou
mounnt sspp e nt :
No . or act iv
activ itityy
ivit the PPrrojojee ct is (1) LLoo ca l AArr ea oorr ot he
herr
othe (B ud
udgg et) PPrr oj
(Bud ojee ct Pr oj ctss oorr PPrr o g ra m s
ojee ct expp e nd
ex ndititituur e Di ougg h
Dirr e ct oorr tthh r ou
i nde
ndenn t ifie
ifiedd c ov
ovee r e d (2) SSpp e cif cifyy tthe
he SStt at e aand
nd o r PPrr o g r a m wwise
ise Sub heads
heads:: upt
ptoo ttoo tthehe i m p leme
menn ti n g aagg e nc
leme ncyy
ddis
isisttr ict wwhe
he
herr e pprr oj
ojee ct
ctss (1) Di
Dirr e ct exexpp endndit itituur e rep or tin g
oorr pprr o g r a m s wwaa s oonn pprr oj ctss oorr pprr o g r am
ojee ct p e r io
iodd
nderr t a ke n
uunde
nde (2) OOvv e r heads
1. Education and Promoting NCT of Delhi 15.65 15.65 15.65 Through Arpan
other initiatives Education Educational Society For
Underprivileged Children
2. Education and Promoting NCT of Delhi 0.50 0.50 0.50 Through Etasha Society
other initiatives Education
3. Education and Promoting NCT of Delhi 3.50 3.50 3.50 Through Sasakawa India
other initiatives Education Leprosy Foundation
4. Health care Promoting NCT of Delhi 2.50 2.50 2.50 Through Cancer
activities preventing Health Awareness Prevention and
care activities Early Detection Trust
Tot
otaa l 22.15 22.15 22.15
6. Reasons for not spending the amount: Not applicable; as the Company has spent more than the minimum prescribed
amount for CSR activities.
7. R E S P O NS
NSII B I L I T Y SST
TAT E M E N TS
The Responsibility Statement of the CSR Committee of the Board of Directors of the Company is reproduced below:
“The implementation and monitoring of Corporate Social Responsibility (CSR) Policy, is in compliance with CSR
objectives and policy of the Company.”
Place: Gurugram (Pulkit Seth) (Madhulika Bhupatkar)

Date: October 07, 2020 Managing Director Chairman of CSR Committee
Annexure-III to the Directors’ Report

S EC
ECR R ETA R I A L A UDIT R
AU RE E P O RT g) *The Securities and Exchange Board of India (Delisting
Fo r tthe
he financia
fin nciall yea
yearr eende
nde
nded s t
d 31 March, 2020 of Equity Shares) Regulations, 2009;
[Pursuant to section 204(1) of the Companies Act, 2013 h) *The Securities and Exchange Board of India (Buyback
and rule No. 9 of the Companies (Appointment and of Securities) Regulations, 1998 and Securities and
Remuneration Personnel) Rules, 2014] Exchange Board of India (Buy-back of Securities)
regulations, 2018; and
To,
i) The Securities and Exchange Board of India (Listing
T he MMeembmbee rs
obligations and Disclosures requirements) Regulations,
Pea
earrl Glo
Glob b a l IInd
nd
nduus tries LLiim it
itee d
2015;
C I N: L74899D
L74899DL1989P L1989P
L1989PL L C036849
A-3, Co
Com mmunit ityy Ce
Cen ntre, N
Naara i na IInd
nd
nduustria
iall A
Arrea *No event took place under these regulations during the
Pha se
se--I I, N
Nee w D Delel
elhh i-110028 audit period.
We have also examined compliance with the applicable
We have conducted the secretarial audit of the compliance
clauses of the Secretarial Standard on Meetings of the Board
of applicable statutory provisions and the adherence to good
of Directors and on General Meetings issued by The Institute
corporate practices by Pearl Global Industries Limited
of Company Secretaries of India, with which the company
(hereinafter called the Company). Secretarial Audit was
has generally complied with.
conducted in a manner that provided us a reasonable basis
for evaluating the corporate conducts/statutory compliances During the Audit Period, the Company has complied with
and expressing our opinion thereon. the provisions of the Act, Rules, Regulations and Guidelines
to the extent applicable.
We report that:
Based on our verification of Pea earrl Glo
Glob b a l IInd
ndu
nd u s t r ies
a) Maintenance of secretarial records is the responsibility L im it
itee d’s books, papers, minute books, forms and returns
of the management of the Company. Our responsibility filed and other records maintained by the Company and also
is to express an opinion on these secretarial records based the information provided by the Company, its officers, agents
on our audit. and authorized representatives, during the conduct of
b) We have followed the audit practices and processes as Secretarial Audit, we hereby report that in our opinion, the
were appropriate to obtain reasonable assurance about Company has, during the audit period covering the financial
the correctness of the contents of the secretarial records. year ended on 31st March, 2020 complied with the statutory
The verification was done on test basis to ensure that provisions listed hereunder and also that the Company has
correct facts are reflected in secretarial records. We p r op er B Boo ard- pprro c esses and c ompl ia
esses nc
ncee me
ianc mech ch
chaan is
ismm in
believe that the processes and practices, we followed, place to the extent, in the manner and subject to the reporting
provide a reasonable basis for our opinion. made hereinafter:
c) We have not verified the correctness and appropriateness We have examined the books, papers, minute books, forms
of the financial statements of the Company. and returns filed and there records maintained by Pea earrl
Glo
Glob b a l IInd
nd
nduu s t r ies L
Lii m it
itee d (“the Company”) for the
d) Wherever required, we have obtained the Management
financial year ended on 31st March, 2020, according to the
representation about the compliances of laws, rules and
provisions of (hereinafter to be referred as “Act” collectively)
regulations and happening of events etc.
(Many of the Records were examined online due to Covid
e) The compliance of the provisions of the corporate and 19):
other applicable laws, rules, regulations, standards is the
We have also examined compliance with the applicable
responsibility of the management. Our examination was
Clauses / Regulations of the following:
limited to the verification of procedures on test basis.
i. S e c r et
etaa r ia
iall SStt a nd
ndaa r ds is
isss ue
uedd bbyy T he IIn
The n s t it
ituut e of
f ) The Securities and Exchange Board of India (Registrars
Co
Com mpany SSee cret etaaries of IInd
nd ia
ndiaia..
to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with ii. T he L
Lii sstt i n g Ag
Agrr e e m een
n t s een
n t e r e d iin
n t o bbyy tth
he
client; Co
Commp a ny w witithB
ith S E aand
BS nd NSNSE E SStto ck Ex ch
chaang e(s).
Exch
iii. The SSee cu
currities aand
ities nd Exch
chaang e B
Exch Boo ard of IInd
nd ia (L
ndia is
istting
(Lis

O bbll i g a t i oon
n s aand
nd Disclos
Disclosuure R
Ree q u i r e m een
nts ) Mr. Vinod Vaish - Member Director
R e g u latioion ns, 2015. Mr. Rajendra K. Aneja - Member Director
During the period under review we found that the Company 4. C S R Co
Commm it
ittte e :
has complied with the various provisions of the Act, Rules,
Mr. Vinod Vaish - Chairman
Regulations, Guidelines, Standards, etc. mentioned above
are as follows: Mr. Pulkit Seth - Member Director
• Company has received the disclosure under Regulation Mr. Anil Nayar - Member Director
30(1) and 30(2) of SEBI (Substantial Acquisition of ncee Co
5. Fi nanc Commm it
ittte e
Shares and Takeovers) Regulations, 2011 and intimated Mr. Pulkit Seth - Chairman
to Stock Exchanges also. Mrs. Shifalli Seth - Member Director
• Company has received declaration under Section Mr. Vinod Vaish - Member Director
149(6) of the Companies Act, 2013 from all the
Independent directors. 6. Comp l ia
Com nc
ncee Offic
ianc Officeer :
• Company has adopted a conflict of interest policy, a Mr. Sandeep Sabharwal

code of business conduct setting out the Company’s • The Company’s shares are in compulsory demat
requirements and process to report and deal with non segment and are available for trading in the depository
compliance. system of both NSDL and CDSL. As on 31st March
• Company has made responsible the Compliance officer 2020 the company has 19368523 shares in NSDL A/
for oversight and management of these policies and c, 2154834 shares in CDSL A/c and balance of 140580
procedures. are in physical mode.
• Company has established various policies as per the The Company’s shares in physical form are processed
Companies Act, 2013 and listing agreement / SEBI by the Registrar and Share Transfer Agent L in k IIn nti me
(Listing Obligations and Disclosure Requirements) Ind ia P
ndia Pvv t L
Lttd hhaavi ng offic
officee aatt No b le H
No eig
Heig
eighht s, 1st
Regulations, 2015, like, F lo
looo r, N
NH H 2 C -1 L
C-1 LSSC, N ea
earr Sh
Nea Shaa v it
itrr i M
Maa r k et,
Jana kpupurri, N
Nee w D el
Del h i – 110 058, and approved by
elh
• CSR policy, Vigil Mechanism policy, Related Party the Stakeholders Relationship Committee. Share
Transaction Policy, Whistle Blower Policy and Directors transfer process also reviewed by the Board.
appointment and remuneration policy.
• Investor’s Grievance Report during the Financial year:
• Company has composite various committee(s) are as
under: No. of Grievances Received - 3
1. Aud it Co
udit Commm it
ittt e e : No. of Grievances Attended - 3
Mr. Anil Nayar - Chairman No. of Grievances Pending - 0
Mr. Rajendra K. Aneja - Member Director • As informed to us there is no change in general character
or nature of business / disruption of operations due to
Mr. Abhishek Goyal - Member Director
natural calamity/ dispute with a material impact during
Mr. Vinod Vaish - Member Director year.
2. No m ination aand
ion nd R nerratio
Reemune n Co
ion mm it
Com ittt e e : • The Company has published quarterly results during
Mr. Abhishek Goyal - Chairman the year in time.
Mr. Rajendra K. Aneja - Member Director Va r iou
iouss Co
Com m m i tttt e e memeee ttii n g s aand
nd me
meee ttii n g of
Mr. Anil Nayar - Member Director Inde
ndep p ende
ndennt Di
Dirre ct
cto o rs
rs::
Mr. Deepak Seth - Member Director Aud it Co
udit Commm itittt e e : During the Financial Year 2019-20
3. Sta keho lde rs R
lders
eholde elaatio
el
Rel nsh
ion shiip Co
Com ittte e :
mm it Audit Committee met on 28.05.2019, 13.08.2019,
Mr. Anil Nayar - Chairman 14.11.2019 and 13.02.2020 The Company has also
maintained the proper record of the minutes of the meetings.

S t a k eho lde
eholde rs R
lders el
elaa t io
Rel ionn sh
shii p Co
Comm m it
ittt e e : During the Fi nanc
ncee Comm it
Com ittte e :
Financial Year 2019-20 the committee met on 24/04/2019, The Committee met on 30/04/2019, 20/05/2019, 08/07/
6/11/2019, 10/01/2020 and 06/03/2020. The Company 2019, 03/08/2019, 16/09/2019, 24/10/2019, 14/11/2019,
has also maintained the proper record of the minutes of the 06/12/2019, 18/12/2019 17/01/2020, 11/02/2020, 26/
meetings. 02/2020 during the Financial Year 2019-20.
Nom ination aand
ion nd R nerratio
Reemune n Co
ion Commm it
ittt e e me etii ng :
et
meet Inde
ndepp endent Di
nden Dirre ct
ctoors
rs’’ me et
etii ng :
meet
The Committee met on 28/05/2019 and 13/02/2020 During the Financial Year 2019-20 the Independent
during the Financial Year 2019-20. Directors met on 02/03/2020.
C S R Comm it
Com ittt e e : We further report that:
The Committee met on 28/05/2019 during the Financial The Board of Directors of the Company is duly constituted
Year 2019-20. with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors.
Comp osit
Com io
ositio n of tthe
ion he B
Booard :
LIST O
OFFD
DII R EC
ECTTO R S A
ASSO
ONN 31.03.2020
S. N
NOO. NA M E A
ANND FAT H E R’S N
FA AME O
NA OFFT
THHE D
DII R EC
ECTTO R S DIN
1 Mr. Deepak Seth S/o Late Shri Madan Lal Seth 00003021
2 Mr. Pulkit Seth S/o Shri Deepak Seth 00003044
3 Mrs. Shefali Seth D/o Shri Sunil Pal Seth 01388430
4 Mr. Rajendra Kumar Aneja S/o Late Shri Hari Chand Aneja 00731956
5 Mr. Chittranjan Dua S/o Late Shri Inder Dev Dua 00036080
6 Mr. Anil Nayar S/o Late Shri Prakash Chand Nayar 01390190
7 Mr. Vinod Vaish S/o Shri Motilal Vaish (R esig
(Resig ne
esigne
ned n 30th April 2020)
d oon 01945795
8 Mr. Abhishek Goyal S/o Lt. Shri Berjesh Kumar Goyal 01928855
9. Mrs. Madhulika Bhupatkar D/o Dattatreya Ranganath Deo 08712718
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 et
etaa ils of B
Booard M etii ng :
Mee et
Board has met four times during the financial year on:
S. No.
No Date of me et
etii ng
meet Dat e of Not
Notic
icee
otic
1. 28.05.2019 13.05.2019
2. 13.08.2019 29.07.2019
3. 14.11.2019 01.11.2019
4. 13.02.2020 29.01.2020
The Company has also maintained the proper record of the minutes of the meetings.
Majority decision are carried through the Board (means unanimously) and there is no dissenting members’ views are captured
and recorded as part of the minutes.

A nnua l G
Geene
nerra l M
Mee et
etiing : 1. The Air (Prevention and Control of Pollution) Act,
During the Financial Year 2019-20 the Company has called 1981.
30th Annual General Meeting for the Financial Year 2018- 2. The Indian Boilers Act, 1923.
19 on 24th S ept
ptee mb
mbee r 2019 at Sri Sathya Sai International 3. The Child Labour (Prohibition and Regulation) Act,
Centre, Pragati Vihar (Near Pragati Vihar Hostel), Lodhi 1986.
Road, New Delhi-110 003 The Company has kept the date
4. The Contract Labour (Regulation and Abolition) Act,
of book Closure on 18th September 2019 to 24th September
1970.
2019 (both days inclusive).
5. The Factories Act, 1948.
Ma i nt enanc
ncee of SSttat uto r y R
Ree g is
istters
rs::
6. The Fatal Accidents Act, 1855.
The Company has maintained the following Statutory
7. The Industrial Disputes Act, 1947.
Registers required under the Companies Act 2013.
8. The Industrial Employment (Standing Orders) Act,
1. Register of Members
1946.
2. Register of Directors and Key Managerial personnel
9. The Industries (Development and Regulation) Act,
3. Register of Security held by the Director 1951.
4. Register of Loans, Investment and Guarantee
Co
Com mpany hhaa s es
esttab
abll ishe
ishedd vvaariou
iouss ppo
o l ic
icyy aand
nd ssysys
ysttems aass
5. Register of Charge p e r tthe
he ab ov
ovee aap
abov p p l ic ab
icab le A
able Actct
ctss fo
forr aall l uun
n it
itss aand
nd w ork
wo
6. Register of Contracts or Arrangements Plac es
es..
aces
7. Register of Transfer and Transmission. We have Examined the records available and provided to us
8. Register of Renewal and Duplicate Shares Certificate during our visit to 3 (three) units/ Plants (A) 446 Udyog
Vihar Phase-V, Gurugram, Haryana (B) 16-17 Udyog Vihar
D e cl
claaratio
ionn aand
nd P
Paay ment of Div
men ide
Divide nd
nd::
idend Phase VI, Khandsa Gurugram Haryana (C) 274 Udyog
The Dividend declared for the financial year ending Vihar Phase-II, Gurugram Haryana.
31st March 2019 is paid in prescribed time. The Board of
Directors have declared final dividend ` 3/- per Equity Share
of ` 10/- each for the financial year 2018-19.
We ffu ur the
herr rree p or t tth
hat there are ade quat e ssys
adeq ystte ms aand
ys nd For Jay ant SSo
o o d aand
nd As so
Asso cia
ciattes
socia
p ro c es ses in the Company commensurate with the size and
esses Company Secretaries
operations of the Company t o mo mon n it
itoo r aand
nd een ns ure
c o mp l ia nc
ncee w
ianc wit it
ithh aap
pp l ic ab
icab le llaaws
able ws, rules, regulations and (C
(CSS JJaay ant K SSo
oo d )
guidelines. Proprietor
As tthe he Co Com m p a n y ccaa r r ies oon n tthehe bu buss iin
n e ssss of FCS: 4482, CP No. 22410
m a n u f a c ttu
u r i n g , Ex
Exp p o r t aand
nd M Mee r c hhaa n t ttrr ade of
ready
eadymmade G Gaarmemen nts . As iinnfo
forrme
med d bbyy tthe
he mmaana g eme men nt, Place: Gurugram
t he fo
foll lo
loww i n g llaa ws aarr e tthe p e cific llaaws, ssp
he ssp p e cific
cificaa l ly Date: 13th July 2020
app l ic ab
icab le tto
able o tthe
he CoComm p a ny ; UDIN: F004482B000444121
Annexure-IV to the Directors’ Report

FOR M N NO O. MGT 9
E X TR ACT O OF AN
FA N NUA L R REET U R N
As oonn fi na ncia
fin yearr eende
nciall yea nde
nded d oon
n 31.03.2020
Purs
rsuua nt tto
o SSee ctio
ctio n 92 (3) of tthe
ion he Co
Commp an ies A ct, 2013 aand
Act, nd rruu le 12(1) of tthe
he Com p a ny
Com
(M
(Maa na g eme
men nt & AAdmdm
dmiin is
isttratio
ionn ) Ru les, 2014.
Rules,
I. EGII S T R AT I O N & O
R EG THER D
OT DEETA I L S :
1 CIN L74899DL1989PLC036849
2 Registration Date 05.07.1989
3 Name of the Company Pearl Global Industries Limited
4 Category/Sub-category of the Company Public Limited Company / Limited by Shares
5 Address of the Registered office & contact details A-3, Community Centre, Naraina Industrial Area,
Phase-II, New Delhi-110028
6 Whether listed company Yes
7 Name, Address & contact details of the Registrar Link Intime India Private Limited,
& Transfer Agent, if any. Noble Heights, 1st Floor, NH 2 C-1 Block LSC,
Near Shavitri Market, Janakpuri, New Delhi – 110 058
Tel: 011-41410592
I I. P R I N C I PA L B
BUUS IN E S S AC TI V ITI E S O
AC OFFT
THHE C
COO M PA N Y
(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)
S. Name aand nd D escrript
esc
Desc io
ptio
ionn of N I C Co de of tthe
Code he % tto
o ttot
ot
otaa l ttu
urnov
noveer
No. ma i n pprro duct
uctss / se
serr vic es
ices Pro duct/se
uct/serr vic
icee of tthe
he ccoom p a ny
1 Manufacturing & Exporting of Readymade Gargments 141 100
I I I. PA RT I CU
CULLAR S O
OFFH
HOO L D I N G, SSU
U B S I D I A RY A
ANND A
ASS S O C I AT E C
COO M PA N I E S
S. Name aand
nd addr esss of tthe
es
addres he Co
Comm p a ny C I N/G
N/GLL N/F
N/FCCRN ldiin g/
Ho ld % of Ap p l icab le
able
icab
No. S ubsid ia
iarr y/
ubsidia shaares
sh S e ct io
ctio n
ion
Asso
Asso cia
ciatte
socia held
1 Pea
earrl Ap p a rel F
Ap Faa sh io
shio
ionns L
Lii mit
itee d U74900DL2007PLC161396 Subsidiary 100 2(87)(ii)
(Formerly Lerros Fashions India Limited)
A-3, Community Centre,
Naraina Industrial Area, Phase-II,
New Delhi-110028
2 Pea
earrl Glo
Globba l Ka
Kauush
shaa l V ika
ikass L
Vika Lii mit
itee d U74110TN2014PLC096204 Subsidiary 100 2(87)(ii)
(Formerly Pixel Industries Limited))
No.1/31, Thirukazhukundram Road,
Karunguzhi, Maduranthagam Taluk,
Kancheepuram, Tamil Nadu-603303
3 S BU YS EE-- Co
Commme
merrc e L
Liim it
itee d U52100DL2019PLC355345 Subsidiary 100 2(87)(ii)
A-3, Community Centre,
Naraina Industrial Area,
4 No rp K n it IInd
Kn nd
nduus tries L
Liim it
itee d C-52664(2959)/2004 Subsidiary 99.99 2(87)(ii)
Vill: North Khailpur, P.O. National
University, Gazipur, Bangladesh

S. Name aand
nd addres
esss of tthe
addres he Co
Comm p a ny C I N/G
N/GLL N/F
N/FCCRN Ho ld
ldiin g/ % of Ap p l icab
icab le
able
No. Subsid ia
iarr y/
ubsidia shaa res
sh S e ct io
ctio
ionn
Asso
Asso cia
ciatte
socia held
5 Pea
earrl Glo
Globbal F
Faarea
easst L
Lii mit
itee d NA Subsidiary 100 2(87)(ii)
Unit: 801-3, 8/F, 9 Wing Hong Kong
Street Cheung Sha Wan, Kowloon,
Hong Kong
6 Pea
earrl Glo
Globb a l (H K) L
(HK) Lii mit
Hong Kong
7 P G I C IIn
nves
esttment L
men Lii mit
Hong Kong
8 Pea
earrl Glo
Globbal F
F.. Z .E NA Subsidiary 100 2(87)(ii)
SM-Office-E1-4013H,
Ajman Free Zone, Ajman, UAE
9 Pr ude
udennt F
Faa sh io
shio
ionns L
Liim it
itee d NA Subsidiary 99.95 2(87)(ii)
29, Gareeb-E-Newaz Avenue,(4th Floor),
Sector-11, Uttara , Dhaka, Bangladesh
10 Pea
earrl Glo
Globb a l (Chan g Zhou
(Ch Zhou)) Tex
exttile
Tex NA Subsidiary 100 2(87)(ii)
Te ch no
chno lo
logg y Co
nolo Co.,., L
Lttd.
Changzhou City, Jiangsu Province, China
11 V in Pea
earrl Glo
Pea Globbal V iet
Viet na m L
ietn Liim it
Hong Kong
12 Pea
earrl Glo
Glob ba l V iet
Viet n am Co
ietn Commp any NA Subsidiary 100 2(87)(ii)
L im it
itee d
Dinh Tri Commune, Bae Giang City,
Bae Giang Province, Vietnam
13 Pea
earrl Gr
Graa ss C
Crrea
eattio
ionns L
Liim it
Hong Kong
14 A&B IIn
nves
esttme
mennt L
Lii mit
Po Box 60869, Dubai, UAE
15 D S S P Glo
Globba l L
Lii mit
Unit: 801-3, 8/F, 9 Wing Hong Kong Street
Cheung Sha Wan, Kowloon, Hong Kong
16 PT P
Piinn acle Ap p a rels
Ap NA Subsidiary 69.91 2(87)(ii)
Graha Kirana Lt.1, Suite 103, JI. Yos
Sudarso Kav. 88, Menara Kelapa
Gading Kondominium Tower E605,
Kelapa Gading-Jakarta Utara, Indonesia

I V. S H A R E H
HOOLDING PAT T E R N
PA
(Equity share capital breakup as percentage of total equity)
( i ) Cate g o r y-w ise Sh
Shaa re Ho ld
Ho ldii n g
C a t e g o r y of N o . of Sh
Shaar es held aatt tthe
he N o . of Sh
Shaa r es held aatt
S hhaa r eho lde
eholde rs
lders b e g i nn i n g of tthe
he yea
yearr the eend
nd of tthehe yea
yearr %
D em at P h ysic
ysicaa l Tot
otaa l % of D em at P h ysic
ysicaa l Tot
otaa l % of C h a n g e
Tot
otaa l otaa l d u r i n g
Tot
Sh
Shaa r es Shaa r es t he yea
Sh yearr
A . P r o mot
motee rs
(1) Ind
ndia ia
iann
a) Individual/ HUF 11,562,734 - 11,562,734 53.37% 11,562,734 - 11,562,734 53.37% 0.00%
b) Central Govt - - - 0.00% - - - 0.00% 0.00%
c) State Govt(s) - - - 0.00% - - - 0.00% 0.00%
d) Bodies Corp. 30 - 30 0.00% 30 - 30 0.00% 0.00%
e) Banks / FI - - - 0.00% - - - 0.00% 0.00%
f ) Any other - - - 0.00% - - - 0.00% 0.00%
S ub TTot ot
otaa l ((A
A ) (1) 11,562,764 - 11,562,764 53.37% 11,562,764 - 11,562,764 53.37% 0.00%
(2) F o r eig
eignn
a) NRI Individuals 2,862,145 - 2,862,145 13.21% 2,862,145 - 2,862,145 13.21% 0.00%
b) Other Individuals - - - 0.00% - - - 0.00% 0.00%
c) Bodies Corp. - - - 0.00% - - - 0.00% 0.00%
d) Banks/FI - - - 0.00% - - - 0.00% 0.00%
e) Any other - - - 0.00% - 0.00% 0.00%
S ub TTot ot
otaa l ((A
A ) (2) 2,862,145 - 2,862,145 13.21% 2,862,145 - 2,862,145 13.21% 0.00%
T O TA L ((A A) 14,424,909 - 14,424,909 66.58% 14,424,909 - 14,424,909 66.58% 0.00%
B. P ub
ubll ic Sh Shaa r eho ld
ldii n g
ehold
1. I ns
nstt i t utio
utio ns
ions
a) Mutual Funds - - - 0.00% - - - 0.00% 0.00%
b) Banks / FI 505,532 66 505,598 2.33% 491,585 66 491,651 2.27% -2.76%
c) Central Govt - - - 0.00% - - - 0.00% 0.00%
d) State Govt(s) - - - 0.00% - - - 0.00% 0.00%
e) Venture Capital Funds - - - 0.00% - - - 0.00% 0.00%
f ) Alternate Investment Funds 52,627 - 52,627 0.24% - - - 0.00% -100.00%
g) Insurance Companies - - - 0.00% - - - 0.00% 0.00%
h) FIIs 1,301,678 - 1,301,678 6.01% 1,384,147 - 1,384,147 6.39% 6.34%
i) Foreign Venture Capital Funds - - - 0.00% - - - 0.00% 0.00%
j) Others (specify) - - - 0.00% - - - 0.00% 0.00%
S ub
ub-- t ot
otaa l (B)(1):- 1,859,837 66 1,859,903 8.59% 1,875,732 66 1,875,798 8.66% 0.85%
2. N o n- Ins
nstti tut
utio
ions
io ns
a) Bodies Corp.
i) Indian 528,842 863 529,705 2.45% 512868 863 513,731 2.37% -3.02%

C a t e g o r y of N o . of Sh
Shaa r es held aatt tthe
he No . of Sh
Shaa r es held aatt
S hhaa r eho lde
eholde rs
he yea
yearr the eend
nd of tthe
he yea
yearr %
D em at P h ysic
ysicaa l Tot
otaa l % of D em at P h ysic
ysicaa l Tot
otaa l % of C h a n g e
Tot
otaa l otaa l d u r i n g
Tot
Sh
Shaa r es Shaa r es the yea
Sh yearr
ii) Overseas - - - 0.00% - - - 0.00% 0.00%
b) Individuals
i) Individual shareholders holding 1,614,746 120,234 1,734,980 8.01% 1,482,191 117,439 1,599,630 7.38% -7.80%
nominal share capital upto
` 1 lakh
ii) Individual shareholders holding 2,276,887 - 2,276,887 10.51% 2,527,265 - 2,527,265 11.67% 11.00%
nominal share capital in excess
of ` 1 lakh
c) NBFCs Registered with RBI 100 - 100 0.00% - - - 0.00% -100.00%
c) Others (specify)
Non Resident Indians(Non Repat) 49,165 - 49,165 0.23% 48,085 - 48,085 0.22% -2.20%
Non Resident Indians (Repat) 195,207 22,212 217,419 1.00% 179,674 22,212 201,886 0.93% -7.14%
Overseas Corporate Bodies - - - 0.00% - - - 0.00% 0.00%
Foreign Nationals - - - 0.00% - - - 0.00% 0.00%
Clearing Members 58,324 - 58,324 0.27% 1,869 - 1,869 0.01% -96.80%
Trusts 260 - 260 0.00% 260 - 260 0.00% 0.00%
Hindu Undivided Family 512,285 - 512,285 2.36% 470,504 - 470,504 2.17% -8.16%
Foreign Bodies - D R - - - 0.00% - - - 0.00% 0.00%
S ub - t
ub- otaot a l (B)(2):- 5,235,816 143,309 5,379,125 24.83% 5,222,716 140,514 5,363,230 24.76% -0.30%
Tot
otaa l PPub
ub
ubll ic (B) 7,095,653 143,375 7,239,028 33.42% 7,098,448 140,580 7,239,028 33.42% 0.00%
C. Sh
Shaar es held bbyy C Cuu s t o d ia
iann - - - 0.00% - - - 0.00% 0.00%
fo
forr G
GD D R s & AAD DRs
Gr
Graa nd TTotot
otaa l ((A+B+C)
A+B+C) 21,520,562 143,375 21,663,937 100.00% 21,523,357 140,580 21,663,937 100.00% 0.00%
( ii
ii)) Sh
Shaareho ld
ldiin g of P
ehold Prro mot
moteer
S. Sh
Shaa reho lde
lderr ’s N
eholde Naa me Sh
Shaa r eho
ehold ld
ldii n g aatt tthe
he Sh
Shaa reho ld
ldiin g aatt tthe
ehold he
No . he yea
b e g in n i n g of tthe yearr e nd of tthe
he yea
yearr
No . of % of % of No . of % of % of % ch
chaa n g e
Shaa r es
Sh t ot
otaa l Sh
Shaa r es Shaa r es
Sh t ot
otaa l Sh
Shaa r es i n sh
shaa re
Sh
Shaa r es P le
ledd g e d/ Sh
Shaa r es P le
ledd g e d/ ho
holdld
ldii n g
of tthe
he e ncu
ncumm bbeer e d of tthe
he e ncu
ncumm bbee r e d d urin g
c ompa ny t o ttot
ot
otaa l co mpany t o ttot
ot
otaa l t he yea
yearr
sh
shaa r es shaa r es
sh
1 Mr. Pulkit Seth 6,947,621 32.07% NIL 6,947,621 32.07% NIL 0.00%
2 Mrs. Payel Seth 4,413,635 20.37% NIL 4,413,635 20.37% NIL 0.00%
3 Mr. Deepak Seth (NRI) 2,862,145 13.21% NIL 2,862,145 13.21% NIL 0.00%
4 Mrs. Shifalli Seth 201,478 0.93% NIL 201,478 0.93% NIL 0.00%
5 M/s NIM International 30 0.00% NIL 30 0.00% NIL 0.00%
Commerce LLP

( iii
iii)) Chan g e iin
Ch nPPrromot
moteers
rs’’ Sh
Shaa reho ld
ldiin g ((p
ehold p lea se ssp
lease p e cif
cifyy, if tthe
he
herre is no ch
chaa n g e)
S. Par ticu
icullars Shaa reho
Sh eholdld
ldii ng aatt tthe
he Cumu lativ
ivee Sh
Shaareho
ehold ld
ldiin g
No. b e g inn in g of tthe
he yeayearr durin g tthe
he yea
yearr
No. of % of ttot
ot
otaa l No . of % of ttot
ot
otaa l
sh
shaares shaa res
sh sh
shaa res sh
shaa res
At the beginning of the year 14,424,909 66.58% 14,424,909 66.58%
Date wise increase/decrease in promoters No Change No Change No Change No Change
shareholding during the year specifying the duting
reasons for increase/decrease (e.g. allotment/ the year
transfer/bonus/sweat equity etc.
At the end of the year 14,424,909 66.58% 14,424,909 66.58%
( iv) Sh
Shaareho ld
ldiin g P
ehold Paattern of tto
o p tteen Sh
Shaa reho lde
eholde rs (O
lders (Otthe
herr tth
han Di
Dirre cto rs, P
cto Prro mot
moteers aand
nd Ho lde
Ho rs of G
lders GDD R s aand
nd A
ADD R s):
Not A p p l ic
Ap ab
icab le
able
he
S. Fo r each of tthe Da t e R ea so
easo n
son Sh
Shaarehoeholdld
ldiin g aatt tthe
he Cumu lativ
ivee Sh
Shaareho
ehold ldiin g
ld
No. Top 10 sh
shaa reho lde
eholde rs
he yeayearr durin g tthe yearr
he yea
No. of % of ttot
ot
otaa l No. of % of ttot
ot
otaa l
sh
shaares sh
shaa res sh
shaares shaa res
sh
1 S an jiv Dh
Dhiireshb
eshbhha i Sh
Shaa h
At the beginning of the year 01.04.2019 - 1,449,320 6.69% 1,449,320 6.69%
Changes during the year 05.04.2019 Transfer 26,954 1,476,274 6.81%
12.04.2019 Transfer 3,592 1,479,866 6.83%
26.04.2019 Transfer 3,191 1,483,057 6.85%
03.05.2019 Transfer 1,084 1,484,141 6.85%
10.05.2019 Transfer 3,911 1,488,052 6.87%
17.05.2019 Transfer 1,338 1,489,390 6.87%
24.05.2019 Transfer 1,617 1,491,007 6.88%
31.05.2019 Transfer 966 1,491,973 6.89%
07.06.2019 Transfer 1,455 1,493,428 6.89%
14.06.2019 Transfer 8,990 1,502,418 6.94%
21.06.2019 Transfer 11,004 1,513,422 6.99%
29.06.2019 Transfer 3,280 1,516,702 7.00%
05.07.2019 Transfer 440 1,517,142 7.00%
12.07.2019 Transfer 983 1,518,125 7.01%
19.07.2019 Transfer 9,349 1,527,474 7.05%
26.07.2019 Transfer 2,249 1,529,723 7.06%
02.08.2019 Transfer 4,450 1,534,173 7.08%
09.08.2019 Transfer 8,054 1,542,227 7.12%
16.08.2019 Transfer 206 1,542,433 7.12%
23.08.2019 Transfer 25,017 1,567,450 7.24%

S. Fo r each of tthe
he Da t e R ea so
easo
sonn Sh
Shaarehoeholdld
ldiin g aatt tthe
he Cumul ativ
ivee Sh
Shaareho
ehold ld
ldiin g
No. Top 10 sh
shaa reho lde
eholde rs
lders b e g i nn i ng of tthe
he yea
yearr
No. of % of ttot
ot
ot
otaa l
sh
shaares shaares
sh sh
shaa res sh
shaares
06.09.2019 Transfer 16 1,567,466 7.24%
13.09.2019 Transfer 50 1,567,516 7.24%
20.09.2019 Transfer 210 1,567,726 7.24%
27.09.2019 Transfer 30 1,567,756 7.24%
08.11.2019 Transfer -49,402 1,518,354 7.01%
06.12.2019 Transfer 9,679 1,528,033 7.05%
10.01.2020 Transfer 910 1,528,943 7.06%
17.01.2020 Transfer 6,953 1,535,896 7.09%
14.02.2020 Transfer 7,719 1,543,615 7.13%
21.02.2020 Transfer 7,226 1,550,841 7.16%
06.03.2020 Transfer 2,400 1,553,241 7.17%
20.03.2020 Transfer 33 1,553,274 7.17%
At the end of the year 31.03.2020 1,553,274 7.17%
2 Prem ie
ierr IIn
nves
esttme
mennt Fund L
Fu Lii mit
itee d
Changes during the year - - - 0.00% - 0.00%
At the end of the year 31.03.2020 - 1,051,231 4.85%
3 LTS IIn
nves
esttme
mennt Fund L
Fu Liim it
itee d
At the beginning of the year 01.04.2019 - 250,447 1.16% 250,447 1.16%
Changes during the year 12.04.2019 Transfer 3,000 253,447 1.17%
19.04.2019 Transfer 666 254,113 1.17%
26.04.2019 Transfer 3,879 257,992 1.19%
03.05.2019 Transfer 3,700 261,692 1.21%
10.05.2019 Transfer 5,986 267,678 1.24%
17.05.2019 Transfer 6,781 274,459 1.27%
24.05.2019 Transfer 1,108 275,567 1.27%
31.05.2019 Transfer 1,191 276,758 1.28%
07.06.2019 Transfer 3,183 279,941 1.29%
14.06.2019 Transfer 1,552 281,493 1.30%
21.06.2019 Transfer 3,595 285,088 1.32%
29.06.2019 Transfer 4,000 289,088 1.33%
05.07.2019 Transfer 2,161 291,249 1.34%
12.07.2019 Transfer 4,000 295,249 1.36%
19.07.2019 Transfer 3,811 299,060 1.38%

he Da t e R ea so
easo n
son Sh
Shaarehoeholdld
ldiin g aatt tthe
he Cumu lativ
ivee Sh
Shaareho
ehold ld
ldiin g
No. Top 10 sh
shaa reho lde
eholde rs
he yea
yearr
No. of % of ttot
ot
ot
otaa l
sh
shaares shaa res
sh sh
shaares shaa res
sh
26.07.2019 Transfer 5,813 304,873 1.41%
02.08.2019 Transfer 5,216 310,089 1.43%
09.08.2019 Transfer 5,921 316,010 1.46%
16.08.2019 Transfer 1,220 317,230 1.46%
23.08.2019 Transfer 4,867 322,097 1.49%
30.08.2019 Transfer 2,892 324,989 1.50%
06.09.2019 Transfer 1,456 326,445 1.51%
20.09.2019 Transfer 3,100 329,545 1.52%
27.09.2019 Transfer 1,371 330,916 1.53%
08.11.2019 Transfer 1,000 331,916 1.53%
06.12.2019 Transfer 1,000 332,916 1.54%
At the end of the year 31.03.2020 - 332,916 1.54%
4 G ene
nerr a l IIn
n sura nc
ncee Corp
Corp or atio
rpo ionn of IInd
nd ia
ndia
Changes during the year - - - 0.00% - 0.00%
At the end of the year 31.03.2020 - 256,666 1.18%
5 L ife IIn
n sur anc
ncee Co rp
Corp
rpoor atio
ionn of IInd
nd ia
ndia
Changes during the year - - - - - -
At the end of the year 31.03.2020 227,292 1.05%
6 Sh
Shaa h SSaan jivbha i Dh
jivbh Dhiireshb
eshbhhai
Changes during the year 01.11.2019 Transfer 300 200,281 0.92%
7 V i rat SSeer v ices L
ices LLLP
Changes during the year - - - - 0.00%
8 Sh
Shaa h K
Krrin ab
abeen SSaan jivbha i
jivbh
Changes during the year 06.12.2019 Transfer 15 115,404 0.53%
13.12.2019 Transfer 400 115,804 0.53%
20.12.2019 Transfer 11,297 127,101 0.59%

he Da t e R ea so
easo
sonn Sh
Shaarehoeholdld
ldiin g aatt tthe
he Cumul ativ
ivee Sh
Shaareho
ehold ld
ldiin g
No. Top 10 sh
shaa reho lde
eholde rs
lders b e g i nn i ng of tthe
he yea
yearr
No. of % of ttot
ot
ot
otaa l
sh
shaares shaares
sh sh
shaa res sh
shaares
9 Ni rma l H
Hiiro o Bh ar wa n i
Bh
Changes during the year - - - - 0.00%
10 V ish
ishaa l R
Raa meshb
meshbhhai P
Paatel
At the beginning of the year 01.04.2019 - - 0.00% - 0.00%
Changes during the year 15.11.2019 Transfer 91,013 0.42% 91,013 0.42%
13.12.2019 Transfer 1,974 92,987 0.43%
11 R aja
ajasstha n Glo
Glob b a l SSee cu
currities
ities
Priv Lii m it
ivaate L itee d
Changes during the year 12.04.2019 Transfer -100 99,908 0.46%
10.05.2019 Transfer -2,544 97,364 0.45%
24.05.2019 Transfer -200 97,164 0.45%
31.05.2019 Transfer -5,639 91,525 0.42%
09.08.2019 Transfer -1,282 90,243 0.42%
29.11.2019 Transfer -6,515 83,728 0.39%
20.12.2019 Transfer -14,013 69,715 0.32%
27.12.2019 Transfer -2,314 67,401 0.31%
31.01.2020 Transfer 1,863 69,264 0.32%
(v) Sh
Shaareho ld
ldiin g of Di
ehold Dirre ctors aand
cto nd K
Kee y M
Maana g eria
iall P
Peerso
rsonnnel
nel::
S. Sh
Shaareho ldiin g of each Di
ld
ehold Dirre cto rs
cto Da t e R ea so
easo
sonn Shaareho
Sh eholdld
ldiin g aatt tthe
he Cumul ativ
ivee Sh
Shaareho
ehold ld
ldiin g
No. and each KKee y MMaan a g eria
iall b e g i nn i ng of tthe
he yea
yearr
Perso
rsonnnel No. of % of ttot
ot
ot
otaa l
sh
shaares sh
shaares sh
shaa res sh
shaares
1 Mr. D
Dee ep a k SSet
eth, C
eth, h a i rma n
Ch
Changes during the year No Change
2 Mr. P
Puu l kit SSet
et h, M
eth, Maan a g in g Di
Dirre ctor
cto
At the beginning of the year 01.04.2019 6,947,621 32.07% 6,947,621 32.07%

S. Sh
Shaareho ld
ldiin g of each Di
ehold Dirre cto rs
cto Da t e R ea so
easo n
son Sh
Shaarehoeholdld
ldiin g aatt tthe
he Cumu lativ
ivee Sh
Shaareho
ehold ld
ldiin g
Kee y M
No. a nd each K Maa na g eria
iall b e g i nn i n g of tthe
he yea
yearr
Perso
rsonnnel No. of % of ttot
ot
ot
otaa l
sh
shaares shaa res
sh sh
shaares shaa res
sh
3 Mrs
rs.. Sh if
ifaa l l i SSet
Shif eth, Who
eth, le
le--Time Di
Whole Dirre ctor
cto
At the beginning of the year 01.04.2019 201,478 0.93% 201,478 0.93%
4 Mr. V
Viino
noddV
Vaa ish, Who le
le--Ti me Di
Whole Dirre ctor
cto
At the beginning of the year 01.04.2019 - 0.00% - 0.00%
At the end of the year 31.03.2020 - 0.00% - 0.00%
5 Mr. Ch it
Ch itttr an janD
jan ua , N
Du on- Ex
No Exee cu
cuttiv
ivee IInde
nde
ndepp ende
ndennt Di
Dirre ctor
cto
6 Mr. An il N
An Naa y ar, No n-Ex
No Exee cu
cuttiv
ivee IInde
ndep ende
ndep ndennt Di
Dirre ct
ctoor
7 Mr. R aj
ajeendr
Raj ndraa Kuma r A
Ku neja
neja,, N
Aneja on -Ex
No Exee cu
cuttiv
ivee IInde
nde
ndepp ende
ndennt Di
Dirre ctor
cto
8 Mr. A
Abbh ishek G
Gooy a l , Non -Ex
No Exee cu
cuttiv
ivee IInde
nde
ndepp ende
ndennt Di
Dirre ctor
cto
9 Mrs
rs.. Mad
Mad
adhhul ika B
Bhhup atka
karr, No n-Ex
No Exee cu
cuttiv
ivee IInde
nde
ndepp ende
ndennt Di
Dirre ct
ctoor
10 Mr. R
Raa g hav G
Gaa rg
rg,, C
Chh ief F
Fiin ancia
nciall Offic
Officeer
11 Mr. SSaande
ndeeep SSab
ab
abhhar wa l , Com p a ny SSee cret
Com etaa r y

V. I N D E BT E D N E S S
Indebtedness of the Company including interest outstanding/accrued but not due for payment. (Amount. in `)
P a r t icu
icull a rs S e cu
curr e d L
Loo a n s Un se
secc uurr e d D e p osit
ositss Tot
otaa l
ex cl
excl udii n g de
ud
clud depp osit
ositss L o ans Indebt
ndebtee dnes
dnesss
Indebt
ndebtee dnes
dnesss aatt tthe
he bbee g i n n i n g of tthe
he fin a ncia
fin nciall yea
yearr
i) Principal Amount 2,025,459,287 - - 2,025,459,287
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 2,467,226 - - 2,467,226
Tot
otaa l ((i+ii+iii
i+ii+iii
i+ii+iii)) 2,027,926,513 - - 2,027,926,513
C h a n g e iin
n IIndebt
ndebt
ndebtee dnes
dnesss ddu
u r i n g tthe
he fi
finn a ncia
nciall yea
yearr
* Addition 15,435,254,586 - - 15,435,254,586
* Reduction 15,239,080,081 - - 15,239,080,081
Net Change 196,174,505 - - 196,174,505
Indebt
ndebtee dnes
dnesss aatt tthe
he eend
nd of tthe
he fin a ncia
fin nciall yea
yearr
i) Principal Amount 2,221,633,792 - - 2,221,633,792
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 3,748,058 - - 3,748,058
Total (i+ii+iii) 2,225,381,850 - - 2,225,381,850
VI. R E MU N E R AT I O N O
OFFD
DII R EC
ECTTO R S A
ANND K
KEEY M
MAA NAG E R I A L P
PEER SONNEL
nerratio
A . R emune n tto
ion oMMaana g in g Di
Dirre ctor, Who
cto le
le-- ti me Di
Whole Dirre ctors aand/o
cto nd/o
nd/orr M
Maa na g er :
S. P a r t icu
iculla rs of RRee m u ne
nerr a t io
ionn Na me of M D/W
MD/W
D/WTT D/ M
Maa n a g er Tot
otaa l
No . A mou
mounn t
iinn `
Name M r. PPuu l k it SSet
et
ethh M rs
rs.. Sh ififaa l l i SSet
Shif et
ethh M r. V
Viino
nodd V
Vaa ish
Designation Managing Director Whole-Time Director Whole-Time Director
1 Gross salary
(a) Salary as per provisions contained in section 17(1) 15,500,000 6,875,000 1,684,322 24,059,322
of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 28,800 28,800 43,542 101,142
(c) Profits in lieu of salary under section 17(3)
Income- tax Act, 1961 - - - -
2 Stock Option - - - -
3 Sweat Equity - - - -
4 Commission - - - -
- as % of profit - - - -
- others, specify - - - -
5 Others, please specify (Provident Fund) 19,800 19,800 21,600 61,200
Total (A) 15,548,600 6,923,600 1,749,464 24,221,664
Ceiling as per the Act As per Schedule-V of the Companies Act, 2013

B. R emune
nerratio
ionn tto
o othe
herr Di
othe Dirre cto rs
cto
S. Pa r ticu
icull a rs of RRee m une
nerr a t io
ionn Na me of Di
Dirr e ct
ctoo rs Tot
otaa l
No . mounn t
A mou
iinn `
1 Independent Directors M r. CChh ititttr a n ja
jann M r. AAnn il N
Naay a r M r. RRaj
aj
ajee ndr
ndraa M r. AAbb h ishek M rs
rs.. M ad
adhhu l ika
Mad
D ua Kum a r AAneja
neja G oyal B h u p a t ka
karr
Fee for attending board meetings 20,000 40,000 10,000 40,000 - 110,000
Commission - - - - - -
Others, please specify ( for attending 10,000 10,000 - 10,000 - 30,000
Independent Directors Meeting)
Total (1) 30,000 50,000 10,000 50,000 - 140,000
2 Other Non-Executive Directors M r. D
Dee ep a k SSet
et
ethh
Fee for attending board committee meetings 20,000 - - - - 20,000
Commission - - - - - -
Others, please specify - - - - - -
Total (2) 20,000 - - - - 20,000
Total (B)=(1+2) 50,000 50,000 10,000 50,000 - 160,000
Total Managerial Remuneration 24,381,664
Overall Ceiling as per the Act As per Schedule-V of Companies Act, 2013
C. R emune
nerration tto
ion oKKee y M
Maa na g eria
iall P
Peerso
rsonnnel ot he
herr tth
othe han M D/M
D/Maa na g er/W
MD/M r/WTTD
S. Pa r t icu
icull a rs of R
Ree m u ne
nerr a t io
ionn Na me of K
Kee y M
Maa n a g e r ia
iall PPee rso
rsonn nel Tot
otaa l
No. A mou
mounn t
iinn `
Nam e M r. R
Raa g h a v G
Gaa rg M r. SSaa nde
ndeee p SSab
ab
abhh a r w a l
D esig
esignn a t io
ionn C h ief FFii n a ncia
nciall Offic
Officee r C oom
m p a n y SSee c ret
etaa r y
1 Gross salary
(a) Salary as per provisions contained in section 17(1) 3,443,755 1,683,482 5,127,237
of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 - 32,359 32,359
(c) Profits in lieu of salary under section 17(3) - - -
Income- tax Act, 1961
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission -
- as % of profit - - -
- others, specify - - -
5 Others, please specify - - -
Total 3,443,755 1,715,841 5,159,596

V I I. P
PEE NA LT I E S / P
PUU N I S H M E N T/ C
COO MP O UNDING O
OFFO FFE
OFFE
FFENNC ES :
Typ
ypee S e ctio
ctio n of tthe
ion he Brief D et
etaa ils of P
Peena l t y/ Authohorrit
ityy [R
[RDD/ Ap p ea
eall m ade,
made,
Com
Co mp an ies A ct
Act Desc
escrriptio
ptio n
ion Pun ish me
ishme
men nt/ N C LT/C
T/CO O U RT ] if aan
ny ((gg iv
ivee
Co
Com mp ou nd
ndiing
ound etaa ils)
D et
fe
feeses iim
mp ose
osedd
A . CO M PA N Y
Penalty Nil NIL NIL N.A N.A
Punishment Nil NIL NIL N.A N.A
Compounding Nil NIL NIL N.A N.A
B. D I R EC
ECTTO R S
C. OT H E R O FFI
OFFI
FFICC E R S IIN
ND E FAU LT
DE
Annexure-V to the Directors’ Report

R el
elaate d P
Paar t y ddisclos
isclosure uunde
isclosu nde
nderr rree g u latio
ionn 34 of llis
is
istting rree g ulatio
ionns
L oan / Advanc
Ad es
nces (` in Lakh)
Name of P
Paar t y Sta t u s Ba lanc
ncee aass oon
n Ma xi m um
xim
31.03.2020 during tthe
he yea
yearr
PDS Multinational Limited India Associates 300.00 300.00
Pearl Global Fareast Limited Subsidiary 497.57 497.57
Inves
esttme
mennts (Eq
(Equu it
ityy Sh
Shaares) (` in Lakh)
Name of P
Paar t y Sta t u s Ba lanc
ncee aass oon
n Ma xi m um
xim
31.03.2020 during tthe
he yea
yearr
Pearl Global Fareast Limited Subsidiary 2,797.29 2,797.29
Norp Knit Industries Ltd Subsidiary 2,468.53 2,468.53
Pearl Apparel Fashions Limited Subsidiary 1,648.35 1,648.35
Pearl Apparel Fashions Limited (Preference Shares) Subsidiary 300.00 300.00
Pearl Global (HK) Limited Subsidiary 6,152.32 6,152.32
Pearl Global Kaushal Vikas Limited Subsidiary 5.00 5.00
(Formerly Pixel Industries Ltd.)
SBUYS E-Commerce Limited Subsidiary 1.00 1.00
Annexure-VI to the Directors’ Report

Par ticu
icullars of lo
loaa ns, ggu
uar ant e es oorr iin
nves
esttments uunde
men nde
nderr SSee ctio
ctio n 186 of tthe
ion he Co
Commp an ies Act, 2013
Act,
[Pursuant to Section 134 (3)(g) of the Companies Act, 2013]
( ` iin
n La
Lakkh )
Sl
Sl.. Name of tthe
he Co
Comm p a ny L oa ns Guarant e es Inv es
esttment s
men
No .
1 Pearl Global (HK) Limited - 24,124.80 6,152.32
2 PDS Multinational Fashions Limited 300.00 - 5.00
3 Pearl Global Fareast Limited 497.57 - 2,797.29
4 Norp Knit Industries Limited - 7,967.43 2,468.53
5 Pearl Apparel Fashions Limited - - 1,648.35
6 Pearl Apparel Fashions Limited (Preference Shares) - - 300.00
7 Pearl Global Kaushal Vikas Limited - - 5.00
(Formerly Pixel Industries Limited)
8 SBUYS E-Commerce Limited - - 1.00
Not
otee :
1. Investment are in equity shares, unless otherwise mentioned
2. Guarantees are issued to Banks to secure the facilities extended to these Companies
For and on behalf of the Board

for P E A R L G
GLL O BA L IIN
N DUS T R IE S L
LII M I T E D
(D
(DEE E PA K SSE
ET H)
Place: Gurugram C HA IR M A N
Date: October 07, 2020 DIN 00003021
Annexure-VII to the Directors’ Report

[Pursuant to Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
Sl
Sl.. P a r t icu
icull a rs Disclos
Disclosuu r es
No .
I The ratio of the remuneration of each Director to the median remuneration Mr. Pulkit Seth (VC&MD) 61.62x
of the employees for the financial year Mrs. Shifalli Seth (WTD) 25.67x
Mr. Vinod Vaish (WTD) 6.07x
II The percentage increase in remuneration of each Director, CFO, CS in the Mr. Pulkit Seth (VC&MD) 50%
financial year Mrs. Shifalli Seth (WTD) 0%
Mr. Vinod Vaish (WTD) 7.90%
Chief Financial Officer 0%
Company Secretary 6.47%
III The percentage increase in the median remuneration of employees in the The median remuneration of the employees in the financial year was
financial year increased by 5%.
IV The number of permanent employees on the rolls of the Company There were approx 6,840 permanent employees as on 31st March, 2020
V Average percentile increase already made in the salaries of employees other Average percentile increase in the salary of employees other than managerial
than the managerial personnel in the last financial year and its comparison personnel in the last financial year was 5%.
with the percentile increase in the managerial remuneration and justification Average percentile increase in the salary of Managerial personnel in the last
thereof and point out if there are any exceptional circumstances for financial year was 21.45%.
increase in the managerial remuneration;
VI Affirmation that the remuneration is as per the remuneration The remuneration paid to Directors/employees is as per remuneration policy.
policy of the Company

for P E A R L G
GLL O BA L IIN
N DUS T R IE S L
LII M I T E D
(D
(DEE E PA K SSE
ET H)
Place: Gurugram CH AIR MAN
Annexure-VIII to the Directors’ Report

[Pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as
amended
List of top ten employee in terms of remuneration drawn
Sl
Sl.. Na me of D esig
esignn a tio
ionn Ed
Educuc
ucaa t io
ionn a l Ag
Agee Ex
Expp e r ie nc
ncee
ienc D a te of R e m u ne
nerr a t io
ionn Pr e v iou
iouss Pe r c e n ta g e Whet
Whethe he
herr
No . E m p lo ye
yeee
loye q u a l ific
ificaa tio
ionn ( in yea
years)rs) Jo i n i n g p a id ((`)) e m p lo
loyy me
menn t of eeqq u itityy e m p loloyeye
yeee
sh
shaar e held is rrel
elelaa tiv
ivee
of aanny
Di
Dirr e ctctoo r
or MMaa na g er
1 Mr. Pallab Group President B.Sc. (Hons) and Post 52 28 01.06.2019 8,311,136 VP-Global Sourcing NIL No
Banerjee Graduate in Apparel (Wovens) - GAP, MD-
Merchandising & Global International
Marketing from NIFT Sourcing India Pvt. Ltd.
2 Mr. Pankaj CEO-Sampling B.Com and Apparel 47 25 15.07.1995 6,258,091 NIL NIL No
Bhasin & Merchandising Production Management
3 Mr. Amit Group CFO B.Com (Hons), 54 31 02.11.2015 6,136,128 CFO, Vishvaraj NIL No
Mohan CA, CPA, ISA Infrastructure, Nagpur
4 Mr. Manish Senior Vice MBA 49 26 01.11.2017 4,758,504 Founder & CEO- NIL No
Sareen President J&M Fashions
(Marketing &
Operations)
5 Mr. Sundeep COO-Knits B.A. 53 32 01.06.2017 4,566,294 Head-Merchandising, NIL No
Chatrath Division (India) Gupta Exim, Faridabad
6 Mr. Raghav Chief Financial B.Com (Hons), CA 37 13 21.01.2019 3,443,755 Vice Presidnet - NIL No
Garg Officer F&A - Trident Ltd.
7 Mr. Praveen Financial B.Com, CA 41 18 21.01.2019 2,891,855 GM-Finance - NIL No
Choudhary Controller Poly Medicure Ltd.
8 Mr. Ashutosh Assistant Vice PGDBA-HR, LLB 41 19 15.03.2018 2,585,641 Head & GM-Paras NIL No
Sharma President (Human Group (Real Estate &
Resource) Education Business)
9 Mr. Sumit Executive B.E. (M.E.), PGDMA, 38 13 08.02.2017 2,328,955 AGM, Punj Lloyd NIL No
Kumar Assistant- CFA-II
Chairman
10 Mr. Anand Vice-President B.Sc., MBA 51 28 09.08.2011 2,365,643 Factory Manager, NIL No
Bhatia (Production) Texport Fashion Ltd
Note: Nature of employment is non contructual

Annexure-VIII to the Directors’ Report

R emune
nerration of Ex
ion Exee cu
cuttiv
ivee Di
Dirre cto rs
cto
Sl
Sl.. Name of D esig
esignn a tio
ionn Ed
Educuc
ucaa t io
ionn a l Ag
Agee Ex
Expp e rie nc
ncee
ienc D a te of R em u ne
nerr a t io
ionn Pr e v iou
iouss Pe r c e nt a g e Whet
Whethe he
herr
No . E m p lo ye
yeee
loye q u a l ific
ificaa tio
ionn ( in yea rs)
years) Jo i n i n g p a id e m p lo
loyy me
menn t of eeqq u itityy e m p loloyeye
yeee
sh
shaare held is rrel
elelaa tiv
ivee
of aanny
Di
Dirr e ctctoo r
or MMaa na g er
1 Mr. Pulkit Managing Director Bachelor of Business 40 16 11/1/2004 15,528,800 NIL 32.07 Yes
Seth Management
2 Mrs. Shifalli Whole-Time Bachelor degree in 39 15 5/1/2005 6,903,800 Pearl Global Ltd. 0.93 Yes
Seth Director Business Administration
3 Mr. Vinod Whole-Time B.Sc. 62 30 6/8/2009 1,727,864 Director, Uttranchal NIL No
Vaish* Director Biodiesel Ltd
Note: Nature of employment is contructual

* Mr. Vinod Vaish has resigned from the Board of the Company with effect from April 30, 2020

for P E A R L G
GLL O BA L IIN
N DUS T R IE S L
LII M I T E D
(D
(DEE E PA K SSE
ET H)
Place: Gurugram CH AIR MAN
Annexure IX to the Director’s Report

Particulars of Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo required under
the Companies (Accounts) Rules, 2014.
A . C O NS
NSEE RVAT I ON O
OFFE
ENN E RG Y
( i ) Ste ps ttaa ken fo
forr cco serr vatio
onse ionn of eene
nerg
rgyy :
nerg
- Installed Steam boilers in place of electrical boilers
- Replaced old office electrical items like Air Conditions, fans with energy efficient ones.
- Other measures like placing focused lighting systems and reducing lights wherever not needed.
- Effective utilization of work station for energy conservation
( ii
ii)) Ste ps ttaa ken bbyy tthe
he Co
Commpa ny fo
forr uuttil iz
izii ng aallte rnat e sou
iliz sourrc es of eene
nerg
rgyy :
nerg
The Company being into garment manufacturing does not consume heavy electricity. However, the Company
has installed 200 KW capacity of solar energy plant at its factory located at Chennai.
( iii Caap it
iii)) The C nves
itaa l iin esttment oon
men ne
n eenerg
nerg o nversa
rgyy cco rsattio
ion qu ipme
n eeq nt :
men
The Company has invested approx ` 1.07 Crore for installation of solar energy plant.
B. T EC
ECHH N O L O GY A
ABB SO R P T I ON :
( i ) E ffo
fforr ts made tto
made owards ttee chno
chno lo
logg y abso
nolo rpt
absorpt io
rption:
ion
Nil
( ii
ii)) B enefit
nefitss de
derriv
ivee d llik
ik
ikee pprro duct iim
mprov
oveement, ccos
men os
ostt rree ductio
uctio n, pprro duct de
ion, devv elopme
elop nt oorr iim
men mp or t ssubs
ubs
ubsttit
ituution:
ion
Not Applicable
( iii
iii)) In ccaa se of iim
mp or t e d ttee chno
chno lo
logg y ((ii mp or te d ddu
nolo uri ng tthe
he llaa st tth
hre e yea rs rree ck
years one
cko d fr
ned o m tthe
fro he bbee g i nn ing of tthe
he
financia
fin nciall yea r):
year):
a Technology Imported : Not Applicable
b Year of Import : N.A.
C Has technology been fully absorbed? N.A.
d If not fully absorbed, areas where this has not taken place, and the reasons. N.A.
( iv) T he exp end
exp it
ndit
itu ncu
ncurrre d oon
ure iincu nR esearrch & D
esea
Resea Dee velopme
elop nt :
men
Ex
Expp end it
ndit ure oon
itu nR&D (`/Lakh)
2019-20 2018-19
a) Capital NIL NIL
b) Recurring 783.95 596.89
Tot
otaa l 783.95 596.89
C. Fo reig
eignn Exch
chaa ng e E
Exch Eaarn ing s aand
nd O
Ouutg
tgoo
Fo reig
eignn Exch
chaang e E
Exch Eaarni ng s (`/Lakh)
Par ticu
iculla rs 2019-20 2018-19
Export of Goods - FOB basis 74,130.24 77,985.01
Interest Income 30.11 29.68
IT/SAP Income 98.11 81.68
Tot
otaa l 74,258.46 78,096.37
Annexure IX to the Director’s Report

Fo reig
eignn Exch
chaang e O
Exch Ouutg
tgoo (`/Lakh)
Par ticu
icullars 2019-20 2018-19
Imports 12,730.23 2,889.52
Foreign Travelling 68.73 69.47
EDI Expenses 63.07 37.09
Others 59.41 85.18
Tot
otaa l 12,921.44 3,081.26
for and on behalf of the Board

for P E A R L G
GLL O BA L IIN LII M I T E D
N D US T R I E S L
(D
(DEE E PA K SSE
ET H)
Place: Gurugram CHAIR MAN
Statement containing salient features

of the financial statement of subsidiary companies
[ Pursuant to first proviso to Sub-Section (3) of Section 129 of the Companies Act, 2013, read with Rule 5 of the
Companies (Accounts) Rules, 2014-AOC-1]
( ` iin
n La
Lakkh )
Sl. Na me of SSubsid
ubsid
ubsidiaiaiarr y D a t e of R e p o r t i n g R e p o r t in g Exch
chaa n g e Eq
Exch Equu itityy R ese
eserr v es Tototaa l Tot otaa l In v esestt me
menn t s Tu r nov
noveer P r ofit/ P rov isio
isionn Profit / P ro p ose
ovisio osedd % of O t he
herr Tot
otaa l
NNoo . A c q u isit io
ionn
isitio Pe r io
iodd C ur re nc ncyy r a t e ShShaa r e & ssuurp
rpllu s a s set
setss L iab
iabilililititities
ies osss
L os for L os osss d ivivide
idend sh
idend shaa r eho ld
ldii n g c o m p r ehe
ehold ehenn siv
sivee Co
Comm p r ehe
ehenn siv
sivee
C a p ititaa l b efo
eforr e t a xa
xatt io
ionn afaftte r (Expp e n ses)
(Ex inc
ncoo me fo forr
t a xa
xatt io
ionn t a xa
xatt io
ionn IInc
nc
ncoo me t he YYea
ea
earr
1 Pearl Apparel 3/30/2007 31-Mar-20 INR NA 2763.91 -2760.00 304.20 300.29 0.00 14.96 -18.77 4.96 -23.73 - 100 - (23.73)
Fashions Limited
2 Pearl Global Kaushal 6/18/2014 31-Mar-20 INR NA 5.00 -4.25 1.83 1.08 0.00 0.00 -0.57 0.00 -0.57 - 100 - (0.57)
Vikas Limited
3 SBUYS E-Commerce 9/20/2019 31-Mar-20 INR NA 1.00 -0.24 1.00 0.24 0.00 0.00 -0.24 0.00 -0.24 - 100 - (0.24)
Limited
4 Norp Knit Industries 3/22/2006 31-Mar-20 USD 75.39 3631.18 10503.53 31553.86 17419.15 1009.73 58812.90 1545.87 301.33 1244.54 - 99.99 - 1,244.54
Limited
5 Pearl Global Fareast 3/16/2009 31-Mar-20 USD 75.39 3268.16 3932.54 11258.95 4058.25 0.00 22716.24 575.91 0.00 575.91 - 100 - 575.91
Limited
6 Peal Global (HK) 12/22/2009 31-Mar-20 USD 75.39 6830.33 4511.89 47349.62 36007.39 14976.15 94844.99 599.19 71.27 527.92 - 100 42.36 570.28
Limited
7 PGIC Investment 16.08.2016 31-Mar-20 USD 75.39 0.0 -271.15 4322.99 4594.14 0.00 0.45 -226.90 0.00 -226.90 - 100 - (226.90)
Limited
8 Pearl Grass Creations 11.07.2016 31-Mar-20 USD 75.39 301.56 -1480.81 2580.16 3759.42 0.00 3453.47 -157.44 0.00 -157.44 - 80 - (157.44)
Limited
9 Vin Pearl Global 11.07.2016 31-Mar-20 USD 75.39 9.05 -1506.02 7985.18 9482.15 3109.31 12213.96 18.64 0.00 18.64 - 100 (11.66) 6.98
Vietnam Limited
10 Pearl Global Vietnam 01.05.2017 31-Mar-20 VND 0.00 2294.65 -1884.91 6477.78 6068.04 0.00 11999.70 25.62 0.00 25.62 - 100 - 25.62
Co. Limited
11 Prudent Fashions 02.03.2017 31-Mar-20 BDT 0.87 383.60 -124.04 3185.03 2925.47 0.00 0.00 -88.57 0.07 -88.64 - 99.95 - (88.64)
Limited
12 DSSP Global Limited 11/8/2012 31-Mar-20 USD 75.39 1134.71 4662.00 12099.32 6302.61 791.58 25496.29 135.19 71.20 63.99 - 100 69.84 133.83
13 PT Pinnacle Apparels 3/30/2006 31-Mar-20 USD 75.39 1133.84 4368.93 9336.31 3833.55 0.00 18612.19 237.17 71.20 165.97 - 69.91 69.84 235.80
Not
otee :
In addition to above the Company has invested in 3000000 Preference Shares of ` 10/- each aggregating ` 3,00,00,000/-
of Pearl Apparel Fashions Limited
For and on behalf of Board

for Pea
earrl Glo
Pea Globb a l IInd
ndus tries L
ndu itee d
Lii mit
(Pul kit SSet

(Pu eth)
eth (D
(Dee ep a k SSet
eth)
eth
Managing Director Chairman
DIN 00003044 DIN 00003021
(Kash
(Kash m i r Si
shm Sinng h R
Raathour)
hour) (S
(Saande
ndeeep SSab
ab
abhha r w a l )
Place: Gurugram Chief Financial Officer Company Secretary
Date: July 28, 2020 M. No. ACS - 8370
Corporate Governance
1. C O M PA N Y ’S P
PHHILOSOPHY
Corporate Governance is based on the principles of integrity, fairness, equity, transparency, accountability and
commitment to Values, good governance practices stem from culture and mindset of the organization.
The Company has an unwavering commitment to uphold sound corporate governance standards and highest business
conduct. Being a value driven organization, Pearl Global Industries Limited has always worked towards building trust
with stakeholders based on the principles of corporate governance.
Pearl Global Industries Limited strives to foster a corporate culture in which high standard of ethical behavior, individual
accountability and transparent disclosure are ingrained in all its business dealing and shared by its Board of Directors,
Management and employees. Over the years governance process and systems have been strengthened at Pearl Global
Industries. In addition to complying with the statutory requirements, effective governance system and practices towards
improving transparency, disclosures, internal controls and promotion of ethics at work place.
Over the years governance processes and systems have been strengthened at Pearl Global Industries Limited.
Your Company is committed to best Corporate Governance and has fully complied with the requirements of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). The Company in its
endeavor towards the best Corporate Governance and to provide transparency initiated various measures.
This report along with the chapters on Management Discussion and Analysis reports company’s compliance with
SEBI Listing Regulations.
2. B OA R D O
OFFD
DII R EC
ECTTO R S
As on 31st March 2020, the Company’s Board of Directors consists of 9 (Nine) members. The Chairman of the Board
is non-executive Promoter Director. The Board comprises of three executive Directors of whom one women Director
and six non-executive Directors, of whom five are Independent Directors including one women Independent Director.
The composition of the Board is in conformity with the requirement of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. All non-executive independent Directors are persons of eminence and bring a wide
range of expertise and experience to the Board.
Co
Com mposit io
ositio
ionn aand
nd C Caate g or y of tthe
he B o ard aass oon
Bo n 31.03.2020 aand
nd tthei
hei
heirr aatt te nd
ndaanc
ncee iin
n tthe
he B
Boo ard aand
nd Annua l
An
G e ne
nerra l M
Mee et
etiing s aarre aass he
herreunde
nderr :
eunde
S. Name of Di
Dirre ctor
cto Ca t e g o r y No. of No . of Att end
ndaa nc
ncee
No. outt side
ou Com
Co mm it
ittte e
Di
Dirre ctor- Memb
cto mbeer Cha irman B o a rd Annua l G
Geene
nerra l
sh
shiips* Me et
etiin g s Me et
etiing
1 Mr. Deepak Seth Promoter, Non-Executive 3 1 — 2 Yes
2 Mr. Pulkit Seth Promoter, Executive 2 2 — 2 Yes
3 Mrs. Shifalli Seth Promoter, Executive 2 — — 1 No
4 Mr. Vinod Vaish Executive 1 3 1 4 No
5 Mr. Chittranjan Dua Independent, Non-executive 5 4 1 2 Yes
6 Mr. Rajendra Kumar Independent - 3 — 1 No
Aneja Non-executive
7 Mr. Anil Nayar Independent, Non-executive - 4 2 4 Yes
8 Mr. Abhishek Goyal Independent, Non-executive 2 2 1 4 Yes
9 Mrs. Madhulika Independent, Non-executive - - - - Not Applicable
Bhupatkar
*Foreign Companies, Bodies Corporate, Private Companies and Companies under Section 8 of the Companies Act, 2013
are excluded for the above purpose.
Corporate Governance (contd...)

Name of othe
herr llis
othe is
istte d een
ntit ies w
ities he
herre Di
whe Dirre ct
ctoors of tthe
he Company is Di
Com Dirre cto rs aand
cto nd ccaat e g o r y of Di
Dirre ct
ctoo rsh
rshii p :
Name of Di
Dirre ct
ctoor DI N
Name of llisis
istte d een
ntit ies iin
ities nwwhh ich tthe
he Cate g o r y of Di
Dirre cto rsh
cto rshiip
c onc
nceerne
nedd Di
Dirre ct o r is a Di
cto Dirre ct
ctoor
Mr. Deepak Seth 00003021 PDS Multinational Fashions Limited Promoter, Non-Executive
Director
Mr. Pulkit Seth 00003044 NIL NIL
Mrs. Shifalli Seth 01388430 NIL NIL
Mr. Vinod Vaish 01945795 NIL NIL
Mr. Chittranjan Dua 00036080 TVS Motor Company Limited Independent Non-Executive
Director
Gillette India Limited Independent Non-Executive
Director
Mr. Rajendra Kumar Aneja 00731956 NIL NIL
Mr. Anil Nayar 01390190 NIL NIL
Mr. Abhishek Goyal 01928855 NIL NIL
Mrs. Madhulika Bhupatkar 08712718 NIL NIL
Mr. Deepak Seth, Chairman, Mr. Pulkit Seth, Vice Chairman & Managing Director and Mrs. Shifalli Seth, Whole-
Time Director are relatives. Mrs. Shifalli Seth is wife of Mr. Pulkit Seth, Mr. Pulkit Seth is Son of Mr. Deepak Seth.
The Board of Directors has through circular resolution dated March 18, 2020, appointed Mrs. Madhulika Bhupatkar
as Women Independent Director of the Company in compliance with the proviso of Regulation 17(1)(a) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
There is no Nominee or Institutional Directors on the Board of the Company.
During the financial year 2019-20, four (4) Board Meetings were held on 28th May 2019, 13th August 2019,
14th November 2019, and 13th February, 2020.
Mr. Deepak Seth, Chairman holds 28,62,145 equity shares (13.21%), Mr. Pulkit Seth, Vice Chairman & Managing
Director holds 69,47,621 equity shares (32.07%) and Mrs. Shifalli Seth, Whole Time Director holds 2,01,478 equity
shares (0.93%) of the Company. No other Director holds any equity share in the Company.
Details of familiarisation programmes imparted to Independent Directors are disclosed at Company’s website at http:/
/www.pearlglobal.com/investors/policy
Skil
Skil ls/Ex
ills/Exp er tise/Co
ls/Exp ise/Commp et
etee nc
ncee of tthe
he Bo a rd of Di
Bo Dirre ctors
cto
The Board comprises qualified members who bring the required skill, competence and expertise that allow them to
make effective contribution to the Board.
The following is the list of core skills/expertise/competencies identified by the Board of Directors as required in the
context of the business of the Company for it to function effectively and those actually available the Board:
Skil
illl aarrea
Skil escrri pt
D esc io
ptio n
ion Numb
mbeer of Di Dirre cto rs
cto
havi ng ppaar ticu
icullar sk il
skil ls
ills
Product design, • Experience in design and manufacturing of products and 3
Manufacturing, Sales developing strategies to increase sales and market share.
and Marketing
Finance • Qualification and experience in accounting and finance 6
and ability to understand key financial statements, strategic
financial planning and budgets.

