Annual ReportFY20

Excellence
in nature
Trident Limited | 30th Annual Report 2019-20
Home Textiles | Paper
Across the pages
For Trident, excellence
CORPORATE OVERVIEW 2 – 25
Trident – A mark of excellence 3 is not just a word.
Chairman’s message 5
Excellence in our business model: explained 6 It is deep in our mind and spirit.
Driving excellence through wide product spectrum 8
Excellence in our business strategies 9 It is inherent to us.
Our performance: Strengthening excellence 10
10-year highlights 13 It is in our nature.
Driving excellence through client delight across the globe 14
Excellence in what we create. Sophisticated offerings and strong brands 16
Excellence in how we create. Driving innovation to the next level 18
Excellence at its best
Excellence in what we care for. Nurturing sustainable development
21
22 Excellence is the way to win!
Directors’ profile 24
STATUTORY REPORTS 26 - 77
We consistently think, innovate and deliver excellence
Management Discussion and Analysis 26
by surpassing our own expectation in everything we
Business Responsibility Report 33 do. Our story of spinning one of the smallest into the
Directors’ Report 41 world’s largest, is the gradual result of always striving
Corporate Governance 60 to do the best.
FINANCIAL STATEMENTS 78 - 215 Our sincere endeavours, prudent strategies and

intelligent execution helped us manufacture the best-
Standalone Financial Statements 78
in-class home textile and environment friendly paper
Consolidated Financial Statements 145
products. Over the years, we have witnessed business
excellence through enhanced efficiencies, greater
customer experience and strong global footprint.
In the process, we have always been optimising

Please find our online version at [https://www.tridentindia. our operations by building a sustainable business
com/financialreports] Or simply scan to download model and consistently creating higher value for our
stakeholders.
INVESTOR INFORMATION Disclaimer
Market Capitalisation : ` 21,658 million (as at March 31, 2020) This document contains statements about expected future
events and financials of Trident Limited, which are forward-
CIN : L99999PB1990PLC010307
looking. By their nature, forward-looking statements require
BSE Code : 521064 the Company to make assumptions and are subject to inherent
NSE Symbol : TRIDENT risks and uncertainties. There is significant risk that the
assumptions, predictions and other forward-looking statements
Bloomberg Code : TRID:IN
may not prove to be accurate. Readers are cautioned not
Reuters : TRIE.NS to place undue reliance on forward-looking statements as
a number of factors could cause assumptions, actual future
Dividend : 36% for the FY 2019-20
results and events to differ materially from those expressed in
AGM Date : July 9, 2020 the forward-looking statements.
Corporate Review - 02-25 Statutory Reports - 26-81 Financial Section - 82-203
Trident – A mark of excellence
Trident – A mark of excellence

Trident Limited (also referred as ‘Trident’, or ‘the
Company’ from hereon) is the flagship company
of the US$ 1 billion Indian business conglomerate
and global player, Trident Group, headquartered
in Ludhiana. Beginning humbly in the year 1990, LARGEST
Trident has evolved over the years into one of the
Manufacturer of
world’s largest integrated home textile manufacturer terry towels in
under the visionary leadership of its founder and the world
Group Chairman Mr Rajinder Gupta. The Company
is engaged in the business of manufacturing wide FORWARD
variety of yarn, bed & bath linen, paper, chemicals
& BACKWARD
and captive power.
integration of
Trident’s state-of-the-art manufacturing facilities operations
are located in Barnala (Punjab) and Budni (Madhya
Pradesh). The Company is one of the largest
exporters of home textile products with significant
35%
market share. Excellent in quality, coupled with Increase in Networth
differentiated growth strategies have led to a strong over past 5 years
clientele across the global textile arena, leading to
creation of a sustainable business model.
20%
Y-o-Y Increase in
Dividend payout
44
1.2 TO 0.5
Domestic TIMES
Reduction in Net
Debt to Equity over
the past 5 years
56 Export
Geography-wise Revenue
13,535
Distribution in 2019-20 (%) Employees as on
March 31, 2020
20 26 Bath & Bed Linen

100
ABOUT
COUNTRIES
Global presence
Yarn
54
Segment-wise Revenue
Distribution in 2019-20 (%) Paper
2 Trident Limited 30th Annual Report 2019-20 3

Chairman’s Message
Chairman’s Message
People who don’t buckle in, don’t walk away. People who
ooze good under pressure and smile when it rains on them.
People who make bitter, better. Fix what’s broken and
improve what’s not. People who stumble. Fall. Fail. Hurt.
But are just not ready to give up until it is done. We are
for these kinds of people. And we believe these people
have the power to inspire all of us.
Dear Shareholders,
Being different is normal for us. We don’t just sustainable and performance-oriented
manufacture, we ‘nurture’ and ‘add value textiles sector. We upgraded our facilities
to life’. We weave nature and technology and manpower and exhibited excellent
together to create the finest life experiences performance generating a healthy return for
with our thoughtful and innovative offerings. all our stakeholders. And this year too, we
are hopeful of doing some great business
We believe in building businesses for the
despite all challenges.
future that ensure holistic growth for all
our stakeholders with minimal impact on I would like to express my sincere thanks
environment. Our growth and foray into to our Board Members for their support.
new business segments and markets across I express my gratitude to all shareholders,
the globe are a testament to our vision of customers and friends across the world for
becoming the most trusted home textiles their trust in us. And most importantly, a
brand. note of thanks to all our members – our key
driving force and our biggest assets for their
This year has been a revolutionary one
passion towards Trident.
where we explored, experimented and
executed like never before. We touched Here’s to great year ahead!
upon the wellness sector with our advanced
Rajinder Gupta
product range along with thriving in the
Chairman, Trident Group

Excellence in our business model: Explained
Excellence in our business model:

Explained
At Trident, we have evolved our business model over the years through efficient allocation of capitals across our business
processes. This has led to sustainable output and outcomes, creating a strong value proposition for our stakeholders.
Vision Our values

Input Inspired by challenge, To provide customer Output
Human Capital we will add value to life
Driving organisational success by training and
satisfaction, through ó 'VUVSFSFBEZTLJMMFEXPSLGPSDF
motivating human assets.
and together prosper teamwork based on
No. of employees: 13,535 globally. ó (FOFSBUJOHWBMVFGSPNFNQMPZFFTLJMMT
honesty and integrity,
ó $PNNJUNFOUUPUIF(PWFSONFOUBOESFHVMBUPSZBVUIPSJUJFTCZ
Social and Relationship Capital for continuous growth means of timely payments of taxes
Shared values, nurturing relationship and trust and development. ó (SPXJOHDVTUPNFSTBUJTGBDUJPOBOEFOHBHFNFOU
with the investors, regulatory authorities, clients,
suppliers, distributors, channel partners, sales team ó -POHUFSNSFMBUJPOTIJQXJUIQBSUOFST WFOEPSTBOETUBLFIPMEFST
and communities in which the Company operates.
Spend on CSR activity: ` 95.5 million ó 1PTJUJWFJNQBDUPODPNNVOJUZCZQSPNPUJOHFEVDBUJPO TLJMM
FUTURE GROWTH DRIVERS RISKS AND CONCERNS development and improving healthcare
Financial Capital ó 6OJRVFQSPEVDUTUPTVJUUIFNBSLFUEFNBOE

Wisely allocated the financial capital in order to
ó &ēDJFOURVBMJUZDPOUSPM
create sustained shareholder value.
Total capital employed: ` 49,243.5 million ó 5PUBMOPPG1BUFOUTHSBOUFE
Debt to Equity ratio: 0.5 Procurement Spinning raw Weaving yarn in
of raw cotton cotton in to yarn to grey fabric ó 8BUFSDPOTFSWBUJPOBOESFVUJMJTBUJPOPGXBTUFXBUFSSFTPVSDFT
Manufactured Capital
World-class manufacturing facilities to meet
changing customer demands.
Strategically located unit at Budni and Barnala.
Efficient raw material procurement and inventory
Printing and
dispatch
Processing in to
finished fabric Outcome
management.
ó Healthy and flexible working environment
SOPHISTICATED
Intellectual Capital OFFERINGS pg00 ó Enhanced employee engagement
The Company believes in innovation-led approach AND STRONG
BRANDS ó Trust, transparency and value creation for stakeholders
through strong research insights. It has invested
in world-class technological equipment and ó Sustained cashflows
standardised systems and processes for larger
ó Higher net worth
efficiencies.
NEXT-LEVEL pg00 ROBUST SUPPLIER SUPPORT FUNCTIONS ó Driving innovative culture
Natural Capital INNOVATION NETWORK ó&ēDJFOUPQFSBUJPOT
Constantly strive to conserve natural resources by ó2VBMJUZ ó Constructive contribution through efficiently managing natural resources
prudently utilising them in the business processes. ó4BMFTBOEEJTUSJCVUJPO ó )JHIFTUFWFSEJWJEFOEEFDMBSFE
Raw Cotton and wheat straw used in textile and ó1SVEFOUđTDBMNBOBHFNFOU
paper manufacturing respectively. ó Healthy Dividend Payout Ratio
Solar panel installation and water conservation
through zero liquid discharge. CORPORATE GOVERNANCE BUSINESS RESPONSIBILITIES

Driving excellence through wide product spectrum
Driving excellence through

wide product spectrum Excellence in our business strategies
At Trident, we have built a strong product portfolio across our business divisions with a blend of
regular and high-value added products, which drive both, volumes and value.
100% cotton combed yarn Blended yarn Certified cotton yarn

Robust Relevant Nurturing
Yarn 100% cotton compact yarn Zero twist yarn Melange yarn
Infrastructure Product Design Client Relationship
Integrated business model Innovative manufacturing Longstanding relationships
Open-end yarn Air rich yarn Speciality in others
with large manufacturing processes to produce the with large and diversified
Core-spun yarn Slub yarn
capacity and state-of-the- best quality bed and customer base across
art technology result in bath products geographies
operating and cost efficiencies
Luxury organic Dobby texture bath mats

Bath Spa & hotel beach Checkered waffle
Sound Risk Strong Market
Linen Designer jacquard Infants & kids bath rugs Management Intelligence
Widespread presence Design studios and showrooms
across markets, loyal in the United States and the
relationship with vendors United Kingdom to showcase
and adequate measures to products and engage closely
hedge currency movement with customer procurement
Solid/ printed sheets Pillow cases quilts
Bed Top-up sheets duvets Decorative pillows
diversify risks and reduce
dependency
teams for real time
market updates
Linen Comforters fitted sheets Coverlets dohars
Branded copier paper Cartridge paper Trident Royale

Paper Writing and printing Index paper (Wedding Card Paper)
Maplitho paper Watermark paper Sublimation Paper
Bible and offset print paper Drawing paper Virgin Unbleached
Bond paper Digital printing paper Kraft Paper
Stiffener paper Carry Bag paper

Our performance: Strengthening excellence
Our performance:
Strengthening excellence
46,403
52,653
47,239
47,729
37,441
10,231
8,653
2,658
3,709
3,370
2,423
7,635
9,140
9,919
3,418
0.66
4.92
0.52
0.67
0.47
5.28
5.28
5.82
0.73
5.75
30
36
15
15
9
2016
2018
2020
2016
2018
2020
2016
2018
2020
2016
2018
2020
2016
2018
2020
2016
2018
2020
2019
2019
2019
2019
2019
2019
2017
2017
2017
2017
2017
2017
NET SALES (` MILLION) EBIDTA (` MILLION) PAT (` MILLION) *EPS (`) *BOOK VALUE CHART DIVIDEND DECLARED
(` MILLION) (% PER SHARE)
A year of relentless GEOGRAPHICAL DISTRIBUTION OF REVENUE (%)
excellence 2015-16 50
2016-17 45
Secured patent for
2017-18 45
‘Apparatus and Method 43
2018-19
for treating an industrial
2019-20 44
Effluent containing
26,665
24,645
21,500
29,817
26,312
13.4
12.7
11.5
9.8
9.9
Sodium Sulphate’
2015-16 50
by Indian Patent Office,
2016
2018
2020
2016
2018
2020
2019
2019
2017
2017
2016-17 55
Government of India. REVENUE FROM RO E (%)
2017-18 55 EXPORTS (` MILLION)
& 2018-19 57
‘Terry Fabric Weave And 2019-20 56 Note: EBIDTA - Earnings before Interest, Depreciation, Tax and Amortisation, PAT – Profit after Tax, EPS - Earnings per
Resulting Terry Fabric’ by Share, ROE - Return on Equity
European Patent Office. * Adjusted for stock split to make it comparable

10-year highlights
10-year highlights
Particulars Unit FY 20 FY 19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11
SALES (` million) 52,653 46,403 38,158 38,689 33,353
EXPORTS (` million) 26,312 24,645 26,665 21,500 21,348 15,491
EBITDA (` million) 8,653 10,231 9,140 9,919 6,951 3,202 4,158
PAT (` million) 3,418 2,658 2,423 493
NETWORTH (` million) 29,669 29,313 26,934 22,021 9,309 6,505 5,315
FIXED ASSETS (NET BLOCK) (` million) 46,930 36,812 19,622 21,400 15,885
GROSS DEBT (` million) 19,518 28,494 26,504 18,623 22,398 19,033
NET DEBT (` million) 16,145 24,106 26,210 33,608 26,361 18,223 22,042 22,606 18,960
LONG TERM DEBT (` million) 10,509 12,938 16,894 20,456 21,365 13,961 9,492 8,663
EBITDA MARGIN (%) 18% 20% 20% 21% 20% 18% 19% 12% 16%
INTEREST COVERAGE RATIO (Times) 9.11 5.26 3.54 2.46 1.86 3.29
GROSS DEBT-EQUITY RATIO (Times) 0.66 0.83 1.04 1.14 1.39 1.20 2.00 3.51 3.58
NET DEBT-EQUITY RATIO (Times) 0.54 0.82 1.08 1.36 1.20 1.96 3.12
NET DEBT TO EBITDA (Times) 2.35 4.40 2.45 3.81 4.56
EPS# (`) 0.5 0.5 0.2 0.6 0.2 -0.2 0.3
CASH EPS# (`) 1.3 1.4 1.3 1.5 1.1 0.9 1.5 1.0 0.6 1.2
BOOK VALUE/SHARE# (`) 5.8 5.8 5.3 4.9 4.9 4.3 3.0 2.3 2.1 2.4
ROE (%) 11.5% 9.9% 13.4% 9.8% 5.4% 21.2% 12.6%
ROCE (%) 10.8% 12.3% 9.2% 10.8% 19.0% 12.0% 4.2% 10.0%
DIVIDEND (%) 36% 30% 15% 15% 9% 6% 3% 12%
DIVIDEND PAYOUT RATIO (%) 65% 50% 35% 24% 29% 8%
Note: After Excluding fair valuation of land as per IND – AS, ROCE would be 12.6% (FY20), 14.1% (FY19), 10.5% (FY18) and ROE would be 15.0% (FY20),
16.6% (FY19), 13.3% (FY18)
# Previous year figures have been adjusted to Stock-split/Sub-Division in order to make them comparable.

Driving excellence through client delight across the globe
Driving excellence through Domestic Presence

client delight across the globe Corporate Headquarters
At Trident, we have built sustainable relationships with global retailers & fashion houses across Manufacturing Unit
USA, UK, Italy, France, Japan and Australia amongst other countries.
Sales / Liasioning Office
International Presence
Trident
UK Office
Trident
NYC Office
Trident
Head Office
This map is a generalised illustration only for the ease of the reader to understand the
locations, and is not intended to be used for reference purposes. The representation of
political boundaries and the names of geographical features / states do not necessarily
reflect the actual position. The Company or any of its directors, officers or employees
cannot be held responsible for any misuse or misinterpretation of any information or
design thereof. The Company dœs not warrant or represent any kind in connection to its
accuracy or completeness.
TRIDENT’S
PRESENCE
ACROSS THE HOME TEXTILES YARN PAPER
GLOBE
33 36 54
100 COUNTRIES COUNTRIES COUNTRIES
COUNTRIES

Excellence in what we create. Sophisticated offerings and strong brands
Excellence in what we create.

Sophisticated offerings and strong brands The best-in-class brands
COPIER PAPER RANGE
Excellence is a deeply ingrained belief in our shop-in-shop concept, among others. Our long
system which has helped us deliver the best- standing partnerships have facilitated deeper client
in-class offerings. We have consistently created engagement and wider market reach. In addition,
products around emerging lifestyle-driven consumer given the explosion of e-commerce segment in the
preferences. The Company possesses one of the country, we have partnered with established online
largest product portfolios of high-quality yarns, players to fulfil dynamic customer expectations. Our HOME TEXTILES RANGE
sophisticated bath and bed linen and eco-friendly determination to create excellence has translated
paper with presence across the globe. into significant growth prospects for the Company.
We have continuously invested into brand building

and promotion strategies within targeted customer
segments. Strong distribution channels have enabled
us to gain presence through multi-brand outlets,

Excellence in how we create. Driving innovation to the next level
Excellence in how we create.

DURING THE YEAR, THE COMPANY HAVE BEEN GRANTED TWO PATENTS FOR
Driving innovation to the next level ‘APPARATUS AND METHOD FOR TREATING
AN INDUSTRIAL EFFLUENT CONTAINING
‘TERRY FABRIC WEAVE AND RESULTING TERRY
FABRIC’ BY EUROPEAN PATENT OFFICE.’
SODIUM SULPHATE’ BY INDIAN PATENT OFFICE,
THE INVENTION RELATES TO TERRY FABRICS
At Trident, excellence implies striving for the highest new technologies provide the foundation for new GOVERNMENT OF INDIA.
HAVING IMPROVED MATERIAL EFFECTIVENESS,
standards in every activity. It is a prevailing attitude ideas. We have made significant investments in
THIS PATENT PROVIDES RECOGNITION TO PULL RESISTANCE, ABSORBENCY, SOFTNESS AND
owing to our constant desire for delivering innovative finest yarns, special fibres, new weaving techniques TRIDENT IN MAKING ITS SURROUNDINGS UNIFORMITY OF TEXTURE.
and superior quality solutions to the changing needs and world-class production infrastructure. From ENVIRONMENT FRIENDLY BY CONSERVING WATER
of customers. With increasing technology usage, our increasing capacities to refreshing designs, to AND REUSING THE SAME FOR ITS TEXTILE DYEING
innovation has extended to meaningful interactions partnering with the best in technology, we are PROCESS.
with our customers and channel partners. committed to continuous innovation and driving THE GRANT OF THESE PATENTS REFLECTS EXCELLENCE IN OUR QUALITY AND PASSION IN OUR
ENDEAVOURS.
future values.
Our vertically integrated facilities across the textile
manufacturing chain and the capability to develop

Excellence at its Best
Excellence at its Best

TRIDENT LIMITED RECEIVED ‘BEST SUPPLIER AWARD TRIDENT LIMITED RECEIVED ‘ENVIRONMENT AWARD
FOR OFFICE SUPPLIES’ BY MADHYA PRADESH POLLUTION CONTROL BOARD’
Trident Limited has been conferred with ‘Best Supplier Award Trident Limited has been conferred with ‘Environment Award by
for Office Supplies’ by Walmart India. Madhya Pradesh Pollution Control Board’
This accolade adds heaps of motivation and drive in Company’s

TRIDENT LIMITED RECEIVED ‘TEXPROCIL EXPORT
efforts to continue its quality excellence, commitment, ethical
AWARDS 2018-2019’
business practices and Customer Satisfaction.
Trident Limited- Group Companies, has been awarded with
TRIDENT LIMITED RECEIVED AN AWARD FOR Gold Trophy in the category of Highest Global Exports by “The
‘EMPLOYER OF CHOICE, 2019’ Cotton Textiles Export Promotion Council (TEXPROCIL)” at its
Export Award function on January 16, 2020 at Mumbai by Smt.
Trident Limited has been conferred with ‘Employer of Choice,
Smriti Zubin Irani, Hon’ble Union Minister of Textiles, Govt. of
2019’ award at Indian HR Leader Summit and Awards 2019
India. The awards were presented to the outstanding export
organized by Morpheus Enterprises. The award has been
performers in the Cotton Textile Industry.
conferred upon Trident Limited in recognition of its efforts
toward building a cordial & harmonious work culture, imbibing TEXPROCIL, established in 1954, is a Government of India
innovative values thereby making it a conducive & productive sponsored Export Promotion Council, dedicated to promotion of
place of work. exports. TEXPROCIL has been the international face of cotton
textiles from India, facilitating exports worldwide.
TRIDENT LIMITED RECEIVED ‘DREAM EMPLOYER OF
THE YEAR’ TRIDENT LIMITED RECEIVED ‘PLATINUM AWARD
Trident Limited has been conferred with “Dream Employer of WINNER AT JCP VENDOR SUMMIT FOR THE SERVICE,
the Year” Award at Asia’s Best Employer Brand Awards 2019 QUALITY AND TIMELINESS’
organised by Employer Branding Institute, World HRD Congress Trident Limited has been conferred with an Platinum Award
& Stars of the Industry Group. winner at JCP Vendor Summit for the Service, quality and
timeliness along with all of the other metrics that grade the
TRIDENT LIMITED WON ‘MADHYA PRADESH STATE score card.
LEVEL 8TH KAIZEN COMPETITION AWARD’
Trident Limited has been conferred with ‘Madhya Pradesh State TRIDENT LIMITED RECEIVED AN AWARD FOR ‘DREAM
Level 8th Kaizen Competition” organized by Confederation of EMPLOYER OF THE YEAR’
Indian Industry (CII). Trident Limited has been conferred with “Dream Employer of
the Year” Award at 9th Edition of Dream Companies to work
The award has been conferred upon Trident Limited in
for, held in Mumbai.
recognition of its efforts towards creating customer value,
people’s engagement towards systematic improvement and
upliftment of Organization and to obtain system optimization.

Excellence in what we care for. Nurturing sustainable development
Excellence in what we care for.

Nurturing sustainable development
Trident has always focused on empowering women and child strong urge to facilitate the poor and less fortunate to to specially abled children who are at the pity of the general ó Samparpan: The spirit of giving : Every year we conduct Samarpan
since its establishment. Women play an important role in access the local dispensaries. With this view in mind, Trident people has also been one of the areas covered by Trident. drives and donate Blankets, Clothes, School Books, uniforms, shœs,
the society and Trident has left no stone unturned in giving has taken following initiatives: In pursuit of these children, the Company has taken certain Eatables, Ration etc among the needy. In last two years we have
women its desired respect and position in the society. From steps: touched more than 5000 people in 11 different villages in MP.
ó Campaign ‘SRIJANA’: The main object of SRIJANA
taking care of their sanitary needs to organizing awareness campaign was to enlighten women about the ó The Company has organized skill development training
camps in the backward areas of Madhya Pradesh, the heart importance of their health, Spreading awareness among & workshops for 60 deaf and dumb adults (above 18 5. Environmental protection
of the country, Trident has always endeavoured to be a years of age). The training needs of these specially abled The environmental aspects of security have increasingly become
the adolescents and females about the process of
leader and a step ahead in providing whatever best it can children were closely analysed and on – job training was a major issue being considered. Healthy environmental conditions
menstruation and other related aspects. Approximately
given. boosts the life conditions of the individuals. We, at Trident, have also
for the superior class. 10,500 women were introduced with better and hygienic
taken steps to further the cause. Trident’s has also left a trail in this
ways to deal with Menstruation in Distt Sehore and ó The Company has also offered employement
direction by taking following initiatives:
1. Education: Hoshangabad, MP. Apart from that in June 2018, Trident opportunities to such differently abled class. Till date,
ó Nirmal Narmada Abhiyaan: Our flagship CSR programme for keeping
We, at Trident have put in our heart and soul to promote has installed Sanitary Napkins Vending machines in all the Company has retained 20 such differently abled
persons. the rivers and Ghats clean, is being conducted every quarter with
education. The developed countries around the world enjoy its plant location i.e Sanghera, Dhaula and Budhni where
participation reaching to thousands of volunteer employees and local
the aristocracy of the greater share of educated people all menstruating women can obtain the napkin for FREE ó Further, the Company has supported 2 Special
villagers.
with them in their scale of being developed in which India and the expense is borne by the company. Education Schools with approximately 1500 students
is certainly lagging. Going forward, we too sensed the and have contributed in-kind like arrangement of special ó Farmer Awareness Programmes: As we are an agro based
ó Mobile Dispensary accommodating all the necessary
importance of education which is the backbone of every books, clothes, infrastructure facilities like Chalk Making organization both for Home textiles as well as paper, our biggest
medical equipments and aids so as to give door-to-door suppliers are Farmers of the nation. We do various informative and
country. The main aim was to inculcate basic reading Machines, Water RO, Coolers and Sewing Machines. The
service in 33 villages in Tribal areas around Trident awareness programs for them on sustainable ways to produce crop
skills amongst the youth facilitating them to scribble their schools include Dr. Anne Besant School of Special
Budhni and other peripheral villages around Trident by minimizing the use of renewable sources and finding ways to
signatures on various documents relating loan, medical, Children Hoshangabad and Bhavisya Vishesh
education, etc instead of a thumb print, making them self Barnala. positive impact environment. We have touched more then 5000
School, in the state of Madhya Pradesh.
sufficient and ultimately empowering themselves. Various ó The necessary health care facility is targeted to serve farmers in Distt Sehore and Hoshangabad and are providing them
ó We have engaged the special Children and their teachers
steps taken by us in this direction are listed below: the medicinal needs of Below Poverty Line (BPL) guidance to generate in house organic insecticides and fungicides.
in Hastakala Activities as well wherein we provide them
ó We have currently Renovated and Built new rooms people. Also we provide them free decomposed bacteria for multiplication
raw material and trainings to help them in developing
in Four schools and two Anganwadi Centers in Distt ó Not only that we are conducting regular Blood Donation new products out of Fabric and Yarn waste. Our initiative and are providing them schedules of spraying for better crop yields.
Sehore. We completely revamped the existing facility and camps, Special Camps for ante Natal, Pre natal and Post is not only restricted to development of products but we ó .PSFUIFO USFFTXFSF1MBOUFEBOEEJTUSJCVUFEJOBOEBSPVOE
provided them with latest infrastructure like Desks and natal health care for expecting and lactating women in also provide them a market in form of Hastakala sales 5SJEFOU$PNQMFYJO':BOE
Bench sets, provisioning of drinking water and toilets, Distt Sehore and Hoshangabad. happening at Trident Complex, Bhopal Hatts etc and ó Solar Energy: Provisioning of Solar energy in four schools and two
Building of Boundary walls, flooring, Water proofing of help them in generating dignified income. Anganwadi centers in villages around Budhni impacting more then
roofs etc. IN THE YEAR 2017-18 & 2018-19
2300 lives.
ó Further, School kits which included School Uniforms, We, at our premises in Trident Barnala, organized medical 4. Social Infrastructure
camps from time to time.
School bags, water bottles, notebooks & stationery items Social infrastructure are foundational services and 6. Making Available Safe Drinking Water
were distributed to approximately 2100 children in the ó 1SFWJPVTZFBSUPP JOBOEJO':XFIBWF structures that support the quality of life of a nation, region, Scarcity of Water has been fierce challenge in many parts of India since
Schools around Trident Budhni in the District of Sehore touched more then 30,000 lives through our mobile city or neighborhood. Various steps taken by us in this decades. Availability of drinking water and that too pure and safe is
and Hoshangabad. Vans. direction are listed below: another important point of concern for the citizens. Feeling this brunt
ó Furthermore, All the four schools and Anganwadi These initiatives are helping in reduction of the number ó )BTUBLBMB``8FIBWFBSPVOE8PNFOJOPVS4FMG of unavailability of utmost basic need of drinking water for the people,
Centers are fully solar powered equipped. of deaths caused due to low income or non- affordance of Help groups working with us in nearby villages. They are Trident has contributed in the following ways:
ó Trident has extended its support via Career Guidance medical expenditure by the poor and needy which in turn given training on basic stitching skills and are enabled to
ó Trident has arranged to install 8 hand pumps in 11 villages of
and Counselling to nearly 800 girls belonging to 35 is helping the country sustain their citizens in a better and generate livelihood. Not only that, We provided Sewing
the state of Madhya Pradesh namely Khandawarh, Yarn nagar,
Government aided schools. healthy way. machines to the deserving and needy ladies to promote
Karanjikhera, Doob, Raja Ram Mohalla, Dev Gaon, Pandador,
the initiative further. So far we have provided sewing
The initiatives in this direction of promoting education shall Uncha Khera, Holipura, Patalko. These hand pumps are serving
machines to 13 women in Budhni, MP
continue as it gives a sense of pride to teach the buds of 3. Employment for the disabled/poor approximately 18,500 people providing them safe and pure
tomorrow. The recruitment policy of Trident is free from any biases ó Apart from that, we opened HASTAKALA SKILL drinking water at all times.
and financial status or annual income of the candidate or CENTER inside our premises, wherein around 100
ó Trident has arranged for 2 Water tank with a capacity of 1000
women from nearby Villages come daily for training
2. Health and Nutrition their family is not even asked. Since most of the workforce Litres along with the accessories like water taps and fitting in each
(stitching, cutting, checking and packing) and are given
Keeping in view the sharp increase in the number of is hired from local area and Trident’s Budhni complex of the above villages for storage of clean drinking water.
Stipend without any criteria of age, qualification or skill.
communicable diseases and decrease in the count of itself is in very rural region of MP and is surrounded
They work for minimum three hours and are able to These initiatives of the Company are well-aligned with the
healthy people in a particular area, there is a need to mostly by tribal villages hence we mostly hire people from
generate more than 10,000 ` monthly, as income from ‘Jal Kranti’ & ‘Nal Jal Yojana’ initiatives of the Madhya Pradesh
create general awareness on health and nutrition and a not so strong backgrounds. Also, Imparting basic life skills
this initiative. Government.

Directors’ profile
Directors’ profile
Ms Pallavi Shardul Shroff Ms. Shroff was conferred the ‘Lifetime Achievement Award’ at Mr Dinesh Kumar Mittal Ms Pooja Luthra
UIF-FHBM&SBêT*OEJBO-FHBM"XBSETBOEXBTBXBSEFE
(DIN 00013580) (DIN 00040000) (DIN 03413062)
‘India Managing Partner of the Year’ by Asian Legal Business
Ms Pallavi Shardul Shroff is the Managing Partner of "TJB-BX"XBSETBOEé%JTQVUFT4UBSPGUIF:FBSê *OEJB Mr Dinesh Kumar Mittal is a former Indian Administrative Ms Pooja Luthra is a senior practice and leadership expert
Shardul Amarchand Mangaldas & Co. with over 38 years of CZ"TJBMBX"TJB1BDJđD%JTQVUF3FTPMVUJPO"XBSET .T 4FSWJDF *"4
0ēDFSGSPNUIFCBUDIPGBOEIBTTFSWFE based out of Gallup’s India offices. Using principles of
extensive experience. Her broad and varied representation Shroff is recognised in the C-Suite Women edition of Business the Government of India in various capacities, including behavioral economics, she tailors and delivers Gallup
of public and private corporations and other entities before World titled ‘The Expert Arbitrator’ and as one amongst “The Secretary, Department of Financial Services, Secretary, solutions for leadership alignment and goal-building, talent
national courts, tribunals and legal institutions have earned Professionals – High motivation levels, focus on goals and Ministry of Corporate Affairs and Additional Secretary, development across cultures, employee and customer
her national and international acclaim. Ms Shroff is the working for the greater good”. Department of Commerce. Mr Mittal has hands-on engagement, and organic growth consulting. She has a
National Practice Head of Dispute Resolution at the Firm experience in Infrastructure, International Trade, Urban double master’s degree in Organizational Psychology from
with an extensive knowledge in the matters of litigation and Mr Rajinder Gupta Development, Renewable Energy, Agriculture Development Chicago and International Business from Delhi University.
arbitration. She also mentors the Competition Law practice at (DIN 00009037) and Micro-Credit, Corporate Governance, Banking, Insurance,
She has assisted/ consulted numerous organisations to
the Firm. Pension and Finance. He holds a bachelor’s degree in Science
Mr Rajinder Gupta is the Founder of Trident Limited and had create and deploy a holistic human resource strategy in the
Ms. Shroff has always been active in public-policy related and a master’s degree in Physics from the University of
been Managing Director of the Company from 1992 to 2012. wake of various environmental disruptions. She also wrote
work. She was a member of the committee set up by the Allahabad.
Mr Gupta is a first generation entrepreneur having rich & a book titled “INDIA’S PERFORMANCE MANAGEMENT
Government of India to advise the Government regarding PROBLEM”. Her foremost area of expertise are Employee
varied exposure of promoting industrial ventures over last
compliance with Article 39.3 of the TRIPS. She played a Mr Rajiv Dewan & Customer Engagement Advisory Leadership, Behavioral
two decades. He is the person behind the stupendous growth
pivotal role in formulating and drafting of policy documents (DIN 00007988) barrier analysis, Strength based development etc.
of the Trident Group. His business acumen, foresightedness
necessary for the continuing efforts to establish India’s
and integrity have led Trident Group to prosper globally and Mr Rajiv Dewan is a Fellow Member of the Institute of
first ‘Zero Piracy Zone’ for the state of Karnataka, and for Mr Deepak Nanda
reach zenith. Mr Gupta has been awarded with the prestigious Chartered Accountants of India and is a practicing Chartered
developing an anti-piracy advocacy programme for the
‘Padmashree’ title by Late Dr. APJ Abdul Kalam, the then Accountant. He possesses rich and varied experience in Tax (DIN 00403335)
judiciary.
1SFTJEFOUPG*OEJB JO JOSFDPHOJUJPOPGIJTEJTUJOHVJTIFE Planning, Management Consultancy, Business Restructuring,
For her legal acumen and thought leadership, Ms. Shroff is services in the field of trade and industry. He has also Mr Deepak Nanda possesses more than three decades of
Capital Market Operations, SEBI-related Matters and other
frequently featured by several international publications. She been awarded ‘PHD Chamber of Commerce Distinguished experience in Business Development, Client Relationship,
corporate laws. Prior to starting his own practice, Mr Dewan
is recognised as a ‘Star Individual’ for Dispute Resolution by Entrepreneurship Award’ by The President of India and also Contract Negotiations, Project Implementation and Delivery,
worked in senior positions in renowned textile companies.
Chambers and Partners 2020; ‘Elite Practitioner’ by Asialaw conferred with the ‘Udyog Ratna’ award by PHD Chamber of improving the Efficiency and Effectiveness of businesses.
Profiles 2020 and ‘Leading Lawyer’ for Dispute Resolution Commerce and Industry. He has vast experience in working closely with different
by Legal 500, 2020 among others. Recently, Legal 500
Mr Gupta is serving as Vice-Chairman of Punjab State State Governments, PSUs, boards and corporations,
Hall of Fame, Asia Pacific has recognised Ms. Shroff for her
Planning Board with status of a Cabinet Minister. He is also educational institutions in North-West India helping them
continued excellence in Dispute Resolution. She has also
the President of Punjab State Cricket Association as well as develop e-governance strategies, IT roadmaps, deploying key
been recognised as a ‘Thought Leader’ for Competition and
the Chairman of FICCI Regional Advisory Council (Punjab, solutions and facilitating change management. He holds a
Litigation by Who’s Who Legal 2020. Under Ms. Shroff’s
Haryana, Chandigarh & HP) and member of Managing Master of Science in Chemistry from the Panjab University,
leadership, the Firm has been recognised as one of the
Committee of ASSOCHAM. He is also actively associated with Chandigarh and has also participated in the Programme
world’s leading International Arbitration Firms in the GAR 100
several philanthropic ventures. on Strategic IT Outsourcing at the Indian Institute of
FEJUJPOT CZ(MPCBM"SCJUSBUJPO3FWJFX
Management, Ahmedabad. In addition, he is the Chairman
Ms. Shroff has been conferred the ‘Lifetime Achievement of the District Cricket Association, Barnala.
Award’ at the Chambers India Awards 2019. She has been
recognised as one of the Most Powerful Women in Indian
Business by Business Today, seven years in succession (2013-
19). Fortune India also recognised her as one of ‘The Most
Powerful Women in Business, 2018 & 2019’. Business World
recognised Ms. Shroff as the one of ‘The Most Influential
Women in India’ for her exceptional contribution in the field
of law.

Management Discussion & Analysis
Global Economy Trident’s response to COVID-19
Management Discussion & Analysis The COVID-19 pandemic is inflicting high and rising human costs
worldwide, and the necessary protection measures are severely
impacting economic activity. As a result of the pandemic, the
World Health Organisation (WHO) declared outbreak of
Coronavirus Disease (COVID-19) a global pandemic on March
11, 2020. Consequent to this, Government of India declared
global economy is projected to contract sharply by 3 percent in lockdown on March 23, 2020 and the Company temporarily
2020, much worse than during the 2008–09 financial crisis. In suspended the operations in all the units of the Company in
a baseline scenario--which assumes that the pandemic fades compliance with the lockdown instructions issued by the Central
in the second half of 2020 and containment efforts can be and State Governments. COVID-19 has impacted the normal
gradually unwound—the global economy is projected to grow business operations of the Company by way of interruption in
by 5.8 percent in 2021 as economic activity normalizes, helped production, supply chain disruption, unavailability of personnel,
by policy support. closure/lock down of production facilities etc. during the lock-
The significant actions of large central banks in recent weeks down period which has been extended till May 17, 2020. However,
include monetary stimulus and liquidity facilities to reduce production and supply of goods has commenced during the
systemic stress. These actions have supported confidence month of April 2020 on various dates at all the manufacturing
and contribute to limiting the amplification of the shock, thus locations of the Company after obtaining permissions from the
ensuring that the economy is better placed to recover. The appropriate government authorities.
synchronized actions can magnify their impact on individual
Trident Limited extended its support and cooperation towards
economies and will also help generate the space for emerging
all Government Initiatives/ Directions for combating the
market and developing economies to use monetary policy to
escalating COVID-19 situation. Keeping in mind the safety and
respond to domestic cyclical conditions.
well-being of its employees as top priority, the Company decided
(in percentage) to temporarily shut down its manufacturing facilities and offices,
Real GDP Growth (YoY) Projections as per the directions/ guidelines issued by the Central / State
2019 2020 2021 Governments.
World 2.9 -3.0 5.8
In light of the challenges posed by the pandemic the Company
Advanced Economies 1.7 -6.1 4.5
has leveraged its manufacturing facilities to innovate and
EMDE 3.7 -1.0 6.6
Advanced Economies produce new products.
United States 2.3 -5.9 4.7 Following are the new products being developed by the company:
“We are what we repeatedly do. Excellence therefore is not an act, but a habit.” – Aristotle European Union 1.2 -7.5 4.7
Japan 0.7 -5.2 3.0 ó Medical Textiles range like Bodysuits, Hazmat Suit, Face
At Trident, we recognize that there will be junctures when the business environment turns adverse; rather than complain, we have
demonstrated an ability to transform external adversities into opportunities. United Kingdom 1.4 -6.5 4.0 Mask and Hospital Curtains.
Asia
ó Health & Hygiene range including Antibacterial/
OVERVIEW BUSINESS ORGANIZATION China 6.1 1.2 9.2
antimicrobial Bed Sheets, Odour neutralizing sheets,
India 4.2 1.9 7.4
At Trident, we have formulated a Core Council where in different Trident Limited, a part of US$ 1 billion Trident Group is Natural dyed fabric for sensitive skin.
teams meet, discuss and review the health of the business from headquartered in Ludhiana, Punjab. Established in the year EMDE: Emerging Markets and Developing Economies
ó Babycare range including Antibacterial feather touch
strategy and performance to staffing and compliance. These 1990, the Company has evolved as a global textile player under Source: World Economic Outlook by International Monetary Fund
towel, naturally soft and skin care sheets.
business managers monitor the operating systems and working the visionary leadership of its founder chairman Mr. Rajinder
Indian Economy ó Upholstery range including shower curtain and window
of different departments in detail, enabling the Company Gupta, a first generation entrepreneur. Trident Limited is a
to identify potential risks and opportunities early in their leading manufacturer of Yarn, Bath Linen, Bed Linen, Wheat The International Monetary Fund slashed its FY21 growth curtains for hotels and households.
occurrence cycle, translating into proactive de-risking. Straw-based Paper, Chemicals and Captive Power. projection for India to 1.9% from 5.8% projected in January,
ó Summer blankets for travelers being lightweight and easy
holding that the ‘Great Lockdown’ to combat the COVID-19
Trident’s Board of Directors oversees business conduct, while The Company has state-of-the-art manufacturing facilities to carry.
outbreak will throw the world economy into the worst recession
the Audit Committee, appraises controls and procedures. As in Barnala (Punjab) and Budni (Madhya Pradesh). In the year since the Great Depression in 1930s. ó Medical stationary range containing unique technology to
a result, the Company continuously examines its governance 2016, Trident forayed into bed linen by commissioning a facility guard against bacteria, fungus & moulds.
practices to protect investor trust and enhance the Board’s in Budni. The Company has a strong clientele in about 100 The coronavirus pandemic came at a time when India’s
effectiveness. countries across the globe. economy was already slowing, due to persistent financial sector The above initiatives as well as product launches have been
weaknesses. The severe disruption of economic activities well received and a lot of enquiries and interest has been
This comprehensive report analyses the impact of the business Segmental contribution caused by COVID-19, both through demand and supply shocks, coming from various quarters including government agencies.
environment on the Company’s performance, de-risking and has overtaken the incipient recovery in the Indian economy Anti-microbial treatment being standardized across terry towel
strategy and should be read in conjunction with the audited leading to massive job losses. IMF even expects FY20 growth at range has been appreciated by our export customers.
20%
financial statements for the year ended March 31, 2020. 4.2% as against 5% estimated by India’s statistics department.
Bath & Bed Linen TEXTILE INDUSTRY REVIEW
This discussion contains certain forward-looking statements Assuming a baseline scenario, in which the pandemic fades in
based on current expectations, which entail various risks and 54% Yarn Global Textile Industry
the second half of 2020 and containment efforts are gradually
uncertainties that could cause the actual results to differ 26% Paper unwound, the IMF in its biannual World Economic Outlook The global textile market is expected to decline from $ 673.9
materially from those reflected in them. All references to projected the global economy to contract sharply by 3% in billion in 2019 to $ 655.2 billion in 2020 at a compound annual
‘Trident’, ‘we’, ‘our’ or the ‘Company’ in this report refer to 2020, much worse than during the 2008-09 financial crisis. For growth rate (CAGR) of -2.8%. The decline is mainly due to
Trident Limited and should be construed accordingly. India, it estimated a sharp economic recovery in FY22 at 7.4%.

economic slowdown across countries owing to the COVID-19 PAPER INDUSTRY REVIEW BUSINESS REVIEW Home Textiles
outbreak and the measures to contain it. The market is then Textiles Segment Trident prides itself upon being one of the largest vertically
Global Paper Industry
expected to recover and grow at a CAGR of 7% from 2021 and integrated companies in the home textile industry across the
The pulp and paper industry is one of the largest industries Key highlights
reach $795.4 billion in 2023. globe. The segment’s revenue is driven by two business divisions
in the world. It is dominated by North American, Northern Sales EBIT
Asia-Pacific was the largest region in the global textile market, – Bath and Bed Linen.
European and East Asian companies, followed by Latin America (` Million) (` Million)
accounting for 50% of the market in 2019. Western Europe Trident has partnered with some of global-best technology
and Australasia. With increasing internet usage and the rise FY19 42,228.9 3,417.9
was the second largest region accounting for 18% of the global companies to strike a rare mix of quality with cost-efficiency
of social media, the demand for print paper will continue to FY20 37,776.0 3,017.6
textile market. in its products. The Company has manufacturing units in Budni
decline. However, with an e-commerce age around the corner,
Source: businesswire.com a higher demand for packaging paper is expected. Cotton Yarn (Madhya Pradesh) and Barnala (Punjab). With fully integrated
processes, the Company has a powerful grip over the production
COVID-19 pandemic has caused widespread concern and Since its inception, Trident has dedicated itself to making
Indian Textile Industry value chain.
economic hardship for consumers, businesses and communities superior cotton yarns that have set industry benchmarks higher
India is among the world’s largest producers of Textiles and
for innovation. The Company possesses the largest spinning Revenue Contribution
Apparel. The domestic textiles and apparel industry contributes across the globe and paper Industry is no exception. The
installation at a single campus in India. It is a prominent
2.3% to India’s GDP and accounts for 13% of industrial impact can be expected to be significant in the first quarter but Contribution (%)
manufacturer of premium quality yarn with a versatile range of
production, and 12% of the country’s export earnings. gradually lessen in subsequent quarters – with a limited impact
products to offer such as cotton, compact, blended and mélange FY19 51%
on the full-year economic growth. As per a Research report, the
The textiles and apparel industry in India is the second-largest yarn among others. The manufacturing unit is equipped with FY20 54%
paper industry is expected to grow by USD 5.39 billion during
employer in the country providing employment to 45 million latest technology such as Blowroom from Trutzchler, Ring Frame
2020-2024. The manufacturers are increasingly focusing on Online presence
people. from Zinsser and Murata, Compact attachments of Suessen,
introducing new and advanced products.
Testing technologies like UT 5 etc. With omni-channel capabilities, the Company has expanded
India has also become the second-largest manufacturer of PPE
Source: Technavio Research its reach across e-commerce platforms. With a presence on all
in the world. More than 600 companies in India are certified to Highlights 2019-20 Future Prospects major e-commerce platforms, Trident is aiming at an increase in
produce PPEs today, whose global market worth is expected to Indian Paper Industry - Capacity Utilization at - To leverage our IPRs for the revenue contribution from the digital platforms.
be over $92.5 bn by 2025, up from $52.7 bn in 2019. 92% Value creation in the
The Indian paper industry accounts for about 4% of the world’s
ó FDI in the textiles and apparel industry has reached up to - Patent for ‘Apparatus existing product line. Bath Linen
production of paper. The estimated turnover of the industry
$3.1 bn during 2018-19 is ` 70,000 crore (domestic market size of ` 80,000 crores) and Method for treating - To launch innovative Trident stands tall as the largest player in terry towel capacity.
ó Exports in the textiles and apparel industry are expected and its contribution to the exchequer is around ` 5,000 crore. an industrial Effluent products It is one of the leading suppliers of bath linen in the US market.
to reach $300 bn by 2024-25 resulting in a tripling of The industry provides direct employment to 500,000 persons, containing Sodium State-of-the-art production facilities include spinning, wide-width
Indian market share from 5% to 15% Sulphate’ by Indian Patent air jet & jacquard weaving, soft flow dyeing, and fully automated
and indirectly to around 1.5 million. The per capita paper
Office, Government of cutting and sewing for bath linen. It has manufacturing units
ó 28% Expected sector CAGR (2019-2021) consumption in India at a little over 13 kg, is way behind the
India. at Barnala, Punjab and Budni, Madhya Pradesh. This division
ó 2.3% Share in India’s GDP global average of 57 kg.
is operating at an average capacity utilisation of around 48%.
ó 12% Textile exports share in overall exports India is the fastest growing market for paper globally and it Revenue Contribution
Keeping quality and efficiency at its core, Trident is focused on
ó 45 mn Employment generated presents an exciting scenario; paper consumption is poised Year Contribution (%) innovations that would bring out the best-in-class quality to suit
ó Largest producer of cotton & jute in the world for a big leap forward in sync with the economic growth. The FY19 30% the global standards.
ó Second largest manufacturer of PPE and producer of futuristic view is that growth in paper consumption would be in
FY20 26% Product portfolio
polyester, silk and fibre in the world multiples of GDP and hence an increase in consumption by one
ó Second largest employment provider in India after kg per capita would lead to an increase in demand of 1 million Bath Linen
tonnes. Product portfolio
agriculture Luxury
100% Cotton Combed yarn
Growth Drivers Source: IPMA
Organic
ó Abundance of raw material 100% Cotton Combed yarn
Growth Drivers Spa & Hotel
ó Presence of entire value chains Open-End yarn
- Government’s thrust on Education sector will propel paper
ó Competitive manufacturing costs Beach
demand. Core-Spun yarn
ó Availability of skilled manpower Designer
- India emerged as the fastest growing major global Blended yarn
ó Large and growing domestic market Jacquard
writing and printing market even as its per capita paper Zero Twist yarn
ó Rising per capita income, higher disposable incomes and
consumption in India at a little over 13 kg, way behind the Dobby Texture
preferences for brands Air Rich yarn
global average of 57 kg.
ó Organized retail landscape & e-Commerce Bath Mats
Slub yarn
- Rising increase in working and economically active
ó Under Union Budget 2020-21, a National Technical Textiles Checkered
individuals. Certified Cotton yarn
Mission is proposed for a period from 2020-21 to 2023-24
Waffle
at an estimated outlay of ` 1,480 crore (US$ 211.76 million). - Anti-Plastic Sentiments is beneficial to the pulp and paper Melange yarn
Source: Invest India, National investment Promotion & Facilitation industry in that it encourages biodegradable alternatives. Infants & Kids
Agency Bath Rugs

Bed Linen Key highlights

Another shining jewel in Trident’s crown is the Bed Linen segment. Sales EBIT Revenue
A wide product portfolio and unmatched design capabilities (` Million) (` Million) Contribution
make it a complete bedding solution provider. This division is FY19 9,970.2 3,701.9 19%
operating at an average capacity utilisation of around 60%. FY20 9,225.4 3,100.0 20%
Product portfolio Branded copier Writing and Bible and offset

paper printing print paper
Solid/ Printed Sheets maplitho paper
Top-up Sheets Trident Spectra Super Line Bible
Duvets Trident My Choice Prime Line Cream Wove
Trident Natural Cartridge Paper Offset (Watermark)
Comforters
Trident Eco Green Index Paper Paper
Fitted Sheets
Trident Royal Touch Stiffener Paper
Pillow Cases Trident Digi Print Diamond Line
Quilts Trident Spectra Bond Drawing Paper
Decorative Pillows Platinum Line

Silver Line
Coverlets
Trident Royale
Dohars
Copier Grade
Highlights 2019-20 Future Prospects Highlights 2019-20 Future Prospects

FINANCIAL REVIEW Finance Cost
- Capacity Utilization at - De-bottlenecking &
- Capacity Utilization at - Leveraging relationships
86% Modernization of existing Statement of profit and loss Finance Cost in FY20 reduced to ` 1108.0 million, reduction of
60% for Bed Linen and built on existing clients
paper units at Dhaula Revenues 1.3% as compared to ` 1122.6 million in FY19.
48% for Bath Linen of Bath Linen to expand - Trident Paper has
been conferred with Plant, Punjab. Net Revenue in FY20 stood at ` 47239.5 million compared to
- Gold Trophy in the business to Bed Linen Balance Sheet
“Superbrands Award Seal” - We expect the volume ` 52652.7 million in FY19.
category of Highest Global - In order to develop Paid up capital
by Superbrands India. growth and realizations to
Exports by “The Cotton Trident as a brand, we Segmental Revenues The total equity share capital for the FY 20 stood at ` 5096.0
sustain momentum going
Textiles Export Promotion have started direct sales million. There is no increase in the equity share capital of the
forward as paper imports Textile Segment:
Council (TEXPROCIL) through various e-com Company.
have decreased which will Revenue for segment stood at ` 37776.0 million in FY20
- Patent for ‘Terry Fabric platforms
benefit the domestic paper compared to ` 42228.9 million in FY19. Networth
Weave and resulting terry - Focusing on having more industry
Fabric’ by european patent patents and trademarks EBIT for the segment reduced to ` 3017.6 million Y-o-Y as Networth for FY 20 stood at ` 29669.0 million from ` 29312.9
office through dedicated Chemical and Power segment compared to 3417.9 million in FY19. million in FY 19. The increase was mainly on account of increased
innovation/ designing team profitability of the Company.
Trident is one of the largest commercial and battery grade Paper & Chemicals Segment:
Paper Segment sulphuric acid manufacturer in North India. It caters to the Revenue for the period stood at ` 9225.4 million in FY20 Borrowing
diverse battery requirements and finds usage in the production compared to ` 9970.2 million in FY19. The Company’s net borrowings have declined by 33% to
Trident is the world’s largest manufacturer of wheat straw based
of zinc sulphate, alum, detergent and dye and fertilizers. The ` 16144.6 million in FY 20 from ` 24106.4 million in FY 19 on
paper. A trusted supplier of superior quality paper, Trident EBIT for the segment during the period stands at ` 3100.0
Company is focused on providing superior quality products with account of decrease in working capital utilization and increase
has made its presence felt as a leading paper manufacturing million Y-o-Y as compared to ` 3701.9 million in FY19.
more consistency, a bigger scale, and an improved efficiency. in cash and cash equivalents.
company in the domestic as well as international markets,
Our sulphuric acid is manufactured by burning of elemental EBIDTA
especially for multi-colour high speed printing and publishing Debt-Equity Ratio
sulphur using the double contact double absorption technology. EBIDTA for FY20 stood at ` 8653.0 million which translates into
and high quality branded copier paper. The Company’s net debt-equity ratio has strengthened from
Our absorption plant at Dhaula has been especially crafted 18.3% margin.
With a great concern for the environment, Trident utilises the for the unique process, wherein we limit the emissions to a 0.80 in FY19 to 0.54 in FY20 on account of accelerated debt
latest technology and world-class machinery in the production bare minimum level. To keep up with the rising consumption Net Profit repayment. The Company has successfully strengthened
process to minimise wastes. The Company uses wheat straw, its balance sheet to ensure smooth cash flows and periodic
and demands. The multi-fuel AFBC boilers are equipped with Net Profit for the FY20 stood at ` 3418.0 million translating to
reduction of long-term debts.
an eco-friendly raw material, which is the residue left after auto-mated DCS operations and intelligent load management EPS of ` 0.67. Reduction in tax outgo due to adoption of new
harvesting wheat. This facilitates easy procurement at attractive systems. The plant is fed through agro-wastes (rice husk), ETP tax rates under Section 115BAA of the Income Tax Act, 1961 as Debtor Turnover
pricing since Punjab is the highest wheat producing state in the sludge, methane (from ETP), and pet as well as imported coke. introduced by the Taxation Laws (Amendment) Ordinance, 2019.
The Debtor Turnover Ratio has improved significantly in FY20
country. Trident’s energy efficient model sustains its Punjab facilities
Dividend to 16.96 as compared to 7.95 in previous year FY19. The
entirely through the output of this plant. initiatives taken by the Company during the year have resulted
The Company has paid highest ever dividend of 36% by way
in reduction of its receivables and improvement in the Cash to
of three Interim Dividends. The Dividend payout ratio stood at
Cash Cycle.
65% for the FY 20.

Management Discussion & Analysis | Business Responsibility Report
Risk and Concerns

Risk is integral to any business organisation. Trident, as an organisation, thrives on its unique governance architecture, which works
actively in identifying and assessing potential risks, and formulating an appropriate mitigation strategy.
Business Responsibility Report
Risk Mitigation Strategy
Raw Material Price Risk Section A: General Information about the Company
Strong relationship with vendors and proximity to the raw material sources
Cotton and wheat husk are the major raw materials ensures easy availability. The Company also plans to save land costs and 1. Corporate Identity Number (CIN) of the Company L99999PB1990PLC010307
used by the Company for textile and paper production inventory management keeping in view the historical cycle of input prices. 2. Name of the Company Trident Limited
respectively. Volatility in prices impacts the overall cost of 3. Registered Office Address Trident Group, Sanghera - 148 101
From time to time, the Company hedges raw-material against order book.
production, and thus, the profitability. 4. Website www.tridentindia.com
Currency Risk Currency risks are managed by constant monitoring exposures and 5. E-mail id investor@tridentindia.com
As the Company deals in the International market, it is limiting the same in view of applicable margins under the relevant Market 6. Financial Year reported 2019-20
exposed to currency volatility, which impacts the overall segments. 7. Sector(s) that the Company is engaged in (industrial activity code-wise)
revenue of the Company Also, some portion of the foreign currency is hedged to mitigate any
adverse movements in currency fluctuations. Industrial Group Description
131 Spinning, weaving and finishing of textiles
Geographical Risk Trident has made its presence felt in around 100 countries and at the same
1701/170 Manufacture of paper and paper products/ Manufacture of
Concentration in a particular territory leads to a depleting time, has a strong domestic market presence too. Also, its presence on pulp, paper and paperboard
market presence of the Company. various e-commerce platforms makes the products easily accessible.
2011 Manufacture of basic chemicals
Policy Risk The Government of India has come up with various incentives such as 3510 Electric power generation, transmission and distribution*
Implementation of any policy which is not in favour of the rebate on state levies, duty drawback, and ATUFS, among others. The * The Power produced is for captive use.
Company hampers the operations of the Company Company has leveraged on these initiatives to stay ahead in the market.
8. List three key products/services that the Company manufactures/provides (as in balance sheet)
Competition Risk The Company benefits out of economies of scale, cutting-edge technology, i. Textile (which inter alia includes Bath Linen, Bed Linen and Yarn)
There are many emerging countries, where production and loyal partnerships to offer competitive rates to its clients across the ii. Paper (Branded Copier, Writing and printing maplitho paper, Bible and offset print paper, Bond paper, Stiffener paper,
costs are relatively lower than that of India. This poses a globe. Cartridge paper, Index paper, Watermark paper, Drawing paper, Digital printing paper, Carry Bag paper, Trident Royale
potential threat to the Company. (Wedding Card Paper), Sublimation Paper, Virgin Unbleached Kraft Paper)
Force Majure In light of the challenges posed by the pandemic the Company has leveraged iii. Chemical
The beginning of 2020 has witnessed the global spread of its manufacturing facilities to innovate and produce new products. 9. Total number of locations where business activity is undertaken by the Company
COVID-19, i.e. coronavirus. Global threat from COVID-19 We have increased our focus on : (a) Number of International Locations (Provide details of major 5)
is continuing to grow, and at a rapidly accelerating rate. - Employee well-being; US Office:
Governments in many countries announced lockdowns Trident Global Inc.
- innovation in products;
and asked people to stay indoors. Around the world, these
295, Fifth Avenue, Suite 612 New York, NY 10016
coronavirus lockdowns have driven professional and social - tapping domestic market;
UK office:
life out of the physical world and into the virtual realm. - prudent cash management; and
Trident Europe Limited
The economic fallouts of this is still difficult to assess as the - cost optimization.
First Floor, Sovereign House, Stockport Road,
situation is still evolving.
Cheadle, Cheshire, England – SK82EA
HUMAN RESOURCE AND INDUSTRIAL RELATIONS CAUTIONARY STATEMENT (b) Number of National Locations - 6
10. Markets served by the Company–Local/State/National/International
The Company believes that human resources are the most The Management Discussion and Analysis Report containing The Clientele of the Company spans across about 100 countries in six continents.
significant element responsible for any organisation’s growth. your Company’s objectives, projections, estimates and
Section B: Financial Details of the Company
Trident strives towards attracting, retaining and developing the expectation may constitute certain statements, which are
best talent required for the business to grow. The employees are forward looking within the meaning of applicable laws and 1. Paid up Capital (`): 5,096.0 Million
regularly provided with training and development programmes regulations. The statements in this Management Discussion and 2. Total Turnover (`): 47,239.5 Million
to enhance their skills and focus on career progression. With a Analysis Report could differ materially from those expressed 3. Total profit after taxes(`): 3,418 Million
focus on ensuring a transparent, safe, healthy, progressive and or implied. Important factors that could make a difference to 4. Total Spending on Corporate Social Responsibility (CSR) as percentage of profit after tax (%)
engaging work environment, the Company is aimed at creating the Company’s operation include raw material availability and CSR Spending accounts to 2.65% of Profit after Tax and 2.01% of average net profit of the Company made during the three
immediately preceding financial years.
leaders of the future. Industrial Relations remained cordial prices, cyclical demand and pricing in the Company’s principal
during the year under review. markets, changes in the Governmental regulations, tax regimes, 5. List of activities in which expenditure in for above has been incurred:-
forex markets, economic developments within India and the The CSR Activities of the Company are detailed at Annexure IV to the Directors Report in Annual Report for FY 2019-20.
INTERNAL CONTROL AND ADEQUACY countries with which the Company conducts business and other Section C: Other Details
The Company’s growth is driven to a great extent by its strong incidental factors.
1. Does the Company have any Subsidiary Company/ Companies? Domestic Subsidiary: Trident Global Corp Limited
internal control systems for financial reporting. High accuracy in
Foreign Subsidiary: Trident Europe Limited
recording and providing reliable financial & operational support
2. Do the Subsidiary Company/Companies participate in the BR Initiatives The Company participates in the BR Initiatives
is ensured through stringent procedures. The Company’s
of the parent company? If yes, then indicate the number of such independently
internal team and Audit Committee monitor business
subsidiary company (ies)?
operations and any deviations are promptly brought to the
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the
notice of the Management board. These findings provide input
Company does business with, participate in the BR initiatives of the
for risk identification and assessment, post which prompt risk
Company? If yes, then indicate the percentage of such entity/entities?
mitigation strategies are deployed towards a seamless growth
[Less than 30%, 30-60%, More than 60%]
of the Company.

Section D: BR Information No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Remarks

1. Details of Director/Directors responsible for BR 5 Does the company have a Y Y Y Y Y Y Y Y Y -
(a) BR Initiatives of the Company are undertaken under the supervision of Corporate Social Responsibility Committee of the specified Committee of the
Company, which comprises of following directors: Board/ Director/ Official to
oversee the implementation
Name: Mr Rajiv Dewan (Chairman)
of the policy?
DIN: 00007988 6 Indicate the link for the Home / Investor Relations /Corporate Governance / Policies
Designation: Non-Executive Independent Director policy to be viewed online? http://www.tridentindia.com/corporategovernance
Name: Mr Rajinder Gupta 7 Has the policy been The Policies have been placed at the website of the Company. Further the members
formally communicated to of the Company also discuss the policies of the Company at the time of dealing with
DIN: 00009037
all relevant internal and Stakeholders.
Designation: Non-Executive Non-Independent Director external stakeholders? As regards internal stakeholders, the same are clearly communicated to them.
Name: Mr Deepak Nanda 8 Does the company have Yes The CSR Committee of the Board of
DIN: 00403335 in-house Structure to Directors is responsible for implementation
implement the policy/ of BR policies.
Designation: Executive Non-Independent Director
policies.
(b) Details of the BR head 9 Does the Company have Yes Any grievance / feedback related to the
a Grievance Redressal policies can be sent to the Company
No. Particulars Details
Mechanism related to the at whistleblower@tridentindia.com
1. DIN Number (if applicable) 00403335
policy/policies to address or investor@tridentindia.com by the
2. Name Mr Deepak Nanda stakeholders’ grievances stakeholders.
3. Designation Managing Director related to the policy/policies?
4. Telephone number +91 161-5039999 10 Has the company carried Yes, the Policies are evaluated internally and updated/amended as per the changed
5. E-mail id deepaknanda@tridentindia.com out Independent audit/ business scenario.
evaluation of the working of
2. Principle-wise(as per NVGs) BR Policy/policies
this policy by an internal or
The National Voluntary Guidelines (NVGs) on Social, Environmental and Economic Responsibilities of Business released by the Ministry external agency?
of Corporate Affairs has adopted nine areas of Business Responsibility. These briefly are as follows:
P1 - Businesses should conduct and govern themselves with Ethics, Transparency and Accountability. (b) If answer to any question at Serial number 1 against any principle is ‘No’, please explain why:
P2 - Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
P3 - Businesses should promote the well being of all employees. 1. The Company has not understood Principles
P4 - Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are disadvantaged, 2. The Company is not at a stage where it finds itself in a position to
vulnerable and marginalized. formulate and implement the policies on specified principles
P5 - Businesses should respect and promote human rights. 3. The Company does not have financial or manpower resources
Not Applicable
P6 - Business should respect, protect, and make efforts to restore the environment. available for the task
4. It is planned to be done in next six months
P7 - Businesses when engaged in influencing public and regulatory policy, should do so in a responsible manner.
5. It is planned to be done in next 1 year
P8 - Businesses should support inclusive growth and equitable development.
6. Any other reason (Please specify)
P9 - Businesses should engage with and provide value to their customers and consumers in a responsible manner.
(b) Details of compliance (Reply in Y/N) 3. Governance related to BR Does it extend to the Group/Joint Ventures/
(a) Indicate the frequency with which the Board of Suppliers/Contractors/NGOs/Others?
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Remarks
Directors, Committee of the Board or CEO assess the The Company believes in the conduct of the affairs of its
1 Do you have a policy/ Y Y Y Y Y Y Y Y Y -
BR performance of the Company. Within 3 months, 3-6 constituents in a fair and transparent manner by adopting
policies for...
months, Annually, More than 1 year highest standards of professionalism, honesty, integrity
2 Has the policy being Y Y Y Y Y Y Y Y Y
The policies have been formulated by
The Corporate Social Responsibility Committee and and ethical behavior in the Organization. The Company
formulated in consultation taking inputs from the concerned internal
with the relevant stakeholders and are updated regularly in the Board of Directors of the Company review the exercises complete transparency in its operations with
stakeholders? light of changing scenario and suggestions. performance of the BR Initiatives taken by the Company clear communication of the decisions impacting the
Though there is no formal consultation within time span of 3-6 months. stakeholders.
with external stakeholders. The Code of Corporate Governance & Conduct extends to
(b) Does the Company publish a BR or a Sustainability
3 Does the policy conform to NA NA NA NA NA NA NA NA NA As the Company deals with the all the members of the Board, Key Managerial Personnel
Report? What is the hyperlink for viewing this report?
any national/ international stakeholders spread across the globe, so and Senior Management of the Company.
How frequently it is published?
standards? If yes, specify? the policies have been designed in view
of the industry practices and national/ Yes, the Company publishes its Business Responsibility The Company has set up an adequate control mechanism
international level standards. Report annually and the same is available online at http:// in place to address the issues relating to ethics, bribery
4. Has the policy being Y Y Y Y Y Y Y Y Y The policies have been approved by Board/ www.tridentindia.com/corporategovernance. and corruption.
approved by the Board? MD MD MD MD MD MD MD MD MD Board Level Committees and have been The Company also adopted a Vigil Mechanism and
duly signed by the Managing Director of Section E: Principle-Wise Performance
If yes, has it been signed a Whistle Blower Policy applicable to all Directors,
the Company. Principle 1 Employees and Stakeholders including Vendors, Channel
by MD / owner/ CEO/
appropriate Board Director? 1. Does the policy relating to ethics, bribery and Partners, Business Associates including contractors or
corruption cover only the company? Yes/ No. Customers of the organization, who can make Protected

Disclosures regarding any unethical behavior or improper We are one of the largest users of BCI cotton for We discourage the use of child labour or forced labour 2. Please indicate the Total number of employees
practices being followed under the Policy. home textiles products in the country. BCI cotton at the premises of business associates in the area of hired on temporary/contractual/casual basis. – 2,496
There is an Internal Complaints Committee wherein any also has a significant impact on the environment in ethical sourcing. We would not be able to ascertain contractual employees
wrongful conduct as regards sexual harassment or any terms of less usage of water as well as less usage the percentage of our inputs which have been sourced 3. Please indicate the Number of permanent women
discrimination can be reported. of pesticides and insecticides in the production of sustainably. employees. – 2,136 women employees
cotton. It has a large socio environmental impact.
2. How many stakeholder complaints have been 4. Has the company taken any steps to procure goods 4. Please indicate the Number of permanent employees
We have started using recycled polyester in our
received in the past financial year and what and services from local & small producers, including with disabilities- 47 permanent employees with
towelling and sheeting products. This polyester
percentage was satisfactorily resolved by the communities surrounding their place of work? disabilities
is made from PET bottles which were otherwise
management? If so, provide details thereof. being discarded in landfills. It has 54% lesser CO2 Yes, the Company take services from the local and 5. Do you have an employee association that is
As detailed in the Corporate Governance Report, 14 emissions generated during the production as small producers. Further, the raw materials used by the recognized by management.- No
investors’ complaints were received during the financial compared to virgin polyester fibre. The energy used Company are agro-based so they are sourced from local 6. What percentage of your permanent employees is
year 2019-20. No Complaint was outstanding as on March for manufacture of recycled polyester is 70% lower economy. members of this recognized employee association?-
31, 2020 and all complaints stand resolved. than the virgin of polyester fibre. (1) If yes, what steps have been taken to improve their Nil
During the reporting period, no complaint was received We are also using polybags and plastic kimbles made capacity and capability of local and small vendors? 7. Please indicate the Number of complaints relating to
as regards ethics, bribery and corruption from any of the from recycled material. We have eliminated the Through its sustained efforts, the Company has child labour, forced labour, involuntary labour, sexual
stakeholder. usage of plastic kimbles in many cases and replaced helped local farmers and service providers to harassment in the last financial year and pending, as
Principle 2 them with 100% cotton yarn. We have developed prosper their respective businesses. The Company on the end of the financial year.
and sold a Good to Nature (Geo Towel) to one of our procures cotton, wheat straw and other inputs from No. Category No. of No. of
1. List up to 3 of your products or services whose customers where: local farmers. Also, the Company provides financial complaints complaints
design has incorporated social or environmental
-Product is not treated with chemicals used in pre- and other assistance to farmers who produce these filed during pending as
concerns, risks and/or opportunities. the financial at end of the
treatment, dyeing and post treatment. agriculture products. This increases the capacity
1. Feather Touch Towel, Smart Twist Towel, Organic and capability of farmers and also the quality of the year financial year
-Less water consumption as less number of wet
Cotton Towel, BCI Cotton Towels and Sheets products produced. 1 Child labour/forced
processing cycles. labour/ involuntary - -
2. Recycled Polyester The Company’s manufacturing sites act as an
-Cotton is treated with Enzymes only for inducing labour
3. Polybags and Plastic kimbles made from recycled economic centre for the communities in the vicinity.
absorbency and other properties 2 Sexual harassment - -
material. The Company ensures that it engages local villagers
The Company is one of the few companies 3 Discriminatory
4. Good to Nature (Geo Towel) and small businesses around its manufacturing - -
employment
manufacturing paper with wheat straw
5. Agro-waste based Paper facilities in variety of productive employment i.e.
(unconventional raw material). Besides, the 8. What percentage of your under mentioned
housekeeping, horticulture etc.
2. For each such product, provide the following details Company’s captive power plant utilizes waste employees were given safety & skill upgradation
in respect of resource use (energy, water, raw from other processes as well as biomass for 5. Does the company have a mechanism to recycle training in the last year?
material etc.) per unit of product (optional): power generation, strengthening its credentials products and waste? If yes what is the percentage (a) Permanent Employees - 9559
as an environment- friendly organization. We of recycling of products and waste (separately as
(a) Reduction during sourcing/ production/ distribution (b) Permanent Women Employees - 2431
continued to take several initiatives to reduce water <5%, 5-10%, >10%). Also, provide details thereof.
achieved since the previous year throughout the (c) Casual/Temporary/Contractual Employees - 1661
consumption. As a result, water consumption per The Company is having mechanism to recycle its
value chain?
ton of paper production has been reduced from products. The Company is very cautious about the waste (d) Employees with Disabilities - 9
The Company continuously strives to innovate 30 m3/t in FY 2018-19 to 26 m3/t in FY 2019-20. management, therefore wastes are treated in such a way Principle 4
and unlock the value of its product to present the By substituting different forms of pulp (agro base, which is best for the environment.
best to its customers. At the same time being a 1. Has the company mapped its internal and external
plywood industry waste etc), our pulp usage per
socially responsible citizen, the Company reconciles Trident maintains a zero liquid discharge facility for stakeholders?
ton of paper production (in product mix) has been
economy with ecology. towel processing, saving fresh water of 6 million litres
reduced from 0.785 in FY 2018-19 to 0.768 in FY Yes
per day directly. The facility has a biological plant for
We endeavour to make the products durable with 2019-20 2. Out of the above, has the company identified
biodegradation of wastewater, RO and MEE system to
multi attributes so as to reduce the burden on the disadvantaged, vulnerable & marginalized
(b) Reduction during usage by consumers (energy, recover 98% of water. The Company’s captive power plant
resources. stakeholders.
water) has been achieved since the previous year? utilizes waste from other processes as well as biomass
The Company is producing bath towels where usage for power generation, strengthening its credentials as an Yes
Not Applicable
of chemicals like PVA is avoided to deliver a superior environment- friendly organization. 3. Are there any special initiatives taken by the
experience to the consumers in terms of softness 3. Does the company have procedures in place for company to engage with the disadvantaged,
Also, the power plant is equipped with the latest multi-fuel
and hand feel of the towel. Not only does this towel sustainable sourcing (including transportation)? If vulnerable and marginalized stakeholders. If so,
AFBC boilers with complete automated DCS operation
avoid the usage of chemicals but also uses much yes, what percentage of your inputs was sourced provide details there of.
and intelligent load management system. The plant can
lesser water saving the environment. In these towels, sustainably? Also, provide details thereof.
consume agro-wastes (rice husk), ETP sludge, methane The Company has taken special initiatives for the benefit
Company has used thick and thin yarns, to give Yes, the business model of the Company has their roots (from ETP), micro cotton dust (waste from spinning mills), of local communities and other disadvantaged and
balooning effect to the thicker yarn making it soft in an agro-based economy which leads to prosperity pet coke and imported coke. We are using the sodium marginalized stakeholders. The Company also actively
and low lint shedding towel . This technology allows of farmers. The Company procures its raw material sulphate salt which are generated as by-product on participated in the CSR activities to benefit the local
avoidance of the use of strong chemicals like PVA requirement from within a radius of 150 kms of the plant operation of ZLD system in water softening. communities nearby the Company’s manufacturing
and enables us to deliver a soft and low lint towel to area.
Principle 3 facilities.
the consumer.
1. Please indicate the Total number of employees. –
13,535 permanent employees

