CMP - 83 Bharat Forge Annual Report 2014-15

Leveraging
Capabilities,
Enhancing
Opportunities
54th Annual Report 2014-15
Contents
02-17
18-87
COMPANY REVIEW
STATUTORY REPORTS
Bharat Forge at a Glance
02
Business Verticals
04
Board of Directors
06
Corporate Information
07
Chairman & Managing

Directors Message
08
Financial Performance
12
Leveraging Capabilities.
Enhancing Opportunities.
14
Leveraging
Capabilities,
Enhancing
Opportunities
88-248
FINANCIAL STATEMENTS
Management Discussion
& Analysis
18
Report on Corporate
Governance
38
Directors Report
56
The opportunities Bharat

Forge seeks to leverage
are represented through
diverging line patterns.
The inherent capabilities
transform these
opportunities into reality.
Standalone Financials
Consolidated Financials
88
154
For more information log on to

www.bharatforge.com
3D Printed Products
A SUCCESSFUL COMPANY WILL BECOME

REDUNDANT OR LOSE ITS COMPETITIVENESS
UNLESS IT KNOWS HOW AND WHEN TO ABANDON
TRADITIONAL BUSINESS PRACTICES AND
CAPITALISE ON INNOVATION TO GENERATE NEW
OPPORTUNITIES.
To generate these opportunities, an innovation-focused approach should be central
to the companys endeavours. This approach will enable the company to foray into
H[FLWLQJQHZDYHQXHVDQGHQKDQFHLWVUHSHUWRLUHRIRHULQJVDQGGHOLYHUEHWWHU
performance over a period of time.
BFL follows this very philosophy. It is the Companys constant pursuit to transform
and evolve not only out of necessity but also to leverage its capabilities to make
its business more resilient, and in doing so enhance its opportunities. The
Company has made it its motto to incorporate new, forward looking processes and
technologies, in addition to seeding the right talent.
Success occurs when opportunity meets

preparation. - Zig Ziglar
Leveraging Capabilities, Enhancing Opportunities
Bharat Forge at a Glance

PART OF THE KALYANI
GROUP, BHARAT
FORGE IS AMONG THE
WORLDS LARGEST
FORGING COMPANIES
WITH MANUFACTURING
FACILITIES SPREAD
ACROSS INDIA, FRANCE,
GERMANY AND SWEDEN.
IT MANUFACTURES
A WIDE RANGE OF
HIGH PERFORMANCE,
CRITICAL AND SAFETY
COMPONENTS.
Bharat Forge Limited (BFL) is the worlds

leading powertrain and chassis component
manufacturer. BFLs customer base includes
virtually every global automotive OEM Tier 1
supplier and various OEMs in the industrial
segment.
A technology-driven global leader in
metal forming with its presence across 10
manufacturing locations, the Company has
H[SDQGHGLWVSURGXFWRHULQJVDFURVVERWK
the automotive and the industrial sectors.
The Company is consistently enhancing its
opportunities by venturing into new products,
processes and technologies. It is able to
create these opportunities and grow by
leveraging its full service supply capability,
strong focus on technology and innovation
driven by in-house R&D and its rich repository
of metallurgical knowledge.
GEOGRAPHIC REVENUES
68
60
32
40
Standalone
India
Consolidated
Outside India
India
Outside India
Annual Report 2014-15
02-17 | Company Overview
60
30
18-87 | Statutory Reports
30
180
120
60
30
Customers
30
60
Manufacturing & Customers
90
120
150
180
88-248 | Financial Statements
Global Presence
90
Global Headquarters
HIGHLIGHTS FOR FY 2014-15
1
2
3
4
5
Consolidated Revenues of ` 76,248 Million, up 13.5%

EBITDA* of ` 14,751 Million, up 43.2%
1HW3URWRI` 7,625 Million, up 53%
Entry into Aerospace segment with 4 marquee customer contracts
Expanded manufacturing footprint in Europe with acquisition of Mcanique Gnrale Langroise, France
*Excludes exchange gain/(loss) and other income
Business Verticals
AUTOMOTIVE
BFL has achieved its objective of creating a strong global leadership position in the
automotive sector for safety and critical powertrain and chassis components.
Kgs
Segments
Products
Powertrain
Crankshafts
Connecting Rods
Transmission
Parts
Chassis
Front Axles
Steering Knuckles
Transmission Parts
PASSENGER VEHICLES
10-30
<1
NA
2-10
0.5-6
25-80
1-3
30-60
10-30
3-30
60-250
2-5
60-150
25-40
20-100
LCV/MCV
HCV
OTHER AUTOMOTIVE PRODUCTS

Pistons, Rockers Arms Control Arms, Swivel Hubs, Wheel Carriers and Brackets
REVENUE DISTRIBUTION
38
46
62
54
Standalone
Automotive
Consolidated
Industrial
Automotive
Industrial
INDUSTRIAL
BFL is extending its expertise in the automotive business across other industrial verticals. In order to do so, it is
exploring further opportunities in high value, high growth sectors.
ENERGY
Power
Nuclear, Thermal, Wind, Hydro
Marine
Aerospace
Metal & Mining
General Engineering
Oil & Gas
TRANSPORTATION
Rail
CONSTRUCTION & MINING

Construction
Board of Directors
MR. B.N. KALYANI
Chairman & Managing Director
MRS. LALITA D. GUPTE
MR. P. H. RAVIKUMAR
MR. S. M. THAKORE
MR. P. C. BHALERAO
MR. NARESH NARAD
DR. T. MUKHERJEE
MR. VIMAL BHANDARI
MR. G. K. AGARWAL
MR. AMIT B. KALYANI
MR. B. P. KALYANI
Deputy Managing Director
MR. S. E. TANDALE
Executive Director
MR. PRATAP G. PAWAR
Executive Director
MR. KISHORE SALETORE

Executive Director
Executive Director
Corporate Information
Bank of India
Bank of Baroda
Bank of Maharashtra
Canara Bank
State Bank of India
HDFC Bank Ltd.
ICICI Bank Ltd.
Axis Bank Ltd.
Citibank N.A.
Standard Chartered Bank
The Royal Bank of Scotland N V
Credit Agricole CIB
Bankers
Auditors
S R B C & Co. LLP

Chartered Accountants
Company Secretary
Anand Daga
5HJLVWHUHG2FH
CIN: L25209PN1961PLC012046
Bharat Forge Limited
Mundhwa, Pune Cantonment,
Pune 411 036, Maharashtra, India.
Phone: +91 20 6704 2777 / 2476
Fax: +91 20 2682 2163
Email: secretarial@bharatforge.com
Web: www.bharatforge.com
Chairman & Managing

Directors Message
Baba N. Kalyani
Chairman and Managing Director
CONTRARY TO WHAT IS
HAPPENING AROUND THE WORLD,
INDIA IS WITNESSING A HISTORIC
TRYST WITH OPPORTUNITY. THE
ECONOMY HAS BOTTOMED OUT
AND IS INCHING UPWARDS.
8
Markets
Your Companys traditional market on the

automotive side, the Medium & Heavy
Commercial vehicle (M&HCV) segment,
witnessed resurgence in demand especially
in North America and India while the
demand in Europe was sluggish.
The North American truck market
production volume in CY2014 grew by 20%
to 297,120 units and the market is expected
to remain robust in the medium term.
GROWTH IN
TOTAL REVENUE
(STANDALONE)
The industrial side of the business for your

Company, was a mixed bag due to the
sharp decline in commodity prices which
impacted the Oil & Gas and the Mining
sectors. These sectors will most likely
witness softness in demand going forward
while the transportation sector (Railways
& Aerospace) is growing globally. Our
GLYHUVLHGEXVLQHVVDFWLYLW\ZRXOGHQDEOH
continuity of growth despite challenges in
certain pockets.
FY 2014-15 has been a noteworthy year

for your Company. Your Companys
emphasis on major initiatives like focus on
GLYHUVLFDWLRQHPSKDVLVRQWHFKQRORJ\
sweating of existing assets, concentrating
on asset light model and reducing debt is
SD\LQJR2QD6WDQGDORQHEDVLV7RWDO
Revenue grew by 33.8% assisted by a
healthy 47.2% growth in Exports and 17.8%
growth in Domestic revenues. EBITDA
margins expanded 440 bps from 25.4% in
)<WRLQ)<3URW
after tax (PAT) grew by 79.8% to ` 7,190
million in FY 2014-15 from ` 3,999 million in
FY 2013-14.
Contrary to what is happening around the

world, India is witnessing a historic tryst with
opportunity. The economy has bottomed
out and is inching upwards, thanks to
the new governments growth-oriented
policies. The latest Quarterly GDP reading
at 7.5% in the January-March 2015 period,
making India the fastest growing economy
JOREDOO\LVDUHHFWLRQRIWKHFKDQJHZKLFK
has happened over the past year. The
government appears quite determined to
remove the bottlenecks that so far restricted
the surge of entrepreneurial energy in this
young and aspiring nation.
33.8%
Last year, I had dwelt at length on how

transformation is the only way forward for
a world grappling with slow and uneven
growth. The big picture has not changed
much this year, as the global economy as a
whole continues to struggle with moderate
growth. There are, however, a few bright
spots as the US Economy is poised to
register a healthy GDP growth; the UK is also
well on its way to recovery. In comparison,
Eurozone, Japan, China and other emerging
markets are facing hardships and seeking
new ways to revive growth. Industrial
sectors globally are very subdued. I believe,
long term revival can only happen when we
create new vistas of opportunity.
The medium term outlook for the European

Commercial Vehicle segment is likely to
be positive. The recovery in the Indian CV
market was particularly encouraging as it
has reversed the volume decline witnessed
in the past two years. With industrial
activity expected to increase in FY 2015-16
and government focus on reviving stalled
infrastructure projects, the M&HCV
can look forward to another good year in
FY2015-16.
Dear Shareholders,
7KHVXUJHLQSURWDELOLW\ZDVGULYHQE\
improvement in capacity utilization and
focused cost reduction initiatives. We have
further strengthened the balance sheet
by retiring debt of around ` 5,300 million
9
which includes ` 4,070 million of high cost

UXSHHGHEW6WURQJJURZWKLQSURWDELOLW\
DFFRPSDQLHGE\HFLHQWEDODQFHVKHHW
PDQDJHPHQWLVUHHFWLQJLQ5HWXUQ5DWLRV
moving beyond the 20% mark.
Business Highlights
In my previous letters, I had talked about

your Companys ambition and progress
made in entering into the Aerospace
segment for supply of critical components.
Using our state-of-the-art Research &
Innovation centre, and a talented resource
pool, I am happy to inform that in FY
2014-15, your Company has completed the
requisite quality homologation process to
supply forgings. Our progress has been
rewarded your Company has successfully
entered into relationships with four global
OEMs. We are working on developing a
roadmap to transform this relationship from
single product to a portfolio of products
over the next few years.
Goal 2018: 2X 2014
YOUR COMPANY HAS

CHARTED OUT AN
AMBITIOUS PLAN TO
DOUBLE THE STANDALONE
OPERATIONS TOPLINE
FROM ` 3,400 CRORES
ACHIEVED IN FY 2013-14
TO ABOUT ` 7,000 CRORES
BY FY 2017-18.
10
Your Company has charted out an ambitious

plan to double the standalone operations
topline from ` 3,400 crores achieved in FY
2013-14 to about ` 7,000 crores by FY 2017DJURZWKRI&$*5RYHUWKHGHQHG
period. Your Company plans to achieve
this through several growth initiatives led
by improving market share and creating
DEURDGHUSURGXFWRHULQJLQLQGXVWULHV
we currently serve. Your Companys inhouse Innovation & Technology Centre will
be a key catalyst in almost all the growth
initiatives. With the performance reported
in FY 2014-15, I am happy to inform you that
your Company is on track to achieve the
targets set out.
Focus on Passenger Vehicles
The global passenger vehicle industry

registered production of 67.5 million in
CY2014. This sector is expected to stay
robust over coming years. This segment
is witnessing unprecedented technology
changes and breakthrough innovation. We

have set our focus on increasing presence
and penetration in the passenger vehicle
segment initially through supply of engine
and chassis components. We have won
long-term contracts with Global OEMs and
are in ramp up phase.
Portfolio expansion
Your Company has been able to grow

and thrive in the industry because of its
capabilities and its constant pursuit of
diversifying its business across customers,
sectors, geographies and products. Your
Company is currently developing a new
niche portfolio of components which will
QGDSSOLFDWLRQLQERWKSDVVHQJHUDQG
commercial vehicles. This will support our
plan for sustained growth in medium to
long term.
Advanced Manufacturing: Changing

face of manufacturing
Over the past few decades, labour intensive

manufacturing has given way to information
technology based manufacturing known
as advanced manufacturing driven by
need to optimise processes and enhance
productivity. Advanced manufacturing
involves both new ways to manufacture
existing products and manufacture of
new products using latest advanced
technologies.
Advanced manufacturing encapsulates a
wide spectrum of activities and processes.
Your Companys focus with regards to
advanced manufacturing centers on
four key activities namely 3D printing,
Electron Beam Welding, laser welding and
nanotechnology. All these activities will be
carried out at our world class Technology
Centre, KCTI. I am happy to share with
you that we have already started making
prototypes using both plastic and metal
while the other activities are at an early
stage and will ramp up over the next few
months and quarters.
The infrastructure related sectors such

as power, mining, railways are the
NH\EHQHFLDULHVRIWKHLQLWLDWLYH7KH
government has unveiled plans to invest
around ` 8,500 billion in its rail network over
WKHQH[WYH\HDUVZLWKDQDSSUR[LPDWHO\
` 1,000 billion in rolling stock.
I am proud to be leading your Company as

we enter into the 50th year of operations,
truly a momentous landmark for us. It has
been a wonderful journey so far and I truly
believe that the best is yet to come. I am
TXLWHFRQGHQWWKDW\RXU&RPSDQ\ZLOOZRUN
relentlessly in delivering on our promises
and the ambitious goals we have set.
Your Company has embraced this initiative

whole-heartedly. We have developed a
strategy and action plan to address most of
such core sector initiatives.
I thank our valued customers, shareholders,

stakeholders, suppliers, Government
agencies and above all our employees for
their valuable contribution in making Bharat
Forge what it is today and I look forward to
their continued support going forward.
As you are aware, your Company has been

supplying locomotive/railway products
globally, including the US, Europe and
Russia. We are immensely proud to be the
UVWQGLDQVXSSOLHURIPDFKLQHGORFRPRWLYH
crankshafts to the Indian Railways. We are
working towards increasing our component
DQGSURGXFWRHULQJWRQGLDQ5DLOZD\V
to create new growth avenues for the
Company and also contribute to Indias
infrastructure development.
These are variables we as an enterprise

have to take in our stride and still
strive to perform. It is because of these
uncontrollable external variables that your
company constantly focuses on diversifying
its business and enhances its capabilities
using technology and innovation. Your
Company in the past few years has been
able to deal with external factors due to
strengthening of the balance sheet and
extended our reach by venturing in to newer
sectors.
The Governments Make in India initiative is

aimed at reviving the manufacturing sector
and increasing its percentage of GDP from
15% to 25%. The initiative is also about
creating a vibrant ecosystem for world class
PDQXIDFWXULQJWRRXULVKE\UHPRYLQJ
infrastructure bottlenecks, enhancing ease
of doing business by doing away with red
tapism and bringing about indigenisation of
components/products which hitherto were
imported.
Make in India
Baba N. Kalyani
Looking ahead
As I write this letter, the global as well

as the Indian economy continues to be
an increasingly volatile mixed bag of
opportunities and challenges. A subpar monsoon could impede the pace of
economic recovery in India while uncertainty
regarding the Greece situation and the US
Fed rate hike could pose challenges to the
global economic recovery.
11
12
4,370
FY 2010
FY 2015
13,563
EBITDA
8,637
7,337
9,153
7,196
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
18,564
33,993
31,512
45,481
36,860
29,470
20,586
FY 2009
FY 2010
21,965
18,644
15,779
FY 2008
FY 2007
FY 2006
TOTAL REVENUE
FY 2014
FY 2013
FY 2012
FY 2011
4,461
5,222
4,676
3,902
FY 2009
FY 2008
FY 2007
FY 2006
in ` Million
in ` Million
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
FY 2009
FY 2008
FY 2007
5.71
4.51
17.18
13.13
15.55
13.39
12.25
10.97
3,999
3,056
3,621
3,108
30.88
7,190
in ` Million
FY 2006
FY 2015
FY 2014
FY 2013
FY 2012
9.5
1,270
FY 2010
PAT
15,272
FY 2010
FY 2015
FY 2014
FY 2013
FY 2012
26,933
23,111
21,431
19,954
15,104
FY 2009
FY 2011
14,733
13,268
5,835
4,299
6,175
FY 2008
FY 2007
FY 2006
FY 2015
FY 2014
FY 2013
FY 2012
4,474
11,641
1,807
FY 2010
FY 2011
1,577
3,666
FY 2008
FY 2009
3,666
FY 2007
3,149
34,957
10,610
NET WORTH
EPS
FY 2011
1,033
2,736
2,410
FY 2009
FY 2008
FY 2007
FY 2006
in ` Million
2,070
PBT (before exceptional items)

in ` Million
13
FY 2006
Opportunity through
Technology and Innovation
Kalyani Centre for Technology and Innovation, Pune India
7HFKQRORJ\SURYLGHVQREHQHWVRILWVRZQLWLVWKH
application of technology to business opportunities
that produces ROI. - Robert McDowell
14
ONE OF THE MOST NOTABLE TRAITS

THAT DEFINE A SUCCESSFUL COMPANY
OVER THE LONG TERM IS ITS ABILITY TO
IDENTIFY TECHNOLOGICAL TRENDS FROM
AN EARLY STAGE AND TO EXPLOIT THOSE
OPPORTUNITIES FOR ITS GROWTH.
The successful development of new technology lies in not only

DVVLPLODWLQJLWEXWDOVRGHSOR\LQJLWRQWKHVKRSRRULQDQRSWLPXP
PDQQHUWRPD[LPL]HLWVSRWHQWLDODQGEHQHWV
KCTI (Kalyani Centre for Technology and Innovation) has been
conceived with this very objective and strategy. These objectives
resonate with the Companys core focus on innovation. KCTIs role is
to develop and implement innovation and technology strategies to
FUHDWHQHZDQGGLHUHQWLDWHGSURGXFWV
New product development has been a foundation of

our growth over the last decade. This strategy has
been instrumental in entering new segments and
sectors. Our core philosophy has been to focus on
innovation the Companys strong R&D team helps
expedite the process of product development thus
HQKDQFLQJVSHHGWRPDUNHWRIGLHUHQWLDWHGYDOXH
DGGHGSURGXFWVWKDWDUHUVWWLPHULJKW
15
Opportunity through
Talent Creation
Convocation ceremony of B.S. (Manufacturing Engineering)

programme
In the end, all business operations can be reduced

WRWKUHHZRUGVSHRSOHSURGXFWDQGSURWV8QOHVV
youve got a good team, you cant do much with the
other two. - Lee Iacocca
16

HUMAN RESOURCES ARE THE BACKBONE

OF A COMPANYS SUCCESS AS THEY
PLAY A MAJOR PART IN DEVELOPING
AND EXECUTING STRATEGY. THE TALENT
POOL AT BHARAT FORGE HAS BEEN A KEY
DRIVER OF ITS SUCCESS OVER THE PAST
FEW DECADES AND CONTINUES TO PLAY
A PROMINENT ROLE IN ACHIEVING ITS
VISION.
To boost its employees skills, the Company has made a conscious
HRUWWRGHYHORSWKHLUWHFKQLFDONQRZOHGJHWKURXJKSHULRGLFLQ
house training sessions. It has also initiated collaborative educational
programmes with a large number of universities from across
the world.
This has helped create a strong sense of commitment for the
ZRUNIRUFHDFWLQJDVDOOLSWRZRUNWRJHWKHUWRZDUGVDFRPPRQ
goal, that being the success and the progress of the Company and
garnering better opportunities.
A continued focus on training and development has

allowed us to improve the skills of our employees.
We have taken steps to implement new development
programmes across our facilities to impart
engineering and technical knowledge to enhance our
employees productivity. In addition, our leadership
development programmes ensure that we have a
robust talent pipeline in place, to help achieve our
strategic goals and vision of the future.
17
Management Discussion
and Analysis
1. Global
Overview
and
Indian
Economic
The world economy grew at a lacklustre

LQUHHFWLQJDSLFNXSLQJURZWKLQ
advanced economies relative to the previous
year and a slowdown in emerging market
and developing economies. Despite the
slowdown, emerging market and developing
economies still accounted for three-fourths
of global growth in 2014.
THE INDIAN ECONOMY

GREW THE FASTEST
SINCE 2011 AT 7.3% IN
FY 2014-15 WHICH WAS
MARGINALLY HIGHER
THAN THE 6.9% RECORDED
IN THE PREVIOUS FISCAL.
18
The International Monetary Fund (IMF)

forecasts world economy to expand at 3.5%
in 2015 and 3.8% in 2016, terming global
growth prospects as moderate and uneven
in its latest April 2015 World Economic
Outlook (WEO). The growth in advanced
economies is projected to strengthen to
2.4% in 2015 relative to 1.8% in 2014, but in
emerging market and developing economies
it is expected to be weaker. For emerging and
developing economies (with the important
exception of India), the IMF has projected a
weaker pace of growth from 4.6% in 2014 to
4.3% in 2015.
+RZHYHU KHDGZLQGV VXFK DV WKH QDQFLDO

market volatility in response to the expected
US Federal Reserves interest rate hike;
OLNHO\ *UHHN FRQWDJLRQ JHRSROLWLFDO DDLUV
resulting in a spike in oil prices and a
persistent slowdown in international trade
environment persist.
The Indian economy grew the fastest since
2011 at 7.3% in FY 2014-15 which was in line
with the advance estimates and marginally
higher than the 6.9% recorded in the previous
VFDO %XW WKH PDLQ QXPEHU WR DFFHQWXDWH
was that the economy expanded by 7.5%
in Q4 FY2014-15 which was better than the
growth recorded by China.
With the GDP numbers indicating a
soft, gradual recovery and the pickup in
manufacturing activities (7.1% in FY 201415 as compared to 5.3% in FY2013-14), India
is expected to gather pace and overtake
China to be the fastest-growing large
HFRQRP\ LQ WKH FXUUHQW VFDO FDYHDW EHLQJ
the incremental growth supported by the
INDIA GDP GROWTH
7.3
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
2. Global Automobile Industry
The worlds vehicle production increased

in CY2014 as compared to CY2013 but the
QXPEHUVYDULHGRYHUWKHGLHUHQWVHJPHQWV
and geographies.
The Asian region showed positive volumes

and they now account for around 50% of
WKHJOREDOJXUHV%XWWKHPDMRUJURZWKZDV
contributed by the passenger cars while CVs
showed a marginal decline. China had better
volumes as compared to the previous year
and remains the strongest player in this
region.
North America (NAFTA) continued to perform
strongly in 2014 mainly on account of a
strong growth in the passenger car and the
commercial vehicle market. Production in
WKHUHJLRQZDVWKHKLJKHVWVLQFHWKHQDQFLDO
crisis in 2008 and in all three markets of the
region, USA, Canada and Mexico, the trends
are positive.
5.1
6.7
6.9
8.9
car and LCV sales increased mainly due to the

growth posted by some of the EU member
states like Germany, Spain and UK. M&HCV
YHKLFOHV VKRZHG D VLJQLFDQW GHFUHDVH DV
compared to the previous year on account
of the exceptional buying that had occurred
in the previous year due to the anticipated
implementation of the Euro VI standards and
a prevailing sluggish economic development.
Strong macro-economic factors such as

Indias growing GDP (higher disposable
LQFRPH ORZHU LQDWLRQ OHDGLQJ WR D
OLNHO\ UDWH FXW F\FOH E\ WKH 5% DRUGDEOH
QDQFLQJ D IDOOLQJ VFDOFXUUHQW DFFRXQW
GHFLW DQG WKH JRYHUQPHQWV LQLWLDWLYHV LQ
revving up domestic demand (making India
a global manufacturing hub, increasing
project clearances and passage of key bills
for infrastructure boost) provides an impetus
for the growth of the economy and hence
translates into an improved macro picture
for India in the coming years.
DJULFXOWXUHVHFWRURQWKHEDFNRIDGHFLHQW
monsoon and unseasonal rains.
In Central and South America, after a few

years of steady increases, 2014 saw a
marked decline, with a decline in production
mainly on reduced demand and tightening
RI WKH PDMRU QDQFLDO PDUNHWV LQ $UJHQWLQD
and Brazil.
Production Trends (Heavy Commercial Vehicles)

Units
US Trucks
Europe Trucks
CY2009 CY2010 CY2011 CY2012 CY2013 CY2014

118,000 154,000 255,000 278,720 249,412 297,120
162,504 178,969 243,086 220,289 238,697 225,292
Source: ACT Research, European Automobile Manufacturers Association (ACEA)
In the European region, the total auto

numbers are still below the pre-crisis level and
a clear recovery is still not visible. Passenger
19
3. Indias Automobile Industry
$XWRPRELOHVHFWRUYROXPHVJUHZIRUWKHUVWWLPHLQWKUHH\HDUVLQ)<7RWDODXWRPRWLYH
production increased by 3.4% compared to FY 2013-14, and this moderately higher growth is
attributed largely to the hopes of an economic revival after a new government took charge in
WKHFRXQWU\DQGDUHQHZHGEXVLQHVVVFHQDULR7KHFRQWLQXDWLRQRIWKHH[FLVHGXW\EHQHWWLOO
December 2014, correction in fuel prices and an increase in replacement demand with easing
QDQFLQJFRVWKDVFRQWULEXWHGWRLQFUHDVHGGHPDQG
Indian Automobile Production Trends

% Change
LCV
428,530
477,523
(10.3)
M&HCV
268,553
221,699
21.1
2,590,182
2,519,225
2.8
628,701
567,182
10.8
3,915,966
3,785,629
3.4
Passenger Cars
Utility Vehicles
Total
Source: Society of Indian Automobile Manufacturers (SIAM)
SALES OF PASSENGER
VEHICLES GREW BY 2.8%
MAINLY ON ACCOUNT
OF CONSUMERS
TAKING ADVANTAGE
OF THE REDUCED
EXCISE DUTIES WHICH
WERE CONTINUED TILL
DECEMBER 2014.
Sales of Passenger Cars grew by 2.8% during

FY 2014-15 compared to last year mainly on
account of consumers taking advantage of the
reduced excise duties which were continued
till December 2014. Also the fall in global crude
prices which resulted in lower fuel prices in
the country provided some positive consumer
sentiment and an additional impetus for new
buying of vehicles.
The Light Commercial Vehicles (LCV) registered
a negative growth of -10.3% in FY 2014-15
compared to FY 2013-14. This de-growth in LCV
LVDWWULEXWHGWRWKHVLJQLFDQWFDSDFLW\DGGLWLRQ
that took place over the past few years and a
UHVWUDLQHGQDQFLQJHQYLURQPHQW
20
FY 2014-15
FY 2013-14
The M&HCV industry, after two years of

demand contraction witnessed a gradual
recovery during FY 2014-15, the M&HCV
industry growing by 21.1% as compared to the
previous year. The growth is mainly attributed
to the sharp uptrend in replacement demand
aided by the lower diesel price and relatively
UPIUHLJKWUDWHV7KHIUHLJKWUDWHVDQGHHW
operators utilisation, the lead indicators of
Commercial Vehicle (CV) industry turned
positive at the end of the year. The optimism
of an expected renewal in industrial and
mining activities was another reason for the
uptick in demand.
As shown below, the M&HCV volumes have
bounced back from a 5-year low of 221,699
units in FY 2013-14 to 268,553 units in
FY 2014-15, a growth of more than 21%.
Production Trends (Indian Medium & Heavy Commercial Vehicles)

384,801
400,000
350,000
345,818
300,000
280,677
250,000
268,553
250,133
200,000
221,699
192,283
150,000
09-10
10-11
11-12
12-13
13-14
14-15
08-09
Source: Society of Indian Automobile Manufacturers (SIAM)
4. Company Review
%KDUDW )RUJH /LPLWHG %)/ LV WKH DJVKLS

Company of the Kalyani Group and is
amongst the largest forging companies
globally. The Company is Indias leading
exporter of value added safety and critical
powertrain and chassis components for
automotive and industrial applications.
4.1 Domestic Market

Bharat Forges business in the domestic
market spans the full spectrum of the
automotive
industry
(excluding
twowheelers) diesel engines, construction &
mining, power, oil & gas, tractors and the
general engineering space like sugar, cement
and steel, among others.
The state of the art manufacturing facilities

are spread across India (four facilities),
Germany (four facilities), Sweden and France.
The Company manufactures an extensive
array of value added critical and safety
components for several sectors including
Commercial and Passenger Vehicles, oil
& gas, Aerospace rail and marine, energy
(across renewable and non-renewable
sources), construction, mining and general
engineering.
4.1.1 Automotive
FY 2010-11 to FY 2013-14 was a challenging
period for the M&HCV segment, with volumes
declining from the peaks of 384,801 units in
FY 2011-12 to 221,699 units in FY 2013-14
due to several macroeconomic headwinds
such as decline in GDP from 8.9% in FY 201011 to around 6.9% in FY 2013-14, halt in
mining activities in Karnataka and Goa, sharp
reduction in infrastructure capex, increase
in interest rates and fuel price among many
other factors.
In FY 2014-15, the industry trend of the past
three years reversed with volumes increasing
21% to 268,553 units. This increase in
demand was a result of culmination of
various factors such as decreasing fuel
prices, decline in Interest rates, lower excise
duty, and resumption of mining activity in
Karnataka and initial signs of recovery in the
Indian economy.
Around 43% of BFLs domestic revenues
are contributed by the commercial vehicles.
Though the CV market volumes grew by 21%,
the revenues of BFL from this space grew
by 25% mainly on account of the growing
customers and increased penetration in the
existing customers.
21
The passenger Vehicle segment also

witnessed positive demand in FY 2014-15
after almost two years of sluggishness. The
UHWXUQRIWKHUVWWLPHEX\HUDQGDSRVLWLYH
sentiment in the urban markets resulted in
the passenger vehicle volumes increasing
by 4%. Revenues for the Company from the
passenger vehicle segment grew by 5.3%
compared to FY 2013-14.
As a part of the Make in India programme,

IRFXVHG HRUWV DQG DFWLYLWLHV KDYH EHHQ
undertaken to address the programmes of
the Government in the Rail, Power, Defense
and Aerospace sectors. The Companys focus
on technology, innovation along with a strong
R&D approach should assist in positioning
it at the forefront to address these new
opportunities.
4.1.2 Industrial Business

Unlike the Commercial vehicle sector which
witnessed positive demand growth in FY
2014-15, the same was not visible in the
QGXVWULDOVHFWRU/DFNRIQHZRUGHULQRZV
decline in infrastructure-related capex,
sluggish IIP (Index of Industrial Production)
numbers through FY 2014-15 impacted
the sector across all major segments. BFLs
presence across many sectors and its
relationship with key marquee OEMs enabled
domestic industrial revenues to grow despite
a challenging demand environment.
4.2 Export market

4.2.1 Automotive
In CY2014, the US auto industry supported
by robust economic growth showed a strong
performance and recorded the highest sales
VLQFH WKH QDQFLDO FULVLV 7KH &ODVV WUXFN
production volumes grew by around 20%
while the Passenger Vehicle segment also
witnessed growth.
Domestic sales break-up

Commercial Vehicles
43%
40%
Passenger Vehicles
14%
16%
Industrial
43%
44%
FY 2014-15
FY 2013-14
Looking Ahead
The recent steps taken by the Government
to revive the capex cycle in India by way of
allocation of coal blocks, resumption of Iron
ore mining, focus on public sector investment
in the Road and Railways sector augurs well
for the Commercial Vehicle sector and also for
the resurgence of the capital goods sectors.
These
measures
coupled
with
the
Governments Make in India programme,
aimed at creating a vibrant manufacturing
sector and an import substitution market
opens up a potentially huge opportunity
for
technology-focused
manufacturing
companies.
22
In the November 2014 to February 2015

period, a sharp uptick in Class 8 trucks net
orders was witnessed, causing a jump in
production backlog from normal levels
of 100,000 units to around 190,000 units.
The OEMs did not react by adding shifts or
production capacity with an objective of
extending the longevity of the cycle.
In Europe, the M&HCV volumes are still
substantially below the previous peaks with
the volumes declining by nearly 6% in CY2014
as compared to CY2013. The introduction of
Euro VI emission norms had a dampening
impact on demand due to price increase
and technology related absorption issues.
However, these factors have stabilised
towards the end of CY2014.
European car sales in 2014 rose for the
UVWWLPHLQVHYHQ\HDUVEXWWKHVDOHVJDLQV
were primarily driven by discounting, stateEDFNHGLQFHQWLYHVHHWVDOHVDQGFKDQJHLQ
consumer spending pattern rather than a
JHQXLQH UHFRYHU\ RI FRQVXPHU FRQGHQFH
as consumers needed to replace their cars
regardless of economic conditions. The
overall CV market also showed marginal
growth because the strong growth in the
LCVs was negated by a 7% decrease in
M&HCV volumes.
Looking ahead, the expected continuation

of Eurozone economic recovery bodes well
for the automotive industry. We expect the
Heavy Truck segment volumes to grow by
2-5% over the next two years.
We expect to continue to grow our export
business on the automotive side by focusing
on new product development, working on
providing solution such as light weighting,
fatigue enhancement, increasing our
market share with existing customers while
simultaneously working on adding new
customers and markets.
&<ZDVDGLFXOW\HDUIRUWKH2LO *DV
sector with crude oil prices rapidly declining
from peak levels of US$ 120 per barrel to as
low as US$ 55 per barrel in the span of few
months. The sector participants believe the
new normal for crude oil to be in the range
of US$ 65 per barrel to US$ 80 per barrel and
ZHDUHFRQGHQWWKDWWKHLQGXVWU\ZLOODGDSW
to these levels.
The Company made tremendous progress
in its journey of further developing the
industrial business. In the aerospace sector,
Commercial Vehicles
Passenger Vehicles
Industrial
FY 2014-15
47%
59%
4%
2%
49%
39%
FY 2013-14
Acquisition of Oil & Gas Machining

Company in France
The Company, through its German subsidiary,
CDP Bharat Forge GmbH, acquired 100%
equity shares of Mcanique Gnrale
Langroise (MGL) for EUR 11.8 Million. MGL,
based in Saint Goesmes, France, is focused
on precision machining and other high value
added processes. MGL primarily caters
to global Oil & Gas industry and supplies
turnkey components for drilling application.
The acquisition further consolidates BFL
position in the Oil & Gas space by enhancing
VHUYLFHRHULQJVDQGJHRJUDSKLFDOUHDFK
Indian Subsidiaries
Alstom Bharat Forge Power Limited (ABFPL)
4.2.2 Non-Automotive business

The Companys presence in the international
industrial segment extends across three
verticals namely Energy (Oil & Gas, Power
across sources), Transportation (Aerospace,
locomotive & Marine) and Materials
(Construction and Mining).
Export sales Break-up
LOOKING AHEAD, THE

EXPECTED CONTINUATION
OF EUROZONE ECONOMIC
RECOVERY BODES WELL
FOR THE AUTOMOTIVE
INDUSTRY. WE EXPECT THE
HEAVY TRUCK SEGMENT
VOLUMES TO GROW BY
2-5% OVER THE NEXT TWO
YEARS.
Looking Ahead
In the coming year, growth in the auto
industry is expected to be led by the NAFTA
region, strong orders, long backlogs, better
freight volumes, a healthy economic outlook,
DQROGSO\LQJHHWULVLQJSURWDELOLW\RIHHW
operators and the sharp plunge in crude
prices can be the contributing factors for a
sustainable year forward, if not better.
BFL has achieved all the requisite approvals.

The Company has entered into relationship
with four global OEMs to develop a portfolio
of products over the next few years.
The auto sector contributes around 50%

of the total exports of BFL. The revenues
from the auto segment in the export markets
in FY 2014-15 grew as compared to FY 201314 mainly on account of new customer
addition and a ramp up in the passenger
vehicles orders.
As
per
the
proposed
scheme
of
amalgamation, Kalyani ALSTOM Power
Limited (a Joint Venture of the Company)
has been amalgamated in to ALSTOM Bharat
Forge Power Limited (another Joint Venture
of the Company) was approved by the
Honble High Court of Delhi at New Delhi vide
order dated August 07, 2014.
Due to delay in obtaining environmental
clearance at Adani Ports and Special Economic
Zones (APSEZ), the Joint Venture Company
shifted its proposed manufacturing facility
from APSEZ to Sanand, Gujarat. The facility
commenced operations on May 26, 2015.
During the year, the Joint Venture Company
won ` 1,136 crores order for supplying Steam
turbine island from NTPC 2 x 660 MW Tanda
Power plant in Uttar Pradesh.
23
5. Financial Review
5.1 Standalone
( in ` Million)
Particulars
Shipment Tonnage
FY15
FY14
% Change
bbb
bbbb
21.1%
Domestic sales
bb
bbb
16.0%
Export Sales
bb
bbb
47.2%
Other Operating Income
bbbb
bbbbbbbbb
Total Revenue
bb
bbb
Raw Material
bb
bbb
26.6%
7,714.3
bbbbb
26.0%
Manufacturing Expenses
Manpower cost
bbbb
bbbbb
19.0%
Other Expenditure
bbbb
bbbbb
28.9%
Total Expenditure
bb
bbb
25.9%
EBITDA
bb
bbbbb
57.0%
EBITDA %
Depreciation
29.8%
25.4%
bbbb
bbbbb
2.1%
Interest
bbbb
bbbbb
-25.2%
Other Income
bbbbbbbb
bbbbb
-10.0%
PBT
bb
bbbbb
89.9%
(262.9)
bbbbbbbb
Exchange Gain/(Loss)
PBT
bb
bbbbb
Exceptional Item
bbbbbbbb
bbbbbbbb
PBT
bb
bbbbb
Taxation
bbbb
bbbbb
PAT
bbbb
bbbbb
Total income
FY 2014-15 witnessed a rise in total revenues

by 33.8% from ` 33,993 Million in FY 2013-14 to
` 45,481 Million in FY 2014-15. Topline
growth was driven by 47.2% growth in
exports on back of robust Class 8 truck
demand in North America and strong
traction from the Oil & gas sector. Domestic
revenues grew by 16.0% primarily assisted
by recovery in Indian MHCV volumes.
Other operating income increased from
` 939 Million in FY 2013-14 to ` 1,374 Million in
FY 2014-15.
Expenditure
Raw Material as percentage of total income

decreased from 40.4% in FY 2013-14 to
38.3% in FY 2014-15 on account of favorable
product mix.
Manufacturing cost as % of total income
GHFUHDVHG IURP WR EHQHWLQJ
from reduction in Crude oil prices.
24
33.8%
81.8%
77.5%
79.8%
Manpower costs have also reduced, from

8.2%in FY 2013-14 to 7.3% in FY 2014-15
while other expenditure also decreased from
8.0% in FY 2013-14 to 7.7% in FY 2014-15.
EBITDA percentage showed a healthy
improvement of 440 bps rising from 25.4%
to 29.8%, a result of improved capacity
utilisation, favorable product mix and cost
HFLHQF\
Depreciation cost as a percentage of total
revenue declined from 7.2% in FY 2013-14
to 5.5% in FY 2014-15. This reduction is a
factor of our resolve to focus on sweating
our existing assets and asset light approach
to capital investment and new business
development. Also, during the year, the
Company has revised its depreciation policy
DQGUDWHV RQFHUWDLQ [HGDVVHWV DV SHU WKH
XVHIXO OLIH VSHFLHG LQ 6FKHGXOH RI WKH
Companies Act, 2013.
( ` Million)
Particulars
Debt
Equity
Cash
D/E
D/E (Net)
ROCE
RONW
FY15
17,974
34,957
10,468
0.51
0.21
22.7%
20.7%
FY14
19,943
26,933
10,222
0.74
0.36
16.0%
16.1%
The combination of improved capacity

utilisation, focusing on assets light model
and net debt free company has improved the
balance sheet ratios across the board.
As visible from the table, Debt/Equity on a
gross and net basis has reduced from 0.74 in
FY 2013-14 to 0.51 in FY 2014-15 and 0.36 in
FY 2013-14 to 0.21 in FY 2014-15, respectively.
440 bps
EXPANSION
IN EBITDA
MARGINS
Return ratios (ROCE & RONW) have improved

RQEDFNRIHHFWLYHFDSLWDOPDQDJHPHQWDQG
LPSURYHG SURWDELOLW\ 52&( KDV LQFUHDVHG
from 16.0% in FY 2013-14 to 22.7% in
FY 2014-15 while RONW has increased from
16.1% in FY 2013-14 to 20.7% in FY 2014-15.
During the year, the Company repaid

around ` 5,300 Million of debt including
` 4,070 Million high cost rupee debt resulting
in Interest cost as % of sales dipping
sharply from 4.4% in FY 2013-14 to 2.5% in
FY 2014-15.

25
5.2 Consolidated
( in ` Million)
Particulars
FY15
% Change
Within India
bb
bbb
1.2%
Outside India
bb
bbb
19.1%
Other Operating Income
bbbb
bbbbbbbbb
49.2%
Total Revenue
bb
bbb
13.5%
Raw Material
bbb
bbb
17.2%
Manufacturing Expenses
bb
bbb
13.6%
Manpower cost
bbbb
bbbbb
14.7%
Other Expenditure
bbbbb
bbbbb
6.9%
Project cost
bbbb
bbbbb
Total Expenditure
bb
bbb
8.2%
EBITDA
bb
bbb
43.2%
19.3%
15.3%
bbbb
bbbbb
1.5%
Interest
bbbb
bbbbb
-19.8%
Other Income
bbbb
bbbbb
23.5%
81.5%
EBITDA %
Depreciation
PBT
bb
bbbbb
Exchange Gain/(Loss)
bbbbb
bbbbbbbb
PBT
10,795.30
6,285.30
Exceptional Item
bbbbbbbb
bbbbb
PBT
bb
bbbbb
Taxation
bbbb
bbbbb
PAT
bbbb
bbbbb
6KDUHRISURWLQDVVRFLDWH
bbbbbbbbbbbbbbbbb
bbbbbbbbbbbbbbbbbb
Minority Interest
bbbbbbbb
bbbbbbbb
1HW3URW
bbbb
bbbbb
Loss from Disc ops
bbbbbbbb
bbbbb
1HW3URW
bbbb
bbbbb
Consolidated revenues increased 13.5% from

` 67,158 Million to ` 76,248 Million driven by
growth in standalone operations and revenue
generation from the Alstom JV executing the
NTPC order.
EBITDA of ` 14,751 Million in FY 2014-15
witnessed a 43.2% increase compared to FY
2013-14, a combination of improvement in
WKHVWDQGDORQHRSHUDWLRQVSURWDELOLW\DWWKH
(%7'$ OHYHO DQG (%7'$ OHYHO SURW RI WKH
Indian Subsidiaries in FY 2014-15 as against a
loss at the EBITDA level in FY 2013-14.
26
FY14
71.8%
53.3%
46.2%
46.0%
53.0%
(` Million)
Particulars
Debt
Equity
Cash
D/E
D/E (Net)
FY15
FY14
25,464
34,442
11,386
0.74
0.41
25,613
26,832
11,949
0.95
0.51
Innovation is at the heart of everything BFL

does. Our in-house R&D team has been
committed to work on various projects
including
developing
technologies
to
minimise carbon footprint and manufacture
light weight products that result in lower
energy consumption. Innovation is a
continuous on-going process in the Company
which has helped us explore new ideas
and deliver solutions for transformation
consistently. Innovation for new products is
being carried out by the Company not only
for products in the automotive space, but in
the non-automotive space as well.
Light Weighting Programmes

Reducing weight of the product without
compromising on the functional performance
is key need to reducing fuel consumption and
improving emission levels. BFL continues
to work with various customers to develop
various innovative light weighting design
concepts. BFLs expertise in sophisticated
simulation techniques, 3D printing helps in
VXFKGHYHORSPHQWHRUWV
BFL strongly believes that the next round

of growth will be propelled by creating
opportunities through innovation.
Bharat Forge has endeavoured to develop

fossil free technologies that aim at providing
greener technologies that its automotive
clientele can capitalise on.
Innovative application of latest technologies
has helped the Company develop critical
and high value added products for the
non-automotive sector. Today, BFL is an
indigenous supply source for some of these
products which were largely imported earlier.
Patents
$WRWDORISDWHQWDSSOLFDWLRQVZHUHOHGLQ
FY 2014-15 bringing the number of patents
OHG WLOO GDWH WR %)/ KDV EHHQ DOUHDG\
granted 2 while the remaining have been
submitted and awaiting examination. These
patents have largely been for process and
product improvements. In the coming year
as well, BFL has a healthy pipeline of patents
on which work is being carried out.
Knowledge Exchange
Various employee exchange programmes
are organised by the Companys subsidiaries
in order to facilitate pan-organisational
knowledge transfer and best practices
exchange. The experiences regarding various
challenges faced during the year and the
manner in which they were overcome, are
shared.
7. Human Resources Management
Training Programmes
In order to enhance engineering knowledge
in employees, BFL set a three-month, fulltime Engineering Development Programme
at Chakan, during the year. The programme
is based on the objectives of training nontechnical manpower, the basics of Modern
Engineering Terms, engineering drawing
reading and new 2D and 3D CAD techniques.
Till date, three batches comprising a cumulative
91 employees have undergone the training.
In time, all 300 employees will be given the
training. Employees who successfully complete
the programme will be transferred to new
project activities.
With innovation at its heart, BFL continues

its endeavour of venturing through
GLYHUVLFDWLRQ DQG PDQXIDFWXULQJ RI KLJK
quality products that drive change and
sustainability.
A TOTAL OF 7 PATENT
APPLICATIONS WERE
FILED IN FY 2014-15
BRINGING THE NUMBER
OF PATENTS FILED TILL
DATE TO 13.
Design improvements
BFL is involved with its clients throughout
the process - right from the initial stages of
product development to the time of product
delivery.
6. Innovation and Intellectual

Property Rights (IPR)
In order to enhance the technical skills of

engineers, a three-month, full-time Technical
Development Programme was initiated in
February 2015 across Chakan, Baramati and
3XQHIDFLOLWLHV7KHREMHFWLYHRWKHSURJUDPPH
is to impart holistic technical knowledge to
engineers in two main functional areas
27
THE COMPANY HAD

A TOTAL OF 4,709
PERMANENT EMPLOYEES
AS OF 31ST MARCH 2015
process engineering and product engineering

that would enable them to become fullygroomed technical process owners.
Various training programmes were also
carried out to nurture human capital and
in strengthening communication. Various
Programmes including development of
positive attitude towards working, personal
HHFWLYHQHVV PDQDJHULDO GHYHORSPHQW
creativity at work and home and so on, are
held in this regard.
HR facilitator initiative
In order to enhance HR development
activities, the HR Facilitators initiative has
been enriched as the Talent Management
Initiative. As a result, department Talent
Mangers are equipped to support talent
acquisition and development activities in
a holistic manner. The initiative, which has
now reached maturity, has been streamlined
across departments and aids in talent and
competency mapping activities.
Industrial Relations
Industrial Relations were very cordial at all
locations. A long-term settlement was signed
with recognised unions at the Mundhwa,
Satara, Chakan and Baramati locations. The
Mundhwa and Satara Wage Agreement was
signed for a period of three years, while
those at Baramati and Chakan were signed
for a period of four years.
Policy for female employees
There is a stringent policy in place, to address
issues pertaining to female employees at BFL.
With an aim to provide a safe environment
to female employees and ensure redressal
of their concerns regarding their safety
and dignity at workplace, various quarterly
meetings for all female employees are held.
8. Safety
+D]DUGGHQWLFDWLRQDQG5LVN
Assessment (HIRA)
A proactive measure to reduce accidents,
incidents and near misses. In HIRA, Potential
Hazards assessment is carried out in the
routine and non-routine activities. Hazards
DUH LGHQWLHG LQ DGYDQFH DQG QHFHVVDU\
control measures are implemented to
28
reduce the risk from the hazard of injuries,

ill health and damage to the environment.
:H FDUU\ RXW +D]DUG GHQWLFDWLRQ DQG
Risk Assessment as per the Croners
method recommended by the British Safety
Council, UK.
HIRA was carried out by the group
comprising of Line Managers, Shift Incharges, Maintenance managers, Safety Coordinators and Operators. HIRA is reviewed
whenever there is any change in process,
HTXLSPHQWHWF%DVHGRQWKH+5$QGLQJV
all concerned people have been trained.
This is one of the reference document for
setting our departmental objectives and safe
operating procedures.
On the Job Training (OJT)
After completion of Safety Induction and
STEP programme the respective Line
Managers/Shift In-Charges conduct OJT and
maintain record.
Safety Trainings
Training Need Analysis/Skill Matrix is
prepared to identify the skill and competency
levels of the employees and based on that
Training Calendar is prepared for the year
and training is imparted as per the plan.
In 2015, 26 topics were covered which
are relevant to our operations. We have
also developed Modules for training our
employees and we conducted batches at
KCTI for Line Managers.
Tool Box Talk (TBT)
TBT is carried out on weekly basis in each
section by Shift In-charges and Operators
on the topics which are relevant to their
area of operations. Compliance to TBT is
included in the departmental HSE objectives
and respective HODs send the reports on
monthly basis to safety department.
Emergency Preparedness Drills
We conduct drills in all the shifts once in a
PRQWK IRU GLHUHQW VFHQDULRV LQFOXGLQJ )LUH
and Explosion, LPG Leak, Food Poisoning,
Release of acetylene gas from cylinders,
Electrical Short Circuit and Fire, Blackout Drill
& Natural Calamities
5. Tool Box Talk conducted by the Contractors

Supervisors / Workmen.
6. Importance of PPE.
7. Near Miss Reporting.
8. Competency requirement to perform the
assigned Contract Work.
Safety Audit
We carry out External Safety Audit once in
two years as per the statute and Internal
Safety Audit once in a year through our
WUDLQHG$XGLWRUV7KHQGLQJVDUHGLVFXVVHG
in monthly Departmental Safety Committee
Meetings for CAPA. External Audit was
FDUULHGRXWLQ$SULO0D\6SHFLF$XGLWV
are also carried out which are in addition to
Comprehensive Internal Safety Audit.
HSE Objectives
Every month the HODs are required
to complete 10 Objectives and report
compliance to the Safety Department. The
Department-wise objectives are discussed
in MIS chaired by Chairman & Managing
Director. The Target for attaining the
HSE Objectives is 90% which is upgraded
periodically.
1.
2.
3.
4.
Lesson learnt from Accident and Incidents.

Safe Operating Procedures.
Work Permit Systems.
Importance of Good Housekeeping.
Behavioural Based Safety (BBS)

Programme
:H KDYH FRQVWLWXWHG D WHDP RI 2FHUV
who have been appointed as BBS Observers
and they are required to make observations
in the area of Safe Behaviours and At Risk
%HKDYLRXUV DQG UHSRUW WKH QGLQJV WR WKHLU
respective HODs for any actions or remedial
measures required. We had set a target of
having 90% safe behaviours and improve
it progressively. We believe in Safety and
Welfare of our Employees and value them.
Since employees are our valuable assets
we incorporate advanced techniques like
BBS to improve the behavioural aspects
of our employees and also enhance their
competency by organising innovative training
workshops and welfare measures.
Saturday Safety Session

Every Saturday we conduct meeting with
all Contractors Supervisors in which the
following Health and Safety Issues are
discussed:
The participation from the supervisors is very

encouraging and these meetings are very
HHFWLYH LQ WHUPV RI FRPPXQLFDWLRQ ZLWK
contract employees.
Statutory Inspections
We also carry out Statutory Inspections
and Examination of Lifting Tackles, Lifting
Machines, Hoist & Lifts, Pressure Plants and
LPG Installations through Competent Person.
Inspection of Shot Blasting chambers are
carried out by our maintenance team.
Shop Round
Annual plan for Shop Round is prepared and
they are carried out according to the plan by
Safety Department. Shop round observations
are communicated to respective department
HODs for Corrective and Preventive Actions
(CAPA). The CAPA is monitored as soon as the
Safety Department receives the compliance
report and the same is discussed in the
monthly Departmental Safety Committee
Meetings.
29
Accident Record
As a result of the above activities the accidents are on the downward trend year after year
which is evidenced from the graph below.
BFL - Frequency Rate 2004 - 2014
8
6
5.79
4.07
3.78
1.91
1.67
2
0
2004
2005
2006
2007
2008
9. Corporate Social Responsibility
Much before it was made mandatory through

legislation under Section 135 in the Company
Act 2013; Bharat Forge believed in giving
back to the society and has implemented a
number of projects for the betterment of the
stakeholders and the society at large.
Promotion of education, skills development,
environmental
sustainability,
women
empowerment, sanitation of schools,
development of children in the society
and promotion of sports are our core
areas of CSR. We involve stakeholders in
our journey of social development. Our
employees actively participate by imparting
their professional inputs, time and energy
for various social institutes like old age
homes, orphanages, schools, and also for
environmental cleanliness and preservation
of historical places. We have partnered with
NGOs like Pratham for social development
projects like informal education for the
underprivileged children. With the changing
times we have now refocused our objectives
and the activities in the areas of community
development where focus will be on women
empowerment. BFL has developed relations
with NGOs, other social organisations, and
government bodies to achieve the target that
we have set.
30
1.99
2009
1.47
2010
1.36
2011
0.96
2012
0.54
0.62
2013
2014
BFLs CSR activities is focused on the

following areas of social development:
Primary, secondary and tertiary education;
Skills development and vocational training;
Health & hygiene, sustainability,
environment and ecological protection;
Character building by opportunities in
sports and cultural activities.
We believe our initiatives in these areas
FRQWULEXWHVLJQLFDQWO\WRWKHRYHUDOOZHOIDUH
RI WKH FRPPXQLW\ DQG PDNH D GLHUHQFH LQ
their lives.
Objective
Bharat Forge is proud of being a socially
responsible corporate. We would like to
further scale-up our CSR activities through
the initiatives aimed at improving the lives of
economically deprived children, women and
senior citizens. We propose to empower them
WR HHFWLYHO\ SDUWLFLSDWH LQ XQIROGLQJ VRFLDO
and economic opportunities so that they
can be an integral part of the mainstream of
growth and development.
We would strive to achieve total inclusiveness
by encouraging people from all sections of
the community irrespective of caste, creed
RUUHOLJLRQWREHQHWIURPRXU&65LQLWLDWLYHV
which would also be focused around
UNDERPRIVILEGED
CHILDREN
EDUCATED
Classroom activity under CSR
communities that reside in the proximity

of our companys various manufacturing
locations in the country.
Pratham Pune Education Foundation BFL

KDV WDNHQ JUHDW HRUWV LQ SURYLGLQJ TXDOLW\
education to the underprivileged children
of the society through this Foundation, a
non-governmental organisation providing
informal education to 20,413 children of the
society. In association with Jnana Prabodhini,
we have started fast track programme

3UDGQ\D 9LNDV DQG KDYH LGHQWLHG DQG
selected 55 children. Currently they are
undergoing training for various skills and
creativity sessions.
Mission SOS & Promotion of Education
Adoption of Schools & Mission SOS As part
of its CSR programme, BFL has pledged to
support the Prime Ministers Swachh Bharat
Abhiyan by adopting government schools
in Maharashtra and facilitating construction
and maintenance of toilets. BFL has adopted
Rajrshi Shahu Maharaj Primary School at
Mundhwa, Mahatma Phule High School at
Hadapsar, ZP Primary School at Keshavnagar
(Bhoivasti) and at Baramati (Vanjarwadi).
BFL supports these schools by imparting
quality education as well as constructing and
ensuring functioning of sanitation for 2,968
children.
Promotion of Education
The Kalyani School BFL is supporting the
Kalyani School with the vision to provide
a harmonious, stimulating environment
which inspires all to strive for excellence and
emerge as responsible citizens.
Spread across 9.5 acres of land, the K-12
co-ed, CBSE English Medium School is
located in Manjri (Budruk) close to Keshav
Nagar. The School provides the children
with an atmosphere and ambience that is
best suited for their all-round growth and
development.
By restricting class strength to 30,
individual and personalised attention is
guaranteed, with a whole school teacherstudent ratio of 1:10.
Total number of Admissions: 202 and
WRWDOQXPEHURI6FKRRO6WD
20,413
Mission Sanitation of Schools: Swachh

Vidhyalaya Bharat Forge has started
a Clean & Green School competition at
Rajrshi Shahu Maharaj School. The Swachh
Sundar Shala (under Swachh Vidhyalaya) is
a concept developed to make the children
realise the importance of cleanliness and
develop habits aimed at maintaining a
clean and green premises, environment and
31
classrooms. We have also formed school

sanitation committee for smooth execution
and implementation of this concept. We have
conducted Cleanliness Awareness sessions
for the students, teachers and parents.
Environment sustainability/Waste to
resource
BFL has undertaken a Swachh Sunder
Keshavnagar Abhiyan in order to maintain
cleanliness in and around schools in
Keshavnagar. A large-scale rally was
organised to promote this. The involvement
of local establishment, mobilisation of
GLHUHQW JURXSV DQG UHVRXUFHV LQ WKH
FRPPXQLW\ EHDXWLFDWLRQ RI VSRWV SXEOLF
awareness were the initiatives taken. In
addition, six committees were formed
consisting of local bodies, teachers, senior
citizens and active SHG members. In all,
around 3,500 community people were
involved. Waste management trainings and
awareness sessions were also imparted to
585 people from the community with the
association of INORA Organisation.
Khelghar
32
Water Conservation
Bharat Forge is actively involved in the Jalyukta
Shivar Abhiyaan project in coordination
ZLWK&KLHI0LQLVWHUV2FH0DKDUDVKWUDIRU
Drought Free Maharashtra By 2019 campaign
at Kanhersar village of Khed Block and at
Kalewadi village in Purandhar block in Pune.
We have started water related works like
Repairs, Renovation and Restoration (RRR)
of percolation tanks/minor irrigation tanks,
widening and deepening of nala bunds.
Skills Development & Employability
To strengthen the vocational training
system in the country and bring it closer
to the industrys requirement, BFL
KDYH PDGH HRUWV DQG KDYH VWDUWHG 7
Khed and also adopted the Bhor and
Malegaon ITIs for up-gradation. It is
under the Public Private Participation
scheme. We have imparted vocational
training to 581 students of ITI Khed.
Various soft and technical skills
trainings are imparted to students and
instructors.
We will be starting the communication
lab at ITI Khed.
Sponsorship for Sports & Education

Bharat Forge supports LAKSHYA, a nonSURW 6SRUWV 2UJDQLVDWLRQ ZKLFK VLQFH
its inception in 2010, works towards
identifying and nurturing budding talent
in sports. The sponsorship has helped
six players (four in tennis, one boxer, one
chess) to train overseas, and take part in
events within the country and overseas.
%)/LVVXSSRUWLQJDQGDOVRPHQWRULQJYH
girls of Vidhyarthi Sahayak Samittee,
Pune and two students from CIIs FAEA.
These girls belongs to poor and rural
backgrounds.
50
Most Caring Companies of India
50
Most Talented CSR Leaders, awarded

to Leena Deshpande, Associate Vice
President, HR & Head CSR
Bharat Forge supports 108 Nanhi Kalis

from the K. C. Mahindra Education Trust
to provide access to quality education
and material support.
Departmental CSR Initiatives
A unique inter-departmental initiative started
at Bharat Forge with the aim of giving back
WR WKH VRFLHW\ ZKHUHLQ HRUWV ZHUH WDNHQ
across departments to serve the needy.
In a structured way, every department of
%)/ KDV WDNHQ XS D VSHFLHG DFWLYLW\ DFURVV
education, enhancing vocational skills,
health and hygiene, empowerment of
women and environmental sustainability.
Thus, CSR activities have become integral to
WKHZRUNSUROHRIRXUHPSOR\HHV6RPHRI
these activities focus on cleaning forts, taking
care of Senior citizens and underprivileged
children, environment, involvement in blood
donation camps, women empowerment.
Each department in the Company has
adopted an institution around Pune and visit
the institutions regularly.
Conducted health checkup (dental, BP,

ENT, overall health) camps, awareness
and follow-up sessions for 5,095 women,
children and senior citizens.
Bharat Forge won prestigious awards

at the World CSR Congress including:
For women empowerment, BFL runs

three Community Development Centres in
Mundhwa, Hadapsar and Vadagon Sheri.
7KHEHQHFLDULHVDUHZRPHQ9RFDWLRQDO
training and income generating activities
for women like providing stitched uniforms
and hand gloves for BFLs requirement,
art and craft training and in food products.
Personality Development Programmes. BFL
has formed 11 SHGs and three health clubs
in the community centres.
Started Khelghar at Mundhwa and
Kharadi with an objective to develop
creativity and skill enhancement
programmes,
career-orientated
directions and awareness building for
146 community children.
Conducted Sanskar Varg for 40 children
from deprived communities to develop
good habits, learning capacities and
overall development of their personality.
Community Development Programmes

BFLs
initiatives
under
community
development covers women empowerment,
health and hygiene and cleanliness
awareness drives.
33
10. Outlook
Outlook on the economy

The pro-growth economic reforms directed
towards ease of doing business and
enhanced transparency emphasises the
intention in unlocking economic potential.
The IMF forecasts India GDP to grow at 7.5%
in FY 2015-16.
The policy initiatives to address structural
ERWWOHQHFNV IRFXV RQ UHGXFLQJ LQDWLRQ
LPSURYHGVFDODQGFXUUHQWGHFLWQXPEHUV
and policy decision taken by government
such as reallocation of coal mines and FDI
in insurance and defence has lent a robust
outlook for the Indian economy.
Investing in R&D and Innovation
The Company has always stressed on the
importance of R&D for future growth. The
Company is adding to its capabilities in KCTI

which will help it to work on new materials
and new additive manufacturing processes.
The Company is preparing to keep itself
ahead of the curve with respect to the new
technologies that are coming up and at
the same time develop new products and
processes for the customers in both the auto
and the industrial space.
11. Risk Management
BFLs risk management policies are formulated

in such a way that the Company can
respond swiftly to the risks and implement
necessary mitigation activities. A prudent risk
management framework has been developed,
such that cautious approach is undertaken to
identify and analyse internal and external risks
and minimise its impact on operations.
Geographic Risk/ Industry Risk

Nature of risk
BFL earns around 60% of its revenues from the export markets and more than 50% from the
auto sector
Risk Mitigation strategies
The Company is constantly developing new products, entering new segments and adding
QHZFXVWRPHUV7KHFRPSDQ\LVDOVRHQKDQFLQJLWVSURGXFWSRUWIROLRWRLQFUHDVHLWVRHULQJ
in the industrial sector.
Inputs Price Volatility Risk

Nature of risk
Availability and volatility in the price of raw material costs (steel, energy and freight) in the past
few years.
BFL has raw material pass-through clauses in most of the contracts, to protect itself from
commodity volatility. Also the presence of the steel supplier close to the factory makes
it possible to acquire the raw materials in the shortest possible time. Increase in energy
FRVWVDUHPLWLJDWHGE\UHSODFLQJWKHH[LVWLQJPDFKLQHVE\PRUHSRZHUHFLHQWPDFKLQHV
and developing better processes.
34
Foreign Currency Risk
Nature of risk
:LWKVLJQLFDQWUHYHQXHVFRPLQJIURPWKHH[SRUWV%)/LVDOZD\VH[SRVHGWRJOREDOFXUUHQF\
XFWXDWLRQV
BFL has followed a consistent policy of booking simple forwards on a rolling basis to protect
its export realisation.
Human Resource Risk

Nature of risk
Losing out an skilled human resource to competition
%)/KDVDQHHFWLYHDQGXQLTXH+5SROLF\ZKLFKEHOLHYHVLQLPSURYLQJWKHVNLOOVHWVRIWKH
employees with degrees from renowned institutes. This also creates a talent pipeline to
address future growth requirement.
Financial Risk
Nature of risk
QFUHDVHGLQWHUHVWUDWHVOHDGLQJWRLQFUHDVHLQWKHLQWHUHVWSD\PHQWRXWRZ

%)/LVUHGXFLQJWKHGHEWRQLWVERRNVE\UHSD\LQJWKHKLJKLQWHUHVWUXSHHWHUPORDQVUVWDQG
then the foreign currency loans gradually. This will help to reduce the impact of the interest
rate changes on the interest payments and consequently on the bottomline.
BFL awarded Private Company of the Year for Best Risk Management Framework and System
35
12. Internal Systems And Their

Adequacy
Bharat Forge has a proper and adequate

internal control system in place to safeguard
assets and protect against loss from any
unauthorised use or disposition. The system
authorises, records and reports transactions
and ensures recorded data are reliable to
SUHSDUHQDQFLDOLQIRUPDWLRQDQGWRPDLQWDLQ
accountability of assets. The Companys
internal controls are supplemented by an
extensive programme of internal audits,
review by management and documented
policies, guidelines and procedures.
13. Threats And Opportunities
Threats
The industry in India is confronted with
increase in the input costs such as rising
raw material prices of engineering grade
steel and high price of power.
Due to increasing competition and the
presence of global players, the ability to
attract and retain managerial talent and
the availability of skilled and unskilled
manpower is becoming a key issue.
Improving the quality of manpower is
also an issue for the industry.
36
Increasing globalisation of markets

VLJQLHV SRWHQWLDO FRPSHWLWLRQ IURP
forging capabilities that can emerge
from players in other developed and
developing countries. Hence, R&D costs
have to be increased substantially to
make technically advanced products that
FUHDWH D GLHUHQWLDWLQJ IDFWRU IURP WKH
competition.
The capacities created on the forging
side have to be utilised optimally to be
cost competitive in an increasing price
sensitive market.
Existing competitive materials (metal
matrix composites, ceramics, and
plastics); existing competitive processes
(powder metallurgy, casting, stamping,
fabricating) and emerging technologies,
such as semi-solid forming and additive
PDQXIDFWXULQJ ' SULQWLQJ PD\ QG
increased application in the processing of
metals.
The necessity to develop technologies
that adhere to the environmental norms
and the use of a metal forging processing
V\VWHPWKDWUHGXFHWKHHHFWVRISROOXWLRQ
on infrastructure and related sectors.

This will provide a huge opportunity for
the industrial products.
Opportunities
In terms of industry trends, there is
DQ LQFUHDVLQJ GHPDQG IRU UHDG\WRW
components/sub-assemblies as well as
a growing demand for precision forging
components (near net shape forging)
mainly due to reducing cost along the
production chain.
In addition, the governments emphasis

on import substitution to reduce
the import bill opens up sectors like
railways and defence and it augurs well
for the domestic Indian manufacturing
companies.
The Make in India initiative of the

government coupled with the interest rate
reduction cycle is expected to bring an
economic revival and increase spending
14. Cautionary Statement
Statements in this Management Discussion

and Analysis describing the Companys
objectives, projections, estimates and
expectations may be forward looking
statements within the meaning of applicable
laws and regulations. Actual results might
GLHU VXEVWDQWLDOO\ RU PDWHULDOO\ IURP
those expressed or implied. Important
GHYHORSPHQWV WKDW FRXOG DHFW WKH
Companys operations include a downtrend
in the forging industry global or domestic
RU ERWK VLJQLFDQW FKDQJHV LQ SROLWLFDO
and economic environment in India or key
markets abroad, tax laws, litigation, labour
UHODWLRQVH[FKDQJHUDWHXFWXDWLRQVLQWHUHVW
and other costs.
The Indian automobile market has gained

a lot of focus from the past couple of
years from many global players who have
started utilising India as a manufacturing
KXE QGLD KROGV VLJQLFDQW DGYDQWDJH
because of its low cost manufacturing
and hence many OEMs are setting up
VKRS KHUH 7KLV RSHQV XS D VLJQLFDQW
opportunity for auto component makers
to cater to the domestic and export
markets.
has become essential. Hence, it is critical

WR FUHDWH D IXQFWLRQDOO\ HHFWLYH DQG DQ
DRUGDEOHSURFHVV
37
Report on Corporate Governance
REPORT ON CORPORATE GOVERNANCE
CORPORATE GOVERNANCE PHILOSOPHY

BHARAT FORGE BELIEVES THAT IT IS IMPERATIVE AND NON-NEGOTIABLE FOR A WORLD
CLASS COMPANY TO ADOPT TRANSPARENT ACCOUNTING POLICIES, APPROPRIATE
DISCLOSURE NORMS, BEST-IN-CLASS BOARD PRACTICES AND CONSISTENT HIGH STANDARDS
OF CORPORATE CONDUCT TOWARDS ITS STAKEHOLDERS.
Bharat Forge has consistently aimed at developing and internalising such policies and
implementing best-in-class actions that make it a good model of corporate governance. To that
HHFW%KDUDW)RUJHKDVDGRSWHGSUDFWLFHVPDQGDWHGLQ&ODXVHRIWKH/LVWLQJ$JUHHPHQWDQG
has established procedures and systems to be fully compliant with it. The procedure and systems
DUHUHYLHZHGSHULRGLFDOO\WRHQVXUHWKHLUFRQWLQXHGUHOHYDQFHHHFWLYHQHVVDQGUHVSRQVLYHQHVV
to the needs of our Shareholders.
7KH&RPSDQ\LVLQFRPSOLDQFHZLWKWKHUHTXLUHPHQWVVWLSXODWHGXQGHU&ODXVHRIWKH/LVWLQJ
$JUHHPHQWV HQWHUHG LQWR ZLWK WKH 6WRFN ([FKDQJHV ZLWK UHJDUG WR WKH FRUSRUDWH JRYHUQDQFH
DSSOLFDEOHIRUWKH\HDU
BOARD OF DIRECTORS
Composition of the Board
7KH&RPSDQ\VSROLF\LVWRPDLQWDLQDQRSWLPXPFRPELQDWLRQRI([HFXWLYHDQG1RQ([HFXWLYH
'LUHFWRUV$VRQ0DUFK%KDUDW)RUJHV%RDUGFRPSULVHVRIIRXUWHHQ'LUHFWRUV7KH
%RDUGFRQVLVWVRIWKHVL[([HFXWLYH'LUHFWRUVLQFOXGLQJ&KDLUPDQDQG0DQDJLQJ'LUHFWRUZKR
LVDSURPRWHU'LUHFWRUDQGHLJKW1RQH[HFXWLYH'LUHFWRUVVHYHQRIZKRPDUHQGHSHQGHQW
7KHFRPSRVLWLRQRIWKH%RDUGLVLQFRQIRUPLW\ZLWK&ODXVHRIWKH/LVWLQJ$JUHHPHQWVZLWKWKH
VWRFNH[FKDQJHV'HWDLOVRIWKHFRPSRVLWLRQRIWKH%RDUGRI'LUHFWRUVHWFDUHJLYHQLQTable 1.
Number of Board Meetings
QWKH%RDUGRIWKH&RPSDQ\PHWIRXUWLPHVRQ0D\-XO\1RYHPEHU
DQG)HEUXDU\7KHPD[LPXPJDSEHWZHHQDQ\WZR%RDUG0HHWLQJVZDV
GD\VDQGWKHPLQLPXPJDSZDVGD\V
Directors Attendance Record and Directorships
7KHQDPHVDQGFDWHJRULHVRIWKH'LUHFWRUVRQWKH%RDUGWKHLUDWWHQGDQFHDW%RDUG0HHWLQJVKHOG
GXULQJWKH\HDUWKHODVW$QQXDO*HQHUDO0HHWLQJ$*0KHOGRQ6HSWHPEHUDQG
WKHQXPEHURI'LUHFWRUVKLSV &RPPLWWHH&KDLUPDQVKLSV0HPEHUVKLSVKHOGE\WKHPLQRWKHU
QGLDQSXEOLFOLPLWHGFRPSDQLHVDVRQ0DUFKDUHJLYHQKHUHLQEHORZ
38
Name of the Director
Category
Attendance Particulars
Number of Board
Meetings
No. of Directorships and Committee Memberships /

Chairmanships in Indian Companies as on March 31,
2015****
Last
AGM
Number of
Directorship(s)
held in Indian
Companies****
Committee
Memberships
held in Indian
Public Ltd.
Companies
Committee
Chairmanships
held in Indian
Public Ltd.
Companies
([HFXWLYH
Yes
12
0U607KDNRUH
QGHSHQGHQW
Yes
0U3*3DZDU
QGHSHQGHQW
Yes

1RQ([HFXWLYH
1R
1/
1/
1/
0UV/DOLWD'*XSWH
QGHSHQGHQW
Yes
0U3+5DYLNXPDU
QGHSHQGHQW
Yes
12
0U$ODQ6SHQFHU
QGHSHQGHQW
1$
1$
1$
1$
0U1DUHVK1DUDG
QGHSHQGHQW
Yes
1/
'U70XNKHUMHH
QGHSHQGHQW
Yes
1/
0U9LPDO%KDQGDUL
QGHSHQGHQW
Yes
1RQ([HFXWLYH
1R
1$
1$
1$
0U*.$JDUZDO
([HFXWLYH
Yes
1/
1/
1/
0U$PLW%.DO\DQL
([HFXWLYH
Yes

1/
0U%3.DO\DQL
([HFXWLYH
Yes
1/
1/
1/
0U6(7DQGDOH
([HFXWLYH
Yes
1/
1/
0U.06DOHWRUH
([HFXWLYH
1$
1/
1/
0U%1.DO\DQL
&KDLUPDQDQG0DQDJLQJ
'LUHFWRU
0U3&%KDOHUDR
0U6XQLO.&KDWXUYHGL
&
HDVHGWREHD'LUHFWRUZLWKHHFWIURP0D\
&HDVHGWREHD'LUHFWRUZLWKHHFWIURP0DUFK
0U . 0 6DOHWRUH KDV MRLQHG WKH &RPSDQ\ DV *URXS &KLHI )LQDQFLDO 2FHU IURP 1RYHPEHU DQG
DGGLWLRQDOO\JRWDSSRLQWHGDV&KLHI)LQDQFLDO2FHU&)2RIWKH&RPSDQ\IURP$XJXVW2Q)HEUXDU\
0U6DOHWRUHZDVDSSRLQWHGDV([HFXWLYH'LUHFWRU &)2RIWKH&RPSDQ\
2WKHUGLUHFWRUVKLSVGRQRWLQFOXGHIRUHLJQFRPSDQLHVQDFFRUGDQFHZLWK&ODXVHRIWKH/LVWLQJ$JUHHPHQW
0HPEHUVKLSV&KDLUPDQVKLSV RI RQO\ WKH $XGLW &RPPLWWHH DQG 6WDNHKROGHUV 5HODWLRQVKLS &RPPLWWHH LQ DOO
QGLDQ3XEOLF/LPLWHG&RPSDQLHVKDYHEHHQFRQVLGHUHG
39
Attended
Held
Table 1: Composition of the Board of Directors etc. for the year 2014-15
Independent Directors
LV D &KLHI ([HFXWLYH RU GLUHFWRU E\ ZKDWHYHU

QDPH FDOOHG RI DQ\ QRQSURW RUJDQLVDWLRQ
WKDW UHFHLYHV WZHQW\YH SHUFHQW RU PRUH
RI LWV UHFHLSWV IURP WKH &RPSDQ\ DQ\ RI LWV
SURPRWHUVGLUHFWRUVRULWVKROGLQJVXEVLGLDU\RU
associate company or that holds two percent or
PRUHRIWKHWRWDOYRWLQJSRZHURIWKH&RPSDQ\
LV D PDWHULDO VXSSOLHU VHUYLFH SURYLGHU RU

FXVWRPHURUDOHVVRURUOHVVHHRIWKH&RPSDQ\
$VPDQGDWHGE\&ODXVHRIWKH/LVWLQJ$JUHHPHQWDQG
WKH&RPSDQLHV$FWWKHQGHSHQGHQW'LUHFWRUVRQ
%KDUDW)RUJH/LPLWHGV%RDUG
are person of integrity and possesses relevant

H[SHUWLVHDQGH[SHULHQFH
L D
UH QRW D SURPRWHU RI WKH &RPSDQ\ RU LWV
KROGLQJVXEVLGLDU\RUDVVRFLDWHFRPSDQ\
LL D
UHQRWUHODWHGWRSURPRWHUVRUGLUHFWRUVLQWKH
&RPSDQ\ LWV KROGLQJ VXEVLGLDU\ RU DVVRFLDWH
FRPSDQ\
D
SDUW IURP UHFHLYLQJ GLUHFWRUV UHPXQHUDWLRQ KDV
or had no material pecuniary relationship with
WKH &RPSDQ\ LWV KROGLQJ VXEVLGLDU\ RU DVVRFLDWH
FRPSDQ\ RU WKHLU SURPRWHUV RU GLUHFWRUV GXULQJ
WKH WZR LPPHGLDWHO\ SUHFHGLQJ QDQFLDO \HDUV RU
GXULQJWKHFXUUHQWQDQFLDO\HDU
40
$PRQJ RWKHUV LQIRUPDWLRQ VXSSOLHG WR WKH %RDUG

LQFOXGHV
&
DSLWDOEXGJHWVDQGDQ\XSGDWHVWKHUHRI
4
XDUWHUO\ UHVXOWV IRU WKH &RPSDQ\ DQG EXVLQHVV
VHJPHQWV
0
LQXWHV RI WKH PHHWLQJV RI WKH $XGLW &RPPLWWHH
RWKHU &RPPLWWHHV RI WKH %RDUG DQG PLQXWHV RI
PHHWLQJVRI6XEVLGLDU\&RPSDQLHV
The information on recruitment and remuneration

RI VHQLRU RFHUV MXVW EHORZ WKH OHYHO RI %RDUG
LQFOXGLQJ WKH DSSRLQWPHQW RU UHPRYDO RI &KLHI
)LQDQFLDO2FHUDQG&RPSDQ\6HFUHWDU\
6
KRZ FDXVH GHPDQG SURVHFXWLRQ QRWLFHV DQG
SHQDOW\QRWLFHVZKLFKDUHPDWHULDOO\LPSRUWDQW
)
DWDO RU VHULRXV DFFLGHQWV GDQJHURXV RFFXUUHQFHV
DQ\PDWHULDOHXHQWRUSROOXWLRQSUREOHPV
$
Q\ PDWHULDO GHIDXOW LQ QDQFLDO REOLJDWLRQV WR DQG
E\ WKH &RPSDQ\ RU VXEVWDQWLDO QRQSD\PHQW IRU
JRRGVVROGE\WKH&RPSDQ\
$
Q\LVVXHZKLFKLQYROYHVSRVVLEOHSXEOLFRUSURGXFW
OLDELOLW\ FODLPV RI VXEVWDQWLDO QDWXUH LQFOXGLQJ
DQ\ MXGJHPHQW RU RUGHU ZKLFK PD\ KDYH SDVVHG
VWULFWXUHVRQWKHFRQGXFWRIWKH&RPSDQ\RUWDNHQ
an adverse view regarding another enterprise that
FDQKDYHQHJDWLYHLPSOLFDWLRQVRQWKH&RPSDQ\
0
DNLQJRIORDQVDQGLQYHVWPHQWRIVXUSOXVIXQGV
E D
Q\ OHJDO RU D FRQVXOWLQJ UP WKDW KDV RU
KDGDQ\WUDQVDFWLRQZLWKWKH&RPSDQ\LWV
KROGLQJVXEVLGLDU\RUDVVRFLDWHFRPSDQ\
amounting to ten percent or more of the
gross turnover of suchUP
*
HQHUDOQRWLFHVRILQWHUHVWVRI'LUHFWRUV
&
RQVWLWXWLRQ5HFRQVWLWXWLRQRI%RDUG&RPPLWWHHV
$
SSRLQWPHQW UHPXQHUDWLRQ DQG UHVLJQDWLRQ RI
'LUHFWRUV
holds together with his relatives two percent or

PRUHRIWKHWRWDOYRWLQJSRZHURIWKH&RPSDQ\
or
'
LYLGHQGGHFODUDWLRQ
holds or has held the position of a key managerial

personnel or is or has been employee of the
&RPSDQ\RULWVKROGLQJVXEVLGLDU\RUDVVRFLDWH
FRPSDQ\ LQ DQ\ RI WKH WKUHH QDQFLDO \HDUV
LPPHGLDWHO\ SUHFHGLQJ WKH QDQFLDO \HDU LQ
ZKLFKKHLVSURSRVHGWREHDSSRLQWHG
is or has been an employee or proprietor or

D SDUWQHU LQ DQ\ RI WKH WKUHH QDQFLDO \HDUV
LPPHGLDWHO\ SUHFHGLQJ WKH QDQFLDO \HDU LQ
ZKLFKKHLVSURSRVHGWREHDSSRLQWHGRI
D D
UPRIDXGLWRUVRUFRPSDQ\VHFUHWDULHV
LQSUDFWLFHRUFRVWDXGLWRUVRIWKH&RPSDQ\
RU LWV KROGLQJ VXEVLGLDU\ RU DVVRFLDWH
FRPSDQ\RU
Information Supplied to the Board
$
QQXDO RSHUDWLQJ SODQV RI EXVLQHVVHV DQG EXGJHWV
DQGDQ\XSGDWHVWKHUHRI
Z
KRQHLWKHUKLPVHOIQRUDQ\RIKLVUHODWLYHV
are not less than 21 years of age.
none of whose relatives has or had pecuniary

UHODWLRQVKLS RU WUDQVDFWLRQ ZLWK WKH &RPSDQ\ LWV
KROGLQJ VXEVLGLDU\ RU DVVRFLDWH FRPSDQ\ RU WKHLU
SURPRWHUV RU GLUHFWRUV DPRXQWLQJ WR WZR SHU
cent or more of its gross turnover or total income
RU IW\ ODNK UXSHHV RU VXFK KLJKHU DPRXQW DV PD\
EH SUHVFULEHG ZKLFKHYHU LV ORZHU GXULQJ WKH WZR
LPPHGLDWHO\SUHFHGLQJQDQFLDO\HDUVRUGXULQJWKH
FXUUHQWQDQFLDO\HDU
6
LJQLFDQW FKDQJHV LQ DFFRXQWLQJ SROLFLHV DQG
LQWHUQDOFRQWUROV
'
HWDLOV RI DQ\ MRLQW YHQWXUH RU FROODERUDWLRQ
DJUHHPHQWV
Transactions that involve substantial payment

WRZDUGV JRRGZLOO EUDQG HTXLW\ RU LQWHOOHFWXDO
SURSHUW\
6
LJQLFDQW ODERXU SUREOHPV DQG WKHLU SURSRVHG
VROXWLRQV DQ\ VLJQLFDQW GHYHORSPHQW RQ KXPDQ
UHVRXUFHV LQGXVWULDO UHODWLRQV IURQW OLNH VLJQLQJ
RI ZDJH DJUHHPHQW LPSOHPHQWDWLRQ RI YROXQWDU\
UHWLUHPHQWVFKHPHHWF
6
DOHRIPDWHULDOQDWXUHRILQYHVWPHQWVVXEVLGLDULHV
assets which are not in the normal course of
EXVLQHVV
4
XDUWHUO\GHWDLOVRIIRUHLJQH[FKDQJHH[SRVXUHVDQG
the steps taken by management to limit the risks of
DGYHUVHH[FKDQJHUDWHPRYHPHQWLIPDWHULDO
1
RQFRPSOLDQFHRIDQ\UHJXODWRU\VWDWXWRU\QDWXUH
RU OLVWLQJ UHTXLUHPHQWV DQG VKDUHKROGHUV VHUYLFH
VXFK DV QRQSD\PHQW RI GLYLGHQG GHOD\ LQ VKDUH
WUDQVIHULIDQ\DQGRWKHUV
'
HFODUDWLRQRIQGHSHQGHQW'LUHFWRUVDWWKHWLPHRI
DSSRLQWPHQWDQQXDOO\
7
DNHRYHURID&RPSDQ\RUDFTXLVLWLRQRIDFRQWUROOLQJ
RIDVXEVWDQWLDOVWDNHLQDQRWKHU&RPSDQ\
$
SSRLQWPHQW RI DQG [LQJ RI UHPXQHUDWLRQ RI WKH
$XGLWRUVDVUHFRPPHQGHGE\WKH$XGLW&RPPLWWHH
$
QQXDO QDQFLDO UHVXOWV RI WKH &RPSDQ\ $XGLWRUV
5HSRUWDQGWKH5HSRUWRIWKH%RDUGRI'LUHFWRUVDQG
&
RPSOLDQFH&HUWLFDWHVIRUDOOWKHODZVDVDSSOLFDEOH
WRWKH&RPSDQ\
7KH %RDUG RI 'LUHFWRUV RI %KDUDW )RUJH /LPLWHG LV

SUHVHQWHG ZLWK GHWDLOHG QRWHV DORQJ ZLWK WKH DJHQGD
SDSHUV ZHOO LQ DGYDQFH RI WKH PHHWLQJ $OO PDWHULDO
information is incorporated in the agenda for facilitating
meaningful and focused discussions at the meeting.
Where it is not practical to attach any document to the
DJHQGD WKH VDPH LV WDEOHG EHIRUH WKH PHHWLQJ ZLWK
WKH VSHFLF UHIHUHQFH WR WKLV HHFW LQ WKH DJHQGD Q
VSHFLDO DQG H[FHSWLRQDO FLUFXPVWDQFHV DGGLWLRQDO RU
supplementary items on the agenda are permitted. The
Board periodically reviews compliance reports of laws
DSSOLFDEOHWRWKH&RPSDQ\SUHSDUHGDQGSODFHGEHIRUH
WKH%RDUGE\WKH0DQDJHPHQW
&(20'DQG&)2&HUWLFDWLRQ
7KH &KDLUPDQ 0DQDJLQJ 'LUHFWRU DQG WKH &KLHI
)LQDQFLDO2FHURIWKH&RPSDQ\JLYHDQQXDOFHUWLFDWLRQ
7KH&RPSDQ\KDVDGRSWHGD&RGHRI&RQGXFWWKH&RGH
IRU'LUHFWRUVDQG6HQLRU0DQDJHPHQWRIWKH&RPSDQ\7KH
&RGHKDVEHHQFLUFXODWHGWRDOOWKHPHPEHUVRIWKH%RDUG
DQG6HQLRU0DQDJHPHQWDQGWKHVDPHLVDYDLODEOHRQWKH
&RPSDQ\VZHEVLWHDWWKHOLQNKWWSFRQWHQWGLRQJOREDO
LQEKDUDWIRUJH3')&RGHRI&RQGXFWSGI
7KH%RDUGPHPEHUVDQG6HQLRU0DQDJHPHQWSHUVRQQHO
KDYH DUPHG WKHLU FRPSOLDQFH ZLWK WKH FRGH $
GHFODUDWLRQ WR WKLV HHFW VLJQHG E\ WKH &KDLUPDQ DQG
0DQDJLQJ 'LUHFWRU RI WKH &RPSDQ\ LV FRQWDLQHG LQ WKLV
$QQXDO5HSRUW
COMMITTEES OF THE BOARD

$VRQ0DUFKWKH&RPSDQ\KDV$XGLW&RPPLWWHH
1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH &RUSRUDWH
6RFLDO
5HVSRQVLELOLW\
&RPPLWWHH
6WDNHKROGHUV
5HODWLRQVKLS&RPPLWWHHDQG)LQDQFH 5LVN0DQDJHPHQW
&RPPLWWHH 7KH %RDUG &RPPLWWHHV DUH VHWXS XQGHU
the formal approval of the Board to carry out clearly
GHQHG UROHV ZKLFK DUH FRQVLGHUHG WR EH SHUIRUPHG
E\ WKH PHPEHUV RI WKH UHVSHFWLYH %RDUG &RPPLWWHHV
7KH &RPSDQ\V JXLGHOLQHV UHODWLQJ WR %RDUG 0HHWLQJV
DUHDSSOLFDEOHWR&RPPLWWHH0HHWLQJVDVIDUDVPD\EH
SUDFWLFDEOH(DFK&RPPLWWHHKDVWKHDXWKRULW\WRHQJDJH
RXWVLGH H[SHUWV DGYLVRUV DQG FRXQVHOV WR WKH H[WHQW LW
FRQVLGHUVDSSURSULDWHWRDVVLVWLQLWVZRUN0LQXWHVRIWKH
SURFHHGLQJVRIWKH&RPPLWWHH0HHWLQJVDUHSODFHGEHIRUH
WKH%RDUGPHHWLQJIRUSHUXVDODQGQRWLQJ7KH&RPSDQ\
6HFUHWDU\DFWVDVWKHVHFUHWDU\RIDOOWKH&RPPLWWHHV
1.
AUDIT COMMITTEE
7KHFRPSRVLWLRQRIWKH$XGLW&RPPLWWHHLVDVXQGHU

0U3*3DZDUQGHSHQGHQW'LUHFWRU&KDLUPDQ

0U607KDNRUHQGHSHQGHQW'LUHFWRU

0U3+5DYLNXPDUQGHSHQGHQW'LUHFWRU

0U3&%KDOHUDR1RQ([HFXWLYH'LUHFWRU
OO WKH PHPEHUV RI WKH $XGLW &RPPLWWHH SRVVHVV

$
DFFRXQWLQJ HFRQRPLF OHJDO DQG QDQFLDO PDQDJHPHQW
H[SHUWLVH7KHFRPSRVLWLRQRIWKH$XGLW&RPPLWWHHPHHWV
ZLWKWKHUHTXLUHPHQWVRI6HFWLRQRIWKH&RPSDQLHV
41
Code of Conduct
RQQDQFLDOUHSRUWLQJDQGLQWHUQDOFRQWUROVWRWKH%RDUG
LQ WHUPV RI &ODXVH RI WKH /LVWLQJ $JUHHPHQW 7KH
&KDLUPDQ 0DQDJLQJ 'LUHFWRU DQG WKH &KLHI )LQDQFLDO
2FHU DOVR JLYH TXDUWHUO\ FHUWLFDWLRQ RQ QDQFLDO
UHVXOWV ZKLOH SODFLQJ WKH QDQFLDO UHVXOWV EHIRUH WKH
%RDUGLQWHUPVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQW7KH
VDLGFHUWLFDWHLVDQQH[HGDQGIRUPVSDUWRIWKH$QQXDO
5HSRUW
$FWDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW$QQXDO
*HQHUDO0HHWLQJ$*0KHOGRQ7KXUVGD\6HSWHPEHU
ZDV DWWHQGHG E\ WKH &KDLUPDQ RI WKH &RPPLWWHH
0U3*3DZDUWRDQVZHUVKDUHKROGHUVTXHULHV
KH$XGLW&RPPLWWHHDVVLVWVWKH%RDUGLQGLVFKDUJLQJRI
7
LWV UHVSRQVLELOLW\ WR RYHUVHH WKH TXDOLW\ DQG LQWHJULW\ RI
WKH DFFRXQWLQJ DXGLWLQJ DQG UHSRUWLQJ SUDFWLFHV RI WKH
&RPSDQ\DQGLWVFRPSOLDQFHZLWKWKHOHJDODQGUHJXODWRU\
UHTXLUHPHQWV 7KH &RPPLWWHHV SXUSRVH LV WR RYHUVHH
WKH DFFRXQWLQJ DQG QDQFLDO UHSRUWLQJ VWDWHPHQWV
WKH DSSRLQWPHQW LQGHSHQGHQFH SHUIRUPDQFH DQG
UHPXQHUDWLRQ RI WKH 6WDWXWRU\ $XGLWRUV LQFOXGLQJ WKH
&RVW $XGLWRUV DQG WKH SHUIRUPDQFH RI QWHUQDO $XGLWRUV
RIWKH&RPSDQ\
$
SSURYDO RI SD\PHQW RI UHPXQHUDWLRQ WR 6WDWXWRU\
$XGLWRUV IRU DQ\ RWKHU VHUYLFHV UHQGHUHG E\ WKH
6WDWXWRU\$XGLWRUV
5
HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH $QQXDO
QDQFLDO VWDWHPHQW DQG $XGLWRUV 5HSRUW WKHUHRQ
EHIRUH VXEPLVVLRQ WR WKH ERDUG IRU DSSURYDO ZLWK
SDUWLFXODUUHIHUHQFHWR
0DWWHUVUHTXLUHGWREHLQFOXGHGLQWKH'LUHFWRUV
5HVSRQVLELOLW\ 6WDWHPHQW WR EH LQFOXGHG LQ WKH
%RDUGV UHSRUW LQ WHUPV RI 6HFWLRQ F RI
WKH&RPSDQLHV$FW
&KDQJHV LI DQ\ LQ DFFRXQWLQJ SROLFLHV DQG

practices and reasons for the same.
Meetings:
KH $XGLW &RPPLWWHH PHW YH WLPHV GXULQJ WKH \HDU

7
RQ 0D\ -XO\ 6HSWHPEHU
1RYHPEHUDQG)HEUXDU\
0DMRU DFFRXQWLQJ HQWULHV LQYROYLQJ HVWLPDWHV

EDVHG RQ WKH H[HUFLVH RI MXGJPHQW E\
management.
Table 2: Attendance record of Audit Committee

members for 2014-15
6LJQLFDQW DGMXVWPHQWV PDGH LQ WKH QDQFLDO

VWDWHPHQWDULVLQJRXWRIDXGLWQGLQJV
Name of the
Director
&RPSOLDQFH ZLWK OLVWLQJ DQG RWKHU OHJDO

UHTXLUHPHQWVUHODWLQJWRQDQFLDOVWDWHPHQW
Disclosure of any related party transactions.
4XDOLFDWLRQVLQWKHGUDIWDXGLWUeport.
0U3*3DZDU
Category
QGHSHQGHQW
Status
&KDLUPDQ
No. of Meetings
Held
Attended
5
HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH TXDUWHUO\
QDQFLDOVWDWHPHQWEHIRUHVXEPLVVLRQWRWKHERDUG
IRUDSSURYDO
5
HYLHZLQJZLWKWKHPDQDJHPHQWWKHVWDWHPHQWRI
XVHVDSSOLFDWLRQRIIXQGVUDLVHGWKURXJKDQLVVXH
SXEOLF LVVXH ULJKWV LVVXH SUHIHUHQWLDO LVVXH HWF
the statement of funds utilized for purposes other
WKDQWKRVHVWDWHGLQWKHRHUGRFXPHQWSURVSHFWXV
notice and the report submitted by the monitoring
agency monitoring the utilisation of proceeds of
D SXEOLF RU ULJKWV LVVXH DQG PDNLQJ DSSURSULDWH
recommendations to the Board to take steps in the
PDWWHU
5
HYLHZDQGPRQLWRUWKH$XGLWRUVLQGHSHQGHQFHDQG
SHUIRUPDQFHDQGHHFWLYHQHVVRIDXGLWSURFHVV
7
R VHFXUH DWWHQGDQFH RI RXWVLGHUV ZLWK UHOHYDQW
H[SHUWLVHLILWFRQVLGHUVQHFHVVDU\
$
SSURYDO RU DQ\ VXEVHTXHQW PRGLFDWLRQ RI
WUDQVDFWLRQVRIWKH&RPSDQ\ZLWKUHODWHGSDUWLHV
Role of the Audit Committee inter alia includes the

following:
6
FUXWLQ\RILQWHUFRUSRUDWHORDQVDQGLQYHVWPHQWV
9
DOXDWLRQRIXQGHUWDNLQJVRUDVVHWVRIWKH&RPSDQ\
ZKHUHYHULWLVQHFHVVDU\
(
YDOXDWLRQ RI LQWHUQDO QDQFLDO FRQWUROV DQG ULVN
PDQDJHPHQWV\VWHPV
5
HYLHZLQJ ZLWK WKH PDQDJHPHQW SHUIRUPDQFH RI
6WDWXWRU\ DQG QWHUQDO $XGLWRUV DGHTXDF\ RI WKH
LQWHUQDOFRQWUROV\VWHPV
0U607KDNRUH
QGHSHQGHQW
0HPEHU
0U3+5DYLNXPDU
QGHSHQGHQW
0HPEHU
1RQ([HFXWLYH
0HPEHU
0U3&%KDOHUDR
7KHPHHWLQJVRIWKH$XGLW&RPPLWWHHDUHDOVRDWWHQGHGE\
WKH &KDLUPDQ 0DQDJLQJ 'LUHFWRU ([HFXWLYH'LUHFWRUV
&KLHI )LQDQFLDO 2FHU 6WDWXWRU\ $XGLWRUV QWHUQDO
$XGLWRUV DQG RWKHU 0DQDJHPHQW UHSUHVHQWDWLYHV DV
VSHFLDO LQYLWHHV DV DQG ZKHQ UHTXLUHG 7KH &RPSDQ\
6HFUHWDU\DFWVDVWKHVHFUHWDU\WRWKH$XGLW&RPPLWWHH
Powers of the Audit Committee:
1.
To investigate any activity within its terms of

reference.
2.
To seek information from any employee.
7RREWDLQRXWVLGHOHJDORURWKHUSURIHVVLRQDODGYLFH
42
2
YHUVLJKW RI WKH &RPSDQ\V QDQFLDO UHSRUWLQJ
SURFHVVDQGWKHGLVFORVXUHRILWVQDQFLDOLQIRUPDWLRQ
WR HQVXUH WKDW WKH QDQFLDO VWDWHPHQW LV FRUUHFW
VXFLHQWDQGFUHGLEOH
5
HFRPPHQGDWLRQ IRU DSSRLQWPHQW UHPXQHUDWLRQ
DQG WHUPV RI DSSRLQWPHQW RI $XGLWRUV RI WKH
&RPSDQ\
Details of material individual transactions with

UHODWHGSDUWLHVZKLFKDUHQRWLQWKHQRUPDOFRXUVH
RIEXVLQHVV
Details of material individual transactions with

UHODWHG SDUWLHV RU RWKHUV ZKLFK DUH QRW DW DUPV
OHQJWK EDVLV DORQJ ZLWK PDQDJHPHQWV MXVWLFDWLRQ
IRUWKHVDPH
'
LVFXVVLRQ ZLWK QWHUQDO $XGLWRUV RI DQ\ VLJQLFDQW
QGLQJVDQGIROORZXSWKHUHRQ
5
HYLHZLQJWKHQGLQJVRIDQ\LQWHUQDOLQYHVWLJDWLRQV
E\WKHQWHUQDO$XGLWRUVLQWRPDWWHUVZKHUHWKHUHLV
suspected fraud or irregularity or a failure of internal
control systems of a material nature and reporting
WKHPDWWHUWRWKH%RDUG
5
HYLHZDQGPRQLWRUWKH$XGLWRUVLQGHSHQGHQFHDQG
SHUIRUPDQFHDQGHHFWLYHQHVVRIDXGLWSURFHVV
$
SSURYDO RU DQ\ VXEVHTXHQW PRGLFDWLRQ RI
WUDQVDFWLRQVRIWKH&RPSDQ\ZLWKUHODWHGSDUWLHV
'
LVFXVVLRQZLWK6WDWXWRU\$XGLWRUVEHIRUHWKHDXGLW
FRPPHQFHVDERXWWKHQDWXUHDQGVFRSHRIDXGLWDV
well as post-audit discussion to ascertain any area of
FRQFHUQ
6
FUXWLQ\RILQWHUFRUSRUDWHORDQVDQGLQYHVWPHQWV
9
DOXDWLRQRIXQGHUWDNLQJVRUDVVHWVRIWKH&RPSDQ\
ZKHUHYHULWLVQHFHVVDU\DQG
To look into the reasons for substantial defaults in

WKH SD\PHQW WR WKH GHSRVLWRUV GHEHQWXUH KROGHUV
VKDUHKROGHUV LQ FDVH RI QRQSD\PHQW RI GHFODUHG
GLYLGHQGVDQGFUHGLWRUV
(
YDOXDWLRQ RI LQWHUQDO QDQFLDO FRQWUROV DQG ULVN
management systems.
2.
NOMINATION AND REMUNERATION

