Report

P
F
POLY FILMS LIMITED
31
ANNUAL REPORT
2018-19
NAHAR POLY FILMS LIMITED Annual Report 2019
NOTICE Cost Auditors M/s. Khushwinder Kumar &

Associates (Firm Registration No. 000102)
Notice is hereby given that the Thirty-First Annual
appointed by the Board to conduct the audit of the
General Meeting of the members of M/s Nahar Poly
Cost Records of the Company for the Financial year
Films Limited will be held on Monday, the 30th Day of 2019-20, be paid a remuneration of Rs. 45000/-
September, 2019 at 12:30 P.M. at the premises of (Rupess Forty Five Thousand Only) plus applicable
M/s Nahar Industrial Enterprises Limited, Focal taxes and reimbursement of out of pocket
Point, Ludhiana to transact the following business: expenses.”
ORDINARY BUSINESS: “RESOLVED FURTHER THAT the Board of
ITEM NO 1:- ADOPTION OF FINANCIAL Directors of the Company be and are hereby
STATEMENTS authorised to do all such acts and take all such steps
(i) To receive, consider and adopt the Standalone as may be necessary, proper or expedient to give
Financial Statements of the Company for the effect to above resolution."
financial year ended 31st March, 2019 and the ITEM NO 6:- REAPPOINTMENT OF MR. SATISH
Reports of the Board of Directors and Auditors KUMAR SHARMA (DIN: 00402712) AS AN
thereon. EXECUTIVE DIRECTOR OF THE COMPANY
To consider and if thought fit, to pass with or without
(ii) To receive, consider and adopt the Consolidated
modification(s), the following resolution as Special
Financial Statements of the Company for the
Resolution:
financial year ended 31st March, 2019 and the
Report of the Auditors thereon. “RESOLVED THAT pursuant to the provisions of
Section 196, 197 and 203 read with Schedule V and
ITEM NO 2:- DECLARATION OF DIVIDEND rules framed thereunder and all other applicable
To declare dividend @ 10% i.e. Rs.0.50 per Equity provisions, if any, of the Companies Act, 2013 and
Share of Rs. 5/- each for the year ended 31st March, the Companies (Appointment and Remuneration of
2019. Managerial Personnel) Rules 2014, (including any
ITEM NO 3:- APPOINTMENT OF MR. DINESH statutory modification(s) or re-enactment(s) thereof,
OSWAL (DIN: 00607290) AS A NON-EXECUTIVE for the time being in force) the consent and approval
DIRECTOR LIABLE TO RETIRE BY ROTATION of the Company be and is hereby accorded for the
re-appointment of Mr. Satish Kumar Sharma
To appoint a director in place of Mr. Dinesh Oswal (DIN:00402712), Executive Director of the
(DIN: 00607290), who retires by rotation and being Company, for a period of three years w.e.f. 1st August,
eligible offers himself for re-appointment. 2020 to 31st July, 2023 on the remuneration and
ITEM NO 4:- APPOINTMENT OF MR. KOMAL JAIN perquisites set out below:
(DIN: 00399948) AS A NON-EXECUTIVE A. Salary/Basic Pay: Rs. 1,18,500/- per month
DIRECTOR LIABLE TO RETIRE BY ROTATION B. Management Allowance: Rs. 56,500/-per month
C. Perquisites and other allowances:
To appoint a director in place of Mr. Komal Jain
a) House Rent Allowance: 30% of the Salary.
(DIN: 00399948), who retires by rotation and being b) Medical Reimbursement: Expenses incurred
eligible offers himself for re-appointment. for Mr. Satish Kumar Sharma and his family
SPECIAL BUSINESS: subject to ceiling of one month's salary in a year.
ITEM NO 5:- RATIFICATION OF REMUNERATION c) Exgratia/Bonus: As per company's rule.
OF COST AUDITORS OF THE COMPANY d) Provident Fund: Company's contribution to
provident fund shall be in accordance with
To consider and if thought fit, to pass with or without rules and regulations of the company.
modification(s), the following resolution as an e) Gratuity: As per rules of the company payable at
Ordinary Resolution: the rate of half month's salary for each
“RESOLVED THAT pursuant to the provisions of completed year of service.
Section 148(3) and all other applicable provisions, if f) Leave with wages: As per company's rule.
any, of the Companies Act, 2013 read with the g) Provision of car for use of company's
Companies (Audit and Auditors) Rules, 2014 business and telephone at residence will
(including any statutory modification(s) or re- be provided by the company. Personal long
enactment(s) thereof for the time being in force) the distance calls on telephone and use of car for
1
private purpose shall be billed by the company. (Ten Percent) of the total share capital of the
h) Other perquisites will be provided as per Company may appoint a single person as proxy
company's rule.” and such person shall not act as a proxy for any
other person or shareholder.
“RESOLVED FURTHER THAT wherein any
Financial Year, the Company has no Profits or its 2 The Corporate members intending to send their
profits are inadequate, the Company may pay authorized representatives to attend the meeting
Mr. Satish Kumar Sharma, remuneration by way are requested to send to the Company, a certified
of salary, perquisites and other allowances not copy of the Board Resolution authorizing their
exceeding the ceiling limits as specified under representative to attend and vote on their behalf
Section II of Part II of Schedule V of the at the meeting.
Companies Act, 2013 (including any statutory 3 The Explanatory Statement pursuant to Section
modification(s) or re-enactment(s) thereof, for 102(1) of the Companies Act, 2013 relating to the
the time being in force) or such other limit as may Special Business to be transacted at the meeting
be prescribed by the Government from time to is annexed hereto and form part of this Notice.
time as minimum remuneration." 4 The Route Map to reach the venue of the Annual
"RESOLVED FURTHER THAT the Board of General Meeting including prominent land mark
Directors of the Company, be and are hereby for easy location is provided at the end of this
authorised to alter and vary the terms and Annual Report.
conditions of appointment and/or remuneration, 5. The Register of Members and Share Transfer
subject to the same not exceeding the limits Register of the Company shall remain closed
specified under Section 197, read with Schedule from 14th September, 2019 to 17th September,
V of the Companies Act, 2013 (including any 2019 (both days inclusive) for the purpose of
statutory modification(s) or re-enactment(s) equity dividend for the year ended 31st March,
thereof, for the time being in force) and do all 2019.
such acts and take all such steps as may be 6. The dividend on equity shares as recommended
necessary, proper or expedient to give effect to by the Board of Directors, if approved at the
above resolution.” Annual General Meeting will be paid to the
BY ORDER OF THE BOARD members, whose names appear in Register of
members as on 13th September, 2019 or Register
BHOOMIKA of beneficial owners, maintained by the
Dated : 13th August, 2019 (COMPANY SECRETARY) Depositories at the close of 13th September, 2019
REGD.OFFICE: 7. Pursuant to Section 124(5) of the Companies
376, Industrial Area-A,
Act, 2013 unclaimed dividends up to the financial
Ludhiana -141003 (India)
CIN: L17115PB1988PLC008820 year 2010-11 has been transferred to Investor
E-mail: secnel@owmnahar.com Education and Protection Fund. Further unpaid
dividend for the year 2011-12 is to be transferred
NOTES: to Investor Education and Protection Fund in
October, 2019. Shareholders who have not
1 A member entitled to attend and vote at the
encashed their dividend warrants relating to the
meeting is entitled to appoint a proxy to attend
said period are requested to claim the amount
and vote on a poll instead of himself / herself and
from the Company at the earliest.
such proxy need not be a member of the
company. Proxy in order to be effective must be Pursuant to Section 124(6) of the Companies
delivered at the registered office of the company, Act, 2013 read with rule 6 of Investor Education
not less than forty eight hours before the time of and Protection fund Authority (Accounting, Audit,
the meeting. The blank proxy form is enclosed. Transfer and Refund) Rules, 2016, as amended
A person can act as a proxy on behalf of from time to time, the Company has transferred
members not exceeding 50 (Fifty) and holding in all the shares (in respect of which dividend
the aggregate not more than ten percent of the remain unpaid or unclaimed for a period of seven
total share capital of the Company carrying consecutive years) to the demat account of IEPF
voting rights. A member holding more than 10% Authority as per applicable Rules. Details of
2
shares transferred to the IEPF Authority are details along with 9 digits MICR code of their
available on the website of the Company and the Bank is updated in the records of the Depository
same can be accessed through the link: Participant (DP).The Members who hold the
http://owmnahar.com/nahar_polyfilm/Transfer- shares in physical form, should contact the
of-Equity-Shares-to-IEPF.php The said details Registrar & Transfer Agent or the Company in
have also been uploaded on the website of the this regard. In order to prevent fraudulent
IEPF Authority and the same can be accessed encashment of dividend warrants, members are
through the link: www.iepf.gov.in. requested to provide their correct bank account
The members may note that shares as well as details to their DP in case of electronic holding
unclaimed dividends transferred to IEPF and to the Registrar & Transfer Agent or the
Authority can be claimed back from IEPF Company in case of physical holding.
Authority. The concerned members/investors 11. The requirement to place the matter relating to
are advised to visit the weblink: http:// www. iepf. the Ratification of the appointment of Auditors by
gov.in/IEPFA/refund.html or contact the members at every Annual General Meeting has
Company for lodging claim for refund of shares done away with vide notification dated 7th May,
and / or dividend from the IEPF Authority. 2018 issued by the Ministry of Corporate Affairs,
8. In terms of the provisions of section 152 of New Delhi. Accordingly, no resolution is
the Companies Act, 2013, Mr. Dinesh Oswal and proposed for ratification of appointment of
Mr. Komal Jain, Directors retire by rotation at Auditors, who were appointed in the Annual
this Meeting and being eligible offers themselves General Meeting, held on 26th September, 2017.
for re-appointment. The Nomination and 12. Since, the Company's shares are in compulsory
Remuneration Committee and the Board of demat trading, to ensure better service and
Directors of the Company recommend their eliminating the risk of holding shares in physical
respective re-appointments. form, we request shareholders holding shares in
physical form to dematerialize their shares at the
9. SEBI vide its Gazette notification dated 8th June,
earliest.
2018 amended the Regulation 40(1)(b) of SEBI
(Listing Obligations and Disclosure Requireme 13. The documents referred to in Explanatory
nts) Regulations, 2015 whereby it has been Statement are open for inspection at the
provided that except in case of transmission or Registered Office of the Company on any
transposition of securities, requests for effecting working day (except Saturday and Holiday)
transfer of securities shall not be processed between 10:00 A.M. to 12:00 Noon upto the date
unless the securities held in dematerialized form of Annual General Meeting.
with the Depository. 14. With a view to using natural resources
The said amendment shall come into force on the responsibly, we request shareholders to update
one hundred and eightieth day from the date of its their email address with their Depository
publication in the Official Gazette. Participants to enable the Company to send
communications electronically.
In view of the above, members are hereby
15. The electronic copy of the Annual Report for the
informed that the requests for transfer of
year 2018-19 is being sent to all the members
securities in physical form shall not be processed
whose email IDs are registered with the
unless the securities are held in the
Company/Depository Participants for
dematerialized form with a Depository. Hence, all
communication purposes unless any member
members who are holding securities in physical
has requested for a hard copy of the same. The
form are requested to go in for dematerialization
members who have not registered their email
of securities at the earliest.
IDs, physical copy of the Annual Report is being
10. The Company provides the facility of paying sent in the permitted mode.
dividend through Electronics Clearing System
16. The members are requested to bring their
(ECS). The members desirous of availing the
attendance slip along with their copy of
facility of electronic credit of dividend are
Annual Report to the Meeting.
requested to ensure that their correct bank
3
17. The members seeking any information with 23. Notice of the 31st Annual General Meeting and
regard to Annual Accounts at the time of meeting the Annual Report for the financial year 2018-
are requested to send their queries to the 19 will also be available on the Company's
Company at least 7 days before the date of website i.e. www.owmnahar.com. The above
meeting so as to enable the management to keep said Notice will also be available on the website
the relevant information ready. of CDSL. i.e. www.cdslindia.com
18. To avail the facility of nomination, Members are 24. The facility for voting via ballot paper shall also
requested to send us duly filled and signed be made available at the meeting and the
Nomination Form (Form No. SH-13). members attending the meeting who have not
casted their vote by remote e-voting shall be
19. The information required to be provided under able to exercise their right at the meeting.
Regulation 36 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, 25. The members who have casted their vote
regarding the Directors who are proposed to be already by remote e-voting prior to the meeting
re-appointed is given hereto and form part of this may also attend the meeting but shall not be
Notice. entitled to cast their vote again.
26. Instructions for shareholders Voting
20. The Securities and Exchange Board of India through electronic mode are as under:
(SEBI) has mandated the submission of the
Permanent Account Number (PAN) by every (i) The voting period begins on 27th September,
participant in the Securities market. The 2019 (9:00 A.M.) and ends on 29th September,
members holding shares in electronic form are 2019 (5:00 P.M.). During this period
therefore requested to submit their PAN to their shareholders' of the Company, holding shares
Depository Participant(s). The members holding either in physical form or in dematerialized
shares in physical form are required to submit form, as on the cut-off date (record date) of
their PAN details to the Registrar and Share Monday, 23rd September, 2019 may cast their
Transfer Agents, M/s. Alankit Assignments vote electronically. The e-voting module shall
Limited, Unit: Nahar Poly Films Limited, Alankit be disabled by CDSL for voting thereafter
Heights, 3E/7, Jhandewalan Extension, New (ii) Shareholders who have already voted prior to
Delhi-110055. the meeting date would not be entitled to vote at
21. The Register under Section 189(4) of The the meeting venue.
Companies Act, 2013 shall be produced at the (iii) The Shareholders should log on to the e-voting
commencement of the meeting and shall remain website www.evotingindia.com
open and accessible during the continuance of (iv) Click on "Shareholders" tab
the meeting.
(v) Now Enter your User ID
22. Pursuant to the provisions of Regulation 44 of
a. For CDSL: 16 digits beneficiary ID;
SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as well as b. For NSDL: 8 Character DP ID followed by 8
Section 108 of the Companies Act, 2013 read Digits Client ID;
with the Rule 20 of the Companies (Management c. Members holding shares in Physical form
and Administration) Amendment Rules, 2015, should enter Folio No. registered with the
the Company is providing facility to members for Company.
voting by electronic means and the business
contained in this Notice shall be transacted (vi) Next enter the Image Verification as displayed
through such voting. For this purpose, the and Click on Login.
Company has engaged the services of (vii) If you are holding shares in demat form and had
M/s. Central Depositories Services (India) Ltd. logged on to www.evotingindia.com and voted
(CDSL) for providing evoting facility to enable the on an earlier voting of any company, then your
shareholders to cast their votes electronically. existing password is to be used.
4
(viii) If you are a first time user follow the steps given (xi) For Members holding shares in physical form,
below: the details can be used only for e-voting on the
For members holding shares in Demat resolutions contained in this Notice.
and Physical Form (xii) Click on the EVSN for the relevant <NAHAR
PAN Enter your 10 digit alpha-numeric PAN POLY FILMS LIMITED> on which you choose
issued by Income Tax Department to vote.
(Applicable for both demat shareholders
(xiii) O n t h e v o t i n g p a g e , y o u w i l l s e e
as well as physical shareholders)
"RESOLUTION DESCRIPTION" and against
Members who have not updated their the same, the option "YES/NO" for voting.
PAN with the Company/Depository Select the option YES or NO as desired. The
Participant are requested to use the option YES implies that you assent to the
first two letters of their name and the Resolution and option NO implies that you
8 digits of the sequence number in dissent to the Resolution.
the PAN field. (Sequence number is
(xiv) Click on the "RESOLUTIONS FILE LINK" if you
printed on Address Slipas
wish to view the entire Resolution details.
provided with Annual Report)
In case the sequence number is less (xv) After selecting the resolution you have decided
than 8 digits enter the applicable to vote on, click on "SUBMIT". A confirmation
number of 0's before the number box will be displayed. If you wish to confirm
after the first two characters of the your vote, click on "OK", else to change your
name in CAPITAL letters. Eg. If your vote, click on "CANCEL" and accordingly
name is Ramesh Kumar with modify your vote.
sequence number 1 then enter (xvi) Once you "CONFIRM" your vote on the
RA00000001 in the PAN field. resolution, you will not be allowed to modify
Dividend Enter the Dividend Bank Details or Date of your vote.
Bank Birth (in dd/mm/yyyy format) as recorded (xvii) You can also take out print of the voting done
Details in your demat account or in the company by you by clicking on "Click here to print" option
or records in order to login. on the Voting page.
Date of If both the details are not recorded (xviii) If demat account holder has forgotten the
Birth with the depository or company changed password then Enter the User ID and
(DOB) please enter the member id/Folio the image verification code and click on Forgot
number in the Dividend Bank details Password & enter the details as prompted by
field as mentioned in instruction (v). the system.
(ix) After entering these details appropriately, click (xix) Shareholders can also cast their vote using
on "SUBMIT" tab. CDSL's mobile app m-Voting available for
(x) Members holding shares in physical form will android based mobiles. The m-Voting app can
then directly reach the Company selection be downloaded from Google Play Store. Apple
screen. However, members holding shares in and Windows phone users can download the
demat form will now reach 'Password Creation' app from the App Store and the Windows
menu wherein they are required to mandatorily Phone Store respectively. Please follow the
enter their login password in the new password instructions as prompted by the mobile app
field. Kindly note that this password is to be while voting on your mobile.
also used by the demat holders for voting for
(xx) Note for Non–Individual Shareholders and
resolutions of any other company on which
Custodians:
they are eligible to vote, provided that company
opts for e-voting through CDSL platform. It is a) Non-Individual shareholders (i.e. other
strongly recommended not to share your than Individuals, HUF, NRI etc.) and
password with any other person and take Custodian are required to log on to
utmost care to keep your password www.evotingindia.com and register
confidential.
5
themselves as Corporates. OTHER INSTRUCTIONS:

27. Voting rights of members shall be in
b) A scanned copy of the Registration Form proportion to their shares of the paid-up
bearing the stamp and sign of the entity equity share capital of the Company as on cut
should be emailed to: off date.
helpdesk.evoting@cdslindia. com
28. Mr. P.S. Bathla, Practicing Company Secretary
c) After receiving the login details a (Membership No. FCS 4391), will act as a
Compliance User should be created using Scrutinizer to the e-voting process in a fair and
the admin login and password. The transparent manner (including the ballot forms
Compliance User would be able to link the received from members who do not have access
account(s) for which they wish to vote on. to the e-voting process).
d) The list of accounts linked in the login 29. The Scrutinizer shall immediately after the
should be mailed to helpdesk.evoting@ conclusion of Annual General Meeting first
cdslindia.com and on approval of the count the votes cast at the meeting, thereafter
accounts they would be able to cast their unblock the votes cast through remote e-voting
vote. in the presence of atleast two witnesses not in
the employment of the Company and make, not
e) A scanned copy of the Board Resolution
later than three days of conclusion of the
and Power of Attorney (POA) which they
meeting, a Consolidated Scrutinizer's Report of
have issued in favour of the Custodian, if
the total votes cast in the favour or against, if
any, should be uploaded in PDF format in
any, forthwith to the Chairman of the Company
the system for the scrutinizer to verify the
same. 30. The results declared along with the consolidated
scrutinizer's report shall be placed on the
(xxi) Any person, who acquires shares of the website of the Company www.owmnahar.com
Company and become Member of the and on the website of CDSL www.cdslindia.
Company after dispatch of the Notice and com. The results shall simultaneously be
holding shares as on the cut-off date i.e. communicated to the Stock Exchanges.
Monday, 23rd September, 2019 may follow the
31. Subject to the receipt of requisite number of
same instructions as mentioned above for
e-Voting. votes, the resolution shall be deemed to be
passed on the date of the 31st Annual General
(xxii) In case you have any queries or issues Meeting i.e 30th September, 2019.
regarding e-voting, you may refer the
32. A person who is not a Member as on the cut off
Frequently Asked Questions (“FAQs”) and
date i.e. 23rd September, 2019 should treat this
e-voting manual available at www.evoting
Notice for information purposes only.
india.com, under help section or write an
email to helpdesk.evoting@cdslindia.com. EXPLANATORY STATEMENT PURSUANT TO
The helpdesk can also be contacted at SECTION 102 (1) OF THE COMPANIES ACT, 2013
1800-200-5533. The following statement sets out all material facts
(xxiii) Name, designation, address, e-mail ID and relating to the Special Business mentioned under
phone number of the person responsible to Item No. 5 & 6 of the accompanying Notice.
address the grievances connected with the ITEM NO. 5
e-voting: As per the provisions of Companies (Cost Records
Ms. Bhoomika and Audit) Amendment Rules, 2014 notified by MCA
Company Secretary and Compliance Officer vide its notification dated 31st December, 2014,
376, Industrial Area-A, Ludhiana –141003 Company's activities fall within the purview of Cost
0161-2600701 to 2600705 Audit requirement. Accordingly, the Board at its
CIN: L17115PB1988PLC008820 meeting held on 30 t h May, 2019 on the
secnel@owmnahar.com recommendation of Audit Committee, approved the
appointment and remuneration of Rs. 45000/-
(Rupees Forty Five Thousand Only) of
6
M/s. Khushwinder Kumar & Associates Listed Companies (other than Nahar Poly
(Firm Registration No.000102) for conducting the Films Limited) in which Mr. Satish Kumar
Cost Audit of the Cost records of the Company for the Sharma holds Directorship, Chairmanship
financial year 2019-2020. and Membership of Board:
In accordance with the provisions of Section 148(3) Directorship of Board :
of the Companies Act, 2013 read with the
Sr. No. Name of the Company Status
Companies (Audit and Auditors) Rules, 2014, the
1. Nahar Spinning Mills Ltd. Director
remuneration as mentioned above, payable to the
2. Nahar Capital & Financial Director
Cost Auditors, as recommended by the Audit
Committee and approved by the Board of Director Service Limited
has to be ratified by the shareholders of the Chairmanship of Board Committees: NIL
Company. Member of Board Committees:
Accordingly, the consent and approval of the S.No. Name of the Committee Status
shareholders is being sought for passing an Ordinary company
Resolution as set out at the Item No. 5 of the Notice
1 Nahar Spinning Stakeholder's Member
for ratification of the remuneration payable to
Mills Limited Relationship
M/s. Khushwinder Kumar & Associates (Firm
Registration No.000102) for the financial year ended 2 Nahar Capital Audit Member
2019-20. and Financial Stakeholder's Chairman
Services Limited Relationship
None of the Directors of the Company, Key
Managerial Personnel of the Company or their Shareholding in the Company: NIL
relatives are in any way concerned or interested Disclosure of relationship between Directors
financially or otherwise in the aforesaid resolution. interse:
Your Directors recommend the resolution for your Mr. Satish Kumar Sharma is not related to any
approval. Director of the Company. Further, no Directors / Key
Managerial Personnel of the Company/their
ITEM NO. 6 relatives are in any way concerned or interested,
Mr. Satish Kumar Sharma was appointed as financially or otherwise, in the said resolution.
Executive Director of the company with effect from
The Resolution as given in the notice may also be
1st August, 2017 for 3 years. His tenure as Executive treated as an abstract of terms of Contract of
Director is expiring on 31st July, 2020. Mr. Satish Appointment under the provisions of Section 190 of
Kumar Sharma is of 67 years. He is MBA and having the Companies Act, 2013.
more than 37 years of experience as Corporate The Terms and conditions of appointment as set out
Executive. Having regard to his knowledge and in the draft agreement to be entered into between the
experience, it would be in the interest of the company Company and Mr. Satish Kumar Sharma, is available
to reappoint him as an Executive Director of the for inspection at the Registered Office of the
Company under the category of the Key Managerial Company.
Personnel. Your Directors recommend the resolution for your
The Board keeping in view the overall growth of the approval.
Company under his able and dynamic leadership
ADDITIONAL INFORMATION PURSUANT TO
and on the recommendation of Nomination and
REGULATION 36(3) OF THE SEBI (LISTING
Remuneration Committee subject to the approval of
O B L I G AT I O N S A N D D I S C L O S U R E
the shareholders has decided to reappoint him as
R E Q U I R E M E N T S ) R E G U L AT I O N S , 2 0 1 5
Executive Director for a period of 3 years
REGARDING DIRECTOR SEEKING
commencing from 1st August, 2020. Mr. Satish
REAPPOINTMENT
Kumar Sharma is eligible for re-appointment as
Executive Director and his remuneration and As required under the SEBI (Listing Obligations and
perquisites as set out in the resolution are in Disclosure Requirements) Regulations, 2015, the
accordance with the provisions of Schedule V read particulars of Directors who are proposed to be
re-appointed are given below:
with the Companies Act, 2013.
7
1. MR. DINESH OSWAL 2. MR. KOMAL JAIN

Name Dinesh Oswal Name Komal Jain
Age 53 Years Age 64 Years
Qualification Commerce Graduate Qualification M.A
Expertise Having Business experience of Expertise Having Business experience of
more than 33 years in the industry. more than 40 years in the Industry
Shareholding 105273 Equity Shares@ 5/- each Shareholding Nil
Listed Companies (other than Nahar Poly Films Listed Companies (other than Nahar Poly Films
Limited) in which Mr. Dinesh Oswal holds Limited) in which Mr. Komal Jain holds
Directorship, Chairmanship and Membership of Directorship, Chairmanship and Membership of
Board: Board:
Directorship of Board: NIL
Directorship of Board:
Chairmanship of Board Committees: NIL
S. No. Name of the company Status
Member of Board Committees: NIL
1 Nahar Spinning Mills Limited Director
Disclosure of relationship between Directors
2 Nahar Capital and Financial Director inter-se: NIL
Services Limited BY ORDER OF THE BOARD
3 Nahar Industrial Enterprises Director
Limited BHOOMIKA
th
Dated: 13 August, 2019 (COMPANY SECRETARY)
Chairmanship of Board Committees: NIL
REGD.OFFICE:
Member of Board Committees: NIL
376, Industrial Area-A,
Disclosure of relationship between Directors Ludhiana -141003 (India)
inter-se:
CIN: L17115PB1988PLC008820
Mr. Dinesh Oswal is son of Mr. Jawahar Lal Oswal
E-mail: secnel@owmnahar.com
and brother of Mr. Kamal Oswal.
Green Initiative
The Ministry of Corporate Affairs (MCA) has taken a "Green Initiative in the
Corporate Governance" by allowing paperless compliances by the Companies. Your
Company has decided to join the MCA in its environmental friendly initiative.
Henceforth, the Company proposes to send documents such as Notice of the
General Meeting(s), Annual Report and other communication to its shareholders
via electronic mode to the registered e- mail addresses of shareholders. To support
this green initiative of the Government in full measure, shareholders are requested
to register/update their latest e-mail addresses with their Depository Participant
(D.P.) with whom they are having Demat A/c or send the same to the Company via
e-mail at:- secnel@owmnahar.com or gredressalnpfl@owmnahar.com
We solicit your valuable co-operation and support in our endeavor to contribute
our bit to the environment.
8
129(3) of the Companies Act, 2013, the Company

DIRECTOR’S REPORT has also Consolidated the Financial Statements for
Dear Members, the year ended 31st March, 2019 in respect of its
The directors are pleased to present the company's Associate Company i.e. M/s Nahar Capital and
Thirty-First Annual Report on the affairs of the Financial Services Limited. We would like to
Company along with the audited financial appraise you regarding the financial performance of
the company on Standalone as well as Consolidated
statements for the financial year ended 31st March,
basis as under:
2019.
FINANCIAL PERFORMANCE (STANDALONE STANDALONE-FINANCIAL PERFORMANCE
AND CONSOLIDATED)
We are pleased to inform you that during the year
Your Company's Financial Performance during the under review on standalone basis, the Company has
year is summarized below: achieved a Total Income of Rs. 26,810.31 Lacs as
(Rs. in Lacs)
PARTICULARS STANDLONE CONSOLIDATED
against Rs. 26,332.62 Lacs showing a marginal
CURRENT PREVIOUS CURRENT PREVIOUS increase of 1.81% over the previous year. The
YEAR YEAR YEAR YEAR Company earned a Profit before tax of Rs. 1,292.27
Total Income 26810.31 26332.62 26711.14 26233.45 Lacs as against Rs. 715.71 Lacs in the previous year,
Less: Total Expenses 25518.04 25616.91 25518.04 25616.91 which is 80.56% more than the previous year. After
Profit Before Tax 1292.27 715.71 1193.10 616.54
providing provision for taxation (including deferred
tax) of Rs. 381.55 Lacs, it earned a Net Profit of Rs.
Less: Current Tax 240.55 473.34 240.55 473.34
910.72 Lacs in the current year as against Rs. 509.52
Deferred Tax 141.00 (267.15) 141.00 (267.15)
Lacs in the previous year showing an impressive
Net profit from 910.72 509.52 1222.78* 1147.37* increase of 78.74% over the period of one year. The
continuing operations
company showed a good financial performance for
Add: Other comprehensive (465.85) (4430.87) (1008.36) (3926.08)
Income/(loss) the year ended 31st March, 2019.
Profit/(Loss) for the 444.87 (3921.35) 214.42 (2778.71)
period CONSOLIDATED- FINANCIAL PERFORMANCE
On consolidated basis, the Company earned Total
*Consolidated profit for the year includes Share of profit from
Associates under equity method for the amount of Rs. 411.23 Lacs in
Income of Rs. 26,711.14 Lacs during the year under
Current Year and Rs. 737.02 lacs in the Previous Year. review as against Rs. 26,233.45 Lacs in the previous
year. It earned a profit before tax of Rs. 1,193.10
INDIAN ACCOUNTING STANDARD Lacs as against Rs. 616.54 Lacs in the previous year
The Company has adopted Indian Accounting after providing provision for taxation (including
Standards (Ind AS) from 1st April, 2017 (transition deferred tax) of Rs. 381.55 Lacs. It earned a Net
Profit (including Share of Profit from Associates) of
date being 1st April, 2016). Accordingly, the financial
Rs. 1,222.78 Lacs as against Rs. 1,147.37 Lacs in
statements have been prepared as per the Indian the previous year.
Accounting Standard Rules, 2015, as prescribed
under section 133 of the Companies Act, 2013 read TRANSFER TO RESERVE
with relevant Rules issued thereunder and the other The Company has not transferred any amount to the
accounting principles generally accepted in India. General Reserve and thus company's General
For the financial year 2019-20, the financials of the Reserve stands on Rs.10160.18 Lacs on 31st March,
company have been prepared as per Indian 2019. However, after making adjustment of
Accounting Standards (Ind AS). Dividend, Tax on Dividend and Adjustment of income
tax for the year of an amount of Rs. 614.06 Lacs the
OPERATIONAL REVIEW AND STATE OF
balance in Retained Earnings/Surplus Account is Rs.
AFFAIRS
3642.44 Lacs as on 31st March, 2019.
The disclosure requirements as per Indian
Accounting Standard (IndAS 108) issued by the DIVIDEND
Institute of Chartered Accountants of India, New The Board in its meeting held on 30th May, 2019 has
Delhi are not applicable to the Company as the main recommended the dividend @ 10% i.e. (Rs. 0.50/-
business activities of Company falls under single per Equity Share of 5/- each) on the paid up equity
segment i.e. BOPP Films. share capital of the company for the financial year
Further, pursuant to the requirement of section
9
ended 31st March, 2019. The proposal is subject to available on Company's website http: // owmnahar.
the approval of the Shareholders at the forthcoming com/nahar_polyfilm/Transfer-of-Equity-Shares-to-
annual general meeting to be held on 30th IEPF.php and the same can be accessed through the
September, 2019. The total dividend declared link: www.iepf.gov.in.
(excluding dividend distribution tax) for the year The Shareholders whose dividend / shares have
ended 31st March, 2019 is Rs. 122.94 Lacs. been transferred to IEPF can reclaim their subjected
The dividend, if approved at the forthcoming Annual dividend / shares by making an application to the
General Meeting, will be paid out of profits of the IEPF Authority in e-Form IEPF-5 as per procedure
Company to all those shareholders whose names provided under Rule 7 of the IEPF Rules. The
shall appear in the Register of Members on 13th Shareholders can also view the procedure at
September, 2019 or Register of Beneficial Owners, www.iepf.gov.in.
maintained by the Depositories as at the close of 13th
September, 2019. DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors have submitted their
INVESTOR EDUCATION AND PROTECTION declaration to the Board that they fulfill all the
FUND requirements as stipulated in Section 149(6) of the
Pursuant to the provisions of Section 124(5) of the Companies Act, 2013 and Regulation 25 of the
Companies Act, 2013 read with IEPF Authority Listing Regulations.
(Accounting, Audit, Transfer and Refund) Rules,
2016 all dividends which remain unpaid / unclaimed APPOINTMENT OF DIRECTORS AND KEY
for the period of seven consecutive years are MANAGERIAL PERSONNEL
required to be transferred by the Company to the Pursuant to provisions of section 152(6) of the
Investor Education and Protection Fund (IEPF), Companies Act, 2013 and Article 117 of Article of
Government of India. Accordingly, the company has Association of the Company, Mr. Dinesh Oswal (DIN:
transferred an amount of Rs. 2,94,859 (Two Lacs 00607290) and Mr. Komal Jain (DIN: 00399948),
Ninety four Thousand Eight Hundred Fifty Nine only), will be retiring by rotation at the ensuing Annual
being the amount of unclaimed dividend for the year General Meeting and being eligible, offers
2010-11 to the Investor Education and Protection themselves for re-appointment. The Board
Fund. recommends their re-appointment to the members of
Further, pursuant to section 124(5) of the Companies the Company at the ensuing AnnualGeneral
Act, 2013, unpaid / unclaimed dividend for the year Meeting.
2011-12 shall be transferred to Investor Protection Mr. Satish Kumar Sharma (DIN: 00402712) who was
Fund in November, 2019. The Company had already appointed for a period of Three years w.e.f. 1st
issued letter(s) to the shareholders informing them to August, 2017 as Executive Director of the Company,
claim their unclaimed dividend from the Company is expiring on 31st July, 2020. The Board having
before such transfer to the Investor Education and regard to the overall growth of the Company under
Protection Fund. his leadership and on the recommendation of
Further, as per the provisions of Section 124(6) of the Nomination and Remuneration Committee has
Companies Act, 2013 read with the Investor decided to re-appoint Mr. Satish Kumar Sharma
Education and Protection Fund Authority (subject to the approval of the shareholders) as
(Accounting, Audit, Transfer and Refund) Rules, Executive Director for a further period of three years
2016, the shares on which dividend has been unpaid commencing from 1st August, 2020. The resolution
/unclaimed by the Shareholders for seven for the same has been proposed for your approval in
consecutive years or more are required to be the accompanying Notice of the Annual General
transferred to the Demat account of the IEPF Meeting.
Authority. Accordingly, in compliance of the Mrs. Nidhi Khande, resigned from the post of
provisions of the Act, 79,010 (Seventy Nine Company Secretary & Compliance Officer and her
Thousand Ten) equity shares of Rs 5/- each, were resignation was accepted by the Board of Directors
transferred to the DP/Client ID IN300708/10656671 in their meeting held on 30th May, 2019. Further,
opened in the name of the Investor Education and Ms. Bhoomika having membership no. A58724 of
Protection Fund Authority. The details of the The Institute of Company Secretaries of India was
Shareholders whose shares have been transferred appointed as Company Secretary & Compliance
to the Demat account of IEPF Authority is also
10
Officer of the Company w.e.f. 30th May, 2019. Regulations, 2015. As per the said regulations, the
listed companies are required to formulate certain
Pursuant to the provisions of Section 203 of the
policies. As good corporate the company has already
Companies Act, 2013, Mr. Satish Kumar Sharma
formulated several corporate governance policies
(Executive Director), Mr. Rakesh Kumar Jain (Chief
and the same are available on the Company's
Financial Officer) and Mrs. Nidhi Khande (Company
website i.e. www.owmnahar.com. The said policies
Secretary) are Key Managerial Personnel
are reviewed periodically by the board to make them
(hereinafter referred as KMP) of the Company for the
in compliance with the new Regulations/
Financial Year 2018-19.
requirements.
BOARD EVALUATION The Company has adopted certain policies, the
The provisions of the Companies Act, 2013 and details of which are given here under:
Regulation 17 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 Name of the Policy Brief Description
mandate that a Formal Annual Performance Appointment & Pursuant to the provisions of
Evaluation is to be made by Board of its own Remuneration Section 178 of the Companies
performance and that of its Committee and individual Act, 2013 read with SEBI
Directors. Schedule IV of the Companies Act, 2013 (LODR) Regulations, 2015, the
states that performance evaluation of the Board of Directors in their
Independent Director shall be done by Directors meeting held on 3rd February,
2015 approved the Policy for
excluding the Director being evaluated.
Appointment and Remuneration
The Board carried out a formal Annual performance of Directors, Key Managerial
evaluation of its own performance and that of its Personnel and other employees
as recommended by
committees and individual Directors as per the
Nomination and Remuneration
criteria laid down by the Nomination and Committee. The Policy
Remuneration Committee of the company and formulates the principle and
adopted by the Board. The evaluation was carried criteria for determining
out through a structured evaluation process to qualification, competences,
evaluate the performance of individual directors positive attributes, integrity and
including the Chairman of the Board. They were independence etc. for Directors,
evaluated on parameters such as their education, Senior Management Personnel
knowledge, experience, expertise, skills, behavior, including its Key Managerial
leadership qualities, level of engagement and Personnel (KMP) and
employees of the Company. The
contribution, independence of judgment, decision
Policy also laid down the criteria
making ability for safeguarding the interest of the for determining the
Company, stakeholders and its shareholders. The remuneration of directors, key
performance evaluation of the Independent managerial personnel and other
Directors was carried out by the entire Board. The employees.
performance evaluation of the Chairman and the
Non Independent Directors was carried out by the
Corporate Pursuant to the provisions of
Independent Directors. The outcome of the Board Section 135 of the Companies
Evaluation for the Financial Year 2018-19 was Social
Act, 2013 read with companies
discussed by the Nomination and Remuneration Responsibility
(Corporate Social
Committee and the Board at their meetings held on Policy Responsibility Policy Rules,
30th May, 2019. 2014, the CSR Committee
The Board was satisfied with the evaluation process formulated the CSR Policy
and the approved the evaluation results thereof. which was adopted by the
Board. The CSR policy outlines
CORPORATE POLICIES the various programmes/
projects/ activities to be
The Securities and Exchange Board of India (SEBI), undertaken by the Company as
on September 2, 2015, issued SEBI (Listing laid down in Schedule VII of the
Obligations and Disclosure Requirements) Companies Act, 2013.
11
Vigil Mechanism Pursuant to the provisions of requires preclearance for