Under the CSR programme, the Company has taken Pandador, Uncha Khera, Holipura, Patalko. These Hand 2. Does the company have strategies/initiatives to AFBC boilers with complete automated DCS operation
following initiatives to benefit the local and marginalized Pumps are serving approximately 18500 people providing address global environmental issues such as climate and intelligent load management system. The plant can
stakeholders:- them safe and pure drinking water at all times. Trident change, global warming, etc? Y/N. If yes, please give consume agro-wastes (rice husk), ETP sludge, Spinning
Employment for the disabled/poor - The recruitment has arranged for 2 Water tank with a capacity of 1000 hyperlink for web page etc. process waste methane (from ETP and food waste biogas
policy of Trident is free from any biases and financial Litres along with the accessories like water taps and The Company is very much concerned about the climate plant), pet coke and imported coke. The other initiatives
status or annual income of the candidate or their family fitting in each of the above villages for storage of clean change due to industrialisation, so it adopts best of taken by the Company for energy efficiency are detailed
is not even asked. Since most of the workforce is hired drinking water. processes & techniques, so that it minimises the negative in Annexure I to the Directors’ Report included in the
from local area and Trident’s Budhni complex itself is in Hastakala- We have around 700 Women in our Self effect on the environment. Decision to manufacture Annual Report for FY 2019-20.
very rural region of MP and is surrounded mostly by tribal Help groups working with us in nearby villages. They are Paper from wheat straw was one of the most important 6. Are the Emissions / Waste generated by the
villages hence we mostly hire people from not so strong given training on basic stitching skills and are enabled initiatives taken by the company. This saves thousands of company within the permissible limits given by
backgrounds. Also, Imparting basic life skills to specially to generate livelihood. Not only that, we have provided trees from cutting down, which is one of the best ways to CPCB/SPCB for the financial year being reported?
abled children who are at the pity of the general people Sewing machines to the deserving and needy ladies to preserve our precious environment from being exposed Yes, the Emissions/ Waste generated by the company are
has also been one of the areas covered by Trident. promote the initiative further. Apart from that, we opened to be polluted. within the permissible limits given by CPCB/SPCB for the
We have engaged the special Children and their teachers HASTAKALA SKILL CENTER inside our premises, wherein Trident maintains a zero liquid discharge facility for financial year.
in Hastakala Activities as well wherein we provide them around 100 women from nearby Villages come daily for towel processing, saving fresh water of 6 million litres 7. Number of showcause/ legal notices received from
raw material and trainings to help them in developing new training (stitching, cutting, checking and packing) and are per day directly. The facility has a biological plant for CPCB/SPCB which are pending (i.e. not resolved to
products out of Fabric and Yarn waste. Our initiative is given Stipend without any criteria of age, qualification or biodegradation of wastewater, RO and MEE system to satisfaction) as on the end of Financial Year.
not only restricted to development of products but we skill. They work for minimum three hours and are able to recover 98% of water. The Company endeavours to
generate more than ` 5000 monthly, as income from this There is no show cause / legal notice received from CPCB
also provide them a market in form of Hastakala sales impact the environment positively with cleaner production
initiative. / SPCB which is pending as on the end of financial year
happening at Trident Complex, Bhopal Hatts etc and help methods, use of energy efficient and environment friendly
in relation with non-compliance with environmental laws
them in generating dignified income. Farmer Awareness Programmes- As we are an agro technologies.
and regulations.
Education- We, at Trident are leaving no stone unturned based organization both for Home textiles as well as We have undertaken coal phase out initiatives in 2019-
to contribute in the furtherance and promotion of this paper, our biggest suppliers are Farmers of the nation. 20 by using the process waste such as cotton and agro Principle 7
initiative. We have currently Renovated and Built new We have touched more than 5000 farmers in Distt Sehore waste aiming on reduction of GHG. We also ensured 1. Is your company a member of any trade and
rooms in Four schools and two Anganwadi Centers in Distt and Hoshangabad and are providing them guidance to the maximum recycle and reuse wastes such as battery chamber or association? If Yes, name only those
Sehore. We completely revamped the existing facility and generate in house organic insecticides and fungicides. waste, plastic waste, wooden waste, e-waste, chemical major ones that your business deals with:
provided them with latest infrastructure like Desks and Also we provide them free decomposed bacteria for containers, used oil etc., which are generated from day to Yes, our Company was member of the following
Bench sets, provisioning of drinking water and toilets, multiplication and are providing them schedules of day activities. Organizations as on March 31, 2020:
Building of Boundary walls, flooring, Water proofing of spraying for better crop yields.
3. Does the company identify and assess potential i. Federation of Indian Chambers of Commerce and
roofs etc. All the four schools and Anganwadi Centers Principle 5 environmental risks? Y/N Industry [FICCI]
are fully solar powered equipped.
1. Does the policy of the company on human rights Yes, potential environmental risks are identified as a part ii. Confederation of Indian Industry [CII]
Healthcare- Mobile Dispensary accommodating all the cover only the company or extend to the Group/ of the Company’s risk management activity and feature iii. The Associated Chambers of Commerce & Industry
necessary medical equipments and aids so as to give Joint Ventures/Suppliers/Contractors/NGOs/Others? in the Company’s risk library. The Company regularly of India [ASSOCHAM]
door-to-door service in 33 villages in Tribal areas around reviews its environmental risks and undertakes initiatives
The Company advocates the supremacy of human rights iv. All India Management Association [AIMA]
Trident Budhni .The necessary health care facility is to mitigate them.
and all its policies acknowledge this. The Company v. Confederation of Indian Textile Industry
targeted to serve the medicinal needs of Below Poverty
discourages its business associates from doing any 4. Does the company have any project related to
Line (BPL) people. We are also conducting regular Blood vi. PHD Chamber of Commerce & Industry
violation of Human Rights. Clean Development Mechanism? If so, provide
Donation camps, Special Camps for ante Natal, Pre natal vii. Federation of Indian Export Organisations [FIEO]
2. How many stakeholder complaints have been details thereof. Also, if Yes, whether any
and Post natal health care for expecting and lactating
received in the past financial year and what percent environmental compliance report is filed? viii. The Cotton Textiles Export Promotion Council
women in Distt Sehore and Hoshangabad.
was satisfactorily resolved by the management? The Company continues to work towards cleaner [TEXPROCIL]
SRIJANA- The main object of SRIJANA campaign was to ix. Apparel Export Promotion Council [AEPC]
The Company did not receive any stakeholder complaint tomorrow by use of cleaner fuels and maximum utilisation
enlighten women about the importance of their health,
in 2019-20 regarding violation of human rights. of energy produced during the manufacturing process. x. Electronics and Computer Software Export
Spreading awareness among the adolescents and females
Further, the adoption of globally-accepted manufacturing Promotion Council
about the process of menstruation and other related Principle 6 principles such as CLRI (Cleaning, Lubricating, Re- xi. Northern India Textile Mills Association [NITMA]
aspects. Approximately 10,500 women were introduced
1. Does the policy related to Principle 6 cover only the tightening and Inspection) and TPM (Total Productive
with better and hygienic ways to deal with Menstruation 2. Have you advocated/lobbied through above
company or extends to the Group/ Joint Ventures/ Maintenance) strengthens the health of assets. However
in Distt Sehore and Hoshangabad, MP. Apart from that, associations for the advance mentor improvement
Suppliers/ Contractors/ NGOs/ others. no Compliance Report has been filed.
Trident has installed Sanitary Napkins Vending machines of public good? Yes/No; if yes specify the broad
in all its plant location i.e Sanghera, Dhaula and Budhni The Company as a responsible corporate citizen 5. Has the company undertaken any other initiatives areas (drop box: Governance and Administration,
where all menstruating women can obtain the napkin for considers its obligation to maintain highest standards of on–clean technology, energy efficiency, renewable Economic Reforms, Inclusive Development Policies,
FREE and the expense is borne by the company. the environmental management and ensure for all its energy, etc. Y/N. If yes, please give hyperlink for Energy Security, Water, Food Security, Sustainable
members, consultants, contractors and customers a safe web page etc. Business Principles, Others)
Water supply- Scarcity of Water has been fierce
and healthy environment free from occupational injury All the manufacturing facilities of the Company are
challenge in many parts of India since decades. Trident The Company appreciates the importance of trade
& diseases. However, the policy of the Company in this ultra modern and fully automated which makes efficient
has arranged to install 8 Hand Pumps in 11 Villages of associations. Trade associations provide a forum for
regard governs the conduct of the Company only. use of energy and technology. The Company uses the
the state of Madhya Pradesh namely Khandawarh, Yarn information sharing and discussion with both trade
nagar, Karanjikhera, Doob, Raja Ram Mohalla, Dev Gaon, steam produced as a by-product, in the production of association officials and representatives of various sectors.
energy / power, which makes it highly energy efficient. The Company participates in the discussions, meetings
The power plant is equipped with the latest multi-fuel

Business Responsibility Report | Directors’ Report
and seminar organized by the various associations and Principle 9

actively put forth its viewpoint on various policy matters
and inclusive development policies. The Company utilizes
1. What percentage of customer complaints/consumer
cases are pending as on the end of financial year.
Directors’ Report
these forums for pushing new policy initiatives and
The Mission of the Company is to continue growth
agendas.
by leading national and international standards Dear Members,
Principle 8 and embracing ethical means in harmony with the
Your Directors are pleased to present the 30th Annual Report and Audited Financial Statements of the Company for the financial year
1. Does the company have specified programmes/ environment, ensuring customer delight, stakeholder
ended on March 31, 2020.
initiatives/ projects in pursuit of the policy related trust and social responsibility.
Financial Results
to Principle 8? If yes, details thereof. As on March 31, 2020, 37% consumer complaints were
pending for Paper segment, 11% complaints were pending The financial performance of your Company for the year ended on March 31, 2020 is summarised below:
Being a responsible corporate citizen, Trident has a
value system of giving back to society and improving for yarn segment and only 3% complaints were pending (` Million)
life of the people and the surrounding environment. The for Textile Segment. Particulars Current Year Previous Year Growth (%)
Company’s CSR initiatives are inspired by the opportunity 2. Does the company display product information Total Income 47,239.5 52,652.7 -10.3
to contribute to a more secure and sustainable future. on the product label, over and above what is Total Expenses 43,027.4 47,183.5 -8.81
The details on the same have been shared in the Section mandated as per local laws? Yes/ No/ N.A./ Remarks EBITDA 8,653 10,230.9 -15.42
‘Corporate Social Responsibility’ that forms part of the (additional information) EBITDA Margin 18.3% 20.2% -111bps
‘Management Discussion & Analysis’ in the Annual Report The Company fully complies the laws of land. All the Depreciation 3,333.0 3,639.1 -8.41
for the financial year 2019-20. display and disclosure requirements as per applicable EBIT 5,320 6,591.8 -19.29
2. Are the programmes/ projects undertaken through Statutes are complied with. Interest (Finance Cost) 1,107.9 1,122.6 -1.30
in-house team/ own foundation/ external NGO/ 3. Is there any case filed by any stakeholder against Profit before tax 4,212.1 5,469.2 -22.99
government structures/ any other organization? the company regarding unfair trade practices, Tax Expenses 794.1 1,760.0 -54.88
Programmes as covered under CSR Activities are irresponsible advertising and/or anti-competitive Profit after tax 3,418.0 3,709.2 -7.85
undertaken through Company as well as external behavior during the last five years and pending Other Equity 24,573.0 24,216.9 1.47
organizations also. Activities undertaken by external as on end of financial year. If so, provide details EPS (Diluted) (`)* 0.67 0.73 -8.22
organizations are directed and monitored by the Company thereof. Dividend (%) 36 30 20
*adjusted due to stock split
on regular intervals /periods. There have been no cases relating to unfair trade
3. Have you done any impact assessment of your practices, irresponsible advertising and/or anti- Corporate Overview closure/lock down of production facilities etc. during the lock-
initiative? competitive behaviour against the Company in the last The Company operates in diversified business segments viz. down period which has been extended till May 17, 2020. However,
The CSR programmes and their impacts/ outcomes are five years. Home Textiles, Paper and Chemicals. The Company also has a production and supply of goods has commenced during the
monitored and reviewed by the CSR Committee of the 4. Did your company carry out any consumer survey/ captive power plant to cater the needs of its various business month of April 2020 on various dates at all the manufacturing
Board and management periodically to understand the consumer satisfaction trends? segments. locations of the Company after obtaining permissions from the
impact of these programmes. appropriate government authorities. The impact of the same is
Customers’ satisfaction is the Company’s goal, which Results of Operations reflected in the financial statements of the Company.
4. What is your company’s direct contribution to motivates the company to keep its products as per the
community development projects-Amount in ` and consumers’ requirements. To understand the customers Financial performance and review
Changes in Share Capital
the details of the projects undertaken. better, the Company adopts several procedures including The total income of the Company during the year under review
During the period under review, the equity shares of the
In 2019-20, the Company spent ` 95.3 million on various customer surveys, customer audits and direct feedback. have been ` 47,239.5 million as against ` 52,652.7 million in the
Company have been sub-divided from face value of Rs 10/-
CSR initiatives, detailed in Annexure IV to the Directors’ The Company Conducted regular Retailer meets for previous financial year. The Operating Profit (EBITDA) for the
per equity shares to face value of Re. 1/- per equity share and
Report included in the Annual Report of the Company for better market research and customer service. Feedback year stood at ` 8,653 million as compared to ` 10,291.8 million
consequent to the same Memorandum & Articles of Association
the Financial Year 2019-20. is also taken by the management during the visit of in the previous financial year, a decrease of 15.92 percent. The
of the Company was also modified and approved. Pursuant to
Customers at the manufacturing facilities. This helps the Company has earned a net profit of ` 3,418.0 million as against
5. Have you taken steps to ensure that this aforesaid sub-division the paid-up share capital of the Company
Company in preparing and planning the future business ` 3,709.2 million in the previous financial year, registering a
community development initiative is successfully is ` 509,59,55,670/- dividend into 509,59,55,670 equity shares
strategies and profitability. decrease of 7.85 percent. The Company’s earnings per share
adopted by the community? Please explain. of ` 1/- each.
During the period under review, a survey by Wakefield was ` 0.67 during the current year.
The Company has made a special team along with a
Research has been made, based on “Consumer Priorities A detailed discussion on financial and operational performance Dividend
special CSR Department. These employees visit the areas
and needs : Key drivers for bedsheet purchasing”. Apart of the Company is given under “Management Discussion and Your Company has a dividend policy that balances the dual
to understand the problems being faced by the community
from that, during the financial year, the company has Analysis Report” forming part of this Annual Report. objectives of rewarding shareholders through dividends whilst
and determine the action required to be taken. The same
been conferred with ‘Best Supplier Award for Office also ensuring availability of sufficient funds for growth of the
is then discussed with CSR Head for budget allocation World Health Organisation (WHO) declared outbreak of
Supplies’ by Walmart India. This accolade adds heaps of Company.
and implementation. The Company strives to reach out Coronavirus Disease (COVID-19) a global pandemic on March
motivation and drive in Company’s efforts to continue its
to the end user itself to have a maximum impact. For 11, 2020. Consequent to this, Government of India declared The dividend distribution policy is annexed as Annexure VI and
quality excellence, commitment, ethical business practices
eg: distribution of notebooks and providing desks for lockdown on March 23, 2020 and the Company temporarily is also available on the official website of the Company at the
and Customer Satisfaction. The company has also been
students in schools, Initiatives to enhance earning ability suspended the operations in all the units of the Company in following link:
conferred with TEXPROCIL Export Awards 2018-2019, in
of Women, etc. compliance with the lockdown instructions issued by the Central
the category of Highest Global Exports. https://www.tridentindia.com/webroot/
and State Governments. COVID-19 has impacted the normal re p o r t s / 5 e 4 a 6 8 4 c 3 3 b 9 b _ 1 5 8 1 9 3 4 6 6 8 _ D i v i d e n d % 2 0
business operations of the Company by way of interruption in Distribution%20Policy_29.01.2020%20(Final).pdf
production, supply chain disruption, unavailability of personnel,

Directors’ Report
Consistent with this policy, the following is the summary of request from them. The investors, if they desire, may write to Nomination & Remuneration Committee and Board of Directors Responsibility Statement of Directors
dividend paid/ declared by the Company: the Company to obtain a copy of the financial statements of the have recommended the appointment of Ms Pooja Luthra as a Directors’ Responsibility Statement pursuant to the provisions of
Subsidiary Companies. Director of the Company Section 134(3)(c) read with Section 134(5) of the Act is annexed
Dividend Current year Previous Year as Annexure I hereto and forms part of this report.
type The Company has adopted Policy for determining Material Number of Board Meetings
Dividend Dividend Dividend
Dividend Subsidiary and the same is also available on the official website
% per share per share During the year under review, the Board duly met 5 times. The Nomination and Remuneration Policy
(%) of the Company at the following link:
(`) (`)* maximum gap between any two consecutive Board meetings In compliance with Section 178 of the Companies Act, 2013, the
1st Interim 9% 0.09/- 6% 0.06/- https://www.tridentindia.com/webroot/ does not exceed 120 days. The details of the Board meeting are Nomination and Remuneration Policy of the Company has been
reports/5e70b3ebc93d2_1584444395_Policy%20for%20 set out in the Corporate Governance Report which forms part designed to keep pace with the dynamic business environment
2nd Interim 9% 0.09/- 6% 0.06/-
Determining%20Material%20Subsidiary.pdf of this Report. and market linked positioning. The Policy has been duly approved
3rd Interim 18% 0.18/- 12% 0.12/-
Further, Trident Global Inc. is the foreign Associate Company of and adopted by the Board pursuant to recommendations of
Final Nil Nil 6% 0.06/- Review of performance of the Board
Trident Limited. Lotus Hometextiles Limited (formerly known as Nomination and Remuneration Committee of the Company and
Total 36% 0.36/- 30% 0.30/- The Company has duly approved Nomination and Remuneration is duly available on the website of the Company at following link :
Lotus Texpark Limited) is an Indian Associate Company of the
*Adjusted for sub-division of each equity share from face value Policy prescribing inter-alia the criteria for appointment,
Company. The statement containing highlights of performance https://www.tridentindia.com/webroot/
of ` 10/- per equity shares to face value of ` 1/- per equity share. remuneration and performance evaluation of the directors. As
of each Subsidiary & Associate Company, salient features of reports/5cf0f94d582af_1559296333_NRPolicy.pdf
mandated by Section 134 & 178 read with Schedule IV of the
their financial statements for the financial year ended on March
Contribution to the Exchequer Act and Regulation 25 of the SEBI (LODR) Regulations, 2015 as As mandated by proviso to Section 178(4) of the Companies Act,
31, 2020 and their contribution to the overall performance of
The Company contributed a sum of ` 924.16 million to the applicable on the Company, the Independent Directors in their 2013, salient features of Nomination and Remuneration Policy
the Company is attached as Annexure ‘AOC-I’ and Note 48 to
exchequer by way of Goods and Service Tax in addition to other separate meeting held on January 29, 2020 have reviewed the are annexed as Annexure III hereto and forms part of this report.
the consolidated financial statements of the Company for the
direct taxes during the year under review. performance of non-independent directors, Chairperson and
reference of the members. The same is not being repeated here
Board as a whole alongwith review of quality, quantity and Familiarization Program for Independent Directors
for the sake of brevity.
Exports timeliness of flow of information between Board and management The details of familiarization program for independent directors
The exports of the Company accounted to 56 percent of The Hon’ble National Company Law Tribunal, Chandigarh Bench and expressed their satisfaction over the same. are available on the official website of the Company at the
revenue from operations. During the year under review, (‘NCLT’) vide its order dated July 12, 2019 had approved the following link:
Further the Board, in its meeting held on May 16, 2020 also
export sales marginally decreased to ` 26,312 million as against ‘Scheme’ of Amalgamation of an Associate Company namely
reviewed the performance of the Board, its committees and https://www.tridentindia.com/webroot/reports/5e6b135a27
` 29,817 million in the previous year. ‘Lotus Hometextiles Limited (formerly known as Lotus Texpark
all Individual Directors of the Company and expressed its 9f3_1584075610_2019-20-Familirisation%20Program_Trident%20
Limited)’for the amalgamation of 8 (eight) Companies with said
satisfaction over the performance of the Board, its Committees Limited.pdf
Credit Rating associate company. The Appointed date was April 1, 2018. The
and individual Directors. Furthermore Board is of the opinion
said Associate Company had filed the said approved scheme to
The details on Credit Rating are set out in Corporate Governance that Independent directors of the company are persons of high Statutory Committees
Registrar of Companies on July 18, 2019 being the effective date.
Report, which forms part of this report. repute, integrity & possess the relevant expertise & experience
The Company has duly constituted Board level Committees
Further, during the year under review, Trident Infotech Inc, a in their respective fields.
Expansions/Modernisation as mandated by the applicable laws and as per the business
foreign associate of the company has been voluntarily dissolved.
Conservation of Energy, Technology Absorption, Foreign requirements. The details of the same are provided in the
During the year under review, the Company has undertaken
Directors Exchange Earnings and Outgo Corporate Governance Report of the Company which forms part
modernisation and/or upgradation of its existing facilities in
of this report.
order to mantain high standards of its products. Pursuant to provisions of Companies Act, 2013 (‘Act’) and the Energy conservation continues to be an area of major emphasis
Articles of Association of the Company, Mr Rajinder Gupta (DIN: in your Company. A statement giving details of conservation of Vigil Mechanism & Whistle Blower policy
During the year under review, the Board of Directors had
00009037) and Mr Deepak Nanda (DIN: 00403335) retire by energy, technology absorption, foreign exchange earnings and
approved the De-bottlenecking & Modernization of its existing The Company has implemented Vigil Mechanism & Whistle Blower
rotation and being eligible, offer themselves for re-appointment. outgo, in accordance with Section 134(3)(m) of the Act, read
paper units at Dhaula Plant, Punjab. The proposed project shall policy and the oversight of the same is with Audit committee of
The Nomination and Remuneration Committee and Board with the Rule 8(3) of the Companies (Accounts) Rules, 2014, is
help to strengthen the existing Paper units of Company and shall the Company. The policy inter-alia provides that any Directors,
of Directors have recommended their re-appointment for the annexed as Annexure II hereto and forms part of this report.
further increase the market presence. The project is expected to Employees, Stakeholders who observe any unethical behavior,
approval of the shareholders of the Company in the forthcoming
begin commercial operations w.e.f March 2021. Disclosure on ESOP actual or suspected fraud or violation of the Company’s code of
Annual General Meeting of the Company.
conduct or ethics, policies, improper practices or alleged wrongful
Consolidated Financial Statements The Company introduced Employees Stock Options Plan, 2007 conduct in the Company may report the same to Chairman of
During the period under review, Mr Manish Prasad (DIN:
in the financial year 2007-08, after approval by the shareholders the Audit Committee or e-mail on the email-Id: whistleblower@
The Audited Consolidated Financial Statements prepared by the 02591756) (Non-Executive Non-Independent), has been appointed
by way of a special resolution dated June 29, 2007. The Company tridentindia.com. Identity of the Whistle Blower shall be kept
Company, in accordance with the Indian Accounting Standards as an Additional Director w.e.f April 1, 2019 and later on, he has
has made two grants under the scheme till date. The first grant confidential to the greatest extent possible.
[Ind AS], are duly provided in the Annual Report of the Company. resigned from the directorship w.e.f August 3, 2019.
was made on July 9, 2007 and second grant was made on July
Subsidiary and Associate Companies Mr Amandeep (DIN:00226905) was appointed as an Additional 23, 2009 by the Nomination and Remuneration Committee The detailed procedure is provided in the policy and the same
Director (Non-Executive Non Independent) of the Company (earlier known as Compensation Committee) as per the terms is available on official website of the Company at following link:
As on the last day of financial year under review, the Company
w.e.f August 3, 2019 and w.e.f September 5, 2019, he has been & conditions of Trident Employee Stock Options Plan, 2007. The
had two subsidiaries - Trident Global Corp Limited, the Indian https://www.tridentindia.com/webroot/reports/VIGIL_
designated as Managing Director of the Company and Mr Deepak options were granted at the latest available closing market price
wholly owned subsidiary and Trident Europe Limited, the MECHANISM_AND_WHISTLE_BLOWER_POLICY.pdf
Nanda (DIN:00403335), has been re-designated as Whole-time prior to the date of meeting. As on March 31, 2020, there are no
overseas wholly owned subsidiary.
Director from Managing Director w.e.f. September 5, 2019. options outstanding under these grants. During the year under review, there were no instances of
Trident Global Corp Limited majorly serves as the Retail Arm fraud reported to the Audit Committee/ Board. Further, all
On April 6, 2020, Mr Amandeep (DIN:00226905) resigned from The Company had also introduced Trident Employee Stock
of the Company. It is the face of the Company in the domestic recommendations of the Audit Committee were accepted by the
the position of Director & Managing Director of the Company. Mr Options Scheme, 2009 and Trident Employee Stock Options
markets. Further, Trident Europe Limited provides the proximity Board.
Deepak Nanda (DIN: 00403335) got re-designated as Managing Scheme, 2015, by way of trust route, after the approval of
to the European Markets & enhances the Brand Presence of the
Director from Whole-time Director of the Company w.e.f. April shareholders in their meeting held on August 27, 2009 and Internal Complaints Committee under the Sexual
Company.
6, 2020. September 12, 2015, respectively. The Company has not yet Harassment of Women at Workplace (Prevention,
The audited accounts of the Subsidiary Companies are implemented the said scheme and there has not been any Prohibition and Redressal) Act, 2013
Further, Ms Pooja Luthra (DIN:03413062), has been appointed
available on the official website of the Company at https://www. grant under these both schemes till date. The disclosures as
by the Board w.e.f April 6, 2020 as an Additional Director (Non- The company has duly constituted Internal Complaints
tridentindia.com/corporategovernance required under the SEBI (Share Based Employee Benefits)
Executive Non-Independent) of the Company. She holds the Committee, in line with the requirements of the Sexual
Regulations, 2014 has been given on the website of the Company
The annual accounts of the Company and of the Subsidiary office of Director till the date of forthcoming Annual General Harassment of Women at the Workplace (Prevention, Prohibition
under the following link: https://www.tridentindia.com/webroot/
Companies are open for inspection by any investor at the Meeting. Her candidature has been received by the Company & Redressal) Act, 2013, to redress complaints regarding sexual
reports/5ee843d7a1d6e_1592280023_2020-%20Disclosure%20
Registered Office of the Company. The Company will also make for regularization as a Director of the Company, in the ensuing harassment at the Workplace.
under%20Regulation%2014%20of%20SEBI%20(SBEB)%20
available copies of these documents to investors upon receipt of Annual General Meeting to be held on July 9, 2020, Thursday. The
Regulation,%202014.pdf

Directors’ Report
Corporate Social Responsibility (CSR) Committee & Secretary on compliance with corporate governance norms is related parties which could be considered material in accordance 5. Issue of equity shares with differential rights as to dividend,
Business Responsibility Report also attached thereto. with the Policy on Materiality of and Dealing with Related Party voting or otherwise.
CSR Committee comprises of Mr Rajiv Dewan (Chairman of Transactions and accordingly, the disclosures in Form No. AOC-2 6. Any remuneration or commission received by Managing
Also, the Company in its meeting held on May 16, 2020, has
the Committee), Mr Rajinder Gupta and Mr Deepak Nanda, is not applicable. The related party disclosures are provided in Director of the Company, from any of its subsidiary.
considered and approved the request received from M/s Lotus
members of the Committee. The disclosure of the contents of the notes to financial statements.
Global Foundation, shareholder in Promoter Group category of 7. Significant or material orders passed by the Regulators or
CSR Policy as prescribed and amount spent on CSR activities the Company, for re-classifying them from “Promoter & Promoter The Policy on Materiality of and Dealing with Related Party Courts or Tribunals which impact the going concern status
during the year under review are disclosed in ‘Annual Report on Group” category to “Public” category. The Board will seek the Transactions as approved by the Board is available on the official and Company’s operations in future.
CSR activities’ annexed hereto as Annexure IV and forms part approval of members of the Company through Postal Ballot. website of the Company at the following link: 8. No fraud has been reported by the Auditors to the Audit
of this report.
https://www.tridentindia.com/webroot/ Committee or the Board.
Human Resources Development and Industrial Relations
The Business Responsibility Report describing the initiatives re p o r t s / 5 9 2 5 2 9 e f 1 b d 4 2 _ 1 4 9 5 6 0 7 7 9 1 _ Po l i c y % 2 0 o n % 2 0
The human resources development function of the Company Acknowledgments
taken by them from an environmental, social and governance Materiality%20of%20and%20dealing%20with%20Related%20
perspective, in the specified format is included in the Annual is guided by a strong set of values and policies. Your Company It is our strong belief that caring for our business constituents
Party%20Transactions.pdf
Report of the Company. strives to provide the best work environment with ample has ensured our success in the past and will do so in future.
opportunities to grow and explore. Your Company maintains a Secretarial standards Your Directors acknowledge with sincere gratitude the co-
Risk Management Policy work environment that is free from physical, verbal and sexual operation and assistance extended by the Central Government,
The Company has complied with all the applicable secretarial
The Company has adopted a Risk Management Policy with the harassment. The details of initiatives taken by the Company Government of Punjab, Government of Madhya Pradesh,
standards issued by the Institute of Company Secretaries of India.
objective of ensuring sustainable business growth with stability for development of human resources are given in Management Financial Institution(s), Bank(s), Customers, Dealers, Vendors and
and to promote a pro-active approach in reporting, evaluating Discussion and Analysis Report. General society at large.
and resolving risks associated with the business. In order to The Company maintained healthy, cordial and harmonious Your Directors state that no disclosure or reporting is required Your Directors also wish to convey their appreciation for collective
achieve the key objective, the policy establishes a structured industrial relations at all levels during the year under review. with respect to the following items as there were no transactions contribution & hard work of employees across all levels. The
and disciplined approach to Risk Management, in order to guide on these items during the year under review: Board, also, takes this opportunity to express its deep gratitude
decisions on risk related issues. The detailed Risk management Auditors & Auditors’ Report for the continued co-operation and support received from its
framework has been provided in the Management Discussion 1. Disclosure in respect of voting rights not exercised directly valued shareholders and their confidence in management and
M/s S.R. Batliboi & Co. LLP, Chartered Accountants, Statutory
and Analysis Report of the Company. by the employees in respect of shares to which the ESOP look forward to their continued support in future too.
Auditors of the Company have submitted Auditors’ Report on
scheme relates, as there is no provision of money by
the financial statements of the Company for the financial year
Internal Control Company for purchase of its own shares by employees or
ended on March 31, 2020. The Auditors’ Report for the year is For and on behalf of the Board
The Company has in place adequate internal financial controls by trustees for the benefit of employees.
self-explanatory & does not contain any modified opinion, hence
with reference to financial statements. During the year, such need no comments. 2. Material changes and commitments after the closure of the
controls were tested and no reportable material weaknesses in financial year till the date of this Report, which affects the Rajiv Dewan Deepak Nanda
the design or operation were observed. The details of Internal Cost Audit financial position of the Company. Place: Ludhiana Director Managing Director
Control System are provided in the Management Discussion and The Board of Directors of your Company, on the recommendations 3. Change in the nature of business of the Company. Date : May 16, 2020 DIN: 00007988 DIN: 00403335
Analysis Report of the Company. of the Audit Committee, have re-appointed M/s Ramanath Iyer 4. Details relating to deposits covered under Chapter V of the
& Co., Cost Accountants, New Delhi as cost auditors for the Act.
Fixed Deposits
financial year 2020-21 to carry out an audit of cost records of
During the year under review, your Company has neither the Company in respect of textiles, paper and chemical divisions.
accepted any fixed deposits nor any amount was outstanding
as principal or interest as on balance sheet date and disclosures
prescribed in this regard under Companies (Accounts) Rules,
2014 are not applicable.
The Cost Audit Report for the financial year ended March 31,
2020 is under finalization and shall be filed with the Central
Government within the prescribed time limit.
Annexure I to the Directors’ Report
Directors’ Responsibility Statement pursuant to the provisions of Section 134(3)(c) read with Section 134(5) of the Companies
Secretarial Audit Act, 2013 (“Act”) and forming part of the Directors’ Report for the year ended March 31, 2020.
No Default
M/s Vinod Kothari & Co., Company Secretaries, have submitted
The Company has not defaulted in payment of interest and/or Secretarial Audit Report for the financial year ended March 31, The statement of the Directors’ responsibility on the annual accounts of the Company for the year ended on March 31, 2020 is
repayment of loans to any of the financial institutions and/or 2020 and same is annexed as Annexure V and forms part of provided below:
banks during the year under review. this report. The Secretarial Audit Report for the year is self- a) In the preparation of the annual accounts, the applicable accounting standards had been followed alongwith proper explanation
explanatory & do es not contain any qualification/adverse relating to material departures from the same;
Corporate Governance
remarks, hence need no comments.
Your Company is committed to adhere to the best practices b) The Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are
& highest standards of Corporate Governance. It is always Extract of Annual Return reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at end of the financial year
ensured that the practices being followed by the Company are in The Extract of Annual Return for the financial year 2019-20 is and of the profit/loss of the Company for that period;
alignment with its philosophy towards corporate governance. The uploaded on the official website of the Company at https://www. c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
well-defined vision and values of the Company drive it towards tridentindia.com/corporategovernance and same is annexed as provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
meeting business objectives while ensuring ethical conduct with Annexure VI and forms part of this report
all stakeholders and in all systems and processes. d) The Directors had prepared the annual accounts on a going concern basis;
Particulars of loans, guarantees or investments e) The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls
Your Company proactively works towards strengthening
relationship with constituents of system through corporate The Particulars of loans, investments or guarantees have been are adequate and were operating effectively; and
fairness, transparency and accountability. In your Company, disclosed in the financial statements and the Company has duly
f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems
prime importance is given to reliable financial information, complied with Section 186 of the Companies Act, 2013 in relation
were adequate and operating effectively.
integrity, transparency, fairness, empowerment and compliance to Loans, Investment and Guarantee during the financial year
with law in letter & spirit. Your Company proactively revisits its 2019-20.
governance principles and practices as to meet the business and For and on behalf of the Board
regulatory needs. Contracts or arrangements with related parties
All contracts / arrangements / transactions entered by the
Detailed compliances with the provisions of the SEBI (LODR) Company during the year under review with related parties Rajiv Dewan Deepak Nanda
Regulations, 2015 and Companies Act, 2013 for the year 2019-20 were in the ordinary course of business and on an arm’s length Place: Ludhiana Director Managing Director
are given in Corporate Governance Report, which is attached and basis. During the period under review, the Company had not Date : May 16, 2020 DIN: 00007988 DIN: 00403335
forms part of this report. The certificate of Practising Company entered into any contract / arrangement / transaction with

Directors’ Report
Annexure II to the Directors’ Report Annexure III to the Directors’ Report

Information as per Section 134(3)(m) of the Companies Act, 2013, read with the Rule 8(3) of the Companies (Accounts) Rules, Salient features of the Nomination and Remuneration Policy
2014, and forming part of the Directors’ Report for the financial year ended on March 31, 2020. [As per proviso to Section 178(4) of the Companies Act, 2013]
(A) CONSERVATION OF ENERGY iii. In case of imported technology (imported Applicability ó The Non-Executive/ Independent Director(s) may also
during the last three years reckoned from the This Policy is applicable to: receive remuneration / compensation / commission etc as
(i) Steps taken or impact on conservation of
beginning of the financial year) : per criteria/limit thereof prescribed under Companies Act,
energy: a. Directors (Executive, Non-Executive and Independent) 2013 and rules made thereunder.
ó 3FQMBDFNFOU PG MPX FēDJFODZ XBTIFS QVNQT (a) details of technology imported :
b. Key Managerial Personnel (KMP) ó Non-Executive Directors may also receive stock options.
with high efficiency pumps. Replacement of old software with latest
software for controllers in dyeing unit c. Senior Management Personnel Limits shall be set for the maximum number of stock
ó 3FQMBDFNFOUPGMPXFēDJFOUTDSFXDPNQSFTTPST options that can be granted to Non-Executive Directors
with high efficient compressors at centralized d. Other employees as may be decided by the Committee in any financial year and in the aggregate. However
(b) year of import : 2019-20
location. (“NRC”) Independent Directors shall not be entitled to any stock
ó *OTUBMMBUJPO PG DFOUSBMJ[FE DPNQSFTTPS GPS (c) whether the technology been fully option.
compressed air supply. absorbed : Yes Objective
The Policy provides criteria for: ó Any increase in the maximum aggregate remuneration
ó 3FQMBDFNFOU PG PME TPGUXBSF XJUI MBUFTU (d) if not fully absorbed, areas where absorption payable beyond permissible limit under the Companies Act,
software for controllers in dyeing unit has not taken place and reasons thereof : 1. Determining qualifications, positive attributes and 2013 shall be subject to the approval of the Shareholders’
ó 3FQMBDFNFOUPGDPOWFOUJPOBMMJHIUJOHXJUI-&% Not applicable independence of a Director; and/or of the Central Government, as may be applicable.
lighting. iv. Expenditure incurred on Research and 2. Performance evaluation of Independent Directors, non Evaluation
(ii) Steps taken by the Company for utilizing Development: independent Directors, Chairman and the Board;
The evaluation will be done on following parameters:
alternate sources of energy Expenses incurred on Research and Development 3. Remuneration of Directors, Key Managerial Personnel,
ó 6UJMJ[BUJPOPG$PXEVOHDBLF 3JDF)VTLBTGVFM are booked under respective General Accounting Senior Management Personnel and other employees, as 1. Role which he/she is expected to play, internal Board
in boiler Heads and as such no amount can be quantified may be decided by the Committee; Relationships to make decisions objectively and
separately under the head Research and collectively in the best interest of the Company to achieve
ó 6UJMJ[BUJPO PG $PUUPO XBTUF BOE QBQFS QMBOU organizational successes and harmonizing the Board;
Development expenses. Provisions relating to remuneration of Managing Director,
waste as fuel in boiler.
Key Managerial Personnel, Senior Management Personnel 2. Attendance and contribution at Board and Committee
ó *ODSFBTFJOCJPNBTTDPOTVNQUJPOJODPNQBSJTPO (C) FOREIGN EXCHANGE EARNINGS AND OUTGO
and other employees meetings;
to conventional solid fuels
(i) Activities relating to exports, initiatives taken The following are the guiding factors:
(iii) Capital investment on energy conservation 3. Subject expertise, skills, behavior, experience, leadership
to increase exports; development of new
ó The scope of duties, the role and nature of responsibilities; qualities, understanding of business and strategic direction
equipment export markets for products and services; and
ó The level of skill, knowledge, experience, local factors and to align company’s values and standards;
During the year under review, there was no such export plans
Capital investment. The Company exports its products to about 100 expectations of individual; 4. Ability to monitor the performance of management and
countries across the globe. The Company is growing ó The Company’s performance, long term strategy and satisfy himself with integrity of the financial controls and
(B) TECHNOLOGY ABSORPTION its market base. Consistent efforts are being made availability of resources; systems in place by ensuring right level of contact with
to capture new avenues for exports. external stakeholders;
i. Efforts made towards technology absorption : ó The level and composition of remuneration is reasonable
Replacement of screw compressor by centrifugal and sufficient to attract, retain and motivate Directors, 5. Vision on Corporate Governance and Corporate Social
(ii) Total foreign exchange used and earned
compressor. KMPs, Senior Management Personnel and other employees Responsibility;
` Million of the quality required to run the Company successfully; 6. Ability to create a performance culture that drives value
ii. Benefits derived like product improvement, Particulars Current Year Previous Year
ó Relationship of remuneration to performance is clear and creation and a high quality of discussions;
cost reduction, product development or import Earnings 26,312 29,817
substitution : Outgo 485.8 561.1 meets appropriate performance benchmark; and 7. Effective decision making ability to respond positively and
Reduction in Coal Consumption due to increase in ó Remuneration involves a balance between fixed and constructively to implement the same to encourage more
Condensate return (Hot Water) to Boiler. incentive pay reflecting short and long term performance transparency;
objectives appropriate to the working of the Company and 8. Open channels of communication with executive
its goals. management and other colleague on Board to maintain
For and on behalf of the Board
high standards of integrity;
Provisions relating to remuneration of Non- Executive /
Rajiv Dewan Deepak Nanda Independent Director(s) 9. Contribution to enhance overall brand image of the
The following are the guiding factors: Company.
Place: Ludhiana Director Managing Director
Date : May 16, 2020 DIN: 00007988 DIN: 00403335 ó The amount of sitting fees shall be subject to ceiling/ limits
as provided under Companies Act, 2013 and rules made
thereunder or any other enactment for the time being
in force and as decided by the Board from time to time.

Directors’ Report
(c) Manner in which the amount spent during the financial year is detailed below:
Annexure IV to the Directors’ Report ` Million
Annual Report on CSR Activities 1 2 3 4 5 6 7 8
Sr. CSR project or Sector in Projects or Amount Amount Cumulative Amount Spent:
No. activity identified which the Programs outlay spent on the expenditure Direct or through
1. Brief Outline of the company’s CSR Policy, including overview of projects or programs proposed to be undertaken project is 1. Local area or (budget) projects or upto the implementing
and a reference to the web-link to the CSR policy and projects or programs: covered other project or programs reporting agency *
(clause no. programs Sub heads: period
Brief Outline of the Company’s CSR Policy 2. Specify the
of Schedule State and district wise
Trident Limited believes in corporate excellence and social welfare. This corporate philosophy is the force behind integrating 1. Direct
VII to the where projects or expenditure
Corporate Social Responsibility (CSR) into Trident values, culture, operation and business decisions at all levels of the organization. Companies
Being a responsible corporate citizen, Trident has a value system of giving back to society and improving life of the people and programs were on projects
Act, 2013, as undertaken or programs
the surrounding environment. amended)
2. Overheads
The Company’s CSR initiatives are inspired by the opportunity to contribute to a more secure and sustainable future. Trident
1 Education CSR Promoting Local Area, 37.7
believes that the corporate strategy which embraces social developments as an integral part of the business activities ensure long at manufacturing Education Barnala, Punjab 39.2 Direct
term sustainability of business enterprises. With this belief, the Company is committed to make substantial improvements in the 1.5
locations or local 43.66
social framework of the nearby community. Looking at the social problems which the country faces today, we believe that every Local Area,
areas
such contribution shall bring a big change in our society. Madhya Pradesh, 5.9 45.1 Direct
Budhni
Overview of Projects or Programs Proposed to be Undertaken 2 Healthcare – Promoting Local Area, 15.4 60.5
Primary and preventive Barnala, Punjab Direct
During the year under review, the Company has undertaken many initiatives beyond business with the aim for inclusive 1.5 62.0
development. The Company gives preference to the development of local area i.e. area in the vicinity of its manufacturing preventive healthcare
Local Area,
locations or offices. These included contributions for improving availability of health care facilities to economically weaker sections Healthcare 39.51 86.2
Madhya Pradesh, 24.2
of the society, promoting/ sponsoring education in economically and educationally backward areas of Punjab and Madhya including diagnostic 87.7 Direct
Budhni 1.5
Pradesh, and sponsoring Skill Development Initiatives, promoting earnability of rural females etc. and safe drinking
water
Weblink 3 Promotion of Rural Training to Local Area,
The Corporate Social Responsibility Policy of the Company is available on http://tridentindia.com/report/CSR_Policy.pdf Sports promote Barnala, Punjab
Rural Sports
5.31 5.3 93.0 Direct
2. Composition of the CSR Committee: or Nationally
ó .S3BKJW%FXBO $IBJSNBO<%*/> recognized
Sports
ó .S3BKJOEFS(VQUB .FNCFS<%*/> 4 Animal Welfare Animal Local Area,
1.72 1.7 94.7 Direct
ó .S%FFQBL/BOEB .FNCFS<%*/> Welfare Barnala, Punjab
5 Social Welfare Social and Local Area,
0.4 95.1 Direct
` Million environmental Barnala, Punjab
Particulars Amount Welfare Local Area, 0.74
0.2 95.3 Direct
3. Average net profit of the company for the last three financial years 4,516.4 Barnala, Punjab
4. Prescribed CSR Expenditure (2% of the amount as in item 3 above) 90.3 Other 0.2 95.5 Direct
5. Details of CSR spent during the financial year Total 95.5
* CSR activities have been carried out directly by the Company by supporting several Governmental/Non-Governmental Organization and Medical/Charitable
(a) Total amount to be spent for the financial year; 90.3
Institutions. Refer note 48 of Standalone Financial Statements.
(b) Amount unspent, if any; Nil
6. In case the company has failed to spend the two per cent of the average net profit of the last three financial years
or any part thereof, the company shall provide the reasons for not spending the amount in its Board report:
Not Applicable in view of para 5(b) above.
7. Responsibility Statement of the Corporate Social Responsibility Committee :
It is hereby affirmed that the implementation and monitoring of Corporate Social Responsibility (CSR) Policy, is in compliance with
CSR objectives and policy of the Company.
For and on behalf of the Board
Rajiv Dewan Deepak Nanda

Place: Ludhiana Director Managing Director
Date : May 16, 2020 DIN: 00007988 DIN: 00403335

Directors’ Report
Adequate notice is given to all directors to schedule the Board 2. Alteration of Memorandum of Association (MOA) of the
Annexure V to the Directors’ Report Meetings and Committee 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
Company
During the period under review, consequent to the sub-
Form No. MR-3 division of equity shares of the Company as mentioned in
clarifications on the agenda items before the meeting and for foregoing clause, the shareholders in their Annual General
SECRETARIAL AUDIT REPORT meaningful participation at the meeting. Meeting held on September 30, 2019 approved the alteration
FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2020 Majority decision is carried through while dissenting members’ and substitution of the existing Clause V (Capital Clause) of
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule no.9 of the Companies (Appointment and Remuneration of views were not required to be captured and recorded as part of the the MOA as follows:-
Managerial Personnel) Rules, 2014] minutes as there were no such instance. “V. The Authorized Share Capital of the Company is Rs.
We further report that there are adequate systems and processes 181,980,000,000/- (Indian Rupees Eighteen Thousand
To, d. The Environment (Protection) Act, 1985 and rules issued in the Company commensurate with the size and operations of the One Hundred Ninety-Eight Crores only) divided into
The Members, thereunder; Company to monitor and ensure compliance with applicable laws, 150,930,000,000 (Fifteen Thousand Ninety-Three Crores
e. The Public Liability Insurance Act, 1991; rules, regulations and guidelines. Only) equity shares of Rs. 1/- (Indian Rupee One only) each
Trident Limited
f. The Hazardous Waste (Management, Handling and and 3,105,000,000 (Three Hundred Ten Crore Fifty Lakh)
We further report that during the audit period, the Company has
We have conducted the secretarial audit of the compliance of Transboundary Movement) Rules, 2008; Preference Shares of Rs. 10/- (Indian Rupees Ten only) each
not undertaken any specific event/action that can have a major
applicable statutory provisions and the adherence to good corporate with the power to increase or each with the power to increase
g. The Indian Boilers Act,1923 and the rules issued bearing on the company’s compliance responsibility in pursuance
practices by Trident Limited (hereinafter called the “Company”). or decrease or reclassify the same, to divide the shares on the
thereunder; of the above referred laws, rules, regulations, guidelines, standards,
Secretarial audit was conducted in a manner that provided us a capital for the time being into several classes and to attach
h. The Essential Commodities Act, 1955; etc. except the following:
reasonable basis for evaluating the corporate conduct/statutory thereto respectively such preferential or deferred or special
compliances and expressing our opinion thereon. i. The Legal Metrology Act, 2009 read with Packaged 1. Sub-division of the equity shares of the Company rights, privileges and conditions, as may be determined by or in
Commodities Rule, 2011 &allied regulations. accordance with the Regulations of the Company and to vary,
Based on our verification of the Company’s books, papers, minute During the period under review, the shareholders in their
We have also examined compliance with the applicable clauses modify or abrogate any such rights, privileges or conditions
books, forms and returns filed and other records maintained by the Annual General Meeting held on September 30, 2019
of the Secretarial Standards 1, 2 and 3 issued by the Institute of in such manner as may be, for the time being, provided by
Company and also the information provided by the Company, its approved sub-division / split of 15,093,000,000 equity shares
Company Secretaries of India; the Regulations of the Company and in accordance with the
officers, agents and authorized representatives during the conduct of the Company having face value of Rs. 10/- (Rupees Ten
provisions of the Companies Act, 2013”
of secretarial audit, we hereby report that in our opinion, the We report that during the audit period, the Company has complied Only) each fully paid-up into 150,930,000,000equity shares
Company has, during the audit period, covering the financial year with the provisions of the Act, rules, regulations, guidelines, etc. having face value of Rs. 1/- (Rupees One Only) each fully paid 3. Alteration of Articles of Association (AOA) of the
ended on March 31, 2020 complied with the statutory provisions mentioned above. up. Company
listed hereunder and also that the Company has proper Board- During the period under review, the shareholders in their
processes and compliance-mechanism in place to the extent, in the Management Responsibility:
Annual General Meeting held on September 30, 2019 approved
manner and subject to the reporting made hereinafter: 1. Maintenance of secretarial records is the responsibility of the the alteration of the AOA of the Company to align the same
We have examined the books, papers, minute books, forms and management of the Company. Our responsibility is to express with the recent amendments in various corporate laws.
returns filed and other records maintained by the Company for the an opinion on these secretarial records based on our audit;
financial year ended on March 31, 2020 according to the provisions 2. We have followed the audit practices and the processes as
For M/s Vinod Kothari & Company
of: were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The Company Secretaries in Practice
1. The Companies Act, 2013 (the “Act”) and the rules made
verification was done on test basis to ensure that correct
thereunder including any re-enactment thereof;
facts are reflected in secretarial records. We believe that the Munmi Phukon
2. The Securities Contracts (Regulation) Act, 1956 and the rules processes and practices, we followed provide a reasonable
made thereunder; Partner
basis for our opinion;
3. The Depositories Act, 1996 and the regulations and bye-laws Place: Kolkata Membership No: A60355 | CP No.: 22846
3. We have not verified the correctness and appropriateness of
framed thereunder; Date: May 11, 2020 UDIN No: A060355B000230701
financial records and Books of Accounts of the Company;
4. Foreign Exchange Management Act, 1999 and the rules and
4. Wherever required, we have obtained the Management
regulations made thereunder to the extent of Foreign Direct
Representation about the compliance of laws, rules and
Investment and Overseas Direct Investment; ANNEXURE I
regulation and happening of events etc.;
5. The Reserve Bank Commercial Paper Directions, 2017;
5. The compliance of the provisions of Corporate and
6. The following Regulations and Guidelines prescribed under other applicable laws, rules, regulations, standards is the
the Securities and Exchange Board of India Act, 1992:- responsibility of the management. Our examination was LIST OF DOCUMENTS
a. The Securities and Exchange Board of India (Listing limited to the verification of procedure on test basis;
Obligations and Disclosure Requirements) Regulations,
1. Corporate Matters 1.3 Memorandum and Articles of Association;
6. The Secretarial Audit Report is neither an assurance as to
2015; 1.1 Minutes books of the following meetings 1.4 Disclosures under Act, 2013 and Listing Regulations;
the future viability of the Company nor of the efficacy or
b. The Securities and Exchange Board of India (Substantial effectiveness with which the management has conducted the were provided in original
Acquisition of Shares and Takeovers) Regulations, 2011; 1.5 Policies framed under Act, 2013 and Listing Regulations;
affairs of the Company. 1.1.1 Board Meeting;
c. The Securities and Exchange Board of India (Prohibition 1.6 Documents pertaining to Listing Regulations compliance;
of Insider Trading) Regulations, 2015; Recommendations as a matter of best practice:
1.1.2 Audit Committee;
d. The Securities and Exchange Board of India (Registrars In the course of our audit, we have made certain recommendations 1.7 Documents pertaining to sub-divisions of shares;
to an Issue and Share Transfer Agents) Regulations, for good corporate practices to the compliance team, for its 1.1.3 Nomination and Remuneration Committee;
1.8 Forms and returns filed with the ROC& RBI;
1993; necessary consideration and implementation by the Company.
1.1.4 Stakeholders Relationship Committee;
e. The Securities and Exchange Board of India (Share 1.9 Checklists duly filled for specific laws;
We have also observed that all the recommendations made by us
Based Employee Benefits) Regulations, 2014; 1.1.5 Corporate Social Responsibility Committee;
have been accepted / put into practice by the Company. 1.10 Registers maintained under Act, 2013;
7. Laws specifically applicable to the industry to which the 1.1.6 Risk Management Committee;
We further report that: 1.11 Disclosures under SEBI (Prohibition of Insider Trading)
Company belongs, as identified and confirmed by the
management, that is to say: The Board of Directors of the Company is duly constituted with 1.1.7 Financial Management Committee; Regulations, 2015
a. The Textile (Development and Regulation) Order, 2001; proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. The changes in the composition of the
1.1.8 Annual General Meeting; 1.12 Disclosures under SEBI (Substantial Acquisition & Shares
b. The Air (Prevention and Control of Pollution) Act, 1981; Takeover) Regulations, 2011.
Board of Directors that took place during the Period under review 1.1.9 Separate Meeting of Independent Directors;
c. The Noise Pollution (Regulation and control) Rules, were carried out in compliance with the provisions of the Act.
2000; 1.2 Annual Report 2018-19;

Directors’ Report
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
Annexure VI to the Directors’ Report i) Category-wise Share Holding
Category of Shareholders No. of Shares held at the beginning of No. of Shares held at the end of the year %
Form No. MGT-9 the year Change
Extract of Annual Return Demat Physical Total % of Demat Physical Total % of during
Total Total the
As on the Financial Year ended on 31/03/2020 Shares Shares year
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014] A. Promoters
(1) Indian
I. REGISTRATION AND OTHER DETAILS:
a) Individual/ HUF 1115596 - 1115596 0.22 11155960 - 11155960 0.22 0.00
i) CIN L99999PB1990PLC010307 b) Central Govt - - - - - - - - -
ii) Registration Date April 18, 1990 c) State Govt(s) - - - - - - - - -
iii) Name of the Company TRIDENT LIMITED d) Bodies Corp. 214247177 - 214247177 42.04 2207471770 - 2207471770 43.32 1.27
iv) Category/ Sub Category of the Company Public Company / Limited by shares e) Banks / FI - - - - - - - - -
v) Address of the Registered Office and Contact Trident Group, Sanghera - 148101, India f) Any other (Trust) 145272793 - 145272793 28.51 1402803010 - 1402803010 27.53 -0.98
details Tel : +91 161 5039999 / Fax : +91 161 5039900 SubTotal (A)(1) 360635566 - 360635566 70.77 3621430740 - 3621430740 71.06 0.29
Email : investor@tridentindia.com (2) Foreign
Website : www.tridentindia.com a) NRIs Individuals - - - - - - - - -
vi) Whether Listed Company Yes b) Other Individuals - - - - - - - - -
vii) Name, Address and Contact details of Registrar Alankit Assignments Limited c) Bodies Corp. - - - - - - - - -
and Transfer Agent, if any d) Banks / FI - - - - - - - - -
(unit : Trident Limited)
e) Any Other - - - - - - - - -
Alankit Heights, 1E/13, Jhandewalan Extension
SubTotal (A)(2) - - - - - - - - -
New Delhi - 110 055
Total shareholding of 360635566 - 360635566 70.77 3621430740 - 3621430740 71.06 0.29
Tel : +91 11 23541234, 42541234 / Fax No. : +91-11- 41543474 Promoter (A)= (A)(1) +(A)(2)
Email : rta@alankit.com B. Public Shareholding
Website : www.alankit.com 1. Institutions
a) Mutual Funds 700236 1182 701418 0.14 139554 6000 145554 0.00 -0.13
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
b) Banks / FI 534286 - 534286 0.10 2036786 - 2036786 0.04 -0.06
(All the business activities contributing 10% or more of the total turnover of the company shall be stated) c) Central Govt 4698172 - 4698172 0.92 46979720 - 46979720 0.92 0.00
Sr. Name and Description of main products / services NIC Code of the Product/ % to total turnover of the d) State Govt(s) - - - - - - - - -
No. service Company # e) Venture Capital Funds - - - - - - - - -
1 Textiles 131 79.9 f) Insurance Companies - - - - - - - - -
2 Paper 170 19.2 g) FIIs 9159691 - 9159691 1.80 104699573 - 104699573 2.05 0.26
# On the basis of Gross Turnover h) Foreign Venture Capital - - - - - - - - -
Funds
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES i) Others (specify) - - - - - - - - -
Alternate Investment Funds 21244 - 21244 0.00 212440 - 212440 0.00 0.00
Sr. Name and Address of the Company CIN/GLN Holding/ % of Shares Applicable
Subtotal (B)(1) 15113629 1182 15114811 2.97 154068073 6000 154074073 3.02 0.06
No. Subsidiary/ held Section
Associate 2. Non Institutions
1 Trident Global Corp Limited a) Bodies Corp.
i) Indian 68730120 1029 68731149 13.49 631660608 10280 631670888 12.40 -1.09
Registered Office : Section
U17200PB2011PLC035427 Subsidiary 100 % ii)Overseas - - - - - - - - -
Trident Group, 2(87)(ii)
b) Individuals
Sanghera - 148101, Punjab
i) Individual shareholders 42379060 2436573 44815633 8.79 472472488 22653923 495126411 9.72 0.92
2 Trident Europe Limited holding nominal share capital
Address: Section upto ` 1 lakh
Not Applicable Subsidiary 100 %
First Floor, Sovereign House, Stockport Road, 2(87)(ii) ii) Individual shareholders 19966357 286638 20252995 3.97 190494360 2990580 193484940 3.80 -0.18
Cheadle, Cheshire, England, SK8 2EA holding nominal share capital
3 Lotus Hometextiles Limited in excess of ` 1 lakh
Section c) Others (Trust) 45413 - 45413 0.01 168618 - 168618 0.00 -0.01
Registered Office : U74999PB2006PLC030716 Associate 37.49 %
2(6) Subtotal (B)(2) 131120950 2724240 133845190 26.26 1294796074 25654783 1320450857 25.91 -0.35
Mansa Road, Dhaula- 148107, Punjab
Total Public Shareholding 146234579 2724240 148960001 29.23 1448864147 25660783 1474524930 28.94 -0.30
4 Trident Global Inc.
Section (B)=(B)(1) + (B)(2)
Address: Not Applicable Associate 49 % C. Shares held by Custodian - - - - - - - -
2(6)
9750 3rd Ave NE Ste 125 Seattle WA 98115 for GDRs & ADRs
Grand Total (A+B+C) 506870145 2724240 509595567 100.00 5070294887 25660783 5095955670 100.00 -

Directors’ Report
ii) Shareholding of Promoters Sr. Particulars Shareholding Cumulative Shareholding

Sr. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year % change in No. during the year
No. No. of Shares % of total % of Shares No. of % of total % of Shares shareholding No. of shares % of total No. of shares % of total
Shares Pledged / Shares Shares Pledged / during the shares of the shares of the
of the encumbered of the encumbered year Company Company
Company to total Company to total 7 Trident Corporate Services Limited
shares shares At the beginning of the year (Refer Note 1) 10500000 0.21 10500000 0.21
1 Rajinder Gupta 11155960 0.22 Nil 11155960 0.22 Nil 0.00 Increase/ (Decrease) during the year Nil movement during the year
2 Trident Group Limited 1605916160 31.51 Nil 1668916160 32.74 Nil 1.23 At the End of the year 10500000 0.21 10500000 0.21
3 Madhuraj Foundation 1444561930 28.35 Nil 1394637010 27.37 Nil -0.98 8 Trident Corporate Solutions Limited
At the beginning of the year (Refer Note 1) 10500000 0.21 10500000 0.21
4 Trident Industrial Corp Limited 300000000 5.89 Nil 320000000 6.28 Nil 0.39
Increase/ (Decrease) during the year Nil movement during the year
5 Trident Capital Limited 200000640 3.92 Nil 182000640 3.57 Nil -0.35
At the End of the year 10500000 0.21 10500000 0.21
6 Trident Corp Limited 15339970 0.30 Nil 15339970 0.30 Nil 0.00
9 Trident Comtrade LLP
7 Trident Corporate Services 10500000 0.21 Nil 10500000 0.21 Nil 0.00 At the beginning of the year (Refer Note 1) 215000 0 215000 0
Limited Increase/ (Decrease) during the year Nil movement during the year
8 Trident Corporate Solutions 10500000 0.21 Nil 10500000 0.21 Nil 0.00 At the End of the year 215000 0 215000 0
Limited 10 Lotus Global Foundation
9 Trident Comtrade LLP 215000 0.00 Nil 215000 0.00 Nil 0.00 At the beginning of the year (Refer Note 1) 8166000 0.16 8166000 0.16
10 Lotus Global Foundation 8166000 0.16 NA 8166000 0.16 Nil 0.00 Increase/ (Decrease) during the year Nil movement during the year
(Refer Note 4) At the End of the year 8166000 0.16 8166000 0.16
Total 3606355660 70.77 Nil 3621430740 71.06 Nil 0.29 Note:
Notes: 1. The equity shares of the Company have been sub-divided from face value of ` 10/- per equity share to face value of ` 1/- per equity share. Opening Balances have been
1. The term “encumbrance” has the same meaning as assigned to it in regulation 28(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. adjusted accordingly to make them comparable.
2. Shareholders listed under Sr. No. 1 to 8 above are disclosed as promoter group under regulation 30(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2. The date wise increase or decrease in shareholding is available on the website of the Company at www.tridentindia.com
2011 as on March 31, 2019.
iv) Shareholding Pattern of top ten Shareholders:
3. The equity shares of the Company have been sub-divided from face value of ` 10/- per equity shares to face value of Re. 1/- per equity share. Opening Balances have been
adjusted accordingly to make them comparable. (other than Directors, Promoters and Holders of GDRs and ADRs):
4. The Board in its meeting held on May 16, 2020, has considered and approved the request received from M/s Lotus Global Foundation, shareholder in Promoter Group Sr. Particulars Shareholding Cumulative Shareholding
category of the Company, for re-classifying them from “Promoter & Promoter Group” category to “Public” category. The Board will seek the approval of members of the
Company through Postal Ballot.
No. during the year
No. of shares % of total No. of shares % of total
iii) Change in Promoters’ Shareholding (please specify, if there is no change) shares of the shares of the
Company Company
Sr. Particulars Shareholding Cumulative Shareholding 1 Rainbow Integrated Texpark LLP
No. during the year At the beginning of the year (Refer Note 1) 300000000 5.89 300000000 5.89
No. of shares % of total No. of shares % of total Increase/ (Decrease) during the year Nil movement during the year
shares of the shares of the At the End of the year 300000000 5.89 300000000 5.89
Company Company 2 Asian Trading Corporation Limited
1 Rajinder Gupta At the beginning of the year (Refer Note 1) 123611670 2.43 123611670 2.43
At the beginning of the year (Refer Note 1) 11155960 0.22 11155960 0.22 Increase/ (Decrease) during the year Nil movement during the year
Increase/ (Decrease) during the year Nil movement during the year At the End of the year 123611670 2.43 123611670 2.43
3 Glaze Ventures Private Limited
At the End of the year 11155960 0.22 11155960 0.22 At the beginning of the year (Refer Note 1) 115180000 2.26 115180000 2.26
2 Trident Group Limited Increase/ (Decrease) during the year Nil movement during the year
At the beginning of the year (Refer Note 1) 1605916160 31.51 1605916160 31.51 At the End of the year 115180000 2.26 115180000 2.26
Increase/ (Decrease) during the year (Refer Note 2) 63000000 1.24 63000000 1.24 4 Trident Limited - Unclaimed Securities Suspense Account
3 Madhuraj Foundation Increase/ (Decrease) during the year -805930 -0.01 -805930 -0.01
Increase/ (Decrease) during the year (Refer Note 2) -49924920 -0.98 -49924920 -0.98 5 Investor Education and Protection Fund Authority Ministry
At the End of the year 1394637010 27.37 1394637010 27.37 of Corporate Affairs
4 Trident Industrial Corp Limited At the beginning of the year (Refer Note 1) 46981720 0.92 46981720 0.92
Increase/ (Decrease) during the year -2000 0 -2000 0
Increase/ (Decrease) during the year (Refer Note 2) 20000000 0.39 20000000 0.39
6 Dolly Khanna
5 Trident Capital Limited Increase/ (Decrease) during the year -9274770 -0.18 -9274770 -0.18
Increase/ (Decrease) during the year (Refer Note 2) -18000000 -0.35 -18000000 -0.35 7 Emerging Markets Core Equity Portfolio (The Portfolio)
At the End of the year 182000640 3.57 182000640 3.57 of DFA Investment Dimensions Group Inc. (DFAIDG)
6 Trident Corp Limited At the beginning of the year (Refer Note 1) 12208920 0.24 12208920 0.24
At the beginning of the year (Refer Note 1) 15339970 0.30 15339970 0.30 Increase/ (Decrease) during the year -647535 -0.01 -647535 -0.01
Increase/ (Decrease) during the year Nil movement during the year At the End of the year 11561385 0.23 11561385 0.23
At the End of the year 15339970 0.30 15339970 0.30 8 DIMENSIONAL EMERGING MARKETS VALUE FUND
Increase/ (Decrease) during the year 304149 0.01 304149 0.01

Directors’ Report
Sr. Particulars Shareholding Cumulative Shareholding V) INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued but not due for payment(term
No. during the year loan only)
No. of shares % of total No. of shares % of total
(` million)
shares of the shares of the
Secured Loans Unsecured Deposits Total
Company Company
9 WISDOMTREE EMERGING MARKETS SMALLCAP excluding deposits Loans Indebtedness
DIVIDEND FUND Indebtedness at the beginning of the financial year
At the beginning of the year (Refer Note 1) 0 0 0 0 i) Principal Amount 24357.4 - - 24357.4
Increase/ (Decrease) during the year 6673435 0.13 6673435 0.13 ii) Interest due but not paid - - - -
At the End of the year 6673435 0.13 6673435 0.13 iii) Interest accrued but not due - - - -
10 THE EMERGING MARKETS SMALL CAP SERIES OF THE Total (i+ii+iii)
DFA INVESTMENT TRUST COMPANY Change in Indebtedness during the financial year
At the beginning of the year (Refer Note 1) 7387830 0.14 7387830 0.14 * Addition 293.7 - - 293.7
Increase/ (Decrease) during the year -1058601 -0.02 -1058601 -0.02 * Reduction 5133.0 - - 5133.0
At the End of the year 6329229 0.12 6329229 0.12 Net Change (4839.3) - - (4839.3)
Notes: Indebtedness at the end of the financial year
1. The equity shares of the Company have been sub-divided from face value of ` 10/- per equity share to face value of ` 1/- per equity share. Opening Balances have been i) Principal Amount 19518.1 - - 19518.1
adjusted accordingly to make them comparable. ii) Interest due but not paid 56.1 - - 56.1
2. The above information is based on the weekly beneficiary position received from Depositories. iii) Interest accrued but not due - - - -
3. The date wise increase or decrease in shareholding is available on the website of the Company at www.tridentindia.com Total (i+ii+iii) 19574.2 - - 19574.2
v) Shareholding of Directors and Key Managerial Personnel:
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL-
Sr. Particulars Shareholding Cumulative Shareholding A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
No. during the year
No. of shares % of total No. of shares % of total (` million)
shares of the shares of the Sr. Particulars of Remuneration Mr Amandeep, Mr Deepak Nanda,
Total
Company Company No. Managing Whole-time
Amount
A DIRECTORS Director Director
1 Ms Pallavi Shardul Shroff 1 Gross salary
At the beginning of the year - - - - (a) Salary as per provisions contained in section 17(1) of the Income-tax 23.2 23.2 46.4
Increase/ (Decrease) during the year Nil Holding/ movement during the year Act, 1961
At the End of the year - - - - (b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 - - -
2 Mr Rajinder Gupta (c) Profits in lieu of salary under section 17(3) of the Income- tax Act, 1961 - - -
At the beginning of the year (Refer Note 1) 11155960 0.22 11155960 0.22 2 Stock Option - - -
Increase/ (Decrease) during the year Nil movement during the year 3 Sweat Equity - - -
At the End of the year 11155960 0.22 11155960 0.22 4 Commission
3 Mr Dinesh Kumar Mittal - as % of profit - - -
At the beginning of the year - - - - - others, specify
Increase/ (Decrease) during the year Nil Holding/ movement during the year 5 Others, please specify - - -
At the End of the year - - - - Total (A) 23.2 23.2 46.4
4 Mr Rajiv Dewan Ceiling as per the Act 211.0
At the beginning of the year (Refer Note 1) 232900 0 232900 0 Note : Refer Note 39 of Standalone financial statements.
Increase/ (Decrease) during the year Nil movement during the year
At the End of the year 232900 0 232900 0 B. Remuneration to other directors
5 Mr Amandeep (` million)
At the beginning of the year - - - - Sr. Particulars of Remuneration Name of Directors
Increase/ (Decrease) during the year Nil Holding/ movement during the year Total
No. Ms Pallavi Mr Rajinder Mr Dinesh Mr Rajiv
At the End of the year - - - - Amount
Shardul Shroff Gupta Kumar Mittal Dewan
6 Mr Deepak Nanda 1 Independent Directors
At the beginning of the year -
Fee for attending board/ committee meetings 0.4 - 0.2 0.8 1.4
Increase/ (Decrease) during the year Nil Holding/ movement during the year
Commission - - 5.0 - 5.0
At the End of the year - - - -
Others, please specify - - - - -
B KEY MANAGERIAL PERSONNEL
1 Ms Ramandeep Kaur Total (1) 0.4 - 5.2 0.8 6.4
At the beginning of the year (Refer Note 1) 96000 0 96000 0 2 Other Non-Executive Directors
Increase/ (Decrease) during the year 10000 0 10000 0 Fee for attending board/ committee meetings - 0.6 - - 0.6
At the end of the year 106000 0 106000 0 Commission - 226.0 - - 226.0
2 Mr Gunjan Shroff Others, please specify - - - - -
At the beginning of the year (Refer Note 1) 277040 0.01 277040 0.01 Total (2) - 226.6 - - 226.6
Increase/ (Decrease) during the year Nil movement during the year Total (B)=(1+2) 0.4 226.6 5.2 0.8 233.0
At the End of the year 277040 0.01 277040 0.01 Total Managerial Remuneration (A+B) 279.4
Notes : Overall Ceiling as per the Act 463.0
1. The equity shares of the Company have been sub-divided from face value of ` 10/- per equity share to face value of ` 1/- per equity share. Opening Balances have been Note :
adjusted accordingly to make them comparable. Total remuneration to Managing Director, Whole-Time Directors and other Directors (being the total of A and B)
2. The date wise increase or decrease in shareholding is available on the website of the Company at www.tridentindia.com Refer Note 39 of Standalone financial statements.

Directors’ Report
C. Remuneration to key managerial personnel other than MD/MANAGER/WTD
Sr. Particulars of Remuneration Key Managerial Personnel

(` million) Annexure VII to the Directors’ Report
Dividend Distribution Policy
No. CEO Chief Financial Company
Officer Secretary Total (Amended version as approved by the Board of Directors of the Company w.e.f. January 29, 2020)
Mr Gunjan Ms Ramandeep
Shroff Kaur OBJECTIVE
1 Gross salary The objective of the Dividend Distribution Policy of the Company is to reward its shareholders by sharing a portion of the profits, whilst
Salary as per provisions contained in section 17(1) of the 17.4 4.7 22.1
also ensuring that sufficient funds are retained for growth of the Company.
Income-tax Act, 1961
Value of perquisites u/s 17(2) of the Income-tax Act, 1961 - - - POLICY
Profits in lieu of salary under section 17(3) of the - - -
The Company shall declare and pay dividend in accordance with the provisions of the Companies Act 2013, rules made thereunder
Income-tax Act, 1961
2 Stock Option Not Applicable - - - and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time
3 Sweat Equity - - - to time.
4 Commission
The Shareholders may or may not expect Dividend based on following factors to be considered by the Board while declaring
- as % of profit - - -
dividend:
- others - - -
5 Others, please specify - - - ó Consistency with the Dividend Guidelines as laid out by the Board
Total 17.4 4.7 22.1
ó Sustainability of dividend payout ratio in future
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: ó Dividend payout ratio of previous years
A. COMPANY : Penalty / Punishment / Compounding : NIL ó Macrœconomic factors and business conditions
B. DIRECTORS : Penalty / Punishment / Compounding : NIL
Retained earnings are intended to be utilized for:
C. OTHER OFFICER IN DEFAULT : Penalty / Punishment / Compounding : NIL
ó Investments for future growth of the business
DISCLOSURE REGARDING MANAGERIAL REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, ó Dealing with any possible downturns in the business
2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) ó Strategic investment in new business opportunities
RULES, 2014
ó Any other purpose as may be deemed fit
1. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the Financial
Year 2019-20 and the percentage increase in remuneration of each Director, Chief Financial Officer & Company Secretary during CATEGORY OF DIVIDENDS
the financial year 2019-20 are as under: The Companies Act provides for two forms of Dividend- Final & Interim. The Board of Directors shall have the power to recommend
final dividend to the shareholders for their approval in the general meeting of the Company. The Board of Directors shall have the
Sr. Name of Director/ Designation/ Status Remuneration of % increase / Ratio of absolute power to declare interim dividend during the financial year, as and when they consider it fit.
No. KMP Director/ KMP (Decrease) in remuneration of each
for financial Remuneration Director/ to median DIVIDEND GUIDELINE
year 2019-2020 in the Financial Remuneration of
[in ` million] Year 2019-2020 Employees The Board at its discretion, while approving the annual accounts in each financial year, may also recommend the dividend for approval
of the shareholders after taking into account the free cash flow position, the profit earned during that year, the Capex requirements
Remuneration paid to Non-Executive Directors
and applicable taxes. If during any financial year the profits of the Company are inadequate, the Board may decide not to declare
1 Ms Pallavi Shardul Shroff Non-Executive Chairperson/ 0.4 (20%) 1.9
dividends for that financial year. A dividend policy stated by the current Board cannot be binding on the extant Board. However, the
Independent
current Board can form a guideline on dividend payout in future in the interest of providing transparency to the shareholders.
2 Mr Rajinder Gupta Non-Executive Co-Chairman/ 226.6 39% 1,049.1
Non-Independent TARGET DIVIDEND
3 Mr Dinesh Kumar Mittal Non-Executive/ Independent 5.2 (2%) 24.1 The Company strikes to maintain an equilibrium between retaining sufficient funds for the growth of the Company & meeting
4 Mr Rajiv Dewan Non-Executive/ Independent 0.8 Nil 3.7 contingency and also rewarding & providing return to shareholders.
Remuneration paid to Executive Director and KMP
Depending on the long term growth strategy of the Company and the prevailing circumstances, the Board of Directors may recommend/
5 Mr Amandeep Managing Director/ KMP 23.2 Refer Note 2 Refer Note 2 declare the dividend for declaration as deemed fit.
6 Mr Deepak Nanda Whole-time Director/ KMP 23.2 (12%) 107.4
7 Mr Gunjan Shroff Chief Financial Officer/ KMP 17.4 (35%) Not applicable Rationale for Change in Dividend Distribution Policy
8 Ms Ramandeep Kaur Company Secretary/ KMP 4.7 (10%) Not applicable At the time of adoption of Dividend Distribution Policy, the Board of Directors of the Company have been empowered to periodically
review the policy and make out the necessary changes as they deem fit. Keeping in view the requirements of current scenario, the
2. Mr Amandeep was appointed as Managing Director of the Company on September 5, 2019 and has resigned from the services
Board of Directors in their Board meeting, which was held on January 29, 2020, have amended the existing policy and adopted the
w.e.f. April 6, 2020. Accordingly data is not comparable.
revised one with effect from January 29, 2020.
3. During the Financial Year 2019-20, there is no increase in the median remuneration of employees;
REVIEW
4. There were 13,535 permanent employees on the rolls of Company as on March 31, 2020;
This policy shall be reviewed by Board from time to time.
5. There was no increase in the salaries of managerial personnel in the financial year 2019-20.
6. It is hereby affirmed that the remuneration paid is as per the Nomination & Remuneration Policy of the Company.

Corporate Governance Report
GOVERNANCE STRUCTURE
Corporate Governance Report The Company has laid a strong foundation for making Corporate Governance a way of life by constituting a Board with balanced
mix of experts of eminence and integrity, forming a core group of top level executives, inducting competent professionals across the
organisation and putting in place best system, process and technology.
COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE i. None of the directors on the Board, is a member of more
than ten Board level committees or acts as Chairman of more Committees
Corporate Governance at Trident Limited (‘the Company’) cares Statutory Auditors Shareholders
than five Board level committees, across all public limited
for the overall well-being and welfare of all constituents of the 1. Audit Committee
Companies. Board Committees, for this purpose include
system and takes into account the stakeholders’ interest in every Audit Committee and Stakeholders’ Relationship Committee 2. Nomination & Remuneration Committee
business decision. (including Committees’ membership of Trident Limited). Board of Directors 3. Stakeholders’ Relationship Committee
The Company is committed to pursue growth by adhering to Management Auditors and other
ii. None of the Directors, act as Director or as an Independent (Executive and Non 4. Corporate Social Responsibility Committee
the highest national and international standards of Corporate Director, in more than seven listed companies. Independent agencies
Executive Directors)
Governance. The Company’s philosophy on Corporate Governance 5. Risk Management Committee
iii. The Managing Director do not serve as an Independent
is based on following principles: Director in any other listed company. 6. Strategy Committee
1. Lay solid foundations for management The Company has received necessary declaration from each of the Role Championing purpose and values, 7. Financial Management Committee
Independent Directors of the Company confirming that they meet challenging assumptions, inspiring Managing Director 8. Restructuring Committee
2. Structure the Board to add value
the criteria of independence as applicable under Section 149(6) confidence and commitment
3. Promote ethical and responsible decision-making 9. Securities Committee
of the Companies Act, 2013 and Regulation 16 of SEBI (Listing
4. Safeguard integrity in financial reporting Obligations and Disclosure Requirements) Regulations, 2015 [‘SEBI
5. Make timely and balanced disclosures (LODR) Regulations, 2015’].
Leadership to drive performance for Chief Executive
6. Recognise and manage business risks During the period under review, Mr Manish Prasad (DIN: 02591756)
Long Term goals Officers/ Presidents
7. Respect the rights of the shareholders (Non-Executive Non-Independent), has been appointed as an
Additional Director w.e.f April 1, 2019 and later on, he has resigned
8. Encourage enhanced performance
from the directorship w.e.f August 3, 2019.
9. Remunerate fairly and responsibly
Mr Amandeep (DIN:00226905) was appointed as an Additional Vice Presidents/
10. Recognise the legitimate interest of the stakeholders Coaching & Mentoring for Vision &
Director (Non-Executive Non Independent) of the Company w.e.f
Values General Managers
11. Legal and statutory compliances in letter and spirit August 3, 2019 and w.e.f September 5, 2019, Mr Amandeep has
been designated as Managing Director of the Company and Mr
The Board of Directors of the Company has adopted a “Combined
Deepak Nanda (DIN:00403335), has been re-designated as Whole-
Code of Corporate Governance and Conduct” (hereinafter referred
time Director from Managing Director.
to as ‘Code’) based on the principles of good Corporate Governance Hands on work at Gemba Managers/Executives
and best management practices being followed globally besides On April 6, 2020, Mr Amandeep (DIN:00226905) resigned from the
complying with the laws of land. The Code is available at the position of Director & Managing Director of the Company and Ms
following link: https://www.tridentindia.com/webroot/reports/5e6f Pooja Luthra (DIN: 03413062) has been appointed as an Additional
0f1c5f8e9_1584336668_2019-11-02-Combined%20Code-FINAL.pdf Director (Non-Executive Non-Independent) of the Company. Mr The Board of Trident Limited comprises of qualified members who bring in required skills, expertise and competence so that fruitful
Deepak Nanda (DIN: 00403335) got re-designated as Managing contribution is made by the Board and its committees and Trident Limited achieves highest standards of Corporate Governance.
BOARD OF DIRECTORS Director from Whole-time Director of the Company w.e.f April 6,
2020. The table below summarizes the key attributes and skills matrix, identified by the Board of Directors, as required in the context of
As on the date of report, the Board comprised of Six (6) Directors, business, which is to be considered while selecting the Director:
out of which Two (2) are Non- Executive Non Independent DECLARATION BY INDEPENDENT DIRECTORS
Directors, Three (3) are Independent Directors and One (1) is Further, based on the declarations received, in the opinion of the 1. Financial : Proficiency in Financial Management, Capital Allocation, Treasury and
Executive Director. The Board also has representation of woman Board, the independent directors fulfill the conditions specified Accountancy, Costing, Budgetary Controls.
Independent Director and being a Non-Executive Independent in SEBI (LODR) Regulations, 2015 and are independent of the 2. Operations : Understanding Organizations, Business processes, Strategic Planning, Driving
Director, she occupies the position of Chairperson of the Company. Company’s management. Further, the Independent Directors have
change, Risk Management, Economies of Scale, Innovation.
As per the disclosure received from the Directors, the Board affirmed their registration on the Independent Directors database
as notified by the Ministry of Corporate Affairs.
3. Global Business Leader : Handling diverse business scenario, Global market opportunities, Macro policies
hereby confirm that: and business economics.
Based on the declarations received, Ms Pallavi Shardul Shroff, Mr Dinesh Kumar Mittal and Mr Rajiv Dewan are categorised as 4. Governance : Protecting the interest of stakeholders, enterprise reputation, accountability
Independent directors during the year under review. Other details relating to the Board as on March 31, 2020 are as follows: and following governance practice.
Name Designation Category Shareholding No of No of Number of No of post of Director Attributes
in Company Directorship Independent memberships in Chairperson in
(No. of in listed Directorship in Audit/ Stakeholder Audit/ Stakeholder Financial Operations Global Business Leader Governance
shares) Entities listed entities Committee(s) Committee held in Ms Pallavi Shardul Shroff 9 9 9 9
including this including this including this listed entities including Mr Rajinder Gupta 9 9 9 9
listed entity listed Entity listed entity this listed entity Mr Dinesh Kumar Mittal 9 9 9 9
Ms Pallavi Shardul Chairperson Non-Executive, - 5 5 1 0 Mr Rajiv Dewan 9 9 9 9
Shroff (DIN: 00013580) Independent
Mr Manish Prasad* 9 9 9 9
Mr Rajinder Gupta Co- Non- Executive, 1,11,55,960 1 0 1 0
(DIN: 00009037) Chairman Non- Independent
Mr Deepak Nanda 9 9 9 9
Mr Dinesh Kumar Director Non-Executive, - 6 6 9 1 Mr Amandeep* 9 9 9 9
Mittal Independent Ms Pooja Luthra* 9 9 9 9
(DIN: 00040000) *Mr Manish Prasad has been appointed w.e.f April 1, 2019 and resigned on August 3, 2019. Mr Amandeep has been appointed w.e.f August 3, 2019 and resigned as on April 6, 2020
Mr Rajiv Dewan Director Non-Executive, 2,32,900 1 1 4 2 and Ms Pooja Luthra has been appointed as a Director, on April 6, 2020.
(DIN: 00007988) Independent
Mr Amandeep *Managing Executive, Non- - 1 0 4 0 Meetings
(DIN: 00226905)* Director Independent Meeting details - Board and Committees
Mr Deepak Nanda *Whole-time Executive, Non- - 1 0 1 0
(DIN: 00403335) Director Independent
At least four Board meetings have been held in a year, one in each quarter to review the financial results and other items of the
* Mr Amandeep has been appointed as Director w.e.f August 3, 2019 and w.e.f. September 5, 2019, Mr Deepak Nanda and Mr Amandeep got re-designated by the Board as Whole agenda. The maximum gap between any two consecutive Board meetings dœs not exceed 120 days. Apart from the four scheduled
time-Director and Managing Director Respectively. Board meetings, keeping in view the business requirements, as and when required, additional Board meeting(s) have been convened.
Apart from above shareholding, no other Non- Executive Director(s) are holding any shares or any convertible instrument of the Company Urgent matters have also been approved by the Board by passing resolutions through circulation.

