PDF

9th July, 2019
To, To,
Corporate Relationship Department Corporate Relationship Department
National Stock Exchange of India Limited BSE Ltd.
Exchange Plaza, 5th Floor, Phirozee Jeejeebhoy Towers,
Plot No. C-1, G Block, Dalal Street,
Bandra Kurla Complex, Bandra (East) Mumbai 400 001
Mumbai 400 051
NSE Scrip Symbol “ASTRAL” BSE Scrip Code “532830”
Dear Sir / Madam,

Sub: Annual Report for FY 2018-19 and AGM Notice.
Pursuant to applicable provisions of SEBI (Listing Obligations and Disclosure

Requirements) Regulations 2015, please find enclosed herewith Annual Report of the
Company for the year 2018-19 and Notice of 23rd Annual General Meeting of the
Company to be held on Friday, 2nd August, 2019 at 10:00 a.m. at H T Parekh Hall,
Ahmedabad Management Association, ATIRA Campus, Dr. Vikram Sarabhai Marg,
Ahmedabad - 380015, Gujarat.
Please take the same on records
Thanking you,
Yours Faithfully,
For Astral Poly Technik Limited
Krunal Bhatt
Company Secretary
23RD ANNUAL REPORT 2018-19
PASSION
MEETS
OPPORTUNITIES
CONTENTS
Corporate Information Financial Statements
Astral Group at a Glance 02 Independent Auditor’s Report (Standalone) 59

Geographic Focus 04 Standalone Balance Sheet 68
Group Milestones 06 Standalone Statement of Profit and Loss 69
Managing Director’s Message 08 Standalone Statement of Cash Flows 70
Message from CFO 09 Standalone Statement of Changes in Equity 72
Financial Performance 10 Notes to Standalone Financial Statements 73
Emerging Industry Opportunities 12 Independent Auditor’s Report (Consolidated) 109
The Most Preferred Brand 14 Consolidated Balance Sheet 116
Corporate Social Responsibility 16 Consolidated Statement of Profit and Loss 117
Consolidated Statement of Cash Flows 118
Statutory Reports
Consolidated Statement of Changes in Equity 120
Directors’ Report 18 Notes to Consolidated Financial Statements 121
Management Discussion and Analysis 34 Form AOC-1 165
Corporate Governance Report 38
Business Responsibility Report 53
CORPORATE
INFORMATION
Board of Directors Statutory Auditors Bankers
Mr. K. R. Shenoy S R B C & CO LLP Corporation Bank
Chairman (Independent Director) HDFC Bank Limited
(Chartered Accountants)
HSBC Bank
Mr. Sandeep P. Engineer 2nd floor, Shivalik Ishaan,
IndusInd Bank
Managing Director Near C N Vidyalaya,
Standard Chartered Bank
Mrs. Jagruti S. Engineer Ambawadi, Ahmedabad - 380 015,
Whole Time Director Gujarat, India.
Factory Location
Mr. Kyle A. Thompson
Registered & Corporate Office Santej (Gujarat)
Non-Executive Director
Dholka (Gujarat)
‘Astral House’
Mr. Anil Kumar Jani Hosur (Tamilnadu)
207/1, B/h. Rajpath Club,
Non-Executive Director Ghiloth (Rajasthan)
Off S. G. Highway,
Mr. Pradip N. Desai Sangli (Maharashtra)
Ahmedabad-380 059, Gujarat, India
Independent Director Sitarganj (Uttarakhand)
Mr. Narasinh K. Balgi Registrar & Share Transfer
Independent Director Branch Offices
Agent
Mrs. Kaushal Nakrani Bengaluru (Karnataka)
Bigshare Services Private Limited
Independent Director Chennai (Tamilnadu)
1st Floor, Bharat Tin Works Building,
Hyderabad (Telangana)
Opp. Vasant Oasis, Makwana Road,
Jaipur (Rajasthan)
Chief Financial Officer Marol, Andheri (East), Mumbai 400 059
Kochi (Kerala)
Mr. Hiranand A. Savlani Phone No. : +91 22 62638200
Kolkata (West bengal)
Fax No. : +91 22 62638299
Lucknow (Uttar Pradesh)
Company Secretary Mumbai (Maharashtra)
New Delhi
Mr. Krunal D. Bhatt
Pune (Maharashtra)
WITHOUT A
CHANCE, THERE’S
LITTLE PASSION
CAN DO.
Without the drive to succeed,
opportunities often lay wasted. It’s when
the passion to achieve meets the right
opportunities that success becomes
inevitable. And this succinctly describes
the year we’ve had at Astral.
Challenges were effectively resolved, expansions
and innovations were made, excellent results were
achieved, and our position in the industry was
strengthened. All because, our inherent driven
philosophy and passion for our work met the
opportunities that helped bring in the performances
we can be proud of. And thereby led us to create
maximum value for each and everyone invested in
Astral!
Annual Report 2018-19
ASTRAL GROUP AT
A GLANCE
Astral Poly Technik Limited (hereinafter known as Astral) is

among the country’s leading manufacturers of plastic pipes used
across the industries and is now making strong inroads into the
adhesives segment and infrastructure products.
Established in 1996 with the aim to and Resiquick Instant Adhesive as an response from market. Through this
manufacture best-in-globe plastic innovative product, just to name a few. acquisition, we have further expanded
piping systems, Astral fulfils emerging Astral offers comprehensive product our offerings in providing piping
piping and adhesives needs of millions range across piping and adhesives solutions for Sewerage and Stormwater,
of houses and adds extra mileage to categories when it comes to product Cable Protection, Sub-surface Drainage
India’s developing real estate fraternity applications. and Urban Infrastructure. This has made
with the hallmark of unbeaten quality Astral an all-in-one solution provider for
and innovative piping solutions. Keeping With our modern production facilities diverse piping requirements.
itself ahead of technology curve, spread across India as well as
Astral has always been a front runner overseas, we work towards fulfilling the Our adhesives business has started to
by bringing innovation and getting requirements of various geographies gain momentum with launch of new
rid of old, primitive and ineffective and markets. We operate through our and improved products fuelled by
methods. Bringing CPVC in India, and 12 State-of-the-art production facilities our strong branding initiatives. Within
pioneering in this technology have set across the globe and offer cutting edge a short span of time, we have been
Astral apart and enabled it to obtain solutions in Piping, Adhesives and able to expand our presence across
NSF approval for its CPVC pipes and Infrastructure segments. automobile-engineering-hardware
fittings. Astral went beyond category & sanitary adhesives, construction
Rex Polyextrusion Private Limited (REPL), chemicals, electrical insulators and
codes by launching many industry firsts
one of the major acquisitions of Astral sealant segments with our adhesive
and innovative products, like launching
under infrastructure division during the manufacturing units situated in Gujarat,
India’s first lead-free uPVC pipes for
year, has opened up new horizons of U.P., UK and US.
plumbing as well as for stream water
growth and we have received positive
Zero
4 12 4000+ First Compromise
Countries we Manufacturing Workforce as on To introduce CPVC On quality and service
operate in locations across March 31, 2019 piping in India
India, UK, USA
and Kenya
800+ 30,000+ 1800+ 4 lac+ Widest

Distributors in Dealers in Distributors in Dealers in Piping product range
Piping Segment Piping Segment Adhesives Segment Adhesives Segment available in the industry
across India across India across India across India
02
Corporate Overview Statutory Reports Financial Statements
Our vision & values
To be a truly global,
high-performing
organisation delivering
quality products
and services to its
customers and attain
leadership position
in the industries we
operate in.
Astral Values:
Safety Excellence Integrity

Strive to prevent Be trendsetters in the Be honest, fair and do the
accidents, injuries, and industry by delivering right thing in the right way.
illness at work. exceptional performance.
Operate in letter and spirit
Provide products that Deliver quality products and of the highest standards of
meet the highest safety services to our customers. corporate ethics.
standards.
Teamwork Equitability
Be unbiased and respect Unleash hidden potential of employees
individual contributions by promoting a culture of teamwork
that stem from their diverse across the organization.
backgrounds.
Provide products that meet the highest
safety standards.
03
GEOGRAPHIC
FOCUS
Piping units Adhesives units

India India
1 Santej (Guj.) 1 Santej (Guj.)

75,426 M.T. 25,821 M.T.
2 Dholka (Guj.) 2 Rania (U.P.)

53,276 M.T. 23,397 M.T.
3 Hosur (T.N.) 3 Unnao (U.P.)
6
24,261 M.T. 12,773 M.T.
5
4 Sangli (Mah.)
3
26,561 M.T. Overseas 2
5 Ghiloth (Raj.)
4 U.S. & U.K. 1
23,678 M.T. 1
23,760 M.T. 2
6 Sitarganj (U.K.)
2,088 M.T.
4
Overseas
7 Kenya
5,100 M.T.
4
4
Piping
Plants
Depots
Corporate Office
Branch Offices
Adhesives
Plants
Depots
Corporate Office
Branch Offices
04
11 7
Piping Depots Adhesive Depots
10 2
Piping Branches Adhesive Branches
05
GROUP MILESTONES
2 0 0 7
First to get NSF

approval for
CPVC Piping in
India
Astral became
public limited 2 0 1 2 - 1 3
1 9 9 9 company
Enterprising
First to introduce Entrepreneur of
CPVC in India the year Award
2 0 0 9
Dholka Plant
Commissioned
Business
Standard Star
SME of the year
Award
First to launch
Kenya Plant lead free uPVC Inc. India
Commissioned column pipes in Innovative
India 100 for Smart
2 0 0 8
Innovation -
2 0 1 2
First to launch “Technology“
lead free uPVC
piping system Hosur Plant
in India Commissioned
2 0 0 4 2 0 1 3
06
2 0 1 6
Launched CPVC
2 0 1 8
Pro
USA Plant of
India’s Most
Seal It Ltd.
Trusted Pipe
commissioned
2 0 1 4 Brand Award
Rescue Tape
First BIS ET Inspiring
Launch
certification for Business
Automatic Fire Leaders of India Ghiloth Plant
Sprinkler Piping Award Commissioned
System India’s Most Launched Pex-a
Acquired Bond Attractive Pipe Pro – Next
It Ltd, UK Brand Award Gen Hot and
Cold Plumbing
Acquired Billion $ Market
System
Resinova cap
Chemie Limted Acquired Rex
Fortune India
Polyextrusion
Wire Guard 500 Company
Pvt. Ltd.
launch Santej –
Received ‘CFO
Resinova Plant
100’ award
Commissioned
Launched Astral Launched Consumer

Silencio Hauraton validated
Surface Superbrands
Most Influential
Drainage
CFOs of India Most Trusted
System
Piping Brand –
Resiquick TRA
Launch
2 0 1 5 Received ‘CFO
Consumer 100’ award
validated
Superbrand 2 0 1 9
2 0 1 7
07
MANAGING DIRECTOR’S
MESSAGE
I HAVE CONFIDENCE
THAT ASTRAL
WILL CONTINUE
ITS JOURNEY
TOWARDS SUCCESS,
CREATING FURTHER
SHAREHOLDER
VALUE THROUGH
PROFITABLE AND
RESPONSIBLE
GROWTH.
Dear Shareholders,
Astral delivered another strong topline revision in CPVC on account of currency launched in H2 FY19. While the product
and bottom line growth during the volatility also further impacted the was well accepted in the market,
current fiscal validating our position overall margins. However, we managed we completed five major projects
as one of the most reputed players in to mitigate these volatile and temporary for our new product line (Pex-a Pro)
the piping industry. The performance factors with new product launches, and during the year. In the pipe segment,
reflects our ability to overcome the additional production capacities in we commenced the production at
macroeconomic challenges prevalent North India, transcending into a healthy newly constructed plant at Ghiloth,
in the industry with a strategic and financial performance. Rajasthan while the additional capacity
sustainable business model in place. at Hosur, Tamil Nadu is on the verge of
A diversified portfolio, state-of-the-art Our consolidated revenue during completion. These capacities complete
technologies and strong distribution the year increased by 21% reaching our presence in West, South and North
presence across the country are some H25,073 mn in FY19 from H20,729 mn India - one of the very few companies in
of the key components of our business in FY18. The piping segment recorded our industry to do so. Further, we are on
model that add to our competitiveness. a revenue growth of 21.1 % with sales track to begin construction of another
volume growing by 18.27% YoY. The greenfield facility in Odisha, where we
Looking back at the year, there were consolidated EBITDA Margin stood at have already acquired land of 100K Sq.
some headwinds that we faced, 15.83% & PAT Margin stood at 7.87% yards. This will help us save on logistic
particularly in our piping segment. One, during the year under review. costs and strengthen our market share
the logistics strike nationwide for about in Eastern India.
10-15 days did impact our business in During the year, we also undertook
terms of sales and volumes. Two, the several initiatives, such as introduction In our Adhesive & Sealant business, we
fall in prices of PVC pipes hampered of Pex-a Pro, an advanced, next have delivered a robust consolidated
the sales and overall margin growth of generation plumbing product for hot growth of 20.6% in revenue and EBIDTA
the segment. In addition to this, price and cold water plumbing, which was margin of 13.50%. While the margin
08
was little lower than previous year As I look forward, I have confidence that mid- to long-term financial ambitions for
on account of aggressive spends on Astral will continue its journey towards our company.
branding of new products, we are very success, creating further shareholder
optimistic about this segment going value through profitable and Finally, I would like to express my
forward and expect it to deliver healthy responsible growth. Drawing inspiration gratitude to our shareholders,
returns in the coming years. from our legacy and heritage, we will customers, bankers and vendors for
continue to demonstrate our passion their trust and continued support in
We are happy to inform that the and effectiveness to outperform our company. I would like to thank
acquisition of infrastructure product industry growth and turn challenges into our Board, management team and
company (Rex Polyextrusion Pvt. opportunities. We have always remained the employees for their hard work and
Ltd.) was successfully completed and committed to growth with new product support.
subsequently it was merged with Astral launches and capacity additions that
and now forms an integral part of the help us sustain growth and deliver Regards,
our business. The acquisition not only returns. We have also made significant
diversifies our product profile but progress with the implementation of our Sandeep Engineer
integrates well into our future growth strategic priorities and expanded our Managing Director
strategy to create value for stakeholders.
MESSAGE FROM CFO

control of ASTRAL management capex in last three years with a goal to
team. We are expecting reasonable create capacity at regional level. We
improvement post this implementation expanded capacity in Southern and
& EBIDTA margin will expand rapidly in Northern India last year and plan to
coming quarters. do the same in Eastern India this year.
Once that is done, capacity utilisation
As communicated in our earlier investor will improve significantly and will give
communications, we are committed to sizeable improvement into ROC. Also
focus on our working capital cycle. As the company will be able to gain market
a part of that journey we have already share in respective regions where we
started correction in receivable days have recently added the capacity by
Dear Shareholders, which you can see in the numbers that saving considerably on logistic costs.
we have reduced the days from 51 to 43
Last year was full of challenges & days on standalone basis & from 54 to Last but not least, the path to growth
activities in the company. Market was 49 days in consolidation. We have taken would be full of challenges, but we at
highly volatile in terms of demand on this difficult task at a time when a lot of ASTRAL are committed to face them
month-on-month basis, the currency challenges of liquidity are present in and to remain on growth trajectory with
heavily depreciated & then again the market. Not only that, the position reasonable pace on a sustainable basis
appreciated. In addition, the polymer of PSU banks are not good but yet, for the best interest of the stake holders,
prices were too highly fluctuating. In keeping in mind our long term goal, we keeping focus on the most effective way
spite of all these challenges ASTRAL have taken up this task and we are quite of capital utilisation in mind.
stood up to the expectation of Investors. confident that we will see good days
going forward with these corrections.
We successfully implemented SAP in Regards,
our newly acquired business – REX
POLYEXTRUSION PVT. LTD. This newly Going forward, we will focus more on
acquired entity is now merged with our capacity utilisation which is very low Hiranand Savlani
ASTRAL and all MIS reports are under at present. We have done large-scale Chief Financial Officer
09
FINANCIAL PERFORMANCE
STANDALONE
(H in lacs , except as stated otherwise)
Particulars 2014-15 2015-16 2016-17 2017-18 2018-19

Capacity (In M.T.) 1,02,371 1,27,762 1,37,708 1,52,101 205,290
Utilisation (In M.T.) 69,925 77,909 87,694 1,05,753 120,821
Sales 1,36,795 1,46,751 1,64,734 1,60,257 1,91,210
Less : Excise Duty 11,584 15,015 17,143 2,266 -
Net Sales 1,25,211 1,31,736 1,47,591 1,57,991 1,91,210
Other Income 187 272 904 1,310 1,507
Total Income 1,25,398 1,32,008 1,48,495 1,59,301 1,92,717
PBIDT 15,184 16,784 21,525 24,767 31,536
Interest 1,294 1,218 1,371 1,315 2,183
Profit Before Depreciation, Tax & Exceptional Items 13,890 15,566 20,154 23,452 29,353
Depreciation 3,301 3,544 4,173 4,666 6,713
Profit Before Tax & Exceptional Items 10,589 12,022 15,981 18,786 22,640
Exceptional Items # (Exchange Gain/(Loss)) (928) (1,629) (58) (721) (821)
Profit Before Tax 9,661 10,393 15,923 18,065 21,819
Tax 2,841 3,293 5,270 6,141 7,625
Profit After Tax 6,820 7,100 10,653 11,924 14,194
Prior Year Adjustments (65) (184) (10) 22 49
Net Profit 6,885 7,284 10,663 11,902 14,145
Other Comprehensive Income (Net of tax) - (50) (16) (2) (11)
Total Comprehensive Income 6,885 7,234 10,647 11,900 14,134
Paid Up Equity Capital 1,184 1,198 1,198 1,198 1,198
Reserve and Surplus1 59,653 71,900 82,304 93,561 1,14,078
Shareholders' Funds 60,837 73,098 83,502 94,759 1,15,276
Loans (Long term) 11,176 12,159 9,851 7,335 12,128
Deferred Tax Liability (Net) 1,793 2,149 2,616 2,880 4,656
Capital Employed 2
72,031 86,630 94,285 98,556 1,24,458
Gross Fixed Assets3 28461 39644 48576 57127 80973
Capital Work In Progress 2,142 807 1,725 6,467 7,756
Net Fixed Assets 4
28,340 35,994 40,792 44,743 62,537
Net Current Assets 14,780 13,956 17,217 16,677 15,469
Book Value (in H) 53.57 61.45 69.72 79.10 95.81
Earning Per Equity Share (in H) 6.03 6.12 8.90 9.94 11.76
Cash Earning Per Equity Share (in H)6 9.40 9.40 12.78 14.30 18.26
Dividend (in %)5 37.50% 40.00% 50.00% 60.00% 70.00%
Debt : Equity ( Long Term Debt/Total Net Worth) 0.26 0.23 0.18 0.12 0.15
1. Excluding Revaluation Reserves and reducing miscellaneous expenditure

2. Excluding Revaluation Reserves, Miscellaneous Expenditure and Capital Work in Progress
3. Excluding goodwill, brand and capital work in progress.
4. Excluding Revaluation Reserves, Goodwill, Brand and Capital Work in Progress.
5. Dividend for the year 2018-19 and 2017-18 includes final dividend declared at 40% and 35% respectively by Board of Directors in their meeting held,
subject to approval of shareholders in AGM.
6. Cash profit considered for cash earning per share is Net Profit + Depreciation + Deferred tax + Exceptional item.
# Exceptional items for the year 2015-16 includes H83.11 lacs paid by company towards full and final settlement of employees dues in respect of Baddi
Plant.
Exceptional items for the year 2018-19 and 2017-18 includes H199.28 and H296.25 lacs respectively for provision made by company for diminution on
its investment in Joint Venture viz : Astral Pipes Ltd.
Note : Data from the year 2015-16 onwards are in compliance with Ind AS.
10
CONSOLIDATED
Revenue from Operations EPS

(H in Mn) (H)
2018-19 25,073 2018-19 16.27

2017-18 20,729 2017-18 14.62
2016-17 18,947 2016-17 12.08
2015-16 16,778 2017-18 8.49
2014-15 14,100 2014-15 6.64 Revenue Mix
74% 26%
EBITDA EBITDA Margin
(H in Mn) (%)
2018-19 3,968 2018-19 15.83

2017-18 3,268 2017-18 15.77
2016-17 2,703 2016-17 14.27
2015-16 2,035 2015-16 12.13
2014-15 1,683 2014-15 11.94
PAT PAT Margin

(H in Mn) (%)
2018-19 1,973 2018-19 7.87

2017-18 1,757 2017-18 8.48
2016-17 1,446 2016-17 7.63
2015-16 1,019 2015-16 6.07
Piping Business
2014-15 782 2014-15 5.55

Adhesive Business
Piping Production and Capacity Utilisation (Standalone)
Capacity (M.T.) Production (M.T.)
2018-19 2,05,290 2018-19 1,20,821

2017-18 1,52,101 2017-18 1,05,753
2016-17 1,37,708 2016-17 87,694
2015-16 1,27,162 2015-16 77,909
2014-15 1,02,371 2014-15 69,925
11
EMERGING INDUSTRY OPPORTUNITIES
The Indian plastic pipes market is growing at a robust rate on

account of tremendous government spending on commercial,
agricultural, residential and sanitation, potable water, municipal
applications, industrial applications like transportation of
chemicals, oil and gas distribution, heavy electric wires, solar
power.
Piping Segment
~70% ~J 280 BN J 460 BN J 36 BN

Share of pipes sector Size of plastic piping Expected value of Size of CPVC Piping
in the plastic product industry by the end Piping Industry by market by the end
industry1 of FY 20181 FY 20221 of FY 20182
24%-25%
CAGR of CPVC Piping
market during FY 18-222
Adhesive Segment
~13-15% ~J130-150 BN India is now one of

CAGR of adhesive, sealants Size of adhesive, sealants and the fastest growing
and building chemicals
industry during FY 18-222
building chemicals industry by
the end of FY19 2 adhesives market
on account of robust growth witnessed in
industries like auto, packaging, housing
etc.2
Infrastructure Segment
67 lac
urban toilets J258.53 BN 482 Cities
Targeted to be built under Allocated for housing sector With population > 1 lac
Swachh Bharat Mission by development under Pradhan assured availability of tap
October 20193 Mantri Awas Yojana4 with water supply and
sewerage connection in
every house.5
1
Anand Rathi Industry research report 3
https://qz.com/india/1550401/is-india-cleaner- 4
Interim Budget 2019-20
2
Edelweiss Professional Investor Research after-modis-swachh-bharat/ 5
http://www.smartcitiesindia.com/
12
Growth drivers
Government’s 35% Auto, packaging and

increasing focus housing industries
Demand from replacement
on irrigation projects market in the piping industry on Are growing at a fast pace,
for large-scale as well as micro- account of shift from GI pipes to thereby boosting the adhesive
irrigation provides significant plastic alternatives like CPVC/ market growth2
growth opportunity to the PVC2
organised PVC piping players in
the marke2
Surge in construction and infrastructure development

In metros as well as tier-II and tier-III cities because Government and Municipal Corporation initiatives will
boost piping and adhesive industry demand2
Astral’s positioning to capitalize industry opportunities
Seamless Backward Robust brand equity Wide and deep

integration
Of CPVC resins in its own Developed by the company Distribution reach across India
CPVC compounding facility at through consistent product
Santej (Guj.), Hosur (T.N.) and innovation, aggressive ad
Ghiloth (Raj.) campaigns and well-entrenched
distribution reach
World-class Prominent player Wide range

Manufacturing capabilities & In the CPVC pipes market Of products to offer in
technical tie-ups Infrastructure segment
Fast growing category

Present in Adhesives where the
market is concentrated
13
THE MOST PREFERRED BRAND
Brand Astral stands for innovation and

for setting new trends in the piping and
adhesives industry.
Bringing newer technologies and In the piping segment, effective brand

continuous innovation in existing as communication strategies helped us
well as new products has been the focal touch a chord with our consumers
point at Astral. This special emphasis and our brand voice helped keep our
helps the brand set the bar higher growth game strong!
and lead amongst others by example.
Astral is also known for its compromise- Astral Pipes did a successful film-
free quality and exceeds consumer’s co-promotion with Bollywood Film
expectations. Right from introducing Simmba starring Ranveer Singh.
many category firsts to innovative brand Not only that, Astral Pipes sponsored IPL
communications in the category, teams like Kolkata Knight Riders and
Rajasthan Royals in IPL 2018. Astral
Astral’s brand mission has Pipes has also been announced as
Consumer Validated Superbrand – in
been to maintain and grow
the 2019 edition. Our focused brand
a commanding presence communications on digital and social
in the minds of customers media platform helped the brand to be
and to deliver promised in consumer’s consideration set almost
all the times.
values consistently.
Furthermore, the adhesives segment saw fresh branding initiatives anchored to

Astral, the mother brand. Astral Adhesives launched its famous ResiQuick Instant
Adhesive with series of commercial ads starring Varun Dhawan, the Bollywood
heartthrob. The association of Astral Adhesives with Sun Risers Hyderabad helped
gain traction as the team performed well in IPL 2018. In addition, many brands got
aggressively promoted like Resiwood, Trubuild, BondTite, Resibond and Bondset.
The product line also underwent modernizing of packaging which not only drew
synergy across but also provided significant fillip in product acceptance.
14
15
CORPORATE SOCIAL RESPONSIBILITY
Being a responsible corporate citizen, we are committed to

making a positive contribution to the society we operate in.
In addition, we also extended our efforts towards wild-life
conservation during the year.
Astral Charitable Trust
Through Astral Charitable Trust, founded by Astral Group, we undertake a range
of activities that enable us to create a positive impact in the society in which we
operate. We have constructed a 7 storey building in line with our commitment to
J 10 crore
improve the health and well-being of the community. During the year under review, Spent towards Corporate
we even contributed towards BHARAT KE VEER Corpus Fund. A contribution of Social Responsibility upto
H 11 lacs was made to honor the supreme sacrifice of Bravehearts of The Central 31st March 2019
Armed Police Forces (CAPF).
Alternative therapies
including Yoga classes Blood donation Free health
and workshops camp check-up camps
Dental and Eye Healthcare

check-up camps awareness seminar
During the year, we also undertook following initiatives:
• Supporting – ‘No Drugs’ campaign by NGO
As a part of our initiative towards improvement of quality of life of the people around us, we, at Astral
supported an NGO in putting up the campaign across the city of Ahmedabad. The campaign was aimed at
creating awareness among youth about ill effects of the drugs.
16
• Wild-life conservation
During the year, we funded

purchase and installation
of solar pumps in order to
provide drinking water to wild
animals in Bandipur Tiger
Reserve, Karnataka and Pench
National Park, Madhya Pradesh.
Additionally, we donated Maruti
Gypsy Vehicle to the Wildlife
Institute of India to carry out
field work and conduct research
on Tiger, Leopards, wolves etc.
Besides this, we also completed
electrification process in
Sanctuary Guards’ Quarters.
Maruti Gypsy Vehicle donated to the Wildlife Institute of India
We funded purchase and installation of solar pumps in order to

provide drinking water to wild animals in Bandipur Tiger Reserve,
Karnataka and Pench National Park, Madhya Pradesh.
Installation of solar pumps in wildlife sanctuaries
17
DIRECTORS’ REPORT
Dear Shareholders,
Your Directors have pleasure in presenting the 23rd Annual Report of your Company together with the Audited Statements of
Accounts for the year ended 31st March, 2019.
1. Financial Highlights:
The Standalone and Consolidated Financial Results for the year ended 31st March, 2019 are as follows:
(H in lacs)
Standalone Consolidated
Particulars FY 18-19 FY 17-18 FY 18-19 FY 17-18

Income from Operations (Net) 1,91,571 1,60,461 2,50,729 2,10,578
Other Income 1,147 1,105 1,544 1,268
Total Expenditure 1,61,182 1,36,799 2,12,236 1,78,898
Profit Before Depreciation, Interest and Tax 31,536 24,767 40,037 32,948
Finance Cost 2,805 1,740 3,196 2,158
Depreciation and amortization expense 6,713 4,666 8,143 5,713
Profit Before Exceptional Items & Tax 22,018 18,361 28,698 25,077
Exceptional Items (199) (296) - -
Share of profit/(loss) of joint venture - - (356) (266)
Profit Before Tax 21,819 18,065 28,342 24,811
Tax expense 7,674 6,163 8,608 7,245
Profit for the year 14,145 11,902 19,734 17,566
Other Comprehensive Income (net of tax) (11) (2) (22) 340
Total Comprehensive Income 14,134 11,900 19,712 17,906
Attributable to:
Shareholders of the Company 14,134 11,900 19,560 17,782
Non-Controlling Interest - - 152 124
Surplus in Statement of Profit & Loss 57,404 46,297 64,509 47,786
Amount Available For Appropriation 71,538 58,197 84,069 65,570
Payment of Dividends (Including tax on dividend) 939 793 939 793
Adjustment to Other Reserves - - 8 (268)
Balance carried to Balance Sheet 70,599 57,404 83,138 64,509
2. Dividend: 4. Project Implementation and Performance

Review:
Your Directors have recommended a Final Dividend of
H 0.40 (i.e. 40%) per equity share for the financial year • During the year under review, your Company has
ended 31st March, 2019 subject to approval of members increased its installed capacity by 34.97% from
in the ensuing Annual General Meeting. During the 1,52,101 MT to 2,05,290 MT. Your Company has
year under review, Interim Dividend of H 0.30 per equity utilized its capacity to the tune of 1,20,821 MT. as
share was declared and paid. The final dividend and against last year’s figure of 1,05,753 MT which shows
interim dividend will absorb H 841 Lacs during the year a utilization growth of 14.25%.
under review compared to H 719 Lacs absorbed in the
• During the year under review, your Company
previous year.
has incurred capital expenditure to the tune of
3. Consolidated Financial and Operational H 16,457.12 Lacs towards plant & machineries, factory
Review: building and other capital expenditure.
• Consolidated Net Sales has increased by 19% from • Your company has successfully commenced the
H 2,10,578 Lacs to H 2,50,729 Lacs. commercial production at Ghiloth (Rajasthan) in June,
2018.
• Consolidated EBIDTA has increased by 21% from
H 32,682 Lacs to H 39,680 Lacs. 5. Subsidiary/Associate Companies:
• Consolidated Profit Before tax has increased by 14% During the year under review, your Company acquired
from H 24,810 Lacs to H 28,342 Lacs. 51% shares of Rex Polyextrusion Private Limited on
10th July, 2018. In order to expand the existing product
• Consolidated Total Comprehensive Income has
lines and enhance the scale of operations. The Board
increased by 10% from H 17,906 Lacs to H 19,712 Lacs.
18
of Directors also approved the amalgamation of Rex 11. Fixed Deposits:

Polyextrusion Private Limited with your Company with an
Your Company has not accepted any Fixed Deposits as
appointed date 10th July, 2018. The respective Companies
defined under Section 73 of the Companies Act, 2013 and
complied with requisite formalities with different statutory
rules framed there under.
authorities; Hon’ble National Company Law Tribunal
(NCLT) Ahmedabad vide order dated 2nd May, 2019, 12. Particulars of Loans, Gaurantees or Investment:
finally approved the Scheme of Amalgamation.
Details of Loans, Guarantees and Investments covered
As at 31st March, 2019, your Company had 4 direct
under the provisions of Section 186 of the Companies Act,
subsidiaries, 1 step down subsidiary and 1 associate
2013 are given in the notes to the Financial Statements.
company. However, Rex Polyextrusion Pvt. Ltd. was
subsequently amalgamated with the Company vide NCLT 13. Corporate Social Responsibility:
order dated 2nd May, 2019.
In accordance with the provisions of section 135 of the
A statement containing salient features of the financial Companies Act, 2013 and the rules made thereunder, your
statement of subsidiary/joint venture (associate) Company has constituted Corporate Social Responsibility
companies in the prescribed format (i.e. Form AOC-1 as Committee of Directors. The role of the Committee is to
per Companies (Accounts) Rules, 2014) is attached to the review CSR activities of the Company periodically and
financial statements of the Company. recommend to the Board amount of expenditure to be
In accordance with Section 136 of the Companies Act, 2013, spent on CSR annually.
the audited financial statements, including consolidated Annual Report on CSR activities carried out by the
financial statements and audited accounts of each of the Company during FY 2018-19 is enclosed as Annexure - A
subsidiary are available on www.astralpipes.com. These to this report.
documents will also be available for inspection during
working hours at the registered office of your Company at 14. Directors’ Responsibility Statement:
Ahmedabad, Gujarat. Any member interested in obtaining
Pursuant to the requirements under Section 134(3)(c)
such document may write to the Company Secretary and
of the Companies Act, 2013, with respect to Directors’
the same shall be furnished on request.
Responsibility Statement, your Directors hereby confirm
6. Consolidated Financial Statements: the following:
The Consolidated Financial Statements of your Company a) In the preparation of the annual accounts for the
prepared in accordance with the provisions of the financial year ended 31st March, 2019, the applicable
Companies Act, 2013, Listing (Obligations and Disclosure accounting standards have been followed;
Requirement) Regulations 2015 and applicable
b) The directors have selected such accounting policies
Accounting Standards issued by the Institute of Chartered
and applied consistently and made judgements and
Accountants of India form part of this Annual Report.
estimates that are reasonable and prudent so as to
7. Management Discussion and Analysis Report: give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the
Management Discussion and Analysis Report prepared profit and loss of the Company for that period;
pursuant to SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 forms part this Directors’ c) The directors have taken proper and sufficient care
Report. towards the maintenance of adequate accounting
records in accordance with the provisions of the
8. Corporate Governance: Companies Act, 2013 for safeguarding the assets of
Corporate Governance Report prepared pursuant to the Company and for preventing and detecting fraud
SEBI (Listing Obligations and Disclosure Requirements) and other irregularities;
Regulations, 2015 forms part of this Directors’ Report. d) The directors have prepared the annual accounts on
During the year under review, your company has complied a going concern basis;
with the applicable Secretarial Standards. e) The directors have laid down internal financial controls,
which are adequate and operating effectively;
9. Business Responsibility Report:
f) The directors have devised proper systems to ensure
Business Responsibility Report prepared pursuant to
compliance with the provisions of all applicable
SEBI (Listing Obligations and Disclosure Requirements)
laws and such systems are adequate and operating
Regulations, 2015 forms part of this Directors’ Report.
effectively.
10. Insurance:
The Fixed Assets and Stocks of your Company are
adequately insured.
19
15. Auditors: 17. Significant and Material Orders:
Statutory Auditor: There are no significant and material orders passed by any
regulator or court or tribunal impacting the going concern
M/s. S R B C & Co. LLP, Chartered Accountants were status and your Company’s operations in future.
appointed as Auditors of the Company, for a term of 5 (five)
consecutive years, at the Annual General Meeting held on 18. Board Evaluation:
8th August, 2017. They have confirmed that they are not
In compliance of the Companies Act, 2013 and Securities
disqualified from continuing as Auditors of the Company.
and Exchange Board of India (Listing Obligations
The Notes on financial statement referred to in the and Disclosure Requirements) Regulations 2015, the
Auditors’ Report are self-explanatory and do not call for performance evaluation of the Board / Committees was
any further comments. The Auditors’ Report does not carried out. The evaluation process has been explained in
contain any qualification, reservation, adverse remark or the Corporate Governance Report.
disclaimer.
19. Related Party Transactions:
Cost Auditors:
Pursuant to the provisions of section 188 of Companies
Pursuant to Section 148 of the Companies Act, 2013 Act, 2013. All the related party transactions entered into
read with the Companies (Cost Records and Audit) during the financial year under review were in ordinary
Rules, 2014, (including any statutory modifications and course of business and on an arm’s length basis. There
re-enactments thereof) the cost audit records maintained were no materially significant transactions with related
by the Company in respect of its plastic & polymers parties during the financial year which were in conflict with
activity is required to be audited. Your Directors have, on the interest of the Company. Accordingly, information in
the recommendation of the Audit Committee, appointed form AOC-2 is not annexed.
M/s V. H Savaliya & Associates, Cost Accountants to audit
All Related Party Transactions are placed before the
the cost accounts of the Company for the financial year
Audit Committee and the Board for approval. Prior
2019-20 at a remuneration of H 1.50 Lacs. As required
omnibus approval of the Audit Committee is obtained
under the Companies Act, 2013, the remuneration
for the transactions which are of a foreseen and repetitive
payable to the cost auditor is required to be placed
nature. The transactions entered into pursuant to the
before the members in a general meeting for their
omnibus approval so granted are placed before the Audit
ratification. Accordingly, a resolution seeking members’
Committee and the Board of Directors for their review and
ratification for the remuneration payable to M/s V. H
approval on a quarterly basis.
Savaliya & Associates is included in the Notice convening
the ensuing Annual General Meeting. The policy on Related Party Transactions as approved by
the Board is uploaded on the Company’s website and
Cost Audit Report for the year 2018-19 will be submitted
the same can be accessed at https://www.astralpipes.
to the Central Government in due course.
com/uploads/investor_broucher/1538992703_108_l.pdf.
Secretarial Audit: The details of the transactions with Related Party are
provided in the accompanying financial statements.
Pursuant to the provisions of Section 204 of the Companies
Act, 2013 and the Companies (Appointment and 20. Numbers of Board Meetings:
Remuneration of Managerial Personnel) Rules, 2014, the
The Board of Directors met 9 (nine) times during the year
Board of Directors appointed Ms. Monica Kanuga, Practising
under review. The details of Board Meetings and the
Company Secretary, to undertake the Secretarial Audit of
attendance of the Directors are provided in the Corporate
the Company for FY 2018-19. Secretarial Audit Report for
Governance Report.
FY 2018-19 is enclosed as Annexure - B to this report.
The Secretarial Audit Report does not contain any 21. Directors:
qualification, reservation or adverse remark. Pursuant to Section 152 of the Companies Act, 2013 and
the Articles of Association of the Company, Mr. Kyle A.
16.
Risk Management and Internal Financial
Thompson is liable to retire by rotation at the ensuing
Control:
Annual General Meeting and being eligible, offers himself
Your Company has an Internal Financial Control System for re-appointment.
commensurate with the size, scale and complexity of its
Mrs. Kaushal Nakrani was, on recommendation of
operations. Your Company has adopted proper system of
Nomination and Remuneration Committee, appointed
Internal Control and Risk Management to ensure that all
by the Board of Directors as an additional director
assets are safeguarded and protected against loss from
(Independent) under section 161 of the Companies Act,
unauthorised use or disposition and that the transactions
2013 w.e.f. 29th March, 2019 who shall hold office upto the
are authorized, recorded and reported quickly.
date of ensuing Annual General Meeting. The Company
20
has received a notice as per the provisions of Section 160 Employee Benefits) Regulations 2014. The disclosures
of the Companies Act, 2013 from a member proposing as required under Regulation 14 of the said regulations
her appointment as Director. She is proposed to be have been placed on the investor relation page of the
appointed as an Independent Director for a period of five website of the Company at http://astralpipes.com/
years i.e. to hold office upto 28th March, 2024. The Board investor-relation.aspx.
of Directors proposes to regularise her appointment by
way of passing resolution. 25. Particulars of Employees:
The requiste particulars in respect of Director seeking A statement containing the names and other particulars
appointment/re-appointment are given in Notice of employees in accordance with the provisions of section
convening the Annual General Meeting. 197(12) of the Companies Act, 2013 read with rule 5(1)
of the Companies (Appointment and Remuneration
The Company has received necessary declaration from of Managerial Personnel) Rules, 2014 is appended as
each independent director under section 149(7) of Annexure - D to this report.
the Companies Act, 2013 that they meets the criteria
of independence laid down in section 149(6) of the However, in terms of Section 136(1) of the Act, the Report
Companies Act, 2013. and Accounts are being sent to the Members and others
entitled thereto, excluding the Statement of Particulars of
All the directors of the Company have confirmed that they Employees as required under Rule 5(2) of the Companies
are not disqualified from being appointed as directors in (Appointment and Remuneration of Managerial Personnel)
terms of Section164 of the Companies Act, 2013. Rules, 2014 as amended. The said statement is available
Details of policy of appointment and remuneration of for inspection by the Members at the Registered Office of
directors has been provided in the Corporate Governance the Company during business hours on working days up
Report. to the date of the ensuing Annual General Meeting
22. Changes in Key Managerial Personnel: 26. Disclosure with Respect to Conservation of
Energy, Technology Absorption and Foreign
During the year under review, there was no change in Key Exchange Earnings and Outgo:
managerial Personnel.
The particulars under Section 134(3)(m) with respect
23. Extract of Annual Return: to conservation of energy, technology absorption and
foreign exchange earnings and outgo, pursuant to the
The details forming part of the extract of the Annual Return
Companies (Accounts) Rules, 2014 are provided in the
in form MGT 9 is annexed herewith as Annexure - C to this
Annexure - E to the Report.
report.
27. Acknowledgments:
24. Employees Stock Option Scheme:
Your Company has maintained healthy, cordial and
Your Company approved formulation of Employee Stock
harmonious industrial relations at all levels. The enthusiasm
Option Scheme (‘ESOS’) viz. Astral Poly Technik Limited
and unstinted efforts of the employees have enabled your
Employee Stock Option Scheme 2015 (Astral ESOS 2015)
Company to remain at the forefront of the industry. Your
in October, 2015. The said scheme is administered by the
directors place on record their sincere appreciation for
Nomination and Remuneration Committee for the benefit
significant contributions made by the employees through
of the employees of the Company. During the year under
their dedication, hard work and commitment towards
review, 2,800 stock options lapsed, 40,000 stock options
the success and growth of your Company. The Directors
had vested and exercised by eligible employees out of
wish to thank Specialty Process LLC, U.S.A for the support
which 20,400 equity shares were allotted by your Company
extended to your Company throughout the journey of your
on 7th April, 2018 and 19,600 on 23rd November, 2018.
Company. Your Directors take this opportunity to place
Consequently the paidup share capital of the Company
on record their sense of gratitude to the Banks, Financial
Stands increased from 119766565 to 119806565. There
Institutions, Central and State Government Departments,
is no material change in Astral ESOS 2015 during the
their Local Authorities and other agencies working with
year under review and the Scheme is in compliance with
the Company for their guidance and support.
Securities and Exchange Board of India (Share Based
On behalf of the Board of Directors
Sandeep P. Engineer Jagruti S. Engineer

Managing Director Whole Time Director
Date :20th May, 2019

Place : Ahmedabad
21
ANNEXURES TO DIRECTORS’ REPORT

ANNEXURE-A
REPORT ON CORPORATE SOCIAL RESPONSIBILITY
1. A brief outline of the Company’s CSR policy, including overview of projects or programs proposed
to be undertaken and a reference to the web-link to the CSR policy and projects or programs:
CSR policy of the Company encompasses the Company’s philosophy for delineating its responsibility as a corporate citizen
and lays down the guidelines and mechanism for undertaking socially useful programs for welfare & sustainable development
of the community at large.
The Company’s CSR policy is available on web link: https://www.astralpipes.com/uploads/investor_

broucher/1538992639_106_l.pdf
2. The Composition of CSR Committee:

The Company’s CSR Committee comprises two Independent Directors and the Whole Time Director of the Company, and is
chaired by an Independent Director. The composition of the Committee is set out below:
Mr. K R Shenoy – Chairman
Mr. Pradip Desai – Member
Mrs. Jagruti Engineer – Member
3. Average net profit of the Company for last three financial years:
H 14832.94 Lacs
4. Prescribed CSR Expenditure (two percent of amount stated in item 3 above):

H 296.66 Lacs
5. Details of CSR spent during financial year:

(a) Total amount to be spent for Financial Year: H 296.66 Lacs. (The Company has spent H 220.00 Lacs)
(b) Amount unspent, if any: H 76.66 Lacs
(c) Manner in which amount spent during the financial year: Details given below:
Sr. CSR project Sector in which the Projects or Amount Amount spent Cumulative Amount
No or activity project is covered (As programs outlay on the projects expenditure spent – Direct
identified per Schedule VII of 1) Local area or (budget) or programs Sub upto the or through
Companies Act 2013) other – project heads: reporting implementing
2) Specify the or (1) Direct period agency
states and program expenditure on (K in Lacs)
district where wise project or program
the project was (J in
(2) overhead
undertaken Lacs)
(J in Lacs)
1 Infrastructure Promoting health care Ahmedabad - 1100 195.58 981.58 Through a
development including preventive Gujarat registered
for carrying health care; setting up trust viz. Astral
out activities old age homes, day Charitable Trust
like yoga, day care centres and such
care for senior other facilities for senior
citizens and Citizens and public at
other related large.
activities
22
Sr. CSR project Sector in which the Projects or Amount Amount spent Cumulative Amount
No or activity project is covered (As programs outlay on the projects expenditure spent – Direct
identified per Schedule VII of 1) Local area or (budget) or programs Sub upto the or through
Companies Act 2013) other – project heads: reporting implementing
2) Specify the or (1) Direct period agency
states and program expenditure on (K in Lacs)
district where wise project or program
the project was (J in
(2) overhead
undertaken Lacs)
(J in Lacs)
2 Contribution to Measures for the New Delhi - 11.00 11.00 Through a
BHARAT KE VEER benefit of armed forces registered
Corpus Fund veterans, war widows trust viz. Astral
for honoring the and their dependents; Charitable Trust
supreme sacrifice
of Braveheart’s
of The Central
Armed Police
Forces (CAPF)
3 Contribution to Ensuring environmental Madhya - 5.83 5.83 Through a
Earth Brigade sustainability, ecological Pradesh/ registered
Foundation NGO balance, protection of Karnataka trust viz. Astral
/ Earth Works flora and fauna, animal Charitable
Conservation welfare, agroforestry, Trust/Directly
Foundation for conservation of
installation of natural resources and
solar pumps maintaining quality of
for providing soil, air and water
drinking water for
wild animals
4 Wildlife Institute Ensuring environmental Maharashtra - 7.58 7.58 Directly
of India sustainability, ecological
balance, protection of
flora and fauna, animal
welfare, agroforestry,
conservation of
natural resources and
maintaining quality of
soil, air and water
6. In case the Company has failed to spend the two per cent of the average net profit of the last three
financial years or any part thereof, the company shall provide the reasons for not spending the
amount in its Board report.
The Company had undertaken a project of construction and development of a building in Ahmedabad for carrying out
various CSR activities including yoga, healthcare for senior citizens and local community development programs the said
project is now completed and the building is fully operational and running during FY 2018-19. Till 31st March, 2019, the
Company has spent H 981.58 Lacs under the said project and other CSR activities. Since the project was completed during
the year, the Company was left with surplus CSR funds of H 76.66 Lacs to be spent. The Company is in process of identifying
the new long term project for CSR.
7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR
Policy, is in compliance with CSR objectives and Policy of the company.
The CSR Committee hereby confirms that the implementation and monitoring of CSR activities is in compliance with CSR
objectives and the CSR Policy of the Company.
Sandeep P. Engineer K R Shenoy

Managing Director Chairman of CSR Committee
Date: 20th May, 2019

Place: Ahmedabad
23
ANNEXURE-B
FORM No. MR - 3
SECRETARIAL AUDIT REPORT
For the financial year ended 31st March, 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration
Personnel) Rules, 2014]
To,
The Members,
Astral Poly Technik Limited
“Astral House”
Off S.G. Highway,
Ahmedabad – 380059.
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by Astral Poly Technik Limited (hereinafter called the “Company”). Secretarial Audit was conducted in a manner that
provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the 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, I hereby report that in my opinion, the company has generally, during the audit period covering
the financial year ended on 31st March, 2019, complied with the statutory provisions listed hereunder and also that the Company
has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made
hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other returns filed and other records maintained by
the Company for the financial year ended on 31st March, 2019 according to the provisions of:
1. The Companies Act, 2013 (the Act) and the rules made thereunder;
2. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
3. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
4. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External commercial Borrowings;
5. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) :-
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
d. The Securities and Exchange Board of India (Share Based Employee Benefit) Regulations, 2014;
e. 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;
6. No specific laws are applicable to the industry in which the Company operates. The same has also been confirmed by the
Management.
I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by the Institute of Company Secretaries of India.

(ii) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements ) Regulations, 2015
During the period under review the Company has generally complied with the provisions of the Act, Rules Regulations, Guidelines,
Standards, etc. mentioned above.
During the period under review, provisions of the following regulations were not applicable to the Company:
(i) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(ii) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
(iii) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998.
I further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. The changes in the composition of the Board of Directors, if any, that took place during the period
under review were carried out in compliance with the provisions of the Act.
24
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least
seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items
before the meetings and for meaningful participation at the meeting.
All decisions at the meeting of the Board of Directors / Committees of the Board were taken unanimously as recorded in the
minutes of the meetings and no dissenting views have been recorded.
I further report that there are adequate systems and processes in the company commensurate with the size and operations of the
company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
I further report that during the audit period the Company has:
(i) Acquired 51% Equity stake of Rex Polyextrusion Private Limited.

