Syngenta India Ltd. Annual Report 2017-18 PDF

12 Syngenta India Limited
19th Annual Report 2017-18
Board of Directors Prakash K. Apte Non-Executive Chairman

Bipinchandra C. Solanki Managing Director (upto March 31, 2018)
Rafael Del Rio Managing Director (w.e.f April 23, 2018)
Abhishek Agarwal Whole-time Director and Chief Financial Officer
Narendra Kulkarni Whole-time Director
Sumie Fujimura Director
Govind P.S. Bene Director (upto August 3, 2018)
Vinnakota Kaundinya Ramachandra Independent Director
Balaji Bakthisaran Independent Director

Company Secretary Arundhati Kulkarni

Statutory Auditors M/s. B. S. R. & Associates LLP, Chartered Accountants
Bankers Citibank NA
The Hongkong and Shanghai Banking Corporation Limited (HSBC)
Registered Office Amar Paradigm, S.N. 110/11/3

Baner Road, Baner, Pune - 411 045
Works / Plants Ranebennur Plant

Survey no. 39-1A/1B/2B,
Kajjari-Asundi Road,
Ranebennur – 581 115
Karnataka

Nuthankal Plant
Survey No. 660,
Nuthankal Village 501 401
Medchal Mandal, Rangareddy District,
Andhra Pradesh

Kodakandla Plant
Survey No. 38(p), 39(p), 40(p) & 43(p) Kodakandla Village,
Gajwal Mandal, Medak District,
Telangana – 502312
Registrar & Transfer Agent M/s. Link Intime India Private Limited
202, Akshay Complex, Dhole Patil Road,
Near Ganesh Temple, Pune, Maharashtra 411001
Tel : 020-2616 1629
Email: [email protected]
Nineteenth Annual General Meeting

Friday, 28th September, 2018 at 11.00 a.m.
The Orchid Hotel, adjacent to Chhatrapati Shivaji Sports Complex,
Pune-Bangalore Highway, Balewadi, Pune – 411045
Members are requested to bring their copy of the Annual Report to the meeting.
Members are also requested to direct all correspondence relating to shares to the
Company’s Registrar and Transfer agents, M/s Link Intime India Private Limited, at
the address above, quoting their folio numbers and in case their shares are held in
dematerialized form, quoting the Client ID Number and the DP ID Number.
Syngenta India Limited 13
CONTENTS
Notice.................................................................................................... 14
Explanatory Statement.......................................................................... 20
Directors' Report ................................................................................... 23
Management Discussion and Analysis Report...................................... 52
Report on Corporate Governance......................................................... 56
Auditors' Report..................................................................................... 63
Balance Sheet....................................................................................... 72
Statement of Profit and Loss ................................................................ 73
Cash Flow Statement............................................................................ 74
Notes to Accounts................................................................................. 76
Five Year Highlights............................................................................. 135

NOTICE
NOTICE is hereby given that the Nineteenth Annual General Meeting of the Members of Syngenta India Limited will be
held at The Orchid Hotel, adjacent to Chhatrapati Shivaji Sports Complex, Pune-Banglore Highway, Balewadi, Pune
411 045 on Friday, September 28, 2018 at 11.00 a.m. to transact the following business:
ORDINARY BUSINESS
1. To receive, consider and adopt the Statement of Profit and Loss for the year ended March 31, 2018 and the
Balance Sheet as at that date together with the reports of the Board of Directors and the Auditors thereon.
2. To declare dividend on equity shares for the year ended March 31, 2018.
3. To appoint a Director in place of Ms. Sumie Fujimura (DIN : 07754562), who retires by rotation and being eligible
offers herself for re-appointment.
4. To appoint a Director in place of Mr. Abhishek Agarwal (DIN: 03481395), who retires by rotation and being
eligible offers himself for re-appointment.
5. To ratify the appointment of Statutory Auditor of the Company and to fix their remuneration and to pass, with or
without modification(s), the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to Sections 139, 142 and other applicable provisions of the Companies Act, 2013,
if any, read with Companies (Audit and Auditors) Rules, 2014 (including any statutory modification thereto or
re-enactment thereof for the time being in force) and pursuant to the resolution passed by the members at the
Annual General Meeting (AGM) held on September 23, 2014, the appointment of M/s. B S R & Associates
LLP, Chartered Accountants (Firm Registration No. 116231W/W-100024) be and is hereby ratified as the
Statutory auditor of the Company to hold office from the conclusion of the 19th AGM till the conclusion of the
20th AGM, on such remuneration as may be approved by the Board of Directors of the Company, based on the
recommendation of the Audit Committee, in addition to reimbursement of all out-of-pocket expenses as may be
incurred in connection with audit of the accounts of the Company.”
SPECIAL BUSINESS
6. To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary
Resolution:
“RESOLVED THAT in accordance with the provisions of Section 161 and other applicable provisions, if any, of
the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014
and as per the provisions of the Articles of Association of the Company, Mr. Rafael Del Rio (DIN: 08105128)
who was appointed as an Additional Director of the Company by the Board of Directors with effect from April 23,
2018 and holds office until the date of ensuing Annual General Meeting and in respect of whom the Company
has received a notice in writing from a member under Section 160 of the Companies Act, 2013 signifying his
intention to propose Mr. Rafael Del Rio as a candidate for the office of a Director of the Company, be and is
hereby appointed as a Director of the Company not liable to retire by rotation.”
“RESOLVED FURTHER THAT for the purpose of giving effect to this resolution and to comply with the applicable
laws in relation to the same, Company Secretary or any one of the Directors of the Company, be and is hereby
severally authorized to do all such acts, deeds, matters and things as may be necessary.”
7. To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary
Resolution:
“RESOLVED THAT subject to the approval of Central Government and in accordance with the provisions of
Sections 196, 197 read with Schedule V and all other applicable provisions of the Companies Act, 2013 and
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory
modification thereto or re-enactment thereof for the time being in force) and as per the provisions of the Articles
of Association of the Company, the approval of the Members be and is hereby accorded to the appointment of
Mr. Rafael Del Rio (DIN: 08105128) as Managing Director of the Company for the period from April 23, 2018 to
April 22, 2021, upon the terms and conditions as set out in the Agreement entered into between the Company
and Mr. Rafael, with authority to the Board of Directors (“the Board”, which term shall include any committee of
the Board) and to alter, vary and modify the terms and conditions of the said appointment and/or Agreement, in
such manner as may be agreed to, between the Board and Mr. Rafael.”
“RESOLVED FURTHER THAT for the purpose of giving effect to this resolution and to comply with the applicable
laws in relation to the same, Company Secretary or any one of the Directors of the Company, be and is hereby
severally authorized to do all such acts, deeds, matters and things as may be necessary.”
8. To pass with or without modification(s), the following resolution as an Ordinary Resolution:
“RESOLVED THAT the Company hereby ratifies the remuneration of Rs.3,85,000/- (Rupees Three Lakhs Eighty
Five Thousand only) plus applicable taxes and out of pocket expenses at actual payable to M/s. Dhananjay V.
Joshi and Associates, Cost Accountants who were appointed as Cost Auditor of the Company to conduct cost
audit relating to insecticides, subject to provisions of the Companies Act, 2013 (including amendment thereof)
as may be applicable, for the financial year 2018 - 19.”
By Order of the Board of Directors

SYNGENTA INDIA LIMITED
Date: August 10, 2018 Arundhati Kulkarni

Place: Pune Company Secretary
Registered Office:
Amar Paradigm, S. No. 110/11/3,
Baner Road, Pune 411045
NOTES:
1. A Statement pursuant to Section 102 of the Companies Act, 2013 in respect of business under Item No. 5 to 8
is annexed hereto.
2. A MEMBER OF THE COMPANY ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO
APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF AND A PROXY NEED NOT
BE A MEMBER OF THE COMPANY. A PROXY IN ORDER TO BE EFFECTIVE MUST BE RECEIVED AT
THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN 48 (FORTY–EIGHT HOURS) BEFORE
COMMENCEMENT OF THE MEETING.
3. Corporate members intending to send their authorized representatives to attend the Meeting are requested to
send to the Company a certified copy of the Board Resolution authorizing their representative to attend and vote
on their behalf at the Meeting.
4. Members/Proxies should fill in the Attendance Slip for attending the Meeting.
5. The Register of Members and the Share Transfer Books of the Company will remain closed from September 22,
2018 to September 28, 2018 (both days inclusive).
6. Dividend, if declared at the Nineteenth Annual General Meeting will be paid on and from October 4, 2018
to those members whose names appear on the Register of Members of the Company, after giving effect to
valid transfers in respect of the shares lodged with the Company on or before the close of business hours on
September 21, 2018 or to their mandates. The dividend in respect of shares held in electronic form would be
payable to the beneficial owners of shares recorded with the Depositories as of the end of September 21, 2018
as per details furnished by the Depositories for the purpose.
7. Pursuant to the provisions of the Companies Act, 2013, the unclaimed/unpaid dividend till the financial year ended
March 31, 2011 will be transferred to the Investor Education and Protection Fund of the Central Government
(“the Fund”) in the month of December 2018. Shareholders are requested to note that once unpaid/unclaimed
amounts are transferred to the Fund, no claim shall lie against the Company. Shareholders who have not yet
encashed their dividend warrants are requested to do so sufficiently in advance before the said transfers take
place.
8. APPEAL TO SHAREHOLDERS:
a) Registration of Automated Clearing House (ACH) Mandate
With a view to provide protection against fraudulent encashment of dividend warrants, members holding
shares in physical form are requested to avail the ACH facility due to which dividend will directly get credited
to the account of shareholder and confirmation regarding the credit of dividend will be communicated to
the shareholder immediately. For the said purpose, members are requested to furnish their bank account
details such as Name of the Bank, Branch, its address, Account No., 9 digit MICR Code and type of
Account i.e. savings or current account under the signature of the Sole/ First joint holder. Members will
appreciate that the Company will not be responsible for any loss arising out of fraudulent encashment of
Dividend Warrants.
b) Registration of E-mail address
In order to encourage the ‘Go Green Initiative’, members who have not registered their e-mail address
so far are requested to register their e-mail address for receiving all communication including Annual
Report,Notices, Circular etc. from the Company electronically.
c) Registration of Nomination
Members who have not yet registered their nominee in respect of their shareholding in the Company
are requested to register the Nomination immediately. The shareholders are requested to send their
communications in the following manner:
In case your shares are in physical mode - with the Company’s Registrar and Transfer Agent: M/s. Link
Intime India Private Limited at 202, Akshay Complex, Dhole Patil Road, near Ganesh Temple, Pune,
Maharashtra 411001.
In case your shares are in demat mode - with the concerned Depository Participant (DP), by following the
related procedure as laid down by the concerned DP.
d) Members are also requested to notify immediately any change in their address/bank mandate/bank
account particulars to the Company’s Registrar and Transfer Agent, at the above mentioned address
and incase their shares are held in electronic form, this information should be sent to the Depository
Participant with whom they have their demat account.
e) For route map to reach the venue of AGM, please refer the last page of Annual Report.
9. VOTING THROUGH ELECTRONIC MEANS
In compliance with provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies
(Management and Administration) Rules, 2014 as amended from time to time, the Company is pleased to
provide to the members the facility to exercise their right to vote at the 19th Annual General Meeting (AGM) by
electronic means and the business mentioned in Notice relating thereto may be transacted through the E-voting
services provided by National Securities Depository Limited (NSDL). It is clarified that it is not mandatory for a
member to vote using e-facility and a member may avail of said facility at his/her discretion.
Cut off date and E-voting dates:
• Members holding shares either in Physical or Dematerialized form as on the cut-off date of
September 21, 2018 may cast their votes electronically.
• The E-voting period for the members who hold shares as on the cut-off date commences on
September 25, 2018 from 9.00 a.m. and ends on September 27, 2018 upto 5.00 p.m. The e-voting
module shall be disabled by NSDL for voting thereafter. Once the vote on a resolution is cast by
the member, the member shall not be allowed to change it subsequently.
The instructions for E-voting are as under:
A. In case a Member receives an email from NSDL [for members whose email IDs are registered
with the Company / R & T Agent viz. Link Intime (India) Private Limited / Depository
Participant(s)]:
1. Open email and open PDF file viz. “SIL e-Voting.pdf” with your Folio no. / Client ID as password.
The said PDF file contains your User ID and password/PIN for remote E-voting. Please note that
the Password is an initial password.
2. Open internet browser by typing the following URL viz. https://www.evoting.nsdl.com.
3. Click on Shareholder-“Login”
4. Insert ‘USER ID’ and ‘Initial Password’ as noted in Step 1 above then click ‘Login’.
5. The Password Change Menu will appear on your screen. Change to a new Password of your
choice making sure that, it contains a minimum of 8 digits or characters or combination of the two.
Please take utmost care to keep your Password confidential.
6. You need to login again with the new credentials. Home page of E-voting will open. Click on
“Evoting- Active Voting Cycles.”
7. Select the EVEN (Electronic Voting Event Number) of Syngenta India Limited which is provided in
the Attendance Slip.
8. Now you are ready for e-voting as ‘the Cast Vote’ page opens.
9. On the voting page, you may cast your vote by selecting an appropriate option “FOR” or “AGAINST”
and click “SUBMIT”. A confirmation box will be displayed. Click “OK” to confirm or “CANCEL” to
modify. Once you confirm, you will not be allowed to modify your vote. Upon confirmation, the
message “Vote cast successfully” will be displayed.
10. You can similarly vote in respect of all other resolutions forming part of Notice of the Annual General
Meeting. During the voting period, Members can login any number of times till they have voted on
all the Resolutions.
11. If you wish to log out after voting on a few resolutions and continue voting for the balance resolutions
later, you may click on “RESET” for those resolutions for which you have not yet cast the vote.
12. Corporate/Institutional Members (i.e. members other than Individuals, HUF, NRI etc.) are required
to send a scanned copy (PDF/JPG Format) of the relevant Board Resolution/Authority letter
etc. together with attested specimen signature(s) of the duly authorized signatory(ies) who are
authorized to vote, to the Scrutinizer through e-mail at [email protected] with a copy
marked to [email protected]
B. For Members holding shares in Dematerialised form whose e-mail IDs are not registered
with the Company/ Depository Participants, Members holding shares in Physical Form as
well as those Members who have requested for a Physical copy of the Notice and Annual
Report, the following instructions may be noted:
1. Initial password will be provided at the bottom of the Attendance slip for the AGM :
EVEN (E-Voting Event Number) USER ID PASSWORD/PIN
2. Please follow all steps from Sr. No. (2) to (12) above, to cast vote.
General information/instructions for members for voting on the Resolutions:
a. You can also update your mobile number and e-mail id in the User Profile details of the folio,
which may be used for sending future communication(s).
b. Members who are already registered with NSDL for E-voting can use their existing User ID
and password for casting their votes.
c. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for members
and evoting user manual for members available on the website www.evoting.nsdl.com
under the‘ Downloads section’. You can also contact NSDL via email at or on Toll Free
No.1800-222-990.
d. Members who have cast their vote by remote E-voting prior to the Meeting may also attend
the Meeting, but shall not be entitled to vote again at the AGM.
e. The voting rights of the Members (for voting through remote E-voting or by Ballot Paper at
the Meeting) shall be in proportion to their share of the paid up Equity Share Capital of the
Company as on September 21, 2018 (“cut off date”). A person whose name is recorded in the
Register of Members or in the Register of Beneficial Owners maintained by the Depositories
as on the cut off date, only shall be entitled to avail the facility of remote E-voting as well as
voting at the AGM.
f. Any person who acquires shares of the Company and becomes a Member of the Company
after the dispatch of the AGM Notice and holds shares as on the cut off date, i.e. September
21, 2018, may obtain the login Id and password by sending a request at evoting@nsdl.
co.in. However, if you are already registered with NSDL for remote E-voting, then you can
use your existing User ID and password for casting your vote. If you have forgotten your
password, you may reset your password by using “Forgot User Details/Password” option
available on https://www.evoting.nsdl.com or contact NSDL on Toll Free No. 1800-222-
990.
g. Mr. Devendra Deshpande, proprietor of DVD & Associates, Practicing Company Secretaries,
Pune (Membership No. FCS 6099 and CP No. 6515) has been appointed by the Board of
Directors of the Company as Scrutinizer for scrutinizing the voting process at the AGM in a
fair and transparent manner.
h. Facility of voting through Ballot Paper shall also be made available at the Meeting. Members
attending the Meeting, who have not already cast their vote by remote E-voting, shall be
able to exercise their right at the meeting. The Chairman shall, at the AGM, at the end
of discussion on the Resolutions on which voting is to be held, allow the voting with the
assistance of Scrutinizer for all those members who are present at the AGM but have not
cast their votes by availing remote E-votingfacility by use of “Ballot paper”.
i. The Scrutinizer shall, immediately after the conclusion of voting at the AGM, first count the
votes cast at the Meeting, thereafter unblock the votes cast through remote E-voting, in the
presence of at least two (2) witnesses not in the employment of the Company.
j. The Scrutinizer will collate the votes cast at the Meeting and votes downloaded from the
E-voting system and make, not later than three days from the conclusion of the Meeting, a
consolidated Scrutinizer’s Report of the total votes cast in favour or against, if any, to the
Chairman or a person authorised by him in writing.
k. The Chairman or the person authorised by him in writing forthwith on receipt of the
consolidated Scrutinizer’s Report, declare the result of the voting. The Results declared,
along with the Scrutinizer’s Report, shall be placed on the weblink http://www.syngenta.
co.in/nformation-investors and on the website of NSDL https://www.evoting.nsdl.
com within 3 working days of passing of the resolutions at the AGM of the Company on
September 28, 2018.
EXPLANATORY STATEMENT AS REQUIRED UNDER SECTION 102(1) OF THE COMPANIES ACT, 2013
The following statement sets out all material facts relating to certain Ordinary Business and all the Special Business
mentioned in the accompanying Notice:
Item No. 5
This explanatory statement to Item No. 5 is provided though strictly not required as per Section 102 of the Companies
Act, 2013.
In the fifteenth AGM of the Company held on September 23, 2014, M/s. B S R & Associates LLP, Chartered Accountants
were appointed as Statutory Auditor of the Company for a period commencing from the conclusion of the 15th AGM till
the conclusion of the 20th AGM, subject to ratification of their appointment by the members of the Company at every
AGM.
The Company has received an eligibility certificate from the auditor confirming that they are eligible for appointment
as auditor of the Company under Section 139 of the Companies Act, 2013 read with Rule 4 of the Companies (Audit
and Auditors) Rules, 2014, and they are not disqualified for such appointment within the meaning of Section 141 of the
Companies Act, 2013.
It is proposed to ratify the appointment of M/s. B S R & Associates LLP, as Statutory Auditor of the Company for the
year 2018-19.
The Directors recommend the Resolution at Item No. 5 of the Notice for your ratification.
None of the Directors/Key Managerial Personnel of the Company and their relatives is/are, in any way, concerned
orinterested, financially or otherwise, in this resolution.
Item No.6 and 7
Mr. Rafael Del Rio was appointed as an Additional Director on the Board of the Company with effect from April 23,
2018 in accordance with provision of section 161 of the Companies Act, 2013. At the same meeting, the Board also
appointed Mr. Rafael as Managing Director for a period of three years from April 23, 2018 to April 22, 2021 on the terms
and conditions as set out in the agreement executed between the Company and Mr. Rafael as approved by the Board,
subject to approval from the Central Government and of the members at the ensuing Annual General Meeting.
Pursuant to the provisions of Section 161 of the Companies Act, 2013, Mr. Rafael will hold office upto the date of
ensuing AGM. The Company has received notice in writing under the provisions of Section 160 of the Companies Act,
2013 from a member alongwtih a deposit of Rs.1,00,000/- proposing the candidature of Mr. Rafael for the office of
Director.
Mr. Rafael is an Agronomist Engineer from Pontificia Universidad Catolica De Chile.
He was selected for the position of Managing Director after taking into consideration his special skills, knowledge and
experience relevant to this position with Syngenta and its legacy Companies for 23 years.
Mr. Rafael has given his consent to act as a Director and he is not disqualified in terms of Section 164 of the Companies
Act, 2013.
Mr. Rafael holds Nil (0.00%) equity shares in the Company.

In view of the provisions of Sections 196, 197 read with Schedule V and other applicable provisions, if any, of
the Companies Act, 2013, the appointment for the period from April 23, 2018 upto April 22, 2021 and payment of
remuneration to Mr. Rafael is now being placed before the Members for your approval.
The abstract of the terms and conditions contained in the agreement is as under:
Overall Remuneration
Subject to the provisions of Sections 196 and 197 of the Companies Act, 2013 and other applicable provisions of
the Act, if any, the remuneration payable to Mr. Rafael in any financial year shall not exceed 5% (five percent) of the
net profits for one such Managing / Whole-time Director, and if there is more than one such Managing / Whole-time
Director, 10% (Ten percent) for all of them together, of the net profits of the Company, or such other limits as may be
specified under the concerned legislation prevailing from time to time. Within the aforesaid ceiling, the remuneration
payable to Mr. Rafael shall be as follows:
Compensation
Indian Rupees equivalent of PAB 479,260 per annum, with annual increments as per the practice of Home Company
and adjusted to reflect changes such as promotion or merit increase as per the Assignment position’s Home base
salary.
Incentives
As per the International Assignment Policy (IAP) communicated to Mr. Rafael.
Perquisites
As per the IAP communicated to Mr. Rafael, following perquisites and benefits shall be offerred to him namely:
• Medical Insurance
• Quality of living Allowance
• Home Leave Allowance
• Relocation Allowance
• Spouce / Partner Allowance
• Housing
• Car / Transport Allowance
• Club Membership
• Vacation
• Repatriation Allowance
Minimum Remuneration:
• Where in any financial year during the currency of the tenure of Mr. Rafael Del Rio, the Company has no profits
or its profits are inadequate, the Company will pay to the Managing Director, remuneration by way of Salary,
Benefits, Perquisites and Allowances, and Incentive as specified above.
Reimbursement of entertainment expenses:
• Mr. Rafael shall be reimbursed all entertainment expenses that he may incur for promotion of business or in the
course of business of the Company.
• Mr. Rafael shall not be entitled to sitting fees for Meeting of the Board/Sub-Committee of the Board attended by
him.
• This Agreement is subject to termination by either party giving to the other party three months’ notice in writing
at the party’s address given above or by making a payment of equivalent salary in lieu thereof.
• The Company may terminate this Agreement forthwith by notice in writing to Mr. Rafael if he shall become
bankrupt or make any composition or arrangement with his creditors or if he shall cease to be a Director or shall
commit a breach of any of the terms, conditions and stipulations herein contained and on his part to be observed
and performed.
• The provisions of the Syngenta Code of Conduct shall be deemed to have been incorporated into the Agreement
by reference. The Managing Director shall during his term, abide by the provisions of the Syngenta Code of
Conduct in spirit and in letter and commit to assure its implementation.
Except Mr. Rafael, none of the other Directors or Key Managerial Personnel of the Company or their relatives is
concerned or interested, financially or otherwise, in this resolution.
The Board recommend resolutions set out in Item no. 6 and 7 of the Notice for approval of members.
Item No. 8
The Board of Directors of the Company has appointed M/s. Dhananjay V. Joshi and Associates, Cost Accountants,
Pune, as Cost Auditor of the Company to audit the accounts relating to Insecticides products for the Financial Year
ended March 31, 2018.
Remuneration payable to M/s. Dhananjay V. Joshi and Associates, Cost Auditor of the Company for the financial year
ended March 31, 2018 was recommended by the Audit Committee to the Board of Directors and subsequently, was
considered and approved by the Board of Directors at its meeting held on June 20, 2018.
In accordance with the provisions of Section 148 of the said Act read with the Companies (Audit and Auditors) Rules,
2014, the remuneration payable to the Cost Auditor has to be ratified by the Members of the Company. The Board
recommends resolution set out in Item no. 8 of the Notice for ratification by members.
None of the Directors or Key Managerial Personnel of the Company or their relatives are concerned or interested,financially
or otherwise in this resolution.
By order of the Board of Directors
Date: August 10, 2018 Arundhati Kulkarni

Place: Pune Company Secretary
Directors' Report
Your Directors have pleasure in presenting the Nineteenth Annual Report and the Audited Accounts of the Company
forthe year ended March 31, 2018.
1. Financial Results or Highlights:

(Rupess ‘Lakhs’)
Particulars For the year ended

31-Mar-18 31-Mar-17
Revenue from Operation 271,803 266,947
Other Income 16,869 13,066
Total 288,672 279,953
Operating Profits before Finance costs, Depreciation and Tax 46,408 44,980
Finance costs 380 81
Depreciation 2,025 1,933
Provision for taxation (including deferred tax) 15,724 15,235
Profit After Tax 28,279 27,731
Profit from discontinued operations (after tax) - 1,102
Other comprehensive income -387 -291
Total comprehensive income for the year 27,892 28,542
Balance Brought forward from Previous Year 197,122 173,445
Amount available for appropriation 225,014 201,987
Dividend 1,647 1,647
Tax on Dividend 335 335
Transfer to General Reserve 2,828 2,883
Balance carried forward 220,204 197,122
2. Dividend:
Your Directors have recommended a dividend @ 100% (Rs.5.00 per Equity Share on 32,943,708 Equity Shares
of Rs.5.00 each) for the year ended March 31, 2018. This will absorb a sum of Rs.1,982 Lakhs including Rs.335
Lakhs by way of dividend tax.
3. Share Capital:
The Company’s paid up share capital is Rs.164,718,540/- comprising of 32,943,708 shares of Rs.5/- each as on
March 31, 2018.
4. State of Company’s Affairs:
Financial performance:
The revenue from operations of the Company for the current year was Rs.271,803 Lakhs as against Rs.266,947
Lakhs of previous year. The profit after tax in 2017-18 stood at Rs.28,279 Lakhs as against Rs.27,731 Lakhs in
the previous year.
The sales of domestic Crop Protection decreased by 3.1 % and of Seeds business decreased by 12.7% over
the previous year. This is on account of adverse weather conditions impacting both Crop Protection and Seeds
business with low pest pressure in major crops like Wheat, Rice, Pulses and continued low output prices in hot
Pepper, Potato & Veg.
Our exports business of Crop Protection has increased by 37.3% and that of seeds business by 68.5% compared
to previous year. This is due to higher demand majorly from Asian markets.
5. Directors and Key Managerial Personnel:
• Directors retire by rotation:
In accordance with Article 192 of the Articles of Association of the Company read with Section 152 of the
Companies Act, 2013, Ms. Sumie Fujimura and Mr. Abhishek Agarwal retire by rotation at the ensuing
Annual General Meeting and being eligible, offer themselves for re-appointment.
• Resignation of Directors:
1. Mr. Bipinchandra C. Solanki, superannuated from the Services of the Company and resigned as a
Managing Director as well as Director of the Company w.e.f. April 1, 2018.
2. Mr. Govind Bene, resigned as a Director of the Company w.e.f. August 3, 2018.
The Board of Directors wish to place on record their sincere appreciation for the valuable services rendered
by Mr. Solanki during his association with the Company as a Managing Director of the Company.
The Board of Directors also wish to place on record their sincere appreciation for the valuable services
rendered by Mr. Bene during his association with the Company as a Director of the Company.
• Appointment of Additional Director and Managing Director
Mr. Rafael Del Rio was appointed as an additional and Managing Director of the Company w.e.f. April 23,
2018 for a period of 3 years i.e. upto April 22, 2021, subject to the approval of Central Government.
• Statement of Declaration given by the Independent Directors under Section 149(7)
The Independent Directors have submitted the declaration of independence, as required pursuant to
Section 149 (7) of the Companies Act, 2013, stating that they meet the criteria of Independence as
provided in sub-section (6). The Independent Directors have confirmed and declared that they are not
dis-qualified to act as Independent Directors in compliance with the provisions of Section 149 of the
Companies Act, 2013 and the Board is also of the opinion that the Independent Directors fulfill all the
conditions specified in the Companies Act, 2013 making them eligible to act as Independent Directors.
• Separate Meeting of Independent Directors
In terms of requirements under Schedule IV of the Companies Act, 2013, a separate meeting of the
Independent Directors was held on March 20, 2018.
The Independent Directors at the meeting, inter alia, reviewed the following:
• Performance of Non - Independent Directors and Board as a whole;
• Performance of the Chairman of the Company, taking into account the views of Executive Directors
and Non-Executive Directors;
• Assessed the quality, quantity and timeliness of flow of information between the Company
management and the Board that is necessary for the Board to effectively and reasonably perform
their duties.
On the basis of feedback received from the Independent Directors, Evaluation Report was submitted to
the Board for their noting.
6. Meetings of the Board of Directors:
A calendar of meetings was prepared and circulated in advance to the Directors. The intervening gap between
the Meetings was within the period prescribed under the Companies Act, 2013. During the year, Seven board
meetings were convened. The details of number of meetings of the Board are provided in the Corporate
Governance Report which forms part of this Report.
7. Committees of the Board:
Following are the Committees of the Board:
• Audit Committee
• Corporate Social Responsibility Committee
• Nomination & Remuneration Committee
• Stakeholders Relationship Committee
Details of the Constitution, terms of references of each committee and number of meetings attended by individual
Director are provided in the Corporate Governance Report which forms part of this Report.
8. Corporate Social Responsibility (CSR):
Your Company is guided by the conviction that value creation depends on the successful integration of
business,social and environmental performance. It is committed to promote and maintain high standards of
corporate responsibility in the communities in which we operate. The Company acts in accordance with its
Code of Conduct and its Health, Safety and Environmental Policy, which respects human rights and embraces
internationally, accepted regulations and the highest scientific standards.
CSR Vision of the Company is “To contribute actively to enhance and sustain the development of communities
in which we operate”.
CSR Policy of the Company is placed on web link http://www.syngenta.co.in/Information-Investors. Report on

CSR activities is enclosed as Annexure 1.
9. Policy on Prevention, Prohibition & Redressal of Sexual Harassment at the Work place:
The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of The
Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. An
Internal Complaints Committee has been set up to address complaints regarding sexual harassment. All
employees(permanent, contractual, temporary, third parties) are covered under this policy.
During the year 2017 -18, no complaint was received by the Committee related to sexual harassment.
10. Risk management:
The Company has a well laid out Risk Management Policy, covering the process of identifying, evaluating,
assessing, mitigating and monitoring critical risks impacting the achievement of Company’s strategy, objectives
or which threatens its existence.
Company’s Risk Management is implemented through the Territory Leadership Team (TLT) comprising of its
senior management. The TLT through its Compliance & Risk Management (C&RM) agenda, identifies risks
to the strategic agenda, evaluates those risks, assesses the cause and consequence for prioritized risk, and
formulates preventive and mitigating actions.
The TLT reviews each risk strategically on a quarterly basis. The Leadership Team also discusses emerging
risks as part of risk management foresight on an annual basis.
The progress on risk management is placed before the Audit Committee periodically and the Audit committee
updates the Board on the risk management.
11. Directors’ Responsibility Statement:
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, the Board
of Directors, to the best of their knowledge and ability, confirm that:
a. in the preparation of the annual accounts, the applicable accounting standards have been followed
alongwith proper explanation relating to material departures;
b. they have selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company as on March 31, 2018 for the period April 1, 2017 to March 31, 2018 and of the profit of the
Company for that period;
c. they have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities;
d. they have prepared the annual accounts on a going concern basis; and
e. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that
such systems were adequate and operating effectively.
12. Details of conservation of energy, technology absorption, foreign exchange earnings and outgo:
Information required under Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts)
Rules,2014, with respect to conservation of energy, technology absorption and foreign exchange earnings/outgo
isenclosed as Annexure 2.
13. Particulars of Employees:
Particulars of employees covered under Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 shall be made available to the members upon their request to the Company
Secretary of the Company.
14. Investor Education and Protection Fund:

Unclaimed dividend for the financial year ended March 31, 2011 would be transferred to Investor Education and
Protection Fund Account in December 2018, pursuant to the provisions of the Companies Act, 2013.
Further, pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules’), the shares on which dividend has not
been paid or claimed by the shareholders for seven consecutive years or more shall also be transferred to
the demat account of the IEPF Authority. Accordingly, the Company transferred 100,863 shares to the IEPF
Suspense Account as per the requirements of the IEPF rules. The details are provided in the Shareholder
information section of this Annual Report and are also available on our website, at https://www.syngenta.co.in/
information-investors.
15. Health, Safety and Environment:
Health, Safety and Environment (HSE), the core value of the Company, remains one of the high focus areas.
Steps required to embed HSE value as integral part of business are meticulously planned and implemented. The
Company operates with the highest HSE standards with a clear responsibility to protect our environment and
to ensure health and safety of our employees, customers and the community in which the Company operates.
HSE performance is regularly inspected and audited to ensure deployment of effective management systems
in light of existing and forthcoming business challenges. The Company ensures that the training of employees
in topics related to HSE are done to maintain the highest industry standards. The HSE standards and the Code
of Practices ensure that HSE requirements are integrated in all the activities thereby providing safe working
environment to all employees, minimizing the environmental impact, optimizing the natural resources while
we meet or exceed our performance against regulatory requirements. The Company remains committed to
HSE and resources in terms of new projects and competent personnel are allocated for pertinent requirements
of business segments. The Board maintains strategic oversight of all matters related to health, safety and
environment. During the year, the Company continued to promote HSE amongst employees through various
training sessions, communications & awareness campaigns. These effort are not limited to secure uninterrupted
business and services, but also to contribute to society by operating in safer and healthier environment. We
integrate HSE management into territory strategic corporate objectives and planning process so as to make
HSE as an integral part of business.
16. Personnel and Welfare:
Continuous up-gradation of appropriate skills and talent development, through training programmes conducted
by internal as well as external faculty and appreciation and recognition of talent through awards, schemes etc.
are an integral part of the Human Resources Development policy of the Company. During the year, specific
focus was given on organization design, talent development and creating talent pipeline for future growth of the
business.
Industrial Relations at Ranebennur, Kodakandla and Nuthankal seeds processing plants (factories) remained
cordial. The Company continues to maintain good relationship with its workforce at all locations.
Your Directors express their sincere appreciation for the dedicated efforts put in by all the employees and for
their continued contribution for ensuring higher performance of the Company during the year.
17. Corporate Governance and Management Discussion and Analysis Report:
Consequent to delisting, these reports are no longer mandatory. Nevertheless, as a good corporate governance
practice, the Corporate Governance and Management Discussion and Analysis Reports are set out as
separateand forms an integral part of this report.
18. Audit:
Statutory Auditor:
M/s. B S R & Associates LLP, Chartered Accountants have been appointed as Statutory Auditor of the Company
from the conclusion of the 15th Annual General Meeting until the conclusion of the 20th Annual General Meeting,
subject to ratification of their appointment by the members of the Company at every Annual General Meeting.
The Company has received an eligibility certificate from the auditors confirming that they are eligible for
appointment as auditors of the Company under Section 139 of the Companies Act, 2013 and meet the criteria
for appointment specified in Section 141 of the Companies Act, 2013.
It is proposed to ratify the appointment of M/s. B S R & Associates, LLP as statutory auditor of the Company for
theyear 2018 -19.
Auditor’s Report:
The comments on statement of accounts referred to in the report of the auditors are self-explanatory. The
Auditors’ Report does not contain any qualification, reservation or adverse remark.
Internal Auditor:
During the year 2017 - 18, Internal Audit has been conducted by the Group Auditor.
Cost Auditor:
Pursuant to section 148 of the Companies Act, 2013 read with the Companies (Cost Records Audit) Amendment
Rules, 2014, the cost audit records maintained by the Company in respect of its Insecticides products is required
to be audited. Your Directors have, on the recommendation of the Audit Committee, appointed M/s. Dhananjay
V.Joshi & Associates, Pune to audit the cost accounts of the Company for the financial year 2018-19 on a
remuneration of Rs.3.85 Lakhs plus taxes as applicable and re-imbursement of out of pocket expenses. As
required under the Companies Act, 2013, the members ratification for the fees payable to M/s. Dhananjay V.
Joshi & Associates, Cost Auditor is being sought at the ensuing Annual General Meeting.
Secretarial Auditor:
Mr. Amit K. Mehta, Practicing Company Secretary was appointed to conduct the Secretarial Audit of the Company
for the Financial Year 2017-18, as required under Section 204 of the Act and the Companies(Appointment and
Remuneration of Managerial Personnel) Rules, 2014. The Secretarial Audit Report in Form MR-3 for Financial
Year 2017-18 is enclosed as Annexure 3 which forms part of this Report. The Secretarial Audit Report does not
contain any qualification, reservation or adverse remark.
19. Particulars of Loans & guarantees or Investments under Section 186:
The Company has not provided any loan, guarantee or investments attracting Section 186 of the Companies
Act, 2013.
20. Particulars of contracts or arrangements with Related Parties:
All Related Party Transactions that were entered into during the financial year were on arm’s length and were
in theordinary course of business. All Related Party Transactions were placed before the Audit Committee for
approval and before the Board of Directors for their noting.
The details of material Related Party Transactions as per Section 134 (h) read with Rule 8 of the
Companies(Accounts) Rules, 2014 in the prescribed form AOC-2 is enclosed as Annexure 4.
21. Extract of Annual Return:
Pursuant to Section 92(3) of the Companies Act, 2013 (‘the Act’) and Rule 12(1) of the Companies (Managementand
Administration) Rules, 2014, extract of Annual Return is enclosed as Annexure 5.
22. Holding and Subsidiaries and Associate Companies:
The Company has no holding, subsidiary and/or associate Company.
23. Capital Reduction of the Company :
The Board at its meeting held on November 1, 2017 approved a proposal for the Reduction of issued,
subscribed and paid-up capital of the Company from Rs. 16,47,18,540 to Rs. 15,88,13,360 by way of cancelling
and extinguishing 11,81,036 equity shares of the Company held by the public shareholders in accordance with
Section 66 of the Companies Act, 2013 and the Rules made thereunder subject to a confirmation of such capital
reduction by the Mumbai Bench of the National Company Law Tribunal (“NCLT”). Subsequent to the approval
from shareholders in the Extra-ordinary General Meeting of the Company held on December 8, 2017, a petition
(Company Petition No. 771 of 2017) was filed with NCLT on December 13, 2017. The NCLT has already initiated
the proceeding for review of our petition for approval and will be heard and disposed off in normal due course.
24. Divestment of pearl-millet, sorghum and fodder business:
The Board of Directors of the Company at its meeting held on February 28, 2018 approved divestment of
Company’s pearl millet, sorghum and fodder business (“Divested Business”) as a going concern on a slump sale
basis. Consequent to this, Business Transfer Agreement (BTA) was signed with the buyer entity on March 27,
2018.
The transfer of Divested Business was subject to fulfilment of certain conditions precedent. Upon fulfilment of
those conditions, Company transferred the Divested Business on April 19, 2018 to the buyer.
25. Divestment of specified products of Crop Protection business:
Pursuant to the acquisition of Syngenta AG by China National Agrochemical Corporation (“Chemchina”), an

application was filed with the Competition Commission of India (“CCI”) by Chemchina for seeking their approval
for the proposed acquisition. As per the CCI order, the Company is required to divest certain crop protection
products to independent third party/ies. The Board of Directors of the Company at its meeting held on August
4, 2018 has approved divestment of such products. Upon approval of the terms and conditions of the proposed
Asset Purchase Agreement (“APA”) by CCI, the Company will initiate appropriate actions for execution of this
APA and other transaction documents.
26. Others:
Your Directors state that no disclosure or reporting is required in respect of the following items as there were no
transactions on these items during the year under review:
a. Details relating to deposits covered under Chapter V of the Companies Act, 2013
b. Issue of equity shares with differential rights as to dividend, voting or otherwise
c. Issue of shares (including sweat equity shares) to employees of the Company under any Scheme
d. During the year, there was no change in the nature of business of the Company.
e. No fraud was reported by the Auditors under section 143 (12) of the Companies Act, 2013
f. There are no significant and material orders passed by the regulators/courts/tribunals impacting the going
concern status of the Company and its future operations.
g. There are no material changes and commitments affecting the financial position of the Company which
occurred during the end of financial year to which the financial statement relates and the date of this
report.
25. Acknowledgment:
Your Directors place on record their appreciation for the support from the Central and State Government and the
Departments of Agriculture of the States, the Indian Council of Agricultural Research and other universities and
research organizations, business associates, investors and the farming community who have reposed their trust
and confidence in the Company’s products.
Your Directors also place on record their appreciation for the continued support received from the Syngenta
Group.
On behalf of the Board of Directors
Rafael Del Rio Abhishek Agarwal

Managing Director Whole Time Director & Chief Financial Officer
DIN: 08105128 DIN: 03481395
Date: August 10, 2018

Place: Pune
Annexure 1: Report on CSR Activities/Initiatives

[Pursuant to Section 135 of the Act & Rules made thereunder]
1. A brief outline of the Company’s CSR policy, including overview of the projects or programs proposed to be
undertaken and reference to the web-link to the CSR Policy and projects or programs:-
Corporate Social Responsibility Policy:
Preamble: Syngenta is guided by the conviction that value creation depends on the successful integration of
business, social and environmental performance. Syngenta is committed to promote and maintain high standards
of corporate responsibility in the communities in which we operate. The Company acts in accordance with its
Code of Conduct and its Health, Safety and Environmental Policy, which respects human rights and embraces
internationally accepted regulations and the highest scientific standards.
CSR Vision: “To contribute actively to enhance and sustain the development of communities in which we
operate”
Policy: This policy is to ensure the Company’s Social Responsibility commitment in its operational areas and
beyond. This policy focusses on the Company’s key areas for its social responsibility initiatives in India. As a
responsible corporate citizen, Syngenta will:
• Contribute to the development of the society in which it operates.
• Partner with Government and Non-Government agencies to plan and implement CSR programmes
• Scale up current CSR activities through initiatives aimed at improving livelihood of the needy, economically
deprived and marginalised sections of the society.
• Achieve inclusiveness by encouraging people from all sections of the community irrespective of caste,
creed or religion to benefit from our CSR initiatives.
• Meet or exceed regulations and legal requirements related to CSR.
• Openly communicate CSR performance to the Government and all its stakeholders.
• Encourage employees to volunteer their time and expertise towards CSR initiatives.
Focus areas: The Company will focus on the following sectors to implement Corporate Social Responsibility
programs:-
• Sustainable livelihood, Eradicate Hunger and Poverty
• Agriculture, Water and Land use efficiency
• Environmental Sustainability & Bio Diversity
• Education & Skill development
• Infrastructure Development
• Health, Hygiene, Sanitation & Waste Management
• Women Empowerment and Gender Equality
• Rural Development
• Promote Culture, Sports and Arts
• Any other activity as maybe decided by the CSR Committee.

Following are the details of CSR expenses for the financial year 2017 -18
(Rs. Lakhs)
Sr. No Particulars Amount

1. Average net profit of the company for the last three financial years 47,154
2. Prescribed CSR Expenditure(2%of the amount mentioned above) 943
3. Details of the CSR spent during the financial year 2017-18
a. Total amount spent for the financial year 1108
b. Amount unspent, if any Nil
Manner in which the amount spent during financial year is detailed below: (Rs. In Lakhs)
1 2 3 4 5 6 7 8
Sl CSR project/ Sector in 1. Local area/ Amount Amount Cumulative Amount
No activity identified which the others- outlay spent on expenditure spent: Direct/
and implemented Project is 2. specify the (budget) the project/ up to the through
covered state /district project/ programme reporting implementing
(Name of the programme in 2017-18 period agency*
District/s, wise Sub-heads: (Total
State/s where spend of
1.Direct
project/ 2014-15 +
expenditure
programme 2015-16 +
on project/
was 2017-18)
programme,
undertaken
2.Overheads:
1 Syngenta I-CLEAN Sanitation, Bihar – East 600.00 190.05 398.25 Implementing
-The project Hygiene, Safe Champaran, agencies –
components Drinking Madhubani 1.Samajik
include and Saikshnik
modernization Muzaffarpur/ Vikas endra
of rural markets Darbhanga/ (SSVK)
with facilities like Vaishali 2. Kausalya
drinking water, District Foundation
solar lights, waste
3. Grey
management
Matters
and construction
4. Integrated
of public toilets,
Development
awareness
Foundation
and education
on hygiene,
cleanliness.
2 Syngenta Solar Rajasthan – 215.30 215.30 215.30 Direct
I-CLEAN – Solar electrification Jodhpur and
Electrification Pali District
3 Syngenta I-CLEAN Drinking Rajasthan 60.00 60.00 60.00 Direct
Water - Bikaner /
Ganga Nagar
District
1 2 3 4 5 6 7 8
1.Direct
project/ 2014-15 +
expenditure
programme 2015-16 +
on project/
was 2017-18)
programme,
undertaken
2.Overheads:
4 Farmer Health and Education, Maharashtra 163.00 163.00 163.00 Direct (PPE
Safety Training, Health – Yavatmal, kits)
Mobile Health Amravati, Implementing
Van, Personal Akola, agencies -
Protective Kits to Telangana
Wockhardt
Farmers through - Adilabad,
Foundation &
Government Andhra
EFFORT NGO
Pradesh -
Guntur
5 Irrigation – Hose Water – Bihar/ MP 265.00 265.00 265.00 Syngenta
reel irrigation/Lift Irrigation Maharashtra/ / Foundation
irrigation etc support AP/Karnataka India
6 Disaster relief- Eradicate East 81.40 81.40 81.40 Samajik
Food supply during Hunger Champaran/ Saikshnik
Bihar flood Vikas
endra(SSVK)
7 Local Community – Sanitation, Local Area - 13.70 13.70 13.70 Direct
I-CLEAN Project - Hygiene Shivamogga/
Syngenta I-CLEAN Karnataka
-The project
components
include
modernization of
rural markets
8 Local Community Drinking Local Area 181.14 15.74 181.14 Direct

– Drinking Water Water – Andra
through RO Plants Pradesh/
Telangana
9 Local Community – Education Local 36.77 36.77 36.77 Direct
Education support Community
to Govt. Schools Andra Pradesh,
and Skill training to Telangana,
women Karnataka
1 2 3 4 5 6 7 8
1.Direct
project/ 2014-15 +
expenditure
programme 2015-16 +
on project/
was 2017-18)
programme,
undertaken
2.Overheads:
10 Local Community Health Local 3.10 3.10 3.10 Direct
-Health Camp – Community
General Health -Maharashtra
Camp and Eye Telangana
checkup camp
11 Local Community - Environmental Local 12.00 12.00 12.00 Direct

Tree plantation and sustainability Community –
water harvesting Maharashtra
projects & Telangana
Total Spend 1056.06
Administrative 52.80
expenses (5% of
the total spend)
Grand Total 1631.41 1108.86 1429.66
Responsibility Statement:
We hereby affirm that the CSR Policy, as approved by the Board has been implemented and the Implementing
Committee which was constituted by the Board for implementation of CSR Projects and activities are in
compliance with our CSR objectives.
_____________________________________________
Rafael Del Rio

Managing Director and Chairman of CSR Committee
Annexure 2: Conservation of Energy, Technology Absorption, Foreign

Exchange Earnings and Outgo
(A) CONSERVATION OF ENERGY
(i) the steps taken or impact on conservation of Company continued its policy of giving priority to energy
energy conservation measures by regularly reviewing the energy
generation, distribution and consumption and effective
(ii) the steps taken by the company for utilizing
control on utilization of energy.
alternate sources of energy
(iii) the capital investment on energy conservation NIL

equipments
(B) TECHNOLOGY ABSORPTION
(i) the efforts made towards technology The R&D unit of the Company is engaged Profiling/
absorption registration/Development of the new Technology and
provide Technical support for the launch of these new
technologies in the market for Crop Protection and seeds.
It also helps in providing innovative solutions for managing
the biotic and abiotic stress Management of the crops,
Resistance Management sustainable agriculture.
(ii) the benefits derived like product New products and process development have helped
improvement, cost reduction, product in bringing in technologies which are more environment
development or import substitution friendly, less labor intensive and low use of natural resources
like water. By using these technologies, Farmers are able
to get better yields and farm rate price.
(iii) in case of imported technology (imported Material transfer agreements entered by Syngenta Group
during the last three years reckoned from and International Research Institute like IRRI, CIMMYT,
the beginning of the financial year)- AVRDC, for the supply of elite lines and solutions which
are under development phase in different agroclimatic
(a) the details of technology imported
conditions. Use of Artificial intelligence will increase in future
(b) the year of import; and hence efforts are being made to introduce precision
digital technology which will help in better forecasting of
(c) whether the technology been fully
the pest pressure, nutrition management and application
absorbed
technology. Most of these activities are in Development
(d) if not fully absorbed, areas where phase and will result in future delivery innovations to the
absorption has not taken place, and the Indian Growers. Some integrated technologies still need
reasons thereof large scale usage and will require intensive efforts to
propagate so that it can be used in most efficient way with
economy of scale.
(iv) The expenditure incurred on Research (Rs. Lakhs)

and Development
Capital expenditure : 769
Revenue expenditure : 7229
Total : 7998
2.94% as a percentage of total turnover

FOREIGN EXCHANGE EARNINGS AND OUTGO
Earnings in foreign currency:
Particulars Amount (Rs. Lakhs)

Sale of goods 6,211
Total 6,211
Expenditure in foreign currency:
Particulars Amount (Rs. Lakhs)

Purchase of materials 1,777
Purchase of fixed assets 766
Other expenses 976
Total 3,519
Annexure 3:
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2018

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the
Companies (Appointment and Remuneration Personnel)Rules, 2014]
To,
The Members
Amar Paradigm, S No. 110/11/3
Baner Road, Baner 411045
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to
good corporate governance practices by Syngenta India Limited (Hereinafter called “the Company”).
Secretarial Audit was conducted for the period from April 1, 2017 to March 31, 2018, in a manner that provided us a
reasonable basis for evaluating the corporate conducts/statutory compliances of the Company and expressing our
opinion thereon. We have been engaged as Secretarial Auditors of the Company to conduct the Audit of the Company
to examine the compliance of Companies Act and the laws specifically listed below.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during
the audit period covering the financial year ended on March 31, 2018, complied with the statutory provisions listed
hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent,
in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the financial year ended on March 31, 2018 according to the provisions of the following list of laws and
regulations with our observations on the same:
(i) The Companies Act, 2013 (the Act) and the rules made there under: The Company has satisfactorily complied
with the provisions of the Companies Act, 2013 and the Rules made there under and there are no discrepancies
observed by us during the period under review.
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under: The Company is an
unlisted Company and therefore provisions of The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) are not
applicable.
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under: The Company is a unlisted
public company and around 46% of the shares are in dematerialized form and the Company has complied with
the provisions of The Depositories Act, 1996 and the Regulations and Bye-laws framed there under.
(iv) The Company has satisfactorily complied with the provisions of the Foreign Exchange Management Act, 1999
and the rules and regulations made there under to the extent of Foreign Direct Investment, Overseas Direct
Investment and there are no discrepancies observed by us during the period under review. There was no
allotment of shares or the Company has not availed any External Commercial Borrowings during the year.
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2009;
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock
Purchase Scheme) Guidelines, 1999;
(e) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
(f) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(g) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and dealing with client;
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
The Company is an unlisted Company and therefore provisions of Regulations and Guidelines mentioned above and
prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) are not applicable.
During the period under review, the Company has complied with the applicable provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. which are mentioned above.
We have also examined compliance with the applicable clauses of the following:
i. Secretarial Standards issued by The Institute of Company Secretaries of India have been followed by the
Company.
ii. The Company being an unlisted Company the clauses of Listing agreement / SEBI (Listing Obligations and
Disclosure Requirements), 2015 are not applicable.
We further report that:-
There are adequate systems and processes in the Company commensurate with its size & operation to monitor and
ensure compliance with applicable laws including general laws, labour laws, competition law and environmental laws.
The Board of Directors of the Company is duly constituted with proper balance of appointment of Independent Directors
and Woman Director as required by Section 149 of the Companies Act, 2013.
Adequate notice is given to all directors about the Board Meetings, agenda and detailed notes on agenda were sent
at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on
the agenda items before the meeting for meaningful participation at the meeting. All decisions at Board Meetings were
carried out unanimously as recorded in the minutes of the meetings of the Board of Directors.
We further report that during the audit period the following major decisions, specific events / actions having a major
bearing on the company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards,
etc. referred to above:
The Company has filed an application with National Company Law Tribunal for Capital Reduction during the period
under review.
FOR A.K. MEHTA &ASSOCIATES

COMPANY SECRETARIES
__________________________
AMIT KISHOR MEHTA
FCS No.22631
CP No. 8134
Place: Pune
Date: August 10, 2018
Annexure 4 - Particulars of contracts/ arrangements entered into by the

Company with related parties AOC-2
Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to
insubsection (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under third
provisothereto:
1. Details of contracts or arrangements or transactions not at arm’s length basis:
There were no contracts or arrangements or transactions entered into during the year ended March 31, 2018
which were not at arm’s length basis.
2. Details of material contracts or arrangement or transactions at arm’s length basis
Name(s) of the related Nature of Duration of Salient terms of the Date(s) of Amount
party and nature of contracts/ the contracts / contracts or arrangements approval by paid as
relationship arrangements/ arrangements/ or transactions including the Board, advances,
transactions transactions the value, if any if any: if any:
Syngenta Asia Purchase of 27th October Based on Transfer Pricing Not No
Pacific Pte. Ltd. raw materials 2003 w.e.f. 1st Policy Applicable
Nature of January 2004
Relationship and further
Fellow amended from
Subsidiary time to time.

