88 | KHADIM INDIA LIMITED

Balance Sheet
as at 31st March 2019
(All amounts in Rupees millions, unless otherwise stated)

Particulars Note No. As at As at 31

31 March 2019 March 2018
ASSETS
1 Non - current assets
(a) Property, Plant and Equipment 4A 1,308.25 1,246.16
(b) Capital work - in - progress 4B 17.08 14.02
(c) Intangible assets 4C 8.23 12.31
(d) Intangible assets under development 4D 0.30 0.54
(e) Financial Assets
Others 5 169.49 135.99
(f ) Income Tax Assets (net) 21A 26.16 3.08
(g) Other non-current assets 6 250.25 289.78
2 Current assets
(a) Inventories 7 1,549.95 1,266.89
(b) Financial Assets
(i) Trade receivables 8 1,341.18 1,267.31
(ii) Cash and cash equivalents 9 42.65 35.04
(iii) Other Bank balances 10 43.10 121.34
(iv) Others 11 110.13 78.95
(c) Other current assets 12 631.22 425.12
Total Assets 5,497.99 4,896.53
EQUITY AND LIABILITIES
Equity
(a) Equity Share capital 13 179.70 179.65
(b) Other Equity 2,697.02 2,505.16
LIABILITIES
1 Non-current liabilities
(a) Provisions 14 15.36 7.52
(b) Deferred tax liabilities (net) 15 39.09 50.40
(c) Other non-current liabilities 16 3.93 5.29
2 Current liabilities
(a) Financial Liabilities
(i) Borrowings 17 1,090.40 684.81
(ii) Trade payables
Total outstanding dues of micro enterprises and 0.41 60.63
small enterprises
Total outstanding dues of creditors other than micro 1,319.64 1,234.60
enterprises and small enterprises
(iii) Other financial liabilities 18 113.14 113.97
(b) Other current liabilities 19 32.62 33.20
(c) Provisions 20 4.87 1.04
(d) Income Tax Liabilities (net) 21B 1.81 20.26
Total Equity and Liabilities 5,497.99 4,896.53

See accompanying notes to the financial statements.

In terms of our Report attached For and on behalf of Board of Directors

For Deloitte Haskins & Sells Siddhartha Roy Burman Dr. Indra Nath Chatterjee
Chartered Accountants Chairman & Managing Director Independent Director

A. Bhattacharya Ishani Ray Indrajit Chaudhuri

Partner Chief Executive Officer Chief Financial Officer

Place: Kolkata Abhijit Dan

Date: 17th May 2019 Company Secretary & Head - Legal
 Annual Report 2018-19 | 89

Statement of Profit and Loss

for the year ended 31st March 2019
(All amounts in Rupees millions, unless otherwise stated)

Particulars Note No. For the year ended For the year ended
31 March 2019 31 March 2018
I. Revenue From Operations 22 7,991.81 7,487.06

II. Other Income 23 63.38 92.64

III. Total Income ( I + II ) 8,055.19 7,579.70

IV. Expenses :
Cost of materials consumed 1,764.38 1,343.68
Purchases of Stock-in-Trade 3,487.91 3,352.53
Changes in inventories of finished goods, Stock-in-Trade and 24 (287.68) (43.13)
work-in-progress
Employee benefits expense 25 720.55 651.69
Finance costs 26 116.42 123.68
Depreciation and amortization expense 184.31 156.17
Other expenses 27 1,737.26 1,425.47

Total expenses (IV) 7,723.15 7,010.09

V Profit before tax (III - IV) 332.04 569.61

VI Tax expense: 28
(1) Current tax 128.55 190.05
(2) Deferred tax (8.21) 0.55
120.34 190.60

VII. Profit for the year ( V - VI ) 211.70 379.01

CORPORATE OVERVIEW
VIII. Other Comprehensive Income
(i) Items that will not be reclassified to profit or loss
- Re-measurement losses on defined benefit plans 34.2 (8.90) (4.44)
(ii) Income tax relating to items that will not be reclassified to profit or loss 28 3.11 1.55

Other Comprehensive Income for the year (5.79) (2.89)

IX Total Comprehensive Income for the year 205.91 376.12

X. Earnings per equity share : [Nominal Value per Share `10/- 29

STATUTORY REPORTS

(Previous year `10/-)]

(1) Basic (In `) 11.78 21.60
(2) Diluted (In `) 11.77 21.55

See accompanying notes to the financial statements.