(ii) Approved the amalgamation of Rex Polyextrusion Private Limited with the company.
Place: Ahmedabad Name of PCS : Monica Kanuga

Date: 20th May, 2019 FCS No. : 3868
C P No. : 2125

To,
The Members,
“Astral House”
Off S.G. Highway,
My report of even date is to be read along with this letter:
1. Management’s Responsibility
Management is responsible for the maintenance of the Secretarial records and for the preparation and filing of forms, returns,
documents for compliances and to ensure that they are free from material non compliance, whether due to fraud or error.
2. Secretarial Auditor’s Responsibility

Secretarial Audit is a process of verification of records and documents on sample or test basis. My responsibility is to express
an opinion on the secretarial compliances of certain laws by the Company on the basis of my audit. The audit practices and
processes have been followed as deemed appropriate to provide reasonable assurance about the correctness of the records
and the confirmation of compliance. My audit process has involved verification of records and dependence on Management
representation and my opinion is based thereupon.
3. Conduct of Company’s Affairs

The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the company.
Place: Ahmedabad Name of PCS : Monica Kanuga

Date: 20th May, 2019 FCS No. : 3868
C P No. : 2125
25
ANNEXURE-C
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
As on the financial year ended 31st March, 2019
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. Registration and Other Details:

CIN L25200GJ1996PLC029134
Registration Date 25th March, 1996
Name of the Company Astral Poly Technik Limited.
Category / Sub-Category of the Company Company Limited By Shares / Indian Non-Government
Company
Address of the Registered office and contact details “Astral House”, 207/1, B/h Rajpath Club, Off S.G.Highway,
Ahmedabad Gujarat 380059.
Whether listed company Yes
Name, Address and Contact details of Registrar and Transfer Agent, if any Bigshare Services Pvt Ltd.
1st Floor, Bharat Tin Works Building,
Marol, Andheri (East),
Mumbai 400 059
Phone No. : +91 22 62638200
Fax No. : +91 22 62638299
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:
Name and description of main NIC Code of the Product/Service % to total turnover of the Company
Products/Services
Plastic Products 222 97
III. Particulars of Holding, Subsidiary and Associate Companies:

Sr. Name & Address of the Company CIN/GLN Holding/ % of shares Applicable
No. Subsidiary/ held Section
Associate
1. Astral Biochem Pvt. Ltd. U01407GJ2008PTC054506 Wholly 100.00 2(87)
“Astral House”, 207/1, B/h. owned
Rajpath Club, Off S.G.Highway, Subsidiary
2 Rex Polyextrusion Pvt. Ltd. U25209GJ2006PTC105346 Subsidiary 51.00 2(87)
“Astral House”, 207/1, B/h.
Rajpath Club, Off S.G.Highway,
3 Resinova Chemie Ltd. U24295GJ2009PLC058120 Subsidiary 97.45 2(87)
“Astral House”, 207/1, B/h.
Rajpath Club, Off S.G.Highway,
4 Seal IT Services Ltd., UK. N.A Subsidiary 80.00 2(87)
Unit G16, River Bank Way Lowfield Business
Park, West Yorkshire, HX5 9DN.
United Kingdom
5 Seal It Services Inc., USA. N.A Step down 80.00 2(87)
3301, Industrial Drive, Sanford, NC 27332 Subsidiary (wholly owned
Subsidiary of
Seal IT services
Limited)
6 Astral Pipes Ltd. N.A Associate 50.00 2(6)
L.R. No. 209/14571
Masai Road, Industrial Area,
P.O. Box 18141-00500. Nairobi.
26
IV. Share Holding Pattern (Equity Share Capital Breakup as Percentage of Total Equity) as on
31st March, 2019:
(i) Category-wise Share Holding:
Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
(As on 1st April, 2018) (As on 31st March, 2019) Change
Demat Physical Total % of Demat Physical Total % of during
total total the year
Shares Shares
A Promoter
1 Indian
a) Individuals/HUF 46991660 0 46991660 39.24 46991660 0 46991660 39.22 (0.02)
b) Central Government 0 0 0 0 0 0 0 0 0
c) State Government (s) 0 0 0 0 0 0 0 0 0
d) Bodies Corporate 17118430 0 17118430 14.29 17118430 0 17118430 14.29 0
e) Banks/FI 0 0 0 0 0 0 0 0 0
f) Any Others 0 0 0 0 0 0 0 0 0
Sub Total(A)(1) 64110090 0 64110090 53.53 64110090 0 64110090 53.51 (0.02)
2 Foreign
a) NRIs-Individuals 0 0 0 0 0 0 0 0 0
b) Other-Individuals 0 0 0 0 0 0 0 0 0
c) Bodies Corporate 5955770 0 5955770 4.97 5955770 0 5955770 4.97 0
d) Banks/FI 0 0 0 0 0 0 0 0 0
e) Any Other 0 0 0 0 0 0 0 0 0
Sub Total(A)(2) 5955770 0 5955770 4.97 5955770 0 5955770 4.97 0
Total Shareholding of
Promoter and Promoter Group
(A)=(A)(1)+(A)(2) 70065860 0 70065860 58.50 70065860 0 70065860 58.48 (0.02)
B. Public shareholding
1 Institutions
a) Mutual Funds/ UTI 7669500 0 7669500 6.40 6861108 0 6861108 5.73 (0.68)
b) Banks/FI 12404 0 12404 0.01 14232 0 14232 0.01 0
c) Central Govt. 0 0 0 0 0 0 0 0 0
d) State Govt. 0 0 0 0 0 0 0 0 0
e) Venture Capital Funds 0 0 0 0 0 0 0 0 0
f) Insurance Companies 0 0 0 0 0 0 0 0 0
g) FII 4646574 0 4646574 3.88 3047578 0 3047578 2.54 (1.34)
h) Foreign Venture Capital
Funds 0 0 0 0 0 0 0 0 0
i) Any Other 0 0 0 0 0 0 0 0 0
Foreign Portfolio Investor
(Corporate) 19176448 0 19176448 16.01 23232918 0 23232918 19.39 3.38
Alternate Investment Funds 183297 0 183297 0.15 0 0 0 0 (0.15)
Sub-Total (B)(1) 31688223 0 31688223 26.46 33155836 0 33155836 27.67 1.22
2 Non-institutions
a) Bodies Corporate 3249353 3249353 2.71 2864623 0 2864623 2.39 (0.32)
b) Individuals
i) Individuals
shareholders holding
nominal share capital
up to H1 Lac. 9498466 12600 9511066 7.94 8964953 7600 8972553 7.49 (0.45)
ii) Individual
shareholders holding
nominal share capital
in excess of H 1 Lac. 4458839 0 4458839 3.72 3990404 0 3990404 3.33 (0.39)
c) Other (specify)
IEPF 1680 0 1680 0 2084 0 2084 0.00 0
NBFC Registered with RBI 100 0 100 0 1000 0 1000 0.00 0
Clearing Member 67347 0 67347 0.06 31571 0 31571 0.03 (0.03)
Non-Resident Indian 723602 0 723602 0.60 722454 0 722454 0.60 0
Escrow Account 0 0 0 0 0 0 0 0 0
Trusts 495 0 495 0.00 180 0 180 0 0.00
Foreign Portfolio Investor 0 0 0 0 0 0 0 0 0.00
Sub-Total (B)(2) 17999882 12600 18012482 15.04 16577269 7600 16584869 13.84 (1.20)
Total Public Shareholding
(B)= (B)(1)+(B)(2) 49688105 12600 49700705 41.50 49733105 7600 49740705 41.52 0.02
C Shares held by Custodians
for GDRs & ADRs 0 0 0 0 0 0 0 0 0
GRAND TOTAL (A)+(B)+(C) 119753965 12600 119766565 100 119798965 7600 119806565 100 0
27
(ii) Shareholding of Promoters:

Sr. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year %
No. (As on 1 April, 2018)
st
(As on 31 March, 2019)
st Change
No. of % of total % of Shares No. of % of total % of Shares during
Shares Shares Pledged / Shares Shares Pledged / the
of the encumbered of the encumbered year
company to total company to total
shares shares
1 Mr. Sandeep P. Engineer 3,78,42,460 31.60 0 3,78,42,460 31.59 0 0.01
2 Saumya Polymers LLP 1,47,58,170 12.32 0 1,47,58,170 12.31 0 0.01
3 Mrs. Jagruti S. Engineer 91,43,410 7.63 0 91,43,410 7.63 0 0.00
4 Specialty Process LLC 59,55,770 4.97 0 59,55,770 4.97 0 0.00
5 Kairav Chemicals Limited 23,60,260 1.97 0 23,60,260 1.97 0 0.00
6 Mrs. Hansaben P. Engineer 5,790 0.00 0 5,790 0.00 0 0.00
Total 7,00,65,860 58.50 0.00 7,00,65,860 58.48 0 0.02
Note: Except the change mentioned above in the number of shares held by the Promoters of the Company, the percentage of shareholding
has changed during the year due to allotment of equity shares made under Employee Stock Option Scheme on 7th April,2018 and
23rd November,2018.
(iii) Change in Promoters’ Shareholding during FY 2018-19

Shareholding Cumulative Shareholding during
the year
No. of Shares % of total shares of No. of Shares % of total shares of
the Company the Company
There was no change in promoter shareholding during financial year 2018-19
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)
For each of the Top 10 Shareholder Shareholding Cumulative Shareholding during
the year
1. STEADVIEW CAPITAL MAURITIUS LIMITED
Shares as at the beginning of the year 66,50,837 5.55 66,50,837 5.55
Bought during the year 43,21,288 3.60 1,09,72,125 9.16
Sold during the year - - - -
Shares at the end of the year 1,09,72,125 9.16 1,09,72,125 9.16
2. AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS GROWTH OPPORTUNITIES FUND
Bought during the year 11,73,010 0.98 41,55,016 3.47
Sold during the year 7,27,878 0.61 34,27,138 2.86
Shares at the end of the year 34,27,138 2.86 34,27,138 2.86
3. DF INTERNATIONAL PARTNERS
Shares as at the beginning of the year 27,45,800 2.29 2745800 2.29
Bought during the year - - - -
4. TREE LINE ASIA MASTER FUND (SINGAPORE) PTE LTD
5. UTI-UNIT SCHEME FOR CHARITABLE AND RELIGIOUS TRUSTS AND REGISTERED SOCIETIES
28
For each of the Top 10 Shareholder Shareholding Cumulative Shareholding during

the year
6. ABG CAPITAL
7. VIJAY SURESH PARIKH
8. MITEN MEHTA
9. THE WELLINGTON TRUST COMPANY NATIONAL ASSOCIATION MULTIPLE COMMON TRUST FUNDS TRUST
EMERGING
Shares as at the beginning of the year - - - -
10. LTR FOCUS FUND
Note:
1) Except the change mentioned above in the number of shares held by the Top 10 shareholders of the Company, the percentage of shareholding
has changed during the year due to allotment of equity shares made under Employee Stock Option Scheme on 7th April,2018 and
23rd November,2018.
2) Shareholding of above top ten shareholders have been consolidated based on PAN.
(v) Shareholding of Directors and Key Managerial Personnel

Name Shareholding at the Purchase Shareholding at the end of
beginning of the year / (Sale) the year
No. of % of total shares during No. of % of total shares
Shares of the Company the year Shares of the Company
Directors
Mr. Sandeep P Engineer 3,78,42,460 31.60 - 3,78,42,460 31.59
Mrs. Jagruti S. Engineer 91,43,410 7.63 - 91,43,410 7.63
Mr. K. R. Shenoy - - - - -
Mr. Pradip N. Desai 3,00,000 0.25 - 3,00,000 0.25
Mr. Kyle A. Thompson - - - - -
Mr. Anil Kumar Jani 1,120 0.00 - 1,120 0.00
Mr. Narasinh K. Balgi 2,530 0.00 - 2,530 0.00
Mrs. Kaushal Nakrani - 0.00 - - 0.00
Key Managerial Personnel
Mr. Hiranand A. Savlani 86,929 0.07 20,000* 98,589 0.08
(Including HUF) (8,340)#
Mr. Krunal Bhatt - - - - -
* Mr. Hiranand Savlani was allotted 10,000 shares on 7th April, 2018 and 10,000 shares on 23rd November, 2018 pursuant Employee Stock Option
Scheme.
# Mr. Hiranand Savlani Sold 8340 shares on 6th and 7th December, 2018.
29
V. Indebtedness:
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(J in lacs)
Particulars Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the financial year
(i) Principal Amount 11,073.38 483.90 - 11557.27
(ii) Interest due but not paid 17.18 - - 17.18
(iii) Interest accrued but not due 9.21 - - 9.21
Total (i+ii+iii) 11,099.77 483.90 - 11,583.66
Change in Indebtedness during the financial year
Addition 13,305.61 739.33 - 14,044.94
Reduction 5480.94 483.90 - 5964.84
Net Change 7824.67 255.43 - 8080.10
Indebtedness at the end of the financial year
(i) Principal Amount 18,898.05 739.33 - 19,637.38
(ii) Interest due but not paid 64.26 - - 64.26
(iii) Interest accrued but not due 3.76 - - 3.76
Total (i+ii+iii) 18,966.07 739.33 - 19,705.40
VI. Remuneration of Directors and Key Managerial Personnel :

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(J in lacs)
Sr. Particulars of Remuneration Mr. Sandeep P. Engineer Mrs. Jagruti S. Engineer Total
No. Managing Director Whole time Director Amount
1 Gross salary
a) Salary as per provisions contained in 288.00 77.50 365.50
section 17(1) of the Income-tax Act, 1961
b) Value of perquisites u/s 17(2) Income-tax 0.29 0.29 0.58
Act, 1961
c) Profits in lieu of salary under section - - -
17(3) Income-tax Act, 1961
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission
- as % of profit 217.00 - 217.00
- others, specify - - -
5 Others - - -
Total (A) 505.29 77.79 583.08
Ceiling as per the Act (10% of profit calculated u/s 198 of the Act) 2228.06
B. Remuneration to other Directors:

(J in lacs)
Sr. Particulars of Remuneration Fee for attending Commission Others, Total
No. board / committee please specify Amount
meetings (Remuneration)
1 Independent Directors
Mr. K.R. Shenoy 3.50 - - 3.50
Mr. Pradip Desai 1.75 - - 1.75
Mr. Narasinh K. Balgi 2.50 - - 2.50
Mrs. Kaushal Nakrani 0.25 - - 0.25
Total (1) 8.00 - - 8.00
2 Other Non-Executive Directors
Mr. Kyle Thompson - - - -
Mr. Anil Kumar Jani 2.50 - - 2.50
Total (2) 2.50 - - 2.50
Total B =(1+2) 10.50 - - 10.5
Ceiling as per the Act (1% of profit calculated u/s 198 of the Act) 222.81
Total Managerial Remuneration (A+B) 593.58
Overall Ceiling as per the Act (11% of profit calculated u/s 198 of the Act) 2450.87
30
C. Remuneration to key managerial personnel other than MD/manager/WTD
Sr. Name of KMPs Particulars of Remuneration Mr. Hiranand Savlani Mr. Krunal Total
No. Chief Financial Officer Bhatt Company
Secretary
1 Gross salary
a) Salary as per provisions contained in section 367.46 20.63 388.09
17(1) of the Income-tax Act, 1961
b) Value of perquisites u/s 17(2) Income-tax Act, 178.02 - 178.02
1961
c) Profits in lieu of salary under section 17(3) - - -
Income-tax Act, 1961
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission - - -
- as % of profit - - -
- others, specify - - -
5 Others - - -
Total (A) 545.48 20.63 566.11
VII. Penalties / Punishment/ Compounding of Offences:
Type Section of the Brief Details of penalty/ Authority Appeal made, if

Companies Act Description punishment/compounding [RD / NCLT/ any (give details)
fees imposed COURT]
A. Company
Penalty
Punishment NONE
Compounding
B. Directors
Penalty
Punishment NONE
Compounding
C. Other Officer in default
Penalty
Punishment NONE
Compounding
31
ANNEXURE-D
PARTICULARS OF EMPLOYEES
(Pursuant to rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.
1. The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary during the Financial
Year 2018-19, ratio of the remuneration of each Director to the median remuneration of the employees of the Company for
the Financial Year 2018-19.
Sr. Name of Directors/KMP % increase in Ratio of remuneration of

No. remuneration in each Director to median of
FY 2018-19 remuneration of employees
1 Mr. K R Shenoy
N.A N.A
Independent Chairman
2 Mr. Sandeep P. Engineer
18 143
Managing Director
3 Mrs. Jagruti S. Engineer
10 22
Whole Time Director
4 Mr. Kyle Thompson
N.A. N.A.
Non- Executive Director
5 Mr. Anil Kumar Jani
N.A. N.A.
Non- Executive Director
6 Mr. Pradip N. Desai
N.A. N.A.
Independent Director
7 Mr. Narasinh K Balgi
N.A. N.A.
8 Mrs. Kaushal Nakrani
N.A. N.A.
9 Mr. Hiranand A. Savlani
623 154
Chief Financial Officer*
10 Mr. Krunal D. Bhatt
20 6
Company Secretary
* Extraordinary increase in remuneration is due to exercise of stock options granted in FY 2016-17 and FY 2017-18 and one time incentive.
2. In the Financial Year, there was an increase of 7% in the median remuneration of employees.
3. There were 1211 permanent employees on the rolls of Company as on 31st March, 2019.
4. Average percentage increase made in the salaries of employees other than the managerial personnel in the last financial
year i.e. 2018-19 was 24% whereas the increase in the managerial remuneration for the same financial year was 17%. The
criteria for remuneration of managerial personnel is based on the remuneration policy as recommended by the Nomination
& Remuneration Committee and approved by the board of directors and as per industry benchmarks.
5. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy of the Company.
32
ANNEXURE-E
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information as required under Section 134 of the Companies Company has spent H 163.84 Lacs for its ultramodern R &
Act, 2013 read with the Companies (Accounts) Rules, 2014 is D center at its Plants and the Company now is in a position
set out hereunder. to carry out a lot of R & D activities in-house.
A. CONSERVATION OF ENERGY: Following initiatives have been made towards technology,

absorption, adaptation and innovation:
(i) Steps taken for conservation of energy:
• Your Company has done backward integration by
Energy conservation continues to be the key focus area of making its own compound for manufacturing of
your Company. The Company is making continuous effort CPVC pipes and fitting.
for energy conservation. Effective measures have been
• Establishment of 66 KV sub-station at two
taken to monitor consumption of energy during the process
manufacturing units of the Company i.e. at Santej
of manufacture. Continuous monitoring and awareness
and Dholka (Gujarat), which will ensure continuous
amongst employees has helped to avoid wastage of
flow of power supply and thereby production activity.
energy. The Company has continued taking following steps
Further, the Company has established 33 KV sub-
for conservation of energy during FY 2018-19:
station at manufacturing unit of the Company located
• Installation of programmable timer based circuit in all at Hosur (Tamilnadu) and Ghiloth (Rajasthan).
streets light and is also shifting to LED lights in production
area to reduce heat release to the atmosphere. (ii) The benefits derived like product improvement,
cost reduction, product development or import
• Insulation on most of the building for efficiently substitution:
running of HVAC.
Your Company’s efforts in quality, maintenance and
• Continuously we take necessary activities to educate product enhancement have resulted in better quality
and encourage employees to establish energy products at a low cost of production.
efficient practices.
(iii) Information regarding imported technology:
(ii) Steps taken by the Company for utilising alternate
sources of energy: Nil
Project work on installation of 1 MW of solar power roof (iv) Expenditure on R & D:

top panels is under process in Santej and Dholka plant
Your Company is regularly incurring R & D expenses.
of the company which reduces the energy consumption.
During the year under review, your Company has spent
Your company has also installed 250 kW of solar power
H 163.84 Lacs on R & D expenses and the cost of
roof top panels in Hosur, Tamilnadu plant. Your company
equipment purchased for R & D is shown under the head
is in the process of installing solar power roof top panels
of Plant & Machineries and Laboratory Equipment. The
of 8 MW in remaining plant areas. Energy from the sun is
said expenditures are tabled below:
captured through a solar panel. A solar panel is typically
made up of silicon and silicon is the substance which (J in Lacs)
absorbs sunlight and then changes it into electrical energy Expenditure on R&D 2018-19
and the energy you get costs nothing and are renewable. (a) Capital Expenses 96.62
(b) Revenue Expenses 67.22
(iii)
The capital investment on energy conservation Total (a)+(b) 163.84
equipment: (c) Total R&D expenditure as
0.09
percentage of turnover
Your Company has invested H 16.74 Lacs towards energy
conservation equipment.
B. Technology Absorption: C. Foreign Exchange Earnings and Outgo:

(J in Lacs)
(i) Efforts made towards technology absorption:
Particulars 2018-19 2017-18
Your Company lays considerable emphasis on quality (a) Total Foreign 42,961.85 50,282.59
maintenance and product enhancement. The Company is Exchange used
continuously trying to develop more and more products (b) Total Foreign 1,618.96
664.50
in its R & D Center. During the year under review, your Exchange Earned
33
MANAGEMENT DISCUSSION
AND ANALYSIS
Indian Economic Review Indian Industry Overview
India has emerge as the fastest growing major economy in the The pipe industry in India had witnessed a robust growth and
world and is expected to be one of the top three economic has reached at an estimated value of H 280 billion by the end of
powers of the world over the next 10-15 years backed by its FY 2018. This growth resulted due to high growth in the building
strong democracy and partnership. and construction sector, automobile industry and growing
medical hospitals. The CVPC pipe in India had been growing
Indian economy registered a growth rate of 6.8% in 2018-19.
at a faster rate than the existing plastic pipe system. In order to
India has retained its position as the 3rd largest start up base in
encourage the sector, the Government of India (GOI) has been
the world with over 4,750 technology start up. India’s Foreign
placing orders for sewage, water supplies and plumbing pipes.
Exchange reserve has crossed US$ 400 billion mark which is
Continuous increase in allocation of irrigation and housing by
the mark of stability for the country.
Government of India is going to give momentum to the piping
The M & A activity reached a record of US$ 129.4 billion in industry. With rapid growth in population, there has been an
2018 while private equity and venture capital investments increase in demand of residential applications of pipes also.
reached US$ 20.5 billion.
In recent time, there has been a drastic shift of demand from
• Merchandise export of India increased by 8.85% (US$ metal to polymer based pipes, especially in plumbing and
298.47 billion). piping application in the construction industry. This has led to
• Service export has grown up by 8.5% (US$ 185.51 billion). increase in usage of plastic pipes and emergence of CPVC pipes
for hot and cold water plumbing, firefighting. The production of
• Proceed through IPO reached US$ 5.5 billion 2018.
CPVC piping industry requires huge investment in technology
• India foreign Investment (FDI) equity inflow reached US$ and expertise making it difficult for players to enter into this
409.15 billion between 2002 to 2018. segment. As a result, this provides huge opportunities to the
• Consumer price index (CPI) inflation stood up at 2.57% in existing players to increase their market share and revenue in
Feb. 2019. replacement as well as new construction.
Strengthened by the benefits derived from the structural Going forward, the industry is expected to grow at a CAGR of
reforms such as the Goods and Services Tax (GST) harmonization 14% between FY 2018-2022. The growth will be on account
and bank recapitalization, uptick in domestic demand gained of various government initiatives and growth in downstream
momentum in 2018. Further impetus was provided by the industries including Infrastructure, plumbing, irrigation and
sustained investment growth, which has firmed as the effects telecom.
of temporary factors wane.
Government Initiatives
Going into the next fiscal year, recovery in agricultural activity
supported by robust domestic demand is estimated to uptick Various government initiatives in the downstream industries
the GDP to 7.2% in 2019-20 and 7.3% in 2020-21. The growth which are helping and contributing towards growth of piping
will be further supported by continuous recovery of investment industry are illustrated below:
and robust consumption amid a more expansionary stance of Pradhan Mantri Awas Yojana- Housing for All (Urban)
monetary policy and some expected impetus from fiscal policy.
This scheme is an initiative by GOI with an aim to provide
India’s GDP growth vis-à-vis other nations affordable housing to urban poor people. It aims to build 20
million affordable housing by 31st march 2020. This scheme is
implemented across 4,041 statutory towns with the initial focus
8 7.3 7.5 7.5 7.5
on 500 Class I cities in India.
7 6.5
6.2 6.2 6
6 5.3 5.2 5.3 5.3 Smart Cities Mission
5
An urban renewal and retrofitting program by GoI with an
4
3 2.9 2.8 5.3 aim of building 100 smart cities across the country. The core
3
1.9 infrastructural requirement to develop Smart cities can be
2 1.6 1.5 1.3
1
achieved with Smart solutions like E-Governance and Citizen
0
Services, Energy Management, Waste Management, Urban
2018 2019 2020 2021 Mobility, Water Management etc. The strategic components
World Euro area India China BRICS of area-based development in the Smart Cities Mission are
Note: The above year represents Calendar year. city improvement (Retrofitting), city renewal (Redevelopment)
and city extension (Greenfield development) plus a Pan-city
(Source: https://economictimes.indiatimes.com/news/economy/
initiative in which Smart Solutions are applied covering larger
indicators/indias-gdp-expected-to-grow-at-7-3-in-2018-19/
parts of the city.
articleshow/67451511.cms)
34
Atal Mission for Rejuvenation and Urban Transformation The Company is also planning to commence its new
(AMRUT) manufacturing facility at Bhubaneshwar (Odisha).
The purpose of this scheme is to ensure that every households The Company has its adhesive and sealant manufacturing
has access to a tap with a proper supply of water connections, facilities at Santej (Gujarat), Rania and Unnao (U.P.), Elland (U.K.)
construction of buildings etc. The essential components and Stanford (USA).
associated with this scheme are water supply, sewerage and
storm water drainage etc. Strengths
National Rural Drinking Water Programme • Established brand in plumbing and other building
materials industry.
The main objective of this scheme is to provide rural people
adequate safe water for drinking, cooking and ensure that all • Strategically located warehouses and manufacturing
the sections of the communities have access to safe drinking facilities (West/South/North and Shortly in East) with
water. This scheme seeks to prevent the contamination of water. extensive distribution channel.
Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) • Strong track record of growth and financial performance.
Through this scheme the GoI aims to increase cultivation area • Continues to introduce new CPVC and PVC products.
with assured irrigation, reduce wastage of water and improve • Pursues growth through selective acquisition opportunities
water use efficiency. The initiative not only on creating sources in India and internationally.
for assured irrigation, but also creating protective irrigation by
• Introduced many new products first time in India.
harnessing rain water.
• Highest Quality certifications in piping industry.
Growth Drivers
• Most popular and recognised piping brand in India.
• Features: The growth in demand of plastic pipes,
especially CPVC, have been growing due to their distinct
features such as quality, high durability and affordability. Business segment overview
• Real-estate: With increase in demand for housing fuelled Piping Business Overview
by various government initiatives and rise in per capita The fiscal 2019 was marked by many challenges including
income has led to increase in demand for quality pipes. truck strike for at least 10 to 15 days and drop in price of PVC
• Infrastructure: The Government of India is focusing on which hampered the sales and growth of the business. In spite
rural and sanitation infrastructure, which will increase the of these challenges, the company had achieved growth of
demand for plastic pipes. With the development of ‘smart revenue by 21.1% to H 19,157 mn along with a volume growth
cities’ in India, CPVC consumption will increase due to a of 18.27% in the FY 2019. Apart from growth, the company
huge requirement of urban infrastructure in these cities. had also achieved the highest EBDITA of H 3,154 mn and
PAT of H 1,415 mn registering a growth of 27.3% and 18.9%
• Housing: The demand for housing in the middle income
respectively. The company has continuously invested its
group is massive in India. With a view to bridge the gap of
money on research and development activities, as a result the
supply, the government has been initiating measures by
bringing in the concept of green building. With the given company had been able to add new products like PEX-A PRO
nature of CPVC pipes, their demand is expected to grow and range of products in the Infrastructure segment.
for the housing segment.
Company has successfully commenced its Ghiloth (Rajathan)
• Irrigation: Government has been undertaken various manufacturing facility having capacity of 23,678 M.T.
initiative, such as Pradhan Mantri Krishi Sinchayee Yojana
(PMKSY), to insure proper irrigation facility. As a result, this Acquisition of Infrastructure Products Company:
is expected to augment the demand of PVC pipes as they
are most suitable for irrigation purpose. During the year under review, the Company has acquired 100%
stake in Rex Polyextrusion Private Limited (“Rex”) situated at
Company Overview Sangli, Maharashtra having a vast product range such as DWC
(Double Wall Corrugated), Telerex, Georex, Acqurex, Multirex,
Astral Poly Technik Limited (APTL) is one of the leading
Plus Stirex etc These product range has a very bright business
manufacturers of Chlorinated Poly Vinyl Chloride (CPVC) and
opportunity in India and abroad.
Poly Vinyl Chloride (PVC) plumbing systems, for both residential
and industrial applications. The company enjoys a dominant
13.3%
market share in the domestic CPVC and PVC pipe industry.
The Company has its pipe manufacturing facilities at Santej and
CAGR Growth in Piping Business between FY 16 -19
Dholka (Gujarat), Hosur (Tamil Nadu), Ghiloth (Rajasthan), Sangli
(Maharashtra), Sitarganj (Uttarakhand) and Nairobi (Kenya)
23.6%
for manufacturing of plumbing systems, drainage systems,
agricultural pipes, industrial pipes, fire protection pipes,
electrical conduit pipes and Infrastructure products. CAGR EDBITA in Piping Business between FY 16 -19
35
Adhesives Business Developments Brand
The piping business in the company was traditionally The Company believes in brand building and creating
considered to be a growth driver but now the adhesives awareness of its product quality. The application of its
business has shown a stable momentum. Resinova had products across multiple sectors like construction, irrigation
evolved as the leading brand in adhesives and sealants, with and real estates among others is successfully done through
an increasing market share in the adhesives segment. The UK effective branding. The company has stepped up the branding
and USA operations in Seal IT services had grown by 33.7% through shop- branding, exhibitions, spots branding and
in terms of value and showed robust improvement in EBDITA distributors meet. The Company’s recent sponsorship of
margin which stood at 9.2% in FY 2019 as compared to 5.7% Kolkata Knight Riders, Rajasthan Royals, and Sunrises
in the previous year. The recent launch of RESCUETAPE, Hyderabad in the Indian Premier League (IPL) has further
RESIWOOD and RESIQUICK has been successful in capturing helped in marketing the brand to a larger audience.
a considerable adhesive market share.
Distribution Network
17.2%
The company has been consistently adding new distributors
to widen its market presence. At present it has more than
CAGR Growth in Adhesives Business between FY 16 -19 800+ distributors and 30,000+ dealers in piping segment
and 1,800+ distributors and approx. 4,00,000+ dealers in
26.8%
Adhesive segment across the country. Further to support this
distribution network the company has 9 manufacturing facilities
CAGR EDBITA in Adhesives Business between FY 16 -19 and 18 Depots across the country. With the addition of East
plant, Company will be able to cover all the four zones of country
K 3.11 crore for manufacturing facilities, which will help company in logistic
cost saving and capturing the market share of respective zone.
Capex invested in R&D activities in the segment in FY 2019
Key Financial Ratio
(I in million , except otherwise stated)

Standalone Consolidated
Particulars FY 18-19 FY 17-18 YOY Growth FY 18-19 FY 17-18 YOY Growth

Revenur from operations 19,157 15,819 21.10% 25,073 20,729 20.96%
EBIDTA 3,154 2,477 27.33% 3,968 3,268 21.42%
PAT 1,415 1,190 18.91% 1,973 1,757 12.29%
EPS (H per share) 11.76 9.94 18.31% 16.27 14.62 11.29%
Ratios
Debt Equity Ratio 0.12 0.08 0.04 0.14 0.14 -
Current Ratio 1.33 1.44 (0.11) 1.48 1.51 (0.03)
Debtors turnover (in days) 51 days 43 days 8 days 54 days 49 days 8 days
Inventory turnover (in days) 61 days 57 days 4 days 63 days 58 days 4 days
EBIDTA Margin 16.46% 15.66% 0.81% 15.83% 15.77% 0.06%
PAT Margin 7.39% 7.52% (0.14)% 7.87% 8.48% (0.61)%
Return on Net worth 13.47% 13.35% 0.12% 17.06% 19.09% (2.04)%
Interest Coverage Ratio 1.44 1.88 (0.44) 1.54 1.97 (0.43)
36
Risk Management, Internal control and their adequacy which will help the company to full fill its business needs.
The main focus has been on providing fulfilment, stretch and
The Company has an elaborate Risk Management procedure in
opportunity for the development to its employees at all levels
place, which covers Business Risk and Operational Risks, duly
of the business. Apart from such development, the employees
supported by policy framework. Major business and operational
have also shown considerable skill and motivation in their
risks identified, are addressed through mitigating, controls and
work, due to which the company is able to deliver highest level
action plans. The company is addressing all key business risks of performance in the year under review.
on an ongoing basis.
It has adequate Internal Control Systems and Procedures

commensurate with the size of the company and its nature
4,000+
Workforce as on 31st March 2019
of business. The independent Internal Auditors continuously
review the adequacy and effectiveness of the internal control
systems vis-a-vis ongoing operations of the company, which Cautionary Statement
provides reasonable assurance of adequacy and effectiveness Some of the statements in this Management Discussion and
of control, governance and risk management procedures Analysis, describing the company’s objectives, projections,
to the Audit Committee. The recommendations of Internal estimates and expectations may be ‘forward looking statements’
Auditors and the Audit Committee are followed up effectively within the meaning of applicable Laws and Regulations.
for implementation Actual results might differ substantially from those expressed
or implied. Important developments that could affect the
Human resources
company’s operations include changes in economic conditions
The company continues to maintain a strong relationship with affecting demand, supply and price movements in the domestic
its employees, in order to improve their efficiency level at the and overseas markets in which your company operates,
workplace. The company places great value to its employees changes in the Government regulations, Tax Laws and other
through their commitment, competence and effort that is Statutes or other incidental factors. The company assumes no
shown in different aspects of the business. It also confirms responsibility in respect of forward looking statements, which
its commitment towards the development of HR policies, may be amended or modified in future.
For, Astral Poly Technik Limited For, Astral Poly Technik Limited

Date : 20th May, 2019

Place : Ahmedabad
37
CORPORATE GOVERNANCE REPORT

1. CORPORATE GOVERNANCE PHILOSOPHY: the Corporate Governance enshrined in Securities
and Exchange Board of India (Listing Obligations and
Your Company believes in adopting the best corporate
Disclosure Requirements) Regulations, 2015 (hereinafter
governance practices, based on the following principles in
referred to as the “SEBI Listing Regulations”).
order to maintain transparency, accountability and ethics:
• Recognition of the respective roles and responsibilities 2. BOARD OF DIRECTORS :

of the management;
Compositions
• Independent verification and assured integrity of
The Board of your Company consists of 8 (Eight) Directors
financial reporting;
as on 31st March, 2019, out of which 2 (Two) are Executive
• Protection of Shareholders’ right and priority for Directors and 6 (Six) are Non-Executive Directors. Out of
investor relations; and 6 (Six) Non- Executive Directors, 4 (Four) are Independent
Directors. The Chairman of the Board is an Independent
• Timely and accurate disclosure on all material matters
Director. The Composition of the Board is in compliance
concerning operations and performance of your
with the requirements of SEBI Listing Regulations. No
Company.
director is related to each other except Mrs. Jagruti S.
Keeping the above in mind, your Company is fully Engineer who is spouse of Mr. Sandeep P. Engineer. All the
committed to conduct its affairs in a fair and transparent Directors have certified that they are not members of more
manner and to enhance shareholders value while than 10 (Ten) Committees and do not act as Chairman of
complying with the applicable Rules and Regulations. more than 5 (Five) Committees across all the Companies in
We are in compliance with all the requirements of which they are Directors.
The composition of the Board of Directors as on 31st March, 2019 is as follows:

Total Details of Committees#
Name of Director Category No. of Other Chairman Member
Directorship*
Mr. K. R Shenoy Independent Chairman - - -
Mr. Sandeep P. Engineer Managing Director 3 1 -
Mrs. Jagruti S. Engineer Whole Time Director - - -
Mr. Kyle A. Thompson Non- Executive Director - - -
Mr. Anil Kumar Jani Non- Executive Director - - -
Mr. Pradip N. Desai Independent Director 2 - 1
Mr. Narasinh K. Balgi Independent Director 2 - 1
Mrs. Kaushal D. Nakrani$ Independent Director - - -
*Excludes Private Limited Companies, Foreign Companies, Section 8 Companies and Alternate Directorships.
None of Directors of the Company are having directorship in any other listed entities.
#
Includes only Audit Committee and Stakeholders’ Relationship Committee of other Companies.
Appointed w.e.f. 29th March,2019
$
Dates of Board Meetings and Attendance at the Board Meetings and the last Annual General Meeting:
During the Financial Year 2018-19, the Board of Directors of your Company met 9 (Nine) times on 03.05.2018, 23.05.2018,
08.06.2018, 09.07.2018, 31.07.2018, 14.09.2018, 14.11.2018, 11.02.2019 and 29.03.2019. The details of attendance of each
Director at Board Meetings held in the Financial Year and the last Annual General Meeting are as under:
Name of Director Dates of Board Meetings and Attendance of each director at Board Meeting
03.05. 23.05. 08.06. 09.07. 31.07. 14.09. 14.11. 11.02. 29.03. Total No. of Attendance at the
2018 2018 2018 2018 2018 2018 2018 2019 2019 Board Meetings last AGM held on
attended 25th August, 2018
Mr. K. R. Shenoy No Yes No Yes Yes No Yes Yes No 5 Yes
Mr. Sandeep P. Engineer Yes Yes Yes Yes Yes Yes Yes Yes Yes 9 Yes
Mrs. Jagruti S. Engineer Yes Yes Yes Yes Yes Yes Yes Yes Yes 9 No
Mr. Kyle A. Thompson Yes No Yes No No Yes No No No 3 No
Mr. Anil Kumar Jani No Yes No Yes Yes No Yes Yes Yes 6 Yes
Mr. Pradip N. Desai No Yes No No No No Yes Yes Yes 4 Yes
Mr. Narasinh K. Balgi No Yes No Yes Yes No Yes Yes No 5 Yes
Mrs. Kaushal Nakrani* No No No No No No No No Yes 1 No
* Appointed w.e.f 29th March, 2019
38
Code of Conduct for Board & Senior Management • Recommending to the Board, the appointment,
Personnel re-appointment and, if required, the replacement
or removal of the Statutory Auditors and the
Your Company has adopted a Code of Conduct for Board
fixation of audit fees.
Members & Senior Management Personnel and the
declaration from the Managing Director, stating that all the • Approval of payment to Statutory Auditors for
Directors and the Senior Management Personnel of your any other services rendered by the Statutory
Company have affirmed compliance with the Code of Conduct Auditors.
has been included in this Report. The Code has been posted
• Appointment, removal and terms of remuneration
on your Company’s website at https://www.astralpipes.com/
of Internal Auditors.
uploads/investor_broucher/1538992610_105_l.pdf
• Reviewing, with the Management, the annual
Profile of Directors seeking appointment / financial statements before submission to the
re-appointment: Board for approval, with particular reference to:
The brief profile and other information of the directors (i) Matters required to be included in the
seeking appointment/re-appointment is provided in the Directors’ Responsibility Statement to be
notice convening the Annual General Meeting. included in the Board’s Report in terms of
clause (c) of sub section 3 of section 134 of
3. COMMITTEES OF THE BOARD
the Companies Act, 2013;
(i) AUDIT COMMITTEE (ii) Changes, if any, in Accounting Policies and
Composition, meetings and attendance practices and reasons for the same;
The Audit Committee of your Company has been (iii) Major accounting entries involving estimates
constituted as per the requirements of Section 177 of based on the exercise of judgment by the
the Companies Act 2013, and SEBI Listing Regulations. Management;
The Chairman of the Audit Committee is an (iv) Significant adjustments made in the financial
Independent Director and two-thirds of the members statements arising out of Audit findings;
of the Audit Committee are Independent Directors.
During the Financial Year 2018-19, the Committee (v) Compliance with Listing and other Legal
met 5 (Five) times on 23/05/2018, 09/07/2018, requirements relating to the financial
31/07/2018, 14/11/2018 and 11/02/2019. statements;
The composition of the Audit Committee as on 31st (vi) Disclosure of any related party transactions;
March, 2019 and the attendance of the members in (vii) Qualifications in the draft Audit Report;
the meetings held during the Financial Year 2018-19
are as follows: • Reviewing with the Management, the quarterly
financial statements before submission to the
Name of Member Designation No. of Board for approval;
meetings
• Reviewing, with the management, the statement
attended
of uses / application of funds raised through an
Mr. K. R. Shenoy Chairman 5
issue (public issue, rights issue, preferential issue,
Mr. Sandeep P. Engineer Member 5
etc.), the statement of funds utilized for purposes
Mr. Pradip N. Desai Member 3
other than those stated in the offer document /
Mr. Narasinh K. Balgi Member 5
prospectus / notice and the report submitted by
The Company Secretary of the Company acted as the the monitoring agency monitoring the utilization
Secretary to the Committee. of proceeds of a public or rights issue, and
making appropriate recommendations to the
Terms of Reference:
Board to take up steps in this matter.
The broad terms of reference of the Audit Committee
• Review and monitor the auditor’s independence
include the following as has been mandated in
and performance, and effectiveness of audit
Section 177 of Companies Act, 2013 and SEBI Listing
process;
Regulations:
• Approval or any subsequent modification of
• Overseeing the Company’s financial reporting
transactions of the company with related parties;
process and the disclosure of its financial
information to ensure that the financial statement • Scrutiny of inter-corporate loans and investments;
is correct, sufficient and credible.
• Valuation of undertakings or assets of the
company, wherever it is necessary;
39
• Evaluation of internal financial controls and risk The Chief Financial Officer and the representatives of
management systems; the Statutory Auditors and Internal Auditors are invited
to attend the meetings of the Audit Committee.
• Reviewing, with the Management, performance
of Statutory and Internal Auditors, and adequacy (ii) STAKEHOLDERS’ RELATIONSHIP COMMITTEE
of the internal control systems;
Composition, meetings and attendance
• Reviewing the adequacy of Internal Audit
function, if any, including the structure of the The Stakeholders’ Relationship Committee of
Internal Audit department, staffing and seniority your Company has been constituted as per the
of the official heading the department, reporting requirements of Section 178 of the Companies Act
structure, coverage and frequency of Internal 2013 and SEBI Listing Regulations. The Chairman of
Audit; the Committee is an Independent Director.
• Discussions with Internal Auditors on any During the Financial Year 2018-19, the Committee
significant findings and follow up thereon; met 4 (Four) times on 23/05/2018, 31/07/2018,
14/11/2018 and 11/02/2019.
• Reviewing the findings of any internal
investigations by the internal auditors into matters The composition of the Stakeholder’s Relationship
where there is suspected fraud or irregularity or Committee as on 31st March, 2019 and the attendance
a failure of internal control systems of a material of the members in the meetings held during the
nature and reporting the matter to the board; Financial Year 2018-19 are as follows:
• Discussion with statutory auditors before the Name of Member Designation No. of
audit commences, about the nature and scope of meetings
audit as well as post-audit discussion to ascertain attended
any area of concern; Mr. K. R. Shenoy Chairman 4
Mr. Sandeep P. Engineer Member 4
• To look into the reasons for substantial defaults
Mr. Anil Kumar Jani Member 4
in the payment to the depositors, debenture
holders, shareholders (in case of non-payment of The Company Secretary of the Company acted as the
declared dividends) and creditors; Secretary to the Committee.
• To review the functioning of the Whistle Blower Terms of Reference:

mechanism;
• Efficient transfer of shares, including review
• Approval of appointment of CFO (i.e., the whole- of cases for refusal of transfer/ transmission of
time Finance Director or any other person heading Shares and Debentures, demat/ remat of shares.
the finance function or discharging that function) • Redressal of Shareholder and Investor complaints
after assessing the qualifications, experience and like transfer of shares, non-receipt of Balance
background, etc. of the candidate; Sheet, non-receipt of declared dividends etc.;
• Management discussion and analysis of financial • Issue of new / duplicate / split / consolidated
condition and results of operations; Share Certificates;
• Statement of significant related party transactions • Allotment of Shares;
(as defined by the Audit Committee), submitted
• Review of cases for refusal of transfer /
by management ;
transmission of Shares and Debentures;
• Management letters / letters of internal control
• Reference to Statutory and Regulatory authorities
weaknesses issued by the statutory auditors;
regarding Investor Grievances; and
• Internal audit reports relating to internal control • To otherwise ensure proper and timely
weaknesses; attendance and redressal of Investor’s queries
• The appointment, removal and terms of and grievances
remuneration of the Chief Internal Auditor. • Resolving the grievances of the security holders
• Reviewing the utilization of loans and/ or of the listed entity including complaints related
advances from/investment by the holding to transfer/transmission of shares, non-receipt of
company in the subsidiary exceeding rupees 100 annual report, non-receipt of declared dividends,
crore or 10% of the asset size of the subsidiary, issue of new/duplicate certificates, general
whichever is lower including existing loans / meetings etc.
advances / investments existing as on the date of • Review of measures taken for effective exercise
coming into force of this provision of voting rights by shareholders.
40
• Review of adherence to the service standards The Company Secretary of the Company acted as the
adopted by the listed entity in respect of various Secretary to the Committee.
services being rendered by the Registrar & Share
Terms of Reference:
Transfer Agent.
• Formulation of the criteria for determining
• Review of the various measures and initiatives
qualifications, positive attributes and
taken by the listed entity for reducing the
independence of a director and recommend to
quantum of unclaimed dividends and ensuring
the Board a policy, relating to the remuneration
timely receipt of dividend warrants/annual
of the directors, key managerial personnel and
reports/statutory notices by the shareholders of
other employees and carry our evaluation of
the company
every director’s performance;
Status of investors’ complaints:
• Formulation of criteria for evaluation of
The status of investor’s complaints as on 31st March, Independent Directors and the Board;
2019 is as follows:
• Devising a policy on Board diversity;
Number of complaints as on 1st April, Nil
• Identifying persons who are qualified to become
2018
directors and who may be appointed in senior
Number of complaints received during 1
management in accordance with the criteria
the year ended on 31st March, 2019
laid down, and recommend to the Board their
Number of complaints resolved up to 1 appointment and removal.
31st March, 2019
Number of complaints pending as on Nil • Recommend to the board, all remuneration, in
31st March, 2019 whatever form, payable to senior management
The complaint received was in the nature of non- Remuneration Policy:

receipt of Dividend. There were no pending requests Remuneration Policy of your Company has been
for transfer of shares of the Company as on 31st March, designed to ensure that the level and composition of
2019. remuneration is reasonable and sufficient to attract,
Name and Designation of Compliance Officer: retain and motivate Directors/Employees of the
quality required to run the Company successfully and
Mr. Krunal Bhatt, Company Secretary is the Relationship of remuneration to performance is clear
Compliance Officer of the Company. and meets appropriate performance bench marks.
Remuneration policy of the Company has been
(iii) NOMINATION AND REMUNERATION COMMITTEE
uploaded on the Company’s website and can be
Composition, meetings and attendance accessed at https://www.astralpipes.com/uploads/
investor_broucher/1561804048_remuneration_
The Nomination and Remuneration Committee
policy_astral.pdf.
of your Company has been constituted as per the
requirements of Section 178 of the Companies Act, Salient features of the policy on remuneration of
2013 and SEBI Listing Regulations. The Chairman of executive and non-executive directors are as under:
the Committee is an Independent Director.
• Executive Directors :
During the Financial Year 2018-19, the Committee
The Board of Directors in consultation with the
met 5 (Five) times on 07/04/2018, 23/05/2018,
Nomination and Remuneration Committee
31/07/2018, 23/11/2018 and 29/03/2019.
decides on the remuneration payable to the
The composition of the Nomination and Managing Director / Whole Time Director. The
Remuneration Committee as on 31st March, 2019 and total remuneration to the Managing Director
the attendance of the members in the meetings held comprises fixed component consisting of salary
during the Financial Year 2018-19 are as follows: and perquisites in accordance with Company’s
policy and a profit linked incentive.
Name of Member Designation No. of
meetings • Non – Executive Directors:
attended
Non-Executive Directors are paid sitting fees for
Mr. Pradip N. Desai Chairman 4
attending the Board and Committee meetings,
Mr. K. R. Shenoy Member 2
plus the reimbursement of actual expense
Mr. Anil Kumar Jani Member 5
directly related to the travel and out-of-pocket
expenses, if any, incurred by them.
41
Details of remuneration and pecuniary benefits to the Directors during FY 2018-19:

(J in lacs)
Name of the Director Salary/ Allowances Sitting Fees Incentive/ Commission
Mr. K. R. Shenoy - 3.50 -
Mr. Sandeep P. Engineer 288.00 - 217.00
Mrs. Jagruti S. Engineer 77.50 - -
Mr. Kyle A. Thompson - - -
Mr. Anil Kumar Jani - 2.50 -
Mr. Pradip N. Desai - 1.75 -
Mr. Narasinh K. Balgi - 2.50 -
Mrs. Kaushal Nakrani* - 0.25 -
* Appointed w.e.f 29th March,2019
Notes:
(i) There were no pecuniary relationships or transactions of the Non-Executive Directors vis-à-vis Company other than
payment of sitting fees and reimbursement of expenses incurred by them for the purpose of attending meetings of
the Company.
(ii) The Managing Director is entitled to an incentive payment at the rate of 1% (One percent) of Profit Before Tax of the
Company in addition to the salary, increment and reimbursement of expenses.
None of the Directors except the Managing Director is entitled to such an Incentive.
(iii) None of the Directors of the Company has been granted any Stock Options during the year. Moreover, there is no
separate provision for payment of severance fees to the Directors.
The shareholding of Directors as on the 31st March, 2019 is as under:
Sr. No. Name of Director Shareholding %

1 Mr. K. R. Shenoy - -
2 Mr. Sandeep P. Engineer 3,78,42,460 31.59
3 Mrs. Jagruti S. Engineer 91,43,410 7.63
4 Mr. Kyle A. Thompson - -
5 Mr. Anil Kumar Jani 1,120 0.00
6 Mr. Pradip N. Desai 3,00,000 0.25
7 Mr. Narasinh K. Balgi 2,530 0.00
8 Mrs. Kaushal Nakrani - -
The Company has not issued any convertible instruments.
Performance Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations, the Committee has carried out the
annual performance evaluation of Directors and Key Managerial Personnel. The Board of Directors also carried out annual
performance evaluation of Independent Directors and Committees of the Board. Performance evaluation was carried out
based on approved criteria such as adherence to ethical standards and code of conduct, constructive participation in
board meetings, implementing good corporate governance practices, independance criteria as per SEBI regulations etc.
The Directors expressed their satisfaction with the evaluation process.
The independent directors also held separate meeting to review the performance of Non-independent Directors and
overall performance of the board.
42
4. GENERAL BODY MEETING