Skil
illl aarrea
Skil D esc
escrri ptio
ptio n
ion Numb
mbeer of Di Dirre ctors
cto
havi ng ppaar ticu
icullar sk il
skil ls
ills
Global Business • Experience in driving business in markets around the world.
• Understanding of diverse business environments, economic 3
conditions, cultures and regulatory frameworks.
Leadership and • Ability to understand organization, processes, strategic 5
Strategic Planning planning and risk management.
• Experience in developing talent, succession planning and
driving change and long term growth.
Technology and • Knowledge of technological trends in apparel industry. 3
Innovation
Legal and • Ability to protect shareholders’ interest and observe
Governance appropriate governance practices.
• Monitor risk and compliance management system
including legal framework. 5
Human Resource and • Ability to understand Labour Laws and other related 4
Administration applicable Laws including administration functions
of the Company.
The Board members possess the skills identified; their area of core expertise is given below:
Dirre ct
Name of Di ctoor Area of Ex
Expp er tise
Mr. Deepak Seth Product design, Manufacturing, Sales and Marketing
Global Business
Leadership and Strategic Planning
Finance
Legal and Governance
Technology and Innovation
Mr. Pulkit Seth Product design, Manufacturing, Sales and Marketing
Global Business
Finance
Mrs. Shifalli Seth Product design, Manufacturing, Sales and Marketing
Global Business
Mr. Vinod Vaish Human Resource and Administration
Finance
Mr. Anil Nayar Finance
Human Resource and Administration

Name of Di
Dirre ct
ctoor Area of Ex
Expp er tise
Mr. Chittranjan Dua Finance
Mr. Abhishek Goyal Finance
Human Resource and Administration
Mrs. Madhulika Bhupatkar Human Resource and Administration
Mr. Vinod Vaish has tendered his resignation from the Board of the Company with effect from April 30, 2020, due to
personal reasons.
In the opinion of the Board, all Independent Directors fulfill the conditions specified in the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and are independent of the management.
During the year, no Independent Director has resigned before the expiry of his tenure.
Info
forrmation ssu
ion upp l ie
iedd tto
o tthe
he B
Boo ard
The Board has complete access to all information with the company. Inter alia, the following information are provided
to the Board and the agenda papers for the meetings are circulated in advance of each meeting or are tabled.
• Annual Operating plans and budgets, Capital budgets, updates;
• Quarterly results for the company and its operating divisions or business segments;
• Minutes of meetings of Audit Committee and other committees of the board;
• Information on recruitment and remuneration of senior officers just below the board level including appointment
or removal of Chief Financial Officer and Company Secretary;
• Materially important show cause, demand, prosecution and penalty notices;
• Fatal or serious accidents or dangerous occurrences;
• Any materially significant effluent or pollution problems;
• Any materially relevant default in financial obligations to and by the Company, or substantial non-payment for
goods sold by the Company;
• Any issue, which involves possible public or product liability claims of a substantial nature;
• Details of any joint venture or collaboration agreement;
• Transactions that involve substantial payment towards goodwill, brand equity or intellectual property;
• Significant labour problems and their proposed solutions;
• Any significant development in the human resources and industrial relations fronts;
• Sale of material nature, of investments, subsidiaries, assets, which is not in the normal course of business;
• Quarterly details of foreign exchange exposure and the steps taken by management to limit the risks of adverse
exchange rate movement, and
• Non-compliance of any regulatory, statutory nature or listing requirements and shareholder services such as non-
payment of dividend and/or delay in share transfer.

3. AU D IT C
COOMMIT TEE
The Audit Committee has been constituted as per Section 177 of the Companies Act, 2013 and the guidelines set out
in Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The terms of reference
includes:-
• Overseeing financial reporting processes.
• Reviewing periodic financial results, financial statements and adequacy of internal control systems.
• Discussion and review of periodic audit reports and
• Discussions with external auditors about the scope of audit including the observations of the auditors.
• Recommending the appointment, remuneration and removal of statutory auditors.
• Discussing with internal auditors any significant findings and follow up there on.
• Reviewing the adequacy of internal control systems with management, external and internal auditors and reviewing
the Company’s risk management policies / systems.
• Reviewing the financial statements and quarterly financial results.
• Reviewing Management discussion and analysis of financial condition and result of operations.
• Reviewing statement of significant related party transactions.
• Review and monitor the auditor’s independence and performance, and effectiveness of audit process.
• Scrutiny of inter-corporate loans and investments.
All the members of Audit Committee are Non-Executive Directors except Mr. Vinod Vaish and the Chairman of the
Committee is Non-Executive Independent Director. All the members of the committee possess financial/accounting
expertise.
Mr. Sandeep Sabharwal, Company Secretary acts as Secretary of the Audit Committee.
During the year, the Audit Committee, met four times and discharged its responsibilities in accordance with Section
177 of the Companies Act, 2013 and SEBI Listing Regulations. The meetings of the Audit Committee were held on
28th May 2019, 13th August 2019, 14th November 2019 and 13th February 2020 during the financial year 2019-20.
The maximum gap between any two meetings was less than one hundred twenty days.
During the year 2019-20, the members of the Audit Committee and their attendance are as under:
Aud it Co
udit Commm it
ittte e
Composition No. of Meetings attended
Mr. Anil Nayar – Chairman 4
Mr. Vinod Vaish – Member Director 4
Mr. Abhishek Goyal – Member Director 4
Mr. Rajendra K Aneja – Member Director 1
4. N O M I NAT I O N A
ANND R
REE MU N E R AT I O N C
COOMMIT TEE
Terms of Reference of the Nomination and Remuneration Committee include:
• To guide the Board in relation to appointment and removal of Directors, Key Managerial Personnel and Senior
Management.
• To evaluate the performance of the members of the Board and provide necessary report to the Board for further
evaluation of the Board.

• To recommend to the Board on Remuneration payable to the Directors, Key Managerial Personnel and Senior
Management.
• To provide to Key Managerial Personnel and Senior Management reward linked directly to their effort,
performance, dedication and achievement relating to the Company’s operations.
• To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and
create competitive advantage.
• To devise a policy on Board diversity
• To develop a succession plan for the Board and to regularly review the plan;
All the members of the Nomination and Remuneration Committee are Non Executive Directors.
Three meetings of the Nomination and Remuneration Committee were held on 28th May, 2019, and 13th February,
2020, during the financial year 2019-20. Details of meeting of the members of Nomination and Remuneration
Committee and their attendance are as under:
No m ination aand
ion nd R
Reemune
nerration Co
ion Commm it
ittte e
Composition No. of Meetings attended
Mr. Abhishek Goyal - Chairman 2
Mr. Deepak Seth - Member Director 1
Mr. Anil Nayar - Member Director 2
Mr. Rajendra Kumar Aneja - Member Director 1
The Nomination and Remuneration Committee has laid down the criteria for evaluation of performance of Independent
Directors and the Board.
• Attendance and contribution at Board and Committee meetings
• Knowledge on specific matters like finance, legal, marketing, internal controls, risk management, and business
operations.
• Pro-active and positive approach with regard to Board and Senior Management particularly the arrangement for
management of risk and the steps needed to meet challenges from the competition.
• Openness to ideas, perspectives and opinions and ability to challenge old practices and throwing up new ideas for
discussion.
• Capacity to effectively examine financial and other information on operations of the Company and the ability to
make positive contribution thereon.
5. R E MU N E R AT I O N O
OFFD
DII R EC
ECTTO R S
Details of remuneration paid to all the Directors for the year 2019-20 are as under: (Amount in `)
Na me of tthh e M r. M r. M r. M r. M r. M r. M r. M r. M r.
D iirr e ct
ctoo r(s) D e ep a k P u l k it A n il CR R aj
ajee ndr
ndraa A b h ishek M ad
adhh u l ika S hhif
if
ifaa l l i V i n oodd
S et
ethh S et
ethh Na y a r D ua KA neja
Aneja G oy a l B h u p a t ka
karr S et
ethh Va ish
Designation Chairman Managing Director Director Director Director Whole Whole
Director Time Time
Director Director
Salary — 1,55,00,000 — — — — — 68,75,000 8,06,680
Benefits — — — — — — — — —
HRA — — — — — — — — 4,03,281
SPECIAL Allowance — — — — — — — — 4,45,205

Na me of tthh e M r. M r. M r. M r. M r. M r. M r. M r. M r.
D iirr e ct
ctoo r(s) D e ep a k P u l k it A n il CR R aj
ajeendr
ndraa A b h ishek M ad
adhh u l ika S hhif
if
ifaa l l i V i n oodd
S et
ethh S et
ethh Na y a r Dua KA neja
Aneja G oya l B h u p a t ka
karr S et
ethh Va ish
Medical — — — — — — — — —
Bonus — — — — — — — — 29,156
Commission — — — — — — — — —
Pension — — — — — — — — —
Provident Fund — 19,800 — — — — — 19,800 21,600
Perquisites — 28,800 — — — — — 28,800 43,542
Break up of fixed — — — — — — — — —
components and
Performance linked
incentives with
performance criteria
Performance Incentive — — — — — — — — —
Service Contract — 3 years — — — — — 3 years —
Notice Period, Nil Nil Nil Nil Nil Nil Nil Nil Nil
Severance fees
Stock Options details Nil Nil Nil Nil Nil Nil Nil Nil Nil
(if any): Whether issued
at discount. Period over
which it is accrued and is
exercisable
Sitting Fees 20,000 — 50,000 30,000 10,000 50,000 — — —
otaa l
Tot 20,000 1,55,48,600 50,000 30,000 10,000 50,000 — 69,23,600 17,49,464
A sitting fee of ` 10,000/- is payable to Independent Directors for attending meeting of Independent Directors. Besides
above, the Company does not pay any other commission or remuneration to its Directors and there is no performance
linked incentives except the fixed component as stated above.
The Company has no policy of stock option, pension or severance fee for its Directors. Notice period of executive
directors are as per Company policy, i.e. 3 months. The Company does not have any separate service contract with
executive directors apart from Resolution of Board/shareholders.
6. S TA K E H O L D E R R
REE L AT I O NS
NSHHIP C
COO M M IT T EE
As on 31st March, 2020,
The Stakeholder Relationship Committee comprises of:
Mr. Pulkit Seth - Member
Mr. Vinod Vaish - Member
Mr. Rajendra K Aneja - Member
The Chairman of the Committee is Non- Executive Independent Director.
Mr. Sandeep Sabharwal, Company Secretary is Compliance Officer of the Company.
The Secretary of the Company acts as Secretary of the Committee.
The meetings of the Stakeholder Relationship Committee were held on 24th April, 2019, 6th November, 2019,
10th January, 2020 and 6th March, 2020, during the financial year 2019-20.

Status of Sh
Shaareholde
eholde rs Co
lders mp la int s ddu
Com uring tthe
he yea
yearr 2019-20
Complaints at the Complaints received Complaints settled Complaints pending at
beginning of the year. during the year. during the year. the ending of the year
Nil 3 3 Nil
7. C O R P O R AT E SSO
OC IAL R
REE P O S IB I L I T Y C
COO M M IT T EE
The Corporate Social Responsibility Committee comprises of:
Mr. Vinod Vaish - Chairman
Mr. Pulkit Seth - Member
Mr. Anil Nayar - Member
The Chairman of the Committee is Executive Director.
One meeting held on 28th May, 2019, during the financial year 2019-20.
8. FI
FINNA N C E C
COO M M IT T E E
The Finance Committee comprises of:
Mr. Pulkit Seth - Chairman
Mrs. Shifalli Seth - Member
Mr. Vinod Vaish - Member
The Chairman of the Committee is Executive Director.
The meetings of Finance Committee were held on 30.04.2019, 20.05.2019, 08.07.2019, 03.08.2019, 16.09.2019,
24.10.2019, 14.11.2019, 06.12.2019, 18.12.2019, 17.01.2020, 11.02.2020 and 26.02.2020, during the financial year
2019-20.
9. G E N E R A L B
BOO DY M
MEE ET I N G S
Location and time where last 3 Annual General Meetings were held:
Yea
earr A G M L o c ation
ion Dat e T i me
th
2016-17 28 Sri Sathya Sai International Centre, Pragati Vihar 28.09.2017 03.30 P.M.
(Near Pragati Vihar Hostel) Lodhi Road, New Delhi-110 003
th
2017-18 29 Air Force Auditorium, Near R&R HospitalSubroto Park, 24.09.2018 10.30 A.M.
New Delhi-110 010
2018-19 30th Sri Sathya Sai International Centre, Pragati Vihar 24.09.2019 10.30 A.M.
(Near Pragati Vihar Hostel) Lodhi Road, New Delhi-110 003
D et
etaa il of SSp
p e cia
ciall R eso
esollutio
Reso ns P
ion Paa sse
seddD
Duuring llaa st tth
hr e e Annua l G
An Geene
nerra l M
Mee et
etiing s :
Sl.. Pa r ticu
Sl icullars of SSp
p e cia
ciall R eso
esollutio
Reso n
ion Dat e Fi nancia
nciall
No . Yea
earr
1 Re-appointment of Mr. Pulkit Seth as Managing Director of the 24th September, 2019 2018-19
Company.

Sl
Sl.. Par ticu
icullars of SSp
p e cia
ciall R eso
esollutio
Reso n
ion D ate Fi nancia
nciall
No . Yea
earr
Re-appointment of Mr. Anil Nayar as an Independent Director of the 24th September, 2019 2018-19
Company.
Re-appointment of Mr. Chittranjan Dua as an Independent Director 24th September, 2019 2018-19
of the Company.
Re-appointment of Mr. Rajendra Kumar Aneja as an Independent 24th September, 2019 2018-19
Director of the Company.
2 Re-appointment of Mrs. Shifalli Seth as Whole-Time Director of 24th September, 2018 2017-18
the Company.
To approve remuneration of Mr. Pulkit Seth as Managing Director 24th September, 2018 2017-18
of the Company.
To Increase the Investment Limit by Non Resident Indian (NRI) or 24th September, 2018 2017-18
Overseas Citizen of Indian (OCI) in the Company.
Alteration of Memorandum of Association of the Company for 24th September, 2018 2017-18
commencement of New Business.
3 NIL 28th September, 2017 2016-17
During the year, no Special Resolution was passed through Postal Ballot. No special resolution is proposed to be
conducted through postal ballot.
10. M E A NS O
OFFC
COO M MU N I C AT I O N
(i) The quarterly results of the Company are published in leading and widely circulated English/Hindi National/
Regional Newspapers as per the requirements of the Listing Regulations with the Stock Exchanges. The results
are also submits to the BSE Limited and National Stock Exchange of India Limited, through their online portal.
(ii) The results normally published in Business Standard (English) and Naya India (Hindi).
(iii) The Company’s Financial Results, Shareholding Pattern and official news releases, if any, are displayed on the
Company’s website www
www.. p ea
earrl g lo
lobb a l . c o m , besides the website of BSE Limited at www.bsei
www.bsei nd
.bseind ia
ia.. c o m and
ndia
National Stock Exchange of India Limited at www www.n.nsei
.nsei nd
seind ia
ia.. c om .
ndia
(iv) The Company updates the media, analysts, institutional investors, etc., through a formal presentation on its
financials as well as other business developments.
11. G E N E R A L SSH
HA R E H O L D E R IIN
N F O R M AT I O N
( i ) A nnua l G
Geene
nerra l M
Mee et
etii ng
31st Annual General Meeting is scheduled as under:-
Day Date Time Venue
Thursday 26-11-2020 11:30 a.m. through Video Conferencing (VC) or
Other Audio Visual Means (OAVM)
( ii
ii)) Fi nancia
nciall yea
yearr : The financial year covers the period 1st April to 31st March.
Fi nancia
nciall C
Caa lend
ndaar, 2020-21
lend
First Quarter Results : Second week of September, 2020
Second Quarter & Half Yearly Results : Second week of November, 2020
Third Quarter Results : Second week of February, 2021
Fourth Quarter & Annual Results : Last week of May, 2021

( iii
iii)) Div ide
Divide nd ppaa yme
idend nt ddaat e
men
Not Applicable
( iv) Date of B
Boo ok Clos
Clos ur e
losu : 20th November, 2020 to 26th November, 2020
(both days inclusive)
(v) L is
istti ng oon
n SStto ck Exch
chaang es aand
Exch nd tthei
hei
heirr SStt o ck Co de
Code
Name of the Stock Exchanges, wherein shares of the Company are currently listed and their Script Code:
Sto ck Ex ch
chaang e
Exch S c ript Co de
Code
BSE LLII M I T E D 532808
1ST FLOOR, NEW TRADING RING
ROTUNDA BUILDING, P. J. TOWERS
DALAL STREET, FORT,
MUMBAI – 400 001Mumbai
NAT I O NA L SST TO C K E
EXXC H A N G E O
OFF IIN
NDIA LT D.
LT PG IL
“EXCHANGE PLAZA”, PLOT NO. C- 1, G- BLOCK,
BANDRA - KURLA COMPLEX,
BANDRA (E), MUMBAI - 400 051
The Annual Listing Fee for the financial year 2019-2020 has been paid to the Stock Exchanges within stipulated
time.
The ISIN No. of the equity shares of your Company is I N E940H01014
E940H01014.
(v
(vii ) Market P
Prric
icee D
Daata : Hig
Hig h, L
igh, Loow ddu
uring each month iin
mon n fi
finnancia
nciall yea
yearr 2019-20:
MO
MONN T H(S) B O M BAY SST
TO C K E
EXXC HA N G E NAT I O NA L SST
TO C K E
EXXC H A N G E
Company Code: 532808 Company Code: PGIL
HIG H L OW HIG H L OW
April 2019 181.00 158.55 184.90 160.05
May 2019 198.00 139.60 197.90 141.70
June 2019 175.00 155.15 176.00 155.65
July 2019 174.55 145.25 173.95 145.00
August 2019 164.70 120.00 155.00 115.00
September 2019 172.50 130.00 172.40 131.00
October 2019 178.00 146.05 179.00 144.05
November 2019 202.00 151.20 202.80 150.00
December 2019 165.00 149.60 169.90 145.60
January 2020 172.00 147.90 174.00 147.70
February 2020 153.45 128.05 155.00 128.10
March 2020 132.10 82.50 134.90 82.05

(v ii
(vii )Sh
)Shaare pprric
ii)Sh icee ppee rfo
rforrmanc
ncee iin
n cco
o mp ariso
isonn tto
oB S E SSeensex aand
BS nd NS
NSEENif
iftt y :
Nif
MO
MON N T H(S) S HA R E P
PRRICES C
COO M PA R I S I O N
(As oon
n eend
nd of llaa s t ttrrad
adiing
day of tthe
he mo
mon nt h )
BSE NS
NSEE
P GIL S en sex PG IL Nif
iftt y
April 2019 163.00 39,031.55 163.10 11,748.15
May 2019 172.80 39,714.20 172.15 11,922.80
June 2019 168.55 39,394.64 168.75 11,788.85
July 2019 150.00 37,481.12 150.50 11,118.00
August 2019 134.00 37,332.79 135.00 11,023.25
September 2019 170.00 38,667.33 168.55 11,474.45
October 2019 155.25 40,129.05 153.90 11,877.45
November 2019 164.40 40,793.81 166.95 12,056.05
December 2019 157.20 41,253.74 156.05 12,168.45
January 2020 152.45 40,723.49 151.30 11,962.10
February 2020 132.05 38,297.29 132.00 11,201.75
March 2020 110.10 29,468.49 110.15 8,597.75
(v iii
iii)) R e g is
(viii isttrar aand
nd Sh
Shaare T
Trra nsfe
ferr Ag
Ageent
Link Intime India Pvt. Limited
Nobel Heights, 1st Floor, Plot No.NH-2, C-1 Block
LSC Near Savitri Market, Janakpuri, New Delhi - 110 058.
Tel. No. : 011 - 41410592 - 94, Fax No. : 011 – 41410591,
E-mail: [email protected]
( ix) Sh Trransfe
Shaare T ferr SSys
ys
ystt em
The Company’s shares being in compulsory demat form are transferable through the depository system. The
Shares in physical form are processed by the Registrar and Transfer Agents and approved by the Stakeholder
Relationship Committee. Share transfer process reviewed by the Board.
(x) Dis ibuttio
Disttribu ionn SSche
che
cheddu le
(a) Dis
Disttribu
ibuttio
ionn of Eq
Equu it
ityy Sh
Shaarehold
ldii ng of tthe
ehold he Co n 31st M
mp any aass oon
Com Maarch 2020
Numb
mbeer of Eq
Equu it
ityy Sh
Shaares * held Sh
Shaareho lde
eholde rs
lders Eq
Equuit
ityy sh
shaares held
Numb
mbeers % tto
o ttot
ot
otaa l Numb
mbee rs % tto
o ttot
ot
otaa l
1 - 500 15,799 96.86 10,60,361 4.89
501 - 1000 229 1.40 1,70,270 0.79
1001 - 2000 105 0.64 1,61,606 0.75
2001 - 3000 39 0.24 97,935 0.45
3001 - 4000 21 0.13 73,038 0.33
4001 - 5000 18 0.11 84,425 0.39
5001 – 10000 34 0.21 2,52,877 1.17
10001 and above 67 0.41 1,97,63,425 91.23
Tot
otaa l 16,312 100.00 2,16,63,937 100.00

( b) Cate g o ries of Sh
Shaareho lde
eholde n 31st M
rs aass oon
lders Maarch 2020
No. of % tto otaa l
o ttot
ot No . of % tto
o ttot
ot
otaa l
Fo l io
io’’s Fo l ios ShShaares Held*
Held* Sh
Shaa res
P R O MO
MOT TER S
Indian 4 0.03 1,15,62,764 53.37
NRI 1 0.00 28,62,145 13.21
TOTA L ((A A) 5 0.03 1,44,24,909 66.58
Mutual Funds/Foreign Portfolio Investors 2 0.01 13,84,147 6.39
Financial Institutions/Banks 7 0.04 4,91,651 2.27
NRI’s / Foreign Companies 187 1.20 2,49,971 1.15
Bodies Corporate 124 0.79 5,13,731 2.37
Clearing Members 17 0.11 1,869 0.00
Individual 14,703 93.92 41,26,895 19.06
Hindu Undivided Family 608 3.89 4,70,504 2.17
Trusts 2 0.01 260 0.00
TOTA L (B) 15,650 99.97 72,39,028 33.42
TOTA L [( A) + (B)]
[(A 15,655 100.00 2,16,63,937 100.00
* Equity Share of the face value of ` 10/- each.
(xi)) D emate ria
(xi iallisa
isattion of Sh
ion Shaares aand
nd lliq
iq
iquu id it
ityy
idit
The shares of the Company are in compulsory demat segment and are available for trading in the depository
systems of both NSDL and CDSL. As on 31st March 2020, 2,15,23,357 equity shares of the Company forming
99.35% of the Share Capital of the Company stand dematerialized.
(xii
(xii)) O utstand
ndii ng G
GDD R s/A
s/ADD R s/W
s/Waarrants oorr aan
ny Co
Connver tib le iin
ible nstr uments, cco
men onversio
rsionn ddaate aand
nd llik
ikely iim
ikely mp act
o n eeq
quit
ityy :
The Company has not issued any GDRs/ADRs/Warrants etc. till date.
(xiii
(xiii)) Commo
Com d it
mod ityy pprric
icee rrisk
isk oorr fo
forreig
eignn exch
chaang e rrisk
exch isk aand
nd he
hedd g i ng activ
activ it
ivities
ities
The Company is into the business of exporting garments and may face foreign exchange fluctuation risk.
Till March 31, 2019, the Company used derivative financial instruments, such as forward currency contracts, to
hedge its foreign currency risks. Such derivative financial instruments were initially recognized at fair value on
the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives
are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is
negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to statement
of profit and loss.
(xiv) Plant lo
loccatio
ionns :
The Company have following plants at various locations in India, Bangladesh, Indonesia and Vietnam, as follows:
i) 446, Udyog Vihar, Phase-V, Gurgaon - 122 016 (Haryana)
ii) Plot No.73, Udyog Vihar, Phase-I, Gurgaon-122016
iii) Plot No. 274, Udyog Vihar, Phase-II, Gurgaon-122016
iv) 16-17, Udyog Vihar, Phase VI, Khandsa, Gurgaon - 122 004 (Haryana)
v) 751, Pace City II, Sector 37, Khandsa, Gurgaon - 122 004 (Haryana)

vi) Plot at Khasra No 15//19 & 22, Village Begumpur Khatola, Gurugram, Haryana – 122001
vii) NH-8, Narsinghpur Village, District, Gurgaon (Haryana)
viii) No.64, Janakiraman Nagar, Puthagaram, Cuddapa Road, Kilattur, Chennai-600009
ix) NH-45 Chettipunniam Village near Chengalpattu, Kanchipuram District, Chennai-603204
x) 2/31/, Thirukahukundram Road, Melavalam Village, Madhuranthagam, Taluk,
Kancheepuram District-603303
xi) Plot No. 19A, NTTF Road, Peenya Industrial Area, Bengaluru-560058
xii) Norp Knit Industries Ltd, North Khailkur, P.O. National University, Gazipur-1704 Bangladesh.
xiii) Norp Knit Industries Ltd- 93, Islampur, Kodda, Nandun, Gazipur-1700, Bangladesh
xiv) Prudent Fashions Ltd. Kaichabari Road, Bypail, Ashulia, Savar, Bangladesh
xv) PT Pinnacle Apparels, JL Coaster No. 8, Blok A-15-15, a TEPZ, Kawasan Berikat Lamicitra
Tanjung Emas Export Processing Zone, Semarang-50174, Indonesia
xvi) PT Pinnacle Apparels, JL Coaster No. 8, Blok B-15, Kawasan Berikat Lamicitra Tanjung Emas Export
Processing Zone, Semarang-50174, Indonesia
xvii) PT Pinnacle Apparels, JL.Soekarno-Hatta No.55 Km 30.5, Blok KL Dusan Kutan, Rt 04 Rw 02 Kel.
Randugunting, Kec. Bergas, Kabupaten Semarang, Jawa Tengah-50552, Indonesia
xviii) Pearl Global Vietnam Company Limited, Dinh Tri Commune, Bae Giang City, Bae Giang
Province, Vietnam
(xv) R e g is
istt ere d Offic
Officee of tthe
he Co
Comm p a ny :
A-3, Community Centre, Naraina Industrial Area,
Phase-II, New Delhi - 110 028
Corp o rat e Offic
rpo
Corp Officee & Addr es
ddres
Addr forr Co
esss fo Corrresp o nde
esp nc
ncee :
ndenc
Pearl Tower, Plot No.51, Sector-32
Gurugram - 122 001, Haryana (India)
ny Co
In ccaa se of aan Commpla i nt, IIn
nves ontact Co
esttors ccaan cco Commp l ia nc
ncee Offic
ianc Officeer :
Mr. Sandeep Sabharwal
Company Secretary
Pearl Tower, Plot No.51, Sector-32
Gurugram - 122 001, Haryana (India)
Tel. No. : 91 - 124 - 4651714
Fax No. : 91 - 124 - 4651173
(xv
(xvii ) Cre dit R
Raati ng s
The Company has obtained credit ratings from ICRA Limited. Credit ratings of the Company as at the end of
the financial year 2019-20 are given below:
R ati ng Ag
Agee nc
ncyy Cre d it R
Raating
ICRA Limited Long term rating : [ICRA] BBB (Stable)Short term rating : [ICRA] A3+
12. OT H E R D
DII S C L O S U R E S
a) There had been no materially significant related party transaction that might have potential conflict with the
interests of the Company at large. Transactions with related parties are disclosed in Note 47 of Notes to Financial
Statement in the Annual Report.
b) There has been no non-compliance, penalties/strictures imposed on the company by Stock Exchange(s) or
SEBI or any other Statutory Authority, on any matter related to capital markets, during the last three years.

c) The Company has a Whistle Blower Policy and Vigil Mechanism. No personnel of the Company have been
denied access to the Audit Committee.
d) The Company has complied with all the mandatory requirements including Regulations 17 to 27 and 46 (2)
(b) to (i) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. As regard the non-
mandatory requirements, the extent of compliance has been stated in this report against each of them.
e) Policy for determining ‘material’ subsidiaries is disclosed at Company’s website at http://www.pearlglobal.com/
investors/policy
f) Policy on dealing with related party transactions is disclosed at Company’s website at http://www.pearlglobal.com/
investors/policy
g) Details of commodity price risks and commodity hedging activities are given at Note No. - 41 of Audited
Standalone Financial Statements.
h) During the financial year 2019-20, the Company has not raised funds through preferential allotment or qualified
institutional placement.
i) A Certificate from a Company Secretary in practice that none of the Directors on the Board of the Company
have been debarred or disqualified from being appointed or continuing as Directors of the Company by the
Board/Ministry of Corporate Affairs or any such statutory authority is annexed with this report.
j) The Board had accepted all recommendations of Committees of the Board which is mandatorily required, in
the financial year 2019-20.
k) The details of total fees for all services paid by the Company and its subsidiaries, on consolidated basis, to the
statutory auditors and all entities in the network firm/network entity of which statutory auditors is a part, are as
follows:
(`/La
/Lak kh)
Par ticu
icullars Fo r tthe
he fi
finnancia
nciall yea
yearr Fo r tthe
he fi
finnancia
nciall yea
yearr
ende
ndeddM Maarch 31, 2020 ende
ndeddM Maarch 31, 2019
Audit Fee 15.89 12.62
Other Services 10.00 6.05
Reimbursement of Expenses 3.03 2.65
Tot
otaa l 28.92 21.32
l) There was one case filed and resolved during the financial year 2019-20, pursuant to the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
13. The Company has fully complied with all the requirements of the Corporate Governance including the applicable
requirements specified in Regulation 17 to 27 and clause (b) to (i) of sub-regulation (20) of Regulation 46. There has
been no instance of non-compliance of any requirement of the Corporate Governance Report.
14. Non-Mand Ree qu i re me
ndaato r y R nts aass ssp
men p e cifie
cifiedd iin
nPPaar t E of SSche
che
cheddu le IIII of tthe
he SSE
EBI L is
Lis Ree g u latio
istti ng R ionns
Discretionary requirements are as follows:-
A. The B
Boo a rd
Presently, the Company is maintaining office of the Non-Executive Chairman.
B. Sh
Shaareho lde
eholde rs Rig
lders Righht s
The Company’s Financial Results, Shareholding Pattern and official news releases are displayed on the Company’s
website www.pearlglobal.com.
C. Mo difie d oop
ified p inio n(s) iin
ion(s) n aaud
ud it rreepor t – there is no modified opinion in the audit report. However, the Statutory
udit
Audior has given qualified opinion in consolidated financial statements. Details of the same are mentioned in
the Directors’ Report.

D. S ep a r a te Pos
ostts of ch
Pos chaa i rp
rpeerson aand
rson nd ch ief ex
chief exee cu
cuttiv
ivee offic
officeer
Presently, the Company has separate post of Non-executive Chairman and Managing Director.
E. R epo r ti ng of iin
nt erna l aaud
ud it
udit
itoo r -The internal auditor reports to Audit Committee as and when required.
mpl ia
Com
Co nc
ncee w
ianc it
wit h tthe
ith he Co de of Co
Code nd
Cond uct
nduct
The Company has adopted a “Code of Conduct for the Directors and Senior Management”. The Code is available on the
official website of the Company www.pearlglobal.com.
The declaration from the Managing Director regarding compliance with the code by all the Directors and Senior
Management forms part of the Report.
Compl ia
Com ncee cceer tific
nc
ianc n Co
ificaate oon rp
Corp o r at e G
rpo ov
Gov ncee
oveernanc
A certificate from Auditors of the Company regarding compliance of conditions of Corporate Governance is annexed
with this Annual Report.
C EO/C
EO/CFFO C
CEE RT I FI
FICC AT I O N
The Managing Director and Chief financial Officer have certified to the Board, inter alia, the accuracy of financial statements
and adequacy of Internal Controls for the financial reporting purpose as required under Regulation 17(8) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, for the year ended 31st March 2020.
Disclos
Disclosuur e w it
wit h rres
ith esp e ct tto
esp o demat ssu
dem accc ou
usp e nse ac nt / uuncl
oun ncl
nclaa i me
medd ssu
usp ense ac
accc ou
ounnt :
In regards, shares remains unclaimed and lying in the IPO escrow A/c of the company for the financial year 2019-20,
information is as follows:
- Total shares outstanding at the beginning of Financial Year are 420 & total number of shareholders is 20.
- Number of shareholders approached the company for transfer of shares: Nil
- No. of shareholders to whom shares transferred from escrow a/c: Nil
- Aggregate number of shareholders & shares at the close of the year are 20 and 420 respectively.
- Voting rights of these shares shall remain frozen till claim made against their shares.
Ele ct
ctrro n ic C
lect lea
learri ng SSeer v ic
Clea icee (EC S)
(ECS)
SEBI had vide its Circular No. DCC/FITTCIR-3/2001 dated October 15, 2001 advised that all companies should
mandatorily use ECS facility wherever available. In the absence of ECS facility, companies may use warrants for distributing
the dividends and vide its Circular No. D&CC/FITTCIR-04/2001 dated November 13, 2001 had advised companies to
mandatorily print the Bank Account details furnished by the Depositories, on the dividend warrants. This ensures that the
dividend warrants, even if lost or stolen, cannot be used for any purpose other than for depositing the money in the accounts
specified on the dividend warrants and ensures safety for the investors. However, members who wish to receive dividend in
an account other than the one specified while opening the Depository account, may notify their DPs about any change in
the Bank Account details.
D ep osit
ositoo r y SSee r vic es
ices
For guidance on depository services, shareholders may write to the Company or to the respective Depositories:
na l SSee cu
ion
Natio currities D
ities Dee p osit
osito Lttd .
or y L Ce
Cenntr a l D
Deep osit
ositoo r y SSeer vic es (I
ices nd
(Ind
ndia) Lttd .
ia) L
Trade World, 4th Floor, Kamala Mills Compound Phiroze Jeejeebhoy Towers
Senapati Bapat Marg, Lower Parel, Mumbai-400013 28th Floor, Dalal Street, Mumbai-400023
Telephone : 022-24994200 Telephone : 022-22723333/3224
Facsimile : 022-24972993 Facsimile : 022-22723199
E-Mail : [email protected] E-Mail : [email protected]
Website : www.nsdl.co.in Website : www.cdslindia.com
Management Discussion
and Analysis
I N D US T RY OV
OVEE RV I EW C O M PA N Y OV
OVEERVI EW
A new kind of Coronavirus discovered late last year in Central Pearl Global Industries Limited (PGIL) is one of India’s largest
China has now spread with ruthless speed to every continents listed garment exporters, manufacturing from multiple sourcing
on earth except Antartica. It has killed lakhs of peoples, regions within India and countries within South Asia. A
distrupted daily life ways that would have seemed unthinkable preferred long-term vendor to most leading global brands, we
at the start of the new year and now poses a dire threat to the are amongst the leading player in our Industry. Our mainstay
health of the world economy. business is to create value from competitively manufacturing
and exporting fashion garments to leading global brands..
The Indian economy has been hit hard by COVID-19.Due to
the Countrywide lockdown various transport facilities Our product rang includes knits, woven and bottoms (basic
including trains and flights are suspended which is expected to and complex designs) across men, women and kids wear
hurt domestic operations in India. segments. We have a well diversified and de-risked
manufacturing base across India, Indonesia, Bangladesh and
Indian Textiles and Apparels ( T&A) industry accounts for
Vietnam. We have a total capacity to manufacture around 75
approximately 4% of the global T&A market. The T&A
Million garments per year (including own and outsourced
industry is one of the largest and most important sector for the
facilities). Our revenue structure is primarily export based, with
Indian economy in terms of output, foreign exchange earnings
a major contribution coming from exports to the United States.
and employment. The industry contribute approximately 7%
We provide total supply chain solutions to customers-value
to industrial output in value terms,2% to the GDP and 15% to
retailers and high end fashion brand, retails in the United States
the country’s export earnings.
and Europe, including GAP, Banana Republic, Kohl’s, Macy,
With the virus now also affecting and disrupting global supply Joe Fresh, Walmart, M&S, Target Australia, Zara, Ralph
chains and economy for almost 3 to 6 months now, the situation Lauren, Next, Tom Tailor, Old Navy, Muji among others.
is having a severe implication on the Indian economy as well. Our business model enables us to offer superior quality products
The areas that would face the crises created by COVID-19 across various countries, catering to all kinds of consumers. Our
pandemic are: esteemed global clientele includes premium retailers in USA
i) Labour force and employment. and Europe, including GAP, Banana Republic, KOHL’S, Macy,
Ralph, Lauren, Tom Tailor and NEXT among others.
ii) Import & Exports of raw material and readymade
garments. We strive to be the most preferred vendor to the top global
apparel brands and be ranked amongst the top garment
iii) Cash flow constraints. manufacturers in the world, in terms of quality, service standards
iv) Supply chain disruption. and ultimately-customers satisfaction, keeping in line with our
v) Consumer sentiment. broader vision.
Last few months have been catastrophic for apparel exports 1. O ur m
maanuf act
actuurin g ffacil
acil it
acilit ies
ities
industry of India. One after the other the Industry was Cou
Coun n tr y Na me of tthe
he Co
Commp any o ries
acto
Fact
struggling with one or other challenge. While global
India Pearl Global 11
competition is one aspect the challenges within the country at
the moment is being regarded as the biggest deterrent to the Bangladesh Norp knit 2
slow situation of the industry. Bangladesh Prudent Fashions 1
The Country’s Readymade Garments export to the world Indonesia PT Pinnacle 3
during the financial year 2019-20 was to the tune of USD Vietnam Pearl Global Vietnam 1
15,488.70 Million, which has declined by 4.03% compared to Tot
otaa l 18
the USD 16,138.29 Million in previous financial year. In rupee
terms Readymade Garments export during the financial year 2. O ur P il
illla rs of SSttren g ths
Pil
2019-20 was ` 1,09,694.78 Crore, which has declined by 2.67%
a) A Mu lt i L
Mu Loo catio
ionnM
Maa nuf act
actuuri ng ccaap ab il
abil it
ityy
ilit
compared to the ` 1,12,701.30 Crore in previous financial year.
Global apparels sourcing market is witnessing a shift
from China to other low-cost Asian countries,
and Analysis (contd...)
primarily Bangladesh, India and Indonesia. Our capacity expansion to drive economies of scale.
Company already has a strong manufacturing v) Waste Reduction: Across all departments.
presence in leading sourcing nations such as India,
Bangladesh, Indonesia and Vietnam. Each of these e) Susta inab il
abil it
ityy F
ilit o cu
Fo cuss :
countries exhibits certain core advantages. i) Ultra Filtration Plant; To facilitate re-use of
discharged water from laundry in toilets,
b) D esig
esignn aass kkee y ssttreng th gardening, fire pumps etc;
Our Company has 4 (four) design office in USA, UK, ii) Ozone Machine for green laundry.
Spain and HongKong and dedicated in house design iii) Enabling low water/chemical consumption by
team of 75+ designers. The design teams continuously using spray system.
observe the trend in all markets across the world and
iv) Laser Machine: Eco friendly approach compact
visit almost all the globally renowned fashion and
machine jeanologia.
textile fairs to refresh their inspiration for new design
ideas. As a result they are well equipped to serve the v) Sustainable Fabric: Sourcing BCI cotton, FSC/
global brands from concept boards to ready new Canopy certified Rayon/Tencel/Ecovera,
samples. New design ideas also emerge from our Recycled poly.
various marketing teams, who are close to and in vi) ETP &STP: All facilities equipped with effluent
continuous conversations with buyers located in Treatment Plants (ETP) and Sewage Treatment
Hongkong, London, USA and Germany. There is an Plants(STPs) to treat waste water before releasing
increased focus being placed on creating brand- it into the environment.
specific product designs to generate and accelerate vii) Solar Powered: 769 solar plates installed in
business opportunities for global brands and retailers. Chennai facility, covering an area of 8120sq.
Our Company has product co-creation and visibility mtrs./220KW.
of global fashion industry and latest trends. Apart viii) LEED Platinum Certified Facility in Chennai.
from these readiness using 3D optitex & Clo We drive our social responsibility initiatives with a focus on
platform- Gap Inc,Ann Taylor & others environmental sustainability, gender equality, health and
c) Stro ng Co
Commp l ianc
ncee ac
ianc acrros
osss aall l Fact
Fact
actoories
ies:: capacity building, in line with our Chairman’s vision of a better
world and the United Nation’s Sustainable Development Goals.
Compliances in all our facilities are directly linked to
the corporate office, which drives all strategy of social M AT E R I A L IIM
M PAC T O
OFFC OV
OVII D -19 P
COV ANDE MIC O
PA ONN
compliance, new initiatives and sustainability directly CO M PA N Y
from the top. The corporate compliance acts as a The Company’s manufacturing facilities remained shut from
communication hub and control tower for all our March 23, 2020 due to lockdown and partially re-opened w.e.f.
customers, providing them with a single point of May 04, 2020, which has impacted its operations during April
contact. Strong compliances are established and and May 2020. The Company has restarted operations of
maintained in all our facilities in line with factories considering order book and available workforce, since
international standards and several channels are May 04, 2020, adhering to the safety norms prescribed by
available in each facility to address any concerns. government of India.
d ) Stro ng fo cu
cuss oon
focu n oop
p eratio
ionn s dr iv
driv es efficie
ives nc
ncyy :
efficienc April-June 2020 being lockdown months, the revenues and
i) Strong Analytics to drive effective fact based profitability of the Company are likely to be adversely impacted.
decision making. As the business situation is very dynamic, the Company is
ii) Shift from tactical to strategic approach e.g. closely monitoring it. Though we do hope the business situation
Strategic relationship with key clients. should normalise during 3rd and 4th quarter.
iii) Cultural change : Driving a lead mindset; First The Company’s capital and banking facilities remain intact.
Time Right. There is no liquidity concern as we have sufficient unutilised
iv) Infrastructure: Reducing Man-Machine Ratio by Banking limits available. Further Banks have offered additional
investment in in-line machinery upgradation; limits.
C O M PA N Y PER FOR MANCE A
PE ANND M
MAA NA G E M E N T as non-performing assets (NPA) and do not want to restructure
O U TLO O K the loans. Several units will be able to continue operations if
the loans are restructured with additional working capital.
The company has achieved a gross income of ` 858.72 Crore
Apparel Export is time sensitive sector that needs timely
compared to ` 866.56 Crore in last financial year and Net Profit
sanction of loans.
` 5.01 Crore as compared to Net Profit ` 21.50 Crore in the
previous year on the standalone basis and consolidated income The government has entered into 16 MoU’s with various textile
of ` 1734.18 Crore compared to ` 1,791.42 in the last financial companies to set up manufacturing facilities at Kakatiya Mega
year and net profit ` 21.72 Crore as compared to net profit Textile Park in Warangal. Industries minister KT Rama Rao
` 67.10 crore in the previous financial year. said the process of land allotment to interested companies and
investors is being done. The government is establishing textile
Going forward, as the expanded capacity in Vietnam become
parks, handlooms parks and apparel parks to promote the textile
fully operational, the share of overseas manufacturing will
industry with the concept of “farm to fashion” in the state.
increase leading to improvement in overall margins.
The Government plans to extend the two year moratorium for
In the last year as the expanded capacities in Bangalore and
debt repayments by textile units as units are already struggling
Chennai fully operational, the share of in house manufacturing
caused by the goods and services tax (GST) refund delay. We
already increased leading to improvement in overall margins.
are strong enough and do not plan to restructure our loan. The
G OV
OVEE R N M E N T IIN
N I T I AT I V E sources said the finance ministry is set to approve the textiles
The Apparel Export Promotion Council (AEPC) had appealed ministry’s recommendation on the moratorium. The two years
to Union Finance Minister to instruct banks to restructure of moratorium on debts repayments to banks would help
stressed loans of Apparel manufacturers so that the units can improve liquidity for textile units.
continue operations. In a Memorandum to the Finance Following are various incentive Schemes announced &
Minister, AEPC said that banks are announcing stressed loans implemented by the Government :
Perio
iodd of Exp or ts (L
Exp (LEE D) Name of SSche
che mes
chemes R ema rk s
Upt
ptoo 06.03.2019 MEIS + RoSL
07.03.2019 to 31.12.2019 RoSTL + Adhoc 1% Replacing (MEIS + RoSL)
01.01.2020 to 31.03.2021 RoSCTL -
From 01.04.2020 onwards RoDTEP Announced but Yet to implement
LED – Let Export Date (Shipment Date) been examined and enabling guidelines are under
consideration of RBI.
MEIS – Merchandise Exports from India Scheme (4%)
ii) This will release an additional INR 36,000 Crore to INR
ROSL – Rebate of State Levies (1.6%)
68,000 Crore as export credit.
RoDTEP — Remission of Duties and Taxes on Export Products
Le vera g e ttee chno
chno lo
logg y tto
nolo o rree duc
ucee ttiime tto
o exp or t oorr ttu
exp urnaround
ound
Remission of duties or taxes on Export products (RoDTEP), a time
new scheme announced by Finance Minister is supposed to
i) Technology will be further leveraged by timely completion
replace all previous schemes for exports from 1st April, 2020,
of ongoing initiatives to further reduce time to export-
but yet to be implemented.
through seamless process digitization of all export
In effect, RoDTEP will more than adequately incentive clearances(port/airport/customs etc) and elimination of
exporters than existing scheme put together. offline/manual services.
Mo re ssp
p e cific
cificaa l ly
ly,, tthe meassures aarre ;
he mea ii) An action plan to reduce time to export/turnaround time
R e v ise
iseddP
Prrio
iorrit
ityy se ct
sect
cto Leend
or L ndiin g (P
(PSS L) no
norrm s fo
forr ex
expp or t in airports and ports benchmarked to international
cre dit standards will be implemented by Dec 2019.
i) Priority Sector Lending (PSL) norms for export credit have iii) Actual turnaround times will be published in real-time for
each port and airport to push them to improve RISKS M
MAA NA G E M E N T & C
COO N C E R NS
performance
The overseas buyers are reducing not only their orders but also
iv) An inter-ministerial group will be made accountable for their prices due to serious liquidity problems being faced by
this. them.
Sp e cia
ciall F
FTTA uuttil iza
izattio
iliza ionnm is
mis sio n
sion
issio Garment manufacturing is totally a labour intensive and even
after greater automation it will remain so. The obsolete and
i) FTA utilization mission, headed by a senior officer in
antiquated labour legislation has hindered the growth of the
Department of commerce will be set up
extremely labour intensive garment manufacturing. The
ii) To work exclusive with FIEO and export houses to utilize restrictive industrial and labour laws restrain management’s
concessional tariffs in each FTA capability to respond professionally, effectively and speedily to
iii) Enhance awareness of preferential duty benefits among the fast changing dynamic international textile scenario and
MSME, disseminate and facilitate compliance request for labour reforms with flexible labour laws to increase
requirements (Rules of origin/certificate of origin) under productivity.
FTAs for importers and exporters There is an urgent need for flexible labour norms specific to
iv) Set goals for FTA utilization and put in place an effective garment manufacturers and exporters to enable them to meet
FTA monitoring system. the increasing international competition especially with regard
to employment of casual labour and overtime hours of work
O P P O RT U N I T I E S & T
THH R E AT during high season which are necessitated by the requirement
Besides Civid-19, rising cost of labour in China and marginal of meeting tight delivery schedules required for export.
price difference in fabrics prices in India and China are helping The Company has established factories and operating in the
India. Since costs are rising in China, the media to long term region for long time continuous efforts for betterment of labour
business will move to other countries which can better or match has been conducted to improve the condition both at work and
china’ cost and delivery capabilities. Since buyers are looking at home for labour company till now haven’t faced any labour
alternate markets for sourcing, India has greater chance, being issues in terms of strike etc.
economically and socially stable country. Besides, large garment
industry in India is getting more organized for higher demands. The Company is undertaking various measures like lean
manufacturing at ground level to increase the productivity and
Across the entire industry, shops are closed, brands and retailers further reduce rejection to improve margin.
actually right now have an oversupply situation with whatever
orders they have placed. They fear that they may not be able to I N T E R NA L C
COO N T RO L SSYS
YS
YSTT EM
sell it, so they actually cancelling orders or delaying shipments The Company’s internal control system has been designed to
of orders. provide for:
Asia is key for garments manufacturing and many jobs in the i) Accurate recording of transactions with internal checks
region will be at risk, potentially causing social problems in and prompt reporting through SAP
countries like Bangladesh, Combodia and China that are
ii) Adhere to applicable Accounting standards and policies.
dependent on the export economy. A lot of factories in Asia
they are seeing orders dry up in few weeks. Bangladesh for iii) Review of capital investments and long term business plans.
example has seen USD 2.6 billion worth of orders in its garment
iv) Periodic review meetings to manage effectively
sector withdrawn, with fresh cancellations coming up. It‘s been
implementation of system.
very hard dealing with all the emergencies because we have been
facing cancellations every day on almost a minute-to-minute v) Compliance with applicable statutes, policies, listing
basis. Worry is, what is going on to happen to so many people requirements and operating guidelines
are engaged in the garment sector and we are not being able to vi) Effective use of resources and safeguarding of assets.
take care of them properly. We want the workers to be paid, we
want to be safe and for that we need the brands to react and vii) IT systems with in built controls to facilitate all of the
respond at this point in time. above.
The Company has adequate systems of internal controls to innovate with technolog y with our Human Resource
ensure that transactions are properly recorded, authorized and Management System, Pay for Performance [Achieve: Pearl’s
reported apart from safeguarding its assets. Your company has Performance Management System]. There by building a
successfully implemented SAP for its manufacturing units and PearlONE culture, with employee engagement being centric
will continue upgrading the same. of all our HR initiatives. Presently Company employs ………
work force.
The Company has its own Corporate Internal Audit set up
which carries out periodic audits at all locations and all Fo r Co
Commmun it ityy ou
ourr Co
Com m p a ny ’s P
Prro g r am s ;
functions and brings out deviations to internal control a) Hea eallth : MMee d ic
icaa l : Health Camps for workers across all
procedures. The obser vations arising out of audit are our facilities, every quarter.
periodically reviewed and compliance ensured. It has b) EdEducuc
ucaatio
ionn : Scholarship funding education for more than
successfully implemented SAP for its manufacturing units and 200 primary & middle school children.
will continue upgrading the same. c) Wome men nE Em mp owerme mennt :
HU
HUM M A N R
REE S O U R C E M
MAA N A G E M E N T i) Personal Advancement and career enhancement (P.A.C.E.)
The Pearl Global Industries Limited, forward-thinking and empowering women in their professional and personal
employee centric human resource department is devoted to lives.
providing effective policies, procedures, people-friendly ii) Training on menstrual hygiene & sanitary napkins vending
guidelines and support governance with the organization. Our machine.
HR philosophy revolves around right people for the right job, iii) HER health programme to raise health related awareness.
maintaining a safe, hygienic, and sustainable work environment iv) Gender equality project, in partnership with M&S British
across geographies, capability building at all level with program High Commission.
such as iLEAD [Leadership Development Program], SEED d) My V Voo ic
icee : Third party ethics helpline for whistle blowing
[Operational Development Program]; of unethical practices, POSH issues and violation of code
of conducts at workplace
D ETA I L S O
OFF SSII G N I FI
FICCAN T C CHH A N G E S (I.E
(I.E.. C
CHHANGE OOFF 25% O OR R MOMOR R E) IIN NK KE EY FIFINNA N C I A L R AT I O S
RA
Details of changes ins Key Financial Ratios are given below:
S.N
S.Noo . Pa r t icu
icull a rs F Y 2019-20 F Y 2018-19 Co m p a r isio
Com isionn Ex
Expp lantio
ionn fo
forr ch
chaang e iinn RRaatio
1 Debtors Turnover (days) 43.08 48.37 -10.94% Better recovery policy follow up with buyers & buyers mix of with lower payment terms.
2 Inventory Turnover (days) 135.11 118.25 14.25% Due to COVID-19, few of buyers had postponed delivery schedules, so inventories
increased at year end.
3 Interest Coverage Ratio 2.53 3.54 -28.39% Profitability reduced due to withdrawal of Government incentives during the year. Sales
marginally down due to COVID-19, likely to improve going forward.
4 Current Ratio 1.19 1.15 3.61% Better Management of Working capital.
5 Debt Equity Ratio 0.23 0.13 76.81% Decrease in Net Equity due to INDAS 116 and Hedge Accounting impact.
6 Operating Profit Margin 11.77% 14.45% -18.55% Partially due to GOVID-19 impact and marginally reduced margins, likely to improve in
coming years.
7 Net Profit Margin 0.58% 2.48% -76.49% Due to withdrawal of Government incentives during the year.
8 Net Worth 29,866.97 30,897.52 -3.34% Decrease in Net Equity due to INDAS 116 and Hedge Accounting impact, despite net profits.
C AU T I O N SSTTAT E M E N T
Investors are cautioned that this discussion contains statements that involve risks and uncertainties. Words like anticipate, believe,
estimate, intend, will, expect and other similar expressions are intended to identify such forward looking statements. The Company
assumes no responsibility to amend, modify or revise any forward looking statements, on the basis of any subsequent developments,
information or events. Besides the Company cannot guarantee that these assumptions and expectations are accurate or will be
realized and actual results, performance or achievements could thus differ materially from those projected in any such forward
looking statements.
Business Responsibility Report (2019-20)

S EC
ECTTION A
A:: G
GEE N E R A L IIN
N F O R M AT I O N A
ABB OUT T
THHE C
COO M PA N Y
1. Corporate Identity Number (CIN) of the Company L74899DL1989PLC036849
2. Name of the Company Pearl Global Industries Limited
3. Registered address A-3, Community Centre, Naraina Industrial Area,
4. Website www.pearlglobal.com
5. E-mail id [email protected]
6. Financial Year reported 31st March 2020
7. Sector(s) that the Company is engaged in NIC Code: 141
(industrial activity code-wise) Manufacturing of wearing apparels
8. List three key products/services that the Company Manufacturing of wearing apparels
manufactures/provides (as in balance sheet)
9. Total number of locations where business activity 18
is undertaken by the Company
(a) Number of International Locations 7
(b) Number of National Locations 11
10. Markets served by the Company -Local/State/ International
National/International
S EC
ECTTION B
B:: FI
FINNA N C I A L D
DEETA I L S O
OFFT
THHE CO MPA N Y
CO
1. Paid up Capital (INR) 21,66,39,370
2. Total Turnover (INR) ` 825.33 Crore
3. Total profit after taxes (INR) ` 5.01 Crore
4. Total Spending on Corporate Social Responsibility 1.03% (` 22.15 Lakh) of PAT of FY 2018-19
(CSR) as percentage of profit after tax (%)
5. List of activities in which expenditure in 4 above (a) Education and other activities
has been incurred:- (b) Health care activities
S EC
ECTTION C
C:: OT H ER D
OT DEETA I L S
1. Does the Company have any Subsidiary Company/ The Company has following subsidiaries:
Companies? i. Pearl Apparel Fashions Limited
ii. Pearl Global Kaushal Vikas Limited
iii. SBUYS E-Commerce Limited
iv. Norp Knit Industries Limited
v. Pearl Global Fareast Limited
vi. Pearl Global (HK) Limited
vii. Vin Pearl Global Vietnam Limited
viii. Pearl Global Vietnam Company Limited
ix. Pearl Grass Creations Limited
x. A&B Investment Limited
xi. Prudent Fashions Limited
xii. DSSP Global Limited
Business Responsibility Report (2019-20) (contd...)

xiii. PT Pinnacle Apparels
xiv. Pearl Global(Chang Zhou) Textile Technology Co., Ltd.
xv. Pearl Global F.Z.E
xvi. PGIC Investment Limited
2. Do the Subsidiary Company/Companies participate No
in the BR Initiatives of the parent company? If yes,
then indicate the number of such subsidiary
company(s):
3. Do any other entity/entities(e.g. suppliers, distributors No
etc.) that the Company does business with, participate
in the BR initiatives of the Company? If yes, then
indicate the percentage of such entity/entities? [Less
than 30%, 30-60%, More than 60%]
S EC
ECTT ION D
D:: B
BR N F O R M AT I O N
R IIN
1. Details of Director/Directors responsible for BR
(a) Details of the Director/Director responsible for implementation of the BR policy/policies
1. DIN Number : 00003044
2. Name : Mr. Pulkit Seth
3. Designation : Managing Director
(b) Details of the BR head
No. Particulars Details
1 DIN Number (if applicable) 00003044
2 Name Mr. Pulkit Seth
3 Designation Managing Director
4 Telephone number 0124-4651000
5 e-mail id [email protected]
2. Principle-wise (as per NVGs) BR Policy/policies

(a) Details of compliance (Reply in Y/N)
N o . Q ues
uestt io
ionn s P1 P2 P3 P4 P5 P6 P7 P8 P9
1. Do you have a policy/ policies for the principle? Y Y Y Y Y Y Y Y Y
2. Has the policy being formulated in consultation with the relevant Y Y Y Y Y Y Y Y Y
stakeholders?
3. Does the policy conform to any national / international standards? Y Y Y Y Y Y Y Y Y
If yes, specify? (50 words)
4. Has the policy being approved by the Board? Is yes, has it been Y Y Y Y Y Y Y Y Y
signed by MD/ owner/ CEO/ appropriate Board Director?
5. Does the company have a specified committee of the Board/Director/ Y Y Y Y Y Y Y Y Y
Official to oversee the implementation of the policy?
6. Indicate the link for the policy to be viewed online? http://www.pearlglobal.com/investors/policy/

N o . Q ues
uestt io
7. Has the policy been formally communicated to all relevant internal The Policy is available on the website of the Company and
and external stakeholders? is expected to be adhered by all the stakeholders.
8. Does the company have in-house structure to implement the policy/ Y Y Y Y Y Y Y Y Y
policies?
9. Does the Company have a grievance redressal mechanism related to Y Y Y Y Y Y Y Y Y
the policy/ policies to address stakeholders' grievances related to the
policy/ policies?
10. Has the company carried out independent audit/ evaluation of the The Company is working on developing and improving its
working of this policy by an internal or external agency? system for evaluating the implementation of the policies.
The policies are evaluated internally from time to time and
updated whenever required.
(b) If answer to the question at serial number 1 against any principle, is 'No', please explain why: (Tick up to 2 options)
N o . Q ues
uestt io
1 The company has not understood the Principles
2 The company is not at a stage where it finds itself in a position to
formulate and implement the policies on specified principles
3 The company does not have financial or manpower resources available Not Applicable
for the task
4 It is planned to be done within next 6 months
5 It is planned to be done within the next 1 year
6 Any other reason (please specify)
3. Governance related to BR
(a) Indicate the frequency with which the Board of Directors, The BR performance would be assessed yearly.
Committee of the Board or CEO to assess the BR However, there is no fixed term. The Board may
performance of the Company. Within 3 months, 3-6 months, review the BR initiatives and other related policies
Annually, More than 1 year on regular intervals.
(b) Does the Company publish a BR or a Sustainability Report? The Business Responsibility Report would be
What is the hyperlink for viewing this report? How frequently published annually on the website of Company at
it is published? www.pearlglobal.com
S EC
ECTTION E
E:: P
PRR I N C I P L E -WI S E P
PEE R FOR M A NCE
Pri ncip le 1: B
ncip usi
Bu nes
sinesses shou
nesses ld cco
should o nduct aand
nduct oveern tthe
nd ggov
ov hemsel
hem selvves w it
wit hE
ith Trransp arenc
Etth ics, T ncyy aand Acc c ou
nd A ntab
oun il
abil it
ityy
ilit
1. Does the policy relating to ethics, bribery and corruption No
cover only the company? Yes/ No.
Does it extend to the Group/Joint Ventures / Suppliers / The policy is expected to be adhered by the other
Contractors / NGOs /Others? stakeholders.
2. How many stakeholder complaints have been received in the During the financial year 2019-20, the Company has
past financial year and what percentage was satisfactorily received three complaints and all three complaints
resolved by the management? If so, provide details thereof, in have been resolved satisfactorily.
about 50 words or so.

Pri nci
ncip p le 2: Busi
Bu nes
sinesses shou
nesses ld pprrov
should ide ggo
ovide o o ds aand
nd se
serr vic es tth
ices hat aarre safe aand
nd cco
ontribu
ibutte tto
o ssu
usta inab il
abil it
ityy tth
ilit hrou
ougg hou
houtt
thei
heirr llife
ife ccycle
ycle
1. List up to 3 of your products or services whose design has The Company is in the business of manufacturing
incorporated social or environmental concerns, risks and/or of wearing apparel and all the applicable laws relating
opportunities. to the manufacturing of wearing apparels including
environmental laws are duly complied.
2. For each such product, provide the following details in respect The Company is committed to environment
of resource use (energy, water, raw material etc.) per unit of sustainably. The Company works towards reduction
product(optional): and optimal utilization of energy, water, raw material,
(a) Reduction during sourcing/production/ distribution etc. by incorporating new techniques and innovative
achieved since the previous year throughout the value ideas.
chain? The Company's products do not have any broad
(b) Reduction during usage by consumers (energy, water) has based impact on energy and water consumption by
been achieved since the previous year? consumers. However, the Company on continuous
basis takes several measures to conserve the
consumption of energy and water.
The Company is committed to reduction of waste,
conservation of raw material and pursuing zero
pollution through various initiatives, technological
upgradation and improvement projects.
3. Does the company have procedures in place for sustainable The Company is in process of setting procedures for
sourcing (including transportation)? sustainable sourcing.
(a) If yes, what percentage of your inputs was sourced
sustainably? Also, provide details thereof, in about 50
words or so.
4. Has the company taken any steps to procure goods and The Company prefers local & small producers for
services from local & small producers, including communities various inputs.
surrounding their place of work?
(a) If yes, what steps have been taken to improve their capacity
and capability of local and small vendors?
5. Does the company have a mechanism to recycle products and The Product and waste are scraped (being non
waste? If yes what is the percentage of recycling of products recyclable)
and waste (separately as <5%, 5-10%, >10%). Also, provide
details thereof, in about 50 words or so.
Pri ncip le 3: B
ncip Buusines
sines ses shou
nesses ld pprromot
should motee tthe
he w el
elllb ei
wel einng of aall l eem
mp loye
loye es
yees
1. Please indicate the Total number of employees. 6840
2. Please indicate the Total number of employees hired on 7360
temporary / contractual / casual basis.
3. Please indicate the Number of permanent women employees. 3341
4. Please indicate the Number of permanent employees with NA
disabilities
5. Do you have an employee association that is recognized by NA
management

6. What percentage of your permanent employees is members NA
of this recognized employee association?
7. Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment
in the last financial year and pending, as on the end of the financial year.
No. Category No of complaints filed No of complaints
during the financial year pending as on end
of the financial year
1. Child labour / forced labour / involuntary labour NIL N.A.
2. Sexual harassment 1 NIL
3. Discriminatory employment NIL N.A.
8. What percentage of your under mentioned employees were given safety & skill upgradation training in the last
year?
(a) Permanent Employees 100%
(b) Permanent Women Employees 100%
(c) Casual/Temporary/Contractual Employees 100%
(d) Employees with Disabilities 100%
Pri ncip le 4: B
ncip Buusi nes
sines ses shou
nesses should ld rres
esp e ct tthe
esp he iin
nteres
estts of
of,, aand
nd bbee rres
esp o nsiv
esp sivee tto
owa rds aalll sstta keho lde
eholde rs, es
lders, p e cia
esp ciall ly
those w ho aarre ddisad
who isad
isadvvanta g e d , vvu
u lne
lnerrab le aand
able nd m rgii na l ize
maarg izedd
1. Has the company mapped its internal and external Yes
stakeholders? Yes/No
2. Out of the above, has the company identified the Yes
disadvantaged, vulnerable & marginalized stakeholders.
3. Are there any special initiatives taken by the company to We adhere to preference on payment and orders for
engage with the disadvantaged, vulnerable and marginalized such stakeholders.
stakeholders. If so, provide details thereof, in about 50 words
or so.
Pri ncip le 5: B
ncip usi
Bu nes
sines ses shou
nesses ld rres
should esp e ct aand
esp nd pprromot
motee hhu
uman rrig
ig
ighht s
1. Does the policy of the company on human rights cover only Yes. The policy is expected to be adhered by the other
the company or extend to the Group / Joint Ventures / stakeholders.
Suppliers / Contractors /NGOs / Others?
2. How many stakeholder complaints have been received in the No complaints relating to human rights were received
past financial year and what percent was satisfactorily resolved during the financial year.
by the management?
Pri ncip le 6: B
ncip usi
Bu nes
nesss shou
sines ld rres
should es
espp e ct, pprrot
otee ct, aand
nd m
maa ke effo
efforr ts tto
o rres
es
estto re tthe
he een
nvi ro nment
men
1. Does the policy related to Principle 6 cover only the company Yes, the Company's policy is extended to the entire
or extends to the Group/Joint Ventures/ Suppliers / group and its subsidiaries/joint ventures follow and
Contractors / NGOs / others adopt the practices/policies of the Company. The
Company ensures that it is implemented at all these
levels and the Suppliers/ Contractors / NGOs
dealing with the Company are also encouraged to
maintain ethical standards in all their practices.