COMMITTEE
To review the functioning of the Whistle Blower

PHFKDQLVP
$
SSURYDO RI DSSRLQWPHQW RI &)2 LH WKH ZKROH
time Finance Director or any other person heading
WKH QDQFH IXQFWLRQ RU GLVFKDUJLQJ WKDW IXQFWLRQ
DIWHU DVVHVVLQJ WKH TXDOLFDWLRQV H[SHULHQFH DQG
EDFNJURXQGHWFRIWKHFDQGLGDWH
&
DUU\LQJ RXW DQ\ RWKHU IXQFWLRQ DV LV PHQWLRQHG LQ
WKHWHUPVRIUHIHUHQFHRIWKH$XGLW&RPPLWWHH
Review of information by the Audit Committee:

0
DQDJHPHQW GLVFXVVLRQ DQG DQDO\VLV RI QDQFLDO
FRQGLWLRQDQGUHVXOWVRIRSHUDWLRQV
6
WDWHPHQW RI VLJQLFDQW UHODWHG SDUW\ WUDQVDFWLRQV
DV GHQHG E\ WKH $XGLW &RPPLWWHH VXEPLWWHG E\
PDQDJHPHQW

0U3*3DZDUQGHSHQGHQW'LUHFWRU&KDLUPDQ

0U607KDNRUHQGHSHQGHQW'LUHFWRU

0U9LPDO%KDQGDULQGHSHQGHQW'LUHFWRU

Terms of Reference:
To LGHQWLI\ TXDOLHG SHUVRQV WR EHFRPH 'LUHFWRUV

DQG 6HQLRU 0DQDJHPHQW LQ DFFRUGDQFH ZLWK
WKH FULWHULD ODLG GRZQ UHFRPPHQG WR WKH %RDUG
their appointment and removal and to carry out
HYDOXDWLRQRIHYHU\GLUHFWRUVSHUIRUPDQFH
To formulate the criteria for determining

TXDOLFDWLRQVSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFH
RIDGLUHFWRUDQGUHFRPPHQGWRWKH%RDUGDSROLF\
UHODWLQJ WR WKH UHPXQHUDWLRQ IRU WKH GLUHFWRUV NH\
PDQDJHULDOSHUVRQQHODQGRWKHUHPSOR\HHVDQG
7R DFW LQ WHUPV RI DQ\ FRQVHTXHQW VWDWXWRU\
PRGLFDWLRQV DPHQGPHQWV UHYLVLRQV WR DQ\
RIWKHDSSOLFDEOHSURYLVLRQVWRWKHVDLG&RPPLWWHH
0
DQDJHPHQW OHWWHUV OHWWHUV RI LQWHUQDO FRQWURO
ZHDNQHVVHVLVVXHGE\WKH6WDWXWRU\$XGLWRUV
QWHUQDO DXGLW UHSRUWV UHODWLQJ WR LQWHUQDO FRQWURO

ZHDNQHVVHVLIDQ\
7
KH DSSRLQWPHQW UHPRYDO DQG WHUPV RI
UHPXQHUDWLRQ RI WKH QWHUQDO $XGLWRUV LV VXEMHFW WR
UHYLHZE\WKH$XGLW&RPPLWWHH
Meetings:
7
KHQDQFLDOVWDWHPHQWLQSDUWLFXODUWKHLQYHVWPHQWV
PDGHE\WKHXQOLVWHGVXEVLGLDULHVRIWKH&RPSDQ\
in view of WKHUHTXLUHPHQWVXQGHU&ODXVHRIWKH
/LVWLQJ$JUHHPHQW
7KH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHPHWWZLFH
GXULQJ WKH \HDU RQ 0D\ DQG )HEUXDU\

43
7KH FRPSRVLWLRQ RI WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ

&RPPLWWHHLVDVXQGHU
5
HYLHZLQJ WKH DGHTXDF\ RI LQWHUQDO DXGLW IXQFWLRQ
LI DQ\ LQFOXGLQJ WKH VWUXFWXUH RI WKH LQWHUQDO DXGLW
GHSDUWPHQW VWDQJ DQG VHQLRULW\ RI WKH RFLDO
KHDGLQJ WKH GHSDUWPHQW UHSRUWLQJ VWUXFWXUH
FRYHUDJHDQGIUHTXHQF\RILQWHUQDODXGLW
Table 3: Attendance record of Nomination and

Remuneration Committee for 2014-15
Name of the
Director
Category
Status
No. of Meetings
Held
Attended
IUDPHZRUNRI&653ROLF\7KH%RDUGRQUHFRPPHQGDWLRQ
RI&65FRPPLWWHHRQ0D\KDYHDSSURYHG&65
SROLF\ IRU WKH &RPSDQ\ DQG GLVFORVHG WKH FRQWHQWV RI
WKH3ROLF\RQWKH&RPSDQ\VZHEVLWHDWWKHOLQNKWWS
EKDUDWIRUJHFRPLPDJHV3')VSROLFLHV%)/&65
3ROLF\6LJQHGSGI
0U3*3DZDU
QGHSHQGHQW
&KDLUPDQ
0U607KDNRUH
QGHSHQGHQW
0HPEHU
4.
0U9LPDO%KDQGDUL
QGHSHQGHQW
0HPEHU
1RQ([HFXWLYH
0HPEHU
KH FRPSRVLWLRQ RI WKH 6WDNHKROGHUV 5HODWLRQVKLS

7
&RPPLWWHHLVDVXQGHU
0U3&%KDOHUDR
3.
CORPORATE SOCIAL RESPONSIBILITY (CSR)

COMMITTEE
KH FRPSRVLWLRQ RI WKH &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\

7
&65&RPPLWWHHLVDVXQGHU

0U 3 * 3DZDU QGHSHQGHQW 'LUHFWRU &KDLUPDQ

0
U % 1 .DO\DQL &KDLUPDQ DQG 0DQDJLQJ 'LUHFWRU

0
U3&%KDOHUDR1RQ([HFXWLYH'LUHFWRU&KDLUPDQ

0
U%1.DO\DQL&KDLUPDQDQG0DQDJLQJ'LUHFWRU

0UV/DOLWD'*XSWHQGHSHQGHQW'LUHFWRU
Terms of Reference:
7RVSHFLFDOO\ORRNLQWRWKHUHGUHVVDORIJULHYDQFHVRI
VKDUHKROGHUVGHEHQWXUHKROGHUVDQGRWKHUVHFXULW\
KROGHUV
To consider and resolve the grievances of the security

KROGHUVRIWKH&RPSDQ\LQFOXGLQJFRPSODLQWVUHODWHG
WR WUDQVIHU RI VKDUHV QRQUHFHLSW RI EDODQFH VKHHW
QRQUHFHLSWRIGHFODUHGGLYLGHQGVDQG

RIWKHDSSOLFDEOHSURYLVLRQVWRWKHVDLG&RPPLWWHH
0U$PLW%.DO\DQL([HFXWLYH'LUHFWRU
Terms of reference:
To formulate aQG UHFRPPHQG WR WKH %RDUG D

&RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ 3ROLF\ LQ WHUPV RI
6FKHGXOH9RIWKH&RPSDQLHV$FW
7R UHFRPPHQG WKH DPRXQW RI H[SHQGLWXUH WR EH

LQFXUUHGRQWKH&65DFWLYLWLHV
7RPRQLWRUWKH&RUSRUDWH6RFLDO5HVSRQVLELOLW\3ROLF\
RIWKH&RPSDQ\IURPWLPHWRWLPHDQG

RIWKHDSSOLFDEOHSURYLVLRQVWRWKHVDLG&RPPittee.
Meetings:
STAKEHOLDERS RELATIONSHIP COMMITTEE:
Meetings:
7KH6WDNHKROGHUV5HODWLRQVKLS&RPPLWWHHPHWGXULQJWKH
\HDURQ)HEUXDU\
Table 5: Attendance
record
of
Stakeholders
Relationship Committee for 2014-15
7KH&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65&RPPLWWHHPHW

WZLFHGXULQJWKH\HDURQ0D\DQG-XO\

Name of the
Director
Table 4: Attendance record of Corporate Social

Responsibility (CSR) Committee for 2014-15
0U%1.DO\DQL
Name of the
Director
0U3*3DZDU
Category
Status
No. of Meetings
Held
QGHSHQGHQW &KDLUPDQ
Attended
0U%1.DO\DQL
([HFXWLYH
0HPEHU
0U$PLW%.DO\DQL
([HFXWLYH
0HPEHU
7KH &RPPLWWHHV SULPH UHVSRQVLELOLW\ LV WR DVVLVW WKH

Board in discharging its social responsibilities by way
of formulating and monitoring implementation of the
44
0U3&%KDOHUDR
0UV/DOLWD'*XSWH
Category
Status
1RQ([HFXWLYH &KDLUPDQ
No. of Meetings
Held
Attended
([HFXWLYH
0HPEHU
QGHSHQGHQW
0HPEHU
&RPSOLDQFH2FHU
0U$QDQG'DJDZDVDSSRLQWHGDV9LFH3UHVLGHQW/HJDO
DQG&RPSDQ\6HFUHWDU\RIWKH&RPSDQ\ZLWKHHFWIURP
6HSWHPEHULQSODFHRI0U369DLVKDPSD\DQ
0U$QDQG'DJDLVWKH&RPSOLDQFH2FHUIRUFRPSO\LQJ
ZLWK UHTXLUHPHQWV RI 6HFXULWLHV /DZV DQG /LVWLQJ
$JUHHPHQWVZLWK6WRFN([FKDQJHV0U369DLVKDPSD\DQ
ZDV &RPSOLDQFH 2FHU RI WKH &RPSDQ\ IURP $SULO
WLOO6HSWHPEHU
Nature of complaint
To formulate procedures and to inform Board

members about the risk assessment and
PLQLPL]DWLRQSURFHGXUHVRIWKH&RPSDQ\
No. of
complaints
redressed
7
RERUURZPRQH\IURP%DQN)LQDQFLDOQVWLWXWLRQ
HWFXSWROLPLWVVSHFLHGE\WKH%RDUG
1RQUHFHLSWRI'LYLGHQG
1/
1/
1RQUHFHLSWRI6XEGLYLGHG6KDUHV
1/
1/
7
R LQYHVW IXQGV RI WKH &RPSDQ\ LQWR VKDUHV
GHEHQWXUHV VHFXULWLHV RU DQ\ RWKHU LQVWUXPHQWV LQ
VXEVLGLDU\ DVVRFLDWH DQG RWKHU JURXS &RPSDQLHV
XSWROLPLWVVSHFLHGE\WKH%RDUG
1/
1/
7
RJUDQWORDQVDGYDQFHPRQLHVRUJLYHJXDUDQWHHRU
SURYLGHVHFXULW\LQUHVSHFWRIDQ\ORDQVWRVXEVLGLDU\
DVVRFLDWH DQG RWKHU JURXS &RPSDQLHV XSWR OLPLWV
VSHFLHGE\WKH%RDUG
7
RDSSURYHFDSLWDOH[SHQGLWXUHIRUSXUFKDVHRISODQW
PDFKLQHU\LQVWUXPHQWVHWFXSWROLPLWVVSHFLHG
E\WKH%RDUGDQG
7R RSHQ DQG FORVH EDQN DFFRXQWV RI WKH &RPSDQ\

and to authorise employees for operating bank
DFFRXQWVRIWKH&RPSDQ\
1RQUHFHLSWRIVKDUHVORGJHGIRU
WUDQVIHUWUDQVPLVVLRQ
1RQUHFHLSWRI$QQXDO5HSRUW
&KDQJHRIDGGUHVV
TKHUH ZHUH QR RXWVWDQGLQJ FRPSODLQWV DV RQ 0DUFK

SEBI Complaints Redress System (SCORES)
The investor complaints are processed in a centralised
web-based complaints redressed system. The salient
IHDWXUHV RI WKLV V\VWHP LQFOXGH &HQWUDOLVHG GDWDEDVH RI
DOO FRPSODLQWV RQOLQH XSORDG RI $FWLRQ 7DNHQ 5HSRUWV
$75V E\ WKH FRQFHUQHG FRPSDQLHV DQG RQOLQH YLHZLQJ
by investors of action taken on the complaints and its
current status.
Designated Exclusive Email-ID
7KH &RPSDQ\ KDV DOVR GHVLJQDWHG WKH HPDLOLG
VHFUHWDULDO#EKDUDWIRUJHFRP H[FOXVLYHO\ IRU LQYHVWRU
servicing.
5.
FINANCE AND RISK MANAGEMENT

COMMITTEE
7KH )LQDQFH DQG 5LVN 0DQDJHPHQW &RPPLWWHH PHW

GXULQJWKH\HDURQ0DUFK
Table 7: Attendance record of Finance and Risk
Management Committee for 2014-15
Category
Status
Held
Attended
0U%1.DO\DQL
([HFXWLYH
&KDLUPDQ
0U3*3DZDU
QGHSHQGHQW
0HPEHU
([HFXWLYH
0HPEHU
1RQ
([HFXWLYH
0HPEHU
0U$PLW%.DO\DQL
The composition of the )LQDQFH DQG 5LVN 0DQDJHPHQW

&RPPLWWHHLVDVXQGHU
0U3&%KDOHUDR

0
U%1.DO\DQL&KDLUPDQDQG0DQDJLQJ'LUHFWRU
&KDLUPDQ
FUNCTIONAL COMMITTEE

0U3*3DZDUQGHSHQGHQW'LUHFWRU

0U$PLW%.DO\DQL([HFXWLYH'LUHFWRU

Terms of Reference:
To monitor and review risk management plan of the

&RPSDQ\IURPWLPHWRWLPH
No. of Meetings
Name of the
Director
The Board is authorised to constitute one or more

functional committees delegating thereto powers and
GXWLHVZLWKUHVSHFWWRVSHFLFSXUSRVHV0HHWLQJRIVXFK
FRPPLWWHHVDUHKHOGDVDQGZKHQWKHQHHGDULVHV7LPH
schedule for holding the meetings of such functional
FRPPLWWHHVDUHQDOLVHGLQFRQVXOWDWLRQZLWK&RPPLWWHH
members.
45
KH )LQDQFH DQG 5LVN 0DQDJHPHQW &RPPLWWHH ZDV

7
UHFRQVWLWXWHG E\ WKH %RDUG RQ )HEUXDU\ E\ UH
QDPLQJWKHH[LVWLQJ)LQDQFH&RPPLWWHH7KH&RPPLWWHHV
composition and the terms of reference meet with the
UHTXLUHPHQWVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQW
Meetings:
No. of
complaints
received
Table 6: Number and nature of complaints received

and redressed during the year 2014-15
REMUNERATION OF DIRECTORS
QIRUPDWLRQRQUHPXQHUDWLRQRI'LUHFWRUVIRUWKH\HDUHQGHG0DUFK
Table 8: Remuneration paid or payable to Directors for the year ended March 31, 2015 and relationships of the
Directors with each other
(In ` )
Relationship
with other
Directors*
0U%1.DO\DQL
&KDLUPDQDQG0DQDJLQJ
'LUHFWRU
Sitting
Fees**
Salary and
Perquisites
Provident
Fund and
Superannuation Fund
Commission***
Total
Father of
0U$PLW%
.DO\DQL
1$
0U607KDNRUH
1RQH

1$
1$

0U3*3DZDU
1RQH

1$
1$

0U3&%KDOHUDR
1RQH

1$
1$

0UV/DOLWD'*XSWH
1RQH

1$
1$

0U3+5DYLNXPDU
1RQH

1$
1$

0U$ODQ6SHQFHU@
1RQH

1$
1$
1$
0U1DUHVK1DUDG
1RQH

1$
1$

1$

'U70XNKHUMHH
1RQH

1$
0U9LPDO%KDQGDUL
1RQH

1$
1$
0U6XQLO.&KDWXUYHGL
1RQH

1$
1$

0U*.$JDUZDO
1RQH
1$

6RQRI0U%1
.DO\DQL
1$

1RQH
1$

@@
0U$PLW%.DO\DQL
0U%3.DO\DQL
0U6(7DQGDOH
1RQH
1$

0U.06DOHWRUH@@@
1RQH
1$

Notes:
# &HDVHGWREHD'LUHFWRUZLWKHHFWIURP0D\
## &HDVHGWREHD'LUHFWRUZLWKHHFWIURP0DUFK
###0U.06DOHWRUHKDVMRLQHGWKH&RPSDQ\DV*URXS&KLHI)LQDQFLDO2FHUIURP1RYHPEHUDQGDGGLWLRQDOO\JRW
DSSRLQWHGDV&KLHI)LQDQFLDO2FHU&)2RIWKH&RPSDQ\IURP$XJXVW2Q)HEUXDU\0U6DOHWRUHZDVDSSRLQWHG
DV([HFXWLYH'LUHFWRU &)2RIWKH&RPSDQ\7KHVDODU\SDLGWR0U6DOHWRUHLVIRUWKHIXOO\HDULQYDULRXVFDSDFLWLHV

'HWHUPLQHGRQWKHEDVLVRIFULWHULDRI6HFWLRQRIWKH&RPSDQLHV$FW
6LWWLQJIHHVLQFOXGHSD\PHQWRIIHHVIRUDWWHQGLQJ%RDUGDQG&RPPLWWHHPHHWLQJV
&
RPPLVVLRQ SURSRVHG DQG SD\DEOH DIWHU DSSURYDO RI DFFRXQWV E\ WKH VKDUHKROGHUV LQ WKH HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ
$*0
7LOO )< WKH 6LWWLQJ )HH RI ` XVHG WR EH
SDLGWR'LUHFWRUVIRUDWWHQGLQJWKH0HHWLQJVRI%RDUG
&RPPLWWHHV Q WHUPV RI WKH SURYLVLRQV RI 6HFWLRQ
RI &RPSDQLHV $FW UHDG ZLWK 5XOH RI &RPSDQLHV
$SSRLQWPHQW DQG 5HPXQHUDWLRQ RI 0DQDJHULDO
3HUVRQQHO5XOHVWKH%RDUGDWLWVPHHWLQJKHOGRQ
0D\ UH[HG WKH DPRXQW IRU 6LWWLQJ )HH ZLWK
LPPHGLDWHHHFW#`SHUPHHWLQJIRU%RDUGDQG
$XGLW&RPPLWWHHPHHWLQJVDQG#`SHUPHHWLQJ
RIDQ\RWKHU%RDUG&RPPLWWHHVPHHWLQJV
)XUWKHU &RPSDQ\ ZRXOG PDNH DOO WUDYHOOLQJ DQG RWKHU
arrangements for Directors for their participation in the
46
Board and other committee meetings or reimburse such

H[SHQVHVLIDQ\
7KH 5HPXQHUDWLRQ SD\PHQWV LQ WKH &RPSDQ\ DUH
made with an aim of rewarding performance based on
review of achievements. The remuneration levels are in
FRQVRQDQFHZLWKWKHH[LVWLQJLQGXVWU\SUDFWLFHV
3D\PHQWVWR1RQ([HFXWLYH'LUHFWRUVDUHGHFLGHGEDVHG
RQ PXOWLSOH FULWHULD RI VHQLRULW\ H[SHULHQFH QXPEHU RI
\HDUVRQWKH%RDUG%RDUG&RPPLWWHHPHHWLQJVDWWHQGHG
'LUHFWRUVSRVLWLRQRQWKH&RPSDQ\V%RDUG&RPPLWWHHV
RWKHUUHOHYDQWIDFWRUVDQGSHUIRUPDQFHRIWKH&RPSDQ\
There are no pecuniary relationships or transactions of
WKH1RQ([HFXWLYH'LUHFWRUVYLVDYLVWKH&RPSDQ\
Table 9: Details of equity shares of the Company held

by Directors as on March 31, 2015
0U%1.DO\DQL
0U$PLW%.DO\DQL
0U607KDNRUH
0U%3.DO\DQL
0U*.$JDUZDO
0U3+5DYLNXPDU
Number of equity shares

held of `2/- each

2WKHU 'LUHFWRUV GR QRW KROG DQ\ HTXLW\ VKDUH RI WKH
&RPSDQ\
3XUVXDQWWR&ODXVHRIWKH/LVWLQJ$JUHHPHQWVZLWKWKH
6WRFN([FKDQJHVIROORZLQJLQIRUPDWLRQLVIXUQLVKHGDERXW
WKH'LUHFWRUVSURSRVHGWREHDSSRLQWHGUHDSSRLQWHGDW
WKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
1. Mr. G. K. Agarwal [DIN : 00037678]
0U*.$JDUZDOLVD%DFKHORURI(QJLQHHULQJ0HFK
DQG 0%$ +H KDV RYHU \HDUV RI ZRUN H[SHULHQFH
0U*.$JDUZDOKDVEHHQRQWKH%RDUGRIWKH&RPSDQ\
VLQFH $SULO +H ZDV GHVLJQDWHG DV 'HSXW\
0DQDJLQJ'LUHFWRUZLWKHHFWIURP0D\+HLV
UHVSRQVLEOHIRUWKH&RPSDQ\VRSHUDWLRQVYL]0DUNHWLQJ
0DQXIDFWXULQJ 3XUFKDVHV 3HUVRQQHO ([SRUWV DQG 1HZ
3URMHFWV
Committee Membership
1DPHRIWKH&RPSDQ\
1DPHRI&RPPLWWHH
1/
1/
0U*.$JDUZDOLVQRWUHODWHGWRDQ\RWKHU'LUHFWRURIWKH
&RPSDQ\+HKROGV(TXLW\6KDUHVRIWKH&RPSDQ\
DVRQ0DUFK
0U 6 ( 7DQGDOH LV D %DFKHORU RI (QJLQHHULQJ

0HFK +H LV DQ ([HFXWLYH 'LUHFWRU RI WKH &RPSDQ\
ZLWK HHFW IURP 0D\ +H KDV RYHU \HDUV RI
ZRUNH[SHULHQFH+HLVUHVSRQVLEOHIRUWKHQWHUQDWLRQDO
%XVLQHVVRIWKH&RPSDQ\
Other Directorship
Committee Membership
1DPHRIWKH&RPSDQ\
1DPHRI&RPPLWWHH
'DYLG%URZQ%KDUDW)RUJH*HDU
6\VWHPV/LPLWHG
1/
0U 6 ( 7DQGDOH LV QRW UHODWHG WR DQ\ RWKHU 'LUHFWRU RI
WKH&RPSDQ\+HGRHVQRWKROGDQ\(TXLW\6KDUHVRIWKH
&RPSDQ\DVRQ0DUFK
3.
Mr. K. M. Saletore [DIN : 01705850]
0U . 0 6DOHWRUH LV D %DFKHORU RI &RPPHUFH

&KDUWHUHG $FFRXQWDQW DQG 3*'0 +H LV DQ ([HFXWLYH
'LUHFWRU RI WKH &RPSDQ\ ZLWK HHFW IURP )HEUXDU\
+HKDVRYHU\HDUVRIZRUNH[SHULHQFH+HLVDOVR
&KLHI)LQDQFLDO2FHURIWKH&RPSDQ\
Other Directorship
Committee
Membership
1DPHRIWKH&RPSDQ\
1DPHRI
&RPPLWWHH
1/
'DYLG%URZQ%KDUDW)RUJH*HDU6\VWHPV/LPLWHG
1DQGL+LJKZD\'HYHORSHUV/LPLWHG
1/
.DO\DQL6WUDWHJLF6\VWHPV/LPLWHG
1/
%)QIUDVWUXFWXUH9HQWXUHV/LPLWHG
1/
%)QIUDVWUXFWXUH/LPLWHG
1/
$QDORJLF&RQWUROVQGLD/LPLWHG
1/
1DQGLQIUDVWUXFWXUH&RUULGRU(QWHUSULVH/LPLWHG
1/
1DQGL(FRQRPLF&RUULGRU(QWHUSULVHV/LPLWHG
1/
+DUPRQ\(OHFWRUDO7UXVW
1/
0U.06DOHWRUHLVQRWUHODWHGWRDQ\RWKHU'LUHFWRURI
WKH&RPSDQ\+HGRHVQRWKROGDQ\(TXLW\6KDUHVRIWKH
&RPSDQ\DVRQ0DUFK
47
Other Directorship
Mr. S. E. Tandale [DIN : 00266833]
APPOINTMENT/RE-APPOINTMENT OF
DIRECTORS
2.
'HWDLOVRIHTXLW\VKDUHVRIWKH&RPSDQ\KHOGE\'LUHFWRUV
DVRQ0DUFKDUHJLYHQEHORZLQ7DEOH
GENERAL BODY MEETINGS

Annual General Meeting
'DWHWLPHDQGYHQXHIRUWKHODVWWKUHH$QQXDO*HQHUDO0HHWLQJVDUHJLYHQLQ7DEOHEHORZ
Table 10: Details of last three Annual General Meetings
Financial
year
Date
Time
Venue
Special Resolutions Passed
2011-12
-XO\
DP 5HJLVWHUHGRFHRIWKH&RPSDQ\ 1RQH

$XJXVW
DP 5HJLVWHUHGRFHRIWKH&RPSDQ\ 1RQH

6HSWHPEHU DP 5HJLVWHUHGRFHRIWKH&RPSDQ\ 1.

2.
.
.
.
$XWKRULW\WRWKH%RDUGWRFUHDWH&KDUJH
$XWKRULW\WRWKH%RDUGWR%RUURZPRQH\
5HODWHG3DUW\7UDQVDFWLRQVRIWKH&RPSDQ\
ZLWK.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
ZLWK.DO\DQL6WHHOV/LPLWHG
ZLWK%KDUDW)RUJHQWHUQDWLRQDO/LPLWHG
1R([WUDRUGLQDU\*HQHUDO0HHWLQJRIWKH0HPEHUVZDVKHOGGXULQJWKH\HDU
Postal Ballot
1R UHVROXWLRQ ZDV SDVVHG WKURXJK 3RVWDO %DOORW GXULQJ
WKH\HDU
1RQH RI WKH EXVLQHVVHV SURSRVHG WR EH WUDQVDFWHG LQ
WKH HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ UHTXLUH SDVVLQJ D
6SHFLDO5HVROXWLRQFRQGXFWHGWKURXJK3RVWDO%DOORW
Subsidiary Companies
%KDUDW )RUJH /LPLWHG KDV GLUHFW VXEVLGLDULHV RXW RI
ZKLFK DUH UHJLVWHUHG RXWVLGH QGLD DQG DUH LQ QGLD
ZKRVH WXUQRYHU GRHV QRW H[FHHG WKH PDWHULDOLW\ OLPLW
SUHVFULEHG XQGHU &ODXVH RI WKH /LVWLQJ $JUHHPHQWV
ZLWKWKH6WRFN([FKDQJHV
6LQFHWKH&RPSDQ\GRHVQRWKDYHDQ\PDWHULDOXQOLVWHG
VXEVLGLDU\LWLVQRWUHTXLUHGWRQRPLQDWHDQQGHSHQGHQW
'LUHFWRURIWKH&RPSDQ\RQWKH%RDUGRIDQ\6XEVLGLDU\
The details of these subsidiaries are reported elsewhere
in this report.
DISCLOSURES
Related Party Transactions
$OOWUDQVDFWLRQVHQWHUHGLQWRZLWKUHODWHGSDUWLHVGXULQJ
WKHQDQFLDO\HDUZHUHLQWKHRUGLQDU\FRXUVHRIEXVLQHVV
7KHVHKDYHEHHQDSSURYHGE\WKH$XGLW&RPPLWWHH7KH
Board has approved a policy for related party transactions
ZKLFK KDV EHHQ XSORDGHG RQ WKH &RPSDQ\V ZHEVLWH DW
WKH OLQN KWWSEKDUDWIRUJHFRPLPDJHV3')VSROLFLHV
%)/5373ROLF\SGI
1RQHRIWKHWUDQVDFWLRQVZLWKDQ\RIWKHUHODWHGSDUWLHV
ZHUH LQ FRQLFW ZLWK WKH LQWHUHVW RI WKH &RPSDQ\
$WWHQWLRQRIWKH0HPEHUVLVGUDZQWRWKHGLVFORVXUHVHW
RXWLQQRWHVWRQDQFLDOVWDWHPHQW
48
The related party transactions are entered into based

RQ FRQVLGHUDWLRQ RI YDULRXV EXVLQHVV H[LJHQFLHV
VXFK DV V\QHUJ\ LQ RSHUDWLRQ VHFWRULDO VSHFLFDWLRQ
DQG WKH &RPSDQ\V ORQJWHUP VWUDWHJ\ IRU VHFWRULDO
LQYHVWPHQWV PDUNHW VKDUH RSWLPLVDWLRQ SURWDELOLW\
OHJDOUHTXLUHPHQWVOLTXLGLW\DQGFDSLWDOUHVRXUFHV
Management Discussion and Analysis
7KLV$QQXDO5HSRUWKDVDGHWDLOHGFKDSWHURQ0DQDJHPHQW
'LVFXVVLRQ DQG $QDO\VLV 0'$ DQG LQFOXGHV GLVFXVVLRQ
RQYDULRXVPDWWHUVVSHFLHGXQGHU&ODXVH9'RI
WKH/LVWLQJ$JUHHPHQW
Disclosure by Management to the Board
'LVFORVXUHV UHODWLQJ WR QDQFLDO DQG FRPPHUFLDO
transactions where senior management may have
personal interest that might have been in potential
FRQLFWZLWKWKHLQWHUHVWRIWKH&RPSDQ\DUHSURYLGHGWR
the Board.
Details of non-compliance
%KDUDW )RUJH /LPLWHG KDV FRPSOLHG ZLWK DOO WKH
UHTXLUHPHQWV RI UHJXODWRU\ DXWKRULWLHV 7KHUH KDV EHHQ
QR LQVWDQFH RI QRQFRPSOLDQFH E\ WKH &RPSDQ\ RQ DQ\
matter related to capital market during the last three
\HDUV DQG KHQFH QR SHQDOWLHVVWULFWXUHV ZHUH LPSRVHG
RQWKH&RPSDQ\E\WKH6WRFN([FKDQJHVRU6(%RUDQ\
6WDWXWRU\ $XWKRULW\ RQ DQ\ PDWWHU UHODWHG WR FDSLWDO
market during the last three years.
Whistle Blower Policy
7KH &RPSDQ\ KDV DGRSWHG D :KLVWOH %ORZHU 3ROLF\
DQG KDV HVWDEOLVKHG WKH QHFHVVDU\ 9LJLO PHFKDQLVP
for employees and directors to report concerns about
XQHWKLFDOEHKDYLRXU7KH:KLVWOH%ORZHU3ROLF\FRPSOLHV
The policy comprehensively provides an opportunity

IRU DQ HPSOR\HH'LUHFWRU WR UHSRUW WKH LQVWDQFHV RI
XQHWKLFDO EHKDYLRXU DFWXDO RU VXVSHFWHG IUDXG RU DQ\
YLRODWLRQRIWKH&RGHRI&RQGXFWDQGRUODZVDSSOLFDEOH
WRWKH&RPSDQ\DQGVHHNUHGUHVVDO7KHSROLF\SURYLGHV
IRU D PHFKDQLVP WR UHSRUW VXFK FRQFHUQV WR WKH $XGLW
&RPPLWWHH WKURXJK VSHFLHG FKDQQHOV 7KH SROLF\ LV
being communicated to the employees and also posted
RQ&RPSDQ\VLQWUDQHW
7KH &RPSDQ\ KDV FRPSOLHG ZLWK WKH DSSOLFDEOH

PDQGDWRU\ UHTXLUHPHQWV RI &ODXVH RI WKH /LVWLQJ
$JUHHPHQW 7KH &RPSDQ\ KDV DGRSWHG IROORZLQJ QRQ
PDQGDWRU\ UHTXLUHPHQWV RI &ODXVH RI WKH /LVWLQJ
$JUHHPHQW
The Board
7KH &RPSDQ\ KDV ([HFXWLYH &KDLUPDQ DQG WKH RFH
ZLWKUHTXLUHGIDFLOLWLHVLVSURYLGHGDQGPDLQWDLQHGDWWKH
&RPSDQ\VH[SHQVHVIRUXVHRIWKH&KDLUPDQ
'XULQJ WKH \HDU WKH TXDUWHUO\ KDOI\HDUO\ DQG DQQXDO

UHVXOWV RI WKH &RPSDQ\V SHUIRUPDQFH KDYH EHHQ
SXEOLVKHG LQ OHDGLQJ QHZVSDSHUV VXFK DV %XVLQHVV
6WDQGDUGDOOHGLWLRQVDQG/RNVDWWD3XQH
1HZVUHOHDVHV2FLDOQHZVDQGPHGLDUHOHDVHVDUHVHQW
WRWKH6WRFN([FKDQJHV
Website
7KH &RPSDQ\V ZHEVLWH FRQWDLQV D VHSDUDWH GHGLFDWHG
VHFWLRQWLWOHGQYHVWRUV7KHEDVLFLQIRUPDWLRQDERXWWKH
&RPSDQ\DVFDOOHGIRULQWHUPVRI&ODXVHRIWKH/LVWLQJ
$JUHHPHQWVZLWKWKH6WRFN([FKDQJHVLVSURYLGHGRQWKH
&RPSDQ\VZHEVLWHZZZEKDUDWIRUJHFRPDQGWKHVDPH
is updated from time to time.
Presentations to Institutional Investors/Analysts
'HWDLOHGSUHVHQWDWLRQVDUHPDGHWRQVWLWXWLRQDOQYHVWRUV
DQG )LQDQFLDO $QDO\VWV RQ WKH XQDXGLWHG TXDUWHUO\
QDQFLDO UHVXOWV DV ZHOO DV WKH DQQXDO DXGLWHG QDQFLDO
UHVXOWVRIWKH&RPSDQ\
NSE Electronic Application Processing System (NEAPS)
7KH 1($36 LV D ZHEEDVHG DSSOLFDWLRQ GHVLJQHG E\ 16(
IRU&RUSRUDWHV$OOSHULRGLFDOFRPSOLDQFHOLQJVOLNHWKH
6KDUHKROGLQJ SDWWHUQ &RUSRUDWH *RYHUQDQFH 5HSRUW
PHGLDUHOHDVHVHWFDUHDOVROHGHOHFWURQLFDOO\RQ1($36
COMPLIANCE WITH MANDATORY AND NONMANDATORY REQUIREMENTS
EKDUDWIRUJHFRP UHJXODUO\ IRU WKH EHQHW RI WKH SXEOLF

at large.
ZLWK WKH UHTXLUHPHQWV RI 9LJLO PHFKDQLVP DV VWLSXODWHG

XQGHU 6HFWLRQ RI WKH &RPSDQLHV $FW 7KH
GHWDLOV RI HVWDEOLVKPHQW RI :KLVWOH %ORZHU 3ROLF\ 9LJLO
0HFKDQLVP KDYH EHHQ GLVFORVHG RQ WKH &RPSDQ\V
ZHEVLWHDWWKHOLQNKWWSEKDUDWIRUJHFRPLPDJHV3')V
SROLFLHV%)/:KLVWOH%ORZHU3ROLF\6LJQHGSGI
Shareholder Rights
+DOI \HDUO\ QDQFLDO UHVXOWV DUH IRUZDUGHG WR WKH VWRFN
H[FKDQJHVDQGXSORDGHGRQWKHZHEVLWHRIWKH&RPSDQ\
like Quarterly results.
7KH &RPSDQ\ LV LQ WKH UHJLPH RI XQTXDOLHG QDQFLDO

statement.
Training of Board Members
The Board members are provided with necessary
GRFXPHQWVEURFKXUHV DQG UHSRUWV WR HQDEOH WKHP WR
IDPLOLDULVHZLWKWKH&RPSDQ\VSURFHGXUHVDQGSUDFWLFHV
3HULRGLFSUHVHQWDWLRQVDUHPDGHDWWKH%RDUGDQG%RDUG
&RPPLWWHH 0HHWLQJV RQ EXVLQHVV DQG SHUIRUPDQFH
XSGDWHVRIWKH&RPSDQ\DQGEXVLQHVVVWUDWHJ\&HUWDLQ
training programmes will suitably be arranged for
'LUHFWRUVGXULQJWKHFXUUHQWQDQFLDO\HDU
MEANS OF COMMUNICATION
Bharat Forge puts forth vital information about the
&RPSDQ\ DQG LWV SHUIRUPDQFH LQFOXGLQJ TXDUWHUO\
UHVXOWV RFLDO QHZV UHOHDVHV DQG FRPPXQLFDWLRQ WR
LQYHVWRUV DQG DQDO\VWV RQ &RPSDQ\V ZHEVLWH ZZZ
Annual Report
$QQXDO 5HSRUW FRQWDLQLQJ inter alia $XGLWHG QDQFLDO
VWDWHPHQW &RQVROLGDWHG QDQFLDO VWDWHPHQW %RDUGV
5HSRUWQGHSHQGHQW$XGLWRUV5HSRUWDQGRWKHULPSRUWDQW
LQIRUPDWLRQLVFLUFXODWHGWRPHPEHUVDQGRWKHUVHQWLWOHG
WKHUHWR7KH0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV0'$
5HSRUWIRUPVSDUWRIWKH$QQXDO5HSRUWDQGLVGLVSOD\HG
RQWKH&RPSDQ\VZHEVLWHZZZEKDUDWIRUJHFRP
Support Green Initiative of MCA
7KH 0LQLVWU\ RI &RUSRUDWH $DLUV *RYHUQPHQW RI QGLD
KDVWDNHQD*UHHQQLWLDWLYHLQWKH&RUSRUDWH*RYHUQDQFH
by allowing paperless compliances by companies
YLGH *HQHUDO &LUFXODU GDWHG $SULO
LQ WHUPV RI ZKLFK WKH &RPSDQ\ KDV EHHQ IRUZDUGLQJ
VXFK GRFXPHQWV WKURXJK HOHFWURQLF PRGH &RPSDQ\
UHTXHVWVVKDUHKROGHUVWRSURYLGHWKHLUHPDLODGGUHVVHV
WR HQDEOH &RPSDQ\ WR IRUZDUG WKH QRWLFHVGRFXPHQWV
WKURXJKHPDLOWRWKHPD[LPXPSRVVLEOHH[WHQWLQRUGHU
WR VXSSRUW JUHHQ LQLWLDWLYH 0HPEHUV DUH RQFH DJDLQ
UHTXHVWHG WR UHJLVWHU WKHLU HPDLO DGGUHVVHV LQ UHVSHFW
of electronic holdings with the Depository through
49
$XGLW4XDOLFDWLRQ
SHAREHOLDERS
WKHLU FRQFHUQHG 'HSRVLWRU\ 3DUWLFLSDQWV DQG PHPEHUV

ZKR KROG VKDUHV LQ SK\VLFDO IRUP ZLWK WKH &RPSDQ\ DW
VHFUHWDULDO#EKDUDWIRUJHFRPRUDWLWVUHJLVWHUHGRFHDW
6HFUHWDULDO 'HSDUWPHQW 0XQGKZD 3XQH &DQWRQPHQW
3XQH0DKDUDVKWUDQGLD
DIVIDEND
A.
Interim Dividend (Equity Shares):
7
KH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\DWLWVPHHWLQJ
KHOGRQ)HEUXDU\KDGDSSURYHGSD\PHQWRI
DQ QWHULP 'LYLGHQG DW WKH UDWH RI ` SHU HTXLW\
Share of ` HDFK IRU WKH QDQFLDO \HDU
HQGLQJ RQ 0DUFK 7KH VDLG GLYLGHQG KDV
EHHQSDLGRQ)HEUXDU\
B.
Final Dividend (Equity Shares):
GENERAL SHAREHOLDER INFORMATION

Company registration details
7KH&RPSDQ\LVUHJLVWHUHGLQWKH6WDWHRI0DKDUDVKWUD
QGLD 7KH &RUSRUDWH GHQWLW\ 1XPEHU &1 DOORWWHG WR
WKH&RPSDQ\E\WKH0LQLVWU\RI&RUSRUDWH$DLUV0&$
LV/313/&
The Board has recommended a Final Dividend of

`SHUHTXLW\VKDUHRI` HDFKIRUWKH
\HDUHQGHG0DUFKDQGZRXOGEHSD\DEOHRQ
RUEHIRUH$XJXVW
ANNUAL GENERAL MEETING

Da\

0RQGD\
'DWH

$XJXVW
7LPH

DP
9HQXH

5
HJLVWHUHG2FHRIWKH&RPSDQ\
0XQGKZD3XQH&DQWRQPHQW
3XQH0DKDUDVKWUDQGLD
FINANCIAL YEAR
7
KHQDOGLYLGHQGLIGHFODUHGZLOOEHSDLGWRWKRVH
PHPEHUV
L Z
KR KROG VKDUHV LQ SK\VLFDO IRUP DQG ZKRVH
QDPHV DSSHDU RQ WKH 5HJLVWHU RI 0HPEHUV RI
WKH&RPSDQ\DIWHUJLYLQJHHFWWRDOOYDOLGVKDUH
WUDQVIHUVORGJHGZLWKWKH&RPSDQ\EHIRUHWKH
FORVLQJKRXUVRQ7XHVGD\-XO\DQGb
LL Z
KRVH QDPHV DSSHDU DV EHQHFLDO RZQHUV
KROGLQJ VKDUHV LQ HOHFWURQLF IRUPb DV SHU WKH
EHQHFLDO RZQHUVKLS GDWD DV PD\ EH PDGH
DYDLODEOH WR WKH &RPSDQ\ E\ WKH 1DWLRQDO
6HFXULWLHV 'HSRVLWRU\ /LPLWHG DQG WKH &HQWUDO
'HSRVLWRU\ 6HUYLFHV QGLD /LPLWHG DV RI WKH
HQGRIWKHGD\RQ7XHVGD\-XO\
$SULOWR0DUFK
)RU WKH \HDU HQGHG 0DUFK UHVXOWV ZHUH
DQQRXQFHGRQ
-XO\
)LUVWTXDUWHU
1RYHPEHU +DOI\HDUO\
)HEUXDU\
7KLUGTXDUWHU
0D\
$QQXDO
Dividend declared by the Company for the last 5

years
Financial
year
4XDUWHUO\ UHVXOWV RI WKH &RPSDQ\ DUH SXEOLVKHG LQ

%XVLQHVV 6WDQGDUG DOO HGLWLRQV DQG /RNVDWWD 3XQH
DQG DUH GLVSOD\HG RQ WKH &RPSDQ\V ZHEVLWH ZZZ
bharatforge.com
Dividend payment dates
Dividend per
share*

)HEUXDU\
QWHULP'LYLGHQG
`
.H\ QDQFLDO UHSRUWLQJ GDWHV IRU WKH QDQFLDO \HDU

2015-16

6HSWHPEHU
)LQDO'LYLGHQG
`
4XDUWHUHQGLQJ-XQHRQRUEHIRUH$XJXVW

` 2.00
4XDUWHU HQGLQJ 6HSWHPEHU RQ RU EHIRUH

1RYHPEHU
)HEUXDU\
QWHULP'LYLGHQG

`
4XDUWHU HQGLQJ 'HFHPEHU RQ RU EHIRUH

)HEUXDU\
$XJXVW
)LQDO'LYLGHQG

` 1.00
$XGLWHG UHVXOWV IRU WKH QDQFLDO \HDU RQ RU

EHIRUH0D\
0DUFK
QWHULP'LYLGHQG
2011-12
$XJXVW
)LQDO'LYLGHQG
`
BOOK CLOSURE
2011-12
0DUFK
QWHULP'LYLGHQG
`
2010-11
$XJXVW
)LQDO'LYLGHQG
`
7KHERRNVZLOOEHFORVHGIURP:HGQHVGD\-XO\
WR0RQGD\$XJXVWERWKGD\VLQFOXVLYHDVDQQXDO
FORVXUHIRUSD\PHQWRIQDOGLYLGHQG
50
RISDLGXSYDOXHRI`HDFK
GDWHRIDOORWPHQWLHRQ0DUFK
Reminders to Investors
7
KH LQVWDOOPHQW RI &RPSDQ\V
6HFXUHG 5HGHHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV
of `0LOOLRQRIIDFHYDOXHRI`HDFK
ZDVGXHIRUUHGHPSWLRQRQ-DQXDU\DQGWKH
VDPHKDVEHHQSDLGRQGXHGDWH$VDUHVXOWDIWHU
WKH VDLG UHGHPSWLRQ WKH SDLG XS YDOXH RI WKH VDLG
Debentures stands reduced to ` HDFK DW
WKHHQGRIth year from the date of allotment.
7
KHLQVWDOOPHQWRI&RPSDQ\V6HFXUHG
5HGHHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV RI
` 0LOOLRQ RI IDFH YDOXH RI ` HDFK
ZDV GXH IRU UHGHPSWLRQ RQ $SULO DQG WKH
VDPHKDVEHHQSDLGRQGXHGDWH$VDUHVXOWDIWHU
WKH VDLG UHGHPSWLRQ WKH SDLG XS YDOXH RI WKH VDLG
Debentures stands reduced to ` HDFK DW
WKHHQGRIth year from the date of allotment.
Transfer of unpaid/unclaimed amounts to Investor

Education and Protection Fund (IEPF)
'XULQJWKH\HDUXQGHUUHYLHZWKH&RPSDQ\KDVFUHGLWHG
` 5XSHHV 7ZHQW\HLJKW /DNK (LJKW\WZR
7KRXVDQG 7KUHH +XQGUHG DQG 6HYHQW\WKUHH RQO\
O\LQJ LQ WKH XQSDLGXQFODLPHG GLYLGHQG DFFRXQW WR WKH
QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG(3)SXUVXDQW
WR6HFWLRQ&RIWKH&RPSDQLHV$FWUHDGZLWKWKH
QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG$ZDUHQHVVDQG
3URWHFWLRQRIQYHVWRUV5XOHV
LISTING
Equity
6(%YLGHLWVRUGHUQR:705.$05'GDWHG$SULO
KDVDOORZHGH[LWRI3XQH6WRFN([FKDQJH/LPLWHG
DV D 6WRFN ([FKDQJH ZLWK HHFW IURP $SULO $V
D FRQVHTXHQFH RI WKH VDLG RUGHU 3XQH 6WRFN ([FKDQJH
FHDVHWREHD6WRFN([FKDQJHDQGWKH&RPSDQ\V(TXLW\
6KDUHV VKDOO FHDVH WR EH OLVWHG RQ 3XQH 6WRFN ([FKDQJH
/LPLWHGZLWKHHFWIURP$SULO
(TXLW\ 6KDUHV RI %KDUDW )RUJH /LPLWHG DUH OLVWHG RQ WKH
%6( /LPLWHG 0XPEDL DQG 1DWLRQDO 6WRFN ([FKDQJH RI
QGLD/LPLWHG0XPEDL
%6(6FULSW&RGH
16(7UDGLQJ6\PERO%+$5$7)25*
(TXLW\611($
7
KHDQGLQVWDOOPHQWRI&RPSDQ\V
6HFXUHG 5HGHHPDEOH 1RQ&RQYHUWLEOH 'HEHQWXUHV
of ` 0LOOLRQ RI IDFH YDOXH RI `
`DVRQ0DUFKHDFKZDVGXHIRU
UHGHPSWLRQ RQ 6HSWHPEHU DQG 0DUFK
UHVSHFWLYHO\ DQG WKH VDPH KDV EHHQ SDLG RQ
GXHGDWHV$VDUHVXOWWKHVDLG'HEHQWXUHVVWDQGV
IXOO\UHGHHPHGDVDWWKHHQGRIWKPRQWKIURPWKH
DEBENTURE TRUSTEES
7KH GHWDLOV RI 'HEHQWXUH 7UXVWHHV LQ WHUPV RI 6(%
&LUFXODU1R&50'')GDWHG2FWREHU
DUHJLYHQEHORZ
1DPHRI'HEHQWXUH *'$7UXVWHHVKLS/LPLWHG
7UXVWHHVb
$GGUHVV
*'$+RXVH61R
3ORW1R2SS.RWKUXG%XV
'HSRW%KXVDUL&RORQ\5LJKW
3DXG5RDG.RWKUXG
3XQH0DKDUDVKWUD
QGLD
3KRQH1R

)D[1R

(PDLODGGUHVV
dt@gdatrustee.com
STOCK DATA
Table 11 below gives the monthly high and low prices and
YROXPHV RI %KDUDW )RUJH /LPLWHG %KDUDW )RUJH (TXLW\
6KDUHVDW%6(/LPLWHG0XPEDL%6(DQG1DWLRQDO6WRFN
([FKDQJHRIQGLD/LPLWHG0XPEDL16(GXULQJWKH\HDU

51
Debt Security
$OODQQXDOOLVWLQJIHHVGXHGXULQJWKH\HDUKDYHEHHQSDLG
(YHU\\HDUUHPLQGHUOHWWHUVIRUXQSDLGGLYLGHQGDUHVHQW
to the shareholders who have not claimed the dividend.
Table 11: High and Low Prices and Trading Volumes on the BSE and NSE
Month
BSE Ltd. (BSE)

High (`)*
Low (`)*
National Stock Exchange of India Ltd. (NSE)

Volume (Nos.)
High (`)*
Low (`)*
Volume (Nos.)
Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

3ULFHLQ`SHU(TXLW\6KDUH
STOCK PERFORMANCE
&KDUW $ SORWV WKH PRYHPHQW RI %KDUDW )RUJHV HTXLW\
VKDUHV DGMXVWHG FORVLQJ SULFHV FRPSDUHG WR WKH %6(
6HQVH[
Chart A: Bharat Forges Share Performance vs. BSE
Sensex
350.00
300.00
250.00
200.00
150.00
BFL
100.00
Sensex
SURFHVVLQJ SD\PHQW RI GLYLGHQG HWF LV GRQH LQKRXVH

DW WKH UHJLVWHUHG RFH RI WKH &RPSDQ\ %KDUDW )RUJHV
HTXLW\ VKDUHV DUH WUDGHG RQ WKH 6WRFN ([FKDQJHV
FRPSXOVRULO\ LQ 'HPDW PRGH 7KH %RDUGV ([HFXWLYH
&RPPLWWHHPHHWVWZLFHDPRQWKIRUGHDOLQJZLWKPDWWHUV
FRQFHUQLQJVHFXULWLHVRIWKH&RPSDQ\
QFRPSOLDQFHZLWKWKH6(%FLUFXODUGDWHG'HFHPEHU
UHTXLULQJ VKDUH UHJLVWU\ LQ WHUPV RI ERWK SK\VLFDO
DQGHOHFWURQLFPRGHVWREHPDLQWDLQHGDWDVLQJOHSRLQW
Bharat Forge has established direct connections with
&'6/DQG16'/WKHWZRGHSRVLWRULHV$VVXFKWKHVKDUH
registry work relating to both physical and electronic
mode is being handled by the Secretarial Department of
WKH&RPSDQ\
Secretarial Audit for reconciliation of capital
1RWH6KDUHSULFHVRI%KDUDW)RUJHDQG%6(6HQVH[KDYH
EHHQLQGH[HGWRDVRQUVWZRUNLQJGD\RIQDQFLDO
\HDULH$SULO
Q FRPSOLDQFH ZLWK WKH UHTXLUHPHQWV RI 6(% WKH

&RPSDQ\ KDV DW WKH HQG RI HYHU\ TXDUWHU VXEPLWWHG D
FHUWLFDWH RI 5HFRQFLOLDWLRQ RI 6KDUH &DSLWDO UHFRQFLOLQJ
WKHWRWDOVKDUHVKHOGE\ERWKWKHGHSRVLWRULHV16'/DQG
&'6/ DQG LQ SK\VLFDO IRUP GXO\ FHUWLHG E\ D TXDOLHG
3UDFWLVLQJ &RPSDQ\ 6HFUHWDU\ WR WKH VWRFN H[FKDQJHV
ZKHUHWKH&RPSDQ\VVHFXULWLHVDUHOLVWHGZLWKLQGD\V
RI WKH HQG RI HDFK TXDUWHU DQG WKH FHUWLFDWH LV DOVR
placed periodically before the Board of Directors of the
&RPSDQ\DWLWV%RDUG0HHWLQJV
Share Transfer Agents and Share Transfer and Demat

System
$VRIWKHGDWHRIWKLVUHSRUWWKHUHDUHQROHJDOSURFHHGLQJV
DJDLQVWWKH&RPSDQ\RQDQ\VKDUHWUDQVIHUPDWWHU
%KDUDW )RUJH /LPLWHG KDV QR VKDUH WUDQVIHU DJHQW 7KH

&RPSDQ\ LV 6(% 5HJLVWHUHG &DWHJRU\ 5HJLVWUDU WR
DQ VVXH DQG 6KDUH 7UDQVIHU $JHQW $OO ZRUNV UHODWLQJ
WR SK\VLFDO WUDQVIHU WUDQVPLVVLRQ VSOLWWLQJ RI 6KDUH
FHUWLFDWHV GHPDWHULDOLVDWLRQ DQG UHPDWHULDOLVDWLRQ
Code of Conduct for Prevention of Insider Trading

Practices
50.00
-
52
7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI QGLD YLGH LWV

1RWLFDWLRQ GDWHG -DQXDU\ KDV QRWLHG 7KH
Dematerialisation
7KH &RPSDQ\V (TXLW\ 6KDUHV DUH XQGHU FRPSXOVRU\
GHPDW WUDGLQJ $V RQ 0DUFK GHPDWHULDOLVHG
VKDUHV DFFRXQWHG IRU XSWR 0DUFK
RI WRWDO (TXLW\ VKDUH FDSLWDO 7KH GHWDLOV RI
GHPDWHULDOLVDWLRQDUHJLYHQLQ7DEOHEHORZ
Table 14: Dematerialisation of Shares as on March 31,
2015
Sr. No.
Mode of holding
SHAREHOLDING PATTERN
16'/

Table 12: Pattern of shareholding by ownership as on

March 31, 2015
&'6/

3K\VLFDO

Total
100.00
Category of Shareholder
No. of
No. of
Shareholding
Shareholders shares held
%
22

)LQDQFLDOQVWLWXWLRQV

221

%RGLHV&RUSRUDWH

1RQ5HVLGHQWQGLDQV

0XWXDO)XQGVLQFOXGLQJ
8QLW7UXVWRIQGLD
QVXUDQFH&RPSDQLHV
1DWLRQDOLVHG%DQNV
)RUHLJQQVWLWXWLRQDO
QYHVWRUV
)RUHLJQ1DWLRQDOV
LQFOXGLQJ)RUHLJQ%DQNV
DQG)RUHLJQ&RUSRUDWH
%RGLHV
3XEOLF
Total

74,536
232,794,316
100.00
Table 13: Distribution Schedule as on March 31, 2015

Category (Shares)
WR
Number of
Number of
shares held of
shareholders
` 2/- each

Shareholding
%

WR

10001 to 20000

WR
102

WR

WR

WR

100001 and above

74,536
232,794,316
100.00
Total
*'5V
Table 15: Details of public funding obtained in the
last three years and its implication on paid up Equity
Share Capital
Financial Year

Amount Raised through (HFWRQ3DLG

Public Funding
up Equity Share
Capital
1/
1/

1/
1/

1/
1/
2Q $SULO =HUR &RXSRQ )&&% 7UDQFKH $

DQG =HUR &RXSRQ )&&% 7UDQFKH % RI 86'
HDFKZHUHLVVXHGDJJUHJDWLQJWR86'PLOOLRQ
=HUR&RXSRQ)&&%V7UDQFKH$ZHUHUHGHHPHGRQ$SULO
DQG=HUR&RXSRQ)&&%V7UDQFKH%ZHUH
UHGHHPHGRQ$SULO
Plant Locations
0
XQGKZD 3XQH &DQWRQPHQW 3XQH
0DKDUDVKWUDQGLD
*
DW1R.XUXOL9LOODJH&KDNDQ7DO.KHG'LVWULFW
3XQH0DKDUDVKWUDQGLD
2
SSRVLWH -DUDQGHVKZDU 5DLOZD\ 6WDWLRQ 3RVW
9DGKXWK 'LVWULFW 6DWDUD 0DKDUDVKWUD
QGLD
7
DQGXOZDGL :DQMDUZDGL7DO%DUDPDWL'LVW3XQH
0DKDUDVKWUDQGLD
53
1 and 2: )RU GHQLWLRQ RI SURPRWHUV VKDUHKROGLQJ DQG

SXEOLF VKDUHKROGLQJ UHIHU WR &ODXVH $ RI WKH /LVWLQJ
$JUHHPHQW
Outstanding GDRs/ADRs/Warrants or any convertible

instruments, conversion date and likely impact on
equity
3URPRWHUV1
6HFXULWLHV DQG ([FKDQJH %RDUG RI QGLD 3URKLELWLRQ RI

QVLGHU7UDGLQJ5HJXODWLRQV1HZ5HJXODWLRQV7KH
1HZ5HJXODWLRQVFDPHLQWRHHFWIURP0D\DQG
WKH 6HFXULWLHV DQG ([FKDQJH %RDUG RI QGLD 3URKLELWLRQ
RI QVLGHU 7UDGLQJ 5HJXODWLRQV VKDOO VWDQG
UHSHDOHGIURPWKDWGDWH7KH&RPSDQ\KDVIRUPXODWHGD
FRPSUHKHQVLYH&RGHRI&RQGXFWIRUQVLGHU7UDGLQJDQG
)DLU'LVFORVXUHRI8QSXEOLVKHG3ULFH6HQVLWLYHQIRUPDWLRQ
LQ WKH VHFXULWLHV RI WKH &RPSDQ\ WR LWV 3URPRWHUV .H\
0DQDJHULDO3HUVRQQHODQG'HVLJQDWHG3HUVRQV
Investor Correspondence Address

6HFUHWDULDO'HSDUWPHQW
%KDUDW)RUJH/LPLWHG
0XQGKZD3XQH&DQWRQPHQW3XQH
0DKDUDVKWUDQGLD
3KRQHV
)D[
(PDLOVHFUHWDULDO#EKDUDWIRUJHFRP
&RPSOLDQFH&HUWLFDWHRIWKH$XGLWRUV
&HUWLFDWHIURPWKH$XGLWRUVRIWKH&RPSDQ\0V65%
& &R//3FRQUPLQJFRPSOLDQFHZLWKWKHFRQGLWLRQVRI
&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGXQGHU&ODXVHRI
WKH/LVWLQJ$JUHHPHQWLVDWWDFKHG
Disclosure under Clause 5A.II of the Listing Agreement

in respect of Unclaimed Shares
QFRPSOLDQFHZLWKWKH&ODXVH$RIWKH(TXLW\/LVWLQJ
$JUHHPHQWWRGHDOZLWKWKHXQFODLPHGVKDUHVLQSK\VLFDO
IRUP WKH &RPSDQ\ KDG VHQW WKUHH UHPLQGHUV WR VXFK
VKDUHKROGHUV ZKRVH VXEGLYLGHG VKDUH FHUWLFDWHV
UHPDLQHG XQFODLPHG E\ UHTXHVWLQJ WKHP WR XSGDWH
FRUUHFW GHWDLOV YL] SRVWDO DGGUHVVHV 3$1 GHWDLOV HWF
UHJLVWHUHG ZLWK WKH &RPSDQ\ LQ RUGHU WR DYRLG WUDQVIHU
of such unclaimed shares to the Unclaimed Suspense
$FFRXQW 7KH &RPSDQ\ LV LQ WKH SURFHVV RI IRUZDUGLQJ
WKH VKDUH FHUWLFDWHV WR WKRVH VKDUHKROGHUV ZKR KDYH
claimed their respective shares in response to above
reminders.
DECLARATION ON COMPLIANCE WITH THE CODE OF CONDUCT

%1.DO\DQL&KDLUPDQDQG0DQDJLQJ'LUHFWRURI%KDUDW)RUJH/LPLWHGKHUHE\GHFODUHWKDWDOOWKH%RDUGPHPEHUV
DQG VHQLRU PDQDJHULDO SHUVRQQHO KDYH DUPHG IRU WKH \HDU HQGHG 0DUFK FRPSOLDQFH ZLWK WKH &RGH RI
&RQGXFWRIWKH&RPSDQ\ODLGGRZQIRUWKHP
B. N. KALYANI
&KDLUPDQDQG0DQDJLQJ'LUHFWRU
3XQH0D\
727+(0(0%(562)%+$5$7)25*(/07('
CERTIFICATE BY THE AUDITORS ON CORPORATE GOVERNANCE
:HKDYHH[DPLQHGWKHFRPSOLDQFHRIWKHFRQGLWLRQVRIFRUSRUDWHJRYHUQDQFHE\%KDUDW)RUJH/LPLWHGIRUWKH\HDU
HQGHG0DUFKDVVWLSXODWHGLQ&ODXVHRIWKH/LVWLQJ$JUHHPHQWRIWKHVDLG&RPSDQ\ZLWKVWRFNH[FKDQJHV
7KH FRPSOLDQFH RI FRQGLWLRQV RI FRUSRUDWH JRYHUQDQFH LV WKH UHVSRQVLELOLW\ RI WKH PDQDJHPHQW 2XU H[DPLQDWLRQ
ZDVOLPLWHGWRSURFHGXUHVDQGLPSOHPHQWDWLRQWKHUHRIDGRSWHGE\WKH&RPSDQ\IRUHQVXULQJWKHFRPSOLDQFHRIWKH
FRQGLWLRQVRIWKH&RUSRUDWH*RYHUQDQFHWLVQHLWKHUDQDXGLWQRUDQH[SUHVVLRQRIRSLQLRQRQWKHQDQFLDOVWDWHPHQWV
RIWKH&RPSDQ\
QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVZHFHUWLI\WKDWWKH
&RPSDQ\ KDV FRPSOLHG ZLWK WKH FRQGLWLRQV RI &RUSRUDWH *RYHUQDQFH DV VWLSXODWHG LQ WKH DERYH PHQWLRQHG /LVWLQJ
$JUHHPHQW
:HIXUWKHUVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHFLHQF\
RUHHFWLYHQHVVZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDDLUVRIWKH&RPSDQ\
For S R B C & Co LLP
ICAI Firm registration Number: 324982E
Per Arvind Sethi
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
54
TO THE BOARD OF DIRECTORS OF BHARAT FORGE LIMITED
:HWKHXQGHUVLJQHGLQRXUUHVSHFWLYHFDSDFLWLHVDV&KDLUPDQDQG0DQDJLQJ'LUHFWRUDQG&KLHI)LQDQFLDO2FHURI
%KDUDW)RUJH/LPLWHGWKH&RPSDQ\WRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIFHUWLI\WKDW
D :
HKDYHUHYLHZHGQDQFLDOVWDWHPHQWDQGWKHFDVKRZVWDWHPHQWIRUWKH\HDUDQGWKDWWRWKHEHVWRIRXU
NQRZOHGJHDQGEHOLHI
L
W KHVH VWDWHPHQW GR QRW FRQWDLQ DQ\ PDWHULDOO\ XQWUXH VWDWHPHQW RU RPLW DQ\ PDWHULDO IDFW RU FRQWDLQ
VWDWHPHQWVWKDWPLJKWEHPLVOHDGLQJ
LL W KHVHVWDWHPHQWVWRJHWKHUSUHVHQWDWUXHDQGIDLUYLHZRIWKH&RPSDQ\VDDLUVDQGDUHLQFRPSOLDQFHZLWK
H[LVWLQJDFFRXQWLQJVWDQGDUGVDSSOLFDEOHODZVDQGUHJXODWLRQV
CERTIFICATION BY CHIEF EXECUTIVE OFFICER/MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER OF THE COMPANY
E 7
KHUHDUHWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIQRWUDQVDFWLRQVHQWHUHGLQWRE\WKH&RPSDQ\GXULQJWKH\HDU
ZKLFKDUHIUDXGXOHQWLOOHJDORUYLRODWLYHRIWKH&RPSDQ\V&RGHRI&RQGXFW
G :
HKDYHLQGLFDWHGWRWKH$XGLWRUVDQGWKH$XGLW&RPPLWWHH
L
V LJQLFDQWFKDQJHVLQLQWHUQDOFRQWURORYHUQDQFLDOUHSRUWLQJGXULQJWKH\HDU
LL V LJQLFDQWFKDQJHVLQDFFRXQWLQJSROLFLHVGXULQJWKH\HDUDQGWKDWWKHVDPHKDYHEHHQGLVFORVHGLQWKHQRWHV
WRWKHQDQFLDOVWDWHPHQWDQG
LLL LQVWDQFHVRIVLJQLFDQWIUDXGRIZKLFKZHDUHDZDUHDQGWKHLQYROYHPHQWWKHUHLQLIDQ\RIWKHPDQDJHPHQW
RUDQHPSOR\HHKDYLQJDVLJQLFDQWUROHLQWKH&RPSDQ\VLQWHUQDOFRQWUROV\VWHPRYHUQDQFLDOUHSRUWLQJ

3XQH0D\
K. M. SALETORE
&KLHI)LQDQFLDO2FHU
F :
HDFFHSWUHVSRQVLELOLW\IRUHVWDEOLVKLQJDQGPDLQWDLQLQJLQWHUQDOFRQWUROVIRUQDQFLDOUHSRUWLQJDQGWKDWZHKDYH
HYDOXDWHGWKHHHFWLYHQHVVRIWKHLQWHUQDOFRQWUROV\VWHPVRIWKH&RPSDQ\SHUWDLQLQJWRQDQFLDOUHSRUWLQJDQG
KDYHGLVFORVHGWRWKH$XGLWRUVDQGWKH$XGLW&RPPLWWHHGHFLHQFLHVLQWKHGHVLJQRURSHUDWLRQRIVXFKLQWHUQDO
FRQWUROVLIDQ\RIZKLFKZHDUHDZDUHDQGWKHVWHSVZHKDYHWDNHQRUSURSRVHWRWDNHWRUHFWLI\WKHVHGHFLHQFLHV
B. N. KALYANI
&KDLUPDQ 0DQDJLQJ'LUHFWRU
55
Boards Report
Boards Report
For the year ended March 31, 2015
To,
The Members,
Your Directors have pleasure in presenting the Fifty-fourth Annual Report on the business and
RSHUDWLRQV RI WKH &RPSDQ\ DQG WKH DXGLWHG QDQFLDO VWDWHPHQW IRU WKH )LQDQFLDO <HDU HQGHG
March 31, 2015.
1.
PERFORMANCE OF THE COMPANY
a)
Total Income (on stand-alone basis):

2014-15
2013-14
% Change
` 46,413.69 Million
` 35,139.73 Million
32
During the year under review, total income of the Company was ` 46,413.69 Million (previous
year ` 35,139.73 Million), representing an increase of 32%.
The worst seems to be over for the Indian Automotive Industry. Medium & Heavy Commercial
Vehicle Segment recorded a growth of 21% although volumes were still lower than the peak
of FY 2011-12. Car segment also saw a modest growth of 3%. Tractor Industry, however, after
achieving a peak in FY 2013-14, de-grew by 11%, de-growth in 2nd half of FY 2014-15 was
however close to 24%.
The total domestic revenue has grown by 16%.
b)
Exports Revenue (on stand-alone basis):

2014-15
2013-14
% Change
` 27,206.69 Million
` 18,482.13 Million
47
During the year under review, exports turnover of the Company was ` 27,206.69 Million
(previous year ` 18,482.13 Million), representing an increase of 47%.
56
7
KH LPSUHVVLYH JURZWK LQ H[SRUWV ZDV DFKLHYHG RQ DFFRXQW RI UHOHQWOHVV HRUWV PDGH WR
develop new markets and increase level of business with existing customers. The Company
has also signed a long term contract with a Global Aerospace Company for supply of
components.
c)
Financials (on stand-alone basis):
EXTRACT OF ANNUAL RETURN
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 134(5)

of the Companies Act, 2013 with respect to Directors
5HVSRQVLELOLW\6WDWHPHQWLWLVKHUHE\FRQUPHGWKDW
a)
in the preparation of the annual accounts for

the year ended March 31, 2015, the applicable
Accounting Standards have been followed and
there were no material departures;
b)
the Directors had selected such accounting

policies and applied them consistently and
made judgments and estimates that are
reasonable and prudent so as to give a true and
IDLUYLHZRIWKHVWDWHRIDDLUVRIWKH&RPSDQ\
DV DW 0DUFK DQG RI WKH SURW RI WKH
Company for that period;
5.
5,834.92
123.50
3,434.00
(23.60)
(27.05)
7,189.84
13,439.31
875.00
21,504.15
1,539.00
426.73
(6.60)
3,999.29
11,469.41
15,468.70
698.38
139.64
1,047.57
213.26
87.29
719.00
18,599.01
465.59
79.13
581.99
98.91
403.77
400.00
13,439.31
d)
the Directors had prepared the annual accounts

on a going concern basis;
H
W KH 'LUHFWRUV KDG ODLG GRZQ LQWHUQDO QDQFLDO

controls to be followed by the Company
DQG WKDW VXFK LQWHUQDO QDQFLDO FRQWUROV DUH
DGHTXDWHDQGZHUHRSHUDWLQJHHFWLYHO\DQG
f)
the Directors had devised proper systems to

ensure compliance with the provisions of all
applicable laws and that such systems were
DGHTXDWHDQGRSHUDWLQJHHFWLYHO\
NOMINATION AND REMUNERATION POLICY

The Board has, on the recommendation of the
Nomination and Remuneration Committee, framed
a policy for selection and appointment of Directors,
Key Managerial Personnel and Senior Management
Personnel and their remuneration. The Nomination
57
4.
10,609.51
(36.32)
W KH 'LUHFWRUV KDG WDNHQ SURSHU DQG VXFLHQW

care for the maintenance of adequate
accounting records in accordance with the
provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and
for preventing and detecting fraud and other
irregularities;
NUMBER OF MEETINGS OF THE BOARD

During the Financial Year 2014-15, four Board
Meetings were held. The details of which are given in
Corporate Governance Report.
35,139.73
18,482.13
F
The extract of the Annual Return of the Company in

Form MGT-9 is annexed herewith as Annexure A
to this report.
3.
46,413.69
27,206.69
2.
In ` Million
Previous Year
1) Total Income
2) Exports Revenue
1HW3URW
3URWIRUWKH\HDUEHIRUH7D[DWLRQ ([FHSWLRQDOWHP
Add/(Less): Exceptional Item
Provision for Taxation:
Current tax
Deferred tax
Adjustment of tax relating to earlier year
1HW3URW
%DODQFHRI3URWIURPSUHYLRXV\HDU
Debenture Redemption Reserve Written back
3URWDYDLODEOHIRUDSSURSULDWLRQ
APPROPRIATIONS:
Interim Dividend on Equity Shares
Tax on above dividend
Proposed Final Dividend on Equity Shares
Tax on above dividend
Debenture Redemption Reserve
Transfer to General Reserve
6XUSOXVUHWDLQHGLQ6WDWHPHQWRI3URW /RVV
Current Year
Boards Report
and Remuneration policy is annexed herewith as

Annexure B to this report.
6.
PARTICULARS OF LOANS, GUARANTEES OR

INVESTMENTS UNDER SECTION 186 OF THE
COMPANIES ACT, 2013
Particulars of Loans, guarantees and investments
covered under Section 186 of the Companies Act,
IRUPSDUWRIWKHQRWHVWRWKHQDQFLDOVWDWHPHQW
provided in this Annual Report.These loans /
guarantees are primarily granted for the furtherance
of business of the borrowing companies.
7.
PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES
All contracts or arrangements entered into by the
Company with Related Parties have been done
at arms length and are in the ordinary course of
business.
The policy on Related Party Transaction as approved
by the Board has been displayed on the Companys
website at the link http://bharatforge.com/images/
PDFs/policies/BFL.RPT%20Policy.pdf
Pursuant to Section 134 of the Companies Act, 2013
read with Rule 8(2) of the Companies (Accounts)
Rules, 2014, the particulars of such transactions are
provided in Form AOC-2 which is annexed herewith
as Annexure C to this report. Related Party
disclosures as per AS-18 have been provided in Note
WRWKHQDQFLDOVWDWHPHQW
8.
STATE OF COMPANYS AFFAIRS
'
LVFXVVLRQ RQ VWDWH RI &RPSDQ\V DDLUV KDV EHHQ
covered as part of the Management Discussion and
Analysis (MDA). MDA for the year under review, as
stipulated under Clause 49 of the Listing Agreement
with Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
9.
DIVIDEND & RESERVES

Your Company paid an Interim Dividend of ` 3.00
per Equity Share (150%) of the face value of ` 2/each, aggregating to ` 838.01 Million (inclusive of tax
on dividend of `0LOOLRQIRUWKHQDQFLDO\HDU
ended on March 31, 2015.
58
Your Directors are pleased to recommend a Final

Dividend of ` 4.50 per Equity Share (225%) of the
face value of ` 2/- each, aggregating to ` 1260.83
Million (inclusive of tax on dividend of ` 213.26
0LOOLRQ IRU WKH QDQFLDO \HDU HQGHG RQ 0DUFK
2015 for your consideration. Total Dividend paid for
the year ended on March 31, 2014 was ` 4.50 per
Equity Share (225%).
During the year under review, it is proposed to
transfer ` 719.00 Million (previous year ` 400
Million) to the General Reserves and ` 87.29 Million
(previous year ` 403.77 Million) to Debenture
Redemption Reserve. An amount of ` 18,599.01
Million is proposed to be retained as surplus in the
6WDWHPHQWRI3URW /RVV
The dividend payout for the year under review has
been formulated in accordance with shareholders
aspirations and the Companys policy to pay
sustainable dividend linked to long term growth
objectives of the Company to be met by internal
cash accruals.
10. SHARE CAPITAL

The paid-up Equity Share Capital as on March 31,
2015 stood at ` 465.59 Million. During the year under
review, the Company has not issued shares with
GLHUHQWLDO YRWLQJ ULJKWV QRU KDV JUDQWHG DQ\ VWRFN
options or sweat equity. As on March 31, 2015, none
of the Directors of the Company hold instruments
convertible into equity shares of the Company.
11. MATERIAL CHANGES AND COMMITMENTS, IF

ANY, AFFECTING THE FINANCIAL POSITION
OF THE COMPANY
There are no adverse material changes or
commitments occurring after March 31, 2015 which
PD\DHFWWKHQDQFLDOSRVLWLRQRIWKH&RPSDQ\RU
may require disclosure.
12. CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars relating to conservation of energy,
technology absorption, foreign exchange earnings
and outgo, as required to be disclosed under Section
134(3)(m) of the Companies Act, 2013 read with
Rule 8 of the Companies (Accounts) Rules, 2014 are
annexed herewith as Annexure D to this report.
13. RISK MANAGEMENT POLICY
The processes and practices of risk management

RI WKH &RPSDQ\ HQFRPSDVV ULVN LGHQWLFDWLRQ
FODVVLFDWLRQDQGHYDOXDWLRQ7KH&RPSDQ\LGHQWLHV
DOOVWUDWHJLFRSHUDWLRQDODQGQDQFLDOULVNVWKDWWKH
Company faces, by assessing and analysing the
latest trends in risk information available internally
and externally and using the same to plan for risk
management activities.
Accordingly, this year as well, the Directors have

reviewed the risk management policy and processes
and also the risks faced by the Company and the
corresponding risk mitigation plans deployed. The
Company is on track in respect of its risk mitigation
activities.
14. CORPORATE SOCIAL RESPONSIBILITY

ACTIVITIES
The CSR Committee of the Company comprises of

Mr. P. G. Pawar (Chairman), Mr. B. N. Kalyani and
Mr. Amit B. Kalyani.
During the year, the Company has spent ` 112.31
0LOOLRQ DURXQG RI WKH DYHUDJH QHW SURWV RI
ODVWWKUHHQDQFLDO\HDUVRQYDULRXV&65DFWLYLWLHV
The Annual Report on CSR activities that includes
details about the CSR policy developed and
implemented by the Company and CSR initiatives
16. BOARD EVALUATION

Pursuant to the provisions of the Companies Act,
2013 and Clause 49 of the Listing Agreement, the
Board has carried out an annual performance
evaluation of its own performance, the Directors
individually as well as the evaluation of the working
of its Committees. Performance evaluation has been
carried out as per the Nomination and Remuneration
Policy.
17. DETAILS OF APPOINTMENT AND

RESIGNATION OF DIRECTORS
In terms of provisions of the Companies Act, 2013
and the Articles of Association of the Company,
Mr. S. E. Tandale and Mr. G. K. Agarwal, Directors
of the Company, retire by rotation at the ensuing
Annual General Meeting and being eligible have
RHUHGWKHPVHOYHVIRUUHDSSRLQWPHQW
On the recommendation of the Nomination and
Remuneration Committee, the Board appointed
Mr. K. M. Saletore, who was appointed as Chief
)LQDQFLDO 2FHU &)2 RI WKH &RPSDQ\ ZLWK HHFW
from August 1, 2014, as Executive Director and CFO
ZLWKHHFWIURP)HEUXDU\
Mr. S. K. Chaturvedi, Non-executive Director of the
&RPSDQ\ KDV WHQGHUHG KLV UHVLJQDWLRQ HHFWLYH
from March 31, 2015 due to personal reason and
ceased to be the Director of the Company. The
Directors place on record their appreciation for the
valuable contribution made by Mr. S. K. Chaturvedi.
The Company has received declarations from all the
QGHSHQGHQW 'LUHFWRUV RI WKH &RPSDQ\ FRQUPLQJ
that they meet the criteria of independence as
prescribed both under sub section (6) of Section 149
of the Companies Act, 2013 and under Clause 49 of
the Listing Agreement with the Stock Exchanges.
59
The Company has been carrying out various

Corporate Social Responsibility (CSR) initiatives.
These activities are carried out in terms of Section
135 read with Schedule VII of the Companies
Act, 2013 and the Companies (Corporate Social
Responsibility Policy) Rules, 2014.
The Audit Committee comprises of Mr. P. G. Pawar

(Chairman), Mr. S. M. Thakore, Mr. P. H. Ravikumar
and Mr. P. C. Bhalerao. All the recommendations
made by the Audit Committee were deliberated and
accepted by the Board.
The Company has set-up a Finance and Risk

Management Committee to review the risks faced
by the Company and monitor the development
and deployment of risk mitigation action plans. The
Committee reports to the Board of Directors and
the Audit Committee who provide oversight for the
entire risk management framework in the Company.
15. AUDIT COMMITTEE
The Company has a robust risk management

framework comprising risk governance structure
DQG GHQHG ULVN PDQDJHPHQW SURFHVVHV 7KH ULVN
governance structure of the Company is a formal
RUJDQLVDWLRQ VWUXFWXUH ZLWK GHQHG UROHV DQG
responsibilities for risk management.
taken during the year is annexed herewith as

Annexure E to this report.
Boards Report
18. DETAILS OF APPOINTMENT AND

RESIGNATION OF KEY MANAGERIAL
PERSONNEL
Limited pursuant to the order of Honble High court

of Delhi dated August 7, 2014.
During the year, the Company through its German
subsidiary CDP Bharat Forge GmbH has acquired
100% Equity Shares of Mecanique Generale
Langroise, France.
Mr. K. M. Saletore was appointed as Chief Financial

2FHU RI WKH &RPSDQ\ ZLWK HHFW IURP $XJXVW
2014 due to retirement of Mr. S. G. Joglekar from the
VHUYLFHVRIWKH&RPSDQ\HHFWLYHIURP-XO\
A statement containing the salient features of

WKH QDQFLDO VWDWHPHQW RI RXU VXEVLGLDULHV LQ WKH
prescribed format AOC-1 is presented in a separate
VHFWLRQIRUPLQJSDUWRIWKHQDQFLDOVWDWHPHQW
Mr. Anand Daga was appointed as Vice President

(Legal) & Company Secretary of the Company with
HHFW IURP 6HSWHPEHU GXH WR UHVLJQDWLRQ
of Mr. P. S. Vaishampayan from the services of the
&RPSDQ\HHFWLYHIURP6HSWHPEHU
The Policy for determining Material subsidiaries

has been displayed on the Companys website at the
link http://bharatforge.com/images/PDFs/policies/
Policy%20on%20Material%20Subsidiary-BFL.pdf
19. FAMILIARISATION PROGRAMME

The details of programmes for familarisation of
Independent Directors with the Company has been
displayed on the Companys website at the link
http://bharatforge.com/images/Familiarisation_
Programme-BFL.pdf
20. NAMES OF THE COMPANIES WHICH HAVE

BECOME/CEASED TO BE SUBSIDIARIES,
JOINT VENTURES OR ASSOCIATE COMPANIES
DURING THE YEAR
During the year, Impact Automotive Solutions
Limited ceased to be the Joint Venture of the
Company pursuant to divestment of its stake to
other JV Partner.
Kalyani ALSTOM Power Limited ceased to be
the Joint Venture of the Company by virtue of its
amalgamation into ALSTOM Bharat Forge Power
21. DEPOSITS
The Company has not accepted deposits under
Chapter V of the Companies Act, 2013 during the year.
22. SIGNIFICANT AND MATERIAL ORDERS

7
KHUHDUHQRVLJQLFDQWDQGPDWHULDORUGHUVSDVVHG
by the regulators or courts or tribunals impacting
the going concern status and Companys operations
in future.
23. INTERNAL FINANCIAL CONTROLS

7
KH&RPSDQ\KDVLQSODFHDGHTXDWHLQWHUQDOQDQFLDO
FRQWUROV ZLWK UHIHUHQFH WR QDQFLDO VWDWHPHQW
During the year, such controls were tested and no
reportable material weaknesses in the design or
operation were observed.
24. INFORMATION PURSUANT TO RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION

OF MANAGERIAL PERSONNEL) RULES, 2014
Sr. Information Required
No.
3
4
5
60
The ratio of the remuneration of each Director to the median

remuneration of the employees of the Company for the
QDQFLDO\HDU
The percentage increase in remuneration of each Director, Chief
)LQDQFLDO2FHU&KLHI([HFXWLYH2FHU&RPSDQ\6HFUHWDU\RU
0DQDJHULIDQ\LQWKHQDQFLDO\HDU
The percentage increase in the median remuneration of
HPSOR\HHVLQWKHQDQFLDO\HDU
The number of permanent employees on the rolls of Company
Input
Please refer Annexure F
Please refer Annexure F
16.47%
4709
The explanation on the relationship between average increase The increase in remuneration is not solely based on the
in remuneration and Company performance.
Company performance but also includes various other
factors like individual performance, experience, skill
sets, academic background, industry trends, economic
situation and future growth prospects etc. All these
factors are considered for revision of remuneration.
11
12
(i) LIHPSOR\HGWKURXJKRXWWKHQDQFLDO\HDUZDVLQUHFHLSWRI
remuneration for that year which, in the aggregate, was not
less than sixty lakh rupees;
(ii) LIHPSOR\HGIRUDSDUWRIWKHQDQFLDO\HDUZDVLQUHFHLSW
of remuneration for any part of that year, at a rate which,
LQ WKH DJJUHJDWH ZDV QRW OHVV WKDQ YH ODNK UXSHHV SHU
month;
(iii) LI HPSOR\HG WKURXJKRXW WKH QDQFLDO \HDU RU SDUW WKHUHRI
was in receipt of remuneration in that year which, in the
aggregate, or as the case may be, at a rate which, in the
aggregate, is in excess of that drawn by the Managing
Director or Whole-time Director or Manager and holds by
himself or along with his spouse and dependent children,
not less than two percent of the equity shares of the
Company.
61
10
Comparison of the remuneration of the Key Managerial The increase in remuneration is not solely based on the
Personnel against the performance of the Company.
situation and future growth prospects etc. All these
factors are considered by Board/Nomination and
Remuneration Committee.
Variations in the market capitalisation of the Company, price
March 31, 2015 March 31, 2014
HDUQLQJV UDWLR DV DW WKH FORVLQJ GDWH RI WKH FXUUHQW QDQFLDO
Market
297,068.83
98,157.72
\HDU DQG SUHYLRXV QDQFLDO \HDU DQG SHUFHQWDJH LQFUHDVH
over decrease in the market quotations of the shares of the Capitalisation
Company in comparison to the rate at which the Company (In ` Million)
FDPHRXWZLWKWKHODVWSXEOLFRHULQFDVHRIOLVWHGFRPSDQLHV PE ratio
41.32
24.54
and in case of unlisted companies, the variations in the net
LQFUHDVHLQPDUNHWTXRWDWLRQRYHUODVWSXEOLFRHU
ZRUWK RI WKH &RPSDQ\ DV DW WKH FORVH RI WKH FXUUHQW QDQFLDO
price:
\HDUDQGSUHYLRXVQDQFLDO\HDU
Public issue of equity shares was made in the year 1979
with issue price of ` 100.00 per share. The average
closing price on BSE and NSE as on March 31, 2015 was
1276.10 The market price per share has increased by
63,705% as on March 31, 2015.
Average percentile increase already made in the salaries of Percentage increase in salaries of managerial personnel
employees other than the managerial personnel in the last at 50th Percentile is: 25%
QDQFLDO\HDU DQG LWV FRPSDULVRQ ZLWKWKH SHUFHQWLOH LQFUHDVH Percentage increase in salaries of non-managerial
LQ WKH PDQDJHULDO UHPXQHUDWLRQ DQG MXVWLFDWLRQ WKHUHRI DQG personnel at 50th Percentile is: 18.06%
point out if there are any exceptional circumstances for increase
The increase in remuneration is not solely based on the
in the managerial remuneration.
situation and future growth prospects etc. besides
the Company performance. There are no exceptional
circumstances for increase in the managerial
remuneration.
The key parameters for any variable component of remuneration Commission is the variable component in the
availed by the Directors.
remuneration of the Directors. The Commission amount
is as per the Nomination and Remuneration Policy of
the Company.
The ratio of the remuneration of the highest paid Director Not applicable
to that of the employees who are not Directors but receive
remuneration in excess of the highest paid Director during the
year.
$UPDWLRQWKDWWKHUHPXQHUDWLRQLVDVSHUWKHUHPXQHUDWLRQ The remuneration paid to the Directors is as per the
policy of the Company.
Remuneration Policy of the Company.
Statement showing the name of every employee of the Please refer Annexure G
Company, who-
Input
Sr. Information Required

No.
Boards Report
25. VIGIL MECHANISM

The Company has in place Whistle Blower Policy,
wherein the Employees/Directors/Stakeholders
of the Company are free to report any unethical
or improper activity, actual or suspected fraud
or violation of the Companys Code of Conduct.
This mechanism provides safeguards against
victimization of Employees, who report under the
said mechanism. During the year under review, the
Company has not received any complaints under
the said mechanism. The Whistle Blower Policy of
the Company has been displayed on the Companys
website at the link http://bharatforge.com/images/
PDFs/policies/BFL%20Whistle%20Blower%20PolicySigned.pdf
26. AUDITORS
a.
Statutory Auditors
At the Annual General Meeting held on
September 4, 2014, M/s. S R B C & Co LLP,
Chartered Accountants, were appointed
as Statutory Auditors of the Company to
KROG RFH WLOO WKH FRQFOXVLRQ RI WKH $QQXDO
General Meeting to be held in the year 2017.
Q WHUPV RI WKH UVW SURYLVR WR 6HFWLRQ RI
the Companies Act, 2013, the appointment of
WKH $XGLWRUV VKDOO EH SODFHG IRU UDWLFDWLRQ DW
every Annual General Meeting. Accordingly,
the appointment of M/s. S R B C & Co LLP,
Chartered Accountants, as Statutory Auditors of
WKH &RPSDQ\ ZLOO EH SODFHG IRU UDWLFDWLRQ E\
the Shareholders. In this regard, the Company
KDV UHFHLYHG D FHUWLFDWH IURP WKH $XGLWRUV WR
WKHHHFWWKDWLIWKHLUDSSRLQWPHQWLVUDWLHGLW
would be in accordance with the provisions of
Section 141 of the Companies Act, 2013.
62
7
KH1RWHVRQQDQFLDOVWDWHPHQWUHIHUUHGWRLQ
the Auditors Report are self-explanatory and do
not call for any further comments. The Auditors
5HSRUW GRHV QRW FRQWDLQ DQ\ TXDOLFDWLRQ
reservation or adverse remark.
b.
Secretarial Audit
The Board has appointed M/s. SVD & Associates,
Company Secretaries, Pune, to conduct
6HFUHWDULDO$XGLWIRUWKHQDQFLDO\HDU
7KH 6HFUHWDULDO $XGLW 5HSRUW IRU WKH QDQFLDO
year ended March 31, 2015 is annexed herewith
as Annexure H to this report. The Secretarial
$XGLW5HSRUWGRHVQRWFRQWDLQDQ\TXDOLFDWLRQ
reservation or adverse remark.
c.
Cost Auditors
The Board of Directors, on the recommendation
of
Audit
Committee,
has
appointed
M/s. Dhananjay V. Joshi & Associates, Cost
Accountants, Pune as Cost Auditor to audit the
FRVWDFFRXQWVRIWKH&RPSDQ\IRUWKHQDQFLDO
year 2015-16. As required under the Companies
Act, 2013, a resolution seeking Members
approval for the remuneration payable to
the Cost Auditors forms part of the Notice
convening the Annual General Meeting.
7
KH &RVW $XGLW UHSRUW IRU WKH QDQFLDO \HDU
ZDVOHGZLWKWKH0LQLVWU\RI&RUSRUDWH
$DLUVRQ6HSWHPEHU
27. CORPORATE GOVERNANCE

The Company is committed to maintain the highest
standards of Corporate Governance and adhere to
the Corporate Governance requirements set out by
SEBI. The Company has also implemented several
best Corporate Governance practices as prevalent
globally. The report on Corporate Governance as
stipulated under the Listing Agreement forms an
LQWHJUDOSDUWRIWKLV5HSRUW7KHUHTXLVLWHFHUWLFDWH
IURP WKH $XGLWRUV RI WKH &RPSDQ\ FRQUPLQJ
compliance with the conditions of Corporate
Governance is attached to the report on Corporate
Governance.
28. REDEMPTION OF DEBENTURES
The 50% and 25% installment of Companys

10.75% Secured Redeemable Non-Convertible
Debentures of ` 3,500 Million of face value of
` 1,000,000/- (` 750,000/- as on March 31, 2014)
each was due for redemption on September 22,
2014 and March 22, 2015 respectively and the
same has been paid on due dates. As a result,
the said Debentures stands fully redeemed
as at the end of 66th month from the date of
allotment i.e. on March 22, 2015.
The 33.33% installment of Companys 11.95%

Secured
Redeemable
Non-Convertible
Rs 1,000,000/- each was due for redemption on
January 5, 2015 and the same has been paid on
due date. As a result, after the said redemption,
the paid up value of the said Debentures stands
reduced to ` 666,700/- each at the end of 6th
year from the date of allotment.
29. OBLIGATION OF COMPANY UNDER THE

SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
Your Directors would like to express their sincere

appreciation of the positive co-operation received
from the Central Government, the Government of
Maharashtra, Financial Institutions and the Bankers.
The Directors also wish to place on record their deep
sense of appreciation for the commitment displayed
E\ DOO H[HFXWLYHV RFHUV ZRUNHUV DQG VWD RI WKH
Company resulting in the successful performance of
the Company during the year.
The Board also takes this opportunity to express its
deep gratitude for the continued co-operation and
support received from its valued shareholders.
The Directors express their special thanks to Mr. B.
N. Kalyani, Chairman & Managing Director, for his
XQWLULQJ HRUWV IRU WKH SURJUHVV RI WKH &RPSDQ\
For and on behalf of the Board of Directors
B. N. KALYANI
Pune: May 20, 2015
In terms of provisions of the Sexual Harassment of

Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, the Company has formulated
a Policy to prevent Sexual Harassment of Women at
Workplace. During the year under review, there were
QRFDVHVOHGSXUVXDQWWRWKH6H[XDO+DUDVVPHQWRI
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
30. ACKNOWLEDGEMENT
The 35% installment of Companys 10.75%

Secured
Redeemable
Non-Convertible
` 1,000,000/- each was due for redemption on
April 28, 2014 and the same has been paid on
due date. As a result, after the said redemption,
the paid up value of the said Debentures stands
reduced to ` 650,000/- each at the end of 4th
year from the date of allotment.
63
Boards Report
Annexure A
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
$VRQWKHQDQFLDO\HDUHQGHGRQ0DUFK
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1)
of the Companies (Management and Administration) Rules, 2014]
I.
REGISTRATION AND OTHER DETAILS

i)
ii)
iii)
iv)
v)
CIN
Registration date
Name of the Company
Category/Sub category of
the Company
$GGUHVVRIWKH5HJLVWHUHGRFHDQGFRQWDFW
details
vi) Whether listed company

vii) Name, Address and Contact details of Registrar
and Transfer Agent,
if any
II.
L25209PN1961PLC012046
June 19, 1961
Public Company Limited by Shares
Indian Non-Government Company
Pune 411 036
Tel. No. 020 6704 2777/2476
Fax No. 020 2682 2163
Yes
The Company is having in-house share transfer facility and therefore
the Company has not appointed Registrar and Transfer Agent.
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company are as stated below:Sr.
No.
1
2
3
Name and Description of main products/services

Steel Forgings
Finished Machined Crankshafts
Front Axles assembly and components
NIC Code of the

product/service
73269099
84831099
87081090
% to total turnover
of the Company*
39.06%
32.95%
13.68%
* On the basis of Gross Turnover.
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name of the Company
No.
64
Address of the Company
CIN/GLN
Holding/
Subsidiary/
Associate
% of Applicable
shares
Section
held
CDP Bharat Forge GmbH Mittelstrasse 64, 58256

Ennepetal, Germany
N.A.
Subsidiary
100%
2(87)(ii)
Bharat Forge Daun

GmbH
Junius Saxler StarB 4

D 54550 Daun, Germany
N.A.
Subsidiary
100%
2(87)(ii)
BF New Technologies
GmbH
Mittelstrasse 64, 58256

Ennepetal, Germany
N.A.
Subsidiary
100%
2(87)(ii)
Bharat Forge Holding

GmbH

Ennepetal, Germany
N.A.
Subsidiary
100%
2(87)(ii)
Bharat Forge
Aluminiumtechnik
GmbH & Co. KG,
Berthelsodorfer StraBe 8
09618 Brand Erbisdorf,
Germany
N.A.
Subsidiary
100%
2(87)(ii)
Bharat Forge
Aluminiumtechnik
Verwaltungs GmbH
Berthelsodorfer S
traBe 8 09618 Brand
Erbisdorf, Germany
N.A.
Subsidiary
100%
2(87)(ii)
Mecanique Generale
Langroise, (w.e.f.
December 17, 2014)
Rue du Stade, 52200

Saints-Geosmes, France
N.A.
Subsidiary
100%
2(87)(ii)
Address of the Company
CIN/GLN
Holding/
Subsidiary/
Associate
% of Applicable
shares
Section
held

Ennepetal, Germany
N.A.
Subsidiary
100%
2(87)(ii)
Bharat Forge Kilsta AB
Box 428 691 27 Karlskoga,

Sweden
N.A.
Subsidiary
100%
2(87)(ii)
10
Bharat Forge Hong Kong 14th Floor, Hutchion House,

Ltd.
10, Harcourt Road, Central
Hong Kong SAR, Hong
Kong
N.A.
Subsidiary
100%
2(87)(ii)
11
Bharat Forge
International Limited
Boston House Business

Centre, 69-75 Boston
Manor Road, Brentford
TW8 9JJ, United Kingdom
N.A.
Subsidiary
100%
2(87)(ii)
12
Bharat Forge America

Inc.
950 W Monroe St. Suite

600 Jackson, MI 49202,
U.S.A.
N.A.
Subsidiary
100%
2(87)(ii)
13
BF Infrastructure Limited Mundhwa, Pune

U45203PN2010PLC136755
Cantonment, Pune-411 036
Subsidiary
100%
2(87)(ii)
14
BF Infrastructure
Ventures Limited
Mundhwa, Pune
U74900PN2010PLC137992
Subsidiary
100%
2(87)(ii)
15
Kalyani Strategic
Systems Limited
Mundhwa, Pune
U31902PN2010PLC138025
Subsidiary
100%
2(87)(ii)
16
Kalyani Polytechnic
Private Limited*
Mundhwa, Pune
U80903PN2012NPL144161
Subsidiary
100%
2(87)(ii)
17
BF Elbit Advanced
Systems Private Limited
Mundhwa, Pune
U29270PN2012PTC144268
Subsidiary
100%
2(87)(ii)
18
Analogic Controls India

Limited
Survey No. 23/2, P.O.