/ Whistle Blower Section 177 of the Companies dealing in the Company's
Policy Act, 2013 company has shares and prohibits the
formulated and adopted Vigil purchase or sale of
Mechanism/ whistle Blower Company shares by the
policy for its directors and Directors and the
employees. The aim of the designated employees while
policy is to provide a channel to in possession of
the directors and employees to unpublished price sensitive
report their genuine concerns information in relation to the
about unethical behavior, actual Company and during the
or suspected fraud or violation of period when the Trading
the code of conduct. Window is closed.
Policy for Board of directors in their
Policy for Pursuant to the requirements
Preservation of meeting held on 10th February,
determining the of regulation 23 of SEBI
Documents 2016 has approved and
Material Related (Listing Obligations and
Party Disclosure Requirements) adopted the policy for
Transactions Regulations, 2015, the Board Preservation of documents.
and dealing with has approved a policy on The Policy segregates the
the related party Materiality of Related Party documents to be preserved
transactions Transactions and Dealing with permanently and documents
Related Party Transactions. to be preserved at least for a
The policy regulates the period of eight years as per
transactions between the the requirements of
company and its group applicable laws.
companies and related parties. Archival Policy Pursuant to the requirements
The Policy has been uploaded of Regulations 30(8) of the
on the Company's website and SEBI (Listing Obligations and
can be accessed at Disclosure Requirements)
http://owmnahar.com/nahar_p Regulations, 2015 the Board
o l y f i l m / p d f / R P T- N A H A R - has approved and adopted the
POLY.pdf Archival Policy in its Meeting
on 10th February 2016. The
Insider To provide the framework for
Policy ensures protection,
Trading Policy dealing in the Securities of the
maintenance and archival of
company by the Insiders, the
Company's disclosures,
Board has approved and
documents and records that
adopted the following Codes in
are placed on Company's
its Meeting held on 30th May,
website.
2016 under SEBI (Prohibition
i.e.www.owmnahar.com.
of Insider Trading)
Regulations, 2015: Board Diversity The Board of Directors in their
i. Code of practices and Policy Meeting held on 3rd February,
procedures for fair 2015 has approved and
disclosure of unpublished adopted the Board Diversity
price sensitive information. Policy as per the
ii. Code of conduct to regulate, recommendations of the
monitor and report trading by Nomination and Remun
insiders. The Code helps to eration Committee. The policy
regulate trading in securities envisages of diversification of
by the Directors and Company's Board in respect
designated employees of of age, knowledge,
the Company. The Code experience and expertise
12
Code of Fair Pursuant to Regulation 8 of change in the Policy since the last financial year. We
Disclosures SEBI (Prohibition of Insider affirm that the remuneration paid to the directors is as
Trading) Regulations, 2015, per the terms laid out in the Nomination and
the Board of Directors in their Remuneration Policy of the Company.
meeting held on 11th February, SEPARATE MEETING OF INDEPENDENT
2019 has approved and DIRECTORS
adopted the amended Code of The Company's Independent Directors held their
Practices and Procedure for meeting on 30th November, 2018, without the
Fair Disclosures of attendance of Non Independent Directors and
Unpublished Price Sensitive members of the management. All Independent
Information including the Directors were present at the meeting and at the
Policy for Legitimate purposes. meeting, they:
Code of Conduct Pursuant to Regulation 9 of i. Reviewed the performance of non-Independent
to regulate, SEBI (Prohibition of Insider directors and the Board as a Whole;
monitor and Trading) Regulations, 2015, ii. Reviewed the performance of the Chairperson
report trading by the Board of Directors in their of the Company, taking into account the views of
Designated meeting held on 11th February, Executive Directors and Non Executive
Persons and its 2019 has approved and Directors;
iii. Assessed the quality and timeliness of the flow
immediate adopted the Code of Conduct
of information between the Company's
relatives to regulate, monitor and report management and the Board which is necessary
trading by Designated Persons for the Board to effectively and reasonably
and its immediate relatives of perform their duties.
designated persons.
FAMILIARISATION PROGRAMS FOR BOARD
APPOINTMENT AND REMUNERATION POLICY MEMBERS
The Board on the recommendation of the The company at the time of appointing a Director,
Nomination and Remuneration Committee has issues a formal letter of appointment which inter alia,
framed a policy for Appointment and Remuneration explains the role, functions, duties and
of Directors, Senior Management and other responsibilities expected from him/her as a Director
employees as provided under section 178(3) of the of the Company. All Independent Directors are
Companies Act, 2013. The Objective of the Policy is provided with all policies/guidelines as framed by the
to have an appropriate mix of Executive and Company under various statutes and SEBI (Listing
Independent Directors to meet independence of Obligations and Disclosure Requirements)
Directors. The present Board consists of twelve Regulations, 2015 to familiarize with Company's
directors. Mr. Jawahar Lal Oswal is Non-Executive procedure and practices. Further, to update them on
Chairman. Mr. Satish Kumar Sharma is an executive the regular basis, the Company provides copies of all
director. There are five Non-Executive Directors and amendments in Corporate Laws, Corporate
six Independent Directors out of which Dr. (Mrs.) Governance Rules and SEBI (Listing Obligations
Manisha Gupta is an Independent Woman Director and Disclosure Requirements) Regulations, 2015.
on the Board. They were also informed regarding the recent
amendments in SEBI (Listing Obligations and
The Company's Policy of appointment and
Disclosure Requirements) Regulations, 2015, SEBI
Remuneration includes criteria for determining
various regulations and recent amendments in the
Qualification, Positive Attributes, Independence of
Companies Act, 2013. The details of Company's
Directors and Other matters, as required under sub
Policy on Familiarisation Programs for Independent
section 3 of Section 178 of the Companies Act, 2013.
Directors are posted on the website of the Company
The Policy also laid down the criteria for determining
and can be assessed at http://owmnahar.com
the remuneration of directors, key managerial
/nahar_polyfilm/pdf/Familiarization-Program.pdf
personnel and other employees. The Appointment Besides, two interactive sessions were conducted
and Remuneration policy of the Company is during the year. First by Mr. Satish Kumar Singla,
available on the Company's website and can be Director of the company on the topic of SEBI (Listing
accessed at http : // www . owm nahar . com / nahar _ Obligations and Disclosure Requirements)
p o l y f i l m / p d f / N P F L A P P O I N T M E N TA N D Amendment Regulations, 2018 and Corporate
REMUNERATIONPOLICY.pdf. There has been no
13
Governance and second by Mr. P. S. Bathla, DATE OF THE REPORT

Practicing Company Secretary ('the Secretarial There are no material changes and commitments
Auditor of the company') on the topic of recent affecting the financial position of the Company
amendments in the Companies Act, 2013 and SEBI occurred between the end of the financial year to
regulations. which these financial statements relate and the date
of this report.
NUMBER OF BOARD MEETINGS
SHARE CAPITAL
During the year under review, the Board of Directors
The Paid up equity share capital of the Company as
met four times i.e. 30th May, 2018, 6th August, 2018,
on 31st March, 2019 is Rs. 1229.40 Lacs. During the
12th November, 2018 and 11th February, 2019 with a
year under review, the Company has neither issued
predefined agenda circulated well in advance. The
shares with differential voting rights as to dividend,
intervening gap between the Meetings was as per
voting or otherwise nor granted stock options or
the period prescribed under the Companies Act,
sweat equity under any scheme.
2013.
SIGNIFICANT OR MATERIAL ORDERS PASSED
RELATED PARTY TRANSACTIONS BY THE REGULATORS OR COURTS
Your Company is engaged in the Manufacturing of No significant or material orders were passed by the
Bi-Axially Oriented Polypropylene Films (BOPP) for Regulators or Courts or Tribunals which impact the
which, sometimes the Company purchases DEPP going concern status and Company's operations in
Licenses from group company(s) which are in the future.
ordinary course of business at Arm's length basis
and are in compliance with the applicable provisions PARTICULARS OF LOANS, INVESTMENTS,
of the Companies Act, 2013 and the SEBI (Listing GUARANTEES UNDER SECTION 186 OF THE
Obligations and Disclosure Requirements) COMPANIES ACT, 2013
Regulations, 2015. There are no materially Details of Loans, Guarantees and Investments
significant related party transactions made by the covered under the provisions of Section 186 of the
Company with Promoters, Directors or Key Companies Act, 2013 form part of the Notes to the
Managerial Personnel etc. which may have potential Financial Statements provided in the Annual Report.
conflict of interest with the Company at large or which
warrants the approval of the shareholders. CORPORATE SOCIAL RESPONSIBILITY
Accordingly, no transactions are being reported in As reported in our last report, the company adopted
Form AOC-2 in terms of Section 134 of the CSR Policy and decided to undertake CSR activity in
Companies Act, 2013 read with the Rule 8 of the collaboration with Group Companies under one
Companies (Accounts) Rules, 2014. However, the umbrella i.e. through Oswal Foundation, which is a
transactions entered into with the Group Companies Registered Society formed in 2006, having its
during the year under review, has been given as charitable objects in various fields. The details of the
Notes to the financial statements in accordance with CSR policy are available on the company's website
the Accounting Standards i.e. www.owmnahar.com
The Company has not entered into any contract or The disclosure in respect of the existing CSR
arrangement with the related parties as referred in activities pursuant to section 134(3) of the
Section 188(1) of the Companies Act, 2013. Thus, Companies Act, 2013 read with Rule 9 of the
the requirement for disclosure of particulars of Companies(Accounts) Rules, 2014 and Companies
contracts or arrangement with related parties (Corporate Social Responsibility) Rules, 2014, is
referred to in Section 188(1) is not applicable. annexed hereto as ‘Annexure I’ and forms part of
However, as per Company's policy, all the Group this Report.
Companies transactions regarding sales/purchase
etc. are placed before the Audit Committee as well as AUDIT COMMITTEE
the Board, for their information and approval. As required under Section 177 of the Companies
MATERIAL CHANGES AND COMMITMENT IF Act, 2013, the Board of Directors have already
ANY AFFECTING THE FINANCIAL POSITION OF constituted Audit committee, consisting of Mr.
THE COMPANY OCURRED BETWEEN THE END Suresh Kumar Singla as Chairman, Dr. Vijay Asdhir
OF THE FINANCIAL YEAR TO WHICH THESE and Mr. Dinesh Gogna, as members. Mrs. Nidhi
FINANCIAL STATEMENTS RELATE AND THE Khande is the Secretary of the committee for the
financial year 2018-19. She has resigned from the
14
designation of Company Secretary w.e.f. 30th May, CREDIT RATING

2019 (As mentioned in para 10 of this report). The We are pleased to inform that the Credit Analysis
committee held four meetings during the year under and Research (CARE) vide their letter dated 12th
review. March, 2019 has re-affirmed the credit rating "CARE
VIGIL MECHANISM A-" for long term bank facilities and "CARE A2+" for
the short term bank facilities of the Company. The
Pursuant to the provisions of Section 177(9) of the rating "CARE A-" indicates stable and rating "CARE
Companies Act, 2013 read with Companies A2+" indicates strong degree of safety regarding
(Meetings of Board and its Powers) Rules, 2013, the timely payment of the financial obligations.
Company established a Vigil Mechanism process as
an extension of Company's Code of Conduct GREEN INITIATIVE
whereby any employee, director, customer, vendor The Ministry of Corporate Affairs(MCA) vide Circular
etc., can report the genuine concerns or grievances No. 17/2011 dated 21.04.2011 and Circular No.
to the members of the Committee about unethical 18/2011 dated 29.04.2011 has taken a "Green
behavior, actual or suspected, fraud or violation of Initiative in the Corporate Governance" by allowing
Company's Code of Conduct so that appropriate paperless compliances by the Companies. Your
action can be taken to safeguard the interest of the Company has decided to join the MCA in its
Company. The Mechanism also provides for environmental friendly initiative.
adequate safeguards against victimization of Accordingly, henceforth Company propose to send
persons who uses such mechanism. The documents such as Notice of the General
mechanism provides direct access to the Meeting(s), Annual Report and other communication
chairperson of the Audit Committee in appropriate or to its shareholders via electronic mode to the
exceptional cases. The Whistle Blower Policy/Vigil registered e-mail addresses of shareholders. To
Mechanism is also posted on Company's Website. support this green initiative of the Government in full
measure, shareholders are requested to
The Company has a dedicated e-mail address i.e. register/update their latest e-mail addresses with
whistleblowernpfl@owmnahar.com for reporting the their Depository Participant (D.P.) with whom they
genuine concerns. are having Demat A/c. or send the same to the
The Audit Committee regularly reviews the working Company via e mail at:-secnel@owmnahar.com or
of the Mechanism. No complaint was received during gredressalnpfl@owmnahar.com. We solicit your
the year under review. valuable co-operation and support in our endeavor to
contribute our bit to the Environment.
SUBSIDIARIES, JOINT VENTURE OR
ASSOCIATES COMPANY LISTING OF SECURITIES
The Company does not have any Subsidiary or joint The securities of the Company are listed on the
venture company. The Company has only one following Stock Exchanges:
associate company i.e. M/s Nahar Capital and 1. The BSE Ltd.
Financial Services Limited. No Company has 25th Floor, Phiroze Jeejeebhoy Towers, Dalal
become or ceased to be the Associate Company of Street, Mumbai- 400001
the Company during the year under the review. 2. The National Stock Exchange of India Ltd.
Exchange Plaza, 5th Floor, Plot No. C/1,
CONSOLIDATED FINANCIAL STATEMENTS G-Block, Bandra Kurla Complex, Bandra (E),
Mumbai 400051
The Company has One Associate Company viz. The company has paid listing fee to both the
M/s Nahar Capital and Financial Services Limited as Stock Exchanges for the financial year 2019-20.
defined under the Companies Act, 2013. Pursuant to
the requirements of Section 129(3) of the DEMATERIALIZATION OF SECURITIES
Companies Act, 2013, the Company has Your company has already established connectivity
consolidated the financial statements in respect of with both the Depositories i.e. National Securities
above said Associate Company for the financial year Depository Limited (NSDL) and Central Depository
ended 31st March, 2019. Services (India) Ltd (CDSL) to facilitate the holding and
Further, a report on the performance and financial trading of securities in electronic form. As on 31st
position of the Associate Company as per the March, 2019, 95.59% of the total Equity Share Capital
Companies Act, 2013 in the Form AOC-1 is annexed has been de-materialized. The shareholder(s) who has
to the Financial Statements for the year ended 31st not dematerialized their shares till date, are requested
March, 2019 as an Annexure. to opt for dematerialization of the shares at the earliest.
15
Further as per SEBI circular No. D & CC/FITTC/CIR- Company for the period;
15/2002 DATED 27th December, 2002, your Company iii) that they have taken proper and sufficient care
has appointed M/s Alankit Assignments Ltd. as for maintenance of adequate accounting records
Registrar for Share Transfer and Electronic in accordance with provisions of the Companies
connectivity. Accordingly all the shareholders, Act, 2013 for safeguarding the assets of the
Investors, Members of the Stock Exchanges, Company and for preventing and detecting any
Depository Participants and all other concerned are fraud and other irregularities;
requested to send all communication in respect of iv) that the Annual Accounts have been prepared on
share transfer, demat/remat, change of address etc. to a going concern basis;
our registrar at below mentioned address: v) that the Directors had laid down internal financial
controls to be followed by the company and that
M/s Alankit Assignments Ltd.
such internal financial controls are adequate and
(Unit: Nahar Poly Films Limited)
are operating effectively; and
3E/7, Alankit Heights,
vi) that the directors had devised proper systems to
Jhandewalan Extension
ensure compliances with the provisions of all
New Delhi-110055
applicable laws and that such systems are
Telephone No: 011-23541234
adequate and operating effectively.
Fax No. :011-23552001
E-mail ID: rta@alankit.com AUDITORS & AUDITOR'S INDEPENDENT REPORT
SEBI vide its Gazetted notification dated June 08,
STATUTORY AUDITORS
2018 amended the Regulation 40 (1) (b) of SEBI
(LODR) Regulations, 2015 whereby it has been We wish to inform you that M/s YAPL & Co,
provided that except in case of transmission or Chartered Accountants, Firm Registration No
transposition of securities, requests for effecting (017800N), were appointed as Statutory Auditor of
transfer of securities shall not be processed unless the Company by the Members, for a term of five
the securities are held in dematerialized form with years starting from the conclusion of the 29th Annual
the Depository. General Meeting till the conclusion of the 34th Annual
In view of the above, members are hereby informed General Meeting of the Company in the calendar
that requests for transfer of securities in physical year 2022. As per the proviso of section 139(1) of the
form are not getting processed. Hence, all members Companies Act, 2013, the matter relating to
who are holding equity shares in physical form are appointment of the Auditors was to be ratified by the
requested to go in for dematerialization of securities Members at the every Annual General Meeting of the
at the earliest. Company. The Ministry of Corporate Affairs vide its
In case any query/complaint remains unresolved notification dated 07 May, 2018, has omitted the first
with our Registrar please write to Company proviso of section 139 of the principal Act in sub
Secretary at Email ID: secnel@owmnahar.com or at section (1). Accordingly the Board has not proposed
the Registered Office of the Company any resolution for the ratification of Appointment of
DIRECTORS RESPONSIBILITY STATEMENT Auditors by the shareholders.
Your Directors would like to assure the Members that AUDIT REPORT
the financial statements for the year under review, The Statutory Auditors have submitted the Audit
confirm in their entirety to the requirements of the Report on the Standalone as well as Consolidated
Companies Act, 2013. Accounts of the Company for the Accounting year
The Directors Confirm: ended on 31st March, 2019. The observations and
i) that in preparation of the Annual Accounts, the comments given by Auditors in their Report read
applicable accounting standards had been together with the Notes to the Financial Statements
followed along with proper explanations relating are self explanatory and require no comments.
to material departures, if any;
ii) that they had selected such accounting policies COST AUDITORS
and applied them consistently and made We would like to inform you that the Ministry of
judgments and estimates that are reasonable Corporate Affairs vide its Notification dated 31st
and prudent so as to give a true and fair view of December, 2014 amended Companies (Cost
the state of affairs of the Company at the end of Records and Audit) Rules, 2014, pursuant to which,
the financial year and of the profit and loss of the the Company's business activities has been
included within the purview of Cost Audit
16
requirement. Accordingly, the Board of Directors on INTERNAL FINANCIAL CONTROL AND

the recommendation of Audit Committee appointed SYSTEMS
M/s Khushwinder Kumar & Associates, Cost The Company is maintaining an efficient and
Accountant, as Cost Auditors of the Company for effective system of Internal Financial Control for
financial year 2019-20 and has fixed a remuneration
the facilitation of speedy and accurate compilation
of Rs. 45000/- subject to the ratification of the
members as per the provision of Section 148(3) of of financial statements. The Company's Internal
the Companies Act, 2013 and Rules 14 of the Financial Control System is designed to ensure
Companies (Audit and Auditors) Rules, 2014, A operational efficiency, protection and conservation
resolution for the ratification of the remuneration of of resources, accuracy and promptness in
the Cost Auditor by the shareholders at the ensuing financial reporting and compliances with
Annual General Meeting is being proposed for your procedures, laws and regulations. The Company's
approval. Internal Control System commensurate with the
SECRETARIAL AUDITOR nature of its business and size of its operations.
The Internal Audit Reports are discussed with the
Pursuant to the provision of Section 204 of the Management and are reviewed by the Audit
Companies Act, 2013 read with rule 9 of the Committee of the Board which also reviews the
Companies (Appointment and Remuneration of adequacy and effectiveness of the internal
Managerial Personnel) Rules, 2014, your company controls in the Company. The Company's internal
has appointed M/s. P.S. Bathla & Associates, Financial Control system commensurate with the
Practicing Company Secretary, having Certificate of nature of its business and the size of its operations.
Practice No. 2585 to conduct Secretarial Audit of the In order to further strengthen the Internal control
Company for the financial year 2019-20. system and to automate the various processes of
M/s. P.S. Bathla & Associates, Practicing Company the business, the company is making use of
Secretary have carried out the secretarial Audit for Enterprise Resource Planning (ERP).
the financial year ended 31st March, 2019 and Pursuant to the provisions of section 138 of the
submitted their Secretarial Audit Report in the format Companies Act, 2013 read with Companies
of MR-3 as annexed herewith this report as (Accounts) Rules, 2014, the Company has
‘Annexure II' and forms part of this report. appointed M/s. Piyush Singla & Associates, a firm
The Report is self explanatory and requires no of Chartered Accountants as Internal Auditor of the
comments. Company for the financial year 2019-20. The
Company is also having an Internal Audit
BUSINESS RISK MANAGEMENT Department to test the adequacy and
The Company has laid down Risk Management effectiveness of Internal Control Systems laid
Policy. The Policy aims to identify, evaluate manage down by the management and to suggest
and monitor all types of risks which are associated improvement in the systems.
with the business of the Company. The Board as well Apart from the above, an Audit Committee
as Audit Committee regularly oversee the risk consisting of three non-executive directors has
management process in the Company, as required been constituted. All the significant audit
under 134(3)(n) of the Companies Act, 2013 and observation and follow up action thereon are taken
SEBI (Listing Obligations and Disclosure care of by the Audit Committee. The Committee
Requirements) Regulations, 2015. oversees the adequacy of Internal Control. The
Audit Committee met four times during the
The Company is engaged in the manufacturing of
financial year 2018-19. The Company has also
BOPP Films and has identified certain risks which
established a Vigil Mechanism as per Section
may affect the performance of the Company. These
177(9) of Companies Act, 2013 read with Rule 7 of
include operational risks such as fluctuation in the
the Companies (Meeting of Board and its Powers)
prices of the raw materials which include petrol,
Rules, 2014.
fluctuation in foreign exchange rates, Labour
problems, regulatory risks, Government Policy etc. PUBLIC DEPOSITS
We are of the opinion that none of identified risk is
During the year under review, the company has not
such that which may threaten the existence of the
accepted any Public Deposits within the meaning
Company.
of section 73 of the Companies Act, 2013 and the
rules framed there under. There is no
17
outstanding/unclaimed deposit from the Public. Companies (Appointment and Remuneration of

However, the information as required under Rule 8 of Managerial Personnel) Rules, 2014.
the Companies (Accounts) Rules, 2014 is given
hereunder:- CONSERVATION OF ENERGY, TECHNOLOGY
I. Deposits accepted during the year: Nil ABSORPTION, FOREIGN EXCHANGE
II. Deposits remained unpaid or unclaimed as at EARNINGS AND OUTGO
the end of the year: Nil The detailed information as required under section
III. Default in repayment of deposits and deposits 134(3) of the companies Act, 2013 read with Sub rule
which are not in compliance with the 3 of the Rule 8 Companies (Accounts) Rules, 2014,
requirements of Chapter V of the Companies is enclosed as per ‘Annexure IV’ and forms part of
Act, 2013: Not Applicable this report.
REPORT ON THE CORPORATE GOVERNANCE
DISCLOSURE AS PER SEXUAL HARASSMENT
OF WOMEN AT WORKPLACE (PREVENTION, Your Company continues to follow the principles of
PROHIBITION AND REDRESSAL) ACT, 2013 good Corporate Governance. The company has
The Company has zero tolerance for sexual already constituted several committees of directors
harassment for women at workplace and has to assist the Board in good Corporate Governance.
adopted a policy against sexual harassment in line The Corporate Governance Report along with the
with Sexual Harassment of Women at Workplace Auditors Certificate regarding compliance of the
(Prevention, Prohibition and Redressal) Act, 2013 conditions of the Corporate Governance as
and the rules framed there under. stipulated in Part C of Schedule VI of the SEBI
During the financial year 2018-19, the Company has (Listing Obligations and Disclosure Requirements)
not received any complaints on sexual harassment Regulations, 2015, is attached herewith as
and hence, no compliant remains pending as on 31st ‘Annexure V' and forms part of this report.
March, 2019. MANAGEMENT DISCUSSION AND ANALYSIS
ANNUAL RETURN REPORT
Management Discussion and Analysis Report for the
The Extract of Annual Return of the Company, year under review as stipulated under the Regulation
pursuant to the provisions of Section 92 read with 34(2)(e) of the SEBI (Listing Obligations and
Rule 12 of the Companies (Management and Disclosure Requirements) Regulations, 2015, is
Administration) Rules, 2014 for the financial year enclosed as per ‘Annexure VI' and forms the part of
2018-19 in the Form MGT-9 has been uploaded on this Report.
Company's website at http://www.owmnahar.com
/nahar_polyfilm/pdf/Extract_of_Annual_Return_201 INDUSTRIAL RELATIONS
8-19.pdf The industrial relations remained cordial throughout
PARTICULARS OF EMPLOYEES the year and the excellent results were achieved with
the whole hearted co-operation of employees at all
The information required pursuant to Section levels.
197(12) of the Companies Act, 2013 read with Rule 5
of The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 in respect of FOR AND ON BEHALF OF THE BOARD
employees of the Company is annexed as
‘Annexure III’ and form part of this report.
JAWAHAR LAL OSWAL
In terms of section 197(14) of the Companies Act, PLACE : LUDHIANA (CHAIRMAN)
2013, the Company does not have any Holding DATED : 13TH AUGUST, 2019 DIN:00463866
Company. However, the details regarding
remuneration received by Executive Director is also
given in ‘Annexure III’ and form part of this report
During the year under review, No employee of the
Company was in receipt of remuneration exceeding
the limits as provided under Rule 5(2) of the
18
Annexure- I
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

1. A brief outline of the Company's CSR policy, including overview of projects or programs proposed to be
undertaken and a reference to the web-link to the CSR policy and projects or programs.
Pursuant to the provisions of Section 135 of the Companies Act, 2013 read with Companies (Corporate Social
Responsibility Policy) Rules, 2014, the CSR Committee framed the Corporate Social Responsibility Policy (CSR
Policy) and the same was adopted by the Board of Directors on 11th August, 2014. As per policy, Company is
undertaking CSR activities in collaboration with group companies under one umbrella i.e. through Oswal Foundation,
which is a Registered Society formed in 2006, having its charitable objects in various fields. The CSR policy is also
available on the Company's website at the link: http://owmnahar.com/nahar_ polyfilm/pdf/scan0003.pdf
2. Composition of the CSR Committee: Pursuant to the provisions of Section 135 of the Companies Act, 2013, the
Company has also constituted Corporate Social Responsibility Committee comprising of three Directors namely:
Name of Director Status
Mr. Dinesh Oswal, Director Chairman
Mr. S. K. Singla, Independent Director Member
Mr. Dinesh Gogna, Director Member
3. Average net profit of the Company for last three financial years: Rs. 1087.57 Lacs
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above): Rs. 21.75 Lacs
5. Details of CSR spend for the financial year:
(a) Total amount spent for the financial year: 21.75 Lacs
(b) Amount unspent, if any: Nil
(c) Manner in which the amount spent during the financial year :
During the year under review, the company contributed an amount of Rs. 21.75 Lacs for financial year 2018-19 to
Oswal Foundation for undertaking CSR projects as approved by the company's CSR committee. The company
contributed in collaboration with Group Companies under one umbrella i.e. through Oswal Foundation, which is a
Registered Society formed in 2006, having its charitable objects in various fields.
Further, a CSR reserve of Rs. 38.47 Lacs was created in preceding financial years for the unspent amount on CSR
activities upto the financial year 2017-18. Out of which, the company contributed in the year 2018-19, the amount of
Rs. 38.12 Lacs which includes Rs. 16.63 Lacs for financial year 2016-17 and Rs 21.49 Lacs for the financial year 2017-
18, to Oswal Foundation for the purpose of undertaking the CSR activities as approved by the company's CSR
committee. Besides, the company made a donation of Rs. 0.35 lacs in favour of Utkarsh Star Mitra Mandal (N.G.O.) for
Environmental Awareness Campaign titled 'SAY NO TO PLASTIC BAGS' for the financial year 2017 -18. Hence,
There is no outstanding amount in CSR reserve as on 31st March, 2019.
We would also like to update the information as under:
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. No. CSR Project Sector in Projects or programs Amount Amount spent to Cumulative Amount Spent
or activity which the 1) Local area or other outlay(budget) the projects or expenditure Direct or
identified Project is 2) Specify the State project or programs Subheads: upto the through
covered and District where programs (1) Direct expenditure reporting implementing
project (or programs wise on projects or period agency
was undertaken programs
(2) Overheads:
-- -- -- -- -- -- --
6. Reasons for not spending the two percent of the average net profits of the last three financial years:
Not Appilcable
7. A responsibility statement of the CSR Committee: The members of the CSR Committee hereby states that the
implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company.
Sd/-
PLACE: LUDHIANA DINESH OSWAL
DATE : 13TH AUGUST, 2019 DIRECTOR/ CHAIRMAN (CSR COMMITTEE)
DIN : 00607290
19
Annexure-II
Form No. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2019
[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,
Nahar Poly Films Ltd.
376, Industrial Area A,
Ludhiana Punjab-141003
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by M/s Nahar Poly Films Ltd (hereinafter called the company). Secretarial Audit was conducted in a
manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing
my opinion thereon.
Based on my verification of the books, papers, minute books, forms and returns filed and other records maintained by the
company and also the information provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, I hereby report that in my opinion, the company has, during the audit period covering the
financial year 1st April, 2018 to 31st March, 2019 complied with the statutory provisions listed hereunder and also that the
Company has proper Board-processes and compliance-mechanism in place to the extent in the manner and subject to the
reporting made hereinafter:
1. I have examined the books, papers, minute books, forms and returns filed and other records maintained by M/s Nahar
Poly Films Ltd ("The Company") for the financial year ended on 31st March, 2019 according to the provisions of:
I. The Companies Act, 2013 (the Act) and the rules made thereunder;
II. The Securities Contracts (Regulation) Act, 1956 (‘SCRA') and the rules made thereunder;
III. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
IV. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
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) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018;
(Not Applicable as the Company has not issued any shares during the year under review)
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
(Not Applicable as the Company has not issued any shares/options to directors/ employees under the said
guidelines/regulations during the year under review)
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(Not Applicable as the Company has not issued Debt Securities during the Audit Period under review)
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client;
(Not Applicable as the Company is not registered as Registrar to Issue and Share Transfer Agent during
the financial Year under review)
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
(Not applicable to the Company during the Audit period as there was no event in this regard)
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.
(Not applicable as the Company has not bought back/propose to buy-back any of its securities during the
financial year under review)
VI The Company has informed that there are no Sector Specific laws which are applicable to the Company.
I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India (ICSI).
(ii) The SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
20
I Report that during the period under review the Company has complied with the provisions of the Acts, Rules,
Regulations, Guidelines, Standards, etc. mentioned above.
2. I 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
Adequate
= notices are given to all directors to schedule the Board Meetings, Agenda and detailed notes on agenda
were sent at least seven days in advance, and a system exists for seeking and obtaining further information and
clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
All decisions
= at Board Meetings and Committee Meetings have been carried out unanimously as recorded in the
minutes of the meetings of Board of Directors and Committee of the Board, as case may be.
I further report that based on the information received and records maintained there are adequate systems and processes
in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with
applicable laws, rules, regulations and guidelines.
For P S Bathla & Associates
Parminder Singh Bathla
Place: Ludhiana Company Secretary
Date : 13th August, 2019 FCS No. 4391
C.P No. 2585
SCO-6, Feroze Gandhi Market
Ludhiana
Note: This Report is to be read with my Letter of even date which is annexed as Annexure A and forms an integral
part of this report.
‘Annexure A'
To
The Members,
Nahar Poly Films Limited
376, Industrial Area A
Ludhiana, Punjab- 141003
My report of even date is to be read along with this letter.
1. Maintenance of Secretarial record is the responsibility of the management of the Company. My responsibility is to
express an opinion on these secretarial records based on my audit.
2. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct
facts are reflected in secretarial records. I believe that the processes and practices, I followed, provide a reasonable
basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, I have obtained the Management representation about the Compliance of laws, rules and
regulations and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, Rules, Regulations, standards is the
responsibility of management. My examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
For P S Bathla & Associates