2. Does the company have strategies/ initiatives to address global Yes, the Company has come up with various
environmental issues such as climate change, global warming, strategies/ initiatives to address global environmental
etc? Y/N. If yes, please give hyperlink for webpage etc. issues. The Company has worked extensively to
address such issues by striking a balance between
economic growth and preservation of the
environment.
In line with the Company's commitment towards
conservation of energy, all its units continue with
their efforts to reduce wastage, optimise
consumption and also to improve energy efficiency
through innovative measures.
3. Does the company identify and assess potential environmental Identification and assessment of environmental risk
risks? Y/N are under process.
4. Does the company have any project related to Clean Project related to clean development mechanism are
Development Mechanism? If so, provide details thereof, in under planning stage.
about 50 words or so. Also, if Yes, whether any environmental
compliance report is filed?
5. Has the company undertaken any other initiatives on - clean The Company has taken various initiatives in energy
technology, energy efficiency, renewable energy, etc. Y/N. If efficiency like waste heat recovery, replacement of
yes, please give hyperlink for web page etc. Tube light with LED and high efficiency motor. The
Company has also installed solar energy plant at its
manufacturing plant located at Chennai.
6. Are the Emissions/Waste generated by the company within Yes, the emissions/waste generated by the Company
the permissible limits given by CPCB/SPCB for the financial is within the permissible limits given by CPCB/
year being reported? SPCB.
7. Number of show cause/ legal notices received from CPCB / Nil
SPCB which are pending (i.e. not resolved to satisfaction) as
on end of Financial Year.
Pri ncip le 7: B
ncip Buusines
sines ses, w
nesses, he
whe n een
hen ng a g e d iin
n iin
nfl ue
fluenci
uenci ng pub
ncin publlic aand
nd rree g u lato r y ppo
o l ic
icyy, shou ld do so iin
should n a rres
esp o nsib
esp le
sible
mannenerr
1. Is your company a member of any trade and chamber or Yes
association? If Yes, Name only those major ones that your (a) Apparel Export Promotion Council
business deals with: (b) Gurgaon Chamber of Commerce
(c) Federation of Indian Export Organizations
2. Have you advocated/lobbied through above associations for No
the advancement or improvement of public good? Yes/No; if
yes specify the broad areas ( drop box: Governance and
Administration, Economic Reforms, Inclusive Development
Policies, Energy security, Water, Food Security, Sustainable
Business Principles, Others)

Pri ncip le 8: B
ncip usi
Bu nes
sinesses shou
nesses ld ssu
should upp or t iincl
nclusiv
nclu sivee ggrrowth aand
wth nd eeq
quit ab
itab le de
able devvelopme
elop nt
men
1. Does the company have specified programmes / initiatives/ Principle 8 states that businesses should support
projects in pursuit of the policy related to Principle 8? If yes inclusive growth and equitable development. The
details thereof. Company endeavours to achieve inclusive growth
through its various skill development programmes
to ensure that benefits accrued by the organization
are available even to the marginalised sections of the
society.
2. Are the programmes/projects undertaken through in-house Skill development programmes are conducted
team / own foundation /external NGO/government through in-house team.
structures/any other organization?
3. Have you done any impact assessment of your initiative? Assessment initiatives are done frequently.
4. What is your company's direct contribution to community The Company has spent ` 22.15 Lakh towards its
development projects- Amount in INR and the details of the share of CSR obligations during the financial year
projects undertaken. 2019-20.
5. Have you taken steps to ensure that this community Yes. The Company has a dedicated team of employees
development initiative is successfully adopted by the to monitor the CSR activities. Also various activities
community? Please explain in 50 words, or so. such as internal tracking , periodical reports,
telephonic and e-mail communications are carried
out by the Company on regular basis to monitor the
successful implementation of the initiative.
Pri ncip le 9: B
ncip usi
Bu nes
sinesses shou
nesses ld een
should ng a g e wit
wit h aand
ith nd pprrovide vvaa lue tto
ovide o tthei
hei
heirr cu
cussto mers aand
mers nd cco
o ns umers iin
mers n a rres
esp o nsib
esp le
sible
mannenerr
1. What percentage of customer complaints / consumer cases A well-established system is in place for dealing with
are pending as on the end of financial year. customer feedback and complaints. Customers are
provided multiple options to connect with the
Company through e-mail, telephone, website, social
media, feedback forms, etc. All complaints are
appropriately addressed and all efforts are taken to
resolve the same.
2. Does the company display product information on the Yes, the Company displays necessary product
product label, over and above what is mandated as per local information on the products label.
laws? Yes / No / N.A. / Remarks (additional information)
3. Is there any case filed by any stakeholder against the company No complaints or case is pending against the
regarding unfair trade practices, irresponsible advertising and/ Company for unfair trade practices, irresponsible
or anti-competitive behaviour during the last five years and advertising and anti-competitive behaviour.
pending as on end of financial year. If so, provide details
thereof, in about 50 words or so.
4. Did your company carry out any consumer survey/ consumer Our buyers are reputed Retail Chains and we do get
satisfaction trends? their feedback on consumer fashion trends and
feedback.
Corporate Governance Certificate

To
The Members of Pearl Global Industries Limited
1. We, Jayant Sood and Associates, Company Secretaries have examined the compliance of conditions of Corporate
Governance by the Company P E A R L G L O BA L IIN
GL LII M I T E D (“the Company”), for the year ended
N DUS T R I E S L
on 31st March 2020, as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and paras C and D
of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (“SEBI
Listing Regulations”).
M A NA G E M E N T ’ S R
REE S P O NS
NSII B I L I T Y
2. The compliance of conditions of Corporate Governance is the responsibility of the Management, This responsibility
includes the design, implementation and maintenance of internal control and procedures to ensure compliance with
the conditions of the Corporate Governance stipulated in the SEBI Listing Regulations.
3. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for
ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of
opinion on the financial statements of the Company.
4. We have examined relevant records and documents maintained by the Company for the purposes of providing reasonable
assurance on the compliance with Corporate Governance requirements by the Company.
5. We rate carried our examination in accordance with the Guidance Note on Certification of Corporate Governance
issued by the Institute of Company Secretaries of India and was limited to procedures and implementation thereof,
adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an
audit nor an expression of opinion on the financial statements of the Company.
OPIN ION
6. Based on our examination of the relevant records and according to the information and explanations provided to us
and the representations provided by the Management, we certify that the Company has complied with the conditions
of Corporate Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and paras C
and D of Schedule V of the Listing Regulations during the year ended 31 March 2020.
7. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the Company.
For Jay ant SSo

o o d aand
nd As so
Asso cia
ciatt es
socia
Company Secretaries
( Jay ant SSo

o od )
(FCS: 4482)
(COP: 22410)
U D I N: F004482B000881501
Place: Gurugram
Date: 07.10.2020
Declaration of Compliance with Code of Conduct of Board

of Directors and Senior Management
This is to certify that as per the provisions of Regulation 26 and Schedule V of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board Members and the Senior Management
personnel have affirmed compliance with the Code of Conduct for the financial year ended 31st March, 2020.
Fo r Pea
earrl Glo
Pea Globb a l IInd
nd
nduus tries L
Lii mit
itee d
Pulkit SSet
eth
eth
Place: Gurugram Managing Director
Date : July28, 2020 DIN 00003044
Certification by Managing Director and Chief Financial

Officer of Pearl Global Industries Limited
We, Pulkit Seth, Managing Director and Kashmir Singh Rathour Chief Financial Officer of Pearl Global Industries Limited
to the best of your knowledge and belief certify that:
A. We have reviewed that financial statements and the Cash Flow Statement for the year ended 31st March, 2020 and to
best of our knowledge and belief:
1) these statement do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading.
2) these statement together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
B. We also certify that to the best of our knowledge and belief, there are no transactions entered into by Pearl Global
Industries Limited during the year, which are fraudulent, illegal or violate of the Company’s Code of Conduct.
C. We are responsible for establishing and maintaining internal controls for financial reporting and have evaluated the
effectiveness of internal control systems of the company pertaining to financial reporting and we have disclosed to the
Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which
we are aware and the steps we have taken or propose to take to rectify these deficiencies.
D. We have indicated to the Auditors and the Audit Committee:
1) Significant changes, if any. in internal control over financial reporting during the year.
2) Significant changes, if any, in accounting policies during the year and that the same have been disclosed in the
notes to the financial statement; and
3) Instances of significant fraud of which we have become aware and the involvement therein, if any, of the management
or an employee having a significant role in the company’s internal control system over financial reporting.
(P
(Pu ul kit SSet
eth)
eth (Ka sh
(Kash m i r Si
shm Sinng h R
Raathou
hour)r)
Mana g i ng Di
Dirre ct
ctoor Ch ief FFii nancia
nciall Offic
Officeer
Place: Gurugram
Date : July 28, 2020
Certificate of Non-disqualification of Directors

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To,
The Members of
Pearl Global Industries Limited A-3, Community Centre,
Naraina Industrial Area, Phase-II, New Delhi-110028
We have examined the relevant register, records, forms, returns and disclosures received from the Directors of Pea
earrl Glo
Globbal
Ind
nduustries L
Lii m it
itee d , having CIN L74899DL1989PLC036849 and having registered office at A-3, Community Centre,
Naraina Industrial Area, Phase-II, New Delhi-110028, (hereinafter referred to as “the Company”), produced before us by
the Company for the purpose of the issuing this Certificate, in accordance with the Regulation 34(3) read with Schedule
V Para-C clause 10(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Director Identification
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the
Company and respective Directors, we hereby certify that none of the Directors on the Board of the Company as stated
below for the Financial Year ending on 31st March, 2020 have been debarred or disqualified from being appointed or
continuing as Directors of Companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or
any such other Statutory Authority.
S. No. DI N
No Name of Di
Dirre ctor
cto Date of aap
pp o i ntment iin
men n Co
Commpa ny (D
(DDD -M M-Y Y Y Y )
1 00003021 Mr. Deepak Seth 22.03.1994
2 00003044 Mr. Pulkit Seth 01.11.2004
3 01388430 Mrs. Shifalli Seth 19.01.2012
4 01945795 Mr. Vinod Vaish# 19.01.2012
5 00036080 Mr. Chittranjan Dua 12.09.2006
6 01390190 Mr. Anil Nayar 19.01.2012
7 00731956 Mr. Rajendra Kumar Aneja 12.09.2006
8 01928855 Mr. Abhishek Goyal 26.05.2017
9 08712718 Mrs. Madhulika Bhupatkar 18.03.2020
# Mr. Vinod Vaish has resigned from the Board of the Company with effect from April 30, 2020.
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate
is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
management has conducted the affairs of the Company.
For Jaya nt SSo

o o d & Asso
Asso cia
ciattes
socia
Company Secretaries
(C
(CSS JJaay ant K SSo
oo d )
Proprietor
FCS: 4482, CP No. 22410
Place: Gurugram
Date: 28th July, 2020
UDIN: F004482B000512814
Independent Auditor’s Report

To The Members of Pearl Global Industries Limited
R ep or t oon
n tthe
he Aud
Audit of tthe
udit he Conso
Con sollid
idaate d F
Fiinancia
nciall SSttat ement s
men
Q ua l ifie
ifiedd Op
Opii nion
ion
We have audited the accompanying consolidated financial statements of Pea earrl Glo
Glob
b a l IInd
ndu
nd iteed ( hereinafter
ustries L i m it
)
referred to as “the Holding Company”) and its Subsidiaries ( the Holding Company and its subsidiaries together referred
as “the Group”), which comprise the Consolidated Balance Sheet as at March 31, 2020, and the consolidated statement of
profit and loss, consolidated statement of changes in equity and consolidated statement of cash flows for the year then
ended, and notes to the consolidated financial statement, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as “the consolidated financial statements).
In our opinion and to the best of our information and according to the explanations given to us, except for the possible
effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid consolidated financial
statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and a true and
fair view in conformity with Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”) and other accounting principles generally accepted in
India, of the consolidated state of affairs of the Group as at March 31, 2020, consolidated profit, consolidated changes in
equity and consolidated cash flows for the year then ended.
Ba sis fo
forr Q
Quua l ifie
ifiedd Op
Opiin ion
ion
The inventories are carried in the consolidated balance sheet at ` 26,387.33 Lakh as at March31, 2020. In one of the
subsidiary of the Holding Company, the component auditor of its subsidiary has reported that due to the outbreak of
COVID-19 & consequential lockdown in Jakarta, no physical counting against inventories of ` 2,542.30 lakh as at March
31, 2020 was conducted by them and also no other alternative procedures were performed. In consequence they were
unable to carry out auditing procedures necessary to obtain adequate assurance regarding the quantities and condition of
such inventory. There were no other satisfactory auditing procedures that we could adopt to obtain sufficient evidence
regarding the existence and valuation of such inventories. Consequently, we were unable to determine whether any
adjustments to these amounts is necessary in the consolidated financial statement.
We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs)
specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the
Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in
India in terms of the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) and the relevant
provisions of the Act and we have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their
reports referred to in other matter paragraph below is sufficient and appropriate to provide a basis for our qualified opinion.
Info
forrmatio
ionn othe
herr tth
othe han Conso
Con soll id
idaate d F
Fiinancia
nciall SSttatements aand
men nd Aud
Audit
udit o r ’s R
ito Reep or ts tthe
he
herre on
The Holding Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the consolidated financial statements and our auditor’s
report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements
or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
Independent Auditor’s Report (contd...)

are required to report that fact. As described in the Basis for Qualified Opinion section above, we were unable to determine
whether any adjustments to the carrying amount of Inventory as at March 31, 2020 were necessary. Accordingly, we are
unable to conclude whether or not the other information is materially misstated with respect to this matter.
Ke y Aud
Aud it M
udit Maat ters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements for the financial year ended March 31, 2020. These matters were addressed in the context
of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. In addition to the matter described in the Basis for Qualified Opinion section,
we have determined the matters described below to be the key audit matters to be communicated in our report. For each
key audit matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have
fulfilled the responsibilities described in the ‘Auditor’s responsibilities for the audit of the consolidated financial statements’
section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The
results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our
audit opinion on the accompanying consolidated financial statements.
S. Ke y Aud
Aud it M
udit Maat ters How ou
ourr aaud
ud it addr
udit es
addres se
esse
sedd tthe
he kkee y aaud
ud it m
udit maatt er
No .
1 Ade
deq quac
acyy aand
nd cco
o mp let
letee nes
nesss of ddisclos
isclosures of R
isclosu el
elaate d
Rel O ur pprro c e dures iincl
ncl ude
nclude
udedd , bu
butt w
weere not lliim it
itee d tto
o
Pa r t y T
Trransact io
sactio
ionns the fo
foll lowi n g :
low
(Refer Note 47 to the accompanying standalone financial • Obtaining an understanding of the Company’s
statements as at March 31, 2020, forming integral part of policies and procedures in respect of identification
the standalone financial statements) of related parties and transactions with them,
The Company has related party transactions which performed a walkthrough and evaluated the designs
include among others, sale/purchase of goods to its of control. We also traced the related parties from
subsidiaries and other related parties. declaration given by directors, wherever applicable.
This area was significant to our audit because of: • Read the minutes of the meetings of Shareholders,
Board of Directors and Audit Committee.
- the significance of transactions with related parties
during the year ended March 31, 2020, and • Read relevant agreements on sample basis and
approval process by audit committee and board of
- Related party transactions are subject to compliance
directors.
requirement under the Companies Act, 2013 and
SEBI (Listing and Obligation Disclosure • Tested material trade payables, trade receivables,
Requirements) 2015. loans outstanding (to evaluate existence of related
party relationship and transactions) with the
underlying contracts, confirmation letters and other
supporting documents.
• Assessed whether the transactions were recorded
appropriately and ensured adequacy of the
disclosures in the standalone Ind AS financial
statements (including assessment of Management
evaluation of compliance with Companies Act,
2013 and SEBI (LODR), 2015).
• Wherever appropriate, our substantive work was

S. Ke y Aud
Aud it M
udit Maatte rs How ou
ourr aaud
ud it addr
udit es
addres se
esse
sedd tthe
he kkee y aaud
udit m
udit maatte r
No .
supplemented by controls testing work which
encompassed understanding, evaluating and testing
key controls in respect of Related Party
Transactions.
Our procedures as mentioned above did not identify
any findings that are significant for the financial
statements as whole in respect of accounting ,
presentation and disclosure of Related Party
Transactions.
2 Eva luatio ion n of uunc nc
nceer ta i n ttaa x pposit
osit io
ositio
ion ns, llit
it ig
igaatio
itig ion ns aand
nd O ur pprro c e dures iincl
nclude
ncl uded
ude butt w
d , bu weere not lliim it
iteed tto
o
r e c o vvee r a bbii llii ttyy of aamou
mou
moun n t ou
outt s t a n ddii n g wwii tth
h ttaa x the fo
foll lowi n g :
low
authohorrit ies
ities • Obtained details of tax assessments of earlier years
(Refer Note 13, Note 26 & Note 46 to the accompanying and demands as on March 31, 2020 from
standalone financial statements as at March 31, 2020, Management of the Company.
forming integral part of the standalone financial • Conducted assessment of the Managements
statements) underlying assumptions in estimating the tax
The Company has certain direct and indirect tax positions position, likelihood of outflow of economic
including matters under dispute which involves significant resources being probable, possible or remote in
judgment to determine the possible outcome of these respect of the litigations.
disputes and the status of amount recoverable. • Conducted discussions with in-house tax/ legal
The eventual outcome of litigations is uncertain, and the counsel. Evaluated the independent confirmations
positions taken by the Management of the Company are taken by the Management from the consultants
based on the application of significant judgement and representing the Company before the various
estimation. The review of these matters requires authorities.
application and interpretation of tax laws and reference • Verifying demand notices received from various tax
to applicable judicial pronouncements. forums and evaluating the Company’s written
Given the uncertainty and application of significant responses to those matters (including follow up for
judgment in this area in terms of the eventual outcome of the amounts recoverable); and
litigations, we determined this to be a key audit matter. • Assessing the adequacy of the Company’s
disclosures.
• Understanding and evaluating process and controls
designed and implemented by the Management
including for identification and monitoring of
significant developments in relation to the
litigations thereof.
presentation and disclosure of uncertain tax positions,
litigations and recoverability of amount outstanding
with tax authorities.

R esp onsib
esp il
sibil it
ilit ies of M
ities Maana g e ment aand
men nd Those C
Those Chharg
rgee d w it
wit
ithhG ov
oveernanc
Gov ncee fo
forr tthe
he Conso
Con soll id
idaat e d F
Fii nancia
nciall SSttate ment s
men
The Holding Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect
to preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position,
consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and
consolidated cash flows of the Group in accordance with the Ind AS and other accounting principles generally accepted in
India, including the Ind AS specified under Section 133 of the Act. The respective Board of Directors of the companies
included in the Group are responsible for maintenance of the adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Group 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 consolidated
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error,
which have been used for the purpose of preparation of the consolidated financial statements by the directors of the Holding
Company, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the Companies included in the
Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless Board of Directors either intends
to liquidate the Group respective companies or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are responsible for overseeing their financial
reporting process of the Group.
Aud it
udit
itoor ’s R es
Res p o nsib
esp il
sibil it
ilit ies fo
ities forr tthe
he Aud
Aud it of tthe
udit he Co
Connso
soll id
idaate d F
Fii nancia
men
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Holding Company and Subsidiaries which are incorporated in India has adequate internal
financial controls with reference to the financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we

are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to which we are independent auditors to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the audit of the consolidated financial statements
of such entities included in the consolidated financial statements of which we are the independent auditors. For the
entities consolidated in the consolidated financial statements, which have been audited by other auditors, such other
auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the
consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements for the financial year ended March 31, 2020 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
O the
herr M
Maatt ers
(a) We did not audit the financial statements / financial information of four subsidiaries included in the consolidated
financial results, whose financial statements reflect total assets (before eliminating of inter-company transaction of
` 19,993.02 lakh) of ` 87,815.02 lakh, total revenues (before eliminating of inter-company transaction of ` 22,860.55
lakh & ` 65,834.69 lakh) of ` 55,922 lakh & ` 1,65,923.68 lakh, total net profit after tax (before eliminating of inter-
company transaction of (` 1.82) lakh & ` 1.26 lakh) of ` 277.28 lakh & ` 1,895.07 lakh and total comprehensive
income (before eliminating of inter-company transaction of (` 1.82) lakh & ` 1.26 lakh) of ` 2,074.43 lakh &
` 4,626.27 lakh for the quarter & year ended March 31, 2020 respectively, as considered in the consolidated financial
statements. These financial statements and other information have been audited by other auditors whose reports have
been furnished to us by the Management and our conclusion on the consolidated financial results, in so far as it relates
to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of Regulation read
with the Circulars, in so far as it relates to the aforesaid subsidiaries, are based on the reports of the other auditors and
the procedures performed by us as stated in paragraph below.
(b) Further, of these subsidiaries, three subsidiaries are located outside India whose financial statements and other financial
information have been prepared in accordance with accounting principles generally accepted in their respective countries
and which have been audited by other auditors under generally accepted auditing standards applicable in their respective

countries. The Holding Company’s Management has converted the financial statements of such subsidiaries from
accounting principles generally accepted in their respective countries to accounting principles generally accepted in
India. Independent firm of Chartered Accountant have audited these conversion adjustments made by the Holding
Company Management in India. Our opinion in so far as it relates to the balances and affairs of such subsidiary
companies located outside India are based on the report of other auditor in their respective countries and conversion
adjustments prepared by the Management and audited by Independent firm of Chartered Accountants of India.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matter with respect to our reliance on the work done and the reports of
the other auditors and the financial statements / financial information certified by the Management.
(c) Due to the outbreak of COVID-19 pandemic and the consequent nationwide lockdown commencing from March
23, 2020 onwards, we could not visit and carry out the audit processes physically at the Company’s premises. Further,
the advisory on “Specific Considerations while conducting Distance Audit/ Remote Audit under current Covid-19
situation” issued by the Auditing and Assurance Standards Board of ICAI, give guidelines for the statutory audit via
making arrangements to provide requisite documents/information through electronic medium and minimal physical
movement. The entire audit has been carried considering these guidelines and alternative audit procedures as per SAs
prescribed by the ICAI. Our opinion is not modified in respect of this matter.
R ep or t oon
nOOtthe
herr L
Lee g a l aand
nd R
Ree g u lato r y R
Ree qui rement s
men
1. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the auditor on a
separate financial statement and the other information of the subsidiaries, as noted in the other matter paragraph, we
report to the extent applicable that:
a) We/ the other auditors whose reports we have relied upon have sought and, except for the possible effect of the
matter described in Basis for Qualified Opinion above, obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purpose of our audit of the aforesaid consolidated
financial statements.
b) In our opinion, except for the possible effect of the matter described in Basis for Qualified Opinion above proper
books of account as required by law relating to preparation of the aforesaid consolidated financial statements have
been kept so far as it appears from our examination of those books and reports of the other auditors.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including (including Other
Comprehensive Income), Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash
Flows dealt with by this Report are in agreement with the relevant books of account maintained for the purpose
of preparation of the consolidated financial statements.
d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under Section
133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
e) On the basis of the written representations received from the directors of the Holding Company as on March 31,
2020 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors
of the subsidiaries companies incorporated in India, none of the directors of the Group companies incorporated
in India is disqualified as on March 31, 2020 from being appointed as a director in terms of Section 164 (2) of the
Act.
f ) With respect to the adequacy and the operating effectiveness of the internal financial controls with reference to
these consolidated financial statements of the Holding Company and its subsidiaries incorporated in India, refer
to our separate report in Annex
nexuur e – A
A..
g) 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 explanation given to us and based on the consideration of the report of other auditors on separate
financial statements of the subsidiaries, as noted in the “Other Matters” paragraph:
i. The consolidated financial statements disclose impact of pending litigations on the consolidated financial
position of the Group. - Refer Note 46 to the consolidated Ind AS financial statements
ii. The Group did not have any material foreseeable losses in long-term contracts including derivative contracts
during the year ended March 31, 2020.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Holding company and its subsidiaries companies incorporated in India for the year
ended March 31, 2020.
2. With respect to the matter to be included in the Auditors’ report under Section 197(16):
In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries, the managerial
remuneration for the year ended March 31, 2020 has been paid/ provided by holding Company and its subsidiaries
incorporated in India to their directors in accordance with the provisions of Section 197 read with Schedule V of the
Act.
Fo r B.R
B.R.. Gupt
Gu ptaa & Co
Co..
Chartered Accountants,
Firm Registration Number 008352N
(D
(Dee epa k Ag
Agaar wa l )
Partner
Membership Number 073696
U D I N:20073696A
N:20073696AA A A A B N7839
Place of Signature: New Delhi

Date: July 28, 2020
Annexure ‘A’ to the Independent Auditors’ Report
Annex
nexu ure ‘‘A
A’ tto
o tthe
he IInde
nde
ndep p endent A
nden ud
Aud it
udit
itoo rs
rs’’ R
Reep o r t of eevven ddaate oon
n tthe
he Conso
Con soll id
idaate d F
Fii nancia
nciall SSttatement of P
men ea
earrl
Pea
Glob
Glo ba l IInd
nd
nduustries L Liim it
itee d
R ep or t oon
n tthe
he IIn
nt e rna l F
Fii nancia
nciall Co
Conntro ls uunde
nde
nderr C
Cllause ((ii ) of SSub
ub -se
ub-se ct
-sect io
ctio
ionn 3 of SSee ctio
ctio n 143 of tthe
ion he Compan ies A
Com ct,
Act,
2013 (“(“tthe A ct”)
Act”)
In conjunction with our audit of the consolidated financial statements of the Company as of and for the year ended March
31, 2020, we have audited the internal financial controls with reference to financial statements of Pearl Global Industries
Limited (the “Holding Company”) and its Subsidiaries, which are companies incorporated in India, as of that date.
Mana g ement’
men t’ss R es
Res p o nsib
esp il
sibil it
ityy fo
ilit forr IIn Fii nancia
n t er n a l F nciall Contro ls
Con
The respective Board of Directors of the Holding Company and its subsidiaries, which are companies incorporated in
India, are responsible for establishing and maintaining internal financial controls based on the internal control with reference
to financial statements criteria established by the respective Companies 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 (“ICAI’). 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 respective 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.
Aud it
udit
itoors
rs’’ R es
Res
espp onsibil
sibil it
ityy
ilit
Our responsibility is to express an opinion on the internal financial controls with reference to these consolidated financial
statements 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, issued by ICAI and deemed to
be prescribed under Section 143(10) of the Companies Act, 2013, 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 with reference to these consolidated financial statements 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 with reference to these consolidated financial statements and their operating effectiveness. Our audit of internal
financial controls with reference to financial statements included obtaining an understanding of internal financial controls
with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the
auditor’s judgment, 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 and the audit evidence obtained by the other auditors in terms of their
reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit
opinion on the Parent’s internal financial controls with reference to these consolidated financial statements.
Meani ng of IIn
ean nt e rna l F
Fii nancia
nciall Contro ls w
Con it
wit h rrefe
ith efe
eferrenc
ncee tto
o tthese
hese cco
onso
soll id
idaate d financia
fin nciall ssttat ement s
men
A company’s internal financial control with reference to these consolidated financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A company’s internal financial control with
reference to financial statements includes those policies and procedures that
Annexure ‘A’ to the Independent Auditors’ Report (contd...)
(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.
In he
herrent L
Lii m it
itaations of IIn
ion n t e rn a l F
Fiina ncia
nciall Contro ls w
Con it
wit h rrefe
ith efe
eferre nc
ncee tto
o financia
fin nciall ssttatement s
men
Because of the inherent limitations of internal financial controls with reference to these consolidated financial statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to
these consolidated financial statements to future periods are subject to the risk that the internal financial control with
reference to these consolidated financial statements may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
Op
Opii n io
ionn
In our opinion to the best of our information and according to the explanation given to us and based on consideration of
the reports of the other auditors referred to in Other Matter paragraph below, the Holding and its Subsidiaries companies,
which are companies incorporated in India, have, maintained in all material respects, an adequate internal financial controls
system with reference to these consolidated financial statements and such internal financial controls with reference to these
consolidated financial statements were operating effectively as at March 31, 2020, based on the internal control criteria
established by the respective companies 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.
O the
herr M
Maatt ers
Our aforesaid report under Section 143 (3) (i) of the Act on the adequacy and operating effectiveness of the internal
financial controls, in so far as it relates to three subsidiary companies, which are incorporated in India and where such
reporting under Section 143(3) of the companies Act 2013, is applicable is based on the corresponding report of the
auditor of such subsidiary incorporated in India. Our opinion is not modified in respect of the above matters.
Fo r B.R
B.R.. Gupt
Gu ptaa & Co
Co..
(D
(Dee epa k Ag
Agaar wa l )
Partner
U D I N:20073696A
N:20073696AA A A A B N7839

Date: July 28, 2020
Consolidated Balance Sheet

as at March 31, 2020
(Amount in ` Lakh, unless otherwise stated)
Pa r ticu
iculla rs Not
otee As A
Att As A
Att
No . Ma rch 31, 2020 Ma rch 31, 2019
I. As set
setss
Asset
1. No n- cu
currr ent aass set
setss
(a) Property, plant and equipment 4 22,189.06 24,355.89
(b) Capital work in progress 5 3,610.29 778.62
(c) Right to use asset 49 10,725.98 -
(d) Investment properties 6 7,393.26 7,429.89
(e) Goodwill 7 1,792.66 1,897.56
(f ) Other Intangible assets 8 84.76 114.94
(g) Financial assets
(i) Investment 9 3,084.37 3,276.16
(ii) Loans 10 2,445.25 2,293.60
(iii) Other financial assets 11 1,363.86 1,402.45
(h) Deferred tax assets 12 87.61 104.00
(i) Non current tax assets (net) 13 763.99 452.22
(j) Other non current assets 14 772.82 1,354.45
-------------------------------------------- --------------------------------------------
Tot
otaa l No n- cu
No curr re nt aass set
setss 54,313.90 43,459.78
-------------------------------------------- --------------------------------------------
2. Cu rr ent aass set
setss
(a) Inventories 15 26,387.33 23,632.17
(b) Financial assets
(i) Investments 9 692.68 -
(ii) Trade receivables 16 22,042.47 22,177.86
(iii) Cash and cash equivalents 17 8,808.89 9,434.12
(iv) Bank balances other than cash and cash equivalents 18 2,168.83 1,707.71
(v) Loans 10 1,731.24 1,664.72
(vi) Other financial assets 11 114.99 1,687.43
(c) Other current assets 14 8,970.37 6,389.55
-------------------------------------------- --------------------------------------------
Tot
otaa l cu
currre nt aass set
setss 70,916.80 66,693.56
-------------------------------------------- --------------------------------------------
Tot
otaa l As set
setss
Asset 125,230.70 110,153.34
=================== ===================
I I. Eq
Equu it
ityy A nd L
And iab
Liab il
iabil it
ilit ies
ities
1. Eq
Equu it
ityy
(a) Equity share capital 19 2,166.39 2,166.39
(b) Other equity 20 47,891.00 44,820.35
-------------------------------------------- --------------------------------------------
Eq
Equu it
ityy aatt tr ibu
ibutt ab le tto
able o eeq
qu it
ityy sh
shaa reho lde
eholde rs
lders 50,057.39 46,986.73
Non - controlling interest 1,296.44 1,153.26
-------------------------------------------- --------------------------------------------
Tot
otaa l eeq
q u it
ityy 51,353.83 48,140.00
-------------------------------------------- --------------------------------------------
2. L iabil
iabil it
ilit ies
ities
Non - cucurrre nt lliab
iab il
iabil it
ilit ies
ities
(a) Financial liabilities
(i) Borrowings 21 9,983.68 8,106.76
(ii) Lease Liabilities 49 6,987.43 -
(ii) Others financial liabilities 22 246.97 222.00
(b) Provisions 23 2,079.72 2,112.60
(b) Deferred tax liabilities 12 248.31 340.46
(c) Other non current liabilities 24 2,997.91 3,309.63
-------------------------------------------- --------------------------------------------
Tot
otaa l non- cu
non currre n t lliab
iab il
iabil it
ilit ies
ities 22,544.02 14,091.45
-------------------------------------------- --------------------------------------------
Cu rr ent lliab
iab il
iabil it
ilit ies
ities
(i) Borrowings 21A 25,715.32 23,486.07
(ii) Lease Liabilities 49 810.25 -
(iii) Trade payables 25
Total outstanding due of micro enterprises 331.05 63.70
and small enterprises
Total outstanding due of creditors other 17,775.62 18,042.77
than micro enterprises and small enterprises
(iv) Other financial liabilities 22 5,717.63 5,156.89
(b) Other current liabilities 24 857.35 866.66
(c) Provisions 23 68.40 81.67
(d) Current tax liabilities (net) 26 57.23 224.13
-------------------------------------------- --------------------------------------------
Tot
otaa l cu
curr re nt lliab
iab il
iabil it
ilit ies
ities 51,332.85 47,921.89
-------------------------------------------- --------------------------------------------
Tot
otaa l eeq
q u it
ityy aand
nd lliab
iab
iabil il it
ilit ies
ities 125,230.70 110,153.34
=================== ===================
Summary of Significant Accounting Policies 3
The accompanying notes form an integral part of these consolidated financial statements
As per our Report of even date attached
Fo r B.R
B.R.. G Guu pt
ptaa & Co Co.. Fo r & oon
n bbeh
eh
ehaa lf of B
Boo a r d of Di
Dirre ct
ctoo rs of Pea
earr l Glo
Pea Globb a l IInd
ndu s tr ies L
ndu Lii m it
itee d
C h ar t e r e d A
Acc c ou
ounn ta n ts
Firm’s Registration Number 008352N
(D
(Dee e p a k AgAgaa r w a l ) (P
(Puu l kit SSet
eth)
eth (D
(Dee e p a k SSet
et
eth h)
Partner Managing Director Chairman
Membership Number 073696 DIN 00003044 DIN 00003021
(Ka
(Kashsh
shm m ir Si
Sinng h R
Raa thou r)
hour) (S
(Saa nde
ndeee p SSab
ab
abhha r w a l )
Place of Signature: New Delhi Chief Financial Officer Company Secretary
Date: July 28, 2020 M. No. ACS - 8370
Place of Signature: Gurugram
Date: July 28, 2020
Consolidated Statement of Profit and Loss

for the year ended March 31, 2020
Par ticu
icull ars Not
otee For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
No. Ma rch 31, 2020 March 31, 2019
I Inc
ncoome
Revenue from operations 27 168,512.58 175,749.78
Other income 28 4,905.49 3,392.82
---------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l iinc
nc
ncoo me (I+II)
(I+II) 173,418.07 179,142.60
---------------------------------------------------------- ----------------------------------------------------------
II Ex
Exp p en ses
(a) Cost of materials consumed 29 76,203.44 76,220.57
(b) Purchases of stock-in-trade 30 5,210.29 12,954.77
(c) Changes in inventories of finished goods, 31 (582.80) (1,841.00)
work in progress and stock in trade
(d) Employee benefits expense 32 39,325.57 36,000.15
(e) Finance costs 33 4,201.04 3,037.30
(f ) Depreciation and amortization expense 34 4,204.40 2,589.48
(g) Other expenses 35 41,664.00 43,609.52
---------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l ex
expp en ses 170,225.94 172,570.78
---------------------------------------------------------- ----------------------------------------------------------
III Pr ofit/ ((los
los s) bbefo
loss) efo
eforr e ex
excc ept io
ptio
ionn a l it
iteem s aand
nd ttaa x (I
(III I- I V ) 3,192.13 6,571.82
IV Excc ept
Ex io
ptio
ionna l IItt em s 36 68.72 (1,722.12)
---------------------------------------------------------- ----------------------------------------------------------
V Pr ofit/ ((los
los s) bbefo
loss) efo
eforr e ttaa x ((V
V-V I) 3,123.41 8,293.94
VI Ta x ex p en se
exp se:: 12
(a) Current tax 774.67 1,278.10
(b) Deferred tax 144.15 111.90
(c) Adjustment of tax relating to earlier years 31.76 193.01
---------------------------------------------------------- ----------------------------------------------------------
V I I Pr ofit/( los
ofit/(los s) fo
loss) forr tthe yearr ((V
he yea V I I -V I I I) 2,172.83 6,710.93
---------------------------------------------------------- ----------------------------------------------------------
V I I I O the
herr ccoomp r ehen siv
ehen sivee iinc
nc
ncoome 37
( A) (i) Items that will not be reclassified to profit and loss
(a) Re-measurement gains/ (losses) on defined benefit plans 340.22 222.67
(ii) Income tax on items that will not be reclassified to profit and loss (69.11) (71.93)
(B) (i) Items that will be reclassified to profit and loss
(a) Foreign Exchange Translation Reserve 2,586.30 1,334.88
(b) Fair Valuation of Investment in Mutual fund (38.29) (12.67)
(c) Net movement in effective portion of cash flow hedge reserve (991.80) -
(ii) Income tax on items that will be reclassified to profit and loss 346.57 -
---------------------------------------------------------- ----------------------------------------------------------
O the
herr ccoomp r ehen siv
ehen sivee iinc
nc
ncoome fo
forr tthe
he yea
yearr, net of ttaa x 2,173.90 1,472.95
---------------------------------------------------------- ----------------------------------------------------------
I X Tot otaa l cco
om pr ehen siv
ehen sivee iinc
nc
ncoome fo
forr tthe
he yea
yearr, net of ttaa x 4,346.73 8,183.88
---------------------------------------------------------- ----------------------------------------------------------
Pr ofit A Att tr ib it
ibit uab
itu le tto
able o:
Equity shareholders 2,156.44 6,728.02
Non-controlling interests 16.39 (17.10)
O the ompr ehe
herr cco ehenn siv nc
sivee iinc
ncoome aatt tribu
ibutt ab le tto
able o:
Non-controlling interests 126.80 100.94
Tot
otaa l ccoo mpr ehe
ehen n siv
sivee iinc
nc
ncoome aatttr ibu
ibuttab le tto
able o:
Non-controlling interests 143.18 83.84
X E a rn i n g s ppeer sh
shaar e : (F acee vvaa lue ` 10 ppeer sh
ac
(Fac shaa re) 38
1) Basic (amount in `) 9.95 31.06
2) Diluted (amount in `) 9.95 31.06
For B.R
B.R.. G Guupt
ptaa & Co Co.. For & oon n bbeh
eh
ehaa lf of BBoo ar d of Di
Dirr e ct
ctoors of Pea
earr l Glo
Pea Globb a l IInd
ndus tr ies L
ndu Lii m it
itee d
C ha r t e r e d A
Acc c ou
oun n tan ts
(D
(Dee ep a k Ag Agaa r w a l ) (P
(Puu l k it SSet
et
ethh) (D
(Dee ep a k SSet
et
eth h)
(Ka
(Kashsh
shm m i r Si
Sinng h R Raat hou
hour)r) (S
(Saa nde
ndeeep SSab
ab
abhha r wa l )
Date: July 28, 2020 M. No. ACS - 8370
Date: July 28, 2020
96
A . Eq
Equu it
ityy Sh Caap it
Shaare C itaa l
As aatt Ap r il 01, 2018
Ap 2,166.39
Changes during the year -
As aatt M
Maar ch 31, 2019 2,166.39
As aatt M
Maar ch 31, 2020 2,166.39
B. O the
herr Eq
Equu it
ityy
P ar ticu
icull ars R ese
eserr v e & SSuurp rpll us It e m s of ot he
othe
herr of ccoo m p rehe
ehenn siv nc
sivee iinc
ncoo me
G e ne
nerr a l S e cu
curr itityy C a p ititaa l A m a l g a m a t io
ionn R et
etaa i ne estt me
nedd C h a n g e iinn iinn v es menn t E ffe ct
ffect
ctiv
ivivee C u r r e nc otaa l OOtthe
ncyy Tot herr No n - Tot
otaa l
R ese ium
eserr v e P r em iu dem
m R e de m pt io
ptio
ionn R ese
eserr v e E a rn in g s t hr ou
ougg h ot he
othe
herr Po r t ioionn of CCaa sh Tr a n sa sall a t io
ionn Eq
Equu itityy c o n t r o l l i n g Eq
Equu itityy
R ese
eserr v e c o m p r ehe
ehenn siv nc
sivee iinc
ncoo me F lo
loww HHee d g e R ese
eserr v e i nt e r esestt
B a la nc
ncee aass aatt M
Maa r ch 31, 2018 4,204.36 17,103.90 95.00 625.95 14,570.12 (54.38) - 802.04 37,346.97 965.10 38,312.08
Capital injection by a non-controlling interest - - - - (104.32) - - - (104.32) 104.32 -
Profit / (loss) for the year - - - - 6,728.02 - - - 6,728.02 (17.10) 6,710.92
Remeasurement of the benefit plan, net of tax effect - - - - 149.76 - - - 149.76 - 149.76
Other Comprehensive Income - - - - (12.67) - 1,234.93 1,222.26 100.94 1,323.20
Tot
otaa l Co
Com m p r ehe
ehenn siv nc
sivee IInc
ncoo me fo he yea
forr tthe yearr - - - - 6,773.46 (12.67) - 1,234.93 7,995.72 188.16 8,183.88
Dividend - - - - (433.28) - - - (433.28) - (433.28)
Dividend Distribution Tax - - - - (89.06) - - - (89.06) - (89.06)
B a la nc
ncee aass aatt M
Maa r ch 31, 2019 4,204.36 17,103.90 95.00 625.95 20,821.23 (67.05) - 2,036.96 44,820.35 1,153.26 45,973.61
Profit / (loss) for the year - - - - 2,156.44 - - - 2,156.44 16.39 2,172.82
Implementation of Ind AS 116: Leases - - - - (349.36) - - - (349.36) - (349.36)
Remeasurement of the benefit plan, net of tax effect - - - - 144.31 - - 144.31 - 144.31
Other Comprehensive Income - - - - - (38.29) (645.23) 2,586.31 1,902.79 126.80 2,029.59
Pearl Global Industries Limited Annual Report 2019-20
Tot
otaa l Co
Com m p r ehe
ehenn siv nc
sivee IInc
ncoo me fo he yea
forr tthe yearr - - - - 1,951.39 (38.29) (645.23) 2,586.31 3,854.18 143.18 3,997.37
Dividend - - - - (649.92) - - - (649.92) - (649.92)
Dividend Distribution Tax - - - - (133.59) - - - (133.59) - (133.59)
B a la nc
ncee aass aatt M
Maa r ch 31, 2020 4,204.36 17,103.90 95.00 625.95 21,989.10 (105.34) (645.23) 4,623.28 47,891.01 1,296.44 49,187.47
Consolidated Statement of changes in equity
Summary of Significant Accounting Policies

B.R.. G
For B.R Guupt
ptaa & CoCo.. For & oon eh
n bbeh
ehaa lf of B
Boo a r d of Di
Dirr e ct
ctoors of Pea
Pea
earr l Glo
Glob nd
b a l IInd
nduus tr ies L
Lii m it
itee d
C h a r t er e d A
Acc c ou
ounnta nt s
(D
(Dee ep a k Ag
Agaa r w a l ) (P
(Pu et
u lk it SSet
ethh) (D et
(Dee ep a k SSet
ethh)
(Ka sh
(Kash m i r Si
shm ng h R
Sin Raa thour)
hour) (S
(Saa nde ab
ndeeep SSab
abhha r w a l )
Date: July 28, 2020 M. No. ACS - 8370
Date: July 28, 2020
Consolidated Statement of Cash Flow

Par ticu
icull ars For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Ca sh F lo
Flo ws F
lows Frro m OpOpeeratin g A ct
Act iv
ctiv it
ivit ies
ities
Profit bbefo
efo
eforre ex
excc ept io
ptio
ionn a l it
iteems aand
nd ttaa x 3,123.41 8,293.93
Adj ustme
dju mennts fo
forr :
Depreciation and amortization 4,204.40 2,589.48
Interest Paid and other borrowing cost 2,727.05 2,845.56
Unwinding of discount on security deposit 30.32 26.39
Sundry balances Written back (37.34) (55.17)
Grant Amortised during the year (1.00) (1.00)
Provision for Doubtful Debt Written Back - (37.87)
Amortisation of deferred Rental Income (32.08) (31.67)
Unwinding of discount on security deposits 157.32 (39.87)
Profit on sale of current investment - Mutual Fund (73.79) (218.20)
Rental Income (980.53) (814.53)
Interest Income (1,142.49) (907.06)
Fair value loss (gain) on financial assets measured at fair value through profit and loss (29.41) 133.64
Amortisation of deferred asset - security deposit paid (154.15) 42.22
Fair value loss (gain) on financial assets measured at fair value through OCI 38.29 (12.67)
Re-measurement gains/ (losses) on defined benefit plans 340.22 222.67
Foreign exchange translation reserve 3,740.59 1,160.80
Loss / (Profit) on mark to market forward contracts 462.80 (247.24)
Allowance for bad and doubtful debts 47.92 391.92
Bad debts written off 26.31 103.78
---------------------------------------------------------- ----------------------------------------------------------
Op
Opeer atin g P
Prrofit B efo
eforre W
Befo Woo r ki n g C
Caap it
itaa l C
Chha n g es 12,447.84 13,445.12
Mov
oveeme
men nt IIn
nWWoorkin g C Caap it
itaa l :
(Increase)/Decrease in Trade Receivables 61.16 (8,439.11)
(Increase)/Decrease in other non-current financial assets (278.63) 876.74
(Increase)/Decrease in other current financial assets 332.68 (384.94)
(Increase)/Decrease in other non-current assets 786.53 1,210.31
(Increase)/Decrease in other current assets (2,594.06) 683.72
(Increase)/Decrease in Inventories (2,755.16) (2,628.26)
Increase/(Decrease) in Trade Payables 37.54 7,236.34
Increase/(Decrease) in other non-current financial liabilities 57.05 37.07
Increase/(Decrease) in other current financial liabilities 268.62 (49.27)
Increase/(Decrease) in non-current provisions (32.87) 232.85
Increase/(Decrease) in current provisions (13.27) 20.58
Increase/(Decrease) in other non-current liabilities (310.72) (275.54)
Increase/(Decrease) in other current liabilities 3.94 103.46
---------------------------------------------------------- ----------------------------------------------------------
Ca sh G
Geene
nerrat e d F
Frrom Op
Opeeratio
ionns 8,010.64 12,069.06
Tax paid on dividend (133.59) (89.06)
Direct Tax paid (Net of Refunds) (1,574.14) (2,779.47)
---------------------------------------------------------- ----------------------------------------------------------
Ca sh flow bbefo
flow efo
eforre ex
exccept io
ptio
ionn a l it
iteems 6,302.92 9,200.53
Exceptional items 68.72 (1,722.12)
---------------------------------------------------------- ----------------------------------------------------------
Net C
Caa sh IIn
n flowF
flow Frro m/(
m/(UUse
sedd IIn
n) Op
Opeer atin g Act
Act iv
ctiv it
ivit ies
ities (A) 6,371.64 7,478.41
---------------------------------------------------------- ----------------------------------------------------------
Consolidated Statement of Cash Flow

for the year ended March 31, 2020 (Contd.)
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Ca sh F lo
Flo ws F
lows Frrom IIn
nves
esttin g A ct
Act iv
ctiv it
ivit ies
ities
Purchase of property, plant and equipment(including ROU, net of Lease Liabilities) (7,013.59) (8,930.08)
Sale proceeds of property, plant and equipment 341.33 1,916.16
(Increase)/Decrease in Capital work in progress (2,831.68) 61.80
Purchase of Investment Properties (49.12) (1.29)
Purchase of Intangible assets (17.57) (27.65)
Purchase of goodwill - (79.82)
(Increase)/decrease in capital advances (50.76) (21.20)
Increase/(decrease) in capital creditor (819.04) 800.73
(Increase)/Decrease in non-current Investments 191.79 (166.39)
(Increase)/Decrease in current Investments (589.48) 717.18
(Increase)/Decrease in non-current Loans (151.65) (189.57)
(Increase)/Decrease in current Loans (66.52) (1,329.73)
(Increase)/Decrease in bank deposit 492.53 (346.99)
Interest Income 1,130.72 923.00
Rental Income 980.53 814.53
---------------------------------------------------------- ----------------------------------------------------------
Net C
Caa sh F
Frro m/ ((U
Use
sedd IIn
n) IIn
nves
estti ng Act
Act iv
ctiv it
ivit ies
ities (B) (8,452.51) (5,859.32)
---------------------------------------------------------- ----------------------------------------------------------
Ca sh F lo
Flo ws F
lows Frro m F
Fii na nci
ncinng A ct
Act iv
ctiv it
ivities
ities
Increase/ (Decrease) in Long Term Borrowings 2,965.24 (381.97)
Increase/ (Decrease) in Non Cash INDAS Impact Borrowings (349.37) (17.49)
Government grant received - 144.61
Increase/ (Decrease) in Short Term Borrowings 2,229.26 2,131.64
Increase/ (Decrease) in unpaid dividend account (30.32) -
Dividend Paid (644.90) (430.97)
Interest paid (net) (2,714.25) (2,856.62)
---------------------------------------------------------- ----------------------------------------------------------
Net ccaa sh iin
n flow fr
flow froom/(use
m/(u d iin
sed n) F
Fii nanci
ncinng Act
Act iv
ctiv it
ivit ies
ities (C) 1,455.64 (1,410.79)
---------------------------------------------------------- ----------------------------------------------------------
Net IInc
nc
ncrrea se (D
ease (Dee crea se) IIn
ease) nCCaa sh And C
And Caa sh Eq
Equu iv
ivaa lents ((A+B+C)
len A+B+C) (625.23) 208.28
Opening Balance of Cash and Cash Equivalents 9,434.12 9,225.83
---------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l C
Caa sh And C
And Caa sh Equ iv
Equ ivaa lent (N
len ot
otee N
(Not o . 17)
No 8,808.89 9,434.13
---------------------------------------------------------- ----------------------------------------------------------
Comp one
Com nts Of C
nen Caa sh A nd C
And Caa sh Eq
Equuiv
ivaa lent s
len
Cash on hand 606.60 1,327.67
With banks - on current account and deposits with banks 8,062.59 7,156.93
- on unpaid dividend account 139.70 949.52
---------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l C
Caa sh aand
nd C
Caa sh eeq
qu iv
ivaa le
lennt (Not
otee N
(Not o. 17)
No 8,808.89 9,434.13
---------------------------------------------------------- ----------------------------------------------------------
Fo r B.R
B.R.. G Guu pt
ptaa & Co
Co.. Fo r & oon
n bbeh
eh
ehaa lf of B
Boo a r d of Di
Dirre ct
ctoo rs of Pea
earr l Glo
Pea Globb a l IInd
ndu s tr ies L
ndu Lii m it
itee d
C h ar t e r e d A
Acc c oun ta n ts
oun
(D
(Dee e p a k Ag
Agaa r w a l ) (P
(Puu l kit SSet
eth)
eth (D
(Dee e p a k SSet
eth)
eth
(Ka sh
(Kash m ir Si
shm Sinng h R
Raa thour)
hour) (S
(Saa nde
ndeee p SSab
ab
abhha r w a l )
Date: July 28, 2020 M. No. ACS - 8370
Date: July 28, 2020
Notes
to consolidated financial statements for the year ended March 31, 2020
NOT E 1: CO
NOT CORR P O R AT E IN
INFF O R M AT I O N operations. The shares of the Group are listed on BSE Limited
Pearl Global Industries Limited is a public limited Group and National Stock Exchange of India Limited in India.
domiciled in India and incorporated under the provisions of The Consolidated financial statements were authorised for issue
the Companies Act,1956. The Group along with its subsidiaries in accordance with a resolution of the Board of Directors on
(collectively referred to as “the Group”), is primarily engaged July 28, 2020.
in manufacturing, sourcing, distribution and export of ready The Group, its subsidiaries (jointly referred to as the ‘Group’
to wear apparels through its domestic and global facilities and herein under) considered in these consolidated financial
statements are:
Porp
rpoo r tio
ionn (%) of eeq
quit
ityy iin
nteres
estt
Na me of Grou
Grou p
oup Cou
Coun ntr y of Princi
ncipp a l act iv
activ it
ivit ies
ities As A
Att As AAtt
inc
ncoorp
rpooratio
ionn March 31, 2020 March 31, 2019
Subsid
ubsidiaia
iarries
Pearl Apparel Fashions Limited India Trading of garments 100.00 100.00
Pearl Global Kausal Vikas Limited India Skill development 100.00 100.00
(Formally known as
Pixel Industries Ltd)
SBUYS E-Commerce Limited India Online Trading of garments 100.00 -
Pearl Global Far East Limited Hong Kong Trading of garments 100.00 100.00
Pearl Global (HK) Limited Hong Kong Trading of garments 100.00 100.00
Norp Knit Industries Limited Bangladesh Manufacturing and 99.99 99.99
trading of garments
NO
OTT E 2: BA SIS
BAS O
OFF P
PRR E PA R AT I O N A
ANND for the purpose of current non-current classification of assets
ME A SU R EMENT and liabilities.
S t a t e me
menn t of Co
Comm p l ia nc
ncee : The Financial Statements are
ianc Functional and Presentation Currency
prepared on an accrual basis under historical cost Convention The financial statements are presented in ` and all values are
except for certain financial instruments which are measured at rounded to the nearest lakh upto two decimal places except
fair value. These financial statements have been prepared in otherwise stated.
accordance with the Indian Accounting Standards (Ind AS) as
prescribed under Section 133 of the Companies Act, 2013 read Going Concern
with the Companies (Indian Accounting Standards) Rules, The board of directors have considered the financial position
2015 as amended and other relevant provisions of the of the Group at 31st March 2020 and the projected cash flows
Companies Act, 2013, as applicable.The accounting policies and financial performance of the Group for at least twelve
are applied consistently to all the periods presented in the months from the date of approval of these financial statements
financial statements. as well as planned cost and cash improvement actions, and
Basis of Preparation and presentation: The financial statements believe that the plan for sustained profitability remains on
are prepared under the historical cost convention except for course.
certain financial assets and liabilities (including derivative The board of directors have taken actions to ensure that
financial instruments) that are measured at fair value or appropriate long-term cash resources are in place at the date of
amortised cost.All assets and liabilities have been classified as signing the accounts to fund the Group’s operations.
current or noncurrent according to the Group’s operating cycle Basis of Consolidation:- The Consolidated Financial
and other criteria set out in the Act. Based on the nature of Statements have been prepared on the following basis:-
products and the time between the acquisition of assets for
i) The consolidation financial statements of the Group and
processing and their realisation in cash and cash equivalents,
its subsidiary companies have been prepared in accordance
the Group has ascertained its operating cycle as twelve months
with the Ind AS 110 “Consolidated financial statements”,
Notes
on a line-by-line basis by adding together the book values Foreign Exchange Rates’, the operations of all the
of like items of assets, liabilities, income, and expenses, after foreign subsidiaries are identified as non integral
eliminating intra-group balances and intra-group operations of the Group in the current year and
transactions resulting in unrealized profits or losses. translated into Indian Rupee.
Accounting policies of subsidiaries have been changed - The Assets and Liabilities of Foreign operations,
where necessary to ensure consistency with the policies including Goodwill/Capital Reserve arising on
adopted by the group.(including considering the consolidation, are translated in Indian Rupee (INR)
materiality impact) at foreign exchange rate at closing rate ruling as at
Subsidiaries are all entities over which the group has the balance sheet date and the revenue and expenses
control. The group controls an entity when the group is of foreign operations are translated in Indian Rupee
exposed to, or has rights to, variable returns from its (INR) at yearly average currency exchange rate, of the
involvement with the entity and has the ability to affect respective years.
those returns through its power to direct the relevant - Foreign exchange differences arising on translation of
activities of the entity. Subsidiaries are fully consolidated “Non-integral Foreign Operations” are recognized as,
from the date on which control is transferred to the group. ‘foreign exchange translation reserve’ in balance sheet
They are deconsolidated from the date when control under the head items of other comprehensive income
ceases. as items that will be reclassified subsequently to
ii) The difference of the cost to the Group of its investment statement of profit and loss.
in subsidiaries over its share in the equity of the investee ii
ii)) Fo reig
eignnCurrenc
Cu ncyy T
Trr an sact io
sactio ns
ion
Group as at the date of acquisition of stake is recognized
in financial statements as Goodwill or Capital Reserve, as - Except in case of the parent Group, the sales made in
the case may be. foreign currencies are translated on exchange rate
prevailing on the date of transaction. In case of the
iii) Non-controlling interests in the net assets of consolidated parent Group, the sales made in foreign currency are
subsidiaries is identified and presented in the consolidated translated at an average monthly exchange rate which
Balance Sheet separately within equity of the Group’s approximates the transaction date rate.
shareholders.
- Gain/Loss arising out of fluctuation in the exchange
Non-controlling interests in the net assets of consolidated rate on settlement of the transaction is recognized in
subsidiaries consists of: the Statement of Profit and Loss.
- The amount of equity attributable to Non-controlling - Other transactions in foreign currency are recognized
interests at the date on which investment in a on initial recognition at the exchange rate prevailing
subsidiary is made; and at the time of transaction.
- The Non-controlling interests share of movements in - Foreign Currency monetary items are reported using
equity since the date parent subsidiary relationship the closing rate as on balance sheet date. The resultant
came into exitence. The profit and other exchange gain/loss is dealt with in the Statement of
comprehensive income attributable to Non- Profit & Loss.
controlling interestsof subsidiaries are shown
separately in the consolidated statement of profit and R e c ent ac
accc ountin g pprro nou
oun nounc
nceeme
nc men nts ddaate d JJu u ly 24, 2020
loss, consolidated statement of changes in equity and ifie
notifie
not ifiedd bbyy M
Miin is
isttr y of Co rp
Corp
rpoor ate Aff
ffaa irs aarre aass uunde
Aff nde
nderr :-
balance sheet respectively a) Ind A
ASS1P
Prrese
esenntation of F
ion Fiin ancia
nciall SSttateme
mennt s
iv) The Consolidated Financial Statements are presented, to The term “Material” has been defined as: Information is
the extent possible, in the same format as adopted by the material if omitting, misstating or obscuring it could
parent Group for its individual financial statements. reasonably be expected to influence decisions that the
The effe ct of C
effect han g es iin
Ch nF o reig
Fo eignn Exch
chaa n g e R
Exch Raates primary users of general purpose financial statements make
on the basis of those financial statements, which provide
i) Tr a n s llaa t i oon
n of F
Fii n a ncia
nciall SStt a t e m een
n t s of F
Foo r eig
eignn financial information about a specific reporting entity.
Opeeratio
Op ionns Materiality depends on the nature or magnitude of
- In view of Ind As-“21” ‘The effects of Changes in information, or both. An entity assesses whether
Notes
information, either individually or in combination with in this Ind AS, which requires that the assets acquired and
other information, is material in the context of its financial liabilities assumed constitute a business. If the assets
statements taken as a whole. Assessing whether acquired are not a business, the reporting entity shall
information could reasonably be expected to influence account for the transaction or other event as an asset
decisions made by the primary users of a specific reporting acquisition. Paragraphs B5–B12D provide guidance on
entity‘s general purpose financial statements requires an identifying a business combination and the definition of a
entity to consider the characteristics of those users while business. Certain other changes include definition of
also considering the entity‘s own circumstances. Business and three elements of business such as Input,
b) Ind A
ASS 8, A
Acc cou
ounn ti n g Po l icies, C
Po han g es iin
Ch nAAcc count i n g
oun Process, Output and changes in the Appendix to the IND
Estimates aand
nd E Errro rs AS 103.
The term Material”, used in this Standard shall have the g ) Certain other changes in IND AS 107 & 109 with respect
same meaning as assigned to it in paragraph 7 of Ind AS 1. to Hedge Accounting Disclosures, temporary exceptions
from applying specific hedge accounting requirements and
c) Ind A
ASS 10 – E aftter tthe
Evvent s af Reep or tin g P
he R Peerio
iodd Transition for hedge accounting.
If non-adjusting events after the reporting period are Application of New Accounting Pronouncements
material, non-disclosure could reasonably be expected to
influence decisions that the primary users of general The following Ind As pronouncements were applied by
purpose financial statements make on the basis of those the Group during the year:
financial statements, which provide financial information a) Ind AS 116 Leases w.e.f April 1, 2019.
about a specific reporting entity. Accordingly, an entity b) Ind AS 12 Appendix C - Uncertainity over Income
shall disclose the nature of the event and an estimate of its tax treatments
financial effect, or a statement that such an estimate cannot
be made for each material category of non-adjusting event c) Amendments to Ind AS 19 - Plan Amendment
after the reporting period. curtainment & settlement w.e.f April 1, 2019.
d ) Ind A
ASS 37 – P Prrov isio
ovisio
isionn s, Co
Connt i n g ent L iab
Liab il
iabil it
ilit ies aand
ities nd NOT E 3: SI
NOT SIGG N I FI
FICCAN T ACCO UN T IN G P
AC POOLICIES
Co
Conntin g ent Asset
setss
Asset a) Sig
Signn ific
ificaa n t ac
accc ou
ounn t i n g jjud
ud
udgg e me
menn t s, es
estt i m a t es aand
nd
A management or board decision to restructure taken a ssumpt io
ptio
ion ns
before the end of the reporting period does not give rise In preparing these financial statements, management has
to a constructive obligation at the end of the reporting made judgements, estimates and assumptions that affect
period. If an entity starts to implement a restructuring plan, the application of the Group’s accounting policies and the
or announces its main features to those affected, only after reported amounts of assets, liabilities, income and
the reporting period, disclosure is required under Ind AS expenses. Management believes that the estimates used in
10 Events after the Reporting Period, if the restructuring the preparation of the financial statements are prudent and
is material and non-disclosure could reasonably be reasonable. Actual results may differ from these estimates.
expected to influence decisions that the primary users of Estimates and underlying assumptions are reviewed on an
general purpose financial statements make on the basis of ongoing basis. Revisions to accounting estimates are
those financial statements, which provide financial recognized prospectively.
information about a specific reporting entity.
Jud
udgg ement s
men
e) Ind A
ASS 116 – L ea
Lea ses
eases
Information about the judgements made in applying
Practical Expedient has been issued which permits lessees accounting policies that have the most significant effects
not to account for COVID related concessions as a lease on the amounts recognized in the financial statements as
modification. The practical expedient has been made given below:
applicable from accounting period starting from April 1,
• In respect of lease payments, determination whether
2020.
arrangements contain a lease and determination of
f ) Ind A
ASS 103 – Bu si
Bu nes
nesss Co
sines mb
mbiinatio
Comb ionns cancellable and non-cancellable tenure of leases (IND
An entity shall determine whether a transaction or other AS 116)
event is a business combination by applying the definition
Notes
• Classification of financial assets: assessment of L iab il

iabil it
ilit ies
ies::
ities
business model within which the assets are held and A liability is current when:
assessment of whether the contractual terms of the
financial asset are solely payments of principal and (a) It is expected to be settled in normal operating cycle
interest on the principal amount outstanding (b) It is held primarily for the purpose of trading
• Useful lives of Property, plant and equipment and (c) It is due to be settled within twelve months after the
Intangible Assets reporting period, or
• Employee benefit plans (d) There is no unconditional right to defer the
• Amortization of Government Grant settlement of the liability for at least twelve months
after the reporting period
• Determination of Provision of income taxes vis-à-vis
anticipated tax issues and final tax outcomes of All other liabilities are classified as non-current.
pending matters. Deferred tax assets and liabilities are classified as non-
As
Asssumpt io
ptio
ionn s aand
nd es
esttimatio
ionn uunc
nc
nceer ta inties current assets and liabilities.
Information about assumptions and estimation Op

Opee r a t i n g ccycle
ycle
ycle:: T he oop
The p e r a t i n g ccycle
ycle is tthe he ttii me
uncertainties that have a significant risk of resulting in a b et
etwwe en tthehe ac acqquisit io
isitio
ion n of aassset
setss fo
forr pprro c es si
essi
sinn g aand
nd
material adjustment included in the following notes: t hei
heirr rrea
ea
eall isa
isatt io
ionn iin
n ccaa sh aand
nd ccaa sh eeq q u iv
ivaa le
lennts . T he
The
Gr ou
Grououpp hhaa s ide
iden ntifie
ifiedd ttwwel
elvve mo
mon nths aass it
itss oop
p e ratin g
• measurement of defined benefit obligations and c ycle.
planned assets: key actuarial assumptions.
c) P r o p e r t y, PPll a n t aand
nd Eq
Equu i p m een
n t (P
(PPP E) aan
nd
• recognition of deferred tax assets: availability of future Depre ciaciattio n
ion
taxable profit against which carry-forward tax losses
can be used. Property, plant and equipment and capital work in progress
are stated at cost less accumulated depreciation and
• impairment of financial assets. accumulated impairment losses, if any. Such cost includes
• recognition and measurement of provisions and expenditure that is directly attributable to the acquisition
contingencies: key assumptions about the likelihood of the asset. The cost of self-constructed assets includes
and magnitude of an outflow of resources. the cost of materials and direct services, any other costs
• impairment test of non-financial assets: key directly attributable to bringing the assets to its working
assumptions used in estimating recoverable cash flows. condition for their intended use and cost of replacing part
of the plant and equipment and borrowing costs for long-
• fair value measurement of financial instruments. term construction projects if the recognition criteria are
b) Current vveers
rsuus no
nonn- cu
currrent cl
claa ssific
sificaatio
ionn met. When parts of an item of PPE having significant costs
The Group presents assets and liabilities in the balance have different useful lives, then they are accounted for as
sheet based on current/ non-current classification. separate items (major components) of property, plant &
equipment.
Asset
setss :
Asset
An item of property, plant and equipment and any
An asset is treated as current when it is:
significant part initially recognised is de-recognised upon
a) Expected to be realised or intended to be sold or disposal or when no future economic benefits are expected
consumed in normal operating cycle. from its use. Any gain or loss arising on de-recognition of
b) Held primarily for the purpose of trading the asset (calculated as the difference between the net
c) Expected to be realised within twelve months after disposal proceeds and the carrying amount of the asset) is
the reporting period, or included in the statement of profit and loss.
d) Cash or cash equivalent unless restricted from being Transit io