Gundlapochampally, NH-7,
via Hakimpet, Hyderabad
-500 014
U28932TG1996PLC024629
Subsidiary
60%
2(87)(ii)
19
Kalyani ALSTOM Power

Limited**
14th Floor, Antariksh

Bhavan, 22, Kasturba
Gandhi Marg, New Delhi
- 110 001
U29128DL2010PLC197806
Subsidiary
51%
2(87)(ii)
20
BF-NTPC Energy Systems 14th Floor, Antariksh

Limited
- 110 001
U40106DL2008PLC179793
Subsidiary
51%
2(87)(ii)
21
Tecnica UK Limited
2 Cheyne Walk Bawtry

Doncaster South Yorkshire
DN10 6RS, United Kingdom
N.A.
Associate
30%
2(6)
22
Talbahn GmbH
Mhlenstrasse 38
58285 Gevelsberg,
Germany
N.A.
Associate
35%
2(6)
23
Ferrovia Transrail
Solutions Private Limited Bhavan, 22, Kasturba
- 110 001
U45300DL2012PTC239645
Associate
49%
2(6)
24
ALSTOM Bharat Forge

Power Limited**
U29111DL2010FTC197807
Associate/
Joint Venture
49%
2(6)

- 110 001
Bharat Forge
Beteiligungs GmbH
Sr. Name of the Company

No.
*Kalyani Polytechnic Private Limited is a Company incorporated under section 25 of the Companies Act, 1956
** Kalyani ALSTOM Power Limited ceased to be the Joint Venture of the Company by virtue of its amalgamation into ALSTOM
Bharat Forge Power Limited pursuant to the order of Honble High Court of Delhi dated August 7, 2014.
65
Boards Report
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i)
Category-wise Share Holding as on March 31, 2015

No. of Shares held at the beginning of the year
Category of Shareholders
Demat
Physical
No. of Shares held at the end of the year
% of
Total
Shares
Total
Demat
Physical
%
Change
during
the year
% of Total
Shares
Total
A. Promoters
(1) Indian
a) Individual/HUF
b) Central Govt
808,065
50
808,115
0.35
808,065
50
808,115
0.35
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
5,677,490 108,009,805
46.40
--
--
--
c) State Govt(s)
--
d) Bodies Corp.
102,332,315
e) Banks/FI
f) Any Other
Sub-total (A) (1):-
--103,140,380
5,677,490 108,009,805
--
--
--
--
5,677,540 108,817,920
46.40 102,332,315
--
--
--
--
46.74 103,140,380
--
--
--
--
--
--
5,677,540 108,817,920
46.74
--
(2) Foreign
a) NRIs - Individuals
--
--
--
--
--
--
--
--
--
b) Other - Individuals
--
--
--
--
--
--
--
--
--
c) Bodies Corp.
--
--
--
--
--
--
--
--
--
d) Banks/FI
--
--
--
--
--
--
--
--
--
e) Any Other
--
--
--
--
--
--
--
--
--
Sub-total (A) (2):-
--
--
--
--
--
--
--
--
--
5,677,540 108,817,920
46.74
--
Total shareholding of
Promoter (A) =
(A)(1)+(A)(2)
103,140,380
5,677,540 108,817,920
46.74 103,140,380
B. Public Shareholding
1. Institutions
a) Mutual Funds
b) Banks/FI
21,643,745
4,800
21,648,545
9.30
24,508,362
4,800
24,513,162
10.53
1.23
7,110,360
8,775
7,119,135
3.06
4,651,039
8,775
4,659,814
2.00
-1.06
c) Central Govt
--
--
--
--
--
--
--
--
--
d) State Govt(s)
--
--
--
--
--
--
--
--
--
e) Venture Capital
Funds
--
--
--
--
--
--
--
--
--
f) Insurance Companies
4,910,534
--
4,910,534
2.11
3,452,599
--
3,452,599
1.48
-0.63
37,250,386
1,845
37,252,231
16.00
37,662,932
1,845
37,664,777
16.18
0.18
--
--
--
--
--
--
--
--
--
(i-i) Foreign bank
--
--
--
--
4,274
--
4,274
--
--
(i-ii) Foreign Portfolio

Investor
--
--
--
--
3,446,935
--
3,446,935
1.48
1.48
70,915,025
15,420
70,930,445
30.48
73,726,141
15,420
73,741,561
31.68
1.20
19,541,896
13,200
19,555,096
8.40
18,355,747
13,160
18,368,907
7.89
-0.51
--
--
--
--
--
--
--
--
--
i) Individual Shareholders
holding nominal share
Capital up to ` 1 lakh
17,301,901
2,877,939
20,179,840
8.67
19,068,925
2,643,476
21,712,401
9.33
0.66
ii) Individual
Shareholders holding
nominal share Capital in
excess of ` 1 lakh
11,480,194
109,300
11,589,494
4.98
8,911,623
109,300
9,020,923
3.88
-1.10
g) FIIs
h) Foreign Venture
Capital Funds
i) Others (specify)
Sub-total (B)(1):2. Non-Institutions

a) Bodies Corp.
i) Indian
ii)Overseas
b) Individuals
c) Others (specify)
66
No. of Shares held at the beginning of the year

Demat
(c-i) Clearing Member
Sub-total (B)(2):Total Public Shareholding

(B)=(B)(1)+ (B)(2)
ii)
Sr
No.
Demat
Physical
% of Total
Shares
Total
--
1,105,640
0.47
335,343
--
335,343
0.14
16,581
--
16,581
0.01
34,905
--
34,905
0.01
577,085
13,015
590,100
0.25
740,141
13,015
753,156
0.33
0.08
50,023,297
3,013,454
53,036,751
22.78
47,446,684
2,778,951
50,225,635
21.58
(1.20)
2,794,371 123,967,196
53.26
9,200
--
--
8,471,911 232,794,316
100
120,938,322
C. Shares held by Custodian

for GDRs & ADRs
Grand Total (A+B+C)
Total
%
Change
during
the year
1,105,640
(c-ii) Trusts
(c-iii) Non Resident Indian
Physical
No. of Shares held at the end of the year
% of
Total
Shares
3,028,874 123,967,196
9,200
--
224,087,902
53.26 121,172,825
9,200
--
8,706,414 232,794,316
9,200
100 224,322,405
--
-0.33
Category of Shareholders
Shareholding of Promoters :
Shareholders Name
Shareholding at the beginning of the year

(As on April 1, 2014)
% of total
Shares
of the
company
%of Shares
Pledged/
encumbered
to total
shares
No. of
Shares
% of total
Shares
of the
company
%of Shares
Pledged/
encumbered
to total
shares
% change in
share
holding
during the
year
Mr. B.N. Kalyani
39,025
0.02
39,025
0.02
Mr. Amit B. Kalyani
350,200
0.15
350,200
0.15
Mr. Gaurishankar N. Kalyani
345,220
0.15
345,220
0.15
Mrs. Sulochana N. Kalyani jointly

with Mr. B. N. Kalyani
50
50
Ms. Sheetal G. Kalyani
11,490
11,490
Mrs. Rohini G. Kalyani
50,730
0.02
50,730
0.02
Kum. Viraj G. Kalyani
11,400
11,400
KSL Holding Pvt. Ltd.
23,142,870
9.94
23,142,870
9.94
Ajinkya Investment & Trading

Company
9,818,925
4.22
9,818,925
4.22
10
Sundaram Trading and

Investment Pvt. Ltd.
29,907,087
12.85
29,907,087
12.85
11
Kalyani Investment Company

Limited
31,656,095
13.60
31,656,095
13.60
12
BF Investment Limited
7,807,338
3.35
7,807,338
3.35
13
Rajgad Trading Co. Pvt. Ltd.
662,760
0.28
662,760
0.28
14
Tanmarg Investment & Trading

Pvt. Ltd.
388,000
0.17
388,000
0.17
15
Yusmarg Investment & Trading

Pvt. Ltd.
822,000
0.35
822,000
0.35
16
Kalyani Consultants Pvt. Ltd.
17
Jannhavi Investment Pvt. Ltd.
18
Dronacharya Investment &

Trading Pvt. Ltd.
19
328,500
0.14
328,500
0.14
2,217,570
0.95
2,217,570
0.95
70,715
0.03
70,715
0.03
&RUQRZHUQYHVWPHQW )LQDQFH
Pvt. Ltd
247,000
0.11
247,000
0.11
20
Dandakaranya Investment &

Trading Pvt. Ltd
512,500
0.22
512,500
0.22
21
Campanula Investment & Finance

Pvt. Ltd.
344,445
0.15
344,445
0.15
22
Hastinapur Investment & Trading

Pvt. Ltd.
84,000
0.04
84,000
0.04
108,817,920
46.74
108,817,920
46.74
Total
67
5
6
No. of
Shares
Shareholding at the end of the year

(As on March 31, 2015)
Boards Report
iii)
Change in Promoters Shareholding:
Sr.
No.
Shareholding at the beginning of the

year
No. of shares
At the beginning of the year
(As on April 1, 2014)
Date wise Increase/Decrease in

Promoters Shareholding during the year
specifying the reasons for increase/
decrease (e.g. allotment/transfer/
bonus/ sweat equity etc):
At the end of the year
(As on March 31, 2015)
Cumulative Shareholding during the

year
No. of shares
108,817,920
% of total shares
of the company
46.74
108,817,920
% of total shares
of the company
46.74
108,817,920
46.74
108,817,920
46.74
# There is no change in the shareholding of the Promoters between April 1, 2014 and March 31, 2015.
iv) Shareholding pattern of top ten Shareholders (other than Directors, Promoters and holders of GDRs and
ADRs)
Sr. For Each of the Top 10 Shareholders
No. Name, Date & Reason of change
Shareholding at the beginning of

the year
No. of
% of total shares of
shares
the Company
Cumulative Shareholding during

the year
No. of
shares
the Company
Reliance Capital Trustee Company Ltd

8,120,200
3.49
8,120,200
3.49
Add 23.05.2014
As on 01.04.2014
Market Purchase
125,000
0.05
8,245,200
3.54
Add 30.05.2014
Market Purchase
102,181
0.04
8,347,381
3.59
Add 20.06.2014
Market Purchase
50,000
0.02
8,397,381
3.61
Less 18.07.2014
Market Sale
(-) 150,000
0.06
8,247,381
3.54
Less 01.08.2014
Market Sale
(-)191,573
0.08
8,055,808
3.46
Less 08.08.2014
Market Sale
(-)285,608
0.12
7,770,200
3.34
Less 29.08.2014
Market Sale
(-)100,000
0.04
7,670,200
3.29
Less 05.09.2014
Market Sale
(-)230,000
0.1
7,440,200
3.2
Less 12.09.2014
Market Sale
(-) 320,000
0.14
7,120,200
3.06
Less 19.09.2014
Market Sale
(-) 253,886
0.11
6,866,314
2.95
Less 30.09.2014
Market Sale
(-) 106,000
0.05
6,760,314
2.9
Less 10.10.2014
Market Sale
(-) 50,200
0.02
6,710,114
2.88
Less 28.11.2014
Market Sale
(-) 340,000
0.15
6,370,114
2.74
Less 16.01.2015
Market Sale
(-) 120,000
0.05
6,250,114
2.68
Less 06.02.2015
Market Sale
(-) 50,000
0.02
6,200,114
2.66
Less 27.02.2015
Market Sale
(-) 172,000
0.07
6,028,114
2.59
Less 20.03.2015
Market Sale
As on 31.03.2015
2
(-) 49,718
0.02
5,978,396
2.57
5,978,396
b
5,978,396
2.57
Life Insurance Corporation of India

As on 01.04.2014
Less 11.04.2014
Market Sale
7,578,185
3.26
7,578,185
3.26
(-) 532,653
0.23
7,045,532
3.03
Less 25.04.2014
Market Sale
(-) 5,000
7,040,532
3.02
Less 06.06.2014
Market Sale
(-) 13,490
0.01
7,027,042
3.02
Less 25.07.2014
Market Sale
(-) 13,499
0.01
7,013,543
3.01
Less 22.08.2014
Market Sale
(-) 575,336
0.25
6,438,207
2.77
Less 29.08.2014
Market Sale
(-) 205,595
0.09
6,232,612
2.68
Less 05.09.2014
Market Sale
(-) 250,000
0.11
5,982,612
2.57
68

the year
No. of
shares
the Company

the year
No. of
shares
the Company
Less 12.09.2014
Market Sale
(-) 39,069
0.02
5,943,543
2.55
Less 30.09.2014
Market Sale
(-) 2,000
5,941,543
2.55
Less 03.10.2014
Market Sale
(-) 3,000
5,938,543
2.55
Less 10.10.2014
Market Sale
(-) 614,000
0.26
5,324,543
2.29
Less 17.10.2014
Market Sale
(-) 1,000
5,323,543
2.29
Less 23.01.2015
Market Sale
(-) 577,316
0.25
5,900,859
2.53
2.53
Less 06.02.2015
Market Sale
(-) 1,430
5,899,429
Less 13.02.2015
Market Sale
(-)39,000
0.02
5,860,429
2.52
Less 27.02.2015
Market Sale
(-) 62,901
0.03
5,797,528
2.49
Less 06.03.2015
(-) 260,370
0.11
5,537,158
2.38
Market Sale
(-) 337,591
0.15
5,199,567
2.23
Less 20.03.2015
Market Sale
(-) 289,360
0.12
4,910,207
2.11
Market Sale
(-)47,587
0.02
4,862,620
2.09
4,862,620
2.09
4,862,620
2.09
5,565,877
2.39
5,565,877
2.39
2,800
5,568,677
2.39
Less 27.03.2015
As on 31.03.2015
3
Copthall Mauritius Investment Limited

As on 01.04.2014
Add 04.04.2014
Market Purchase
Add 18.04.2014
Market Purchase
156,147
0.07
5,724,824
2.46
Less 25.04.2014
Market Sale
(-) 464,097
0.2
5,260,727
2.26
Less 02.05.2014
Market Sale
(-) 200,907
0.09
5,059,820
2.17
Add 16.05.2014
Market Purchase
30,900
0.01
5,090,720
2.19
Less 30.05.2014
Market Sale
(-) 188,553
0.08
4,902,167
2.11
Less 06.06.2014
Market Sale
(-) 112,000
0.05
4,790,167
2.06
Market Sale
(-) 218,939
0.09
4,571,228
1.96
Market Sale
(-) 362,439
0.16
4,208,789
1.81
Less 04.07.2014
Market Sale
(-) 208,298
0.09
4,000,491
1.72
Less 25.07.2014
Market Sale
(-) 85
4,000,406
1.72
Less 01.08.2014
Market Sale
(-) 266,260
0.11
3,734,146
1.6
Add 08.08.2014
Market Purchase
7,672
3,741,818
1.61
Less 15.08.2014
Market Sale
(-) 551
3,741,267
1.61
Add 22.08.2014
Market Purchase
Less 29.08.2014
Market Sale
5,795
3,747,062
1.61
(-) 17981
0.01
3,729,081
1.6
Less 12.09.2014
Market Sale
(-) 52,245
0.02
3,676,836
1.58
Less 19.09.2014
Market Sale
(-) 291,502
0.13
3,385,334
1.45
Add 30.09.2014
Market Purchase
246,995
0.11
3,632,329
1.56
Add 24.10.2014
Market Purchase
140,000
0.06
3,772,329
1.62
Add 30.10.2014
Market Purchase
40,926
0.02
3,813,255
1.64
Add 07.11.2014
Market Purchase
6,500
3,819,755
1.64
Add 14.11.2014
Market Purchase
141,250
0.06
3,961,005
1.7
Less 21.11.2014
Market Sale
(-) 71052
0.03
3,889,953
1.67
Less 28.11.2014
Market Sale
(-) 642966
0.28
3,246,987
1.39
Add 05.12.2014
Market Purchase
420
3,247,407
1.39
Less 12.12.2014
Market Sale
(-) 378,055
0.16
2,869,352
1.23
Less 19.12.2014
Market Sale
(-) 9,430
2,859,922
1.23
69
Less 13.06.2014
Less 30.06.2014
Market Sale
Less 13.03.2015

Boards Report


the year
No. of
shares
the Company

the year
No. of
shares
the Company
Less 31.12.2014
Market Sale
(-) 3,500
2,856,422
1.23
Less 09.01.2015
Market Sale
(-) 10,534
2,845,888
1.22
Add 16.01.2015
Market Purchase
7,760
2,853,648
1.23
Add 23.01.2015
Market Purchase
8,000
2,861,648
1.23
Add 30.01.2015
Market Purchase
13,211
0.01
2,874,859
1.23
Add 06.02.2015
Market Purchase
167,269
0.07
3,042,128
1.31
Less 20.02.2015
Market Sale
(-) 65,595
0.03
2,976,533
1.28
Less 27.02.2015
Market Sale
(-) 133,567
0.06
2,842,966
1.22
Less 06.03.2015
Market Sale
(-) 186,798
0.08
2,656,168
1.14
Less 13.03.2015
Market Sale
(-) 17,909
0.01
2,638,259
1.13
90,777
0.04
2,729,036
1.17
Add 20.03.2015
Market Purchase
Add 27.03.2015
Market Purchase
As on 31.03.2015
4
0.02
2,776,168
1.19
1.19
2,776,168
1.19
3,418,062
1.47
3,418,062
1.47
Gagandeep Credit Capital Pvt. Ltd.

As on 01.04.2014
Less 30.06.2014
Less 29.08.2014
Market Sale
(-) 200,000
0.09
3,218,062
1.38
Market Sale
(-) 408,000
0.18
2,810,062
1.21
2,810,062
b
2,810,062
1.21
3,204,879
1.38
3,204,879
1.38
As on 31.03.2015
5
47,132
2,776,168
The New India Assurance Company Ltd

As on 01.04.2014
Market Sale
(-) 10,000
3,194,879
1.37
Less 16.05.2014
Less 25.04.2014
Market Sale
(-) 58,520
0.03
3,136,359
1.35
Less 23.05.2014
Market Sale
(-) 99,555
0.04
3,036,804
1.3
Less 30.05.2014
Market Sale
(-) 25,000
0.01
3,011,804
1.29
Less 08.08.2014
Market Sale
(-) 27,700
0.01
2,984,104
1.28
Less 15.08.2014
Market Sale
(-) 30,000
0.01
2,954,104
1.27
Less 22.08.2014
Market Sale
(-) 33,533
0.01
2,920,571
1.25
Less 29.08.2014
Market Sale
(-) 65,000
0.03
2,855,571
1.23
Less 05.09.2014
Market Sale
(-) 43,767
0.02
2,811,804
1.21
Less 12.09.2014
Market Sale
(-) 41,774
0.02
2,770,030
1.19
Less 19.09.2014
Market Sale
(-) 17,000
0.01
2,753,030
1.18
Less 30.09.2014
Market Sale
(-) 11,862
0.01
2,741,168
1.18
Less 03.10.2014
Market Sale
(-) 10,000
2,731,168
1.17
Less 14.11.2014
Market Sale
(-) 24,758
0.01
2,706,410
1.16
Less 21.11.2014
Market Sale
(-) 43,205
0.02
2,663,205
1.14
Less 28.11.2014
Market Sale
(-) 28,500
0.01
2,634,705
1.13
Less 05.12.2014
Market Sale
(-) 3,537
2,631,168
1.13
Less 12.12.2014
Market Sale
(-) 20,000
0.01
2,611,168
1.12
Less 16.01.2015
Market Sale
(-) 30,000
0.01
2,581,168
1.11
Less 23.01.2015
Market Sale
(-) 38,750
0.02
2,542,418
1.09
Less 30.01.2015
Market Sale
(-) 40,000
0.02
2,502,418
1.07
Less 06.02.2015
Market Sale
(-) 14,170
0.01
2,488,248
1.07
Less 13.02.2015
Market Sale
(-) 28,476
0.01
2,459,772
1.06
70
Less 20.02.2015

the year
No. of
shares
the Company

the year
No. of
shares
the Company
Market Sale
(-) 20,000
0.01
2,439,772
1.05
Less 27.02.2015
Market Sale
(-) 17,500
0.01
2,422,272
1.04
Less 06.03.2015
Market Sale
(-) 30,000
0.01
2,392,272
1.03
Less 13.03.2015
Market Sale
(-) 30,000
0.01
2,362,272
1.01
Less 20.03.2015
Market Sale
(-) 89,004
0.04
2,273,268
0.98
Less 27.03.2015
Market Sale
(-) 28,000
0.01
2,245,268
0.96
Less 31.03.2015
Market Sale
(-) 2,996
2,242,272
0.96
2,242,272
0.96
2,242,272
0.96
As on 01.04.2014
3,140,216
1.35
3,140,216
1.35
As on 31.03.2015
3,140,216
1.35
3,140,216
1.35
2,265,884
0.97
2,265,884
0.97
As on 31.03.2015
6

Sudarshan Securities Private Limited
AGF Emerging Markets Fund
Market Sale
(-) 26,000
0.01
2,239,884
0.96
Less 18.04.2014
Less 04.04.2014
Market Sale
(-) 151,841
0.07
2,088,043
0.9
Less 25.04.2014
Market Sale
(-) 718,102
0.31
1,369,941
0.59
Less 02.05.2014
Market Sale
(-) 281,757
0.12
1,088,184
0.47
Less 09.05.2014
Market Sale
(-) 11,700
0.01
1,076,484
0.46
Less 30.05.2014
Market Sale
(-) 13,200
0.01
1,063,284
0.46
Less 13.06.2014
Market Sale
(-) 7,200
1,056,084
0.45
Less 20.06.2014
Market Sale
(-) 5,600
1,050,484
0.45
Less 30.06.2014
Market Sale
(-) 5,600
1,044,884
0.45
Less 04.07.2014
Market Sale
(-) 9,100
1,035,784
0.44
Add 25.07.2014
Market Purchase
10,900
1,046,684
0.45
Add 15.08.2014
Market Purchase
1,052,084
0.45
Market Sale
1,044,684
0.45
Market Sale
(-) 11,400
1,033,284
0.44
(-) 4,700
1,028,584
0.44
Less 12.09.2014
Less 10.10.2014
Market Sale
Add 24.10.2014
Market Purchase
Less 31.10.2014
Less 28.11.2014
Less 12.12.2014
18,000
0.01
1,046,584
0.45
Market Sale
(-) 15,400
0.01
1,031,184
0.44
Market Sale
(-) 8,700
1,022,484
0.44
Market Sale
(-) 6,346
1,016,138
0.44
Less 19.12.2014
Market Sale
(-) 6,300
1,009,838
0.43
Less 31.12.2014
Market Sale
(-) 6,400
1,003,438
0.43
Less 16.01.2015
Market Sale
(-) 4,700
998,738
0.43
Less 23.01.2015
Market Sale
(-) 58,955
0.03
939,783
0.4
Less 30.01.2015
Market Sale
(-) 5,964
933,819
0.4
Less 13.02.2015
Market Sale
(-) 6,839
926,980
0.4
Less 27.02.2015
Market Sale
(-) 18,792
0.01
908,188
0.39
Less 13.03.2015
Market Sale
(-) 6,623
901,565
0.39
Market Sale
(-) 8,759
892,806
0.38
892,806
0.38
892,806
0.38
Less 27.03.2015
As on 31.03.2015
71
5,400
(-) 7,400
Less 05.09.2014
As on 01.04.2014
Boards Report


the year
No. of
shares
the Company
ICICI Prudential Discovery Fund
As on 01.04.2014
1,767,480
0.76
1,767,480
0.76
As on 31.03.2015
1,767,480
0.76
1,767,480
0.76
As on 01.04.2014
1,600,000
0.69
1,600,000
0.69
As on 31.03.2015
1,600,000
0.69
1,600,000
0.69
As on 01.04.2014
1,571,500
0.68
1,571,500
0.68
As on 31.03.2015
1,571,500
0.68
1,571,500
0.68
Nemish S Shah
10
v)

the year
No. of
shares
the Company
Gagandeep Credit Capital Pvt. Ltd.
Shareholding of Directors and Key Managerial Personnel:

Shareholding of Directors:
Sr.
No.
3
Add
4
Less
5
For Each of the Directors and KMP
Mr. B. N. Kalyani
As on 01.04.2014
As on 31.03.2015
Mr. Amit B. Kalyani
As on 01.04.2014
As on 31.03.2015
Mr. P. H. Ravikumar
As on 01.04.2014
22.08.2014 (Market Purchase)
As on 31.03.2015
Mr. S. M. Thakore
As on 01.04.2014
06.02.2015 (Market Sale)
As on 31.03.2015
Mr. G. K. Agarwal
As on 01.04.2014
As on 31.03.2015
Mr. B. P. Kalyani
As on 01.04.2014
As on 31.03.2015
Shareholding at the beginning

of the year
No. of shares
% of total shares
of the Company
Cumulative Shareholding
during the year
No. of shares
% of total shares
of the Company
39,025
39,025
0.02
0.02
39,025
39,025
0.02
0.02
350,200
350,200
0.15
0.15
350,200
350,200
0.15
0.15
2,217
500
2,717
2,217
2,717
2,717
24,650
10,650
14,000
0.01
0.01
24,650
14,000
14,000
0.01
0.01
0.01
2,455
2,455
2455
2455
3,130
3,130
3,130
3,130
Mr. K. M. Saletore, Executive Director & CFO and Mr. Anand Daga, Vice President (Legal) & Company Secretary do not hold any shares
of the Company at the beginning of the year as well as at the end of the year. They have neither acquired any shares nor sold any
shares during the year under review.
72
V.
INDEBTEDNESS
(In ` Million)
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
Total Indebtedness
8,769.70
11,173.45
0.04
19,943.19
Indebtedness as at April 1, 2014

i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii)
Change in Indebtedness
GXULQJWKHQDQFLDO\HDU
Addition
165.39
104.08
269.47
8,935.09
11,277.53
0.04
20,212.66
103.29
3,588.10
3,691.39
(5,403.88)
(336.07)
(5,739.95)
Net Change
(5,300.59)
3,252.03
(2,048.56)
3,534.15
14,439.81
0.04
17,974.00
Indebtedness as at
March 31, 2015
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii)
100.35
89.75
190.10
3,634.50
14,529.56
0.04
18,164.10
LQFOXGHVH[FKDQJHGLHUHQFHDQGLQWHUHVWPRYHPHQW
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A.
Sr. No.
Remuneration to Managing Director, Whole-time Director and/or Manager

Particulars of Remuneration
(In ` Million)
Name of the Managing Director/Whole-time Director/Manager

Mr. G. K.
Agarwal
Deputy
Managing
Director
Mr. Amit B.
Kalyani
Executive
Director
Mr. B. P.
Kalyani
Executive
Director
Mr. S. E.
Tandale
Executive
Director
Mr. K. M.
Saletore
Executive
Director *
Total
Amount
Gross Salary
a. Salary as per provisions
contained in section 17(1) of
the Income Tax Act, 1961
40.43
25.26
24.97
11.77
13.40
10.53
126.36
b. Value of perquisites u/s

17(2) Income-tax Act, 1961
16.08
3.32
2.95
1.40
1.36
0.80
25.91
F3URWVLQOLHXRIVDODU\XQGHU
section 17(3) Income-tax Act,
1961
2.
Stock Option
3.
Sweat Equity
Commission:
120.00
24.00
24.00
24.00
25.00
17.00
234.00
1.67%
0.33%
0.33%
0.33%
0.35%
0.24%
3.25%
- others, specify
Others, please specify
176.51
52.58
51.92
37.17
39.76
28.33
386.27
4.
$VDRI1HW3URW
5.
Total A
Ceiling as per the Act
1,091.23
0U.06DOHWRUHKDVMRLQHGWKH&RPSDQ\DV*URXS&KLHI)LQDQFLDO2FHUIURP1RYHPEHUDQGDGGLWLRQDOO\JRWDSSRLQWHG
DV&KLHI)LQDQFLDO2FHU&)2RIWKH&RPSDQ\IURP$XJXVW2Q)HEUXDU\0U6DOHWRUHZDVDSSRLQWHGDV([HFXWLYH
Director & CFO of the Company. The salary paid to Mr. Saletore is for the full year 2014-15 in various capacities.
73
Mr. B. N.
Kalyani
Chairman &
Managing
Director
1.
(Reduction)
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Boards Report
B.
Remuneration to other Director

(In ` Million)
Sr. Particulars of
No. Remuneration
1. Independent
Directors / other
non-executive
Directors
- Fee for attending
board /committee
meetings
- Commission
Name of Directors
Mrs.
Mr. S. M. Mr. P. G.
Mr. P. H.
Mr. Alan Mr. Naresh
Mr. T.
Mr. Vimal Mr. P. C.
Mr. S. K .
Lalita D.
Thakore Pawar
Ravikumar Spencer**
Narad
Mukherjee Bhandari Bhalerao* Chaturvedi*@
Gupte
0.50
0.57
0.23
0.45
0.05
0.20
0.20
0.07
0.28
0.10
2.65
1.40
1.85
0.90
1.60
0.90
0.90
1.00
1.05
0.40
10.00
- Others, please
specify
Total B
Total Managerial Remuneration (A) + (B)
Overall ceiling as per the Act
*
Total
Amount
12.65
398.92
1,200.35
Non-Executive Director
** Ceased to be a Director w.e.f May 27, 2014

@ Ceased to be a Director w.e.f March 31, 2015
C.
Remuneration to Key Managerial Personnel other than the Managing Director/Whole-time Director/
Manager
(In ` Million)
Sr.
No.
Particulars of Remuneration
1.
Gross Salary
a. Salary as per provisions contained in
section 17(1) of the Income Tax Act, 1961
b. Value of perquisites u/s 17(2) Incometax Act, 1961
F3URWVLQOLHXRIVDODU\XQGHUVHFWLRQ
17(3) Income-tax Act, 1961
Stock Option
Sweat Equity
Commission:
$VDRI1HW3URW
- others, specify
Others, please specify
2.
3.
4.
5.
Total
Key Managerial Personnel

Mr. S. G. Joglekar Mr. Anand Daga
#
@
Mr. K. M.
Saletore #
Total
Mr. P. S.
Vaishampayan @
14.84
1.98
1.86
18.68
0.43
0.06
0.15
0.64
15.27
2.04
2.01
19.32
0U.06DOHWRUHZDVDSSRLQWHGDV&KLHI)LQDQFLDO2FHURIWKH&RPSDQ\ZLWKHHFWIURP$XJXVWGXHWRUHVLJQDWLRQRI0U6*-RJOHNDU
IURPWKHVHUYLFHVRIWKH&RPSDQ\HHFWLYHIURP-XO\)RUVDODU\GHWDLOVRI0U6DOHWRUHSOHDVHUHIHUWRSRLQWQR$KHUHLQDERYH
# 0U $QDQG 'DJD ZDV DSSRLQWHG DV 9LFH 3UHVLGHQW /HJDO &RPSDQ\ 6HFUHWDU\ RI WKH &RPSDQ\ ZLWK HHFW IURP 6HSWHPEHU GXH WR
UHVLJQDWLRQRI0U369DLVKDPSD\DQIURPWKHVHUYLFHVRIWKH&RPSDQ\HHFWLYHIURP6HSWHPEHU
VII. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES

Type
$&RPSDQ\
Penalty
Punishment
Compounding
B. Directors
Penalty
Punishment
Compounding
&2WKHU2FHUVLQGHIDXOW
Penalty
Punishment
Compounding
74
Section of the
Brief
Companies Description
Act
Details of Penalty/
punishment/compounding
fees imposed
Authority (RD/
NCLT/ COURT)
Appeal made,
if any (give
details)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nomination and Remuneration Policy

The Committee shall:
The Board of Directors of Bharat Forge Limited (the Company)

constituted the Nomination and Remuneration Committee
(Committee) at the Meeting held on May 27, 2014 with
LPPHGLDWHHHFWFRQVLVWLQJRIIRXU1RQ([HFXWLYH'LUHFWRUV
of which majority are Independent Directors.
1.
OBJECTIVE
The Nomination and Remuneration Committee and
this Policy shall be in compliance with Section 178 of the
Companies Act, 2013, as amended from time to time,
read along with the applicable rules thereto and Clause
49 under the Listing Agreement. The Key Objectives of the
Committee would be:
1.1
To guide the Board in relation to appointment and

removal of Directors, Key Managerial Personnel
(hereinafter referred to as KMP) and Senior
Management.
1.2
To evaluate the performance of the members of the

Board and provide necessary report to the Board for
further evaluation of the Board.
1.3
To recommend to the Board on Remuneration payable

to the Directors, KMP and Senior Management.
1.4
To provide to KMP and Senior Management reward

OLQNHGGLUHFWO\WRWKHLUHRUWSHUIRUPDQFHGHGLFDWLRQ
and achievement relating to the Companys
operations.
1.5
To retain, motivate and promote talent and to ensure

long term sustainability of talented managerial
persons and create competitive advantage.
1.6
To devise a policy on Board diversity.
1.7
To develop a succession plan for the Board and to

regularly review the plan;
3.1.3 Recommend to the Board, appointment

and removal of Director, KMP and Senior
Management Personnel.
3.2
Policy for appointment and removal of Director, KMP

and Senior Management
$SSRLQWPHQWFULWHULDDQGTXDOLFDWLRQV
The Committee shall identify and ascertain the
LQWHJULW\ TXDOLFDWLRQ H[SHUWLVH DQG H[SHULHQFH RI
the person for appointment as Director, KMP or at
Senior Management level and recommend to the
Board his / her appointment.
E
$
SHUVRQ VKRXOG SRVVHVV DGHTXDWH TXDOLFDWLRQ
expertise and experience for the position he / she
is considered for appointment. The Committee has
GLVFUHWLRQ WR GHFLGH ZKHWKHU TXDOLFDWLRQ H[SHUWLVH
DQGH[SHULHQFHSRVVHVVHGE\DSHUVRQLVVXFLHQW
satisfactory for the concerned position.
c)
The Company shall not appoint or continue the

employment of any person as Whole-time Director
who has attained the age of seventy years. Provided
that the term of the person holding this position may
be extended beyond the age of seventy years with
the approval of shareholders by passing a special
resolution based on the explanatory statement
annexed to the notice for such motion indicating the
MXVWLFDWLRQ IRU H[WHQVLRQ RI DSSRLQWPHQW EH\RQG
seventy years.
Act means the Companies Act, 2013 and Rules framed

thereunder, as amended from time to time.
2.2
Board means Board of Directors of the Company.
2.3
Directors mean Directors of the Company.
2.4
Key Managerial Personnel (KMP) means

2.4.1 Chairman and Managing Director
2.4.2 Executive Directors;
3.2.2 Term / Tenure

a)
Managing Director/Whole-time Director:

The Company shall appoint or re-appoint any
person as its Executive Chairman, Managing
Director or Executive Director for a term
QRW H[FHHGLQJ YH \HDUV DW D WLPH 1R UH
appointment shall be made earlier than one
year before the expiry of term.
b)
Independent Director:

$Q QGHSHQGHQW 'LUHFWRU VKDOO KROG RFH IRU D
WHUPXSWRYHFRQVHFXWLYH\HDUVRQWKH%RDUG
of the Company and will be eligible for reappointment on passing of a special resolution
by the Company and disclosure of such
appointment in the Boards report.
&KLHI)LQDQFLDO2FHUDQG
2.4.4 Company Secretary;
3.
2.5
Listing Agreement means Agreement, as amended

from time to time, executed with Stock Exchanges for
Listing of Securities of the Company.
2.6
Senior Management means personnel of the

Company who are members of its core management
team being functional heads not below grade of
Senior Vice President.
ROLE OF COMMITTEE
3.1
Matters to be dealt with, perused and

recommended to the Board by the Nomination
and Remuneration Committee
75
a)
DEFINITIONS
2.1
GHQWLI\ SHUVRQV ZKR DUH TXDOLHG WR EHFRPH

Director and persons who may be appointed
in Key Managerial and Senior Management
positions in accordance with the criteria laid
down in this policy.
2.
3.1.1 Formulate the criteria for determining

TXDOLFDWLRQV
SRVLWLYH
DWWULEXWHV
DQG
independence of a director.
Annexure B
Boards Report
3.2.3 Evaluation
far as these relate to Key Managerial Personnel

covered under Clauses 2.4.3, 2.4.4 and the
Senior Management; provided however that
such actions taken by the Chairman & Managing
Director shall be placed before the Committee
IRUUDWLFDWLRQLQWKHVXFFHHGLQJPHHWLQJ

The Committee shall carry out yearly evaluation
of performance of every Director, KMP and
Senior Management Personnel.
3.2.4 Removal

'XH WR UHDVRQV IRU DQ\ GLVTXDOLFDWLRQ PHQWLRQHG
in the Act or under any other applicable Act, rules
and regulations thereunder, the Committee may
recommend, to the Board with reasons recorded
in writing, removal of a Director, KMP or Senior
Management Personnel subject to the provisions and
compliance of the said Act, rules and regulations.
3.3.2 Remuneration to Whole-time / Executive / Managing

Director, KMP and Senior Management Personnel:
a)
Fixed pay:
The Whole-time Director/ KMP and Senior

Management Personnel shall be eligible for a monthly
remuneration as may be approved by the Board on
the recommendation of the Committee. The breakup
of the pay scale and quantum of perquisites including,
employers contribution to P.F, pension scheme,
medical expenses, club fees etc. shall be decided and
approved by the Board/ the Person authorized by
the Board on the recommendation of the Committee
and approved by the shareholders and Central
Government, wherever required.
b)
Minimum Remuneration:
I LQ DQ\ QDQFLDO \HDU WKH &RPSDQ\ KDV QR SURWV
RULWVSURWVDUHLQDGHTXDWHWKH&RPSDQ\VKDOOSD\
remuneration to its Whole-time Director in accordance
with the provisions of Schedule V of the Act and if it
is not able to comply with such provisions, with the
previous approval of the Central Government.
c)
Provisions for excess remuneration:
3.2.5 Retirement

The Director, KMP and Senior Management Personnel
shall retire as per the applicable provisions of the Act
and the prevailing policy of the Company. The Board
will have the discretion to retain the Director, KMP,
SeniorManagement Personnel in the same position/
remuneration or otherwise even after attaining the
UHWLUHPHQWDJHIRUWKHEHQHWRIWKH&RPSDQ\
3.3
Policy relating to the Remuneration for the Whole-time

Director, KMP and Senior Management Personnel
3.3.1 General:
a)
b)
The remuneration and commission to be paid to

the Whole-time Director shall be in accordance
with the percentage / slabs / conditions laid
down in the Articles of Association of the
Company and as per the provisions of the Act.
c)
Increments to the existing remuneration/

compensation structure may be recommended
by the Committee to the Board which should be
within the slabs approved by the Shareholders
in the case of Whole-time Director.
d)
H
76
The remuneration / compensation / commission

etc. to the Whole-time Director, KMP and Senior
Management Personnel will be determined by
the Committee and recommended to the Board
for approval. The remuneration / compensation
/ commission etc. shall be subject to the prior/
post approval of the shareholders of the
Company and Central Government, wherever
required.
Where any insurance is taken by the Company

on behalf of its Whole-time Director, Chief
([HFXWLYH 2FHU &KLHI )LQDQFLDO 2FHU WKH
Company Secretary and any other employees
for indemnifying them against any liability, the
premium paid on such insurance shall not be
treated as part of the remuneration payable
to any such personnel. Provided that if such
person is proved to be guilty, the premium paid
on such insurance shall be treated as part of the
remuneration.
Q FDVH DQ\ GLFXOW\ RU GRXEW DULVHV LQ WKH
interpretation or implementation of this Policy,
the decision of the Chairman & Managing
'LUHFWRU RI WKH &RPSDQ\ VKDOO EH QDO Q
exceptional circumstances, the Chairman
& Managing Director shall be authorized to
exercise functions vested in the committee in so
If any Whole-time Director draws or receives, directly

or indirectly by way of remuneration any such sums
in excess of the limits prescribed under the Act or
without the prior sanction of the Central Government,
where required, he / she shall refund such sums to
the Company and until such sum is refunded, hold
it in trust for the Company. The Company shall not
waive recovery of such sum refundable to it unless
permitted by the Central Government.
3.3.3 Remuneration to Non- Executive / Independent
Director:
a)
Remuneration / Commission:
7KHUHPXQHUDWLRQFRPPLVVLRQVKDOOEH[HGDVSHU
the slabs and conditions mentioned in the Articles of
Association of the Company and the Act.
b)
Sitting Fees:
The Non- Executive / Independent Director may

receive remuneration by way of fees for attending
meetings of Board or Committee thereof. Provided
that the amount of such fees shall not exceed Rs.
1,00,000/- (Rupees One Lac Only) per meeting of
the Board or Committee or such amount as may be
prescribed by the Central Government from time to
time.
c)
Commission:
Commission may be paid within the monetary limit
approved by shareholders, subject to the limit not
H[FHHGLQJRIWKHSURWVRIWKH&RPSDQ\FRPSXWHG
as per the applicable provisions of the Act.
4. MEMBERSHIP
4.1
The Committee shall consist of a minimum 3

non-executive directors, majority of them being
independent.
10.3 Identifying and recommending Directors who are to

be put forward for retirement by rotation.
4.2
Minimum two (2) members shall constitute a quorum

for the Committee meeting.
10.4 Determining the appropriate size, diversity and

composition of the Board;
4.3
Membership of the Committee shall be disclosed in

the Annual Report.
10.5 Setting a formal and transparent procedure for

selecting new Directors for appointment to the Board;
4.4
Term of the Committee shall be continued unless

terminated by the Board of Directors.
10.6 Developing a succession plan for the Board and

Senior Management and regularly reviewing the plan;
CHAIRPERSON
5.1
Chairperson of the
Independent Director.
Committee
shall
be
10.7 Evaluating the performance of the Board members

and Senior Management in the context of the
Companys performance from business and
compliance perspective;
an
5.2 Chairperson of the Company may be appointed as

a member of the Committee but shall not be a
Chairman of the Committee.
In the absence of the Chairperson, the members of
the Committee present at the meeting shall choose
one amongst them to act as Chairperson.
5.4
Chairman of the Nomination and Remuneration

Committee meeting could be present at the Annual
General Meeting or may nominate some other
member to answer the shareholders queries.
10.11 Considering any other matters, as may be requested

by the Board.
11.
COMMITTEE MEMBERS INTERESTS

7.1
7.2
The duties of the Committee in relation to remuneration

matters include:
A member of the Committee is not entitled to

be present when his or her own remuneration is
discussed at a meeting or when his or her performance
is being evaluated.
11.1 to consider and determine the Remuneration Policy,

based on the performance and also bearing in mind
WKDW WKH UHPXQHUDWLRQ LV UHDVRQDEOH DQG VXFLHQW
to attract retain and motivate members of the Board
and such other factors as the Committee shall deem
appropriate all elements of the remuneration of the
members of the Board.
The Committee may invite such executives, as it

considers appropriate, to be present at the meetings
of the Committee.
SECRETARY
11.2 to approve the remuneration of the Senior

Management including key managerial personnel of
WKH &RPSDQ\ PDLQWDLQLQJ D EDODQFH EHWZHHQ [HG
DQG LQFHQWLYH SD\ UHHFWLQJ VKRUW DQG ORQJ WHUP
performance objectives appropriate to the working of
the Company.
The Company Secretary of the Company shall act as

Secretary of the Committee.
9.
VOTING
9.1
9.2
10.
Matters arising for determination at Committee

meetings shall be decided by a majority of votes of
Members present and voting and any such decision
shall for all purposes be deemed a decision of the
Committee.
11.3 to delegate any of its powers to one or more of its

members or the Secretary of the Committee.
11.4 to consider any other matters as may be requested by
the Board.
In the case of equality of votes, the Chairman of the

meeting will have a casting vote.
11.5 Professional indemnity and liability insurance for

Directors and senior management.
NOMINATION DUTIES
The duties of the Committee in relation to nomination
matters include:
10.1 Ensuring that there is an appropriate induction in
place for new Directors and members of Senior
0DQDJHPHQWDQGUHYLHZLQJLWVHHFWLYHQHVV
REMUNERATION DUTIES
12.
MINUTES OF COMMITTEE MEETING

Proceedings of all meetings must be minuted and signed
by the Chairman of the Committee at the subsequent
meeting. Minutes of the Committee meetings will be tabled
at the subsequent Board and Committee meeting.
10.2 Ensuring that on appointment to the Board, NonExecutive Directors receive a formal letter of
77
8.
10.10 Recommend any necessary changes to the Board;

and
FREQUENCY OF MEETINGS
The meeting of the Committee shall be held at such regular
intervals as may be required.
7.
10.9 Delegating any of its powers to one or more of its

members or the Secretary of the Committee;
6.
5.3
10.8 Making recommendations to the Board concerning

DQ\ PDWWHUV UHODWLQJ WR WKH FRQWLQXDWLRQ LQ RFH RI
any Director at any time including the suspension or
termination of service of an Executive Director as an
employee of the Company subject to the provision of
the law and their service contract.
5.
appointment in accordance with the Guidelines

provided under the Act;
Boards Report
Annexure C
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2)
of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred
to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third
proviso thereto
1.
Details of contracts or arrangements or transactions not at arms length basis

a.
b.
c.
d.
e.
f.
g.
h.
2.
Name(s) of the related party and nature of relationship

Nature of contracts/arrangements/transactions
Duration of the contracts/arrangements/transactions
Salient terms of the contracts or arrangements or transactions including the value, if any
-XVWLFDWLRQIRUHQWHULQJLQWRVXFKFRQWUDFWVRUDUUDQJHPHQWVRUWUDQVDFWLRQV
date(s) of approval by the Board
Amount paid as advances, if any
'DWHRQZKLFKWKHVSHFLDOUHVROXWLRQZDVSDVVHGLQJHQHUDOPHHWLQJDVUHTXLUHGXQGHUUVWSURYLVRWR
section 188
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Details of material contracts or arrangement or transactions at arms length basis

a.
b.
c.
d.
e.
f.
Name(s) of the related party

Kalyani Carpenter Special
and nature of relationship
Steels Limited
Nature
of
contracts/ Purchase of Raw Material
arrangements/transactions
Specialty Steel, Sale of Scrap,
Job Work, leasing etc.
Duration of the contracts/
On ongoing basis from April
arrangements/transactions
1, 2014.
Salient
terms
of
the In
tune
with
market
contracts or arrangements parameters.
Estimated
or transactions including the annual value of ` 20,000
value, if any
Million.
Date(s) of approval by the
May 27, 2014
Board, if any
Amount paid as advances, if
Nil
any
Bharat Forge International

Limited
Sale of Goods, etc.
Kalyani Steels Limited

Purchase of Raw MaterialSteel, Sale of Scrap etc.

1, 2014.
In
tune
with
market
parameters.
Estimated
annual value of ` 30,000
Million
May 27, 2014

1, 2014.
In
tune
with
market
parameters.
Estimated
annual value of ` 20,000
Million.
May 27, 2014
Nil
Nil
For Bharat Forge Limited
B. N. KALYANI
78
Information as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules,
2014 forming part of the Directors Report for the year ended March 31, 2015.
A.
Conservation of Energy
i)
Steps taken for Conservation of Energy:
L
QWURGXFWLRQRIQHZFRPEXVWLRQV\VWHPVIRULQFUHDVHGHFLHQF\RIIXUQDFHV
ii.
Systematic maintenance and proper sealing of furnaces.
iii.
Replacement of old switch-gear by new technology switch-gear with less loss.
LY 5
HSODFLQJROGLOOXPLQDWLRQV\VWHPVZLWKQHZKLJKHFLHQF\V\VWHPDQG/('WRJHWKLJKOXPHQVSHUZDWW
DQGGHFUHDVLQJKHLJKWRILOOXPLQDWLRQ[WXUHV
Y
$LU/HDNDJHWHVWRQZHHNO\RVDQGDUUHVWLQJOHDNDJHVWRUHGXFHDLUFRQVXPSWLRQ
vi.
Analysis of Power quality to detect issues related to Electrical impurities such as Harmonics, Voltage
surges etc.
vii. Eliminate the need of circulation pumps by using gravitational force on return lines.
viii. Reduce the voltage level for lighting and air conditioning application and using Synchronous Timers to
switch the pumps to reduce the Energy consumption.
ii)
Steps taken for utilising alternate source of energy:

6LJQLFDQW SDUW RI RXU HQHUJ\ UHTXLUPHQW LV JHQHUDWHG WKURXJK :LQG HQHUJ\ WKDW LV IHG WR JULG :H KDYH
following installation of Windmills:
Kadve - Khurd, District Satara, Maharashtra of 4.2 MW;
ii.
Shedyal Village, District Sangli, Maharashtra of 4 MW; and
iii.
Tithwa Village, District Rajkot, Gujrat of 12 MW;
iii) The Capital investment on energy conservation equipment:

Your Company made capital investments amounting to `0LOOLRQGXULQJWKHQDQFLDO\HDURQ
energy conservation equipments, which will result in saving of ` 40 Million annually.
B.
Technology Absorption:
L
(RUWVPDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQ
Additive manufacturing for metals.
Development of precision forging (Near net shape forging).
Technology development for Aerospace forging.
Technology development for cold and precision forging.
79
i.
Annexure D
Boards Report
Technical Papers:
Following technical papers were published and presented at various International conferences:
L
LL (HFWRIEHWDVROXWLRQWUHDWPHQWRQPDFKLQDELOLW\RI7L$O910'$70
iii)
0RGHOLQJRIPLFURVWUXFWXUHDQGPHFKDQLFDOSURSHUWLHVRIKHDWWUHDWHGFRPSRQHQWVE\XVLQJ$UWLFLDO
Neural Network, International Journal of Materials Science and Engineering 2014.
Development of ultra clean steel for automotive applications, NMD ATM 2014.
LY (HFW RI )DWLJXH 6WUHQJWK DQG &UDFN *URZWK 5DWH DW GLHUHQW VWUHVV UDWLR RQ PQYV 0LFUR DOOR\HG
Steel used for Forged Crankshafts, International Journal of Engineering Research & Technology (IJERT)
2014.
v)
Control of end defects in open die forging using FE method, NMD ATM 2014.
YL (HFWRIKRWWRSJHRPHWULHVRQVROLGLFDWLRQEHKDYLRXURIORZDOOR\VWHHOLQJRW10'$70
YLL QXHQFHRIVXSHUKHDWRQSRURVLW\LQFRQWLQXHVFDVWLQJRIPLFURDOOR\HGVWHHOEORRP10'$70
viii) The microstructural evolution of Ti6Al4V alloy during annealing treatment, NMD ATM 2014.
ix)
Process design and control to achieve higher strength and toughness simultaneously for Ni-Cr-MO
steel, NMD ATM 2014.
[
(HFWRIVWHHOKDUGHQDELOLW\RQGLVWRUWLRQXVLQJQDY\&ULQJWHFKQLTXH10'$70
IP Generation:
6HYHQSDWHQWVDSSOLFDWLRQVZHUHOHG
LL 7KH EHQHWV GHULYHG OLNH SURGXFW LPSURYHPHQW FRVW UHGXFWLRQ SURGXFW GHYHORSPHQW LPSRUW
substitution:
80
Product improvement by way of light weighting and better fatigue strength.
New processes developed.
First time Quality with reduced development cycle time for new part development.
Improved die life.
Customer satisfaction and new business opportunities.
Details of Technology Imported

(product)
Year of
import
Has technology been

fully absorbed
Technology development on
precision gears
Additive manufacturing with
metals
2013
In progress
2014
In progress
If not fully absorbed, areas where

absorbtion has not taken place and the
reasons thereof
Two parts taken for establishment.
Initial trials completed.
Trials for part establishment is in progress
iii) In case of imported technology (imported during the last 3 years reckoned from the beginning of the
QDQFLDO\HDU
iv) Expenditure on Research and Development:

In ` Million
Sr. No. Particulars
284.07
ii)
Recurring
iii)
Total R&D expenditure
iv)
TOTAL INCOME
v)
Total R&D expenditure as a percentage of total income
421.35
46,413.69
0.91%
Foreign Exchange Earnings and Outgo:

(a)
Activities relating to exports, initiatives taken to increase exports, development of new export markets for
products and services and export plans:
L
&
RPSDQ\KDVPDGHVLJQLFDQWLQURDGVLQWRWKH3DVVHQJHU&DUVHJPHQWE\JHWWLQJQHZEXVLQHVVDZDUGV
from global OEMs.
ii)
Increased penetration in North American Truck market for current and new programs.
LLL Q LWV HRUWV WRZDUGV EURDGHQLQJ SURGXFW SRUWIROLR &RPSDQ\ KDV HQWHUHG LQWR QHZ DUHD )XHO DQG
Emission systems
iv)
137.28
Company is working diligently towards consolidation of its existing business and grow with new customers
in Oil & Gas segment.
E 7RWDOIRUHLJQH[FKDQJHHDUQLQJVDQGRXWJRIRUWKHQDQFLDO\HDULVDVIROORZV
i)
Total Foreign Exchange earning: ` 27,496.41 Million.
ii)
Total Foreign Exchange outgo: ` 3,160.30 Million.
81
Capital
C.
Amount
i)
Boards Report
Annexure E
ANNUAL REPORT ON CSR ACTIVITIES
[Pursuant to Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014]
The Board of Directors at its meeting held on May 27, 2014 have adopted the Corporate Social Responsibility (CSR)
SROLF\RIWKH&RPSDQ\(OLJLEOHIXQGVIRU&65DFWLYLWLHVLQbHDFKQDQFLDO\HDUZLOOEHH[SHQGHGLQWKHDUHDVRI(GXFDWLRQ
Skill Development, Vocational Training, Sustainability, Environment, Health, Ecological Protection, Sports and Rural
Development through one or more implementing agencies/trusts. These CSR activities will be carried out through
YDULRXVSURJUDPPHVRUSURMHFWVDVVSHFLHGLQWKH&653ROLF\7KH&65SROLF\RIWKH&RPSDQ\KDVEHHQGLVSOD\HGRQ
the Companys website at the link - http://bharatforge.com/images/PDFs/policies/BFL%20CSR%20Policy-Signed.pdf
Details of expenditure on CSR activities is as follows:
(In ` Million)
$YHUDJHQHWSURWRIWKH&RPSDQ\IRUWKHQDQFLDO\HDUVDQG
3,558.63
3UHVFULEHG&65H[SHQGLWXUHRIWKHDYHUDJHQHWSURWFRPSXWHGDERYH
71.17
7RWDODPRXQWVSHQWRQ&65DFWLYLWLHVIRUWKHQDQFLDO\HDU
112.31
Amount unspent, if any
Nil
0DQQHUVLQZKLFKDPRXQWVSHQWWKHQDQFLDO\HDULVGHWDLOHGEHORZ
(In ` Million)
Sr.
No.
CSR Projects/
Activities
LGHQWLHG
Sector in which
the Project is
covered
Projects or
Amount outlay
programs
(budget) project
1) Local area or
or programs wise
other
2) Specify the
state and district
where projects
or programs was
undertaken
1.
i. Kalyani School
Education
Pune,
Maharashtra
100.00
103.45
103.45 Through
implementing
agency
ii. Pratham
Education
Foundation
Education
Pune,
Maharashtra
3.45
1.28
1.28 Through
implementing
agency
iii. Pradnya Vikas

Program Janana
Prabodhini
Education
Pune,
Maharashtra
0.70
0.70
0.70 Through
implementing
agency
iv. Various
Educational
InitiativesVidyarthi Sahayak
Samiti, Nanhi
.DOL $UPDWLYH
Action of CII.
Education
Pune,
Maharashtra
0.70
0.70
0.70 Through
implementing
agency
V. School
Adoption Infrastructural
Development
&Mission
Sanitation of
School
Education
Pune,
Maharashtra
8.00
1.56
1.56 Directly
2.
ITI Khed
Employment
enhancing
vocational skills
Pune,
Maharashtra
6.10
2.22
2.22 Directly
3.
Community
development
centre
Community
Development
& Women
Empowerment
Pune,
Maharashtra
1.10
0.46
0.46 Directly
82
Amount spent on
the projects or
programs
Sub-heads:
1) Direct
expenditure
on projects or
programs.
Cumulative
expenditure up
to the reporting
period
Amount spent
Direct or through
implementing
agency
CSR Projects/
Activities
LGHQWLHG
Sector in which
the Project is
covered
Projects or
Amount outlay
programs
(budget) project
1) Local area or
or programs wise
other
2) Specify the
state and district
where projects
or programs was
undertaken
4.
Health check-up
camps
Healthcare
Pune,
Maharashtra
0.23
0.24
0.24 Directly
5.
Rain water
harvesting
Environmental
sustainability
Pune,
Maharashtra
0.18
0.12
0.12 Directly
6.
Lakshya Sports
initiatives
Promotion of rural Pune,

sports
Maharashtra
2.10
1.21
1.21 Through
implementing
agency
7.
Queen Marys
%HQHWIRUDUPHG Pune,
Technical Institute forces
Maharashtra
(QMTI) for Disabled
Soldiers
Other incidental
expenditure
(Overhead)
0.20
0.25
0.25 Directly
0.20
0.12
0.12 Directly
8.
Amount spent on
the projects or
programs
Sub-heads:
1) Direct
expenditure
on projects or
programs.
Cumulative
expenditure up
to the reporting
period
Amount spent
Direct or through
implementing
agency
ANNEXURE TO BOARD REPORT- Annexure F
Ratio of remuneration of
% Increase/(decrease)
each director to the median in the Remuneration
remuneration of the
employees of the Company
Designation
Mr. B. N. Kalyani
351.61
41%
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Mr. S. M. Thakore
Mr. P. G. Pawar
Mr. P. C. Bhalerao
Mrs. Lalita D. Gupte
Mr. P. H. Ravikumar
Mr. Naresh Narad
Dr. T. Mukherjee
Mr. G. K. Agarwal
Mr. Amit B. Kalyani
Mr. B. P. Kalyani
Mr. S. E. Tandale
Mr. S. K. Chaturvedi*
Mr. Vimal Bhandari
Mr. K. M. Saletore#
Mr. Anand Daga@
Independent Director
Non-executive Director
Executive Director
Executive Director
Executive Director
Executive Director
Non-executive Director
Executive Director & CFO
Company Secretary
3.78
4.83
2.64
2.24
4.08
2.19
2.19
104.75
103.43
74.05
79.20
1.00
2.14
56.24
N.A.
34%
27%
22%
22%
25%
20%
20%
29%
29%
22%
21%
(98%)
111%
34%
-
Sr. No.
Name of the Director/Key

Managerial Personnel
The Responsibility Statement

The Responsibility Statement of the Corporate Social Responsibility (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.
B. N. KALYANI
P. G. PAWAR
Chairman, CSR Committee
Sr.
No.
Notes:
0U6.&KDWXUYHGLZDV([HFXWLYH'LUHFWRUWLOO'HFHPEHUDQGFHDVHGWRD'LUHFWRUZLWKHHFWIURP0DUFK
0U.06DOHWRUHKDVMRLQHGWKH&RPSDQ\DV*URXS&KLHI)LQDQFLDO2FHUIURP1RYHPEHUDQGDGGLWLRQDOO\JRWDSSRLQWHG
DV&KLHI)LQDQFLDO2FHU&)2RIWKH&RPSDQ\IURP$XJXVW2Q)HEUXDU\0U6DOHWRUHZDVDSSRLQWHGDV([HFXWLYH
Director & CFO of the Company.
#0U$QDQG'DJD9LFH3UHVLGHQW/HJDODQG&RPSDQ\6HFUHWDU\DVVXPHGKLVRFHZLWKHHFWIURP6HSWHPEHU$V0U'DJD
has joined during 2014-15, the details of increase in remuneration are not determinable, as comparative numbers are not available.
83
84
Mr. B. N. Kalyani
Mr. Amit B. Kalyani
Mr. G.K. Agarwal
Mr. B.P. Kalyani
Mr. S.E. Tandale
Mr. K. M. Saletore
Mr. Bhavin Kirit

Shah
Mr. D R Moorthy
Mr. M. U. Takale
Mr. M. V. Mavlankar
Mr. S B Pustake
Mr. Sandeep
Kapoor
Mr. V. M. Munje
Mr. K. Chetan
10
11
12
13
14
Sr. Name of the

No. employee
7,742,447 Permanent
Employee
8,869,024 Permanent
Employee
9,408,583 Permanent
Employee
9,160,893 Permanent
Employee
8,722,681 Permanent
Employee
19,818,908 Permanent
Employee
Employee
Employee
Employee
Employee
Employee
Employee
Employee
Employee
Remuneration Nature of
received (`) employment
M.E.
B.Com., LL.B.,
F.C.S., Diploma
in IP, WIPO
Geneva.
B.Com., C.A.,
M.B.A.
B.E. (Met.)
B.Tech., M.S.
B.E.(Mech.),
MBA, MS
B.Sc., LL.B.
B.Com., M.B.A.
B.Com., C.A.,
PGDM
B.E.(M)
B.E.(P), MBA,
MS
B.E.(Mech.),
M.B.A.,
B.E.(M)
B.E. (Mech.)
(Hons), MS
(M.I.T.)
4XDOLFDWLRQ
28
21
27
36
40
33
39
23
27
24
33
42
16
43
Experience
(Years)
31.03.2005
25.07.2011
07.12.2011
09.04.2009
03.05.2004
02.11.1982
29.04.1987
04.01.2010
18.11.2011
01.08.1991
02.08.1982
01.11.1976
24.10.1999
01.04.1972
Date of
commencement
of employment
53
46
54
58
63
55
63
45
49
46
53
64
40
66
Age
Delphi
Automotive
Systems,
Bangalore
Tata Services
Ltd., Mumbai
Escorts Ltd.,
Faridabad
S.E. Forge Ltd.,

Gujarat
Anand
Technology Ltd.
, Bangalore
Buckau Wolf
India Ltd., Pune
Mundra Port
and Special
Economic Zone
Ltd. Mundra
Tata Realty &

Infrastructure
Ltd.
Guest Keen
Williams Ltd.
Howrah
Carpenter
Technology
Last
employment
None
None
None
None
None
None
None
None
None
None
-
None
None
0.001
0.001
Son of Mr. B. N. Kalyani
Father of Mr. Amit B.

Kalyani
Whether any such

employee is relative of
any Director and if so
name of such Director
0.15
0.02
Percentage of
equity shares
held
1. Employed throughout the year and were in receipt of remuneration at the rate of not less than ` 6,000,000/- per annum
ANNEXURE TO DIRECTORS REPORT FOR THE YEAR ENDED MARCH 31, 2015
Statement under Section 197 (12) of the Companies Act, 2013, read with the companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 and forming part of the Directors Report for the year ended March 31, 2015.
Annexure G
Boards Report
Mr. O. P. Maken
Mr. D. R.
Veerraghavan
Mr. HKN Swamy
Mr. Sanjeev
Pargoankar
Dr. Santosh V.
Bhave
Mr. Kultar Singh

Makarh
Mr. S. G. Joglekar *
Mr. M. S. Sapre *
16
17
18
19
20
21
22
23
8,070,867 Permanent
Employee
Employee
6,913,302 Permanent
Employee
6,173,893 Permanent
Employee
7,028,827 Permanent
Employee
6,608,972 Permanent
Employee
Employee
8,252,994 Permanent
Employee
Employee
Remuneration Nature of
received (`) employment
B.Com., C.A.
B.Com., C.A.
B.E.(Mech.
Engg.)
M.P.M., LL.B.,
L.L.M., Ph.d.
B.E.(Mech.
Engg.)
B.E.(Mech.
Engg.)
B. Tech.
(Aeronautical
Engg.)
B.Sc (Mech.
Engg.)
B.E.(Civil),
PGDBA
(Symbiosis),
MMS
4XDOLFDWLRQ
35
34
27
36
34
07.03.2005
14.11.1999
11.04.2005
06.03.2006
15.09.2005
18.01.1995
15.04.2013
34
45
01.02.2012
03.05.2010
Date of
commencement
of employment
38
41
Experience
(Years)
59
58
49
58
56
67
56
63
60
Age
Kalyani
Carpenter
Special Steels
Ltd. Pune
Tiger Steels
Ltd., Mumbai
Bajaj Auto Ltd.,

Aurangabad
Emcure
Pharmaceuticals
Ltd., Pune
Sharp India
Ltd., Pune
HMT Ltd.,
Bangalore
Navnit Motors
Pvt. Ltd.
NTPC Limited,
New Delhi
Larsen &
Toubro Ltd.,
Powai, Mumbai
Last
employment
None
None
None
None
None
None
None
None
None
Whether any such

employee is relative of
any Director and if so
name of such Director
Percentage of
equity shares
held
Notes :
1.
Remuneration shown above includes Salary, Companys contribution towards Provident Fund and Superannuation Scheme, Allowance, Perquisites but excludes
Gratuity unless paid/payable.
2.
The nature of employment in case of Chairman & Managing Director, Deputy Managing Director and Executive Directors is contractual and terms of remuneration are
governed under the Board and Members resolution.
3.
None of the above employee/Directors is related to any of the Directors, except Mr. Amit B. Kalyani, who is son of Mr. B. N. Kalyani, Chairman & Managing Director of
the Company.
4.
Experience includes number of years of service elsewhere, wherever applicable.
* Employed for part of the year and were in receipt of remuneration at the rate of not less ` 5,00,000/- per month.
Mr. R. S. Bhatia
15
Sr. Name of the

No. employee
85
Boards Report
Annexure H
Form No. MR-3
SECRETARIAL AUDIT REPORT
For the Financial Year Ended March 31, 2015
[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No. 9
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Mundhawa, Pune Cantonment,
Pune- 411036
We have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence
to good corporate practices by Bharat Forge Limited
(hereinafter called the Company). Secretarial Audit was
conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts/statutory
compliances and expressing our opinion thereon.
%DVHG RQ RXU YHULFDWLRQ RI WKH &RPSDQ\V ERRNV
SDSHUV PLQXWH ERRNV IRUPV DQG UHWXUQV OHG DQG
other records maintained by the Company and also the
LQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRFHUVDJHQWV
and authorized representatives during the conduct of
secretarial audit, we hereby report that in our opinion,
the Company has, during the audit period covering the
QDQFLDO\HDUHQGHGRQ0DUFKFRPSOLHGZLWKWKH
statutory provisions listed hereunder and also that the
Company has proper Board-processes and compliancemechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:
We have examined the books, papers, minute books,
IRUPVDQGUHWXUQVOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\
WKH&RPSDQ\IRUWKHQDQFLDO\HDUHQGHGRQVW0DUFK
2015 according to the provisions of:
(i)
The Companies Act, 2013 (the Act) and the rules made
thereunder (in so far as they are made applicable);
(ii)
The Securities Contracts (Regulation) Act, 1956

(SCRA) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and

Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the
86
rules and regulations made thereunder to the

extent of Foreign Direct Investment, Overseas Direct
Investment and External Commercial Borrowings;
(v)
The following Regulations and Guidelines prescribed

under the Securities and Exchange Board of India
Act, 1992 (SEBI Act):(a)
The Securities and Exchange Board of India

(Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
(b)

(Prohibition of Insider Trading) Regulations,
1992;
(c)

(Issue of Capital and Disclosure Requirements)
Regulations, 2009;
(d)

(Employee Stock Option Scheme and Employee
Stock Purchase Scheme) Guidelines, 1999
(not applicable to the Company during the Audit
Period);
(e)

(Issue and Listing of Debt Securities) Regulations,
2008;
(f)

(Registrars to an Issue and Share Transfer
Agents) Regulations, 1993 regarding the
Companies Act and dealing with client;
(g)

(Delisting of Equity Shares) Regulations, 2009
(not applicable to the Company during the Audit
Period); and
(h) The Securities and Exchange Board of India

(Buyback of Securities) Regulations, 1998 (not
We have also examined compliance with the

applicable clauses of the following:
(i)
Secretarial Standards issued by The Institute of

Company Secretaries of India (not applicable as
on date of this Report).
(ii)
The Listing Agreements entered into by the

Company with Stock Exchanges.
During the period under review the Company has

complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above.
All decisions at Board Meetings and Committee Meetings

are carried out unanimously as recorded in the minutes
of the meetings of the Board of Directors or Committees
of the Board, as the case may be.
We further report that there are adequate systems and
processes in the Company commensurate with the size
and operations of the Company to monitor and ensure
compliance with applicable laws, rules, regulations and
guidelines.
We further report that during the audit period the
Company has:5HGHHPHG UVW QVWDOOPHQW RI RI
11.95% Secured Redeemable Non - Convertible
Debentures of ` 10,00,000 each at par on 5th
January, 2015.
LL
5HGHHPHGUVWQVWDOOPHQWRIRI
Secured Redeemable Non - Convertible Debentures
of ` 10,00,000 each at par on 28th April, 2014.
iii)
Redeemed second and third (last) Installment of

50% and 25% respectively of 3500 10.75% Secured
Redeemable Non - Convertible Debentures of
` 10,00,000 each at par on September 22, 2014 and
March 22, 2015 respectively.
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
FODULFDWLRQV RQ WKH DJHQGD LWHPV EHIRUH WKH PHHWLQJ
and for meaningful participation at the meeting.
Place: Pune
Date: May 20, 2015
L
We further report that

The Board of Directors of the Company is duly constituted
with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the
composition of the Board of Directors that took place
during the period under review were carried out in
compliance with the provisions of the Act.
applicable to the Company during the Audit

Period);
For SVD & Associates

Company Secretaries
87
Sridhar Mudaliar
Partner
FCS No: 6156
C P No: 2664
QGHSHQGHQW$XGLWRUV5HSRUW
To the Members of Bharat Forge Limited
5HSRUWRQWKHQDQFLDOVWDWHPHQWV
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJVWDQGDORQHQDQFLDOVWDWHPHQWVRI%KDUDW)RUJH/LPLWHGWKH&RPSDQ\ZKLFK
FRPSULVHWKH%DODQFH6KHHWDVDW0DUFKWKH6WDWHPHQWRI3URWDQG/RVVDQG&DVK)ORZ6WDWHPHQWIRUWKH
\HDUWKHQHQGHGDQGDVXPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQ
0DQDJHPHQWVUHVSRQVLELOLW\IRUWKHQDQFLDOVWDWHPHQWV
7KH&RPSDQ\V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHGLQ6HFWLRQRIWKH&RPSDQLHV$FW
WKH$FWZLWKUHVSHFWWRWKHSUHSDUDWLRQRIWKHVHVWDQGDORQHQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRI
WKHQDQFLDOSRVLWLRQQDQFLDOSHUIRUPDQFHDQGFDVKRZVRIWKH&RPSDQ\LQDFFRUGDQFHZLWKDFFRXQWLQJSULQFLSOHV
JHQHUDOO\DFFHSWHGLQQGLDLQFOXGLQJWKH$FFRXQWLQJ6WDQGDUGVVSHFLHGXQGHUVHFWLRQRIWKH$FWUHDGZLWK5XOH
RI WKH &RPSDQLHV $FFRXQWV 5XOHV 7KLV UHVSRQVLELOLW\ DOVR LQFOXGHV PDLQWHQDQFH RI DGHTXDWH DFFRXQWLQJ
UHFRUGVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJRIWKHDVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJ
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
MXGJPHQWV DQG HVWLPDWHV WKDW DUH UHDVRQDEOH DQG SUXGHQW DQG WKH GHVLJQ LPSOHPHQWDWLRQ DQG PDLQWHQDQFH RI
DGHTXDWHLQWHUQDOQDQFLDOFRQWUROWKDWZHUHRSHUDWLQJHHFWLYHO\IRUHQVXULQJWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKH
DFFRXQWLQJUHFRUGVUHOHYDQWWRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLU
YLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
$XGLWRUVUHVSRQVLELOLW\
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHVWDQGDORQHQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW:HKDYHWDNHQ
LQWRDFFRXQWWKHSURYLVLRQVRIWKH$FWWKHDFFRXQWLQJDQGDXGLWLQJVWDQGDUGVDQGPDWWHUVZKLFKDUHUHTXLUHGWREH
LQFOXGHGLQWKHDXGLWUHSRUWXQGHUWKHSURYLVLRQVRIWKH$FWDQGWKH5XOHVPDGHWKHUHXQGHU:HFRQGXFWHGRXUDXGLWLQ
DFFRUGDQFHZLWKWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\WKHQVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRIQGLDDVVSHFLHGXQGHU
6HFWLRQRIWKH$FW7KRVH6WDQGDUGVUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUP
WKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHQDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
$QDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDPRXQWVDQGGLVFORVXUHVLQWKHQDQFLDO
VWDWHPHQWV 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH DXGLWRUV MXGJPHQW LQFOXGLQJ WKH DVVHVVPHQW RI WKH ULVNV RI
PDWHULDOPLVVWDWHPHQWRIWKHQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURUQPDNLQJWKRVHULVNDVVHVVPHQWV
WKHDXGLWRUFRQVLGHUVLQWHUQDOQDQFLDOFRQWUROUHOHYDQWWRWKH&RPSDQ\VSUHSDUDWLRQRIWKHQDQFLDOVWDWHPHQWVWKDW
JLYHDWUXHDQGIDLUYLHZLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKH
SXUSRVHRIH[SUHVVLQJDQRSLQLRQRQZKHWKHUWKH&RPSDQ\KDVLQSODFHDQDGHTXDWHLQWHUQDOQDQFLDOFRQWUROVV\VWHP
RYHUQDQFLDOUHSRUWLQJDQGWKHHHFWLYHQHVVRIVXFKFRQWUROV$QDXGLWDOVRLQFOXGHVHYDOXDWLQJWKHDSSURSULDWHQHVVRI
DFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVVRIWKHDFFRXQWLQJHVWLPDWHVPDGHE\WKH&RPSDQ\V'LUHFWRUVDVZHOO
DVHYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHG
LVVXFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKHVWDQGDORQHQDQFLDOVWDWHPHQWV
2SLQLRQ
Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH H[SODQDWLRQV JLYHQ WR XV WKH VWDQGDORQH
QDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZLQ
FRQIRUPLW\ZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDRIWKHVWDWHRIDDLUVRIWKH&RPSDQ\DVDW0DUFK
LWVSURWDQGLWVFDVKRZVIRUWKH\HDUHQGHGRQWKDWGDWH
5HSRUWRQRWKHUOHJDODQGUHJXODWRU\UHTXLUHPHQWV
$
VUHTXLUHGE\WKH&RPSDQLHV$XGLWRUVUHSRUW2UGHUWKH2UGHULVVXHGE\WKH&HQWUDO*RYHUQPHQWRI
QGLDLQWHUPVRIVXEVHFWLRQRIVHFWLRQRIWKH$FWZHJLYHLQWKH$QQH[XUHDVWDWHPHQWRQWKHPDWWHUV
VSHFLHGLQSDUDJUDSKVDQGRIWKH2UGHU
88
D :
HKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQGH[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQG
EHOLHIZHUHQHFHVVDU\IRUWKHSXUSRVHRIRXUDXGLW
E Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV UHTXLUHG E\ ODZ KDYH EHHQ NHSW E\ WKH &RPSDQ\ VR IDU DV LW
DSSHDUVIURPRXUH[DPLQDWLRQRIWKRVHERRNV
F 7
KH EDODQFH VKHHW VWDWHPHQW RI SURW DQG ORVV DQG FDVK RZ VWDWHPHQW GHDOW ZLWK E\ WKLV 5HSRUW DUH LQ
DJUHHPHQWZLWKWKHERRNVRIDFFRXQW
G QRXURSLQLRQWKHDIRUHVDLGVWDQGDORQHQDQFLDOVWDWHPHQWVFRPSO\ZLWKWKH$FFRXQWLQJ6WDQGDUGVVSHFLHG
XQGHUVHFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
H 2
QWKHEDVLVRIZULWWHQUHSUHVHQWDWLRQVUHFHLYHGIURPWKHGLUHFWRUVDVRQ0DUFKDQGWDNHQRQUHFRUG
E\WKH%RDUGRI'LUHFWRUVQRQHRIWKHGLUHFWRUVLVGLVTXDOLHGDVRQ0DUFKIURPEHLQJDSSRLQWHGDV
DGLUHFWRULQWHUPVRIVHFWLRQRIWKH$FW
I
:
LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRUV5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH
&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJ
WRWKHH[SODQDWLRQVJLYHQWRXV
L
7
KH &RPSDQ\ KDV GLVFORVHG WKH LPSDFW RI SHQGLQJ OLWLJDWLRQV RQ LWV QDQFLDO SRVLWLRQ LQ LWV QDQFLDO
VWDWHPHQWV5HIHUQRWHWRWKHQDQFLDOVWDWHPHQWV
LL
7
KH&RPSDQ\KDVPDGHSURYLVLRQDVUHTXLUHGXQGHUWKHDSSOLFDEOHODZRUDFFRXQWLQJVWDQGDUGVIRU
PDWHULDO IRUHVHHDEOH ORVVHV LI DQ\ RQ ORQJWHUP FRQWUDFWV LQFOXGLQJ GHULYDWLYH FRQWUDFWV 5HIHU QRWH
WDQGQRWHWRWKHQDQFLDOVWDWHPHQWV
LLL 7
KHUHKDVEHHQQRGHOD\LQWUDQVIHUULQJDPRXQWVUHTXLUHGWREHWUDQVIHUUHGWRWKHQYHVWRU(GXFDWLRQ
DQG3URWHFWLRQ)XQGE\WKH&RPSDQ\
$VUHTXLUHGE\VHFWLRQRIWKH$FWZHUHSRUWWKDW
For S R B C & CO LLP

&KDUWHUHG$FFRXQWDQWV
&$)LUP5HJLVWUDWLRQ1XPEHU(
SHU$UYLQG6HWKL
3DUWQHU
0HPEHUVKLS1R
3ODFHRI6LJQDWXUH3XQH
'DWH0D\
89
QGHSHQGHQW$XGLWRUV5HSRUW
$QQH[XUHUHIHUUHGWRLQSDUDJUDSKXQGHUWKHKHDGLQJ5HSRUWRQRWKHUOHJDODQGUHJXODWRU\UHTXLUHPHQWV
RIRXUUHSRUWRIHYHQGDWH
5H%KDUDW)RUJH/LPLWHGWKH&RPSDQ\
L
D 7
KH &RPSDQ\ KDV PDLQWDLQHG SURSHU UHFRUGV VKRZLQJ IXOO SDUWLFXODUV LQFOXGLQJ TXDQWLWDWLYH GHWDLOV DQG
VLWXDWLRQRI[HGDVVHWV
E $
OO[HGDVVHWVKDYHQRWEHHQSK\VLFDOO\YHULHGE\WKHPDQDJHPHQWGXULQJWKH\HDUEXWWKHUHLVDUHJXODU
SURJUDPPHRIYHULFDWLRQZKLFKLQRXURSLQLRQLVUHDVRQDEOHKDYLQJUHJDUGWRWKHVL]HRIWKH&RPSDQ\DQG
WKHQDWXUHRILWVDVVHWV1RPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQVXFKYHULFDWLRQ
LL D 7
KHLQYHQWRU\KDVEHHQSK\VLFDOO\YHULHGE\WKHPDQDJHPHQWGXULQJWKH\HDUQRXURSLQLRQWKHIUHTXHQF\
RIYHULFDWLRQLVUHDVRQDEOHQYHQWRULHVO\LQJZLWKRXWVLGHSDUWLHVKDYHEHHQFRQUPHGE\WKHPDVDW\HDU
HQG
E 7
KH SURFHGXUHV RI SK\VLFDO YHULFDWLRQ RI LQYHQWRU\ IROORZHG E\ WKH PDQDJHPHQW DUH UHDVRQDEOH DQG
DGHTXDWHLQUHODWLRQWRWKHVL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVV
F 7
KH &RPSDQ\ LV PDLQWDLQLQJ SURSHU UHFRUGV RI LQYHQWRU\ 'LVFUHSDQFLHV QRWHG RQ SK\VLFDO YHULFDWLRQ RI
LQYHQWRULHVZHUHQRWPDWHULDODQGKDYHEHHQSURSHUO\GHDOWZLWKLQWKHERRNVRIDFFRXQW
LLL D 7
KH&RPSDQ\KDVJUDQWHGXQVHFXUHGORDQWRRQHSDUW\FRYHUHGLQWKHUHJLVWHUPDLQWDLQHGXQGHUVHFWLRQ
RIWKH&RPSDQLHV$FW7KHORDQVJUDQWHGDUHUHSD\DEOHRQGHPDQGDQGSD\PHQWRILQWHUHVWKDVEHHQ
UHJXODU
E 7
KHUH LV QR RYHUGXH DPRXQW RI ORDQV JUDQWHG WR FRPSDQLHV UPV RU RWKHU SDUWLHV OLVWHG LQ WKH UHJLVWHU
PDLQWDLQHGXQGHUVHFWLRQRIWKH&RPSDQLHV$FW
LY QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKHUHLVDQDGHTXDWHLQWHUQDOFRQWURO
V\VWHPFRPPHQVXUDWHZLWKWKHVL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVVIRUWKHSXUFKDVHRILQYHQWRU\
DQG[HGDVVHWVDQGIRUWKHVDOHRIJRRGVDQGVHUYLFHV'XULQJWKHFRXUVHRIRXUDXGLWZHKDYHQRWREVHUYHGDQ\
PDMRUZHDNQHVVRUFRQWLQXLQJIDLOXUHWRFRUUHFWDQ\PDMRUZHDNQHVVLQWKHLQWHUQDOFRQWUROV\VWHPRIWKH&RPSDQ\
LQUHVSHFWRIWKHVHDUHDV
Y 7KH&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWVIURPWKHSXEOLF7KHUHIRUHLQRXURSLQLRQWKHSURYLVLRQVRIFODXVH
YRIWKH2UGHUDUHQRWDSSOLFDEOHWRWKH&RPSDQ\$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVLQ
UHVSHFWRIGHSRVLWVDFFHSWHGHDUOLHUXQGHUUHOHYDQWSURYLVLRQVRIWKHHUVWZKLOH&RPSDQLHV$FWDQGWKHUXOHV
IUDPHGWKHUHXQGHUWKHUHDUHFHUWDLQXQFODLPHGGHSRVLWDPRXQWLQJWR`0LOOLRQLQFOXGLQJLQWHUHVWWKHUHRQ
VXEMHFWWROLWLJDWLRQ
YL :
HKDYHEURDGO\UHYLHZHGWKHERRNVRIDFFRXQWPDLQWDLQHGE\WKH&RPSDQ\SXUVXDQWWRWKHUXOHVPDGHE\WKH
&HQWUDO*RYHUQPHQWIRUWKHPDLQWHQDQFHRIFRVWUHFRUGVXQGHUVHFWLRQRIWKH&RPSDQLHV$FWUHODWHG
WR WKH PDQXIDFWXUH RI IRUJHG SURGXFWV DQG DUH RI WKH RSLQLRQ WKDW SULPD IDFLH WKH SUHVFULEHG DFFRXQWV DQG
UHFRUGVKDYHEHHQPDGHDQGPDLQWDLQHG:HKDYHQRWKRZHYHUPDGHDGHWDLOHGH[DPLQDWLRQRIWKHVDPH
YLL D 7
KH &RPSDQ\ LV JHQHUDOO\ UHJXODU LQ GHSRVLWLQJ ZLWK DSSURSULDWH DXWKRULWLHV XQGLVSXWHG VWDWXWRU\ GXHV
LQFOXGLQJSURYLGHQWIXQGHPSOR\HHVVWDWHLQVXUDQFHLQFRPHWD[VDOHVWD[ZHDOWKWD[VHUYLFHWD[FXVWRPV
GXW\H[FLVHGXW\YDOXHDGGHGWD[FHVVDQGRWKHUPDWHULDOVWDWXWRU\GXHVDSSOLFDEOHWRLW
90
E $
FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV QR XQGLVSXWHG DPRXQWV SD\DEOH LQ UHVSHFW RI
SURYLGHQW IXQG HPSOR\HHV VWDWH LQVXUDQFH LQFRPHWD[ ZHDOWKWD[ VHUYLFH WD[ VDOHVWD[ FXVWRPV GXW\
H[FLVHGXW\YDOXHDGGHGWD[FHVVDQGRWKHUPDWHULDOVWDWXWRU\GXHVZHUHRXWVWDQGLQJDWWKH\HDUHQGIRUD
SHULRGRIPRUHWKDQVL[PRQWKVIURPWKHGDWHWKH\EHFDPHSD\DEOH
$QQXDO5HSRUW 2014-15
F $
FFRUGLQJWRWKHUHFRUGVRIWKH&RPSDQ\WKHGXHVRXWVWDQGLQJRILQFRPHWD[VDOHVWD[ZHDOWKWD[VHUYLFH
WD[ YDOXH DGGHG WD[ FXVWRPV GXW\ SURSHUW\ WD[ H[FLVH GXW\ DQG FHVV RQ DFFRXQW RI DQ\ GLVSXWH DUH DV
IROORZV
1DPHRIWKH
VWDWXH
G $
FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVRWKHUWKDQWKHXQFODLPHGGLYLGHQGDPRXQWVXEMHFW
WROLWLJDWLRQWKHDPRXQWUHTXLUHGWREHWUDQVIHUUHGWRLQYHVWRUHGXFDWLRQDQGSURWHFWLRQIXQGLQDFFRUGDQFH
ZLWKWKHUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWRIDQGUXOHVPDGHWKHUHXQGHUKDVEHHQ
WUDQVIHUUHGWRVXFKIXQGZLWKLQWLPH
YLLL 7
KH&RPSDQ\KDVQRDFFXPXODWHGORVVHVDWWKHHQGRIWKHQDQFLDO\HDUDQGLWKDVQRWLQFXUUHGFDVKORVVHVLQWKH
FXUUHQWDQGLPPHGLDWHO\SUHFHGLQJQDQFLDO\HDU
$PRXQW
3HULRGWRZKLFK
)RUXPZKHUHWKH
`Q0LOOLRQ
WKHDPRXQW
GLVSXWHLVSHQGLQJ
UHODWHV
)LQDQFH$FW 'HPDQGUHFHLYHGIURPYDULRXV
$<WR &RPPLVVLRQHU

FDVHV`0LOOLRQSDLGXQGHU
DSSHDOV&(67$7
SURWHVW
$<WR &RPPLVVLRQHU
&HQWUDO([FLVH 'HPDQGUHFHLYHGIURPYDULRXV
$FW
FDVHV`0LOOLRQSDLGXQGHU
DSSHDOV&(67$7
SURWHVW
3URSHUW\WD[ 'HPDQGUHFHLYHGIURPYDULRXV
$<WR +LJK&RXUW
FDVHV`0LOOLRQSDLG
XQGHUSURWHVW
- $<WR &7$SSHDOV
QFRPHWD[
1RQGHGXFWLRQRIZLWKKROGLQJ
$FW
WD[HVXV`0LOOLRQSDLG
XQGHUSURWHVW
1DWXUHRIGXHV
L[ %
DVHGRQRXUDXGLWSURFHGXUHVDQGDVSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWZHDUHRI
WKHRSLQLRQWKDWWKH&RPSDQ\KDVQRWGHIDXOWHGLQUHSD\PHQWRIGXHVWRDQDQFLDOLQVWLWXWLRQEDQNRUGHEHQWXUH
KROGHUV
[L %
DVHG RQ WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV E\ WKH PDQDJHPHQW WHUP ORDQV ZHUH DSSOLHG IRU WKH
SXUSRVHIRUZKLFKWKHORDQVZHUHREWDLQHG
[LL %
DVHGXSRQWKHDXGLWSURFHGXUHVSHUIRUPHGIRUWKHSXUSRVHRIUHSRUWLQJWKHWUXHDQGIDLUYLHZRIWKHQDQFLDO
VWDWHPHQWVDQGDVSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWZHUHSRUWWKDWQRIUDXGRQRU
E\WKH&RPSDQ\KDVEHHQQRWLFHGRUUHSRUWHGGXULQJWKH\HDU
For S R B C & CO LLP

&$)LUP5HJLVWUDWLRQ1XPEHU(
SHU$UYLQG6HWKL
3DUWQHU
0HPEHUVKLS1R
3ODFHRI6LJQDWXUH3XQH
'DWH0D\
91
[ $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVJLYHQJXDUDQWHHIRUORDQVWDNHQE\
RWKHUVIURPEDQNVDQGQDQFLDOLQVWLWXWLRQVWKHWHUPVDQGFRQGLWLRQVZKHUHRILQRXURSLQLRQDUHQRWSULPDIDFLH
SUHMXGLFLDOWRWKHLQWHUHVWRIWKH&RPSDQ\
%DODQFH6KHHW_6WDWHPHQWRI3URWDQG/RVV
%DODQFHVKHHW DVDW0DUFK
In ` Million
$VDW
0DUFK
$VDW
0DUFK
3

1RQFXUUHQWOLDELOLWLHV

/RQJWHUPERUURZLQJV

'HIHUUHGWD[OLDELOLWLHVQHW
Other long-term liabilities
Long-term provisions

6
7

&XUUHQWOLDELOLWLHV

6KRUWWHUPERUURZLQJV
Trade payables
Other current liabilities
Short-term provisions

Notes
(TXLW\DQGOLDELOLWLHV
6KDUHKROGHUV)XQGV
Share capital

5HVHUYHVDQGVXUSOXV
TOTAL
$VVHWV
1RQFXUUHQWDVVHWV

)L[HGDVVHWV
Tangible assets
Intangible assets

&DSLWDOZRUNLQSURJUHVV
Non-current investments
Long-term loans and advances
Other non-current assets

13

&XUUHQWDVVHWV

&XUUHQWLQYHVWPHQWV
Inventories
Trade receivables

&DVKDQGEDQNEDODQFHV
Short-term loans and advances
Other current assets

16
17

13

TOTAL
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
7KHDFFRPSDQ\LQJQRWHVDUHLQWHJUDOSDUWRIWKHQDQFLDOVWDWHPHQWV
$VSHURXUUHSRUWRIHYHQGDWH
)RU65%& &R//3
&$)LUPUHJLVWUDWLRQ1R(
SHU$591'6(7+
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\

)RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUV
%1.$/<$1
*.$*$5:$/
'HSXW\0DQDJLQJ'LUHFWRU
.6+25(6$/(725(
([HFXWLYH'LUHFWRU &)2
$1$1''$*$
&RPSDQ\6HFUHWDU\
In ` Million
Notes
<HDUHQGHG
0DUFK
<HDUHQGHG
0DUFK
QFRPH
5HYHQXHIURPRSHUDWLRQVJURVV

/HVVH[FLVHGXW\

5HYHQXHIURPRSHUDWLRQVQHW
Other income
7RWDOUHYHQXH
6WDWHPHQWRISURWDQGORVV IRUWKH\HDUHQGHG0DUFK
([SHQVHV

'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH

Finance costs

2WKHUH[SHQVHV

7RWDOH[SHQVHV
3URWEHIRUHH[FHSWLRQDOLWHPVDQGWD[>@
([FHSWLRQDOLWHPV

3URWEHIRUHWD[

&RVWRIUDZPDWHULDODQGFRPSRQHQWVFRQVXPHG
QFUHDVHGHFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVZRUNLQSURJUHVV
and dies
(PSOR\HHEHQHWVH[SHQVH
7D[H[SHQVHV
&XUUHQWWD[
3HUWDLQLQJWRSURWIRUWKH\HDU
$GMXVWPHQWRIWD[UHODWLQJWRHDUOLHU\HDUV
'HIHUUHGWD[

7RWDOWD[H[SHQVHV

3URWIRUWKH\HDU

(DUQLQJVSHUHTXLW\VKDUH
[nominal value of share `0DUFK`@

%DVLFQ`

'LOXWHGQ`

7KHDFFRPSDQ\LQJQRWHVDUHLQWHJUDOSDUWRIWKHQDQFLDOVWDWHPHQWV
)RU65%& &R//3
SHU$591'6(7+
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
%1.$/<$1
*.$*$5:$/
.6+25(6$/(725(
$1$1''$*$
&RPSDQ\6HFUHWDU\

&DVK)ORZ6WDWHPHQW
&DVKRZVWDWHPHQW IRUWKH\HDUHQGHG0DUFK
In ` Million
&DVKRZIURPRSHUDWLQJDFWLYLWLHV
3URWEHIRUHWD[
$GMXVWPHQWWRUHFRQFLOHSURWEHIRUHWD[WRQHWFDVKRZV

'HSUHFLDWLRQDQGDPRUWL]DWLRQ

8QUHDOL]HGIRUHLJQH[FKDQJHJDLQORVV

%DGGHEWVDQGDGYDQFHVZULWWHQR

/RVVSURWRQVDOHRI[HGDVVHWVLQFOXGLQJH[FHSWLRQDOLWHP

3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQW

3URYLVLRQIRUH[SHQVHRIHDUOLHU\HDUUHYHUVHG

QWHUHVWH[SHQVHV

3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVZULWWHQRQHW
Loss on sale of non-current investment

'LYLGHQGLQFRPHIURPLQYHVWPHQWV
Net gain on sale of investments

3URYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN

QWHUHVWLQFRPH

QWHUHVWLQFRPHRQORDQWRVXEVLGLDULHV
2SHUDWLQJSURWEHIRUHZRUNLQJFDSLWDOFKDQJHV
0RYHPHQWVLQZRUNLQJFDSLWDO

'HFUHDVHLQFUHDVHLQQRQFXUUHQWDVVHWV

QFUHDVHGHFUHDVHLQORQJWHUPORDQVDQGDGYDQFHV

'HFUHDVHLQFUHDVHLQRWKHUQRQFXUUHQWDVVHWV

QFUHDVHGHFUHDVHLQFXUUHQWDVVHWV

QFUHDVHGHFUHDVHLQLQYHQWRULHV

QFUHDVHGHFUHDVHLQWUDGHUHFHLYDEOHV

QFUHDVHGHFUHDVHLQVKRUWWHUPORDQVDQGDGYDQFHV

QFUHDVHGHFUHDVHLQRWKHUFXUUHQWDVVHWV

'HFUHDVHLQFUHDVHLQQRQFXUUHQWOLDELOLWLHV

QFUHDVHGHFUHDVHLQRWKHUORQJWHUPOLDELOLWLHV

QFUHDVHGHFUHDVHLQORQJWHUPSURYLVLRQV

QFUHDVHGHFUHDVHLQFXUUHQWOLDELOLWLHV

QFUHDVHGHFUHDVHLQWUDGHSD\DEOH

QFUHDVHGHFUHDVHLQRWKHUFXUUHQWOLDELOLWLHV

QFUHDVHGHFUHDVHLQVKRUWWHUPSURYLVLRQV

&DVKJHQHUDWHGIURPRSHUDWLRQV

'LUHFWWD[HVSDLGQHWRIUHIXQGV
1HWFDVKRZVIURPRSHUDWLQJDFWLYLWLHV

&DVKRZVIURPXVHGLQLQYHVWLQJDFWLYLWLHV

3XUFKDVHRIQRQFXUUHQWLQYHVWPHQWV
Sale of non-current investments
Investments in mutual funds

3URFHHGVIURPVDOHPDWXULW\RIPXWXDOIXQGV

3XUFKDVHRI[HGDVVHWVLQFOXGLQJFDSLWDOZRUNLQSURJUHVVDQGFDSLWDODGYDQFHV

3URFHHGVIURPVDOHRI[HGDVVHWV
Loan given to subsidiaries
Intercorporate deposits given

3URFHHGVUHFHLYHGIURPORDQWRZKROO\RZQHGVXEVLGLDULHV

QYHVWPHQWVLQEDQNGHSRVLWVKDYLQJRULJLQDOPDWXULW\RIPRUHWKDQWKUHHPRQWKV

5HGHPSWLRQPDWXULW\RIEDQNGHSRVLWVKDYLQJRULJLQDOPDWXULW\RIPRUH

WKDQWKUHHPRQWKV
Interest received

'LYLGHQGUHFHLYHG
1HWFDVKRZVXVHGLQLQYHVWLQJDFWLYLWLHV

%

<HDUHQGHG
<HDUHQGHG
0DUFK
0DUFK

In ` Million
<HDUHQGHG
0DUFK
&

1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV

$%&
(HFWVRIH[FKDQJHGLHUHQFHRQFDVKDQGFDVKHTXLYDOHQWKHOGLQIRUHLJQFXUUHQF\
&DVKDQGFDVKHTXLYDOHQWVDWWKHEHJLQQLQJRIWKH\HDU
&DVKDQGFDVKHTXLYDOHQWVDWWKHHQGRIWKH\HDU

$VDW
0DUFK
$VDW
0DUFK

&DVKRZVIURPXVHGLQQDQFLQJDFWLYLWLHV

3URFHHGVIURPORQJWHUPERUURZLQJV
5HSD\PHQWRIORQJWHUPERUURZLQJVLQFOXGLQJ)&&%VDQG'HEHQWXUHV
3UHPLXPSDLGRQUHGHPSWLRQRI)&&%V
3URFHHGVIURPVKRUWWHUPERUURZLQJV
5HSD\PHQWRIVKRUWWHUPERUURZLQJV
QWHUHVWH[SHQVHV
'LYLGHQGLQFOXGLQJWD[WKHUHRQ
1HWFDVKRZVXVHGLQQDQFLQJDFWLYLWLHV
&RPSRQHQWVRIFDVKDQGFDVKHTXLYDOHQWV>5HIHUQRWH@
&DVKRQKDQG
%DODQFHVZLWKEDQNV
- on cash credit and current accounts
- on deposit accounts
<HDUHQGHG
0DUFK
&DVKRZVWDWHPHQW IRUWKH\HDUHQGHG0DUFK&RQWG
1RWHV
7KHJXUHVLQEUDFNHWVUHSUHVHQWRXWRZVDGMXVWPHQWV
3UHYLRXVSHULRGVJXUHVKDYHEHHQUHJURXSHGUHFODVVLHGZKHUHYHUQHFHVVDU\WRFRQIRUPWRFXUUHQW\HDUSUHVHQWDWLRQ
SHU$591'6(7+
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
%1.$/<$1
*.$*$5:$/
.6+25(6$/(725(
$1$1''$*$
&RPSDQ\6HFUHWDU\

)RU65%& &R//3
1RWHV
1RWHVWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK
&RUSRUDWHLQIRUPDWLRQ
%
KDUDW)RUJH/LPLWHGWKH&RPSDQ\LVDSXEOLF&RPSDQ\GRPLFLOHGLQQGLDWVVKDUHVDUHOLVWHGRQWKUHHVWRFN
H[FKDQJHVLQQGLD7KH&RPSDQ\LVHQJDJHGLQWKHPDQXIDFWXULQJDQGVHOOLQJRIIRUJHGFRPSRQHQWV7KH&RPSDQ\
FDWHUVWRERWKGRPHVWLFDQGLQWHUQDWLRQDOPDUNHWV7KH&RPSDQ\V&1LV/313/&
%DVLVRISUHSDUDWLRQ
7
KHVH QDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ KDYH EHHQ SUHSDUHG LQ DFFRUGDQFH ZLWK WKH JHQHUDOO\ DFFHSWHG
DFFRXQWLQJ SULQFLSOHV LQ QGLD QGLDQ *$$3 7KH &RPSDQ\ KDV SUHSDUHG WKHVH QDQFLDO VWDWHPHQWV WR FRPSO\
LQDOOPDWHULDODVSHFWVZLWKDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDLQFOXGLQJWKHDFFRXQWLQJVWDQGDUGV
QRWLHGXQGHU6HFWLRQRIWKH&RPSDQLHV$FWUHDGWRJHWKHUZLWKSDUDJUDSKRIWKH&RPSDQLHV$FFRXQWV
5XOHV7KHQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQDQDFFUXDOEDVLVXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQ
H[FHSWIRUGHULYDWLYHQDQFLDOLQVWUXPHQWVZKLFKKDYHEHHQPHDVXUHGDWIDLUYDOXH
7
KHDFFRXQWLQJSROLFLHVDGRSWHGLQWKHSUHSDUDWLRQRIQDQFLDOVWDWHPHQWVDUHFRQVLVWHQWZLWKWKRVHRISUHYLRXV
\HDUH[FHSWIRUWKHFKDQJHLQDFFRXQWLQJSROLF\H[SODLQHGEHORZ
D
&KDQJHLQDFFRXQWLQJSROLF\
'HSUHFLDWLRQRQ[HGDVVHWV
7
LOO WKH \HDU HQGHG 0DUFK 6FKHGXOH ;9 WR WKH &RPSDQLHV $FW SUHVFULEHG UHTXLUHPHQWV
FRQFHUQLQJ GHSUHFLDWLRQ RI [HG DVVHWV )URP WKH FXUUHQW \HDU 6FKHGXOH ;9 KDV EHHQ UHSODFHG E\
6FKHGXOHWRWKH&RPSDQLHV$FW7KHDSSOLFDELOLW\RI6FKHGXOHKDVUHVXOWHGLQWKHIROORZLQJFKDQJHV
UHODWHGWRGHSUHFLDWLRQRI[HGDVVHWV8QOHVVVWDWHGRWKHUZLVHWKHLPSDFWPHQWLRQHGIRUWKHFXUUHQW\HDULV
OLNHO\WRKROGJRRGIRUIXWXUH\HDUVDOVR
L
8VHIXOOLYHVGHSUHFLDWLRQUDWHV
7
LOOWKH\HDUHQGHG0DUFKGHSUHFLDWLRQUDWHVSUHVFULEHGXQGHU6FKHGXOH;9ZHUHWUHDWHGDV
PLQLPXPUDWHVDQGWKH&RPSDQ\ZDVQRWDOORZHGWRFKDUJHGHSUHFLDWLRQDWORZHUUDWHVHYHQLIVXFK
ORZHUUDWHVZHUHMXVWLHGE\WKHHVWLPDWHGXVHIXOOLIHRIWKHDVVHW6FKHGXOHWRWKH&RPSDQLHV$FW
SUHVFULEHVXVHIXOOLYHVIRU[HGDVVHWVZKLFKLQPDQ\FDVHVDUHGLHUHQWIURPOLYHVSUHVFULEHGXQGHU
WKHHUVWZKLOH6FKHGXOH;9+RZHYHU6FKHGXOHDOORZVFRPSDQLHVWRXVHKLJKHUORZHUXVHIXOOLYHVDQG
UHVLGXDOYDOXHVLIVXFKXVHIXOOLYHVDQGUHVLGXDOYDOXHVFDQEHWHFKQLFDOO\VXSSRUWHGDQGMXVWLFDWLRQIRU
GLHUHQFHLVGLVFORVHGLQWKHQDQFLDOVWDWHPHQWV
&
RQVLGHULQJWKHDSSOLFDELOLW\RI6FKHGXOHWKHPDQDJHPHQWKDVUHHVWLPDWHGXVHIXOOLYHVDQGUHVLGXDO
YDOXHVRIDOOLWV[HGDVVHWV7KHPDQDJHPHQWEHOLHYHVWKDWGHSUHFLDWLRQUDWHVFXUUHQWO\XVHGIDLUO\UHHFW
LWVHVWLPDWHRIWKHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRI[HGDVVHWVWKRXJKWKHVHUDWHVLQFHUWDLQFDVHVDUH
GLHUHQWIURPOLYHVSUHVFULEHGXQGHU6FKHGXOH
+
DGWKH&RPSDQ\FRQWLQXHGWRXVHWKHHDUOLHUSROLF\RIGHSUHFLDWLQJ[HGDVVHWWKHSURWIRUWKHFXUUHQW
SHULRGZRXOGKDYHEHHQORZHUE\`0LOOLRQQHWRIWD[LPSDFWRI`0LOOLRQUHWDLQHGHDUQLQJV
DWWKHEHJLQQLQJRIWKHFXUUHQWSHULRGZRXOGKDYHEHHQKLJKHUE\`0LOOLRQQHWRIWD[LPSDFWRI
`0LOOLRQDQGWKH[HGDVVHWZRXOGFRUUHVSRQGLQJO\KDYHEHHQORZHUE\`0LOOLRQ
LL
&RPSRQHQWDFFRXQWLQJ
7
KH &RPSDQ\ KDV DGRSWHG 6FKHGXOH WR WKH &RPSDQLHV $FW IRU GHSUHFLDWLRQ SXUSRVHV IURP
$SULO 7KH &RPSDQ\ ZDV SUHYLRXVO\ QRW LGHQWLI\LQJ FRPSRQHQWV RI [HG DVVHWV VHSDUDWHO\ IRU
GHSUHFLDWLRQSXUSRVHVUDWKHUDVLQJOHXVHIXOOLIHGHSUHFLDWLRQUDWHZDVXVHGWRGHSUHFLDWHHDFKLWHPRI
[HGDVVHW