Date: August 10, 2018 Rafael Del Rio Abhishek Agarwal

Place: Pune Managing Director Whole Time Director & Chief Financial Officer
DIN: 08105128 DIN: 03481395
Annexure 5: Extract of Annual Return
Form No. MGT-9

As on the financial year ended on March 31, 2018
of
Syngenta India Limited
[Pursuant to Section 92(1) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
1. CIN: U24210PN2000PLC135336
2. Registration Date 23/03/2000
3. Name of the Company Syngenta India Limited
4. Category/ Sub-Category of the Company: Company Limited by Shares-
Indian Non-Government Company
5. Address of the Registered Office and contact Amar Paradigm, S No. 110/11/3, Baner Road,
details Pune- 411045, Maharashtra.
Contact Number- (020) 30699206
6. Whether listed company No
7. Name, Address and contact details of Registrar M/S Link Intime India Private Limited
& Transfer Agents (RTA), if any: 202, Akshay Complex, Dhole Patil Road,
Near Ganesh Temple, Pune, Maharashtra 411001
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sr. Name and Description of main NIC Code of the Product/ % to total turnover of the
No. products/services service company
1. Chlorantraniliprole and its formulations 20211 11.9%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sr. NAME AND ADDRESS CIN/ HOLDING/ SUBSIDIARY/ % of shares held Applicable Section
No OF THE COMPANY GLN ASSOCIATE
Not Applicable
SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
I. Category-wise Share Holding
Shareholding at the Shareholding at the

%
Category of beginning of the year - 2017 end of the year - 2018
Sr Change
shareholders Demat Physical Total % of Demat Physical Total % of
No during
Total Total
the year
Shares Shares
(A) Shareholding of
Promoter and
Promoter Group
[1] Indian
(a) Individuals / Hindu 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
Undivided Family
(b) Central Government / 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
State Government(s)
(c) Financial Institutions 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
/ Banks
(d) Any Other (Specify)
Sub Total (A)(1) 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
[2] Foreign
(a) Individuals (Non- 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
Resident Individuals /
Foreign Individuals)
(b) Government 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
(c) Institutions 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
(d) Foreign Portfolio 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
Investor
(e) Any Other (Specify)
Bodies Corporate 14434178 17328494 31762672 '96.4150 14434178 17328494 31762672 '96.4150 '0.0000
Sub Total (A)(2) 14434178 17328494 31762672 '96.4150 14434178 17328494 31762672 '96.4150 '0.0000
Total Shareholding 14434178 17328494 31762672 '96.4150 14434178 17328494 31762672 '96.4150 '0.0000
of Promoter
and Promoter
Group(A)=(A)(1)+(A)
(2)
(B) Public Shareholding
[1] Institutions
(a) Mutual Funds / UTI 100 593 693 '0.0021 100 543 643 '0.0020 '-0.0001
(b) Venture Capital 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
Funds
(c) Alternate Investment 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
Funds
(d) Foreign Venture 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
Capital Investors

%
Sr Change
No during
Total Total
the year
Shares Shares
(e) Foreign Portfolio 0 80 80 '0.0002 0 50 50 '0.0002 '0.0000
Investor
(f) Financial Institutions 3495 2805 6300 '0.0191 3275 1846 5121 '0.0155 '-0.0036
/ Banks
(g) Insurance Companies 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
(h) Provident Funds/ 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
Pension Funds
(i) Any Other (Specify)
Foreign Bank 130 0 130 '0.0004 130 0 130 '0.0004 '0.0000
Sub Total (B)(1) 3725 3478 7203 '0.0219 3505 2439 5944 '0.0180 '-0.0039
[2] Central Government/
State Government(s)/
President of India
Central Government / 0 0 0 '0.0000 100841 0 100841 '0.3061 '0.3061
State Government(s)
Sub Total (B)(2) 0 0 0 '0.0000 100841 0 100841 '0.3061 '0.3061
[3] Non-Institutions
(a) Individuals
(i) Individual 634958 419482 1054440 '3.2766 639656 309286 948942 '2.9564 '-0.3202
shareholders holding
nominal share capital
upto Rs. 1 lakh.
(ii) Individual 25000 0 25000 '0.0000 25000 0 25000 '0.0000 '0.0000
shareholders holding
nominal share capital
in excess of Rs. 1
lakh
(b) NBFCs registered 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
with RBI
(c) Employee Trusts 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
(d) Overseas 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000

Depositories(holding
DRs) (balancing
figure)
(e) Any Other (Specify)
Foreign Nationals 54 0 54 '0.0002 54 0 54 '0.0002 '0.0000
Hindu Undivided 9165 0 9165 '0.0278 14870 0 14870 '0.0451 '0.0173
Family

%
Sr Change
No during
Total Total
the year
Shares Shares
Non Resident Indians 40946 2230 43176 '0.1311 42716 372 43088 '0.1308 '-0.0003
(Non Repat)
Non Resident Indians 6257 521 6778 '0.0206 6074 305 6379 '0.0194 '-0.0012
(Repat)
Overseas Bodies 0 50 50 '0.0002 0 0 0 '0.0000 '-0.0002
Corporates
Clearing Member 1047 0 1047 '0.0032 877 0 877 '0.0027 '-0.0005
Bodies Corporate 29549 4574 34123 '0.1036 30317 4724 35041 '0.1064 '0.0028
Sub Total (B)(3) 746976 426857 1173833 '3.5631 759564 314687 1074251 '3.2609 '-0.3022
Total Public 750701 430335 1181036 '3.5850 863910 317126 1181036 '3.5850 '0.0000
Shareholding(B)=(B)
(1)+(B)(2)+(B)(3)
Total (A)+(B) 15184879 17758829 32943708 '100.0000 15298088 17645620 32943708 '100.0000 '0.0000
(C) Non Promoter - Non
Public
[1] Custodian/DR Holder 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
[2] Employee Benefit 0 0 0 '0.0000 0 0 0 '0.0000 '0.0000
Trust (under SEBI
(Share based
Employee Benefit)
Regulations, 2014)
Total (A)+(B)+(C) 15184879 17758829 32943708 '100.0000 15298088 17645620 32943708 '100.0000

Shareholding of Promoters
Sr. Shareholder’s Shareholding at the beginning of Shareholding at the end of the Year %
No. Name the year 2017 change
No. of % of total % of Shares No. of % of total % of Shares In Share
Shares Shares Pledged/ Shares Shares Pledged/ holding
of the encumbered of the encumbered during
company to total company to total the year
shares shares
1 Syngenta 16246450 49.32 0 16246450 49.32 0 0.00
Participation AG
2 Syngenta South 14434178 43.81 0 14434178 43.81 0 0.00
Asia AG
3 Syngenta 1082044 3.28 0 1082044 3.28 0 0.00
Research
Services PTE Ltd
Change in Promoters’ Shareholding
Sr. Shareholding at the beginning Cumulative Shareholding during

No. of the year the year
No. of % of total shares No. of % of total shares
shares of the company shares of the company
At the beginning of the year 31762672 96.41 31762672 96.41
Date wise Increase/ Decrease in - - - -
Promoters Shareholding during
the Year specifying the reasons for
increase/ decrease (e.g. allotment/
transfer/ bonus/ sweat equity etc.):
At the end of the year 31762672 96.41 31762672 96.41
iii. Shareholding Pattern of top ten Shareholders

(Other than Directors, Promoters and Holders of GDRs and ADRs)
Sr. For Each of the Top 10 Shareholders Shareholding at the Cumulative shareholding
No. beginning of the year during the year
1 SOHRAB HOMI FRACIS
At the beginning ofthe year 25000 0.08 25000 0.08
Date wise Increase/ Decrease in Shareholding 0 0 0 0
during the year specifying the reasons for
increase/ decrease (e.g. allotment/ transfer/
bonus/ sweat equity etc.):
At the End of the year ( or on the date of 25000 0.08 25000 0.08
separation, if Separated during the year)
2 PUNIT KUMAR
At the beginning of the year 11000 0.03 11000 0.03
3 SANGEETA GUPTA
At the beginning ofthe year 9000 0.03 - 0.03
Date wise Increase/ Decrease in Shareholding -
-Transfer dated 30.06.2017 205 0.00 9205 0.00

4 CHAMPION COMMERCIAL COMPANY
LIMITED
5 EDDIE PHIROZ BHARUCHA
6 SHRI PARASHRAM INDUSTRIES PRIVATE
LIMITED
At the beginning ofthe year 0 0 0 0
Date wise Increase/ Decrease in Shareholding
-Transfer on 16.03.2018 6601 0.02 6601 0.02
7 MADHUBEN HARIPRASAD JOSHI
0 0 0 0
8 SHREYAN MANOJ TURAKHIA
At the beginning ofthe year 0 0 0 0
bonus/ sweat equity etc.): Transfers:-
1. November 24, 2017 415 0.00 415 0.00
2. December 15, 2017 285 0.00 700 0.00
3. January 12, 2018 170 0.00 870 0.00
4. February 16, 2018 1070 0.00 1940 0.01
5. March 2, 2018 500 0.00 2440 0.01
6. March 16, 2018 800 0.00 3240 0.01
7. March 23, 2018 680 0.00 3920 0.01
9 SHRIDHAR P IYER
10 MANISH KAPUR
Transfer (Decrease) :- December 8, 2017 800 0.00 2491 0.01
i. Shareholding of Directors and Key Managerial Personnel:
Sr. For Each of the Directors and KMP Shareholding at the Cumulative shareholding
At the beginning of the year 0 0 0 0
Date wise Increase/ Decrease in Shareholding NA NA NA NA
At the end of the year 0 0 0 0

IV. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(Period from 1.4.2017 to 31.3.2018)
Secured Loans Unsecured Deposits Total

excluding deposits Loans Indebtedness
Indebtedness Indebtedness at the 0 0 0 0
beginning of the financial year
i) Principal Amount 0 0 0 0
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 0 0 0
Change in Indebtedness during
the financial year
• Addition 0 0 0 0
• Reduction
Net Change 0 0 0 0
Indebtedness at the end of the
financial year
i) Principal Amount 0 0 0 0
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 0 0 0
V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/ or Manager:
Rs.Lakhs
Sr. Particulars of *Bipinchandra **Rajendra M. Abhishek ***Narendra Total
No. Remuneration Solanki- Jog- Agarwal – Kulkarni Amount
Managing Whole-time Whole time - Whole
Director (upto Director (upto Director and time Director
March 31, June 26, 2017) CFO (w.e.f. June
2018) 27, 2017)
1. Gross salary
(a) Salary as 473.70 20.57 89.28 43.89 627.45
per provisions
contained in
section 17(1) of
the Income-tax
Act, 1961
(b) Value of 494.12 0.60 2.54 3.58 500.84
perquisites u/s
17(2) Income-tax
Act, 1961
(c) Profits in lieu of
salary u/s 17(3)
Income-tax Act,
1961
2. Stock Option 0 0 0 0 0
3. Sweat Equity 0 0 0 0 0
4. Commission 0 0 0 0 0
- as % of profit 0 0 0 0 0
- others, specify… 0 0 0 0 0
5. Others, please
specify
Total (A) 967.82 21.17 91.82 47.48 1128.9
Ceiling as per the 5% of Net 5% of Net Profit 5% of Net 5% of Net 10% of
Act Profit Profit Profit Net Profit
B. Remuneration to other directors:

Rs. In Lakhs
Sr. Particulars of Remuneration Name of Directors Total Amount
No.
1. Independent Directors V. R. Kaundinya Balaji Bakthisaran
• Fee for attending board/ committee 3.00 3.40 6.40
meetings
• Commission 6.30 6.30 12.60
• Others, please specify 0 0
Total (1) 9.30 9.70 19.00
2. Other Non-Executive Directors- Prakash K. Apte Sumie Fujimura
• Fee for attending board/ committee 3.40 1.00 4.40
meetings
• Commission 8.10 0.00 8.10
• Others, please specify 0 0
Total (2) 11.50 1.00 12.50
Total (B)=(1+2) 20.80 10.70 31.50
Total Managerial Remuneration 31.50
Overall Ceiling as per the Act N.A

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/ MANAGER/ WTD:
Rs. In Lakhs
Sr. Particulars of Remuneration
No.
Independent Directors - Arundhati Kulkarni – ****CFO Total
Company Secretary
1 Gross salary
(a) Salary as per provisions contained in section 16.73 16.73
17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1.90 1.90
1961
(c) Profits in lieu of salary u/s on 17(3) Income-tax 0 0
Act, 1961
2. Stock Option 0 0 0
3. Sweat Equity 0 0 0
4. Commission 0 0 0
- as % of profit
- others, specify…
5. Others, please specify
Total 18.63 0.00 18.63

*Mr. Bipinchandra C Solanki was the Managing Director of the Company upto March 31, 2018.His
remuneration appearing under the heading – Remuneration to Managing Director.
**Mr. Rajendra M. Jog was a Whole Time Director of the Company upto June 26, 2017. His remuneration
appearing under the heading – Remuneration to Whole Time Director.
***Mr. Narendra Kulkarni was appointed as Whole Time Director of the Company w.e.f June 27, 2017. His
remuneration appearing under the heading – Remuneration to Whole Time Director.
****Mr. Abhishek Agarwal also being a Whole time Director, his remuneration details are included in part
A.
D. PENALTIES/ PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type Section of the Brief Details of Penalty/ Authority Appeal

Companies Description Punishment/ Compounding [RD/ NCLT/ made, if any
Act fees imposed COURT] (give Details)
A. COMPANY
Penalty
Punishment No Penalties, Punishments or Compounding of Offences
Compounding
B. DIRECTORS
Penalty
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
Compounding


Place: Mumbai Managing Director Whole Time Director & Chief Financial Officer
DIN: 08105128 DIN: 03481395
Management Discussion & Analysis Report
1. Industry Structure and Developments:
India is one of the fastest growing economies which largely reflects an ambitious reform agenda under
implementation since 2014. Against this background, agriculture is a key sector in terms of its contribution to
both employment and GDP. Improved access to inputs such as fertilisers and seeds, as well as better irrigation
and credit coverage, production has been increasing on average at about 3.6% annually since 2011. The sector
has also been diversifying from grains towards pulses, fruit, vegetables and livestock products, largely driven
by evolving demographics, urbanisation and changing demand patterns. India has also emerged as a major
agricultural exporter of several key commodities, currently being the largest exporter of rice globally and the
second largest of cotton.
Economic growth of around 7% over the last 5 years makes India one of the fastest-growing emerging economies.
The acceleration of structural reforms and low commodity prices since 2014 have boosted economic activity in
India. In addition, continued fiscal consolidation, by reducing Government deficits and debt accumulation, and
an anti-inflationary monetary policy stance have helped consolidate macroeconomic stability.
Goods and Services Tax (GST) is one of the most important steps have also been taken to make India a less
fragmented domestic market. In July 2017, the reform came into force. The GST replaced various taxes on
goods and services levied previously by the central Government and states by a single tax on value added, with
the potential to enhance the efficiency of production and movement of goods and services between Indian states
thus boosting the agriculture sector.
Initiatives announced in the Union Budget
The Union budget 2018 announced a slew of measures to transform agriculture in India.
Minimum Support Price (MSP) for Kharif crops will be 1.5x cost of production. If prices are lower than MSP then
the Government has to ensure there are ways to make sure the farmers receive necessary MSP or an apt price
for their products.
Government will create institutional mechanism to take decisions on various measures to ensure the farmers
income is doubled as per target. The government is working with NITI Aayog to develop system of optimal farm
price realisation and develop the existing 22,000 Gramin Agri centres (GRAMS) to help farmers for direct sales
as well as 470 Agriculture Produce Market Committees (APMCs) connected to e-NAM. Most farmers are small
and marginal and not in position to transact at APMCs.
Government has proposed to launch Operation Green, for which a sum of $78.5 Mn (INR 500 Cr) will be
allocated. This operation will help farmers to generate produce and to address price fluctuations in potato,
tomato and onion for benefit of farmers and consumers.
The Government plans to set up an agricultural market fund with corpus of $314 Mn (INR 2,000 Cr).
Allocation to the food processing sector has been doubled from $117.8 Mn (INR 750 Cr) last year to $220 Mn
(INR 1,400 Cr) in 2018-19. Allocation is being doubled to boost food processing; specialised agro-processing and
financial institutions to be promoted by the Government. Cluster-model approach will be adopted for agricultural
production.
Proposal to raise institutional credit for agriculture to $172.9 Bn (INR 11 Tn) for 2018-19.
Agricultural exports have the potential to touch $100 Bn, a state-of-the-art facility is to be set up in 42 food parks.
Under the Prime Minister Krishi Sinchai Yojna Har Khet Ko Pani programme, 96 deprived irrigation districts will
be taken up with an allocation of $408.68 Mn (INR 2,600 Cr).
Farmer producer companies with turnover of $15.72 Mn (INR 100 Cr) or more to get 100% reduction under I-T
Act for the next five years.
Industries' expectation from the Government
There are areas where the Government needs to focus on:
Rebalance the policy package to foster sustainable productivity growth
• Strengthen the regulatory environment governing land issues
• Reform market regulations and strengthen market functioning across states
• Build on and reinforce initiatives already underway (E-NAM, Model Acts)
• Support farmers to integrate in competitive markets and allow the private sector to play a greater role
• Encourage efficient and sustainable use of variable inputs such as fertilisers
• Strengthen the overall access to credit and particularly encourage long-term loans
• Re-focus investments on fostering the agriculture enabling environment, such as infrastructure and
education in rural areas
• Harness innovation for sustainable productivity growth and climate change adaptation and mitigation
• Increase research intensity and strengthen priority setting processes
• Reform and refocus the extension system on today’s challenges
• Invest in digital connectivity in rural areas
Strengthen the role of agriculture in enhancing food and nutrition security
• Scale back the public distribution system as incomes and the share of the middle class in the population
rises
• Move gradually to targeted lump sum transfers (Direct Benefit Transfers) or food stamp type mechanisms
• Allow the private sector to play a role in managing remaining stocking operations
Improve agricultural institutions and governance systems
• Clarify roles and responsibilities at central level by bringing key policy areas under a single umbrella
• Strengthen co-ordination among central ministries and agencies and between the Centre and the states
• Prioritise institutional reforms to allow development of a single market for agricultural products
Making trade work for Indian agriculture
• Streamline and clarify trade policy roles and responsibilities across the different ministries and agencies
to iron out inconsistencies and simplify procedures
• Move away from the use of export restrictions in order to create a stable and predictable market
environment
2. Opportunities and Threates:
Syngenta is well placed to accelerate the growth of agriculture by overcoming challenges and seize the
opportunities.
Our technologies in crop protection and seeds help address the challenges faced by farmers. Our herbicides
help augment water usage in crops. To combat biotic and abiotic stresses for various crops, we have launched
crop protection products (add product names). Our vegetable hybrids can withstand climate changes and grow
throughout the year in subtropical or temperate conditions; our rice hybrids can reduce the harvesting cycle; corn
hybrids that use moisture more efficiently to give higher yields on drought - stressed land. Advances in research
have enabled a fruit like watermelon to be grown in all seasons.
To increase farmers output and improve their profitability we have integrated solutions for crops.
Among other initiatives, our Company introduced Anantham - a web-based tool last year which in a short span
has reached 141K farmers.
Our CSR programs in Rajasthan, Bihar and Maharashtra are making a huge impact in the rural areas, our
stewardship related training programs are critical for the health and safety of the farmers and this year we are
focused on reaching out to more numbers of farmers.
The Government of India’s aim is to double the farm income in five years, which primarily means that it wants
to make agriculture remunerative - this objective also provides the Company an opportunity to deploy the latest
technologies and solutions in the major crops to make the Indian farming community not only productive but also
profitable. It also gives us opportunities to partner with the Government since as a company we are constantly
working to scale up the growers’ capabilities and ensuring that the farmers get the best inputs and solutions.
Since Indian agriculture is still heavily dependent on weather, monsoon timing and pesticide disease intensity
remains a key challenge. Sudden changes can lead to fluctuations in demand. Similarly, the export sales are
impacted by the weather conditions and demand fluctuations in importing country. On other hand, many generic
companies have significantly increased exports to India at cheaper prices, putting pressure on realizations. The
entry of generic players in the new products will adversely affect sales and margins. This risk can at least be
partially offset by the broad base of our product portfolios. The Company's risk profile is reviewed regularly and
steps are being taken to manage the same.
3. Financial Performance vis-a–vis Operational Performance:
The revenue from operations of the Company for the current year was Rs.271,803 Lakhs as against Rs.266,947
Lakhs of previous year. The profit after tax in 2017-18 stood at Rs.28,279 Lakhs as against Rs.27,731 Lakhs in
the previous year.
The sales turnover of domestic crop protection decreased by 3.1 % and of seeds business decreased by 12.7%
over the previous year. This is on account of adverse weather conditions impacting both crop protection and
seeds business with low pest pressure in major crops like Wheat, Rice, Pulses and continued low output prices
in hot Pepper, Potato & Veg.
Our exports business of crop protection has increased by 37.3% and that of seeds business by 68.5% compared
to previous year. This is due to higher demand majorly from Asian markets.
4. Outlook:
Industry growth was impacted due to delayed & below normal rainfall (South-West monsoon – 5% lower than the
long period average). The overall crop ROI was impacted due to disrupted rural supply chains caused by GST
implementation & demonetization, slightly offset by a healthy increase in Rabi MSP and expanding spectrum of
GoI’s DBT scheme.
5. Risks and Concerns:
Indian agriculture is going to pass through changing patterns shaping the industry with recent industry
consolidation and new regulations in India.
Indian agriculture continues to be heavily reliant on weather, monsoon timing, distribution and pesticide disease
intensity remains a key challenge. Sudden changes lead to fluctuations in demand. Many Indian companies are
elevating their global presence with prized acquisition and gaining scale and sophistication. Recent Chinese
headwinds emanating from stringent environmental measures is pushing cost of raw material and putting
pressure on business profitability. Many local generic players are bringing new products from their alliances
with Indian / Global companies, thus increasing competition intensity. This risk can be substantially offset with
introduction of new technologies and broad base of our product portfolios.
The Company's risk profile is reviewed regularly and steps are being taken to manage the same. The senior
managers have been sensitized to the risk in their areas of operation and measures are initiated to manage and
mitigate the risks.
6. Internal Control Systems:
The Company regularly conducts internal audits to monitor the effectiveness of internal controls in the organization.
The key processes covered by the internal audits for the year included Compliance, Risk Assessment &
Treatment and Risk Data Quality.
7. Personnel and Welfare:
Continuous up-gradation of appropriate skills and talent development, through training programmes conducted
by internal as well as external faculty and appreciation and recognition of talent through awards, schemes etc.
are an integral part of Human Resources Development (HR) policy of the Company. During the year, specific
focus was given on organization design, talent development and creating talent pipeline for future growth of the
business.
Industrial Relations at Ranebennur, Kodakandla and Nuthankal seeds processing plants remained cordial.
The Company continues to maintain good relationships with its workforce at all locations through its employee
connect and engagement initiatives.
As part of capability building, HR conducted various skill enhancement and Leadership Development Programmes
across all businesses through various workshops. The HR team is completely aligned to business needs.