sition tto
ion o IInd
nd A
ASS : On transition to Ind AS, the Group
exchanged or used to settle a liability for at least twelve has elected to continue with the carrying value of all its
months after the reporting period. property, plant and equipment as at 1 April 2016, measured
as per the previous GAAP, and use that carrying value as
All other assets are classified as non-current. the deemed cost of such property, plant and equipment.
Notes
Subse
ubseq quent ccos
uen os
ostt s : The cost of replacing a part of an item d ) Inves
esttment P
men Prrop er ties
of property, plant and equipment is recognised in the Property that is held for rental yields or for capital
carrying amount of the item of property, plant and appreciation or both, and that is not occupied by the
equipment, if it is probable that the future economic Group, is classified as investment property. Investment
benefits embodied within the part will flow to the Group property is measured at its cost, including related
and its cost can be measured reliably with the carrying transaction costs and where applicable borrowing costs less
amount of the replaced part getting derecognised. The cost depreciation and impairment if any.
for day-to-day servicing of property, plant and equipment
are recognised in statement of profit and loss as and when The Group, based on technical assessment made by
incurred. management, depreciates the building over estimated
useful life of 60 years. The management believes that these
D e c o m m is sio
issio
sionn i n g Cos
Costt s : The present value of the estimated useful lives are realistic and reflect fair
expected cost for the decommissioning of an asset, if any, approximation of the period over which the assets are likely
after its use is included in the cost of the respective asset if to be used.
the recognition criteria for a provision are met. (as
applicable) Transit io
sition tto
ion o IInd
nd A
ASS : On transition to Ind AS, the Group
has elected to continue with the carrying value of all its
Ca p it
itaa l w
wo n pprr o g r es
o r k iin esss : Capital work in progress investment properties as at 1 April 2016, measured as per
comprises the cost of fixed assets that are not ready for the previous GAAP, and use that carrying value as the
their intended use at the reporting date. deemed cost of such investment properties.
Cost comprises of purchase cost, related acquisition e) O the
herr IIn
nta n g ib le aassset
ible setss
expenses, borrowing costs and other direct expenditure.
R e c o g n itio
itio
ion nd mea
n aand meassureme
mennt
Depreciation is provided on a pro-rata basis on the straight-
line basis on the estimated useful life prescribed under Intangible assets that are acquired by the Group are
Schedule II to Companies Act , 2013 with the following measured initially at cost. Intangible assets with finite
exception : useful lives are measured at cost less accumulated
amortisation and accumulated impairment losses, if any.
- Fixed asset costing upto ` 5000 has been fully All expenditures, qualifying as Intangible Assets are
depreciated during the financial year amortized over estimated useful life. Specialized softwares
- Leasehold land has been amortised over the lease are amortized over a period of 3 years or license period
term. whichever is earlier.
- Freehold Land is not depreciated. Tr an sitio
sitio n tto
ion o IInd
nd A
ASS
Useful life considered for calculation of depreciation for On transition to Ind AS, the Group has elected to continue
various assets class are as follows:- with the carrying value of all its intangible assets recognized
As set C
Asset Clla ss Usef
sefuul L ife
Life as at April 01, 2016, measured as per the previous GAAP,
and use that carrying value as the deemed cost of such
Factory Building 30 Years
intangible assets.
Non- Factory Building 60 Years
S ubse
ubseqq ue
uenn t Ex
Expp e nd it
ndit
ituur e : Subsequent expenditure is
Plant and Equipment’s 5 - 15 Years
capitalised only when it increases the future economic
Furniture and Fixtures 3 - 10 Years benefits embodied in the specific asset to which it relates.
Office Equipment 3 - 5 Years All other expenditure is recognized in Statement of Profit
Vehicles 5 - 8 Years and Loss as incurred.
Computer Equipment 3 Years Amortisation and useful lives: Intangible assets with finite
Computer Software 5 Years lives are amortised over the useful life and assessed for
Depreciation Method, useful lives and residual values are impairment whenever there is an indication that the
reviewed at each financial year end and adjusted, if intangible asset may be impaired. The amortisation period
appropriate. and the amortisation method for an intangible asset with
a finite useful life are reviewed at least at the end of each
Notes
reporting period. Changes in the expected useful life or currencies are translated into the functional currency at
the expected pattern of consumption of future economic the exchange rate at the reporting date.Non-monetary
benefits embodied in the asset are considered to modify assets and liabilities that are measured at fair value in a
the amortisation period or method, as appropriate, and are foreign currencies are translated into the functional
treated as changes in accounting estimates. The currency at the exchange rate when the fair value was
amortisation expense on intangible assets with finite lives determined. Non-monetary assets and iabilities that are
is recognised in the statement of profit and loss unless such measured in terms of historical cost are not retranslated.
expenditure forms part of carrying value of another asset. Exchange differences on monetary items are recognised
The amortisation method, residual value and the useful in profit or loss in the period in which they arise except
lives of intangible assets are reviewed annually and adjusted for exchange differences on foreign currency borrowings
as necessary. relating to assets under construction for future productive
f ) B o rrowin g ccos
os
ostts use, which are included in the cost of those assets when
Borrowing costs consists of interest and amortization of they are regarded as an adjustment to interest costs on
ancillary costs that an entity incurs in connection with the those foreign currency borrowings.
borrowing of funds. Borrowing costs directly attributable Advaces received or paid in foreign currency are recognised
to the acquisition, construction or production of an asset at exchange rate on the date of transaction and not re-
that necessarily takes a substantial period of time to get translated.
ready for its intended use or sale are capitalised as part of Gr ou
Grou p Co
oup Commp an ies
the cost of the asset. All other borrowing costs are expensed
in the period in which they occur. Borrowing costs consist The results and financial position of foreign operations
of interest and other costs that an entity incurs in that have a functional currency different from the
connection with the borrowing of funds. Borrowing cost presentation currency are translated into the presentation
also includes exchange differences to the extent regarded currency as follows:
as an adjustment to the borrowing costs. • assets and liabilities are translated at the closing rate
Borrowing costs consists of interest and amortization of at the date of that balance sheet
ancillary costs that an entity incurs in connection with the • income and expenses are translated at average
borrowing of funds. Borrowing costs directly attributable exchange rates (unless this is not a reasonable
to the acquisition, construction or production of an asset approximation of the cumulative effect of the rates
that necessarily takes a substantial period of time to get prevailing on the transaction dates, in which case
ready for its intended use. income and expenses are translated at the dates of the
g ) Fo reig
eignnCurrenc
Cu ncyy T
Trra n sactio
sactio n s aand
ion nd T
Trra n sl
slaatio
ionns transactions), On Consolidation, all resulting
exchange differences on translation are recognised in
Funct io
nctio
ionna l aand
nd pprrese
esenntatio
ionna l cu
currrenc
ncyy other comprehensive income, that will be reclassified
The Consolidated financial statements are presented in subsequently to statement of profit and loss.
Indian Rupees (`). Items included in the Consolidated h) R e venue R
Ree c o g n it io
itio
ionn
Financial statements of the Group are recorded using the
currency of the primary economic environment in which The Group derives revenue primarily from export of
the Group operates (the ‘functional currency’). All the manufactured and traded goods.
financial information presented in ‘ except where otherwise Effective 01 April 2018, the Group has adopted Indian
stated. Accounting Standard 115 (Ind AS 115) -’Revenue from
Tran sact io
sactio
ion nd bbaa l anc
n s aand es
nces contracts with customers’ The effect on adoption of Ind-
AS 115 was insignificant.
Transactions in foreign currencies are translated into the
functional currency of the Group at the exchange rates at R e venue from cco
fro ontract w it
wit h cu
ith cussto mers
mers
the date the transactions or an average rate if the average Revenue from contract with customers is recognised when
rate approximates the actual rate at the date of the control of the goods or services are transferred to the
transaction. customer at an amount that reflects the consideration to
Monetary assets and liabilities denominated in foreign which the Group expects to be entitled in exchange for
Notes
transferring distinct goods or services to a customer as recognised on the time proportion basis, taking
specified in the contract, excluding the amount collected into account the amount outstanding and the
on behalf of third parties(for example, taxes and duties rate of interest applicable.
collected on behalf of government) and net of returns & d) Dividend Income is recognized when the right
discounts. The Group has concluded that it is acting as to receive is established.
principal in its revenue arrangements.
Variable Consideration
The Group considers whether there are other promises in
the contract that are separate performance obligations to If the consideration in a contract includes a variable
which a protion of the transaction price needs to be amount, the Group estimates the amount of consideration
allocated. In determining the transaction price for the sale to which it will be entitled in exchange for transferring
of products, the Group considers the effect of variable the goods to the customer. The variable consideration is
consideration, the existence of significant financing estimated at contract inception and constrained until it is
component, non-cash consideration, and consideration highly probable that a significant revenue reversal in the
payable to the customer (if any). amount of revenue recognised will not occur when the
associated uncertainty with the variable consideration is
The Group assesses its revenue arrangements against subsequently resolved.
specific recognition criterior like exposure to significant
risks & rewards associated with the sale of goods or Sig
Signn ific
ificaant F
Fiina nci
ncinng Co
Commp o nent
nen
services. When deciding the most appropriate basis for Generally, the Group does not receive short term or long
presenting revenue or costs of revenue, both the legal form term advances from its customers except in certain
and substance of the agreement between the Group and scenarios. Using the practical expedient in Ind AS 115, the
its Customers are reviewed to determine each party’s Group does not adjust the promised amount of
respective role in the transaction. consideration for the effects of a significant financing
Sp e cific rree venue rree co g n itio
itio n ccrrit
ion iteeria
ia:: component if it expects, at contract inception, that the
period between the transfer of promised good or service
( i ) S a le of pprro duct
uctss to the customer and when the customer pays for good or
Revenue from sale of products is recognised at the service will be one year or less. The Group does not expect
point in time when control of product is transferred to have any contracts where the period between the transfer
to the customer. In case of Export sale it is on the of promised goods and services to the customer and
basis of date of airway bill/bill of lading. payment by the customer exceeds one year. As a
( ii
ii)) Jo b w
woork iinc
nc
ncoome consequence, it does not adjust any of the transaction
prices for the time value of money.
Revenue from job work on the product is recognised
at the point in time when control of services is Co
Conntract bbaa la nc es
nces
transferred to the customer, generally on the delivery Co
Conntr act aassset
setss
of the product after completion of job work. A contract asset is the right to consideration in exchange
iii)) Ex
( iii p o r t IInc
Exp nc
nceentives
ives for goods or services transferred to the customer. If the
Export Incentives under various schemes are Group performs by transferring goods or services to a
accounted in the year of export. customer before the customer pays consideration or before
payment is due, a contract asset is recognised for the earned
( iv) O the
herr IInc
nc
ncoo mes consideration that is conditional.
a) Sale of software/ SAP income is recognized at Tr ade rree ceiv ab
eivab les
ables
the delivery of complete module & patches
(through reimbursement from group A receivable represents the Group’s right to an amount of
companies). consideration that is unconditional (i.e., only the passage
of time is required before payment of the consideration is
b) Rental Income is recognized on accrual basis as due). Refer to accounting policies of financial assets in
per the terms of agreement. section Financial instruments – initial recognition and
c) In respect of interest income, revenue is subsequent measurement.
Notes
Contract lliab
Con iab il
iabil it
ilit ies
ities j) L ea ses
eases
A contract liability is the obligation to transfer goods or The Group assesses at contract inception whether a
services to a customer for which the Group has received contract is, or contains, a lease. That is, if the contract
consideration (or an amount of consideration is due) from conveys the right to control the use of an identified asset
the customer. If a customer pays consideration before the for a period of time in exchange for consideration.
Group transfers goods or services to the customer, a Group as a lessee
contract liability is recognised when the payment is made
or the payment is due (whichever is earlier). Contract The Group lease asset classes primarily comprise of lease
liabilities are recognised as revenue when the Group for land and building. The Group assesses whether a
performs under the contract. contract contains a lease, at inception of a contract. A
contract is, or contains, a lease if the contract conveys the
Cos
Costt tto
o oobt
bt
btaa in a cco
o ntr act right to control the use of an identified asset for a period
The Group does not capitalise costs to obtain a contract of time in exchange for consideration. To assess whether a
because majorly the contracts have terms that do not contract conveys the right to control the use of an
extend beyond one year. identified asset, the Group assesses whether: (i) the
i) Inventories contract involves the use of an identified asset (ii) the
Group has substantially all of the economic benefits from
i) Inventories of finished goods manufactured by the use of the asset through the period of the lease and (iii)
Group are valued style-wise and at lower of cost and the Group has the right to direct the use of the asset. The
estimated net realizable value. Cost includes material Group applies a single recognition and measurement
cost on weighted average basis and appropriate share approach for all leases, except for short-term leases and
of overheads incurred in bringing them to their leases of low-value assets. For these short-term and low
present location and condition. In the case of value leases, the Group recognizes the lease payments as
manufactured inventories and work-in-progress, cost an operating expense on a straight-line basis over the term
includes an appropriate share of fixed production of the lease. The Group recognises lease liabilities to make
overheads based on normal operating capacity. lease payments and right-of-use assets representing the
ii) Inventories of finished goods (traded) are valued at right to use the underlying assets as below:
lower of procurement cost (FIFO method) or i) Right-of-use assets
estimated net realizable value.
The Group recognises right-of-use assets at the
iii) Inventories of raw material, work in progress, commencement date of the lease (i.e., the date the
accessories & consumables are valued at cost underlying asset is available for use). Right-of-use
(weighted average method) or at estimated net assets are measured at cost, less any accumulated
realizable value whichever is lower. WIP cost includes depreciation and impairment losses, and adjusted for
appropriate portion of allocable overheads. Raw any remeasurement of lease liabilities. The cost of
materials and other supplies held for use in the right-of-use assets includes the amount of lease
production of finished products are not written down liabilities recognised, initial direct costs incurred, and
below cost except in cases where material prices have lease payments made at or before the commencement
declined and it is estimated that the cost of the date less any lease incentives received. Right-of-use
finished products will exceed their net realisable value. assets are depreciated on a straight-line basis over the
iv) Net realizable value is the estimated selling price in shorter of the lease term and the estimated useful lives
the ordinary course of business, less estimated costs of the underlying assets (i.e. 30 and 60 years) If
of completion and estimated costs necessary to make ownership of the leased asset transfers to the Group
the sale. The comparison of cost and net realizable at the end of the lease term or the cost reflects the
value is made on a item by item basis. Obsolete or exercise of a purchase option, depreciation is
slow moving inventories are identified from time to calculated using the estimated useful life of the asset.
time and a provision is made for such inventories as The right-of-use assets are also subject to impairment.
appropriate on periodic basis. ii) Lease Liabilities
At the commencement date of the lease, the Group
Notes
recognises lease liabilities measured at the present does not transfer substantially all the risks and rewards
value of lease payments to be made over the lease term. incidental to ownership of an asset are classified as
The lease payments include fixed payments (including operating leases. Rental income arising is accounted
in substance fixed payments) less any lease incentives for on a straight-line basis over the lease terms. Initial
receivable, variable lease payments that depend on an direct costs incurred in negotiating and arranging an
index or a rate, and amounts expected to be paid under operating lease are added to the carrying amount of
residual value guarantees. The lease payments also the leased asset and recognised over the lease term on
include the exercise price of a purchase option the same basis as rental income. Contingent rents are
reasonably certain to be exercised by the Group and recognised as revenue in the period in which they are
payments of penalties for terminating the lease, if the earned.
lease term reflects the Group exercising the option to k) Emp lo ye
loye e’
e’ss bbeenefit
yee’ nefitss
terminate. Variable lease payments that do not depend
on an index or a rate are recognised as expenses (unless Sho m p lo
Shorr t tteerm eem ye
yeee bbeenefit
loye nefitss: All employee benefits
they are incurred to produce inventories) in the period expected to be settled wholly within twelve months of
in which the event or condition that triggers the rendering the service are classified as short-term employee
payment occurs. In calculating the present value of benefits. When an employee has rendered service to the
lease payments, the Group uses its incremental Group during an accounting period, the Group recognises
borrowing rate at the lease commencement date the undiscounted amount of short-term employee benefits
because the interest rate implicit in the lease is not expected to be paid in exchange for that service as an
readily determinable. After the commencement date, expense unless another Ind AS requires or permits the
the amount of lease liabilities is increased to reflect inclusion of the benefits in the cost of an asset. Benefits
the accretion of interest and reduced for the lease such as salaries, wages and short-term compensated
payments made. In addition, the carrying amount of absences, bonus and ex-gratia etc. are recognised in
lease liabilities is remeasured if there is a modification, statement of profit and loss in the period in which the
a change in the lease term, a change in the lease employee renders the related service.
payments (e.g., changes to future payments resulting A liability is recognised for the amount expected to be paid
from a change in an index or rate used to determine after deducting any amount already paid under short-term
such lease payments) or a change in the assessment of cash bonus or profit-sharing plans if the Group has a
an option to purchase the underlying asset. The present legal or constructive obligation to pay this amount
Group’s lease liabilities are included in other current as a result of past service provided by the employee, and
and non-current financial liabilities. the obligation can be estimated reliably. If the amount
(iii) Short-term leases and leases of low-value assets already paid exceeds the undiscounted amount of the
benefits, the Group recognises that excess as an asset /
The Group applies the short-term lease recognition prepaid expense to the extent that the prepayment will lead
exemption to its short-term leases (i.e., those leases to, for example, a reduction in future payments or a cash
that have a lease term of 12 months or less from the refund.
commencement date and do not contain a purchase
option). It also applies the lease of low-value assets D efi ne
efine
nedd cco
ontribu
ibuttio
ionn ppll an
recognition exemption to leases that are considered A defined contribution plan is a post-employment benefit
to be low value. Lease payments on short-term leases plan under which an entity pays fixed contributions to a
and leases of low-value assets are recognised as expense statutory authority and will have no legal or constructive
on a straight-line basis over the lease term. “Lease obligation to pay further amounts.
liability” and “Right of Use” asset have been separately Retirement benefits in the form of Provident Fund,
presented in the Balance Sheet and lease payments Employee State Insurance Scheme and Labour Welfare
have been classified as financing cash flows. Fund Scheme are defined contribution plans. The
Group as a lessor contributions paid/payable to government administered
Leases for which the Group is a lessor is classified as respective funds are recognised as an expense in the
finance or operating lease. Leases in which the Group Statement of Profit and loss during the period in which
the employee renders the related service.
Notes
D efi ne
efine
nedd bbeenefit pplla n independent actuarial valuation using the projected unit
A defined benefit plan is a post-employment benefit plan credit method.
other than a defined contribution plan. l) Provisio
ovisio ns
ision
The Group has an obligation towards gratuity, a defined G ene
nerra l
benefit retirement plan covering eligible employees. The Provisions are recognised when the Group has a present
plan provides for a lump sum payment to vested employees obligation (legal or constructive) as a result of a past event,
at retirement, death while in employment or on it is probable that an outflow of resources embodying
termination of employment of an amount based on the economic benefits will be required to settle the obligation
respective employee’s salary and the tenure of employment. and a reliable estimate can be made of the amount of the
Vesting occurs upon completion of five years of service. obligation.
The Group accounts for the liability for gratuity benefits
payable in future based on an independent actuarial When the Group expects some or all of a provision to be
valuation report using the projected unit credit method reimbursed, the reimbursement is recognised as a separate
as at the year end. asset, but only when the reimbursement is virtually certain.
The obligations are measured at the present value of the The expense relating to a provision is presented in the
estimated future cash flows. The discount rate is generally statement of profit and loss, net of any reimbursement. If
based upon the market yields available on Government the effect of the time value of money is material, provisions
bonds at the reporting date with a term that matches that are discounted using a current pre-tax rate that reflects,
of the liabilities. when appropriate, the risks specific to the liability. The
unwinding of discount is recognised in the statement of
Re-measurements, comprising actuarial gains and losses, profit and loss as a finance cost.
the effect of the changes to the asset ceiling (if applicable)
and the return on plan assets (excluding interest and if Provisions are reviewed at the end of each reporting period
applicable), is reflected immediately in Other and adjusted to reflect the current best estimate. If it is no
Comprehensive Income in the statement of profit and loss. longer probable that an outflow of resources would be
All other expenses related to defined benefit plans are required to settle the obligation, the provision is reversed.
recognised in statement of profit and loss as employee m) Financia
nciall iin
n str ument s
men
benefit expenses. Re-measurements recognised in Other A financial instrument is a contract that gives rise to a
Comprehensive Income will not be reclassified to financial asset for one entity and a financial liability or
statement of profit and loss hence it is treated as part of equity instrument for another entity.Financial assets and
retained earnings in the statement of changes in equity. financial liabilities are recognised when the Group
Gains or losses on the curtailment or settlement of any becomes a party to the contractual provisions of the
defined benefit plan are recognised when the curtailment instruments.
or settlement occurs. Curtailment gains and losses are
( i) F
Fiin ancia
nciall aassset
setss
accounted for as past service costs.
In itia
iall rree c o g n it
itia io
itio n aand
ion nd mea
meassureme
mennt
O the
herr lon g tteerm eem
lon mp lo ye
yeee bbeenefit
loye nefitss
A financial asset is initially recognised at fair value. In case
As per the Group’s policy, eligible leaves can be
of financial assets which are recognised at fair value
accumulated by the employees and carried forward to
through profit and loss (FVTPL), its transaction cost are
future periods to either be utilised during the service, or
recognised in the statement of profit and loss. In other
encashed. Encashment can be made during the service, on
cases, the transaction cost are attributed to the acquisition
early retirement, on withdrawal of scheme, at resignation
value of the financial asset.
by employee and upon death of employee. The scale of
benefits is determined based on the seniority and the Subse
ubseqquent mea
uen meassureme
mennt
respective employee’s salary. The Group records an For purposes of subsequent measurement, financial assets
obligation for such compensated absences in the period in are classified in three categories:
which the employee renders the services that increase this - Financial Asset carried at amortised cost
entitlement. The obligation is measured on the basis of
Notes
- Financial Asset at fair value through other as financial liabilities at fair value through profit or
comprehensive income (FVTOCI) loss.
- Financial Asset at fair value through profit and loss All financial liabilities are recognised initially at fair
(FVTPL) value and, in the case of loans and borrowings and
nciall aassset ccaa rrie
Fin ancia iedd aatt aamo
mo
morr tise
isedd ccos
os
ostt payables, net of directly attributable transaction costs.
The Group financial liabilities include borrowings,
A financial asset is subsequently measured at amortised trade and other payables, security deposits received
cost if it is held within a business model whose objective is etc.
to hold the asset in order to collect contractual cash flows
and the contractual terms of the financial asset give rise Subse
ubseqque
uennt mea
meassurement
men
on specified dates to cash flows that are solely payments of For purposes of subsequent measurement, financial
principal and interest on the principal amount liabilities are classified in two categories:
outstanding. - Financial liabilities at amortised cost
F i n a ncia
nciall aass set aatt ffaa i r vvaa l u e tth
h r o uugg h ot
othh eerr - Financial liabilities at fair value through profit
c ompreheehenn siv
sivee iinc
nc
ncoo me (F
(FVV TO C I) and loss (FVTPL)
A financial asset is subsequently measured at fair value A financial liability is classified as at FVTPL if it is
through other comprehensive income if it is held within a classified as held for trading, or it is a derivative or it
business model whose objective is achieved by both is designated as such as initial recognition. Financial
collecting contractual cash flows and selling financial assets liabilities at FVTPL are measured at fair value and
and the contractual terms of the financial asset give rise net gains and losses, including any interest expense,
on specified dates to cash flows that are solely payments of are recognised in the Statement of Profit and loss.
principal and interest on the principal amount Other financial liabilities are subsequently measured
outstanding. at amortised cost using the effective interest method.
Fi n ancia
nciall aassset aatt ffaa i r vvaa l ue tth
hrou
ougg h pprrofit aand
nd los
losss Interest expense is recognised in the Statement of
(FV
(F V T P L) Profit and loss.
A financial asset which is not classified in any of the above De -re c o g n it io
itio n
ion
categories are subsequently fair valued through profit or A financial liability is derecognised when the
loss. obligation under the liability is discharged or
De -re c o g n itio
itio n
ion cancelled or expires. When an existing financial
A financial asset (or, where applicable, a part of a financial liability is replaced by another from the same lender
asset) is primarily derecognised (i.e. removed from the on substantially different terms or the terms of an
Consolidated Balance Sheet) when: existing liability are substantially modified, such an
exchange or modification is treated as the de-
(i) The contractual rights to receive cash flows from the recognition of the original liability and the
asset has expired, or recognition of a new liability. The difference in the
(ii) The Group has transferred its contractual rights to respective carrying amounts is recognised in the
receive cash flows from the financial asset or has statement of profit and loss.
assumed an obligation to pay the received cash flows ( iii
iii)) Off set
setttin g of fi
Offset nancia
fin nciall iin
n str ume
mennt s
in full without material delay to a third party under a
‘pass-through’ arrangement; and either (a) the Group Financial assets and financial liabilities are offset and
has transferred substantially all the risks and rewards the net amount is reported in the balance sheet if there
of the asset, or (b) the Group has neither transferred is a currently enforceable legal right to offset the
nor retained substantially all the risks and rewards of recognized amounts and there is an intention to settle
the asset, but has transferred control of the asset. on a net basis, to realize the assets and settle the
liabilities simultaneously
( ii
ii)) Fin ancia
nciall lliab
iab il
iabil it
ilit ies
ities
( iv) D eriv
ivaativ
ivee fi
finna ncia
nciall iin
n str ume
mennt s
In itia
itia io
itio n aand
ion nd mea
meassureme
mennt
Till March 31, 2019, the Group uses derivative
Financial liabilities are classified, at initial recognition,
Notes
financial instruments, such as forward currency is reclassified to the Statement of Profit and Loss upon
contracts, to hedge its foreign currency risks. Such the occurrence of the related forecasted transaction.
derivative financial instruments are initially If the forecasted transaction is no longer expected to
recognized at fair value on the date on which a occur, then the amount accumulated in cash flow
derivative contract is entered into and are hedging reserve is reclassified immediately in the
subsequently remeasured at fair value. Derivatives are statement of profit and loss.
carried as financial assets when the fair value is positive n) Imp a irme
mennt of fin ancia
fin nciall aassset
setss
and as financial liabilities when the fair value is
negative. Any gains or losses arising from changes in The Group measures the expected credit loss associated
the fair value of derivatives are taken directly to with its assets based on historical trend, industry practices
statement of profit and loss. and the business environment in which the entity operates
or any other appropriate basis. The impairment
(v) He dg e A
Acc c oun ti n g
oun methodology applied depends on whether there has been
With effect from April 2019, the Group adopted a significant increases in credit risk. Expected credit loss is
Hedge Accounting.The derivatives that are the weighted average of the difference between all
designated as hedging instrument under Ind AS 109 contractual cash flows that are due to the Group in
to mitigate risk arising out of foreign currency accordance with the contracts and all the cash flows that
transactions are accounted for as cash flow hedges. the Group expects to receive, discounted at original
The Group enters into hedging instruments in effective interest rate with the respective risk of defaults
accordance with policies as approved by the Board of occuring as the weights.
Directors with written principles which is consistent o) Imp a irme
mennt of no
nonn-fi
-finnancia
nciall aassset
setss
with the risk management strategy of the Group.
The carrying amounts of the Group’s non-financial assets,
The hedge instruments are designated and other than deferred tax assets, are reviewed at the end of
documented as hedges at the inception of the each reporting period to determine whether there is any
contract. The effectiveness of hedge instruments is indication of impairment. If any such indication exists,
assessed and measured at inception and on an ongoing then the asset’s recoverable amount is estimated.
basis.
The recoverable amount of an asset or cash-generating unit
When a derivative is designated as a cash flow hedging (‘CGU’) is the greater of its value in use or its fair value
instrument, the effective portion of changes in the less costs to sell. In assessing value in use, the estimated
fair value of the derivative is recognized in OCI, e.g., future cash flows are discounted to their present value using
cash flow hedging reserve and accumulated in the cash a pre-tax discount rate that reflects current market
flow hedging reserve. Any ineffective portion of assessments of the time value of money and the risks
changes in the fair value of the derivative is recognized specific to the asset or CGU. For the purpose of
immediately in the statement of profit and loss. The impairment testing , assets that cannot be tested
amount accumulated is retained in cash flow hedge individually are grouped together into the smallest group
reserve and reclassified to profit or loss in the same of assets that generates cash inflows from continuing use
period or periods during which the hedged item that are largely independent of the cash inflows of other
affects the statement of profit and loss. assets or groups of assets (‘CGU’).
If the hedging instrument no longer meets the criteria An impairment loss is recognized, if the carrying amount
for hedge accounting, then hedge accounting is of an asset or its CGU exceeds its estimated recoverable
discontinued prospectively. If the hedging instrument amount and is recognised in statement of profit and loss.
is terminated or exercised prior to its maturity/
contractual term, the cumulative gain or loss on the Impairment losses recognised in prior periods are assessed
hedging instrument recognized in cash flow hedging at end of each reporting period for any indications that
reserve till the period the hedge was effective remains the loss has decreased or no longer exists. An impairment
in cash flow hedging reserve until the forecasted loss is reversed if there has been a change in the estimates
transaction occurs. The cumulative gain or loss used to determine the recoverable amount. An impairment
previously recognized in the cash flow hedging reserve loss is reversed only to the extent that the asset’s carrying
Notes
amount does not exceed the carrying amount that would the amount expected to be recovered from or paid to the
have been determined, net of depreciation or amortisation, taxation authorities. The tax rates and tax laws used to
if no impairment loss had been recognised. compute the amount are those that are enacted or
p) Fa ir vvaa lue mea
meass ureme
mennt substantively enacted, at the reporting date.
Fair value is the price that would be received to sell an asset Current income tax relating to items recognized outside
or paid to transfer a liability in an orderly transaction profit or loss is recognized outside profit or loss (either in
between market participants at the measurement date. The other comprehensive income (OCI) or in equity). Current
fair value measurement is based on the presumption that tax items are recognized in correlation to the underlying
the transaction to sell the asset or transfer the liability takes transaction either in OCI or directly in equity.
place either: Management periodically evaluates positions taken in the
tax returns with respect to situations in which applicable
(a) In the principal market for the asset or liability, or tax regulations are subject to interpretation and establishes
(b) In the absence of a principal market, in the most provisions where appropriate.
advantageous market for the asset or liability Current tax assets are offset against current tax liabilities
A fair value measurement of a non-financial asset takes into if, and only if, a legally enforceable right exists to set off
account a market participant’s ability to generate economic the recognised amounts and there is an intention either to
benefits by using the asset in its highest and best use or by settle on a net basis, or to realise the asset and settle the
selling it to another market participant that would use the liability simultaneously.
asset in its highest and best use.The Group uses valuation D efe
eferrre d ttaa x
techniques that are appropriate in the circumstances and
for which sufficient data are available to measure fair value, Deferred tax assets and liabilities are measured at the tax
maximising the use of relevant observable inputs and rates that are expected to apply in the year when the asset
minimising the use of unobservable inputs. is realised or the liability is settled, based on tax rates (and
tax laws) that have been enacted or substantively enacted
All assets and liabilities for which fair value is measured or at the reporting date.
disclosed in the financial statements are categorised within
the fair value hierarchy, described as follows, based on the Deferred tax assets are recognised for all deductible
lowest level input that is significant to the fair value temporary differences, the carry forward of unused tax
measurement as a whole: credits and any unused tax losses. Deferred tax assets are
recognised to the extent that it is probable that taxable
Level 1 — Quoted (unadjusted) market prices in active profit will be available against which the deductible
markets for identical assets or liabilities temporary differences, and the carry forward of unused tax
Level 2 — Valuation techniques for which the lowest level credits and unused tax losses can be utilised.
input that is significant to the fair value measurement is Deferred tax assets and liabilities are measured at the tax
directly or indirectly observable rates that are expected to apply to the period when the
Level 3 — Valuation techniques for which the lowest level asset is realized or the liability is settled, based on tax rates
input that is significant to the fair value measurement is (and tax laws) that have been enacted or substantively
unobservable enacted at the balance sheet date. Tax relating to items
For assets and liabilities that are recognised in the financial recognized directly in equity/other comprehensive income
statements on a recurring basis, the Group determines is recognized in respective head and not in the statement
whether transfers have occurred between levels in the of profit & loss.
hierarchy by re-assessing categorisation (based on the The carrying amount of deferred tax assets is reviewed at
lowest level input that is significant to the fair value each balance sheet date and is adjusted to the extent that
measurement as a whole) at the end of each reporting it is no longer probable that sufficient taxable profit will
period. be available to allow all or part of the asset to be recovered.
q ) Ta xes Deferred tax assets and deferred tax liabilities are offset if
Current iinc
nc
ncoo me ttaa x a legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred taxes relate
Current income tax assets and liabilities are measured at
Notes
to the same taxable entity and the same taxation authority. the net profit after tax and includes the post tax effect of
Deferred tax relating to items recognised outside profit or any extraordinary items.
loss is recognised outside profit or loss (either in other Basic EPS amounts are calculated by dividing the profit
comprehensive income or in equity). for the year attributable to the shareholders of the Group
Minimum Alternate Tax by the weighted average number of equity shares
outstanding as at the end of reporting period.
Minimum Alternate Tax (MAT) paid in the year is charged
to the Statement of Profit and Loss as current tax.The Diluted EPS amounts are calculated by dividing the profit
Group recognises MAT credit available as an asset only to attributable to the shareholders of the Group by the
the extent that there is convincing evidence that the Group weighted average number of equity shares outstanding
will pay normal income tax during the specified period, during the year plus the weighted average number of Equity
i.e., the period for which MAT credit is allowed to be shares that would be issued on conversion of all the dilutive
carried forward. In the year in which Group recognises potential equity shares into equity shares.
MAT credit as an asset in accordance with the Guidance Dilutive potential equity shares are deemed converted as
Note on Accounting for Credit Available in respect of of the beginning of the period, unless they have been issued
Minimum Alternate Tax under the Income Tax Act, 1961, at a later date. A transaction is considered to be antidilutive
the said asset is created by way of credit to the Statement if its effect is to increase the amount of EPS, either by
of Profit and Loss and shown as “MAT Credit lowering the share count or increase the earnings.
Entitlement”. The Group reviews the “MAT Credit t) G ov
oveernme
mennt ggrrants
Entitlement” asset at each reporting date and writes down
the asset to the extent the Group does not have convincing Grants from the government are recognised at their fair
evidence that it will pay normal tax during the specified value where there is reasonable assurance that the grant
period.In accordance with Ind AS 12 Group is grouping will be received and the Group will comply with all
MAT credit entitlement with Deferred Tax Assets/ attached conditions.
Liabilities (Net). Government grants relating to the purchase of property,
Inves
esttment iin
men n ssubsid
ubsidia
iarries
ubsidia plant and equipment are included in non-current liabilities
as deferred income and are credited to Profit and Loss on
Investment in subsidiaries a straight - line basis over the expected lives of related assets
There is an option to measure investments in subsidiaries and presented within other income.
at cost in accordance with Ind AS 27 at either: u) Co
Conntin g ent lliab
iab il
iabil it
ilit ies aand
ities nd cco
ontin g ent aassset
setss
(a) Fair value on date of transition; or A contingent liability exists when there is a possible but
(b) Previous GAAP carrying values not probable obligation, or a present obligation that may,
The Group has decided to use the previous GAAP carrying but probably will not, require an outflow of resources, or a
values to value its investments in its subsidiaries as on the present obligation whose amount cannot be estimated
date of transition, April 01, 2016. reliably. Contingent liabilities do not warrant provisions,
but are disclosed unless the possibility of outflow of
r) Ca sh aand
nd ccaa sh eeq
qu iv
ivaa le
lennt s resources is remote. Contingent assets are neither
Cash and cash equivalent in the balance sheet comprise recognised nor disclosed in the financial statements.
cash at banks and on hand and short-term deposits with However, contingent assets are assessed continually and if
an original maturity of three months or less, which are it is virtually certain that an inflow of economic benefits
subject to an insignificant risk of changes in value. will arise, the asset and related income are recognised in
For the purpose of the statement of cash flows, cash and the period in which the change occurs.
cash equivalents consist of cash balance on hand, cash v) R esea
esearrch & de
devvelop me
elop mennt ccos
os
ostts
balance at banks and short-term deposits, as defined above, Research and development costs that are in nature of
net of outstanding bank overdrafts as they are considered tangible assets and are expected to generate probable future
an integral part of the Group’s cash management. economic benefits are capitalised as tangible assets.
s) E a rn i ng s ppeer sh
shaare (E
(EPP S) Revenue expenditure on research and development is
In determining earnings per share, the Group considers
Notes
charged to the statement of profit and loss in the year in profit and loss from ordinary activities are of such size,
which it is incurred. nature or incidence that their disclosure is relevant to
w) Ex
Excceptio
ptio na l it
ion iteem s explain the performance of the Group for the period, the
nature and amount of such material items are disclosed
When items of income and expense within statement of seperately as exceptional items.
Notes

NO
NOT T E 4 : PR PRO O P E RT Y, P L ANT
PL La nd
nd--
Land Land
nd-- B u ild
Land ildii n g s L ea seho
easeho ld P l a n t aand
sehold nd Fu r n itituu r e Veh icles
ehicles Tot
otaa l
A N D EQ EQU U I PM
PMEEN T fr
free eho ld lea
ehold seho
leaseho ld
sehold i m p r ov
ovee me
menn t s E qquu i p m eenn t a nd FFix
ix
ixuur es
Gr
Grosos
osss ccaa r r yi
yinn g aamou
mou
mounn t
(At D Dee e me
medd ccos os t)
ost)
As aatt AApp ril 1, 2018 1,647.34 94.45 5,022.63 469.84 12,903.37 1,029.83 1,129.38 22,296.84
Add: Additions made during the year 41.43 2,764.85 1,647.76 252.20 3,796.54 206.91 220.39 8,930.08
Less: Disposals/adjustments during the year 76.47 - - - 155.76 4.33 26.80 263.36
Reclassification to other assets - - - (95.04) 95.04 - - -
Add: Exchange realignment - (0.98) - (18.14) (28.78) - (1.94) (49.84)
Add: Currency transalation reserve - (65.99) 32.84 (1.41) 316.74 18.04 17.52 317.74
As aatt MMaar ch 31, 2019 1,612.30 2,792.31 6,703.23 607.45 16,927.14 1,250.46 1,338.54 31,231.46
Add: Additions made during the year 221.95 - 38.17 191.20 1,700.23 345.54 304.50 2,801.59
Less: Reclassification on account - (2,812.42) - - (91.56) - - (2,903.98)
of adoption of INDAS 116
Less: Disposals/adjustments during the year 4.53 - 26.95 - 125.99 0.02 184.11 341.60
Reclassification to other assets - - - - - - - -
Add: Exchange realignment - - - (8.53) (13.32) - (0.84) (22.69)
Add: Currency transalation reserve - 67.85 250.60 18.95 823.03 48.01 32.84 1,241.28
As aatt MMaa r ch 31, 2020 1,829.72 47.74 6,965.06 809.06 19,219.53 1,644.00 1,490.92 32,006.06
A c cu
cumm u l a t e d de ciatt io
depp r e cia ionn
As aatt AApp ril 1, 2018 - 18.21 649.03 80.94 3,109.09 281.19 256.44 4,394.90
Add: Depreciation charge for the year - 19.67 217.62 135.71 1,739.10 152.94 191.16 2,456.19
Less: Disposals/adjustments during the year - - - - 50.03 1.75 17.56 69.33
Reclassification to other assets - - - (19.87) 19.87 - - -
Add: Exchange realignment - (0.49) - (8.20) (17.63) - (0.42) (26.74)
Add: Currency transalation reserve - 0.64 23.55 0.62 89.67 4.81 1.27 120.56
As aatt MMaa r ch 31, 2019 - 38.03 890.20 189.20 4,890.06 437.19 430.89 6,875.58
Add: Depreciation charge for the year - 0.34 272.23 152.36 1,962.45 182.60 197.51 2,767.50
Less: Reclassification on account of adoption of Ind AS 116 - (37.92) - - (31.77) - - (69.68)
Less: Disposals/adjustments during the year - - - 73.71 - 95.26 168.96
Reclassification to other assets - - - - - - - -
Add: Exchange realignment - - - (4.03) (7.93) - (0.27) (12.24)
Add: Currency transalation reserve - 0.91 51.18 11.31 328.45 20.37 12.57 424.80
As aatt MMaar ch 31, 2020 - 1.37 1,213.61 348.85 7,067.56 640.16 545.45 9,817.00
N et CCaa r r yi
yinn g AAmou
mou
mounn t
As aatt MMaa r ch 31, 2020 1,829.72 46.37 5,751.44 460.21 12,151.98 1,003.84 945.47 22,189.06
As aatt MMaa r ch 31, 2019 1,612.30 2,754.28 5,813.04 418.26 12,037.08 813.26 907.66 24,355.89
a) The above assets includes Gross block of land of ` 78.55 lakh (March 31, 2019: ` 83.08 lakh) situated at Narshingpur, Tehsil
District Gurgaon(Haryana). Out of this Gross block of land of ` 42.50 lakh (March 31, 2019: ` 47.03 lakh) represents the
amount for which the Holding Company has executed a construction project agreement with DLF Retail Developers Limited
on November 30, 2007. However, as certified by the Management, the work has not started during the financial year 2019-
20 due to pending receipt of license from the concerned authority.
Notes
b) In case of, Pearl Global (HK)Limited, as at March 31, 2020, Land titles represent building usage rights of Taman Pasadena
Apartment at Jakarta (“Hak Milik atas Satuan Rumah Susun”) for a maximum period of 20 years and could be extended.
c) For Information on property, plant and equipment pledged as security by the Group refer Note 21.
d) The above property, plant and equipment includes assets given on lease, the details of which are as under:
Pl ant aand
nd Furn itu re
itu Tot
otaa l
uipme
Equ
Eq men nt and Fix
Fix ures
ixu
As aatt M
Maarch 31, 2020
Gross carrying amount 27.77 21.22 48.99
Accumulated depreciation 16.59 12.21 28.80
---------------------------------------------------------- ---------------------------------------------------------- ---------------------------------------------------------
Net ccaarr yi
yinng aamou
mount
moun 11.18 9.01 20.19
---------------------------------------------------------- ---------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2019
Gross carrying amount 27.77 21.22 48.99
Accumulated depreciation 13.59 9.16 22.75
---------------------------------------------------------- ---------------------------------------------------------- ---------------------------------------------------------
Net ccaarr yi
yinng aamou
mount
moun 14.17 12.06 26.23
---------------------------------------------------------- ---------------------------------------------------------- ---------------------------------------------------------

NOT E 5 : CA
NOT CAPP I TA L WO R K IIN
WO NP RO G R E SS
PR As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Capital work in progress 3,610.29 778.62
--------------------------------------------------------- ---------------------------------------------------------
3,610.29 778.62
======================== ========================

a) Breakup of capital work in progress is as follows: As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Building 2,542.43 632.56
Plant and Machinery 1,011.41 38.38
Furniture and Fittings - 46.59
Lease Hold Improvement - 54.98
Other Expenses 56.45 6.11
---------------------------------------------------------- ----------------------------------------------------------
3,610.29 778.62
---------------------------------------------------------- ----------------------------------------------------------
Notes

NOT E 6 : IN
NOT INVVE STMENT P
PRRO P E RT I E S La nd
Land La nd
Land Build
ildiing Tot
otaa l
fr
free eho ld
ehold lea seho
leaseho ld
sehold
Gr os
osss ccaarr yi
Gros n g aamou
yin mount
moun
( At D
Dee ememed d Cos
Cost)t)
As aatt A
App ril 01, 2018 3,085.50 10.36 4,580.71 7,676.57
Add: Additions made during the year 1.29 - - 1.29
Less: Disposals/adjustments during the year -
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
As aatt M
Maarch 31, 2019 3,086.79 10.36 4,580.71 7,677.86
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Less: Disposals/adjustments during the year - - - -
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
As aatt M
Maarch 31, 2020 3,135.93 10.36 4,580.71 7,727.00
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Ac cu
cum mu late d de
depp re cia
ciattio
ionn
As aatt Ap ril 01, 2018
Ap - - 162.22 162.22
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Add: Depreciation charge for the year - - 85.76 85.76
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
As aatt M
Maarch 31, 2019 - - 247.98 247.98
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Add: Depreciation charge for the year - - 85.76 85.76
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
As aatt M
Maarch 31, 2020 - - 333.74 333.74
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Net C Caarr ying A
yin mou
Amou nt
moun
As aatt M
Maarch 31, 2020 3,135.93 10.36 4,246.97 7,393.26
As aatt M
Maarch 31, 2019 3,086.79 10.36 4,332.73 7,429.89

Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
(a) Amou
moun nts rree c o g n ize
izedd iin
n ssttateme
men nt of
p rofit aand
nd los
losss foforr iin
nves
esttme
men nt pprrop er ties
Direct operating expenses of property that generated rental income 65.88 53.62
Direct operating expenses of property that did not generated rental income 14.23 77.46
Inc
ncoo me aarrisi
isinn g fr om IIn
fro nvesesttme
mennt pprrop er ties bbefo
efo
eforre ch rgiin g de
chaarg depp re cia
ciattion
ion 900.42 683.45
Depreciation 85.76 85.76
--------------------------------------------------------- ---------------------------------------------------------
Inc
ncoo me fro m IIn
fro nves
esttme
mennt pprro p er ties (net) 814.66 597.69
--------------------------------------------------------- ---------------------------------------------------------
( b ) Fa ir vvaa l ue of iin
nves
esttme
mennt pprrop er ties 10,793.94 11,378.15
--------------------------------------------------------- ---------------------------------------------------------
Esti matio
ionn of ffaa ir vvaa lue
The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum,
area, location, demand, restrictive entry to the complex,age of building and trend of fair market rent.This valuation is based
Notes
on valuations performed by an accredited independent valuer. Fair valuation is based on replacement cost method. The fair
value measurement is categorised in level 2 fair value hierarchy.
(c) In the earlier years, the Group had initiated the process of converting its leasehold land (situated at Plot A-3, Naraina, New
Delhi) into freehold land. However, the deed is yet to be transferred in the name of the Company as at March 31, 2020.

NOT E 7 : GO
NOT GOOO DW I L L As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Goodwill on acquisition of subsidiaries 1,897.56 1,897.56
Add: Foreign Exchange Fluctuation 120.22 -
Less: Impairment of Goodwill (225.12) -
--------------------------------------------------------- ---------------------------------------------------------
1,792.66 1,897.56
======================== ========================

NOT E 8 : OT
NOT OTHH E R IIN
N TA N G I B L E A
ASS S ETS Co
Commpuputter Tot
otaa l
S of
oftt ware
Gr osss ccaarr yi
os
Gros yinn g aamou
mount
moun
( At D
Dee ememed d Cos
Cost)t)
As aatt A
App ril 1, 2018 219.88 219.88
Add: Additions during the year 27.65 27.65
Less: Disposals / adjustments during the year -
--------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2019 247.53 247.53
Less: Disposals / adjustments during the year - -
--------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2020 265.11 265.11
--------------------------------------------------------- ---------------------------------------------------------
Amo
morr tisa
isattio
ionn aand
nd iim
mp a irment
men
As aatt A
App ril 1, 2018 85.06 85.06
Add: Amortisation charge for the year 47.54 47.54
Less: On disposals / adjustments during the year - -
--------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2019 132.60 132.60
--------------------------------------------------------- ---------------------------------------------------------
Less: On disposals / adjustments during the year - -
--------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2020 180.35 180.35
--------------------------------------------------------- ---------------------------------------------------------
Net C Caa rr ying A
yin mou
Amou nt
moun
As aatt M
Maarch 31, 2020 84.76 84.76
As aatt M
Maarch 31, 2019 114.94 114.94
Notes

NOT E 9 : IN
NOT INVV E S T M E N TS As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
(I) No n Curre nt
Cu
A . Eq
Equ uit
ityy IInn str ume
mennt s
Fa ir vvaa lue tth
hrou
nd los
losss
(Q uot
uotee d )
(Quot
PDS Multinational fashions Limited, India 50,000 141.00 133.50
(March 31, 2019: 50,000) Equity Shares of ` 10 each fully paid up
--------------------------------------------------------- ---------------------------------------------------------
141.00 133.50
--------------------------------------------------------- ---------------------------------------------------------
B. Inves
esttme
men nts iin
nmmu utua l ffu
unds - ((U
Unq uot
uotee d )
nquot
Fa ir vvaa lue tth
hrou
ougg h ot he
herr cco
othe o mp rehe
ehennsiv
sivee iinc
nc
ncoo me
Investments in mutual funds 948.97 1,312.68
--------------------------------------------------------- ---------------------------------------------------------
948.97 1,312.68
--------------------------------------------------------- ---------------------------------------------------------
C. Inves
esttme
mennts iin
nGGovov
oveernme
mennt se cu
currit
secu ies - ((U
ities Unq uot
uotee d )
nquot
At aamo
mo
morr tise
isedd ccos
os
ostt
Investments in key man insurance policy (Refer ‘b’ below) 1,992.77 1,828.35
Investments in Government securities
- Gold Sovereign Bond- 37 units of 2 gram each 1.63 1.63
issued by Reserve Bank of India
--------------------------------------------------------- ---------------------------------------------------------
1,994.40 1,829.98
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l ((A
A + B + C) 3,084.37 3,276.16
======================== ========================
(I I) Current
(II)
A . Inves
esttme
men nts iin
nmmu ut ua l ffu
unds - (Q uot
(Quotuotee d )
Fa ir vvaa lue tth
hrou
nd los
losss
ICICI Prudential Short Term Fund DP Growth 237.83 -
536,068.057 units of Face Value of ` 10 per unit(March 31, 2019: Nil units)
L&T Banking and PSU debt fund direct plan - growth 227.10 -
1,223,214.385 units of Face Value of ` 10 per unit(March 31, 2019: Nil units)
IDFC Banking and PSU debt fund direct plan - growth 227.75 -
1,267,806.925 units of Face Value of ` 10 per unit(March 31, 2019: Nil units)
--------------------------------------------------------- ---------------------------------------------------------
692.68 -
======================== ========================
a) Aggregate book value of quoted investments 833.68 133.50
Aggregate market value of quoted investments 833.68 133.50
Aggregate value of unquoted investments 2,943.37 3,142.66
Aggregate amount of impairment in value of unquoted investments - -
Aggregate value of unquoted investments (net of impairment) 2,943.37 3,142.66
b) The amount invested in key man insurance policy by Pearl Global (HK) Limited has been pledged to bank to
secure banking facilities by the said subsidiary.
Notes

NOT E10 : LO
NOT LOAA NS No n - Curre nt
Cu Cu r r e n t
Ma rch 31, Ma rch 31, March 31, Ma rch 31,
2020 2019 2020 2019
(Unsecured, considered good unless otherwise stated)
Loans to employees 7.63 18.10 25.78 49.63
Loans to related parties (Refer note no. 47) - - 300.00 300.00
Loans to others 2,437.62 2,275.50 1,405.46 1,315.09
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
2,445.25 2,293.60 1,731.24 1,664.72
======================== ======================== ======================== ========================
a) Loans to others bear interest rate of 2%-2.5% per annum, and are receivable on or before December 31, 2022 and March 31,
2023.
b) The Group has no loans which have significant increase in credit risk and loans which are credit impaired. (Refer Note No.
44)

NOT E 11 : OT
NOT OTHH E R FI
FINNA N C I A L A
ASS S ETS No n - Curre nt
Cu Cu r r e n t
2020 2019 2020 2019
Security deposits (Refer ‘a’ below) 1,069.32 948.10 78.38 176.71
Interest accrued but not due on
- Term deposits 28.27 0.80 28.16 40.17
- Loan to related parties - - 8.45 12.14
Deposits with original maturity of more 265.11 452.48 - 761.27
than 12 months (Refer note 18)
Mark to market forward contracts - - - 462.80
Other receivable 1.16 1.07 - 234.34
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l ((A
A) 1,363.86 1,402.45 114.99 1,687.43
======================== ======================== ======================== ========================
a) Security deposits are not in the nature of loans hence classified as part of other financial assets.
NOT E 12 : IN
NOT INCC O M E TAX
TAX As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
The major components of income tax expense for the years
ended March 31, 2020 and March 31, 2019 are:
Stateme
men nt of pprrofit aand losss :
nd los
Profit oorr los
losss se ct
sectio
ctio n
ion
Ta x Ex
Expp en se
se::
a) Current tax 774.67 1,278.10
b) Adjustments in respect of current income tax of previous year 31.76 193.01
c) Deferred tax 144.15 111.90
--------------------------------------------------------- ---------------------------------------------------------
Inc
ncoome ttaa x ex
expp ense rreep or te d iin
n tthe
he ssttatement of pprrofit oorr los
men losss 950.58 1,583.01
======================== ========================
Notes

O C I se ct
sectio
ctio
ion n
D efe
eferrre d ttaa x rrel
el
elaate d tto
o it
iteems rree c o g n ise
isedd iin
nO C I ddu
OC urin g tthe
he yea
yearr :
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Net loss/(gain) on remeasurements of defined benefit plans (69.11) (71.93)
Income tax on items that will be reclassified subsequently 346.57 -
to statement of profit and loss
--------------------------------------------------------- ---------------------------------------------------------
Inc
ncoo me ttaa x ch
chaarg
rgee d tto
oO CI
OC 277.46 (71.93)
======================== ========================
O the
herr Eq
Equ uitityy SSee ctio
ctio n
ion
D efe
el
elaate d tto iteems rree co g n ise
o it isedd iin
nR et
etaa ine
Ret neddE
Eaarn in g s :
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Implementation of Ind AS 116: Leases 102.38 -
--------------------------------------------------------- ---------------------------------------------------------
Net aamou
mount ch
moun chaa rg
rgee d tto
oOOtthe
herr Equit
Equ ityy 102.38 -
======================== ========================
(a) R e c oncil ia
iattio
ncilia n of ttaa x ex
ion p en se aand
exp nd tthe
he ac
accc ountin g pprrofit m
oun ul tip l ie
mu iedd bbyy IInd
nd ia
ia’’s do
ndia mes
mesttic ttaa x rraate fo
domes forr M
Maa rch 31, 2020
a nd MMaarch 31, 2019.
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Accounting profit before tax from continuing operations 3,123.41 8,293.94
--------------------------------------------------------- ---------------------------------------------------------
Ac c ountin g pprrofit bbefo
oun efo
eforre iinc
nc
ncoome ttaa x
At India’s statutory income tax rate of 34.944% (March 31, 2019: 34.944%) 1,091.44 2,898.24
Adjustments in respect of current income tax of previous years 31.76 193.01
Ta x effe
effect he aamou
ct of tthe mou
mounnt s w h ich aarre N
wh o n- de
No dedductib le/(
le/(tta xab
ible/(
uctib xable) forr ttaa x pu
le) fo rp oses::
oses
rposes
purp
Expenses not deducted for tax purposes 284.07 591.58
Income exempted from Income taxes (143.83) (684.86)
Impact of tax at different tax rate and Others (312.85) (1,414.78)
--------------------------------------------------------- ---------------------------------------------------------
At the income tax rate of 34.944% (March 31, 2019: 34.944 %) 950.58 1,583.19
Income tax expense reported in the statement of profit and loss 950.58 1,583.01
--------------------------------------------------------- ---------------------------------------------------------
Variance - -
Notes
b) D efe
eferrre d ttaa x : (Amount in ` Lakh, unless otherwise stated)
B a l anc
ncee she et
sheet
As A Att As A
Att
Ma rch 31, 2020 March 31, 2019
D efe
eferrre d ttaa x aassset
setss rrel
el
elaates tto
o tthe
he fo
foll lo
loww in g :
Provision for employee benefits 535.44 489.60
Expenses allowed in the year of payment 197.90 134.25
Unaborsbed Losses 17.07 543.17
Lease Liability 1,065.71 -
Mark to Market Forward Contract 346.57 -
Others 137.91 79.02
--------------------------------------------------------- ---------------------------------------------------------
(A) 2,300.60 1,246.04
--------------------------------------------------------- ---------------------------------------------------------
D efe
eferrre d ttaa x lliab
iab il
iabil it
ityy rrel
ilit el
elaates tto
o tthe
he fo
foll lo
loww in g :
Property, plant and equipment 1,439.94 1,424.05
Right to use assets 913.56 -
Fair valuation of mutual fund 7.93 -
Borrowing (EIR) 8.46 9.23
Others 197.55 315.29
--------------------------------------------------------- ---------------------------------------------------------
(B) 2,567.44 1,748.57
--------------------------------------------------------- ---------------------------------------------------------
MAT Credit Entitlement (C) 106.14 266.07
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l defe
deferrre d ttaa x aassset s/(
s/(ll iab
sets/( il
iabil it
ilit ies) (N
ities) et)
(Net) (A-B+C) (160.70) (236.46)
======================== ========================
Recognised Net Deferred Tax Assets 87.61 104.00
Recognised Net Deferred Tax Liabilities (248.31) (340.46)
D efe
eferrre d ttaa x ex
expp en se/inc
se/inc o me
nco me:: (Amount in ` Lakh, unless otherwise stated)
S tatement of pprrofit aand
men nd los
losss
As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
D efe
eferrre d ttaa x aassset el
elaates tto
setss rrel o tthe
he fo
foll lo
loww in g :
Unaborsbed Losses (526.10) (199.40)
Lease Liability 1,065.71 -
Mark to Market Forward Contract 346.57 -
Others 58.89 113.21
--------------------------------------------------------- ---------------------------------------------------------
1,054.56 47.59
Notes
D efe
eferrre d ttaa x exp en se/i
exp nc
se/inc
nco me:: (Co ntd .)
ome (Amount in ` Lakh, unless otherwise stated)
S tat ement of pprrofit aand
men nd los
losss
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
D efe
iab il
iabil it
ityy rrel
ilit el
elaates tto
o tthe
he fo
foll lo
loww in g :
Property, plant and equipment 15.89 64.09
Right of use assets 913.56 -
Fair valuation of mutual fund 7.93 (33.84)
Fair valuation of investment in ES (0.77) (2.57)
Borrowing (EIR) (117.74) 203.74
--------------------------------------------------------- ---------------------------------------------------------
818.87 231.42
--------------------------------------------------------- ---------------------------------------------------------
Net defe
deferrre d ttaa x ch
chaa rg
rgee (235.69) 183.83
======================== ========================
Recognised in statement of profit and loss 144.15 111.90
Recognised in other comprehensive income (277.46) 71.93
Recognised in Retained Earning - Implementation of Ind AS 116: Leases (102.38) -
c) The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax
authority.
d) MAT paid can be carried forward for a period of 15 years and can be set off against the future tax liabilities. MAT is recognised
as a deferred tax asset only when the asset can be measured reliably and it is probable that the future economic benefit
associated with the asset will be realised.
NOT E 13 : NO
NOT NONN CU
CURR RENT TAX A
TA ASS S ET As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Advance income tax 763.99 452.22
(Net of provision of ` 1,288.03 lakh (March 31, 2019 : ` 1,032.42 lakh)
--------------------------------------------------------- ---------------------------------------------------------
763.99 452.22
======================== ========================

NOT E 14 : OT
NOT OTHHER A
Cu Cu r r e n t
Ma rch 31, Ma rch 31, Ma rch 31, March 31,
2020 2019 2020 2019
(Unsecured, considered good, unless otherwise stated)
Capital advances(Refer note no. 46(b) for capital commitments) 255.20 204.44 - -
Balance with government authorities 91.80 128.86 1,736.80 1,593.89
Balance with government authorities - considered doubtful 22.74 22.74 - -
Less: Loss allowance (22.74) (22.74) - -
Prepaid expenses 425.82 985.26 903.92 767.10
Export incentive receivable - - 2,413.44 1,817.61
Advances to related parties (Refer note no. 47) - - - 4.29
Advances to suppliers - - 1,423.09 1,109.86
Other receivables - 35.89 2,493.12 1,096.80
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l ((A
A) 772.82 1,354.45 8,970.37 6,389.55
======================== ======================== ======================== ========================
Notes

NOT E 15 : IN
NOT INVV E N TO R I E S As AAtt As AAtt
Ma rch 31, 2020 March 31, 2019
Raw materials 12,245.71 10,669.98
Good in transit- raw material 54.44 39.91
Work in progress 12,212.16 10,652.01
Finished goods 1,635.43 2,124.30
Scrap Stock 33.21 111.08
Stores spares & others 230.72 34.89
--------------------------------------------------------- ---------------------------------------------------------
26,411.67 23,632.17
Less: Writedown of inventories (24.34) -
--------------------------------------------------------- ---------------------------------------------------------
26,387.33 23,632.17
======================== ========================
(a) For information on inventories pledged as security by the group (refer note 21).
(b) Inventories amounting to ` 1,507.80 (March 2019: ` 1,391.00) are used as collateral for part of the bank facilities. - In case
of Pearl Global HK Limited.
NOT E 16 : TR
NOT TRAADE R EC
REC E I VA B L E S
ECE As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Considered good - secured - -
Considered good - unsecured 22,042.47 22,177.86
Trade receivables which have significant increase in credit risk - -
Trade receivables - credit impaired 377.33 374.33
Less: Loss allowance (377.33) (374.33)
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l 22,042.47 22,177.86
--------------------------------------------------------- ---------------------------------------------------------
a) The mov
moveeme men nt iin n aall lo
lowwanc
ncee fo
forr bbad
ad aand
nd doubt
doubtff u l debt
debtss is aass fo
foll lows
ws::
lows
ncee aass aatt bbee g i nn i n g of tthe
Ba la nc he yea
yearr 374.33 5.15
Loss Allowance during the year 2.99 369.18
Trade receivables written off / written back during the year - -
--------------------------------------------------------- ---------------------------------------------------------
Ba la nc
ncee aass aatt tthe
he eend
nd of tthe
he yea
yearr 377.33 374.33
======================== ========================
b) Trade receivables are non-interest bearing and are generally on terms of 45 - 60 days.
c) The Group exposure to credit and currency risk, and loss allowances related to trade receivables are disclosed in note 44.
NOT E 17 : CA
NOT CASSH A
ANND CA S H EQ
CA EQUU I VA L E N TS As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Balances with banks:
- Current account 8,062.59 7,156.93
- Deposits with original maturity of less than 3 months (refer note (a)) 139.70 949.52
Cash on hand 47.04 85.39
Cheque/drafts on hand 559.56 1,242.28
--------------------------------------------------------- ---------------------------------------------------------
8,808.89 9,434.12
======================== ========================
a) For the purpose of the statement of cash flow, the cash and cash equivalent are same given above.
Notes

NOT E 18 : OT
NOT OTHHER B
BAANK BAL ANC ES
BA No n - Curre nt
Cu Cu r r e n t
2020 2019 2020 2019
Earmarked balances with banks
Unpaid dividend account - - 31.85 26.83
Deposits with original maturity of more - - 2,136.98 1,680.88
than 3 months but less than 12 months
Deposits with original maturity of more than 12 months 265.11 452.48 - 761.27
Balance with bank (Considered doubtful) - - 0.03 0.03
Less: Loss allowance - - (0.03) (0.03)
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
265.11 452.48 2,168.83 2,468.98
Less: Amount disclosed under “other financial assets” 265.11 452.48 - 761.27
(Refer Note No. 11)
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
- - 2,168.83 1,707.71
======================== ======================== ======================== ========================
a) Out of the total Fixed Deposits, the fixed deposit with carrying value of ` 1,041.21 lakh (March 31, 2019 ` 2,994.13 lakh)
are pledged as security with various banks.
NOT E 19 : SH
NOT SHAA R E CA
CAPP I TA L As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
horrise
Autho isedd
51,440,000* (March 31, 2019: 51,440,000) equity shares of ` 10 each 5,144.00 5,144.00
10,000* (March 31, 2019: 10,000) 4% Non Cumulative Redeemable 1.00 1.00
Preference Shares of ` 10 each
3,256,000* (March 31, 2019: 3,256,000) 10.5% Non Cumulative 3,256.00 3,256.00
Redeemable Preference Shares of ` 100 each
--------------------------------------------------------- ---------------------------------------------------------
8,401.00 8,401.00
--------------------------------------------------------- ---------------------------------------------------------
Issue
uedd , ssubsc
ubsc
ubscrrib
ibee d aand
nd ppaa id uup
p
21,663,937* (March 31, 2019: 21,663,937) Equity Shares 2,166.39 2,166.39
of ` 10 each fully paid up
--------------------------------------------------------- ---------------------------------------------------------
2,166.39 2,166.39
======================== ========================
* Number of Shares are given in absolute numbers.
a) R e c oncil ia
iattio
ncilia n of is
ion isss ue
ued nd ssubsc
d aand ubsc
ubscrribibee d sh
shaa re ccaap it
itaa l aass aatt yea
yearr eend
nd : No . of sh
shaares Amou
moun nt
Eq
Equ uit Shaare of ` 10 each is
ityy Sh isssue
uedd , SSubsc
ubsc
ubscrrib
ibee d aand
nd ffuu l ly ppaa id ( in ‘‘lla kh’) (` iin
n llaa kh)
--------------------------------------------------------- ---------------------------------------------------------
Ba l anc
ncee aass aatt Ap ril 1, 2018
Ap 216.639 2,166.39
Changes during the year - -
--------------------------------------------------------- ---------------------------------------------------------
Ba l anc
ncee aass aatt M
Maarch 31, 2019 216.639 2,166.39
--------------------------------------------------------- ---------------------------------------------------------
--------------------------------------------------------- ---------------------------------------------------------
Ba l anc
ncee aass aatt M
Maarch 31, 2020 216.639 2,166.39
--------------------------------------------------------- ---------------------------------------------------------
Notes
b) Term s/ rrig
ig
ighhts aatttache
achedd tto
o eeq
quit
ityy sh
shaares
es::
The Group has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares is entitled to
one vote per share. The Group declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the
Group, the holders of equity shares will be entitled to receive remaining assets of the Group, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. For the year ended
March 31, 2020, the Board of Directors has not proposed any dividend for distribution to shareholders. For the year ended
March 31, 2019, the amount of per share dividend proposed as distribution to equity shareholders was ` 3.00 per share.
c) D et shaa reho
etaa ils of sh lde
eholde rs ho
lders ld
ldiin g mo
hold morre tth
ha n 5% sh
shaares
Name of Sh
Shaareho lde
lderr
eholde As aatt M
Maa rch 31, 2020 As aatt M
Maarch 31, 2019
No . of sh
shaares Ho ld
ldiin g % No . of sh
shaares Ho ld
ldii ng %
Mrs. Payel Seth 4,413,635 20.37 4,413,635 20.37
Mr. Deepak Seth 2,862,145 13.21 2,862,145 13.21
Mr. Pulkit Seth 6,947,621 32.07 6,947,621 32.07
Mr. Sanjiv Dhireshbhai shah 1,553,274 7.17 - -
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l 15,776,675 72.82 14,223,401 65.65
======================== ======================== ======================== ========================

NOT E 20 : OT
NOT OTHH E R EQ
EQUUIT Y As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
General Reserve 4,204.36 4,204.36
Securities Premium 17,103.90 17,103.90
Capital Redemption Reserve 95.00 95.00
Amalgamation Reserve 625.95 625.95
Foreign Currency Translation Reserve 4,623.26 2,036.96
Change in investment through other comprehensive income (105.34) (67.05)
Retained Earnings 21,989.10 20,821.23
Cash Flow Hedge Reserve (645.23) -
--------------------------------------------------------- ---------------------------------------------------------
47,891.00 44,820.35
======================== ========================
I. For Movement during the period in Other Equity, refer “Statement of Changes in Equity”.
I I. Nature aand
nd purp ose of rrese
rpose
purp ese
eserr ves
a) G ene
nerr a l rrese
ese
eserr ve
The Group has transferred a portion of the net profit of the Group before declaring dividend to general reserve pursuant
to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the
Companies Act, 2013.
b) S e cu
currities pprremiu
ities iumm
The amount received in excess of face value of the equity shares is recognised in securities premium. The reserve will be
utilised in accordance with the provisions of the Companies Act, 2013.
c) Cap it
itaa l rree de
demmptio
ptio n rrese
ion ese
eserr ve
This Reserve has been created at the time of merger of other companies in earlier years in accordance with the provisions
of the Companies Act, 2013.
d ) Ama l g amation rrese
ion ese
eserr ve
Notes
e) Fo reig
eignn cu
currrenc
ncyy ttrr an sl
slaatio
ionn rrese
ese
eserr ve
Foreign currency translation reserve is created on translation of financial statements of non integral foreign operation
at the reporting date.
etaa ine
f ) R et nedd ea
earrn in g s
Retained earnings are the profits that the Group has earned till date, less any transfers to general reserve, dividends or
other distributions paid to shareholders. Out of the above, reserve on account of revaluation of assets of ` 398.64 lakh
(March 31, 2019 ` 396.76 lakh) is not available for distribution.
g ) Ca sh Flo
Flo wH
low Hee d g e R ese
eserr ve
Rese
This reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of designated
portion of hedging instruments entered into for cash flow hedges. This reserve will be reclassified to statement of profit
and loss only when the hedged transaction affects the profit or loss.
NOT E 21 : LO
NOT LONN G TE
TERR M BO
BORR R OW I N G S No n - Curre nt
Cu Cu r r e n t
2020 2019 2020 2019
From Banks (Secured)
- Corporate Loan [Refer Note a(i), a(ii), a(iii), a(iv) & a(v)] 9,695.14 7,819.91 2,639.35 1,560.70
- Vehicle Loans [Refer Note a(vi)] 93.22 48.93 91.00 81.29
From Financials Institutional (Secured)
- Vehicle Loans [Refer Note a(vi)] 112.39 106.50 38.85 38.90
From others - unsecured 82.93 131.42 - -
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
9,983.68 8,106.76 2,769.20 1,680.89
Less: Amount disclosed under other financial liabilities as - - 2,769.20 1,680.89
‘Current maturities of long-term borrowings’(refer note 22)
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
9,983.68 8,106.76 - -
======================== ======================== ======================== ========================
a) The nnaature of SSee cu
currit
ityy fo
forr SSee cu
curre d L
Loo an s aarre :
i) Corporate Term Loan (Kotak Bank) is secured by charge first and exclusive charge over fixed assets and plant and
machinery.
ii) Corporate Term Loan (Andhra Bank) is secured by first and exclusive charge on the entire fixed assets including
machineries, land and building at Chennai and Bangalore Plant of the Company. In addition, Equitable Mortgage of
Land & Building located at Survey No- 262A in Aryapakkam Village at Kancheepuram measuring 4.8053 acre in
Company’s name.
iii) Corporate Term Loan (HDFC Bank) is secured by exclusive charge over movable fixed aseets of the Company, both
present and future. The loan is also secured by personal guarantee of one of the Promoter Director of the Company and
exclusive charge by way of equitable mortagage on industrial plot no.446, Udyog Vihar, Phase- V, Gurugram, Haryana.
iv) Corporate Term Loan (IndusInd Bank) is secured by exclusive charge over movable fixed aseets of the Company, both
present and future. The loan is secured by exclusive charge by way of equitable mortagage on industrial Plot no.51,
Sector-32, Gurugram, Haryana.
v) Corporate Term Loan (RBL Bank) is secured by exclusive charge over movable fixed aseets of the Company, both
present and future. The loan is secured by exclusive charge by way of equitable mortagage on Industrial Plot no.751,
Pace City, Sector-37, Gurugram, Haryana.
vi) BDT Term Loan from HSBC in case of Norp Knit Industries Limited) are secured by first charge over Company’s
plant & machinery, stocks of raw material, wip, finished goods, book debts & receivables, charge over deposits & stand
by letter of credit from Holding Company.
Notes
vii) The loan facilities (in case Pearl Global (HK) Limited) are secured by the Group’s leasehold land & buildings, machineries
and equipment, inventories, trade receivables together with director’s personal guarantee.
viii) Vehicle loans are secured against hypothecation of respective vehicles.
b) Maturit
ityy P
Prrofile
Par ticu
icull ars 2020-21 2021-22 2022-23 B e yond
yond
2023-24
Maturit ityy pprrofile of se cu
curre d tteerm lo
secu loaa ns
is aass set ou
outt bbelo
elo
eloww:
Term loan from Banks and Financial Institution are 2,639.35 2,965.91 2,364.78 4,364.45
repayable in monthly/quarterly/yearly installments
Vehicle loans from banks and financial institutions 129.85 64.75 77.35 63.52
are repayable in monthly installments
c) The term loan(s) carries rate of interest ranging between 9.75% to 12.00% per annum.

NOT E 21A : SH
NOT SHOO RT TE
TERR M BO
BORR R OW I N G S As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Working capital loan from banks(secured)
- Rupee loan [refer note (a) above] 25,715.32 23,486.07
--------------------------------------------------------- ---------------------------------------------------------
25,715.32 23,486.07
======================== ========================
a) The nature of Security for short term borrowings are as under:
- First pari-passu charge on movable fixed assets and whole of current assets including stocks of raw material, semi finished
goods, finished goods, book debts, consumable stores and spares.
- Mortgage of the properties situated at Plot No. H -597-603, RICCO Industrial Area, Bhiwadi, Distt. Alwar, Rajasthan
and Plot No 16-17, Phase VI, Udyog Vihar,Gurgoan (Haryana).
- Fixed Deposit of ` 58 lakh (March 31, 2019: ` 58 lakh)
- Personal Guarantee by the promoter director of the Company.
NOT E 22 : OT
NOT OTHH E R FI
FINNA N C I A L L
LII A B I L I T I E S No n - Curre nt
Cu Cu r r e n t
2020 2019 2020 2019
Security deposit 246.97 222.00 - -
Book overdraft - - 26.87 150.48
Current maturities of long-term borrowings (refer no. 21) - - 2,769.20 1,680.89
Interest accrued but not due on borrowings - - 37.48 24.67
Unpaid dividends (Refer Note b) - - 31.85 26.83
Creditors for capital goods - - 30.21 849.25
Financial Liabilites at Fair Value through OCI-Cash Flow Hedge - - 991.80 -
Others - - 1,830.22 2,424.77
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
246.97 222.00 5,717.63 5,156.89
======================== ======================== ======================== ========================
Notes
Notes
es::
otes
a) The Group’s exposure to market and liquidity risk related to other financial liabilities is disclosed in note 44.
b) There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies
Act, 2013 as at the year end.
NOT E 23 : PR
NOT OV
OVII S I O NS
PROV No n - Curre nt
Cu Cu r r e n t
2020 2019 2020 2019
Provisio
ovisio n fo
ision forr eem
mp lo ye
yeee bbeenefit
loye nefitss
Provision for compensated absenses (refer to note 39) 554.06 717.04 23.96 23.02
Provision for gratuity (refer to note 39) 1,456.54 1,345.94 44.44 58.65
Other employee benefits 69.12 49.62 - -
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
2,079.72 2,112.60 68.40 81.67
======================== ======================== ======================== ========================

NOT E 24 : OT
NOT OTHHER L
Cu Cu r r e n t
2020 2019 2020 2019
Advance received against sale of land 2,963.62 3,010.49 - -
Deferred government grant 8.58 9.58 145.61 145.61
Deferred rental income 25.71 56.89 31.92 32.57
Statutory dues - - 632.95 678.55
Others - 232.67 46.87 9.93
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
2,997.91 3,309.63 857.35 866.66
======================== ======================== ======================== ========================

NOT E 25 : TR
NOT TRAADE PAYA B L E
PA As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Total outstanding dues of micro and small enterprises 331.05 63.70
Total outstanding dues of creditors other than micro and small enterprises 17,775.62 18,042.77
--------------------------------------------------------- ---------------------------------------------------------
18,106.67 18,106.47
======================== ========================
a) Trade payable are generally on a credit of not more than 90 days except in case of Micro & Small Enterprises which are
settled within 45 days.
b) This amount includes amount due to related parties is ` 0.92 lakh (March 31, 2019: ` 16.85 lakh) (refer note 47)
c) As per Schedule III of the Companies Act, 2013 and notification number GSR 719 (E) dated November 16, 2007 & as
certified by the Management, the amount due to Micro & Small Enterprises as defined in Micro, Small and Medium
Enterprises Development Act, 2006 is as under :
Notes
D et
etaa ils of ddues
ues tto
oM icrro aand
Mic
ic nd SSm
mal l Enterp
En rprrises aass defi ne
define
nedd uunde
nde
nderr M
MSSM ED Act, 2006 aarre iincl
Act, ncl ude
nclude
udedd iin
n tthe
he ttrr ade
p ay ab
ablele aatt Gr ou
Grou p ab
oup ov
ovee :
abov
(i) The amount due thereon remaining unpaid to any supplier at the end of each accounting year
- Principal 331.05 63.70
- Interest - -
(ii) The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and - -
Medium Enterprises Development Act, 2006 (27 of 2006), along with the amount of the
payment made to the supplier beyond the appointed day during each accounting year.
(iii) The amount of interest due and payable for the period of delay in making payment (which - -
has been paid but beyond the appointed day during the year) but without adding the
interest specified under the Micro, Small and Medium Enterprises Development Act, 2006.
(iv) The amount of interest accrued and remaining unpaid at the end of each accounting year - -
(v) The amount of further interest remaining due and payable even in the succeeding year, until - -
such date when the interest dues as above are actually paid to the small enterprise for the
purpose of disallowance as a deductible expenditure under section 23 of the MSMED Act 2006
d) Disclosure of payable to vendors as defined under the “Micro, Small and Medium Enterprise Development Act, 2006” is
based on the information available with the Group regarding the status of registration of such vendors under the said Act
and as per the intimation received from them on requests made by the Group. There are no overdue principal amounts /
interest payable amounts for delayed payments to such vendors at the Balance Sheet date except disclosed above.
e) The Group’s exposure to market and liquidity risk related to trade payables is disclosed in note 44.

NOT E 26 : LI
NOT LIAABILITIE S F
FOO R CU
CURRRENT TAX (N
TA (NEET ) As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Provision for income tax (Net of advance tax ` 717.45 lakh 57.23 224.13
(March 31, 2019 ` 1,053.97 lakh))
--------------------------------------------------------- ---------------------------------------------------------
57.23 224.13
======================== ========================

NOT E 27 : RE
NOT V E N U E FR
REV OM O
FRO OPP E R AT I O NS For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Sale of Product 163,325.79 170,770.02
Job Receipts 129.54 66.57
Other Operating Revenues 5,057.25 4,913.19
--------------------------------------------------------- ---------------------------------------------------------
R e venue from oop
fro p er atio
ionns 168,512.58 175,749.78
======================== ========================
a) Perfo
rforrmanc
ncee oob
b l ig
igaatio
ionn
Revenue is recognised upon transfer of control of products and customers.
During the year, The Group has not entered into long term contracts with Customers and accordingly disclsoure of unsatisfied
or remaining performance obligation (which is affected by several factors like changes in scope of Contracts, periodic
revalidations, adjustment for revenue that has not been materialized, tax laws etc.) is not applicable to the Group.
Notes
b) Disaggregation of revenue: The table below presents disaggregated revenues from contracts with customers on the basis of
geographical spread of the operations of the Group. The Group believes that this disaggregation best depicts how the
nature, amount of revenues and cash flows are affected by market and other economic factors:

R e venue bbaa se
sedd oon
nGGee o g r ap hy For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
India 8,403.09 6,019.11
Outside India 160,109.49 169,730.67
--------------------------------------------------------- ---------------------------------------------------------
R e venue from oop
fro p er atio
ionns 168,512.58 175,749.78
======================== ========================
c) R e c oncil ia
iattio
ncilia n of rree venue fr
ion o m oop
fro p eratio
ionns w it
wit h cco
ith ontract
actee d pprric
icee (Amount in ` Lakh, unless otherwise stated)
For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Contracted Price 168,557.47 175,759.55
Less:
Sales Returns 44.89 9.67
Rebates and discounts - 0.10
--------------------------------------------------------- ---------------------------------------------------------
168,512.58 175,749.78
======================== ========================

NOT E 28 : OT
NOT OTHH E R IIN
NCO ME For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Interest income
- On Fixed deposits 967.85 750.51
- On loans and advances 174.64 156.55
- On income tax refund 0.16 -
Other non-operating income:
Rental income 980.53 814.53
Foreign exchange fluctuation 1,700.72 715.64
Provision for doubtful debt & advances written back - 37.87
Amortisation of deferred rental income 32.08 31.67
Profit on sale of current investment - mutual fund 73.79 218.20
Profit on mark to market forward contracts - 247.24
Fair value gain on investments measured at 29.41 -
fair value through profit and loss (net)
Miscellaneous income 946.31 420.61
--------------------------------------------------------- ---------------------------------------------------------
4,905.49 3,392.82
======================== ========================
Notes

NOT E 29 : CO
NOT COSST O
OFFR
RAAW M
MAAT E R I A L C
COO NS
NSUUMED For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
R aw M
Maateria
iall
Balance at the beginning of the Year 10,669.98 10,189.10
Add:- Purchases during the year 77,404.20 76,378.27
Add: Impact of exchange fluctuation & re-instatement 374.97 323.18
--------------------------------------------------------- ---------------------------------------------------------
88,449.15 86,890.55
Less:- Balance at the end of the Year 12,245.71 10,669.98
--------------------------------------------------------- ---------------------------------------------------------
Total Raw Material Consumption 76,203.44 76,220.57
======================== ========================

NOT E 30 : PU
NOT PURRC HA S E O
OFF SST
TO C K IIN
NT R ADE
TR For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Purchases during the year 5,210.29 12,954.77
--------------------------------------------------------- ---------------------------------------------------------
5,210.29 12,954.77
======================== ========================

NOT E 31 ::CH
NOT CH
CHAA N G E S IIN
N IIN
N V E N TO R I E S O
OFF FI
FINNISHED G
GOOODS, For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
W
WOO R K IIN
NPPR RO G R E S S A
ANN D SSTTO C K IIN
NT RADE
TR Ma rch 31, 2020 March 31, 2019
Inv ento ries aatt tthe
he bbee g inn in g of tthe
he yea
yearr
Work-in-progress 10,652.01 6,299.74
Add: Impact of exchange fluctuation & re-instatement(Net) 386.27 457.57
--------------------------------------------------------- ---------------------------------------------------------
(A) 13,273.67 11,046.39
--------------------------------------------------------- ---------------------------------------------------------
Inv ento ries aatt tthe
he eend
nd of tthe
he yea
yearr
Work-in-progress 12,212.17 10,652.01
--------------------------------------------------------- ---------------------------------------------------------
(B) 13,856.47 12,887.39
--------------------------------------------------------- ---------------------------------------------------------
(Inc
ncrrea
(Inc se) / de
ease) deccrea se iin
ease n iin
nventor y ((A-
A-B)
A-B) (582.80) (1,841.00)
======================== ========================
Notes

NOT E 32 : EM
NOT EMPP L OY E E B
BEE N E FI TS E
FITS EXX P E NS
NSEE For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Salaries, Wages & Bonus 36,675.52 33,619.69
Contribution to Provident and Other fund 923.57 810.19
Gratuity expense (refer note 39) 420.86 552.14
Compensated absences (refer note 39) 557.32 661.36
Staff Training & Welfare Expenses 748.30 356.77
--------------------------------------------------------- ---------------------------------------------------------
39,325.57 36,000.15
======================== ========================

NOT E 33 : FI
NOT FINNA N C E C
COOST For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Interest Expense
- On Term loans,Cash Credit & Working Capital Facilities 2,709.71 2,279.95
- Delayed Payment of Taxes 1.74 15.09
- lease liabilities 810.19 -
- Others 17.34 118.79
Other borrowing cost 631.74 597.08
--------------------------------------------------------- ---------------------------------------------------------
4,201.04 3,037.30
======================== ========================

NOT E 34 : DE
NOT DEPP R EC
ECII AT I O N A
ANND A MO
AMO
MORRT I Z AT I O N E
EXX P E NS
NSEE For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Depreciation of poroperty, plant and equipment (refer note no. 4) 2,767.44 2,456.18
Depreciation & amortisation of Investment Properties (refer note no. 6) 85.75 85.76
Amortisation of intangible assets (refer note no. 8) 47.75 47.53
Amortisation of Right-to-use assets (refer note no. 49) 1,303.46 -
--------------------------------------------------------- ---------------------------------------------------------
4,204.40 2,589.48
======================== ========================
Notes

NOT E 35 : OT
NOT OTHHER E
EXX P E NS
NSEES For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Manufacturing Expense 16,679.11 18,571.61
Consumption of Stores & Spare Parts 1,243.96 1,013.26
Power & fuel 2,317.50 2,375.82
Rent 805.00 2,383.03
Rates & Taxes 117.26 193.18
Travelling & Conveyance 1,546.44 1,462.23
Freight & clearing Charges 3,925.85 4,715.33
Claim to Buyers 1,356.27 1,428.01
Repair & Maintenance
Plant & Machinery 76.87 100.14
Buildings 9.07 14.77
Other 982.83 959.66
Commission 691.70 596.22
Legal & Professional Expenses 6,202.54 5,048.38
Security Charges 467.08 428.24
Bank charges 1,051.72 1,216.69
Insurance Expenses 362.56 290.26
Payment to the Auditors (Refer note ‘a’ below) 81.59 58.22
Bad debts and doubtful advances written off 26.31 103.78
Allowance for bad and doubtful debts 47.92 391.92
Corporate social responsibility 22.15 22.76
Loss on mark to market forward contracts 462.80 -
Fair value loss on financial assets measured at fair value through profit and loss - 133.64
Miscellaneous Expenses 3,187.47 2,102.37
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l 41,664.00 43,609.52
======================== ========================
a) D et
etaa ils of ppaa yme
mennt made tto
made o aaud
ud it
udit
itoors is aass fo
foll lows
ws::
lows (Amount in ` Lakh, unless otherwise stated)
For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Pa yme
mennt ttoo aaud
ud it
udit
itoors
As aaud
ud it
udit
itoo r :
- Statutory audit fee 64.04 43.66
- Other Services 10.00 7.44
- Reimbursement of expenses 7.55 7.12
--------------------------------------------------------- ---------------------------------------------------------
81.59 58.22
======================== ========================
b) Miscellaneous expenses includes expense towards purchase of Electroral Bonds amounting to ` 160.00 Lakh ( March 31,
2019: Nil ) from State Bank of India under the Scheme - ‘The Electoral Bond Scheme, 2018’ notified by the Central
Government vide Gazette Notification No. 20 dated January 2, 2018 by the Holding Company.
Notes

NOT E 36 : EX
NOT C E P T I O NA L IT
EXC ITEEMS For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Profit on Sale of Fixed Assets (Net) (156.63) (1,722.12)
Property, plant and equipment written off 0.23
Impairment of Goodwill 225.12 -
--------------------------------------------------------- ---------------------------------------------------------
68.72 (1,722.12)
======================== ========================
a) For March 31, 2020, (Profit)/loss on sale of fixed assets includes loss on sale of tangile assets of ` 41.19 lakh (March 31,
2019: ` 36.97 lakh), profit on sale of tangible assets of ` 13.35 lakh and profit on account of compulsory acquisition of land
by the Central Government under National Highway Act, 1956 of ` 184.47 lakh (March 31, 2019: ` 1756.25 lakh).