In terms of our Report attached For and on behalf of Board of Directors

For Deloitte Haskins & Sells Siddhartha Roy Burman Dr. Indra Nath Chatterjee
FINANCIAL STATEMENTS

Chartered Accountants Chairman & Managing Director Independent Director

A. Bhattacharya Ishani Ray Indrajit Chaudhuri

Partner Chief Executive Officer Chief Financial Officer

Place: Kolkata Abhijit Dan

Date: 17th May 2019 Company Secretary & Head - Legal
90 | KHADIM INDIA LIMITED

Statement of Changes in Equity

for the year ended 31st March 2019
(All amounts in Rupees millions, unless otherwise stated)

(a) Equity Share Capital

Particulars Balance at the beginning Changes in equity share Balance at the

of the year capital during the year end of the year

For the year ended 31st March 2018 172.99 6.66 179.65
For the year ended 31st March 2019 179.65 0.05 179.70

(b) Other Equity

Reserves and surplus Total

Capital reserve Securities Share options Retained other
-Amalgamation Reserve premium outstanding account earnings equity
As at 1st April 2017 231.92 761.15 - 673.54 1,666.61
Profit for the year - - - 379.01 379.01
Other comprehensive income (net of tax) - - - (2.89) (2.89)
Total comprehensive income - - - 376.12 376.12
Issue of equity shares during the year - 493.33 - - 493.33
Share issue expenses* - (35.39) - - (35.39)
Recognition of share based payment - - 4.49 - 4.49
As at 31st March 2018 231.92 1,219.09 4.49 1,049.66 2,505.16
Profit for the year - - - 211.70 211.70
Other comprehensive income (net of tax) - - - (5.79) (5.79)
Total comprehensive income - - - 205.91 205.91
Recognition of share based payment - - 6.23 - 6.23
Transfer from share option reserve on exercise - 2.74 (2.45) 1.08 1.37
and lapse
Dividend paid - - - (17.96) (17.96)
Income tax on dividend paid - - - (3.69) (3.69)
As at 31st March 2019 231.92 1,221.83 8.27 1,235.00 2,697.02

The Board of Directors of the Company recommended a dividend of Re.1 per equity share (Previous Year - Re.1) to be paid on fully
paid up equity shares. This equity dividend is subject to approval by shareholders at the Annual General Meeting and has not been
included as a liability in these financial statements. Total equity dividend to be paid is `17.97 millions (Previous Year - `17.96 millions).
Income tax on proposed dividend being `3.69 millions (Previous Year - `3.69 millions).
*During the year ended 31st March 2018, the Company spent `253.70 millions (inclusive of tax) as Initial Public Offer (IPO) related
expenses which were allocated between the Company (`35.39 millions) and the selling shareholders (`218.31 millions) in proportion
to the equity shares allotted to the public as fresh issue by the Company and under offer for sale by the selling shareholders.
Accordingly, an amount of `35.39 millions was debited to securities premium in accordance with Section 52 of the Companies Act,
2013. Also Refer Note 13.
Capital Reserve: This Reserve represents the surplus of net assets over the Equity Shares issued as purchase consideration pursuant
to the Scheme of Amalgamation approved by the Hon'ble High Court at Calcutta with effect from 1st October, 2004
Securities premium: This Reserve represents the premium on issue of shares and can be utilised in accordance with the provisions of
the Companies Act, 2013.
Share options outstanding account: This Reserve relates to stock options granted by the Company under Khadim Employee Stock
Option Plan 2017. This Reserve is transferred to securities premium or retained earnings on exercise or cancellation of vested options.
Retained earnings: This Reserve represents the cumulative profits of the Company and effects of remeasurement of defined benefit
obligations. This Reserve can be utilised in accordance with the provisions of the Companies Act, 2013.

See accompanying notes to the financial statements.