Place: Mumbai Managing Director Whole Time Director & Chief Financial Officer
DIN: 08105128 DIN: 03481395
REPORT ON CORPORATE GOVERNANCE
1. Company Philosophy:
The Company's philosophy on corporate governance is dictated by the principles of doing business in a way
which is open, transparent and ethically responsible, in compliance with the letter and spirit of law which serves
the interests of all stakeholders including customers, distributors, suppliers, shareholders, employees, the public
at large, Government and Regulatory authorities.
2. Board of Directors:
Composition:
The composition of the Board of Directors and related information as on March 31, 2018 are as follows:
Name of the Director Whole-time/ Non- No. of Board Attendance Directorship in

Executive Director Meetings at the last other Companies
attended AGM on incorporated in
26. 09. 2017 India
Mr. Prakash K. Apte Non - Executive 7 YES 5
Director
*Mr. Bipinchandra C. Solanki Managing Director 5 YES 2
Mr. Govind P. S. Bene Director 7 YES 0
**Mr. Rajendra M. Jog Whole-time Director 1 N.A. 0
***Mr. Abhishek Agarwal Whole-time Director & 7 YES 0
Chief Financial Officer
****Mr. Narendra Kulkarni Whole-time Director 6 YES 0
Mr. V. R. Kaundinya Independent Director 6 YES 8
Mr. Balaji Bakthisaran Independent Director 7 YES 2
Ms. Sumie Fujimura Director 5 YES 0
* Mr. Bipinchandra C. Solanki resigned as Managing Director and Director of the Company w.e.f April 1, 2018
** Mr. Rajendra M. Jog resigned as Whole-time Director and Director of the Company w.e.f June 27, 2017
*** Mr. Abhishek Agarwal was appointed as Whole-time Director of the Company w.e.f April 1, 2017
****Mr. Narendra Kulkarni was appointed as Whole-time Director of the Company w.e.f June 27, 2017
Details of Directors being appointed / reappointed:
These details are covered in the Director’s Report
Meetings of the Board of Directors
Number of meetings of the Board of Directors
During the year 2017-18, total 7 board meetings were held on June 27, 2017, August 7, 2017, September 26,
2017, November 1, 2017, December 8, 2017, February 28, 2018 and on March 20, 2018.
Committees:
The details of committees are as follows:
A. Audit Committee
• Composition
Pursuant to the provisions of Section 177 of the Companies Act, 2013, the members of the Audit
Committee are as follows:
Name of the director Category Designation

Prakash K. Apte Non- Executive Chairman
V. R. Kaundinya Independent Member
Balaji Bakthisaran Independent Member
The Company Secretary of the Company acts as the Secretary to the Committee. Managing
Director, Chief Financial Officer and the Lead Counsel are the permanent invitees to attend all
the meetings of the Audit Committee. The statutory auditors and the internal auditors attend the
meetings of the Committee by invitation.
• Meetings:
During the year 2017-18, total 7 Audit Committee Meetings were held on June 27, 2017, August 7,
2017, September 26, 2017, November 1, 2017, December 8, 2017, February 28, 2018, March 20,
2018,
The details of attendance at the Audit Committee Meetings during the year 2017-18 are given
below:
Sr. No. Name of the Director No. of Meetings attended

1 Prakash Apte (Chairman) 7
2 V. R. Kaundinya 6
3 Balaji Bakthisaran 7
B. Corporate Social Responsibility (CSR) Committee:
• Composition
Pursuant to Section 135 of the Companies Act, 2013, the Board had constituted the Corporate
Social Responsibility Committee.
The CSR Committee comprises of the following members:
Name of the Director Category Designation

*Bipinchandra C. Solanki Executive Chairman
V R Kaundinya Independent Member
*Mr. Bipinchandra C. Solanki ceased to be member w.e.f April 1, 2018 and Mr. Rafael was appointed
as a Chairman of Committee w.e.f. April 23, 2018.
The Board had also constituted a CSR Implementing Committee which will monitor and supervise
the implementation of CSR activities and report the progress to the CSR Committee.
• Terms of reference of CSR Committee are as follows :
(i) Formulate and recommend to the Board a CSR Policy
(ii) Recommend the amount of expenses to be incurred
(iii) Monitoring and implementation of CSR policy from time to time
• Details of CSR Policy:
The Board on the recommendation of the CSR Committee has framed a CSR Policy which inter
alia, covers the following:
• Scope
• CSR Vision
• Focus Areas
• CSR Governance and CSR Committee
• CSR Budget, Implementation & Reporting
CSR Policy gives an overview of the projects or programmes which are proposed to be undertaken
by the Company in the coming years.
During the year 2017-18, a total of 2 CSR Committee Meetings were held.
The details of attendance at the CSR Committee Meetings during the year 2017-18 are given
below:

1 Bipinchandra C. Solanki 2
3 V R Kaundinya 2
C. Nomination & Remuneration Committee
• Composition
Pursuant to Section 178 of the Act, the Board has constituted the Nomination and Remuneration
Committee as follows:
Name of the director Category Designation

V. R. Kaundinya Independent Chairman
Prakash Apte Non- Executive Member
The Managing Director and Head of HR shall be the permanent invitees to attend all the Meetings
of the Nomination and Remuneration Committee
• Terms of reference of Nomination & Remuneration Committee are as follows :
a. Identify persons who are qualified to become Directors and who may be appointed in Senior
Management in accordance with the criteria laid down in the Nomination and Remuneration
Policy.
b. Formulate criteria for evaluation of Directors performance
c. To formulate a criteria for determining qualifications, positive attributes and independence

of a Director.
d. To recommend to the Board policy relating to appointment, remuneration and removal, for
Directors, Key Managerial Personnel and Senior Management Personnel.
e. Ensure that level and composition of remuneration for Directors, Key Managerial Personnel
and Senior Management Personnel is reasonable and sufficient, relationship of remuneration
to performance is clear and meets appropriate performance benchmarks.
f. To carry out any other function as is mandated by the Board from time to time and/or
enforced by any statutory notification, amendment or modification, as may be applicable.
• Details of Nomination & Remuneration policy
Nomination and Remuneration Policy has been uploaded on the website of the Company. The
weblink for the same is http://www.syngenta.co.in/Information-Investors.
The salient features of the Nomination and Remuneration Policy is as under:
1) Population Covered:
This policy shall be applicable to:
a) Directors (Executive, Non-Executive and Independent)
b) Key Managerial Personnel
c) Senior Management Personnel
2) Objective:
The objective of this policy is to lay down a framework in relation to remuneration of directors,
KMP, senior management personnel and other employees.
3) Scope:
Appointment, Retirement and Removal of Director(s), Key Managerial Personal and their
remuneration and then Evaluation.
• Meetings
During the year 2017-18, Three Nomination and Remuneration Committee Meeting were held on
June 27, 2017, September 26, 2017 and March 20, 2018.
The details of attendance at the Nomination and Remuneration Committee Meetings during the
year 2017-18 are given below:

1 Prakash Apte 3
2 V. R. Kaundinya 3
D. Stakeholders Relationship Committee
• Composition
The Stakeholders Relationship Committee comprises of the following members:
Name of the director Category

Prakash K. Apte Non- Executive
*Bipinchandra C. Solanki Executive
Govind P.S. Bene Executive
*Mr. Bipinchandra C. Solanki ceased to be a member w.e.f April 1, 2018 and Mr. Rafael has been
appointed as a Member of this committee w.e.f. April 23, 2018.
• Terms of reference of Stakeholders Relationship Committee are as follows :
1. To approve/reject registration of transfer/transmission of Shares in a timely manner;
2. To approve/reject Issue of Duplicate Share Certificates in lieu of those lost or destroyed or

defaced, mutilated or torn, in a timely manner;
3. To approve/refuse/reject Consolidation/Dematerisation/ Rematerialisation/ sub- division/

replacement/splitting of shares, in a timely manner;
4. To issue the Share Certificates under the Common Seal of the Company as per the
provisions of the Companies Act, 2013
5. To monitor redressal of shareholders complaints/grievances
6. To perform all functions relating to the best interests of shareholders of the Company and as
assigned by the Board, as may be required by the provisions of the Companies Act, 2013
and Rules made thereunder
(i) Risk Management:
The details are covered in Board’s Report.
(ii) Code of Conduct:
Syngenta Code of Conduct applies to all Board Members, Senior Management Personnel and the
employees. Any member interested in obtaining a copy of the Code of Conduct may write to the
Lead Counsel at the Registered Office of the Company.
(iii) Whistle Blower Policy: (Cultivating Integrity)
There is mechanism in place for employees to report concerns about unethical behavior, fraud or
violation with adequate safeguards against victimization of employees. The employees are made
aware of how this mechanism can be resorted to. There is an availability of 24/7 compliance
helpline to support the cause.
3. Disclosures:
There were no materially significant related party transactions or material pecuniary transactions with the
Company, Promoters, Directors, Senior Management, subsidiaries or their relatives that may have potential
conflict with the interest of the Company at large.
In terms of the Accounting Standard (AS) 18, details of transactions with related parties have been reported in
the Notes to Accounts. There were no materially significant transactions that had conflict with the interest of the
Company.
The Board receives on a quarterly basis, certificates of compliance with the provisions of all applicable laws from
the Managing Director, which are taken on record by the Board.
4. Investor Information:
The Company has a designated e-mail: [email protected] to enable investors to communicate

with the Company.
5. Shareholder Information:
Annual General Meeting
Date and Time : September 28, 2018 at 11.00 a.m.
Venue : Orchid Hotel, adjacent to Chhatrapati Shivaji Sports Complex,
Pune-Bangalore Highway, Balewadi, Pune – 411045
Dates of book closure : September 22, 2018 to September 28, 2018 (both days inclusive)
Dividend Payment Date : On and from October 4, 2018
E-voting Dates:
- Cut-off date: September 21, 2018
- E-voting start date: September 25, 2018 from 09.00 a.m.
- E-voting End date: September 27, 2018 up to 05.00 p.m.

6. Registrar and Transfer Agent :
M/s. Link Intime India Private Limited are the Registrar and Transfer Agent of the Company and are responsible
for processing transmission, issue of Duplicate Share Certificates sub-division, consolidation, splitting of shares
and for rendering depository services such as dematerialization and re-materialization of the Company’s Shares.
The members holding shares in physical form, may, if they so desire, send the Share Certificates directly to the
new Registrar and Transfer Agent for dematerialization. Members have the option to open their accounts either
with National Securities Depository Limited (NSDL) and/or Central Depository Services (India) Limited (CDSL)
as the Company has entered into agreements with both the Depositories.
The addresses of the Registrar and Transfer Agent are as follows:
Mumbai Pune
C-13, Pannalal Silk Mills Compound, L.B.S Marg, 202, Akshay Complex, Dhole Patil Road, Near
Bhandup (West) Mumbai 400 078 Ganesh Temple, Pune, Maharashtra 411001
Tel: 022 49186270 Tel: 020-26161629
Email:- [email protected] Email :- [email protected]
7. Share Transfer System:
All physical share transfers are effected within one month of lodgment, subject to the documents being in order.
The Stakeholders Relationship Committee meets as and when required.
8. Investor Correspondence
Mr. Sandip Pawar Ms. Arundhati Kulkarni

Link Intime India Pvt. Ltd. Syngenta India Limited
Block No. 202, Akshay Complex, Near Ganesh S.No. 110/11/3, Baner Road,
Temple, Off Dhole Patil Road, Pune - 411 001 Pune - 411 045
Email: [email protected] Email: [email protected]


Place: Pune Managing Director Whole Time Director & Chief Financial Officer
DIN: 08105128 DIN: 03481395
INDEPENDENT AUDITORS’ REPORT
To the Members of Syngenta India Limited
Report on the Audit of the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of Syngenta India Limited (“the Company”), which
comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss, the Statement of Changes in
Equity and the Statement of Cash Flows for the year then ended, and summary of the significant accounting policies
and other explanatory information.
Management's Responsibility for the Ind AS Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,
2013 (“the Act”) with respect to the preparation of these Ind AS financial statements that give a true and fair view of
the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind
AS) prescribed under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the Ind AS financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Auditors’ Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing specified
under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind
AS financial statements. The procedures selected depend on the auditor’s’ judgment, including the assessment of
the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the Ind
AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the
INDEPENDENT AUDITORS’ REPORT (Continued)
reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall
presentation of the Ind AS financial statements.
We are also responsible to conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in the auditor’s’ report to the related disclosures in the Ind
AS financial statements or, if such disclosures are inadequate, to modify the opinion. Our conclusions are based on
the audit evidence obtained up to the date of the auditor’s’ report. However, future events or conditions may cause an
entity to cease to continue as a going concern.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS
financial statements give the information required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31
March 2018, its profit and other comprehensive income, changes in equity and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s’ Report) Order, 2016 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs
3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and Statement of
Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards
prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31 March 2018 taken on
record by the Board of Directors, none of the directors is disqualified as on 31 March 2018 from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to Ind AS financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure
B”.
g) With respect to the other matters to be included in the Auditor’s’ Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
INDEPENDENT AUDITORS’ REPORT (Continued)
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its Ind AS
financial statements - Refer note 35 to the Ind AS financial statements;
ii. The Company did not have any material foreseeable losses on long-term contracts including
derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company; and
iv. The disclosures in the Ind AS financial statements regarding holdings as well as dealings in
specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been
made since they do not pertain to the financial year ended 31 March 2018. However disclosures
as appearing in the audited Ind AS financial statements for the period ended 31 March 2017 have
been disclosed.
For B S R & Associates LLP

Chartered Accountants
Firm Registration No: 116231W/ W-100024
Shiraz Vastani
Place: Pune Partner
Date: 10 August 2018 Membership No.:103334
Annexure A to the Independent Auditors’ Report
With reference to the Annexure referred to in paragraph 1 in Report on Other Legal and Regulatory Requirements
of the Independent Auditor’s Report to the members of the Company on the Ind AS financial statements for the year
ended 31 March 2018, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of fixed assets.
(b) The Company has a regular program of physical verification of its fixed assets by which its fixed
assets are verified in a phased manner over a period of three years. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the Company and the nature of its assets.
Accordingly, certain fixed assets have been physically verified by the management during the current year
and no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the title deeds of the immovable properties are held in the name of the Company.
(ii) In our opinion and according to information and explanation given to us, and on the basis of our examination of
records of the Company, the inventory except inventories lying with customers and goods-in-transit have been
physically verified at reasonable intervals by the management. In respect of inventory lying with third party
which have been subsequently returned to the Company and with respect of goods-in-transit, subsequent goods
receipt have been verified by the management. The discrepancies noticed on verification between the physical
stocks and book records were not material. In our opinion, the frequency of such verification is reasonable and
adequate in relation to the size of the Company and the nature of its business.
(iii) In our opinion and according to the information and explanations given to us, the Company has not granted any
loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the
register maintained under section 189 of the Act.
(iv) In our opinion and according to the information and explanations given to us, the Company has not granted any
loans, made any investments or provided any guarantees or security to which the provisions of section 185 and
186 of the Act apply.
(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any
deposits from the public in terms of directives issued by the Reserve Bank of India and the provisions of section
73 to 76 of the Act and the rules made there under.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost
Records and Audit) Rules, 2014 for the maintenance of cost records under section 148(1) of the Act, related to
the manufacture of agro chemicals and are of the opinion that prima facie, the prescribed accounts and records
have been made and maintained. We have not however made a detailed examination of the same. The Central
Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for seeds
processing business.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, amounts deducted / accrued in the books of account in respect of undisputed
statutory dues including Provident fund, Income-Tax, Service-Tax, Duty of Customs, Duty of Excise,
Sales-Tax, Value Added Tax, Goods and Service Tax and other material statutory dues have generally
been regularly deposited during the year by the Company with the appropriate authorities. As explained
to us, the company did not have any dues on account of Employees' State Insurance Corporation.
According to the information and explanations given to us, no undisputed amounts payable in respect
of Provident fund, Income-Tax, Service-Tax, Duty of Customs, Duty of Excise, Sales- Tax, Value Added
Tax, Goods and Service Tax and other material statutory dues were in arrears as at 31 March 2018, for a
period of more than six months from the date they became payable.
Annexure A to the Independent Auditors’ Report (Continued)
(b) According to the information and explanations given to us, there are no dues of Income-Tax, Service-Tax,
Sales-Tax, Value Added Tax, Duty of Customs, Duty of Excise and Goods and Service Tax which have
not been deposited by the Company on account of any disputes except for the following:
Name of the Statute Nature of Amount Amount paid Financial Forum where the
Dues (in Rs. under protest year to dispute is pending
Lakhs) # (in INR Lakhs) which the
## amount
relates
Central Excise Act, Excise Duty 3,547(*) 1,266 2009-10 to CESTAT
1944 2015-16
Central Excise Act, Excise Duty 2,747(*) 1,237 2016-17 to Commissioner of
1944 2017-18 Central Goods and
Services Tax and
Central Excise
Central Excise Act, Excise Duty 6,978(*) Nil 2008-09 CESTAT
1944
Central Excise Act, Interest and 19 0.08 2013-14 CESTAT
1944 penalty
Finance Act, Service Tax 227 (*) 76 2012-13, CESTAT
1994 2013-14
Central Excise Act, Interest 63 Nil 2015-16 CESTAT
1944
Customs Act, 1962 Customs duty 50 50 2016-17 Commissioner of
Central Excise and
customs
Central Sales Sales Tax 399 248 2005-06, VAT Tribunal,
Tax Act 2006-07 Gujarat
Central Sales Tax Act Sales Tax 61 Nil 2008-09 Joint Commission
(Appeals), Gujarat
Gujarat Valued Sales Tax 73 5 2009-10 High Court, Gujarat
Added Tax Act
Gujarat Valued Sales Tax 109 40 2006-07 VAT Tribunal, Gujarat
Added Tax Act
Central Sales Tax Act Sales Tax 642 15 2009-10, Deputy Commissioner
2010-11 of Commercial Tax
(Appeals), Baroda.
Central Sales Tax Act Sales Tax 27 4 2010-11 Deputy Commissioner
(Appeals), Rajasthan
Maharashtra Valued Penalty 35 Nil 2011-12 Deputy Commissioner
Added Tax Act (Appeals),
Maharashtra
Rajasthan Valued Sales Tax 23 Nil 2010-11 Deputy Commissioner
Added Tax Act (Appeal), Rajasthan
Gujarat Valued Sales Tax 964 50 2010-11 Deputy Commissioner
Added Tax Act of Commercial Tax
(Appeals), Baroda

## amount
relates
Central Sales Tax Act Sales Tax 12 Nil 2000-01 Joint Commissioner
of Commercial Tax
(Appeals), Gujarat
Central Sales Tax Act Sales Tax 37 Nil 2012-13 Deputy Commissioner
of Commercial Tax
(Appeals), Baroda
Bihar Valued Added Sales Tax 188 60 2013-14, Deputy Commissioner
Tax Act 2014-15 of Commercial Tax
(Appeals)
Gujarat Valued Sales Tax 637 15 2011-12 Joint Commissioner
(Appeals), Baroda
Gujarat Valued Sales Tax 1,533 Nil 2012-13 Deputy Commissioner
(Appeals)
Madhya Pradesh Sales Tax 6 2 2014-15 Additional
Value Added Tax Act Commissioner Appeals
( Madhya Pradesh)
Gujarat Valued Sales Tax 434 Nil 2013-14 Deputy Commissioner
(Appeals)
Central Sales Tax Sales Tax 365 Nil 2013-14 Deputy Commissioner
of Commercial Tax
(Appeals)
The Goa Tax on Entry Tax 421 Nil 2013-14 The Appellate
Entry of Goods Act. Authority, Commercial
tax, Goa
The Goa Tax on Entry Tax 120 Nil 2014-15 The Appellate
Entry of Goods Act. Authority, Commercial
tax, Goa
Andhra Pradesh Sales Tax 8 1 2014-15, Deputy Commissioner
Value Added Tax 2015-16 of Commercial Tax
(Appeals)
Central Sales Tax Sales Tax 2 0.2 2015-16 Appellate Deputy
Commissioner (CT),
Tirupati
The Income Tax Act, Corporate tax 3 Nil 2012-13 Commissioner of
1961 matters Income Tax Appeals
The Income Tax Act, Transfer 321 Nil 2010-11 Assistant
1961 pricing issues Commissioner of
on various Income Tax and
matters Transfer Pricing Officer
The Income Tax Act, Transfer 257 250 2009-10 Assistant
on various Income Tax and
matters Transfer Pricing Officer

## amount
relates
The Income Tax Act, Transfer 1,778 1,778 2008-09 Assistant
and other Income Tax and
income tax Transfer Pricing Officer
matters
The Income Tax Act, Transfer 1,261 1,261 2007-08 Assistant
and other Income Tax
income tax
matters
The Income Tax Act, Transfer 429 429 2006-07 Income Tax Appellate
1961 pricing issues Tribunal
and other
income tax
matters
(*) The demand is raised on the subcontractor of the Company.
# Amounts disclosed above includes penalty and interest, wherever applicable
## Amount paid under protest includes refund adjusted by the tax authorities.
(viii) In our opinion and according to the information and explanations given to us, the Company did not have any
outstanding dues to any financial institution, bank, government or any debentures outstanding during the year.
(ix) In our opinion and according to the information and explanations given to us, the Company has not raised any
money by way of initial public offer or further public offer (including debt instruments) or term loans during the
year.
(x) According to the information and explanations given to us, no fraud by the Company or on the Company by its
officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanation given to us, managerial remuneration has been
paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with
schedule V to the Act.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company as per the Act.
Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us, all transactions with related parties
are in compliance with section 177 and 188 of the Act and the details, as required by the applicable accounting
standards have been disclosed in the Ind AS financial statements.
(xiv) According to the information and explanations given to us, the Company has not made any preferential allotment
or private placement of shares or fully or partially convertible debentures during the year.
(xv) According to the information and explanations given to us, the Company has not entered into any non-cash
transactions with directors or persons connected with them during the year. Accordingly, paragraph 3(xv) of the
Order is not applicable.
(xvi) According to the information and explanations given to us, the Company is not required to register under section
45-IA of the Reserve Bank of India, 1934.
Shiraz Vastani
Place: Pune Partner
Annexure B to the Independent Auditors’ Report
(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements section of our report of even
date.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
We have audited the internal financial controls with reference to financial statements of Syngenta India Limited (“the
Company”) as of 31 March 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the
year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the
internal financial controls with reference to financial statements criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting(“the Guidance Note”) issued by the Institute of Chartered Accountants of India (“ICAI”). These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the
Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial information, as required under
the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the internal financial controls with reference to financial statements of
the Company based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards
on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the
ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial
statements were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls
with reference to financial statements included obtaining an understanding of internal financial controls with reference
to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to
fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the internal financial controls system with reference to financial statements of the Company.
Meaning of Internal Financial Controls with reference to Financial Statements
A company's internal financial controls with reference to financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A company's internal financial controls
with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
Annexure B to the Independent Auditors’ Report (Continued)
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorizations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to financial statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to
financial statements to future periods are subject to the risk that the internal financial controls with reference to financial
statements may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference
to financial statements and such internal financial controls with reference to financial statements were operating
effectively as at 31March 2018, based on the internal controls with reference to financial statements criteria established
by the Company considering the essential components of internal control stated in the Guidance Note issued by the
ICAI.

Shiraz Vastani
Place: Pune Partner
Balance Sheet as at 31 March 2018

(Currency: Indian Rupees in Lakhs, except share data)
Notes As At
31 March 2018 31 March 2017
ASSETS
Non-current assets
Property, plant and equipment 2 12,846 12,980
Capital work-in-progress 2 806 481
Intangible assets 3 829 -
Investment property 4 1,428 1,481
Financial assets
Other financial assets 5 555 524
Income tax assets (net) 27 10,380 10,587
Deferred tax assets (net) 27 5,137 5,167
Other non-current assets 6 5,974 5,419
Total non-current assets 37,955 36,639
Current assets
Inventories 7 107,854 109,362
Financial assets
i. Loans 5 163 77
ii. Trade receivables 8 43,739 52,028
iii. Cash and cash equivalents 9 37,327 78,399
iv. Bank balances other than (iii) above 76,121 20,000
v. Other financial assets 5 4,007 3,991
Other current assets 6 41,164 26,883
310,375 290,740
Disposal group - assets held for sale - 31
Total current assets 310,375 290,771
Total assets 348,330 327,410

EQUITY AND LIABILITIES
Equity
Equity share capital 10 1,647 1,647
Other equity 11 278,218 252,308
Total equity 279,865 253,955
Liabilities
Non-current liabilities
Provisions 12 1,984 1,743
Total non-current liabilities 1,984 1,743
Current liabilities
Financial liabilities
i. Trade payables 14 33,344 45,980
ii. Other financial liabilities 13 2,212 3,322
Deferred income 4,135 2,971
Other current liabilities 15 5,601 3,728
Provisions 12 20,582 15,711
Income tax liability (net) 27 607 -
Total current liabilities 66,481 71,712
Total liabilities 68,465 73,455
Total equity and liabilities 348,330 327,410
Summary of significant accounting policies 1

See accompanying notes to the financial statements 2 - 40
The notes referred to above form an integral part of the financial statements
As per our report of even date attached

For B S R & Associates LLP For and on behalf of the Board of Directors of
Chartered Accountants Syngenta India Limited
Firm Registration no: 116231W/W- 100024 CIN - U24210PN2000PLC135336
Shiraz Vastani Rafael Julio Del Rio Abhishek Agarwal
Partner Managing Director Whole Time Director &
Membership No. 103334 DIN - 08105128 Chief Financial Officer
DIN - 03481395
Arundhati Kulkarni
Company Secretary
Place: Pune Place: Pune
Date: 10 August 2018 Date: 10 August 2018
Statement of Profit and Loss for the year ended 31 March 2018
Note For the year ended

31 March 2018 31 March 2017
Continuing operations
Revenue from operations 17 271,803 266,947
Other income 18 16,869 13,006
Total income 288,672 279,953
Expenses
Cost of materials consumed 19 147,733 131,060
Purchase of stock-in-trade 20 24,646 38,526
Changes in inventory of finished goods, work-in-progress and stock-in-trade 21 3,642 (18,142)
Excise duty 3,045 16,678
Employee benefit expenses 22 18,259 18,926
Finance cost 23 380 81
Depreciation and amortization expense 24 2,025 1,933
Other expenses 25 44,939 47,925
Total expenses 244,669 236,987
Profit before tax from continuing operations 44,003 42,966
Tax expense
Current tax 27 15,486 15,402
Deferred tax 27 238 (167)
Total tax expense 15,724 15,235
Profit from continuing operations (after tax) 28,279 27,731
Discontinued operations
Profit from discontinued operations before tax 29 - 2,121
Tax expense of discontinued operations 27 - 1,019
Profit from discontinued operations (after tax) - 1,102
Profit for the year 28,279 28,833
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurements of employee benefit obligations (595) (445)
Income tax relating to items that will not be reclassified to profit or loss 27 208 154
Other comprehensive (loss) / income for the year, net of tax (387) (291)
Total comprehensive income for the year 27,892 28,542
Earnings per share - continuing operations 26
Basic earning per share of face value of INR 5 each (in INR) 85.84 84.18
Diluted earning per share of face value of INR 5 each (in INR) 85.84 84.18
Earnings per share - discontinued operations 26
Basic earning per share of face value of INR 5 each (in INR) - 3.34
Diluted earning per share of face value of INR 5 each (in INR) - 3.34
Earnings per share - continuing and discontinued operations 26


DIN - 03481395
Arundhati Kulkarni
Company Secretary
Cash Flow Statement for the year ended 31 March 2018

For the year ended

31 March 2018 31 March 2017
Cash flow from operating activities
Profit before tax from continuing operations 44,003 42,966
Profit before tax from discontinuing operations - 2,121
Profit before tax 44,003 45,087
Adjustments for :
Interest income (5,514) (6,331)
Interest expense 52 39
Depreciation and amortization expenses 2,025 1,933
Impairment loss on disposal group held for sale - 1,009
Loss on sale of property, plant and equipment - 121
Profit on sale of investment property (769) -
Remeasurement of employee benefit obligation through OCI (595) (445)
39,202 41,413
Changes in assets and liabilities
Inventories 1,509 (8,420)
Trade receivables 8,289 (10,193)
Loans, other financial assets and other assets (14,967) (20,392)
Trade payables (12,635) 5,019
Other financial liabilities, other liabilities and provisions 6,580 2,078
Cash generated from operating activities 27,978 9,505
Income taxes paid (net) (14,672) (17,218)
Net cash flows (used in)/from operating activities (A) 13,306 (7,713)
Cash flows from investing activities

Acquisition of property, plant and equipment (3,092) (3,647)
Proceeds from sale of property, plant and equipment - 26,913
Proceeds from sale of investment property 813 -
Advance from sale of specified seeds business 584 -
(Investment in) / proceeds from (maturity of 3 - 12 months) bank deposits (net) (56,121) 4,000
Interest received 5,468 6,261
Net cash flows from/(used in) investing activities (B) (52,348) 33,527
Cash flows from financing activities
Interest paid (52) (39)
Dividends paid (1,643) (1,644)
Taxes on dividend paid (335) (335)
Net cash used in financing activities (C) (2,030) (2,018)
Net increase in cash and cash equivalents (A + B + C) (41,072) 23,796
Cash and cash equivalents at the beginning of the year 78,399 54,603
Cash and cash equivalents at the end of the year 37,327 78,399
Components of cash and cash equivalents

Bank balances
- in current accounts 2,889 2,175
- in deposits accounts (with original maturity of 3 months or less) 34,365 76,155
- in unpaid dividend accounts 73 69
Total cash and cash equivalents (refer note 9) 37,327 78,399

Other notes to the financial statements 2 - 40

DIN - 03481395
Arundhati Kulkarni
Company Secretary
Statement of changes in equity for the year ended 31 March 2018

Attributable to equity holders of the Company

Share capital General Capital Retained Total equity
reserves reserve earnings
Balance as at 1 April 2016 1,647 50,655 1,648 173,445 227,395
Profit for the year - - - 28,833 28,833