NOT E 37 : CO
NOT COMM P O N E N TS O OFFO OTTHER For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
CO M P R E H E NS
NSII V E IIN
NCOM E Ma rch 31, 2020 Ma rch 31, 2019
A ( i ) Items tth
hat w il
illl not bbee rree cl
wil claa ssifie
sifiedd tto
o pprrofit aand
nd los
losss
Re-measurement gains/ (losses) on defined benefit plans (340.22) 222.67
Income tax expense 69.11 (71.92)
B hat w
( i ) Item s tth illl bbee rree cl
il
wil claa ssifie
sified o pprrofit aand
d tto nd los
losss
Foreign exchange translation reserve (2,586.30) 1,334.88
Fair valuation of investment in mutual fund 38.29 (12.67)
Hedging Reserve through OCI 991.80 -
Income tax expense (346.57) -
--------------------------------------------------------- ---------------------------------------------------------
(2,173.90) 1,472.96
======================== ========================

NOT E 38 : EA
NOT EARRNINGS P
PEE R SSH
H A R E (E
(EPP S) For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Profit attributable to the equity shareholders (A) 2,156.44 6,728.02
Number/Weighted average number of equity shares 21,663,937 21,663,937
outstanding at the end of the year (B)
Nominal value of equity shares ` 10 ` 10
Basic/Diluted earning per share (A/B) (in `) 9.95 31.06
NOT E 39 : GR
NOT GRAAT U I T Y A
ANND OT HER P
OT POO S T-E M P L OY M E N T B
BEE N E FI
FITTP
PLL A NS
a) D efi ne
efine
nedd cco
o ntribu
ibuttio
ionn pplla ns
The Group makes contribution towards Employees Provident Fund and Employee’s State Insurance scheme. Under the
rules of these schemes, the Group is required to contribute a specified percentage of payroll costs. The Group during the
year recognised the following amount in the Statement of profit and loss account under company’s contribution to defined
contribution plan.
Notes

For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Employer’s Contribution to Provident Fund/ Pension Fund 638.39 483.69
Employer’s Contribution to Employee State Insurance 241.31 268.79
Employer’s Contribution to Employees Deposit Linked Insurance Scheme 15.00 29.53
Employer’s Contribution to Welfare Fund 28.87 28.18
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l 923.57 810.19
======================== ========================
The contribution payable to these schemes by the Group are at the rates specified in the rules of the schemes.
b) Emp loye
yeee B
loye Beenefit Ob
Obll ig
igaatio
ionn :-
Po l ic
icyy fo
forr tthe
he Grou
Grou p’s oop
oup p er ation iin
ion n tthe
he R
Reepub
publl ic of IIndo
ndo nesia
ndonesia
The Group determines its post-employment benefits obligation under the Labor Law of the Republic of Indonesia No. 13/
2003. The cost of providing post-employment benefits is determined using “Projected Unit Credit” method. Actuarial
gains or losses are recognized as income or expense when the net cumulative unrecognized actuarial gains and losses at the
end of the previous reporting year exceeded the higher of 10% of the defined benefit obligation and 10% of the fair value of
plan assets at that date. These gains or losses are recognised on a straight-line basis method over the expected average
remaining working lives of the employees. Past service cost arising from the introduction of a defined benefit plan or changes
in the benefits obligation of an existing plan are required to be amortized over the period until the benefits concerned
become vested.
Po l ic
icyy fo
forr tthe
he Grou
Grou p’s oop
oup p er atio
ionn iin
n tthe
he SSo
o cia
ciall is
istt R
Reepub
publl ic of V iet
Viet nam
ietn
The severance allowance for employees is accrued at the end of each reporting period for all employees having worked at the
Group for full 12 months and above. Working time serving as the basis for calculating severance allowance shall be the total
actual working time subtracting the time when the employees have made unemployment insurance contributions as prescribed
by law, and the working time when severance allowance has been paid to the employees. The allowance made for each year of
service equals to a half of an average monthly salary under the Vietnamese Labour Code, Social Insurance Code and relevant
guiding documents. The average monthly salary used for calculation of severance allowance shall be adjusted to be the
average of the 6 consecutive months nearest to the date of the financial statements at the end of each reporting period. The
increase or decrease in the accrued amount shall be recorded in the statement of profit or loss or other comprehensive
income.
Po l ic
icyy fo
forr tthe
he Grou
Grou p’s oop
oup p er atio
ion n tthe
n iin he Hon g K
Ho o n g SSp
Ko p e cia
ciall A dm
Adm isttrativ
dmii n is ivee R
Ree g io
ion he P
n of tthe Pee op le’
le’ss R
Reepub
publl ic of Ch ina
Ch
The Group participates in Mandatory Provident Fund Scheme (“MPF Scheme”) for its employees in Hong Kong. The
MPF Scheme is registered with the Mandatory Provident Fund Scheme Authority under the Mandatory Provident Fund
Schemes Ordinance. The assets of the MPF Scheme are held separately from those of the Group in funds under the control
of an independent trustee. Pursuant to the rules of the MPF Scheme, each of the employer and employees are required to
make contributions to the scheme at rates specified in the rules. The MPF Scheme is a defined contribution plan and the
Group is only obliged to make the required contributions under the scheme. No forfeited contribution is available to reduce
the contribution payable in the future years. The retirement benefit cost arising from the MPF Scheme charged to the
consolidated statement of profit or loss and other comprehensive income represent contribution payable to the funds by the
Group in accordance with the rules of the MPF Scheme.
c) D efi ne
efine
nedd bbeenefit ppll an s
In accordance with Ind AS 19 “Employee benefits”, an actuarial valuation on the basis of “Projected Unit Credit Method”
was carried out, through which the Group is able to determine the present value of obligations. “Projected Unit Credit
Method” recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures
each unit separately to built up the final obligation.
Notes
i) Gr
Graat uit
ityy scheme
scheme
The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five
years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service
and salary at retirement age.
a) Gratuity in case of Gurgaon Division (Funded & maintained by Life Insurance Corporation of India)
b) Gratuity in case of Chennai & Banglore Division (Unfunded)
ii
ii)) O the
lon mp lo ye
yeee bbeenefit
loye nefitss
As per the Group policy, eligible leaves can be accumulated by the employees and carried forward to future periods to
either be utilised during the service, or encashed. Encashment can be made during the service, on early retirement, on
withdrawal of scheme, at resignation by employee and upon death of employee. The scale of benefits is determined
based on the seniority and the respective employee’s salary. The Group records an obligation for such compensated
absences in the period in which the employee renders the services that increase this entitlement. The obligation is
measured on the basis of independent actuarial valuation using the projected unit credit method.
Re-measurements, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and
the return on plan assets (excluding interest and if applicable), is reflected immediately in Other Comprehensive Income
in the statement of profit and loss. All other expenses related to defined benefit plans are recognised in statement of
profit and loss as employee benefit expenses. Re-measurements recognised in Other Comprehensive Income will not
be reclassified to statement of profit and loss hence it is treated as part of retained earnings in the statement of changes
in equity. Gains or losses on the curtailment or settlement of any defined benefit plan are recognised when the curtailment
or settlement occurs. Curtailment gains and losses are accounted for as past service costs.
d ) The following tables summarize the components of net benefit expense recognised in the Statement of profit and loss and
the funded status and amounts recognised in the balance sheet for the defined benefit plan (viz. gratuity and compensated
absences).Leave encashment include earned leaves and sick leaves. These have been provided on accrual basis, based on year
end actuarial valuation.
Cha n g e iin
n bbeenefit oob
b l ig
igaatio
ionn As aatt M
Maarch 31, 2020 As aatt M
Maarch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a r ne
nedd lea
leavv e
(F
(Fuu nde
ndedd ) ( Un f u nde
ndedd ) ( Un f u ndendedd ) (F
(Fuu nde
ndedd ) ( Un f u nde ndedd )
Op
Opeen i ng defi ne
define
nedd bbeenefit oobb l ig
igaatio
ionn 617.55 1,175.43 740.07 672.77 877.11 448.27
Interest cost 48.11 95.66 24.11 51.87 77.36 13.92
Service cost 111.96 287.12 286.93 125.98 305.04 180.16
Past Service cost - (7.89) - - - -
Benefits paid (47.38) (74.11) (743.71) (90.48) (50.69) (377.73)
Foreign currency translation reserve - 8.90 24.33 - 33.09 8.17
Actuarial (gain) / loss on obligations (75.64) (275.51) 246.28 (142.59) (66.48) 467.28
esen
Prese nt vvaalue of oob igaatio
bl ig ionn 654.60 1,209.60 578.01 617.55 1,175.43 740.07
a s aatt tthe
he eend
nd of tthe
he yea
yearr
Notes
e) The following tables summarise the components of net benefit expense recognised in the Statement of profit or loss and the
funded status and amounts recognised in the balance sheet for the respective plans:
As aatt M
Maa rch 31, 2019
Cos
Costt fo
forr tthe
he yea
yearr iincl
ncl ude
nclude
udedd Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e
unde
nderr eem
mp lo ye
yeee bbeenefit
loye (F
(Fuu nde
(Fuu nde
ndedd ) ( Un f u ndendedd )
Current service cost 111.96 287.12 286.93 125.98 305.04 180.16
Past service cost - (7.89) - - - -
Interest cost 48.11 95.66 24.11 51.87 77.36 13.92
Expected return on plan assets (26.56) - - (8.11) - -
Actuarial (gain) / loss - (87.54) 246.28 - - 467.28
Net ccos
ostt
os 133.51 287.35 557.32 169.74 382.40 661.36
f ) Cha ng es iin
n tthe
he ffaa ir vvaa lue of tthe
he ppll an aassset
setss aarre aass fo
foll lows
ws::
lows
As aatt M
Maa rch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
Fair value of plan assets 388.39 - - 105.16 - -
at the beginning
Expected return on plan assets 26.26 - - 8.11 - -
Contributions 6.88 - - 352.00 - -
Benefits paid (47.38) - - (90.48) - -
Actuarial gains / (losses) (10.93) - - 13.60 - -
on the plan assets
Fa i r vvaal ue of pplla n aassset he eenn d
setss aatt tthe 363.22 - - 388.39 - -
g ) D et
etaa il of actua ria
actu iall ggaa in/los
n/losss rree co g n ise
isedd iin
nO C I is aass fo
OC foll lows
ws::
lows
As aatt M
Maa rch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
Actuarial gain / (loss) (75.64) (275.51) - 142.59 66.48 -
for the year – obligation
Actuarial gain / (loss) 10.93 - - 13.60 - -
for the year - plan assets
otaal ggaain / ((los
Tot loss)
los he yea
forr tthe
s) fo yearr (64.71) (275.51) - 156.19 66.48 -
Notes
h) Princip a l act
ncip uaria
actu iall aasss umpt io
ptio
ionn s aatt tthe
he bbaa l anc
ncee she et ddaate aarre aass fo
sheet foll lows
ws::
lows
As aatt M
Maarch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a r ne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
Ec
Ecoo no
nomm ic aass s um pt io
ionn s
ptio
1. Discount rate 6.76% 6.72% to 8.70% 6.73% to 8.47% 8.00% 7.60% to 8.70% 7.60% to 8.00%
2. Rate of increase in compensation levels 5.00% 3.00% to 6.00% 5.00% to 6.00% 6.00% 3.00% to 6.00% 6.00%
D e mo
mogg r a p h ic aass s u m pt io
ionn s
ptio
1. Expected average remaining 20.41 28.12 26.16 20.19 26.02 24.29
working lives of employees(years)
2. Retirement Age (years) 58.00 55-60 58-60 58.00 55-60 58-60
3. Mortality Rate Indian Assured Lives Mortality Indian Assured Lives Mortality
(2012-14) (modified) ultimate (2006-08) (modified) ultimate
Withdraa w a l RRaa te(
hdr
Withdr e(AAv e r a g e iinn ccaase of uunn f u nde
ndedd )
1. Ages up to 30 Years 0.03 0.06 0.05 0.03 0.04 0.04
2. Ages from 30-44 0.02 0.06 0.04 0.02 0.04 0.03
3. Above 44 years 0.01 0.06 0.04 0.01 0.03 0.03
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
i) Net (a
(assset s) / lliab
sets) iab il
iabil it
ilit ies rree c o g n ize
ities ized d iin
n tthe
he B
Baa la nc
ncee She et aand
Sheet nd ex
expp erienc
ncee adj
ienc ustme
adju mennts oon
n actua ria
actu iall ggaa i n / ((los
los s) fo
loss) forr
b enefit oob
b l ig
igaatio
ion nd ppll an aassset
n aand setss .
Par ticu
icullars As aatt M
Maarch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a r ne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
Present value of obligation 654.60 1,209.60 578.01 617.55 1,175.43 740.07
Less: Fair value of plan assets 363.22 - - 388.39 - -
Net aassset
setss /( lliab
iab il
iabil it
ilit y)
ity) (291.38) (1,209.60) (578.01) (229.16) (1,175.43) (740.07)
j) A qqu
ua ntit
itaativ
ivee se
senn sit iv
sitiv it
ityy aan
ivit n a lysis fo
forr sig
signn ific
ificaa nt aasssumptio
ptio ns is aass sho
ion showwn bbelo
elo
eloww:
As aatt M
Maarch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a r ne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
A . Disc
Discou ou
ounnt rraate
Effect on DBO due to 0.5% (61.88) 590.80 157.65 (59.83) (510.28) (425.20)
increase in Discount Rate
Effect on DBO due to 0.5% 72.58 786.16 282.94 70.24 490.18 431.66
decrease in Discount Rate
escaa latio
B. S a l ar y esc n rraate
ion
Effect on DBO due to 0.5% 73.15 787.35 283.57 70.80 619.47 523.59
increase in Salary Escalation Rate
Effect on DBO due to 0.5% (63.40) 588.74 156.36 (61.30) (510.52) (425.58)
decrease in Salary Escalation Rate
Sensitivities due to mortality & withdrawals are not material & hence impact of change due to these not calculated.
C. S ensit iv
sitivit
ivit ies ddue
ities ue tto morrta lit
o mo ityy & wit
wit hdr
ithdr maateria
hdraawa ls aarre not m iall & henc
ncee iim
henc mpact of ch ue tto
chaang e ddue o tthese
hese not ccaa lcu
lcullate d
fo
forr ggrrou
oup p aass a who
who le.
hole.
Notes
k) Risk
Discount Rate Reduction in discount rate in subsequent valuations can increase the liability.
Salary Increases Actual salary increases will increase the defined benefit liability. Increase in salary increase rate
assumption in future valuations which inturn also increase the liability.
Withdrawals Actual withdrawals proving higher or lower than assumed withdrawals and change of
withdrawals rates at subsequent valuations can impact defined benefit liability.
Morality and disability Actual details and disability cases proving lower or higher than assumed in the valuation can
impact the liabilities.
l) Maturit
ityy pprrofile of define
define d bbeenefit oob
ned b l ig
igaatio
ionn is aass fo
foll lows
ws::
lows
As aatt M
Maarch 31, 2019
Graatuit
Gr ityy Gr
Graatuit
ityy Gr
Graat uitityy Gr
Graatuit
ityy
(Funde
(Fu nded d ) ( Unf unde
nded d) (F
(Fu unde
ndedd ) ( Unf unde
nded d)
0 to 1 years 55.88 33.40 50.20 9.60
1 to 2 years 45.58 28.07 29.80 12.00
2 to 3 years 50.45 60.96 52.70 18.30
3 to 4 years 36.42 82.29 58.90 30.00
4 to 5 years 59.87 154.55 52.40 52.80
from 5 years onwards 771.60 4,148.36 822.30 3,534.90
NOT E 40 : CA
NOT CAPP I TA L M
MAA NA G E M E N T
For the purpose of capital management, capital includes issued equity capital, share premium and all other equity reserves
attributable to the equity holders of the parent. The primary objective of the capital management is to maximise the shareholder
value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Group may return capital to shareholders or issue new
shares. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group
includes within net debt, interest bearing borrowings, trade and other payables, less cash and cash equivalents.
As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Borrowings (Refer to note 21 and 21A) 35,699.01 31,592.83
Current maturity of long term loans (Refer to note 22) 2,769.20 1,680.89
Trade payables (Refer to note 25) 18,106.67 18,106.47
Other payables 7,050.65 7,874.29
Less: cash and cash equivalents (Refer to note 17) (8,808.89) (9,434.12)
--------------------------------------------------------- ---------------------------------------------------------
Net debt ((A
A) 54,816.65 49,820.36
--------------------------------------------------------- ---------------------------------------------------------
Equity share capital (Refer to note 19) 2,166.39 2,166.39
Other equity (Refer to note 20) 47,891.00 44,820.35
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l C
Caap it
itaa l (B) 50,057.40 46,986.74
--------------------------------------------------------- ---------------------------------------------------------
Cap it
itaa l aand
nd net debt ((A+B=C)
A+B=C) 104,874.04 96,807.11
--------------------------------------------------------- ---------------------------------------------------------
G ea
earrin g rraatio ((A/C)
A/C) 52.27% 51.46%
--------------------------------------------------------- ---------------------------------------------------------
Notes
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2020 and
March 31, 2019.
In order to achieve this overall objective, the capital management, amongst other things, aims to ensure that it meets financial
covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
NOT E 41 : DE
NOT DERR I VAT I V E IINS
NS
NSTT RU M E N TS A
ANND U
UNNHEDGED F
FOO R E I G N CU
CURR RENCY E
EXX P OSUR E
I) He d g e A
Acc c oun ti n g
oun
D eriv
ivaativ es not desig
ives designnate d aass he
hedd g i ng iin
n str ume
mennt s
The Group uses forward currency contracts to hedge its foreign currency risks. Derivative contracts not designated by
management as hedging instruments are initially recognized at fair value on the date on which a derivative contract is
entered into and are subsequently re-measured at fair value on each reporting date. Such contracts are entered into for
periods consistent with exposure of the underlying transactions.
ivaativ
D eriv es desig
ives designn ate d aass he
hedd g i n g iin
n str ume
mennt s
The Group enters into hedging instruments in accordance with policies as approved by the Board of Directors with written
principles which is consistent with the risk management strategy of the Group. The Group has decided to apply hedge
accounting for certain derivative contracts that meets the qualifying criteria of hedging relationship entered post April 01,
2019. Hedging strategies are decided and monitored periodically by the Risk Management Committee of the Board.
Ca sh Flo
Flo wH
low Hee d g es
Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of forecasted hedged items
in US dollar. These forecast transactions are highly probable. The foreign exchange forward contract balances vary with the
level of expected foreign currency sales and changes in foreign exchange forward rates.
derriv
The ffaa ir vvaa lue of de ivaativ
ivee fi
finna ncia n str ume
nciall iin men foll lo
nts is aass fo ws
ws::
lows
Par ticu
icull ars L iabil
iabil it ies
ities
ilit As set
setss
Asset
Ma rch 31, 2020 Ma rch 31, 2020
Fair value of foreign currency forward exchange 991.80 -
contract designated as hedging instruments
The critical terms of the foreign currency forward contracts match the terms of the expected highly probable forecast sale
transactions. As a result, no hedge effectiveness arises requiring recognition through profit or loss.
The cash flow hedges of the forecasted sale transactions for the year ended March 31, 2020 were assessed to be highly
effective and unrealised loss of ` 991.80 lakh, with a deferred tax assets of ` 346.57 lakh relating to the hedging instruments,
is included in OCI.
The following table includes the maturity profile of the foreign exchange forward contracts:
icull ars
Par ticu L es han
esss tth 1 tto
o3 3 tto
o6 6 tto
o9 9 tto
o 12 Tot
otaa l
1 mo
mon nt h mon
mo n ths mon
mo n ths mon
mo n ths mon
mo n ths
As at March 31, 2020 (INR) 3,118.99 5,617.99 6,316.02 4,313.64 4,625.57 23,992.21
Foreign exchange forward 70.00 120.00 180.00 190.00 240.00 800.00
contracts (highly probable
forecast sales) USD
Notional amount (in USD) 43.00 77.00 85.92 58.00 61.00 324.92
Average forward rate(USD/INR) 72.53 72.96 73.51 74.37 75.83 73.84
Notes
The impact of the hedging instruments on the balance sheet is as follows:

Par ticu
icullars Notio
otio na l aamou
ion mou
moun nt Carr yi
yinn g aamou
mou
moun nt L ine it
iteem iin
nBBSS T Chan g es iinnF Faa i r
( U S D) N R iin
(IN
(I n llaa kh) w
whehe
herre HHee d g e va lue uuse
se
sedd fo
forr
i nstr ume
mennt is meassuring
mea
d isclose
isclosed d ineffe
neffectct iv
iveenes
ctiv nesss
fo
forr tthe
he yea
yearr
Foreign currency risk forward 324.92 (991.80) Other financial (991.80)
contract- As at March 31, 2020 Liabilities
The impact of hedged items on the statement of financial position is, as follows:
icullars
Par ticu As aatt M Maa rch 31, 2020
Chan g e iin
n ffaa ir vvaa lue Ca sh flo
floww
use
sedd fo
forr mea
meassurin g He d g e R ese
eserr ve
Rese
ineffe
neffectct
ctiv iv
iveenes
nesss
Highly probable forecast sales (991.80) (991.80)
The effect of the cash flow hedge in the statement of profit or loss and other comprehensive income is, as follows:
Disclosu
Disclos ure of effe ct
ctss of he
effect hedd g e ac
accc ountin g oon
oun nFFiin ancia
nciall Posit
Posit io
ositio
ionn (S
(Sttat eme
mennt of P
Prrofit aand
nd L os
Los s)
oss)
Par ticu
icullars otaa l he
Tot hed dg in g Ineffe
neffectct iveenes
iv
ctiv nesss L ine ititeem iin
n moun
Amou nt L i ne it
iteem iin
n
g a in/( los
n/(los
loss)s) re c o g n ise
ised n Stateme
d iin men nt of re cl
claa ssifie
sifiedd Stateme men nt of
re c o g n ise
ised n
d iin p rofit oorr los
losss nd fr
p rofit aand om O
fro OC C I tto
o p rofit aand
nd los
losss
OCI los
losss profit oorr los
losss
As at March 31, 2020
Highly probable forecast sales (1,030.22) - - (38.42) Revenue from
Operations
Imp act of he
hedd g i n g oon
n eeq
qu it
ityy
Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
icullars
Par ticu Ca sh F lo
Flo
loww
He d g e R ese
eserr ve
Rese
As at March 31, 2020 (991.80)
Effective Portion of Changes in fair Value arising from Foreign Exchange Forward Contracts (1,030.22)
Amount reclassified to profit & loss 38.42
Tax effect 346.57
Va luatio
ionnT
Tee ch
chnn ique
ique
The Group enters into derivative financial instruments which are valued using valuation techniques which employs the use
of market observable inputs. The most frequently applied valuation techniques include forward pricing models, using present
value calculations. Where quoted market prices are not available, fair values are based on Management best estimates, which
are arrived at by the reference to market prices.
Notes
I I) Par ticu
icull ars of Un he
Un hedd g e d fo
forreig
eignn cu
currrenc
ncyy ex
expp os
osuures
es::
Par ticu
icull ars As aatt M
Maa rch 31, 2020 As aatt MMaarch 31, 2019
Foreigeign n ( ` iin
n llaa kh) Foreig eign n ( ` iin
n llaa kh)
Currenc ncyy Currenc ncyy
in llaa kh i n llaa kh
Foreign currency receivable HKD 5.63 54.75 HKD 25.37 223.51
IDR 56,295.50 259.93 IDR 36,333.72 176.79
EUR 0.00 0.04 EUR 4.25 330.46
GBP 0.16 15.31 GBP 0.00 0.10
SGD 0.00 0.01 SGD 0.00 0.01
VND 50,120.31 161.30 VND 25,430.25 75.83
CNY 0.15 1.54 CNY 0.54 5.52
USD 77.12 5,813.75 USD - -
Foreign currency payable HKD 22.40 1,688.69 HKD 181.63 1,600.42
IDR 2.40 180.71 IDR - -
VND 7.28 546.85 VND 122,327.45 364.74
USD 27.31 2,058.88 USD 68.75 4,755.72
III) In respect of the derivative contracts entered into by the Group. The Management asessess no material foreseeable losses as
at the reporting date.
NOT E 42 : FA
NOT FAII R VA LU E S
VA
Set out below, is a comparison by class of the carrying amounts and fair value of the financial instruments, other than those with
carrying amounts that are reasonable approximations of fair values:
a) Fa ir vvaa lue of fina ncia
fin nciall aassset
setss : (Amount in ` Lakh, unless otherwise stated)
Carr yi
yinn g vvaa l ues Fa ir vvaa lues
As AAtt As AAtt As AAtt As AAtt
2020 2019 2020 2019
Fin ancia
nciall aassset
setss mea
meassure d aatt ffaa ir
va lue tth
hrou
ougg h pprrofit oorr los
losss
Investment in equity instruments 141.00 133.50 141.00 133.50
Investment in mutual fund 692.68 - 692.68 -
Mark to market forward contracts - 462.80 - 462.80
(A) 833.68 596.30 833.68 596.30
Fin ancia
nciall aassset
setss mea
meass ure d aatt ffaa ir vvaa lue
throu
ougg h ot he
herr cco
othe o mp rehe
ehen n siv
sivee iinc
nc
nco o me
Investment in mutual fund 948.97 1,312.68 948.97 1,312.68
(B) 948.97 1,312.68 948.97 1,312.68
Notes
a) Fa ir vvaa l ue of fin ancia

fin setss : (Co ntd .)
nciall aassset (Amount in ` Lakh, unless otherwise stated)
Carr yi
As A
Att As A
Att As AAtt As AAtt
2020 2019 2020 2019
Fin ancia
nciall aassset
setss mea
meassure d aatt aamo
mo
morr tise
isedd ccos
os
ostt
Investment in government securities 1,994.40 1,829.98 1,994.40 1,829.98
Security deposits 1,147.70 1,124.81 1,147.70 1,124.81
Interest accrued on fixed deposits 56.42 40.97 56.42 40.97
Deposits with original maturity of more than 12 months 265.11 1,213.74 265.11 1,213.74
Loans from related parties 300.00 300.00 300.00 300.00
Loans from others parties 3,876.49 3,658.32 3,876.49 3,658.32
Interest accrued on loan to related parties 8.45 12.14 8.45 12.14
Others 1.16 235.41 1.16 235.41
Trade receivable 22,042.47 22,177.86 22,042.47 22,177.86
Cash and cash equivalents 8,808.89 9,434.12 8,808.89 9,434.12
Other bank balances 2,168.83 1,707.71 2,168.83 1,707.71
(C) 40,669.92 41,735.06 40,669.92 41,735.06
Tot
otaa l ((A+B+C)
A+B+C) 42,452.57 43,644.04 42,452.57 43,644.04
b) Fa ir vvaa l ue of fina ncia
fin nciall lliab
iab il
iabil it
ilit ies
ies::
ities (Amount in ` Lakh, unless otherwise stated)
Carr yi
As A
Att As A
Att As AAtt As AAtt
2020 2019 2020 2019
Fin ancia
nciall aassset meassure d aatt ffaa i r vvaa l ue
setss mea
throu
ougg h ot
othehe
herr cco
omp rehe
ehenn siv
sivee iinc nc
nco ome
Derivative Financial Instruments 991.8 - 991.8 -
(A) 991.8 - 991.8 -
Fin ancia
nciall lliab
iab il
iabil it
ilit ies mea
ities meassure d aatt aamo
mo
morr tise
isedd ccos
os
ostt
Borrowings 35,699.01 31,592.83 35,723.90 31,601.74
Lease Liabilities 7,797.67 - 7,797.67 -
Security Deposit 246.97 222.00 246.97 222.00
Book Overdraft 26.87 150.48 26.87 150.48
Unpaid Dividend 31.85 26.83 31.85 26.83
Current Maturity of long term loans 2,769.20 1,680.89 2,769.20 1,680.89
Trade payables 18,106.67 18,106.47 18,106.67 18,106.47
Interest accrued but not due on borrowings 37.48 24.67 37.48 24.67
Creditors for capital expenditure 30.21 849.25 30.21 849.25
Others 1,830.22 2,424.77 1,830.22 2,424.77
(B) 66,576.15 55,078.19 66,601.04 55,087.10
Tot
otaa l(A+B)
l(A+B) 67,567.95 55,078.19 67,592.83 55,087.10
Notes
Management has assessed that trade receivables, cash and cash equivalents, other bank balances, trade payables, Interest
accrued on borrowings and current maturities of long term borrowings approximate their carrying amounts largely due to
the short-term maturities of these instruments.
Long-term borrowing includes vehicle loan and corporate loans obtained from banks and Financial institutions . Management
determines vehicle loan and corporate loan to be at the market rate of interest as at the reporting date, accordingly, the
carrying value of such long-term borrowing approximates fair value.
c) Disc ou
Discou nt rraate uuse
oun se
sedd iin
n det
deteermi n i n g ffaa i r vvaa lue
The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental borrowing
rate of borrower which in case of financial liabilities is average market cost of borrowings and in case of financial asset is the
average market rate of similar credit rated instrument. The Group maintains policies and procedures to value financial assets
or financial liabilities using the best and most relevant data available.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.
d) The following methods and assumptions were used to estimate the fair values:
i) Fair values of the interest-bearing borrowings and loans are determined by using DCF method using discount rate that
reflects the rate as at the end of the reporting period.
ii) Fair value for security deposits paid & received (other than perpetual security deposits) has been presented based on
the discounting factor as at the reporting date.
iii) Fair value for all other non-current assets and liabilities is equivalent to the amortised cost, interest rate on them is
equivalent to the market rate of interest.
iv) For other financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
v) Specific valuation techniques used to value financial instruments include:
- The fair values of investments In mutual fund units is based on The net asset value (‘NAV’) as stated by the issuers
of these mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which
The issuer will issue further units of mutual fund and The price at which issuers will redeem such units from the
investors.
- Investment in quoted equity instruments of entities other than subsidiaries has been determined on the basis of
quoted rates available from securities markets in India.
- The fair value of derivative financial instruments (forward exchange contract) has been determined on the basis of
mark to market valuation.
NOT E 43 : FA
NOT FAII R H
HII E R A RC H Y
All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described
as follows, based on the lowest level input that is significant to the fair value measurement as a whole.
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that has a significant effect on the fair value measurement are
observable, either directly or indirectly.
Level 3: Valuation techniques for which the lowest level input which has a significant effect on the fair value measurement is not
based on observable market data.
The following table provides the fair value measurement hierarchy of the assets and liabilities
Notes
a) Q ua ntit
itaativ
ivee ddisclos
isclosures ffaa i r vvaa lue mea
isclosu meassureme
mennt hhie
ie
ierra rch
chyy fo
forr aassset
setss aass aatt M
Maarch 31, 2020:
Fa i r V
Vaa l ue
As AAtt A m oorr t ise
isedd Q uot
uotee d Sig
Signn ific
ificaan t Sig
Signn ific
ificaa n t Tot
otaa l
M a r ch 31, Cos
Costt p r ic es iinn
ices o bse
bserr v ab le
able u nobse
bserr v ab
nobse le
able
2020 act iv
ivee
activ i n pu
putt s i n pu
putt s
m a r ket
etss (L
(Lee v el 2) (L
(Lee v el 3)
(L
(Lee v el 1)
F i n a ncia
nciall aass set
setss mea
meass ur e d aatt ffaa i r
v a lue tthh r ou
ougg h pprr ofit oorr los
losss
Investment in equity instruments 141.00 - 141.00 - - 141.00
Investment in mutual fund 692.68 - 692.68 - - 692.68
Tot
otaa l A 833.68 833.68 - - 833.68
F i n a ncia
nciall aass set
setss mea
meass ur e d aatt ffaa i r vvaa l ue
t h r o uugg h othe
herr ccoo m p r ehe
othe ehenn siv
sivee iincnc
ncoo me
Investment in mutual fund 948.97 - 948.97 - 948.97
Tot
otaa l B 948.97 - 948.97 - - 948.97
F i n a ncia
nciall aass set
setss mea
meass ur e d aatt aamm oorr t ise
isedd ccos
os
ostt
Investment in government securities 1,994.40 1,994.40 - - - 1,994.40
Security deposits 1,147.70 1,147.70 - - - 1,147.70
Interest accrued on fixed deposits 56.42 56.42 - - - 56.42
Deposits with original maturity of more than 12 months 265.11 265.11 - - - 265.11
Loans from related parties 300.00 300.00 - - - 300.00
Loans from others parties 3,876.49 3,876.49 - - - 3,876.49
Interest accrued on loan to related parties 8.45 8.45 - - - 8.45
Other 1.16 1.16 - - - 1.16
Trade receivable* 22,042.47 22,042.47 - - - 22,042.47
Cash and cash equivalents* 8,808.89 8,808.89 - - - 8,808.89
Other bank balances* 2,168.83 2,168.83 - - - 2,168.83
Tot
otaa l C 40,669.92 40,669.92 - - - 40,669.92
Tot
otaa l ((A+B+C)
A+B+C) 42,452.57 40,669.92 1,782.65 - - 42,452.57
b) Q ua ntit
itaativ
ivee ddisclos
isclosu meassureme
mennt hhie
ie
ierra rch
chyy fo
forr lliab
iab il
iabil it
ilit ies aass aatt M
ities Maarch 31, 2020:
Fa i r V
Vaa l ue
isedd Q uot
uotee d Sig
Signn ific
ificaan t Sig
Signn ific
ificaa n t Tot
otaa l
M a r ch 31, Cos
ices o bse
bserr v ab le
able u no bserr v ab
bse
nobse le
able
2020 act iv
ivee
activ i n pu
putt s i n pu
putt s
m a r ket
etss (L
(Lee v el 2) (L
(Lee v el 3)
(L
(Lee v el 1)
F i n a ncia
nciall aass set
setss mea
meass ur e d aatt ffaa i r vvaa l ue
t h r o uugg h othe
herr ccoo m p r ehe
othe ehenn siv
sivee iincnc
ncoo me
Derivative Financial Instruments 991.80 - - 991.80 - 991.80
(A) 991.80 - - 991.80 - 991.80
F i n a ncia
nciall lliab
iab ililit
iabil ities mea
ities m oorr t ise
meass ur e d aatt aam isedd ccos
os
ostt
Borrowings 35,699.01 - - - 35,723.90 35,723.90
Lease Liabilities 7,797.67 7,797.67 - - - 7,797.67
Security deposit 246.97 246.97 - - - 246.97
Book overdraft 26.87 26.87 - - - 26.87
Unpaid dividend 31.85 31.85 - - - 31.85
Trade payables* 18,106.67 18,106.67 - - - 18,106.67
Interest accrued but not due on borrowings* 37.48 37.48 - - - 37.48
Creditors for capital expenditure* 30.21 30.21 - - - 30.21
Others 1,830.22 1,830.22 - - - 1,830.22
(B) 63,806.95 28,107.94 - - 35,723.90 63,831.84
Tot
otaa l( A+B)
l(A+B) 64,798.74 28,107.94 - 991.80 35,723.90 64,823.64
Notes
c) Q ua ntit
itaativ
ivee ddisclos
isclos
isclosuures ffaa i r vvaa lue mea
meassureme
mennt hhie
ie
ierra rch
chyy fo
forr aassset
setss aass aatt M
Maarch 31, 2019:
Fa i r V
Vaa l ue
isedd Q uot
uotee d Sig
Signn ific
ificaa n t Sig
Signn ific
ificaan t Tot
otaa l
M a r ch 31, Cos
ices o bse
bserr v ab le
able u no bse
bserr v ab
nobse le
able
2019 act iv
ivee
activ i n pu
putt s i n pu
putt s
m a r ket
etss (L
(Lee v el 2) (L
(Lee v el 3)
(L
(Lee v el 1)
As set
setss mea
Asset meass ur e d aatt ffaa i r vvaa l ue tthh r o uugg h pprr ofit oorr los
losss
Mark to market forward contracts 462.80 - - 462.80 - 462.80
( A) 596.30 - 133.50 462.80 - 596.30
F i n a ncia
nciall aass set meass ur e d aatt ffaa i r vvaa l ue
setss mea
t h r o uugg h ot he
herr ccoo m p r ehe
othe ehenn siv
sivee iinc nc
ncoo me
Investment in mutual fund 1,312.68 - 1,312.68 - 1,312.68
(B) 1,312.68 - 1,312.68 - - 1,312.68
F i n a ncia
nciall aass set
setss mea
meass ur e d aatt aam
m oorr t ise
isedd ccos
os
ostt
Investment in government securities 1,829.98 1,829.98 - - - 1,829.98
Security deposits 1,124.81 1,124.81 - - - 1,124.81
Deposits with original maturity of more than 12 months 1,213.74 1,213.74 - - - 1,213.74
Loans from related parties 300.00 300.00 - - - 300.00
Loans from others parties 3,658.32 3,658.32 - - - 3,658.32
Others 235.41 235.41 235.41
(C) 41,735.06 41,735.06 - - - 41,735.06
Tot
otaa l ((A+B+C)
A+B+C) 43,644.04 41,735.06 1,446.18 462.80 - 43,644.04
d ) Q ua ntit
itaativ
ivee ddisclos
isclos
isclosuures ffaa i r vvaa lue mea
meassureme
mennt hhie
ie
ierra rch
chyy fo
forr lliab
iab il
iabil it
Fa i r V
Vaa l ue
isedd Q uot
uotee d Sig
Signn ific
ificaa n t Sig
Signn ific
ificaan t Tot
otaa l
M a r ch 31, Cos
ices o bse
bserr v ab le
able u no bse
bserr v ab
nobse le
able
2019 act iv
ivee
activ i n pu
putt s i n pu
putt s
m a r ket
etss (L
(Lee v el 2) (L
(Lee v el 3)
(L
(Lee v el 1)
F i n a ncia
nciall lliab
iab ililit
iabil ities mea
ities meass ur e d aatt aam
m oorr t ise
isedd ccos
os
ostt
Borrowings 31,592.83 - - - 31,601.74 31,601.74
Security deposit 222.00 222.00 - - - 222.00
Book overdraft 150.48 150.48 - - - 150.48
Unpaid dividend 26.83 26.83 - - - 26.83
Trade payables* 18,106.47 18,106.47 - - - 18,106.47
Others 2,424.77 2,424.77 - - - 2,424.77
53,397.30 21,804.47 - - 31,601.74 53,406.21
Notes
* Management has assessed that trade receivables, cash and cash equivalents, other bank balances, trade payables, Interest
There have been no transfers between Level 1 and Level 2 during the period.
Specific valuation techniques used to value financial instruments. (refer note 42)
NOT E 44 : FI
NOT FINNA N C I A L R
RII S K M
MAA NA G E M E N T O
OBB J EC
ECTT IVES A
ANND P
POO L IC IE S
The Group’s risk management policies are established to identify and analyse the risks faced by the group, to set appropriate risk
limits and controls and to monitor risks & adherence to limits. Risk management policies and systems are reviewed by the Risk
management Committee annually to reflect changes in market condition and operations of Companies included in the Group.
The Group principal financial liabilities comprises of trade and other payables, borrowings, current maturity of borrowings,
interest accrued and capital creditors. The main purpose of these financial liabilities is to finance the operations and to provide
guarantees to support its operations.
The Group principal financial assets includes Investment in mutual funds, loans to related parties, security deposits, trade
receivables, cash and cash equivalents, deposits with bank, interest accrued in deposits, receivables from related and other parties
and interest accrued thereon.
The Group is exposed to credit risk, liquidity risk and market risk. The senior level management oversees the management of
these risks and is supported by Treasury department that advises on the appropriate financial risk governance framework.
A . Ma rket rrisk
isk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. Financial
instruments affected by market risk are borrowings, short term deposits and derivative financial instruments.
The sensitivity analyses in the following sections relate to the position as at March 31, 2020 and March 31, 2019.
i) Interes
estt rraat e rrisk
isk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group exposure to the risk of changes in market interest rates relates primarily to
the long-term debt obligations with floating interest rates.
The Group main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to
interest rate risk. The Group manages its net exposure to interest rate risk related to borrowings, by balancing a proportion
of fixed rate and floating rate borrowing in its total borrowing portfolio. Currently, the Group’s borrowings are within
acceptable risk levels, as determined by the management, hence the Group has not taken any swaps to hedge the interest
rate risk.
Interes
estt rraate sen sit
sen iv
sitiv it
ityy
ivit
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on the portion of
borrowings affected. With all other variables held constant, the Group profit before tax is affected through the impact
on floating rate borrowings, as follows:
Inc
ncrrea se oorr de
ease deccrea se
ease De crea se/(
se/(iinc
ease/( ncrrea se)
ease)
i n bbaa sis ppo
o int s in pprrofit
March 31, 2020 +50 5.64
-50 (5.64)
March 31, 2019 +50 16.20
-50 (16.20)
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable
market environment, showing a significantly higher volatility than in prior years.
Notes
ii
ii)) Fo reig
eignn cu
currrenc
ncyy rrisk
isk
Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes
in exchange rates. Foreign currency risk senstivity is the impact on the profit before tax is due to changes in the fair
value of monetary assets and liabilities on unhedged exposures. The following tables demonstrate the sensitivity to a
reasonably possible change in applicable currency exchange rates, with all other variables held constant.
Par ticu
icull ars Cha ng es iin n De crea se/(
se/(iinc
ease/( ncrrea se)
ease)
exch
exch a
cha n g e r a
ra et iin
n pprrofit bbefo
efo
efor taa x
r e t
March 31, 2020 +5% (91.57)
-5% 91.57
March 31, 2019 +5% 295.00
-5% (295.00)
B. Cre d it rrisk
isk
Credit risk is the risk that counterparty will default on its contrctual obligations resulting in finance loss to the Company.
Credit risk arise from Cash and cash equivalents, deposit with banks, trade receivables and other financial assets measure at
amortised cost. The Group continuosly monitors defaults of customers and other counterparties and incorporate this
information into its credit risk control. The carrying amount of financial assets represents the maximum credit exposure.
i) Trade rree c eivab
eivab les
ables
The ageing analysis of trade receivables as of the reporting date is as follows:
Par ticu
icull ars Neit he
herr ppaa st
eithe L es
esss tth
ha n 30 tto
o 90 90 tto
o 180 More tth
han Tot
otaa l
due nonorr 30 ddaays days days 180 ddaays
imp a ire d
Trade receivables as 17,559.04 2,680.10 1,567.65 201.07 34.61 22,042.47
of March 31, 2020
Trade receivables as 6,865.15 7,576.27 7,571.51 13.97 150.96 22,177.86
of March 31, 2019
ii
ii)) Exposure to Risk, in respect of the guarantees given by the Group: The disclosure in respect of credit risk exposures
which are not credit impaired or where there has not been a significant increase in credit risk since initial recognition
are as under:
- itaativ
Q ua ntit ivee ddaata ab ou
outt ex
abou p os
exp osuure aand maaturit
nd m ityy pprrofile
Guar ante e Giv
Giveen tto
o D et
etaa ils of P urp ose of
rpose Amou
mounnt aass aatt G u a r a nt e e
Subsid
ubsidia ia
iarr y G ua r a n t e e March 31, 2020 Va l id U
Uptpt
ptoo
Standard Chartered Bank, Pearl Global Securing Credit USD 120.00 lakh February 05,
Hongkong Branch (HK) Limited Facilities equivalent to 2021
` 9,046.80 lakh
Standard Chartered Bank, Pearl Global Securing Credit USD 200.00 lakh November 10,
` 15,078.00 lakh
Standard Chartered Bank, Norp Knit Securing Credit BDT 9,000.00 lakh October 11,
Bangladesh Branch Industries Limited Facilities equivalent to 2021
` 7,967.43 lakh
Notes
- Po l ic
icyy of m
maan a g in g rrisk
isk
isk:: The Group considers the probability of default upon initial recognition and whether
there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess
whether there is a significant increase in credit risk the Group compares the risk of default as at the reporting date
with the risk of default as at the date of initial recognition. The Group considers reasonable and supportive forward-
looking information such as significant changes in the value of guarantee or in the quality of exposure or credit
enhancements.
iii)) Fin ancia
iii nciall iin
n str ume
mennts aand
nd ccaa sh dep osit
dep ositss
Credit risk from balances with banks and financial institutions is managed by the treasury department in accordance
with the policy. Investments of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. Counterparty credit limits are reviewed by the Board of Directors on an annual basis,
and may be updated throughout the year subject to approval of the finance committee. The limits are set to minimise
the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.
C. L iqu id
iqu it
ityy rrisk
idit isk
Liquidity risk is the risk that the Group may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses.
The objective is to, maintain optimum levels of liquidity to meet its cash and collateral requirements both under normal &
stressed conditions.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of fund
through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions.
These facilities and limits varry at Company level (forming part of Group) and taks into account, future cash flows and the
liquidity in which the entity operates.
The ttab
ab
ablele bbelo
elo
eloww ssu
ummarises tthe
he m
maaturit
ityy pprrofile of tthe
he fin ancia
fin nciall lliab
iab il
iabil it
ilit ies bbaa se
ities sedd oon
n cco
o ntr act
actuua l uund
nd isc
ndisc ou
iscou nt e d
oun
p ayme
menn ts .
As aatt M
Maa rch 31, 2020 L es
esss tth
ha n 3 tto
o 12 1 tto
o5 > 5 years
years Tot
otaa l
3 mo
mon n th s mon
mo n ths yea
yearsrs
Borrowings 25,715.32 97.39 9,886.29 - 35,699.00
Lease Liabilities 188.20 621.99 2,901.45 4,086.02 7,797.66
Current Maturities of long term borrowings 692.30 2,076.90 - - 2,769.20
Trade payables 18,106.67 - - - 18,106.67
Other financial liabilities 1,956.63 991.80 179.90 67.07 3,195.40
Tot
otaa l 46,659.12 3,788.08 12,967.64 4,153.09 67,567.93
As aatt M
esss tth
ha n 3 tto
o 12 1 tto
o5 > 5 years
years Tot
otaa l
3 mo
mon n th s mon
mo n ths yea
yearsrs
Borrowings 23,486.07 - 8,106.76 - 31,592.83
Current Maturities of long term borrowings 420.22 1,260.67 - - 1,680.89
Trade payables 18,106.47 - - - 18,106.47
Other financial liabilities 3,476.00 - 154.93 67.07 3,698.00
otaal
Tot 45,488.76 1,260.67 8,261.69 67.07 55,078.19
Notes
NOT E 45 : SEG
NOT SEGMM E N T IIN
N F O R M AT I O N
a) The operating segments are established on the basis of those components of the group that are evaluated regularly by the
Executive Committee (the ‘Chief Operating Decision Maker’ as defined in Ind AS 108 - ‘Operating Segments’), in deciding
how to allocate resources and in assessing performance. The Group has presented segment information on geographical
basis in the consolidated financial statements.
Summary of segment Information as at and for the year ended March 31, 2020 and March 31, 2019 is as follows:
Pa r ticu
iculla rs B an g l adesh Ho n g KKoo n g Ind ia
ndia O thers Un - a l lo
hers locc ab le
able Tot
otaa l E l i m i n a tio
ionn Tot
otaa l
Segment Sales 9,094.54 71,554.08 70,365.19 17,498.77 - 168,512.58 - 168,512.58
(9,853.87) (70,457.38) (79,676.26) (15,762.27) - (175,749.78) - (175,749.78)
Inter Segment Sales 45,567.81 20,266.87 12,168.14 - - 78,002.82 78,002.82 -
(49,897.16) (17,748.70) (4,401.20) - - (72,047.06) (72,047.06) -
Tot
otaa l SSee g me
menn t SSaa les 54,662.35 91,820.95 82,533.33 17,498.77 - 246,515.40 78,002.82 168,512.58
(59,751.02) (88,206.09) (84,077.46) (15,762.27) - (247,796.84) (72,047.06) (175,749.78)
Other Income 764.38 1,177.23 3,353.73 - - 5,295.34 389.85 4,905.49
(560.74) (462.16) (2,683.87) - - (3,706.77) (313.95) (3,392.82)
Tot
otaa l SSee g me
mennt RRee v e n ue 55,426.73 92,998.18 85,887.06 17,498.77 - 251,810.74 78,392.67 173,418.07
(60,311.77) (88,668.24) (86,761.33) (15,762.27) - (251,503.61) (72,361.00) (179,142.61)
Total Revenue of each segment as a 22.01 36.93 34.11 6.95 - 100.00 - -
percentage of total revenue of all segment
(23.98) (35.26) (34.50) (6.26) - (100.00) - -
Total Segment Operative Profit 3,369.98 1,937.98 5,308.26 913.63 - 11,529.85 - 11,529.85
(3,524.76) (1,286.83) (7,905.74) (1,038.03) - (13,755.36) - (13,755.36)
Depreciation 1,506.88 590.53 1,761.66 345.33 - 4,204.40 - 4,204.40
(896.66) (114.56) (1,290.15) (288.12) - (2,589.48) - (2,589.48)
Total Segment Result before Interest & Taxes 1,863.10 1,347.44 3,546.59 568.31 - 7,325.45 - 7,325.45
(2,628.10) (1,172.27) (6,615.59) (749.91) - (11,165.87) - (11,165.87)
Total EBIT of each segment as a percentage 25.43 18.39 48.41 7.77 - 100.00 - -
of total EBIT of all segment
(23.54) (10.50) (59.26) (6.72) - (100.00) - -
Net Financing Cost - - - - - - - 4,201.04
- - - - - - - (2,871.95)
Income Tax Expenses - - - - - - - 950.58
- - - - - - - (1,583.01)
Profit fo
forr tthe
he YYea
ea
earr - - - - - - - 2,172.83
- - - - - - - (6,710.92)
S e g me
menn t As set
setss
Asset 22,027.81 35,508.37 55,691.95 5,504.42 6,498.15 125,230.70 - 125,230.70
(17,903.18) (23,791.26) (54,032.10) (8,933.31) (5,480.25) (110,140.10) - (110,140.10)
Segment Assets as a percentage 17.59 28.35 44.47 4.40 5.19 100.00 -
of Total assets of all segments
(16.25) (21.60) (49.06) (8.11) (4.98) (100.00) -
Notes
P a r ticu
iculla rs B a n g l adesh Ho n g KKoo n g Ind ia
ndia O thers Un - a l lo
hers locc ab le
able Tot
otaa l E l i m i n a tio
ionn Tot
otaa l
S e g me
menn t LLiab
iab
iabilililititities
ies 12,479.10 3,973.85 17,536.66 1,449.43 38,437.83 73,876.87 - 73,876.87
(11,120.43) (1,707.93) (13,762.46) (1,584.21) (33,734.30) (61,909.33) - (61,909.33)
Segment Liabilities as a percentage 16.89 5.38 23.74 1.96 52.03 100.00 - -
of Total Liabilities of all segments
(17.96) (2.76) (22.23) (2.56) (54.49) (100.00) - -
S e g me
menn t CCaap ititaa l EEm
m p loye
yedd
loye 9,548.71 31,534.52 38,155.29 4,054.99 (31,939.68) 51,353.83 - 51,353.83
(6,782.75) (22,083.33) (40,269.65) (7,349.11) 28,344.84 (48,140.00) - (48,140.00)
Segment Capital Employed as a percentage 18.59 61.41 74.30 7.90 (62.20) 100.00 - -
of Total capital employed of all segments
(14.09) (45.87) (83.65) (15.27) 58.88 (100.00) - -
C a p ititaa l Ex
Expp e nd
ndititituu re 1,896.23 1,970.88 1,564.37 248.53 - 5,680.01 - 5,680.01
(1,244.68) (4,694.66) (2,042.59) (915.28) - (8,897.21) - (8,897.21)
Segment Capital Expenditure as a percentage 33.38 34.70 27.54 4.38 - 100.00 - -
of Total capital expenditure of all segments
(13.99) (52.77) (22.96) (10.28) - (100.00) - -
D e p r e cia
ciattio
ionn 1,506.88 590.53 1,761.66 345.33 - 4,204.40 - 4,204.40
(896.66) (114.56) (1,290.15) (288.13) - (2,589.50) - (2,589.50)
b) The Group revenue from sale of garments to external customer are as follows:
Par ticu
icull ars As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Local Customers 8,403.09 6,019.11
Foreign Customers 154,922.70 164,750.91
c) Non- current assets are located within India and outside India: (Amount in ` Lakh, unless otherwise stated)
Par ticu
icull ars As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
No n Current As
Cu set
setss
Asset
- within India 24,818.27 22,484.64
- outside India 29,495.63 20,975.14
d ) Revenue from major customer: During the year the Group generates 90% of its external revenues from thirteen customers.
NOT E 46 : CO
NOT CONN T IN G EN T L
LII A B I L I T I E S A
ANND CO M M I T M E N TS
CO
a) Contin g ent lliab
Con iab il
iabil it
ilit ies ((T
ities To tthe
he ex
exttent not pprrovide
ovide d fo
ided r)
for)
I The Group has reviewed all its pending claims, litigations and other proceedings and has adequately provided for wherever
required. However, wherever it is difficult to estimate the timings of cash outflows, if any, in respect of the above as it is
determinable only on receipt of judgement/decisions pending with various forums/authorities, the Group has disclosed the
same as Contingent Liabilities (pending resolution of the respective proceedings). The Group does not expect the outcome
of these proceedings to have a material or adverse effect on financial position of the Group. Also, the Group does not expect
any reimbursements in respect of the below contingent liabilities.
Notes

As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
(i) Claims against the Group not acknowleged as debts corresponding to :
- Tax Demand as per Sec 143(1) of Income Tax Act , 1961 - 1.25
(with respect to Assessment Year 2014-15)
- Tax Demand as per Sec 143(1) of Income Tax Act , 1961 8.30 98.01
(with respect to Assessment Year 2016-17) - Rectification
application has been filled with A.O
- Tax Demand as per Sec 143(3) of Income Tax Act , 1961 16.61 -
- Demand as per TDS (TRACES) portal - CPC 16.52 18.43
(ii) Several Legal Cases of labour pending at labour Court, Civil Court and High Court. The Group has assesed and
believe that none of these cases, either individually or in aggregate, are expected to have any material adverse effect on
its financial statements. However, Since it is difficult to estimate the timings of the cash outflows, if any, no further
provision or seperate disclosure is made in books of accounts.
(iii) As per the order dated July 13, 2016 issued by Hon’ble Madras High Court, minimum wages shall be paid to the
employees retrospectively from December 2014 to June 2016. However, the management is of the view that the wages
have to be paid only to the employees working presently in the Group and also no PF & ESI is required to be deducted.
Accordingly, the minimum wages, ESI and PF of past employees of ` 288.51 lakh, ` 8.06 lakh and ` 69.25 lakh respectively
has not been recorded in books of account. Further, Holding Company has also not accounted for the PF contribution
of ` 65.33 lakh and ESI contribution of ` 12.88 lakh due on the wage arrears paid to the present employees during the
year ended March 31, 2017. The status of this contingent liability remain unchanged as at reporting date i.e. March 31,
2020.
II Irrevocable letter of credit (net of margin) outstanding with banks 5,862.96 11,569.88
III Bank Guarantee given to government authorities 224.29 147.06
IV Counter Guarantees given by the Group to the Sales Tax Department
over which Key Managerial Personnel have Significant influence
- For enterprise 1.00 1.00
- For others 0.50 0.50
V The Group has given the corporate guarantees to banks on behalf of its foreign subsidiaries (Refer Note No. 44)
VI The Group is in the process of evaluating the impact of the recent Supreme Court Judgment in case of “Vivekananda
Vidyamandir and Others Vs The Regional Provident Fund Commissioner (II) West Bengal” and the related circular (Circular
No. C-I/1(33)2019/Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees’ Provident Fund
Organisation in relation to non-exclusion of certain allowances from the definition of “basic wages” of the relevant employees
for the purposes of determining contribution to provident fund under the Employees’ Provident Funds & Miscellaneous
Provisions Act, 1952.
Since there are numerous interpretative issues relating to the judgement, the management has concluded to update provision
in books of accounts on receiving further clarity on the subject.
Notes
b) Commit
Com me
itme nt s
men (Amount in ` Lakh, unless otherwise stated)
As A
Att As AAtt
Ma rch 31, 2020 March 31, 2019
Capital Commitment: Estimated amount of contracts remaining 198.72 99.44
to be executed on the capital account (net of capital advances)
The Group does not have any other long term Commitments or material non cancellable contractual commitments, which
may have a material impact on the standalone financial statement.
NOT E 47 : RE
NOT RELL AT E D PA RT Y T
PA TRR A NS
NSAAC T I O NS
A . L is
istt of rrel
el
elaate d ppaar ties
Nature of R Relel
elaatio
ionn sh
shiip Name of tthehe R el
elaate d P
Rel Paa r t y
Enterprprrise ov
oveer wwhh ich KKee y mesttic
D omes
Mana g eriaiall P
Peerso nnel
rson Creative Arts Education Society
ex
exeercise Sig
Sign ificaant iin
n ific n flue
flue nc
ncee
uenc Little People Education Society
Nim International Commerce LLP
PDS Multinational Fashions Limited
Pearl Wears
PS Arts Private Limited
PSS Estates LLP
Vau Apparels LLP
O versea
rseass
360 Notch Ltd (Formely known as Poeticgem Australia Ltd)
Blueprint Design Limited
Casa Forma Limited
Clover Collection Limited Formerly DS Manufacturing Limited;
Designed and Sourced Limited)
Clover Collections FZCO (w.e.f. 20.02.2020)
Design Arc Asia Limited [(Formerly Design Arc. Limited)
( Design Arc. Limited Formerly Nor France Manufacturing Company Ltd)]
Design Arc Europe Limited (Formerly Nor Europe Manufacturing Limited
Design Arc FZCO (W.e.f 17.01.2019)
Design Arc UK Limited
Digital Ecom Techno Private Limited
Digital Internet Technologies Limited
Fabric & Trims Limited
Fareast Vogue Limited
Funky Brands Company Limited (Formerly Fullhouse Manufacturing Limited;
Nor Delhi Manufacturing Limited
FX Import Company Limited
FX Import Hongkong Limited
Global Textiles Group Limited
Notes
Green Apparel Industries Ltd

Green Smart Shirts Limited
Grupo Extremo SUR S.A
Grupo Sourcing Limited (Bangladesh)
Grupo Sourcing Limited (Hongkong)
Jcraft Array Limited (w.e.f. 12.04.2018)
JJ Star Industrial Limited
JSM Trading (FZE.)
KIK Service Unit Limited (w.e.f. 22.10.2019)
Kindred Brands Ltd (Formerly NW Far-east Limited)
Kindred Fashion Limited (w.e.f. 23.10.2018)
Kleider Sourcing FZCO (w.e.f 17.01.2019)
Kleider Sourcing Hongkong Limited
Kleider Sourcing Limited
Krayon Sourcing Limited (Formerly Souring Solutions HK Limited)
Lilly and Sid Ltd (w.e.f. 10.03.2020)
Multinational OSG Services Bangladesh Limited
Multinational Textile Group Limited
MultiTech Venture Ltd(Mauritius)
Nor Europe SPA
Nor India Manufacturing Company Limited
Nor Lanka Manufacturing Colombo Limited
Nor Lanka Manufacturing Limited
Norlanka Progress Pvt.Ltd
Norwest Industries Limited
Pacific Logistics Limited
Parc Designs Pvt. Limited (Closed on 30.09.2019)
PDS Far-east Limited
PDS Asia Star Corporation Limited
PDS Far East USA Inc.
PDS Global Investments Limited
PDS Trading (Shanghai) Company Limited
PDS Ventures Limited (w.e.f. 03.07.2018)
PG Group Limited
PG Home Group Limited
PG Home Group SPA (Formerly Pearl GES Home Group SPA)
PG Shanghai Mfg Company Limited
Poetic Brands Limited
Poetic Knitwear Limited
Poeticgem International Limited
Poeticgem Limited
Notes
Progress Apparels(Bangladesh) Ltd

Progress Manufacturing Group Ltd
Razamtazz Limited
Recovered Clothing Limited (w.e.f 24.07.2018)
Redwood Internet Ventures Limited
Rising Asia Star Hongkong Limited (Formerly Techno Manufacturing Limited)
SACB Holdings Limited
Simple Approach (Canada) Limited
Simple Approach Limited
Smart Notch Industrial Limited
Smart Notch Limited (w.e.f. 20.04.2018)
Sourcing East West Limited
Sourcing Solutions Limited
Spring Near East FZCO (w.e.f. 17.01.2019)
Spring Near East Manufacturing Company Limited
Styleberry Limited
Superb Mind Holdings Limited
Techno Design Gmbh
Techno Design HK Limited (Formerly DPOD Manufacturing Limited
Technocian Fashion Private Limited (w.e.f. 20.03.2019)
Transnational Textile Group Limited
Twin Asia FZCO (w.e.f. 17.01.2019)
Twin Asia Limited
Zamira Denim Lab Limited
Zamira Fashion Limited
Zamira Fashion Limited Zhongshan
Ke y M
Maa na g eme
men nt PPeerso
rson nnel Mr. Deepak Seth Chariman
(K
(KMM P) & tthei
hei
heirr rrel
el
elaativ
ivee Mr. Pulkit Seth Vice Chairman & Managing Director
Mrs. Shifalli Seth Whole-Time Director
Mr. Vinod Vaish (till 30.04.2020) Whole-Time Director
Mr. Kashmir Singh Rathour(from 28.07.2020) Chief Financial Officer
Mr. Raghav Garg (till 30.06.2020) Chief Financial Officer
Mr. Sandeep Sabharwal Company Secretary
Mr. Chittranjan Dua Independent Director
Mr. Rajendra Kumar Aneja Independent Director
Mr. Anil Nayar Independent Director
Mr. Abhishek Goyal Independent Director
Mrs. Madhulika Bhupatkar (from 18-03-2020) Independent Director
Notes
B. Disclosure of R
Disclosu el
elaate d P
Rel Paa r ties T
Trra n sactio
sactio ns :
ion
(i) Enterp
rprrise ov
oveer wh ich K
wh KMM P hhaa s Sig
Signn ific
ificaa nt IIn
n fl ue
flue nc
ncee
uenc (Amount in ` Lakh, unless otherwise stated)
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Expenses paid by the Group on their behalf - 0.61
Expenses paid by them on behalf of the Group 3.00 4.37
Interest income 30.00 30.00
Closi
losinng B
Baa l anc
ncee (Amount in ` Lakh, unless otherwise stated)
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Amount receivable - 4.29
Loan & advances receivable (inc. interest) 306.71 306.66
(ii) Ke y M
Maana g eme
mennt P
Peerso
rsonnnel (K
(KMM P) (Amount in ` Lakh, unless otherwise stated)
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Remuneration paid 301.51 277.89
EPF paid 1.06 1.11
Expenses incurred by him on behalf of the Group 30.09 69.78
Directors sitting fees 1.60 1.50
Closi
losinng B
Baa l anc
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Trade Payable - Payable to KMP 0.92 16.85
C. Disclosure of Material Transactions: Related Parties having more than 10% interest in each transaction in the ordinary
course of business
(i) Enterp
rprrise ov
oveer w
whh ich K
KMM P hhaa s sig
sign ificaant iin
n ific n flue
flue nc
ncee
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Ex
Expp en ses ppaa id bbyy tthe
he Grou
Grou p oon
oup n tthei
hei
heirr bbeh
eh
ehaa lf
Norwest Industries Limited - 0.61
Ex
he
hemm oon
n bbeh
eh
ehaa l f of tthe
he Grou
Grou p
oup
PDS Multinational Fashion Limited 3.00 4.37
Interes
estt iinc
nc
ncoo me
Notes
(ii) Ke y M
Maana g eme
mennt P
Peerso
rsonnnel (Amount in ` Lakh, unless otherwise stated)
Par ticu
icull ars For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
R emune
nerratio
ionn ppaa id
Mr.Pulkit Seth 165.00 120.00
Mrs. Shifalli Seth 68.75 75.00
Mr. Rajkumar Chawla - 44.88
Mr. Vinod Vaish 16.44 16.44
Mr. Sandeep Sabharwal 16.04 15.63
Mr. Raghav Garg 35.28 5.94
E P F ppaa id
Exp en ses iincu
Exp ncu
ncurrre d bbyy hhiim oon
n bbeh
eh
ehaa l f of tthe
he Gr ou
Grou p
oup
Mr. Raj Kumar Chawla - 50.07
Dirre ct
Di ctoors sit Fee es
sitttin g F es::
Mr. Deepak Seth 0.20 0.10
Mr. Anil Nayar 0.50 0.40
Mr. Chittranjan Dua 0.30 0.40
Mr. Abhishek Goyal 0.50 0.50
Mr. Rajendra Aneja 0.10 0.10
(iii) Term s aand

nd cco
ond it
nditio
itio n s of ttrra nsact
ion io
sactio
ionns w it
wit h rrel
ith el
elaate d ppaar ties
All the transaction with the related parties are made on terms equivalent to those that prevail in arm’s length transactions.
Outstanding balances at the year end are unsecured and interest free except the interest bearing loan and settlement
occurs in cash.
(iv) The remuneration of Key managerial Personnel does not include amount in repect of gratuity and leave encashment
payable as the same are not determinable as individual basis for the KMP. The liabilities of gratuity and leave encashment
are provided for Group as whole on the basis of acturial valuation.
(v) Corporate Guarantee given by the Holding Company
• To Standard Chartered Bank, Hongkong Branch for securing credit facilities to its wholly owned subsidiary Pearl
Global (HK) Limited, Hong Kong for USD 120.00 lakh equivalent to ` 9,046.80 lakh (March 31, 2019 USD
120.00 lakh equivalent to ` 7,800.04 lakh)
• To Standard Chartered Bank, Hongkong Branch for securing credit facilities to its wholly owned subsidiary Pearl
Global (HK) Limited, Hong Kong for USD 200.00 lakh equivalent to ` 15,078.00 lakh (March 31, 2019: Nil)
Notes
• To Standard Chartered Bank, Bangladesh Branch for securing credit facilities to its subsidiary Norp Knit Industries
Limited, Bangladesh for BDT 9,000.00 lakh equivalent to ` 7,967.43 lakh (March 31, 2019 : BDT 9,000 lakh
equivalent to ` 7,389.08 lakh).
Above Corporate Guarantees have been given for business purpose.
NO
NOT T E 48 : FOFORR DI
DISSCLOSURES M MA A N DAT E D B Y SC
BY SCHH E D U L E IIII I O
OFF CO
COMM PA N I E S AC
ACTT 2013, BYW
BY AY O
WA OFF
A D D I T I O NA L IIN
N F O R M AT I O N, R
REE FE
FERRB
BEE L OW:

F.Y. 2018-19
N et As Assetset
setss i.i.e.e. Sh
Shaa r e iinn pprr ofit/(
ofit/(los
loss)
los s) Shaa r e iinn ot
Sh he
herr
othe Sh
Shaa r e iinn ttot
ot
otaa l
tot
otaa l aassset
setss m mii n u s Co
Com m p r ehe sivee
ehenn siv Co
Com m p r ehe
ehenn siv
sivee
t ot
otaa l lliab
iab
iabilililit
itities
ies Inc
ncoo me Inc
ncoo me
N ame of tthe
he EEnnt itities
ies As a % of A mou mounn t As a % of A mou mounn t As a % of A mou mounn t As a % of A mou mounn t
c o n so
soll id
idaa t e d c o n so idaa t e d
soll id c o n so
soll id
idaa t e d c o n so
soll id
idaa t e d
net aassset
setss P r ofit Pr ofit P r ofit
Pa r e n t :
Pearl Global Industries Limited 67.29 31,618.47 32.04 2,150.19 8.95 131.87 27.88 2,282.06
S ubsid ia
iarr y :
ubsidia
- Indian
Pearl Global Kausal Vikas Limited 0.00 1.32 (0.01) (0.68) - - (0.01) (0.68)
Pearl Apparel Fashions Limited 0.06 27.64 (4.61) (309.34) - - (3.78) (309.34)
- Foreign
Norp Knit Industries Limited 24.66 11,587.79 27.85 1,868.69 36.96 544.43 29.49 2,413.12
Pearl Global Far East Limited 12.97 6,095.14 14.49 972.68 19.22 283.03 15.34 1,255.71
Pearl Global (HK) Limited 18.15 8,528.04 5.83 391.03 34.87 513.62 11.05 904.65
S ubt ot
otaa l
ubtot 57,858.40 5,072.57 1,472.95 6,545.52
Intercompany Elimination & (23.14) (10,871.66) 24.41 1,638.35 - - 20.02 1,638.35
Consolidation Adjustments
Tot
otaa l 46,986.74 6,710.92 1,472.95 8,183.87
Non Controlling Interest in subsidiaries 1,153.26 17.10 (100.94) (83.84)
Gr
Graa nd TTot
ot
otaa l 48,140.00 6,728.02 1,372.01 8,100.03
Notes