Parminder Singh Bathla
Place: Ludhiana Company Secretary
Date : 13th August, 2019 FCS No. 4391
C.P No. 2585
SCO-6, Feroze Gandhi Market
Ludhiana
21
Annexure-III
A. DETAILS PERTAINING TO REMUNERATION AS ii) The median remuneration of employees of the
REQUIRED UNDER SECTION 197(12) OF THE company during the financial year 2018-19 was
Rs. 236260/-.
COMPANIES ACT, 2013 READ WITH RULE 5(1) OF
iii) In the financial year, there was an increase of 5.18% in
T H E C O M PA N I E S ( A P P O I N T M E N T A N D
the median remuneration of employees.
REMUNERATION OF MANAGERIAL PERSONNEL )
iv) There were 181 permanent employees on the rolls of
RULES, 2014
company as on 31st March, 2019.
(i) The percentage increase in remuneration of each v) Average percentage increase made in the salaries of
Director, Chief Financial Officer and Company Secretary employees other than the managerial personnel in the
during the financial year 2018-19, ratio of the last financial year 2018-19 was 8.43% whereas
remuneration of each Director to the median average percentage increase in the managerial
remuneration of the employees of the Company for the remuneration in the last financial year 2018-19 was
financial year 2018-19 and the comparison of 12.47%.
remuneration of each Key Managerial Personnel (KMP) vi) It is hereby affirmed that the remuneration paid is as
against the performance of the Company are as under: per the Appointment and Remuneration Policy of the
Company for Directors, Key Managerial Personnel
and other Employees.
B. DETAILS OF TOP TEN EMPLOYEES OF THE
COMPANY IN TERMS OF SALARY DRAWN AS
REQUIRED UNDER RULE 5(2) OF THE
C O M PA N I E S ( A P P O I N T M E N T A N D
REMUNERATION OF MANAGERIAL PERSONNEL)
RULES, 2014:
FOR AND ON BEHALF OF THE BOARD
*Except Sh. S.K. Sharma, Executive Director of the JAWAHAR LAL OSWAL
Company, all other directors are paid only sitting fees for PLACE: LUDHIANA (CHAIRMAN)
attending the Board Meeting. DATED: 13TH AUGUST, 2019 DIN: 00463866
22
Annexure-IV
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO
(Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014)
A. CONSERVATION OF ENERGY B. TECHNOLOGY ABSORPTION

(i) Measures taken for conservation of energy: The Company continues to make efforts for
The growth of the industry and its rapid technology Absorption in its unit. The efforts made
industrialization is putting tremendous pressure on by the Company are summarized as
the available energy resources. As such the need under:
= Efforts made towards Technology Absorption:
of the hour is to conserve energy and maximize
The company has imported the latest ultra modern
output. Energy conservation is an ongoing process machinery from Bruckner, Germany. It is expected
in our organization and the Company has taken that with the latest technology, company will be
following steps for the same: able to produce quality products at lowest cost of
1. The factory building has been designed to make production.
use of natural lighting for the day time operation = Benefits derived as result of above efforts:
which will save energy. With the above measures, company shall enjoy
2. The company has imported state of the art the benefit of improved quality, productivity &
manufacturing facility from Bruckner of Germany. saving in manufacturing costs.
= Information regarding Technology imported
These machines consumes low energy and will
during the last three years:
save considerably in terms of electricity Detail of Technology imported : NIL
consumption. Year of import : NA
3. All the drives for main equipments of the plant are Whether the technology has been fully
direct drives without gear boxes which reduces the absorbed: : NA
power transmission losses. If not fully absorbed, areas where absorption has
4. The Company has started using PET coke thermic not taken place, and the reasons thereof : NA
fluid heater which will reduce the energy cost as = Expenditure on R & D:
compared to present furnace oil thermic fluid Capital(Rs.) : NIL
heater. Besides this the Company has also used Recurring (Rs.) : NIL
Total(Rs.) : NIL
Lime Powder Hydrauted 80%, Lime Stone - 25 To
C. FOREIGN EXCHANGE EARNINGS AND
40 MM, Pet Coke, Ultra Low Sulphur diesel as fuel
OUTGO
as per detail given below: (I) Activities relating to Exports, initiative taken to
ITEM QTY. AMOUNT increase exports, Development of New Export
LIME POWDER - 16100.00 82793.25
HYDRAUTED 80%
Market for products and export plans: During the
LIME STONE - 25 to 40 MM 15500.00 44743.87 financial year 2018-19 the Company was able to
PET COKE 1282.21 15575887.68 retain its old customers. At present the Company is
ULTRA LOW SULPHUR 2848.00 201692.88
exporting its products to Nigeria, United Kingdom,
DIESEL
United Arab Emirates, Bangladesh, Turkey,
(ii) Steps taken by the Company for utilizing Oman, Tanzania, Nepal, and Slovak Republic etc.
alternate sources of energy: (II) Total Foreign Exchange used and earned
? The Company has installed Close Loop Cooling
(in Rs.)
Tower (CLCT EQUIPMENT) in the year 2017-18
Current Year Previous Year
for saving of power energy. Due to the installation,
2018-19 2017-18
the company will save 1323700 units every year.
Foreign Exchange outgo 143867175 119678408
The company has installed LED light of 45 watt
?
in plant instead of HI bay fitting of 250 watt. By Foreign Exchange earned 28655739 21019801
this initiative, the company saved approx 37500
units in the year 2018-19. FOR AND ON BEHALF OF THE BOARD
(iii) T h e C a p i t a l i n v e s t m e n t o n e n e r g y JAWAHAR LAL OSWAL
conservation equipments: NIL PLACE: LUDHIANA (CHAIRMAN)
DATED: 13TH AUGUST, 2019 DIN: 00463866
23
Annexure-V
CORPORATE GOVERNANCE REPORT
I. COMPANY'S PHILOSOPHY ON CORPORATE Executive Chairman. He is also one of the
GOVERNANCE promoters of the Company. Accordingly, in
compliance with Regulation 17(1)(b) of SEBI
Your company continues to practice the principle of (Listing Obligations and Disclosure
good Corporate Governance. It is company's firm Requirements) Regulations, 2015, the
belief that good Corporate Governance is a key to Company's Board consisting of half of the Board
success of business. The company's philosophy as Independent Non-Executive Directors namely:
envisages an attainment of highest level of the Dr. Amrik Singh Sohi, Dr. Inder Mohan Chhibba,
transparency and accountability in its operations Dr. Suresh Kumar Singla, , Dr. Yash Paul
so that company's goal of creation and Sachdeva, Dr. Vijay Asdhir and Dr. (Mrs.)
maximization of wealth of the shareholders could Manisha Gupta. Mr. Dinesh Oswal, Mr. Kamal
be achieved. Moreover Good Corporate Oswal, Mr. Dinesh Gogna and Mr. Komal Jain are
Governance practices ensure that Company gain
other Non-executive Directors of the Company.
as well retain the trust of Shareholders. The SEBI
Dr. (Mrs.) Manisha Gupta is an Independent
(Listing Obligations and Disclosure Requirements)
Woman Director of the Company. Thus, the
Regulations, 2015 (hereinafter referred to as "SEBI
Company has complied with the Regulation 17 of
LODR Regulations, 2015") incorporate certain
mandatory disclosure requirements which shall be
Requirements) Regulations, 2015.
made with regard to Corporate Governance (Part C
of Schedule V). Further, the SEBI vide its circular b. Board Meetings held and dates on which held:
dated 9th May, 2018 has amended few Regulations As per the provisions of Section 173 of the
of SEBI LODR Regulations, 2015, through SEBI Companies Act, 2013 and the rules made
LODR (Amendment) Regulations, 2018, which are thereunder, read with SEBI (Listing Obligations
applicable as specifically provided in these and Disclosure Requirements) Regulations,
Regulations (SEBI LODR (Amendment) 2015, every company is required to hold
Regulations, 2018) and they shall come into force minimum number of four meetings of its Board of
w.e.f. 1st April, 2019. Accordingly, we are pleased to Directors every year in such a manner that not
report on the corporate governance as hereunder:- more than one hundred and twenty days shall
II. BOARD OF DIRECTORS intervene between two consecutive meetings of
the Board. We are pleased to report that the
a. Board Composition: Company held Four Board Meetings during the
Your Management believe that well informed and year. i.e. on 30th May, 2018, 6th August, 2018, 12th
Independent Board is necessary to ensure high November, 2018 and 11th February, 2019 with a
standard of Corporate Governance. The clearly defined agenda and has thus, complied
Regulation 17 of SEBI (Listing Obligations and with the said provisions of the Act. The agenda
Disclosure Requirements) Regulations, 2015 along with the explanatory notes were circulated
prescribe that the Board of the Company should to the directors well in advance. Every Board
have the optimum combination of executive and member could suggest the inclusion of additional
non-executive directors with at least one woman items in the agenda. All the Directors striven to be
director. Provided where the regular non-executive present at the Board Meetings.
Chairperson is promoter of the listed entity or is
related to any promoter then at least half of the The last Annual General Meeting held on 28th
Board of Directors shall consist of Independent September, 2018 for the Financial Year 2017-18.
Directors. c. Details of Attendance of Directors at the Board
We are pleased to inform that Company's Board is Meetings and Last Annual General Meeting:
an optimal mix of Executive, Non-Executive and The participation of Non-Executive Directors and
Independent Directors so as to maintain its Independent Directors has been active in the
independence in Governance and Management of Board Meetings. The Attendance record of
the Company. The present strength of the Board as directors in the Board Meeting and the last Annual
on 31st March, 2019 is 12 (Twelve) Directors. General Meeting held during the year 2018-19 is
Mr. Satish Kumar Sharma is Executive Director of given here under:
the Company. Mr. Jawahar Lal Oswal is Non-
24
Name of Category No. of No. of Committee No. of Last No. of Directorship in other Listed Entities
Directors Directorship position held in other Meetings AGM Shares
in other Public Public Companies attended Attended Held
Companies Member Chairman Name Category
Mr. Jawahar Non-Executive 9 -- -- 4 No -- 1. Nahar Industrial Director
Lal Oswal Promoter Enterprises Limited
2.Nahar Spinning Mills Ltd.
3.Nahar Capital and
Financial Services Limited
4.Monte Carlo Fashions
Limited
Mr. Dinesh Non-Executive 9 -- -- 4 Yes 105273 1 Nahar Industrial Director
Oswal Promoter Enterprises Limited
3.Nahar Capital and
Mr. Kamal Non-Executive 9 1 0 4 Yes 31500 1. Nahar Industrial Director
Oswal Promoter Enterprises Limited
3.Oswal Leasing Limited
4.Nahar Capital and
Mr. Satish Executive 2 2 1 4 Yes -- 1.Nahar Spinning Mills Ltd. Director
Kumar Sharma 2.Nahar Capital and
Mr. Dinesh Non-Executive 9 4 2 4 Yes 2127 1.Nahar Spinning Mills Ltd. Director
Gogna 2.Nahar Capital and
Financial Services Ltd.
3. Nahar Industrial
Enterprises Limited
4.Monte Carlo Fashions Ltd.
5.Oswal Leasing Limited
Mr. Komal Jain Non-Executive 8 -- -- 4 Yes -- --
Dr. Amrik Singh Non-Executive 4 1 1 3 Yes -- 1.Nahar Industrial Independent
Sohi Independent Enterprises Limited Director
3.Nahar Capital and
4.Monte Carlo Fashions Ltd
Dr Inder Mohan Non-Executive -- -- -- 4 Yes -- --
Chhibba Independent
Dr. Suresh Non-Executive 5 4 2 2 Yes -- 1.Nahar Industrial Independent
Kumar Singla Independent Enterprises Limited Director
3. Nahar Capital and
Dr. Yash Paul Non-Executive 1 1 -- 4 No -- -- --

Sachdeva Independent
Dr. Vijay Asdhir Non-Executive 3 1 3 4 Yes -- 1. Nahar Industrial Independent
Independent Enterprises Limited Director
3. Nahar Capital and
Financial Services Ltd
Dr. (Mrs.) Non-Executive 4 2 0 4 No -- 1.Nahar Spinning Mills Ltd. Independent
Manisha Gupta Independent 2. Nahar Capital and Director
25
d. Number of other Board of Directors or Sr. No. Core skills/expertise/competencies

Committees in which Directors are member 1. Leadership skills
or chairperson: 2. Industry knowledge and experience
The information regarding other Board of 3. Managerial and entrepreneurial skills
Directors or Committees in which Directors are 4. Experience and exposure in policy shaping and
member or chairperson as on 31st March, 2019 is industry promotion
already given in the table at Para C above. None 5. Understanding of relevant laws, rules,
of the Director holds Directorship in more than regulations and policies
twenty Companies and a Director of more than 6. Corporate Governance
ten public companies as prescribed under 7. Financial expertise
Section 165(1) of the Companies Act, 2013. The 8. Risk Management
number of Committees in which a Director can 9. Information Technology
be a member or chairperson are as per the limit
specified in Regulation 26(1) of SEBI (Listing i. Separate Meeting of Independent Directors:
Obligations and Disclosure Requirements) Pursuant to the provisions of the Companies Act,
Regulations, 2015. 2013 and the rules made thereunder the
e. Disclosure of relationship between directors Independent Directors are required to hold atleast
inter-se: one meeting in a year without the attendance of
Mr. Jawahar Lal Oswal is the father of Mr. Kamal Non-Independent Directors and members of
Oswal and Mr. Dinesh Oswal. Mr. Kamal Oswal Management. We are pleased to report that the
and Mr. Dinesh Oswal are brothers. No other Company's Independent Directors met on 30th
director is related to any other Director of the November, 2018, without the attendance of Non-
Company within the meaning of Section 2(77) of Independent Directors and members of
the Companies Act, 2013. Management. All the Independent Directors were
present at the meeting. At the Meeting, they -
f. No. of Shares or Convertible Instruments
a. Reviewed the performance of non-independent
held by non-executive directors: directors and the Board as a whole;
Mr. Dinesh Oswal and Mr. Kamal Oswal are b. Reviewed the performance of the Chairman of the
Non-Executive Promoter Directors and they are Company, taking into account the views of
holding 105273 and 31500 equity shares of Rs. Executive Director and Non-Executive Directors;
5/- each of the company respectively. Mr. Dinesh c. Assessed the quality, quantity and timeliness of
Gogna is a Non- Executive Director holding flow of information between the Company's
2127 equity shares of Rs. 5/- each of the management and the Board which is necessary for
company. None of the other Non-Executive the Board to effectively and reasonably perform
Director is holding any share or convertible their duties.
instruments issued by the Company. III. BOARD COMMITTEES
g. Web link of Familiarization Programs: The Board has constituted Audit committee,
The details of Company's Policy on Nomination and Remuneration committee,
Familiarization Programs for Independent Stakeholder Relationship committee, which helps
Directors are posted on the website of the the Board in good corporate governance.
Company and can be accessed at Normally all the committees meet four times in a
http://owmnahar.com/nahar_polyfilm/pdf/Famili year. The recommendation of the Committees
arization-Program.pdf submitted to the Board for their approval.
h. Board-skills/expertise/competencies: 1. AUDIT COMMITTEE
Pursuant to Regulation 34(3) read with a. Brief Description of Terms of Reference:
Schedule V Part (C) (2)(h) of Listing The Board has constituted an independent and
Regulations, the Board of Directors has qualified Audit Committee. The term of reference
identified the following the requisite of the Audit Committee is as per Part C of
skills/expertise and competencies as required in Schedule II of the SEBI (Listing Obligations and
the context of Company's business and sector to Disclosure Requirements) Regulations, 2015 and
function effectively and which are currently Section 177(4) of the Companies Act, 2013.
available with the Board:
26
b. Composition: Mr. S.K.Singla, Chairman of the Audit Committee

The Audit Committee is comprised of three Non- attended the last Annual General Meeting of the
Executive Directors under the chairmanship of company held on 28th September, 2018 and
Dr. S. K. Singla, who is an Independent Director. replied/clarified the queries raised at the Annual
Mr. Dinesh Gogna, a Non-Executive Director and General Meeting.
Dr Vijay Asdhir, an Independent Director are the 2. NOMINATION & REMUNERATION COMMITTEE
two other members of the Audit Committee. Dr. a. Brief Description of Terms of Reference:
S.K. Singla is a retired Prof.-cum-Head of
Department of Business Management, Punjab
Companies Act, 2013 and Regulation 19 of the
Agricultural University, Ludhiana. He is having
33 years of experience in teaching Finance and
Requirements) Regulations, 2015 read with
Management and at present he is working as a
director in Guru Nanak Auto Institute of
Requirements) (Amendment) Regulations,
Management and Technology. Mr. Dinesh
2018, the Board constituted the Nomination and
Gogna is also a senior corporate executive
Remuneration Committee. The broad term of
having 39 years of experience in Corporate
reference of the Nomination and Remuneration
Finance, taxation, Financial and Accounting
Committee is as per the requirements of Part D
matters. Likewise Dr Vijay Asdhir who is Post
of Schedule II of SEBI (Listing Obligations and
Graduate in Commerce, and having 37 years of
Disclosure Requirements) Regulations, 2015
experience in Teaching and Administration and
read with Section 178 of the Companies Act,
at present he is working as Director in the Khalsa
2013. The Committee identifies the persons
Institute of Management, Ludhiana. Mrs. Nidhi
who are suitable and qualified enough to
Khande is the Secretary of the Committee for the
become directors and who may be appointed in
financial year 2018-19. Mr. Rakesh Kumar Jain is
the Senior Management category in accordance
Chief Financial Officer of the Company a
with the criteria laid down / approved by the
permanent invitee of the Committee. The
Board and recommend to the Board their
statutory Auditors, internal auditors and Cost
appointment & removal. It carries out the
Auditors are also invited to attend the meetings,
evaluation of every director's performance. The
as and when felt necessary and as per relevant
Committee also ensures that the Company's
provisions of the applicable laws/rules.
remuneration policies, in respect of Executive
The Audit Committee helps the board in Director, Key Managerial Personnel, Senior
monitoring Company's financial reporting Executives and others are competitive so as to
process and ensures timely and accurate recruit and retain best talent in the company. It
disclosure. The committee also oversees the also ensures that appropriate disclosure of
work of internal and statutory auditors. remuneration paid to the Directors, Executive
c. Meetings and Attendance Director, KMP and Senior Executives are made
During the financial year 2018-19, the committee as per the applicable provisions of the
met four times i.e. on 30th May, 2018, 6th August, Companies Act, 2013. It also devises a policy on
2018, 12th November, 2018 and 11th February, "Diversity of Board of Directors".
2019 for reviewing and adopting the quarterly b. Composition:
Audited / Un-audited financial results before The Nomination and Remuneration committee
recommending the same to the Board of comprised of three Non-Executive directors
Directors for their perusal and adoption. under the chairmanship of Dr. S. K. Singla who
The attendance record of the Audit Committee is an Independent Director. Mr. Komal Jain, a
members at the meetings during the year 2018- Non-Executive Director and Dr. (Mrs.) Manisha
19 is as under:- Gupta, an Independent Director are the two
Name of the No.of No. of other members of the committee.
Member meetings held meetings attended c. Meetings and Attendance:
Dr. S.K. Singla 4 2 The Nomination and Remuneration Committee
Dr. Vijay Asdhir 4 4 met twice during the year i.e. on 29th May, 2018
Mr. Dinesh Gogna 4 4 and 6th August, 2018. The attendance record of
27
the Members at the meetings held during the (iii) Disclosures with respect to remuneration:
year 2018-19 is as follow:- All the non-executive directors of the Company
Name of the No. of No. of are paid sitting fees for attending Board Meeting.
Member meetings held meeting attended Mr. Satish Kumar Sharma being the Executive
Dr. S.K. Singla 2 0 Director of the Company has been paid
Dr. Manisha Gupta 2 2 remuneration pursuant to the provisions of
Mr. Komal Jain 2 2
Section 197 read with Schedule V of the
Companies Act, 2013. The disclosure in respect
d. Performance Evaluation Criteria for
of remuneration paid to Mr. Satish Kumar
Independent Directors:
Sharma is as detailed below:
The performance evaluation criteria for
Independent Directors are determined by the (iv) Elements of remuneration package
Nomination and Remuneration Committee. An The elements of remuneration package paid to
indicative list of parameters for evaluation Mr. Satish Kumar Sharma, Executive Director of
includes education, knowledge, experience, the Company during the year 2018-19 is as
expertise, skills, behavior, leadership qualities, follows:
level of engagement and contribution, Name of the Salary Benefits Bonus Stock Pension Total
Director Options
independence of judgement, ability to Mr. Satish 24,60,925 -- -- -- -- 24,60,925
communicate effectively with other board Kumar Sharma
members and Management, effective decision
making ability for safeguarding the interest of the (v) D e t a i l s o f f i x e d c o m p o n e n t s a n d
Company, stakeholders and its shareholders. performance linked incentives, along with
e. Remuneration of Directors performance criteria: The remuneration of
(i) Pecuniary relationship or transactions of the Executive Director of the Company comprises of
Non-executive Directors vis-à-vis the fixed component only i.e. salary, perquisites and
Company: retirement benefits. He is not entitled to any
None of the Non-Executive Director has any performance linked incentives. The
pecuniary relationships or transactions vis-à-vis remuneration of Executive Director is
the Company. recommended by the Nomination and
(ii) Criteria of making payment to Non-executive Remuneration Committee and approved by
Directors: Board of Directors and shareholders of the
The Non-Executive Directors are paid Company.
remuneration in the form of sitting fee of (vi) Service contracts, Notice period and
Rs. 10,000/- per meeting for attending the Severance fees
Board Meeting of the Company. The detail of The tenure of office of Executive Director is for
sitting fee paid to Non executive Directors are three years from the respective date of
during the year 2018-19 is as follows: appointment and can be terminated by either
party by giving one month notice in writing.
Name of Director Sitting Fee (Rs.) There is no separate provision for payment of
Mr. Jawahar Lal Oswal 40000 severance fees.
Mr. Dinesh Oswal 40000 (vii) Stock option details
Mr. Kamal Oswal 40000 None of the Non-Executive Director has been
Mr. Dinesh Gogna 40000 granted any stock option by the Company.
Mr. Komal Jain 40000 3. STAKEHOLDERS RELATIONSHIP COMM ITTEE
Dr. Amrik Singh Sohi 30000
a. Brief Description of Terms of Reference:
Dr Inder Mohan Chhibba 40000
Dr. Suresh Kumar Singla 20000 Companies Act, 2013 and Regulation 20 of the
Dr. Yash Paul Sachdeva 40000 SEBI LODR Regulations, 2015, the Board has
Dr. Vijay Asdhir 40000 constituted the Stakeholders' Relationship
Dr. (Mrs.) Manisha Gupta 40000 Committee. The Committee looks into the
TOTAL 4,10,000 complaints/grievances of shareholders in
28
respect of transfer/transmission of shares, Non No. of complaints received during the year: 07
receipt of Dividend, Share Certificates, and No. of complaints resolved during the year: 07
Annual Reports etc. and recommends No. not solved to the satisfaction of shareholder:NIL
measures for improving the quality of investor No. of complaints pending as on 31st March, 2019:
service. The Committee also oversees the NIL
performance of M/s Alankit Assignments Ltd. f. Dedicated e-mail for Investor Grievance: To
the Registrar and Transfer Agent of the enable investors to register their grievances, the
Company. The main objective of the committee Company has designated an exclusive E-mail
is to assist the Board and Company in ID. i.e. gredressalnpfl@owmnahar. com.
maintaining healthier relationship with all 4. SHARE TRANSFER COMMITTEE
stakeholders. The company has also constituted a share
b. Composition: transfer committee comprising of 4 members
The Stakeholders' Relationship Committee under the Chairmanship of Mr. Dinesh Oswal,
comprised of three Non-Executive directors Director of the Company. Mr. Dinesh Gogna and
under the Chairmanship of Dr. (Mrs.) Manisha Mr. Komal Jain, Directors of the Company and
Gupta, who is Woman Independent Director. Mr. Mrs Nidhi Khande, Company Secretary of the
Komal Jain, a Non-Executive Director and Company are the members of the committee for
Dr. A. S. Sohi, an Independent Director are the financial year 2018-19. The committee is
thetwo other members of the Committee. responsible for approving the transfer and
c. Meetings and Attendance transmission of securities, dematerialization of
The Committee met four times during the year. shares, issuance of duplicate share certificates
i.e. on 29th May, 2018, 6th August, 2018, 12th and other shareholders related issues. The
November, 2018 and 11th February, 2019. The committee met twenty four times during the
attendance record of members at the meetings period April, 2018 to March, 2019 i.e. 16th April,
held during the year 2018-19 is as follow:- 2018, 30th April, 2018, 15th May, 2018, 31st May,
2018, 15th June, 2018, 30th June, 2018, 16th July,
Name of the No. of No. of meetings
Member meetings held attended 2018, 31st July, 2018, 16th August, 2018, 31st
Dr. Manisha Gupta 4 4 August, 2018, 11th September, 2018, 29th
Mr. Komal Jain 4 3 September, 2018, 15th October, 2018, 31st
Dr. A. S. Sohi 4 3 October, 2018, 12th November, 2018, 30th
November, 2018, 15th December, 2018, 31st
d. Name and Designation of Compliance December, 2018, 15th January, 2019, 31st
Officer January, 2019, 15th February, 2019, 28th
During the financial year 2018-19, Mrs. Nidhi February, 2019, 15th March, 2019 and 30th
Khande was the Compliance Officer of the March, 2019. The attendance of the members is
Company. She resigned from the designation of as follows:-
company secretary & Compliance Officer w.e.f. Name of the No.of No. of meetings
30th May, 2019. Ms. Bhoomika, Company Member meetings held attended
Secretary is the Compliance Officer of the Mr. Dinesh Oswal 24 23
Company w.e.f. 30th May, 2019. Mr. Dinesh Gogna 24 24
Mr. Komal Jain 24 24
e. Details of Investors' complaints received/ Mrs. Nidhi Khande 24 24
resolved/not solved to the satisfaction of
Pursuant to Section 124(6) of the Companies
shareholders/ pending:
Act, 2013 read with Rule 6 of Investor Education
The Company has been quick in redressal of the and Protection Fund Authority (Accounting,
grievances of the shareholders and has Audit, Transfer and Refund) Rules, 2016, as
attended to most of the investors amended from time to time, the Company has
correspondence/grievances with in a period of 7 transferred all the Shares (in respect of which
to 10 days from the date of the receipt of the dividend remain unpaid / unclaimed for a period
same. The details of Investors' complaints of seven consecutive years) to the demat
received/resolved/not solved to the satisfaction account of IEPF Authority as per applicable
of shareholders/pending is given herebelow: Rules. Details of shares transferred to the IEPF
Authority are available on the Company's
website and can be accessed through the link:
29
http://owmnahar.com/nahar_polyfilm/Transfer- b. Meetings and Attendance

of-Equity-Shares-to-IEPF.php. The said details During the year under review, the Committee
have also been uploaded on the website of the met twice i.e. on 6th August, 2018 and 29th March,
IEPF Authority. 2019. The attendance record of members at the
The Shareholders can claim their subject meeting held during the year 2018-19 is as
shares/dividend by making an application to the follow:-
IEPF Authority in e-Form IEPF 5 as per Name of Member No. of Meetings No. of Meetings
procedure provided under Rule 7 of the IEPF Held Attended
Rules. The Shareholders can also view the Mr. Dinesh Oswal 2 2
Dr. S.K. Singla 2 1
procedure at www.iepf.gov.in.
Mr. Dinesh Gogna 2 2
As per SEBI circular no. D&CC/FITTC/CIR-
15/2002 dated 27th December, 2002, the The CSR report, as required under the Act for
company has appointed M/s. Alankit the year ended 31st March, 2019 is attached
Assignments Ltd, as Registrar for Share as ‘Annexure I' to the Director's Report.
Transfer and Electronic Connectivity. 6. RISK MANAGEMENT COMMITTEE:
Accordingly all the shareholders, investors, As per the provisions of Regulation 21 of SEBI
members of stock exchanges, Depository (Listing Obligations and Disclosure Require
Participants and all other concerned are ments) Regulations, 2015, Top 500 listed
requested to send all communication in respect entities, determined on the basis of market
of share transfer, Demat, Remat, Change of capitalization as at the end of immediate
Address etc. to our Registrar, whose address previous financial year shall constitute a Risk
and telephone no. etc. have already been Management Committee. We would like to
mentioned in Director's Report. inform you that the Company does not fall under
5. CORPORATE SOCIAL RESPONSIBILITY the said category. Accordingly, the Regulation 21
COMMITTEE is not applicable to the company. However, no
The Board constituted the Corporate Social business is free from Normal Business Risks i.e.
Responsibility Committee as per the provisions financial risk, Exchange risk, Cotton prices risk,
of Section 135 of the Companies Act 2013, read Policy risk, Global risk etc. The Audit Committee
with Companies (corporate Social through its risk policies takes care of the risks so
Responsibility policy) Rules, 2014. The that the company could face the challenges and
Committee formulated and recommended risk associated with the Business successfully
company's CSR policy to the Board which was and become a Global competitive company.
approved and adopted by the Board of IV. GENERAL BODY MEETINGS
Directors. The Company's CSR policy is also a. The details of the last three Annual General
available on Company's website www.owm Meetings are as under:-
nahar.com. As per policy, company is Financial Year Location Date Time
undertaking CSR activities in collaboration with 2015-2016 Premises Nahar Industrial 30.09.2016 02:00 pm
group Companies under one umbrella i.e. Enterprises Ltd.
through Oswal Foundation which is a 2016-2017 Premises Nahar Industrial 26.09.2017 12:30 pm
Registered Society formed in 2006. The Enterprises Ltd.
Committee oversees and monitors the activities 2017-2018 Premises Nahar Industrial 28.09.2018 12:30 pm
/programmes/projects undertaken by Oswal Enterprises Ltd.
foundation.
b. Whether any Special Resolutions passed in
a. Composition the previous three Annual General
The CSR Committee comprises of three Meetings:
Directors under the chairmanship of Mr. Dinesh
2015-16 1.To Re-appoint Mr. Satish Kumar Sharma, as Executive
Oswal, Director of the Company. Dr. S.K. Singla, Director of the Company for a period of three years w.e.f.
Independent Director and Mr. Dinesh Gogna, 1st August, 2017 to 31st July, 2020.
Non-executive Director are other two members 2016-17 1.To Re-appoint Dr. Amrik Singh Sohi, as an Independent
of the Committee. There has been no change in Director of the Company to hold office for 5 consecutive
years.
the composition of the committee during the 2.To Re-appoint Dr. Suresh Kumar Singla, as an
year. Independent Director of the Company to hold office for 5
consecutive years.
30
3.To Re-appoint Dr. Yash Paul Sachdeva, as an Independent Cash Flow Statement, Corporate Governance
Director of the Company to hold office for 5 consecutive
years. Report, Report on Management Discussion and
4.To Re-appoint Dr. Vijay Asdhir, as an Independent Director Analysis and Shareholding Pattern etc. can also
of the Company to hold office for 5 consecutive years.
be retrieved by the investors from the website of
2017-18 1.To approve continuation of holding of office as non-
executive director by Mr. Jawahar lal oswal (din: 00463866), the Company, BSE Limited and National Stock
upon attaining the age of 75 years. Exchange of India Limited.
d. Whether it also displays official news
c. Whether any Special Resolution passed last releases:
year through postal ballot: No special Whenever any official news is released, the same
resolution was passed during the financial year is also displayed on the Company's website i.e.
ended 31st March, 2019 through postal ballot. www.owmnahar.com.
d. Person who conducted the postal ballot e. Presentations made to institutional investors
exercise: Not applicable as no special resolution or to the analysts:
was passed during the financial year ended 31st
Whenever any presentation about Company's
March, 2019 through postal ballot.
working is made to the Financial Institutional
e. Whether any special resolution is proposed Investors or to the Analyst, the same is displayed
to be conducted through postal ballot: on the Company's Website i.e. www. owmnahar.
Presently, no Special Resolution is proposed to com.
be conducted through postal ballot. VI. GENERAL SHAREHOLDERS INFORMATION
f. Procedure for postal ballot. a. Annual General Meeting
Not applicable, whenever any special resolution Date : 30th September, 2019
will be conducted through postal ballot, the Day : Monday
procedure for postal ballot shall be as per the Time : 12.30 P.M.
applicable provisions of Companies Act, 2013 Venue : Premises of M/s Nahar
read with SEBI (Listing Obligations and Industrial Enterprises
Disclosure Requirements) Regulations, 2015. Limited, Focal Point, Ludhiana
V. MEANS OF COMMUNICATION b. Financial Year: The Financial year of the
a. Quarterly Results: company comprises of twelve months starting
The Company's quarterly results in the format from 1st April of every year and ends at 31st March
prescribed by the SEBI (Listing Obligations and of next year. The current financial year of the
Disclosure Requirements) Regulations, 2015, company is from 1st April, 2018 to 31st March,
are approved and taken on record by the Board 2019.
within the prescribed period under the c. Dividend Payment : On or Before 10 th
Regulations and sent immediately to all Stock October, 2019
Exchanges on which the Company's shares are
d. Date of Book Closure : 14th September, 2019 to
listed.
1 7 t h S e p t e m b e r, 2 0 1 9 ( B o t h d a y s
b. Newspapers wherein results normally inclusive)
published:
e. Name and address of the Stock Exchanges at
The financial results of the Company are
which the securities of the Company are
published in leading News Paper(s) i.e. For
listed:
English language in Business Standard /
Financial Express and for vernacular language in The BSE Limited The National Stock Exchange of
25th Floor, P.J. Towers, India Limited
Dainik Jagran. Dalal Street, Exchange Plaza, 5th Floor,
c. Any website, where displayed: Bandra-Kurla Complex,
Bandra (E) Mumbai - 400 051
The Company's Quarterly, Half yearly and
Annual compliances / Results are displayed on The listing fees payable to BSE and NSE for
the website of the Company i.e.www.owm 2019-20 have been paid in full by the Company.
nahar.com. f. Stock Code : For trading at BSE: 523391
The Quarterly and Annual Financial Statement For trading at NSE:NAHARPOLY
along with the Balance Sheet, Profit & Loss g. Demat ISIN Number in NSDL and CDSL for
Account, Directors' Report, Auditors' Report, Equity Shares: ISIN Number INE308A01027
31
The Annual Custodian Fees for the Financial and BSE Sensex in percentage from April, 2018
Year 2019-20 have been paid to National to March, 2019 is as under:
Security Depository Limited (NSDL) and Central Financial year Share Price of the Company BSE Sensex
Depository Services (India) Limited (CDSL).
2018-19 Highest Lowest Closing %age Highest Lowest Closing %age
h. Dedicated e-mail for investor Grievances: (Rs) (Rs) (Rs) change (Rs) (Rs) (Rs) change
over over
To enable investors to register their grievances, last last
the Company has designated an exclusive e- moths moths
closing closing
mail id i.e. gredressalnpfl@owmnahar.com April, 2018 63.80 55.60 57.00 7.04 35213.30 32972.56 35160.36 6.65
May, 2018 57.40 46.00 49.20 -13.68 35993.53 34302.89 35322.38 0.46
i. Registration / updation of e-mail address June, 2018 50.45 38.30 43.00 -12.60 35877.41 34784.68 35423.48 0.29
The Ministry of Corporate Affairs vide Circular July, 2018 46.70 38.00 45.85 6.63 37644.59 35106.57 37606.58 6.16
August, 2018 52.50 44.25 47.10 2.73 38989.65 37128.99 38645.07 2.76
No.17/2011 dated 21.04.2011 and Circular No. September, 2018 49.05 39.00 39.65 -15.82 38934.35 35985.63 36227.14 -6.26
18/2011 dated 29.04.2011 has taken a "Green October, 2018 44.20 36.00 40.30 1.64 36616.64 33291.58 34442.05 -4.93
November, 2018 47.80 38.10 38.50 -4.47 36389.22 34303.38 36194.3 5.09
Initiative in the Corporate Governance" by December, 2018 40.35 37.00 38.10 -1.04 36554.99 34426.29 36068.33 -0.35
allowing paperless compliances by the January, 2019 43.90 35.80 37.30 -2.10 36701.03 35375.51 36256.69 0.52
February, 2019 40.00 33.65 36.85 -1.21 37172.18 35287.16 35867.44 -1.07
companies. The Companies can now send March, 2019 41.00 35.90 37.60 2.03 38748.54 35926.94 38672.91 7.82
various notices and documents, including Source: Data has been taken from the website of the BSE. The
Annual Report, to its shareholders via electronic Company does not have any other sources for verification of data.
mode to the registered e-mail addresses of l. In case the securities are suspended from
shareholders. To support this green initiative of trading, reason thereof: The Company's
the Government in full measure, shareholders securities have not been suspended from trading
are requested to register/update their latest e- during the year under review.
mail addresses with their Depository Participant m. Registrar to an issue and Share Transfer
(D.P.) with whom they are having Demat A/c or Agents:
send the same to the Company via e-mail at As per SEBI Circular No. D&CC/FITTC/CIR-
"secnel@owmnahar.com OR 15/2002 dated 27th December, 2002, the
gredressalnpfl@owmnahar.com". Company has appointed M/s Alankit
j. Market Price Data-high low during each Assignments Ltd. New Delhi, as Registrar for
month in last financial year Share Transfer and Electronic Connectivity.
The Company's equity shares are listed at BSE Accordingly, all the Shareholders, Investors,
and NSE. Accordingly, the month wise High and Members of the Stock Exchanges, Depository
Low stock prices from April, 2018 to March, 2019 Participants and all other concerned are
are as follows: requested to send all communication in respect of
Share Transfer, Demat/Remat, Change of
Month BSE NSE
Address etc. to our Registrar whose address and
High Low High Low
telephone nos. etc. have already been mentioned
April, 2018 63.80 55.60 63.80 52.50
May, 2018 57.40 46.80 57.80 44.90
in the Directors' Report.
June, 2018 50.45 38.30 50.95 40.45 In case any query/complaint remains unresolved
July, 2018 46.70 38.00 45.85 38.10 with our Registrar, please write to the Company
August, 2018 52.50 44.25 52.60 43.35 Secretary at the Registered Office of the
September, 2018 49.05 39.00 50.00 38.60 Company.
October, 2018 44.20 36.00 45.90 34.70 Members may kindly note that the Registrar &
November, 2018 47.80 38.10 46.40 38.15 Transfer Agent and/or the Company will not
December, 2018 40.35 37.00 40.85 36.45 entertain request for noting of change of
January, 2019 43.90 35.80 44.00 35.00 address/bank details/ECS mandate in case of
February, 2019 40.00 33.65 39.90 33.10 accounts with demat holding. For this purpose,
March, 2019 41.00 35.90 43.30 36.30 shareholders should approach their Depository
Source: Data has been taken from the website of the BSE and NSE. The Participant.
Company does not have any other sources for verification of data.
k. Performance in Comparison to broad based n. Share Transfer System
indices such as BSE Sensex: The company has constituted share transfer
The Company's equity shares are listed at BSE committee consisting of four members, namely
and NSE. Accordingly, Comparison between Mr. Dinesh Oswal, Mr. Dinesh Gogna and Mr.
Nahar Poly Films Limited closing price variation Komal Jain, Directors of the Company and Mrs
32
Nidhi Khande, Company Secretary of the holding and trading of securities in electronic
Company. Normally Share transfer committee form, your Company has established
meets twice in a month to approve the transfer/ connectivity with both the Depositories i.e.
transmission/transposition, issue of duplicate National Securities Depository Ltd. (NSDL) and
share certificates & dematerialization of shares Central Depository Services Ltd. (CDSL). The
and duly transferred shares are generally investors have an option to dematerialize their
dispatched within the prescribed period under the equity shares with either of the Depositories. As
Companies Act, 2013/SEBI LODR Regulations, on 31st March, 2019, 2,35,02,955 comprising
2015. 95.59% of the total Equity Capital of the
As required under Regulation 40(9) of the SEBI Company has been dematerialized. Shares of
(Listing Obligations and Disclosure Requirem the Company are actively traded on the BSE
ents) Regulations, 2015, a certificate is obtained Limited and the National Stock Exchange of
every six month from a Practicing Company India Limited.
Secretary within one month from the end of each Further, SEBI vide its Gazetted notification dated
half of financial year certifying that all certificates June 08, 2018 amended the Regulation 40 (1)(b)
has been issued within 15 days of their lodgement of SEBI (Listing Obligations and Disclosure
for transfer, transmission sub-division, Requirements) Regulations, 2015 whereby it
consolidation, renewal & Exchange or has been provided that except in case of
endorsement. The Certificates is forwarded to transmission or transposition of securities,
BSE & NSE where the equity shares of the requests for effecting transfer of securities shall
Company are listed. not be processed unless the securities are held
st
o. Distribution of Shareholding: As on 31 March, in dematerialized form with the Depository. The
2019 your Company had 19127 shareholders said amendment shall come into force on the one
having a total of 24587991 equity shares. The hundred and eightieth day from the publication of
following is the distribution of Shareholding. Official Gazette.
No. of No. of
%of Aggregate %age In view of the above, members are hereby
shares held Share Share shares held share informed that requests for effecting transfer of
holders holders holding securities in physical form are not getting
1-500 17071 89.25 2470820 10.05 processed. Hence, all members who are holding
501-1000 1357 7.09 900755 3.66 equity shares in physical form are requested to
1001-2000 368 1.92 538894 2.19
go in for dematerialization of securities at the
2001-3000 107 0.56 270029 1.10
3001-4000 55 0.29 195070 0.79 earliest.
4001-5000 34 0.18 158231 0.64 r. Outstanding American Depository Receipts
5001-10000 74 0.39 550998 2.24
or warrants or any convertible instruments,
10000 & above 61 0.32 19503194 79.32
TOTAL 19127 100.00 24587991 100.00 conversion date and likely impact on equity:
The Company does not have any outstanding
p. The Shareholding pattern as on 31 March,
st
Global Depository Receipts or American
2019 as follows: Depository Receipts or warrants or any
Shares held by No. of Shares %age of holding
Convertible Instruments, which is likely to have
Banks and Mutual Funds 2708 0.01 any impact on the equity of the Company.
Foreign holdings
(FIIs, NRIs) 162617 0.66 s. Commodity price risk or foreign exchange
Bodies Corporate 495536 2.02
Directors/Relatives of Directors 3627 0.01
risk and hedging activities
Shares Transferred to IEPF 483704 1.97 The Company is in the Manufacturing of BOPP
General Public 6182454 25.14 Films has not dealt in any commodity market and
Promoters 17257345 70.19
TOTAL 24587991 100 thus there is no commodity price risk. Since the
Company is in the export of BOPP Films and to
q. Dematerialization of Shares and Liquidity: cover itself from exchange rate fluctuations it
The Securities and Exchange Board of India goes in for partial hedging by normal booking in
(SEBI) has included Company's scrip in the normal course of the business. The
compulsory demat settlement for all type of Company is not involved in any speculative
investors. Thus, the dealing in company's equity activities.
shares can be in demat form only. To facilitate
33
t. Plant Location: 177(9) of the Companies Act, 2013 read with