Transfer to general reserves - 2,883 - (2,883) -
Other comprehensive income (net of - - - (291) (291)
tax)
Transactions with the owners in their
capacity as the owners recorded
directly in equity
Dividends - - - (1,647) (1,647)
Dividend distribution tax - - - (335) (335)
Balance as at 31 March 2017 1,647 53,538 1,648 197,122 253,955
Profit for the year - - - 28,279 28,279

Transfer to general reserves - 2,828 - (2,828) -
Other comprehensive income - - - (387) (387)
(net of tax)
Transactions with the owners in their
capacity as the owners recorded
directly in equity
Dividends - - - (1,647) (1,647)
Dividend distribution tax - - - (335) (335)
Balance as at 31 March 2018 1,647 56,366 1,648 220,204 279,865


DIN - 03481395
Arundhati Kulkarni
Company Secretary
Notes to financial statements as at 31 March 2018
1.1 Company overview
Syngenta India Limited (hereinafter referred to as “the Company”) is a public company incorporated under
the Companies Act, 1956, having its registered office at Pune, Maharashtra, India. The Company is a public
limited company and none of its shares or any other financial instruments are listed on any stock exchanges in
India.The Company is engaged in the business of manufacturing and trading of agro chemicals and processing
and selling of seeds. The Company manufactures active ingredients and formulates pesticides, herbicides and
fungicides and processes field crop and vegetable seeds. The Company has presence in both the domestic and
international markets.
1.2 Basis of preparation of financial statements
i. Statement of compliance
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as
per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of Companies
Act, 2013, (the 'Act') and other relevant provisions of the Act.
The financial statements were authorized for issue by the Company's Board of Directors on 7 August
2018.
ii. Functional and presentation currency
These financial statements are presented in Indian Rupees (INR), which is also the Company’s functional
currency. All amounts have been rounded off to the nearest Lakh except share data, unless otherwise
indicated.
iii. Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following items:
Items Measurement basis
Certain financial assets and liabilities Fair value
Liabilities for cash-settled share-based payment arrangements Fair value
Net defined benefit (asset)/ liability Present value of defined benefit obligations
less fair value of plan assets
1.3 Use of estimates and judgements
The preparation of financial statements in conformity with Ind AS requires management to make estimates,
judgements and assumptions. These estimates, judgement and assumptions affect the application of accounting
policies and reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of
financial statements and reported amounts of revenue and expenses during the period. Application of accounting
policies that require critical accounting estimates involving complex and subjective judgements and the use of
assumptions in these financial statements have been disclosed in note 1.4.Accounting estimates could change
from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are
made as management becomes aware of changes in circumstances surrounding the estimates. Changes in
estimates are reflected in the financial statements in the period in which the changes are made and, if material,
their effects are disclosed in the notes to the financial statements.
Notes to financial statements as at 31 March 2018 (continued)
Critical accounting estimates
i. Revenue recognition and trade receivables
The Company’s products are consumed mainly by the farmers, but the Company invoices the majority
of its sales to its distributors. The timing and amount of cash inflows received by farmers is impacted by
a broad range of economic and political risks, including crop yields and prices, the availability of credit,
and the cost of agricultural inputs such as the products sold by the Company and its competitors. The
cash flows of distributors that supply the Company’s products to farmers and represent the majority of
the Company’s customers are also impacted by these factors. Considerable management effort and
judgement is applied to actively manage and mitigate the risks to the Company from these factors and to
determine the accounting estimates associated with them, which are set out below:
- the estimated cost of incentive programs that provide rebates and discounts dependent upon
achievement of sales targets, as well as cash discounts for punctual payment of accounts
receivable. The Company records the estimated cost of these programs when the related sales
are made, based on the programs’ terms, market conditions and historical experience
- the commercial practices in the market in which the Company operates, generally require the
companies to accept the return of the goods unsold by the distributors upon the expiry of the
agricultural season. Accruals for estimated product returns are made based on historical
experience of actual returns where the Company considers these to be reliable estimates of future
returns. These estimates are further reviewed based on the actual product returns(pertaining to
products sold during the reporting period)in the subsequent period until the financial statements
are approved by the board. Any material differences in the estimates and the actual product returns
are adjusted accordingly.
- expected credit loss model is used to arrive at the loss allowances, which are further critically
analyzed for individual receivable account balances, taking into account historical levels of recovery
and the value of any security held, the economic condition of individual customers, and the overall
economic and political environment.
ii. Inventories
The inventories of the Company are subject to risk of physical deterioration at various stages of the
operating cycle. The Company records allowances against the cost of inventories for both quality and
obsolescence. The Company records allowances for quality for inventories which are currently of defective
quality and which is expected to deteriorate physically before sale, based on past experience. A significant
amount of management effort and judgement is required to determine the amount of allowances required
in inventory valuation.
iii. Impairment review
The carrying amounts of assets are reviewed at each Balance Sheet date. If there is any indication
of impairment based on internal/external factors, the asset’s recoverable amount is estimated. An
impairment loss is recognized whenever a carrying amount of an asset exceeds its recoverable amount.
The recoverable amount is the greater of the assets net selling price and value in use. In assessing the
value in use, the Company makes a reasonable estimate of the value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risk specific to the asset. In
determining the net selling price, recent market transactions are taken into account, if available. If no such
transactions can be identified, an appropriate valuation model is used.
iv. Income taxes
Significant judgements are involved in determining the provision for income taxes, including amount
expected to be paid/recovered for uncertain tax positions. Refer note 27 and note 34.
v. Defined employment benefits
At 31 March 2018, The Company has reported other non-current assets of INR Nil lakhs (31 March 2017:
INR 287 lakhs) and provisions of INR 2,294 lakhs (31 March 2017: INR 1,980 lakhs) as net defined
benefit (DB) assets and liabilities, respectively, as set out in note 28. These amounts may change
significantly from one reporting period end to another not only due to expense recognized in profit and
loss and cash payments, but also to changes in the actuarial assumptions used to measure the defined
benefit obligation (DBO) and to variances between those assumptions and actual outcomes (“experience
adjustments”), both of which are recognized in Other Comprehensive Income. Significant judgment is
required when selecting key assumptions for measuring post-employment benefit expense for a period
and the DBO at the period end for each defined benefit plan. The specific assumptions used and
experience adjustments are disclosed in note 28. These adjustments were caused principally by external
financial market movements in factors used to benchmark the discount rate, and in asset prices affecting
the actual return on assets. These factors are outside the Company’s direct control, and it is reasonably
possible that future variances will be at least as great as past variances.
vi. Property, plant and equipment and investment property
The charge in respect of periodic depreciation on property, plant and equipment is derived after determining
an estimate of asset’s expected useful life and the expected residual value at the end of the useful life.
The useful lives and residual values of the Company’s assets are determined by the management at the
time the asset is acquired and reviewed periodically, including at each financial year end. The useful lives
are based on historical experience with similar assets as well as anticipation of future events, which may
impact their life, such as changes in technology. The useful lives of various category of assets is detailed
in note 1.4 (b)
1.3.1 Measurement of fair value
A number of the Company’s accounting policies and disclosures require the measurement of fair values,
for both financial and non-financial assets and liabilities.
Significant valuation issues are reported to the Company’s audit committee.
Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the
valuation techniques as follows.
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
When measuring the fair value of an asset or a liability, the Company uses observable market data as far
as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of
the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of
the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting
period during which the change has occurred.
Further information about the assumptions made in measuring fair values is included in the following
notes:
- Note 1.4(a) – investment property; and
- Note 1.4 (d) – financial instruments.
- Note 1.4(f) – disposal group – assets held for sale; and
- Note 1.4(p) – share-based payment arrangements
1.4 Significant accounting policies
a. Investment property
Investment property is property held either to earn rental income or for capital appreciation or for both,
but not for sale in the ordinary course of business, use in the production or supply of goods or services
or for administrative purposes. Upon initial recognition, an investment property is measured at cost.
Subsequent to initial recognition, investment property is measured at cost less accumulated depreciation
and accumulated impairment losses, if any.
Subsequent expenditure is capitalized to the assets’ carrying amount only when it is certain that the future
economic benefits associated with the expenditure will flow to the Company and the cost of the item can
be measured reliably. All other repairs and maintenance and other costs are expensed when incurred.
Based on technical evaluation, the management believes a period of 40 years as representing the best
estimate of the period over which investment properties excluding freehold land are expected to be used.
Accordingly, the Company depreciates investment properties over a period of 40 years on a straight-line
basis. The useful life estimate of 40 years is different from the indicative useful life of relevant type of
buildings mentioned in Part C of Schedule II to the Act i.e. 30 years.
Any gain or loss on disposal of an investment property is recognized in profit or loss.
The fair values of investment property is disclosed in the notes. Fair values is determined by an independent
valuer who holds a recognized and relevant professional qualification and has recent experience in the
location and category of the investment property being valued.
b. Property, plant and equipment
i. Recognition and measurement
Items of property, plant and equipment are measured at cost, less accumulated depreciation and
accumulated impairment losses, if any.
Cost of an item of property, plant and equipment comprises its purchase price, including non-
refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable
cost of bringing the item to its working condition for its intended use.
Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or
loss.
ii. Subsequent expenditure
Subsequent expenditure is capitalized only if it is probable that the future economic benefits
associated with the expenditure will flow to the Company.
iii. Depreciation
Depreciation is calculated on cost of items of property, plant and equipment less their estimated
residual values over their estimated useful lives using the straight-line method, and is generally
recognized in the Statement of Profit and Loss. Freehold land is not depreciated.
The estimated useful lives of items of property, plant and equipment are as follows:
Asset Category Useful Life

Buildings*
Factory buildings 10 to 30 Years
Polyhouse, Greenhouse, Net-house, etc. 10 to 20 Years
Administrative buildings 40 Years
Research buildings 40 Years
Others including temporary structures 5 Years
Plant and equipments*
General plant and machinery 3 to 20 Years
Lab equipment 5 to 15 Years
Office equipment 4 to 5 Years
Mobiles 2 Years
Other equipment 10 to 15 Years
Furniture and fixtures* 2 to 20 Years
Computers 3 to 6 Years
Vehicles 5 to 10 Years
*For these class of assets, based on internal technical assessment, the useful lives as given
above are believed to best represent the period over which the assets are expected to be used.
Hence the useful lives of these assets are different from the useful lives as prescribed under Part
C of Schedule II of the Companies Act, 2013.
Depreciation on additions (disposals) is provided on a pro-rata basis i.e. from (up to) the date /
month on which asset is ready for use (disposed of).
iv. Reclassification to investment property
When the use of a property changes from owner-occupied to investment property, the property is
reclassified as investment property at its carrying amount on the date of reclassification.
c. Intangible assets and amortization
i. Acquired intangible assets
Intangible assets that are acquired by the Company are measured initially at cost. After initial
recognition, an intangible asset is carried at its cost less any accumulated amortization and any
accumulated impairment loss.
Subsequent expenditure is capitalized only when it increases the future economic benefits from
the specific asset to which it relates.
ii. Amortization
Intangible assets are amortized on a straight line basis over the estimated useful economic life.
The Company uses a rebuttable presumption that the useful life of an intangible asset will not
exceed ten years from the date when the asset is available for use. If the persuasive evidence
exists to the affect that useful life of an intangible asset exceeds ten years, the Company amortizes
the intangible asset over the best estimate of its useful life. Such intangible assets not yet available
for use are tested for impairment annually, either individually or at the cash-generating unit level.
The amortization period and the amortization method are reviewed at least at each financial year
end. If the expected useful life of the asset is significantly different from previous estimates, the
amortization period is changed accordingly. If there has been a significant change in the expected
pattern of economic benefits from the asset, the amortization method is changed to reflect the
changed pattern.
A summary of amortization policies applied to the Company’s intangible assets is as below:
Asset category Amortization period

Computer software 5 years
d. Financial instruments
i. Recognition and initial measurement
The Company recognizes financial assets and financial liabilities when it becomes a party to the
contractual provisions of the instrument except for trade receivables which are initially recognized
when they are originated. All financial assets and liabilities are recognized at fair value on initial
recognition, except for trade receivables which are measured at transaction price. Transaction costs
that are directly attributable to the acquisition or issue of financial assets and financial liabilities that
are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular
way purchase and sale of financial assets are accounted for at trade date.
ii. Subsequent measurement and gains and losses
Non-derivative financial instruments
Financial assets carried at amortized costs
A financial asset is measured at amortized cost using the effective interest method, if the asset is
held within a business model whose objective is to hold assets to collect contractual cash flows
and the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains
and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is
recognized in profit or loss.
Financial liabilities carried at amortized costs
Financial liabilities are subsequently carried at amortized cost using the effective interest method.
Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain
or loss on derecognition is also recognized in profit or loss.
iii. Derecognition of financial instruments
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards of ownership of the financial asset are transferred
or in which the Company neither transfers nor retains substantially all of the risks and rewards of
ownership and does not retain control of the financial asset.
The Company derecognizes a financial liability when its contractual obligations are discharged or
cancelled, or expire.
iv. Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the Balance
Sheet when, and only when, the Company currently has a legally enforceable right to set off the
amounts and it intends either to settle them on a net basis or to realize the asset and settle the
liability simultaneously.
e. Impairment
i. Impairment of financial assets
The Company recognizes loss allowances for expected credit losses on financial assets measured
at amortized cost. At each reporting date, the Company assesses whether financial assets carried
at amortized cost are credit impaired.
Loss allowances for trade receivables are always measured at an amount equal to lifetime expected
credit losses. Lifetime expected credit losses are the expected credit losses that result from all
possible default events over the expected life of a financial instrument. 12-month expected credit
losses are the portion of expected credit losses that result from default events that are possible
within 12 months after the reporting date (or a shorter period if the expected life of the instrument
is less than 12 months). In all cases, the maximum period considered when estimating expected
credit losses is the maximum contractual period over which the Company is exposed to credit risk.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating expected credit losses, the Company considers reasonable and
supportable information that is relevant and available without undue cost or effort. This includes
both quantitative and qualitative information and analysis, based on the Company’s historical
experience and informed credit assessment and including forward looking information.
The Company assumes that the credit risk on a financial asset has increased significantly if it is
more than 180 days past due. The Company considers a financial asset to be in default when the
financial asset is 360 days or more past due.
Measurement of expected credit losses
Expected credit losses are a probability weighted estimate of credit losses. Credit losses are
measured as the present value of all cash shortfalls (i.e. the difference between the cash flows
due to the Company in accordance with the contract and the cash flows that the Company expects
to receive).
Presentation of allowance for expected credit losses in the Balance Sheet
Loss allowances for financial assets measured at amortized cost are deducted from the gross
carrying amount of the assets.
Write-off
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
there is no realistic prospect of recovery. This is generally the case when the Company determines
that the debtor does not have assets or sources of income that could generate sufficient cash
flows to repay the amounts subject to the write‑ off. However, financial assets that are written off
could still be subject to enforcement activities in order to comply with the Company’s procedures
for recovery of amounts due.
ii. Impairment of non-financial assets
The Company’s non-financial assets are reviewed at each reporting date to determine whether
there is any indication of impairment. If any such indication exists, then the asset’s recoverable
amount is estimated.
For impairment testing, assets that do not generate independent cash inflows are grouped
together into cash-generating units (CGUs). Each CGU represents the smallest group of assets
that generates cash inflows that are largely independent of the cash inflows of other assets or
CGUs.
The recoverable amount of a CGU (or an individual asset) is the higher of its value in use and its
fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted
to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the CGU (or the asset).
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its estimated
recoverable amount. Impairment losses are recognized in the Statement of Profit and Loss.The
Company reviews at each reporting date whether there is any indication that the impairment loss
has decreased or no longer exists. The impairment loss recognized in prior period is reversed
if there has been a change in the estimates used to determine the recoverable amount. Such a
reversal is made only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortization, if no impairment
loss had been recognized.
f. Non-current assets or disposal group held for sale
Non-current assets, or disposal groups comprising assets and liabilities are classified as held for sale if it
is highly probable that they will be recovered primarily through sale rather than through continuing use.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair
value less costs to sell. Any resultant loss on a disposal group is allocated first to goodwill if any, and
then to remaining assets and liabilities on pro rata basis, except that no loss is allocated to inventories,
financial assets, deferred tax assets and employee benefit assets which continue to be measured in
accordance with the Company’s other accounting policies. Losses on initial classification as held for
sale and subsequent gains and losses on re-measurement are recognized in profit or loss.
Once classified as held-for-sale, property, plant and equipment and investment properties are no longer
amortized or depreciated.
g. Revenue recognition
i. Sale of goods
Revenue is measured at the fair value of the consideration received or receivable. Amounts
disclosed as revenue are inclusive of excise duty and net of returns, trade allowances, rebates,
value added taxes and amounts collected on behalf of third parties upto June 30, 2017. With the
onset of Goods and Service Tax (GST) with effect from July 1, 2017, the amount disclosed as
revenue is net of GST collected on behalf of third parties.
Revenue from the sale of goods in the course of ordinary activities is measured at the fair value
of the consideration received or receivable, net of returns, trade discounts, cash discount and
volume rebates. Revenue is recognized when significant risk and rewards of ownership have
been transferred to the buyer, recovery of the consideration is probable, the associated cost and
possible return of goods can be estimated reliably, there is no continuing effective control over, or
managerial involvement with, the goods, and the amount of revenue can be measured reliably.The
timing of transfer of risk and rewards varies depending on the individual terms of sale.
Customer loyalty programme (deferred revenue)
For customer loyalty programmes, the fair value of the consideration received or receivable in
respect of the initial sale is allocated between the award credits and the other components of
the sale. The amount allocated to award credits is deferred and is recognized as revenue when
the award credits are redeemed or when it is no longer probable that the award credits will be
redeemed.
ii. Rendering of services
Revenue from service contracts is recognized based on the terms of the contract as and when
services are rendered and no significant uncertainty exists regarding the collection of the
consideration.
h. Other income
Government grants
Government grants relating to export incentives are accounted for on export of goods if the entitlements
can be estimated with reasonable accuracy and conditions precedent to claim is fulfilled. These export
incentives are recognized in profit and loss as other income.
Rental income
Rental income from investment property is recognized as part of revenue from operations in profit or loss
on a straight-line basis over the term of the lease except where the rentals are structured to increase in
line with expected general inflation.
i. Recognition of interest income or expense
Interest income or expense is recognized using the effective interest method.
The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts
through the expected life of the financial instrument to:
- the gross carrying amount of the financial asset; or
- the amortized cost of the financial liability.
In calculating interest income and expense, the effective interest rate is applied to the gross carrying
amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability.
However, for financial assets that have become credit-impaired subsequent to initial recognition, interest
income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If
the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
j. Inventories
Inventories which comprise of raw material, packing material, work-in-progress, finished goods and stock-
in-trade are valued at lower of cost and net realizable value. Cost of inventories comprise of all costs of
purchase, costs of conversion and other costs incurred in bringing the inventory to their present location
and condition. The inventories of raw materials, packing materials, work-in-progress and finished goods
are valued at weighted average cost.
Cost of work-in-progress and finished goods include direct materials and labour and a proportion of
manufacturing overheads based on normal operating capacity. Cost of finished goods also includes
excise duty as applicable on the finished goods.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs
of completion and estimated costs necessary to make the sale.
The net realizable value of work-in-progress is determined with reference to the selling prices of related
finished products. Raw materials and other supplies held for use in the production of finished products
are not written down below cost except in cases where material prices have declined and it is estimated
that the cost of the finished products will exceed their net realizable value.
The comparison of cost and net realizable value is made on an item-by-item basis.
k. Foreign currency transactions:
Functional currency
The functional currency of the Company is the Indian rupee.
Transactions and balances
Transactions in foreign currencies are translated into the respective functional currencies of the Company
at the exchange rates at the dates of the transactions or an average rate if the average rate approximates
the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional
currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured
at fair value in a foreign currency are translated into the functional currency at the exchange rate when
the fair value was determined. Non-monetary assets and liabilities that are measured based on historical
cost in a foreign currency are translated at the exchange rate at the date of the transaction. Exchange
differences are recognized in profit or loss.
l. Provisions (other than for employee benefits)
A provision is recognized if, as a result of a past event, the Company has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash flows
(representing the best estimate of the expenditure required to settle the present obligation at the Balance
Sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and
the risks specific to the liability. The increase in the provision due to the passage of time is recognized
as interest expense. Unwinding of the discount is recognized as finance cost. Expected future operating
losses are not provided for.
m. Employee benefits
i. Short term employee benefits
Employee benefits payable wholly within twelve months of receiving employee services are
classified as short-term employee benefits. These benefits include salaries and wages, bonus and
ex-gratia. The undiscounted amount of short-term employee benefits to be paid in exchange for
employee services is recognized as an expense as the related service is rendered by employees.
ii. Post-employment benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit under which an entity pays a specific
contribution to a separate entity and has no obligation to pay any further amounts. Retirement
benefit in the form of provident fund and superannuation fund are a defined contribution schemes
and the contributions are charged to the Statement of Profit and Loss during the period in which the
employee renders the related service. The Company has no obligation, other than the contribution
payable to these funds. Prepaid contributions are recognized as an asset to the extent that a cash
refund or a reduction in future payments is available.
Defined benefit plans
The Company has defined benefit plans for its employees, viz., gratuity, pension and post-
retirement medical benefits. The Company’s net obligation in respect of defined benefit plans is
calculated separately for each plan by estimating the amount of future benefit that employees have
earned in the current and prior periods, discounting that amount and deducting the fair value of any
plan assets.
Liabilities with regard to these plans are determined by actuarial valuation, performed by an
independent actuary, at each Balance Sheet date using the Projected Unit Credit method.
The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an
asset or liability. Actuarial gains or losses through remeasurement of net defined benefit liability/
(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in
subsequent periods. The actual return on portfolio of plan assets, in excess of the yields computed
by applying the discount rate used to measure the defined benefit obligation is recognized in other
comprehensive income. The effect of any plan amendments are recognized in net profits in the
Statement of Profit and Loss.
Compensated absences
The employee can carry-forward a portion of the unutilized accrued compensated absences and
utilize it in future service periods or receive cash compensation on termination of employment.
Since the compensated absences do not fall due wholly within twelve months after the end of the
period in which the employees render the related service and are also not expected to be utilized
wholly within twelve months after the end of such period, the benefit is classified as a long term-
term employee benefit. The Company records an obligation for such compensated absences in the
period in which the employee renders the services that increases this entitlement. The obligation is
measured on the basis of independent actuarial obligation using the Projected Unit Credit method.
Termination benefits
Termination benefits are recognized as an expense when as a result of a past event, the Company
has a present obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation.
n. Income taxes
Income tax comprises current and deferred tax. It is recognized in profit or loss except to the extent that
it relates to an item recognized in other comprehensive income.
i. Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the
year and any adjustment to the tax payable or receivable in respect of previous years. The amount
of current tax reflects the best estimate of the tax amount expected to be paid or received after
considering the uncertainty, if any, related to income taxes. Current income tax is measured using
tax rates (and tax laws) enacted or substantively enacted by the reporting date.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to
set off the recognized amounts, and it is intended to realize the asset and settle the liability on a
net basis or simultaneously.
ii. Deferred tax
Deferred tax is recognized in respect of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the corresponding amounts used for
taxation purposes
Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are
recognized for deductible timing differences only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which such deferred tax assets can
be realized. Deferred tax assets – unrecognized or recognized, are reviewed at each reporting
date and are recognized/ reduced to the extent that it is probable/ no longer probable respectively
that the related tax benefit will be realized.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset
is realized or the liability is settled, based on the laws that have been enacted or substantively
enacted by the reporting date. The measurement of deferred tax reflects the tax consequences
that would follow from the manner in which the Company expects, at the reporting date, to recover
or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current
tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the
same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will be realized simultaneously.
o. Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to
equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares
outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable
to equity shareholders and the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
p. Share-based compensation
The Company grants its employees share-based employee benefit schemes, wherein eligible employees
of the Company are granted restricted stock units, deferred share plans and share options of intermediate
holding Company. The Company recognizes expense relating to share-based payments in Statement
of Profit and Loss using fair-value. The estimated fair value of these grants is charged on a straight-line
basis over the requisite service period for each separately vesting portion of the grant as if the grant was
in-substance, multiple grants; with the corresponding increase to liability for share-based payment.
The Company recognizes the effect of any modification in the vesting conditions of the share-based
payment arrangements in the period in which such modification takes effect. Any cancellation or
settlement of unvested share-based payments is accounted for as an acceleration of vesting and the
amount is recognized immediately that would have otherwise been recognized for services received over
the remainder of the vesting period.
q. Discontinued operations
A discontinued operation is a component of the Company’s business, the operations and cash flows
of which can be clearly distinguished from those of the rest of the Company and which represents a
separate major line of business or geographical area of operations and is part of a single coordinated plan
to dispose of a separate major line of business or geographic area of operations.
Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria
to be classified as held for sale, whichever is earlier.
When an operation is classified as a discontinued operation, the comparative Statement of Profit and
Loss is re-presented as if the operation had been discontinued from the start of the comparative period.
r. Cash flow statement
Cash flows are reported using the indirect method, where by profit for the period is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts
or payments and item of income or expenses associated with investing or financing cash flows. The cash
flows from operating, investing and financing activities of the Company are segregated.
s. Leases
i. Determining whether an arrangement contains a lease
At inception of an arrangement, it is determined whether the arrangement is or contains a lease.