The Independent Directors of the Company also held at least one meeting in a financial year without the attendance of Non- Agenda and Minutes
Independent Directors and members of management to carry out the evaluations/ review as prescribed under Schedule IV of the All the departments in the Company, communicate with the Company Secretary well in advance with regard to matters requiring
Companies Act, 2013 and Regulation 25 of the SEBI (LODR) Regulations, 2015. approval of the Board/Committees, to enable her to include the same in the agenda for the Board/Committee meeting(s). Agenda
The Company also holds at least one Audit Committee meeting in each quarter, inter-alia, to review financial results. The Cost papers are circulated to the Directors / Committee Members well in advance before the respective meetings of the Board / Committees.
Auditors, Statutory Auditors and Internal Auditors attended the meetings of Audit Committee on the invitation of Chairperson of the The Company Secretary while preparing the agenda and minutes of the Board/Committee meeting ensures adherence to the applicable
Audit Committee, for their respective agenda items. The Company also holds at least one meeting of Nomination and Remuneration provisions of the law including Companies Act, 2013 and the rules made thereunder. The applicable Secretarial Standards issued by
Committee, Stakeholders Relationship Committee and Risk Management Committee and during the financial year 2019-20, meetings the Institute of Company Secretaries of India (ICSI) are also complied with by the Company. The draft minutes of the proceedings of
of other committees of the Board are held whenever matters falling under their terms of reference need discussion and decision. each Board/Committee meeting are circulated to the Board/Committee members for their comments, within 15 days of respective
meetings and thereafter considering the comments received, if any, the minutes are entered in the minute book within 30 days of
Every Director on the Board/ Committee is free to suggest any item for inclusion in the agenda for the consideration of the Board/
the respective meetings. Copy of the signed minutes are also circulated to the Directors / members of the Committees, as applicable,
Committee. The information as required under Regulation 17 and Part A of schedule II of the SEBI (LODR) Regulations, 2015 and
within 15 days of signing by the Chairperson. The Board also takes note of the minutes of the Committee meetings duly approved by
Combined Code of Corporate Governance and Conduct are made available to the members of the Board/ Committee.
their respective Chairperson.
Following are the details of meetings of Board of Directors, Committees thereof and Independent Directors’ Meeting held between All material information is incorporated in the agenda papers for facilitating meaningful and focused discussions at the meeting. The
April 1, 2019 and March 31, 2020: information regularly supplied to the Board, inter-alia, includes the following:
Sr. Meetings No. of meetings Date of meetings ó "OOVBMPQFSBUJOHQMBOTBOECVEHFUTBOEBOZVQEBUFTUIFSFPO
No. held during the ó $BQJUBMCVEHFUTBOEBOZVQEBUFT
year
ó 2VBSUFSMZSFTVMUTGPSUIF$PNQBOZBOEJUTPQFSBUJOHEJWJTJPOTPSCVTJOFTTTFHNFOUT
1 Board of Directors 5 May 13, 2019, August 3, 2019, November 2, 2019, January 29,
2020 and February 20, 2020. ó .JOVUFTPGNFFUJOHTPG"VEJU$PNNJUUFFBOEPUIFSDPNNJUUFFT
2 Audit Committee 4 May 11, 2019, August 3, 2019, November 2, 2019 and January ó -FHBMDPNQMJBODFTSFQPSUBOEDFSUJđDBUF
29, 2020. ó 5IFJOGPSNBUJPOPOSFDSVJUNFOUBOESFNVOFSBUJPOPGTFOJPSPēDFSTKVTUCFMPXUIFCPBSEMFWFM JODMVEJOHBQQPJOUNFOUPSSFNPWBM
3 Nomination & Remuneration Committee 3 May 11, 2019, August 3, 2019 and November 2, 2019 of Key Managerial Personnel of the Company;
4 Stakeholders’ Relationship Committee 4 May 13, 2019, August 3, 2019, November 2, 2019 and January ó 4IPXDBVTF EFNBOE QSPTFDVUJPOOPUJDFTBOEQFOBMUZOPUJDFTJTTVFEBHBJOTUUIF$PNQBOZIBWJOHNBUFSJBMJNQBDU JGBOZ
29, 2020.
ó 'BUBMPSTFSJPVTBDDJEFOUT EBOHFSPVTPDDVSSFODFT BOZNBUFSJBMFĔVFOUPSQPMMVUJPOQSPCMFNT JGBOZ
5 Corporate Social Responsibility (CSR) 4 May 13, 2019, August 3, 2019, November 2, 2019 and January
Committee 29, 2020. ó "OZNBUFSJBMEFGBVMUJOđOBODJBMPCMJHBUJPOTUPBOECZUIF$PNQBOZ PSTVCTUBOUJBMOPOQBZNFOUGPSHPPETTPMECZUIF$PNQBOZ
if any;
6 Risk Management Committee 4 May 13, 2019, August 3, 2019, November 2, 2019 and January
29, 2020. ó "OZJTTVF XIJDIJOWPMWFTQPTTJCMFQVCMJDPSQSPEVDUMJBCJMJUZDMBJNTPGTVCTUBOUJBMOBUVSF JODMVEJOHBOZKVEHNFOUPSPSEFS XIJDI
7 Independent Directors’ meeting 1 January 29, 2020 may have passed strictures on the conduct of the Company or taken an adverse view regarding another enterprise that can have
8 Financial Management Committee 8 April 24, 2019, June 24, 2019, August 6, 2019, September 3, negative implications on the Company, if any;
2019, November 4, 2019, November 28, 2019, February 3, 2020 ó %FUBJMTPGBOZKPJOUWFOUVSFPSDPMMBCPSBUJPOBHSFFNFOU JGBOZ
and February 20, 2020 ó 5SBOTBDUJPOTUIBUJOWPMWFTVCTUBOUJBMQBZNFOUUPXBSETHPPEXJMM CSBOEFRVJUZ PSJOUFMMFDUVBMQSPQFSUZ JGBOZ
9 Annual General Meeting 1 September 30, 2019 ó 4JHOJđDBOUMBCPVSQSPCMFNTBOEUIFJSQSPQPTFETPMVUJPOT"OZTJHOJđDBOUEFWFMPQNFOUJOIVNBOSFTPVSDFTJOEVTUSJBMSFMBUJPOT
Attendance of each Director at the meetings of the Company front like signing of wage agreement, implementation of Voluntary Retirement Scheme, etc., if any;
The details of attendance of each Director of the Company in the Board and Committee meetings held during the financial year 2019- ó 4BMFPGJOWFTUNFOUT TVCTJEJBSJFT BTTFUT XIJDIBSFNBUFSJBMJOOBUVSFBOEOPUJOOPSNBMDPVSTFPGCVTJOFTT JGBOZ
20 is given below: ó 2VBSUFSMZEFUBJMTPGGPSFJHOFYDIBOHFFYQPTVSFTBOEUIFTUFQTUBLFOCZNBOBHFNFOUUPMJNJUUIFSJTLTPGBEWFSTFFYDIBOHFSBUF
movement, if material;
Particulars Pallavi Shardul Rajinder Gupta Dinesh Kumar Rajiv Dewan Deepak Nanda Manish Prasad# Amandeep@ ó /PODPNQMJBODFPGBOZSFHVMBUPSZ TUBUVUPSZOBUVSFPSMJTUJOHSFRVJSFNFOUTBOETIBSFIPMEFSTTFSWJDFTVDIBTOPOQBZNFOUPG
Shroff Mittal dividend and delay in share transfer etc, if any.
Held Attended Held Attended Held Attended Held Attended Held Attended Held Attended Held Attended
ó "OZPUIFSJOGPSNBUJPOBTNBZSFRVJSF#PBSEêTEFMJCFSBUJPOPSNBZCFSFRVJSFECZMBXUPCFQMBDFECFGPSFUIF#PBSE
Annual General Meeting 1 0 1 1 1 0 1 1 1 1 # # 1 1
Board 5 3 5 5 5 4 5 5 5 5 2# 2 3@ 3 Board Level Committees
Audit Committee 4 4 ~ ~ ~ ~ 4 4 2* 2* ~ ~ 2* 2* The Board has constituted various Committees for smooth and efficient operation of the activities and is responsible for constituting,
Nomination & 3 3 3 3 ~ ~ 3 3 ~ ~ ~ ~ ~ ~ assigning, co-opting and fixing the terms of reference for the committees in line with the laws of land. The Chairman, quorum and the
Remuneration terms of reference of each committee have been approved by the Board. As on the date of Report, following is the composition of
Committee Board and committees of the Company:
Stakeholders’ ~ ~ 4 4 ~ ~ 4 4 4 4 ~ ~ ~ ~
Relationship Committee Particulars Pallavi Shardul Rajinder Dinesh Kumar Rajiv Deepak Pooja
Risk Management ~ ~ 4 4 ~ ~ 4 4 4 4 ~ ~ ~ ~ Shroff Gupta Mittal Dewan Nanda Luthra
Committee Board Chairperson Co- Director Director Managing -
CSR Committee ~ ~ 4 4 ~ ~ 4 4 4 4 ~ ~ ~ ~ Chairman Director
Independent Directors’ 1 1 ~ ~ 1 1 1 1 ~ ~ ~ ~ ~ ~ Audit Committee Member - - Chairman Member -
Meeting Nomination & Remuneration Committee Member Member - Chairman - Member
Financial Management ~ ~ ~ ~ ~ ~ 8^ 8^ 8^ 8^ ~ ~ ~ ~ Stakeholders’ Relationship Committee - Member - Chairman Member -
Committee Risk Management Committee - Member - Chairman Member -
~ Not a member of the Committee. CSR Committee - Member - Chairman Member -
^Mr Gunjan Shroff, Chief Financial Officer is also a member of the Committee. Restructuring Committee - Member - Chairman Member -
The Chairperson of Audit Committee, Nomination and Remuneration Committee and Stakeholders’ Relationship Committee were present in Annual General Meeting of the Securities Committee - Member - Chairman Member -
Company held on September 30, 2019. Financial Management Committee # - - - Chairman Member -
# Mr Manish Prasad had been appointed w.e.f April 1, 2019 and resigned w.e.f August 3, 2019 thus he was present in only two Board meetings i.e May 13, 2019 and August 3, 2019 Strategy Committee^ - Chairman - Member Member -
@ Mr Amandeep had been appointed w.e.f August 3, 2019, however, his presence has not been counted for the Board Meeting held on August 3, 2019. Out of 5 Board meetings, - Not a member.
only 3 Board Meetings have been held during his tenure. # Mr Gunjan Shroff, Chief Financial Officer is also a Member of the Committee.
*During the financial year 2019-20, 4 Audit Committees have been held and out of 4, Mr Deepak Nanda and Mr Amandeep got entitled for 2 Meetings since Composition of Audit ^ Mr Gunjan Shroff, Chief Financial Officer & Mr Abhishek Gupta, Chief- Strategic Marketing are also Members of the Committee.
Committee has been changed w.e.f September 9, 2019, wherein Mr Amandeep has been appointed in place of Mr Deepak Nanda.

Terms of reference of committees xi) Evaluation of internal financial controls and risk xxv) Such other functions as may be entrusted by the Board related to transfer/transmission of shares, non-receipt of
The Board while approving terms of reference of the Committees management systems; from time to time.; annual report, non-receipt of declared dividends, issue of new/
ensures that the same is in line with laws of land. The Board xii) Reviewing, with the management, performance of xxvi) Reviewing the utilization of loans and/ or advances from/ duplicate certificates, general meetings, measures taken for
proactively reviews terms of reference of the Committees and statutory and internal auditors, adequacy of the internal investment by the holding company in the subsidiary effective exercise of voting rights by shareholders, adherence
modifies the same, if necessary, to meet the strategic and control systems; exceeding ` 100 crore or 10% of the asset size of the to the service standards adopted by the Company in respect
business needs. Following are brief terms of reference of Board subsidiary, whichever is lower. of various services being rendered by the Registrar & Share
xiii) Reviewing the adequacy of internal audit function, if any,
level committees: Transfer Agent, reviewing of the various measures and initiatives
including the structure of the internal audit department, Nomination & Remuneration Committee taken by the Company for reducing the quantum of unclaimed
staffing and seniority of the official heading the
Audit Committee The terms of reference of Nomination & Remuneration dividends and ensuring timely receipt of dividend warrants/
department, reporting structure coverage and frequency
The terms of reference of Audit Committee are as per the SEBI Committee are as per the SEBI (LODR) Regulations, 2015 annual reports/statutory notices by the shareholders of the
of internal audit;
(LODR) Regulations, 2015 and Companies Act, 2013. The broad and Companies Act, 2013. The broad terms of reference of Company and all other acts or deeds as may be necessary or
xiv) Discussion with internal auditors of any significant findings Nomination & Remuneration Committee as approved by the incidental thereto.
terms of reference of Audit Committee as approved by the
and follow up there on; Board are as under:
Board are as under:
xv) Reviewing the findings of any internal investigations Strategy Committee
i) Oversight of the listed entity’s financial reporting process i) To formulate the criteria for determining qualifications,
by the internal auditors into matters where there is The broad terms of reference of Strategy Committee include,
and the disclosure of its financial information to ensure positive attributes and independence of a Director;
suspected fraud or irregularity or a failure of internal inter-alia formulation of long term and strategic planning
that the financial statement is correct, sufficient and control systems of a material nature and reporting the ii) To determine the appropriate characteristics, skills as well as resource management, performance review and
credible; matter to the Board; and experience for the Board as a whole as well as its monitoring, review of projects, formation of Special Purpose
ii) Recommendation for appointment, remuneration and individual members; Vehicles, approval of business alliance and decide upon
xvi) Discussion with statutory auditors before the audit
terms of appointment of auditors of the listed entity; commences, about the nature and scope of audit as well iii) To identify, including screening and selection process, business reconstruction.
iii) Approval of payment to statutory auditors for any other as post-audit discussion to ascertain any area of concern; persons who are qualified to become Directors and who
may be appointed in senior management in accordance Corporate Social Responsibility Committee
services rendered by the statutory auditors; xvii) To look into the reasons for substantial defaults in
with the criteria laid down and recommend to the Board The broad terms of reference of Corporate Social Responsibility
iv) Reviewing, with the management, the annual financial the payment to the depositors, debenture holders,
their appointment & removal and carry out evaluation of (CSR) Committee include, inter-alia formulating and
statements and auditor’s report thereon before submission shareholders (in case of non-payment of declared
every Directors’ performance; recommending to the Board a CSR policy, recommending the
to the board for approval, with particular reference to: dividends) and creditors;
iv) To recommend to the Board a policy, relating to the amount of expenditure to be incurred on CSR activities and
a) Matters required to be included in the director’s xviii) Reviewing and overseeing the compliance of SEBI monitoring the implementation of the CSR policy and Business
remuneration for Directors, key managerial personnel
responsibility statement to be included in the (Prohibition of Insider Trading) Regulations, 2015 and Responsibility Guiding Principles suggested by SEBI from time
and other employees, while ensuring that-
board’s report in terms of clause (c) of sub-section functioning of the Whistle Blower mechanism and / or to time.
(3) of Section 134 of the Companies Act, 2013; Vigil Mechanism; a) the level and composition of remuneration is
reasonable and sufficient to attract, retain and Financial Management Committee
b) Changes, if any, in accounting policies and practices xix) Approval of appointment of chief financial officer after
motivate Directors of the quality required to run the
and reasons for the same; assessing the qualifications, experience and background, The broad terms of reference of Financial Management
company successfully;
c) Major accounting entries involving estimates based etc. of the candidate; Committee include, inter-alia deciding bank operating powers
b) relationship of remuneration to performance is clear & modifications therein, other banking related issues of the
on the exercise of judgment by management; xx) Monitoring the end use of funds raised through public
and meets appropriate performance benchmarks; Company, approval and monitoring of borrowings, investments,
d) Significant adjustments made in the financial offers and related matter;
and loans and corporate guarantees, creation of securities,
statements arising out of audit findings; xxi) Reviewing the following information:
c) remuneration to Directors, key managerial personnel conversion of loans into `/foreign currency or vice-versa and
e) Compliance with listing and other legal requirements ó .BOBHFNFOU EJTDVTTJPO BOE BOBMZTJT PG đOBODJBM and senior management involves a balance between review of foreign exchange transactions of the Company.
relating to financial statements; condition and results of operations; fixed and incentive pay reflecting short and long-
f) Disclosure of any related party transactions; ó 4UBUFNFOU PG TJHOJđDBOU SFMBUFE QBSUZ USBOTBDUJPOT term performance objectives appropriate to the Restructuring Committee
g) Modified opinion(s) in the draft audit report; (as defined by the audit committee), submitted by working of the company and its goals; The broad terms of reference of Restructuring Committee
management; v) To formulate criteria for performance evaluation of include, inter-alia exploring possible restructuring options for
h) Going concern assumption;
ó .BOBHFNFOU MFUUFSTMFUUFST PG JOUFSOBM DPOUSPM Independent Directors and the Board; synergies, efficient utilization of resources, creating a stronger
i) Compliance with accounting standards. base for future growth, appointing various agencies for the
weaknesses issued by the statutory auditors; vi) Whether to extend or continue the term of appointment
v) Reviewing, with the management, the quarterly aforesaid purposes and performing such other functions as
ó *OUFSOBM BVEJU SFQPSUT SFMBUJOH UP JOUFSOBM DPOUSPM of the Independent Directors, on the basis of report of
financial statements and auditors’ report thereon before may be assigned by the Board of Directors from time to time.
weaknesses; performance evaluation of Independent Directors;
submission to the board for approval;
ó 5IF BQQPJOUNFOU SFNPWBM BOE UFSNT PG vii) To devise a policy on Board diversity; Risk Management Committee
vi) Reviewing, with the management, the statement of uses/
remuneration of the chief internal auditor shall be viii) To formulate terms and conditions of the Employee Stock The broad terms of reference of Risk Management Committee
application of funds raised through an issue (public issue,
subject to review by the audit committee; and Option Scheme (ESOS) and/or Employee Stock Purchase include, inter-alia:
rights issue, preferential issue, etc.), the statement of
funds utilized for purposes other than those stated in ó 4UBUFNFOUPGEFWJBUJPOT Scheme (ESPS), determine eligibility criteria, grant &
laying down procedures to inform Board members about the
the offer document/prospectus / notice and the report B
2VBSUFSMZTUBUFNFOUPGEFWJBUJPO T
JODMVEJOHSFQPSU vesting of options, make allotment of shares pursuant
risk assessment and minimization procedures, monitoring,
submitted by the monitoring agency monitoring the of monitoring agency, if applicable, submitted to to exercise of options and to administer, supervise and
reviewing and recommending updation in the risk management
utilisation of proceeds of a public or rights issue, and stock exchange(s) in terms of Regulation 32(1); recommend modifications in the same;
plan for the Company; insuring any compensation or damages
making appropriate recommendations to the board to b) Annual statement of funds utilized for purposes ix) To ensure implementation of ESOS/ESPS as per SEBI to be paid in virtue of any legal liability including a liability
take up steps in this matter; other than those stated in the offer document/ (Share Based Employee Benefits), Regulations, 2014, as arising from a breach of contract by way of insurance against
vii) Reviewing and monitoring the auditor’s independence prospectus/notice in terms of Regulation 32(7). amended from time to time. the risk of meeting any liability, overseeing legal compliance
and performance, and effectiveness of audit process; xxii) To review and approve all transactions/ agreements with x) To recommend to the board, all remuneration, in by the Company, highlighting instances of non-compliance
viii) Approval or any subsequent modification of transactions related parties; whatever form, payable to senior management. to Board with its recommendation to minimize the probable
of the listed entity with related parties; risk and providing its report/ recommendation on the overall
xxiii) To review all transactions that may be entered into with Stakeholders’ Relationship Committee
compliance structure of the Company and performing such
ix) Scrutiny of inter-corporate loans, investments and any person otherwise than on arm’s length basis; The broad terms of reference of Stakeholders’ Relationship other functions as may be assigned by the Board of Directors
guarantees; xxiv) To formulate a policy on materiality of related party Committee include, inter-alia:, resolving of grievances of from time to time.
x) Valuation of undertakings or assets of the listed entity, transactions and also on dealing with Related Party the security holders of the listed entity including complaints
wherever it is necessary; Transactions;

Securities Committee on, Mr Deepak Nanda, got re-designated as Managing Director PECUNIARY RELATIONSHIPS OR TRANSACTION OF NON-EXECUTIVE DIRECTORS VIS-A-VIS THE COMPANY
The broad terms of reference of Securities Committee include from Whole-time Director of the Company as on April 6, 2020.
The Company dœs not have any direct pecuniary relationships or transactions with any of its non executive directors. The detail
appointment of merchant bankers, bankers, legal advisors and Non-Executive Directors of transactions, entered into with entities in which Non-Executive Directors are interested, is set out in Note No. 39 of Standalone
other consultants for the purpose of capital raising exercise, Financial Statements.
Non-Executive Directors are paid remuneration by way
determining the pricing, finalizing allotment, applying for listing
of sitting fee for attending meetings of the Board and/or
and trading approval of securities issued by it on behalf of DIRECTORSHIPS OF BOARD MEMBERS IN OTHER COMPANIES, ASSOCIATIONS AND FIRMS
Committees thereof. Further, the remuneration paid to Non-
the Company and performing such other functions as may be
Executive Directors is in accordance with Nomination & The Directors of the Company also hold position as directors, committee members, partners and shareholders in other companies,
assigned by the Board of Directors from time to time.
Remuneration Policy adopted by the Company and approved associations and firms. Details of the same as provided by the Directors as on March 31, 2020 are given as follows:
DIRECTORS’ REMUNERATION by the Board of Directors subject to the requisite approvals, as
may be applicable. Ms Pallavi Shardul Shroff
Policy for Directors’ Remuneration
The members of the Company, in the Annual General Meeting Name of Companies, Associations and Firms Position held/ interest
Executive Directors
held on September 30, 2019 , have also approved the payment Aashirwaad Properties Firm Partner
The remuneration paid to the Executive Directors is
of Commission to Mr Rajinder Gupta, Non-Executive Director of Aavanti Realty Private Limited Director
recommended by the Nomination & Remuneration Committee
the Company @ 5 % of net profit of the Company, for a period
in accordance with Nomination & Remuneration Policy adopted Amarchand Mangaldas Properties Private Limited Director & Shareholding> 2 %
of 5 years commencing from April 1, 2019, over and above the
by the Company and approved by the Board of Directors Amarchand Towers Property Holdings Private Limited Director & Shareholding> 2 %
sitting fees being paid to him for attending meetings of the
subject to the approval by the shareholders, if required. Apollo Tyres Limited Director
Board and/or Committee thereof. Since this amount exceeds
During the period under review, Mr Amandeep, Managing the limit of 50% of the total annual remuneration payable to Baghbaan Properties Private Limited Director & Shareholding> 2 %
Director of the Company has been appointed and the terms all non-executive directors, same was duly confirmed by the Bohimia Realty the Firm Partner
& conditions of his appointment and/or remuneration, has members of the Company, through special resolution, in the
First Commercial Services India Private Limited Director & Shareholding> 2 %
been approved by the shareholders in the Annual General Annual General Meeting which was held on September 30,
Meeting, which was held on September 30, 2019. Later on, he 2019. First Full Services Private Limited Director & Shareholding> 2 %
has resigned from the Directorship of the Company as on April First Universal Virtual International Arbitration Centre Pvt Ltd Director
Further, approval of the members of the Company has also
6, 2020. Juniper Hotels Private Limited Director & Member in Audit Committee
been accorded for payment of Commission to Independent
Further, Mr Deepak Nanda, has been re-designated as Whole- Directors of the Company for each financial year over a period Maruti Suzuki India Limited Director & Member in Audit Committee
time Director and his appointment and/ or remuneration (as for five years w.e.f. April 1, 2017 within the overall maximum One 97 Communications Limited Director
may agreed between the Board of Directors & Mr Deepak limit of 1% (one percent) of the Net Profits of the Company PSNSS Properties Private Limited Director & Shareholding> 2 %
Nanda), has been approved by the shareholders in the Annual over and above the sitting fees being paid to them for attending Shardul Amarchand Mangaldas Partner
General Meeting, which was held on September 30, 2019. Later meetings of the Board and/or Committee thereof.
Shardul Amarchand Mangaldas & Co Managing Partner
The details of the remuneration paid to the Directors along with their relationships and business interests are detailed below: Shardul Amarchand Mangaldas & Co., Delhi Partner
Relationships of Directors, their business interests and remuneration Shardul Amarchand Mangaldas & Co., North Partner
UVAC Centre (India) Private Limited Director
(` million)
Name of the Director Relationship Business relationship Remuneration paid/ payable for the year ended Mr Rajinder Gupta
with other with the Company, if March 31, 2020 Name of Companies, Associations and Firms Position held/ interest
Directors any Sitting fee Salary & Commission Total Madhuraj Foundation Trustee
Perquisites Punjab Cricket Association President
Ms Pallavi Shardul Shroff None Director 0.5 - - 0.5 Punjab Engineering College (Deemed to be University), Chandigarh Chairman- Board of Governors
Mr Rajinder Gupta None Director & Promoter 0.6 - 226.5 226.5
Trident Group Limited Chairman
Mr Dinesh Kumar Mittal None Director 0.3 - 5.0 5.0
Trident Trust Trustee
Mr Rajiv Dewan None Director 0.8 - - 0.8
Mr Deepak Nanda None Whole-time Director# - 23.2 - 23.2 Mr Dinesh Kumar Mittal
Mr Manish Prasad^ None Director 0.1 - - 0.1 Name of Companies, Associations and Firms Position held/ interest
Mr Amandeep * None Managing Director # - 23.2 - 23.2 Arohan Financial Services Limited Director
^ Mr Manish Prasad has been appointed as an Additional Director by the Board w.e.f. April 1, 2019 and resigned w.e.f August 3, 2019. Atyati Technologies Private Limited Director
*Mr Amandeep got appointed as the Director of the Company w.e.f August 3, 2019. Balrampur Chini Mills Limited Director & Member in Audit Committee
#Mr Amandeep and Mr Deepak Nanda, got re-designated as Managing Director and Whole-time Director w.e.f. September 5, 2019.
Bharti Airtel Limited Director & Member*
DETAILS OF FIXED COMPONENT AND PERFORMANCE LINKED INCENTIVES, ALONG WITH THE PERFORMANCE
Business Strategy Advisory Services Private Limited Director & Shareholding> 2 %
CRITERIA
HSBC Asset Management (India) Private Limited Director
Details of fixed component and performance linked Incentives, in the form of commission is depicted above. Performance criteria of
all the Directors of the Board is as per the Nomination and Remuneration Policy of the Company. Max Bupa Health Insurance Company Limited Director
Max Financial Services Limited Director & Chairman in Audit Committee
SERVICE CONTRACTS, NOTICE PERIOD AND SEVERANCE FEES
Max India Limited Director & Member in Audit Committee
The employment of Managing Director shall terminate automatically in the event of his ceasing to be a Director of the Company in the
Max Life Insurance Company Limited Director & Member in Audit Committee
General Meeting and/or in the event of his resignation as a Director of the Company and subsequent acceptance of the resignation
by the Board and no severance fee is payable to the Managing Director. Notice period shall be as per the appointment letter issued Max Ventures and Industries Limited Director & Member*
by the Company at the time of joining. Mr Rajiv Dewan
The Independent Directors do not hold any convertible instrument of the Company. Further, during the financial year 2019-20 the Name of Companies, Associations and Firms Position held/ interest
Company has neither advanced any loan nor granted any stock options to any of its directors. Mrs. Bectors Food Specialities Limited Director & Chairman**
The Company has also taken Directors’ and Officers’ (D&O) Liability Insurance to protect its Directors’/ officers and their spouses’ R Dewan & Co Partner
personal liability for financial losses that may arise out of their unintentional wrongful acts.

Mr Deepak Nanda The Company generally publishes its financial results in Business Standard and Punjabi Jagran. During the year under review, the
Company published its financial results in the following newspapers:
Name of Companies, Associations and Firms Position held/ interest
Chandigarh Region Innovation & Knowledge Cluster [Punjab University] Member Financial Results Newspapers Date of publication
District Cricket Association, Barnala Chairman Unaudited financial results for the quarter Business Standard August 5, 2019
M D E-Infra Consultants Private Limited Director & Shareholding> 2 % ended June 30, 2019 Punjabi Jagran August 5, 2019
Unaudited financial results for the quarter Business Standard November 4, 2019
SME Business Services Limited Shareholding> 2 %
and half year ended September 30, 2019 Punjabi Jagran November 4, 2019
Mr Amandeep@ Unaudited financial results for the quarter Business Standard January 30, 2020
Name of Companies, Associations and Firms Position held/ interest and nine months period ended December Punjabi Jagran January 30, 2020
Radhikapur (West) Coal Mining Private Limited Nominee Director 31, 2019
CJ Darcl Logistics Limited Director & Chairman** Audited financial results for the quarter - Due to prevailing Covid-19 pandemic, Company has not
and year ended March 31, 2020 published the results in the newspaper(s) as required by
Phonon Solutions Private Limited Director
Regulation 47 of the SEBI (Listing Obligations and Disclosures
Transrail Logistics Limited Director Requirements) Regulations, 2015, as per relaxations provided
Daffodil Software Private Limited Director by SEBI vide its circular SEBl/HO/CFD/CMD1/CIR/P/2020/79,
Versatile HR Solutions Private Limited Director & Partner dated May 12, 2020.
*Member in Audit and Stakeholders Relationship Committee. c) Compliance Officer
** Chairman in Audit and Stakeholders Relationship Committee.
The Board has appointed following officials as compliance officers of the Company.
@ Mr Amandeep has resigned from the Directorship of Trident Limited w.e.f April 6, 2020.
Ms Ramandeep Kaur, Company Secretary (e-mail ID: cs@tridentindia.com)
A brief profile of the Directors is given in the annual report, which forms part of the Corporate Governance report.
Mr Hari Krishan, Deputy Company Secretary (e-mail ID: harikrishan@tridentindia.com)
EVALUATION OF DIRECTORS The compliance officers can be contacted for any investor related matters relating to the Company at Contact no. 1800-180-2999
(Toll Free) and fax no. +91-161-5039900.
The performance evaluation of the Board, Committees of the Board and Individual Directors including Independent Directors is done
by the Nomination & Remuneration Committee and Board of Directors, excluding the director being evaluated, as per criteria detailed d) Annual General Body Meetings of the Company
in Nomination & Remuneration Policy of the Company. Details of last three Annual General Meetings of the Company is given hereunder:
The Salient features of Nomination & Remuneration Policy of the Company are provided in Annexure - III to the Directors’ Report and AGM Day, Date and Time Venue Special Resolutions passed
complete policy is duly available on the website of the Company at following link : 29th Monday, September Trident Group, i) To approve payment of Commission to Mr Rajinder Gupta, Non- Executive
https://www.tridentindia.com/webroot/reports/5cf0f94d582af_1559296333_NRPolicy.pdf 30, 2019 at 11:00 AM Sanghera Director of the Company
ii) To approve annual remuneration payable to a single non-executive
MANAGEMENT director in excess of the limit of 50% of the total annual remuneration
The Management Discussion and Analysis report is given in the annual report, which forms part of this Corporate Governance report. payable to all non-executive directors
iii) To approve re-appointment of Ms Pallavi Shardul Shroff (DIN: 00013580)
SHAREHOLDERS as an Independent Director
a) Disclosures regarding appointment/ re-appointment of Directors iv) To approve re-appointment of Mr Rajiv Dewan (DIN: 00007988) as an
Independent Director
Pursuant to the Companies Act, 2013 and Articles of Association of the Company, all the directors on the Board of the Company v) To approve appointment and remuneration of Mr Amandeep (DIN:
(other than Independent Directors) shall retire from office at the completion of the Annual General Meeting. Accordingly, Mr 00226905) as a Managing Director
Rajinder Gupta (DIN: 00009037)and Mr Deepak Nanda(DIN: 00403335) shall retire at the forthcoming Annual General Meeting vi) To approve appointment and remuneration of Mr Deepak Nanda (DIN:
and they also have offered themselves for re-appointment. The Nomination & Remuneration Committee and Board of Directors 00403335) as a Whole-time Director
have recommended re-appointment of aforesaid directors.
vii) To approve raising of finance
Further, Ms Pooja Luthra (DIN:03413062), has been appointed by the Board w.e.f April 6, 2020 as an Additional Director (Non- viii) To approve raising of funds by way of Non-Convertible Debentures (NCD)
Executive Non-Independent) of the Company. Her candidature has been received by the Company for regularization as a Director ix) To approve alteration in capital clause of the Memorandum of Association
of the Company, in the ensuing Annual General Meeting to be held on July 9, 2020. The Nomination & Remuneration Committee of the Company
and Board of Directors have recommended the appointment of Ms Pooja Luthra as a Director of the Company. x) To approve alteration in Articles of Association of the Company
xi) To approve amendment of Trident Employee Stock Options Plan, 2007
b) Means of communication
pursuant to sub-division of Equity Shares of the Company
The quarterly, half yearly and annual financial results and quarterly shareholding pattern are posted on Company’s official website xii) To approve amendment of Trident Employee Stock Option Scheme, 2015
www.tridentindia.com. As per the requirements of the provisions of SEBI (LODR) Regulations, 2015, the Company also provides pursuant to sub-division of Equity Shares of the Company
information to the stock exchanges and updates its website on regular basis to include new developments in the Company. All 28th Friday, September 14, Trident Group, i) To approve raising of finance
material information including press releases, corporate presentations and Investors presentations etc. about the Company are 2018 at 11:00 AM Sanghera ii) To approve raising of funds by way of Non-Convertible Debentures (NCD)
promptly sent to the stock exchanges where the Equity Shares of the Company are listed for the information of investors and iii) To approve annual remuneration payable to a single non-executive
analysts. Simultaneously, the same is also uploaded on the Company’s official website www.tridentindia.com. director in excess of the limit of 50% of the total annual remuneration
payable to all non-executive directors
Full version of the annual report including the notice of Annual General Meeting, Management’s Discussion and Analysis Report,
Corporate Governance Report, Financial Statements along with the notes thereon, Directors’ Report and Auditors’ Report are iv) To approve alteration in Articles of Association of the Company
sent to the shareholders electronically within the stipulated time and are also uploaded on Company’s official website at the 27th Saturday, September Trident Group, i) To approve payment of Commission to Independent Directors of the
following link : https://tridentindia.com/webroot/reports/AnnualReportFY20.pdf 23, 2017 at 11:30 AM Sanghera Company
ii) To approve raising of finance
iii) To approve raising of funds by way of Non-Convertible Debentures (NCD)

e) Postal Ballot: No resolution was passed through fraud, improper practices or wrongful conduct may report f) Listing on Stock Exchanges and Stock code
postal ballot during financial year 2018-19 and 2019- the same to the Audit Committee through email on the As on March 31, 2020, the equity shares of the Company were listed on the following exchanges with the following stock codes :
20. email ID: whistleblower@tridentindia.com. No personnel
None of the businesses proposed to be transacted at is denied access to the Audit Committee and whistle Sr. Name of Stock Exchanges Stock code Reuters code Bloomberg
the ensuing Annual General Meeting require passing blower policy protects such whistle blowers from adverse No.
a resolution through Postal Ballot thus no disclosure personnel action. 1 BSE Limited
521064 TRIE.BO TRID:IN
regarding procedure of postal ballot has been given in this d) Familiarization Program for Independent Directors Phiroze Jeejeebhoy Towers, Dalal Street Mumbai - 400 001
report. 2 National Stock Exchange of India Limited TRIDENT TRIE.NS TRID:IN
The details of familiarization program for Independent
Also, the Company in its meeting held on May 16, 2020, Directors are available on the official website of the Exchange Plaza, Plot No. C/1 G Block, Bandra Kurla Complex,
has considered and approved the request received from Company at the following link: Bandra (E), Mumbai – 400 051
M/s Lotus Global Foundation, shareholder in Promoter
https://www.tridentindia.com/webroot/reports/5e6b135a
Group category of the Company, for re-classifying them g) Market Price Data
279f3_1584075610_2019-20-Familirisation%20Program_
from “Promoter & Promoter Group” category to “Public” Monthly high and low prices of equity shares of Trident Limited at the BSE Limited (BSE) and at the National Stock Exchange of
Trident%20Limited.pdf
category. The Board will seek the approval of members of India Limited (NSE) during the year under review in comparison to BSE (Sensex) and NSE (Nifty) are given hereunder:
the Company through postal ballot. e) Material Subsidiary
The Company has duly adopted Policy for determining Month BSE NSE
DISCLOSURES
material subsidiary. The same is available on the official Share Prices Sensex Share Prices Nifty
Volume Volume
a) Related party transactions website of the Company at the following link: High Low High Low High Low High Low
There was no material related party transaction, pecuniary https://www.tridentindia.com/webroot/ April 2019 72.5 65 1464908 39487.45 38460.25 72.9 65 8988959 11856.15 11549.10
transaction or relationship between the Company and reports/5e70b3ebc93d2_1584444395_Policy%20for%20 May 2019 71.6 60.7 2045919 40124.96 36956.1 71.7 60.5 14801546 12041.15 11108.30
its Directors, promoters or the management that may Determining%20Material%20Subsidiary.pdf June 2019 69.15 61.85 1091719 40312.07 38870.96 69.1 61.9 10166572 12103.05 11625.10
have potential conflict with the interests of the Company July 2019 63.5 52.15 1328102 40032.41 37128.26 63.5 52 10014956 11981.75 10999.40
Based on criteria mentioned in provisions of SEBI (LODR)
at large. The details of related party transactions are August 2019 59 52.85 844711 37807.55 36102.35 58.9 52.9 9980631 11181.45 10637.15
Regulations, 2015 and Policy for determining material
detailed in the notes to the Financial Statements disclosed September 2019 63.8 55 969007 39441.12 35987.8 63.5 54.9 6615377 11694.85 10670.25
subsidiary, the Company do not have any material
as per applicable Accounting Standards.
subsidiary as on March 31, 2020. October 2019 6.26 5.5 56872550 40392.22 37415.83 6.25 5.5 5009540 11945.00 11090.15
Also in compliance with Regulation 23 of the SEBI (LODR) November 2019 6.75 5.87 146973100 41163.79 40014.23 6.78 5.87 13163990 12158.80 11802.65
Regulations, 2015, the details of Related party are being f) Disclosures in relation to the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and December 2019 8.4 6.37 151267245 41809.96 40135.37 8.45 6.4 13946454 12293.90 11832.30
filed with Stock exchanges on quarterly basis & have been
Redressal) Act, 2013: January 2020 7.8 6.23 12756729 42273.87 40476.55 7.8 6.1 148546125 12430.50 11929.60
duly disseminated on the website of stock exchanges i.e
BSE & NSE. February 2020 6.5 5.53 12428591 41709.3 38219.97 6.55 5.5 153567493 12246.70 11175.05
a. number of complaints filed during the financial year
: Nil March 2020 6 3.05 18399134 39083.17 25638.9 5.7 3.05 126887881 11433.00 7511.10
i) All details relating to financial and commercial
During the period under review, the equity shares of the Company, have been sub-divided from existing face value of ` 10/- per equity share to face value of ` 1/- per equity
transactions, where directors may have a potential b. number of complaints disposed of during the share based on approval by the shareholders in its 29th Annual General Meeting held on September 30, 2019. The Record Date for effecting this sub-division of equity share
interest are considered, recommended and approved by financial year: Nil was December 16, 2019. Pursuant to this sub-division, old ISIN No- INE 064C01014 has been replaced with new ISIN i.e INE 064C01022
the Audit Committee. Such transactions are thereafter c. number of complaints pending as on end of the Source: www.bseindia.com & www.nseindia.com
approved by the Board of Directors and, if required, financial year: Nil Sensitivity at BSE/NSE
by the Shareholders of the Company. The interested
directors are not present in the meeting at the time of GENERAL SHAREHOLDERS INFORMATION
250
discussion on such agenda items and do not participate in The following information would be useful to our shareholders:
the discussion or decision on such matters.
a) Annual General Meeting
ii) Policy on Materiality of and dealing with Related 200
Party Transactions has been duly adopted by the Date July 9, 2020
Company and the same is uploaded on the official Day Thursday
website of the Company. The same can be accessed 150
Time 11:00 AM
on the following link: https://www.tridentindia. Venue Through Video Conferencing (VC) /
com/webroot/reports/592529ef1bd42_1495607791_ 100
Other Audio Visual Means (OAVM)
Policy%20on%20Materiality%20of%20and%20
d e a l i n g % 2 0 w i t h % 2 0 R e l a te d % 2 0 Pa r t y % 2 0 b) Financial calendar
Transactions.pdf
Next financial year April 1, 2020 to March 31, 2021 50
b) Compliances made by the Company c) Dividend Payment Date: Not Applicable
The Company has continued to comply with the d) The financial results will be adopted as per the 0
Feb'20
Nov'19
June'19
Sep'19
July'19
Apr'19
May'19
Mar'20
Aug'19
Jan'20
Oct'19
Dec'19
requirements as specified in Regulation 17 to 27 & following tentative schedule:
Regulation 46(2)(b) to 46(2)(i) alongwith other applicable
provisions of the SEBI (LODR) Regulations, 2015 and other For the quarter ended July 2020 (3rd week)
statutory authorities on all matters related to capital June 30, 2020
TRIDENT SENSEX NIFTY
market and no penalties or strictures have been imposed For the quarter and half year October 2020 (3rd week)
on the Company by the stock exchanges, SEBI or any ended September 30, 2020
Note: Base 100 = April 1, 2019 for both SENSEX & NIFTY
other authority on any matter related to capital market For the quarter and nine months January 2021 (3rd week)
during the last three years. ended December 31, 2020
h) Registrar and Share Transfer Agent
Further, the Board has accepted all recommendations of 'PSUIF2VBSUFSBOEZFBSFOEFE May 2021 (3rd week)
the committees during the year under review. March 31, 2021 M/s Alankit Assignments Limited, New Delhi is the Registrar and Share Transfer Agent of the Company for handling the share
transfer work both in physical and electronic form. All correspondences relating to share transfer, transmission, dematerialisation
c) Whistle Blower Policy e) Listing fees and rematerialisation can be made at the following address:
The Company has adopted Vigil Mechanism & Whistle Due to prevailing Covid-19 pandemic, both NSE and BSE Alankit Assignments Limited
Blower Policy in which any Employee, Director, Stakeholder have extended due date for payment of Listing fees for
who observes any unethical behavior, actual or suspected the year 2020-21. The Company shall be paying the fee (unit: Trident Limited), 205-208, Anarkali Complex, Jhandewalan Extension, New Delhi -110 055
within the stipulated timelines. Tel : +91 – 11 - 23541234, 42541234, Fax No. : +91 – 11 – 41543474, Email : rta@alankit.com

i) Share Transfer System n) Share transfer/demat requests in process

All share transfers, physical as well as electronic, were handled by M/s Alankit Assignments Limited, Registrar and Share Transfer As on March 31, 2020, no requests for transfer or dematerialisation of shares were in process.
Agent of the Company at Alankit Heights, 1E/13, Jhandewalan Extension, New Delhi – 110 055.
o) Stock options
j) Distribution of shareholding The Company has granted options to its employees under Trident Employee Stock Options Plan, 2007. The Company has made
As on March 31, 2020 the distribution of shareholding was as follows: two grants under the scheme till date. The first grant was made on July 9, 2007 and second grant was made on July 23, 2009
by the erstwhile Compensation Committee as per the terms and conditions of Employee Stock Options Plan, 2007. As per the
Shareholding of nominal value in ` Shareholders Shareholding terms of the plan, the Company can allot a maximum of 9,70,97,330 options to eligible employees from time to time. One option
Number Percent Shares Percent entitles the participant for one equity share of the Company subject to fulfillment of vesting criteria. Since these are the options
Upto 5000 130118 85.98 16,41,02,306 3.22 given to participants, the exact impact on the paid up capital of the Company depends on exercise of rights of participants to
convert these options into equity shares of the Company. As on March 31, 2020 Nil options were outstanding and in force.
5,001 to 10,000 11106 7.34 8,91,12,633 1.75
10,001 to 20,000 5411 3.57 8,12,20,875 1.59 The Company had also introduced Trident Employee Stock Options Scheme, 2009 and Trident Employee Stock Options Scheme,
20,001 to 30,000 1749 1.16 4,47,87,460 0.88 2015, by way of trust route, after the approval of shareholders in their meeting held on August 27, 2009 and September 12, 2015,
respectively. The Company has not yet implemented the said scheme and there has not been any grant under these both schemes
30,001 to 40,000 720 0.48 2,58,42,887 0.51
till date. The disclosures as required under the SEBI (Share Based Employee Benefits) Regulations, 2014 has been given on the website
40,001 to 50,000 645 0.42 3,05,38,991 0.6 of the Company under the following link: https://www.tridentindia.com/webroot/reports/5ee843d7a1d6e_1592280023_2020-%20
50,001 to 100,000 918 0.61 6,79,37,626 1.33 Disclosure%20under%20Regulation%2014%20of%20SEBI%20(SBEB)%20Regulation,%202014.pdf
100,001 and above 675 0.44 4,59,24,12,892 90.12 During the period under review, Stock option has not been issued by the Company to any official personnel.
TOTAL 151342 100 5,09,59,55,670 100
p) Trident Limited – Unclaimed Securities Suspense Account
k) Category wise shareholding as on March 31, 2020
After merger of Varinder Agro Chemicals Limited and Trident Infotech Limited with Trident Limited, the Company had allotted
Category No of shares Percent of fully paid equity shares of Trident Limited in lieu of shares held by the shareholders of these companies in the ratio approved
held shareholding in respective schemes of amalgamation. The certificates in respect of shares held by them in these transferor companies
PROMOTER AND PROMOTER GROUP are deemed to have been automatically cancelled and are of no effect. The Company had sent individual letters to all the
Indian Promoters 36,21,430,740 71.06 shareholders of these companies to claim their undelivered/ unclaimed share certificates of Trident Limited.
INSTITUTIONAL INVESTORS The unclaimed shares on this account as lying to the credit of “Trident Limited - Unclaimed Securities Suspense Account” at the
Mutual Funds 3,57,994 0.01 end of the year are as follows:
Banks, Financial Institutions/FIIs 10,67,36,359 2.09
Particulars No of No of Shares*
OTHERS Shareholders
Corporate Bodies/ Trust 67,30,54,444 13.21 Balance at the beginning of the year [A] 11,550 5,42,35,370
Resident Individuals/ Clearing Member/NRI 69,43,76,133 13.63 Additions made during the year [B] - -
GRAND TOTAL 5,09,59,55,670 100.00 Total [C] = [A] + [B] 11,550 5,42,35,370
l) Dematerialisation of shares and Liquidity Shareholders who approached Company for transfer of shares from suspense account 169 8,05,930
during the year [D]
The equity shares of the Company are compulsory traded and settled in the dematerialised form under ISIN: INE 064C01022*.
Total no of shares debited from Suspense Account [E] 169 8,05,930
The details of the equity shares of the Company dematerialised as on March 31, 2020 is given hereunder:
Balance at the end of the year [F] = [C] - [E] 11,381 5,34,29,440
Particulars As on March 31, 2019* As on March 31, 2020 *During the period under review, the equity shares of the Company, have been sub-divided from existing face value of ` 10/- per equity share to face value of ` 1/- per
No of Shares Percent No of shares Percent equity share based on approval by the shareholders in its 29th Annual General Meeting held on September 30, 2019. The Record Date for effecting this sub-division of equity
No of shares dematerialized share was December 16, 2019. Pursuant to this sub-division, old ISIN No- INE 064C01014 has been replaced with new ISIN i.e INE 064C01022
-NSDL 14,96,10,528 29.36 1,51,07,70,445 29.65
The shareholders of these transferor companies who have not received the shares of Trident Limited may approach the Company
-CDSL 35,72,59,617 70.11 3,55,99,65,815 69.86
or M/s Alankit Assignments Limited, the Registrar and Share Transfer Agent of the Company, with their correct particulars and
No of shares in Physical Form : 27,25,422 0.53 2,52,19,410 0.49 proof of their identity for crediting of shares from the Unclaimed Securities Suspense Account to their individual demat account
TOTAL 50,95,95,567 100.00 5,09,59,55,670 100.00 or issue in physical form. The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the
There are no convertible instruments outstanding as on March 31, 2020. Further, the Company has not issued any American shares.
Depository Receipt/Global Depository Receipt till date.
*During the period under review, the equity shares of the Company, have been sub-divided from existing face value of ` 10/- per equity share to face value of ` 1/- per
q) Unclaimed Dividend & Equity Shares
equity share based on approval by the shareholders in its 29th Annual General Meeting held on September 30, 2019. The Record Date for effecting this sub-division of equity The Details regarding dividends are as under:
share was December 16, 2019. Pursuant to this sub-division, old ISIN No- INE 064C01014 has been replaced with new ISIN i.e INE 064C01022
m) Correspondence received/resolved Financial Year Dividend Date of Declaration Due date for transfer to IEPF
2013-14 Final September 24, 2014 October 31, 2021
Nature Number of letters (April 2019 - March 2020) 2014-15 1st Interim August 6, 2014 September 12, 2021
Received Attended Pending 2nd Interim February 12, 2015 March 21, 2022
Transfer of Shares 57 57 0 2015-16 1st Interim July 27, 2015 September 2, 2022
Dividend/ Revalidation 324 324 0 2nd Interim October 27, 2015 December 3, 2022
Loss of Shares 71 71 0 Final September 9, 2016 October 16, 2023
SEBI/ Stock Exchange 14 14 0
2016-17 1st Interim August 7, 2016 September 13, 2023
Change of Address/ Status/ Mandate 170 170 0
2nd Interim January 18, 2017 February 24, 2024
Conversion 338 338 0
Final September 23, 2017 October 30, 2024
Misc like Demat/ Nomination/ POA/ Transmission etc 148 148 0
2017-18 1st Interim August 12, 2017 September 18, 2024
TOTAL 1122 1122 0
2nd Interim January 29, 2018 March 7, 2025
During the financial year 2019-20, 14 complaints were received from the shareholders. All complaints have been redressed to the Final September 12, 2018 October 19, 2025
satisfaction of the shareholders and none of them were pending as on March 31, 2020.

Financial Year Dividend Date of Declaration Due date for transfer to IEPF Z) During the period under review, funds have not been raised by the Company through preferential allotment or qualified
2018-19 1st Interim August 7, 2018 September 13, 2025 instituitional placement as specified under Regulation 32 (7A).
2nd Interim October 15, 2018 November 21, 2025 Compliance status with mandatory and discretionary requirements of provisions of SEBI (LODR) Regulations, 2015
3rd Interim January 15, 2019 February 21, 2026 Mandatory requirements
Final September 30, 2019 December 4, 2026
The Company has complied with all the mandatory requirements entered into with Stock Exchanges and SEBI (LODR) Regulations,
2019-20 1st Interim August 3, 2019 October 6, 2026
2015.
2nd Interim November 2, 2019 January 6, 2026
3rd Interim February 20, 2020 April 18, 2027 Discretionary requirements
The above unclaimed dividends shall be transferred to the Investor Education and Protection Fund as per the applicable provisions. Compliance status with Discretionary requirements is as under:
The shareholders having claims w.r.t. above unpaid dividends may approach the Company or M/s Alankit Assignments Limited, a) The Non-executive Chairperson is entitled to maintain a chairperson’s office at the Company’s expense and also allowed to
the Registrar and Share Transfer Agent of the Company. The information regarding unclaimed and unpaid amounts as on date of reimbursement of the expenses incurred in performance of her duties.
last Annual General Meeting has been uploaded on the official website of the Company as well as on the website of the Ministry b) Presently, half yearly financial performance is not being sent to each household of shareholders. However, Company on
of Corporate Affairs. The information relating to unclaimed and unpaid dividend as on the date of forthcoming Annual General quarterly basis sends financial results to all shareholders who have registered their e-mail ids with depositories/ RTA/
Meeting shall be uploaded within the prescribed time. Company.
In accordance with the provisions of Section 124(6) of the Act read with the Investor Education and Protection Fund Authority c) No modified opinion has been expressed on the Financial Statements for the year ended March 31, 2020 by the Statutory
(Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, the Company has transferred in the name of IEPF Authority Auditors of the Company.
all shares in respect of which dividend has not been paid or claimed for 7 (seven) consecutive years or more. Any person, whose
unclaimed or unpaid amount, alongwith shares, if any, has been transferred by the company to IEPF Authority may claim their d) The Internal Auditor directly provides its report to the Audit Committee.
refunds from the IEPF Authority by accessing following link : http://www.iepf.gov.in/IEPF/refund.html Annexure to Corporate Governance Report
r) Nomination 1. Certificate of company secretary in practice on compliance of conditions of Corporate Governance is duly enclosed with this
report as Annexure-A.
Shareholders holding shares in physical form and desirous of making nomination in respect of their shareholding in the Company
are requested to submit their request to the Company in Form SH - 13. Shareholders holding shares in demat form may contact 2. Certificate from company secretary in practice that none of the directors on the board of the company have been debarred
their Depository Participant for the purpose. or disqualified from being appointed or continuing as directors is duly enclosed with this report as Annexure-B.
s) The Company has paid total fees of ` 11.0 million for the financial year 2019-20, for all services, on a consolidated basis for the 3. Managing Director certification on Compliance with Code of Conduct by Board of Directors and senior management
Company and its subsidiaries, to the statutory auditor and all entities in the network firm/network entity of which the statutory personnel is duly enclosed with this report as Annexure-C.
auditor is a part.
u) Details of credit ratings obtained by the Company
Name of Rating agency : CRISIL Limited
Facilities Amount Rating Remarks
Bank Loan Long Term Rating-CRISIL AA-/Stable
` 4000 Crore Assigned
Short Term Rating-CRISIL A1+
Commercial Paper ` 150 Crore CRISIL A1+ Assigned
v) Plant locations
The Company’s manufacturing facilities are located at the following locations:
Textiles Division Paper and Chemicals Division
Trident Group, Sanghera – Trident Complex, Trident Complex, Trident Complex,
148 101 Punjab Mansa Road, Dhaula, Hoshangabad Road, Budni, Mansa Road, Dhaula,
Barnala - 148 107 Punjab Sehore-466 445 Madhya Pradesh Barnala - 148 107 Punjab
w) Address of subsidiaries x) Address for correspondence

TRIDENT GLOBAL CORP LIMITED TRIDENT EUROPE LIMITED TRIDENT LIMITED
CIN - U17200PB2011PLC035427 (Company No. 09890053) CIN - L99999PB1990PLC010307
Trident Group, Sanghera – 148 101 First Floor, Sovereign House, Trident Group, Sanghera – 148 101, India
Punjab, India Stockport Road, Cheadle Contact no. 1800-180-2999, Fax no. +91-161-5039900
Cheshire, England – SK82EA E-mail ID: investor@tridentindia.com,
website: www.tridentindia.com
y) Commodity Price Risk or Foreign Exchange Risk and Hedging Activities
1. Risk management policy of the listed entity with respect to commodities including through hedging :
The Company prudently hedges the Foreign Exchange Risk as per Risk Management Policy of the Company.
2. Exposure of the listed entity to commodity and commodity risks faced by the entity throughout the year: There is no
exposure in commodity derivatives
a. Total exposure of the listed entity to commodities in ` : Nil
b. Exposure of the listed entity to various commodities : Nil
c. Commodity risks faced by the listed entity during the year and how they have been managed : Nil

Annexure - A Annexure - B
Certificate on Corporate Governance Certificate of Non-Disqualification of Directors
(Pursuant to Regulation 34(3) and clause (10)(i) of Para C of Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015)
To
To,
The Members of Trident Limited The Members,
We, Vinod Kothari & Company, have examined the compliance of Corporate Governance by Trident Limited (“the Company”) for Trident Limited
the period between April 1, 2019 and March 31, 2020, as stipulated in Regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Trident Group, Sanghera - 148101, India
regulation 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”). We, M/s Vinod Kothari & Company, have examined the relevant registers, records, forms, returns and disclosures received from the
directors of Trident Limited having CIN L99999PB1990PLC010307 and having registered office at Trident Group, Sanghera - 148101,
The compliance of conditions of Corporate Governance is the responsibility of the Management of the Company. Our examination India (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in
was limited to review of the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the accordance with Regulation 34(3) read with Sub-clause 10(i) of Para-C of Schedule V the Securities Exchange Board of India (Listing
conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company. Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the explanations given to us and based on the representation In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
made by the directors, the management and the Company’s officers, we certify that the Company has complied with the conditions status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we
of Corporate Governance as stipulated in the above-mentioned Listing Regulations. hereby certify that none of the directors on the Board of the Company as stated below for the financial year ending on 31st March,
2020 have been debarred or disqualified from being appointed or continuing as directors of the Company by the Securities and
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or Exchange Board of India, Ministry of Corporate Affairs or any such other statutory authority.
effectiveness with which the management has conducted its affairs.
Sr. No. Name of the Director Director Identification Number Date of Appointment
1 Ms.Pallavi Shardul Shroff 00013580 28/03/2002
2 Mr.Rajinder Gupta 00009037 25/10/2012
3 Mr. Deepak Nanda 00403335 12/11/2011
For M/s Vinod Kothari & Company 4 Mr. Rajiv Dewan 00007988 14/05/2005
Company Secretaries in Practice 5 Mr. Dinesh Kumar Mittal 00040000 12/08/2017
6 Mr. Amandeep 00226905 03/08/2019
Nitu Poddar Ensuring the eligibility for the appointment / continuity of every director on the Board is the responsibility of the management of the
Senior Associate Company. Our responsibility is to express an opinion based on our verification. This certificate is neither an assurance as to the future
Place: Kolkata Membership No. A37398 viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.
Date: June 11, 2020 C.P. No. 15113
For M/s Vinod Kothari & Company

Company Secretaries in Practice
Nitu Poddar
Senior Associate
Membership No. A37398
Place: Kolkata C.P. No. 15113
Date: June 11, 2020 UDIN: A037398B000336334
Annexure - C
Compliance with Code of Conduct
The Company has adopted “Combined Code of Corporate Governance & Conduct”. This code deals with the ‘Governance Practices’
which the Company is expected to follow and ‘Code of Conduct’ for Board members and Senior Management of the Company.
It is hereby affirmed that during the year 2019-20, all the Directors and Senior Managerial personnel have complied with the Code of
Conduct and have given a confirmation in this regard.
(Deepak Nanda)
Managing Director
Date : May 16, 2020 DIN: 00403335

Independent Auditor’s Report
Independent Auditor’s Report Key audit matter

Assessment of Impairment of Sheeting Division (as described in
The Company had setup its sheeting division in the year 2015-16.
How our audit addressed the key audit matter
note 52 of the standalone Ind AS financial statements)
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This division manufactures various line of bed sheets. The division over the assessment of the carrying value of property, plant
To the Members of Trident Limited the Rules thereunder, and we have fulfilled our other ethical has been incurring losses, although the division has earned profit and equipment and other non-current assets to determine
responsibilities in accordance with these requirements and the before interest and depreciation during current year as well as whether any asset impairment was required.
REPORT ON THE AUDIT OF THE STANDALONE IND AS
Code of Ethics. We believe that the audit evidence we have previous year. Also, considering the uncertain economic situation
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FINANCIAL STATEMENTS
obtained is sufficient and appropriate to provide a basis for our due to global pandemic which may impact the future profitability Company’s assumptions and estimates used to determine the
Opinion audit opinion on the standalone Ind AS financial statements. projections due to change in assumptions, there is a risk that the
recoverable amount of the sheeting division, including those
We have audited the accompanying standalone Ind AS financial carrying value of related property, plant and equipment (PPE) andrelating to long-term growth rates, margins and discount
Emphasis of Matter
statements of Trident Limited (“the Company”), which comprise other non-current assets of the division may be higher than theirrates with reference to external data such as economic and
the Balance sheet as at March 31 2020, the Statement of Profit We draw attention to Note 53 to the Standalone Ind AS recoverable amount. industry forecasts, comparable companies as well as internally
and Loss, including the statement of Other Comprehensive Financial Statements, which describes the uncertainties and
The carrying value of PPE and other non-current assets of the developed discount rates.
the impact of Covid-19 pandemic on the Company’s operations
Income, the Cash Flow Statement and the Statement of Changes above division as at March 31, 2020 is ` 4,500.7 million. ó 8FUFTUFE POBTBNQMFCBTJT UIFNBUIFNBUJDBMBDDVSBDZPG
in Equity for the year then ended, and notes to the standalone and results as assessed by the management. Our opinion is not
Our audit focused on this area because of the relative significance the cash flow models and agreed relevant data to approved
Ind AS financial statements, including a summary of significant modified in respect of this matter.
of the amount invested in above PPE and other non-current budgets and latest forecasts.
accounting policies and other explanatory information. Key Audit Matters assets to the standalone Ind AS financial statements and the fact ó 8F QFSGPSNFE TFOTJUJWJUZ BOBMZTJT JO SFMBUJPO UP UIF LFZ
In our opinion and to the best of our information and according Key audit matters are those matters that, in our professional that assessment of recoverable value for impairment assessment assumptions, with particular focus on drivers of the growth
to the explanations given to us, the aforesaid standalone Ind judgment, were of most significance in our audit of the requires management to make a number of key judgements and rates, margins and discount rate used in the impairment
AS financial statements give the information required by the standalone Ind AS financial statements for the financial year estimates with respect to the future performance, profitability and models.
Companies Act, 2013, as amended (“the Act”) in the manner ended March 31, 2020. These matters were addressed in usage including judgements and estimates on future growth rates
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so required and give a true and fair view in conformity with the the context of our audit of the standalone Ind AS financial of revenue and the impact of the general economic environment
52 to the standalone Ind AS financial statements.
accounting principles generally accepted in India, of the state of statements as a whole, and in forming our opinion thereon, (including competitors).
affairs of the Company as at March 31, 2020, its profit including and we do not provide a separate opinion on these matters.
Other Information includes maintenance of adequate accounting records in
other comprehensive income, its cash flows and the changes in For matter below, our description of how our audit addressed
The Company’s Board of Directors is responsible for the accordance with the provisions of the Act for safeguarding of
equity for the year ended on that date. the matter is provided in that context. the assets of the Company and for preventing and detecting
other information. The other information comprises the
Basis for Opinion We have determined the matter described below to be the information included in the Annual report, but dœs not include frauds and other irregularities; selection and application
key audit matter to be communicated in our report. We the standalone Ind AS financial statements and our auditor’s of appropriate accounting policies; making judgments and
We conducted our audit of the standalone Ind AS financial estimates that are reasonable and prudent; and the design,
have fulfilled the responsibilities described in the Auditor’s report thereon.
statements in accordance with the Standards on Auditing (SAs), implementation and maintenance of adequate internal financial
as specified under Section 143(10) of the Act. Our responsibilities responsibilities for the audit of the standalone Ind AS financial Our opinion on the standalone Ind AS financial statements dœs controls, that were operating effectively for ensuring the
under those Standards are further described in the ‘Auditor’s statements section of our report, including in relation to this not cover the other information and we do not express any accuracy and completeness of the accounting records, relevant
Responsibilities for the Audit of the Standalone Ind AS Financial matter. Accordingly, our audit included the performance of form of assurance conclusion thereon. to the preparation and presentation of the standalone Ind AS
Statements’ section of our report. We are independent of the procedures designed to respond to our assessment of the risks financial statements that give a true and fair view and are free
In connection with our audit of the standalone Ind AS financial
Company in accordance with the ‘Code of Ethics’ issued by of material misstatement of the standalone Ind AS financial from material misstatement, whether due to fraud or error.
statements, our responsibility is to read the other information
the Institute of Chartered Accountants of India together with statements. The results of our audit procedures, including the and, in doing so, consider whether such other information is In preparing the standalone Ind AS financial statements,
the ethical requirements that are relevant to our audit of procedures performed to address the matter below, provide the materially inconsistent with the Standalone Ind AS financial management is responsible for assessing the Company’s ability
the financial statements under the provisions of the Act and basis for our audit opinion on the accompanying standalone statements or our knowledge obtained in the audit or to continue as a going concern, disclosing, as applicable, matters
Ind AS financial statements. otherwise appears to be materially misstated. If, based on the related to going concern and using the going concern basis of
work we have performed, we conclude that there is a material accounting unless management either intends to liquidate the
misstatement of this other information, we are required to Company or to cease operations, or has no realistic alternative
report that fact. We have nothing to report in this regard. but to do so.
Responsibilities of Management for the Standalone Ind AS Those charged with Governance are also responsible for
Financial Statements overseeing the Company’s financial reporting process.
The Company’s Board of Directors is responsible for the
Auditor’s Responsibilities for the Audit of the Standalone
matters stated in Section 134(5) of the Act with respect to the
Ind AS Financial Statements
preparation of these standalone Ind AS financial statements
that give a true and fair view of the financial position, financial Our objectives are to obtain reasonable assurance about
performance including other comprehensive income, cash flows whether the standalone Ind AS financial statements as a whole
and changes in equity of the Company in accordance with the are free from material misstatement, whether due to fraud
accounting principles generally accepted in India, including the or error, and to issue an auditor’s report that includes our
Indian Accounting Standards (Ind AS) specified under Section opinion. Reasonable assurance is a high level of assurance,
133 of the Act read with the Companies (Indian Accounting but is not a guarantee that an audit conducted in accordance
Standards) Rules, 2015, as amended. This responsibility also with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they From the matters communicated with those charged with (h) With respect to the other matters to be included iii. There has been no delay in transferring
could reasonably be expected to influence the economic governance, we determine those matters that were of most in the Auditor’s Report in accordance with Rule 11 amounts, required to be transferred, to the
decisions of users taken on the basis of these standalone Ind significance in the audit of the standalone Ind AS financial of the Companies (Audit and Auditors) Rules, 2014, Investor Education and Protection Fund by the
AS financial statements. statements for the financial year ended March 31, 2020 and as amended in our opinion and to the best of our Company.
are therefore the key audit matters. We describe these matters information and according to the explanations given
As part of an audit in accordance with SAs, we exercise
in our auditor’s report unless law or regulation precludes to us:
professional judgment and maintain professional skepticism
public disclosure about the matter or when, in extremely i. The Company has disclosed the impact of
throughout the audit. We also: For S.R. Batliboi & Co. LLP
rare circumstances, we determine that a matter should pending litigations on its financial position in its Chartered Accountants
ó *EFOUJGZBOEBTTFTTUIFSJTLTPGNBUFSJBMNJTTUBUFNFOUPG not be communicated in our report because the adverse standalone Ind AS financial statements – Refer ICAI Firm Registration Number: 301003E/E300005
the standalone Ind AS financial statements, whether due consequences of doing so would reasonably be expected to Note 32 to the standalone Ind AS financial
to fraud or error, design and perform audit procedures outweigh the public interest benefits of such communication. statements;
responsive to those risks, and obtain audit evidence that per Anil Gupta
is sufficient and appropriate to provide a basis for our Report on Other Legal and Regulatory Requirements ii. The Company did not have any long-term Partner
opinion. The risk of not detecting a material misstatement 1. As required by the Companies (Auditor’s Report) Order, contracts including derivative contracts for
Place of Signature: New Delhi Membership Number: 87921
resulting from fraud is higher than for one resulting from 2016 (“the Order”), issued by the Central Government of which there were any material foreseeable
Date: May 16, 2020 UDIN:20087921AAAABB3972
error, as fraud may involve collusion, forgery, intentional India in terms of Sub-Section (11) of Section 143 of the Act, losses;
omissions, misrepresentations, or the override of internal we give in the “Annexure 1” a statement on the matters
control. specified in paragraphs 3 and 4 of the Order.
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the audit in order to design audit procedures that are
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information
Annexure 1 referred to in paragraph 1 under the heading “Report on other legal
and regulatory requirements” of our report of even date
appropriate in the circumstances. Under Section 143(3)(i)
and explanations which to the best of our knowledge
of the Act, we are also responsible for expressing our
and belief were necessary for the purposes of our (i)(a) The Company has maintained proper records showing full and securities given in respect of which provisions of
opinion on whether the Company has adequate internal
audit; particulars, including quantitative details and situation of Section 185 of the Companies Act, 2013 apply and hence
financial controls with reference to financial statements in
property, plant and equipment. not commented upon. In our opinion and according to the
place and the operating effectiveness of such controls. (b) In our opinion, proper books of account as required
(i)(b) The Company has a program of verification of property, information and explanations given to us, there are no
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plant and equipment to cover most of the items in a
and the reasonableness of accounting estimates and appears from our examination of those books; Section 186 of the Companies Act, 2013 is applicable.
phased manner over a period of three years which, in
related disclosures made by management. (c) The Balance Sheet, the Statement of Profit and Loss our opinion, is reasonable having regard to the size of In our opinion and according to the information and
including the Statement of Other Comprehensive the Company and nature of its assets. Pursuant to the explanations given to us, provisions of Section 186 of the
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Income, the Cash Flow Statement and Statement of program, certain property, plant and equipment were Companies Act, 2013 in respect of guarantees given have
the going concern basis of accounting and, based on the
Changes in Equity dealt with by this Report are in physically verified by the management during the year. been complied with by the Company.
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast agreement with the books of account; According to the information and explanations given (v) The Company has not accepted any deposits within
significant doubt on the Company’s ability to continue to us, no material discrepancies were noticed on such the meaning of Sections 73 to 76 of the Act and the
(d) In our opinion, the aforesaid standalone Ind AS
as a going concern. If we conclude that a material verification. Companies (Acceptance of Deposits) Rules, 2014 (as
financial statements comply with the Accounting
uncertainty exists, we are required to draw attention (i)(c) According to the information and explanations given by amended). Accordingly, the provisions of clause 3(v) of
Standards specified under Section 133 of the Act,
in our auditor’s report to the related disclosures in the the management, the title deeds of immovable properties the Order are not applicable.
read with Companies (Indian Accounting Standards)
financial statements or, if such disclosures are inadequate, Rules, 2015, as amended; included in property, plant and equipment are held in the (vi) We have broadly reviewed the books of account
to modify our opinion. Our conclusions are based on the name of the Company. maintained by the Company pursuant to the rules made
audit evidence obtained up to the date of our auditor’s (e) On the basis of the written representations received by the Central Government for the maintenance of cost
(ii) The management has conducted physical verification of
report. However, future events or conditions may cause from the directors as on March 31, 2020 taken inventory at reasonable intervals during the year and records under Section 148(1) of the Companies Act, 2013,
the Company to cease to continue as a going concern. on record by the Board of Directors, none of the no material discrepancies were noticed on such physical related to the manufacture of its products and are of
directors are disqualified as on March 31, 2020 from verification. However, in respect of certain items, the the opinion that prima facie, the specified accounts and
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being appointed as a director in terms of Section 164 inventories were verified by the management on a visual records have been made and maintained. We have not,
the standalone Ind AS financial statements, including the
(2) of the Act; estimation which has been relied upon by us. Inventories however, made a detailed examination of the same.
disclosures, and whether the standalone Ind AS financial
statements represent the underlying transactions and (f) With respect to the adequacy of the internal lying with third parties have been confirmed by them as (vii)(a) Undisputed statutory dues including provident fund,
events in a manner that achieves fair presentation. financial controls over financial reporting of the at year end and no material discrepancies were noticed employees’ state insurance, income-tax, sales-tax, service
Company with reference to the standalone Ind AS in respect of such confirmations. tax, duty of custom, duty of excise, value added tax,
We communicate with those charged with governance goods and service tax, cess and other statutory dues have
financial statements and the operating effectiveness (iii) According to the information and explanations given to
regarding, among other matters, the planned scope and generally been regularly deposited with the appropriate
of such controls, refer to our separate Report in us, the Company has not granted any loans, secured
timing of the audit and significant audit findings, including authorities though there has been a slight delay in a few
“Annexure 2” to this report; or unsecured to companies, firms, limited liability
any significant deficiencies in internal control that we identify cases.
partnerships or other parties covered in the register
during our audit. (g) In our opinion, the managerial remuneration for the
maintained under Section 189 of the Companies Act, (vii)(b) According to the information and explanations given to us,
year ended March 31, 2020 has been paid / provided
We also provide those charged with governance with a 2013. Accordingly, the provisions of clause 3(iii) (a), (b) and no undisputed amounts payable in respect of provident
by the Company to its directors in accordance with
statement that we have complied with relevant ethical (c) of the Order are not applicable to the Company and fund, employees’ state insurance, income-tax, service
the provisions of Section 197 read with Schedule V to
requirements regarding independence, and to communicate hence not commented upon. tax, sales-tax, duty of custom, duty of excise, value added
the Act;
with them all relationships and other matters that may (iv) In our opinion and according to the information and tax, goods and service tax, cess and other statutory dues
reasonably be thought to bear on our independence, and explanations given to us, there are no loans, guarantees were outstanding, at the year end, for a period of more
where applicable, related safeguards. than six months from the date they became payable.