D
&KDQJHLQDFFRXQWLQJSROLF\&RQWG
LL
&RPSRQHQWDFFRXQWLQJ&RQWG
'
XHWRDSSOLFDWLRQRI6FKHGXOHWRWKH&RPSDQLHV$FWWKH&RPSDQ\KDVFKDQJHGWKHPDQQHURI
GHSUHFLDWLRQIRULWV[HGDVVHWV1RZWKH&RPSDQ\LGHQWLHVDQGGHWHUPLQHVVHSDUDWHXVHIXOOLIHIRU
HDFKPDMRUFRPSRQHQWRIWKH[HGDVVHWLIWKH\KDYHXVHIXOOLIHWKDWLVPDWHULDOO\GLHUHQWIURPWKDWRI
WKHUHPDLQLQJDVVHW7KH&RPSDQ\KDVXVHGWUDQVLWLRQDOSURYLVLRQVRI6FKHGXOHWRDGMXVWWKHLPSDFW
RIFRPSRQHQWDFFRXQWLQJDULVLQJRQLWVUVWDSSOLFDWLRQIDFRPSRQHQWKDV]HURUHPDLQLQJXVHIXOOLIH
RQWKHGDWHRI6FKHGXOHEHFRPLQJHHFWLYHLH$SULOLWVFDUU\LQJDPRXQWDIWHUUHWDLQLQJDQ\
UHVLGXDO YDOXH LV FKDUJHG WR WKH RSHQLQJ EDODQFH RI UHWDLQHG HDUQLQJV 7KH FDUU\LQJ DPRXQW RI RWKHU
FRPSRQHQWVLHFRPSRQHQWVZKRVHUHPDLQLQJXVHIXOOLIHLVQRWQLORQ$SULOLVGHSUHFLDWHGRYHU
WKHLUUHPDLQLQJXVHIXOOLIH
LLL '
HSUHFLDWLRQRQDVVHWVFRVWLQJOHVVWKDQ`
7
LOOWKH\HDUHQGHG0DUFKWRFRPSO\ZLWKWKHUHTXLUHPHQWVRI6FKHGXOH;9WRWKH&RPSDQLHV
$FWWKH&RPSDQ\ZDVFKDUJLQJGHSUHFLDWLRQRQDVVHWVFRVWLQJOHVVWKDQ`LQWKH\HDU
RISXUFKDVH+RZHYHU6FKHGXOHWRWKH&RPSDQLHV$FWDSSOLFDEOHIURPWKHFXUUHQW\HDUGRHV
QRW UHFRJQL]H VXFK SUDFWLFH +HQFH WR FRPSO\ ZLWK WKH UHTXLUHPHQW RI 6FKHGXOH WR WKH &RPSDQLHV
$FWWKH&RPSDQ\KDVFKDQJHGLWVDFFRXQWLQJSROLF\IRUGHSUHFLDWLRQVRIDVVHWVFRVWLQJOHVVWKDQ
` $V SHU WKH UHYLVHG SROLF\ WKH &RPSDQ\ LV GHSUHFLDWLQJ VXFK DVVHWV RYHU WKHLU XVHIXO OLIH DV
DVVHVVHG E\ WKH PDQDJHPHQW 7KH PDQDJHPHQW KDV GHFLGHG WR DSSO\ WKH UHYLVHG DFFRXQWLQJ SROLF\
SURVSHFWLYHO\IURPDFFRXQWLQJSHULRGVFRPPHQFLQJRQRUDIWHU$SULO
+
DGWKH&RPSDQ\FRQWLQXHGWRXVHWKHHDUOLHUSROLF\RIGHSUHFLDWLQJ[HGDVVHWWKHSURWIRUWKHFXUUHQW
SHULRGZRXOGKDYHEHHQORZHUE\`0LOOLRQQHWRIWD[LPSDFWRI`0LOOLRQUHWDLQHGHDUQLQJV
DWWKHEHJLQQLQJRIWKHFXUUHQWSHULRGZRXOGKDYHEHHQKLJKHUE\`0LOOLRQQHWRIWD[LPSDFWRI
`0LOOLRQDQGWKH[HGDVVHWZRXOGFRUUHVSRQGLQJO\KDYHEHHQKLJKHUE\`0LOOLRQ
E 8VHRIHVWLPDWHV
7
KHSUHSDUDWLRQRIQDQFLDOVWDWHPHQWVLQFRQIRUPLW\ZLWKQGLDQ*$$3UHTXLUHVWKHPDQDJHPHQWWRPDNH
MXGJPHQWV HVWLPDWHV DQG DVVXPSWLRQV WKDW DHFW WKH UHSRUWHG DPRXQWV RI UHYHQXHV H[SHQVHV DVVHWV
DQGOLDELOLWLHVDQGWKHGLVFORVXUHRIFRQWLQJHQWOLDELOLWLHVDWWKHHQGRIWKHUHSRUWLQJSHULRG$OWKRXJKWKHVH
HVWLPDWHVDUHEDVHGRQWKHPDQDJHPHQWVEHVWNQRZOHGJHRIFXUUHQWHYHQWVDQGDFWLRQVXQFHUWDLQW\DERXW
WKHVHDVVXPSWLRQVDQGHVWLPDWHVFRXOGUHVXOWLQWKHRXWFRPHVUHTXLULQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJ
DPRXQWVRIDVVHWVRUOLDELOLWLHVLQIXWXUHSHULRGV
F
7DQJLEOH[HGDVVHWV
)
L[HGDVVHWVDUHVWDWHGDWFRVWQHWRIDFFXPXODWHGGHSUHFLDWLRQDQGDFFXPXODWHGLPSDLUPHQWORVVHVLIDQ\
7KH FRVW FRPSULVHV SXUFKDVH SULFH ERUURZLQJ FRVWV LI FDSLWDOLVDWLRQ FULWHULD DUH PHW WKH FRVW RI UHSODFLQJ
SDUWRIWKH[HGDVVHWVDQGGLUHFWO\DWWULEXWDEOHFRVWRIEULQJLQJWKHDVVHWWRLWVZRUNLQJFRQGLWLRQIRUWKH
LQWHQGHGXVH(DFKSDUWRIDQLWHPRISURSHUW\SODQWDQGHTXLSPHQWZLWKDFRVWWKDWLVVLJQLFDQWLQUHODWLRQ
WRWKHWRWDOFRVWRIWKHLWHPLVGHSUHFLDWHGVHSDUDWHO\:KHQVLJQLFDQWSDUWVRI[HGDVVHWVDUHUHTXLUHGWR
EH UHSODFHG DW LQWHUYDOV WKH &RPSDQ\ UHFRJQL]HV VXFK SDUWV DV LQGLYLGXDO DVVHWV ZLWK VSHFLF XVHIXO OLYHV
DQGGHSUHFLDWHVWKHPDFFRUGLQJO\/LNHZLVHZKHQDPDMRULQVSHFWLRQLVSHUIRUPHGLWVFRVWLVUHFRJQL]HGLQ
WKHFDUU\LQJDPRXQWRIWKH[HGDVVHWVDVDUHSODFHPHQWLIWKHUHFRJQLWLRQFULWHULDDUHVDWLVHG$Q\WUDGH
GLVFRXQWVDQGUHEDWHVDUHGHGXFWHGLQDUULYLQJDWWKHSXUFKDVHSULFH

_ Financial Statements
The change in accounting for depreciation of assets costing less than `GLGQRWKDYHDQ\PDWHULDO
LPSDFWRQQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKHFXUUHQW\HDU
_ Statutory Reports
_ Company Overview
NotesWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
Notes
F
7DQJLEOH[HGDVVHWV&RQWG
6
XEVHTXHQWH[SHQGLWXUHUHODWHGWRDQLWHPRI[HGDVVHWLVDGGHGWRLWVERRNYDOXHRQO\LILWLQFUHDVHVWKH
IXWXUH EHQHWV IURP WKH H[LVWLQJ DVVHW EH\RQG LWV SUHYLRXVO\ DVVHVVHG VWDQGDUG RI SHUIRUPDQFH $OO RWKHU
H[SHQVHVRQH[LVWLQJ[HGDVVHWVLQFOXGLQJGD\WRGD\UHSDLUDQGPDLQWHQDQFHH[SHQGLWXUHDUHFKDUJHGWR
WKHVWDWHPHQWRISURWDQGORVVIRUWKHSHULRGGXULQJZKLFKVXFKH[SHQVHVDUHLQFXUUHG
7
KH&RPSDQ\DGMXVWVH[FKDQJHGLHUHQFHVDULVLQJRQWUDQVODWLRQVHWWOHPHQWRIORQJWHUPIRUHLJQFXUUHQF\
PRQHWDU\LWHPVSHUWDLQLQJWRWKHDFTXLVLWLRQRIDGHSUHFLDEOHDVVHWWRWKHFRVWRIWKHDVVHWDQGGHSUHFLDWHV
WKHVDPHRYHUWKHUHPDLQLQJOLIHRIWKHDVVHWQDFFRUGDQFHZLWK0&$FLUFXODUGDWHG$XJXVWH[FKDQJH
GLHUHQFHVDGMXVWHGWRWKHFRVWRI[HGDVVHWVDUHWRWDOGLHUHQFHVDULVLQJRQORQJWHUPIRUHLJQFXUUHQF\
PRQHWDU\ LWHPV SHUWDLQLQJ WR WKH DFTXLVLWLRQ RI D GHSUHFLDEOH DVVHW IRU WKH SHULRG Q RWKHU ZRUGV WKH
&RPSDQ\GRHVQRWGLHUHQWLDWHEHWZHHQH[FKDQJHGLHUHQFHVDULVLQJIURPIRUHLJQFXUUHQF\ERUURZLQJVWR
WKHH[WHQWWKH\DUHUHJDUGHGDVDQDGMXVWPHQWWRWKHLQWHUHVWFRVWDQGRWKHUH[FKDQJHGLHUHQFH
*
DLQVRUORVVHVDULVLQJIURPGHUHFRJQLWLRQRI[HGDVVHWVDUHPHDVXUHGDVWKHGLHUHQFHEHWZHHQWKHQHW
GLVSRVDOSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV
ZKHQWKHDVVHWLVGHUHFRJQL]HG
G '
HSUHFLDWLRQDQGDPRUWL]DWLRQRQWDQJLEOHDVVHWV
L
/HDVHKROGODQG
3
UHPLXPRQOHDVHKROGODQGLVDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIOHDVHLH\HDUV
LL
3RZHUOLQH
(
[SHQGLWXUHRQSRZHUOLQHLVDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUDSHULRGRIVL[\HDUV
LLL 2WKHU[HGDVVHWV
'
HSUHFLDWLRQRQ[HGDVVHWVLVFDOFXODWHGRQDVWUDLJKWOLQH6/0EDVLVDQGZULWWHQGRZQYDOXH:'9
EDVLVXVLQJWKHUDWHVDUULYHGDWEDVHGRQWKHXVHIXOOLYHVHVWLPDWHGE\WKHPDQDJHPHQW7KH&RPSDQ\
KDVXVHGWKHIROORZLQJUDWHVWRSURYLGHGHSUHFLDWLRQRQLWV[HGDVVHWV
7\SHRI$VVHWV
Building - Factory
Buildings Others
3ODQWDQGPDFKLQHU\
3ODQWDQGPDFKLQHU\:LQGPLOO
2WKHUV&RPSXWHUV
2FHHTXLSPHQW
5DLOZD\VLGLQJV
(OHFWULFDOLQVWDOODWLRQ
)DFWRU\HTXLSPHQWV
)XUQLWXUHDQG[WXUHV
9HKLFOHV
$LUFUDIW
98
Method
SLM
SLM
SLM
SLM
:'9
:'9
SLM
SLM
:'9
:'9
:'9
SLM
6FKHGXOH 8VHIXOOLYHVHVWLPDWHGE\
OLIH\HDUV WKHPDQDJHPHQW\HDUV

WR

3
3

5DWHV

7
KH PDQDJHPHQW KDV HVWLPDWHG VXSSRUWHG E\ LQGHSHQGHQW DVVHVVPHQW E\ SURIHVVLRQDOV WKH XVHIXO
OLYHVRIWKHIROORZLQJFODVVHVRIDVVHWV
7KHXVHIXOOLYHVRIFHUWDLQSODQWDQGPDFKLQHU\DUHHVWLPDWHGDV\HDUV7KHVHOLYHVDUHKLJKHU
WKDQWKRVHLQGLFDWHGLQVFKHGXOH
&HUWDLQSODQWDQGPDFKLQHU\UDLOZD\VLGLQJVDQGDLUFUDIWVDUHGHSUHFLDWHGRYHUWKHHVWLPDWHGXVHIXO
OLYHVRI\HDUV\HDUVDQG\HDUVUHVSHFWLYHO\ZKLFKDUHORZHUWKDQWKRVHLQGLFDWHGLQ
VFKHGXOH
'
HSUHFLDWLRQ RQ DFFRXQW RI LQFUHDVHGHFUHDVH GXH WR UHYDOXDWLRQ RI IRUHLJQ FXUUHQF\ ORDQ KDV EHHQ
SURYLGHGDWUDWHVRIGHSUHFLDWLRQRYHUWKHUHPDLQLQJXVHIXOOLIHRIVDLGDVVHWV
H
QWDQJLEOHDVVHWV
QWDQJLEOHDVVHWVDFTXLUHGVHSDUDWHO\DUHPHDVXUHGRQLQLWLDOUHFRJQLWLRQDWFRVW)ROORZLQJLQLWLDOUHFRJQLWLRQ
LQWDQJLEOHDVVHWVDUHFDUULHGDWFRVWOHVVDFFXPXODWHGDPRUWL]DWLRQDQGDFFXPXODWHGLPSDLUPHQWORVVHVLI
DQ\&RVWFRPSULVHVWKHSXUFKDVHSULFHDQGDQ\DWWULEXWDEOHFRVWRIEULQJLQJWKHDVVHWWRLWVZRUNLQJFRQGLWLRQ
IRULWVLQWHQGHGXVH
QWDQJLEOHDVVHWVDUHDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHHVWLPDWHGXVHIXOHFRQRPLFOLIH7KH&RPSDQ\
XVHVDUHEXWWDEOHSUHVXPSWLRQWKDWWKHXVHIXOOLIHRIDQLQWDQJLEOHDVVHWZLOOQRWH[FHHGWHQ\HDUVIURPWKH
GDWHZKHQWKHDVVHWLVDYDLODEOHIRUXVHIWKHSHUVXDVLYHHYLGHQFHH[LVWVWRWKHHHFWWKDWXVHIXOOLIHRIDQ
LQWDQJLEOHDVVHWH[FHHGVWHQ\HDUVWKH&RPSDQ\DPRUWL]HVWKHLQWDQJLEOHDVVHWRYHUWKHEHVWHVWLPDWHRILWV
XVHIXOOLIH6XFKLQWDQJLEOHDVVHWVDQGLQWDQJLEOHDVVHWVQRW\HWDYDLODEOHIRUXVHDUHWHVWHGIRULPSDLUPHQW
DQQXDOO\HLWKHULQGLYLGXDOO\RUDWWKHFDVKJHQHUDWLQJXQLWOHYHO$OORWKHULQWDQJLEOHDVVHWVDUHDVVHVVHGIRU
LPSDLUPHQWZKHQHYHUWKHUHLVDQLQGLFDWLRQWKDWWKHLQWDQJLEOHDVVHWPD\EHLPSDLUHG
7
KHDPRUWL]DWLRQSHULRGDQGWKHDPRUWL]DWLRQPHWKRGDUHUHYLHZHGDWOHDVWDWHDFKQDQFLDO\HDUHQGIWKH
H[SHFWHGXVHIXOOLIHRIWKHDVVHWLVVLJQLFDQWO\GLHUHQWIURPSUHYLRXVHVWLPDWHVWKHDPRUWL]DWLRQSHULRGLV
FKDQJHGDFFRUGLQJO\IWKHUHKDVEHHQDVLJQLFDQWFKDQJHLQWKHH[SHFWHGSDWWHUQRIHFRQRPLFEHQHWVIURP
WKHDVVHWWKHDPRUWL]DWLRQPHWKRGLVFKDQJHGWRUHHFWWKHFKDQJHGSDWWHUQ6XFKFKDQJHVDUHDFFRXQWHGIRU
LQDFFRUGDQFHZLWK$61HW3URWRU/RVVIRUWKH3HULRG3ULRU3HULRGWHPVDQG&KDQJHVLQ$FFRXQWLQJ3ROLFLHV
*
DLQVRUORVVHVDULVLQJIURPGLVSRVDORIDQLQWDQJLEOHDVVHWDUHPHDVXUHGDVWKHGLHUHQFHEHWZHHQWKHQHW
GLVSRVDOSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV
ZKHQWKHDVVHWLVGLVSRVHG
5HVHDUFKDQGGHYHORSPHQWH[SHQGLWXUH
5
HVHDUFK H[SHQGLWXUH LV FKDUJHG WR UHYHQXH XQGHU WKH QDWXUDO KHDGV RI DFFRXQW LQ WKH \HDU LQ ZKLFK LW LV
LQFXUUHG
'
HYHORSPHQW H[SHQGLWXUH LQFXUUHG RQ DQ LQGLYLGXDO SURMHFW LV UHFRJQL]HG DV DQ LQWDQJLEOH DVVHW ZKHQ WKH
&RPSDQ\FDQGHPRQVWUDWHDOOWKHIROORZLQJ
7KHWHFKQLFDOIHDVLELOLW\RIFRPSOHWLQJWKHLQWDQJLEOHDVVHWVRWKDWLWZLOOEHDYDLODEOHIRUXVHRUVDOH
Its intention to complete the asset
Its ability to use or sell the asset
+RZWKHDVVHWZLOOJHQHUDWHIXWXUHHFRQRPLFEHQHWV
7KHDYDLODELOLW\RIDGHTXDWHUHVRXUFHVWRFRPSOHWHWKHGHYHORSPHQWDQGWRXVHRUVHOOWKHDVVHW
7KHDELOLW\WRPHDVXUHUHOLDEO\WKHH[SHQGLWXUHDWWULEXWDEOHWRWKHLQWDQJLEOHDVVHWGXULQJGHYHORSPHQW
)
ROORZLQJLQLWLDOUHFRJQLWLRQRIWKHGHYHORSPHQWH[SHQGLWXUHDVDQDVVHWWKHFRVWPRGHOLVDSSOLHGUHTXLULQJ
WKH DVVHW WR EH FDUULHG DW FRVW OHVV DQ\ DFFXPXODWHG DPRUWL]DWLRQ DQG DFFXPXODWHG LPSDLUPHQW ORVVHV
$PRUWL]DWLRQ RI WKH DVVHW EHJLQV ZKHQ GHYHORSPHQW LV FRPSOHWH DQG WKH DVVHW LV DYDLODEOH IRU XVH W LV
DPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIH[SHFWHGIXWXUHEHQHWIURPWKHUHODWHGSURMHFWLHWKH
HVWLPDWHGXVHIXOOLIHRIWHQ\HDUV$PRUWL]DWLRQLVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV'XULQJWKH
SHULRGRIGHYHORSPHQWWKHDVVHWLVWHVWHGIRULPSDLUPHQWDQQXDOO\
7
DQJLEOH[HGDVVHWVSXUFKDVHGIRUUHVHDUFKDQGGHYHORSPHQWDUHDFFRXQWHGIRULQWKHPDQQHUVWDWHGLQ
QRWHFDERYH
The summDU\RIDPRUWL]DWLRQSROLF\DSSOLHGWRWKH&RPSDQ\VLQWDQJLEOHDVVHWVLVDVEHORZ
7\SHRI$VVHW
&RPSXWHUVRIWZDUH
5DWH6/0

99
_ Statutory Reports
_ Company Overview
Notes
I
QYHQWRULHV
&
RVWRILQYHQWRULHVKDYHEHHQFRPSXWHGWRLQFOXGHDOOFRVWRISXUFKDVHVFRVWRIFRQYHUVLRQDQGRWKHUFRVWV
LQFXUUHGLQEULQJLQJWKHLQYHQWRULHVWRWKHLUSUHVHQWORFDWLRQDQGFRQGLWLRQ
5
DZ PDWHULDOV DQG FRPSRQHQWV VWRUHV DQG VSDUHV DQG ORRVH WRROV DUH YDOXHG DW ORZHU RI FRVW DQG QHW
UHDOL]DEOHYDOXH+RZHYHUPDWHULDOVDQGRWKHULWHPVKHOGIRUXVHLQWKHSURGXFWLRQRILQYHQWRULHVDUHQRW
ZULWWHQGRZQEHORZFRVWLIWKHQLVKHGSURGXFWVLQZKLFKWKH\ZLOOEHLQFRUSRUDWHGDUHH[SHFWHGWREHVROGDW
RUDERYHFRVW&RVWVDUHGHWHUPLQHGRQZHLJKWHGDYHUDJHEDVLV
:
RUNLQSURJUHVVDQGQLVKHGJRRGVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOL]DEOHYDOXH&RVWLQFOXGHV
GLUHFWPDWHULDOVDQGODERXUDQGDSURSRUWLRQRIPDQXIDFWXULQJRYHUKHDGVEDVHGRQQRUPDORSHUDWLQJFDSDFLW\
&RVWRIQLVKHGJRRGVLQFOXGHVH[FLVHGXW\&RVWRIZRUNLQSURJUHVVDQGQLVKHGJRRGVDUHGHWHUPLQHGRQ
DZHLJKWHGDYHUDJHEDVLV
6FUDSLVYDOXHGDWQHWUHDOL]DEOHYDOXH
'
LHV DUH DPRUWL]HG RYHU WKHLU SURGXFWLYH OLIH ([SHQGLWXUH LQFXUUHG WR UHSDLU WKH GLHV IURP WLPH WR WLPH LV
FKDUJHGWRVWDWHPHQWRISURWDQGORVV
1
HWUHDOL]DEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKHRUGLQDU\FRXUVHRIEXVLQHVVOHVVHVWLPDWHGFRVWVRI
FRPSOHWLRQDQGHVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH
J
)RUHLJQFXUUHQF\WUDQVODWLRQ
)RUHLJQFXUUHQF\WUDQVDFWLRQVDQGEDODQFHV

L
QLWLDOUHFRJQLWLRQ
)
RUHLJQFXUUHQF\WUDQVDFWLRQVDUHUHFRUGHGLQWKHUHSRUWLQJFXUUHQF\E\DSSO\LQJWRWKHIRUHLJQFXUUHQF\
DPRXQWWKHH[FKDQJHUDWHEHWZHHQWKHUHSRUWLQJFXUUHQF\DQGWKHIRUHLJQFXUUHQF\DWWKHGDWHRIWKH
WUDQVDFWLRQ

LL
&RQYHUVLRQ
)
RUHLJQFXUUHQF\PRQHWDU\LWHPVDUHUHWUDQVODWHGXVLQJWKHH[FKDQJHUDWHSUHYDLOLQJDWWKHUHSRUWLQJ
GDWH 1RQPRQHWDU\ LWHPV ZKLFK DUH PHDVXUHG LQ WHUPV RI KLVWRULFDO FRVW GHQRPLQDWHG LQ D IRUHLJQ
FXUUHQF\DUHUHSRUWHGXVLQJWKHH[FKDQJHUDWHDWWKHGDWHRIWKHWUDQVDFWLRQ

LLL ([FKDQJHGLHUHQFHV

7
KH&RPSDQ\DFFRXQWVIRUH[FKDQJHGLHUHQFHVDULVLQJRQWUDQVODWLRQVHWWOHPHQWRIIRUHLJQFXUUHQF\
PRQHWDU\LWHPVDVEHORZ
D

([FKDQJHGLHUHQFHVDULVLQJRQORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\LWHPVUHODWHGWRDFTXLVLWLRQRI
D[HGDVVHWDUHFDSLWDOL]HGDQGGHSUHFLDWHGRYHUWKHUHPDLQLQJXVHIXOOLIHRIWKHDVVHW
E
(
[FKDQJHGLHUHQFHVDULVLQJRQRWKHUORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\LWHPVDUHDFFXPXODWHG
LQ WKH )RUHLJQ &XUUHQF\ 0RQHWDU\ WHP 7UDQVODWLRQ 'LHUHQFH $FFRXQW DQG DPRUWL]HG RYHU WKH
UHPDLQLQJOLIHRIWKHFRQFHUQHGPRQHWDU\LWHP
F
$
OORWKHUH[FKDQJHGLHUHQFHVDUHUHFRJQL]HGDVLQFRPHRUDVH[SHQVHVLQWKHSHULRGLQZKLFKWKH\
DULVH
)
RUWKHSXUSRVHRIDDQGEDERYHWKH&RPSDQ\WUHDWVDIRUHLJQPRQHWDU\LWHPDVORQJWHUPIRUHLJQ
FXUUHQF\PRQHWDU\LWHPLILWKDVDWHUPRIPRQWKVRUPRUHDWWKHGDWHRILWVRULJLQDWLRQ
100
J
)RUHLJQFXUUHQF\WUDQVODWLRQ&RQWG
LLL ([FKDQJHGLHUHQFHV&RQWG
QDFFRUGDQFHZLWK0&$FLUFXODUGDWHG$XJXVWH[FKDQJHGLHUHQFHVIRUWKLVSXUSRVHDUHWRWDO
GLHUHQFHV DULVLQJ RQ ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV IRU WKH SHULRG Q RWKHU ZRUGV WKH
&RPSDQ\GRHVQRWGLHUHQWLDWHEHWZHHQH[FKDQJHGLHUHQFHVDULVLQJIURPIRUHLJQFXUUHQF\ERUURZLQJV
WRWKHH[WHQWWKH\DUHUHJDUGHGDVDQDGMXVWPHQWWRWKHLQWHUHVWFRVWDQGRWKHUH[FKDQJHGLHUHQFH
LY 2
SWLRQVDQGIRUZDUGH[FKDQJHFRQWUDFWVQRWLQWHQGHGIRUWUDGLQJRUVSHFXODWLRQSXUSRVHVFODVVLHGDV
GHULYDWLYHLQVWUXPHQWV
3
XUVXDQWWRWKHDQQRXQFHPHQWPDGHE\WKHQVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRIQGLD&$UHJDUGLQJ
$FFRXQWLQJIRU'HULYDWLYHVRSWLRQVDQGIRUZDUGH[FKDQJHFRQWUDFWVDUHFODVVLHGDVGHULYDWLYHVDQG
DUH PDUNHG WR PDUNHW RQ D SRUWIROLR EDVLV DW WKH EDODQFH VKHHW GDWH 7KH UHVXOWDQW QHW ORVVHV DIWHU
FRQVLGHULQJ WKH RVHWWLQJ HHFW RQ WKH XQGHUO\LQJ KHGJH LWHPV DUH UHFRJQL]HG LQ WKH VWDWHPHQW RI
SURWDQGORVVRQWKHSULQFLSOHRISUXGHQFH7KHUHVXOWDQWQHWJDLQVLIDQ\RQVXFKGHULYDWLYHVDUHQRW
UHFRJQL]HGLQQDQFLDOVWDWHPHQWV$Q\SURWRUORVVDULVLQJRQFDQFHOODWLRQRUUHQHZDORIVXFKIRUZDUG
H[FKDQJHFRQWUDFWLVUHFRJQL]HGDVLQFRPHRUH[SHQVHIRUWKH\HDU
K QYHVWPHQWV
QYHVWPHQWVZKLFKDUHUHDGLO\UHDOL]DEOHDQGLQWHQGHGWREHKHOGIRUQRWPRUHWKDQRQH\HDUIURPWKHGDWHRQ
ZKLFKVXFKLQYHVWPHQWVDUHPDGHDUHFODVVLHGDVFXUUHQWLQYHVWPHQWV$OORWKHULQYHVWPHQWVDUHFODVVLHG
DVORQJWHUPLQYHVWPHQWV
2
QLQLWLDOUHFRJQLWLRQDOOLQYHVWPHQWVDUHPHDVXUHGDWFRVW7KHFRVWFRPSULVHVSXUFKDVHSULFHDQGGLUHFWO\
DWWULEXWDEOH DFTXLVLWLRQ FKDUJHV VXFK DV EURNHUDJH IHHV DQG GXWLHV I DQ LQYHVWPHQW LV DFTXLUHG RU SDUWO\
DFTXLUHGE\LVVXHRIVKDUHVRURWKHUVHFXULWLHVWKHDFTXLVLWLRQFRVWLVWKHIDLUYDOXHRIWKHVHFXULWLHVLVVXHG
IDQLQYHVWPHQWLVDFTXLUHGLQH[FKDQJHIRUDQRWKHUDVVHWWKHDFTXLVLWLRQLVGHWHUPLQHGE\UHIHUHQFHWRWKH
IDLUYDOXHRIWKHDVVHWJLYHQXSRUE\UHIHUHQFHWRWKHIDLUYDOXHRIWKHLQYHVWPHQWDFTXLUHGZKLFKHYHULVPRUH
FOHDUO\HYLGHQW
&
XUUHQW LQYHVWPHQWV DUH FDUULHG LQ WKH QDQFLDO VWDWHPHQW DW ORZHU RI FRVW RI DFTXLVLWLRQ DQG IDLU YDOXH
GHWHUPLQHGRQDQLQGLYLGXDOLQYHVWPHQWEDVLV
/
RQJWHUPLQYHVWPHQWVDUHFDUULHGDWFRVW+RZHYHUSURYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWVLVPDGH
WRUHFRJQL]HDGHFOLQHRWKHUWKDQWHPSRUDU\LQWKHYDOXHRILQYHVWPHQW
2
Q GLVSRVDO RI DQ LQYHVWPHQW WKH GLHUHQFH EHWZHHQ LWV FDUU\LQJ DPRXQW DQG QHW GLVSRVDO SURFHHGV LV
FKDUJHGRUFUHGLWHGWRWKHVWDWHPHQWRISURWDQGORVV
L
5HYHQXHUHFRJQLWLRQ
5
HYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHWVZLOORZWRWKH&RPSDQ\
DQGWKHUHYHQXHFDQEHUHOLDEO\PHDVXUHG7KHIROORZLQJVSHFLFUHFRJQLWLRQFULWHULDPXVWDOVREHPHWEHIRUH
UHYHQXHLVUHFRJQL]HG
L
6DOHRIJRRGV
D
5
HYHQXHIURPGRPHVWLFVDOHVDUHUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
RIWKHJRRGVKDYHEHHQSDVVHGWRWKHEX\HUXVXDOO\RQGLVSDWFKIURPWKHSRLQWRIVDOHFRQVHTXHQW
WRSURSHUW\LQJRRGVEHLQJWUDQVIHUUHG7KH&RPSDQ\FROOHFWVVDOHVWD[HVDQGYDOXHDGGHGWD[HV
9$7RQEHKDOIRIWKHJRYHUQPHQWDQGWKHUHIRUHWKHVHDUHQRWHFRQRPLFEHQHWVRZLQJWRWKH
&RPSDQ\+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH([FLVHGXW\GHGXFWHGIURPUHYHQXHJURVVLVWKH
DPRXQWWKDWLVLQFOXGHGLQWKHUHYHQXHJURVVDQGQRWWKHHQWLUHDPRXQWRIOLDELOLW\DULVLQJGXULQJ
WKH\HDU
E
5
HYHQXHIURPH[SRUWVDOHVDUHUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
RIWKHJRRGVKDYHEHHQSDVVHGWRWKHEX\HUXVXDOO\RQWKHEDVLVRIGDWHVRIELOORIODGLQJ
101
_ Statutory Reports
_ Company Overview
Notes
L
5HYHQXHUHFRJQLWLRQ&RQWG

LL

LLL 6DOHRIVHUYLFHV

5
HYHQXHVIURPVDOHVRIVHUYLFHVDUHUHFRJQL]HGSURUDWDRYHUWKHSHULRGRIWKHFRQWUDFWDVDQGZKHQ
VHUYLFHVDUHUHQGHUHG7KH&RPSDQ\FROOHFWVVHUYLFHWD[RQEHKDOIRIWKHJRYHUQPHQWDQGWKHUHIRUHLWLV
QRWDQHFRQRPLFEHQHWRZLQJWRWKH&RPSDQ\+HQFHLWLVH[FOXGHGIURPUHYHQXH

YLL QWHUHVWLQFRPH

QWHUHVWLQFRPHLVUHFRJQL]HGRQDWLPHSURSRUWLRQEDVLVWDNLQJLQWRDFFRXQWWKHDPRXQWRXWVWDQGLQJ
DQGWKHDSSOLFDEOHLQWHUHVWUDWH

YLLL 'LYLGHQGLQFRPH

'LYLGHQGLQFRPHLVUHFRJQL]HGZKHQWKH&RPSDQ\VULJKWWRUHFHLYHLVHVWDEOLVKHGE\WKHUHSRUWLQJGDWH

L[ 3URWORVVRQVDOHRILQYHVWPHQW

3
URWORVVRQVDOHRILQYHVWPHQWLVUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLSLQ
LQYHVWPHQWLVWUDQVIHUUHG

[

([SRUWLQFHQWLYHV
5
HYHQXHIURPH[SRUWLQFHQWLYHVDUHDFFRXQWHGIRURQH[SRUWRIJRRGVLIWKHHQWLWOHPHQWVFDQEHHVWLPDWHG
ZLWKUHDVRQDEOHDVVXUDQFHDQGFRQGLWLRQVSUHFHGHQWWRFODLPLVIXOOOHG
LY 'LHGHVLJQDQGSUHSDUDWLRQFKDUJHV

5
HYHQXHVIURPGLHGHVLJQDQGSUHSDUDWLRQFKDUJHVDUHUHFRJQL]HGDVSHUWKHWHUPVRIWKHFRQWUDFWDV
DQGZKHQVHUYLFHVDUHUHQGHUHG7KH&RPSDQ\FROOHFWVVHUYLFHWD[DQGYDOXHDGGHGWD[9$7RQEHKDOI
RI WKH JRYHUQPHQW DQG WKHUHIRUH LW LV QRW DQ HFRQRPLF EHQHW RZLQJ WR WKH &RPSDQ\ +HQFH LW LV
H[FOXGHGIURPUHYHQXH([FLVHGXW\GHGXFWHGIURPUHYHQXHJURVVLVWKHDPRXQWWKDWLVLQFOXGHGLQWKH
UHYHQXHJURVVDQGQRWWKHHQWLUHDPRXQWRIOLDELOLW\DULVLQJGXULQJWKH\HDU
Y
-REZRUNFKDUJHV
5
HYHQXHVIURPMREZRUNFKDUJHVDUHUHFRJQL]HGDVSHUWKHWHUPVRIWKHFRQWUDFWDVDQGZKHQVHUYLFHV
DUHUHQGHUHG
YL 6DOHRIHOHFWULFLW\:LQGPLOO

5
HYHQXHIURPVDOHVRIHOHFWULFLW\LVUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
KDYHEHHQSDVVHGWRWKHEX\HUXVXDOO\RQWUDQVPLVVLRQRIHOHFWULFLW\EDVHGRQWKHGDWDSURYLGHGE\WKH
HOHFWULFLW\GHSDUWPHQW
&HUWLHGHPLVVLRQUHGXFWLRQXQLWVUHQHZDOHQHUJ\FHUWLFDWHV
5
HYHQXHIURPFHUWLHGHPLVVLRQUHGXFWLRQXQLWVUHQHZDOHQHUJ\FHUWLFDWHVLVUHFRJQL]HGZKHQWKHUH
LVUHDVRQDEOHDVVXUDQFHWKDWWKHHQWLW\ZLOOFRPSO\ZLWKWKHFRQGLWLRQVDWWDFKHGWRLWDQGWKHJUDQWVZLOO
EHUHFHLYHG$WDPLQLPXPWKHVHFRQGLWLRQVZLOORQO\EHPHWZKHQWKHDFWXDOHPLVVLRQUHGXFWLRQVKDYH
EHHQUHDOL]HGDQGWKHHQWLW\KDVUHDVRQDEOHDVVXUDQFHWKDWWKHVHUHGXFWLRQVZLOOEHFRQUPHGGXULQJWKH
YHULFDWLRQDQGFHUWLFDWLRQSURFHVVE\WKHUHVSHFWLYHLQGHSHQGHQWDXWKRULW\
M
5HWLUHPHQWDQGRWKHUHPSOR\HHEHQHWV
L
3URYLGHQWIXQG
7
KH&RPSDQ\RSHUDWHVWZRSODQVIRULWVHPSOR\HHVWRSURYLGHHPSOR\HHEHQHWLQWKHQDWXUHRISURYLGHQW
IXQG
(
OLJLEOH HPSOR\HHV UHFHLYH EHQHWV IURP D SURYLGHQW IXQG ZKLFK LV D GHQHG EHQHW SODQ %RWK WKH
HPSOR\HHDQGWKH&RPSDQ\PDNHPRQWKO\FRQWULEXWLRQVWRWKHSURYLGHQWIXQGSODQHTXDOWRDVSHFLHG
SHUFHQWDJHRIWKHFRYHUHGHPSOR\HHVVDODU\7KH&RPSDQ\FRQWULEXWHVDSDUWRIWKHFRQWULEXWLRQVWR
WKH%KDUDW)RUJH&RPSDQ\/LPLWHG6WD3URYLGHQW)XQG7UXVW7KHUDWHDWZKLFKWKHDQQXDOLQWHUHVWLV
SD\DEOHWRWKHEHQHFLDULHVE\WKHWUXVWLVEHLQJDGPLQLVWHUHGE\WKHJRYHUQPHQW7KH&RPSDQ\KDVDQ
REOLJDWLRQWRPDNHJRRGWKHVKRUWIDOOLIDQ\EHWZHHQWKHUHWXUQIURPWKHLQYHVWPHQWVRIWKHWUXVWDQG
WKHQRWLHGLQWHUHVWUDWH7KHJXLGDQFHQRWHRQLPSOHPHQWLQJ$6UHYLVHG(PSOR\HH%HQHWV
VWDWHVWKDWEHQHWVLQYROYLQJHPSOR\HUHVWDEOLVKHGSURYLGHQWIXQGVZKLFKUHTXLUHVLQWHUHVWVKRUWIDOOVWR
EHSURYLGHGDUHWREHFRQVLGHUHGDVGHQHGEHQHWSODQV
$
FWXDULDO YDOXDWLRQ RI WKLV SURYLGHQW IXQG LQWHUHVW VKRUWIDOO KDV EHHQ GRQH DV SHU WKH JXLGDQFH QRWH
LVVXHGLQWKLVUHVSHFWE\WKHQVWLWXWHRI$FWXDULHVRIQGLD
7
KH HPSOR\HHV ZKLFK DUH QRW FRYHUHG XQGHU WKH DERYH VFKHPH WKHLU SRUWLRQ RI SURYLGHQW IXQG LV
FRQWULEXWHGWRWKHJRYHUQPHQWDGPLQLVWHUHGSHQVLRQIXQGZKLFKLVDGHQHGFRQWULEXWLRQVFKHPH7KH
&RPSDQ\ KDV QR REOLJDWLRQ RWKHU WKDQ WKH FRQWULEXWLRQ SD\DEOH WR WKH SURYLGHQW IXQG 7KH &RPSDQ\
UHFRJQL]HVFRQWULEXWLRQSD\DEOHWRWKHSURYLGHQWIXQGVFKHPHDVH[SHQGLWXUHZKHQDQHPSOR\HHUHQGHUV
WKHUHODWHGVHUYLFHIWKHFRQWULEXWLRQSD\DEOHWRWKHVFKHPHIRUVHUYLFHUHFHLYHGEHIRUHWKHEDODQFHVKHHW
GDWHH[FHHGVWKHFRQWULEXWLRQDOUHDG\SDLGWKHGHFLWSD\DEOHWRWKHVFKHPHLVUHFRJQL]HGDVDOLDELOLW\
DIWHUGHGXFWLQJWKHFRQWULEXWLRQDOUHDG\SDLGIWKHFRQWULEXWLRQDOUHDG\SDLGH[FHHGVWKHFRQWULEXWLRQ
GXH IRU VHUYLFHV UHFHLYHG EHIRUH WKH EDODQFH VKHHW GDWH WKHQ H[FHVV LV UHFRJQL]HG DV DQ DVVHW WR WKH
H[WHQWWKDWWKHSUHSD\PHQWZLOOOHDGWRIRUH[DPSOHDUHGXFWLRQLQIXWXUHSD\PHQWRUDFDVKUHIXQG
LL
*UDWXLW\
7
KH &RPSDQ\ RSHUDWHV WZR GHQHG EHQHWV SODQ IRU LWV HPSOR\HHV YL] JUDWXLW\ DQG VSHFLDO JUDWXLW\
VFKHPH3D\PHQWIRUSUHVHQWOLDELOLW\RIIXWXUHSD\PHQWRIJUDWXLW\LVEHLQJPDGHWRDSSURYHGJUDWXLW\
IXQGV ZKLFK IXOO\ FRYHU WKH VDPH XQGHU FDVK DFFXPXODWLRQ SROLF\ RI WKH /LIH QVXUDQFH &RUSRUDWLRQ
RIQGLD7KHVSHFLDOJUDWXLW\VFKHPHLVXQIXQGHG7KHFRVWRISURYLGLQJEHQHWVXQGHUWKHVHSODQVLV
GHWHUPLQHGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQDWHDFK\HDUHQG6HSDUDWHDFWXDULDOYDOXDWLRQLVFDUULHG
RXWIRUHDFKSODQXVLQJWKHSURMHFWXQLWFUHGLWPHWKRG$FWXDULDOJDLQVDQGORVVHVIRUERWKGHQHGEHQHW
SODQVDUHUHFRJQL]HGLQIXOOLQWKHSHULRGLQZKLFKWKH\RFFXULQWKHVWDWHPHQWRISURWDQGORVV

LLL
6XSHUDQQXDWLRQ
5
HWLUHPHQW EHQHW LQ WKH IRUP RI VXSHUDQQXDWLRQ SODQ LV D GHQHG FRQWULEXWLRQ SODQ 'HQHG
FRQWULEXWLRQV WR /LIH QVXUDQFH &RUSRUDWLRQ RI QGLD IRU HPSOR\HHV FRYHUHG XQGHU 6XSHUDQQXDWLRQ
VFKHPH DUH DFFRXQWHG DW WKH UDWH RI RI VXFK HPSOR\HHV EDVLF VDODU\ 7KH &RPSDQ\ UHFRJQL]HV
H[SHQVHWRZDUGWKHFRQWULEXWLRQSDLGSD\DEOHWRWKHGHQHGFRQWULEXWLRQSODQDVDQGZKHQDQHPSOR\HH
UHQGHUVWKHUHOHYDQWVHUYLFHIWKHFRQWULEXWLRQDOUHDG\SDLGH[FHHGVWKHFRQWULEXWLRQGXHIRUVHUYLFH
EHIRUHWKHEDODQFHVKHHWGDWHWKH&RPSDQ\UHFRJQL]HWKDWH[FHVVDVDQDVVHWSUHSDLGH[SHQVHWRWKH
H[WHQWWKDWWKHSUHSD\PHQWZLOOOHDGWRIRUH[DPSOHDUHGXFWLRQLQIXWXUHSD\PHQWVRUFDVKUHIXQGI
WKH FRQWULEXWLRQ DOUHDG\ SDLG LV ORZHU WKDQ WKH FRQWULEXWLRQ GXH IRU VHUYLFH EHIRUH WKH EDODQFH VKHHW
GDWHWKH&RPSDQ\UHFRJQL]HVWKDWGLHUHQFHH[FHVVDVDOLDELOLW\7KH&RPSDQ\KDVQRREOLJDWLRQRWKHU
WKDQWKHFRQWULEXWLRQSD\DEOHWRWKHVXSHUDQQXDWLRQIXQG

_ Statutory Reports
_ Company Overview
Notes
M
5HWLUHPHQWDQGRWKHUHPSOR\HHEHQHWV&RQWG
LY
3ULYLOHJHOHDYHEHQHWV
$
FFXPXODWHGOHDYHZKLFKLVH[SHFWHGWREHXWLOL]HGZLWKLQWKHQH[WPRQWKVLVWUHDWHGDVVKRUWWHUP
HPSOR\HHEHQHW7KH&RPSDQ\PHDVXUHVWKHH[SHFWHGFRVWRIVXFKDEVHQFHVDVWKHDGGLWLRQDODPRXQW
WKDWLWH[SHFWVWRSD\DVDUHVXOWRIWKHXQXVHGHQWLWOHPHQWWKDWKDVDFFXPXODWHGDWWKHUHSRUWLQJGDWH
7
KH&RPSDQ\WUHDWVDFFXPXODWHGOHDYHH[SHFWHGWREHFDUULHGIRUZDUGEH\RQGWZHOYHPRQWKVDVORQJ
WHUPHPSOR\HHEHQHWIRUPHDVXUHPHQWSXUSRVHV6XFKORQJWHUPFRPSHQVDWHGDEVHQFHVDUHSURYLGHG
IRUEDVHGRQWKHDFWXDULDOYDOXDWLRQXVLQJWKHSURMHFWHGXQLWFUHGLWPHWKRGDWWKH\HDUHQG
$
FWXDULDOJDLQVORVVHVDUHLPPHGLDWHO\WDNHQWRWKHVWDWHPHQWRISURWDQGORVVDQGDUHQRWGHIHUUHG
7KH &RPSDQ\ SUHVHQWV WKH OHDYH DV D FXUUHQW OLDELOLW\ LQ WKH EDODQFH VKHHW WR WKH H[WHQW LW GRHV QRW
KDYHDQXQFRQGLWLRQDOULJKWWRGHIHULWVVHWWOHPHQWIRUPRQWKVDIWHUWKHUHSRUWLQJGDWH:KHUHWKH
&RPSDQ\KDVWKHXQFRQGLWLRQDOOHJDODQGFRQWUDFWXDOULJKWWRGHIHUWKHVHWWOHPHQWIRUDSHULRGEH\RQG
PRQWKVWKHVDPHLVSUHVHQWHGDVQRQFXUUHQWOLDELOLW\

Y
7HUPLQDWLRQEHQHWV
7
KH &RPSDQ\ UHFRJQL]HV WHUPLQDWLRQ EHQHW DV D OLDELOLW\ DQG DQ H[SHQVH ZKHQ WKH &RPSDQ\ KDV
D SUHVHQW REOLJDWLRQ DV D UHVXOW RI SDVW HYHQW LW LV SUREDEOH WKDW DQ RXWRZ RI UHVRXUFHV HPERG\LQJ
HFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRIWKH
DPRXQWRIWKHREOLJDWLRQ
N %RUURZLQJFRVWV

%
RUURZLQJ FRVW LQFOXGHV LQWHUHVW DQG DPRUWL]DWLRQ RI DQFLOODU\ FRVWV LQFXUUHG LQ FRQQHFWLRQ ZLWK WKH
DUUDQJHPHQWRIERUURZLQJV
%
RUURZLQJFRVWVGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQFRQVWUXFWLRQRUSURGXFWLRQRIDQDVVHWWKDWQHFHVVDULO\
WDNHVDVXEVWDQWLDOSHULRGRIWLPHWRJHWUHDG\IRULWVLQWHQGHGXVHRUVDOHDUHFDSLWDOL]HGDVSDUWRIWKHFRVWRI
WKHUHVSHFWLYHDVVHW$OORWKHUERUURZLQJFRVWVDUHH[SHQVHGLQWKHSHULRGWKH\RFFXU
O
QFRPHWD[HV
7
D[H[SHQVHFRPSULVHVFXUUHQWDQGGHIHUUHGWD[&XUUHQWLQFRPHWD[LVPHDVXUHGDWWKHDPRXQWH[SHFWHG
WREHSDLGWRWKHWD[DXWKRULWLHVLQDFFRUGDQFHZLWKWKHQFRPHWD[$FWHQDFWHGLQQGLDDQGWD[ODZV
SUHYDLOLQJLQWKHUHVSHFWLYHWD[MXULVGLFWLRQVZKHUHWKH&RPSDQ\RSHUDWHV7KHWD[UDWHVDQGWD[ODZVXVHGWR
FRPSXWHWKHDPRXQWDUHWKRVHWKDWDUHHQDFWHGDWWKHUHSRUWLQJGDWH&XUUHQWLQFRPHWD[UHODWLQJWRLWHPV
UHFRJQL]HGGLUHFWO\LQHTXLW\LVUHFRJQL]HGLQHTXLW\DQGQRWLQWKHVWDWHPHQWRISURWDQGORVV
'
HIHUUHG LQFRPH WD[HV UHHFW WKH LPSDFW RI WLPLQJ GLHUHQFHV EHWZHHQ WD[DEOH LQFRPH DQG DFFRXQWLQJ
LQFRPHRULJLQDWLQJGXULQJWKHFXUUHQW\HDUDQGUHYHUVDORIWLPLQJGLHUHQFHVIRUWKHHDUOLHU\HDUV'HIHUUHG
WD[LVPHDVXUHGXVLQJWKHWD[UDWHVDQGWKHWD[ODZVHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDWWKHUHSRUWLQJGDWH
'
HIHUUHG LQFRPH WD[ UHODWLQJ WR LWHPV UHFRJQL]HG GLUHFWO\ LQ HTXLW\ LV UHFRJQL]HG LQ HTXLW\ DQG QRW LQ WKH
VWDWHPHQWRISURWDQGORVV
'
HIHUUHGWD[OLDELOLWLHVDUHUHFRJQL]HGIRUDOOWD[DEOHWLPLQJGLHUHQFHV'HIHUUHGWD[DVVHWVDUHUHFRJQL]HG
IRUGHGXFWLEOHWLPLQJGLHUHQFHVRQO\WRWKHH[WHQWWKDWWKHUHLVUHDVRQDEOHFHUWDLQW\WKDWVXFLHQWIXWXUH
WD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HGQVLWXDWLRQVZKHUH
WKH&RPSDQ\KDVXQDEVRUEHGGHSUHFLDWLRQRUFDUU\IRUZDUGWD[ORVVHVDOOGHIHUUHGWD[DVVHWVDUHUHFRJQL]HG
RQO\ LI WKHUH LV YLUWXDO FHUWDLQW\ VXSSRUWHG E\ FRQYLQFLQJ HYLGHQFH WKDW WKH\ FDQ EH UHDOL]HG DJDLQVW IXWXUH
WD[DEOHSURWV

QWKHVLWXDWLRQVZKHUHWKH&RPSDQ\LVHQWLWOHGWRDWD[KROLGD\XQGHUWKHQFRPHWD[$FWHQDFWHGLQ
QGLD RU WD[ ODZV SUHYDLOLQJ LQ WKH UHVSHFWLYH WD[ MXULVGLFWLRQV ZKHUH LW RSHUDWHV QR GHIHUUHG WD[ DVVHW RU
OLDELOLW\ LV UHFRJQL]HG LQ UHVSHFW RI WLPLQJ GLHUHQFHV ZKLFK UHYHUVH GXULQJ WKH WD[ KROLGD\ SHULRG WR WKH
H[WHQWWKH&RPSDQ\VJURVVWRWDOLQFRPHLVVXEMHFWWRWKHGHGXFWLRQGXULQJWKHWD[KROLGD\SHULRG'HIHUUHG
WD[ LQ UHVSHFW RI WLPLQJ GLHUHQFHV ZKLFK UHYHUVH DIWHU WKH WD[ KROLGD\ SHULRG LV UHFRJQL]HG LQ WKH \HDU LQ
ZKLFKWKHWLPLQJGLHUHQFHVRULJLQDWH+RZHYHUWKH&RPSDQ\UHVWULFWVUHFRJQLWLRQRIGHIHUUHGWD[DVVHWVWR
WKHH[WHQWWKDWLWKDVEHFRPHUHDVRQDEO\FHUWDLQRUYLUWXDOO\FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUH
WD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG)RUUHFRJQLWLRQRI
GHIHUUHGWD[HVWKHWLPLQJGLHUHQFHVZKLFKRULJLQDWHUVWDUHFRQVLGHUHGWRUHYHUVHUVW
$
WHDFKUHSRUWLQJGDWHWKH&RPSDQ\UHDVVHVVHVXQUHFRJQL]HGGHIHUUHGWD[DVVHWVWUHFRJQL]HVXQUHFRJQL]HG
GHIHUUHGWD[DVVHWVWRWKHH[WHQWWKDWLWKDVEHFRPHUHDVRQDEO\FHUWDLQRUYLUWXDOO\FHUWDLQDVWKHFDVHPD\EH
WKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG
7
KHFDUU\LQJDPRXQWRIGHIHUUHGWD[DVVHWVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH7KH&RPSDQ\ZULWHVGRZQ
WKH FDUU\LQJ DPRXQW RI GHIHUUHG WD[ DVVHW WR WKH H[WHQW WKDW LW LV QR ORQJHU UHDVRQDEO\ FHUWDLQ RU YLUWXDOO\
FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKGHIHUUHGWD[
DVVHWFDQEHUHDOL]HG$Q\VXFKZULWHGRZQLVUHYHUVHGWRWKHH[WHQWWKDWLWEHFRPHVUHDVRQDEO\FHUWDLQRU
YLUWXDOO\FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOH
'
HIHUUHGWD[DVVHWVDQGGHIHUUHGWD[OLDELOLWLHVDUHRVHWLIDOHJDOO\HQIRUFHDEOHULJKWH[LVWVWRVHWRFXUUHQW
WD[DVVHWVDJDLQVWFXUUHQWWD[OLDELOLWLHVDQGWKHGHIHUUHGWD[DVVHWVDQGGHIHUUHGWD[HVUHODWHWRWKHVDPH
WD[DEOHHQWLW\DQGWKHVDPHWD[DWLRQDXWKRULW\
0
LQLPXPDOWHUQDWHWD[0$7SDLGLQD\HDULVFKDUJHGWRWKHVWDWHPHQWRISURWDQGORVVDVFXUUHQWWD[7KH
&RPSDQ\ UHFRJQL]HV 0$7 FUHGLW DYDLODEOH DV DQ DVVHW RQO\ WR WKH H[WHQW WKDW WKHUH LV FRQYLQFLQJ HYLGHQFH
WKDW WKH &RPSDQ\ ZLOO SD\ QRUPDO LQFRPH WD[ GXULQJ WKH VSHFLHG SHULRG LH WKH SHULRG IRU ZKLFK 0$7
FUHGLWLVDOORZHGWREHFDUULHGIRUZDUGQWKH\HDULQZKLFKWKH&RPSDQ\UHFRJQL]HV0$7FUHGLWDVDQDVVHW
LQDFFRUGDQFHZLWKWKHJXLGDQFHQRWHRQ$FFRXQWLQJIRU&UHGLW$YDLODEOHLQUHVSHFWRI0LQLPXP$OWHUQDWLYH
7D[XQGHUWKHQFRPHWD[$FWWKHVDLGDVVHWLVFUHDWHGE\ZD\RIFUHGLWWRWKHVWDWHPHQWRISURWDQG
ORVVDQGVKRZQDV0$7&UHGLW(QWLWOHPHQW7KH&RPSDQ\UHYLHZVWKH0$7&UHGLW(QWLWOHPHQWDVVHWDWHDFK
UHSRUWLQJGDWHDQGZULWHVGRZQWKHDVVHWWRWKHH[WHQWWKH&RPSDQ\GRHVQRWKDYHFRQYLQFLQJHYLGHQFHWKDW
LWZLOOSD\QRUPDOWD[GXULQJWKHVSHFLHGSHULRG
P 3URYLVLRQV
$
SURYLVLRQLVUHFRJQL]HGZKHQWKH&RPSDQ\KDVDSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQWLWLVSUREDEOH
WKDW DQ RXWRZ RI UHVRXUFHV HPERG\LQJ HFRQRPLF EHQHWV ZLOO EH UHTXLUHG WR VHWWOH WKH REOLJDWLRQ DQG D
UHOLDEOHHVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ3URYLVLRQVDUHQRWGLVFRXQWHGWRWKHLUSUHVHQW
YDOXHDQGDUHGHWHUPLQHGEDVHGRQWKHEHVWHVWLPDWHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDWWKHUHSRUWLQJGDWH
7KHVHHVWLPDWHVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWHDQGDGMXVWHGWRUHHFWWKHFXUUHQWEHVWHVWLPDWHV
:
KHUHWKH&RPSDQ\H[SHFWVVRPHRUDOORIDSURYLVLRQWREHUHLPEXUVHGIRUH[DPSOHXQGHUDQLQVXUDQFH
FRQWUDFWWKHUHLPEXUVHPHQWLVUHFRJQL]HGDVDVHSDUDWHDVVHWEXWRQO\ZKHQWKHUHLPEXUVHPHQWLVYLUWXDOO\
FHUWDLQ 7KH H[SHQVH UHODWLQJ WR DQ\ SURYLVLRQ LV SUHVHQWHG LQ WKH VWDWHPHQW RI SURW DQG ORVV QHW RI DQ\
UHLPEXUVHPHQW

QFRPHWD[HV&RQWG
_ Statutory Reports
O
_ Company Overview
Notes
Q PSDLUPHQWRIWDQJLEOHDQGLQWDQJLEOHDVVHWV
7
KH&RPSDQ\DVVHVVHVDWHDFKUHSRUWLQJGDWHZKHWKHUWKHUHLVDQLQGLFDWLRQWKDWDQDVVHWPD\EHLPSDLUHG
IDQ\LQGLFDWLRQH[LVWVRUZKHQDQQXDOLPSDLUPHQWWHVWLQJIRUDQDVVHWLVUHTXLUHGWKH&RPSDQ\HVWLPDWHV
WKHDVVHWVUHFRYHUDEOHDPRXQW$QDVVHWVUHFRYHUDEOHDPRXQWLVWKHKLJKHURIDQDVVHWVRUFDVKJHQHUDWLQJ
XQLWV &*8 QHW VHOOLQJ SULFH DQG LWV YDOXH LQ XVH 7KH UHFRYHUDEOH DPRXQW LV GHWHUPLQHG IRU DQ LQGLYLGXDO
DVVHWXQOHVVWKHDVVHWGRHVQRWJHQHUDWHFDVKLQRZVWKDWDUHODUJHO\LQGHSHQGHQWRIWKRVHIURPRWKHUDVVHWV
RUJURXSVRIDVVHWV:KHUHWKHFDUU\LQJDPRXQWRIDQDVVHWRU&*8H[FHHGVLWVUHFRYHUDEOHDPRXQWWKHDVVHW
LVFRQVLGHUHGLPSDLUHGDQGLVZULWWHQGRZQWRLWVUHFRYHUDEOHDPRXQWQDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHG
IXWXUH FDVK RZV DUH GLVFRXQWHG WR WKHLU SUHVHQW YDOXH XVLQJ D SUHWD[ GLVFRXQW UDWH WKDW UHHFWV FXUUHQW
PDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFLFWRWKHDVVHWQGHWHUPLQLQJQHWVHOOLQJ
SULFHUHFHQWPDUNHWWUDQVDFWLRQVDUHWDNHQLQWRDFFRXQWLIDYDLODEOHIQRVXFKWUDQVDFWLRQVFDQEHLGHQWLHG
DQDSSURSULDWHYDOXDWLRQPRGHOLVXVHG
7
KH &RPSDQ\ EDVHV LWV LPSDLUPHQW FDOFXODWLRQ RQ GHWDLOHG EXGJHWV DQG IRUHFDVW FDOFXODWLRQV ZKLFK DUH
SUHSDUHG VHSDUDWHO\ IRU HDFK RI WKH &RPSDQ\V &*8 WR ZKLFK WKH LQGLYLGXDO DVVHWV DUH DOORFDWHG 7KHVH
EXGJHWV DQG IRUHFDVW FDOFXODWLRQV DUH JHQHUDOO\ FRYHULQJ D SHULRG RI YH \HDUV )RU ORQJHU SHULRGV D ORQJ
WHUPJURZWKUDWHLVFDOFXODWHGDQGDSSOLHGWRSURMHFWIXWXUHFDVKRZVDIWHUWKHIWK\HDU
PSDLUPHQW ORVVHV RI FRQWLQXLQJ RSHUDWLRQV LQFOXGLQJ LPSDLUPHQW RQ LQYHQWRULHV DUH UHFRJQL]HG LQ WKH
VWDWHPHQWRISURWDQGORVVH[FHSWIRUSUHYLRXVO\UHYDOXHGWDQJLEOH[HGDVVHWVZKHUHWKHUHYDOXDWLRQZDV
WDNHQWRUHYDOXDWLRQUHVHUYHQWKLVFDVHWKHLPSDLUPHQWLVDOVRUHFRJQL]HGLQWKHUHYDOXDWLRQUHVHUYHXSWR
WKHDPRXQWRIDQ\SUHYLRXVUHYDOXDWLRQ
$
IWHULPSDLUPHQWGHSUHFLDWLRQLVSURYLGHGRQWKHUHYLVHGFDUU\LQJDPRXQWRIWKHDVVHWRYHULWVUHPDLQLQJ
XVHIXOOLIH
$
QDVVHVVPHQWLVPDGHDWHDFKUHSRUWLQJGDWHDVWRZKHWKHUWKHUHLVDQ\LQGLFDWLRQWKDWSUHYLRXVO\UHFRJQL]HG
LPSDLUPHQW ORVVHV PD\ QR ORQJHU H[LVW RU PD\ KDYH GHFUHDVHG I VXFK LQGLFDWLRQ H[LVWV WKH &RPSDQ\
HVWLPDWHVWKHDVVHWVRUFDVKJHQHUDWLQJXQLWVUHFRYHUDEOHDPRXQW$SUHYLRXVO\UHFRJQL]HGLPSDLUPHQWORVV
LVUHYHUVHGRQO\LIWKHUHKDVEHHQDFKDQJHLQWKHDVVXPSWLRQVXVHGWRGHWHUPLQHWKHDVVHWVUHFRYHUDEOH
DPRXQWVLQFHWKHODVWLPSDLUPHQWORVVZDVUHFRJQL]HG7KHUHYHUVDOLVOLPLWHGVRWKDWWKHFDUU\LQJDPRXQW
RIWKHDVVHWGRHVQRWH[FHHGLWVUHFRYHUDEOHDPRXQWQRUH[FHHGWKHFDUU\LQJDPRXQWWKDWZRXOGKDYHEHHQ
GHWHUPLQHGQHWRIGHSUHFLDWLRQKDGQRLPSDLUPHQWORVVEHHQUHFRJQL]HGIRUWKHDVVHWLQSULRU\HDUV6XFK
UHYHUVDOLVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVVXQOHVVWKHDVVHWLVFDUULHGDWDUHYDOXHGDPRXQWLQ
ZKLFKFDVHWKHUHYHUVDOLVWUHDWHGDVDUHYDOXDWLRQLQFUHDVH
R /HDVHV

:
KHUHWKH&RPSDQ\LVWKHOHVVHH
/
HDVHVZKHUHWKHOHVVRUHHFWLYHO\UHWDLQVVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKHOHDVHG
LWHP DUH FODVVLHG DV RSHUDWLQJ OHDVHV 2SHUDWLQJ OHDVH SD\PHQWV DUH UHFRJQL]HG DV DQ H[SHQVH LQ WKH
VWDWHPHQWRISURWDQGORVVRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP
:KHUHWKH&RPSDQ\LVWKHOHVVRU
/
HDVHVLQZKLFKWKH&RPSDQ\GRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKH
DVVHWDUHFODVVLHGDVRSHUDWLQJOHDVHV$VVHWVVXEMHFWWRRSHUDWLQJOHDVHVDUHLQFOXGHGLQ[HGDVVHWV/HDVH
LQFRPHRQDQRSHUDWLQJOHDVHLVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVVRQDVWUDLJKWOLQHEDVLVRYHUWKH
OHDVHWHUP&RVWVLQFOXGLQJGHSUHFLDWLRQDUHUHFRJQL]HGDVDQH[SHQVHLQWKHVWDWHPHQWRISURWDQGORVV
QLWLDOGLUHFWFRVWVVXFKDVOHJDOFRVWVEURNHUDJHFRVWVHWFDUHUHFRJQL]HGLPPHGLDWHO\LQWKHVWDWHPHQWRI
SURWDQGORVV
*
UDQWVDQGVXEVLGLHVIURPWKHJRYHUQPHQWDUHUHFRJQL]HGZKHQWKHUHLVUHDVRQDEOHDVVXUDQFHWKDWLWKH
&RPSDQ\ZLOOFRPSO\ZLWKWKHFRQGLWLRQVDWWDFKHGWRWKHPDQGLLWKHJUDQWVXEVLG\ZLOOEHUHFHLYHG
:
KHQWKHJUDQWRUVXEVLG\UHODWHVWRUHYHQXHLWLVUHFRJQL]HGDVLQFRPHRQDV\VWHPDWLFEDVLVLQWKHVWDWHPHQW
RISURWDQGORVVRYHUWKHSHULRGVQHFHVVDU\WRPDWFKWKHPZLWKWKHUHODWHGFRVWVZKLFKWKH\DUHLQWHQGHG
WRFRPSHQVDWH:KHUHWKHJUDQWUHODWHVWRDQDVVHWLWLVUHFRJQL]HGDVGHIHUUHGLQFRPHDQGLVDOORFDWHGWR
VWDWHPHQWRISURWDQGORVVRYHUWKHSHULRGVDQGLQWKHSURSRUWLRQVLQZKLFKGHSUHFLDWLRQRQWKRVHDVVHWVLV
FKDUJHG
:
KHUHWKH&RPSDQ\UHFHLYHVQRQPRQHWDU\JUDQWVWKHDVVHWLVDFFRXQWHGIRURQWKHEDVLVRILWVDFTXLVLWLRQ
FRVWQFDVHDQRQPRQHWDU\DVVHWLVJLYHQIUHHRIFRVWLWLVUHFRJQL]HGDWDQRPLQDOYDOXH
*
RYHUQPHQWJUDQWVRIWKHQDWXUHRISURPRWHUVFRQWULEXWLRQDUHFUHGLWHGWRFDSLWDOUHVHUYHDQGWUHDWHGDVD
SDUWRIWKHVKDUHKROGHUVIXQGV
T (DUQLQJVSHUVKDUH
%
DVLFHDUQLQJVSHUVKDUHDUHFDOFXODWHGE\GLYLGLQJWKHQHWSURWRUORVVIRUWKHSHULRGDWWULEXWDEOHWRHTXLW\
VKDUHKROGHUVE\WKHZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKHSHULRG3DUWO\SDLG
HTXLW\VKDUHVDUHWUHDWHGDVDIUDFWLRQRIDQHTXLW\VKDUHWRWKHH[WHQWWKDWWKH\DUHHQWLWOHGWRSDUWLFLSDWHLQ
GLYLGHQGVUHODWLYHWRDIXOO\SDLGHTXLW\VKDUHGXULQJWKHUHSRUWLQJSHULRG7KHZHLJKWHGDYHUDJHQXPEHURI
HTXLW\VKDUHVRXWVWDQGLQJGXULQJWKHSHULRGLVDGMXVWHGIRUHYHQWVVXFKDVERQXVLVVXHERQXVHOHPHQWLQD
ULJKWVLVVXHVKDUHVSOLWDQGUHYHUVHVKDUHVSOLWFRQVROLGDWLRQRIVKDUHVWKDWKDYHFKDQJHGWKHQXPEHURI
HTXLW\VKDUHVRXWVWDQGLQJZLWKRXWDFRUUHVSRQGLQJFKDQJHLQUHVRXUFHV
)
RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJVSHUVKDUHWKHQHWSURWRUORVVIRUWKHSHULRGDWWULEXWDEOHWR
HTXLW\VKDUHKROGHUVDQGWKHZHLJKWHGDYHUDJHQXPEHURIVKDUHVRXWVWDQGLQJGXULQJWKHSHULRGDUHDGMXVWHG
IRUWKHHHFWVRIDOOGLOXWLYHSRWHQWLDOHTXLW\VKDUHV
U
&RQWLQJHQWOLDELOLWLHV
$
FRQWLQJHQWOLDELOLW\LVDSRVVLEOHREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWVZKRVHH[LVWHQFHZLOOEHFRQUPHGE\
WKHRFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVEH\RQGWKHFRQWURORIWKH&RPSDQ\
RUDSUHVHQWREOLJDWLRQWKDWLVQRWUHFRJQL]HGEHFDXVHLWLVQRWSUREDEOHWKDWDQRXWRZRIUHVRXUFHVZLOOEH
UHTXLUHG WR VHWWOH WKH REOLJDWLRQ $ FRQWLQJHQW OLDELOLW\ DOVRDULVHV LQ H[WUHPHO\ UDUH FDVHV ZKHUH WKHUH LV D
OLDELOLW\WKDWFDQQRWEHUHFRJQL]HGEHFDXVHLWFDQQRWEHPHDVXUHGUHOLDEO\7KH&RPSDQ\GRHVQRWUHFRJQL]H
DFRQWLQJHQWOLDELOLW\EXWGLVFORVHVLWVH[LVWHQFHLQWKHQDQFLDOVWDWHPHQWV
V
&DVKDQGFDVKHTXLYDOHQWV
&
DVKDQGFDVKHTXLYDOHQWVIRUWKHSXUSRVHVRIFDVKRZVWDWHPHQWFRPSULVHFDVKDWEDQNDQGLQKDQGDQG
VKRUWWHUPLQYHVWPHQWVZLWKDQRULJLQDOPDWXULW\RIWKUHHPRQWKVRUOHVV
W
'HULYDWLYHLQVWUXPHQWVDQGKHGJHDFFRXQWLQJ
7
KH &RPSDQ\ XVHV GHULYDWLYH QDQFLDO LQVWUXPHQWV VXFK DV IRUHLJQ FXUUHQF\ IRUZDUG FRQWUDFWV WR KHGJH
IRUHLJQ FXUUHQF\ ULVN DULVLQJ IURP IXWXUH WUDQVDFWLRQV LQ UHVSHFW RI ZKLFK UP FRPPLWPHQWV DUH PDGH RU
ZKLFK DUH KLJKO\ SUREDEOH IRUHFDVW WUDQVDFWLRQV 7KH &RPSDQ\ GHVLJQDWHV WKHVH IRUZDUG FRQWUDFWV LQ D
KHGJLQJUHODWLRQVKLSE\DSSO\LQJWKHKHGJHDFFRXQWLQJSULQFLSOHVRI$6)LQDQFLDOQVWUXPHQWV5HFRJQLWLRQ
DQG0HDVXUHPHQW

S *RYHUQPHQWJUDQWVDQGVXEVLGLHV
_ Statutory Reports
_ Company Overview
Notes
W
'HULYDWLYHLQVWUXPHQWVDQGKHGJHDFFRXQWLQJ&RQWG
)RUWKHSXUSRVHRIKHGJHDFFRXQWLQJKHGJHVDUHFODVVLHGDV
L
LL &
DVKRZKHGJHVZKHQKHGJLQJWKHH[SRVXUHWRYDULDELOLW\LQFDVKRZVWKDWLVHLWKHUDWWULEXWDEOHWRD
SDUWLFXODUULVNDVVRFLDWHGZLWKDUHFRJQL]HGDVVHWRUOLDELOLW\RUDKLJKO\SUREDEOHIRUHFDVWWUDQVDFWLRQRU
WKHIRUHLJQFXUUHQF\ULVNLQDQXQUHFRJQL]HGUPFRPPLWPHQW
$
W WKH LQFHSWLRQ RI D KHGJH UHODWLRQVKLS WKH &RPSDQ\ IRUPDOO\ GHVLJQDWHV DQG GRFXPHQWV WKH KHGJH
UHODWLRQVKLSWRZKLFKWKH&RPSDQ\ZLVKHVWRDSSO\KHGJHDFFRXQWLQJDQGWKHULVNPDQDJHPHQWREMHFWLYHDQG
VWUDWHJ\ IRU XQGHUWDNLQJ WKH KHGJH 7KH GRFXPHQWDWLRQ LQFOXGHV LGHQWLFDWLRQ RI WKH KHGJLQJ LQVWUXPHQW
WKHKHGJHGLWHPRUWUDQVDFWLRQWKHQDWXUHRIWKHULVNEHLQJKHGJHGDQGKRZWKH&RPSDQ\ZLOODVVHVVWKH
HHFWLYHQHVVRIFKDQJHVLQWKHKHGJLQJLQVWUXPHQWVIDLUYDOXHLQRVHWWLQJWKHH[SRVXUHWRFKDQJHVLQWKH
KHGJHGLWHPVIDLUYDOXHRUFDVKRZVDWWULEXWDEOHWRWKHKHGJHGULVN6XFKKHGJHVDUHH[SHFWHGWREHKLJKO\
HHFWLYHLQDFKLHYLQJRVHWWLQJFKDQJHVLQIDLUYDOXHRUFDVKRZVDQGDUHDVVHVVHGRQDQRQJRLQJEDVLVWR
GHWHUPLQHWKDWWKH\DFWXDOO\KDYHEHHQKLJKO\HHFWLYHWKURXJKRXWWKHQDQFLDOUHSRUWLQJSHULRGVIRUZKLFK
WKH\ZHUHGHVLJQDWHG
+
HGJHVWKDWPHHWWKHVWULFWFULWHULDIRUKHGJHDFFRXQWLQJDUHDFFRXQWHGIRUDVGHVFULEHGEHORZ
:
KHQDQXQUHFRJQL]HGUPFRPPLWPHQWLVGHVLJQDWHGDVDKHGJHGLWHPWKHVXEVHTXHQWFXPXODWLYHFKDQJH
LQWKHIDLUYDOXHRIWKHUPFRPPLWPHQWDWWULEXWDEOHWRWKHKHGJHGULVNLVUHFRJQL]HGDVDQDVVHWRUOLDELOLW\
ZLWKDFRUUHVSRQGLQJJDLQRUORVVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV

&DVKRZKHGJHV
7
KHHHFWLYHSRUWLRQRIWKHJDLQRUORVVRQWKHKHGJLQJLQVWUXPHQWLVUHFRJQL]HGGLUHFWO\XQGHUVKDUHKROGHUV
IXQGLQWKHKHGJLQJUHVHUYHZKLOHDQ\LQHHFWLYHSRUWLRQLVUHFRJQL]HGLPPHGLDWHO\LQWKHVWDWHPHQWRISURW
DQGORVV
7
KH&RPSDQ\XVHVIRUHLJQFXUUHQF\IRUZDUGFRQWUDFWVDVKHGJHVRILWVH[SRVXUHWRIRUHLJQFXUUHQF\ULVNLQ
IRUHFDVWHGWUDQVDFWLRQVDQGUPFRPPLWPHQWV7KHLQHHFWLYHSRUWLRQUHODWLQJWRIRUHLJQFXUUHQF\FRQWUDFWV
LVUHFRJQL]HGLPPHGLDWHO\LQWKHVWDWHPHQWRISURWDQGORVV
$
PRXQWV UHFRJQL]HG LQ WKH KHGJLQJ UHVHUYH DUH WUDQVIHUUHG WR WKH VWDWHPHQW RI SURW DQG ORVV ZKHQ WKH
KHGJHGWUDQVDFWLRQDHFWVSURWRUORVVVXFKDVZKHQWKHKHGJHGLQFRPHRUH[SHQVHLVUHFRJQL]HGRUZKHQ
DIRUHFDVWVDOHRFFXUV
IWKHIRUHFDVWWUDQVDFWLRQRUUPFRPPLWPHQWLVQRORQJHUH[SHFWHGWRRFFXUWKHFXPXODWLYHJDLQRUORVV
SUHYLRXVO\UHFRJQL]HGLQWKHKHGJLQJUHVHUYHLVWUDQVIHUUHGWRWKHVWDWHPHQWRISURWDQGORVVIWKHKHGJLQJ
LQVWUXPHQWH[SLUHVRULVVROGWHUPLQDWHGRUH[HUFLVHGZLWKRXWUHSODFHPHQWRUUROORYHURULILWVGHVLJQDWLRQDV
DKHGJHLVUHYRNHGDQ\FXPXODWLYHJDLQRUORVVSUHYLRXVO\UHFRJQL]HGLQWKHKHGJLQJUHVHUYHUHPDLQVLQWKH
KHGJLQJUHVHUYHXQWLOWKHIRUHFDVWWUDQVDFWLRQRUUPFRPPLWPHQWDHFWVSURWRUORVV
108
)
DLUYDOXHKHGJHVZKHQKHGJLQJWKHH[SRVXUHWRFKDQJHVLQWKHIDLUYDOXHRIDUHFRJQL]HGDVVHWRUOLDELOLW\
RUDQXQUHFRJQL]HGUPFRPPLWPHQW
)DLUYDOXHKHGJHV
7
KH FKDQJH LQ WKH IDLU YDOXH RI D KHGJLQJ GHULYDWLYH LV UHFRJQL]HG LQ WKH VWDWHPHQW RI SURW DQG ORVV 7KH
change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying
YDOXHRIWKHKHGJHGLWHPDQGLVDOVRUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVV
6KDUHFDSLWDO
In ` Million

$VDW
0DUFK

D 5HFRQFLOLDWLRQRIWKHVKDUHVRXWVWDQGLQJDWWKHEHJLQQLQJDQGDWWKHHQGRIWKHUHSRUWLQJSHULRG
(TXLW\VKDUHV
$WWKHEHJLQQLQJRIWKH\HDU
Issued during the year
Outstanding at the end of the year
$VDW0DUFK
1R
In `0LOOLRQ

$VDW0DUFK
1R
In ` Million

_ Statutory Reports

$XWKRULVHGVKDUHV1R
0DUFKHTXLW\VKDUHVRI`HDFK
0DUFKFXPXODWLYHQRQFRQYHUWLEOH
preference shares of `HDFK
0DUFKXQFODVVLHGVKDUHVRI`HDFK
VVXHG1R
6XEVFULEHGDQGIXOO\SDLGXS1R
$GG 0DUFK IRUIHLWHG HTXLW\ VKDUHV FRPSULVLQJ RI
HTXLW\VKDUHV0DUFKRI`HDFKDPRXQWSDUWO\
paid `HDFKDQGHTXLW\VKDUHV0DUFKRI`
HDFKDPRXQWSDUWO\SDLG`HDFK>$OVRUHIHUQRWHI@
7RWDOLVVXHGVXEVFULEHGDQGIXOO\SDLGXSVKDUHFDSLWDO
$VDW
0DUFK
_ Company Overview

'XULQJWKH\HDUHQGHG0DUFKWKHDPRXQWRISHUVKDUHLQWHULPGLYLGHQGUHFRJQL]HGDVGLVWULEXWLRQVWR
HTXLW\VKDUHKROGHUVZDV`0DUFK`
'XULQJWKH\HDUHQGHG0DUFKWKHDPRXQWRISHUVKDUHSURSRVHGQDOGLYLGHQGUHFRJQL]HGDVGLVWULEXWLRQV
WRHTXLW\VKDUHKROGHUVZDV`0DUFK`
QWKHHYHQWRIOLTXLGDWLRQRIWKH&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWV
RIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWV7KHGLVWULEXWLRQZLOOEHLQSURSRUWLRQWRWKHQXPEHU
RIHTXLW\VKDUHVKHOGE\WKHVKDUHKROGHUV
F 6KDUHVKHOGE\KROGLQJXOWLPDWHKROGLQJ&RPSDQ\DQGRUWKHLUVXEVLGLDULHVDVVRFLDWHV
7KH&RPSDQ\EHLQJXOWLPDWHKROGLQJ&RPSDQ\WKHUHDUHQRVKDUHVKHOGE\DQ\RWKHUKROGLQJXOWLPDWHKROGLQJ
&RPSDQ\DQGWKHLUVXEVLGLDULHVDVVRFLDWHV
G $
JJUHJDWHQXPEHURIERQXVVKDUHVLVVXHGVKDUHVLVVXHGIRUFRQVLGHUDWLRQRWKHUWKDQFDVKDQGVKDUHV
ERXJKWEDFNGXULQJWKHSHULRGRIYH\HDUVLPPHGLDWHO\SUHFHGLQJWKHUHSRUWLQJGDWH
7KHUH DUH QR ERQXV VKDUHV LVVXHG VKDUHV LVVXHG IRU FRQVLGHUDWLRQ RWKHU WKDQ FDVK DQG VKDUHV ERXJKW EDFN
GXULQJWKHSHULRGRIYH\HDUVLPPHGLDWHO\SUHFHGLQJUHSRUWLQJGDWH
109
E 7HUPVULJKWVDWWDFKHGWRHTXLW\VKDUHV
7KH&RPSDQ\KDVRQO\RQHFODVVRILVVXHGHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKKROGHURI
HTXLW\VKDUHVLVHQWLWOHGWRRQHYRWHSHUVKDUH7KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGLQQGLDQUXSHHV7KH
GLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO
*HQHUDO0HHWLQJ
Notes
6KDUHFDSLWDO&RQWG
H 'HWDLOVRIVKDUHKROGHUVKROGLQJPRUHWKDQVKDUHVLQWKH&RPSDQ\
Name of Shareholder *
(TXLW\VKDUHVRI`HDFKIXOO\SDLG
.DO\DQLQYHVWPHQW&RPSDQ\/LPLWHG
6XQGDUDP7UDGLQJDQGQYHVWPHQW3ULYDWH
Limited
.6/+ROGLQJV3ULYDWH/LPLWHG
$VDW0DUFK
1R
RI+ROGLQJ
$VDW0DUFK
1R
RI+ROGLQJ

7KHVKDUHKROGLQJLQIRUPDWLRQLVEDVHGRQOHJDORZQHUVKLSRIVKDUHVDQGKDVEHHQH[WUDFWHGIURPWKHUHFRUGV
RIWKH&RPSDQ\LQFOXGLQJUHJLVWHURIVKDUHKROGHUVPHPEHUV
I 6KDUHVUHVHUYHGIRULVVXHXQGHURSWLRQV
HTXLW\VKDUHVRI`HDFKRXWRIWKHSUHYLRXVLVVXHRIHTXLW\VKDUHVRQ
DULJKWEDVLVWRJHWKHUZLWKGHWDFKDEOHZDUUDQWVHQWLWOHGWRVXEVFULSWLRQRI
HTXLW\VKDUHVRI`HDFKKDYHEHHQNHSWLQDEH\DQFHDQGUHVHUYHIRU
LVVXHSHQGLQJDGMXGLFDWLRQRIWLWOHWRWKHSUHULJKWKROGLQJ
$VDW
0DUFK
$VDW
0DUFK

J *OREDOGHSRVLWRU\UHFHLSWV
7KH&RPSDQ\KDGLVVXHGHTXLW\VKDUHVRI`HDFKODWHUVXEGLYLGHGLQWRHTXLW\VKDUHV
of `HDFKLQ$SULODQG0D\UHSUHVHQWHGE\*OREDO'HSRVLWRU\5HFHLSWV*'5RQVXEGLYLVLRQ
*'5V HYLGHQFLQJ 0DVWHU *'5 &HUWLFDWHV DW D SULFH RI 86' SHU *'5 LQFOXGLQJ SUHPLXP
*'5VRXWVWDQGLQJDWWKHFORVHRIWKH\HDUDUH0DUFK7KHIXQGVUDLVHGKDGEHHQXWLOL]HG
WRZDUGVWKHREMHFWRIWKHLVVXH
5HVHUYHVDQGVXUSOXV
In ` Million
&DSLWDOUHVHUYHV

6SHFLDOFDSLWDOLQFHQWLYH8QGHUWKH3DFNDJH6FKHPHRIQFHQWLYHV

%DODQFHDVSHUWKHODVWQDQFLDOVWDWHPHQWV
&ORVLQJEDODQFH

:DUUDQWVVXEVFULSWLRQPRQH\>5HIHUQRWHD@


&ORVLQJEDODQFH

&ORVLQJEDODQFH
&DSLWDOUHGHPSWLRQUHVHUYH


&ORVLQJEDODQFH
6HFXULWLHVSUHPLXPDFFRXQW


&ORVLQJEDODQFH
FDUULHGRYHU
110
$VDW
0DUFK
$VDW
0DUFK

5HVHUYHVDQGVXUSOXV&RQWG
In ` Million
EURXJKWRYHU

/HVV$SSURSULDWLRQV
- Transfer to debenture redemption reserve
- Transfer to general reserve

QWHULPHTXLW\GLYLGHQG>5HIHUQRWHG@

7D[RQLQWHULPHTXLW\GLYLGHQG

3URSRVHGQDOHTXLW\GLYLGHQG>5HIHUQRWHG@

7D[RQSURSRVHGQDOHTXLW\GLYLGHQG
&ORVLQJEDODQFH

TOTAL

D &DSLWDOUHVHUYHV

7
KH&RPSDQ\KDGLVVXHGDQGDOORWWHGWR4XDOLHGQVWLWXWLRQDO%X\HUVHTXLW\VKDUHVRI`HDFK
at a price of `SHUVKDUHDJJUHJDWLQJWR`0LOOLRQRQ$SULOVLPXOWDQHRXVZLWKWKHLVVXH
RI 1RQ &RQYHUWLEOH 'HEHQWXUHV 1&' RI D IDFH YDOXH RI ` DW SDU WRJHWKHU ZLWK
ZDUUDQWVDWDSULFHRI`HDFKHQWLWOLQJWKHKROGHURIHDFKZDUUDQWWRVXEVFULEHIRUHTXLW\VKDUH
of `HDFKDWDSULFHRI`DWDQ\WLPHZLWKLQ\HDUVIRUPWKHGDWHRIDOORWPHQW)ROORZLQJFRPSOHWLRQ
RIWKUHH\HDUVWHUPWKHVXEVFULSWLRQPRQH\UHFHLYHGRQLVVXHRIZDUUDQWVZDVFUHGLWHGWRFDSLWDOUHVHUYHDV
WKHVDPHLVQRWUHIXQGDEOHDGMXVWDEOH)XUWKHUWKHZDUUDQWVKDGODSVHGDQGFHDVHGWREHYDOLGIURP$SULO

111
$VDW
0DUFK
_ Statutory Reports
'HEHQWXUHUHGHPSWLRQUHVHUYH>5HIHUQRWHE@


$GG$PRXQWWUDQVIHUUHGIURPVXUSOXVLQWKHVWDWHPHQWRISURWDQGORVV

/HVV$PRXQWWUDQVIHUUHGWRVXUSOXVLQWKHVWDWHPHQWRISURWDQGORVV

&ORVLQJEDODQFH
)RUHLJQ&XUUHQF\0RQHWDU\WHP7UDQVODWLRQ'LHUHQFH$FFRXQW
)&07'$>5HIHUQRWH@


$GG$ULVLQJGXULQJWKH\HDU

/HVV$GMXVWHGGXULQJWKH\HDU

&ORVLQJEDODQFH
+HGJHUHVHUYH>5HIHUQRWHW@


$GG$ULVLQJGXULQJWKH\HDU

/HVV$GMXVWHGGXULQJWKH\HDU

&ORVLQJEDODQFH
*HQHUDOUHVHUYH

$GG$PRXQWWUDQVIHUUHGIURPVXUSOXVEDODQFHLQWKHVWDWHPHQWRISURW
and loss

/HVV$GMXVWHGGXULQJWKH\HDU>5HIHUQRWHF@

&ORVLQJEDODQFH
6XUSOXVLQWKHVWDWHPHQWRISURWDQGORVV


$GG

1HWSURWIRUWKH\HDU

7UDQVIHUIURPGHEHQWXUHUHGHPSWLRQUHVHUYH>5HIHUQRWHELL@
$VDW
0DUFK
_ Company Overview
Notes
5HVHUYHVDQGVXUSOXV&RQWG
E 'HEHQWXUHUHGHPSWLRQUHVHUYH
L
'
HEHQWXUH UHGHPSWLRQ UHVHUYH KDV EHHQ FUHDWHG LQ DFFRUGDQFH ZLWK FLUFXODU 1R GDWHG $SULO
LVVXHGE\WKH'HSDUWPHQWRI&RPSDQ\$DLUV0LQLVWU\RI/DZ-XVWLFHDQG&RPSDQ\$DLUV
*RYHUQPHQW RI QGLD DQG 6HFWLRQ & RI WKH &RPSDQLHV $FW DW RI WKH PDWXULW\ DPRXQW
HTXDOO\RYHUWKHWHUPVRIWKHGHEHQWXUHVSULYDWHO\SODFHG3XUVXDQWWR0&$FLUFXODU1RGDWHG
)HEUXDU\WKH&RPSDQ\KDVFRQWLQXHGWRFUHDWHUHVHUYHDVSHUWKHHUVWZKLOH&RPSDQLHV$FW

LL '
XULQJ WKH \HDU WKH &RPSDQ\ KDV UHGHHPHG 5HGHHPDEOH 6HFXUHG 1RQFRQYHUWLEOH
'HEHQWXUHV6HYHQWHHQWKVHULHVLQIXOO7KH'HEHQWXUHUHGHPSWLRQUHVHUYHFUHDWHGZLWKUHVSHFWWRWKLV
VHULHVKDVEHHQWUDQVIHUUHGWRVXUSOXVLQWKHVWDWHPHQWRISURWDQGORVVDIWHUUHGHPSWLRQLQIXOORIWKH
VDLGGHEHQWXUHV
F *HQHUDOUHVHUYH
3
XUVXDQW WR WKH &RPSDQLHV $FW WKH $FW WKH &RPSDQ\ KDV GXULQJ WKH \HDU UHYLVHG GHSUHFLDWLRQ
UDWHV RQ FHUWDLQ [HG DVVHWV DV SHU WKH XVHIXO OLIH VSHFLHG LQ 6FKHGXOH RI WKH $FW RU DV UHDVVHVVHG E\
WKH &RPSDQ\ 'XH WR WKLV EDVHG RQ WUDQVLWLRQDO SURYLVLRQ DV SHU QRWH E RI WKH 6FKHGXOH DQ DPRXQW
of ` 0LOOLRQ QHW RI GHIHUUHG WD[ RI ` 0LOOLRQ KDYH EHHQ DGMXVWHG WR JHQHUDO UHVHUYHV 7KH
adjustment to reserve include `0LOOLRQLQUHODWLRQWRGHIHUUHGWD[DGMXVWPHQWRIHDUOLHU\HDUV
/RQJWHUPERUURZLQJV
In ` Million
1RQFXUUHQWSRUWLRQ
&XUUHQWPDWXULWLHV
$VDW
$VDW
$VDW
$VDW
0DUFK 0DUFK 0DUFK 0DUFK
'HEHQWXUHV>5HIHUQRWHD@
0DUFK
5HGHHPDEOHQRQFRQYHUWLEOH
GHEHQWXUHVVHFXUHG

0DUFK
GHEHQWXUHVVHFXUHG

0DUFK
GHEHQWXUHVVHFXUHG
7HUPORDQV

)URPEDQNV
Foreign currency term loans
)URP&UHGLW$JULFROH&RUSRUDWH
QYHVWPHQW%DQN6LQJDSRUH
>5HIHUQRWHEL@VHFXUHG
On syndication basis
>5HIHUQRWHELL@XQVHFXUHG
2WKHUORDQV
*67&5 'SURMHFWORDQ
>5HIHUQRWHF@VHFXUHG
TOTAL

/RQJWHUPERUURZLQJV&RQWG

In ` Million
1RQFXUUHQWSRUWLRQ
&XUUHQWPDWXULWLHV
$VDW
$VDW
$VDW
$VDW
7KHDERYHDPRXQWLQFOXGHV

6HFXUHGERUURZLQJV

8QVHFXUHGERUURZLQJV

-
$PRXQWGLVFORVHGXQGHUWKHKHDG
2WKHUFXUUHQWOLDELOLWLHV>5HIHUQRWH@
TOTAL

$
ERYHGHEHQWXUHVDUHVHFXUHGE\L)LUVWSDULSDVVXPRUWJDJHLQIDYRXURIWKH7UXVWHHVRIDOOULJKWV
DQG LQWHUHVW RQ WKH &RPSDQ\V LPPRYDEOH SURSHUWLHV VLWXDWHG DW 0XQGKZD 6DWDUD DQG &KDNDQ ZLWK
QHJDWLYH OLHQ RQ SURSHUWLHV VLWXDWHG DW -HMXUL DQG %DUDPDWL DQG LL )LUVW SDUL SDVVX FKDUJH LQ IDYRXU
RI WKH 7UXVWHHV E\ ZD\ RI K\SRWKHFDWLRQ RI PRYDEOH SURSHUWLHV SUHVHQW DQG IXWXUH ERWK VXFK DV DOO
SODQWDQGPDFKLQHU\HTXLSPHQWVWRROVIXUQLWXUHDQG[WXUHVHWFDVGHVFULEHGLQ'HEHQWXUH7UXVW
FXP0RUWJDJH'HHGGDWHG$SULODQGDUHYLVHG0RUWJDJH'HHGGDWHG$SULOZKHQWKH
LPPRYDEOHSURSHUW\VLWXDWHGDW-DOJDRQZDVUHPRYHGDVDVHFXULW\
LL
0DUFK5HGHHPDEOHVHFXUHGQRQFRQYHUWLEOHGHEHQWXUHV(LJKWHHQWK
VHULHVRI`HDFK0DUFK`HDFKUHGHHPDEOHDWSDULQEDODQFHWZRDQQXDO
LQVWDOOPHQWV#RQ$SULODQG#RQ$SULOUHVSHFWLYHO\
LLL
0DUFK5HGHHPDEOHVHFXUHGQRQFRQYHUWLEOHGHEHQWXUHV6HYHQWHHQWK
VHULHVRI`1LO0DUFK`UHGHHPHGDWSDU
$
ERYHGHEHQWXUHVDUHVHFXUHGE\L)LUVWSDULSDVVXPRUWJDJHLQIDYRXURI7UXVWHHVRIDOOULJKWVDQG
LQWHUHVW RQ WKH &RPSDQ\V LPPRYDEOH SURSHUWLHV SUHVHQW DQG IXWXUH VLWXDWHG DW 0XQGKZD &KDNDQ
DQG6DWDUDZLWKQHJDWLYHOLHQRQSURSHUWLHVVLWXDWHGDW-HMXULDQG%DUDPDWLDVSHU'HEHQWXUH7UXVWFXP
0RUWJDJH'HHGGDWHG-XQHDQGLL)LUVWSDULSDVVXFKDUJHLQIDYRXURIWKH7UXVWHHVRQPRYHDEOH
SURSHUWLHVSUHVHQWDQGIXWXUHDVGHVFULEHGLQ6FKHGXOHDVSHU'HEHQWXUH7UXVWFXP0RUWJDJH'HHG
GDWHG-XQHDQGDUHYLVHG0RUWJDJH'HHGGDWHG$SULOZKHQWKHLPPRYDEOHSURSHUW\
VLWXDWHGDW-DOJDRQZDVUHPRYHGDVDVHFXULW\
$
ERYHGHEHQWXUHVZHUHVHFXUHGE\L)LUVWSDULSDVVXPRUWJDJHLQIDYRXURIWKH7UXVWHHVRIDOOULJKWV
DQG LQWHUHVW RQ WKH &RPSDQ\V LPPRYDEOH SURSHUWLHV VLWXDWHG DW 0XQGKZD 6DWDUD DQG &KDNDQ ZLWK
QHJDWLYHOLHQRQSURSHUWLHVVLWXDWHGDW-HMXULDQG%DUDPDWLDQGLL)LUVWSDULSDVVXFKDUJHLQIDYRXURI
WKH7UXVWHHVE\ZD\RIK\SRWKHFDWLRQRIPRYDEOHSURSHUWLHVSUHVHQWDQGIXWXUHERWKVXFKDVDOOSODQW
DQGPDFKLQHU\HTXLSPHQWVWRROVIXUQLWXUHDQG[WXUHVHWFDVGHVFULEHGLQ'HEHQWXUH7UXVWFXP
0RUWJDJH'HHGGDWHG'HFHPEHUDQGDUHYLVHG0RUWJDJH'HHGGDWHG$SULOZKHQWKH
LPPRYDEOHSURSHUW\VLWXDWHGDW-DOJDRQZDVUHPRYHGDVDVHFXULW\

_ Statutory Reports
D 'HEHQWXUHV

7KH&RPSDQ\KDVLVVXHGWKHIROORZLQJVHFXUHGUHGHHPDEOHQRQFRQYHUWLEOHGHEHQWXUHV

L
0DUFK 5HGHHPDEOH VHFXUHG QRQFRQYHUWLEOH GHEHQWXUHV 6L[WHHQWK
VHULHVRI`HDFK0DUFK`HDFKUHGHHPDEOHDWSDULQEDODQFHWZRHTXDO
DQQXDOLQVWDOOPHQWVRQ-DQXDU\DQGRQ-DQXDU\UHVSHFWLYHO\
_ Company Overview
Notes
/RQJWHUPERUURZLQJV&RQWG
E

)RUHLJQFXUUHQF\WHUPORDQV
L )URP&UHGLW$JULFROH&RUSRUDWH QYHVWPHQW%DQN6LQJDSRUH6HFXUHG

%DODQFHRXWVWDQGLQJ86'1LO0DUFK86'0LOOLRQ

6
HFXUHGE\UVWSDULSDVVXFKDUJHRYHUSUHVHQWDQGIXWXUHPRYDEOH[HGDVVHWVYL]SODQWDQGPDFKLQHU\
FRPSXWHUVIXUQLWXUHVDQG[WXUHVZKHWKHULQVWDOOHGRUQRWDQGZKHWKHUQRZO\LQJORRVHRULQFDVHV
RURWKHUZLVHRUEHLQJRQRUXSRQRUDWDQ\WLPHKHUHDIWHUEHLQJRQRUXSRQDERXWWKHSUHPLVHVDQG
JRGRZQVDW0XQGKZD3XQH9LOODJH.XUXOL&KDNDQ7DOXND.KHG'LVWULFW3XQH9LOODJH9DGXWK7DOXND
DQG'LVWULFW6DWDUDDQGDW%DUDPDWL3XQHRUDQ\ZKHUHHOVH

5
HSDLGLQ\HDUO\LQVWDOOPHQWVIURPGDWHRILWVRULJLQDWLRQLH2FWREHUDORQJZLWKLQWHUHVW

LL )RUHLJQFXUUHQF\WHUPORDQVRQ6\QGLFDWHGEDVLV8QVHFXUHG

5HSD\DEOHLQKDOI\HDUO\\HDUO\LQVWDOOPHQWVIURPGDWHRILWVRULJLQDWLRQDORQJZLWKLQWHUHVW
Q86'0LOOLRQ
%DODQFHRXWVWDQGLQJ
$VDW
$VDW
0DUFK 0DUFK

-
'DWHRIRULJLQDWLRQ

2FWREHUKDOI\HDUO\
2FWREHUKDOI\HDUO\
2FWREHUKDOI\HDUO\
0DUFK\HDUO\
F

*67&5 'SURMHFWORDQ6HFXUHG

%DODQFHRXWVWDQGLQJ`0LOOLRQ0DUFK1LO
7KHORDQLVVHFXUHGE\EDQNJXDUDQWHHH[HFXWHGE\WKH&RPSDQ\LQIDYRXURI*67&
5HSD\DEOHLQKDOI\HDUO\LQVWDOOPHQWVIURP-DQXDU\DORQJZLWKLQWHUHVW
'HIHUUHGWD[OLDELOLWLHVQHW
'HIHUUHGWD[OLDELOLW\

2QDFFRXQWRIWLPLQJGLHUHQFHLQ

PSDFWRIGLHUHQFHEHWZHHQWD[GHSUHFLDWLRQDPRUWL]DWLRQDQG

GHSUHFLDWLRQDPRUWL]DWLRQIRUWKHQDQFLDOUHSRUWLQJ

*URVVGHIHUUHGWD[OLDELOLW\
'HIHUUHGWD[DVVHWV
3ULYLOHJHOHDYHHQFDVKPHQWDQGJUDWXLW\
3URYLVLRQIRUEDGDQGGRXEWIXOGHEWVDQGDGYDQFH
'LVDOORZDQFHXQGHUVHFWLRQ%RIQFRPH7D[$FW
9ROXQWDU\UHWLUHPHQWVFKHPH
'LVDOORZDQFHXQGHUVHFWLRQDRIQFRPH7D[$FW
*URVVGHIHUUHGWD[DVVHWV
1HWGHIHUUHGWD[OLDELOLW\
In ` Million
$VDW
$VDW
0DUFK 0DUFK

'HIHUUHGWD[LQUHODWLRQWRDGMXVWPHQWIRUWUDQVLWLRQDOSURYLVLRQRIVFKHGXOHDQGFHUWDLQRWKHUDGMXVWPHQWVKDV
EHHQDFFRXQWHGIRUDVDDGMXVWPHQWVWRJHQHUDOUHVHUYH