The details of last three Annual General Meetings of the Company are as follows:
Financial Year Date-Time-Venue

2017-18 25th August, 2018 at 10:00 a.m. at H T Parekh Hall, Ahmedabad Management Association, ATIRA
Campus, Dr. Vikram Sarabhai Marg, Ahmedabad – 380015.
2016-17 8th August, 2017 at 2:30 p.m. at H T Parekh Hall, Ahmedabad Management Association, ATIRA
2015-16 8th September, 2016 at 10.00 a.m. at H T Parekh Hall, Ahmedabad Management Association, ATIRA
Details of special resolutions passed in Previous Three AGMs.
Details of the Special Resolutions passed in last three Annual General Meetings are as follow:
Financial Year Particulars of Special Resolutions passed

2017-18 Ratification of appointment of Mr. Narasinh K. Balgi (DIN: 00163468) as an Independent Director for
present tenure.
Ratification of appointment of Mr. K.R. Shenoy (DIN: 00801985) as an Independent Director for present tenure.
2016-17 To approve offer or invitation to subscribe to Non-Convertible Debentures on private placement basis.
2015-16 Nil
No Extra Ordinary General Meeting was held during the Financial Year 2018-19.
NCLT Convened Meetings
Pursuant to the Order dated 21st January, 2019, by the Hon’ble National Company Law Tribunal ,Ahmedabad, (“Tribunal”) the
meeting of equity shareholders, Secured Creditors and Unsecured Creditors of the Company was held as per below details:
Location Date Time Special Resolution passed

H T Parekh Hall, Ahmedabad 6th March, 2019 Secured Creditors- 10.30 a.m. Approval of the Scheme of Amal-
Management Association, Equity Shareholders- 11:30 a.m. gamation of Rex Polyextrusion
ATIRA Campus, Dr. Vikram Unsecured Creditors- 12: 30 p.m. Private Limited with Astral Poly
Sarabhai Marg, Ahmedabad - Technik Limited and their respec-
380015, Gujarat tive Shareholders and Creditors.
Ms. Monica Kanuga, Practicing Company Secretary (FCS : 3868; CP No. 2125) was appointed as a Scrutinizer by the Tribunal
for conducting the poll at the Tribunal Convened Meetings.
Details of the voting result conducted through Postal ballot, Evoting and Poll conducted at the Tribunal Convened meeting
for Approval of the Scheme of Amalgamation of Rex Polyextrusion Private Limited with Astral Poly Technik Limited and their
respective Shareholders and Creditors are as follows.
Manner of Voting No, of valid Votes cast in favour of the Votes cast against the
votes resolution (no. & %) resolution (no. & %)
Postal Ballot 408 408 (100%) 0 (0%)
Evoting 8,38,56,273 8,38,52,269 (99.99%) 4,004 (0.01%)
Poll 153 153 (100%) 0 (0%)
Special Resolutions passed through Postal Ballot:
No other resolution was passed through Postal ballot during the Financial Year 2018-19.
43
1. DISCLOSURES the present structure and an overview of the

(a) Disclosure on materially significant related party businesses and functions.
transactions. Independent Directors are familiarized with their
There were some related party transactions roles, rights and responsibilities in the Company
during the Financial Year 2018-19 and the same as well as with the nature of industry and business
do not have potential conflict with the interest of model of the Company by providing various
the Company at large. The details of related party presentations at Board/ Committee meetings from
transactions as per Indian Accounting Standard – time to time. These presentations provide a good
24 are included in the notes to the accounts. understanding of the business to the Independent
Directors which covers various functions of the
(b) Details of non-compliance with regard to capital Company and also an opportunity for the Board to
market. interact with the next level of management. There
There is no non-compliance by the Company are opportunities for Independent Directors to
on any matter related to the capital markets interact amongst themselves.
during the last three years. Similarly, there are Apart from the above, the Directors are also
no penalties, strictures imposed by the Stock given an update on the environmental and social
Exchanges, SEBI or any statutory authority on any impact of the business, branding, corporate
matter related to capital market. governance, regulatory developments and
(c) Disclosure of accounting treatment investor relations matters.
There is no deviation in following the treatments The details of the Familiarization programmes
prescribed in any Accounting Standard in can be accessed on the web link: https://
preparation of financial statements for the year www.astralpipes.com/uploads/investor_
2018-19. broucher/1538992797_110_l.pdf
(d) Board disclosures – Risk Management (f) Details of compliance with mandatory
requirements and adoption of non-mandatory
The Board members of the Company are requirements of SEBI Listing Regulations.
regularly appraised about the risk assessment and
minimization procedures adopted by the Company. The Company has complied with all the
The Audit Committee of the Board is also regularly mandatory requirements as mandated under
informed about the business risks and the steps SEBI Listing Regulation. A Certificate from the
taken to mitigate the same. The implementation of Statutory Auditors of the Company to this effect
the risk assessment and minimization procedures is has been included in this Report.
an ongoing process and the Board members are (g) Whistle Blower Policy
periodically informed of the status.
The Company promotes ethical behavior in
(e) Familiarization Program of Independent Directors all its business activities and has put in place
The Board familiarization program comprises of a mechanism for reporting illegal or unethical
the following:- behavior. The Company has a Vigil mechanism
and Whistle blower policy under which the
• Induction program for new Independent
employees are free to report violations of
Directors;
applicable laws and regulations and the Code
• Presentation on business and functional issues of Conduct. Employees may also report to the
• Updation of business, branding, corporate Chairman of the Audit Committee. During the
governance, regulatory developments and year under review, no employee was denied
investor relations matters access to the Audit Committee. Whistle blower
policy of the Company has been uploaded on the
All new Independent Directors are taken through
website of the Company and can be accessed at
a detailed induction and familiarization program
https://www.astralpipes.com/uploads/investor_
when they join the Board of your Company. The
broucher/1538992668_107_l.pdf
induction program is an exhaustive one that
covers the history and culture of your company, As per the requirement of The Sexual Harassment
background of the Company and its growth of Women at Workplace (Prevention, Prohibition &
over the decades, various milestones in the Redressal) Act, 2013 and rules made thereunder,
Company’s existence since its incorporation, your Company has constituted Internal Complaints
Committee (ICC) which is responsible for redressal
of complaints related to sexual harassment. During
44
the year under review, there were no complaints fraudulent, illegal or violative of Company’s
filed pertaining to sexual harassment. Code of Conduct.
(h) Policy on “Material” Subsidiary (c) They accept responsibility for establishing
and maintaining internal controls for financial
The Company has Board approved policy on reporting and that they have evaluated the
determining Material Subsidiary which can effectiveness of internal control systems
be accessed at https://www.astralpipes.com/ of the Company pertaining to financial
uploads/investor_broucher/1561803986_ reporting. They have not come across any
material_subsidiary_policy_astral_2019.pdf reportable deficiencies in the design or
operation of such internal controls.
(i) Certification from CEO and CFO
(d) They have indicated to the Auditors and the
The requisite certificate from the Managing
Audit Committee:
Director and Chief Financial Officer of the
Company required to be given under Regulation (i) That there are no significant changes
33 was placed before the Board of Directors of the in the internal control over financial
Company at its Meeting held on 20th May, 2019 reporting during the year;
and Mr. Sandeep P. Engineer, Managing Director
(ii) There are no significant changes in the
and Mr. Hiranand A. Savlani, Chief Financial Officer
Accounting Policies during the year, and
of the Company, have certified to the Board that:
(iii) There are no instances of significant
(a) They have reviewed the Financial Statement
fraud of which they have become aware.
and the Cash Flow Statement for the
year 2018-19 and that to the best of their (j) Disclosure of commodity price risks and
knowledge and belief: commodity hedging activities
(i) These statements do not contain any Please refer to Management Discussion and
materially untrue statement or omit any Analysis Report for the same.
material fact or contain statements that (K) Certification from Company Secretary in Practice:
might be misleading;
Ms. Monica Kanuga, Practicing Company
(ii) These statements together present a true Secretary, has issued a certificate required under
and fair view of the Company’s affairs the Listing Regulations, confirming that none of
and are in compliance with existing the directors on Board of the Company has been
Accounting Standards, applicable Laws debarred or disqualified from being appointed
and Regulations. or continuing as director of the Company by the
SEBI/Ministry of Corporate Affairs or any such
(b) There are, to the best of their knowledge
statutory authority. The certificate is enclosed
and belief, no transactions entered into by
with this report.
the Company during the year which are
(l) list of core skills / expertise /competencies identified in the context of the business:
The Board continues to identify an appropriate mix of diversity and skills for introducing different perspectives into
Board for better anticipating the risks and opportunities in building a long-term sustainable business.
The below table summarizes the key qualifications, skills and attributes which are taken into consideration while
nominating to serve on the Board.
Business Strategies Experience of crafting Successful Business Strategies and under-

standing the changing regulatory requirements.
Financial & Accounting Expertise Proficiency in financial accounting and reporting, corporate finance
and internal controls, corporate funding and associated risks
Governance , Risk and Compliance Knowledge and experience of best practices in governance struc-
tures, policies and processes including establishing risk and legal
compliance frameworks, identifying and monitoring key risks.
Mergers & Acquisition Capable to make wise decisions in Corporate mergers, acquisitions
and joint ventures
Innovative A strong understanding of innovation and technology, and the devel-
opment and implementation of initiatives to enhance production.
Diversity Representation of gender, cultural or other such diversity that expand
the Board’s understanding and perspective
45
2. MEANS OF COMMUNICATION TO SHAREHOLDERS
(a)
Quarterly/Annual Results
The Quarterly / Annual Results and Notices as required are normally published in the Leading Daily Newspaper “The
Economic Times” in English and Local Language, i.e. Gujarati editions.
(b) Posting of information on the website of the Company / Stock Exchanges
• The Quarterly / Annual Results of the Company, Shareholding pattern, Code of Conduct for Board and Senior
Management of the Company are displayed on the Company’s website www.astralpipes.com
• The official news releases of the Company are displayed on the websites of BSE & NSE.
• The Presentations made to Institutional Investors/Analysts are displayed on the Company’s website
www.astralpipes.com
7. GENERAL SHAREHOLDERS’ INFORMATION:
(a) Annual General Meeting (Proposed): Twenty Third Annual General Meeting:
Day and date Friday, 2nd August, 2019

Time 10.00 a.m.
Venue H T Parekh Hall, Ahmedabad Management Association, ATIRA Campus, Dr. Vikram Sarabhai Marg,
(b) Financial Year 2018-19:
Financial Year April 1 to March 31
(c) Board Meetings for approval of Quarterly Results
Quarter Tentative Date of Announcement of Board Meeting [F.Y.2019-2020]

1st Quarter Results On or before 14th August, 2019
2nd Quarter Results On or before 14th November, 2019
3rd Quarter Results On or before 14th February , 2020
4th Quarter and Annual Results Within 60 days of the close of Financial Year ending on 31st March, 2020
(d) Book Closure Date:
The Share Transfer Book and Register of Members will remain closed from 27th July, 2019 to 2nd August, 2019 (Both days
inclusive).
(e) Dividend :
The Board of Directors of the Company had adopted the Dividend Distribution Policy on 17th November, 2016 in line with
the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The Policy is uploaded on the Company’s
website at www.astralpipes.com
The Dividend, if declared, will be paid within the statutory time limit to the eligible members of the Company.
(f) Listing on Stock Exchanges:
The Equity Shares of the Company are listed on the following Stock Exchanges in India since 20th March, 2007:
The BSE Limited (BSE) National Stock Exchange of India Limited (NSE)
Phiroze Jeejeebhoy Towers, “Exchange Plaza”, Bandra Kurla Complex,
Dalal Street, Fort, Mumbai - 400 001 Bandra (E), Mumbai - 400 051
The Company has paid Annual Listing fees to the above Stock Exchanges for the Financial Year 2018-19 & 2019-20.
(g) Stock Code :
The BSE Limited (BSE) 532830

The National Stock Exchange of India Limited (NSE) ASTRAL
ISIN for Equity Shares held in Demat form with NSDL and CDSL INE006I01046
46
(h) Stock Market Data:
BSE NSE
Month
High Low High Low
April, 2018 967.2 885 969 883.2
May, 2018 1045.9 887.75 1049 885.15
June, 2018 1059.85 948 1064.75 955
July, 2018 1171.9 962.65 1169 960.10
August, 2018 1188.75 1045.05 1194.80 1044.10
September, 2018 1180 915.6 1154.85 910.10
October, 2018 1050 814.6 999 816
November, 2018 1110.9 941.3 1111.95 941.15
December, 2018 1168.8 1020 1173 1019
January, 2019 1210 1022.4 1210 1020.20
February, 2019 1191 1060 1194 1057.05
March, 2019 1291.2 1068.05 1295 1066.95
Astral Sensex Astral NIFTY

1200 40000 1200 12500
1150 39000 1150
38000 12000
1100 1100
37000
1050 1050 11500
36000
1000 35000 1000 11000
34000
950 950
33000 10500
900 32000 900
850 31000 850 10000
18
8
18
8
8
8
18
19
18
19
9
9
8
18
8
8
18
19
19
-1
-1
8
-1
-1
-1
-1
-1
-1
-1
r-1
-1
r-1
g-
l-1
g-
l-1
p-
b-
p-
b-
n-
n-
n-
ay
n-
ay
ov
ec
ov
ec
ar
ar
ct
ct
Au
Ap
Au
Ap
Se
Fe
Se
Fe
Ju
Ju
Ju
Ju
Ja
Ja
M
M
M
M
N
(i) Registrar and Share Transfer Agents : dividend entitlements remained unclaimed for seven
consecutive years or more have been transferred to
All the work relating to the share registry for Shares
the Investor Education and Protection Fund (IEPF)
held in Physical form as well as Shares held in Electronic
administered by the Central Government.
Form (Demat) is being done at one single point at
R & T Agent of the Company viz. Bigshare Services During the year under review, the unclaimed
Private Limited. dividend amount for the year 2010-11(Final) & 2011-
12 (Interim) was transferred to the IEPF established by
The detailed address is as under:
the Central Government under applicable provisions
BIGSHARE SERVICES PRIVATE LIMITED of the Companies Act.
1st Floor, Bharat Tin Works Building, (k) Share Transfer System :
Marol, Andheri (East), The Shares of Company are compulsorily traded
Mumbai 400059. in dematerialized form. Shares received in Physical
Phone No: +91 022-62638200, Form are transferred within a period of 15 days from
Fax No. + 91 022-62638299, the date of lodgment subject to documents being
E-mail: [email protected] valid and complete in all respects. The request for
dematerialization of Shares are also processed by the
(j) Transfer to Investor Education and Protection Fund R&T agent within stipulated period and uploaded with
(IEPF) the concerned Depositories. In terms of SEBI Listing
Regulation, Company Secretary in Practice examines
In terms of the Section 124 of the Companies Act,
the records and processes of Share transfers and
2013, the amount that remained unclaimed for a
issues half yearly Certificate which is sent to the Stock
period of seven years and Shares in respect of which
Exchanges.
47
(l) Distribution of Shareholding:
The distribution of Shareholding of the Company as on 31st March, 2019 is as follows:
No. of No. of % of No. of % of

Equity Shares Held shareholders Total shareholders Shares Total Capital
Upto 5,000 23104 98.25 6050691 5.05
5,001-10,000 167 0.71 1203871 1.00
10,001-20,000 91 0.39 1306295 1.09
20,001-30,000 25 0.11 615121 0.51
30,001-40,000 22 0.09 773998 0.65
40,001-50,000 12 0.05 540805 0.45
50,001-1,00,000 31 0.13 2098908 1.75
1,00,001 and above 63 0.27 107216876 89.49
Total 23515 100.00 119806565 100.00
(m) Shareholding Pattern:
The Shareholding Pattern of the Company as on 31st March, 2019 is as follows:
Category No of Shares % of Total Capital

Promoters (including persons acting in concert) 70065860 58.48
Foreign Institutional/Portfolio Investors 26280496 21.94
Mutual Funds, other Financial Institutions and Banks 6876340 5.74
Non-resident Indians 722454 0.60
Bodies Corporate 2864623 2.39
Resident Indians 12962957 10.82
Clearing members 31571 0.03
Trust/Others 2264 0.00
Total 119806565 100.00
(n) Dematerialization of Shares and liquidity:
As on 31st March, 2019, 99.99 % of the total Equity Shares were held in dematerialized form with National Securities
Depository Ltd. [NSDL] and Central Depository Services Limited [CDSL].
The details of which are as under:
Sr. No. Mode of Holding No. of Shares % of Total Capital

1 NSDL 118078912 98.56
2 CDSL 1720053 1.43
3 Physical 7600 0.01
Total 119806565 100.00
(o) GDRs/ADRs/Warrants or Convertible Instruments outstanding as on the date of this Report: Nil
(p) Plant Location:
Gujarat Unit Tamilnadu Unit Rajasthan

Santej Dholka
Village: Santej, Dholka-Kheda Road, Perandaplli Industrial Area, Ghiloth,
Taluka: Kalol, Rampur, Dholka, Post, Village-Alur, Dist: Alwar,
Dist: Gandhinagar, Dist: Ahmedabad Dist: Krishnagiri, Rajasthan, India
Gujarat, India Gujarat, India Hosur, Tamilnadu, India
48
(q) Address for correspondence:
Shareholders’ correspondence should be addressed to the Company’s Registrar & Share Transfer Agent at the address
mentioned at point (i).
Shareholders may also contact Company Secretary at the Registered Office of the Company for any assistance.
Registered Office
“Astral House”,
207/1, B/h. Rajpath Club, Off S. G. Highway,
Ahmedabad - 380 059, Gujarat, India
Tel. No. : +91 79 66212000 Fax No. : +91 79 66212121
Email : [email protected]. Website : www.astralpipes.com
(r) Credit Rating
During the year under review your company has been able to maintain its Credit Rating, even under challenging
environment of the Indian economy. The details of credit ratings obtained from CRISIL and CARE are as under.
Sr. Particulars CRISIL Previous Rating Remark CARE Previous Remark

No. Rating Rating Rating
1 Long Term Bank Facilities CRISIL AA-/ CRISIL AA-/stable Reaffirmed CARE AA; N.A. Assigned
Stable Stable
2 Short Term Bank Facilities CRISIL A1+ CRISIL A1+ Reaffirmed CARE A1+ N.A. Assigned
For, Astral Poly Technik Limited For, Astral Poly Technik Limited

Date : 20th May, 2019

Place : Ahmedabad
DECLARATION
To,
The Members
I, Sandeep P. Engineer, Managing Director of Astral Poly Technik Limited hereby declare that as of 31st March, 2019, all the Board
Members and Senior Management have affirmed compliance with the Code of Conduct laid down by the Company.
For, Astral Poly Technik Limited
Date: 20th May, 2019 Sandeep P. Engineer

Place: Ahmedabad Managing Director
49
Independent Auditor’s Report on compliance with the conditions of Corporate Governance as per
provisions of Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015
The Members of Astral Poly Technik Limited

Astral House, 207/1, B/h Rajpath Club,
Off S.G. Highway, Ahmedabad, 380 059
1. The Corporate Governance Report prepared by Astral Poly Technik Limited (hereinafter the “Company”), contains details as
specified in regulations 17 to 27, clauses (b) to (i) of sub – regulation (2) of regulation 46 and para C, D, and E of Schedule
V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (“the Listing Regulations”) with respect to Corporate Governance for the year ended March 31, 2019. This report is
required by the Company for annual submission to the Stock exchange.
Management’s Responsibility
2. The preparation of the Corporate Governance Report is the responsibility of the Management of the Company including
the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes the
design, implementation and maintenance of internal control relevant to the preparation and presentation of the Corporate
Governance Report.
3. The Management along with the Board of Directors are also responsible for ensuring that the Company complies with the
conditions of Corporate Governance as stipulated in the Listing Regulations, issued by the Securities and Exchange Board of
India.
Auditor’s Responsibility
4. Pursuant to the requirements of the Listing Regulations, our responsibility is to provide a reasonable assurance in the form
of an opinion whether the Company has complied with the specific requirements of the Listing Regulations referred to in
paragraph 3 above.
5. We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on Reports
or Certificates for Special Purposes and the Guidance Note on Certification of Corporate Governance, both issued by the
Institute of Chartered Accountants of India (“ICAI”). The Guidance Note on Reports or Certificates for Special Purposes
requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants
of India.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
7. The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in compliance
of the Corporate Governance Report with the applicable criteria. Summary of key procedures performed include:
i. Reading and understanding of the information prepared by the Company and included in its Corporate Governance Report;
ii. Obtained and verified that the composition of the Board of Directors with respect to executive and non-executive
directors has been met throughout the reporting period;
iii. Obtained and read the Directors Register as on March 31, 2019 and verified that at least one women director was on the
Board during the year;
iv. Obtained and read the minutes and attendance register of the following committee meetings/other meetings held April
01, 2018 to March 31, 2019 :
(a) Board of Directors;

(b) Audit committee;
(c) Annual General meeting;
(d) Nomination and remuneration committee;
(e) Stakeholders Relationship Committee;
v. Obtained necessary representations and declarations from directors of the Company including the independent
directors; and
vi. Obtained and read policy adopted by company for related party transactions,
50
vii. Obtained the schedule of related party transactions during the year and balances at the year-end. Obtained and read
minutes of audit committee meeting where in such related party transactions have been pre-approved prior by the audit
committee.
viii. Performed necessary inquiries with the management and also obtained necessary specific representations from
management.
8. The above-mentioned procedures include examining evidence supporting the particulars in the Corporate Governance
Report on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the purposes
of expressing an opinion on the fairness or accuracy of any of the financial information or the financial statements of the
Company taken as a whole.
Opinion
9. Based on the procedures performed by us as referred in paragraph 7 above, and according to the information and explanations
given to us, we are of the opinion that the Company has complied with the conditions of Corporate Governance as stipulated
in the Listing Regulations, as applicable for the year ended March 31, 2019, referred to in paragraph 4 above.
Other matters and Restriction on Use

10. This report is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the
management has conducted the affairs of the Company.
11. This report is addressed to and provided to the members of the Company solely for the purpose of enabling it to comply
with its obligations under the Listing Regulations with reference to compliance with the relevant regulations of Corporate
Governance and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume
any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into whose hands it may
come without our prior consent in writing. We have no responsibility to update this report for events and circumstances
occurring after the date of this report.
For S R B C & CO LLP

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Anil Jobanputra

Partner
Place of Signature - Ahmedabad Membership Number - 110759
Date - 20th May, 2019 UDIN – 19110759AAAAAP2410
51
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To
The Members of
“Astral House”, 207/1, B/h. Rajpath Club,
Off S.G. Highway, Ahmedabad – 380059,
Gujarat, India.
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Astral Poly Technik
Limited (CIN: L25200GJ1996PLC029134) and having registered office at “Astral House”, 207/1, B/h. Rajpath Club, Off S.G.
Highway, Ahmedabad – 380059, Gujarat, India (hereinafter referred to as “the Company”), produced before me by the Company
for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para C Sub Clause 10(i) of the
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company and its officers, I
hereby certify that none of the Directors on the Board of the Company as stated below for the Financial year ending on 31st March,
2019 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and
Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. Name of Director DIN Date of Appointment in Company

No.
1. K. R. Shenoy 00801985 23.9.2006
2. Sandeep Engineer 00067112 25.3.1996
3. Jagruti Enginer 00067276 25.3.1996
4. Kyle A. Thompson 00254002 1.12.1997
5. Anil Kumar Jani 07078868 28.1.2015
6. Pradip N. Desai 00336937 23.9.2006
7. Narasinh K. Balgi 00163468 28.1.2015
8. Kaushal D. Nakrani 08405226 29.3.2019
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of
the Company. My responsibility is to express an opinion on these based on my verification. This certificate is neither an assurance
as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the
affairs of the company.
Place: Ahmedabad Name : Monica Kanuga

Date: 20th May, 2019 Membership No. : F 3868
CP No. : 2125

52
BUSINESS RESPONSIBILITY REPORT

Section A: General Information about The Company
1 Corporate Identity Number (CIN) of the Company L25200GJ1996PLC029134

2 Name of the Company Astral Poly Technik Limited
3 Registered address “Astral House”, 207/1, B/h Rajpath Club, Off. S. G. Highway,
Ahmedabad – 380059, Gujarat, India.
4 Website www.astralpipes.com
5 E-mail [email protected]
6 Financial year reported 2018-19
7 Sector(s) that the Company is engaged in (industrial Plastic Products, NIC Code-222.
activity code-wise)
8 List three key products/services that the Company 1. CPVC pipes.
manufactures/provides (as in balance sheet) 2. PVC pipes.
3. CPVC/PVC fittings
9 Total number of locations where business activity is No. of national locations: 28 (which includes 4 manufacturing
undertaken by the Company (as on 31st March, 2019) units, 13 offices and 11 depots)
No. of international locations : 1 Joint venture company in

Kenya
10 Markets served by the Company Local, State, National & International
Section B: Financial Details of The Company
1 Paid up Capital (INR) H 11,98,06,565/-

2 Total Turnover (INR) H 1,91,570 Lacs
3 Total profit after taxes (INR) H 14,145 Lacs
4 Total Spending on Corporate Social Responsibility H 220 Lacs during FY 2018-19 (1.55% of PAT)
(CSR) as percentage of profit after tax (%)
5 List of activities in which expenditure in 4 above has Promoting healthcare through yoga, other healthcare activities
been incurred: for senior citizens and allied activities for public at large and
contribution Bharat Ke Veer Corpus fund
Section C: Other Details Section D: BR Information

1. Does the Company have any Subsidiary Company/ 1. Details of Director/Directors responsible for BR:
Companies?
(a) Details of the Directors/Director responsible for
The Company has 5 subsidiary companies (including 1
implementation of the BR policy/policies:
step down subsidiary) as on 31st March, 2019. However,
Rex Polyextrusion Pvt. Ltd. was subsequently amalgamated 1. DIN: 00067112
with the Company vide NCLT order dated 2nd May, 2019.
2. Name: Mr. Sandeep Engineer
2. Do the Subsidiary Company/Companies participate in the
3. Designation: Managing Director
BR Initiatives of the parent company? If yes, then indicate
the number of such subsidiary company(s). (b) Details of the BR head:
Subsidiaries of the Company follow major business 1. DIN : 00067276
responsibility initiatives of parent company to the extent
practicable. 2. Name: Mrs. Jagruti Engineer
3. Do any other entity/entities (e.g. suppliers, distributors 3. Designation: Whole Time Director
etc.) that the Company does business with, participate in
4. Tele No.: 079-66212000
the BR initiatives of the Company? If yes, then indicate the
percentage of such entity/entities? [Less than 30%, 30- 5. E-mail: [email protected]
60%, More than 60%].
No other entity / entities participate in the BR initiatives of
the Company.
53
2. Principle-wise (as per NVGs) BR Policy/policies:
No Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy/ policies for Yes Yes Yes Yes Yes Yes Yes Yes Yes
2 Has the policy being formulated in consultation Yes Yes Yes Yes Yes Yes - Yes Yes
with the relevant stakeholders?
3 Do you have a policy/ policies for The policies are aligned with the principles of NVG guidelines
4 Has the policy being formulated in consultation Yes Yes Yes Yes Yes Yes Yes Yes Yes
with the relevant stakeholders?
5 Does the company have a specified committee Yes Yes Yes Yes Yes Yes Yes Yes Yes
of the Board / Director Official to oversee the
implementation of the policy?
6 Indicate the link for the policy to be viewed https://www.astralpipes.com/uploads/investor_
online? broucher/1538746346_275_l.pdf
7 Has the policy been formally communicated to The BR policies have been communicated to Company’s internal and
all relevant internal and external stakeholders? external stakeholders through relevant contents on the website of the
Company www.astralpipes.com.
8 Does the company have in house structure to Yes Yes Yes Yes Yes Yes Yes Yes Yes
implement the policy / policies?
9 Does the Company have a grievance redressal Yes Yes Yes Yes Yes Yes Yes Yes Yes
mechanism related to the policy / policies to
address stakeholders’ grievances related to the
policy / policies?
10 Has the company carried out independent No No No No No No No No No
audit / evaluation of the working of this policy
by an internal or external agency?
3. Governance related to BR in dealing with all its stakeholders. The Company has
adopted Code of Conduct for all employees which covers
(a) Indicate the frequency with which the Board of
policy on ethics, values and anti-corruption. Further, the
Directors, Committee of the Board or CEO to assess
Company has also adopted a separate Code of Conduct
the BR performance of the Company. Within 3
for its Directors and Senior Management which lays down
months, 3-6months, Annually, More than 1 year.
the best corporate governance practices to be followed by
The Company’s Business Responsibility performance the Board members and senior management personnel.
is assessed annually. In addition to this, the Company also has a Whistle Blower
Policy and policy against sexual harassment at workplace.
(b) Does the Company publish a BR or a Sustainability
Internal Complaints Committee has been set up to address
Report? What is the hyperlink for viewing this report?
the complaints of sexual harassment at workplace.
How frequently it is published?
2. How many stakeholder complaints have been received
This report comprises the Company’s second Business
in the past financial year and what percentage was
Responsibility Report as per the National Voluntary
satisfactorily resolved by the management? If so, provide
Guidelines on Social, Environmental and Economic
details thereof, in about 50 words or so.
Responsibility of Business (NVG). The Company
currently does not publish a separate Sustainability Details relating to shareholders’ complaints, received and
Report. This Report is part of Annual report which is resolved, are provided in Corporate Governance Report,
posted on the Company’s website - www.astralpipes. which is a part of this Annual Report. However, there
com. was no stakeholder complaint in the reporting period
with regard to ethics, bribery, corruption and sexual
Section E : Principle-Wise Performance harassment.
Principle 1: Businesses should conduct and govern Principle 2 : Businesses should provide goods and services
themselves with Ethics, Transparency and Accountability. that are safe and contribute to sustainability throughout
1. Does the policy relating to ethics, bribery and corruption their life cycle.
cover only the company? Yes/ No. Does it extend to the 1. List up to 3 of your products or services whose design has
Group/Joint Ventures/ Suppliers/Contractors/NGOs / incorporated social or environmental concerns, risks and/
Others? or opportunities.
The Company is committed to conduct its affairs in a fair, The Company is committed to conduct its business
transparent and professional manner and maintaining in an Eco-Friendly manner. The company ventures to
good ethical standards, transparency and accountability maintain sustainability into the various stages of product
54
lifecycle. This includes acquiring correct raw material, 4. Has the company taken any steps to procure goods
manufacturing of products, damage free transportation of and services from local & small producers, including
goods and proper disposals by consumers. The company’s communities surrounding their place of work?
new product is PEX-a PRO. The Company introduced
(a) If yes, what steps have been taken to improve their
its new PEX- a PRO system based on the expansion ring
capacity and capability of local and small vendors?
technology (Shrink-Fit) which is meant for distribution of
hot and cold water plumbing applications. This product The Company is determined to procure all its packing
is more eco-friendly due to use of PE material and also material used to pack Pipes and Fitting material from
completely recyclable even after end of service life. PEX local source within a range of 50 kms from the factory
is the plastic with the best long term performance. Loss premises. Such suppliers are timely inspected by a
of properties with time is very slower than for the rest of team of company officials to work on their various
other conventional materials. At the time of installation, no compliances and to increase their capacity. Majority
flammable solvent or electricity being used for joining. of our manpower is sourced from nearby places.
2. For each such product, provide the following details in 5. Does the company have a mechanism to recycle products
respect of resource use (energy, water, raw material etc.) and waste? If yes what is the percentage of recycling of
per unit of product (optional): products and waste (separately as 10%). Also, provide
details thereof, in about 50 words or so.
(a) Reduction during sourcing/production/ distribution
achieved since the previous year throughout the All the products Manufactured by the company are 100%
value chain? recyclable. The waste we get during manufacturing
process can be grounded easily and that product is
The Company is determined to set up facilities to provide
blended with the Raw material. Thus there is no or very
goods in most efficient and fast way. All the production
little waste which can not be reused and recycled.
processes acquired by the company are energy efficient
and Eco-friendly. For saving energy the company has Principle 3: Businesses should promote the wellbeing of
started many operations in all plants to optimize the use all employees.
of resources. To make sure that energy is being saved
1. Please indicate the Total number of employees.
consistently, Company conducts Energy audits regularly
at all plants by approved government agencies. Apart The Company has 1211 employees as on 31st March, 2019
from this suggestions are also considered related to
2. Please indicate the Total number of employees hired on
improvements and mandatory requirements. Most of
temporary/contractual/casual basis.
the processes in plants are controlled with drive / PLC /
VFD which are very efficient. The Company has 2030 employees hired on temporary/
contractual/casual basis.
(b) Reduction during usage by consumers (energy,
water) has been achieved since the previous year? 3. Please indicate the Number of permanent women
employees
The Company gives periodic training to plumbers
The Company has 56 women employees as on 31st March,
for installation of pipes and fittings which deals
2019
with various measures regarding Energy/Water
consumption. 4. Please indicate the Number of permanent employees
with disabilities
3. Does the company have procedures in place for
sustainable sourcing (including transportation)? The Company has 8 employees with disabilities as on
31st March, 2019
Astral believes in both Long term / Short term contracts for
acquiring Raw materials and other services. The company 5. Do you have an employee association that is recognized
always seeks to establish long term relationship with its by management
vendors and makes sure to include them in Company’s The Company does not have an employee association
growth. Substantial amount of our major raw material that is recognized by the management.
procurement within a range of 250 kms from factory
premises. Astral, believes in acquiring components from 6. What percentage of your permanent employees is
local vendors without compromising on quality. members of this recognized employee association?
Not applicable
(a) If yes, what percentage of your inputs was sourced
sustainably? Also, provide details thereof, in about 7. Please indicate the Number of complaints relating to
50 words or so. child labour, forced labour, involuntary labour, sexual
harassment in the last financial year and pending, as on
Majority amount of our indigenous raw material and
the end of the financial year ?
components are sourced within a range of 250 kms
from the factory premises. There were no complaints of this nature during the
financial year.
55
8. What percentage of your under mentioned employees Principle 5: Businesses should respect and promote human
were given safety & skill upgradation training in the last rights.
year?
1. Does the policy of the company on human rights cover
(a) Permanent Employees only the company or extend to the Group/Joint Ventures/
Suppliers/Contractors/NGOs/Others?
(b) Permanent Women Employees
The Company believes in protecting the human rights
(c) Casual/Temporary/Contractual Employees
of all individuals, recognising their need for respect and
(d) Employees with Disabilities dignity and also promotes awareness of the importance
of respecting human rights within its entire value chain
The Company is committed in ensuring the well-being
by discouraging instances of abuse. The Company
of all its employees, their safety and health. It considers
understands that human rights are inherent, universal,
employee wellbeing as imperative ingredient to achieve
indivisible and inter-dependent in nature. The Company is
a sustained growth of the organization. The Company’s
committed to protect the rights of all internal and external
training programs extend to all permanent and contractual
stakeholders.
employees. All employees, including women and
differently abled, are given mandatory safety training on 2. How many stakeholder complaints have been received in
induction as well as the job skills related training through the past financial year and what percent was satisfactorily
the Contractors and the Company. resolved by the management?
Principle 4: Businesses should respect the interests of, and No complaint was received by the Company from any
be responsive towards all stakeholders, especially those stakeholder during past financial year.
who are disadvantaged, vulnerable and marginalized
Principle 6: Business should respect, protect, and make
1. Has the company mapped its internal and external efforts to restore the environment.
stakeholders? Yes/No
1. Does the policy related to Principle 6 cover only the
The Company values the support of its stakeholders (i.e. company or extends to the Group/Joint Ventures/
distributors, dealers, suppliers, customers, other business Suppliers/ Contractors/NGOs/others.
associates and local community near to the premises) and
The Company believes in setting high standards in the
respects the interests and concerns they have towards
area of environmental responsibility and striving for
it. The Company believes that it has a responsibility to
performance that does not merely comply with regulations
think and act beyond interest of shareholders to include
but reduces environmental impacts. The Company has
all its stakeholders specially interest of weaker section of
adopted policy on Health, Safety and Environment and
society. The Company has mapped major stakeholders
is applicable to the Company. The Policy is prominently
which includes workers, employees, distributors, dealers,
displayed at the manufacturing units. The Policy is given
plumbers, investors, govt. agencies and local community.
to all visitors to the factory premises.
2. Out of the above, has the company identified the
2. Does the company have strategies/ initiatives to address
disadvantaged, vulnerable & marginalized stakeholders
global environmental issues such as climate change,
Yes global warming, etc.? Y/N. If yes, please give hyperlink
for webpage etc.
3. Are there any special initiatives taken by the company
to engage with the disadvantaged, vulnerable and The Company is continuously taking measures for
marginalized stakeholders. If so, provide details thereof, developing new energy efficient systems which minimizes
in about 50 words or so. energy consumption and related emission reduction.
The Company through various initiatives engage with 3. Does the company identify and assess potential
disadvantaged, vulnerable and marginalized stakeholders environmental risks? Y/N
specially workers, plumbers and local community. The
The Company does from time to time identify and assess
Company is sensitive towards rights of stakeholders and
potential environmental risks. However, the process of
ensures that the same are protected.
the Company as of now does not involve emission of any
Beyond manufacturing, the Company trains more than material adversely affecting the environment.
85,000 plumbers every year in India. The Company
4. Does the company have any project related to Clean
believes this training equips them in making their future
Development Mechanism? If so, provide details thereof,
sustainable and at the same time, overall quality of
in about 50 words or so. Also, if Yes, whether any
plumbing improves in our country
environmental compliance report is filed?
At present, the Company has not undertaken any project

under clean development mechanism.
56
5. Has the company undertaken any other initiatives on – Principle 8: Businesses should support inclusive growth
clean technology, energy efficiency, renewable energy, and equitable development.
etc. Y/N. If yes, please give hyperlink for web page etc.
1. Does the company have specified programmes/
As a part of promoting renewable energy, the Company initiatives/projects in pursuit of the policy related to
installed 250 kva of solar power rooftop panels at Hosur Principle 8? If yes details thereof.
(Tamil Nadu) plant of the Company. Project work on
The Company believes in conducting responsible
installation of 1 MW of solar power roof top panels is
business practices that emphasize on social and
under process in Santej and Dholka plant of the company
economic issues to achieve inclusive growth. It believes in
which reduces the energy consumption. Your Company is
equitable development, taking into account the interests
in the process of installing solar power roof top panels of
of the business community, fairness in the treatment of
8 MW in remaining plant areas. For the purpose of animal
employees, and sustainability in protecting and enhancing
welfare the CSR wing of the Company viz. Astral Charitable
resources (human and others) in responding to an array of
Trust and the company has donated to Earth Brigade
social and environmental needs.
Foundation/ Earthworks Conservation Foundation NGO
registered u/s 8 of the Companies Act 2013 the amount The Company is carrying out project for yoga, various
of H 5.83 Lacs for purchase and installation of one solar healthcare activities for senior citizens and allied social
pump at Pench Tiger Reserve, Madhya Pradesh and two service activities for public at large at Ahmedabad,
solar pump at Anechowkur and Kaimara, Karnataka for Gujarat, India. The Company is undertaking the said
providing drinking water for wild animals in the forests. project through Astral Charitable Trust and which has
constructed multi-storied building in Ahmedabad for
6. Are the Emissions/Waste generated by the company
aforesaid purposes. Yoga activities for all age group of
within the permissible limits given by CPCB/SPCB for the
people, health care activities and awareness programs,
financial year being reported?
blood donation camps and other allied activities are
Emissions/ waste generated by the Company are within conducted by the said trust on an ongoing basis.
the permissible limits prescribed by SPCBs.
2. Are the programmes/projects undertaken through in-
7. Number of show cause/ legal notices received from house team/own foundation/external NGO/government
CPCB/SPCB which are pending (i.e. not resolved to structures/ any other organization?
satisfaction) as on end of Financial Year.
The program is undertaken through a Charitable Trust viz.
There is no show cause/legal notice received from SPCB Astral Charitable Trust / Directly.
by the Company during the year which is pending.
3. Have you done any impact assessment of your initiative?
Principle 7: Businesses, when engaged in influencing No impact assessment is made at this stage.
public and regulatory policy, should do so in a responsible
manner. 4. What is your company’s direct contribution to community
development projects/CSR amount in INR and the details
1. Is your company a member of any trade and chamber or of the projects undertaken.
association? If yes, Name only those major ones that your
business deals with: The Company’s monetary contribution to community
development projects/ CSR in FY 2018-19 was H 220
The Company believes in engaging with industry bodies Lacs. Till date, the Company has contributed H 1006 Lacs.
and associations to influence public and regulatory policy Details of CSR initiatives undertaken by the Company are
in a most responsible manner and advocating the best set out in the corporate social responsibility section of this
practices for the benefit of society at large. The Company is Annual Report.
members of Gujarat Chamber of Commerce and Industry,
Confederation of Indian Industry, Federation of Indian 5. Have you taken steps to ensure that this community
Export Organization and Indian Plumbing Association. development initiative is successfully adopted by the
community? Please explain in 50 words, or so.
2. Have you advocated/lobbied through above associations
for the advancement or improvement of public good? Company’s community development programs have
Yes/ No; if yes specify the broad areas ( drop box: sprung from the needs of the local community and public
Governance and Administration, Economic Reforms, at large and hence adoption of the initiatives have become
Inclusive Development Policies, Energy security, Water, very smooth and successful.
Food Security, Sustainable Business Principles, Others).
The Company from time to time makes representations to

the associations concerning the areas of public good.
57
Principle 9: Businesses should engage with and provide 3. Is there any case filed by any stakeholder against the
value to their customers and consumers in a responsible company regarding unfair trade practices, irresponsible
manner. advertising and/or anti-competitive behaviour during the
last five years and pending as on end of financial year. If
1. What percentage of customer complaints/consumer
so, provide details thereof, in about 50 words or so.
cases are pending as on the end of financial year.
There are no cases filed by any stakeholder against the
The Company is committed to continuously exceed
Company regarding unfair trade practices, irresponsible
customer expectations. Customer satisfaction is the key
advertising and/or anti-competitive behaviour during the
to our growth and success in this line of business. The
last five years.
Company strives hard to provide better products and
greatest value to its customers. There are no customer 4. Did your company carry out any consumer survey/
complaints/consumer cases pending at the end of the consumer satisfaction trends?
financial year.
The Company does from time to time carry our customer
2. Does the company display product information on satisfaction surveys.
the product label, over and above what is mandated
as per local laws? Yes/No/ N.A. /Remarks(additional
information)
The Company displays all product information on the

product label, which is mandatory and as may be required
for the use of the products by the consumers.
58
INDEPENDENT AUDITOR’S REPORT
To the Members of Astral Poly Technik Limited
Report on the Audit of the Standalone Ind AS

Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial audit of the financial statements under the provisions of the
statements of Astral Poly Technik Limited (“the Company”), Act and the Rules thereunder, and we have fulfilled our other
which comprise the Balance sheet as at March 31 2019, the ethical responsibilities in accordance with these requirements
Statement of Profit and Loss, including the statement of Other and the Code of Ethics. We believe that the audit evidence
Comprehensive Income, the Cash Flow Statement and the we have obtained is sufficient and appropriate to provide a
Statement of Changes in Equity for the year then ended, basis for our audit opinion on the standalone Ind AS financial
and notes to the financial statements, including a summary statements.
of significant accounting policies and other explanatory
information in which are included the financial information for Key Audit Matters
the year ended on that date.
Key audit matters are those matters that, in our professional
In our opinion and to the best of our information and according judgment, were of most significance in our audit of the
to the explanations given to us, the aforesaid standalone Ind standalone Ind AS financial statements for the financial year
AS financial statements give the information required by the ended March 31, 2019. These matters were addressed in
Companies Act, 2013 (“the Act”) in the manner so required the context of our audit of the standalone Ind AS financial
and give a true and fair view in conformity with the accounting statements as a whole, and in forming our opinion thereon,
principles generally accepted in India, of the state of affairs of and we do not provide a separate opinion on these matters.
the Company as at March 31, 2019, its profit including other For each matter below, our description of how our audit
comprehensive income its cash flows and the changes in addressed the matter is provided in that context.
equity for the year ended on that date.
We have determined the matters described below to be
Basis for Opinion the key audit matters to be communicated in our report. We
have fulfilled the responsibilities described in the Auditor’s
We conducted our audit of the standalone Ind AS financial responsibilities for the audit of the standalone Ind AS financial
statements in accordance with the Standards on Auditing statements section of our report, including in relation to these
(SAs), as specified under section 143(10) of the Act. Our matters. Accordingly, our audit included the performance of
responsibilities under those Standards are further described in procedures designed to respond to our assessment of the risks
the ‘Auditor’s Responsibilities for the Audit of the standalone of material misstatement of the standalone Ind AS financial
Ind AS Financial Statements’ section of our report. We are statements. The results of our audit procedures, including
independent of the Company in accordance with the ‘Code of the procedures performed to address the matters below,
Ethics’ issued by the Institute of Chartered Accountants of India provide the basis for our audit opinion on the accompanying
together with the ethical requirements that are relevant to our standalone Ind AS financial statements.
Key audit matters How our audit addressed the key audit matter
Impairment assessment of investments in subsidiaries (Refer note no. 2(u)(ii) of Standalone Ind AS Financial Statements)
The Company’s investment in subsidiaries is amounting to We performed following procedures, among others:
H33,346.81 lacs as at 31 March 2019, which is 19% of total assets • We evaluated the forecast of future cash flows used by the
as at 31 March 2019. management in the model to compute the Recoverable
The determination of recoverable amounts of the Company’s amount.
investments in subsidiaries is dependent on management’s • We compared the forecast of future cash flows to business
estimates with respect to such entity’s performance, future plan and previous forecasts to the actual results.
cash flows and making judgment with respect to assumptions • We focused our analysis on management assumptions in
used in computing the recoverable amount of investments in respect of future sales growth rate and discount rate used
subsidiaries (“Recoverable amount”). to compute the Recoverable amount.
Considering the uncertainty involved in forecasting of cash flows • We recalculated estimates using the management model.
and the judgement involved in respect of assumptions used in • We involved valuation specialists to assist in evaluating
computing the Recoverable amount this audit area is considered the key assumptions and methodologies used by the
a key audit matter. Company in computing the Recoverable amount.
• We assessed the disclosures made in the Standalone Ind
AS financial statements.
59
Business Combination (Refer note no. 38 of the standalone Ind AS Financial Statements)
During the year, the Company has acquired 51% of equity With respect to the accounting for the acquisition:
shares of Rex Polyextrusion Private Limited Ltd. (“Amalgamating • We have read the relevant parts of the purchase
Company”) against cash consideration and subsequently agreements, scheme of amalgamation for the merger of
merged Amalgamating Company with the Company by buying Amalgamating Company with the Company, obtained
out minority shareholders by issuing Company’s own equity an understanding of the deal structure and evaluated
shares against the balance 49% of equity shares held by minority the accounting treatment in accordance with Ind AS
shareholders. 103. This included the evaluation of the interpretation of
The fair value of the consideration transferred amounted to specific sections of the agreements and the application
H14,750.00 lacs in total. The allocation of the purchase price to of accounting policies to thereon.
identifiable assets and liabilities acquired was performed by the • We evaluated the qualifications and objectivity of the
Company with support from external advisors and lead to the experts engaged by the Company to perform the
recognition of Goodwill of H1,921.98 lacs. purchase price allocation.
The individual assets acquired, especially brands have • We have recalculated the model using the management
no observable market values are available. To determine inputs and assumptions for ascertaining mathematical
the corresponding fair values, valuation models based on accuracy.
assumptions are used. This measurement is dependent on • We compared the inputs in the model to internal and
estimates of future cash flows as well as the discount rate applied external data.
and subject to uncertainty. • We focused our analysis on management assumptions
Accounting for acquisitions requires the application of complex in respect of future sales growth rate and discount rate
accounting policies, mainly Ind AS 103 Business Combinations, used in valuation.
and involves significant judgments and assumptions and hence • We involved valuation specialists to assist in evaluating
considered a key audit matter. the key assumptions and methodologies.
• We assessed the disclosures made in the Standalone Ind
AS Financial Statements.
Other Information flows and changes in equity of the Company in accordance

with the accounting principles generally accepted in India,
The Company’s Board of Directors is responsible for the other including the Indian Accounting Standards (Ind AS) specified
information. The other information comprises the information under section 133 of the Act read with [the Companies
included in the Annual report, but does not include the (Indian Accounting Standards) Rules, 2015, as amended.
standalone Ind AS financial statements and our auditor’s This responsibility also includes maintenance of adequate
report thereon. accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for
Our opinion on the standalone Ind AS financial statements
preventing and detecting frauds and other irregularities;
does not cover the other information and we do not express
selection and application of appropriate accounting policies;
any form of assurance conclusion thereon.
making judgments and estimates that are reasonable and
In connection with our audit of the standalone Ind AS financial prudent; and the design, implementation and maintenance
statements, our responsibility is to read the other information of adequate internal financial controls, that were operating
and, in doing so, consider whether the other information is effectively for ensuring the accuracy and completeness of
materially inconsistent with the financial statements or our the accounting records, relevant to the preparation and
knowledge obtained in the audit or otherwise appears to be presentation of the standalone Ind AS financial statements
materially misstated. If, based on the work we have performed, that give a true and fair view and are free from material
we conclude that there is a material misstatement of this other misstatement, whether due to fraud or error.
information, we are required to report that fact. We have
In preparing the standalone Ind AS financial statements,
nothing to report in this regard.
management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as
Responsibilities of Management for the applicable, matters related to going concern and using the
standalone Ind AS Financial Statements going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or
The Company’s Board of Directors is responsible for the
has no realistic alternative but to do so.
matters stated in section 134(5) of the Act with respect to the
preparation of these standalone Ind AS financial statements Those Board of Directors are also responsible for overseeing
that give a true and fair view of the financial position, financial the Company’s financial reporting process.
performance including other comprehensive income, cash
60
Auditor’s Responsibilities for the Audit of the disclosures, and whether the standalone Ind AS financial
standalone Ind AS Financial Statements statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Our objectives are to obtain reasonable assurance about
whether the standalone Ind AS financial statements as a whole We communicate with those charged with governance
are free from material misstatement, whether due to fraud regarding, among other matters, the planned scope and
or error, and to issue an auditor’s report that includes our timing of the audit and significant audit findings, including
opinion. Reasonable assurance is a high level of assurance, any significant deficiencies in internal control that we identify
but is not a guarantee that an audit conducted in accordance during our audit.
with SAs will always detect a material misstatement when it
We also provide those charged with governance with a
exists. Misstatements can arise from fraud or error and are
statement that we have complied with relevant ethical
considered material if, individually or in the aggregate, they
requirements regarding independence, and to communicate
could reasonably be expected to influence the economic
with them all relationships and other matters that may
decisions of users taken on the basis of these standalone Ind
reasonably be thought to bear on our independence, and
AS financial statements.
where applicable, related safeguards.
As part of an audit in accordance with SAs, we exercise
From the matters communicated with those charged with
professional judgment and maintain professional skepticism
governance, we determine those matters that were of most
throughout the audit. We also:
significance in the audit of the standalone Ind AS financial
• Identify and assess the risks of material misstatement of statements for the financial year ended March 31, 2019 and
the standalone Ind AS financial statements, whether due are therefore the key audit matters. We describe these matters
to fraud or error, design and perform audit procedures in our auditor’s report unless law or regulation precludes
responsive to those risks, and obtain audit evidence that public disclosure about the matter or when, in extremely
is sufficient and appropriate to provide a basis for our rare circumstances, we determine that a matter should
opinion. The risk of not detecting a material misstatement not be communicated in our report because the adverse
resulting from fraud is higher than for one resulting from consequences of doing so would reasonably be expected to
error, as fraud may involve collusion, forgery, intentional outweigh the public interest benefits of such communication.
omissions, misrepresentations, or the override of internal
Other Matter
control.
We did not audit the financial statements and other financial
• Obtain an understanding of internal control relevant to
information of Amalgamating Company, which was merged
the audit in order to design audit procedures that are
into the Company with effect from July 10, 2018, included in
appropriate in the circumstances. Under section 143(3)
the accompanying standalone Ind AS financial statements of
(i) of the Act, we are also responsible for expressing our
the Company whose financial statements and other financial
opinion on whether the Company has adequate internal
information reflect total assets of H14,424.31 lacs as at March
financial controls system in place and the operating
31, 2019, total revenues of H13,863.43 lacs and net cash
effectiveness of such controls.
inflows of H367.50 lacs for the period July 10, 2018 to March
• Evaluate the appropriateness of accounting policies used 31, 2019. The financial statements of Amalgamating Company
and the reasonableness of accounting estimates and as at March 31, 2019 and for the period then ended has been
related disclosures made by management. audited by another auditor whose unmodified opinion dated
April 20, 2019 has been furnished to us by the management.
• Conclude on the appropriateness of management’s use of Our opinion on standalone Ind AS financial statement, in so far
the going concern basis of accounting and, based on the as it relates to the amounts and disclosures included in respect
audit evidence obtained, whether a material uncertainty of Amalgamating Company, and our report in terms of sub-
exists related to events or conditions that may cast sections (3) of Section 143 of the Act, in so far as it relates to
significant doubt on the Company’s ability to continue as the Amalgamating Company, is based solely on the report of
a going concern. If we conclude that a material uncertainty such other auditors. Our opinion is not modified in respect of
exists, we are required to draw attention in our auditor’s this matter.
report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our Report on Other Legal and Regulatory Requirements
opinion. Our conclusions are based on the audit evidence
1. As required by the Companies (Auditor’s Report) Order,
obtained up to the date of our auditor’s report. However,
2016 (“the Order”), issued by the Central Government of
future events or conditions may cause the Company to
India in terms of sub-section (11) of section 143 of the Act,
cease to continue as a going concern.
we give in the “Annexure 1” a statement on the matters
• Evaluate the overall presentation, structure and content of specified in paragraphs 3 and 4 of the Order.
the standalone Ind AS financial statements, including the
61
2. As required by Section 143(3) of the Act, we report that: by the Company to its directors in accordance with
the provisions of section 197 read with Schedule V to
(a) We have sought and obtained all the information and the Act;
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit; (h) With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
(b) In our opinion, proper books of account as required the Companies (Audit and Auditors) Rules, 2014,
by law have been kept by the Company so far as it as amended in our opinion and to the best of our
appears from our examination of those books; information and according to the explanations given
to us:
(c) The Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive i. The Company has disclosed the impact of
Income, the Cash Flow Statement and Statement of pending litigations on its financial position in its
Changes in Equity dealt with by this Report are in standalone Ind AS financial statements – Refer
agreement with the books of account; Note 33 to the standalone Ind AS financial
statements;
(d) In our opinion, the aforesaid standalone Ind AS
financial statements comply with the Accounting ii. The Company did not have any long-term
Standards specified under Section 133 of the Act, contracts including derivative contracts for which
read with Companies (Indian Accounting Standards) there were any material foreseeable losses;
Rules, 2015, as amended;
iii. There has been no delay in transferring amounts,
(e) On the basis of the written representations received required to be transferred, to the Investor
from the directors as on March 31, 2019 taken Education and Protection Fund by the Company
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2019 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 Chartered Accountants
controls over financial reporting of the Company ICAI Firm Registration Number: 324982E/E300003
with reference to these standalone Ind AS financial
per Anil Jobanputra
statements and the operating effectiveness of such
Partner
controls, refer to our separate Report in “Annexure 2”
Membership Number: 110759
to this report;
(g) In our opinion, the managerial remuneration for the Place of Signature: Ahmedabad
year ended March 31, 2019 has been paid / provided Date: 20th May 2019
62
Annexure 1 referred to in Paragraph 1 of Report on Other Legal and Regulatory Requirements of our
report of even date of Astral Poly Technik Limited for the year ended March 31, 2019
(i) (a) The company has maintained proper records a period of three years which, in our opinion, is
showing full particulars, including quantitative details reasonable having regard to the size of the Company
and situation of Property, plant and equipment. and the nature of its assets. Pursuant to the programme,
a portion of the Property, plant and equipment has
(b) The Property, plant and equipment are physically been physically verified by the management during
verified by the management according to a phased the year and no material discrepancies have been
programme designed to cover all the item s over noticed on such verification.
(c) According to the information and explanations given by the management, the title deeds of immovable properties held
as in property, plant and equipment are in the name of the company except the following:
Gross Block as Net Block as at Remarks

Particulars of Land
at March 31, March 31, 2019
and Building
2019 (K in lacs) (K in lacs)
Two office buildings located at 127.11 100.48 The title deeds of the same buildings are
Ahmedabad. under process of being transferred in the
name of the Company.
Land and building located 4,302.60 4,258.78 Land and building are in the name of
at Uttarakhand, Karnataka Amalgamating Company. Pursuant to
and multiple locations in the scheme of amalgamation, as stated
Maharashtra in note 38 to Ind AS Standalone financial
statements. The title deeds of the same are
under process of being transferred in name
of the Company.
(ii) The management has conducted physical verification (v) The Company has not accepted any deposits within
of inventory at reasonable intervals during the year and the meaning of Sections 73 to 76 of the Act and the
no material discrepancies were noticed on such physical Companies (Acceptance of Deposits) Rules, 2014 (as
verification. amended). Accordingly, the provisions of clause 3(v) of
the Order are not applicable.
(iii) (a) The Company has granted loans to one Company
covered in the register maintained under section (vi) We have broadly reviewed the books of account
189 of the Companies Act, 2013. In our opinion and maintained by the Company pursuant to the rules made
according to the information and explanations given by the Central Government for the maintenance of cost
to us, the terms and conditions of the grant of such records under section 148(1) of the Companies Act,
loans are not prejudicial to the company’s interest. 2013, related to the manufacture of goods, and are of
the opinion that prima facie, the specified accounts and
(b) The Company has granted aforesaid loans that are records have been made and maintained. We have not,
re-payable on demand. We are informed that the however, made a detailed examination of the same.
company has not demanded repayment of any such
loan during the year, and thus, there has been no (vii) a) According to the information and explanation given
default on the part of the parties to whom the money to us and examination of records of the Company,
has been lent. The payment of interest has been undisputed statutory dues including provident
regular. fund, employees’ state insurance, income-tax, duty
of custom, goods and service tax, cess and other
(c) There are no amounts of loans granted to companies, material statutory dues have generally been regularly
firms or other parties listed in the register maintained deposited with the appropriate authorities.
under section 189 of the Companies Act, 2013 which
are overdue for more than ninety days. b) According to the information and explanations given
to us, no undisputed amounts payable in respect of
(iv) In our opinion and according to the information and provident fund, employees’ state insurance, income-
explanations given to us, provisions of section 185 and tax, duty of custom, goods and service tax, cess and
186 of the Companies Act 2013 in respect of loans to other material statutory dues were outstanding, at the
directors including entities in which they are interested year end, for a period of more than six months from
and in respect of loans and advances given, investments the date they became payable.
made and, guarantees and securities given have been
complied with by the Company.
63
c) According to the information and explanations given to us, there are no statutory dues which have not been deposited
on account of any dispute except for the following.
Nature of Amount Period to which the Forum where the

Name of the statute
the dues (J in lacs) amount relates dispute is pending
Income Tax Act 1961 Income Tax 1.37 FY 2013-14 ITAT
Income Tax Act 1961 Income Tax 181.54 FY 2014-15 to FY 2016-17 CIT(A)
Income Tax Act 1961 Income Tax 109.74 FY 2010-11 to FY 2015-16 Assistant Commissioner
of Income Tax
Income Tax Act 1961 Income Tax 9.24 FY 2016-17 Assessing Officer
The Central Sales Tax Act, Central Sales 12.44 FY 2013-14 VAT Officer
1956 Tax
The Central Sales Tax Act, Central Sales 23.28 FY 2013-14 & FY 2014-15 Office of commercial Tax
1956 Tax
GST Act, 2017 Goods and 1.77 FY 2017-18 Appellate Authority
Service Tax
Custom Act, 1962 Custom duty 18.01 December 31, 2014 to Assistant Commissioner
June 30, 2016 of Custom
Custom Act, 1962 Custom duty 39.86 December 17, 2013 to Additional DGFT
December 31, 2014
Custom Act, 1962 Custom duty 62.69 February 23, 2011 to Additional DGFT
February 23, 2014
Central Excise Act, 1944 Excise Duty 139.64 January 01, 2015 to June Commissioner of
30, 2017 Income Tax
The Maharashtra Value Value added 28.55 FY 2013-14 Dy. Comm. Appeals
Added Tax Act, 2002 tax
The Maharashtra Value Value added 21.56 FY 2002-03 to FY 2006-07 Tribunal
Added Tax Act, 2002 tax
(viii) In our opinion and according to the information and officers and employees of the Company has been noticed
explanations given by the management, the Company or reported during the year.
has not defaulted in repayment of loans or borrowings
from banks or financial institution. The Company did (xi) According to the information and explanations given by
not have any due payable to the debenture holders and the management, the managerial remuneration has been
government during the year. paid / provided in accordance with the requisite approvals
mandated by the provisions of section 197 read with
(ix) In our opinion and according to the information and Schedule V to the Companies Act, 2013.
explanations given by the management, the Company
has utilized the monies raised by way of term loans for the (xii) In our opinion, the Company is not a nidhi company.
purposes for which they were raised. Therefore, the provisions of clause 3(xii) of the order are
not applicable to the Company and hence not commented
(x) Based upon the audit procedures performed for the upon.
purpose of reporting the true and fair view of the
financial statements and according to the information and (xiii) According to the information and explanations given by
explanations given by the management, we report that no the management, transactions with the related parties are
fraud by the company or no fraud on the company by the in compliance with sections 177 and 188 of the Companies
64
Act, 2013 where applicable and the details have been (xvi) According to the information and explanations given to
disclosed in the Standalone Ind AS financial statements, us, the company is not required to be registered under
as required by the applicable accounting standards. section 45IA of Reserve Bank of India Act, 1934.
(xiv) According to the information and explanations given to

us and on an overall examination of the balance sheet,
the company has not made any preferential allotment or For S R B C & CO LLP
private placement of shares or fully or partly convertible Chartered Accountants
debentures during the year under review and hence, ICAI Firm Registration Number: 324982E/E300003
reporting requirements under clause 3(xiv) are not
per Anil Jobanputra
applicable to the Company and not commented upon.
Partner
(xv) According to the information and explanations given by Membership Number: 110759
the management, the Company has not entered into any
non-cash transactions with directors or persons connected Place of Signature: Ahmedabad
with him as referred to in section 192 of the Act. Date: 20th May 2019
65
Annexure 2 to the Independent Auditor’s Report of Even Date on the Ind AS Financial Statements of
Report on the Internal Financial Controls under included obtaining an understanding of internal financial
Clause (i) of Sub-section 3 of Section 143 of the controls over financial reporting with reference to these
Companies Act, 2013 (“the Act”) Standalone Ind AS financial statements, assessing the risk that
a material weakness exists, and testing and evaluating the
We have audited the internal financial controls over financial design and operating effectiveness of internal control based
reporting of Astral Poly Technik Limited (“the Company”) as of on the assessed risk. The procedures selected depend on the
March 31, 2019 in conjunction with our audit of the Standalone auditor’s judgement, including the assessment of the risks of
Ind AS financial statements of the Company for the year ended material misstatement of the financial statements, whether due
on that date. to fraud or error.
We believe that the audit evidence we have obtained is

Management’s Responsibility for Internal
sufficient and appropriate to provide a basis for our audit
Financial Controls
opinion on the internal financial controls over financial
The Company’s Management is responsible for establishing reporting with reference to these Standalone Ind AS financial
and maintaining internal financial controls based on the statements
internal control over financial reporting criteria established
by the Company considering the essential components of Meaning of Internal Financial Controls Over
internal control stated in the Guidance Note on Audit of Financial Reporting With Reference to these Ind
Internal Financial Controls Over Financial Reporting issued AS Financial Statements
by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and A company’s internal financial control over financial
maintenance of adequate internal financial controls that were reporting with reference to these Standalone Ind AS financial
operating effectively for ensuring the orderly and efficient statements is a process designed to provide reasonable
conduct of its business, including adherence to the Company’s assurance regarding the reliability of financial reporting
policies, the safeguarding of its assets, the prevention and and the preparation of financial statements for external
detection of frauds and errors, the accuracy and completeness purposes in accordance with generally accepted accounting
of the accounting records, and the timely preparation of principles. A company’s internal financial control over financial
reliable financial information, as required under the Companies reporting with reference to these Ind AS financial statements
Act, 2013. 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 company; (2) provide reasonable assurance that
Our responsibility is to express an opinion on the Company’s transactions are recorded as necessary to permit preparation
internal financial controls over financial reporting with of financial statements in accordance with generally accepted
reference to these Standalone Ind AS financial statements accounting principles, and that receipts and expenditures
based on our audit. We conducted our audit in accordance of the company are being made only in accordance with
with the Guidance Note on Audit of Internal Financial Controls authorisations of management and directors of the company;
Over Financial Reporting (the “Guidance Note”) and the and (3) provide reasonable assurance regarding prevention
Standards on Auditing as specified under section 143(10) or timely detection of unauthorised acquisition, use, or
of the Companies Act, 2013, to the extent applicable to an disposition of the company’s assets that could have a material
audit of internal financial controls and, both issued by the effect on the financial statements.
Institute of Chartered Accountants of India. Those Standards
and the Guidance Note require that we comply with ethical Inherent Limitations of Internal Financial Controls
requirements and plan and perform the audit to obtain Over Financial Reporting With Reference to these
reasonable assurance about whether adequate internal Ind AS Financial Statements
financial controls over financial reporting with reference to
these Standalone Ind AS financial statements was established Because of the inherent limitations of internal financial controls
and maintained and if such controls operated effectively in all over financial reporting with reference to these Standalone Ind
material respects. AS financial statements, including the possibility of collusion
or improper management override of controls, material
Our audit involves performing procedures to obtain audit misstatements due to error or fraud may occur and not be
evidence about the adequacy of the internal financial controls detected. Also, projections of any evaluation of the internal
over financial reporting with reference to these Standalone financial controls over financial reporting with reference to
Ind AS financial statements and their operating effectiveness. these Standalone Ind AS financial statements to future periods
Our audit of internal financial controls over financial reporting are subject to the risk that the internal financial control over
66
financial reporting with reference to these Standalone Ind Other Matters

AS financial statements may become inadequate because of
changes in conditions, or that the degree of compliance with Our report under Section 143(3)(i) of the Act on the adequacy
the policies or procedures may deteriorate. and operating effectiveness of the internal financial controls
over financial reporting of the Company, insofar as it relates to
Amalgamating Company, which is Company incorporated in
Opinion India, is based on the corresponding report of the auditors of
In our opinion, the Company has maintained, in all material Amalgamating Company.
respects, adequate internal financial controls over financial For S R B C & CO LLP
reporting with reference to these Standalone Ind AS financial Chartered Accountants
statements and such internal financial controls over financial ICAI Firm Registration Number: 324982E/E300003
reporting with reference to these Standalone Ind AS financial
statements were operating effectively as at March 31, 2019, per Anil Jobanputra
based on the internal control over financial reporting criteria Partner
established by the Company considering the essential Membership Number: 110759
components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting Place of Signature: Ahmedabad
issued by the Institute of Chartered Accountants of India. Date: 20th May 2019
67
STANDALONE BALANCE SHEET

AS AT MARCH 31, 2019
(H in lacs)
As at As at
Particulars Notes
March 31, 2019 March 31, 2018
ASSETS
Non-current assets
(a) Property, plant and equipment 3(A) 62,523.70 44,718.98
(b) Capital work-in-progress 7,755.82 6,467.37
(c) Goodwill 1,921.98 -
(d) Other Intangible assets 3(B) 4,146.37 145.56
(e) Financial assets
(i) Investments 4 33,988.94 33,759.34
(ii) Loans 5 3,285.01 2,430.75
(iii) Other financial assets 6 588.51 416.00
(f) Non-current tax assets 7 71.15 -
(g) Other non-current assets 8 2,584.64 529.10
Total non-current assets 1,16,866.12 88,467.10
Current assets
(a) Inventories 9 29,956.14 26,513.14
(b) Financial assets
(i) Trade receivables 10 22,334.62 22,118.29
(ii) Cash and cash equivalents 11 5,313.18 3,820.18
(iii) Bank balances other than (ii) above 12 879.56 3.24
(iv) Loans 5 125.43 115.35
(v) Other financial assets 6 596.62 431.66
(c) Current tax assets (net) 7 99.13 99.13
(d) Other current assets 8 2,328.07 1,560.42
61,632.75 54,661.41
Total assets 1,78,498.87 1,43,128.51
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 13 1,198.07 1,197.67
(b) Other equity 14 1,14,198.86 93,681.92
Total equity 1,15,396.93 94,879.59
Liabilities
Non-current liabilities
(a) Financial liabilities-Borrowings 15 12,128.20 7,334.97
(b) Provisions 16 154.56 49.62
(c) Deferred tax liabilities (Net) 17 4,655.65 2,880.21
Total non-current liabilities 16,938.41 10,264.80
Current liabilities
(a) Financial liabilities
(i) Borrowings 15 2,500.00 -
(ii) Trade payables 18
a total outstanding dues of micro enterprises and small enterprises - -
b total outstanding dues of creditors other than micro enterprises 32,205.63 28,319.39
and small enterprises
(iii) Other financial liabilities 19 8,245.36 6,385.14
(b) Other current liabilities 20 2,654.61 2,528.88
(c) Provisions 16 174.47 86.89
(d) Current tax liabilities (Net) 21 383.46 663.82
Total current liabilities 46,163.53 37,984.12
Total liabilities 63,101.94 48,248.92
Total equity and liabilities 1,78,498.87 1,43,128.51
See accompanying notes to the standalone financial statements
As per report of even date
For S R B C & CO LLP For and on behalf of the Board of Directors of Astral Poly Technik Limited
ICAI Firm Registration No : 324982E/E300003 CIN : L25200GJ1996PLC029134
Per Anil Jobanputra Sandeep P. Engineer Jagruti S. Engineer
Partner Managing Director Whole Time Director
Membership No : 110759 DIN : 00067112 DIN : 00067276
Hiranand A. Savlani Krunal D. Bhatt

Chief Financial Officer Company Secretary
Place : Ahmedabad Place : Ahmedabad

Date : May 20, 2019 Date : May 20, 2019
68
STANDALONE STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED MARCH 31, 2019
(H in lacs, except as stated otherwise)
Year ended Year ended

Particulars Notes
March 31, 2019 March 31, 2018
Income
Revenue from operations 22 1,91,570.59 1,60,461.41
Other income 23 1,147.08 1,105.34
Total 1,92,717.67 1,61,566.75
Expenses
Cost of materials consumed 24 1,23,109.01 1,02,619.78
Purchase of stock-in-trade 25 7,913.72 7,724.60
Changes in inventories of finished goods, stock-in-trade and work-in- 26 (2,838.69) (1,850.01)
progress
Excise duty on sale of goods - 2,265.79
Employee benefits expense 27 7,540.68 5,310.75
Finance costs 28 2,805.18 1,740.36
Depreciation and amortization expense 29 6,713.26 4,666.63
Other expenses 30 25,456.85 20,727.94
Total 1,70,700.01 1,43,205.84
Profit before exceptional items and tax 22,017.66 18,360.91
Exceptional Items 41 199.28 296.25
Profit before tax 21,818.38 18,064.66
Tax expense 31
Current tax 6,763.78 5,898.46
Deferred tax 909.83 264.45
Total tax expense 7,673.61 6,162.91
Profit for the year 14,144.77 11,901.75
Other comprehensive income
Items that will not be reclassified to profit or loss
- Remeasurements gain/(loss) on defined benefit plans (15.28) (3.22)
Income Tax relating to items that will not be reclassified to profit or loss 4.70 1.10
Total other comprehensive income (10.58) (2.12)
Total comprehensive income for the year 14,134.19 11,899.63
Earnings per equity share (Face value of K 1/- each) 32
- Basic (in H) 11.76 9.94
- Diluted (in H) 11.76 9.94


Date : May 20, 2019 Date : May 20, 2019
69
STANDALONE STATEMENT OF CASH FLOWS

(H In Lacs)
Sr Year ended Year ended

Particulars
No. March 31, 2019 March 31, 2018
A Cash flows from operating activities

Adjustments for :
Depreciation and amortisation expense 6,713.26 4,666.63
Finance costs 2,805.18 1,740.36
Interest income (659.06) (164.67)
Proceeds from Investments - (89.44)
Credit balances written back (74.25) (11.96)
Gain on Sale of Current Investments (49.17) (78.17)
(Profit)/Loss on sale of Property, Plant & Equipment (Net) 22.56 (51.82)
Impairment of Investment in JV (Note 41) 199.28 296.25
Share based payment expense 74.31 150.21
Allowance for expected credit loss 303.76 150.00
Net Unrealised foreign exchange loss/(gain) (626.86) 147.40
Operating profit before Working Capital Changes 30,527.39 24,819.45
Changes in working capital :
(Increase)/Decrease in Inventories (674.99) (6,870.23)
(Increase)/Decrease in Trade receivables, financial assets and other assets 4,520.47 6,367.08
Increase/(Decrease) in Trade Payables, financial liabilities, other liabilities 1,717.70 4,695.05
and provisions
Cash generated from operations 36,090.57 29,011.35
Income taxes paid (7,226.12) (5,879.83)
Net cash generated by operating activities [A] 28,864.45 23,131.52
B Cash flows from investing activities
Capital Expenditure on property, plant and equipment and intangible assets (18,767.76) (12,585.15)
Proceeds from Sale of property, plant and equipment 509.11 478.97
Loan repaid by subsidiary (Note 5 & 37) - 621.40
Loan given to subsidiary (Note 5 & 37) (842.38) (793.52)
Interest Received 191.95 71.32
Gain on Sale of Current Investments 49.17 78.17
Increase/(Decrease) in other balances with banks (70.80) 0.14
Proceeds from Mutual fund/NSC 0.43 -
Purchase of Long term investments in Joint Venture/Subsidiary (396.90) (385.64)
Consideration paid to owners of amalgamating company (Note 38) (7,522.50) -
Proceeds from Investment - 89.44
Net Cash flow used in Investing Activities [B] (26,849.68) (12,424.87)
C Cash flow from Financing Activities
Dividend paid (including tax on dividend) (938.54) (793.01)
Proceeds from issue of Equity Shares 20.00 -
Finance Cost (2,740.33) (1,695.56)
Proceeds from Long Term Borrowings 11,453.00 2,075.86
Repayment of Long Term Borrowings (7,402.60) (5,456.54)
Proceeds/(repayment) from Short Term Borrowings (1,122.30) (2,500.00)
Net Cash flow used in Financing Activities [C] (730.77) (8,369.25)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS [A+B+C] 1,284.00 2,337.40
Cash and cash equivalents at the beginning of the year (Note 11) 3,820.18 1,482.88
Cash and cash equivalents acquired from amalgamating company 208.91 -
(Note 38)
Effect of exchange differences on restatement of foreign currency cash and (0.09) 0.10
cash equivalents
Cash and Cash Equivalents at the end of the year (Note 11) 5,313.18 3,820.18
Note The above Cash Flow Statement has been prepared as per 'Indirect Method' as set out in Ind AS 7 on Statement of Cash Flow.
70
STANDALONE STATEMENT OF CASH FLOWS

Changes in liabilities arising from financing activities

(H In Lacs)
Non-current Current Total

Particulars
borrowings borrowings
Balance as at March 31, 2018 11,557.28 - 11,557.28
Acquisition on account of amalgamation 1,549.93 3,622.30 5,172.23
Cash flows 4,050.40 (1,122.30) 2,928.10
Foreign exchange adjustments (20.24) - (20.24)
Balance as at March 31, 2019 17,137.37 2,500.00 19,637.37


Date : May 20, 2019 Date : May 20, 2019
71
STANDALONE STATEMENT OF CHANGES IN EQUITY

a Equity share capital (Note 13)

(Hin lacs)
Particulars Amount
Balance as at April 1, 2017 1,197.67
Add: movement during the year -
Balance as at March 31, 2018 1,197.67
Add: movement during the year (Note 13(e)) 0.40
b Other Equity (Note 14)

(H in lacs)
Other equity Total other

Securities General Capital Revaluation Retained Stock options Shares equity
Particulars premium reserve reserve reserve earnings outstanding pending
account allotment
(Note 38)
Balance as at April 1, 2017 33,371.10 2,595.00 40.00 121.14 46,297.12 0.54 - 82,424.90
Profit for the year - - - - 11,901.75 - - 11,901.75
Other comprehensive income for - - - - (2.12) - - (2.12)
the year, net of tax
Total comprehensive income for 33,371.10 2,595.00 40.00 121.14 58,196.75 0.54 - 94,324.53
the year
Recognition of share-based - - - - - 150.21 - 150.21
payments
Payment of dividends (Including tax - - - - (792.82) - - (792.82)
on dividend)
Balance as at March 31, 2018 33,371.10 2,595.00 40.00 121.14 57,403.93 150.75 - 93,681.92
Profit for the year - - - - 14,144.77 - - 14,144.77
Other comprehensive income for the - - - - (10.58) - - (10.58)
year, net of tax
Total comprehensive income for 33,371.10 2,595.00 40.00 121.14 71,538.12 150.75 - 1,07,816.11
the year
Consequent to business - - - - - - 7,227.50 7,227.50
combination (Note 38)
Issue of equity shares under 244.66 - - - - - - 244.66
employee share option plan (Note
13(e))
Recognition of share-based - - - - - 74.31 - 74.31
payments
Exercise of stock options - - - - - (225.06) - (225.06)
Payment of dividends (Including tax - - - - (938.66) - - (938.66)
on dividend)
Balance as at March 31, 2019 33,615.76 2,595.00 40.00 121.14 70,599.46 - 7,227.50 1,14,198.86

Date : May 20, 2019 Date : May 20, 2019
72
NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS

1. COMPANY OVERVIEW
The Company is a public company domiciled in India and In estimating the fair value of an asset or liability, the
is incorporated under the provision of Companies Act Company takes into account the characteristics of the
applicable in India. Its shares are listed in two recognized asset or liability if market participants would take those
stock exchange in India, Bombay Stock Exchange and characteristic into account when pricing the asset or liability
National Stock Exchange. The company was established at the measurement date. Fair value for measurement
in 1996, with the aim to manufacture pro-India plumbing and/or disclosure purposes in these financial statements
and drainage systems in the country. Astral Poly Technik is determined on such a basis, except for share based
is equipped with production facilities at Santej & Dholka payment transaction that are within the scope of Ind AS
(Gujarat), Ghiloth (Rajasthan), Sangli (Maharashtra), 102 Share-based Payment, leasing transactions that are
Sitarganj (Uttarakhand) and Hosur (Tamil Nadu) to within the scope of Ind AS 17 Leases, and measurements
manufacture Plumbing systems, Drainage systems, that have some similarities to fair value but are not fair
Agriculture, Industrial and Electrical Conduit Pipes with all valued such as net realizable value in Ind AS 2 or value in
kinds of necessary fittings. use in Ind AS 36 Impairment of assets.
The financial statements were approved for issue by the All assets and liabilities for which fair value is measured
resolution of board of directors on May 20, 2019. or disclosed in the financial statements are categorized
within the fair value hierarchy, described as follows, based
on the lowest level input that is significant to the fair value
2. SIGNIFICANT ACCOUNTING POLICIES
measurement as a whole:
a) Basis of Preparation of Financial Statements
1) Level 1 — Quoted (unadjusted) market prices in active
The financial statements have been prepared in markets for identical assets or Liabilities.
accordance with Ind AS notified under the Companies
2) Level 2 — Valuation techniques for which the
(Indian Accounting Standards) Rules, 2015 and relevant
lowest level input that is significant to the fair value
amendment rules issued thereafter read with Section 133
measurement is directly or indirectly observable.
of the Companies Act, 2013, as amended. All accounting
policies are consistently applied except as given below; 3) Level 3 — Valuation techniques for which the
The Company has adopted Ind AS 115 'Revenue from
measurement is unobservable.
Contracts with Customers' effective April 1, 2017.
Application of Ind AS 115 does not have any significant b) Use of Estimates
impact on retained earnings as at April 1, 2017 and
financial results of the Company. The presentation of the financial statements are in
conformity with the Ind AS which requires the management
The financial statements have been prepared on the going to make estimates, judgments and assumptions that affect
concern basis using historical cost convention except for the reported amounts of assets and liabilities, revenues
certain financial instruments that are measured at fair and expenses and disclosure of contingent liabilities. Such
values at the end of each reporting period, as explained in estimates and assumptions are based on management's
the accounting policies below. Historical cost is generally evaluation of relevant facts and circumstances as on the
based on the fair value of the consideration given in date of financial statements. The actual outcome may
exchange for goods and services. differ from these estimates.
Fair value is the price that would be received to sell an Estimates and underlying assumptions are reviewed on
asset or paid to transfer a liability in an orderly transaction an ongoing basis. Revisions to the accounting estimates
between market participants at the measurement date, are recognized in the period in which the estimates are
regardless of whether that price is directly observable or revised and in any future periods affected.
estimated using another valuation technique.
c) Inventories
The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability Inventories are stated at lower of cost on weighted
takes place either. average basis and net realizable value after providing
for obsolescence and other losses, where considered
- In the principal market for the asset or liabilities or necessary. Cost includes cost of purchase and other
- In the absence of a principal market in the most expenses incurred in bringing the inventories to their
advantageous market for the asset and liabilities. present location and condition. Cost includes all charges
73

in bringing the goods to the point of sale, including Company and the amount of income can be measured
receiving charges, octroi and other levies and transit reliably. Interest income is recorded using the effective
insurance. Work-in-progress and finished goods include interest rate (EIR). Interest income is accrued on a time
appropriate proportion of overheads. Net realizable value basis, by reference to the principal outstanding and the
represents the estimated selling price for inventories less interest rate applicable, which is the rate that exactly
all estimated costs of completion and costs necessary to discounts estimated future cash receipts through the
make the sale. expected life of the financial asset to that asset’s net
carrying amount on initial recognition.
d) Cash and cash equivalents
f) Property, plant and equipment
The Company considers all highly liquid financial
instruments, which are readily convertible into known Property, Plant & Equipment are stated at actual cost less
amounts of cash that are subject to an insignificant risk accumulated depreciation and net of impairment. The
of change in value and having original maturities of three actual cost capitalised includes material cost, freight,
months or less from the date of purchase, to be cash installation cost, duties and taxes and other incidental
equivalents. expenses incurred during the construction / installation
stage.
e) Revenue from contract with customer
Properties in course of construction for production, supply
Revenue from contracts with customers is recognised or administration purposes are carried at cost, less any
when control of the goods or services are transferred to recognised impairment loss. All the direct expenditure
the customer at an amount that reflects the consideration related to implementation including incidental expenditure
to which the Company expects to be entitled in exchange incurred during the period of implementation of a project,
for those goods or services. till it is commissioned, is accounted as Capital work in
progress (CWIP) and such properties are classified to the
Sale of goods
appropriate categories of property, plant and equipment
Revenue from sale of goods is recognised at the point when completed and ready for intended use.
in time when control of the asset is transferred to the
All items of property, plant and equipment is derecognised
customer. In determining the transaction price for the sale
upon disposal or when no future economic benefits are
of goods, the Company considers the effects of variable
expected to arise from the continued use of the asset. Any
consideration, if any.
gain or loss arising on the disposal or retirement of an item
Variable consideration of property, plant and equipment is determined as the
difference between the sales proceeds and the carrying
If the consideration in a contract includes a variable amount, amount of the asset and is recognised in the statement of
the Company estimates the amount of consideration to profit and loss.
which it will be entitled in exchange for transferring the
goods to the customer. The variable consideration is Depreciation
estimated at contract inception and constrained until it
Depreciable amount for assets is the cost of an asset,
is highly probable that a significant revenue reversal in
or other amount substituted for cost, less its estimated
the amount of cumulative revenue recognised will not
residual value. Depreciation on Property, Plant and
occur when the associated uncertainty with the variable
Equipment other than land and properties under
consideration is subsequently resolved.
construction are charged based on straight line method
Contract balances on an estimated useful life as prescribed in Schedule II to
the Companies Act, 2013.
Trade receivables
The estimated useful lives and residual values of the
A receivable represents the Company’s right to an amount of property, plant and equipment are reviewed at the end of
consideration that is unconditional (i.e., only the passage of each reporting period, with the effect of any changes in
time is required before payment of the consideration is due). estimate accounted for on a prospective basis.
Interest Income Depreciation on items of property, plant and equipment

acquired / disposed off during the year is provided on
Interest income from financial assets is recognized when
pro-rata basis with reference to the date of addition /
it is probable that the economic benefit will flow to the
disposal.
74

g) Intangible assets to increase in line with expected general inflation to

compensate for the lessors expected inflationary cost
Intangible assets acquired separately increase, such increases are recognised in the year in
which such benefits accrue.
Intangible assets with finite useful lives that are
acquired separately are carried at cost less accumulated Company as a lessor
amortization and accumulated impairment losses.
Amortisation is recognised on a straight-line basis over Rental income from operating leases is generally
their estimated useful lives. The estimated useful life are recognised on a straight-line basis over the term of the
reviewed at the end of each reporting period, with the relevant lease. Where the rentals are structured solely
effect of any changes in estimate being accounted for on to increase in line with expected general inflation to
a prospective basis. compensate for the Company’s expected inflationary cost
increases, such increases are recognised in the year in
Derecognition of intangible assets which such benefits accrue. Initial direct cost incurred in
negotiating and arranging an operating lease are added
An intangible asset is derecognised on disposal, or when
to the carrying amount of the leased asset and recognised
no future economic benefits are expected from use or
on a straight-line basis over the lease term.
disposal. Gains or losses arising from derecognition of
an intangible asset, measured as the difference between i) Foreign Currencies
the net disposal proceeds and the carrying amount of the
asset, are recognised in the statement of profit and loss In preparing the financial statements of the Company, the
when the asset is derecognised. transactions in currencies other than the entity’s functional
currency (INR) are recognised at the rates of exchange
Useful lives of intangible assets prevailing at the dates of the transactions. At the end of
each reporting period, monetary items denominated in
Intangible assets are Amortised over their estimated
foreign currencies are retranslated at the rate prevailing
useful life on a straight-line basis over a period of 5 years
at that date. Non-monetary items carried at fair value that
except assets like Brand which is amortised over 7 years
are denominated in foreign currencies are translated
since in the opinion of the management the benefits will
at the rates prevailing at the date when fair value was
be available for that period.
determined. Non-monetary items that are measured
h) Leasing in terms of historical cost in a foreign currency are not
retranslated.
Leases are classified as finance leases whenever the terms
of the lease transfer substantially all the risks and rewards Exchange differences arising on monetary items are
of ownership to the lessee. All other leases are classified recognised in the statement of profit and loss in the period
as operating leases. in which they arise.
Company as a lessee j) Employee Benefits
Assets held under finance leases are initially recognised Employee benefits include provident fund, employee
as an asset of the Company at their fair value at the state insurance scheme, gratuity fund and compensated
inception of the lease or, if lower, at the present value of absences.
the minimum lease payments. The corresponding liability
Defined Contribution Plan:
to the lessor is included in the balance sheet as the finance
lease obligation. The Company’s contribution to Provident Fund is
considered as defined contribution plans and are charged
Lease payments are apportioned between the finance
as an expense based on the amount of contribution
expenses and reduction of the lease obligation so as
required to be made and when services are rendered by
to achieve the constant rate of return on the remaining
the employees.
balance of the liability. Finance expenses are recognised
immediately in profit or loss, unless they are directly Defined benefit plans:
attributable to qualifying assets, in which case they are
capitalized in accordance with the Company’s general For defined benefit plans in the form of gratuity fund,
policy on borrowing costs. the cost of providing benefits is determined using
the Projected Unit Credit method, with actuarial
Rental expense from operating lease is generally valuations being carried out at each balance sheet date.
recognised on a straight-line basis over the term of the Remeasurement, comprising actuarial gains and losses,
relevant lease. Where the rentals are structured solely the effect of the changes to the return on plan assets
75

(excluding net interest), is reflected immediately in the k) Borrowing costs

balance sheet with a charge or credit recognised in other
comprehensive income in the period in which they occur. Borrowing cost includes interest, Amortisation of ancillary
Remeasurement recognised in other comprehensive costs incurred in connection with arrangement of
income is reflected immediately in retained earnings and borrowings and exchange differences arising from foreign
is not reclassified to in the statement of profit and loss. Net currency borrowings to the extent they are regarded as an
interest is calculated by applying the discount rate to the adjustment to the interest cost.
net defined benefit liability or asset.
Borrowing costs directly attributable to the acquisition,
The Company recognizes the following changes in the net construction or production of qualifying assets, which are
defined benefit obligation as an expense in the statement assets that necessarily takes a substantial period of time to
of profit and loss: get ready for their intended use or sale, are added to the cost
of those assets, until such time as the assets are substantially
1) Service costs comprising past and current service ready for their intended use or sale.
costs, gains and losses on curtailments and
settlements; and Capitalization of borrowing cost is suspended and charged
to statement of profit and loss during the extended
2) Net interest expense or income period when active development on the qualifying asset is
interrupted.
The retirement benefit obligation recognised in the
Balance Sheet represents the present value of the defined All other borrowing costs are recognised in the statement
benefit obligation as adjusted for unrecognised past of profit and loss in the period in which they are incurred.
service cost, as reduced by the fair value of scheme assets.
Any asset resulting from this calculation is limited to past l) Earnings per share
service cost, plus the present value of available refunds
Basic earnings per share is computed by dividing the profit/
and reductions in future contributions to the schemes.
(loss) for the year attributable to equity shareholders by the
Short-term employee benefits: weighted average number of equity shares outstanding
during the year. Diluted earnings per share is computed
The undiscounted amount of short-term employee by dividing the profit/(loss) for the year attributable to
benefits expected to be paid in exchange for the services equity shareholders by the weighted average number of
rendered by employees are recognised during the year equity shares considered for deriving basic earnings per
when the employees render the service. These benefits share and the weighted average number of equity shares
include compensated absences which are expected to which could have been issued on the conversion of all
occur within twelve months after the end of the period in dilutive potential equity shares.
which the employee renders the related service.
Potential equity shares are deemed to be dilutive only
Long-term employee benefits: if their conversion to equity shares would decrease the
net profit per share from continuing ordinary operations.
Compensated absences which are not expected to occur Potential dilutive equity shares are deemed to be converted
within twelve months after the end of the period in which as at the beginning of the period, unless they have been
the employee renders the related service are recognised as issued at a later date. The dilutive potential equity shares
a liability at the present value of the estimated future cash are adjusted for the proceeds receivable had the shares
outflows expected to be made by the Company in respect been actually issued at fair value (i.e. average market value
of services provided by employees up to the balance sheet of the outstanding shares). Dilutive potential equity shares
date. are determined independently for each period presented.
Share based payment: m) Taxation
Equity settled share based payments to employees are Tax expense represents the sum of the current tax and
measured at the fair value of the equity instruments at the deferred tax.
grant date. The fair value determined at the grant date
of the equity settled share based payments is expensed Current Tax
on a straight-line basis over the vesting period, based on
the Company’s estimate of equity instruments that will The tax currently payable is based on taxable profit for
eventually vest, with a corresponding increase in equity. the year. Current tax is measured at the amount expected
to be paid to the tax authorities, based on estimated tax
76

liability computed after taking credit for allowances and n) Provisions, Contingent Liabilities and Contingent
exemption in accordance with the local tax laws. The Assets and Commitments
Company’s current tax is calculated using tax rates that
have been enacted or substantively enacted by the end of Provisions are recognised when the Company has a
the reporting period. present obligation (legal or constructive) as a result
of a past event, it is probable that the Company will be
Deferred tax required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities in The amount recognised as a provision is the best estimate
the financial statements and the corresponding tax bases of the consideration required to settle the present
used in the computation of taxable profit. Deferred tax obligation at the end of the reporting period, taking
liabilities are generally recognised for all taxable temporary into account the risks and uncertainties surrounding the
differences. Deferred tax assets are generally recognised for obligations. When a provision is measured using the cash
all deductible temporary differences to the extent that it is flow estimated to settle the present obligation, its carrying
probable that taxable profits will be available against which amount is the present obligations of those cash flows
those deductible temporary differences can be utilised. (when the effect of the time value of money is material).
Such deferred tax assets and liabilities are not recognised if
the temporary difference arises from the initial recognition When some or all of the economic benefits required to
of assets and liabilities in a transaction that affects neither settle a provision are expected to be recovered from a
the taxable profit nor the accounting profit. third party, a receivable is recognised as an asset if it is
virtually certain that reimbursement will be received and
The carrying amount of deferred tax assets is reviewed the amount of the receivable can be measured reliably.
at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable Contingent liabilities and Contingent assets are not
profits will be available to allow all or part of the asset to be recognised in the financial statements when an inflow/
recovered. outflow of economic benefits/ loss are probable.
Deferred tax liabilities and assets are measured at the tax o) Investments in subsidiaries and joint venture
rates that are expected to apply in the period in which the
Investments in subsidiaries and joint venture are carried
liability is settled or the asset realized, based on tax rates
at cost less accumulated impairment losses, if any. Where
(and tax laws) that have been enacted or substantively
an indication of impairment exists, the carrying amount of
enacted by the end of the reporting period.
the investment is assessed and written down immediately
The measurement of deferred tax liabilities and assets to its recoverable amount. On disposal of investments
reflects the tax consequences that would follow from the in subsidiaries and joint venture, the difference between
manner in which the Company expects, at the end of the net disposal proceeds and the carrying amounts are
reporting period, to recover or settle the carrying amount recognised in the Statement of Profit and Loss.
of its assets and liabilities.
Investments in joint venture are accounted for using the
Deferred tax assets include Minimum Alternate Tax (MAT) equity method. Under the equity method the investment
credit paid in accordance with the tax laws in India, which in joint venture is initially recognised at cost. The carrying
is likely to give future economic benefits in the form of amount of investment is adjusted to recognise changes.
availability of set off against future income tax liability.
p) Non-derivative Financial Instruments
Accordingly, MAT credit is recognised as deferred tax
asset in the Balance sheet when the asset can be measured Financial assets and financial liabilities are recognised
reliably and it is probable that the future economic benefit when a Company becomes a party to the contractual
associated with the asset will be realised. provisions of the instruments. Financial assets and financial
liabilities are initially measured at fair value. Transaction
Current and deferred tax for the year
costs that are directly attributable to the acquisition or
Current and deferred tax are recognised in the statement issue of financial assets and financial liabilities (other than
of profit and loss, except when they relate to items that financial assets and financial liabilities at fair value through
are recognised in other comprehensive income, in which profit or loss) are added to or deducted from the fair
case, the current and deferred tax are also recognised in value measured on initial recognition of financial assets or
other comprehensive income. financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of
77

financial assets or financial liabilities at fair value through Derivatives are initially recognised at fair value at the
profit or loss are recognised immediately in the statement date the derivative contracts are entered into and are
of profit and loss. subsequently remeasured to their fair value at the end
of each reporting period. The resulting gain or loss is
Financial assets at amortised cost recognised in the statement of profit and loss immediately.
Financial assets are subsequently measured at amortised Profit or loss arising on cancellation or renewal of a forward
cost if these financial assets are held within a business exchange contract is recognised as income or as expense
whose objective is to hold these assets in order to collect in the period in which such cancellation or renewal occurs.
contractual cash flows and the contractual terms of the
financial asset give rise on specified dates to cash flows r) Impairment
that are solely payments of principal and interest on the
principal amount outstanding. Financial assets (other than at fair value)
Financial assets at fair value through profit or loss (FVTPL) The Company assesses at each Balance sheet whether a
financial asset or a group of financial assets is impaired.
Financial assets are measured at fair value through profit Ind AS 109 requires expected credit losses to be measured
and loss unless it is measured at amortised cost or at fair through a loss allowance. The Company recognizes
value through other comprehensive income on initial lifetime expected losses for all contract assets and/or
recognition. The transaction costs directly attributable all trade receivables that do not constitute a financing
to the acquisition of financial assets and liabilities at fair transaction. For all other financial assets, expected credit
value through profit or loss are immediately recognised in losses are measured at an amount equal to the 12 month
statement of profit and loss. expected credit losses or at an amount equal to the lifetime
expected credit losses if the credit risk on the financial
Financial liabilities asset has increased significantly since initial recognition.
Financial liabilities are measured at amortised cost using Non-financial assets
the effective interest method.
Property, plant and Equipment and intangible assets
Equity instruments
At the end of each reporting period, the Company reviews
An equity instrument is a contract that evidences residual the carrying amounts of its tangible and intangible assets to
interest in the assets of the Company after deducting all of determine whether there is any indication that those assets
its liabilities. Equity instruments recognised by the Company have suffered an impairment loss. If any such indication
are measured at the proceeds received net off direct issue exists, the recoverable amount of the asset is estimated
cost. in order to determine the extent of the impairment loss (if
any). When it is not possible to estimate the recoverable
Offsetting of financial instruments
amount of an individual asset, the Company estimates the
Financial assets and financial liabilities are offset and the recoverable amount of the cash generating unit to which
net amount is reported in financial statements if there is a the asset belongs. When a reasonable and consistent basis
currently enforceable legal right to offset the recognised of allocation can be identified, corporate assets are also
amounts and there is an intention to settle on a net basis, to allocated to individual cash generating units, or otherwise
realise the assets and settle the liabilities simultaneously. they are allocated to the smallest group of cash generating
unit for which a reasonable and consistent allocation basis
q) Derivative financial instruments can be identified.
The Company enters into a variety of derivative financial Recoverable amount is the higher of fair value less costs
instruments to manage its exposure to interest rate and of disposal and value in use. In assessing value in use,
foreign exchange rate risks, including foreign exchange the estimated future cash flows are discounted to their
forward contracts/options and interest rate swaps. present value using a pre-tax discount rate that reflects
current market assessments of the time value of money
The use of foreign currency forward contracts / options
and the risks specific to the asset for which the estimates
is governed by the Company’s policies approved by the
of future cash flows have not been adjusted.
Board of Directors, which provide written principles on
the use of such financial derivatives consistent with the If the recoverable amount of an asset (or cash generating
Company’s risk management strategy. The counter party unit) is estimated to be less than its carrying amount, the
to the Company’s foreign currency forward contracts is carrying amount of the asset (or cash generating unit) is
generally a bank. The Company does not use derivative reduced to its recoverable amount. An impairment loss is
financial instruments for speculative purposes. recognised immediately in the statement profit and loss.
78