(vii)(c) According to the records of the Company, the dues of income-tax, sales-tax, service tax, duty of custom, duty of excise, value
added tax and cess on account of any dispute, are as follows: ANNEXURE 2 to the Independent Auditor’s Report of even date on the
Standalone Ind As Financial Statements of Trident Limited
Nature of Statute Nature of Dues Amount Period to which the Forum where
(` in million) Amount relate dispute is pending
Central Sales Tax Act, 1956 Sales tax 0.4 2010-11 MP Commercial Tax Report on the Internal Financial Controls under Clause (i) Meaning of Internal Financial Controls Over Financial
Appellate Board of Sub-Section 3 of Section 143 of the Companies Act, 2013 Reporting With Reference to these Financial Statements
Building and other construction Building Cess 8.1 From FY 2007 – 2009 High Court of Madhya (“the Act”) A company’s internal financial control over financial reporting
workers (regulation of employment and till June 30, 2017 Pradesh
We have audited the internal financial controls over financial with reference to these standalone financial statements is a
conditions of service) Act, 1996
reporting of Trident Limited (“the Company”) as of March 31, 2020 process designed to provide reasonable assurance regarding the
Income Tax Act, 1961 Income Tax 0.6 2013 - 14 ITAT in conjunction with our audit of the standalone Ind AS financial reliability of financial reporting and the preparation of financial
(including interest)
statements of the Company for the year ended on that date. statements for external purposes in accordance with generally
Income Tax Act, 1961 Income Tax 0.9 2016-17 CIT (Appeals) accepted accounting principles. A company’s internal financial
(including interest) Management’s Responsibility for Internal Financial Controls control over financial reporting with reference to these standalone
The following matters have been decided in the favour of the Company, although the department has preferred appeals at higher The Company’s Management is responsible for establishing and financial statements includes those policies and procedures that (1)
levels: maintaining internal financial controls based on the internal control pertain to the maintenance of records that, in reasonable detail,
over financial reporting criteria established by the Company accurately and fairly reflect the transactions and dispositions of
Nature of Statute Nature of Dues Amount Period to which the Forum where considering the essential components of internal control stated the assets of the company; (2) provide reasonable assurance that
(` in million) Amount relate dispute is pending in the Guidance Note on Audit of Internal Financial Controls transactions are recorded as necessary to permit preparation
Central Excise Act, 1944 Excise Duty 10.7 2013 – 14 High Court, Over Financial Reporting issued by the Institute of Chartered of financial statements in accordance with generally accepted
Chandigarh Accountants of India. These responsibilities include the design, accounting principles, and that receipts and expenditures of the
Income Tax Act, 1961 Income Tax 250.9 Assessment year 2004- High Court implementation and maintenance of adequate internal financial company are being made only in accordance with authorisations
(including interest 2005, 2005-2006, controls that were operating effectively for ensuring the orderly of management and directors of the company; and (3) provide
and penalty) 2006-2007, 2008- and efficient conduct of its business, including adherence to the reasonable assurance regarding prevention or timely detection
2009, 2009-2010 and Company’s policies, the safeguarding of its assets, the prevention of unauthorised acquisition, use, or disposition of the company’s
2010-2011 and detection of frauds and errors, the accuracy and completeness assets that could have a material effect on the financial statements.
of the accounting records, and the timely preparation of reliable
(viii) In our opinion and according to the information and (xiii) According to the information and explanations given by financial information, as required under the Act. Inherent Limitations of Internal Financial Controls Over
explanations given by the management, the Company the management, transactions with the related parties Financial Reporting With Reference to these Standalone
has not defaulted in repayment of loans or borrowing to are in compliance with Sections 177 and 188 of Companies Auditor’s Responsibility Financial Statements
a financial institution or banks. Further, the Company Act, 2013 where applicable and the details have been Our responsibility is to express an opinion on the Company’s Because of the inherent limitations of internal financial controls
did not have any outstanding debentures and loan from disclosed in the notes to the financial statements, as internal financial controls over financial reporting with reference over financial reporting with reference to these standalone financial
to these standalone financial statements based on our audit. statements, including the possibility of collusion or improper
Government during the year. required by the applicable accounting standards.
We conducted our audit in accordance with the Guidance Note management override of controls, material misstatements due to
(ix) In our opinion and according to the information and (xiv) According to the information and explanations given to on Audit of Internal Financial Controls Over Financial Reporting error or fraud may occur and not be detected. Also, projections
explanations given by the management, the Company us and on an overall examination of the balance sheet, (the “Guidance Note”) and the Standards on Auditing as specified of any evaluation of the internal financial controls over financial
under Section 143(10) of the Companies Act, 2013, to the extent reporting with reference to these standalone financial statements
has utilized the monies raised by way of term loans for the Company has not made any preferential allotment or
applicable to an audit of internal financial controls and, both to future periods are subject to the risk that the internal financial
the purposes for which they were raised. According to the private placement of shares or fully or partly convertible
issued by the Institute of Chartered Accountants of India. Those control over financial reporting with reference to these standalone
information and explanations given by the management, debentures during the year under review and hence, Standards and the Guidance Note require that we comply with financial statements may become inadequate because of changes
the Company has not raised any money by way of initial reporting requirements under clause 3(xiv) of the order ethical requirements and plan and perform the audit to obtain in conditions, or that the degree of compliance with the policies or
public offer / further public offer and debt instruments are not applicable to the Company and, not commented reasonable assurance about whether adequate internal financial procedures may deteriorate.
during the year hence, not commented upon. upon. controls over financial reporting with reference to these standalone
Ind AS financial statements was established and maintained and if Opinion
(x) Based upon the audit procedures performed for the (xv) According to the information and explanations given by such controls operated effectively in all material respects. In our opinion, the Company has, in all material respects, adequate
purpose of reporting the true and fair view of the the management, the Company has not entered into any internal financial controls over financial reporting with reference to
Our audit involves performing procedures to obtain audit evidence
financial statements and according to the information and non-cash transactions with directors or persons connected these standalone financial statements and such internal financial
about the adequacy of the internal financial controls over financial
explanations given by the management, we report that with him as referred to in Section 192 of Companies Act, controls over financial reporting with reference to these standalone
reporting with reference to these standalone Ind AS financial
no fraud by the Company or no fraud on the Company 2013. financial statements were operating effectively as at March 31,
statements and their operating effectiveness. Our audit of internal
by the officers and employees of the Company has been 2020, based on the internal control over financial reporting criteria
(xvi) According to the information and explanations given to financial controls over financial reporting included obtaining an
established by the Company considering the essential components
noticed or reported during the year. understanding of internal financial controls over financial reporting
us, the provisions of Section 45-IA of the Reserve Bank of of internal control stated in the Guidance Note on Audit of Internal
with reference to these standalone financial statements, assessing
(xi) According to the information and explanations given by India Act, 1934 are not applicable to the Company. Financial Controls Over Financial Reporting issued by the Institute
the risk that a material weakness exists, and testing and evaluating
the management, the managerial remuneration has been of Chartered Accountants of India.
the design and operating effectiveness of internal control based on
paid/provided in accordance with the requisite approvals For S.R. Batliboi & Co. LLP the assessed risk. The procedures selected depend on the auditor’s For S.R. Batliboi & Co. LLP
mandated by the provision of Section 197 read with Chartered Accountants judgement, including the assessment of the risks of material Chartered Accountants
Schedule V to the Companies Act, 2013. ICAI Firm Registration Number: 301003E/E300005 misstatement of the financial statements, whether due to fraud ICAI Firm Registration Number: 301003E/E300005
or error.
(xii) In our opinion, the Company is not a nidhi company.
We believe that the audit evidence we have obtained is sufficient
Therefore, the provisions of clause 3(xii) of the Order are per Anil Gupta per Anil Gupta
and appropriate to provide a basis for our audit opinion on the
not applicable to the Company and hence not commented Partner Partner
internal financial controls over financial reporting with reference to
upon. Place of Signature: New Delhi Membership Number: 87921 these standalone financial statements. Place of Signature: New Delhi Membership Number: 87921
Date: May 16, 2020 UDIN:20087921AAAABB3972 Date: May 16, 2020 UDIN:20087921AAAABB3972

Balance Sheet | Statement of Profit & Loss
Standalone Balance Sheet

as at March 31, 2020
Standalone Statement of Profit & Loss
for the year ended March 31, 2020
(` million) (` million)
Particulars Note As at As at
No. March 31, 2020 March 31, 2019
Particulars Note For the year ended For the year ended
I ASSETS No. March 31, 2020 March 31, 2019
Non-current assets 1 Revenue from operations (refer note 50) 24 46,994.6 52,195.2
a) Property, plant and equipment 3 35,733.6 36,725.2 2 Other income 25 244.9 457.5
b) Capital work in progress 38 1,408.4 1,317.6
c) Intangible assets 3 381.2 435.4 3 Total Income (1+2) 47,239.5 52,652.7
d) Right-of-use assets 41 693.2 - 4 Expenses:
e) Intangible assets under development 43.9 - Cost of raw materials consumed 26 21,772.5 24,404.0
f) Investment in subsidiaries and associates 4 (a) 575.0 575.2
g) Financial assets Purchase of stock in trade 27 - 198.3
i) Investments 4 (b),45 215.7 354.8 (Increase) in inventories of finished goods,waste and work-in-progress 28 (358.6) (324.7)
ii) Other financial assets 5,45 453.6 401.7 Employee benefits expenses 29 5,831.3 5,923.0
h) Non current tax assets (net) 6 71.2 38.6
i) Other non current assets 7 174.1 951.7 Finance costs 30 1,108.0 1,122.6
Total non current assets 39,749.9 40,800.2 Depreciation and amortization expense 3 3,333.0 3,639.1
Current assets Forex (gain)/loss (including MTM) (191.9) 665.5
a) Inventories 8 9,119.8 10,009.6
b) Financial assets Other expenses 31 11,533.1 11,555.7
i) Investments 9,45 - 669.3 5 Total expenses 43,027.4 47,183.5
ii) Trade receivables 10,45 2,784.8 6,620.0 6 Profit before tax (4-5) 4,212.1 5,469.2
iii) Cash and cash equivalents 11,45 3,183.2 94.8
iv) Other bank balances (other than iii above) 12,45 190.3 156.3 7 Tax expenses
v) Other financial assets 13,45 1,070.0 1,580.7 - Current tax 44 (a) 1,300.6 1,188.7
c) Other current assets 14 1,085.5 1,101.5 - Deferred tax (credit)/charge 44 (a) (508.0) 565.9
Total current assets 17,433.6 20,232.2
Total Assets 57,183.5 61,032.4 - Deferred tax adjustments related to earlier years 1.5 4.9
II EQUITY AND LIABILITIES - Current tax adjustments related to earlier years - 794.1 0.5 1,760.0
Equity 8 Profit for the year (7-8) 3,418.0 3,709.2
a) Equity share capital 15 5,096.0 5,096.0
b) Other equity 16 24,573.0 24,216.9 9 Other comprehensive income net of taxes
Total Equity 29,669.0 29,312.9 Items that will not be reclassified to profit or loss : (13.5) 4.4
Non-current liabilities - Remeasurement gain/(loss) of the defined benefit plan (6.0) 197.9
a) Financial liabilities
i) Borrowings 17,45 6,890.6 9,536.2 - (Loss)/gain on fair valuation of equity investments through other 12.0 (24.6)
ii) Lease liabilities 41 323.9 - comprehensive income
b) Deferred tax liabilities (net) 44 (b) 3,367.3 4,082.7
- Income tax relating to items that will not be reclassified to profit or loss 14.0
Total non current liabilities 10,581.8 13,618.9
Current liabilities Items that will be reclassified to profit or loss :
a) Financial Liabilities - Net movement in effective portion of cash flow hedge reserve (663.3) 230.3
i) Borrowings 18,45 9,008.8 11,419.6
- Income tax relating to items that will be reclassified to profit or loss 189.5 (80.5)
ii) Lease liabilities* 41 65.5 -
iii) Trade payables 19,45 Total other comprehensive (loss)/income (481.3) 327.5
a) Total outstanding dues of micro enterprises and small enterprises; and 327.5 92.2 10 Total comprehensive income (8+9) 2,936.7 4,036.7
b) Total outstanding dues of creditors other than micro enterprises and small 1,675.6 1,674.3
enterprises
11 Earnings per equity share in Rupees (face value ` 1 each) 37
iv) Other financial liabilities 20,45 5,191.7 4,367.0 - Basic 0.67 0.73
b) Provisions 21 213.1 192.5 - Diluted 0.67 0.73
c) Other current liabilities 22 450.5 295.7
d) Current tax liabilities (net) 23 - 59.3
See accompanying notes forming part of the standalone Ind AS financial 1 to 53
Total current liabilities 16,932.7 18,100.6 statements
Total liabilities 27,514.5 31,719.5
Total equity and liabilities 57,183.5 61,032.4
See accompanying notes forming part of the standalone Ind AS financial statements 1 to 53
* Includes payable to related parties of ` 281.9 million (Previous year Nil) (Refer note 39)
As per our report of even date For and on behalf of the Board of Directors As per our report of even date For and on behalf of the Board of Directors
For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA
Chartered Accountants Director Managing Director Chartered Accountants Director Managing Director
ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335 ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335
ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR
Partner Chief Financial Officer Company Secretary Partner Chief Financial Officer Company Secretary
Membership No. 87921 Membership No. 87921
Place : New Delhi Place : Ludhiana Place : New Delhi Place : Ludhiana
Date : May 16, 2020 Date : May 16, 2020 Date : May 16, 2020 Date : May 16, 2020

Statement of Changes in Equity | Cash Flow Statement
Standalone Statement
of Changes in Equity Standalone Cash Flow Statement
Particulars Equity Other Equity Particulars For the year ended For the year ended
Share Reserves and Surplus Other comprehensive income Total March 31, 2020 March 31, 2019
capital Capital Securities General PPE fair Capital Retained Equity instrument Effective A. CASH FLOW FROM OPERATING ACTIVITIES
Reserve Premium Reserve valuation redemption Earnings through Other portion of Profit before tax 4,212.1 5,469.2
Reserve reserve * reserve Comprehensive cash flow
Income hedge
Adjustments for:
As at April 01, 2018 5,096.0 933.9 3,333.7 558.4 6,907.7 600.0 9,413.2 92.0 - 26,934.9 Depreciation and amortization expense 3,333.0 3,639.1
Profit for the year - - - - - - 3,709.2 - - 3,709.2 Interest expense 1,080.9 1,096.0
(Loss)/gain on fair valuation of - - - - - - - 174.9 - 174.9 Interest income (168.3) (374.5)
equity investments, net of tax Loss on disposal of non-current investments 0.2 -
effect (Profit) on sale of current investments (28.3) (38.2)
Net movement in effective - - - - - - - - 149.8 149.8 Provisions for doubtful debts and advances no longer (3.2) (0.6)
portion of cash flow hedge
reserve, net of tax effect required written back
Remeasurement of the benefit - - - - - - 2.8 - - 2.8 Net loss / (gain) arising on financial assets mandatorily 1.1 (5.3)
plan, net of tax effect measured at fair value through profit or loss
Total Comprehensive Income - - - - - - 3,712.0 174.9 149.8 4,036.7 Pre-operative expenses written off 200.0 -
Dividend paid on equity shares - - - - - - (1,375.9) - - (1,375.9) Expected credit loss allowance 43.7 8.2
Dividend Distribution Tax on - - - - - - (282.8) - - (282.8) Unrealized foreign exchange (gain) (89.5) (113.3)
equity shares
Dividend income (3.5) (1.1)
As at March 31, 2019 5,096.0 933.9 3,333.7 558.4 6,907.7 600.0 11,466.5 266.9 149.8 29,312.9
Loss/(Profit) on disposal of property, plant and equipment (net) 5.7 4,371.8 (0.8) 4,209.5
(` million) Operating profit before working capital changes 8,583.9 9,678.7
Particulars Equity Other Equity Changes in working capital:
Share Reserves and Surplus Other comprehensive income Total Adjustments for (increase)/decrease in operating assets:
capital Capital Securities General PPE fair Capital Retained Equity instrument Effective Inventories 889.8 (944.3)
Reserve Premium Reserve valuation redemption Earnings through Other portion of Trade receivables 3,908.7 (1,888.3)
Reserve reserve * reserve Comprehensive cash flow Other current financial assets (44.5) 610.2
Income hedge
Other non current financial assets (6.6) (7.0)
As at April 01, 2019 5,096.0 933.9 3,333.7 558.4 6,907.7 600.0 11,466.5 266.9 149.8 29,312.9
Profit for the year - - - - - - 3,418.0 - - 3,418.0
Other current assets (41.5) (89.7)
(Loss)/gain on fair valuation of - - - - - - - (3.8) - (3.8) Other non current assets (27.6) 24.8
equity investments, net of tax Adjustments for increase/(decrease) in operating liabilities:
effect Trade payables 231.2 84.7
Net movement in effective - - - - - - - - (473.8) (473.8) Other current financial liabilities (173.1) 84.9
portion of cash flow hedge Other current liabilities 154.8 50.2
reserve, net of tax effect
Current provisions 20.6 4,911.8 54.0 (2,020.5)
Remeasurement of the benefit - - - - - - (3.7) - - (3.7)
plan, net of tax effect Cash generated from operations 13,495.7 7,658.2
Total Comprehensive Income - - - - - - 3,414.3 (3.8) (473.8) 2,936.7 Direct taxes paid (net) (1,401.3) (1,125.4)
Dividend paid on equity shares - - - - - - (2,140.7) - - (2,140.7) Net cash flow from operating activities (A) 12,094.4 6,532.8
Dividend Distribution Tax on - - - - - - (439.9) - - (439.9) B. CASH FLOW FROM INVESTING ACTIVITIES
equity shares Payment for property, plant and equipment (1,640.7) (1,064.6)
As at March 31, 2020 5,096.0 933.9 3,333.7 558.4 6,907.7 600.0 12,300.2 263.1 (324.0) 29,669.0 Proceeds from sale of property, plant and equipment 30.1 17.2
* represents fair valuation gain on freehold land as at transition date, net of deferred tax liabilities Purchase of current investments (14,717.9) (16,886.4)
Proceeds from sale of current investments 15,665.8 16,119.1
Purchase of non current investments - (2.4)
As per our report of even date For and on behalf of the Board of Directors
Proceeds from sale of non current investments 132.0 -
For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA Interest received 189.2 346.4
Chartered Accountants Director Managing Director Dividend received 3.5 1.1
ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335 Bank balances not considered as cash and cash equivalents
- Placed (1,758.3) (2,859.1)
ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR
Partner Chief Financial Officer Company Secretary - Matured 1,761.1 3,913.4
Membership No. 87921 Net cash (used) in investing activities (B) (335.2) (415.3)
Place : New Delhi Place : Ludhiana

Date : May 16, 2020 Date : May 16, 2020

Notes to the Standalone Ind AS Financial Statements as at and for the year ended March 31, 2020
Standalone Cash Flow Statement

Notes
to the Standalone Ind AS Financial Statements as at and for the year ended March 31, 2020
(` million) NOTE 1. CORPORATE INFORMATION

Particulars For the year ended For the year ended Trident Limited (“the Company”) is a public company domiciled in India and incorporated on April 18, 1990 under the provisions of the
March 31, 2020 March 31, 2019 Companies Act, 1956. The name of the Company was changed from Abhishek Industries Limited to Trident Limited on April 18, 2011.
C. CASH FLOW FROM FINANCING ACTIVITIES The equity shares of the Company are listed on two stock exchanges in India i.e. National Stock Exchange of India Limited (NSE) and
Proceeds from non current borrowings 278.9 371.1 BSE Limited (BSE). The Company is engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels & Bedsheets) and
Repayment of non current borrowings (2,728.4) (4,316.5) Paper & Chemicals.
Net (decrease)/increase in working capital borrowings (2,410.8) 335.2 The registered office of the Company is situated at Sanghera, India. The principal activities of the Company are described in Note 40.
Interest paid (1,168.1) (1,227.6) These standalone Ind AS financial statements were approved for issuance by the Board of Directors of the Company in their meeting
held on May 16, 2020.
Lease payments made (62.2) -
Dividend paid on equity shares (including dividend distribution tax) (2,580.2) (1,658.7) NOTE 2.1. Significant Accounting Policies
Net cash (used) in financing activities (C) (8,670.8) (6,496.5) A. Statement of compliance
Net increase/(decrease) in cash and cash equivalents (A+B+C) 3,088.4 (379.0) The standalone Ind AS financial statements of the Company have been prepared in accordance with the Indian Accounting
Cash and cash equivalents at the beginning of the year 94.8 473.8 Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards)
Cash and cash equivalents at the end of the year* 3,183.2 94.8 Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the Companies Act,
* Comprises: 2013 (IND AS compliant Schedule III), to the extent applicable.
Cash on hand 65.9 6.6 Basis of preparation and presentation
Balances with banks : The standalone Ind AS financial statements have been prepared under the historical cost convention on accrual basis except for
- In current accounts 33.5 88.2 following assets and liabilities which have been measured at fair value:
- In other deposits accounts 1. Derivative financial instruments
(Original maturity of 3 months or less) 3,083.8 - 2. Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments in Note
3,183.2 94.8 O)
3. Defined benefit plans - plan assets are measured at fair value
(` million) Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a
Change in liabilities arising from financing activites For the year ended For the year ended revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
March 31, 2020 March 31, 2019 Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Current Non Current Non The standalone Ind AS financial statements of the Company are presented in Indian Rupee (‘`’) and all values are rounded to the
current current nearest million with one decimal place (` 000,000), except when otherwise indicated.
(including (including
Changes in accounting policies and disclosures
current current
maturities) maturities) New and amended standards and interpretations
Opening Balance 11,419.6 12,937.9 11,084.4 16,893.7 The Company applied Ind AS 116 for the first time. The nature and effect of the changes as a result of adoption of these new
Cash flow (net) (2,410.8) (2,449.5) 335.2 (3,945.4) accounting standards are described below:
Effective interest rate adjustment - 6.1 - 4.9 Ind AS 116 Leases
Foreign exchange difference - 14.8 - (15.3) Ind AS 116 supersedes Ind AS 17 Leases including its appendices (Appendix C of Ind AS 17 Determining whether an Arrangement
Closing Balance 9,008.8 10,509.3 11,419.6 12,937.9 contains a Lease, Appendix A of Ind AS 17 Operating Leases-Incentives and Appendix B of Ind AS 17 Evaluating the Substance
of Transactions Involving the Legal Form of a Lease). The standard sets out the principles for the recognition, measurement,
See accompanying notes forming part of the standalone Ind AS financial statements 1 to 53
presentation and disclosure of leases and requires lessees to recognise most leases on the balance sheet.
Lessor accounting under Ind AS 116 is substantially unchanged from Ind AS 17. Lessors will continue to classify leases as either
As per our report of even date For and on behalf of the Board of Directors operating or finance leases using similar principles as in Ind AS 17. Therefore, Ind AS 116 dœs not have an impact for leases where
the Company is the lessor.
For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA
The Company has adopted Ind AS 116 using modified retrospective method of adoption with the date of initial application of April
Chartered Accountants Director Managing Director
01, 2019 with the cumulative effect of initially applying the Standard recognised at the date of initial application.
ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335
The Company elected to use the transition practical expedient to not reassess whether a contract is or contains a lease at 1 April
ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR 2019. Instead, the Company applied the standard only to contracts that were previously identified as leases applying Ind AS 17 and
Partner Chief Financial Officer Company Secretary Appendix C to Ind AS 17 at the date of initial application.
Membership No. 87921
The Company also elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease
Place : New Delhi Place : Ludhiana term of 12 months or less and do not contain a purchase option (short-term leases), and lease contracts for which the underlying
Date : May 16, 2020 Date : May 16, 2020 asset is of low value (low-value assets). However, in case of lease contracts with related parties, there exist economic incentive
for the Company to continue using the leased premises for a period longer than the 11 months and considering the contract
is with the related parties, it dœs not foresee non-renewal of the lease term for future periods, thus basis the substance and
economics of the arrangements, management believes that under Ind AS 116, the lease terms in the arrangements with related
parties have been determined considering the period for which management has an economic incentive to use the leased asset
(i.e. reasonable certain to use the asset for the said period of economic incentive). Such assessment of incremental period is based
on management assessment of various factors including the remaining useful life of the asset as on the date of transition. The

management has assessed period of arrangements with related parties as 10 years as at April 01, 2019. (vi) Amendments to Ind AS 28: Long-term interests in associates and joint ventures
For leases previously classified as finance leases the entity recognised the carrying amount of the lease asset and lease liability (vii) Ind AS 111 Joint Arrangements
immediately before transition as the carrying amount of the right of use asset and the lease liability at the date of initial B Revenue recognition
application. The measurement principles of Ind AS 116 are only applied after that date
Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that
On adoption of Ind AS 116, the Company recognised lease liabilities in relation to leases which had previously been classified as reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company
‘operating leases’ under the principles of Ind AS 17 Leases. These liabilities were measured at the present value of the remaining has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods before
lease payments, discounted using the lessee’s incremental borrowing rate as of 1 April 2019. transferring them to the customer.
Practical expedients applied Sale of products
In applying Ind AS 116 for the first time, the Company has used the following practical expedients permitted by the standard: Revenue from sale of products is recognised at the point in time when control of the asset is transferred to the customer.
a) applying a single discount rate to a portfolio of leases with reasonably similar characteristics Amounts disclosed as revenue are net of returns and allowances, trade discounts and rebates. The Company collects Goods &
b) accounting for operating leases with a remaining lease term of less than 12 months as at 1 April 2019 as short-term leases Service Tax (GST) on behalf of the government and therefore, these are not economic benefits flowing to the Company. Hence,
these are excluded from the revenue.
c) excluding initial direct costs for the measurement of the right-of-use asset at the date of initial application, and
Variable consideration includes trade discounts, volume rebates and incentives, etc. The Company estimates the variable
d) Non-separation of lease and non-lease components when payments include both the components
consideration with respect to above based on an analysis of accumulated historical experience. The Company adjusts estimate of
e) relying on its assessment of whether leases are onerous immediately before the date of initial application. revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration
f) using hindsight in determining the lease term where the contract contained options to extend or terminate the lease. becomes fixed.
Based on the above, as at 1 April 2019: The revenue in respect of duty drawback and similar other export benefits is recognized on post export basis at the rate at which
> Right-of use assets of ` 1,499.5 million were recognised including reclassification of prepaid leasehold rentals for leasehold land the entitlements accrue and is included in the ‘sale of products’.
and others of ` 922.7 million, prepaid portion of security deposit of ` 44.2 million and lease equalisation liability of ` (5.5) million Interest Income
presented separately in the balance sheet. For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income
> Lease liabilities of ` 538.1 million were recognised. is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or
On application of Ind AS -116, In the statement of profit and loss for the current year, operating lease expenses has changed from receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount
rent to depreciation cost for the right of use assets and finance cost for interest accrued on lease liability. of the financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Company
estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment,
The lease liabilities as at 1 April 2019 can be reconciled to the operating lease commitments as of 31 March 2019, as follows:
extension, call and similar options) but dœs not consider the expected credit losses. Interest income is included in finance income
Assets (` million) in the statement of profit and loss.
Operating lease commitments as at 31 March 2019 231.6 Dividend income
Weighted average incremental borrowing rate as at 1 April 2019 9.00%
Dividend on financial assets is recognised when the Company’s right to receive the dividends is established, it is probable that the
Discounted operating lease commitments as at 1 April 2019 169.9 economic benefits associated with the dividend will flow to the entity, the dividend dœs not represent a recovery of part of cost
Add: of the investment and the amount of dividend can be measured reliably.
Lease payments not included in operating lease commitments as at 31 March 2019 but presented as lease 368.2
Other income
liabilities as per IND AS 116
Lease liabilities as at 1 April 2019 538.1 Insurance claims are recognised when there exists no significant uncertainty with regards to the amounts to be realized and the
ultimate collection thereof.
The adoption of this standard dœs not have any significant impact on profit and earning per share of the current year.
Contract balances - Trade receivables
Appendix C to Ind AS 12 Uncertainty over Income Tax Treatments
A trade receivable is recognised if the amount of consideration is unconditional (i.e., only the passage of time is required before
The appendix addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application
payment of the consideration is due). Refer to accounting policies of financial assets in section - Financial instruments – initial
of Ind AS 12 Income Taxes. It dœs not apply to taxes or levies outside the scope of Ind AS 12, nor dœs it specifically include
recognition and subsequent measurement.
requirements relating to interest and penalties associated with uncertain tax treatments. The Appendix specifically addresses the
following: C Government grants/subsidies
ó 8IFUIFSBOFOUJUZDPOTJEFSTVODFSUBJOUBYUSFBUNFOUTTFQBSBUFMZ Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions
will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the
ó 5IFBTTVNQUJPOTBOFOUJUZNBLFTBCPVUUIFFYBNJOBUJPOPGUBYUSFBUNFOUTCZUBYBUJPOBVUIPSJUJFT
periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, the
ó )PXBOFOUJUZEFUFSNJOFTUBYBCMFQSPđU UBYMPTT
UBYCBTFT VOVTFEUBYMPTTFT VOVTFEUBYDSFEJUTBOEUBYSBUFT government grant related to asset is presented by deducting the grant in arriving at the carrying amount of the asset.
ó )PXBOFOUJUZDPOTJEFSTDIBOHFTJOGBDUTBOEDJSDVNTUBODFT D Borrowing costs
The Company determines whether to consider each uncertain tax treatment separately or together with one or more other Borrowing costs include interest and amortisation of ancillary costs incurred in relation to borrowings. Borrowing costs, allocated to
uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty. and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction/development
Upon adoption of the Appendix C to Ind AS 12, the Company considered whether it has any uncertain tax positions, particularly of the qualifying asset upto the date of capitalisation of such asset are added to the cost of the assets. Qualifying asset is one that
those relating to deductions / allowance under Section 80 IA and Section 36(1)(iii) of the Income Tax Act, 1961 by the Company. necessarily takes substantial period of time to get ready for its intended use. Borrowing cost also includes exchange differences
The taxation authorities may challenge those tax deductions. The Company determined, based on its tax compliance, that it to the extent regarded as an adjustment to the borrowing costs.
is probable that its tax treatments will be accepted by the taxation authorities. The Appendix did not have an impact on the Interest revenue earned on the temporary investment of specific borrowings for qualifying assets pending their expenditure, is
standalone Ind AS financial statements of the Company. deducted from the borrowing costs eligible for capitalisation.
The MCA has also carried out amendments to the following other accounting standards. The effect on adoption of All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred.
following mentioned amendments were insignificant on the standalone Ind AS financial statements. The Company has
E Income taxes
not early adopted any standards or amendments that have been issued but are not yet effective.
Income tax expense comprises current income tax and deferred tax.
(i) Ind AS 109: Prepayment Features with Negative Compensation
Current tax expense for the year is ascertained on the basis of assessable profits computed in accordance with the provisions of
(ii) Ind AS 19: Plan Amendment, Curtailment or Settlement
the Income Tax Act, 1961. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
(iii) Ind AS 103 Business Combinations enacted, at the reporting date.
(iv) Ind AS 12 Income Taxes Deferred tax is recognised using the liability method on temporary differences between the carrying amounts of assets and
(v) Ind AS 23 Borrowing Costs liabilities in the standalone Ind AS financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets are generally recognised for all deductible temporary differences, the carry forward of unused tax credits and at cost net of accumulated depreciation and accumulated impairment losses if any. Freehold land acquired before the date
unused tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary of transition to Ind AS are carried at deemed cost being fair value as at the date of transition to Ind AS. Cost comprises of
differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the its purchase price including non refundable duties and taxes and excluding any trade discount and rebates and any directly
initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable attributable costs of bringing the asset to it working condition and location for its intended use. Cost also includes professional
profit nor the accounting profit. fees and, for qualifying assets, borrowing costs capitalised in accordance with the Company’s accounting policy (refer note 2.1
(D)). Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is
intended use. Depreciation of these assets commences when the assets are ready for their intended use.
no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Subsequent expenditure related to an item of PPE is capitalised only when it is probable that future economic benefits associated
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
with these will flow to the Company and the cost of the item can be measured reliably. Such cost includes the cost of replacing
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the part of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the
reporting period. Company depreciates them separately based on their specific useful lives.
Current and deferred tax are recognised in statement of profit and loss, except when they relate to items that are recognised Gains or losses arising from derecognition of the assets are measured as the difference between the net disposal proceeds and
in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.
comprehensive income or directly in equity respectively. Management periodically evaluates positions taken in the tax returns
H Depreciation on tangible assets
with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where
appropriate. Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value.
The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current Depreciation on tangible property, plant and equipment has been provided on the straight-line method as per the useful life
tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the prescribed in Schedule II to the Companies Act, 2013 except in respect of the following categories of assets, in whose case the life of
same taxation authority. the assets has been assessed as under based on technical advice, taking into account the nature of the asset, the estimated usage
of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers
F Retirement and Employee benefits warranties and maintenance support, etc.:
The Company has schemes of employees benefits such as Provident fund, Gratuity and Compensated absences, which are dealt
As per management As per schedule II
with as under:
estimate
Defined Contribution General plant and equipment on triple shift basis - 9.5 years - 7.5 years
Provident fund is the defined contribution scheme. The contribution to this scheme is charged to statement of profit and loss of End user devices, such as, desktops, laptops, etc (included under Computers) - 5 years - 3 years
Servers and networks (included under Computers) - 5 years - 6 years
the year in which contribution to such scheme become due and when services are rendered by the employees. The Company has
Office equipment - 10 years - 5 years
no obligation other than the contribution payable to the provident fund. If the contribution payable to the scheme for services Vehicles - 6 years - 8 years
received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as Tube wells and water reservoirs - 10 years - 5 years
a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services Boundary Walls -20 years -30 years
received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for Roads - 10 years - 5 years
example, a reduction in future payment or a cash refund. Leasehold improvements are depreciated over the remaining lease period.
Defined Benefit plan Foreign exchange gains/losses capitalised in earlier years as a part of PPE are depreciated over the remaining useful life of the
Gratuity liability in respect of employees of the Company is covered through trusts’ gratuity schemes managed by Life Insurance asset to which it relates.
Corporation of India, SBI Life Insurance Company Limited, Kotak Mahindra and Bajaj Allianz. The cost of providing benefits is When parts of an item of Property, plant & equipment have different useful life, they are accounted for as separate items
determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date by (Major components) and are depreciated over the useful life of part or the parent asset to which it relates, whichever is lower.
an independent valuer. Remeasurement gains and losses are recognised in other comprehensive income in the period in which When significant spare parts, stand-by equipment and servicing equipment have useful life of more than one period, they are
they occur. Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and is not accounted for as separate items and are depreciated over the useful life of such item or the parent asset to which it relates,
reclassified to statement of profit and loss. Past service cost is recognised in statement of profit and loss in the period of a plan whichever is lower.
amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit I Intangible assets
liability or asset. Defined benefit costs are categorised as follows:
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are
ó TFSWJDFDPTU JODMVEJOHDVSSFOUTFSWJDFDPTU QBTUTFSWJDFDPTU BTXFMMBTHBJOTBOEMPTTFTPODVSUBJMNFOUTBOETFUUMFNFOUT
carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets with finite lives are
ó OFUJOUFSFTUFYQFOTFPSJODPNFBOE amortised on a straight line basis over the estimated useful economic life. The estimated useful life and amortisation method are
ó SFNFBTVSFNFOU reviewed at the end of each reporting period.
Short-term employee benefits Development expenditures on an individual project are recognised as an intangible asset when the Company can demonstrate:
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by ¾ The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
employees are recognised on an undiscounted accrual basis during the year when the employees render the services. These ¾ Its intention to complete and its ability and intention to use or sell the asset
benefits include performance incentive and compensated absences which are expected to occur within twelve months after the ¾ How the asset will generate future economic benefits
end of the period in which the employee renders the related services. ¾ The availability of resources to complete the asset
Long-term employee benefits ¾ The ability to measure reliably the expenditure during development
Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated
renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the Balance amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset
Sheet date. The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being is available for use. Amortisation expense is recognised in the statement of profit and loss unless such expenditure forms part of
carried out at each Balance Sheet date. Actuarial gains and losses are recognised in the statement of profit and loss in the period carrying value of another asset.
in which they occur. The Company presents the entire leave liability as current liability, since it dœs not have an unconditional Intangible assets are amortised on the straight-line method as per the useful life assessed based on expected future benefit,
right to defer its settlement for 12 months after the reporting period. taking into account the nature of the asset and the estimated usage of the asset:
G Property, Plant and Equipment As per management estimate
Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the SAP licences - 10 years
Other softwares - 5 years
balance sheet at cost less accumulated depreciation and accumulated impairment losses (if any). Freehold land is not depreciated
During the period of development, the asset is tested for impairment annually.
and have been measured at fair value at the date of transition i.e. April 01, 2015 to Ind AS. The Company regards the fair value
as deemed cost at the transition date. An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the
Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised
difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit and
impairment loss. Property, plant and equipment except freehold land acquired before the date of transition to Ind AS is carried loss. when the asset is derecognised.

J Inventories ó -BOE UPZFBST

Raw materials, work in progress, finished goods, process waste and stores and spares are valued at cost or net realizable value, ó 0ēDFQSFNJTFTBOEHVFTUIPVTFT UPZFBST
whichever is lower. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion ó 'BDUPSZQSFNJTFT JODMVEJOHQMBOUFRVJQNFOU
ZFBST
and cost necessary to make the sale. The basis of determining cost for various categories of inventories is as follows:
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of
- Raw materials: weighted average cost *- Cost includes cost of purchase and other costs incurred in bringing the inventories a purchase option, depreciation is calculated using the estimated useful life of the asset.
to their present location and condition.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in section (K) Impairment of non-
- Work in progress: cost of raw materials plus conversion cost depending upon the stage of completion. Cost is determined
financial assets.
on a weighted average basis
ii) Lease liabilities
- Finished goods (including stock in transit): cost of raw materials plus conversion cost and packing cost. Cost is determined
on a weighted average basis At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease
- Process waste is valued at net realizable value payments to be made over the lease term. The lease payments are fixed payments.
- Stores and spares: weighted average cost - Cost includes cost of purchase and other costs incurred in bringing the inventories In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease
to their present location and condition. commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement
* Includes by products which is valued at net realizable value date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
K Impairment of Non Financial Assets
term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An
The Company’s lease liabilities are disclosed separately in the balance sheet (see Note 41).
asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value
in use. The recoverable amount is determined for an individual asset, unless the asset dœs not generate cash inflows that are iii) Short-term leases and leases of low-value assets
largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its The Company applies the short-term lease recognition exemption to its short-term leases except in case of lease contracts
recoverable amount, the asset is considered impaired and is written down to its recoverable amount. with related parties since there exist economic incentive for the Company to continue using the leased premises for a period
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that longer than the 11 months and considering the contract is with the related parties, it dœs not foresee non-renewal of the
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less lease term for future periods, thus basis the substance and economics of the arrangements, management believes that
costs of disposal, recent market transactions are taken into account, if available, and if no such transactions can be identified an under Ind AS 116, the lease terms in the arrangements with related parties have been determined considering the period
appropriate valuation model is used. for which management has an economic incentive to use the leased asset (i.e. reasonable certain to use the asset for the
The Company bases its impairment calculation on detailed budgets and forecast calculations which are prepared separately for said period of economic incentive). Such assessment of incremental period is based on management assessment of various
each of the Company’s CGU’s to which the individual assets are allocated. These budgets and forecast calculations generally factors including the remaining useful life of the asset as on the date of transition. The management has assessed period
cover a period of five years. For longer periods, a long term growth rate is calculated and applied to projected future cash flows of arrangements with related parties as 10 years as at April 01, 2019. Lease payments on short-term leases and leases of
after the fifth year. low-value assets are recognised as expense on a straight-line basis over the lease term.
Impairment losses, including impairment on inventories, are recognized in the statement of profit and loss. Company as a lessor
An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses Leases in which the Company dœs not transfer substantially all the risks and rewards of ownership of an asset are classified as
may no longer exist or may have decreased. If such indication exists, the Company estimates the asset’s or CGU’s recoverable operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.
amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in
carrying amount of the asset dœs not exceed its recoverable amount, nor exceed the carrying amount that would have been the period in which they are earned.
determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized N Provisions, contingent liabilities and contingent assets
in the statement of profit and loss. Provisions
L Segment reporting A provision is recognised when the Company has a present obligation (legal or constructive) as a result of past events and it is
The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organisation probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made.
and management structure. The operating segments are the segments for which separate financial information is available and Provisions are determined based on the best estimate required to settle the obligation at the balance sheet date and measured
for which operating profit/loss amounts are evaluated regularly by the chief operating decision maker in deciding how to allocate using the present value of cash flows estimated to settle the present obligations (when the effect of time value of money is
resources and in assessing performance. material). These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Onerous contracts
Maker. Chief Operating Decision Maker review the performance of the Company according to the nature of products manufactured
with each segment representing a strategic business unit that offers different products and serves different markets. The analysis If the Company has a contract that is onerous, the present obligation under the contract is recognised and measured as a
of geographical segments is based on the locations of customers. provision. However, before a separate provision for an onerous contract is established, the Company recognises any impairment
M Leases loss that has occurred on assets dedicated to that contract.
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Company cannot avoid because it
to control the use of an identified asset for a period of time in exchange for consideration. has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it.
Company as a lessee The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of
fulfilling it and any compensation or penalties arising from failure to fulfil it.
The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of
low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right Contingent liabilities
to use the underlying assets. A contingent liability is a possible obligation that arises from past events and the existence of which will be confirmed only by the
i) Right of use assets occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise. Contingent
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is liabilities are disclosed by way of note to the standalone Ind AS financial statements.
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and Contingent Assets
adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities A contingent asset is a possible asset that arises from past events the existence of which will be confirmed only by the occurrence
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise.
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets, as follows: Contingent assets are neither recognised nor disclosed in the standalone Ind AS financial statements.

O Financial instruments If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument,
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to statement of profit and
of another entity. loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.
(a) Financial assets A financial asset is held for trading if:
Initial recognition and measurement ó JUIBTCFFOBDRVJSFEQSJODJQBMMZGPSUIFQVSQPTFPGTFMMJOHJUJOUIFOFBSUFSNPS
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other ó POJOJUJBMSFDPHOJUJPOJUJTQBSUPGBQPSUGPMJPPGJEFOUJđFEđOBODJBMJOTUSVNFOUTUIBUUIF$PNQBOZNBOBHFTUPHFUIFSBOE
comprehensive income (OCI), and fair value through profit or loss. has a recent actual pattern of short-term profit-taking; or
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise ó JUJTBEFSJWBUJWFUIBUJTOPUEFTJHOBUFEBOEFĐFDUJWFBTBIFEHJOHJOTUSVNFOUPSBđOBODJBMHVBSBOUFF
to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment Gains and losses on these financial assets are never recycled to statement of profit and loss. Dividends are recognised as
is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are other income in the statement of profit and loss when the right of payment has been established, except when the Company
classified and measured at fair value through profit or loss, irrespective of the business model. benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Transaction costs of financial
Financial assets at FVTPL (equity instruments)
assets carried at fair value through profit or loss are expensed statement of profit and loss. Purchases or sales of financial
assets that require delivery of assets within a time frame established by regulation or convention in the market place Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value
(regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset. recognised in the statement of profit and loss.
Subsequent measurement In case of equity instruments which are held for trading are initially measured at fair value plus transaction costs and
subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in
Subsequent measurement of financial assets depends on the Company’s business model for managing the asset and the
statement of profit and loss.
cash flow characteristics of the asset. For the purposes of subsequent measurement, financial assets are classified in four
categories: This category includes derivative instruments and listed equity investments which the Company had not irrevocably elected
- Financial assets at amortised cost (debt instruments) to classify at fair value through OCI. Dividends on listed equity investments are recognised in the statement of profit and
loss when the right of payment has been established.
- Financial assets at fair value through other comprehensive income (FVTOCI) with recycling of cumulative gains and
losses (debt instruments) Investment in Subsidiaries and Associates
- Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition Investment in Subsidiaries and Associates is carried at deemed cost in the separate financial statements.
(equity instruments); and Derecognition
- Financial assets at fair value through profit or loss A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
Financial assets at amortised cost (debt instruments) derecognised when:
A ’financial asset’ is measured at the amortised cost if both the following conditions are met: - The rights to receive cash flows from the asset have expired, or
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and - The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement and
interest (SPPI) on the principal amount outstanding. either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has
neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest
asset.
rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit and Impairment of financial assets
loss. The losses arising from impairment are recognised in the statement of profit and loss. The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at
Financial assets at FVTOCI (debt instrument) amortised cost, debt instruments at FVTOCI, trade receivables and other contractual rights to receive cash or other
financial asset.
A ‘financial asset’ is classified as at the FVTOCI if both of the following criteria are met:
Expected credit losses are the weighted average of credit losses with the respective risks of default occurring as the weights.
a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial Credit loss is the difference between all contractual cash flows that are due to the Company in accordance with the contract
assets, and and all the cash flows that the Company expects to receive (i.e. all cash shortfalls), discounted at the original effective
b) The asset’s contractual cash flows represent SPPI. interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets). The
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Company estimates cash flows by considering all contractual terms of the financial instrument (for example, prepayment,
Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest extension, call and similar options) through the expected life of that financial instrument.
income, impairment losses & reversals and foreign exchange gain or loss in the statement of profit and loss. On derecognition The Company measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit
of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to the statement of profit losses if the credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on
and loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method. a financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance
Financial assets designated at fair value through OCI (equity instruments) for that financial instrument at an amount equal to 12-month expected credit losses. 12-month expected credit losses are
portion of the life-time expected credit losses and represent the lifetime cash shortfalls that will result if default occurs within
In the case of equity instruments which are not held for trading and where the Company has taken irrevocable election
the 12 months after the reporting date and thus, are not cash shortfalls that are predicted over the next 12 months.
to present the subsequent changes in fair value in other comprehensive income, these elected investments are initially
For trade receivables, the Company follows “simplified approach for recognition of impairment loss. The application of
measured at fair value plus transaction costs and subsequently, they are measured at fair value with gains and losses arising
simplified approach dœs not require the Company to track changes in credit risk.
from changes in fair value recognised in other comprehensive income and accumulated in the ‘Equity instruments through
other comprehensive income’ under the head ‘Other Equity’. The cumulative gain or loss is not reclassified to profit or loss Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the Company has used
on disposal of the investments. The Company makes such election on an instrument -by-instrument basis. a practical expedient as permitted under Ind AS 109. This expected credit loss allowance is computed based on a provision
matrix which takes into account historical credit loss experience and adjusted for forward-looking information.

(b) Financial liabilities Hedge Accounting

Initial recognition and measurement The derivatives that are designated as hedging instrument under Ind AS 109 to mitigate risk arising out of foreign currency
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and transactions are accounted for as cash flow hedges. The Company enters into hedging instruments in accordance with policies as
borrowings, payables, or as derivatives. All financial liabilities are recognised initially at fair value and, in the case of loans approved by the Board of Directors with written principles which is consistent with the risk management strategy of the Company.
and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade The hedge instruments are designated and documented as hedges at the inception of the contract. The effectiveness of hedge
and other payables, loans and borrowings including derivative financial instruments. instruments is assessed and measured at inception and on an ongoing basis.
Subsequent measurement When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the
The measurement of financial liabilities depends on their classification, as described below: derivative is recognized in OCI, e.g., cash flow hedging reserve and accumulated in the cash flow hedging reserve. Any ineffective
Financial liabilities at fair value through profit or loss portion of changes in the fair value of the derivative is recognized immediately in the statement of profit and loss. The amount
accumulated is retained in cash flow hedge reserve and reclassified to profit or loss in the same period or periods during which the
Financial liabilities at fair value through profit or loss (FVTPL) include financial liabilities held for trading and financial
hedged item affects the statement of profit and loss. Under fair value hedge, the change in the fair value of a hedging instrument
liabilities designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are
is recognized in the statement of profit and loss. The change in the fair value of the hedged item attributable to the risk hedged
incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments
is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit and loss.
entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by Ind AS
109 ‘Financial instruments’. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively.
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss. If the hedging instrument is terminated or exercised prior to its maturity/ contractual term, the cumulative gain or loss on the
hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging
Financial liabilities at amortised cost (Loans and borrowings)
reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR is reclassified to the Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted
method. Gains and losses are recognised in statement of profit and loss when the liabilities are derecognised as well as transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified immediately
through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on in the statement of profit and loss.
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
S Fair Value Measurement
statement of profit and loss. This category generally applies to borrowings.
The Company measures financial instruments, such as, derivatives at fair value at each reporting date. Fair value is the price
Derecognition
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer
existing financial liability is replaced by another financial liability from the same lender on substantially different terms, or
the liability takes place either:
the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised - In the principal market for the asset or liability, or
in the statement of profit and loss. - In the absence of a principal market, in the most advantageous market for the asset or liability
Offsetting of financial instruments The principal or the most advantageous market must be accessible by the Company.
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the asset or liability, assuming that market participants act in their economic best interest.
assets and settle the liabilities simultaneously. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits
P Earnings per share by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the and best use.
weighted average number of equity shares outstanding during the year. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. All assets and liabilities for which fair value is measured or disclosed in the standalone Ind AS financial statements are categorised
Q Operating cycle within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:
Based on the nature of products/activities of the Company and the normal time between acquisition of assets and their realisation
in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its - Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities
assets and liabilities as current and non-current. - Level 2-Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
R Derivative financial instruments and hedge accounting indirectly observable
Derivative financial instruments and hedge accounting - Level 3-Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
The Company uses derivative financial instruments such as foreign currency forward contracts and option currency contracts For assets and liabilities that are recognised in the standalone Ind AS financial statements on a recurring basis, the Company
to hedge its foreign currency risks arising from highly probable forecast transactions. The counterparty for these contracts is determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest
generally a bank. level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Derivatives not designated as hedging instruments The Company’s management determines the policies and procedures for both recurring fair value measurement, such as
derivative instruments and unquoted financial assets measured at fair value, and for non-recurring measurement, such as assets
This category has derivative assets or liabilities which are not designated as hedges.
held for disposal in discontinued operation.
Although the Company believes that these derivatives constitute hedges from an economic perspective, they may not qualify for
External valuers are involved for valuation of significant assets, such as properties and unquoted financial assets, and significant
hedge accounting under Ind AS 109. Any derivative that is either not designated a hedge, or is so designated but is ineffective, is
liabilities, such as contingent consideration, if any.
recognized on balance sheet and measured initially at fair value. Subsequent to initial recognition, derivatives are re-measured
at fair value, with changes in fair value being recognized in the statement of profit and loss. Derivatives are carried as financial At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to
assets when the fair value is positive and as financial liabilities when the fair value is negative. be re-measured or re-assessed as per the Company’s accounting policies. For this analysis, the management verifies the major
inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant
documents.

The management, in conjunction with the Company’s external valuers, also compares the change in the fair value of each asset Fair value measurement of Land
and liability with relevant external sources to determine whether the change is reasonable. Fair value of the Company’s land as at April 1, 2015 has been arrived at on the basis of a valuation carried out as on the respective
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, date by an independent valuer not related to the Company. The fair value was derived using the market comparable approach
characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. based on recent market prices without any significant adjustments being made to the market observable data. In estimating the
This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes. fair value of the properties, the highest and best use of the properties is their current use.
Impairment of non-financial assets
T Cash and Cash Equivalents
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short term deposits with an original
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
maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of
data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental
change in value.
costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the
U Dividend to equity holders of the Company budget for determined period and do not include restructuring activities that the Company is not yet committed to or significant
The Company recognises a liability to pay dividend to equity holders of the Company when the distribution is authorised and the future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is sensitive to
distribution is no longer at the discretion of the Company. As per the corporate laws in India a distribution is authorised when the discount rate used for the DCF model as well as the expected future cash-inflows, the growth rate used for extrapolation
it is approved by the shareholders, However, Board of Directors of a company may declare interim dividend during any financial purposes and the impact of general economic environment (including competitors).
year out of the surplus in statement of profit and loss and out of the profits of the financial year in which such interim dividend Leases - Estimating the incremental borrowing rate
is sought to be declared. A corresponding amount is recognised directly in equity. The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate
V Foreign exchange gains and losses (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar
The Company’s functional and reporting currency is `. Exchange differences are dealt with as follows: term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar
economic environment. The IBR therefore reflects what the Company ‘would have to pay’, which requires estimation when no
Foreign currency transactions are recorded at the exchange rate that approximates the actual rate at the date of transaction.
observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Company
Monetary items denominated in a foreign currency are reported at the closing rate as at the date of balance sheet. Non-monetary
estimates the IBR using observable inputs (such as market interest rates) when available.
items, which are carried at fair value denominated in foreign currency, are reported at the exchange rate that existed when such
Leases - Estimating the period of lease contracts with related parties
values were determined, otherwise on historical exchange rate that existed on the date of transaction.
In case of lease contracts with related parties, there exist economic incentive for the Company to continue using the leased
The exchange difference arising on the settlement of monetary items or on reporting these items at rates different from the rates
premises for a period longer than the 11 months. The period of expected lease in these cases is a matter of estimation by the
at which these were initially recorded/reported in previous financial statements are recognized as income/expense in the period in
management. The estimate of lease period impacts the recognition of ROU asset, lease liability and its impact of statement of
which they arise. Further, where foreign currency liabilities have been incurred in connection with property, plant and equipment,
profit and loss. The lease terms in the arrangements with related parties have been determined considering the period for which
the exchange differences arising on reinstatement, settlement thereof during the construction period are adjusted in the cost of
management has an economic incentive to use the leased asset (i.e. reasonably certain to use the asset for the said period of
the concerned property, plant and equipment to the extent of exchange differences arising from foreign currency borrowings are
economic incentive). Such assessment of incremental period is based on management assessment of various factors including the
regarded as an adjustment to interest costs in accordance of para 6 (e) as per Ind AS 23. remaining useful life of the asset as on the date of transition. The management has assessed period of arrangements with related
NOTE 2.2. Key Sources of Estimation Uncertainty parties as 10 years as at April 01, 2019.
In the application of the Company accounting policies, the management of the Company is required to make judgements, Determining the lease term of contracts with renewal and termination options – Company as lessee
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
The estimates and associated assumptions are based on historical experience and other factors that are considered to be option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease,
relevant. Actual results may differ from these estimates. if it is reasonably certain not to be exercised.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised The Company has several lease contracts that include extension and termination options. The Company applies judgement in
in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it
periods if the revision affects both current and future periods. considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the
commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is
The following are the areas of estimation uncertainty and critical judgements that the management has made in the process
within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.
of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the
standalone Ind AS financial statements: - Uncertain tax position and tax related contingency
Useful lives of Intangible assets The Company has taken certain tax positions particularly those relating to deductions / allowance under Section 80 IA and
Section 36(1)(iii) of the Income Tax Act, 1961 by the Company. The taxation authorities may challenge these tax deductions and
The intangible assets are amortised over the estimated useful life. The estimated useful life and amortisation method are
accordingly these matters are / might be subject to legal proceedings in the ordinary course of business. The outcome of the legal
reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective
basis. proceedings might be different from that estimated on the date of approval of these standalone Ind AS financial statements.
Useful lives of depreciable tangible assets Estimation uncertainty relating to the global health pandemic on COVID-19
Management reviews the useful lives of depreciable assets at each reporting date. As at March 31, 2019 management assessed The Company has made detailed assessment of its liquidity position for the next year and the recoverability and carrying value
that the useful lives represent the expected utility of the assets to the Company. Further, there is no significant change in the of its assets comprising property, plant and equipment, intangible assets, right of use assets, investments, inventory and trade
useful lives as compared to previous year. receivables. Based on current indicators of future economic conditions, the Company expects to recover the carrying amount
of these assets. It has also assessed the probability of occurrence of forecasted transactions under the hedging relationships and
Defined benefit plans
continues to evaluate them as highly probable considering the orders in hand. The situation is changing rapidly giving rise to
The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined inherent uncertainty around the extent and timing of the potential future impact of the COVID-19 which may be different from
using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments
that estimated as at the date of approval of these standalone Ind AS financial statements.
in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension
increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly The Company will continue to closely monitor any material changes arising of future economic conditions and impact on its
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. business.

NOTE 3. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS NOTE 4.
(` million) (A) Investment in Subsidiaries And Associates

Particulars Gross Block Depreciation/Amortization Net Block
(` million)
As at Additions Adjust- Sales / As at As at For the Adjust- Sales / Upto As at As at Particulars As at As at
April 01, ments Discard March April 01, year ments Discard March March April 01, March 31, 2020 March 31, 2019
2019 31, 2020 2019 31, 2020 31, 2020 2019 Unquoted investments (all fully paid)
A) Tangible assets Carried at cost
Freehold land* 13,176.8 5.2 606.2 - 13,788.2 - - - - - 13,788.2 13,176.8 Investments in equity instruments
Buildings 8,888.0 684.3 42.8** 1.4 9,613.7 1,053.9 298.8 0.5 0.8 1,352.4 8,261.3 7,834.1 - of subsidiaries
Leasehold Improvements 106.1 - - - 106.1 24.3 10.7 - - 35.0 71.1 81.8 500,000 (Previous year 500,000) equity shares of ` 10 each of Trident Global Corp Limited 5.0 5.0
Plant and equipment 28,583.9 803.1 1.3** 49.0 29,339.3 13,492.6 2,776.0 0.1 27.2 16,241.5 13,097.8 15,091.3 213,000 (Previous year 213,000) equity shares of GBP 1 each of Trident Europe Limited 20.0 20.0
Furniture and fixtures 349.5 51.9 (35.6)** - 365.8 107.7 32.0 (2.0) - 137.7 228.1 241.8 - of associates
Office equipments 161.1 25.1 (15.1)** 0.3 170.8 51.2 14.8 (0.8) 0.2 65.0 105.8 109.9 24,500 (Previous year 24,500) common stock of USD 1 each of Trident Global Inc., USA , - -
Computers 243.4 40.7 - 1.7 282.4 119.0 41.2 - 1.0 159.2 123.2 124.4 written off in earlier years
Vehicles 140.7 15.7 - 10.0 146.4 75.7 18.9 - 6.3 88.3 58.1 65.0 Nil (Previous year 2,450) common stock of USD 1 each of Trident Infotech Inc., USA, written - 0.2
Sub-total (A) 51,649.5 1,626.0 599.6 62.4 53,812.7 14,924.4 3,192.4 (2.2) 35.5 18,079.1 35,733.6 36,725.2 off in current year
B) Intangible assets 55,000,000 (Previous year 55,000,000) equity shares of ` 10 each of Lotus Hometextiles 550.0 550.0
Softwares 643.3 21.5 - 21.4 643.4 207.9 66.7 - 12.4 262.2 381.2 435.4 Limited (Formerly known as Lotus Texpark Limited) *
Sub-total (B) 643.3 21.5 - 21.4 643.4 207.9 66.7 - 12.4 262.2 381.2 435.4 Total 575.0 575.2
Grand total (A+B) 52,292.8 1,647.5 599.6 83.8 54,456.1 15,132.3 3,259.1 (2.2) 47.9 18,341.3 36,114.8 37,160.6 * The Company has executed a non-disposal undertaking for this investment in favour of a bank that has provided financial assistance
to this company. Subsequent to year end, the said undertaking for this investment has been withdrawn.
(` million) (B) Other Non Current Investments
As at Additions Sales / As at As at For the Sales / Upto As at As at April (` million)
April 01, Discard March 31, April 01, year Discard March 31, March 31, 01, 2018 Particulars As at As at
2018 2019 2018 2019 2019 March 31, 2020 March 31, 2019
A) Tangible assets A. Carried at fair value through other comprehensive income
Freehold land 13,142.7 34.1 - 13,176.8 - - - - 13,176.8 13,142.7
Quoted Investments (all fully paid)
Investments in equity instruments
Buildings 7,775.6 1,112.4 - 8,888.0 765.9 288.0 - 1,053.9 7,834.1 7,009.7
1,146,747 (Previous year 1,785,714) equity shares of ` 10 each of IOL Chemicals and 202.0 339.8
Leasehold Improvements 106.1 - - 106.1 13.6 10.7 - 24.3 81.8 92.5
Pharmaceuticals Limited
Plant and equipment 28,182.3 437.5 35.9 28,583.9 10,347.1 3,169.9 24.4 13,492.6 15,091.3 17,835.2
B. Carried at fair value through profit and loss (FVTPL)
Furniture and fixtures 235.9 113.6 0.0 349.5 76.5 31.3 0.0 107.7 241.8 159.4
Unquoted Investments (all fully paid)
Office equipments 111.3 50.3 0.5 161.1 37.1 14.4 0.3 51.2 109.9 74.2 Investments in equity instruments
Computers 211.7 36.0 4.3 243.4 83.9 36.9 1.8 119.0 124.4 127.8 120,000 (Previous year 120,000) equity shares of ` 10 each of Nimbua Greenfield 1.2 1.2
Vehicles 130.7 11.4 1.4 140.7 55.2 21.4 0.9 75.7 65.0 75.5 (Punjab) Limited
Sub-total (A) 49,896.3 1,795.3 42.1 51,649.5 11,379.3 3,572.6 27.4 14,924.4 36,725.2 38,517.0 Investments in other instruments
B) Intangible assets 32,000 (Previous year 32,000 ) units of face value of ` 117 each of Kotak India Venture 9.9 11.1
Softwares 639.7 5.3 1.7 643.3 141.4 66.5 - 207.9 435.4 498.3 Fund (Private Equity fund)
Sub-total (B) 639.7 5.3 1.7 643.3 141.4 66.5 - 207.9 435.4 498.3 25,000 units (Previous year 25,000 units) of face value of ` 10 each of Canara Robeco 2.6 2.5
Grand total (A+B) 50,536.0 1,800.6 43.8 52,292.8 11,520.7 3,639.1 27.4 15,132.3 37,160.6 39,015.3 Capital Protection Oriented Fund
Investment in Trident Council for Social Sciences LLP, firm dissolved in current year - 0.2
**Refer Note 5 below
13.7 15.0
Notes:
Total 215.7 354.8
1. All tangible have been pledged to secure borrowings of the Company (refer note 17 and 18) Aggregate book value of quoted investments 202.0 339.8
2. The amount of borrowing costs capitalised during the year is ` 107.6 million (Previous year ` 128.6 million) at the actual rate of interest on specific borrowings utilised and Aggregate market value of quoted investments 202.0 339.8
weighted average interest rate for general borrowings.
Aggregate value of unquoted investments 13.7 15.0
3. In accordance with Ind AS 101, the Company had carried out fair valuation of all its land on first time adoption as at April 01, 2015 consequent to which deemed cost of land
was increased by ` 7,905.2 million.
Details of investments in Trident Council for Social Sciences LLP
4. Capital work in progress includes goods in transit of ` 10.6 million.
Name of the partners and share in profits (%)
5**. Adjustments represent re-allocation of pre-operative expense of Company’s housing colony project capitalised in the previous year. Excess depreciation provided till previous
Trident Limited - 40%
year of ` 2.2 million has been adjusted from depreciation charge for the year. Trident Educare Limited - 30%
6*. Adjustments represent conversion of leasehold land to freehold land, during the year (refer note 41 to the Standalone Ind AS financial statements). Trident People Connect Limited - 30%
7. Depreciation and amortization expense
(` million) NOTE 5. OTHER NON CURRENT FINANCIAL ASSETS
Particulars For the year ended For the year ended
March 31, 2020 March 31, 2019 (` million)
Depreciation of property, plant and equipment*** 3190.2 3572.6 Particulars As at As at
Amortisation of intangible assets 66.7 66.5 March 31, 2020 March 31, 2019
Depreciation of Right of use assets (refer note 41) 76.1 - (Unsecured and considered good)
Total 3,333.0 3639.1 Security deposits
*** net of reversal of excess depreciation of ` 2.2 million (Previous year Nil) (refer note 5 above).
- to related party (refer note 39) 35.8 -
- to others 417.8 401.7
453.6 401.7

NOTE 6. NON CURRENT TAX ASSETS (NET) (` million)

Particulars As at As at
(` million) March 31, 2020 March 31, 2019
Particulars As at As at Nil (Previous year 100,000) 8.90% secured redeemable non convertible debentures of Dewan - 97.4
March 31, 2020 March 31, 2019 Housing Finance Corporation Limited having face value of ` 1,000 each and due for redemption
Advance income tax (net of provision for tax) 71.2 38.6 at par on 04/06/2021*
Total 71.2 38.6 Investment in Bonds
Nil (Previous year 95) 7.55% secured redeemable non convertible bonds of Dewan Housing - 94.9
NOTE 7. OTHER NON-CURRENT ASSETS Finance Corporation Limited having face value of ` 10,00,000 each and due for redemption
at par on 10/04/2019
(` million)
Total - 669.3
March 31, 2020 March 31, 2019 *These debentures were freely tradeable, hence were shown as current investments in last
year.
(Unsecured and considered good)
Capital advances Aggregate book value of quoted investments - 605.1
- to others 136.3 39.4 Aggregate book value of unquoted investments - 64.2
Prepaid lease rental for leasehold land and others (Refer note 41) - 902.1
NOTE 10. TRADE RECEIVABLES
Prepaid expenses 37.8 10.2
Total 174.1 951.7 (` million)
NOTE 8. INVENTORIES * March 31, 2020 March 31, 2019
(` million) Trade receivables :
Particulars As at As at - From related parties (refer note 39) 220.1 465.8
March 31, 2020 March 31, 2019 - From others 2,564.7 6,154.2
- Raw materials (including ` 4.8 million (previous year ` 65.4 million) in transit) 5,508.0 6,785.4 Total 2,784.8 6,620.0
- Work in progress 1,311.2 1,281.5 Breakup of trade receivables
- Finished goods (Including ` 81.3 million (previous year ` 405.9 million) in transit 1,524.2 1,221.3 - Secured, considered good - -
- Waste 62.9 36.9
- Unsecured, considered good 2,784.8 6,620.0
- Stores and spares 713.5 684.5
Total 9,119.8 10,009.6 - Trade Receivables which have significant increase in credit Risk 31.1 13.9
- Trade Receivables - credit impaired - -
* At cost or net realizable value, whichever is lower
2,815.9 6,633.9
Cost of Inventories recognised as expense of ` 107.9 million (Previous year ` 138.1 million) is in respect of write down of inventories to
Impairment Allowance (allowance for bad and doubtful debts)
net realisable value.
- Unsecured, considered good - -
All inventories of Company have been hypothecated/mortgaged to secure borrowings of the Company. (refer note 17 and 18)
- Trade Receivables which have significant increase in credit Risk (31.1) (13.9)
NOTE 9. CURRENT INVESTMENTS - Trade Receivables - credit impaired - -
(31.1) (13.9)
(` million) Net Trade receivables 2,784.8 6,620.0
The Company follows “simplified approach for recognition of impairment loss”. The application of simplified approach dœs not require
March 31, 2020 March 31, 2019
the Company to track changes in credit risk.
Carried at fair value through profit and loss
Unquoted Investments (all fully paid) For terms and conditions relating to related party receivables, refer note 39.
Investments in mutual funds All book debts have been hypothecated/mortgaged to secure borrowings of the Company (refer note 17 and 18).
Nil (Previous year 23,372.30) units of face value of ` 100 each of Aditya Birla Sunlife Liquid - 7.0
Fund-Growth-Regular Plan (Cash) NOTE 11. CASH AND CASH EQUIVALENTS
Nil (Previous year 18,292.83) units of face value of Rs.100 each fully paid up of ICICI Prudential - 5.0
Liquid Plan - Growth (` million)
Nil (Previous year 1,063.85) units of Kotak Liquid Scheme Plan : DDR - 1.3 Particulars As at As at
Investments in other venture funds March 31, 2020 March 31, 2019
Product I - Alpha of Estee Advisors Pvt Ltd - 18.9 Cash on hand 65.9 6.6
Avendus Absolute Return Fund - Class A4 - 32.0 Balances with banks :
Quoted Investments (all fully paid) - In current accounts 33.5 88.2
Investment in non convertible debentures - In deposits accounts
Nil (Previous year 100) Zero coupon secured redeemable non convertible debentures of - 163.4 (original maturity of 3 months or less) 3,083.8 -
Dewan Housing Finance Corporation Limited having face value of ` 10,00,000/- each and due Total * 3,183.2 94.8
for redemption at a premium of ` 6,62,914 per debenture on 04/06/2019 * For the purpose of statement of cash flows, the above has been considered as cash and cash equivalents.
Nil (Previous year 250) 8.90% Secured redeemable non convertible debenture of India Bulls - 249.4 Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Company, and earn interest at
Housing Finance Limited having face value of ` 10,00,000/- each and due for redemption at the respective short-term deposit rates.
par on 17/06/2019

NOTE 12. OTHER BANK BALANCES NOTE 15. SHARE CAPITAL
Particulars As at As at Particulars As at March 31, 2020 As at March 31, 2019
March 31, 2020 March 31, 2019 No. of shares Amount No. of shares Amount
In fixed deposits accounts Authorised
(remaining maturity of less than 12 months) 7.1 15.7 Equity shares of ` 1 each (Previous year ` 10 each) (with voting 1,50,93,00,00,000 1,50,930.0 15,09,30,00,000 1,50,930.0
In earmarked accounts rights) (Refer note e below)
(i) Unpaid dividend accounts 129.2 92.4 Preference shares of ` 10 each 3,10,50,00,000 31,050.0 3,10,50,00,000 31,050.0
(ii) Held as margin money or security against borrowings and other commitments 54.0 48.2 Total 1,81,980.0 1,81,980.0
Total 190.3 156.3 Issued, Subscribed and Paid up [refer (a) to (d)]
Equity shares of Re 1 each (Previous year ` 10 each) (with voting 5,09,59,55,670 5,096.0 50,95,95,567 5,096.0
NOTE 13. OTHER CURRENT FINANCIAL ASSETS
rights) fully paid up (Refer note e below)
(` million) Total 5,096.0 5,096.0
Particulars As at March 31, 2020 As at March 31, 2019 (a) Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the year:
(Unsecured, considered good, unless otherwise stated)
Particulars Equity Share Capital
Security deposits
For the year ended For the year ended
- to related parties (refer note 39) - 45.3 March 31, 2020 March 31, 2019
- to others 24.9 20.9 No. of shares Amount No. of shares Amount
Loans and advances to employees * Issued, Subscribed and Paid up equity shares and
- Considered good 24.4 21.5 equity share capital
- Loans and advances to employees - credit impaired 2.5 2.5 Outstanding at the beginning of the year 50,95,95,567 5,096.0 50,95,95,567 5,096.0
26.9 24.0 Equity shares arising on shares split from ` 10/- to ` 1 per 4,58,63,60,103 - - -
Less: Impairment Allowance for Loans and advances to employees - credit 2.5 24.4 2.5 21.5 share (Refer note e below)
impaired Outstanding at the end of the year 5,09,59,55,670 5,096.0 50,95,95,567 5,096.0
Interest accrued on deposits, bonds and debentures 8.8 29.7 5,09,59,55,670 5,096.0 50,95,95,567 5,096.0
Export Incentives/Other receivables from Government authorities 975.9 913.1
(b) Rights, preferences and restrictions attached to the equity shareholders:
Receivable on account of cancellation of forward contracts - 14.2
The Company has only one class of equity shares having par value of ` 1 per share (Previous year ` 10 per share). Each
Derivative Instruments at fair value through OCI
shareholder is eligible for one vote per equity share held. In the event of liquidation of the Company, the equity shareholders
Foreign exchange forward contracts
are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their
- Cash flow hedges - 224.7 shareholding. The Company declares and pays dividend in Indian Rupees.
Derivative instruments at fair value through profit or loss
(c) The details of equity shareholders holding more than 5 % of the aggregate equity shares:
Forward exchange forward contracts 7.0 21.1
Receivable on account of redemption of current investments - 250.3 Particulars Equity Share Capital
Others As at March 31, 2020 As at March 31, 2019
- from related parties (Refer note 39) 11.4 9.7 No. of shares Amount No. of shares Amount
- from others 17.6 30.2 Madhuraj Foundation 1,39,46,37,010 27.4% 14,44,56,193 28.3%
Total 1,070.0 1,580.7 Trident Group Limited 1,66,89,16,160 32.7% 16,05,91,616 31.5%
* Includes advances to related parties of ` 1.3 million (Previous year Nil) (Refer note 39) Trident Industrial Corp Limited 32,00,00,000 6.3% 3,00,00,000 5.9%
Rainbow Integrated Texpark LLP (affiliate of an associate 30,00,00,000 5.9% 3,00,00,000 5.9%
NOTE 14. OTHER CURRENT ASSETS company)
(` million) (d) Number of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash:
Particulars As at March 31, 2020 As at March 31, 2019 Particulars Equity Share Capital
(Unsecured, considered good, unless otherwise stated) As at March 31, 2020 As at March 31, 2019
Advances to vendors No. of shares Amount No. of shares Amount
- Considered good 129.2 129.8 Shares allotted pursuant to a scheme of amalgamation - - 13,63,52,000 26.8%
- Advances to others - credit impaired 23.4 - during last 5 years
152.6 129.8 - - 13,63,52,000 26.8%
Less: Impairment Allowance for Advance to vendors - credit impaired 23.4 129.2 - 129.8 (e) The equity shares of the Company, during the year, have been sub-divided from existing face value of ` 10/- per equity share to
Prepaid lease rentals for leasehold land and others (Refer note 41) - 20.7 face value of ` 1/- per equity share based on approval by the shareholders in its 29th Annual General Meeting.
Balances with Government authorities 714.8 695.6
Gratuity fund (Refer note 35) 90.5 140.9
Total 1,085.5 1,101.5