2WKHUORQJWHUPOLDELOLWLHV
In ` Million
1RQ&XUUHQW
Current
$VDW
$VDW
$VDW
$VDW
9ROXQWDU\UHWLUHPHQWVFKHPHFRPSHQVDWLRQ

$PRXQWGLVFORVHGXQGHUWKHKHDGRWKHU
FXUUHQWOLDELOLWLHV>5HIHUQRWH@

TOTAL

3URYLVLRQV
_ Company Overview
In ` Million
3URYLVLRQIRUHPSOR\HHEHQHWV

3URYLVLRQIRUJUDWXLW\>5HIHUQRWH@
3URYLVLRQIRUVSHFLDOJUDWXLW\
>5HIHUQRWH@

3URYLVLRQIRUOHDYHEHQHWV
2WKHUSURYLVLRQV

3URSRVHGHTXLW\GLYLGHQG
3URYLVLRQIRUWD[RQSURSRVHGHTXLW\
dividend

3URYLVLRQIRUWD[QHWRIDGYDQFHWD[

6KRUWWHUPERUURZLQJV
In ` Million
$VDW
$VDW
0DUFK 0DUFK
&DVKFUHGLWIURPEDQNVVHFXUHG>5HIHUQRWHD@

3UHVKLSPHQWSDFNLQJFUHGLWIRUHLJQFXUUHQF\VHFXUHG>5HIHUQRWHE@

3UHVKLSPHQWSDFNLQJFUHGLWIRUHLJQFXUUHQF\XQVHFXUHG>5HIHUQRWHF@

TOTAL

The above amount includes
6HFXUHGERUURZLQJV

8QVHFXUHGERUURZLQJV

TOTAL

D &
DVKFUHGLWIURPEDQNVLVVHFXUHGDJDLQVWK\SRWKHFDWLRQRIVWRFNVRIVHPLQLVKHGDQGQLVKHGJRRGVUDZ
PDWHULDOVQLVKHGGLHVDQGGLHEORFNVZRUNLQSURJUHVVFRQVXPDEOHVWRUHVDQGVSDUHVERRNGHEWVHWF

&DVKFUHGLWLVUHSD\DEOHRQGHPDQG
E 3
UHVKLSPHQW SDFNLQJ FUHGLW IURP EDQNV LV VHFXUHG DJDLQVW K\SRWKHFDWLRQ RI VWRFNV RI VHPL QLVKHG DQG
QLVKHGJRRGVUDZPDWHULDOVQLVKHGGLHVDQGGLHEORFNVZRUNLQSURJUHVVFRQVXPDEOHVWRUHVDQGVSDUHV
ERRNGHEWVHWF
3UHVKLSPHQWSDFNLQJFUHGLWIRUHLJQFXUUHQF\VHFXUHGLVUHSD\DEOHZLWKLQGD\V
F 3UHVKLSPHQWSDFNLQJFUHGLWIRUHLJQFXUUHQF\XQVHFXUHGLVUHSD\DEOHZLWKLQGD\V

TOTAL

_ Statutory Reports
/RQJWHUP
6KRUWWHUP
$VDW
$VDW
$VDW
$VDW
Notes
7UDGHSD\DEOHVDQGRWKHUFXUUHQWOLDELOLWLHV
In ` Million
$VDW
$VDW
0DUFK 0DUFK
7UDGHSD\DEOHV>5HIHUQRWHIRUGHWDLOVRIGXHVWRPLFURDQGVPDOOHQWHUSULVHV@

$FFHSWDQFHV

TOTAL

2WKHUFXUUHQWOLDELOLWLHV

&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJV>5HIHUQRWH@
- Secured
3D\DEOHVIRUFDSLWDOJRRGV
QWHUHVWDFFUXHGEXWQRWGXHRQERUURZLQJV
QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGDVDQGZKHQGXH
- Unpaid dividend #
- Unpaid matured deposits
Security deposits
$GYDQFHIURPFXVWRPHUV
(PSOR\HHFRQWULEXWLRQVDQGUHFRYHULHVSD\DEOH
6WDWXWRU\GXHVSD\DEOHLQFOXGLQJWD[GHGXFWHGDWVRXUFH
9ROXQWDU\UHWLUHPHQWVFKHPHFRPSHQVDWLRQ>5HIHUQRWH@
Others
TOTAL
TOTAL

#

QFOXGHV/%7LQSUHYLRXV\HDUIRUZKLFKWKHDSSURSULDWHDXWKRULW\DQGWKHDGPLQLVWUDWLYHPHFKDQLVPIRU
FROOHFWLRQZDVDZDLWHG$OVRUHIHUQRWHE
unpaid due to litigation
E
F
G


-

-

-

-

In ` Million
7RWDO
)
UHHKROGODQGLQFOXGHVDFUHVRIODQGVLWXDWHGDW3XQHDQGDFUHVRIODQGVLWXDWHGDW6DWDUDERWKRIZKLFKKDYHEHHQJLYHQRQOHDVH'XHWRFHUWDLQPDWWHUVEHLQJ
VXEMXGLFHWKH&RPSDQ\KDVQRWH[HFXWHGOHDVHGHHGZLWKUHODWHGSDUW\IRUWKHVDLGODQG
%XLOGLQJVLQFOXGHFRVWRIKDQJDUMRLQWO\RZQHGZLWKRWKHU&RPSDQLHV`0LOOLRQ0DUFK`0LOOLRQ
'RFXPHQWVIRUWKHRZQHUVKLSRISUHPLVHVDW6DL1DJDUL6XUDMEDQDSDUWPHQWVDQG/XOODQDJDUDW3XQHDQGOHDVHKROGODQGDW-HMXULDUHXQGHUH[HFXWLRQ
&DSLWDOL]HGERUURZLQJFRVW

7
KHERUURZLQJFRVWFDSLWDOL]HGGXULQJWKH\HDUHQGHG0DUFKZDV`0LOOLRQ0DUFK`0LOOLRQ

7KH&RPSDQ\FDSLWDOL]HGWKLVERUURZLQJFRVWLQWKHFDSLWDOZRUNLQSURJUHVV&:3

7KHDPRXQWRIERUURZLQJFRVWVKRZQDVRWKHUDGMXVWPHQWVLQWKHDERYHQRWHUHHFWVWKHDPRXQWRIERUURZLQJFRVWWUDQVIHUUHGIURP&:3

_ Statutory Reports

_ Company Overview
D
1HW%ORFN
$VDW0DUFK
$VDW0DUFK

&KDUJHIRUWKH\HDU
'LVSRVDOV
$GMXVWPHQWV
$VDW0DUFK

-

-

'HSUHFLDWLRQ
$VDW$SULO
&KDUJHIRUWKH\HDU
'LVSRVDOV
$VDW0DUFK
$GGLWLRQV
'LVSRVDOV
Other adjustments
%RUURZLQJFRVW
([FKDQJHGLHUHQFHV
$VDW0DUFK

-
/HDVH %XLOGLQJV 3ODQWDQG

2FH 5DLOZD\
(OHFWULFDO
)DFWRU\ )XUQLWXUH 9HKLFOHVDQG 3RZHU
KROG
EF PDFKLQHU\ HTXLSPHQWV
VLGLQJV LQVWDOODWLRQV HTXLSPHQWV
DQG
DLUFUDIW
OLQH
ODQG
[WXUHV

Free
KROG
ODQGD
7DQJLEOHDVVHWV
&RVW
$VDW$SULO
$GGLWLRQV
'LVSRVDOV
Other adjustments
%RUURZLQJFRVW
([FKDQJHGLHUHQFHV
$VDW0DUFK

1RWHVWRQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
$QQXDO5HSRUW 2014-15
Notes

QWDQJLEOHDVVHWV
7RWDO

$PRUWL]DWLRQ
$VDW$SULO
&KDUJHIRUWKH\HDU
$VDW0DUFK

&KDUJHIRUWKH\HDU
$VDW0DUFK

1HWEORFN
$VDW0DUFK
$VDW0DUFK

*URVVEORFN
$VDW$SULO
3XUFKDVH
Internal development
$VDW0DUFK
3XUFKDVH
Internal development
$VDW0DUFK
118
In ` Million
&RPSXWHU
VRIWZDUH
1RQFXUUHQWLQYHVWPHQWV
In ` Million
7UDGHLQYHVWPHQWVYDOXHGDWFRVWXQOHVVVWDWHGRWKHUZLVH
(TXLW\LQVWUXPHQWVXQTXRWHG
QYHVWPHQWLQZKROO\RZQHGVXEVLGLDULHV
&'3%KDUDW)RUJH*PE+
6XEVFULSWLRQWRWKHHTXLW\VKDUHFDSLWDO
(85
&RQWULEXWLRQ WR FDSLWDO UHVHUYH FUHGLWHG LQ
favour of Bharat Forge Limited
>5HIHUQRWHD@
(85(85
%KDUDW)RUJH$PHULFDQF
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV
86'
0DUFKHTXLW\VKDUHVRI`HDFKIXOO\SDLGXSLQ

/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV>5HIHUQRWHFDQGFLL@
(TXLW\LQVWUXPHQWVTXRWHG
0DUFK1LOHTXLW\VKDUHVRI`HDFKIXOO\SDLGXSLQ
.377HFKQRORJLHV/LPLWHG
3UHIHUHQFHVKDUHVXQTXRWHG
0DUFK SUHIHUHQFH VKDUHV RI ` HDFK IXOO\
SDLGXSLQ%)QIUDVWUXFWXUH/LPLWHGDZKROO\RZQHGVXEVLGLDU\
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV>5HIHUQRWHEDQGF@
FDUULHGRYHU

-

119

.DO\DQL6WUDWHJLF6\VWHPV/LPLWHGHUVWZKLOH%)3RZHU(TXLSPHQW/LPLWHG
.DO\DQL3RO\WHFKQLF3ULYDWH/LPLWHG
2WKHUVXEVLGLDULHVZKHUH&RPSDQ\KROGVRUPRUHRIWKHHTXLW\VKDUHFDSLWDO
%)173&(QHUJ\6\VWHPV/LPLWHG
1LO0DUFKHTXLW\VKDUHVRI`HDFKIXOO\SDLGXSLQ
.DO\DQL$/67203RZHU/LPLWHG>5HIHUQRWHG@
0DUFK1LOHTXLW\VKDUHVRI`HDFKIXOO\SDLGXSLQ
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG>5HIHUQRWHH@> @
QYHVWPHQWVLQMRLQWYHQWXUHV>5HIHUQRWH@
1LO0DUFKHTXLW\VKDUHVRI`HDFKIXOO\SDLGXSLQ
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHG>5HIHUQRWHD@
$/6720%KDUDW)RUJH3RZHU/LPLWHG
QYHVWPHQWVLQRWKHUV&RPSDQ\KROGVRUPRUHRIWKHVKDUHFDSLWDO
.KHG(FRQRPLFQIUDVWUXFWXUH3ULYDWH/LPLWHG
*XSWD(QHUJ\3ULYDWH/LPLWHG>5HIHUQRWHI@

_ Statutory Reports

BF Infrastructure Limited
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV>5HIHUQRWHEDQGFL@
$VDW
$VDW
0DUFK 0DUFK
_ Company Overview
Notes
1RQFXUUHQWLQYHVWPHQWV &RQWG
In ` Million
$VDW
$VDW
0DUFK 0DUFK
EURXJKWRYHU
'HEHQWXUHVXQTXRWHG
0DUFK&RPSXOVRULO\&RQYHUWLEOH'HEHQWXUHVRI
`HDFKLQ$QDORJLF&RQWUROVQGLD/LPLWHG
2WKHULQYHVWPHQWVYDOXHGDWFRVWXQOHVVVWDWHGRWKHUZLVH
%RQGVXQTXRWHG
0DUFK1RQFRQYHUWLEOHUHGHHPDEOHVHFXUHGWD[DEOHERQGVRI
`HDFK6HULHV;
TOTAL
$JJUHJDWHDPRXQWRITXRWHGLQYHVWPHQWV
[# Market value `0LOOLRQ0DUFK1LO@
$JJUHJDWHDPRXQWRIXQTXRWHGLQYHVWPHQWV
$JJUHJDWHDPRXQWRISURYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV

> @ZKROO\RZQHGVXEVLGLDU\WLOOSUHYLRXV\HDU
D &'3%KDUDW)RUJH*PE+

&
RQWULEXWLRQVWRWKHFDSLWDOUHVHUYHVRI&'3%KDUDW)RUJH*PE+DVSHUWKH*HUPDQ&RPPHUFLDO&RGHIRUPVDSDUWRIWKH
HTXLW\VKDUHFDSLWDODQGDFFRUGLQJO\KDVEHHQFRQVLGHUHGDVDQLQYHVWPHQWDQGLVUHGHHPDEOHVXEMHFWWRSURYLVLRQVRIWKH
FRGH
E %)QIUDVWUXFWXUH/LPLWHG%)/

%
)QIUDVWUXFWXUH/LPLWHGDZKROO\RZQHGVXEVLGLDU\LVLQWKHEXVLQHVVRIPDQXIDFWXULQJDVVHPEOLQJLQVWDOOLQJHWFIRU
LQIUDVWUXFWXUHSURMHFWVLQHQHUJ\SRZHURLO JDVHWFQWKHSUHYLRXV\HDUFRQVLGHULQJWKHORVVHVLQWKHEXVLQHVVDFWLYLWLHV
FDUULHGRXWE\WKH&RPSDQ\WKH&RPSDQ\KDGDVDPDWWHURISUXGHQFHWHVWHGWKHLQYHVWPHQWLQ%)/IRULPSDLUPHQW
GLPLQXWLRQZLWKUHIHUHQFHWRWKHYDOXHRIDVVHWV$FFRUGLQJO\WKH&RPSDQ\KDGSURYLGHGIRULPSDLUPHQWRI`1LO0DUFK
`0LOOLRQZKLFKZDVUHFRJQL]HGDVDQH[FHSWLRQDOLWHPLQWKHVWDWHPHQWRISURWDQGORVV
F %)QIUDVWUXFWXUH9HQWXUHV/LPLWHG%)9/

%
) QIUDVWUXFWXUH 9HQWXUHV /LPLWHG D ZKROO\ RZQHG VXEVLGLDU\ KDV UHJLVWHUHG ORVVHV ZKLFK KDV DHFWHG LWV QHW ZRUWK
*LYHQWKHORVVHVLQWKHEXVLQHVVDFWLYLWLHVFDUULHGRXWE\WKH&RPSDQ\WKH&RPSDQ\KDVDVDPDWWHURISUXGHQFHWHVWHG
WKHLQYHVWPHQWLQ%)9/IRULPSDLUPHQWGLPLQXWLRQZLWKUHIHUHQFHWRWKHYDOXHRIDVVHWV$FFRUGLQJO\WKH&RPSDQ\KDV
provided for impairment of `0LOOLRQ0DUFK`1LOZKLFKKDVEHHQUHFRJQL]HGDVDQH[FHSWLRQDOLWHPLQWKH
G .DO\DQL$/67203RZHU/LPLWHG

7
KH %RDUG RI 'LUHFWRUV RI $/6720 %KDUDW )RUJH 3RZHU /LPLWHG $%)3/ RQ $XJXVW DSSURYHG D 6FKHPH RI
$PDOJDPDWLRQ 6FKHPH EHWZHHQ $%)3/ DQG .DO\DQL $OVWRP 3RZHU /LPLWHG .$3/ EHLQJ WUDQVIHURU &RPSDQ\ ZLWK DQ
$SSRLQWHGGDWHRI$SULODQGWKH6KDUHKROGHURI$%)3/DOVRVXEPLWWHGWKHLUOHWWHURIFRQVHQWIRUDSSURYLQJ6FKHPH
7KH6FKHPHKDVEHHQDSSURYHGE\+RQ
EOH+LJK&RXUWRI'HOKLYLGHLWV2UGHUGDWHG$XJXVWFHUWLHGFRS\RIZKLFK
ZDVUHFHLYHGRQ6HSWHPEHUOHGZLWKWKH5HJLVWUDURI&RPSDQLHV1&7RI'HOKLDQG+DU\DQDRQGDWHG2FWREHU
3XUVXDQWWRWKH6FKHPHWKHWUDQVIHURU&RPSDQ\LH.$3/DPDOJDPDWHGZLWK$%)3/IURPWKHDSSRLQWHGGDWH
LH$SULORQJRLQJFRQFHUQEDVLV$VSHUWKHVFKHPHGXULQJWKHSHULRGEHWZHHQDSSRLQWHGGDWHDQGHHFWLYHGDWH
WUDQVIHURU&RPSDQ\VKDOOEHGHHPHGWRKDYHFDUULHGRQWKHH[LVWLQJEXVLQHVVRQDFFRXQWRIDQGIRUWKHEHQHWDQGLQ
7UXVWIRUWKHWUDQVIHUHH&RPSDQ\

3
XUVXDQWWRVFKHPHRI$PDOJDPDWLRQHTXLW\VKDUHVRI`HDFKDUHWREHLVVXHGWRVKDUHKROGHUVRI.$3/LQ
WKHUDWLRRIIXOO\SDLGXSHTXLW\VKDUHVRI$%)3/IRUHYHU\IXOO\SDLGXSHTXLW\VKDUHVRI`HDFKKHOGLQ$%)3/
$VDUHVXOWRIWKHVFKHPHWKH&RPSDQ\KDVUHFHLYHGHTXLW\VKDUHVRI`HDFKRI$%)3/IRUHTXLW\
VKDUHVRI.$3/6LPXOWDQHRXVZLWKWKHLVVXDQFHDQGDOORWPHQWRIVKDUHVLQ$%)3/WRWKHVKDUHKROGHUVRIHUVWZKLOH.$3/DV
PHQWLRQHGDERYH$%)3/VKDOOXQGHUWDNHSUHIHUHQWLDOLVVXDQFHDQGDOORWPHQWRIHTXLW\VKDUHVRIWKHIDFHYDOXHRI
`HDFKIXOO\SDLGXSWR$/67203RZHU+ROGLQJV6$HTXLW\VKDUHVRIWKHIDFHYDOXHRI`HDFKDQG%KDUDW
)RUJH/LPLWHGHTXLW\VKDUHVRI`HDFK
H %)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG

'
XULQJWKHFXUUHQW\HDU%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHGKDVLVVXHGHTXLW\VKDUHVRI` HDFKWR(OELW
6\VWHPV/DQGDQG&/LPLWHG(OELWWKHRWKHUVKDUHKROGHU&RQVHTXHQWO\WKH&RPSDQ\QRZKROGVRIHTXLW\VKDUH
FDSLWDORI%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
I *XSWD(QHUJ\3ULYDWH/LPLWHG

6KDUHVRI*XSWD(QHUJ\3ULYDWH/LPLWHGSOHGJHGDJDLQVWWKHIDFLOLW\REWDLQHGE\*XSWD*OREDO5HVRXUFHV3ULYDWH/LPLWHG

/RDQVDQGDGYDQFHV
In ` Million
1RQ&XUUHQW
$VDW
Current
$VDW
$VDW
$VDW

&DSLWDODGYDQFHV
8QVHFXUHGFRQVLGHUHGJRRG
8QVHFXUHGFRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXODGYDQFH

_ Company Overview
6HFXULW\GHSRVLWVLQFOXGLQJVWDWXWRU\GHSRVLWV
7RUHODWHGSDUWLHV>5HIHUQRWH@
/RDQWRZKROO\RZQHGVXEVLGLDU\

Loan to other subsidiary

$PRXQWUHFRYHUDEOHIURPZKROO\RZQHG
subsidiaries
$PRXQWUHFRYHUDEOHIURPRWKHUVXEVLGLDULHV


8QVHFXUHGFRQVLGHUHGGRXEWIXO

/HVV3URYLVLRQIRUGRXEWIXODGYDQFH

-

$GYDQFHVWRVXSSOLHUV

%DODQFHVZLWKVWDWXWRU\JRYHUQPHQW
authorities
7D[HVDQGGXW\FUHGLWVUHFHLYDEOHV
LQFOXGLQJ9$7
Intercorporate deposits

Intercorporate deposit
_ Statutory Reports
/RDQVDQGDGYDQFHV
5HFRYHUDEOHLQFDVKRUNLQG
Share application money pending
allotment to related party
Loan to employees
$GYDQFHLQFRPHWD[1HWRISURYLVLRQIRUWD[
TOTAL

2WKHUV
Notes
2WKHUDVVHWV
In ` Million
1RQ&XUUHQW
$VDW
Current
$VDW
$VDW
$VDW

8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHGRWKHUZLVH
1RQFXUUHQWEDQNEDODQFH>5HIHUQRWH@

QWHUHVWDFFUXHGRQ[HGGHSRVLWVHWF

(QHUJ\FUHGLWUHFHLYDEOH:LQGPLOOV

Interest accrued on loan given to subsidiaries

Others

'HULYDWLYHDVVHWV
)RUZDUGFRQWUDFWV
2WKHUV
([SRUWLQFHQWLYHVUHFHLYDEOH
*RYHUQPHQWJUDQWXQGHU366FKHPH
TOTAL
&XUUHQWLQYHVWPHQWVYDOXHGDWORZHURIFRVWDQGPDUNHWYDOXHXQOHVVVWDWHGRWKHUZLVH

In ` Million
$VDW
$VDW
0DUFK 0DUFK
QYHVWPHQWVLQPXWXDOIXQGV>5HIHUQRWHD@
TOTAL
$JJUHJDWHDPRXQWRITXRWHGLQYHVWPHQWV

[# Market value `0LOOLRQ0DUFK`0LOOLRQ@

$JJUHJDWHDPRXQWRIXQTXRWHGLQYHVWPHQWV

QFOXGHGLQPDUNHWYDOXHDW1$9DVRQ0DUFKDQG0DUFKUHVSHFWLYHO\DVWKHUHZDVQRWUDGH
IRUWKHVFKHPHVKHQFHTXRWDWLRQVDUHQRWDYDLODEOH

&XUUHQWLQYHVWPHQWVYDOXHGDWORZHURIFRVWDQGPDUNHWYDOXHXQOHVVVWDWHGRWKHUZLVH&RQWG

D 'HWDLOVRITXRWHGDQGXQTXRWHGLQYHVWPHQWV
In ` Million
$VDW
$VDW
0DUFK 0DUFK
QPXWXDOIXQGXQLWVDWFRVW
4XRWHG
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil

Nil
Nil
Nil
Nil

)036HULHV'D\V3ODQ$5HJXODU3ODQ&XPXODWLYH
0DUFK8QLWVRI`HDFKRI&&3UXGHQWLDO
)036HULHV'D\V3ODQ&5HJXODU3ODQ&XPXODWLYH
)036HULHV'D\V3ODQ'5HJXODU3ODQ&XPXODWLYH
)036HULHV'D\V3ODQ.5HJXODU3ODQ&XPXODWLYH
0DUFK1LO8QLWVRI`HDFKRI&&3UXGHQWLDO)03
6HULHV'D\V3ODQ.5HJXODU3ODQ&XPXODWLYH
0DUFK1LO8QLWVRI`HDFKRI&&3UXGHQWLDO)03
6HULHV'D\V3ODQ;5HJXODU3ODQ&XPXODWLYH
FDUULHGRYHU

Nil
)L[HG7HUP3ODQ6HULHV.&'D\V*URZWK5HJXODU

0DUFK8QLWVRI`HDFKRI%LUOD6XQ/LIH
)L[HG7HUP3ODQ6HULHV.*'D\V*URZWK5HJXODU
0DUFK8QLWVRI`HDFKRI'63%ODFN5RFN
)036HULHV0*URZWK
0DUFK8QLWVRI`HDFKRI'63%ODFN5RFN
)036HULHV05HJXODU*URZWK
0DUFK8QLWVRI`HDFKRI':6)L[HG
0DWXULW\3ODQ6HULHV5HJXODU3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI+')&)03
'-XQH5HJXODU*URZWK6HULHV
'-XO\5HJXODU*URZWK6HULHV
'-XO\5HJXODU*URZWK6HULHV
'1RYHPEHU5HJXODU*URZWK6HULHV
')HEUXDU\5HJXODU*URZWK6HULHV
')HEUXDU\5HJXODU*URZWK6HULHV
0DUFK1LO8QLWVRI`HDFKRI+')&)03'-XQH
6HULHV5HJXODU*URZWK
0DUFK1LO8QLWVRI`HDFKRI+')&)03'-XQH
6HULHV5HJXODU*URZWK

_ Statutory Reports
Nil
)L[HG7HUP3ODQ6HULHV-2'D\V*URZWK5HJXODU
_ Company Overview
Notes
D 'HWDLOVRITXRWHGDQGXQTXRWHGLQYHVWPHQWV&RQWG
Nil
Nil
Nil
Nil
Nil
Nil

Nil
Nil
Nil
8QTXRWHG

In ` Million
$VDW
$VDW
0DUFK 0DUFK
EURXJKWRYHU

0DUFK8QLWVRI`HDFKRI')&)L[HG
7HUP3ODQ6HULHV5HJXODU3ODQ*URZWK

0DUFK8QLWVRI`HDFKRI-30RUJDQ
QGLD)L[HG0DWXULW\3ODQ6HULHV5HJXODU*URZWK

0DUFK8QLWVRI`HDFKRI.RWDN
)L[HG0DWXULW\3ODQ6HULHV5HJXODU*URZWK

0DUFK8QLWVRI`HDFKRI/&
1RPXUD0))036HULHV'D\V*URZWK3ODQ

1RPXUD0))036HULHV'D\V*URZWK3ODQ

0DUFK8QLWVRI`HDFKRI5HOLDQFH
)L[HG+RUL]RQ)XQG6HULHV;;96HULHV*URZWK3ODQ

0DUFK1LO8QLWVRI`HDFKRI5HOLDQFH)L[HG
+RUL]RQ)XQG;;96HULHV*URZWK3ODQ

0DUFK8QLWVRI`HDFKRI6%'HEW
)XQG6HULHV'D\V5HJXODU3ODQ*URZWK

0DUFK8QLWVRI`HDFKRI7DWD)L[HG
0DWXULW\3ODQ6HULHV6FKHPH/3ODQ$*URZWK

0DUFK8QLWVRI`HDFKRI87)L[HG
7HUPQFRPH)XQG6HULHV;99'D\V*URZWK3ODQ

727$/$

0DUFK8QLWVRI`HDFKRI$[LV
/LTXLG)XQG*URZWK
0DUFK8QLWVRI`HDFKRI%LUOD6XQ
/LIH&DVK3OXV*URZWK5HJXODU3ODQ
0DUFK1LO8QLWVRI`HDFKRI'63%ODFN5RFN
0RQH\0DQDJHU)XQG5HJXODU3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI'63
%ODFN5RFN/LTXLGLW\)XQGQVWLWXWLRQDO3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI':6
QVWD&DVK3OXV)XQG*URZWK
0DUFK8QLWVRI`HDFKRI)UDQNOLQ
QGLD7UHDVXU\0DQDJHPHQW$FFRXQW6XSHUQVWLWXWLRQDO3ODQ
*URZWK
0DUFK8QLWVRI`HDFKRI)UDQNOLQ
QGLD8OWUD6KRUW%RQG)XQG6XSHUQVWLWXWLRQDO3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI+')&
/LTXLG)XQG*URZWK
0DUFK8QLWVRI`HDFKRI+')&
)ORDWLQJ5DWHQFRPH)XQG6KRUW7HUP3ODQ:KROHVDOH
2SWLRQ*URZWK
0DUFK8QLWVRI`HDFKRI&&
3UXGHQWLDO)OH[LEOHQFRPH5HJXODU3ODQ*URZWK
0DUFK8QLWVRI`HDFKRI&&
3UXGHQWLDO/LTXLG5HJXODU3ODQ*URZWK
0DUFK1LO8QLWVRI`HDFKRI&&3UXGHQWLDO
0RQH\0DUNHW)XQG5HJXODU3ODQ*URZWK
FDUULHGRYHU


D 'HWDLOVRITXRWHGDQGXQTXRWHGLQYHVWPHQWV&RQWG
In ` Million

Nil

Nil

727$/$%


_ Statutory Reports

$VDW
$VDW
0DUFK 0DUFK
EURXJKWRYHU

0DUFK8QLWVRI`HDFKRI')&
&DVK)XQG*URZWK5HJXODU3ODQ

0DUFK1LO8QLWVRI`HDFKRI')&8OWUD6KRUW
7HUP)XQG*URZWK5HJXODU3ODQ

0DUFK8QLWVRI`HDFKRI-30RUJDQ
QGLD/LTXLG)XQG6XSHUQVWLWXWLRQDO3ODQ*URZWK

/LTXLG6FKHPH3ODQ$*URZWK

7UHDVXU\$GYDQWDJH)XQG*URZWKHDUOLHU.RWDN)ORDWHU/RQJ
7HUP*URZWK

0DUFK8QLWVRI`HDFKRI/ 7
/LTXLG)XQG*URZWK

1RPXUD0)/LTXLG)XQG*URZWK

0DUFK8QLWVRI`HDFKRI
5HOLDQFH0RQH\0DQDJHU)XQG*URZWK3ODQ*URZWK
Option

0DUFK8QLWVRI`HDFKRI
5HOLDQFH0HGLXP7HUP)XQG*URZWK3ODQ*URZWK2SWLRQ

0DUFK8QLWVRI`HDFKRI
5HOLDQFH/LTXLGLW\)XQG*URZWK3ODQ*URZWK2SWLRQ

0DUFK8QLWVRI`HDFKRI
5HOLJDUHQYHVFR/LTXLG)XQG*URZWK3ODQ

0DUFK8QLWVRI`HDFKRI6%
3UHPLHU/LTXLG)XQG5HJXODU3ODQ*URZWK

0DUFK8QLWVRI`HDFKRI
6XQGDUDP0RQH\)XQG5HJXODU*URZWK

0DUFK8QLWVRI`HDFKRI7DWD
/LTXLG)XQG3ODQ$*URZWK

0DUFK8QLWVRI`HDFKRI87
/LTXLG&DVK3ODQQVWLWXWLRQDO*URZWK

0DUFK8QLWVRI`HDFKRI87
7UHDVXU\$GYDQWDJH)XQGQVWLWXWLRQDO3ODQ*URZWK

727$/%

_ Company Overview
Notes
QYHQWRULHVYDOXHGDWORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
In ` Million
$VDW
$VDW
0DUFK 0DUFK
5DZPDWHULDOVDQGFRPSRQHQWV>LQFOXGHVO\LQJZLWKWKLUGSDUWLHV@5HIHUQRWH

:RUNLQSURJUHVV>LQFOXGHVO\LQJZLWKWKLUGSDUWLHV@5HIHUQRWH

)LQLVKHGJRRGV>LQFOXGHVLQWUDQVLW@5HIHUQRWH

6WRUHVVSDUHVDQGORRVHWRROV

'LHVDQGGLHVXQGHUIDEULFDWLRQ5HIHUQRWH

6FUDS5HIHUQRWH

TOTAL

7UDGHUHFHLYDEOHV
7UDGHUHFHLYDEOHVQHWRIELOOVGLVFRXQWHGZLWKEDQNV>5HIHUQRWH@

8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHGRWKHUZLVH
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\DUH
due for payment
&RQVLGHUHGJRRG
&RQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXOUHFHLYDEOHV
Other receivables
&RQVLGHUHGJRRG
TOTAL
&DVKDQGEDQNEDODQFHV

%DODQFHVZLWKEDQNV

Q&DVK&UHGLWDQG&XUUHQWDFFRXQWV
'HSRVLWV ZLWK RULJLQDO PDWXULW\ RI
less than 3 months

&DVKRQKDQG
2WKHUEDQNEDODQFHV

(DUPDUNHGEDODQFHV

RQXQFODLPHGGLYLGHQGDFFRXQWV
'HSRVLWV ZLWK RULJLQDO PDWXULW\ RI PRUH
WKDQPRQWKVEXWOHVVWKDQPRQWKV
'HSRVLWVZLWKRULJLQDOPDWXULW\RIPRUH
WKDQPRQWKV
$PRXQWGLVFORVHGXQGHUQRQFXUUHQWDVVHWV
5HIHUQRWH
TOTAL
1RQ&XUUHQW
$VDW
$VDW
0DUFK 0DUFK
In ` Million
$VDW
$VDW
0DUFK 0DUFK

In ` Million
Current
$VDW
$VDW
0DUFK 0DUFK

# `0LOOLRQ0DUFK`0LOOLRQLQQRQFXUUHQWSRUWLRQSOHGJHGZLWKVDOHVWD[GHSDUWPHQW

5HYHQXHIURPRSHUDWLRQV
TOTAL

([FLVHGXW\RQVDOHVDPRXQWLQJWR`0LOOLRQ0DUFK`0LOOLRQKDVEHHQUHGXFHGIURP

VDOHVLQVWDWHPHQWRISURWDQGORVVDQGH[FLVHGXW\RQGHFUHDVHLQFUHDVHLQVWRFNDPRXQWLQJWR`0LOOLRQ
0DUFK`0LOOLRQKDVEHHQFRQVLGHUHGDVH[SHQVHLQFRPHLQQRWHRIQDQFLDOVWDWHPHQWV
D 'HWDLOVRISURGXFWVROG*URVVRIH[FLVHGXW\

TOTAL
2WKHULQFRPH

In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
Interest income on

'HSRVLWV
- Loans to subsidiaries
'LYLGHQGLQFRPHIURPLQYHVWPHQWLQPXWXDOIXQGVFXUUHQWLQYHVWPHQW
Net gain on sale of
- current investments
- long-term investments
*DLQRQIRUHLJQH[FKDQJHXFWXDWLRQQHW
*RYHUQPHQWJUDQWXQGHU36VFKHPH
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVZULWWHQEDFN
3URYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN
QVXUDQFHLQFOXGLQJNH\PDQLQVXUDQFHQHW
Miscellaneous income
TOTAL


)LQLVKHGJRRGVVROG
Steel forgings
Finished machined crankshaft

)URQWD[OHDVVHPEO\DQGFRPSRQHQWV

5LQJUROOLQJ
Transmission parts

$OXPLQLXPURDGZKHHO

*HQHUDOHQJLQHHULQJHTXLSPHQWV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
_ Statutory Reports

6DOHRISURGXFWVQHWRIUHWXUQVUHEDWHVHWF
- Finished goods
- Manufacturing scrap

6DOHRIVHUYLFHV

-REZRUNFKDUJHV

'LHGHVLJQDQGSUHSDUDWLRQFKDUJHV

2WKHURSHUDWLQJUHYHQXHV

([SRUWLQFHQWLYHV

6DOHRIHOHFWULFLW\5(&:LQGPLOOV


/HVV([FLVHGXW\


In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
_ Company Overview
Notes
&RVWRIUDZPDWHULDOVDQGFRPSRQHQWVFRQVXPHG
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

Inventory at the beginning of the year

$GG3XUFKDVHV
/HVVQYHQWRU\DWWKHHQGRIWKH\HDU5HIHUQRWH
&RVWRIUDZPDWHULDOVDQGFRPSRQHQWVFRQVXPHG
'HWDLOVRILQYHQWRULHV
D 'HWDLOVRIUDZPDWHULDOVDQGFRPSRQHQWVFRQVXPHG

&DUERQDQGDOOR\VWHHO
&RPSRQHQWV
'LHEORFNVGLHDQGWRROVVWHHO
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

TOTAL

E PSRUWHGDQGLQGLJHQRXVUDZPDWHULDOVDQGFRPSRQHQWVFRQVXPHG
<HDUHQGHG0DUFK

In `0LOOLRQ
Imported

Indigenous

TOTAL

<HDUHQGHG0DUFK

In ` Million

F QIXUQLVKLQJLQIRUPDWLRQXQGHU1RWHEWKHYLHZKDVEHHQWDNHQWKDWSDUWLFXODUVDUHUHTXLUHGRQO\LQ
UHVSHFWRILWHPVWKDWDUHLQFRUSRUDWHGLQWKHQLVKHGJRRGVSURGXFHGDQGQRWIRUVXFKPDWHULDOXVHGIRU
PDLQWHQDQFHRISODQWDQGPDFKLQHU\
QFUHDVHGHFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVZRUNLQSURJUHVVDQGGLHV
QYHQWRULHVDWWKHHQGRIWKH\HDU5HIHUQRWH
Work-in-progress
Finished goods
'LHVDQGGLHVXQGHUIDEULFDWLRQ
Scrap
QYHQWRULHVDWWKHEHJLQQLQJRIWKH\HDU5HIHUQRWH
Work-in-progress
Finished goods
'LHVDQGGLHVXQGHUIDEULFDWLRQ
Scrap

<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
In ` Million
QFUHDVH
decrease

In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
6DODULHV ZDJHV DQG ERQXV LQFOXGLQJ PDQDJLQJ DQG ZKROH WLPH GLUHFWRUV
UHPXQHUDWLRQ

- Superannuation scheme

&RQWULEXWLRQVWR
3URYLGHQWIXQG

6SHFLDO*UDWXLW\IXQG>5HIHUQRWH@

<HDUHQGHG
<HDUHQGHG
(PSOR\HHYROXQWDU\UHWLUHPHQWVFKHPHFRPSHQVDWLRQ
6WDZHOIDUHH[SHQVHV
TOTAL
In ` Million
_ Statutory Reports
- Other funds/schemes
*UDWXLW\IXQG>5HIHUQRWH@
_ Company Overview
0DUFK 0DUFK
'HSUHFLDWLRQRQWDQJLEOHDVVHWV>5HIHUQRWH@
$PRUWL]DWLRQRQLQWDQJLEOHDVVHWV>5HIHUQRWH@
TOTAL

<HDUHQGHG
<HDUHQGHG
)LQDQFHFRVWV
In ` Million
0DUFK 0DUFK
Interest on bank facilities

Interest on bills discounting

Bank charges including loan processing fees

TOTAL


Notes
2WKHUH[SHQVHV
&RQVXPSWLRQRIVWRUHVVSDUHVDQGWRROV
Machining charges
3RZHUIXHODQGZDWHU
/HVV&UHGLWIRUHQHUJ\JHQHUDWHG
5HSDLUVDQGPDLQWHQDQFH
- Building repairs and road maintenance
3ODQWDQGPDFKLQHU\
5HQW5HIHUQRWH
5DWHVDQGWD[HVLQFOXGLQJZHDOWKWD[
QVXUDQFHLQFOXGLQJNH\PDQLQVXUDQFH
&65([SHQGLWXUH>5HIHUQRWH@
Legal and professional fees
&RPPLVVLRQDQGGLVFRXQW
'RQDWLRQV

D 3ROLWLFDOSDUWLHV

E 2WKHUV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

3,594.55

40.00
37.54
3DFNLQJPDWHULDO
)UHLJKWIRUZDUGLQJFKDUJHV
'LUHFWRUVIHHVDQGWUDYHOOLQJH[SHQVHV
&RPPLVVLRQWRGLUHFWRUVRWKHUWKDQPDQDJLQJDQG
ZKROHWLPHGLUHFWRUV
/RVVRQVDOHRI[HGDVVHWV1HW
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHV
%DGGHEWVDGYDQFHVZULWWHQR
([FKDQJHGLHUHQFHQHW
3D\PHQWWR$XGLWRUV5HIHUGHWDLOVEHORZ
([FLVHGXW\RQLQFUHDVHGHFUHDVHRIVWRFN
0LVFHOODQHRXVH[SHQVHV
*
**

TOTAL

'RQDWLRQVWRSROLWLFDOSDUWLHVLQFOXGHVWKRVHWR%KDUDWL\D-DQDWD3DUW\DQG6KLY6HQD3UHYLRXV\HDU%KDUDWL\D
-DQDWD3DUW\6KLY6HQD0DKDUDVKWUD3UDGHVK1DWLRQDOLVW&RQJUHVV3DUW\$OOQGLD&RQJUHVV&RPPLWWHHDQG
0DKDUDVKWUD3UDGHVK&RQJUHVV&RPPLWWHH
0LVFHOODQHRXVH[SHQVHVLQFOXGHVWUDYHOOLQJH[SHQVHVSULQWLQJVWDWLRQHU\SRVWDJHWHOHSKRQHHWF
3D\PHQWWRDXGLWRUV
$V$XGLWRU
$XGLWIHH
/LPLWHGUHYLHZ
2WKHUVLQFOXGLQJFHUWLFDWLRQIHHV
5HLPEXUVHPHQWRIH[SHQVHV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
TOTAL

$ERYHH[SHQVHVLQFOXGHUHVHDUFKDQGGHYHORSPHQWH[SHQGLWXUHIRUGHWDLOVRIZKLFKUHIHUQRWH

([FHSWLRQDOLWHPV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
/RVVRQVDOHRIQYHVWPHQW>5HIHUQRWHD@

3URYLVLRQIRUH[SHQVHRIHDUOLHU\HDUUHYHUVHG>5HIHUQRWHE@

3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWVLQVXEVLGLDULHV>5HIHUQRWHF@
3URWRQVDOHRIODQG>5HIHUQRWHG@
TOTAL

_ Company Overview
D /RVVRQVDOHRIQYHVWPHQW
E 3URYLVLRQIRUH[SHQVHRIHDUOLHU\HDUUHYHUVHG
7
LOOSUHYLRXV\HDUWKH&RPSDQ\PDGHSURYLVLRQWRZDUGV/%7SD\DEOH+RZHYHUWKHOLDELOLW\ZDVQRWVHWWOHG
DV WKHUH ZDV QR DSSURSULDWH DXWKRULW\ DQG WKH DGPLQLVWUDWLYH PHFKDQLVP 'XULQJ WKH \HDU EDVHG RQ WKH
RSLQLRQREWDLQHGIURPWKHOHJDODGYLVRUWKHOLDELOLW\KDVEHHQUHYHUVHG
F 3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWLQ
L
%)QIUDVWUXFWXUH/LPLWHG%)/
QWKHSUHYLRXV\HDUFRQVLGHULQJWKHORVVHVLQWKHEXVLQHVVDFWLYLWLHVFDUULHGRXWE\%)/WKH&RPSDQ\
had provided an amount of `0LOOLRQWRZDUGVGLPLQXWLRQLQWKHFDUU\LQJFRVWRILWVLQYHVWPHQWV
_ Statutory Reports
'
XULQJWKH\HDUWKH&RPSDQ\KDVGLYHVWHGLWVVWDNHLQPSDFW$XWRPRWLYH6ROXWLRQV/LPLWHGZKLFKZDV
IRUPHGLQWKH\HDUDVD-RLQW9HQWXUH-97KHVWDNHZDVVROGE\WKH&RPSDQ\WRWKHRWKHU-93DUWQHU
resulting in loss of `0LOOLRQRQVDOHRILQYHVWPHQWV
LL %)QIUDVWUXFWXUH9HQWXUHV/LPLWHG%)9/
&
RQVLGHULQJ WKH ORVVHV LQ WKH EXVLQHVV DFWLYLWLHV FDUULHG RXW E\ %)9/ WKH &RPSDQ\ KDV SURYLGHG DQ
amount of `0LOOLRQWRZDUGVGLPLQXWLRQLQWKHFDUU\LQJFRVWRILWVLQYHVWPHQWVLQFXUUHQW\HDU
G 3URWRQVDOHRIODQG
(DUQLQJVSHUHTXLW\VKDUH(36

In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
1XPHUDWRUIRUEDVLFDQGGLOXWHG(36
1HWSURWDWWULEXWDEOHWR6KDUHKROGHUVDVDW0DUFK

:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJEDVLF(36
1XPEHURIHTXLW\VKDUHVRXWVWDQGLQJDWWKHHQGRIWKH\HDUQRV
(36%DVLFLQ`

:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJGLOXWHG(36
1XPEHURIHTXLW\VKDUHVRXWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDUQRV
(36'LOXWHGLQ`

'XULQJSUHYLRXV\HDUWKH&RPSDQ\VROGLWVODQGVLWXDWHGDW-DOJDRQUHVXOWLQJLQDJDLQRI`0LOOLRQ
Notes
*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWSODQV
D *UDWXLW\SODQ

)XQGHGVFKHPH
7
KH&RPSDQ\KDVDGHQHGEHQHWJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HHZKRKDVFRPSOHWHG
DWOHDVWYH\HDUVRIVHUYLFHJHWVDJUDWXLW\RQGHSDUWXUHDWGD\VODVWGUDZQEDVLFVDODU\IRUHDFKFRPSOHWHG
\HDURIVHUYLFH7KHVFKHPHLVIXQGHGZLWKDQLQVXUDQFH&RPSDQ\LQWKHIRUPRIDTXDOLI\LQJLQVXUDQFHSROLF\
7
KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQL]HGLQWKHVWDWHPHQWRISURW
DQGORVVDQGWKHIXQGHGVWDWXVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHWIRUWKHUHVSHFWLYHSODQ
6WDWHPHQWRISURWDQGORVV
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQL]HGLQHPSOR\HHFRVWLQVWDWHPHQWRISURWDQGORVV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
&XUUHQWVHUYLFHFRVW
QWHUHVWFRVWRQEHQHWREOLJDWLRQ
([SHFWHGUHWXUQRQSODQDVVHWV
1HWDFWXDULDOORVVJDLQUHFRJQL]HGLQWKH\HDU
Interest income

1HWEHQHWH[SHQVH

$FWXDOUHWXUQRQSODQDVVHWV

%DODQFHVKHHW
&KDQJHVLQWKHIDLUYDOXHRISODQDVVHWVUHFRJQL]HGLQWKHEDODQFHVKHHWDUHDVIROORZV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

([SHFWHGUHWXUQ
Opening fair value of plan assets

&RQWULEXWLRQE\HPSOR\HU

%HQHWVSDLG
$FWXDULDOJDLQVORVVHV
&ORVLQJIDLUYDOXHRISODQDVVHWV
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQL]HGLQEDODQFHVKHHWDUHDVIROORZV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

Interest cost
2SHQLQJGHQHGEHQHWREOLJDWLRQ

&XUUHQWVHUYLFHFRVW

%HQHWVSDLG

$FWXDULDOORVVHVJDLQVRQREOLJDWLRQ

&ORVLQJGHQHGEHQHWREOLJDWLRQ

*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWSODQV&RQWG

D *UDWXLW\SODQ&RQWG
%HQHWOLDELOLW\
In ` Million
$VDW
$VDW
0DUFK 0DUFK
Fair value of plan assets

3UHVHQWYDOXHRIGHQHGEHQHWREOLJDWLRQV

3ODQOLDELOLW\

7KHPDMRUFDWHJRULHVRISODQDVVHWVDVDSHUFHQWDJHRIWKHIDLUYDOXHRIWRWDOSODQDVVHWVDUHDVIROORZV
$VDW
$VDW
0DUFK 0DUFK
QYHVWPHQWVZLWKLQVXUHU

7KHSULQFLSDODVVXPSWLRQVXVHGLQGHWHUPLQLQJJUDWXLW\IRUWKH&RPSDQ\VSODQLVVKRZQEHORZ
QSHUDQQXP
$VDW
_ Statutory Reports
7KH&RPSDQ\H[SHFWVWRFRQWULEXWH`0LOOLRQWRJUDWXLW\IXQGLQWKHQH[W\HDU0DUFK`
0LOOLRQ
_ Company Overview
$VDW
0DUFK 0DUFK
'LVFRXQWUDWH

([SHFWHGUDWHRIUHWXUQRQDVVHWV

Increment rate

$PRXQWIRUWKHFXUUHQWDQGSUHYLRXVIRXUSHULRGVDUHDVIROORZV
In ` Million
$VDW
3ODQDVVHWV
'HQHGEHQHWREOLJDWLRQ
0DUFK

0DUFK

0DUFK

0DUFK

0DUFK

([SHULHQFHDGMXVWPHQWVRQSODQOLDELOLWLHV

([SHULHQFHDGMXVWPHQWVRQSODQDVVHWV

'HFLW

7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\
SURPRWLRQDQGRWKHU UHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW7KHRYHUDOO
H[SHFWHGUDWHRIUHWXUQRQDVVHWVLVGHWHUPLQHGEDVHGRQWKHPDUNHWSULFHVSUHYDLOLQJRQWKDWGDWHDSSOLFDEOH
WRWKHSHULRGRYHUZKLFKWKHREOLJDWLRQLVWREHVHWWOHG
Notes
E 6SHFLDOJUDWXLW\
7
KH&RPSDQ\KDVDGHQHGEHQHWVSHFLDOJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HOLJLEOHHPSOR\HHZKR
KDVFRPSOHWHGWHQ\HDUVRIVHUYLFHJHWVDQDGGLWLRQDOJUDWXLW\RQGHSDUWXUHZKLFKZLOOEHVDODU\RIYHPRQWKV
EDVHGRQODVWGUDZQEDVLFVDODU\7KHVFKHPHLVXQIXQGHG
7
KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQL]HGLQWKHVWDWHPHQWRISURW
DQGORVVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHW

1HWHPSOR\HHEHQHWH[SHQVHUHFRJQL]HGLQHPSOR\HHFRVWLQVWDWHPHQWRISURWDQGORVV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
&XUUHQWVHUYLFHFRVW


1HWDFWXDULDOORVVUHFRJQL]HGLQWKHSHULRG
Interest income
1HWEHQHWH[SHQVH
$FWXDOUHWXUQRQSODQDVVHWV

%DODQFHVKHHW
&
KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQL]HGLQEDODQFHVKHHWDUHDVIROORZV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

Interest cost

&XUUHQWVHUYLFHFRVW

%HQHWVSDLG
$FWXDULDOORVVHVRQREOLJDWLRQ
%HQHWOLDELOLW\
In ` Million
$VDW
$VDW
0DUFK 0DUFK
/HVV8QUHFRJQL]HGSDVWVHUYLFHFRVW
3ODQDVVHWOLDELOLW\


E 6SHFLDOJUDWXLW\&RQWG
7KHSULQFLSDODVVXPSWLRQVXVHGLQGHWHUPLQLQJJUDWXLW\IRUWKH&RPSDQ\VSODQLVVKRZQEHORZ
QSHUDQQXP
$VDW
$VDW
0DUFK 0DUFK

'LVFRXQWUDWH
Increment rate
_ Company Overview
SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW
0DUFK

-
In ` Million
0DUFK

-
0DUFK

-
F 3URYLGHQWIXQG
_ Statutory Reports
3ODQDVVHWV
6XUSOXVGHFLW
([SHULHQFHDGMXVWPHQWVRQSODQOLDELOLWLHV
0DUFK

$VDW
0DUFK

-
QDFFRUGDQFHZLWKODZDOOHPSOR\HHVRIWKH&RPSDQ\DUHHQWLWOHGWRUHFHLYHEHQHWVXQGHUWKHSURYLGHQW
IXQG 7KH &RPSDQ\ RSHUDWHV WZR SODQV IRU LWV HPSOR\HHV WR SURYLGH HPSOR\HH EHQHWV LQ WKH QDWXUH RI
SURYLGHQWIXQGYL]GHQHGFRQWULEXWLRQSODQDQGGHQHGEHQHWSODQ
8QGHU GHQHG FRQWULEXWLRQ SODQ SURYLGHQW IXQG LV FRQWULEXWHG WR WKH JRYHUQPHQW DGPLQLVWHUHG SURYLGHQW
IXQG7KH&RPSDQ\KDVQRREOLJDWLRQRWKHUWKDQWKHFRQWULEXWLRQSD\DEOHWRWKHSURYLGHQWIXQG
7KHGHWDLOVRIWKHGHQHGEHQHWSODQEDVHGRQDFWXDULDOYDOXDWLRQUHSRUWLVDVIROORZV
7KH&RPSDQ\KDVSURYLGHG`1/WRZDUGVVKRUWIDOOLQWKHLQWHUHVWSD\PHQWRQSURYLGHQWIXQGDVSHUDFWXDU\
UHSRUWGXULQJWKH\HDUHQGHG0DUFK0DUFK`1LO0LOOLRQ
7KHDFWXDU\KDVIROORZHG%ODFN6FKROHV2SWLRQ3ULFLQJDSSURDFK
7KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQL]HGLQWKHVWDWHPHQWRISURW
DQGORVVDQGWKHIXQGHGVWDWXVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHWIRUWKHUHVSHFWLYHSODQV

1HWHPSOR\HHEHQHWH[SHQVHUHFRJQL]HGDVHPSOR\HHFRVWLQVWDWHPHQWRISURWDQGORVV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
&XUUHQWVHUYLFHFRVW



1HWDFWXDULDOORVVJDLQUHFRJQL]HGLQWKHSHULRG

Interest income

1HWEHQHWH[SHQVHLQFRPH

$VWKHUHLVQRSUHVHQWREOLJDWLRQWKHH[SHQVHKDVQRWEHHQDFFRXQWHGIRULQWKHSUHYLRXV\HDU

8QGHUGHQHGEHQHWSODQWKH&RPSDQ\FRQWULEXWHVWRWKH%KDUDW)RUJH&RPSDQ\/LPLWHG6WD3URYLGHQW
)XQG7UXVW7KH&RPSDQ\KDVDQREOLJDWLRQWRPDNHJRRGWKHVKRUWIDOOLIDQ\EHWZHHQWKHUHWXUQIURPWKH
LQYHVWPHQWVRIWKHWUXVWDQGWKHQRWLHGLQWHUHVWUDWH
Notes
F 3URYLGHQWIXQG&RQWG
%DODQFHVKHHW
&
KDQJHVLQWKHIDLUYDOXHRISODQDVVHWVUHFRJQL]HGLQEDODQFHVKHHWDUHDVIROORZV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
([SHFWHGUHWXUQ

%HQHWVSDLG

&ORVLQJIDLUYDOXHRISODQDVVHWV

&RQWULEXWLRQE\HPSOR\HU
$FWXDULDOJDLQV

&KDQJHVLQWKHSUHVHQWYDOXHRIJXDUDQWHHGLQWHUHVWUDWHREOLJDWLRQ
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
Opening guaranteed interest rate obligation

Interest cost

$FWXDULDOORVVHVJDLQVRQREOLJDWLRQ

&ORVLQJJXDUDQWHHGLQWHUHVWUDWHREOLJDWLRQ

&XUUHQWVHUYLFHFRVW
%HQHWVSDLG
%HQHWDVVHWOLDELOLW\
In ` Million
$VDW
$VDW
0DUFK 0DUFK

3UHVHQWYDOXHRIJXDUDQWHHGLQWHUHVWUDWHREOLJDWLRQ

3ODQDVVHWOLDELOLW\

7
KH&RPSDQ\KDVQRWUHFRJQL]HGWKHSODQDVVHWLQWKHERRNVEDVHGRQWKHFRQFHSWRISUXGHQFH
$VVXPSWLRQVXQGHUWKH%ODFN6FKROHVRSWLRQSULFLQJDSSURDFKDUHDVIROORZV
QSHUDQQXP
$VDW
$VDW
0DUFK 0DUFK
'LVFRXQWUDWH

([SHFWHGJXDUQWHHGUDWH

7KHRYHUDOOH[SHFWHGUDWHRIUHWXUQRQDVVHWVLVGHWHUPLQHGEDVHGRQWKHPDUNHWSULFHVSUHYDLOLQJRQWKDW
GDWHDSSOLFDEOHWRWKHSHULRGRYHUZKLFKWKHREOLJDWLRQLVWREHVHWWOHG


F 3URYLGHQWIXQG&RQWG
3ODQDVVHWV
*XDUDQWHHGLQWHUHVWUDWHREOLJDWLRQ
6XUSOXVGHFLW
([SHULHQFHDGMXVWPHQWVRQUDWHREOLJDWLRQ

0DUFK

-
In ` Million
0DUFK 0DUFK

-
7
LOO\HDUHQGHG0DUFKWKHLQWHUHVWVKRUWIDOOVFRXOGQRWEHFRPSXWHGE\WKHDFWXDULHVVLQFHWKH
QVWLWXWHRI$FWXDULHVRIQGLDKDGQRWLVVXHGWKHQDOJXLGDQFHRQYDOXDWLRQRIWKHVDPHQWKH\HDU
WKHQVWLWXWHRI$FWXDULHVRIQGLDKDVLVVXHGWKHJXLGDQFHQRWHIRUPHDVXUHPHQWRISURYLGHQW
IXQGOLDELOLWLHVDFFRUGLQJO\WKH&RPSDQ\KDVVWDUWHGSURYLGLQJIRULQWHUHVWVKRUWIDOOVEDVHGRQDFWXDULDO
YDOXDWLRQVLQFHQDQFLDO\HDU+HQFHGDWDIRUWKH\HDUHQGHG0DUFKLVQRWDYDLODEOH
/HDVHV
2SHUDWLQJOHDVHV&RPSDQ\DVOHVVRU
7
KH &RPSDQ\ KDV HQWHUHG LQWR DJUHHPHQWV LQ WKH QDWXUH RI OHDVHOHDYH DQG OLFHQVH DJUHHPHQW ZLWK GLHUHQW
OHVVHHOLFHQVHHV IRU WKH SXUSRVH RI ODQGEXLOGLQJ HWF 7KHVH DUH JHQHUDOO\ LQ QDWXUH RI RSHUDWLQJ OHDVH 3HULRG
RIDJUHHPHQWVDUHJHQHUDOO\IRUWKUHHWRWHQ\HDUVDQGFDQFHOODEOHZLWKDQRWLFHRIWKLUW\GD\VWRVL[PRQWKVDQG
UHQHZDODWWKHRSWLRQVRIWKHOHVVHHOHVVRU
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
/HDVHUHQWDOVGXULQJWKH\HDU
- on cancellable leases

- on non-cancellable leases

6HJPHQWLQIRUPDWLRQ
QDFFRUGDQFHZLWKSDUDJUDSKRIQRWLHG$FFRXQWLQJ6WDQGDUG$66HJPHQW5HSRUWLQJWKH&RPSDQ\KDV

GLVFORVHGVHJPHQWLQIRUPDWLRQRQO\RQWKHEDVLVRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV


2SHUDWLQJOHDVHV&RPSDQ\DVOHVVHH
7
KH &RPSDQ\ KDV HQWHUHG LQWR DJUHHPHQWV LQ WKH QDWXUH RI OHDVHOHDYH DQG OLFHQVH DJUHHPHQW ZLWK GLHUHQW
OHVVRUVOLFHQVRUVIRUWKHSXUSRVHRIHVWDEOLVKPHQWRIRFHSUHPLVHVUHVLGHQWLDODFFRPPRGDWLRQVHWF7KHVHDUH
JHQHUDOO\ LQ QDWXUH RI RSHUDWLQJ OHDVHOHDYH DQG OLFHQVH 7KHUH DUH QR WUDQVDFWLRQV LQ WKH QDWXUH RI VXE OHDVH
3HULRGRIDJUHHPHQWVDUHJHQHUDOO\IRUWKUHH\HDUVDQGUHQHZDODWWKHRSWLRQVRIWKHOHVVHH7KHUHDUHQRHVFDODWLRQ
FODXVHVRUUHVWULFWLRQVSODFHGXSRQWKH&RPSDQ\E\HQWHULQJLQWRWKHVHOHDVHV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
/HDVHUHQWDOVGXULQJWKH\HDU
- on cancellable leases

- on non-cancellable leases

_ Statutory Reports
0DUFK

$VDW
0DUFK

-
_ Company Overview
Notes
QWHUHVWLQMRLQWYHQWXUHV
In ` Million
3HUFHQWDJHRIRZQHUVKLSLQWHUHVW
$VDW
$VDW
0DUFK 0DUFK
$/6720%KDUDW)RUJH3RZHU/LPLWHGLQFRUSRUDWHGLQQGLD>5HIHUQRWHG@

&XUUHQWDVVHWV

Non-current assets

&XUUHQWOLDELOLWLHV

Non-current liabilities

QWHUHVWLQDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQGLWXUHZLWKUHVSHFWWR
MRLQWO\FRQWUROOHGHQWLWLHVDUHDVIROORZV
(TXLW\
6KDUH RI WKH &RPSDQ\ LQ WKH FRQWLQJHQW OLDELOLWLHV LQFXUUHG E\ MRLQWO\
controlled entity

6KDUHRIWKH&RPSDQ\LQWKHFDSLWDOFRPPLWPHQWRIMRLQWO\FRQWUROOHGHQWLW\

In ` Million
)RUWKH\HDU
HQGHG0DUFK

For the year

ended March

QFRPH
Other income

([SHQVHV
Material cost and erection services
3XUFKDVHRIVWRFNLQWUDGH&DVLQJ
Tender cost
(PSOR\HHEHQHWH[SHQVHV

Finance costs

'HSUHFLDWLRQDQGDPRUWL]DWLRQ

2WKHUH[SHQVHV
3URWEHIRUHWD[

7D[H[SHQVHV
&XUUHQWWD[

'HIHUUHGWD[

QFRPHWD[DGMXVWPHQWRIHDUOLHU\HDU

0$7&UHGLW(QWLWOHPHQWRIHDUOLHU\HDU

0$7FUHGLWHQWLWOHPHQW
3URWDIWHUWD[
3XUVXDQWWRWKHVFKHPHRIDPDOJDPDWLRQWKHJXUHVRIFXUUHQW\HDUDUHQRWFRPSDUDEOHWRWKRVHRISUHYLRXV\HDU

QWHUHVWLQMRLQWYHQWXUHV&RQWG

In ` Million
$VDW
$VDW
-XQH 0DUFK
8QDXGLWHG
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHGLQFRUSRUDWHGLQQGLD

_ Company Overview
&XUUHQWDVVHWV

&XUUHQWOLDELOLWLHV

Non current liabilities

(TXLW\

controlled entity


In ` Million
For the year

)RUWKHSHULRG
ended
ended
-XQH 0DUFK
_ Statutory Reports
Non-current assets
8QDXGLWHG
QFRPH

Other income

&RVWRIPDWHULDOVFRQVXPHG

3XUFKDVHVRI6WRFNLQWUDGH

&KDQJHVLQLQYHQWRULHVRIQLVKHGJRRGVDQGZRUNLQSURJUHVV

(PSOR\HHEHQHWH[SHQVHV


2WKHUH[SHQVHV

([SHQVHV

/RVVEHIRUHWD[

&XUUHQWWD[

7D[DWLRQIRUHDUOLHU\HDUV

'HIHUUHGWD[

/RVVDIWHUWD[
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHGQDQFLDOLQIRUPDWLRQIRUWKHSHULRGHQGHG-XQHDVGLVFORVHG
above are unaudited and are based on management accounts as the investment in this company has been
GLVSRVHGRGXULQJWKH\HDU>$OVRUHIHUQRWHD@

Notes
QWHUHVWLQMRLQWYHQWXUHV&RQWG
In ` Million
$VDW
$VDW
0DUFK 0DUFK
'DYLG %URZQ %KDUDW )RUJH *HDU 6\VWHPV QGLD /LPLWHG LQFRUSRUDWHG LQ
QGLD-RLQWYHQWXUHRIRQHRIWKHVXEVLGLDU\RIWKH&RPSDQ\

&XUUHQWOLDELOLWLHV


(TXLW\

controlled entity


&XUUHQWDVVHWV
Non-current assets
In ` Million
For the year
)RUWKH\HDU
ended
ended
0DUFK 0DUFK
QFRPH

&RVWRIUDZPDWHULDODQGFRPSRQHQWVFRQVXPHG

&KDQJHVLQLQYHQWRULHVRIQLVKHGJRRGVDQGZRUNLQSURJUHVV


)LQDQFH&RVW


2WKHUH[SHQVHV

Other income
([SHQVHV
3URWEHIRUHWD[

5HODWHG3DUW\GLVFORVXUHV
L 1DPHVRIWKHUHODWHGSDUWLHVDQGUHODWHGSDUW\UHODWLRQVKLS
5HODWHGSDUWLHVZKHUHFRQWUROH[LVWV
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
.DO\DQL$/67203RZHU/LPLWHGXSWR$SULO>5HIHUQRWHF@
_ Company Overview
Kalyani Strategic Systems Limited
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHG
$QDORJLF&RQWUROVQGLD/LPLWHGZHI0D\
6WHSGRZQVXEVLGLDULHV
%KDUDW)RUJH+ROGLQJ*PE+
%KDUDW)RUJH$OXPLQLXPWHFKQLN*PE+ &R.*
%KDUDW)RUJH$OXPLQLXPWHFKQLN9HUZDOWXQJV*PE+
%KDUDW)RUJH%HWHLOLJXQJV*PE+
%KDUDW)RUJH.LOVWD$%
%KDUDW)RUJH6FRWWLVK6WDPSLQJV/LPLWHGXSWR$XJXVW
_ Statutory Reports
.DO\DQL3RO\WHFKQLF3ULYDWH/LPLWHG
Bharat Forge Hong Kong Limited

)$:%KDUDW)RUJH&KDQJFKXQ&R/LPLWHGXSWR1RYHPEHU
Bharat Forge International Limited
%KDUDW)RUJH'DXQ*PE+
%)1HZ7HFKQRORJLHV*PE+
0HFDQLTXH*HQHUDOH/DQJURLVHZHI'HFHPEHU
5HODWHGSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU
-RLQW9HQWXUHV
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHGXSWR-XQH
6WHSGRZQMRLQWYHQWXUH
'DYLG%URZQ%KDUDW)RUJH*HDU6\VWHPVQGLD/LPLWHG
(QWHUSULVHVRZQHGRUVLJQLFDQWO\
LQXHQFHGE\NH\PDQDJHPHQW
SHUVRQQHORUWKHLUUHODWLYHV
.DO\DQL&DUSHQWHU6SHFLDO6WHHOV/LPLWHG
BF Utilities Limited
$XWRPRWLYH$[OHV/LPLWHG
.H\PDQDJHPHQWSHUVRQQHO
0U%1.DO\DQL
0U$%.DO\DQL
0U*.$JDUZDO
0U%3.DO\DQL
0U6(7DQGDOH
0U6.&KDWXUYHGLXSWR'HFHPEHU
0U.06DOHWRUHZHI)HEUXDU\
7UDQVDFWLRQVDQGEDODQFHVOHVVWKDQRIWKHWRWDOWUDQVDFWLRQVDQGEDODQFHVGLVFORVHGDV2WKHUV

Notes
5HODWHG3DUW\GLVFORVXUHV&RQWG
LL 5HODWHGSDUW\WUDQVDFWLRQV
6U 1DWXUHRIWUDQVDFWLRQ
1R
1 3XUFKDVHRIJRRGV
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRIUHODWLRQVKLS

%KDUDW)RUJH.LOVWD$%
(QWHUSULVHVRZQHGRUVLJQLFDQWO\LQXHQFHGE\

NH\PDQDJHPHQWSHUVRQQHORUWKHLUUHODWLYHV

6HUYLFHVUHFHLYHG
6DOHRIJRRGV


%KDUDW)RUJH.LOVWD$%
-RLQWYHQWXUHV

6WHSGRZQMRLQWYHQWXUHV




6DOHRIH[SRUW
LQFHQWLYHOLFHQFH
6HUYLFHVUHQGHUHG


6XEVLGLDULHV




3XUFKDVHRI[HG
DVVHWV

6XEVLGLDULHV

&'3%KDUDW)RUJH*PE+

.DO\DQL$/67203RZHU/LPLWHG
In ` Million
<HDUHQGHG
0DUFK 0DUFK

LL 5HODWHGSDUW\WUDQVDFWLRQV&RQWG
1R
5HLPEXUVHPHQWRI
H[SHQVHVSDLG
6XEVLGLDULHV


&'3%KDUDW)RUJH*PE+

%KDUDW)RUJH.LOVWD$%
8 5HLPEXUVHPHQWRI
H[SHQVHVUHFHLYHG
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
Others

%KDUDW)RUJH.LOVWD$%
9 )LQDQFHSURYLGHG
QYHVWPHQWV
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+
-RLQWYHQWXUHV
PSDFW$XWRPRWLYH6ROXWLRQV/LPLWHG
/RDQ&'JLYHQ
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+>LQFOXGHVH[FKDQJHJDLQORVV@
FDUULHGRYHU





_ Statutory Reports


In ` Million
<HDUHQGHG
0DUFK 0DUFK

_ Company Overview
Notes
LL 5HODWHGSDUW\WUDQVDFWLRQV&RQWG
1R
/RDQ&'JLYHQ
&RQWG
$GYDQFHJLYHQ
EURXJKWRYHU
6XEVLGLDULHV

6KDUHDSSOLFDWLRQ
PRQH\SHQGLQJ
DOORWPHQW
-RLQWYHQWXUHV

10 QWHUHVWRQWUDGDGYDQFH 6XEVLGLDULHV
ORDQ&'JLYHQ

&'3%KDUDW)RUJH*PE+ORDQ

$QDORJLF&RQWUROVQGLD/LPLWHG&'


.DO\DQL6WHHOV/LPLWHGWUDGHDGYDQFH

%)8WLOLWLHV/LPLWHG&'
11 $GYDQFHIURP
FXVWRPHUV
0DQDJHULDO
UHPXQHUDWLRQ

0U%1.DO\DQL

0U$%.DO\DQL

0U*.$JDUZDO

0U6(7DQGDOH

0U6.&KDWXUYHGL

0U%3.DO\DQL

0U.06DOHWRUH
'LYLGHQGSDLG

0U%1.DO\DQL

0U$%.DO\DQL

0U*.$JDUZDO

0U%3.DO\DQL
3URYLVLRQIRU
6XEVLGLDULHV
GLPLQXWLRQLQYDOXHRI
LQYHVWPHQW
'LVFORVHGIRUWKHIXOO\HDU

In ` Million
<HDUHQGHG
0DUFK 0DUFK

LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG
1R
1 3D\DEOHWRZDUGV
SXUFKDVHV

%KDUDW)RUJH.LOVWD$%



5HFHLYDEOHIRUVDOHRI 6XEVLGLDULHV
JRRGV


%KDUDW)RUJH.LOVWD$%
6WHSGRZQMRLQWYHQWXUHV

5HFHLYDEOHWRZDUGV
VHUYLFHV
6XEVLGLDULHV




Others

_ Statutory Reports
3D\DEOHWRZDUGV
VHUYLFHV
In ` Million
$VDW
0DUFK 0DUFK

_ Company Overview
Notes
LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG&RQWG
1R
5HLPEXUVHPHQW
UHFHLYDEOH
6XEVLGLDULHV

&'3%KDUDW)RUJH*PE+



%KDUDW)RUJH.LOVWD$%
%KDUDW)RUJH$OXPLQLXPWHFKQLN*PE+ &R.*
-RLQWYHQWXUHV



5HLPEXUVHPHQW
SD\DEOH
6XEVLGLDULHV

&'3%KDUDW)RUJH*PE+


%KDUDW)RUJH.LOVWD$%

%KDUDW)RUJH%HWHLOLJXQJV*PE+


QYHVWPHQWVEDODQFH
6XEVLGLDULHV

&'3%KDUDW)RUJH*PE+


Others
-RLQWYHQWXUHV



In ` Million
$VDW
0DUFK 0DUFK

LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG&RQWG
1R
8 7UDGHDGYDQFHORDQ
&'JLYHQ
6XEVLGLDULHV
&'3%KDUDW)RUJH*PE+ORDQ
$QDORJLF&RQWUROVQGLD/LPLWHG&'
%)(OELW$GYDQFHG6\VWHPV3ULYDWH/LPLWHGORDQ

.DO\DQL6WHHOV/LPLWHGWUDGHDGYDQFH

%)8WLOLWLHV/LPLWHG&'

10 6KDUHDSSOLFDWLRQ
PRQH\SHQGLQJ
DOORWPHQW
-RLQWYHQWXUHV

11 QWHUHVWUHFHLYDEOH
6XEVLGLDULHV

&'3%KDUDW)RUJH*PE+

$GYDQFHIURP
FXVWRPHUV


0DQDJHULDO
UHPXQHUDWLRQ
SD\DEOH

0U%1.DO\DQL

0U$%.DO\DQL

0U*.$JDUZDO

0U6(7DQGDOH

0U6.&KDWXUYHGL

0U%3.DO\DQL

0U.06DOHWRUH
3URYLVLRQIRU
GLPLQXWLRQLQYDOXH
RILQYHVWPHQW
6XEVLGLDULHV



'RHVQRWLQFOXGHJUDWXLW\DQGOHDYHHQFDVKPHQWVLQFHWKHVDPHLVFRQVLGHUHGIRUDOOHPSOR\HVVRIWKH&RPSDQ\
DVDZKROH



_ Statutory Reports
9 $PRXQWVUHFRYHUDEOH 6XEVLGLDULHV
In ` Million
$VDW
0DUFK 0DUFK

_ Company Overview
Notes
&DSLWDOL]DWLRQRIH[SHQGLWXUH
'XULQJWKH\HDUWKH&RPSDQ\KDVFDSLWDOL]HGWKHIROORZLQJH[SHQVHVRIUHYHQXHQDWXUHWRWKHFRVWRI[HGDVVHW
FDSLWDOZRUNLQSURJUHVV&:3&RQVHTXHQWO\H[SHQVHVGLVFORVHGXQGHUWKHUHVSHFWLYHQRWHVDUHQHWRIDPRXQWV
FDSLWDOL]HGE\WKH&RPSDQ\

In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
6DODULHVZDJHVDQGERQXV

&RQVXPSWLRQRIVWRUHVDQGVSDUHV

Others

&RQWLQJHQWOLDELOLWLHV
In ` Million
$VDW
$VDW
0DUFK 0DUFK

Sales bills discounted

RIZKLFK

%LOOVVLQFHUHDOL]HG

0DWXUHGRYHUGXHDQGRXWVWDQGLQJVLQFHFORVHRIWKHSHULRG

*XDUDQWHHVJLYHQE\WKH&RPSDQ\RQEHKDOIRIRWKHUFRPSDQLHV
Balance Outstanding

0D[LPXP$PRXQW

&ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHGDV'HEWVWRWKHH[WHQWDVFHUWDLQHG

([FLVH6HUYLFHWD[GHPDQGVPDWWHUVXQGHUGLVSXWH

&XVWRPVGHPDQGVPDWWHUVXQGHUGLVSXWH

6DOHVWD[GHPDQGVPDWWHUVXQGHUGLVSXWH

QFRPHWD[GHPDQGVPDWWHUVXQGHUGLVSXWH

7
KH&ODLPDJDLQVWWKH&RPSDQ\FRPSULVHRIGXHVLQUHVSHFWWRSHUVRQQHOFODLPVDPRXQWXQDVFHUWDLQDEOH
ORFDOWD[HVHWF
7
KH&RPSDQ\LVFRQWHVWLQJWKHGHPDQGVDQGWKHPDQDJHPHQWLQFOXGLQJLWVWD[OHJDODGYLVRUVEHOLHYHWKDW
LWVSRVLWLRQZLOOOLNHO\EHXSKHOGLQWKHDSSHOODWHSURFHVV1RWD[H[SHQVHKDVEHHQDFFUXHGLQWKHQDQFLDO
VWDWHPHQWVIRUWKHWD[GHPDQGUDLVHG

7
KH PDQDJHPHQW EHOLHYHV WKDW WKH XOWLPDWH RXWFRPH RI WKLV SURFHHGLQJ ZLOO QRW KDYH D PDWHULDO DGYHUVH
HHFWRQWKH&RPSDQ\VQDQFLDOSRVLWLRQDQGUHVXOWVRIRSHUDWLRQV
1RWHQFDVHVZKHUHWKHDPRXQWKDYHEHHQDFFUXHGLWKDVQRWEHHQLQFOXGHGKHUH
&DSLWDODQGRWKHUFRPPLWPHQWV
D *
XDUDQWHHVJLYHQE\&RPSDQ\V%DQNHUVRQEHKDOIRIWKH&RPSDQ\DJDLQVW
sanctioned letter of credit and guarantee limit of `0LOOLRQ0DUFK
`0LOOLRQIRUFRQWUDFWVXQGHUWDNHQE\WKH&RPSDQ\DQGRWKHU
PDWWHUVDUHVHFXUHGE\H[WHQVLRQRIFKDUJHE\ZD\RIMRLQWK\SRWKHFDWLRQ
RI VWRFNLQWUDGH VWRUHV DQG VSDUHV HWF ERRN GHEWV VXEMHFW WR SULRU
FKDUJHLQWKHLUIDYRXU
E (
VWLPDWHGYDOXHRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQWV
DQGQRWSURYLGHGIRUQHWRIDGYDQFHV
F )RUFRPPLWPHQWVUHODWLQJWROHDVHDJUHHPHQWVSOHDVHUHIHUQRWH
In ` Million
$VDW
$VDW
0DUFK 0DUFK

7KH&RPSDQ\KDVSURYLGHGWKHOHWWHURIVXSSRUWIRUFHUWDLQVXEVLGLDULHV
G 3
HUIRUPDQFHJXDUDQWHH

7
KH &RPSDQ\ KDV DORQJ ZLWK $/6720 3RZHU +ROGLQJV 6$ JLYHQ DQ LUUHFRYHUDEOH DQG XQFRQGLWLRQDO
XQGHUWDNLQJ WR 173& /LPLWHG IRU WHFKQRORJ\ WUDQVIHU WUDLQLQJ H[HFXWLRQ DQG VXFFHVVIXO SHUIRUPDQFH RI
VWHDPWXUELQHVJHQHUDWRUDQGDX[LOLDU\HTXLSPHQWVVXSSOLHGE\$/6720%KDUDW)RUJH3RZHU/LPLWHGMRLQW
YHQWXUHRIWKH&RPSDQ\

'HULYDWLYHLQVWUXPHQWVDQGXQKHGJHGIRUHLJQFXUUHQF\H[SRVXUHV
L 'HULYDWLYHVRXWVWDQGLQJDVDWWKHUHSRUWLQJGDWH
1DWXUHRILQVWUXPHQW
&XUUHQF\
3XUSRVH
)RUZDUGFRQWUDFWV
86'
)RUZDUGFRQWUDFWV
(85

LL 3DUWLFXODUVRIXQKHGJHGIRUHLJQFXUUHQF\H[SRVXUHDVDWWKHUHSRUWLQJGDWH
3DUWLFXODUV
&XUUHQF\
$VDW0DUFK
$VDW0DUFK
In ` Million
Foreign
)RUHLJQ In `0LOOLRQ
currency in
FXUUHQF\LQ
Million
0LOOLRQ
([SRUWWUDGHUHFHLYDEOHV
PSRUWWUDGHSD\DEOHV
86'

(85

*%3

-3<

(85

*%3

-3<

6(.

)RUHLJQFXUUHQF\WHUPORDQ
86'

3DFNLQJFUHGLW
86'

(85

*%3

86'

(85

*%3

/RDQWRVXEVLGLDU\
(85

2WKHUUHFHLYDEOHV
(85

6(.

86'

(85

(85

86'

%DQNGHSRVLWV
2WKHUSD\DEOHV
QYHVWPHQWV

86'
_ Statutory Reports
Hedging
of highly
probable
sales
Hedging
of highly
probable
sales
$VDW0DUFK
$VDW0DUFK
In ` Million
Foreign
)RUHLJQ In `0LOOLRQ
currency in
FXUUHQF\LQ
Million
0LOOLRQ
_ Company Overview
Notes
'HIHUUDO&DSLWDOLVDWLRQRIH[FKDQJHGLHUHQFHV
7KH0LQLVWU\RI&RUSRUDWH$DLUV0&$KDVLVVXHGWKHDPHQGPHQWGDWHG'HFHPEHUWR$67KH(HFWV

RI&KDQJHVLQ)RUHLJQ([FKDQJH5DWHVWRDOORZFRPSDQLHVGHIHUUDOFDSLWDOL]DWLRQRIH[FKDQJHGLHUHQFHVDULVLQJ
RQORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\LWHPVQDFFRUGDQFHZLWKWKHDPHQGPHQWHDUOLHUDPHQGPHQWWR$6
WKH&RPSDQ\KDVFDSLWDOL]HGH[FKDQJHORVVDULVLQJRQORQJWHUPIRUHLJQFXUUHQF\ORDQWRWKHFRVWRISODQWDQG
HTXLSPHQWV7KH&RPSDQ\DOVRKDVRWKHUORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\LWHPZKHUHWKHJDLQORVVGXHWR
XFWXDWLRQLQIRUHLJQFXUUHQF\LVDFFRXQWHGIRUDV)&07'$DQGGLVFORVHGXQGHUUHVHUYHVDQGVXUSOXV
$FFRUGLQJO\IRUHLJQH[FKDQJHJDLQORVVDGMXVWHGDJDLQVW
&RVWRIWKHDVVHWV&DSLWDOZRUNLQSURJUHVV
)&07'$
$PRUWL]HGLQWKHFXUUHQW\HDU
In ` Million
$VDW
$VDW
0DUFK 0DUFK

/
RDQVDQGDGYDQFHVLQWKHQDWXUHRIORDQVJLYHQWRVXEVLGLDULHVDQGDVVRFLDWHVDQGUPV
FRPSDQLHVLQZKLFKGLUHFWRUVDUHLQWHUHVWHG
&'3%KDUDW)RUJH*PE+
- Balance as at March 31

0D[LPXPDPRXQWRXWVWDQGLQJGXULQJWKH\HDU




In ` Million
$VDW
$VDW
0DUFK 0DUFK

$OODGYDQFHVDUHUHSD\DEOHRQGHPDQG
'HWDLOVRIGXHVWRPLFURDQGVPDOOHQWHUSULVHVDVGHQHGXQGHU060('$FW
In ` Million
$VDW
$VDW
0DUFK 0DUFK
3ULQFLSDODPRXQWGXHWRVXSSOLHUVXQGHU060('$FW

QWHUHVWDFFUXHGDQGGXHWRVXSSOLHUVXQGHU060('$FWRQWKHDERYHDPRXQW

3D\PHQWPDGHWRVXSSOLHUVRWKHUWKDQLQWHUHVWEH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDU

QWHUHVWSDLGWRVXSSOLHUVXQGHU060('$FWRWKHUWKDQ6HFWLRQ

QWHUHVWSDLGWRVXSSOLHUVXQGHU060('$FW6HFWLRQ

QWHUHVWGXHDQGSD\DEOHWRVXSSOLHUVXQGHU060('$FWIRUWKHSD\PHQWVDOUHDG\

made
Interest accrued and remaining unpaid at the end of the year to suppliers under
060('$FW

7KHLQIRUPDWLRQKDVEHHQJLYHQLQUHVSHFWRIVXFKYHQGRUVWRWKHH[WHQWWKH\FRXOGEHLGHQWLHGDV0LFURDQG
6PDOOHQWHUSULVHVRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\

9DOXHRILPSRUWVFDOFXODWHGRQ&)EDVLV
5DZPDWHULDOVDQGFRPSRQHQWV
'LHEORFNVGLHVWHHOWRROVWHHODQGVWRUHVVSDUHV
&DSLWDOJRRGV
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

TOTAL
_ Company Overview
([SHQGLWXUHLQIRUHLJQFXUUHQF\RQDFFUXDOEDVLV

(DUQLQJVLQIRUHLJQFXUUHQF\RQDFFUXDOEDVLV
D ([FKDQJHGLHUHQFHJDLQORVVRQDFFRXQWRIXFWXDWLRQVLQIRUHLJQFXUUHQF\UDWHV

7
KHQHWH[FKDQJHGLHUHQFHVJDLQORVVHVDULVLQJGXULQJWKH\HDURQKLJKO\SUREDEOHIRUHFDVWHGWUDQVDFWLRQ
UHODWLQJWRH[SRUWVDVDSDUWRIVDOHVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVVLV`0LOOLRQ0DUFK
`0LOOLRQ
E 'HIHUUHGSD\PHQWOLDELOLWLHV
6
DOHVWD[GHIHUUDOLQFHQWLYHVDWWDFKHGWRWKHHUVWZKLOHZLQGPLOOGLYLVLRQZKLFKZDVGHPHUJHGWR%)8WLOLWLHV
/LPLWHG%)8/XQGHU6HFWLRQDQGRIWKHHUVWZKLOH&RPSDQLHV$FWVDQFWLRQHGE\WKH+LJK&RXUW
RIWKH-XGLFDWXUHDW0XPEDLKDYHEHHQSDVVHGRQWKHUHDIWHUIURP\HDUWR\HDUE\WKH&RPSDQ\WRWKHODWWHU
XQGHUDQDUUDQJHPHQWZLWKDOOOLDELOLWLHVDQGREOLJDWLRQVDWWDFKHGWKHUHWRWDNHQRYHUFRPSOHWHO\E\%)8/7KH
net liability outstanding of BFUL after such pass on amounts to `0LOOLRQ0DUFK`0LOOLRQ

)2%YDOXHRIH[SRUWV
QVXUDQFHDQGIUHLJKWRQH[SRUWV
'LHGHVLJQDQGSUHSDUDWLRQFKDUJHV
Interest on loan to subsidiary
*XDUDQWHHFRPPLVVLRQ
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

TOTAL
_ Statutory Reports
Interest

>QFOXGLQJFDSLWDOL]HG`0LOOLRQ0DUFK`0LOOLRQ@
Interest on Bills discounting
&RPPLVVLRQDQGGLVFRXQW
2WKHUH[SHQVHV

>QFOXGLQJFDSLWDOL]HG`0LOOLRQ0DUFK`0LOOLRQ@
TOTAL
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

Notes
([SHQGLWXUHRQUHVHDUFKDQGGHYHORSPHQW
$ 2QUHYHQXHDFFRXQW

0DQXIDFWXULQJH[SHQVHV
Materials

6WRUHVVSDUHVDQGWRROVFRQVXPHG

5HSDLUVDQGPDLQWHQDQFH
- Machinery repairs

3D\PHQWVWRDQGSURYLVLRQIRUHPSOR\HHV
6DODULHV ZDJHV ERQXV DOORZDQFHV &RQWULEXWLRQ WR SURYLGHQW
DQGRWKHUIXQGVDQGVFKHPHVHWF
2WKHUH[SHQVHV
Legal and professional charges
Membership fees

('3H[SHQVHV

2WKHUH[SHQVHV
TOTAL
% 2QFDSLWDODFFRXQW

7RWDOUHVHDUFKDQGGHYHORSPHQWH[SHQGLWXUH
$%
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK

&65([SHQGLWXUH
In ` Million
<HDUHQGHG
<HDUHQGHG
0DUFK 0DUFK
D *URVVDPRXQWUHTXLUHGWREHVSHQWE\WKH&RPSDQ\GXULQJWKH\HDU
1$
In ` Million
<HDUHQGHG0DUFK
QFDVK
<HWWREH
7RWDO
SDLGLQFDVK
E $PRXQWVSHQWGXULQJWKH\HDURQ
3URPRWLRQRIHGXFDWLRQ
'RQDWLRQ
3URPRWLQJJHQGHUHTXDOLW\DQGHPSRZHULQJZRPHQ
(QVXULQJHQYLURQPHQWDOVXVWDLQDELOLW\
(PSOR\PHQWHQKDQFLQJYRFDWLRQDOVNLOOV
Stores
3RZHUIXHODQGZDWHU
Building repairs and road maintenance
FDUULHGRYHU

&65([SHQGLWXUH&RQWG

E $PRXQWVSHQWGXULQJWKH\HDURQ&RQWG
EURXJKWRYHU
3URPRWLRQRI6SRUWV
'RQDWLRQV
+HDOWKDQGK\JLHQH
0HDVXUHVEHQHWLQJDUPVIRUFHV
2WKHUV
TOTAL

_ Statutory Reports
0LVVLRQ6DQLWDWLRQRI6FKRRO
Building repairs and road maintenance
In ` Million
<HDUHQGHG0DUFK
QFDVK
<HWWREH
7RWDO
SDLGLQFDVK

_ Company Overview
7 KHQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ`0LOOLRQDQGGHFLPDOWKHUHRIH[FHSWIRUSHUVKDUHLQIRUPDWLRQRUDV
RWKHUZLVHVWDWHG
FODVVLFDWLRQ
)RU65%& &R//3
SHU$591'6(7+
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
%1.$/<$1
*.$*$5:$/
.6+25(6$/(725(
$1$1''$*$
&RPSDQ\6HFUHWDU\

3UHYLRXV \HDU JXUHV KDYH EHHQ UHJURXSHGUHFODVVLHG ZKHUH QHFHVVDU\ WR FRQIRUP WR WKH FXUUHQW \HDUV
Independent Auditors Report

To The Members of Bharat Forge Limited
5HSRUWRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJFRQVROLGDWHGQDQFLDOVWDWHPHQWVRI%KDUDW)RUJH/LPLWHGKHUHLQDIWHUUHIHUUHG
WRDVWKH+ROGLQJ&RPSDQ\DQGLWVVXEVLGLDULHVWKH+ROGLQJ&RPSDQ\DQGLWVVXEVLGLDULHVWRJHWKHUUHIHUUHGWRDV
WKH*URXSLWVDVVRFLDWHVDQGMRLQWO\FRQWUROOHGHQWLWLHVFRPSULVLQJRIWKHFRQVROLGDWHGEDODQFHVKHHWDVDW0DUFK
WKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVWKHFRQVROLGDWHGFDVKRZVWDWHPHQWIRUWKH\HDUWKHQHQGHGDQG
DVXPPDU\RIWKHVLJQLFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQKHUHLQDIWHUUHIHUUHGWRDVWKH
FRQVROLGDWHGQDQFLDOVWDWHPHQWV
0DQDJHPHQWVUHVSRQVLELOLW\IRUWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
7KH+ROGLQJ&RPSDQ\V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHSUHSDUDWLRQRIWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
LQWHUPVRIWKHUHTXLUHPHQWVRIWKH&RPSDQLHV$FWWKH$FWWKDWJLYHDWUXHDQGIDLUYLHZRIWKHFRQVROLGDWHG
QDQFLDOSRVLWLRQFRQVROLGDWHGQDQFLDOSHUIRUPDQFHDQGFRQVROLGDWHGFDVKRZVRIWKH*URXSLQDFFRUGDQFHZLWK
WKH DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG LQ QGLD LQFOXGLQJ WKH $FFRXQWLQJ 6WDQGDUGV VSHFLHG XQGHU 6HFWLRQ
RI WKH $FW UHDG ZLWK 5XOH RI WKH &RPSDQLHV $FFRXQWV 5XOHV 7KH UHVSHFWLYH %RDUG RI 'LUHFWRUV RI WKH
FRPSDQLHVLQFOXGHGLQWKH*URXSDQGRILWVDVVRFLDWHVDQGMRLQWO\FRQWUROOHGHQWLWLHVDUHUHVSRQVLEOHIRUPDLQWHQDQFHRI
DGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJWKHDVVHWVRIWKH*URXSDQG
IRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHULUUHJXODULWLHVWKHVHOHFWLRQDQGDSSOLFDWLRQRIDSSURSULDWHDFFRXQWLQJ
SROLFLHV PDNLQJ MXGJPHQWV DQG HVWLPDWHV WKDW DUH UHDVRQDEOH DQG SUXGHQW DQG WKH GHVLJQ LPSOHPHQWDWLRQ DQG
PDLQWHQDQFH RI DGHTXDWH LQWHUQDO QDQFLDO FRQWUROV WKDW ZHUH RSHUDWLQJ HHFWLYHO\ IRU HQVXULQJ WKH DFFXUDF\ DQG
FRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVUHOHYDQWWRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWVWKDW
JLYHDWUXHDQGIDLUYLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUZKLFKKDYHEHHQXVHG
IRUWKHSXUSRVHRISUHSDUDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVE\WKH'LUHFWRUVRIWKH+ROGLQJ&RPSDQ\DV
DIRUHVDLG
Auditors responsibility
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKHVH FRQVROLGDWHG QDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW :KLOH
FRQGXFWLQJ WKH DXGLW ZH KDYH WDNHQ LQWR DFFRXQW WKH SURYLVLRQV RI WKH $FW WKH DFFRXQWLQJ DQG DXGLWLQJ VWDQGDUGV
DQGPDWWHUVZKLFKDUHUHTXLUHGWREHLQFOXGHGLQWKHDXGLWUHSRUWXQGHUWKHSURYLVLRQVRIWKH$FWDQGWKH5XOHVPDGH
WKHUHXQGHU:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\WKHQVWLWXWHRI&KDUWHUHG
$FFRXQWDQWVRIQGLDDVVSHFLHGXQGHU6HFWLRQRIWKH$FW7KRVH6WDQGDUGVUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDO
UHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHFRQVROLGDWHGQDQFLDO
VWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
$Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH DERXW WKH DPRXQWV DQG WKH GLVFORVXUHV LQ WKH
FRQVROLGDWHGQDQFLDOVWDWHPHQWV7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRUVMXGJPHQWLQFOXGLQJWKHDVVHVVPHQW
RIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURUQPDNLQJ
WKRVHULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUVLQWHUQDOQDQFLDOFRQWUROUHOHYDQWWRWKH+ROGLQJ&RPSDQ\VSUHSDUDWLRQ
RI WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLU YLHZ LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH
DSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQZKHWKHUWKH+ROGLQJ&RPSDQ\KDV
LQSODFHDQDGHTXDWHLQWHUQDOQDQFLDOFRQWUROVV\VWHPRYHUQDQFLDOUHSRUWLQJDQGWKHRSHUDWLQJHHFWLYHQHVVRIVXFK
FRQWUROV$QDXGLWDOVRLQFOXGHVHYDOXDWLQJWKHDSSURSULDWHQHVVRIWKHDFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVV
RI WKH DFFRXQWLQJ HVWLPDWHV PDGH E\ WKH +ROGLQJ &RPSDQ\V %RDUG RI 'LUHFWRUV DV ZHOO DV HYDOXDWLQJ WKH RYHUDOO
SUHVHQWDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHREWDLQHGE\XVDQGWKHDXGLW
HYLGHQFHREWDLQHGE\WKHRWKHUDXGLWRUVLQWHUPVRIWKHLUUHSRUWVUHIHUUHGWRLQSDUDJUDSKDRIWKH2WKHU0DWWHUV
EHORZLVVXFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
Opinion
Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH H[SODQDWLRQV JLYHQ WR XV WKH FRQVROLGDWHG
QDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZLQ
FRQIRUPLW\ZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDRIWKHFRQVROLGDWHGVWDWHRIDDLUVRIWKH*URXS
LWVDVVRFLDWHVDQGMRLQWO\FRQWUROOHGHQWLWLHVDVDW0DUFKDQGWKHLUFRQVROLGDWHGSURWDQGWKHLUFRQVROLGDWHG
FDVKRZVIRUWKH\HDUHQGHGRQWKDWGDWH
154
:HGUDZ\RXUDWWHQWLRQWRWKHIROORZLQJPDWWHUVLQWKH1RWHVWRWKHQDQFLDOVWDWHPHQWV
1RWHUHJDUGLQJWKH0XQGUD/DQGVFXUUHQWVWDWXVZLWKUHVSHFWWRPDQDJHPHQWVFRQWHPSODWLRQDERXWWKHIXWXUH
XVH IRU 0XQGUD /RFDWLRQ 7KH IXWXUH RXWFRPH RI WKH PDWWHU FDQQRW SUHVHQWO\ EH GHWHUPLQHG DQG KHQFH QR LPSDFW
WKHUHRIKDVEHHQFRQVLGHUHGE\WKHPDQDJHPHQWLQWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHVHFRQVROLGDWHGQDQFLDO
VWDWHPHQWV2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
Report on other legal and regulatory requirements

$VUHTXLUHGE\WKH&RPSDQLHV$XGLWRUV5HSRUW2UGHUWKH2UGHULVVXHGE\WKH&HQWUDO*RYHUQPHQWRI
QGLDLQWHUPVRIVXEVHFWLRQRI6HFWLRQRIWKH$FWEDVHGRQWKHFRPPHQWVLQWKHDXGLWRUVUHSRUWVRIWKH
+ROGLQJ &RPSDQ\ LWV VXEVLGLDULHV DVVRFLDWH FRPSDQLHV DQG MRLQWO\ FRQWUROOHG HQWLWLHV LQFRUSRUDWHG LQ QGLD WR
ZKRPWKHRUGHUDSSOLHVZHJLYHLQWKH$QQH[XUHDVWDWHPHQWRQWKHPDWWHUVVSHFLHGLQSDUDJUDSKVDQGRI
WKH2UGHUWRWKHH[WHQWDSSOLFDEOH

$VUHTXLUHGE\6HFWLRQRIWKH$FWZHUHSRUWWRWKHH[WHQWDSSOLFDEOHWKDW
D :HWKHRWKHUDXGLWRUVZKRVHUHSRUWVZHKDYHUHOLHGXSRQKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQG
H[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIZHUHQHFHVVDU\IRUWKHSXUSRVHVRIRXUDXGLWRI
WKHDIRUHVDLGFRQVROLGDWHGQDQFLDOVWDWHPHQWV
E QRXURSLQLRQSURSHUERRNVRIDFFRXQWDVUHTXLUHGE\ODZUHODWLQJWRSUHSDUDWLRQRIWKHDIRUHVDLGFRQVROLGDWHG
QDQFLDOVWDWHPHQWVKDYHEHHQNHSWVRIDUDVLWDSSHDUVIURPRXUH[DPLQDWLRQRIWKRVHERRNVDQGWKHUHSRUWV
RIWKHRWKHUDXGLWRUV

Emphasis of matter
F 7KHFRQVROLGDWHGEDODQFHVKHHWWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVDQGWKHFRQVROLGDWHGFDVKRZ
VWDWHPHQWGHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQWZLWKWKHERRNVRIDFFRXQWPDLQWDLQHGIRUWKHSXUSRVH
RISUHSDUDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
G Q RXU RSLQLRQ WKH DIRUHVDLG FRQVROLGDWHG QDQFLDO VWDWHPHQWV FRPSO\ ZLWK WKH $FFRXQWLQJ 6WDQGDUGV
VSHFLHGXQGHU6HFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
I
:LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRUV5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH
&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJ
WRWKHH[SODQDWLRQVJLYHQWRXV
L
7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV GLVFORVH WKH LPSDFW RI SHQGLQJ OLWLJDWLRQV RQ LWV FRQVROLGDWHG
QDQFLDO SRVLWLRQ RI WKH *URXS LWV DVVRFLDWHV DQG MRLQWO\ FRQWUROOHG HQWLWLHV 5HIHU 1RWH WR WKH
FRQVROLGDWHGQDQFLDOVWDWHPHQWV
LL
3URYLVLRQ KDV EHHQ PDGH LQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DV UHTXLUHG XQGHU WKH DSSOLFDEOH
ODZ RU DFFRXQWLQJ VWDQGDUGV IRU PDWHULDO IRUHVHHDEOH ORVVHV LI DQ\ RQ ORQJWHUP FRQWUDFWV LQFOXGLQJ
GHULYDWLYHFRQWUDFWV5HIHU1RWHVDQG1RWHWRWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQUHVSHFWRI
VXFKLWHPV
LLL 7KHUHKDVEHHQQRGHOD\LQWUDQVIHUULQJDPRXQWVUHTXLUHGWREHWUDQVIHUUHGWRWKHQYHVWRU(GXFDWLRQ
DQG 3URWHFWLRQ )XQG E\ WKH +ROGLQJ &RPSDQ\ DQG LWV VXEVLGLDULHV DVVRFLDWH FRPSDQLHV DQG MRLQWO\
FRQWUROOHGHQWLWLHVLQFRUSRUDWHGLQQGLD
155
H 2QWKHEDVLVRIWKHZULWWHQUHSUHVHQWDWLRQVUHFHLYHGIURPWKHGLUHFWRUVRIWKH+ROGLQJ&RPSDQ\DVRQ0DUFK
WDNHQRQUHFRUGE\WKH%RDUGRI'LUHFWRUVRIWKH+ROGLQJ&RPSDQ\DQGWKHUHSRUWVRIWKHDXGLWRUV
ZKR DUH DSSRLQWHG XQGHU 6HFWLRQ RI WKH $FW RI LWV VXEVLGLDU\ FRPSDQLHV DVVRFLDWH FRPSDQLHV DQG
MRLQWO\FRQWUROOHGHQWLWLHVLQFRUSRUDWHGLQQGLDQRQHRIWKHGLUHFWRUVRIWKH*URXSFRPSDQLHVLWVDVVRFLDWH
FRPSDQLHVDQGMRLQWO\FRQWUROOHGHQWLWLHVLQFRUSRUDWHGLQQGLDLVGLVTXDOLHGDVRQ0DUFKIURPEHLQJ
DSSRLQWHGDVDGLUHFWRULQWHUPVRI6HFWLRQRIWKH$FW