Village Sarakian, Companies (Meetings of Board and its Powers)
Itayakalan Distt. Raisen (M.P.) Rules, 2013, has established a Whistle Blower
u. Address for Correspondence: Policy/Vigil Mechanism for its Directors and
Nahar Tower employees to report genuine concerns or
376, Industrial Area-A, Ludhiana-141003 (Pb.) grievances about the unethical behaviour, actual
Phone No. : 0161-2600701 to 2600705 or suspected fraud or violation of the Code of
Fax No. : 0161-2661180, 2222942 Conduct or Policy. The Policy provides adequate
E-mail ID :secnel@owmnahar.com safeguards against victimisation of persons who
Website : www.owmnahar.com use such mechanism. The Audit Committee
v. Credit Ratings: regularly reviews the working of the Mechanism.
As on 31st March, 2019, the Company has The mechanism provides direct access to the
obtained credit rating of "CARE A-" for long term chairperson of the Audit Committee in
bank facilities and "CARE A2+" for the short term appropriate or exceptional cases. No personnel
bank facilities M/s. ICRA Limited. The rating have been denied access to the Audit
"CARE A-" indicates stable and rating "CARE Committee. The Whistle Blower Policy/Vigil
A2+" indicates strong degree of safety regarding Mechanism is also posted on Company's
timely payment of the financial obligations. Website and can be accessed at
VII. OTHER DISCLOSURES http://owmnahar.com/nahar_polyfilm/pdf/vigil-
1. Disclosure on Materially Significant Related mechanismwhistle-blower-policy.pdf.
Party Transactions that may have potential 4. Details of compliance with mandatory
conflict with the interest of the Company at requirements and adoption of non-mandatory
large: During the year, there are no material requirements:
related party transactions made by the Company The company has complied with all the
with Promoters, Directors, Key Managerial mandatory requirements of Corporate
Personnel or other designated persons which Governance as prescribed in SEBI (Listing
may have a potential conflict with the interest of Obligations and Disclosure Requirements)
the Company at large. During the year, the Regulations, 2015.
Company had not entered into any contract / Besides, the Company has also complied with
arrangement/ transaction with related parties the non mandatory requirements in respect of
which could be considered material in Corporate Governance as specified Part E of
accordance with the provisions of Regulation 23 Schedule II of SEBI (Listing Obligations and
of SEBI (Listing Obligations and Disclosure Disclosure Requirements) Regulations, 2015
Requirements) Regulations, 2015. However, the as detailed below:
details of transactions with the Related Parties/
i. Un-modified opinion(s) in audit report: The
Group Companies/ Associates Companies are
Company is already in a regime of financial
disclosed in Notes to the Financial Statements as
statements with un-modified audit opinion.
per applicable provisions.
2. Details of Non-compliance by the Company, ii. Separate posts of Chairman and CEO:
penalties, strictures imposed by Stock Mr. Jawahar Lal Oswal is the Chairman of the
Exchanges or the Board or any Statutory Company and Mr. Satish Kumar Sharma is
Authority on any matter related to capital Executive Director of the Company. Thus, the
markets during the last three years: post of Chairman and Executive Director are held
The Company continues to comply with the by different persons.
requirements of Stock Exchanges, SEBI or any iii. Reporting of internal auditor: The internal
other Statutory Authorities on all matters related auditor may report directly to the Audit
to capital markets during last three years. No Committee.
penalty or strictures have been imposed on the The Company is yet to comply with other non
company by the said authorities relating to the mandatory requirements of the Corporate
above. Governance as specified in Part E of Schedule II
3. Details of establishment of Vigil Mechanism/ of the SEBI (Listing Obligations and Disclosure
Whistle Blower Policy: Requirements) Regulations, 2015.
The Board, pursuant to the provisions of Section
34
5. Web link where policy for determining accepted all recommendations of its
‘material' subsidiaries is disclosed: Committees.
The requirement of policy fo determining 11. Fees paid to Statutory Auditors:
material' subsidiaries is not applicable to the The company has appointed M/s YAPL &
Company as it does not have any subsidiary Company, Chartered Accountants as Statutory
company. Auditors of the company. The total fees for all
6. Web link where policy on dealing with related services paid by the Company to the statutory
party transactions is disclosed: auditors and all entities in the network
The Company has formulated the Policy on firm/network entity of which the statutory auditors
Materiality of Related Party Transactions and on is a part, is Rs. 2,15,700/-.
dealing with Related Party Transactions, which 12. Disclosure as per Sexual Harassment of
can be accessed at http: // owm nahar. Women at Workplace (Prevention,
c o m / n a h a r _ p o l y f i l m / p d f / R P T- N A H A R - Prohibition and Redressal) Act, 2013:
POLY.pdf.
The disclosure in relation to Sexual Harassment
7. Disclosure of commodity price risks and of Women at Workplace (Prevention, Prohibition
commodity hedging activities: and Redressal) Act, 2013 forms part of the
The Company is engaged in the Business of Directors' Report.
BOPP Films and the primary raw material for the 13. Prevention of Insider Trading:
manufacturing of BOPP Films is PP Resin which Pursuant to SEBI (Prohibition of Insider Trading)
is a byproduct of petroleum with the share of Regulations, 2015, the Company has adopted a
around 90-95% of total raw material cost. The Code of practices and procedures for fair
Price of Petroleum depends upon on price of disclosure of unpublished price sensitive
crude oil in the international market which keeps information" and "Code of Conduct to regulate
on fluctuating from time to time because of which monitor and report trading by insiders. The Code
the price of raw material varies. During the year, helps to regulate trading in securities by the
the company has not dealt in any commodity Directors and designated employees of the
market, thus there is no commodity price risk. Company. The Code requires pre-clearance for
Further, the Company is not involved in any dealing in the Company's shares and prohibits
hedging activities. the purchase or sale of Company shares by the
8. Details of utilization of funds raised through Directors and the designated employees while in
preferential allotment or qualified possession of unpublished price sensitive
institutions placement: information in relation to the Company and
The Company has not raised funds through during the period when the Trading Window is
preferential allotment or qualified institutions closed. The Company Secretary being the
placement as specified under Regulation 32 (7A) Compliance Officer of the company is
of Listing Regulations. responsible for implementation of the Code.
9. Certification from Company Secretary in 14. Dividend Distribution Policy:
Practice: Regulation 43A of the SEBI (Listing Obligations
Mr. P.S. Bathla, Proprietor of M/s. P.S. Bathla & and Disclosure Requirements) Regulations,
Associates, Practicing Company Secretaries, 2015 requires that top 500 listed entities based
has issued a certificate as required under SEBI on market capitalization shall formulate a
(Listing Obligations and Disclosure dividend distribution policy. The Company does
Requirements) Regulations, 2015 confirming not fall in top 500 list of listed entities hence the
that none of the directors on the Board of the requirement to formulate a dividend distribution
Company have been debarred or disqualified policy is not applicable to the Company.
from being appointed or continuing as director of 15. Reconciliation of Share Capital Audit
companies by the SEBI/Ministry of Corporate The Securities and Exchange Board of India has
Affairs or any such other authority. The certificate directed vide Circular No. D&CC/FITTC/CIR-
is attached with this Report. 16/2002 dated 31st December, 2002 that all
10. Recommendation of Committees: issuer companies shall submit a certificate of
In the financial year 2018-19 the board has capital integrity, reconciling the total shares held
35
in both the depositories, viz. NSDL and CDSL LODR Regulations, 2015 to the effect that
and in physical form with the total issued/paid up members of the Board and senior management
capital. The said certificate duly certified by a personnel have affirmed compliance with this
Practicing Company Secretary is submitted to Code of Conduct is attached with this Report.
the Stock Exchanges within 30 days of the end of XI. DISCLOSURE WITH RESPECT TO DEMAT
each quarter. SUSPENSE ACCOUNT /UNCLAIMED
16.CEO and CFO Certification: SUSPENSE ACCOUNT:
As required under Regulation 17(8) of SEBI a. Aggregate number of shareholders and the
(Listing Obligations and Disclosure outstanding shares in the suspense account lying
Requirements) Regulations, 2015, a Certificate at the beginning of the year: Nil
duly signed by the Executive Director and Chief
Financial Officer was placed at the meeting of b. Number of shareholders who approached listed
Board of Directors held on 30th May, 2019. entity for transfer of shares from suspense
account during the year: Nil
VIII.NON-COMPLIANCE OF ANY REQUIREMENT
OF CORPORATE GOVERNANCE REPORT c. Number of shareholders to whom shares were
WITH REASONS THEREOF: transferred from suspense account during the
The Company has complied with all the year: Nil
requirements of Corporate Governance Report d. Aggregate number of shareholders and the
from sub-paras (2) to (10) of Part C of Schedule V outstanding shares in the suspense account lying
of SEBI L(Listing Obligations and Disclosure at the end of the year: Nil
e. That the voting rights on these shares shall
IX. D I S C L O S U R E O F C O M P L I A N C E W I T H
remain frozen till the rightful owner of such shares
CORPORATE GOVERNANCE REQUIREMENTS
AS SPECIFIED IN REGULATION 17 TO 27 AND claims the shares: Not Applicable
REGULATION 46(2)(i) OF SEBI (LISTING
O B L I G AT I O N S A N D D I S C L O S U R E All the shares of the Company has already been
REQUIREMENTS) REGULATIONS, 2015: allotted to the eligible allottees, hence there is no
The Company has complied with all the demat suspense account/unclaimed suspense
Corporate Governance requirements as account.
specified in Regulation 17 to 27 (except
Regulation 21 and 24, which are not applicable to FOR AND ON BEHALF OF THE BOARD
the Company) and Regulation 46 (2)(i)(b) of SEBI
(Listing Obligations and Disclosure JAWAHAR LAL OSWAL
Requirements) Regulations, 2015. (CHARIMAN)
PLACE : LUDHIANA DIN: 00463866
X. CODE OF CONDUCT
DATED: 13TH AUGUST, 2019
The Company is committed to conduct its
business in accordance with applicable laws,
rules and regulations and highest standard of
transparency. Accordingly, the Company has laid
down a Code of conduct for all its Board
members and Senior Managerial Personnel so
that conflict of interest could be avoided. The
Code of Conduct suitably incorporates the duties
of Independent Directors as laid down in the
Companies Act, 2013. All the Board members
and Senior Managerial Personnel are complying
with the said code of conduct. The code of
conduct is also available on Company's website
i.e. www.owmnahar.com. The Board members
and senior management personnel affirm the
compliance of this Code annually. A declaration
by the Executive Director/CEO in terms of SEBI
36
CERTIFICATE FROM COMPANY SECRETARY IN PRACTICE

(Pursuant to Clause 10 of Part C of Schedule V of SEBI (LODR) Regulations, 2015)
To
The Members
M/s Nahar Poly Films Limited
Ludhiana
I have examined the relevant records of M/s NAHAR POLY FILMS LIMITED for the purpose of certifying compliance
of requirements in Clause 10(i) of Part C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
st
Regulations, 2015, for the financial year ended 31 March, 2019.
In my opinion, to the best of my knowledge and belief, according to the explanations and information furnished to me and
based on the written representation /declaration received from the Directors and taken on record by the Board of Directors,
I certify that, none of the Directors on the Board of the Company have been debarred or disqualified from being appointed
or continuing as Director of companies, by the SEBI / Ministry of Company Affairs or any such statutory authority.
For P.S. Bathla & Associates
Company Secretaries
Sd/-
P.S. Bathla
Place : Ludhiana (Proprietor)
Dated : 13th August, 2019 FCS: 4391/CP No. 2585
EXECUTIVE DIRECTOR'S DECLARATION

Pursuant to the requirement of Regulation 34(3) read with Part D of Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, I hereby confirm that all Board Members and Senior Management
personnel of the company have affirmed compliance with Code of Conduct for Board of Directors and Senior Management
Personnel for the year ended 31st March, 2019.
S.K. SHARMA
Place : Ludhiana (Executive Director)
Dated: 13th August, 2019 DIN: 00402712
CERTIFICATE ON CORPORATE GOVERNANCE

To
The Members,
Nahar Poly Films Limited,
Ludhiana
We have examined the compliance of conditions of corporate governance by M/s NAHAR POLY FILMS LIMITED for the
year ended 31st March, 2019 as stipulated Part C of Schedule V of the SEBI (Listing Obligations and Disclosure
The compliance of conditions of corporate governance is the responsibility of the management. Our examination was
limited to review of the procedures and implementation thereof, adopted by the Company for ensuring the compliance of
the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of
the Company.
In our opinion and to the best of our information and according to the explanations given to us and based on the
representation made by the Directors and Management, we hereby certify that the Company has duly complied with the
conditions of Corporate Governance as stipulated in Part C of Schedule V of the SEBI (Listing Obligations and Disclosure
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
For YAPL & Co.
Chartered Account
(F. Reg. No. 017800N)
Sd/-
Neha Kansal
Place : Ludhiana (Partner)
Dated: 13th August, 2019 Membership No. 540386
37
ANNEXURE- VI
MANAGEMENT DISCUSSION AND ANALYSIS
MACROECONOMIC OVERVIEW for flexible packaging solutions is anticipated to catapult the
The Global economic activity is slowing down because of development of the global BOPP films for packaging
bruising trade War between U.S.A and China and other market.
Geo Political uncertainty. The advance economies like BOPP films have equivalent density that of Polypropylene.
U.S.A. and Europe etc., has shown either decelerated It is a preferred material in packaging that generates high
growth or moderate growth. In major emerging economy yield and more cost effective than other substrates of
too, the economic activity remained weak due to slackness packaging. Additionally, the rising demand for an enhanced
in global demand. During the financial year 2018-2019, shelf life of food products has resulted in a greater demand
India emerged as the fastest growing major world economy for high moisture barriers in packaging films. This is further
despite of increased global vulnerabilities. India's economy projected to boost sales of BOPP films for packaging in the
gained momentum as a result of the stabilization of Goods coming years.
and Services Tax (GST) and more investment by foreign Apart from conventional Tape/Textile and food packaging
investors. During the year, India climbed another 23 points market, the new applications of BOPP films are emerging
in the World Bank's ease of doing business index to the which will further improve the prospectus of the industry.
77th position, for the first time. According to Reserve Bank The enormous untapped market for BOPP Films in
of India (RBI) Monetary Policy, India's GDP growth for emerging economies is also expected to offer growth
Financial Year 2019 was 6.9% and expected growth for opportunities to BOPP film Industry.
Financial Year 2020 is 7%. Though the BOPP Films industry continues to witness a
reasonable growth on account of favorable factors but it is
INDUSTRY STRUCTURE AND DEVELOPMENTS
not immune from normal business threats and challenges.
Biaxially Oriented polypropylene Films (BOPP), a part of
Because of the competitive plastic films, Industry faces stiff
flexible packaging industry has emerged as one of the most
competition both from international as well as domestic
popular packaging films in the world over a period of time.
manufactures. The Company has identified certain risks
Originally developed in 1960s as a replacement for
which may affect the performance of the Company. These
cellulose films, it has since grown far beyond this niche
driving the development of new applications in packaging include operational risks such as fluctuation in the prices of
and industrial products. Various technical and economic the raw materials which include petrol, fluctuation in foreign
factors have made the BOPP film industry one of the most exchange rates, Labour problems, regulatory risks,
dynamic sector of plastics packaging. BOPP offers various Government Policy etc. We are of the opinion that none of
advantages such as film stiffness, transparency, salability, identified risk is such that which may threaten the existence
recyclability, good printing and coating surface which of the Company.
makes it highly suitable for the packaging of various SEGMENT WISE OR PRODUCT WISE PERFORMANCE
products which includes biscuits, drugs, medicines, snack The disclosure requirements of Ind AS-108, issued by the
foods, processed and semi-processed foods, vegetables, Institute of Chartered Accountants of India are not
edible oils, textile packaging etc and also for the wrapping applicable on the company as the main business activity of
of perfume cartoons, ready-made garment bags, adhesive the company fall under single segment.
tapes and print lamination. The global BOPP films for FUTURE OUTLOOK
packaging market are expected to witness a CAGR of 6.0% We anticipate that in coming years the BOPP Films industry
from 2017 to 2025. In 2017, the market was worth US$ seems to show reasonably good growth in comparison to
13,669.4 Mn and is expected to touch a valuation of US$ the previous years. The phenomenal growth of retail
21,736.5 Mn by the end of 2025 (Source: Persistence segment coupled with economic growth of the Country is
Market Research Report). expected to influence the flexible packaging industry
Your Company is having an ultra modern BOPP Film favorably. With the coming of new segment of liquid
Project with a capacity of 30000 TPA, in the state of packing which includes flexible pouches, tetra packs,
Madhya Pradesh and is selling its products in domestic as coated products etc, the company finds new business
well as export markets and has established its brand in the opportunities to grow. Your company is looking at the future
market. with optimism and shall be expanding its business activities
OPPORTUNITIES AND THREATS into new areas, in due course of time so that it can make
The growing demand for packaged food across the globe use of available opportunities and emerge as fully
has propelled the need for BOPP films for packaging. As integrated flexible packaging company. Around 50% of the
consumers across the globe are constantly gaining world's production of BOPP is consumed in food
awareness regarding the way food products are packed, packaging. In India, the consumption of BOPP in food
the demand for cost-effective and advanced packaging is
packaging is only one third of its production. This gap is
increasing at a rapid pace. Growing consumer awareness
rapidly being bridged as the customers are increasingly
regarding packaging, coupled with a shift in the preference
38
displaying a strong preference for hygienically packed for the year ended 31st March, 2018. The detailed financial
foods products. performance (Standalone as well as Consolidated) have
In addition to the above, the application of the BOPP Films been given in the Director's report and forms part of this
in other Non-food packaging is also gaining strength which Annual Report
will further boost the demand for BOPP Films. Numerous HUMAN RESOURCES/INDUSTRIAL RELATIONS
grades of BOPP films are under development for various Your company considers people as its biggest asset. The
applications in different parts of the world which should give human resources development function of the Company is
good volumes to the Industry. Thus, it is evident that BOPP guided by a strong set of values and policies. Your
films are going to be one of the high-growth segments in the Company maintains a work environment that is free from
global plastic films and sheet industry. any harassment. Company enjoys excellent relationship
RISK AND CONCERNS with its personnel and considers them as an essential part
The major component of cost involved in the making of of the organization. Your company maintained healthy,
flexible packaging is raw material "Polypropylene". Any cordial and harmonious industrial relations at all levels. In
changes in the raw material prices and decrease in finished Financial Year 2018-19, industrial relations across the
good product prices may affect the performance of the Company were cordial with no labor unrests or strikes
company. Though the Company has endeavored to during the year. The total permanent employee's strength
monitor and mitigate these risks. of the company was 181 as on 31st March, 2019.
The company's main source of income will be from selling RATIOS WHERE THERE HAS BEEN A SIGNIFICANT
of BOPP film, a substrate in packaging material in plain and CHANGE FROM FY2018 TO FY2019
metalized form to further converters. Any adverse impact Ratio 31.03.2019 31.03.2018
on the operations of the packaging converters may impact Gross Profit Ratio 11.02 8.70
the company's revenues and its profitability. The increase
Net Profit Ratio 4.86 2.85
in demand for newer options in packaging is also affecting
Interest Coverage Ratio 17.22 9.21
the growth of BOPP films industry.
Current Ratio 4.30 2.06
INTERNAL CONTROL SYSTEMS AND THEIR
ADEQUACY Debt Equity Ratio 0.00 0.04
Return on Net Worth 6.61 3.71
The company's Internal Control system is designed to
ensure operational efficiency, protection and conservation The Gross Profit ratio, Net Profit ratio and Return on Net
of resources, accuracy and promptness in financial Worth have been increased. The price of commodity in
reporting and compliance with procedures, laws and which the company is dealing is based on international
regulations. It commensurate with the size and nature of crude prices. Since, the price of crude is volatile. It is normal
business. In order to further strengthen the Internal Control for the company to have a variance in Gross profit or net
system and to automate the various processes of the profit margin as sometimes the effect of increase /
business, company is making use of Enterprises Resource reduction of prices of inputs are not fully transferred to the
Planning (ERP). customers due to prevailing market conditions. The
Pursuant to the provisions of section 138 of the Companies company has repaid its loans during the financial year
Act, 2013 read with Companies (Accounts) Rules, 2014, 2018-19, Therefore, Debt Equity Ratio of the company has
the Company has also appointed an Internal Auditor who is variance. Company has earned profits which are mainly
a qualified Chartered Accountant. The details relating to used for reduction of short term liabilities & increase in
Internal Financial Control system have been given in current assets, which leads to an improvement in current
Director's Report and forms part of this Annual Report. ratio. The company repaid its term loans during the
FINANCIAL/OPERATIONAL PERFORMANCE financial year 2018-19 leading to reduction of the amount of
(In Lacs) interest paid during the year leading to improving in the
STANDALONE CONSOLIDATED interest coverage ratio.
PARTICULARS CURRENT PREVIOUS CURRENT PREVIOUS
YEAR YEAR YEAR YEAR CAUTIONARY STATEMENT
Profit Before Tax 1292.27 715.71 1193.10 616.54 Statements in this report on Management discussion and
Profit for the year 910.72 509.52 1222.78* 1147.37* analysis relating to the Company's objectives,
Add: Other (465.85) (4430.87) (1008.36) (3926.08) opportunities, estimates, expectations or predictions may
comprehensive Income
Total Comprehensive 444.87 (3921.35) 214.42 (2778.71) be forward looking statements within the meaning of
income for the year applicable security laws or regulations. These statements
*Consolidated profit for the year includes Share of profit from Associates under are based upon certain assumptions and expectations of
equity method for the amount of Rs. 411.23 Lacs in Current Year and Rs. 737.02 future events. Actual results may however differ materially
lacs in the Previous Year. from those expressed or implied.
The Company is operating in single segment i.e. BOPP FOR AND ON BEHALF OF THE BOARD
Films. The company has showed impressive financial
performance over the period of one year. There is an JAWAHAR LAL OSWAL
increase of 78.74% in net profits of the company for the PLACE : LUDHIANA (CHAIRMAN)
year ended 31st March, 2019 as compared to the net profits DATED: 13TH AUGUST, 2019 DIN: 00463866
39
INDEPENDENT AUDITOR'S REPORT our responsibility is to read the other information identified above
when it becomes available and, in doing so, consider whether the
TO THE MEMBERS OF other information is materially inconsistent with the standalone
M/s. NAHAR POLY FILMS LIMITED financial statements or our knowledge obtained during the course
LUDHIANA of our audit, or otherwise appears to be materially misstated. When
Opinion we read the Board's Report including annexures to the Board's
We have audited the accompanying standalone financial Report and Management Discussion & Analysis Report, if we
statements of Nahar Poly Films Limited ("the Company"), which conclude that there is a material misstatement therein, we are
comprise the Balance Sheet as at March 31, 2019, the Statement of required to communicate the matter to those charged with
Profit and Loss (including Other Comprehensive Income), the governance.
Statement of Changes in Equity and the Statement of Cash Flows
for the year ended on that date, and a summary of the significant Management's Responsibility for the Standalone Financial
accounting policies and other explanatory information (hereinafter Statements
referred to as "the standalone financial statements"). The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to the
In our opinion and to the best of our information and according to preparation of these standalone financial statements that give a
the explanations given to us, the aforesaid standalone financial true and fair view of the financial position, financial
statements give the information required by the Companies Act, performance, total comprehensive income, changes in equity and
2013 ("the Act") in the manner so required and give a true and fair cash flows of the Company in accordance with the Ind AS and
view in conformity with the Indian Accounting Standards other accounting principles generally accepted in India. This
prescribed under section 133 of the Act read with the Companies responsibility also includes maintenance of adequate accounting
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind records in accordance with the provisions of the Act for
AS") and other accounting principles generally accepted in India, of safeguarding the assets of the Company and for preventing and
the state of affairs of the Company as at March 31, 2019, the profit detecting frauds and other irregularities; selection and application
and total comprehensive income, changes in equity and its cash of appropriate accounting policies; making judgments and
flows for the year ended on that date. estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial
Basis for Opinion controls, that were operating effectively for ensuring the accuracy
We conducted our audit of the standalone financial statements in and completeness of the accounting records, relevant to the
accordance with the Standards on Auditing specified under section preparation and presentation of the standalone financial
143(10) of the Act (SAs). Our responsibilities under those statements that give a true and fair view and are free from material
Standards are further described in the Auditor's Responsibilities for misstatement, whether due to fraud or error.
the Audit of the Standalone Financial Statements section of our
In preparing the standalone financial statements, management is
report. We are independent of the Company in accordance with the
responsible for assessing the Company's ability to continue as a
Code of Ethics issued by the Institute of Chartered Accountants of
going concern, disclosing, as applicable, matters related to going
India (ICAI) together with the independence requirements that are
concern and using the going concern basis of accounting unless
relevant to our audit of the standalone financial statements under
management either intends to liquidate the Company or to cease
the provisions of the Act and the Rules made thereunder, and we
operations, or has no realistic alternative but to do so.
have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics. We believe that
The Board of Directors are responsible for overseeing the
the audit evidence we have obtained is sufficient and appropriate to
Company's financial reporting process.
provide a basis for our audit opinion on the standalone financial
statements.
Auditor's Responsibilities for the Audit of the Standalone
Key Audit Matters Financial Statements
Key audit matters are those matters that, in our professional Our objectives are to obtain reasonable assurance about whether
judgment, were of most significance in our audit of the standalone the standalone financial statements as a whole are free from
financial statements of the current period. These matters were material misstatement, whether due to fraud or error, and to issue
addressed in the context of our audit of the standalone financial an auditor's report that includes our opinion. Reasonable
statements as a whole, and in forming our opinion thereon, and we assurance is a high level of assurance, but is not a guarantee that
do not provide a separate opinion on these matters. There is no key an audit conducted in accordance with SAs will always detect a
audit matters to be communicated in our report. material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the
Information Other than the Standalone Financial Statements aggregate, they could reasonably be expected to influence the
and Auditor's Report Thereon economic decisions of users taken on the basis of these
The Company's Board of Directors is responsible for the standalone financial statements.
preparation of the other information. The other information As part of an audit in accordance with SAs, we exercise
comprises the information included in the Board's Report including professional judgment and maintain professional skepticism
annexures to the Board's Report and Management Discussion & throughout the audit. We also:
Analysis Report, but does not include the standalone financial
statements and our auditors' report thereon. The Board's Report Identify and assess the risks of material misstatement of the
?
including annexures to the Board's Report and Management standalone financial statements, whether due to fraud or
Discussion & Analysis Report is expected to be made available to error, design and perform audit procedures responsive to
us after the date of this auditors' report. those risks, and obtain audit evidence that is sufficient and
Our opinion on the standalone financial statements does not cover appropriate to provide a basis for our opinion. The risk of not
the other information and we will not express any form of assurance detecting a material misstatement resulting from fraud is
conclusion thereon. higher than for one resulting from error, as fraud may involve
In connection with our audit of the standalone financial statements, collusion, forgery, intentional omissions, misrepresentations,
40
or the override of internal control. c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement of
Obtain an understanding of internal financial controls relevant
? Changes in Equity and the Statement of Cash Flow dealt with
to the audit in order to design audit procedures that are by this Report are in agreement with the relevant books of
appropriate in the circumstances. Under section 143(3)(i) of account.
the Act, we are also responsible for expressing our opinion on d) In our opinion, the aforesaid standalone financial
whether the Company has adequate internal financial statements comply with the Ind AS specified under Section
controls system in place and the operating effectiveness of 133 of the Act, read with Rule 7 of the Companies (Accounts)
such controls. Rules, 2014.
e) On the basis of the written representations received from the
Evaluate the appropriateness of accounting policies used and
? directors as on March 31, 2019 taken on record by the Board
the reasonableness of accounting estimates and related of Directors, none of the directors is disqualified as on March
disclosures made by management. 31, 2019 from being appointed as a director in terms of
Section 164 (2) of the Act.
Conclude on the appropriateness of management's use of the
? f) With respect to the adequacy of the internal financial controls
going concern basis of accounting and, based on the audit over financial reporting of the Company and the operating
evidence obtained, whether a material uncertainty exists effectiveness of such controls, refer to our separate Report in
related to events or conditions that may cast significant doubt "Annexure A". Our report expresses an unmodified opinion
on the Company's ability to continue as a going concern. If we on the adequacy and operating effectiveness of the
conclude that a material uncertainty exists, we are required to Company's internal financial controls over financial reporting.
draw attention in our auditor's report to the related disclosures g)With respect to the other matters to be included in the
in the standalone financial statements or, if such disclosures Auditor's Report in accordance with the requirements of
are inadequate, to modify our opinion. Our conclusions are section 197(16) of the Act, as amended:
based on the audit evidence obtained up to the date of our In our opinion and to the best of our information and according
auditor's report. However, future events or conditions may to the explanations given to us, the remuneration paid by the
cause the Company to cease to continue as a going concern. Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.
Evaluate the overall presentation, structure and content of the
? h)With respect to the other matters to be included in the
standalone financial statements, including the disclosures, Auditor's Report in accordance with Rule 11 of the Companies
and whether the standalone financial statements represent (Audit and Auditors) Rules, 2014, as amended in our
the underlying transactions and events in a manner that opinion and to the best of our information and according to
achieves fair presentation. the explanations given to us:
i. The Company has disclosed the impact of pending
We communicate with those charged with governance regarding, litigations on its financial position in its standalone
among other matters, the planned scope and timing of the audit financial statements.
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit. ii. The Company has made provision, as required under
the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term
We also provide those charged with governance with a statement contracts including derivative contracts.
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all iii. There has been no delay in transferring amounts,
relationships and other matters that may reasonably be thought to required to be transferred, to the Investor Education
bear on our independence, and where applicable, related and Protection Fund by the Company.
safeguards. 2. As required by the Companies (Auditor's Report) Order, 2016
("the Order") issued by the Central Government in terms of
From the matters communicated with those charged with Section 143(11) of the Act, we give in "Annexure B" a statement
governance, we determine those matters that were of most on the matters specified in paragraphs 3 and 4 of the Order.
significance in the audit of the standalone financial statements of
the current period and are therefore the key audit matters. We
describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when, in For YAPL & Co.
extremely rare circumstances, we determine that a matter should Chartered Accountants
not be communicated in our report because the adverse
Firm Regn.No.017800N
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication
Place : Ludhiana CA Neha Kansal
Report on Other Legal and Regulatory Requirements Dated : 30.05.2019 (Partner)
M.No.540386
1. As required by Section 143(3) of the Act, based on our audit
we report that:
a)We have sought and obtained all the information and

explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.
b)In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from our
examination of those books.
41
ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S Meaning of Internal Financial Controls Over Financial
REPORT Reporting
(Referred to in paragraph 1(f) under 'Report on Other Legal and A company's internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding the
Regulatory Requirements' section of our report to the Members
reliability of financial reporting and the preparation of financial
of NAHAR POLY FILMS LIMITED of even date)
statements for external purposes in accordance with generally
Report on the Internal Financial Controls Over Financial accepted accounting principles. A company's internal financial
Reporting under Clause (i) of Sub-section 3 of Section 143 of control over financial reporting includes those policies and
the Companies Act, 2013 ("the Act") procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
We have audited the internal financial controls over financial dispositions of the assets of the company; (2) provide reasonable
reporting of NAHAR POLY FILMS LIMITED ("the Company") as of assurance that transactions are recorded as necessary to permit
March 31, 2019 in conjunction with our audit of the standalone preparation of financial statements in accordance with generally
financial statements of the Company for the year ended on that accepted accounting principles, and that receipts and
date. expenditures of the company are being made only in accordance
with authorisations of management and directors of the company;
Management's Responsibility for Internal Financial Controls and (3) provide reasonable assurance regarding prevention or
The Board of Directors of the Company is responsible for timely detection of unauthorised acquisition, use, or disposition of
establishing and maintaining internal financial controls based on the company's assets that could have a material effect on the
the internal control over financial reporting criteria established by financial statements.
the Company considering the essential components of internal
Limitations of Internal Financial Controls Over Financial
control stated in the Guidance Note on Audit of Internal Financial
Reporting
Controls Over Financial Reporting issued by the Institute of
Because of the inherent limitations of internal financial controls
Chartered Accountants of India. These responsibilities include the
over financial reporting, including the possibility of collusion or
design, implementation and maintenance of adequate internal
improper management override of controls, material
financial controls that were operating effectively for ensuring the
misstatements due to error or fraud may occur and not be detected.
orderly and efficient conduct of its business, including adherence to
Also, projections of any evaluation of the internal financial controls
respective company's policies, the safeguarding of its assets, the
over financial reporting to future periods are subject to the risk that
prevention and detection of frauds and errors, the accuracy and
the internal financial control over financial reporting may become
completeness of the accounting records, and the timely
inadequate because of changes in conditions, or that the degree of
preparation of reliable financial information, as required under the
compliance with the policies or procedures may deteriorate.
Companies s Act, 2013.
Opinion
Auditor's Responsibility
In our opinion, to the best of our information and according to the
Our responsibility is to express an opinion on the internal financial
explanations given to us, the Company has, in all material
controls over financial reporting of the Company based on our
respects, an adequate internal financial controls system over
audit. We conducted our audit in accordance with the Guidance
financial reporting and such internal financial controls over
Note on Audit of Internal Financial Controls Over Financial
financial reporting were operating effectively as at March 31, 2019,
Reporting (the "Guidance Note") issued by the Institute of
based on the internal control over financial reporting criteria
Chartered Accountants of India and the Standards on Auditing
established by the Company considering the essential
prescribed under Section 143(10) of the Companies Act, 2013, to
components of internal control stated in the Guidance Note on
the extent applicable to an audit of internal financial controls. Those
Audit of Internal Financial Controls Over Financial Reporting
Standards and the Guidance Note require that we comply with
issued by the Institute of Chartered Accountants of India.
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial
controls over financial reporting was established and maintained For YAPL & Co.
and if such controls operated effectively in all material respects. Chartered Accountants
Firm Regn.No.017800N
Our audit involves performing procedures to obtain audit evidence
about the adequacy of the internal financial controls system over Place : Ludhiana (CA Neha Kansal
financial reporting and their operating effectiveness. Our audit of Dated : 30.05.2019 (Partner)
internal financial controls over financial reporting included M.No.540386
obtaining an understanding of internal financial controls over
financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditor's judgement, including
the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. We believe that
the audit evidence we have obtained, is sufficient and appropriate
to provide a basis for our audit opinion on the internal financial
controls system over financial reporting of the Company.
42
Annexure - B to the Independent Auditors' Tax, Goods and Service Tax, Customs Duty, Cess and
other material statutory dues in arrears as at March 31,
Report 2019 for a period of more than six months from the date
(Referred to in paragraph 2 under 'Report on Other Legal and they became payable.
Regulatory Requirements' section of our report to the (c) There are no dues of Income Tax, Sales Tax, Service Tax,
Members of NAHAR POLY FILMS LIMITED of even date) Excise Duty and Value Added Tax and GST which have
i. In respect of the Company's fixed assets: not been deposited as at March 31, 2019 on account of
(a) The Company has maintained proper records showing full dispute.
particulars, including quantitative details and situation of viii. The Company has not defaulted in repayment of any loans or
fixed assets. borrowings from any financial institution, banks, government
(b) The Company has a program of verification to cover all the or debenture holders during the year.
items of fixed assets in a phased manner which, in our
opinion, is reasonable having regard to the size of the ix. The Company did not raise any money by way of initial public
Company and the nature of its assets. Pursuant to the offer or further public offer (including debt instruments) and
program, certain fixed assets were physically verified by term loans during the year. Accordingly, paragraph 3 (ix) of the
the management during the year. According to the Order is not applicable.
information and explanations given to us, no material
discrepancies were noticed on such verification.
x. According to the information and explanations given to us, no
(c) According to the information and explanations given to us, material fraud by the Company or on the Company by its
the records examined by us and based on the examination officers or employees has been noticed or reported during the
of the conveyance deeds / registered sale deed provided course of our audit.
to us, we report that, the title deeds, comprising all the
immovable properties of land and buildings which are
xi. According to the information and explanations give to us and
freehold, are held in the name of the Company as at the
based on our examination of the records of the Company, the
balance sheet date.
Company has paid/provided for managerial remuneration in
accordance with the requisite approvals mandated by the
ii. The physical verification of inventory has been conducted at provisions of section 197 read with Schedule V to the Act.
reasonable intervals by the management and no material
discrepancies were noticed on the physical verification.
xii. In our opinion and according to the information and
explanations given to us, the Company is not a nidhi company.
iii. The Company has not granted any loans to bodies corporate Accordingly, paragraph 3(xii) of the Order is not applicable.
covered in the register maintained under section 189 of the
Companies Act, 2013 ('the Act').
xiii. According to the information and explanations given to us and
based on our examination of the records of the Company,
iv. In our opinion and according to the information and transactions with the related parties are in compliance with
explanations given to us, the Company has complied with sections 177 and 188 of the Act where applicable and details
the provisions of Sections 185 and 186 of the Act in respect of of such transactions have been disclosed in the Ind AS
grant of loans, making investments and providing guarantees Financial Statements as required by the applicable accounting
and securities, as applicable. standards.
v. The Company has not accepted deposits during the year and xiv. According to the information and explanations give to us and
does not have any unclaimed deposits as at March 31, 2019 based on our examination of the records of the Company, the
and therefore, the provisions of the clause 3 (v) of the Order Company has not made any preferential allotment or private
are not applicable to the Company. placement of shares or fully or partly convertible debentures
during the year.
vi. We have broadly reviewed the cost records maintained by the
company pursuant to the sub section (1) of section 148 of the xv. According to the information and explanations given to us and
Companies Act, specified by the Central Government and are based on our examination of the records of the Company, the
of the opinion that prima facie, the prescribed records have Company has not entered into non-cash transactions with
been maintained. We have, however not made a detailed directors or persons connected with him. Accordingly,
examination of cost records with a view to determine whether paragraph 3(xv) of the Order is not applicable.
they are accurate or complete.
xvi. The Company is not required to be registered under section
vii. According to the information and explanations given to us, in 45-IA of the Reserve Bank of India Act 1934.
respect of statutory dues:
(a) The Company has generally been regular in depositing For YAPL & Co.
undisputed statutory dues, including Provident Fund,
Chartered Accountants
Employees' State Insurance, Income Tax, Goods and
Service Tax, Customs Duty, Cess and other material Firm Regn.No.017800N
statutory dues applicable to it with the appropriate
authorities. Place : Ludhiana CA Neha Kansal
(b) There were no undisputed amounts payable in respect of Dated : 30.05.2019 (Partner)
Provident Fund, Employees' State Insurance, Income M.No.540386
43
BALANCE SHEET AS AT 31st MARCH, 2019 All Figures ` in Lakhs unless stated otherwise
Particulars Note No. As at As at
31 March, 2019 31 March, 2018
ASSETS
Non-current assets
Property, plant and equipment 1 3,064.36 3,196.08
Financial assets
Investments 2.1 12,498.16 12,333.19
Loans 2.2 198.58 211.12
Deferred tax assets (net) 3 271.21 412.38
16,032.31 16,152.77
Current assets
Inventories 4 1,710.26 1,552.04
Financial assets
Trade receivables 5.1 2,123.43 3,320.30
Cash and Cash equivalents 5.2 100.37 42.28
Other bank balances 5.3 24.09 22.46
Loans 5.4 3.99 3.13
Other financial asset 5.5 225.64 678.68
Current tax assets (net) 6 102.26 64.76
Other current assets 7 279.39 407.27
4,569.43 6,090.92
Total Assets 20,601.74 22,243.69
EQUITY AND LIABILITIES

EQUITY
Equity Share capital 8 1,257.77 1,257.77
Other equity 9 18,280.63 18,022.09
19,538.40 19,279.86
LIABILITIES
Non-current liabilities
Financial liabilities
Deferred tax liabilities (net) - -

- -
Current liabilities
Borrowings 10.1 0.72 1,352.27
Trade and other payables 10.2 652.82 538.05
Other financial liabilities 10.3 102.72 957.05
Other current liabilities 11 297.55 111.26
Provisions 12 9.53 5.20
Current tax liabilities (Net) -
1,063.34 2,963.83
Total Equity and liabilities 20,601.74 22,243.69
The accompanying notes are an integral part of these standalone financial statements
This is the Balance Sheet referred to in our report of even date
For YAPL & Company For Nahar Poly Films Limited

FRN:017800N
per Neha Kansal Rakesh Jain Bhoomika Dinesh Oswal S.K Sharma
Partner (Chief Financial Officer) (Company Secretary) Director) (Executive Director)
M.No.540386 (DIN - 00607290) (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
44
STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31st MARCH, 2019 (` in Lakhs)
Particulars Note No. Current Year Previous Year
` `
INCOME
Revenue from operations 13 26,572.77 25,966.70
Other Income 14 237.54 365.92
Total Income 26,810.31 26,332.62
EXPENSES
Cost of materials consumed 15 20,915.72 19,183.78
Purchase Stock in trade 11.96 -
Change in inventories of finished goods, stock in trade
and work -in-progress 16 14.02 (244.00)
Excise Duty Expense - 770.10
Employee benefit expense 17 759.23 731.65
Finance costs 18 93.00 261.97
Depreciation and amortisation expense 1 216.51 1,435.39
Other expenses 19 3,507.60 3,478.02
Total Expenses 25,518.04 25,616.91
Profit/(loss) before Tax Expenses 1,292.27 715.71
Tax expense: 20
- Current tax (240.55) (473.34)
- Deferred tax (141.00) 267.15
Profit for the year 910.72 509.52
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss
-Re-measurement gains/(losses) on defined benefit plans (3.22) 16.77
-Income Tax relating to re-measurement gains/(losses)
on defined benefit plans 1.07 -
-Equity investments through other comprehensive income (464.95) (4,445.13)
-Income tax relating to items that will not be reclassified to profit
or loss - -
Items that will be reclassified to profit or loss
Equity investments through other comprehensive income 1.42 (2.81)
-Income tax relating to items that will be reclassified to profit or loss (0.17) 0.30
Other Comprehensive Income for the year (465.85) (4,430.87)
Total Comprehensive Income for the year 444.87 (3,921.35)
Earnings per equity share of ` 5 each

Basic and Diluted 3.70 2.07
This is the Statement of Profit and Loss referred to in our report of even date

FRN:017800N
Partner (Chief Financial Officer) (Company Secretary) (Director) (Executive Director)
M.No.540386 (DIN- 00607290) (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
45
CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2019
(` in Lakhs)
Particulars Current Year Previous Year
A. CASH FLOW FROM OPERATING ACTIVITIES:
Add: Adjustment for Non-Cash & Non-operating items
Depreciation and amortisation expense 216.51 1,435.39
Finance Costs (Including dividend on preference shares) 93.00 261.97
Interest Income (24.99) (41.99)
Dividend Income (133.69) (229.80)
(Profit)/loss on sale of investments (net) (9.53) (25.05)
Fair valuation of Investments through Profit and gains (28.50) -
Employment expenses through OCI (3.22) -
(Profit)/loss on sale of fixed assets (net) - -
Payment of CSR Fund (38.12) -
Provision for Employee Benefits 4.33 5.20
Operating profit before working capital changes (A) 1,368.06 2,121.43
Adjustments for movement in:
Changes in Trade Receivables and other receivables 1,196.87 (69.36)
Changes in Inventories (158.22) (75.57)
Changes in Loans (long term) 12.54 (22.38)
Changes in Loans (Short term) (0.86) (0.35)
Changes in other current assets 127.88 (100.37)
Changes in other financial assets 453.04 (10.96)
Changes in Trade and other payables 114.77 (53.90)
Changes in other financial liabilities 4.50 32.56
Changes in other current liabilities 186.29 (108.14)
Changes in Current borrowings (1,351.55) 994.01
Cash flow from operating activities before taxes 585.26 585.54

Direct taxes paid (net of refunds & demands) (276.99) (490.65)
Net cash flow from operating activities (B) 308.27 94.89
Cash flow from investing activities:
Purchase of fixed assets (including capital advances and creditors for capital goods) (84.78) (95.90)
Proceeds from sale of fixed assets - -
Purchase of Investments (1,825.00) (450.00)
Proceeds from sale of Investments 1,234.53 225.05
Interest Income 24.99 41.99
Dividend Income 133.69 229.80
Net cash flow (used) in investing activities (C) (516.57) (49.06)
Cash flow from financing activities:
Proceeds from issue of redeemable non-cumulative preference shares
Interest paid (93.00) (261.97)
Repayment of long term borrowings (858.83) (1,740.88)
Proceeds from long term borrowings - -
Dividend Paid (122.94) (122.94)
Corporate Dividend Tax Paid (25.27) (25.03)
Net cash flow (used) in financing activities (D) (1,100.04) (2,150.82)

Net Increase/(decrease) in cash and cash equivalents (A+B+C+D) 59.72 16.44
Cash and cash equivalents at the beginning of the year 64.74 48.30
Closing cash and cash equivalents 124.46 64.74
Cash and cash equivalents include:
Cash and Cash equivalents 100.37 42.28
Other bank balances 24.09 22.46
Cash and bank balances 124.46 64.74
Notes to Cash flow Statement
a) The above cash flow statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard 7 (Ind AS-7) on "Statements of Cash flows".
b) Negative figures have been shown in brackets.
c) "Additions to property, plant, equipment and intangible assets include movements of capital work-in-progress and intangible assets under development
respectively during the year."
This is the cash flow statement referred to in our report of even date

FRN:017800N
M.No.540386 DIN - 00607290 (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
46
Notes forming part of Standalone financial statements for the year ended 31st March 2019
Note:- 1 Property, plant and equipments

Particulars Freehold Building Plant and Vehicle Office Furniture Total
land machinery equipment and
fixtures
Gross Carrying Value
Balance as at 31 March 2018 176.53 2,459.42 13,951.36 39.91 60.74 14.59 16,702.55
Additions - - 8.00 74.73 2.05 - 84.78
Disposals - - - - - - -
Accumulated Depreciation
Balance as at 31 March 2018 - 711.68 12,724.90 16.77 42.72 10.40 13,506.47
Additions - 71.68 129.33 11.23 3.09 1.16 216.50
Disposals - - - - - - -
CWIP as at 31 March 2019 - - - - - - -

CWIP as at 31 March 2018 - - - - - - -
Net carrying amount

Note :
a) Finance leases
Company does not have any finance / operating lease.
(b) Contractual obligations

There are no contractual commitments for the acquisition of property, plant and equipment.
Note:-2.1 Non-current Investments

Particulars As at 31 March As at 31 March
2019 2018
No. of units Amount No. of units Amount
Investments in Associates
Quoted
Nahar Capital & Financial Services Limited 6,611,632 3,673.16 6,611,632 3,673.16
(Equity Shares of `5 each fully paid-up)
Sub total (a) 6,611,632 3,673.16 6,611,632 3,673.16
Investments in Equity Instruments

At fair value through other comprehensive income
Quoted
Nahar Industrial Enterprises Limited 2,708,800 1,152.59 2,708,800 1,955.75
Nahar Spinning Mills Limited 6,902,244 6,339.71 6,902,244 6,001.50
Sub total (b) 9,611,044 7,492.30 9,611,044 7,957.25
Investments in Debentures & Bonds
to be reclassify at the time of sale
Quoted
IRFC Tax Free Bond 11,757 131.11 11,757 129.84
NABARD Tax Free Bonds 10,020 108.32 10,020 108.17
Sub total (c) 21,777 239.43 21,777 238.01
47
Investments in Mutual Funds

At fair value through profit and loss
Quoted
Reliance Banking & PSU Debt Fund 2,035,996 276.88 2,035,996 256.73
Birla Sun life Balanced Advantage Fund- Growth
Direct Adviser (Growth) - - 196,696 102.11
SBI Liquid Fund-Direct Growth 8,549 250.35
IDFC Bond Fund Short Term Plan 380,915 150.63
Kotak Bond Short Term Plan 550,229 200.69
L & T Short Term Bond Fund 547,031 100.45
ICICI Prudential Balanced Advantage Fund
DP Growth 301,023 114.27 301,023 105.93
Sub total (d) 3,823,743 1,093.27 2,533,715 464.77
Grand Total (a+b+c+d) 12,498.16 12,333.19

Aggregate amount of quoted investments 12,498.16 12,333.19
Aggregate amount of impairment in value of investments - -
As at As at
Particulars 31 March, 2019 31 March, 2018
Note:-2.2 Loans (Non-Current)

(Unsecured considered good, unless otherwise stated)
Security deposits (Unsecured, considered good) 198.58 211.12
198.58 211.12
Note:-3 Deferred Tax Liability (Net)
On account of Depreciation differences, Change in rate of tax & 257.39 399.14
Ind As Adjustments
On Account of allowance u/s 43B 13.82 13.24
271.21 412.38
Note:-4 Inventories
(Valued at Cost or Net Realisable Value Whichever is Lower)
Raw Materials 531.62 422.43
Work in Process 829.39 845.00
Finished Goods 10.77 11.99
Waste & Rejections 6.17 3.36
Stores & Spares 332.31 269.26
1,710.26 1,552.04
Note:- 5.1 Trade receivables
(Unsecured, considered good unless otherwise stated)
Considered good 2088.46 3303.87
Considered Doubtful 34.97 16.43
2,123.43 3,320.30
Note:-5.2 Cash and bank balances
Balance with banks 99.15 38.96
Cash in hand including stamps 1.22 3.32
100.37 42.28
Note:-5.3 Other bank balances
Unpaid Dividend Account 21.62 20.14
Deposits with original maturity more than three months but less than twelve months 2.47 2.32
24.09 22.46
Notes:
(i) Cash and cash equivalents include ` 21.62 lakhs (as at 31 March 2018 ` 20.14 lakhs) held in dividend accounts which is not available for
use by the company.
(ii) Deposits with maturity more than three months but less than twelve months are given as security given to Sales Tax Department
are now available for withdrawal after the introduction of GST.
48
As at As at
Note:- 5.4 Loans (Current)

Loan to Employees 3.99 3.13
3.99 3.13
Note:- 5.5 Other financial assets
Interest accrued but not due on fixed deposits 0.27 4.14
Sale tax incentive receivable 225.37 674.54
225.64 678.68
Note:- 6. Other Current assets
Advance income tax (Net of Provisions) 100.17 63.23
TDS recoverable 2.09 1.53
102.26 64.76

Advances to suppliers 144.58 244.73
Prepaid expenses 35.31 30.68
Balances with statutory and government authorities 0.32 16.88
License in hands 11.58 18.11
Others recoverable 87.60 96.87
279.39 407.27
Note:-8 Equity Share Capital
Authorised capital
900 Lakh Equity Shares of ` 5- each (Previous Year Same) 4,500.00 4,500.00
Issued, subscribed and Fully paid up.
24,587,991 Equity Shares of ` 5- each (Previous Year Same) 1,229.40 1,229.40
Add:- Amount paid up on forfeited Shares 28.37 28.37
Total 1,257.77 1,257.77
a) Reconciliation of equity shares outstanding at the beginning and at the end of the year.
31 March 2019 31 March 2018
No. of Shares Amount No. of Shares Amount
Equity shares at the beginning of the year 24,587,991 1229.40 24,587,991 1229.40
Issued during the year - - - -
Equity shares at the end of the year 24,587,991 1,229.40 24,587,991 1,229.40
b) Rights, Preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of Rs.5 per share. Each shareholder is eligible for one vote per
share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
c) Details of shareholders holding more than 5% shares in the Company
As on 31 March 2019 As on 31 March 2018
No of shares % holding No of shares % holding
Nahar Capital & Financial Services Limited 12,087,671 49.16% 12,087,671 49.16%
Nahar Industrial Enterprises Limited - 0.00% 1,264,720 5.14%
Nahar Spinning Mills Limited 1,253,603 5.10% 1,253,603 5.10%
d) Shares Forfeited
3,49,336 Shares are forfeited in financial year 2006-07 upon non payment of calls.
Note:- 9 Other Equity
(a) Securities premium account
Opening Balance as per last Balance Sheet 4,478.00 4,478.00
Add : Additions during the year - -
Balance as at the year end 4,478.00 4,478.00
49
As at As at
(b) Corporate Social Responsibility Reserve

Opening Balance as per last Balance Sheet 38.13 16.64
Add : Additions during the year - 21.49
Less: Used during the year (38.13) -
Balance as at the year end - 38.13
(c) General Reserve
(d) Retained Earnings
Other Comprehensive Income for the year (net of tax) (465.85) (4,430.87)
Dividends (122.94) (122.94)
Dividend distribution tax (25.27) (25.03)
Transfer to Corporate social responsibility reserve - (21.49)
Total Other Equity (a+b+c+d) 18,181.46 18,022.09
Nature and purpose of reserves

Securities premium account
Securities premium account comprises of the premium on issue of shares. The reserve is utilised in accordance with the specific provision
of the Companies Act, 2013.
General reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve
is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
General reserve will not be reclassified subsequently to the statement of profit and loss.
Retained Earnings
Retained earnings refer to net earnings not paid out as dividends, but retained by the company to be reinvested in its core business. This
amount is available for distribution of dividends to its equity shareholders.
Note:- 10.1 Current borrowings
Secured
Working Capital Loans repayable on demand from Banks 0.72 1,352.27
Others Unsecured - -
0.72 1,352.27
Working capital facilities under consortium arrangement are secured by way of first pari pasu charge on Current Assets, second pari
pasu charge on fixed assets including equitable mortgage of factory land and building of the company and is personally guaranteed by
a director of the company.
Note:- 10.2 Trade payables
Due to micro, small and medium enterprises (refer note 26) - -
Due to others 652.82 538.05
652.82 538.05
Note:- 10.3 Other financial liabilities
Current maturities of long term debts - 858.83
Employee related payables 81.10 76.52
Unpaid Dividend (refer note (a) below) 21.62 20.14
Retention Money - 1.56
102.72 957.05
Note:-
There are no amounts due for payment to the Investor Education and Protection Fund Under Section 125 of the Companies Act, 2013 as at
the year end.
50
As at As at
Note:- 11 Other current liabilities

Advances from customers 204.58 73.47
Security deposits 2.46 2.46
Dues to director 0.75 0.92
Statutory Dues 89.76 34.41
297.55 111.26
Note:- 12. Provisions
Provision for gratuity (refer note 24) 9.53 5.20
9.53 5.20
Movement in provisions: Provision for gratuity
Opening Balance 5.20 -
Add : Provision recognised during the year 9.53 5.20
Less : Provision utilised during the year 5.20 -
Closing Balance 9.53 5.20
Particulars Current year Previous year
Note:- 13 Revenue from operations

Sale of products*
Export 303.81 215.78
Domestic 26,185.30 25,548.34
26,489.11 25,764.12
Other operating revenue
Sale- scrap 72.04 81.13
Export incentives 9.39 11.25
Claims received from Insurance companies 2.23 5.58
Sale tax incentive - 104.62
26,572.77 25,966.70
*Details of product Sold
Export Sales
Direct Export of BOPP Film 303.81 215.78
Domestic Sales
BOPP Film 26,102.19 25,473.98
BOPP Other (Incl.Waste) 83.11 74.36
Other (Misc. Scrap) 72.04 81.13
26,561.15 25,845.25
Note :- 14 Other Income

Interest income 24.99 41.99
Profit on sale of investments (net) 9.53 25.05
Exchange fluctuation gain (net) 1.43 0.47
Fair valuation of investments through profit and loss 28.50 14.77
Miscellaneous income 39.40 53.84
237.54 365.92
Note:- 15 Cost of materials consumed

Opening stock of raw materials 422.43 635.35
Add : Purchases of raw materials during the year 21,024.91 18,970.86
21,447.34 19,606.21
Less : Closing stock of raw materials 531.62 422.43
20,915.72 19,183.78
51
Particulars Current Previous

Year Year
Details of raw material consumed
PP Resins and Additives (Indiginous) 19,646.75 18,137.16
PP Resins and Additives (Imported) 1,268.97 1,046.62
20,915.72 19,183.78
Note:- 16 Changes in inventories of finished goods, work-in-process and traded goods
Opening stock
-Finished Goods / Stock in Trade 15.35 74.15
-Work-in-Progress 845.00 542.20
860.35 616.35
Closing Stock
846.33 860.35
14.02 (244.00)
Note:- 17 Employee benefit expense
Salary, Wages and other Allowances 641.85 608.24
Contribution to Provident and other funds 71.48 79.55
Staff Welfare Expenses 45.90 43.86
759.23 731.65
Note:- 18 Finance cost
Interest Expense
- On working capital loans 52.55 69.89
- On term loans 28.01 185.44
- Others 9.86 0.07
Other Borrowings Cost 2.58 6.57
93.00 261.97
Note:- 19 Other expenses
Power & Fuel Consumed 1,656.16 1,656.10
Packing Expenses 465.90 539.48
Consumption of stores & spares 3.27 3.54
Rent 2.19 2.07
Repair and Maintenance
-Building Repair 2.18 6.57
-Plant & machinery 289.14 250.59
-General Repair 16.40 13.73
Insurance 65.18 60.01
Legal & Professional expenses 20.51 22.13
Rates & Taxes 19.36 11.61
Travelling and Conveyance 19.49 25.41
Brokerage and Commission 52.05 40.46
Freight & Forwarding 786.93 726.34
Other manufacturing expenses 5.60 58.21
Payments to auditors* 2.16 2.08
Communication Expenses 8.60 8.67
Corporate social responsibility expenses 21.75 0.35
Miscellaneous Expenses 70.73 50.67
3,507.60 3,478.02
*Payment to Auditors
As Auditor:
-Audit Fee 2.16 2.05
-Certification charges - 0.01
-Out of Pocket Expenses - 0.02
2.16 2.08
52

Year Year
Note:- 20 Tax Expense
(1) Current Tax
Provision for Taxation for the year 277.17 475.00
Income Tax Adjustment of earlier years (36.62) (1.66)
(2) Deferred Tax 141.00 (267.15)
381.55 206.19
(A) Reconciliation of tax liability on book profit vis-à-vis actual tax liability
Accounting profit before income tax 1,292.27 715.71
Statutory income tax rate 34.944% 34.944%
Current tax expenses on profit before tax at the statutory income tax rate in India 451.57 250.10
Other permanent differences (33.40) (44.99)
Income taxed on different tax rate - 2.75
Charge/(credit) in respect of earlier years (36.62) (1.66)
Unrecognised tax assets (net) - -
Income tax expense reported in the statement of profit and loss 381.55 206.19
(B) The movement in deferred tax assets and liabilities during the year
Balance Sheet Statement of profit and loss Other Comprehensive Income

31 March 2019 31 March 2018 31 March 2019 31 March 2018 31 March 2019 31 March 2018
Accelerated depreciation
for tax purposes 257.39 399.14 141.57 (266.12) 0.17 0.30
and other Ind AS
adjustments
Expenditure incurred u/s 43B 13.82 13.24 (0.57) (1.03)
271.21 412.38 141.00 (267.15) 0.17 0.30
Net Deferred tax assets/(liabilities)

Reflected in balance sheet as follows
Deferred tax assets 271.21 412.38
Deferred tax liabilities - -
Deferred tax assets/(liabilities) (net) 271.21 412.38
Reconciliation of deferred tax assets/(liabilities), net

Opening Balance as at 1 April 412.38 144.93
Tax Income/(expense) during the year recognised in profit or loss (141.00) 267.15
Tax Income/(expense) during the year recognised in Other
comprehensive income (0.17) 0.30
Closing Balance as at 31 March 271.22 412.38
The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax
liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority Significant
management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of
deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income and the period over
which deferred income tax assets will be recovered. Any changes in future taxable income would impact the recoverability of deferred tax
assets.
(C.) Tax Assets and Liabilities.