F.Y. 2019-20
N et As Assetset
setss i.i.e.e. Sh
Shaa r e iinn pprr ofit/(
ofit/(los
loss)
los s) Shaa r e iinn ot
Sh he
herr
othe Sh
Shaa r e iinn ttot
ot
otaa l
otaa l aass set
t ot setss m mii n u s Co
Com m p r ehe
ehenn siv
sivee Co
Com m p r ehe
ehenn siv
sivee
t ot
otaa l lliab
iab
iabilililit
itities
ies Inc
ncoo me Inc
ncoo me
Na me of tthe
he EEnn t itities
ies As a % of A mou mounn t As a % of A mou mounn t As a % of A mou mounn t As a % of A mou mounn t
soll id
c o n so idaa t e d c o n so
soll id
idaa t e d c o n so
soll id
idaa t e d c o n so
soll id
idaa t e d
net aass set
setss P r ofit Pr ofit P r ofit
Pa r e n t :
Pearl Global Industries Limited 61.11 30,587.92 23.05 500.89 (25.64) (557.30) (1.30) (56.43)
S ubsid ia
iarr y :
ubsidia
- Indian
Pearl Global Kausal Vikas Limited 0.00 0.75 (0.03) (0.57) - - (0.01) (0.57)
Pearl Apparel Fashions Limited 0.01 3.91 (1.09) (23.73) - - (0.55) (23.73)
SBUYS E-Commerce Limited 0.00 0.76 (0.01) (0.24) - - (0.01) (0.24)
- Foreign
Norp Knit Industries Limited 26.99 13,509.45 40.17 872.73 52.43 1,139.83 46.30 2,012.56
Pearl Global Far East Limited 14.38 7,200.70 24.12 524.12 26.75 581.44 25.43 1,105.56
Pearl Global (HK) Limited 21.68 10,851.98 22.96 498.80 46.46 1,009.92 34.71 1,508.72
S ubt ot
otaa l
ubtot 62,155.47 2,371.97 2,173.89 4,545.87
Intercompany Elimination & (24.17) (12,098.07) (9.16) (199.14) - - (4.58) (199.14)
Consolidation Adjustments
Tot
otaa l 50,057.40 2,172.83 2,173.89 4,346.73
Non Controlling Interest in subsidiaries 1,296.44 (16.39) (126.80) (143.19)
Gr
Graa nd TTot
ot
otaa l 51,353.84 2,156.44 2,047.09 4,203.54
NOT E 49 : LE
NOT LEAA SES
Until March 31, 2019, the Group recognized leases in accordance with Ind AS 17. A lease was defined as an agreement whereby
the lessor conveys to the lessee in return for a series of payments the right to use an asset for an agreed period of time. The lessor
and lessee accounted for the lease on the basis of the distribution of the risks and rewards associated with the leased asset.
Insofar as all the substantial risks and rewards were transferred to the Group as lessee, the respective leased assets were capitalized
at fair value or the lower present value of the minimum lease payments and depreciated using the straight-line method on the
basis of the useful life of the underlying asset or the lease term, if this was shorter. The payment obligations resulting from future
lease payments were discounted and recognized as a liability.
Where the Group was the lessee in operating leases, in other words, if not all material risks and rewards were transferred, the lease
or rental payments were recognized directly as expenses in the statement of Profit and Loss.
Since April 1, 2019, the Group has recognized leases in accordance with Ind AS 116. This defines a lease as a contract, or part of
a contract, whereby the lessor conveys to the lessee the right to use an asset for an agreed period of time in exchange for
consideration.
Tr an sitio
sitio n aap
ion p p ro ach aand
nd uuse
se of pprract ic
icaa l ex
actic expp e d ient s
ien
Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting Standards) Amendment Rules, 2019 and
Companies (Indian Accounting Standards) Second Amendment Rules, has notified Ind AS 116 Leases which replaces the existing
Notes
lease standard, Ind AS 17 Leases, and other interpretations. Ind AS 116 sets out the principles for the recognition, measurement,
presentation and disclosure of leases for both lessees and lessors. It introduces a single, on-balance sheet lease accounting model
for lessees.
The Group has adopted Ind AS 116, effective annual reporting period beginning April 1, 2019 and has applied the standard to its
leases, retrospectively, with the cumulative effect of initially applying the standard, recognised on the date of initial application
(April 1, 2019). Accordingly, the Group has not restated comparative information, instead, the cumulative effect of initially
applying this standard has been recognised as an adjustment to the opening balance of retained earnings as on April 1, 2019.
Gr
Grouou
oupp aass a les se
seee
lesse
On transition, the Group recognised a lease liability measured at the present value of the remaining lease payments. The right-of-
use asset is recognised at its carrying amount as if the standard had been applied since the commencement of the lease, but
discounted using the lessee’s incremental borrowing rate as at April 1, 2019. Accordingly, a right-of-use asset of ` 8,275.87 lakh
and a corresponding lease liability of ` 7,877.03 lakh has been recognized. The cumulative effect on transition in retained earnings
is ` 349.36 lakh (net of deferred tax of ` 102.38 lakh, Lease equilisation reserve of ` 242.61 lakh, Prepaid Rent of ` 1,093.20
lakh) (for detail please refer note below). The principal portion of the lease payments have been disclosed under cash flow from
financing activities. The lease payments for operating leases as per Ind AS 17 Leases, were earlier reported under cash flow from
operating activities. The weighted average incremental borrowing rate vary from Company to Company in the Group and has
been applied accordingly to lease liabilities recognised in the balance sheet at the date of initial application.
On application of Ind AS 116, the nature of expenses has changed from lease rent in previous periods to depreciation cost for the
right-of-use asset, and finance cost for interest accrued on lease liability.
Some practical expedients permitted by the standard are used, notably:
• To not reassess upon transition whether an existing contract contains a lease. The definition of a lease under Ind AS 116 has
been applied only to contracts entered into or changed on or after April 01, 2019.
• For transition, the Group has elected not to apply the requirements of Ind AS 116 to leases which are expiring within 12
months from the date of transition by class of asset
• The recognition exemptions for short-term leases and leases of low-value assets.
• To apply Ind AS 37 for onerous leases instead of performing an impairment review.
Presentational changes: As a result of implementing Ind AS 116, the Group has made a some presentational changes in 2019-
2020, notably to present ‘Right-of-use assets’ as a separate line item in the balance sheet and to include lease liabilities in other
current and non-current liabilities.
Tran sit io
sitio
ionn iim
mp act of IInd
nd A
ASS 116 oon
n Grou
Grou p’s bbaa l anc
oup ncee she et
sheet
Par ticu
icullars As aatt App l ic
icaation
ion R e v ise
isedd As A
Att
March 31, 2019 of IInd
nd A
ASS 116 Ap ril 01, 2019
Right-of-use assets - 8,275.88 8,275.88
Other Non Current Assets 43,459.78 (784.98) 42,674.80
Current Assets 66,693.56 (308.22) 66,385.34
Tot
otaa l Asset
setss
Asset 110,153.34 7,182.68 117,336.02
Equity Share Capital 2,166.39 - 2,166.39
Other Equity 44,820.35 (349.36) 44,470.99
NCI 1,153.26 - 1,153.26
Deferred Tax Liabilities (Net) 340.46 (102.38) 238.08
Lease Liabilities - 7,877.03 7,877.03
Other Non Current Liabilities 13,750.99 (242.61) 13,508.38
Other Current Liabilities 47,921.89 - 47,921.89
Tot
otaa l Eq
Equuit
ityy aand
nd L iab
Liab il
iabil it
ilit ies
ities 110,153.34 7,182.68 117,336.02
Notes
The difference between the future minimum lease rental commitments towards non-cancellable operating leases reported as at
March 31, 2019 compared to the lease liability as accounted as at April 1, 2019 is primarily due to inclusion of present value of
the lease payments for the cancellable term of the leases, reduction due to discounting of the lease liabilities as per the requirement
of Ind AS 116 and exclusion of the commitments for the leases to which the Group has chosen to apply the practical expedient as
per the standard.
Rig
Righht- of-u se aassset
of-u setss : mov
moveeme
mennts iin
n ccaarr yi
yinng vvaa lue of aassset
setss L ea seho
easeho ld As
sehold set
setss
Asset
Gr os
osss B
Gros lo
Blo ck aass aatt M
lock Maa rch 31, 2019 -
Cumulative catch-up for previously reported operating leases on implementation of IND AS 116 8,275.88
Gr os
osss B
Gros lo
Blo ck aass aatt A
lock pril 01, 2019
Ap 8,275.88
Add: Additions during the year 352.96
Add: Reclassified from PPE on account of adoption of Ind AS 116 2,903.98
Less: Disposals / adjustments during the year (51.44)
Add: Exchange Realignment (0.42)
Add: Currency Translation Reserve 678.56
Gros
Gr osss B
os Blo
lock
lo ck As aatt M Maarch 31, 2020 12,159.53
Ac cu
cum mu l at e d D
Deep ricia
iciattion:
ion
As aatt A
App ril 01, 2019 -
Add: Depreciation charge for the year 1,303.46
Add: Reclassified from PPE on account of adoption of Ind AS 116 69.68
Add: Exchange Realignment (0.22)
As aatt M
Maarch 31, 2020 1,433.53
Net B lo
Blo ck :
lock
As aatt M
Maarch 31, 2020 10,725.98
In 2019-20, there were no impairment charges recorded for right-of-use assets.
L ea ses
ses:: mov
eases moveements iin
men n ccaarr yi
yinn g vvaa lue of rree c o g n ise
isedd lliab
iab il
iabil it
ilit ies
ities As A
Att M
Maarch 31,2020
As At April 01, 2019 -
Cumulative catch-up for previously reported operating leases on implementation of Ind AS 116 7,877.03
As A
Att A p ril 01, 2019 (R
Ap (Ree v ise
isedd) 7,877.03
Add: Interest exepnse on lease liabilities 810.19
Less: Repayment of lease liabilities (1,603.40)
As A
Att M Maa rch 31, 2020 7,797.68
Non-current lease liabilities 6,987.43
Current lease liabilities 810.25
Tot
otaa l lea se lliab
lease iab il
iabil it
ilit ies
ities 7,797.68
The maturity analysis of lease liabilities is given in Note 44 in the ‘Liquidity risk’ section.
L ea ses
ses:: C
eases Caa sh Flo
Flo ws
lows
Cash flows from operating activities include cash flows from short-term lease and leases of low-value assets. Cash flows from
financing activities include the payment of interest and the principal portion of lease liabilities .
Notes
Leases committed and not yet commenced: There are no leases commited which have not yet commenced as on reporting date.
Gr ou
Grou p aass a L
oup es
Les so
sorr
esso
The Group is not required to make any adjustments on transition to Ind AS 116 for leases in which it acts as a lessor. The
Company accounted for its leases in accordance with Ind AS 116 from the date of initial application. The Group does not have
any significant impact on account of sub-lease on the application of this standard.
The Group has given its building space, lying under property, plant and equipments, on operating lease through operating lease
arrangements. Income from operating leases is recognised as revenue on a straight-line basis over the lease term.
Lease income of ` 980.53 lakh (March 31, 2019: ` 814.53 lakh) has been recognised and included under other Income (Refer
Note No. 28)
NOT E 50 : EV
NOT EVEEN T O
OCCCOURRING A
AFFT ER B
BAA L A N C E SSH
H E ET D
DAAT E
a) Div idend ppaa id aand
idend
Divide nd pprrop ose
osedd: (Amount in ` Lakh, unless otherwise stated)
Par ticu
icullars Fo r tthe
he Yea
earr eende
Yea nde
ndedd For tthe
he Yea
earr eende
Yea nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
i. D e cl
claare d aand
nd ppaa id ddu urin g tthe he yea
yearr :
Final dividend for the financial year 2018-19: ` 3.00 per share 783.56 522.34
(2017-18: ` 2.00 per share) Including dividend distribution tax
of ` 133.68 lakh for the financial year 2018-19 ( ` 89.06 lakh for
the financial year 2017-18)
ii. Prop ose
osed d fo
forr aap
p p rov
ovaa l aatt tthe
he A Annnua l G
Geene
nerra l M
Mee et
etiin g
(not rree c o g n ise
isedd aass a lliab
iab
iabil il it
ilit y)
ity)
Final Dividend for financial year 2019-20: Nil per share - 649.88
(2018-19: ` 3.00 per share)
Dividend distribution tax - 133.68
b) In March 2020, the World Health Organisation declared COVID 19 to be a pandemic. Consequent to this, Government of
India declared a national lockdown on 25 March 2020, which has impacted the business activities of the Industry and
accordingly the Group has also assessed the impact that may result from this pandemic on its liquidity position, carrying
amounts of receivables, tangible and intangible assets and other assets / liabilities. In developing the assumptions relating to
the possible future uncertainties in the global economic conditions because of this pandemic, the Group has considered
internal and external information available till the date of approval of these financial statements and has assessed its situation.
In that context and based on the current estimates, the Group believes that COVID 19 is not likely to have any material
impact on its financial statements, liquidity or ability to service its debt or other obligations. However, the overall economic
environment, being uncertain due to COVID 19, may affect the underlying assumptions and estimates in future, which may
differ from those considered as at the date of approval of these financial statements. The Group would closely monitor such
developments in future economic conditions and consider their impact on the financial statements of the relevant periods.
c) No other material events have occurred between the balance sheet date to the date of issue of these financial statements that
could affect the values stated in the financial statements.
NOT E 51 :
NOT
Pursuant to transfer pricing legislations under the Income-tax Act, 1961, the Group is required to use specified methods for
computing arm’s length price in relation to specified international transactions with its associated enterprises. Further, the Group
is required to maintain prescribed information and documents in relation to such transactions. The appropriate method to be
adopted will depend on the nature of transactions/ class of transactions, class of associated persons, functions performed and
Notes
other factors, which have been prescribed.The Group is in the process of updating its transfer pricing documentation for the
current financial year. Based on the preliminary assessment, the management is of the view that the update would not have a
material impact on the tax expense recorded in these financial statements. Accordingly, these financial statements do not include
any adjustments for the transfer pricing implications, if any.
NOT E 52 :
NOT
The balances of trade receivables, trade payables, financials assets and other assets given are subject to reconciliation and
confirmation as on March 31, 2020 and have realisation in ordinary course of business atleast equal to amount at which they are
stated in the financial statements.
NOT E 53 :
NOT
Figures have been rounded off to the nearest lakh upto two decimal places except otherwise stated.
Fo r & oon
n bbeh
eh
ehaa l f of B
Boo a rd of Di
Dirre cto rs of P
cto ea
earrl Glo
Pea Globb a l IInd
nd
nduustries L
Liim it
itee d
(P
(Puul kit SSet
eth)
eth (D
(Dee ep a k SSet
et
ethh)
DIN 00003044 DIN 00003021
(Ka sh
(Kash m i r Si
shm Sin Raathou
ng h R r)
hour) (S
(Saande
ndeeep SSab
ab
abhh ar wa l )
Place of Signature: Gurugram Chief Financial Officer Company Secretary
Date: July 28, 2020 M. No. ACS - 8370
Independent Auditor’s Report

R ep or t oon
n tthe
he Aud
Aud it of tthe
udit he SSttand
ndaa lo ne F
lone Fii nancia
men
Op
Opii n io
ionn
We have audited the accompanying standalone financial statements of Pea earrl Glo
Globb a l IInd
nd
nduustries L
Liim it
itee d (“the Company”),
which comprise the balance sheet as at March 31, 2020, and the Statement of Profit and Loss (including Other
Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes
to the standalone financial statements, including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as “the standalone financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2020, the Loss (financial performance including
other comprehensive income), changes in equity and its cash flows for the year ended on that date.
Ba sis fo
forr Op
Opii nion
ion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified
under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the
ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act
and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion on the standalone financial statements.
Ke y Aud
Aud it M
udit Maat ters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone
financial statements of the current period. These matters were addressed in the context of our audit of the standalone
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. We have determined the matters described below to be the key audit matters to be communicated in our report
w.r.t the Company:
S. Ke y A ud
Aud it M
ourr aaud
ud it addr
udit es
addres se
sed
esse he kkee y aaud
d tthe ud
udit maatt er
it m
No .
1. Adequacy and completeness of disclosures of Related O ur pprro c e dures iincl
nclude
nclude d , bu
uded butt w
weere not llii m it
itee d tto
o
Party Transactions the fo
foll lo
lowwin g :
(Refer Note 47 to the accompanying standalone financial • Obtaining an understanding of the Company’s
statements as at March 31, 2020, forming integral part of policies and procedures in respect of identification
the standalone financial statements) of related parties and transactions with them,
The Company has related party transactions which performed a walkthrough and evaluated the designs
include among others, sale/purchase of goods to its of control. We also traced the related parties from
subsidiaries and other related parties. declaration given by directors, wherever applicable.
This area was significant to our audit because of: • Read the minutes of the meetings of Shareholders,
- the significance of transactions with related parties Board of Directors and Audit Committee.
during the year ended March 31, 2020, and • Read relevant agreements on sample basis and
directors.

S. Ke y A Aud ud
udit it M Maatte rs How ouourr aaud
ud
uditit addres
addres se
esse
sedd tthe
he kkee y aaud
udit m
udit maatte r
No .
- Related party transactions are subject to compliance • Tested material trade payables, trade receivables,
requirement under the Companies Act, 2013 and loans outstanding (to evaluate existence of related
SEBI (Listing and Obligation Disclosure party relationship and transactions) with the
Requirements) 2015. underlying contracts, confirmation letters and other
2013 and SEBI (LODR), 2015).
Transactions.
Transactions.
2 Eva luatio ion n of uunc nc
nceer ta i n ttaa x pposit
osit io
ositio
ion ns, llit
it ig
igaatio
itig ion nd O ur pprro c e dures iincl
ns aand ncl ude
nclude
udedd , bu
butt wweere not lliim it
itee d tto
o
r e c o vvee r a bbii llii ttyy of aamou
mou
moun n t ou
outt s t a n ddii n g w h ttaa x the fo
wii tth foll lowi n g :
low
authohorrit ies
ities • Obtained details of tax assessments of earlier years
(Refer Note 13, Note 26 & Note 46 to the accompanying and demands as on March 31, 2020 from
standalone financial statements as at March 31, 2020, Management of the Company.
forming integral part of the standalone financial • Conducted assessment of the Managements
statements) underlying assumptions in estimating the tax
The Company has certain direct and indirect tax positions position, likelihood of outflow of economic
including matters under dispute which involves significant resources being probable, possible or remote in
judgment to determine the possible outcome of these respect of the litigations.
disputes and the status of amount recoverable. • Conducted discussions with in-house tax/ legal
The eventual outcome of litigations is uncertain, and the counsel. Evaluated the independent confirmations
positions taken by the Management of the Company are taken by the Management from the consultants
based on the application of significant judgement and representing the Company before the various
estimation. The review of these matters requires authorities.
application and interpretation of tax laws and reference • Verifying demand notices received from various tax
to applicable judicial pronouncements. forums and evaluating the Company’s written
Given the uncertainty and application of significant responses to those matters (including follow up for
judgment in this area in terms of the eventual outcome of the amounts recoverable); and
litigations, we determined this to be a key audit matter. • Assessing the adequacy of the Company’s
disclosures.

S. Ke y Aud
Aud it M
ourr aaud
ud it addr
udit es
addres se
esse
sedd tthe
he kkee y aaud
ud it m
udit maatt er
No .
This area was significant to our audit because of: • Understanding and evaluating process and controls
- the significance of transactions with related parties designed and implemented by the Management
during the year ended March 31, 2020, and including for identification and monitoring of
- Related party transactions are subject to compliance significant developments in relation to the
requirement under the Companies Act, 2013 and litigations thereof.
SEBI (Listing and Obligation Disclosure • Read the minutes of the meetings of Shareholders,
Requirements) 2015. Board of Directors and Audit Committee.
• Read relevant agreements on sample basis and
directors.
• Tested material trade payables, trade receivables,
loans outstanding (to evaluate existence of related
party relationship and transactions) with the
underlying contracts, confirmation letters and other
2013 and SEBI (LODR), 2015).
Transactions.
Transactions.
presentation and disclosure of uncertain tax positions,
litigations and recoverability of amount outstanding
with tax authorities.
Info
forrmationO
ion Otthe
herr tth
han tthe
he SSttand
ndaa lo ne F
lone Fiinancia
nciall SSttat ements aand
men nd Aud
Audit
udit or ’s R
ito Reep or t T he
herre o n
The
The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the standalone financial statements and our auditor’s
report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
R espo nsib
esp il
sibil it
ilit Maa na g eme
ityy of M nt aand
men nd Those C
Those Chharg
rgee d wit
wit hG
ith oveernanc
ov
Gov ncee fo he SSttand
forr tthe ndaa lo
lone nciall SSttate me
Fiinancia
ne F nt s
men
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind
AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the Board of Directors is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Aud it
udit
itoo r ’s R esp o nsib
esp
Res il it
ilit
sibil ities forr tthe
ies fo he Aud
Aud it of tthe
udit ndaa lo
he SSttand ne F
lone nciall SSttateme
Fii nancia nt s
men
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures,
and whether the standalone financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
O the
herr M
Maatte r
Due to the outbreak of COVID-19 pandemic, the consequent nationwide lockdown commencing from March 23, 2020
onwards, we could not visit and carry out the audit processes physically at the Company’s premises. Further, the advisory
on “Specific Considerations while conducting Distance Audit/ Remote Audit under current Covid-19 situation” issued by
the Auditing and Assurance Standards Board of ICAI, give guidelines for the statutory audit via making arrangements to
provide requisite documents/information through electronic medium and minimal physical movement. The entire audit
has been carried considering these guidelines and alternative audit procedures as per SAs prescribed by the ICAI. Moreover,
our attendance at the physical verification of inventory done by the management was impracticable under these lockdown
restrictions imposed by the government and we have therefore, relied on the related alternate audit procedures to obtain
comfort over the existence and condition of inventory at year end. Our opinion is not modified in respect of this matter.
R ep or t oon
nOOtthe
herr L
Lee g a l aand
nd R
Ree g u lato r y R
Ree qui rement s
men
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of
India in terms of sub-section (11) of Section 143 of the Act, we give in “A nnexur e A
nexu A”” a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, based on our audit 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), Statement of
Change in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on March 31, 2020 taken on record by
the Board of Directors, none of the directors is disqualified as on March 31, 2020 from being appointed as a
director in terms of Section 164 (2) of the Act.
f ) With respect to the adequacy of the internal financial controls with reference to standalone financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annex
nexuure B
B””.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial
statements. – Refer Note No. 46 to the standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses. - Refer Note No. 41 to the standalone financial statements.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
3. With respect to the matter to be included in the Auditors’ report under Section 197(16):
In our opinion and according to the information and explanation given to us, the Company has paid remuneration to
its directors during the year is in accordance with the provisions of and limit laid down under section 197 read with
Schedule V of the Act.
Fo r B.R
B.R.. Gupt
Gu ptaa & Co
Co..
(D
(Dee epa k Ag
Agaar wa l )
Partner
U D I N:20073696A
N:20073696AA A A A B L6574

Date: July 28, 2020
Annex
nexuure ‘‘A
A’ tto
o tthe
he IInde
ndep ende
ndep nt A
nden ud
Aud it
udit
itoors
rs’’ R
Reep o r t of eevven ddaate oon
n tthe
he ssttand
ndaa lone fi
lone finn ancia
nciall ssttateme
mennts of Pea
earrl Glo
Pea Globbal
Indu stries L
ndu Liimititee d
The Annexure referred to in independent Auditors’ Report to the members of the Company on the standalone financial
statements for the year ended March 31, 2020; we report that:
i) In respect of fixed assets comprising property, plant and equipment:
a) The Company has maintained proper records showing full particulars, including quantitative details and situation of
fixed assets.
b) The Company has a program of verification to cover all the items of fixed assets in a phased manner which, in our
opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program,
certain fixed assets were physically verified by the Management during the year. 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, the title deeds of immovable
properties (which are included under the head ‘property, plant and equipment’) held in the name of the Company
are mortgaged with the banks for securing the long term and short term borrowings raised by the Company.
ii) The inventories, except goods in transit, has been physically verified by the Management during the year. In our opinion,
the frequency of physical verification followed by the Management is reasonable. No material discrepancies were noticed
on verification between the physical stocks and the book records.
iii) a) According to the information and explanation given to us during the year, the Company has not granted any
loan, secured or unsecured to companies, firms, Limited Liability Partnerships (LLPs) or other parties covered
in the register maintained under Section 189 of the Act. Accordingly, the provisions of clauses 3(iii) (a) of the
Order are not applicable.
b) & c) In respect of loans granted in earlier financial years, the schedule of repayment of principal and interest is stipulated
and there is no overdue amount as at year end. The terms and conditions of grant of such loans are not prejudicial
to the interest of the Company
iv) In our opinion and according to the information and explanations given to us, the Company has complied with the
provisions of Section 185 and 186 of the Act in respect of the loans, investments, guarantees provided by it. However, the
Company has not granted any security to the parties covered under Section 185 and 186 of the Act.
v) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits
from the public within the meaning of the directives issued by the Reserve Bank of India, provisions of Section 73 to 76 of
the Act, any other relevant provisions of the Act and the relevant rules framed thereunder.
vi) On the basis of available information and explanation provided to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the Companies Act, 2013 read with Companies
(Cost Records and Audit) Amendment Rules, 2016 dated July 14, 2016 to the current operations carried out by the
Company. Accordingly, the provisions of paragraph 3(vi) of the Companies (Auditor’s Report) Order, 2016 are not
applicable to the Company.
vii) In respect of Statutory Dues:
a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees’
State Insurance, Income Tax, Goods and Service Tax, Cess and any other material statutory dues applicable to it with
the appropriate authorities. There were no undisputed amounts payable in respect of Provident Fund, Employees’
State Insurance, Income Tax, Goods and Service Tax, Cess and any other material statutory dues in arrears as at
March 31, 2020 for a period of more than six months from the date they became payable.
b) According to the records of the Company examined by us and the information and explanations given to us, there
were no dues of Income-tax or Sales tax or Service tax or Goods and Services tax or duty of Customs or duty of Excise
or Value added tax which have not been deposited by the Company on account of disputes, except for the following:
S. N a me of N a t u r e of D ues
Dues A mou
moun n t P e r io
iodd ttoo w
wh h ichFo r um w whh eerr e
N o . t he SStt a t u t e i n ` llaa k h a mou
moun n t rrel
el
elaa t esd isp uutt e is ppee n ddii n g
isp
1 Income Tax Act, 1961 Income Tax Demand 8.26 A.Y 2015-16 Rectification U/s 154 -
Assessing Officer
2 Income Tax Act, 1961 Income Tax Demand 0.036 A.Y 2015-16 Commissioner of
Income Tax (Appeals)
3 Income Tax Act, 1961 Income Tax Demand 38.83 A.Y 2016-17 Commissioner of
Income Tax (Appeals)
4 Income Tax Act, 1961 Income Tax Demand 16.61 A.Y 2017-18 Demand U/s 143(1)(a)
- Assessing Officer
5 Income Tax Act, 1961 Income Tax Demand 16.52 Upto A.Y. 2019-20 Demand as per traces Portal.
viii) On the basis of information and explanation provided to us, the Company has not defaulted in repayment of loans and
borrowings to financial institution and bank. The Company has not taken any loan from Government or has not issued
any debentures.
ix) During the year, the Company did not raise any money by the way of initial public or further public offer (including debt
instruments). The term loan taken during the year were applied for the purpose for which the same has been taken.
x) According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or
employees has been noticed or reported during the year.
xi) The Company has paid/provided managerial remuneration in accordance with provisions of Section 197 read with
Schedule V to the Companies Act, 2013 as applicable to the Company.
xii) The Company is not a Nidhi Company and hence, the provisions of paragraph 3(xii) of the Order are not applicable to
the Company.
xiii) In our opinion and according to the information and explanations given to us and on the basis of our examination of the
records of the Company, all transactions with the related parties are in compliance with Section 177 and 188 of the Act,
where applicable, and the details have been disclosed in the financial statements, 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. Accordingly, the provisions of paragraph 3(xiv) of the Companies (Auditor’s
Report) Order, 2016 are not applicable to the Company.
xv) The Company has not entered into any non-cash transactions with directors or persons connected with him and hence
provisions of Section 192 of the Companies Act, 2013 are not applicable. Accordingly, provisions of clause 3 (xv) of the
order are not applicable.
xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
the provisions of paragraph 3(xvi) of the Order are not applicable to the Company.
For B.R
B.R.. G
Guupt
ptaa & Co
Co..
(D
(Dee ep a k Ag
Agaar wa l )
Partner
U D I N:20073696A
N:20073696AA A A A B L6574
Date: July 28, 2020
Annexure ‘B’ to the Independent Auditors’ Report
Annex
nexu ure ‘B
‘B’’ tto
o tthe
he IInde
nde
ndep p e ndent A
nden ud
Aud it
udit
itoors
rs’’ R
Reep o r t of eevven ddaat e oon
n tthe
he SSttand
ndaa lone F
lone Fiinancia
nciall SSttat ements of P
men ea
earrl
Pea
Glob
Glo ba l IInd
nd
nduustries L Liim it
itee d
R ep or t oon
n tthe
he IIn
nt e rna l F
Fii nancia
nciall Co
Conntro ls uunde
nde
nderr C
Cllause ((ii ) of SSub
ub -se
ub-se ct
-sect io
ctio
ionn 3 of SSee ctio
ctio n 143 of tthe
ion he Compan ies A
Com ct,
Act,
2013 (“(“tthe A ct”)
Act”)
We have audited the internal financial controls with reference to financial statements of Pearl Global Industries Limited
(“tthe Co
(“ Commpany ”) as of March 31, 2020 in conjunction with our audit of the standalone financial statements of the Company
for the year ended on that date.
Mana g ement’
men t’ss R es
Res p o nsib
esp il
sibil it
ityy fo
ilit forr IIn Fii nancia
n t er n a l F nciall Contro ls
Con
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal
control with reference to financial statements criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection
of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Act.
Aud it
udit
itoors
rs’’ R es
Res
espp onsibil
sibil it
ityy
ilit
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial
controls, both applicable to an audit of Internal Financial Controls and, 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 with reference to financial
statements 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 with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with
reference to financial statements included obtaining an understanding of internal financial controls with reference to financial
statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the 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 with reference to financial statements.
Meani ng of IIn
ean nt e rna l F
Fiinancia
nciall Contro ls w
Con it
wit h rrefe
ith efe
eferre nc
ncee tto
o financia
fin nciall ssttate ment s
men
A company’s internal financial control with reference to financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company’s internal financial control with reference to financial
statements 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
authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention
Annexure ‘B’ to the Independent Auditors’ Report (contd...)
or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect
on the standalone financial statements.
In he
herrent L
Lii m it
itaations of IIn
ion n t e rn a l F
Fiina ncia
nciall Contro ls w
Con it
wit h rrefe
ith efe
eferre nc
ncee tto
o financia
fin nciall ssttatement s
men
Because of the inherent limitations of internal financial controls with reference to financial statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial
statements to future periods are subject to the risk that the internal financial control with reference to financial statements
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Op
Opii n io
ionn
In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to
financial statements and such internal financial controls with reference to financial statements were operating effectively as
at March 31, 2020, based on the internal control with reference to financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Fo r B.R
B.R.. Gupt
Gu ptaa & Co
Co..
(D
(Dee epa k Ag
Agaar wa l )
Partner
U D I N:20073696A
N:20073696AA A A A B L6574

Date: July 28, 2020
Balance Sheet
as at March 31, 2020
Pa r ticu
iculla rs Not
otee As A
Att As A
Att
No . Ma rch 31, 2020 Ma rch 31, 2019
As set
setss
Asset
I. No n- cucurrrent aass set
setss
(a) Property, plant and equipment 4 13,173.38 13,146.90
(b) Capital work in progress 5 232.50 159.72
(c) Right to use assets 50 2,614.35 -
(d) Investment properties 6 7,393.26 7,429.89
(e) Other Intangible assets 7 84.76 114.94
(f ) Financial assets
(i) Investment in subsidiaries 8 11,728.05 11,726.14
(ii) Investment - others 9 142.63 135.13
(iii) Loans 10 505.20 474.62
(iv) Other financial assets 11 936.66 844.06
(g) Non current tax assets (net) 13 469.39 303.15
(h) Other non current assets 14 499.40 385.80
---------------------------------------------- ----------------------------------------------
Tot
otaa l N
No on - cu
currr ent aass set
setss 37,779.57 34,720.35
---------------------------------------------- ----------------------------------------------
Curre nt aass set setss
(a) Inventories 15 14,792.54 13,513.04
(b) Financial assets
(i) Investments 9 692.68 -
(ii) Trade receivables 16 9,740.45 11,134.77
(iii) Cash and cash equivalents 17 2,059.77 2,234.64
(iv) Bank balances other than cash and cash equivalents 18 931.61 1,454.01
(v) Loans 10 325.78 349.63
(vi) Other financial assets 11 87.17 1,566.59
(c) Other current assets 14 4,989.11 3,912.78
---------------------------------------------- ----------------------------------------------
Tot
otaa l cu
currre nt aass set
setss 33,619.11 34,165.46
---------------------------------------------- ----------------------------------------------
Tot
otaa l aass set
setss 71,398.68 68,885.81
=================== ===================
II. Eq
Equu it
ityy aand
nd lliab
iab il
iabil it
ilit ies
ities
Eq
Equu it
ityy
(a) Equity share capital 19 2,166.39 2,166.39
(b) Other equity 20 28,421.53 29,452.08
---------------------------------------------- ----------------------------------------------
Tot
otaa l eeq
qu it
ityy 30,587.92 31,618.47
---------------------------------------------- ----------------------------------------------
L iab
iabilil it
ilit ies
ities
No n- cucurrr ent lliab
iab il
iabil it
ilit ies
ities
(i) Borrowings 21 5,384.23 3,185.15
(ii) Lease Liabilities 50 2,813.35 -
(iii) Others financial liabilities 22 246.97 222.00
(b) Provisions 23 881.14 710.08
(c) Deferred tax liabilities (net) 12 248.31 340.46
(d) Other non current liabilities 24 2,997.91 3,076.96
---------------------------------------------- ----------------------------------------------
Tot
otaa l no
non n - cu
currren t lliab
iab
iabilil it
ilit ies
ities 12,571.91 7,534.65
---------------------------------------------- ----------------------------------------------
Curre nt lliabiab
iabilil it
ilit ies
ities
(i) Borrowings 21A 15,251.01 16,182.41
(ii) Lease Liabilities 50 236.41 -
(iii) Trade payables 25
- Total outstanding due of micro enterprises and 331.05 63.70
small enterprises
- Total outstanding due of creditors other than 8,800.36 10,450.22
micro enterprises and small enterprises
(iv) Other financial liabilities 22 2,747.50 1,938.27
(b) Other current liabilities 24 815.18 837.89
(c) Provisions 23 57.35 70.04
(d) Current tax liabilities (net) 26 - 190.16
---------------------------------------------- ----------------------------------------------
Tot
otaa l cu
currrent lliab
iab
iabilil it
ilit ies
ities 28,238.85 29,732.69
---------------------------------------------- ----------------------------------------------
Tot
otaa l eeq
qu it
ityy aand
nd lliab
iab
iabil il it
ilit ies
ities 71,398.68 68,885.81
=================== ===================
The accompanying notes form an integral part of these financial statements
Fo r B.R
B.R.. G Guu pt
ptaa & Co
Co.. Fo r & oon
n bbeh
eh
ehaa lf of B
Boo a r d of Di
Dirre ct
ctoo rs of Pea
earr l Glo
Pea Globb a l IInd
ndu s tr ies L
ndu Lii m it
itee d
C h ar t e r e d A
Acc c oun ta n ts
oun
(D
(Dee e p a k Ag
Agaa r w a l ) (P
(Puu l kit SSet
eth)
eth (D
(Dee e p a k SSet
eth)
eth
(Ka sh
(Kash m ir Si
shm Sinng h R
Raa thour)
hour) (S
(Saa nde
ndeee p SSab
ab
abhha r w a l )
Date: July 28, 2020 M. No. ACS - 8370
Date: July 28, 2020
Statement of Profit and Loss

for year ended March 31, 2020
Par ticu
icull ars Not
otee For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
No. Ma rch 31, 2020 March 31, 2019
I Revenue from operations 27 82,533.33 84,025.72
II Other income 28 3,338.77 2,630.62
---------------------------------------------------------- ----------------------------------------------------------
III Tot
otaa l iinc
nc
ncoome (I+I I)
(I+II) 85,872.10 86,656.34
---------------------------------------------------------- ----------------------------------------------------------
IV Ex
Exp p enses
(a) Cost of materials consumed 29 28,543.04 26,069.98
(b) Purchases of stock-in-trade 30 11,981.44 16,506.39
(c) Changes in inventories of finished goods, 31 (562.59) (867.40)
work in progress and stock in trade
(d) Employee benefits expense 32 15,017.30 13,190.64
(e) Finance costs 33 2,448.45 2,154.44
(f ) Depreciation and amortisation expense 34 1,761.66 1,289.07
(g) Other expenses 35 25,708.34 25,408.48
---------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l ex
expp en ses 84,897.64 83,751.61
---------------------------------------------------------- ----------------------------------------------------------
V Pr ofit/ ((los
loss) bbefo
loss) efo
eforr e ex
excc eptio
ptio n a l it
ion iteem s aand
nd ttaa x (I
(III I-I V ) 974.46 2,904.73
VI Exceptional Items 36 (116.05) (280.92)
---------------------------------------------------------- ----------------------------------------------------------
VII Pr ofit/ ((los
los s) bbefo
loss) efo
eforre ttaa x ((V
V-V I) 1,090.51 3,185.65
VIII Tax expense: 12
(a) Current tax 421.00 825.78
(b) Deferred tax 141.83 16.67
(c) Adjustment of tax relating to earlier years 26.79 193.01
---------------------------------------------------------- ----------------------------------------------------------
IX Pr ofit/( los
ofit/(los s) fo
loss) forr tthe
he yea
yearr ((V
V I I -V I I I) 500.89 2,150.19
---------------------------------------------------------- ----------------------------------------------------------
X O the herr cco
o mp r ehen siv
ehen sivee iinc
nc
ncoo me 37
(A) (i) Items that will not be reclassified to profit and loss
(a) Re-measurement gains/ (losses) 135.15 202.70
on defined benefit plans
(ii) Income tax on items that will not be reclassified (47.23) (70.83)
to profit and loss
(B) (i) Items that will be reclassified to of profit and loss
(a) Net movement in effective portion (991.80) -
of cash flow hedge reserve
(ii) Income tax on items that will be reclassified 346.57 -
to profit and loss
---------------------------------------------------------- ----------------------------------------------------------
O the
herr ccoompr ehe n siv
ehen sivee iinc
nc
ncoome fo
forr tthe
he yea
yearr, net of ttaa x (557.31) 131.87
---------------------------------------------------------- ----------------------------------------------------------
XI Tot
otaa l cco
o mp r ehen siv
ehen sivee iinc
nc
ncoo me fo
forr tthe
he yea
yearr, net of ttaa x (56.42) 2,282.06
---------------------------------------------------------- ----------------------------------------------------------
XII Earnings per share: (face value ` 10 ppee r sh shaar e) 38
1) Basic (amount in `) 2.31 9.93
2) Diluted (amount in `) 2.31 9.93
Summa r y of Sig
Signn ific
ificaant A
Acc c oun ti n g P
oun o l icies
Po 3
Fo r B.R
B.R.. G Guu pt
ptaa & Co
Co.. Fo r & oon
n bbeh
eh
ehaa lf of B
Boo a rd of Di
Dirre ct
ctoo rs of Pea
earr l Glo
Pea Globb a l IInd
ndu s tr ies L
ndu Liim it
itee d
C h ar t e r e d A
Acc c oun t an t s
oun
(D
(Dee e p a k Ag
Agaar w a l ) (P
(Puu l kit SSet
eth)
eth (D
(Dee e p a k SSet
eth)
eth
(Ka sh
(Kash
shmm ir Singh R
Sin Raa thour)
hour) (S
(Saa nde
ndeee p SSab
ab
abhha r w a l )
Date: July 28, 2020 M. No. ACS - 8370
Date: July 28, 2020
Statement of changes in equity

A . Eq
Equuit
ityy Sh
Shaare C
Caap it
itaa l
Ap 2,166.39
As aatt M
Maa rch 31, 2019 2,166.39
As aatt M
Maarch 31, 2020 2,166.39
B. O the
herr Eq
Equu it
ityy
Pa r t icu
icull a rs R ese
eserr v es aand
nd SSuu rp
rpll u s O t he
herr Tot
otaa l O
Ott he
herr
C oom
m p r ehe
ehenn siv
sivee E qquu it
ityy
I nc
ncoo m e
G e ne
nerr a l S e cu
curr it
ityy C a p it
itaa l A m a l g a m a t io
ionn R et
etaa i ne
nedd E ffe ct
ffect iv
ivee PPoo r t io
ctiv ionn
R ese
eserr v e P r e m iu
ium m R e de
demm pt io
ionn
ptio eserr v e E a r n i n g s
R ese of CCaa sh FFlo lo
loww
R ese
eserr v e Hed g e
B a l a nc
ncee aass aatt A
App r il 01, 2018 4,204.36 17,103.90 95.00 625.95 5,663.16 - 27,692.37
Profit/(loss) for the year - - - - 2,150.19 - 2,150.19
Remeasurement of the benefit plan, - - - - 131.87 - 131.87
net of tax effect
Tot
otaa l Co
Comm p r ehe
ehenn siv
sivee IInc
nc
ncoo me fo
forr tthe
he yea
yearr - - - - 2,282.06 - 2,282.06
Dividend paid on Equity Shares - - - - (433.28) - (433.28)
Dividend Distribution Tax on Equity Shares - - - - (89.06) - (89.06)
B a l a nc
ncee aass aatt M
Maa r ch 31, 2019 4,204.36 17,103.90 95.00 625.95 7,422.88 - 29,452.09
Implementation of Ind AS 116: - - - - (190.61) - (190.61)
Leases (Refer Note No. 50)
Profit/(loss) for the year - - - - 500.89 - 500.89
Net movement in effective portion of - - - - - (645.22) (645.22)
cash flow hedge reserve, net of tax effect
Remeasurement of the benefit plan, - - - - 87.92 - 87.92
net of tax effect
Tot
otaa l Co
Comm p r ehe
ehenn siv
sivee IInc
nc
ncoo me fo
forr tthe
he yea
yearr - - - - 588.81 (645.22) (56.41)
Dividend paid on Equity Shares - - - - (649.88) - (649.88)
Dividend Distribution Tax on Equity Shares - - - - (133.68) - (133.68)
B a l a nc
ncee aass aatt M
Maa r ch 31, 2020 4,204.36 17,103.90 95.00 625.95 7,037.53 (645.22) 28,421.53
Summary of Significant Accounting Policies (Note No. 3)
Fo r B.R
B.R.. G Guu pt
ptaa & Co
Co.. Fo r & oon
n bbeh
eh
ehaa lf of B
Boo a r d of Di
Dirre ct
ctoo rs of Pea
earr l Glo
Pea Globb a l IInd
ndu s tr ies L
ndu Lii m it
itee d
C h ar t e r e d A
Acc c oun ta n ts
oun
(D
(Dee e p a k Ag
Agaa r w a l ) (P
(Puu l kit SSet
eth)
eth (D
(Dee e p a k SSet
eth)
eth
(Ka sh
(Kash m ir Si
shm Sinng h R
Raa thour)
hour) (S
(Saa nde
ndeee p SSab
ab
abhha r w a l )
Date: July 28, 2020 M. No. ACS - 8370
Date: July 28, 2020
Statement of Cash Flow

Par ticu
icull ars For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Ca sh flo ws fr
flows om oop
fro p eratin g activ
activ it
ivit ies
ities
Profit bbefo
efo
eforre aand
nd ttaa x 1,090.51 3,185.65
Adj ustme
dju mennts fo
forr :
Depreciation and amortization 1,761.66 1,289.07
Interest paid and other borrowing cost 2,448.45 1,961.06
Sundry balances written back 37.34 (55.16)
Grant amortised during the year (1.00) (1.00)
Amortisation of investment in preference shares - (12.98)
Amortisation of deferred rental income (32.08) (31.67)
Unwinding of discount on security deposits 157.41 (13.48)
Profit on sale of current investment - mutual Fund (73.79) (218.20)
Rental income (980.53) (814.53)
Interest income (249.62) (211.93)
Fair value loss (gain) on financial assets measured at fair value through profit and loss (29.42) 133.64
Income on corporate guarantee (138.40) (161.31)
Mark to market (gain) / loss on forward contract 462.80 (247.24)
Amortisation of deferred asset - security deposit paid (154.26) 42.22
Loss Allowance for doubtful debts 47.92 391.92
Bad debts written off - 1.41
Others 116.91 -
---------------------------------------------------------- ----------------------------------------------------------
Op
Opeer atin g pprrofit bbefo
efo
eforre w orki n g ccaap it
wo itaa l ch
chaan g es 4,463.90 5,237.47
Mov
oveeme
men nt iin
nw woorki n g ccaap it
itaa l :
(Increase)/decrease in trade receivables 1,346.40 (2,779.71)
(Increase)/decrease in other non-current financial assets (208.67) (325.54)
(Increase)/decrease in other current financial assets (289.34) (266.41)
(Increase)/decrease in other non-current assets (74.80) (88.95)
(Increase)/decrease in other current assets (1,091.78) (46.43)
(Increase)/decrease in inventories (1,279.50) (1,514.18)
Increase/(decrease) in trade payables (1,380.19) 3,472.93
Increase/(decrease) in other non-current financial liabilities (4.35) 68.74
Increase/(decrease) in other current financial liabilities 453.58 131.24
Increase/(decrease) in non-current provisions 306.21 53.63
Increase/(decrease) in current provisions (12.70) 15.15
Increase/(decrease) in other non-current liabilities (46.98) (529.15)
Increase/(decrease) in other current liabilities (9.46) 258.64
---------------------------------------------------------- ----------------------------------------------------------
Ca sh ggeene
nerr ate d from oop
fro p eratio
ionns 2,172.36 3,687.43
Tax paid on dividend (133.59) (89.06)
Direct tax paid (net of refunds) (738.87) (650.10)
---------------------------------------------------------- ----------------------------------------------------------
Ca sh flo
floww bbefo
efo
eforre ex
exccept io
ptio
ionn a l it
iteems 1,299.90 2,948.27
Ex
Exccept io
ptio
ionna l it
iteems :
(Profit)/loss on sale of fixed assets (143.29) (1,719.28)
Impairment of investment in subsidiaries 27.24 1,438.36
---------------------------------------------------------- ----------------------------------------------------------
Net ccaa sh iin
n flow fr
flow froo m/(use
m/(u d iin
sed n ) oop
p erati ng activ
activ it
ivit ies
ities (A) 1,183.86 2,667.35
---------------------------------------------------------- ----------------------------------------------------------
Statement of Cash Flow

for the year ended March 31, 2020 (Contd.)
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Ca sh flo ws fr
flows om iin
fro nves
esttin g activ
activ it
ivit ies
ities
Purchase of property, plant and equipment(Including ROU, net with lease liabilities) (4,564.85) (1,908.09)
Sale proceeds of property, plant and equipment 264.20 1,884.63
(Increase)/decrease in capital work in progress (72.78) (105.55)
Sale/(Purchase) of investment properties 36.61 (1.29)
Purchase of Intangible assets (17.57) (27.65)
(Increase)/decrease in capital advances (38.80) (14.54)
Increase/(decrease) in capital creditor (819.17) 800.73
(Increase)/decrease in Investment in subsidiaries 109.25 -
(Increase)/decrease in non-current investment - Others (7.50) 9.54
(Increase)/decrease in current investment - Others (589.47) 717.18
(Increase)/decrease in non-current Loans (30.58) (22.93)
(Increase)/decrease in current Loans 23.85 (14.64)
(Increase)/decrease in bank deposit 1,288.69 (53.43)
Interest received 223.99 184.02
Rent received 980.53 814.53
---------------------------------------------------------- ----------------------------------------------------------
Net C
Caa sh F
Frro m/ ((U
Use
sedd IIn
n) IIn
nves
estti ng Act
Act iv
ctiv it
ivit ies
ities (B) (3,213.61) 2,262.51
---------------------------------------------------------- ----------------------------------------------------------
Ca sh flows fr
flows o m fi
fro finna nci
ncinn g activ
activ it
ivit ies
ities
Increase/ (decrease) in long term borrowings 2,763.29 (747.59)
Government grant received - 144.61
Increase/ (decrease) in short term borrowings (801.55) (2,104.14)
Increase in Lease Liabilities 2,948.32 -
Dividend paid (Net of Tax) (649.88) (430.98)
Other borrowing cost (256.88) 350.72
Interest paid (2,148.44) (1,966.57)
---------------------------------------------------------- ----------------------------------------------------------
Net ccaa sh iin
n flow fr
flow froom/(use
m/(u d iin
sed n) fi
finna nci
ncinn g activ
activ it
ivit ies
ities (C) 1,854.86 (4,753.96)
---------------------------------------------------------- ----------------------------------------------------------
Net IInc
nc
ncrrea se ((de
ease de
deccrea se) IIn
ease) n ccaa sh aand
nd ccaa sh eeq
quiv
ivaa lent s ((A+B+C)
len A+B+C) (174.89) 175.90
Opening balance of cash and cash equivalents 2,234.64 2,058.74
---------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l ccaa sh aand
nd ccaa sh eeq
qu iv
ivaa le
lennt (Not
otee no
(Not no.. 17) 2,059.77 2,234.64
---------------------------------------------------------- ----------------------------------------------------------
Comp one
Com nts of ccaa sh aand
nen nd ccaa sh eeq
qu iv
ivaa le
lennt s
Cash, Cheque/drafts on hand 148.92 247.51
With banks - Current account 1,806.62 1,987.13
With banks - Deposit account 104.23 -
---------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l ccaa sh aand
nd ccaa sh eeq
qu iv
ivaa le
lennt (Not
otee no
(Not no.. 17) 2,059.77 2,234.64
---------------------------------------------------------- ----------------------------------------------------------
Fo r B.R
B.R.. G Guu pt
ptaa & Co
Co.. Fo r & oon
n bbeh
eh
ehaa lf of B
Boo a r d of Di
Dirre ct
ctoo rs of Pea
earr l Glo
Pea Globb a l IInd
ndu s tr ies L
ndu Lii m it
itee d
C h ar t e r e d A
Acc c oun ta n ts
oun
(D
(Dee e p a k Ag
Agaa r w a l ) (P
(Puu l kit SSet
eth)
eth (D
(Dee e p a k SSet
eth)
eth
(Ka sh
(Kash m ir Si
shm Sinng h R
Raa thour)
hour) (S
(Saa nde
ndeee p SSab
ab
abhha r w a l )
Date: July 28, 2020 M. No. ACS - 8370
Date: July 28, 2020
Notes
to standalone financial statements for the year ended March 31, 2020
NOT E 1: CO
NOT CORR P O R AT E IN
INFF O R M AT I O N flows and financial performance of the Company for at least
Pearl Global Industries Limited is a public limited Company twelve months from the date of approval of these financial
domiciled in India and has its registered office at A-3, statements as well as planned cost and cash improvement
Community Centre, Naraina Industrial Area, Phase-II, New actions, and believe that the plan for sustained profitability
Delhi-110028. The company is primarily engaged in remains on course.
manufacturing, sourcing and export of ready to wear apparels The Board of Directors have taken actions to ensure that
through its facilities and operations in India and overseas. The appropriate long-term cash resources are in place at the date of
Company has its primary listings on Bombay Stock Exchange signing the accounts to fund the Company’s operations.
and National Stock Exchange in India. R e c ent ac
accc ounti n g pprro nou
oun nounc
nceeme
nc men nt s ddaate d JJu u ly 24, 2020
The financial statements were authorised for issue in accordance ifie
notifie
not ifiedd bbyy M
Miin is
isttr y of Co rp
Corp
rpoorat e A ff
Affffaa irs aarre aass uunde
nde
nderr :-
with a resolution of the board of directors on July 28, 2020. a) Ind A
ASS1P
Prrese
esenntatio
ionn of F
Fiina ncia
nciall SSttatement s
men
NO
OTT E 2: BA SIS
BAS O
OFF P
PRR E PA R AT I O N A
ANND The term “Material” has been defined as: Information is
ME A SU R EMENT material if omitting, misstating or obscuring it could
S t a t e me
menn t of Co
Comm p l ia nc
ncee : The Financial Statements are
ianc reasonably be expected to influence decisions that the
prepared on an accrual basis under historical cost Convention primary users of general purpose financial statements make
except for certain financial instruments which are measured at on the basis of those financial statements, which provide
fair value. These financial statements have been prepared in financial information about a specific reporting entity.
accordance with the Indian Accounting Standards (Ind AS) as Materiality depends on the nature or magnitude of
prescribed under Section 133 of the Companies Act, 2013 read information, or both. An entity assesses whether
with the Companies (Indian Accounting Standards) Rules, information, either individually or in combination with
2015 as amended and other relevant provisions of the other information, is material in the context of its financial
Companies Act, 2013, as applicable. statements taken as a whole. Assessing whether
information could reasonably be expected to influence
The accounting policies are applied consistently to all the decisions made by the primary users of a specific reporting
periods presented in the financial statements. entity ‘s general purpose financial statements requires an
B a sis of P
Prr e p a r a t i oon
n aand
nd pprr ese
esenn t a t i oon
n : The financial entity to consider the characteristics of those users while
statements are prepared under the historical cost convention also considering the entity ‘s own circumstances
except for certain financial assets and liabilities (including b) Ind A
ASS 8, A
Acc cou
ounn ti n g Po l icies, C
Po han g es iin
Ch nAAcc count i n g
oun
derivative financial instruments) that are measured at fair value Estim ates aand
nd EErrro rs
or amortised cost.
The term-Material, used in this Standard shall have the
All assets and liabilities have been classified as current or same meaning as assigned to it in paragraph 7 of Ind AS 1
noncurrent according to the Company’s operating cycle and
other criteria set out in the Act. Based on the nature of products c) Ind A
ASS 10 – E
Evvent s af
aftter tthe
he R Peerio
Reep or ti n g P iodd
and the time between the acquisition of assets for processing If non-adjusting events after the reporting period are
and their realisation in cash and cash equivalents, the Company material, non-disclosure could reasonably be expected to
has ascertained its operating cycle as twelve months for the influence decisions that the primary users of general
purpose of current non-current classification of assets and purpose financial statements make on the basis of those
liabilities. financial statements, which provide financial information
Functio
nctio na l aand
ion nd P
Prresentatio
esen nC
ion urrenc
Cu ncyy about a specific reporting entity. Accordingly, an entity
shall disclose the nature of the event and an estimate of its
The financial statements are presented in ` and all values are financial effect, or a statement that such an estimate cannot
rounded to the nearest lakhs upto two decimal places except be made for each material category of non-adjusting event
otherwise stated. after the reporting period
G o in g Co nc
nceern
Conc d ) Ind A
ASS 37 – P Prrov isio
ovisio
isionn s, Co
Connt in g e nt L iab
Liab il
iabil it
ilit ies aand
ities nd
The Board of Directors have considered the financial position Co
Conntin g ent Asset
setss
Asset
of the Company at 31st March 2020 and the projected cash A management or Board decision to restructure taken
Notes
before the end of the reporting period does not give rise NOT E 3: SI
NOT SIGG N I FI
FICCAN T ACCOUNT ING P
AC POO L IC IE S
to a constructive obligation at the end of the reporting a) Sig
Signn ific
ificaa n t ac
accc ou
ounn t i n g jjud
ud
udgg e me
menn t s, es
estt i m a t es aand
nd
period. If an entity starts to implement a restructuring plan, a ssumpt io
ptio
ion ns
or announces its main features to those affected, only after
the reporting period, disclosure is required under Ind AS In preparing these financial statements, management has
10 Events after the Reporting Period, if the restructuring made judgements, estimates and assumptions that affect
is material and non-disclosure could reasonably be the application of the company’s accounting policies and
expected to influence decisions that the primary users of the reported amounts of assets, liabilities, income and
general purpose financial statements make on the basis of expenses. Management believes that the estimates used in
those financial statements, which provide financial the preparation of the financial statements are prudent and
information about a specific reporting entity reasonable. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an
e) Ind A
ASS 116 – L ea
Lea ses
eases ongoing basis. Revisions to accounting estimates are
Practical Expedient has been issued which permits lessees recognized prospectively.
not to account for COVID related concessions as a lease Jud
udgg ement s
men
modification. The practical expedient has been made
applicable from accounting period starting from April 1, Information about the judgements made in applying
2020. accounting policies that have the most significant effects
on the amounts recognized in the financial statements as
f ) Ind A
ASS 103 – Bu si
Bu nes
nesss Co
sines mb
mbiinatio
Comb ionns given below:
An entity shall determine whether a transaction or other • In respect of lease payments, determination whether
event is a business combination by applying the definition arrangements contain a lease and determination of
in this Ind AS, which requires that the assets acquired and cancellable and non-cancellable tenure of leases (IND
liabilities assumed constitute a business. If the assets AS 116)
acquired are not a business, the reporting entity shall
account for the transaction or other event as an asset • Classification of financial assets: assessment of
acquisition. Paragraphs B5–B12D provide guidance on business model within which the assets are held and
identifying a business combination and the definition of a assessment of whether the contractual terms of the
business. Certain other changes include definition of financial asset are solely payments of principal and
Business and three elements of business such as Input, interest on the principal amount outstanding
Process, Output and changes in the Appendix to the IND • Useful lives of Property, plant and equipment and
AS 103. Intangible Assets
g ) Certain other changes in IND AS 107 & 109 with respect • Employee benefit plans
to Hedge Accounting Disclosures, temporary exceptions • Amortization of Government Grant
from applying specific hedge accounting requirements and
• Determination of Provision of income taxes vis-à-vis
Transition for hedge accounting
anticipated tax issues and final tax outcomes of
The Company is evaluating the requirements of these pending matters.
pronouncements and its affects on the financial statement.
As
Asssumptio
ptio n s aand
ion nd es
esttimatio
ionn uunc
nc
nceer ta inties
Ap p l ic
icaatio
ionn of N
Nee w A
Acc count in g P
oun Prronounc
nceeme
nounc mennt s
Information about assumptions and estimation
The following Ind As pronouncements were applied by uncertainties that have a significant risk of resulting in a
the Company during the year: material adjustment included in the following notes:
a) Ind AS 116 Leases w.e.f April 1, 2019. • measurement of defined benefit obligations and
b) Ind AS 12 Appendix C - Uncertainity over Income planned assets: key actuarial assumptions.
tax treatments • recognition of deferred tax assets: availability of future
c) Amendments to Ind AS 19 - Plan Amendment taxable profit against which carry-forward tax losses
curtainment & settlement w.e.f April 1, 2019. can be used.
• impairment of financial assets.
Notes
• recognition and measurement of provisions and of the asset. The cost of self-constructed assets includes
contingencies: key assumptions about the likelihood the cost of materials and direct services, any other costs
and magnitude of an outflow of resources. directly attributable to bringing the assets to its working
• impairment test of non-financial assets: key condition for their intended use and cost of replacing part
assumptions used in estimating recoverable cash flows. of the plant and equipment and borrowing costs for long-
term construction projects if the recognition criteria are
• fair value measurement of financial instruments. met. When parts of an item of PPE having significant costs
b) Current vveers
rsuus no
nonn- cu
currrent cl
claa ssific
sificaatio
ionn have different useful lives, then they are accounted for as
The Company presents assets and liabilities in the balance separate items (major components) of property, plant &
sheet based on current/ non-current classification. equipment.
Asset
setss :
Asset An item of property, plant and equipment and any
significant part initially recognised is de-recognised upon
An asset is treated as current when it is:
disposal or when no future economic benefits are expected
a) Expected to be realised or intended to be sold or from its use. Any gain or loss arising on de-recognition of
consumed in normal operating cycle. the asset (calculated as the difference between the net
b) Held primarily for the purpose of trading disposal proceeds and the carrying amount of the asset) is
c) Expected to be realised within twelve months after included in the statement of profit and loss.
the reporting period, or Tr a n sit io
sitio
ionn tto
o IInd
nd A
ASS : On transition to Ind AS, the
d) Cash or cash equivalent unless restricted from being Company has elected to continue with the carrying value
exchanged or used to settle a liability for at least twelve of all its property, plant and equipment as at 1 April 2016,
months after the reporting period. measured as per the previous GAAP, and use that carrying
value as the deemed cost of such property, plant and
All other assets are classified as non-current. equipment.
L iab il
iabil it
ilit ies
ies::
ities Subse
ubseqque
uennt ccos
os
ostt s : The cost of replacing a part of an item
A liability is current when: of property, plant and equipment is recognised in the
(a) It is expected to be settled in normal operating cycle carrying amount of the item of property, plant and
equipment, if it is probable that the future economic
(b) It is held primarily for the purpose of trading benefits embodied within the part will flow to the
(c) It is due to be settled within twelve months after the Company and its cost can be measured reliably with the
reporting period, or carrying amount of the replaced part getting derecognised.
(d) There is no unconditional right to defer the The cost for day-to-day servicing of property, plant and
settlement of the liability for at least twelve months equipment are recognised in statement of profit and loss
after the reporting period as and when incurred.
All other liabilities are classified as non-current. D e c o m m is sio
issio
sionn i n g Cos
Costt s : The present value of the
expected cost for the decommissioning of an asset, if any,
Deferred tax assets and liabilities are classified as non-
after its use is included in the cost of the respective asset if
current assets and liabilities.
the recognition criteria for a provision are met. (as
Op
Opeeratin g ccycle
ycle
ycle:: The operating cycle is the time between applicable)
the acquisition of assets for processing and their realisation
Ca p it
itaa l w
woo r k iin
n pprr o g r es
esss : Capital work in progress
in cash and cash equivalents. The Company has identified
comprises the cost of fixed assets that are not ready for
twelve months as its operating cycle.
their intended use at the reporting date.
c) P r o p e r t y, PPll a n t aand
nd Eq
Equu i p m een
n t (P
(PPP E) aan
nd
Cost comprises of purchase cost, related acquisition
Depre ciaciattio n
ion
expenses, borrowing costs and other direct expenditure.
Property, plant and equipment and capital work in progress
Depreciation is provided on a pro-rata basis on the straight-
are stated at cost less accumulated depreciation and
line basis on the estimated useful life prescribed under
accumulated impairment losses, if any. Such cost includes
Schedule II to Companies Act , 2013 with the following
expenditure that is directly attributable to the acquisition
exception :
Notes
- Fixed asset costing upto ` 5000 has been fully benefits embodied in the specific asset to which it relates.
depreciated during the financial year All other expenditure is recognized in Statement of Profit
- Leasehold land has been amortised over the lease and Loss as incurred.
term. A mo
morr tisa
isattio
ionn aand
nd uusef
sef
sefuu l lliv
ives
es:: Intangible assets with
ives
- Freehold Land is not depreciated. finite lives are amortised over the useful life and assessed
for impairment whenever there is an indication that the
Depreciation Method, useful lives and residual values are intangible asset may be impaired. The amortisation period
reviewed at each financial year end and adjusted, if and the amortisation method for an intangible asset with
appropriate. a finite useful life are reviewed at least at the end of each
d ) Inves
esttment P
men Prro p er ties reporting period. Changes in the expected useful life or
Property that is held for rental yields or for capital the expected pattern of consumption of future economic
appreciation or both, and that is not occupied by the benefits embodied in the asset are considered to modify
Company, is classified as investment property. Investment the amortisation period or method, as appropriate, and are
property is measured at its cost, including related treated as changes in accounting estimates. The
transaction costs and where applicable borrowing costs less amortisation expense on intangible assets with finite lives
depreciation and impairment if any. is recognised in the statement of profit and loss unless such
expenditure forms part of carrying value of another asset.
The Company, based on technical assessment made by
The amortisation method, residual value and the useful
management, depreciates the building over estimated
lives of intangible assets are reviewed annually and adjusted
useful life of 60 years. The management believes that these
as necessary.
estimated useful lives are realistic and reflect fair
approximation of the period over which the assets are likely f ) B o rrowin g ccos
os
ostts
to be used. Borrowing costs consists of interest and amortization of
Tr a n sit io
sitio
ionn tto
o IInd
nd A
ASS : On transition to Ind AS, the ancillary costs that an entity incurs in connection with the
Company has elected to continue with the carrying value borrowing of funds. Borrowing costs directly attributable
of all its investment properties as at 1 April 2016, measured to the acquisition, construction or production of an asset
as per the previous GAAP, and use that carrying value as that necessarily takes a substantial period of time to get
the deemed cost of such investment properties. ready for its intended use or sale are capitalised as part of
the cost of the asset. All other borrowing costs are expensed
e) O the
herr IIn
ntan g ib le aassset
ible setss
in the period in which they occur. Borrowing costs consist
R e c o g n it io
itio
ionn aand meass ureme
nd mea mennt of interest and other costs that an entity incurs in
Intangible assets that are acquired by the Company are connection with the borrowing of funds. Borrowing cost
measured initially at cost. Intangible assets with finite also includes exchange differences to the extent regarded
useful lives are measured at cost less accumulated as an adjustment to the borrowing costs.
amortisation and accumulated impairment losses, if any. Borrowing costs consists of interest and amortization of
All expenditures, qualifying as Intangible Assets are ancillary costs that an entity incurs in connection with the
amortized over estimated useful life. Specialized softwares borrowing of funds. Borrowing costs directly attributable
are amortized over a period of 3 years or license period to the acquisition, construction or production of an asset
whichever is earlier. that necessarily takes a substantial period of time to get
Tran sitio
sitio n tto
ion o IInd
nd A
ASS ready for its intended use.
On transition to Ind AS, the Company has elected to g ) Fo reig
eignnCurrenc
Cu ncyy T
Trra n sactio
sactio n s aand
ion nd T
Trra n sl
slaatio
ionns
continue with the carrying value of all its intangible assets Funct io
nctio
ionna l aand
nd pprrese
esenntatio
ionna l cu
currrenc
ncyy
recognized as at April 01, 2016, measured as per the
The Company’s financial statements are presented in
previous GAAP, and use that carrying value as the deemed
Indian Rupees (`) which is also the Company’s functional
cost of such intangible assets.
currency. Functional currency is the currency of the
S ubse
ubseqq ue
uenn t Ex
Expp e nd it
itu
ndit u r e : Subsequent expenditure is primary economic environment in which a Company
capitalised only when it increases the future economic operates and is normally the currency in which the
Notes
Company primarily generates and expends cash. All the The Company considers whether there are other promises
financial information presented in ‘ except where otherwise in the contract that are separate performance obligations
stated. to which a protion of the transaction price needs to be
Tr an sact io
sactio
ionn s aand
nd bbaa l anc es
nces allocated. In determining the transaction price for the sale
of products, the Company considers the effect of variable
Transactions in foreign currencies are translated into the consideration, the existence of significant financing
functional currency of the Company at the exchange rates component, non-cash consideration, and consideration
at the date the transactions or an average rate if the average payable to the customer (if any).
rate approximates the actual rate at the date of the
transaction. The Company assesses its revenue arrangements against
specific recognition criterior like exposure to significant
Monetary assets and liabilities denominated in foreign risks & rewards associated with the sale of goods or
currencies are translated into the functional currency at services. When deciding the most appropriate basis for
the exchange rate at the reporting date.Non-monetary presenting revenue or costs of revenue, both the legal form
assets and liabilities that are measured at fair value in a and substance of the agreement between the Company and
foreign currencies are translated into the functional its Customers are reviewed to determine each party’s
currency at the exchange rate when the fair value was respective role in the transaction.
determined. Non-monetary assets and iabilities that are
measured in terms of historical cost are not retranslated. Sp e cific rree venue rree co g n itio
itio n ccrrit
ion iteeria
ia::
Exchange differences on monetary items are recognised ( i ) S a le of pprro duct
uctss
in profit or loss in the period in which they arise except Revenue from sale of products is recognised at the
for exchange differences on foreign currency borrowings point in time when control of product is transferred
relating to assets under construction for future productive to the customer. In case of Export sale it is on the
use, which are included in the cost of those assets when basis of date of airway bill/bill of lading
they are regarded as an adjustment to interest costs on ( ii
ii)) JJo
ob w
woork iinc
nc
ncoo me
those foreign currency borrowings.
Revenue from job work on the product is recognised
Advaces received or paid in foreign currency are recognised at the point in time when control of services is
at exchange rate on the date of transaction and not re- transferred to the customer, generally on the delivery
translated. of the product after completion of job work.
h) R e venue R
Ree c o g n it io
itio
ionn ( iii
iii)) Exp or t IInc
Exp nc
nceentiv es
ives
The Company derives revenue primarily from export of Export Incentives under various schemes are
manufactured and traded goods. accounted in the year of export.
Effective 01 April 2018, the Company has adopted Indian ( iv) O
Otthe
herr IInc
nc
ncoo mes
Accounting Standard 115 (Ind AS 115) -’Revenue from
contracts with customers’ The effect on adoption of Ind- a) Sale of software/ SAP income is recognized at
AS 115 was insignificant. the delivery of complete module & patches
(through reimbursement from group
R e venue from cco
fro ontract w it
wit h cu
ith cussto mers
mers companies).
Revenue from contract with customers is recognised when b) Rental Income is recognized on accrual basis as
control of the goods or services are transferred to the per the terms of agreement.
customer at an amount that reflects the consideration to
which the company expects to be entitled in exchange for c) In respect of interest income, revenue is
transferring distinct goods or services to a customer as recognised on the time proportion basis, taking
specified in the contract, excluding the amount collected into account the amount outstanding and the
on behalf of third parties(for example, taxes and duties rate of interest applicable.
collected on behalf of government) and net of returns & d) Dividend Income is recognized when the right
discounts. The company has concluded that it is acting as to receive is established.
principal in its revenue arrangements.
Notes
Variab le Co
iable Conn side
siderratio
ionn Company transfers goods or services to the customer, a
If the consideration in a contract includes a variable contract liability is recognised when the payment is made
amount, the Company estimates the amount of or the payment is due (whichever is earlier). Contract
consideration to which it will be entitled in exchange for liabilities are recognised as revenue when the Company
transferring the goods to the customer. The variable performs under the contract.
consideration is estimated at contract inception and Cost to obtain a contract
constrained until it is highly probable that a significant The Company does not capitalise costs to obtain a contract
revenue reversal in the amount of revenue recognised will because majorly the contracts have terms that do not
not occur when the associated uncertainty with the extend beyond one year. The Company does not have a
variable consideration is subsequently resolved. significant amount of capitalized costs related to
Sig
Signn ific
ificaa nt F
Fii nanci
ncinng Co
Commp o nent
nen fulfilment.
Generally, the Company does not receive short term or i) Invento ries
long term advances from its customers except in certain i) Inventories of finished goods manufactured by the
scenarios. Using the practical expedient in Ind AS 115, the company are valued style-wise and at lower of cost
Company does not adjust the promised amount of and estimated net realizable value. Cost includes
consideration for the effects of a significant financing material cost on weighted average basis and
component if it expects, at contract inception, that the appropriate share of overheads incurred in bringing
period between the transfer of promised good or service them to their present location and condition. In the
to the customer and when the customer pays for good or case of manufactured inventories and work-in-
service will be one year or less. The company does not progress, cost includes an appropriate share of fixed
expect to have any contracts where the period between the production overheads based on normal operating
transfer of promised goods and services to the customer capacity..
and payment by the customer exceeds one year. As a
consequence, it does not adjust any of the transaction ii) Inventories of finished goods (traded) are valued at
prices for the time value of money. lower of procurement cost (FIFO method) or
estimated net realizable value.
Contract bbaa la nc
Con es
nces
iii) Inventories of raw material, work in progress,
Contract assets accessories & consumables are valued at cost
A contract asset is the right to consideration in exchange (weighted average method) or at estimated net
for goods or services transferred to the customer. If the realizable value whichever is lower. WIP cost includes
Company performs by transferring goods or services to a appropriate portion of allocable overheads. Raw
customer before the customer pays consideration or before materials and other supplies held for use in the
payment is due, a contract asset is recognised for the earned production of finished products are not written down
consideration that is conditional. below cost except in cases where material prices have
Trade receivables declined and it is estimated that the cost of the
finished products will exceed their net realisable value.
A receivable represents the Company’s right to an amount
of consideration that is unconditional (i.e., only the passage iv) Net realizable value is the estimated selling price in
of time is required before payment of the consideration is the ordinary course of business, less estimated costs
due). Refer to accounting policies of financial assets in of completion and estimated costs necessary to make
section Financial instruments – initial recognition and the sale. The comparison of cost and net realizable
subsequent measurement. value is made on a item by item basis. Obsolete or
slow moving inventories are identified from time to
Contract liabilities time and a provision is made for such inventories as
A contract liability is the obligation to transfer goods or appropriate on periodic basis.
services to a customer for which the Company has received j) L ea ses
eases
consideration (or an amount of consideration is due) from
the customer. If a customer pays consideration before the The Company assesses at contract inception whether a
contract is, or contains, a lease. That is, if the contract
Notes
conveys the right to control the use of an identified asset The lease payments include fixed payments (including
for a period of time in exchange for consideration. in substance fixed payments) less any lease incentives
Comp any aass a les
Com se
seee
lesse receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under
The Company’s lease asset classes primarily comprise of residual value guarantees. The lease payments also
lease for land and building. The Company assesses whether include the exercise price of a purchase option
a contract contains a lease, at inception of a contract. A reasonably certain to be exercised by the Company
contract is, or contains, a lease if the contract conveys the and payments of penalties for terminating the lease,
right to control the use of an identified asset for a period if the lease term reflects the Company exercising the
of time in exchange for consideration. To assess whether a option to terminate. Variable lease payments that do
contract conveys the right to control the use of an not depend on an index or a rate are recognised as
identified asset, the Company assesses whether: (i) the expenses (unless they are incurred to produce
contract involves the use of an identified asset (ii) the inventories) in the period in which the event or
Company has substantially all of the economic benefits condition that triggers the payment occurs. In
from use of the asset through the period of the lease and calculating the present value of lease payments, the
(iii) the Company has the right to direct the use of the Company uses its incremental borrowing rate at the
asset. The Company applies a single recognition and lease commencement date because the interest rate
measurement approach for all leases, except for short-term implicit in the lease is not readily determinable. After
leases and leases of low-value assets. For these short-term the commencement date, the amount of lease
and low value leases, the Company recognizes the lease liabilities is increased to reflect the accretion of
payments as an operating expense on a straight-line basis interest and reduced for the lease payments made. In
over the term of the lease. The Company recognises lease addition, the carrying amount of lease liabilities is
liabilities to make lease payments and right-of-use assets remeasured if there is a modification, a change in the
representing the right to use the underlying assets as below: lease term, a change in the lease payments (e.g.,
i) Rig
Righht- of-u se aassset
of-u setss changes to future payments resulting from a change
The Company recognises right-of-use assets at the in an index or rate used to determine such lease
commencement date of the lease (i.e., the date the payments) or a change in the assessment of an option
underlying asset is available for use). Right-of-use to purchase the underlying asset. The Company’s lease
assets are measured at cost, less any accumulated liabilities are included in other current and non-
depreciation and impairment losses, and adjusted for current financial liabilities.
any remeasurement of lease liabilities. The cost of ( iii Shorr t-term lea
iii)) Sho ses aand
leases nd leases of lo
leases low setss
w-va lue aassset
right-of-use assets includes the amount of lease The Company applies the short-term lease
liabilities recognised, initial direct costs incurred, and recognition exemption to its short-term leases (i.e.,
lease payments made at or before the commencement those leases that have a lease term of 12 months or
date less any lease incentives received. Right-of-use less from the commencement date and do not contain
assets are depreciated on a straight-line basis over the a purchase option). It also applies the lease of low-
shorter of the lease term and the estimated useful lives value assets recognition exemption to leases that are
of the underlying assets (i.e. 30 and 60 years) If considered to be low value. Lease payments on short-
ownership of the leased asset transfers to the term leases and leases of low-value assets are
Company at the end of the lease term or the cost recognised as expense on a straight-line basis over the
reflects the exercise of a purchase option, depreciation lease term. “Lease liability” and “Right of Use” asset
is calculated using the estimated useful life of the asset. have been separately presented in the Balance Sheet
The right-of-use assets are also subject to impairment. and lease payments have been classified as financing
ii
ii)) L ea se L
ease iab
Liab il
iabil it
ilit ies
ities cash flows.
At the commencement date of the lease, the Company Co
Commp any aass a lesso
sorr
lesso
recognises lease liabilities measured at the present Leases for which the Company is a lessor is classified as
value of lease payments to be made over the lease term. finance or operating lease. Leases in which the Company
Notes
does not transfer substantially all the risks and rewards D efi ne
efine
nedd bbeenefit pplla n
incidental to ownership of an asset are classified as A defined benefit plan is a post-employment benefit plan
operating leases. Rental income arising is accounted for other than a defined contribution plan.
on a straight-line basis over the lease terms. Initial direct
costs incurred in negotiating and arranging an operating The Company has an obligation towards gratuity, a defined
lease are added to the carrying amount of the leased asset benefit retirement plan covering eligible employees. The
and recognised over the lease term on the same basis as plan provides for a lump sum payment to vested employees
rental income. Contingent rents are recognised as revenue at retirement, death while in employment or on
in the period in which they are earned. termination of employment of an amount based on the
respective employee’s salary and the tenure of employment.
k) Emp loye
loye e’
e’ss bbeenefit
yee’ nefitss Vesting occurs upon completion of five years of service.
Sho mp lo
Shorr t tteer m eem ye
yeee bbeenefit
loye nefitss: All employee benefits The Company accounts for the liability for gratuity
expected to be settled wholly within twelve months of benefits payable in future based on an independent
rendering the service are classified as short-term employee actuarial valuation report using the projected unit credit
benefits. When an employee has rendered service to the method as at the year end.
Company during an accounting period, the Company The obligations are measured at the present value of the
recognises the undiscounted amount of short-term estimated future cash flows.
employee benefits expected to be paid in exchange for that
service as an expense unless another Ind AS requires or The discount rate is generally based upon the market yields
permits the inclusion of the benefits in the cost of an asset. available on Government bonds at the reporting date with
Benefits such as salaries, wages and short-term a term that matches that of the liabilities.
compensated absences, bonus and ex-gratia etc. are Re-measurements, comprising actuarial gains and losses,
recognised in statement of profit and loss in the period in the effect of the changes to the asset ceiling (if applicable)
which the employee renders the related service. and the return on plan assets (excluding interest and if
A liability is recognised for the amount expected to be paid applicable), is reflected immediately in Other
after deducting any amount already paid under short-term Comprehensive Income in the statement of profit and loss.
cash bonus or profit-sharing plans if the Company has a All other expenses related to defined benefit plans are
present legal or constructive obligation to pay this amount recognised in statement of profit and loss as employee
as a result of past service provided by the employee, and benefit expenses. Re-measurements recognised in Other
the obligation can be estimated reliably. If the amount Comprehensive Income will not be reclassified to
already paid exceeds the undiscounted amount of the statement of profit and loss hence it is treated as part of
benefits, the Company recognises that excess as an asset / retained earnings in the statement of changes in equity.
prepaid expense to the extent that the prepayment will lead Gains or losses on the curtailment or settlement of any
to, for example, a reduction in future payments or a cash defined benefit plan are recognised when the curtailment
refund. or settlement occurs. Curtailment gains and losses are
accounted for as past service costs.
D efi ne
efine
nedd cco
o ntribu
ibuttio
ionn ppll an
O the
lon m p lo ye
yeee bbeenefit
loye nefitss
A defined contribution plan is a post-employment benefit
plan under which an entity pays fixed contributions to a As per the Company’s policy, eligible leaves can be
statutory authority and will have no legal or constructive accumulated by the employees and carried forward to
obligation to pay further amounts. future periods to either be utilised during the service, or
encashed. Encashment can be made during the service, on
Retirement benefits in the form of Provident Fund, early retirement, on withdrawal of scheme, at resignation
Employee State Insurance Scheme and Labour Welfare by employee and upon death of employee. The scale of
Fund Scheme are defined contribution plans. The benefits is determined based on the seniority and the
contributions paid/payable to government administered respective employee’s salary. The Company records an
respective funds are recognised as an expense in the obligation for such compensated absences in the period in
Statement of Profit and loss during the period in which which the employee renders the services that increase this
the employee renders the related service. entitlement. The obligation is measured on the basis of
Notes
independent actuarial valuation using the projected unit - Financial Asset at fair value through profit and
credit method. loss (FVTPL)
l) Provisio
ovisio ns
ision Fin ancia
nciall aassset ccaa rrie
iedd aatt aamo
mo
morr tise
isedd ccos
os
ostt
G ene
nerra l A financial asset is subsequently measured at
Provisions are recognised when the Company has a present amortised cost if it is held within a business model
obligation (legal or constructive) as a result of a past event, whose objective is to hold the asset in order to collect
it is probable that an outflow of resources embodying contractual cash flows and the contractual terms of
economic benefits will be required to settle the obligation the financial asset give rise on specified dates to cash
and a reliable estimate can be made of the amount of the flows that are solely payments of principal and interest
obligation. When the Company expects some or all of a on the principal amount outstanding.
provision to be reimbursed, the reimbursement is F i n a ncia
nciall aass set aatt ffaa i r vvaa l ue tth
h r o uugg h ot
othh eerr
recognised as a separate asset, but only when the c om prehe
ehenn siv
sivee iinc
nc
ncoo me (F (FV V TO C I)
reimbursement is virtually certain. A financial asset is subsequently measured at fair value
The expense relating to a provision is presented in the through other comprehensive income if it is held
statement of profit and loss, net of any reimbursement. If within a business model whose objective is achieved
the effect of the time value of money is material, provisions by both collecting contractual cash flows and selling
are discounted using a current pre-tax rate that reflects, financial assets and the contractual terms of the
when appropriate, the risks specific to the liability. The financial asset give rise on specified dates to cash flows
unwinding of discount is recognised in the statement of that are solely payments of principal and interest on
profit and loss as a finance cost. the principal amount outstanding.
Provisions are reviewed at the end of each reporting period Financia
nciall aassset aatt ffaa ir vvaa lue tth
hrou
nd los
losss
and adjusted to reflect the current best estimate. If it is no (F
(FVV T P L)
longer probable that an outflow of resources would be A financial asset which is not classified in any of the
required to settle the obligation, the provision is reversed. above categories are subsequently fair valued through
m) Financia
nciall iin
n str ument s
men profit or loss.
A financial instrument is a contract that gives rise to a De -re c o g n it io
itio n
ion
financial asset for one entity and a financial liability or A financial asset (or, where applicable, a part of a
equity instrument for another entity.Financial assets and financial asset) is primarily derecognised (i.e. removed
financial liabilities are recognised when the Company from the Company’s Balance Sheet) when:
becomes a party to the contractual provisions of the
instruments. (i) The contractual rights to receive cash flows from
the asset has expired, or
( i ) Fin ancia
nciall aassset
setss
(ii) The Company has transferred its contractual
In itia
itia io
itio n aand
ion nd mea
meassureme
mennt rights to receive cash flows from the financial
A financial asset is initially recognised at fair value. asset or has assumed an obligation to pay the
In case of financial assets which are recognised at fair received cash flows in full without material delay
value through profit and loss (FVTPL), its transaction to a third party under a ‘pass-through’
cost are recognised in the statement of profit and loss. arrangement; and either (a) the Company has
In other cases, the transaction cost are attributed to transferred substantially all the risks and rewards
the acquisition value of the financial asset. of the asset, or (b) the Company has neither
Subse
ubseqquent mea
uen meassureme
mennt transferred nor retained substantially all the risks
and rewards of the asset, but has transferred
For purposes of subsequent measurement, financial control of the asset.
assets are classified in three categories:
( ii
ii)) Fin ancia
nciall lliab
iab il
iabil it
ilit ies
ities
- Financial Asset carried at amortised cost
In itia
itia io
itio n aand
ion nd mea
meassureme
mennt
- Financial Asset at fair value through other
comprehensive income (FVTOCI) Financial liabilities are classified, at initial recognition,
Notes
as financial liabilities at fair value through profit or financial instruments, such as forward currency
loss. contracts, to hedge its foreign currency risks. Such
All financial liabilities are recognised initially at fair derivative financial instruments were initially
value and, in the case of loans and borrowings and recognized at fair value on the date on which a
payables, net of directly attributable transaction costs. derivative contract is entered into and are
The Company’s financial liabilities include subsequently remeasured at fair value. Derivatives are
borrowings, trade and other payables, security carried as financial assets when the fair value is positive
deposits received etc. and as financial liabilities when the fair value is
negative. Any gains or losses arising from changes in
Subse
ubseqquent mea
uen meassureme
mennt the fair value of derivatives are taken directly to
For purposes of subsequent measurement, financial statement of profit and loss.
liabilities are classified in two categories: (v) He d g e A
Acc c ount i ng
oun
- Financial liabilities at amortised cost With effect from April 2019, the Company adopted
- Financial liabilities at fair value through profit Hedge Accounting.
and loss (FVTPL) The derivatives that are designated as hedging
A financial liability is classified as at FVTPL if it is instrument under Ind AS 109 to mitigate risk arising
classified as held for trading, or it is a derivative or it out of foreign currency transactions are accounted for
is designated as such as initial recognition. Financial as cash flow hedges. The Company enters into
liabilities at FVTPL are measured at fair value and hedging instruments in accordance with policies as
net gains and losses, including any interest expense, approved by the Board of Directors with written
are recognised in the Statement of Profit and loss. principles which is consistent with the risk
Other financial liabilities are subsequently measured management strategy of the Company.
at amortised cost using the effective interest method. The hedge instruments are designated and
Interest expense is recognised in the Statement of documented as hedges at the inception of the
Profit and loss. contract. The effectiveness of hedge instruments is
D e-re co g n it io
itio n
ion assessed and measured at inception and on an ongoing
A financial liability is derecognised when the basis.
obligation under the liability is discharged or When a derivative is designated as a cash flow hedging
cancelled or expires. When an existing financial instrument, the effective portion of changes in the
liability is replaced by another from the same lender fair value of the derivative is recognized in OCI, e.g.,
on substantially different terms or the terms of an cash flow hedging reserve and accumulated in the cash
existing liability are substantially modified, such an flow hedging reserve. Any ineffective portion of
exchange or modification is treated as the de- changes in the fair value of the derivative is recognized
recognition of the original liability and the immediately in the statement of profit and loss. The
recognition of a new liability. The difference in the amount accumulated is retained in cash flow hedge
respective carrying amounts is recognised in the reserve and reclassified to profit or loss in the same
statement of profit and loss. period or periods during which the hedged item
( iii
iii)) Off set
setttin g of fi
Offset na ncia
fin nciall iin
ns tr ume
mennt s affects the statement of profit and loss.
Financial assets and financial liabilities are offset and If the hedging instrument no longer meets the criteria
the net amount is reported in the balance sheet if there for hedge accounting, then hedge accounting is
is a currently enforceable legal right to offset the discontinued prospectively. If the hedging instrument
recognized amounts and there is an intention to settle is terminated or exercised prior to its maturity/
on a net basis, to realize the assets and settle the contractual term, the cumulative gain or loss on the
liabilities simultaneously hedging instrument recognized in cash flow hedging
reserve till the period the hedge was effective remains
( iv) D eriv
ivaativ
ivee fina ncia
fin nciall iin
n str ume
mennt s
in cash flow hedging reserve until the forecasted
Till March 31, 2019, the Company used derivative transaction occurs. The cumulative gain or loss
Notes
previously recognized in the cash flow hedging reserve loss is reversed only to the extent that the asset’s carrying
is reclassified to the Statement of Profit and Loss upon amount does not exceed the carrying amount that would
the occurrence of the related forecasted transaction. have been determined, net of depreciation or amortisation,
If the forecasted transaction is no longer expected to if no impairment loss had been recognised.
occur, then the amount accumulated in cash flow p) Fa ir vvaa lue mea
meass ureme
mennt
hedging reserve is reclassified immediately in the
statement of profit and loss. Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
n) Imp a irment of fi
men n ancia
fin nciall aassset
setss between market participants at the measurement date. The
The Company measures the expected credit loss associated fair value measurement is based on the presumption that
with its assets based on historical trend, industry practices the transaction to sell the asset or transfer the liability takes
and the business environment in which the entity operates place either:
or any other appropriate basis. The impairment (a) In the principal market for the asset or liability, or
methodology applied depends on whether there has been
a significant increases in credit risk. Expected credit loss is (b) In the absence of a principal market, in the most
the weighted average of the difference between all advantageous market for the asset or liability
contractual cash flows that are due to the Company in A fair value measurement of a non-financial asset takes into
accordance with the contracts and all the cash flows that account a market participant’s ability to generate economic
the Company expects to receive, discounted at original benefits by using the asset in its highest and best use or by
effective interest rate with the respective risk of defaults selling it to another market participant that would use the
occuring as the weights. asset in its highest and best use.
o) Imp a irment of no
men nonn-fi
-finnancia
nciall aassset
setss The Company uses valuation techniques that are
The carrying amounts of the Company’s non-financial appropriate in the circumstances and for which sufficient
assets, other than deferred tax assets, are reviewed at the data are available to measure fair value, maximising the use
end of each reporting period to determine whether there of relevant observable inputs and minimising the use of
is any indication of impairment. If any such indication unobservable inputs.
exists, then the asset’s recoverable amount is estimated.The All assets and liabilities for which fair value is measured or
recoverable amount of an asset or cash-generating unit disclosed in the financial statements are categorised within
(‘CGU’) is the greater of its value in use or its fair value the fair value hierarchy, described as follows, based on the
less costs to sell. In assessing value in use, the estimated lowest level input that is significant to the fair value
future cash flows are discounted to their present value using measurement as a whole:
a pre-tax discount rate that reflects current market Level 1 — Quoted (unadjusted) market prices in active
assessments of the time value of money and the risks markets for identical assets or liabilities
specific to the asset or CGU. For the purpose of
Level 2 — Valuation techniques for which the lowest level
impairment testing , assets that cannot be tested
input that is significant to the fair value measurement is
individually are grouped together into the smallest group
directly or indirectly observable
of assets that generates cash inflows from continuing use
that are largely independent of the cash inflows of other Level 3 — Valuation techniques for which the lowest level
assets or groups of assets (‘CGU’). input that is significant to the fair value measurement is
unobservable
An impairment loss is recognized, if the carrying amount
of an asset or its CGU exceeds its estimated recoverable For assets and liabilities that are recognised in the financial
amount and is recognised in statement of profit and loss. statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the
Impairment losses recognised in prior periods are assessed
hierarchy by re-assessing categorisation (based on the
at end of each reporting period for any indications that
lowest level input that is significant to the fair value
the loss has decreased or no longer exists. An impairment
measurement as a whole) at the end of each reporting
loss is reversed if there has been a change in the estimates
period.
used to determine the recoverable amount. An impairment
Notes
q ) Ta xes Deferred tax assets and deferred tax liabilities are offset if
Current iinc
nc
ncoo me ttaa x a legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred taxes relate
Current income tax assets and liabilities are measured at to the same taxable entity and the same taxation authority.
the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to Deferred tax relating to items recognised outside profit or
compute the amount are those that are enacted or loss is recognised outside profit or loss (either in other
substantively enacted, at the reporting date. comprehensive income or in equity).
Current income tax relating to items recognized outside Mi n i mum A
Allt ern ate T
Taa x
profit or loss is recognized outside profit or loss (either in Minimum Alternate Tax (MAT) paid in the year is charged
other comprehensive income (OCI) or in equity). Current to the Statement of Profit and Loss as current tax.The
tax items are recognized in correlation to the underlying Company recognises MAT credit available as an asset only
transaction either in OCI or directly in equity. to the extent that there is convincing evidence that the
Management periodically evaluates positions taken in the Company will pay normal income tax during the specified
tax returns with respect to situations in which applicable period, i.e., the period for which MAT credit is allowed to
tax regulations are subject to interpretation and establishes be carried forward. In the year in which Company
provisions where appropriate. recognises MAT credit as an asset in accordance with the
Current tax assets are offset against current tax liabilities Guidance Note on Accounting for Credit Available in
if, and only if, a legally enforceable right exists to set off respect of Minimum Alternate Tax under the Income Tax
the recognised amounts and there is an intention either to Act, 1961, the said asset is created by way of credit to the
settle on a net basis, or to realise the asset and settle the Statement of Profit and Loss and shown as “MAT Credit
liability simultaneously. Entitlement”. The Company reviews the “MAT Credit
Entitlement” asset at each reporting date and writes down
D efe
eferrre d ttaa x the asset to the extent the Company does not have
Deferred tax assets and liabilities are measured at the tax convincing evidence that it will pay normal tax during the
rates that are expected to apply in the year when the asset specified period.
is realised or the liability is settled, based on tax rates (and In accordance with Ind AS 12 Company is grouping MAT
tax laws) that have been enacted or substantively enacted credit entitlement with Deferred Tax Assets/Liabilities
at the reporting date. (Net).
Deferred tax assets are recognised for all deductible r) Inves
esttme
mennt iin
n ssubsid
ubsid ia
iarries
ubsidia
temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are Investment in subsidiaries
recognised to the extent that it is probable that taxable There is an option to measure investments in subsidiaries
profit will be available against which the deductible at cost in accordance with Ind AS 27 at either:
temporary differences, and the carry forward of unused tax (a) Fair value on date of transition; or
credits and unused tax losses can be utilised.
(b) Previous GAAP carrying values
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply to the period when the The Company had decided to use the previous GAAP
asset is realized or the liability is settled, based on tax rates carrying values to value its investments in its subsidiaries
(and tax laws) that have been enacted or substantively as on the date of transition, April 01, 2016.
enacted at the balance sheet date. Tax relating to items s) Ca sh aand
nd ccaa sh eeq
qu iv
ivaa lent s
len
recognized directly in equity/other comprehensive income Cash and cash equivalent in the balance sheet comprise
is recognized in respective head and not in the statement cash at banks and on hand and short-term deposits with
of profit & loss. an original maturity of three months or less, which are
The carrying amount of deferred tax assets is reviewed at subject to an insignificant risk of changes in value.
each balance sheet date and is adjusted to the extent that For the purpose of the statement of cash flows, cash and
it is no longer probable that sufficient taxable profit will cash equivalents consist of cash balance on hand, cash
be available to allow all or part of the asset to be recovered.
Notes
balance at banks and short-term deposits, as defined above, as deferred income and are credited to Profit and Loss on
net of outstanding bank overdrafts as they are considered a straight - line basis over the expected lives of related assets
an integral part of the Company’s cash management. and presented within other income.
t) E arn in g s ppeer sh
shaare (E
(EPP S) v) Co
Conntin g ent lliab
iab il
iabil it
ilit ies aand
ities nd cco
o ntin g ent aassset
setss
In determining earnings per share, the Company considers A contingent liability exists when there is a possible but
the net profit after tax and includes the post tax effect of not probable obligation, or a present obligation that may,
any extraordinary items. but probably will not, require an outflow of resources, or a
Basic EPS amounts are calculated by dividing the profit present obligation whose amount cannot be estimated
for the year attributable to the shareholders of the reliably. Contingent liabilities do not warrant provisions,
Company by the weighted average number of equity shares but are disclosed unless the possibility of outflow of
outstanding as at the end of reporting period. resources is remote. Contingent assets are neither
recognised nor disclosed in the financial statements.
Diluted EPS amounts are calculated by dividing the profit However, contingent assets are assessed continually and if
attributable to the shareholders of the Company by the it is virtually certain that an inflow of economic benefits
weighted average number of equity shares outstanding will arise, the asset and related income are recognised in
during the year plus the weighted average number of Equity the period in which the change occurs.
shares that would be issued on conversion of all the dilutive
potential equity shares into equity shares. w) R esea
esearrch & de
devvelop me
elop mennt ccos
os
ostts
Dilutive potential equity shares are deemed converted as Research and development costs that are in nature of
of the beginning of the period, unless they have been issued tangible assets and are expected to generate probable future
at a later date. A transaction is considered to be antidilutive economic benefits are capitalised as tangible assets.
if its effect is to increase the amount of EPS, either by Revenue expenditure on research and development is
lowering the share count or increase the earnings. charged to the statement of profit and loss in the year in
which it is incurred.
u) G ov
oveernment ggrrants
men
x) Ex
Excceptio
ptio na l it
ion iteem s
Grants from the government are recognised at their fair
value where there is reasonable assurance that the grant When items of income and expense within statement of
will be received and the Company will comply with all profit and loss from ordinary activities are of such size,
attached conditions. nature or incidence that their disclosure is relevant to
explain the performance of the Company for the period,
Government grants relating to the purchase of property, the nature and amount of such material items are disclosed
plant and equipment are included in non-current liabilities seperately as exceptional items.
Notes