Other matters
D
:HGLGQRWDXGLWWKHQDQFLDOLQIRUPDWLRQRIDOOWKHRYHUVHDVVXEVLGLDULHVZKRVHQDQFLDOLQIRUPDWLRQDVVWDWHG
LQQRWHDRIFRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGXQGHUDFFRXQWLQJSULQFLSOHVRWKHUWKDQ
DFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDQGLDQ*$$3DQGZKLFKLQWKHDJJUHJDWHUHHFWWRWDODVVHWV
RI ` 0LOOLRQ DV DW \HDU HQGHG 'HFHPEHU DQG 0DUFK DV DSSOLFDEOH UHYHQXHV RI `
0LOOLRQDQGQHWFDVKRXWRZVRI`0LOOLRQIRUWKH\HDUHQGHG'HFHPEHUDQG0DUFK
DVDSSOLFDEOH7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDOVRLQFOXGHWKH*URXSVVKDUHRIQHWORVVRI`
0LOOLRQIRUWKH\HDUHQGHG'HFHPEHUDQG0DUFKDVDSSOLFDEOHDVFRQVLGHUHGLQWKHFRQVROLGDWHG
QDQFLDOVWDWHPHQWVLQUHVSHFWRIDOORYHUVHDVVXEVLGLDULHVZKRVHQDQFLDOVWDWHPHQWVKDYHQRWEHHQDXGLWHGE\
XV:HDOVRGLGQRWDXGLWWKHQDQFLDOLQIRUPDWLRQRIDQRYHUVHDVDVVRFLDWHZKRVHQDQFLDOLQIRUPDWLRQUHHFWV
QHWLQFRPHRI`1LO6XFKQDQFLDOLQIRUPDWLRQKDYHEHHQDXGLWHGE\RWKHUDXGLWRUVZKRKDYHVXEPLWWHGWKHLU
DXGLWRSLQLRQVSUHSDUHGXQGHUQWHUQDWLRQDODXGLWLQJVWDQGDUGVWRWKHPDQDJHPHQWRIWKHUHVSHFWLYHFRPSDQLHV
FRSLHVRIZKLFKKDYHEHHQSURYLGHGWRXVE\WKH&RPSDQ\7KHPDQDJHPHQWRIWKH&RPSDQ\KDVFRQYHUWHGWKHVH
DXGLWHG QDQFLDO LQIRUPDWLRQ DQG QDQFLDO VWDWHPHQWV DV WKH FDVH PD\ EH RI WKH &RPSDQ\V VXEVLGLDULHV DQG
DVVRFLDWHVWRQGLDQ*$$3IRUWKHSXUSRVHRISUHSDUDWLRQRIWKHDFFRPSDQ\LQJFRQVROLGDWHGQDQFLDOVWDWHPHQWV
7KHVH QDQFLDO LQIRUPDWLRQ KDYH EHHQ DXGLWHG E\ RWKHU DXGLWRUV ZKRVH UHSRUWV KDYH EHHQ IXUQLVKHG WR XV E\
WKH0DQDJHPHQWDQGRXURSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQVRIDUDVLWUHODWHVWRWKHDPRXQWV
DQGGLVFORVXUHVLQFOXGHGLQUHVSHFWRIWKHVHVXEVLGLDULHVDQGDVVRFLDWHVDQGRXUUHSRUWLQWHUPVRIVXEVHFWLRQV
RI 6HFWLRQ RI WKH $FW LQ VR IDU DV LW UHODWHV WR WKH DIRUHVDLG VXEVLGLDULHV DQG DVVRFLDWHV LV EDVHG VROHO\
RQ WKH UHSRUWV RI VXFK RWKHU DXGLWRUV DQG RXU UHYLHZ RI WKH DIRUHVDLG FRQYHUVLRQ SURFHVV XQGHUWDNHQ E\ WKH
PDQDJHPHQW2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
E
:HGLGQRWDXGLWWKHQDQFLDOVWDWHPHQWVRIDOOWKHGRPHVWLFVXEVLGLDULHVMRLQWO\FRQWUROOHGHQWLWLHVZKRVHQDQFLDO
VWDWHPHQWVUHHFWWRWDODVVHWVRI`0LOOLRQDVDW0DUFKWRWDOUHYHQXHVRI`0LOOLRQDQG
QHWFDVKRZVDPRXQWLQJWR`0LOOLRQIRUWKH\HDUHQGHGRQWKDWGDWHDVFRQVLGHUHGLQWKHFRQVROLGDWHG
QDQFLDOVWDWHPHQWV7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDOVRLQFOXGHWKH*URXSVVKDUHRIQHWSURWRI`
0LOOLRQIRUWKH\HDUHQGHG0DUFKDVFRQVLGHUHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQUHVSHFWRI
DOOGRPHVWLFDVVRFLDWHVZKRVHQDQFLDOVWDWHPHQWVKDYHQRWEHHQDXGLWHGE\XV7KHVHQDQFLDOVWDWHPHQWVDUH
DXGLWHGE\RWKHUDXGLWRUVDQGKDYHEHHQIXUQLVKHGWRXVE\WKH0DQDJHPHQWDQGRXURSLQLRQRQWKHFRQVROLGDWHG
QDQFLDOVWDWHPHQWVLQVRIDUDVLWUHODWHVWRWKHDPRXQWVDQGGLVFORVXUHVLQFOXGHGLQUHVSHFWRIWKHVHVXEVLGLDULHV
MRLQWO\FRQWUROOHGHQWLWLHVDQGDVVRFLDWHVDQGRXUUHSRUWLQWHUPVRIVXEVHFWLRQVDQGRI6HFWLRQRIWKH
$FWLQVRIDUDVLWUHODWHVWRWKHDIRUHVDLGVXEVLGLDULHVMRLQWO\FRQWUROOHGHQWLWLHVDQGDVVRFLDWHVLVEDVHGVROHO\RQ
VXFKDXGLWHGQDQFLDOVWDWHPHQWV2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
F
:H GLG QRW DXGLW WKH QDQFLDO VWDWHPHQWV RI PSDFW $XWRPRWLYH 6ROXWLRQV /LPLWHG PSDFW D GRPHVWLF MRLQW
FRQWUROOHG HQWLW\ ZKRVH QDQFLDO LQIRUPDWLRQ LQFOXGHG LQ WKH DFFRPSDQ\LQJ FRQVROLGDWHG QDQFLDO VWDWHPHQWV
UHHFWVWRWDODVVHWVRI`1LODVDW-XQHWRWDOUHYHQXHVRI`0LOOLRQDQGQHWFDVKRXWRZVDPRXQWLQJWR
`0LOOLRQIRUWKHSHULRGHQGHG-XQH6XFKQDQFLDOLQIRUPDWLRQKDVQRWEHHQDXGLWHGEXWKDVEHHQ
DSSURYHGE\WKH0DQDJHPHQWDQGKDVEHHQIXUQLVKHGWRXV2XURSLQLRQLQVRIDUDVLWUHODWHVWRWKHDDLUVRI
VXFKMRLQWFRQWUROOHGHQWLW\LVEDVHGVROHO\RQWKH0DQDJHPHQWFHUWLHGDFFRXQWVQRXURSLQLRQDQGDFFRUGLQJWR
WKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVE\WKH0DQDJHPHQWWKHVHQDQFLDOVWDWHPHQWVDQGRWKHUQDQFLDO
LQIRUPDWLRQDUHQRWPDWHULDOWRWKH*URXS2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
2XURSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDQGRXUUHSRUWRQ2WKHU/HJDODQG5HJXODWRU\5HTXLUHPHQWV
EHORZLVQRWPRGLHGLQUHVSHFWRIWKHDERYHPDWWHUVZLWKUHVSHFWWRRXUUHOLDQFHRQWKHZRUNGRQHDQGWKHUHSRUWVRI
WKHRWKHUDXGLWRUVDQGWKHQDQFLDOVWDWHPHQWVDQGRWKHUQDQFLDOLQIRUPDWLRQFHUWLHGE\WKH0DQDJHPHQW
For S R B C & Co. LLP
ICAI Firm Registration Number: 324982E
SHU$UYLQG6HWKL
3DUWQHU
0HPEHUVKLS1R
3ODFHRIVLJQDWXUH3XQH
'DWH0D\
156
7KH *URXS FRPSULVLQJ %KDUDW )RUJH /LPLWHG +ROGLQJ &RPSDQ\ DQG LWV VXEVLGLDULHV MRLQW FRQWUROOHG HQWLWLHV DQG
DVVRFLDWHVLQFRUSRUDWHGLQQGLDDQGWRZKRPWKHSURYLVLRQVRIWKH2UGHUDSSO\WRJHWKHUUHIHUUHGWRDVWKH&RYHUHG
HQWLWLHVLQWKLVUHSRUWLVWDEXODWHGEHORZ
Name of the Company
Relationship
6XEVLGLDU\
%)QIUDVWUXFWXUH/LPLWHG
6XEVLGLDU\
6XEVLGLDU\
.DO\DQL6WUDWHJLF6\VWHPV/LPLWHG
6XEVLGLDU\
%)(OELW$GYDQFHV6\VWHPV3ULYDWH/LPLWHG
6XEVLGLDU\
6XEVLGLDU\
$OVWRP%KDUDW)RUJH3RZHU/LPLWHG
-RLQWFRQWUROOHGHQWLW\
-RLQWFRQWUROOHGHQWLW\
)HUURYLD7UDQVUDLO6ROXWLRQV3ULYDWH/LPLWHG
$VVRFLDWH
KHOGWKURXJKVXEVLGLDULHV
L
D 7KH+ROGLQJ&RPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSKDYHPDLQWDLQHGSURSHUUHFRUGVVKRZLQJIXOO
SDUWLFXODUVLQFOXGLQJTXDQWLWDWLYHGHWDLOVDQGVLWXDWLRQRI[HGDVVHWV
Annexure referred to in paragraph 1 of the section on Report on other legal and regulatory requirements of
our report of even date
E $OO[HGDVVHWVKDYHQRWEHHQSK\VLFDOO\YHULHGE\WKHPDQDJHPHQWRIWKH+ROGLQJ&RPSDQ\LWVVXEVLGLDULHV
MRLQWFRQWUROOHGHQWLWLHVDQGDVVRFLDWHGXULQJWKH\HDUEXWWKHUHLVDUHJXODUSURJUDPPHRIYHULFDWLRQZKLFK
LQRXURSLQLRQDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHDIRUHVDLG
VXEVLGLDULHV MRLQW FRQWUROOHG HQWLWLHV DQG DVVRFLDWH LV UHDVRQDEOH KDYLQJ UHJDUG WR WKH VL]H RI WKH +ROGLQJ
&RPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSDQGWKHQDWXUHRILWVDVVHWV1RPDWHULDOGLVFUHSDQFLHVZHUH
QRWLFHGRQVXFKYHULFDWLRQ
D 7KH LQYHQWRU\ KDV EHHQ SK\VLFDOO\ YHULHG E\ WKH PDQDJHPHQW RI WKH +ROGLQJ &RPSDQ\ DQG WKH &RYHUHG
HQWLWLHVRIWKH*URXSGXULQJWKH\HDUQRXURSLQLRQDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKH
QDQFLDOVWDWHPHQWVRIWKHRWKHU&RYHUHGHQWLWLHVRIWKH*URXSWKHIUHTXHQF\RIYHULFDWLRQLVUHDVRQDEOH
QYHQWRULHVO\LQJZLWKRXWVLGHSDUWLHVKDYHEHHQFRQUPHGE\WKHPDVDW\HDUHQGQUHVSHFWRIWZRVXEVLGLDULHV
DVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHDIRUHVDLGVXEVLGLDULHV7KH
&RPSDQ\GRHVQRWKDYHDQ\LQYHQWRU\DQGDFFRUGLQJO\FODXVHVLLDEDQGFRIWKH&RPSDQLHV$XGLWRUV
UHSRUW2UGHUDVDPHQGHGDUHQRWDSSOLFDEOH
E 7KHSURFHGXUHVRISK\VLFDOYHULFDWLRQRILQYHQWRU\IROORZHGE\WKHPDQDJHPHQWRIWKH+ROGLQJFRPSDQ\
DQG DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR DXGLWHG WKH QDQFLDO VWDWHPHQWV RI WKH DIRUHVDLG VXEVLGLDULHV
MRLQW FRQWUROOHG HQWLW\ DQG DVVRFLDWH DUH UHDVRQDEOH DQG DGHTXDWH LQ UHODWLRQ WR WKH VL]H DQG WKH QDWXUH
RI WKHLU EXVLQHVV RI WKH +ROGLQJ &RPSDQ\ DQG WKH DSSOLFDEOH &RYHUHG HQWLWLHV RI WKH *URXS Q UHVSHFW RI
WZR VXEVLGLDULHV DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR DXGLWHG WKH QDQFLDO VWDWHPHQWV RI WKH DIRUHVDLG
VXEVLGLDULHV 7KH &RPSDQ\ GRHV QRW KDYH DQ\ LQYHQWRU\ DQG DFFRUGLQJO\ FODXVHV LL D E DQG F RI WKH
&RPSDQLHV$XGLWRUVUHSRUW2UGHUDVDPHQGHGDUHQRWDSSOLFDEOH
F 7KH +ROGLQJ &RPSDQ\ DQG DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR DXGLWHG WKH QDQFLDO VWDWHPHQWV RI WKH
DIRUHVDLGVXEVLGLDULHVMRLQWFRQWUROOHGHQWLW\DQGDVVRFLDWH&RYHUHGHQWLWLHVDUHPDLQWDLQLQJSURSHUUHFRUGV
RILQYHQWRU\'LVFUHSDQFLHVQRWHGRQSK\VLFDOYHULFDWLRQRILQYHQWRULHVZHUHQRWPDWHULDODQGKDYHEHHQ
SURSHUO\ GHDOW ZLWK LQ WKH ERRNV RI DFFRXQW RI WKH UHVSHFWLYH &RYHUHG HQWLWLHV RI WKH *URXS Q UHVSHFW RI
157
LL

WZR VXEVLGLDULHV DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR DXGLWHG WKH QDQFLDO VWDWHPHQWV RI WKH DIRUHVDLG
VXEVLGLDULHV 7KH &RPSDQ\ GRHV QRW KDYH DQ\ LQYHQWRU\ DQG DFFRUGLQJO\ FODXVHV LL D E DQG F RI WKH
&RPSDQLHV$XGLWRUVUHSRUW2UGHUDVDPHQGHGDUHQRWDSSOLFDEOH
LLL D 7KH+ROGLQJ&RPSDQ\KDVJUDQWHGXQVHFXUHGORDQWRRQHSDUW\FRYHUHGLQWKHUHJLVWHUPDLQWDLQHGXQGHU
VHFWLRQRIWKH&RPSDQLHV$FW7KHORDQVJUDQWHGDUHUHSD\DEOHRQGHPDQGDQGSD\PHQWRILQWHUHVW
KDV EHHQ UHJXODU &RYHUHG HQWLWLHV RI WKH *URXS DQG DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR DXGLWHG WKH
QDQFLDOVWDWHPHQWVRIWKH&RYHUHGHQWLWLHVKDYHQRWJUDQWHGDQ\ORDQVVHFXUHGRUXQVHFXUHGWRFRPSDQLHV
UPV RU RWKHU SDUWLHV FRYHUHG LQ WKH UHJLVWHU PDLQWDLQHG XQGHU VHFWLRQ RI WKH &RPSDQLHV $FW
$FFRUGLQJO\WKHSURYLVLRQVRIFODXVHLLLDDQGERIWKH2UGHUDUHQRWDSSOLFDEOHWRWKH&RYHUHGHQWLWLHVRI
WKH*URXSDQGKHQFHQRWFRPPHQWHGXSRQ
E 7KHUHLVQRRYHUGXHDPRXQWRIORDQVJUDQWHGE\WKH+ROGLQJ&RPSDQ\WRFRPSDQLHVUPVRURWKHUSDUWLHV
OLVWHGLQWKHUHJLVWHUPDLQWDLQHGXQGHUVHFWLRQRIWKH&RPSDQLHV$FW
LY QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUV
ZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIFHUWDLQ&RYHUHGHQWLWLHVRIWKH*URXSWKHUHLVDQDGHTXDWHLQWHUQDOFRQWURO
V\VWHP FRPPHQVXUDWH ZLWK WKH VL]H RI WKH +ROGLQJ &RPSDQ\ DQG WKH &RYHUHG HQWLWLHV RI WKH *URXS DQG WKH
QDWXUHRILWVEXVLQHVVHVIRUWKHSXUFKDVHRILQYHQWRU\DQG[HGDVVHWVDQGIRUWKHVDOHRIJRRGVDQGVHUYLFHVWR
WKHH[WHQWDSSOLFDEOHWRWKHQDWXUHRIWKHEXVLQHVVRIWKH&RYHUHGHQWLWLHVRIWKH*URXS'XULQJWKHFRXUVHRIRXU
DXGLWDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIFHUWDLQ&RYHUHGHQWLWLHVRI
WKH*URXSQRPDMRUZHDNQHVVZDVREVHUYHGRUFRQWLQXLQJIDLOXUHWRFRUUHFWDQ\PDMRUZHDNQHVVLQWKHLQWHUQDO
FRQWUROV\VWHPRIWKH+ROGLQJ&RPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSLQUHVSHFWRIWKHVHDUHDV
Y
7KH+ROGLQJ&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWVIURPWKHSXEOLF7KHUHIRUHLQRXURSLQLRQWKHSURYLVLRQVRI
FODXVHYRIWKH2UGHUDUHQRWDSSOLFDEOHWRWKH&RPSDQ\$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQ
WRXVLQUHVSHFWRIGHSRVLWVDFFHSWHGHDUOLHUXQGHUUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWDQGWKHUXOHV
IUDPHGWKHUHXQGHUWKHUHDUHFHUWDLQXQFODLPHGGHSRVLWDPRXQWLQJWR`0LOOLRQLQFOXGLQJLQWHUHVWWKHUHRQ
VXEMHFWWROLWLJDWLRQQUHVSHFWRI&RYHUHGHQWLWLHVDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDO
VWDWHPHQWVRIWKHDIRUHVDLGVXEVLGLDULHVMRLQWFRQWUROOHGHQWLWLHVDQGDVVRFLDWHWKLVFODXVHLVQRWDSSOLFDEOHDVQR
GHSRVLWVZHUHDFFHSWHGXQGHUWKHUHOHYDQWSURYLVLRQV
YL :HDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHDIRUHVDLGVXEVLGLDULHVMRLQW
FRQWUROOHGHQWLWLHVDQGDVVRFLDWHKDYHEURDGO\UHYLHZHGWKHERRNVRIDFFRXQWPDLQWDLQHGE\WKH+ROGLQJ&RPSDQ\
DQGRQHMRLQWFRQWUROOHGHQWLW\WRWKHH[WHQWDSSOLFDEOHDQGUHOHYDQWSXUVXDQWWRWKHUXOHVPDGHE\WKH&HQWUDO
*RYHUQPHQWIRUWKHPDLQWHQDQFHRIFRVWUHFRUGVXQGHUVHFWLRQRIWKH&RPSDQLHV$FWUHODWHGWRWKH
PDQXIDFWXUHRIIRUJHGSURGXFWVDQGRWKHUVDVDSSOLFDEOHDQGDUHRIWKHRSLQLRQWKDWSULPDIDFLHWKHVSHFLHG
DFFRXQWVDQGUHFRUGVKDYHEHHQPDGHDQGPDLQWDLQHG7KHGHWDLOHGH[DPLQDWLRQRIWKHVDPHKDVQRWEHHQPDGH
E\XVRUVXFKRWKHUDXGLWRUV)XUWKHUDVUHSRUWHGE\WKHRWKHUDXGLWRUVRIFHUWDLQ&RYHUHGHQWLWLHVWKH&HQWUDO
*RYHUQPHQWKDVQRWVSHFLHGWKHPDLQWHQDQFHRIFRVWUHFRUGVXQGHUVHFWLRQRIWKH&RPSDQLHV$FW
IRUWKHSURGXFWVRIVXFK&RYHUHGHQWLWLHVRIWKH*URXS
YLLD
$FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV WKH +ROGLQJ &RPSDQ\ DQG DV UHSRUWHG E\ WKH
RWKHUDXGLWRUVZKRDXGLWHGWKH&RYHUHGHQWLWLHVWKH+ROGLQJFRPSDQ\DQGWKH&RYHUHGHQWLWLHVDUHJHQHUDOO\
UHJXODU LQ GHSRVLWLQJ ZLWK DSSURSULDWH DXWKRULWLHV XQGLVSXWHG VWDWXWRU\ GXHV LQFOXGLQJ SURYLGHQW IXQG
HPSOR\HHV VWDWH LQVXUDQFH LQFRPHWD[ VDOHVWD[ ZHDOWKWD[VHUYLFH WD[ FXVWRPV GXW\ H[FLVH GXW\ YDOXH
DGGHGWD[FHVVDQGRWKHUPDWHULDOVWDWXWRU\GXHVDVDSSOLFDEOHWRWKHUHVSHFWLYH&RYHUHGHQWLWLHV
E $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV DQG DV UHSRUWHG E\ WKH RWKHU DXGLWRUV ZKR
DXGLWHGWKH&RYHUHGHQWLWLHVQRXQGLVSXWHGDPRXQWVSD\DEOHLQUHVSHFWRISURYLGHQWIXQGHPSOR\HHVVWDWH
LQVXUDQFHLQFRPHWD[ZHDOWKWD[VHUYLFHWD[VDOHVWD[FXVWRPVGXW\H[FLVHGXW\YDOXHDGGHGWD[FHVVDQG
158
F $FFRUGLQJWRWKHUHFRUGV RIWKH+ROGLQJ&RPSDQ\DQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKH
&RYHUHGHQWLWLHVWKHKROGLQJFRPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSWKHGXHVRXWVWDQGLQJRILQFRPH
WD[VDOHVWD[ZHDOWKWD[VHUYLFHWD[FXVWRPVGXW\H[FLVHGXW\YDOXHDGGHGWD[SURSHUW\WD[DQGFHVVRQ
DFFRXQWRIDQ\GLVSXWHDUHDVIROORZV
Holding Company:
Name of the statue
)LQDQFH$FW
3URSHUW\WD[
QFRPHWD[$FW
Amount
(` in Million)
'HPDQG UHFHLYHG IURP

YDULRXV FDVHV `
0LOOLRQSDLGXQGHUSURWHVW

YDULRXV FDVHV `

YDULRXV FDVHV `
1RQ
GHGXFWLRQ
RI

ZLWKKROGLQJ WD[HV XV
`0LOOLRQSDLGXQGHU
SURWHVW
Period to which the Forum where the

amount relates
dispute is pending
$<WR
&RPPLVVLRQHU
DSSHDOV&(67$7
$<WR
&RPPLVVLRQHU
DSSHDOV&(67$7
$<WR
+LJK&RXUW
$<
&7$SSHDOV
&HQWUDO([FLVH$FW

Nature of dues
RWKHUPDWHULDOVWDWXWRU\GXHVZHUHRXWVWDQGLQJDWWKH\HDUHQGIRUDSHULRGRIPRUHWKDQVL[PRQWKVIURP
WKHGDWHWKH\EHFDPHSD\DEOHIRUWKH+ROGLQJ&RPSDQ\DQG&RYHUHGHQWLWLHVRIWKH*URXS
Covered entity(Associate)- Ferrovia Transrail Solutions Private Limited

$FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV WKH GXHV RXWVWDQGLQJ RI VDOH WD[ RQ DFFRXQW RI
GLVSXWHDUHDVIROORZV
Nature of dues
%LKDU$FW
(QWU\WD[
Amount
(` in Million)

Period to which the Forum where the

amount relates
dispute is pending
)<
+LJKFRXUW
Covered entity(subsidiary)- Analogic Controls India Limited

$FFRUGLQJWRWKHUHFRUGVRIWKH&RPSDQ\WKHUHDUHQRGXHVRILQFRPHWD[VDOHVWD[ZHDOWKWD[VHUYLFHWD[GXW\
RIFXVWRPGXW\RIH[FLVHYDOXHDGGHGWD[FHVVZKLFKKDYHQRWEHHQGHSRVLWHGRQDFFRXQWRIDQ\GLVSXWHVDYH
DQGH[FHSWWKHIROORZLQJ
Name of the statue
Nature of dues
7KHQFRPH7D[$FW

'XHVRQ5HJXODU
$VVHVVPHQWIRUZKLFKWKH
&RPSDQ\KDVOHGDSSHDO
7KH&HQWUDO([FLVH
$FW&HQWUDO
([FLVH5XOHV
&HQWUDO([FLVH'XW\DQG
3HQDOW\
Amount
(` in Million)

Period to which the

amount relates
$VVHVVPHQW<HDU

Forum where the

dispute is pending
7KH &RPPLVVLRQHU
RI
QFRPH
WD[
$SSHDOV

+\GHUDEDG
)URP-DQXDU\ 7KH &HQWUDO ([FLVH
WR0DUFK
DQG 6HUYLFH 7D[
$SSHOODWH 7ULEXQDO
%HQJDOXUX
159
Name of the statue

Name of the statue
Nature of dues
$39$7$FW
6WDWH9DOXH$GGHG7D[
DQG3HQDOW\
Amount (` in
Million)

Period to which the

amount relates
)URP$SULOWR
-DQXDU\
Forum where the

dispute is pending
$SSHOODWH 'HSXW\
& R P P L V V L R Q H U
&7 3* 'LYLVLRQ
+\GHUDEDG
)RURWKHU&RYHUHGHQWLWLHVRIWKH*URXSDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWV
RIWKH&RYHUHGHQWLWLHVWKHUHDUHQRGXHVRILQFRPHWD[VDOHVWD[ZHDOWKWD[VHUYLFHWD[FXVWRPVGXW\H[FLVH
GXW\YDOXHDGGHGWD[DQGFHVVZKLFKKDYHQRWEHHQGHSRVLWHGRQDFFRXQWRIDQ\GLVSXWH
G $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVRWKHUWKDQWKHXQFODLPHGGLYLGHQGDPRXQWVXEMHFW
WROLWLJDWLRQWKHDPRXQWUHTXLUHGWREHWUDQVIHUUHGWRLQYHVWRUHGXFDWLRQDQGSURWHFWLRQIXQGLQDFFRUGDQFH
ZLWKWKHUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWRIDQGUXOHVPDGHWKHUHXQGHUKDVEHHQ
WUDQVIHUUHGWRVXFKIXQGZLWKLQWLPHIRUWKH+ROGLQJ&RPSDQ\$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQV
JLYHQWRXVDQGDVUHSRUWHGE\WKHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIFHUWDLQ&RYHUHG
HQWLWLHVRIWKH*URXSWKHDPRXQWUHTXLUHGWREHWUDQVIHUUHGWRLQYHVWRUHGXFDWLRQDQGSURWHFWLRQIXQGLQ
DFFRUGDQFHZLWKWKHUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWRIDQGUXOHVPDGHWKHUHXQGHU
KDVEHHQWUDQVIHUUHGWRVXFKIXQGZLWKLQWLPHWRWKHH[WHQWDSSOLFDEOHWRWKH&RYHUHGHQWLWLHV
YLLL 7KH+ROGLQJ&RPSDQ\DQGRQHMRLQWFRQWUROOHGHQWLW\RIWKH*URXSKDYHQRDFFXPXODWHGORVVHVDWWKHHQGRIWKH
QDQFLDO\HDUDQGKDYHQRWLQFXUUHGFDVKORVVHVLQWKHFXUUHQWDQGLPPHGLDWHO\SUHFHGLQJQDQFLDO\HDUH[FHSW
IRUWZRVXEVLGLDULHV7KHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVKDVUHSRUWHGWKDW
7KH&RPSDQ\VDFFXPXODWHGORVVHVDVDWWKHHQGRIWKH\HDUH[FHHGHGIW\SHUFHQWRILWVQHWZRUWK7KH&RPSDQ\
KDVLQFXUUHGFDVKORVVHVGXULQJWKHQDQFLDO\HDUFRYHUHGE\WKLVUHSRUWDQGDOVRLQWKHSUHFHGLQJQDQFLDO\HDU
QUHVSHFWRIWZRVXEVLGLDULHVDQGRQHDVVRFLDWHWKHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKH
VXEVLGLDULHVDQGDVVRFLDWHKDVUHSRUWHGWKDW7KH&RPSDQ\KDVEHHQUHJLVWHUHGIRUDSHULRGRIOHVVWKDQYH\HDUV
DQGKHQFHZHDUHQRWUHTXLUHGWRFRPPHQWRQZKHWKHURUQRWWKHDFFXPXODWHGORVVHVDWWKHHQGRIWKHQDQFLDO
\HDULVIW\SHUFHQWRUPRUHRILWVQHWZRUWKDQGZKHWKHULWKDVLQFXUUHGFDVKORVVHVLQWKHFXUUHQWQDQFLDO\HDU
DQGLQWKHLPPHGLDWHO\SUHFHGLQJQDQFLDO\HDUQUHVSHFWRIRQHVXEVLGLDU\DQGRQHMRLQWFRQWUROOHGHQWLW\WKH
RWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDU\DQGMRLQWFRQWUROOHGHQWLW\KDVUHSRUWHGWKDW
WKLVFODXVHLVQRWDSSOLFDEOHWRWKHP
L[ %DVHGRQRXUDXGLWSURFHGXUHVDQGDVSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWDQGDV
UHSRUWHGE\WKHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIFHUWDLQ&RYHUHGHQWLWLHVRIWKH*URXSZH
DUHRIWKHRSLQLRQWKDWWKH+ROGLQJ&RPSDQ\DQGFHUWDLQ&RYHUHGHQWLWLHVRIWKH*URXSKDYHQRWGHIDXOWHGLQWKHLU
UHSD\PHQW RI GXHV WR QDQFLDO LQVWLWXWLRQ EDQN RU GHEHQWXUH KROGHUV Q UHVSHFW RI WZR VXEVLGLDULHV WKH RWKHU
DXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVKDVUHSRUWHGWKDW&ODXVHL[RIWKH&RPSDQLHV
$XGLWRUV5HSRUW2UGHULVQRWDSSOLFDEOH
[
160
$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH+ROGLQJ&RPSDQ\KDVJLYHQJXDUDQWHHIRUORDQV
WDNHQE\RWKHUVIURPEDQNVDQGQDQFLDOLQVWLWXWLRQVWKHWHUPVDQGFRQGLWLRQVZKHUHRILQRXURSLQLRQDUHQRW
SULPDIDFLHSUHMXGLFLDOWRWKHLQWHUHVWRIWKH&RPSDQ\QUHVSHFWRIRQHVXEVLGLDU\DQGRQHDVVRFLDWHWKHRWKHU
DXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDU\DQGDVVRFLDWHKDVUHSRUWHGWKDW7KH&RPSDQ\
KDVJLYHQFRUSRUDWHJXDUDQWHHIRUORDQVWDNHQE\LWVRWKHU&RPSDQ\IURPWKHEDQNVZKLFKLVQRWSUHMXGLFLDOWR
WKHLQWHUHVWRIWKH&RPSDQ\QUHVSHFWRIYHVXEVLGLDULHVDQGWZRMRLQWFRQWUROOHGHQWLWLHVWKHRWKHUDXGLWRUZKR
DXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVDQGMRLQWFRQWUROOHGHQWLWLHVKDVUHSRUWHGWKDW7KH&RPSDQ\
KDVQRWJLYHQDQ\JXDUDQWHHIRUORDQVWDNHQE\RWKHUVIURPEDQNRUQDQFLDOLQVWLWXWLRQVGXULQJWKH\HDU
[LL %DVHGXSRQWKHDXGLWSURFHGXUHVSHUIRUPHGIRUWKHSXUSRVHRIUHSRUWLQJWKHWUXHDQGIDLUYLHZRIWKHFRQVROLGDWHG
QDQFLDOVWDWHPHQWVDQGDVSHUWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWDQGUHSRUWVRIWKH
RWKHUDXGLWRUVZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIRWKHU&RYHUHGHQWLWLHVRIWKH*URXSZKLFKZHKDYHUHOLHG
XSRQZHUHSRUWWKDWQRIUDXGRQRUE\WKH+ROGLQJ&RPSDQ\DQGWKH&RYHUHGHQWLWLHVRIWKH*URXSKDYHEHHQ
QRWLFHGRUUHSRUWHGGXULQJWKH\HDU
For S R B C & CO. LLP

ICAI Firm Registration Number: 324982E
[L %DVHG RQ WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV E\ WKH PDQDJHPHQW DQG WKH UHSRUW RI RWKHU DXGLWRUV
ZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRI+ROGLQJ&RPSDQ\IRXUVXEVLGLDULHVRQH-RLQWFRQWUROOHGHQWLW\DQGRQH
DVVRFLDWHRIWKH*URXSWHUPORDQVZHUHDSSOLHGIRUWKHSXUSRVHIRUZKLFKWKHORDQVZHUHREWDLQHGQUHVSHFW
RIWZRVXEVLGLDULHVDQGRQH-RLQWFRQWUROOHGHQWLW\WKHRWKHUDXGLWRUZKRDXGLWHGWKHQDQFLDOVWDWHPHQWVRIWKH
VXEVLGLDULHVDQG-RLQWFRQWUROOHGHQWLW\KDVUHSRUWHGWKDWWKLVFODXVHLVQRWDSSOLFDEOHWRWKHP
SHU$UYLQG6HWKL
3DUWQHU
0HPEHUVKLS1R
3ODFH3XQH
'DWH0D\
161
Consolidated balance sheet
as at March 31, 2015
As at
March 31, 2015
(in ` Million)
As at
March 31, 2014
3
4
Minority interest
Long-term borrowings
Deferred tax liabilities (net)
Other long-term liabilities
465.68
33,975.95
34,441.63
-
465.68
26,366.73
26,832.41
170.18
5
6
7
8
Current liabilities
Short-term borrowings
Trade payables
Short-term provisions
19,815.10
1,637.69
595.44
1,196.94
23,245.17
15,212.01
1,644.60
180.63
1,157.39
18,194.63
9
10
10
8
3,830.26
11,016.01
8,036.48
1,789.56
24,672.31
82,359.11
4,861.61
10,554.22
13,003.41
1,728.61
30,147.85
75,345.07
20.40
25,601.97
147.66
8,585.89
537.24
388.89
2,402.48
232.50
37,896.63
25,104.87
178.56
5,826.71
56.80
290.61
2,361.30
261.77
34,080.62
4,566.46
10,338.95
8,534.67
6,819.93
5,612.05
8,568.99
1.03
44,442.08
82,359.11
7,721.38
10,385.81
8,659.72
4,227.35
5,397.48
4,871.38
1.33
41,264.45
75,345.07
Note
Equity and liabilities
Shareholders Fund
Share capital
Reserves and surplus
Assets
Minority interest
Non-current assets
Fixed Assets
Tangible assets
Intangible assets
Capital work-in-progress
Goodwill arising on consolidation
Non-current investments
Long-term loans and advances
Other non-current assets
TOTAL
11.1
11.2
11.3
12
13
14
Current assets
Current investments
Inventories
Trade receivables
Cash and bank balances
Short-term loans and advances
Other current assets
Assets held for sale
15
16
17
18
13
14
41
TOTAL
2.1
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
As per our report of even date
ICAI Firm registration No. 324982E
per ARVIND SETHI
Partner
Membership No. 89802
Place: Pune
Date: May 20, 2015
162
B. N. KALYANI
G. K. AGARWAL
KISHORE SALETORE
ANAND DAGA
Company Secretary
&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVV for the year ended March 31, 2015
Note
Year ended
March 31, 2015
` Year ended
March 31, 2014
Revenue from operations (gross)
77,895.54
68,666.97
Less: excise duty
(1,648.05)
(1,508.53)
Continuing operations
Income
Revenue from operations (net)
19
76,247.49
67,158.44
Other income
20
1,367.55
1,246.82
77,615.04
68,405.26
Total revenue (I)
21
28,657.86
25,416.92
'HFUHDVHQFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVZRUNLQSURJUHVVDQGGLHV
22
178.96
(807.92)
21 (a)
4,974.60
7,628.76
23
9,051.10
7,887.67
Depreciation and amortization expense
24
3,624.21
3,571.48
Finance costs
25
1,355.96
1,691.52
Other expenses
26
18,977.10
16,731.48
Total expenses (II)
66,819.79
62,119.91
3URWEHIRUHH[FHSWLRQDOLWHPVDQGWD[>@
10,795.25
6,285.35
427.57
1,037.07
11,222.82
7,322.42
3,603.69
1,744.18
(27.04)
(6.60)
44.53
37.34
- Share in MAT credit entitlement of Joint Venture
(12.12)
(20.80)
Deferred tax
(70.29)
339.65
48.09
6.38
Total tax expenses
3,586.86
2,100.15
3URWIRUWKH\HDU
7,635.96
5,222.27
Project cost
Exceptional items
3URWEHIRUHWD[
27
Tax expenses
Current tax
3HUWDLQLQJWRSURWIRUWKH\HDULQFOXGLQJ0$7
- Adjustment of tax relating to earlier years
- Share in MAT payable of Joint Venture
Share in deferred tax of Joint Venture
163
Cost of raw material and components consumed
Expenses
( in ` Million)
&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVV for the year ended March 31, 2015

( in ` Million)
Note
6KDUHLQDVVRFLDWH
VSURWORVVDIWHUWD[
Share of (loss) of minority
3URWIRUWKH\HDUDIWHUPLQRULW\LQWHUHVWIURPFRQWLQXLQJRSHUDWLRQV$
Year ended
March 31, 2015
` Year ended
March 31, 2014
0.01
(0.02)
(29.75)
(28.49)
7,665.72
5,250.74
(40.63)
(394.41)
(0.27)
2.90
(40.36)
(397.31)
(131.86)
(40.36)
(265.45)
7,625.36
4,985.29
32.93
22.56
32.76
21.41
Discontinuing operations
Loss before tax from discontinuing operations
Tax expenses of discontinuing operations
(Loss) after tax from discontinuing operations
Minority interest
(Loss) after minority interest from discontinuing operations ( B )
3URWIRUWKH\HDUDIWHUPLQRULW\LQWHUHVW$%
Earnings per equity share [nominal value of share `2/- (March 31, 2014: `2/-)
28
2QWKHEDVLVRISURWIURPFRQWLQXLQJRSHUDWLRQV
Basic and Diluted (In `)
2QWKHEDVLVRIWRWDOSURWIRUWKH\HDU
Basic and Diluted (In `)
2.1
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
per ARVIND SETHI
Partner
Place: Pune
Date: May 20, 2015
164
B. N. KALYANI
G. K. AGARWAL
KISHORE SALETORE
ANAND DAGA
Company Secretary
&DVK)ORZ6WDWHPHQW
Consolidated Cash Flow Statement
for the year ended March 31, 2015
7,322.42
(0.02)
7,322.40
3,624.21
385.19
104.34
0.98
(294.89)
(132.68)
1,355.96
43.58
(403.75)
(80.73)
(183.03)
(199.42)
29.10
159.74
15,631.43
3,571.48
148.90
6.28
(431.64)
(605.44)
1,691.52
56.87
(394.76)
(58.26)
(92.31)
(206.29)
133.76
11,142.51
(141.78)
14.16
29.32
339.75
112.64
35.55
11.31
(177.70)
0.15
(233.97)
2.62
(347.26)
-
(1,252.91)
2,187.29
(1,978.31)
1,523.72
(868.50)
(1,267.38)
293.74
414.81
39.59
(0.04)
(202.17)
99.26
-
694.12
(1.77)
(1,266.64)
(3.28)
4,066.59
(2,779.42)
(2,821.31)
(219.03)
(308.70)
14,391.92
(4,088.42)
29.75
(40.36)
10,292.89
1,172.14
(35.35)
9,513.26
(2,112.80)
28.49
(265.45)
7,163.50
165
11,222.82
0.01
11,222.83
$GMXVWPHQWWRUHFRQFLOHSURWEHIRUHWD[WRQHWFDVKRZV
Depreciation and amortisation
Unrealised foreign exchange loss/(gain)
%DGGHEWVLUUHFRYHUDEOHDGYDQFHVDQGVXQGU\EDODQFHVZULWWHQR
/RVVSURWRQVDOHRI[HGDVVHWV
Provision for expense of earlier year reversed
3URWRQGLVSRVDORIVXEVLGLDU\
Interest expenses
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVZULWWHQREDFN
Dividend (income)
Net (gain)/loss on sale of investments
Provisions no longer required
Interest (income)
*RRGZLOORQFRQVROLGDWLRQZULWWHQR
(HFWVRIFRQVROLGDWLRQ
2SHUDWLQJSURWEHIRUHZRUNLQJFDSLWDOFKDQJHV
0RYHPHQWVLQZRUNLQJFDSLWDO
(Increase)/decrease in non-current assets
(Increase)/decrease in long-term loans and advances
Decrease in long-term loans and advances due to disposal of joint venture
Decrease in other non-current assets
(Increase)/decrease in current assets
Decrease/(increase) in inventories
Decrease in inventory due to disposal of joint venture/subsidiary
(Increase) in trade receivables
Decrease in trade receivable due to disposal of joint venture/subsidiary
(Increase) in short-term loans and advances
Decrease in short-term loans and advances due to disposal of joint venture
(Increase) in other current assets
Decrease in other current assets due to disposal of subsidiary
Increase/ (decrease) in non-current liabilities
Increase/(decrease) in other long-term liabilities
Increase in long term provisions
(Decrease) in long term provisions due to disposal of joint venture
Increase / (decrease) in current liabilities
Increase in trade payables
(Decrease) in trade payable due to disposal of joint venture/subsidiary
(Decrease) in other current liabilities
(Decrease) in other current liabilities due to disposal of joint venture/
subsidiary
(Decrease)/increase in short term provisions
(Decrease) in short term provision due to disposal of subsidiary
Cash generated from operations
Direct taxes paid (net of refunds)
$GG/HVV0LQRULW\LQWHUHVWVVKDUHRISURWORVV
$GG/HVV3URWORVVIURPGLVFRQWLQXHGRSHUDWLRQV
1HWFDVKRZVIURPRSHUDWLQJDFWLYLWLHV
(A)
In ` Million
Year ended
March 31, 2014
&DVKRZIURPRSHUDWLQJDFWLYLWLHV
3URWEHIRUHWD[
$GG/HVV6KDUHRI3URW/RVVLQ$VVRFLDWH
Year ended
March 31, 2015
&DVK)ORZ6WDWHPHQW
Consolidated Cash Flow Statement
for the year ended March 31, 2015
&DVKRZVIURPLQYHVWLQJDFWLYLWLHV
Investment in subsidiaries, associates and others
Proceeds from disposal of investment in joint venture/subsidiary
Investment in mutual funds
Proceeds from sale of mutual funds
3XUFKDVHRI[HGDVVHWVLQFOXGLQJFDSLWDOZRUNLQSURJUHVVDQGFDSLWDODGYDQFHV
3URFHHGVIURPVDOHRI[HGDVVHWV
0RYHPHQWLQ[HGDVVHWVRQGLVSRVDORIVXEVLGLDU\
Interest received
Investments in bank deposits (having original maturity of more than three months)
Redemption/ maturity of bank deposits (having original maturity of more
than three months)
Dividend received
1HWFDVKRZVXVHGLQLQYHVWLQJDFWLYLWLHV
(B)
&DVKRZVIURPQDQFLQJDFWLYLWLHV
Proceeds from long term borrowings
Repayment of long term borrowings
Decrease in long term loans due to disposal of subsidiary
Proceeds from short term borrowings
Repayment of short term borrowings
Decrease in short term loans due to disposal of subsidiary
Interest expenses
Dividend including tax thereon
1HWFDVKRZVXVHGLQQDQFLQJDFWLYLWLHV
(C)
Net increase/(decrease) in cash and cash equivalents
$%&
(HFWVRIH[FKDQJHGLHUHQFHRQFDVKDQGFDVKHTXLYDOHQWKHOGLQIRUHLJQ
currency
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Foreign currency translation reserve movement
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents as at (Refer note 18)
Cash on hand
%DODQFHVZLWKEDQNV
- on current accounts
- on deposit accounts
Year ended
March 31, 2015
In ` Million
Year ended
March 31, 2014
(98.28)
107.84
(22,185.59)
25,421.24
(7,171.84)
58.48
24.78
180.44
(3,265.09)
1,907.87
(32.54)
1,871.46
(16,323.46)
12,534.78
(6,751.22)
908.25
5,640.29
230.48
(1,767.31)
1,420.00
403.75
(4,616.40)
394.76
(1,874.51)
6,546.48
(6,134.55)
5,749.50
(6,781.97)
(1,459.63)
(1,518.91)
(3,599.08)
2,077.41
-
4,103.43
(4,712.13)
(2,669.34)
6,100.07
(2,123.45)
(4,175.89)
(1,701.55)
(1,220.95)
(6,399.81)
(1,110.82)
0.01
2,396.81
4,474.22
(844.71)
3,629.51
4,074.04
2,963.23
(566.42)
2,396.81
March 31, 2015

1.77
March 31, 2014

1.76
2,597.73
1,030.01
3,629.51
1,905.05
490.00
2,396.81
Notes :
7KHJXUHVLQEUDFNHWVUHSUHVHQWRXWRZVDGMXVWPHQWV
3UHYLRXV SHULRGV JXUHV KDYH EHHQ UHJURXSHG UHFODVVLHG ZKHUHYHU QHFHVVDU\ WR FRQIRUP WR FXUUHQW \HDU
presentation.
3ULPDULO\LQFOXGHVLPSDFWRIIRUHLJQFXUUHQF\WUDQVODWLRQDQGRWKHUFRQVROLGDWLRQDGMXVWPHQWV
per ARVIND SETHI
Partner
Place: Pune
Date: May 20, 2015
166
B. N. KALYANI
G. K. AGARWAL
KISHORE SALETORE
ANAND DAGA
Company Secretary
1RWHV
Corporate information
Bharat Forge Limited (the Company) is a public company domiciled in India. Its shares are listed on three stock
exchanges in India. The Company is engaged in the manufacturing and selling of forged components. The Company
caters to both domestic and international markets. The Companys CIN is L25209PN1961PLC012046
Basis of preparation
7KHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWVFRPSULVHWKHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHV
DVVRFLDWHVDQGMRLQWFRQWUROOHGHQWLWLHVWRJHWKHUUHIHUUHGWRDVWKH*URXS7KHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
of the Group have been prepared in accordance with the generally accepted accounting principles in India (Indian
*$$3 7KH *URXS KDV SUHSDUHG WKHVH FRQVROLGDWHG QDQFLDO VWDWHPHQWV WR FRPSO\ LQ DOO PDWHULDO DVSHFWV ZLWK
DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG LQ QGLD LQFOXGLQJ WKH DFFRXQWLQJ VWDQGDUGV QRWLHG XQGHU VHFWLRQ
133 of the Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules 2014. These
FRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQDQDFFUXDOEDVLVXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQ
H[FHSWIRUGHULYDWLYHQDQFLDOLQVWUXPHQWVZKLFKKDYHEHHQPHDVXUHGDWIDLUYDOXH
7KHDFFRXQWLQJSROLFLHVDGRSWHGLQWKHSUHSDUDWLRQRIFRQVROLGDWHGQDQFLDOVWDWHPHQWVDUHFRQVLVWHQWZLWKWKRVH
of previous year.
a)
Principles of consolidation
7KHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWVRIWKH*URXSDUHSUHSDUHGLQDFFRUGDQFHZLWK$FFRXQWLQJ6WDQGDUG
21 Consolidated Financial Statements, Accounting Standard 23 Accounting for Investments in Associates
in Consolidated Financial Statements and Accounting Standard 27 Financial Reporting of Interests in Joint
9HQWXUHVDVQRWLHG
7KHVH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DUH SUHVHQWHG WR WKH H[WHQW SRVVLEOH LQ WKH VDPH IRUPDW DV WKDW
DGRSWHGE\WKH&RPSDQ\IRULWVVWDQGDORQHQDQFLDOVWDWHPHQWV
QUHVSHFWRIFHUWDLQRYHUVHDVVXEVLGLDULHVWKHQDQFLDOLQIRUPDWLRQDUHSUHSDUHGXQGHUQWHUQDWLRQDO)LQDQFLDO
Reporting Standards (IFRS) as adopted by European Union, or under accounting principles accepted in the
United States of America (US GAAP) or under accounting principles accepted in the United Kingdom (UK
*$$37KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQUHVSHFWRIRYHUVHDVVXEVLGLDULHVDVVRFLDWHFRPSDQLHVRWKHU
than Bharat Forge International Limited) are drawn for the year ended December 31, 2014, whereas the
QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DUHGUDZQIRUWKH\HDUHQGHG0DUFK7KHHHFWRIVLJQLFDQW
transactions and other events that occur between January 1, 2015 and March 31, 2015 are considered in
WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV LI LW LV PDWHULDO LQ QDWXUH 7KH QDQFLDO VWDWHPHQWV RI %KDUDW )RUJH
QWHUQDWLRQDO/LPLWHGKDYHEHHQSUHSDUHGIRU WKH\HDU HQGHG0DUFK 7KHQDQFLDOVWDWHPHQWV RI
Indian subsidiaries/associates/joint controlled entities have been drawn for the year ended March 31, 2015.
7KH*URXSKDVFRQYHUWHGWKHVHDXGLWHGQDQFLDOLQIRUPDWLRQDQGQDQFLDOVWDWHPHQWVDVWKHFDVHPD\EHWR
accounting principles generally accepted in India, for the purpose of preparation of the Groups consolidated
QDQFLDOVWDWHPHQWVXQGHUDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLD
Subsidiaries
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains
control, and continues to be consolidated until the date that such control ceases to exist.
7KHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHVKDYHEHHQFRQVROLGDWHGRQDOLQHE\OLQHEDVLV
by adding together the book values of like items of assets, liabilities, income and expenses, after eliminating
LQWUDJURXSEDODQFHVDQGLQWUDJURXSWUDQVDFWLRQV7KHXQUHDOLVHGSURWVRUORVVHVUHVXOWLQJIURPWKHLQWUD
group transactions and intra group balances have been eliminated in full. Unrealised losses resulting from
intragroup transactions are also eliminated unless cost cannot be recovered.
The excess of the cost to the Company of its investment in the subsidiaries over the Companys portion of
HTXLW\RQWKHDFTXLVLWLRQGDWHLVUHFRJQLVHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDVJRRGZLOODQGLVWHVWHG
for impairment annually. The excess of the Companys portion of equity of the subsidiary over the cost of
investment therein is treated as capital reserve.
167
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK
Notes
NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK&RQWG
7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDUHSUHSDUHGXVLQJXQLIRUPDFFRXQWLQJSROLFLHVIRUOLNHWUDQVDFWLRQV
and events in similar circumstances and necessary adjustments required for deviations, if any to the extent
SRVVLEOHXQOHVVRWKHUZLVHVWDWHGDUHPDGHLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDQGDUHSUHVHQWHGLQWKH
VDPHPDQQHUDVWKH&RPSDQ\VVWDQGDORQHQDQFLDOVWDWHPHQWV
6KDUHRIPLQRULW\LQWKHQHWSURWLVDGMXVWHGDJDLQVWWKHLQFRPHWRDUULYHDWWKHQHWLQFRPHDWWULEXWDEOHWR
shareholders of the parent Company. Minority interests share of net assets/liability is presented separately
in the balance sheet.
If the losses attributable to the minority in a subsidiary exceed the minoritys share in equity of the subsidiary,
then the excess, and any further losses applicable to the minority, are adjusted against the Groups interest
except to the extent that the minority has a binding obligation to, and is able to, make good the losses. If
WKH VXEVLGLDU\ VXEVHTXHQWO\ UHSRUWV SURWV DOO VXFK SURWV DUH DOORFDWHG WR WKH *URXSV LQWHUHVW XQWLO WKH
minoritys share of losses previously absorbed by the Group has been adjusted.
A change in the ownership/ interest of a subsidiary, without a loss of control is accounted for as an equity
transaction.
If the Group loses control over a subsidiary, it:
derecognises the assets (including goodwill) and liabilities of the subsidiary;
derecognises the carrying amount of any minority interest;
GHUHFRJQLVHVWKHFXPXODWLYHWUDQVODWLRQGLHUHQFHVUHFRUGHGLQIRUHLJQFXUUHQF\WUDQVODWLRQUHVHUYH
recognises fair value of the consideration received;
recognises the carrying value of any investment retained;
UHFRJQLVHVDQ\VXUSOXVRUGHFLWLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
Associates
The Groups investment in its associates is accounted for using the equity method. An associate is an entity in
ZKLFKWKH*URXSKDVVLJQLFDQWLQXHQFH
Under the equity method, the investment in the associate is carried in the balance sheet at cost plus post
acquisition changes in the Groups share of net assets of the associate. Goodwill relating to the associate
is included in the carrying amount of the investment and is neither amortised nor individually tested for
LPSDLUPHQW7KHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVUHHFWVWKHVKDUHRIWKHUHVXOWVRIRSHUDWLRQVRI
the associate. Unrealised gains and losses resulting from transactions between the Group and the associates
are eliminated to the extent of the interest in the associate.
After application of the equity method, the Group determines whether it is necessary to recognise decline,
other than temporary, in the value of the Groups investment in its associates, such reduction being determined
and made for each investment individually. The Group determines at each reporting date whether there is
any objective evidence that the investment in the associate is impaired.
Joint controlled entities
The Group recognises its interest in the joint controlled entities using the proportionate consolidation method
as per Accounting Standard 27 Financial Reporting of Interests in Joint Ventures. The Group combines its
proportionate share of each of the assets, liabilities, income and expenses of the joint venture with similar
LWHPVOLQHE\OLQHLQLWVFRQVROLGDWHGQDQFLDOVWDWHPHQWV
168
/LVWRIVXEVLGLDULHVZKLFKDUHLQFOXGHGLQWKHFRQVROLGDWLRQDQGWKH&RPSDQ\VHHFWLYHKROGLQJVWKHUHLQDUH
as under:
Name of the company
Country of
incorporation
b. Bharat Forge Hong Kong Limited and its

Subsidiary
FAW Bharat Forge (Changchun) Company
Ltd.
c. Bharat Forge International Limited
Germany
Germany

December 31, 2014
Germany

December 31, 2014
Germany

December 31, 2014
Germany

December 31, 2014
Sweden

December 31, 2014
Scotland
Closed (upto
August, 2014)

China
Closed

(up to Nov
12, 2013)

Hong Kong
NA
December 31, 2014

NA

December 31, 2014
iv. BF New Technologies GmbH
Germany

December 31, 2014
v. Mcanique Gnrale Langroise
Germany

December 31, 2014
Bharat Forge America Inc.
U.S.A.
100%
100% December 31, 2014
BF NTPC Energy Systems Limited.
India
51%
51%
March 31, 2015
March 31, 2015
India
100%
100%
March 31, 2015
BF Infrastructure Ventures Limited
India
100%
100%
March 31, 2015
India
100%
100%
March 31, 2015
Kalyani ALSTOM Power Limited

(Merger from April 1, 2013)
BF Elbit Advances Systems Private Limited
India
Closed
51%
NA
India
74%
100%
March 31, 2015
Analogic Controls India Limited
India
60%
60%
March 31, 2015
List of Subsidiaries which are not included in the consolidation based on materiality or where control is
intended to be temporary/ restricted:
Name of the company
Kalyani Polytechnic Private Limited
Country of
incorporation
India
Parents ultimate
holding as on
March 31,
March 31,
2015
2014
100%
100%
Financial year
ends on
March 31, 2015

169
U.K.
Germany
iii. Bharat Forge Daun GmbH
_ Statutory Reports
CDP Bharat Forge GmbH and its wholly owned

subsidiary:
i. Bharat Forge Holding GmbH and its wholly
owned subsidiary
- Bharat Forge Aluminiumtechnik GmbH &
Co KG and its wholly owned subsidiary
- Bharat Forge Aluminiumtechnik
Verwaltungs GmbH
ii. Bharat Forge Beteiligungs GmbH and its wholly
owned subsidiary
a. Bharat Forge Kilsta AB Sweden and its
wholly owned subsidiary
- Bharat Forge Scottish Stampings Ltd.
Parents ultimate
Financial year
holding as on
ends on
March 31,
March 31,
2015
2014
100%
100% December 31, 2014
_ Company Overview
Notes
List of associates which are not included in the consolidation based on materiality or where control is intended
to be temporary/ restricted:
Name of the company
Country of
incorporation
Talbahn GmbH (shares held through

subsidiary)
Tecnica UK Limited (shares held through
subsidiary)
Germany
UK
Parents ultimate
Financial year
holding as on
ends on
March 31,
March 31,
2015
2014
35%
35% December 31, 2014
30%
30% December 31, 2014
Details of the Companys ownership interest in associate, which have been included in the consolidation, are
as follows:Name of the company
Country of
incorporation
Ferrovia Transrail Solutions Private Limited
India
Parents ultimate
holding as on
March 31,
March 31,
2015
2014
49%
49%
Financial year
ends on
March 31, 2015
Details of the Companys carrying amount of investment in associate, which have been included in the
consolidation, are as follows:(in Million)
Name of the Company
Year
Tecnica UK Limited (shares Current

held through subsidiary) Previous
Provision
Original
Goodwill Accumulated
for
cost of
SURWORVVDV
investment
on December diminution
31, 2014/March
31, 2015
1.97
2.75
-
Ferrovia Transrail Solutions Current

Private Limited
Previous
Carrying
amount of
investment as
at December
31, 2014
1.97
1.97
2.75
1.96
1.97
0.05
0.03
0.05
0.05
1.86
0.05
(Figures in bracket represents previous year) Tecnica UK was consolidated in the previous year on the basis of
management accounts.
Details of the Companys ownership interest in joint venture, which have been included in the consolidation
are as follows:Name of the jointly controlled entities
Country of
incorporation
Parents ultimate
holding as on
March 31,
March 31,
2015
2014
49%
49%
Financial year
ends on
ALSTOM Bharat Forge Power Limited
India
Impact Automotive Solutions Private Limited
India (upto June 30,

2014)
India
50%
50%
NA
50%
March 31, 2015
India
74%
March 31, 2015
David Brown Bharat Forge Gear Systems

QGLD/LPLWHG
%)/&(&-9
170
74%
March 31, 2015
Disclosure of additional information pertaining to the parent company, subsidiaries and joint ventures:
(In ` Million)
Name of the company
Net assets
6KDUHLQSURWDQGORVV
(Total assets - total liabilities)
As a % of
Net assets
As a % of
3URW/RVV
consolidated
consolidated
net assets
SURWRUORVV
Parent Company
101.56%
34,956.74
94.29%
7,189.84
_ Company Overview
Indian subsidiaries
0.15%
50.23
(0.04)%
(2.95)
B F Infrastructure Limited
0.55%
189.47
0.01%
0.54
B F Infrastructure Ventures Limited
1.15%
396.33
0.00%
(0.05)
0.00%
(0.25)
0.00%
(0.04)
BF Elbit Advanced Systems Private Limited
(0.14)%
(46.74)
(0.05)%
(3.70)
(0.33)%
(112.91)
(0.93)%
(70.72)
18.54%
6,382.13
2.30%
175.22
1.13%
390.32
0.19%
14.60
Bharat Forge Aluminiumtechnik GmbH & Co. KG
3.05%
1,051.30
1.13%
85.85
Bharat Forge Aluminiumtechnik

GmbH
Bharat Forge Beteiligungs GmbH
0.02%
5.38
0.00%
0.35
7.40%
2,546.12
(0.34)%
(26.23)
0.17%
58.37
(4.04)%
(307.71)
Bharat Forge Hong Kong Limited
0.04%
12.14
(0.34)%
(26.05)
Foreign subsidiaries
CDP Bharat Forge GmbH
Bharat Forge Holding GmbH
Verwaltungs
0.81%
279.50
1.61%
122.78
Bharat Forge Daun GmbH
0.68%
232.44
(0.31)%
(23.53)
BF New Technologies GmbH
0.31%
106.33
(0.15)%
(11.16)
Mcanique Gnrale Langroise
1.12%
384.24
0.00%
0.00
(0.20)%
(67.37)
(0.41)%
(30.99)
0.10%
33.63
0.00%
0.37
4.74%
1,631.13
1.71%
130.39

Indian joint ventures (as per proportionate
consolidation method)
David Brown Bharat Forge Gear Systems India
Limited
Impact Automotive Solutions Private Limited
(0.12)%
(9.36)
0.00%
0.01
0.00%
0.02
140.90%
48,499.06
95.52%
7,207.45
(0.06)%
(20.40)
0.39%
29.75
Elimination on account of consolidation
(40.84)%
(14,057.43)
5.09%
388.16
Total after elimination on account of

consolidation
100.00%
34,421.23
100.00%
7,625.36
BFIL - CEC JV
Minority interest in all subsidiaries
171
_ Statutory Reports
BF NTPC Energy Systems Ltd.
Notes
E 6XPPDU\RIVLJQLFDQWGLYHUVHDFFRXQWLQJSROLFLHVIROORZHGE\WKHVXEVLGLDULHVDQGMRLQWFRQWUROOHGHQWLWLHV
The following are instances of diverse accounting policies followed by the subsidiaries, which do not materially
LPSDFWWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
i)
Dies: In respect of CDP Bharat Forge GmbH (CDP BF), Bharat Forge Kilsta (BFK)
Dies are considered as tangible assets and amortised by scheduled depreciation with reference to an assumed
economic life as against the companys accounting policy to treat them as inventory under Current Asset
and amortise the cost, as cost of raw material and component consumed, on the basis of actual usage. Since
ERWKPHWKRGVDUHDFFHSWDEOHEDVLVRIPDNLQJHVWLPDWHVRIHFRQRPLFOLIHWKHUHLVQRQDQFLDOLPSDFWRQWKH
results for the year.
ii)
Inventories: In respect of Bharat Forge America Inc. and Bharat Forge Kilsta AB, Sweden
7KHFRVWRILQYHQWRU\LVGHWHUPLQHGRQWKHEDVLVRIUVWLQUVWRXW))2PHWKRGLQFRQWUDVWWR%KDUDW)RUJH

Limited which determines on the basis of weighted average. In the current year, there is no impact on the
results for the year as the amount is immaterial.
iii) Depreciation:
a)
In respect of Indian subsidiaries (except BF Infrastructure Limited and Kalyani Strategic Systems
Limited)
Depreciation expense is calculated using straight line basis on all the assets. This is in contrast to the
practice followed by the Company where the depreciation on assets is calculated by using straight line
EDVLVRU:ULWWHQ'RZQ9DOXHEDVLVGHSHQGLQJRQDVVHWFODVVLFDWLRQ7KHSUDFWLFHZRXOGQRWKDYHDQ\
PDWHULDOLPSDFWRYHUWKHOLIHRIWKHDVVHWDQGRQWKHSURWIRUWKH\HDU
b)
In respect of certain Indian subsidiaries i.e. BF Infrastructure Limited and Kalyani Strategic
Systems Limited
Depreciation expense is calculated using Written Down Value basis on all the assets. This is in contrast
to the practice followed by the company where the depreciation on assets is calculated by using straight
OLQHEDVLVRU:ULWWHQ'RZQ9DOXHEDVLVGHSHQGLQJRQDVVHWFODVVLFDWLRQ7KHSUDFWLFHZRXOGQRWKDYH
DQ\PDWHULDOLPSDFWRYHUWKHOLIHRIWKHDVVHWDQGRQWKHSURWIRUWKH\HDU
c)
In respect of foreign subsidiaries

Depreciation expense is calculated using straight line basis on all the assets. This is in contrast to the
practice followed by the Company where the depreciation on assets is calculated by using straight line
EDVLVRU:ULWWHQ'RZQ9DOXHEDVLVGHSHQGLQJRQDVVHWFODVVLFDWLRQ7KHSUDFWLFHZRXOGQRWKDYHDQ\
PDWHULDOLPSDFWRYHUWKHOLIHRIWKHDVVHWDQGRQWKHSURWIRUWKH\HDU
(c)
Change in accounting policy

'HSUHFLDWLRQRQ[HGDVVHWV
Till the year ended March 31,2014, Schedule XIV to the Companies Act, 1956, prescribed requirements concerning
GHSUHFLDWLRQRI[HGDVVHWV)URPWKHFXUUHQW\HDU6FKHGXOH;9KDVEHHQUHSODFHGE\6FKHGXOHWRWKH&RPSDQLHV
$FW7KHDSSOLFDELOLW\RI6FKHGXOHKDVUHVXOWHGLQWKHIROORZLQJFKDQJHVUHODWHGWRGHSUHFLDWLRQRI[HG
assets. Unless stated otherwise, the impact mentioned for the current year is likely to hold good for future years
also.
172
(I)
Useful lives/ depreciation rates

Till the year ended March 31,2014, depreciation rates prescribed under Schedule XIV were treated as minimum
rates and the Company was not allowed to charge depreciation at lower rates even if such lower rates were
MXVWLHGE\WKHHVWLPDWHGXVHIXOOLIHRIWKHDVVHW6FKHGXOHWRWKH&RPSDQLHV$FWSUHVFULEHVXVHIXO
OLYHVIRU[HGDVVHWVZKLFKLQPDQ\FDVHVDUHGLHUHQWIURPOLYHVSUHVFULEHGXQGHUWKHHUVWZKLOH6FKHGXOH
XIV. However, Schedule II allows companies to use higher / lower useful lives and residual values if such
XVHIXOOLYHVDQGUHVLGXDOYDOXHVFDQEHWHFKQLFDOO\VXSSRUWHGDQGMXVWLFDWLRQIRUGLHUHQFHLVGLVFORVHGLQWKH
QDQFLDOVWDWHPHQWV
_ Company Overview
Considering the applicability of Schedule II, the management has re-estimated useful lives and residual values
RIDOOLWV[HGDVVHWV7KHPDQDJHPHQWEHOLHYHVWKDWGHSUHFLDWLRQUDWHVFXUUHQWO\XVHGIDLUO\UHHFWLWVHVWLPDWH
RIWKHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRI[HGDVVHWVWKRXJKWKHVHUDWHVLQFHUWDLQFDVHVDUHGLHUHQWIURP
lives prescribed under Schedule II. However, this change in accounting policy did not have any material impact
RQQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
+DGWKHFRPSDQ\FRQWLQXHGWRXVHWKHHDUOLHUSROLF\RIGHSUHFLDWLQJ[HGDVVHWWKHSURWIRUWKHFXUUHQW
period would have been lower by ` 129.94 Million (net of tax impact of ` 85.77 Million), retained earnings
at the beginning of the current period would have been higher by ` 64.49 Million (net of tax impact of
`0LOOLRQDQGWKH[HGDVVHWZRXOGFRUUHVSRQGLQJO\KDYHEHHQORZHUE\` 65.05 Million. In respect of
certain Indian subsidiaries, this change in accounting policy did not have a material impact in their respective
QDQFLDOVWDWHPHQWV
(II)
Component Accounting
The Company and its Indian subsidiaries within the group has adopted Schedule II to the Companies Act,
2013, for depreciation purposes, from 1 April, 2014. The Company and its Indian subsidiaries within the group
ZDV SUHYLRXVO\ QRW LGHQWLI\LQJ FRPSRQHQWV RI [HG DVVHWV VHSDUDWHO\ IRU GHSUHFLDWLRQ SXUSRVHV UDWKHU D
VLQJOHXVHIXOOLIHGHSUHFLDWLRQUDWHZDVXVHGWRGHSUHFLDWHHDFKLWHPRI[HGDVVHW
(III) Depreciation on assets costing less than ` 5,000/Till year ended March 31,2014, to comply with the requirements of Schedule XIV to the Companies Act, 1956,
the Company and its Indian subsidiaries within the group were charging 100% depreciation on assets costing
less than ` 5,000/- in the year of purchase. However, Schedule II to the Companies Act, 2013, applicable from
the current year, does not recognize such practice. Hence, to comply with the requirement of Schedule II to
the Companies Act, 2013, the Group has changed its accounting policy for depreciations of assets costing less
than ` 5,000/-. As per the revised policy, the Group is depreciating such assets over their useful life as assessed
by the management. The management has decided to apply the revised accounting policy prospectively from
accounting periods commencing on or after 1 April, 2014. The change in accounting for depreciation of assets
costing less than `GLGQRWKDYHDQ\PDWHULDOLPSDFWRQFRQVROLGDWHGQDQFLDOVWDWHPHQWVRIWKH*URXS
for the current year.
a)
Use of estimates
7KH SUHSDUDWLRQ RI FRQVROLGDWHG QDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK QGLDQ *$$3 UHTXLUHV WKH
PDQDJHPHQW WR PDNH MXGJHPHQWV HVWLPDWHV DQG DVVXPSWLRQV WKDW DHFW WKH UHSRUWHG DPRXQWV RI
revenue, expenses, assets, liabilities and the disclosure of contingent liabilities at the end of the reporting
period. Although these estimates are based on the managements best knowledge of current events and
actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a
material adjustment to the carrying amounts of assets or liabilities in future periods.
173
Due to application of Schedule II to the Companies Act, 2013, the Company has changed the manner of
GHSUHFLDWLRQIRULWV[HGDVVHWV1RZWKH&RPSDQ\LGHQWLHVDQGGHWHUPLQHVVHSDUDWHXVHIXOOLIHIRUHDFK
PDMRU FRPSRQHQW RI WKH [HG DVVHW LI WKH\ KDYH XVHIXO OLIH WKDW LV PDWHULDOO\ GLHUHQW IURP WKDW RI WKH
remaining asset. The Group has used transitional provisions of Schedule II to adjust the impact of component
DFFRXQWLQJDULVLQJRQLWVUVWDSSOLFDWLRQIDFRPSRQHQWKDV]HURUHPDLQLQJXVHIXOOLIHRQWKHGDWHRI6FKHGXOH
EHFRPLQJHHFWLYHLH$SULOLWVFDUU\LQJDPRXQWDIWHUUHWDLQLQJDQ\UHVLGXDOYDOXHLVFKDUJHGWR
the opening balance of retained earnings. The carrying amount of other components, i.e., components whose
remaining useful life is not Nil on 1 April 2014, is depreciated over their remaining useful life.
_ Statutory Reports
Notes
E 7DQJLEOH[HGDVVHWV
Fixed assets are stated at cost net of accumulated depreciation and accumulated impairment losses,
if any. The cost comprise purchase price, borrowing costs, if capitalization criteria is met and directly
attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts
and rebates are deducted in arriving at the purchase price.
Subsequent expenditure (for new projects and in case of substantial modernisation or expansion at
WKHH[LVWLQJXQLWVUHODWHGWRDQLWHPRI[HGDVVHWDUHDGGHGWRLWVERRNYDOXHRQO\LILWLQFUHDVHVWKH
IXWXUHEHQHWVIURPWKHH[LVWLQJDVVHWEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRISHUIRUPDQFH$OORWKHU
H[SHQVHVRQH[LVWLQJ[HGDVVHWVLQFOXGLQJGD\WRGD\UHSDLUDQGPDLQWHQDQFHH[SHQGLWXUHDUHFKDUJHG
WRWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVIRUWKHSHULRGGXULQJZKLFKVXFKH[SHQVHVDUHLQFXUUHG
7KH *URXS DGMXVWV H[FKDQJH GLHUHQFHV DULVLQJ RQ WUDQVODWLRQ VHWWOHPHQW RI ORQJWHUP IRUHLJQ
currency monetary items pertaining to the acquisition of a depreciable asset to the cost of the asset
and depreciates the same over the remaining life of the asset. In accordance with MCA circular dated
$XJXVWH[FKDQJHGLHUHQFHVDGMXVWHGWRWKHFRVWRI[HGDVVHWVDUHWRWDOGLHUHQFHVDULVLQJ
on long-term foreign currency monetary items pertaining to the acquisition of a depreciable asset, for
WKHSHULRGQRWKHUZRUGVWKH*URXSGRHVQRWGLHUHQWLDWHEHWZHHQH[FKDQJHGLHUHQFHVDULVLQJIURP
foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost and
RWKHUH[FKDQJHGLHUHQFH
*DLQVRUORVVHVDULVLQJIURPGHUHFRJQLWLRQRI[HGDVVHWVDUHPHDVXUHGDVWKHGLHUHQFHEHWZHHQWKH
net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated
VWDWHPHQWRISURWDQGORVVZKHQWKHDVVHWLVGHUHFRJQL]HG
c)
Depreciation and amortization on tangible assets

i.
ii.
iii.
Lease hold land:

Premium on leasehold land is amortized on a straight line basis over the period of lease i.e. 30 to 95
years.
Power line:
Expenditure on power line is amortized on a straight line basis over a period of six years.
Other tangible assets:
In case of the Group:
Depreciation on tangible assets is calculated on a straight-line (SLM) basis and written down value
(WDV) basis using the rates arrived at based on the useful lives estimated by the management.
The management has estimated, supported by independent assessment by professionals, the
useful lives of the following classes of assets.
The Group has used the following rates (wherever statutes are applicable) to provide depreciation
on its tangible asset.
Type of Assets
Building - Factory
Buildings Others
Plant and machinery
Plant and machinery Windmill
Plant and machinery CPP
Dies
(Computers)
2FHHTXLSPHQW
Railway sidings
Electrical installation
Factory equipments
)XUQLWXUHDQG[WXUHV
Vehicles
Aircraft
174
Useful lives estimated by the management (years)

8 50
3 - 60
10 - 21
19
18
3-7
3
3 11
10
10
2 - 10
10
3-8
18
The useful lives of certain plant and equipment are estimated as 10 years. These lives are higher
than those indicated in schedule II.
Depreciation on additions to assets during the year is being provided on pro-rata basis from the
date of acquisition/installation.
Depreciation on assets sold, discarded or demolished during the year, is being provided at their
respective rates on pro-rata basis upto the date on which such assets are sold, discarded or
demolished.
Depreciation on account of increase or decrease due to revaluation of foreign currency loans is
being provided at rates of depreciation over the remaining future life of the said asset.
d)
_ Company Overview
Intangible assets
Acquired intangible assets
Intangible assets are amortized on a straight line basis over the estimated useful economic life. The
Group uses a rebuttable presumption that the useful life of an intangible asset will not exceed ten
\HDUVIURPWKHGDWHZKHQWKHDVVHWLVDYDLODEOHIRUXVHIWKHSHUVXDVLYHHYLGHQFHH[LVWVWRWKHDHFW
that useful life of an intangible asset exceeds ten years, the Group amortizes the intangible asset
over the best estimate of its useful life. Such intangible assets and intangible assets not yet available
for use are tested for impairment annually, either individually or at the cash-generating unit level.
All other intangible assets are assessed for impairment whenever there is an indication that the
intangible asset may be impaired.
7KHDPRUWL]DWLRQSHULRGDQGWKHDPRUWL]DWLRQPHWKRGDUHUHYLHZHGDWOHDVWDWHDFKQDQFLDO\HDU
HQG I WKH H[SHFWHG XVHIXO OLIH RI WKH DVVHW LV VLJQLFDQWO\ GLHUHQW IURP SUHYLRXV HVWLPDWHV WKH
DPRUWL]DWLRQSHULRGLVFKDQJHGDFFRUGLQJO\IWKHUHKDVEHHQDVLJQLFDQWFKDQJHLQWKHH[SHFWHG
SDWWHUQ RI HFRQRPLF EHQHWV IURP WKH DVVHW WKH DPRUWL]DWLRQ PHWKRG LV FKDQJHG WR UHHFW WKH
FKDQJHGSDWWHUQ6XFKFKDQJHVDUHDFFRXQWHGIRULQDFFRUGDQFHZLWK$61HW3URWRU/RVVIRUWKH
Period, Prior Period Items and Changes in Accounting Policies.
Research and development expenditure

Research expenditure is charged to revenue under the natural heads of account in the year in which
it is incurred.
Development expenditure incurred on an individual project is recognized as an intangible asset
when the Group can demonstrate all the following:
The technical feasibility of completing the intangible asset so that it will be available for use or
sale.
Its intention to complete the asset.
Its ability to use or sell the asset.
+RZWKHDVVHWZLOOJHQHUDWHIXWXUHHFRQRPLFEHQHWV
The availability of adequate resources to complete the development and to use or sell the asset.
The ability to measure reliably the expenditure attributable to the intangible asset during
development.
Following the initial recognition of the development expenditure as an asset, the cost model is
applied requiring the asset to be carried at cost less any accumulated amortization and accumulated
impairment losses. Amortization of the asset begins when development is complete and the asset
LVDYDLODEOHIRUXVHWLVDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIH[SHFWHGIXWXUHEHQHW
from the related project, i.e., the estimated useful life of ten years. Amortization is recognized in the
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVV'XULQJWKHSHULRGRIGHYHORSPHQWWKHDVVHWLVWHVWHGIRU
impairment annually.
175
*DLQV RU ORVVHV DULVLQJ IURP GLVSRVDO RI DQ LQWDQJLEOH DVVHW DUH PHDVXUHG DV WKH GLHUHQFH
between the net disposal proceeds and the carrying amount of the asset and are recognized in the
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVVZKHQWKHDVVHWLVGLVSRVHG
_ Statutory Reports
Intangible assets acquired separately are measured on initial recognition at cost. Following initial
recognition, intangible assets are carried at cost less accumulated amortization and accumulated
impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing
the asset to its working condition for its intended use.
Notes
Fixed assets purchased for research and development are accounted for in the manner stated in
note 2.1 (d) above.
A summary of amortization policy applied to the Groups intangible assets is as below:
Type of assets
Computer software
Server
e)
Useful lives estimated by the management (year)

3-5
6
Technical Knowhow
10
Development costs
10
Patents
10
Website
Inventories
Cost of inventories have been computed to include all cost of purchases, cost of conversion and
other costs incurred in bringing the inventories to their present location and condition.
Raw materials and components, stores and spares and loose tools are valued at lower of cost and
net realizable value. However, materials and other items held for use in the production of inventories
DUH QRW ZULWWHQ GRZQ EHORZ FRVW LI WKH QLVKHG SURGXFWV LQ ZKLFK WKH\ ZLOO EH LQFRUSRUDWHG DUH
expected to be sold at or above cost. Costs are determined on the weighted average basis.
:RUNLQSURJUHVVDQGQLVKHGJRRGVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH&RVW
includes direct materials and labour and a proportion of manufacturing overheads based on normal
RSHUDWLQJFDSDFLW\&RVWRIQLVKHGJRRGVLQFOXGHVH[FLVHGXW\&RVWLVGHWHUPLQHGRQDZHLJKWHG
average basis.
Scrap is valued at lower of cost and net realizable value. Cost is determined using the weighted
average method.
Dies are amortised over their productive life. Expenditure incurred to repair the dies from time to
WLPHLVFKDUJHGWRFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
Net realizable value is the estimated selling price in the ordinary course of business, less estimated
costs of completion and estimated costs necessary to make the sale.
f)
Foreign currency translation

Foreign currency transactions and balances
i.
Initial recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign
currency amount the exchange rate between the reporting currency and the foreign currency
at the date of the transaction.
ii.
Conversion
Foreign currency monetary items are retranslated using the exchange rate prevailing at
the reporting date. Non-monetary items, which are measured in terms of historical cost
denominated in a foreign currency, are reported using the exchange rate at the date of the
transaction. Non-monetary items, which are measured at fair value or other similar valuation
denominated in a foreign currency, are translated using the exchange rate at the date when
such value was determined.
LLL ([FKDQJHGLHUHQFHV
7KH *URXS DFFRXQWV IRU H[FKDQJH GLHUHQFHV DULVLQJ RQ WUDQVODWLRQ VHWWOHPHQW RI IRUHLJQ
currency monetary items as below:
D
176
([FKDQJH GLHUHQFHV DULVLQJ RQ ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV UHODWHG WR
DFTXLVLWLRQRID[HGDVVHWDUHFDSLWDOL]HGDQGGHSUHFLDWHGRYHUWKHUHPDLQLQJXVHIXOOLIH
of the asset.
E
([FKDQJH GLHUHQFHV DULVLQJ RQ RWKHU ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV DUH
DFFXPXODWHGLQWKH)RUHLJQ&XUUHQF\0RQHWDU\WHP7UDQVODWLRQ'LHUHQFH$FFRXQWDQG
amortized over the remaining life of the concerned monetary item.
F
$OORWKHUH[FKDQJHGLHUHQFHVDUHUHFRJQL]HGDVLQFRPHRUDVH[SHQVHVLQWKHSHULRGLQ
which they arise.
For the purpose of (a) and (b) above, the Group treats a foreign monetary item as long-term
foreign currency monetary item, if it has a term of 12 months or more at the date of its
RULJLQDWLRQ Q DFFRUGDQFH ZLWK 0&$ FLUFXODU GDWHG $XJXVW H[FKDQJH GLHUHQFHV IRU
WKLV SXUSRVH DUH WRWDO GLHUHQFHV DULVLQJ RQ ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV IRU
WKH SHULRG Q RWKHU ZRUGV WKH *URXS GRHV QRW GLHUHQWLDWH EHWZHHQ H[FKDQJH GLHUHQFHV
arising from foreign currency borrowings to the extent they are regarded as an adjustment to
WKHLQWHUHVWFRVWDQGRWKHUH[FKDQJHGLHUHQFH
iv.
Options and forward exchange contracts not intended for trading or speculation purposes,
FODVVLHGDVGHULYDWLYHLQVWUXPHQWV
v.
Foreign operations
7KHQDQFLDOVWDWHPHQWVRILQWHJUDOIRUHLJQRSHUDWLRQVDUHWUDQVODWHGDVLIWKHWUDQVDFWLRQVRI
the foreign operations have been those of the Group itself.
On disposal of a non-integral foreign operation, the accumulated foreign currency translation

UHVHUYHUHODWLQJWRWKDWIRUHLJQRSHUDWLRQLVUHFRJQL]HGLQWKHFRQVROLGDWHGVWDWHPHQWRISURW
and loss.
g)
:KHQWKHUHLVDFKDQJHLQWKHFODVVLFDWLRQRIDIRUHLJQRSHUDWLRQWKHWUDQVODWLRQSURFHGXUHV
DSSOLFDEOHWRWKHUHYLVHGFODVVLFDWLRQDUHDSSOLHGIURPWKHGDWHRIWKHFKDQJHLQFODVVLFDWLRQ
Investments
Investments, which are readily realizable and intended to be held for not more than one year from the
GDWHRQZKLFKVXFKLQYHVWPHQWVDUHPDGHDUHFODVVLHGDVFXUUHQWLQYHVWPHQWV$OORWKHULQYHVWPHQWV
DUHFODVVLHGDVORQJWHUPLQYHVWPHQWV
On initial recognition, all investments are measured at cost. The cost comprises purchase price and
directly attributable acquisition charges such as brokerage, fees and duties. If an investment is acquired
or partly acquired by issue of shares or other securities, the acquisition cost is the fair value of security
issued.
&XUUHQWLQYHVWPHQWVDUHFDUULHGLQWKHQDQFLDOVWDWHPHQWDWORZHURIFRVWRIDFTXLVLWLRQDQGIDLUYDOXH
determined on an individual investment basis.
Long-term investments are carried at cost. However, provision for diminution in value of investments is
made to recognize a decline other than temporary in the value of investment.
2QGLVSRVDORIDQLQYHVWPHQWWKHGLHUHQFHEHWZHHQLWVFDUU\LQJDPRXQWDQGQHWGLVSRVDOSURFHHGVLV
FKDUJHGRUFUHGLWHGWRWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
177
The assets and liabilities of a non-integral foreign operation are translated into the reporting
FXUUHQF\DWWKHH[FKDQJHUDWHSUHYDLOLQJDWWKHUHSRUWLQJGDWH7KHLUVWDWHPHQWRISURWDQG
loss are translated at exchange rates prevailing at the dates of transactions or weighted
average rates, where such rates approximate the exchange rate at the date of transaction. The
H[FKDQJHGLHUHQFHVDULVLQJRQWUDQVODWLRQDUHDFFXPXODWHGLQWKHIRUHLJQFXUUHQF\WUDQVODWLRQ
reserve.
_ Statutory Reports
Pursuant to the announcement made by the Institute of Chartered Accountants of India (ICAI)
UHJDUGLQJ$FFRXQWLQJIRU'HULYDWLYHVRSWLRQVDQGIRUZDUGH[FKDQJHFRQWUDFWVDUHFODVVLHG
as derivatives and are marked to market on a portfolio basis at the balance sheet date. The
UHVXOWDQWQHWORVVHVDIWHUFRQVLGHULQJWKHRVHWWLQJHHFWRQWKHXQGHUO\LQJKHGJHLWHPVDUH
UHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVRQWKHSULQFLSOHRISUXGHQFH7KH
UHVXOWDQW QHW JDLQV LI DQ\ RQ VXFK GHULYDWLYHV DUH QRW UHFRJQLVHG LQ FRQVROLGDWHG QDQFLDO
VWDWHPHQWV $Q\ SURW RU ORVV DULVLQJ RQ FDQFHOODWLRQ RU UHQHZDO RI VXFK IRUZDUG H[FKDQJH
contract is recognised as income or expense for the year.
_ Company Overview
Notes
h)
Revenue recognition
RHYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHWVZLOORZWRWKH*URXS
DQGWKHUHYHQXHFDQEHUHOLDEO\PHDVXUHG7KHIROORZLQJVSHFLFUHFRJQLWLRQFULWHULDPXVWDOVREHPHW
before revenue is recognized:
i.
ii.
Sales of goods
D
5HYHQXH IURP 'RPHVWLF VDOHV DUH UHFRJQL]HG ZKHQ DOO WKH VLJQLFDQW ULVNV DQG UHZDUGV RI
ownership of the goods have been passed to the buyer, usually on dispatch from the point of
sale, consequent to property in goods being transferred. The Group collects sales taxes and
value added taxes (VAT), wherever applicable, on behalf of the government and, therefore,
WKHVHDUHQRWHFRQRPLFEHQHWVRZLQJWRWKH*URXS+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH
Excise duty deducted from revenue (gross) is the amount that is included in the revenue (gross)
and not the entire amount of liability arising during the year.
E
([SRUW VDOHV DUH UHFRJQL]HG ZKHQ DOO WKH VLJQLFDQW ULVNV DQG UHZDUGV RI RZQHUVKLS RI WKH
goods have been passed to the buyer, usually on the basis of dates of bill of lading.
Export incentives
Export incentives are accounted for on export of goods if the entitlements can be estimated with
UHDVRQDEOHDFFXUDF\DQGFRQGLWLRQVSUHFHGHQWWRFODLPLVIXOOOHG
iii.
Sale of services
Revenues from sales of services are recognized pro-rata over the period of the contract as and when
services are rendered. The Group collects service tax on behalf of the government and, therefore, it
LVQRWDQHFRQRPLFEHQHWRZLQJWRWKH*URXS+HQFHLWLVH[FOXGHGIURPUHYHQXH
iv.
Die design and preparation charges/Job work Charges

Revenues from die design and preparation charges/job work charges are recognized as per the
terms of the contract as and when services are rendered. The Group collects service tax and value
DGGHGWD[9$7RQEHKDOIRIWKHJRYHUQPHQWDQGWKHUHIRUHLWLVQRWDQHFRQRPLFEHQHWRZLQJ
to the Group. Hence, it is excluded from revenue. Excise duty deducted from revenue (gross) is the
amount that is included in the revenue (gross) and not the entire amount of liability arising during
the year.
v.
Sale of electricity Windmill
5HYHQXHIURPVDOHVRIHOHFWULFLW\LVUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
have been passed to the buyer, usually on transmission of electricity based on the data provided by
the electricity department.
vi.
Interest income
Interest income is recognized on a time proportion basis taking into account the amount outstanding
and the applicable interest rate.
vii. Dividend income

Dividend income is recognized when the Companys right to receive is established by the reporting
date.
YLLL 3URWORVVRQVDOHRILQYHVWPHQW
3URWORVVRQVDOHRILQYHVWPHQWLVUHFRJQL]HGZKHQDOOWKHVLJQLFDQWULVNVDQGUHZDUGVRIRZQHUVKLS
in investment is transferred.
ix.
Project revenue
Project revenue is recognized by applying the Percentage of Completion method only when the
outcome of the construction activity can be estimated reliably. Project revenue and project cost
associated to project related activity is recognized as revenue and expense respectively by reference
to the stage of completion. The stage of completion is either determined with reference to the
proportion of cost incurred for work performed to the estimated total cost respectively or with
respect to the completion of physical proportion of the contract work. Project revenue is recognized
178
ZKHQ WKH VWDJH RI FRPSOHWLRQ RI WKH SURMHFW UHDFKHV D VLJQLFDQW OHYHO DV FRPSDUHG WR WKH WRWDO
estimated cost of the project.
5HYHQXHHDUQHGLQH[FHVVRIELOOLQJLVUHHFWHGXQGHU2WKHU&XUUHQW$VVHWV%LOOLQJWRFXVWRPHUVLQ
H[FHVVRIUHYHQXHHDUQHGLVUHHFWHGXQGHU&XUUHQWOLDELOLWLHV
The estimated total cost of the project as determined, is based on managements estimate from
WKHLQFHSWLRQWLOOWKHQDOFRPSOHWLRQRIWKHSURMHFWDQGLQFOXGHVPDWHULDOVVHUYLFHVDQGFRVWVWKDW
are attributable to contract activity in general and can be allocated to the contract. Such costs are
allocated using methods that are systematic and rational and are applied consistently to all costs
having similar characteristics.
_ Company Overview
When the outcome of the construction activity cannot be estimated reliably, revenue is recognized
only to the extent of costs incurred of which recovery is probable and such cost is recognized as an
expense in the period in which they are incurred. When it is probable that total contract costs will
exceed total contract revenue, the expected loss is recognised immediately as an expense.
x.
Tender costs
[L &HUWLHGHPLVVLRQUHGXFWLRQXQLWV5HQHZDOHQHUJ\FHUWLFDWHV
L
5HYHQXH IURP FHUWLHG HPLVVLRQ UHGXFWLRQ XQLWVUHQHZDO HQHUJ\ FHUWLFDWHV LV UHFRJQL]HG ZKHQ
there is reasonable assurance that the entity will comply with the conditions attached to it and the
grants will be received. At a minimum, these conditions will only be met when the actual emission
reductions have been realized and the entity has reasonable assurance that these reductions will be
FRQUPHGGXULQJWKHYHULFDWLRQDQGFHUWLFDWLRQSURFHVVE\WKHUHVSHFWLYHLQGHSHQGHQWDXWKRULW\
_ Statutory Reports
Costs that relate directly to a contract and are incurred in securing the contract are also included as
part of the contract costs on a case to case basis considering the nature of the business, if they are
VHSDUDWHO\LGHQWLHGDQGPHDVXUHGUHOLDEO\DQGLWLVSUREDEOHWKDWWKHFRQWUDFWZLOOEHREWDLQHG7LOO
then such costs are carried forward in the other current assets. Other tender costs are charged to
WKHVWDWHPHQWRISURWDQGORVVDVSHULRGFRVWV
5HWLUHPHQWDQGRWKHUHPSOR\HHEHQHWV
i
Provident fund
The Company and some of its subsidiaries operate two plans for its employees to provide employee
EHQHWLQWKHQDWXUHRISURYLGHQWIXQG
(OLJLEOHHPSOR\HHVRIWKH&RPSDQ\UHFHLYHEHQHWVIURPDSURYLGHQWIXQGZKLFKLVDGHQHGEHQHW
plan. Both the employee and the Company make monthly contributions to the provident fund plan
HTXDOWRDVSHFLHGSHUFHQWDJHRIWKHFRYHUHGHPSOR\HHVVDODU\7KH&RPSDQ\FRQWULEXWHVDSDUW
RIWKHFRQWULEXWLRQVWRWKH%KDUDW)RUJH&RPSDQ\/LPLWHG6WD3URYLGHQW)XQG7UXVW7KHUDWHDW
ZKLFKWKHDQQXDOLQWHUHVWLVSD\DEOHWRWKHEHQHFLDULHVE\WKHWUXVWLVEHLQJDGPLQLVWHUHGE\WKH
government. The Company has an obligation to make good the shortfall, if any, between the return
IURPWKHLQYHVWPHQWVRIWKHWUXVWDQGWKHQRWLHGLQWHUHVWUDWH7KHJXLGDQFHQRWHRQLPSOHPHQWLQJ
$6 UHYLVHG (PSOR\HH %HQHWV VWDWHV WKDW EHQHWV LQYROYLQJ HPSOR\HU HVWDEOLVKHG
SURYLGHQWIXQGVZKLFKUHTXLUHVLQWHUHVWVKRUWIDOOVWREHSURYLGHGDUHWREHFRQVLGHUHGDVGHQHG
EHQHWSODQV$FWXDULDOYDOXDWLRQRIWKLVSURYLGHQWIXQGLQWHUHVWVKRUWIDOOKDVEHHQGRQHDVSHUWKH
guidance note issued in this respect by the Institute of Actuaries of India.
The employees of the Company and Indian subsidiaries which are not covered under the above
scheme, their portion of provident fund is contributed to the government administered pension fund
ZKLFKLVDGHQHGFRQWULEXWLRQVFKHPH7KH&RPSDQ\DQGQGLDQVXEVLGLDULHVKDYHQRREOLJDWLRQ
other than the contribution payable to the provident fund. The Company and Indian subsidiaries
recognize contribution payable to the provident fund scheme as expenditure, when an employee
renders the related service. If the contribution payable to the scheme for service received before
WKHEDODQFHVKHHWGDWHH[FHHGVWKHFRQWULEXWLRQDOUHDG\SDLGWKHGHFLWSD\DEOHWRWKHVFKHPHLV
recognized as a liability after deducting the contribution already paid. If the contribution already
paid exceeds the contribution due for services received before the balance sheet date, then excess
is recognized as an asset to the extent that the pre payment will lead to, for example, a reduction in
future payment or a cash refund.
179
Notes
ii
Gratuity
7KH&RPSDQ\DQGVRPHRILWVVXEVLGLDULHVRSHUDWHWZRGHQHGEHQHWVSODQIRULWVHPSOR\HHVYL]
gratuity and special gratuity scheme. Payment for present liability of future payment of gratuity is
being made to approved gratuity funds, which fully cover the same under cash accumulation policy
of the Life Insurance Corporation of India. The special gratuity scheme is unfunded. The cost of
SURYLGLQJEHQHWVXQGHUWKHVHSODQVLVGHWHUPLQHGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQDWHDFK\HDU
end. Separate actuarial valuation is carried out for each plan using the project unit credit method.
$FWXDULDOJDLQVDQGORVVHVIRUERWKGHQHGEHQHWSODQVDUHUHFRJQL]HGLQIXOOLQWKHSHULRGLQZKLFK
WKH\RFFXULQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
iii
Superannuation
5HWLUHPHQW EHQHW LQ WKH IRUP RI VXSHUDQQXDWLRQ SODQ LV D GHQHG FRQWULEXWLRQ SODQ 'HQHG
contributions to Life Insurance Corporation for employees covered under Superannuation scheme
are accounted at the rate of 15% of such employees annual salary. The Company and Indian
VXEVLGLDULHVUHFRJQL]HH[SHQVHWRZDUGWKHFRQWULEXWLRQSDLGSD\DEOHWRWKHGHQHGFRQWULEXWLRQ
plan as and when an employee renders the relevant service. If the contribution already paid exceeds
the contribution due for service before the balance sheet date, the Company and Indian subsidiaries
should recognise that excess as an asset (prepaid expense) to the extent that the prepayment will
lead to, for example, a reduction in future payments or cash refund. If the contribution already paid
is lower than the contribution due for service before the balance sheet date, the Company recognises
WKDWGLHUHQFHH[FHVVDVDOLDELOLW\7KH&RPSDQ\DQGQGLDQVXEVLGLDULHVKDYHQRREOLJDWLRQRWKHU
than the contribution payable to the superannuation fund.
LY
3ULYLOHJHOHDYHEHQHWV
Accumulated leave, which is expected to be utilized within the next 12 months, is treated as shortWHUPHPSOR\HHEHQHW7KH*URXSPHDVXUHVWKHH[SHFWHGFRVWRIVXFKDEVHQFHVDVWKHDGGLWLRQDO
amount that it expects to pay as a result of the unused entitlement that has accumulated at the
reporting date.
The Company and its subsidiaries treat accumulated leave expected to be carried forward beyond
WZHOYH PRQWKV DV ORQJWHUP HPSOR\HH EHQHW IRU PHDVXUHPHQW SXUSRVHV 6XFK ORQJWHUP
compensated absences are provided for based on the actuarial valuation using the projected unit
credit method at the year-end. Actuarial gains/losses are immediately taken to the consolidated
VWDWHPHQWRISURWDQGORVVDQGDUHQRWGHIHUUHG7KH*URXSSUHVHQWVWKHOHDYHDVDFXUUHQWOLDELOLW\
in the balance sheet, to the extent it does not have an unconditional right to defer its settlement for
12 months after the reporting date. Where the Company and its subsidiaries have the unconditional
legal and contractual right to defer the settlement for a period beyond 12 months, the same is
presented as non-current liability.
Y
7HUPLQDWLRQEHQHWV
7KH&RPSDQ\UHFRJQL]HVWHUPLQDWLRQEHQHWDVDOLDELOLW\DQGDQH[SHQVHZKHQWKH&RPSDQ\KDV
DSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQWLWLVSUREDEOHWKDWDQRXWRZRIUHVRXUFHVHPERG\LQJ
HFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRI
the amount of the obligation.
YL 2WKHUORQJWHUPHPSOR\HHEHQHWV
j)
Q FDVH RI FHUWDLQ RYHUVHDV VXEVLGLDULHV WKHUH DUH ORQJ WHUP HPSOR\HH EHQHWV LQ WKH QDWXUH RI
SHQVLRQ SODQV MXELOHH VFKHPH DQG HDUO\ UHWLUHPHQW VFKHPH /RQJ WHUP HPSOR\HH EHQHWV DUH
GHQHG EHQHW REOLJDWLRQV DQG DUH SURYLGHG IRU RQ WKH EDVLV RI DQ DFWXDULDO YDOXDWLRQ 6HSDUDWH
actuarial valuation is carried out for each plan using the project unit credit method. Actuarial gains
DQGORVVHVIRUDOOGHQHGEHQHWSODQVDUHUHFRJQL]HGLQIXOOLQWKHSHULRGLQZKLFKWKH\RFFXULQWKH
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
Borrowing costs
Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the
arrangement of borrowings.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as
180
part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.
N QFRPHWD[HV
Tax expense comprises current and deferred tax. Current income-tax is measured at the amount
expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India
and tax laws prevailing in the respective tax jurisdictions where the other entities of the Group operates.
The tax rates and tax laws used to compute the amount are those that are enacted, at the reporting date.
Current income tax relating to items recognized directly in equity is recognized in equity and not in the
_ Company Overview
'HIHUUHGLQFRPHWD[HVUHHFWWKHLPSDFWRIWLPLQJGLHUHQFHVEHWZHHQWD[DEOHLQFRPHDQGDFFRXQWLQJ
LQFRPH RULJLQDWLQJ GXULQJ WKH FXUUHQW \HDU DQG UHYHUVDO RI WLPLQJ GLHUHQFHV IRU WKH HDUOLHU \HDUV
Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the
reporting date.
Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the
'HIHUUHG WD[ OLDELOLWLHV DUH UHFRJQL]HG IRU DOO WD[DEOH WLPLQJ GLHUHQFHV 'HIHUUHG WD[ DVVHWV DUH
UHFRJQL]HGIRUGHGXFWLEOHWLPLQJGLHUHQFHVRQO\WRWKHH[WHQWWKDWWKHUHLVUHDVRQDEOHFHUWDLQW\WKDW
VXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG
In situations where the Group has unabsorbed depreciation or carry forward tax losses, all deferred tax
assets are recognized only if there is virtual certainty supported by convincing evidence that they can be
UHDOL]HGDJDLQVWIXWXUHWD[DEOHSURWV
At each reporting date, the Group re-assesses unrecognized deferred tax assets. It recognizes
unrecognized deferred tax assets to the extent that it has become reasonably certain or virtually certain,
DVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[
assets can be realized.
The carrying amount of deferred tax assets are reviewed at each reporting date. The Group writes-down
the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain or virtually
FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKGHIHUUHG
tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably
FHUWDLQRUYLUWXDOO\FHUWDLQDVWKHFDVHPD\EHWKDWVXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOH
'HIHUUHGWD[DVVHWVDQGGHIHUUHGWD[OLDELOLWLHVDUHRVHWLIDOHJDOO\HQIRUFHDEOHULJKWH[LVWVWRVHWR
current tax assets against current tax liabilities and the deferred tax assets and deferred taxes relate to
the same taxable entity and the same taxation authority.
0LQLPXPDOWHUQDWHWD[0$7SDLGLQD\HDULVFKDUJHGWRWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV

as current tax. The Group recognizes MAT credit available as an asset only to the extent that there is
FRQYLQFLQJ HYLGHQFH WKDW WKH *URXS ZLOO SD\ QRUPDO LQFRPH WD[ GXULQJ WKH VSHFLHG SHULRG LH WKH
period for which MAT credit is allowed to be carried forward. In the year in which the Group recognizes
MAT credit as an asset in accordance with the guidance note on Accounting for Credit Available in respect
of Minimum Alternative Tax under the Income-tax Act, 1961, or the respective tax jurisdiction wherever
DSSOLFDEOH WKH VDLG DVVHW LV FUHDWHG E\ ZD\ RI FUHGLW WR WKH FRQVROLGDWHG VWDWHPHQW RI SURW DQG ORVV
and shown as MAT Credit Entitlement. The Group reviews the MAT credit entitlement asset at each
reporting date and writes down the asset to the extent the Group does not have convincing evidence that
LWZLOOSD\QRUPDOWD[GXULQJWKHVSHFLHGSHULRG
181
In the situations where the Group is entitled to a tax holiday under the Income-tax Act, 1961 enacted in
India or tax laws prevailing in the respective tax jurisdictions where it operates, no deferred tax (asset
RUOLDELOLW\LVUHFRJQL]HGLQUHVSHFWRIWLPLQJGLHUHQFHVZKLFKUHYHUVHGXULQJWKHWD[KROLGD\SHULRGWR
the extent the Companys gross total income is subject to the deduction during the tax holiday period.
'HIHUUHGWD[LQUHVSHFWRIWLPLQJGLHUHQFHVZKLFKUHYHUVHDIWHUWKHWD[KROLGD\SHULRGLVUHFRJQL]HGLQ
WKH\HDULQZKLFKWKHWLPLQJGLHUHQFHVRULJLQDWH+RZHYHUWKHJURXSUHVWULFWVUHFRJQLWLRQRIGHIHUUHG
tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be, that
VXFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG
)RUUHFRJQLWLRQRIGHIHUUHGWD[HVWKHWLPLQJGLHUHQFHVZKLFKRULJLQDWHUVWDUHFRQVLGHUHGWRUHYHUVH
UVW
_ Statutory Reports
Notes
l)
Provisions
A provision is recognized when the Group has a present obligation as a result of past event, it is probable
WKDWDQRXWRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQG
a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their
present value and are determined based on the best estimate required to settle the obligation at the
UHSRUWLQJGDWH7KHVHHVWLPDWHVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWHDQGDGMXVWHGWRUHHFWWKHFXUUHQW
best estimates.
Where the Group expects some or all of a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognized as a separate asset but only when the reimbursement is
virtually certain. The expense relating to any provision is presented in the consolidated statement of
SURWDQGORVVQHWRIDQ\UHLPEXUVHPHQW
m) Impairment of tangible and intangible asset