Income tax assets (net) 102.26 64.76
Income tax liabilities (net) - -
53
21.1 Statement of SIGNIFICANT ACCOUNTING POLICIES:

(i) Company Overview
Nahar Poly Films Limited ('the company') is into the business of manufacturing and selling of BOPP films. The company is a public
limited company incorporated and domiciled in India and has registered office in Ludhiana, Punjab, India and the manufacturing
facility is located Near Mandideep, Bhopal, MP, India. The company has its listing of equity shares on BSE Limited and National Stock
Exchange of India Limited.
The financial statements are approved for issue by the company's Board of Directors on 30-May-2019
(ii) SIGNIFICANT ACCOUNTING POLICIES:
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies
have been consistently applied to all the years presented, unless otherwise stated.
a) Basis of Presentation:
i) Compliance with IndAS
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS)as per Companies Indian
Accounting Standard Rules, 2015 notified under section 133 of the Companies Act,2013 (the Act) and other relevant provisions of the
Act. The Financial statements of the company for the year ended 31 March 2019 have been approved by the Board of Directors at their
meetings held on 30-May-2019
(ii) Accounting Convention
The accounts of the Company have been prepared on going concern basis and historical cost basis except certain financial assets and
liabilities measured at fair value and defined benefit plans-assets measured at fair value.
(iii) Rounding of amount
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of
Schedule III, unless otherwise stated. .
(iv) Current/Non-current classification
All assets and liabilities have been classified as current or non-current as per Company's normal operating cycle and other criteria set
out in the Schedule III to the Act.
b) Foreign currency translation
Items included in the financial statements of each of the company's entities are measured using the currency of the primary economic
environment in which the entity operates (‘the functional currency'). The financial statements are presented in Indian rupee
(INR),which is Nahar Spinning Mills Limited's functional and presentation currency.
Foreign currency translations are translated into the functional currency using the exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and
liabilities denominated in foreign currencies at year end exchange rates are generally recognised in the Statement of profit and loss.
c) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivables. Amounts disclosed as revenue are inclusive of
excise duty and net of returns, trade allowances, rebates and value added taxes.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits
will flow to the entity and specific criteria have been met for each of the company's activities as described below. The company bases
its estimates on historical results, taking into consideration the type of customer, the type of transaction and specific of each
arrangement.
Export Incentives- Export incentives are recognised on post export basis.
Revenue recognition- Revenue from sales are recognised when significant risk and rewards of ownership of the goods has been
transferred to the buyer and entity does not have the effective control over the goods sold.
d) Government Grants:
Grants from the government are recognised at their fair value when there is a reasonable assurance that the grant will be received and
the company will comply with all attached conditions.
Government grant relating to income are deferred and recognised in the profit or loss over the period necessary to match them with
the costs that they are intended to compensate and presented within other income Government grants relating to purchase of
property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss over the
expected lives of the related assets and presented within other income.
e) Income Tax:
The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable
income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and
to unused tax losses.
54
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when
the deferred tax balances relate to same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the Statement of profit and loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In that case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
(f) Trade Receivables:
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less provision for impairment.
(g) Cash and cash Equivalents:
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash in hand, other bank balances,
and bank overdrafts.
h) Inventories
Inventories are valued at cost or net realizable value, whichever is lower. However to determine the cost, the following methods are
adopted:-
1. a) For Raw Material on moving weighted average method plus direct expenses.
b) For Stores and Spares on moving weighted average method plus direct expenses.
c) For Work–in–Process, cost of Raw Material plus appropriate share of manufacturing expenses / relevant Overheads / conversion
cost depending upon the stage of completion.
2. For Finished goods, cost of raw material plus conversion costs, packing cost and other overheads incurred to bring the inventories to
their present condition and location.
3. Further Wastage and Rejections are valued at net realizable value only.
4. Goods in Transit are valued at cost.
i) INVESTMENT AND OTHER FINANCIAL ASSETS
i) Classification
The company classifies its financial assets in the following measurement categories –
- Those to be measured subsequently at fair value (either through other comprehensive income or through Statement of profit
and loss), and
- Those measured at amortised cost
The classification depends on the company's business model for managing the financial assets and the contractual terms of
cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For
investments in debt instruments, this will depend on the business model in which the investment is held. For investments in
equity instruments, this will depend on whether the company has made an irrevocable election at the time of initial recognition to
account for the equity investment at the fair value through other comprehensive income
ii) Measurement
At initial recognition, the company measures a financial asset at its fair value plus transaction cost that are directly attributable to
the acquisition of the financial asset. In the case of a financial asset at fair value through profit or loss, transaction costs of
financial assets are expensed in the Statement of profit and loss.
The company subsequently measures all equity investments at fair value. Where the company's management has elected to
present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and
losses to profit or loss.
iii) Impairment of financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less cost of disposal and its value in use.
The company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost
and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in
credit risk.
55
For trade receivables only, the company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which
requires expected lifetime losses to be recognised from initial recognition of the receivables.
iv) De-recognition of Financial Assets:
Financial asset is derecognised only when
- The company has transferred the rights to receive cash flows from the financial asset or
- Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the
cash flows to one or more recipients.
v) Income Recognition:
Interest income – Interest income from debt instruments is recognised using the effective interest rate method.
Dividend income -Dividends are recognised in profit or loss only when the right to receive payment is established.
Rental Income - Rental income is accounted for on accrual basis.
Scrap (i.e. empties, wastage etc. Other than production ) is accounted for on sale basis.
j) Impairment of Non-Financial assets
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable amount. The recoverable amount is higher of an asset's fair value less costs of disposal and value in use. For the
purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows
which are largely independent of the cash inflows from assets or group of assets (cash-generating units). Non-Financial assets
suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
k) Non- Current Assets Held for Sale:
Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction
rather than through continuing use and sale is considered highly probable. They are measured at lower of their carrying amount
and fair value less cost to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial
assets and contractual rights under insurance contracts, which are specifically exempt.
Non-current assets are not depreciated or amortised while they are classified held for sale. Interest and other expenses
attributable to the liabilities of disposal, company classified as held for sale, continue to be recognised.
l) Derivatives that are not designated as hedges
The company enters into certain derivatives/forward contracts to hedge foreign currency risks which are not designated as
hedges. Such contracts are accounted for at fair value through profit or loss.
m) Property, plant and equipment
Property, Plant and equipment are stated at cost, less accumulated depreciation and impairment if any. Cost directly attributable
to acquisition are capitalised untill the property, plant and equipment are ready for use.
Depreciation methods, estimated useful lives and residual value
The company depreciates its property, plant and equipment over the useful life in the manner prescribed in the Schedule II to the
Companies Act, 2013. The residual values are not more than 5% of the original cost of the assets.
n) Intangible assets
Computer software
Computer software are stated at cost, less accumulated amortisation and impairment ,if any.
Amortisation methods and periods
The company amortises the computer software with a finite useful life over the period of 5 years.
o) Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the end of financial year which are
unpaid. The amounts are unsecured.
p) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using effective interest method.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability
for at least 12 months after the reporting period.
q) Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized
as part of the cost of the asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.
r) Provisions and contingent liabilities
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present
obligation at the end of the reporting period.
56
Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be
confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the
Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable
estimate of the obligation cannot be made.
s) Employee Benefits
(i) Short term obligations
Liabilities for wages and salaries, including non-monetary benefits, if any, that are expected to be settled wholly within 12
months after the end of the period in which the employees render the related service are recognised in respect of employees
services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are
settled.
(ii) Other long term employee benefit obligations
The liabilities, if any, which needs to be settled after 12 months from the end of the period in which the employees render the
related services are measured as the present value of expected future payments to be made in respect of services provided by
employees up to the end of reporting period using the projected unit credit method.
(iii) Post-employment obligations
The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined
benefit obligations at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit method.
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in
the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement
of changes in equity and in the balance sheet.
(iv) Defined contribution plans
Contribution to Provident Fund is made in accordance with the provisions of the Employees Provident Fund and Miscellaneous
Provisions Act, 1952 and is charged to the Statement of Profit and Loss.
t) Estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the
actual results. Management has made judgements, estimates and assumptions that affect the application of accounting policies
and reported amounts of assets, liabilities, income and expenses.
The areas involving critical estimates or judgements are:
- Estimation of current tax expense and payable.
- Designation of financial assets /liabilities through FVTPL.
- Estimation of defined benefit obligation.
- Recognition of deferred tax assets for carried forward tax losses.
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on company and that are believed to be reasonable under the
circumstances.
21.2. Significants accounting judgements, estimates & assumptions
The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities affected in future periods.
Judgements
In the process of applying the Company’s accounting policies, management has made the following judgements,which have the
most significant effect on the amounts recognised in the financial statements:
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
described below. The Company based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions
when they occur.
Defined benefit plans (gratuity benefits)
The cost of the defined benefit gratuity plan and other post-employment benefits and the present value of the gratuity obligation
are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from
actual developments in the future. These include the determination of the discount rate, future salary increases and mortality
57
rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India,
the management considers the interest rates of government bonds in currencies consistent with the currencies of the post
employment benefit obligation.
The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change
only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future
inflation rates. Further details about gratuity obligations are given in Note:-24 .
Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted
prices in active markets, their fair value is measured using other valuation techniques. The Inputs to these models are taken from
observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values.
Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these
factors could affect the reported fair value of financial instruments.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher
of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data
from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs
for disposing of the asset. The value in use calculation is based on a DCF model.
Particulars As at As at
31 March 2019 31 March 2018
Note:- 22 Capital Commitments and Other Commitments
a) Capital Commitments
Estimated amount of contracts remaining to be executed
not provided for (net of advances and deposits) - -
b) Other Commitments
- Bank Guarantee - -
- Letter of credits outstanding in favour of suppliers (net of advances) 106.59 41.29
- Estimated amount of contracts remaining to be executed
not provided for (net of advances and deposits) 2.25 6.61
108.80 47.90
Note:- 23 Earnings per share (EPS) (Ind AS 33)
The Company's Earnings Per Share ('EPS') is determined based on the net profit attributable to the shareholders' of the Company .
Basic earnings per share is computed using the weighted average number of shares outstanding during the year. Diluted earnings
per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during
the year including share options, except where the result would be anti-dilutive.
Earnings Per Share has been computed as under: Current Year Previous Year
Profit for the year attributable to the Equity holders of the Company 910.72 509.52
Weighted-average number of equity shares for basic EPS 245.88 245.88
Earnings Per Share (Rs.) - Basic (Face value of Rs. 5 per share) 3.70 2.07
(Diluted earning per share is same as basic earning per share.)
Proposed dividend on equity shares is subject to the approval of the shareholders of the Company at the Annual General
Meeting and not recognised as liability as at the Balance Sheet date.
Note:-24 Post Retirement Benefits Plans (Ind AS 19)
Defined Benefit Plan
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the
employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of
service. For the funded plan the Company makes contributions to recognised funds in India. The Company does not fully fund the
liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity
payments.
58

Year Year
(i) Changes in Defined Benefit Obligation
Present value obligation as at the start of the year 114.72 102.50
Current service cost 15.03 13.47
Interest cost 8.50 8.13
Past Service Cost Plan Amendment - 10.58
Actuarial loss/(Gains) - Experience Changes 3.09 (22.25)
Actuarial loss / (Gains) Financial Assumption - 4.03
Benefits paid (8.67) (1.74)
Present value obligation as at the end of the year 132.67 114.72
(ii) Change in fair value of plan assets
Fair value of plan assets as at the start of the year 109.52 102.50
Interest income on plan assets 8.63 8.21
Employer Contributions 13.79 2.00
Return on plan assets greater/(lesser) then discount Rates (0.13) (1.45)
Fair value of plan assets as at the end of the year 123.14 109.52
(iii) Breakup of Actuarial gain/loss:
Actuarial (gain)/loss on arising from change in financial assumption - 4.03
Actuarial (gain)/loss on arising from experience adjustment 3.09 (22.25)
Return on plan assets (greater)/less than discount rate 0.13 1.45
3.22 (16.77)
(iv) Net Asset / (Liability) recognised in the Balance Sheet
Present value obligation as at the end of the year (132.67) (114.72)
Net Asset / (Liability) in the Balance Sheet (9.53) (5.20)
(v) Amount recognized in the statement of profit and loss
Interest income on plan assets (8.63) (8.21)
(Income)/Expense recognised in the statement of profit and loss 14.90 13.39
(vi) Remeasurements recognised in the statement of Other
Comprehensive Income (OCI)
Changes in Financial Assumptions - 4.03
Experience Adjustments 3.09 (22.25)
Amount recognised in Other Comprehensive Income (3.22) 16.77
(vii) Actuarial assumptions
Discount Rate (p.a) 7.70% 7.70%
Salary Escalation Rate (p.a) 7.00% 7.00%
Employee Turnover rate 1% to 3% 1% to 3%
Mortality Rate "Indian Assured "Indian Assured
Lives Mortality Lives Mortality
(2006-08) (2006-08)
(modified) Ult" (modified) Ult”
These assumptions were developed by management with the assistance of independent actuarial appraisers. Discount factors are
determined close to each year-end by reference to government bonds of relevant economic markets and that have terms to maturity
approximating to the terms of the related obligation. Other assumptions are based on management’s historical experience.
59

Year Year
(viii) Sensitivity analysis for gratuity liability

The sensitivity of the overall plan obligations to changes in the weighted key assumptions are:
Present value of obligation at the end of the year
Impact of the change in Discount rate (p.a)
Impact due to decrease of 0.50% 8.37 7.59
Impact due to increase of 0.50% (7.57) (6.84)
Impact of change in Salary Escalation rate (p.a)
Impact due to increase of 0.50% 8.18 7.34
Impact due to decrease of 0.50% (7.44) (6.66)
(ix) Expected future cash flows
The expected future cash flows in respect of gratuity were as follows:
Weighted average duration of defined plan obligation (based on discounted cash flows)
Gratuity 14 years 14 years
The followings are the expected future benefit payments for the defined benefit plan :
March 31, 2019 - 2.73
March 31, 2020 6.93 6.98
March 31, 2021 3.49 3.62
March 31, 2022 4.61 4.78
March 31, 2023 22.82 22.66
March 31, 2024 12.38 -
March 31, 2024 to March 31, 2028 - 75.95
March 31, 2025 to March 31, 2029 79.90 -
Note-25 Corporate Social Responsibility
In accordance with the provisions of section 135 of the Companies Act 2013, the Board of Directors of the Company had
constituted a Corporate Social Responsibility (CSR) Committee. In terms with the provisions of the said Act, the Company
required to spend a sum of ` 21.75 lakhs (as at 31st March,2018 ` 21.84 lakhs) towards CSR activities. The details of amount
actually spent by the Company are:
(a) Gross amount required to be spent by the company as per section 135 of the Act. 21.75 21.84
(b) Amount spent during the year on:
- paid in cash/ cash equivalents * 21.75 0.35
- paid in next year - 21.49
- yet to be paid - -
21.75 21.84
The company and other group companies have joined hands to undertake the future CSR activities under one umbrella organisation
i.e. Oswal Foundation. Oswal Foundation, a special purpose vehicle has been considering new projects in the field of healthcare which
are likely to be finalised soon. Whenever it will mature and approved by all the companies under umbrella, the amount of CSR liability
will be contributed to Oswal foundation to implement the CSR Project during the year 2018-19.
Note:-26 Dues to micro and small suppliers
Under the section 22 of Micro, Small and Medium Enterprises Development Act, 2006, (MSMED) which came into force from 2nd
October, 2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises. On the basis of the
information and records available with the management, there are no outstanding dues to the Micro and Small enterprises as defined
in the Micro, Small and Medium Enterprises Development Act, 2006.
Interest due thereon - -

Interest paid by the Company in terms of Section 16 of MSMED Act, 2006, - -
along with the amount of the payment made to the suppliers and service
providers beyond the appointed day during the year.
Interest due and payable for the period of delay in making payment (which - -
has been paid but beyond the appointed day during the year) but without
adding the interest specified under MSMED Act, 2006
60

Year Year
Interest accrued and remaining unpaid as at end of the year - -
Further interest remaining due and payable even in the succeeding years, - -
until such date when the interest dues as above are actually paid to
the small enterprise for the purpose of disallowance as a deductible
expenditure under section 23 of the MSMED Act, 2006.
Note:-27 Government Grants

At the beginning of the year 674.54 663.56
Provided during the year 0.00 104.37
Received during the year 449.17 93.39
At the end of the year 225.37 674.54
Current 225.37 674.54
Non-Current - -
Government grants have been received from MP state as sales tax incentives. There are no unfulfilled conditions or contengencies
attached to these grants.
Note 28. Fair value measurement

(a) Financial instruments by category
31st March 2019 31st March 2018
Particulars FVTPL FVOCI Amortised FVTPL FVOCI Amortised

cost cost
Financial assets
Investments
-Equity Instruments* - 7,492.30 - - 7,957.25 -
-Debentures and Bonds - 239.43 - - 238.01 -
-Mutual funds 1,093.27 - - 464.77 - -
Security Deposits - - 198.58 - - 211.12
Trade receivables - - 2,123.43 - - 3,320.30
Cash and cash equivalents - - 100.37 - - 42.28
Other Bank Balances - - 24.09 - - 22.46
Loan to employees - - 3.99 - - 3.13
Other financial assets - - 225.64 - - 678.68
Total 1,093.27 7,731.73 2,676.10 464.77 8,195.26 4,277.97
Financial Liabilities
Non-current Borrowings - - - - - -
Current Borrowings - - 0.72 - - 1,352.27
Trade payable - - 652.82 - - 538.05
"Other financial liabilities
(Current)" - - 102.72 - - 957.05
Total - - 756.26 - - 2,847.37
* Investment in subsidiaries, joint ventures and associates are measured at cost as per Ind AS 27, 'Separate financial statements'
and hence, not presented here.
(b) Fair value hierarchy
Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are
presented below. It does not include the fair value information for financial assets and liabilities not measured at fair value if the
carrying amount is a reasonable approximation of fair value.
61
Financial assets and liabilities measured at fair value - recurring fair value measurements
Particulars 31 March 2019 31 March 2018
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial assets
Investments at FVTPL
-Mutual funds 1,093.27 - - 464.77 - -
-Equity Instruments - - - - -
Investments at FVOCI
-Equity Instruments 7,492.30 - - 7,957.25 -
Debentures and Bonds 239.43 - - 238.01 - -
Total financial assets 8,825.00 - - 8,660.03 - -
Valuation process and technique used to determine fair value

(i) The fair value of investments in government securities, debentures and quoted equity shares is based on the current bid price of
respective investment as at the balance sheet date.
(ii) The fair value of investments in mutual fund units is based on the net asset value (NAV) as stated by the issuers of these mutual
fund units in the published statements as at the Balance Sheet date. NAV represents the price at which the issuer will issue
further units of mutual fund and the price at which issuers will redeem such units from the investors.
Financial assets and liabilities measured at amortised cost
Financial assets
Other financial assets 225.64 678.68
Total financial assets - - 2,676.10 - - 4,277.97
Non-current Borrowings - -
Trade payable - - 652.82 - - 538.05
(Current)" - - 102.72 - - 957.05
Total financial liabilities - - 756.26 - - 2,847.37
Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments. The fair
value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period.
Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which
maximize the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to fair
value an instrument are observable, the instrument is included in Level 2.
Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case
for unlisted equity securities, contingent consideration and indemnification asset included in level 3.
c) Fair value of financial assets and liabilities measured at amortised cost
Carrying Fair Value Carrying Fair Value
Amount Amount
Financial assets
Non-current assets 198.58 198.58 211.12 211.12
Total financial assets 198.58 198.58 211.12 211.12
Non-current liabilities - - - -
Total financial liabilities - - - -
62
d) Measurement of fair values

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to
estimate the fair values:
(i) The management assessed that the fair values of cash and cash equivalents, other bank balances, trade receivables, other current
financial assets, trade payables and other current financial liabilities approximate their carrying amounts largely due to the short-
term maturities of these instruments.
(ii) The fair value of non-current borrowings and security deposits that approximate to their carrying amounts as it is based on
discounting future cash flows using rates currently available for debts on similar terms, credit risk and remaining maturities. They
are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.
Note:- 29. Financial risk management objectives and policies
The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Company's operations and to support its operations. The Company's financial assets include
loans, trade and other receivables, and cash & cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The company's senior management oversees the management
of these risks. The company's senior management is supported by a financial risk committee that advises on financial risks and the
appropriate financial risk governance framework for the Company. This financial risk committee provides assurance to the
Company's senior management that the Company's financial risk activities are governed by appropriate policies and procedure and
that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The Board
of Directors review and agree policies for managing each risk, which are summarised as below:
(A) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk and currency risk. Financial instruments affected by market risk
include loans and borrowings, deposits and payables/receivables in foreign currencies.
a) Market risk- Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long term
debt obligations with floating interest rates. The Company is carry its borrowings primarily at variable rate.
As at As at
31 March 2019 31 March 2018
Variable rate borrowings 0.72 2,211.10
Fixed rate borrowings - -
Total Borrowings 0.72 2,211.10
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of borrowings
affected. With all other variable held constant, the Company's profit before tax is affected through the impact on floating rate
borrowings, as follows:
50 bps decrease would Increase the profit before tax by - 11.06
50 bps increase would decrease the profit before tax by - (11.06)
b) Market risk- Foreign currency risks
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US Dollar,
EURO and JPY. Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that is not the
functional currency of the Company. Considering the low volume of foreign currency transactions, the Company’s exposure to
foreign currency risk is limited and the Company hence does not use any derivative instruments to manage its exposure. Also, the
Company does not use forward contracts and swaps for speculative purposes.
As at 31 March 2019 As at 31 March 2018
Foreign Currency INR Foreign Currency INR
Trade receivables
-USD 48301 33.46 - -
Trade payables
-USD 94943 65.78 64698 42.58
Total Exposure (net)
-USD -46643 -32.32 -64698 -42.58
63
31 March, 2019 31 March, 2018
Foreign currency sensitivity
The following table demonstrate the sensitivity to a reasonably possible change in exchange rates, with all other variables held
constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary assets and liabilities. The
Company's exposure to foreign currency changes for all other currencies is not material.
USD Sensitivity
5% decrease would Increase the profit before tax by -1.62 -2.13
5% increase would decrease the profit before tax by 1.62 2.13
c) Market risk- Price risks
The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the balance
sheet either at fair value through other comprehensive income or at fair value through profit and loss. To manage its price risk arising
from investments in equity instruments, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance
with the limits set by the Company.
Price sensitivity
The table below summarizes the impact of increases/decreases of the BSE index on the Company’s equity and Gain/Loss for the
period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held
constant, and that all the Company’s equity instruments moved in line with the index.
- Impact on total comprehensive income
500 bps in BSE Sensex 30 increase would Increase the profit before tax by 374.62 397.86
500 bps in BSE Sensex 30 decrease would decrease the profit before tax by (374.62) (397.86)
(B) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company's exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and
financial assets measured at amortised cost. The Company continuously monitors defaults of customers and other counterparties
and incorporates this information into its credit risk controls.
(a) Credit risk management
The Company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed for each
class of 'financial instruments with different characteristics. The Company assigns the following credit ratings to each class of
financial assets based on the assumptions, inputs and factors specific to the class of financial assets.
(i) Low credit risk on financial reporting date
(ii) Moderate credit risk
(iii) High credit risk
The Company provides for expected credit loss based on the following:
Asset group Basis of categorisation Provision for expected

credit loss
Low credit risk Cash and cash equivalents, other bank 12 month expected credit loss
balances, loans, trade receivables, Investments
and other financial assets
Moderate credit risk Trade receivables and other financial assets Life time expected credit loss
or 12 month expected credit loss
High credit risk Trade receivables and other financial assets Life time expected credit loss fully
provided for"
Financial assets that expose the entity to credit risk – As at 31 March 2019 As at 31 March 2018
Low credit risk on reporting date
Trade receivables 2,123.43 3,320.30
Cash and cash equivalents 100.37 42.28
Loans(current) 3.99 3.13
Loans(non-current) 198.58 211.12
Other financial asset (current) 225.64 678.68
64
Cash & cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and
diversifying bank deposits and accounts in different banks across the country.
Trade receivables
Credit risk related to trade receivables are mitigated by taking Credit insurance for domestic sales/letter of credit for export sales, which
results in low credit risk. The Company closely monitors the credit-worthiness of the debtors through internal systems that are
configured to define credit limits of customers, thereby, limiting the credit risk to pre-calculated amounts. The Company assesses
increase in credit risk on an ongoing basis for amounts receivable that become past due and default is considered to have occurred
when amounts receivable become one year past due.
Gross carrying amount of trade receivables As at 31 March 2019 As at 31 March 2018
Not due nor impaired 1940.91 3197.50
0-90 days past due 142.70 1.29
90-180 days past due 2.36 0.60
180-365 days past due 2.49 104.48
More than one year 34.97 16.43
Total 2123.43 3320.30
Loans and Other financial assets measured at amortised cost
Loans and other financial assets measured at amortized cost includes Security deposits and others. Credit risk related to these other
financial assets is managed by monitoring the recoverability of such amounts continuously.
(C) Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses. The Company’s objective is to, at all times maintain optimum levels of liquidity to meet its cash and
collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It
maintains adequate sources of financing including bilateral loans, debt and overdraft from domestic banks at an optimised cost. It also
enjoys strong access to domestic capital markets across equity.
(a) Financing arrangements
The Company had access to the following undrawn borrowing facilities at the end of the reporting period:
Floating rate As at 31 March 2019 As at 31 March 2018
(i) Expiring within one year (Cash Credit and other facilities)
Secured -
Working Capital Facilities 4199.28 2847.73
The table below summaries the maturity profile of the Company's financial liabilities based on contractual undiscounted payments -
Particulars 0-1 Years 1 to 2 years 2 to 5 years More than 5 years Total

Year ended 31 March 2019
Contractual maturities of borrowings 183.42 - - - 183.42
Contractual maturities of
Trade payables and other payables 652.82 - - - 652.82
Contractual maturities of other
financial liabilities 102.72 - - - 102.72
Total 938.96 - - - 938.96
Particulars
Contractual maturities of borrowings 2,412.48 - - 2,412.48
Contractual maturities of Trade payables
and other payables 538.05 - - - 538.05
Total 3,048.75 - - - 3,048.75
Note:- 30 Dividend distribution made Current Year Previous Year

Dividend during the year (Rs. 0.50 per share) 122.94 122.94
Dividend distribution tax 25.27 25.03
148.21 147.97
65
Note:- 31 Reconciliation of changes in financial liabilities

Reconciliation of Changes in liabilities arising from financing activities including both changes arising from cash flow and non
cash changes as per the requirement of IND AS-7 'Statement of Cash Flows'

Particulars Borrowings Borrowings Borrowings Borrowings
(Non-current) (Current) (Non-current) current
(including current (including
maturities) (Current maturities)
A. Borrowings from Banks
Balance at the begining of the period 858.83 1,352.27 2,599.71 358.26
Add:/Less Changes during the period
(a) Changes from financing cash flows (858.83) (1,351.55) (1,740.88) 994.01
(b) Changes arising from obtaining or losing control of
subsidiaries or other business
(c) the effect of changes in foreign exchange rates
(d) changes in fair values
(e) other Changes
Balance at the end of the period - 0.72 858.83 1,352.27

B. Deposits from body corporates
Balance at the begining of the period - - - -
(a) Changes from financing cash flows (Net) - - - -
(b) Changes arising from obtaining or losing control
of subsidiaries or other business - - - -
(c) the effect of changes in foreign exchange rates - - - -
(d) changes in fair values - - - -
(e) other Changes - - - -
Balance at the end of the period - - - -
Note:- 32 Capital Management
The Company’s capital management objectives are to ensure the Company’s ability to continue as a going concern as well as to provide
an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of
the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by
total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade payables, less cash and
cash equivalents and other bank balances
Borrowings 0.72 2,211.10
Trade payables 652.82 538.05
Less: Cash and cash equivalents (100.37) (42.28)
Less: Other bank balances (24.09) (22.46)
Net debt 529.08 2,684.41
Equity 19,538.40 19,279.86
Capital and net debt 20,067.48 21,964.27
Gearing ratio 2.64% 12.22%
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no
breaches in the financial covenants of any interest-bearing loans and borrowing in the current period. No changes were made in the
objectives, policies or processes for managing capital during the years ended 31 March 2019 and 31 March 2018.
66
Note:- 33 Related party disclosure as per Ind AS 24

Disclosure of related parties and relationship between the parties
Nature of relationship
(i) Associates
M/s Nahar Capital & Financial Services Limited
(ii) Key Management Personnel
Mr. Dinesh Oswal (Director), Mr. S. K. Sharma (Executive Director)
Mr. Rakesh Jain (CFO), Ms. Bhoomika (Company Secretary).
(iii) Relatives of Key Management Personnel
Mr. Jawahar Lal Oswal, Mr. Kamal oswal, Mrs. Abhilash Oswal, Mrs. Ruchika Oswal, Mrs. Manisha Oswal, Mrs. Ritu Oswal,
Mrs.Monika Oswal, Mr.Sambhav Oswal, Mr. Rishab Oswal, Tanvi Oswal.
(iv) Other Group companies over which key Management Personnel and their relatives are able to exercise significant Influence
Nahar Spinning Mills Ltd., Nahar Industrial Enterprises Ltd., Oswal Woollen Mills Ltd., Vanaik Spinning Mills Ltd., Abhilash Growth
Fund (P) Ltd., Atam Vallabh Financers Ltd., Bermuda Insurance Brokers Pvt. Ltd., Kovalam Investments & Trading Co. Ltd., Ludhiana
Holdings Ltd., Monica Growth Fund (P) Ltd., Nagdevi Trading & Investment Co. Ltd., Nahar Growth Fund (P) Ltd., Neha Credit &
Investment (P) Ltd., Ogden Trading & Investment Co. (P) Ltd., Ruchika Growth Fund (P) Ltd., Sankeshwar Holding Co. Ltd., Vanaik
Investors Ltd., Vardhman Investments Ltd., J.L. Growth Fund Ltd., Jawahar Lal & Sons, Monte Carlo Fashions Ltd., Hug foods (P)
Ltd., Simran & Shanaya Co. Ltd., Sidhant & Mannat Co. Ltd., Palm Motels Ltd., Suvrat Trading Co. Ltd., Amloh Industries Ltd., Closet
Trunk (P) Ltd.
*Other related parties includes the Companies in which the Key Management Personnel or their relatives have significant influence,
also includes enterprises with whom no transaction has taken place during the period.
Detail of Related party Transactions
Sr. No PARTICULARS Associates " Enterprises over which Key Management
KMP is able to exercise personnels & their relatives
significant influence
Current Year Previous year Current Year Previous year Current Year Previous year
1 Intercorporate Deposits given - 500.00 - - - -
2 Intercorporate Deposits - 500.00 - - - -
received back
3 Intercorporate Deposits received 785.00 - - - - -
4 Intercorporate Deposits repaid 785.00 - - - - -
5 Interest Received - 0.63 - - - -
6 Interest Paid 7.13 - - - - -
7 Director's Sitting Fees - - - - 1.20 1.10
8 Director's Remuneration - - - - 26.19 23.54
9 Rent Paid - - 2.19 2.07 - -
10 License Purchased - - 77.08 60.95 - -
11 Reimbursements Received - - 1.36 0.10 - -
12 Reimbursements Paid - - 0.80 0.34 - -
13 Sales - - 6.29 - - -
14 Purchase of Goods/Services - - 7.97 - - -
15 Balance as on 31.03.2019
- Crs./Payable - - 5.32 0.10 - -
- Due to directors - - - - 0.75 0.92
Note:-34 General
- Previous year figures has been regrouped/reclasified to confirm the current year classification.
- All Amounts ` in Lakhs, unless stated otherwise

FRN:017800N
M No.540386 DIN - 0607290 (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
67
INDEPENDENT AUDITOR'S REPORT Our opinion on the consolidated Ind AS financial statements does
not cover the other information and we will not express any form of
TO THE MEMBERS OF assurance conclusion thereon.
M/s. NAHAR POLY FILMS LIMITED
Report on the Consolidated Ind AS Financial Statements In connection with our audit of the consolidated Ind As financial
Opinion statements, our responsibility is to read the other information
We have audited the accompanying consolidated Ind AS financial identified above when it becomes available and, in doing so,
statements of Nahar Poly Films Limited ("the Company"), which consider whether the other information is materially inconsistent
comprise the Balance Sheet as at March 31, 2019, the Statement of with the consolidated Ind AS financial statements or our knowledge
Profit and Loss (including Other Comprehensive Income), the obtained during the course of our audit, or otherwise appears to be
Statement of Changes in Equity and the Statement of Cash Flows materially misstated. When we read the Board's Report including
for the year ended on that date, and a summary of the significant annexures to the Board's Report and Management Discussion &
accounting policies and other explanatory information (hereinafter Analysis Report, if we conclude that there is a material
referred to as "the consolidated Ind AS financial statements"). misstatement therein, we are required to communicate the matter
to those charged with governance.
In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid consolidated Ind AS Management's Responsibility for the Consolidated Ind AS
financial statements give the information required by the Financial Statements
Companies Act, 2013 ("the Act") in the manner so required and The Company's Board of Directors is responsible for the
give a true and fair view in conformity with the Indian Accounting matters stated in section 134(5) of the Act with respect to the
Standards prescribed under section 133 of the Act read with the preparation of these consolidated Ind AS financial statements that
Companies (Indian Accounting Standards) Rules, 2015, as give a true and fair view of the financial position, financial
amended, ("Ind AS") and other accounting principles generally performance, total comprehensive income, changes in equity and
accepted in India, of the state of affairs of the Company as at March cash flows of the Company in accordance with the Ind AS and
31, 2019, the profit and total comprehensive income, changes in other accounting principles generally accepted in India. This
equity and its cash flows for the year ended on that date. responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for
Basis for Opinion safeguarding the assets of the Company and for preventing and
We conducted our audit of the consolidated Ind AS financial detecting frauds and other irregularities; selection and application
statements in accordance with the Standards on Auditing specified of appropriate accounting policies; making judgments and
under section 143(10) of the Act (SAs). Our responsibilities under estimates that are reasonable and prudent; and design,
those Standards are further described in the Auditor's implementation and maintenance of adequate internal financial
Responsibilities for the Audit of the Consolidated Ind AS Financial controls, that were operating effectively for ensuring the accuracy
Statements section of our report. We are independent of the and completeness of the accounting records, relevant to the
Company in accordance with the Code of Ethics issued by the preparation and presentation of the consolidated Ind AS financial
Institute of Chartered Accountants of India (ICAI) together with the statements that give a true and fair view and are free from material
independence requirements that are relevant to our audit of the misstatement, whether due to fraud or error.
consolidated Ind AS financial statements under the provisions of
the Act and the Rules made thereunder, and we have fulfilled our In preparing the consolidated Ind AS financial statements,
other ethical responsibilities in accordance with these management is responsible for assessing the Company's ability to
requirements and the ICAI's Code of Ethics. We believe that the continue as a going concern, disclosing, as applicable, matters
audit evidence we have obtained is sufficient and appropriate to related to going concern and using the going concern basis of
provide a basis for our audit opinion on the consolidated Ind As accounting unless management either intends to liquidate the
financial statements. Company or to cease operations, or has no realistic alternative but
to do so.
Key Audit Matters
Key audit matters are those matters that, in our professional The Board of Directors are responsible for overseeing the
judgment, were of most significance in our audit of the consolidated Company's financial reporting process.
Ind AS financial statements of the current period. These matters
were addressed in the context of our audit of the consolidated Ind Auditor's Responsibilities for the Audit of the Consolidated
AS financial statements as a whole, and in forming our opinion Ind AS Financial Statements
thereon, and we do not provide a separate opinion on these
matters. There is no key audit matters to be communicated in our Our objectives are to obtain reasonable assurance about whether
report. the consolidated Ind AS financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to
Information Other than the Consolidated Ind AS Financial issue an auditor's report that includes our opinion. Reasonable
Statements and Auditor's Report thereon assurance is a high level of assurance, but is not a guarantee that
The Company's Board of Directors is responsible for the an audit conducted in accordance with SAs will always detect a
preparation of the other information. The other information material misstatement when it exists. Misstatements can arise from
comprises the information included in the Board's Report including fraud or error and are considered material if, individually or in the
annexures to the Board's Report and Management Discussion & aggregate, they could reasonably be expected to influence the
Analysis Report, but does not include the consolidated Ind AS economic decisions of users taken on the basis of these
financial statements and our auditors' report thereon. The Board's consolidated Ind AS financial statements.
Report including annexures to the Board's Report and As part of an audit in accordance with SAs, we exercise
Management Discussion & Analysis Report is expected to be made professional judgment and maintain professional skepticism
available to us after the date of this auditors' report. throughout the audit. We also:
? Identify and assess the risks of material misstatement of
68
the consolidated Ind AS financial statements, whether due to