When an impairment loss subsequently reverses, the the entity recognises the gain directly in equity as capital
carrying amount of the asset (or a cash generating unit) is reserve, without routing the same through OCI.
increased to the revised estimate of its recoverable amount,
but so that the increased carrying amount does not exceed After initial recognition, goodwill is measured at cost less
the carrying amount that would have been determined had any accumulated impairment losses. For the purpose
no impairment loss been recognised for the asset (or cash of impairment testing, goodwill acquired in a business
generating unit) in prior years. A reversal of an impairment combination is, from the acquisition date, allocated to each
loss is recognised immediately in the statement of profit and of the company’s cash-generating units that are expected to
loss. benefit from the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those
s) Business combinations units.
At the time of acquisition, the Company considers whether A cash generating unit to which goodwill has been
each acquisition represents the acquisition of a business allocated is tested for impairment annually, or more
or the acquisition of an asset. The Company accounts frequently when there is an indication that the unit may
for an acquisition as a business combination where an be impaired. If the recoverable amount of the cash
integrated set of activities and assets, including property, generating unit is less than its carrying amount, the
is acquired. More specifically, consideration is given to the impairment loss is allocated first to reduce the carrying
extent to which significant processes are acquired and, in amount of any goodwill allocated to the unit and then to
particular, the extent of services provided by the subsidiary the other assets of the unit pro rata based on the carrying
(e.g., maintenance, cleaning, security, bookkeeping, hotel amount of each asset in the unit. Any impairment loss for
services, etc.). goodwill is recognised in profit or loss. An impairment loss
recognised for goodwill is not reversed in subsequent
Business combinations are accounted for using the periods.
acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred t) Operating Cycle
measured at acquisition date fair value and the amount of
any non-controlling interests in the acquiree. The Company presents assets and liabilities in the balance
sheet based on current / non-current classification based
At the acquisition date, the identifiable assets acquired and on operating cycle.
the liabilities assumed are recognised at their acquisition
date fair values. For this purpose, the liabilities assumed An asset is treated as current when it is:
include contingent liabilities representing present
1. Expected to be realized or intended to be sold or
obligation and they are measured at their acquisition fair
consumed in normal operating cycle;
values irrespective of the fact that outflow of resources
embodying economic benefits is not probable. 2. Held primarily for the purpose of trading;
When the company acquires a business, it assesses the 3. Expected to be realized within twelve months after
financial assets and liabilities assumed for appropriate the reporting period, or
classification and designation in accordance with the
contractual terms, economic circumstances and pertinent 4. Cash or cash equivalent unless restricted from being
conditions as at the acquisition date. exchanged or used to settle a liability for at least
twelve months after the reporting period
Goodwill is initially measured at cost, being the excess
of the aggregate of the consideration transferred and All other assets are classified as non-current.
the amount recognised for non-controlling interests, and
A liability is current when:
any previous interest held, over the net identifiable assets
acquired and liabilities assumed. If the fair value of the net 1. It is expected to be settled in normal operating cycle;
assets acquired is in excess of the aggregate consideration
transferred, the company re-assesses whether it has 2. It is held primarily for the purpose of trading;
correctly identified all of the assets acquired and all of the
liabilities assumed and reviews the procedures used to 3. It is due to be settled within twelve months after the
measure the amounts to be recognised at the acquisition reporting period, or
date. If the reassessment still results in an excess of the
4. There is no unconditional right to defer the settlement
fair value of net assets acquired over the aggregate
of the liability for at least twelve months after the
consideration transferred, then the gain is recognised
reporting period
in OCI and accumulated in equity as capital reserve.
However, if there is no clear evidence of bargain purchase,
79

All other liabilities are classified as non-current. ii. Impairment of Investment in Subsidiaries and Joint
Venture
Deferred tax assets and liabilities are classified as non-
current assets and liabilities. The investment in subsidiaries and joint venture are
tested for impairment in accordance with provisions
u) Critical accounting judgements and key sources of applicable to impairment of non-financial assets.
estimation uncertainty The determination of recoverable amounts of the
Company’s investments in subsidiaries and involves
The preparation of the financial statements in conformity
significant judgements. Market related information
with the Ind AS requires management to make judgements,
and estimates are used to determine the recoverable
estimates and assumptions that affect the application of
amount. Key assumptions on which management
accounting policies and the reported amounts of assets,
has based its determination of recoverable amount
liabilities and disclosures as at date of the financial
includes weighted average cost of capital and
statements and the reported amounts of the revenues
estimated operating margins.
and expenses for the years presented. The estimates
and associated assumptions are based on historical Basis the above determination of recoverable
experience and other factors that are considered to be amount, the management has concluded that there
relevant. Actual results may differ from these estimates is no impairment in investments of subsidiaries and
under different assumptions and conditions. The estimates joint venture.
and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in iii. Impairment of goodwill
the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision With respect to the Goodwill of H1,921.98 Lacs,
and future periods if the revision affects both current and the recoverable amount of cash generating units
future periods. (CGU) has been determined based on value in use
calculations. Recoverable amounts for these CGUs
Key sources of estimation uncertainty has been determined based on value in use for which
cash flow forecasts of the related CGU and discount
The following are the key assumptions concerning the rate ranging from 12.5% to 15% has been applied.
future, and other key sources of estimation uncertainty at The values assigned to the assumption reflect past
the end of the reporting period that may have a significant experience and are consistent with the management’s
risk of causing as material adjustment to the carrying plans for focusing operations in these markets. The
amounts of assets and liabilities within next financial year. management believes that the planned market share
growth is reasonably achievable.
i. Useful lives of property, plant and equipment and
intangible assets An analysis of the sensitivity of the computation
to a change in key parameters (operating margin,
As described in Note 2(g), the Company reviews the
discount rate and growth rate), based on a reasonable
estimated useful lives and residual values, if any, of
assumptions, did not identify any probable scenario
property, plant and equipment and intangible assets
in which the recoverable amount of the CGU would
at the end of each reporting period. During the
decrease below its carrying amount.
current financial year, the management determined
that there were no changes to the useful lives and iv. Fair valuation of Intangible assets on acquisition
residual values of the property plant and equipment (refer note 38)
and intangible assets.
80
3 PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

(H in lacs)
GROSS CARRYING AMOUNT ACCUMULATED DEPRECIATION AND AMORTIZATION NET CARRYING

AMOUNT
Sr
As at Acquisition Additions Disposals As at As at For the Disposals As at As at As at
No Assets
April on account of March 31, April 1, Year March March 31, March
1, 2018 amalgamation 2019 2018 31, 2019 2019 31, 2018
(Note 38)
A. TANGIBLE ASSETS
a Land 9,736.24 1,929.87 57.67 - 11,723.78 - - - - 11,723.78 9,736.24
(9,328.22) - (408.02) - (9,736.24) - - - - (9,736.24) (9,328.22)
b Buildings 12,600.13 1,821.47 5,075.67 - 19,497.27 1,382.55 674.26 - 2,056.81 17,440.46 11,217.58
(11,968.39) - (631.74) - (12,600.13) (862.15) (520.40) - (1,382.55) (11,217.58) (11,106.24)
c Plant and 31,214.98 4,085.04 9,325.51 556.80 44,068.73 9,649.10 4,960.74 99.14 14,510.70 29,558.03 21,565.88
Equipments (24,394.49) - (6,891.66) (71.17) (31,214.98) (6,005.79) (3,674.79) (31.48) (9,649.10) (21,565.88) (18,388.70)
d Furniture and 1,489.36 38.05 1,283.49 11.55 2,799.35 445.52 213.65 3.46 655.71 2,143.64 1,043.84
Fixtures (1,262.09) - (251.35) (24.08) (1,489.36) (288.65) (168.37) (11.50) (445.52) (1,043.84) (973.44)
e Vehicles 1,002.75 194.40 455.55 140.84 1,511.86 238.80 174.69 81.57 331.92 1,179.94 763.95
(751.84) - (300.92) (50.01) (1,002.75) (142.35) (114.82) (18.37) (238.80) (763.95) (609.49)
f Computers 764.99 48.12 203.99 19.60 997.50 373.50 159.08 12.93 519.65 477.85 391.49
and Office (561.66) - (210.13) (6.80) (764.99) (254.15) (124.47) (5.12) (373.50) (391.49) (307.51)
Equipments
Corporate Overview
Total A 56,808.45 8,116.95 16,401.88 728.79 80,598.49 12,089.47 6,182.42 197.10 18,074.79 62,523.70 44,718.98
(48,266.69) - (8,693.82) (152.06) (56,808.45) (7,553.09) (4,602.85) (66.47) (12,089.47) (44,718.98)
B. INTANGIBLE ASSETS
a Computer 319.01 - 55.24 - 374.25 173.45 66.55 - 240.00 134.25 145.56
software (309.45) - (9.56) - (319.01) (109.67) (63.78) - (173.45) (145.56) (199.78)
b Brands - 4,476.41 - - 4,476.41 - 464.29 - 464.29 4,012.12 -
- - - - - - - - - - -
Total B 319.01 4,476.41 55.24 - 4,850.66 173.45 530.84 - 704.29 4,146.37 145.56
(309.45) - (9.56) - (319.01) (109.67) (63.78) - (173.45) (145.56)
Statutory Reports
a. Building Includes H 750/- being face value of 15 number of shares of H 50/- each held in Kant Apartment Co- Operative Housing Society Limited. Also includes H 127.11 Lacs (Previous
Year H 127.11 Lacs) for which the procedure for transfer of title in the name of the company is in process.
b. Figures in brackets represents previous year figures.
c. Brand include trademarks and technical know-how.
81

4 INVESTMENTS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-Current Investments
Investment in Equity Instruments of Subsidiaries at deemed cost
Unquoted
i) 50,000 (as at March 31, 2018 : 50,000) Shares of H 10/- each fully paid up in 48.39 48.39
wholly owned subsidiary, Astral Biochem Private Limited, India.
ii) 2,86,395 (97.45% holding) (as at March 31, 2018 : 2,86,395) Shares of H 10/- 28,793.40 28,793.40
each fully paid up in Resinova Chemie Limited, India.
iii) 80 (80% holding) (as at March 31, 2018 : 80) Shares of GBP 1/- each fully paid 4,505.02 4,505.02
up in Seal It Services Limited, UK.
Investment in Subsidiaries 33,346.81 33,346.81
Investment in Equity Instruments of Joint Venture at deemed cost
Unquoted
i) 10,00,000 (as at March 31, 2018 : 10,00,000) Shares of Kenyan Shilling 50/- 286.58 286.58
each fully paid up in Astral Pipes Limited, Kenya.
Less: Effect of diminution in value of investment (Note 41) (286.58) (286.58)
Total - -
Investment in Preference Shares of Joint Venture at deemed cost
Unquoted
i) 68,00,000 (as at March 31, 2018 : 56,00,000) Non-Cumulative Redeemable 2,032.79 1,618.91
Preference Shares of Kenyan Shilling 50/- each fully paid up in Astral Pipes
Limited, Kenya.
Less: Effect of diminution in value of investment (Note 41) (885.78) (686.50)
Less: Loan component of compound financial instrument (Note 5) (519.88) (519.88)
Equity component of compound financial instrument 627.13 412.53
Investments in Joint venture 627.13 412.53
Total 33,973.94 33,759.34
Quoted
Investment in Mutual funds
Mutual Fund 15.00 -
Investments in Mutual funds 15.00 -
Total 33,988.94 33,759.34
Notes :
(a) Aggregate carrying value of unquoted investments is H 33,973.94 Lacs as at March 31, 2019 (as at March 31, 2018 : H 33,759.34 Lacs).
(b) Aggregate carrying value of quoted investments is H 15 Lacs as at March 31, 2019 (as at March 31, 2018 : Nil).
(c) Aggregate amount of diminution in value of investments is H 1,172.36 Lacs as at March 31, 2019 (as at March 31, 2018 :
H 973.08 Lacs).
5 LOANS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
(Unsecured, considered good)
Loans to related parties (Note 37) * 3,285.01 2,430.75
Total 3,285.01 2,430.75
Current
Loans to related parties (Note 37) 106.60 106.60
Loans and Advances to Employees 18.83 8.75
Total 125.43 115.35
Note Refer note 39 for detailed disclosure on the fair values.

*Includes portion of compound financial instrument and fair valuation of loan of H667.90 Lacs as at March 31, 2019 (as at
March 31, 2018 : H610.68 Lacs) (Note 4).
82

6 OTHER FINANCIAL ASSETS

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Security deposits 316.79 231.10
Earmarked deposit accounts (with maturity more than 12 months from the balance 133.38 -
sheet date)
Advance for purchase of non current investment (Note 37) 138.34 155.33
Fair Value of derivative contracts - 29.57
Total 588.51 416.00
Current
Interest accrued on loans and deposits from related parties (Note 37) 46.80 52.43
Interest accrued on loans and deposits from others 18.56 0.13
Discount receivables 259.87 187.24
Fair Value of derivative contracts 49.97 65.66
Others 97.79 14.28
Total 596.62 431.66
Note: Refer note 39 for detailed disclosure on the fair values.
7 TAX ASSETS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Taxes receivable (Net of Provision) 71.15 -
Total 71.15 -
Current
Taxes receivable (Net of Provision) 99.13 99.13
Total 99.13 99.13
8 OTHER ASSETS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Capital Advances 2,562.76 524.69
Prepaid Expenses 21.88 4.41
Total 2,584.64 529.10
Current
Balances with Government authorities 1,594.50 1,065.07
Advances to Suppliers 454.31 169.73
Total 2,328.07 1,560.42
83

9 INVENTORIES (at lower of cost or net realisable value)

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Raw Materials 8,154.89 9,768.71
Work-in-Progress 1,256.65 808.89
Stock In Trade 3,436.36 3,276.02
Finished Goods 15,868.96 11,736.04
Stores, Spares and Packing Materials 1,239.28 923.48
Total 29,956.14 26,513.14
10 TRADE RECEIVABLES
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Current
Unsecured, considered good 22,334.62 22,118.29
Unsecured, credit impaired 629.99 477.99
Less : Allowance for expected credit loss (629.99) (477.99)
Total 22,334.62 22,118.29
Note Refer Note 39 for information about credit risk and market risk of Trade receivables.
Break-up of trade receivables
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Trade receivables from other than related parties 22,334.62 21,962.81
Receivables from related parties (Note 37) - 155.48
Total 22,334.62 22,118.29
Notes :
1 The credit period ranges from 30 days to 180 days.
2 Before accepting any new customer, the Company assesses the potential customer’s credit quality and defines credit limits by
customer. Limits attributed to customers are reviewed annually. There are no customers who represent more than 5% of the
total balance of trade receivable as at March 31, 2019 and as at March 31, 2018.
3 In determining the allowances for doubtful trade receivables, the Company has used a practical expedient by computing
the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account
historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is based
on the ageing of the receivables that are due and rates used in the provision matrix.
4 Movement in Expected Credit Loss Allowance
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Balance at the beginning of the year 477.99 341.71
Less : Reversal / utilisation out from earlier year 45.16 13.72
Add : Provision during the year 197.16 150.00
Balance at the end of the year 629.99 477.99
84

11 CASH AND CASH EQUIVALENTS

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Cash on Hand 21.59 25.03
Balances with Banks in current accounts 5,291.59 3,795.15
Total 5,313.18 3,820.18
12 OTHER BALANCES WITH BANKS

(H In Lacs)
Particulars As at As at
March 31, 2019 March 31, 2018
In deposit accounts 877.38 1.18
Unclaimed dividend accounts (Note 19) 2.18 2.06
Total 879.56 3.24
Note Unclaimed dividend account balance can only be used for payment of unclaimed dividend.
13 EQUITY SHARE CAPITAL

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Authorised Share Capital
15,00,00,000 (as at March 31, 2018 : 15,00,00,000) Equity Shares of H 1/- each 1,500.00 1,500.00
Issued, Subscribed & Fully Paid Share Capital
11,98,06,565 (as at March 31, 2018 : 11,97,66,565) Equity Shares of H 1/- each fully 1,198.07 1,197.67
paid up
Total 1,198.07 1,197.67
a) Rights, preferences and restrictions attached to shares :
The Company has issued only one class of equity shares having value of H 1 per Share. Each holder of equity shares is entitled
to one vote per share and are entitled to dividend as and when declared. All shares rank equally with regard to the Company's
residual assets after distribution of all preferential amounts.
b) Reconciliation of number of shares and amount outstanding at the beginning and at the end of the reporting period:
Particulars No. of Shares J in Lacs

Balance as at April 1, 2017 11,97,66,565 1,197.67
Shares issued: - -
Balance as at March 31, 2018 11,97,66,565 1,197.67
Add: Shares issued - under Employee Stock option scheme 'ESOP 2015' 40,000 0.40
c) Number of Shares reserved for issue under options
As at As at
Particulars
March 31, 2019 March 31, 2018
Outstanding at the end of the year 93,718 1,33,718
85

13 EQUITY SHARE CAPITAL (CONTD..)

d) Details of share held by each shareholder holding more than 5% shares :
As at As at
Name of Shareholders
March 31, 2019 March 31, 2018
Sandeep Pravinbhai Engineer
No. of Shares 3,78,42,460 3,78,42,460
% of Shares Held 31.59 31.60
Saumya Polymers LLP
No. of Shares 1,47,58,170 1,47,58,170
Steadview Capital Mauritius Limited
No. of Shares 1,09,72,125 66,50,837
Jagruti Sandeep Engineer
No. of Shares 91,43,410 91,43,410
e) Stock options granted under the Employee Stock Options scheme :
1 Details of the Employee stock option plan of the company :
Astral Poly Technik Limited (the Company) formulated Employees Stock Option Scheme viz. Astral Employee Stock Option
Scheme 2015 (“the Scheme”) for the benefit of employees of the Company. Shareholders of the Company approved the
Scheme by passing special resolution through postal ballot dated October 21, 2015. Under the said Scheme as approved
by the Shareholders, Nomination and Remuneration Committee is empowered to grant stock options to eligible employees
of the Company, up to 1,50,000 over a period of five years from the date of passing of resolution by shareholders. Minimum
vesting period of stock option is one year and exercise period of stock option is one year from the date of vesting.
The Committee granted 16,282 stock options on November 14, 2015, 21,600 stock options on March 30, 2017, 22,400
stock options on November 13, 2017 totalling 60,282 stock options till date. Exercise price of all stock options were
H 50/- share. Each stock option is exercisable into one equity share of face value of H 1/- each.
The following stock based payment arrangement were in existence during the current and prior year
Option Series 13-11-2017 30-03-2017 14-11-2015

Grant date 13/11/17 30/03/17 14/11/15
Number of shares 22,400 21,600 16,282
Expiry date 12/11/19 29/03/19 13/11/17
Exercise price H 50.00 H 50.00 H 50.00
Fair value at grant date H 722.15 H 507.43 H 415.30
2 Movement in stock options during the year :
The following is the reconciliation of the stock option outstanding at the beginning and at the end of the year
As at As at
Particulars
March 31, 2019 March 31, 2018
Options Outstanding, beginning of the year 42,800 21,600
Options granted during the year - 22,400
Options exercised during the year 40,000 -
Option Lapsed/surrendered/forfeited 2,800 1,200
Options Outstanding, end of the year - 42,800
Of which:
Not Vested - 42,800
Options available for grant 93,718 90,918
86


3 Fair value of share options granted :
The company has not granted any share options during the financial year. Fair value of the share options granted during
the previous financial year is H 722.15. The following assumptions were used for calculation of fair value of grants in
accordance with Black Scholes model;
Option Series 13-11-2017 30-03-2017 14-11-2015

Option grant date 13/11/17 30/03/17 14/11/15
Fair value at Grant date H 722.15 H 507.43 H 415.30
Exercise Price H 50 H 50 H 50
Expected Volatility 104% 49% 51%
Expected life of Option 2 years 2 years 2 years
Dividend Yield 0.60% 0.70% 0.70%
Risk Free Interest Rate 6.00% 6.00% 6.00%
4 Stock options exercised during the year :
The following stock options were exercised during the year
Number Exercise date Avg Share price

Particulars
exercised at exercise date
Granted on November 13, 2017 19,600 23/11/18 1,045.95
Granted on March 30, 2017 20,400 07/04/18 919.13
Granted on November 14, 2015 16,282 15/11/16 401.15
5 Stock options outstanding at the end of the year
No stock options outstanding at the end of the current year. The stock option outstanding at the end of the previous year
had a weighted average exercise price of as H50 , and weighted average remaining contractual life of 481 days.
14 OTHER EQUITY
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Capital Reserve
Securities Premium
Balance at the beginning of the year 33,371.10 33,371.10
Add : Premium on shares issued during the year 244.66 -
Balance at the end of the year 33,615.76 33,371.10
General Reserve
Revaluation Reserve
Shares pending allotment (Note 38) 7,227.50 -

7,227.50 -
87

14 OTHER EQUITY (CONTD..)

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Stock Options Outstanding Account
Add : On account of options granted during the year - 150.56
249.36 249.36
Less : Option Lapsed/surrendered/forfeited 24.30 5.49
Less : Exercise of employee stock options 225.06 -
- 243.87
Less : Deferred employee Compensation expenses - 93.12
Balance at the end of the year - 150.75
Retained earnings
Add : Profit For the Year 14,144.77 11,901.75
Add : Other comprehensive income arising from remeasurement of defined (10.58) (2.12)
benefit obligation net of income tax
Less : Payment of dividend on equity shares (including tax on dividend) 938.66 792.82
Total 1,14,198.86 93,681.92
Notes
a In August 2018 and November 2018, the dividend of H 0.35 per share (total dividend H 505.43 Lacs) and H 0.30 per share (total
dividend H433.23 Lacs) was paid to holders of fully paid equity shares. The total dividend includes dividend distribution tax
at applicable rates.
b Nature and Purpose of reserve
Capital reserve
The company has created capital reserve out of capital subsidies received from state Governments.
Securities premium
The amount received in excess of face value of the equity shares is recognised in Securities Premium. This reserve is available
for utilization in accordance with the provisions of the Companies Act, 2013. In case of equity-settled share based payment
transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium.
General reserve
General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes.
General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive
income.
Revaluation Reserve
The company has created revaluation reserve out of revaluation of land carried out during the year 2004-05.
The fair value of the equity-settled share based payment transactions with employees is recognised in Statement of Profit and
Loss with corresponding credit to Stock Options Outstanding Account.
Retained earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or
other distributions paid to shareholders.
Shares pending allotment
Shares pending allotment represents equity shares to be issued pursuant to business combination. (Note 38)
88

15 BORROWINGS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Secured - at amortised cost
Term Loans From Banks 15,492.09 9,745.91
Less : Current maturity of long term loans (Note 19) 4,765.54 4,108.45
10,726.55 5,637.46
Buyers Credit 557.61 1,099.03
557.61 1,099.03
Vehicle Loans 348.34 228.44
Less : Current maturity of vehicle loans (Note 19) 135.84 113.86
212.50 114.58
Unsecured - at amortised cost
Buyers Credit 739.33 483.90
Less : Current maturity of long term buyers credit (Note 19) 107.79 -
631.54 483.90
Total 12,128.20 7,334.97
Current
Working capital loan 2,500.00 -
Total 2,500.00 -
Note
a) Refer Note 39 for information about liquidity risk.
b) Amount stated in Current maturity is disclosed under the head of "Other Financial Liabilities (Current)" (Note 19).
c) Term Loans are Secured by way of first charge, in respect of Fixed assets, both present and future, and second charge on entire current
assets of the Company both present and future. (Note 3,9,10). Rate of interest for Rupee Term Loan ranges from 7 to 10%. Rate of
interest for ECB and Foreign currency Term Loan ranges from 3 to 4%.
1 HSBC Bank Term Loan of H13,842.11 Lacs (as at March 31, 2018 : H5,368.42 Lacs) repayable within 66 months (i.e. by February
2024) including initial moratorium period of Nine months from the date of first disbursement in Nineteen quarterly instalments.
2 Corporation Bank Term Loan of H917.71 Lacs (as at March 31, 2018 : H 2,144.11 Lacs) repayable within 72 months (i.e. by
July 2020) including initial moratorium period of twelve months from the date of first disbursement in twenty quarterly equal
instalments.
3 IndusInd Bank Term Loan of H Nil (as at March 31, 2018 : H 162.95 Lacs) repaid.
4 HSBC ECB Loan of US $ 10.59 Lacs equivalent H 732.27 Lacs (as at March 31, 2018: US $ 31.76 Lacs equivalent H 2,070.43 Lacs)
repayable within 60 months (i.e. by August 2019) including initial moratorium period of twelve months from the date of first
disbursement in sixteen quarterly instalments.
d) Buyers Credit : Rate of interest for Buyer's Credit ranges from 0.50% to 1.5%.
1 HSBC Buyers Credit of H557.61 Lacs (as at March 31, 2018: H Nil) repayable by October 2021. Secured by way of first charge, in
respect of entire current assets of the Company both present and future.
2 RBL Bank Buyers Credit of H Nil (as at March 31, 2018: H 483.90 Lacs) Repaid.
3 Kotak Buyers Credit of H107.79 (as at March 31, 2018:H Nil) repayable by April 2019.
4 Federal Buyers Credit of H631.54 (as at March 31, 2018:H Nil) repayable by January 2022.
5 Indusind Bank Buyers Credit of H Nil (as at March 31, 2018 H 1,099.03 Lacs) ,repaid by October 2018. Secured by way of first
charge, in respect of entire current assets of the Company both present and future.
e) Vehicle Loans are Secured by way of hypothecation of respective motor vehicles purchased. Rate of interest for Vehicle loan ranges
from 8 to 11%.
1 ICICI Bank Limited Vehicle Loan of H114.60 Lacs (as at March 31, 2018 : H 226.44 Lacs) repayable on monthly basis. Repayable
by November 2020.
2 Corporation Bank Vehicle Loan of H Nil (as at March 31, 2018 : H 2.00 Lacs) repayable on monthly basis. Repaid by February
2019.
3 Axis Bank Limited Vehicle Loan of H 206.76 Lacs (as at March 31, 2018 : H Nil) repayable on monthly basis. Repayable by January 2024.
4 Daimler Financial Services India Pvt. Ltd. Vehicle Loan of H 26.98 Lacs (as at March 31, 2018 : H Nil) repayable on monthly basis.
Repayable by June 2021.
f) Working capital loan are secured by way of first charge on entire current assets of the Company both present and future and second
charge on movable and immovable fixed assets of the company.
89

16 PROVISIONS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Provision for Employee Benefits (Note 34) 154.56 49.62
Total 154.56 49.62
Current
Total 174.47 86.89
17 DEFERRED TAX LIABILITIES (NET)

(H In Lacs)
March 31, 2019 March 31, 2018
Deferred Tax Liabilities 5,120.73 3,166.13
Deferred Tax Assets (465.08) (285.92)
Total 4,655.65 2,880.21
Deferred tax liabilities/(assets) in relation to :
(H In Lacs)
As at Recognised in As at
Particulars
April 1, 2017 profit and Loss March 31, 2018
Property, plant and equipment 2,754.90 411.23 3,166.13
Provision for doubtful trade receivables (118.26) (47.16) (165.42)
Compensated absences (20.88) 2.92 (17.96)
Impairment of Investment in JV - (102.54) (102.54)
Total 2,615.76 264.45 2,880.21
(H In Lacs)
As at On account of Recognised in As at
Particulars April 1, 2018 amalgamation profit and Loss March 31, 2019
(Note 38)
Tangible and Intangible assets 3,166.13 912.90 1,041.70 5,120.73
Provision for doubtful trade (165.42) - (53.62) (219.04)
receivables
Compensated absences and Gratuity (17.96) (27.11) (16.56) (61.63)
Others - (20.18) 8.95 (11.23)
Impairment of Investment in JV (102.54) - (70.64) (173.18)
Total 2,880.21 865.61 909.83 4,655.65
90

18 TRADE PAYABLES
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Current
Total - -
b total outstanding dues of creditors other than micro enterprises and small
enterprises
Operational Buyers credit 12,615.16 17,528.61
Due to others 19,590.47 10,790.78
Total 32,205.63 28,319.39
Total 32,205.63 28,319.39
Note
a Information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information available with the Company. This has
been relied upon by the Auditor.
b Refer Note 39 for information about credit risk, market risk and liquidity risk of Trade payables.
19 OTHER FINANCIAL LIABILITIES

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Current
Current maturities of long term borrowings (Note 15) 5,009.17 4,222.31
Interest accrued and due on borrowings 64.26 17.18
Interest accrued but not due on borrowings 136.96 106.06
Payable for capital goods 2,196.37 1,460.30
Unclaimed dividends* (Note 12) 2.18 2.06
Others 836.42 577.23
Total 8,245.36 6,385.14
* All the amounts required to be transferred to the Investor Education and Protection Fund by the Company have been transferred
within the time frame prescribed for the same.
20 OTHER CURRENT LIABILITIES

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Statutory dues 2,148.59 2,255.52
Advance received from customers 506.02 273.36
Total 2,654.61 2,528.88
21 CURRENT TAX LIABILITIES (NET)

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Income tax payable (net of advance tax) 383.46 663.82
Total 383.46 663.82
91

22 REVENUE FROM OPERATIONS

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Revenue from contract with customers 1,91,210.26 1,60,257.08
Other operating revenues 360.33 204.33
Total 1,91,570.59 1,60,461.41
Note : The revenue from operations is inclusive of excise duty and exclusive of GST, as applicable, in above disclosure. If the
same had been shown as inclusive of both or net of excise and net of GST, the Revenue from Operations would appear as under:
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Revenue from Operations (Gross of Excise and GST) 2,27,493.30 1,84,541.56
Less: Excise Duty/GST 35,922.71 26,345.94
Revenue from Operations (Net of Excise and GST) 1,91,570.59 1,58,195.62
The Company mainly deals into plastic products, mainly, Pipe & Fittings and hence, no disaggregation of revenue is provided.
Other information relating to contract balances, i.e. Trade Receivables, is stated in note 10.
23 OTHER INCOME
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Interest Income comprises
From Banks 41.77 0.09
From Related party (Note 37) * 142.63 112.93
From Others 474.66 51.66
Profit on Sale of Current Investments (Net) 49.17 78.17
Foreign exchange gains (Net) 260.56 690.48
Profit on Sale of Property, Plant and Equipment (Net) - 51.82
Miscellaneous Income (Note 37) 178.29 120.19
Total 1,147.08 1,105.34
*Includes impact of financial instruments.
24 COST OF MATERIALS CONSUMED

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Inventories at the beginning of the year 9,768.71 4,935.83
Add : Inventories acquired on account of amalgamation(Note 38) 865.68 -
Add : Purchases 1,20,629.51 1,07,452.66
Less : Inventories at the end of the year 8,154.89 9,768.71
Total 1,23,109.01 1,02,619.78
25 PURCHASE OF STOCK-IN-TRADE
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Pipes, fittings and solution 7,913.72 7,724.60
Total 7,913.72 7,724.60
92

26 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Inventories at the end of the year
Finished Goods 15,868.96 11,736.04
Work-in-progress 1,256.65 808.89
Stock In Trade 3,436.36 3,276.02
20,561.97 15,820.95
Inventories at the beginning of the year
Finished Goods 11,736.04 8,504.36
Work-in-progress 808.89 2,415.56
Stock In Trade 3,276.02 3,051.02
15,820.95 13,970.94
Inventories acquired on account of amalgamation(Note 38)
Finished Goods 1,721.62 -
Stock In Trade 180.71 -
1,902.33 -
Total 17,723.28 13,970.94
Net (Increase) / Decrease (2,838.69) (1,850.01)
27 EMPLOYEE BENEFITS EXPENSE

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Salaries and wages 6,769.32 4,677.52
Share based payments to employees (Note 13(e)) 74.31 150.21
Contribution to Provident and Other Funds (Note 34) 310.10 224.15
Staff Welfare Expenses 386.95 258.87
Total 7,540.68 5,310.75
28 FINANCE COSTS
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Interest expense
Working capital and term loans 1,980.03 1,215.29
Others 97.95 25.22
Other borrowing costs 105.04 74.49
Exchange differences regarded as an adjustments to borrowing costs 622.16 425.36
Total 2,805.18 1,740.36
29 DEPRECIATION AND AMORTISATION EXPENSE

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Depreciation on Property, Plant and Equipment (Note 3) 6,182.42 4,602.85
Amortization on Intangible assets (Note 3) 530.84 63.78
Total 6,713.26 4,666.63
93

30 OTHER EXPENSES
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Consumption of Stores, Spares and Packing Materials 3,905.75 3,381.22
Power and Fuel 5,833.13 4,728.17
Rent * (Note 37) 485.57 361.14
Repairs expenses 727.47 428.55
Insurance expenses 231.38 202.78
Rates and Taxes 120.50 69.49
Communication expenses 214.66 171.40
Travelling expenses 1,229.76 897.26
Factory and Other expenses 217.45 155.06
Printing and stationary expenses 38.66 28.32
Freight and Forwarding 3,598.03 2,969.14
Commission 183.88 156.44
Sales Promotions 6,397.34 5,707.65
Directors Sitting Fees (Note 37) 10.50 9.26
Donations and Contributions 3.95 2.18
Expenditure on Corporate Social Responsibility (Note 35 & 37) 220.00 241.81
Security Service Charges 305.30 251.19
Legal and Professional 829.83 421.18
Payments to Auditors ** 16.72 15.40
Bad Debts Written Off 68.39 -
Provision for Doubtful Trade Receivables and advances 197.16 150.00
Loss on Sale of Property, plant and equipment (Net) 22.56 -
Other Expenses 598.86 380.30
Total 25,456.85 20,727.94
* The Company is lessee under various operating leases under which rental expenses for the year was H 485.57 Lacs (Previous year:
H 361.14 Lacs). The Company has not executed any non-cancellable lease agreement.
PAYMENT TO AUDITORS (EXCLUDING SERVICE TAX AND GST)

(H In Lacs)

Particulars
No March 31, 2019 March 31, 2018
a To Statutory Auditors **
For statutory audit 10.00 10.00
For other services 6.25 5.25
For reimbursement of expenses 0.47 0.15
Total 16.72 15.40
31 TAX EXPENSES
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Current tax
In respect of the current year 6,715.06 5,876.11
In respect of earlier years 48.72 22.35
6,763.78 5,898.46
Deferred tax
In respect of the current year 909.83 264.45
909.83 264.45
94

31 TAX EXPENSES (CONTD..)

Reconciliation of the income tax expenses to the amount computed by applying the statutory income tax rate to the profit before
income taxes is summarised below :
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Income tax expense @34.944% (FY 2017-18 : 34.608%) 7,624.21 6,251.82
Tax effect of the amounts which are not deductible / (taxable) in calculating
taxable income :
Exempt income not taxable (20.01) (46.95)
Effect of allowances 31.69 (60.29)
Others (11.01) (4.02)
Total 7,624.89 6,140.56
Adjustments in respect of current income tax of previous year 48.72 22.35
Tax expense as per statement of Profit and loss 7,673.61 6,162.91
The Company’s weighted average tax rates for the year ended March 31, 2019 and March 31, 2018 were 35.17% and 34.12%
respectively.
32 EARNINGS PER SHARE:

Particulars
March 31, 2019 March 31, 2018
Profit for the year attributable to owners of the company (H In Lacs) 14,144.77 11,901.75
Weighted average number of equity shares for Basic EPS(*) 12,03,18,620 11,97,66,565
Add : Effects of dilutive shares options outstanding - 26,938
Weighted average number of equity shares for Diluted EPS 12,03,18,620 11,97,93,503
Nominal Value per shares (H) 1 1
Basic Earnings Per Share (In H) 11.76 9.94
Diluted Earnings Per Share (In H) 11.76 9.94
* Includes 7,23,200 equity shares to be issued on amalgamation of Rex (Note 38)
33 CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR:

(H In Lacs)
Sr. As at As at
Particulars
No. March 31, 2019 March 31, 2018
Contingent Liabilities
1 Letters of Credits for Purchases 6,123.35 2,244.79
2 Disputed Income Tax/Central Excise/Sales Tax and PF demands * 669.72 117.60
3 Guarantee given by Company on behalf of Joint Venture and Subsidiary 7,631.03 7,044.61
company for availing borrowing from local Bank (Note 37)
Commitments
1 Capital Contracts remaining to be executed (Net of Advances) 7,916.05 5,507.17
There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated February 28, 2019. The
company believes that the impact will not be material. The company will make necessary adjustments on receiving further clarity
on the subject.
*Future cash outflows in respect of the above matters are determined only on receipt of judgments / decisions pending at various
forums / authorities.
95

34 EMPLOYEE BENEFITS:
Post-employment Benefit
Amount towards Defined Contribution Plan have been recognised under “Contribution to Provident and Other funds” in Note 27
H 209.09 Lacs (Previous Year: H 147.99 Lacs).
Defined Benefit Plan:
The Company has defined benefit plans for gratuity to eligible employees, contributions for which are made to Life Insurance
Corporation of India, who invests the funds as per IRDA guidelines. The details of these defined benefit plans recognised in the
financial statements are as under:
General Description of the Plan:
The Company operates a defined benefit plan (the Gratuity Plan) covering eligible employees, which provides a lump sum
payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the
respective employees salary and the tenure of employment.
a) Movement in present value of defined benefit obligation are as follows :
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Obligations at the beginning of the year 344.11 285.30
Obligations Acquired from the amalgamating company 101.80 -
Current service cost 75.44 46.27
Past service cost - 21.78
Interest cost 28.98 21.45
Liability Transferred Out/ Divestments (0.90) -
Actuarial (Gains)/Losses on Obligations - Due to Change in Demographic 0.20 -
Assumptions
Actuarial (gain) / loss – due to change in financial assumptions 3.20 (3.74)
Actuarial (gain) / loss- due to experience adjustments 5.60 2.52
Benefits paid (19.52) (29.47)
Benefits paid directly by employer (8.33) -
Present value of benefit obligation at the end of the year 530.58 344.11
b) Movement in the fair value of plan assets are as follows :
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Plan assets at the beginning of the year, at fair value 259.50 269.79
Interest Income 20.40 20.29
Return on plant assets excluding interest income (6.28) (4.45)
Contributions from the employer 5.07 3.34
Fair value of plan assets at the end of the year 259.17 259.50
96

34 EMPLOYEE BENEFITS: (CONTD..)

c) The amount included in the balance sheet arising from the entities obligation in respect of defined benefit plan is as follows
:
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Present value of benefit obligation at the end of the year 530.58 344.11
Fair value of plan assets at the end of the year (259.17) (259.50)
Net liability arising from defined benefit obligation 271.41 84.61
d) Amount recognised in the Statement of Profit and Loss in respect of the defined benefits plans are as follows :
(H In Lacs)
Gratuity
Particulars
2018-19 2017-18
Net Interest expense 8.59 1.17
Components of defined benefit costs recognised in the Statement of 84.03 69.22
Profit and Loss
Remeasurement on the net defined benefit liability:
Actuarial (gains) / losses on obligation for the period 9.00 (1.23)
Return on plant assets, excluding interest income 6.28 4.45
Components of defined benefit costs recognised in Other 15.28 3.22
Comprehensive Income
Total 99.31 72.44
The current service cost and the net interest expenses for the year are included in the Employee benefits expense line
item in the Statement of Profit and Loss. The remeasurement of the net defined benefit liability/ asset is included in Other
Comprehensive Income.
e) Investment details of plan assets:
To fund the obligations under the gratuity plan, Contributions are made to Life Insurance Corporation of India, who invests the
funds as per IRDA guidelines.
f) The defined benefit obligations shall mature after year ended March 31, 2019 as follows:
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
As at March 31
2019 - 15.27
2020 50.26 28.43
2021 19.61 10.29
2022 28.30 16.13
2023 49.02 19.25
2024 45.62 -
Thereafter 964.02 1,009.41
g) Sensitivity analysis:
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary
increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the
respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant
97


(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Delta effect of +1% change in the rate of Discounting (47.18) (36.21)
Delta effect of -1% change in the rate of Discounting 55.54 43.35
Delta effect of +1% change in the rate of salary Increase 51.53 43.28
Delta effect of -1% change in the rate of salary increase (45.72) (36.79)
Delta effect of +1% change in the rate of employee turnover 1.31 1.99
Delta effect of -1% change in the rate of employee turnover (1.66) (2.46)
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is
unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using ”Projected Unit Credit” method at the end of the reporting period which is the same as that applied in
calculating the defined benefit obligation liability recognised in Balance Sheet.
There were no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
The Company expects to make a contribution of H 271.41 Lacs (as at March 31, 2018 : H 84.61 Lacs) to the defined benefit
plans during the next financial year.
h) The principal assumptions used for the purpose of actuarial valuation were as follows :
Gratuity
Particulars Year ended Year ended
March 31, 2019 March 31, 2018
Discount Rate 7.60% to 7.76% 7.86%
Expected return on plan assets 7.76% 7.86%
Annual Increase in Salary Costs 7.00% 7.00%
Rate of Employee turnover * For service 4 years 2.00%
and below 7.00%
p.a. For service 5
years and above
4.00% p.a.
Mortality Tables Indian Assured Lives Mortality (2006-08)
* For amalgamating company : 2% at all ages
Future Salary increases are based on long term average salary rise expected taking into account inflation, seniority, promotion
and other relevant factors such as supply and demand factors in the employee market. Future Separation & mortality rates are
obtained from relevant data of Life Insurance Corporation of India.
35 CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENDITURE:
The gross amount required to be spent by the Company on Corporate Social Responsibility (CSR) activities during the year as per
the provision of section 135 of the Companies Act, 2013 amounts to H 296.66 Lacs (Previous year : H 236.47 Lacs). The revenue
expenditure charged to the Statement of Profit and Loss in respect of Corporate Social Responsibility (CSR) activities undertaken
during the year is H 220.00 Lacs (Previous year : H 241.81 Lacs) and has been paid.
98

36 DISCLOSURES PURSUANT TO SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS

AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AND SECTION 186 OF THE COMPANIES ACT, 2013
(H In Lacs)
Maximum amount
Amount outstanding
outstanding during the year
Name of the party Relationship As at As at As at As at
March 31, March 31, March 31, March 31,
2019 2018 2019 2018
Loans (Unsecured)
Astral Biochem Private Limited Wholly owned 106.60 710.35 106.60 106.60
subsidiary
Seal IT Services Limited Subsidiary 2,663.91 1,872.49 2,663.91 1,872.49
Advance for purchase of Non-current Investment
Astral Pipes Limited Joint Venture - - 138.34 155.33
Guarantee
Astral Pipes Limited Joint Venture - - 4,944.74 4,746.73
Seal IT Services Limited Subsidiary - - 2,686.29 2,297.88
Notes :
1. There are no advances which are in the nature of loans.
2. The Company has issued corporate guarantees for the loans and credit facility arrangements in respect of subsidiary and joint
venture.
3. The outstanding amount for the loan is including interest receivable.
37 RELATED PARTY DISCLOSURES:
1. Name of the related parties and their relationships
Sr.
Description of Relationship Name of Related Parties
No.
a. Subsidiaries Astral Biochem Private Limited
Resinova Chemie Limited
Seal IT Services Limited, UK
Seal IT Services Inc, USA (Step-down subsidiary)
b. Enterprises over which Key Managerial Personal are able to Kairav Chemicals Limited
exercise significant influence Saumya Polymers LLP
Kairamya Journeys LLP
c. Joint Venture Astral Pipes Limited
d. Key Managerial Personnel Sandeep Engineer (Managing Director)
Jagruti Engineer (Whole Time Director)
K.R. Shenoy (Independent Director)
Pradip N. Desai (Independent Director)
Narasinh K. Balgi (Independent Director)
Kaushal Nakrani (Independent Director)
Anil Kumar Jani (Non-Executive Director)
Kyle Thompson (Non-Executive Director)
Hiranand Savlani (Chief Financial Officer)
Krunal Bhatt (Company Secretary)
e. Relatives of Key Managerial Personnel Sandeep Engineer HUF
Kairav Engineer
Saumya Engineer
99

37 RELATED PARTY DISCLOSURES: (CONTD..)
2. DISCLOSURE OF TRANSACTIONS BETWEEN THE COMPANY AND RELATED PARTIES AND THE STATUS OF
OUTSTANDING BALANCES AS ON MARCH 31, 2019
(H In Lacs)
Subsidiaries Enterprises Joint Venture Key Relatives of Total

over which Key Managerial Key Managerial
Managerial Personnel Personnel
Personal are
Sr able to exercise
Row Labels
No significant
influence
2018- 2017- 2018- 2017- 2018- 2017- 2018- 2017- 2018- 2017- 2018- 2017-
19 18 19 18 19 18 19 18 19 18 19 18
Part 1 : Transactions during the year
1 Advance for Purchase - - - - 138.34 155.29 - - - - 138.34 155.29
of non-current
investment
2 Expenditure on - - 209.81 241.81 - - - - - - 209.81 241.81
Corporate Social
Responsibility
3 Guarantee Given 2,686.29 497.29 - - - - - - - - 2,686.29 497.29
4 Guarantee Withdrawn 2,297.88 - - - - - - - - - 2,297.88 -
5 Interest Income 85.42 66.73 - - - - - - - - 85.42 66.73
6 Investment in - - - - 413.88 403.39 - - - - 403.39
Subsidiaries/Others 413.88
7 Loans / Advances 831.17 775.88 - - - - - - - - 831.17 775.88
Given
8 Purchase of Assets - 22.06 - - - - - - - - - 22.06
9 Purchase of Goods/ 4,712.51 4,045.68 62.65 120.57 - - - - - - 4,775.16 4,166.25
Services/Expenses
10 Receipt towards Loans - 621.40 - - - - - - - - - 621.40
and Advances given
11 Amount claimed for 13.93 84.15 - - - - - - - - 13.93 84.15
reimbursement of
expenses
12 Remuneration - - - - - - 970.59 586.94 53.91 46.06 1,024.50 633.00
13 Rent Paid - - - - - - - - 10.20 9.60 10.20 9.60
14 Sale of Goods/assets 1,385.43 667.38 - - 139.87 184.52 - - - - 1,525.30 851.90
15 Sitting fees - - - - - - 10.50 9.26 - - 10.50 9.26
16 Rent Received 0.71 - - - - - - - - - 0.71 -
Part 2 : Balance at the end of the year
1 Advance for Purchase - - - - 138.34 155.33 - - - - 138.34 155.33
of non-current
investment
2 Receivables - - - - - 155.48 - - - - - 155.48
3 Advance received for - - - - 35.37 - - - - - 35.37 -
goods purchase
4 Guarantee Given 2,686.29 2,297.88 - - 4,944.74 4,746.73 - - - - 7,631.03 7,044.61
5 Interest accrued on 46.80 52.43 - - - - - - - - 46.80 52.43
loans and deposits
6 Loans Given 2,723.71 1,926.66 - - - - - - - - 2,723.71 1,926.66
7 Payables - 849.75 2.37 - - - 160.64 139.33 3.23 2.90 166.24 991.98
Notes :
a. Compensation of key management personnel :
The remuneration of key management personnel during the year was as follows:
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Short term Benefits 970.59 586.94
The remuneration of key management personnel is determined by the remuneration committee. The same excludes gratuity as it is not determinable.
b. The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions.
c. The amounts outstanding are unsecured and will be settled in cash. No expense has been recognised in the current or prior years for bad or doubtful
debts in respect of amounts owned by related parties.
d. Transactions/balances during and end of the year/previous year are stated without considering impact of fair valuation carried out as per Ind AS.
100

38 ACQUISITION AND MERGER OF REX POLYEXTRUSION PRIVATE LIMITED
On July 9, 2018, the company acquired 51% of equity share of Rex Polyextrusion Private Limited (“Rex”), engaged in the business
of Manufacturing and supply of corrugated and other plastic piping solutions, against a consideration of H 7,522.50 lacs paid in
cash. Further, the Board has also approved the scheme of amalgamation of Rex with the Company for which the Company have
issued 7,23,200 equity shares of H 1 each fully paid up in exchange for the balance 49% of equity share of Rex. Such scheme was
approved by NCLT, Ahmedabad Bench on May 2, 2019 and filed with the Registrar of Companies on May 9, 2019. The management
has determined this as a subsequent adjusting event and hence, Rex has been amalgamated with effect from appointed date of
July 10, 2018.
Assets acquired and Liabilities assumed on acquisition date
The fair values of the identifiable assets and liabilities of Rex Polyextrusion Private Limited as at the date of acquisition were:
(H In Lacs)
As at
Particulars
July 9, 2018
Property, plant and equipment 8,116.95
Intangible assets (*) 4,476.41
Capital work-in-progress 250.35
Non-current assets
Investments 15.43
Loans 44.69
Other financial assets 159.62
Other non-current assets 261.88
Current assets
Inventories 2,768.01
Trade receivables 4,227.05
Cash and cash equivalents 208.91
Other balances with banks 805.52
Loans 7.26
Other assets 1,205.00
Total Assets 22,547.08
Deferred tax liabilities (Net) 865.61
Non-current liabilities 101.80
Current liabilities
Borrowings 3,622.30
Trade payables & Other financial liabilities 4,535.66
Other Payables 423.14
Current Tax Liabilities 170.55
Total Liabilities 9,719.06
Net Asset Acquired 12,828.02
(H In Lacs)
As at
Particulars
July 9, 2018
Cash Consideration Paid 7,522.50
Consideration to be paid by allocation of equity shares at its fair value 7,227.50
Total Consideration paid 14,750.00
Less : Fair value of identified net asset acquired 12,828.02
Goodwill arising on acquisition of Rex Poly Extrusion Pvt Ltd 1,921.98
* Intangible assets, which represents Brands (including trademarks and technical know-how) on the date of acquisition, has been
initially recognised at its fair value, which has been determined considering the expected growth rate, discount rate and royalty
rate. The values assigned to such assumptions, which involves significant judgements, are consistent with the management’s plans
for focusing operations relating to the acquired Brands.
The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for tax purposes of tangible and intangible assets.
The goodwill of H 1,921.98 lacs comprises the value of expected synergies arising from the acquisition.
Transaction costs of H 195.08 lacs have been expensed and are included in other expenses.
101

39 FINANCIAL INSTRUMENTS
1 Capital management
The Company manages its capital to ensure that the Company will be able to continue as going concern while maximising the
return to stakeholders through optimisation of debt and equity balance.
The capital structure of the Company consists of net debt (borrowings as detailed in notes 15 and 19 off set by cash and bank
balances) and total equity of the Company.
The company's risk management committee reviews the risk capital structure of the company on semi annual basis. As part of
this review the company considers the cost of capital and the risk associated with each class of capital.
Gearing ratio
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Debt (note i) 19,637.37 11,557.28
Less : Cash and cash equivalents 5,313.18 3,820.18
Net debt 14,324.19 7,737.10
Equity share capital 1,198.07 1,197.67
Other equity 1,14,198.86 93,681.92
Less : Revaluation reserve 121.14 121.14
Total equity excluding revaluation reserve 1,15,275.79 94,758.45
Net debt to equity ratio 12.43% 8.17%
i Debt is defined as long-term borrowings, short-term borrowings and current maturities of long term borrowings
(excluding financial guarantee contracts and contingent consideration), as described in notes 15 and 19.
2 Category-wise classification of financial instruments
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Financial assets
Measured at amortised cost
a Cash and cash equivalents and other bank balances(Note 11,12) 6,192.74 3,823.42
b Financial assets (Note 5,6 & 10) 26,880.22 25,416.82
Measured at fair value through Profit and loss
a Fair Value of derivative contracts (Note 6) 49.97 95.23
b Investment in Mutual funds (Note 4) 15.00 -
Total 33,137.92 29,335.47
Financial liabilities
a Borrowings (Note 15,19) 19,637.37 11,557.28
b Financial liabilities (Note 18,19,20) 35,441.83 30,482.21
Total 55,079.20 42,039.49
The above excludes investments in subsidiaries and joint venture.