The Group assesses at each reporting date whether there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment testing for an asset is required, the Group estimates
the assets recoverable amount. An assets recoverable amount is the higher of an assets or cashgenerating units (CGU) net selling price and its value in use. The recoverable amount is determined
IRUDQLQGLYLGXDODVVHWXQOHVVWKHDVVHWGRHVQRWJHQHUDWHFDVKLQRZVWKDWDUHODUJHO\LQGHSHQGHQWRI
those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKRZVDUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJD
SUHWD[GLVFRXQWUDWHWKDWUHHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNV
VSHFLFWRWKHDVVHWQGHWHUPLQLQJQHWVHOOLQJSULFHUHFHQWPDUNHWWUDQVDFWLRQVDUHWDNHQLQWRDFFRXQW
LIDYDLODEOHIQRVXFKWUDQVDFWLRQVFDQEHLGHQWLHGDQDSSURSULDWHYDOXDWLRQPRGHOLVXVHG
The Group bases its impairment calculation on detailed budgets and forecast calculations which are
prepared separately for each of the Groups cash-generating units to which the individual assets are
DOORFDWHG 7KHVH EXGJHWV DQG IRUHFDVW FDOFXODWLRQV DUH JHQHUDOO\ FRYHULQJ D SHULRG RI YH \HDUV )RU
ORQJHUSHULRGVDORQJWHUPJURZWKUDWHLVFDOFXODWHGDQGDSSOLHGWRSURMHFWIXWXUHFDVKRZVDIWHUWKH
IWK\HDU
Impairment losses of continuing operations, including impairment on inventories, are recognized in the
FRQVROLGDWHG VWDWHPHQW RI SURW DQG ORVV H[FHSW IRU SUHYLRXVO\ UHYDOXHG WDQJLEOH [HG DVVHWV ZKHUH
the revaluation was taken to revaluation reserve. In this case, the impairment is also recognized in the
revaluation reserve up to the amount of any previous revaluation.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining
useful life.
An assessment is made at each reporting date as to whether there is any indication that previously
recognized impairment losses may no longer exist or may have decreased. If such indication exists,
the Group estimates the assets or cash-generating units recoverable amount. A previously recognized
impairment loss is reversed only if there has been a change in the assumptions used to determine the
assets recoverable amount since the last impairment loss was recognized. The reversal is limited so
that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying
amount that would have been determined, net of depreciation, had no impairment loss been recognized
IRUWKHDVVHWLQSULRU\HDUV6XFKUHYHUVDOLVUHFRJQL]HGLQWKHVWDWHPHQWRISURWDQGORVVXQOHVVWKH
asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase.
n)
Lease
Where the Company within the Group is the lessee
182
)LQDQFHOHDVHVZKLFKHHFWLYHO\WUDQVIHUWRWKH*URXSVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVLQFLGHQWDO
to ownership of the leased item, are capitalized at the inception of the lease term at the lower of the
fair value of the leased property and present value of minimum lease payments. Lease payments are
DSSRUWLRQHGEHWZHHQWKHQDQFHFKDUJHVDQGUHGXFWLRQRIWKHOHDVHOLDELOLW\VRDVWRDFKLHYHDFRQVWDQW
UDWHRILQWHUHVWRQWKHUHPDLQLQJEDODQFHRIWKHOLDELOLW\)LQDQFHFKDUJHVDUHUHFRJQL]HGDVQDQFHFRVWV
LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV/HDVHPDQDJHPHQWIHHVOHJDOFKDUJHVDQGRWKHULQLWLDO
direct costs of lease are capitalized.
/HDVHVZKHUHWKHOHVVRUHHFWLYHO\UHWDLQVVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKH
OHDVHGLWHPDUHFODVVLHGDVRSHUDWLQJOHDVHV2SHUDWLQJOHDVHSD\PHQWVDUHUHFRJQL]HGDVDQH[SHQVH
LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP
Where the Company within the Group is the lessor
/HDVHVLQZKLFKWKH*URXSWUDQVIHUVVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKHDVVHWDUH
FODVVLHGDVQDQFHOHDVHV$VVHWVJLYHQXQGHUQDQFHOHDVHDUHUHFRJQL]HGDVDUHFHLYDEOHDWDQDPRXQW
equal to the net investment in the lease. After initial recognition, the group apportions lease rentals
between the principal repayment and interest income so as to achieve a constant periodic rate of return
RQWKHQHWLQYHVWPHQWRXWVWDQGLQJLQUHVSHFWRIWKHQDQFHOHDVH7KHLQWHUHVWLQFRPHLVUHFRJQL]HGLQ
WKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVQLWLDOGLUHFWFRVWVVXFKDVOHJDOFRVWVEURNHUDJHFRVWVHWF
DUHUHFRJQL]HGLPPHGLDWHO\LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
/HDVHVLQZKLFKWKH*URXSGRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHWVRIRZQHUVKLSRIWKH
DVVHWDUHFODVVLHGDVRSHUDWLQJOHDVHV$VVHWVVXEMHFWWRRSHUDWLQJOHDVHVDUHLQFOXGHGLQ[HGDVVHWV
/HDVHLQFRPHRQDQRSHUDWLQJOHDVHLVUHFRJQL]HGLQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVRQD
straight-line basis over the lease term. Costs, including depreciation, are recognized as an expense in the
FRQVROLGDWHGVWDWHPHQWRISURWDQGORVVQLWLDOGLUHFWFRVWVVXFKDVOHJDOFRVWVEURNHUDJHFRVWVHWFDUH
UHFRJQL]HGLPPHGLDWHO\LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
o)
Government grants and subsidies

Grants and subsidies from the government are recognized when there is reasonable assurance that (i)
the Group will comply with the conditions attached to them, and (ii) the grant/subsidy will be received.
When the grant or subsidy relates to revenue, it is recognized as income on a systematic basis in the
FRQVROLGDWHG VWDWHPHQW RI SURW DQG ORVV RYHU WKH SHULRGV QHFHVVDU\ WR PDWFK WKHP ZLWK WKH UHODWHG
costs, which they are intended to compensate. Where the grant relates to an asset, it is recognized as
GHIHUUHGLQFRPHDQGLVDOORFDWHGWRFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVRYHUWKHSHULRGVDQGLQWKH
proportions in which depreciation on those assets is charged.
_ Statutory Reports
_ Company Overview
Where the Group receives non-monetary grants, the asset is accounted for on the basis of its acquisition
cost. In case a non-monetary asset is given free of cost, it is recognized at a nominal value.
Government grants of the nature of promoters contribution are credited to capital reserve and treated
as a part of the shareholders funds.
Earnings per share
%DVLFHDUQLQJVSHUVKDUHDUHFDOFXODWHGE\GLYLGLQJWKHQHWSURWIRUWKHSHULRGDWWULEXWDEOHWRHTXLW\
shareholders by the weighted average number of equity shares outstanding during the period. Partly
paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to
participate in dividends relative to a fully paid equity share during the reporting period. The weighted
average number of equity shares outstanding during the period is adjusted for events such as bonus
issue, bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that
have changed the number of equity shares outstanding, without a corresponding change in resources.
)RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJVSHUVKDUHWKHQHWSURWIRUWKHSHULRGDWWULEXWDEOHWR
equity shareholders and the weighted average number of shares outstanding during the period are
DGMXVWHGIRUWKHHHFWVRIDOOGLOXWLYHSRWHQWLDOHTXLW\VKDUHV
q)
Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be
FRQUPHG E\ WKH RFFXUUHQFH RU QRQRFFXUUHQFH RI RQH RU PRUH XQFHUWDLQ IXWXUH HYHQWV EH\RQG WKH
control of the Group or a present obligation that is not recognized because it is not probable that an
RXWRZRIUHVRXUFHVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQ$FRQWLQJHQWOLDELOLW\DOVRDULVHVLQH[WUHPHO\
rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.
7KH*URXSGRHVQRWUHFRJQL]HDFRQWLQJHQWOLDELOLW\EXWGLVFORVHVLWVH[LVWHQFHLQWKHQDQFLDOVWDWHPHQWV
r)
Cash and cash equivalents
&DVKDQGFDVKHTXLYDOHQWVIRUWKHSXUSRVHVRIFDVKRZVWDWHPHQWFRPSULVHFDVKDWEDQNDQGLQKDQG
and short-term investments with an original maturity of three months or less.
183
p)
Notes
s)
Derivative instruments and hedge accounting
7KH*URXSXVHVGHULYDWLYHQDQFLDOLQVWUXPHQWVVXFKDVIRUHLJQFXUUHQF\IRUZDUGFRQWUDFWVWRKHGJH
IRUHLJQFXUUHQF\ULVNDULVLQJIURPIXWXUHWUDQVDFWLRQVLQUHVSHFWRIZKLFKUPFRPPLWPHQWVDUHPDGH
or which are highly probable forecast transactions. The Group designates these forward contracts in
a hedging relationship by applying the hedge accounting principles of AS 30 Financial Instruments:
Recognition and Measurement.
)RUWKHSXUSRVHRIKHGJHDFFRXQWLQJKHGJHVDUHFODVVLHGDV
i.
Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or
OLDELOLW\RUDQXQUHFRJQL]HGUPFRPPLWPHQW
LL
&DVKRZKHGJHVZKHQKHGJLQJWKHH[SRVXUHWRYDULDELOLW\LQFDVKRZVWKDWLVHLWKHUDWWULEXWDEOH
to a particular risk associated with a recognized asset or liability or a highly probable forecast
WUDQVDFWLRQRUWKHIRUHLJQFXUUHQF\ULVNLQDQXQUHFRJQL]HGUPFRPPLWPHQW
At the inception of a hedge relationship, the Company and its subsidiary formally designates
and documents the hedge relationship to which the Company and its subsidiary wishes to apply
hedge accounting and the risk management objective and strategy for undertaking the hedge. The
GRFXPHQWDWLRQLQFOXGHVLGHQWLFDWLRQRIWKHKHGJLQJLQVWUXPHQWWKHKHGJHGLWHPRUWUDQVDFWLRQ
the nature of the risk being hedged and how the Company and its subsidiary will assess the
HHFWLYHQHVVRIFKDQJHVLQWKHKHGJLQJLQVWUXPHQWVIDLUYDOXHLQRVHWWLQJWKHH[SRVXUHWRFKDQJHV
LQ WKH KHGJHG LWHPV IDLU YDOXH RU FDVK RZV DWWULEXWDEOH WR WKH KHGJHG ULVN 6XFK KHGJHV DUH
H[SHFWHGWREHKLJKO\HHFWLYHLQDFKLHYLQJRVHWWLQJFKDQJHVLQIDLUYDOXHRUFDVKRZVDQGDUH
DVVHVVHGRQDQRQJRLQJEDVLVWRGHWHUPLQHWKDWWKH\DFWXDOO\KDYHEHHQKLJKO\HHFWLYHWKURXJKRXW
WKHQDQFLDOUHSRUWLQJSHULRGVIRUZKLFKWKH\ZHUHGHVLJQDWHG
Fair value hedges

Hedges that meet the strict criteria for hedge accounting are accounted for as described below:
7KHFKDQJHLQWKHIDLUYDOXHRIDKHGJLQJGHULYDWLYHLVUHFRJQL]HGLQWKHFRQVROLGDWHGVWDWHPHQWRISURW
and loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as
part of the carrying value of the hedged item and is also recognized in the consolidated statement of
SURWDQGORVV
:KHQDQXQUHFRJQL]HGUPFRPPLWPHQWLVGHVLJQDWHGDVDKHGJHGLWHPWKHVXEVHTXHQWFXPXODWLYH
FKDQJHLQWKHIDLUYDOXHRIWKHUPFRPPLWPHQWDWWULEXWDEOHWRWKHKHGJHGULVNLVUHFRJQL]HGDVDQDVVHW
RUOLDELOLW\ZLWKDFRUUHVSRQGLQJJDLQRUORVVUHFRJQL]HGLQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
&DVKRZKHGJHV
7KH HHFWLYH SRUWLRQ RI WKH JDLQ RU ORVV RQ WKH KHGJLQJ LQVWUXPHQW LV UHFRJQL]HG GLUHFWO\ XQGHU
VKDUHKROGHUVIXQGLQWKHKHGJLQJUHVHUYHZKLOHDQ\LQHHFWLYHSRUWLRQLVUHFRJQL]HGLPPHGLDWHO\LQWKH
The Group uses foreign currency forward contracts as hedges of its exposure to foreign currency risk
LQIRUHFDVWHGWUDQVDFWLRQVDQGUPFRPPLWPHQWV7KHLQHHFWLYHSRUWLRQUHODWLQJWRIRUHLJQFXUUHQF\
FRQWUDFWVLVUHFRJQL]HGLPPHGLDWHO\LQWKHFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
$PRXQWVUHFRJQL]HGLQWKHKHGJLQJUHVHUYHDUHWUDQVIHUUHGWRWKHFRQVROLGDWHGVWDWHPHQWRISURWDQG
ORVVZKHQWKHKHGJHGWUDQVDFWLRQDHFWVSURWRUORVVVXFKDVZKHQWKHKHGJHGLQFRPHRUH[SHQVHLV
recognized or when a forecast sale occurs.
IWKHIRUHFDVWWUDQVDFWLRQRUUPFRPPLWPHQWLVQRORQJHUH[SHFWHGWRRFFXUWKHFXPXODWLYHJDLQRU
ORVVSUHYLRXVO\UHFRJQL]HGLQWKHKHGJLQJUHVHUYHLVWUDQVIHUUHGWRWKHFRQVROLGDWHGVWDWHPHQWRISURW
and loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or
rollover, or if its designation as a hedge is revoked, any cumulative gain or loss previously recognized in
WKHKHGJLQJUHVHUYHUHPDLQVLQWKHKHGJLQJUHVHUYHXQWLOWKHIRUHFDVWWUDQVDFWLRQRUUPFRPPLWPHQW
DHFWVSURWRUORVV
t)
Pre-operative expenses pending capitalisation:

Expenditure incurred during the period of construction to the extent allowable under Accounting
Standard - 10 Accounting for Fixed Assets is carried forward under Pre-Operative Expenditure Account
DQGZLOOEHDOORFDWHGWRWKH[HGDVVHWVLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVRQ
commencement of commercial operations.
184
3.
Share capital
(In ` Million)
As at
March 31, 2014
600.00
430.00
600.00
430.00
20.00
20.00
465.94
465.94
465.59
465.59
0.09
465.68
0.09
465.68
(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
Equity shares
At the beginning of the year
Issued during the year
Outstanding at the end of the year
As at March 31, 2015

No.
In ` Million
232,794,316
465.59
232,794,316
465.59

No.
In ` Million
232,794,316
465.59
232,794,316
465.59
During the year ended March 31, 2015, the amount of per share interim dividend recognised as distributions to
equity shareholders was ` 3.00/- (March 31, 2014: ` 2.00/-).
'XULQJWKH\HDUHQGHG0DUFKWKHDPRXQWRISHUVKDUHSURSRVHGQDOGLYLGHQGUHFRJQLVHGDVGLVWULEXWLRQV
to equity shareholders was ` 4.50/- (March 31, 2014: ` 2.50/-).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.
(c)
Shares held by holding/ultimate holding Company and/or their subsidiaries/associates

The Company being ultimate holding Company there are no shares held by any other holding, ultimate holding
Company and their subsidiaries/associates.
(d) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares
ERXJKWEDFNGXULQJWKHSHULRGRIYH\HDUVLPPHGLDWHO\SUHFHGLQJWKHUHSRUWLQJGDWH
185
(b) Terms/rights attached to equity shares

The Company has only one class of issued equity shares having a par value of ` 2/- per share. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays dividend 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.
_ Statutory Reports
Authorised shares (No.)

300,000,000 (March 31, 2014: 300,000,000) equity shares of ` 2/- each
43,000,000 (March 31, 2014: 43,000,000) cumulative non convertible
preference shares of ` 10/- each
0DUFKXQFODVVLHGVKDUHVRI` 10/- each
Issued (No.)
Subscribed and fully paid-up (No.)
Add: 172,840 (March 31, 2014: 172,840) forfeited equity shares comprising of
15,010 equity shares (March 31, 2014: 15,010) of ` 2/- each (amount partly
paid ` 1/- each) and 157,830 equity shares (March 31, 2014: 157,830) of ` 2/each (amount partly paid ` 0.50/- each) [Also refer note 3(f)]
Total issued, subscribed and fully paid-up share capital
As at
March 31, 2015
_ Company Overview
Notes
There are no bonus shares issued, shares issued for consideration other than cash and shares bought back during
WKHSHULRGRIYH\HDUVLPPHGLDWHO\SUHFHGLQJUHSRUWLQJGDWH
3.
Share capital (Contd.):
(e) Details of shareholders holding more than 5% shares in the Company

Name of Shareholder *
Equity shares of ` 2/- each fully paid
Kalyani Investment Company Limited
Sundaram Trading and Investment
Private Limited
KSL Holdings Private Limited

No.
% of Holding

No.
% of Holding
31,656,095
13.60
31,656,095
13.60
29,907,087
23,142,870
12.85
9.94
29,907,087
23,142,870
12.85
9.94
7KHVKDUHKROGLQJLQIRUPDWLRQLVEDVHGRQOHJDORZQHUVKLSRIVKDUHVDQGKDVEHHQH[WUDFWHGIURPWKHUHFRUGVRI
the Company including register of shareholders/members.
(f)
Shares reserved for issue under options
2,340 equity shares of ` 2/- each out of the previous issue of equity shares on
a right basis together with 234 detachable warrants entitled to subscription of
1,170 equity shares of ` 2/- each, have been kept in abeyance and reserve for
issue pending adjudication of title to the pre right holding.
As at
March 31, 2015
As at
March 31, 2014
3,510
3,510
(g) Global depository receipts

The Company had issued 3,636,500 equity shares of ` 10/- each (later sub-divided into 18,182,500 equity shares
of ` 2/- each) in April and May 2005 represented by 3,636,500 Global Depository Receipts (GDR) (on sub division
*'5V HYLGHQFLQJ 0DVWHU *'5 &HUWLFDWHV DW D SULFH RI 86' SHU *'5 LQFOXGLQJ SUHPLXP
GDRs outstanding at the close of the year are 9,200 (March 31, 2014: 9,200). The funds raised had been utilized
towards the object of the issue.
4.
Reserves and surplus

In ` Million
Capital reserves
Special capital incentive (Under the 1988 Package Scheme of Incentives)

Closing balance
Warrants subscription money [Refer note 4(a)]

Closing balance
Closing balance
Capital redemption reserve

Closing balance
Securities premium account

Closing balance
carried over
186
As at
March 31, 2015
As at
March 31, 2014
2.50
2.50
2.50
2.50
13.00
13.00
15.50
13.00
13.00
15.50
300.00
300.00
300.00
300.00
7,096.48
7,096.48
7,411.98
7,096.48
7,096.48
7,411.98
4.
Reserves and surplus (contd.):
brought over
Closing balance
1,852.71
87.29
1,448.94
403.77
(875.00)
1,065.00
1,852.71
(669.61)
(248.16)
253.33
(664.44)
(163.07)
(692.09)
185.55
(669.61)
1,785.97
3,716.20
(384.83)
5,117.34
204.16
2,235.87
(654.06)
1,785.97
2,648.90
2,248.90
719.00
(409.12)
2,958.78
400.00
2,648.90
(204.11)
(844.71)
(1,048.82)
362.31
(566.42)
(204.11)
13,540.89
10,584.99
7,625.36
875.00
8,500.36
4,985.29
4,985.29
(87.29)
(719.00)
(698.38)
(139.64)
(1,047.57)
(213.26)
(2,905.14)
19,136.11
(403.77)
(400.00)
(465.59)
(79.13)
(581.99)
(98.91)
(2,029.39)
13,540.89
7,411.98
7,411.98
TOTAL
33,975.95
26,366.73
(a) Capital reserves:

7
KH&RPSDQ\KDGLVVXHGDQGDOORWWHGWR4XDOLHGQVWLWXWLRQDO%X\HUVHTXLW\VKDUHVRI` 2/- each
at a price of ` 272/- per share aggregating to ` 2,720 Million on April 28, 2010, simultaneously with the issue
of 1,760 10.75% Non Convertible Debentures (NCD) of a face value of ` 1,000,000/- at par, together with
6,500,000 warrants at a price of ` 2/- each entitling the holder of each warrant to subscribe for 1 equity share
of ` 2/- each at a price of ` 272/- at any time within 3 years from the date of allotment. Following completion
of three years term, the subscription money received on issue of warrants was credited to capital reserve as
the same is not refundable / adjustable. Further, the warrants had lapsed and ceased to be valid from April
28, 2013.
187

Less: Appropriations
- Transfer to debenture redemption reserve
- Transfer to general reserve
- Interim equity dividend
- Tax on interim equity dividend

3URSRVHGQDOHTXLW\GLYLGHQG

7D[RQSURSRVHGQDOHTXLW\GLYLGHQG
As at
March 31, 2014
_ Statutory Reports
'HEHQWXUHUHGHPSWLRQUHVHUYH>5HIHUQRWHE@

Add: Amount transferred from surplus in the consolidated statement of
SURWDQGORVV
Less: Amount transferred to surplus in the consolidated statement of
SURWDQGORVV
Closing balance
)RUHLJQ&XUUHQF\0RQHWDU\WHP7UDQVODWLRQ'LHUHQFH$FFRXQW
)&07'$>5HIHUQRWH@

Add: Arising during the year
Less: Adjusted during the year
Closing balance
+HGJHUHVHUYH>5HIHUQRWHV@

Add: Arising during the year
Less: Adjusted during the year
Closing balance
General reserve

Add: Amount transferred from surplus balance in the consolidated
Less: Adjusted during the year [Refer note 4(c)]
Closing balance
Foreign currency translation reserve

%DODQFHDVSHUWKHODVWFRQVROLGDWHGQDQFLDOVWDWHPHQWV
Less: Movement during the year
Closing balance
6XUSOXVLQWKH&RQVROLGDWHGVWDWHPHQWRISURWDQGORVV

%DODQFHDVSHUWKHODVWFRQVROLGDWHGQDQFLDOVWDWHPHQWV
Add:

1HWSURWIRUWKH\HDU
- Transfer from debenture redemption reserve [Refer note 4(b)(ii)]
In ` Million
As at
March 31, 2015
_ Company Overview
Notes
4.
Reserves and surplus (Contd.):

(b) Debenture redemption reserve:
(i) Debenture redemption reserve has been created in accordance with circular No. 9/2002 dated April
LVVXHGE\WKH'HSDUWPHQWRI&RPSDQ\$DLUV0LQLVWU\RI/DZ-XVWLFHDQG&RPSDQ\$DLUV
Government of India and Section 117(C) of the Companies Act, 1956 at 25% of the maturity amount
equally over the terms of the debentures privately placed. Pursuant to MCA circular No. 04/2013 dated
February 11, 2013, the Company has continued to create reserve as per the erstwhile Companies Act,
1956.
(ii) During the year, the Company has redemed 3,500 - 10.75% Redeemable secured non-convertible
debentures (Seventeenth series) of ` 1,000,000/- each in full. The Debenture redempton reserve created
ZLWK UHVSHFW WR WKLV VHULHV KDV EHHQ WUDQVIHUHG WR VXUSOXV LQ WKH VWDWHPHQW RI SURW DQG ORVV DIWHU
redemption in full of the said debentures.
(c)
5.
General reserve:
Pursuant to the Companies Act, 2013 (the Act), the Company has, during the year, revised depreciation
UDWHVRQFHUWDLQ[HGDVVHWVDVSHUWKHXVHIXOOLIHVSHFLHGLQ6FKHGXOHRIWKH$FWRUDVUHDVVHVVHGE\WKH
Company. Due to this, based on transitional provision as per note 7(b) of the Schedule II, an amount of `
354.75 Million (net of deferred tax of ` 182.67 Million) have been adjusted to general reserves. Further the
adjustment to reserve include ` 54.37 Million in relation to deferred tax adjustment of earlier years.
Long-term borrowings
In ` Million
Non-current portion
Current maturities
As at
As at
As at
As at
March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014
'HEHQWXUHV>5HIHUQRWHD@
2,500 (March 31, 2014: 2,500) - 11.95
% Redeemable non-convertible
debentures (secured)
1,760 (March 31, 2014: 1,760) - 10.75
3,500 (March 31, 2014: 3,500) - 10.75
833.50
1,666.67
833.25
833.33
528.00
1,144.00
616.00
616.00
1,361.50
2,810.67
1,449.25
2,625.00
4,074.33
1,198.80
73.84
131.61
33.75
41.29
165.16
127.66
165.15
2.43
76.27
1,361.50
8.72
305.49
2,810.67
4.70
166.11
1,449.25
5.15
1,410.39
4,074.33
Term loans
)URPEDQNV
Foreign currency term loans
Secured
From Credit Agricole Corporate &
Investment Bank, Singapore
>5HIHUQRWHEL@
From Hypo Vereins Bank, Germany
[Refer note 5(b)(ii)]
From ICICI Bank, Frankfurt [Refer
note 5(b)(iii)]
From Unicredit Bank, Germany
[Refer note 5(b)(iv)]
carried over
carried over
188
5.
Long-term borrowings (Contd.):
189
_ Statutory Reports
In ` Million
Non-current portion
Current maturities
As at
As at
As at
As at
brought over
76.27
305.49
166.11
1,410.39
brought over
1,361.50
2,810.67
1,449.25
4,074.33
From Unicredit Bank, Germany
[Refer note 5(b)(v)]
7.33
5.99
6.98
From Standard Chartered Bank,
London [Refer note 5(b)(vi)]
480.07
660.61
60.01
From Unicredit Bank and
Sachsenbank, Germany
16.38
26.71
5.46
6.68
>5HIHUQRWHEYLL@
From Sachsenbank, Germany
176.56
132.46
20.77
6.35
>5HIHUQRWHEYLLL@
From Standard Chartered Bank,
London [Refer note 5(b)(ix)]
120.02
15.00
From Uni Credit Leasing Finance,
Germany [Refer note 5(b)(x)]
32.25
7.73
From Deutsche Leasing Finance,
Germany [Refer note 5(b)(xi)]
64.24
8.73
From BNP Paribas, France
[Refer note 5(b)(xii)]
2.34
[Refer note 5(b)(xiii)]
2.41
2.52
From Scoiete Generale, France
[Refer note 5(b)(xiv)]
11.09
4.56
From Kolb Bank, France
[Refer note 5(b)(xv)]
4.76
2.87
From Credit Mutuel, France
[Refer note 5(b)(xvi)]
22.13
5.15
[Refer note 5(b)(xvii)]
13.95
2.54
Unsecured
On syndication basis
14,377.30
10,789.20
>5HIHUQRWHE[YLLL@
From Scoiete Generale, France
>5HIHUQRWHE[L[@
0.77
From Credit Mutuel, France
>5HIHUQRWHE[[@
2.56
0.52
15,399.99
11,921.80
311.07
1,430.40
carried over
16,761.49
14,732,47
1,760.32
5,504.73
_ Company Overview
Notes
5.
Non-current portion
Current maturities
As at
As at
As at
As at
brought over
16,761.49
14,732,47
1,760.32
5,504.73
IGSTC R&D project loan
[Refer note 5(c)] (secured)
6.08
-
Rupee term loan

Secured
From Andhra Bank and HDFC Bank
>5HIHUQRWHGL@
From Axis Bank
>5HIHUQRWHGLL@
From Union Bank of India, State
Bank of India and Exim Bank
>5HIHUQRWHGLLL@
Unsecured
From Axis Bank [Refer note 5(d)(iv)]
3.75
7.55
3.80
4.02
588.00
2,352.00
2,943.75
419.93
427.48
3.80
4.02
Finance Lease [Refer note 30] [Refer note

5(e)] (secured)
103.78
52.06
54.76
30.74
TOTAL
103.78
19,815.10
52.06
15,212.01
54.76
1,818.88
30.74
5,539.49
5,435.24
14,379.86
4,002.88
11,209.13
1,817.59
1.29
5,539.49
-
19,815.10
15,212.01
(1,818.88)
-
(5,539.49)
-
The above amount includes

Secured borrowings
Unsecured borrowings
Amount disclosed under the head "Other
Current Liabilities" [Refer note 10]
727$/
(a) 'HEHQWXUHV
The Company has issued the following secured redeemable non-convertible debentures:
i.
2,500 (March 31, 2014: 2,500) - 11.95 % Redeemable secured non-convertible debentures (Sixteenth
series) of ` 666,700/- each (March 31, 2014: ` 1,000,000/- each) redeemable at par in balance two equal
annual installments on January 5, 2016 and on January 5, 2017, respectively.
Above debentures are secured by : (i) First pari passu mortgage in favour of the Trustees, of all rights
and interest on the Company's immovable properties situated at Mundhwa, Satara and Chakan with
negative lien on properties situated at Jejuri and Baramati; and (ii) First pari passu charge in favour
of the Trustees by way of hypothecation of movable properties, present and future both such as all
SODQWDQGPDFKLQHU\HTXLSPHQWVWRROVIXUQLWXUHDQG[WXUHVHWFDVGHVFULEHGLQ'HEHQWXUH7UXVW
cum-Mortgage Deed dated April 30, 2009 and a revised Mortgage Deed dated April 30, 2014, when the
immovable property situated at Jalgaon was removed as a security.
ii.
190
1,760 (March 31, 2014: 1,760) - 10.75 % Redeemable secured non-convertible debentures (Eighteenth
series) of ` 650,000/- each (March 31, 2014: ` 1,000,000/- each) redeemable at par in balance two annual
installments @ 35.00% on April 28, 2015 and @ 30.00% on April 28, 2016.
5.

Above debentures are secured by (i) First pari-passu mortgage in favour of Trustees, of all rights and
interest on the Company's immovable properties, present and future situated at Mundhwa, Chakan
and Satara with negative lien on properties situated at Jejuri and Baramati as per Debenture Trustcum-Mortgage Deed dated June 28, 2010; and (ii) First pari-passu charge in favour of the Trustees on
moveable properties, present and future as described in Schedule-II as per Debenture Trust-cumMortgage Deed dated June 28, 2010 and a revised Mortgage Deed dated April 30, 2014, when the
iii.
_ Company Overview
3,500 (March 31, 2014: 3,500) - 10.75 % Redeemable secured non-convertible debentures (Seventeenth
series) of ` Nil (March 31, 2014: ` 750,000/- each) redeemed at par.
(b) )RUHLJQFXUUHQF\WHUPORDQV
L )URP&UHGLW$JULFROH&RUSRUDWH QYHVWPHQW%DQN6LQJDSRUH6HFXUHG
Balance outstanding USD 20 Million (March 31, 2014: USD 20 Million)
6HFXUHGE\UVWSDULSDVVXFKDUJHRYHUSUHVHQWDQGIXWXUHPRYDEOH[HGDVVHWVYL]SODQWDQGPDFKLQHU\
FRPSXWHUVIXUQLWXUHVDQG[WXUHVZKHWKHULQVWDOOHGRUQRWDQGZKHWKHUQRZO\LQJORRVHRULQFDVHV
or otherwise or being on or upon or at any time, hereafter being on or upon about the premises and
godowns at Mundhwa, Pune; Village Kuruli, Chakan; Taluka Khed, District Pune; Village Vaduth, Taluka
and District Satara and at Baramati, Pune or anywhere else.
_ Statutory Reports
Above debentures were secured by : (i) First pari passu mortgage in favour of the Trustees, of all rights
and interest on the Company's immovable properties situated at Mundhwa, Satara and Chakan with
negative lien on properties situated at Jejuri and Baramati; and (ii) First pari passu charge in favour of
the Trustees by way of hypothecation of movable properties, present and future both such as all plant
DQGPDFKLQHU\HTXLSPHQWVWRROVIXUQLWXUHDQG[WXUHVHWFDVGHVFULEHGLQ'HEHQWXUH7UXVWFXP
Mortgage Deed dated December 14, 2009 and a revised Mortgage Deed dated April 30, 2014, when the
Repayable in 3 yearly instalments from date of its' origination, i.e. October 14, 2012, along with interest.
)URP+\SR9HUHLQV%DQN*HUPDQ\6HFXUHG
Balance outstanding Euro 1.59 Million (March 31, 2014: Euro 2.09 Million)
6HFXUHGE\FKDUJHRYHUVSHFLFPDFKLQHU\RIRQHRIWKHVXEVLGLDU\ORFDWHGDW%UDQG(UELVGRUI*HUPDQ\
Repayable in 24 equal quarterly instalments starting from June 2012, along with interest.
LLL )URP&&%DQN)UDQNIXUW6HFXUHG

Balance outstanding Euro 1.89 Million (March 31, 2014: Euro 4 Million)
Secured by charge over assets of one of the subsidiary located at Karlskoga, Sweden. Repayable in 4
equal annual instalments starting from September 2012, along with interest.
iv.
)URP8QLFUHGLW%DQN*HUPDQ\6HFXUHG
6HFXUHGE\FKDUJHRYHUVSHFLFDVVHWVRIRQHRIWKHVXEVLGLDU\ORFDWHGDW%UDQG(UELVGRUI*HUPDQ\
Repayable in 60 equal monthly instalments starting from August 2011, along with interest.
v.
)URP8QLFUHGLW%DQN*HUPDQ\6HFXUHG
Repayable in 60 equal monthly instalments starting from January 2011, along with interest.
191
LL
Notes
5.

vi.
)URP6WDQGDUG&KDUWHUHG%DQN/RQGRQ6HFXUHG
Repayable in 18 equal quarterly instalments starting from September 2015, along with interest.
vii. )URP8QLFUHGLW%DQNDQG6DFKVHQEDQN*HUPDQ\6HFXUHG

Repayable in 23 equal quarterly instalments starting from March 2013, along with interest.
viii. )URP6DFKVHQEDQN*HUPDQ\6HFXUHG
Repayable in 28 equal quarterly instalments starting from December 2014, along with interest.
ix.
)URP6WDQGDUG&KDUWHUHG%DQN/RQGRQ6HFXUHG
Balance outstanding Euro 2.00 Million (March 31, 2014: Nil)
Repayable in 28 equal quarterly instalments starting from December 2014, along with interest.
x.
From Unicredit Leasing Finance, Germany (Secured)

Repayable in 60 equal monthly instalments starting from September 2014, along with interest.
xi.
From Deutsche Leasing Finance, Germany (Secured)

Repayable in 60 equal monthly instalments starting from April 2014, along with interest.
xii. From BNP Paribas, France (Secured)

6HFXUHG E\ PRUWJDJH RI VSHFLF DVVHWV RI RQH RI WKH VXEVLGLDU\ ORFDWHG DW 6DLQWV *HRVPHV )UDQFH
Repayable in 84 equal monthly instalments starting from July 2008, along with interest.
xiii. From BNP Paribas, France (Secured)
Secured by pledge of business of one of the subsidiary located at Saints Geosmes, France. Repayable in
60 equal monthly instalments starting from January 2012, along with interest.
xiv. From Societe Generale, France (Secured)
6HFXUHG E\ PRUWJDJH RI VSHFLF DVVHWV RI RQH RI WKH VXEVLGLDU\ ORFDWHG DW 6DLQWV *HRVPHV )UDQFH
Repayable in 72 equal monthly instalments starting from December 2012, along with interest.
xv. )URP.ROE%DQN)UDQFH6HFXUHG
60 equal monthly instalments starting from October 2012, along with interest.
192
5.
xvi. From Credit Mutuel, France (Secured)

6HFXUHGE\SOHGJHRIEXVLQHVVDQGSOHGJHRIVSHFLFDVVHWVRIRQHRIWKHVXEVLGLDU\ORFDWHGDW6DLQW
Geosme, France. Repayable in 84 equal monthly instalments starting from August 2013, along with
interest.
xvii. From BNP Paribas, France (Secured)
84 equal monthly instalments starting from July 2014, along with interest.
Date of origination
October 31, 2016 (half yearly)
March 16, 2019 (yearly)
USD in Million
Balance outstanding
As at
As at
March 31, 2015 March 31, 2014
80.00
80.00
40.00
40.00
60.00
60.00
50.00
-
_ Statutory Reports
xviii. Foreign currency term loans on Syndicated basis (Unsecured)

Repayable in 3 half yearly/yearly installments from date of its origination, along with
interest.
_ Company Overview
xix. From Societe Generale, France (Unsecured)

Repayable in 60 equal quarterly instalments starting from November, 2010, along with interest.
(c)
*67&5 'SURMHFWORDQ6HFXUHG

Balance outstanding ` 6.08 Million (March 31, 2014: Nil)
The loan is secured by bank guarantee executed by the Company in favour of IGSTC. Repayable in 10 half
yearly installments from January 14, 2017, along with interest.
G 5XSHHWHUPORDQV
L
)URP$QGKUD%DQNDQG+')&%DQN6HFXUHG
Balance outstanding ` 7.55 Million (March 31, 2014: ` 11.57 Million)
6HFXUHGE\HTXLWDEOHPRUWJDJHRIODQGEXLOGLQJDQGK\SRWKHFDWLRQRIHTXLSPHQWIXUQLWXUH WWLQJV
(present & future) and by hypothecation of motor cars purchased. The loans are repayable in 36 to 72
monthly equal instalments.
LL
)URP$[LV%DQN6HFXUHG
Balance outstanding ` 588.00 Million (March 31, 2014: ` Nil)
193
xx. From Credit Mutuel, France (Unsecured)

Repayable in 84 equal quarterly instalments starting from May, 2014, along with interest.
Notes
5.

LLL )URP8QLRQ%DQNRIQGLD6WDWH%DQNRIQGLDDQG([LP%DQN6HFXUHG
Balance outstanding ` 2,352.00 Million (March 31, 2014: ` Nil)
LY )URP$[LV%DQN8QVHFXUHG
Balance outstanding ` Nil (March 31, 2014: ` 419.93 Million)
Repayable in 32 equal quarterly instalments starting from September 30, 2014, along with interest.
(e) )LQDQFHOHDVH
)LQDQFHOHDVHLVVHFXUHGE\K\SRWKHFDWLRQRIVDLGDVVHW7KHQDQFHOHDVHLVGXHIRUUHSD\PHQWRYHUDSHULRG
of 6 years.
6. Deferred tax liabilities (net)

In ` Million
As at
As at
March 31, 2015 March 31, 2014
Deferred tax liability

PSDFW RI GLHUHQFH EHWZHHQ WD[ GHSUHFLDWLRQDPRUWL]DWLRQ DQG
GHSUHFLDWLRQDPRUWLVDWLRQIRUWKHQDQFLDOUHSRUWLQJ
Privilege leave encashment, gratuity, pension and similar obligations
2,141.54
2,169.46
1.51
0.12
Deferred maintenance
3.06
13.97
Others
1.92
2,146.64
2,184.94
0.57
Provision for bad and doubtful debts and advance
Gross deferred tax liability
Deferred tax assets

PSDFW RI GLHUHQFH EHWZHHQ WD[ GHSUHFLDWLRQDPRUWL]DWLRQ DQG
GHSUHFLDWLRQDPRUWLVDWLRQIRUWKHQDQFLDOUHSRUWLQJ
Privilege leave encashment, gratuity, pension and similar obligations
311.01
26.21
Provision for bad and doubtful debts and advance
33.83
253.45
Disallowance under Section 43 B of Income Tax Act, 1961
73.48
22.10
163.29
Premium on redemption of FCCB's [Refer note 5(d)]

Voluntary retirement scheme
Disallowance under Section 40(a) of Income Tax Act, 1961
Others
2.96
67.71
2.96
19.39
508.95
72.33
540.34
*URVVGHIHUUHGWD[DVVHWV
1,637.69
1,644.60
1HWGHIHUUHGWD[OLDELOLW\
Deferred tax in relation to adjustment for transitional provision of schedule II and certain other adjustments has
been accounted for as a adjustments to general reserve. Also include adjustments on other accounts.
194
7.
Other long term liabilities

In ` Million
Voluntary retirement scheme compensation

Deferred income
Others
Amount disclosed under the head "Other
Current Liabilities" [Refer note 10]
TOTAL
595.44
180.63
(89.97)
-
Provisions
(22.09)
-
In ` Million
Long-term
Short-term
As at
As at
As at
As at
278.28
5.89
27.42
0.24
0.30
13.03
0.02
11.69
790.54
-
740.21
-
369.14
430.64
39.93
46.94
24.98
-
13.60
-
32.71
58.65
1,047.57
213.26
105.14
581.99
98.91
286.51
28.91
1,196.94
1,157.39
15.90
1,789.56
276.34
1,728.61
Short term borrowings

As at
March 31, 2015
Cash credit from banks (secured) [Refer note (a)]
2,744.15
Preshipment packing credit - foreign currency (secured) [Refer note (b)]
608.82
Preshipment packing credit - foreign currency (unsecured) [Refer note (b)]
62.51
Short term loans from banks (unsecured) [Refer note (c)]
405.06
Share in short term loan from banks of Joint Venture (secured) [Refer note (d)]
Loan from Joint Venture Company to subsidiary Company (Unsecured) [Refer note (e)]
Other short term loans (Unsecured) [Refer note (f)]
9.72
TOTAL
3,830.26
The above amount includes:
Secured borrowings
3,352.97
Unsecured borrowings
477.29
TOTAL
3,830.26
In ` Million
As at
March 31, 2014
1,835.07
673.76
384.25
1,543.50
415.31
9.72
4,861.61
4,052.33
809.28
4,861.61
195
292.30
9.06
32.40
_ Statutory Reports
3URYLVLRQIRUHPSOR\HHEHQHWV
3URYLVLRQIRUJUDWXLW\>5HIHUQRWHDI@
6KDUHLQSURYLVLRQIRUJUDWXLW\RI-RLQW9HQWXUH
3URYLVLRQIRUVSHFLDOJUDWXLW\>5HIHUQRWHE@
3URYLVLRQ IRU SHQVLRQ DQG VLPLODU REOLJDWLRQ
[Refer note 29 (d)]
3URYLVLRQIRUOHDYHEHQHWV
6KDUH LQ SURYLVLRQ IRU OHDYH EHQHWV RI -RLQW
Venture
3URYLVLRQIRU-XELOHHVFKHPH>5HIHUQRWHH@
3URYLVLRQ IRU (DUO\ UHWLUHPHQW VFKHPH >5HIHU
note 29 (e)]
Other provisions
3URSRVHGHTXLW\GLYLGHQG
3URYLVLRQIRUWD[RQSURSRVHGHTXLW\GLYLGHQG
3URYLVLRQIRUWD[QHWRIDGYDQFHWD[
6KDUHLQSURYLVLRQIRUWD[QHWRIDGYDQFHWD[
of Joint Venture
6KDUHLQGHULYDWLYHOLDELOLW\RIIRUZDUGFRQWUDFWV
of Joint Venture
TOTAL
Non-Current
Current
As at
As at
As at
As at
5.32
4.67
3.62
3.66
590.00
147.80
86.35
18.43
0.12
28.16
595.44
180.63
89.97
22.09
_ Company Overview
Notes
D &DVK FUHGLW IURP EDQNV LV VHFXUHG DJDLQVW K\SRWKHFDWLRQ RI VWRFNV RI VHPL QLVKHG DQG QLVKHG JRRGV UDZ
PDWHULDOVQLVKHGGLHVDQGGLHEORFNVZRUNLQSURJUHVVFRQVXPDEOHVWRUHVDQGVSDUHVERRNGHEWVHWF&DVKFUHGLW
is repayable on demand.
E 3UHVKLSPHQWSDFNLQJFUHGLWIURPEDQNVLVVHFXUHGDJDLQVWK\SRWKHFDWLRQRIVWRFNVRIVHPLQLVKHGDQGQLVKHG
JRRGVUDZPDWHULDOVQLVKHGGLHVDQGGLHEORFNVZRUNLQSURJUHVVFRQVXPDEOHVWRUHVDQGVSDUHVERRNGHEWVHWF
Preshipment packing credit from banks (secured and unsecured) is repayable within 180 days.
(c) Short term loans from banks are repayable within 360 days.
(d) Short term loans from banks is secured by First pari passu charge created / to be created over movable and
LPPRYDEOH [HG DVVHW UHODWHG WR 6DQDQG SURMHFW 3UHVHQW DQG IXWXUH FXUUHQW DVVHWV RI WKH %RUURZHU /HWWHU RI
Comfort from Shareholders, Debt Service Reserve Account (DSRA) for one month interest servicing to be maintained
ZLWKEDQNGXULQJWKHWHQRURIWKHIDFLOLW\LQWKHIRUPRI[HGGHSRVLWVGXO\OLHQPDUNHGLQIDYRURIDEDQN6KRUWWHUP
loans is repayable within 360 days.
(e) Short term loan from Joint Venture company to subsidiary is repayable on demand.
(f) Other short term loans are repayable on demand.
10 Trade payables and other current liabilities
Trade payables
Share in trade payables of Joint Venture
Share in trade payables of Joint Venture - Project expenses
Acceptances
TOTAL
Current maturities of long-term borrowings [Refer note 5]
Secured
Unsecured
Current portion of other long term liablities [Refer note 7]
Payable for capital goods
Share in payable for capital goods of Joint Venture
Share in construction contracts in progress of Joint Venture
Interest accrued but not due on borrowings
Investor Education and Protection Fund (as and when due)
Unpaid dividend #
Unpaid matured deposits
Security deposits
Advance from customers
Share in advance from customers of Joint Venture
Advance from customers - Project expenses
Share in advance from customers of Joint Venture - Project expenses
Employee contributions and recoveries payable
Other payable related to employees
Share in other payable related to employees of Joint Venture

6WDWXWRU\GXHVSD\DEOHLQFOXGLQJWD[GHGXFWHGDWVRXUFH
Share in statutory dues payable including tax deducted at source of Joint
Venture
Earnest money received
Others
Share in others of Joint Venture
TOTAL
TOTAL

#
196
As at
March 31, 2015
8,060.25
2,318.07
19.46
618.23
11,016.01
In ` Million
As at
March 31, 2014
6,841.13
860.96
2,852.13
10,554.22
1,817.59
1.29
89.97
567.03
559.57
1,603.98
194.35
5,539.49
22.09
349.70
357.47
2,264.45
298.02
25.04
0.04
81.26
177.31
0.73
2.94
13.20
40.05
317.97
57.35
156.07
22.67
22.32
0.04
79.21
801.44
0.91
39.03
356.74
35.30
455.43
32.27
2,269.19
38.88
8,036.48
19,052.49
272.09
2,057.09
20.32
13,003.41
23,557.63
QFOXGHV /%7 LQ SUHYRLXV \HDU IRU ZKLFK WKH DSSURSULDWH DXWKRULW\ DQG WKH DGPLQLVWUDWLYH PHFKDQLVP IRU
collection was awaited. Also refer note 27(a)
unpaid due to litigation
Tangible assets
779.30
86.84
(672.94)
0.06
193.26
57.49
(103.18)
147.57
26.03
0.64
9.09
(15.38)
20.38
1.56
(14.23)
7.71
172.88
139.86
447.97
28.34
2.01
0.41
(1.51)
477.22
(46.98)
11.43
4.88
(2.89)
443.66
477.22
443.66
Lease hold
land
410.97
446.27
30.03
10.37
4.40
14.77
6.97
8.29
-
476.30
425.74
50.56
-
99.55
326.19
-
Share in lease
hold land of
Joint Venture
88-248 | )LQDQFLDO6WDWHPHQWV
Cost
As at April 1, 2013
Foreign Currency Translation Reserve
Additions
Additions on acquisition of subsidiary
Disposals
On account of disposal of subsidiary
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Other adjustments [Refer note (e)]
Additions
Disposals
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Other adjustments [Refer note (g)]
Depreciation/ Amortisation
As at April 1, 2013
Charge for the year
Disposals
Other adjustments [Refer Note (e)]
Charge for the year
Disposals
Other adjustments
- Other adjustments [(Refer note (g)]
1HW%ORFN
Free hold
land (a)
14.16
0.70
0.25
4.29
4.37
8.66
1.21
(9.62)
0.95
22.82
(21.87)
22.77
0.05
-
Share in
lease hold
improvements
of Joint Venture
3,136.10
3,346.54
40.80
1,390.83
1,123.51
78.57
2.24
166.41
(13.36)
(82.17)
1,275.20
(145.08)
72.38
171.36
(23.83)
-
0.13
5.92
4,737.37
0.66
23.65
4,411.30
(275.45)
427.94
217.20
(49.67)
-
4,599.92
231.86
222.40
33.93
(17.54)
(683.58)
Buildings
(b), (c)
17,958.07
18,497.03
4.06
22,979.31
21,227.58
969.94
5.70
2,712.35
(169.20)
(643.72)
(2,528.24)
21,574.41
(1,243.91)
92.15
2,631.79
(79.19)
-
67.96
215.72
(0.04)
41,476.34
84.72
554.26
(2,528.24)
39,532.48
(1,615.91)
3,018.29
356.74
(98.90)
-
40,216.38
1,467.60
2,489.89
10.22
(358.31)
(2,404.04)
Plant and
machinery
18-87 | 6WDWXWRU\5HSRUWV
11.1
1RWHV
17.02
120.73
176.14
106.40
13.67
96.02
(118.21)
97.88
(26.04)
87.30
17.00
-
0.42
296.87
114.90
(26.68)
44.40
163.83
-
1,517.55
255.54
(1,658.19)
Plant and
machinery
on Finance
Lease
9.74
458.00
2.87
0.52
0.99
1.51
2.42
(1.06)
460.87
11.25
454.05
(4.43)
10.62
0.63
-
Share in
Plant and
machinery
of Joint
Venture
131.80
98.19
89.79
8.86
17.34
(115.99)
-
98.19
131.80
(30.60)
(3.01)
-
1,031.91
99.80
(128.46)
(871.45)
Dies
25.34
13.81
9.27
55.35
38.43
0.03
0.06
4.20
(0.03)
42.69
0.02
9.56
(0.61)
(5.58)
(0.38)
69.16
0.04
68.03
0.03
9.89
(1.95)
(6.46)
60.70
0.07
4.89
2.60
(0.27)
-
2FH
equipments
02-17 | &RPSDQ\2YHUYLHZ
197
1.06
0.50
0.79
0.14
0.15
0.29
2.73
0.62
(2.77)
(0.08)
1.29
1.35
0.26
3.17
(3.06)
(0.43)
1.22
0.13
-
22,354.36
23,565.29
54.13
24,643.28
22,627.06
1,071.71
8.00
3,015.32
(182.59)
(975.47)
(2,528.24)
23,035.79
(1,415.01)
261.53
2,843.81
(106.40)
(30.57)
68.51
221.64
(0.42)
48,208.57
85.42
577.97
(2,528.24)
45,390.15
(1,995.59)
4,023.75
796.38
(159.48)
(136.37)
48,787.89
2,170.05
3,046.19
47.16
(506.09)
(6,290.20)
Sub Total
(A)
In ` Million
Share in
2FH
Equipments
of Joint
Venture
198
526.56
(1.76)
0.52
525.32
2.23
0.05
527.60
282.08
40.99
(1.58)
321.49
35.45
356.94
203.83
170.66
0.45
0.45
0.43
0.43
0.43
0.02
0.02
Electrical
installations
0.45
-
Railway
sidings
1,183.94
1,087.78
3,157.10
2,778.17
337.64
0.90
465.56
(273.62)
(38.96)
3,269.69
(601.93)
2.58
502.81
(16.05)
-
0.97
1.93
4,244.88
1.77
5.53
4,453.63
(707.09)
509.11
3.57
(17.24)
-
3,767.16
423.74
583.68
(275.30)
(52.95)
Factory
equipments
88.80
69.41
10.07
229.07
177.15
18.15
(5.36)
189.94
31.53
(2.47)
-
0.01
(0.08)
298.48
0.11
278.74
25.43
(5.62)
-
278.92
5.35
3.72
(9.36)
-
Furniture
and
[WXUHV
5.60
4.48
0.94
0.27
0.41
(0.06)
0.62
0.59
(0.27)
5.42
6.22
(0.80)
2.12
4.10
-
1,245.18
698.16
473.36
1,531.95
880.71
6.68
1.06
138.12
(23.29)
(18.88)
984.40
(9.65)
3.53
87.22
(6.91)
-
2,230.11
2,229.58
(9.70)
13.27
5.49
(8.53)
-
2,263.87
7.92
12.60
3.11
(25.89)
(32.03)
Share in Furniture
Vehicles
DQG[WXUHVRI
and aircraft
Joint Venture
1.87
-
0.08
0.23
0.31
0.11
(0.42)
2.18
(2.18)
0.85
1.33
-
Share in
Vehicles of
Joint Venture
21.27
6.17
91.60
61.39
15.11
76.50
15.10
-
97.77
97.77
-
97.77
-
Power
line
2,750.51
2,036.67
483.43
5,368.03
4,180.28
344.32
1.96
678.57
(303.91)
(57.84)
4,843.38
(611.58)
6.11
672.81
(25.43)
(0.69)
0.97
1.99
(0.08)
7,404.71
1.77
6.16
7,593.89
(716.79)
550.04
9.06
(31.39)
(2.98)
6,937.70
431.66
607.06
6.83
(312.31)
(84.98)
Sub Total (B)
25,104.87
25,601.97
537.56
30,011.31
26,807.34
1,416.03
9.96
3,693.89
(486.50)
(1,033.31)
(2,528.24)
27,879.17
(2,026.59)
267.64
3,516.62
(131.83)
(31.26)
69.48
223.63
(0.50)
55,613.28
87.19
584.13
(2,528.24)
52,984.04
(2,712.38)
4,573.79
805.44
(190.87)
(139.35)
55,725.59
2,601.71
3,653.25
53.99
(818.40)
(6,375.18)
Grand Total
$%
In ` Million
(a) Freehold land includes 25 acres of land situated at Pune and 24.13 acres of land situated at Satara both of which have been given on lease. Due to certain matters being sub judice, the Company has not executed lease
deed with related party for the said land.
(b) Buildings include cost of hangar jointly owned with other Companies ` 0.12 Million (March 31, 2014: ` 0.12 Million)
(c) Documents for the ownership of premises at Sai Nagari, Surajban apartments and Lullanagar at Pune and lease hold land at Jejuri are under execution
(d) Capitalized borrowing cost:
The borrowing cost capitalized during the year ended March 31, 2015 was ` 102.93 Million (March 31, 2014: ` 42.75 Million).
7KH&RPSDQ\FDSLWDOL]HGWKLVERUURZLQJFRVWLQWKHFDSLWDOZRUNLQSURJUHVV&:37KHDPRXQWRIERUURZLQJFRVWVKRZQDVRWKHUDGMXVWPHQWVLQWKHDERYHQRWHUHHFWVWKHDPRXQWRIERUURZLQJFRVWWUDQVIHUUHG
from CWIP.
(e) Fixed assets of the value of ` nil (March 31, 2014 : ` 2,528.24 Million) and accumulated depreciation of ` nil (March 31, 2014: ` 2,528.24 Million) have been removed from the block of assets on account of retirement
thereof.
(f) Share in Leasehold land of Joint venture includes Rs. 139.74 Million at Mundra port (Refer note 39)
(g) 7KH&RPSDQ\KDVDGMXVWHGGLHUHQFHRI` 537.56 (March 31, 2014: Nil) out of accumulated depreciation and ` (0.50) Million out of gross block on account of alignment with Schedule II of Companies Act, 2013. (Refer
note 3 (c))
Cost
As at April 1, 2013
Additions
Disposals
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Other adjustments
Additions
Disposals
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
Depreciation
As at April 1, 2013
Charge for the year
Disposals
Other adjustments
Charge for the year
Disposals
Other adjustments
1HW%ORFN
11.1 Tangible assets (contd.):
Notes to Consolidated Financial Statements
1RWHV
Intangible assets
&DSLWDOZRUNLQSURJUHVV
Capital work-in-progress
Share in capital work-in-progress of Joint Venture

Cost
As at April 1, 2013
Additions
Addition on acquisition of subsidiary
Disposals
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
Additions
Addition on acquisition of subsidiary
Disposals
Other adjustments
- Borrowing cost
([FKDQJHGLHUHQFHV
- Transferred to assets held for sale
Depreciation/ Amortisation
At April 1, 2013
Charge for the year
Disposals
Other adjustments
At March 31, 2014
Charge for the year
Disposals
Other adjustments
- Transfrred to assets held for sale
- Other adjustments (Refer note e)
At March 31, 2015
1HW%ORFN
88-248 | )LQDQFLDO6WDWHPHQWV
0.05
0.21
0.26
2.01
(2.01)
(0.12)
0.14
0.02
0.02
1.89
0.15
(2.00)
(0.03)
0.03
0.24
0.11
162.71
22.14
63.92
(14.85)
(7.40)
226.52
(31.56)
43.90
4.17
(0.44)
(4.11)
0.01
238.49
125.59
18.58
23.60
(14.84)
(4.58)
148.35
(29.29)
4.00
40.28
(0.33)
(3.86)
159.15
78.17
79.34
Software
Share in
Software of Joint
Venture
6.65
-
0.95
1.90
2.85
0.47
(3.32)
-
9.50
9.50
(9.50)
Share in
Technical
Knowhow of
Joint Venture
TOTAL
89.10
66.16
121.73
21.33
66.37
(0.15)
209.28
(49.36)
66.69
226.61
292.77
223.44
31.90
43.04
298.38
(54.44)
48.83
-
Development
cost
18-87 | 6WDWXWRU\5HSRUWV
11.2
1RWHV
As at
March 31, 2015
3,432.22
5,153.67
8,585.89
4.40
2.05
317.92
45.46
1.27
364.65
(66.84)
1.86
299.67
301.72
318.25
45.43
5.37
369.05
(67.33)
-
Patents
As at
March 31, 2014
3,858.88
1,967.83
5,826.71
In ` Million
178.56
147.66
725.15
(145.49)
5.89
109.45
(2.33)
(7.21)
685.46
566.19
85.37
93.16
(14.99)
(4.58)
0.01
833.12
903.71
(153.33)
92.73
6.18
(2.45)
(13.73)
(14.85)
(7.40)
713.95
99.47
112.54
Total
In ` Million
02-17 | &RPSDQ\2YHUYLHZ
199
Notes
12 Non-current investments
7UDGHLQYHVWPHQWVYDOXHGDWFRVWXQOHVVVWDWHGRWKHUZLVH
Equity instruments (unquoted)
QYHVWPHQWVLQVXEVLGLDU\
50,000 (March 31, 2014: 50,000) shares of ` 10/- each fully paid up in
Kalyani Polytechnic Private Limited (Refer note a)
QYHVWPHQWVLQDVVRFLDWHV
Talbahn GmbH (Refer note b)
4,286 (March 31, 2014: 4,286) shares of GBP 1/- each fully paid in
Tecnica UK Limited
Less: Provision on diminution of investment
4,900 (March 31, 2014: 4,900) shares of ` 10/- each fully paid up in Ferrovia
7UDQVUDLO6ROXWLRQV3ULYDWH/LPLWHGLQFOXGLQJVKDUHLQSURWORVVSURWRI
` 0.01 Million
(March 31, 2014: loss of ` (0.02) Million))
QYHVWPHQWVLQRWKHUV
fully paid up in Khed Economic Infrastructure Private Limited [Holding
Company holds 5% (March 31, 2014: 5% ) of the share capital]
0DUFKHTXLW\VKDUHVRI` 10/- each fully
paid up in Gupta Energy Private Limited (Refer note c)
(TXLW\LQVWUXPHQWVTXRWHG
613,000 (March 31, 2014: Nil) equity shares of ` 2/- each fully paid up in
KPIT Technologies Limited
2WKHULQYHVWPHQWVYDOXHGDWFRVWXQOHVVVWDWHGRWKHUZLVH
Bonds (unquoted)
500 (March 31, 2014: 500) Non-convertible redeemable secured
taxable bonds of ` 10,000/- each - Series IX (2013-14)
TOTAL
Aggregate amount of quoted investments
[# Market value ` 115.55 Million (March 31, 2014: Nil)]
Aggregate amount of unquoted investments
Aggregate amount of provision for diminution in value of investments
a)
b)
c)
200
As at
March 31, 2015
In ` Million
As at
March 31, 2014
0.50
0.50
0.30
0.30
1.97
(1.97)
-
1.97
1.97
0.04
0.03
0.84
2.80
210.68
210.68
72.13
72.13
100.24
5.00
388.05
388.89
100.24
5.00
287.81
290.61
-
288.65
1.97
290.61
-

Not included in consolidation based on materiality or where control is intended to be temporary/restricted.
&'3%KDUDW)RUJH*PE+KDVWKURXJKDHTXLW\SDUWLFLSDWLRQH[HUFLVHVLJQLFDQWLQXHQFHRYHU7DOEDKQ
*PE+D&RPSDQ\ZKLFKPDQDJHVLQIUDVWUXFWXUHIDFLOLWLHV6LQFHWKHUHDUHQRVLJQLFDQWWUDQVDFWLRQVDQG
WKH QDQFLDO LPSDFW RQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV EHLQJ QHJOLJLEOH WKH VDPH KDV QRW EHHQ
consolidated.
Gupta Energy Private Limited
Shares of Gupta Energy Private Limited pledged against the facility obtained by Gupta Global Resources
Private Limited.
13 Loans and advances
In ` Million
Non-Current
Current
As at
As at
As at
As at
&DSLWDODGYDQFHV
Unsecured, considered good

Unsecured, considered doubtful
Less: Provision for doubtful advance
Share in capital advances of Joint venture
6HFXULW\GHSRVLWVLQFOXGLQJVWDWXWRU\GHSRVLWV
882.33
15.33
(15.33)
692.96
1,575.29
453.75
3.11
456.86
406.01
11.01
417.02
3.29
13.06
16.35
10.41
2.25
12.66
306.38
306.38
537.01
537.01
1.97
41.50
466.27
490.65
187.86
189.83
104.41
145.91
132.94
35.44
(35.44)
599.21
337.61
45.12
(45.12)
828.26
18.31
394.12
16.52
176.14
0.04
-
6.48
32.92
0.42
20.80
1.23
511.21
489.57
449.88
272.09
1,043.85
3.39
779.13
5.00
-
7.33
3,181.52
-
2.20
1,672.55
0.04
75.00
2.36
0.03
529.22
719.05
2,402.48
2.96
0.01
223.08
368.99
2,361.30
50.00
0.58
0.02
4,690.11
5,595.70
5,612.05
246.26
4,019.55
5,384.82
5,397.48
/RDQVDQGDGYDQFHV
Unsecured, considered good unless stated

otherwise
Share in loans and advances of Joint venture
5HFRYHUDEOHLQFDVKRUNLQG

Unsecured, considered good share of Joint
Venture
Unsecured, considered doubtful
Less: Provision for doubtful advance
_ Statutory Reports

Share in security deposits of Joint venture
1118.43
22.13
(22.13)
108.14
1,226.57
_ Company Overview
2WKHUV
TOTAL
201

Loan to employees
Advance income tax (net of provision for tax)
Share in advance income tax of Joint Venture
(net of provision for tax)
Share in MAT credit entitlement of Joint
Venture
Retention money
Advances to suppliers
Share in advances to suppliers of Joint Venture
Balances with statutory/ government
authorities
Share in balances with statutory/government
authorities of Joint Venture
Taxes and duty credits receivables
Share in Taxes and duty credits receivables of
Joint Venture
Intercorporate deposit
Others
Notes
14 Other assets
In ` Million
Non-Current
Current
As at
As at
As at
As at
March 31,
2015
March 31,
2014
March 31,
2015
March 31,
2014
0.05
0.37
0.05
0.37
5,275.13
1,800.60
5,275.13
1,800.60
31.21
1,564.53
1,412.47
232.45
230.19
Energy credit receivable - Windmills
16.30
28.31
QWHUHVWDFFUXHGRQ[HGGHSRVLWVDQGRWKHUV
57.42
40.54
6KDUH LQ LQWHUHVW DFFUXHG RQ [HG GHSRVLWV

of Joint Venture
2.18
0.08
Project work in progress
114.61
51.72
Others
1,449.03
1,421.14
Share in Others of Joint Venture
89.79
116.52
232.45
261.40
3,293.86
3,070.78
232.50
261.77
8,568.99
4,871.38
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHG
RWKHUZLVH
1RQFXUUHQWEDQNEDODQFH>5HIHUQRWH@
'HULYDWLYHDVVHWV
Forward contracts
2WKHUV
Export incentives receivable
Government grant under PSI Scheme
&XUUHQWLQYHVWPHQWVYDOXHGDWORZHURIFRVWDQGPDUNHWYDOXHXQOHVVVWDWHGRWKHUZLVH
In ` Million
Investments in mutual funds (Refer standalone note 15(a) for details)

Share in investments of joint venture in mutual funds
TOTAL
202
As at
As at
March 31,
2015
March 31,
2014
4,549.46
7,705.40
17.00
15.98
4,566.46
7,721.38
16 Inventories (valued at lower of cost and net realizable value)

In ` Million
Raw materials and components [Refer note 21]

Share in raw materials and components of Joint Venture [Refer note 21]
Work-in-progress (includes lying with third party) [Refer note 22]
Share in work-in-progress (includes lying with third party) [Refer note 22]
Finished goods (including in transit) [Refer note 22]
6KDUHLQQLVKHGJRRGVRI-RLQW9HQWXUH>5HIHUQRWH@
Scrap [Refer note 22]
Stores, spares and loose tools
TOTAL
As at
March 31,
2015
March 31,
2014
1,776.74
1,879.74
7.51
11.39
3,546.45
3,829.32
0.04
2,374.46
2,360.54
0.57
1,094.37
1,067.30
25.83
20.37
1,513.55
1,216.58
10,338.95
10,385.81
17 Trade receivables
In ` Million
As at
As at
March 31,
2015
March 31,
2014
254.37
197.83
_ Statutory Reports
Dies and dies under fabrication [Refer note 22]
As at
_ Company Overview
7UDGHUHFHLYDEOHVQHWRIELOOVGLVFRXQWHGZLWKEDQNV>5HIHUQRWH@

Unsecured, considered good unless stated otherwise
Considered good
Share in considered good of Joint venture
37.46
3.18
Considered doubtful
52.80
49.48
(52.80)
(49.48)
Less: Provision for doubtful receivables
291.83
201.01
Considered good
6,963.61
7,461.35
Share in other receivable of Joint venture
1,279.23
997.36
8,242.84
8,458.71
8,534.67
8,659.72
Other receivables
TOTAL
203
Outstanding for a period exceeding six months from the date they are due
for payment
Notes
18 &DVKDQGEDQNEDODQFHV
Balances with banks
In cash credit and current accounts
Share in cash credit and current accounts
of Joint Venture
Deposits with original maturity of less than
3 months
Cash on hand
Share in cash on hand of Joint Venture
2WKHUEDQNEDODQFHV
Earmarked balance (an unclaimed dividend
accounts)
Deposits with original maturity of more than
3 months but less than 12 months
Share in Deposits with original maturity of
more than 3 months but less than 12
months of Joint Venture
Deposits with original maturity of more than
12 months (#)
Demand deposit $
Non-Current
As at
As at
March 31,
March 31,
2015
2014
In ` Million
Current
As at
As at
March 31,
March 31,
2015
2014
2,464.59
1,294.12
133.14
610.93
1,030.01
1.73
0.04
3,629.51
490.00
1.75
0.01
2,396.81
25.38
22.67
2,738.76
1,740.00
67.87
0.05
0.05
0.37
0.37
0.49
425.79
3,190.42
1,830.54
Amount disclosed under non-current assets

(0.05)
(0.37)
(under note 14)
TOTAL
6,819.93
4,227.35
(#) ` 0.03 Million (March 31, 2014; ` 0.03 Million) in non-current portion pledged with Sales tax department.
($) ` 425.79 Million (March 31, 2014: Nil) demand deposit pledged with bank.
204
19 Revenue from operations
TOTAL
In ` Million
Year ended
March 31,
2014
66,918.46
36.26
3,067.75
56,199.31
55.57
2,868.91
160.54
508.70
11.27
231.79
478.45
12.45
226.91
5,507.36
3,881.14
3,896.85
1,373.86
57.32
27.11
77,895.54
(1,648.05)
76,247.49
939.03
59.82
43.65
68,666.97
(1,508.53)
67,158.44
_ Statutory Reports
Sale of products (net of returns, rebates etc.)
- Finished goods
6KDUHLQQLVKHGJRRGVRI-RLQW9HQWXUH
- Manufacturing scrap
Sale of services
- Job work / service charges
- Die design and preparation charges
- Share in services of Joint Venture
Project revenue
- Project revenue
- Share in project revenue of Joint Venture
Other operating revenues
- Export incentives
- Sale of electricity / REC - Windmills
- Other operating revenues
Less: Excise duty #
Revenue from operations (net)
Year ended
March 31,
2015
_ Company Overview
# Excise duty on sales amounting to ` 1,648.05 Million (March 31 2014: ` 1,508.53 Million) has been reduced from
VDOHVLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVVDQGH[FLVHGXW\RQLQFUHDVHGHFUHDVHLQVWRFNDPRXQWLQJ
to ` (0.65) Million (March 31, 2014: ` 0.33 Million) has been considered as an expense / (income) in note 26 of
QDQFLDOVWDWHPHQWV
20 Other income
In ` Million
Year ended
March 31,
2014
182.22
14.80
2.40
402.73
177.00
22.52
5.48
393.57
1.02
1.19
20.92
59.81
31.00
166.26
0.84
183.02
0.01
302.39
0.13
1,367.55
12.58
45.68
5.90
158.28
122.22
15.89
92.31
15.96
178.24
1,246.82
205
Interest income on
- Deposits
- Share in interest on deposits of Joint Venture
- Others
Dividend income from investment in mutual funds - current investment
Share in dividend income from investment in mutual funds - current investments
of Joint Venture
Net gain on sale of
- current investments
- long term investments
*DLQRQIRUHLJQH[FKDQJHXFWXDWLRQQHW
6KDUHLQJDLQRQIRUHLJQH[FKDQJHXFWXDWLRQRI-RLQW9HQWXUHQHW
Government grant under PSI scheme
Provision for doubtful debts and advances written back
Provisions no longer required written back
Share in Provisions no longer required written back of Joint Venture
Insurance (including keyman insurance) (net)
Miscellaneous income
Share in miscellaneous income of Joint Venture
Year ended
March 31,
2015
Notes
21 Cost of raw materials and components consumed
Inventory at the beginning of the year (including Joint Venture)

Add: Purchases
Less: Inventory at the end of the year (including Joint Venture)
Less: Consumption relating to discontinued operation
Cost of raw material and components consumed (Refer note 41)
21 (a) Project cost includes share of project cost of Joint Venture
Year ended
March 31,
2015
In ` Million
Year ended
March 31,
2014
1,891.13
2,503.58
28,552.85
28,117.03
30,443.98
30,620.61
1,784.25
1,891.13
1.87
3,312.56
28,657.86
25,416.92
4,668.03
3,507.07
22 'HFUHDVHQFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVZRUNLQSURJUHVVDQGGLHV

In ` Million
Year ended
Year ended
(Increase)/
March 31,
2015
March 31,
2014
decrease
3,546.45
3,829.32
(282.87)
0.04
0.04
2,374.46
2,360.54
13.92
0.57
(0.57)
1,094.37
1,067.30
27.07
25.83
20.37
5.46
7,041.15
7,278.10
(236.95)
Work-in-progress
3,829.32
3,364.09
465.23
Finished goods
2,360.54
2,925.23
(564.69)
0.57
0.02
0.55
1,067.30
1,034.03
33.27
20.37
23.34
(2.97)
Inventories at the end of the year

Work-in-progress
Share in work-in-progress of Joint Venture
Finished goods
Dies and dies under fabrication
Scrap
TOTAL
Inventories at the beginning of the year
Dies and dies under fabrication
Scrap
Share in construction contracts in progress of joint venture
0.27
(0.27)
/HVV2SHQLQJLQYHQWRU\UHODWHGWRGLVFRQWLQXHGRSHUDWLRQV
(767.18)
767.18
TOTAL
7,278.10
6,579.80
698.30
Less: Change in inventory related to discontinued operation

5HIHUQRWH
TOTAL
57.99
178.96
109.62
(807.92)
(51.63)
986.88
$GMXVWPHQWRIRSHQLQJLQYHQWRU\UHODWHGWRGLVSRVDORIVXEVLGLDU\$OVRUHIHUQRWH
206
23 (PSOR\HHEHQHWVH[SHQVH
In ` Million
Year ended
March 31,
2014
6,985.53
6,411.52
275.89
140.85
61.46
63.64
5.87
5.48
27.46
28.82
1,309.86
1,051.72
85.03
35.92
3.92
0.07
12.55
6.31
4.78
1.39
252.35
124.02
6KDUHLQVWDZHOIDUHH[SHQVHVRI-RLQW9HQWXUH
26.40
17.93
TOTAL
9,051.10
7,887.67
# Other fund /scheme includes contribution towards jubilee scheme, early retirement scheme and ESIC scheme.
_ Statutory Reports
Salaries, wages and bonus (including managing and whole time director's
remuneration)
Share in salaries, wages and bonus (including managing and whole time director's
remuneration) of Joint Venture
Contributions to
- Provident fund [Refer note 29 (c)]
- Share in provident fund of Joint Venture
- Superannuation scheme
- Other fund / scheme #
- Gratuity fund [Refer note 29 (a), (f)]
- Share in Gratuity fund of Joint Venture
- Special gratuity fund [Refer note 29 (b)]
Employee voluntary retirement scheme compensation
6WDZHOIDUHH[SHQVHV
Year ended
March 31,
2015
_ Company Overview
24 Depreciation and amortization expense

In ` Million
Year ended
March 31,
2014
3,676.15
10.55
0.35
7.19
108.83
0.15
(2.22)
3,624.21
91.24
1.92
(215.92)
3,571.48
Year ended
March 31,
2015
1,110.08
40.14
84.11
98.30
23.33
1,355.96
In ` Million
Year ended
March 31,
2014
1,515.78
13.20
92.49
55.30
14.75
1,691.52
25 Finance costs
Interest on bank facilities

Share in Interest on bank facilities of Joint Venture
Interest on bills discounting
Bank charges including loan processing fees
Share in bank charges including loan processing fees of Joint Venture
TOTAL
207
Depreciation of tangible assets (Refer note 11.1)

Share in Depreciation of tangible assets of Joint Venture (Refer note 11.1)
Depreciation on assets held for sale for discontinuing operations (Refer note 41)
Share in Depreciation on assets held for sale for discontinuing operations
(Refer note 41)
Amortization on intangible assets (Refer note 11.2)
Share in amortization on intangible assets (Refer note 11.2) of Joint Venture
Less: Depreciation in respect of discontinuing operation (Refer note 41)
TOTAL
Year ended
March 31,
2015
3,503.38
11.85
0.36
1.86
Notes
26 Other expenses #
Consumption of stores,spares and tools

Share in stores, spares and tools consumed of Joint Venture
Machining charges
Power, fuel and water
Less: Credit for energy generated
In ` Million
Year ended
Year ended
March 31, 2015 March 31, 2014
2,987.76
2,544.58
3,207.76
106.40
0.43
1,578.16
96.23
0.19
190.91
66.65
30.91
7.87
118.07
4.87
112.31
536.66
29.11
390.76
81.00
699.47
1,020.67
3.47
10.00
0.98
44.42
-
72.95
1.57
1,339.81
232.13
0.41
158.86
55.68
55.09
0.32
1.78
574.84
118.05
107.61
507.98
1,075.55
1.87
10.00
2.01
72.37
0.39
62.37
6.28
41.97
0.01
4,791.61
(62.51)
Share in power, fuel and water of Joint Venture

Repairs and maintenance
- Building repairs and road maintenance
- Share in building repairs and road maintenance of Joint Venture
- Plant and machinery
Other manufacturing expenses
Share in other manufacturing expenses of Joint Venture
Rent (Refer note 30)
Share in rent of Joint Venture
Rates and taxes (including wealth tax)
Share in rates and taxes (including Wealth Tax) of Joint Venture
Insurance (including Keyman insurance) (net)
Share in Insurance of Joint Venture
CSR Expenditure
Legal professional fees
Share in legal professional fees of Joint Venture
Commission and discount
Donations
Packing material
Freight forwarding charges
Directors' fees and travelling expenses
Commission to directors other than managing and whole time directors
/RVVRQVDOHRI[HGDVVHWVQHW
Provision for doubtful debts and advances
Share in provision for doubtful debts and advances of Joint Venture
%DGGHEWVDGYDQFHVZULWWHQR
6KDUHLQEDGGHEWVDGYDQFHVZULWWHQRRI-RLQW9HQWXUH
342.62
Payment to Auditors
13.61
10.46
Excise duty on (increase)/decrease of stock
(0.65)
0.33
29.10
2,345.08
88.77
18,977.10
152.25
2,554.14
82.17
16,731.48
/RVVRQIRUHLJQH[FKDQJHXFWXDWLRQ
Share in provision for mark to market losses on forward contracts of Joint Venture
*RRGZLOORQFRQVROLGDWLRQZULWWHQR
6KDUHLQPLVFHOODQHRXVH[SHQVHVRI-RLQW9HQWXUH
TOTAL
# Above expenses include research and development expenses for details of which refer note 42
0LVFHOODQHRXVH[SHQVHVLQFOXGHWUDYHOOLQJH[SHQVHVSULQWLQJVWDWLRQDU\SRVWDJHtelephone etc
208
4,729.10
0.07
0.27
2,605.14
4,472.38
(85.89)
4,386.49
0.09
27 Exceptional items
Provision for expense of earlier year reversed [Refer note 27 (a)]

3URWRQGLVSRVDORIVXEVLGLDU\DQG-RLQW9HQWXUH5HIHUQRWHEDQGQRWH
3URWRQVDOHRIODQG>5HIHUQRWHF@
In ` Million
Year ended
Year ended
March 31, 2015 March 31, 2014
294.89
132.68
605.43
431.64
TOTAL
427.57
1,037.07
_ Company Overview
(a) Provision for expense of earlier year reversed

Till previous year, the Group made provision towards LBT payable. However, the liability was not settled as there was no
appropriate authority and the administrative mechanism. During the year following abolition of LBT and based on the
opinion obtained from the legal advisor, the liability has been reversed.
E 3URWRQVDOHRIQYHVWPHQW
F 3URWRQVDOHRIODQG
During previous year the Group sold its land situated at Jalgaon resulting in a gain of ` 431.64 Million.
28 Earnings per equity share (EPS)

In ` Million
As at
As at
March 31,
2015
March 31,
2014
7,665.72
5,250.74
7,625.36
4,985.29
232,794,316
232,794,316
232,794,316
232,794,316
(36%DVLFFRPSXWHGRQWKHEDVLVRISURWIURPFRQWLQXLQJRSHUDWLRQVLQ`)
32.93
22.56
(36%DVLFFRPSXWHGRQWKHEDVLVRIWRWDOSURWIRUWKH\HDULQ`)
32.76
21.41
232,794,316
232,794,316
232,794,316
232,794,316
_ Statutory Reports
During the year, the group has divested its 50% stake in Impact Automotive Solutions Limited, which was formed in the
year 2010 as a Joint Venture (JV). The stake was sold by the Company to the other JV Partner, resulting in gain of ` 40.97
Million on sale of investments. This also includes gain on merger of ` 91.71 Million of Kalyani Alstom Power Limited with
Alstom Bharat Forge Power Limited. (Also refer note 39 (c))
Numerator for basic and diluted EPS for continuing operations

1HWSURWIURPFRQWLQXLQJRSHUDWLRQVDWWULEXWDEOHWR6KDUHKROGHUV
Numerator for basic and diluted EPS
Weighted average number of equity shares in calculating basic EPS

Number of equity shares outstanding at the beginning of the year (nos.)
Weighted average number of equity shares in calculating diluted EPS

Number of equity shares outstanding at the beginning of the year (nos.)
(36'LOXWHGFRPSXWHGRQWKHEDVLVRISURWIURPFRQWLQXLQJRSHUDWLRQVLQ`)
32.93
22.56
(36'LOXWHGFRPSXWHGRQWKHEDVLVRIWRWDOSURWIRUWKH\HDULQ`)
32.76
21.41
209
1HWSURWDWWULEXWDEOHWR6KDUHKROGHUVLQFOXGLQJGLVFRQWLQXLQJRSHUDWLRQV
Notes
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV
+ROGLQJ&RPSDQ\
(a) Gratuity plan
Funded scheme

7
KHKROGLQJ&RPSDQ\KDVDGHQHGEHQHWJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HHZKRKDV
FRPSOHWHGDWOHDVWYH\HDUVRIVHUYLFHJHWDJUDWXLW\RQGHSDUWXUHDWGD\VODVWGUDZQEDVLFVDODU\IRUHDFK
completed year of service. The scheme is funded with an insurance Company in the form of a qualifying
insurance policy.

7
KH IROORZLQJ WDEOHV VXPPDUL]H WKH FRPSRQHQWV RI QHW EHQHW H[SHQVH UHFRJQLVHG LQ WKH FRQVROLGDWHG
VWDWHPHQWRISURWDQGORVVDQGWKHIXQGHGVWDWXVDQGDPRXQWVUHFRJQLVHGLQWKHEDODQFHVKHHWIRUWKH
respective plan.
&RQVROLGDWHGVWDWHPHQWRISURWDQGORVV
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQLVHGLQHPSOR\HHFRVWLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
Current service cost
48.06
41.72
Expected (return) on plan assets
Net actuarial (gain) / loss recognised in the year
Interest income
1HWEHQHWH[SHQVH
Actual return on plan assets
52.79
(30.53)
14.04
84.36
31.39
44.63
(25.74)
(24.73)
35.88
25.69

Changes in the fair value of plan assets recognised in the consolidated balance sheet are as follows:
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
322.98
274.74
Expected return
30.53
25.74
Contribution by employer
69.85
63.67
%HQHWVSDLG
(37.34)
(41.12)
Actuarial (losses) / gains
0.85
(0.05)
Closing fair value of plan assets
386.87
322.98
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQLVHGLQFRQVROLGDWHGEDODQFHVKHHW
are as follows:
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
598.83
578.38
Interest cost
52.79
44.63
48.06
41.72
%HQHWVSDLG
(37.34)
(41.12)
Actuarial (gains) / losses on obligation
14.89
(24.78)
677.23
598.83
210
29 *UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHWVSODQV&RQWG
%HQHWDVVHWOLDELOLW\
As at
March 31, 2015
In ` Million
As at
March 31, 2014
386.87
(677.23)
(290.36)
322.98
(598.83)
(275.85)

Plan asset / (liability)
_ Company Overview
The holding Company expects to contribute ` 70.00 Million to gratuity fund in the next year (March 31, 2014: ` 65.00 Millions)
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Investments with insurer
As at
March 31, 2014
100%
The principal assumptions used in determining gratuity for the Companys plan is shown below:
In % per annum
As at
As at
March 31, 2015
March 31, 2014
Discount rate
Expected rate of return on assets
Increment rate
7.80%
9.00%
6.00%
9.10%
9.00%
6.00%
_ Statutory Reports
As at
March 31, 2015
100%
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQ
and other relevant factors, such as supply and demand in the employment market. The overall expected rate of return
on assets is determined based on the market prices prevailing on that date, applicable to the period over which the
obligation is to be settled.
Plan assets
6XUSOXVGHFLW
Experience adjustments on plan
liabilities
assets
In ` Million
March 31,
2015
March 31,
2014
As at
March 31,
2013
386.87
677.23
(290.36)
26.02
322.98
598.83
(275.85)
(6.00)
274.74
578.38
(303.64)
9.66
236.86
536.44
(299.58)
(2.69)
211.11
486.01
(274.90)
(59.59)
0.85
(0.05)
2.90
1.10
(0.58)
March 31,
2012
March 31,
2011
(b) Special gratuity

7KH&RPSDQ\KDVDGHQHGEHQHWVSHFLDOJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HOLJLEOHHPSOR\HHZKR
KDVFRPSOHWHGWHQ\HDUVRIVHUYLFHJHWDQDGGLWLRQDOJUDWXLW\RQGHSDUWXUHZKLFKZLOOEHVDODU\RIYHPRQWKV
based on last drawn basic salary. The scheme is unfunded.
211
Amount for the current and previous four periods are as follows:
Notes
7KHIROORZLQJWDEOHVVXPPDUL]HWKHFRPSRQHQWVRIQHWEHQHWH[SHQVHUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQW
RISURWDQGORVVDQGDPRXQWVUHFRJQLVHGLQWKHFRQVROGLDWHGEDODQFHVKHHW

Expected return on plan assets
Net actuarial loss recognised in the period
Interest income
1HWEHQHWH[SHQVH
Actual return on plan assets
Year ended
March 31, 2015
8.30
3.24
1.01
12.55
-
In ` Million
Year ended
March 31, 2014
0.09
2.83
3.39
6.31
-

&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQLVHGLQFRQVROLGDWHGEDODQFHVKHHWDUHDVIROORZV
Interest cost
%HQHWVSDLG
Actuarial losses on obligation
%HQHWDVVHWOLDELOLW\

Year ended
March 31, 2015
39.11
3.24
8.30
(6.23)
1.01
45.43
In ` Million
Year ended
March 31, 2014
37.80
2.83
0.09
(5.00)
3.39
39.11
As at
March 31, 2015
(45.43)
(45.43)
In ` Million
As at
March 31, 2014
(39.11)
(39.11)
The principal assumptions used in determining special gratuity for the holding Companys plan is shown below:
As at
As at
March 31, 2015
March 31, 2014
Discount rate
7.80%
9.00%
Increment rate
6.00%
6.00%
promotion and other relevant factors, such as supply and demand in the employment market.
212
Amount for the current and previous three periods are as follows:
Plan assets
6XUSOXVGHFLW
liabilities
assets
March 31,
2015
March 31,
2014
As at
March 31,
2013
March 31,
2012
March 31,
2011
45.43
(45.43)
1.49
39.11
(39.11)
5.04
37.80
(37.80)
0.20
40.13
(40.13)
(2.69)
45.37
(45.37)
-
8QGHUGHQHGFRQWULEXWLRQSODQSURYLGHQWIXQGLVFRQWULEXWHGWRWKHJRYHUQPHQWDGPLQLVWHUHGSURYLGHQWIXQG
The Holding Company has no obligation, other than the contribution payable to the provident fund.
8QGHU GHQHG EHQHW SODQ WKH +ROGLQJ &RPSDQ\ FRQWULEXWHV WR WKH %KDUDW )RUJH &RPSDQ\ /LPLWHG 6WD
Provident Fund Trust". The Holding Company has an obligation to make good the shortfall, if any, between the
UHWXUQIURPWKHLQYHVWPHQWVRIWKHWUXVWDQGWKHQRWLHGLQWHUHVWUDWH
_ Statutory Reports
(c) Provident fund

QDFFRUGDQFHZLWKODZDOOHPSOR\HHVRIWKH+ROGLQJ&RPSDQ\DUHHQWLWOHGWRUHFHLYHEHQHWVXQGHUWKHSURYLGHQW
IXQG7KH+ROGLQJ&RPSDQ\RSHUDWHVWZRSODQVIRULWVHPSOR\HHVWRSURYLGHHPSOR\HHEHQHWVLQWKHQDWXUHRI
SURYLGHQWIXQGYL]GHQHGFRQWULEXWLRQSODQDQGGHQHGEHQHWSODQ
_ Company Overview
7KHGHWDLOVRIWKHGHQHGEHQHWSODQEDVHGRQDFWXDULDOYDOXDWLRQUHSRUWLVDVIROORZV
The actuary has followed Black Scholes Option Pricing approach

RI SURW DQG ORVV DQG WKH IXQGHG VWDWXV DQG DPRXQWV UHFRJQLVHG LQ WKH FRQVROLGDWHG EDODQFH VKHHW IRU WKH
respective plans.
1HWHPSOR\HHEHQHWH[SHQVHUHFRJQLVHGDVHPSOR\HHFRVWLQFRQVROLGDWHGVWDWHPHQWRISURWDQGORVV
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
Expected (return) on plan assets
Net actuarial (gain) / loss recognised in the period
Interest (income )
1HWEHQHWH[SHQVHQFRPH
1.79
(1.09)
9.21
-
1.85
0.95
(0.84)
(16.61)
-
9.91
(14.65)
# As there is no present obligation the expense has not been accounted for in the previous year
213
The Holding Company has provided ` Nil towards shortfall in the interest payment on provident fund as per
actuary report during the year ended March 31, 2015 (March 31, 2014: ` Nil)
Notes

Expected return
%HQHWVSDLG
Actuarial gains
Year ended
March 31, 2015
12.09
1.09
3.40
In ` Million
Year ended
March 31, 2014
9.28
0.84
1.97
16.58
12.09
Year ended
March 31, 2015
1.79
12.61
14.40
In ` Million
Year ended
March 31, 2014
11.84
0.95
1.85
(14.64)
-
As at
March 31, 2015
16.58
(14.40)
2.18
In ` Million
As at
March 31, 2014
12.09
12.09
Changes in the present value of guaranteed interest rate obligation:
Opening guaranteed interest rate obligation

Interest cost
%HQHWVSDLG
Actuarial (gains)/losses on obligation
Closing guaranteed interest rate obligation
%HQHWDVVHWOLDELOLW\

Present value of guaranteed interest rate obligation
Plan asset/(liability) #
# The Company has not recognised the plan asset in the books based on the concept of prudence.
Assumptions under the Black Scholes option pricing approach are as follows:
Discount rate
Expected guaranteed rate
As at
March 31, 2015
7.80%
8.75%
In % per annum
As at
March 31, 2014
9.10%
8.75%
The overall expected rate of return on assets is determined based on the market prices prevailing on that date,
applicable to the period over which the obligation is to be settled.
214
Amount for the current and previous four years are as follows:
March 31,
2015
16.58
14.40
2.18
-
March 31,
2014
12.09
-
As at
March 31,
2013
9.28
11.84
(2.56)
-
In ` Million
March 31,
2012
2.36
-
March 31,
2011#
-
(d) Pension plan

7KHVXEVLGLDULHVKDYHDGHQHGSHQVLRQSODQ7KHVFKHPHLVXQIXQGHG
RISURWDQGORVVDQGDPRXQWVUHFRJQLVHGLQWKHFRQVROLGDWHGEDODQFHVKHHWIRUWKHUHVSHFWLYHSODQV
_ Statutory Reports
Plan assets
Guaranteed interest rate obligation
6XUSOXVGHFLW
Experience
adjustments
on
rate
obligation
Experience adjustments on plan assets
#Till the year ended March 31, 2011 the interest shortfalls could not be computed by the actuaries since the
QVWLWXWHRI$FWXDULHVRIQGLDKDVQRWLVVXHGWKHQDOJXLGDQFHRQYDOXDWLRQRIWKHVDPHQWKH\HDU
the Institute of Actuaries of India has issued the guidance note for measurement of provident fund liabilities,
DFFRUGLQJO\WKH&RPSDQ\KDVVWDUWHGSURYLGLQJIRULQWHUHVWVKRUWIDOOVEDVHGRQDFWXDULDOYDOXDWLRQVLQFHQDQFLDO
year 2011-12. Hence earlier years' data is not available.
Overseas subsidiaries
_ Company Overview
ChDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQLVHGLQFRQVROLGDWHGEDODQFHVKHHWDUHDVIROORZs:
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
560.76
539.04
Interest cost
23.69
21.91
20.54
20.27
%HQHWVSDLG
(8.28)
(6.55)
Actuarial (gains) / losses on obligation
179.40
(13.91)
776.11
560.76
215
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
20.54
20.27
23.69
21.91
179.40
(13.91)
Interest income
1HWEHQHWH[SHQVH
223.63
28.27
Notes
%HQHWDVVHWOLDELOLW\
In ` Million
As at
March 31, 2014
(560.76)
(560.76)
As at
March 31, 2015

776.11
776.11
In addition to above, in case of certain subsidiary companies, actuarial liability is determined based on estimates
amounting to ` 14.43 Million. (March 31, 2014: ` 179.45 Million)
The principal assumptions used in determining pension for the Companys plan is shown below:
As at
March 31, 2015
2.00%
2.00%
Discount rate
Increment rate
As at
March 31, 2014
3.70%
2.00%
promotion and other relevant factors, such as supply and demand in the employment market.
Plan assets
6XUSOXVGHFLW
liabilities
assets
In ` Million
0DUFK
2015
March 31,
2014
As at
March 31,
2013
776.11
560.76
-
539.04
-
408.24
-
399.67
-
179.40
(13.91)
103.82
(24.01)
27.36
March 31,
2012
March 31,
2011
(e) 2WKHUORQJWHUPEHQHWV
2WKHUORQJWHUPEHQHWVLQFOXGHVHDUO\UHWLUHPHQWVFKHPHDVJRYHUQHGE\WKHORFDOODZVDPRXQWLQJWR`
32.71 Million (March 31, 2014: ` 58.65 Million) and jubilee scheme as governed by the local laws amounting
to ` 39.93 Million (March 31, 2014: ` 46.94 Million).
QGLDQVXEVLGLDULHV
(f)
Gratuity plan
Funded scheme
6RPHRIWKHQGLDQVXEVLGLDULHVKDYHDGHQHGEHQHWJUDWXLW\SODQ8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HH
ZKRKDVFRPSOHWHGDWOHDVWYH\HDUVRIVHUYLFHJHWDJUDWXLW\RQGHSDUWXUHDWGD\VODVWGUDZQEDVLFVDODU\
for each completed year of service. The gratuity plan is funded in few Indian subsidiaries in the form of
qualifying insurance policies. The disclosure given below is on the basis of such information as has been
GLVFORVHGLQWKHVWDQGDORQHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHV
216
RI SURW DQG ORVV DQG WKH IXQGHG VWDWXV DQG DPRXQWV UHFRJQLVHG LQ WKH FRQVROLGDWHG EDODQFH VKHHW IRU WKH
respective plans.
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
11.84
0.68
(7.73)
(0.20)
4.59
-
0.84
0.20
(0.93)
0.11
-

Adjustment to opening fair value of plan assets
Expected return
%HQHWVSDLG
Actuarial gains / (losses)
Year ended
March 31, 2015
8.62
(7.73)
0.21
(1.08)
0.02
In ` Million
Year ended
March 31, 2014
4.72
(4.72)
-
217
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHQHGEHQHWREOLJDWLRQUHFRJQLVHGLQFRQVROLGDWHGEDODQFHVKHHWDUHDV
follows:
In ` Million
Year ended
Year ended
March 31, 2015
March 31, 2014
0.28
3.62
2SHQLQJGHQHGEHQHWREOLJDWLRQRQDFTXLVLWLRQRIVXEVLGLDU\
1.33
Interest cost
0.68
0.20
11.84
0.78
%HQHWVSDLG
(0.20)
(4.72)
Actuarial losses / (gains) on obligation
(1.08)
(0.93)
11.52
0.28
_ Statutory Reports

Interest income
1HWEHQHWH[SHQVH
Actual return on plan asset
_ Company Overview
Notes
%HQHWDVVHWOLDELOLW\
As at
March 31, 2015
0.02
(11.52)
(11.50)

In ` Million
As at
March 31, 2014
(0.28)
(0.28)
In case of certain Indian subsidiary companies, acturarial liability is determined based on estimates amounting to
` 0.04 Million since AS-15 is not applicable to such companies. (March 31, 2014: ` Nil)
The principal assumptions used in determining gratuity for the Indian subsidiary Companys' plan is shown below:
As at
As at
March 31, 2015
March 31, 2014
Discount rate
7.74% to 9%
8% to 9%
Increment rate
6% to 8.5%
4% to 6%
promotion and other relevant factors, such as supply and demand in the employment market. The overall
expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to
the period over which the obligation is to be settled.
Plan assets
6XUSOXVGHFLW
Experience adjustments on plan liabilities
Experience adjustments on plan assets
The above number include share of Joint Venture
30 Leases
0DUFK
2015
0.02
11.52
(11.50)
-
March 31,
2014
0.28
(0.28)
-
As at
March 31,
2013
1.34
2.65
(1.31)
-
In ` Million
March 31,
2012
0.44
(0.44)
-
Operating leases: Group as lessee

7KH*URXSKDVHQWHUHGLQWRDJUHHPHQWVLQWKHQDWXUHRIOHDVHOHDYHDQGOLFHQVHDJUHHPHQWZLWKGLHUHQWOHVVRUV
OLFHQVRUVIRUWKHSXUSRVHRIHVWDEOLVKPHQWRIRFHSUHPLVHVUHVLGHQWLDODFFRPPRGDWLRQV7KHVHDUHJHQHUDOO\
in nature of operating lease / leave and license. There are no transactions in the nature of sub lease. Period of
agreements are generally for three years and renewal at the options of the lessor. There are no escalation clause
or restrictions placed upon the Group by entering into these leases. There is no contingent rent clause in the
lease agreements.
218
30 Leases (Contd.)
Lease rentals during the year