At inception or on reassessment of the arrangement that contains a lease, the payments and other
consideration required by such an arrangement are separated into those for the lease and those
for other elements on the basis of their relative fair values. If it is concluded for a finance lease that
it is impracticable to separate the payments reliably, then an asset and a liability are recognized at
an amount equal to the fair value of the underlying asset. The liability is reduced as payments are
made and an imputed finance cost on the liability is recognized using the incremental borrowing
rate.
ii. Assets held under leases
Leases of property, plant and equipment that transfer to the Company substantially all the risks and
rewards of ownership are classified as finance leases. The leased assets are measured initially
at an amount equal to the lower of their fair value and the present value of the minimum lease
payments. Subsequent to initial recognition, the assets are accounted for in accordance with the
accounting policy applicable to similar owned assets.
Assets held under leases that do not transfer to the Company substantially all the risks and rewards
of ownership (i.e. operating leases) are not recognized in the Company’s Balance Sheet.
iii. Lease payments
Payments made under operating leases are generally recognized in profit or loss on a straight-
line basis over the term of the lease unless such payments are structured to increase in line with
expected general inflation to compensate for the lessor’s expected inflationary cost increases.
Minimum lease payments made under finance leases are apportioned between the finance charge
and the reduction of the outstanding liability. The finance charge is allocated to each period during
the lease term so as to produce a constant periodic rate of interest on the remaining balance of the
liability.
1.5 Recent accounting pronouncements
Standards issued but not yet effective
Standards issued but not yet effective upto the date of issuance of the Company’s financial statements which
are applicable to the Company are listed below. The listing of standards issued, which the Company reasonably
expects to be applicable at a future date. The Company intends to adopt those standards when they become
effective i.e. April 1, 2018
Amendment to Ind AS 21 – The Effects of Changes in Foreign Exchange Rates
The amendment has been incorporated in Ind AS 21 as Appendix B which clarifies on the accounting of
transactions that include the receipt or payment of advance consideration in a foreign currency. The appendix
explains that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial
recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or
receipts in advance, a date of transaction is established for each payment or receipt. The Company is evaluating
the impact of this amendment on its financial statements.
Ind AS 115 – Revenue from Contract with Customers
Ind AS 115 establishes a single comprehensive model for entities to use in accounting for revenue arising
from contracts with customers. Ind AS 115 will supersede the current revenue recognition standard Ind AS 18
Revenue, Ind AS 11 Construction Contracts when it becomes effective.
The core principle of Ind AS 115 is that an entity should recognise revenue to depict the transfer of promised
goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services. Specifically, the standard introduces a 5-step approach to
revenue recognition:
Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligation in contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
Under Ind AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when
‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer.
Company’s main source of revenue is product sales. Control of products passes to company’s customers, and
revenue for product sales is recognized, at a point in time which is usually upon delivery, subject to reasonable
assurance of collectability. Delivery is defined based on the terms of the sale contract. This is consistent with the
timing of revenue recognition in accordance with the current standard, Ind AS 18.
Revenue is measured at the amount of consideration to which the Company expects to be entitled in exchange
for the products it transfers to customers.
Cash incentive programs that provide rebates and discounts dependent on achievement of targets for purchase
of the Company’s products, and cash discounts for punctual or early payment of invoices. Company recognizes
sales minus an allowance for rebates, and a refund liability presented within provisions in the balance sheet. The
allowance and liability are measured at the amount expected to be refunded or credited to customers, estimated
based on the programs’ terms, market conditions and historical experience.
Sales returns arise where the Company’s commercial practice is to accept returns. Company recognizes sales
minus an allowance for expected returns, an estimated refund liability, and an asset for the right to recover its
products corresponding to the expected returns. The refund liability and the asset are presented within Trade
accounts receivable and Inventories respectively in the balance sheet. The allowance and liability are measured
at the amount expected to be refunded or credited to customers and the asset is measured at the purchase or
production cost of the underlying Company products, minus allowances for transportation and obsolescence
where relevant.
All of the above accounting practices followed by the company currently are consistent with the provisions of the
Ind AS 115.
For product sales which are qualifying purchases in customer loyalty incentive programs, the Company allocates
revenue between its qualifying product sales and the incentive awards of additional free or discounted products
or services based on the relative stand-alone selling prices of the respective items and, where awards are subject
to expiry, the extent to which customers are expected to redeem their rights based on historical experience of
similar programs.
As per the Ind AS 115, the Company has to determine whether it is a principal or an agent according to whether
it obtains control of the third party incentive products or services before they are transferred to customers. This
has to be assessed for awards of products principally by considering whether the Company bears inventory risk
and for awards of services by considering whether its agreement with the third party service provider enables it
to direct how services are provided to Company’s customers. In cases where it is assessed that the Company
is acting as a principal for the supply of the incentives, it has to recognize the revenue allocated to incentive
products or services when customers receive them or redeem their right to an award. Revenue related to
programs where the Company is a principal is presented as part of Sales, and associated costs are presented
within Cost of goods sold. The estimated liabilities for incentives which customers will be entitled to receive for
qualifying purchases for which Company has recognized revenue need to be classified within deferred revenue.
Currently, the Company is recognizing the revenues for the third party products supplied to it’s customers
programs and related costs are accounted in the Cost of Goods sold when customers receive them or redeem
their right to an award. This is being reviewed based on the above assessment whether the Company acts as a
principal or an agent for the third party supplied goods or services to the Company’s customers.
The Company is evaluating the impact of this new Ind AS on its financial statements and will apply the standard
using the cumulative effective method, with the effect of initially applying Ind AS 115 being recognized as an
adjustment to the opening balance of retained earnings of the annual reporting period.

2 Property, plant and equipment and capital work-in-progress
a. Reconciliation of carrying amounts of property, plant and equipment
Freehold Buildings Plant and Furniture Computers Vehicles Total

land equipments and
fixtures
Cost
Balance as at 1 April 2016 678 5,012 6,618 1,305 1,085 25 14,723
Additions - 274 1,439 260 359 7 2,339
Disposals - (3) (261) (129) (16) (22) (431)
Balance as at 31 March 2017 678 5,283 7,796 1,436 1,428 10 16,631
Balance as at 1 April 2017 678 5,283 7,796 1,436 1,428 10 16,631

Additions - 131 783 281 534 - 1,729
Disposals - (10) (9) (9) (0) (0) (29)
Balance as at 31 March 2018 678 5,404 8,570 1,708 1,962 10 18,331
Accumulated depreciation
Balance as at 1 April 2016 - (420) (950) (266) (342) (4) (1,982)
Depreciation for the year - (295) (949) (271) (368) (3) (1,886)
Disposals - 3 142 50 16 6 217
Balance as at 31 March 2017 - (712) (1,757) (487) (694) (1) (3,651)
Balance as at 1 April 2017 - (712) (1,757) (487) (694) (1) (3,651)

Depreciation for the year - (243) (945) (273) (395) - (1,856)
Disposals - 9 6 7 0 - 22
Balance as at 31 March 2018 - (946) (2,696) (753) (1,089) (1) (5,485)
Carrying amounts (net)

Balance as at 31 March 2017 678 4,571 6,039 949 734 9 12,980
Balance as at 31 March 2018 678 4,458 5,874 955 873 9 12,846
b. Capital work-in-progress
Capital work in progress as at 31 March 2018 amounts to INR 806 Lakhs and as at 31 March 2017
amounts to INR 481 Lakhs. Capital work in progress majorly comprises of plant and equipment being
installed for seeds R&D activity at various R&D sites and other items of equipment at seeds processing
plants.

3. Intangible assets
a. Reconciliation of carrying amounts
Computer Total
Software
Balance as at 1 April 2016 - -
Additions - -
Disposals - -
Balance as at 31 March 2017 - -

Additions 951 951
Disposals - -
Balance as at 31 March 2018 951 951
Accumulated Amortisation
Amortisation for the year - -
Disposals - -

Amortisation for the year (122) (122)
Disposals - -
Balance as at 31 March 2018 (122) (122)
Carrying amounts (net)
Balance as at 31 March 2018 829 829


4. Investment property
a. Reconciliation of carrying amounts of investment property
As At
31 March 2018 31 March 2017
Cost
Opening balance 1,553 1,592
Reclassification to assets as held for sale - (39)
Disposal (6) -
Closing balance 1,547 1,553
Accumulated depreciation
Opening balance (72) (33)
Depreciation for the year (47) (47)
Reclassification to assets as held for sale - 8
Closing balance (119) (72)
Carrying amounts (net) 1,428 1,481
b. Amount recognized in profit and loss for investment property
For the year ended

31 March 2018 31 March 2017
Rental income 310 285
Depreciation (47) (47)
Net profit from investment properties 263 238
c. Contractual obligation
The Company has no restrictions on the realisability of its investment properties and no contractual
obligations to purchase, construct or develop investment properties or for repairs, maintenance and
enhancements.
d. Measurement of fair values
As At
31 March 2018 31 March 2017
Land and buildings 4,159 4,087
Leasehold land # - 128
The fair value of land and buildings has been determined by external independent property valuers having
appropriate recognized professional qualifications and recent experience in the location and category of the
property being valued.
The fair value measurement of land and buildings has been categorized as level 3 fair value based on the inputs
to the valuation techniques used. The main inputs used in determining the fair value include present value of
buildings and roads, yield for similar industrial property and market rent based on capital value and yield.

# The Company had a leasehold land in Panoli, Gujarat. Based on the memorandum of understanding signed
during the previous year for the sale of the said land, the area that was agreed to be outright sold was presented
as a non-current asset held for sale and the balance area that was demarcated for acquisition by the Central
Railways for it's rail corridor, as an investment property as at 31 March 2017.
During the year, the Company has transferred the entire leasehold land in Panoli, Gujarat including the
demarcated area for Central Railway's rail corridor to a third party buyer. The compensation for the area sold
outright is received in full and profit on sale of land amounting to INR 769 Lakhs is recognised in the statement
of profit and loss. Compensation for the land demarcated for railways would be disbursed by the buyer on receipt
of the same from Central Railways based on valuation done by the concerned authorities. As the valuation of the
land is still pending as at 31 March 2018, the transfer value of land demarcated for railways is disclosed at cost
and disclosed in other financial assets.
5 Financial assets
As at
31 March 2018 31 March 2017
Non Current Non Current
Current Current
Unsecured, considered good
Loans
Other loans
Loans to employees - 163 - 77
- 163 - 77
Other financial assets

Security deposits 555 - 524 -
Receivable for sale of Goa facility - - - 1,948
Receivable for sale of Panoli land - 6 - -
Receivables from group companies for services and - 3,200 - 1,287
other recharges
Interest accrued on bank deposits - 801 - 756
555 4,007 524 3,991

6 Other assets
As at
31 March 2018 31 March 2017
Current Current
Unsecured, considered good unless otherwise
stated
Capital advances 39 - 81 -
Advances other than capital advances
Advances to employees - 381 - 456
Advances to suppliers - 15,812 45 21,335
Prepayments 56 436 46 352
Employee benefits assets (refer note 28) - - 287 -
VAT refund receivable 925 - 767 90
GST / Excise duty refund receivable - 2,461 - 1,719
Balances with government authorities for indirect
taxes
Considered good 4,954 22,074 4,193 150
Considered doubtful - 954 - 226
4,954 23,028 4,193 376
Provision for doubtful balance - (954) - (226)
4,954 22,074 4,193 150
Receivables from tollers for central excise balances - - - 2,781
5,974 41,164 5,419 26,883
7 Inventories
As at
31 March 2018 31 March 2017
Raw materials * (including raw material-in-transit amounting to INR 30,363 27,950
5,789 Lakhs; 31 March 2017: INR 8,527 Lakhs)
Packing materials 2,919 3,198

Finished goods # 40,706 47,199
Traded goods # 4,503 10,366
Work-in-progress ** 29,363 20,649
107,854 109,362
* Raw material incudes basic seeds used for further multiplication.

# Finished goods and traded goods includes inventory held by customers of INR 3,071 Lakhs (31 March 2017 :
INR 9,548 Lakhs)
** Work-in-progress includes multiplied seeds subject to further processing.
The write down of inventories to net realizable value as at the year end amounted to INR 9,982 Lakhs (31 March
2017: 8,451 Lakhs). The write-downs are included in cost of material consumed or changes in inventories of
finished goods, work-in-progress and stock-in-trade.

8 Trade receivables
As at
31 March 2018 31 March 2017
Trade receivables (unsecured)
Considered good 43,739 52,028
Considered doubtful 2,261 3,920
46,000 55,948
Loss allowance (2,261) (3,920)
Net trade receivables 43,739 52,028
The Company's exposure to credit risk and loss allowances related to trade receivables are disclosed in
Note 16
9 Cash and cash equivalents
As at
31 March 2018 31 March 2017
Bank balances in current accounts 2,889 2,175
Demand deposits (with original maturity of 3 months or less) 34,365 76,155
Bank balances in unpaid dividend accounts 73 69
Cash and cash equivalents in balance sheet and in the 37,327 78,399
statement of cashflows
10 Equity share capital
As at
31 March 2018 31 March 2017
Authorized
32,950,000 (31 March 2017: 32,950,000) equity shares of face value of 1,648 1,648
INR 5 each
Issued, subscribed and fully paid-up share capital
32,943,708 (31 March 2017: 32,943,708) equity shares of face value of 1,647 1,647
INR 5 each fully paid up
(a) Rights, preferences and restrictions attached to equity shares
The Company has only one class of equity shares having par value of INR 5 per share. Each holder
of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian
Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
For the year ended

31 March 2018 31 March 2017
No. of shares No. of shares
Equity shares
At the commencement and at the end of the year 32,943,708 32,943,708
(c) Shares held by holding/ultimate holding company and/or their subsidiaries
As at
Name of the shareholder
31 March 2018 31 March 2017
Syngenta Participations AG, Switzerland, intermediate subsidiary of
ultimate holding company 16,246,450 (31 March 2017: 16,246,450) 812 812
equity shares of face value of INR 5 each
Syngenta South Asia AG , Switzerland, intermediate subsidiary of

ultimate holding company 14,434,178 (31 March 2017: 14,434,178) 722 722
equity shares of face value of INR 5 each
Syngenta Research Services Pte. Ltd. Singapore, intermediate

subsidiary of ultimate holding company 1,082,044 (31 March 2017: 54 54
1,082,044) equity shares of face value of INR 5 each
(d) Details of shareholders holding more than 5% shares in the company
As At
31 March 2018 31 March 2017
Name of the shareholder No. of % holding No. of % holding
shares in the shares in the
class class
Equity shares of face value INR 5 each fully paid
Syngenta Participations AG, Switzerland 16,246,450 49.32% 16,246,450 49.32%
Syngenta South Asia AG, Switzerland 14,434,178 43.81% 14,434,178 43.81%
(e) Details of shares issued for consideration other than cash
31 March 2017 31 March 2016

Name of the shareholder No. of Amount No. of Amount
shares shares
Shares issued to Syngenta Research Services Pte. Ltd.
Singapore, the shareholder of Devgen Seeds and Crop
Technology Pvt. Ltd. upon acquisition of it's trading and 1,082,044 54 1,082,044 54
production undertaking on 28 August 2014, effective 2
April 2014

(f) Dividends
For the year ended

31 March 2018 31 March 2017
Equity shares
Dividends recognized at the end of reporting period
Final dividend for the year ended 31 March 2017 of INR 5 (31 March 2016 1,647 1,647
INR 5) per fully paid equity share
Dividends not recognized at the end of the reporting period
In addition to the above dividends, since the year end the directors have 1,647 1,647
recommended the payment of a final dividend of INR 5 per fully paid
equity share (31 March 2017 - INR 5). This proposed dividend is subject
to the approval of shareholders in ensuing Annual General Meeting.
11 Other equity
For the year ended

31 March 2018 31 March 2017
Retained earnings
Items of other comprehensive income
At the commencement of the year 21 312
Remeasurement of employee benefit obligations during the period (net of tax) (387) (291)
At the end of the year (366) 21
Items other than other comprehensive income

At the commencement of the year 197,101 173,133
Profit and loss attributable to shareholders 28,279 28,833
Transfers to general reserve (2,828) (2,883)
Dividends paid (1,647) (1,647)
Dividend distribution tax on above (335) (335)
At the end of the year 220,570 197,101
Total retained earnings at the end of the year 220,204 197,122
General reserves
At the commencement of the year 53,538 50,655
Transfers during the period 2,828 2,883
At the end of the year 56,366 53,538
Capital reserves
At the commencement and at the end of the year 1,648 1,648
Total other equity 278,218 252,308

12 Provisions
As at 31 March 2018 As at 31 March 2017

Current Current
Provision for employee benefits
Compensated absences 1,158 371 1,142 287
Post retirement medical benefits (see note 28) 33 1 22 4
Gratuity (see note 28) 231 32 175 33
Pension (see note 28) 13 - - -
Long term service awards (see note 28) 80 10 74 8
Other retirement benefits (see note 28) 365 - 235 -
Total provisions for employee benefits (A) 1,880 414 1,648 332
Other provisions
Provision for site restoration 104 - 95 -
Provision for litigation - 609 - 477
Provision for rebates - 18,897 - 14,298
Provisions for indirect tax matters - 662 - 604
Total other provisions (B) 104 20,168 95 15,379
Total provision (A+B) 1,984 20,582 1,743 15,711
Movement in other provisions during the Provision Provision Provision Provision Total
period for site for for rebate for indirect
restoration litigation tax matters
Balance at 1 April 2016 551 307 10,240 646 11,744
Provisions made during the year - 300 60,078 - 60,378
Provisions utilized during the year (262) (36) (56,020) - (56,318)
Provisions reversed during the period (215) (94) - (42) (351)
Unwinding of discount 21 - - - 21
Balance at 31 March 2017 95 477 14,298 604 15,474
Provisions made during the year - 377 55,119 59 55,555

Provisions utilized during the year - (31) (49,620) - (49,651)
Provisions reversed during the period - (215) (900) - (1,115)
Unwinding of discount 9 - - - 9
Balance at at 31 March 2018 104 609 18,897 662 20,272

Provision for site restoration
Syngenta group companies worldwide place great importance on protecting the environment and conserving natural
resources. The existing provision was found adequate towards cost of carrying out remediation measures. The
management intends to spend the amount provided in the near future.
Provision for litigation
This represents provisions made for probable liabilities/claims arising out of pending disputes/litigations with various
regulatory authorities arising out of consumer claims relating to products. These provisions are affected by numerous
uncertainties and management has taken all efforts to make best estimates. Timing of out flow of resources will depend
upon timing of the decision of cases.
Provision for rebate
The provision for rebates is on account of incentive schemes and rebates given on products sold by the Company.
The provision for the above schemes is based on the historic data/estimated figures. The timing and amount of the
cash flows that will arise will be determined at the time of completion of incentive schemes, which are expected to be
completed within 12 months.
Provision for indirect tax matters
This represents provisions made for probable liabilities/claims arising out of pending disputes/litigations with various
regulatory authorities in respect of sales tax and VAT cases. These provisions are affected by numerous uncertainties
and management has taken all efforts to make best estimates. Timing of out flow of resources will depend upon timing
of decision of cases.
13 Other financial liabilities
As at
31 March 2018 31 March 2017
Current
Capital creditors 18 147
Cash-settled share based payment liability - 464
Accrued employee liabilities 923 1,565
Unpaid dividend 73 69
Statutory dues # 1,198 1,077
2,212 3,322
# Statutory dues includes payable on account of Provident Fund, Superannuation, TDS, service tax, excise duty (as
applicable), custom duty etc.
14 Trade payables
As at
31 March 2018 31 March 2017
Trade payables
- total outstanding dues of micro and small enterprises (refer note 36) 451 954
- total trade payables other than micro and small enterprises
- to related parties 7,525 24,388
- others 25,368 20,638
33,344 45,980
The Company's exposure to currency and liquidity risk related to trade payables is detailed in note 16

15 Other current liabilities
As at
31 March 2018 31 March 2017
Advances from customers 5,017 3,728
Consideration received in advance for Sale of Business (Refer note 38.1) 584 -
5,601 3,728
16 Fair value measurements
16.1 Financial instruments by category
The carrying value and fair value of financial instruments by categories as on 31 March 2018
Note Amortized Financial assets/ Financial assets/ Total Total fair

Cost liabilities at fair value liabilities at fair value carrying value
through profit or loss through OCI value
Designated Mandatory Equity Mandatory
upon initial instruments
recognition designated
upon initial
recognition
Financial assets:
Trade receivables 8 43,739 - - - - 43,739 43,739
Loans 5 163 - - - - 163 163
Cash and cash equivalents 9 37,327 - - - - 37,327 37,327
Other bank balances 76,121 - - - - 76,121 76,121
Security deposits 5 555 - - - - 555 555
Receivables from group companies 5 3,200 - - - - 3,200 3,200
for services and other recharges
Receivable for sale of Panoli Land 5 6 - - - - 6 6
Interest accrued on bank deposits 5 801 - - - - 801 801
161,912 - - - - 161,912 161,912
Current 161,357 - - - - 161,357 161,357
Non current 555 - - - - 555 555
161,912 - - - - 161,912 161,912
Financial liabilities:
Trade payables 14 33,344 - - - - 33,344 33,344
Capital creditors 13 18 - - - - 18 18
Accrued employee liabilities 13 923 - - - - 923 923
Unpaid dividend 13 73 - - - - 73 73
Statutory dues 13 1,198 - - - - 1,198 1,198
35,556 - - - - 35,556 35,556
Current 35,556 - - - - 35,556 35,556

The carrying value and fair value of financial instruments by categories as on 31 March 2017
Note Amortized Financial assets/ Financial assets/ Total Total fair

Cost liabilities at fair value liabilities at fair value carrying value
through profit or loss through OCI value
Designated Mandatory Equity Mandatory

upon initial instruments
recognition designated
upon initial
recognition
Financial assets:
Trade receivables 8 52,028 - - - - 52,028 52,028
Loans 5 77 - - - - 77 77
Cash and cash equivalents 9 78,399 - - - - 78,399 78,399
Other bank balances 20,000 - - - - 20,000 20,000
Security deposits 5 524 - - - - 524 524
Receivables from group companies 5 1,287 - - - - 1,287 1,287

for services and other recharges
Receivable for sale of Goa facility 5 1,948 - - - - 1,948 1,948
Interest accrued on bank deposits 5 756 - - - - 756 756
155,019 - - - - 155,019 155,019
Current 154,495 - - - - 154,495 154,495
Non current 524 - - - - 524 524
155,019 - - - - 155,019 155,019
Financial liabilities:
Trade payables 14 45,980 - - - - 45,980 45,980
Cash-settled share based payment 14 464 - - - - 464 464

liability
Capital creditors 13 147 - - - - 147 147
Accrued employee liabilities 13 1,565 - - - - 1,565 1,565
Unpaid dividend 13 69 - - - - 69 69
Statutory dues 13 1,077 - - - - 1,077 1,077
49,302 - - - - 49,302 49,302
Current 49,302 - - - - 49,302 49,302
16.2 Financial risk management
Fair value hierarchy:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs).

The company does not have assets and liabilities which are measured at fair value on a recurring basis as of 31
March 2018 and 31 March 2017
Financial risk management framework
A financial risk management framework is in place in the form of a treasury policy approved by board of directors
of imtermediate holding company which has been adopted by the Company. In accordance with its treasury
policy, the Company actively monitors and manages financial risk with the objectives of reducing fluctuations in
reported earnings and cash flows from these risks and providing economic protection against cost increases.
These objectives are achieved through (a) an assessment of the impact of market risks against defined risk
limits, which take into account the risk appetite of the Company and (b) the use of a variety of derivative and
non-derivative financial instruments. This policy also guides the manner of investing the surplus funds of the
Company. Also, the Company has a Trade Finance Credit policy which guides on managing the customer credit
limits.
Financial risk factors:
The nature of the Company's business exposes it to a range of financial risks. These risks include:
(i) market risks, which include potential unfavorable changes in foreign exchange rates, interest rates,
commodity prices and other market prices,
(ii) credit risk and
(iii) liquidity and refinancing risk.
(i) Market risk factors:
Foreign exchange risk:
The Company's focus is to foresee the unpredictability of financial markets and seek to minimize potential
adverse effects on its financial performance. The Company has limited exposure to foreign exchange
risks and Company follows the policy to hedging against this risk only when the total exposure of the
Company exceeds the threshold limit of 5 million U.S. dollars. This policy is reviewed periodically.
The following table analyzes the Company's foreign currency risk exposure as a result of financial
instruments designated in major foreign currencies as at 31 March 2018 (Amounts in INR Lakhs)
U.S. Japanese EURO Swiss Australian Total

dollars Yen Franc dollars
Trade receivables 2,759 - - - - 2,759
Trade payables (80) (120) (10) (4) (5) (219)
2,679 (120) (10) (4) (5) 2,540

The following table analyzes the Company's foreign currency risk exposure as a result of financial
instruments designated in major foreign currencies as at 31 March 2017 (Amounts in INR Lakhs)
U.S. Japanese UK EURO Swiss Australian Total

dollars Yen Pound Franc dollars
Sterling
Trade receivables 450 - - - - - 450
Trade payables (17) - - - (20) (18) (55)
433 - - - (20) (18) 395
The details of the sensitivity analysis based on the changes in the income and expenses in foreign
currency upon conversion into functional currency, due to exchange rate fluctuations between previous
reporting period and current reporting period are as follows:
For the year ended 31 March 2018 one percentage point strengthening or weakening in exchange rate
between Indian rupee and U.S. dollar and other currencies, has an effect of INR 28 Lakhs (31 March
2017 INR 5 Lakhs) on the operating margin and net profit margin.
Interest rate risk:
The Company is exposed to interest rate risk on its excess cash. The average balance in interest earning
deposit account during the year ended 31 March 2018 and 31 March 2017 were INR 105,924 Lakhs and
INR 87,185 Lakhs respectively. At 31 March 2018 and at 31 March 2017, the net amount of earnings-at-
risk on bank deposit due to potential changes in interest rates (a parallel shift of 100 bps was applied)
were INR 1,059 Lakhs and INR 872 Lakhs respectively.
Commodity price risk:
Operating in the agribusiness sector, changes in certain commodity prices affect the Company's reported
operating results and cash flows. The main objective of managing commodity price risk is to reduce the
impact of commodity price changes on operating income and to provide economic protection against
future cost increases. The Company uses fixed price contracts and derivatives (both Over-the-Counter
(OTC) and exchange traded instruments, including commodity option and futures contracts) to achieve
this objective. The Company has a policy to enter into derivative transactions, on a limited basis, to
hedge the exposure of its cost base to commodity prices. Currently there are no derivatives taken by the
Company.
The Company has indirect exposure to oil price fluctuations mainly through the impact of oil prices on
the cost of both raw materials, especially chemical intermediates in the Crop Protection business, and
distribution activities. As the exposure to oil is indirect, the Company does not calculate the Earnings-at-
Risk due to potential changes in oil prices.
The Company is also indirectly exposed to potential changes in the prices of soft commodities, principally
corn and rice. The demand for the products of the Company, both seeds and crop protection, are
affected by the decline by prices of soft commodities. As the exposure to soft commodities prices is
indirect, the Company does not calculate the Earnings-at-Risk due to potential changes in prices of soft
commodities.