? a) We have sought and obtained all the information and
fraud or error, design and perform audit procedures explanations which to the best of our knowledge and belief
responsive to those risks, and obtain audit evidence that is were necessary for the purposes of our audit.
sufficient and appropriate to provide a basis for our opinion. b) In our opinion, proper books of account as required by law have
The risk of not detecting a material misstatement resulting been kept by the Company so far as it appears from our
from fraud is higher than for one resulting from error, as examination of those books.
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. c) The Balance Sheet, the Statement of Profit and Loss including
Other Comprehensive Income, Statement of Changes in
Obtain an understanding of internal financial controls
? Equity and the Statement of Cash Flow dealt with by this Report
relevant to the audit in order to design audit procedures that are in agreement with the relevant books of account.
are appropriate in the circumstances. Under section d) In our opinion, the aforesaid consolidated Ind AS financial
143(3)(i) of the Act, we are also responsible for expressing statements comply with the Ind AS specified under Section
our opinion on whether the Company has adequate internal 133 of the Act, read with Rule 7 of the Companies (Accounts)
financial controls system in place and the operating Rules, 2014.
effectiveness of such controls.
e) On the basis of the written representations received from the
directors as on March 31, 2019 taken on record by the Board of
Evaluate the appropriateness of accounting policies
?
Directors, none of the directors is disqualified as on March 31,
used and the reasonableness of accounting estimates
2019 from being appointed as a director in terms of Section
and related disclosures made by management.
164 (2) of the Act.
Conclude
? on the appropriateness of management's use of f) With respect to the adequacy of the internal financial controls
the going concern basis of accounting and, based on the over financial reporting of the Company and the operating
audit evidence obtained, whether a material uncertainty effectiveness of such controls, refer to our separate Report in
exists related to events or conditions that may cast "Annexure A". Our report expresses an unmodified opinion on
significant doubt on the Company's ability to continue as a the adequacy and operating effectiveness of the Company's
going concern. If we conclude that a material uncertainty internal financial controls over financial reporting.
exists, we are required to draw attention in our auditor's g) With respect to the other matters to be included in the Auditor's
report to the related disclosures in the consolidated Ind AS Report in accordance with the requirements of section 197(16)
financial statements or, if such disclosures are inadequate, of the Act, as amended:
to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor's In our opinion and to the best of our information and according
report. However, future events or conditions may cause the to the explanations given to us, the remuneration paid by the
Company to cease to continue as a going concern Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.
Evaluate
? the overall presentation, structure and content of
the consolidated Ind AS financial statements, including the h) With respect to the other matters to be included in the Auditor's
disclosures, and whether the consolidated Ind AS financial Report in accordance with Rule 11 of the Companies (Audit and
statements represent the underlying transactions and Auditors) Rules, 2014, as amended in our opinion and to the
events in a manner that achieves fair presentation. best of our information and according to the explanations
given to us:
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and i) The Company has disclosed the impact of pending
significant audit findings, including any significant deficiencies in litigations on its financial position in its consolidated Ind AS
internal control that we identify during our audit. financial statements.
ii) The Company has made provision, as required under the
We also provide those charged with governance with a statement
applicable law or accounting standards, for material
that we have complied with relevant ethical requirements
foreseeable losses, if any, on long-term contracts including
regarding independence, and to communicate with them all
derivative contracts.
relationships and other matters that may reasonably be thought to
iii) There has been no delay in transferring amounts, required
bear on our independence, and where applicable, related
to be transferred, to the Investor Education and Protection
safeguards.
Fund by the Company.
From the matters communicated with those charged with 2. As required by the Companies (Auditor's Report) Order, 2016
governance, we determine those matters that were of most ("the Order") issued by the Central Government in terms of
significance in the audit of the consolidated Ind AS financial Section 143(11) of the Act, we give in "Annexure B" a statement
statements of the current period and are therefore the key audit on the matters specified in paragraphs 3 and 4 of the Order.
matters. We describe these matters in our auditor's report unless
law or regulation precludes public disclosure about the matter or For YAPL & Co.
when, in extremely rare circumstances, we determine that a matter Chartered Accountants
should not be communicated in our report because the adverse Firm Regn.No.017800N
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication. (CA Neha Kansal)
Partner
Report on Other Legal and Regulatory Requirements M.No.540386
1. As required by Section 143(3) of the Act, based on our audit Dated: 30-05-2019
we report that: Place : Ludhiana
69
Annexure - A to the Independent Auditors' Report Meaning of Internal Financial Controls over Financial
Reporting
(Reffered to in paragraph 1 (f) under’ Report on Other Legel and A company's internal financial control over financial reporting is a
Regulatory Requirements’ section of our report to the Members of process designed to provide reasonable assurance regarding the
NAHAR POLY FILMS LIMITED of even date) reliability of financial reporting and the preparation of Ind AS
Financial Statements for external purposes in accordance with
Report on the Internal Financial Controls under Clause (i) of Sub- generally accepted accounting principles. A company's internal
section 3 of Section 143 of the Companies Act, 2013 ("the Act") financial control over financial reporting includes those policies and
procedures that
We have audited the internal financial controls over financial
reporting of Nahar Poly Films Ltd ("the Company") as of 31 March (1) pertain to the maintenance of records that, in reasonable detail,
2019 in conjunction with our audit of the consolidated Ind AS accurately and fairly reflect the transactions and dispositions of the
Financial Statements of the Company for the year ended on that assets of the company; (2) provide reasonable assurance that
date. transactions are recorded as necessary to permit preparation of
Ind AS Financial Statements in accordance with generally
Management's Responsibility for Internal Financial Controls accepted accounting principles, and that receipts and
The Respective Board of Directors of the Holding Company and its expenditures of the company are being made only in accordance
associate company are responsible for establishing and with authorisations of management and directors of the company;
maintaining internal financial controls based on the internal control and (3) provide reasonable assurance regarding prevention or
over financial reporting criteria established by the Company timely detection of unauthorised acquisition, use, or disposition of
considering the essential components of internal control stated in the company's assets that could have a material effect on the Ind
the Guidance Note on Audit of Internal Financial Controls over AS Financial Statements.
Financial Reporting issued by the Institute of Chartered
Accountants of India ('ICAI'). These responsibilities include the Inherent Limitations of Internal Financial Controls Over
design, implementation and maintenance of adequate internal Financial Reporting
financial controls that were operating effectively for ensuring the Because of the inherent limitations of internal financial controls
orderly and efficient conduct of its business, including adherence to over financial reporting, including the possibility of collusion or
company's policies, the safeguarding of its assets, the prevention improper management override of controls, material
and detection of frauds and errors, the accuracy and completeness misstatements due to error or fraud may occur and not be detected.
of the accounting records, and the timely preparation of reliable Also, projections of any evaluation of the internal financial controls
financial information, as required under the Companies Act, 2013. over financial reporting to future periods are subject to the risk that
the internal financial control over financial reporting may become
Auditors' Responsibility inadequate because of changes in conditions, or that the degree of
Our responsibility is to express an opinion on the Company's compliance with the policies or procedures may deteriorate.
internal financial controls over financial reporting based on our
audit. We conducted our audit in accordance with the Guidance Opinion
Note on Audit of Internal Financial Controls over Financial In our opinion, the Holding Company and its associate company
Reporting (the "Guidance Note") and the Standards on Auditing, have, in all material respects, an adequate internal financial
issued by ICAI and deemed to be prescribed under section 143(10) controls system over financial reporting and such internal financial
of the Companies Act, 2013, to the extent applicable to an audit of controls over financial reporting were operating effectively as at 31
internal financial controls, both applicable to an audit of Internal March 2019, based on the internal control over financial reporting
Financial Controls and, both issued by the Institute of Chartered criteria established by the Company considering the essential
Accountants of India. Those Standards and the Guidance Note components of internal control stated in the Guidance Note on
require that we comply with ethical requirements and plan and Audit of Internal Financial Controls Over Financial Reporting
perform the audit to obtain reasonable assurance about whether issued by the ICAI.
adequate internal financial controls over financial reporting was
established and maintained and if such controls operated
effectively in all material respects. For YAPL & Co.
Our audit involves performing procedures to obtain audit evidence Firm Regn.No.017800N
about the adequacy of the internal financial controls system over
financial reporting and their operating effectiveness. Our audit of (CA Neha Kansal)
internal financial controls over financial reporting included Partner
obtaining an understanding of internal financial controls over M.No.540386
financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating Dated: 30-05-2019
effectiveness of internal control based on the assessed risk. The Place : Ludhiana
procedures selected depend on the auditor's judgment, including
the assessment of the risks of material misstatement of the Ind AS
Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our audit opinion on the
Company's internal financial controls system over financial
reporting.
70
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2019
(` in Lakhs)
A. CASH FLOW FROM OPERATING ACTIVITIES:
Profit/(loss) before Tax Expenses 1,604.33 1,353.56
Add: Adjustment for Non-Cash & Non-operating items
Depreciation and amortisation expense 216.51 1,435.39
(Income)/Loss from Associates (312.06) (637.85)
Finance Costs (Including dividend on preference shares) 93.00 261.97
Interest Income (24.99) (41.99)
Dividend Income (34.52) (130.63)
(Profit)/loss on sale of investments (net) (9.53) (25.05)
Fair valuation of Investments through Profit and gains (28.50) -
Employment expenses through OCI (3.22) -
(Profit)/loss on sale of fixed assets (net) -
Payment of CSR Fund (38.12) -
Provision for Employee Benefits 4.33 5.20
Operating profit before working capital changes (A) 1,467.23 2,220.60
Adjustments for movement in:
Changes in Trade Receivables and other receivables 1,196.87 (69.36)
Changes in Inventories (158.22) (75.57)
Changes in Loans (long term) 12.54 (22.38)
Changes in Loans (Short term) (0.86) (0.35)
Changes in other current assets 127.88 (100.37)
Changes in other financial assets 453.04 (10.96)
Changes in Trade and other payables 114.77 (53.90)
Changes in other financial liabilities 4.50 32.56
Changes in other current liabilities 186.29 (108.14)
Changes in Current borrowings (1,351.55) 994.01
Cash flow from operating activities before taxes 585.26 585.54
Direct taxes paid (net of refunds & demands) (276.99) (490.65)
Net cash flow from operating activities (B) 308.27 94.89
Cash flow from investing activities:
Purchase of fixed assets (including capital advances and creditors for capital goods) (84.78) (95.90)
Proceeds from sale of fixed assets - -
Purchase of Investments (1,825.00) (450.00)
Proceeds from sale of Investments 1,234.53 225.05
Interest Income 24.99 41.99
Net cash flow (used) in investing activities (C) (615.74) (148.23)
Cash flow from financing activities:
Proceeds from issue of redeemable non-cumulative preference shares
Interest paid (93.00) (261.97)
Repayment of long term borrowings (858.83) (1,740.88)
Proceeds from long term borrowings - -
Dividend Paid (122.94) (122.94)
Corporate Dividend Tax Paid (25.27) (25.03)
Net cash flow (used) in financing activities (D) (1,100.04) (2,150.82)

Net Increase/(decrease) in cash and cash equivalents (A+B+C+D) 59.72 16.44
Cash and cash equivalents at the beginning of the year 64.74 48.30
Closing cash and cash equivalents 124.46 64.74
Cash and cash equivalents include:
Cash and Cash equivalents 100.37 42.28
Cash and bank balances 124.46 64.74
Notes to Cash flow Statement
a) The above cash flow statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard 7 (Ind AS-7) on "Statements of Cash flows".
b) Negative figures have been shown in brackets.
c) "Additions to property, plant, equipment and intangible assets include movements of capital work-in-progress and intangible assets under development
respectively during the year."
The accompanying notes are an integral part of these consolidated financial statements
This is the cash flow statement referred to in our report of even date

FRN:017800N
M.No.540386 DIN - 00607290 (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
71
CONSOLIDATED BALANCE SHEET AS AT 31st MARCH, 2019 All Figures ` in Lakhs unless stated otherwise
Particulars Note No. As at As at

31 March, 2019 31 March, 2018
ASSETS
Non-current assets
Property, plant and equipment 1 3,064.36 3,196.08
Financial assets
Investments 2.1 38,683.15 38,748.63
Loans 2.2 198.58 211.12
Deferred tax assets (net) 3 271.21 412.38
42,217.30 42,568.21
Current assets
Inventories 4 1,710.26 1,552.04
Financial assets
Trade receivables 5.1 2,123.43 3,320.30
Cash and Cash equivalents 5.2 100.37 42.28
Other bank balances 5.3 24.09 22.46
Loans 5.4 3.99 3.13
Other financial asset 5.5 225.64 678.68
Current tax assets (net) 6 102.26 64.76
Other current assets 7 279.39 407.27
4,569.43 6,090.92
Total Assets 46,786.73 48,659.13
EQUITY AND LIABILITIES

EQUITY
Equity Share capital 8 1,257.77 1,257.77
Other equity 9 44,465.62 44,437.53
45,723.39 45,695.30
LIABILITIES
Non-current liabilities
Financial liabilities - -
Deferred tax liabilities (net) - -
Current liabilities
Borrowings 10.1 0.72 1,352.27
Trade and other payables 10.2 652.82 538.05
Other financial liabilities 10.3 102.72 957.05
Other current liabilities 11 297.55 111.26
Provisions 12 9.53 5.20
Current tax liabilities (Net) - -
1,063.34 2,963.83
Total Equity and liabilities 46,786.73 48,659.13
This is the Balance Sheet referred to in our report of even date

FRN:017800N
M.No.540386 (DIN - 00607290) (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
72
CONSOLIDATED STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31st MARCH 2019
(` in Lakhs)
Particulars Note No. Current Year Previous Year
` `
INCOME
Revenue from operations 13 26,572.77 25,966.70
Other Income 14 138.37 266.75
Total Income 26,711.14 26,233.45
EXPENSES
Cost of materials consumed 15 20,915.72 19,183.78
Purchase Stock in trade 11.96 -
Change in inventories of finished goods, stock in trade
and work -in-progress 16 14.02 (244.00)
Excise Duty Expense - 770.10
Employee benefit expense 17 759.23 731.65
Finance costs 18 93.00 261.97
Depreciation and amortisation expense 1 216.51 1,435.39
Other expenses 19 3,507.60 3,478.02
Total Expenses 25,518.04 25,616.91
Tax expense: 20
- Current tax (240.55) (473.34)
- Deferred tax (141.00) 267.15
Share of Profit (Loss) from Associates under equity method 411.23 737.02
Profit for the year after share of profit from associates 1,222.78 1,147.37
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss
-Re-measurement gains/(losses) on defined benefit plans (3.22) 16.77
-Income Tax relating to re-measurement gains/(losses)
on defined benefit plans 1.07 -
-Equity investments through other comprehensive income (464.95) (4,445.13)
-Income tax relating to items that will not be reclassified to profit
or loss - -
Items that will be reclassified to profit or loss
Equity investments through other comprehensive income 1.42 (2.81)
-Income tax relating to items that will be reclassified to profit or loss (0.17) 0.30
Share of other comprehensive income from Associates under equity (542.51) 504.79
method
Other Comprehensive Income for the year (1,008.36) (3,926.08)
Total Comprehensive Income for the year 214.42 (2,778.71)
Earnings per equity share of ` 5 each
Basic and Diluted 4.97 4.67
This is the Statement of Profit and Loss referred to in our report of even date

FRN:017800N
M.No.540386 (DIN- 00607290) (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
73
Notes forming part of Consolidated financial statements for the year ended 31st March 2019
Note:- 1 Property, plant and equipments

Particulars Freehold Building Plant and Vehicle Office Furniture Total
land machinery equipment and
fixtures
Gross Carrying Value
Additions - - 8.00 74.73 2.05 - 84.78
Disposals - - - - - - -
Accumulated Depreciation
Additions - 71.68 129.33 11.23 3.09 1.16 216.50
Disposals - - - - - - -
CWIP as at 31 March 2019 - - - - - - -

CWIP as at 31 March 2018 - - - - - - -
Net carrying amount

Note :
a) Finance leases
Company does not have any finance / operating lease.
(b) Contractual obligations

There are no contractual commitments for the acquisition of property, plant and equipment.
Note:-2.1 Non-current Investments

Particulars As at 31 March As at 31 March
2019 2018
No. of units Amount No. of units Amount
Investments in Associates
Quoted
Nahar Capital & Financial Services Limited 6,611,632 29,858.15 6,611,632 30,088.60
(Equity Shares of `5 each fully paid-up)
Sub total (a) 6,611,632 29,858.15 6,611,632 30,088.60
Investments in Equity Instruments

Quoted
Nahar Industrial Enterprises Limited 2,708,800 1,152.59 2,708,800 1,955.75
Nahar Spinning Mills Limited 6,902,244 6,339.71 6,902,244 6,001.50
Sub total (b) 9,611,044 7,492.30 9,611,044 7,957.25
Investments in Debentures & Bonds
to be reclassify at the time of sale
Quoted
IRFC Tax Free Bond 11,757 131.11 11,757 129.84
NABARD Tax Free Bonds 10,020 108.32 10,020 108.17
Sub total (c) 21,777 239.43 21,777 238.01
74
Investments in Mutual Funds

At fair value through profit and loss
Quoted
Reliance Banking & PSU Debt Fund 2,035,996 276.88 2,035,996 256.73
Birla Sun life Balanced Advantage Fund- Growth
Direct Adviser (Growth) - - 196,696 102.11
SBI Liquid Fund-Direct Growth 8,549 250.35
IDFC Bond Fund Short Term Plan 380,915 150.63
Kotak Bond Short Term Plan 550,229 200.69
L & T Short Term Bond Fund 547,031 100.45
ICICI Prudential Balanced Advantage Fund
DP Growth 301,023 114.27 301,023 105.93
Sub total (d) 3,823,743 1,093.27 2,533,715 464.77
Grand Total (a+b+c+d) 38,683.15 38,748.63

Aggregate amount of quoted investments 38,683.15 38,748.63
Aggregate amount of impairment in value of investments - -
As at As at
Note:-2.2 Loans (Non-Current)

Security deposits (Unsecured, considered good) 198.58 211.12
198.58 211.12
Note:-3 Deferred Tax Liability (Net)
On account of Depreciation differences, Change in rate of tax & 257.39 399.14
Ind As Adjustments
On Account of allowance u/s 43B 13.82 13.24
271.21 412.38
Note:-4 Inventories
(Valued at Cost or Net Realisable Value Whichever is Lower)
Raw Materials 531.62 422.43
Work in Process 829.39 845.00
Finished Goods 10.77 11.99
Waste & Rejections 6.17 3.36
Stores & Spares 332.31 269.26
1,710.26 1,552.04
Note:- 5.1 Trade receivables
(Unsecured, considered good unless otherwise stated)
Considered good 2088.46 3303.87
Considered Doubtful 34.97 16.43
2,123.43 3,320.30
Note:-5.2 Cash and bank balances
Balance with banks 99.15 38.96
Cash in hand including stamps 1.22 3.32
100.37 42.28
Note:-5.3 Other bank balances
Unpaid Dividend Account 21.62 20.14
Deposits with original maturity more than three months but less than twelve months 2.47 2.32
24.09 22.46
Notes:
(i) Cash and cash equivalents include ` 21.62 lakhs (as at 31 March 2018 ` 20.14 lakhs) held in dividend accounts which is not available for
use by the company.
(ii) Deposits with maturity more than three months but less than twelve months are given as security given to Sales Tax Department
are now available for withdrawal after the introduction of GST.
75
31 March, 2019 31 March, 2018
Note:- 5.4 Loans (Current)

Loan to Employees 3.99 3.13
3.99 3.13
Note:- 5.5 Other financial assets
Interest accrued but not due on fixed deposits 0.27 4.14
Sale tax incentive receivable 225.37 674.54
225.64 678.68
Advance income tax (Net of Provisions) 100.17 63.23
TDS recoverable 2.09 1.53
102.26 64.76

Advances to suppliers 144.58 244.73
Prepaid expenses 35.31 30.68
Balances with statutory and government authorities 0.32 16.88
License in hands 11.58 18.11
Others recoverable 87.60 96.87
279.39 407.27
Note:-8 Equity Share Capital
Authorised capital
900 Lakh Equity Shares of ` 5- each (Previous Year Same) 4,500.00 4,500.00
Issued, subscribed and Fully paid up.
24,587,991 Equity Shares of ` 5- each (Previous Year Same) 1,229.40 1,229.40
Add:- Amount paid up on forfeited Shares 28.37 28.37
Total 1,257.77 1,257.77
a) Reconciliation of equity shares outstanding at the beginning and at the end of the year.
31 March 2019 31 March 2018
No. of Shares Amount No. of Shares Amount
Equity shares at the beginning of the year 24,587,991 1229.40 24,587,991 1229.40
Issued during the year - - - -
Equity shares at the end of the year 24,587,991 1,229.40 24,587,991 1,229.40
b) Rights, Preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of Rs.5 per share. Each shareholder is eligible for one vote per
share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
c) Details of shareholders holding more than 5% shares in the Company
As on 31 March 2019 As on 31 March 2018
No of shares % holding No of shares % holding
Nahar Capital & Financial Services Limited 12,087,671 49.16% 12,087,671 49.16%
Nahar Industrial Enterprises Limited - 0.00% 1,264,720 5.14%
Nahar Spinning Mills Limited 1,253,603 5.10% 1,253,603 5.10%
d) Shares Forfeited
3,49,336 Shares are forfeited in financial year 2006-07 upon non payment of calls.
Note:- 9 Other Equity
(a) Securities premium account
76
31 March, 2019 31 March, 2018
(b) Capital reserve on acquisition of shares of associates
(c) Corporate Social Responsibility Reserve
Opening Balance as per last Balance Sheet 38.13 16.64
Add : Additions during the year - 21.49
Less: Used during the year (38.13) -
Balance as at the year end - 38.13
(d) General Reserve
(e) Retained Earnings
Profit for the year 1,123.61 1048.20
Other Comprehensive Income for the year (net of tax) (1,008.36) (3,926.08)
Dividends (122.94) (122.94)
Dividend distribution tax (25.27) (25.03)
Transfer to Corporate social responsibility reserve - (21.49)

Total Other Equity (a+b+c+d+e) 44,267.28 44,338.26
Nature and purpose of reserves
Securities premium account
Securities premium account comprises of the premium on issue of shares. The reserve is utilised in accordance with the specific provision
of the Companies Act, 2013.
General reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve
is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
General reserve will not be reclassified subsequently to the statement of profit and loss.
Retained Earnings
Retained earnings refer to net earnings not paid out as dividends, but retained by the company to be reinvested in its core business. This
amount is available for distribution of dividends to its equity shareholders.
Note:- 10.1 Current borrowings
Secured
Working Capital Loans repayable on demand from Banks 0.72 1,352.27
Others Unsecured - -
0.72 1,352.27
Working capital facilities under consortium arrangement are secured by way of first pari pasu charge on Current Assets, second
pari pasu charge on fixed assets including equitable mortgage of factory land and building of the company and is personally
guaranteed by a director of the company.
Note:- 10.2 Trade payables
Due to micro, small and medium enterprises (refer note 26) - -
Due to others 652.82 538.05
652.82 538.05
Note:- 10.3 Other financial liabilities
Current maturities of long term debts - 858.83
Employee related payables 81.10 76.52
Unpaid Dividend (refer note (a) below) 21.62 20.14
Retention Money - 1.56
102.72 957.05
Note:-
There are no amounts due for payment to the Investor Education and Protection Fund Under Section 125 of the Companies Act, 2013 as at
the year end.
77
31 March, 2019 31 March, 2018
Note:- 11 Other current liabilities

Advances from customers 204.58 73.47
Security deposits 2.46 2.46
Dues to director 0.75 0.92
Statutory Dues 89.76 34.41
297.55 111.26
Note:- 12. Provisions
Provision for gratuity (refer note 24) 9.53 5.20
9.53 5.20
Movement in provisions: Provision for gratuity
Opening Balance 5.20 -
Add : Provision recognised during the year 9.53 5.20
Less : Provision utilised during the year 5.20 -
Closing Balance 9.53 5.20
Particulars Current year Previous year

Note:- 13 Revenue from operations
Sale of products*
Export 303.81 215.78
Domestic 26,185.30 25,548.34
26,489.11 25,764.12
Other operating revenue
Sale- scrap 72.04 81.13
Export incentives 9.39 11.25
Claims received from Insurance companies 2.23 5.58
Sale tax incentive - 104.62
26,572.77 25,966.70
*Details of product Sold
Export Sales
Direct Export of BOPP Film 303.81 215.78
Domestic Sales
BOPP Film 26,102.19 25,473.98
BOPP Other (Incl.Waste) 83.11 74.36
Other (Misc. Scrap) 72.04 81.13
26,561.15 25,845.25
Note :- 14 Other Income

Interest income 24.99 41.99
Profit on sale of investments (net) 9.53 25.05
Exchange fluctuation gain (net) 1.43 0.47
Fair valuation of investments through profit and loss 28.50 14.77
Miscellaneous income 39.40 53.84
138.37 266.75
Note:- 15 Cost of materials consumed

Opening stock of raw materials 422.43 635.35
Add : Purchases of raw materials during the year 21,024.91 18,970.86
21,447.34 19,606.21
Less : Closing stock of raw materials 531.62 422.43
20,915.72 19,183.78
78

Year Year
Details of raw material consumed
PP Resins and Additives (Indiginous) 19,646.75 18,137.16
PP Resins and Additives (Imported) 1,268.97 1,046.62
20,915.72 19,183.78
Note:- 16 Changes in inventories of finished goods, work-in-process and traded goods
Opening stock
860.35 616.35
Closing Stock
846.33 860.35
14.02 (244.00)
Note:- 17 Employee benefit expense
Salary, Wages and other Allowances 641.85 608.24
Contribution to Provident and other funds 71.48 79.55
Staff Welfare Expenses 45.90 43.86
759.23 731.65
Note:- 18 Finance cost
Interest Expense
- On working capital loans 52.55 69.89
- On term loans 28.01 185.44
- Others 9.86 0.07
Other Borrowings Cost 2.58 6.57
93.00 261.97
Note:- 19 Other expenses
Power & Fuel Consumed 1,656.16 1,656.10
Packing Expenses 465.90 539.48
Consumption of stores & spares 3.27 3.54
Rent 2.19 2.07
Repair and Maintenance
-Building Repair 2.18 6.57
-Plant & machinery 289.14 250.59
-General Repair 16.40 13.73
Insurance 65.18 60.01
Legal & Professional expenses 20.51 22.13
Rates & Taxes 19.36 11.61
Travelling and Conveyance 19.49 25.41
Brokerage and Commission 52.05 40.46
Freight & Forwarding 786.93 726.34
Other manufacturing expenses 5.60 58.21
Payments to auditors* 2.16 2.08
Communication Expenses 8.60 8.67
Corporate social responsibility expenses 21.75 0.35
Miscellaneous Expenses 70.73 50.67
3,507.60 3,478.02
*Payment to Auditors
As Auditor:
-Audit Fee 2.16 2.05
-Certification charges - 0.01
-Out of Pocket Expenses - 0.02
2.16 2.08
79

Year Year
Note:- 20 Tax Expense
(1) Current Tax
Provision for Taxation for the year 277.17 475.00
Income Tax Adjustment of earlier years (36.62) (1.66)
(2) Deferred Tax 141.00 (267.15)
381.55 206.19
(A) Reconciliation of tax liability on book profit vis-à-vis actual tax liability
Accounting profit before income tax 1,193.10 616.54
Statutory income tax rate 34.944% 34.944%
Current tax expenses on profit before tax at the statutory income tax rate in India 416.92 215.44
Other permanent differences 1.25 (10.34)
Income taxed on different tax rate - 2.75
Charge/(credit) in respect of earlier years (36.62) (1.66)
Unrecognised tax assets (net) - -
Income tax expense reported in the statement of profit and loss 381.55 206.19
(B) The movement in deferred tax assets and liabilities during the year
Balance Sheet Statement of profit and loss Other Comprehensive Income
31 March 2019 31 March 2018 31 March 2019 31 March 2018 31 March 2019 31 March 2018
Accelerated depreciation
for tax purposes 257.39 399.14 141.57 (266.12) 0.17 0.30
and other Ind AS
adjustments
Expenditure incurred u/s 43B 13.82 13.24 (0.57) (1.03)
271.21 412.38 141.00 (267.15) 0.17 0.30
Net Deferred tax assets/(liabilities)

Reflected in balance sheet as follows
Deferred tax assets 271.21 412.38
Deferred tax liabilities - -
Deferred tax assets/(liabilities) (net) 271.21 412.38
Reconciliation of deferred tax assets/(liabilities), net

Opening Balance as at 1 April 412.38 144.93
Tax Income/(expense) during the year recognised in profit or loss (141.00) 267.15
Tax Income/(expense) during the year recognised in Other
comprehensive income (0.17) 0.30
Closing Balance as at 31 March 271.22 412.38
The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax
liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority Significant
management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of
deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income and the period over
which deferred income tax assets will be recovered. Any changes in future taxable income would impact the recoverability of deferred tax
assets.
(C.) Tax Assets and Liabilities.

Income tax assets (net) 102.26 64.76
Income tax liabilities (net) - -
80
21.1 Statement of SIGNIFICANT ACCOUNTING POLICIES:

(i) Company Overview
Nahar Poly Films Limited ('the company') is into the business of manufacturing and selling of BOPP films. The company is a public
facility is located Near Mandideep, Bhopal, MP, India. The company has its listing of equity shares on BSE Limited and National Stock
Exchange of India Limited.
The financial statements are approved for issue by the company's Board of Directors on 30-May-2019
(ii) SIGNIFICANT ACCOUNTING POLICIES:
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies
have been consistently applied to all the years presented, unless otherwise stated.
a) Basis of Presentation:
i) Compliance with IndAS
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS)as per Companies Indian
Accounting Standard Rules, 2015 notified under section 133 of the Companies Act,2013 (the Act) and other relevant provisions of the
Act. The Financial statements of the company for the year ended 31 March 2019 have been approved by the Board of Directors at their
meetings held on 30-May-2019
(ii) Accounting Convention
The accounts of the Company have been prepared on going concern basis and historical cost basis except certain financial assets and
liabilities measured at fair value and defined benefit plans-assets measured at fair value.
(iii) Rounding of amount
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of
Schedule III, unless otherwise stated. .
(iv) Current/Non-current classification
All assets and liabilities have been classified as current or non-current as per Company's normal operating cycle and other criteria set
out in the Schedule III to the Act.
b) Foreign currency translation
Items included in the financial statements of each of the company's entities are measured using the currency of the primary economic
environment in which the entity operates (‘the functional currency'). The financial statements are presented in Indian rupee
(INR),which is Nahar Spinning Mills Limited's functional and presentation currency.
Foreign currency translations are translated into the functional currency using the exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets an
liabilities denominated in foreign currencies at year end exchange rates are generally recognised in the Statement of profit and loss.
c) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivables. Amounts disclosed as revenue are inclusive of
excise duty and net of returns, trade allowances, rebates and value added taxes.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits
will flow to the entity and specific criteria have been met for each of the company's activities as described below. The company bases
its estimates on historical results, taking into consideration the type of customer, the type of transaction and specific of each
arrangement.
Export Incentives- Export incentives are recognised on post export basis.
Revenue recognition- Revenue from sales are recognised when significant risk and rewards of ownership of the goods has been
transferred to the buyer and entity does not have the effective control over the goods sold.
d) Government Grants:
Grants from the government are recognised at their fair value when there is a reasonable assurance that the grant will be received and
the company will comply with all attached conditions.
Government grant relating to income are deferred and recognised in the profit or loss over the period necessary to match them with
the costs that they are intended to compensate and presented within other income Government grants relating to purchase of
property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss over the
expected lives of the related assets and presented within other income.
e) Income Tax:
The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable
income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and
to unused tax losses.
81
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when
the deferred tax balances relate to same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the Statement of profit and loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In that case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
(f) Trade Receivables:
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less provision for impairment.
(g) Cash and cash Equivalents:
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash in hand, other bank balances,
and bank overdrafts.
h) Inventories
Inventories are valued at cost or net realizable value, whichever is lower. However to determine the cost, the following methods are
adopted:-
1. a) For Raw Material on moving weighted average method plus direct expenses.
b) For Stores and Spares on moving weighted average method plus direct expenses.
c) For Work–in–Process, cost of Raw Material plus appropriate share of manufacturing expenses / relevant Overheads / conversion
cost depending upon the stage of completion.
2. For Finished goods, cost of raw material plus conversion costs, packing cost and other overheads incurred to bring the inventories to
their present condition and location.
3. Further Wastage and Rejections are valued at net realizable value only.
4. Goods in Transit are valued at cost.
i) INVESTMENT AND OTHER FINANCIAL ASSETS
i) Classification
The company classifies its financial assets in the following measurement categories –
- Those to be measured subsequently at fair value (either through other comprehensive income or through Statement of profit
and loss), and
- Those measured at amortised cost
The classification depends on the company's business model for managing the financial assets and the contractual terms of
cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For
investments in debt instruments, this will depend on the business model in which the investment is held. For investments in
equity instruments, this will depend on whether the company has made an irrevocable election at the time of initial recognition to
account for the equity investment at the fair value through other comprehensive income
ii) Measurement
At initial recognition, the company measures a financial asset at its fair value plus transaction cost that are directly attributable to
the acquisition of the financial asset. In the case of a financial asset at fair value through profit or loss, transaction costs of
financial assets are expensed in the Statement of profit and loss.
The company subsequently measures all equity investments at fair value. Where the company's management has elected to
present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and
losses to profit or loss.
iii) Impairment of financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less cost of disposal and its value in use.
The company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost
and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in
credit risk.
82
For trade receivables only, the company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which
requires expected lifetime losses to be recognised from initial recognition of the receivables.
iv) De-recognition of Financial Assets:
Financial asset is derecognised only when
- The company has transferred the rights to receive cash flows from the financial asset or
- Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the
cash flows to one or more recipients.
v) Income Recognition:
Interest income – Interest income from debt instruments is recognised using the effective interest rate method.
Dividend income -Dividends are recognised in profit or loss only when the right to receive payment is established.
Rental Income - Rental income is accounted for on accrual basis.
Scrap (i.e. empties, wastage etc. Other than production ) is accounted for on sale basis.
j) Impairment of Non-Financial assets
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable amount. The recoverable amount is higher of an asset's fair value less costs of disposal and value in use. For the
purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows
which are largely independent of the cash inflows from assets or group of assets (cash-generating units). Non-Financial assets
suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
k) Non- Current Assets Held for Sale:
Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction
rather than through continuing use and sale is considered highly probable. They are measured at lower of their carrying amount
and fair value less cost to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial
assets and contractual rights under insurance contracts, which are specifically exempt.
Non-current assets are not depreciated or amortised while they are classified held for sale. Interest and other expenses
attributable to the liabilities of disposal, company classified as held for sale, continue to be recognised.
l) Derivatives that are not designated as hedges
The company enters into certain derivatives/forward contracts to hedge foreign currency risks which are not designated as
hedges. Such contracts are accounted for at fair value through profit or loss.
m) Property, plant and equipment
Property, Plant and equipment are stated at cost, less accumulated depreciation and impairment if any. Cost directly attributable
to acquisition are capitalised untill the property, plant and equipment are ready for use.
Depreciation methods, estimated useful lives and residual value
The company depreciates its property, plant and equipment over the useful life in the manner prescribed in the Schedule II to the
Companies Act, 2013. The residual values are not more than 5% of the original cost of the assets.
n) Intangible assets
Computer software
Computer software are stated at cost, less accumulated amortisation and impairment ,if any.
Amortisation methods and periods
The company amortises the computer software with a finite useful life over the period of 5 years.
o) Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the end of financial year which are
unpaid. The amounts are unsecured.
p) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using effective interest method.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability
for at least 12 months after the reporting period.
q) Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized
as part of the cost of the asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.
r) Provisions and contingent liabilities
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present
obligation at the end of the reporting period.
83
Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be
confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the
Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable
estimate of the obligation cannot be made.
s) Employee Benefits
(i) Short term obligations
Liabilities for wages and salaries, including non-monetary benefits, if any, that are expected to be settled wholly within 12
months after the end of the period in which the employees render the related service are recognised in respect of employees
services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are
settled.
(ii) Other long term employee benefit obligations
The liabilities, if any, which needs to be settled after 12 months from the end of the period in which the employees render the
related services are measured as the present value of expected future payments to be made in respect of services provided by
employees up to the end of reporting period using the projected unit credit method.
(iii) Post-employment obligations
The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined
benefit obligations at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit method.
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in
the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement
of changes in equity and in the balance sheet.
(iv) Defined contribution plans
Contribution to Provident Fund is made in accordance with the provisions of the Employees Provident Fund and Miscellaneous
Provisions Act, 1952 and is charged to the Statement of Profit and Loss.
t) Estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the
actual results. Management has made judgements, estimates and assumptions that affect the application of accounting policies
and reported amounts of assets, liabilities, income and expenses.
The areas involving critical estimates or judgements are:
- Estimation of current tax expense and payable.
- Designation of financial assets /liabilities through FVTPL.
- Estimation of defined benefit obligation.
- Recognition of deferred tax assets for carried forward tax losses.
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on company and that are believed to be reasonable under the
circumstances.
21.2. Significants accounting judgements, estimates & assumptions
The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities affected in future periods.
Judgements
In the process of applying the Company’s accounting policies, management has made the following judgements,which have the
most significant effect on the amounts recognised in the financial statements:
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
described below. The Company based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions
when they occur.
Defined benefit plans (gratuity benefits)
The cost of the defined benefit gratuity plan and other post-employment benefits and the present value of the gratuity obligation
are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from
actual developments in the future. These include the determination of the discount rate, future salary increases and mortality
84
rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India,
the management considers the interest rates of government bonds in currencies consistent with the currencies of the post
employment benefit obligation.
The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change
only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future
inflation rates. Further details about gratuity obligations are given in Note:-24 .
Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted
prices in active markets, their fair value is measured using other valuation techniques. The Inputs to these models are taken from
observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values.
Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these
factors could affect the reported fair value of financial instruments.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher
of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data
from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs
for disposing of the asset. The value in use calculation is based on a DCF model.
31 March 2019 31 March 2018
Note:- 22 Capital Commitments and Other Commitments
a) Capital Commitments
Estimated amount of contracts remaining to be executed
not provided for (net of advances and deposits) - -
b) Other Commitments
- Bank Guarantee - -
- Letter of credits outstanding in favour of suppliers (net of advances) 106.59 41.29
- Estimated amount of contracts remaining to be executed
not provided for (net of advances and deposits) 2.25 6.61
108.80 47.90
Note:- 23 Earnings per share (EPS) (Ind AS 33)
The Company's Earnings Per Share ('EPS') is determined based on the net profit attributable to the shareholders' of the Company .
Basic earnings per share is computed using the weighted average number of shares outstanding during the year. Diluted earnings
per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during
the year including share options, except where the result would be anti-dilutive.
Earnings Per Share has been computed as under: Current Year Previous Year
Profit for the year attributable to the Equity holders of the Company 1222.78 1147.37
Weighted-average number of equity shares for basic EPS 245.88 245.88
Earnings Per Share (Rs.) - Basic (Face value of Rs. 5 per share) 4.97 4.67
(Diluted earning per share is same as basic earning per share.)
Proposed dividend on equity shares is subject to the approval of the shareholders of the Company at the Annual General
Meeting and not recognised as liability as at the Balance Sheet date.
Note:-24 Post Retirement Benefits Plans (Ind AS 19)
Defined Benefit Plan
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the
employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of
service. For the funded plan the Company makes contributions to recognised funds in India. The Company does not fully fund the
liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity
payments.
85