NOTE 16. OTHER EQUITY NOTE 17. NON CURRENT BORROWINGS

a) Capital reserve (` million)
(` million) Particulars As at As at
Particulars As at March 31, 2020 As at March 31, 2019 March 31, 2020 March 31, 2019
Opening balance 933.9 933.9 Term loans - secured
Add: Addition during the year - 933.9 - 933.9 From banks 6,820.3 9,304.3
Capital reserve of ` 847.3 million (March 31, 2019 ` 847.3 million) represents reserve recognised on amalgamation being the From financial institution 58.1 217.8
difference between consideration amount and net assets of the transferor company. Other loans - secured
Capital reserve of ` 20.6 million (March 31, 2019 ` 20.6 million) represents reserve recognised as Investment subsidy received from Vehicle loans from banks 12.2 14.1
the Government. Total 6,890.6 9,536.2
Capital reserve of Rs. 66.0 million (March 31, 2019 Rs. 66.0 million) represents reserve recognised on account of forfeiture of equity Term loans
warrants.. a) Term loans except for loans referred in (b) and (c) below from banks and financial institution are secured by way of equitable
b) Securities premium mortgage created or to be created on all the present and future immovable properties including all land, buildings, structures,
all plant and equipment attached thereon of the Company and hypothecation of all the movable properties including movable
Opening balance 3,333.7 3,333.7
Add: Addition during the year - 3,333.7 - 3,333.7 machinery, spares, tools and accessories, etc., present and future, subject to prior charges created and / or to be created in favour
of the Company’s bankers on stocks of raw materials, semi finished and finished goods, consumable stores and other movable
This reserve represents amount of premium recognised on issue of shares to shareholders at a price more than its face value.
assets excluding vehicles specifically hypothecated against vehicle loans, as may be required for working capital requirements in
c) General reserve the ordinary course of business. The mortgages and charges referred to above rank pari-passu among the lenders (refer note
Opening balance 558.4 558.4 42(A)(i) and 42(B)(i)).
Add: Addition during the year - 558.4 - 558.4
b) Term loan from Indusind Bank amounting to ` 581.3 million (Previous year ` 623.5 million) is secured by way of mortgage created
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the on specific property for which loan has been taken. (refer note 42(A)(ii). The Company has pledged receipts of fixed deposit
general reserve is created by a transfer from one component of equity to another. amounting to ` 38.6 million (Previous year ` 35.7 million) against the said loan.
d) PPE Fair Valuation reserve
c) With respect to the term loans from banks obtained by erstwhile Trident Corporation Limited (the Amalgamated Company),
Opening balance 6,907.7 6,907.7 amalgamated with the Company with effect from the appointed date i.e. April 1, 2014, the same are secured by way of equitable
Add: Addition during the year - 6,907.7 - 6,907.7 mortgage created on the immovable properties including all buildings, structures, plant and machinery attached thereon and
This reserve represents amount recognised on fair valuation of property, plant and equipment pursuant to first time adoption of hypothecation of all the movable properties including movable machinery, spares, tools and accessories stocks of raw materials,
Ind AS 101 net of reversal of deferred tax liabilities as at the time of transition to Ind AS. The impact of reversal of deferred tax semi finished goods, consumable stores and other moveables of the Amalgamated Company, as existing immediately prior to the
liability thereafter on account of indexation benefit has been taken to retained earnings. amalgamation of the Amalgamated Company with the Company 42(A)(iii).
e) Other comprehensive income The interest rates range from 3.86% to 9.60% per annum before Interest subsidies under TUFS from Central and State
Opening balance 416.7 92.0 Governments.
i) Fair value gain/(loss) on investment in equity instruments carried at (3.8) 174.9
fair value through other comprehensive income Vehicles loans
ii) Movement in effective portion of cash flow hedge reserve (473.8) (60.9) 149.8 416.7 Vehicle loans are secured by hypothecation of vehicles acquired against such loans (refer note 42(C) for repayment terms).
This reserve represents (i) The cumulative gains and losses arising on the revaluation of equity instruments measured at fair value The interest rates range from 8.75% to 9.90% per annum.
through other comprehensive income, net of taxes and such gains and losses will never be classified to statement of profit and loss.
For the current maturities of long-term borrowings, refer note 20 other financial liabilities.
(ii) the cumulative effective portion of gains or losses, net of taxes arising on changes in fair value of designated portion of hedging
instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the designated
NOTE 18. TRADE PAYABLES - CURRENT
portion of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be
reclassified to statement of profit and loss only when the hedged transaction affects the profit or loss. (` million)
f) Capital redemption reserve Particulars As at As at
March 31, 2020 March 31, 2019
Opening balance 600.0 600.0 Cash credits/working capital loans from banks - secured 9,008.8 11419.6
Add: Transferred from retained earnings - 600.0 - 600.0
Total 9008.8 11419.6
Capital redemption reserve has been created pursuant to Section 55 of the Companies Act, 2013 on account of redemption of
preference shares out of the profits of the Company. Cash credits/working capital loans
g) Retained earnings Cash credits/working capital loans are secured by hypothecation of raw materials, semi finished and finished goods, consumable stores,
other movable assets excluding vehicles specifically hypothecated against vehicle loans and book debts, present and future, of the
Opening balance 11,466.5 9,413.2 Company. The limits are further secured by way of second pari passu charge on the immovable properties of the Company.
Add: Profit for the year 3,418.0 3,709.2
Add: Other comprehensive income net of income tax (3.7) 2.8 The interest rates range from 8.05% to 9.55% per annum before subvention.
Less: Interim dividend 1,834.9 1,223.0
Less: Dividend declared and distributed to equity shareholders (` 0.60 * 305.8 152.9
per share) (Previous year ` 0.30 per share)
Less: Tax on dividends 439.9 12,300.2 282.8 11,466.5
Total 24,573.0 24,216.9
* Dividend declared and distributed on number of shares outstanding before sub-division of equity shares.
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 19. TRADE PAYABLES - CURRENT NOTE 24. REVENUE FROM OPERATIONS
Particulars As at As at Particulars For the year ended For the year ended
March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
i) Outstanding dues to micro enterprises and Small enterprises (refer note 36) 327.5 92.2 Sale of products :
ii) Outstanding dues to other than micro enterprises and small enterprises Manufactured
- to related parties (refer note 39) 70.1 99.4 - Textiles 34,750.6 38,826.2
- to others 1,605.5 1,574.9 - Paper 8,560.3 9,074.7
1,675.6 1,674.3 - Chemical 568.1 787.7
Total 2,003.1 1,766.5 43,879.0 48,688.6
Traded
NOTE 20. OTHER CURRENT FINANCIAL LIABILITIES - Textiles (Towel) - 198.3
- 198.3
(` million)
Export Incentives 1,984.7 1,937.2
Goods and service tax subsidy - 32.3
March 31, 2020 March 31, 2019
Other operating revenue:
Current maturities of long-term debts - secured (refer note 17) 3,618.7 3,401.7
- Waste 1,119.2 1,327.6
Interest accrued but not due on borrowings 56.1 -
- Others 11.7 11.2
Payable to employees
3,115.6 3,308.3
- to related parties (refer note 39) 4.7 5.6
Total 46,994.6 52,195.2
- to others 323.7 577.4
Payables on purchase of Property, plant and equipment and intangible ** 443.2 161.3 a. Revenue from contracts with customers disaggregated based on nature of products
Security deposits 67.1 77.2 (` million)
Financial liabilities at fair value through OCI Particulars For the year ended For the year ended
Foreign exchange forward contracts and option contracts March 31, 2020 March 31, 2019
Cash flow hedges 431.9 12.0 Revenue from sale of products
Financial liabilities at fair value through profit or loss - Textiles 34,750.6 38,826.2
Forward exchange forward contracts 0.3 14.1 - Paper 8,560.3 9,074.7
Unclaimed dividend**** 129.2 92.4 - Chemical 568.1 787.7
Other liabilities*/*** 116.8 25.3 Traded Sales of Textiles (Towel) - 198.3
Total 5,191.7 4,367.0 Other operating revenue 1,130.9 1,338.8
* Include payable to related party of ` 34.2 million (Previous year ` 5.1 million) refer note 39.
Total 45,009.9 50,225.7
** Include total outstanding dues of micro enterprises and small enterprises of ` 82.7 million (Previous year Nil)
*** Include total outstanding dues of micro enterprises and sma ll enterprises of ` 60.0 million (Previous year Nil) Set out below is the revenue from contracts with customers and reconciliation to Statement of profit and loss
**** Will be credited to Investor Education and Protection Fund on the expiry of 7 years from the date of transfer to respective unpaid dividend accounts.
(` million)
NOTE 21. PROVISIONS March 31, 2020 March 31, 2019
(` million) Total revenue from contracts with customers 45,009.9 50,225.7
Particulars As at As at Add: Items not included in disaggregated revenue:
March 31, 2020 March 31, 2019 - Export Incentives 1,984.7 1,937.2
Leave benefits 213.1 192.5 - Goods and service tax subsidy - 32.3
Total 213.1 192.5 Revenue from operations as per the statement of profit and loss 46,994.6 52,195.2
b. Contract balances:
NOTE 22. OTHER CURRENT LIABILITIES
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
(` million)
(` million)
March 31, 2020 March 31, 2019 Particulars For the year ended For the year ended
Statutory remittances 166.2 153.8 March 31, 2020 March 31, 2019
Advances from customers 284.3 141.9 Trade receivables 2,784.8 6,620.0
Total 450.5 295.7 Advances from customers 284.3 141.9
NOTE 23. CURRENT TAX LIABILITIES (NET) NOTE 25. OTHER INCOME
Provision for current income tax (net of advance tax) - 59.3 a) Interest income
Total - 59.3 - On bank deposits (at amortized cost) 46.9 215.4
- On current investments (bonds and debentures) (at fair value through profit and loss) 29.5 71.9
- On other financial assets (at amortized cost) 91.9 87.2
168.3 374.5

(` million) NOTE 29. EMPLOYEE BENEFITS EXPENSES

b) Others Particulars For the year ended For the year ended
March 31, 2020 March 31, 2019
Fair value gain on financial instruments measured at fair value through profit
Salaries and wages 5,314.7 5,434.2
and loss:
Contribution to provident and other funds 407.5 378.9
- Fair valuation gain on current investments - 5.3
Staff welfare expenses 109.1 109.9
- Profit on sale of current investments (net) 28.3 38.2 Total 5,831.3 5,923.0
Dividend income on mutual fund investments - 1.1
Dividend income on long term investments 3.5 - NOTE 30. FINANCE COST
Gain on disposal of property, plant and equipment (net) - 0.8
Insurance claims 13.8 11.3 (` million)
Miscellaneous income 31.0 26.3 Particulars For the year ended For the year ended
March 31, 2020 March 31, 2019
76.6 83.0
(a) Interest expense :
Total 244.9 457.5
- On term and working capital loans (net of interest subsidy of ` 706.5 million (Previous 1,172.3 1,203.6
year ` 1,157.3 million)*
NOTE 26. COST OF RAW MATERIALS CONSUMED
- On lease liabilities (refer note 41) 46.2 -
(` million) - On security deposits 2.4 2.6
Particulars For the year ended For the year ended - Exchange differences regarded as an adjustment to borrowing costs 9.5 26.3
March 31, 2020 March 31, 2019 Less: Amount included in the cost of qualifying assets (149.5) (136.5)
Raw materials consumed Interest expenses on financial liabilities measured at amortised cost 1,080.9 1,096.0
(b) Other borrowing costs 27.1 26.6
Opening stock 6,785.4 6,083.3
Total 1,108.0 1,122.6
Add: Purchase of raw materials * 20,495.1 25,106.1
27,280.5 31,189.4 * Includes interest on income tax of Nil (Previous year ` 22.4 million)
Less: Closing stock 5,508.0 6,785.4
NOTE 31. OTHER EXPENSES
Net consumption (Refer (a) below) 21,772.5 24,404.0
* net of sales of raw materials of ` 73.6 million (Previous year 132.8 million) (` million)
a) Raw materials consumed comprises: March 31, 2020 March 31, 2019
(` million) Stores and spares consumed 882.6 951.7
Packing materials consumed 1,903.9 2,038.4
Power and fuel (net of utilized by others) * 4,363.8 4,504.5
March 31, 2020 March 31, 2019
Job Charges 311.5 323.0
Cotton and fibers 15,569.5 17,029.4
Rent (refer note 41) 17.7 119.0
Yarn 1,610.9 2,815.0 Repairs and maintenance
Dyes and chemicals 2,807.0 3,170.7 - Plant and equipment 117.4 109.9
Agro based products 1,783.9 1,387.6 - Buildings 42.6 53.5
Others 1.2 1.3 - Others 78.5 63.9
Total 21,772.5 24,404.0 Materials handling charges 174.1 192.5
Insurance charges 180.3 120.4
NOTE 27. PURCHASE OF STOCK IN TRADE Rates and taxes 23.2 43.5
Commission 513.1 475.7
(` million) Freight, clearing and octroi charges 926.2 986.6
Particulars For the year ended For the year ended Claims 97.0 128.8
March 31, 2020 March 31, 2019 Advertisement and business promotion 257.7 242.0
Textiles (towels for resale) - 198.3 Auditors' remuneration (refer note 34) 18.4 11.9
Total - 198.3 Travelling and conveyance 193.7 148.1
Postage and telephone 44.2 42.1
NOTE 28. (INCREASE) IN INVENTORIES OF FINISHED GOODS,WASTE AND WORK-IN-PROGRESS Legal and professional 778.0 494.9
Irrecoverable Balances written off (net)** 97.5 214.7
(` million) Less: Adjusted from provision for doubtful debts (3.2) 94.3 (0.6) 214.1
Particulars For the year ended For the year ended Expected credit loss allowance/provision for doubtful advances 43.8 8.2
March 31, 2020 March 31, 2019 Loss on disposal of property, plant and equipment (net) 5.7 -
Opening Stock Loss on disposal of non-current investments 0.2 -
Finished goods 1,221.3 923.6 Fair value loss on non-current investments 1.1 -
Waste 36.9 73.1 Charity and donation 4.9 4.0
Work-in-progress 1,281.5 2,539.7 1,218.3 2,215.0 Expenditure on corporate social responsibility (refer note 48) 90.9 89.4
Less : Closing Stock Pre-operative expenses written off 200.0 -
Miscellaneous expenses 168.3 189.6
Finished goods 1,524.2 1,221.3
Total 11,533.1 11,555.7
Waste 62.9 36.9
* Net of ` 5.4 million (Previous year ` 63.5 million) subsidy received from Government
Work-in-progress 1,311.2 2,898.3 1,281.5 2,539.7
Net (Increase) (358.6) (324.7) ** Includes interest subsidy of Nil (Previous year ` 83.3 million) and goods and services subsidy of ` 73.3 million (Previous year ` 39.6 million)

NOTE 32. CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR) NOTE 34. AUDITORS' REMUNERATION
A Contingent liabilities As auditors:
Claims* (excluding claims by employees where amounts are not ascertainable) not - Audit Fee 8.4 7.4
acknowledged as debt: - Tax Audit Fee 2.8 -
-Service tax # 0.0 0.0 - Limited reviews 5.3 3.6
-Income tax 8.8 16.6 In other capacities:
-Sales Tax 0.8 0.8 Certifications/others 0.1 0.1
# represents ` 18,212 (Previous year ` 18,212) Reimbursement of expenses 1.8 0.8
(a) Contingent liabilities under Income Tax Act, 1961 of ` 8.2 million (Previous year ` 16.6 million) include:
NOTE 35. EMPLOYEE BENEFITS
(i) Nil (Previous year ` 9.4 million) being demand of tax and interest under Section 220(2) of the Income Tax Act, 1961 for the a) Defined contribution plans
assessment year 2004 - 2005.
The Company makes contribution towards employees’ provident fund scheme. Under the scheme, the Company is required to
(ii) ` 6.1 million (Previous year ` 6.1 million) being penalties under Section 271(1)(c) of Income Tax Act, 1961 levied for assessment years contribute a specified percentage of salary, as specified in the rules of the scheme. The Company has recognized ` 300.3 million
2004-2005 and 2006-2007. during the year (Previous year ` 218.0 million) as expense towards contribution to this plan. ` 3.0 million (Previous year ` 1.9
(iii) Other disputed demands of ` 2.7 million pertaining to assessment year 2013 – 2014 and 2016-2017 (Previous year ` 1.1 million million) has been included under Property, plant and equipment / Capital work in progress.
pertaining to assessment year 2013 – 2014).
(` million)
iv) The Company has received an order under Section 143(3) of the Income Tax Act, 1961 (‘Act’) based on order of Transfer Pricing Particulars For the year ended For the year ended
Officer (“TPO”) under Section 92CA(3) of the Act for the assessment year 2016-2017. The TPO has made reduction in the amount March 31, 2020 March 31, 2019
of deduction claimed by the Company under Section 80IA of the Act amounting to ` 1,244.2 million. There is no impact of TPO Contribution to provident fund (including contribution to Pension fund) * 303.3 219.9
order for the assessment year 2016 - 2017 since there were adjustment of brought forward losses and deduction u/s 80IA was * Net of rebate of ` 15.2 million (previous year ` 24.4 million) under Pradhan Mantri Rojgar Protsahan Yojana Scheme.
not claimed. The Company has filed an appeal against the said order. The Company is assessing the consequential impact on b) Defined benefit plans
deductions claimed under Section 80IA of the Act, 1961 for the assessment years 2017 – 2018, 2018 – 2019 and 2019 – 2020.*
Gratuity scheme
* These matters are subject to legal proceedings in the ordinary course of business. In the opinion of the management, legal
proceedings when ultimately concluded will not have a material effect on the results of operations or financial position of the The Company has a defined gratuity plan (Funded) and the Gratuity plan is governed by The Payment of Gratuity Act 1972
Company. Based on the favourable orders in similar matters and based on the opinion of legal counsel of the Company, the (“Act”). Under the Act, employees who have completed five years of service are entitled for gratuity benefit of 15 days salary for
Company has a good chance of winning the cases. each completed year of service or part thereof in excess of six months. The amount of benefit depends on respective employee’s
salary, the years of employment and retirement age of the employee and the gratuity benefit is payable on termination/
B. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. As a
retirement of the employee. There is no maximum limit for the payment of gratuity benefit. The present value of obligation is
matter of caution, the Company has applied the judgement on a prospective basis from the date of the SC order. The Company
determined based on an actuarial valuation as at the reporting date using the Projected Unit Credit Method.
will update its provision for the period prior to the Supreme Court judgement, on receiving further clarity on the subject.
The fund has the form of an irrevocable trust and it is governed by Board of Trustees. The Board of trustees is responsible for
(` million)
the administration of the plan assets and for the definition of investment strategy. The scheme is funded with qualifying insurance
March 31, 2020 March 31, 2019 policies. The Company is contributing to trusts towards the payment of premium of such gratuity schemes.
C. Guarantees^ given to banks on behalf of others of ` 640.0 million (Previous year ` 811.4 0.0 416.1 The following table sets out the details of defined benefit plan and the amounts recognised in the standalone Ind AS financial
million) - Loan outstanding statements:
^ The above guarantees have been provided for business purposes to Punjab National Bank on behalf of Lotus Hometextiles Limited
I Components of Net Benefit Expense
(Formerly known as “Lotus Texpark Limited”), associate of the Company. Subsequent to year end, the said guarantee has been
withdrawn. (` million)
Sr. Particulars For the year ended For the year ended
NOTE 33. COMMITMENTS No. March 31, 2020 March 31, 2019
1 Current Service Cost* 99.9 69.2
(` million) 2 Past Service Cost - 102.3
Particulars As at As at 3 Net Interest (Income) (12.6) (23.0)
March 31, 2020 March 31, 2019
4 Total expense/(gain) recognised in the Statement of Profit and Loss** 87.3 148.5
Commitments
Re-measurements recognised in Other Comprehensive Income
a) Estimated amount of contracts remaining to be executed on capital account (net of 2,348.5 692.3
5 Effect of changes in financial assumptions 52.9 6.0
advances)
6 Effect of experience adjustments (39.9) (5.4)
b) For lease commitments please refer note 41
7 Return on plan assets (greater)/less than discount rate 0.5 (5.0)
c) Other commitments #
8 Total loss/(gain) of re-measurements included in OCI 13.5 (4.4)
# The Company has other commitments for purchase/sale orders which are issued after considering requirements as per the operating * Net of gain of NIL (Previous year ` 11.4 million) on account of adjustment to opening balance of gratuity fund.
cycle for purchase/sale of goods and services, and employee benefits. The Company dœs not have any long term commitment or ** Includes ` 1.6 million (Previous year ` 1.1 million) which has been capitalised and not debited to Statement of Profit & Loss.
material non cancellable contractual commitments/contracts which might have a material impact on the standalone Ind AS financial
statements of the Company.

II Net Asset recognised in Balance Sheet VII Actuarial risks

(` million) Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:
Sr. Particulars As at As at
Interest rate risk
No. March 31, 2020 March 31, 2019
1 Present Value of defined benefit obligation (634.7) (589.1) The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit
2 Fair value of plan assets 725.2 730.0 obligation will tend to increase.
3 Net defined benefit asset 90.5 140.9
Salary Inflation risk
III Change in present value of defined benefit obligation
Higher than expected increases in salary will increase the defined benefit obligation.
(` million)
Demographic risk
Sr. Particulars March 31, 2020 March 31, 2019
No. This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
1 Present Value of defined benefit obligation at the beginning of the year 589.1 465.9 and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the
2 Current Service Cost 99.9 80.6 combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the
3 Past Service Cost - 102.3 financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service
4 Interest Cost 40.7 32.4 employee.
Remeasurement gains / (losses):
VIII Sensitivity Analysis- Impact on defined benefit obligation
6 Effect of experience adjustments (39.9) (5.4) (` million)
7 Benefits Paid (108.0) (92.7) Sr. Particulars March 31, 2020 March 31, 2019
8 Present Value of defined benefit obligation at the end of the year 634.7 589.1 No. Increase/ (Decrease) Increase/ (Decrease)
IV Change in fair value of Plan assets 1 Discount Rate + 50 basis points (33.9) (29.2)
(` million) 2 Discount Rate - 50 basis points 37.1 31.8
Sr. Particulars March 31, 2020 March 31, 2019 3 Salary Increase Rate + 0.5% 37.3 32.2
No. 4 Salary Increase Rate – 0.5% (34.3) (29.7)
1 Fair value of Plan assets at the beginning of the year 730.0 757.7 5 Attrition Rate + 5% 9.4 26.5
2 Opening Balance Adjustment - 11.4 6 Attrition Rate - 5% (21.4) (45.9)
3 Interest income on plan assets 53.3 55.4
The sensitivity analysis presented above may not be representative of the actual changes in the defined benefit obligations as it
4 Employer contributions 50.4 35.7
is unlikely that the change in assumptions would occur in isolation of one another as some of the assumption may be correlated.
5 Return on plan assets greater /(lesser) than discount rate (0.5) 5.0
6 Benefits paid (108.0) (92.7) Furthermore, in presenting the above sensitivity analysis the present value of the defined benefit obligations has been calculated
7 Amount Encashed from the trust during the year - (42.5) using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the
8 Fair value of assets at end of the year 725.2 730.0 defined benefit obligation liability recognised in the standalone Ind AS financial statements.
V The assumptions used in accounting for the defined benefit plan are set out below: There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
Sr. Particulars For the year ended For the year ended
The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumption occurring
No. March 31, 2020 March 31, 2019
at the end of the reporting period, while holding all other assumptions constant.
1 Discount Rate (%) 6.80% 7.60%
2 Pre-retirement mortality Indian Assured Lives Indian Assured Lives The following benefit payments (undiscounted) are expected in future years:
Mortality (2006-08) Mortality (2006-08)
Ult. Ult. (` million)
3 Salary increase rate * 6.00% 6.00% Year ending March 31, 2020
4 Attrition Rate 4.00% 4.00% March 31, 2021 54.2
5 Retirement Age 58 Years 58 Years March 31, 2022 39.4
* The estimate of future salary increases take account of inflation, seniority promotion and other relevant factors, such as supply March 31, 2023 43.7
and demand in the employment market. March 31, 2024 51.4
March 31, 2025 60.7
VI Net Asset / (Liability) recognised in Balance Sheet (including experience adjustment impact)
March 31, 2026 to March 31, 2030 505.9
(` million)
The average duration of the defined benefit obligation at the end of the reporting period is 12 years (Previous year 12 years)
No. The expected employer contribution for the next year is Nil (Previous year Nil)
1 Present Value of Defined Benefit Obligation (634.7) (589.1)
2 Status [Surplus/(Deficit)] 90.5 140.9
3 Experience Adjustment of obligation [ (Gain)/ Loss ] (39.9) (5.4)

DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES NOTE 38. PROJECT AND PRE OPERATIVE EXPENSES PENDING ALLOCATION (INCLUDED IN CAPITAL WORK IN PROGRESS)
NOTE 36.
DEVELOPMENT ACT, 2006
(` million)
(` million) Particulars As at March 31, 2020 As at March 31, 2019
Particulars As at As at Opening balance: 536.1 622.9
March 31, 2020 March 31, 2019 Add: Expenses incurred during the year:
The principal amount and the interest due thereon remaining unpaid to any supplier Employee benefits expenses
- Salaries and wages 73.2 50.0
as at the end of each accounting year
- Contribution to provident and other funds 4.8 3.0
- Principal amount due to micro and small enterprises* 470.2 92.2 - Staff welfare expenses 0.5 0.6
- Interest due on above - - Finance costs
The amount of interest paid by the buyer in terms of Section 16 of the MSMED Act 2006 along - - - On term and working capital loans * 149.5 131.8
with the amounts of the payment made to the supplier beyond the appointed day during each - Exchange differences regarded as an adjustment to borrowing costs - 4.7
accounting year. Stores and spares consumed 1.1 0.3
The amount of interest due and payable for the period of delay in making payment (which - - Power and fuel 2.1 -
have been paid but beyond the appointed day during the year) but without adding the interest Repair and maintenance
specified under the MSMED Act 2006. - Plant and equipment 0.1 -
The amount of interest accrued and remaining unpaid at the end of each accounting year. - - - Buildings 0.3 -
- Others 0.6 4.3
The amount of further interest remaining due and payable even in the succeeding years, - -
until such date when the interest due as above are actually paid to the small enterprise for Insurance 0.7 -
the purpose of disallowance as a deductible expenditure under Section 23 of the MSMED Act Rates and taxes 5.5 4.1
2006 Travelling and conveyance 4.7 12.3
Legal and professional 51.9 76.9
Dues to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of Miscellaneous expenses 4.6 299.6 2.2 290.2
information collected by the management. Total 835.7 913.1
Less: Allocated to Property, plant and equipment and intangible assets 225.9 377.0
* Include total outstanding dues of micro enterprises and small enterprises of ` 327.5 million (Previous year ` 92.2 million) included in
Less: Pre-operative expenses written off (Refer note 31)** 200.0 -
Trade Payables Closing balance included in capital work in progress 409.8 536.1
* Include total outstanding dues of micro enterprises and small enterprises of ` 82.7 million (Previous year Nil) payables against * comprises of:
purchase of Property, plant and equipment and intangible assets. (i) ` 97.6 million ( previous year ` 107.7 million) on specific borrowings taken.
* Include total outstanding dues of micro enterprises and small enterprises of ` 60.0 million (Previous year Nil) in other liabilities under (ii) ` 51.9 million (previous year ` 24.1 million) on general borrowings for other qualifying assets using the weighted average interest
the other current financial liabilities. rate applicable during the year which is 8.7% p.a
** During the current year, the Company has written off the expense incurred on a proposed power project and paper upgradation
NOTE 37. EARNINGS PER SHARE project at its Budhni and Dhaula Plant respectively as the Company has decided to discontinue the project.
The earnings per share (EPS) disclosed in the statement of profit and loss have been calculated as under: NOTE 39. RELATED PARTY DISCLOSURES
(` million) The related party disclosures as per Ind AS-24 are as under:
Particulars For the year ended For the year ended A. Name of related parties and nature of related party relationship
March 31, 2020 March 31, 2019*
(i) Enterprises where control exists:
Profit for the year as per statement of profit and Loss (` million) (A) 3,418.0 3,709.2
a) Enterprise that controls the Company
Weighted average number of equity shares (number) (B) 5,09,59,55,670 5,09,59,55,670
- Madhuraj Foundation (directly or indirectly holds majority voting power)
Potential dilutive equity shares (number) (C)
Weighted average number of equity shares in computing diluted earning (D)=(B+C) 5,09,59,55,670 5,09,59,55,670 b) Enterprises that are controlled by the Company, i.e. subsidiary companies.
per share (number) - Trident Global Corp Limited
Basic earning per share (` per share) (face value of ` 1 each)* (A/B) 0.67 0.73 - Trident Europe Limited
Diluted earning per share (` per share) (face value of ` 1 each)* (A/D) 0.67 0.73 (ii) Other related parties where transactions have taken place during the year:
*The equity shares of the Company, during the current year, have been sub-divided from existing face value of ` 10/- per equity shares a) Enterprises under the common control with the Company
to face value of ` 1/- per equity share based on approval by the shareholders in its 29th Annual General Meeting. The Record Date for - Trident Capital Limited
effecting this sub-division of equity share was December 16, 2019. Accordingly, basic and diluted earnings per equity share for previous
- Trident Industrial Corp Limited
year have been computed on the basis of number of equity shares after sub-division.
- Trident Corp Limited
- Trident Corporate Solutions Limited
- Trident Corporate Services Limited
- Trident Institute of Social Sciences
- Trident Comtrade LLP
b) Enterprise that has significant influence over the Company
- Trident Group Limited

c) Enterprises on which Company exercises significant influence E. Disclosure of transactions between the Company and related parties during the year.
- Trident Global, Inc. USA (` million)
- Lotus Hometextiles Limited (Formerly known as Lotus Texpark Limited) Particulars Enterprise Subsidiaries Enterprises Significant Key Post
that controls that are under Influence management Employment
- Narmada Infrabuild Limited
the Company/ common personnel Benefit Plans
- Takshashila Foundation has significant control and relatives/
- Trident Infotech Inc., USA influence over Enterprises
the Company where KMPs’
d) Key management personnel and their relatives have control
- Ms. Pallavi Shardul Shroff- Chairperson
March March March March March March March March March March March March
- Mr. Rajinder Gupta- Co-Chairman 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31,
- Mr. Rajiv Dewan- Director 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Sale of Goods (including taxes)
- Mr. Deepak Nanda- Whole-time Director**
- Trident Global Corp Limited - - 1,792.1 1,770.3 - - - - - - - -
- Mr. Gunjan Shroff- CFO
- Trident Europe Limited - - 6.7 35.0 - - - - - - - -
- Ms. Ramandeep Kaur- Company Secretary
- Trident Global Inc., USA - - - - - - 65.7 50.5 - - - -
- Mr. Manish Parsad- Director (appointed on April 1, 2019 and resigned on August 3, 2019) - Lotus Hometextiles Limited (Formerly - - - - - - 252.9 151.8 - - - -
- Mr. Dinesh Kumar Mittal- Director known as Lotus Texpark Limited)
****/*****
- Mr. Amandeep - Managing Director *
Royalty paid (including taxes)
- Mr. Abhishek Gupta - Relative of Co-chairman
- Trident Group Limited 49.4 51.8 - - - - - - - - - -
- Ms. Madhu Gupta - Relative of Co-chairman Rent received
- Ms. Gayatri Gupta - Relative of Co-chairman - Lotus Hometextiles Limited (Formerly - - - - - - 0.1 0.1 - - - -
* appointed as director w.e.f August 3, 2019 and designated as Managing Director w.e.f September 5, 2019 known as Lotus Texpark Limited)
** Managing Director till September 4, 2019 and designated as Whole-Time Director w.e.f. September 5, 2019 - Trident Institute of Social Sciences - - - - 0.4 - - - - - - -
- Rajinder Gupta - - - - - - - - 0.9 0.9 - -
e) Enterprises over which KMP of the Company have control
- Trident Global Corp Limited - - 0.2 0.2 - - - - - - - -
- Shardul Amarchand Mangaldas & Co.
Purchases (including taxes)
- Lotus Global Foundation - Lotus Hometextiles Limited (Formerly - - - - - - 397.0 144.8 - - - -
- Kognoz Research & Consulting Pvt Ltd @ known as Lotus Texpark Limited)
- CJ Darcl Logistics Ltd @@ Job Charges (including taxes)
@ became realted party on April 1, 2019 and ceased to be related party w.e.f August 3, 2019 - Lotus Hometextiles Limited (Formerly - - - - - - 28.1 - - - - -
known as Lotus Texpark Limited)
@@ became related party w.e.f August 3, 2019
Management Service charges received
f) Post Employment Benefit Plans (including taxes)
- Trident Trust
Consultancy Services taken
B. The remuneration of directors and other members of Key management personnel during the year was as follows:
- Kognoz Research & Consulting Pvt Ltd - - - - - - - - 9.5 - - -
(` million) - Lotus Hometextiles Limited (Formerly - - - - - - 21.2 - - - - -
Particulars For the year ended For the year ended known as Lotus Texpark Limited)
March 31, 2020 March 31, 2019 - Shardul Amarchand Mangaldas & Co. - - - - - - - - 3.1 10.2 - -
Short-term benefits* 334.4 265.0 Advertisement and business
334.4 265.0 promotion
* Gratuity and leave benefits which are actuarially determined on an overall basis are not separately provided. - Trident Europe Limited - - 11.2 - - - - - - - - -
Freight expense
C. No guarantees have been given or received except a guarantee of ` 640.0 million (Previous year ` 811.4 million) provided by
- CJ Darcl Logistics Ltd - - - - - - - - 2.1 - - -
the Company for business purpose to Punjab National Bank on behalf of Lotus Hometextiles Limited (formerly known as Lotus
Labour charges
Texpark Limited), associate of the Company. Further, the Company has executed a non-disposal undertaking in respect of equity
- Lotus Hometextiles Limited (Formerly - - - - - - 13.2 - - - - -
shares held by the Company of Lotus Hometextiles Limited (formerly known as Lotus Texpark Limited) in favour of a bank that known as Lotus Texpark Limited)******
have provided financial assistance to Lotus Hometextiles Limited (formerly known as Lotus Texpark Limited). Subsequent to year Interest Received on Overdue
end, the said guarantee and non-disposal undertaking has been withdrawn. Amounts (including taxes)
No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related
Other Income (Infrastructural Charges)
parties.
- Lotus Hometextiles Limited (Formerly - - - - - - 1.1 9.3 - - - -
D. With effect from, July 18, 2019, eight companies were merged in the associate company namely ‘Lotus Hometextiles Limited known as Lotus Texpark Limited)
(formerly known as Lotus Texpark Limited)’. Hence, the transactions between the Company and said company includes
transactions of merged companies with effect from the said date.

Particulars Enterprise Subsidiaries Enterprises Significant Key Post Particulars Enterprise Subsidiaries Enterprises Significant Key Post
that controls that are under Influence management Employment that controls that are under Influence management Employment
the Company/ common personnel Benefit Plans the Company/ common personnel Benefit Plans
has significant control and relatives/ has significant control and relatives/
influence over Enterprises influence over Enterprises
the Company where KMPs’ the Company where KMPs’
have control have control
March March March March March March March March March March March March March March March March March March March March March March March March
31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31,
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Purchase of Property, Plant & Dividend paid (on payment basis)
Equipment - Trident Capital Limited - - - - 79.1 54.0 - - - - - -
- Madhuraj Foundation - 252.77 - - - - - - - - - - - Madhuraj foundation 600.6 381.4 - - - - - - - - - -
- Lotus Hometextiles Limited (Formerly - - - - - - 1.1 - - - - - - Trident Group Limited 687.4 418.4 - - - - - - - - - -
- Trident Industrial Corp Limited - - - - 129.6 81.0 - - - - - -
- Narmada Infrabuild Limited - - - - - - 1.0 9.5 - - - -
- Trident Corp Limited - - - - 6.4 4.1 - - - - - -
Purchase of export license
- Trident Corporate Solutions Limited - - - - 4.4 2.8 - - - - - -
- Lotus Hometextiles Limited (Formerly - - - - - - - 0.3 - - - -
known as Lotus Texpark Limited) - Trident Corporate Services Limited - - - - 4.4 2.8 - - - - - -
Contribution towards Gratuity & Risk - Lotus Global Foundation - - - - - - - - 3.4 1.5 - -
Management Fund (net) - Trident Comtrade LLP - - - - 0.1 0.1 - - - - - -
- Trident Trust - - - - - - - - - - 193.1 149.6 - Mr. Rajinder Gupta - - - - - - - - 4.7 9.3 - -
Rent paid (including taxes) - Mr. Rajiv Dewan ** - - - - - - - - 0.1 0.0 - -
- Madhuraj Foundation - 15.2 - - - - - - - - - - - Mr. Gunjan Shroff ** - - - - - - - - 0.1 0.0 - -
- Lotus Global Foundation - - - - - - - - - 10.6 - - - Ms. Ramandeep Kaur ** - - - - - - - - 0.0 0.0 - -
- Lotus Hometextiles Limited (Formerly - - - - - - - 7.6 - - - - Corporate social responsibility
known as Lotus Texpark Limited) expenses
Payment against lease liabilities - Trident Institute of Social Sciences - - - - - - 23.6 - - - - -
(including taxes and interest) - Takshashila foundation - - - - - - 32.4 61.3 - - - -
- Madhuraj Foundation 17.7 - - - - - - - - - - - Loss on disposal of non-current
- Lotus Global Foundation - - - - - - - - 10.6 - - - investments
- Lotus Hometextiles Limited (Formerly - - - - - - 14.3 - - - - - - Trident Infotech Inc., USA - - - - - - 0.2 - - - - -
known as Lotus Texpark Limited) Expenses incurred on behalf of:
Commission on sales - Trident Global Inc., USA - - - - - - - 2.5 - - - -
- Trident Europe Limited - - 37.7 27.3 - - - - - - - - - Lotus Hometextiles Limited (Formerly - - - - - - 161.3 167.7 - - - -
- Trident Global Inc., USA - - - - - - 171.8 152.8 - - - - known as Lotus Texpark Limited)
Commission paid (on accrual basis) * Securities received:
- Mr.Rajinder Gupta - - - - - - - - 226.0 162.4 - - - CJ Darcl Logistics Ltd - - - - - - 0.1 - - - - -
- Mr.Dinesh Kumar Mittal - - - - - - - - 5.0 5.0 - - Guarantees given:
Sitting Fees Paid - Lotus Hometextiles Limited (Formerly - - - - - - 640.0 811.4 - - - -
- Mr.Rajinder Gupta - - - - - - - - 0.6 0.6 - - known as Lotus Texpark Limited)
- Ms. Pallavi Shardul Shroff - - - - - - - - 0.4 0.5 - - Guarantees withdrawn:
- Mr.Dinesh Kumar Mittal - - - - - - - - 0.2 0.3 - - - Lotus Hometextiles Limited (Formerly - - - - - - 811.4 929.5 - - - -
- Mr.Manish Parsad - - - - - - - - 0.1 - - - * Included in legal and professional expenses in note 31
- Mr.Rajiv Dewan - - - - - - - - 0.8 0.8 - - ** Dividend paid is less than ` 0.1 million, accordingly appearing as Nil in last year and current year in case of Ramandeep Kaur.
Remuneration paid *** includes consultancy related to project of ` 14.2 million included under capital work in progress.
- Mr.Deepak Nanda - - - - - - - - 23.2 26.3 - - **** includes sales (includes taxes) of ` 179.3 million (Previous year Nil) represents sale of fabric which has been netted off with purchases as the same is interlinked transaction.
***** includes sales (includes taxes) of ` 32.1 million (Previous year ` 47.0 million) represents sale of raw material which has been netted off purchases.
- Ms.Ramandeep Kaur - - - - - - - - 4.7 5.2 - -
****** includes labour charges capitalised related to project of ` 8.8 million.
- Mr.Abhishek Gupta - - - - - - - - 23.2 26.3 - -
- Ms. Madhu Gupta - - - - - - - - 7.0 7.8 - -
- Ms. Gayatri Gupta - - - - - - - - 4.7 5.2 - -
- Mr.Amandeep - - - - - - - - 23.2 - - -
- Mr.Gunjan Shroff - - - - - - - - 17.4 26.8 - -

F. Details of Balances outstanding as at year end NOTE 40. SEGMENT INFORMATION

(` million)
I Segment Accounting Policies:
Particulars Enterprise Subsidiaries Enterprises Significant Key Post
that controls that are under Influence management Employment a. Product and Services from which reportable segment derive their revenues (Primary Business Segments)
the Company/ common personnel Benefit Plans Based on the nature and class of product and services , their customers and assessment of differential risks and returns and
has significant control and relatives/ financial reporting results reviewed by Chief Operating Decision Maker (CODM) , the Company has identified the following
influence over Enterprises
business segments which comprises of:
the Company where KMPs’
have control Textiles : Yarn, Towel, Bedsheets, Dyed Yarn manufacturing (Including utility services)
Paper and Chemical : Paper and Sulphuric Acid (Including utility services)
March March March March March March March March March March March March
31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, b. Geographical segments (Secondary Business Segments)
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 The geographical segments considered and reviewed by Chief Operating Decision Maker for disclosure are based on markets,
Security deposit receivable (at broadly as under:
amortized cost)
India
known as Lotus Texpark Limited) USA
Trade receivables: Rest of the world
- Trident Global Corp Limited - - 163.5 427.8 - - - - - - - - c. Segment accounting policies
- Trident Europe Limited - - - 11.2 - - - - - - - -
Segment accounting policies: In addition to the significant accounting policies applicable to the business segment as set out in
- Trident Global Inc., USA - - - - - - 42.4 18.3 - - - - note 2, the accounting policies in relation to segment accounting are as under:
i. Segment assets and liabilities:
Lease liabilities (at amortised cost) Segment assets include all operating assets used by a segment and consist principally of cash, debtors, inventories and
- Madhuraj Foundation - - - - - - 93.0 - - - - - Property, Plant and Equipment including capital work in progress, net of allowances and provisions, which are reported as
- Lotus Global Foundation - - - - - - 102.7 - - - - -
direct offset in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and
accrued liabilities.
- Lotus Hometextiles Limited (Formerly - - - - - - 86.3 - - - - -
known as Lotus Texpark Limited) ii Segment revenue and expenses:
Trade payables: Joint revenue and expenses of segments are allocated amongst them on reasonable basis. All other segment revenue and
- Madhuraj foundation 2.7 - - - - - - - - - - - expenses are directly attributable to the segments.
- Trident Group Limited 5.2 5.4 - - - - - - - - - - iii Inter segment sales:
- Trident Global Inc., USA - - - - - - 9.3 - - - - - Inter segment sales are accounted for at cost plus appropriate margin (transfer price) and are eliminated in consolidation.
- Narmada Infrabuild Limited - - - - - - - 0.5 - - - -
iv Segment results :
known as Lotus Texpark Limited) Segment results represent the profit before tax earned by each segment without allocation of central administration costs,
- Lotus Global Foundation - - - - - - - - 1.6 - - - other non operating income as well as finance costs. Operating profit amounts are evaluated regularly by the chief operating
- Shardul Amarchand Mangaldas - - - - - - - - 0.3 2.4 - - decision maker in deciding how to allocate resources and in assessing performance.
Other payables II Detail of Primary Business Segments and its reconciliation with Financial Statements:
- Trident Trust - - - - - - - - - - 34.2 5.1 (` million)
Other Receivable Particulars Textiles Paper & Chemicals Unallocable Elimination Total
- Trident Global Corp Limited - - - - - - 0.4 - - - - - March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
- Mr.Rajinder Gupta - - - - - - - - 4.2 - - -
1 Segment revenue
- Trident Institute of Social Sciences - - - - 0.4 - - - - - - -
- External sales 37,776.0 42,228.9 9,218.6 9,966.3 - - - - 46,994.6 52,195.2
- Lotus Hometextiles Limited (Formerly - - - - - - 6.4 9.7 - - - - - Inter segment Sales - - 6.8 3.9 - - (6.8) (3.9) - -
- Interest income - - - - 168.3 374.5 - - 168.3 374.5
Payable to employees - Other income - - - - 76.6 83.0 - - 76.6 83.0
- Mr.Deepak Nanda - - - - - - - - 0.3 1.2 - - Total revenue 37,776.0 42,228.9 9,225.4 9,970.2 244.9 457.5 (6.8) (3.9) 47,239.5 52,652.7
- Ms.Ramandeep Kaur - - - - - - - - 0.2 0.3 - - 2 Segment results 3,017.6 3,417.9 3,100.0 3,701.9 - - - - 6,117.6 7,119.8
- Mr.Abhishek Gupta - - - - - - - - 1.4 2.1 - - Unallocated corporate expenses - - - - (797.5) (528.0) - - (797.5) (528.0)
(net of unallocated Income)
- Ms. Madhu Gupta - - - - - - - - 0.5 0.6 - -
Finance costs - - - - (1,108.0) (1,122.6) - - (1,108.0) (1,122.6)
- Ms. Gayatri Gupta - - - - - - - - 0.4 0.5 - - Tax expenses - - - - (794.1) (1,760.0) - - (794.1) (1,760.0)
- Mr.Amandeep - - - - - - - - 1.2 - - - 3 Profit after tax - - - - - - - - 3,418.0 3,709.2
- Mr.Gunjan Shroff - - - - - - - - 0.7 0.9 - - 4 Segment Balance Sheet - -
Advances to Employees a Segment assets 44,726.0 50,750.1 5,271.2 5,125.2 - - - - 49,997.2 55,875.3
- Mr.Deepak Nanda - - - - - - - - 0.3 - - - Unallocated corporate assets - - - - 7,186.3 5,157.1 7,186.3 5,157.1
- Mr.Abhishek Gupta - - - - - - - - 1.0 - - - Total assets 44,726.0 50,750.1 5,271.2 5,125.2 7,186.3 5,157.1 - - 57,183.5 61,032.4
Commission Payable b Segment liabilities 2,917.5 2,321.0 908.8 625.5 - - - - 3,826.3 2,946.5
Unallocated corporate liabilities - - - - 4,113.9 4,415.5 - - 4,113.9 4,415.5
- Mr.Rajinder Gupta - - - - - - - - 23.4 81.2 - -
- Mr.Dinesh Kumar Mittal - - - - - - - - 4.5 4.5 - -

(` million) NOTE 41. LEASES AS LESSEE

Particulars Textiles Paper & Chemicals Unallocable Elimination Total
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
The Company has lease contracts for various Lands, office premises, guest houses and factory premises (including plant & equipment).
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Leases of office premises, guest houses and factory premises (including plant & equipment) generally have lease terms ranging from 11
Long term borrowings (including - - - - 10,509.4 12,937.9 - - 10,509.4 12,937.9 months to 20 years and leases of lands generally have lease terms between 30-99 years. The Company’s obligations under its leases
current maturities) are secured by the lessor’s title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased
Interest accrued but not due on - - - - 56.1 - - - 56.1 - assets. There are several lease contracts that include extension and termination options.
borrowings
Short term borrowings - - - - 9,008.8 11,419.6 - - 9,008.8 11,419.6 The Company also has certain leases of office premises and guest houses with lease terms of 12 months or less. The Company applies
Total liabilities 2,917.5 2,321.0 908.8 625.5 23,688.2 28,773.0 - - 27,514.5 31,719.5 the ‘short-term lease’ recognition exemptions for these leases.
c Other disclosures As on transition date i.e April 1, 2019, Right-of use assets of ` 1,499.5 million were recognised including reclassification of prepaid
Capital expenditure 1,542.4 1,189.4 372.8 75.1 157.2 8.1 - - 2,072.4 1,272.6
leasehold rentals for leasehold land and others of ` 922.7 million, prepaid portion of security deposit of ` 44.2 million and lease
Depreciation and amortization 3,029.6 3,055.5 192.8 479.1 110.6 104.5 - - 3,333.0 3,639.1
expense
equalisation liability of ` (5.5) million presented separately in the balance sheet. Lease liabilities of ` 538.1 million were recognised and
Material non cash items presented separately in the balance sheet.
other than depreciation and
amortization expense:
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:
- Foreign exchange (gain)/loss on (0.4) (152.6) - - - - - - (0.4) (152.6) (` million)
derivative financial instruments
Particulars Right of use assets
carried at Fair value through profit
and loss Lands Office premises Factory premises Total
- Foreign exchange (gain)/loss on 645.7 (212.7) - - - - - - 645.7 (212.7) and guest houses (including plant &
derivative financial instruments equipment)
carried at Fair value through other As at April 1, 2019 961.9 358.0 179.6 1,499.5
comprehensive income
Leasehold land converted into freehold land (606.2) - - (606.2)
- Net (gain)/loss on financial assets - - - - 1.1 (5.3) - - 1.1 (5.3)
measured at Fair value through Lease modifications / adjustments (3.0) (121.0) - (124.0)
profit and loss Depreciation expense (10.9) (47.2) (18.0) (76.1)
- Net (gain)/loss on financial assets - - - - 6.0 (197.9) - - 6.0 (197.9) As at 31 March 2020 341.8 189.8 161.6 693.2
measured at Fair value through
other comprehensive income Set out below are the carrying amounts of lease liabilities and the movements during the year:
- Liabilities/ sundry credit balances 84.6 160.2 9.8 22.3 (0.1) 31.6 - - 94.3 214.1
no longer required (written back)/ (` million)
irrecoverable balances written Particulars Lease Liabilities
off (net)
As at April 1, 2019 538.1
- Expected credit loss allowance 19.9 8.2 0.6 0.0 23.4 - - - 43.8 8.2
on trade receivables written off Accretion of interest 46.2
and advances no longer required Lease surrendered (124.6)
(written back) (net) Payments (74.0)
-Loss on disposal of non-current - - - - 0.2 - - - 0.2 -
Foreign exchange loss 3.7
investments
-Pre-operative expenses written off 132.7 - 67.3 - - - - - 200.0 - As at 31 March 2020 389.4
III Details of Secondary Segment – Geographical: Current lease liabilities 65.5
Non current lease liabilities 323.9
(` million)
Considering the lease term of the leases, the effective interest rate for lease liabilities is 9%
March 31, 2020 March 31, 2019* The following are the amounts recognised in statement of profit and loss:
Revenue from external customer in:
(` million)
India 20,682.9 22,378.1
Particulars As at
USA 14,234.5 15,421.5 March 31, 2020
Rest of the world 12,077.2 14,395.6 Depreciation expense of right-of-use assets 76.1
Total Sales 46,994.6 52,195.2 Interest expense on lease liabilities 46.2
Expense relating to short-term leases (included in other expenses) 17.7
(` million)
Total amount recognised in profit or loss 140.0
March 31, 2020 March 31, 2019 For maturity analysis of lease liability, refer note 45 Financial risk management framework and policies under maturities of financial
Non-current assets located in: * liabilities.
India 38,374.3 39,359.6 The Company had total cash outflows for leases of ` 91.7 million in 31 March 2020. There are no future cash outflows relating to leases
USA 131.3 108.9 that have not yet commenced.
Rest of the world - - Extension and termination options are included in a number of leases. These are used to maximise operational flexibility in terms of
Total non-current assets 38,505.6 39,468.5 managing the assets used in the Company’s operations. The majority of extension and termination options held are exercisable only
* Excludes investment in subsidiaries and associates and non-current financial assets amounting to ` 1,244.3 million (Previous year ` 1,331.7 million) by the Company and not by the respective lessor.
Information about major customers Payments associated with short-term leases are recognised on a straight-line basis as an expense in statement of profit and loss. Short-
Refer Note 45 (Credit Risk) term leases are leases with a lease term of 12 months or less.

NOTE 42. Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2020
No. outstanding as at
I. Details of long term borrowings (including current maturities) as at March 31, 2020 March 31, 2020
Breakup of Long Term Borrowings as at March 31, 2020: (` in Million)
(ii) Term loans secured by way of mortgage on related property
(` million) 26 581.3 1 quarterly installment of ` 3.55 million, 12 quarterly installments of ` 4.37 million each, 12 quarterly
Particulars Non-current Current Maturities Total Long installments of ` 9.11 million each, 12 quarterly installments of ` 10.02 million each, 23 quarterly
Borrowings of long term Term installments of ` 10.93 million each, 1 quarterly installment of ` 11.74 million and 1 quarterly installment
(Refer Note 17) borrowings Borrowings of ` 32.62 million.
(Refer Note 20) 581.3
Term loans from banks (for details Refer (A) below) 6,826.6 3,442.7 10,269.3 (iii) Term loans secured by way of equitable mortgage on immovable properties and hypothecation of movable properties of
Term loans from financial institution (for details Refer (B) below) 58.1 168.1 226.2 Amalgamated Company
Vehicle loans from banks (for details Refer (C) below) 12.2 11.1 23.3 27 289.5 6 Quarterly installments of ` 43.60 million each and 1 Quarterly installment of ` 27.94 million.
Less: Unamortised borrowing costs (6.3) (3.2) (9.5) 28 261.6 6 quarterly installments of ` 43.60 million each.
Carrying value of term loans from banks and financial institutions 6,890.6 3,618.7 10,509.3 29 304.2 6 Quarterly installments of ` 43.60 million each and 1 Quarterly installment of 42.59 million.
A. Term loans from banks 30 228.6 7 Quarterly installments of ` 32.66 million each.
31 190.4 7 Quarterly installments of ` 27.20 million each.
(i) Term loans secured by way of equitable mortgage on all immovable properties and hypothecation of all movable properties 32 153.4 6 Quarterly installments of ` 22.00 million each and 1 Quarterly installment of ` 21.40 million.
except for charges already created for loans referred in (ii) and (iii) below 33 144.9 6 Quarterly installments of ` 21.78 million each and 1 Quarterly installment of ` 14.20 million.
34 117.2 6 Quarterly installments of ` 16.20 million each and 1 Quarterly installment of ` 19.99 million.
Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2020 35 105.4 6 Quarterly installments of ` 16.34 million each and 1 Quarterly installment of ` 7.38 million.
No. outstanding as at 36 113.4 7 Quarterly installments of ` 16.20 million each.
March 31, 2020 37 72.8 6 Quarterly installments of ` 10.89 million each and 1 Quarterly installment of ` 7.39 million.
(` in Million) 1,981.4 Total
1 93.8 3 quarterly installments of ` 31.25 million each.
2 114.0 7 quarterly installments of ` 14 million each and 1 quarterly installment of ` 16 million. B. Term loans from Financial institution
3 0.1 Only Partial loan has been disbursed against the total loan sanctioned of ` 700.00 million. The repayment (i) Term loans secured by way of equitable mortgage on all immovable properties and hypothecation of all movable properties
of the loan would be made in 30 Quarterly installments starting from September' 21 onwards.
4 0.1 Only Partial loan has been disbursed against the total loan sanctioned of ` 745.00 million. The Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2020
repayment of the loan would be made in 30 Quarterly installments starting from May' 22 onwards. No. outstanding as at
5 18.7 Only Partial loan has been disbursed against the total loan sanctioned of ` 700.00 million. The repayment March 31, 2020
of the loan would be made in 30 Quarterly installments starting from September' 21 onwards. (` in Million)
6 85.6 Only Partial loan has been disbursed against the total loan sanctioned of ` 730.00 million. The 1 174.4 6 quarterly installments of ` 29.07 million each.
repayment of the loan would be made in 30 Quarterly installments starting from May' 22 onwards. 2 11.0 1 quarterly installments of ` 5.63 million each and 1 quarterly installment of ` 5.39 million.
7 0.1 Only Partial loan has been disbursed against the total loan sanctioned of ` 275.00 million. The 3 40.8 2 Quarterly installments of ` 13.60 million each and 1 Quarterly installment of ` 13.56 million.
repayment of the loan would be made in 30 Quarterly installments starting from May' 22 onwards. 226.2
8 50.0 3 quarterly installments of ` 0.71 million each, 8 quarterly installments of ` 0.84 million each, 4 quarterly
C. Vehicle loans from banks
installments of ` 0.99 million each, 3 quarterly installments of ` 1.12 million each, 1 quarterly installment
of ` 2.25 million, 4 quarterly installments of ` 2.49 million each, 4 quarterly installments of ` 2.81 million Vehicle loans are repayable in equal monthly instalments.
each, 1 quarterly installment of ` 3.43 million and 2 quarterly installments of ` 3.45 million each.
9 60.0 20 quarterly installments of ` 3.00 million each II. Details of long term borrowings (including current maturities) as at March 31, 2019
10 390.5 1 quarterly installment of ` 12.50 million, 8 quarterly installments of ` 17.50 million each, 4 quarterly Breakup of Long Term Borrowings as at March 31, 2019:
installments of ` 20.00 million each, 4 quarterly installments of ` 22.50 million each, 1 quarterly
installment of ` 35.00 million and 1 quarterly installment of ` 33.00 million. (` million)
11 50.0 12 Quarterly installments of ` 4.17 million each. Particulars Non-current Current Maturities Total Long
12 1,016.1 13 Quarterly installments of ` 72.70 million each and 1 Quarterly installment of ` 71.00 million. Borrowings of long term Term
13 1,002.5 13 Quarterly installments of ` 71.78 million each and 1 Quarterly installment of ` 69.38 million. (Refer Note 17) borrowings Borrowings
14 656.2 14 Quarterly installments of ` 46.87 million each. (Refer Note 20)
15 595.4 12 Quarterly installments of ` 48.90 million each and 1 Quarterly installment of ` 8.60 million. Term loans from banks (for details Refer (A) below) 9,315.9 3,217.3 12,533.2
16 673.5 13 Quarterly installments of ` 48.70 million each and 1 Quarterly installment of ` 40.35 million. Term loans from financial institution (for details Refer (B) below) 217.8 176.9 394.7
17 333.5 6 Quarterly installments of ` 48.30 million each and 1 Quarterly installment of ` 43.66 million. Vehicle loans from banks (for details Refer (C) above) 14.1 11.6 25.7
18 515.9 13 Quarterly installments of ` 38.70 million each and 1 Quarterly installment of ` 12.84 million. Less: Unamortised borrowing costs (11.6) (4.1) (15.7)
19 541.2 13 Quarterly installments of ` 38.82 million each and 1 Quarterly installment of ` 36.48 million. Carrying value of term loans from banks and financial institutions 9,536.2 3,401.7 12,937.9
20 337.8 13 Quarterly installments of ` 24.37 million each and 1 Quarterly installment of ` 20.95 million. A. Term loans from banks
22 229.7 1 quarterly installment of ` 8.00 million, 8 quarterly installments of ` 9.60 million each, 4 quarterly (i) Term loans secured by way of equitable mortgage on all immovable properties and hypothecation of all movable properties
installments of ` 11.20 million each, 5 quarterly installments of ` 14.41 million each, 1 quarterly installment except for charges already created for loans referred in (ii) and (iii) below
of ` 15.19 million and 1 quarterly installment of ` 12.93 million.
23 210.0 8 quarterly installments of ` 9.00 million each, 4 quarterly installments of ` 10.50 million each, 5 Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2019
quarterly installments of ` 13.50 million each, 2 quarterly installments of ` 14.24 million. No. outstanding as at
24 175.0 8 quarterly installments of ` 7.50 million each, 4 quarterly installments of ` 8.75 million each, 5 quarterly March 31, 2019
installments of ` 11.25 million each, 2 quarterly installments of ` 11.87 million. (` in million)
25 152.4 18 Quarterly installments of ` 8.06 million each and 1 Quarterly installment of 7.28 million. 1 25.5 1 quarterly instalment of ` 12.90 million and 1 quarterly instalment of ` 12.60 million.
7,706.6 2 218.8 7 quarterly instalments of ` 31.25 million each.
3 58.8 2 quarterly instalments of ` 19.65 million each and 1 quarterly instalment of ` 19.45 million.

Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2019 NOTE 43. EMPLOYEES ' STOCK OPTION PLANS
March 31, 2019 The Compensation Committee of Board of Directors of the Company had granted options to the employees pursuant to Trident
(` in million) Employees Stock Options Plan 2007 (‘the Plan’) on July 9, 2007 (Grant I) and July 23, 2009 (Grant II). These options were granted
4 595.4 12 quarterly instalments of ` 48.90 million each starting from June 30, 2020 and 1 quarterly instalment at ` 17.55 and ` 11.20 per option respectively, being the latest available closing market price prior to the date of grant of options in
of ` 8.60 million.
accordance with SEBI guidelines. The quoted price of share on grant and the exercise price of option is equal and therefore there is
5 1,217.7 16 quarterly instalments of ` 71.78 million each and 1 Quarterly instalment of ` 69.39 million.
6 632.1 16 quarterly instalments of ` 38.70 million each and One instalment of ` 12.94 million. no impact on statement of profit and loss due to Employee Share-based options as the Company is following intrinsic value method.
7 411.5 16 quarterly instalments of ` 24.38 million each and 1 quarterly instalment of ` 21.39 million. The Company has not allotted any equity share (previous year Nil equity shares) to employees during the year under the Trident
Employees Stock Options Plan, 2007. However, the disclosure is given since the Plan is live and the Company can grant further options
9 1,234.2 16 quarterly instalments of ` 72.70 million each and 1 quarterly instalment of ` 71.00 million.
10 657.7 16 quarterly instalments of ` 38.83 million each and 1 quarterly instalment of ` 36.40 million. under this Plan.
11 796.9 17 quarterly instalments of ` 46.88 million each. In respect of options granted under the Employees’ Stock Option Plan, 2007 in accordance with Guidance Note on Accounting for
Employee Share-based Payment issued by the Institute of Chartered Accountants of India, the details of Options outstanding is as
13 478.4 9 Quarterly instalments of ` 48.30 million each and 1 Quarterly instalment of 43.66 million.
14 229.7 1 quarterly instalment of ` 8 million starting from March 31, 2020 , 8 quarterly instalments of ` 9.6 under:
million each, 4 quarterly instalments of ` 11.2 million each, 5 quarterly instalments of ` 14.41 million Particulars Detail
each, 1 quarterly instalment of ` 15.19 million and 1 quarterly instalment of ` 12.90 million.
ESOP grant date 09.07.2007 23.07.2009
15 175.0 8 quarterly instalments of ` 7.50 million each starting from June 30, 2020, 4 quarterly instalments of
` 8.75 million each, 5 quarterly instalments of ` 11.25 million each and 2 quarterly instalments of ` 11.88 Exercise period under the ESOP 5 years from the respective 5 years from the respective
million each. dates of vesting dates of vesting
16 210.0 8 quarterly instalments of ` 9.00 million each starting from June 30, 2020, 4 quarterly instalments Exercise price ` 17.55 per option ` 11.20 per option
of ` 10.50 million each, 5 quarterly instalments of ` 13.50 million each and 2 quarterly instalments of Vesting period under the ESOP
` 14.25 million each. End of first year 10% 10%
17 152.5 18 quarterly instalments of ` 8.06 million each starting from June 30, 2020 and 1 quarterly instalment
of 7.41 million. End of second year 20% 20%
18 428.0 4 quarterly instalment of ` 12.50 million each, 8 quarterly instalments of ` 17.5 million each, 4 quarterly End of third year 30% 30%
instalments of ` 20 Million each, 4 quarterly instalments of ` 22.50 Million each, 2 quarterly instalments End of fourth year 40% 40%
of ` 35.00 million each and 1 quarterly instalment of ` 32.99 Million. Total number of options granted 79,01,462 39,93,000
8,834.7
Total number of options accepted 74,21,712 38,28,000
(ii) Term loans secured by way of mortgage on related property
19 620.4 12 monthly instalments of ` 3.55 million each, 12 monthly instalments of ` 4.37 million each, 12 monthly Options lapsed because of resignations 54,27,712 24,83,264
instalments of ` 9.11 million each, 12 monthly instalments of ` 10.02 million each, 23 monthly instalments Options exercised 12,18,467 13,26,998
of ` 10.93 million each, 1 monthly instalment of ` 11.74 million and 1 monthly instalment of ` 32.62 Options lapsed because of ending of exercise period 7,75,533 17,738
million.
Balance 0 0
620.4
(iii) Term loans secured by way of equitable mortgage on immovable properties and hypothecation of movable properties of
NOTE 44.
Amalgamated Company
20 436.0 10 quarterly instalments of ` 43.60 million each. (a) Current Tax and Deferred Tax
22 435.0 9 quarterly instalments of ` 43.60 million each and 1 quarterly instalment of ` 42.59 million. (i) Income tax expense recognised in statement of profit and loss
23 326.9 9 quarterly instalments of ` 32.66 million each and 1 quarterly instalment of ` 32.96 million. (` million)
24 272.0 10 quarterly instalments of ` 27.20 million each. Particulars For the year ended For the year ended
25 162.0 10 quarterly instalments of ` 16.20 million each. March 31, 2020 March 31, 2019
(i) Current Tax:
28 105.5 9 quarterly instalments of ` 10.90 million each and 1 quarterly instalment of ` 7.36 million. - in respect of current year 1,300.6 1,188.7
29 219.4 9 quarterly instalments of ` 22.00 million each and 1 quarterly instalment of ` 21.40 million. - in respect of earlier years - 0.5
30 154.9 9 quarterly instalments of ` 16.34 million each and 1 quarterly instalment of ` 7.80 million. Total (A) 1,300.6 1,189.2
31 170.0 11 quarterly instalments of ` 14.00 million each and 1 quarterly instalment of ` 16.00 million. (ii) Deferred Tax:
3,078.1
- in respect of current year (806.5) (362.2)
B. Term loans from Financial institution
- MAT credit adjustment for earlier years 1.5 4.9
(i) Term loans secured by way of equitable mortgage on all immovable properties and hypothecation of all movable properties - MAT credit entitlement 298.5 928.1
Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2019 Total (B) (506.5) 570.8
No. outstanding as at Total income tax expense (A+B) 794.1 1,760.0
March 31, 2019
1 95.2 7 quarterly instalments of ` 13.60 million each starting from August 19, 2019.
2 266.0 9 Quarterly instalments of 25.00 million each and 1 quarterly instalment of ` 41.02 million.
3 33.5 5 quarterly instalments of ` 5.63 million each and 1quarterly instalment of `5.37 Million.
394.7
C. Vehicle loans from banks
Vehicle loans are repayable in equal monthly instalments.

(ii) Income tax recognised in other Comprehensive income (` million)

(` million) Particulars As at April Recognised in Recognised As at March
Particulars For the year ended For the year ended 01, 2018 statement of in OCI 31, 2019
March 31, 2020 March 31, 2019 profit and Loss
Current tax related to items recognised in other comprehensive income Tax effect of items constituting deferred tax liabilities
during the year on: Property, plant and equipment and Intangible Assets 4,591.2 (273.2) - 4,318.0
- Current tax (charge) on realised gain from sale of equity instrument (7.3) - Financial assets at fair value through profit & loss 1.5 1.9 - 3.4
Total current tax (charge) recognised in other comprehensive income (7.3) -
Income considered in the books of accounts but not in income
Deferred tax credit/(charge) related to items recognised in other
tax:
comprehensive income during the year on:
- Remeasurement loss/(gains) of defined benefit obligations 9.8 (1.6) Provision for employee benefits - Gratuity 81.2 (54.8) - 26.4
- Remeasurement of revaluation of shares 9.5 (23.0) Remeasurement gains of defined benefit obligations 21.3 - 1.6 22.9
- Effective portion of cash flow hedge reserve 189.5 (80.5) Others - Cash Flow Hedge and Investments carried at Fair Value - - 103.5 103.5
Total deferred tax credit / (charge) recognised in other comprehensive 208.80 (105.1) through Other Comprehensive Income
income 4,695.2 (326.1) 105.1 4,474.2
Total tax credit / (charge) recognised in other comprehensive income 201.50 (105.1) Tax effect of items constituting deferred tax assets
Classification of income tax recognised in other comprehensive income: Provision for employee benefits - Bonus and Leave benefits 56.1 14.4 - 70.5
- Income taxes related to items that will not be reclassified to profit or loss 12.0 (24.6) Expected credit loss allowance 2.1 3.5 - 5.6
- Income taxes related to items that will be reclassified to profit or loss 189.5 (80.5)
Others 41.4 18.2 - 59.7
Total tax credit / (charge) recognised in other comprehensive income 201.5 (105.1)
99.6 36.1 - 135.8
(iii) Reconciliation of income tax expense and the accounting profit multiplied by Company’s domestic tax rate: MAT credit entitlement 1,188.7 (933.0) - 255.7
(` million) Net tax liabilities 3,406.9 570.8 105.1 4,082.7
Particulars For the year ended For the year ended (c) The Company has elected to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced
March 31, 2020 March 31, 2019
by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognised provision for taxation and re-
Profit before tax as per statement of profit and loss 4,212.1 5,469.2
Income tax expense calculated at 25.168% (previous year 34.94%) 1,060.1 1,911.2 measured its deferred tax liabilities basis the rate prescribed in the said Section. The Company had a Minimum Alternate Tax
Add: Income tax impact on disallowances of items of permanent nature 30.7 50.5 (MAT) credit entitlement amounting to ` 298.5 million which has been reversed during the current year as the same is not allowed
Add: Income tax for earlier years recognized in statement of profit and loss 1.5 5.4 to be carried forward where the Company has elected to exercise the option of lower tax rate permitted under Section 115BAA
Less: Income tax savings on deductions under Sections 80-IA, etc. - (178.9) of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019.
Less: Impact of income tax on items on which income tax is payable at lower rates (5.4) (6.0)
being capital gains
NOTE 45. FINANCIAL INSTRUMENTS
Less: Income tax impact on change of indexed cost of acquisition on fair valuation (22.2) (22.2)
gain of land Capital management
Add : Reversal of MAT credit entitlement (Refer note 44 (c) below)* 298.5 -
Less : Income tax Impact on Change in Tax Rate from 34.944 % to 25.168 % (Refer (569.1) - For the purpose of Company’s capital management, capital includes Issued Equity capital and all reserves attributable to equity holders
note 44 (c) below) of the Company.
Income tax as per (a) above 794.1 1,760.0
* including ` 42.8 milion due to change in taxable income for the last year. The Company’s capital management objectives are:
(b) Movement in deferred tax balances - to ensure the Company’s ability to continue as a going concern
(` million)
- to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
Particulars As at April Recognised in Recognised As at March
01, 2019 statement of in OCI 31, 2020 The Company manages capital risk in order to maximize shareholders’ profit by maintaining sound/optimal capital structure through
profit and Loss
monitoring of financial ratios, such as net debt-to-equity ratio on a monthly basis and implements capital structure improvement plan
Tax effect of items constituting deferred tax liabilities
Property, plant and equipment and Intangible Assets 4,318.0 (789.4) - 3,528.6 when necessary. There is no change in the overall capital risk management strategy of the Company compared to last year.
Financial assets at fair value through profit and loss 3.4 (3.0) - 0.4 Debt-to-equity ratio as of March 31, 2020 and March 31, 2019 is as follows:
tax: (` million)
Provision for employee benefits - Gratuity 26.4 (16.7) - 9.7 Particulars March 31, 2020 March 31, 2019
Right of use assets - 102.5 - 102.5 Net debt (A) * 16,144.6 24,106.4
Remeasurement gains of defined benefit obligations 22.9 - (9.8) 13.1 Total equity (B) 29,669.0 29,312.9
Others - Cash Flow Hedge and Investments carried at Fair Value 103.5 - (199.0) (95.5)
Net debt to equity ratio (A/B) 0.5 0.8
through Other Comprehensive Income
* The Company includes with in net debt, interest bearing loans and borrowings less cash and cash equivalents and other bank balances.
4,474.2 (706.6) (208.8) 3,558.8
Tax effect of items constituting deferred tax assets
Provision for employee benefits - Bonus and Leave benefits 70.5 (11.5) - 59.0
Lease liabilities - 95.3 - 95.3
Expected credit loss allowance 5.6 8.6 - 14.3
Others 59.7 (36.8) - 22.9
135.8 55.6 - 191.5
MAT credit entitlement 255.7 (255.7) - -
Net tax liabilities 4,082.7 (506.5) (208.8) 3,367.3

Fair Values and its categories: B. Fair value hierarchy as at 31 March 2019
Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments: (` million)
(` million) Particulars As at Level 1 Level Level Valuation technique(s) and key input(s)
Particulars Carrying Value Fair Value March 2 3
As at March As at March As at March As at March 31, 2019
31, 2020 31, 2019 31, 2020 31, 2019 Financial assets
Financial assets – investments in quotes equity 339.8 339.8 - - Quoted bid prices in an active market.
Measured at FVTPL instruments
Investments (refer note 4 and 9) 13.7 684.3 13.7 684.3 – investments in private equity fund 13.6 - 13.6 - NAV published in annual report of private equity fund.
Derivative Financial instruments (refer note 13) 7.0 21.1 7.0 21.1
Measured at amortised cost – investments in unquoted equity 1.2 - - 1.2
Security Deposits (Refer note 5) 453.6 401.7 453.6 401.7 instruments *
Measured at FVTOCI – investments in LLP * 0.2 - - 0.2
Investments (refer note 4) 202.0 339.8 202.0 339.8
Derivative Financial instruments (refer note 13) - 224.7 - 224.7
– investments in mutual funds 13.3 13.3 - Published NAV value by mutual fund actively traded in
market.
Financial liabilities
Measured at amortised cost – investments in other venture 50.9 50.9 - Published NAV value by fund actively traded in market.
Borrowings (Including current maturities) (refer note 17 and 20) 10,509.3 12,937.9 10,509.3 12,937.9 funds (refer note 9)
Measured at FVTPL – investments in non convertible 605.1 605.1 - Published NAV value by fund actively traded in market.
Derivative financial instrument (refer note 20) 0.3 14.1 0.3 14.1 debentures and Bonds (refer note 9)
Measured at FVTOCI – Derivatives instruments at fair 21.1 - 21.1 - Discounted cash flow. Future cash flows are estimated
Derivative financial instrument (refer note 20) 431.9 12.0 431.9 12.0 value through profit or loss based on forward exchange rates from observable forward
The management assessed that fair value of trade receivables, cash and cash equivalents, other bank balances, other current financial exchange rates at the end of the reporting period and
assets (except derivative financial assets), short term borrowings, trade payables and other current financial liabilities (except derivative contract forward rates, discounted at a rate that reflects
the credit risk of various counterparties.
financial liabilities) approximate their carrying amounts largely due to short-term maturities of these instruments.
– Derivatives instruments at fair 224.7 - 224.7 - Discounted cash flow. Future cash flows are estimated
The fair value of the Financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current value through OCI based on forward exchange rates from observable forward
transaction between willing parties, other than in a forced or liquidation sale. exchange rates at the end of the reporting period and
contract forward rates, discounted at a rate that reflects
A. Fair value hierarchy as at 31 March 2020
(` million) Total 1,269.9 1,009.1 259.4 1.4
Particulars As at Level Level Level Valuation technique(s) and key input(s) Financial Liabilities
March 1 2 3
31, 2020
value through profit or loss based on forward exchange rates from observable forward
Financial assets
exchange rates at the end of the reporting period and
– investments in quoted equity 202.0 202.0 - - Quoted bid prices in an active market.
instruments (refer note 4)
– investments in private equity fund 12.5 - 12.5 - NAV published in annual report of private equity fund.
(refer note 4)
value through OCI based on forward exchange rates from observable forward
– investments in unquoted equity 1.2 - - 1.2
instruments * (refer note 4)
exchange rates at the end of the reporting period and Total 26.1 - 26.1 -
contract forward rates, discounted at a rate that reflects the There have been no transfers between Level 1, Level 2 and Level 3 during the year.
credit risk of various counterparties.
Total 222.7 202.0 19.5 1.2 * The fair value of these investments appearing under Level III approximates the carrying value and hence, the valuation technique
Financial Liabilities and inputs with sensitivity analysis have not been given.
– Derivatives instruments at fair 0.3 - 0.3 - Discounted cash flow. Future cash flows are estimated Financial Risk Management Framework
The Company’s principal financial liabilities, other than derivatives, comprise loans and borrowings, lease liabilities, trade and other
contract forward rates, discounted at a rate that reflects the payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial
credit risk of various counterparties. assets include trade and other receivables, receivables from government authorities, security deposits and cash and cash equivalents
– Derivatives instruments at fair 431.9 - 431.9 - Discounted cash flow. Future cash flows are estimated that derive directly from its operations. The Company also holds investments and enters in to derivative transactions.
value through OCI based on forward exchange rates from observable forward The Company’s corporate treasury function provides services to the business, co-ordinates access to domestic and international
exchange rates at the end of the reporting period and financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports
contract forward rates, discounted at a rate that reflects the which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk
credit risk of various counterparties.
and other price risk), credit risk and liquidity risk.
Total 432.2 - 432.2 -
The Company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The
There have been no transfers between Level 1, Level 2 and Level 3 during the year.
Company dœs not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.
* The fair value of these investments appearing under Level III approximates the carrying value and hence, the valuation technique
The Corporate Treasury function reports quarterly to the Board of Directors of the Company for monitoring risks and reviewing policies
and inputs with sensitivity analysis have not been given.
implemented to mitigate risk exposures.