NOT E 4 : PR
NOT PROO P E RT Y, P
PLL ANT La nd
nd--
Land Land
nd-- B u ild
ehicles Tot
otaa l
A N D EQ
EQUU I PM
PME EN T fr
free eho ld lea
ehold seho
leaseho ld
sehold i m p r ov
ovee me
ix
ixuur es
Gr
Grosos
osss ccaa r r yi
yinn g aamou
mou
mounn t
(At D Dee e me
medd ccos os t)
ost)
As aatt AApp r il 01, 2018 1,647.34 47.74 3,872.82 440.58 7,015.29 703.12 836.57 14,563.46
Add: Additions made during the year 41.43 - 37.62 7.99 1,550.57 101.96 168.52 1,908.09
Less: Disposals/adjustments during the year 76.47 - - - 108.56 2.95 20.04 208.02
As aatt MMaa r ch 31, 2019 1,612.30 47.74 3,910.44 448.57 8,457.30 802.13 985.05 16,263.53
Add: Additions made during the year 221.95 - 19.61 109.41 587.01 224.53 262.39 1,424.90
Less: Disposals/adjustments during the year 4.53 - - - 82.67 - 159.38 246.58
As aatt MMaar ch 31, 2020 1,829.72 47.74 3,930.05 557.98 8,961.64 1,026.66 1,088.06 17,441.85
A c cu
cumm u l a t e d de depp r e cia
ciatt io n/a
ion/a
n/amm oorr t iza
izattio
ionn
As aatt AApp r il 01, 2018 - 0.68 252.24 53.26 1,305.73 180.04 211.58 2,003.53
Add: Depreciation/amortization for the year - 0.34 151.64 62.02 731.46 89.58 120.73 1,155.77
Less: Disposals/adjustments during the year - - - - 31.00 0.77 10.90 42.67
As aatt MMaar ch 31, 2019 - 1.02 403.88 115.28 2,006.19 268.85 321.41 3,116.63
Add: Depreciation charge for the year - 0.34 155.11 75.07 816.93 100.10 129.96 1,277.51
Less: Disposals/adjustments during the year - - - - 54.45 - 71.21 125.66
As aatt MMaa r ch 31, 2020 - 1.36 558.99 190.35 2,768.67 368.95 380.16 4,268.48
Net ccaa rr yi
yinn g aamou
mou
mounn t
As aatt MMaa r ch 31, 2020 1,829.72 46.38 3,371.06 367.63 6,192.97 657.71 707.90 13,173.38
As aatt MMaa r ch 31, 2019 1,612.30 46.71 3,506.57 333.29 6,451.10 533.28 663.64 13,146.90
a) The above assets includes Gross block of land of ` 78.55 lakh (March 31, 2019: ` 83.08 lakh) situated at Narshingpur, Tehsil
District Gurgaon(Haryana). Out of this Gross block of land of ` 42.50 lakh (March 31, 2019: ` 47.03 lakh) represents the
amount for which the company has executed a construction project agreement with DLF Retail Developers Limited on
November 30, 2007. However, as certified by the Management, the work has not started during the financial year 2019-20
due to pending receipt of license from the concerned authority.
b) For Information on Property, plant and equipment pledged as security by the company refer Note 21
c) The above property, plant and equipment includes assets given on lease given in the below table:
La nd
nd--
Land Land
nd-- B u ild
ehicles Tot
otaa l
fr
free eho ld lea
ehold seho
leaseho ld
sehold i m p r ov
ovee me
ix
ixuur es
As aatt M
Maa r ch 31, 2020
Gross carrying amount - - - - 27.77 21.22 - 48.99
Accumulated depreciation - - - - 16.59 12.21 - 28.80
Net ccaarr yi
yinng aamou
mounnt
mou - - - - 11.18 9.01 - 20.19
As aatt M
Maa r ch 31, 2019
Gross carrying amount - - - - 27.77 21.22 - 48.99
Accumulated depreciation - - - - 13.59 9.16 - 22.75
Net ccaarr yi
yinng aamou
mounnt
mou - - - - 14.18 12.06 - 26.24
Notes

NOT E 5 : CA
NOT CAPP I TA L WO R K IIN
WO NP RO G R E SS
PR As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Capital work in progress 232.50 159.72
--------------------------------------------------------- ---------------------------------------------------------
232.50 159.72
======================== ========================

a) Breakup of capital work in progress is as follows: As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Building 176.05 109.02
Plant and machinery - 8.60
Furniture and fittings - 28.05
Other expenses 56.45 14.05
---------------------------------------------------------- ----------------------------------------------------------
232.50 159.72
---------------------------------------------------------- ----------------------------------------------------------

NOT E 6 : IN
NOT INVVE STMEN T P
PRRO P E RT I E S La nd
Land La nd
Land Build
ildiing Tot
otaa l
fr
free eho ld
ehold lea seho
leaseho ld
sehold
Gr os
osss ccaarr yi
Gros n g aamou
yin mount
moun
( At D
Dee ememed d ccos
os t)
ost)
As aatt A
App ril 01, 2018 3,085.51 10.36 4,580.71 7,676.58
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
As aatt M
Maarch 31, 2019 3,086.80 10.36 4,580.71 7,677.87
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
As aatt M
Maarch 31, 2020 3,135.92 10.36 4,580.71 7,726.99
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Ac cu
cum mu l ate d de
depp re cia
ciattio
ionn aand
nd aamo
mo
morr tisa
isattio
ionn
As aatt Ap
Ap r il 01, 2018 - - 162.22 162.22
Add: Depreciation & amortisation charge for the year - - 85.76 85.76
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
As aatt M
Maarch 31, 2019 - - 247.98 247.98
Add: Depreciation & amortisation charge for the year - - 85.75 85.75
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
As aatt M
Maarch 31, 2020 - - 333.73 333.73
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Net ccaarr yi
yinng aamou
mount
moun
Maarch 31, 2020
As aatt M 3,135.92 10.36 4,246.99 7,393.26
As aatt M
Maarch 31, 2019 3,086.80 10.36 4,332.74 7,429.89
Notes

Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
(a) Amou
moun nts rree co g n ize
ized d iin
n SSttat eme
men nt of
Profit aand
nd L os
osss fo
Los forr iin
nvesesttme
men nt pprro p er ties
Direct operating expenses of property that generated rental income 65.88 53.62
Direct operating expenses of property that did not generated rental income 14.23 77.46
Inc
ncoo me aarrisin g fr
isin om IIn
fro nvesesttme
men eforre ch
nt pprrop er ties bbefo
efo rgiin g de
chaarg depp re cia
ciattio
ionn 900.42 683.45
Depreciation & amortisation 85.75 85.76
--------------------------------------------------------- ---------------------------------------------------------
Inc
ncoo me fro m IIn
fro nves
esttme
mennt pprro p er ties (net) 814.67 597.69
--------------------------------------------------------- ---------------------------------------------------------
(b) Fa ir vvaa l ue of iin
nves
esttme
mennt pprrop er ties 10,793.94 11,378.15
--------------------------------------------------------- ---------------------------------------------------------
Esti matio
ionn of ffaa ir vvaa lue
The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum,
area, location, demand, restrictive entry to the complex,age of building and trend of fair market rent.This valuation is based
on valuations performed by an accredited independent valuer. Fair valuation is based on replacement cost method. The fair
value measurement is categorised in level 2 fair value hierarchy.
(c) In the earlier years, the Company had initiated the process of converting its leasehold land (situated at Plot A-3, Naraina,
New Delhi) into freehold land. However, the deed is yet to be transferred in the name of the Company as at March 31, 2020.
NOT E 7 : OT
NOT OTHH E R IIN
N TA N G I B L E A
ASS S ETS Co
Commpuputter Tot
otaa l
S of
oftt ware
Dee eme
At D med d ccos
os
ostt
Gr os
osss ccaarr yi
Gros yinn g aamou
mount
moun
As aatt A
App ril 01, 2018 219.89 219.89
--------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2019 247.54 247.54
--------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2020 265.11 265.11
--------------------------------------------------------- ---------------------------------------------------------
Ac cu
cum mul at e d aamo
mo
morr tisa
isattio
ionn
Ap 85.06 85.06
Less: On disposals/adjustments during the year - -
--------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2019 132.60 132.60
Less: On disposals / adjustments during the year -
--------------------------------------------------------- ---------------------------------------------------------
As aatt M
Maarch 31, 2020 180.35 180.35
--------------------------------------------------------- ---------------------------------------------------------
Net ccaa rr yi
yinn g aamou
mount
moun
As aatt M
Ma a r ch 31, 2020 84.76 84.76
As aatt M
Maarch 31, 2019 114.94 114.94
Notes

NOT E 8 : IN
NOT INVV E S T M E N T IIN
N SSU
UBS I DIA R IE S As A
Att As A
Att
March 31, 2020 March 31, 2019
No n- C u r re n t
Cu
Inv es
esttme
mennts iinn eeq
qu it
ityy sh
shaa res of SSubsid
ubsidia
iarries - ((u
ubsidia unq uot
uotee d )
nquot
(At Cos t)
Cost)
Pearl Global Far East Limited, Hong Kong
535,000 (March 31, 2019: 5,35,000) Equity Shares 2,797.29 2,797.29
of USD 1 Each fully paid up
Pearl Apparel Fashions Limited, India
27,639,145 (March 31, 2019 27,639,145) Equity Shares 1,648.35 1,648.35
Less: Provision for diminution in value of Investments (1,644.44) 3.91 (1,617.20) 31.15
--------------------------------------------------------- ---------------------------------------------------------
Pearl Global (HK) Limited, Hong Kong
1,610,000 (March 31, 2019: 16,10,000) Equity Shares 6,152.32 6,173.19
of USD 1 each fully paid up
Pearl Global Kausal Vikas Limited 5.00 5.00
50,000 (March 31, 2019: 50,000) Equity Shares
Norp Knit Industries Limited, Bangladesh
3,381,211 (March 31, 2019: 3,381,211) Equity Shares 2,468.53 2,419.51
of Taka 100 Each fully paid up
SBUYS E-Commerce Limited 1.00 -
10,000 (March 31, 2019: Nil) Equity Shares
of ` 10 Each fully paid up
Inv es
esttme
mennt iin
nP Prrefe
eferrenc
ncee Sh
Shaare of SSubsid
ubsid ia
iarr y - ((U
ubsidia Unquot
uotee d )
nquot
( At A
Amomo
morr tise
isedd Cos
Cost)t)
Pearl Apparel Fashions Limited, India
3,000,000 (March 31, 2019: 3,000,000) Preference Shares 300.00 300.00
--------------------------------------------------------- ---------------------------------------------------------
11,728.05 11,726.14
======================== ========================
a) Aggregate value of unquoted investments 13,372.49 13,343.34
b) Aggregate amount of impairment in value of unquoted investments 1,644.44 1,617.20
c) Aggregate value of unquoted investments (net of impairment) 11,728.05 11,726.14
Notes
(b) Information about subsidiaries (Amount in ` Lakh, unless otherwise stated)

Po rp
rpoor tio
ionn (%) of eeq
quit
ityy iin
nteres
estt
Name of Comp any
Com Cou
Coun ntr y of Pri ncip a l act
ncip iv
activ it
ivit ies
ities As A
Att As AAtt
inc
ncoorp
rpooration
ion March 31, 2020 Ma rch 31, 2019
Subsid
ubsidiaia
iarries
Pearl Apparel Fashions Limited India Trading of garments 100.00 100.00
Pearl Global Kaushal Vikas Limited India Skill Development 100.00 100.00
(Formally known as
Pixel Industries Limited)
Pearl Global Far East Limited Hong Kong Trading of garments 100.00 100.00
Pearl Global (HK) Limited Hong Kong Manufacturing and 100.00 100.00
trading of garments
Norp Knit Industries Limited Bangladesh Manufacturing and 99.99 99.99
trading of garments
SBUYS E-Commerce Limiited India Online Trading 100.00 -
of garments
c) Investment in equity shares of subsidiary includes Income from Corporate Guarantee for the following Companies:-
Name of tthe
he Com p a ny
Com As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Pearl Global (HK) Limited, Hong Kong 220.12 240.98
Norp Knit Industries Limited, Bangladesh 266.89 217.87
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l 487.01 458.85
======================== ========================
d) As at March 31, 2019, the net worth of the Pearl Apparel Fashions Limited, a subsidiary Company is substantially eroded.
Management decision to cease its existing business and erosion of its net worth indicates a possible impairment in the
carrying value of investment, Accordingly, the management with the help of a valuation specialist, has carried out an
impairment assessment and estimated a provision of ` 1,617.20 lakh as a diminution in the carrying value of its investment.
The management has estimated the recoverable amount of its investment in the subsidiary by adjusted net asset method
using the pre-tax discount rate. Further, during the year ended March 31, 2020, the Management of the aforesaid subsidiary
Company, by resolution dated March 20, 2020 has decided to apply for voluntary liquidation. In effect of above resolution,
the Company further impaired its investments in such subsidiary by ` 27.24 lakh and recognised the same at its recoverable
amount. Hence the total impairment as at March 31, 2020 in the value of investment in the said subsidiary is ` 1,644.44
lakh.
Notes

NOT E 9 : IN
NOT INVV E S T M E N TS OT
OTHHER S As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
No n- C
Cuu r re n t
A . Eq
Equu it
ityy IIn
n str ume
men nt s- Q uot
uotee d
Quot
Faa ir vvaa lue tth
( At F hrou
nd los s)
loss)
PDS Multinational fashions Limited, India 50,000
(March 31, 2019: 50,000) Equity Shares of ` 10 each fully paid up 141.00 133.50
--------------------------------------------------------- ---------------------------------------------------------
141.00 133.50
--------------------------------------------------------- ---------------------------------------------------------
B. Inv es
esttme
mennts iin
nG Govov
oveernme
mennt se cu
currit
secu ies --U
ities Unq uot
uotee d
nquot
( At A
Amomo
morr tise
isedd ccos
ost)
ost)
Investments in Government securities
- Gold Sovereign Bond- 37 units of 2 gram each issued 1.63 1.63
by Reserve Bank of India
--------------------------------------------------------- ---------------------------------------------------------
1.63 1.63
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l ((A
A + B) 142.63 135.13
======================== ========================
Cu r r e n t
C. Inv es esttme
mennts iin
nm muutu a l ffu unds - (Q uotee d )
uot
(Quot
Inv esesttments ccaa rrie
men iedd aatt ffaa i r vvaa lue tth
hrou
nd los
losss
ICICI Prudential Short Term Fund DP Growth 237.83 -
536,068.057 units of Face Value of ` 10 per unit (March 31, 2019: Nil units)
L&T Banking and PSU debt fund direct plan - growth 227.10 -
1,223,214.3850 units of Face Value of ` 10 per unit (March 31, 2019: Nil units)
IDFC Banking and PSU debt fund direct plan - growth
1,267,806.9250 units of Face Value of ` 10 per unit (March 31, 2019: Nil units) 227.75
--------------------------------------------------------- ---------------------------------------------------------
692.68 -
======================== ========================
a) Aggregate book value of quoted investments 833.68 133.50
Aggregate market value of quoted investments 833.68 133.50
Aggregate value of unquoted investments 1.63 1.63
Aggregate amount of impairment in value of unquoted investments - -
Aggregate value of unquoted investments (net of impairment) 1.63 1.63
NOT E10 : LO
NOT LOAA NS No n - Curre nt
Cu Cu r r e n t
2020 2019 2020 2019
Loans to employees 7.63 18.10 25.78 49.63
Loans to related parties (Refer Note No. 47) 497.57 456.52 300.00 300.00
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
505.20 474.62 325.78 349.63
======================== ======================== ======================== ========================
a) The Company has no loans which have significant increase in credit risk and loans which are credit impaired. (Refer Note
No. 44)
Notes

NOT E 11 : OT
NOT OTHH E R FI
FINNA N C I A L A
Cu Cu r r e n t
2020 2019 2020 2019
Security deposits (Refer ‘a’ below) 750.21 744.64 50.57 55.86
Interest accrued but not due on
- Term deposits and others 0.16 - 29.89 45.66
- Loan to related parties 140.75 99.42 6.71 6.66
Deposits with original maturity of more 45.54 - - 761.26
than 12 months (Refer note 18)
Mark to market forward contracts - 462.80
Other receivable - 234.35
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
936.66 844.06 87.17 1,566.59
======================== ======================== ======================== ========================
a) Security deposits are not in the nature of loans hence classified as part of other financial assets.

NOT E 12 : IN
NOT INCC O M E TAX
TAX As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
The major components of income tax expense for the years
ended March 31, 2020 and March 31, 2019 are:
Stateme
men nt of pprrofit aand
nd los
losss :
Profit oorr los
losss se ct
sectio
ctio n
ion
Ta x Ex
Expp en se
se::
a) Current tax 421.00 825.78
b) Adjustments in respect of relating to earlier years 26.79 193.01
c) Deferred tax 141.83 16.66
--------------------------------------------------------- ---------------------------------------------------------
Inc
ncoo me ttaa x ex
expp en se rreep or te d iin
n tthe
he ssttateme
mennt of pprrofit oorr los
losss 589.62 1,035.45
======================== ========================
O C I se ct
sectio
ctio
ion n
D efe
el
elaate d tto
o it
iteems rree c o g n ise
isedd iin
nO C I ddu
OC urin g tthe
he yea
yearr :
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Net loss/(gain) on remeasurements of defined benefit plans (47.23) (70.83)
Income tax on items that will be reclassified subsequently 346.57 -
to statement of profit and loss
--------------------------------------------------------- ---------------------------------------------------------
Inc
ncoo me ttaa x ch
chaarg
rgee d tto
oO CI
OC 299.34 (70.83)
======================== ========================
Notes

O the
herr Eq
Equ u it
ityy SSee ctio
ctio n
ion
D efe
el
elaate d tto
o it
iteems rree co g n ise
isedd iin
nR et
etaa ine
Ret neddE
Eaarn in g s :
As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Implementation of Ind AS 116: Leases 102.38 -
--------------------------------------------------------- ---------------------------------------------------------
Net aamou
mount ch
moun chaa rg
rgee d tto
oOOtthe
herr Equ it
Equ ityy 102.38 -
======================== ========================
a) R e c oncil ia
iattio
ncilia ionn of ttaa x exp en se aand
exp nd tthe
he ac
accc ounti n g pprrofit m
oun ul ti p l ie
mu iedd bbyy IInd
nd ia
ia’’s do
ndia mes
mesttic ttaa x rraate fo
domes forr M
Maarch 31, 2020
and M Maarch 31, 2019.
As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Accounting profit before tax from continuing operations 1,090.51 3,185.65
--------------------------------------------------------- ---------------------------------------------------------
Ac c ountin g pprrofit bbefo
oun efo
eforre iinc
nc
ncoome ttaa x
At India’s statutory income tax rate of 34.944% (March 31, 2019: 34.944%) 381.07 1,113.19
Adjustments in respect of current income tax of previous years 26.79 193.01
Ta x effe ct of tthe
effect he aamou
mou
moun nt s w h ich aarre
wh
No n- de
dedduct ib
uctib le/(tta xab
le/(
ible/( le) fo
xable) forr ttaa x pu rp
purp oses
oses::
rposes
Expenses not deducted for tax purposes 223.61 576.44
Income exempted from income tax (137.34) (676.97)
Impact of tax at different tax rate and Others 95.50 (170.21)
--------------------------------------------------------- ---------------------------------------------------------
At the income tax rate of 34.944% (March 31, 2019: 34.944 %) 589.63 1,035.46
Income tax expense reported in the statement of profit and loss 589.62 1,035.45
--------------------------------------------------------- ---------------------------------------------------------
b) D efe
eferrre d ttaa x : (Amount in ` Lakh, unless otherwise stated)
B a l anc
ncee she et
sheet
As A Att As A
Att
Ma rch 31, 2020 March 31, 2019
D efe
setss rrel
el
elaates tto
o tthe
he fo
foll lo
loww in g :
Unaborsbed Losses 17.07 543.17
Lease Liabilities 1,065.71 -
Mark to Mark Forward Contracts - Cash Flow Hedge 346.57
Others 167.20 100.50
--------------------------------------------------------- ---------------------------------------------------------
(A) 2,236.69 1,164.69
--------------------------------------------------------- ---------------------------------------------------------
Notes
eferrre d ttaa x : (Co ntd .)

b) D efe (Amount in ` Lakh, unless otherwise stated)
B a l anc
ncee she et
sheet
As A Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
D efe
iab il
iabil it
ityy rrel
ilit el
elaates tto
o tthe
he fo
foll lo
loww in g :
Property, plant and equipment 1,434.36 1,425.22
Fair valuation of mutual fund 7.93 -
Borrowing (EIR) 8.46 9.23
Others 197.55 315.29
--------------------------------------------------------- ---------------------------------------------------------
(B) 2,561.86 1,749.74
--------------------------------------------------------- ---------------------------------------------------------
MAT Credit Entitlement (C) 76.85 244.59
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l defe
deferrre d ttaa x aassset s/(
s/(ll iab
sets/( iit
iabiit ies) (N
iities) et)
(Net) (A-B+C) (248.31) (340.46)
--------------------------------------------------------- ---------------------------------------------------------
D efe
eferrre d ttaa x ex
expp en se/inc
se/inc o me
nco me:: (Amount in ` Lakh, unless otherwise stated)
S tat ement of pprrofit aand
men nd los
losss
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
D efe setss rrel
el
elaates tto
o tthe
he fo
foll lo
loww in g :
Provision for employee benefits 55.48 (12.33)
Unaborsbed losses (526.10) (56.29)
Lease Liabilities 1,065.71 -
Mark to Mark Forward Contracts - Cash Flow Hedge 346.57 -
Others 66.70 (30.84)
--------------------------------------------------------- ---------------------------------------------------------
1,072.00 29.72
D efe
iab il
iabil it
ityy rrel
ilit el
elaates tto
o tthe foll lo
he fo loww in g :
Property, plant and equipment 9.14 52.96
Fair valuation of mutual fund 7.93 (33.84)
Borrowing (EIR) (0.77) (2.57)
MAT Credit Entitlement - (103.08)
Others (117.74) 203.75
--------------------------------------------------------- ---------------------------------------------------------
812.12 117.22
--------------------------------------------------------- ---------------------------------------------------------
Net defe
deferrre d ttaa x ch
chaa rg
rgee (259.89) 87.50
======================== ========================
The above net deferred tax change is represented by amounts:
Recognised in statement of profit and loss 141.83 16.67
Recognised in other comprehensive income (299.35) 70.83
Recongnised in Retained Earning - Implementation of Ind AS 116: Leases (102.38) -
c) The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
d) MAT paid can be carried forward for a period of 15 years and can be set off against the future tax liabilities. MAT is recognised
as a deferred tax asset only when the asset can be measured reliably and it is probable that the future economic benefit associated
with the asset will be realised.
Notes

NOT E 13 : NO
NOT NONN CU
CURRR ENT TAX A
TA ASS S ET As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Advance income tax 469.39 303.15
(Net of provision of ` 1,288.03 Lakh (March 31, 2019 : ` 1,032.42 Lakh)
--------------------------------------------------------- ---------------------------------------------------------
469.39 303.15
======================== ========================

NOT E 14 : OT
NOT OTHHER A
Cu Cu r r e n t
2020 2019 2020 2019
(Unsecured, considered good, unless otherwise stated)
Capital advances (Refer Note No. 46b) 95.46 56.66 - -
Balance with government authorities 91.80 128.86 1,736.80 1,593.71
Balance with government authorities - considered doubtful 22.74 22.74 - -
Less: Loss Allowance (22.74) (22.74) - -
Deferred Assets - Security Deposit 299.10 172.09 43.80 18.21
Prepaid expenses 13.04 28.19 338.02 140.16
Export incentive receivable - - 2,062.72 1,817.61
Advances to related parties (Refer note no. 47) - - 92.93 95.64
Advances to suppliers - - 692.35 180.52
Other receivables - - 22.49 66.93
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
499.40 385.80 4,989.11 3,912.78
======================== ======================== ======================== ========================

NOT E 15 : IN
NOT INVV E N TO R I E S As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Raw materials 6,485.70 5,831.14
Good in transit- raw material 54.45 16.81
Work in progress 7,086.13 6,234.86
Stores spares & others 60.73 36.01
--------------------------------------------------------- ---------------------------------------------------------
14,792.54 13,513.04
======================== ========================
Notes

NOT E 16 : TR
NOT TRAADE R EC
REC
ECEE I VA B L E S As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Trade receivables considered good - secured - -
Trade receivables considered good - unsecured 9,740.45 11,134.77
Trade receivables which have significant increase in credit risk - -
Trade receivables - credit impaired 377.32 374.33
Less: Allowance for Expected Credit Loss (377.32) (374.33)
--------------------------------------------------------- ---------------------------------------------------------
9,740.45 11,134.77
--------------------------------------------------------- ---------------------------------------------------------
a) The mov
moveeme men nt iin n los
losss aall lowa nc
low ncee is aass fo
foll lo ws
ws::
lows
Ba l anc
ncee aass aatt bbee g inn in g of tthehe yea
yearr 374.33 5.15
Loss allowances during the year 2.99 369.18
Trade receivables written off / written back during the year - -
--------------------------------------------------------- ---------------------------------------------------------
Ba l anc
ncee aass aatt tthe
he eend
nd of tthe
he yea
yearr 377.32 374.33
======================== ========================
b) Trade receivables are generally on terms of 45- 60 days.
c) The company’s exposure to credit and currency risk, and loss allowances related to trade receivables are disclosed in note 44.
d) Due from related parties is ` 2,125.58 lakh (March 31, 2019: ` 2,673.53 lakh) (Refer note no. 47).
e) No trade or other receivables are due from directors or other officers of the Company either severally or jointly with any
other persons.

NOT E 17 : CA
NOT CASSH A
ANND C
CAA S H EQ
EQUU I VA L E N TS As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Balances with banks:
- Current account 1,806.62 1,937.13
- Deposits with original maturity of less than 3 months 104.23 50.00
Cash on hand 13.54 7.95
Cheque/drafts on hand 135.38 239.56
--------------------------------------------------------- ---------------------------------------------------------
2,059.77 2,234.64
======================== ========================
a) For the purpose of the statement of cash flow, the cash and cash equivalent are same given above.
Notes

NOT E 18 : OT
NOT OTHHER BANK B
BA BAALANCE As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Earmarked balances with banks
Unpaid dividend account 31.85 26.83
Deposits with original maturity of more than 3 months but less than 12 months 899.76 1,427.18
Deposits with original maturity of more than 12 months 45.54 761.26
Balance with bank (Considered doubtful) 0.03 0.03
Less: Loss Allowance (0.03) (0.03)
--------------------------------------------------------- ---------------------------------------------------------
977.15 2,215.28
Less: Amount disclosed under “Other Financial Assets” (Refer Note No.11) 45.54 761.26
--------------------------------------------------------- ---------------------------------------------------------
931.61 1,454.01
======================== ========================
a) Out of the total Fixed Deposits, the deposit with carrying value of `134.03 lakh (March 31, 2019 ` 1,853.28 lakh) are
pledged as security with various banks.

NOT E 19 : SH
NOT SHAA R E CA
CAPP I TA L As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Autho
horrise
isedd
51,440,000* (March 31, 2019: 51,440,000) equity shares of ` 10 each 5,144.00 5,144.00
10,000* (March 31, 2019: 10,000) 4% Non Cumulative Redeemable 1.00 1.00
Preference Shares of ` 10 each
3,256,000* (March 31, 2019: 3,256,000) 10.5% Non Cumulative 3,256.00 3,256.00
Redeemable Preference Shares of ` 100 each
--------------------------------------------------------- ---------------------------------------------------------
8,401.00 8,401.00
--------------------------------------------------------- ---------------------------------------------------------
Issue
uedd , ssubsc
ubsc
ubscrrib
ibee d aand
nd ppaa id uup
p
21,663,937* (March 31, 2019: 21,663,937) Equity Shares 2,166.39 2,166.39
--------------------------------------------------------- ---------------------------------------------------------
2,166.39 2,166.39
======================== ========================
* Number of Shares are given in absolute numbers.
a) R e c oncil ia
iattio
ncilia ionn of is
isssue
uedd aand
nd ssubsc
ubsc
ubscrrib
ibee d sh itaa l :
shaa re ccaap it
Eq
Equ u it Shaare of ` 10 each
ityy Sh No . of sh
shaa res Amount
moun
( in ‘La
‘Lakkh’)
--------------------------------------------------------- ---------------------------------------------------------
Ba la nc
ncee aass aatt Ap ril 1, 2018
Ap 216.639 2,166.39
--------------------------------------------------------- ---------------------------------------------------------
Ba la nc
ncee aass aatt M
Maarch 31, 2019 216.639 2,166.39
--------------------------------------------------------- ---------------------------------------------------------
--------------------------------------------------------- ---------------------------------------------------------
Ba la nc
ncee aass aatt M
Maarch 31, 2020 216.639 2,166.39
--------------------------------------------------------- ---------------------------------------------------------
Notes
b) Term s/ rrig
ig
ighhts aatttache
achedd tto
o eeq
qu it
ityy sh
shaares
es::
The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares is entitled
to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution
of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
For the year ended March 31, 2020, the Board of Directors has not proposed any dividend for distribution to shareholders.
For the year ended March 31, 2019, the amount of per share dividend proposed as distribution to equity shareholders was ‘
3.00 per share.
c) D et
etaa ils of sh
shaareho lde
eholde rs ho
lders ld
ldiin g mo
hold morre tth
ha n 5% sh
shaares iin
n tthe
he Com p a ny
Com
Name of Sh
Shaareho lde
lderr
eholde As aatt M
Maarch 31, 2019
No. of sh
shaares Ho ld
ldiin g % No. of shshaares Ho ld
ldii n g %
Mrs. Payel Seth 4,413,635 20.37 4,413,635 20.37
Mr. Deepak Seth 2,862,145 13.21 2,862,145 13.21
Mr. Pulkit Seth 6,947,621 32.07 6,947,621 32.07
Mr. Sanjiv Dhireshbhai Shah 1,553,274 7.17 - -
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
Tot
otaa l 15,776,675 72.82 14,223,401 65.65
======================== ======================== ======================== ========================

NOT E 20 : OT
NOT OTHH E R EQ
EQUUIT Y As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
General reserve 4,204.36 4,204.36
Securities premium 17,103.90 17,103.90
Capital redemption reserve 95.00 95.00
Amalgamation reserve 625.95 625.95
Retained earnings 7,037.53 7,422.88
Other Comprehensive Income - Cash Flow Hedge Reserve (net of tax) (645.22) -
--------------------------------------------------------- ---------------------------------------------------------
28,421.53 29,452.08
======================== ========================
I. For Movement during the period in Other Equity, refer “Statement of Changes in Equity”.
I I. Nature aand
nd pu purprp ose of rrese
rpose ese
eserr v es
a) G enenerr a l rrese
ese
eserr ve
The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve
pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under
the Companies Act, 2013.
b) S e cu
currit ies P
ities Prrem iu m
ium
The amount received in excess of face value of the equity shares is recognised in securities premium. The reserve will be
utilised in accordance with the provisions of the Companies Act, 2013.
c) Cap ititaa l R
Ree de
demmpt io
ptio
ionnR ese
eserr ve
Rese
Notes
d ) Ama l g am ationR
ion ese
eserr ve
Rese
This Reserve has been created at the time of amalgamation of other companies in earlier years in accordance with the
provisions of the Companies Act, 2013.
e) R et
etaa ine
neddE
Eaa rn in g s
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends
or other distributions paid to shareholders. Out of the above, reserve on account of revaluation of assets of ` 398.64
lakh (March 31, 2019 396.76 lakh) is not avaliable for distribution.
f ) Ca sh Flo
Flo wH
low Hee d g e R ese
eserr ve
Rese
This reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of designated
portion of hedging instruments entered into for cash flow hedges. This reserve will be reclassified to statement of profit
and loss only when the hedged transaction affects the profit or loss.

NOT E 21 : LO
NOT LONN G TE
TERR M BO
BORR R OW I N G S No n - Curre nt
Cu Cu r r e n t
2020 2019 2020 2019
From banks (secured)
- Corporate loan [refer note a(i), a(ii) & a(iii) below] 5,178.62 3,029.72 1,451.25 766.84
- Vehicle loans [refer note a(iv) below] 93.22 48.93 91.00 81.29
From financials institutional (secured)
- Vehicle loans [refer note a(iv) below] 112.39 106.50 38.85 38.91
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
5,384.23 3,185.15 1,581.10 887.04
Less: Amount disclosed under other financial liabilities as - - 1,581.10 887.04
‘Current maturities of long-term borrowings’ (refer note 22)
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
5,384.23 3,185.15 - -
======================== ======================== ======================== ========================
a) The n
naature of se cu
currit
secu ityy fo
forr se cu
curre d lo
secu loaan s aarre :
(i) Corporate Term Loan (Kotak Bank) is secured by charge first and exclusive charge over fixed assets and plant and
machinery.
(ii) Corporate Term Loan (Andhra Bank) is secured by first and exclusive charge on the entire fixed assets including
machineries, land and building at Chennai and Bangalore Plant of the Company. In addition, Equitable Mortgage of
Land & Building located at Survey No- 262A in Aryapakkam Village at Kancheepuram measuring 4.8053 acre in
Company’s name.
(iii) Corporate Term Loan (HDFC Bank) is secured by exclusive charge over movable fixed aseets of the Company, both
present and future. The loan is also secured by personal guarantee of one of the Promoter Director of the Company and
exclusive charge by way of equitable mortagage on Industrial Plot no.446, Udyog Vihar, Phase- V, Gurugram, Haryana.
(iv) Corporate Term Loan (IndusInd Bank) is secured by exclusive charge over movable fixed aseets of the Company, both
Sector-32, Gurugram, Haryana.
(v) Corporate Term Loan (RBL Bank) is secured by exclusive charge over movable fixed aseets of the Company, both
Pace City, Sector-37, Gurugram, Haryana.
(vi) Vehicle loans are secured against hypothecation of respective vehicles.
Notes
b) Maturit
ityy pprrofile
ofile-- se cu
curre d lo
secu loaa ns
Maturit ityy pprrofile of se cu
curre d tteerm lo
secu loaa ns 2020-21 2021-22 2022-23 B e yo nd
yond
is aass set ou
outt bbelo
elo
eloww: 2023-24
Term loan from banks are repayable in 1,451.25 1,424.16 1,577.20 2,177.25
monthly/quarterly/yearly installments
Vehicle loans from banks and financial 129.85 64.75 77.35 63.51
institutions are repayable in monthly installments
c) The term loan(s) carries rate of interest ranging between 9.75% to 12.00% per annum.

NOT E 21A : SH
NOT SHOO RT TE
TERR M BO
BORR R OW I N G S As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Working capital loan from banks(secured)
- Rupee loan [refer note (a) below] 15,251.01 16,182.41
--------------------------------------------------------- ---------------------------------------------------------
15,251.01 16,182.41
======================== ========================
a) The nature of Security for short term borrowings are as under:
- First pari-passu charge on movable fixed assets and whole of current assets including stocks of raw material, semi finished
goods, finished goods, book debts, consumable stores and spares.
- Mortgage of the properties situated at Plot No. H -597-603, RICCO Industrial Area, Bhiwadi, Distt. Alwar, Rajasthan
and Plot No 16-17, Phase VI, Udyog Vihar,Gurgoan (Haryana).
- Fixed Deposit of ` 58 lakhs (March 31, 2019: ` 58 lakhs)
- Personal Guarantee by the promoter director of the Company
NOT E 22 : OT
NOT OTHH E R FI
FINNA N C I A L L
Cu Cu r r e n t
2020 2019 2020 2019
Security deposit 246.97 222.00 - -
Book overdraft - - 26.87 150.48
Current maturities of long-term borrowings (refer no. 21) - - 1,581.10 887.04
Interest accrued but not due on borrowings - - 37.48 24.67
Unpaid dividends - - 31.85 26.83
Financial Liabilites at Fair Value through OCI-Cash Flow Hedge - - 991.80 -
Creditors for capital goods - - 30.21 849.25
Others - - 48.19 -
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
246.97 222.00 2,747.50 1,938.27
======================== ======================== ======================== ========================
Not es
es::
otes
a) The company’s exposure to currency and liquidity risk related to trade payables is disclosed in note 44.
b) There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies
Act, 2013 as at the year end.
c) Refer Note No. 21 for the terms and conditions, nature of security and maturity profile of the current maturities of long-
term borrowings (forming part of long term borrowings of the Company).
Notes

NOT E 23 : PR
NOT OV
OVII S I O NS
PROV No n - Curre nt
Cu Cu r r e n t
2020 2019 2020 2019
Provisio
ovisio n fo
ision forr eem
mp lo ye
yeee bbeenefit
loye nefitss
Provision for compensated absenses (Refer note 39) 324.96 292.34 23.96 17.59
Provision for gratuity (Refer note 39) 556.18 417.74 33.39 52.45
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
881.14 710.08 57.35 70.04
======================== ======================== ======================== ========================

NOT E 24 : OT
NOT OTHHER L
Cu Cu r r e n t
2020 2019 2020 2019
Advance received against sale of land 2,963.62 3,010.49 - -
Deferred government grant 8.58 9.58 145.61 145.61
Deferred rental income 25.71 56.89 31.91 32.56
Statutory dues - - 590.78 659.72
Others - - 46.88 -
---------------------------------------------------------- ---------------------------------------------------------- --------------------------------------------------------- ----------------------------------------------------------
2,997.91 3,076.96 815.18 837.89
======================== ======================== ======================== ========================

NOT E 25 : TR
NOT TRAADE PAYA B L E
PA As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Total Outstanding dues of Micro and Small enterprises 331.05 63.70
Total Outstanding dues of Creditors other than Micro and Small enterprises 8,800.36 10,450.22
--------------------------------------------------------- ---------------------------------------------------------
9,131.41 10,513.92
======================== ========================
a) Trade payable are generally on a credit period of not more than 90 days except in case of Micro & Small Enterprises which
are setlled within 45 days.
b) This amount includes amount due to related parties amounting to ` 1,038.81 lakh (March 31, 2019: ` 2,736.01 lakh) (Refer
Note No. 47)
c) As per Schedule III of the Companies Act, 2013 and notification number GSR 719 (E) dated November 16, 2007 & as
certified by the Management, the amount due to Micro & Small Enterprises as defined in Micro, Small and Medium
Enterprises Development Act, 2006 is as under :
D et
etaa ils of ddues
ues ttooMMicic
icrro aand
nd SSm
mal l E
En rprrises aass defi
nt erp ne
define
nedd uunde
nde
nderr M
MSSMED A ct, 2006
Act,
(i) The amount due thereon remaining unpaid to any supplier at the end of each accounting year
- Principal 331.05 63.70
- Interest - -
(ii) The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and - -
Medium Enterprises Development Act, 2006 (27 of 2006), along with the amount of the
payment made to the supplier beyond the appointed day during each accounting year.
(iii) The amount of interest due and payable for the period of delay in making payment (which - -
has been paid but beyond the appointed day during the year) but without adding the
interest specified under the Micro, Small and Medium Enterprises Development Act, 2006.
Notes

As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
(iv) The amount of interest accrued and remaining unpaid at the end of each accounting year - -
(v) The amount of further interest remaining due and payable even in the succeeding year,until - -
such date when the interest dues as above are actually paid to the small enterprise for the
purpose of disallowance as a deductible expenditure under section 23 of the MSMED Act 2006
d) ‘Disclosure of payable to vendors as defined under the “Micro, Small and Medium Enterprise Development Act, 2006” is
based on the information available with the Company regarding the status of registration of such vendors under the said Act
and as per the intimation received from them on requests made by the Company. There are no overdue principal amounts /
interest payable amounts for delayed payments to such vendors at the Balance Sheet date except disclosed above.
e) The Company’s exposure to market and liquidity risk related to trade payables are disclosed in Note no. 44.

NOT E 26 : CU
NOT CURR RENT TAX LI
TA LIAA B I L I T I E S (N
(NEET ) As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Provision for income tax(Net of advance tax Nil (March 31, 2019 ` 649.73 Lakh) - 190.16
--------------------------------------------------------- ---------------------------------------------------------
- 190.16
======================== ========================

NOT E 27 : RE
NOT V E N U E FR
REV OM O
FRO OPP E R AT I O NS For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Sale of product 76,327.18 79,045.96
Job receipts 129.54 66.57
Other operating revenues 6,076.61 4,913.19
--------------------------------------------------------- ---------------------------------------------------------
R e venue from oop
fro p er atio
ionns 82,533.33 84,025.72
======================== ========================
a) Perfo
rforrma nc
ncee oob
b l ig
igaatio
ionn
Revenue is recognised upon transfer of control of products.
During the year, the Company has not entered into long term contracts with Customers and accordingly disclsoure of
unsatisfied or remaining performance obligation (which is affected by several factors like changes in scope of Contracts,
periodic revalidations, adjustment for revenue that has not been materialized, tax laws etc.) is not applicable to the Company.
Disagg g re g atio
b) Disa n of rree venue
ion ue:: The table below presents disaggregated revenues from contracts with customers on the basis of
geographical spread of the operations of the Company. The Company believes that this disaggregation best depicts how the
nature, amount of revenues and cash flows are affected by market and other economic factors:

R e venue bbaa se
sedd oon
nGGee o g r ap hy For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
India 8,403.09 6,019.12
Outside India 74,130.24 78,006.61
--------------------------------------------------------- ---------------------------------------------------------
R e venue from oop
fro p er atio
ionns 82,533.33 84,025.73
======================== ========================
Notes
c) R e c oncil ia
iattio
ncilia ionn of rree venue from oop
fro p erations w
ion it
wit h cco
ith o ntract
actee d pprric
icee (Amount in ` Lakh, unless otherwise stated)
For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Contracted Price 82,578.22 84,035.49
Less:
Sales Returns 44.89 9.67
Rebate and Discounts - 0.10
--------------------------------------------------------- ---------------------------------------------------------
82,533.33 84,025.72
======================== ========================

NOT E 28 : OT
NOT OTHH E R IIN
NCO ME For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Interest Income
- On fixed deposits 169.53 149.14
- On loans and advances 80.09 62.79
- On amortisation of investment in preference shares - 12.98
Other non-operating income:
IT/ SAP income 98.11 92.02
Rental income 980.53 814.53
Foreign exchange fluctuation 1,847.44 989.52
Profit on sale of current investment - mutual fund 73.79 218.20
Fair value gain on investments measured at 29.42 -
fair value through profit and loss (net)
Miscellaneous income 59.86 291.44
--------------------------------------------------------- ---------------------------------------------------------
3,338.77 2,630.62
======================== ========================

NOT E 29 : CO
NOT COSST O
OFFR
RAAW M
MAAT E R I A L C
COO NS
NSUUMED For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
R aw M
Maateria
iall
Balance at the beginning of the Year 5,831.14 5,193.32
Add:- Purchases during the year 29,197.60 26,707.81
--------------------------------------------------------- ---------------------------------------------------------
35,028.74 31,901.13
Less:- Balance at the end of the Year 6,485.70 5,831.15
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l rraaw m
maat eria
iall cco
o n sumpt io
ptio
ionn 28,543.04 26,069.98
======================== ========================

NOT E 30 : PU
NOT PURRC HA S E O
OFF SST
TO C K IIN
NT R ADE
TR For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Purchases during the year 11,981.44 16,506.39
--------------------------------------------------------- ---------------------------------------------------------
11,981.44 16,506.39
======================== ========================
Notes

NOT E 31 ::CH
NOT CH
CHAA N G E S IIN
N IIN
N V E N TO R I E S O
OFF FI
FINNI S H ED G
GOOODS, For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
W
WOO R K IIN
NPPR RO G R E S S A
ANN D SSTTO C K IIN
NT R ADE
TR Ma rch 31, 2020 Ma rch 31, 2019
Invento ries aatt tthe
he bbeeg inn in g of tthe
he yea
yearr
--------------------------------------------------------- ---------------------------------------------------------
( A) 7,629.08 6,761.68
--------------------------------------------------------- ---------------------------------------------------------
Invento ries aatt tthe
he eend
nd of tthe
he yea
yearr
--------------------------------------------------------- ---------------------------------------------------------
(B) 8,191.67 7,629.08
--------------------------------------------------------- ---------------------------------------------------------
(Inc
ncrrea
(Inc se) / de
ease) deccrea se iin
ease n iin
nventor y ((A-
A-B)
A-B) (562.59) (867.40)
======================== ========================

NOT E 32 : EM
NOT EMPP L OY E E B
BEE N E FI TS E
FITS EXX P E NS
NSEE For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Salaries, wages & bonus 13,312.81 11,605.86
Contribution to provident and other fund 904.96 789.32
Gratuity expense (refer note 39) 286.05 307.19
Compensated absences (refer note 39) 221.61 279.91
Staff training & welfare expenses 291.87 208.36
--------------------------------------------------------- ---------------------------------------------------------
15,017.30 13,190.64
======================== ========================

NOT E 33 : FI
NOT FINNA N C E C
COOST For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Interest expense
- on term loans,cash credit & working capital facilities 1,859.50 1,762.85
- delayed payment of taxes 1.74 14.48
- lease liabilities 300.01 -
Other borrowing cost 256.88 350.72
--------------------------------------------------------- ---------------------------------------------------------
2,448.45 2,154.44
======================== ========================
Notes

NOT E 34 : DE
NOT DEPP R EC
ECII AT I O N A
ANND A MO
AMO
MORRT I S AT I O N E
EXX P E NS
NSEE For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Depreciation of property, plant and equipment (refer note no. 4) 1,277.51 1,155.77
Depreciation & amortisation of Investment Properties (refer note no. 6) 85.75 85.76
Amortisation of intangible assets (refer note no. 7) 47.70 47.54
Amortisation of Right-of-use assets (refer note no. 50) 350.70 -
--------------------------------------------------------- ---------------------------------------------------------
1,761.66 1,289.07
======================== ========================

NOT E 35 : OT
NOT OTHHER E
EXX P E NS
NSEES For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Manufacturing expense 15,421.92 14,673.60
Consumption of stores & spare parts 363.05 305.36
Power & fuel 1,237.27 1,272.60
Rent 526.23 922.24
Rates & taxes 110.11 189.92
Travelling & conveyance 1,284.84 1,270.82
Freight & clearing charges 2,059.74 2,244.25
Claim to buyers 1,356.27 1,428.01
Repair & maintenance
Plant & machinery 76.87 100.14
Buildings 9.07 14.77
Others 337.00 298.94
Commission 59.54 28.56
Legal & professional expenses 666.77 458.88
Security charges 304.43 283.72
Bank charges 354.08 416.68
Insurance Expenses 89.70 85.18
Payment to the auditors (refer note ‘a’ below) 28.53 21.05
Bad debts and doubtful advances written off - 1.41
Loss Allowance for doubtful debts and advances 47.92 391.92
Corporate social responsibility (refer note ‘b’ below) 22.15 22.76
Loss on mark to market forward contracts 462.80 -
Fair value loss on financial assets measured at fair value through profit and loss - 133.64
Miscellaneous expenses 890.06 844.03
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l 25,708.34 25,408.48
======================== ========================
Notes
a) D et
etaa ils of ppaa yment m
men ade tto
made o aaud
ud it
udit
itoors is aass fo
foll lows
ws::
lows (Amount in ` Lakh, unless otherwise stated)
For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
i) Payment tto
men oA ud
Aud it
udit
itoor
- Statutory audit fee 15.50 12.40
- Other Services 10.00 6.00
- Reimbursement of Expenses 3.03 2.65
--------------------------------------------------------- ---------------------------------------------------------
28.53 21.05
======================== ========================
b) D et
etaa ils of Corp
Corp o rate SSo
rpo o cia
ciall R es
Res
espp on sib il
sibil it
ityy (C
ilit (CSS R) exp end
exp it
ndit
ituure is aass fo
foll lows
ws::
lows
For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
i) Gross amount required to be spent by the Company during 22.14 16.39
the year(i.e. 2% of Average Net profits of last three years)
ii) Amount spent during the year
- Construction/acquisitions of any asset - -
- For purpose other than above 22.15 22.76
c) Miscellaneous expenses includes expense towards purchase of Electoral Bonds amounting to ` 160.00 Lakh (March 31,
2019: Nil) from State bank of India under the Scheme - ‘The Electoral Bond Scheme, 2018’ notified by the Central
Government vide Gazette Notification No. 20 dated January 2, 2018.