(ii)
Credit risk:
Credit risk arises from the possibility that counterparties involved in transactions with the Company
may default on their obligation, resulting in financial losses to the Company. Credit risk relates both to
financial assets as well as to operational assets managed by the Company’s businesses (such as trade
receivables).
The Company has policies and operating guidelines in place to ensure that financial instrument transactions
and bank deposit transactions are only entered into with high credit quality banks and financial institutions.
The credit risk to operational assets is managed through the use of credit limits based on credit worthiness
and business capabilities of the customers. The credit risk is also partially mitigated through commercial
activities, which include cash sales incentives and obtaining other security from customers where
appropriate.
On account of adoption of Ind AS 109 Financial Instruments, the Company uses expected credit loss
model to assess the impairment loss of trade receivables.
Expected credit loss assessment for trade receivables as at 31 March 2018 and 31 March 2017
The Company uses the aging matrix to measure the expected credit loss of trade receivables. Expected
loss rates are based on averages computed default rate based on historical analysis of trade receivables.
The following table provides information about the exposure to credit risk and expected credit loss for
trade receivables.
As at 31 March 2018 As at 31 March 2017

Gross Expected Gross Expected
carrying credit loss carrying credit loss
amounts rate amounts rate
Current (not past due) 16,051 1.83% 28,944 1.51%
1 - 180 days past due 16,614 4.01% 17,287 5.92%
181 - 360 days past due 434 97.00% 507 95.83%
More than 360 days past due 882 100.00% 1,973 100.00%
(iii)
Liquidity risk:
The Company's principal sources of liquidity are cash and cash equivalents and cash flow that is generated
from operations. The Company does not have outstanding bank borrowings. The Company believes
that the current working capital is sufficient to meet its current obligatory requirements. Accordingly, no
liquidity risk is perceived.
As on 31 March 2018, the Company had a working capital of INR 243,894 Lakhs (current assets of INR
310,375 Lakhs less current liabilities of INR 66,481 Lakhs) and as on 31 March 2017 INR 219,059 Lakhs
(current assets of INR 290,771 Lakhs less current liabilities of INR 71,712 Lakhs) including cash and cash
equivalents and other bank balance of INR 113,448 Lakhs (as on 31 March 2017 INR 98,399 Lakhs).

The table below provides details regarding the contractual maturities of significant financial liabilities as
of 31 March 2018.
Particulars Less than 1-2 years 2-5 years more than Total
1 year 5 years
Trade payables 33,344 - - - 33,344
Other financial liabilities 2,212 - - - 2,212
The table below provides details regarding the contractual maturities of significant financial liabilities as
of 31 March 2017
Particulars Less than 1-2 years 2-5 years more than Total
1 year 5 years
Trade payables 45,980 - - - 45,980
Other financial liabilities 3,322 - - - 3,322

17 Revenue from operations
For the year ended

31 March 2018 31 March 2017
Sales of products
Finished goods 232,832 218,412
Traded goods 36,913 46,348
Revenue from redemption of loyalty award credit points 1,664 1,827
Total sale of products (A) 271,409 266,587
Other operating revenue
Process reject and seeds trash (B) 394 360
Total revenue from operations (A+B) 271,803 266,947
18 Other income
For the year ended

31 March 2018 31 March 2017
Interest income on
- deposits with bank 5,514 6,331
- overdue trade receivables 340 781
- security deposits at amortized cost 26 27
Investment property rentals (Refer note 4) 310 285
Net gain on sale of investment property 769 -
Liabilities written back to the extent no longer required 462 1,112
Provision for doubtful debts written back 1,659 -
Charges for shared services 4,005 3,817
Government grants (duty drawback and export incentive) * 3,756 614
Excess pension liability written back (Refer note 28) 2 32
Other non-operating income 27 7
16,869 13,006
* Includes INR 1,552 Lakhs related to earlier years
19 Cost of materials consumed
For the year ended

31 March 2018 31 March 2017
Raw materials consumed

Inventory of raw materials at the beginning of the year 27,950 19,295
Add: Purchases 140,634 130,850
Less: Inventory of raw materials at the end of the year (30,363) (27,950)
138,221 122,195
Packing material consumed
Inventory of packing materials at the beginning of the year 3,198 2,137
Add: Purchases 9,233 9,926
Less: Inventory of Packing materials at the end of the year (2,919) (3,198)
9,512 8,865
147,733 131,060

20 Purchases of stock-in-trade
For the year ended

31 March 2018 31 March 2017
Purchases of stock-in-trade 24,646 38,526
24,646 38,526
21 Changes in inventory of finished goods, work-in-progress and stock-in-trade
For the year ended

31 March 2018 31 March 2017
Opening inventory
Finished goods # 47,199 30,494
Work-in-progress 20,649 23,333
Stock-in-trade 10,366 6,245
78,214 60,072
Closing inventory
Finished goods 40,706 47,199
Work-in-progress 29,363 20,649
Stock-in-trade 4,503 10,366
74,572 78,214
3,642 (18,142)
# Opening stock as on 1 April 2016 excludes finished goods of INR 2,736 Lakhs pertaining to discontinued
operations.
22 Employee benefit expenses
For the year ended

31 March 2018 31 March 2017
Salaries, wages and bonus 15,334 16,424
Contribution to provident and other funds 1,039 991
Cash-settled share-based payments (Refer note 30) 600 164
Gratuity expenses (Refer note 28) 278 253
Post retirement medical benefit (Refer note 28) 8 13
Staff welfare expenses 1,000 1,081
18,259 18,926
23 Finance costs
For the year ended

31 March 2018 31 March 2017
Interest
- on customs duties 283 -
- others 52 39
Unwinding of discount on site restoration provisions 9 21
Bank charges 36 21
380 81

24 Depreciation and amortization expense
For the year ended

31 March 2018 31 March 2017
Depreciation on property, plant and equipment 1,856 1,886
Depreciation on investment property 47 47
Amortization of intangible assets 122 -
2,025 1,933
25 Other expenses
For the year ended

31 March 2018 31 March 2017
Power, fuel and water charges 679 769
Rates and taxes 358 414
Processing charges 7,181 6,673
Consumption of stores, spare parts and consumables 57 86
Repairs and maintenance
- Buildings 273 305
- Machinery 8 73
- Others 220 175
Insurance 235 164
Rent 5,068 4,784
Royalty and technical know-how 2,310 2,563
Freight, clearing and forwarding charges 7,849 6,456
Clinical and field trials 1,583 1,527
Advertisement and sales promotion 4,829 3,437
Travelling and conveyance 4,068 4,571
Communication expenses 547 603
Excise duty related to (decrease)/ increase in inventory of finished goods (5,498) 2,005
Outsourced services/personnel 8,960 8,000
Bad debts/ advances written off 1,211 65
Provision for doubtful debts/advances (net) - 1,228
Net loss on sale of property, plant and equipment - 121
Loss on account of foreign currency transactions (net) 82 109
Legal and professional fees 1,059 923
Donations 438 471
Expenditure on corporate social responsibility (Refer note 37) 1,053 447
Payment to auditors # 62 51
Site restoration expenses - 91
Miscellaneous expenses 2,307 1,814
44,939 47,925
# Payment to auditors
As Auditor:
Statutory audit fees 31 38
Other audit services 15 -
Certification 4 -
Tax audit fees 9 8
Reimbursement of expenses 3 5
62 51

26 Earnings per share
The calculation of profit attributable to equity share holders and weighted average number of equity shares out-
standing for the purpose for purpose of basic and dilutive earnings per share are as follows
For the year ended
31 March 2018 31 March 2017
Profit for the year attributable to equity shareholders (basic and diluted)
Continuing operations 28,279 27,731
Discontinued operations - 1,102
Continuing and discontinued operations 28,279 28,833
Weighted average number of equity shares (basic and diluted) 32,943,708 32,943,708
Earnings per share - continuing operations

Earnings per share - discontinued operations

Basic earning per share of face value of INR 5 each (in INR) - 3.34
Diluted earning per share of face value of INR 5 each (in INR) - 3.34
Earnings per share - continuing and discontinued operations

27 Income taxes
a. Income tax expense recognized in the statement of profit and loss
For the year ended

31 March 2018 31 March 2017
Continuing operations
Current tax 15,486 15,402
Deferred tax 238 (167)
Tax expense of continuing operations 15,724 15,235
Discontinued operations
Current tax - 1,625
Deferred tax - (606)
Tax expense of discontinued operations - 1,019
Total tax expense recognized in statement of profit and loss for the year 15,724 16,254


Current tax expense for the year ended 31 March 2018 includes changes in estimates related to prior
years of INR 443 Lakhs ( 31 March 2017 - INR 395 Lakhs).
Entire deferred tax for the year ended 31 March 2018 and 31 March 2017 relates to the origination and
reversal of temporary differences.
b. Income tax expense recognized in other comprehensive income
For the year ended

31 March 2018 31 March 2017
Remeasurement of employee benefit obligations (income)/
(595) (445)
expense before tax
Tax (expense)/benefit 208 154
Other comprehensive income net of tax (387) (291)
c. Reconciliation of the income tax expense to the amount computed by applying the statutory income
tax rate to the income before income taxes is summarized below
As at
31 March 2018 31 March 2017
Profit before income taxes 44,003 45,087
Enacted tax rates in India 34.61% 34.61%
Computed expected tax expense using enacted income
tax rate 34.61% 15,229 34.61% 15,604
Tax effect of prior period income / amounts which are non
deductible in calculating taxable income (0.99%) (437) 0.17% 77
Tax effect of CSR expenditure 0.83% 364 0.34% 155
Tax effect of lower rate on sale of Panoli Land # 0.43% 190 0.00% -
Changes in estimates related to prior years * 0.84% 369 0.48% 218
Tax effect of indexation benefit on freehold land 0.02% 9 0.44% 200
Income tax expense 35.74% 15,724 36.05% 16,254
# The Company treated the sale of Panoli Land under the head "Capital Gains" as per the provisions of
Income Tax Act, 1961 and rules enacted therein by the Government of India. Accordingly, the profits and
losses on the sale of the assets were taxed at a differential rate of 23.07 %.
* Reconciliation to prior year current tax provision
Prior year current tax provision 443 395

Permanent items forming part of the effective tax rate reconciliation 369 218
Temporary items forming part of the deferred tax 74 177


d. Details of income tax assets (liabilities)
31 March 2018 31 March 2017

Net current income tax asset/ (liability) at the beginning 10,587 10,395
Current income tax expense (14,853) (16,088)
Income taxes paid for current year 14,436 17,219
Income taxes paid for earlier years 236 -
Prior year current tax provision (443) (395)
Current tax on capital gains (190) (544)
Net current income tax asset/ (liability) at the end 9,773 10,587
Current income tax asset at the end 10,380 -
Current income tax (liability) at the end (607) -
9,773 -
e. Recognized deferred tax assets and liabilities
The tax effect of significant temporary differences that resulted in deferred income tax assets and liabilities
are as follows
As at
31 March 2018 31 March 2017
Deferred tax assets
Prepayments 45 37
Pension and employee benefits cost 1,092 1,190
Allowance for doubtful debt - trade receivables 790 1,357
Provisions 3,294 2,545
Others 665 726
5,886 5,855
Deferred tax liabilities
Property, plant and equipment and investment property (705) (654)
Financial assets (44) (34)
(749) (688)
Net deferred tax asset/(liability) 5,137 5,167
Deferred tax assets and deferred tax liabilities have been offset wherever the Company has a legally enforceable right to set
off current tax assets against current tax liabilities and where the deferred tax liabilities relate to income taxes levied by the
same taxation authority.
In assessing the reliability of deferred income tax assets, management considers whether some portion or all of the deferred
income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation
of future taxable income during the periods in which the temporary differences become deductible. Management considers
the scheduled reversals of deferred income tax liabilities, projected future taxable income, and tax planning strategies in
making this assessment. Based on the level of historical taxable income and projections for future taxable income over the
periods in which the deferred income tax assets are deductible, management believes that the Company will realize the
benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could
be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.
114
Gross movement in the deferred taxes
Balance Recognized Recognized Balance Recognized Recognized Balance

as at in profit or in OCI as at in profit or in OCI as at
1 April loss during during the 31 March loss during during the 31 March
2016 the year year 2017 the year year 2018
2016-17 2016-17 2017-18 2017-18
Deferred tax assets
Prepayments 29 8 - 37 8 - 45
Pension and employee benefits cost 1,307 (271) 154 1,190 (306) 208 1,092
Allowance for doubtful debt - trade
receivables 931 426 - 1,357 (567) - 790
Provisions 2,582 (37) - 2,545 749 - 3,294
Others 640 86 - 726 (61) - 665
5,489 212 154 5,855 (177) 208 5,886
Deferred tax liabilities

Property, plant and equipment and (1,224) 570 - (654) (51) - (705)
investment property
Financial assets (25) (9) - (34) (10) - (44)
(1,249) 561 - (688) (61) - (749)
Net deferred tax asset/(liability) 4,240 773 154 5,167 (238) 208 5,137

Syngenta India Limited

28 Employee benefits
Defined contributions plans
The Company makes contributions, determined as a specified percentage of employee salaries, in respect of
qualifying employees towards Provident Fund and Superannuation Fund , which are the defined contribution
plans. The Company has no obligations other than to make the specified contributions. The contributions are
charged to the Statement of Profit and Loss as they accrue. The amount recognized as an expense towards
defined contribution plans for the year for provident and superannuation funds is INR 1,039 Lakhs (31 March
2017: INR 991 Lakhs).
Defined benefit plans
The Company operates five defined benefit plans, viz., Gratuity, Pension, Long Service Award, Post Retirement
Medical Benefits and Other Retirement Benefit for its employees as detailed below:
Gratuity
Under the gratuity plan, every employee who has completed specified years of service as per Payment of Gra-
tuity Act, 1972 gets gratuity on separation in accordance with the Company's policy based on completed years
of service. The scheme is funded with an insurance company in the form of qualifying insurance policy.
Pension benefit scheme
Under the Company's pension scheme, certain categories of employees, on retirement, are eligible for monthly
pension which is accounted for on an actuarial basis as on the balance sheet date.
Long service award (LSA)
Under the Company's long service award, certain categories of employees, on retirement are eligible for long
service award which is accounted for on an actuarial basis as on the balance sheet date.
Post retirement medical benefit (PRMB)
Under the Company's post retirement medical benefit scheme, certain categories of employees, on retirement
are eligible for one time fixed payment.
Other retirement benefit (RET)
Under the Company's other retirement benefit scheme, certain categories of employees, are eligible for 2 years
salary as compensation at the time of retirement, which is accounted for on an actuarial basis as on the balance
sheet date.

Assets and Liabilities related to employee benefits:
Gratuity Pension LSA RET PRMB

(Funded) (Funded) (Non Funded) (Non Funded) (Non Funded)
As at As at As at As at As at
31 31 31 31 31 31 31 31 31 31
March March March March March March March March March March
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
Defined benefit obligation 1,994 1,884 1,096 1,190 90 82 366 235 34 26

Fair value of planned assets 1,731 1,676 1,084 1,477 - - - - - -
(Liability) / assets
recognized in balance
sheet (263) (208) (13) 287 (90) (82) (366) (235) (34) (26)
Current (32) (33) - - (10) (8) - - (1) (4)
Non current (231) (175) (13) 287 (80) (74) (365) (235) (33) (22)
Total employee benefit
assets / (liabilites) (263) (208) (13) 287 (90) (82) (365) (235) (34) (26)
Changes in present value of defined benefit obligation are as follows

For the year For the year For the year For the year For the year
ended ended ended ended ended
31 31 31 31 31 31 31 31 31 31
March March March March March March March March March march
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
Opening defined benefit 1,884 2,426 1,190 1,122 82 168 235 203 26 150
obligation
Current service cost 277 261 33 17 15 14 49 39 7 6
Interest cost 129 150 61 76 6 12 18 15 2 9
Benefits paid from plan (327) (801) (743) (89) - - - - - -
Benefits paid by employer - - - (138) (9) (16) - - (2) (69)
Remeasurements
Effect of changes
in demographic
assumptions 24 (4) - - 12 (3) 82 (15) 5 (1)
Effect of changes in - - - - - - - - - -
financial assumptions
Effect of experience 10 128 555 202 (15) 35 (18) (7) (3) 23
adjustments
Transfer in - - - - - - - - - -
Transfer out (3) (276) - - (1) (127) - - (1) (92)
Closing defined benefit 1,994 1,884 1,096 1,190 90 82 366 235 34 26
obligation

Changes in fair value of plan assets are as follows

31 31 31 31 31 31 31 31 31 31
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
Opening fair value of planned
1,676 2,006 1,477 1,497 - - - - - -
assets
Interest income 128 138 96 112 - - - - - -
Employer's contribution 213 342 238 35 - - - - - -
Employer direct benefit
- - - 138 (9) (16) - - 2 69
payments
Benefits paid from plan assets (327) (801) (743) (89) - - - - - -
Benefits paid by employer - - - (138) 9 16 - - (2) (69)
Remeasurements
Return on plan assets
41 (9) 16 (78) - - - - - -
(excluding interest income)
Transfer in - - - - - - - - - -
Transfer out - - - - - - - - - -
Closing fair value of planned
1,731 1,676 1,084 1,477 - - - - - -
assets
Net employee benefit expense recognized in employee cost

31 31 31 31 31 31 31 31 31 31
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
Current service cost 277 261 33 17 16 14 49 39 6 6
Past service cost - - - - -
Interest cost on benefit 129 152 61 76 6 12 18 15 2 9
obligation
Interest income on plan assets (128) (138) (96) (112) - - - - - -
Total employee benefit 278 275 (2) (19) 22 26 67 54 8 15
expense recognized in profit
and loss account
Remeasurements
Effect of changes in 24 (4) - - 12 (3) 82 (15) 5 (1)
demographic assumptions
Effect of changes in financial
assumptions - - - - - - - - -
Effect of experience
adjustments 10 128 555 202 (15) 35 (18) (7) (3) 23
(Return) on plan assets
(excluding interest income) (41) 9 (16) 78 - - - - - -
Changes in asset ceiling
(excluding interest income) - - - - - - - - - -
Total remeasurements
included in OCI (7) 133 539 280 (3) 32 64 (22) 2 22
Net employee benefit
expense 271 408 537 261 19 57 131 32 10 37

The following table provides details of the cash flows of employee benefit plans

31 31 31 31 31 31 31 31 31 31
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
Expected cash flows for
following year
Expected
employer contributions /
390 437 286 149 16 21 49 39 7 10
additional provision next year
Expected total benefit
payments
Year 1 243 301 334 242 10 8 - - 1 4
Year 2 265 215 446 56 9 9 29 - 4 1
Year 3 232 314 111 600 11 7 21 21 3 3
Year 4 218 212 77 75 10 10 - 15 3 3
Year 5 195 189 108 51 9 9 36 - 2 3
Next 5 years 794 696 643 390 43 27 56 77 8 11
The major category of plan assets as a percentage of the fair value of total plan assets are as follows
Gratuity Pension
(Funded) (Funded)
As at As at
31 March 31 March 31 March 31 March
2018 2017 2018 2017
Investment with insurer 100% 100% 100% 100%
The principal assumptions used in determining gratuity, post retirement medical benefit and pension for
the Company’s plans are shown below
(i) Actuarial assumptions
31 March 2018 31 March 2017

Discount rate 7.5% 7.5%
Age of retirement 58 years 58 years
0% p.a. (1st Year),9% p.a. 0% p.a. (1st Year),9% p.a.
Future salary increase #
thereafter thereafter
Indian Assured Lives Mortality Indian Assured Lives Mortality
Mortality
(2006-08) Ultimate (2006-08) Ultimate
# The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.


(ii) Sensitivity Analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the defined benefit obligation by the amounts shown below:

31 March 2018 31 March 2017
Increase Decrease Increase Decrease
Gratuity (funded):
Discount rate (1% movement) (105) 117 (87) 96
Future Salary growth (1% movement) 105 (96) 85 (79)
Attrition (1% movement) (11) 12 (9) 10
Pension (funded):
Future Salary growth (1% movement) 34 (32) 34 (32)
Attrition (1% movement) 5 (5) 8 (9)
LSA (unfunded):
Future Salary growth (1% movement) NA NA NA NA
RET(unfunded):
Future Salary growth (1% movement) 34 (30) NA NA
PRMB (unfunded):
Discount rate (1% movement) (2) 3 51 61
Future Salary growth (1% movement) NA NA NA NA
Attrition (1% movement) (3) 3 50 62
Although, the analysis does not take account of full distribution of cash flows expected under the plan, it does
provide an approximation of the sensitivity of the assumptions shown.
29 Assets classified as held for sale
a. Description
Non-current assets classified as held for sale
The Company had a leasehold land in Panoli, Gujarat. Based on the memorandum of understanding
signed during the previous year for the sale of the said land, the area that was agreed to be outright sold
was presented as a non-current asset held for sale and the balance area that was demarcated for acqui-
sition by the Central Railways for it's rail corridor, as an investment property as at 31 March 2017.
During the year, the Company has transferred the entire leasehold land in Panoli, Gujarat including the
demarcated area for Central Railway's rail corridor to a third party buyer. The compensation for the area
sold outright is received in full and profit on sale of land amounting to INR 769 Lakhs is recognised in

the statement of profit and loss. Compensation for the land demarcated for railways would be disbursed
by the buyer on receipt of the same from Central Railways based on valuation done by the concerned
authorities. As the valuation of the land is still pending as at 31 March 2018, the transfer value of land
demarcated for railways is disclosed at cost.
Disposal group classified as held for sale

The Board of Directors of Syngenta India Limited ("the Company") at its meeting held on 15 December
2015 had approved sale/transfer of Company's production and supply facility located at Santa Monica
Works, Corlim, Goa ("facility") on a going concern basis by way of a slump sale. Consequent to this, Busi-
ness Transfer Agreement (BTA) was signed with Deccan Fine Chemicals (India) Private Limited ("Deccan
or the buyer") on 21 December 2015. The relevant approvals from the share holders were obtained sub-
sequently as per the provisions of the Companies Act, 2013.
The Company operates in only one business segment, and hence this facility is not a separate segment
as per Ind AS 108, however the same was classified as disposal group held for sale as well as a discon-
tinued operation as per IND AS 105.
The transfer of facility was subject to fulfilment of certain conditions and precedents. Upon fulfilment of the
same and receipt of the agreed sale consideration of INR 27,318 Lakhs, the Company had transferred
this facility to Deccan on 1 June 2016. On the date of transfer, the carrying value of the assets other than
the net working capital was INR 31,127 Lakhs, resulting in a loss on transfer of INR 3,809 Lakhs, out
of which INR 2,800 Lakhs had been provided in the Statement of Profit and Loss for the year ended 31
March 2016 and the balance amount of INR 1,009 Lakhs had been provided in the Statement of Profit
and Loss for the year ended 31 March 2017.
The value of net working capital as on 1 June 2016 was INR 4,948 Lakhs, which was received on 11 April
2017.
b. Financial performance information of disposal group classified as held for sale
For the period ended

1 April 2016 to
31 March 2018
31 May 2016
Income
Revenue from operations - 20,409
Other income - 60
Total income - 20,469
Expenses
Cost of materials consumed - 3,363
Changes in inventory of finished goods, work-in-
- 9,967
progress and stock-in-trade
Employee benefit expenses - 1,062
Finance cost - 7
Loss on sale disposal group held for sale - 1,009
Other expenses - 2,940
Total expenses - 18,348
Profit before tax - 2,121
Tax expense
Current tax - 1,625
Deferred tax - (606)
Total tax expense - 1,019
Profit for the year - 1,102

c. Cash flows
For the period ended

1 April 2016 to
31 March 2018
31 May 2016
Net cash flows from operating activities - 17,131
Net cash flows from investing activities - 25,759
Net increase in cash generated from disposal group
classified as assets held for sale - 42,890
d. Effect of disposal on the financial position of the Company
1 June 2016
(Date of transfer)
Assets
Property, plant and equipment 26,766
Capital work-in-progress 565
Inventories 5,987
Financial assets
Loans 53
Trade receivables 543
Other financial assets 320
Other assets 580
Liabilities
Trade payables 1,546
Other financial liabilities 3
Provisions 987
Assets net of liabilities 32,278
e. Carrying amount of non current assets classified as assets held for sale
As at
31 March 2018 31 March 2017
Investment property - leasehold land - 31
- 31

30 Employee share based payment
Certain employees of the Company had received share based payment awards from Syngenta AG (intermediate
holding company). Subsequent to the acquisition of the shares of Syngenta AG by China National Chemical
Corporation (ChemChina), the ESOPs outstanding as at 31 March 2017 have vested on 7 June 2017. During
the year, no new employee share based plans were introduced. The share based payment awards outstanding
as on 31 March 2017, comprised of the following plans:
a. Description of share-based payments arrangements
(i) Long term incentive plan - Share Options
The Syngenta Long-Term Incentive Plan provided selected executives and key employees of Syn-
genta with the opportunity to obtain the right to purchase shares of Syngenta AG. The grant of
options for Syngenta shares was at the discretion of the Compensation Committee, whose mem-
bers were appointed by the Board of Directors of Syngenta AG. Standard options vest in full and
were exercisable after completion of three years service and terminate after 10 or 11 years from
the grant date. Vesting could occur after less than three years in particular circumstances includ-
ing redundancy and retirement. None of the options vested on a pro rata basis during the vesting
period.
(ii) Long term incentive plan -Restricted share units (RSUs)
RSUs (or equivalent restricted ADSs) were rights to receive the equivalent number of Syngenta
AG shares for no payment at the end of a three year vesting period. RSUs did not carry rights to
dividends and the grant date fair value was reduced to reflect this. None of the RSUs or equivalent
ADSs vested on pro rata basis during the vesting period.
(iii) Deferred share plan (DSPs)
The Deferred share plan provided selected senior executives with an opportunity to obtain shares
of Syngenta AG. The plan entitled participants to defer part of their short term incentive awards in
favour of Syngenta AG shares and to receive matching shares according to the rules of the plan.
The grant date value of a deferred share and the corresponding matching share was the Syngenta
AG share price on the grant date adjusted for the absence of dividend entitlement during the defer-
ral period. Shares were deferred for a period of three years starting on the grant date. At the end of
the deferral period, Syngenta AG matched the deferred share on a one for one basis. A mandatory
part of the short term incentive was allocated as deferred shares. Additional voluntary deferrals
within the limits of the plan could be made at the discretion of the participants. Vesting could occur
before the end of the three years in particular circumstances including retirement. None of the
shares vested on pro rata basis during the vesting period.
b. Measurement of fair value
Cash settled share-based payment arrangements
The RSUs, DSPs and share options, of the intermediate holding company, awarded to the employees
of the Company under the share-based payment arrangements which are cash-settled share based
payment arrangements in accordance with Ind AS 102 Share based payment. However, since Syngenta
AG has recharged the company for the oustanding and vested share based plans, the amount of recharge
is recongnized in the statement of profit and loss at the amortized cost.