CREDIT RISK (ii) Maturities of financial liabilities
Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company. The The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted contractual cash flows
Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate,
of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest
as a means of mitigating the risk of financial loss from defaults. The Company has also taken export credit insurance for mitigation
and principal cash flows.
of export credit risk for certain parties.
(` million)
The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ` 2,784.8 million and
Particulars Less 1-3 Years 3 Years 5 years Total undiscounted Carrying
` 6,620.0 million as of March 31, 2020 and March 31, 2019, respectively. Trade receivables consist of a large number of customers, than 1 to 5 and contractual cash amount of
spread across diverse industries and geographical areas. Credit risk has always been managed by the Company through credit Year Years above flows liabilities
approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants March 31, 2020
credit terms in the normal course of business and by way of taking credit insurance against export receivables. Non-interest bearing
- Trade Payable 2,003.1 - - - 2,003.1 2,003.1
The following table gives details in respect of percentage of revenues generated from top one customer and top five customers - Interest accrued but not due on borrowings 56.1 - - - 56.1 56.1
(excluding export incentives): - Payables to employees 328.4 - - - 328.4 328.4
- Payables on purchase of Property, plant & 443.2 - - - 443.2 443.2
Particulars As at As at equipment
March 31, 2020 March 31, 2019 - Unclaimed divdend 129.2 - - - 129.2 129.2
Revenue from top customer (%) * 12.6% 11.1% - Other liabilities 116.8 - - - 116.8 116.8
Fixed-interest bearing
Revenue from top five customers (%) 30.5% 29.1%
- Security deposits 67.1 - - - 67.1 67.1
* Revenue from top customer amounting to ` 5,661.9 million (Previous year ` 5,804.4 million) pertains to Textiles segment in USA market
Variable interest rate instruments
Credit Risk Exposure - Borrowings from banks and other financial 12,630.7 5,240.0 1,543.6 113.3 19,527.6 19,518.1
institution
The Company has used a practical expedient by computing the expected loss allowance for trade receivables based on historical credit -Lease liabilities 81.00 93.7 86.3 422.5 683.5 389.4
loss experience and adjustments for forward looking information Total 15,855.6 5,333.7 1,629.9 535.8 23,355.0 23,051.4
(` million) March 31, 2019
Non-interest bearing
Age of receivables As at As at - Trade Payable 1,766.5 - - - 1,766.5 1,766.5
March 31, 2020 March 31, 2019
- Payables to employees 583.0 - - - 583.0 583.0
With in the credit period 2,307.6 5,904.7 - Payables on purchase of Property, plant & 161.3 - - - 161.3 161.3
Up to 6 months past due 477.2 715.3 equipment
More than 6 months past due 31.1 13.9 - Unclaimed divdend 92.4 - - - 92.4 92.4
- Other liabilities 25.3 - - - 25.3 25.3
Total 2,815.9 6,633.9
Fixed-interest bearing
The allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2020 was ` 31.1 million (previous - Security deposits 77.2 - - - 77.2 77.2
year ` 13.9 million). Variable interest rate instruments
- Borrowings from banks and other financial 14,825.4 6,514.5 2,788.0 245.3 24,373.2 24,357.5
(` million) institution
Particulars As at As at Total 17,531.1 6,514.5 2,788.0 245.3 27,078.9 27,063.2
March 31, 2020 March 31, 2019
Derivative financial instruments
Balance at the beginning 13.9 6.3
The Company holds derivative financial instruments such as foreign currency forward contracts to mitigate the risk of changes in
Expected credit loss recognised* 20.4 8.2
exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank or a financial institution.
Written off during the year (3.2) (0.6) These derivative financial instruments are values based on quoted prices for similar assets and liabilities in active markets or
Balance at the end 31.1 13.9 inputs that are directly or indirectly observable in the marketplace.
*excludes provision for doubtful advances of ` 23.4 million (Previous year Nil).
(` million)
LIQUIDITY RISK
Particulars Less than 1 1-3 Years 3 Years to 5 years and
(i) Liquidity risk management Year 5 Years above
The Company’s objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times. March 31, 2020
The Chief Financial Officer of the Company is responsible for liquidity risk management who has established an appropriate Foreign exchange forward contracts (at forward rate)
liquidity risk management framework for the management of the Company’s short, medium and long-term funding and liquidity – USD 9,743.4 - - -
– EURO 190.9 - - -
management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve
Total 9,934.3 - - -
borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial March 31, 2020
assets and liabilities. The Chief Financial Officer reports the same to the Board of Directors on quarterly basis. Foreign exchange option contracts (at closing spot rate) 641.8 - - -
– USD 641.8 - - -
March 31, 2019
– USD 7,625.7 - - -
– EURO 215.0 - - -
Total 7,840.7 - - -

Financing arrangements Interest rate risk

The Company had access to following borrowing facilities at the end of the reporting period: Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
(` million) market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s
Particulars March 31, 2020 March 31, 2019 long-term debt obligations with floating interest rates. The borrowings as at March 31, 2020 is ` 10,509.3 million (previous year `
12,937.9 million) which are interest bearing and interest rates are variable.
Bank Overdraft facility
- Utilised 8,686.4 9,236.6 Interest rate sensitivity
- Non Utilised 3,313.6 2,763.4 For the year ended March 31, 2020, every 1 percentage increase/decrease in weighted average bank interest rate might have
Secured Bill Acceptance facility affected the Company’s incremental margins (profit as a percentage to revenue) approximately by 0.47% (previous year
- Utilised 322.4 2,183.0 0.50%).
- Non Utilised 2,677.6 817.0
15,000.0 15,000.0 Price risk
MARKET RISK The Company’s investments in listed securities, mutual funds, other funds and debentures are susceptible to market price
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market risk arising from uncertainties about future values of the investment securities. The Company manages the price risk through
prices. Market risk comprises two types of risk: currency risk and interest rate risk. Financial instruments affected by market diversification and by placing limits on individual and total equity instruments. Reports on the portfolio are submitted to the
risk includes loan and borrowings, lease liabilities and derivative financial instruments. The objective of market risk management Company’s senior management on a regular basis.
is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Company uses At the reporting date, the exposure to listed equity securities at fair value was ` 202 million (previous year ` 339.8 million) . A
derivatives to manage market risks. Derivatives are only used for economic hedging purposes and not as speculative investments. decrease of 5% on the NSE market index could have an impact of approximately of ` 10.1 million (previous year ` 17.0 million) on
All such transactions are carried out within the guidelines set by the Board of Directors and Risk Management Committee. the OCI or equity attributable to the Company. An increase of 5% in the value of the listed securities would also impact OCI and
There has been no significant changes to the Company’s exposure to market risk or the methods in which they are managed or equity by the same amount. These changes would not have an effect on profit or loss.
measured. At the reporting date, the exposure in mutual funds, other funds, debentures and bonds is ` 12.5 million (previous year ` 682.9
Currency Risk million). A decrease or increase in NAV of 5% could have an impact of approximately of ` 0.6 million (previous year ` 34.1 million)
on the profit or loss.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange Derivatives not designated as hedging instruments
rate fluctuations arise. The Company’s exposure to currency risk relates primarily to the Company’s operating activities and The Company uses forward currency contracts and option currency contracts to hedge its foreign currency risks. Derivative
borrowings when transactions are denominated in a different currency from the Company’s functional currency. contracts not designated by management as hedging instruments are initially recognized at fair value on the date on which a
The Company manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12 month derivative contract is entered into and are subsequently re-measured at fair value on each reporting date. Such contracts are
period for hedges of forecasted sales and borrowings. entered into for periods consistent with exposure of the underlying transactions.
Foreign currency rate sensitivity Derivatives designated as hedging instruments
The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the end of The Company enters into hedging instruments in accordance with policies as approved by the Board of Directors with written
the reporting period are as follows. principles which is consistent with the risk management strategy of the Company.
(` million) The Company has decided to apply hedge accounting for certain derivative contracts that meets the qualifying criteria of hedging
Particulars Currency March 31, 2020 March 31, 2019 relationship entered post August 07, 2018.
Trade Receivables USD 20.9 35.0
Cash flow hedges
GBP 0.0 0.2
EUR 0.0 1.8 Foreign currency risk
Trade & Capital Payables USD 1.3 2.2 Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of forecasted hedged items in US
EUR 0.2 0.1 dollar and Euro. These forecast transactions are highly probable.
CHF 0.0 0.1
The foreign exchange forward contract balances vary with the level of expected foreign currency sales and changes in foreign
SEK 0.1 -
exchange forward rates.
Lease liabilties USD 0.7 -
Secured Bank Loans USD 2.3 3.8 The fair value of derivative financial instruments is as follows:
Of the above foreign currency exposures, the following exposures are not hedged by a derivative. (` million)
Particulars March 31, 2020 March 31, 2019
(` million) Assets Liabilities Assets Liabilities
Particulars Currency March 31, 2020 March 31, 2019 Fair value of foreign currency forward exchange and range forward - 431.9 224.7 12.0
Trade Receivables GBP 0.0 0.2 option contract designated as hedging instruments
Trade & Capital Payables USD 1.3 2.2
The critical terms of the foreign currency forward contracts match the terms of the expected highly probable forecast sale
EUR 0.2 0.1
transactions. As a result, no hedge ineffectiveness arises requiring recognition through profit or loss.
CHF 0.0 2.2
SEK 0.1 - The cash flow hedges of the forecasted sale transactions during the year ended 31 March 2020 were assessed to be highly
Lease liabilties USD 0.7 - effective and unrealised loss of ` 663.3 million ((previous year gain of ` 230.3 million) (including ` 17.6 million on cancelled forward
For the year ended March 31, 2020, every one rupee depreciation/appreciation in the exchange rate against USD, might have contracts to be recognised in profit or loss on recognition of underlying hedged item)), with a deferred tax liability of ` 189.5 million
affected the Company’s incremental margins (profit as a percentage to revenue) approximately by 0.61%. The Company’s (previous year ` 80.5 million) relating to the hedging instruments, is included in OCI.
exposure to foreign currency changes for all other currencies is not material.

The following table includes the maturity profile of the foreign exchange forward contracts: Impact of hedging on equity
(` million) Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Particulars Maturity
(` million)
Less than 1 to 3 3 to 6 6 to 9 9 to 12 Total
Particulars Gain/(loss) in Cash flow
1 month months months months months
hedge reserve
As at March 31, 2020
Foreign exchange forward contracts (highly probable As at 31 March 2020 (663.3)
forecast sales) Effective portion of changes in fair value arising from Foreign exchange forward contracts (517.4)
Notional amount (in USD) - 47.9 39.8 32.0 10.4 130.1 Amount reclassified to profit or loss 145.9
Average forward rate (USD/`) - 72.7 73.6 74.2 75.5 Tax (charge)/credit 189.5
Foreign exchange option contracts (highly probable
forecast sales) (` million)
Notional amount (in USD) 1.5 4.0 2.0 0.5 - 8.0 Particulars Gain/(loss) in Cash flow
Average option contract rate (USD/`) 71.9 72.5 73.5 73.8 - - hedge reserve
As at March 31, 2019 As at 31 March 2019 230.3
Foreign exchange forward contracts (highly probable Effective portion of changes in fair value arising from Foreign exchange forward contracts 279.5
forecast sales)
Amount reclassified to profit or loss 49.20
Notional amount (in USD) - 24.8 29.2 37.0 13.2 104.2
Tax (charge)/credit (80.5)
Average forward rate (USD/`) - 72.5 73.3 72.7 71.0 -
Notional amount (in EUR) - 0.8 - - - 0.8 Valuation Technique
Average forward rate (EUR/`) - 88.0 - - - - The Company enters into derivative financial instruments with various counterparties, principally banks and financial instiutions
The impact of the hedging instruments on the balance sheet is as follows: with investment grade credit ratings. Foreign exchange forward and option contracts are valued using valuation techniques, which
employs the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models,
(` million)
using present value calculations. Where quoted market prices are not available, fair values are based on management’s best
Particulars Notional Carrying Line item in the Change in fair
Amount Amount statement of value used estimates, which are arrived at by the reference to market prices.
(USD) (`) financial position for measuring The Company has the following derivative instruments outstanding as at the year-end against its foreign currency exposures /
ineffectiveness future transactions:
for the year
As at March 31, 2020 (` million)
Foreign exchange forward and option contracts (in USD) of exports 138.1 431.9 Other current 431.9 Sr. Details of Derivatives Currency Amount Purpose
financial liabilities No. in million
As at March 31, 2019 Forward and option Contracts
Foreign exchange forward contracts(in USD) of exports 75.1 217.3 Other current 217.3 As at March 31, 2020
financial assets Sale USD 138.6 Hedging against future contracts / trade receivables
Foreign exchange forward contracts(in USD) of exports 29.1 (12.0) Other current (12.0) Borrowings USD 2.3 Hedging against foreign currency borrowings
financial liabilities
Purchase USD 2.3 Hedging against future contracts / trade payable
Foreign exchange forward contracts(in EURO) 0.8 7.4 Other current 7.4
financial assets - As at March 31, 2019
Sale USD 104.3 Hedging against future contracts / trade receivables
The impact of hedged items on the statement of financial position is, as follows: Sale EURO 2.8 Hedging against future contracts / trade receivables
(` million) Borrowings EURO 3.8 Hedging against foreign currency borrowings
Particulars March 31, 2020 March 31, 2019 Disclosure of currency options contracts:
Change in fair Cash flow hedge Change in fair Cash flow hedge a. Currency options contracts:
value used reserve value used reserve
for measuring for measuring As at year end, the net open position of currency options contracts is as follows:
ineffectiveness ineffectiveness
(` million)
Highly probable forecast sales (663.3) (663.3) 230.3 230.3
Particulars Buy Sell Net Open Premium MTM (Gain)/ Sum of Net
The effect of the cash flow hedge in the statement of profit and loss and other comprehensive income is, as follows: Contracts Contracts Position – paid Loss
Long/(Short)
(` million) (Qty) (Qty) (Qty) (Amt ` in (Amt ` in (Amt ` in
Particulars Total hedging Ineffectiveness Line item Gain/(loss) Line item million) (1) million) (2) million) (1+2)
gain/(loss) recognised in in the reclassified in the statement of
recognised in profit or loss statement of from OCI to profit and loss
OCI profit and loss profit or loss Currency options contracts
March 31, 2020 USD - 8.5 -8.5 -1.6 -20.0 21.6
Highly probable forecast sales (517.4) - - 145.9 Revenue from contract Total - 8.5 -8.5 -1.6 -20 21.6
with customers As at March 31, 2019
March 31, 2019 Currency options contracts
Highly probable forecast sales 279.5 - - 49.2 Revenue from contract USD - 3.9 -3.9 -1.2 8.8 7.6
with customers Total - 3.9 -3.9 -1.2 8.8 7.6

The Company did not have any long-term contracts including derivative contracts for which there were any material b) Particulars of Investments made:
NOTE 46.
foreseeable losses. (` million)
Particulars As on Investments Investments Fair As on Investments Investments Fair As on
NOTE 47. March 31, made sold during valuation March 31, made sold during valuation March 31,
2018 during the the year gain/ (loss) 2019 during the the year gain/ (loss) 2020
During the financial year 2019-20, the Board of Directors have declared three interim dividends i.e. two interim dividends of 9% each year year
(` 0.90/- per Equity Share of ` 10/- each) and one interim dividend of 18% (` 0.18/- per Equity Share of ` 1/- each). The total dividend Investments in equity instruments of subsidiaries (carried at cost)
for the financial year 2019-20 is 36% (` 0.36/- per Equity Share of ` 1/- each). Trident Global Corp Limited 5.0 - - - 5.0 - - - 5.0
Trident Europe Limited 20.0 - - - 20.0 - - - 20.0
NOTE 48. EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR)
Investments in equity instruments of associates (carried at cost)
(` million) Trident Global Inc.* - - - - - - - - -
Particulars For the year ended For the year ended Trident Infotech Inc.** 0.1 - - - 0.1 - (0.1) - -
March 31, 2020 March 31, 2019 Lotus Hometextiles Limited 550.0 - - - 550.0 - - - 550.0
(a) Gross amount required to be spent 90.3 72.6 (Formerly known as "Lotus
(b) Amount spent Texpark Limited")
(i) Construction/acquisition of any asset 29.5 - Quoted investments in equity instruments (carried at fair value through other comprehensive income)
(ii) On purpose other than (i) above * 65.9 93.9 IOL Chemicals and 142.0 - - 197.9 339.8 - (131.8) (6.0) 202.0
(c) Detail of related party transactions out of (b) above: Pharmaceuticals Limited
- Takshashila Foundation 32.4 61.3 Unquoted investments in
- Contribution to Trident Institute of Social Sciences 23.6 - equity instruments (carried
at fair value through profit
* includes ` 4.5 million (previous year ` 4.5 million) on account of expenditure on administrative overheads. or loss)
Nimbua Greenfield (Punjab) 1.2 - - - 1.2 - - - 1.2
NOTE 49. LIST OF SUBSIDIARIES AND ASSOCIATES WITH OWNERSHIP % AND PLACE OF BUSINESS : Limited
Investment in non convertible debentures
Particulars Principal Place Proportion of Proportion of Method used to
Dewan Housing Finance - 251.2 - 9.6 260.8 - (260.8) - -
of Business Ownership as at Ownership as at account for the
Corporation Limited
March 31, 2020 March 31, 2019 investment
Subsidiaries India Bulls Housing Finance - 250.6 - (1.2) 249.4 - (249.4) - -
Limited
Trident Global Corp Limited India 100% 100% At cost
Investment in Bonds
Trident Europe Limited United Kingdom 100% 100% At cost
Associates Dewan Housing Finance - 94.1 - 0.8 94.9 - (94.9) - -
Corporation Limited
Trident Infotech Inc. * USA 0.0% 49.0% At cost
Trident Global Inc. (Investment fully written off in USA 49.0% 49.0% At cost Total 718.3 595.9 - 207.1 1,521.2 - (737.0) (6.0) 778.2
earlier years) * written off in earlier years.
Lotus Hometextiles Limited (Formerly known as India 38.9% 37.5% At cost ** written off in current year.
"Lotus Texpark Limited")
NOTE 52.
* ceased to be Associate entity, pursuant to its voluntary dissolution
The Company had setup its sheeting division in the year 2015-16. The carrying value of PPE and other non-current assets of the
NOTE 50. division as at March 31, 2019 is ` 4,500.7 million (Previous year 5,040.3 million). This division manufactures various line of bed sheets.
In view of Ministry of Textiles, Government of India’s Gazette Notification number CG-DL-E15012020-215423 dated January 14, 2020, The division has been incurring losses although the division has earned profit before interest and depreciation during the current and
the Company has, during the current year, reversed the Merchandise Export from India Scheme (MEIS) benefit of ` 486.8 million which previous year. The management of the Company has performed an impairment assessment of the said division as required by the
was recognised in the books for the period from March 07, 2019 to September 30, 2019 and has reduced the same from revenue from Ind AS 36. The management of the Company has computed the fair enterprise value of the division based on Discounted Cash Flows
operations. Thereafter, the Company has discontinued recognising the said benefit in view of the said notification. (“”DCF””) method. The turnover of the division has improved from ` 132.0 million for the period ended March 31, 2016 to ` 5,429.6
million for the year ended March 31, 2020. With the increasing turnover, the losses have reduced and the division has a positive
NOTE 51. DISCLOSURE REQUIRED UNDER SECTION 186(4) OF THE COMPANIES ACT 2013
EBIDTA. Keeping the positive trend, the management has estimated revenue of ` 8,136 million during the year ending March 31, 2021
a) Particulars of Corporate Guarantees given as required by Section 186(4) of Companies Act 2013 after considering the uncertain economic situation due to global pandemic. The management has taken next 7 years projections into
(` million) consideration for performing impairment analysis. Based on the outcomes of the impairment assessment, no impairment is required
Name of Investees Lotus Hometextiles Limited as at the year end.
(Formerly known as "Lotus The calculation of Fair Enterprise Value of the division is most sensitive to the following assumptions:
Texpark Limited")
As on 01 April 2018 929.5 Discount Rate: Discount rates represent the current market assessment of the risks specific to the division, taking into consideration
Guarantees given 811.4 the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The
Guarantees withdrawn 929.5 discount rate calculation is based on the specific circumstances of the Company and the division and is derived from its weighted
As on 31 March 2019 811.4 average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected
Guarantees given 640.0
return on investment by the Company’s investors. The cost of debt is based on the interest-bearing borrowings which the Company is
Guarantees withdrawn 811.4
obliged to service. Division’s specific risk is incorporated by applying individual beta factor. The beta factor is evaluated annually based
As on 31 March 2020 640.0
on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future
The Company has given corporate guarantees for business purposes to Punjab National Bank on behalf of Lotus Hometextiles
tax flows in order to reflect a pre-tax discount rate.
Limited (Formerly known as “Lotus Texpark Limited”), associate of the Company. Subsquent to year end, the said guarantee has
been withdrawn. The management has used a discounting rate of 14.9% to arrive at the fair enterprise value for the division.

Revenue Estimates: Revenue estimates are based on trends of last two years as well as based on the expectations of the management
for increase in the export sales. Independent Auditor’s Report
Sensitivity to changes in assumptions
The implications of the key assumptions for the recoverable amount are discussed below:
To the Members of Trident Limited Accountants of India together with the ethical requirements
Discount Rate: A rise in discount rate by 5.0% i.e to 15.6% would not result in value in use being lower than the carrying amount of that are relevant to our audit of the financial statements under
REPORT ON THE AUDIT OF THE CONSOLIDATED IND
the assets. the provisions of the Act and the Rules thereunder, and we
AS FINANCIAL STATEMENTS
have fulfilled our other ethical responsibilities in accordance
Revenue Estimates: A decrease in estimated revenue by 5.0% would not result in value in use being lower than the carrying amount
Opinion with these requirements and the Code of Ethics. We believe
of the assets.
We have audited the accompanying consolidated Ind AS financial that the audit evidence we have obtained is sufficient and
NOTE 53. statements of Trident Limited (hereinafter referred to as “the appropriate to provide a basis for our audit opinion on the
Holding Company”), its subsidiaries (the Holding Company and consolidated Ind AS financial statements.
World Health Organisation (WHO) declared outbreak of Coronavirus Disease (COVID-19) a global pandemic on March 11, 2020.
its subsidiaries together referred to as “the Group”) and its
Consequent to this, Government of India declared lockdown on March 23, 2020 and the Company temporarily suspended the Emphasis of Matter
associates comprising of the consolidated balance sheet as at
operations in all the units of the Company in compliance with the lockdown instructions issued by the Central and State Governments. We draw attention to Note 55 to the Consolidated Ind AS
March 31, 2020 the consolidated Statement of Profit and Loss,
COVID-19 has impacted the normal business operations of the Company by way of interruption in production, supply chain disruption, Financial Statements, which describes the uncertainties and
including other comprehensive income, the consolidated Cash
unavailability of personnel, closure/lock down of production facilities etc. during the lock-down period which has been extended till the impact of Covid-19 pandemic on the Group’s operations
Flow Statement and the consolidated statement of Changes in
May 17, 2020. However, production and supply of goods has commenced during the month of April 2020 on various dates at all the and results as assessed by the management. Our opinion is not
Equity for the year then ended, and notes to the consolidated
manufacturing locations of the Company after obtaining permissions from the appropriate government authorities. modified in respect of this matter.
Ind AS financial statements, including a summary of significant
The Company has made detailed assessment of its liquidity position for the next year and the recoverability and carrying value of its accounting policies and other explanatory information Key Audit Matters
assets comprising property, plant and equipment, intangible assets, right of use assets, investments, inventory and trade receivables. (hereinafter referred to as “the consolidated Ind AS financial
Key audit matters are those matters that, in our professional
Based on current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets. It statements”).
judgment, were of most significance in our audit of the
has also assessed the probability of occurrence of forecasted transactions under the hedging relationships and continues to evaluate consolidated Ind AS financial statements for the financial
In our opinion and to the best of our information and according
them as highly probable considering the orders in hand. The situation is changing rapidly giving rise to inherent uncertainty around year ended March 31, 2020. These matters were addressed in
to the explanations given to us and based on the consideration
the extent and timing of the potential future impact of the COVID-19 which may be different from that estimated as at the date of the context of our audit of the consolidated Ind AS financial
of reports of other auditors on separate financial statements
approval of these standalone Ind AS financial statements. The Company will continue to closely monitor any material changes arising statements as a whole, and in forming our opinion thereon,
and on the other financial information of the subsidiaries
of future economic conditions and impact on its business. and we do not provide a separate opinion on these matters.
and associates, the aforesaid consolidated Ind AS financial
statements give the information required by the Companies For matter below, our description of how our audit addressed
As per our report of even date For and on behalf of the Board of Directors Act, 2013, as amended (“the Act”) in the manner so required the matter is provided in that context.
For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA and give a true and fair view in conformity with the accounting
We have determined the matter described below to be the
Chartered Accountants Director Managing Director principles generally accepted in India, of the consolidated state
key audit matter to be communicated in our report. We
ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335 of affairs of the Group and its associates as at March 31, 2020
have fulfilled the responsibilities described in the Auditor’s
their consolidated profit including other comprehensive income,
ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR responsibilities for the audit of the consolidated Ind AS financial
Partner Chief Financial Officer Company Secretary their consolidated cash flows and the consolidated statement
statements section of our report, including in relation to this
Membership No. 87921 of changes in equity for the year ended on that date.
matter. Accordingly, our audit included the performance of
Place : New Delhi Place : Ludhiana Basis for Opinion procedures designed to respond to our assessment of the risks
Date : May 16, 2020 Date : May 16, 2020 of material misstatement of the consolidated Ind AS financial
We conducted our audit of the consolidated Ind AS financial
statements in accordance with the Standards on Auditing statements. The results of audit procedures performed by us
(SAs), as specified under Section 143(10) of the Act. Our and by other auditors of components not audited by us, as
responsibilities under those Standards are further described in reported by them in their audit reports furnished to us by the
the ‘Auditor’s Responsibilities for the Audit of the Consolidated management, including those procedures performed to address
Ind AS Financial Statements’ section of our report. We are the matter below, provide the basis for our audit opinion on
independent of the Group and associates in accordance the accompanying consolidated Ind AS financial statements.
with the ‘Code of Ethics’ issued by the Institute of Chartered

Key audit matter How our audit addressed the key audit matter Auditor’s Responsibilities for the Audit of the Consolidated ó 0CUBJO TVēDJFOU BQQSPQSJBUF BVEJU FWJEFODF SFHBSEJOH
Ind AS Financial Statements the financial information of the Holding Company or
Impairment of Sheeting Division (as described in note 54 of the consolidated Ind AS financial statements)
Our objectives are to obtain reasonable assurance about business activities within the Group of which we are
The Holding Company had setup its sheeting division in the year ó 8F VOEFSTUPPE NBOBHFNFOUêT DPOUSPMT BOE UFTUFE DPOUSPMT
whether the consolidated Ind AS financial statements as a the independent auditors, to express an opinion on
2015-16. This division manufactures various line of bed sheets. over the assessment of the carrying value of property, plant
whole are free from material misstatement, whether due to the consolidated Ind AS financial statements. We are
The division has been incurring losses, although the division has and equipment and other non-current assets to determine
fraud or error, and to issue an auditor’s report that includes responsible for the direction, supervision and performance
earned profit before interest and depreciation during the current whether any asset impairment was required. of the audit of the financial statements of such entity
our opinion. Reasonable assurance is a high level of assurance
year as well as in previous year. Also, considering the uncertain ó *O DPOKVODUJPO XJUI SFWJFX CZ TQFDJBMJTUT XF FWBMVBUFE UIF included in the consolidated financial statements of which
but is not a guarantee that an audit conducted in accordance
economic situation due to global pandemic which may impact the Holding Company’s assumptions and estimates used to we are the independent auditors. For the other entities
with SAs will always detect a material misstatement when it
future profitability projections due to change in assumptions, there determine the recoverable amount of the sheeting division, exists. Misstatements can arise from fraud or error and are included in the consolidated Ind AS financial statements,
is a risk that the carrying value of related property, plant and including those relating to long-term growth rates, margins considered material if, individually or in the aggregate, they which have been audited by other auditors, such other
equipment (PPE) and other non-current assets of the division may and discount rates with reference to external data such as could reasonably be expected to influence the economic auditors remain responsible for the direction, supervision
be higher than their recoverable amount. decisions of users taken on the basis of these consolidated Ind and performance of the audits carried out by them. We
economic and industry forecasts, comparable companies as
AS financial statements. remain solely responsible for our audit opinion.
The carrying value of PPE and other non-current assets of the well as internally developed discount rates.
above division, as at March 31, 2020 is ` 4,500.7 million. As part of an audit in accordance with SAs, we exercise We communicate with those charged with governance of the
ó 8FUFTUFE POBTBNQMFCBTJT UIFNBUIFNBUJDBMBDDVSBDZPG
professional judgment and maintain professional skepticism Holding Company and such other entities included in the
Our audit focused on this area because of the relative significance the cash flow models and agreed relevant data to approved
throughout the audit. We also: consolidated Ind AS financial statements of which we are the
of the amount invested in above PPE and other non-current budgets and latest forecasts.
independent auditors regarding, among other matters, the
assets to the consolidated Ind AS financial statements and the fact ó 8F QFSGPSNFE TFOTJUJWJUZ BOBMZTJT JO SFMBUJPO UP UIF LFZ ó *EFOUJGZBOEBTTFTTUIFSJTLTPGNBUFSJBMNJTTUBUFNFOUPG planned scope and timing of the audit and significant audit
that assessment of recoverable value for impairment assessment assumptions, with particular focus on drivers of the growth the consolidated Ind AS financial statements, whether due findings, including any significant deficiencies in internal control
requires management to make a number of key judgements and rates, margins and discount rate used in the impairment to fraud or error, design and perform audit procedures that we identify during our audit.
estimates with respect to the future performance, profitability and models. responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our We also provide those charged with governance with a
usage including judgements and estimates on future growth rates
ó 8FBTTFTTFEUIFBEFRVBDZPGUIFEJTDMPTVSFTJODMVEFEBU/PUF opinion. The risk of not detecting a material misstatement statement that we have complied with relevant ethical
of revenue and the impact of the general economic environment requirements regarding independence, and to communicate
54 to the consolidated Ind AS financial statements. resulting from fraud is higher than for one resulting from
(including competitors). with them all relationships and other matters that may
error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal reasonably be thought to bear on our independence, and
Other Information Accounting Standards (Ind AS) specified under Section 133 of where applicable, related safeguards.
the Act read with the Companies (Indian Accounting Standards) control.
The Holding Company’s Board of Directors is responsible for
Rules, 2015, as amended. The respective Board of Directors of ó 0CUBJO BO VOEFSTUBOEJOH PG JOUFSOBM DPOUSPM SFMFWBOU UP From the matters communicated with those charged with
the other information. The other information comprises the
the companies included in the Group and of its associates are the audit in order to design audit procedures that are governance, we determine those matters that were of most
information included in the Annual report but dœs not include
responsible for maintenance of adequate accounting records in appropriate in the circumstances. Under Section 143(3)(i) significance in the audit of the consolidated Ind AS financial
the consolidated Ind AS financial statements and our auditor’s
accordance with the provisions of the Act for safeguarding of of the Act, we are also responsible for expressing our statements for the financial year ended March 31, 2020 and
report thereon.
the assets of the Group and of its associates and for preventing opinion on whether the Holding Company has adequate are therefore the key audit matters. We describe these matters
Our opinion on the consolidated Ind AS financial statements and detecting frauds and other irregularities; selection internal financial controls with reference to financial in our auditor’s report unless law or regulation precludes
dœs not cover the other information and we do not express and application of appropriate accounting policies; making statements in place and the operating effectiveness of public disclosure about the matter or when, in extremely
any form of assurance conclusion thereon. judgments and estimates that are reasonable and prudent; such controls. rare circumstances, we determine that a matter should
In connection with our audit of the consolidated Ind AS financial and the design, implementation and maintenance of adequate not be communicated in our report because the adverse
ó &WBMVBUFUIFBQQSPQSJBUFOFTTPGBDDPVOUJOHQPMJDJFTVTFE
statements, our responsibility is to read the other information internal financial controls, that were operating effectively for consequences of doing so would reasonably be expected to
and the reasonableness of accounting estimates and
and, in doing so, consider whether such other information is ensuring the accuracy and completeness of the accounting outweigh the public interest benefits of such communication.
related disclosures made by management.
materially inconsistent with the consolidated Ind AS financial records, relevant to the preparation and presentation of the
ó $PODMVEFPOUIFBQQSPQSJBUFOFTTPGNBOBHFNFOUêTVTFPG Other Matter
statements or our knowledge obtained in the audit or consolidated Ind AS financial statements that give a true and
fair view and are free from material misstatement, whether the going concern basis of accounting and, based on the (a) We did not audit the financial statements and other
otherwise appears to be materially misstated. If, based on the
due to fraud or error, which have been used for the purpose of audit evidence obtained, whether a material uncertainty financial information, in respect of 2 subsidiaries, whose
work we have performed, we conclude that there is a material
preparation of the consolidated Ind AS financial statements by exists related to events or conditions that may cast Ind AS financial statements include total assets of ` 264.5
misstatement of this other information, we are required to
the Directors of the Holding Company, as aforesaid. significant doubt on the ability of the Group and its million as at March 31, 2020, and total revenues of ` 2,067.5
report that fact. We have nothing to report in this regard.
associates to continue as a going concern. If we conclude million and net cash outflows of ` 0.7 million for the year
In preparing the consolidated Ind AS financial statements, the that a material uncertainty exists, we are required to draw ended on that date. These Ind AS financial statements
Responsibilities of Management for the Consolidated Ind
respective Board of Directors of the companies included in attention in our auditor’s report to the related disclosures and other financial information have been audited by
AS Financial Statements
the Group and of its associates are responsible for assessing in the consolidated Ind AS financial statements or, if such other auditors, which financial statements, other financial
The Holding Company’s Board of Directors is responsible the ability of the Group and of its associates to continue as disclosures are inadequate, to modify our opinion. Our information and auditor’s reports have been furnished to
for the preparation and presentation of these consolidated a going concern, disclosing, as applicable, matters related to conclusions are based on the audit evidence obtained up us by the management. The consolidated Ind AS financial
Ind AS financial statements in terms of the requirements of going concern and using the going concern basis of accounting to the date of our auditor’s report. However, future events statements also include the Group’s share of net loss
the Act that give a true and fair view of the consolidated unless management either intends to liquidate the Group or to or conditions may cause the Group and its associates to of ` 35.8 million for the year ended March 31, 2020, as
financial position, consolidated financial performance including cease operations, or has no realistic alternative but to do so. cease to continue as a going concern. considered in the consolidated Ind AS financial statements,
other comprehensive income, consolidated cash flows and
Those charged with Governance of the companies included in respect of 3 associates, whose financial statements,
consolidated statement of changes in equity of the Group ó &WBMVBUFUIFPWFSBMMQSFTFOUBUJPO TUSVDUVSFBOEDPOUFOU
in the Group and of its associates are also responsible for other financial information have been audited by other
including its associates in accordance with the accounting of the consolidated Ind AS financial statements, including
overseeing the financial reporting process of the Group and of auditors and whose reports have been furnished to us by
principles generally accepted in India, including the Indian the disclosures, and whether the consolidated Ind AS
its associates. the Management. Our opinion on the consolidated Ind AS
financial statements represent the underlying transactions
financial statements, in so far as it relates to the amounts
and events in a manner that achieves fair presentation.

and disclosures included in respect of these subsidiaries (f) With respect to the adequacy and the operating
and associates, and our report in terms of sub-sections
(3) of Section 143 of the Act, in so far as it relates to the
effectiveness of the internal financial controls over
financial reporting with reference to these consolidated
Annexure 1 to the Independent Auditor’s Report of even Date on the Consolidated
Ind As Financial Statements of Trident Limited
aforesaid subsidiaries, and associates, is based solely on Ind AS financial statements of the Holding Company, its
the reports of such other auditors. subsidiary company and its associate, incorporated in
Report on the Internal Financial Controls under Clause (i) of Sub- designed to provide reasonable assurance regarding the reliability of
India, refer to our separate Report in “Annexure 1” to this
Our opinion above on the consolidated Ind AS financial Section 3 of Section 143 of the Companies Act, 2013 (“the Act”) financial reporting and the preparation of financial statements for
report; external purposes in accordance with generally accepted accounting
statements, and our report on Other Legal and Regulatory In conjunction with our audit of the consolidated Ind AS financial
statements of Trident Limited as of and for the year ended March principles. A company’s internal financial control over financial
Requirements below, is not modified in respect of the above (g) In our opinion and based on the consideration of reports
31, 2020, we have audited the internal financial controls over financial reporting with reference to these consolidated Ind AS financial
matters with respect to our reliance on the work done and the of other statutory auditors of the subsidiary and associate, statements includes those policies and procedures that (1) pertain to the
reporting of Trident Limited (hereinafter referred to as the “Holding
reports of the other auditors and the financial statements and the managerial remuneration for the year ended March 31, Company”) and its subsidiary company and associate, which are maintenance of records that, in reasonable detail, accurately and fairly
other financial information certified by the Management. 2020 has been paid / provided by the Holding Company, companies incorporated in India, as of that date. reflect the transactions and dispositions of the assets of the company;
its subsidiary and associate incorporated in India to their (2) provide reasonable assurance that transactions are recorded as
Report on Other Legal and Regulatory Requirements Management’s Responsibility for Internal Financial Controls necessary to permit preparation of financial statements in accordance
directors in accordance with the provisions of Section 197 with generally accepted accounting principles, and that receipts and
The respective Board of Directors of the Holding Company, and its
As required by Section 143(3) of the Act, based on our audit and read with Schedule V to the Act; expenditures of the company are being made only in accordance with
subsidiary company and associate, which are companies incorporated
on the consideration of report of the other auditors on separate in India, are responsible for establishing and maintaining internal authorisations of management and directors of the company; and (3)
financial statements and the other financial information of (h) With respect to the other matters to be included in provide reasonable assurance regarding prevention or timely detection
financial controls based on the internal control over financial reporting
subsidiaries and associates, as noted in the ‘other matter’ the Auditor’s Report in accordance with Rule 11 of the criteria established by the Holding Company considering the essential of unauthorised acquisition, use, or disposition of the company’s assets
paragraph we report, to the extent applicable, that: Companies (Audit and Auditors) Rules, 2014, as amended, components of internal control stated in the Guidance Note on Audit that could have a material effect on the financial statements.
in our opinion and to the best of our information and of Internal Financial Controls Over Financial Reporting issued by the
Inherent Limitations of Internal Financial Controls Over Financial
(a) We/the other auditors whose report we have relied according to the explanations given to us and based on Institute of Chartered Accountants of India. These responsibilities
Reporting with Reference to these Consolidated Ind AS Financial
upon have sought and obtained all the information and include the design, implementation and maintenance of adequate
the consideration of the report of the other auditors on Statements
internal financial controls that were operating effectively for ensuring
explanations which to the best of our knowledge and separate financial statements as also the other financial the orderly and efficient conduct of its business, including adherence Because of the inherent limitations of internal financial controls
belief were necessary for the purposes of our audit of the information of the subsidiaries and associates, as noted in to the respective company’s policies, the safeguarding of its assets, over financial reporting with reference to these consolidated Ind AS
aforesaid consolidated Ind AS financial statements; the prevention and detection of frauds and errors, the accuracy and financial statements, including the possibility of collusion or improper
the ‘Other matter’ paragraph:
completeness of the accounting records, and the timely preparation of management override of controls, material misstatements due to error
(b) In our opinion, proper books of account as required by i. The consolidated Ind AS financial statements disclose reliable financial information, as required under the Act. or fraud may occur and not be detected. Also, projections of any
law relating to preparation of the aforesaid consolidation evaluation of the internal financial controls over financial reporting with
the impact of pending litigations on its consolidated Auditor’s Responsibility reference to these consolidated Ind AS financial statements to future
of the financial statements have been kept so far as it financial position of the Group and its associates periods are subject to the risk that the internal financial control over
Our responsibility is to express an opinion on the Company’s internal
appears from our examination of those books and reports in its consolidated Ind AS financial statements – financial controls over financial reporting with reference to these financial reporting with reference to these consolidated Ind AS financial
of the other auditors; Refer Note 32 to the consolidated Ind AS financial consolidated Ind AS financial statements based on our audit. We statements may become inadequate because of changes in conditions,
conducted our audit in accordance with the Guidance Note on Audit or that the degree of compliance with the policies or procedures may
(c) The Consolidated Balance Sheet, the Consolidated statements;
of Internal Financial Controls over Financial Reporting (the “Guidance deteriorate.
Statement of Profit and Loss including the Statement of ii. The Group and its associates did not have any Note”) and the Standards on Auditing, both, issued by Institute of
Opinion
Other Comprehensive Income, the Consolidated Cash material foreseeable losses in long-term contracts Chartered Accountants of India, and deemed to be prescribed under
Section 143(10) of the Act, to the extent applicable to an audit of internal In our opinion, the Holding Company and its subsidiary company
Flow Statement and Consolidated Statement of Changes including derivative contracts during the year ended and its associate, which are companies incorporated in India, have,
financial controls. Those Standards and the Guidance Note require that
in Equity dealt with by this Report are in agreement March 31, 2020. we comply with ethical requirements and plan and perform the audit to maintained in all material respects, an adequate internal financial
with the books of account maintained for the purpose obtain reasonable assurance about whether adequate internal financial controls over financial reporting with reference to these consolidated
of preparation of the consolidated Ind AS financial iii. There has been no delay in transferring amounts, controls over financial reporting with reference to these consolidated Ind AS financial statements and such internal financial controls over
required to be transferred, to the Investor Education Ind AS financial statements was established and maintained and if such financial reporting with reference to these consolidated Ind AS financial
statements;
and Protection Fund by the Group and its associate, controls operated effectively in all material respects. statements were operating effectively as at March 31, 2020, based on
(d) In our opinion, the aforesaid consolidated Ind AS financial the internal control over financial reporting criteria established by the
incorporated in India during the year ended March Our audit involves performing procedures to obtain audit evidence
Holding Company considering the essential components of internal
statements comply with the Accounting Standards 31, 2020. about the adequacy of the internal financial controls over financial
control stated in the Guidance Note on Audit of Internal Financial
specified under Section 133 of the Act, read with reporting with reference to these consolidated Ind AS financial
Controls Over Financial Reporting issued by the Institute of Chartered
statements and their operating effectiveness. Our audit of internal
Companies (Indian Accounting Standards) Rules, 2015, as Accountants of India.
financial controls over financial reporting included obtaining an
amended; understanding of internal financial controls over financial reporting with Other Matters
reference to these consolidated financial statements, assessing the risk Our report under Section 143(3) (i) of the Act on the adequacy and
(e) On the basis of the written representations received For S.R. Batliboi & Co. LLP that a material weakness exists, and testing and evaluating the design operating effectiveness of the internal financial controls over financial
from the directors of the Holding Company as on March Chartered Accountants and operating effectiveness of internal control based on the assessed reporting with reference to these consolidated financial statements of
31, 2020 taken on record by the Board of Directors of ICAI Firm Registration Number: 301003E/E300005 risk. The procedures selected depend on the auditor’s judgement, the Holding Company, in so far as it relates to a subsidiary company
the Holding Company and the reports of the statutory including the assessment of the risks of material misstatement of the and an associate company, which are companies incorporated in India,
auditors who are appointed under Section 139 of the financial statements, whether due to fraud or error. is based on the corresponding reports of the auditors of such subsidiary
per Anil Gupta We believe that the audit evidence we have obtained and the audit and associate incorporated in India.
Act, of its subsidiary company and its associate, none of
Partner evidence obtained by the other auditors in terms of their reports
the directors of the Group companies and its associate,
Place of Signature: New Delhi Membership Number: 87921 referred to in the Other Matters paragraph below, is sufficient and For S.R. Batliboi & Co. LLP
incorporated in India, are disqualified as on March 31, appropriate to provide a basis for our audit opinion on the internal
2020 from being appointed as a director in terms of Date: May 16, 2020 UDIN:20087921AAAABC2332 financial controls over financial reporting with reference to these Chartered Accountants
Section 164 (2) of the Act; consolidated Ind AS financial statements. ICAI Firm Registration Number: 301003E/E300005
Meaning of Internal Financial Controls Over Financial Reporting
with Reference to these Consolidated Ind AS Financial Statements per Anil Gupta
A company’s internal financial control over financial reporting with Partner
reference to these consolidated Ind AS financial statements is a process
Place of Signature: New Delhi Membership Number: 87921
Date: May 16, 2020 UDIN:20087921AAAABC2332

Balance Sheet | Statement of Profit & Loss
Consolidated Balance Sheet

as at March 31, 2020
Consolidated Statement of Profit & Loss
Particulars Note As at As at
Particulars Note For the year ended For the year ended
No. March 31, 2020 March 31, 2019
I ASSETS No. March 31, 2020 March 31, 2019
Non-current assets 1 Revenue from operations (refer note 52) 24 47,276.7 52,486.0
a) Property, plant and equipment 3 35,737.6 36,729.9 2 Other income 25 202.4 434.4
b) Capital work in progress 38 1,408.4 1,317.6
3 Total Income (1+2) 47,479.1 52,920.4
c) Intangible assets 3 381.5 435.9
d) Right-of-use assets 41 695.6 - 4 Expenses:
e) Intangible assets under development 43.9 - Cost of raw materials consumed 26 21,772.5 24,404.0
f) Investment in associates 4 (a) 1,060.7 958.2 Purchase of stock in trade 27 17.7 242.5
g) Financial assets Decrease in inventories of finished goods, waste, stock in trade and 28 (291.9) (275.0)
i) Investments 4(b),45 215.7 354.8
ii) Other financial assets 5,45 455.4 403.3 work-in-progress
h) Non current tax assets (net) 6 71.2 40.2 Employee benefits expenses 29 5,886.8 5,977.5
i) Other non current assets 7 175.5 951.7 Finance costs 30 1,108.8 1,123.7
Total non current assets 40,245.5 41,191.6 Depreciation and amortization expense 3 3,336.9 3,640.0
Current assets
a) Inventories 8 9,164.1 10,120.6 Forex (gain)/loss (including MTM) (191.6) 665.5
b) Financial assets Other expenses 31 11,593.7 11,642.8
i) Investments 9,45 - 669.3 5 Total expenses 43,232.9 47,421.0
ii) Trade receivables 10,45 2,753.5 6,576.5 6 Profit before share of (loss)/profit of associates and tax (4-5) 4,246.2 5,499.4
iii) Cash and cash equivalents 11,45 3,188.5 100.8
iv) Other bank balances (other than iii above) 12,45 190.4 156.4 7 Share of (loss)/profit of associates (35.8) 2.2
v) Other financial assets 13,45 1,073.2 1,601.6 8 Profit before tax (6+7) 4,210.4 5,501.6
c) Other current assets 14 1,149.6 1,143.8 9 Tax expenses
Total current assets 17,519.3 20,369.0
Total Assets 57,764.8 61,560.6
- Current tax 44 (a) 1,317.1 1,210.4
II EQUITY AND LIABILITIES - Deferred tax (credit)/charge 44 (a) (505.2) 568.1
Equity - Deferred tax adjustments related to earlier years 1.5 0.5
a) Equity share capital 15 4,979.4 4,981.4 - Current tax adjustments related to earlier years - 813.4 4.9 1,783.9
b) Other equity 16 25,234.6 24,748.8
Total Equity 30,214.0 29,730.2 10 Profit for the year (8-9) 3,397.0 3,717.7
Non-current liabilities 11 Other comprehensive income net of taxes
a) Financial liabilities Items that will not be reclassified to profit or loss :
i) Borrowings 17,45 6,890.7 9,536.2 - Remeasurement gain/(loss) of the defined benefit plan (13.5) 4.4
ii) Lease liabilities* 41 323.9 -
b) Deferred tax liabilities (net) 44 (b) 3,366.1 4,078.6
- (Loss)/gain on fair valuation of equity investments through other (6.0) 197.9
Total non current liabilities 10,580.7 13,614.8 comprehensive income
Current liabilities - Share of associate 0.5 (1.5)
a) Financial liabilities - Income tax relating to items that will not be reclassified to profit or loss 12.0 (24.6)
i) Borrowings 18,45 9,008.8 11,419.6
ii) Lease liabilities* 41 67.6 - Items that will be reclassified to profit or loss :
iii) Trade payables 19,45 - Exchange differences in translating the financial statements of a foreign 1.2 (0.3)
a) Total outstanding dues of micro enterprises and small enterprises; and 327.5 92.2 operation
b) Total outstanding dues of creditors other than micro enterprises and small 1,695.2 1,773.5
enterprises - Net movement in effective portion of cash flow hedge reserve (663.3) 230.3
iv) Other financial liabilities 20,45 5,200.2 4,376.3 - Income tax relating to items that will be reclassified to profit or loss 189.5 (80.5)
b) Provisions 21 213.4 192.8 Total other comprehensive (loss)/income (479.6) 325.7
c) Other current liabilities 22 456.0 301.9 12 Total comprehensive income (8+9) 2,917.4 4,043.4
d) Current tax liabilities (net) 23 1.4 59.3
Total current liabilities 16,970.1 18,215.6 13 Earnings per equity share in Rupees (face value ` 1 each) 38
Total liabilities 27,550.8 31,830.4 - Basic 0.68 0.75
Total equity and liabilities 57,764.8 61,560.6 - Diluted 0.68 0.75
See accompanying notes forming part of the consolidated financial statements 1 to 56 See accompanying notes forming part of the consolidated financial statements 1 to 56
* Includes payable to related parties of ` 281.9 million (Previous year Nil) (Refer note 39)
As per our report of even date For and on behalf of the Board of Directors As per our report of even date For and on behalf of the Board of Directors
For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA
Chartered Accountants Director Managing Director Chartered Accountants Director Managing Director
ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335 ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335
ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR
Partner Chief Financial Officer Company Secretary Partner Chief Financial Officer Company Secretary
Membership No. 87921 Membership No. 87921
Place : New Delhi Place : Ludhiana Place : New Delhi Place : Ludhiana
Date : May 16, 2020 Date : May 16, 2020 Date : May 16, 2020 Date : May 16, 2020

Statement of Changes in Equity | Cash Flow Statement
Consolidated Statement of Changes in Equity

Consolidated Cash Flow Statement
Particulars Equity Other Equity
Share Reserves and Surplus Other comprehensive income Total Particulars For the year ended For the year ended
capital Capital Secu- Gener- PPE fair Capital Retained Equity Exchange Effec- March 31, 2020 March 31, 2019
Reserve rities al Re- valu- redemp- Earnings instrument differences tive
Premium serve ation tion through on translating portion A. CASH FLOW FROM OPERATING ACTIVITIES
Reserve reserve reserve Other Com- the financial of cash Profit before tax 4,210.4 5,501.6
* prehensive statements of a flow
Income foreign operation hedge Adjustments for:
As at April 01, 2018 4,978.3 1,375.6 3,333.7 558.4 6,907.7 600.0 9,417.0 91.3 0.2 - 27,262.2 Depreciation and amortization expense 3,336.9 3,640.0
Profit for the year - - - - - - 3,717.7 - - - 3,717.7
Share in other comprehensive income of - - - - - - (1.5) - - (1.5) Interest expense 1,081.9 1,096.2
the Associate Interest income (125.7) (350.3)
Exchange difference on translation of - - - - - - - - (0.3) - (0.3)
foreign operations Loss on disposal of non current investment 0.2 -
(Loss)/gain on fair valuation of equity - - - - - - - 174.9 - - 174.9 (Profit) on sale of current investments (28.3) (38.2)
investments, net of tax effect
Net movement in effective portion of - - - - - - - - - 149.8 149.8 Provisions for doubtful debts and advances no longer required written (3.2) (0.6)
cash flow hedge reserve, net of tax effect back
Remeasurement of the benefit plan, net - - - - - - 2.8 - - - 2.8
of tax effect Net loss / (gain) arising on financial assets mandatorily measured at fair 1.1 (5.3)
Total Comprehensive Income - - - - - - 3,719.0 174.9 (0.3) 149.8 4,043.4 value through profit or loss
Dividend paid on equity shares - - - - - - (1,309.3) - - - (1,309.3)
Dividend Distribution Tax on equity - - - - - - (269.2) - - - (269.2) Pre-operative expenses written off 200.0 -
shares Expected credit loss allowance 43.7 8.2
Reversal of elimination of shares held by 3.1 - - - - - - - - - 3.1
affiliates of associate company Unrealized foreign exchange loss /(gain) (89.7) (113.5)
As at March 31, 2019 4,981.4 1,375.6 3,333.7 558.4 6,907.7 600.0 11,557.5 266.2 (0.1) 149.8 29,730.2 Dividend income (3.5) (1.1)
(` million) Share of (profit) of associate 35.8 (2.2)
Particulars Equity Other Equity Loss/(Profit) on disposal of property, plant and equipment (net) 5.7 4,454.9 (0.8) 4,232.4
Share Reserves and Surplus Other comprehensive income Total
capital Capital Secu- Gener- PPE fair Capital Retained Equity Exchange Effec- Operating profit before working capital changes 8,665.3 9,734.0
Reserve rities al Re- valu- redemp- Earnings instrument differences tive Changes in working capital:
Premium serve ation tion through on translating portion
Reserve reserve reserve Other Com- the financial of cash Adjustments for (increase)/decrease in operating assets:
* prehensive statements of a flow Inventories 956.4 (894.4)
Income foreign operation hedge
As at April 01, 2019 4,981.4 1,375.6 3,333.7 558.4 6,907.7 600.0 11,557.5 266.2 (0.1) 149.8 29,730.2
Trade receivables 3,896.5 (2,018.2)
Profit for the year - - - - - - 3,397.0 - - - 3,397.0 Other current financial assets (27.1) 589.5
Share in other comprehensive income of - - - - - - 0.5 - - - 0.5
the Associate
Other non current financial assets (6.7) (7.5)
Exchange difference on translation of - - - - - - - - 1.2 - 1.2 Other current assets (66.4) (105.7)
foreign operations Other non current assets (29.0) 25.0
(Loss)/gain on fair valuation of equity - - - - - - - (3.8) - - (3.8)
investments, net of tax effect Adjustments for increase/(decrease) in operating liabilities:
Net movement in effective portion - - - - - - - - - (473.8) (473.8) Trade payables 151.8 177.1
of cash flow hedge reserve, net of
tax effect Other current financial liabilities (174.0) 85.2
Remeasurement of the benefit plan, - - - - - - (3.7) - - - (3.7) Other current liabilities 154.3 53.1
net of tax effect
Total Comprehensive Income - - - - - - 3,393.8 (3.8) 1.2 (473.8) 2,917.4 Current provisions 20.7 4,876.5 53.7 (2,042.3)
Dividend paid on equity shares - - - - - - (2,091.7) - - - (2,091.7) Cash generated from operations 13,541.8 7,691.7
Dividend Distribution Tax on equity - - - - - - (429.8) - - - (429.8)
shares Direct taxes paid (net) (1,404.8) (1,134.7)
Add: Capital reserve arising on account - 79.4 - - - - - - - - 79.4 Net cash flow from operating activities (A) 12,137.0 6,557.0
of amalgamation by an associate
company (refer Note 56) B. CASH FLOW FROM INVESTING ACTIVITIES
Add: Profit on sale of treasury shares by - - - 10.5 - - - - - - 10.5 Payment for property, plant and equipment (1,640.7) (1,064.7)
an associate Company
Elimination of shares held by affiliates of (2.0) - - - - - - - - - (2.0) Proceeds from sale of property, plant and equipment 30.1 17.2
associate company Purchase of current investments (14,717.9) (16,886.4)
As at March 31, 2020 4,979.4 1,455.0 3,333.7 568.9 6,907.7 600.0 12,429.8 262.4 1.1 (324.0) 30,214.0
Proceeds from sale of current investments 15,665.8 16,119.1
* represents fair valuation gain on freehold land as at transition date, net of deferred tax liabilities
Purchase of non current investments - (2.5)
As per our report of even date For and on behalf of the Board of Directors Proceeds from sale of long term investments 132.0 -
Investment in an associate (49.0) (66.6)
For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA Interest received 146.6 322.2
Chartered Accountants Director Managing Director Dividend received 3.5 1.1
ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335 Bank balances not considered as cash and cash equivalents
ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR - Placed (1,758.3) (2,859.1)
Partner Chief Financial Officer Company Secretary - Matured 1,761.1 3,913.4
Membership No. 87921 Net cash (used) in investing activities (B) (426.8) (506.3)
Place : New Delhi Place : Ludhiana

Date : May 16, 2020 Date : May 16, 2020

Notes to the Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2020
Consolidated Cash Flow Statement

Notes
to the Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2020
(` million) NOTE 1. CORPORATE INFORMATION

March 31, 2020 March 31, 2019 The consolidated Ind AS financial statements comprise financial statements of Trident Limited (the Parent Company), its subsidiaries
C. CASH FLOW FROM FINANCING ACTIVITIES (the Parent Company and its subsidiaries together referred to as “the Group”) and its associates for the year ended March 31, 2020.
Proceeds from non current borrowings 278.9 371.1 The Parent Company is a public company domiciled in India and incorporated on April 18, 1990 under the provisions of the Companies
Repayment of non current borrowings (2,728.4) (4,316.5) Act, 1956. The name of the Parent Company was changed from Abhishek Industries Limited to Trident Limited on April 18, 2011. The
Net increase/(decrease) in working capital borrowings (2,410.8) 335.2 equity shares of the Parent Company are listed on two stock exchanges in India i.e. National Stock Exchange of India Limited (NSE)
Interest paid (1,169.1) (1,227.8) and BSE Limited (BSE). The Group and its associates are engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels
& Bedsheets), Paper & Chemicals.
Lease payments made (63.1) -
Dividend paid on equity shares (including dividend distribution tax) (2,531.2) (1,592.1) The registered office of the Parent Company is situated at Sanghera, India. The principal activities of the Group and its associates are
described in Note 40. These consolidated Ind AS financial statements were approved for issuance by the Board of Directors of the
Net cash (used) in financing activities (C) (8,623.7) (6,430.1)
Parent Company in their meeting held on May 16, 2020.
Net increase / (decrease) in cash and cash equivalents (A+B+C) 3,086.5 (379.4)
Cash and cash equivalents at the beginning of the year 100.8 480.5 NOTE 2.1. Significant Accounting Policies
Add: Foreign currency translation difference 1.2 (0.3) A. Statement of compliance
Cash and cash equivalents at the end of the year* 3,188.5 100.8 The consolidated Ind AS financial statements of the Group and its associates have been prepared in accordance with the
* Comprises: Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 read with the Companies (Indian
Cash on hand 66.2 8.0 Accounting Standards) Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to
the Companies Act, 2013 (IND AS compliant Schedule III), to the extent applicable.
Balances with banks :
- In current accounts 38.5 92.8 Basis of preparation and presentation
- In other deposits accounts The consolidated Ind AS financial statements have been prepared under the historical cost convention on accrual basis except
(Original maturity of 3 months or less) 3,083.8 - for following assets and liabilities which have been measured at fair value:
3,188.5 100.8 1. Derivative financial instruments
2. Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments in Note
Q)
(` million)
Change in liabilities arising from financing activites For the year ended For the year ended 3. Defined benefit plans - plan assets are measured at fair value
March 31, 2020 March 31, 2019 Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a
Current Non Current Non revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
current current Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
(including (including The consolidated Ind AS financial statements of the Group and its associates are presented in Indian Rupee (`) and all values are
current current
rounded to the nearest million with one decimal place (` 000,000), except when otherwise indicated.
maturities) maturities)
Changes in accounting policies and disclosures
Opening Balance 11,419.6 12,937.9 11,084.4 16,893.7
Cash flow (net) (2,410.8) (2,449.5) 335.2 (3,945.4) New and amended standards and interpretations
Effective interest rate adjustment - 6.2 - 4.9 The Group and its associates applied Ind AS 116 for the first time. The nature and effect of the changes as a result of adoption of
Foreign exchange difference - 14.8 - (15.3) these new accounting standards are described below:
Closing Balance 9,008.8 10,509.4 11,419.6 12,937.9 Ind AS 116 Leases
See accompanying notes forming part of the consolidated financial statements 1 to 56 Ind AS 116 supersedes Ind AS 17 Leases including its appendices (Appendix C of Ind AS 17 Determining whether an Arrangement
contains a Lease, Appendix A of Ind AS 17 Operating Leases-Incentives and Appendix B of Ind AS 17 Evaluating the Substance
of Transactions Involving the Legal Form of a Lease). The standard sets out the principles for the recognition, measurement,
As per our report of even date For and on behalf of the Board of Directors presentation and disclosure of leases and requires lessees to recognise most leases on the balance sheet.
For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA Lessor accounting under Ind AS 116 is substantially unchanged from Ind AS 17. Lessors will continue to classify leases as either
Chartered Accountants Director Managing Director operating or finance leases using similar principles as in Ind AS 17. Therefore, Ind AS 116 dœs not have an impact for leases where
ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335 the Group and its associates is the lessor.
The Group and its associates have adopted Ind AS 116 using modified retrospective method of adoption with the date of initial
ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR application of April 01, 2019 with the cumulative effect of initially applying the Standard recognised at the date of initial application.
Partner Chief Financial Officer Company Secretary
Membership No. 87921 The Group and its associates elected to use the transition practical expedient to not reassess whether a contract is or contains a
lease at 1 April 2019. Instead, the Group applied the standard only to contracts that were previously identified as leases applying
Place : New Delhi Place : Ludhiana Ind AS 17 and Appendix C to Ind AS 17 at the date of initial application.
Date : May 16, 2020 Date : May 16, 2020 The Group and its associates also elected to use the recognition exemptions for lease contracts that, at the commencement
date, have a lease term of 12 months or less and do not contain a purchase option (short-term leases), and lease contracts
for which the underlying asset is of low value (low-value assets). However, in case of lease contracts with related parties, there
exist economic incentive for the Group and its associates to continue using the leased premises for a period longer than the
11 months and considering the contract is with the related parties, it dœs not foresee non-renewal of the lease term for future
periods, thus basis the substance and economics of the arrangements, management believes that under Ind AS 116, the lease

terms in the arrangements with related parties have been determined considering the period for which management has an (i) Ind AS 109: Prepayment Features with Negative Compensation
economic incentive to use the leased asset (i.e. reasonably certain to use the asset for the said period of economic incentive). (ii) Ind AS 19: Plan Amendment, Curtailment or Settlement
Such assessment of incremental period is based on management assessment of various factors including the remaining useful life
(iii) Ind AS 103 Business Combinations
of the asset as on the date of transition. The management has assessed period of arrangements with related parties as 10 years
as at April 01, 2019. (iv) Ind AS 12 Income Taxes
For leases previously classified as finance leases, the entity recognised the carrying amount of the lease asset and lease liability (v) Ind AS 23 Borrowing Costs
immediately before transition as the carrying amount of the right of use asset and the lease liability at the date of initial (vi) Amendments to Ind AS 28: Long-term interests in associates and joint ventures
application. The measurement principles of Ind AS 116 are only applied after that date. (vii) Ind AS 111 Joint Arrangements.
On adoption of Ind AS 116, the Group and its associates recognised lease liabilities in relation to leases which had previously been The Group and its associates have not early adopted any standards or amendments that have been issued but are not yet
classified as ‘operating leases’ under the principles of Ind AS 17 Leases. These liabilities were measured at the present value of the effective.
remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 1 April 2019.
B Principles of Consolidation
Practical expedients applied
The consolidated Ind AS financial statements incorporate the consolidated Ind AS financial statements of the Parent Company
In applying Ind AS 116 for the first time, the Group and its associates have used the following practical expedients permitted by and its subsidiaries and associates. Control is achieved when the Company:
the standard:
ó IBTQPXFSPWFSUIFJOWFTUFF
a) applying a single discount rate to a portfolio of leases with reasonably similar characteristics:
ó JTFYQPTFE PSIBTSJHIUT UPWBSJBCMFSFUVSOTGSPNJUTJOWPMWFNFOUXJUIUIFJOWFTUFFBOE
b) accounting for operating leases with a remaining lease term of less than 12 months as at 1 April 2019 as short-term leases;
ó IBTUIFBCJMJUZUPVTFJUTQPXFSUPBĐFDUJUTSFUVSOT
c) excluding initial direct costs for the measurement of the right-of-use asset at the date of initial application;
d) Non-separation of lease and non-lease components when payments include both the components; The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one
or more of the three elements of control listed above.
e) relying on its assessment of whether leases are onerous immediately before the date of initial application; and
When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting
f) using hindsight in determining the lease term where the contract contained options to extend or terminate the lease.
rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company
Based on the above, as at 1 April 2019:
considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient
> As on transition date i.e. April 1, 2019, Right-of use assets of ` 1,504.9 million were recognised including reclassification of to give it power, including:
prepaid leasehold rentals for leasehold land and others of ` 922.7 million, prepaid portion of security deposit of ` 45.0 million
and lease equalisation liability of ` (5.5) million presented separately in the balance sheet. ó UIFTJ[FPGUIF$PNQBOZêTIPMEJOHPGWPUJOHSJHIUTSFMBUJWFUPUIFTJ[FBOEEJTQFSTJPOPGIPMEJOHTPGUIFPUIFSWPUFIPMEFST
> Lease liabilities of ` 542.7 million were recognised and presented separately in the balance sheet. ó QPUFOUJBMWPUJOHSJHIUTIFMECZUIF$PNQBOZ PUIFSWPUFIPMEFSTPSPUIFSQBSUJFT
On application of Ind AS -116, In the statement of profit and loss for the current year, operating lease expenses has changed from ó SJHIUTBSJTJOHGSPNPUIFSDPOUSBDUVBMBSSBOHFNFOUTBOE
rent to depreciation cost for the right of use assets and finance cost for interest accrued on lease liability. ó BOZBEEJUJPOBMGBDUTBOEDJSDVNTUBODFTUIBUJOEJDBUFUIBUUIF$PNQBOZIBT PSEÅTOPUIBWF UIFDVSSFOUBCJMJUZUPEJSFDUUIF
The lease liabilities as at 1 April 2019 can be reconciled to the operating lease commitments as of 31 March 2019, as follows: relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.
(` million) Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses
Assets control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in
Operating lease commitments as at 31 March 2019 231.6 the consolidated statement of profit and loss from the date the Company gains control until the date when the Company ceases
Weighted average incremental borrowing rate as at 1 April 2019 9.0% to control the subsidiary.
Discounted operating lease commitments as at 1 April 2019 169.9 Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the
Add: non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-
Lease payments not included in operating lease commitments as at 31 March 2019 but presented as lease 372.8
controlling interests even if this results in the non-controlling interests having a deficit balance.
liabilities as per IND AS 116
Lease liabilities as at 1 April 2019 542.7 When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
The adoption of this standard dœs not have any significant impact on profit and earning per share of the current year. the Group’s accounting policies.
Appendix C to Ind AS 12 Uncertainty over Income Tax Treatments All intra group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the
The appendix addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application Group are eliminated in full on consolidation.
of Ind AS 12 Income Taxes. It dœs not apply to taxes or levies outside the scope of Ind AS 12, nor dœs it specifically include The Ind AS financial statements of the subsidiary companies used in the consolidation are based on the audited financial
requirements relating to interest and penalties associated with uncertain tax treatments. The Appendix specifically addresses the statements which has been drawn upto the same reporting date as that of the Company i.e. March 31, 2020.
following:
C Investment in associates
ó 8IFUIFSBOFOUJUZDPOTJEFSTVODFSUBJOUBYUSFBUNFOUTTFQBSBUFMZ
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the
ó 5IFBTTVNQUJPOTBOFOUJUZNBLFTBCPVUUIFFYBNJOBUJPOPGUBYUSFBUNFOUTCZUBYBUJPOBVUIPSJUJFT
financial and operating policy decisions of the investee but is not control or joint control over those policies.
ó )PXBOFOUJUZEFUFSNJOFTUBYBCMFQSPđU UBYMPTT
UBYCBTFT VOVTFEUBYMPTTFT VOVTFEUBYDSFEJUTBOEUBYSBUFT
The results and assets and liabilities of associates are incorporated in these consolidated Ind AS financial statements using the
ó )PXBOFOUJUZDPOTJEFSTDIBOHFTJOGBDUTBOEDJSDVNTUBODFT
equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is
The Group and its associates determine whether to consider each uncertain tax treatment separately or together with one or
accounted for in accordance with Ind AS 105. Under the equity method, an investment in an associate is initially recognised in
more other uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty.
the consolidated balance sheet at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other
Upon adoption of the Appendix C to Ind AS 12, the Group and its associates considered whether it has any uncertain tax positions,
comprehensive income of the associates. Distributions received from an associate reduce the carrying amount of the investment.
particularly those relating to deductions/ allowance under Section 80 IA and Section 36(1)(iii) of the Income Tax Act, 1961 by the
Parent Company. The taxation authorities may challenge those tax deductions. The Group and its associates determined, based When the Group’s share of losses of an associate exceeds the Group’s interest in that associates (which includes any long-term
on its tax compliance, that it is probable that its tax treatments will be accepted by the taxation authorities. The Appendix did interests that, in substance, form part of the Group’s net investment in the associates), the Group discontinues recognising its
not have an impact on the consolidated Ind AS financial statements of the Group and its associates. share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive
The MCA has also carried out amendments to the following other accounting standards. The effect on adoption obligations or made payments on behalf of the associates.
of following mentioned amendments were insignificant on the consolidated Ind AS financial statements. The Group An investment in an associate is accounted for using the equity method from the date on which the investee becomes an
and its associates have not early adopted any standards or amendments that have been issued but are not yet associates. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of
effective.

the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the its associates estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example,
carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities prepayment, extension, call and similar options) but dœs not consider the expected credit losses. Interest income is included in
over the cost of the investment, after reassessment, is recognised directly in equity as capital reserve in the period in which the finance income in the statement of profit and loss.
investment is acquired.
Dividend income
After application of the equity method of accounting, the Group determines whether there is any objective evidence of impairment
Dividend on financial assets is recognised when the Group’s right to receive the dividends is established, it is probable that the
as a result of one or more events that occurred after the initial recognition of the net investment in an associates and that event
economic benefits associated with the dividend will flow to the entity, the dividend dœs not represent a recovery of part of cost
(or events) has an impact on the estimated future cash flows from the net investment that can be reliably estimated. If there
of the investment and the amount of dividend can be measured reliably.
exists such an objective evidence of impairment, then it is necessary to recognise impairment loss with respect to the Group’s
investment in an associate. Other income
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on Insurance claims are recognised when there exists no significant uncertainty with regards to the amounts to be realized and the
its investment in its associates. At each reporting date, the Group determines whether there is objective evidence that the ultimate collection thereof.
investment in the associates is impaired. If there is such evidence, the Group calculates the amount of impairment as the
Contract balances- Trade receivables
difference between the recoverable amount of the associates and their carrying value, and then recognises the loss as ‘Share of
(loss) of an associate’ in the statement of profit or loss. A trade receivable is recognised if the amount of consideration is unconditional (i.e., only the passage of time is required before
payment of the consideration is due). Refer to accounting policies of financial assets in section - Financial instruments – initial
The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the
recognition and subsequent measurement.
investment is classified as held for sale. When the Group retains an interest in the former associates and the retained interest
is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair E Government grants/subsidies
value on initial recognition in accordance with Ind AS 109. The difference between the carrying amount of the associates at the Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions
date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the
interest in the associates is included in the determination of the gain or loss on disposal of the associates. In addition, the Group periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, the
accounts for all amounts previously recognised in other comprehensive income in relation to that associates on the same basis as government grant related to asset is presented by deducting the grant in arriving at the carrying amount of the asset.
would be required if that associates had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously
F Borrowing costs
recognised in other comprehensive income by that associates would be reclassified to profit or loss on the disposal of the related
assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the Borrowing costs include interest and amortisation of ancillary costs incurred in relation to borrowings. Borrowing costs, allocated to
equity method is discontinued. and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction/development
of the qualifying asset upto the date of capitalisation of such asset are added to the cost of the assets. Qualifying asset is one that
When the Group reduces its ownership interest in an associate but the Group continues to use the equity method, the Group
necessarily takes substantial period of time to get ready for its intended use. Borrowing cost also includes exchange differences
reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income
to the extent regarded as an adjustment to the borrowing costs.
relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the
related assets or liabilities. Interest revenue earned on the temporary investment of specific borrowings for qualifying assets pending their expenditure, is
deducted from the borrowing costs eligible for capitalisation.
When a group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the
associates are recognised in the Group’s consolidated Ind AS financial statements only to the extent of interests in the associates All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred.
that are not related to the Group. G Income taxes
The Ind AS financial statements of the associate companies used in the consolidation are based on the audited financial statements Income tax expense comprises current income tax and deferred tax.
which has been drawn upto the same reporting date as that of the Parent Company i.e. March 31, 2020.
Current tax expense for the year is ascertained on the basis of assessable profits computed in accordance with the provisions of
D Revenue recognition the Income Tax Act, 1961. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that enacted, at the reporting date.
reflects the consideration to which the Group and its associates expects to be entitled in exchange for those goods or services. Deferred tax is recognised using the liability method on temporary differences between the carrying amounts of assets and
The Group and its associates have generally concluded that it is the principal in its revenue arrangements because it typically liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax
controls the goods before transferring them to the customer. assets are generally recognised for all deductible temporary differences, the carry forward of unused tax credits and unused tax
losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences
Sale of products
can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial
Revenue from sale of products is recognised at the point in time when control of the asset is transferred to the customer. recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit
Amounts disclosed as revenue are net of returns and allowances, trade discounts and rebates. The Group collects Goods & nor the accounting profit.
Service Tax (GST) on behalf of the government and therefore, these are not economic benefits flowing to the Group. Hence, these
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is
are excluded from the revenue.
no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Variable consideration includes trade discounts, volume rebates and incentives, etc. The Group and its associates estimate
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
the variable consideration with respect to above based on an analysis of accumulated historical experience. The Group and its
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the
associates adjust estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes
reporting period.
or when the consideration becomes fixed.
Current and deferred tax are recognised in statement of profit and loss, except when they relate to items that are recognised
The revenue in respect of duty drawback and similar other export benefits is recognized on post export basis at the rate at which
in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
the entitlements accrue and is included in the ‘sale of products’.
comprehensive income or directly in equity respectively. Management periodically evaluates positions taken in the tax returns
Interest Income with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where
For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income appropriate.
is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current
receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount tax assets and current tax liabilities and the deferred taxes assets and deferred tax liabilities relate to income taxes levied by the
of the financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the group and same taxation authority.

H Retirement and Employee benefits J Depreciation on tangible assets

The Group and its associates have schemes of employees benefits such as Provident fund, Gratuity and Compensated absences, Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value.
which are dealt with as under: Depreciation on tangible property, plant and equipment has been provided on the straight-line method as per the useful life
Defined Contribution prescribed in Schedule II to the Companies Act, 2013 except in respect of the following categories of assets, in whose case the life of
the assets has been assessed as under based on technical advice, taking into account the nature of the asset, the estimated usage
Provident fund is the defined contribution scheme. The contribution to this scheme is charged to statement of profit and loss of
of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers
the year in which contribution to such scheme become due and when services are rendered by the employees. The Group and its
warranties and maintenance support, etc.:
associates have no obligation other than the contribution payable to the provident fund. If the contribution payable to the scheme
for services received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is As per management As per schedule II
recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution estimate
General plant and equipment on triple shift basis - 9.5 years - 7.5 years
due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment
End user devices, such as, desktops, laptops, etc (included under Computers) - 5 years - 3 years
will lead to, for example, a reduction in future payment or a cash refund.
Servers and networks (included under Computers) - 5 years - 6 years
Defined Benefit plan Office equipment - 10 years - 5 years
Vehicles - 6 years - 8 years
Gratuity liability in respect of employees of the Group and its associates is covered through trusts’ group gratuity schemes
Tube wells and water reservoirs - 10 years - 5 years
managed by Life Insurance Corporation of India, SBI Life Insurance Company Limited, Kotak Mahindra and Bajaj Allianz. The cost Boundary walls -20 years -30 years
of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each Roads - 10 years - 5 years
balance sheet date by an independent valuer. Re-measurement gains and losses are recognised in other comprehensive income in Leasehold improvements are depreciated over the remaining lease period.
the period in which they occur. Re-measurement recognised in other comprehensive income is reflected immediately in retained
Foreign exchange gains/losses capitalised in earlier years as a part of PPE are depreciated over the remaining useful life of the
earnings and is not reclassified to statement of profit and loss. Past service cost is recognised in statement of profit and loss in
asset to which it relates.
the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset. Defined benefit costs are categorised as follows: When parts of an item of Property, plant & equipment have different useful life, they are accounted for as separate items
(Major components) and are depreciated over the useful life of part or the parent asset to which it relates, whichever is lower.
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When significant spare parts, stand-by equipment and servicing equipment have useful life of more than one period, they are
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accounted for as separate items and are depreciated over the useful life of such item or the parent asset to which it relates,
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Short-term employee benefits K Intangible assets
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets
employees are recognised on an undiscounted accrual basis during the year when the employees render the services. These are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets with finite
benefits include performance incentive and compensated absences which are expected to occur within twelve months after the lives are amortised on a straight line basis over the estimated useful economic life. The estimated useful life and amortisation
end of the period in which the employee renders the related services. method are reviewed at the end of each reporting period.
Long-term employee benefits Development expenditures on an individual project are recognised as an intangible asset when the Group and its associates
can demonstrate:
Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee
renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the Balance ¾ The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
Sheet date. The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being ¾ Its intention to complete and its ability and intention to use or sell the asset
carried out at each Balance Sheet date. Actuarial gains and losses are recognised in the statement of profit and loss in the period ¾ How the asset will generate future economic benefits
in which they occur. The Group and its associates present the entire leave liability as current liability, since it dœs not have an
¾ The availability of resources to complete the asset
unconditional right to defer its settlement for 12 months after the reporting period.
¾ The ability to measure reliably the expenditure during development
I Property, Plant and Equipment
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated
Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the
balance sheet at cost less accumulated depreciation and accumulated impairment losses (if any). Freehold land is not depreciated asset is available for use. Amortisation expense is recognised in the statement of profit and loss unless such expenditure forms
and have been measured at fair value at the date of transition to Ind AS i.e. April 1, 2015. The Group regards the fair value as part of carrying value of another asset.
deemed cost at the transition date.
Intangible assets are amortised on the straight-line method as per the useful life assessed based on expected future benefit,
Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised taking into account the nature of the asset and the estimated usage of the asset:
impairment loss. Property, plant and equipment except freehold land acquired before the date of transition to Ind AS is carried
As per management estimate
at cost net of accumulated depreciation and accumulated impairment losses, if any. Freehold land acquired before the date
SAP licences - 10 years
of transition to Ind AS are carried at deemed cost being fair value as at the date of transition to Ind AS. Cost comprises of
Other software’s - 5 years
its purchase price including non-refundable duties and taxes and excluding any trade discount and rebates and any directly
attributable costs of bringing the asset to it working condition and location for its intended use. Cost also includes professional During the period of development, the asset is tested for impairment annually.
fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group’s accounting policy (refer note 2.1 (F)). An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic
Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for benefits are expected from its use or disposal. Any gain or loss arising upon de-recognition of the asset (calculated as the
intended use. Depreciation of these assets commences when the assets are ready for their intended use. difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit and
loss. when the asset is derecognised.
Subsequent expenditure related to an item of PPE is capitalised only when it is probable that future economic benefits associated
with these will flow to the Group and the cost of the item can be measured reliably. Such cost includes the cost of replacing part L Inventories
of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Group Raw materials, work in progress, finished goods, process waste, stock in trade and stores and spares are valued at cost or net
depreciates them separately based on their specific useful lives. realizable value, whichever is lower. Net realizable value represents the estimated selling price for inventories less all estimated
Gains or losses arising from de-recognition of the assets are measured as the difference between the net disposal proceeds and costs of completion and cost necessary to make the sale. The basis of determining cost for various categories of inventories is as
the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized. follows:

- Raw materials: weighted average cost *- Cost includes cost of purchase and other costs incurred in bringing the inventories impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the
to their present location and condition. amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement
- Work in progress: cost of raw materials plus conversion cost depending upon the stage of completion. Cost is determined date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
on a weighted average basis lease term and the estimated useful lives of the assets, as follows:
- Finished goods (including stock in transit): cost of raw materials plus conversion cost and packing cost. Cost is determined ó -BOE UPZFBST
on a weighted average basis ó 0ēDFQSFNJTFTBOEHVFTUIPVTFT UPZFBST
- Process waste is valued at net realizable value ó 'BDUPSZQSFNJTFT JODMVEJOHQMBOUFRVJQNFOU
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- Stock in trade: weighted average cost - Cost includes cost of purchase and other costs incurred in bringing the inventories If ownership of the leased asset transfers to the Group and its associates at the end of the lease term or the cost reflects
to their present location and condition. the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
- Stores and spares: weighted average cost - Cost includes cost of purchase and other costs incurred in bringing the inventories The right-of-use assets are also subject to impairment. Refer to the accounting policies in section (M) Impairment of non-
to their present location and condition. financial assets.
* Includes by products which is valued at net realizable value ii) Lease liabilities
M Impairment of Non Financial Assets At the commencement date of the lease, the Group and its associates recognise lease liabilities measured at the present
The Group and its associates assess at each reporting date whether there is an indication that an asset may be impaired. If any value of lease payments to be made over the lease term. The lease payments are fixed payments.
indication exists, or when annual impairment testing for an asset is required, the Group and its associates estimate the asset’s In calculating the present value of lease payments, the Group and its associates use their incremental borrowing rate
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the
of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset dœs not generate commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change
or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less The Group’s lease liabilities are disclosed separately in the balance sheet (see Note 41).
costs of disposal, recent market transactions are taken into account, if available, and if no such transactions can be identified an iii) Short-term leases and leases of low-value assets
appropriate valuation model is used.
The Group and its associates applies the short-term lease recognition exemption to its short-term leases except in case of
The Group and its associates base its impairment calculation on detailed budgets and forecast calculations which are prepared lease contracts with related parties since there exist economic incentive for the Group and its associates to continue using
separately for each of the Group’s and its associates’ CGU’s to which the individual assets are allocated. These budgets and the leased premises for a period longer than the 11 months and considering the contract is with the related parties, it dœs
forecast calculations generally cover a period of five years. For longer periods, a long term growth rate is calculated and applied not foresee non-renewal of the lease term for future periods, thus basis the substance and economics of the arrangements,
to projected future cash flows after the fifth year. management believes that under Ind AS 116, the lease terms in the arrangements with related parties have been determined
Impairment losses, including impairment on inventories, are recognized in the statement of profit and loss. considering the period for which management has an economic incentive to use the leased asset (i.e. reasonably certain to
An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses use the asset for the said period of economic incentive). Such assessment of incremental period is based on management
may no longer exist or may have decreased. If such indication exists, the Group and its associates estimate the asset’s or CGU’s assessment of various factors including the remaining useful life of the asset as on the date of transition. The management
recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions has assessed period of arrangements with related parties as 10 years as at April 01, 2019. Lease payments on short-term
used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
the carrying amount of the asset dœs not exceed its recoverable amount, nor exceed the carrying amount that would have been Group as a lessor
determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized Leases in which the Group and its associates dœs not transfer substantially all the risks and rewards of ownership of an asset
in the statement of profit and loss. are classified as operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the
N Segment reporting relevant lease.
The Group and its associates identify primary segments based on the dominant source, nature of risks and returns and the internal Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset
organisation and management structure. The operating segments are the segments for which separate financial information is and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period
available and for which operating profit/loss amounts are evaluated regularly by the chief operating decision maker in deciding in which they are earned.
how to allocate resources and in assessing performance. P Provisions, contingent liabilities and contingent assets
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Provisions
Maker. Chief Operating Decision Maker review the performance of the Group and its associates according to the nature of
A provision is recognised when the Group and its associates have a present obligation (legal or constructive) as a result of past
products manufactured with each segment representing a strategic business unit that offers different products and serves
events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable
different markets. The analysis of geographical segments is based on the locations of customers.
estimate can be made. Provisions are determined based on the best estimate required to settle the obligation at the balance
O Leases sheet date and measured using the present value of cash flows estimated to settle the present obligations (when the effect of time
The Group and its associates assess at contract inception whether a contract is, or contains, a lease. That is, if the contract value of money is material). These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Onerous contracts
Group as a lessee If the Group and its associates has a contract that is onerous, the present obligation under the contract is recognised and
The Group and its associates apply a single recognition and measurement approach for all leases, except for short-term leases measured as a provision. However, before a separate provision for an onerous contract is established, the Group and its associates
and leases of low-value assets. The Group and its associates recognise lease liabilities to make lease payments and right-of-use recognises any impairment loss that has occurred on assets dedicated to that contract.
assets representing the right to use the underlying assets. An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group and its associates cannot
i) Right of use assets avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be
The Group and its associates recognise right-of-use assets at the commencement date of the lease (i.e., the date the received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.