In respect of financial instruments, measured at amortised cost, the fair value approximates the amortised cost.
102

39 Financial instruments (CONTD..)

(H In Lacs)
Fair value Quoted price Significant Significant

in active observable unobservable
Financial assets/Financial liabilities market inputs inputs
(Level 1) (Level 2) (Level 3)
(Note 2(b))
As at March 31, 2019
Financial assets measured at fair value through
Profit and loss
a Fair Value of derivative contracts (Note 6) 49.97 - 49.97 -
Profit and loss
a Investment in Mutual funds (Note 4) 15.00 15.00 - -
Profit and loss
There have been no transfers amount in Level 1, Level 2 and Level 3 during the years ended March 31, 2019, March 31, 2018.
3 Financial risk management objectives
The Company’s financial liabilities comprise mainly of borrowings, trade payables and other financial liabilities. The Company’s
financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables
and other financial assets.
The Company’s business activities are exposed to a variety of financial risks, namely market risk (including currency risk and
interest rate risk), credit risk and liquidity risk.
The Company’s senior management has the overall responsibility for establishing and governing the Company’s risk
management framework who are responsible for developing and monitoring the Company’s risk management policies. The
Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set and
monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the changes
in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee of the Company.
Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which
are reported to the audit committee.
A MANAGEMENT OF MARKET RISK
The Company’s size and operations result in it being exposed to the following market risks that arise from its use of
financial instruments:
- currency risk;
- interest rate risk
i Currency risk
The Company’s activities expose it primarily to the financial risk of changes in foreign currency exchange rates. The
Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk.
103

39 FINANCIAL INSTRUMENTS (CONTD..)
The carrying amounts of the Company’s foreign currency dominated monetary assets and monetary liabilities at the
end of the reporting period are as follows:
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Liabilities (Foreign currency)
In US Dollars (USD) 245.95 326.06
In Euro (EUR) 3.63 19.51
Assets (Foreign currency)
In Euro (EUR) 0.14 -
In Dirham (AED) 0.02 -
In Great Britain Pound (GBP) 28.91 20.33
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Liabilities (INR)
In US Dollars (USD) 17,009.85 21,252.33
In Euro (EUR) 282.22 1,576.84
Assets (INR)
In Great Britain Pound (GBP) 2,617.10 1,875.56
Derivative instruments:
The Company uses foreign currency forward contracts and currency options to hedge its risks associated with
foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign
currency forward contracts is governed by the Company’s strategy approved by the Board of Directors, which
provide principles on the use of such forward contracts consistent with the Company’s Risk Management Policy. The
Company does not use forward contracts and Currency Options for speculative purposes.
Outstanding Forward/option Exchange Contracts entered into by the Company :
As at As at
Particulars
March 31, 2019 March 31, 2018
Payable
Outstanding Forward Exchange Contracts
In USD
No. of Contracts 7 -
In US Dollars - (In lacs) 25.11 -
In INR - (In lacs) 1,736.48 -
Outstanding Option Contracts
In USD
No. of Contracts 1 1
In US Dollars - (In lacs) 5.29 15.88
In INR - (In lacs) 345.07 1,035.21
104


Interest rate swaps to hedge against fluctuations in interest rate changes: As at March 31, 2019 : No. of contracts - 1
(as at March 31, 2018 : No. of contracts - 1 ).
The line items in the balance sheet that includes the above hedging instruments are “other financial assets” and
“other financial liabilities".
Foreign currency sensitivity analysis
The Company is mainly exposed to the currency : USD,EUR and GBP.
The following table details, Company’s sensitivity to a 5% increase and decrease in the rupee against the relevant
foreign currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management
personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates.
This is mainly attributable to the exposure outstanding not hedged on receivables and payables in the Company at
the end of the reporting period. The sensitivity analysis includes only outstanding foreign currency denominated
monetary items and adjusts their translation at the period end for a 5% change in foreign currency rate. A positive
number below indicates an increase in the profit and equity where the rupee strengthens 5% against the relevant
currency. For a 5% weakening of the rupee against the relevant currency, there would be a comparable impact on
the profit and equity, and the balances below would be negative.
Impact on profit or loss and total equity
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Increase in exchange rate by 5% (613.72) (979.32)
Decrease in exchange rate by 5% 613.72 979.32
The Company, in accordance with its risk management policies and procedures, enters into foreign currency forward
contracts to manage its exposure in foreign exchange rate variations. The counter party is generally a bank. These
contracts are for a period between one day and five years. The above sensitivity does not include the impact of
foreign currency forward contracts and option contracts which largely mitigate the risk.
ii Interest rate risk
Interest rate risk is the risk that the future cash flow with respect to interest payments on borrowing will fluctuate
because of change in market interest rates. The company's exposure to the risk of changes in market interest rates
relates primarily to the Company's long-term debt obligation with floating interest rates.

Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of
loans and borrowings affected. With all other variables held constant, the Company’s profit before tax is affected
through the impact on floating rate borrowings, as follows:
(H In Lacs)
Increase/ Effect on profit

Particulars decrease in before tax
basis points
As at March 31, 2019 100 bps 196.37
As at March 31, 2018 100 bps 115.57
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable
market environment, showing a significantly higher volatility than in prior years.
105


B MANAGEMENT OF CREDIT RISK
Credit risk refers to the risk that a counter party will default on its contractual obligation resulting in financial loss to the
Company. The Company uses its own trading records to evaluate the credit worthiness of its customers. The Company’s
exposure are continuously monitored and the aggregate value of transactions concluded, are spread amongst approved
counter parties (refer note 10 - Trade receivable).
The company is exposed to credit risk in relation to financial guarantees given to banks in respect of borrowings obtained
by the subsidiary company and joint venture. In case of joint Venture, the Company’s share is 50% and the guarantee has
been given jointly and severally by all the partners of Joint Venture.
The Company's maximum exposure in this respect is of H7,631.03 lacs as at March 31, 2019 , H7,044.61 lacs as at March
31, 2018 as disclosed in contingent liabilities (Note 33).

C
MANAGEMENT OF LIQUIDITY RISK
Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The
Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its
liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company’s reputation.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Company’s short-term, medium-term
and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual
cash flows, and by matching the maturity profiles of financial assets and liabilities.
The following table shows the maturity analysis of the Company’s financial liabilities based on contractually agreed
undiscounted cash flows along with its carrying value as at the Balance Sheet date.
(H In Lacs)
Carrying Less than 1-5 years Total

Particulars
amount 1 year
Non-derivative financial liabilities
Borrowings 19,637.37 7,509.17 12,128.20 19,637.37
Financial Liabilities 35,441.83 35,441.83 - 35,441.83
Total 55,079.20 42,951.00 12,128.20 55,079.20
Non-derivative financial liabilities
Borrowings 11,557.28 4,222.31 7,334.97 11,557.28
Financial Liabilities 30,482.22 30,482.22 - 30,482.22
Total 42,039.50 34,704.53 7,334.97 42,039.50
40 SEGMENT REPORTING:
The company has presented segment information in the Consolidated Financial Statement which is presented in the same financial
report. Accordingly in terms of paragraph 4 of Ind AS 108 – Operating Segments, no disclosure related to segments are presented
in this standalone financial statement.
106

41 INFORMATION RELATING TO JOINT VENTURE:
The company has 50% ownership interest in joint venture company Astral Pipes Limited, incorporated in Kenya. Its proportionate
share in the assets, liabilities, income and expenses etc. In the said joint venture company is given below :
(H In Lacs)
As at December As at December
Particulars 31, 2018 31, 2017
(Restated)
Assets 3,223 3,072
Liabilities 2,292 2,081
Income 1,420 1,473
Expenses (including depreciation and taxation) 1,772 1,850
Contingent Liabilities 8 8
Capital commitments remaining to be executed - -
During the year ended March 31, 2019, the company has made provision for diminution on its investment in Joint Venture viz :
Astral Pipes Ltd, Kenya amounting to H199.28 Lacs (Previous year : H296.25 Lacs), which has been disclosed as exceptional item.
42 RECENT ACCOUNTING PRONOUNCEMENT
The below amendments have also became effective for the company from financial year beginning April 1, 2018. However,
the management has evaluated and determined that the adoption of these amendments will not have any material impact on
the standalone financial statements since there are no such transactions or the company’s existing policies are aligned to these
amendments:
1. Amendment to Ind AS 12 Income Taxes – regarding recognition of deferred tax assets on unrealised losses
2. Applying Appendix B of Ind AS 21 The Effects of Changes in Foreign Exchange Rates
3. Amendment to Ind AS 28 Investments in Associates and Joint Ventures
4. Amendment to Ind AS 40 Investment Property - regarding transfer of investment property
5. Amendment to Ind AS 112 Disclosure of Interests in Other Entities – regarding disclosure requirements
Standards issued but not yet effective
Ind AS 116 – Leases
Ind AS 116 Leases was notified by MCA on 30 March 2019 and it replaces Ind AS 17 Leases, including appendices thereto. Ind
AS 116 is effective for annual periods beginning on or after 1 April 2019. Ind AS 116 sets out the principles for the recognition,
measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet
model similar to the accounting for finance leases under Ind AS 17. Lessees will be required to separately recognise the interest
expense on the lease liability and the depreciation expense on the right-of-use asset.
The company intends to adopt these standards from 1 April 2019. As the company does not have any material leases, therefore
the adoption of this standard is not likely to have a material impact in its Standalone Financial Statements.
107

43 EVENTS AFTER THE REPORTING PERIOD
The Board of Directors, in its meeting held on May 20, 2019, has proposed a final dividend of H 0.40 per equity share for the
financial year ended March 31, 2019. The proposal is subject to the approval of shareholders at the Annual General Meeting and
if approved would result in a cash outflow of approximately H581.22 Lacs, including dividend distribution tax.
44 The figures for the previous year have been regrouped/ reclassified wherever necessary to confirm with the current year’s
classification. Moreover, due to merger, figures for the current year is not comparable with the previous year to that extent.



Date : May 20, 2019 Date : May 20, 2019
108
INDEPENDENT AUDITOR’S REPORT
To the Members of Astral Poly Technik Limited
Report on the Audit of the Consolidated Ind AS

Opinion
We have audited the accompanying Consolidated Ind AS Ind AS Financial Statements’ section of our report. We are
financial statements of Astra Poly Technik Limited (hereinafter independent of the Group in accordance with the ‘Code of
referred to as “the Holding Company”), its subsidiaries (the Ethics’ issued by the Institute of Chartered Accountants of India
Holding Company and its subsidiaries together referred to as together with the ethical requirements that are relevant to our
“the Group”) its joint venture comprising of the consolidated audit of the financial statements under the provisions of the Act
Balance sheet as at March 31, 2019, the consolidated Statement and the Rules thereunder, and we have fulfilled our other ethical
of Profit and Loss, including other comprehensive income, responsibilities in accordance with these requirements and the
the consolidated Cash Flow Statement and the consolidated Code of Ethics. We believe that the audit evidence we have
Statement of Changes in Equity for the year then ended, obtained is sufficient and appropriate to provide a basis for our
and notes to the Consolidated Ind AS financial statements, audit opinion on the Consolidated Ind AS financial statements.
including a summary of significant accounting policies and
other explanatory information (hereinafter referred to as “the Key Audit Matters
Consolidated Ind AS financial statements”).
Key audit matters are those matters that, in our professional
In our opinion and to the best of our information and according judgment, were of most significance in our audit of the
to the explanations given to us and based on the consideration Consolidated Ind AS financial statements for the financial
of reports of other auditors on separate financial statements year ended March 31, 2019. These matters were addressed in
and on the other financial information of the subsidiaries and the context of our audit of the Consolidated Ind AS financial
joint venture, the aforesaid Consolidated Ind AS financial statements as a whole, and in forming our opinion thereon,
statements give the information required by the Companies and we do not provide a separate opinion on these matters.
Act, 2013 (“the Act”) in the manner so required and give a For each matter below, our description of how our audit
true and fair view in conformity with the accounting principles addressed the matter is provided in that context.
generally accepted in India, of the consolidated state of affairs
We have determined the matters described below to be
of the Group, its joint venture as at March 31, 2019, their
the key audit matters to be communicated in our report. We
Consolidated profit including other comprehensive income,
have fulfilled the responsibilities described in the Auditor’s
their consolidated cash flows and the consolidated statement
responsibilities for the audit of the Consolidated Ind AS financial
of changes in equity for the year ended on that date.
statements section of our report, including in relation to these
Basis for Opinion matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks
We conducted our audit of the Consolidated Ind AS financial of material misstatement of the Consolidated Ind AS financial
statements in accordance with the Standards on Auditing statements. The results of our audit procedures, including
(SAs), as specified under section 143(10) of the Act. Our the procedures performed to address the matters below,
responsibilities under those Standards are further described in provide the basis for our audit opinion on the accompanying
the ‘Auditor’s Responsibilities for the Audit of the Consolidated Consolidated Ind AS financial statements.
Impairment of Goodwill (as described in note 2 (v)(iii) of the Consolidated Ind AS financial statements)
The Group’s balance sheet includes H 25,378.06 lacs of goodwill, We performed following procedures, among others:
representing 12% of total Group assets. In accordance with • We assessed whether the Group’s definition of the CGUs
Ind AS 36, these balances are allocated to Cash Generating is compliant with the applicable accounting standards
Units (CGUs) which are tested annually for impairment using
• We evaluated the forecast of future cash flows used by the
discounted cash-flow models of each CGU’s recoverable value
management in the model to compute the recoverable
compared to the carrying value of the assets. A deficit between
value of CGUs.
the recoverable value and the CGU’s net assets would result in
impairment. • We compared the forecast of future cash flows to
business plan and previous forecasts to the actual results
The inputs to the impairment testing model which have the most
significant impact on CGU recoverable value include:
109
- Projected revenue growth, operating margins and operating • We focused our analysis on management assumptions
cash-flows; and in respect of future sales growth rate and discount rate
- Business specific discount rates used to compute the recoverable value of CGUs.
The annual impairment testing is considered a significant • We recalculated estimates using the management
accounting judgement and estimate [Note 2(v)(iii)] and a key model.
audit matter because the assumptions on which the tests are • We involved valuation specialists to assist in evaluating
based are highly judgmental and are affected by future market the key assumptions and methodologies used by the
and economic conditions which are inherently uncertain, and Holding Company in computing the recoverable value
because of the materiality of the balances to the Consolidated of CGUs.
Ind AS financial statements. • We assessed the disclosures made in the Consolidated
Ind AS financial statements.
Business Combination (Refer note no. 42 of the Consolidated Ind AS Financial Statements
During the year, the Group has acquired 51% of equity shares With respect to the accounting for the acquisition:
of Rex Polyextrusion Private Limited (“Amalgamating Company”) • We have read the relevant parts of the purchase
against cash consideration and subsequently merged agreements, scheme of amalgamation for the merger
Amalgamating Company with the Holding Company by buying of Amalgamating Company with the Holding Company,
out minority shareholders by issuing Company’s own equity obtained an understanding of the deal structure and
shares against the balance 49% of equity shares held by minority evaluated the accounting treatment in accordance
shareholders. with Ind AS 103. This included the evaluation of the
The fair value of the consideration transferred amounted to interpretation of specific sections of the agreements and
H 14,750.00 lacs in total. The allocation of the purchase price the application of accounting policies to thereon.
to identifiable assets and liabilities acquired was performed by • We evaluated the qualifications and objectivity of the
the Group with support from external advisors and lead to the experts engaged by the Group to perform the purchase
recognition of Goodwill of H 1,921.98 lacs. price allocation.
The individual assets acquired, especially Brands, have • We have recalculated the model using the management
no observable market values are available. To determine inputs and assumptions for ascertaining mathematical
the corresponding fair values, valuation models based on accuracy.
assumptions are used. This measurement is dependent on
• We compared the inputs in the model to internal and
estimates of future cash flows as well as the discount rate applied
external data.
and, subject to considerable uncertainty.
• We focused our analysis on management assumptions
Accounting for acquisitions requires the application of complex
in respect of future sales growth rate and discount rate
accounting policies, mainly Ind AS 103 Business Combinations,
used in valuation.
and involves significant judgments and assumptions and hence
considered a key audit matter. • We involved valuation specialists to assist in evaluating
the key assumptions and methodologies
• We assessed the disclosures made in the Consolidated
Ind AS Financial Statements.
Other Information Ind AS Financial Statements or our knowledge obtained in

the audit or otherwise appears to be materially misstated. If,
The Holding Company’s Board of Directors is responsible for based on the work we have performed, we conclude that there
the other information. The other information comprises the is a material misstatement of this other information, we are
information included in the Annual report with respect to the required to report that fact. We have nothing to report in this
following sections, but does not include the Consolidated Ind regard.
AS financial statements and our auditor’s report thereon.
Our opinion on the Consolidated Ind AS financial statements Responsibilities of Management for the
does not cover the other information and we do not express Consolidated Ind AS Financial Statements
any form of assurance conclusion thereon.
The Holding Company’s Board of Directors is responsible for
In connection with our audit of the Consolidated Ind AS the preparation and presentation of these Consolidated Ind
financial statements, our responsibility is to read the other AS financial statements in terms of the requirements of the
information and, in doing so, consider whether the other Act that give a true and fair view of the consolidated financial
information is materially inconsistent with the Consolidated position, consolidated financial performance including
110
other comprehensive income, consolidated cash flows and As part of an audit in accordance with SAs, we exercise
consolidated statement of changes in equity of the Group professional judgment and maintain professional skepticism
including its joint venture in accordance with the accounting throughout the audit. We also:
principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under section • Identify and assess the risks of material misstatement of
133 of the Act read with the Companies (Indian Accounting the Consolidated Ind AS financial statements, whether due
Standards) Rules, 2015, as amended. The respective Board of to fraud or error, design and perform audit procedures
Directors of the companies included in the Group and of its responsive to those risks, and obtain audit evidence that
joint ventures are responsible for maintenance of adequate is sufficient and appropriate to provide a basis for our
accounting records in accordance with the provisions of the opinion. The risk of not detecting a material misstatement
Act for safeguarding of the assets of the Group and of its resulting from fraud is higher than for one resulting from
joint venture and for preventing and detecting frauds and error, as fraud may involve collusion, forgery, intentional
other irregularities; selection and application of appropriate omissions, misrepresentations, or the override of internal
accounting policies; making judgments and estimates that control.
are reasonable and prudent; and the design, implementation
• Obtain an understanding of internal control relevant to
and maintenance of adequate internal financial controls,
the audit in order to design audit procedures that are
that were operating effectively for ensuring the accuracy
appropriate in the circumstances. Under section 143(3)
and completeness of the accounting records, relevant to the
(i) of the Act, we are also responsible for expressing our
preparation and presentation of the Consolidated Ind AS
opinion on whether the Holding Company has adequate
financial statements that give a true and fair view and are free
internal financial controls system in place and the
from material misstatement, whether due to fraud or error,
operating effectiveness of such controls.
which have been used for the purpose of preparation of the
Consolidated Ind AS financial statements by the Directors of • Evaluate the appropriateness of accounting policies used
the Holding Company, as aforesaid. and the reasonableness of accounting estimates and
related disclosures made by management.
In preparing the Consolidated Ind AS Financial Statements, the
respective Board of Directors of the companies included in the • Conclude on the appropriateness of management’s use of
Group and of its joint venture are responsible for assessing the the going concern basis of accounting and, based on the
ability of the Group and of its joint audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
venture to continue as a going concern, disclosing, as
significant doubt on the ability of the Group and its joint
applicable, matters related to going concern and using the
venture to continue as a going concern. If we conclude
going concern basis of accounting unless management either
that a material uncertainty exists, we are required to draw
intends to liquidate the Group or to cease operations, or has
attention in our auditor’s report to the related disclosures
no realistic alternative but to do so.
in the Consolidated Ind AS financial statements or, if such
Those respective Board of Directors of the companies included disclosures are inadequate, to modify our opinion. Our
in the Group and of its joint venture are also responsible for conclusions are based on the audit evidence obtained up
overseeing the financial reporting process of the Group and to the date of our auditor’s report. However, future events
of its joint venture. or conditions may cause the Group and its joint venture to
cease to continue as a going concern.
Auditor’s Responsibilities for the Audit of the • Evaluate the overall presentation, structure and content
Consolidated Ind AS Financial Statements of the Consolidated Ind AS financial statements, including
the disclosures, and whether the Consolidated Ind AS
Our objectives are to obtain reasonable assurance about financial statements represent the underlying transactions
whether the Consolidated Ind AS financial statements as a and events in a manner that achieves fair presentation.
whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes • Obtain sufficient appropriate audit evidence regarding the
our opinion. Reasonable assurance is a high level of assurance, financial information of the entities or business activities
but is not a guarantee that an audit conducted in accordance within the Group and its joint venture of which we are the
with SAs will always detect a material misstatement when it independent auditors and whose financial information we
exists. Misstatements can arise from fraud or error and are have audited, to express an opinion on the Consolidated
considered material if, individually or in the aggregate, they Ind AS financial statements. We are responsible for the
could reasonably be expected to influence the economic direction, supervision and performance of the audit of
decisions of users taken on the basis of these Consolidated the financial statements of such entities included in the
Ind AS financial statements. Consolidated Ind AS Financial Statements of which we are
111
the independent auditors. For the other entities included as it relates to the aforesaid subsidiaries and joint venture,
in the Consolidated Ind AS Financial Statements, which is based solely on the report(s) of such other auditors.
have been audited by other auditors, such other auditors
remain responsible for the direction, supervision and Certain of these subsidiaries and Joint Venture are located
performance of the audits carried out by them. We remain outside India whose financial statements and other
solely responsible for our audit opinion. financial information have been prepared in accordance
with accounting principles generally accepted in their
We communicate with those charged with governance of the respective countries and which has been audited by other
Holding Company and such other entities included in the auditors under generally accepted auditing standards
Consolidated Ind AS financial statements of which we are the applicable in their respective countries. The Holding
independent auditors regarding, among other matters, the Company’s management has converted the financial
planned scope and timing of the audit and significant audit statements of such subsidiaries and joint venture located
findings, including any significant deficiencies in internal outside India from accounting principles generally
control that we identify during our audit. accepted in their respective countries to accounting
principles generally accepted in India. We have audited
We also provide those charged with governance with a these conversion adjustments made by the Holding
statement that we have complied with relevant ethical Company’s management. Our conclusion in so far as it
requirements regarding independence, and to communicate relates to the results of such subsidiaries and joint venture
with them all relationships and other matters that may located outside India is based on the report of other
reasonably be thought to bear on our independence, and auditors and the conversion adjustments prepared by the
where applicable, related safeguards. management of the Company which is audited by us.
From the matters communicated with those charged with (b) We did not audit the financial statements and other financial
governance, we determine those matters that were of most information of Amalgamating Company, which was merged
significance in the audit of the Consolidated Ind AS financial into the Holding Company with effect from July 10, 2018,
statements for the financial year ended March 31, 2019 and included in the accompanying Consolidated Ind AS financial
are therefore the key audit matters. We describe these matters statements of the Company whose financial statements
in our auditor’s report unless law or regulation precludes and other financial information reflect total assets of
public disclosure about the matter or when, in extremely H 14,424.31 lacs as at March 31, 2019, total revenues of
rare circumstances, we determine that a matter should H 13,863.43 lacs and net cash inflows of H 367.50 lacs for
not be communicated in our report because the adverse the period July 10, 2018 to March 31, 2019. The financial
consequences of doing so would reasonably be expected to statements of Amalgamating Company as at March 31,
outweigh the public interest benefits of such communication. 2019 and for the period then ended has been audited by
another auditor whose unmodified opinion dated April 20,
Other Matter 2019 has been furnished to us by the management. Our
opinion on the Consolidated Ind AS financial statements,
(a) We did not audit the financial statements and other in so far as it relates to the amounts and disclosures
financial information, in respect of 3 subsidiaries, whose included in respect of Amalgamating Company, and our
financial statements include total assets of H 14,794.90 report in terms of sub- sections (3) of Section 143 of the
lacs as at March 31, 2019, and total revenues of Act, in so far as it relates to the Amalgamating Company, is
H 19,772.03 lacs and net cash inflows of H 636.01 lacs for based solely on the report of such other auditors.
the year ended on that date. These financial statement
and other financial information have been audited by Our opinion above on the Consolidated Ind AS financial
other auditors, which financial statements, other financial statements, and our report on Other Legal and Regulatory
information and auditor’s reports have been furnished Requirements below, is not modified in respect of the above
to us by the management. The Consolidated Ind AS matters with respect to our reliance on the work done and the
financial statements also include the Group’s share of reports of the other auditors.
net loss of H 356.77 lacs for the year ended March 31,
2019, as considered in the Consolidated Ind AS financial Report on Other Legal and Regulatory
statements, in respect of a joint venture, whose financial Requirements
statements, other financial information have been
audited by other auditors and whose reports have been As required by Section 143(3) of the Act, based on our audit and
furnished to us by the Management. Our opinion on the on the consideration of report of the other auditors on separate
Consolidated Ind AS financial statements, in so far as it financial statements and the other financial information of
relates to the amounts and disclosures included in respect subsidiaries and its joint venture, as noted in the ‘other matter’
of these subsidiaries and joint venture, and our report in paragraph we report, to the extent applicable, that:
terms of sub-sections (3) of Section 143 of the Act, in so far
112
(a) We/the other auditors whose report we have relied in India, the managerial remuneration for the year ended
upon have sought and obtained all the information and March 31, 2019 has been paid / provided by the Holding
explanations which to the best of our knowledge and Company, its subsidiaries incorporated in India to their
belief were necessary for the purposes of our audit of the directors in accordance with the provisions of section 197
aforesaid Consolidated Ind AS financial statements; read with Schedule V to the Act;
(b) In our opinion, proper books of account as required by (h) With respect to the other matters to be included in the
law relating to preparation of the aforesaid Consolidated Auditor’s Report in accordance with Rule 11 of the
Ind AS financial statements have been kept so far as it Companies (Audit and Auditors) Rules, 2014, as amended,
appears from our examination of those books and reports in our opinion and to the best of our information and
of the other auditors; according to the explanations given to us and based on
the consideration of the report of the other auditors on
(c) The Consolidated Balance Sheet, the Consolidated separate financial statements as also the other financial
Statement of Profit and Loss including the Statement of information of the subsidiaries, amalgamating Company
Other Comprehensive Income, the Consolidated Cash and joint venture, as noted in the ‘Other matter’ paragraph:
Flow Statement and Consolidated Statement of Changes
in Equity dealt with by this Report are in agreement i. The Consolidated Ind AS financial statements
with the books of account maintained for the purpose disclose the impact of pending litigations on its
of preparation of the Consolidated Ind AS financial consolidated financial position of the Group and
statements; joint ventures in its Consolidated Ind AS financial
statements – Refer Note 34 to the Consolidated
(d) In our opinion, the aforesaid Consolidated Ind AS financial Ind AS financial statements;
statements comply with the Accounting Standards
specified under Section 133 of the Act, read with ii. The Group did not have any long-term contracts
Companies (Indian Accounting Standards) Rules, 2015, as including derivative contracts for which there
amended; were any material foreseeable losses;
(e) On the basis of the written representations received iii. There has been no delay in transferring amounts,
from the directors of the Holding Company as on March required to be transferred, to the Investor
31, 2019 taken on record by the Board of Directors of Education and Protection Fund by the Holding
the Holding Company and the reports of the statutory Company, its subsidiaries incorporated in India
auditors who are appointed under Section 139 of the Act, during the year ended March 31, 2019.
of its subsidiary companies, none of the directors of the
Group’s companies, incorporated in India is disqualified
as on March 31, 2019 from being appointed as a director
in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy and the operating Chartered Accountants
effectiveness of the internal financial controls over ICAI Firm Registration Number: 324982E/E300003
financial reporting with reference to these Consolidated
Ind AS financial statements of the Holding Company and per Anil Jobanputra
its subsidiary companies, incorporated in India, refer to Partner
our separate Report in “Annexure 2” to this report; Membership Number: 110759
(g) In our opinion and based on the consideration of reports of Place of Signature: Ahmedabad
other statutory auditors of the subsidiaries, incorporated Date: May 20, 2019
113
Annexure to the Independent Auditor’s report of even date on the Consolidated Ind AS Financial
Statements of Astral Poly Technik Limited
Report on the Internal Financial Controls under audit of internal financial controls over financial reporting
Clause (i) of Sub-section 3 of Section 143 of the included obtaining an understanding of internal financial
Companies Act, 2013 (“the Act”) controls over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the
In conjunction with our audit of the Consolidated Ind AS design and operating effectiveness of internal control based
financial statements of Astral Poly Technik Limited as of and for on the assessed risk. The procedures selected depend on the
the year ended March 31, 2019, we have audited the internal auditor’s judgement, including the assessment of the risks of
financial controls over financial reporting of Astral Poly Technik material misstatement of the financial statements, whether due
Limited (hereinafter referred to as the “Holding Company”) and to fraud or error.
its subsidiary companies, which are companies incorporated in
India, as of that date. We believe that the audit evidence we have obtained and
the audit evidence obtained by the other auditors in terms
of their reports referred to in the Other Matters paragraph
Management’s Responsibility for Internal
below, is sufficient and appropriate to provide a basis for our
Financial Controls
audit opinion on the internal financial controls over financial
The respective Board of Directors of the Holding Company and reporting with reference to these consolidated financial
its subsidiary companies, which are companies incorporated in statements.
India, are responsible for establishing and maintaining internal
financial controls based on the internal control over financial Meaning of Internal Financial Controls Over
reporting criteria established by the Holding Company Financial Reporting
considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial A company’s internal financial control over financial reporting
Controls Over Financial Reporting issued by the Institute of is a process designed to provide reasonable assurance
Chartered Accountants of India. These responsibilities include regarding the reliability of financial reporting and the
the design, implementation and maintenance of adequate preparation of financial statements for external purposes in
internal financial controls that were operating effectively for accordance with generally accepted accounting principles. A
ensuring the orderly and efficient conduct of its business, company’s internal financial control over financial reporting
including adherence to the respective company’s policies, includes those policies and procedures that (1) pertain to the
the safeguarding of its assets, the prevention and detection maintenance of records that, in reasonable detail, accurately
of frauds and errors, the accuracy and completeness of the and fairly reflect the transactions and dispositions of the
accounting records, and the timely preparation of reliable assets of the company; (2) provide reasonable assurance that
financial information, as required under the Act. 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
Our responsibility is to express an opinion on the Holding authorisations of management and directors of the company;
company’s internal financial controls over financial reporting and (3) provide reasonable assurance regarding prevention
based on our audit. We conducted our audit in accordance with or timely detection of unauthorised acquisition, use, or
the Guidance Note on Audit of Internal Financial Controls Over disposition of the company’s assets that could have a material
Financial Reporting (the “Guidance Note”) and the Standards effect on the financial statements.
on Auditing, both, issued by Institute of Chartered Accountants
of India, and deemed to be prescribed under section 143(10) Inherent Limitations of Internal Financial Controls
of the Act, to the extent applicable to an audit of internal Over Financial Reporting
financial controls. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan Because of the inherent limitations of internal financial controls
and perform the audit to obtain reasonable assurance about over financial reporting, including the possibility of collusion
whether adequate internal financial controls over financial or improper management override of controls, material
reporting was established and maintained and if such controls misstatements due to error or fraud may occur and not be
operated effectively in all material respects. detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods
Our audit involves performing procedures to obtain audit are subject to the risk that the internal financial control over
evidence about the adequacy of the internal financial controls financial reporting may become inadequate because of
over financial reporting with reference to the consolidated changes in conditions, or that the degree of compliance with
financial statements and their operating effectiveness. Our the policies or procedures may deteriorate.
114
Opinion over financial reporting of the Holding Company, insofar as it

relates to subsidiary companies and Amalgamating Company,
In our opinion, the Holding Company and its subsidiary which are companies incorporated in India, are based on
companies which are companies incorporated in India, have, the corresponding reports of the auditors of such subsidiary
maintained in all material respects, an adequate internal companies and Amalgamating Company, incorporated in India.
financial controls system over financial reporting and such
internal financial controls over financial reporting were
operating effectively as at March 31, 2019, based on the
internal control over financial reporting criteria established by For S R B C & CO LLP
the Holding Company considering the essential components Chartered Accountants
of internal control stated in the Guidance Note on Audit of ICAI Firm Registration Number: 324982E/E300003
Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India. per Anil Jobanputra
Partner
Other Matters Membership Number: 110759
Our report under Section 143(3)(i) of the Act on the adequacy Place of Signature: Ahmedabad
and operating effectiveness of the internal financial controls Date: May 20, 2019
115
CONSOLIDATED BALANCE SHEET

AS AT MARCH 31, 2019
(H in lacs)
As at As at
Particulars Notes
March 31, 2019 March 31, 2018
ASSETS
Non-current assets
(a) Property, plant and equipment 3 (A) 80,957.02 60,547.24
(b) Capital work-in-progress 8,077.32 7,313.30
(c) Goodwill 4 25,378.06 23,472.43
(d) Other Intangible assets 3 (B) 4,209.51 227.61
(e) Financial assets
(i) Investments 5 15.00 -
(ii) Loans 6 687.23 567.32
(iii) Other financial assets 7 682.60 483.60
(f) Deferred tax assets (Net) 8 6.93 6.93
(g) Non-current tax Assets 9 71.15 -
(h) Other non-current assets 10 2,719.90 596.14
Total non-current assets 1,22,804.72 93,214.57
Current assets
(a) Inventories 11 39,579.94 35,723.85
(b) Financial assets
(i) Trade receivables 12 33,908.93 30,672.50
(ii) Cash and cash equivalents 13 8,920.85 4,348.61
(iii) Bank balances other than (ii) above 14 892.91 16.69
(iv) Loans 6 46.11 27.81
(v) Other financial assets 7 570.43 409.95
(c) Current tax assets (Net) 9 374.80 634.11
(d) Other current assets 10 2,828.69 2,461.47
Total current assets 87,122.66 74,294.99
Total assets 2,09,927.38 1,67,509.56
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 15 1,198.07 1,197.67
(b) Other equity 16 1,26,569.33 1,00,626.08
Equity attributable to owners of the Company 1,27,767.40 1,01,823.75
Non-controlling Interests 1,502.33 1,350.82
Total equity 1,29,269.73 1,03,174.57
Liabilities
Non-current liabilities
(a) Financial liabilities-Borrowings 17 16,308.25 11,741.06
(b) Provisions 18 308.80 163.27
(c) Deferred tax liabilities (Net) 8 5,335.24 3,306.17
Total non-current liabilities 21,952.29 15,210.50
Current liabilities
(a) Financial liabilities
(i) Borrowings 17 3,038.26 558.39
(ii) Trade payables 19
b total outstanding dues of creditors other than micro enterprises 38,973.14 34,907.62
and small enterprises
(iii) Other financial liabilities 20 11,882.22 9,289.28
(b) Other current liabilities 21 3,877.76 3,236.85
(c) Provisions 18 290.02 172.69
(d) Current tax liabilities (Net) 22 643.96 959.66
Total current liabilities 58,705.36 49,124.49
Total liabilities 80,657.65 64,334.99
Total equity and liabilities 2,09,927.38 1,67,509.56
See accompanying notes to the consolidated financial statements

Per Anil Jobanputra (Sandeep P. Engineer) (Jagruti S. Engineer)
(Hiranand A. Savlani) (Krunal D. Bhatt)
Date : May 20, 2019 Date : May 20, 2019
116
CONSOLIDATED STATEMENT OF PROFIT AND LOSS

(H in lacs, except as stated otherwise)

Particulars Notes
March 31, 2019 March 31, 2018
Income
Revenue from operations 23 2,50,729.24 2,10,577.99
Other income 24 1,544.03 1,267.88
Total 2,52,273.27 2,11,845.87
Expenses
Cost of materials consumed 25 1,65,003.41 1,35,670.23
Purchase of stock-in-trade 26 3,973.05 4,537.89
Changes in inventories of finished goods, stock-in-trade and work-in- 27 (4,207.09) (1,870.96)
progress
Excise duty on sale of goods - 3,286.20
Employee benefits expense 28 13,912.84 10,648.58
Finance costs 29 3,195.57 2,157.63
Depreciation and amortisation expense 30 8,142.79 5,713.42
Other expenses 31 33,554.12 26,625.71
Total 2,23,574.69 1,86,768.70
Profit before exceptional items, share of loss of joint venture and tax 28,698.58 25,077.17
Share of loss of joint venture (356.77) (266.53)
Tax expense 32
Current tax 7,441.76 6,593.89
Deferred tax 1,165.93 650.86
Total tax expense 8,607.69 7,244.75
Profit for the year 19,734.12 17,565.89
Other comprehensive income
Items that will not be reclassified to profit or loss
- Remeasurements gain/(loss) on defined benefit plans (17.25) 5.69
Income Tax relating to items that will not be reclassified to profit or loss 4.70 1.10
Items that will be reclassified to profit or loss
- Currency Translation (Loss)/Gain (9.56) 333.32
Total other comprehensive income (22.11) 340.11
Total comprehensive income for the year 19,712.01 17,906.00
Profit Attributable to:-
Owners of the Company 19,580.64 17,508.52
Non-controlling Interests 153.48 57.37
19,734.12 17,565.89
Other Comprehensive Income/(loss) attributable to:-
Owners of the Company (20.14) 273.22
Non-controlling Interests (1.97) 66.89
(22.11) 340.11
Total Comprehensive Income/(loss) attributable to:-
Owners of the Company 19,560.50 17,781.74
Non-controlling Interests 151.51 124.26
19,712.01 17,906.00
Earnings per equity share (Face Value of J. 1/- each) 33
Basic (in H.) 16.27 14.62
Diluted (in H.) 16.27 14.62


Date : May 20, 2019 Date : May 20, 2019
117
CONSOLIDATED STATEMENT OF CASH FLOWS

(H In Lacs)

Particulars
No. March 31, 2019 March 31, 2018
A Cash flows from operating activities
Adjustments for :
Depreciation and amortisation expense 8,142.79 5,713.42
Finance costs 3,195.57 2,157.63
Interest income (613.97) (121.38)
Net unrealised foreign exchange (gain)/loss (787.72) (75.60)
Gain on sale of Current Investments (70.27) (82.04)
(Profit)/Loss on sale of Property,Plant and Equipment (Net) 34.90 (73.32)
Share Based payment expense 74.31 150.21
Allowance for expected credit loss 197.16 230.00
Proceeds from investments - (89.44)
Credit balances written back (74.25) (11.96)
Share of loss of joint venture 356.77 257.02
Operating profit before Working Capital Changes 38,797.10 32,865.18
Changes in working capital :
(Increase)/Decrease in Inventories (1,088.09) (8,513.90)
(Increase)/Decrease in Trade receivables, financial assets and other assets 1,440.76 3,799.66
Increase/(Decrease) in Trade Payables, financial liabilities other liabilities and 2,727.98 6,320.60
provisions
Cash generated from operations 41,877.75 34,471.54
Income taxes paid (7,680.19) (6,287.04)
Net cash generated from operating activities (A) 34,197.56 28,184.50
B Cash flows from investing activities
Capital Expenditure on property, plant and equipment and intangible assets (22,487.19) (18,909.87)
Proceeds from Sale of property, plant and equipment 528.88 522.65
Increase/(Decrease) in other balances with banks (70.70) (0.03)
Interest Received 537.50 74.20
Gain on Sale of Current Investments 70.27 82.04
Consideration paid to owners of amalgamating company (Note 42) (7,522.50) -
Proceeds from investments - 89.44
Proceeds from Mutual fund/NSC 0.43 -
Purchase of Long term investments in Joint Venture (396.47) (385.64)
Net Cash flow used in Investing Activities (B) (29,339.78) (18,527.21)
C Cash flow from Financing Activities
Dividend paid (including tax on dividend) (938.54) (793.01)
Proceeds from issue of Equity Shares 20.00 -
Finance Cost (3,119.31) (2,107.20)
Proceeds from Long Term Borrowings 12,972.01 5,692.69
Repayment of Long Term Borrowings (8,286.27) (6,414.13)
Proceeds from Short Term Borrowings (1,142.43) (3,489.28)
Net Cash flow from Financing Activities (C) (494.54) (7,110.93)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) 4,363.24 2,546.36
Cash and cash equivalents at the beginning of the year (Note 13) 4,348.61 1,802.40
Cash and cash equivalents acquired from amalgamating company (Note 208.91 -
42)
Effect of exchange differences on restatement of foreign currency cash and (0.09) 0.15
cash equivalents
Cash and Cash Equivalents at the end of the year (Note 13) 8,920.85 4,348.61
Note The above Cash Flow Statement has been prepared as per 'Indirect Method' as set out in Ind AS 7 on Consolidated Statement
of Cash Flows.
118
CONSOLIDATED STATEMENT OF CASH FLOWS

Changes in liabilities arising from financing activities

(H In Lacs)
Non-current Current
Particulars Total
borrowings borrowings
Balance as at March 31, 2018 18,350.03 558.39 18,908.42
Acquisition on account of amalgamation (Note 42) 1,549.93 3,622.30 5,172.23
Cash flows 4,685.74 (1,142.43) 3,543.31
Foreign exchange adjustments (98.21) - (98.21)
Balance as at March 31, 2019 24,487.49 3,038.26 27,525.75


Date : May 20, 2019 Date : May 20, 2019
119
120
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A Equity Share Capital (Note 15)

(H in lacs)
Particulars Amount
Balance as at April 1, 2017 1,197.67
Add: movement during the year -
Add: movement during the year (Note 15 (e)) 0.40
B Other Equity (Note 16)

(H in lacs)
Particulars Attributable to the equity holders of the parent Total Non- Total
Securities General Capital Revaluation Foreign Retained Share Shares controlling Other
premium reserve reserve reserve Currency earnings options pending Interests Equity
reserve translation outstanding allotment
reserve account (Note 42)
Balance as at April 1, 2017 33,371.09 2,595.00 40.00 121.14 (427.55) 47,786.73 0.54 - 83,486.95 1,226.56 84,713.51
Profit for the year - - - - - 17,508.52 - - 17,508.52 57.37 17,565.89
Other comprehensive income for the year, - - - - 266.66 6.56 - - 273.22 66.89 340.11
net of income tax
Total comprehensive income for the year 33,371.09 2,595.00 40.00 121.14 (160.89) 65,301.81 0.54 - 1,01,268.69 1,350.82 1,02,619.51
Recognition of share-based payments - - - - - - 150.21 - 150.21 - 150.21
Payment of dividends (Including tax on dividend) - - - - - (792.82) - - (792.82) - (792.82)
Balance as at March 31, 2018 33,371.09 2,595.00 40.00 121.14 (160.89) 64,508.99 150.75 - 1,00,626.08 1,350.82 1,01,976.90
Profit for the year - - - - 19,580.64 - - 19,580.64 153.48 19,734.12
Other comprehensive income for the year, - - - - (7.65) (12.49) - - (20.14) (1.97) (22.11)
net of income tax
Total comprehensive income for the year 33,371.09 2,595.00 40.00 121.14 (168.54) 84,077.14 150.75 - 1,20,186.58 1,502.33 1,21,688.91
Issue of equity shares under employee share option 244.66 - - - - - - - 244.66 - 244.66
plan (Note 16 (e))
Consequent to business combination (Note 42) - - - - - - - 7,227.50 7,227.50 - 7,227.50
Exercise of stock options - - - - - - (150.75) - (150.75) - (150.75)
Payment of dividends (Including tax on dividend) - - - - - (938.66) - - (938.66) - (938.66)
Balance as at March 31, 2019 33,615.75 2,595.00 40.00 121.14 (168.54) 83,138.48 - 7,227.50 1,26,569.33 1,502.33 1,28,071.66

Chartered Accountants (Sandeep P. Engineer)
Per Anil Jobanputra Managing Director (Jagruti S. Engineer)
Partner DIN : 00067112 Whole Time Director
Membership No : 110759 (Hiranand A. Savlani) DIN : 00067276
Chief Financial Officer (Krunal D. Bhatt)
Place : Ahmedabad Place : Ahmedabad Company Secretary
Date : May 20, 2019 Date : May 20, 2019
NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