- On cancellable leases
- On non-cancellable leases
Year ended
March 31,
2015
In ` Million
Year ended
March 31,
2014
257.56
257.56
214.54
214.54
_ Company Overview
QFOXGHVQXPEHUVZLWKUHVSHFWWRGLVFRQWLQXLQJRSHUDWLRQV
The above number include share of Joint Venture

2.40
2.40
2.40
2.40
3.20
3.20
2.40
2.40
219
Finance leases: Group as lessee

7KH*URXSKDVQDQFHOHDVHVIRUYDULRXVLWHPVRISODQWDQGPDFKLQHU\)XWXUHPLQLPXPOHDVHSD\PHQWV0/3
XQGHUQDQFHOHDVHVWRJHWKHUZLWKWKHSUHVHQWYDOXHRIWKHQHW0/3DUHDVIROORZV
March 31, 2015
March 31, 2014
Minimum
Present
Minimum Present value
payments value of MLP
payments
of MLP
Within one year
58.19
54.76
33.24
30.74
$IWHURQH\HDUEXWQRWPRUHWKDQYH\HDUV
101.54
96.59
55.18
52.06
0RUHWKDQYH\HDUV
7.29
7.19
167.02
Total Minimum Lease Payments (MLP)
158.54
88.42
82.80
Less: Finance charges
8.48
5.62
Present value of Minimum Lease Payments
158.54
158.54
82.80
82.80
Operating leases: Group as lessor
In ` Million
Year ended
Year ended
March 31,
March 31,
2015
2014
_ Statutory Reports
Operating leases: Group as lessor

7KH JURXS KDV HQWHUHG LQWR DJUHHPHQWV LQ WKH QDWXUH RI OHDVHOHDYH DQG OLFHQVH DJUHHPHQW ZLWK GLHUHQW
lessee/licensees for the purpose of land/building etc. These are generally in nature of operating lease. Period of
agreements are generally for three to ten years and cancellable with a notice of thirty days to six months and
renewal at the options of the lessee / lessor.
In ` Million
Year ended
Year ended
March 31,
March 31,
2015
2014
Notes
31 Segment information
QDFFRUGDQFHZLWKSDUDJUDSKRIQRWLHG$FFRXQWLQJ6WDQGDUG$66HJPHQW5HSRUWLQJWKH*URXSKDV
GLVFORVHGVHJPHQWLQIRUPDWLRQRQO\RQWKHEDVLVRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVZKLFKDUHSUHVHQWHG
WRJHWKHUZLWKWKHXQFRQVROLGDWHGQDQFLDOVWDWHPHQWV7KHSULPDU\VHJPHQWUHSRUWLQJIRUPDWLVGHWHUPLQHGWR
EHEXVLQHVVVHJPHQWVDVWKH*URXSVULVNVDQGUDWHVRIUHWXUQDUHDHFWHGSUHGRPLQDQWO\E\GLHUHQFHVLQWKH
products and services produced. Secondary information is reported geographically. The operating businesses
are organized and managed separately according to the nature of the products and services provided, with each
VHJPHQWUHSUHVHQWLQJDVWUDWHJLFEXVLQHVVXQLWWKDWRHUVGLHUHQWSURGXFWVDQGVHUYHVGLHUHQWPDUNHWV
7KH&RPSDQ\KDVLGHQWLHGLWVEXVLQHVVVHJPHQWDVLWVSULPDU\UHSRUWLQJVHJPHQWZKLFKFRPSULVHVRIIRUJLQJV
and "Projects (Capital goods)". Secondary information is reported geographically.
7KH IRUJLQJ VHJPHQW SURGXFHV DQG VHOOV VWHHO IRUJLQJ SURGXFWV FRPSULVLQJ RI IRUJLQJV QLVKHG PDFKLQHG
crankshafts, front axle assembly & components and ring rolling etc. The "Projects (Capital goods) includes
engineering, procurement and commissioning business for power and infrastructure related projects.
In ` Million
Sr. Particulars
No.
6HJPHQW5HYHQXH
a
Steel forging
b
Projects (Capital goods)
c
Net Sales/Income from Operations
Year ended
Year ended
March 31,2015 March 31, 2014
70,277.25
5,854.13
59.39
76,190.77
76,190.77
59,148.55
7,817.60
5,802.88
72,769.03
72,769.03
15,055.97
203.79
(40.63)
15,219.13
10,141.17
(92.98)
(154.95)
9,893.24
1,355.96
3,108.55
10,754.62
1,691.52
239.46
2,071.32
5,890.94
427.57
11,222.82
(40.63)
1,037.07
7,322.42
(394.41)
TOTAL
53,945.65
9,476.43
31.84
18,367.95
81,821.87
50,967.97
8,104.14
115.15
16,101.01
75,288.27
TOTAL
14,162.42
4,875.05
4.21
1,773.83
20,815.51
16,781.50
1,479.79
60.66
2,762.78
21,084.73
TOTAL
6HJPHQW5HVXOWV
3URW/RVVEHIRUHWD[DQGLQWHUHVWIURPHDFKVHJPHQW
a
Steel forging
b
c
TOTAL
Less:
1
Finance costs from continuing operations
2
Finance costs from discontinuing operations
2WKHUXQDOORFDEOHH[SHQGLWXUHQHWRXQDOORFDEOHLQFRPH
7RWDO3URW%HIRUH7D[ ([FHSWLRQDOWHPV
Add:
Exceptional items
3URW/RVVEHIRUH7D[IURPFRQWLQXLQJRSHUDWLRQV
3URW/RVVEHIRUH7D[IURPGLVFRQWLQXHGRSHUDWLRQVEHIRUHPLQRULW\LQWHUHVW
220
7RWDOFDUU\LQJDPRXQWRIVHJPHQWDVVHWV
a
Steel forging
b
c
d
Unallocable Assets including Unutilised Fund
7RWDODPRXQWRIVHJPHQWOLDELOLWLHV
a
Steel forging
b
c
d
Unallocable
31 Segment information
In ` Million
Sr. Particulars
No.
Year ended
Year ended
March 31,2015 March 31, 2014
&DSLWDO(PSOR\HG6HJPHQWDVVHWV6HJPHQW/LDELOLWLHV
a
Steel forging
b
c
d. Unallocable Assets less Liabilities including Unutilised Fund temporarily
deployed
TOTAL
34,186.47
6,624.35
54.49
16,594.12
61,006.36
13,338.23
54,203.54
TOTAL
4,428.93
454.29
76.42
4,959.64
3,871.77
331.41
233.93
4,437.11
TOTAL
3,403.47
13.33
2.22
207.41
3,626.43
3,138.49
8.66
215.91
424.33
3,787.39
6HFRQGDU\LQIRUPDWLRQLQUHVSHFWRIJHRJUDSKLFDOVHJPHQWRQWKHEDVLVRI
ORFDWLRQRIFXVWRPHUV
8.1 6HJPHQWUHYHQXH
a
Within India
b
Outside India
TOTAL
24,146.82
52,043.95
76,190.77
23,271.25
49,497.78
72,769.03
TOTAL
61,537.97
20,283.90
81,821.87
55,578.94
19,709.33
75,288.27
7RWDOFRVWLQFXUUHGGXULQJWKH\HDUWRDFTXLUHVHJPHQWDVVHWVWKDWDUH
H[SHFWHGWREHXVHGGXULQJPRUHWKDQRQHSHULRG
a
Within India
b
Outside India
TOTAL
2830.97
2,128.67
4,959.64
3,192.64
1,244.47
4,437.11
7RWDOFRVWLQFXUUHGGXULQJWKH\HDUWRDFTXLUHVHJPHQWDVVHWV
WKDWDUHH[SHFWHGWREHXVHGGXULQJPRUHWKDQRQHSHULRG
a
Steel forging
b
c
d
Unallocable
'HSUHFLDWLRQ
a
Steel forging
b
c
Discontinuing operations (Steel forging)
d
Unallocable
_ Statutory Reports
39,783.23
4,601.38
27.63
_ Company Overview
The total carrying amount of segment assets does not include goodwill arising on consolidation amounting to
` 537.24 Million (March 31, 2014: ` 56.80 Million)
7RWDOVHJPHQWUHYHQXHIURPRSHUDWLRQVGRHVQRWLQFOXGHUHYHQXHIURPVRPHRIWKHLQVLJQLFDQWEXVLQHVVOLQHV
amounting to ` 116.11 Million (March 31, 2014: ` 192.29 Million), which has been considered as unallocable
income.
221
8.2 6HJPHQWDVVHWV
a
Within India
b
Outside India
Notes
32 Related party disclosures
L
1DPHVRIWKHUHODWHGSDUWLHVDQGUHODWHGSDUW\UHODWLRQVKLS
5HODWHGSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU
Associates
Technica U.K. Limited (Investment through wholly owned subsidiary)
Ferrovia Transrail Solutions Private Limited (Investment through wholly owned

subsidiary)
5HODWHGSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU&RQWG
Enterprises owned or
VLJQLFDQWO\ LQXHQFHG
by key management
personnel or through
their
subsidiaries/
associates
Kalyani Carpenter Special Steels Limited

Automotive Axle Limited
ALSTOM Holdings, France
ALSTOM India Limited (formally known as ALSTOM Projects India Limited)
ALSTOM Technology Limited
ALSTOM Switzerland Limited
ALSTOM Power GmbH
ALSTOM POWER SP.Z O.O., Poland
ALSTOM Service Sdn Bhd
ALSTOM Beizhong Power (Beijing) Co
ALSTOM Grid SAS
Alstom Middle East Fze
ALSTOM Technologie AG
ALSTOM Power Systems SA, France
ALSTOM Support, France
ALSTOM Carbon Capture GmbH, Germany
ALSTOM Power SP. Z.O.O W Warsawie
ALSTOM Beijing Engineering
Alstom Power Energy
ALSTOM Grid SAS
ALSTOM India Ltd.
ALSTOM Bharat Forge Limited (upto March 31, 2014)
Changchun FAW Tianqi Hot forging and Die Co Ltd., China (upto November 12, 2013)
FAW Jiefang Automobile Co. Ltd., China (upto November 12, 2013)
MI Ninth Design & Research Institute Co. Limited, China (upto November 12, 2013)
FAW Jiefang Automobile Co. Limited, China (upto November 12, 2013)
FAW Volkswagen Automobile Co. Limited , China (upto November 12, 2013)
Harbin Light-duty truck Factory of FAW, China (upto November 12, 2013)
Technical Center of FAW, China (upto November 12, 2013)
Tianjin FAW XIALI Autombile Co. Limited, China (upto November 12, 2013)
FAW Power Energy Branch Company, China (upto November 12, 2013)
Joint Ventures of fellow NTPC Limited, India
subsidiary
KPIT Technologies Limited, India (upto June 30, 2014)
Elbit Systems Land and C4I Limited
KPIT Cummins Infosystems Limited
222
_ Company Overview
32 Related party disclosures (Contd.)
L
1DPHVRIWKHUHODWHGSDUWLHVDQGUHODWHGSDUW\UHODWLRQVKLS&RQWG
5HODWHGSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU&RQWG
Enterprises having
common Key
Management
Personnel
Key management
personnel
Integrated Clean Room Technologies Limited
Mr. B. N. Kalyani
Mr. A. B. Kalyani
Mr. G. K. Agarwal
Mr. B. P. Kalyani
Mr. S. E. Tandale
_ Statutory Reports
Mr. K. M. Saletore (w.e.f. February 2, 2015)

Mr. S. K. Chaturvedi (upto December 31, 2013)
Mr. Vijay Kumar Jain
Mr. Jean-Pierre Fouilloux (Appointed w.e.f. April 8, 2013)
Mr Nirjhar Sarkar
Mr Rajesh Mahapatra
Mr. Andreas Lusch
Mr. Philippe Chochet
Mr. Alain Spohr (Appointed w.e.f. July 19, 2013)
Mr Vijay Kumar Neginal
Mr. Venkatesh Subramanyam
Mr. Deepak Bedekar
Mr. Rajkumar Mishra
Mr. K. Padmanabham
Mr. Jagmohan Bijalwan
Mr. Tushar Mane
Mr. Abhijit Bhattacharya
Transactions and balances less than 10% of the total transactions and balances dosclosed as Others.
LL
5HODWHGSDUW\WUDQVDFWLRQV
Sr. Nature of transaction
no.
3XUFKDVHRIJRRGV
Name of the related party and nature

of relationship
(In ` Million)
Year ended
March 31,
2015
March 31,
2014
10,811.12
9,367.63
4,116.51
3,211.12
ALSTOM Power GmbH
2,601.66
865.81
ALSTOM POWER SP. Z.O.O.
60.24
14.54
ALSTOM (SWITZERLAND) Limited
43.23
22.33
(QWHUSULVHV RZQHG RU VLJQLFDQWO\

LQXHQFHG E\ NH\ PDQDJHPHQW
personnel or through their subsidiaries/
associates
223
Mr. T. V. Prasad
Notes
LL
5HODWHGSDUW\WUDQVDFWLRQV &RQWG
no.
of relationship
3URFXUHPHQWRI'LH
3URFXUHPHQWRIPDWHULDO
Procurement of
FRQVWUXFWLRQVLGH
6DOHRIJRRGV
March 31,
2014
0.04
ALSTOM Power System SA
21.33
16.47
ALSTOM Beizhong Power (Beijing) Co
35.69
4.85
17,711.10
13,481.47
141.76
141.76
20.71
20.71
182.90
182.90
1,842.92
1,511.91
168.34
93.55
21.14
FAW Volkswagen Automobile Co. Limited
2,291.01
604.38
Harbin Light-duty truck Factory of FAW
57.24
(QWHUSULVHVRZQHGRUVLJQLFDQWO\
personnel or through their
subsidiaries/associates
Changchun FAW TIANQI Hot Forging & Die
Co. Ltd.
associates
FAW Jiefang Automobile Co., Ltd.
associates
MI Ninth Design & Research Institute Co.
Ltd.
associates
Automotive Axles Limited
FAW Jiefang Automobile Co. Limited
Technical Center of FAW
6.01
Tianjin FAW XIALI Autombile Co. Limited
12.43
224
March 31,
2015
-
ALSTOM Power SP. Z.O.O W Warsawie

ALSTOM Grid SAS
2
(In ` Million)
Year ended
2.54
2,032.40
4,579.07

LL
no.
of relationship
10
March 31,
2014
16.24
24.91
16.24
24.91
410.59
410.59
70.00
70.00
75.00
75.00
4.54
4.54
1.34
0.32
0.32
0.55
1.34
1.19

associates
3URFXUHPHQWRISRZHUDQG (QWHUSULVHV RZQHG RU VLJQLFDQWO\

fuel
associates
FAW Power Energy Branch Company
)LQDQFHSURYLGHG
(TXLW\&RQWULEXWLRQ
LQFOXVLYHRIDGYDQFHV
DJDLQVWHTXLW\
Joint Ventures of fellow subsidiary
/RDQ&'

associates
6XSSRUWRIWHKQLFDO
6HUYLFHV
5HLPEXUVHPHQWRI
H[SHQVHVSDLG

Alstom Switzerland Limited
associates

9.57
9.57
1.34
10.76
225
March 31,
2015
_ Statutory Reports
6DOHRI([SRUWQFHQWLYHV
(In ` Million)
Year ended
_ Company Overview
Notes
LL
no.
of relationship
11
$GYDQFHJLYHQWRYHQGRUV

associates
ALSTOM Power GmbH
ALSTOM India Limited
ALSTOM Beizhong Power (Beijing) Co.
ALSTOM Grid SAS
12
6DOHRIVHUYLFHVIRUSURMHFWV (QWHUSULVHV RZQHG RU VLJQLFDQWO\

associates
ALSTOM Power GmbH
7HFKQLFDO6HUYLFHVDYDLOHG
226
182.79
79.53
50.93
161.32
4.84
14.50
0.76
256.11
238.56
1.82
0.59
28.96
1.82
2.56
0.82
0.70
2.97
3.06
4.03
19.81
38.66

-
6.49
ALSTOM Power Systems SA
1.74
ALSTOM Power SP. Z.O.O.
0.56
30.22
ALSTOM Beijing Engineering
1.48
ALSTOM Holdings
6DOH RI PDWHULDOV WRZDUGV Joint Ventures of fellow subsidiary

FDSLWDOZRUNLQSURJUHVV
&DSLWDODGYDQFHV
WUDQVIHUUHG
March 31,
2014
11.14
14
March 31,
2015
ALSTOM Power SP.Z O.O.

(In ` Million)
Year ended
2.35
34.00
8.84
104.81
104.81
77.53
77.53


LL
no.
of relationship
6KRUWWHUPQDQFLDO
DUUDQJHPHQWUHFHLYHG
15
17
19
5HQWDQGPDLQWHQDQFH
H[SHQVHV

associates
5HLPEXUVHPHQW RI VDODU\ (QWHUSULVHV RZQHG RU VLJQLFDQWO\

DQG HPSOR\HH UHODWHG LQXHQFHG E\ NH\ PDQDJHPHQW
FRVWV
associates
ALSTOM Power Energy
ALSTOM Middle East Fze
76RIWZDUH+DUGZDUH
&RVW
3XUFKDVHRIVHYLFHV

associates
ALSTOM India Ltd

associates
ALSTOM Power SP. Z.O.O. W WARSAWIE
ALSTOM Power GmbH
March 31,
2014
333.59
333.59
7.90
7.90
0.38
0.28
0.66
44.82
44.82
38.30
38.30
0.35
1.81
0.43
2.59
20.08
12.51
32.59
16.49
10.44
26.93
55.85
12.81
4.40
1.81
5.72
80.59
8.71
72.61
0.33
81.65
227
18
)XQGUHLPEXUVHGLQFOXGHV (QWHUSULVHV RZQHG RU VLJQLFDQWO\

H[SHQVHVLQFXUUHGRQ
EHKDOIRI&RPSDQ\
associates
March 31,
2015
_ Statutory Reports
16

(In ` Million)
Year ended
_ Company Overview
Notes
LL
no.
of relationship
20
3XUFKDVHRI[HGDVVHWV
Enterprises having common Key

Management Personnel
Integrated Clean Room Technologies
Limited
6HUYLFHVUHFHLYHG

associates
22

/HDVHSD\PHQWVLQFOXGLQJ Joint Ventures of fellow subsidiary

IDFLOLW\FKDUJHVUHFHLYHG
6HUYLFHVUHQGHUHG

associates
24
5HLPEXUVHPHQWRI
H[SHQVHVUHFHLYHG
March 31,
2014
17.12
17.12
0.51
0.51
17.12
0.51
5.76
255.63
0.17
5.76
255.80
0.77
0.77
115.77
83.72
29.93
59.07
145.70
142.79

associates
1.24
0.19
0.17
0.39
1.08
0.61
2.49
1.19
ALSTOM Carbon Capture GmbH
228
March 31,
2015
Elbit Systems Land and C4I Limited
21
(In ` Million)
Year ended

LL
no.
of relationship
25
26
QWHUHVWRQORDQWDNHQ

Limited
BF Utilities Limited (ICD)

ALSTOM Bharat Forge Limited (Loan)
27
29
6XSSRUW6HUYLFHVIRU
7UDQVSRUWDWLRQ
0DQDJHULDOUHPXQHUDWLRQ

associates
Key management personnel (including

subsidiaries/joint ventures)
Mr. B. N. Kalyani
March 31,
2014
0.30
0.30
20.81
22.49
2.83
3.99
23.64
26.48
0.90
4.10
0.90
4.10
0.84
0.84
176.51
125.33
Mr. A. B. Kalyani
51.92
40.26
Mr. G. K. Agarwal
52.58
40.75
Mr. S. E. Tandale
39.76
32.76
23.53
Mr. B. P. Kalyani
37.17
30.49
Mr. K. M. Saletore#
28.34
Mr. S. K. Chaturvedi
1.53
Mr. Jagmohan Bijalwan
Mr. Tushar Mane
1.07
Mr. Vijay Kumar Neginal
0.40
0.01
229
28
5HLPEXUVHPHQW RI VDODU\ (QWHUSULVHV RZQHG RU VLJQLFDQWO\

DQGDOORZDQFHV
associates
March 31,
2015
_ Statutory Reports
QWHUHVWRQWUDGHDGYDQFH (QWHUSULVHV RZQHG RU VLJQLFDQWO\

&'ORDQJLYHQ
associates
Kalyani Steels Limited (Trade advance)
(In ` Million)
Year ended
_ Company Overview
Notes
LL
no.
of relationship
Mr. Rajkumar Mishra
March 31,
2015
0.22
Mr. Deepak Bedekar
0.03
Mr. Vijay Kumar Jain
2.75
Mr. Jean-Pierre Fouilloux
0.34
16.10
2.56
14.22
-
Mr. Rajesh Mahapatra
1.64
5.18
3.08
Mr. K. Padmanabham
1.80
Mr. T. V. Prasad
1.80
417.08
315.05
Mr. Alain Spohr

Mr. Nirjhar Sarkar

'LYLGHQGSURYLGHG
(In ` Million)
Year ended
March 31,
2014
-
Key management personnel

Mr. B. N. Kalyani
0.21
0.17
Mr. A. B. Kalyani
1.93
1.54
Mr. G. K. Agarwal
0.01
0.01
Mr. B. P. Kalyani
0.02
0.01
2.17
1.73
# Disclosed for the full year

LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG
Sr.
1DWXUHRIWUDQVDFWLRQ
no.
1DPHRIWKHUHODWHGSDUW\DQGQDWXUHRI
UHODWLRQVKLS

associates
3D\DEOHWRZDUGV
SXUFKDVHV

2
$GYDQFHVDJDLQVWHTXLW\
230
3D\DEOHWRZDUGVVHUYLFHV
March 31,
2015
March 31,
2014
2,277.34
724.49
428.25
73.05
2,705.59
797.54
20.00
20.00

(In ` Million)
As at

associates
0.78
1.52
0.78
1.52

LLL %DODQFHRXWVWDQGLQJDVDWWKH\HDUHQG &RQWG
Sr.
1DWXUHRIWUDQVDFWLRQ
no.
UHODWLRQVKLS

associates
7UDGHUHFHLYDEOH
(In ` Million)
As at
March 31,
2014
584.82
509.43
0.59
ALSTOM POWER SP.Z O.O.
0.40
2.56
2.97
0.87
0.70
ALSTOM Power GmbH
13.93
7.13
Others
42.05
41.83
645.04
562.24

2WKHUSD\DEOH

associates

associates
ALSTOM Support France
ALSTOM Power GmbH
ALSTOM Holdings
ALSTOM Grid SAS
ALSTOM Middle East Fze
ALSTOM Technologie AG
2.94
2.94
645.04
565.18
14.22
34.59
48.81
17.34
20.35
37.69
54.82
0.26
22.11
36.85
928.01
1.67
58.53
6.57
4.85
0.81
26.57
1,141.05
418.75
67.11
0.24
0.81
22.25
604.81
2.11
1,116.08
231
5HFHLYDEOHIRUVDOHRI
VHUYLFHV
_ Statutory Reports
March 31,
2015
_ Company Overview
Notes
Sr.
1DWXUHRIWUDQVDFWLRQ
no.
UHODWLRQVKLS
March 31,
2015
March 31,
2014
0.79
0.79
0.60
0.60
1.18
1,141.84
0.02
1.20
1,177.88
103.18
36.70
152.00
14.50
0.76
1.68
308.82
405.78
48.12
483.30
4.84
0.61
0.13
942.78
58.80
58.80
2.94
2.94

associates
4.99
5.55
1.10
6.09
5.55

Limited
NTPC Limited
Ferrovia Transrail Solutions Private
Limited
6KRUWWHUPORDQVDQG
$GYDQFHV
QYHVWPHQWVEDODQFH

associates
Kalyani Alstom Power Limited
ALSTOM Power GmbH
ALSTOM Grid SAS
ALSTOM Carbon Capture GmbH
NTPC Limited
7UDGHUHFHLYDEOH

10
232
QWHUHVWUHFHLYDEOH
(In ` Million)
As at

Sr.
1DWXUHRIWUDQVDFWLRQ
no.
UHODWLRQVKLS
11
2WKHUFXUUHQWOLDELOLWLHV
March 31,
2014
2.29
2.29

14

associates
0.12
0.01
0.03
0.04
0.15
0.05
5HLPEXUVHPHQW3D\DEOH
/RDQWDNHQ
/RDQVJLYHQ&'SODFHG

associates
0.32
0.32
0.64
2.00
2.00
2.00
2.00
770.00
770.00
75.00
845.00
770.00
210.00
210.00
210.00
210.00

Limited

associates
Kalyani Steels Limited (Trade advance)
BF Utilities Limited (ICD)
16
$GYDQFHVUHFHLYDEOH

associates
233
15
5HLPEXUVHPHQW
5HFHLYDEOH
_ Statutory Reports
March 31,
2015
12
(In ` Million)
As at
_ Company Overview
Notes
Sr.
1DWXUHRIWUDQVDFWLRQ
no.
UHODWLRQVKLS
17

associates
18
$GYDQFHIURPFXVWRPHU
0DQDJHULDOUHPXQHUDWLRQ Key management personnel (including

SD\DEOH
subsidiaries/joint ventures)
Mr. B. N. Kalyani
(In ` Million)
As at
March 31,
2015
March 31,
2014
8.57
35.00
8.57
35.00
120.00
75.00
Mr. A. B. Kalyani
24.00
15.00
Mr. G. K. Agarwal
24.00
15.00
Mr. S. E. Tandale
25.00
20.00
4.50
Mr. B. P. Kalyani
24.00
19.00
Mr. K. M. Saletore
17.00
234.00
148.50
Mr. S. K. Chaturvedi
'RHVQRWLQFOXGHJUDWXLW\DQGOHDYHHQFDVKPHQWVLQFHWKHVDPHLVFRQVLGHUHGIRUDOOHPSOR\HHVRIWKH&RPSDQ\DV
a whole
33 Capitalization of expenditure
'XULQJWKH\HDUWKH*URXSKDVFDSLWDOL]HGWKHIROORZLQJH[SHQVHVRIUHYHQXHQDWXUHWRWKHFRVWRI[HGDVVHW
capital work-in-progress (CWIP). Consequently, expenses disclosed under the respective notes are net of amounts
capitalised by the Group.
In ` Million
Year ended
Year ended
March 31, 2015 March 31, 2014
Salaries, wages and bonus

Share in salaries, wages and bonus of Joint Venture
Consumption of stores and spares
Others
234
143.00
210.48
3.94
357.42
205.02
57.01
0.91
105.32
19.13
387.39
34 Contingent liabilities
As at
In ` Million
As at
March 31, 2015 March 31, 2014
10,057.83
5,425.77
1,460.74
-
1,674.57
-
2,273.45
(2,437.17)
1,915.40
(2,732.80)
174.08
394.16
89.30
14.05
50.97
55.58
13.33
138.97
359.86
50.97
0.66
73.87
7KH&ODLPDJDLQVWWKH*URXSFRPSULVHRIGXHVLQUHVSHFWWRSHUVRQQHOFODLPVDPRXQWXQDVFHUWDLQDEOHORFDO

taxes etc.
# The Group companies are contesting the demands and the management, including its tax/legal advisors,
believe that its position will likely be upheld in the appellate process. No tax expense has been accrued in the
QDQFLDOVWDWHPHQWVIRUWKHWD[GHPDQGUDLVHG
7KHPDQDJHPHQWEHOLHYHVWKDWWKHXOWLPDWHRXWFRPHRIWKLVSURFHHGLQJZLOOQRWKDYHDPDWHULDODGYHUVHHHFW
RQWKHJURXS
VQDQFLDOSRVLWLRQDQGUHVXOWVRIRSHUDWLRQV
35 Capital and other commitments
Guarantees given by holding Company's Bankers on behalf of the holding

Company, against sanctioned letter of credit and guarantee limit of ` 4,000
Million (March 31, 2014: ` 4,000 Million) for contracts undertaken by the
Company and other matters are secured by extension of charge by way of
joint hypothecation of stock-in-trade, stores and spares etc., book debts,
subject to prior charge in their favour.
(b) Estimated value of contracts remaining to be executed on capital accounts
and not provided for, net of advances.
Share in estimated value of contracts of Joint Venture remaining to be
executed on capital accounts and not provided for, net of advances.
(c) For commitments relating to lease agreements. (Refer Note 30)
As at
March 31,
2015
In ` Million
As at
March 31,
2014
958.50
718.18
5,788.28
2,149.27
912.43
1,965.36
7,659.21
4,832.81
(a)
235
One of the joint venture Company is defending Penalty Proceedings initiated under Sec.274 r.w.s 271(1) (C) of
WKHQFRPH7D[$FWIRU$VVHVVPHQW<HDUDQGOLDELOLW\RIWKHVDPHLVQRWTXDQWLDEOH
The above numbers include share of Joint Venture.
Note : In cases where the amount have been accrued, it has not been included here.
_ Statutory Reports
Sales bills discounted

Of which:
- Bills since realised
- Matured, overdue and outstanding since close of the period
Guarantees given by the Company on behalf of other companies:
Balance Outstanding
(Maximum Amount)
Claims against the Companies not acknowledged as Debts - to the extent
DVFHUWDLQHG
Excise/Service tax demands - matters under dispute #
Entry Tax #
Sales tax demand matters under dispute #
Customs demands - matters under dispute #
Income tax matters under dispute #
Others
_ Company Overview
Notes
35 Capital and other commitments (Contd.)
Performance guarantee
The holding Company has alongwith ALSTOM Power Holdings S.A. given an irrecoverable and unconditional
undertaking to NTPC Limited for technology transfer, training, execution and successful performance of steam
turbines generator and auxiliary equipments supplied by ALSTOM Bharat Forge Power Limited, Joint Venture of
the group.
The Company has provided the letter of support for certain subsidiaries.
36 Derivative instruments and unhedged foreign currency exposures

(i)
Derivatives outstanding as at the reporting date

Nature of instrument
Currency
Purpose

Foreign
In ` Million

In ` Million
Foreign
currency in
currency in
Million
Million
Forward contracts
USD
Hedging of highly
probable sales
567.10
35,438.08
328.32
19,672.93
Forward contracts
Euro
Hedging of highly
probable sales
201.92
13,567.21
149.13
12,279.36
(ii) Share in Derivatives outstanding of Joint Ventures as at the reporting date

Currency
Purpose

In ` Million
Foreign
currency in
236
EURO
Forward contracts
CHF
Forward contracts
CNH
Forward contracts
USD
Forward contracts
JPY
Forward contracts
SEK
Forward contracts
EURO
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of payable/
expected future
purchases
Hedge of
receivables/
expected future
sales
In ` Million
currency in
Million
Forward contracts

Foreign
Million
90.74
6,104.73
121.90
10,041.07
0.48
31.12
0.39
26.65
5.51
55.57
13.50
843.82
18.76
1,124.26
165.77
86.48
1.52
11.02
90.45
6,084.96
110.52
9,100.42
36 Derivative instruments and unhedged foreign currency exposures (Contd.):

(ii) Share in Derivatives outstanding of Joint Ventures as at the reporting date (Contd.):
Currency
Purpose

Foreign
currency in
Million
GBP
Forward contracts
USD
Forward contracts
JPY
Hedge of
receivables/
expected future
sales
Hedge of
receivables/
expected future
sales
Hedge of
receivables/
expected future
sales

Foreign
currency in
Million
In ` Million
6.09
563.00
10.33
1,029.21
14.89
931.35
20.61
1,235.01
150.11
78.31
(iii) Particulars of unhedged foreign currency exposure as at the reporting date

Particulars
Currency

Foreign
currency in
Million
In ` Million

Foreign
currency in
Million
In ` Million
USD
EUR
GBP
AUD
JPY
32.14
15.67
0.61
0.10
-
2,005.63
1,055.22
56.02
4.46
-
17.12
21.47
2.94
3.24
1,029.57
1,769.90
292.44
1.89
Import trade payables
USD
EUR
GBP
JPY
SEK
AUD
CHF
1.41
11.25
0.11
99.73
0.04
0.01
-
148.70
758.86
9.73
52.01
0.29
0.42
0.15
3.08
25.87
0.01
240.07
0.09
-
184.62
2,133.70
1.00
139.84
0.83
-
Foreign currency term loan
USD
EUR
230.00
1.89
14,377.30
127.66
200.00
4.00
11,988.00
330.31
Packing credit
USD
EUR
GBP
10.00
0.50
625.10
46.23
9.58
4.67
1.00
574.04
384.34
99.63
Working capital loan
EUR
GBP
17.67
-
1,193.12
-
12.00
4.40
990.92
438.28
237
Export trade receivables
_ Statutory Reports
Forward contracts
In ` Million
_ Company Overview
Notes
36 Derivative instruments and unhedged foreign currency exposures (Contd.):
(iii) Particulars of unhedged foreign currency exposure as at the reporting date (Contd.):
Particulars
Currency

Foreign
currency in
Million
In ` Million

Foreign
currency in
Million
In ` Million
Bank deposits
USD
EUR
GBP
8.65
2.17
-
535.72
145.56
0.20
2.30
2.90
-
137.64
239.20
-
Other receivables
EUR
SEK
3.12
1.83
219.45
13.21
0.07
5.80
Other payables
USD
EUR
GBP
1.40
1.76
0.01
89.75
118.90
0.89
1.81
1.32
0.22
111.79
108.62
21.91
The above number include share of Joint Venture.

'HIHUUDO&DSLWDOLVDWLRQRIH[FKDQJHGLHUHQFHV
7KH 0LQLVWU\ RI &RUSRUDWH $DLUV 0&$ KDV LVVXHG WKH DPHQGPHQW GDWHG 'HFHPEHU WR $6 7KH
(HFWVRI&KDQJHVLQ)RUHLJQ([FKDQJH5DWHVWRDOORZFRPSDQLHVGHIHUUDOFDSLWDOL]DWLRQRIH[FKDQJHGLHUHQFHV
arising on long-term foreign currency monetary items. In accordance with the amendment/ earlier amendment
to AS 11, the Group has capitalized exchange loss, arising on long-term foreign currency loan to the cost of plant
and equipments. The Group also have other long-term foreign currency monetary item, where the gain/loss due
WRXFWXDWLRQLQIRUHLJQFXUUHQF\LVDFFRXQWHGIRUDV)&07'$DQGGLVFORVHGXQGHUUHVHUYHVDQGVXUSOXV
Accordingly foreign exchange gain/(loss) adjusted against:
In ` Million
As at March
31, 2015
As at March
31, 2014
Cost of the assets/Capital work in progress
(226.59)
(576.27)
FCMITDA
(248.16)
(692.09)
253.33
185.55
Amortised in the current year
38 D([FKDQJHGLHUHQFH*DLQ/RVVRQDFFRXQWRIXFWXDWLRQVLQIRUHLJQFXUUHQF\UDWHV

7KHQHWH[FKDQJHGLHUHQFHV>JDLQORVVHV@DULVLQJGXULQJWKH\HDURQKLJKO\SUREDEOHIRUHFDVWHGWUDQVDFWLRQ
UHODWLQJ WR H[SRUWV DV D SDUW RI VDOHV UHFRJQLVHG LQ WKH FRQVROLGDWHG VWDWHPHQW RI SURW DQG ORVV DFFRXQW LV
` 2,114.63 Million (March 31, 2014 ` (522.37) Million).
(b) Deferred payment liabilities

Sales tax deferral incentives attached to the erstwhile windmill division, which was demerged to BF Utilities
Limited (BFUL) under Section 392 and 394 of the Companies Act, 1956 sanctioned by the High Court of the
Judicature at Mumbai, have been passed on thereafter from year to year by the Company to the latter, under an
arrangement, with all liabilities and obligations attached thereto taken over completely by BFUL. The net liability
outstanding of BFUL after such pass on amounts to ` 615 Million (March 31, 2014: ` 708 Million).
238
39 6LJQLFDQWQRWHVWRQDQFLDOVWDWHPHQWVRIVXEVLGLDULHVZKLFKSURYLGHDEHWWHU
XQGHUVWDQGLQJWRWKHVHQDQFLDOVWDWHPHQWV
A)
Bharat Forge Scottish Stampings Limited (BFSSL)
B)
As a part of group restructuring plan initiated in 2009, BFSSL has ceased production in February 2010 and
transferred business and assets to other group companies. BFSSL got liquidated during the year and the
order for liquidation is passed in June 2014.
Impact Automotive Solutions Limited (Impact)
_ Company Overview
On June 30, 2014, the Company has divested its 50% stake in Impact, a JV, which was formed in the year
DVD-RLQW9HQWXUH-9PSDFWQDQFLDOVWDWHPHQWVLQFOXGHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
are unaudited and are based on management accounts as they are not material.
c)
239
_ Statutory Reports
Merger of Kalyani ALSTOM Power Limited (Subsidiary) and ALSTOM Bharat Forge Power Limited
(Joint Venture)
a) The Board of Directors of ALSTOM Bharat Forge Power Limited (ABFPL) on August 28, 2013 approved
a Scheme of Amalgamation (Scheme) between ABFPL and Kalyani Alstom Power Limited (KAPL) being
transferor company with an Appointed date of April 1, 2013 and the Shareholder of ABFPL also submitted
their letter of consent for approving Scheme. The Scheme has been approved by Honble High Court of
'HOKLYLGHLWV2UGHUGDWHG$XJXVWFHUWLHGFRS\RIZKLFKZDVUHFHLYHGRQ6HSWHPEHU
OHGZLWKWKH5HJLVWUDURIFRPSDQLHV1&7RI'HOKLDQG+DU\DQDRQGDWHG2FWREHU3XUVXDQW
to the Scheme the transferor company i.e. KAPL amalgamated with ABFPL from the appointed date i.e.
April 1, 2013 on going concern basis. As per the scheme during the period between appointed date and
HHFWLYHGDWHWUDQVIHURUFRPSDQ\VKDOOEHGHHPHGWRKDYHFDUULHGRQWKHH[LVWLQJEXVLQHVVRQDFFRXQW
RIDQGIRUWKHEHQHWDQGLQ7UXVWIRUWKHWUDQVIHUHHFRPSDQ\
In accordance with the provsion of the aforesaid scheme, business of the Transferor Company relating
to design, engineering, manufacturing (including trading), erection & commissioning and post sales
warranty obligations and service of ancillaries like heat exchanger and other auxiliaries, ancillary to
the turbine generator (TG) island in the super critical (800/600 MW) and sub critical (600/500/300 MW)
range had been transfered to ABFPL on going concern basis. The transfer of Assets and Liabilities had
EHHQHHFWHGIURPWKH$SSRLQWHGGDWHRI$SULODVGHQHGLQWKH6FKHPH$VSHUWKHVFKHPH
GXULQJWKHSHULRGEHWZHHQDSSRLQWHGGDWHDQGHHFWLYHGDWH7UDQVIHURU&RPSDQ\VKDOOEHGHHPHGWR
KDYHFDUULHGRQWKHH[LVWLQJEXVLQHVVRQDFFRXQWRIDQGIRUWKHEHQHWDQGLQ7UXVWIRUWKH7UDQVIHUHH
Company.
b. Combination of authorised capital
Pursuant to the aforesaid amalgamation, the authorised share capital of ABFPL stands increased by the
authorized share capital of KAPL aggregating to ` 1,250.00 Million (125.00 Million equity shares of ` 10/- each).
Accordingly, the authorised capital of ABFPL stands at ` 3,113.00 Million (311.30 Million equity shares
of ` 10/- each).
c. Accounting treatment
ABFPL had followed accounting treatment prescribed in the said approved Scheme of Amalgamation,
as follows:
i.
The amalgamation of KAPL with ABFPL had been accounted by ABFPL by using the Pooling of
interests method in accordance with the said approved Scheme of Amalgamation and Accounting
6WDQGDUG $6 $FFRXQWLQJ IRU $PDOJDPDWLRQV DV QRWLHG XQGHU WKH &RPSDQLHV $FW
Accordingly, ABFPL had recorded all the assets and liabilities, and reserves of KAPL at their
respective book values as appearing in the books of KAPL as at March 31, 2013, the details of
which are as follows:
Notes
Particulars
Kalyani Alstom
Power Limited
March 31, 2013
ASSETS
Net Fixed Assets (including CWIP)
Long term Loans and Advances
Other Non-Current Assets
Current Assets:
- Cash and bank balances
- Loans and Advances
- Other Current Assets
929.99
207.57
6.34
TOTAL
'HFLWLQ6WDWHPHQWRI3URWDQGORVV
Total Assets
LIABILITIES
Long-term Borrowings
Other Long-term Liabilities
Current Liabilities:
- Short-term Borrowings
- Other Current Liabilities
- Short-term Provisions
TOTAL
- Excess of Assets over Liabilities and Share Capital to be issued
15.24
6.72
0.41
1,166.27
139.83
1,306.10
6,473.00
24.69
0.19
118.93
12.54
2.45
6,631.80
355.00
Share Capital
145.00
Total Liabilities
500.00
Further, the inter company balances and transactions between Transferor Company and the
Transferee Company have been eliminated.
240
d.
Pursuant to scheme of amalgamation 14.50 Million Equity Shares of ` 10/- each were to be issued
to shareholders of KAPL in the ratio of 29 fully paid Equity Shares of ABFPL for every 100 fully paid
up Equity Shares of ` 10/- each held in ABFPL.
e.
Simultaneous with the issuance and allotment of shares in ABFPL to the shareholders of erstwhile
KAPL, as mentioned in the above, ABFPL had undertaken preferential issuance and allotment of
600,000 equity shares of the face value of ` 10 each fully paid up to ALSTOM Power Holdings S.A.
(596,000 equity shares of the face value of ` 10 each) and Bharat Forge Limited (4,000 equity shares
of ` 10 each). The issue price had been determined in accordance with applicable laws.
f.
On account of amalgamation, the Group has lost control over KAIPL and has derecognised the
assets (including goodwill) and liabilities, carrying amount of minority interest and have recognised
the fair value of the consideration received, the carrying value of investment retained. The
resultant surplus on account of loss of control amounting to Rs 91 Million has been recognised in
WKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVGXULQJWKH\HDU
h.
QYLHZRIWKHDIRUHVDLGDPDOJDPDWLRQWKHJXUHVRIFXUUHQW\HDUDUHQRWFRPSDUDEOHWRWKRVHRI
the previous year.
D)
ALSTOM Bharat Forge Power Ltd (ABFPL)
2Q 'HFHPEHU D 3XEOLF QWHUHVW /LWLJDWLRQ 3/ LQ WKH IRUP RI D :ULW 3HWLWLRQ ZDV OHG LQ WKH
High Court of Gujarat at Ahmedabad, against 12 parties including Alstom Bharat Forge Power Limited
(ABFPL). The grievances stated in the Writ Petition relate to environmental clearances for Adani Port and
Special Economic Zone Ltd (APSEZ, previously known as Mundra Port and Special Economic Zone Ltd)
DQGWKH&RPSDQ\VIDFWRU\LQ0XQGUDXQGHU(QYLURQPHQWDOPSDFW$VVHVVPHQW1RWLFDWLRQ($
1RWLFDWLRQUHDGZLWKSURYLVLRQVXQGHU(QYLURQPHQW3URWHFWLRQ$FW7KHPDWWHUZDVKHDUGRQ
12th April, 2012 and on 9th May 2012 the Division Bench of the Honble High Court of Gujarat pronounced
the following judgment with respect to the issues under consideration:
7KHUVWLVVXHUHODWHGDVWRZKHWKHUWKHFRPSDQ\QHHGLQGLYLGXDOHQYLURQPHQWDOFOHDUDQFHXQGHU
WKH ($ 1RWLFDWLRQ FRQVLGHULQJ WKHLU SURSRVHG DFWLYLWLHV 7KH +RQEOH +LJK &RXUW RI *XMDUDW KDV
DQVZHUHGWKLVLVVXHLQIDYRXURI$%)3/FRQUPLQJWKDWWKHLQGLYLGXDOXQLWVGRQRWUHTXLUHLQGLYLGXDO
HQYLURQPHQWDOFOHDUDQFHXQGHUWKHUHVSHFWLYH($1RWLFDWLRQIURP0R()
2.
The second issue related as to whether in the absence of Adani Port and Special Economic Zone
Ltd (APSEZ) having environmental clearance the individual unit (ABFPL) falling under the APSEZ
can continue with the construction activities. The Honble High Court of Gujarat has answered this
question in the negative and has directed the 12 parties (including the company) to immediately
stop any/all construction activities on the land allotted to them until APSEZ obtains requisite
environmental clearance. In compliance of the directions of the Honble High Court of Gujarat,
ABFPL has stopped work on their site at APSEZ.
3XUVXDQW WR WKH DIRUHVDLG RUGHUV FHUWDLQ SDUWLHV OHG DSSHDO LQ WKH 6XSUHPH &RXUW DJDLQVW
this judgment of Gujarat High Court. Honble Supreme Court issued notice and directed that in
the meantime, units in SEZ in respect of which impugned order has been passed may continue
to function but there will be no further construction with regard to any units which are existing
RU LQFXPEHQW 5HVSRQGHQWV KDYH EHHQ GLUHFWHG WR OH DGDYLWV LQ UHVSHFW RI H[LVWLQJ XQLWV 7KH
Honble Supreme Court further made it clear that the direction to MoEF to complete the process of
HQYLURQPHQWFOHDUDQFHKDVQRWEHHQVWD\HG7KH0R()KDVVRXJKWWLPHWROHLWVUHSO\RQWKHVDPH
It was further recorded that it is the case of the petitioners that no further clearance is required.

QDGGLWLRQWRWKHDERYHORFDOYLOODJHUVKDYHOHGD3/:33/RILQWKH*XMDUDW+LJK&RXUW

alleging that the Company has blocked a natural waterway. The matter is pending before the court.
2Q 2FWREHU WKH &RPSDQ\ KDG DOUHDG\ UHFHLYHG FRQUPDWLRQ IURP WKH 0LQLVWU\ RI
(QYLURQPHQW )RUHVWVWKDWLWVDFWLYLWLHVLQ0XQGUDGRQRWDWWUDFWWKHSURYLVLRQVRI($1RWLFDWLRQ
of 2006.
During the year, Government of India, Ministry of Environment & Forests (MOEF) vide F. No. 10138/2008- IA.III dated July 15, 2014 issued the Environment Clearance (EC) for proposed MultiProduct SEZ and CRZ clearance for Desalination, sea water intake, outfall facility and pipeline, at
Mundra by MIs Adani Port and SEZ Ltd. (APSEZ).
All environmental issues have been resolved for the said location and the site is now ready for use.
As positive trends are emerging in the economy with regards to power equipment, the Company is
evaluating several plans to use this facility in the near future.
241
The Honble High Court of Gujarat passed judgment on January 13, 2014 in relation to Writ Petition
No. 21 of 2013 (petition against 12 Further, the Honble High Court of Gujarat passed another
judgment on January 13th 2014 in relation to Writ Petition No. 21 of 2013 (petition against 12
parties operating in Mundra SEZ whereby the petitioners had sought directions from the court to
immediately stop those 12 parties from any further development and business operations) and
6SHFLDO&LYLO$SSOLFDWLRQ1RRI'HHPHG(&DSSOLFDWLRQOHGE\$%)3/DQGRUGHUHGWKH
said 12 parties to stop the operation of activities immediately, and ordered that these parties cannot
undertake any further development or business activity till the decision is taken by the Central
Government and also rejected ABFPLs application with a direction to the Central Government to
take its decision, with respect to the issue of grant of environmental clearance, within 30 days from
the date of judgment without fail. The Honble High Court of Gujarat has also stated that while taking
into consideration the issue of grant of environmental clearance, it would be open to the Central
Government to even take into consideration the Sunita Narain Committee report. The Central
Government has asked for the extension for the same.
_ Statutory Reports

_ Company Overview
Notes
E)
ALSTOM Bharat Forge Power Limited (ABFPL)

- The Board of Director in their meeting held on March 28, 2015 have approved the conversion of ABFPL
from a Public Limited Company to Private Limited Company. ABFPL is in the process of completion of
all related formalities, in its ensuing extra ordinary general meeting. Thereafter, all relevant document
ZLOOEHOHGZLWK5HJLVWUDURIWKH&RPSDQLHV
- Balances of certain trade receivables, loans and advances, trade payables and non-trade payables for
FRQWUDFWXDOREOLJDWLRQVDUHLQWKHSURFHVVRIFRQUPDWLRQUHFRQFLOLDWLRQ0DQDJHPHQWLVRIWKHRSLQLRQ
WKDWRQFRPSOHWLRQRIUHFRQFLOLDWLRQFRQUPDWLRQWKHLPSDFWZLOOQRWEHPDWHULDO
40 Disclosure pursuant to Accounting Standard-7 (AS-7) Construction Contracts

In ` Million
March 31, 2015
Year ended
March 31, 2014
5,734.27
7,791.73
5,729.48
6,267.84
1,817.69
2,713.72
721.30
4.07
489.49
409.72
1,624.68
2,677.99
Year ended
Contract revenue recognised during the period

$JJUHJDWH DPRXQW RI FRQWUDFW FRVW LQFXUUHG DQG UHFRJQLVHG SURWV OHVV
recognised losses) for all contracts in progress up to the reporting date
Amount of customer advances outstanding for contracts in progress up to the
reporting date#
Retention amount due from customers for contract in progress up to the reporting
date
Due from customers @
Due to customers#
# Aggregate of customer advances outstanding and due to customers is included in advance from customer to
the extent of ` 14.90 Million, in construction contracts in progress to the extent of ` 1,603.95 Million and in
trade payable to the extent of ` 1,823.09 Million.
@ Included in trade receivable.
41 Discontinuing operations
In November 2012, the management of Bharat Forge America Inc. (BFA), a wholly owned subsidiary of the
Company in USA decided to close down manufacturing operations of BFA. Business of BFA was transferred to
RWKHU*URXS&RPSDQLHVDQG[HGDVVHWVRI%)$ZHUHVROGWRDIRUJLQJ&RPSDQ\LQ86RQ0D\
At December 31, 2014, the carrying amount of assets of BFA was ` 31.48 Million (December 31, 2013: ` 104.84
Million) and its liabilities were ` 99.21 Million (December 31, 2013: ` 36.08 Million).
242
41 Discontinuing operations (Contd.)

The following statement shows the revenue and expenses of discontinuing operations:
In ` Million
Year ended
Year ended
December December 31,
2013
31, 2014
Income
59.22
149.46
Other income
4.57
42.90
Total income
63.79
192.36
0.90
7.03
QFUHDVHGHFUHDVHLQLQYHQWRULHVRIQLVKHGJRRGVDQGZRUNLQSURJUHVV
57.99
109.62
20.34
72.97
Other expenses
15.47
75.03
0.36
0.34
13.60
95.06
278.59
(31.27)
(86.23)
(0.27)
2.81
(31.00)
(89.04)
_ Company Overview
Expenses
Depreciation and amortization expenses

Finance costs
Total expenses
(Loss) before tax
Tax expenses
(Loss) for the year
In ` Million
Year ended
Total assets
Total liabilities
Net assets
Year ended

2013
31, 2014
31.84
104.84
99.21
36.08
(67.73)
68.76
7KHQHWFDVKRZVDWWULEXWDEOHWR%)$DUHDVEHORZ
In ` Million
Operating activities
Year ended
Year ended
2013
31, 2014
(1.50)
(182.04)
Investing activities
622.81
Financing activities
(12.21)
(499.11)
1HWFDVKLQRZVRXWRZV
(13.71)
(58.34)
243
The carrying amounts of the total assets and liabilities relating to discontinuing operations included within the
Group is as follows :
_ Statutory Reports
Notes
Impact Automotive Solutions Limited
During the year, the Company divested its 50% stake in Impact Automotive Solutions Limited to its Joint Venture
partner, KPIT Cummins Limited, for `0LOOLRQ7KHWUDQVDFWLRQZDVFRPSOHWHGRQ-XQH3URWSUH
tax amounting to `0LOOLRQ7D[HHFW` Nil), on divestment of stake has been recorded as an exceptional
item.
In ` Million
Year ended
Period ended
June 30, 2014 March 31, 2014
Income
0.17
2.77
Other income
0.65
2.15
Total income
0.82
4.92
Expenses
1.87
3.43
(0.01)
2.09
5.59
Other expenses
4.36
23.87
1.86
7.19
Total expenses
10.18
40.07
(Loss) before tax
(9.36)
(35.15)
0.09
(9.36)
(35.24)
Finance costs
Tax expenses
(Loss) for the year
In ` Million
Period ended
Year ended
June 30, 2014 March 31, 2014
244
Total assets
105.08
Total liabilities
28.83
Net assets
76.25
7KHQHWFDVKRZVDWWULEXWDEOHWRPSDFW$XWRPRWLYH6ROXWLRQV3ULYDWH/LPLWHGDUHDVEHORZ
In ` Million
Period ended
Year ended
June 30, 2014 March 31, 2014
1HWFDVKLQRZVRXWRZV
FAW Bharat Forge (Changchun) Company Limited
(27.35)
(1.67)
(29.02)
(35.34)
(35.21)
70.00
(0.55)
In ` Million
Year ended Period ended
October 31,
December
2013
31, 2014
5,650.65
7.23
5,657.88
Expenses
Other expenses
Finance costs
Total expenses
(Loss) before tax
Tax expenses
(Loss) for the year
Minority interest
(Loss) for the year after Minority Interest
Total assets
Total liabilities
Net assets
3,302.11
68.00
950.67
1,175.89
208.38
225.86
5,930.91
(273.03)
(273.03)
131.86
(141.17)
-
245
Income
Other income
Total income
_ Statutory Reports
During the previous year, Bharat Forge Hong Kong Limited, one of the indirect subsidiary in the group, divested
its 51.85% stake in Chinese Joint Venture operation (FAW Bharat Forge (Changchun) Company Limited to its Joint
Venture partner, China FAW Corporation Limited, for USD 28.208 Million (` 1,793.84 Million). The transaction was
FRPSOHWHGRQ1RYHPEHUZLWKHHFWIURP2FWREHU3URWLQFOXGLQJUHYHUVDORIIRUHLJQFXUUHQF\
translation reserve) pre tax amounting to `0LOOLRQ7D[HHFW` Nil), on divestment of stake has been
recorded as an exceptional item.
_ Company Overview
Notes
7KHQHWFDVKRZVDWWULEXWDEOHWR)$:%KDUDW)RUJH&KDQJFKXQ&RPSDQ\/LPLWHGDUHDVEHORZ
1HWFDVKLQRZVRXWRZV
In ` Million
Year ended
December
31, 2014
Period ended
October 31,
2013
101.94
(418.53)
438.98
122.39
42 Expenditure on research and development

In ` Million
March 31, 2015
Year ended
March 31, 2014
15.45
33.96
18.49
37.60
8.52
4.17
190.75
141.02
1.02
0.75
25.96
21.32
297.73
137.28
435.01
4.68
0.75
18.72
20.30
245.73
26.71
272.44
Year ended
A.
On revenue account
Manufacturing expenses:
Materials
Stores, spares and tools consumed
Repairs and maintenance
- Machinery repairs
Payments to and provision for employees:
- Salaries, wages, bonus, allowances, Contribution to provident and
other funds and schemes etc.
Other expenses :
Legal and professional charges
Membership fees
EDP expenses
Other expenses
TOTAL
B. On capital account
Total research and development expenditure
$%
43 7KHQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ` Million and decimal thereof except for per share information or as
otherwise stated.
44 3UHYLRXV \HDU JXUHV KDYH EHHQ UHJURXSHG UHFODVVLHG ZKHUH QHFHVVDU\ WR FRQUP WR WKH FXUUHQW \HDUV
FODVVLFDWLRQ

per ARVIND SETHI
Partner
Place: Pune
Date: May 20, 2015
246
B. N. KALYANI
G. K. AGARWAL
KISHORE SALETORE
ANAND DAGA
Company Secretary
EUR
USD
EUR
SEK
USD
EUR
EUR
INR
INR
INR
INR
USD
INR
INR
EUR
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Jan 14 to
Dec 14
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Apr 14 to
Mar 15
Jan 14 to
Dec 14
Apr 14 to
Mar 15
Bharat Forge Aluminiumtechnik Gmbh &

Co. KG
Bharat Forge Aluminiumtechnik

Verwaltungs Gmbh & Co. KG
Bharat Forge Beteiligungs GmbH
Bharat Forge Hongkong Ltd
Bharat Forge Daun GmbH
B F New Technologies GmbH
BF NTPC Energy Systems Ltd.
B F Infrastructure Limited
B F Infrastructure Ventures Limited

(Formerly B F Power Equipments Limited)
BF Elbit Advanced Systems Private Limited
Mecanique Generale Langroise*

(Section 8 Company-not considered for
consolidation)
10
11
12
13
14
15
16
17
18
19
20
161.67
1.93
1.97
641.11
1.93
385.02
209.37
1,842.04
(67.37)
4.17
517.92
448.58
1.00
77.00
1.00
1.00
63.33
1.00
1.00
1.00
1.00
77.00
77.00
0.50
46.20
27.59
0.14
6.64
0.50
400.50
416.06
120.00
1.93
3.85
(0.11)
251.23
(140.49)
(46.88)
276.17
(0.75)
(4.17)
(226.58)
(69.77)
119.36
272.39
0.41
536.02
214.98
18.10
5,067.72
0.01
457.15
664.34
59.94
132.24
395.22
14.69
3,254.63
2,108.36
31.85
6.14
4,502.72
793.03
0.02
238.59
327.88
64.84
4,784.92
0.26
60.82
474.86
9.71
10.96
118.99
0.85
2,883.59
264.40
99.21
0.00
3,343.70
342.52
3,870.00
391.98
0.71
894.74
0.01
6,045.74
13.27
61.72
0.44
3,465.81
2.87
34.16
- 10,869.63
0.00
0.34 13,109.04
Total
Total
Details of Turnover
Assets Liabilities Investments
6,999.46 11,254.48
63.33 1,121.13 (1,107.28)
8.08
77.00
63.33
77.00
77.00
77.00
77.00
Capital Reserves
247
In ` Million
(0.02)
(70.56)
(3.70)
161.88
0.04
(0.05)
0.54
(2.95)
(26.45)
(360.35)
(59.04)
(32.45)
0.40
42.06
27.88
390.72
0.16
0.00
34.72
0.83
62.11
11.70
(0.28)
0.06
9.27
7.94
99.83
(0.02)
(70.72)
(3.70)
127.16
0.04
(0.05)
0.54
(2.95)
(27.27)
(422.46)
(70.74)
(32.16)
0.33
32.78
19.95
290.89
100%
100%
60%
100%
100%
100%
100%
100%
51%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
3URW Provision
3URW Proposed
% of
Before
for
after Dividend Holding
Taxation taxation taxation
*The Company through its German Subsidiary - CDP Bharat Forge GmbH has acquired 100% equity shares of Mecanique Generale Langroise (MGL) in December 17, 2014. While preparing the consolidated
QDQFLDOVWDWHPHQWWKHVWDWHPHQWRISURW ORVVRI0HFDQLTXH*HQHUDOH/DQJURLVH0*/LVQRWFRQVLGHUHGDVWKHUHLVQRSURWORVVSRVWDTXLVLWLRQXQWLO'HFHPEHU
INR
EUR
EUR
Jan 14 to
Dec 14
Bharat Forge Holding GmbH
EUR
Reporting Reporting Exchange

Period Currency
Rate
Jan 14 to
Dec 14
Sr. Name of the Subsidiary

No.
3DUW$6XEVLGLDULHV
Annex - 1
Form AOC-I
3XUVXDQWWRUVWSURYLVRWRVXEVHFWLRQRIVHFWLRQUHDGZLWKUXOHRI&RPSDQLHV$FFRXQWV5XOHV
6WDWHPHQWFRQWDLQLQJVDOLHQWIHDWXUHVRIWKHQDQFLDOVWDWHPHQWRIVXEVLGLDULHVDVVRFLDWHFRPSDQLHVMRLQWYHQWXUHV
248
/DWHVWDXGLWHG%DODQFH6KHHW'DWH
6KDUHVRI$VVRFLDWH-RLQW9HQWXUHVKHOG
5HDVRQZK\WKHDVVRFLDWHMRLQW
YHQWXUHLVQRWFRQVROLGDWHG
1HWZRUWKDWWULEXWDEOHWR6KDUHKROGLQJ
DVSHU
Considered in Consolidation
Not Considered in Consolidation
ii
5,649.12
5,427.58
1,631.14
Consolidated
Note-A
49%
$7KHUHLVVLJQLFDQWLQXHQFHGXHWRSHUFHQWDJHRI6KDUH&DSLWDO
B. Based on materiality or where control is intended to be temporary.
Note:
3URW/RVVIRUWKH\HDU
latest audited Balance Sheet
Extend of Holding %
'HVFULSWLRQRIKRZWKHUHLVVLJQLFDQW
LQXHQFH
1,518.27
ii
ii
151.83
Nos.
$PRXQWRIQYHVWPHQWLQ$VVRFLDWHV-RLQW
Venture
March 31, 2015
ALSTOM Bharat Forge

Power Limited
by the company on the year end
Name of Associates/Joint Ventures
S.
N.
0.37
0.37
33.62
Consolidated
Note-A
50%
43.40
4.34
March 31, 2015
David Brown Bharat

Forge Gear Systems
India Limited
0.01
0.02
0.01
Consolidated
Note-A
74%
March 31, 2015
BFIL-CEC JV
Note-B
Note-A
49%
March 31, 2015
Ferrovia Transrail
Solutions Private
Limited
5.30
(FY 2013)
0.88
Note-B
Note-A
30%
December 31, 2014
Tecnica UK Limited
In ` Million
2.13
(FY 2013)
1.12
Note-B
Note-A
35%
December 31, 2014
Talbahn GmbH
6WDWHPHQWSXUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUHODWHGWR$VVRFLDWH&RPSDQLHVDQG-RLQW9HQWXUHV
3DUW%$VVRFLDWHVDQG-RLQW9HQWXUHV
Form AOC-I
(info@aicl.in)
concept, content and design at
www.bharatforge.com
print@parksonsgraphics.com
BHARAT FORGE LIMITED

Pune 411036, Maharashtra, India.
Phone: +91 20 6704 2777 / 2476
Fax: +91 20 2682 2163
Email: secretarial@bharatforge.com
CIN: L25209PN1961PLC012046
Registered Office: Mundhwa, Pune Cantonment, Pune - 411 036.
Phone: +91 20 6704 2777/2476 Fax: +91 20 2682 2163
Email: secretarial@bharatforge.com Website: www.bharatforge.com
NOTICE
SPECIAL BUSINESS:
NOTICE is hereby given that the Fifty-fourth Annual General

Meeting (AGM) of the Members of Bharat Forge Limited
will be held on Monday, August 3, 2015 at 10:30 a.m. (I.S.T.)
at the Registered Office of the Company at Mundhwa, Pune
Cantonment, Pune - 411 036, Maharashtra, India to transact the
following business:
6.
To consider and, if thought fit, to pass, with or without

modification(s), the following resolution as an Ordinary
Resolution:
RESOLVED THAT Mr. K. M. Saletore [DIN: 01705850], who
ORDINARY BUSINESS:
1.
b.
2.
was appointed as an Additional Director of the Company

with effect from February 2, 2015 by the Board of Directors
To consider and adopt:

a.
and who holds the office upto the date of this Annual
the audited financial statement of the Company

for the Financial Year ended March 31, 2015 and
the reports of the Board of Directors and Auditors
thereon; and
General Meeting of the Company under Section 161(1)

of the Companies Act, 2013 (the Act), who is eligible for
appointment and in respect of whom, the Company has
received a notice in writing under Section 160(1) of the Act
the audited consolidated financial statement of the

Company for the Financial Year ended March 31,
2015.
To confirm the payment of an interim dividend and to

declare a final dividend on Equity Shares for the Financial
Year 2014-15.
Appointment of Mr. K. M. Saletore as a Director
from a Member proposing his candidature for the office of

Director, be and is hereby appointed as a Director of the
Company, liable to retire by rotation.
7.
Appointment of Mr. K. M. Saletore as Executive Director

and Chief Financial Officer of the Company
To appoint a Director in the place of Mr. S. E. Tandale

(DIN: 00266833), who retires by rotation and being eligible,
offers himself for re-appointment.
To appoint a Director in the place of Mr. G. K. Agarwal

(DIN: 00037678), who retires by rotation and being eligible,
offers himself for re-appointment.
RESOLVED THAT pursuant to the provisions of Sections
5.
To appoint Auditors
(Appointment and Remuneration of Managerial Personnel)

Resolution:
3.
4.
RESOLVED THAT pursuant to the provisions of Section

139, 142 and other applicable provisions, of the Companies
Act, 2013 read with the Companies (Audit and Auditors)
Rules, 2014 (including any statutory modification(s) or
re-enactment(s) thereof, for the time being in force) and
pursuant to the resolution passed by the Members at the
Annual General Meeting (AGM) held on September 4, 2014,
the appointment of M/s. S R B C & Co LLP [Firm Registration
No. 324982E] as Statutory Auditors of the Company, has
been made to hold the office till the conclusion of fifty-sixth
(56th) Annual General Meeting (AGM) of the Company to
be held in the year 2017, be and is hereby ratified for the
financial year 2015-16 at such remuneration plus Service
Tax at the applicable rates and reimbursement of out of
pocket and travelling expenses etc. as may be mutually
agreed between the Board of Directors of the Company
and the Auditors, based on the recommendation of the
Audit Committee.

Resolution:
196, 197, 203 and all applicable provisions of the Companies

Act, 2013 read with the Schedule V and the Companies
re-enactment(s) thereof for the time being in force),
consent of the Company be and is hereby accorded to
the appointment of Mr. K. M. Saletore [DIN: 01705850]
as Executive Director and Chief Financial Officer of the
Company for a period of five (5) years with effect from
February 2, 2015 upto February 1, 2020, liable to retire by
rotation, on the following terms and conditions including
remuneration:
I.
Salary:
A salary of ` 7,59,500/- (Rupees Seven Lacs Fifty
Nine Thousand Five Hundred Only) per month in the
grade of ` 7,00,000/- (Rupees Seven Lacs Only) to
` 20,00,000/- (Rupees Twenty Lacs Only).
The Board is authorised to determine the salary and
grant such increases in salary and/or allowances by
whatever name called from time-to-time within the
aforesaid limit.
Notice
II.
III.
bharat forge
Commission:
c.
Leave travel concession:
Commission to be paid based on net profit of the

Company in a particular year, which put together with
salary and perquisites shall be subject to the overall
ceilings laid down in Sections 197 and 198 of the
Companies Act, 2013.
For the Executive Director and Chief Financial Officer

and his family in accordance with the rules of the
Company.
d.
Club fees:
Perquisites are classified into three categories A, B

and C as follows:
Category A
This will comprise house rent allowance, leave travel
concession, medical reimbursement, fees of clubs and
personal accident insurance. These may be provided as
under:
a.
Fees of clubs subject to a maximum of two (2) clubs.

This will not include admission and life membership
fees.
Perquisites:
Housing I:
The expenditure by the Company on hiring furnished
accommodation will be subject to the following
ceiling:
e.
Personal accident insurance:
As per the rules of the Company.
Explanation:
For the purpose of Category A, family means the spouse,
dependent children and dependent parents of the
Executive Director and Chief Financial Officer.
Category B
a.
Contribution to provident fund, superannuation fund

or annuity fund will not be included in the computation
of the ceiling on perquisites to the extent these either
singly or put together are not taxable under the
Income Tax Act, 1961.
b.
Gratuity to be paid as per rules of the Company.
c.
Encashment of leave at the end of the tenure.
d.
Retirement and other benefits as per rules of the

Company.
Sixty percent (60%) of the salary over and above ten

percent (10%) payable by the Executive Director and
Chief Financial Officer.
Housing II:
In case the accommodation is owned by the Company,
ten percent (10%) of the salary of the Executive
Director and Chief Financial Officer shall be deducted
by the Company.
Housing III:
In case no accommodation is provided by the
Company, the Executive Director and Chief Financial
Officer shall be entitled to house rent allowance
subject to the ceiling laid down in Housing I.
Explanation:
The expenditure incurred by the Company on gas,
electricity, water and furnishings shall be valued as
per the Income Tax Rules, 1962. This shall, however,
be subject to a ceiling of ten percent (10%) of the
salary of the Executive Director and Chief Financial
Officer.
b.
Medical reimbursement:
As per the rules of the Company.
Category C
Provision of car for use on Companys business and
telephone at residence will not be considered as perquisites.
Personal long distance calls on telephone and use of car
for private purpose shall be billed by the Company to the
Executive Director and Chief Financial Officer.
Notwithstanding anything mentioned herein, where in
any Financial Year during the currency of tenure of the
Executive Director and Chief Financial Officer, the Company
has no profits or its profit are inadequate, the Company
will pay him remuneration by way of salary and perquisites
specified above subject to requisite approvals and limits,
if any, as may be required under the Companies Act, 2013
and the rules made thereunder.
RESOLVED FURTHER THAT the Board of Directors of the
Company on the recommendation from the Nomination
& Remuneration Committee of the Board, be and is
8.
hereby authorised and empowered to approve annual

increments and to make such improvements in the
terms of remuneration to Mr. K. M. Saletore, as may
be permissible under Schedule V to the Companies Act,
2013 (as may be amended from time to time) or by way
of any government guidelines or instructions, the intention
being that no further approval of the Company would be
required so long as remuneration of the Executive Director
and Chief Financial Officer is not in excess of the maximum
permissible under the relevant laws, rules, regulations,
guidelines or instructions as may be promulgated or issued
after the date of this meeting.
Members be and is hereby granted for the deletion of

all the Articles of the existing Articles of Association of
the Company and substitute the same with the new set
of Articles of Association and the said new set of Articles
of Association be and are hereby adopted as the Articles
of Association of the Company in substitution for and to
exclusion of all existing Articles thereof.
RESOLVED FURTHER THAT the Board be and is hereby

authorized to do all acts and take all such steps as may
be necessary, proper or expedient to give effect to this
resolution.
By Order of the Board of Directors

Anand Daga
Vice President (Legal)
& Company Secretary
To approve the remuneration of the Cost Auditors

Resolution:
RESOLVED THAT pursuant to the provisions of Section
148 and all other applicable provisions of the Companies
Act, 2013 read with the Companies (Audit and Auditors)
re-enactment(s) thereof, for the time being in force), the
consent of the Company be and is hereby accorded for
the payment of remuneration of ` 9,00,000/- (Rupees
Nine Lacs only) plus Service Tax at the applicable rates
and reimbursement of out of pocket expenses to
M/s. Dhananjay V. Joshi & Associates, Cost Accountants,
Pune (Firm Registration No. 00030) appointed by the Board
of Directors of the Company, to conduct the audit of the
cost records of the Company for the Financial Year ending
March 31, 2016.
Company be and is hereby authorised to do all such acts
and take all such steps as may be necessary, proper or
expedient to give effect to this resolution.
9.

Company be and is hereby authorised to do all such acts
and take all such steps as may be necessary, proper or
expedient to give effect to this resolution.
Pune: May 20, 2015

Registered Office:
Pune 411 036, Maharashtra, India
CIN: L25209PN1961PLC012046
NOTES:
1.
The Explanatory Statement pursuant to Section 102(1) of

the Companies Act, 2013, in respect of the special business
under item Nos. 6 to 9 of the notice is annexed herewith.
2.
A Member ENTITLED TO ATTEND AND VOTE AT THE

ANNUAL GENERAL MEETING (AGM) IS ENTITLED TO
APPOINT A PROXY TO ATTEND AND VOTE ON A POLL
INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED
NOT BE A Member OF THE COMPANY.
3.
The instrument appointing proxy should, however,

be deposited at the Registered Office of the Company
duly completed and signed not less than forty eight (48)
hours before the commencement of the Meeting. Proxies
submitted on behalf of limited companies, societies, etc.
must be supported by appropriate resolutions/authority as
applicable. A person can act as proxy on behalf of Members
not exceeding fifty and holding in the aggregate not more
than ten percent of the total share capital of the Company.
In case, a proxy is proposed to be appointed by a Member
holding more than ten percent of the total share capital of
the Company carrying voting rights, then such proxy shall
not act as a proxy for any other person or Member.
4.
Corporate Members are requested to send board

resolution duly certified, authorising their representative
to attend and vote on their behalf at the AGM.
Adoption of new set of Articles of Association of the

Company
modification(s), the following resolution as a Special
Resolution:
RESOLVED THAT pursuant to the provisions of Sections 5,
14 and other applicable provisions of the Companies Act,
2013 read with the Companies (Incorporation) Rules, 2014
(including any statutory modification(s) or re-enactment(s)
thereof, for the time being in force), the approval of the
Notice
5.
6.
7.
8.
9.
bharat forge
The business set out in the Notice will be transacted through

electronic voting system and the Company is providing
facility for voting by electronic means. Instructions and
other information relating to e-voting are given in this
Notice under Note No. 25. The Company will also send
communication relating to remote e-voting which inter-alia
would contain details about User ID and Password along
with a copy of this Notice to the Members, separately.
The Companys Share Transfer Books and the Register
of Members will remain closed from Wednesday, July 22,
2015 to Monday, August 3, 2015 (both days inclusive) for
determining the names of the Members eligible for final
dividend on equity shares, if declared at the meeting.
The final dividend on Equity Shares, if declared at the
meeting, shall be paid/credited on and before August 21,
2015 to those Members:
i.
whose names appear in the Register of Members

of the Company after giving effect to all valid share
transfers lodged with the Company before the closing
hours on Tuesday, July 21, 2015; and
ii.
whose names appear as beneficial owners holding

shares in electronic form as per the beneficial
ownership data as may be made available to the
Company by the National Securities Depository
Limited and the Central Depository Services (India)
Limited, as of the end of the day on Tuesday, July 21,
2015.
Members holding shares in dematerialised form are

requested to intimate any change in their address, bank
details, ECS details etc. to their respective Depositories
Participants and those holding shares in physical form are
requested to intimate the above mentioned changes to
the Secretarial Department at the Registered Office of the
Company.
Equity Shares of the Company are under compulsory
demat trading by all investors. Those Members who
have not dematerialised their shareholding are advised
to dematerialise their shareholding to avoid any
inconvenience in future.
10. Members who hold shares in electronic form are requested

to write their Client ID and DP ID numbers and those who
hold shares in physical form are requested to write their
Folio number in the Attendance Slip for attending the
meeting to facilitate identification of Membership at the
meeting.
11. Members are requested to bring their Attendance Slip
along with the copy of Annual Report to the Meeting.
12. In case of joint holders attending the Meeting, only such

joint holder who is higher in the order of names in the
Register of Members of the Company will be entitled to
vote.
13. In terms of the Articles of Association of the Company,
read with Section 152 of the Companies Act, 2013, Mr. S. E.
Tandale and Mr. G. K. Agarwal, Directors of the Company
are liable to retire by rotation at the ensuing AGM and being
eligible, offer themselves for re-appointment. The Board of
Directors of the Company recommends their respective reappointments.
14. Executive Director - Mr. S. E. Tandale is not holding any
shares of the Company. However, Deputy Managing
Director - Mr. G. K. Agarwal is holding 2,455 equity shares
of ` 2/- each of the Company.
15. Brief Profile of Directors proposed to be appointed/
re-appointed, names of Companies in which they hold
Directorships and Memberships/Chairmanships of Board
Committees, shareholding and relationships between
Directors inter-se as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges, are provided
in the Report on Corporate Governance forming part of the
Annual Report.
16. Relevant documents referred to in the accompanying
Notice are open for inspection at the Registered Office of
the Company on any working day between 11.00 a.m. to
1.00 p.m. excluding Saturday upto the date of the AGM.
17. Those Members who have not encashed/received their
Dividend Warrant for the previous year(s), may approach
the Secretarial Department at the Registered Office of the
Company for claiming unpaid/unclaimed dividend.
18. Dividends which remain unclaimed/unencashed for
a period of seven (7) years will be transferred by the
Company to the Investor Education and Protection Fund
(IEPF) established by the Central Government under the
provisions of Sections 205A and 205C of the Companies
Act, 1956. Further, under the amended provisions of
Section 205B of the Companies Act, 1956, no claim by the
Members shall lie for the unclaimed Dividend once the
same is transferred to IEPF.
19. On July 27, 2005 the Company had sub-divided its Equity
Shares of the Face Value of ` 10/- each into Equity Shares
of the Face Value of ` 2/- each. Accordingly, the Members
were requested to surrender their old Share Certificate(s)
of the face value of ` 10/- each and obtain from the
Company the new Share Certificate(s) of the face value of
` 2/- each. Those Members who have still not obtained the
new Share Certificate(s) of the face value of ` 2/- each are
Agreement, the Members are provided with the facility

to cast their vote electronically, through the e-voting
services provided by NSDL, on all the resolutions set
forth in this Notice. In order to enable the Members,
who do not have the access to remote e-voting facility
to send their assent or dissent in writing in respect of
the resolutions as set out in this Notice, the Company
is enclosing a Ballot Form with the Notice. Instructions
for Ballot Form are given at the back of the said
form and instructions for e-voting are given herein
below. Resolution(s) passed by Members through
Ballot Forms or e-voting is/are deemed to have been
passed, as if, they have been passed at the AGM.
requested to approach the Secretarial Department at the

Registered Office of the Company and exchange their old
Share Certificate(s) with the new one.
20. Non-Resident Indian Members are requested to inform the
Company/Depository Participant, immediately of:
a.
Change in their residential status on return to India

for permanent settlement.
b.
Particulars of their bank account maintained in India

with complete name, branch, account type, MICR
number, account number and address of the bank
with pin code number, if not furnished earlier.
21. The Securities and Exchange Board of India (SEBI) has

mandated the submission of Permanent Account Number
(PAN) by every participant in securities market. Members
holding shares in electronic form are, therefore, requested
to submit the PAN to their Depository Participants
with whom they are maintaining their demat accounts.
Members holding shares in physical form can submit their
PAN details to the Company.
b.
e-voting process (including the Ballot Form received

from the Members who do not have access to the
e-voting process) in a fair and transparent manner.
c.
The facility for voting through ballot paper shall

be made available at the AGM and the Members
attending the meeting who have not cast their vote
by remote e-voting or by Ballot Form shall be able
to exercise their right at the meeting through ballot
paper.
d.
The Members who have cast their vote by remote

e-voting or by Ballot Form prior to the AGM may also
attend the AGM but shall not be entitled to cast their
vote again.
e.
Members can opt for only one mode of voting, i.e.,

either by Ballot Form or e-voting. In case Members
cast their votes through both the modes, voting
done by remote e-voting shall prevail and votes cast
through Ballot Form shall be treated as invalid.
f.
In case a Member is desirous of obtaining a duplicate

Ballot Form, he may send an e-mail to secretarial@
bharatforge.com by mentioning their Folio No./DP
ID and Client ID No. However, the duly completed
Ballot Form should reach the Scrutinizer, Mr. S. V.
Deulkar, Partner of M/s. SVD & Associates, Company
22. Members, who hold shares in physical form in multiple

folios in identical names or joint holding in the same order
of names, are requested to send the Share Certificate(s) to
the Company for consolidation into a single folio.
23. Green initiative in Corporate Governance:

The Ministry of Corporate Affairs has taken a Green

Initiative in the Corporate Governance by allowing
paperless compliances by the companies and has issued
circulars stating that service of notice/documents including
Annual Report can be sent by e-mail to its Members. To
support this green initiative of the Government in full
measure, Members who have not registered their e-mail
addresses so far, including change, if any, are requested
to register their e-mail addresses, immediately - in respect
of electronic holdings with the Depository through their
concerned Depository Participants and Members who hold
shares in physical form with the Company at secretarial@
bharatforge.com or at its Registered Office at Secretarial
Department, Mundhwa, Pune Cantonment, Pune - 411 036
Maharashtra, India.
24. The Notice of the AGM along with the annual report for
the year 2014-15 is being sent by electronic mode to those
Members whose e-mail addresses are registered with the
Company/Depositories, unless any Member has requested
for the physical copy of the same.
25. Voting through electronic means:
a.
In compliance with the provisions of Section 108

of the Companies Act, 2013 and the Rules framed
thereunder and as per Clause 35B of the Listing
Mr. S. V. Deulkar, Partner of M/s. SVD & Associates,

Company Secretaries, Pune has been appointed as
the Scrutinizer to scrutinize the voting and remote
Secretaries at 4th Floor, Vedwati Apartments, Shivaji

Nagar, Pune 411 005, Maharashtra, India not later
than Sunday, August 2, 2015 (5:00 p.m.). Ballot Form
received after this date will be treated as invalid.
g.
The remote e-voting period commences on July

31, 2015 (9:00 a.m.) and ends on August 2, 2015
(5:00 p.m.). During this period, Members of the
Company, holding shares either in physical form or
in dematerialized form, as on the cut-off date of July
Notice
bharat forge
xii. Institutional shareholders (i.e. other than

individuals, HUF, NRI etc.) are required
to send scanned copy (PDF/JPG Format)
of the relevant Board Resolution/
Authority letter etc. together with attested
specimen signature of the duly authorized
signatory(ies) who are authorized to
vote, to the Scrutinizer through e-mail to
deulkarcs@gmail.com with a copy marked
to evoting@nsdl.co.in.
27, 2015, may cast their vote by remote e-voting. The

remote e-voting module shall be disabled by NSDL
for voting thereafter. Once the vote on a resolution is
cast by the Member, the Member shall not be allowed
to change it subsequently.
h.
The process and manner for remote e-voting are as

under:
I.
In case a Member receives an email from NSDL

[for Members whose email IDs are registered
with the Company/Depository Participants(s)] :
i.
Open email and open PDF file viz; BFLRemote e-voting.pdf with your Client ID
or Folio No. as password. The said PDF file
contains your user ID and password/PIN
for remote e-voting. Please note that the
password is an initial password.
ii.
Launch internet browser by typing the

following URL: https://www.evoting.nsdl.
com/.
iii.
Click on Shareholder Login.
iv.
Put user ID and password as initial

password/PIN noted in step (i) above. Click
Login.
v.
vi.
II.
Password change menu will appear.

Change the password/PIN with new
password of your choice with minimum
8
digits/characters
or
combination
thereof. Note new password. It is strongly
recommended not to share your password
with any other person and take utmost
care to keep your password confidential.
Home page of remote e-voting opens. Click
on remote e-voting: Active Voting Cycles.
i.
ix.
Cast your vote by selecting appropriate

option and click on Submit and also
Confirm when prompted.
x. Upon confirmation, the message Vote cast

successfully will be displayed.
xi.
Once you have voted on the resolution,

you will not be allowed to modify your
vote.
Initial password is provided as below/at

the bottom of the Attendance Slip for the
AGM:
EVEN (Remote
e-voting Event
Number)
102071
ii.
USER ID
PASSWORD/
PIN
Please follow all steps from Sr. No. (ii) to Sr.

No. (xii) above, to cast vote.
i.
In case of any queries, you may refer the Frequently

Asked Questions (FAQs) for Members and remote
e-voting user manual for Members available at the
downloads section of www.evoting.nsdl.com or call
on toll free no.: 1800-222-990.
j.
If you are already registered with NSDL for remote

e-voting, then you can use your existing user ID and
password/PIN for casting your vote.
k.
You can also update your mobile number and e-mail

id in the user profile, which may be used for sending
future communication(s).
l.
The voting rights of Members shall be in proportion to

their shares of the paid up equity share capital of the
Company as on the cut-off date of July 27, 2015.
m.
Any person, who acquires shares of the Company and

become Member of the Company after dispatch of
the notice and holding shares as of the cut-off date i.e.
July 27,2015, may obtain the login ID and password by
sending a request at evoting@nsdl.co.in.
However, if you are already registered with NSDL for

remote, e-voting then you can use your existing user
ID and password for casting your vote. If you forgot
your password, you can reset your password by
using Forgot User Details/Password option available
on www.evoting.nsdl.com or contact NSDL at the
following toll free no.: 1800-222-990.
vii. Select EVEN of BHARAT FORGE LIMITED

which is 102071.
viii. Now you are ready for remote e-voting as
Cast Vote page opens.
In case a Member receives physical copy of the

Notice of AGM [for Members whose email IDs
are not registered with the Company/Depository
Participants(s) or requesting for physical copy]:
n.
A person, whose name is recorded in the register

of Members or in the register of beneficial owners
maintained by the depositories as on the cut-off date
i.e. July 27, 2015 only shall be entitled to avail the
facility of remote e-voting, voting through Ballot Form
as well as voting at the AGM through ballot paper.
o.
The Chairman shall, at the AGM, at the end of

discussion on the resolutions on which voting is to be
held, allow voting with the assistance of scrutinizer, by
use of Ballot Paper for all those Members who are
present at the AGM but have not cast their votes by
availing the remote e-voting facility.
p.
q.
The Scrutinizer shall after the conclusion of voting at

the AGM, will first count the votes cast at the meeting
and thereafter unblock the votes cast through remote
e-voting in the presence of at least two witnesses not
in the employment of the Company and shall make,
not later than three days of the conclusion of the
AGM, a consolidated scrutinizers report of the total
votes cast in favour or against, if any, to the Chairman
or a person authorized by him in writing, who shall
countersign the same and declare the result of the
voting forthwith.
The Results declared along with the report of the
Scrutinizer shall be placed on the website of the
Company www.bharatforge.com and on the website
of NSDL immediately after the declaration of result
by the Chairman or a person authorized by him
in writing. The results shall also be immediately
forwarded to the Stock Exchanges.
ANNEXURE TO THE NOTICE

EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL
BUSINESS PURSUANT TO SECTION 102(1) OF THE COMPANIES
ACT, 2013
As required by Section 102(1) of the Companies Act, 2013 (the
Act), the following Explanatory Statement sets out the material
facts relating to the Special Business mentioned under item Nos.
6 to 9 in the accompanying Notice:
ITEM NOS. 6 & 7:
The Board of Directors, at its meeting held on February 2, 2015,
appointed Mr. K. M. Saletore as an Additional Director of the
Company with effect from February 2, 2015, pursuant to Section
161 of the Companies Act, 2013 (the Act), read with the Articles
of Association of the Company.
Pursuant to the provisions of Section 161 of the Act, Mr. K. M.
Saletore will hold office up to the date of the ensuing AGM. The
Company has received a notice in writing under the provisions of

the Section 160 of the Act, from a Member, along with a deposit
of ` 1,00,000/- (Rupees One Lac only) proposing candidature
of Mr. K. M. Saletore for the office of Executive Director and
Chief Financial Officer of the Company, to be appointed as such
under the provisions of Section 149 of the Act. The Board also
appointed Mr. K. M. Saletore as the Executive Director and Chief
Financial Officer of the Company for the period from February
2, 2015 to February 1, 2020, on the terms of remuneration as
detailed in the respective Resolution No.7, subject to approval
of the Members.
Mr. K. M. Saletore joined Bharat Forge Limited on November 18,
2011 as Group Chief Financial Officer and appointed as a Chief
Financial Officer of the Company with effect from August 1,
2014. Brief Profile along with other details of Mr. K. M. Saletore
is provided in the Report on Corporate Governance forming part
of the Annual Report.
The Directors are of the view that the appointment of
Mr. K. M. Saletore as Executive Director and Chief Financial
Officer will be beneficial to the operations of the Company
and the remuneration payable to him is commensurate with
his abilities and experience and accordingly recommend the
Ordinary Resolutions as set out in Item Nos. 6 & 7 of the Notice
for approval by the Members of the Company.
Other than Mr. K. M. Saletore, none of the Directors/Key
Managerial Personnel of the Company and their respective
relatives are concerned or interested, financially or otherwise,
in the Resolutions at item Nos. 6 & 7 of the Notice. Mr. K. M.
Saletore does not hold any shares of the Company.
Mr. K. M. Saletore is not related to any other Director of the
Company.
Item No. 8:
The Board, on the recommendation of the Audit Committee,
has approved the appointment and remuneration of the Cost
Auditors M/s. Dhananjay V. Joshi & Associates, Cost Accountants,
Pune to conduct the audit of the cost records of the Company
for the Financial Year ending March 31, 2016 at remuneration
of ` 9,00,000/- (Rupees Nine Lacs only) plus Service Tax at the
applicable rates and reimbursement of out of pocket expenses.
In accordance with the provisions of Section 148 of the Companies
Act, 2013 read with the Companies (Audit and Auditors) Rules,
2014 the remuneration payable to the Cost Auditors has to be
ratified by the Members of the Company.
Accordingly, consent of the Members is sought for passing an
Ordinary Resolution as set out at Item No. 8 of the Notice for
ratification of the remuneration payable to the Cost Auditors for
the Financial Year ending March 31, 2016.
The Board recommends the Ordinary Resolution as set out at
Item No. 8 of the Notice for approval by the Members.
Notice
None of the Directors or Key Managerial Personnel of the

Company and their respective relatives are concerned or
interested, financially or otherwise, in this resolution.
Item no. 9:
The existing Articles of Association (Articles) of the Company
are based on the erstwhile Companies Act, 1956 and several
regulations in the existing Articles contain reference to the
bharat forge
between 11.00 a.m. to 1.00 p.m. excluding Saturday upto the

date of this Annual General Meeting.
The Board of Directors recommends the Special Resolution set
out at Item No. 9 of the Notice for approval by the Members.
None of the Directors or Key Managerial Personnel of the
Company and their respective relatives are concerned or
interested, financially or otherwise, in this resolution.
specific Sections of the erstwhile Companies Act, 1956. Some
By Order of the Board of Directors

regulations in the existing Articles are no longer in conformity

with the provisions of the Companies Act, 2013 (the Act).
Anand Daga
Vice President (Legal)
& Company Secretary
With the enactment of the Companies Act, 2013, several

regulations of the existing Articles of the Company require
alteration and/or deletion. Given this position, it is considered
expedient to replace the existing Articles by adopting a new set
Pune: May 20, 2015
of Articles.
Registered Office:
Pune 411 036, Maharashtra, India
CIN: L25209PN1961PLC012046
The draft Articles shall be open for inspection by the Members

at the Registered Office of the Company on all working days
BALLOT FORM
(In lieu of E-voting)

CIN: L25209PN1961PLC012046
Registered Office: Mundhwa, Pune Cantonment, Pune - 411 036

Phone: +91 20 6704 2777/2476 Fax: +91 20 2682 2163 Email: secretarial@bharatforge.com Website: www.bharatforge.com

1. Name
Sr. No. :
Registered Address of the sole/first named Shareholder :
2.
Name(s) of the Joint Shareholder(s), if any
3. Registered Folio No./DPID & Client ID No.
No. of Shares held
I/We, hereby exercise my/our vote in respect of the Resolution(s) to be passed for the business stated in the Notice of
54th Annual General Meeting of the Company to be held on Monday, August 3, 2015, by conveying my/our assent or
dissent to the said Resolution(s) by placing the tick () mark at the appropriate box below.
Item Description
No.
No. of equity
shares
I/We assent to
the resolution
(For)
I/We dissent to
the resolution
(Against)
ORDINARY BUSINESS:
1 To consider and adopt:
a. Audited financial statement for the year ended March 31, 2015 and
the reports of the Board of Directors and Auditors thereon; and
b. Audited consolidated financial statement for the year ended
March 31, 2015.
2 Confirm the payment of an interim dividend and declare a final
dividend on Equity Shares.
3 Re-appointment of Mr. S. E. Tandale (DIN: 00266833) as a Director,
who retires by rotation.
4 Re-appointment of Mr. G. K. Agarwal (DIN: 00037678) as a Director,
who retires by rotation.
5 Appointment of M/s. S R B C & Co LLP as Statutory Auditors of the
Company.
SPECIAL BUSINESS:
6 Appointment of Mr. K. M. Saletore (DIN: 01705850) as a Director.
7 Appointment of Mr. K. M. Saletore (DIN: 01705850) as Executive
Director and Chief Financial Officer of the Company.
8 Approve the remuneration of the Cost Auditors.
9 Adoption of new set of Articles of Association of the Company.
Place : ____________________
Date : ____________________
Signature of the Member
Note: Kindly read the instructions printed overleaf before filling the form. Valid Ballot Forms received by the Scrutinizer by
5.00 p.m. on August 2, 2015 shall only be considered.
INSTRUCTIONS
1.
Members may fill up the Ballot Form printed overleaf and submit the same in a sealed envelope to the Scrutinizer,
Mr. S. V. Deulkar, Partner of M/s. SVD & Associates, Company Secretaries at 4th Floor, Vedwati Apartments, Shivaji
Nagar, Pune 411 005 so as to reach by 5.00 p.m. on August 2, 2015. Ballot Form received thereafter will strictly
be treated as if not received.
2.
The Company will not be responsible if the envelope containing the Ballot Form is lost in transit.
3.
Unsigned, incomplete or incorrectly ticked forms are liable to be rejected and the decision of the Scrutinizer on
the validity of the forms will be final.
4.
A Member can opt for only one mode of voting i.e. either through e-voting or by the Ballot. If a Member casts votes
by both modes, then voting done through e-voting shall prevail and the Ballot Form shall be treated as invalid.
5.
The right of voting by Ballot Form shall not be exercised by a proxy.
6.
To avoid fraudulent transactions, the identity/signature of the Members holding shares in electronic/demat form
is verified with the specimen signatures furnished by NSDL/CDSL and that of Members holding shares in physical
form is verified as per the records of the of the Company. Members are requested to keep the same updated.
7.
There will be only one Ballot Form for every Folio/ DP ID Client ID irrespective of the number of joint holders.
8.
In case of joint holders, the Ballot Form should be signed by the first named shareholder and in his/her absence
by the next named shareholder. Ballot form signed by a joint holder shall be treated valid if signed as per records
available with the Company and the Company shall not entertain any objection on such Ballot Form signed by
other joint holders.
9.
Where the Ballot Form has been signed by an authorized representative of the body corporate/Trust/Society, etc.,
a certified copy of the relevant authorization/Board resolution to vote should accompany the Ballot Form.
10. The voting rights of Members shall be in proportion to their shares of the paid up equity share capital of the
Company as on July 27, 2015.
11. Instructions for e-voting procedure are available in the Notice of Annual General Meeting and are also placed on
the website of the Company.
Proxy form

CIN: L25209PN1961PLC012046
Registered Office: Mundhwa, Pune Cantonment, Pune 411 036
Phone: +91 20 6704 2777/2476 Fax: +91 20 2682 2163 Email: secretarial@bharatforge.com Website: www.bharatforge.com
[Pursuant to Section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules, 2014]
Name of the Member(s) :
Registered Address :
E-mail Id :
Folio No. :
Client Id :
DP ID :
I/We, being the Member(s) of.. Shares of Bharat Forge Limited, hereby appoint:
1. Name : ...............

Address : .........

Email id : Signature:............................................................................ or failing him
2. Name : ......

Address : ...

Email id : Signature:............................................................................or failing him
3. Name : ....

Address :

Email id : Signature:......
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 54th Annual General Meeting of the Company,
to be held on Monday, August 3, 2015 at 10:30 a.m. (I.S.T.) at the Registered Office of the Company at Mundhwa, Pune Cantonment,
Pune 411 036, Maharashtra, India and at any adjournment thereof in respect of such resolutions as are indicated below:
Item Resolutions
No.
ORDINARY BUSINESS:
1.
To consider and adopt:
a. Audited financial statement for the year ended March 31, 2015 and the reports of the Board of
Directors and Auditors thereon; and
b. Audited consolidated financial statement for the year ended March 31, 2015.
2.
Confirm the payment of an interim dividend and to declare a final dividend on Equity Shares.
3.
Re-appointment of Mr. S. E. Tandale (DIN: 00266833) as a Director, who retires by rotation and being
eligible, offers himself for re-appointment.
4.
Re-appointment of Mr. G. K. Agarwal (DIN: 00037678) as a Director, who retires by rotation and being
eligible, offers himself for re-appointment.
5.
Appointment of M/s. S R B C & Co LLP as Statutory Auditors of the Company.
SPECIAL BUSINESS:
6.
Appointment of Mr. K. M. Saletore (DIN: 01705850) as a Director.
7.
Appointment of Mr. K. M. Saletore (DIN: 01705850) as Executive Director and Chief Financial Officer of
the Company.
8.
Approve the remuneration of the Cost Auditors.
9.
Adoption of new set of Articles of Association of the Company.
Vote
(Optional-see Note 4)
For
Against
Signed this...................................day of.................., 2015

Signature of the Member(s)
Please affix
Revenue
Stamp
Signature of the Proxy holder(s)

Notes:
1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company not less
than 48 hours before the commencement of the meeting.
2. A Proxy need not be a Member of the Company.
3. A person can act as a proxy on behalf of Members not exceeding fifty and holding in the aggregate not more than ten percent of the
total share capital of the Company carrying voting rights. A Member holding more than ten percent of the total share capital of the
Company carrying voting rights, may appoint a single person as proxy and such person shall not act as a proxy for any other person
or shareholder.
4. It is optional to indicate your preferences. If you leave the For or Against column blank against any or all resolutions, your Proxy will
be entitled to vote in the manner as he/she may deem appropriate.
ATTENDANCE SLIP

CIN: L25209PN1961PLC012046
Phone: +91 20 6704 2777/2476 Fax: +91 20 2682 2163
Email: secretarial@bharatforge.com Website: www.bharatforge.com
NAME AND ADDRESS OF THE MEMBER/PROXY*
DPID/CLIENT ID**
NO. OF SHARES
HELD
FOLIO NO.
I hereby record my presence at the 54th ANNUAL GENERAL MEETING

of the Company at Mundhwa, Pune Cantonment, Pune 411 036 , Maharashtra, India on Monday, August 3, 2015 at
10:30 a.m. (I.S.T.)
SIGNATURE OF THE MEMBER/PROXY*
* Strike out whichever is not applicable.

** Applicable for Members holding shares in Dematerialised form.
Note: Please handover this slip at the entrance of the Meeting Venue.
E-VOTING
u sers who wish to opt for e-voting may use the following login credentials.
EVEN (Remote E Voting Event No.)
u ser ID
102071
Please follow steps for e-voting procedure as given in the Notice of AGM
PASSWORD

CMP - 83 Bharat Forge Annual Report 2014-15

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

CMP - 83 Bharat Forge Annual Report 2014-15

Enviado por

Direitos autorais:

Formatos disponíveis

Leveraging

Bharat Forge at a Glance

Chairman & Managing

The opportunities Bharat

For more information log on to

A SUCCESSFUL COMPANY WILL BECOME

Success occurs when opportunity meets

Leveraging Capabilities, Enhancing Opportunities

Bharat Forge at a Glance

Bharat Forge Limited (BFL) is the worlds

Annual Report 2014-15

02-17 | Company Overview

18-87 | Statutory Reports

Manufacturing & Customers

88-248 | Financial Statements

HIGHLIGHTS FOR FY 2014-15

Consolidated Revenues of ` 76,248 Million, up 13.5%

*Excludes exchange gain/(loss) and other income

Leveraging Capabilities, Enhancing Opportunities

OTHER AUTOMOTIVE PRODUCTS

Annual Report 2014-15

02-17 | Company Overview

Nuclear, Thermal, Wind, Hydro

Metal & Mining

18-87 | Statutory Reports

Oil & Gas

88-248 | Financial Statements

CONSTRUCTION & MINING

Leveraging Capabilities, Enhancing Opportunities

MR. B.N. KALYANI

Chairman & Managing Director

MRS. LALITA D. GUPTE

MR. NARESH NARAD

MR. VIMAL BHANDARI

MR. AMIT B. KALYANI

Deputy Managing Director

MR. PRATAP G. PAWAR

MR. KISHORE SALETORE

Annual Report 2014-15

02-17 | Company Overview

18-87 | Statutory Reports

88-248 | Financial Statements

S R B C & Co. LLP

Leveraging Capabilities, Enhancing Opportunities

Chairman & Managing

Chairman and Managing Director

Annual Report 2014-15

Your Companys traditional market on the

The industrial side of the business for your

FY 2014-15 has been a noteworthy year

88-248 | Financial Statements

Contrary to what is happening around the

18-87 | Statutory Reports

Last year, I had dwelt at length on how

The medium term outlook for the European

02-17 | Company Overview

Leveraging Capabilities, Enhancing Opportunities

which includes ` 4,070 million of high cost

In my previous letters, I had talked about

Goal 2018: 2X 2014

YOUR COMPANY HAS

Your Company has charted out an ambitious

Focus on Passenger Vehicles

+RZHYHU KHDGZLQGV VXFK DV WKH QDQFLDO