Contingent liabilities Financial assets designated at fair value through OCI (equity instruments)
A contingent liability is a possible obligation that arises from past events and the existence of which will be confirmed only by the In the case of equity instruments which are not held for trading and where the Group and its associates have taken irrevocable
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise. Contingent election to present the subsequent changes in fair value in other comprehensive income, these elected investments are initially
liabilities are disclosed by way of note to the financial statements. measured at fair value plus transaction costs and subsequently, they are measured at fair value with gains and losses arising
Contingent Assets from changes in fair value recognised in other comprehensive income and accumulated in the ‘Equity instruments through other
comprehensive income’ under the head ‘Other Equity’. The cumulative gain or loss is not reclassified to statement of profit and
A contingent asset is a possible asset that arises from past events, the existence of which will be confirmed only by the occurrence
loss on disposal of the investments. The Group and its associates make such election on an instrument -by-instrument basis.
or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise.
If the Group and its associates decide to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument,
Contingent assets are neither recognised nor disclosed in the consolidated Ind AS financial statements.
excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to statement of profit and loss,
Q Financial instruments even on sale of investment. However, the Group and its associates may transfer the cumulative gain or loss within equity.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument A financial asset is held for trading if:
of another entity.
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(a) Financial assets
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Initial recognition and measurement together and has a recent actual pattern of short-term profit-taking; or
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other ó JUJTBEFSJWBUJWFUIBUJTOPUEFTJHOBUFEBOEFĐFDUJWFBTBIFEHJOHJOTUSVNFOUPSBđOBODJBMHVBSBOUFF
comprehensive income (OCI), and fair value through profit or loss.
Gains and losses on these financial assets are never recycled to statement of profit and loss. Dividends are recognised as other
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash income in the statement of profit and loss when the right of payment has been established, except when the Group benefits
flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity
to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and instruments designated at fair value through OCI are not subject to impairment assessment.
measured at fair value through profit or loss, irrespective of the business model. Financial assets at FVTPL (equity instruments)
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value
or loss, transaction costs that are attributable to the acquisition of the financial asset. Transaction costs of financial assets carried recognised in the statement of profit and loss.
at fair value through profit or loss are expensed in the statement of profit and loss. Purchases or sales of financial assets that
In case of equity instruments which are held for trading are initially measured at fair value plus transaction costs and subsequently,
require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades)
they are measured at fair value with gains and losses arising from changes in fair value recognised in statement of profit and loss.
are recognised on the trade date, i.e., the date that the Group and its associates commit to purchase or sell the asset.
This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to
Subsequent measurement
classify at fair value through OCI. Dividends on listed equity investments are recognised in the statement of profit and loss when
Subsequent measurement of financial assets depends on the Group’s and its associates’ business model for managing the asset the right of payment has been established.
and the cash flow characteristics of the asset. For the purposes of subsequent measurement, financial assets are classified in four
De-recognition
categories:
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
- Financial assets at amortised cost (debt instruments);
derecognised when:
- Financial assets at fair value through other comprehensive income (FVTOCI)with recycling of cumulative gains and losses
- The rights to receive cash flows from the asset have expired, or
(debt instruments);
- The Group and its associates have transferred their rights to receive cash flows from the asset or has assumed an obligation to
- Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon de-recognition
pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement and either (a) the
(equity instruments); and
Group and its associates have transferred substantially all the risks and rewards of the asset, or (b) the Group and its associates
- Financial assets at fair value through profit or loss have neither transferred nor retained substantially all the risks and rewards of the asset, but have transferred control of the asset.
Financial assets at amortised cost (debt instruments) Impairment of financial assets
A ‘financial asset’ is measured at the amortised cost if both the following conditions are met: The Group and its associates apply the expected credit loss model for recognising impairment loss on financial assets measured
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and at amortised cost, debt instruments at FVTOCI, trade receivables and other contractual rights to receive cash or other financial
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest asset.
(SPPI) on the principal amount outstanding. Expected credit losses are the weighted average of credit losses with the respective risks of default occurring as the weights.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate Credit loss is the difference between all contractual cash flows that are due to the Group and its associates in accordance with
(EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that the contract and all the cash flows that the Group and its associates expects to receive (i.e. all cash shortfalls), discounted at
are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit and loss. The losses the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial
arising from impairment are recognised in the statement of profit and loss. assets). The Group and its associates estimate cash flows by considering all contractual terms of the financial instrument (for
example, prepayment, extension, call and similar options) through the expected life of that financial instrument.
Financial assets at FVTOCI (debt instrument)
The Group and its associates measure the loss allowance for a financial instrument at an amount equal to the lifetime expected
A ‘financial asset’ is classified as at the FVTOCI if both of the following criteria are met:
credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk
a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and on a financial instrument has not increased significantly since initial recognition, the Group and its associates measure the loss
b) The asset’s contractual cash flows represent SPPI. allowance for that financial instrument at an amount equal to 12-month expected credit losses. 12-month expected credit losses
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair are portion of the life-time expected credit losses and represent the lifetime cash shortfalls that will result if default occurs within
value movements are recognized in the other comprehensive income (OCI). However, the Group and its associates recognize the 12 months after the reporting date and thus, are not cash shortfalls that are predicted over the next 12 months.
interest income, impairment losses & reversals and foreign exchange gain or loss in the statement of profit and loss. On For trade receivables, the Group and its associates follow “simplified approach for recognition of impairment loss. The application
derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to the statement of simplified approach dœs not require the Group to track changes in credit risk.
of profit and loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the Group and its associates Hedge Accounting
have used a practical expedient as permitted under Ind AS 109. This expected credit loss allowance is computed based on a The derivatives that are designated as hedging instrument under Ind AS 109 to mitigate risk arising out of foreign currency
provision matrix which takes into account historical credit loss experience and adjusted for forward-looking information. transactions are accounted for as cash flow hedges. The Group and its associates enter into hedging instruments in accordance
(b) Financial liabilities with policies as approved by the Board of Directors with written principles which is consistent with the risk management strategy
Initial recognition and measurement of the Group and its associates.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, The hedge instruments are designated and documented as hedges at the inception of the contract. The effectiveness of hedge
payables, or as derivatives. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and instruments is assessed and measured at inception and on an ongoing basis.
payables, net of directly attributable transaction costs. The Group’s and its associates’ financial liabilities include trade and other When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the
payables, loans and borrowings including derivative financial instruments. derivative is recognized in OCI, e.g., cash flow hedging reserve and accumulated in the cash flow hedging reserve. Any ineffective
Subsequent measurement portion of changes in the fair value of the derivative is recognized immediately in the statement of profit and loss. The amount
The measurement of financial liabilities depends on their classification, as described below: accumulated is retained in cash flow hedge reserve and reclassified to profit or loss in the same period or periods during which the
hedged item affects the statement of profit and loss. Under fair value hedge, the change in the fair value of a hedging instrument
Financial liabilities at fair value through profit or loss
is recognized in the statement of profit and loss. The change in the fair value of the hedged item attributable to the risk hedged
Financial liabilities at fair value through profit or loss (FVTPL) include financial liabilities held for trading and financial liabilities is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit and loss.
designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the
purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively.
and its associates that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109 ‘Financial If the hedging instrument is terminated or exercised prior to its maturity/ contractual term, the cumulative gain or loss on the
instruments’. hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging
reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.
is reclassified to the Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted
Financial liabilities at amortised cost (Loans and borrowings) transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified immediately
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR in the statement of profit and loss.
method. Gains and losses are recognised in statement of profit and loss when the liabilities are derecognised as well as through U Fair Value Measurement
the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and
The Group and its associates measure financial instruments, such as, derivatives at fair value at each reporting date. Fair value
fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and
loss. This category generally applies to borrowings. is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the
De-recognition
asset or transfer the liability takes place either:
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
- In the principal market for the asset or liability, or
financial liability is replaced by another financial liability from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original - In the absence of a principal market, in the most advantageous market for the asset or liability
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of The principal or the most advantageous market must be accessible by the Group and its associates.
profit and loss. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the
Offsetting of financial instruments asset or liability, assuming that market participants act in their economic best interest.
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and settle the liabilities simultaneously. and best use.
R Earnings per share The Group and its associates use valuation techniques that are appropriate in the circumstances and for which sufficient data are
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
weighted average number of equity shares outstanding during the year. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair
For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. - Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
S Operating cycle - Level 2-Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
Based on the nature of products/activities of the Group and the normal time between acquisition of assets and their realisation indirectly observable.
in cash or cash equivalents, the Group and its associates have determined its operating cycle as 12 months for the purpose of - Level 3-Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
classification of its assets and liabilities as current and non-current.
For assets and liabilities that are recognised in the consolidated Ind AS financial statements on a recurring basis, the Group and
T Derivative financial instruments and hedge accounting its associates determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based
Derivative financial instruments and hedge accounting on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
The Group and its associates use derivative financial instruments such as foreign currency forward contracts and option currency The Group’s and its associates’ management determines the policies and procedures for both recurring fair value measurement,
contracts to hedge its foreign currency risks arising from highly probable forecast transactions. The counterparty for these such as derivative instruments and unquoted financial assets measured at fair value, and for non-recurring measurement, such
contracts is generally a bank. as assets held for disposal in discontinued operation.
Derivatives not designated as hedging instruments External valuers are involved for valuation of significant assets, such as properties and unquoted financial assets, and significant
This category has derivative assets or liabilities which are not designated as hedges. liabilities, such as contingent consideration, if any.
Although, the Group and its associates believes that these derivatives constitute hedges from an economic perspective, they may At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be
not qualify for hedge accounting under Ind AS 109. Any derivative that is either not designated a hedge, or is so designated but re-measured or re-assessed as per the Group’s and its associates accounting policies. For this analysis, the management verifies
is ineffective, is recognized on balance sheet and measured initially at fair value. Subsequent to initial recognition, derivatives are the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other
re-measured at fair value, with changes in fair value being recognized in the statement of profit and loss. Derivatives are carried relevant documents.
as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

The management, in conjunction with the Group’s and its associates’ external valuers, also compares the change in the fair value Fair value measurement of Land
of each asset and liability with relevant external sources to determine whether the change is reasonable. Fair value of the Group’s land as at April 1, 2015 has been arrived at on the basis of a valuation carried out as on the respective
For the purpose of fair value disclosures, the Group and its associates have determined classes of assets and liabilities on the basis date by an independent valuer not related to the Group and its associates. The fair value was derived using the market
of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. comparable approach based on recent market prices without any significant adjustments being made to the market observable
This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes. data. In estimating the fair value of the properties, the highest and best use of the properties is their current use.
V Cash and Cash Equivalents Impairment of non-financial assets
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short term deposits with an original Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher
maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of 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
change in value. 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. The cash flows are derived from the budget for
W Dividend to equity holders of the Parent Company
the determined period and do not include restructuring activities that the Group and its associates are not yet committed to
The Parent Company recognises a liability to pay dividend to equity holders of the Parent Company when the distribution or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount
is authorised and the distribution is no longer at the discretion of the Parent Company. As per the corporate laws in India a is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows, the growth rate used for
distribution is authorised when it is approved by the shareholders. However, Board of Directors of a company may declare interim extrapolation purposes and the impact of general economic environment (including competitors).
dividend during any financial year out of the surplus in statement of profit and loss and out of the profits of the financial year in
Leases - Estimating the incremental borrowing rate
which such interim dividend is sought to be declared. A corresponding amount is recognised directly in equity. The dividend on
the shares held by the affiliates of the associate has been recognised as investment in associates with corresponding increase in The Group and its associates cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental
other equity. borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group and its associates would have to
pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the
X Foreign exchange gains and losses right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group and its associates ‘would have
The Group’s and its associate’s functional and reporting currency is INR. Exchange differences are dealt with as follows: to pay’, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms
Foreign currency transactions are recorded at the exchange rate that approximates the actual rate at the date of transaction. and conditions of the lease. The Group and its associates estimate the IBR using observable inputs (such as market interest rates)
Monetary items denominated in a foreign currency are reported at the closing rate as at the date of balance sheet. Non-monetary when available.
items, which are carried at fair value denominated in foreign currency, are reported at the exchange rate that existed when such Leases - Estimating the period of lease contracts with related parties
values were determined, otherwise on historical exchange rate that existed on the date of transaction. In case of lease contracts with related parties, there exists economic incentive for the Group and its associates to continue using
The exchange difference arising on the settlement of monetary items or on reporting these items at rates different from the rates the leased premises for a period longer than the 11 months. The period of expected lease in these cases is a matter of estimation
at which these were initially recorded/reported in previous financial statements are recognized as income/expense in the period in by the management. The estimate of lease period impacts the recognition of ROU asset, lease liability and its impact of statement
which they arise. Further, where foreign currency liabilities have been incurred in connection with property, plant and equipment, of profit and loss. The lease terms in the arrangements with related parties have been determined considering the period for
the exchange differences arising on reinstatement, settlement thereof during the construction period are adjusted in the cost of which management has an economic incentive to use the leased asset (i.e. reasonably certain to use the asset for the said period
the concerned property, plant and equipment to the extent of exchange differences arising from foreign currency borrowings are of economic incentive). Such assessment of incremental period is based on management assessment of various factors including
regarded as an adjustment to interest costs in accordance of para 6 (e) as per Ind AS 23. the remaining useful life of the asset as on the date of transition. The management has assessed period of arrangements with
NOTE 2.2. Key Sources of Estimation Uncertainty related parties as 10 years as at April 01, 2019.
In the application of the Group and its associates accounting policies, the management of the Group and its associates is required Determining the lease term of contracts with renewal and termination options – Group as lessee
to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent The Group and its associates determines the lease term as the non-cancellable term of the lease, together with any periods
from other sources. The estimates and associated assumptions are based on historical experience and other factors that are covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
considered to be relevant. Actual results may differ from these estimates. terminate the lease, if it is reasonably certain not to be exercised.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised The Group and its associates have several lease contracts that include extension and termination options. The Group and its
in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future associates apply judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or
periods if the revision affects both current and future periods. terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal
The following are the areas of estimation uncertainty and critical judgements that the management has made in the process of or termination. After the commencement date, the Group and its associates reassess the lease term if there is a significant event
applying the Group’s and its associates’ accounting policies and that have the most significant effect on the amounts recognised or change in circumstances that is within their control and affect their ability to exercise or not to exercise the option to renew
in the financial statements:- or to terminate.
Uncertain tax position and tax related contingency
Useful lives of Intangible assets
The Parent Company has taken certain tax positions particularly those relating to deductions / allowance under Section 80
The intangible assets are amortised over the estimated useful life. The estimated useful life and amortisation method are
IA and Section 36(1)(iii) of the Income Tax Act, 1961 by the Parent Company. The taxation authorities may challenge these tax
reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective
deductions and accordingly these matters are / might be subject to legal proceedings in the ordinary course of business. The
basis.
outcome of the legal proceedings might be different from that estimated on the date of approval of these consolidated Ind AS
Useful lives of depreciable tangible assets financial statements.
Management reviews the useful lives of depreciable assets at each reporting date. As at March 31, 2020management assessed Estimation uncertainty relating to the global health pandemic on COVID-19
that the useful lives represent the expected utility of the assets to the Group and its associates. Further, there is no significant
The Group and its associates have made detailed assessment of its liquidity position for the next year and the recoverability and
change in the useful lives as compared to previous year.
carrying value of its assets comprising property, plant and equipment, intangible assets, right of use assets, investments, and
Defined benefit plans inventory and trade receivables. Based on current indicators of future economic conditions, the Group and its associates expect
The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined to recover the carrying amount of these assets. They have also assessed the probability of occurrence of forecasted transactions
using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments under the hedging relationships and continue to evaluate them as highly probable considering the orders in hand. The situation is
in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension changing rapidly giving rise to inherent uncertainty around the extent and timing of the potential future impact of the COVID-19
increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly which may be different from that estimated as at the date of approval of these consolidated Ind AS statements.
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The Group and its associates will continue to closely monitor any material changes arising of future economic conditions and
impact on its business.

NOTE 3. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS NOTE 4.
(` million) (a) Investment in Associates

(` million)
As at Additions Adjust- Sales / As at As at For the Adjust- Sales / Upto As at As at
April 01, ments Discard March April 01, year ments Discard March March April 01,
March 31, 2020 March 31, 2019
2019 31, 2020 2019 31, 2020 31, 2020 2019
Unquoted investments (all fully paid)
A) Tangible assets
Carried at cost
Freehold land* 13,176.8 5.2 606.2 - 13,788.2 - - - - - 13,788.2 13,176.8
- of associates
Buildings 8,888.0 684.3 42.8** 1.4 9,613.7 1,053.9 298.8 0.5 0.8 1,352.4 8,261.3 7,834.1
24,500 (Previous year 24,500) common stock of USD 1 each of Trident Global Inc., USA , - -
Leashold Improvements 106.1 - - - 106.1 24.3 10.7 - - 35.0 71.1 81.8
written off in earlier years
Plant and equipment 28,584.0 803.1 1.3** 49.0 29,339.4 13,492.5 2,776.0 0.1 27.2 16,241.4 13,098.0 15,091.5
Nil (Previous year 2,450) common stock of USD 1 each of Trident Infotech Inc., USA, written - 0.2
Furniture and fixtures 354.4 51.9 (35.6)** - 370.7 109.2 32.6 (2.0) - 139.8 230.9 245.2
off in current year
Office equipments 162.1 25.1 (15.1)** 0.3 171.8 51.7 14.9 (0.8) 0.2 65.6 106.2 110.4
55,000,000 (Previous year 55,000,000) equity shares of ` 10 each of Lotus Hometextiles 1,060.7 958.0
Computers 244.5 40.7 - 1.7 283.5 119.5 41.2 - 1.0 159.7 123.8 125.0 Limited (Formerly known as Lotus Texpark Limited) *
Vehicles 140.7 15.7 - 10.0 146.4 75.7 18.9 - 6.3 88.3 58.1 65.1 1,060.7 958.2
Sub-total (A) 51,656.6 1,626.0 599.6 62.4 53,819.8 14,926.8 3,193.1 (2.2) 35.5 18,082.2 35,737.6 36,729.9 * The Parent Company has executed a non-disposal undertaking for this investment in favour of a bank that has provided financial
B) Intangible assets
assistance to this company. Subsequent to year end, the said undertaking for this investment has been withdrawn.
Software 644.5 21.5 - 21.4 644.6 208.6 66.9 - 12.4 263.1 381.5 435.9
Sub-total (B) 644.5 21.5 - 21.4 644.6 208.6 66.9 - 12.4 263.1 381.5 435.9 (b) Other Non Current Investments
Grand total (A+B) 52,301.1 1,647.5 599.6 83.8 54,464.4 15,135.4 3,260.0 (2.2) 47.9 18,345.3 36,119.1 37,165.8 (` million)
Particulars Gross Block Depreciation/Amortization Net Block A. Carried at fair value through other comprehensive income
As at Additions Sales / Adjust- As at As at For the Sales / Adjust- Upto As at As at Quoted Investments (all fully paid)
April 01, Discard ments March April 01, year Discard ments March March April 01,
2018 31, 2019 2018 31, 2019 31, 2019 2019
1,146,747 (Previous year 1,785,714) equity shares of ` 10 each of IOL Chemicals and 202.0 339.8
A) Tangible assets Pharmaceuticals Limited
Freehold land 13,142.7 34.1 - - 13,176.8 - - - - - 13,176.8 13,142.7 202.0 339.8
Buildings 7,775.6 1,112.4 - - 8,888.0 765.9 288.0 - - 1,053.9 7,834.1 7,009.7
B. Carried at fair value through profit and loss (FVTPL)
Leashold Improvements 106.1 - - - 106.1 13.6 10.7 - - 24.3 81.8 92.5
Unquoted Investments (all fully paid)
Plant and equipment 28,182.4 437.5 35.9 - 28,584.0 10,347.1 3,169.8 24.4 - 13,492.5 15,091.5 17,835.3
Furniture and fixtures 240.9 113.7 0.0 (0.2) 354.4 77.4 31.8 0.0 (0.0) 109.2 245.2 163.5
120,000 (Previous year 120,000) equity shares of ` 10 each of Nimbua Greenfield 1.2 1.2
Office equipments 112.2 50.4 0.5 - 162.1 37.3 14.7 0.3 - 51.7 110.4 74.9 (Punjab) Limited
Computers 212.8 36.0 4.3 - 244.5 84.4 36.9 1.8 - 119.5 125.0 128.4 Investments in other instruments
Vehicles 130.7 11.4 1.4 - 140.7 55.2 21.4 0.9 - 75.7 65.1 75.5 32,000 (Previous year 32,000 ) units of face value of ` 117 each of Kotak India Venture 9.9 11.1
Sub-total (A) 49,903.4 1,795.5 42.1 (0.2) 51,656.6 11,380.9 3,573.3 27.4 (0.0) 14,926.8 36,729.9 38,522.5 Fund (Private Equity fund)
B) Intangible assets 25,000 units (Previous year 25,000 units) of face value of ` 10 each of Canara Robeco 2.6 2.5
Software 641.0 5.2 1.7 - 644.5 141.9 66.7 - - 208.6 435.9 499.1 Capital Protection Oriented Fund
Sub-total (B) 641.0 5.2 1.7 - 644.5 141.9 66.7 - - 208.6 435.9 499.1 Investment in Trident Council for Social Sciences LLP, firm dissolved in current year - 0.2
Grand total (A+B) 50,544.4 1,800.7 43.8 (0.2) 52,301.1 11,522.8 3,640.0 27.4 (0.0) 15,135.4 37,165.8 39,021.6 Total 13.7 15.0
**Refer Note 5 below 215.7 354.8
Notes: Aggregate book value of quoted investments 202.0 339.8
Aggregate market value of quoted investments 202.0 339.8
1. All tangible have been pledged to secure borrowings of the Parent Company (refer note 17 and 18)
Aggregate value of unquoted investments 13.7 15.0
2. The amount of borrowing costs capitalised during the year is ` 107.6 million (Previous year ` 128.6 million) at the actual rate of interest on specific borrowings utilised and
weighted average interest rate for general borrowings. Details of investments in Trident Council for Social Sciences LLP
3. In accordance with Ind AS 101, the Parent Company had carried out fair valuation of all its land on first time adoption as at April 01, 2015 consequent to which deemed cost Name of the partners and share in profits (%)
of land was increased by ` 7,905.2 million. Trident Limited - 40%
4. Capital work in progress includes goods in transit of ` 10.6 million.
Trident Educare Limited - 30%
5**. Adjustments represent re-allocation of pre-operative expense of Parent Company’s housing colony project capitalised in the previous year. Excess depreciation provided
till previous year of ` 2.2 million has been adjusted from depreciation charge for the year.
Trident People Connect Limited - 30%
6*. Adjustments represent conversion of leasehold land to freehold land, during the year (refer note 41 to the Consolidated Ind AS financial statements).
7. Depreciation and amortization expense
NOTE 5. OTHER NON CURRENT FINANCIAL ASSETS
March 31, 2020 March 31, 2019
Depreciation of property, plant and equipment*** 3190.9 3573.3 March 31, 2020 March 31, 2019
Amortisation of intangible assets 66.9 66.7 (Unsecured and considered good)
Depreciation of Right of use assets (refer note 41) 79.1 - Security deposits
Total 3,336.9 3640.0 - to related party (refer note 39) 35.8 -
*** net of reversal of excess depreciation of ` 2.2 million (Previous year Nil) (refer note 5 above).
- to others 419.6 403.3
455.4 403.3

NOTE 6. NON CURRENT TAX ASSETS (NET) (` million)

Particulars As at As at Quoted Investments (all fully paid)
March 31, 2020 March 31, 2019 Investment in non convertible debentures
Advance income tax (net of provision for tax) 71.2 40.2 Nil (Previous year 100) Zero coupon secured redeemable non convertible debentures of - 163.4
Total 71.2 40.2 Dewan Housing Finance Corporation Limited having face value of ` 10,00,000/- each and due
for redemption at a premium of ` 6,62,914 per debenture on 04/06/2019
NOTE 7. OTHER NON-CURRENT ASSETS Nil (Previous year 250) 8.90% Secured redeemable non convertible debenture of India Bulls - 249.4
Housing Finance Limited having face value of ` 10,00,000/- each and due for redemption at
(` million) par on 17/06/2019
Particulars As at As at Nil (Previous year 100,000) 8.90% secured redeemable non convertible debentures of Dewan - 97.4
March 31, 2020 March 31, 2019 Housing Finance Corporation Limited having face value of ` 1,000 each and due for redemption
(Unsecured and considered good) at par on 04/06/2021*
Capital advances Investment in Bonds
- to others 136.3 39.4 Nil (Previous year 95) 7.55% secured redeemable non convertible bonds of Dewan Housing - 94.9
Prepaid lease rental for leasehold land and others (Refer note 41) - 902.1 Finance Corporation Limited having face value of ` 10,00,000 each and due for redemption
at par on 10/04/2019
Total - 669.3
Total 175.5 951.7 *These debentures were freely tradeable, hence were shown as current investments in last year.
Aggregate book value of quoted investments - 605.1
NOTE 8. INVENTORIES * Aggregate book value of unquoted investments - 64.2
(` million)
NOTE 10. TRADE RECEIVABLES
- Raw materials (including ` 4.8 million (previous year ` 65.4 million) in transit) 5,508.0 6,785.4 Particulars As at As at
- Work in progress 1,311.2 1,281.5 March 31, 2020 March 31, 2019
- Finished goods (Including ` 81.3 million (previous year ` 405.9 million) in transit 1,566.4 1,322.9 Trade receivables :
- Waste 62.9 36.9 - From related parties (refer note 39) 56.6 26.8
- Stock in trade 2.1 9.3 - From others 2,696.9 6,549.7
Total 2,753.5 6,576.5
- Stores and spares 713.5 684.6
Breakup of trade receivables
Total 9,164.1 10,120.6
- Secured, considered good - -
* At cost or net realizable value, whichever is lower -
- Unsecured, considered good 2,753.5 6,576.5
Cost of Inventories recognised as expense of ` 107.9 million (Previous year ` 138.1 million) is in respect of write down of inventories to - Trade Receivables which have significant increase in credit Risk 31.1 13.9
net realisable value. - Trade Receivables - credit impaired - -
All inventories of Parent Company have been hypothecated/mortgaged to secure borrowings of the Parent Company. (refer note 17 2,784.6 6,590.4
and 18) Impairment Allowance (allowance for bad and doubtful debts)
- Unsecured, considered good - -
NOTE 9. CURRENT INVESTMENTS - Trade Receivables which have significant increase in credit Risk (31.1) (13.9)
- Trade Receivables - credit impaired - -
(` million) (31.1) (13.9)
Particulars As at As at Net Trade receivables 2,753.5 6,576.5
March 31, 2020 March 31, 2019 The Group follows “simplified approach for recognition of impairment loss”. The application of simplified approach dœs not require the
Carried at fair value through profit and loss Group to track changes in credit risk. For terms and conditions relating to related party receivables, refer note 39.
Unquoted Investments (all fully paid) All book debts have been hypothecated/mortgaged to secure borrowings of the Parent Company (refer note 17 and 18).
Investments in mutual funds
Nil (Previous year 23,372.30) units of face value of ` 100 each of Aditya Birla Sunlife Liquid - 7.0 NOTE 11. CASH AND CASH EQUIVALENTS
Fund-Growth-Regular Plan (Cash)
Nil (Previous year 18,292.83) units of face value of ` 100 each fully paid up of ICICI Prudential - 5.0 (` million)
Liquid Plan - Growth Particulars As at As at
Nil (Previous year 1,063.85) units of Kotak Liquid Scheme Plan : DDR - 1.3 March 31, 2020 March 31, 2019
Cash on hand 66.2 8.0
Investments in other venture funds
Balances with banks :
Product I - Alpha of Estee Advisors Pvt Ltd - 18.9
- In current accounts 38.5 92.8
Avendus Absolute Return Fund - Class A4 - 32.0 - In deposits accounts
(original maturity of 3 months or less) 3,083.8 -
Total * 3,188.5 100.8
* For the purpose of statement of cash flows, the above has been considered as cash and cash equivalents.
Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements
of the Group, and earn interest at the respective short-term deposit rates.

NOTE 12. OTHER BANK BALANCES NOTE 15. SHARE CAPITAL
Particulars As at As at Particulars As at March 31, 2020 As at March 31, 2019
March 31, 2020 March 31, 2019 No. of shares Amount No. of shares Amount
In fixed deposits accounts Authorised
(remaining maturity of less than 12 months) 7.2 15.8 Equity shares of ` 1 each (Previous year ` 10 each) (with voting 1,50,93,00,00,000 1,50,930.0 15,09,30,00,000 1,50,930.0
In earmarked accounts rights) (Refer note e below)
(i) Unpaid dividend accounts 129.2 92.4 Preference shares of ` 10 each 3,10,50,00,000 31,050.0 3,10,50,00,000 31,050.0
(ii) Held as margin money or security against borrowings and other commitments 54.0 48.2 Total 1,81,980.0 1,81,980.0
Total 190.4 156.4 Issued, Subscribed and Paid up [refer (a) to (d)]
Equity shares of ` 1 each (Previous year ` 10 each) (with voting 5,09,59,55,670 5,096.0 50,95,95,567 5,096.0
NOTE 13. OTHER CURRENT FINANCIAL ASSETS
rights) fully paid up (Refer note e below)
(` million) Less: Elmination of shares held by affiliates of associate company (11,65,64,970) (116.6) (1,14,59,110) (114.6)
Particulars As at March 31, 2020 As at March 31, 2019 (Refer note e below)
(Unsecured, considered good, unless otherwise stated) Total 4,979.4 4,981.4
Security deposits (a) Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the year:
- to related parties (refer note 39) - 45.3 Particulars Equity Share Capital
- to others 24.9 20.9 For the year ended For the year ended
Loans and advances to employees * March 31, 2020 March 31, 2019
- Considered good 24.4 21.5 No. of shares Amount No. of shares Amount
- Loans and advances to employees - credit impaired 2.5 2.5 Issued, Subscribed and Paid up equity shares and
26.9 24.0 equity share capital
Less: Impairment Allowance for Loans and advances to employees - credit 2.5 24.4 2.5 21.5 Outstanding at the beginning of the year 50,95,95,567 5,096.0 50,95,95,567 5,096.0
impaired Equity shares arising on shares split from ` 10/- to ` 1 per 4,58,63,60,103 - - -
Interest accrued on deposits, bonds and debentures 8.8 29.7 share (Refer note e below)
Export Incentives/Other receivables from Government authorities 978.3 934.0 Outstanding at the end of the year 5,09,59,55,670 5,096.0 50,95,95,567 5,096.0
Receivable on account of cancellation of forward contracts - 14.2 Less: Elmination of shares held by affiliates of associate (11,65,64,970) (116.6) (1,14,59,110) (114.6)
Derivative Instruments at fair value through OCI company (Refer note e below)
Foreign exchange forward contracts Net outstanding at the end of the year 4,97,93,90,700 4,979.4 49,81,36,457 4,981.4
- Cash flow hedges - 224.7 (b) Rights, preferences and restrictions attached to the equity shareholders:
Derivative instruments at fair value through profit or loss The Parent Company has only one class of equity shares having par value of ` 1 per share (Previous year ` 10 per share).
Forward exchange forward contracts 7.0 21.1 Each shareholder is eligible for one vote per equity share held. In the event of liquidation of the Parent Company, the equity
Receivable on account of redemption of current investments - 250.3 shareholders are eligible to receive the remaining assets of the Parent Company after distribution of all preferential amounts, in
Others proportion to their shareholding. The Parent Company declares and pays dividend in Indian Rupees.
- from related parties (Refer note 39) 11.0 9.7 (c) The details of equity shareholders holding more than 5 % of the aggregate equity shares:
- from others 18.8 30.2
Particulars Equity Share Capital
Total 1,073.2 1,601.6
* Includes advances to related parties of ` 1.3 million (Previous year Nil) (Refer note 39)
As at March 31, 2020 As at March 31, 2019
No. of shares Amount No. of shares Amount
NOTE 14. OTHER CURRENT ASSETS Madhuraj Foundation 1,39,46,37,010 27.4% 14,44,56,193 28.3%
Trident Group Limited 1,66,89,16,160 32.7% 16,05,91,616 31.5%
(` million)
Trident Industrial Corp Limited 32,00,00,000 6.3% 3,00,00,000 5.9%
Particulars As at March 31, 2020 As at March 31, 2019
Rainbow Integrated Texpark LLP (affiliate of an associate 30,00,00,000 5.9% 3,00,00,000 5.9%
(Unsecured, considered good, unless otherwise stated) company)
Advances to vendors
(d) Number of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash:
- Considered good 129.2 129.8
- Advances to others - credit impaired 23.4 - Particulars Equity Share Capital
152.6 129.8 As at March 31, 2020 As at March 31, 2019
Less: Impairment Allowance for Advance to vendors - credit impaired 23.4 129.2 - 129.8 No. of shares Amount No. of shares Amount
Prepaid lease rentals for leasehold land and others (Refer note 41) - 23.7 Shares allotted pursuant to a scheme of amalgamation - - 13,63,52,000 26.8%
Prepaid expenses 152.9 115.6 during last 5 years
Balances with Government authorities 777.0 733.8 (e) The equity shares of the Parent Company, during the year, have been sub-divided from existing face value of ` 10/- per equity
Gratuity fund (Refer note 35) 90.5 140.9 share to face value of ` 1/- per equity share based on approval by the shareholders in its 29th Annual General Meeting.
Total 1,149.6 1,143.8

NOTE 16. OTHER EQUITY g) Retained earnings
a) Capital reserve (` million)

(` million)
Opening balance 1,375.6 1,375.6 Add: Profit for the year 3,397.0 3,717.7
Add: Addition during the year 79.4 1,455.0 - 1,375.6 Add: Other comprehensive income net of income tax (3.2) 1.3
Less: Interim dividend 1,792.9 1,166.9
Capital reserve of ` 847.3 million (March 31, 2019 ` 847.3 million) represents reserve recognised on amalgamation being the
Less: Dividend declared and distributed to equity shareholders (` 0.60 * 298.8 142.4
difference between consideration amount and net assets of the transferor company.
per share) (Previous year ` 0.30 per share)
Capital reserve of ` 20.6 million (March 31, 2019 ` 20.6 million) represents reserve recognised as Investment subsidy received from
Less: Tax on dividends 429.8 12,429.8 269.2 11,557.5
the Government.
Total 25,234.6 24,748.8
Capital reserve of ` 66.0 million (March 31, 2019 ` 66.0 million) represents reserve recognised on account of forfeiture of equity * Dividend declared and distributed on number of shares outstanding before sub-division of equity shares.
warrants.
Retained earnings refer to net earnings not paid out as dividends, but retained by the Parent Company to be reinvested in its
Capital reserve of ` 441.7 million (March 31, 2018 ` 441.7 million) represents reserve recognised on account of acquisition of
core business. This amount is available for distribution of dividends to its equity shareholders.
associates.
Capital reserve of ` 79.4 million (March 31, 2018 ` Nil) represents effect of the amalgamation by an associate Company namely NOTE 17. NON CURRENT BORROWINGS
‘Lotus Hometextiles Limited (Formerly known as Lotus Texpark Limited) with eight other Companies.
(` million)
b) Securities premium
Opening balance 3,333.7 3,333.7 March 31, 2020 March 31, 2019
Add: Addition during the year - 3,333.7 - 3,333.7 Term loans - secured
This reserve represents amount of premium recognised on issue of shares to shareholders at a price more than its face value. From banks 6,820.3 9,304.3
From financial institution 58.2 217.8
c) General reserve
Other loans - secured
Opening balance 558.4 558.4 Vehicle loans from banks 12.2 14.1
Add: Addition during the year 10.5 568.9 - 558.4 Total 6,890.7 9,536.2
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the Term loans
general reserve is created by a transfer from one component of equity to another.
a) Term loans except for loans referred in (b) and (c) below from banks and financial institution are secured by way of equitable
d) PPE Fair Valuation reserve mortgage created or to be created on all the present and future immovable properties including all land, buildings, structures,
all plant and equipment attached thereon of the Parent Company and hypothecation of all the movable properties including
movable machinery, spares, tools and accessories, etc., present and future, subject to prior charges created and / or to be created
Add: Addition during the year - 6,907.7 - 6,907.7
in favour of the Parent Company’s bankers on stocks of raw materials, semi finished and finished goods, consumable stores and
This reserve represents amount recognised on fair valuation of property, plant and equipment pursuant to first time adoption of other movable assets excluding vehicles specifically hypothecated against vehicle loans, as may be required for working capital
Ind AS 101 net of reversal of deferred tax liabilities as at the time of transition to INDAS. The impact of reversal of deferred tax requirements in the ordinary course of business. The mortgages and charges referred to above rank pari-passu among the
liability thereafter on account of indexation benefit has been taken to retained earnings. lenders (refer note 42(A)(i) and 42(B)(i)).
e) Other comprehensive income b) Term loan from Indusind Bank amounting to ` 581.3 million (Previous year ` 623.5 million) is secured by way of mortgage created
on specific property for which loan has been taken. (refer note 42(A)(ii). The Parent Company has pledged receipts of fixed deposit
Opening balance 415.9 91.5
amounting to ` 38.6 million (Previous year ` 35.7 million) against the said loan.
i) Fair value gain/(loss) on investment in equity instruments carried at (3.8) 174.9
fair value through other comprehensive income c) With respect to the term loans from banks obtained by erstwhile Trident Corporation Limited (the Amalgamated Company),
ii) Exchange differences on translating the financial statements of a 1.2 (0.3) amalgamated with the Parent Company with effect from the appointed date i.e. April 1, 2014, the same are secured by way
foreign operation of equitable mortgage created on the immovable properties including all buildings, structures, plant and machinery attached
iii) Movement in effective portion of cash flow hedge reserve (473.8) (60.5) 149.8 415.9 thereon and hypothecation of all the movable properties including movable machinery, spares, tools and accessories stocks of raw
This reserve represents (i) The cumulative gains and losses arising on the revaluation of equity instruments measured at fair value materials, semi finished goods, consumable stores and other moveables of the Amalgamated Company, as existing immediately
through other comprehensive income, net of taxes and such gains and losses will never be classified to statement of profit and loss. prior to the amalgamation of the Amalgamated Company with the Parent Company 42(A)(iii).
(ii) the cumulative effective portion of gains or losses, net of taxes arising on changes in fair value of designated portion of hedging The interest rates range from 3.86% to 9.60% per annum before Interest subsidies under TUFS from Central and State
instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the designated Governments.
portion of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be
Vehicles loans
reclassified to statement of profit and loss only when the hedged transaction affects the profit or loss.
Vehicle loans are secured by hypothecation of vehicles acquired against such loans (refer note 43(C) for repayment terms).
f) Capital redemption reserve
The interest rates range from 8.75% to 9.90% per annum.
Opening balance 600.0 600.0
For the current maturities of long-term borrowings, refer note 20 other financial liabilities.
Add: Transferred from retained earnings - 600.0 - 600.0
Capital redemption reserve has been created pursuant to Section 55 of the Companies Act, 2013 on account of redemption of
preference shares out of the profits of the Parent Company.

NOTE 18. SHORT TERM BORROWINGS NOTE 22. OTHER CURRENT LIABILITIES
Particulars As at As at Particulars As at As at
Cash credits/working capital loans from banks - secured 9,008.8 11,419.6 Statutory remittances 169.0 158.4
Total 9,008.8 11,419.6 Advances from customers 287.0 143.5
456.0 301.9
Cash credits/working capital loans
Cash credits/working capital loans are secured by hypothecation of raw materials, semi finished and finished goods, consumable NOTE 23. CURRENT TAX LIABILITIES (NET)
stores, other movable assets excluding vehicles specifically hypothecated against vehicle loans and book debts, present and future, of
(` million)
the Parent Company. The limits are further secured by way of second pari passu charge on the immovable properties of the Parent
Company. March 31, 2020 March 31, 2019
The interest rates range from 8.05% to 9.55% per annum before subvention. Provision for current income tax (net of advance tax) 1.4 59.3
1.4 59.3
NOTE 19. TRADE PAYABLES - CURRENT
NOTE 24. REVENUE FROM OPERATIONS
(` million)
Particulars As at As at (` million)
i) Outstanding dues to micro enterprises and Small enterprises (refer note 36) 327.5 92.2 March 31, 2020 March 31, 2019
ii) Outstanding dues to other than micro enterprises and small enterprises Sale of products :
- to related parties (refer note 39) 70.1 99.4 Manufactured
- to others 1,625.1 1,674.1 - Textiles 34,884.5 38,972.2
1,695.2 1,773.5 - Paper 8,560.3 9,074.7
Total 2,022.7 1,865.7 - Chemical 568.1 787.7
44,012.9 48,834.6
NOTE 20. OTHER CURRENT FINANCIAL LIABILITIES Traded
- Textiles (Towel) 18.0 236.0
(` million) 18.0 236.0
Particulars As at As at Export Incentives 2,114.9 2,044.3
March 31, 2020 March 31, 2019 Goods and service tax subsidy - 32.3
Current maturities of long-term debts - secured (refer note 17) 3,618.7 3,401.7 Other operating revenue:
Interest accrued but not due on borrowings 56.1 - - Waste 1,119.2 1,327.6
Payable to employees - Others 11.7 11.2
- to related parties (refer note 39) 4.7 5.6 3,245.8 3,415.4
- to others 324.8 578.2 Total 47,276.7 52,486.0
Payables on purchase of Property, plant and equipment and intangible ** 443.2 161.3
Security deposits 74.5 85.6 a. Revenue from contracts with customers disaggregated based on nature of products
Financial liabilities at fair value through OCI (` million)
Foreign exchange forward contracts and option contracts Particulars For the year ended For the year ended
Cash flow hedges 431.9 12.0 March 31, 2020 March 31, 2019
Financial liabilities at fair value through profit or loss Revenue from sale of products
Forward exchange forward contracts 0.3 14.1 - Textiles 34,884.5 38,972.2
Unclaimed dividend**** 129.2 92.4 - Paper 8,560.3 9,074.7
Other liabilities*/*** 116.8 25.4 - Chemical 568.1 787.7
Total 5,191.7 4,376.3 Traded Sales of Textiles (Towel) 18.0 236.0
* Include payable to related party of ` 34.2 million (Previous year ` 5.1 million) refer note 39. Other operating revenue 1,130.9 1,338.8
** Include total outstanding dues of micro enterprises and small enterprises of ` 82.7 million (Previous year Nil) 45,161.8 50,409.4
*** Include total outstanding dues of micro enterprises and small enterprises of ` 60.0 million (Previous year Nil)
Set out below is the revenue from contracts with customers and reconciliation to Statement of profit and loss
**** Will be credited to Investor Education and Protection Fund on the expiry of 7 years from the date of transfer to respective unpaid dividend accounts.
(` million)
NOTE 21. PROVISIONS
Particulars As at As at Total revenue from contracts with customers 45,161.8 50,409.4
March 31, 2020 March 31, 2019 Add: Items not included in disaggregated revenue:
Provision for employee benefits: - Export Incentives 2,114.9 2,044.3
Leave benefits 213.4 192.8 - Goods and service tax subsidy - 32.3
Total 213.4 192.8 Revenue from operations as per the statement of profit and loss 47,276.7 52,486.0

b. Contract balances: NOTE 28. (INCREASE) IN INVENTORIES OF FINISHED GOODS,WASTE,STOCK IN TRADE AND WORK-IN-PROGRESS
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
(` million)
(` million) Particulars For the year ended For the year ended
Particulars For the year ended For the year ended March 31, 2020 March 31, 2019
March 31, 2020 March 31, 2019 Opening Stock
Trade receivables 2,753.5 6,576.5 Finished goods 1,322.9 1,081.8
Advances from customers 287.0 143.5 Waste 36.9 73.1
Stock in trade 9.3 2.7
NOTE 25. OTHER INCOME Work-in-progress 1,281.5 2,650.6 1,218.3 2,375.9
Less : Closing Stock
(` million)
Finished goods 1,566.4 1,322.9
Waste 62.9 36.9
March 31, 2020 March 31, 2019
a) Interest income Stock in trade 2.1 9.3
- On bank deposits (at amortized cost) 47.0 215.5 Work-in-progress 1,311.2 2,942.6 1,281.5 2,650.6
- On current investments (bonds and debentures) (at fair value through profit and loss) 29.5 71.9 Net (Increase) (292.0) (274.7)
- On other financial assets (at amortized cost) 49.2 62.9 Amount transferred to foreign currency translation reserve (0.1) 0.3
125.7 350.3 Net (Increase) (291.9) (275.0)
b) Others
Fair value gain on financial instruments measured at fair value through profit NOTE 29. EMPLOYEE BENEFITS EXPENSES
and loss:
(` million)
- Fair valuation gain on current investments - 5.3
- Profit on sale of current investments (net) 28.3 38.2
March 31, 2020 March 31, 2019
Dividend income on mutual fund investments - 1.1
Salaries and wages 5,369.6 5,488.2
Dividend income on long term investments 3.5 - Contribution to provident and other funds 408.0 379.3
Gain on disposal of property, plant and equipment (net) - 0.8 Staff welfare expenses 109.2 110.0
Insurance claims 13.8 11.3 Total 5,886.8 5,977.5
Miscellaneous income 31.1 27.4
76.7 84.1 NOTE 30. FINANCE COSTS
Total 202.4 434.4
(` million)
NOTE 26. COST OF RAW MATERIALS CONSUMED Particulars For the year ended For the year ended
March 31, 2020 March 31, 2019
(` million) (a) Interest expense :
Particulars For the year ended For the year ended - On term and working capital loans (net of interest subsidy of ` 706.5 million (Previous 1,172.8 1,203.8
March 31, 2020 March 31, 2019 year ` 1,157.3 million))*
Raw materials consumed - On lease liabilities (refer note 41) 46.5 -
Opening stock 6,785.4 6,083.3 - On security deposits 2.4 2.6
Add: Purchase of raw materials * 20,495.1 25,106.1 - Exchange differences regarded as an adjustment to borrowing costs 9.5 26.3
27,280.5 31,189.4 Less: Amount included in the cost of qualifying assets (149.5) (136.5)
Less: Closing stock 5,508.0 6,785.4 Interest expenses on financial liabilities measured at amortised cost 1,081.7 1,096.2
Net consumption (Refer (a) below) 21,772.5 24,404.0 (b) Other borrowing costs 27.1 27.5
Total 1,108.8 1,123.7
* net of sales of raw materials of ` 73.6 million (Previous year 132.8 million)
* Includes interest on income tax of Nil (Previous year ` 22.4 million)
a) Raw materials consumed comprises:
NOTE 31. OTHER EXPENSES
(` million)
Particulars For the year ended For the year ended (` million)
Cotton and fibers 15,569.5 17,029.4 March 31, 2020 March 31, 2019
Yarn 1,610.9 2,815.0 Stores and spares consumed 882.7 951.8
Dyes and chemicals 2,807.0 3,170.7
Packing materials consumed 1,903.9 2,038.5
Agro based products 1,783.9 1,387.6
Power and fuel (net of utilized by others) * 4,363.8 4,504.5
Others 1.2 1.3
Job Charges 311.5 322.9
Total 21,772.5 24,404.0
Rent (refer note 41) 22.2 125.8
NOTE 27. PURCHASE OF STOCK IN TRADE Repairs and maintenance
- Plant and equipment 117.4 109.9
(` million) - Buildings 44.5 54.0
- Others 78.5 63.9
March 31, 2020 March 31, 2019
Materials handling charges 174.3 192.7
Textiles (towels for resale) 17.7 242.5
Total 17.7 242.5 Insurance charges 184.3 123.3

(` million) B. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. As a
Particulars For the year ended For the year ended matter of caution, the Group has applied the judgement on a prospective basis from the date of the SC order. The Group will
March 31, 2020 March 31, 2019 update its provision for the prior to the Supreme Court judgement, on receiving further clarity on the subject.
Rates and taxes 24.6 44.7 (` million)
Commission 488.8 469.6
Freight, clearing and octroi charges 978.4 1,042.5 March 31, 2020 March 31, 2019
Claims 100.2 133.4 C. Guarantees^ given to banks on behalf of others of ` 640.0 million (Previous year ` 811.4 0.0 416.1
Advertisement and business promotion 256.5 250.1 million) - Loan outstanding
Auditors' remuneration (refer note 34) 18.4 11.9
Travelling and conveyance 197.9 151.7 ^ The above guarantees have been provided for business purposes to Punjab National Bank on behalf of Lotus Hometextiles
Postage and telephone 44.9 42.9 Limited (Formerly known as “Lotus Texpark Limited”), associate of the Group. Subsequent to year end, the said guarantee has been
Legal and professional 779.8 496.0 withdrawn.
Irrecoverable Balances written off (net)** 97.5 214.7
Less: Adjusted from provision for doubtful debts (3.2) 94.3 (0.6) 214.1 NOTE 33. COMMITMENTS
Expected credit loss allowance/provision for doubtful advances 43.8 8.2 (` million)
Loss on disposal of property, plant and equipment (net) 5.7 -
Loss on disposal of non-current investments 0.2 -
March 31, 2020 March 31, 2019
Fair value loss on non-current investments 1.1 -
Commitments
Charity and donation 4.9 4.0
Expenditure on corporate social responsibility (refer note 50) 90.9 89.4 a) Estimated amount of contracts remaining to be executed on capital account (net of 2,348.5 692.3
advances)
Pre-operative expenses written off 200.0 -
Miscellaneous expenses 180.2 195.5 b) For lease commitments please refer note 41
Total 11,593.7 11,641.3 c) Other commitments #
* Net of ` 5.4 million (Previous year ` 63.5 million) subsidy received from Government # The Group has other commitments for purchase/sale orders which are issued after considering requirements as per the operating
** Includes interest subsidy of Nil (Previous year ` 83.3 million) and goods and services subsidy of ` 73.3 million (Previous year ` 39.6 million) cycle for purchase/sale of goods and services, and employee benefits. The Group dœs not have any long term commitment or
material non cancellable contractual commitments/contracts which might have a material impact on the Consolidated Ind AS financial
statements of the Group.
NOTE 32. CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)
NOTE 34. AUDITORS' REMUNERATION
(` million)
Particulars As at As at (` million)
March 31, 2020 March 31, 2019
A Contingent liabilities March 31, 2020 March 31, 2019
Claims* (excluding claims by employees where amounts are not ascertainable) not
As auditors:
acknowledged as debt:
- Audit Fee 8.4 7.4
- Service tax # 0.0 0.0
- Income tax 8.8 16.6 - Tax Audit Fee 2.8
- Sales Tax 0.8 0.8 - Limited reviews 5.3 3.6
# represents ` 18,212 (Previous year 18,212) In other capacities:
(a) Contingent liabilities under Income Tax Act, 1961 of ` 8.2 million (Previous year ` 16.6 million) include: Certifications/others 0.1 0.1
Reimbursement of expenses 1.8 0.8
(i) Nil (Previous year ` 9.4 million) being demand of tax and interest under Section 220(2) of the Income Tax Act, 1961 for the
assessment year 2004 - 2005.
NOTE 35. EMPLOYEE BENEFITS
(ii) ` 6.1 million (Previous year ` 6.1 million) being penalties under Section 271(1)(c) of Income Tax Act, 1961 levied for assessment years
a) Defined contribution plans
2004-2005 and 2006-2007.
The Group makes contribution towards employees’ provident fund scheme. Under the scheme, the Group is required to contribute
(iii) Other disputed demands of ` 2.7 million pertaining to assessment year 2013 – 2014 and 2016-2017 (Previous year ` 1.1 million
pertaining to assessment year 2013 – 2014) . a specified percentage of salary, as specified in the rules of the scheme. The Group has recognized ` 300.6 million during the year
(Previous year ` 218.2 million) as expense towards contribution to this plan. ` 3.0 million (Previous year ` 1.9 million) has been
iv) The Parent Company has received an order under Section 143(3) of the Income Tax Act, 1961 (‘Act’) based on order of Transfer
included under Property, plant and equipment / Capital work in progress.
Pricing Officer (“TPO”) under Section 92CA(3) of the Act for the assessment year 2016-2017. The TPO has made reduction in the
amount of deduction claimed by the Parent Company under Section 80IA of the Act amounting to ` 1,244.2 million. There is no (` million)
impact of TPO order for the assessment year 2016 - 2017 since there were adjustment of brought forward losses and deduction Particulars For the year ended For the year ended
u/s 80IA was not claimed. The Parent Company has filed an appeal against the said order. The Parent Company is assessing the March 31, 2020 March 31, 2019
consequential impact on deductions claimed under Section 80IA of the Act, 1961 for the assessment years 2017 – 2018, 2018 – Contribution to provident fund (including contribution to Pension fund) * 303.6 220.1
2019 and 2019 – 2020.*
* Net of rebate of ` 15.2 million (previous year ` 24.4 million) under Pradhan Mantri Rojgar Protsahan Yojana Scheme.
* These matters are subject to legal proceedings in the ordinary course of business. In the opinion of the management, legal
proceedings when ultimately concluded will not have a material effect on the results of operations or financial position of the
Group. Based on the favourable orders in similar matters and based on the opinion of legal counsel of the Group, the Group has
a good chance of winning the cases.

b) Defined benefit plans IV Change in fair value of Plan assets
Gratuity scheme (` million)

TThe Group has a defined gratuity plan (Funded) and the Gratuity plan is governed by The Payment of Gratuity Act 1972 (“Act”). No.
Under the Act, employees who have completed five years of service are entitled for gratuity benefit of 15 days salary for each
1 Fair value of Plan assets at the beginning of the year 730.0 757.7
completed year of service or part thereof in excess of six months. The amount of benefit depends on respective employee’s
2 Opening Balance Adjustment - 11.4
salary, the years of employment and retirement age of the employee and the gratuity benefit is payable on termination/
3 Interest income on plan assets 53.3 55.4
retirement of the employee. There is no maximum limit for the payment of gratuity benefit. The present value of obligation is
4 Employer contributions 50.4 35.7
determined based on an actuarial valuation as at the reporting date using the Projected Unit Credit Method.
5 Return on plan assets greater /(lesser) than discount rate (0.5) 5.0
The fund has the form of an irrevocable trust and it is governed by Board of Trustees. The Board of trustees is responsible for 6 Benefits paid (108.0) (92.7)
the administration of the plan assets and for the definition of investment strategy. The scheme is funded with qualifying insurance 7 Amount Encashed from the trust during the year - (42.5)
policies. The Group is contributing to trusts towards the payment of premium of such gratuity schemes. 8 Fair value of assets at end of the year 725.2 730.0
The following table sets out the details of defined benefit plan and the amounts recognised in the consolidated Ind AS financial The fund managers do not disclose the composition of their portfolio investments, accordingly break-down of plan assets by
statements: investment type has not been disclosed.
I Components of Net Benefit Expense V The assumptions used in accounting for the defined benefit plan are set out below:
(` million) Sr. Particulars For the year ended For the year ended
Sr. Particulars For the year ended For the year ended No. March 31, 2020 March 31, 2019
No. March 31, 2020 March 31, 2019 1 Discount Rate (%) 6.80% 7.60%
1 Current Service Cost * 99.9 69.2 2 Pre-retirement mortality Indian Assured Lives Indian Assured Lives
2 Past Service Cost - 102.3 Mortality (2006-08) Mortality (2006-08)
3 Net Interest (Income) (12.6) (23.0) Ult. Ult.
4 Total expense/(gain) recognised in the Statement of Profit and Loss ** 87.3 148.5 3 Salary increase rate * 6.00% 6.00%
Re-measurements recognised in Other Comprehensive Income 4 Attrition Rate 4.00% 4.00%
5 Effect of changes in financial assumptions 52.9 6.0 5 Retirement Age 58 Years 58 Years
6 Effect of experience adjustments (39.9) (5.4) * The estimate of future salary increases take account of inflation, seniority promotion and other relevant factors, such as supply
7 Return on plan assets (greater)/less than discount rate 0.5 (5.0) and demand in the employment market.
8 Total loss/(gain) of re-measurements included in OCI 13.5 (4.4)
VI Net Asset / (Liability) recognised in Balance Sheet (including experience adjustment impact)
* Net of gain of NIL (Previous year ` 11.4 million) on account of adjustment to opening balance of gratuity fund.
(` million)
** Includes ` 1.6 million (Previous year ` 1.1 million) which has been capitalised and not debited to Statement of Profit & Loss.
II Net Asset recognised in Balance Sheet No.
1 Present Value of Defined Benefit Obligation (634.7) (589.1)
(` million)
2 Status [Surplus/(Deficit)] 90.5 140.9
Sr. Particulars As at As at
No. March 31, 2020 March 31, 2019 3 Experience Adjustment of obligation [ (Gain)/ Loss ] (39.9) (5.4)
1 Present Value of defined benefit obligation (634.7) (589.1) VII Actuarial risks
2 Fair value of plan assets 725.2 730.0
Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below:
3 Net defined benefit asset 90.5 140.9
III Change in present value of defined benefit obligation Interest rate risk
The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit
(` million)
Sr. Particulars March 31, 2020 March 31, 2019 obligation will tend to increase.
No. Salary Inflation risk
1 Present Value of defined benefit obligation at the beginning of the year 589.1 465.9
Higher than expected increases in salary will increase the defined benefit obligation.
2 Current Service Cost 99.9 80.6
3 Past Service Cost - 102.3 Demographic risk
4 Interest Cost 40.7 32.4 This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
Remeasurement gains / (losses):
and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the
combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the
6 Effect of experience adjustments (39.9) (5.4)
financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service
7 Benefits Paid (108.0) (92.7)
employee.
8 Present Value of defined benefit obligation at the end of the year 634.7 589.1

VIII Sensitivity Analysis- Impact on defined benefit obligation NOTE 37. EARNINGS PER SHARE
(` million) The earnings per share (EPS) disclosed in the statement of profit and loss have been calculated as under:
No. Increase/ (Decrease) Increase/ (Decrease) (` million)
1 Discount Rate + 50 basis points (33.9) (29.2) Particulars For the year ended For the year ended
2 Discount Rate - 50 basis points 37.1 31.8 March 31, 2020 March 31, 2019*
3 Salary Increase Rate + 0.5% 37.3 32.2
Profit for the year as per statement of profit and Loss (` million) (A) 3,397.0 3,717.2
4 Salary Increase Rate – 0.5% (34.3) (29.7)
5 Attrition Rate + 5% 9.4 26.5 Weighted average number of equity shares (number) (B) 4,97,93,90,700 4,98,13,64,570
6 Attrition Rate - 5% (21.4) (45.9) Potential dilutive equity shares (number) (C) - -
The sensitivity analysis presented above may not be representative of the actual changes in the defined benefit obligations as it Weighted average number of equity shares in computing diluted earning (D)=(B+C) 4,97,93,90,700 4,98,13,64,570
is unlikely that the change in assumptions would occur in isolation of one another as some of the assumption may be correlated. per share (number)
Furthermore, in presenting the above sensitivity analysis the present value of the defined benefit obligations has been calculated Basic earning per share (` per share) (face value of ` 1 each)* (A/B) 0.68 0.75
using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the Diluted earning per share (` per share) (face value of ` 1 each) * (A/D) 0.68 0.75
defined benefit obligation liability recognised in the consolidated Ind AS financial statements. *The equity shares of the Parent Company, during the current yar, have been sub-divided from existing face value of ` 10/- per equity
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. shares to face value of ` 1/- per equity share based on approval by the shareholders in its 29th Annual General Meeting. The Record
Date for effecting this sub-division of equity share was December 16, 2019. Accordingly, basic and diluted earnings per equity share for
The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumption occurring
previous year have been computed on the basis of number of equity shares after sub-division.
at the end of the reporting period, while holding all other assumptions constant.
The following benefit payments (undiscounted) are expected in future years: NOTE 38. PROJECT AND PRE OPERATIVE EXPENSES PENDING ALLOCATION (INCLUDED IN CAPITAL WORK IN PROGRESS)
(` million)
Year ending March 31, 2020 (` million)
March 31, 2021 54.2 Particulars As at March 31, 2020 As at March 31, 2019
March 31, 2022 39.4 Opening balance: 536.1 622.9
March 31, 2023 43.7 Add: Expenses incurred during the year:
March 31, 2024 51.4 Employee benefits expenses
March 31, 2025 60.7 - Salaries and wages 73.2 50.0
March 31, 2026 to March 31, 2030 505.9
-Contribution to provident and other funds 4.8 3.0
The average duration of the defined benefit obligation at the end of the reporting period is 12 years (Previous year 12 years) -Staff welfare expenses 0.5 0.60
The expected employer contribution for the next year is Nil (Previous year Nil) Finance costs
- On term and working capital loans * 149.5 131.8
DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES - Exchange differences regarded as an adjustment to borrowing costs - 4.7
NOTE 36.
DEVELOPMENT ACT, 2006
Stores and spares consumed 1.1 0.3
(` million) Power and fuel 2.1 -
Particulars As at As at Repair and maintenance
March 31, 2020 March 31, 2019 - Plant and equipment 0.1 -
The principal amount and the interest due thereon remaining unpaid to any supplier - Buildings 0.3 -
as at the end of each accounting year - Others 0.6 4.3
- Principal amount due to micro and small enterprises* 470.2 92.2 Insurance 0.7 -
- Interest due on above - - Rates and taxes 5.5 4.1
The amount of interest paid by the buyer in terms of Section 16 of the MSMED Act 2006 along - -
Travelling and conveyance 4.7 12.3
with the amounts of the payment made to the supplier beyond the appointed day during each
accounting year. Legal and professional 51.9 76.9
The amount of interest due and payable for the period of delay in making payment (which - - Miscellaneous expenses 4.6 299.6 2.2 290.2
have been paid but beyond the appointed day during the year) but without adding the interest Total 835.7 913.1
specified under the MSMED Act 2006. Less: Allocated to Property, plant and equipment and intangible assets 225.9 377.0
The amount of interest accrued and remaining unpaid at the end of each accounting year. - - Less: Pre-operative expenses written off (Refer note 31)** 200.0 -
The amount of further interest remaining due and payable even in the succeeding years, - - Closing balance included in capital work in progress 409.8 536.1
until such date when the interest due as above are actually paid to the small enterprise for * comprises of:
the purpose of disallowance as a deductible expenditure under Section 23 of the MSMED Act
2006 (i) ` 97.6 million ( Previous year ` 107.7 million) on specific borrowings taken.
Dues to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of (ii) ` 51.9 million (Previous year ` 24.1 million) on general borrowings for other qualifying assets using the weighted average interest
information collected by the management. rate applicable during the year which is 8.7% p.a
* Include total outstanding dues of micro enterprises and small enterprises of ` 327.5 million (Previous year ` 92.2 million) included in ** During the current year, the Parent Company has written off the expense incurred on a proposed power project and paper
Trade Payables upgradation project at its Budhni and Dhaula Plant respectively as the Parent Company has decided to discontinue the project.
* Include total outstanding dues of micro enterprises and small enterprises of ` 82.7 million (Previous year Nil) payables against
purchase of Property, plant and equipment and intangible assets.
* Include total outstanding dues of micro enterprises and small enterprises of ` 60.0 million (Previous year Nil) in other liabilities under
the other current financial liabilities.