1. GROUP’S BACKGROUND:- The fair value measurement is based on the presumption

that the transaction to sell the asset or transfer the liability
The consolidated financial statements comprise financial takes place either.
statements of Astral Poly Technik Limited (the Parent) and
its subsidiaries (collectively, the Group) for the year ended - In the principal market for the asset or liabilities or
March 31, 2019.
- In the absence of a principal market in the most
The Parent Company is a public company domiciled advantageous market for the asset and liabilities.
in India and is incorporated under the provision of
In estimating the fair value of an asset or liability, the Group
Companies Act applicable in India. Its shares are listed in
takes into account the characteristics of the asset or liability
two recognised stock exchange in India, Bombay Stock
if market participants would take those characteristic
Exchange and National stock exchange. The company
into account when pricing the asset or liability at the
was established in 1996, with the aim to manufacture
measurement date. Fair value for measurement and/
pro-India plumbing and drainage systems in the country.
or disclosure purposes in these Consolidated financial
Astral Poly Technik is equipped with production facilities
statements is determined on such a basis, except for share
at Santej & Dholka (Gujarat), Ghiloth (Rajasthan), Sangli
based payment transaction that are within the scope of Ind
(Maharashtra), Sitarganj (Uttarakhand) and Hosur (Tamil
AS 102 Share-based Payment, leasing transactions that are
Nadu) to manufacture Plumbing systems, Drainage
within the scope of Ind AS 17 Leases, and measurements
systems, Agriculture, Industrial and Electrical Conduit
that have some similarities to fair value but are not fair
Pipes with all kinds of necessary fittings.
valued such as net realizable value in Ind AS 2 or value in
The Consolidated financial statements were approved for use in Ind AS 36 Impairment of assets.
issue by the board of directors on May 20, 2019.
All assets and liabilities for which fair value is measured
or disclosed in the Consolidated financial statements are
2. SIGNIFICANT ACCOUNTING POLICIES:- categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant
a) Basis of Preparation of Consolidated Financial
to the fair value measurement as a whole:
Statements
1) Level 1 — Quoted (unadjusted) market prices in active
The Consolidated financial statements have been
markets for identical assets or Liabilities.
prepared in accordance with Ind AS notified under the
Companies (Indian Accounting Standards) Rules, 2015 2) Level 2 — Valuation techniques for which the
and relevant amendment rules issued thereafter read with lowest level input that is significant to the fair value
Section 133 of the Companies Act, 2013, as amended. measurement is directly or indirectly observable.
All accounting policies are consistently applied except as
given below; 3) Level 3 — Valuation techniques for which the
The Company has adopted Ind AS 115 ‘Revenue from measurement is unobservable.
Contracts with Customers’ effective April 1, 2017.
Application of Ind AS 115 does not have any significant b) Basis of Consolidation
impact on retained earnings as at April 1, 2017 and
The consolidated financial statements incorporate
financial results of the Company.
the financial statements of the Company and entities
The Consolidated financial statements have been controlled by the Company and its subsidiaries. Control is
prepared on the going concern basis using historical cost achieved when the Company:
convention except for certain financial instruments that
• has power over the investee:
are measured at fair values at the end of each reporting
period, as explained in the accounting policies below. • is exposed, or has rights, to variable returns from its
Historical cost is generally based on the fair value of the involvement with the investee; and
consideration given in exchange for goods and services.
• has the ability to use its power to affect its returns.
Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction The company reassesses whether or not it controls an
between market participants at the measurement date, investee if facts and circumstances indicate that there are
regardless of whether that price is directly observable or changes to one or more of the three elements of control
estimated using another valuation technique.
121

listed above. When the Company has less than a majority Group’s share of equity in the subsidiaries, is recognised
of the voting rights of an investee, it has power over the as ‘Goodwill on Consolidation’ being an asset in the
investee when the voting rights are sufficient to give it consolidated financial statements. The said Goodwill
the practical ability to direct the relevant activities of the is not amortised, however, it is tested for impairment at
investee unilaterally. The Company considers all relevant each Balance Sheet date and the impairment loss, if any,
facts and circumstances in assessing whether or not the is provided for. On the other hand, where the share of
Company’s voting rights in an investee are sufficient to equity in subsidiaries as on the date of investment is in
give it power, including: excess of cost of investments of the Group, it is recognised
as ‘Capital Reserve’ and shown under the head ‘Reserves
• the size of the Company’s holding of voting rights and Surplus’ in the consolidated financial statements.
relative to the size and dispersion of holdings of the
other vote holders; Non-controlling interests in the net assets of consolidated
subsidiaries is identified and presented in the consolidated
• potential voting rights held by the Company, other Balance Sheet separately within equity.
vote holders or other parties;
Non-controlling interests in the net assets of consolidated
• rights arising from other contractual arrangements; subsidiaries consists of:
and
(a) The amount of equity attributable to non-controlling
• any additional facts and circumstances when the interests at the date on which investment in a
Company obtains control over the subsidiary and subsidiary is made; and
ceases when the Company loses control of the
subsidiary. Specifically, income and expenses of a (b) The non-controlling interests share of movements in
subsidiary acquired or disposed of during the year equity since the date parent subsidiary relationship
are included in the consolidated statement of profit came into existence.
and loss from the date the company gains control until
the date when the Company ceases to control the c) Investment in Joint Venture
subsidiary.
A joint venture is a joint arrangement whereby the parties
Consolidation of a subsidiary begins when the Company that have joint control of the arrangement have rights to
obtains control over the subsidiary and ceases when the the net assets of the joint arrangement. Joint control is the
Company loses control of the subsidiary. Specifically, contractually agreed sharing of control of an arrangement,
income and expenses of a subsidiary acquired or disposed which exists only when decision about the relevant
of during the year are included in the Consolidated activities require unanimous consent of the parties sharing
Statement of Profit and Loss from the date the Company control.
gains control until the date when the Company ceases to
The results and assets and liabilities of joint venture are
control the subsidiary.
incorporated in these consolidated financial statements
Profit or loss and each component of other comprehensive using the equity method of accounting, except when the
income are attributed to the owners of the Company and investment or a portion thereof is classified as held for sale,
to the non-controlling interests. Total comprehensive in which case it is accounted for in accordance with Ind AS
income of subsidiaries is attributed to the owners of the 105. Under equity method, an investment in a joint venture
Company and to the non-controlling interests even if this is initially recognised in the consolidated balance sheet at
results in the non-controlling interests having a deficit cost and adjusted thereafter to recognise the Group’s share
balance. of the profit and loss and other comprehensive income of
the joint venture. When the Group’s share of losses of a joint
When necessary, adjustments are made to the financial venture exceeds the Group’s interest in that joint venture
statements of subsidiaries to bring their accounting (which includes any long term interest that, in substance,
policies into line with the Group’s accounting policies. The form part of Group’s net investment in the joint venture), the
financial statements of the Company and its subsidiaries Group discontinues recognizing its share of further losses.
have been combined on a line-by-line basis by adding Additional losses are recognised only to the extent that
together the book values of like items of assets, liabilities, the Group has incurred legal or constructive obligations or
income and expenses, after eliminating intra-group made payments on behalf of the joint venture.
balances, intra-group transactions and the unrealised
profits/losses, unless cost/revenue cannot be recovered. An investment in a joint venture is accounted for using
The excess of cost to the Group of its investment in the equity method from the date on which the investee
subsidiaries, on the acquisition dates over and above the becomes a joint venture. On acquisition of the investment
in joint venture, any excess of cost of the investment over
122

the Group’s share of net fair value of the identifiable receiving charges, octroi and other levies and transit
assets and liabilities of the investee is recognised as insurance. Work-in-progress and finished goods include
goodwill, which is included within the carrying amount appropriate proportion of overheads. Net realizable value
of the investment. Any excess of the Group’s share of net represents the estimated selling price for inventories less
fair value of the identifiable assets and liabilities over the all estimated costs of completion and costs necessary to
cost of the investment, after reassessment, is recognised make the sale.
directly in equity as capital reserve in the period in which
the investment is acquired. e) Cash and cash equivalents
After application of the equity method of accounting, The Group considers all highly liquid financial instruments,
the Group determines whether there any is objective which are readily convertible into known amounts of cash
evidence of impairment as a result of one or more events that are subject to an insignificant risk of change in value
that occurred after the initial recognition of the net and having original maturities of three months or less from
investment in a joint venture and that event (or events) the date of purchase, to be cash equivalents.
has an impact on the estimated future cash flows from
f) Revenue from contract with customer
the net investment that can be reliably estimated. If there
exists such an objective evidence of impairment, then it Revenue from contracts with customers is recognised
is necessary to recognise impairment loss with respect to when control of the goods or services are transferred to
the Group’s investment in a joint venture. the customer at an amount that reflects the consideration
to which the Group expects to be entitled in exchange for
When necessary, the entire carrying amount of the
those goods or services.
investment (including goodwill) is tested for impairment
in accordance with Ind AS 36 – Impairment of assets as a Sale of goods
single asset by comparing its recoverable amount (higher
of value in use and fair value less costs of disposables) with Revenue from sale of goods is recognised at the point
its carrying amount, any impairment loss recognised forms in time when control of the asset is transferred to the
part of the carrying amount of the investment. Any reversal customer. In determining the transaction price for the
of the impairment loss is recognised in accordance with sale of goods, the Group considers the effects of variable
Ind AS 36 to the extent that the recoverable amount of the consideration, if any.
investment subsequently increases.
Variable consideration
When a Group entity transacts with a joint venture of the
If the consideration in a contract includes a variable
Group, profit and losses resulting from the transaction
amount, the Group estimates the amount of consideration
with the joint venture are recognised in the Group’s
to which it will be entitled in exchange for transferring
consolidated financial statements only to the extent of
the goods to the customer. The variable consideration is
interest in joint venture that are not related to the Group.
estimated at contract inception and constrained until it
The financial statements of the joint venture used in is highly probable that a significant revenue reversal in
applying the equity method are prepared as of a date the amount of cumulative revenue recognised will not
different from that used by the entity, adjustments are occur when the associated uncertainty with the variable
made for the effects of significant transactions or events consideration is subsequently resolved.
that occur between that date and the date of the entity’s
Contract balances
financial statements. The difference between the end of
the reporting period of the joint venture and that of the Trade receivables
Company is of three months. The length of the reporting
periods and difference between the ends of the reporting A receivable represents the Group’s right to an amount of
periods are same from period to period. consideration that is unconditional (i.e., only the passage of
time is required before payment of the consideration is due)
d) Inventories
Interest Income
Inventories are stated at lower of cost on weighted
average basis or net realizable value after providing Interest income from financial assets is recognised when it
for obsolescence and other losses, where considered is probable that the economic benefit will flow to the Group
necessary. Cost includes cost of purchase and other and the amount of income can be measured reliably. Interest
expenses incurred in bringing the inventories to their income is recorded using the effective interest rate (EIR).
present location and condition. Cost includes all charges Interest income is accrued on a time basis, by reference to
in bringing the goods to the point of sale, including the principal outstanding and the interest rate applicable,
123

which is the rate that exactly discounts estimated future h) Intangible assets
cash receipts through the expected life of the financial asset
to that asset’s net carrying amount on initial recognition. Intangible assets acquired separately
g) Property, plant and equipment Intangible assets with finite useful lives that are
acquired separately are carried at cost less accumulated
Property, Plant and Equipment are stated at actual cost less amortisation and accumulated impairment losses.
accumulated depreciation and of impairment. The actual Amortisation is recognised on a straight-line basis over
cost capitalised includes material cost, freight, installation their estimated useful lives. The estimated useful life is
cost, duties and taxes and other incidental expenses reviewed at the end of each reporting period, with the
incurred during the construction / installation stage. effect of any changes in estimate being accounted for on
a prospective basis.
Properties in the course of construction for production,
supply or administration purposes are carried at cost, Derecognition of intangible assets
less any recognised impairment loss. All the direct
expenditure related to implementation including An intangible asset is derecognised on disposal, or when
incidental expenditure incurred during the period of no future economic benefits are expected from use or
implementation of a project, till it is commissioned, is disposal. Gains or losses arising from derecognition of
accounted as Capital work in progress (CWIP) and such an intangible asset, measured as the difference between
properties are classified to the appropriate categories the net disposal proceeds and the carrying amount of the
of property, plant and equipment when completed and asset, are recognised in the consolidated statement of
ready for intended use. profit and loss when the asset is derecognised.
An item of property, plant and equipment is derecognised Useful lives of intangible assets
upon disposal or when no future economic benefits are
Intangible assets are amortised over their estimated useful
expected to arise from the continued use of the asset. Any
life on a straight-line basis over a period of 5 years except
gain or loss arising on the disposal or retirement of an item
assets like Brand which is amortised over 7 years since
of property, plant and equipment is determined as the
in the opinion of the management the benefits will be
difference between the sales proceeds and the carrying
available for that period.
amount of the asset and is recognised in the consolidated
statement of profit and loss. i) Leasing
Depreciation Leases are classified as finance leases whenever the terms

of the lease transfer substantially all the risks and rewards
Depreciable amount for assets is the cost of an asset, or
of ownership to the lessee. All other leases are classified
other amount substituted for cost, less its estimated residual
as operating leases.
value. Depreciation on Property, Plant and Equipment other
than freehold land and properties under construction are Group as a lessee
charged based on straight line method on an estimated
useful life as prescribed in Schedule II to the Companies Act, Assets held under finance leases are initially recognised as
2013. an asset of the Group at their fair value at the inception of
the lease or, if lower, at the present value of the minimum
The estimated useful lives and residual values of the lease payments. The corresponding liability to the lessor is
property, plant and equipment are reviewed at the end of included in the consolidated Balance Sheet as a finance lease
each reporting period, with the effect of any changes in obligation.
estimate accounted for on a prospective basis.
Lease payments are apportioned between the finance
Asset held under finance leases are depreciated over expenses and reduction of the lease obligation so as
their expected useful lives on the same basis as owned to achieve the constant rate of return on the remaining
assets. However, when there is no reasonable certainty balance of the liability. Finance expenses are recognised
that ownership will be obtained by the end of lease term, immediately in profit or loss, unless they are directly
assets are depreciated over the shorter of the lease term attributable to qualifying assets, in which case they are
and their useful lives. capitalized in accordance with the Group’s general policy
on borrowing costs.
Depreciation on items of property, plant and equipment
acquired / disposed off during the year is provided on pro- Rental expense from operating lease is generally
rata basis with reference to the date of addition / disposal. recognised on a straight line basis over the term of the
124

relevant lease. Where the rentals are structured solely based on the amount of contribution required to be made
to increase in line with expected general inflation to and when services are rendered by the employees. The
compensate for the lessors expected inflationary cost Parent Company and its Indian Subsidiaries operate
increase, such increases are recognised in the year in defined contribution plans pertaining to ESIC and
which such benefits accrue. Provident fund scheme for eligible employees.
Group as a lessor Defined benefit plans:
Rental income from operating leases is generally The Parent company and its Indian Subsidiaries operate
recognised on a straight line basis over the term of the a gratuity scheme for employees. The cost of providing
relevant lease. Where the rentals are structured solely benefits is determined using the Projected Unit Credit
to increase in line with expected general inflation to method, with actuarial valuations being carried out at
compensate for the Group’s expected inflationary cost each balance sheet date. Remeasurement, comprising
increases, such increases are recognised in the year in actuarial gains and losses, the effect of the changes to the
which such benefits accrue. Initial direct cost incurred in return on plan assets (excluding net interest), is reflected
negotiating and arranging an operating lease are added immediately in the balance sheet with a charge or credit
to the carrying amount of the leased asset and recognised recognised in other comprehensive income in the period
on a straight line basis over the lease term. in which they occur. Remeasurement recognised in
other comprehensive income is reflected immediately
j) Foreign Currencies in retained earnings and is not reclassified to in the
consolidated statement of profit and loss. Net interest is
In preparing the consolidated financial statements of the
calculated by applying the discount rate to the net defined
Group, the transactions in currencies other than the entity’s
benefit liability or asset.
functional currency (INR) are recognised at the rates of
exchange prevailing at the dates of the transactions. At the The Group recognises the following changes in the
end of each reporting period, monetary items denominated net defined benefit obligation as an expense in the
in foreign currencies are retranslated at the rate prevailing consolidated statement of profit and loss:
at that date. Non-monetary items carried at fair value that
are denominated in foreign currencies are translated at the 1) Service costs comprising current service costs, gains
rates prevailing at the date when fair value was determined. and losses on curtailments and settlements; and
Non-monetary items that are measured in terms of historical
cost in a foreign currency are not retranslated. 2) Net interest expense or income
Exchange differences arising on monetary items are The retirement benefit obligation recognised in the
recognised in the consolidated statement of profit and Consolidated Balance Sheet represents the present
loss in the period in which they arise. value of the defined benefit obligation as adjusted for
unrecognised past service cost, as reduced by the fair
Translation of Financial Statements of foreign entities value of scheme assets. Any asset resulting from this
calculation is limited to past service cost, plus the present
On Consolidation, the assets and liabilities of foreign value of available refunds and reductions in future
operations are translated into INR at the rate of exchange contributions to the schemes.
prevailing at the reporting date and their statements of
Profit and Loss are translated at the average exchange Short-term employee benefits:
rates for the period. On disposal of foreign operation, the
component of OCI relating to that particular operation is The undiscounted amount of short-term employee
recognised in the Consolidated Statement of Profit and benefits expected to be paid in exchange for the services
Loss. rendered by employees are recognised during the year
when the employees render the service. These benefits
k) Employee Benefits include compensated absences which are expected to
occur within twelve months after the end of the period in
Employee benefits include provident fund, employee which the employee renders the related service.
state insurance scheme, gratuity fund and compensated
absences. Long-term employee benefits:
Defined Contribution Plan: Compensated absences which are not expected to occur
within twelve months after the end of the period in which
The Group’s contribution to Provident Fund is considered the employee renders the related service are recognised
as defined contribution plans and is charged as an expense as a liability at the present value of the estimated future
125

FOR THE YEAR ENDED MARCH 31,2019
cash outflows expected to be made by the Group in as at the beginning of the period, unless they have been
respect of services provided by employees up to the issued at a later date. The dilutive potential equity shares
balance sheet date. The Group determines the liability for are adjusted for the proceeds receivable had the shares
such accumulated leaves using the Projected Unit Credit been actually issued at fair value (i.e. average market value
Method with actuarial valuations being carried out at each of the outstanding shares). Dilutive potential equity shares
Balance Sheet date. are determined independently for each period presented.
Share based payment: n) Taxation
Equity settled share based payments to employees are Tax expense represents the sum of the current tax and
measured at the fair value of the equity instruments at the deferred tax.
grant date. The fair value determined at the grant date of
the equity settled share based payments is expensed on Current Tax
a straight line basis over the vesting period, based on the
The tax currently payable is based on taxable profit for
Group’s estimate of equity instruments that will eventually
the year. Current tax is measured at the amount expected
vest, with a corresponding increase in equity.
to be paid to the tax authorities, based on estimated tax
l) Borrowing costs liability computed after taking credit for allowances and
exemption in accordance with the local tax laws existing
Borrowing cost includes interest, amortisation of ancillary in the respective countries. The Group’s current tax is
costs incurred in connection with the arrangement of calculated using tax rates that have been enacted or
borrowings and exchange differences arising from foreign substantively enacted by the end of the reporting period.
currency borrowings to the extent they are regarded as an
adjustment to the interest cost. Deferred tax
Borrowing costs directly attributable to the acquisition, Deferred tax is recognised on temporary differences
construction or production of qualifying assets, which are between the carrying amounts of assets and liabilities in
assets that necessarily takes a substantial period of time the financial statements and the corresponding tax bases
to get ready for their intended use or sale, are added to used in the computation of taxable profit. Deferred tax
the cost of those assets, until such time as the assets are liabilities are generally recognised for all taxable temporary
substantially ready for their intended use or sale. differences. Deferred tax assets are generally recognised for
all deductible temporary differences to the extent that it is
Capitalization of borrowing cost is suspended and charged probable that taxable profits will be available against which
to statement of Profit and loss during the extended those deductible temporary differences can be utilised.
period when active development of the qualifying asset is Such deferred tax assets and liabilities are not recognised if
interrupted. the temporary difference arises from the initial recognition
of assets and liabilities in a transaction that affects neither
All other borrowing costs are recognised in the the taxable profit nor the accounting profit.
consolidated statement of profit and loss in the period in
which they are incurred. The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to the
m) Earnings per share extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to be
Basic earnings per share is computed by dividing the profit/
recovered.
(loss) for the year attributable to equity shareholders by the
weighted average number of equity shares outstanding Deferred tax liabilities and assets are measured at the tax
during the year. Diluted earnings per share is computed rates that are expected to apply in the period in which the
by dividing the profit/(loss) for the year attributable to liability is settled or the asset realized, based on tax rates
equity shareholders by the weighted average number of (and tax laws) that have been enacted or substantively
equity shares considered for deriving basic earnings per enacted by the end of the reporting period.
share and the weighted average number of equity shares
which could have been issued on the conversion of all The measurement of deferred tax liabilities and assets
dilutive potential equity shares. reflects the tax consequences that would follow from the
manner in which the Group expects, at the end of the
Potential equity shares are deemed to be dilutive only reporting period, to recover or settle the carrying amount
if their conversion to equity shares would decrease the of its assets and liabilities.
net profit per share from continuing ordinary operations.
Potential dilutive equity shares are deemed to be converted
126

Deferred tax assets include Minimum Alternate Tax (MAT) into account the risks and uncertainties surrounding the
credit paid in accordance with the tax laws in India, which obligations. When a provision is measured using the cash
is likely to give future economic benefits in the form of flow estimated to settle the present obligation, its carrying
availability of set off against future income tax liability. amount is the present obligations of those cash flows
Accordingly, MAT credit is recognised as deferred tax (when the effect of the time value of money is material).
asset in the Consolidated Balance sheet when the asset
can be measured reliably and it is probable that the When some or all of the economic benefits required to
future economic benefit associated with the asset will be settle a provision are expected to be recovered from a
realised. third party, a receivable is recognised as an asset if it is
virtually certain that reimbursement will be received and
The deferred tax assets (net) and deferred tax liabilities the amount of the receivable can be measured reliably.
(net) are determined separately for the Parent and each
subsidiary company as per their applicable laws and then Contingent liabilities and Contingent assets are not
aggregated. recognised in the consolidated financial statements when
an inflow/ outflow of economic benefits/ loss are probable.
MAT credit is recognised as an asset only when and to the
extent there is convincing evidence that the respective p) Non-derivative Financial Instruments
Group Company will pay normal tax during the specified
Financial assets and financial liabilities are recognised when
period. Such asset is reviewed at each Balance sheet
a Group becomes a party to the contractual provisions of
date and the carrying amount of the MAT credit asset is
the instruments. Financial assets and financial liabilities are
written down to the extent there is no longer a convincing
initially measured at fair value. Transaction costs that are
evidence to the effect that the company will pay normal
directly attributable to the acquisition or issue of financial
tax during the specified period.
assets and financial liabilities (other than financial assets
Current and deferred tax for the year and financial liabilities at fair value through profit or loss)
are added to or deducted from the fair value measured on
Current and deferred tax are recognised in the initial recognition of financial assets or financial liabilities, as
consolidated statement of profit and loss, except appropriate, on initial recognition. Transaction costs directly
when they relate to items that are recognised in other attributable to the acquisition of financial assets or financial
comprehensive income, in which case, the current and liabilities at fair value through profit or loss are recognised
deferred tax are also recognised in other comprehensive immediately in the consolidated statement of profit and loss.
income.
Financial assets at amortised cost
The Group offsets current tax assets and current tax
liabilities, where it has a legally enforceable right to set Financial assets are subsequently measured at amortised
off the recognised amounts and where it intends either to cost if these financial assets are held within a business
settle on a net basis, or to realize the asset and settle the whose objective is to hold these assets in order to collect
liability simultaneously. In case of deferred tax assets and contractual cash flows and the contractual terms of the
deferred tax liabilities, the same are offset if the Group has financial asset give rise on specified dates to cash flows
a legally enforceable right to set off corresponding current that are solely payments of principal and interest on the
tax assets against current tax liabilities and the deferred principal amount outstanding.
tax assets and deferred tax liabilities relate to income
Financial assets at fair value through profit or loss (FVTPL)
taxes levied by the same tax authority on the Group.
Financial assets are measured at fair value through profit
o) Provisions, Contingent Liabilities and Contingent
and loss unless it is measured at amortised cost or at fair
Assets and Commitments
value through other comprehensive income on initial
Provisions are recognised when the Group has a present recognition. The transaction costs directly attributable
obligation (legal or constructive) as a result of a past event, to the acquisition of financial assets and liabilities at fair
it is probable that the Group will be required to settle the value through profit or loss are immediately recognised in
obligation, and a reliable estimate can be made of the consolidated statement of profit and loss.
amount of the obligation.
The amount recognised as a provision is the best estimate
Financial liabilities are measured at amortised cost using
of the consideration required to settle the present
the effective interest method.
obligation at the end of the reporting period, taking
127

Equity instruments Non-financial assets
An equity instrument is a contract that evidences residual Property, Plant and Equipment and intangible assets
interest in the assets of the Group after deducting all of its
liabilities. Equity instruments recognised by the Group are At the end of each reporting period, the Group reviews
measured at the proceeds received net off direct issue cost. the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that
Offsetting of financial instruments those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the
Financial assets and financial liabilities are offset and the asset is estimated in order to determine the extent of the
net amount is reported in financial statements if there is a impairment loss (if any). When it is not possible to estimate
currently enforceable legal right to offset the recognised the recoverable amount of an individual asset, the Group
amounts and there is an intention to settle on a net basis, to estimates the recoverable amount of the cash generating
realize the assets and settle the liabilities simultaneously. unit to which the asset belongs. When a reasonable and
consistent basis of allocation can be identified, corporate
q) Derivative financial instruments
assets are also allocated to individual cash generating
The Group enters into a variety of derivative financial units, or otherwise they are allocated to the smallest
instruments to manage its exposure to interest rate and Group of cash generating unit for which a reasonable and
foreign exchange rate risks, including foreign exchange consistent allocation basis can be identified.
forward contracts/options and interest rate swaps.
Recoverable amount is the higher of fair value less costs
The use of foreign currency forward contracts / options is of disposal and value in use. In assessing value in use,
governed by the Group’s policies approved by the Board the estimated future cash flows are discounted to their
of Directors, which provide written principles on the use of present value using a pre-tax discount rate that reflects
such financial derivatives consistent with the Group’s risk current market assessments of the time value of money
management strategy. The counter party to the Group’s and the risks specific to the asset for which the estimates
foreign currency forward contracts is generally a bank. of future cash flows have not been adjusted.
The Group does not use derivative financial instruments
If the recoverable amount of an asset (or cash generating
for speculative purposes.
unit) is estimated to be less than its carrying amount, the
Derivatives are initially recognised at fair value at the carrying amount of the asset (or cash generating unit) is
date the derivative contracts are entered into and are reduced to its recoverable amount. An impairment loss
subsequently remeasured to their fair value at the end is recognised immediately in the consolidated statement
of each reporting period. The resulting gain or loss is profit and loss.
recognised in the consolidated statement of profit and
When an impairment loss subsequently reverses, the
loss immediately.
carrying amount of the asset (or a cash generating unit)
Profit or loss arising on cancellation or renewal of a forward is increased to the revised estimate of its recoverable
exchange contract is recognised as income or as expense amount, but so that the increased carrying amount does
in the period in which such cancellation or renewal occurs. not exceed the carrying amount that would have been
determined had no impairment loss been recognised for
r) Impairment the asset (or cash generating unit) in prior years. A reversal
of an impairment loss is recognised immediately in the
Financial assets (other than at fair value)
consolidated statement of profit and loss.
The Group assesses at each Balance sheet whether a
s) Business combinations
financial asset or a Group of financial assets is impaired.
Ind AS 109 requires expected credit losses to be measured At the time of acquisition, the Company considers whether
through a loss allowance. The Group recognises lifetime each acquisition represents the acquisition of a business
expected losses for all contract assets and/or all trade or the acquisition of an asset. The Company accounts
receivables that do not constitute a financing transaction. for an acquisition as a business combination where an
For all other financial assets, expected credit losses are integrated set of activities and assets, including property,
measured at an amount equal to the 12 month expected is acquired. More specifically, consideration is given to the
credit losses or at an amount equal to the lifetime expected extent to which significant processes are acquired and, in
credit losses if the credit risk on the financial asset has particular, the extent of services provided by the subsidiary
increased significantly since initial recognition. (e.g., maintenance, cleaning, security, bookkeeping, hotel
services, etc.).
128

Business combinations are accounted for using the goodwill is recognised in profit or loss. An impairment loss
acquisition method. The cost of an acquisition is measured recognised for goodwill is not reversed in subsequent
as the aggregate of the consideration transferred periods.
measured at acquisition date fair value and the amount of
any non-controlling interests in the acquiree. t) Operating Cycle
At the acquisition date, the identifiable assets acquired and The Group presents assets and liabilities in the
the liabilities assumed are recognised at their acquisition consolidated balance sheet based on current / non-
date fair values. For this purpose, the liabilities assumed current classification based on operating cycle.
include contingent liabilities representing present
An asset is treated as current when it is:
obligation and they are measured at their acquisition fair
values irrespective of the fact that outflow of resources 1. Expected to be realized or intended to be sold or
embodying economic benefits is not probable. consumed in normal operating cycle;
When the Group acquires a business, it assesses the 2. Held primarily for the purpose of trading;
financial assets and liabilities assumed for appropriate
classification and designation in accordance with the 3. Expected to be realized within twelve months after
contractual terms, economic circumstances and pertinent the reporting period, or
conditions as at the acquisition date.
4. Cash or cash equivalent unless restricted from being
Goodwill is initially measured at cost, being the excess exchanged or used to settle a liability for at least
of the aggregate of the consideration transferred and twelve months after the reporting period
the amount recognised for non-controlling interests, and
All other assets are classified as non-current.
any previous interest held, over the net identifiable assets
acquired and liabilities assumed. If the fair value of the net A liability is current when:
assets acquired is in excess of the aggregate consideration
transferred, the Group re-assesses whether it has correctly 1. It is expected to be settled in normal operating cycle;
identified all of the assets acquired and all of the liabilities
assumed and reviews the procedures used to measure 2. It is held primarily for the purpose of trading;
the amounts to be recognised at the acquisition date. If
3. It is due to be settled within twelve months after the
the reassessment still results in an excess of the fair value
reporting period, or
of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in OCI and 4. There is no unconditional right to defer the settlement
accumulated in equity as capital reserve. However, if of the liability for at least twelve months after the
there is no clear evidence of bargain purchase, the entity reporting period
recognises the gain directly in equity as capital reserve,
without routing the same through OCI. All other liabilities are classified as non-current.
After initial recognition, goodwill is measured at cost less Deferred tax assets and liabilities are classified as non-
any accumulated impairment losses. For the purpose current assets and liabilities.
of impairment testing, goodwill acquired in a business
The Group has identified twelve months as its operating
combination is, from the acquisition date, allocated to each
cycle.
of the Group’s cash-generating units that are expected
to benefit from the combination, irrespective of whether u) Segment Reporting
other assets or liabilities of the acquiree are assigned to
those units. Operating segments are defined as components of an
enterprise for which discrete financial information is
A cash generating unit to which goodwill has been available that is evaluated regularly by the chief operating
allocated is tested for impairment annually, or more decision maker, in deciding how to allocate resources
frequently when there is an indication that the unit may and assessing performance. The Group’s chief operating
be impaired. If the recoverable amount of the cash decision maker is the Managing Director.
generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying Segment revenue, segment expenses, segment assets and
amount of any goodwill allocated to the unit and then to segment liabilities have been identified to segments on the
the other assets of the unit pro rata based on the carrying basis of their relationship to the operating activities of the
amount of each asset in the unit. Any impairment loss for segment. Inter segment revenue is accounted on the basis
129

of transactions which are primarily determined based on ii. Provisions and Contingent Liabilities
market / fair value factors. Revenue, expenses, assets and
liabilities which relate to the Group as a whole and are not Provisions and Contingent Liabilities are reviewed at
allocable to segments on a reasonable basis have been each Balance Sheet date and adjusted to reflect the
included under “unallocated revenue / expenses / assets / current best estimates.
liabilities”.
iii. Impairment of Goodwill
v) Critical accounting judgements and key sources of
Goodwill of H 23,456.09 Lacs and H 1,921.97 Lacs
estimation uncertainty
have been allocated for impairment testing purpose
The preparation of the consolidated financial statements to the Cash Generating Unit (CGU) viz., Adhesives
in conformity with the Ind AS requires management to and Plastics Segment respectively.
make judgements, estimates and assumptions that affect
The recoverable amount of all cash generating units
the application of accounting policies and the reported
(CGUs) has been determined based on value in
amounts of assets, liabilities and disclosures as at date of
use calculations. These calculations use cash flow
the consolidated financial statements and the reported
projections based on financial budgets approved by
amounts of the revenues and expenses for the years
management. Recoverable amounts for these CGUs
presented. The estimates and associated assumptions
has been determined based on value in use for which
are based on historical experience and other factors that
cash flow forecasts of the related CGU’s using a growth
are considered to be relevant. Actual results may differ
rate based on company’s projection of business
from these estimates under different assumptions and
and growth of the industry in which the company is
conditions. The estimates and underlying assumptions are
operating. Discount rate ranging from 12% to 18% has
reviewed on an ongoing basis. Revisions to accounting
been applied. The values assigned to the assumption
estimates are recognised in the period in which the
reflect past experience and are consistent with the
estimate is revised if the revision affects only that period,
management’s plans for focusing operations in these
or in the period of the revision and future periods if the
markets. The growth rate does not exceed the long term
revision affects both current and future periods.
average growth rate for the respective business in which
Key sources of estimation uncertainty the CGU operates. The management believes that the
planned market share growth is reasonably achievable.
The following are the key assumptions concerning the
future, and other key sources of estimation uncertainty at An analysis of the sensitivity of the computation
the end of the reporting period that may have a significant to a change in key parameters (operating margin,
risk of causing as material adjustment to the carrying discount rate and growth rate), based on a reasonable
amounts of assets and liabilities within next financial year. assumptions, did not identify any probable scenario
in which the recoverable amount of the CGU would
i. Useful lives of property, plant and equipment decrease below its carrying amount.
As described in Note 2(g), the Group reviews the iv. Fair valuation of Intangible assets on acquisition
estimated useful lives and residual values of property, (Refer note 42).
plant and equipment at the end of each reporting
period. During the current financial year, the
management determined that there were no changes
to the useful lives and residual values of the property,
plant and equipment.
130
3 PROPERTY, PLANT AND EQUIPMENT AND OTHER INTANGIBLE ASSETS

(H in lacs)
GROSS CARRYING AMOUNT ACCUMULATED DEPRECIATION AND AMORTISATION NET CARRYING AMOUNT
As At Acquisition Additions Disposals Effect of As At As At For the Disposals Effect of As At As At As At
SR.
ASSETS April 1, on account of Foreign March 31, April 1, year Foreign March March 31, March 31,
NO
2018 amalgamation currency 2019 2018 currency 31, 2019 2018
(Refer note 42) Translation Translation 2019
Cost
A. TANGIBLE ASSETS
a Land 14,199.41 1,929.87 920.08 (45.46) 17,003.90 200.00 116.42 (5.43) 310.99 16,692.91 13,999.41
12,271.17 1,704.44 223.80 14,199.41 99.04 76.16 24.80 200.00 13,999.41 12,172.13
b Buildings 14,830.35 1,821.47 5,845.13 22,496.95 1,540.16 787.22 2,327.38 20,169.57 13,290.19
13,509.16 1,321.19 14,830.35 947.45 592.71 1,540.16 13,290.19 12,561.71
c Plant and Equipments 41,632.81 4,085.04 11,372.17 569.06 (30.02) 56,490.94 11,426.03 5,952.07 101.41 (36.38) 17,240.31 39,250.63 30,206.78
30,164.73 11,150.83 93.06 410.31 41,632.81 6,835.57 4,404.40 34.35 220.41 11,426.03 30,206.78 23,329.16
d Furniture and Fixtures 2,325.66 38.05 1,573.79 27.69 (7.24) 3,902.57 652.96 323.50 8.23 (3.57) 964.66 2,937.91 1,672.70
1,909.40 409.98 36.93 43.21 2,325.66 400.03 251.91 16.71 17.73 652.96 1,672.70 1,509.37
e Vehicles 1,121.26 194.39 472.71 162.45 (1.82) 1,624.09 267.55 193.12 95.02 (1.31) 364.34 1,259.75 853.71
864.61 309.34 65.41 12.72 1,121.26 158.42 129.17 28.18 8.14 267.55 853.71 706.19
f Computers and Office 1,035.83 48.12 304.57 25.12 (3.72) 1,359.68 511.38 220.71 15.88 (2.78) 713.43 646.25 524.45
Equipments 746.44 276.59 8.60 21.40 1,035.83 321.50 179.12 6.43 17.19 511.38 524.45 424.94
Total (A) 75,145.32 8,116.94 20,488.45 784.32 (88.26) 1,02,878.13 14,598.08 7,593.04 220.54 (49.47) 21,921.11 80,957.02 60,547.24
59,465.51 15,172.37 204.00 711.44 75,145.32 8,762.01 5,633.47 85.67 288.27 14,598.08 60,547.24
Corporate Overview
B. OTHER INTANGIBLE ASSETS

a Computer Software 420.30 55.24 475.54 192.69 85.46 278.15 197.39 227.61
314.74 105.56 420.30 112.74 79.95 192.69 227.61 202.00
b Brands 4,476.41 - 4,476.41 464.29 464.29 4,012.12
-
Total (B) 420.30 4,476.41 55.24 4,951.95 192.69 549.75 742.44 4,209.51 227.61
314.74 105.56 420.30 112.74 79.95 192.69 227.61 -
Statutory Reports
Notes :
(a) Building includes H 750/- being face value of 15 number of shares of H 50/- each held in Kant Apartment Co- Operative Housing Society Limited. Also includes H 127.11 Lacs (Previous
Year H 127.11 Lacs) for which the procedure for transfer of title in the name of the Company is in process.
(b) Net carrying amount includes assets acquired under finance lease H 199.75 Lacs (Previous Year : H 352.41 Lacs) (Note 38).
(c) Figures in the italics are of Previous Year.
(d) Brand include trademarks and technical know-how.
131

4 GOODWILL
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Goodwill on Consolidation at the beginning of the year 23,472.43 23,214.93
Add : Arisen on acquisition and amalgmation (Note 42) 1,921.98 -
Add : Currency translation differences (16.35) 257.50
Total 25,378.06 23,472.43
5 INVESTMENTS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-Current Investments
Investment in Equity Instruments of Joint Venture at deemed cost
Unquoted
i) 10,00,000 (as at March 31, 2018 : 10,00,000) Shares of Kenyan Shilling 50/- 286.58 286.58
each fully paid up in Astral Pipes Limited, Kenya.
Less: Group's share of Loss (286.58) (286.58)
Total - -
Investment in Preference Shares of Joint Venture at deemed cost
Unquoted
i) 68,00,000 (as at March 31, 2018 : 56,00,000) Non-Cumulative Redeemable 2,032.79 1,618.91
Preference Shares of Kenyan Shilling 50/- each fully paid up in Astral Pipes
Limited, Kenya.
Less: Loan component of compound financial instrument (Note 6) (519.88) (519.88)
Less: Group’s share of Loss (1,512.91) (1,099.03)
Total - -
Investments in Joint venture - -
Quoted
Investment in Mutual funds
Mutual Fund* 15.00 -
Total 15.00 -
*Aggregate carrying value of quoted investment is H 15 Lacs as at March 31, 2019 (as at March 31, 2018: NIL)
6 LOANS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Loan component of compound financial instrument * 667.90 610.69
Add: Loss for the current year (4.93) (62.05)
662.97 548.64
Total 687.23 567.32
Current
Total 46.11 27.81

*Includes interest portion of compound Financial instruments.
132

7 OTHER FINANCIAL ASSETS

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Earmarked deposit accounts (with maturity more than 12 months from the balance 133.38 -
sheet date)
Advance for purchase of non current investment (Note 36) 138.34 155.33
Fair Value of derivative contracts - 29.57
Total 682.60 483.60
Current
Interest accrued on loans and deposits 21.85 2.59
Discount receivables 259.86 189.71
Fair Value of derivative contracts 49.97 65.66
Others 103.09 19.16
Total 570.43 409.95
8 DEFERRED TAX (NET)

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
(a) Deferred Tax Assets 6.93 6.93
(b) Deferred Tax Liabilities - -
Deferred tax assets (Net)(a-b) 6.93 6.93
(a) Deferred Tax Liabilities 7,457.13 5,539.75
(b) Deferred Tax Assets 2,121.89 2,233.58
Deferred tax liabilities (Net) (a-b) 5,335.24 3,306.17
Total 5,328.31 3,299.24
Deferred tax liabilities/(assets) in relation to :
(H In Lacs)
Recongnised
As at Other As at
Particulars in statement of
April 1, 2017 Adjustments March 31, 2018
profit and loss
Property, plant and equipment 4,890.12 649.63 - 5,539.75
Unabsorbed Depreciation (1,780.75) 785.80 - (994.95)
Provision for doubtful trade receivables (119.80) (74.92) - (194.72)
Compensated absences (59.64) (24.50) - (84.14)
MAT Credit entitlement (164.40) (628.44) - (792.84)
Others (134.25) (56.71) 17.10 (173.86)
Total 2,631.28 650.86 17.10 3,299.24
133

8 DEFERRED TAX (NET) (CONTD..)

(H In Lacs)
Recongnised
As at On account of As at
in statement Other
Particulars April 1, amalgamation March 31,
of profit and Adjustments
2018 (Note 42) 2019
loss
Tangible and Intangible assets 5,539.75 912.90 1,004.48 - 7,457.13
Unabsorbed Depreciation (994.95) - 992.80 - (2.15)
Unabsorbed Scientific Research - - (172.11) - (172.11)
Provision for doubtful trade (194.72) (11.23) (53.91) - (259.86)
receivables
Compensated absences (84.14) (27.11) (51.65) - (162.90)
MAT Credit entitlement (792.84) - (467.70) - (1,260.54)
Others (173.86) (8.95) (85.98) (2.47) (271.26)
Total 3,299.24 865.61 1,165.93 (2.47) 5,328.31
9 TAX ASSETS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Taxes receivable (Net of Provision) 71.15 -
Total 71.15 -
Current
Taxes receivable (Net of Provision) 374.80 634.11
Total 374.80 634.11
10 OTHER ASSETS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Capital Advances 2,674.45 589.72
Total 2,719.90 596.14
Current
Balances with Government Authorities 1,679.58 1,521.70
Advances to Suppliers 516.29 267.00
Total 2,828.69 2,461.47
134

11 INVENTORIES (at lower of cost or net realisable value)

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Raw Materials 11,441.96 14,016.17
Work-in-Progress 3,086.88 1,377.96
Stock In Trade 3,252.95 3,297.19
Finished Goods 19,639.88 15,195.14
Stores,Spares and Packing Materials 2,158.27 1,837.39
Total 39,579.94 35,723.85
12 TRADE RECEIVABLES
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Current
Unsecured, considered good 33,908.93 30,672.50
Unsecured, credit impaired 750.53 572.82
Less : Allowance for expected credit loss (750.53) (572.82)
Total 33,908.93 30,672.50
Note Refer Note 41 for information about credit risk and market risk of Trade receivables.
Break-up of trade receivables
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Trade receivables from other than related parties 33,908.93 30,517.02
Receivables from related parties (Note 36) - 155.48
Total 33,908.93 30,672.50
Notes :
1 The credit period ranges from 30 days to 180 days.
2 Before accepting any new customer, the Group assesses the potential customer’s credit quality and defines credit limits by
customer. Limits attributed to customers are reviewed annually. There are no customers who represent more than 5% of the
total balance of trade receivable as at March 31, 2019 and as at March 31, 2018.
3 In determining the allowances for credit impaired trade receivables , the Group has used a practical expedient by computing
the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account
historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is based on
the ageing of the receivables that are due and rates used in the provision matrix.
4 At March 31, 2019, H 3,080.02 Lacs (as at March 31, 2018 H 2,077.96 Lacs) had been sold to a provider of invoice discounting
and debt factoring services. The Group is committed to underwrite any of the debts transferred and therefore continues to
recongnise the debts sold within trade receivables until the debtors repay of default. Since the trade receivables continue to
be recongnised, the business model of the Group is not affected.
5 Movement in Expected Credit Loss Allowance

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Less : Reversal / utilisation out of earlier year 19.45 24.08
Add : Provision during the year 197.16 230.00
135

13 CASH AND CASH EQUIVALENTS

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Cash on Hand 29.29 30.95
Balances with Banks in current accounts 8,891.56 4,317.66
Total 8,920.85 4,348.61
14 OTHER BALANCES WITH BANKS

(H In Lacs)
March 31, 2019 March 31, 2018
In deposit accounts 890.73 14.63
Unclaimed dividend accounts (Note 20) 2.18 2.06
Total 892.91 16.69
Note Unclaimed Dividend account balance can only be used for payment of unclaimed dividend.
15 EQUITY SHARE CAPITAL

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Authorised Share Capital
150,000,000 (as at March 31, 2018 : 150,000,000) Equity Shares of H 1/- each 1,500.00 1,500.00
1,500.00 1,500.00
Issued, Subscribed & Fully Paid Share Capital
11,98,06,565 (as at March 31, 2018 : 11,97,66,565) Equity Shares of H 1/- each 1,198.07 1,197.67
fully paid up
Total 1,198.07 1,197.67
a) Rights, preferences and restrictions attached to shares :
The Parent Company has issued only one class of equity shares having value of H 1 per Share. Each holder of equity shares is
entitled to one vote per share and are entitled to dividend as and when declared. All shares rank equally with regard to the
Parent Company's residual assets after distribution of all preferential amounts.
b) Reconciliation of number of shares and amount outstanding at the beginning and at the end of the reporting period :
Particulars No. of Shares J in Lacs

Balance as at April 1, 2017 11,97,66,565 1,197.67
Add: Shares issued - -
Add: Shares issued - under Employee Stock option scheme 'ESOP 2015' 40,000 0.40
c) Number of Shares reserved for issue under options
As at As at
Particulars
March 31, 2019 March 31, 2018
Outstanding at the end of the year 93,718 1,33,718
136

d) Details of share held by each shareholder holding more than 5% shares :
15 EQUITY SHARE CAPITAL (CONTD..) As at As at

Name of Shareholders
March 31, 2019 March 31, 2018
Sandeep Pravinbhai Engineer
No. of Shares 3,78,42,460 3,78,42,460
Saumya Polymers LLP
No. of Shares 1,47,58,170 1,47,58,170
Steadview Capital Mauritius Limited
No. of Shares 1,09,72,125 66,50,837
Jagruti Sandeep Engineer
No. of Shares 91,43,410 91,43,410
e) Share options granted under the Employee Stock Options scheme
1 Details of the Employee stock option plan of the Parent Company
Astral Poly Technik Limited (the Company) formulated Employees Stock Option Scheme viz. Astral Employee Stock Option
Scheme 2015 (“the Scheme”) for the benefit of employees of the Company. Shareholders of the Company approved
the Scheme by passing special resolution through postal ballot dated October 21, 2015. Under the said Scheme as
approved by the Shareholders, Nomination and Remuneration Committee is empowered to grant stock options to
eligible employees of the Company, up to 1,50,000 over a period of five years from the date of passing of resolution by
shareholders. Minimum vesting period of stock option is one year and exercise period of stock option is one year from
the date of vesting.
The Committee granted 16,282 stock options on November 14, 2015, 21,600 stock options on March 30, 2017, 22,400
stock options on November 13, 2017 totalling 60,282 stock options till date. Exercise price of all stock options were H
50/- share. Each stock option is exercisable into one equity share of face value of H 1/- each.
The following stock based payment arrangement were in existence during the current and prior year
Option Series 13-11-2017 30-03-2017 14-11-2015

Grant date 13/11/17 30/03/17 14/11/15
Number of shares 22,400 21,600 16,282
Expiry date 12/11/19 29/03/19 13/11/17
Exercise price H 50.00 H 50.00 H 50.00
Fair value at grant date H 722.15 H 507.43 H 415.30
137


2 Movement in stock options during the year
The following is the recociliation of stock option outstanding at the beginning and at the end of the year
As at As at
Particulars
March 31, 2019 March 31, 2018
Option Outstanding, beginning of the year 42,800 21,600
Options Granted during the year - 22,400
Options Exercised during the year 40,000 -
Option Lapsed/surrendered/forfeited 2,800 1,200
Option Outstanding, end of the year - 42,800
Of which:
Not Vested - 42,800
Options available for grant 93,718 90,918
3 Fair value of share options granted in the year
The company has not granted any share options during the financial year. Fair value of the share options granted during
the previous financial year is H. 722.15. The following assumptions were used for calculation of fair value of grants in
accordance with Black Scholes model;
Option Series 13-11-2017 30-03-2017 14-11-2015

Option grant date 13/11/17 30/03/17 14/11/15
Fair value at Grant date H 722.15 H 507.43 H 415.30
Exercise Price H 50 H 50 H 50
Expected Volatility 104% 49% 51%
Expected life of Option 2 years 2 years 2 years
Dividend Yield 0.60% 0.70% 0.70%
Risk Free Interest Rate 6.00% 6.00% 6.00%
4 Stock options exercised during the year :
The following stock options were exercised during the year
Number Avg Share price

Option Series Exercise date
exercised at exercise date
Granted on November 13, 2017 19,600 23-11-2018 1,045.95
Granted on March 30, 2017 20,400 07-04-2018 919.13
Granted on November 14, 2015 16,282 15-11-2016 401.15
5 Stock options outstanding at the end of the year
No stock options outstanding at the end of the current year. The stock option outstanding at the end of the previous year
had a weighted average exercise price of as H 50, and weighted average remaining contractual life of 481 days.
138

16 OTHER EQUITY
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Capital Reserves
Securities Premium Account
Add : Premium on shares issued during the year 244.66 -
General Reserves
Revaluation Reserves
Shares pending allotment (Note 42) 7,227.50 -

7,227.50 -
Foreign Currency Translation Reserve
Balance at the beginning of the year (160.89) (427.55)
Add : Other comprehensive income arising from Currency Translation (Loss)/Gain (7.65) 266.66
Balance at the end of the year (168.54) (160.89)
Add : On account of options granted during the year - 150.56
249.36 249.36
Less : Option Lapsed/surrendered/forfeited 24.30 5.49
Less : Exercise of employee stock options 225.06 -
- 243.87
Less : Deferred employee Compensation expenses - 93.12
Balance at the end of the year - 150.75
Surplus in Statement of Profit and Loss
Add : Profit for the year 19,580.64 17,508.52
Add : Other comprehensive income arising from remeasurement of defined (12.49) 6.56
benefit obligation net of income tax
Less : Payment of dividend on equity shares (including Dividend Distribution Tax) 938.66 792.82
Total 1,26,569.33 1,00,626.08
Notes
a In August 2018 and November 2018, the dividend of H 0.35 per share (total dividend H. 505.43 Lacs) and H 0.30 per share (total
dividend H.433.23 Lacs) was paid to holders of fully paid equity shares. The total dividend includes dividend distribution tax
at applicable rates.
b Nature and Purpose of reserve
Capital reserve
The Parent Company has created capital reserve out of capital subsidies received from state Governments.
Securities premium
The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. This reserve is
available for utilization in accrodance with the provisions of the Companies Act, 2013. In case of equity-settled share based
payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities
premium reserve.
139

16 OTHER EQUITY (CONTD..)

General reserve
General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes.
General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive
income.
Revaluation Reserve
The Parent Company has created revaluation reserve out of revaluation of land carried out during the year 2004-05.
Shares pending allotment
Shares pending allotment represents equity shares to be issued pursuant to business combination. (Note 42)
The fair value of the equity-settled share based payment transactions with employees is recognised in Statement of Profit and
Loss with corresponding credit to Stock Options Outstanding Account.
Retained earnings
Retained earnings are the profits that the Group has earned till date, less any transfers to general reserve, dividends or other
distributions paid to shareholders.
17 BORROWINGS
(H In Lacs)
17 BORROWINGS As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Term Loans From Banks 20,724.10 14,211.28
Less : Current maturity of long term loans (Note 20) 7,820.36 6,333.69
12,903.74 7,877.59
Buyers Credit 557.61 1,099.03
557.61 1,099.03
Vehicle Loans 348.34 228.44
Less : Current maturity of vehicle loans (Note 20) 135.84 113.86
212.50 114.58
Finance Lease Obligations (Note 20 and 38) 199.74 331.05
Less : Current Maturity of finance lease obligations (Note 20) 115.26 161.42
84.48 169.63
Buyers Credit 2,657.71 2,480.23
Less: Current Maturity of long term Buyers credit (Note 20) 107.79
2549.92 2,480.23
Total 16,308.25 11,741.06
Current
Working Capital Limits From Banks 538.26 558.39
Working Capital Loan 2,500.00 -
Total 3,038.26 558.39
Notes
a) Refer Note 41 for information about liquidity risk..

b) Amount stated in Current maturity is disclosed under the head of “Other Financial Liabilities (Current)” (Note 20).
c) Parent Company :
(i) Term Loans are Secured by way of first charge, in respect of Fixed assets, both present and future, and second charge on
entire current assets of the Company both present and future. (Notes 3,11 and 12). Rate of interest for Rupee Term Loan
ranges from 7% to 10%. Rate of interest for ECB and Foreign currency Term Loan ranges from 3% to 4%.
1 HSBC Bank Term Loan of H 13,842.11 Lacs (as at March 31, 2018 : H 5,368.42 Lacs) repayable within 66 months (i.e.
by February 2024) including initial moratorium period of Nine months from the date of first disbursement in Nineteen
quarterly instalments.
140