NOT E 36 : EX
NOT C E P T I O NA L IT
EXC ITEEMS For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
(Profit)/loss on sale of fixed assets (Refer Note ‘a’ below) (143.29) (1,719.28)
Impairment of investment in subsidiaries (Refer Note ‘b’ below) 27.24 1,438.36
--------------------------------------------------------- ---------------------------------------------------------
(116.05) (280.92)
======================== ========================
a) For March 31, 2020, (Profit)/loss on sale of fixed assets includes loss on sale of tangile assets of ` 41.19 lakh (March 31,
2019: ` 36.97 lakh) and profit on account of complusory acquisition of land by the Central Government under National
Highway Act, 1956 of ` 184.47 lakh (March 31, 2019: ` 1756.25 lakh).
b) On March 31,2019, the management of a domestic subsidary company Pearl Apparel Fashion Limited has decided to cease
its existing business operations.Thus the Company has impaired its investments in such subsidary and recognised the same
at its recoverable amount as at March 31,2019 resulting in a net loss of ` 1,438.36 lakh. (Diminution in value of equity
shares: ` 1,617.20 lakh and esclation in value of investment in preference shares: ` 178.84 lakh). Further, during the year
ended March 31, 2020, the management of the aforesaid subsidiary Company, by resolution dated March 20, 2020 has
decided to apply for voluntary liquidation & in effect of above resolution, the Company further impaired its investments by
` 27.24 lakh in such subsidiary and recognised the same at its recoverable amount as at March 31, 2020.
Notes

NOT E 37 : CO
NOT COM M P O N E N TS OOFFO OTTHER For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
C O M P RE H E NS
NSII V E IIN
NCOME Ma rch 31, 2020 March 31, 2019
A ( i ) Items tthha t w il
illl not bbee rree cl
wil claa ssifie
sifiedd tto
o pprrofit aand
nd los
losss
Re-measurement gains/ (losses) on defined benefit plans 135.15 202.70
Income tax expense (47.23) (70.83)
B ( i ) Item s tth
ha t w il
illl bbee rree cl
wil claa ssifie
sifiedd tto
o pprrofit aand
nd los
losss
Cash Flow Hedging reserve on forward contract (991.80) -
Income tax expense 346.57 -
--------------------------------------------------------- ---------------------------------------------------------
(557.31) 131.87
======================== ========================

NOT E 38 : EA
NOT EARRNINGS P
PEE R SSH
H A R E (E
(EPP S) For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Profit attributable to the equity shareholders ((A
A) 500.89 2,150.19
Number/Weighted average number of equity shares 21,663,937 21,663,937
outstanding at the end of the year (B)
Nominal value of Equity shares ` 10 ` 10
Basic/Diluted Earning per share (A/B) ((iin `) 2.31 9.93
--------------------------------------------------------- ---------------------------------------------------------
2.31 9.93
--------------------------------------------------------- ---------------------------------------------------------
NOT E 39 : GR
NOT GRAAT U I T Y A
ANND OT HER P
OT POO S T-E M P L OY M E N T B
BEE N E FI
FITTP
PLL A NS
a) D efi ne
efine
ned ontribu
d cco ibuttion pplla ns
ion
The Company makes contribution towards Employees Provident Fund, Employee’s State Insurance scheme and other welfare
schemes. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs.
The company during the year recognised the following amount in the Statement of profit and loss under company’s
contribution to defined contribution plan.
For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Employer’s Contribution to Provident Fund/ Pension Fund 634.78 492.36
Employer’s Contribution to Employee State Insurance 241.31 268.79
Employer’s Contribution to Welfare Fund 28.88 28.17
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l 904.97 789.32
======================== ========================
The contribution payable to these schemes by the Company are at the rates specified in the rules of the schemes.
b) D efi ne
efine
nedd bbeenefit ppll an s
In accordance with Ind AS 19 “Employee benefits”, an actuarial valuation on the basis of “Projected Unit Credit Method”
was carried out, through which the Company is able to determine the present value of obligations. “Projected Unit Credit
Method” recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures
each unit separately to built up the final obligation.
i ) GrGraatu it
ityy sche me
scheme
The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five
Notes
years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service
and salary at retirement age.
a) Gratuity in case of Gurgaon Division (Funded & maintained by Life Insurance Corporation of India)
b) Gratuity in case of Chennai & Banglore Division (Unfunded)
ii
ii)) O the
lon mp lo ye
yeee bbeenefit
loye nefitss
As per the Company’s policy, eligible leaves can be accumulated by the employees and carried forward to future periods
to either be utilised during the service, or encashed. Encashment can be made during the service, on early retirement, on
withdrawal of scheme, at resignation by employee and upon death of employee. The scale of benefits is determined
based on the seniority and the respective employee’s salary. The Company records an obligation for such compensated
absences in the period in which the employee renders the services that increase this entitlement. The obligation is
measured on the basis of independent actuarial valuation using the projected unit credit method.
Re-measurements, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and
the return on plan assets (excluding interest and if applicable), is reflected immediately in Other Comprehensive Income
in the statement of profit and loss in case of Gratuity. All other expenses related to defined benefit plans are recognised
in statement of profit and loss as employee benefit expenses. Re-measurements recognised in Other Comprehensive
Income will not be reclassified to statement of profit and loss hence it is treated as part of retained earnings in the
statement of changes in equity. Gains or losses on the curtailment or settlement of any defined benefit plan are recognised
when the curtailment or settlement occurs. Curtailment gains and losses are accounted for as past service costs.
c) The following tables summarize the components of net benefit expense recognised in the Statement of profit and loss and
the funded status and amounts recognised in the balance sheet for the defined benefit plan and other long term benefits.
These have been provided on accrual basis, based on year end actuarial valuation.
Cha n g e iin
n bbeenefit oob
b l ig
igaatio
ionn As aatt M
Maarch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a r ne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
Op
Opeen i ng defi ne
define
nedd bbeenefit oobb l ig
igaatio
ionn 617.55 241.04 309.93 672.77 165.96 180.48
Interest cost 48.11 18.78 24.11 51.87 12.80 13.92
Service cost 111.96 133.46 143.13 125.98 124.65 72.86
Past Service cost - - - - - -
Benefits paid (47.38) (24.66) (182.62) (90.48) (15.86) (150.46)
Actuarial (gain) / loss on obligations (75.64) (70.45) 54.37 (142.59) (46.51) 193.13
Prese
esen nt vvaa lue of oob
bl ig
igaatio
ionn 654.60 298.17 348.92 617.55 241.04 309.93
a s aatt tthe
he eend
nd of tthe
he yea
yearr
d ) The following tables summarise the components of net benefit expense recognised in the Statement of profit or loss and the
funded status and amounts recognised in the balance sheet for the respective plans:
As aatt M
Maarch 31, 2019
Cos
Costt fo
forr tthe
he yea
yearr iincl
ncl ude
nclude
udedd Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a r ne
nedd lea
leavv e
unde
nderr eem
mp lo ye
yeee bbeenefit
loye (F
(Fuu nde
(Fuu nde
Current service cost 111.96 133.46 143.13 125.98 124.65 72.86
Past service cost - - - - - -
Interest cost 48.11 18.78 24.11 51.87 12.80 13.92
Expected return on plan assets (26.26) - - (8.11) - -
Actuarial (gain) / loss - - 54.37 - - 193.13
Net ccos
os
ostt 133.81 152.24 221.61 169.74 137.45 279.91
Notes
e) Cha ng es iin
n tthe
he ffaa ir vvaa lue of tthe
he ppll an aassset
setss aarre aass fo
foll lows
ws::
lows
As aatt M
Maa rch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
Fair value of plan assets 388.39 - - 105.16 - -
at the beginning
Expected return on plan assets 26.26 - - 8.11 - -
Contributions 6.88 - - 352.00 - -
Benefits paid (47.38) - - (90.48) - -
Actuarial gains / (losses) (10.93) - - 13.60 - -
on the plan assets
Fa i r vvaal ue of pplla n aassset he eenn d
setss aatt tthe 363.22 - - 388.39 - -
f ) D et
etaa il of actua ria
actu iall ggaa in/los
n/losss rree co g n ise
isedd iin
nO C I is aass fo
OC foll lows
ws::
lows
As aatt M
Maarch 31, 2019
Graatuit
Gr ityy Gr
Graatuit
ityy Gr
Graat uitityy Gr
Graatuit
ityy
(Funde
nded d) (F
(Fu unde
ndedd ) ( Unf unde
nded d)
Actuarial gain / (loss) for the year – obligation 75.64 70.45 142.59 46.51
Actuarial gain / (loss) for the year - plan assets (10.93) - 13.60 -
Unrecognised actuarial gains/(losses) at the end of year 64.71 70.45 156.19 46.51
g ) Princip a l act
ncip actuu aria
iall aasssumpt io
ptio
ionn s aatt tthe
he bbaa la nc
ncee she et ddaate aarre aass fo
sheet foll lows
ws::
lows
As aatt M
Maa rch 31, 2019
Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
Ec
Ecoonom ic aasssumpt
nom io
ptio ns
ion
1. Discount rate 0.07 0.07 0.07 0.08 0.08 0.08
2. Rate of increase in 0.05 0.05 0.05 0.06 0.06 0.06
compensation levels
mogg rap h ic aasssumpt
D emo io
ptio
ionns
1. Expected average remaining 20.41 26.28 24.32 20.19 26.02 24.29
working lives of employees(years)
2. Retirement Age (years) 58 58 58 58 58 58
3. Mortality Rate Indian Assured Lives Mortality Indian Assured Lives Mortality
(2012-14) (modified) ultimate (2006-08) (modified) ultimate
Wit hdr
hdraawa l R
Withdr Raate ((A
Avera g e iin
n
ca se of uun
n f unde
ndedd aamou
mou
mounnt s)
1. Ages from 18 to 30 Years 0.03 0.06 0.05 0.03 0.04 0.04
2. Ages from 30 to 45 Years 0.02 0.06 0.04 0.02 0.04 0.03
3. Ages Above 45 years 0.01 0.06 0.04 0.01 0.03 0.03
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
Notes
h) Net (a
(assset s) / lliab
sets) iab il
iabil it
ilit ies rree c o g n ize
ities ized d iin
n tthe
he B
Baa la nc
ncee She et aand
Sheet nd ex
expp erienc
ncee adj
ienc ustme
adju nts oon
men n actua ria
actu iall ggaa i n / ((los
los s) fo
loss) forr
b l ig
b enefit oob igaation aand
ion nd ppll an aassset
setss .
As aatt M
Maarch 31, 2019
Par ticu
icullars Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a r ne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
Present value of obligation 654.60 298.17 348.92 617.55 241.04 309.93
Less: Fair value of plan assets 363.22 - - 388.39 - -
Net aassset
setss /( lliab
iab il
iabil it
ilit y)
ity) (291.38) (298.17) (348.92) (229.16) (241.04) (309.93)
i) Expected contribution for the next year is ` 417.54 Lakh (March 31, 2019: ` 352.13 Lakh) in respect of Gratuity.
j) ua ntit
A qqu itaativ
ivee se
senn sitiv
sitiv it
ityy aan
ivit n a lysis fo
forr sig
signn ific
ificaa nt aasssumptio
ptio ns is aass sho
ion showwn bbelo
elo
eloww:
As aatt M
Maarch 31, 2019
Pa r t icu
icull a rs Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a rne
nedd lea
leavv e Gr
Graa t u it
ityy Gr
Graa t u it
ityy E a r ne
nedd lea
leavv e
(F
(Fuu nde
(Fuu nde
A . Disc ou
Discou
ounnt rraate
Effect on DBO due to 1%/0.5% (61.88) (33.60) (37.00) (59.83) (31.94) (35.10)
increase in Discount Rate
Effect on DBO due to 1%/0.5% 72.58 40.04 43.98 70.24 38.86 42.08
decrease in Discount Rate
escaa latio
B. S a l ar y esc n rraate
ion
Effect on DBO due to 1%/0.5% 73.15 40.33 44.31 70.80 39.38 42.50
increase in Salary Escalation Rate
Effect on DBO due to 1%/0.5% (63.40) (34.40) (37.90) (61.30) (32.80) 36.00
decrease in Salary Escalation Rate
C. S ensitiv
sitiv it
ivities ddue
ities ue tto
o mo ityy & w
morr ta lit it
wit
ithdr maateria
hdraawals aarre not m
hdr iall & henc
ncee iim
henc chaang e ddue
mpact of ch o tthese
ue tto lcullate d.
hese not ccaa lcu
k) Risk
Discount Rate Reduction in discount rate in subsequent valuations can increase the liability.
Salary Increases Actual salary increases will increase the defined benefit liability. Increase in salary increase rate
assumption in future valuations which inturn also increase the liability.
Withdrawals Actual withdrawals proving higher or lower than assumed withdrawals and change of
withdrawals rates at subsequent valuations can impact defined benefit liability.
Morality and disability Actual details and disability cases proving lower or higher than assumed in the valuation can
impact the liabilities.
l) Maturit
ityy pprrofile of define
define d bbeenefit oob
ned b l ig
igaatio
ionn is aass fo
foll lows
ws::
lows
As aatt M
Maarch 31, 2019
Graatuit
Gr ityy Gr
Graatuit
ityy Gr
Graatuit ityy Gr
Graatu it
ityy
(Funde
nded d) (F
(Fu unde
ndedd ) ( Un f unde
nded d)
0 to 1 years 55.88 9.02 50.15 3.06
1 to 2 years 45.58 10.49 29.75 5.18
2 to 3 years 50.45 20.93 52.65 11.52
3 to 4 years 36.42 38.66 58.90 22.56
4 to 5 years 59.87 69.66 52.38 43.20
from 5 years onwards 771.60 599.68 822.27 518.11
Notes
NOT E 40 : CA
NOT CAPP I TA L M
MAA NA G E M E N T
For the purpose of Company’s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders. The primary objective of the Company’s capital management is to maximise the
shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Company may return capital to shareholders or issue
new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The
Company includes within net debt, interest bearing borrowings, trade and other payables, less cash and cash equivalents.

As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
Borrowings (Refer to note 21 and 21A) 20,635.24 19,367.56
Current maturity of long term loans (Refer to note 22) 1,581.10 887.04
Trade payables (Refer to note 25) 9,131.41 10,513.92
Other payables (Refer to note 22 and 24) 5,226.45 5,188.08
Less: cash and cash equivalents (Refer to note 17) (2,059.77) (2,234.64)
--------------------------------------------------------- ---------------------------------------------------------
Net debt ((A
A) 34,514.43 33,721.96
--------------------------------------------------------- ---------------------------------------------------------
Equity share capital (Refer to note 19) 2,166.39 2,166.39
Other equity (Refer to note 20) 28,421.53 29,452.08
--------------------------------------------------------- ---------------------------------------------------------
Tot
otaa l C
Caap it
itaa l (B) 30,587.92 31,618.48
--------------------------------------------------------- ---------------------------------------------------------
Cap it
itaa l aand
nd net debt ((A+B=C)
A+B=C) 65,102.35 65,340.44
--------------------------------------------------------- ---------------------------------------------------------
G ea
earrin g rraatio ((A/C)
A/C) 53.02% 51.61%
--------------------------------------------------------- ---------------------------------------------------------
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2020 and
March 31, 2019.
In order to achieve overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
NOT E 41 : DE
NOT DERR I VAT I V E IINS
NS
NSTT RU M E N TS A
ANND U
UNNHED GED F
FOO R E I G N CU
CURR R E N CY E
EXXP OSURE
I) Acc c ou
He d g e A nt in g
oun
D eriv
ivaativ es not desig
ives designnate d aass he
hedd g in g iin
n str ume
mennt s
The Company uses forward currency contracts to hedge its foreign currency risks. Derivative contracts not designated by
management as hedging instruments are initially recognized at fair value on the date on which a derivative contract is
entered into and are subsequently re-measured at fair value on each reporting date. Such contracts are entered into for
periods consistent with exposure of the underlying transactions.
D eriv
ivaatives desig
ives designn ate d aass he
hedd g i ng iin
n str ument s
men
The Company enters into hedging instruments in accordance with policies as approved by the Board of Directors with
written principles which is consistent with the risk management strategy of the Company. The Company has decided to
apply hedge accounting for certain derivative contracts that meets the qualifying criteria of hedging relationship entered
post April 01, 2019. Hedging strategies are decided and monitored periodically by the Risk Management Committee of the
Board.
Notes
Ca sh Flo
Flo wH
low Hee d g es
Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of forecasted hedged items
in US dollar. These forecast transactions are highly probable. The foreign exchange forward contract balances vary with the
level of expected foreign currency sales and changes in foreign exchange forward rates.
The ffaa ir vvaa lue of de
derriv
ivaativ
ivee fi
finna ncia n str ume
nciall iin mennts is aass fo
foll lows
ws::
lows
Par ticu
icull ars L iabil
iabil it
ilit ies
ities As set
setss
Asset
Ma rch 31, 2020 Ma rch 31, 2020
Fair value of foreign currency forward exchange 991.80 -
contract designated as hedging instruments
The critical terms of the foreign currency forward contracts match the terms of the expected highly probable forecast sale
transactions. As a result, no hedge effectiveness arises requiring recognition through profit or loss.
The cash flow hedges of the forecasted sale transactions for the year ended March 31, 2020 were assessed to be highly
effective and unrealised loss of ` 991.80 lakh, with a deferred tax assets of ` 346.57 lakh relating to the hedging instruments,
is included in OCI.
The following table includes the maturity profile of the foreign exchange forward contracts:
icull ars
Par ticu L es
esss tth
han 1 tto
o3 3 tto
o6 o9
6 tto 9 tto
o 12 Tot
otaa l
1 mo
mon nt h mo
monn ths mo
monn ths mo
monn ths mo
mon n ths
As at March 31, 2020 (INR) 3,118.99 5,617.99 6,316.02 4,313.64 4,625.57 23,992.21
Foreign exchange forward 70.00 120.00 180.00 190.00 240.00 800.00
contracts (highly probable
forecast sales) USD
Notional amount (in USD) 43.00 77.00 85.92 58.00 61.00 324.92
Average forward rate(USD/INR) 72.53 72.96 73.51 74.37 75.83 73.84
The impact of the hedging instruments on the balance sheet is as follows:

Par ticu
icull ars Not io
otio
ionna l aamou
mou
moun nt Carr yi
yinn g aamou
mou
moun nt L ine it
iteem iinnBBSS T Cha ng es iin
nF Faa ir
( U S D) N R iin
(IN
(I n llaa kh) w
wheherre H
he Hee dg e va lue uuse
se
sedd fo
forr
i n str ume
mennt is meassuring
mea
d isclose
isclosedd ineffe
neffectct iv
iveenes
ctiv nesss
fo
forr tthe
he yea
yearr
Foreign currency risk forward 324.92 (991.80) Other financial (991.80)
contract- As at March 31, 2020 Liabilities
The impact of hedged items on the statement of financial position is, as follows:
icull ars
Par ticu As aatt M Maa rch 31, 2020
Chan g e iin
n ffaa ir vvaa lue Ca sh flo
floww
use
sedd fo
forr mea
meassuri ng He d g e R ese
eserr ve
Rese
ineffe
neffectct
ctiv iv
iveenes
nesss
Highly probable forecast sales - -
Notes
The effect of the cash flow hedge in the statement of profit or loss and other comprehensive income is, as follows:
Disclosure of effe
Disclosu ctss of he
ct
effect hedd g e ac
accc ountin g oon
oun nFFiin ancia
nciall Posit
Posit io
ositio
ionn (S
(Sttat eme
mennt of P
Prrofit aand
nd L os
Los s)
oss)
Par ticu
icullars Tot
otaa l he
hed dg in g Ineffe
neffectct iv
iveenes
ctiv nesss L ine ititeem iin
n Amou
moun nt L i ne it
iteem iin
n
g a in/( los
n/(los
loss)s) re c o g n ise
ised n Stateme
d iin men nt of re cl
claa ssifie
sifiedd Stateme men nt of
re c o g n ise
isedd iin
n p rofit oorr los
losss p rofit aand
nd fr om O
fro OC C I tto
o p rofit aand
nd los
losss
OCI los
losss profit oorr los
losss
As at March 31, 2020
Highly probable forecast sales (38.42) - - (38.42) Revenue from
Operations
Imp act of he
hedd g i n g oon
n eeq
quit
ityy
Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Par ticu
icullars Ca sh F lo
low
Flo w
He d g e R ese
eserr ve
Rese
As at March 31, 2020 (991.80)
Effective Portion of Changes in fair Value arising from Foreign Exchange Forward Contracts (38.42)
Amount reclassified to profit & loss 38.42
Tax effect 346.57
Va luatio
ionnT
Tee ch
chnn ique
ique
The Company enters into derivative financial instruments which are valued using valuation techniques which employs the
use of market observable inputs. The most frequently applied valuation techniques include forward pricing models, using
present value calculations. Where quoted market prices are not available, fair values are based on Management best estimates,
which are arrived at by the reference to market prices.
I I) Pa r ticu
iculla rs of Un he
Un heddg e d fo
forreig
eignn cu
currrenc
ncyy ex
expp os
osuures
es::
Par ticu
icullars As aatt M
Maarch 31, 2019
eign
Foreig n Do cu me
cumemen nt eign
Foreig n Do cu me
cumemen nt
Currenc ncyy Currenc ncyy Currenc ncyy Currenc ncyy
(Amou
moun nt (Amou
moun nt
` iin
n llaa kh) ` iin
n llaa kh)
Foreign currency receivable $7,711,568 5,813.75 - -
Foreign currency payable $2,730,970 2,058.88 $6,875,405 4,755.72
Foreign currency loan receivable $846,699 638.32 $803,799 555.99
I I I) In respect of the derivative contracts entered into by the Company, the Management asessess no material foreseeable losses
as at the reporting date.
NOT E 42 : FA
NOT FAII R VA LU E S
VA
Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments, other than
those with carrying amounts that are reasonable approximations of fair values:
Notes
a) Fa ir vvaa lue of fina ncia

fin nciall aassset
setss : (Amount in ` Lakh, unless otherwise stated)
Carr yi
As AAtt As A
Att As AAtt As AAtt
2020 2019 2020 2019
Fin ancia
nciall aassset meassure d aatt ffaa i r vvaa l ue tth
setss mea hrou
ougg h pprrofit oorr los
losss
Investment in equity instruments 141.00 133.50 141.00 133.50
Investment in mutual fund 692.68 - 692.68 -
Mark to Market Forward Contracts - 462.80 - 462.80
(A) 833.68 596.30 833.68 596.30
Fin ancia
nciall aassset
setss mea morr tise
meassure d aatt aamo
mo isedd ccos
os
ostt
Investment in equity & preference instruments 11,728.05 11,726.14 11,728.05 11,726.14
Investment in Government Securities 1.63 1.63 1.63 1.63
Security deposits 800.77 800.52 800.77 800.52
Interest accrued on fixed deposits 30.05 45.64 30.05 45.64
Deposits with original maturity of more than 12 months 45.54 761.27 45.54 761.27
Loans to related parties 797.57 756.52 797.57 756.52
Loans to others parties 33.40 67.73 33.40 67.73
Interest accrued on loan to related parties 147.47 106.07 147.47 106.07
Other receivables - 234.35 - 234.35
Trade receivable 9,740.45 11,134.77 9,740.45 11,134.77
Cash and cash equivalents 2,059.77 2,234.64 2,059.77 2,234.64
Other bank balances 931.61 1,454.01 931.61 1,454.01
(B) 26,316.31 29,323.29 26,316.31 29,323.29
Tot
otaa l ((A+B)
A+B) 27,149.99 29,919.59 27,149.99 29,919.59
b) Fa ir vvaa lue of fina ncia
fin nciall lliab
iab il
iabil it
ilit ies
ies::
ities (Amount in ` Lakh, unless otherwise stated)
Carr yi
As AAtt As AAtt As AAtt As AAtt
2020 2019 2020 2019
Fin ancia
nciall lliab
iab il
iabil it
ilit
ities meassure d aatt ffaa i r vvaa l ue
ies mea
throu
ougg h OOtthe
herr Co
Com mp rehe
ehenn siv
sivee IInc
nc
nco ome
Derivative Financial Instruments 991.80 - 991.80 -
(A) 991.80 - 991.80 -
Fin ancia
nciall lliab
iab il
iabil it
ilit ies mea
ities meassure d aatt aamo
mo
morr tise isedd ccos
os
ostt
Borrowings 22,216.34 20,254.60 22,225.25 20,266.02
Lease Liabilities 3,049.77 - 3,049.77 -
Security Deposit 246.97 222.00 246.97 222.00
Book Overdraft 26.87 150.48 26.87 150.48
Unpaid Dividend 31.85 26.83 31.85 26.83
Trade payables 9,131.41 10,513.92 9,131.41 10,513.92
Interest accrued but not due on borrowings 37.48 24.67 37.48 24.67
Creditors for capital expenditure 30.21 849.25 30.21 849.25
Others 48.19 - 48.19 -
(B) 34,819.09 32,041.75 34,828.00 32,053.17
Tot
otaa l ((A+B)
A+B) 35,810.89 32,041.75 35,819.80 32,053.17
Notes
Management has assessed that trade receivables, cash and cash equivalents, other bank balances, trade payables, Interest
Long-term borrowing includes vehicle loan and corporate loans obtained from banks and Financial institutions. Management
determines vehicle loan and corporate loan to be at the market rate of interest as at the reporting date, accordingly, the
carrying value of such long-term borrowing approximates fair value.
c) Disc ou
Discou nt rraate uuse
oun se
sedd iin
n det
deteermi n i ng ffaa i r vvaa lue
The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental borrowing
rate of borrower which in case of financial liabilities is average market cost of borrowings of the Company and in case of
financial asset is the average market rate of similar credit rated instrument. The company maintains policies and procedures
to value financial assets or financial liabilities using the best and most relevant data available.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.
d) The following methods and assumptions were used to estimate the fair values:
i) Fair values of the Company’s interest-bearing borrowings, loans and investment in preference shares in subsidiary are
determined by using DCF method using discount rate that reflects the rate as at the end of the reporting period.
ii) Fair value for security deposits paid & received (other than perpetual security deposits) has been presented based on
the discounting factor as at the reporting date.
iii) Fair value for all other non-current assets and liabilities is equivalent to the amortised cost, interest rate on them is
equivalent to the market rate of interest.
iv) For other financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
v) Specific valuation techniques used to value financial instruments include:
- The fair values of investments In mutual fund units is based on the net asset value (‘NAV’) as stated by the issuers
of these mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which
the issuer will issue further units of mutual fund and the price at which issuers will redeem such units from the
investors.
- Investment in quoted equity instruments of entities other than subsidiaries has been determined on the basis of
quoted rates available from securities markets in India.
- The fair value of derivative financial instruments (forward exchange contract) has been determined on the basis of
mark to market valuation.
NOT E 43 : FA
NOT FAII R H
HII E R A RC H Y
All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described
as follows, based on the lowest level input that is significant to the fair value measurement as a whole.
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that has a significant effect on the fair value measurement are
observable, either directly or indirectly.
Level 3: Valuation techniques for which the lowest level input which has a significant effect on the fair value measurement is not
based on observable market data.
The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities
Notes
a) Q ua ntit
itaativ
ivee ddisclos
isclosu meassureme
mennt hhie
ie
ierra rch
chyy fo
forr aassset
setss aass aatt M
Maarch 31, 2020:
Fa i r V
Vaa l ue
isedd Q uot
uotee d Sig
Signn ific
ificaa n t Sig
Signn ific
ificaan t Tot
otaa l
M a r ch 31, Cos
ices o bse
bserr v ab le
able u no bse
bserr v ab
nobse le
able
2020 act iv
ivee
activ i n pu
putt s i n pu
putt s
m a r ket
etss (L
(Lee v el 2) (L
(Lee v el 3)
(L
(Lee v el 1)
As set
setss mea
Asset meass u r e d aatt ffaa ir vvaa l ue tthh r ou
losss
Investment in mutual fund 692.68 - 692.68 - - 692.68
Tot
otaa l A 833.68 - 833.68 - - 833.68
F i n a ncia
nciall aass set meass u r e d aatt aam
setss mea m oorr t ise
isedd ccos
os
ostt
Investment in equity & preference instruments 11,728.05 11,728.05 - - - 11,728.05
Investment in Government Securities 1.63 1.63 - - - 1.63
Security deposits 800.77 800.77 - - - 800.77
Deposits with original maturity of more than 12 months 45.54 45.54 - - - 45.54
Loans to related parties 797.57 797.57 - - - 797.57
Loans to others parties 33.40 33.40 - - - 33.40
Other bank balances* 931.61 931.61 - - - 931.61
Tot
otaa l A 26,316.31 26,316.31 - - - 26,316.31
Tot
otaa l ((A+B)
A+B) 27,150.00 26,316.31 833.68 - - 27,150.00
b) Q ua ntit
itaativ
ivee ddisclos
isclosu meassureme
mennt hhie
ie
ierra rch
chyy fo
forr lliab
iab il
iabil it
Fa i r V
Vaa l ue
isedd Q uot
uotee d Sig
Signn ific
ificaa n t Sig
Signn ific
ificaan t Tot
otaa l
M a r ch 31, Cos
ices o bse
bserr v ab le
able u no bse
bserr v ab
nobse le
able
2020 act iv
ivee
activ i n pu
putt s i n pu
putt s
m a r ket
etss (L
(Lee v el 2) (L
(Lee v el 3)
(L
(Lee v el 1)
F i n a ncia
nciall lliab
iab il
iabil it
ilit ies mea
ities meass u r e d aatt FFaa i r vvaa l ue
t h r ou
ougg h O
Ott he
herr CoCom m p r ehe
ehenn siv
sivee IInc
nc
ncoo me
Derivative Financial Instruments 991.80 - - 991.80 - 991.80
(A) 991.80 - - 991.80 - 991.80
F i n a ncia
nciall lliab
iab il
iabil it
ilit ies mea
ities meass u r e d aatt aam
m oorr t ise
isedd ccos
os
ostt
Borrowings 22,216.34 - - - 22,225.25 22,225.25
Lease Liabilities 3,049.77 3,049.77 - - - 3,049.77
Security Deposit 246.97 246.97 - - - 246.97
Book Overdraft 26.87 26.87 - - - 26.87
Unpaid Dividend 31.85 31.85 - - - 31.85
Trade payables* 9,131.41 9,131.41 - - - 9,131.41
Others 48.19 48.19 - - - 48.19
(B) 34,819.09 12,602.75 - - 22,225.25 34,828.00
Tot
otaa l ((A+B)
A+B) 35,810.88 12,602.75 - 991.80 22,225.25 35,819.79
Notes
c) Q ua ntit
itaativ
ivee ddisclos
isclosu meassureme
mennt hhie
ie
ierra rch
chyy fo
forr aassset
setss aass aatt M
Maarch 31, 2019:
Fa i r V
Vaa l ue
isedd Q uot
uotee d Sig
Signn ific
ificaan t Sig
Signn ific
ificaa n t Tot
otaa l
M a r ch 31, Cos
ices o bse
bserr v ab le
able u nobse
bserr v ab
nobse le
able
2019 act iv
ivee
activ i n pu
putt s i n pu
putt s
m a r ket
etss (L
(Lee v el 2) (L
(Lee v el 3)
(L
(Lee v el 1)
As set
Assetsetss mea
meass u r e d aatt ffaa i r vvaa l ue
t h rou
losss
Mark to Market Forward Contracts 462.80 - - 462.80 - 462.80
Tot
otaa l A 596.30 - 133.50 462.80 - 596.30
F i n a ncia
nciall aass set
setss mea m oorr t ise
meass u r e d aatt aam isedd ccos
os
ostt
Investment in equity & preference instruments 11,726.14 11,726.14 - - - 11,726.14
Investment in Government Securities 1.63 1.63 - - - 1.63
Security deposits 800.52 800.52 - - - 800.52
Deposits with original maturity 761.27 761.27 - - - 761.27
of more than 12 months
Loans to related parties 756.52 756.52 - - - 756.52
Loans to others parties 67.73 67.73 - - - 67.73
Other receivables 234.35 234.35 - - - 234.35
Tot
otaa l A 29,323.29 29,323.29 - - - 29,323.29
Tot
otaa l ((A+B)
A+B) 29,919.59 29,323.29 133.50 462.80 - 29,919.59
d) Q ua ntit
itaativ
ivee ddisclos
isclosu meassureme
mennt hhie
ie
ierra rch
chyy fo
forr lliab
iab il
iabil it
Fa i r V
Vaa l ue
isedd Q uot
uotee d Sig
Signn ific
ificaan t Sig
Signn ific
ificaa n t Tot
otaa l
M a r ch 31, Cos
ices o bse
bserr v ab le
able u no bserr v ab
bse
nobse le
able
2019 act iv
ivee
activ i n pu
putt s i n pu
putt s
m a r ket
etss (L
(Lee v el 2) (L
(Lee v el 3)
(L
(Lee v el 1)
F i n a ncia
nciall lliab
iab il
iabil it
ilit ies mea
ities meass u r e d
at aamm oorr t ise
isedd ccos
os
ostt
Borrowings 20,254.60 - - - 20,266.02 20,266.02
Security Deposit 222.00 222.00 - - - 222.00
Book Overdraft 150.48 150.48 - - - 150.48
Unpaid Dividend 26.83 26.83 - - - 26.83
Trade payables* 10,513.92 10,513.92 - - - 10,513.92
32,041.75 11,787.15 - - 20,266.02 32,053.17
Notes
* Management has assessed that trade receivables, cash and cash equivalents, other bank balances, trade payables, Interest
There have been no transfers between Level 1 and Level 2 during the period.
Specific valuation techniques used to value financial instruments. (refer note 42)
NOT E 44 : FI
NOT FINNA N C I A L R
RII S K M
MAA NA G E M E N T O
OBB J EC
ECTT IVES A
ANND P
POOL IC IE S
The Company’s principal financial liabilities comprises of trade and other payables, borrowings, current maturity of borrowings,
interest accrued and capital creditors. The main purpose of these financial liabilities is to finance the Company’s operations and
to provide guarantees to support its operations.
The Company’s principal financial assets includes Investment in mutual funds, loans to related parties, security deposits, trade
receivables, cash and cash equivalents, deposits with bank, interest accrued in deposits, receivables from related and other parties
and interest accrued thereon.
The Company is exposed to credit risk, liquidity risk and market risk. The Company’s senior level management oversees the
management of these risks and is supported by finance department that advises on the appropriate financial risk governance
framework.
A . Ma rket rrisk
isk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity
price risk. Financial instruments affected by market risk borrowings, short term deposits and derivative financial instruments.
The sensitivity analysis in the following sections relate to the position as at March 31, 2020 and March 31, 2019.
i) Interes
estt rraate rrisk
isk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily
to the Company’s long-term debt obligations with floating interest rates.
The Company’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Company
to interest rate risk. The Company manages its net exposure to interest rate risk related to borrowings, by balancing a
proportion of fixed rate and floating rate borrowing in its total borrowing portfolio.
Interes
estt rraat e sensit
sen iv
sitiv it
ityy
ivit
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on the portion of
borrowings affected. With all other variables held constant, the Company’s profit before tax is affected through the
impact on floating rate borrowings, as follows:
Par ticu
icull ars Inc
ncrrea se oorr de
ease deccrea se
ease De crea se/(
se/(iinc
ease/( ncrrea se)
ease)
in bbaa sis ppo
o int s in pprrofit bbefo
efo
eforre ttaa x
March 31, 2020 +50 10.62
-50 (10.62)
March 31, 2019 +50 10.84
-50 (10.84)
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable
market environment, showing a significantly higher volatility than in prior years.
Notes
ii
ii)) Fo reig
eignn cu
currrenc
ncyy rrisk
isk
Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes
in exchange rates. Foreign currency risk senstivity is the impact on the Company’s profit before tax is due to changes in
the fair value of monetary assets and liabilities on unhedged exposures. The following tables demonstrate the sensitivity
to a reasonably possible change in exchange rates, with all other variables held constant.
Par ticu
icullars Chan g es iin n De crea se/(
se/(iinc
ease/( ncrrea se)
ease)
exch
exch a
cha n g e r a
ra et iin
n pprrofit bbefo
efo
efor taa x
r e t
March 31, 2020 +5% (71.03)
-5% 71.03
March 31, 2019 +5% 209.99
-5% (209.99)
isk
B. Cre d it rrisk
Credit risk is the risk that counterparty will default on its contractual obligations resulting in finance loss to the Company.
Credit risk arise from Cash and cash equivalents, deposit with banks, trade receivables and other financial assets measure at
amortised cost. The Company continuously monitors defaults of customers and other counterparties and incorporate this
information into its credit risk control.
The Company also uses expected credit loss model to assess the impairement loss in Trade Receivables and makes an allowance
of doubtful trade receivables using this model.
1) The ageing anaysis of trade receivables as of the reporting date is as follows:
Par ticu
icullars Neit he
herr ppaa st
eithe L es
esss tth
ha n 30 tto
o 90 90 tto
o 180 Mo re tth
han Tot
otaa l
due no norr 30 ddaays days days 180 ddaa ys
i m p a i re d
Trade Receivables as 5,787.82 1,705.85 748.31 249.66 1,248.81 9,740.45
of March 31, 2020
Trade Receivables as 3,712.62 3,250.65 2,324.81 423.30 1,423.39 11,134.77
of March 31, 2019
The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in
several jurisdictions and operate in largely independent markets.
2) Exposure to Risk, in respect of the guarantees given by the Company: The disclosure in respect of credit risk exposures
which are not credit imparied or where there has not been a significant increase in credit risk since initial recognition
are as under:
- Q ua ntit
itaativ
ivee ddaata ab ou
outt ex
abou p os
exp osuure aand
nd m
maaturit
ityy pprrofile
G uar ante e Giv
Giveen tto
o D et
etaa ils of Purp ose of
rpose Amou
mounnt aass aatt G u a r a nt e e
Subsid
ubsidia ia
iarr y Gu a r a n t e e March 31, 2020 Va l id U
Uptpt
ptoo
Standard Chartered Bank, Pearl Global Securing Credit USD 120.00 lakh February 05,
` 9,046.80 lakh
HSBC Bank, Hongkong Branch Pearl Global Securing Credit USD 200.00 lakh November 10,
(HK) Limited Facilities equivalent to 2021
` 15,078.00 lakh
Standard Chartered Bank, Norp Knit Securing Credit BDT 9,000.00 lakh October 11,
Bangladesh Branch Industries Limited Facilities equivalent to 2021
` 7,967.43 lakh
Notes
- Po l ic
icyy of m
maan a g in g rrisk
isk
isk:: The Company considers the probability of default upon initial recognition and whether
there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess
whether there is a significant increase in credit risk the Company compares the risk of default as at the reporting date
with the risk of default as at the date of initial recognition. The Company considers reasonable and supportive forward-
looking information such as significant changes in the value of guarantee or in the quality of exposure or credit
enhancements.
3) Fin ancia
nciall iin
n str ume
mennts aand
nd ccaa sh dep osit
dep ositss
Credit risk from balances with banks, investment in mutual funds and loan to related parties is managed by the Company’s
treasury department in accordance with the Company’s policy. Investments of surplus funds are made only with approved
counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the
Company’s Board of Directors on an annual basis, and may be updated throughout the year subject to approval of the
Company’s finance committee.
C. L iquid
iqu it
ityy rrisk
idit isk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses.
The Company’s objective is to, maintain optimum levels of liquidity to meet its cash and collateral requirements. The
Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources
of financing including loans from banks at an optimised cost.
The ttab
ab le bbelo
able elo
eloww ssuu m ma r ises tthe
he m
maa t u r it
ityy pprr ofile of tthe
he Co
Comm p a n y ’s fi
finn a ncia
nciall lliab
iab il
iabil it
ilit ies bbaa se
ities sedd oon
n cco
o n tr act
actuua l
und isc
ndisc ou
iscou nte d ppaa yme
oun mennt s .
As aatt M
esss tth
ha n 3 tto
o 12 1 tto
o5 > 5 years
years Tot
otaa l
3 mo
mon n th s mon
mo n ths yea
yearsrs
Borrowings 15,283.48 97.39 4,708.37 546.00 20,635.24
Lease Liabilities 56.90 179.46 1,208.45 1,604.97 3,049.78
Current maturities of long-term borrowings 349.69 1,231.41 - - 1,581.10
Trade payables 9,131.41 - - - 9,131.41
Other financial liabilities 1,375.88 - 37.48 - 1,413.36
Tot
otaa l 26,197.36 1,508.25 5,954.30 2,150.97 35,810.89
As aatt M
esss tth
ha n 3 tto
o 12 1 tto
o5 > 5 years
years Tot
otaa l
3 mo
mon n th s mon
mo n ths yea
yearsrs
Borrowings 16,182.41 - 3,185.15 - 19,367.56
Current maturities of long-term borrowings 230.90 656.14 - - 887.04
Trade payables 10,513.92 - - - 10,513.92
Other financial liabilities 1,051.23 - 154.93 67.07 1,273.23
otaal
Tot 27,978.46 656.14 3,340.08 67.07 32,041.75
NOT E 45 : SEG
NOT SEGMM E N T IN
INFF O R M AT I O N
a) The Company’s operating segments are established on the basis of those components that are evaluated regularly by the
Executive Committee (the ‘Chief Operating Decision Maker’ as defined in Ind AS 108 - ‘Operating Segments’). In light of
Para 4 of Ind AS 108- Operating Segments, the Company has presented segment information on geographical basis in its
consolidated financial statements.
b) Revenue from major customer: During the year, the Company generates 90% of its external revenues from eight (8) customers.
Notes
NOT E 46 : CO
NOT CONN T IN G EN T L
LII A B I L I T I E S A
ANND CO M M I T M E N TS
CO
a) Contin g ent lliab
Con iab il
iabil it
ilit ies ((T
ities To tthe
he ex
exttent not pprrovide
ovide d fo
ided r)
for)
I The Company has reviewed all its pending claims, litigations and other proceedings and has adequately provided for wherever
required. However, wherever it is difficult for the Company to estimate the timings of cash outflows, if any, in respect of the
above as it is determinable only on receipt of judgement/decisions pending with various forums/authorities, the Company
has disclosed the same as Contingent Liabilities (pending resolution of the respective proceedings).
The Company does not expect the outcome of these proceedings to have a material or adverse effect on financial position of
the Company. Also, the Company does not expect any reimbursements in respect of the below contingent liabilities.
As A
Att As A
Att
Ma rch 31, 2020 March 31, 2019
(i) Claims against the Company not acknowleged as debts corresponding to :
- Tax Demand as per Sec 143(1) of Income Tax Act , 1961 - 1.25
(with respect to Assessment Year 2016-17) - Rectification
application has been filled with A.O
- Tax Demand as per Sec 143(3) of Income Tax Act , 1961 16.61 -
- Demand as per TDS (TRACES) portal - CPC 16.52 18.43
(ii) Several Legal Cases of labour pending at labour Court, Civil Court and High Court. The Company has assesed and
believe that none of these cases, either individually or in aggregate, are expected to have any material adverse effect on
its financial statements. However, Since it is difficult for the Company to estimate the timings of the cash outflows, if
any, no further provision or seperate disclosure is made in books of accounts.
(iii) As per the order dated July 13, 2016 issued by Hon’ble Madras High Court, minimum wages shall be paid to the
employees retrospectively from December 2014 to June 2016. However, the management is of the view that the wages
have to be paid only to the employees working presently in the company and also no PF & ESI is required to be
deducted . Accordingly, the minimum wages, ESI and PF of past employees of ` 288.51 lakh, ` 8.06 lakh and ` 69.25
lakh respectively has not been recorded in books of account. Further, Company has also not accounted for the PF
contribution of ` 65.33 lakh and ESI contribution of ` 12.88 lakh due on the wage arrears paid to the present employees
during the year ended March 31, 2017. The status of this contingent liability remain unchanged as at reporting date i.e.
March 31, 2020.
II Irrevocable letter of credit (net of margin) outstanding with banks 953.56 5,701.06
III Bank Guarantee given to government authorities 38.08 34.20
IV Counter Guarantees given by the Company to the Sales Tax Department
over which Key Managerial Personnel have Significant influence
- For enterprise 1.00 1.00
- For others 0.50 0.50
V The Company has given the corporate guarantees to banks on behalf of its foreign subsidiaries (Refer Note No. 44 & 47)
VI The Company is in the process of evaluating the impact of the recent Supreme Court Judgment in case of “Vivekananda
Vidyamandir and Others Vs The Regional Provident Fund Commissioner (II) West Bengal” and the related circular (Circular
Notes
No. C-I/1(33)2019/Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees’ Provident Fund
Organisation in relation to non-exclusion of certain allowances from the definition of “basic wages” of the relevant employees
for the purposes of determining contribution to provident fund under the Employees’ Provident Funds & Miscellaneous
Provisions Act, 1952. Since there are numerous interpretative issues relating to the judgement, the management has concluded
to update provision in books of accounts on receiving further clarity on the subject.
b) Commit
Com me
itme nt s
men (Amount in ` Lakh, unless otherwise stated)
As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Capital Commitment: Estimated amount of contracts remaining 198.72 99.44
to be executed on the capital account (net of capital advances)
The Company does not have any other long term Commitments or material non cancellable contractual commitments,
which may have a material impact on the standalone financial statement.
NOT E 47 : RE
NOT RELL AT E D PA RT Y T
PA TRR A NS
NSAAC T I O NS
a) L is
istt of rrel
el
elaate d ppaar ties
Nat ure of R el
elaatio
Rel ionnsh
shiip Name of tthehe R el
elaate d P
Rel Paa r t y
iarr y (Di
ubsidia
Subsid ia (Dirre ct / IInd
nd
ndii re ct) D o mes
mesttic (Di
(Dirre ct)
Pearl Apparel Fashions Limited (Formerly known as Lerros Fashions India Limited)
Pearl Global Kaushal Vikas Limited (Formerly known as Pixel Industries Limited)
SBUYS E-Commerce Limited (w.e.f. 20.09.2019)
O versea (Dirre ct)
rseass (Di
Pearl Global Fareast Limited
Pearl Global (HK) Limited
Norp Knit Industries Limited
O versea
rseass (Ind
ndiire ct)
(Ind
A & B Investment Limited
Pearl Global F.Z.E.
DSSP Global Limited
Pearl Global Vietnam Company Limited
Pearl Global(Chang Zhou) Textile Technology Company Limted
Pearl Grass Creations Limited (Formerly known as Pearl Tiger HK Limited)
PGIC Investment Limited
Prudent Fashions Limited
PT Pinnacle Apparels (Formerly known as PT Norwest Industry)
Vin Pearl Global Vietnam Limited
Ent erp
rprrise ov
oveer w
whh ich K Kee y D omes
mesttic
Mana g eriaiall P
Peerso
rsonnnel Creative Arts Education Society
ex
exeercise Sig
Signn ific
ificaant iin
n flue
flue nc
ncee
uenc Little People Education Society
Nim International Commerce LLP
PDS Multinational Fashions Limited
Notes
Pearl Wears
PS Arts Private Limited
PSS Estates LLP
Vau Apparels LLP
O versea
rseass
360 Notch Ltd (Formely known as Poeticgem Australia Ltd)
Blueprint Design Limited
Casa Forma Limited
Clover Collection Limited Formerly DS Manufacturing Limited;
Designed and Sourced Limited)
Clover Collections FZCO (w.e.f. 20.02.2020)
Design Arc Asia Limited [(Formerly Design Arc. Limited)
(Design Arc. Limited Formerly Nor France Manufacturing Company Ltd)]
Design Arc Europe Limited (Formerly Nor Europe Manufacturing Limited
Design Arc FZCO (W.e.f 17.01.2019)
Design Arc UK Limited
Digital Ecom Techno Private Limited
Digital Internet Technologies Limited
Fabric & Trims Limited
Fareast Vogue Limited
Funky Brands Company Limited (Formerly Fullhouse Manufacturing Limited;
Nor Delhi Manufacturing Limited
FX Import Company Limited
FX Import Hongkong Limited
Global Textiles Group Limited
Green Apparel Industries Ltd
Green Smart Shirts Limited
Grupo Extremo SUR S.A
Grupo Sourcing Limited (Bangladesh)
Grupo Sourcing Limited (Hongkong)
Jcraft Array Limited (w.e.f. 12.04.2018)
JJ Star Industrial Limited
JSM Trading (FZE.)
KIK Service Unit Limited (w.e.f. 22.10.2019)
Kindred Brands Ltd (Formerly NW Far-east Limited)
Kindred Fashion Limited (w.e.f. 23.10.2018)
Kleider Sourcing FZCO (w.e.f 17.01.2019)
Kleider Sourcing Hongkong Limited
Kleider Sourcing Limited
Krayon Sourcing Limited (Formerly Souring Solutions HK Limited)
Lilly and Sid Ltd (w.e.f. 10.03.2020)
Notes
Multinational OSG Services Bangladesh Limited

Multinational Textile Group Limited
MultiTech Venture Ltd(Mauritius)
Nor Europe SPA
Nor India Manufacturing Company Limited
Nor Lanka Manufacturing Colombo Limited
Nor Lanka Manufacturing Limited
Norlanka Progress Pvt.Ltd
Norwest Industries Limited
Pacific Logistics Limited
Parc Designs Pvt. Limited (Closed on 30.09.2019)
PDS Far-east Limited
PDS Asia Star Corporation Limited
PDS Far East USA Inc.
PDS Global Investments Limited
PDS Trading (Shanghai) Company Limited
PDS Ventures Limited (w.e.f. 03.07.2018)
PG Group Limited
PG Home Group Limited
PG Home Group SPA (Formerly Pearl GES Home Group SPA)
PG Shanghai Mfg Company Limited
Poetic Brands Limited
Poetic Knitwear Limited
Poeticgem International Limited
Poeticgem Limited
Progress Apparels(Bangladesh) Ltd
Progress Manufacturing Group Ltd
Razamtazz Limited
Recovered Clothing Limited (w.e.f 24.07.2018)
Redwood Internet Ventures Limited
Rising Asia Star Hongkong Limited (Formerly Techno Manufacturing Limited)
SACB Holdings Limited
Simple Approach (Canada) Limited
Simple Approach Limited
Smart Notch Industrial Limited
Smart Notch Limited (w.e.f. 20.04.2018)
Sourcing East West Limited
Spring Near East FZCO (w.e.f. 17.01.2019)
Spring Near East Manufacturing Company Limited
Notes
Styleberry Limited
Superb Mind Holdings Limited
Techno Design Gmbh
Techno Design HK Limited (Formerly DPOD Manufacturing Limited
Technocian Fashion Private Limited (w.e.f. 20.03.2019)
Transnational Textile Group Limited
Twin Asia FZCO (w.e.f. 17.01.2019)
Twin Asia Limited
Zamira Denim Lab Limited
Zamira Fashion Limited
Zamira Fashion Limited Zhongshan
Ke y M
Maa na g eme
men nt PPeerso
rson nnel Mr. Deepak Seth Chariman
(KM
(K M P) & tthei
hei elaativ
heirr rrel
el ivee Mr. Pulkit Seth Vice Chairman & Managing Director
Mrs. Shifalli Seth Whole-Time Director
Mr. Vinod Vaish (till 30.04.2020) Whole-Time Director
Mr.Kashmir Singh Rathour (from 28.07.2020) Chief Financial Officer
Mr. Raghav Garg (till 30.06.2020) Chief Financial Officer
Mr. Sandeep Sabharwal Company Secretary
Mr. Chittranjan Dua Independent Director
Mr. Rajendra Kumar Aneja Independent Director
Mr. Anil Nayar Independent Director
Mr. Abhishek Goyal Independent Director
Mrs. Madhulika Bhupatkar (from 18-03-2020) Independent Director
B. Disclosure of R
Disclosu el
elaate d P
Rel Paar ties T
Trra nsact io
sactio
ionns :
( i ) Subsid ia
iarr y Co
ubsidia mp an ies
Com (Amount in ` Lakh, unless otherwise stated)
Par ticu
icull ars For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Purchase of goods 11,879.70 14,606.50
Sale of goods - raw material 644.47 249.19
Sale of goods – readymade garments 10,504.32 4,199.04
Source support income 1,019.36 -
Income on corporate guarantee 138.40 161.31
Expenses paid on behalf of the Company 52.39 1,273.99
Expenses paid by the Company on other’s behalf 47.90 1,298.37
SAP income 98.11 92.02
Investment in equity shares 1.00 -
Impairment of investment in subsidiaries 27.24 1,438.36
Corporate Guarantee given by the Company (as per Section 186(4) of the Companies Act 2013)
• To Standard Chartered Bank, Hongkong Branch for securing credit facilities to its wholly owned subsidiary
Notes
Pearl Global (HK) Limited, Hong Kong for USD 120.00 lakh equivalent to ` 9,046.80 lakh (March 31, 2019
USD 120.00 lakh equivalent to ` 7,800.04 lakh)
• To HSBC Bank, Hongkong Branch for securing credit facilities to its wholly owned subsidiary Pearl Global (HK)
Limited, Hong Kong for USD 200.00 lakh equivalent to `15,078.00 lakh (March 31, 2019: Nil)
• To Standard Chartered Bank, Bangladesh Branch for securing credit facilities to its subsidiary Norp Knit Industries
Limited, Bangladesh for BDT 9,000.00 lakh equivalent to ` 7,967.43 lakh (March 31, 2019 : BDT 9,000 lakh
equivalent to ` 7,389.08 lakh).
Above Corporate Guarantees have been given for business purpose.
Closi
losinng B
Baa l anc
Par ticu
icullars As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Loan given to subsidiary (inclusive of interest) 638.33 555.94
Trade Receivable 2,125.58 2,669.24
Trade Payable 1,037.89 2,719.16
Advance Receivable 92.93 95.64
(ii) Enterp
rprrise ov
oveer wh ich K
wh KMM P hhaa s Sig
Signn ific
ificaa nt IIn
n fl ue
flue nc
ncee
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Expenses paid by the company on their behalf - 0.61
Expenses paid by them on behalf of the Company 3.00 4.37

Closi
losinng B
Baa l anc
ncee As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Amount receivable - 4.29
Loan receivable (including interest) 306.71 306.66
(iii) Ke y M
Maana g eme
mennt P
Peerso
rsonnnel (K
(KMM P) (Amount in ` Lakh, unless otherwise stated)
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Remuneration paid 301.51 277.89
EPF paid 1.06 1.11
Expenses incurred on behalf of the Company 30.09 42.31
Directors sitting fees 1.60 1.50

Closi
losinng B
Baa l anc
ncee As A
Att As A
Att
Ma rch 31, 2020 Ma rch 31, 2019
Trade Payable - Payable to KMP 0.92 16.85
Notes
C. Disclosure of Material Transactions: Related Parties having more than 10% interest in each transaction in the ordinary
course of business
(i) Subsid ia
iarr y Co
ubsidia m p an ies
Com (Amount in ` Lakh, unless otherwise stated)
Par ticu
icull ars For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
Purch
chaa se of ggo
o o ds
Norp Knit Industries Limited 10,156.16 14,023.75
Pearl Global Vietnam Co Ltd 1,569.98 -
maat eria
o o ds - rraaw m
S a le of ggo iall
Norp Knit Industries Limited 430.75 202.16
Pearl Global Vietnam Co Ltd 213.71 -
Pearl Apparel Fashions Limited - 47.03
o o ds - rready
S a le of ggo eady
eadymmat e ggaa rment s
men
Pearl Global Far East Limited - 608.67
Pearl Global (HK) Limited 10,108.19 2,328.32
DSSP Global Limited 395.28 1,262.05
S ou up p o r t iinc
ourrc e ssu nc
ncoo me
Pearl Global (HK) Limited 1,019.36 -
Inc
ncoome oon
n cco
orp o rate ggu
rpo ua rant e e
Pearl Global (HK) Limited 89.38 85.13
Exp en ses ppaa id bbyy tthe
Exp he
hem n bbeh
m oon eh he Co
ehaa lf of tthe Commp any
Ex
Exp he Co
p en ses ppaa id bbyy tthe mp any oon
Com hei
heirr bbeh
n tthei eh
ehaa l f
Pearl Global (HK) Limited 0.14 1,184.86
Pearl Grass Creations Ltd 29.06 52.08
Inv es
esttment iin
men quit
n eeq ityy sh
shaares
SBUYS E-Commerce Limited 1.00 -
S A P iinc
nc
ncoo me
Pearl Global Far East Limited 36.33 33.10
Pearl Grass Creations Ltd 10.98 1.77
Vin Pearl Global Vietnam Limited - 8.57
Interes
estt iinc
nc
ncoome
Pearl Global Far East Limited 30.11 29.68
Imp a irment of iin
men nves
esttment iin
men n ssubsid
ubsidia
iarries
ubsidia
Pearl Apparel Fashions Limited 27.24 1,438.36
Notes
(ii) Enterp
rprrise ov
oveer w
whh ich K
KMM P hhaa s sig
signn ific
ificaant iin
n fl ue
flue nc
ncee
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
Ex
he cco
o mp any oon
n tthei
hei
heirr bbeh
eh
ehaa l f
Norwest Industries Limited - 0.61
Ex
Expp en ses ppaa id oon
n bbeh
eh
ehaa l f of tthe
he Co
Comm p a ny
Interes
estt iinc
nc
ncoo me
(iii) Ke y M
Maan a g eme
mennt P
Peerso
rsonnnel (Amount in ` Lakh, unless otherwise stated)
Par ticu
icullars For tthe
he yea
yearr eende
nde
ndedd For tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 Ma rch 31, 2019
nerratio
R emune ionn ppaa id
E P F ppaa id
Ex
Expp en ses iincu
ncu
ncurrre d oon
n bbeh
eh
ehaa l f of tthe
he Co
Comm p a ny
Mr. Raj Kumar Chawla - 22.60
Di
Dirre cto rs sit
cto sitttin g F
Fee es
es::
Mr. Deepak Seth 0.20 0.10
Mr. Anil Nayar 0.50 0.40
Mr. Chittranjan Dua 0.30 0.40
Mr. Abhishek Goyal 0.50 0.50
Mr. Rajendra Aneja 0.10 0.10
VI) Term s aand
nd cco
ond it
ndit io
itio
ionn s of ttrra n sactio
sactio ns w
ion it
wit h rrel
ith el
elaate d ppaar ties
All the transaction with the related parties are made on terms equivalent to those that prevail in arm’s length transactions.
Outstanding balances at the year end are unsecured and interest free except the interest bearing loan and settlement
occurs in cash.
Notes
VII) The remuneration of Key managerial Personnel does not include amount in repect of gratuity and leave encashment
payable as the same are not determinable as individual basis for the KMP. The liabilities of gratuity and leave encashment
are provided for Company as whole on the basis of acturial valuation.
NO
NOT T E 48 : DI SCLOSURES P
DIS U R S UA N T T
PU TOO SSECU
ECU
ECUR R ITI E S A
ANND EEXXC H A N G E BBOOA R D O F IIN
OF N D I A (L
(LII S T I N G
O B L I G AT I O NS A
ANND DDII S C L O S U R E R EQ
REQ
EQUU I R E M E N TS) R EG
REG
EGUU L AT I O NS
NS,, 2015 A
ANN D SSEC
EC
ECTT I O N 186 OOF FTTH HE
CO
COM M PA N I E S AC
ACTT, 2013.
(a) L o an s tto
o ssubsid
ubsid ia
iarries
ubsidia (Amount in ` Lakh, unless otherwise stated)
For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
L o an tto
ow ho
holl ly oow
who wne d ssubsid
ned ubsid ia
iarr y : P
ubsidia ea
earrl Glo
Pea bal F
Glob Faarea Liim it
easst L itee d
Principal Balance as at the year end 497.57 456.52
Maximum amount outstading at any time during the year 497.57 456.52
(Pearl Global Fareast Limited has utilised the loan for meeting
operating and working capital requirements. It is repayable after
March 31, 2020 and carries an average rate of interest at 6.5%
(2018-19: 6.5%)
(b) Investments made are given under the respective heads (Refer Note No. 8) 11,728.05 11,726.14
(c) Corporate guarantees given are disclosed in Note 47. 32,092.23 15,189.12
NOT E 49 : EV
NOT EVEENT O
OCCCU
CURRING A
AFFT ER BA L A N C E SSH
BA H E ET DAT E
DA
(a) Div idend ppaa id aand
idend
Divide nd P
Prrop ose
osedd: (Amount in ` Lakh, unless otherwise stated)
Par ticu
icull ars For tthe
he yea
yearr eende
nde
ndedd Fo r tthe
he yea
yearr eende
nde
ndedd
Ma rch 31, 2020 March 31, 2019
( i ) D e cl
claa re d aand
nd ppaa id ddu uri n g tthe he yea
yearr :
Final dividend for the year 2018-19: ` 3.00 per share 783.56 522.34
(2017-18: ` 2.00 per share) including dividend distribution
tax of ` 133.68 lakh for the financial year 2018-19
( ` 89.06 lakh for the financial year 2017-18)
( ii
ii)) Prop ose
osed d fo p p rov
forr aap ovaa l aatt tthe
he A Annnua l G
Geene
nerra l M
Mee et
etiin g
(not rree c o g n ise
isedd aass a lliab
iab
iabil il it
ilit y)
ity)
Final dividend for the year 2019-20: Nil per share - 649.88
(2018-19: ` 3.00 per share)
Dividend Distribution Tax - 133.68
( b) In March 2020, the World Health Organisation declared COVID 19 to be a pandemic. Consequent to this, Government of
India declared a national lockdown on 25 March 2020, which has impacted the business activities of the Industry and
accordingly the Company has also assessed the impact that may result from this pandemic on its liquidity position, carrying
amounts of receivables, tangible and intangible assets and other assets / liabilities. In developing the assumptions relating to
the possible future uncertainties in the global economic conditions because of this pandemic, the Company has considered
internal and external information available till the date of approval of these financial statements and has assessed its situation.
In that context and based on the current estimates, the Company believes that COVID 19 is not likely to have any material
impact on its financial statements, liquidity or ability to service its debt or other obligations. However, the overall economic
environment, being uncertain due to COVID 19, may affect the underlying assumptions and estimates in future, which may
Notes
differ from those considered as at the date of approval of these financial statements. The Company would closely monitor
such developments in future economic conditions and consider their impact on the financial statements of the relevant
periods.
( c) No other material events have occurred between the balance sheet date to the date of issue of these financial statements that
could affect the values stated in the financial statements.
NOT E 50 : LE
NOT LEAASES
Until March 31, 2019, the Company recognized leases in accordance with Ind AS 17. A lease was defined as an agreement
whereby the lessor conveys to the lessee in return for a series of payments the right to use an asset for an agreed period of time.
The lessor and lessee accounted for the lease on the basis of the distribution of the risks and rewards associated with the leased
asset.
Insofar as all the substantial risks and rewards were transferred to the Company as lessee, the respective leased assets were capitalized
at fair value or the lower present value of the minimum lease payments and depreciated using the straight-line method on the
basis of the useful life of the underlying asset or the lease term, if this was shorter. The payment obligations resulting from future
lease payments were discounted and recognized as a liability.
Where the Company was the lessee in operating leases, in other words, if not all material risks and rewards were transferred, the
lease or rental payments were recognized directly as expenses in the statement of Profit and Loss.
Since April 1, 2019, the Company has recognized leases in accordance with Ind AS 116. This defines a lease as a contract, or part
of a contract, whereby the lessor conveys to the lessee the right to use an asset for an agreed period of time in exchange for
consideration.
Tran sitio
sitio n aap
ion pp ro ach aand
nd uuse
se of pprract ic
icaa l ex
actic expp e d ient s
ien
Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting Standards) Amendment Rules, 2019 and
Companies (Indian Accounting Standards) Second Amendment Rules, has notified Ind AS 116 Leases which replaces the existing
lease standard, Ind AS 17 Leases, and other interpretations. Ind AS 116 sets out the principles for the recognition, measurement,
presentation and disclosure of leases for both lessees and lessors. It introduces a single, on-balance sheet lease accounting model
for lessees.
The Company has adopted Ind AS 116, effective annual reporting period beginning April 1, 2019 and has applied the standard
to its leases, retrospectively, with the cumulative effect of initially applying the standard, recognised on the date of initial application
(April 1, 2019). Accordingly, the Company has not restated comparative information, instead, the cumulative effect of initially
applying this standard has been recognised as an adjustment to the opening balance of retained earnings as on April 1, 2019.
Comp a ny aass a les
Com se
seee
lesse
On transition, the Company recognised a lease liability measured at the present value of the remaining lease payments. The
right-of-use asset is recognised at its carrying amount as if the standard had been applied since the commencement of the lease,
but discounted using the lessee’s incremental borrowing rate as at April 1, 2019. Accordingly, a right-of-use asset of ` 2,908.47
lakh and a corresponding lease liability of ` 3,201.46 lakh has been recognized. The cumulative effect on transition in retained
earnings is `190.61 lakh (net of deferred tax of `102.38 lakh) (for detail please refer note below). The principal portion of the
lease payments have been disclosed under cash flow from financing activities. The lease payments for operating leases as per Ind
AS 17 Leases, were earlier reported under cash flow from operating activities. The weighted average incremental borrowing rate
has been applied to lease liabilities recognised in the balance sheet at the date of initial application.
On application of Ind AS 116, the nature of expenses has changed from lease rent in previous periods to depreciation cost for the
right-of-use asset, and finance cost for interest accrued on lease liability.
Some practical expedients permitted by the standard are used, notably:
• To not reassess upon transition whether an existing contract contains a lease. The definition of a lease under Ind AS 116 has
been applied only to contracts entered into or changed on or after April 01, 2019.
Notes
• For transition, the Company has elected not to apply the requirements of Ind AS 116 to leases which are expiring within 12
months from the date of transition by class of asset
• The recognition exemptions for short-term leases and leases of low-value assets.
• To apply Ind AS 37 for onerous leases instead of performing an impairment review.
Presentational changes: As a result of implementing Ind AS 116, the Company has made a some presentational changes in 2019-
2020, notably to present ‘Right-of-use assets’ as a separate line item in the balance sheet and to include lease liabilities in other
current and non-current liabilities.
Tr an sit io
sitio
ionn iim
mp act of IInd
nd A
ASS 116 oon
n cco
omp a ny ’s bbaa l anc
ncee she et
sheet
Par ticu
icull ars As aatt App l ic
icaatio
ionn R e v ise
isedd As A
Att
March 31, 2019 of IInd
nd A
ASS 116 April 01, 2019
Right-of-use assets - 2,908.47 2,908.47
Non Current Assets 34,720.35 - 34,720.35
Current Assets 34,165.46 - 34,165.46
Tot
otaa l Asset
setss
Asset 68,885.81 2,908.47 71,794.28
Equity Share Capital 2,166.39 - 2,166.39
Other Equity 29,452.08 (190.61) 29,261.47
Deferred Tax Liabilities (Net) 340.46 (102.38) 238.08
Lease Liabilities - 3,201.46 3,201.46
Non Current Liabilities 7,194.19 - 7,194.19
Current Liabilities 29,732.69 - 29,732.69
Tot
otaa l Eq
Equu it
ityy aand
nd L iab
Liab il
iabil it
ilit ies
ities 68,885.81 2,908.47 71,794.28
The difference between the future minimum lease rental commitments towards non-cancellable operating leases reported as at
March 31, 2019 compared to the lease liability as accounted as at April 1, 2019 is primarily due to inclusion of present value of
the lease payments for the cancellable term of the leases, reduction due to discounting of the lease liabilities as per the requirement
of Ind AS 116 and exclusion of the commitments for the leases to which the Company has chosen to apply the practical expedient
as per the standard.
Lease contracts entered by the Company majorly pertains for buildings taken on lease to conduct its business in the ordinary
course. The Company does not have any lease restrictions and commitment towards variable rent as per the contract.
Rig
Righht- of-
of-uu se aassset
setss : mov
moveeme nts iin
men n ccaarr yi
yinng vvaa lue of aassset
setss Bu ild
ildiin g s
os
osss B
Gros
Gr lo
Blo ck aass aatt M
lock Maa rch 31, 2019 -
Cumulative catch-up for previously reported operating leases on implementation of IND AS 116 2,908.47
Gr os
osss B
Gros lo
Blo ck aass aatt A
lock Ap pril 01, 2019 2,908.47
Less: Disposals / adjustments during the year -
Gr os
osss B
Gros lo
Blo ck As aatt M
lock Maarch 31, 2020 2,965.05
Ac cu
cum mu l at e d DDeep ricia
iciattion:
ion
As aatt A
App ril 01, 2019 -
Add: Depreciation charge for the year 350.70
As aatt M
Maarch 31, 2020 350.70
Net B lo
Blo ck :
lock
As aatt M
Maarch 31, 2020 2,614.35
In 2019-20, there were no impairment charges recorded for right-of-use assets.
Notes
L ea ses
ses:: mov
eases moveeme men nt s iin
n ccaarr yi
yinn g vvaa lue of rree c o g n ise
isedd lliab
iab il
iabil it
ilit ies
ities
As At April 01, 2019 -
Cumulative catch-up for previously reported operating leases on implementation of Ind AS 116 3,201.46
As AAtt AAppril 01, 2019 (R (Ree vise
isedd) 3,201.46
Interest expense on lease liabilities 300.01
Repayment of lease liabilities 508.28
As AAtt MMaarch 31, 2020 3,049.77
Non-current lease liabilities 2,813.37
Current lease liabilities 236.41
Tot
otaa l lea se lliab
lease iab il
iabil it
ilit ies
ities 3,049.77
The maturity analysis of lease liabilities is given in Note 44 in the ‘Liquidity risk’ section.
Cash flows from operating activities includes cash flow from short term lease & leases of low value. Cash flow from financing
activities includes the payment of interest and the principal portion of lease liabilities.
Leases committed and not yet commenced: There are no leases commited which have not yet commenced as on reporting date.
Co
Com mp a ny aass a L es
Les so
sorr
esso
The Company is not required to make any adjustments on transition to Ind AS 116 for leases in which it acts as a lessor. The
Company accounted for its leases in accordance with Ind AS 116 from the date of initial application. The Company does not
have any significant impact on account of sub-lease on the application of this standard.
The Company has given its building space, lying under property, plant and equipments, on operating lease through operating
lease arrangements. Income from operating leases is recognised as revenue on a straight-line basis over the lease term.Lease
income of ` 980.53 Lakh (March 31, 2019: ` 814.53 Lakh) has been recognised and included under Other Income. (Refer Note
No. 28)
NOT E 51 :
NOT
Pursuant to transfer pricing legislations under the Income-tax Act, 1961, the Company is required to use specified methods for
computing arm’s length price in relation to specified international transactions with its associated enterprises. Further, the Company
is required to maintain prescribed information and documents in relation to such transactions. The appropriate method to be
adopted will depend on the nature of transactions/ class of transactions, class of associated persons, functions performed and
other factors, which have been prescribed.The Company is in the process of updating its transfer pricing documentation for the
current financial year. Based on the preliminary assessment, the management is of the view that the update would not have a
material impact on the tax expense recorded in these financial statements. Accordingly, these financial statements do not include
any adjustments for the transfer pricing implications, if any.
NOT E 52 :
NOT
The balances of trade receivables, trade payables, financials assets and other assets given are subject to reconciliation and
confirmation as on March 31, 2020 and have realisation in ordinary course of business atleast equal to amount at which they are
stated in the financial statements.
NOT E 53 :
NOT
Figures have been rounded off to the nearest lakhs upto two decimal places except otherwise stated.
For & oon
n bbeh
eh
ehaa l f of B
Booa rd of Di
Dirr e cto rs of P
cto ea
earrl Glo
Pea Globb a l IInd
nd
nduus tr ies L
Lii m it
itee d
(Pu l kit SSet

(Pu eth)
eth (D
(Dee e p a k SSet
eth)
eth
DIN 00003044 DIN 00003021
(Ka shm ir Si
shm
(Kash Sinngh R
Raa thou r)
hour) (Saande
(S ndeee p SSab
ab
abhhar wa l )
Place of Signature: Gurugram Chief Financial Officer Company Secretary
Date: July 28, 2020 M. No. ACS - 8370
Notes
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Registered Office Corporate Office
"Pearl House" "Pearl Tower"
A-3, Community Centre Plot No. 51, Sector-32,
Naraina Industrial Area, Phase-II Gurugram-122001
New Delhi - 110028 (Haryana)
CIN: L74899DL1989PLC036849

31st Annual Report 2019 20

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31st Annual Report 2019 20

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2020

Pearl Global Industries Limited

By order of the Board of Directors

By order of the Board of Directors

Directors’ Report (contd...)

Directors’ Report (contd...)

Directors’ Report (contd...)

Directors’ Report (contd...)

Directors’ Report (contd...)

Annexure-I to the Directors’ Report

Annexure-I to the Directors’ Report

Annexure-I to the Directors’ Report

Annexure-I to the Directors’ Report

Annexure-II Annual Report on CSR activities

Place: Gurugram (Pulkit Seth) (Madhulika Bhupatkar)

Annexure-III to the Directors’ Report

Annexure-III to the Directors’ Report

• Company has adopted a conflict of interest policy, a Mr. Sandeep Sabharwal

Annexure-III to the Directors’ Report

Annexure-III to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-IV to the Directors’ Report

Annexure-V to the Directors’ Report

Annexure-VI to the Directors’ Report

For and on behalf of the Board

Annexure-VII to the Directors’ Report

For and on behalf of the Board

Annexure-VIII to the Directors’ Report

Note: Nature of employment is non contructual

Annexure-VIII to the Directors’ Report

Note: Nature of employment is contructual

For and on behalf of the Board

Annexure IX to the Director’s Report

Annexure IX to the Director’s Report

for and on behalf of the Board

Statement containing salient features

For and on behalf of Board

(Pul kit SSet

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Corporate Governance (contd...)

Business Responsibility Report (2019-20)