Year Year
(i) Changes in Defined Benefit Obligation
Present value obligation as at the start of the year 114.72 102.50
Past Service Cost Plan Amendment - 10.58
Actuarial loss/(Gains) - Experience Changes 3.09 (22.25)
Actuarial loss / (Gains) Financial Assumption - 4.03
Present value obligation as at the end of the year 132.67 114.72
(ii) Change in fair value of plan assets
Fair value of plan assets as at the start of the year 109.52 102.50
Interest income on plan assets 8.63 8.21
Employer Contributions 13.79 2.00
Return on plan assets greater/(lesser) then discount Rates (0.13) (1.45)
(iii) Breakup of Actuarial gain/loss:
Actuarial (gain)/loss on arising from change in financial assumption - 4.03
Actuarial (gain)/loss on arising from experience adjustment 3.09 (22.25)
3.22 (16.77)
(iv) Net Asset / (Liability) recognised in the Balance Sheet
Present value obligation as at the end of the year (132.67) (114.72)
Net Asset / (Liability) in the Balance Sheet (9.53) (5.20)
(v) Amount recognized in the statement of profit and loss
Interest income on plan assets (8.63) (8.21)
(Income)/Expense recognised in the statement of profit and loss 14.90 13.39
(vi) Remeasurements recognised in the statement of Other
Comprehensive Income (OCI)
Changes in Financial Assumptions - 4.03
Experience Adjustments 3.09 (22.25)
Amount recognised in Other Comprehensive Income (3.22) 16.77
(vii) Actuarial assumptions
Discount Rate (p.a) 7.70% 7.70%
Salary Escalation Rate (p.a) 7.00% 7.00%
Employee Turnover rate 1% to 3% 1% to 3%
Mortality Rate "Indian Assured "Indian Assured
Lives Mortality Lives Mortality
(2006-08) (2006-08)
(modified) Ult" (modified) Ult”
These assumptions were developed by management with the assistance of independent actuarial appraisers. Discount factors are
determined close to each year-end by reference to government bonds of relevant economic markets and that have terms to maturity
approximating to the terms of the related obligation. Other assumptions are based on management’s historical experience.
86

Year Year
(viii) Sensitivity analysis for gratuity liability

The sensitivity of the overall plan obligations to changes in the weighted key assumptions are:
Present value of obligation at the end of the year
Impact of the change in Discount rate (p.a)
Impact due to decrease of 0.50% 8.37 7.59
Impact due to increase of 0.50% (7.57) (6.84)
Impact of change in Salary Escalation rate (p.a)
Impact due to increase of 0.50% 8.18 7.34
Impact due to decrease of 0.50% (7.44) (6.66)
(ix) Expected future cash flows
The expected future cash flows in respect of gratuity were as follows:
Weighted average duration of defined plan obligation (based on discounted cash flows)
Gratuity 14 years 14 years
The followings are the expected future benefit payments for the defined benefit plan :
March 31, 2019 - 2.73
March 31, 2020 6.93 6.98
March 31, 2021 3.49 3.62
March 31, 2022 4.61 4.78
March 31, 2023 22.82 22.66
March 31, 2024 12.38 -
March 31, 2024 to March 31, 2028 - 75.95
March 31, 2025 to March 31, 2029 79.90 -
Note-25 Corporate Social Responsibility
In accordance with the provisions of section 135 of the Companies Act 2013, the Board of Directors of the Company had
constituted a Corporate Social Responsibility (CSR) Committee. In terms with the provisions of the said Act, the Company
required to spend a sum of ` 21.75 lakhs (as at 31st March,2018 ` 21.84 lakhs) towards CSR activities. The details of amount
actually spent by the Company are:
(a) Gross amount required to be spent by the company as per section 135 of the Act. 21.75 21.84
(b) Amount spent during the year on:
- paid in cash/ cash equivalents * 21.75 0.35
- paid in next year - 21.49
- yet to be paid - -
21.75 21.84
The company and other group companies have joined hands to undertake the future CSR activities under one umbrella organisation
i.e. Oswal Foundation. Oswal Foundation, a special purpose vehicle has been considering new projects in the field of healthcare which
are likely to be finalised soon. Whenever it will mature and approved by all the companies under umbrella, the amount of CSR liability
will be contributed to Oswal foundation to implement the CSR Project during the year 2018-19.
Note:-26 Dues to micro and small suppliers
Under the section 22 of Micro, Small and Medium Enterprises Development Act, 2006, (MSMED) which came into force from 2nd
October, 2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises. On the basis of the
information and records available with the management, there are no outstanding dues to the Micro and Small enterprises as defined
in the Micro, Small and Medium Enterprises Development Act, 2006.
Interest due thereon - -

Interest paid by the Company in terms of Section 16 of MSMED Act, 2006, - -
along with the amount of the payment made to the suppliers and service
providers beyond the appointed day during the year.
Interest due and payable for the period of delay in making payment (which - -
has been paid but beyond the appointed day during the year) but without
adding the interest specified under MSMED Act, 2006
87

Year Year
Interest accrued and remaining unpaid as at end of the year - -
Further interest remaining due and payable even in the succeeding years, - -
until such date when the interest dues as above are actually paid to
the small enterprise for the purpose of disallowance as a deductible
expenditure under section 23 of the MSMED Act, 2006.
Note:-27 Government Grants

At the beginning of the year 674.54 663.56
Provided during the year 0.00 104.37
Received during the year 449.17 93.39
At the end of the year 225.37 674.54
Current 225.37 674.54
Non-Current - -
Government grants have been received from MP state as sales tax incentives. There are no unfulfilled conditions or contengencies
attached to these grants.
Note 28. Fair value measurement

(a) Financial instruments by category
31st March 2019 31st March 2018
Particulars FVTPL FVOCI Amortised FVTPL FVOCI Amortised

cost cost
Financial assets
Investments
-Equity Instruments* - 7,492.30 - - 7,957.25 -
-Debentures and Bonds - 239.43 - - 238.01 -
-Mutual funds 1,093.27 - - 464.77 - -
Other financial assets - - 225.64 - - 678.68
Total 1,093.27 7,731.73 2,676.10 464.77 8,195.26 4,277.97
Financial Liabilities
Non-current Borrowings - - - - - -
Trade payable - - 652.82 - - 538.05
(Current)" - - 102.72 - - 957.05
Total - - 756.26 - - 2,847.37
* Investment in subsidiaries, joint ventures and associates are measured at cost as per Ind AS 27, 'Separate financial statements'
and hence, not presented here.
(b) Fair value hierarchy
Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are
presented below. It does not include the fair value information for financial assets and liabilities not measured at fair value if the
carrying amount is a reasonable approximation of fair value.
88
Financial assets and liabilities measured at fair value - recurring fair value measurements
Financial assets
Investments at FVTPL
-Mutual funds 1,093.27 - - 464.77 - -
-Equity Instruments - - - - -
Investments at FVOCI
-Equity Instruments 7,492.30 - - 7,957.25 -
Debentures and Bonds 239.43 - - 238.01 - -
Total financial assets 8,825.00 - - 8,660.03 - -
Valuation process and technique used to determine fair value

(i) The fair value of investments in government securities, debentures and quoted equity shares is based on the current bid price of
respective investment as at the balance sheet date.
(ii) The fair value of investments in mutual fund units is based on the net asset value (NAV) as stated by the issuers of these mutual
fund units in the published statements as at the Balance Sheet date. NAV represents the price at which the issuer will issue
further units of mutual fund and the price at which issuers will redeem such units from the investors.
Financial assets and liabilities measured at amortised cost
Financial assets
Other financial assets 225.64 678.68
Total financial assets - - 2,676.10 - - 4,277.97
Non-current Borrowings - -
Trade payable - - 652.82 - - 538.05
(Current)" - - 102.72 - - 957.05
Total financial liabilities - - 756.26 - - 2,847.37
Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments. The fair
value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period.
Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which
maximize the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to fair
value an instrument are observable, the instrument is included in Level 2.
Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case
for unlisted equity securities, contingent consideration and indemnification asset included in level 3.
c) Fair value of financial assets and liabilities measured at amortised cost
Carrying Fair Value Carrying Fair Value
Amount Amount
Financial assets
Non-current assets 198.58 198.58 211.12 211.12
Total financial assets 198.58 198.58 211.12 211.12
Non-current liabilities - - - -
Total financial liabilities - - - -
89
d) Measurement of fair values

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to
estimate the fair values:
(i) The management assessed that the fair values of cash and cash equivalents, other bank balances, trade receivables, other current
financial assets, trade payables and other current financial liabilities approximate their carrying amounts largely due to the short-
term maturities of these instruments.
(ii) The fair value of non-current borrowings and security deposits that approximate to their carrying amounts as it is based on
discounting future cash flows using rates currently available for debts on similar terms, credit risk and remaining maturities. They
are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.
Note:- 29. Financial risk management objectives and policies
The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Company's operations and to support its operations. The Company's financial assets include
loans, trade and other receivables, and cash & cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The company's senior management oversees the management
of these risks. The company's senior management is supported by a financial risk committee that advises on financial risks and the
appropriate financial risk governance framework for the Company. This financial risk committee provides assurance to the
Company's senior management that the Company's financial risk activities are governed by appropriate policies and procedure and
that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The Board
of Directors review and agree policies for managing each risk, which are summarised as below:
(A) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk and currency risk. Financial instruments affected by market risk
include loans and borrowings, deposits and payables/receivables in foreign currencies.
a) Market risk- Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long term
debt obligations with floating interest rates. The Company is carry its borrowings primarily at variable rate.
As at As at
31 March 2019 31 March 2018
Variable rate borrowings 0.72 2,211.10
Fixed rate borrowings - -
Total Borrowings 0.72 2,211.10
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of borrowings
affected. With all other variable held constant, the Company's profit before tax is affected through the impact on floating rate
borrowings, as follows:
50 bps decrease would Increase the profit before tax by - 11.06
50 bps increase would decrease the profit before tax by - (11.06)
b) Market risk- Foreign currency risks
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US Dollar,
EURO and JPY. Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that is not the
functional currency of the Company. Considering the low volume of foreign currency transactions, the Company’s exposure to
foreign currency risk is limited and the Company hence does not use any derivative instruments to manage its exposure. Also, the
Company does not use forward contracts and swaps for speculative purposes.
Foreign Currency INR Foreign Currency INR
Trade receivables
-USD 48301 33.46 - -
Trade payables
-USD 94943 65.78 64698 42.58
Total Exposure (net)
-USD -46643 -32.32 -64698 -42.58
90
31 March, 2019 31 March, 2018
Foreign currency sensitivity
The following table demonstrate the sensitivity to a reasonably possible change in exchange rates, with all other variables held
constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary assets and liabilities. The
Company's exposure to foreign currency changes for all other currencies is not material.
USD Sensitivity
5% decrease would Increase the profit before tax by -1.62 -2.13
5% increase would decrease the profit before tax by 1.62 2.13
c) Market risk- Price risks
The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the balance
sheet either at fair value through other comprehensive income or at fair value through profit and loss. To manage its price risk arising
from investments in equity instruments, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance
with the limits set by the Company.
Price sensitivity
The table below summarizes the impact of increases/decreases of the BSE index on the Company’s equity and Gain/Loss for the
period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held
constant, and that all the Company’s equity instruments moved in line with the index.
- Impact on total comprehensive income
500 bps in BSE Sensex 30 increase would Increase the profit before tax by 374.62 397.86
500 bps in BSE Sensex 30 decrease would decrease the profit before tax by (374.62) (397.86)
(B) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company's exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and
financial assets measured at amortised cost. The Company continuously monitors defaults of customers and other counterparties
and incorporates this information into its credit risk controls.
(a) Credit risk management
The Company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed for each
class of 'financial instruments with different characteristics. The Company assigns the following credit ratings to each class of
financial assets based on the assumptions, inputs and factors specific to the class of financial assets.
(i) Low credit risk on financial reporting date
(ii) Moderate credit risk
(iii) High credit risk
The Company provides for expected credit loss based on the following:
Asset group Basis of categorisation Provision for expected

credit loss
Low credit risk Cash and cash equivalents, other bank 12 month expected credit loss
balances, loans, trade receivables, Investments
and other financial assets
Moderate credit risk Trade receivables and other financial assets Life time expected credit loss
or 12 month expected credit loss
High credit risk Trade receivables and other financial assets Life time expected credit loss fully
provided for"
Financial assets that expose the entity to credit risk – As at 31 March 2019 As at 31 March 2018
Low credit risk on reporting date
Trade receivables 2,123.43 3,320.30
Cash and cash equivalents 100.37 42.28
Loans(current) 3.99 3.13
Loans(non-current) 198.58 211.12
Other financial asset (current) 225.64 678.68
91
Cash & cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and
diversifying bank deposits and accounts in different banks across the country.
Trade receivables
Credit risk related to trade receivables are mitigated by taking Credit insurance for domestic sales/letter of credit for export sales, which
results in low credit risk. The Company closely monitors the credit-worthiness of the debtors through internal systems that are
configured to define credit limits of customers, thereby, limiting the credit risk to pre-calculated amounts. The Company assesses
increase in credit risk on an ongoing basis for amounts receivable that become past due and default is considered to have occurred
when amounts receivable become one year past due.
Gross carrying amount of trade receivables As at 31 March 2019 As at 31 March 2018
Not due nor impaired 1940.91 3197.50
0-90 days past due 142.70 1.29
90-180 days past due 2.36 0.60
180-365 days past due 2.49 104.48
More than one year 34.97 16.43
Total 2123.43 3320.30
Loans and Other financial assets measured at amortised cost
Loans and other financial assets measured at amortized cost includes Security deposits and others. Credit risk related to these other
financial assets is managed by monitoring the recoverability of such amounts continuously.
(C) Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses. The Company’s objective is to, at all times maintain optimum levels of liquidity to meet its cash and
collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It
maintains adequate sources of financing including bilateral loans, debt and overdraft from domestic banks at an optimised cost. It also
enjoys strong access to domestic capital markets across equity.
(a) Financing arrangements
The Company had access to the following undrawn borrowing facilities at the end of the reporting period:
Floating rate As at 31 March 2019 As at 31 March 2018
(i) Expiring within one year (Cash Credit and other facilities)
Secured -
Working Capital Facilities 4199.28 2847.73
The table below summaries the maturity profile of the Company's financial liabilities based on contractual undiscounted payments -
Particulars 0-1 Years 1 to 2 years 2 to 5 years More than 5 years Total

Contractual maturities of borrowings 183.42 - - - 183.42
Contractual maturities of
Trade payables and other payables 652.82 - - - 652.82
Total 938.96 - - - 938.96
Particulars
Contractual maturities of borrowings 2,412.48 - - 2,412.48
Contractual maturities of Trade payables
and other payables 538.05 - - - 538.05
Total 3,048.75 - - - 3,048.75
Note:- 30 Dividend distribution made Current Year Previous Year

Dividend during the year (Rs. 0.50 per share) 122.94 122.94
Dividend distribution tax 25.27 25.03
148.21 147.97
92
Note:- 31 Reconciliation of changes in financial liabilities

Reconciliation of Changes in liabilities arising from financing activities including both changes arising from cash flow and non
cash changes as per the requirement of IND AS-7 'Statement of Cash Flows'

Particulars Borrowings Borrowings Borrowings Borrowings
(Non-current) (Current) (Non-current) current
(including current (including
maturities) (Current maturities)
A. Borrowings from Banks
Balance at the begining of the period 858.83 1,352.27 2,599.71 358.26
(a) Changes from financing cash flows (858.83) (1,351.55) (1,740.88) 994.01
(b) Changes arising from obtaining or losing control of
subsidiaries or other business
(c) the effect of changes in foreign exchange rates
(d) changes in fair values
(e) other Changes
Balance at the end of the period - 0.72 858.83 1,352.27

B. Deposits from body corporates
Balance at the begining of the period - - - -
(a) Changes from financing cash flows (Net) - - - -
(b) Changes arising from obtaining or losing control
of subsidiaries or other business - - - -
(c) the effect of changes in foreign exchange rates - - - -
(d) changes in fair values - - - -
(e) other Changes - - - -
Balance at the end of the period - - - -
Note:- 32 Capital Management
The Company’s capital management objectives are to ensure the Company’s ability to continue as a going concern as well as to provide
an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of
the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by
total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade payables, less cash and
cash equivalents and other bank balances
Borrowings 0.72 2,211.10
Trade payables 652.82 538.05
Less: Cash and cash equivalents (100.37) (42.28)
Less: Other bank balances (24.09) (22.46)
Net debt 529.08 2,684.41
Equity 19,538.40 19,279.86
Capital and net debt 20,067.48 21,964.27
Gearing ratio 2.64% 12.22%
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no
breaches in the financial covenants of any interest-bearing loans and borrowing in the current period. No changes were made in the
objectives, policies or processes for managing capital during the years ended 31 March 2019 and 31 March 2018.
93
Note:- 33 Related party disclosure as per Ind AS 24

Disclosure of related parties and relationship between the parties
Nature of relationship
(i) Associates
M/s Nahar Capital & Financial Services Limited
(ii) Key Management Personnel
Mr. Dinesh Oswal (Director), Mr. S. K. Sharma (Executive Director)
Mr. Rakesh Jain (CFO), Ms. Bhoomika (Company Secretary).
(iii) Relatives of Key Management Personnel
Mr. Jawahar Lal Oswal, Mr. Kamal oswal, Mrs. Abhilash Oswal, Mrs. Ruchika Oswal, Mrs. Manisha Oswal, Mrs. Ritu Oswal,
Mrs.Monika Oswal, Mr.Sambhav Oswal, Mr. Rishab Oswal, Tanvi Oswal.
(iv) Other Group companies over which key Management Personnel and their relatives are able to exercise significant Influence
Nahar Spinning Mills Ltd., Nahar Industrial Enterprises Ltd., Oswal Woollen Mills Ltd., Vanaik Spinning Mills Ltd., Abhilash Growth
Fund (P) Ltd., Atam Vallabh Financers Ltd., Bermuda Insurance Brokers Pvt. Ltd., Kovalam Investments & Trading Co. Ltd., Ludhiana
Holdings Ltd., Monica Growth Fund (P) Ltd., Nagdevi Trading & Investment Co. Ltd., Nahar Growth Fund (P) Ltd., Neha Credit &
Investment (P) Ltd., Ogden Trading & Investment Co. (P) Ltd., Ruchika Growth Fund (P) Ltd., Sankeshwar Holding Co. Ltd., Vanaik
Investors Ltd., Vardhman Investments Ltd., J.L. Growth Fund Ltd., Jawahar Lal & Sons, Monte Carlo Fashions Ltd., Hug foods (P)
Ltd., Simran & Shanaya Co. Ltd., Sidhant & Mannat Co. Ltd., Palm Motels Ltd., Suvrat Trading Co. Ltd., Amloh Industries Ltd., Closet
Trunk (P) Ltd.
*Other related parties includes the Companies in which the Key Management Personnel or their relatives have significant influence,
also includes enterprises with whom no transaction has taken place during the period.
Detail of Related party Transactions
Sr. No PARTICULARS Associates " Enterprises over which Key Management
KMP is able to exercise personnels & their relatives
significant influence
Current Year Previous year Current Year Previous year Current Year Previous year
1 Intercorporate Deposits given - 500.00 - - - -
2 Intercorporate Deposits - 500.00 - - - -
received back
3 Intercorporate Deposits received 785.00 - - - - -
4 Intercorporate Deposits repaid 785.00 - - - - -
5 Interest Received - 0.63 - - - -
6 Interest Paid 7.13 - - - - -
7 Director's Sitting Fees - - - - 1.20 1.10
8 Director's Remuneration - - - - 26.19 23.54
9 Rent Paid - - 2.19 2.07 - -
10 License Purchased - - 77.08 60.95 - -
11 Reimbursements Received - - 1.36 0.10 - -
12 Reimbursements Paid - - 0.80 0.34 - -
13 Sales - - 6.29 - - -
14 Purchase of Goods/Services - - 7.97 - - -
15 Balance as on 31.03.2019
- Crs./Payable - - 5.32 0.10 - -
- Due to directors - - - - 0.75 0.92
Note:-34 Details of Associates
Section 129(3) of the Companies Act, 2013, requires preparation of consolidated financial statement of the Group and of all the associate
companies in the same form and manner as that of its own. Indian Accounting Standard (Ind AS) 28 on Investments in Associates defines
Associate Group as an entity over which the investor has significant influence. It mentions that if an entity holds, directly or indirectly
through intermediaries, 20 percent or more of the voting power of the enterprise, it is presumed that the entity has significant influence,
unless it can be clearly demonstrated that this is not the case.
(a) Material associate is accounted for using the equity method in these consolidated financial statements.
Proportion of Ownership Interest
Name of Entity % of Ownership Relationship Accounting Current Year Previous Year
interest method
Nahar Capital & Financial 39.48% Associate Equity Method 39.48% 39.48%
Services Limited
Total Equity Accounted Investment 29,858.15 30,088.60
94
(b) Summarised Financial information for the associates that are material to the Group. The information disclosed reflects the
amounts presented in the financial statement of the relevant associates by using Equity method.
Financial Assets 68,983.69 73,557.52

Non Financial Assets 8,178.74 6084.31
Total Assets 77,162.43 79,641.83
Financial Liabilities 1,373.91 3,212.44
Non-Financial Liabilities 161.88 219.95
Total Liabilities (a+b) 1,535.79 3,432.39
Net Assets 75,626.64 76,209.44
Proportion of Group ownership (%) 39.481% 39.481%

Proportion of Group ownership in Nahar
Capital Financial Services Limited 29,858.15 30,088.60
Summarised Statement of Profit and Loss
Gross Revenue 2,516.77 3,022.14

Earning before interest, depreciation/amortisation 1,578.52 2,412.80
Depreciation and amortisation 43.67 32.25
Interest Expense 40.78 37.57
Tax Expense 313.92 425.07
Profit and loss for the period 1,180.15 1,917.91
Other Comprehensive Income (1,374.10) 1,278.55
Total Comprehensive Income (193.95) 3,196.46
Less: CSR Exp. Paid (86.02) -
Less: Dividend Distribution Tax (52.55) (51.15)
(332.52) 3,145.31
Proportion of ownership (%) 39.481% 39.481%
Proportion of Group ownership in (131.28) 1,241.81
Nahar Capital Financial Services Limited
(c) Movement of Investment using equity Method

Nahar Capital & Financial Services Limited
Opening balance of interest in associates 30,088.60 28,945.96
Add:- Share of profit for the period (131.28) 1,241.81
Less:-Dividend Received (99.17) (99.17)
Net Income from Associates (230.45) 1,142.64
Closing Balance of interest in associates 29,858.15 30,088.60
The Company adopted Ind-AS issued by MCA w.e.f 01.04.2017 (Transition date being 01.04.2016). However, the associate
company M/s. Nahar Capital & Financial Services Limited has adopted Indian Accounting Standard (IND-AS) issued by MCA
w.e.f. 1st April, 2018 (Transition date being 1st April, 2017). Since, it was impracticable to convert the financial statements of
above associate company from Indian GAAP to Ind-AS on the date of previous Balance Sheet (31.03.2018), the company had
considered Indian GAAP financial statements of the associate for the purpose of preparing its own consolidated financial
statements as on 31.03.2018. Now the above statements as per IndAs are available for both the financial years, we revised the
figures of 31.03.2018 as well, as per Ind-AS.
95
Additional Information as required Under Schedule III to companies Act, 2013 of entities Consolidated as Associates.
Name of the Entity Share of Net Assets, i.e., Share in profit or loss Share in Other Share in Total
total assets minus total Comprehensive Comprehensive
liabilities Income Income
As % of "Amount" As % of Amount As % of Amount As % of Amount

consolidated consolidated consolidated consolidated
net assets profit or loss Other Total
Comprehensive Comprehensive
Income Income
Parent
Nahar Poly films Limited
Associates*
Nahar Capital &
- As on / For the Year
Ending 31.03.2019 39.48% 29,858.15 39.48% 411.23 39.48% -542.51 39.48% -131.28
- As on / For the Year
Ending 31.03.2018 39.48% 30,088.60 39.48% 737.02 39.48% 504.79 39.48% 1241.81
* Accounted as per equity method. Amounts given here in respect of associates are the share of the group in the net assets of the respective
associates and the share of the group in the profit or loss of the respective associates.
The Company adopted Ind-AS issued by MCA w.e.f 01.04.2017 (Transition date being 01.04.2016). However, the associate company M/s.
Nahar Capital & Financial Services Limited has adopted Indian Accounting Standard (IND-AS) issued by MCA w.e.f. 1st April, 2018
(Transition date being 1st April, 2017). Since, it was impracticable to convert the financial statements of above associate company from
Indian GAAP to Ind-AS on the date of previous Balance Sheet (31.03.2018), the company had considered Indian GAAP financial statements
of the associate for the purpose of preparing its own consolidated financial statements as on 31.03.2018. Now the above statements as per
IndAs are available for both the financial years, we revised the figures of 31.03.2018 as well, as per Ind-AS.
Note:-35 General
- Previous year figures has been regrouped/reclasified to confirm the current year classification.
- All Amounts ` in Lakhs, unless stated otherwise

FRN:017800N
M No.540386 DIN - 0607290 (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
96
Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
Part "A": Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in Rs )
1. Sl. No. N.A.
2. Name of the subsidiary N.A.
3. Reporting period for the subsidiary concerned, if different from the holding company's reporting period N.A.
4. Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign
subsidiaries. N.A.
5. Share capital N.A
6. Reserves & surplus N.A.
7. Total assets N.A.
8. Total Liabilities N.A
9. Investments N.A
10. Turnover N.A
11. Profit before taxation N.A
12. Provision for taxation N.A
13. Profit after taxation N.A
14. Proposed Dividend N.A
15. % of shareholding N.A
Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations : N.A.
2. Names of subsidiaries which have been liquidated or sold during the year. : N.A.
Part "B": Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013
related to Associate Companies and Joint Ventures
Name of Associates/Joint Ventures Nahar Capital and Financial Services Limited

1. Latest audited Balance Sheet Date 31.03.2019
2. Shares of Associate/Joint Ventures held by the
Company on the year end
Number 66,11,632
Amount of Investment in Associates/Joint Venture 36,73,15,961
Extend of Holding % 39.48%
3. Description of how there is significant influence More than 20% shares of Nahar Capital and
Financial Services Limited held by the Company
4. Reason why the associate/joint venture is not Not Applicable
Consolidated
5. Networth attributable to Shareholding as per latest 29858 (In Lakhs)
Audited Balance Sheet
6. Profit / Loss for the year -332.52 ( Rs. In Lakhs)
i. Considered in Consolidation -131.28 ( Rs. In Lakhs)
ii. Not Considered in Consolidation -201.24 ( Rs. In Lakhs)

FRN:017800N
M.No.540386 (DIN - 00607290) (DIN :00402712)
Place : Ludhiana
Date : 30.05.2019
97
Notes
98
99
INSTRUCTIONS
1. General Instructions:
a. There will be one Ballot Form/e-voting for every Client ID No./Folio No., irrespective of the number of joint holders.
b. Members have option to vote either through remote e-voting or through Ballot Form at the AGM. If a member has casted vote via remote e-
voting, then vote cast by him/her via ballot form at the AGM shall be considered as invalid.
c. Voting in the e-voting cannot be exercised by a proxy. However, corporate and institutional members shall be entitled to vote through their
authorised representatives with proof of their authorization, as stated below under instruction no. 2(b).
d. Any query in relation to the Resolutions proposed to be passed at the ensuing AGM may be addressed to Company Secretary, at the
Registered Office of the Company.
e. The Scrutinizer's decision on the validity of a Ballot/E-voting shall be final and binding.
2. Instructions for voting physically by Ballot Form:
a. This Form must be completed and signed by the Member who is desirous of exercising his/her vote at the 31st Annual General Meeting, as per
specimen signature registered with the Company or Depository Participant, as the case may be. In case of joint holding, this Form must be
completed and signed (as per the specimen signature registered with the Company) by the first named Member and in his/her absence, by the
next named Member.
b. In respect of shares held by corporate and institutional members (companies, trusts, societies, etc.), the completed Ballot Form should be
accompanied by a certified copy of the relevant Board Resolution/appropriate authorization, with the specimen signature(s) of the authorized
signatory(ies) duly attested.
c. Voting rights shall be reckoned in proportion to the paid-up equity shares registered in the name of the Member as on cut off date i.e. 23rd
September, 2019.
d. The consent must be accorded by recording the assent in the column 'FOR' or dissent in the column 'AGAINST' by placing a tick mark (v) in the
appropriate column in the Ballot Form. The assent or dissent received in any other form shall not be considered valid.
e. Members are requested to fill the Ballot Form in indelible ink and avoid filling it by using erasable writing medium(s) like pencil.
f. Incomplete, unsigned or incorrectly ticked Ballot Forms will be rejected.
g. The Scrutinizer shall immediately after the conclusion of Annual General Meeting first count the votes cast at the meeting, thereafter unblock
the votes cast through remote e-voting in the presence of atleast two witnesses not in the employment of the Company and make, not later
than three days of conclusion of the meeting, a Consolidated Scrutinizer's Report of the total votes cast in the favor or against, if any, forthwith
to the Chairman of the Company.
h. The results declared along with the consolidated scrutinizer's report shall be placed on the website of the Company www.owmnahar.com and
on the website of CDSL www.cdslindia.com. The results shall simultaneously be communicated to the Stock Exchanges.
Premises of
VENUE OF ANNUAL GENERAL MEEETING

NAHAR INDUSTRIAL ENTERPRISES LIMITED
FOCAL POINT, LUDHIANA -141010 (PUNJAB)
Glimpse of CSR Project
under taken by
Oswal Foundation
if undelivered, please return to :
Printed at : Macro Printers 0 98 15 000749

P
F POLY FILMS LIMITED
Regd. Office : 376, Industrial Area-A,
Ludhiana 141 003

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P

NOTICE Cost Auditors M/s. Khushwinder Kumar &

themselves as Corporates. OTHER INSTRUCTIONS:

1. MR. DINESH OSWAL 2. MR. KOMAL JAIN

129(3) of the Companies Act, 2013, the Company

Vigil Mechanism Pursuant to the provisions of requires preclearance for

Governance and second by Mr. P. S. Bathla, DATE OF THE REPORT

designation of Company Secretary w.e.f. 30th May, CREDIT RATING

requirement. Accordingly, the Board of Directors on INTERNAL FINANCIAL CONTROL AND

outstanding/unclaimed deposit from the Public. Companies (Appointment and Remuneration of

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

Form No. MR-3

For P S Bathla & Associates

FOR AND ON BEHALF OF THE BOARD

A. CONSERVATION OF ENERGY B. TECHNOLOGY ABSORPTION

Dr. Yash Paul Non-Executive 1 1 -- 4 No -- -- --

d. Number of other Board of Directors or Sr. No. Core skills/expertise/competencies

b. Composition: Mr. S.K.Singla, Chairman of the Audit Committee

http://owmnahar.com/nahar_polyfilm/Transfer- b. Meetings and Attendance

t. Plant Location: 177(9) of the Companies Act, 2013 read with

CERTIFICATE FROM COMPANY SECRETARY IN PRACTICE

EXECUTIVE DIRECTOR'S DECLARATION

CERTIFICATE ON CORPORATE GOVERNANCE

a)We have sought and obtained all the information and

EQUITY AND LIABILITIES

Deferred tax liabilities (net) - -

For YAPL & Company For Nahar Poly Films Limited

Earnings per equity share of ` 5 each

For YAPL & Company For Nahar Poly Films Limited

Cash flow from operating activities before taxes 585.26 585.54

Net cash flow (used) in financing activities (D) (1,100.04) (2,150.82)

For YAPL & Company For Nahar Poly Films Limited

Note:- 1 Property, plant and equipments

CWIP as at 31 March 2019 - - - - - - -

Net carrying amount

(b) Contractual obligations

Note:-2.1 Non-current Investments

Investments in Equity Instruments

Investments in Mutual Funds

Grand Total (a+b+c+d) 12,498.16 12,333.19

Note:-2.2 Loans (Non-Current)

Note:- 5.4 Loans (Current)

Note:- 7. Other Current assets

b) Rights, Preferences and restrictions attached to shares

(b) Corporate Social Responsibility Reserve

Nature and purpose of reserves

Note:- 11 Other current liabilities

Particulars Current year Previous year

Note:- 13 Revenue from operations

Note :- 14 Other Income

Note:- 15 Cost of materials consumed

Particulars Current Previous

Particulars Current Previous

Balance Sheet Statement of profit and loss Other Comprehensive Income

Net Deferred tax assets/(liabilities)

Reconciliation of deferred tax assets/(liabilities), net

(C.) Tax Assets and Liabilities.

21.1 Statement of SIGNIFICANT ACCOUNTING POLICIES:

Particulars Current Previous