In terms of our Report attached For and on behalf of Board of Directors

For Deloitte Haskins & Sells Siddhartha Roy Burman Dr. Indra Nath Chatterjee
Chartered Accountants Chairman & Managing Director Independent Director

A. Bhattacharya Ishani Ray Indrajit Chaudhuri

Partner Chief Executive Officer Chief Financial Officer

Place: Kolkata Abhijit Dan

Date: 17th May 2019 Company Secretary & Head - Legal
 Annual Report 2018-19 | 91

Cash Flow Statement

for the year ended 31st March 2019
(All amounts in Rupees millions, unless otherwise stated)

Particulars For the year ended For the year ended
31 March 2019 31 March 2018
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before Tax 332.04 569.61
Adjustments for:
Depreciation and amortization expense 184.31 156.17
Share based payments to employees 6.23 4.49
(Gain)/Loss on disposal of property, plant and equipment (net) (2.32) 11.59
Interest Received (18.46) (19.36)
Gain arising on sale of financial assets mandatorily measured at Fair Value (2.32) (1.69)
through Profit and Loss
Gain on disposal of assets held for disposal - (36.02)
Liabilities/Provisions no longer required written back (2.54) (1.23)
Government grant received (1.23) (1.98)
Provision for doubtful debts,advances and other assets 4.62 4.67
Debts/Advances written off 0.69 2.98
Foreign currency translations and transactions - Net 0.01 (0.55)
Finance costs 116.42 123.68

Operating Profit before Working Capital Changes 617.45 812.36

Adjustments for:
Trade Receivables, Loans and Advances and Other Assets (306.08) (764.96)

CORPORATE OVERVIEW
Inventories (283.06) (122.29)
Trade Payables, Other Liabilities and Provisions 34.64 370.79
Cash Generated from Operations 62.95 295.90
Income taxes paid (170.08) (154.61)
Net Cash (used in)/ generated from Operating Activities (107.13) 141.29

B CASH FLOW FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment, intangible assets (251.84) (218.94)
STATUTORY REPORTS

Sale of property, plant and equipment, intangible assets 12.86 12.21

Sale of assets held for disposal - 120.00
Investments in bank deposits (57.38) (74.97)
Maturity of bank deposits 129.85 95.54
Purchase of Current Investments (109.00) (40.89)
Sale of Current Investments 111.32 42.58
Interest Received 10.62 5.12
FINANCIAL STATEMENTS

Net Cash used in Investing Actvities (153.57) (59.35)

92 | KHADIM INDIA LIMITED

Cash Flow Statement

for the year ended 31st March 2019 (Continued)
(All amounts in Rupees millions, unless otherwise stated)

Particulars For the year ended For the year ended

31 March 2019 31 March 2018
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Share Capital 1.41 499.99
Share issue expenses - (35.39)
Interest paid (117.03) (123.75)
Dividend paid (17.96) -
Income tax on dividend paid (3.69) -
Repayment of Term Loans - (51.50)
Short term loans taken/(repaid) (34.00) 107.20
Net Cash (used in) / generated from Financing Activities (171.27) 396.55

Net (Decrease)/Increase in Cash and Cash Equivalents (A+B+C) (431.97) 478.49

Cash and Cash Equivalents at beginning of year (349.78) (828.27)
Cash and Cash Equivalents at end of year (781.75) (349.78)
Notes:
I The above Cash Flow Statement has been prepared under "Indirect Method" as set out in Ind AS - 7 on "Statements of Cash Flow"
II Cash and Cash Equivalents:

Cash Credit facilities (824.40) (384.82)
Cash and cash equivalents (Note 9) 42.65 35.04
Cash and cash equivalents as above (781.75) (349.78)

See accompanying notes to the financial statements.

In terms of our Report attached For and on behalf of Board of Directors

For Deloitte Haskins & Sells Siddhartha Roy Burman Dr. Indra Nath Chatterjee
Chartered Accountants Chairman & Managing Director Independent Director

A. Bhattacharya Ishani Ray Indrajit Chaudhuri

Partner Chief Executive Officer Chief Financial Officer

Place: Kolkata Abhijit Dan

Date: 17th May 2019 Company Secretary & Head - Legal