NOTE 39. RELATED PARTY DISCLOSURES B. The remuneration of directors and other members of Key management personnel during the year was as follows:
The related party disclosures as per Ind AS-24 are as under: (` million)
A. Name of related parties and nature of related party relationship Particulars For the year ended For the year ended
March 31, 2020 March 31, 2019
(i) Enterprises where control exists:
Short-term benefits* 334.4 265.0
a) Enterprise that controls the Group 334.4 265.0
- Madhuraj Foundation (directly or indirectly holds majority voting power) * Gratuity and leave benefits which are actuarially determined on an overall basis are not separately provided.
(ii) Other related parties where transactions have taken place during the year:
C. No guarantees have been given or received except a guarantee of ` 640.0 million (Previous year ` 811.4 million) provided by the
a) Enterprises under the common control with the Group Parent Company for business purpose to Punjab National Bank on behalf of Lotus Hometextiles Limited (formerly known as Lotus
- Trident Capital Limited Texpark Limited), associate of the Parent Company. Further, the Parent Company has executed a non-disposal undertaking in
- Trident Industrial Corp Limited respect of equity shares held by the Parent Company of Lotus Hometextiles Limited (formerly known as Lotus Texpark Limited)
- Trident Corp Limited in favour of a bank that have provided financial assistance to Lotus Hometextiles Limited (formerly known as Lotus Texpark
Limited). Subsequent to year end, the said guarantee and non-disposal undertaking has been withdrawn.
- Trident Corporate Solutions Limited
No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related
- Trident Corporate Services Limited
parties.
- Trident Institute of Social Sciences
D. With effect from, July 18, 2019, eight companies were merged in the associate company namely ‘Lotus Hometextiles Limited
- Trident Comtrade LLP
(formerly known as Lotus Texpark Limited)’. Hence, the transactions between the Parent Company and said associate company
b) Enterprises under the common control with the Group
includes transactions of merged companies with effect from the said date.
- Trident Group Limited
c) Enterprises on which Group exercises significant influence E. Disclosure of transactions between the Company and related parties during the year.
- Trident Global, Inc. USA (` million)
- Lotus Hometextiles Limited (Formerly known as Lotus Texpark Limited) Particulars Enterprise Enterprises Significant Key Post
that controls that are under Influence management Employment
- Narmada Infrabuild Limited
the Company/ common control personnel Benefit Plans
- Takshashila Foundation has significant and relatives/
- Trident Infotech Inc., USA influence over Enterprises
the Company where KMPs'
d) Key management personnel and their relatives have control
- Ms. Pallavi Shardul Shroff- Chairperson March March March March March March March March March March
- Mr. Rajinder Gupta- Co-Chairman 31, 31, 31, 31, 31, 31, 31, 31, 31, 31,
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
- Mr. Rajiv Dewan- Director
Sale of Goods (including taxes)
- Mr. Deepak Nanda- Whole-time Director** - Trident Global Inc., USA - - - - 65.7 50.5 - - - -
- Mr. Gunjan Shroff- CFO - Lotus Hometextiles Limited (Formerly known as - - - - 252.9 151.8 - - - -
- Ms. Ramandeep Kaur- Company Secretary Lotus Texpark Limited) ****/*****
Royalty paid (including taxes)
- Mr. Manish Parsad- Director (appointed on April 1, 2019 and resigned on August 3, 2019)
- Trident Group Limited 49.4 51.8 - - - - - - - -
- Mr. Dinesh Kumar Mittal- Director
Rent received
- Mr. Amandeep - Managing Director * - Lotus Hometextiles Limited (Formerly known as - - - - 0.1 0.1 - - - -
- Mr. Abhishek Gupta - Relative of Co-chairman Lotus Texpark Limited)
- Ms. Madhu Gupta - Relative of Co-chairman - Trident Institute of Social Sciences - - 0.4 - - - - - - -
- Rajinder Gupta - - - - - - 0.9 0.9 - -
- Ms. Gayatri Gupta - Relative of Co-chairman
Purchases (including taxes)
* appointed as director w.e.f August 3, 2019 and designated as managing director w.e.f September 5, 2019
- Lotus Hometextiles Limited (Formerly known as - - - - 397.0 144.8 - - - -
** managing director till September 4, 2019 and designated as whole-time director w.e.f. September 5, 2019 Lotus Texpark Limited)
e) ‘Enterprises over which KMP of the Parent Company have control Job Charges (including taxes)
- Shardul Amarchand Mangaldas & Co. - Lotus Hometextiles Limited (Formerly known as - - - - 28.1 - - - - -
Lotus Texpark Limited)
- Lotus Global Foundation
Consultancy Services taken
- Kognoz Research & Consulting Pvt Ltd @
- Kognoz Research & Consulting Pvt Ltd - - - - - - 9.5 - - -
- CJ Darcl Logistics Ltd @@ - Lotus Hometextiles Limited (Formerly known as - - - - 21.2 - - - - -
@ became realted party on April 1, 2019 and ceased to be related party w.e.f August 3, 2019 Lotus Texpark Limited)
@@ became related party w.e.f August 3, 2019 - Shardul Amarchand Mangaldas & Co. - - - - - - 3.1 10.2 - -
f) Post Employment Benefit Plans Freight expense
- CJ Darcl Logistics Ltd - - - - - - 2.1 - - -
- Trident Trust

Particulars Enterprise Enterprises Significant Key Post Particulars Enterprise Enterprises Significant Key Post
that controls that are under Influence management Employment that controls that are under Influence management Employment
the Company/ common control personnel Benefit Plans the Company/ common control personnel Benefit Plans
has significant and relatives/ has significant and relatives/
influence over Enterprises influence over Enterprises
the Company where KMPs' the Company where KMPs'
have control have control
March March March March March March March March March March March March March March March March March March March March
31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31, 31,
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Labour charges - Mr.Gunjan Shroff - - - - - - 17.4 26.8 - -
- Lotus Hometextiles Limited (Formerly known as - - - - 13.2 - - - - - Dividend paid (on payment basis)
Lotus Texpark Limited)****** - Trident Capital Limited - - 79.1 54.0 - - - - - -
Other Income (Infrastructural Charges) - Madhuraj foundation 600.6 381.4 - - - - - - - -
- Lotus Hometextiles Limited (Formerly known as - - - - 1.1 9.3 - - - - - Trident Group Limited 687.4 418.4 - - - - - - - -
- Trident Industrial Corp Limited - - 129.6 81.0 - - - - - -
Purchase of Property, Plant & Equipment
- Trident Corp Limited - - 6.4 4.1 - - - - - -
- Madhuraj Foundation - 252.77 - - - - - - - -
- Trident Corporate Solutions Limited - - 4.4 2.8 - - - - - -
- Lotus Hometextiles Limited (Formerly known as - - - - 1.1 - - - - -
Lotus Texpark Limited) - Trident Corporate Services Limited - - 4.4 2.8 - - - - - -
- Narmada Infrabuild Limited - - - - 1.0 9.5 - - - - - Lotus Global Foundation - - - - - - 3.4 1.5 - -
Purchase of export license - Trident Comtrade LLP - - 0.1 0.1 - - - - - -
- Lotus Hometextiles Limited (Formerly known as - - - - - 0.3 - - - - - Mr. Rajinder Gupta - - - - - - 4.7 9.3 - -
Lotus Texpark Limited) - Mr. Rajiv Dewan ** - - - - - - 0.1 0.0 - -
Contribution towards Gratuity & Risk - Mr. Gunjan Shroff ** - - - - - - 0.1 0.0 - -
Management Fund (net) - Ms. Ramandeep Kaur ** - - - - - - 0.0 0.0 - -
- Trident Trust - - - - - - - - 193.1 149.6 Corporate social responsibility expenses
Rent paid (including taxes) - Trident Institute of Social Sciences - - - - 23.6 - - - - -
- Madhuraj Foundation - 15.2 - - - - - - - - - Takshashila foundation - - - - 32.4 61.3 - - - -
- Lotus Global Foundation - - - - - - - 10.6 - - Loss on disposal of non-current investments
- Lotus Hometextiles Limited (Formerly known as - - - - - 7.6 - - - - Trident Infotech Inc., USA - - - - 0.2 - - - - -
Expenses incurred on behalf of:
Payment against lease liabilities (including
- Trident Global Inc., USA - - - - - 2.5 - - - -
taxes and interest)
- Madhuraj Foundation 17.7 - - - - - - - - -
- Lotus Global Foundation - - - - - - 10.6 - - -
Securities received:
- CJ Darcl Logistics Ltd - - - - 0.1 - - - - -
Guarantees given:
Commission on sales
- Trident Global Inc., USA - - - - 171.8 152.8 - - - -
Commission paid (on accrual basis) *
Guarantees withdrawn:
- Mr.Rajinder Gupta - - - - - - 226.0 162.4 - -
- Mr.Dinesh Kumar Mittal - - - - - - 5.0 5.0 - - Lotus Texpark Limited)
Sitting Fees Paid * Included in legal and professional expenses in note 31
- Mr.Rajinder Gupta - - - - - - 0.6 0.6 - - ** Dividend paid is less than ` 0.1 million, accordingly appearing as Nil in last year and current year in case of Ramandeep Kaur.
*** includes consultancy related to project of ` 14.2 million included under capital work in progress.
- Ms. Pallavi Shardul Shroff - - - - - - 0.4 0.5 - -
**** includes sales (includes taxes) of ` 179.3 million (Previous year Nil) represents sale of fabric which has been netted off with purchases as the same is interlinked transaction.
- Mr.Dinesh Kumar Mittal - - - - - - 0.2 0.3 - - ***** includes sales (includes taxes) of ` 32.1 million (Previous year ` 47.0 million) represents sale of raw material which has been netted off purchases.
- Mr.Manish Parsad - - - - - - 0.1 - - - ****** includes labour charges capitalised related to project of ` 8.8 million.
- Mr.Rajiv Dewan - - - - - - 0.8 0.8 - -
Remuneration paid
- Mr.Deepak Nanda - - - - - - 23.2 26.3 - -
- Ms.Ramandeep Kaur - - - - - - 4.7 5.2 - -
- Mr.Abhishek Gupta - - - - - - 23.2 26.3 - -
- Ms. Madhu Gupta - - - - - - 7.0 7.8 - -
- Ms. Gayatri Gupta - - - - - - 4.7 5.2 - -
- Mr.Amandeep - - - - - - 23.2 - - -

F. Details of Balances outstanding as at year end NOTE 40. SEGMENT INFORMATION

(` million)
I Segment Accounting Policies:
Particulars Enterprise Enterprises Significant Key Post
that controls that are under Influence management Employment a. Product and Services from which reportable segment derive their revenues (Primary Business Segments)
the Company/ common control personnel Benefit Plans
Based on the nature and class of product and services , their customers and assessment of differential risks and returns and
have significant and relatives/
influence over Enterprises
financial reporting results reviewed by Chief Operating Decision Maker (CODM) , the Group has identified the following business
the Company where KMPs' segments which comprises of:
have control Textiles : Yarn, Towel, Bedsheets, Dyed Yarn manufacturing (Including utility services)
March March March March March March March March March March Paper and Chemical : Paper and Sulphuric Acid (Including utility services)
31, 31, 31, 31, 31, 31, 31, 31, 31, 31,
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 b. Geographical segments (Secondary Business Segments)
Security deposit receivable (at amortised cost) The geographical segments considered and reviewed by Chief Operating Decision Maker for disclosure are based on markets,
- Lotus Hometextiles Limited (Formerly known as - - - - 35.8 45.3 - - - - broadly as under:
Lotus Texpark Limited) India
Trade receivables:
USA
- Trident Global Inc., USA - - - - 42.4 18.3 - - - -
Rest of the world
Lotus Texpark Limited) c. Segment accounting policies
Lease liabilities (at amortised cost) Segment accounting policies: In addition to the significant accounting policies applicable to the business segment as set out in
- Madhuraj Foundation - - - - 93.0 - - - - - note 2, the accounting policies in relation to segment accounting are as under:
- Lotus Global Foundation - - - - 102.7 - - - - - i. Segment assets and liabilities:
Segment assets include all operating assets used by a segment and consist principally of cash, debtors, inventories and
Property, Plant and Equipment including capital work in progress, net of allowances and provisions, which are reported as
Trade payables:
direct offset in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and
- Madhuraj foundation 2.7 - - - - - - - - - accrued liabilities.
- Trident Group Limited 5.2 5.4 - - - - - - - -
ii Segment revenue and expenses:
- Trident Global Inc., USA - - - - 9.3 - - - - -
Joint revenue and expenses of segments are allocated amongst them on reasonable basis. All other segment revenue and
- Narmada Infrabuild Limited - - - - - 0.5 - - - -
expenses are directly attributable to the segments.
Lotus Texpark Limited) iii Inter segment sales:
- Lotus Global Foundation - - - - - - 1.6 - - - Inter segment sales are accounted for at cost plus appropriate margin (transfer price) and are eliminated in consolidation.
- Shardul Amarchand Mangaldas - - - - - - 0.3 2.4 - - iv Segment results :
Other payables Segment results represent the profit before tax earned by each segment without allocation of central administration costs,
- Trident Trust - - - - - - - - 34.2 5.1 other non operating income as well as finance costs. Operating profit amounts are evaluated regularly by the chief operating
Other Receivable decision maker in deciding how to allocate resources and in assessing performance.
- Trident Institute of Social Sciences - - 0.4 - - - - - - -
II Detail of Primary Business Segments and its reconciliation with Financial Statements:
- Mr.Rajinder Gupta - - - - - - 4.2 - - -
(` million)
Particulars Textiles Paper & Chemicals Unallocable Elimination Total
Payable to employees
March March March March March March March March March March
- Mr.Deepak Nanda - - - - - - 0.3 1.2 - - 31, 2020 31, 2019 31, 2020 31, 2019 31, 2020 31, 2019 31, 2020 31, 2019 31, 2020 31, 2019
- Ms.Ramandeep Kaur - - - - - - 0.2 0.3 - -
- Mr.Abhishek Gupta - - - - - - 1.4 2.1 - - 1 Segment revenue
- Ms. Madhu Gupta - - - - - - 0.5 0.6 - - - External sales 38,058.1 42,519.7 9,218.6 9,966.3 - - - - 47,276.7 52,486.0
- Inter segment Sales - - 6.8 3.9 - - (6.8) (3.9) - -
- Ms. Gayatri Gupta - - - - - - 0.4 0.5 - -
- Interest income - - - - 125.7 350.3 - - 125.7 350.3
- Mr.Amandeep - - - - - - 1.2 - - -
- Other income - - - - 76.7 84.1 - - 76.7 84.1
- Mr.Gunjan Shroff - - - - - - 0.7 0.9 - - Total revenue 38,058.1 42,519.7 9,225.4 9,970.2 202.4 434.4 (6.8) (3.9) 47,479.1 52,920.4
Advances to Employees 2 Segment results 3,095.1 3,472.3 3,100.0 3,701.9 - - - - 6,195.1 7,174.2
- Mr.Deepak Nanda - - - - - - 0.3 - - - Unallocated corporate - - - - (840.0) (551.1) - - (840.0) (551.1)
- Mr.Abhishek Gupta - - - - - - 1.0 - - - expenses
(net of unallocated Income)
Commission Payable
Finance costs - - - - (1,108.8) (1,123.7) - - (1,108.8) (1,123.7)
- Mr.Rajinder Gupta - - - - - - 23.4 81.2 - - Share of (loss)/profit of - - - - - - - - (35.8) 2.2
- Mr.Dinesh Kumar Mittal - - - - - - 4.5 4.5 - - associate(s)
Commission Payable Tax expenses - - - - (813.4) (1,783.9) - - (813.4) (1,783.9)
- Mr.Rajinder Gupta - - - - - - - - 23.4 81.2 3 Profit after tax - - - - - - - - 3,397.0 3,717.7
- Mr.Dinesh Kumar Mittal - - - - - - - - 4.5 4.5

Particulars Textiles Paper & Chemicals Unallocable Elimination Total Particulars As at As at
March 31, 2020 March 31, 2019
March March March March March March March March March March Non-current assets located in: *
31, 2020 31, 2019 31, 2020 31, 2019 31, 2020 31, 2019 31, 2020 31, 2019 31, 2020 31, 2019 India 38,374.2 39,359.6
USA 131.3 108.9
4 Other information Rest of the world 8.2 6.8
a Segment assets 44,822.0 50,961.8 5,271.2 5,125.2 - - - - 50,093.2 56,087.0 Total non-current assets 38,513.7 39,475.3
Unallocated corporate assets - - - - 7,671.6 5,473.6 - - 7,671.6 5,473.6
* Excludes investment in subsidiaries and associates and non-current financial assets amounting to ` 1,731.8 million (Previous year
Total assets 44,822.0 50,961.8 5,271.2 5,125.2 7,671.6 5,473.6 - - 57,764.8 61,560.6
b Segment liabilities 2,951.6 2,436.0 908.8 625.6 - - 3,860.4 3,061.6
` 1,716.3 million)
Unallocated corporate - - - - 4,116.1 4,411.3 - - 4,116.1 4,411.3 Information about major customers
liabilities
Refer Note 45 (Credit Risk)
Long term borrowings - - - - 10,509.4 12,937.9 - - 10,509.4 12,937.9
(including current maturities)
Interest accrued but not due - - - - 56.1 - - - 56.1 -
NOTE 41. LEASES AS LESSEE
on borrowings The Group has lease contracts for various Lands, office premises, guest houses and factory premises (including plant & equipment).
Short term borrowings - - - - 9,008.8 11,419.6 - - 9,008.8 11,419.6 Leases of office premises, guest houses and factory premises (including plant & equipment) generally have lease terms ranging from 11
Total liabilities 2,951.6 2,436.0 908.8 625.6 23,690.4 28,768.8 - - 27,550.8 31,830.4
months to 20 years and leases of lands generally have lease terms between 30-99 years. The Group’s obligations under its leases are
c Other disclosures
secured by the lessor’s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets.
Capital expenditure 1,542.4 1,189.5 372.8 75.1 157.2 8.1 - - 2,072.4 1,272.6
Depreciation and 3,033.5 3,056.5 192.8 479.1 110.6 104.4 - - 3,336.9 3,640.0
There are several lease contracts that include extension and termination options.
amortization expense The Group also has certain leases of office premises and guest houses with lease terms of 12 months or less. The Company applies the
Material non cash items ‘short-term lease’ recognition exemptions for these leases.
other than depreciation
and amortization
As on transition date i.e. April 1, 2019, Right-of use assets of ` 1,504.9 million were recognised including reclassification of prepaid
expense: leasehold rentals for leasehold land and others of ` 922.7 million, prepaid portion of security deposit of ` 45.0 million and lease
- Foreign exchange loss (0.4) (152.6) - - - - - - (0.4) (152.6) equalisation liability of ` (5.5) million presented separately in the balance sheet. Lease liabilities of ` 542.7 million were recognised,
on derivative financial
instruments carried at Fair Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:
value through profit and loss (` million)
- Foreign exchange loss 645.7 (212.7) - - - - - - 645.7 (212.7) Particulars Right of use assets
on derivative financial
Lands Office premises Factory premises Total
instruments carried at
and guest houses (including plant &
Fair value through Other
Comprehensive Income
equipment)
- Net (gain)/loss on financial - - - - 1.1 (5.3) - - 1.1 (5.3) As at April 1, 2019 961.9 363.4 179.6 1,504.9
assets measured at Fair Leasehold land converted into freehold land (606.2) - - (606.2)
value through profit and loss Lease modifications / adjustments (3.0) (121.0) - (124.0)
- Net (gain)/loss on financial - - - - 6.0 (197.9) - - 6.0 (197.9) Depreciation expense (10.9) (50.2) (18.0) (79.1)
assets measured at Fair As at 31 March, 2020 341.8 192.2 161.6 695.6
value through other
comprehensive income Set out below are the carrying amounts of lease liabilities and the movements during the year:
- Liabilities/ sundry credit 84.6 160.2 9.8 22.3 (0.1) 31.6 - - 94.3 214.1
(` million)
balances no longer required
Particulars Lease Liabilities
(written back)/irrecoverable
balances written off (net) As at April 1, 2019 542.7
- Expected credit loss 19.9 8.2 0.6 0.0 23.4 - - - 43.8 8.2 Accretion of interest 46.5
allowance on trade Lease surrendered (124.6)
receivables written off and Payments (76.8)
advances no longer required Foreign exchange loss 3.7
(written back) (net) As at 31 March 2020 391.5
-Loss on disposal of non- - - - - 0.2 - - - 0.2 - Current lease liabilities 67.6
current investments
Non current lease liabilities 323.9
-Pre-operative expenses 132.7 - 67.3 - - - - - 200.0 -
written off Considering the lease term of the leases, the effective interest rate for lease liabilities is 9%
III Details of Secondary Segment – Geographical: The following are the amounts recognised in statement of profit and loss:
(` million)
(` million)
Particulars As at
March 31, 2020 March 31, 2019
March 31, 2020
Revenue from external customer in:
Depreciation expense of right-of-use assets 79.1
India 19,549.6 21,284.8
USA 15,629.9 16,775.6 Interest expense on lease liabilities 46.5
Rest of the world 12,097.2 14,425.6 Expense relating to short-term leases (included in other expenses) 22.2
Total Sales 47,276.7 52,486.0 Total amount recognised in profit or loss 147.8

For maturity analysis of lease liability, refer note 45 Financial risk management framework and policies under maturities of financial Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2020
liabilities. No. outstanding as at
The Group had total cash outflows for leases of ` 99.0 million in 31 March 2020. There are no future cash outflows relating to leases March 31, 2020
(` in Million)
that have not yet commenced.
Extension and termination options are included in a number of leases. These are used to maximise operational flexibility in terms of 16 673.5 13 Quarterly installments of ` 48.70 million each and 1 Quarterly installment of ` 40.35 million.
managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by 17 333.5 6 Quarterly installments of ` 48.30 million each and 1 Quarterly installment of ` 43.66 million.
the Group and not by the respective lessor.
Payments associated with short-term leases are recognised on a straight-line basis as an expense in statement of profit and loss. Short- 19 541.2 13 Quarterly installments of ` 38.82 million each and 1 Quarterly installment of ` 36.48 million.
term leases are leases with a lease term of 12 months or less. 20 337.8 13 Quarterly installments of ` 24.37 million each and 1 Quarterly installment of ` 20.95 million.
NOTE 42.
22 229.7 1 quarterly installment of ` 8.00 million, 8 quarterly installments of ` 9.60 million each, 4 quarterly
I. Details of long term borrowings (including current maturities) as at March 31, 2020 installments of ` 11.20 million each, 5 quarterly installments of ` 14.41 million each , 1 quarterly installment
of ` 15.19 million and 1 quarterly installment of ` 12.93 million.
Breakup of Long Term Borrowings as at March 31, 2020:
23 210.0 8 quarterly installments of ` 9.00 million each, 4 quarterly installments of ` 10.50 million each, 5
(` million) quarterly installments of ` 13.50 million each, 2 quarterly installments of ` 14.24 million.
Particulars Non-current Current Maturities Total Long 24 175.0 8 quarterly installments of ` 7.50 million each, 4 quarterly installments of ` 8.75 million each, 5 quarterly
Borrowings of long term Term installments of ` 11.25 million each, 2 quarterly installments of ` 11.87 million.
(Refer Note 17) borrowings Borrowings 25 152.4 18 Quarterly installments of ` 8.06 million each and 1 Quarterly installment of ` 7.28 million.
(Refer Note 20)
7,706.6
Term loans from banks (for details Refer (A) below) 6,826.7 3,442.7 10,269.4
Term loans from financial institution (for details Refer (B) below) 58.1 168.1 226.2 (ii) Term loans secured by way of mortgage on related property
Vehicle loans from banks (for details Refer (C) below) 12.2 11.1 23.3 26 581.3 1 quarterly installment of ` 3.55 million, 12 quarterly installments of ` 4.37 million each, 12 quarterly
Less: Unamortised borrowing costs (6.3) (3.2) (9.5) installments of ` 9.11 million each, 12 quarterly installments of ` 10.02 million each, 23 quarterly
Carrying value of term loans from banks and financial institutions 6,890.7 3,618.7 10,509.4 installments of ` 10.93 million each, 1 quarterly installment of ` 11.74 million and 1 quarterly installment
of ` 32.62 million.
A. Term loans from banks 581.3
(iii) Term loans secured by way of equitable mortgage on immovable properties and hypothecation of movable properties of
(i) Term loans secured by way of equitable mortgage on all immovable properties and hypothecation of all movable properties
Amalgamated Company
except for charges already created for loans referred in (ii) and (iii) below
Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2020 28 261.6 6 quarterly installments of ` 43.60 million each .
No. outstanding as at 29 304.2 6 Quarterly installments of ` 43.60 million each and 1 Quarterly installment of ` 42.59 million.
March 31, 2020 30 228.6 7 Quarterly installments of ` 32.66 million each.
(` in Million)
31 190.4 7 Quarterly installments of ` 27.20 million each .
1 93.8 3 quarterly installments of ` 31.25 million each.
2 114.0 7 quarterly installments of ` 14 million each and 1 quarterly installment of ` 16 million.
3 0.1 Only Partial loan has been disbursed against the total loan sanctioned of ` 700.00 million. The repayment
of the loan would be made in 30 Quarterly installments starting from September' 21 onwards.
4 0.1 Only Partial loan has been disbursed against the total loan sanctioned of ` 745.00 million. The
repayment of the loan would be made in 30 Quarterly installments starting from May' 22 onwards. 36 113.4 7 Quarterly installments of ` 16.20 million each .
5 18.7 Only Partial loan has been disbursed against the total loan sanctioned of ` 700.00 million. The repayment 37 72.8 6 Quarterly installments of ` 10.89 million each and 1 Quarterly installment of ` 7.39 million.
of the loan would be made in 30 Quarterly installments starting from September' 21 onwards. 1,981.4 Total
6 85.6 Only Partial loan has been disbursed against the total loan sanctioned of ` 730.00 million. The B. Term loans from Financial institution
repayment of the loan would be made in 30 Quarterly installments starting from May' 22 onwards.
7 0.1 Only Partial loan has been disbursed against the total loan sanctioned of ` 275.00 million. The
repayment of the loan would be made in 30 Quarterly installments starting from May' 22 onwards. Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2020
8 50.0 3 quarterly installments of ` 0.71 million each , 8 quarterly installments of ` 0.84 million each, 4 No. outstanding as at
quarterly installments of ` 0.99 million each, 3 quarterly installments of ` 1.12 million each, 1 quarterly March 31, 2020
installment of ` 2.25 million, 4 quarterly installments of ` 2.49 million each, 4 quarterly installments (` in Million)
of ` 2.81 million each, 1 quarterly installment of ` 3.43 million and 2 quarterly installments of ` 3.45 1 174.4 6 quarterly installments of ` 29.07 million each.
million each. 2 11.0 1 quarterly installments of ` 5.63 million each and 1 quarterly installment of ` 5.39 million.
9 60.0 20 quarterly installments of ` 3.00 million each 3 40.8 2 Quarterly installments of ` 13.60 million each and 1 Quarterly installment of ` 13.56 million.
10 390.5 1 quarterly installment of ` 12.50 million, 8 quarterly installments of ` 17.50 million each, 4 quarterly 226.2
installments of ` 20.00 million each, 4 quarterly installments of ` 22.50 million each, 1 quarterly
installment of ` 35.00 million and 1 quarterly installment of ` 33.00 million. C. Vehicle loans from banks
11 50.0 12 Quarterly installments of ` 4.17 million each. Vehicle loans are repayable in equal monthly instalments.
12 1,016.1 13 Quarterly installments of ` 72.70 million each and 1 Quarterly installment of 71.00 million.
13 1,002.5 13 Quarterly installments of ` 71.78 million each and 1 Quarterly installment of 69.38 million.
14 656.2 14 Quarterly installments of ` 46.87 million each.

II. Details of long term borrowings (including current maturities) as at March 31, 2019 Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2019
Breakup of Long Term Borrowings as at March 31, 2019: No. outstanding as at
March 31, 2019
(` million) (` in million)
Particulars Non-current Current Maturities Total Long 24 272.0 10 quarterly instalments of ` 27.20 million each.
Borrowings of long term Term 25 162.0 10 quarterly instalments of ` 16.20 million each.
(Refer Note 17) borrowings Borrowings 26 165.8 9 quarterly instalments of ` 16.20 million each and 1 quarterly instalment of ` 19.99 million.
(Refer Note 20) 27 210.3 9 quarterly instalments of ` 21.8 million each and 1 quarterly instalment of ` 14.12 million.
Term loans from banks (for details Refer (A) below) 9,315.9 3,217.3 12,533.2 28 105.5 9 quarterly instalments of ` 10.90 million each and 1 quarterly instalment of ` 7.36 million.
Term loans from financial institution (for details Refer (B) below) 217.8 176.9 394.7 29 219.4 9 quarterly instalments of ` 22.00 million each and 1 quarterly instalment of ` 21.40 million.
Vehicle loans from banks (for details Refer (C) above) 14.1 11.6 25.7 30 154.9 9 quarterly instalments of ` 16.34 million each and 1 quarterly instalment of ` 7.80 million.
Less: Unamortised borrowing costs (11.6) (4.1) (15.7) 31 170.0 11 quarterly instalments of ` 14.00 million each and 1 quarterly instalment of ` 16.00 million.
3,078.1
Carrying value of term loans from banks and financial institutions 9,536.2 3,401.7 12,937.9
B. Term loans from Financial institution
A. Term loans from banks
except for charges already created for loans referred in (ii) and (iii) below Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2019
Sr. Amount of loan Repayment details of loan outstanding as at March 31, 2019 March 31, 2019
1 95.2 7 quarterly instalments of ` 13.60 million each starting from August 19, 2019.
March 31, 2019
(` in million) 2 266.0 9 Quarterly instalments of 25.00 million each and 1 quarterly instalment of ` 41.02 million.
1 25.5 1 quarterly instalment of ` 12.90 million and 1 quarterly instalment of ` 12.60 million. 3 33.5 5 quarterly instalments of ` 5.63 million each and 1 quarterly instalment of ` 5.37 Million.
2 218.8 7 quarterly instalments of ` 31.25 million each. 394.7
3 58.8 2 quarterly instalments of ` 19.65 million each and 1 quarterly instalment of ` 19.45 million. C. Vehicle loans from banks
4 595.4 12 quarterly instalments of ` 48.90 million each starting from June 30, 2020 and 1 quarterly instalment
of ` 8.60 million. Vehicle loans are repayable in equal monthly instalments.
5 1,217.7 16 quarterly instalments of ` 71.78 million each and 1 Quarterly instalment of `69.39 million.
6 632.1 16 quarterly instalments of ` 38.70 million each and 1 instalment of ` 12.94 million. NOTE 43. EMPLOYEES ‘ STOCK OPTION PLANS
8 819.6 16 quarterly instalments of ` 48.70 million each and 1 quarterly instalment of ` 40.35 million. The Compensation Committee of Board of Directors of the Parent Company had granted options to the employees pursuant to Trident
9 1,234.2 16 quarterly instalments of ` 72.70 million each and 1 quarterly instalment of ` 71.00 million. Employees Stock Options Plan 2007 (‘the Plan’) on July 9, 2007 (Grant I) and July 23, 2009 (Grant II). These options were granted
10 657.7 16 quarterly instalments of ` 38.83 million each and 1 quarterly instalment of ` 36.40 million. at ` 17.55 and ` 11.20 per option respectively, being the latest available closing market price prior to the date of grant of options in
11 796.9 17 quarterly instalments of ` 46.88 million each. accordance with SEBI guidelines. The quoted price of share on grant and the exercise price of option is equal and therefore there is
12 492.9 16 quarterly instalments of ` 29.00 million each and 1 quarterly instalment of ` 28.85 million. no impact on statement of profit and loss due to Employee Share-based options as the Parent Company is following intrinsic value
13 478.4 9 Quarterly instalments of ` 48.30 million each and 1 Quarterly instalment of 43.66 million.
method.
14 229.7 1 quarterly instalment of ` 8 million starting from March 31, 2020, 8 quarterly instalments of ` 9.6
million each, 4 quarterly instalments of ` 11.2 million each, 5 quarterly instalments of ` 14.41 million The Parent Company has not allotted any equity share (previous year Nil equity shares) to employees during the year under the
each, 1 quarterly instalment of ` 15.19 million and 1 quarterly instalment of ` 12.90 million. Trident Employees Stock Options Plan, 2007. However, the disclosure is given since the Plan is live and the Parent Company can grant
15 175.0 8 quarterly instalments of ` 7.50 million each starting from June 30, 2020, 4 quarterly instalments of `
further options under this Plan.
8.75 million each, 5 quarterly instalments of ` 11.25 million each and 2 quarterly instalments of ` 11.88
million each. In respect of options granted under the Employees’ Stock Option Plan, 2007 in accordance with Guidance Note on Accounting for
16 210.0 8 quarterly instalments of ` 9.00 million each starting from June 30, 2020, 4 quarterly instalments of Employee Share-based Payment issued by the Institute of Chartered Accountants of India, the details of Options outstanding is as
` 10.50 million each, 5 quarterly instalments of ` 13.50 million each and 2 quarterly instalments of ` under:
14.25 million each.
17 152.5 18 quarterly instalments of ` 8.06 million each starting from June 30, 2020 and 1 quarterly instalment Particulars Detail
of 7.41 million. ESOP grant date 09.07.2007 23.07.2009
18 428.0 4 quarterly instalment of ` 12.50 million each, 8 quarterly instalments of ` 17.5 million each, 4 quarterly Exercise period under the ESOP 5 years from the respective 5 years from the respective
instalments of ` 20 Million each, 4 quarterly instalments of ` 22.50 Million each, 2 quarterly instalments dates of vesting dates of vesting
of ` 35.00 million each and 1 quarterly instalment of ` 32.99 Million. Exercise price ` 17.55 per option ` 11.20 per option
8,834.7 Vesting period under the ESOP
(ii) Term loans secured by way of mortgage on related property End of first year 10% 10%
19 620.4 12 monthly instalments of ` 3.55 million each, 12 monthly instalments of ` 4.37 million each, 12 monthly End of second year 20% 20%
instalments of ` 9.11 million each, 12 monthly instalments of ` 10.02 million each, 23 monthly instalments End of third year 30% 30%
of ` 10.93 million each, 1 monthly instalment of ` 11.74 million and 1 monthly instalment of ` 32.62 End of fourth year 40% 40%
million. Total number of options granted 79,01,462 39,93,000
620.4 Total number of options accepted 74,21,712 38,28,000
(iii) Term loans secured by way of equitable mortgage on immovable properties and hypothecation of movable properties of Options lapsed because of resignations 54,27,712 24,83,264
Amalgamated Company Options exercised 12,18,467 13,26,998
20 436.0 10 quarterly instalments of ` 43.60 million each. Options lapsed because of ending of exercise period 7,75,533 17,738
21 420.3 9 quarterly instalments of ` 43.60 million each and 1 quarterly instalment of ` 27.94 million. Balance 0 0

NOTE 44. (b) Movement in deferred tax balances

(` million)
(a) Current Tax and Deferred Tax
Particulars As at April Recognised in Recognised As at
(i) Income tax expense recognised in statement of profit and loss 01, 2019 statement of in OCI March 31,
(` million) profit and Loss 2020
Particulars For the year ended For the year ended Tax effect of items constituting deferred tax liabilities
March 31, 2020 March 31, 2019 Property, plant and equipment and Intangible Assets 4,317.9 (789.4) - 3,528.5
(i) Current Tax: Financial assets at fair value through profit and loss 3.4 (3.0) - 0.4
- in respect of current year 1,317.1 1,210.4 Income considered in the books of accounts but not in income
- in respect of earlier years - 0.5 tax:
Total (A) 1,317.1 1,210.9 Provision for employee benefits - Gratuity 26.7 (16.7) - 10.0
(ii) Deferred Tax: Right of use assets - 102.5 - 102.5
- in respect of current year (803.7) (360.0) Remeasurement gains of defined benefit obligations 22.9 - (9.8) 13.1
- MAT credit adjustment for earlier years 1.5 4.9 Others - Cash Flow Hedge and Investments carried at Fair Value 103.5 (199.0) (95.5)
through Other Comprehensive Income
- MAT credit entitlement 298.5 928.1
4,474.4 (706.6) (208.8) 3,559.0
Total (B) (503.7) 573.0
Tax effect of items constituting deferred tax assets
Total income tax expense (A+B) 813.4 1,783.9
Provision for employee benefits - Bonus and Leave benefits 70.9 (11.5) - 59.4
(ii) Income tax recognised in other Comprehensive income Lease liabilities - 95.3 - 95.3
(` million) Expected credit loss allowance 5.6 8.6 - 14.2
Particulars For the year ended For the year ended Unrealised profits of associates of the Group 4.0 (2.8) 1.2
March 31, 2020 March 31, 2019 Others 59.6 (36.8) 22.8
Current tax related to items recognised in other comprehensive income 140.1 52.8 - 192.9
during the year on: MAT credit entitlement 255.7 (255.7) - -
- Current tax (charge) on realised gain of sale of shares (7.3) -
Net tax liabilities 4,078.6 (503.7) (208.8) 3,366.1
Total current tax (charge) recognised in other comprehensive income (7.3) -
Deferred tax credit/(charge) related to items recognised in other
comprehensive income during the year on: (` million)
- Remeasurement loss/(gains) of defined benefit obligations 9.8 (1.5) Particulars As at April Recognised in Recognised As at March
- Exchange differences in translating the financial statement of foreign operations - (0.1) 01, 2018 statement of in OCI 31, 2019
- Remeasurement of revaluation of shares 9.5 (23.0) profit and Loss
- Effective portion of cash flow hedge reserve 189.5 (80.5) Tax effect of items constituting deferred tax liabilities
Total deferred tax credit / (charge) recognised in other comprehensive 208.80 (105.0) Property, plant and equipment and Intangible Assets 4,591.2 (273.3) - 4,317.9
income Financial assets at fair value through profit & loss 1.5 1.9 - 3.4
Total tax credit / (charge) recognised in other comprehensive income 201.50 (105.0)
Classification of income tax recognised in other comprehensive income:
tax:
- Income taxes related to items that will not be reclassified to profit or loss 12.0 (24.6)
- Income taxes related to items that will be reclassified to profit or loss 189.5 (80.5) Provision for employee benefits - Gratuity 81.2 (54.5) 26.7
Total tax credit / (charge) recognised in other comprehensive income 201.5 (105.1) Remeasurement gains of defined benefit obligations 21.3 - 1.6 22.9
Others - Cash Flow Hedge and Investments carried at Fair Value - - 103.5 103.5
(iii) Reconciliation of income tax expense and the accounting profit multiplied by Company’s domestic tax rate: through Other Comprehensive Income
(` million) 4,695.2 (325.9) 105.1 4,474.4
Particulars For the year ended For the year ended Tax effect of items constituting deferred tax assets
March 31, 2020 March 31, 2019
Provision for employee benefits - Bonus and Leave benefits 56.1 14.5 - 70.9
Profit before tax as per statement of profit and loss 4,246.2 5,499.9
Loss/(gain) of subsidiaries (2.1) 5.3 Expected credit loss allowance 2.1 3.5 - 5.6
4,244.1 5,505.2 Unrealised profits of associates of the Group 6.2 (2.2) - 4.0
Income tax expense calculated at 25.168% (previous year 34.94%) 1,068.2 1,921.6 Others 41.4 18.3 - 59.6
Add: Income tax impact on disallowances of items of permanent nature 30.8 50.5 105.8 34.1 - 140.1
Add: Income tax expense of dividend held as crossholding 10.0 13.5
Add: Income tax for earlier years recognized in statement of profit and loss 1.5 5.4 MAT credit entitlement 1,188.7 (933.0) - 255.7
Less: Income tax savings on deductions under Sections 80-IA, etc. - (178.9) Net tax liabilities 3,400.7 573.0 105.1 4,078.6
Less: Impact of income tax on items on which income tax is payable at lower rates (5.4) (6.0) (c) The Parent Company and subsidiary company has elected to exercise the option permitted under Section 115BAA of the Income
being capital gains Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Parent Company and subsidiary
Less: Income tax impact on change of indexed cost of acquisition on fair valuation (22.2) (22.2)
company has recognised provision for taxation and re-measured its deferred tax liabilities basis the rate prescribed in the said
gain of land
Add : Reversal of MAT credit entitlement (Refer note 44 (c) below)* 298.5 - Section. The Parent Company had a Minimum Alternate Tax (MAT) credit entitlement amounting to ` 298.5 million which has
Less : Income tax Impact on Change in Tax Rate from 34.944 % to 25.168 % (Refer (568.0) - been reversed during the current year as the same is not allowed to be carried forward where the Parent Company has elected to
note 44 (c) below) exercise the option of lower tax rate permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation
Income tax as per (a) above 813.4 1,783.9 Laws (Amendment) Ordinance, 2019.
* including ` 42.8 million due to change in taxable income for the last year.

NOTE 45. FINANCIAL INSTRUMENTS A. Fair value hierarchy as at 31 March 2020

(` million)
Capital management Particulars As at Level Level Level Valuation technique(s) and key input(s)
For the purpose of Group’s capital management, capital includes Issued Equity capital and all reserves attributable to equity holders March 1 2 3
of the Group. 31, 2020
Financial assets
The Group’s capital management objectives are: – investments in quoted equity 202.0 202.0 - - Quoted bid prices in an active market.
- to ensure the Group’s ability to continue as a going concern instruments (refer note 4)
– investments in private equity fund 12.5 - 12.5 - NAV published in annual report of private equity fund.
- to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. (refer note 4)
The Group manages capital risk in order to maximize shareholders’ profit by maintaining sound/optimal capital structure through – investments in unquoted equity 1.2 - - 1.2
monitoring of financial ratios, such as net debt-to-equity ratio on a monthly basis and implements capital structure improvement plan instruments * (refer note 4)
when necessary. There is no change in the overall capital risk management strategy of the Group compared to last year. – Derivatives instruments at fair 7.0 7.0 - Discounted cash flow. Future cash flows are estimated
Debt-to-equity ratio as of March 31, 2020 and March 31, 2019 is as follows: exchange rates at the end of the reporting period and
contract forward rates, discounted at a rate that reflects the
(` million) credit risk of various counterparties.
Particulars March 31, 2020 March 31, 2019 Total 222.7 202.0 19.5 1.2
Net debt (A) * 16,139.3 24,100.3 Financial Liabilities
Total equity (B) 30,214.0 29,730.2 – Derivatives instruments at fair 0.3 - 0.3 - Discounted cash flow. Future cash flows are estimated
Net debt to equity ratio (A/B) 0.5 0.8 value through profit or loss based on forward exchange rates from observable forward
* The Group includes with in net debt, interest bearing loans and borrowings less cash and cash equivalents and other bank balances.
contract forward rates, discounted at a rate that reflects the
Fair Values and its categories: credit risk of various counterparties.
Set out below, is a comparison by class of the carrying amounts and fair value of the Group’s financial instruments:
(` million) exchange rates at the end of the reporting period and
Particulars Carrying Value Fair Value contract forward rates, discounted at a rate that reflects the
As at March As at March As at March As at March credit risk of various counterparties.
31, 2020 31, 2019 31, 2020 31, 2019 Total 432.2 - 432.2 -
Financial assets There have been no transfers between Level 1, Level 2 and Level 3 during the year.
Measured at FVTPL * The fair value of these investments appearing under Level III approximates the carrying value and hence, the valuation technique
Investments (refer note 4 and 9) 13.7 684.3 13.7 684.3 and inputs with sensitivity analysis have not been given.
Derivative Financial instruments (refer note 13) 7.0 21.1 7.0 21.1
B. Fair value hierarchy as at 31 March 2019
Measured at amortised cost
Security Deposits (Refer note 5) 455.4 403.3 455.4 403.3 (` million)
Measured at FVTOCI Particulars As at Level 1 Level Level Valuation technique(s) and key input(s)
Investments (refer note 4) 202.0 339.8 202.0 339.8 March 2 3
31, 2019
Derivative Financial instruments (refer note 13) - 224.7 - 224.7
Financial assets
– investments in quotes equity 339.8 339.8 - - Quoted bid prices in an active market.
Financial liabilities instruments
Measured at amortised cost – investments in private equity fund 13.6 - 13.6 - NAV published in annual report of private equity fund.
Borrowings (Including current maturities) (refer note 17 and 20) 10,509.4 12,937.9 10,509.4 12,937.9 – investments in unquoted equity 1.2 - - 1.2
Measured at FVTPL instruments *
Derivative financial instrument (refer note 20) 0.3 14.1 0.3 14.1 – investments in LLP * 0.2 - - 0.2
Measured at FVTOCI – investments in mutual funds 13.3 13.3 - - Published NAV value by mutual fund actively traded in
Derivative financial instrument (refer note 20) 431.9 12.0 431.9 12.0 market.
The management assessed that fair value of trade receivables, cash and cash equivalents, other bank balances, other current financial – investments in other venture 50.9 50.9 - - Published NAV value by fund actively traded in market.
funds (refer note 9)
assets (except derivative financial assets), short term borrowings, trade payables and other current financial liabilities (except derivative
– investments in non convertible 605.1 605.1 - - Published NAV value by fund actively traded in market.
financial liabilities) approximate their carrying amounts largely due to short-term maturities of these instruments.
debentures and Bonds (refer note 9)
The fair value of the Financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current – Derivatives instruments at fair 21.1 - 21.1 - Discounted cash flow. Future cash flows are estimated
transaction between willing parties, other than in a forced or liquidation sale. value through profit or loss based on forward exchange rates from observable forward
Total 1,269.9 1,009.1 259.4 1.4

(` million) Credit Risk Exposure

Particulars As at Level 1 Level Level Valuation technique(s) and key input(s) The Group has used a practical expedient by computing the expected loss allowance for trade receivables based on historical credit
March 2 3 loss experience and adjustments for forward looking information
31, 2019
Financial Liabilities (` million)
– Derivatives instruments at fair 14.1 - 14.1 - Discounted cash flow. Future cash flows are estimated Age of receivables As at As at
value through profit or loss based on forward exchange rates from observable forward March 31, 2020 March 31, 2019
exchange rates at the end of the reporting period and With in the credit period 2,391.0 5,861.2
the credit risk of various counterparties. Up to 6 months past due 362.5 715.3
– Derivatives instruments at fair 12.0 - 12.0 - Discounted cash flow. Future cash flows are estimated More than 6 months past due 31.1 13.9
value through OCI based on forward exchange rates from observable forward Total 2,784.6 6,590.4
The allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2020 was ` 31.1 million (previous
the credit risk of various counterparties. year ` 13.9 million).
Total 26.1 - 26.1 -
(` million)
‘There have been no transfers between Level 1, Level 2 and Level 3 during the year. Particulars As at As at
* The fair value of these investments appearing under Level III approximates the carrying value and hence, the valuation technique March 31, 2020 March 31, 2019
and inputs with sensitivity analysis have not been given. Balance at the beginning 13.9 6.3
Financial Risk Management Framework Expected credit loss recognised* 20.4 8.2
Written off during the year (3.2) (0.6)
The Group’s principal financial liabilities, other than derivatives, comprise loans and borrowings, lease liabilities, trade and other
payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group’s principal financial assets Balance at the end 31.1 13.9
include trade and other receivables, receivables from government authorities, security deposits and cash and cash equivalents that *excludes provision for doubtful advances of ` 23.4 million (Previous year Nil).
derive directly from its operations. The Group also holds investments and enters in to derivative transactions. LIQUIDITY RISK
The Group’s corporate treasury function provides services to the business, co-ordinates access to domestic and international financial
(i) Liquidity risk management
markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyse
exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price The Group’s objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times.
risk), credit risk and liquidity risk. The Chief Financial Officer of the Group is responsible for liquidity risk management who has established an appropriate liquidity
The Group seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The Group risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management
dœs not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
The Corporate Treasury function reports quarterly to the Board of Directors of the Group for monitoring risks and reviewing policies facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and
implemented to mitigate risk exposures. liabilities. The Chief Financial Officer reports the same to the Board of Directors on quarterly basis.
CREDIT RISK (ii) Maturities of financial liabilities
Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Group. The Group The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed
has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted contractual cash flows
of mitigating the risk of financial loss from defaults. The Group has also taken export credit insurance for mitigation of export credit of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and
risk for certain parties. principal cash flows.
(` million)
The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ` 2,784.6 million and
Particulars Less 1-3 Years 3 Years 5 years Total undiscounted Carrying
` 6,590.4 million as of March 31, 2020 and March 31, 2019, respectively. Trade receivables consist of a large number of customers, than 1 to 5 and contractual cash amount of
spread across diverse industries and geographical areas. Credit risk has always been managed by the Group through credit approvals, Year Years above flows liabilities
establishing credit limits and continuously monitoring the credit worthiness of customers to which the Group grants credit terms in the March 31, 2020
normal course of business and by way of taking credit insurance against export receivables. Non-interest bearing
- Trade Payable 2,022.7 - - - 2,022.7 2,022.7
The following table gives details in respect of percentage of revenues generated from top one customer and top five customers - Interest accrued but not due on borrowings 56.1 - - - 56.1 56.1
(excluding export incentives): - Payables to employees 329.5 - - - 329.5 329.5
Particulars As at As at equipment
March 31, 2020 March 31, 2019 - Unclaimed dividend 129.2 129.2 129.2
Revenue from top customer (%) * 12.5% 11.1% - Other liabilities 116.8 - - - 116.8 116.8
Revenue from top five customers (%) 29.1% 28.0% Fixed-interest bearing
- Security deposits 74.5 - - - 74.5 74.5
* Revenue from top customer amounting to ` 5,661.9 million (Previous year ` 5,824.4 million) pertains to Textiles segment in USA Variable interest rate instruments
market - Borrowings from banks and other financial 12,630.8 5,240.0 1,543.6 113.3 19,527.7 19,518.2
institution
-Lease liabilities 83.20 93.7 86.3 422.5 685.7 391.5
Total 15,886.0 5,333.7 1,629.9 535.8 23,385.4 23,081.7

(` million) Currency Risk

Particulars Less 1-3 Years 3 Years 5 years Total undiscounted Carrying Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
than 1 to 5 and contractual cash amount of exchange rates. The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange
Year Years above flows liabilities rate fluctuations arise. The Group’s exposure to currency risk relates primarily to the Group’s operating activities and borrowings
March 31, 2019
when transactions are denominated in a different currency from the Group’s functional currency.
Non-interest bearing
- Trade Payable 1,865.9 - - - 1,865.9 1,865.9 The Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12 month
- Payables to employees 583.8 - - - 583.8 583.8 period for hedges of forecasted sales and borrowings.
Foreign currency rate sensitivity
equipment
- Unclaimed dividend 92.4 - - - 92.4 92.4 The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the end of the
- Other liabilities 25.3 - - - 25.3 25.3 reporting period are as follows.
Fixed-interest bearing (` million)
- Security deposits 85.6 - - - 85.6 85.6 Particulars Currency March 31, 2020 March 31, 2019
Variable interest rate instruments Trade Receivables USD 21.9 35.0
- Borrowings from banks and other financial 14,825.4 6,514.5 2,788.0 245.3 24,373.2 24,357.5
GBP 0.0 0.2
institution
EUR 0.0 1.8
Total 17,639.7 6,514.5 2,788.0 245.3 27,187.5 27,171.8
USD 1.3 2.2
(ii) Maturities of financial liabilities EUR 0.2 0.1
Trade & Capital Payables
The Group holds derivative financial instruments such as foreign currency forward contracts to mitigate the risk of changes in CHF 0.0 0.1
exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank or a financial institution. SEK 0.1 -
Lease liabilties USD 0.7 -
These derivative financial instruments are values based on quoted prices for similar assets and liabilities in active markets or
Secured Bank Loans USD 2.3 3.8
inputs that are directly or indirectly observable in the marketplace.
(` million) Of the above foreign currency exposures, the following exposures are not hedged by a derivative..
Particulars Less than 1 1-3 Years 3 Years to 5 years and (` million)
Year 5 Years above
Particulars Currency March 31, 2020 March 31, 2019
Trade Receivables USD 1.0 0.0
March 31, 2020
GBP 0.0 0.2
Foreign exchange forward contracts (at forward rate)
USD 1.3 2.2
– USD 9,743.4 - - -
– EURO 190.9 - - - Trade & Capital Payables EUR 0.2 0.1
Total 9,934.3 - - - CHF 0.0 2.2
March 31, 2020 SEK 0.1 -
Foreign exchange option contracts (at closing spot rate) Lease liabilties USD 0.7 -
– USD 641.8 - - - For the year ended March 31, 2020, every one rupee depreciation/appreciation in the exchange rate against USD, might have
641.8 - - - affected the Group’s incremental margins (profit as a percentage to revenue) approximately by 0.63%. The Group’s exposure to
March 31, 2019 foreign currency changes for all other currencies is not material.
– USD 7,625.7 - - - Interest rate risk
– EURO 215.0 - - - Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
Total 7,840.7 - - - in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s
Financing arrangements long-term debt obligations with floating interest rates. The borrowings as at March 31, 2020 is ` 10,509.4 million (previous year `
The Group had access to following borrowing facilities at the end of the reporting period: 12,937.9 million) which are interest bearing and interest rates are variable.
(` million) Interest rate sensitivity
Particulars March 31, 2020 March 31, 2019 For the year ended March 31, 2020, every 1 percentage increase/decrease in weighted average bank interest rate might
Bank Overdraft facility have affected the Group’s incremental margins (profit as a percentage to revenue) approximately by 0.46% (previous year
- Utilised 8,686.4 9,236.6
0.50%).
- Non Utilised 3,313.6 2,763.4
Secured Bill Acceptance facility Price risk
- Utilised 322.4 2,183.0 The Group’s investments in listed securities, mutual funds, other funds and debentures are susceptible to market price risk arising
- Non Utilised 2,677.6 817.0 from uncertainties about future values of the investment securities. The Group manages the price risk through diversification
15,000.0 15,000.0
and by placing limits on individual and total equity instruments. Reports on the portfolio are submitted to the Group’s senior
MARKET RISK
management on a regular basis.
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises two types of risk: currency risk and interest rate risk. Financial instruments affected by market risk At the reporting date, the exposure to listed equity securities at fair value was ` 202 million (previous year ` 339.8 million) . A
includes loan and borrowings, lease liabilities and derivative financial instruments. The objective of market risk management is to decrease of 5% on the NSE market index could have an impact of approximately of ` 10.1 million (previous year ` 17.0 million) on
manage and control market risk exposures within acceptable parameters, while optimising the return. The Group uses derivatives the OCI or equity attributable to the Group. An increase of 5% in the value of the listed securities would also impact OCI and
to manage market risks. Derivatives are only used for economic hedging purposes and not as speculative investments. All such equity by the same amount. These changes would not have an effect on profit or loss.
transactions are carried out within the guidelines set by the Board of Directors and Risk Management Committee. At the reporting date, the exposure in mutual funds, other funds, debentures and bonds is ` 12.5 million (previous year ` 682.9
There has been no significant changes to the Group’s exposure to market risk or the methods in which they are managed or million). A decrease or increase in NAV of 5% could have an impact of approximately of ` 0.6 million (previous year ` 34.1 million)
measured. on the profit or loss.

Derivatives not designated as hedging instruments The impact of the hedging instruments on the balance sheet is as follows:
The Parent Company uses forward currency contracts and option currency contracts to hedge its foreign currency risks. Derivative (` million)
contracts not designated by management as hedging instruments are initially recognized at fair value on the date on which a Particulars Notional Carrying Line item in the Change in fair
derivative contract is entered into and are subsequently re-measured at fair value on each reporting date. Such contracts are Amount Amount statement of value used
entered into for periods consistent with exposure of the underlying transactions. (USD) (`) financial position for measuring
ineffectiveness
Derivatives designated as hedging instruments for the year
The Parent Company enters into hedging instruments in accordance with policies as approved by the Board of Directors with As at March 31, 2020
written principles which is consistent with the risk management strategy of the Parent Company. Foreign exchange forward and option contracts (in USD) of exports 138.1 431.9 Other current 431.9
The Parent Company has decided to apply hedge accounting for certain derivative contracts that meets the qualifying criteria of financial liabilities
hedging relationship entered post August 07, 2018. As at March 31, 2019
Foreign exchange forward contracts(in USD) of exports 75.1 217.3 Other current 217.3
Cash flow hedges
financial assets
Foreign currency risk Foreign exchange forward contracts(in USD) of exports 29.1 (12.0) Other current (12.0)
Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of forecasted hedged items in US financial liabilities
dollar and Euro. These forecast transactions are highly probable. Foreign exchange forward contracts(in EURO) 0.8 7.4 Other current 7.4
The foreign exchange forward contract balances vary with the level of expected foreign currency sales and changes in foreign financial assets
exchange forward rates. The impact of hedged items on the statement of financial position is, as follows:
The fair value of derivative financial instruments is as follows:
(` million)
(` million) Particulars March 31, 2020 March 31, 2019
Particulars March 31, 2020 March 31, 2019 Change in fair Cash flow hedge Change in fair Cash flow hedge
Assets Liabilities Assets Liabilities value used reserve value used reserve
Fair value of foreign currency forward exchange and range forward - 431.9 224.7 12.0 for measuring for measuring
option contract designated as hedging instruments ineffectiveness ineffectiveness
Highly probable forecast sales (663.3) (663.3) 230.3 230.3
The critical terms of the foreign currency forward contracts match the terms of the expected highly probable forecast sale
transactions. As a result, no hedge ineffectiveness arises requiring recognition through profit or loss. The effect of the cash flow hedge in the statement of profit and loss and other comprehensive income is, as follows:
The cash flow hedges of the forecasted sale transactions during the year ended 31 March 2020 were assessed to be highly (` million)
effective and unrealised loss of ` 663.3 million ((previous year gain of ` 230.3 million) (including ` 17.6 million on cancelled forward Particulars Total hedging Ineffectiveness Line item Gain/(loss) Line item
contracts to be recognised in profit or loss on recognition of underlying hedged item)), with a deferred tax liability of ` 189.5 million gain/(loss) recognised in in the reclassified in the statement of
recognised in profit or loss statement of from OCI to profit and loss
(previous year ` 80.5 million) relating to the hedging instruments, is included in OCI.
OCI profit and loss profit or loss
The following table includes the maturity profile of the foreign exchange forward contracts: March 31, 2020
Highly probable forecast sales (517.4) - - 145.9 Revenue from contract
(` million)
with customers
Particulars Maturity
March 31, 2019
Less than 1 to 3 3 to 6 6 to 9 9 to 12 Total
1 month months months months months Highly probable forecast sales 279.5 - - 49.2 Revenue from contract
As at March 31, 2020 with customers
Foreign exchange forward contracts (highly probable
Impact of hedging on equity
forecast sales)
Notional amount (in USD) - 47.9 39.8 32.0 10.4 130.1 Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Average forward rate (USD/`) - 72.7 73.6 74.2 75.5 (` million)
Foreign exchange option contracts (highly probable
Particulars Gain/(loss) in Cash flow
forecast sales)
hedge reserve
Notional amount (in USD) 1.5 4.0 2.0 0.5 - 8.0
As at 31 March 2020 (663.3)
Average option contract rate (USD/`) 71.9 72.5 73.5 73.8 -
As at March 31, 2019 Effective portion of changes in fair value arising from Foreign exchange forward contracts (517.4)
Foreign exchange forward contracts (highly probable Amount reclassified to profit or loss 145.9
forecast sales) Tax (charge)/credit 189.5
Notional amount (in USD) - 24.8 29.2 37.0 13.2 104.2
Average forward rate (USD/`) - 72.5 73.3 72.7 71.0 - (` million)
Notional amount (in EUR) - 0.8 - - - 0.8 Particulars Gain/(loss) in Cash flow
Average forward rate (EUR/`) - 88.0 - - - - hedge reserve
As at 31 March 2019 230.3
Effective portion of changes in fair value arising from Foreign exchange forward contracts 279.5
Amount reclassified to profit or loss 49.20
Tax (charge)/credit (80.5)

Valuation Technique ADDITIONAL INFORMATION, AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013, OF ENTITIES
NOTE 48.
The Parent Company enters into derivative financial instruments with various counterparties, principally banks and financial CONSOLIDATED AS SUBSIDIARIES OR ASSOCIATE
institution with investment grade credit ratings. Foreign exchange forward and option contracts are valued using valuation
Particulars Net Assets i.e. total Share in Share in other Share in total
techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques include assets profit or loss comprehensive income comprehensive income
forward pricing models, using present value calculations. Where quoted market prices are not available, fair values are based on minus total liabilities
management’s best estimates, which are arrived at by the reference to market prices. As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (` consolidated (` consolidated (` consolidated (`
The Parent Company has the following derivative instruments outstanding as at the year-end against its foreign currency
net assets million) profit or loss million) other million) total million)
exposures / future transactions: comprehensive comprehensive
(` million) income income
Sr. Details of Derivatives Currency Amount Purpose PARENT
No. in million Trident Limited
Forward and option Contracts As at March 31, 2020 98.2% 29,669.0 100.6% 3,418.0 100.4% (481.3) 100.7% 2,936.7
As at March 31, 2020 As at March 31, 2019 98.6% 29,312.9 99.8% 3,709.2 100.6% 327.5 99.8% 4,036.7
Sale USD 138.6 Hedging against future contracts / trade receivables SUBSIDIARIES
Borrowings USD 2.3 Hedging against foreign currency borrowings
Indian
Purchase USD 2.3 Hedging against future contracts / trade payable
Trident Global Corp Limited
As at March 31, 2020 0.2% 51.7 0.6% 18.8 0.0% - 0.6% 18.8
Sale USD 104.3 Hedging against future contracts / trade receivables
As at March 31, 2019 0.1% 32.8 0.6% 21.0 0.0% - 0.5% 21.0
Sale EURO 2.8 Hedging against future contracts / trade receivables
Borrowings EURO 3.8 Hedging against foreign currency borrowings Foreign
Trident Europe Limited
Disclosure of currency options contracts:
As at March 31, 2020 0.0% 11.2 0.1% 2.1 0.0% - 0.1% 2.1
a. Currency options contracts: As at March 31, 2019 0.0% 8.8 -0.1% (5.3) 0.0% - -0.1% (5.3)
As at year end, the net open position of currency options contracts is as follows: ASSOCIATES (Investments as per
the equity method)*
(` million)
Indian
Currency Buy Sell Net Open Premium MTM (Gain)/ Sum of Net
Contracts Contracts Position – paid Loss Lotus Hometextiles Limited
Long/(Short) (formerly known as "Lotus Texpark
Limited")
(Qty) (Qty) (Qty) (Amt ` in (Amt ` in (Amt ` in
million) (1) million) (2) million) (1+2) As at March 31, 2020 1.7% 509.7 -1.1% (35.8) -0.1% 0.5 -1.2% (35.3)
As at March 31, 2020 As at March 31, 2019 1.4% 408.1 0.1% 2.2 -0.5% (1.5) 0.0% 0.7
Currency options contracts Foreign
USD - 8.5 -8.5 -1.6 -20.0 21.6 1. Trident Infotech Inc.
Total - 8.5 -8.5 -1.6 -20 21.6 As at March 31, 2020 0.0% - 0.0% 0.0 0.0% - 0.0% 0.0
As at March 31, 2019 As at March 31, 2019 0.0% - 0.0% 0.0 0.0% - 0.0% 0.0
Currency options contracts 2. Trident Global Inc.
USD - 3.9 -3.9 -1.2 8.8 7.6 As at March 31, 2020 0.0% - 0.0% - 0.0% - 0.0% -
Total - 3.9 -3.9 -1.2 8.8 7.6
As at March 31, 2019 0.0% - 0.0% - 0.0% - 0.0% -
Eliminations/adjustments
The Group did not have any long-term contracts including derivative contracts for which there were any material foreseeable
NOTE 46. As at March 31, 2020 -0.1% (27.6) -0.2% (6.1) -0.3% 1.2 -0.2% (4.9)
losses.
As at March 31, 2019 -0.1% (32.4) -0.3% (9.4) -0.1% (0.3) -0.2% (9.7)
NOTE 47. Total As at March 31, 2020 100.0% 30,214.0 100.0% 3,397.0 100.0% (479.6) 100.0% 2,917.4
During the financial year 2019-20, the Board of Directors have declared three interim dividends i.e. two interim dividends of 9% each Total As at March 31, 2019 100.0% 29,730.2 100.0% 3,717.7 100.0% 325.7 100.0% 4,043.4
(` 0.90/- per Equity Share of ` 10/- each) and one interim dividend of 18% (` 0.18/- per Equity Share of ` 1/- each). The total dividend * Amounts given here in respect of associates are the share of the group in the net assets of the respective associates and the share
for the financial year 2019-20 is 36% (` 0.36/- per Equity Share of ` 1/- each). of the group in the profit or loss of the respective associates after intercompany elimination.

NOTE 49. INVESTMENT IN ASSOCIATES B. IMMATERIAL ASSOCIATE:

The Group share of (loss) considered in consolidated Ind AS financial statements of the Group:-
A. MATERIAL ASSOCIATE:
(` million)
The Group has a 38.9% (Previous year 37.5%) interest in Lotus Hometextiles Limited (formerly known as “Lotus Texpark Limited”) Particulars For the year ended For the year ended
which is involved in the business of spinning, weaving and finishing of textiles in India. Lotus Hometextiles Limited (formerly known as March 31, 2020 March 31, 2019
“Lotus Texpark Limited”) is a public entity that is not listed on any public exchange. The Group interest in Lotus Hometextiles Limited The Group's share of profit/(loss) from continuing operations* 0.0 0.0
(formerly known as “Lotus Texpark Limited”) is accounted for using the equity method in the consolidated Ind AS financial statements. The Group's share of other comprehensive income ** - -
The Following table illustrates the summarised financial information of the Group’s investment in Lotus Hometextiles Limited (formerly The Group's share of total other comprehensive income * 0.0 0.0
known as “Lotus Texpark Limited”). This information is based on amounts before inter-company eliminations. * represents share of loss of ` Nil (Previous year ` 1,694)
Summarised statement of profit and loss : ** represents Nil Value
(` million) NOTE 50. EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR)

Total Income 1,646.9 1,467.3 Particulars For the year ended For the year ended
Profit after tax of the associate company 47.7 105.9 March 31, 2020 March 31, 2019
Other comprehensive (loss)/income of the associate company (891.4) 361.4 (a) Gross amount required to be spent 90.3 72.6
Total comprehensive income for the year (a) (843.7) 467.3 (b) Amount spent
(i) Construction/acquisition of any asset 29.5 -
Less: Elimination of fair value (gain)/loss on Parent Company's equity shares held by the (892.6) 365.4
associate included in OCI (b) (ii) On purpose other than (i) above * 65.9 93.9
(c) Detail of related party transactions out of (b) above:
Less: Elimination of dividend income on Parent Company's equity shares held by the 126.0 83.2
- Takshiala Foundation 32.4 61.3
associate (c)
- Contribution to Trident Institute of Social Sciences 23.6 -
Less: profit on sale of Parent Company's shares held by the associate Company (d) 13.9 16.7
Profit to be considered for calculation of Group's share e =( a-b-c-d) (91.0) 2.0 * includes ` 4.5 million (previous year ` 4.5 million) on account of expenditure on administrative overheads.
Proportion of the group's ownership in Lotus Texpark Limited (f ) 38.9% 37.5%
Group’s share of profit and OCI for the year (e * f) ^ (35.3) 0.7 NOTE 51. LIST OF SUBSIDIARIES AND ASSOCIATES WITH OWNERSHIP % AND PLACE OF BUSINESS
^includes share in other comprehensive income of ` 0.5 million (Previous year : ` (1.5) million) Particulars Principal Place Proportion of Proportion of Method used to
of Business Ownership as at Ownership as at account for the
Summarised balance sheet : March 31, 2020 March 31, 2019 investment
(` million) Subsidiaries
Particulars As at As at Trident Global Corp Limited India 100% 100% At cost
March 31, 2020 March 31, 2019 Trident Europe Limited United Kingdom 100% 100% At cost
Non-current assets 3,178.4 4,474.8 Associates
Current assets 1,052.2 871.1 Trident Infotech Inc. * USA 0.0% 49.0% At cost
Non-current liabilities (298.9) (367.3) Trident Global Inc. (Investment fully written off in USA 49.0% 49.0% At cost
Current liabilities (247.0) (481.3) earlier years)
Lotus Hometextiles Limited (Formerly known as India 38.9% 37.5% At cost
Non Controlling interest (0.9) -
Reconciliation of above summarised financial information to the carrying amount of the interest in Lotus Hometextiles Limited * ceased to be Associate entity, pursuant to its voluntary dissolution
(formerly known as “Lotus Texpark Limited”) recognised in the consolidated Ind AS financial statements : NOTE 52.
(` million) In view of Ministry of Textiles, Government of India’s Gazette Notification number CG-DL-E15012020-215423 dated January 14, 2020,
Particulars As at As at the Parent Company and a subsidiary company has, during the current year, reversed the Merchandise Export from India Scheme
March 31, 2020 March 31, 2019 (MEIS) benefit of ` 531.6 million which was recognised in the books for the period from March 07, 2019 to September 30, 2019 and
Net assets of associate 3,683.8 4,497.3 has reduced the same from revenue from operations. Thereafter, the Parent Company and a subsidiary company has discontinued
Proportion of the group's ownership in Lotus Hometextiles Limited (formerly known as 38.9% 37.5%
recognising the said benefit in view of the said notification.
Proportion of the group's ownership in Lotus Hometextiles Limited (formerly known as 1,431.5 1,687.4 NOTE 53. DISCLOSURE REQUIRED UNDER SECTION 186(4) OF THE COMPANIES ACT 2013
"Lotus Texpark Limited") (a)
Adjustments a) Particulars of Corporate Guarantees given as required by Section 186(4) of Companies Act 2013
Fair value gain on Parent Company's equity shared held by the associate company not 360.1 682.8 (` million)
recognised Particulars Lotus Hometextiles Limited (Formerly known as "Lotus Texpark Limited")
Group's share on Goodwill arising on amalgamation by the associate company (31.4) - As on 01 April 2018 929.5
Gain on sale of Parent Company's shares by the associate company not recognised - 6.3 Guarantees given 811.4
Reciprocal interest in Group eliminated 116.6 114.6 Guarantees withdrawn 929.5
Decrease in capital reserve not recognized on subsequent acquisition of shares (74.5) (74.5) As on 31 March 2019 811.4
Guarantees given 640.0
Total Adjustments (b) 370.8 729.2
Guarantees withdrawn 811.4
Carrying amount of Group's interest in Lotus Hometextiles Limited (formerly 1,060.7 958.2
As on 31 March 2020 640.0
known as "Lotus Texpark Limited")(c=a-b)
The Parent Company has given corporate guarantees for business purposes to Punjab National Bank on behalf of Lotus Hometextiles
Commitments:- Limited (Formerly known as “Lotus Texpark Limited”), associate of the Parent Company. Subsequent to year end, the said guarantee has
The above associate has no capital commitments. been withdrawn.

b) Particulars of Investments made: The management has used a discounting rate of 14.9% to arrive at the fair enterprise value for the division.
(` million) Revenue Estimates: Revenue estimates are based on trends of last two years as well as based on the expectations of the management
Particulars As onInvest- Invest- Fair val- Share Other As on Invest- Invest- Fair val- Share Other As on for increase in the export sales.
Marchments ments uation of profit adjust- March ments ments uation of profit adjust- March
31, 2018
made sold gain/ in asso- ments 31, 2019 made sold gain/ in asso- ments 31, 2020 Sensitivity to changes in assumptions
during during (loss) ciates during during (loss) ciates
the year the year the year the year The implications of the key assumptions for the recoverable amount are discussed below:
Investments in equity instruments of associates (carried at cost) Discount Rate: A rise in discount rate by 5.0% i.e to 15.6% would not result in value in use being lower than the carrying amount of
Trident Global Inc.* - - - - - - - - - - - the assets.
Trident Infotech Inc.** 0.2 - - - 0.2 - (0.2) - - - -
Lotus Hometextiles 887.7 - - - 2.2 68.1 958.0 - - - (35.8) 138.5 1,060.7 Revenue Estimates: A decrease in estimated revenue by 5.0% would not result in value in use being lower than the carrying amount
Limited (Formerly of the assets.
known as "Lotus
Texpark Limited")
NOTE 55.
Quoted investments in equity instruments (carried at fair value through other comprehensive income)
World Health Organisation (WHO) declared outbreak of Coronavirus Disease (COVID-19) a global pandemic on March 11, 2020.
IOL Chemicals and 142.0 - - 197.9 339.8 - (131.8) (6.0) - - 202.0
Pharmaceuticals Consequent to this, Government of India declared lockdown on March 23, 2020 and the Parent Company temporarily suspended
Limited the operations in all the units of the Parent Company in compliance with the lockdown instructions issued by the Central and State
Unquoted investments in equity instruments (carried at fair value through profit or loss) Governments. COVID-19 has impacted the normal business operations of the Parent Company by way of interruption in production,
Nimbua Greenfield 1.2 - - - 1.2 - - - - - 1.2 supply chain disruption, unavailability of personnel, closure/lock down of production facilities etc. during the lock-down period which
(Punjab) Limited has been extended till May 17, 2020. However, production and supply of goods has commenced during the month of April 2020 on
Investment in non convertible debentures various dates at all the manufacturing locations of the Parent Company after obtaining permissions from the appropriate government
Dewan Housing Finance - 251.2 - 9.6 260.8 - (260.8) - - - - authorities.
Corporation Limited
India Bulls Housing - 250.6 - (1.2) 249.4 - (249.4) - - - - The Group has made detailed assessment of its liquidity position for the next year and the recoverability and carrying value of its
Finance Limited assets comprising property, plant and equipment, intangible assets, right of use assets, investments, inventory and trade receivables.
Investment in Bonds Based on current indicators of future economic conditions, the Group expects to recover the carrying amount of these assets. It has
Dewan Housing Finance - 94.1 - 0.8 94.9 - (94.9) - - - - also assessed the probability of occurrence of forecasted transactions under the hedging relationships and continues to evaluate them
Corporation Limited
as highly probable considering the orders in hand. The situation is changing rapidly giving rise to inherent uncertainty around the
Total 1,031.1 595.9 - 207.1 2.2 68.1 1,904.3 - (737.1) (6.0) (35.8) 138.5 1,263.9
extent and timing of the potential future impact of the COVID-19 which may be different from that estimated as at the date of approval
* written off in earlier years.
of these consolidated Ind AS financial statements. The Group will continue to closely monitor any material changes arising of future
** written off in current year.
economic conditions and impact on its business.
NOTE 54.
NOTE 56.
The Parent Company had setup its sheeting division in the year 2015-16. The carrying value of PPE and other non-current assets of the
division as at March 31, 2019 is ` 4,500.7 million (Previous year 5,040.3 million). This division manufactures various line of bed sheets. The Hon’ble National Company Law Tribunal, Chandigarh Bench (‘NCLT’) vide its order dated July 12, 2019 had approved the ‘Scheme’
The division has been incurring losses although the division has earned profit before interest and depreciation during the current and of Amalgamation of an Associate Company namely ‘Lotus Hometextiles Limited (formerly known as Lotus Texpark Limited)’for the
previous year. The management of the Parent Company has performed an impairment assessment of the said division as required by amalgamation of 8 (eight) Companies with said associate company. The Appointed date was April 1, 2018. The said Associate Company
the Ind AS 36. The management of the Parent Company has computed the fair enterprise value of the division based on Discounted had filed the said approved scheme to Registrar of Companies on July 18, 2019 being the effective date. In accordance with the Scheme,
Cash Flows (“DCF”) method. The turnover of the division has improved from ` 132.0 million for the period ended March 31, 2016 to the said Associate Company has given effect of the Scheme in the books of accounts from the effective date as provided under Indian
` 5,429.6 million for the year ended March 31, 2020. With the increasing turnover, the losses have reduced and the division has Accounting Standard 103 - Business Combinations under Section 133 of the Companies Act, 2013. As a result of said amalgamation,
a positive EBIDTA. Keeping the positive trend, the management has estimated revenue of ` 8,136 million during the year ending investment in associates and other equity is higher by ` 79.4 million each in the consolidated Ind AS financial statements.
March 31, 2021 after considering the uncertain economic situation due to global pandemic. The management has taken next 7
years projections into consideration for performing impairment analysis. Based on the outcomes of the impairment assessment, no
impairment is required as at the year end. As per our report of even date For and on behalf of the Board of Directors
The calculation of Fair Enterprise Value of the division is most sensitive to the following assumptions: For S.R. BATLIBOI & CO. LLP RAJIV DEWAN DEEPAK NANDA
Chartered Accountants Director Managing Director
Discount Rate: Discount rates represent the current market assessment of the risks specific to the division, taking into consideration ICAI firm registration number 301003E/E300005 DIN: 00007988 DIN: 00403335
the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates.
The discount rate calculation is based on the specific circumstances of the Parent Company and the division and is derived from its ANIL GUPTA GUNJAN SHROFF RAMANDEEP KAUR
Partner Chief Financial Officer Company Secretary
weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the Membership No. 87921
expected return on investment by the Parent Company’s investors. The cost of debt is based on the interest-bearing borrowings which
the Parent Company is obliged to service. Division’s specific risk is incorporated by applying individual beta factor. The beta factor is Place : New Delhi Place : Ludhiana
Date : May 16, 2020 Date : May 16, 2020
evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount
and timing of the future tax flows in order to reflect a pre-tax discount rate.

STATEMENT CONTAINING PARTICULARS OF EMPLOYEES AS PER SECTION 197(12) OF THE COMPANIES ACT,
Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 of the Companies Act, 2013 read with rule 5 of Companies (Accounts)
2013 READ WITH RULE 5(2) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014 AND FORMING PART OF THE DIRECTORS’ REPORT FOR THE FINANCIAL YEAR
Rules, 2014) ENDED MARCH 31, 2020
Statement Containing Salient Features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures
PART “A” : SUBSIDIARIES S NO., FULL NAME, DESIGNATION OF THE EMPLOYEE, REMUNERATION RECEIVED (INR) , QUALIFICATIONS AND EXPERIENCE
(` million, except otherwise stated) OF EMPLOYEE, , THE AGE OF SUCH EMPLOYEE, THE LAST EMPLOYMENT HELD BY SUCH EMPLOYEE BEFORE JOINING THE
Sr. Name of the subsidiary (1) (2) COMPANY, %AGE OF EQUITY SHARES HELD BY THE EMPLOYEE, DATE OF COMMENCEMENT OF EMPLOYEMENT, DATE OF
No. Trident Global Corp Limited Trident Europe Limited
1. Date since when subsidiary was acquired February 3, 2013 November 26, 2015 LEAVING, EXPERIENCE (YEARS), QUALIFICATIONS
2. Reporting period for the subsidiary concerned, if different from the Not Different Not Different
1, PARDEEP KUMAR MARKANDAY, CEO, 13,076,689 , 41, MBA, 63, Trident Corporation Ltd, 0.0%, 04.02.1996, NA, 2, ABHISHEK
holding company’s reporting period
3. Reporting currency and exchange rate as on the last date of the Not Applicable 1 GBP £ = Rs 90.56 GUPTA, CEO, 12,837,333 , 9, BA, 33, Trident Corporation Ltd, Nil, 01.04.2014, NA 3, ABHAY SHUKLA, CEO, 11,854,640 , 23, B.TECH,
relevant financial year in the case of foreign subsidiaries 49, VARDHMAN TEXTILES LTD, 0.0%, 11.04.2011, NA 4, KAVISH DHANDA, CEO, 11,756,681 , 18, MBA, 39, FIRST EMPLOYMENT, 0.0%,
4. Share capital 5.0 20.0 21.01.2019, NA 5, DEEPAK NANDA, Whole-time Director, 10,731,057 , 39, M.SC, 60, Trident Infotech Ltd, Nil, 25.06.2009, NA 6, RAJESH
5. Reserves & surplus 46.7 11.3
6. Total assets 247.3 17.3
GARG, CEO, 10,471,169 , 25 , B.TECH, 48, ROLTA INDIA LTD, 0.0%, 21.01.2019, NA 7, AMANDEEP *, Managing Director, 10,402,451 ,
7. Total liabilities 195.6 17.3 30, MBA, 51, Dalmia Bharat, Nil, 05-09-2019, NA 8, ASHISH AHUJA, CEO, 10,242,250 , 27, PGDM, 51, WHITE THREAD UNITED CO.,
8. Investments ` 143 - Nil, 23.04.2012, NA 9, GUNJAN SHROFF, Chief Financial Officer, 9,249,118 , 19 , MBA, 42, Trident Ltd, 0.0%, 17.12.2018, NA 10, NAVEET
9. Turnover (Total Income) 1999.9 67.6
JINDAL, CEO, 9,223,287 , 19, MBA, 42, FIRST EMPLOYMENT, 0.0%, 01.07.2000, NA
10. Profit / (Loss) before taxation 25.4 2.1
11. Provision for taxation 6.5 - *Mr Amandeep (DIN:00226905) was appointed as an Additional Director (Non-Executive Non Independent) of the Company w.e.f August 3, 2019 and w.e.f September 5, 2019, Mr
12. Profit / (Loss) after taxation 18.9 2.1
Amandeep has been designated as Managing Director. Subsequent to year end, Mr Amandeep has resigned as Director and Managing Director w.e.f. April 6, 2020.
13. Proposed Dividend Nil Nil
14. % of shareholding 100 100
Information about qualifications and last employment is based on particulars furnished by the concerned employee.
a. Names of Subsidiaries which are yet to commence operations : Nil
‒ None of the above employee is a relative of any director, except Mr Abhishek Gupta (Son of Mr Rajinder Gupta, Co-
b. Names of Subsidiaries which have been liquidated or sold during the year : Nil
Chairman)
PART “B” : ASSOCIATES AND JOINT VENTURES
‒ Remuneration received includes salary and other allowances
Statement pursuant to Section 129 (3) of the Companies Act , 2013 related to Associate Companies and Joint Ventures
(` million, except otherwise stated)
Sr. Name of Associates / Joint Ventures Trident Global Inc. Lotus Texpark Limited
No.
1. Latest audited Balance Sheet Date March 31, 2020 March 31, 2020
2. Date on which the Associate / Joint Venture was associated or acquired March 30, 2011 January 6, 2016
3. Shares of Associate / Joint Ventures held by the Company on the year end
No. 24,500 55,000,000
Amount of Investment in Associate / Joint Venture @ @
Extend of Holding % 49% 37.49%
4. Description of how there is significant influence Refer Note 1 Refer Note 1
5. Reason why the Associate / Joint Venture is not consolidated Duly Consolidated, Duly Consolidated, hence
hence not applicable not applicable
6. Networth attributable to Shareholding as per latest audited Balance Sheet # #
(Rs Million)
7. Profit / (Loss) for the year (Rs Million)
i. Considered in Consolidation # #
ii. Not Considered in Consolidation Not Applicable Not Applicable
# refer Note 49 of consolidated financial statements.
@ refer Note 4 of consolidated financial statements.
Notes :
1. There is significant influence due to percentage (%) of Share Capital.
2. The above statement also indicates performance and financial position of each of the Subsidiary and Associate Companies.
For and on behalf of the Board of Directors

RAJIV DEWAN DEEPAK NANDA
Director Managing Director
DIN: 00007988 DIN: 00403335
GUNJAN SHROFF RAMANDEEP KAUR

Chief Financial Officer Company Secretary
Place : Ludhiana
Date : May 16, 2020

Notes
Corporate Information
Board of Directors Bankers

Ms Pallavi Shardul Shroff State Bank of India
Mr Rajinder Gupta Bank of Baroda
Mr Dinesh Kumar Mittal Bank of India
Mr Rajiv Dewan Canara Bank (including erstwhile Syndicate Bank)
Ms Pooja Luthra Central Bank of India
Mr Deepak Nanda Export Import Bank of India
Chief Financial Officer Indian Bank (including erstwhile Allahabad Bank)
Mr Gunjan Shroff IndusInd Bank
Company Secretary Punjab National Bank (including erstwhile Oriental Bank of Commerce)
Ms Ramandeep Kaur Union Bank of India (erstwhile Corporation Bank)
Investor Relations HDFC Bank Limited
Mr Abhinav Gupta ICICI Bank Limited
Statutory Auditors Registrar & Transfer Agent
S.R. Batliboi & Co. LLP Alankit Assignments Limited
Internal Auditors (Unit: Trident Limited)
205-208, Anarkali Complex,
Sahni Natrajan and Bahl Jhandewalan Extension, New Delhi -110 055
Secretarial Auditors Tel : +91-11-23541234, 42541234
Email : rta@alankit.com
Vinod Kothari & Co.
www.tridentindia.com

&RUSRUDWH2ɝFH
E-212, Kitchlu Nagar
Ludhiana – 141 001
Tel: +91-161-5039999
Fax: +91-161-5039900
TRIDENT LIMITED
L99999PB1990PLC010307
www.tridentindia.com

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Excellence

FINANCIAL STATEMENTS 78 - 215 Our sincere endeavours, prudent strategies and

In the process, we have always been optimising

Trident – A mark of excellence

20 26 Bath & Bed Linen

2 Trident Limited 30th Annual Report 2019-20 3

4 Trident Limited 30th Annual Report 2019-20 5

Excellence in our business model:

Vision Our values

Financial Capital ó 6OJRVFQSPEVDUTUPTVJUUIFNBSLFUEFNBOE

6 Trident Limited 30th Annual Report 2019-20 7

Driving excellence through

100% cotton combed yarn Blended yarn Certified cotton yarn

Luxury organic Dobby texture bath mats

Branded copier paper Cartridge paper Trident Royale

8 Trident Limited 30th Annual Report 2019-20 9

A year of relentless GEOGRAPHICAL DISTRIBUTION OF REVENUE (%)

European Patent Office. * Adjusted for stock split to make it comparable

10 Trident Limited 30th Annual Report 2019-20 11

DIVIDEND (%) 36% 30% 15% 15% 9% 6% 3% 12%

12 Trident Limited 30th Annual Report 2019-20 13

Driving excellence through Domestic Presence

14 Trident Limited 30th Annual Report 2019-20 15

Excellence in what we create.

We have continuously invested into brand building

16 Trident Limited 30th Annual Report 2019-20 17

Excellence in how we create.

18 Trident Limited 30th Annual Report 2019-20 19

Excellence at its Best

This accolade adds heaps of motivation and drive in Company’s

20 Trident Limited 30th Annual Report 2019-20 21

Excellence in what we care for.

22 Trident Limited 30th Annual Report 2019-20 23

24 Trident Limited 30th Annual Report 2019-20 25

Global Economy Trident’s response to COVID-19

26 Trident Limited 30th Annual Report 2019-20 27

28 Trident Limited 30th Annual Report 2019-20 29

Bed Linen Key highlights

Product portfolio Branded copier Writing and Bible and offset

Decorative Pillows Platinum Line

Highlights 2019-20 Future Prospects Highlights 2019-20 Future Prospects

30 Trident Limited 30th Annual Report 2019-20 31

Risk and Concerns

32 Trident Limited 30th Annual Report 2019-20 33

Section D: BR Information No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Remarks

34 Trident Limited 30th Annual Report 2019-20 35

36 Trident Limited 30th Annual Report 2019-20 37

38 Trident Limited 30th Annual Report 2019-20 39

and seminar organized by the various associations and Principle 9

40 Trident Limited 30th Annual Report 2019-20 41

42 Trident Limited 30th Annual Report 2019-20 43

44 Trident Limited 30th Annual Report 2019-20 45

Annexure II to the Directors’ Report Annexure III to the Directors’ Report

46 Trident Limited 30th Annual Report 2019-20 47

For and on behalf of the Board

Rajiv Dewan Deepak Nanda

48 Trident Limited 30th Annual Report 2019-20 49

50 Trident Limited 30th Annual Report 2019-20 51

52 Trident Limited 30th Annual Report 2019-20 53

J Inventories ó -BOE UPZFBST