Other information regarding the plans is as follows:
Awarded in year ended

2018 2017
Weighted average share price at exercise date for options - 393
exercised during year (CHF per option)
RSU subject to performance conditions (CHF per unit) - 362
Deferred Share Plan (CHF per unit) – combined value of - 723

basic and matching share award

c. Reconciliation of outstanding balances
The ESOPs outstanding as at 31 March 2017 have vested on 7 June 2017 on account of acquisition of
Syngenta AG by China National Agrochemicals Corporation ("Chemchina")
The following table summaries the activity related to restricted share units, deferred share plan and options
that occurred during the periods:
DSP RSU Options

Outstanding at 31 March 2016 809 2,041 4,517
Granted - - -
Forfeited - (563) (44)
Vested (133) (228) (1,100)
Outstanding at 31 March 2017 676 1,250 3,373
Granted - - -
Forfeited - - -
Vested (676) (1,250) (3,373)
Outstanding at 31 March 2018 - - -
d. Expense recognized in statement of profit and loss
Syngenta AG has recharged the cost of the Long term incentive (LTI) Share Options, RSUs and DSPs to
the Company amounting to INR 600 Lakhs during the year. (Refer note 22).
31 Related Party Disclosures
a) Names of related parties and related party relationship
Ultimate Holding Company
China National Agrochemicals Corporation, China (w.e.f. 18 May 2017)

Syngenta AG, Switzerland (upto 17 May 2017)
Intermediate holding company
Syngenta AG, Switzerland (w.e.f. 18 May 2017)


Investing associates
Syngenta Participations AG, Switzerland (holds 49.32% of issued, subscribed and paid up capital)
Syngenta South Asia AG , Switzerland (holds 43.81% issued, subscribed and paid up capital)
Party under common control (where transactions exist)
Syngenta Foundation India
Fellow subsidiary companies (where transactions exist)
Syngenta Agro Asia Pacific PTE. Ltd., Singapore Syngenta Japan K.K., Japan
Syngenta Asia Pacific PTE Ltd., Singapore Syngenta (Pakistan) Limited, Pakistan
Syngenta Biosciences Pvt. Ltd., India Syngenta Pollen Limited, Kenya
Syngenta Crop Protection AG, Switzerland Syngenta Services Pvt. Ltd., India
Syngenta Crop Protection Pvt. Ltd., India MRI Seed Zambia Limited, Zambia
Syngenta International AG, Switzerland Devgen Seeds & Crop Technology Pvt. Ltd., India
Syngenta South Asia AG, Switzerland PT Syngenta Inc, Indonesia
Syngenta Research Services PTE Ltd., Singapore Adama India Private Ltd (w.e.f. 18 May 2017)
Syngenta Vietnam Limited, Vietnam Syngenta France SAS, France
Key Management Personnel

Mr. Prakash K. Apte Non-Executive Chairman
Mr. Bipinchandra C. Solanki Managing director (upto 31 March 2018)
Mr. Rafael Julio Del Rio Managing director (w.e.f. 1 April 2018)
Mr. Govind P.S. Bene Director (Whole time director & Chief Financial Officer
upto 31 March 2017)
Mr. Abhishek Agarwal Whole time director & Chief Financial Officer (w.e.f. 1
April 2017)
Mr. Vinnakota Kaundinya Ramachandra Independent director
Mr. Balaji Bakthisaran Independent director
Mr. Narendra Kulkarni Whole time director (w.e.f. 27 June 2017)
Mrs. Sumie Fujimura Director (w.e.f. 10 March 2017)
Mr. R. S. Dwarakanath Whole time director (upto 27 May 2016)
Mr. Rajendra Jog Whole time director (upto 27 June 2017)
Mrs. Arundhati Kulkarni Company Secretary

b) Transactions with related parties
For the year ended

31 March 2018 31 March 2017
Dividend paid
Syngenta Participations AG, Switzerland 812 812
Syngenta South Asia AG, Switzerland 722 722
Syngenta Research Services Pte Limited 54 54
Purchases of raw materials and stock in trade
Syngenta Asia Pacific PTE Ltd., Singapore 77,214 83,620
Syngenta Crop Protection Pvt. Ltd., India - 2,473
Purchases of plant and equipment
Syngenta France SAS, France - 32
Royalty/technical know-how fee
Syngenta Crop Protection AG, Switzerland 654 772
Donations
Syngenta Foundation India 437 480
Expenditure on corporate social responsibility
Syngenta Foundation India 311 -
Cash settled share-based payment
Syngenta AG, Switzerland 600 164
Shared services expenses
Syngenta Biosciences Pvt. Ltd., India 29 -
Devgen Seeds and Crop Technology Pvt. Ltd., India 253 302
Syngenta Asia Pacific PTE Ltd., Singapore - 7
Syngenta Services Pvt. Ltd., India 466 -
Syngenta Japan K.K., Japan 229 120
Others - 29
Sales of finished goods
Syngenta (Pakistan) Limited, Pakistan 3,381 557
Adama India Private Ltd 4,764 -
Others 161 30
Rent income
Syngenta Biosciences Pvt. Ltd., India 310 285
Shared services income
Syngenta Foundation India 446 372
Syngenta Crop Protection Pvt. Ltd., India 22 88

For the year ended

31 March 2018 31 March 2017
Syngenta Services Pvt. Ltd., India 923 791
MRI Seed Zambia Limited, Zambia - 3
PT Syngenta Inc, Indonesia 205 161
Syngenta Vietnam Limited, Vietnam 83 30
Syngenta Pollen Limited, Kenya 59 46
Payments on behalf of a fellow subsidiary
Syngenta Crop Protection Pvt. Ltd., India - 21
Devgen Seeds & Crop Technology Pvt. Ltd., India 23 -
Others 17 12
Payments by a fellow subsidiary on behalf of company
Devgen Seeds & Crop Technology Pvt. Ltd., India 2 -
Others # 0 0
Collections on behalf of fellow subsidiary
Others 10 -
Collections by fellow subsidiary on behalf of company
Devgen Seeds & Crop Technology Pvt. Ltd., India - 9
Liability no longer required written back
Syngenta Asia Pacific PTE Ltd., Singapore - 681
Remuneration to Key Management Personnel
Executive directors * :
Mr. Bipinchandra C. Solanki 968 370
Mr. Govind P.S. Bene 74 83
Mr. Rajendra Jog 21 97
Mr. Narendra Kulkarni 47 -
Mr. Abhishek Agarwal 92 -
Mr. R. S. Dwarakanath - 34
Mrs. Sumie Fujimura 273 -
Non-executive directors** :
Mr. Prakash K. Apte 12 12
Mr. Vinnakota Kaundinya Ramachandra 9 7
Mr. Balaji Bakthisaran 10 10
Company secretary * :
Mrs. Arundhati Kulkarni 19 17

* The remuneration to the executive directors and company secretary

- does not include the provisions made for gratuity and compensated absences, as
they are determined on an actuarial basis for the Company as a whole.
- includes cost of employee share-based payments.
** The remuneration to the non-executive directors includes sitting fees and commission.
As at
31 March 2018 31 March 2017
c) Balances outstanding as at the year end
Payables
Syngenta Biosciences Pvt. Ltd., India 1 -
Syngenta Crop Protection AG, Switzerland 1,037 1,131
Syngenta France SAS, France 36 36
Syngenta Japan K.K., Japan 120 -
Syngenta AG, Switzerland - 478
Receivables / Advances
Syngenta (Pakistan) Limited, Pakistan 1,847 129
Syngenta Foundation India 321 -
Syngenta Vietnam Limited, Vietnam 112 30
Syngenta Nantong Crop Protection Co. Ltd., China 34 34
Adama India Private Ltd 1,636 -
PT Syngenta Inc, Indonesia 49 161
Syngenta Services Pvt. Ltd., India 1,047 238
Syngenta Pollen Limited, Kenya 18 3
Syngenta Agro Asia Pacific PTE. Ltd., Singapore 156 24
# Amount not disclosed, being below threshold limit adopted for rounding off purpose.

32 Segment information:
The principal business of the Company is to manufacture/process agriculture inputs like crop protection chemicals
and seeds. The 'Chief Operating Decision Maker' monitors the operating results of the Company's business as
a single segment. Accordingly in context of Ind AS 108 "Operating Segments" the principle business of the
Company constitutes a single reportable segment.
i) Product information
Revenue
For the year ended

31 March 2018 31 March 2017
Crop protection 194,465 187,293
Seeds 77,337 79,654
Total 271,803 266,947
ii) Geographical information
The geographical information analyses the Company’s revenues and non-current assets by the Company’s
country of domicile (i.e. India) and rest of the world. In presenting the geographical information, segment
revenue has been based on the geographic location of customers and segment assets which have been
based on the geographical location of the assets.
Revenue Non-current assets *

For the year ended As at
31 March 2018 31 March 2017 31 March 2018 31 March 2017
India 212,221 225,829 32,263 30,661
Rest of the world (Asian countries) 59,582 41,118 - -
Total 271,803 266,947 32,263 30,661
* Non-current assets exclude financial assets, deferred tax assets and post-employment benefit
assets.
iii) Major customer
Revenue from one customer of the Company's single reportable segment is INR 50,871 Lakhs (31 March
2017 INR 54,362 Lakhs) which is more than 10% of the Company's total revenue.
33
Operating leases
Leases as lessee :
The Company has taken on lease a number of vehicles, equipments and office facilities under operating leases.
The lease typically run for a period of one to ten years, with an option to renew the lease after that period. Some
of these arrangements have lock in period with escalation clauses.

a. Future minimum lease rentals payable under non-cancellable operating leases are as follows:

As at
31 March 2018 31 March 2017
Within one year 3,306 3,039
Between one and five years 5,564 7,710
More than five years 257 251
b. Rental expenses for operating leases recognized in the statement of profit and loss for the year ended 31
March 2018 amounts to INR 5,068 Lakhs (31 March 2017 : INR 4,784 Lakhs).
Leases as lessor :
The Company has entered into lease agreement for its investment property at Goa location. Based on
management’s assessment, the lease is to be considered as non cancellable in nature and has a remaining
term of 28 years. The lease agreement includes a clause for revision of the rental charge based on valuation
report every five years.
a. Future minimum lease rentals receivable from investment property under non-cancellable lease are as
follows:
As at
31 March 2018 31 March 2017
Within one year 313 287
Between one and five years 1,594 1,472
More than five years 7,052 6,811
b. Amount recognized as investment property rentals against this lease arrangement is INR 310 Lakhs (31
March 2017 : INR 285 Lakhs) has been included in other income.
34 Capital and other commitments
a) Estimated amount of contracts remaining to be executed on capital account and not provided for
various projects (net of advances) INR 491 Lakhs (31 March 2017 INR 370 Lakhs).
b) For commitments relating to lease arrangements, refer note 33
35 Contingent liabilities
As at
31 March 2018 31 March 2017
a) Claims against the Company not acknowledged as debts
Excise duty in relation to classification and CENVAT credit matters etc. 13,955 11,941
Customs duty in relation to classification matter 50 50
VAT in relation to classification and concessional declarations etc. 5,852 4,281
Income Tax in relation to Transfer Pricing and Corporate Tax matters 4,013 6,034
Trade demands 833 556

b) Investigation by Directorate General of Central Excise Intelligence, initiated in September 2013, was
completed in FY 2015-16. The company had received closure letters on few matters. Pending the final
closure, the Company based on its assessment of existing provisions for taxes and duties in financial
statements and views from its legal counsel does not expect any significant impact on the financial
statements.
The management, based on legal advice, believes that outcome of these contingencies will be favourable
and that a loss is not probable.
36 Details of dues to Micro, Small And Medium enterprises as defined under the MSMED Act, 2006
As at
31 March 2018 31 March 2017
The principal amount and the interest due thereon remaining unpaid
to any supplier as at the end of year.
Principal amount due to micro and small enterprises 273 824
Interest due on above 1 2
274 826
The amount of interest paid by the buyer in terms of section 16 of
the MSMED Act 2006 along with the amounts of the payment made
to the supplier beyond the appointed day during each accounting
year
Payments made to suppliers beyond the appointed date 3,290 2,872
Interest paid on above - -
The amount of interest due and payable for the period of delay in 47 34
making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
the MSMED Act 2006
The amount of interest accrued and remaining unpaid at the end of each
accounting year
Financial Year 2014-15 54 54
Financial Year 2017-18 48 -
The amount of further interest remaining due and payable even in 178 130
the succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise for the purpose of
disallowance as a deductible expenditure for Income Tax purposes
under section 23 of the MSMED Act 2006
The company has compiled this information based on intimation received from the suppliers of their status as
Micro or Small Enterprises and/ or its registration with the appropriate authority under the Micro, Small and
Medium Enterprises Development Act, 2006.

37 Corporate social responsibility (CSR)
As per the provisions of section 135 of Companies Act 2013, the Company needs to spend 2% of average net
profits for the immediately preceding three financial years, in pursuance of its Corporate Social Responsibility
Policy, on the activities specified in Schedule VII of the Act. Gross amount required to be spent by the Company
during the year INR 943 Lakhs (31 March 2017 : INR 913 Lakhs).
The Company in pursuance of its Corporate Social Responsibility Policy has spent INR 1,053 Lakhs (31 March
2017 INR 447 Lakhs) towards Corporate Social Responsibility activities. The Company is in process of exploring
various options specified in Schedule VII on which it could do its spending of CSR for the benefit of society.
Details of CSR activities/projects undertaken during the year are as below:
For the year ended

Sector in which the
CSR project / activity identified 31 March 31 March
Project is covered
2018 2017
Sanitation, Hygiene, Syngenta I-CLEAN - Inculcating Cleanliness, Learning, 283 246
Safe Drinking water & Education, Awareness and New Habits among
Waste Management communities, especially in the most remote rural
areas. The project components include beautification
and modernization of rural markets with facilities
like drinking water, solar lights, waste management
etc. Community cleanliness campaign including
construction of public toilet facilities in rural markets.
Awareness and education on hygiene, cleanliness,
water recharging etc.
Support rural villages with the RO facility for safe
drinking water in Bikaner, Rajasthan-
RO plants under local community development
programme
I-CLEAN project under local community development
programme in Shivamogga Dist
Syngenta supports two village Panchayats to collect,
segregate and dispose the domestic waste. Supports
Institutions for toilet up-gradation and inculcate
waste management awareness and skills among the
students and youth.
Syngenta supports rural villages with the RO facility for
safe drinking water. Supports schools in rural areas for
construction of toilets and Bus stands.
Eradicating hunger and Disaster Relief during flood and fire incident - supply of 82 3
poverty food, clothing, drinking water etc in East Champaran
Bihar
Krishi Vikas - a farmer support initiative by Syngenta.
Support to farmers who suffered due to the crop failure
by providing wheat growing kit in collaboration with the
Punjab Agriculture University.

For the year ended

Sector in which the
Project is covered
2018 2017
Ensuring environmental Solar electrification project in Pali and Jodhpur in 496 10
sustainability, ecological Rajasthan
balance, protection of Irrigation project through HoseReel machine irrigation
flora and fauna, animal technology. Drip and Lift irrigation
welfare, agroforestry,
conservation of Jalyukt Shivar Abhiyaan - Desilting of the river bed of
natural resources and Amna River at Deulgaon raja
maintaining quality of
Tree plantation activities
soil, air and water
Syngenta “Krishi Mitra” is a Resource Centre on
Agriculture engaging with the Goan Agriculture
Community. The purpose is to develop a positive
attitude towards farming, help farmers to use
good agriculture practices and assist them to get
Government schemes.
Promoting gender The SPARSH project focuses on prioritized - 18
equality and community needs and currently it is working with
empowering women women through Self Help Groups and building their
skills through vocational skill development etc.
Promotion of Education Syngenta Scholarships, support schools to develop 25 137
science laboratories, library facility, sports facility,
furniture etc.
Education support to schools under local community

development – Benches & Desks, Computer and
projector, school repair etc.
Vocationl skill training - Tailoring skill training to
women
Syngenta Me & Mine - Under this project Syngenta is

supporting the farmers by providing them with –
Trainings on first aid and providing first aid kits,
organizing health camps.
Awareness on child labour and chemical safety
Importance of education and support children with
educational materials.
Promoting Health and Safety programmes for farmers through 167 23
Preventive healthcare. training, mobile health van, doctors training
programme
Health camps and eye camps under local community

development programme

For the year ended

Sector in which the
Project is covered
2018 2017
Primary Health Centre Corlim has been supported
for building a new block. Also supported PHC for
controlling vector borne diseases.
Supported India Medical Association, Ponda branch
to build a hospital for terminally ill patients. Supported
Daddy’s home a home for the aged to build a new
room. Conducted various health camps
Rural development Support for community hall planning, road - 10
safety signs in rural areas, community play area
development.
Total 1,053 447
38 Other notes
38.1 Divestment of Specified Seeds Business
The board of directors’ of the Company at its meeting held on 28 February 2018 has approved sale/transfer
of Company’s seeds business pertaining to pearl millet, sorghum and fodder (“Divested Business”) as
a going concern on a slump sale basis. Consequent to this, Business Transfer Agreement (BTA) was
signed with Crystal Crop Protection Limited (“the buyer”) on 27 March 2018 .
The Company operates in only one business segment, and hence the divested business does not
constitute a separate segment as per Ind AS 108.
The divested business does not qualify to be reported as a Discountinuing Operation as per Ind AS 105.
The transfer of divested business was subject to fulfilment of certain conditions precedents. Upon
fulfilment of the same, the Company has transferred this business to the buyer on 19 April 2018.
The consideration for the said transfer was fixed at INR 2,983 Lakhs plus net working capital as on
the date of transfer of INR 1,842 Lakhs. The gain on sale of said transfer of INR 2,411 Lakhs will be
recoginzed by the Company in the year ending 31 March 2019.

38.2 Divestment of Specified Crop Protection Products
In compliance of the Competition Commission of India's (“CCI”) order received by China National Chemical
Corporation (the ultimate holding company), the Company is required to divest certain crop protection
products to independent third party/ies. The board of directors’ of the Company at its meeting held on
4 August 2018 has approved divestment of such products. Upon approval of the terms and conditions of
the proposed Asset Transfer Agreement (“ATA) by the CCI, the Company will initiate appropriate action
for execution of the said ATA.
The Company operates in only one business segment, and hence the divested business does not
constitute a separate segment as per Ind AS 108.
The divested business does not qulify to be reported as a Discountinuing Operation as per Ind AS 105.


38.3 Reduction of the equity share capital of the Company
The board of directors' of the Company at its meeting held on 1 November 2017 approved a proposal for
the reduction of issued, subscribed and paid-up equity capital of the Company from INR 164,718,540 to
INR 158,813,360 by way of cancelling and extinguishing 11,81,036 fully paid up equity shares of INR 5
each, of the Company held by the public shareholders in accordance with Section 66 of the Companies
Act, 2013 and the rules made thereunder. The said capital reduction is subject to an approval of the same
by the National Company Law Tribunal (“NCLT”).
Subsequent to the approval of the proposal for reduction of the equity share capital by the shareholders
in the extra-ordinary General Meeting of the Company held on 8 December 2017, a petition (Company
Petition No. 771 of 2017) is filed with the Mumbai Bench of NCLT on 13 December 2017. The NCLT has
already initiated the proceeding for review of the said petition and the same will be heard and disposed
off in due course.
39 Transfer pricing
The Company has a system of maintenance of information and documents as required by transfer pricing legislation
under section 92-92F of the Income Tax Act, 1961. The management based upon the above mentioned system
is of the opinion that its international transactions are at arm's length. Accordingly, the Company's management
believes that the aforesaid legislation will not have any impact on the financial statements, particularly on the
amount of tax expense and that of provision for taxation.
40 Specified Bank Notes
The Company does not transact in cash and accordingly the Company did not have any holdings or dealings in
Specified Bank Notes during the period from 8 November 2016 to 30 December 2016.

DIN - 03481395
Arundhati Kulkarni
Company Secretary


Financials: Five years' highlights

Rs. Lakhs
Year 2017-18 2016-17 2015-16 2014-15 2013-14

Sales 271,803 287,356 292,736 290,475 306,862
Other income 16,869 13,066 9,197 10,589 7,226
Total income 288,672 300,422 301,933 301,064 314,088
Profit before tax 44,003 45,087 46,519 47,086 41,873

Provision for tax 15,724 16,254 14,854 7,043 16,495
Profit after tax 28,279 28,833 31,665 40,043 25,378
Dividend (including distribution tax) 1,982 1,982 1,982 1,982 1,864
Dividend percentage 100 100 100 100 100
Share capital 1,647 1,647 1,647 1,647 1,593
Reserves/Surplus (excluding capital reserves) 276,570 250,660 224,100 194,105 153,883
Net worth 278,217 252,307 225,747 195,752 155,476
Capital employed - a 278,217 252,307 225,747 195,752 155,476

ROCE (percentage) - b 10.16 11.43 14.03 20.46 16.32
RONW (percentage) - c 10.16 11.43 14.03 20.46 16.32
EPS (Rs.) 85.84 87.52 96.12 121.56 79.65

Notes :
Figures above are including discontinued operations.
The figures of 2015-16 and the reserves/surplus of 2014-15 are restated due to first time adoption of IND AS w.e.f. 1
April 2015 wherever applicable.
a = Capital employed is net worth + loan funds (if any)
b = Return on Capital Employed is profit after tax before exceptional income+ interest expense as a percentage of
capital employed
c = Return on Net Worth is profit after tax before exceptional income as a percentage of net worth

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19th Annual Report 2017-18 SYNGENTA INDIA LIMITED
Registered Office: Amar Paradigm, S.N. 110/11/3 Baner Road, Pune 411 045
Tel No. 020 30699206, Fax No. 020 30699480, website: www.syngenta.com
CIN: U24210PN2000PLC135336
Notes to financial statements asPROXY at 31 FORM

March 2018 (continued)
[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies
(Currency: Indian Rupees in Lakhs, except
(Management andshare data) Rules, 2014]
Administration)
&
Name of the Member(s) :
Registered Address :
E-mail Id :
Folio/ :
DP ID-Client ID No. :
I/We, being the member(s) of __________________________ shares of the above named Company, hereby appoint:
(1) Name: ____________________________________ Address:___________________________________________
E-mail id:__________________________________ Signature:_______________________________,or failing him;
(2) Name: ____________________________________ Address:___________________________________________
E-mail id:__________________________________ Signature:_______________________________,or failing him;
(3) Name: ____________________________________ Address:___________________________________________
E-mail id: __________________________________ Signature:___________________________________________
as my/ our proxy to attend and vote (on a poll) for me/ us and on my/ our behalf at the Nineteenth Annual General Meeting
of the Company, to be held on Friday September 28, 2018 at 11.00 a.m. at The Orchid Hotel, adjacent to Chhatrapati Shivaji
Sports Complex, Pune -Bangalore Highway, Balewadi, Pune – 411045 and at any adjournment thereof in respect of such
resolutions as are indicated below:
Resolution No. Resolutions

ORIDNARY BUSINESS
1. Adoption of Audited Financial Statements, Directors’ Report and Auditors’ Report for the year ended
March 31, 2018
2. Declaration of dividend on equity shares of the Company
3. Re-appointment of Ms. Sumie Fujimura (DIN : 07754562), who retires by rotation and being eligible, offers
herself for re-appointment
4. Re-appointment of Mr. Abhishek Agarwal (DIN: 03481395), who retires by rotation and being eligible,
offers himself for re-appointment
5. Ratification of appointment of M/s B S R & Associates, Chartered Accountant as Auditor from the conclusion
of this AGM to the conclusion of next AGM and to fix their remuneration
SPECIAL BUSINESS
6. Appointment of Mr. Rafael Del Rio (DIN : 08105128) as Additional Director of the Company
7. Appointment of Mr. Rafael Del Rio (DIN : 08105128) as Managing Director of the Company for the period
commencing from April 23, 2018 to April 22, 2021
8. Ratification of remuneration of M/s. Dhananjay V. Joshi and Associates, Cost Accountants for Financial
Year 2018-19
Affix
Signed this ____________day of__________ 2018
Revenue
Stamp of not
Signature of Shareholder _________________ less than
Re. 1
Signature of Proxy holder(s) ____________________________
&
NOTE: This form of proxy in order to be effective should be duly stamped, completed, signed and deposited at the Registered
Office of the Company, not less than 48 hours before the commencement of the Meeting.

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Map for
Notes tothe
financial
Venuestatements as at 31 March 2018 (continued)
g
ajina
(Currency: Indian
of Annual General Rupees in Lakhs, except share data)
Meeting
Shiv
Savitribai Phule Pune University
ad
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FC
SB Road
Chatrushrungi
Gokhalenagar
Temple
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an R
Pash
Veritas
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Syngenta
ne
Ba
D Mart
oad
Sadanand Hotel
er R
Ban
Bus Stop
Wakad flyover
ay
Highw
ai Ba ngalore
Mumb
The Orchid
Hotel

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12 Syngenta India Limited

19th Annual Report 2017-18

Board of Directors Prakash K. Apte Non-Executive Chairman

Registered Office Amar Paradigm, S.N. 110/11/3

Works / Plants Ranebennur Plant

Nineteenth Annual General Meeting

Directors' Report ................................................................................... 23

Management Discussion and Analysis Report...................................... 52

Report on Corporate Governance......................................................... 56

Statement of Profit and Loss ................................................................ 73

Cash Flow Statement............................................................................ 74

Five Year Highlights............................................................................. 135

8. To pass with or without modification(s), the following resolution as an Ordinary Resolution:

By Order of the Board of Directors

Date: August 10, 2018 Arundhati Kulkarni

a) Registration of Automated Clearing House (ACH) Mandate

b) Registration of E-mail address

9. VOTING THROUGH ELECTRONIC MEANS

Cut off date and E-voting dates:

The instructions for E-voting are as under:

2. Open internet browser by typing the following URL viz. https://www.evoting.nsdl.com.

EVEN (E-Voting Event Number) USER ID PASSWORD/PIN

General information/instructions for members for voting on the Resolutions:

Item No.6 and 7

Mr. Rafael is an Agronomist Engineer from Pontificia Universidad Catolica De Chile.

Mr. Rafael holds Nil (0.00%) equity shares in the Company.

As per the International Assignment Policy (IAP) communicated to Mr. Rafael.

• Quality of living Allowance

• Home Leave Allowance

• Spouce / Partner Allowance

• Car / Transport Allowance

Reimbursement of entertainment expenses:

By order of the Board of Directors

SYNGENTA INDIA LIMITED

Date: August 10, 2018 Arundhati Kulkarni

1. Financial Results or Highlights:

Particulars For the year ended

Revenue from Operation 271,803 266,947

Other Income 16,869 13,066

Total 288,672 279,953

Finance costs 380 81

Depreciation 2,025 1,933

Provision for taxation (including deferred tax) 15,724 15,235

Profit After Tax 28,279 27,731

Profit from discontinued operations (after tax) - 1,102

Other comprehensive income -387 -291

Total comprehensive income for the year 27,892 28,542

Balance Brought forward from Previous Year 197,122 173,445

Amount available for appropriation 225,014 201,987

Dividend 1,647 1,647

Tax on Dividend 335 335

Transfer to General Reserve 2,828 2,883

Balance carried forward 220,204 197,122

4. State of Company’s Affairs:

5. Directors and Key Managerial Personnel:

• Directors retire by rotation:

• Appointment of Additional Director and Managing Director

• Statement of Declaration given by the Independent Directors under Section 149(7)

• Separate Meeting of Independent Directors