17 BORROWINGS (CONTD..)
2 Corporation Bank Term Loan of H 917.71 Lacs (as at March 31, 2018 : H 2,144.11 Lacs) repayable within 72 months (i.e. by
July 2020) including initial moratorium period of twelve months from the date of first disbursement in twenty quarterly
equal instalments.
3 IndusInd Bank Term Loan of H Nil (as at March 31, 2018 : H 162.95 Lacs) repaid.
4 HSBC ECB Loan of US $ 10.59 Lacs equivalent H 732.28 Lacs (as at March 31, 2018: US $ 31.76 Lacs equivalent H 2,070.43
Lacs) repayable within 60 months (i.e. by August 2019) including initial moratorium period of twelve months from the
date of first disbursement in sixteen quarterly instalments.
(ii) Buyers Credit - Rate of interest for Buyer’s Credit ranges from 0.50% to 1.50%.
1 HSBC Buyers Credit of H 557.61 Lacs (as at March 31, 2018: H Nil) repayable by October 2021. Secured by way of first
charge, in respect of entire current assets of the Company both present and future.
2 RBL Bank Buyers Credit of H Nil (as at March 31, 2018: H 483.90 Lacs) Repaid.
3 Kotak Buyers Credit of H 107.79 (as at March 31, 2018: H Nil) repayable by April 2019.
4 Federal Buyers Credit of H 631.54 (as at March 31, 2018: H Nil) repayable by January 2022.
5 Indusind Bank Buyers Credit of H Nil (as at March 31, 2018 H 1,099.03 Lacs) ,repaid by October 2018. Secured by way of
first charge, in respect of entire current assets of the Company both present and future.
(iii) Vehicle Loans are Secured by way of hypothecation of respective motor vehicles purchased - Rate of interest for Vehicle
Loan ranges from 8% to 11%.
1 ICICI Bank Limited Vehicle Loan of H 114.60 Lacs (as at March 31, 2018 : H 226.44 Lacs) repayable on monthly basis.
Repayable by November 2020.
2 Corporation Bank Vehicle Loan of H Nil (as at March 31, 2018 : H 2.00 Lacs) repayable on monthly basis. Repaid.
3 Axis Bank Limited Vehicle Loan of H 206.76 Lacs (as at March 31, 2018 : H Nil) repayable on monthly basis. Repayable by
January 2024.
4 Axis Bank Limited Vehicle Loan of H 206.76 Lacs (as at March 31, 2018 : H Nil) repayable on monthly basis. Repayable by
January 2024.
(iv) Working capital loan are secured by way of first charge on entire current assets of the Company both present and future
and second charge on movable and immovable fixed assets of the company.
d) Indian Subsidiary: Rate of interest for Rupee Term Loan and short term loan ranges from 8% to 11%. Rate of interest for Buyer's
Credit ranges from 3% to 4%.
1 Kotak Bank Term Loan of H600.00 Lacs (as at March 31, 2018 : H 760.00 Lacs) repayable within 57 Months (i.e. by December
2022) including initial moratorium period of twelve months from the date of first disbursement in twenty quarterly equal
instalments.
2 HSBC Bank Buyers Credit of H 1,918.38 Lacs (as at March 31, 2018: H 1,996.33 Lacs) Repayable by December 2020.
e) Foreign Subsidiary : Rate of interest for Term Loan ranges from 2 to 4%. Rate of interest for Finance Lease ranges from 9 to 11%.
1 The subsidairy company has availed borrowings from banks amounting to H 4,632.00 Lacs (as at March 31,2017 : H
3,705.37 Lacs) is secured by fixed charge on book debt and a floating charge on the assets of the company.
2 The Subsidiary Company has entered into finance lease arrangement for equipments. The finance lease obligation is
secured by a charge against the said equipments.
18 PROVISIONS
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Non-current
Total 308.80 163.27
Current
Total 290.02 172.69
141

19 TRADE PAYABLES
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Current
- -
b total outstanding dues of creditors other than micro enterprises and small
enterprises
Operational Buyers Credit 13,366.68 18,069.90
Due to others 25,606.46 16,837.72
38,973.14 34,907.62
Total 38,973.14 34,907.62
Notes
a Information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information available with the Company. This has
been relied upon by the Auditor.
b Refer Note 41 for information about credit risk, market risk and liquidity risk of Trade payables.
20 OTHER FINANCIAL LIABILITIES

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Current
Current maturities of Long Term Borrowings (Note 17) 8,063.98 6,447.55
Current maturities of Finance Lease Obligations (Note 17) 115.26 161.42
Interest accrued and due on borrowings 68.90 22.66
Interest accrued but not due on borrowings 141.57 111.46
Payable for capital goods 2,257.51 1,673.61
Unclaimed Dividends* (Note 14) 2.18 2.06
Others 1,232.82 870.52
Total 11,882.22 9,289.28
* All the amounts required to be transferred to the Investor Education and Protection Fund by the Parent Company have been
transferred within the time frame prescribed for the same.
21 OTHER CURRENT LIABILITIES

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Statutory dues 3,290.45 2,885.32
Advance received from customers 587.31 351.53
Total 3,877.76 3,236.85
22 CURRENT TAX LIABILITIES (NET)

(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Income tax payable (net of advance payment of tax) 643.96 959.66
Total 643.96 959.66
142

23 REVENUE FROM OPERATIONS

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Revenue from contract with customers 2,50,126.43 2,10,189.64
Other operating revenues 602.81 388.35
Total 2,50,729.24 2,10,577.99
Note : The revenue from operations (Gross) is inclusive of excise duty and exclusive of GST, as applicable, in above disclosure. If the
same had been shown as inclusive of both or net of excise and net of GST, the Revenue from Operations would appear as under:
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Revenue from Operations (Gross of Excise and GST) 2,94,132.80 2,40,164.18
Less: Excise Duty/GST 43,403.56 32,872.39
Revenue from Operations (Net of Excise and GST) 2,50,729.24 2,07,291.79
Note: The revenue generated by Group consists of plastic products, mainly, Pipe & Fittings and Adhesives products, which is
disclosed in note no. 37 as segment revenue. Hence, no disaggregation of revenue is provided. Other information relating to
contract balances, i.e. Trade Receivables, is stated in note no. 12.
24 OTHER INCOME
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Interest Income:
From Banks 42.72 1.25
From Joint Venture * 142.63 46.20
From Others 428.62 73.93
Profit on Sale of Current Investments (Net) 70.27 82.04
Foreign exchange gains (Net) 428.24 793.26
Profit on Sale of Property, Plant and Equipment (Net) - 73.32
Miscellaneous Income 431.55 197.88
Total 1,544.03 1,267.88
*Includes impact of financial instruments.
25 COST OF MATERIALS CONSUMED

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Inventories at the beginning of the year 14,016.17 7,705.37
Add : Inventories acquired from amalgamating company (Note 42) 865.68 -
Add : Purchases 1,61,563.52 1,41,981.03
Less : Inventories at the end of the year 11,441.96 14,016.17
Total 1,65,003.41 1,35,670.23
26 PURCHASE OF STOCK-IN-TRADE
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Pipes, fittings and solution 3,973.05 4,537.89
Total 3,973.05 4,537.89
143

27 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Inventories at the end of the year
Finished Goods 19,639.88 15,195.14
Work-in-progress 3,086.88 1,377.96
Stock In Trade 3,252.95 3,297.19
25,979.71 19,870.29
Inventories acquired from amalgamating company (Note 42)
Finished Goods 1,721.62 -
Stock In Trade 180.71 -
1,902.33 -
Inventories at the beginning of the year
Finished Goods 15,195.14 12,008.93
Work-in-progress 1,377.96 2,903.88
Stock In Trade 3,297.19 3,086.52
19,870.29 17,999.33
Total 21,772.62 17,999.33
Net (Increase) / Decrease (4,207.09) (1,870.96)
28 EMPLOYEE BENEFITS EXPENSE

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Salaries and wages 12,738.33 9,683.03
Share based payments to employees (Note 15 (e)) 74.31 150.21
Contribution to Provident and Other Funds (Note 35) 495.61 398.84
Staff Welfare Expenses 604.59 416.50
Total 13,912.84 10,648.58
29 FINANCE COSTS
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Interest expense
Working capital and term loan 2,253.40 1,470.78
Others 99.82 38.00
Other borrowing costs 220.19 146.78
Exchange differences regarded as an adjustment to borrowing costs 622.16 502.07
Total 3,195.57 2,157.63
30 DEPRECIATION AND AMORTISATION EXPENSE

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Depreciation on Property, Plant and Equipment (Note 3) 7,593.04 5,633.47
Amortisation on intangible assets (Note 3) 549.75 79.95
Total 8,142.79 5,713.42
144

31 OTHER EXPENSES
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Consumption of Stores, Spares and Packing Materials 4,082.03 3,553.68
Power and Fuel 6,524.23 5,324.90
Rent * (Note 36) 860.15 837.41
Repairs Expenses 1,085.93 710.13
Insurance expenses 324.39 276.51
Rates and Taxes 123.02 115.29
Royalty expense 302.37 244.23
Communication expenses 387.52 278.71
Travelling expenses 2,014.84 1,536.14
Factory and Other expenses 321.28 257.92
Printing and Stationary expenses 84.27 64.45
Freight and Forwarding 5,610.77 4,630.81
Commission 192.68 162.58
Sales Promotions 8,729.44 6,701.92
Directors Sitting Fees (Note 36) 10.50 9.26
Donations and Contributions 4.79 2.85
Expenditure on Corporate Social Responsibility (Note 36) 238.56 241.81
Security Service Charges 395.79 309.92
Legal and Professional 1,046.67 591.44
Payments to Auditors 16.72 15.40
Bad Debts Written Off (net of provision) 68.88 -
Provision for Doubtful Trade Receivables 197.16 230.00
Loss on Sale of Property, plant and equipment (Net) 34.90 -
Other Expenses 897.23 530.35
Total 33,554.12 26,625.71
*The Group is lessee under various operating leases under which rental expenses for the year was H.860.15 Lacs (Previous year: H.
837.41 Lacs). The Group has not executed any non-cancellable lease agreement except as stated in Note 38.
32 TAX EXPENSES
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Current tax
In respect of the current year 6,918.68 6,586.90
In respect of prior years 523.08 6.99
7,441.76 6,593.89
Deferred tax
In respect of the current year 1,165.93 650.86
1,165.93 650.86
145

32 TAX EXPENSES (CONTD..)

Reconciliation of the income tax expenses to the amount computed by applying the statutory income tax rate to the profit
before income taxes is summarised below :
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Income tax expense @34.944% (FY 2017-18 : 34.608%) 9,903.76 8,586.47
Tax effect of the amounts which are not deductible / (taxable) in calculating
taxable income :
Differences arising from different tax rates in the components (914.70) (628.09)
Exempt income not taxable (19.99) (46.94)
Effect of allowances 57.48 (43.13)
MAT Credit Entitlement (467.70) (628.44)
Others (6.54) (2.11)
Total 8,552.31 7,237.76
Adjustments in respect of current income tax of previous year 55.38 6.99
Tax expense as per Consolidated statement of Profit and loss 8,607.69 7,244.75
The Group’s weighted average tax rates for the year ended March 31, 2019 and March 31, 2018 were 30.18% and 29.17%,
respectively.
33 EARNINGS PER SHARE:

(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Profit for the year attributable to owners of the Company (H. In Lacs) 19,580.64 17,508.52
Weighted average number of equity shares for Basic EPS* 12,03,18,620 11,97,66,565
Add : Effects of dilutive shares options outstanding - 26,938
Weighted average number of equity shares for Diluted EPS 12,03,18,620 11,97,93,503
Nominal Value per share (H) 1 1
Basic Earnings Per Share (In H.) 16.27 14.62
Diluted Earnings Per Share (In H.) 16.27 14.62
* Includes 7,23,200 Equity Shares to be issued on amalgamation of Rex (Note 42).
34 CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR:

(H In Lacs)
Sr. As at As at
Particulars
No. March 31, 2019 March 31, 2018
Contingent Liabilities
1 Letters of Credits for purchases 6,945.70 2,991.88
2 Disputed Income Tax/Central Excise/Sales Tax and PF demands * 741.82 191.76
3 Other Matters 144.85 184.52
4 Guarantee given by Parent Company on behalf of Joint Venture for availing 4,944.74 4,746.73
borrowing from local bank (Note 37)
Commitments
1 Capital Contracts remaining to be executed (Net of Advances) 8,621.63 6,627.75
2 Non-Cancellable Operating Lease 0.90 1.38
There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. The Group
believes that the impact will not be material. The Group will make necessary adjustments on receiving further clarity on the subject.
*Future cash outflows in respect of the above matters are determined only on receipt of judgments / decisions pending at various
forums / authorities.
146

35 EMPLOYEE BENEFITS:
Post-employment Benefit
The Parent Company and one of its Indian subsidiaries make provident fund contributions to defined contribution benefit plans
for eligible employees. Under the scheme the Group is required to contribute a specified percentage of the payroll costs to fund
the benefits. The contributions specified under the law are paid to the government authorities (PF commissioner).
Amount towards Defined Contribution Plan have been recognised under “Contribution to Provident and Other funds” in Note no.
28 “Employee Benefits Expense “of H 338.93 Lacs (Previous Year: H 258.01 Lacs).
Defined Benefit Plan:
The Parent Company and one of its Indian subsidiaries have defined benefit plans for gratuity to eligible employees, contributions
for which are made to Life Insurance Corporation of India, which invests the funds as per IRDA guidelines. The details of these
defined benefit plans recognised in the Consolidated financial statements are as under:
General Description of the Plan:
The Parent Company and one of its Indian subsidiaries operates a defined benefit plan (the Gratuity Plan) covering eligible
employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of
employment, of an amount based on the respective employees salary and the tenure of employment.
The defined benefit plans typically expose to the Parent Company and one of its Indian Subsidiaries to various risk such as;
a) Movement in present value of defined benefit obligation are as follows :
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Obligations at the beginning of the year 560.45 477.35
Obligations Acquired from the amalgamating company 101.80 -
Interest cost 45.99 36.17
Actuarial (Gains)/Losses on Obligations - Due to Change in Demographic (0.53) -
Assumptions
Actuarial (gain) / loss – due to change in financial assumptions 6.47 (9.17)
Actuarial (gain) / loss- due to experience adjustments 1.70 (4.14)
Benefit paid (44.66) (46.02)
Present Value of defined benefit Obligations at the end of the year 785.29 560.45
b) Movement in the fair value of plan assets are as follows :
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Plan assets at the beginning of the year, at fair value 305.15 327.99
Interest Income 23.99 24.74
Return on plant assets excluding interest income (9.61) (7.62)
Contributions from the employer 7.27 5.34
Fair value of plan assets at the end of the year 290.47 305.15
147


c) The amount included in the balance sheet arising from the entities obligation in respect of defined benefit plan is as
follows :
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Present value of defined benefit obligation at the end of the year 785.29 560.45
Fair value of plan assets at the end of the year (290.47) (305.15)
Net liability arising from defined benefit obligation 494.82 255.30
d) Amount recognised in the Statement of Profit and Loss in respect of the defined benefits plans are as follows :
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Net Interest expense 22.01 11.42
Past Service cost - 25.87
Components of defined benefit costs recognised in the Consolidated 136.08 117.68
Statement of Profit and Loss
Remeasurement on the net defined benefit liability:
Actuarial (gains) / losses on obligation for the period 7.64 (13.31)
Return on plant assets, excluding interest income 9.61 7.62
Components of defined benefit costs recognised in Other Comprehensive 17.25 (5.69)
Income
Total 153.33 111.99
The current service cost and the net interest expenses for the year are included in the Employee benefits expense line item
in the Consolidated Statement of Profit and Loss. The remeasurement of the net defined benefit liability/ asset is included in
Other Comprehensive Income.
e) Investment details of plan assets:
To fund the obligations under the gratuity plan, Contributions are made to Life Insurance Corporation of India, who invests the
funds as per IRDA guidelines.
f) The defined benefit obligations shall mature after year ended March 31, 2019 as follows:
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
As at March 31
2019 28.03
2020 65.72 35.52
2021 34.88 19.75
2022 42.42 24.48
2023 62.52 26.78
Thereafter 1,641.72 1,696.15
148


g) Sensitivity analysis:
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary
increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the
respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Delta effect of +1% change in the rate of Discounting (70.78) (60.54)
Delta effect of -1% change in the rate of Discounting 83.32 72.59
Delta effect of +1% change in the rate of salary Increase 78.52 71.70
Delta effect of -1% change in the rate of salary increase (69.03) (60.83)
Delta effect of +1% change in the rate of employee turnover 2.40 3.57
Delta effect of -1% change in the rate of employee turnover (2.99) (4.39)
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is
unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using ”Projected Unit Credit” method at the end of the reporting period which is the same as that applied in
calculating the defined benefit obligation liability recognised in Balance Sheet.
There were no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
The Group expects to make a contribution of H 494.82 Lacs (as at March 31, 2018: H 255.30 Lacs) to the defined benefit plans
during the next financial year.
h) The principal assumptions used for the purpose of actuarial valuation were as follows :
(H In Lacs)
Gratuity
March 31, 2019 March 31, 2018
Discount Rate 7.60% to 7.76% 7.86%
Expected return on plan assets 7.76% 7.86%
Annual Increase in Salary Costs 7.00% 7.00%
Rate of Employee turnover* For service 4 years 2.00%
and below 7.00%
p.a. For service 5
years and above
4.00% p.a.
Mortality Tables Indian Assured Lives Mortality (2006-08)
*For amalgamating company: 2% at all ages
Future Salary increases are based on long term average salary rise expected taking into account inflation, seniority, promotion
and other relevant factors such as supply and demand factors in the employee market. Future Separation and mortality rates
are obtained from relevant data of Life Insurance Corporation of India.
Defined Benefit Pension Scheme of Foreign Subsidiary:
The Group pays fixed contribution into a separate entity. The Group has no further obligations once the contribution has been
paid. An amount of H48.24 Lacs (Previous Year: H 30.59 Lacs) is charged to Consolidated Statement of Profit and loss under
Contribution to provident and other funds in Note no. 28 “Employee Benefits Expense “.
149

36 RELATED PARTY DISCLOSURES:

1. Name of the related parties and their relationships
Sr. Description of Relationship

Name of Related Parties
No.
a. Enterprises over which Key Managerial Personal are able to Kairav Chemicals Limited
exercise significant influence Saumya Polymers LLP
Kairamya Journeys LLP
b. Joint Venture Astral Pipes Limited
c. Key Managerial Personnel Sandeep Engineer (Managing Director)
Jagruti Engineer (Whole Time Director)
K.R. Shenoy (Independent Director)
Pradip N. Desai (Independent Director)
Narasinh K. Balgi (Independent Director)
Kaushal Nakrani (Independent Director)
Anil Kumar Jani (Non-Executive Director)
Kyle Thompson (Non-Executive Director)
Hiranand Savlani (Chief Financial Officer)
Krunal Bhatt (Company Secretary)
d. Relatives of Key Managerial Personnel Sandeep Engineer HUF
Kairav Engineer
Saumya Engineer
150

36 RELATED PARTY DISCLOSURES: (CONTD..)

2. Disclosure of transactions between the Group and related parties and the status of outstanding balances as on March
31, 2019:
( In Lacs)
Enterprises
over which Key
Managerial Relatives of Key
Key Management
Personal are Joint Venture Management Total
Particulars Personnel
able to exercise Personnel
significant
influence
2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18
Part 1: Transaction during the year
Advance for Purchase of non- - - 138.34 155.29 - - - - 138.34 155.29
current investment
Sale of Goods - - 139.87 184.52 - - - - 139.87 184.52
Purchase of Goods/Services 73.42 133.56 - - - - - - 73.42 133.56
Security Deposit given - 10.09 - - - - - - - 10.09
Interest Paid on Security 1.03 0.75 - - - - - - 1.03 0.75
Deposit given
Remuneration (Note a) - - - - 970.59 586.94 53.91 46.06 1,024.50 633.00
Sitting Fees Paid - - - - 10.50 9.26 - - 10.50 9.26
Rent Paid 147.26 146.33 - - - - 10.20 9.60 157.46 155.93
Expenditure on Corporate 228.38 241.81 - - - - - - 228.38 241.81
Social Responsibility
Part 2: Balance at the end of year
Advance for Purchase of non- - - 138.34 155.33 - - - - 138.34 155.33
current investment
Advance from Customer - - 35.37 - - - - - 35.37 -
Deposit Given - 10.09 - - - - - - - 10.09
Receivables - - 155.48 - - - - - 155.48
Payables 3.87 - - - 160.65 139.33 3.24 2.90 167.76 143.33
Guarantee Given - - 4,944.74 4,746.73 - - - - 4,944.74 4,746.73
Notes:
a. Compensation of key management personnel:
The remuneration of key management personnel during the year was as follows:
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Short term Benefits 970.59 586.94
The remuneration of key management personnel is determined by the remuneration committee. The same excludes gratuity.
b. The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions.
c. The amounts outstanding are unsecured and will be settled in cash. No expense has been recognised in the current or prior
years for bad or doubtful debts in respect of amounts owned by related parties.
d. Transactions/balances during and end of the year/previous year are stated without considering impact of fair valuation carried
out as per Ind AS.
151

37 SEGMENT REPORTING
Information reported to the chief operating decision maker (CODM) for the purpose of resources allocation and assessment of
segment performance focuses on the types of goods delivered. No operating segments have been aggregated in arriving at the
reportable segments of the Group.
The Group has determined its business segment as “Plastic Products” and “Adhesives”.
Segment revenue and results
The following is an analysis of the Group’s revenue and results from operations by reportable segment.
(H In Lacs)
Segment revenue Segment profit

Segment Year Ended Year Ended Year Ended Year Ended
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Plastic Products 1,84,925.95 1,54,496.08 21,178.75 16,689.12
Adhesives 65,803.29 56,081.91 9,422.56 9,546.45
Total 2,50,729.24 2,10,577.99 30,601.31 26,235.57
Other Unallocable expenses (251.19) (268.65)
Finance costs (3,195.57) (2,157.63)
Non-operating Income 1,544.03 1,267.88
Share of loss of joint venture (356.77) (266.53)
Profit Before taxes 28,341.81 24,810.64
Notes
1. Segment revenue reported above represents revenue generated from external customers. There were no inter segment sales
in current year (Year Ended March 31, 2018: H Nil).
Segment Assets and Liabilities
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Segment Assets
Plastic Products 1,39,211.29 1,05,904.03
Adhesives 67,953.88 59,817.72
Total Segment Assets 2,07,165.17 1,65,721.75
Unallocated 2,762.21 1,787.81
Total Assets 2,09,927.38 1,67,509.56
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Segment Liabilities
Plastic Products 38,256.38 32,175.58
Adhesives 11,842.81 8,848.97
Total Segment Liabilities 50,099.19 41,024.55
Unallocated 30,558.46 23,310.44
Total Liabilities 80,657.65 64,334.99
152

37 SEGMENT REPORTING (CONTD..)

For the purpose of monitoring segment performance and allocating resources between segments:
- All assets are allocated to reportable segments other than current and deferred tax assets, unclaimed dividend, assets held
for sale, advance given for purchase of non-current investment, fixed deposits and interest accrued thereon.
- All liabilities are allocated to reportable segments other than borrowings, unpaid dividend, and current and deferred tax
liabilities.
Geographical Information
The Group operates in two principal geographical areas – India and outside India.
The Group’s revenue from continuing operations from external customers by location of operations and information about its non-
current assets by location of assets are detailed below.
(H In Lacs)
Revenue from external customers Non-current Assets *

Particulars Year Ended Year Ended Year Ended Year Ended
Within India 2,30,957.21 1,95,792.41 1,11,410.15 83,072.85
Outside India 19,772.03 14,785.58 9,931.66 9,083.87
Total 2,50,729.24 2,10,577.99 1,21,341.81 92,156.72
*Non-current assets exclude those relating to financial assets, tax assets and deferred tax assets.
38 The UK based subsidiary company leases various properties under non-cancellable operating lease agreements. The lease
terms are between 2 and 5 years, and the majority of lease agreements are renewable at the end of the lease period at market rate.
The Company also leases various vehicles, plant and equipment under non-cancellable lease agreements.
Disclosures in respect of non-cancellable leases are given below:

Payments recognised as an expense
(H In Lacs)

Particulars
March 31, 2019 March 31, 2018
Minimum lease payments 254.62 228.50
Total 254.62 228.50
Non-cancellable operating lease commitments
(H In Lacs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Not later than 1 year 0.45 0.46
Later than 1 year and not later than 5 years 0.45 0.92
Later than 5 years - -
Total 0.90 1.38
153

38 (CONTD..)
Finance lease arrangement:
The UK based subsidiary company as a lessee has finance lease for Property, Plant and Equipment. The obligation under finance
lease is secured by lessor’s title to the leased assets. Future minimum lease payment under finance lease with the present value of
the net minimum lease payments are as follows.
(H In Lacs)
Present value of minimum lease

Minimum lease payments
payments
Particulars
As at As at As at As at
Not later than 1 year 115.26 240.18 109.24 223.97
Later than 1 year and not later than 5 84.49 112.23 81.28 107.08
years
Later than 5 years - - - -
199.75 352.41 190.52 331.05
Less: Future finance charges (9.23) (21.36) - -
Present value for minimum lease 190.52 331.05 190.52 331.05
payments
39 Particulars of Subsidiaries and Joint Venture considered in the preparation of the Consolidated
Financial Statements:
(H In Lacs)
% of Holding
Nature of Country of
Name of the Company As at As at
Business Incorporation
March 31, 2019 March 31, 2018
Subsidiaries
Astral Biochem Private Limited Yet to commence 100% 100% India
business
Resinova Chemie Limited Manufacturing of 97.45% 97.45% India
Seal IT Services Limited adhesive solutions 80% 80% United Kingdom
Subsidiary of Seal It Services Limited
Seal IT Services Inc. Manufacturing of 80% 80% USA
Silicone Tape
(H In Lacs)
% of Holding
Nature of As at As at Country of
Name of the Company
Business December 31, December 31, Incorporation
2018 2017
Joint Venture*
Astral Pipes Limited, Kenya Manufacturing of 50.00% 50.00% Kenya
pipes and fittings
*The financial statements for the joint venture are considered as on 31st December, 2018.
154
40 ADDITIONAL INFORMATION AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013 OF ENTERPRISES CONSOLIDATED AS SUBSIDIARIES:
a) As at and for the year ended March 31, 2019
As at March 31, 2019 Year ended March 31, 2019

Net assets (Total Assets minus Share in other Share in total
Share in profit or loss
Name of the entity in Total Liabilities) comprehensive income comprehensive income
the Group As % of As % of As % of As % of
Amount Amount Amount Amount
consolidated consolidated consolidated consolidated
(J In Lacs) (J In Lacs) (J In Lacs) (J In Lacs)
net assets net assets net assets net assets
Parent
Astral Poly Technik 90.41% 1,15,503.48 72.22% 14,251.36 47.86% (10.58) 72.24% 14,240.78
Limited
Subsidiaries
Astral Bio Chem Private -0.08% (96.74) 0.00% (0.23) - - 0.00% (0.23)
Limited
Resinova Chemie Limited 26.45% 33,798.37 7.14% 1,408.74 8.90% (1.97) 7.14% 1,406.77
Foreign Subsidiaries
Seal It Services Limited UK 2.51% 3,202.41 2.98% 587.81 43.24% (9.56) 2.93% 578.25
Joint Venture
Corporate Overview
Astral Pipes Limited - - -1.81% (356.77) - - -1.81% (356.77)

Non-controlling -1.18% (1,502.33) - - - - - -
interests in all
subsidiaries
118.11% 1,50,905.19 80.53% 15,890.91 100.00% (22.11) 80.50% 15,868.80
Adjustments arising out of -18.11% (23,137.79) 19.47% 3,843.21 - - 19.50% 3,843.21
Consolidation
Consolidated net assets 100.00% 1,27,767.40 100.00% 19,734.12 100.00% (22.11) 100.00% 19,712.01
Statutory Reports
/ Profit after tax
155
156
40 ADDITIONAL INFORMATION AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013 OF ENTERPRISES CONSOLIDATED AS
SUBSIDIARIES: (CONTD..)
b) As at and for the year ended March 31, 2018
As at March 31, 2018 Year ended March 31, 2018

Net assets (Total Assets minus Share in other Share in total
Share in profit or loss
Name of the entity in Total Liabilities) comprehensive income comprehensive income
the Group As % of As % of As % of As % of
Amount Amount Amount Amount
consolidated consolidated consolidated consolidated
(J In Lacs) (J In Lacs) (J In Lacs) (J In Lacs)
net assets net assets net assets net assets
Parent
Astral Poly Technik 93.18% 94,879.56 67.75% 11,901.74 -0.62% (2.13) 66.46% 11,899.61
Limited
Subsidiaries
Astral Bio Chem Private -0.09% (96.51) - (0.01) - - - (0.01)
Limited
Resinova Chemie Limited 31.81% 32,391.60 10.82% 1,900.39 2.62% 8.91 10.66% 1,909.30
Foreign Subsidiaries
Seal It Services Limited 2.58% 2,624.16 0.25% 44.55 98.00% 333.33 2.11% 377.88
UK
Joint Venture
Astral Pipes Limited - - -1.52% (266.53) - - -1.49% (266.53)
Non-controlling -1.33% (1,350.82) - - - - - -
interests in all
subsidiaries
126.15% 1,28,447.99 77.30% 13,580.14 100.00% 340.11 77.74% 13,920.25
Adjustments arising out -26.15% (26,624.24) 22.70% 3,985.75 - - 22.26 3,985.75
of Consolidation
Consolidated net assets 100.00% 1,01,823.75 100.00% 17,565.89 100.00% 340.11 100.00% 17,906.00
/ Profit after tax

41 Financial instruments :
1 Capital management
The Group manages its capital to ensure that the Group will be able to continue as going concern while maximising the return
to stakeholders through optimisation of debt and equity balance.
The capital structure of the Group consists of net debt (borrowings as detailed in notes 17 and 20 off set by cash and bank
balances) and total equity of the Group.
The Parent company's risk management committee reviews the risk capital structure of the group on as semi annual basis. As
part of this review the group considers the cost of capital and the risk associated with each class of capital.
Gearing ratio
(H In Lacs)
As at As at
March 31, 2019 March 31, 2018
Debt (note i) 27,525.75 18,908.42
Less : Cash and cash equivalents 8,920.85 4,348.61
Net debt 18,604.90 14,559.81
Equity share capital 1,198.07 1,197.67
Other Equity 1,26,569.33 1,00,626.08
Non controlling interests 1,502.33 1,350.82
Total 1,29,269.73 1,03,174.57
Less :Revaluation Reserve 121.14 121.14
Total equity excluding revaluation reserve 1,29,148.59 1,03,053.43
Net debt to equity ratio 14.41% 14.13%
i Debt is defined as long-term borrowings, short-term borrowings and current maturities of long term borrowings as described
in notes 17 and 20.
2 Category-wise classification of financial instruments
(H In Lacs)
As at As at
March 31, 2019 March 31, 2018
Financial assets
a Cash and cash equivalents and other bank balances (Note 13 and 14) 9,813.76 4,365.30
b Financial assets (Note 6,7 and 12 ) 35,845.33 32,065.95
Measured at fair value through Profit and loss
a Fair Value of derivative contracts (Note 7) 49.97 95.23
b Investment in Mutual Fund (Note 5) 15.00 -
Total 45,724.06 36,526.48
a Borrowings (Note 17 and 20) 27,525.75 18,908.41
b Financial liabilities (Note 20 and 21) 42,676.12 37,587.92
Total 70,201.87 56,496.33
In respect of financial instruments, measured at amortised cost, the fair value approximates the amortised cost.
157

41 FINANCIAL INSTRUMENTS : (CONTD..)

(H In Lacs)
Quoted price Significant Significant

in active observable unobservable
Fair value
Particulars market inputs inputs
(Level 1) (Level 2) (Level 3)
Note 2 (a)
Financial assets measured at fair value
through Profit and loss
b Investment in Mutual Funds (Note 5) 15.00 15.00 - -
Financial assets measured at fair value
a Fair Value of derivative contracts (Note7) 95.23 - 95.23 -
Financial liabilities measured at fair value
a Fair Value of derivative contracts (Note 21) - - - -
Note: There have been no transfers amount in Level 1, Level 2 and Level 3 during the years ended March 31, 2019 and
March 31, 2018.
3
Financial risk management objectives
The Group's financial liabilities comprise mainly of borrowings, trade payables and other financial liabilities. The Company’s
financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables
and other financial assets.
The Group's business activities are exposed to a variety of financial risks, namely market risk (including currency risk and
interest rate risk), credit risk and liquidity risk.
The Group’s senior management has the overall responsibility for establishing and governing the Group’s risk management
framework who are responsible for developing and monitoring the Group’s risk management policies. The Group’s risk
management policies are established to identify and analyse the risks faced by the Group, to set and monitor appropriate risk
limits and controls, periodically review the changes in market conditions and reflect the changes in the policy accordingly. The
key risks and mitigating actions are also placed before the Audit Committee of the Parent Company.

A
MANAGEMENT OF MARKET RISK
The Group's size and operations result in it being exposed to the following market risks that arise from its use of financial
instruments:
- currency risk;
- interest rate risk

i
Currency risk
The Group’s activities expose it primarily to the financial risk of changes in foreign currency exchange rates. The Group
enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk.
158


The carrying amounts of the Group’s foreign currency dominated monetary assets and monetary liabilities at the end of
the reporting period are as follows:
(in Lacs)
As at As at
March 31, 2019 March 31, 2018
Liabilities (Foreign currency)
In Euro (EUR) 41.39 52.57
Assets (Foreign currency)
(HIn Lacs)
As at As at
March 31, 2019 March 31, 2018
Liabilities (INR)
In US Dollars (USD) 18,890.59 24,063.09
In Euro (EUR) 3,214.47 4,248.45
Assets (INR)

Derivative instruments:
The Group uses foreign currency forward contracts and currency options to hedge its risks associated with foreign
currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign currency
forward contracts is governed by the Parent Company’s strategy approved by the Board of Directors, which provide
principles on the use of such forward contracts consistent with the Company’s Risk Management Policy. The Group does
not use forward contracts and Currency Options for speculative purposes.
Outstanding Forward/option Exchange Contracts entered into by the Group :
As at As at
March 31, 2019 March 31, 2018
Payable
Outstanding Forward Exchange Contracts
In USD
In US Dollars - (In lacs) 26.61 5
In INR - (In lacs) 1,840.22 325.90
In EURO
In EURO - (In lacs) 12.91 8.50
In INR - (In lacs) 1,002.83 686.89
Outstanding Option Contracts
In USD
In US Dollars - (In lacs) 5.29 15.88
In INR - (In lacs) 366.14 1,035.21
159


Interest rate swaps to hedge against fluctuations in interest rate changes: As at March 31, 2019 : No. of contracts - 1 (as
at March 31, 2018 : No. of contracts - 1).
The line items in the balance sheet that includes the above hedging instruments are “other financial assets” and “other
financial liabilities".
Foreign currency sensitivity analysis
The Group is mainly exposed to the currency : USD, EUR and AED
The following table details, Group’s sensitivity to a 5% increase and decrease in the rupee against the relevant foreign
currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and
represents management’s assessment of the reasonably possible change in foreign exchange rates. This is mainly attributable
to the exposure outstanding not hedged on receivables and payables in the Group at the end of the reporting period. The
sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at
the period end for a 5% change in foreign currency rate. A positive number below indicates an increase in the profit and
equity where the rupee strengthens 5% against the relevant currency. For a 5% weakening of the rupee against the relevant
currency, there would be a comparable impact on the profit and equity, and the balances below would be negative.
Impact on profit or loss and total equity

(H In Lacs)
March 31, 2019 March 31, 2018
Increase in exchange rate by 5% (929.89) (1,284.09)
Decrease in exchange rate by 5% 929.89 1,284.09
The Group, in accordance with its risk management policies and procedures, enters into foreign currency forward contracts
to manage its exposure in foreign exchange rate variations. The counter party is generally a bank. These contracts are for
a period between one day and five years. The above sensitivity dose not include the impact of foreign currency forward
contracts and option contracts which largely mitigate the risk.

ii
Interest risk
Interest rate risk is the risk that the future cash flow with respect to interest payments on borrowing will fluctuate because
of change in market interest rates. The group's exposure to the risk of changes in market interest rates relates primarily to
the Group's long-term debt obligation with floating interest rates.
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans
and borrowings affected. With all other variables held constant, the Group’s profit before tax is affected through the
impact on floating rate borrowings, as follows:
(H In Lacs)
Increase/
Effect on profit
Particulars decrease in
before tax
basis points
As at March 31, 2019 100 bps 275.26
As at March 31, 2018 100 bps 189.08

B
MANAGEMENT OF CREDIT RISK
Credit risk refers to the risk that a counter party will default on its contractual obligation resulting in financial loss to the
Group. The Group uses its own trading records to evaluate the credit worthiness of its customers. The Group’s exposure
are continuously monitored and the aggregate value of transactions concluded, are spread amongst approved counter
parties (Refer note 12 - Trade receivable).
160


The Parent company is exposed to credit risk in relation to financial guarantees given to banks in respect of borrowings
obtained by the joint venture. In case of joint Venture, the Parent Company’s share is 50.00% and the guarantee has been
given jointly and severally by all the partners of Joint Venture.
The Parent Company's maximum exposure in this respect is of H4,944.74 lacs as at March 31, 2019 and H4,746.73 lacs as
at March 31, 2018 as disclosed in contingent liabilities (Refer Note 36).

C
MANAGEMENT OF LIQUIDITY RISK
Liquidity risk is the risk that the Group will face in meeting its obligations associated with its financial liabilities. The
Group’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its
liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group’s reputation.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Group’s short-term, medium-term and
long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and
by matching the maturity profiles of financial assets and liabilities.
The following table shows the maturity analysis of the Group’s financial liabilities based on contractually agreed
undiscounted cash flows along with its carrying value as at the Balance Sheet date.
(H In Lacs)
Carrying Less than 1 More than

Particulars 1-5 years Total
amount year 5 years
Non-derivative financial
liabilities
Borrowings 27,525.75 11,217.48 16,308.27 - 27,525.75
Financial Liabilities 42,676.12 42,676.12 - - 42,676.12
Total 70,201.87 53,893.60 16,308.27 - 70,201.87
Non-derivative financial
liabilities
Borrowings 18,908.42 7,167.35 11,741.07 - 18,908.42
Financial Liabilities 37,587.93 37,587.93 - - 37,587.93
Total 56,496.35 44,755.28 11,741.07 - 56,496.35
161

42 ACQUISITION AND MERGER OF REX POLYEXTRUSION PRIVATE LIMITED

On July 9, 2018, the company acquired 51% of equity share of Rex Polyextrusion Private Limited (“Rex”), engaged in the business
of Manufacturing and supply of corrugated and other plastic piping solutions, against a consideration of H. 7,522.50 lacs paid in
cash. Further, the Board has also approved the scheme of amalgamation of Rex with the Company for which the Company have
issued 7,23,200 equity shares of H 1 each fully paid up in exchange for the balance 49% of equity share of Rex. Such scheme
was apporved by NCLT, Ahmedabad Bench on May 2, 2019 and filed with the Registrar of Companies on May 9, 2019. The
management has determined this as a subsequent adjusting event and hence, Rex has been amalagamated with effect from
appointed date of July 10, 2018.
Assets acquired and Liabilities asssumed on acquisition date
The fair values of the identifiable assets and liabilities of Rex Polyextrusion Private Limited as at the date of acquisition were:
(H In Lacs)
As at
Particulars
July 9, 2018
Property, plant and equipment 8,116.95
Intangible assets * 4,476.41
Capital work-in-progress 250.35
Non-current assets
Investments 15.43
Loans 44.69
Other financial assets 159.62
Other non-current assets 261.88
Current assets
Inventories 2,768.01
Trade receivables 4,227.05
Cash and cash equivalents 208.91
Other balances with banks 805.52
Loans 7.26
Other assets 1,205.00
Total Assets 22,547.08
Deferred tax liabilities (Net) 865.61
Non-current liabilities 101.80
Current liabilities
Borrowings 3,622.30
Trade payables & Other financial liabilities 4,535.66
Other Payables 423.14
Current Tax Liabilities 170.55
Total Liabilities 9,719.06
Net Asset Acquired 12,828.02
162

42 ACQUISITION AND MERGER OF REX POLYEXTRUSION PRIVATE LIMITED (CONTD..)

(H In Lacs)
As at
Particulars
July 9, 2018
Cash Consideration Paid 7,522.50
Consideration to be paid by allocation of Shares 7,227.50
Total Consideration paid 14,750.00
Less : Fair value of identified net asset acquired 12,828.02
Goodwill arising on acquisition of Rex Polyextrusion Pvt. Ltd. 1,921.98
* Intangible assets, which represents Brands (including trademarks and technical know-how) on the date of acquisition, has been
initially recognised at its fair value, which has been determined considering the expected growth rate, discount rate and royalty
rate. The values assigned to such assumptions, which involves significant judgements, are consistent with the management’s plans
for focusing operations relating to the acquired Brands.
The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for tax purposes of tangible and intangible
assets.
The goodwill of H 1,921.98 lacs comprises the value of expected synergies arising from the acquisition.
Transaction costs of H 195.08 lacs have been expensed and are included in other expenses.
43 Events after the reporting period
The Board of Directors, in its meeting held on May 20, 2019, has proposed a final dividend of H 0.40 per equity share for the
financial year ended March 31, 2019. The proposal is subject to the approval of shareholders at the Annual General Meeting and
if approved would result in a cash outflow of approximately H 581.22 Lacs, including dividend distribution tax.
44 RECENT ACCOUNTING PRONOUNCEMENT
The below amendments have also became effective for the Group from financial year beginning April 1, 2018. However, the
management has evaluated and determined that the adoption of these amendments will not have any material impact on the
consolidated financial statements since there are no such transactions or the Group’s existing policies are aligned to these
amendments:
1. Amendment to Ind AS 12 Income Taxes – regarding recognition of deferred tax assets on unrealised losses
2. Applying Appendix B of Ind AS 21 The Effects of Changes in Foreign Exchange Rates
3. Amendment to Ind AS 28 Investments in Associates and Joint Ventures
4. Amendment to Ind AS 40 Investment Property - regarding transfer of investment property
5. Amendment to Ind AS 112 Disclosure of Interests in Other Entities – regarding disclosure requirements
163

44 RECENT ACCOUNTING PRONOUNCEMENT (CONTD..)

Standards issued but not yet effective
Ind AS 116 – Leases
Ind AS 116 Leases was notified by MCA on 30 March 2019 and it replaces Ind AS 17 Leases, including appendices thereto. Ind
AS 116 is effective for annual periods beginning on or after 1 April 2019. Ind AS 116 sets out the principles for the recognition,
measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet
model similar to the accounting for finance leases under Ind AS 17. Lessees will be required to separately recognise the interest
expense on the lease liability and the depreciation expense on the right-of-use asset.
The Group intends to adopt these standards from 1 April 2019. As the Group does not have any material leases, therefore the
adoption of this standard is not likely to have a material impact in its Consolidated Financial Statements.
45 The figures for the previous year have been regrouped/ reclassified wherever necessary to confirm with the current year’s
classification. Moreover, due to merger, figures for the current year is not comparable with the previous year to that extent.


Date : May 20, 2019 Date : May 20, 2019
164
FORM AOC-1
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
PART – A : SUBSIDIARIES
(H In Lacs)
Name of Subsidiary Astral Biochem Pvt. Ltd Resinova Chemie Ltd. Seal IT Services Ltd., UK Seal IT Services Ltd., USA
Financial Period Ended March, 2019 March, 2019 March, 2019 March, 2019
Reporting currency INR INR GBP GBP
Exchange Rate @ - - 90.53 90.53
Share capital 5.00 29.39 0.09 -
Reserves & surplus (101.74) 33,769.02 3,811.05 (608.70)
Total assets 17.17 42,612.30 15,209.48 (431.76)
Total Liabilities 113.91 8,813.89 11,398.35 176.94
Investments - - - -
Turnover - 43,700.50 18,446.73 1,320.54
Profit before taxation - 2,172.77 917.94 (133.30)
Provision for taxation - 764.01 196.83 -
Profit after taxation - 1,408.76 721.11 (133.30)
Proposed Dividend - - - -
% of shareholding 100.00 97.45 80.00 80.00
Seal It Services Inc. is the 100% subsidiary of Seal IT Services Limited.
@ P&L Item converted at yearly average exchange rate.
Notes: Astral Biochem Pvt. Ltd. is yet to commence operations.
PART – B : ASSOCIATE AND JOINT VENTURE

(H In Lacs)
Name of Associate / Joint Venture Astral Pipes Limited, Kenya

Latest audited Balance Sheet Date 31st December, 2018
Shares of Joint Ventures held by the company on 31st March, 2019 10,00,000 Equity Shares
No. of shares 68,00,000 Preference Shares
Amount of investment 627.13
Extent of holding % 50
Description of how there is significant influence Joint Venture
Reason why the joint venture is not consolidated N.A.
Net-worth attributable to Shareholding as per latest audited 1,862.15
Balance Sheet
Profit / (Loss) for the year (509.67)
I. Considered in Consolidation (356.77)
ii. Not Considered in Consolidation (152.90)
Note: No Associate or Joint Venture was liquidated or sold during the year.
For and on behalf of the Board of Directors

(Sandeep P. Engineer) (Jagruti S. Engineer)
DIN : 00067112 DIN : 00067276

Place : Ahmedabad
Date : May 20, 2019
165
NOTES
NOTES
NOTES
PIPING
ADHESIVES
AGRICULTURE
ANAEROBIC ADHESIVES
SILICON SEALANTS PVA DRAINAGE INDUSTRIAL
CONSTRUCTION CHEMICALS
CYANOACRYLATE
URBAN INFRASTRUCTURE
SOLVENT CEMENTS
TAPES
POLYMERIC FILLING COMPOUND
PLUMBING
EPOXY ADHESIVES FIRE PROTECTION
& PUTTY
INDUSTRIAL ADHESIVES CONDUIT SURFACE DRAINAGE
ANCILLARY
INSULATION
Registered & Corporate Office:
Astral Poly Technik Ltd.
CIN: L25200GJ1996PLC029134
207/1, ‘Astral House’, B/h Rajpath Club,
Off S. G. Highway, Ahmedabad - 380059, Gujarat, India.
Ph: +91 79 6621 2000 | Fax: +91 79 6621 2121
Website: www.astralpipes.com | Email: [email protected]

PDF

Uploaded by

Copyright:

Available Formats

PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

PDF

Uploaded by

Copyright:

Available Formats

9th July, 2019

NSE Scrip Symbol “ASTRAL” BSE Scrip Code “532830”

Dear Sir / Madam,

Pursuant to applicable provisions of SEBI (Listing Obligations and Disclosure

Please take the same on records

Astral Group at a Glance 02 Independent Auditor’s Report (Standalone) 59

Astral Poly Technik Limited (hereinafter known as Astral) is

800+ 30,000+ 1800+ 4 lac+ Widest

Our vision & values

Safety Excellence Integrity

Piping units Adhesives units

1 Santej (Guj.) 1 Santej (Guj.)

2 Dholka (Guj.) 2 Rania (U.P.)

First to get NSF

Launched Astral Launched Consumer

MESSAGE FROM CFO

Particulars 2014-15 2015-16 2016-17 2017-18 2018-19

1. Excluding Revaluation Reserves and reducing miscellaneous expenditure

Revenue from Operations EPS

2018-19 25,073 2018-19 16.27

2018-19 3,968 2018-19 15.83

PAT PAT Margin

2018-19 1,973 2018-19 7.87

2014-15 782 2014-15 5.55

Piping Production and Capacity Utilisation (Standalone)

Capacity (M.T.) Production (M.T.)

2018-19 2,05,290 2018-19 1,20,821

EMERGING INDUSTRY OPPORTUNITIES

The Indian plastic pipes market is growing at a robust rate on

~70% ~J 280 BN J 460 BN J 36 BN

~13-15% ~J130-150 BN India is now one of

Government’s 35% Auto, packaging and

Surge in construction and infrastructure development

Astral’s positioning to capitalize industry opportunities

Seamless Backward Robust brand equity Wide and deep

World-class Prominent player Wide range

Fast growing category

THE MOST PREFERRED BRAND

Brand Astral stands for innovation and

Bringing newer technologies and In the piping segment, effective brand

Furthermore, the adhesives segment saw fresh branding initiatives anchored to

CORPORATE SOCIAL RESPONSIBILITY

Being a responsible corporate citizen, we are committed to

Dental and Eye Healthcare

During the year, we also undertook following initiatives:

• Supporting – ‘No Drugs’ campaign by NGO

During the year, we funded

Maruti Gypsy Vehicle donated to the Wildlife Institute of India

We funded purchase and installation of solar pumps in order to

Installation of solar pumps in wildlife sanctuaries

Particulars FY 18-19 FY 17-18 FY 18-19 FY 17-18

2. Dividend: 4. Project Implementation and Performance

of Directors also approved the amalgamation of Rex 11. Fixed Deposits:

15. Auditors: 17. Significant and Material Orders:

On behalf of the Board of Directors

Sandeep P. Engineer Jagruti S. Engineer

Date :20th May, 2019

ANNEXURES TO DIRECTORS’ REPORT

The Company’s CSR policy is available on web link: https://www.astralpipes.com/uploads/investor_